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—
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xtmtk
HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATEa
VOL.
SATURDAY, DECEMBER
41.
NO. 1,008
12, 1885.
month
of nearly $ll't,000,000. Compared with liwt year the
aggregate for November Bbows an exceaa of 47-1 p«r cent.
The eleven montlis of the present year exhibit a decline from
The Cosimercial and Fisanciai, Chbomicle is ptiblWied in the corresponding peri(jd of 18flt of 9"6 per cent, but outside of
IfeiD York every t^aturday morning.
New York the loss is only l"? per (»nt. For the five montba
( Entered at tlie Post Office, Kew York, N. Y,, as acoond olass mall matter.)
since July 1, however, the returns exhibit an increase oyer the
same months a yaar ago of 17-6 per cent.
B. DANA.
FLOYD.
WILLIAM
JO^
O.
B. DANA Sc Co., PnblUhers,
VOKK.
81 William Street,
WILIiIAM
I
70
>
A:
P^)sr
(
NBW
Okficu Box
1888.
CLEARING HOUSE RETURNS.
A decided
lull in
New York
speculation at New York during the week
5 caused an appreciable reduction in the
the heaviest ever recorded. In
comparison with the corresponding period of 1884 there is an
increase in the total of .33-7 per cent, or, excluding New York,
is
2n
1
3,443,930
3,HflO,"(i3
...
2,603,«B6
::.
TOt.N. EnK.
408,807,7.r7;
298.843.0SO,+S6'8i 8.843,278,613
3,349,061.871
Philadelphia..
Plttubiirg
223.027.373
81.740.851
3,32O.S0a,»7S -8-S
487.31l,a7H.—Mi-3
48,97-.',4(H'
17.),187.0O7 J-311 2,127,383.1188
J23,>t47.74l
:fg,683.5l4 -f6-9:
-fl-s!
5-.!.S!V).!8»l
r 31, 1*1,051
303.740,6291
252,171.389; +20-4! 8,l«tMI),lS0
8,188,674,870 -io-»
223.931.674
178.935.219 -^?<»-R
Baltimore
—
,„.
33,S-iS.5'0
18,493,950
14,191,413
...
Detroit
—
..„
.
Dec. 5.
1884.
NflwTorlt
I
I
P«r Cent.
Wttk Dnding Nov.
1883.
I
8S.
Per C«nt
Cleveland
(^oiumbna.
Peoria
Tot. West.
536,870,418
+28-8
(1,722,806)
(829,100!
(-31-6)
Kulisii.".
(86,649.000)
(+2r5)
Memphis..
(93,170.000)1 (+132-4)
t750,423,7»4
463'4
0
.
HI
Hi
820,587,986,
CStocha....»hart9,'i
(l,goe,822l
bilM.)
(Cotton
iOrain. .husiuU)
(44,0:6.000)
(8S.9«0,000)
,+10-7)
(-4;-2)
(+32-8)
(.Pttrolfum..1Mt.)
(01,600,000!
(65,867,000)
(+391)
(91,065,030
O.B87.600
174,428,582
-r2a-4
4,479,800
1,699.503
884,291
+24-7
+3-6
+18-9
747,880
743.770
. 458,016
+160
953,633
461,374
tl01,752,)81
.
Boston
P^Tldence..
(390,400)
1.760,919
Bartford
Portland
Worcester
1.091,178
8«7.S0i)
SprlnKfleld
Lowell
Total N. England
Philadelphia....
Plttsbam
Baltimore
Total Middle....
C!hteaffO
Cincinnati ....
Milwanlcee....
Detroit
iDdlanapoUs..
Cnereland....
Columhus
Peoria
Omaha
(740,000)
+28-9
+0-6
n9,311.21»3
4.271.400
l,398,7i«
813,288
635,080
871.207
+48-7
+19-0
+8-6
+9-1
-1»8
99.3,801
+81-9
+144-1
(83,442,224
421-9
(88.294,804
+43-6
169.430,823
S.000.810
13,295.867
1(2,146,'
(46.194.898
+«>-«
7,802,852
12,601,496
+33-2
+2-5
+3-3
7,002.817
9.533.880
+-ll-i
K-0,753.005
173,551,140
+83-1
(02,730,575
+I0-4
t<t2.590.453
154,019,998
+159
(47.331.
9,896,830
5,993.671
10,421,100
-50
6,332,
3,373,103
8,754,234
1.734,328
2,397,097
1,768,868
816,931
3,308,348
1,791,!!84
4,783,025
2,564,751
1.523,838
+23-3
+22-5
-3-3
-8-5
3.903,
2,898,
1,887,
2.056.
1,328,
2.816,631
+1-3
+42-6
2,916,
816,
+18-4
(70,970,623
+2B-9
116.210,993
746,628
(14,396.425
738,361
+17-7
+35-8
8.B.SSJ231
B,83»,033
13.042,997
8.844.834
+ 10-7
LonlaTlIle
Kansas Cltj.
5,886,679
4.508.672
Memphis
2,l08,12-«
2,310,186
+13-8
+16-5
-8-2
+10-3
+29-6
-8-7
Galve.ston*
2,580,488
Joseph
New Orleans
Total SoQthern..
Ban Francisco
*
-TO
+01
all
New Torli
Not Included
As
13,473,504
4,782,010
1.902,000
+11-6
+59-8
+0-7
2,014.317
146,102.891
(42,091,016
+S-5
(38,626,627
+17-7
113,682,247
(12,284,883
+11-2
(9,694,366
-6-9
(1 ,036,453.786
(878,833.047
423-7
(l,0<i0.B4.1.l.'^!)
+81-7
(844,263.3611
In total.
(391,882.6291
+17-9
'
(370. 1
17,3»)5l
300,806,37s
5U,H83,806
I
»,5in,:i0!l
— -IS
6O.078,1W
1.509.688,164. i,saejsia3w
-v»
806,5«JO«
+04
[4,363.0S8.0e6{3,10l.83S,6t4 +47-1 36.498,384,889.40.383,146,868
-M
Tot. South...
!glt,211,283!
San Francisoo.
44,763,6601
Total aU
-1-8
719,880,878
44.08l.OS8l
+1-5
:tO,4»7,77l
Outside N. Y.. l,244,111.485|l.U08.618.328t+83-7.11JS84.»4a.43i: 11.785.178.386 -1-7
Operations on the various New York exchanges for the
of November and the eleven mon^, as compiled by
us, have been as follows :
month
Blmn
Sovtmbtr.
DncTlfUon.
Par Valut
.,4<:(ual
or QaantUy
Faiiu.
13.271,684
Aver'tt
Price.
Xonttn.
Par Valut
Actual
Jivr'ts
or Quojititif
Taliw.
Prict,
64-0
61-3
788,703,380
+20-9
Value (128-033000 j
J
(181.934.300, (S88,SIUW
+9-7 RR. bonds... (»3,8ri.li50 (61,85S.0a3 flfl-3
(l.«l8,t«3 114-0
(18.834,300 ^mCMTMe lira
bonds.
(1,064.000
Gov't
+18-1 State bonds.
(S>7T.V78 8ir8
(S71.)>63l 31-2
(13.308,003
t3.7-.>3.0fi3
(873.teal
.0e8><7Mll8-«
(lLW«/<78
(188,038! 94-7
+84-7
(443.223.3M),1 08 4..5| 3.283.134.000 2,91«,B»4,»30 91*.o.
+4-1
17.483,200 (91 USBtUlSO (aau
(86,793.698 (48 06
+23'5
889-10
1.473.918,888
I.719.28S.37I
(128.729.838
84c.
+1B-6
10ll80.888.88rr
11.323.337,317
luet
Total
Ta
+7-4
+80-4
As received by telegraph this evening the exchanges for the
(81,018,364
Outside
e8,H«,4)M
3.068.796.883; 8,('34.697,747
63,238,930
87,449,818
9m.*r~
Stock— Sh'r's
+ 16-1
833,435
-WB
191.904,937
Total
i-H,-i(ll.S70
(2.897,6H8) (+114-8)
118,447.703
871.765
13,(M3.889
Total Western..
St. Ixiali
at.
66,480,874 -10-8
M,aao,i«ti -*«
i.ioa
a»,><^^."107
SolM O/—
+8-6
lt8/m,UM +4-T
688,813,47«
lH.93t,4i)9
St. r.oui*
-*»
4IB.401. .
I«l,888,737
114
•>»
9,6SH,708
a,I39.(»3
3,268,644
...
+ 1-8
8.
,-.,45
1
-#«
B«0,<«S,nt
2.«37,77».(»8
I
Indianapolis.,
mMng
\p.a.
4.«93,7l<«
Milwaukee
Wttik
Motttlu.
I88B.
e,621l,4:<4.
the gain reaches 17-9 per cent. New York Stock Exchange
Tot.Mlddle..
share transactions cover a market value of |1 13,038,000 for the Chicago
week of this year, against |109,793,000 for the same week a Cincinnati
year ago.
IP.ft.
)
386,628.02»
21,548,300
Provldenco...
;
New York
1884.
3.318.946.571 2,095.920.286' +88-4 34.913
Boston
Hartfurd
ended December
Portland
Tolume of exchanges but In spite o£ this fact the exhibit is Worcester
SprlncrBeld
Tery satisfactory, and especially so as the aggregate for the LoweU
cities outside of
Blnwa
Novtminr.
!>.j8.
+3B-6
days record some decline at most all points from the previous five days. The comparison with 1881, however, continues very satisfactory.
five
IlM Day Kndtnt
1888.
New York
Sola of Stock
Boston
(lOu.)
PhiladelphU..
Baltimore
Chleaso
8t.Lonis
New
,
Orleani...
the weekly returns have indicated, there is a pretty sub.
during November over the preceding month, for,
ToUIall
notwithstanding the fact that the figures embrace two less
Oatsldo New York
business days than October, there is an in(5r«a8e over that
*
stantial gain
Kstlmatea on
+87«
(480.820.011
(2,890,4181
(1.888,8811
(+68-8)
71.803,711
43,491.003
61.388,338
88,T(0,aG8
8380,884
8318.601
+16-8
+81-5
+0-8
+8-8
13.463.967
40.837.863
13.810.186
8 D'fSnO'iUte.*.
1880.
1884.
(619.l«3,731
44.811.000
Total
Balanoe, (teontrr*
Dfc. 11.
(883.m,7»
+8n
0,814,884)
78,887,188
88,087,184
(+18«
+n-s
11,0481818
&3,iat.aoo
+»0
fst-a
+w
+ir«
+18^
10,892,319
la. 188,848
-8-4
10.140AI
-»4
1813,911,368
68.637.868
(683,938,473
+30-4
+10-7
(847.888,193
+»i
00,807,000
+U-4
(8n.84«.«84
(681.437.787
tlie baai*
attht
8T,4l>8,aS«
J«8-8_
"+ir«~
laet weefclT returns.
JMMMUM
THE CHRONICLK
664
merely
is
THE FINANCIAL SITUATION.
pose
[Vol. XLI.
kind
a
giving
of
union
protective
of
the
parties
to
the
for
a
it
pur-
chance
of
The money market is evidently becoming easier. This mutual liquidation and of marketing their surplus silver,
week bankers' balances have loaned at an average of 2 to 2^ one can easily understand why silver bullion should
decline concurrently with this final announcement.
That
per cent and the supply of loanable funds is abundant, while
Prance
has
a
purpose
all
the
time
offerand
is
not
simply
drifting,
been
have
There
the demand is by no means urgent.
ingsduringthe week for thirty days at 1^ percent on Gov- may be pretty safely gathered from the returns of the
ernments. "We hear of a large loan made by one of the lead- Bank of France, which institution represents in a pecu"
ing savings banks at 4 per cent on real estate but this has
no particular significance except as it indicates the character
liar
sense the nation's financial policy.
the
Bank held £21,900,000
;
In January, 1881,
of gold and £48,500,000 silver,
by these institutions. Chicago whereas today it has £46,562,000 gold and £43,630,000
papers report a little better demand from the interior, silver, and almost every week, especially of late, the gold
France is a
principally for pork packing, and it is expected that this is increasing and the silver is decreasing.
rich
nation
and
although
called
But
a
republic,
has an arbicold.
seasonably
remains
will increase if the weather
trary
wholly
way,
unknown
on
this
side
funds,
of
the
Atlantic,
for
account
on
that
centre
from
this
call
there is no
managing
its financial problems through the Bank of
of
for
crop
extent
considerable
any
quarter
to
from
any
or
And as the disbursements on the part of the France. We think it is entirely safe for our silver
purposes.
Government on the first of January will be heavy, no friends to look after that nation closely, if they desire to
of the security sought for
in money here is looked for at present.
In London discounts are hardening, and the latest
reported open-market rate for 60-day to 3 months' bank
improvement
steady the silver market.
The evidences
as
the
to
industries continue to be a
precise
condition
our
of
This
indefinite.
little
duo
is
due to the fact that the Bank in a good measure to the fact that comparisons are neceswhich is being sent to sarily made aU the time with the latter part of last year,^
which was the worst season we have ever experienced but
to South America, and if the drain to the
former is not checked, it is anticipated that it will soon be in part it is due also to the somewhat contradictory nature
necessary to advance the Bank minimum. It is stated that of the information received, many of the merchants and
2f per
of England is
Germany and
This
cent.
bills is
is
steadily losing gold,
;
movement to Germany is in consequence of the de- manufacturers one daily meets still reporting their results
mands upon that centre from Russia for war purposes; a unfavorable, not a few claiming that they are selling
But to this extent at least
similar demand through the same channel occurred in goods at a loss all the time.
March and April, when Russian war preparations were there can be no two opinions, and that is that there are
being vigorously prosecuted, and this fact encourages the numerous and sure proofs that mercantile business is
As the more active than a year ago, and that prices are
inference that a like cause is operating now.
gold reserve of the Bank of England is all the time fallingi better in many departments.
We give our November
this
and
at present quite closely
sterling, it
approaching 20 million pounds review of railroad earnings on a subsequent page showing
seems hardly probable that the Bank managers
a total increase in earnings for that month over the same
much longer without mak- month of 1884 of $1,451,450. But in using those figures
And it may be that the hardening in as a true test of the industrial situation, it cannot
is due to the operations of the Bank be overlooked
that rates are much higher now than
will allow this drain to continue
ing efforts to stop
it.
the open-market rate
and
in preparation for
demand for money
an advance, for the commercial
year
a
and
ago,
besides
that
the
loss
in
earn-
London is extremely limited now.
ings
in
November,
1884,
compared
with
1883,
These conditions of money here and at London have was $1,810,553.
So that although these earnings prove
favored the upward tendency of our foreign exchange that there is more doing than last year, they do not by any
in
market, rates being firm at an advance of
pound
sterling
during the week
;
and there
the exchange that
absorption of
all
London mail
advices to
large purchases of
the
American
is
28th
offering.
ult.
securities
the balance of trade in our favor,
one cent per means furnish positive evidence of any great revival of
a steady business.
In iron and steel though, there are substantial
is still
The
latest
speak of the very
as
making
it
marks of improvement, prices being much better than they
were and the inquiry until very recently more active even
having turned at the advance.
probable that
new
start
and how
How
far
it
far
is
all
the
this is indicative
work
of a
of a combination in
some gold would be required to settle the difierence due the trade is not perfectly easy to determine. We notice
New York. But the inference as to a movement of gold that under the new demand for iron there is a decided
ia on the supposition that natural causes are acting in a change taking place in the furnaces in blast and out of
natural way, whereas all the evidences show that balances blast. The Iron Age in its last issue gives its usual report on
are being kept in London so far as possible, a disposition this subject from which we have compiled the folwhich is favored as already stated by the differences in lowing.
rates of interest.
Bar
silver
AnthraeUe.
has fallen this week to 47 3-1 6d. per ounce
thus touching the lowest point of
been charged we
President's message.
see to the
the year.
This has
InBUttt.
Date.
remarks on
As however
silver in the
the decline began on
the day previous to the publication of the message, cause
and effect do not seem quite so obvious. It is a curious
circumstance that this decline began on the same morning
of this week that the Paris despatch was sent to New York
stating that
"all the powers represented at the Latin
" monetary conference, including Belgium, will sign
the
" monetary convention to-day."
it has been
Why
neces-
sary to send a message of that kind to this side about
;wmm a week during the past month we are unable
to say, but as Europe knows that the new
convention
Number
Bituminoiu.
Cap'eUy Sfumber Cap'
Weeklv.
Oct.
1..
Nov.
Deo.
1..
73
88
1..
91
20,318
24,270
26.816
In mast.
Out. of Blast.
My
WeMu.
Wteklu144
136
123
Out of Moat.
!fumber Cap' cUu Sunibtr Cap'clly
88
89
99
33,918
£0,961)
28,43S
WrtUy.
43,234
130
41,101
49,790
134
123
51,483
50,616
44,917
This affords proof of a very material development in
production during the three months, and yet stocks of
But if
all the time decreasing.
our comparison were carried back to 1883 or even to the
pig iron are reported as
first
be
part of 1884 the capacity in blast would be found to
much
here,
greater than
it
now
is.
So that there
is
even
although a very encouraging exhibit compared with
previous months, no absolute evidence or promise as yet
i
—
..
Dboeubxr
THE CHRONICLE
18, 1886.]
One other kind
demand.
of a returning full
business revival
of proof of
We have
our bank exchanges.
ia
pre-
pared this week our monthly figures, and they are quite
Btrikinp;.
For November the total for the whole country
is
$4,.") (53,
058, 05 6, the largest month's total during 1885.
The record
and
for this year
CImrtnti lUal
year
last
1884.
«
*
PrOt
Ittu
1880.
1884.
•
t
TW>.
pret
Juiuarr....
8.807.061.801
4,618,809,718 -98-4
i,i99,i84,iae
1,936,990,081
Fobrimry
9.769,678,888
2,983.004,640
4.010,076,786
-811
869X09.961
I.OOIA1I,H10
8,064.101,688 -94-7
4.060,206,804 -98-6
971,146,619
1,088,016.000
1,099,141,148
1,168,966.0711
4.698.437349 -88-9
996,104,811
8,409,498,686 -19-6
. .
Marah
April
2,897.129,880
2.908.H4 1,009
2.070 491 400
Uaj
1,048,168.798
8.190,081.098
+86
1,086.940,000
1.010.118.953
2,983,098.080
•4S,1H,98S
.
8,112.099,471
3.0S9,80a80T
+O-0
+8-9
088,890,834
9e6.90«,80K
...
4,441,048,005
8,406,018,440
4,e68,0S8,0M
8.101 JW8,«U -HT-1
AUKUSt
8epi«iiiber
October.
-ir«
-10«
-10«
8,471.301,176
2,084,292.677
JulT
November.
i.oio,6e8,ae«
Tot. 11 mOB. S6.4O8.8S4.a80 40.302,14«,S«sl -
ft
final
111-8
1,006,018,398 +98-7
-1-7
11.684,646.491 ll,780,17^89•
chief interest this statement has is the indication it
affords of progress
month by month, though
the com-
On
the latter
parison with last year
point
five
it
is
signiQcant also.
to be noted that the total clearings for the last
is
months (that
since July 1) are $18,575,643,274 for
is
1885, against $15,802,496,724 for 1884. or an increase of
That
about 2f thousand millions.
is
certainly sufiSciently
expressive of the relation in a business point of view this
Bat
season bears to last season.
clearings
and make comparison
we
if
with
analyze present
those
because
able,
nothing to
the
of
There
included now.
elate.
If
larger
much
is
speculative
transactions
week asked
for
so
H.
Vanderbilt,
not
known
carefully kept
first
York
Of course
this is
We
unfortunate.
that the event in
were
West Shore
minutes,
suit
until Saturday,
and then
it
These results
wholly unintentional, but none the less
can only repeat what we said last week,
phases
its
and the excitement subeided within twenty
tone gradually becoming steady, closing
the
decidedly strong at the beat figures of the day.
the market resumed
with free selling of
TbandAj
ita
Texu k
Pacific
and KansM
k TexM
Tm-
the market was irregular and heavy, and bo cloeed.
continued heavy at the opening, but gained
it
strength through
the day, with the
Vanderbilt's taking
the lead, and in the late trade was strong and active.
New York Lake
month
Erie
<t
Western statement for Octo-
new fiscal year, comes promptly
It indicates a more decided response to the new
to hand.
and improved conditions prevailing, than did the retom
of the Pennsylvania for the same month,to which we have
ber, the first
of the
previously referred.
In the case of both roads
is
the net
heavier than a year ago, but on the Erie the increaM
is
$93,974, or nearly 16 per cent, while on the Pennsylvania
it
is
only $13,111, or less than
1
per cent.
Moreover, tbein>
—
is
much
a capital
commentary
the state of this or that industry, but (by reason
of its varied traffic) the state of the industrial situation as
on Friday) was a whole
afloat
the court in the position of catspaw.
all
m wm
;
—
Central as originally contemplated.
left
wm
facts, it
was ascertained that the road had been reorganized, the
lease perfected and the property turned over to the New
have apparently
balf-paat two,
of
court of the
from the public
at
after the eloee of baeia«M.
relief our loss on the latter $88,373.
Whether correctly or not, the
Commerce, have this Pennsylvania has always been taken as reflecting more
may put us back mate- or less the course and condition of general business not
earnestly,
effect
until
granting the
in
Chamber
of
occurred
oponfl<l weak at a decline,
our market was intensely excitecl daring tbo
few momenta, but the buying orden were Imaw-
expected
so
The settlement out
which
to the public
Business
rially.
(though rumors to that
ia
That is the significant fact, that the Erie is able to show
improved gross, while the Pennsylvania is not the gain
Possibly even for the month on the former being $112,579 and the
no margin for waste.
Washington
(iMdirMaad;
in
a sharp rally attrflwUd to tb*
crease on the latter is simply the result of lower expensea,
but while on the Erie it is the work of larger gross receipt!.
in all this to encourage,
has got to be cultivated, not toyed with.
merchants, through the
other
not so favor-
Congress will study these
will find that they afford
dilatoriness in
of
is
periods of healthful business, the result
wm
favorable impreiiion ma>leby the rrotiidunt'a meaMg*. Fortunately the fact of the suddnn death of Mr. WilUam
terday
The
by the radoetion
dealings there
normal condition, with no effort to
+rB sustain any of the propertiee; bat the Gould ipecialUes eof+10
+4-6 fered, under disquieting reports concerning them, and
+sri 1,966»9,TB8 i.u6,()ea,M
1,944,111,486
the
dialely felt
l,19e.S81.71» -lO'*
1.000,714.481 +48
June
particularly affected
The next day London
OUmmm OtUtU*
ML
Month.
188S.
as follows.
is
065
—a
fair average, as it were, of alL
In that sense
the October exhibit of the road was disappointing, espe-
had been advanced (not over laat year par.
ticularly, but over other recent months), and the previous
October had been a very bad period. And yet it must be
cially as rates
remembered that it has not been claimed that the railroad
situation had improved so much as the result of better
business that is, a larger volume of traffic for the roads
—
as
by reason of the better rates obtained.
the rates, too, it should be remembered,
With
reference
first, that during
upon the impropriety of courts permitting themselves to to
be used by either side in a stock speculation, unless their October the tariff did not rule at the higher figure to
interference is a public necessity or essential to the preser- which it has since been advanced, and secondly, that the
Thus has this great exploit Erie, unlike the Pennsylvania, has also gained through the
vation of individual rights.
been brought to a satisfactory conclusion, an achievement advance in local rates which has followed the absorpthe New York Centhat the whole industrial interests of the country wore tion of the West Shore by
important ininterested in seeing successfully ended, for it removed a tral, which alone would count as an
fruitful cause of demoralization
as
among
carriers.
The
among merchants as well fluence in swelling receipts. It is to be noted that
commenced in on its leased line (New York Pennsylvania & Ohio) the
negotiations were
June, and the matter progressed almost uninterruptedly
until temporarily checked
by the injunction proceeding.
Erie has not done so well, the profit being only $1,775
and
in October, 1885, against $49,181 in October, 1884,
with the result on the Pennsylvania Western
profit of only $92,great reason to be pleased with the result.
lines, which for this year returned a
ia a little singular
It
ago.
year
had
no
influence
a
settlement
on
the
This West Shore
595, against $142,833
The movement Monday was heavy owing that these Western lines, which are supposed to be most
stock market.
The
it
parlies
instrumental in carrying
was claimed
and
in part to realizing sales,
attack upon Union Pacific and Louisville
the basis of unfavorable
k
&
in part to
an
Nashville on
this agrees
benefitted
by the higher through
account of themselves.
rates,
give the poorest
In the case of the Pennsylvania
Lower prices in Unes we have no particulars, but in the case of the Erie's
The following day Une we know that the smaller profit U because of heavier
traffic returns.
London also had a depressing effect.
the movement was irregular, with Texas &
souri Kansas
through have
it
and Mis- expenses, and that the gross have increased, though only
Texas weak, but with Western Union not slightly which would explain the smaller net. In the
Pacific
—
.
.
ilSB dskcMtcjjK
•^6(^
we give
following table
only the Erie proper
sylvania
& Ohio
the Erie earnings
included, the
is
six years;
for
result
on the Penn-
being stated in a line at the end.
Lake Eeib
N. Y.
1885.
& Western.
1S84.
1883.
188SI.
1881.
1880.
t
October.
t
GrOBB eamlogs
Operat'g expensee.
1.623,737
1.611,158
1.983.467
t
1319,010
1,814,866
961,102
932,497
1.196,344
1,175,681
1,189,187 1,013,405
672,635
578,661
787,123
643,329
685,679
886,505
1,775
49,181
56,245
674.410
627.842
843.368
643,329
626.679
886,505
Net eamlnes..
Proflt.N. y. Pa.
Ohio lease
1.899.910
ft
Result
Of course the net, though better than in 1884, is considerably below that of 1883, which was a very good
period.
But it is greater than in both 1882 and 1881.
This latter is a striking commentary upon the economy
with which the road is now operated, the present
net being made on gross nearly $200,000 less than in
The following table exhibits the
receipts and shipments of
New York
gold and currency by the
banks during the
week.
Week ending
Received by
Dee. II, 1888.
N. T. Bank!.
Carrency..
t8<)5.000
Gain..
tl42,00G
Gold
irold
SECRETARY MANNING AND OUR CURRENCY
Our readers will find our pages largely taken up this
week with the report of the Secretary of the Treasury
and the report of the Treasurer. Had we room we should
have liked also to have given the admirable message of
President Cleveland, more especially for the convenience of
our large circle of foreign readers; but there is less need
for it, since so far as his suggestions respecting financial
measures are concerned, they agree with those which ate
so ably presented by Secretary Manning supported by the
exhibits of Treasurer Jordan.
We only add respecting
the President, that his recommendations
pie, direct
of
;
an evident confidence
And
and
lesral
tenders..
The above shows the
11.007.000
1865.000
tua,000
Gain..
actual changes in the
bank
hold.
ings of gold and currency caused by this
movement to an d
movement the banks
are concise, sim»
having the mark not only of conviction but
this suggests
in the prevailing pow'er of truth.
a feature which
three of these documents
those years.
Total
[Vol. XL.
common
is
—an obvious
to all
intent to conceal
nothing and to secure no end by indirection.
There are
which might have been covered up a
little or at least clouded, which would have made opposition to the Government policy respecting silver and silver
certificates less easy.
But facts are apparently arranged
for instance points
with a purpose
if
possible of preventing
that.
Mr.
Jor-
dan gives his figures, first in one form, then in another,
and then by comparisons, until he brings o'lt every result
bearing upon this portion of the management of the
Treasury so clearly, that all there is to be said against what
from the interior. In addition to that
has been done, is most forcibly presented in his own comhave gained $300,000 through the operations of the Sub- pilations.
Then as to the President's message and the
Treasury.
Adding that item to the above, we have the Secretary's report, who
can read them (whether agreeing
following, which should indicate the total gain to the New
with the conclusions or not) without satisfaction in finding
York Clearing House banks of gold and currency for that there is no dodging,
no equivocation, no uncertainty,
the week covered by the bank statement to be issued
no political-platform style about anything said. One does
to-day.
not have to weigh sentences to see which side of the silver
Week ending
Dec. 11, 1885.
Into Banks.
Banks' Interior Movement, as above'
Bub-Treasury operations
I
Total gold and legal tenders ....
The Bank
I
Out of Banks.
Net Change in
Bank HnUUnga
tl,007,000
5,200,000
4,900,000
Gain.
Gain.
t6.a07.OOO
«6,763,000
Gain.
1865.000
{142,000
300,000
Manning takes, or to measure words to determine whether he favors a sound paper currency or a forced
issue Mr.
issue of greenbacks, or to strike a balance
ments used
between argu-
to find out the precise position he holds
with
£246,338 bul- reference to revenue reform. In a word, the Secretary,
lion during the week.
This represents £110,000 sent like his chief, is evidently a positive man, whose policy is
abroad and £136,338 gone to the interior.
The Bank of principle, and without the least sympathy with straddling
France lost 1,641,000 francs gold and 4,410,000
or with equivocal vagueness.
We speak and feel the more
francs
silver, and the Bank of Germany since the
last report strongly on this point because our public men have so
gained 8,479,000 marks. The following indicates
the many of them of late, seemed either to have no positive
amount of bullion in the principal European banks this convictions, or to consider it necessary when favoring
week and at the corresponding date last year.
currency reform to be apparently squinting towards
of
England reports a
loss of
Dee. 11, 18B4.
Dee. 10, 1885.
aou.
currency compromise.
Another satisfactory feature of Mr. Manning's report
Gold.
Silver.
Silver.
£
s.
he puts the currency issue
" currency reform is the
Bank of England
Bank of France
Bank of Oemiany
20,648.609
20,811,693
46,581,812 43,630.366 40,933,974 41,228,170
7,906.237 23,718,713
6,946,000 20.839,000
—
Total tWa week
TiMal prevlonB week
75,116,658 67,349.079 68,691,672 62,066,170
75,322.647lri7,207,512 68,404,825 02,166,885
"
The Assay
Tiry
.. ..
Office paid
$138,803 through the Sub-Treasfor domestic bullion during the week, and the
Assist-
ant Treasurer received the following from
the Custom
House.
is,
many changes of policy,
foremost.
As he expresses it
that although he strongly favors
first
in the order of import-
—
and of time, and fitlyprecedes other reforms even
taxation reform
because it will facilitate all other
reforms and because it cannot safely be deferred." This
" ance
"
—
view
is
very judicious.
trade regulations so
There
long as
is little
benefit in discussing
we continue
a system that
deranges trade relations and prevents trade expansion.
Commerce is laboring today with such a disorganizer any
;
Oatuitting
Dale.
DuHei.
OoU.
XT.
8.
Note*.
Deo. 4
"
5.
"
7.
"
8.
"
"
9
(congressman
of—
«297,358
197,772
479,473
375.7S4
332.722
277,028
48
83
38
83
57
$3,000
1,000
3,000
2.000
1,000
2,000
*52,0OO
43,000
86.000
80,000
102.000
108,000
in
Bold
«/«ier Oer-
Oerlifie's.
tiflcatet.
$212,000
100.000
325,000
211,000
173,000
120,000
$bO,000
53,000
64,00(>
52.000
a practical
who disbelieves it, has only to come here and
way study our foreign exchange market, and
he will go back convinced.
in
bondage
to
it,
Furthermore,
value excludes enterprise; and until
ures as will
all
since uncertainty as to the
we
business
standard
is
of
take such meas-
restore confidence, our efforts
to
stimulate
whether we reduce internal taxes and lower customs
45,000
duties, or raise both, will be alike fudle.
Besides, the
Total
»1,960,140 70
$12,000 $471,000 $1,171,000
$800,000
end is only a question of time, and has been deferred
Included in the above payments were $7,000
in silver hitherto solely by business
stagnation.
It \i very well
coin, chiefly standard dollars.
therefore for Congress to be reminded of the f ct th'at
10
61
56,0011
trade,
.
DEaBMBKB U,
currency reform
because
THE
1888.J
is
the
first
reforms and becatue
And
we wish to say one word against the idea
now so often being advanced to encour
here
just
is
and that
age delay,
TnS DEATH OF MR.
it
cannot safely be deferred.
which
mi
in the order of Importaice,
will facilitate all other
it
(.'HRONICLE.
VANDKRIithT.
Mr. Vanderbili's death, which ocourrtd only four dayt
ago, and was so much of a shock in floapcial cXnXmk,
baa
already ceased to be an influence of moment in our
that the
descent in our cur- marketa.
It ia surprising how quickly bu«ln*-n affafai
when it occurs, will l)e atljust themselves to the loss of oven the most
important
gradual.
The claim is that we shall thus have notice life. Had the event occurred at an earlier hour of
tha
given us of the coming evil and it will be time day, the immediate result would undoubtedly
have beca
enough to take alarm when the depreciation begins. more serious. Ita importance would in that
caae bar*
from
rency
We
gold
is
to [silver,
cannot conceive the least jbasis for such a
If been magnified for effect upon prices, and being
belief.
so unexwhat we ask is to be the pected and the public mind unprepared for it, a vast deal
redeeming metal in the meantime?
It must be either of mischief might have been done.
But with time to congold or silver; and if not gold, we have no graded dollar
aider, the community had no difficulty in properly eatiso how could it stop half way, with no basis, poised in mating the bearing of Mr. Vanderbilt's
death upon tba
the descent
the air as
may
it
to be gradual,
is
were
A
?
credit currency
very different,
is
ij
properties with which he has so long been identified.
depreciate by imperceptible gradations, pari passu
Of course there might and would have been maeb
with the. lapse in credit of the makers, having no halting
greater anxiety had Mr. Vanderbilt a speculative intereat
in the market.
large operator might have left a
A currency
place short of zero.
silver dollars
—
or the other
it
if
redeemable
by that very
fixed
is
But, says
the
can 213 millions of silver dollars be
whole mass
transactions
daily
of
gold or
one
reach the former
fails to
stop short of the latter.
in
at
fact
it
point
cannot
basis
and
for the
exchanges
in
of
half-executed
plans, such as required hia
with his death blocks of stock~
There was no fear of anything
presence to perfect, and
how would
objector,
a
A
legacy
threaten values.
of that kind.
Whatever Mr. Vanderbilt held
be by his death more, rather than
less,
is
believed to
effectually locked up,
progress in every part of the land,
or, in a word, for the and all his affairs are presumably in readiness for even such
That question certainly an unexpected occurrence. Had he been taken away two or
sounds wise, presenting at first glance a contract about as three weeks previous and before the West .Shore settlewide as time and eternity so it is at once assumed to ment was effected, it might have been more of a disturbinvolve an impossibility and then made to serve as an ance, not because of any knowledge that his presence wa^
argument against depreciation.
But the assumption is needed in closing the arrangements (for so far as the
absolutely fallacious and will not bear a moment's inspec- public knows he has not been the important character in
commerce
of the entire country?
;
What
tion.
or
silver,
is
our active currency
now
It is
?
not gold
but simply legal tenders, bank notes and bank
checks convertible into gold at the will of the holder.
Mr. Knox, when Comptroller of the Currency, made an
investigation
amount
the
into
of
gold
in
use
in
banks
and
between
the
explanations are
and
results
their
customers (the
and he found for New
all given in his report for 1881)
York city on June 30th only twenty-seven hundredths of
one per cent, and on Sept. 17 only fifty-four hundredths
daily
the
transactions
In case we
of one per cent as the portion of gold used.
were on a silver basis a much less amount of coin for
home wants would sufiice, for silver is so heavy as to be
while for our
inconvenient and expensive to transport
demand,
foreign
our foreign
no
dollars there would be
;
balances being paid in gold or in silver bullion at the
tion
;
Gold now
simply the measure used
would dissever that connecthereafter the standard dollar would take the place
market
when
price.
questioned
;
is
the crisis
of gold.
But, returning to
we
Mr. Manning's report,
propose to give any digest or outline of
should do an injustice
if
much to say that it is one
we have had the pleasure of
many subjects it covers can only
it.
than
fact, lest
was always the agent and instrument of his father, and^
ventured very little upon any independent action,.
we And when the Commodore died, the vast system was in
—
It is not too
such shape that comparatively
State papers
Mr. Vanderbilt to reap the
of the very best
reading.
negotiations), but
not
contents
its
we attempted
did
from fear which is often more
what had been done might be
undone by his death. But it so happened, that every
important point had been settled and the whole transfer
made, so that in this particular even no one could
imagine any need for his presence. Altogether, therefore, his connection with the market was unimportant and
not such as to justify any expectation of change now.
Another circumstance of weight was that Mr. Vanderbilt's railroad properties have passed the stage in which
they could be classed as experiments, and therefore deHad he and they been in the same
p>endent upon any life.
position relatively held by New York Central and hia
father during the latter's life, the situation would have
been quite different. Mr. William H. Vanderbilt had an,
important part in the great work of perfecting what hia^
father's genius conceived and put into form; and in the cloaing years of the Commodore's life the son was assigned to
various positions of responsibility and trust; but he
the
effective
remained except for
There were no periods
little
fruits.
Of course the of tribulation or trial to go through. The great estate
But was in perfect condition, all in tact, and prosperous to an
brief.
be treated in
that does not prevent his suggestions with
regard to our
extraordinary degree.
Since then, notwithstanding the
the construction of parallel roads,
currency from being remarkably complete and conclusive.
troubles arising from
He
business depression, and wars of rates, the time has never
accepts the situation in that particular as he finds
it,
work of_the.old Commodore has
been in jeopardy, or when the corps of assistants the
which his genius inspired and
chief executive officers
deal wisely and effectively
could
not
it
the
hapinto
being,
one
easily
accepts
as
called
hensive, so convincing, that
piest exposition on the subject that has ever been written. with the problems demanding their attention.
Mr. Manning also has the faculty of presenting his views
We do not mean to be understood as saying that Mr.
But we do assert
in a very interesting way, not often an accompaniment of Vanderbilt was a mere nominal head.
a State paper; but it will ensure his present report being that he was only one of a great many persons upon whom^
and then shows how and why it should be remedied.
In our view the portion of the report respecting silver and
silver coinage is a marvel
so short, so clear, so compre-
arrived
read widely.
the responsibility of
when
the
life
—
—
—
managing the Vanderbilt propertiee-
7
.
THE CHRONICLE.
668
devolved, and that these persons are and have been moving
down by the original projector of the enter-
in the line laid
According
double what
fVoi. XLI.
above the increase this month is
October, and even last January
the
to
was
it
in
The Commodore surrounded himself by able men, with $825,000 increase compares unfavorably with the
But most gratifying is the change
and like all persons of dominant intellect he managed to $1,400,000 now.
during
The transition from a decrease
the
last
six
months.
men
impress his ideas and methods upon others. He needed
of
May
nearly
in
to an increment of $1,400,000
who
$1,300,000
son,
his
to execute his purpose, and Mr. Vanderbilt,
in
November,
is
certainly
most decided. As already
and
wealth
his
of
beneficiary
was also to be tjie chief
prise.
was selected as one of these. But the policy was intimated, however, the circumstance of greatest encouralways the Commodore's. In that policy, Mr. Vanderbilt agement is the gradual improvement month by month
had no more part than any of the other agents, rather that has been made a loss of $1,300,000 in May, dimin
ished in June to $807,000, in July was cut down to
less, since he was chosen more for positions of finanIn $65,000, interrupted by somewhat heavier declines again
cial trust than of executive or managerial ability.
great degree, the Commodore's policy exists to-day in the in the two succeeding months, but finally turned into a
gain of $700,000 in October, and into $1,400,000, as
management of the properties he left.
Moreover, we are now in a more advanced period of mentioned, for November.
These are hopeful facts, and deserving of the promiour railroad history, and in all departments men have
nence
we give them. At the same time the significance
embryonic
succession.
The
been educated with a view to
labors,
—
—
—the
stage that gave
stage
John W.
—
^is
Garrett, J.
The
passed.
Commodore
us
Vanderbilt,
peculiar genius that this period called
no longer required. Each of these men had his own
policy and methods, but each carried his scheme through
They had trained assistants first to support
to success.
them, and then to carry on the work after their life time.
for
is
They
are
all
November
of the
Edgar Thomson and Thomas A. Scott circumstance
dead, but the systems they created exist and
poor
returns
the
for
are
comparing.
the
state
of
gain,
diminished by the
namely the generally
preceding year with which we
is
obviously
already alluded
Railroad
general
to,
earnings
business,
of
course
reflect
and for general busibad period very bad,
—
November 1884
was a
The excitement with regard to the presidential
and the uncertainty attending its results,
election,
for the time being placed a virtual embargo upon
all
trade operations.
The extent to which this
interfered with and reduced business transactions is
ness
indeed.
Mr. Garrett in the Baltimore &
Ohio was succeeded by his son Robert, and Commodore
Vanderbilt was succeeded by his son William. Messrs.
Thomson and Scott have not been succeeded by any of scarcely appreciated by the generality of people. Even
their kin, yet the Pennsylvania system remains as the to the most remote sections of the interior did this adverse
will continue to exist.
When influence penetrate. The result was, that we have scarcely
was truthfully ever had a worse month, as far as industrial interests are
declared that God reigned, and the Government at Wash- concerned.
October had been bad enough, but when
ington still lived. So our railroad systems, being entities, November came, and a dispute appeared in prospect as to
will perforce continue, though the lives of their projectors the outturn of the election, the whole trade situation
and creators have ceased being.
became paralyzed. This was such a decidedly unfavoramonument
of their genius, energy
President
Lincoln was assassinated
and
enterprise.
it
that even roads in the Northwest, favored
though they were by a very heavy increase in the movement of spring wheat, showed a decrease in earnings, in
Out of sixty-five roads reporting earnings to us for one or two cases at least very heavy in amount. At the
November, 48 show gains over a year ago, and only 1
same time, to add further to the difficulties of the situaexhibit losses
in 1884, out of 57 roads, only 16 had gains tion, the trunk lines had just entered upon the
most
and 41 had losses. Nothing could indicate more strikingly serious phase of their fight for business and rates dropped
ble feature
RAILROAD EARNINGS IN NOVEMBER, AND
FROM JANUARY 1 TO NOVEMBER 30.
;
than this the diSerence in results between the two years
the almost uniformly good returns now and the equally uni-
formly bad returns then.
as the result of the other
To some extent
the one follows
lower than
before,
while
contemporaneously Western
roads were forced to reduce their rates because of the low
prices of grain prevailing.
heavy losses
In all of these particulars the situation this year was
last year made possible the gains this year.
But this has materially different. There was no such influence to
also been true, though in minor degree, of other months,
check business. On the contrary, there were distinct
and yet these other months gave a much less satisfactory signs of
a revival of activity in many departments of
account of themselves. It is in this particular chiefly
trade.
Rates on the trunk lines were advanced to the
that the November exhibit is more encouraging than
the highest figure yet reached in the present movement, and
exhibits of the months immediately preceding; there
is
some Western roads are also again receiving larger returns.
progress an improvement not only over the correspondThe wheat movement which in the previous year had
that
;
is
to say, the
—
ing month in 1884, but over the comparative
results of
other recent months. In a word, November
makes the
best monthly showing
we have had
this
aggregates since January.
Perioi.
March
(58 roadg)....
April (Slriiada)
May (56 roads)
MiUt.
MiXai.
51.485
50,846
45,3R2
49,579
49,154
17,70S,036
19,972,,869
16.018,1»3
16,288,,097
43,624
44;149
17,'.i9(l,374
16,58'
17,466,818
18,412,,743
WoTember (65 ro«d»)l
47,831
(4U roa'la)
July (66
roiids)
Anmist
(BO roadu)
.
.
Barninoi.
1884.
September (M ro ids)
October (82 roads)...
Jono
—
1885.
45,513
44,317
41,840
47,897
42,118
44.594
48.R98
—
This will
reach its aggregate of that year; but all this
counted for nothing, or at least comparatively little,
failed to
MtlrOQe.
Janoary (70 rosdi)..
Tebraarr (M roada).
and the spring wheat districts,
and the movement of most other cereals all except barley
the monthly
likewise fell below 1884, while even the cotton movement
year.
be apparent from the following table of
been so heavy, this year suffered a most important contraction both in the winter
1885.
18S4.
Increase or
Decrease^
»
\m:>
43,037
40.813
47,896
40,884
15,885,528
17.191 ,Sb5
1\237,167
16,041.,732
4!i..")73
45,855
80,272,445
23,980,770
23,279,.07.'^ Inc.
4'1,065
81,525 003
20,07.S,.^^
17.79.1,618
17.859,.371 Dec.
18,465,830
17,327,,884 'dm,
20,3,55..338!
D«;.
«
825,187
251.874
702,539
015,895
1,208,837
807.585
85,753
882,054
82,913
701,893
Inc. 1,451,450
against the favoring circumstances already enumerated,
and hence we have so many and such various roads recording gains in earnings.
The effect is manifest in the
aggregate increase
now
reported, while the effect of the
opposite set of circumstances last year
is reflected in the
very heavy decrease of $1,800,000 then recorded.
That
our readers may be able to see what kind of a month
November has been for a number of years past, we give
the following
summary
of the montt^'s aggregates since
.
December
.
..
feature
same
the
is
and then a conspicuous
lowed by a marked reoovery now.
1884,
till
Orott Bomtngt,
Jtamt 0/ road.
PirUxl.
Ttar
Ttar
Oivtn.
Prtctdlng.
Mobile .*OUIo
•
1834080* in«.
Mllwniilcxn dt Norlh.
N. Y. Cliv A North'D.
N. Y. Out. di Weal's..
Mllu.
80,8e4
188i!(aarouls).
48.630
8S.84S
49.683
47.881
$
»,8e«,ois
80311,133
88.011
to, 160
48,007
40,906
46,066
DfcnoH.
8,988,100
a^668.9i8;/n<. 8.048,098
81,108.0741 Dee. 1310,883
>7,6S4J)48
10,297,681
returns
1885,
sharing
distinguishing
unfortunate
almost
indicate,
in
the gain.
feature
of
Wabash has
sections
all
That,
the
indeed,
Even
exhibit.
time joined
this
the
of
the
is
the
poori
,fe
RIoU.
A
Cliar.
('ill.
A
Aug....
A
LoiiiK^Hnn Krau..
Diiliitb....
1.%9.72I
Minn.,fa .Man.
869.8; 8
172,953
1,207,459
130,905
Texaa Ant. I^iulx
Wab. St. l.^>nlH A Pao.
that where there
is still
ished in amount.
Thus the
roads that
is
a
fall
behind
very
total decrease
much
dimin-
among
these
i
MA
131
+'
—6.81:1
-1<>,I3»
774
363
391
+ 1.34/1
317
+0,576
35.<
+ 4.43ri
+ 8,721
274
394
352
195
134
216
-5,390
-1,278
104..V57
tSi
77<
I
,
+ 6.196
00.954
48,867
306.957
1 19.320
879,440
— 13,5fli
+ 19,9961
+ 71.409i
+ 10.4O2
M
3»4
317
353
374
S»4
353
IM
\n
8n
8IS
33S
325
1.47
1,471
130,29'!
+4;,Hd7,
735
78S
+92,020
3,.W.l
3.378
127,154
+3,751
418
418
Total (65 roadm
21,525,003 20,073.553
•Oregon R'wajr ANav
426,66^
269,001
+ 1,151.450
.
It
*
Grand total
lududus three
As
the trunk
or such pieces of them as are included in our table,
lines,
I7..7;i'
1,125,139
WtBoonalQ Contrai
on the seventeen
hardly more than $370,000.
is
singular, however, that
little
it is
83,5>40
103,270
67.050
66,863
464,365
(liruudhea).
Bt.LoulH Ft.H.
Wloh.
mileage this year being compared of course with the same
mileage last year.
But hardly less important is the fact
a decrease,
113,322
ilo
A
+
3J
54
874
503
+ 131
88.163
71.778
115.378
39,034
104.501
99.970
4:<,09»
A
St.
+ 3,217
84.SM
77,735
78,033
73.021
124.8A4
St. Joseph
Oil. I«l..
at.li. A.kT.H.m.llne.
Do
HI
f ll.UNII
40.746
41,419
871.100
86-2,500
AUr'r...
A.'H
2:i.o;h
3.10.380
GoorKlii Pttolllo
Virginia .MIdUad ..
West. No. Carolina.
Rootieater & PIttab. .
52
1<li>
151.970'
1,11H,37»
49,H74
42.902
DitnTlUe
St. Pail!
St. Paul
ranks
4l.O'i2
..i!
I
f.i-..i;i.
-I7
ii.wtl
Weatern...
CoIiiiiiIiIh
»
.'l.ll
IW.-.VM
1S.MS7
Northern Poolflo
Oblo Soiitliem
*Peorlii Dnc.dcBraiuT
«IJi^^008' 180,078,8831 fiK. 1.481,480
"We have referred above to the widespread nature of
the
improvement over
1884
that the November,
country
Norfolk
11^.
2'iS.Mi,
A0.3
fl,OM
1.02.^1
H-
.10.1 to
2-(.t,12'l
I.10.(13.'i
18,600,429 Inc. 8,841,704
81.878,424 Ino. 8.7«0,408
ae,«a8,847
1M4.
iv
r>l-'.\n.i\
3'iO,Uii(l!
Ytar
PrKtilng.
-98.311
I.IOO.SM1
[
Ytar
84,874
a»,071
1883(H8ro«l«).
1884 (07 roads).
1888(88 roads)
AwrMMw
t,llt.3.V.
Ado.hd:!
.l«l.
'"'•
Oivtn,
MHn.
1M».
•
»amlnt$.
1880(S«roIld9^
1881 (47 roads),
Kur.,
Not.,
Not.,
Not.,
Not.,
Not.,
/MrMM«r
decline, fol-
^'
Mttraf.
nm
as that in the ex-
hibit of the other months, namely, a continuous gain year
after year
.
THE (^BRONICLE.
13, 1880.]
The main
1879.
—
I
I57,00ii
21.051. tf7i 1n.^v^:i\^ +1,609. tso
week:) only of November In eaob year.
November,
in
+
47,331 (6,065
Northwestern roads were
heavy declines, so now they
the
1884,
chiefly conspicuous for their
must still be counted. The decrease on the Grand Trunk are chiefly conspicuous for their heavy gains. The two
of Canada is only $104,292, but it is a decrease neverthe- principal of these
the Milwaukee & St. Paul and the
less, and it comes after a loss of $298,809 in the previous
Chicago & Northwestern have gains of $329,000 and
year.
The Cincinnati Washington & Baltimore and the $265,000 respectively, but all the others, with the excepAlton & Terre Haute main line likewise both lose this tion of the St. Paul Minneapolis & Manitoba, have
—
year (though only
slightly), after having lost last year.
have no doubt been adversely affected by
the shortage of winter wheat in their territory.
The
Indiana Bloomington & Western, on the other hand, was
probably less affected by that circumstance, and though
Both these
latter
—
their wake.
In the case of the Chicago
Northwestern the gain, as heretofore, is not as large as
the previous loss, but in the case of the St. Paul it is con-
followed in
k
siderably
—
more
as
case of the St. Paul
—
much as $250,000 more and in
& Omaha it is also more. Now
the
the
be classed among the roads influenced greatly by question arises, how was the gain brought about ? We
the course of trunk-line business, has an increase in earn- know that business has been more active, but we also
ings of about 12 per cent.
In the case of the Cincinnati know that there has been a most marked contraction in
Indianapolis St. Louis & Chicago and the Chicago & the movement of spring wheat (taking the movement as
Alton, the reduced yield of wheat is also to be men- a whole)
very much more than the expansion in the prealso to
—
—
tioned as the chief explanatory circumstance, though at
this late date in the season
as
it
it
does not count for as
We
did the three previous months.
now
vious year.
give our
usual table showing earnings and mileage of each individ-
cars in
larger
OBOSS EA.RNni08 AMD MtLEAOB IR NOVEMBER.
Orott Samingt.
of Road.
1885.
1881.
Canadian Pacido
Central Iowa
Cliicago A Alton
Chic. A Eastern III...
1881
Clilc. Milw.A8t. Paul
Chicago A N.irtUwcst
AO
Chic. St P.Minn.
Chic. A West Mich...
Cln. Ind. .St. L. ACh.
'ClD. N.O. A Tex. Pac
•Alabama Gt. South
'N. O. A .Vorth Eiwt
•Vicksb.A
.Merlillan
A Poo.
A Bait...
Cleve. Akron A Col...
-Vlckab. sh.
*Cm. Waah.
Deuv. A Kio Grande.
Denv.A Kio Gr. West.
*DenMiiine« A Ft. L>..
Detroit Liius'g A \o.
EvansT. AT. Haute.
Flint A Pere Marq...
Fla. R'y A Nav. Co...
Ft. Worth A Denv. C.
(Grand Trunk of Can.
Gulf Col. A Santa Fe.
HI. Cent.
Do
Do
37,639
+ 9.893
61
61
274,l:i2
+ 38,874
640,373
12J,7i:
132.19t>
+ 1.521
753.857
135.400
2,63-l.00(
2.309.877
2,?02.100: 1,900,509
-20.875
990
3,527
490
849
824
3,061
490
849
251
eoo.ooo!
110.875
194,365
172,03:
66,859
46,494
40,470
42,221
102, JC
35,9S4
5-!5.961
51'i.959
107,72-^
196,313
150,375
79,305
60,343
36.491
36,678
10i),531
Dlv.)...
580.134
{So. Div.)...
(Iowa lines)
4'3,9rt«
518,296
550,7? 8
152,169
18^,046
142,923
80,979
192,318
Long Island
* IncludRS three
15^.100
207,3»7
154,949
82,.57H
19-i.268
+ 265.391
+5*,fi4I
251
4.931
3.843
1,320
+9,153
— 1.94-i
413
342
+ 21,712
—12,446
-13,859
336
295
196
+3.-179
+5,51.1
170
-7,020
-1.380
+ 1.673
160,H5fi
A Weat..
8. A Gulf
A Mem
+329.123
2.5,230
210,40!t
•Kan. C. Ft.
•Kan. C. 8p.
+ 24,271
+ 123,5(12
97.817
60,12B
15^,315
89.232
35.5SU
1,340.164
(III.
+ 167,627
37,374
462,459
89,555
95.42S
26,903
99,272
64.784
175,541
108.213
43,S10
1,235.972
Ind. Bloom.
f
•17,.'i22
313,006
80S,OJU
73J,982
159.871
+5,970
+ 1,455
+ 4,65
+ 17,226
+ 18,981
>*
+8,221
—104.292
+79.753
+31.738
-S6.812
+ 2,9ili
14v!
291
141
1,317
368
143
261
146
1,317
368
143
261
146
361
500
110
H
2,9H
590
953
711
40 J
53d
f>3i
+ 12.023
389
3<3
351
weeks only of ffnrember In eaoh year,
Four weeks ended Nureuiber 28.
413
342
336
235
198
142
170
281
144
361
+ 22.,151
+ 1,597
+ 15,920
4.804
3.843
1.325
519
144
3.9
1885,
November, 1883.
movement
of
of
only 3,407 cars of spring
Possibly, however, there
9.'i:t
711
402
532
389
282
S54
On
the other cereals ?
and river ports of the
.«
Boat. H008 Tun.A W..
Burl. Ced.Kap. A No..
indicated in the inspection at Chicago
examine the following statement
movement of flour and all grains
Mileage.
Inereate or
1885.
Deereate.
is
wheat, against 8,801 cars in November, 1884, and 5,567
ual road.
Same
This
much during November,
West
our usual form of the
in
at
for
was a
that point,
all
the leading lake
the four weeks of the
month.
BECEirrS OF PLOUR AND QKWS FOR FOUR WEEKS SSOKD
28 ASD gnica januart 1.
CM«wn—
4 wk».. Not.. l»8o
4 wks.. Nut., 18»4
.sinoe Jan. 1, 1800
Since Jan. 1, U84
Ftour,
IDMOt,
Corn,
(DMs.)
(biull.)
(fivuh.)
427.1«a
4.57.101
4,S0»,««
tJS 43,886
8,916,
Wi
2,806,706
1«,084,380
81,503,931
ssn.soa
4 wk«., Nov., 1885
285,V17
4 wkl.. Nov., 1964
Slno« Jan. 1, 1983 9,101,6 45
Stnoe Jan. 1, 1964 3.23^,1)56
8.7X1.310
8,060.350
XUwauku—
St.
Ix>aU-
690.643
87.*I4
64a,W«
4wk».,Nor., 1894
113.7W
1895
1884
Ii7l,0il3
1.110,183
9.788,190
1,3(14,918
13,l)ai,778
4 wks., Nov., 1886
dhioe Jan.
Slnoe Jan.
1,
1,
Oatt,
{buth.)
KOVniBSK
Barltt,
1.981.396
"vs.
i7a,on
S.066.:;:
3.1»»;. •
67,7<>D,:i^
l,aa8,9«
IIC,478
H, 137,860
l.rtM.im
64,908,771) J<',i*.M«9
9,833,148
8,037.111
73,540
10^t80l
578.18S
116,'VKl
139,5S0
785,870, 8,jey,8ti6
l,7f>9,S06
397.8871
4'1)I.4I«
5II8.M5'
88,871.010, •.785.K79
15,189,385' 0.488.9U9
1.1880)29
«7S.87»
34.980
81.489
4.1i|,<^19
9411,617
4,350.070
a97.att
SrAI48
ui.a«
479.aH7
8.'«)o.804
T0.9I9
•at.oas
S.a»«,887
.938,448
1S6,R«»
41.198
988.071
140.131
I0ii,489
808J6I
ToUOo—
4 was., Nov., 189S
4 wks.. Nut.. 1884
Slnoe Jan. 1, 18-iS
SlnoK Jan. 1, 1881
«S,'OH
13,957
140,691
88,10J
eo7.s«s
l,6Hl.n7S
gtO.TSSl
8!'»,H00i
80.9W
14,813
900.744
954.778
7,7711,081
15,1)18,401
S,OTA083
18S,7»»5
183,787
118,818
6V7,195
490.018
7,-91.0«>
7,440,a«l
4 was.. Nut., 1885
16,78a
e^9«
4<UKm'
4 wks.. Not., 19S4
Slnoe Jan. 1. 1885
Slnoeian. 1, 18S4
I7«,««
194.673
1,474.IM<
083.81)0
»t\0O
181, :»7
111,016
8,()«8,9J4
•tiJjMt
1,110.088
898,168
8,410
8,74
1SI.9T9
Sl9.4l»'
791,710
683,910
787,005
l,00».7i«
8.»<8.359 18,g«4.4f«>
K.uUKT'Sl I4.41U0>-I
49.900
41,»yi
»\9.T96
5,489,6831
7,a04
8IJM
0rtro«4 wks.. Nut., 1988
4wk4., NuT.,1894
Slnoe Jan. 1, IN8B
SUioe Jan. 1,1884
13,453
lU.S?'*
ClswlandIfl.rtlOl
71JI9
148.409
8i.:86
74,181
1,808,314 1,010.9.18
1,470,441! 1,042,133
8«l,771
49,901
toi.-ro
WMV
34.678
90,178
Pdorto—
4 wks.. Not., 1885
4 wks.. Not., 1H84
Slnoe Jan. I,199S
SlnoH lan.I.DMI
4X iin'
96,440
34.516
515.780'
71,l»»4
48a.»9
4r.-vi
8.487
16.060
8,100
40.060
S3. .00
4|n,9M0
aTi.nia
1
—
.
THE CHRONICLE.
670
(6u*7i.)
DViutk
4wks., Not.. 1885
4 wk»., Nov.. 1884
Blnoe Jan. 1. 1885
Slnoe Jan.l, 1884
Total of allilwks., Nov.. 1885
fwks., Nov., 1884
4 wk».. Nov., 1883
SlnceJan, 1, 18>'5
SlnceJan. 1,1884
since Jan. i.' 1883'
14S.040
789,800
9.V1.879I
l,0i5,577
«r«,7
8.15S.B02
8,012.399
1
8,4f,9,05S
Oats,
Barlef,
Rye.
(t}ush.)
(frlMh.)
(Imsh.)
Com,
Wheat,
Flour,
2,554.530
3,390,286
12,23»,I!U
11,172,890
36.4«9
38,708
23,000
3.481.973
3,632,249
3,634,758
2,363,414
378.638
7. .84.078 5,,176,553 3,30.1.039
95.2S4.522 67,628,155 16.409.818
80,071,241 87.491.982 60,511.167 13.206.079
67,296,251 107!l37.484 58.783.058 16,449,538
792.470
3.137.115
4.768.540
7,190,635
6,688,571
11,S24,829
8,717,074
64,162,631
89,244
858
5,980,798
ti.l20.4l7
a good supply of corn left from the last crop (which was
not the case in 1884), farmers have been able to fatten
and market their hogs
earlier, in
latter point note that the
movement
much below
We
.355.885
wheat,
[Vol. XL.
have
influences at
last
year had been
room
to refer to the
November, 1883.
that of
left
which
illustration of
ourselves very
work on other
little
roads,
and there
a great deal of a special nature to say.
We
really not
is
may
dwell for
a moment, however, on the returns of Southern roads, because quite a number of these are out of harmony with the
Taking these ports together, we find that flour,
and oats, all fall below a year ago, and also below
consider- generally favorable character of the exhibit by roads in
1883, but that in barley the movement has been
our other sections. Down in Texas, as the result of the larger
which
with
port
(the
and at Chicago
ably larger
was
the
result
concerned)
cotton movement, the roads do well, and both the Gulf
particularly
inquiry is more
half
point
was
at
that
barley
in
Colorado & Santa Fe and the Fort AYorth & Denver have
gain
The
same.
much the
of satisfactory gains. The receipts of cotton at Galveston and
gain
was
a
there
Milwaukee
at
while
bushels,
million
a
com
;
as
much more
in that cereal
—and
it is
likely that the gain
inured in great measure to the benefit of the Chicago Milwaukee & St. Paul, as that road seems to have carried
New Orleans
is
comparatively insignificant,
show a heavy increase, but the full measnot reflected in these figures
is
good part of Texas cotton goes overland by
and this overland movement has been unusually heavy
But the Louisville & Nashville, which last
season.
alone, for a
more barley than any other road. The gain in the move- rail,
ment of flour at Milwaukee must also have been a bene this
But as compared with the loss in the year
fidftl circumstance.
other items the gain here
alike
ure of the improvement
in
November had a
loss of
§107,798, this year has
a,.
further loss of $88,341, and the Southern Division of the
Illinois Central, which in 1834 had a slight gain, now also
year were has a loss. There would appear to be two separate reasons
only 10,473,688 bushels, against 13,159,307 bushels last for this. The New Orleans Exposition was a distinctly
Nor was there during November any such note- favoring influence with both these roads last year, and then
y^ar.
wprthy gain in the receipts at Minneapolis (that port not besides the new Louisville New Orleans & Texas road is
being included in the above table), as there had been dur. proving quite a formidable competitor, though the work
of
for the total receipts
grain (including barley) at Mil-
waukee and Chicago during the four weeks
this
The receipts were larger than in 1884, is being done in such a quiet way as to attract very little
amounting for the thirty days to 4,270,000 bushels, attention. As showing what an important factor the new
but in October they had been road has become, we need only say that during November
against 3,729,000 bushels
6,881,000 bushels, and the gain over 1884 then was nearly it delivered 76,341 bales of cotton at New Orleans, against
million bushels. So we must look elsewhere for an 19,228 bales in 1884 (when the road was incomplete), and
2-Jexplanation of the increase in earnings, and we find it, as against 74,628 bales delivered in the same month by
in the previous month, in the live stock and provisions the
Central that is, the new road took
Illinois
movement. With reference to that movement, and to more cotton to the Crescent City than the Illi-
ing October.
;
—
show
its
growth,
we have gathered the following
figures
and
of the receipts and shipments of the principal items at
from Chicago during the
last three years.
KECEIPTS AT AND SHIPMENTS FROM CHICAGO DURING NOVEMBER.
UVQhOKS
No.
l,019.28ii
Pork
Cot meats
Lara
bbla.
5.300
lbs.
1883.
1885.
634.460
890.684
1884.
1883.
160.992
79,636
108,897
7,383
43,382
32,589
37,311
3,498
8,937,200 10.700.231 72,754,378 59,436,851 84,518,682
3,724,180 4.389,468 24,099,785 22,270,141 34,715,83!
lbs. 13.919.898
This makes
1884.
7.851.983
at
drained by the older competing roads. Though
the movement of cotton at both Galveston and New Or,leans was considerably in excess of a year ago, at all the
other outports particularly those on the Atlantic Coast
districts
Shipfed.
Received.
1885.
Of course part of its total was derived
Central.
the expense of the movement down the Mississippi
River, but in great degree also it must have come from
nois
—
was below 1884, and where Southern roads have failed to
do as well as in that year, the smaller volume of that staple
it
evident at a glance what has been the
moving may be accepted as part explanation. It will be
Western and Northwestern noticed that among the ports that have fallen considerably
roads.
We may discard the figures of shipments as re- behind in their receipts of cotton are Norfolk and West
ferring more particularly to the roads running east from
Point, and yet the Norfolk & Western has improved on
Chicago, though even here there is a marked increase over
the
its earnings of 1884, though the gain is not equal to
1884, but in the case of the receipts the gain in some in
the
gives
cotton
following
The
previous year's loss.
it
principal
source
stances
really surprising, every item being larger.
the
is
of gain to
movement however
particular
foot
of live hogs to
The
attention.
total
It is
which we would
receipts
for the
call
month
movement
RKCBIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBEU, AND FROM
JAN. 1 TO NOV. 30, 1885, 1884 AND 1883.
up 1,019,226, against only 624,460, an increase of
Allowing 250 pounds aa
a
freight
movement
1885.
about^ 250
railJijn
pounds, or 125 thousand tons, and from the magnitude of
thifl movement it can be readily understood why earnings
have been so good.
There is^no ^reason
this ratio of gain in the
tinue undiminished
movement
to believe that
of live hogs will con-
in subsequent months.
New Orleans
1884
95,067
122,9-J3
.48'i,991
435,003
1,278
1.163
3,513
a5S5
1.114,874
861,107
315,765
1,182,074
45,349
63.331
11,000
148,540
46.428
166,091
Florida
52,103
15,993
583,126
10,479
588,809
0.019
44S.6S9
4,233
Savannah
159,751
Brunswick. &c
Charleston
l*ort Royal,
have had two very good and very large crops of corn, but
a 60 per cent gain is probably too much to expect even
from that circumstance.
There are two causes, no
movement, and in the second pUce, there bemg
1885.
396.229
Morebead
doubt, that account for the exceptional increase now.
In
the first place, the fear of hog cholera has no doubt stimu-
147,053
1883.
Mobile
Wilmington
It is true
1884.
&c
ludlatiola,
we
la^ the
bales
Galveston
of
January
1.
Parts.
average weight of a hog, one million hogs would
represeui
Since
A'oi)e»n6er.
3^4,706, or over 60 per cent.
the,
in detail.
&o
Point,
4c
Total
As
105.349
1.572
17,309
City. &c.
Norfolk
West
2,700
1,745
124,383
51,314
187,549
2,577
131.412
459
24,853
2,323
149,152
83,238
1,0M,3S»3 1,0;)2,413
11,148
139,673
3,704
78,928
3,493
23,684
4,700
62,.303
375,557
7,012
72,718
4,687
368,318
168,056
098,845
3,459,517
150,-.92
47,708
worth bringing
out, it
if
is
there
is
712,374
12,257
1. 508,067
232.334
26,754
060,133
6,83*
435,9M
447.025
220,727
22,760
99,945
16,590
605,623
180,437
3,574,841
4,523,581
81,181
6.070
respects the record of earnings for the eleven
ended with November,
1883.
months
one feature particularly
this, tbsit
under the improved
.
Decembfji
"
....
THE OHRONICLR
13, 1880.1
«71
mora recent months, the number
results in the
having diraiaished earnings
of roads
gradually groviring smaller.
is
There are only 22 roads left now with losses, and though
the decrease on some of those is very heavy
the Grand
Trunk having a decline of over IJ millions, the Northern
—
PaciQc a decline of over 1^ millions, and the "Wabash over
a million the aggregate does not equal the amount of
/M.
Nahb.
the other roads, so that
our table shows
taking the 59 roads together, their gross receipts this year
excess of a year ago.
Following is the
1
1*
OM.
tk
Wtt
^STihII
saw
iw*'
,410
Hull
ll.'
47»
M PotOOUM-
*
rsm
4•r^SB
M.MA
7t.47,l|
tun.* Muitk.l|U.I
that,
art slightly in
Orws
AMb. Topeka a Saiiur*-
—
gain by
j
;
tS'XR
IHB«
179, 744
Canadian Paoiflo—
l(«8
t«*.»4l
4IM,aKI
»«»4.,
Jart.ti-
•
Cn*
iMuiMMka'A' iih'io^"'
10B.7H-.
}SjS
statement.
30.
s.uivi.nl|
II
10,8M
1880,
TO NOYSMBBR
1
W^W
tniitii
'aii'saMy-
Riuab.'iiiii'.'ji'
OROSS BARmnOS PROM JANDABT
&?^
IHfH
oh'i;r'i"fc'iuiViiL'-"
ChM.
StjniJ
«B.44I
isi-e
Ifame of Road.
4:iA,0S3
a,S2«,(>05
Canftdlaii Piiclho
7.6S 2.492
1, 178.301
Iciwiv
Chlciico
it
417,142
87,370
22.07.S.!>.')il
21,252,000
823.9.59
Ti.Xii.i-iO
21,540,1.^2
5.;i40,74i
702,06 <
£2,073
1,377,028
2,231,687
2,3J1,3S4
853
so 1,000
1..
.
6,;fti2.8I.S
1. 18 ",37'
?.lt>7.4«8
.Mi.li....
Cln. Ind. 8t. L. ,t Chic
*Cln.Ni'\vOrl..fcTnx Pac.
*Al:ll':un:l (U. Sdlltll'll
*.\
,tNo. E.
2,3:W,21
.
Mfildlan
OIH.HIfi
971.640
581,405
387.6J0
413,7311
.fcPuo.
3,59,818
Chi.iS'asli. .t lialtiniore
l..'i(i3,Sl'
Akrim .t Col . ...
Denver A RioCiriiiule...
Denver A Hio lir. Wnat
445,009
426,847
218.823
1,638.386
445,042
5.(iii7,S.'5^
5,130,74".
'
N
•V,
-:l
Cleve.
Do
Do
(.SoMtli.
417.2O0
15.676.373
1,585,S47
5.661,493
3,737.446
1,561,849
2,134,080
2.125.188
1,021.437
3,87U.917
1,494,508
2,178.419
.
lion^
I.slaiut
LouUvlllc .t Nashville..
Harq. Honsliton AOnc.
Me.xlcau Central
Mllw. L.Shore .fe West'n.
Milwaukee A Northern.
Moliile AOIiio
N. Y. Ontario A West'n.
Norfolk A Western
Northern Paeitie
Ohio Sout lieru
•Peoria Dee. A Evansv..
2.v;71,044
1,338.H31
2,674,487
12,490,250
.
t
1,026.728
477,753'
l,773,07;i
1.87,5.775
1,72>.592
2,498.062
1.803,965
2,449,535
10.57ti.032
11.8.55,076
425.949
425.892
686.992
3.505.900
1,467.047
652.2841
3,H06.144I
l,409,t>61|
l,0i9,797
I.l()4,'i84
rt82.86'«
I,2.'9,7ft8
6,«04,57ti
l.o7!(,0v)3
12,712,632
28.127
66,348
124.474
3.171
273,415
49,440
LuulRvUle
1,29!*,504
"38'.7'2'4
l,o"Ii'.3'o'3
November
,
—
NasaTllle^
iHni
1384.
..
I8SJ
13*4
,
the ex-
—
England, the
Potomac, the Burlington Cidar Rapids &
& Rio Urande Western,
&
The Atchison Topeka
Fort Dodge.
and the
Philadelphia & Reading also makes an improved showing
over other recent months.
loss,
but
it
is
only nominal,
60,320
lW.a06
IMtJUO
7l8.!0<1
5»4.c>-
|J!«1,7U
693.811
fi02.U'
13i.T86
84.038
83,733
4«.T>.,
llt6j!4A
SI9.383
80I,(KM
118.610
170.740
71.C7
12«,»v.
2a0.8»
128367
2I2.4SUI
127,862
191.8iA|
116.7*1
123.874
aOJ.737
City
ft
tlm)tm)s*T.
Otom
iOperatint]
Baminff.' Bxpetuft.'
IHHii
«
590,393
1H84
67J.i«3'
1
«
1
305.743'
8Da,»48i
i
tfet
\
Jan.
»4.(MI
31,033
32.90)
i,geo.«4e
1.8»;.887
I.a06je38
l.«40,OI5
44.:ta;
N. y. iJak"e"ii:ri"a""ft'w"esi.''1S85
1834
N. Y. ft New Bngland—
18X5
18«4
N. Y. Susq. ft Western—
1885
1834
1 to
;
Sov.
90.
A>1
Baminf. Bamihgt-'Bnrnmat.
ii
(
S85J4S'{
875.218
<
8.OV0
mm
•1.717
S.V1I
»7,ii
i.iw.iw
283,737
lj»7,670i
•7iltt|
1.622.4431
7U,1S8
1,708.712
I.M)6.1«8
76,066
80,363
l>43,«S4
18,81411
674.41"
«e7,Ki
TT.inir a,1M,4S0
-
106.087
»u.oae
93.349
34.180
48.783
44.879
142JH6|
2.851.040
2JI1S.23V
lfl6,7j
4.134,41S
i,02cnB
3u«.7St
lS4.e4ol
20l.o.^t
s»g,gfls
.
106.710
S06.60V
ts^
84U.MM
Western—
ft
18SS
1834
1886
l334
18SS
1884
283.496
182.727
148.707
186.703
884.011
919.793
230.884
844.127
4.409.62U
240,7361
4.«(M.8<>1
l,5a3.»«
'»A6S.671
808,HM
1,481.011
I638.7M
884.7]:
068.^18
279.009!
,
3,l43.a3u
(MSStS
106.770] 2.4I0.6M>
118,0781 2.837.013
67^7W
240,690
114J80|
106,819
110.908
6«,TI0
71,181
48,90 >!
44.402
18»e..
309396
203.968
1384
383.189
2M.051
4.'»9.I74
4,447.547
2.480..'M9
l.eS«,H18
2.021.846
1.923.71.
,
California—
ft
l><as
1834
PhlludelphUi
ft
ISrle—
1885
I»5
1884
Pbila.ft Ut ad. Coal ft
18C5
\fifH
,
....,
^_
^^
^
Wat." ft
Iron—
ies.ow
17rt,2.<.
1.041.86lt
soi.un
138.741
200.<t>o
1.8<8,42B
2.h;«,370
2.940,541
1.430,300
Josepb
ft
1.3011.447,
l.SOT.WW 1,001.471
Grand Island—
13s5
1884
ft
10t,MS
97,716,
l,4IOtliu«
1711,264
106,161
7U1«3^
1.410,o(U
mass
96,147
60.SI6
Branches
83.704
02.860'
18S6
1384
Trunk ot Canada—
Chicaiio
ft <ir.
ft
to .Sept. ItA.
77.521
2.2i«.70a
101.421!
8.W«,IS6'
47,400
4n,T8l
6,618
6«.a89|
42.lil«
18,V0fl
470,Ok3l
28,303
(6,386
19.388
10.708
B.438
10,804
lOT.soa
137.010
I00,(»l
100.a63l
a6.»i8
07.810
13,123
flM44
*
2.834:
Including 68 per cent of earning! an* antlra worklnc
ft
Ohio Kai'r
Inoludtnir taxes aa<S
t
Not
BipensM Inelads bo:b
I
1
S«i.02(>
Mllw.—
«
«
Jan.
S07.681
J|^j4.j_^^^
York Pennsylvania
i<rt).irit.ii<''
37,488' l.llS.TiV
80.311.1 l,103.«7a'
283.143'
323.400!
loss
•
l,4«l.oc6
-IE
J!
Trunk—
1831
Det. (jr. Ilaren
18^5
53.21«
62,042
4li60
l,S2S.0fl8 21. 147. 40'
SepUn^Ur.
NAMB.
Oranri
1836
1(
182.240
2,78S,«27 tl.444.644
2.SiV.«l4 tl,J43ji08
183.^
1384
Tf»U71
def.e3,<>l>
6*li-.
I.6»7.487
Union PaclflO—
West Jersey
1.418.0n)]|j3J)7l.fl^i 8M»4"*
1.28I.0.I4 y. U'.MU U.046»?a2
1,788.028
OKdeosburK
183^
1884
s(WI3.1S8,TW
1^407^61
841.790
PbiladeiphtaftHaaiiing—
St.
r.sns
126,«2I
9iys,ao3
:..
864.830
Rome
l.TTO/fS
Mississippi-
ft
lr.«8
Orou
8.0811
North'n—
1884
Manhattan Elevated—
87JM2
Mexican National—
0R08S AND NET BARinNOB TO LATEST DATBS.
NAME.
eil.4»
21,017
uhio—
ft
I88S
some like those
that have made an
New York & New
unjfm
t<lf.4U
401.611
24.713'
an.oofi
SO.iilO
Penn. (all lines east ol Pltubnrg ft Krie)—
In each year.
&
Qiincy, the
Santa Fe has a
ft
1884
7,332,015
633,593
there are
1
Memphis ft Charleston—
Northern, the Erie, the Denver
&
20,140
1S.I54
—
t.OBt,
3t.Paul-
1334
Ohio system
improvement. Particularly good returns are found in the
case of the Canadian Pacific, the Northern Pacific, the
and the Des Moines
ft
188S
18*4
i8«
23.
Even among Southern roads
&
&
43,703
W.79I
181.71.
200,l><.
Danver Clly-
ft
itiab
Oregon
than in the moa'.hs preceding;. In fact,
barring a number ot leading Saathern roads with poor
results, the showing is the best we have had in a long time.
Baltimore
2ii,a»4
Kentuokr Ctsntrai—
Ohio
Net earnings cover October, and on the whole
Burlington
«l«.«72l
4la.'^8U
Northern Paclflc—
128,'.ilO
164,222
—
the Chesapeake
411.380
Northern Central—
hibit is better
in
WJWl
Oreuon Improvem't Co.—
three weeKs only of
To November
la.ias
24.368
lS.f4
Norfolk
"57,386
7,494,753
914,731
13.734.135
l,138,228i
M.802
Oeorglu -
1838
"si; 703
1.207,4."i6;
1H85
1884
tort Worth
1««6
ft
1*34
97
4.25*0.9791
4«.oas
IM/tOW
,
New York
ido'.i'si
),2.=)8,f96
1834
1833
1,279',6'44
679.6971
463,7121
"
NiuiiT.'ciuiiL.'ft"'8t'."L(>"al">^
49.127
5H0.922,
4.012.5B4
Mil*
U'u liojize—
lH-4,1
102,703
78,373
426.444
l.llf.U.')!
ai,8IX>
Mobile
73,3H3
119,!a2
183
530.812
199.174
36,681
1109,592.437 198,958,344 7.983,603
Total (50 roads)
Ket Increase
• Inilniles
67.231
2.690.33.5i
MM.nS
66.T03
63.gH;
140,888
A
Mexican CeniraJS—
44.33tP
145,K5ti
314,:i91
l,22-.,no2
514,434
.
I...
5809
1,707,767
3,221,197
Utt!
aii.7as
1834
35,331
2^8,«48
113,471
793,568
St^i.
1IU;WI
18SS
1334
s'ii'.ii'di
12,370.333!
!}«?
HUM
1834
D«« Mulnaa
Green Bar Win.
123,032
2,6110,624
7il8,75l
Rlclunoiid A Danville...
Virginia MIdUud
West. Nor. Carolina...
Rochester A Pittslnirs;
Bt.L.A.AT.H. main line.
Do do (hrauelms)
St. L. Ft. Seott A Wioh.
St. Louis A 8. Francisco
St. Paul A Duluth
St. Paul Minn. A Han...
Texas A St. Louis
Wabash St.
A Pac.
Wisconsin Central
407,107
185,238
19,925
431.391
13.878,«08
1,020,881
Div.)
(Iowa Div.)..
Indiana Bloutn. A Weat
•Kan. <Uv Ft. 8. A Oiilf.
•Kan. City Sp. A Mem..
33
"2,539
le.iiTlM
lu.tamjm
"Rlo"6r!"v»'tort''n"-"
,
134.569
2,081.143
878.208
5,;<20,141
Denvor'ii
1X15
EaAt Tenn. Va.
140,096
GS9,201
2i.iBU.4'j2
Oiiao
Klo Orande—
ft
l(l«8
"so.ilj'i
1,759,>»35
3 SO. '07
ij(«,w«:
S7.lt»>
lass
42.032
1,031
tj7;,e«i
no.WB
18M
17i".689
638,260
Evansv. A T. Haute
Flint A I\to Marc]uette.
l,A«t«o,,«i.aan.»iii
dan'ton"—
"ft
18*8
1(»1
D«aT«r
e4,J39
751.480
316,093
»A>tjSil
l,IMM8
Ml. 140
188,6M
l,24.^,451
Wloi-.
***
'
ClevclaDd
748,838
33H.01^
i>:t0.7I8
IMJM
Quiney—
ft
"
Cln. Ind.'si.'i^iiiii jt'ciilo.^'
\mti
151, .567
l,l'.^2,'tl9
•Des Moiuct A Ft.Dmljrr
Delroit LanAinir A No...
Florida U'j- A Suv. Co..
Ft. Worlli A DiMiv. City
Orand Tr. of Canada...
Gulf Col. A Sauta Fc...
ru. Central (li!. I)iv.)....
17,891
2,fl08,(K)9
318,596
5.228.970 2,403,532
7,2(^;,^J7.^
A
Ui,t
133*
Clilujco Uurl.
1^^
1.329,961
8,016,563
1,41), 130
Alton
Clilc. .V Kaati'in Illinois
ChU'ii^'o .-Mihc.
8l.Paul
ClllctlKc .V' N'lrl liwrst .
01lli'..8t.I'.M Mn.,Vl>inahii
Clllc;i;;i> .V
Dtertate.
«
Boston riooiiao T. 4 W.
Burl. Oilur Kap. A No..
Ceiitriil
Ihereau.
1881.
1885.
Mexican cunencr.
expansw «» the Sew
>ad.
renUla
and
In 1384
8llt>,0T1
l.n2«.il6Mi
In 1835 ose-twelflh of the je»r"« tazsa.^
—
.
THE CHRONICLE.
672
Vol. XLI.
OajECT.
War Department
REPORT OF THE SECRETARY OF THE
TREASURY.
1885.
$1,271,521
3,192,122
$4,463,643
$20,564,334
Total
)
The
30, 1885,
673,03fl
16,573,824
)
Sir—I have the honor to submit the following report:
RECEIPTS AND EXPENDITURES, FISCAL TEAR 1885.
ordinary revenues of the Government from all sources
Jane
$1,240,975
76,495
Department — Indians. ..
Department— Pensions
Civil and miscellaneous
Navy Department
iLterior
Interior
Interest on publio debt
Treasuey Department,
Washington, D. C, December 7,
for the fiscal year ended
DECRBABE.
I.NCKEASE
were:
Making the net increase
For the present
mated
—
is
116,100,690.
FISCAL YEAR 1885.
year the revenue
fiscal
— actual and
esti-
as follows:
Forthequar- Forremainlng
SOURCE.
Amoitnt.
SotTRCE.
$181,471,939
From customs
112,498,725
From interual r-venue
5.705,986
From sales of public laniis
2,914,222
From tax on Natioii.il banks
6,051,284
From profits on coinave, bullion deposits and assays
907,464
&o
penalties,
From cnstoms ft-es, flues,
3,714,613
From fees— cunsular, letters-patent ana lanfls companies
1.608,071
Pacitlc
r'way
by
interest
From re-pajmi lit of
2,476,707
From B nklnK fnnrt for P,aeillo railway companies...
594,414
Trom deposits by inilividuals for surveying public lands.
302,882
From proceeds of sales of GoTernmeut property
76,942
funds
From Indian trust
117,002
From immiErant fund
333,735
fund
permanent
Home,
From S Idler
55,541
From sale of condemni'd naval vessels
400,342
From tax on tonnage
1,929,29^
From r.-venucs of the District of Columbia
2,471,532
From miscellaneous sources
t«r ended
Sept. 30, '85.
From—
t
hr >,e quarters
of the year.
Estimated.
Actual.
$52,203,853 $122,79ti,146
28,600,'.;81
87,399,718
Sales of public lands
1.173,574
1.351.386
462,267
231.801
796.731
Repaym't of int. & sink, f'd Pacific Ry Cos..
Customs fePR. fiups, penalties, &c
Fees— consular, letters patent and lands.
Profceds of sale of Government property...
.
3,>*26
71,61-9
724,358
25„533
272.033
846,670
Deposits for survcyine public lands
Miseellaneous sources
425
1.615,613
1,037,732
66«,198
2,203,268
228,310
3,27,5,641
374,466
1.627.966
3 153,329
'
The ordinary expenditures
for the
Amount.
expenses
Forfoielen intercourse
For Indians
For pensions
v
For the military establishment. Including rivers and harbors and ai-senals
For the naval establishment, including vessels, machinery, and improvements at navy yards
For miscellaneous expenditures, including puh'ic buildings, lighthouses and collecting the revenue
For expenditures on account of the District of Columbia.
interest
on the public debt
For
For the sinking fund
-
-.;
42,670,578
16,021,079
54,72B,056
3,499,650
51,386,256
45,604,035
$305,830,970
Total ordinary expenditures.
$17,859,735
Leaving a surplus of
applied to the redemption:
Amount.
Redemption.
Of Oregon war debt
Of loan of July and August, 1861
Of flve-twenties of 18B2
Of flve-twenties of 1864
Of llve-lwi-nties of 1865....
Of loan of 1863
Of ten-forti.B of 1864
Of consols of 1865
Of con.TOls of 1867
Of consols of 18fi8
Of funded loan of 1881
Of Ician of February. 1861
Of old demand, compound interest and other notes.
to the iucrease of
same
period, actual
Actunl.
and miscel's expenses, includ'g pulilic
buildings, light-houses & ooUect'g revenue $16,606,166
1,631,247
Indians
20,986,820
Pensions
Military e'tablislim't, Includ'g fortiflcat'ns,
9,718,806
river and harl>oriinprove't3and arsenals
Naval establi.slinient, including vessels and
3,985,104
machinery and improvem'ts at Navy Y'ds
1,526,644
Expenditures on acc't of the Dist. of Col ...
13,439,623
Interest on the public debt
189,400
Sinking fund
As compared with the fiscal year 1884, the receipts for 1885
have decreased $24,839,163, as follows:
INCREABE.
Decrease.
fees
.,
Kedlstcrs' and receivers' fees...'.'.'." !".'!'"
Fees on letters- pat cut
\\\
Sale uf mititaiT barracks
Eeveiiues of Di.-itiiet of Columbia'"!!'.!!!!'
Soldiers' Homo permanent fund
'.!!!!!!
!"'"
MlsccUaneouH items
Proflts on coinaife
!!!!!!
Eepaymcnt of luterent by Paclflc Ra'liroads
Sinking fund for Paoiflo Uallruads
Consular fees
".*'!!
Customi fees, fines, penalties. '<&c
Eelmbnrsem't of sundry Indian appropri'at'ns
Bales of Indian lands
4,000,000
$115,000,000
The estimates of expenditures for the same period, received
from the several Executive Departments, are as follows:
$3,275,828
Legislative
18,491,311
Kx'ecutive
408.3UO
luilieial
1.604,901
25,680,495
30,816,357
6,051,259
75,830,200
Foreign intercourse
Mi lit ary e.- talilisnment
Naval establishment
-
Indiau affairs
Pensions
Public works
$6,000
4,823,869
16,572,630
4,968.337
411,880
Making the net decrease
Oepartment
Department of Justice
Interior
Po.stal service
144,4-^8
District of
Columbia
Permanent annual appropriationsInterest on the public debt
4'(,659,000
Refunding— customs, int'nal rev.,
Collecting revenue from customs
92.325
60,643
41,428
lands,
&c
13, 52,400
1
fi,500.0i
5,099,555— 118,910,955
Miscellaneous
3a,3.56
Total estimatedexpenditures. Including sinking fund...
129,834
,800,675
236.708
430,932
342,9,55
109,873
114,384
253,028
151,970
77,431
C5,?>25
!!!!!!!!!
61,484
$28.474,134
$3,644,970
124,829,163.
Or an estimated
26,860,016
7.443.914
20.356,082
3,839,868
$48,500,000
Sinking fund
58,2.i8
There was an increase in the expenditures of
116,100,690
a follows:
77,300—
Miscellaneous
69,697
71.870
.
Total.
$315,000,000
290,750,000
miscellaneous sources.
235,977
310,406
Sales of Distiicl of Columbia bonds
Tax on seil skins
Shipping fees
11,014,895
1,973,355
36,560,376
45,560,600
$24,250,000
Navy Department
4,104,718
191,507
243,752
Steam i>oat
27,-281,l93
FISCAL TEAR 1887.
The revenues of the fiscal year ending June 80, 1887, are
thus estimated upon the basis of existing laws:
$175,000,000
From customs
116,00(1,000
From internal revenue
5.(00,000
From s.iles of public lands
3.000,000
From lax on National banks
l,s 00,000
From repnyin't of interest and sink, fund Pacific Ky. Cos.
900,000
From customs fees, fines, penalties, Ac
3,000,000
From fees — consular, letters patent and lands
SOO.dOO
From proceeds of sale of Government property
4,000.000
Fr*un profit on coinage, assays. &c
410,000
From deposits for surveying public lands
1,900.000
From reveunes of the District of Columbia
War Department
9,0'*7,34B
......
4,3b8,7.52
33,013,179
Estimated surplus
Treasury Department
$13, -595,550
'.
$6),893.833
$70,083,3121 $220,666,187
Total ordinary expenditures
Total receipts, actual and estimated
Total expenditures, including si nking fund
Legislative
Cnstoms
Estimated.
Civil
Total estimated oruinary reeeipta
$17,859,735
Internal revenue
Sales of publio lands
Tax on national banks
BhU'S of (iovemment property
Marine-hospital tax
Surveying Indian lands
Sale of condemned naval veEsels
Surveying public lands
of the year.
For—
From
cash in the Treasury
SotTRCE.
For the quar Forremaining
ter ended
three-qnarters
fj
Total
Chinese indemnity fund
and estimated,
Sept. 30, '85.
$23,826,942
5,439,609
6,552,494
56,102,267
civil
And
for the
OBJECT.
same period were:
EXPENDITITHES.
Which was
The expenditures
are as follows:
$323,690,706
Total ordinary receipts
For
$86,76<,179 $228,236,820
Total receipts
$339, 589,552 .
$24,589,552
deficit of
Excluding the sinking fund, tho estimated expenditures
will be $292,930,552, showing a surplus of $22,069,447.
SINKING FUND.
The act of February 25, 1862 (R. S., 3688,3689), requires one
per centum of the entire debt of the United States to be annually set apart aa a sinking fund and applied to the purchase or
payment of the public debt, in such manner as the Secretary
of the Treasury may from time to time direct, together with a
sum equal to the interest on all bonds so redeemed; and the
act of April 17,
1876 (19 Stat.,
83),
provides that fractional
currency redeemed by the Treasury shall also form a part of
the sinking fund.
—
Dkokmbbr
THE CHRONICLE.
12, 1885.]
Uu'liT the above proviiiions of law, United States bendi and
fractional currency to the amount of $43,601,039 were redoeini'il nnd iipplunl lo tliH fund during the past flacal year.
Tlu> n'ljuireinents of the fund for the premnt flnoal year,
computed upon th" same hasis as in former years, will HKtpref^te $ IO,OU(),UOO. It is believed, however, that the intent of the
law will be fully complied with if, in determining th>4 amount
to bo applied to tlie fund, the aggregate of the various coin
and currency certificates whicli are held in the Treiui\irer'H
cash, as well as the cash in the Treasury available for the reduction of the dtbt and the amount held as a renerve
for the redemption of the United States notes under the resumption act, sliuU be deducted from the outstanding princind of
the debt, and the bonds issued to the several Pacific Hulroads
added thereto. The amount required to be upplitd under this
method, including interest on bonds previously redeemed, is
estimated at fi40,7.'S0,00O.
678
dens. To many our prosperity mixht wall
nlthouirh, in fa<;t, ever hImcc the war it hn-
Mum
satlsf*
•
-.My
by an unwisn ilnnm^ial policy.
II.
ajj
depression univerwil In viiryingdngrnefl over t»w w iri 'i>i|||{m
us all now to consider and uiidnrtakn nome reforms wbtoh oar
surplus revenues make fi-a-tiide.
Ttiese reforms invite and exa'^t tlix hiiit <>fT irts of AniMloail
nliriilh'i'd
.
i
statesmanship. Neither party hn>t nacaiMyi thn dancr of il«*
fending, as goo<l, evils which boili parties wera m
i2
unttd to.
Men of both parties, public mnn con
<h
i,
fmblic afTaim, and men ntraorliwl in earning th-i
lave been liable to intluence from tho gn-at forr
.[..
'
which
all goveri. Ml. lit- .-•i-v ,.„,i
^.. i,... i_.i,..f
i.
,
the disorder of
of private joti
of protection to American labor.
,..^,,,4^
nittui*
nyitem
i
CURRENCY RErOHM.
Currency reform is first in the order of Importance and of
the outstanding bonds of the 8 per time, and fitly precedes otiier reforms, even tniaHon reform,
UNITED STATES BONDS.
On November
1,
1884.
18, 1882, amounted to$204,T)19,350.
Of this amount |10,0(K),O()O had been called September 20, 1884,
and ceased to bejir interest November 1, 1884.
The following table shows the changes in tlie interest-bearing
cent loan of the act of July
debt during the year ended October
Outstanding
TrrLE or Loan.
H
Po.
November
1,
the
year.
9
9
201. ,'519.250
Fund. loanongOl Us
Fand. loiinof lii07 4
2.50.00(>,00(>
Mavj-pflnslou fund^ 3
(asued
durlu)!
1884.
lioanof Jnlyl2,'« 3
SefiiDil. oertltlc'i'ai 4
31, 1885:
Redeempd OatstandlDK
during
October 31,
the year.
1885.
9
i.ioi.coo
I
9.227.150
1
191,100,500
25O.vH)0,000
737,691,^50 lis'.soo
:41,0l,0
/(!4,8M0
14,000,< 00
737,740.350
2;3.HOO
14,01/0.000
1,20(;,47&,600 19,U0U 10,369,750 1,190,1.14,1100
Sondn
ixsiuHl
to
FiU'lHc Uallroads 6
Total
*
64,623,512
64,623,^12
1,271,099.112 4S,800 10.369,750 1,260,778,162
.
Ceased to bear Interest during the year, but not not yet presented
<or puyuieiit.
Of thii Issue. !?7,900 w,-n on accouat of accrued interest on ^41,000
roTundhig cerMflcates coiivorted into 4 per ce'it bonds.
J Rerteeine<l by couverslou Into 4 per rent bonds.
The reduction in the annual interest charge by reason of the
changes during the year ended Oct. 31, 1885, is as follows;
$309.8r,2
On bonds redeemed or Interest ceased
312
Deduct (or Interest on 4 per cent bonds issued.......
I
$309,550
Net raduotion
CONVERSION OF REFUNDING CERTIFICATES,
Since November
1881, refunding certificates issued in
1,
under the act of February 26, 1879, have been presented
for conversion into 4 per cent bonds as follows:
1879,
$41,000
Principal
$50,326
Total
made
as follows:
-.
$j0,S.i6
$;23,'-00
Total
still
48 SIO
2,0.i6
Interest paid in ca*li
The certiflostes
1
—
9,8 i«
Accrued interest due
For which settlement was
Four percent bonda issued
because it will facilitate all other reforms, n'
"Utnot safely be deferred. The coinage act of
iiag
the mints with unissued, tho suli-trcnsurie<i wirii r,.:Hin>-<i, silver dollars, and will nnavotda()ly convert the funds of tlw
Treasury into those depreciated and depreciating culnn.
The disorders of our currency chiefly arise from the op«r^
tion of two enactments:
1. The act of February 2S, 1878, which has been con*tnied as
a permanent appropriation for perpetual Treasury purchases
of at least |24,000,(K)0 worth of silver per annum, although
from causes mostly foreign that metal is now of mutable and
falling value, which roust be manufacture<i into coins nf unlimited legal tender and issued to the people of tae United
States as equivalents of our monetary unit.
2. The act of May, 3', 1878, which indefinitely postponed
fulfilment of the solemn pledge (March 18, I8ft!),) not only of
"redemption," but also of "payment" of all the oblieatious of
the United States not bearing interest, leg,ilized as fWl.OOO,000 paper money of unlimited legal tender, and required the
poet-redemption issue and reissue of these promises to pay
dollars as equivalents of our monetary unit.
But these two evils, which are each a separate men.ice to the
public tranquillity and injurious to the public morals ana the
public faith, do not double the difiiculties of a reform of the
currency. Their concurrence may even assist C mgrees to
provide the peop'e of the United States with a beltt-r <Mirr.-ncy
than the best now possessed by any nation; a currency in
which every dollar note shall be the representative cei titicate
of a coin dollar actually in the Treasury and payable on demand; a currency in which our monetary unit coineil in gold
($5.50,000,000) and its equivalent coined in silver $(215,000,000)
shall not be suffered to part company.
Such a reform of the whole currency of the United Stataa
(setting aside the national bank notee, which are diminishing
and well secured) can tie undertaken and finished suujecc to
the following conditions:
outstanding amount to
and cancellations of United States bonds
seven-thirty notes during the twelve months ended October 81, 1885, were as follows:
$.50
Seven-thirty notes of July 17. 1861
2.1Seven-thirty notep, lh64-1865
1,000
Loan of February 8, 1S61
1.650
•.
Oregon war debt
23,!i.50
Flve-tneniies of February 25. 1862
800
Five-twenties of 1805 (May and November)
800
Five-twenties of June 30, l!J64
02,3()O
Ten-fortlos of 1864
61,950
18i>ft
Consols of
55.7(;0
Consols of 1867
7,10J
Consols of 1868
Loan of Juy and August, 18K1 (6 percent)
i''''S!5
per
cent)
Loan of March 3, 1863 (6
22'-J?"
Tlie redemptions
and
Fundca loan 01 1881 (5 percent)
Loan of July and .\uRci8t.lH61 (coniiTinedat 3>a per cent)
Loan of March 3. Ii63 (continued at :<>« per cent)
Funded inaii of 1881 (continued at 3ifl per cent)
Loan of July 12,1882 (3 per cent)*
Total
6.
7.
Without increase of taxation.
Without the sale of any silver bought and coine 1 ainoe
February, 1878.
....
Without the disuse of the 215,000,000 coined silver d<^fall or discount iu th-iir
85,4oO lars of unlimited legal tender, or any
17,100 present received value; and without the disuse of lh» .550.0J0,264.150 000 coined gold dollars of unli.iiite.1 lej^al tender, or any rise
18.46j,900
or premium on their peseit received v.lue.
inter9. Without prejudice to tiw adoption heresfter of an
$19,133,450
Moneys" and "Unavailable Funds," the same facta being
flubetantially presented in the Treasurer's Report.]
CURRENCY REFORM— TAXATION REFORM.
the duty
of the Secretary of the Treasury to administer, manifests, as
inquiry into the business of the country does, the grave need
of reform in tlie state of our currency and in the present
Bcheme of our taxation. Both are legacies of war. They are
unaccountable except by the light of the events which afforded
their origiu and their excuse. Their continuance for so long a
time since, though discreditable, is perhaps explained by that
degree of prosperity continuing despite them which is so far
beyond the prosperity possible wherever large standing armies
and costly war-fleets are an annual expense, and where more
restricted freedom of activity and trade entails heavier bur-
laws which
1891.
it is
8.
sZ''*'?''
'Fart of wldoh had matured bafore November 1, 1884.
[We omit portions of the Report with reference to " The
Public Debt and the Condition of the Treasury," " Public
A review of the several groups of
THE CONDITIONS OF CURRENCY REFORM.
"Without shock or disturbance to the industries, the busf
ness enterprise, the domestic trade, or foreign commerce of
the country.
2. Without degrading the United States monetary unit of
value to a cheaper dollar, and without raising the United
States monetary unit of value to a costlier dollar.
3. Without loss to any who now hold the promise of the
tJnited States to pay a dollar.
4. Without reduction of the present volume of the currency,
or hindrance to its free increase hereafter when eveij dollar
note shall be the certificate of a coin dollar in the Treasury
payable on demand.
5. Without pau^ in the reduction of the public debt, bat
paying more than three-fifths of all that part of the debt now
payable at the option of the Unite<l States prior to Septe.flber,
1.
national bi-metallic union, with free coin.-vge of both iiiotaia
for all comers, at a fixed ratio of weighto, into coins of unlimited legal tender.
parting cimpany
10. Without the coins of the two metals
from each other, whatever may l)e the tempoiarv f .V, if uny.
T.eanary
in the market price of silver bullion after stoppia,<
purchases.
.
,
the consider. tioa of
I would most respectfully commend to
Congress the question whether such a reform of the c 11 eiicy
ought not now to be endeavorel; whether th.s- -»fe not
snl
among the prudent and just conilitiotis of its reform;
whether such a reform mi. lit not Ik- pr .mote.1. wIlIi i.mn.'trade. I.y. et«--il of
diate adv..ntage to all our induHries and
silver l.u.lt..Ti. ana
the clause requiring Treasury pure i.«je8 of
i^su^s aid twrepeal of the act making co.upulsory Treasury
isHues of the legal tender iibU's.
TREASURY PCRCIIASES .'ND COINAOE OF 81LV; I!.
are sevend pi-mla
It is with deferenct! suggested that there
dufvi «;.••-«« of
of agreement which may be reached, aud
.,..••
THE CHRONICLE.
674
opioion removed or narrowed by a preliminary understanding
to the use of terms.
that
We are all paper-money men if it but be understood
our paper money shall be a representative paper money, a
certificate that actual coin is honestly borrowed and safely
Btored by the Treasury, dollar for dollar, and payable to its
.owner on demand. No one disputes the superior convenience
of paper-monfy. Its use in large multiples without increise
of weight, its economy in saving the heavy and irreparable
adloss of the precious metals by abrasion, are indisputable
vantages over other kinds of money.
Demonetization may signify legal disuse of either metal as
M
demonetized in India. But where is silver deThere are varying degrees of its use in different
nations. Nowhere is it entirely disused. Nowhere is it then
demonetized if demonetization means legal disuse. It is used
in England for fractional coins of a limited legal tender. It
IB used in France, Germany and the United States for frac.tional coins, and also for larger coins of an unlimited legal
tender. It is used in India and Mexico for fractional coins,
and for coins of an unlimited legal tender, and of these the
-coinage is free to all owners of silver. In speaking of the de-
Gold
monetized ?
coin.
is
monetization of
silver,
the degree of
its
disuse should be
by those who would avoid being understood to
recommend free coinage to private silver owners, which nowhere now co-exists with the use of gold as a part of the curspecified
rency.
.
Everybody is a two-metallist. and wishes the use of silver
in fractional coins of at least a limited legal tender. Bi-metallists desire a larger use of silver for coins of unlimited legal
tender; but they also wish the use of gold in coins of unlimited legal tender. If, however, a gold coin and a silver coin
must each t>e received for a dollar, and are both an unlimited
legal tender in any number, some ratio in their weights must
also be fixed by law. Yet no law can cross national boundaries as commerce does; so that any nation having a ratio not
the same as the ratio of other nations traded with, is liable to
drained, in time, of one of its two metals. Thus bi-metaliism in any nation depends upon a fortunate balance of demands UiT the two metals from without, such as France
T«njoyed from 1785 to 1871; or else upon concurrence with a
sufficient number of other nations in coining the unit of value
in the two raetals at one and the same ratio of weight. Bimetallism is essentially an international affair; but it does not
exist; the fortunate balance in Europe was U[wet by Germany,
and the international agreement, twice attempted, has failed.
In but one way now can any nation retain in use coins of
both metals which are both unlimited legal tender: namely,
by stopping; the coinage of the metal unacceptable to other
nations. Franco has done so. The United States must likewise stop coining silver. Stop, wait, negotiate. And whether
negotiations shall succeed or foil, there is still no other way
than to stop where we are, namely, at the point where a risk
begins to appear of difficulty in retaining silver in our home
circulatiiin in full equivalence with our gold unit of value
which has an international circulation.
be
SILVER— GOLU.
Silver in fractional coins is the most convenient desirable
metal for use in the payment of petty sums. These are the
bulk of lium in transactions where mon^-y nasses. It has no
rival.
does not deem it indispensable? Silver cannot
profitably be discarded from large use by any civilized nation
the world, e> en where, as in tjreat Britain and the Scandinavian countries, it is used only for fractional coins, made
legal tender for small sums, and gold alone is cut into coins of
unlimited leial tende--. Silver alone is coined by some nations; is the monetary metal of enormous Asian populations.
know little of Cnina, but computing what thev fairly
may as to the rest of the world, the statisticians all agree thit
silver is 54 p-r cent of the monetary metals of mankind.
Who
m
We
Gold, however, is indispensable also, though its hij^h value
it impossible to be used anywhere as small change.
Gold is fail ly computed to be about 46 per cent of the two
monetary metals of mankind. Gold is the standard of value
in the foreign commerce, not only of the United States, but
also of every nation in Europe.
Foreign exihange is cakulated as b t ween the different gold coins. Gold is the standard inthedomestictradeofEui^lan.l and of Germany, and of all
the counti les which, like France, have been bimetallic, but
which hav« now ceased from silver coinage in order to prevent the fall of the silver already coined us legal tender for all
sums. G lid is, in fact and by law. the standard of value in
the domestic trade of the United States, and has been since
March, 187-<, under the Act of Congreas nviking a.'ii-S troy
grains of standard gold our monetary ' unit of value," which,
as will be e-Kphined below, had theretofore been safelv and
Justly placed alike in coins of gold and coins of silver.
Gold is (56 per cent of the metallic circulation of the United
States at the present moment; although it mav need explaining that with free coinage for everybody's silver into full legal
tender sih er dollars, the penple of the United States asked for
only 8,04.5.8:{8 in eighty years, but that Congress required the
coinage of 2:5,000,000 in about eight years.
Gold is the standard of value in nations from which we in
the United States took 87 per cent last year of all our imports,
and to which we sent more than 93 per cent of all our exports!
And with most of the countries having silver as a stan lard
or
m-a-ly exclusive use, where we do the small remalmler
of our foreign trade, settlements are effected by the gold
standard throu.ih sterling bills on Londin.
{^f."'n 'he mines of all the
world has doubled in quan^.^^"•'I
tity withm thirty-five years; silver about douiding in
the last
makes
m
[Vol.
XLL
one hundred years. Gold, like silver, is a principal producof mines
the United States, which have yielded of the two
precious metals
m
:
Silver.
Oold.
For the
For the
72pereeut
last -10 years
last 14 years
Lately aa 4 years ago
.50
.iu
LMtyear
3J
-I-
+
per cent
per cent
— per cent
28 per cent
50 — per cent
50 - per cent
61 + perceut
would propose the disuse of gold, or ask the enactment or the continuance of laws likely to promote the
Who then
expulsion of gold, or its use at a premium instead of as the
standard of value, to which, by stopping the coinage of silver
now, the legal tender value of the 31.5,000.000 silver dollars
already coined may be held up and made to conform until
these troubles be overpast.
But our 315,000,000 silver dollars are here, and cannot be
expected sensibly to decrease, as our gold may. Nobody will
export or melt them. The reasons are plain. They will not
flow abroad, for the legal tender quality given them by act of
Congregs cannot procure their reception elsewhere not in
Germany, just as her legal tender laws, applied to her equally
depreciated 400 or 500 million silver marks in thalers of unlin>ited legal tender, cannot promote their reception here or iu
France not in France, just as her legal tender laws, applied
to her 600 million tlve^ franc pieces of unlimited legal tender,
cannot promote their reception here or in Germany. Ceasing
Noto coin more, our 315,000,000 silver dollars will remain.
body will melt them, since the silver melted is worth 20 or 25
remain
legal
minted,
while
they
a
per cent less than the silver
tender for ail sums. Therefore, no silver to be used in the arts
or industries, or for exportation, will be drawn from this stock.
It is not to be expected that Congress will withdraw from
it is
these 315,000,000 silver dollars their full tender quility
not to be expected th-it Congress will rd leein and mylt them
and sell the metal. -The fact, then, is that we cannot but be
;
;
;
two
metallists.
MBr.\LLISM— MONO AWD
BI.
bimetallists and monoinetallists agree more
than they differ, so far as the known facts of our situation
Hith demand mints,
oblige us to be concerned with them.
which are public institutions for the exclusive manufacture
of bullion into coins, open, on the rule of first come first
served, to all persons bringing any amount of the one received metal, or in the other case, both of the received metals,
all such persons having the rig'it to receive back their metal
cut into coins of specified weight, fineness, size an inscription, consisting of the monetary unit itself, and it* multiples,
But do not
1
(and
its fractions),
and being
full
tender by law in payment of
payable, the siid manetary unit, if bimetallic, in coins of silver and in coins of gold having a uniform
ratio of weight. The metal minted and the metal melted
having thus an equal value in fact, men of both soiiools regard the monetary mass of either gold or silver, or iu the
other case, of both gold and silver, as consisting at any moment, actually, of the whole m'>tallio coinage of tlna world,
(gold, $3,300,000,000; silver, $3,300,000,000), plm potentially
all extant stores of the one metal, or in the other case, of the
two metals. This plus enlarges enormously the great sum
to nearly the bulk of the product of all the mines of the one, or
the two metals, in all past time, computed at not far from the
Not
half of, in the other case tlM whole of, $16,540,010,000.
to be varied in amount by legislation, its immense euperiority
the
standappears as a kind and am )unt of wealth suite i to be
ard measure of all wealth; for it is a mass, of which the annual
increment (four years ago being $J05, 000,000, divided about
equally between silver and gold, and last year being from
botii metals, $330,001,000). however large or variable, is a
petty percentage, say 1 33 100 per cent. Tnis relation between
the small annual increment anl the huge accumulation of the
precious metils by mmkind in all time is a circumstance of
tha last importance, if all the economists are right in computing the total wealth of the world, stored, saved, and consuming, to be of less value at any moment than five times the
world's gross income for the one previous year.
If the facts dPour own monetary situation have been correctly ascertained and stated above, thenitis now obvious that
gold and silver monometallism may, without prejudice to
their high rank as monetary theories, be sat aside at once as
tiieories practically inaoplicable at the present moment for
the guidance of the United States. Silver monometallism,
though current in India and Mexico, h.as f<iw advocates
amoni u', and, at any rate, is inadmissible. Gold monometallism has some able advocates among us, but, at any rate,
is inadmisible.
are in the presence of 550,000,000 full
tender dollars of gold and 315,000,000 full tender silver dollars,
th^ latter number now practically irreducible.
As metallists of both schools condemn all efforts by laws to
manufacture a leg il-tender equivalent of any nation's monetary unit out of the paper record of a promise to pay that
unit, it here suffices to allude to that episode in our history
b^ifore showing what the procedure of the Congress of the
United States has been in making our monetary unit reside in
coin, formerly of two metals, latterly in one met il, and the
relation of the bimetallic theory and practice thereto, and to
our immediate problem, the silver-dollar coinage. Indeed,
the disparity between the two (385:100=-100:35) in July, 1364,
when Congress tried to compel their equality, is comment
enough, from a financial point of view, upon the legal-tender
laws of February 35, 1863, July 11, 1863. March 3, 1863, and the
law of M-iy 31, 1878; though I cannot myself believe the voters
of the several States will ever decide that their Federal Government holds as sovereign a power to issu^ and reissue Trea' »ry
all
sums due and
We
3
deceuder
THE CHRONICLE
13, tses.j
notes and make them a legal tender in payment of private
debts, as it has to coin money and borrow it,
It
doM
676
not show what thtngt teva bad >i »nv tim- tk. fq||
legil temler auality oonfwrred
ttpm V
,,i
•mbo<limont o/
or the moneiarr
m
un:^ror e
TUB MONKTAKY UNIT OF THE UNITED STATES.
of the prMont roinagD. It (loM not iihaw wh
7,
A complete history of the United States coinage laws would had at uny time a full logml trmUr qimlltv
include inaiiy unimportant as well as important details. them by thi) Supremo Court, but only n lliii
•ndw
Refei ence Ib hero made only to those parts which in every quality c inferred by ()ongr«iM— for «xi«in|>l
"iMtM
principal coiiiHge Invv have prescribed either a single unit of notes which went not made lei?iil ten l.r fr.in
'•<••«•
value, or what weight of flne gold should be pqiial to what to collectors for duties on
,f
weight of line silver in the monotiiry unit and its miiltiplf-x, the Unic«>d .Suites to priv.ii
,]
80 that tliii Wnst iiuperl'fct equivalence, the utmost attainable debt. It does not show tho .six or M^lit dilf.reiii
c,
stability therein, might !» Iiad, and every exchange of pro- notes, demand notes, &o.. which, Iming rrcejvml nr
<
duct or Bevvioo pass under a convenient and ju'tt f-ttindard and of the United States or elsewhere by law or eiutoni, ure i ^,^ft
mea.sure of value. A tnblo given on page xxiv is an anrilysis of our riirreni'v, but not in Immutable equivnleneo With th*
ol the history of the United States monetary unit, ini^linling monetary unit".
The history of the monetary unit show* that from 1703 to
every coinage act that hiis dealt with the unit from I7SK until
now. Setting asidi) tho exigencies and the errors of tho war 1873 that unit was embodied by law in either metal. Th«
peri(xl when paper expelied coin, that history is a record of arrangement is such as ia now calle<l biinctnlltc.
From 1978
till now, gold has been made by law the nolo nmbfidiMii-nl: nt
proud integrity, of uniform good faith.
But what is mom
Oongresrt has estihliahed justice, and maintained it in a our "unit of value."
.,t
chief article and instrument of justice, the monetary unit. that historicul. Mont notable is the fact
n
to
1885 in a variety of historicil
The good faith dictating every change is demonstrable. 1793
•
seeking
the
perfect
Marlcetl by errors from the first act to the last, none of them is
after
equivalence in
i.
an error without excuse. Perhaps the worst error of all is in neoui and successive coin embodiments of the mci'
it,
|lE(|uivalence
in
contemporaneous
the
coin
emlM^xliineiiin
act
of
changing
tho
1834,
the ratio, when Congrefis omitted to
of
be guided by its ablest living adviser, the most eminent of my our monetary unit was the purpose of the ooirage law«Mf 1703.
predecessors in this office, Albert Qallatin, the friend and peer 18;{4, 1837 and 18.53.
Equivalence in the successive coin embodimentsof o<ir mi^nof Jefferson and Miuiison, their counsellor m finance, tho
originati>r of the Ways and Means Ck)mmittee, during three etary unit was the purpose of the coinage laws of I8:J4, IH37,
Presidential terms Secretary of tho Treasury, and the 1853, 1873 and 1878.
During the time when the 871 2S troy grains of fine silver
originator of its present system and best traditions.
It will firat l>e convenient to indicate what the talde does not cortinued to be a coin embodiment of the mnni-tHrr unit,
show. It makes no account of subsidiary coinage— that is, the there was no apprec:iable fluctuation in its value sh coiiimreii
coinage of silver for small change, disparaged and not full with the mascot comino'lities, services and savings m'^Hsiired
them are irrelevant thereby. Slight variations in the gold coin, therefore, m ide
tender. Such facts and metric changes
to the monetary unit. It makes no account of allocs, but deals solely for tho purpose of retaining both metals in m^p. and for
only with the weights of pure gold and pure silver. These reaching a more perfe<;t equivalence in order to retain both
alloys have changed, are decimal, of minor importance and metals in use, are only confirmations addeil to proor in the
uniformity (371'23) from 17!)2 to 1878. During the time when
It makes no account of tlie trade dollar, the
irrelevant.
history of which here would be confusing and irrelevant. It 23-22 grains of pure gold have been either a connirrent or the
makes no account of the deductions from full legal tender single coin embodiment of our menetary unit, there hH» been
proportional to loss of weight by abrasion or otherwiee. It no demonstrahle fluctuation in its value as compared « ith the
mokes no account of changes from gratuitous to compensated mass of commodities, services and savings measured theretjy.
coinage which, though capable of great importance, not Whatever may be speculated, it Is not within the wit of man
to name any monetary unit more stable.
actually having been, may be neglected.
THE COIN AGE LAWS FROH 1702 TO 1878.
*— ^ h- ^ CO w to
f^
10
^^
to
^^
UD
CO
o o » •a 9 a OD .jn M ^ p>
371 2S pure silver: ratio 1:15.
1793. —Pure gold 24-7g
^
Bf
Equivalence was the purpose avowed in the celebrateil Mint
a a,
o o
o a
Report of Hamilton, and intended in the adoption of his ratio
and recommendation by the Second Congress. An if the
|3|
a S
original error shortly disclosed, or discloeed by later requirements of pold for England's resumption, can at all b" intced
00
- ?
to a defective appreciation of the effect produced by the legal
OD
a f^
tender impartnientto coin, concurrent with commerciHl causes
Ess
V^V*-"
-•Si-*'
Sot
in the nnture of demand, upon the rating of ( ither ni< i»I, it is
T*
q
m
'^
•q
to be observed that the masterly paper of Hamilton la-i an
n
'Z
= -0
3
excuse not shared by later documents in which that effect is
i
i
i
t
i
i
sometimes equwUy overlooked, and sometimes strained to
5
a
s
1
1
I
a?
1^1
cover all the cru'fities of a propi sed " flat money.*'
•""=-'
a
1
a
9
37125 pure silver; ratio l:lft-|1834.— Pure gold 23-20
l^a
1
i
1
Equivalence contemporaneous, equivalence successive, whs the
3
practical object of the chi nge in the ration of the two metala
a
g
fig made in 1834. An error in the ratio had expelled go'd coin
!?
from the country, as an error in our proceeding may d" now.
a
a
a
3
a
a
tr -B isg.
;^
c*
Senator Benton "-aid " the extinction is complete." In orilar,
a.
a
=.
ft
o
»
»
af*
1
3
?
•i
?
3
therefore, tor. cover the expelled metal so as to em'>oiiy in
-x
two metals again the monetary unit, it was necessary to
>4
O^^
change the ratio, and to change it by a change in the grams of
%
S3
£
u
the metal not then pcsfessed, and thereafter to be aitracted
a
-)
K
and coined, rather than of the grains in the metal the w.ined
0>
lO
O
to
p.
(Sod
CO
s?
8
and in daily use. For one adetiuate reason, not to mention
9
I
H
to
t3
to
CO
w
CO
causes contritiutory, viz., the preponderant coinage of both
M
3
metals by Frmce, whose mints were then open, like our own
K>
to all comers, at a fixed ratio (1:15-5), more favorable f» the
W
w
o»
? <
owners of gold than our own ratio (1:15), the Unile<l siates
5
a
1
bad lost their gold circulation both in domestic iraile »ni
5!
foreign commerce. The profit in exporting gold was iwlpable.
o
o
1
?|lg
The Congress of 18^4, therefore, sought to recall gold si.d to
1
1
f
f
gold wtiile also retaining silver. Nothing else but equivkeep
s
S||:S
1
1
1
?
s
i
alence in the two forms of the monetary unit coulil retain
a
o
s g-o s
,
'
.
,,
.
m
—
"fl
1^
pi
in
3.
>
ii ii if
—
^S
Ml
•
II
~x«
1
t
5
1
i
s
•q
p
n
s
a
a
"9
i
§
!o3
a
1
a
=.3? a
1
s
1
s-
s*
a
•*
HI
id
MM
i-'M
e.t
=
:'|-§S
= 25''
»1?
nc
1^
'
QD
14
e3
M
¥^
W
Ol
I-*
l-i
»-*
M
l^
en
M
t->
retained bcth ; but bimetallism is nothing if not interiiit unal,
and the failuie was disastrous. The ratio of 183t siitticed to
OverWwkexpel silveraathe ratio of 1792 sufficed to expel gold.
iog the advice, the experience, ihe expert knowl-dge of Galoirrei-t on
latin, Congress in 18*4 adopted a ratio as far from
K«ir
the one sideas the ratio of 1792 had been on the other side
.fl:l«l.
the ratio of 1:15 theUnite<l States substituted the ratio.
Again, as before, the preponderant coinages of Frame (not to
mention those of other nations of Europe), -whose mini>
1:1.'is)
then open like our own to all comers at a fixed ratio
»•> our
being now more favorable to the owners of silver ih
new ratio, 1 :l(i 002, the United States began to lose Ih-^ir silvsr
circulation. The profit in exporting silver was p&lpa>>le.
The act of 1834 has be< n described as contrrviog ine»|Uivaprecedent of
lence in the monetary unit, and then cited as a
w^
M-*
1
M
^
b*
But their object was to retain both, and if the rommerre of the world had had the same geographical limits as
the laws of the United States, the statute of 18:J4 wouhi have
both.
M
,-
di
The precedent is misundersto •.!. That
Congress sought a just equivalence and not an unjust disthe fact
parity in the search for the lost metal, is proveil by
financial integrity.
THE CHRONICLE.
676
that they lost the other metal in that search. The weight of
fine n etal in one coin embodiment of the monetary unit was
not altered then or ever afterwards, as its tabular history
shows, nor was the weight of the fine metal in the other
leduced to obtain a profitable disparity. It was reduced to
obtain a just equivalence, and reduced 'infelicitously so much
as to fall on the other side. From 1:15 the Congress passed
over the unvalued but controlling ratio of l:lo'5 on to the
But there was no change in the actual
ratio of 1:16-002.
•value of either metal to a less real value at that time, nor
.until forty years after, when Germany, seeking to substitute
her silver circulation for the gold part of the circulation of
France, after 1873, constrained France in 1876 to close her
open mints to silver, and put an end to her bimetallism at the
prevalent ratio of 1:15-5, which had, by the two errors of
Congress, drained the United States first of one metal and then
of the other. Gold then was not, like silver now, bought and
coined by the Treasury into dollars which foreign circumstances had made of inferior value to the same quantity of
Neither metal in fact varied from a
iuetal at an earlier date.
fiteady value, or from that equivalence in the commercial
world and in the law of France upheld at the ratio of 1:15-5.
1837.— Pure gold 23-22—371-25 pure silver; ratio 1:16—
Tlie i'uly change to be noted under the law of 1837 is the
putting a trifle more gold into one form of the monetary imit
in order to conform the alloy to a decimal system. Ic is of no
importance.
1853.— Pure gold 23-22—371'25 pure silver; ratio 1:16—.
The weight of the fine metal in either form of the monetary
Mnit and the ratio of their weights remain the same under the
act of 1853. Equivalence contemporaneous, equivalence suc<5e£Bive, are still sought, are still maintained.
But the silver
juetal which could not be kept at home while the French
juinls were coining both metals at a ratio more attractive
than ours to the owners of silver, by about 3 per cent, was
seeded imperatively, at least for fractional coins, and
xdthough the fact lies outside the scheme of the foregoing
table. It is important and should be noted.
The law was suc.cesslul for that limited purjwse and three years later the legal
tender quality which had been of necessity conferred upon
foreign silver coins was withdrawn and ended. And now it
«hould be observed that from 1853 to 1873, as from 1792, free
•coinHge and full legal tender were given to both metals, whoever brought them seeking to obtain either form of the
monetary unit.
The law of 18.53 which established a subsidiary coinage for small change did not withdraw the right
from any owner of silver to have his metal cut into dollars of
an unlimited legal tender. Indeed, 5,538,948 such dollars were
coined in those twenty years. But why no more? and why did
eo many of these stream abroad even before the day of paper
came? The French mint and its ratio again explain.
And why die! not in pairs, the silver halt dollars authorized
by the act of 1853, coined at a ratio of 14-88:1 oijerate even
more effectually than from 1792 to 1834 the silver whole
dollar, coined at a ratio of 15:1 had, to expel the gold.
If 15:1
did it while France was coining at 15-5:1, more effectual still
might seem to have been 14-88:1, offering more than 3 per
cent profit. The first break in the custom of free coinage had
occurred. Free coinage was not given, or such would have
been the effect upm gold. The coinage of silver at 14-88:1
was confined to small purchases of silver bullion made by the
treasurer of the mint, and no deposits for the fractional coins
were thereafter received. But the coining was free of the
full tender silver dollar.
1873.— Pure gold 23-32. "That the gold coins of the United
States shall be a one-dollar piece, which at the standard weight
of tweiny-five and eight-tenths grains, shall be the unit of
*
*
(Sec. 14.)
But
*
*.
^"'u^-V
«uch
It u
hadr V.
been for thirty-six years, though not till
now alone that office. Free coinage of a full tender silver
dollar was all that was withdrawn by the
act of 1873, or
-changed, omittmg the things mentioned above as excluded
here,
being quite irrelevant to the silver question.
The right withdrawn was a right long unused, and it was a right long unused
because it was a right unprofitahle to any owner
of silver in the
^^'^ unlimited legal tender qualitv of any
•i"
i n'*'**--,.
Bilyer
dollar
still existing, unmelted,
unexported, in the eabi'J^e «t''ong boxes of hoarders, whether the
a1» ^ of
J^iioo**'".?''
dollar
1792 or the dollar of 1834 (which differed
only in the
proportion of alloy, not in the quantity
of pure metal, 371-25
grains, as the table shows), was not
withdrawn.
fc-KKf^ ui"'° ^".^'^ '"'y profitably be compared with the
m
*s^^^i
lYance,
cates
^^°' ^J ^^^ ^"''"K of bimetallic iinting in
1
m ?Europe
in the world (the last French
•
were issued
m
mint
July, 1876), and
the
certifi
of ^iver
the free coinage of full tender silver
dollars of 37125
grains at a legaFequivalence with the 23-22
grains pure eoTd
"0^ remaining^ without
ihln.Th*'^ T'*''"''* P"?'!''-
^5.!i'^^
sJue, had
become,
*=°'°
fall
^^
°' O"'- nionetary-unitof
f'"^?'"'"'''"
for the first moment since
1834-1873 a
MW«.roTthtS!.'s'tals'!°*
*he passage, of the act of 1878,
'"-^
**"•*
Veo^leimore
it is not superfluous
to menUon
'7' ""« ''"^ *" »^ Senate mo^e than
^nce* n the
OTce,
th°e House
nffis'l'Ll
at least once, was pr nted by order
of Oon•" ">« comUttees of b^th
T^''^"'-^''
^^^
different
sessions,
and the debat.-s upon it
?
J«^n^.
occupy i]^i
14-4 columns of the
Congressional Globe. The aa of
m
S^SIs'SATh-^'"
[Vol.
XU.
t
1873 made no change in the two-metallism established in the
United States when the infelicity of the bimetallic ratio of
1834 induced the subsidiary coinage of 1853.
1874.— Pure gold 23-22. The Bsvision of the Statutes of the
United States was adopted the 20th of June, 1874. Silver
mine owners were still far from getting sight of their approaching interests, if silver farther fell; but the revisers
made section 3586 to read: "The silver coins of the United
States shall be a legal tender at their nominal value for any
amount not exceeding five dollars in any one payment." If
six silver dollars of the coinage of 1792 or of 1834 were in
company with one another anywhere, which may be doubted,
and If the affirmance of a five-dollar legal tender which was
obviously intended to relate to fractional coins alone, operated a negation unexpressed upon the unlimited legal tender
quality,
theretofore conferred, of silver coins not fractional
which had almost ceased to exist, then the revisers of the statutes may be held to have made a change in the law without
warrant, and also without importance.
1878.— Pure gold 23 2'^. The coinage act of 1878 left standing the monetary " unit of value " embodied and established
by the act of 1873 in 2323 troy grains of fine gold (25-8
standard.) It is unjust to ascribe to the XLVtli Congress,
which passed that act, an alteration in our monetary unit.
They still maintained its strict equivalence, even its identity,
with one of the bimetallic forms of that unit established more
than forty years before, the sole form of that unit as established five years before.
Noting the extreme fall in the metal,
which had also been its embodiment from 1793 to 1873, they
let the unit of value alone.
More than that. Congress recognized in the second proviso of the act of 1878 the actual and
the legal disparity t)etween the coin which they required to
flow from the mints and the coined monetary unit in the
Treasury which was represented by gold certificates. Congress gave a full legal tender quality to this silver coin, but
not also the free coinage to all comers which the history of our
monetary unit shows to have been its uniform concomitant
from the first establishment of that unit to the present hour.
But Congress also explicitly recognized its inferiority to the
gold certificates upon which they had never bestowed the legal
quality. Moreover, Congress did not diminish the
weight of the precious metal in the silver dollar. They re-
tender
quired
it
to be coined of the
same number
of troy grains of
had been put in every coin of that name
and metal when, as from 1792 to 1873, it was one embodiment
of our monetary unit with free coinage for all comers and full
l)ure silver (371-25) as
legal tender.
THE MONETARY UNIT INVARIABLE.
This analysis of our coinage laws and explanation of their
history yield light for guidance now. Ordained " to establish
justice,'" the Constitution itself is buttressed by this first century of constancy in the Congress to a continuous and just
equivalence in the successive coin embodiments of the monetary unit for a standard and measure of value. The precedent
stands and will stand for centuries to come, the admiration,
the pride, the rule of law and of duty for many generations of
self-governing freemen. It is for us to pass on unimpaired
But of justice as of
this high tradition of financial integrity,
liberty, eternal vigilance is the price.
Our 215,000,000 silver dollars are bylaw full legal tender.
Sharing that function with the monetary unit itself, the
honor of the country, not less than its iterests is involved
in the preservation of their equivalence with that unit
wherever our citizens dwell and our laws run. Equivalence in foreign trade, for the reasons above indicated,
Equivalence in
impracticable.
is
for the present quite
But that e(iuivalence is
domestic trade is practicable.
now imperilled by the continuing coinage and increasThis is much more than
ing number of the silver dollars.
a deliberate judgment of the Secretary of the Treasury. It is
attested to him from the centres of trade in all parts of the
country, as much from the South as the North, as much from
the West as the Eist. Not alone our able statesmen and instructed economists and financiers advise the stoppage of the
.silver coinage now, but wherever our fellow citizens are concentrated in commercial cities and towns, the business classes
engaged in the trade, the enterprises, and manufactures of
those centres, and the still larger masses of working men emidoyed by them, urge the stopping of the silver coinage now.
It is these classes which are always first to perceive such perils
to industry and trade, and the consequences they entail. To
their judgment in such a matter even the acts of Congress
touching commerce and currency are finally appealed. For it
is their interests first, and afterward the interests of the agricultural classes, which are endangered. Every business man
from day to day must form his separate judgment of any
medium of exchange which he may oe obliged by law to take
in his next bargain. Twenty years ago the gold dollar was not
kept from a premium, to-morrow the silver dollar cannot be
kept from a discount, in disregard of their appraisal.
ONB-METALLISM OR TWO-METALLISM OUR ONLY CHOICE.
—
The choice before Congress is not between silver monometallism and gold monometallism. Both are inadmissible.
The choice before Congress is not between bimettallism
The latter
and either gold or silver monometallism.
are not admissible, and bimetallism is only possible witu
co-operation of other nations, which is not now
the
For although France holds the same friendly
to bo had.
attitude, and would be followed by some of her associates of _
the Latin Union, England now, as in 1878 and 1881, is un-
'
Dkckmber
18,
THE CHRONICLE.
ie80.J
willing to depart from her mintage of gold alone into ooiiM
o(
unliiiiiteil legal tender, and Germany now, as in 1881,
regards
the concurrence of Kn^land in an intortmtlonftl blinotalllo
union as n stne qua non. Such beini? the fuots estahlinhed
upon aliuiidant tpstimony,
thr
,
during the war.
cannot be kept in equivalence with the gold dollar if the
coinace of 8ilver continu* a. The gold dollar cannot be Ijopt in
full domeelic circulation if the silver dollar is suffered to fall.
Coining more neccssitatts its fall. Doubtless some may liope
that more silver dollars can be coined, and yet thehr efjuivalence with the m)netary unit not be lost.
It is respectfully
submitted that there is no compeDsati9n for that risk, and
that a judgment so accordant of the great basiness classes
who can y on the exchangee of the country most be accepted
as a final estimate of that risk.
A. HEAVIER DOLLAR.
Nor should it be forgotten tluit every silver dollar coined
hereafter at our present ratio would be, as the coining of every
dollar since 1878 has been, a direct hindrance to the international bimetallic union then avoved as the object of our
legislative policy.
This objection is fatal also to tlie projioaal
to put more silver into the dollar than 87r25 grains of fine
metal (413 5) standard. But that scheme is an admission of
the stability or our present monetary imit, an expres.s assertion of our duty to make every full tender substitute for that
unit its acceptable equivalent. Another decisive criticism
upon the proposal is that it implies the necessity of further
purchases and coinage of silver, which necessity does not exist; and proposes a remedy for tlie continuance of a danger
unoolMd ffoM
:
Ovw, tad with alt
nai nftmmUUrm,
ftnd
v„U.nt«, SI.'
'" '"•">'
iig toontnnW^
"
iie<|uea, bills or oxciianc''
poHUU orders, tetognphio i
'
In
th*
'
and unofllcial, gathered hy
beoomes plnln tlmt the cholcn of
The only choice before Congress, therefore, is the choice
between one-metallism and two uiotalliHm. The silver dollar
67T
existing in
ofllcial
tlw L)»<piirtnu>nt of State, it
ConKres.1 i8 only in fact IJotweiMi
dollarx, orrisliing byfurtlier Co
dollars witli our monetary una, h.-hiuik nu- laii oi iiic v»iu"
of 215.00 \()00 silver dollars from their legal domestic ratinir
to thoir commercial international value which is 80 per cent
loss, and involving such a disuse in our domestic trade of 6(50,000,000 dollars of gold coin, as when gold was ejected by
I>aper
moiMT
Mme
IS
,
in the
dlrM.tloB, tatonm iim i««.m. .ir
to the Impoteaoe of May onkn't
ItgUaUau to
if price* *r« miMwurwl br
aiuhto nafMUry unit.
measure channa nothing asaapt tha ownar.
property of thaloalngoow^ It
not otianc*
i.iaiiurod boDeatlyBut the IcMonii of ntmrimZi
cannot be complatoly laimed In a moment.
For the Kanarml
range of price* of fit" imndred chief commoriitles of
cIviliaaA
man 8 use has b.
than a third of n .-Hntury in completing the last
vcle of its ris.. lii,,! fall. The roim
.
of prices la lower to^duy than since
.„rj of goMla
California.
The re<lUtribuiion of
.is in the two
hemispheres since then i» vastly
itMbleto lei:i«Utl»a
contrivance thsn is the low 1,
,o^. prUiei
tb«
United States are the record of tl.« iiu. luations of commo<Uties and currencies in the markets of the
world. They ore not
merely domestic lluctuatlona. Odessa and India appeiu- In
tb*
price of wheat at Chicago. Our legislation ohiefljconoerM
flfty-flve million of people, but pricea ore the
oatcoma of
twelve or fifteen hundred million paraona' affolra. Yet w*
are occasionally told that the present genarol fall of prioea h«>
been caused and can be counterpoised by the variation of fair
hundredths of 1 one per cent in the ratio of our own silvercoin stock to the mass of the monetary metals of the world
by the transfer of more silver from mines in Nevada to vaolta
(
1.0
d^
Sl<
pil.
I.
I
m
,
New York.
Man's inventions and industries ore hammering down thv
prices of all the products of man's labor. If one New England town by one week's labor can shoe all the feet in Cincinnati, Chicago and St. Louis for a year, when a year'n work
was too little one decade ago, how shall not the prices of shoe*
go down ? Everywhere the effort is to obtain shelter, clothing, food, and the ornaments of these necessities of life at •
smaller expense of mental energy and bo<lily toil. The history
of inventions is the record of permanent reductions of tlia
cost of getting man's necessities. This reduced cost make*
possible tlie enlargement of the comforts of all, a higher and
higher standard of life for the poor. How shall the reduced
cost not appear in dropping prices?
But thinga on hand
bought to sell fall while held. To the trading claaaea a fall of
prices when comprised in too brief periods cannot but bring
some measure of distress; when continued for too long
periods, cannot but entail a general depression of trade.
But
when it is neither sudden nor prolonged enough to throw
large numbers out of employment, the great mass of working
men and women find in lower prices almost unmixed goooT
Wages are always at once exchanged, with some reduction for
saving, and if prices are lower, the same wagea pay mora.
Even where reduced prices necessitate reducra wages fond
on the whole even in Europe, the return to labor grows mor*
and more) the wage-receiver gets the advantage of wage*
being slow to move, as he gets the disadvantage of their being
the last to move when from a degradation of the unit of value,
or its legal equivalent, prices measured by that unit going up,
the same wages buy less. To keep the unit of value stable i»
the true limit of legislative control over prices.
in
whicli does not need to be prolonged. Stopping the coinage
is a [lerfpct remedy for the evil which the business classes
have measured, judged, and desire to see averted. They do
not wish its recurrence in a varied form.
Increasing the
weight of silver in the dollar assumes the present dollars to be
incapable of continued equivalence with the monetary unit,
when, in fact, by stopping farther coinage they can be held
in our domestic exchanges to that equivalence, and the chance
retained that the several great powers which are also sustaining the full-tender use of depreciated silver, by local national
law, may come to "pool their issues," and so restore silver to
International currency. Such union now seems hopeless,
while we continue to mitigate the difliculties of other nations
by taking oft the market half the product of our own mines,
which is nearly half the product oi the world. Is it not worth
while to try the results of an altered situation after so many
years of failure ? Is it not worth while to see what can be done
when the United States shall liave put an end, by stopping the
coinage, to the charge that they are moved l>yselfi»li interests,
and trying to market their silver; wlien the United States,
by stopping coinage, shall have put themselves on an equality
with the other gold and silver using nations who have all
A POORER DOLLAR EKDUCES THE WAOKS Or LABOR.
stopped silver coinage; and when the United Stales shall thus
be able to negotiate for open mints and free coinage to all
large proportion of our workingmen of mature years
comers, with the large offer to join in free coinage to all, in have had an instructive experience that lowering the Value
place of no coinage, rather than with the lesser offer of free of any so-called dollar, legal tender of payment for
coinage to all, in place of the coinage of Treasury purchases of their wages, is a lowering that is compensated to every$24,000,(KK) worth of silver a year?
body else before compensation reaches them. It is a lowThe coinage of a heavier dollar would obstruct the success ering that lifts the prices of all commodities before it lifts the
of such an experiment. The coinage of silver not being free rote of his wages. A cheaper dollar for workingmen of the
to all comers, but being exclusively a coinage of Treasury United States means a poorer dollar. The daily wages of our
purchases of silver, there is no reason for making a heavier workingmen and workingwomen are by far the target, bydollar, whether the
purchases are to continue or to far the most important, aggregate of wealth to be affet-to'l by
be
stopped.
Treasury purchases of silver are anom- the degradation of the dollar, or of any legal tender e(|uivalent of
alous, unprecedented except in the case of subsidiary coin, the dollar.
All other aggregates of wealth, the accumulations
and a hindrance to the restoration of a sound currency. If of capitalists, which can only obtain profitable use by U'ing
the silver dollar is full tender, but not of free coinage, its cur- turned over daily in the wages of workmen and the employrency is confined within the country where the laws run ment of the captains of thsir industry, all other aggregate^ of
which make it full tender. It cannot be forced across the wealth which remain unemployed in the payment of wagea of
Atlantic or Pacific, except as metal. Legal tender laws do the day, the month, the year, are not to be compared in tliair
not crii.«8 national boundaries. The silver dollar of 371-2") sum to this gigantic sum. It is this gigantic sum, the wiigea
grains within our lx>undaries can be kept equivalent to our of labor, whicli is a-ssailed by every policy that would make
monetary unit of value, if no more are coined: and the ni-tal the dollar of the fathers worth less than its wortli in Kold.
in it will not fluctuate more from the datum line of 2822 The debt of the United States, large us it is, is a wart l><:>»ide
grains fine gold than the metal in a ."iOO-grain silver dollar that mountain. If, by defrauding our feJIow-citizens who,
wculd, though it may fluctuate a little farther off. If itie directly, or indirectly through the savings banks, hold those
if by
silver of our dollar is to be dealt with as a commodity, it promises to pay a dollar on demand or in due season
catmot be kept in equivalence with the coin monetary unit letting the silver dollar fall below the gold dollar, we could
any more ihan it can be kept in equivalence with some other take a third off the burden of the public debt, much lew than
commodity than itself. The proposal to make a heavitr ten dollars a head would thus be saved to the people of the
How long would ten dollars apiece p»y our
dollar, like the proposal to make unlimited legal tender silver United States.
biilUon certilicates on a variable commercial ratio of the working men and women for the loss of a third on every
metal with gold money, is a proposal to treat silver as a com- dollar of their wages ? How long before they could get thair
modity. If the silver of our dollar is to be dealt with a'l a wages raised enough to buy as much as before?
part of the monetary metal of the world to which the full
TAXATION REFORM.
legal tender power of leading governments is to be applied.
371-25 grains of fine silver can be made equivalent with 23-22
In another commnnication which oeeoDpsnies this, mv flrst
grains of fine gold as effectually as 500 grains of fine silver («n. annual report, 1 have endeavored topreseat a full and complete
6TOPPI.NO THE COISAGE WILL NOT AFFECT PKICHS.
exp sitioa of the existiog condition of the cnstoms service*, of
An adequate sense of the magnitude of the actual coin the rules sod regnlations that I have asloblished to Sf-are a
money stocks of the world, which join with the potential just, faithful and impartial sppraiseinent of imported merchaa|
now
A
:
THE CHRONICLE.
678
together with my reasons for making such rules and
regulatiuns, and of the legislative measures which are now
needed for improving that portion of the revenues. The revision and changes of rates of duty made in 1883, have already
disclosed, in practical execution, defects which are commended
to the early attention of Congress.
Besidns the reforms which are desirable for the effective
administration of any system of taxation levied through
importt^d merchandise, and are indispensable for the administration of customs laws which, like our own, are a chaos rather
than a system, I venture to hope that in due season it will be
the pleasure of Congress to consider some other reforms upon
which, as is requisite, all parties may agree, and that are of a
different scope. Like our currency laws, our tariff laws are a
legacy of war.
If its exigencies excuse their origin, their
They
defects are unnecessary after twenty years of peace.
have been retained without sifting and discrimination, although
criticism,
or
examination.
enacted without legislative debate,
J^ horiz ntal reduction of 10 per cent was made in 1872, but
was repealed in 1875, and rejected in 1884. They require at
our cusiom-houses the employment of a force sufficient to examine, appraise and levy duties upon more than 4,182 different
articles. Many rates of duty begun in war have been increased
since, although the late Tariff Commission declared them
"JEJurious to the interests supposed to be benefited," and said
that a " reduction would be conducive to the general prosperity." They have been retained, although the long era of
falling prices, in the case of specific duties, has operated a
large increase of rates. They have been retained at an average ad valorem rate for the last year of over 46 per cent, which
is but 2^ per cent less than the highest rate of the war period,
and is nearly 4 pei cent more than the rate before the latest
The highest endurable rates of duty, which were
revision.
adopted in 1862-4 to offset internal taxes upon almost every
taxable article, have in most cases been retained now from fourteen to twenty years after every such internal tax has Been removed. They have been retained while purely revenue duties
dise,
competing with anything produced in the
thiity-eight States have been discarded. They have been retained upon articles used as materials for our own manufactures (in 1884 adding $30,000,000 to their cost), which, if
exported, compete in other countries against similar manufactures from untaxed materials. Some rates have been retained
after ruining the industries they were meant to advantage.
Other rates have been retained after effecting a higher price
for doraesdo product at home than it was sold abroad for. The
general high level of rates has been retained on the theory of
countervailing lower wages abroad, when, in fact, the higher
wages of American labor are at once the secret and the security
of our capacity to distance all competition from " pauper
labor " in any market, AH changes have left unchanged, or
changed for the worse, by new schemes of classification and
otherwise, a complicated, cumbrous, intricate group of laws
which are not capable of being administered with impartiality
to all cur merchants. As nothing in the ordinary course of
business is imported unless the price here of the domesarticle is higher by the
tic, as well as of the imported,
amount of the duty and the cost of sea-transit than the price
abroad, the preference of the tax-payer for duties upon
articles not produced in the United Statfs is justified by the
fact that such duties cost him no more than the Treasury of
his country gets. As for duties affecting articles that are also
produced in the United States, the first to be safely discarded
are those upon materials used by our own manufacturers,
which now subject them to a hopeless competition at home and
abroad, with the manufacturing nations, none of- which taxes
raw materials. It is not to be doabted that in any reform
which shall finally receive the approval of the two Houses of
Congress, they will maturely consider and favorably regard the
interests which can only gradually and carefully be adjusted,
without loss, to changes in the legislative conditions for their
advancing prosperity. With this view, I have invited, in some
two thousand circular letters to our manufacturers and merchaDt.s, their enlightened co-operation in the improvement of
our fi.scal policy, and the replies received will hereafter be
Bubmictrd to the consideration of Congress.
#
*
»
The following table shows the value of imported merchandise entered for immediate consumption, including with
drawals from warehouses for consumption, and duties collected thereon during the last fiscal year at the various
upon
[Vol. XLJ.
Sugar, not above No. 13, Dutch standard, which declined in
from 346 cents per pound in 1884 to 25 cents per
pound in 1885; molasses, which declined from 16 4 cents per
gallon to 13-38 cents; clothing-wools, from 22 7 cents per
pound to 19 7 cents; carpet- wools, from 12-43 cents per pound
to 10-55cents;glycerine, fromll 6c8ntsperpoundto6 cents, &e.
The values of the imports for consumption of these five
commodities during 1885 were as follows
price
:
Articles.
Qiian titles.
Glycerine
Sugar, brown
Molasses
Wool, clothing
Wool, carpet
pounds,
pounds.
gallons
pounds.
pounds.
Year ending June 30-
Mercliandige free of duty.
Dutiable lueroliaudiae
1885.
1881.
Dollars.
DoUara.
192,412,234
386,667,820
Total value of meroliandise.
Total du ty collected
211,28(1,205
45e,2tf5,l24
_667\573,i89
,
Average ad valorem rates of duty onSutlatilc merchandise
Freii and dutiable merchandise
T90l282,'83(i
Pel
cent.
41-702
28-50S
The increase in the annual average ad valorem rate of duty
on dutiable merchandise, from 41702 per cent in 1884 to 4o
074
per cent in 1885, has been caused mainly bv the decline in
the
pnces (if goods subject to specific duties, upon which are
imposed higU rates of duty.
Among others, the following are
conspicuous examples of a marked decline in price
withSut a
corresponding falling off in the quantity imported.
2,d48,210,.'5;-8
31,321,244
11.47.5,889
56,339,530
I'otal
f 153,930
64,320,170
4,190.212
2.262,824
5,947,495
.-t??,
174, 661
The value
of these ariicles, computed at the prices of such
imports during 18S4, would have appeared as follows
:
Articles.
Quantities.
pounds.
pounds.
Glycerine
Sugar, not above 13
Molasses
Wool, clothing
Wool, carpet
.•...gallons.
pounds.
pounds.
Value.
573.034
2,54f<,310 538
31,231,244
11.475,889
56.339,530
$878,719
88.168,085
5.136,684
2,60-.,027
7.003,004
Total.
$103,791,519
INTERNAL EEVESUE.
The collections made under the internal revenue laws from
the commodities subject to taxation were, for the fiscal years
ended June 30, 1884 and 1885, as reported by the Cpmmissioner of Internal Revenue, as follows
:
Fiscal year ended June 30.
Objects of taxation.
1884.
articles not
ports:
Value.
7„573.03 4
Dist illcd spirits
Manufactured tobacco
Fermented liquors
Balk
circulation
Penalties, etc
Collections under repealed
laws
Total
18-15.
76,905.385 26
26,0ti2,r^99 98
18,084,954 11
441 84
289,144 12
247,714 52
121,590,039 83
67,511.208
26,407,( 88
18,'- 30,782
2 >,000
222,«8l
24.360
63
48
03
00
19
74
112,421,121 07
(These flgures difl'er from the amounts aotuallv covered Into the
Treasury, as shown by the covering warrants, the receipts showing the
amounts collected, but not deposited, during the fiscal year, the war
rants showing amounts actually covered into the Treasury during the
same
time.]
From
the preceding exhibit it appears that the decrease of
revenue fromspirits during the last fiscal year was $9,394,176 63,
and that on fermented liquors the increase was |145,827 92.
There was an increase in the revenue from manufactured
tobacco of $344,688 50.
$9,168,918 76.
The decrease from
all
sources
is
PEODUCTION OF SPIEITS.
The production
of spirits during the last fiscal year is exhib-
ited in the following table:
Fiscal year ended June 30.
Kind
of Snirits.
1884.
18s5.
Bourbon whisky
Rye whiskey
$8,S9d,832
$1?,'277,750
5,<'8ft,958
Alcohol
12,385,229
1,711,158
641,724
6.745,688
28,538,680
11,426,470
5,32P,043
13.J3H,916
2,081,165
639,461
Rum
Gin
High wines
Pure, neutral, or cologne spirits.
Miscellaneous
Total
....'
$75,435.739
3,23.' ,889
27,104,382
10,811,757
$74,015,363
the internal revanue for the fiscal year 1S85,
including the expenses of the Commissioner's office, $4,455,430 27 ; about 3 9 per cent of the amount collected. The cost
for 1884 was $5,076,914 31, being 4 '2 per cent of the amount
»
*
F
»
#
*
collected.
It cost to collect
STATUTE OP LIMITATIONS
The
necessity for a general statute of limitation upon the
presentation of demands against the United States becomes
every year more apparent.
The policy of all enlightened nations protects the individual
against demands set up under cover of obscurity created by
lapse of time. But the Government has even more need of such
protection. Usually the individual has such personal knowledge of his business as will warn him against unjust claims and
guide him to the eviden.e which may protect him.
The vast business of Grovernment is carried on entirely through
agents, and many causes tend to produce frequent changes
among them. Even wijen an ex-oflieer can be reached, his
memory is likely to be imperfect iu respect to some long past
transaction which was only one among a great number within
his supervision, and many ex offljers, in view of the multitude
of inquiries addressed them, have bi^en compelled to decline
the uuremunerated task of researches in their retained papers.
The Grovernment is a debtor always to be found, and ever
ready to pay its debts and long delay ought to rai-e a presumption, as readily in its favor as in favor of an individual,
against the justice of a demand.
;
Daniel Manning,
Secretary of the Treasury.
The Honorable,
the
Speaker of the House of Representatives,
—
Dkuembkr
—
.
.. .
.
:
.
THE CHRONICLK.
13, 1880.]
THE TREASURER
UNITED STATES.
REPORT OF
—
1
:
OF HIE
67»
The onavallablo funds of tlio Trmaary warn
$29,614,666 44 to $39,636,836 74 darioK th- y««r.
I
Til* STATa or TM* TRMAjnmr.
TttRAauRT or tub Umitrd Statm,
)
The condiiioo of the Treasory on .S«pt«mb<ir SO. I$M. w,..Washimutok, D. C, November 1, 1886. J
pared with that on September 80, 1844, la »h >*a by i|i« follow*
8lK: The followiog report apon thn operatiorm of tha Intr tables
The form »f prtHHtntloft th* awfU an-l II«MI1U«
Treasury of the Uuiled States for the flsoal year eodioK Jane of the Tretsary was uban^.^ in March la<>
x-'h tho oM
30, 1885. and itH coDdition on that and sabseqaent dttM, ia and the new forms were pub lubnd until th"
hm Baa^
respectfulijr sabmltted
year, when the pablloatloa of th» old forui
'ntloMK
RBCEJPT8 AND BXPBND1TURB8.
[The Treasarrr Rivei both th« old and Iti- ni* f<>riB« for
of both years. Wh omit tha forinvr. and rIv*
leas September 8
The net revenue of the GoTernroent was t>24,829,163
than that of the preceding year, and the net expendi'are was tha new form arranged so •• to presaot iba oompMiaoa batWMi^
The Hurpliin applicable to the thrt two period'* at a glaooej.
greater by $16,100,690 78.
reduction of the debt was therefore $40.929,8S4 33 less than in
the fiscal year 1884. The followiug table shows the details
BBPTUiasa W, UBt.
•nTsaraaWk
—
:
M
)
I
toe, or Deo,
188S.
1884.
S
9
lB8,067,t8»76 181.471,939 3*
lull iial lovenue
121, 158', 072
112, iO<,7J5 54
5,70.'5,()86 44
O.KIO.TO.SOI
8 il' lit public landii...
Ml" lluneoug sources. 'J2,0.>S,602 tJ4 24,014,0}} or
4mtl»
LUbUUf$.
L4aMIU««a.
OOLD-ColO
l«B.«M,7Sa
ISOMa,TN
BaUlon
Bi.wi.aw
7IJ7I.0II
U—t) «iir«r.i7»
m.isi.aii
Kovomio from
<'».Nt..infi
4^
19.0*7.310 97
tl,104,-lM57
•l,958,4}2 it
tl3,.^P5,.•.•0
M
)
TaUI(ol4
a48,519,S6U 9i 3^3,6^0,706 38
Total
Net decrease
24,8:9.103 54
Ac.
Interiittl
revemio...
luteriur civil (lands,
paieals. d:u.)
Treasury pr.iper,
(le^islatlvo, exfontlve, & oilier civil).
Diploiiiailo
22,sn.91iS43
8,«67,13169
8,013,237
Oi:
27,12S,972 6T
4,}50.623 21
•4.314.027 22
11.106,515 33
8,979,266 36
•360,029 30
25.926,503 07
36,854,103 05
10,927,600 98
1.260,706 37
5,439,609 11
•1,178,842 74
3.650.818 1«
terly Kaluries
39.420,tiO3 3l)
17,2 '2.601 4i
Departimul
Interior
(ludLiiisA Pensions)
Interest on public debt
9^
4T
16,021,079 67
4..'544,6»7
12,670,.')78
•89.'i.83n
'3,240,975
1
61.905,227
3.1
54,57tf,'178
48
•749,534 77
t3,192,1220l
62,654.762 12
51,336,256 47
•16,100,690 78
Surplus available tor
reduction of debt.. 104.393,625 59
1
1l».riM.4IO
Certlflcatas lasued...
on hand
.
Certlflo'a. not. (I,lu(iUI(y)
Net
61.463,771 27140,92^.854 82
Oecrease.
amounted
to $84,493,153.
Silver certiKeates to the
l«8,'MI''.TSl
lt8.im»,7WI
2e.iae,s40
8I,7JS.44II
•7,0»4.SSl
on hand
Certificates
.
»,M7.1
4».978,lia
sIlTer in treas'j
(Auei)
U. States notes
Certtfleates Issued ...
M).»2fl,IM*
87.035.106
ie,«a5.ooo
21,070.000
873.000
l,07Ii.000
I5,8-«,000
s.«g6,ooa
n.iM.to«
Net U.S.notes In treas
National Bank notes
Deposits In Nat. Banks.
S,r74.S4S
ia,aiimi<
I4.aa8.4tfr
4M.14«,«1*
319,e4r,397
Balances.... (Aaaet)
Public Dsirr and 1st.—
The receipts on account of the Post Office Department, not
inclnded in the above statement, amounted to $47.30t»,735 35,
an increase of $3,487,249 53 over those of the preceding year ;
the expenditures increased from $46,281,124 87 in 1884, to
Of the amounts
160,326,314 50 in 1885. or $4,045,189 6i.
received and expended $25,687,933 74 did not actually pass
through the Treasury, haviuff bsen received and disbursed by
postmastera.
SUMMAKY OF OPERATIONS.
The issue of United States notes during the year, in place of
«nch as were returned in a worn and mutilated condition,
$40,000,000 were issued,
and $20,990,045 were redeemed daring the year.
Gold certificates of the old issue amouuting to $52,420 were
Of the new issue, $63,000,000 were issued and
redeemed.
is21,017,l 00 redeemed
Coupons from United States bonds to the amount of $8,084,667 4.5 were received from the several assistant treasurers by
whom they were paid, and examined in this office.
Called bonds of the United States amounting to $43,968,600
were redeemed, of which amount $45,583,150 was for the sinliing fund.
Interest amounting to $42,.')7n.736 64 on registered binds of
the United States, inc'uding those issued to the Pacific Railroad
companies, was paid by means of 245,159 checks on the Treasurer and assist int treasurers. The payment of the warrants of
the Secretary of the Treasury required the issue of 50,127
drafts; 74,659 drafts on warrants of the **ostma.ster-Gen»ral
and 27,800 transfer cheeks on assistant treasurers were i.s-<ned,
making a total of 397.745 drafts and checks i<sued in the office.
The national banks withdrew $53,303,350 of binds held to
secure their circulating notes, and $31,300,700 of bonds were
deposited for that parpo.se, a net decrease "f $22,002,650. There
was also depiwited by national banks, designated as depositaries, $3,904,450 in bonds to secure public moneys deposited
with them, and $3,357,450 of bonds so held were withdrawn.
vement of bonds was $91,865,950.
The total
The national banks paid info the Treasury on account of
semi-annual dalv on their circulation the sum of $2,794,584 01,
which was $230,084 23 less than was paid on that account the
preceding year.
Circulating notes of national banks amounting to $150,209,129
were received for redemption during the year. This amount
included notes of national banks that have failed, gone into
liquidation, or are reducing circulation, of which $28,462,225
were redeemed during the year.
The books cf the Treasury show that the disbuising offlecrs
of the United State.s had to their credit at the close of the year
$21,126,059 89
, „ ,
Interest on the 3 63 per cent bonds of the District of Columbia, amounting to $519,604 23. was paid during the year, of
which tllO.oej 23 was paid by means of c lupens, and $409,542.
being the amount of inteiest on registered bonds, by means of
amount of
m
.
ohecks.
a.T«,an
(jlncO 147,«B8.403
.
Net increase
Increase.
Total llrar
l8ft.43l«SI
4.7I!I.»M
Bullion
Certiflc's. net. (LlobUlty)
211.126,244 33 260,226,935 11
Total
•
82
tl,271,52177
II13».4T»
Sii.VEH-UoUars. atand'rd l«e.S4S.4(W
Certlflcatea
quar-
War Dcpariiiicut
Navy Dcpari incut
tMOl/>lo
8S.SI0.»'«
.
(LiotnUy) 87.2»}.TIW
Net void In treasury
((oretgu
relalioiis)
Jilillulury and
J4n,iw;,i
.
Certlllo'a. not.
Civil \- iiiisc.lliinertiis:
Cuii'ins, linlit-luiu.s'",
bld},'».,
rcrtlHoaUa iMned
CertlflcatM od hand
.
t
Expendit's on acc't of
public
I
l.SIS.8»
S.mi.'MS
l.TSLSOS
Interest due. unpaid
18.Sin.8UJ
Matured debt
838.7a«
Inter't on matured debt
7.180
Interest
no
bearinK
Debt
Int. on Paa RK. bonds
due, unpaid
Debt and
lnt..(LfciMlitv)
Kraot'l cur'cT
redeemed
One & two
notes
jrr.
p'd.l
Int.ch'cks ft coupons p'd
Int. on Pao. BB. b'ds,p'd
Debt and
£4.030
MOM
20,745.240
7.1b0
8.061)
SIS
131.8W
"l4^74»
4.M)0
UMIS
lnter'9t.(X»«t)
D'bt41nt.net<WiWlt|/)
Res've for red. U.S. notes 100.000.000
Fund held forredtmp. of
notes ot Nat. Banks
Fund held for redemp.
ao.aoB.wi
100.000,000
88.'m.043
39.192.41B.
of
Nat. Kold bank notes....
Five p. c. f'nd for redemp,
of Nat. Banknotes
Bedemp.
(.MB
168.864
l«,573.0TBi
l«,48a.801
reser.d/loiiUn) IsT.OSS.'iOS
IM.400.10*
Nat. Bank notes In process of redemp... (/4»K<)
S.M2.8a6
8.»3S,791
irt.my»ti
143.S«I.M7
Net re9'rTe».(Ma6UM|()
Post OIBoe dep't account.
8.616.229
I>:R17.B»
nisbnrs'g OfBoers' bal'ces.
Undlstrlb'd asseU of fall'il
National banks
Currency and minor coin
redemption account.
Fractional silver coin re-
27.043.B18
»4.S20.aBa
664,728
411,180
27843
488,U8
00,884
BO.aoe
t Portland Canal Co.
Treasurer's transfer ch'ks
and drafts ootaandlnir.
1.710
1.470
li.esa.soo
4,»n.4a7
Treasurer U. 8.. a«ent for
paylUK Int. on D.Col.bds
6S,<M9
demption account
Interest acc't.. LoulSTllle
US.BtT
83.a»l,!«
(MoWlitv)
Total
Int. on DIst. Col. b'ds paid
Speaker's certlflcatea paid
ion,oeo
Total
(Aatet)
118,026
Net
lUaMlUy)
Rnlnncea. .(Mabllity)
.
Net balance
—
(Asset)
Assets not available-
Minor roln
Subsidiary
A ggregate
sl'.ver
coin
net AsmI
—
i3,a»;
B.Ma
ia.sao
a^«e8.43l
tlOl, 143.94*,
18,4B3,40Hj
SU11.«
l8li.!««M
«a.«t4.«ar
swotsj
W.47«.71«(.
4S.W«.
1:
The general balance increased in the year ending Septst^tC"
araiUble b»Uno; «'>«'!'«~
80, 1885. by $44,803,436 92. and the
ISW.
from $18.493 407 36 in 1834 to $69,384,631 13 in
cr
*
*
*
$50.791,223 77.
,.
, .u
»..«..»nT
awtooC
The following table shows the excess of the ca'h
other
and
certificates
excluding
the Trea.'.urv,
"^Vt'"!."J.°S..Cliled a •!«•
by it over the net current liabilities other than U
same day
the
with
>mpared
o
as
18>5.
31,
October
n.tes,on
1S84, compiled from the latest rtjturns received
!
:
.
THE CHRONICLE.
680
amounts needed for current payments, and it is suggested
that more particular attention be given to requisitions for such
advances, and that a statement be required to accompany them
*
»
*
*
showing the necessity for the advance. *
The balances remaining, after the payment of the depositors
and the deposit of the profits in the Treasury, constitute the
Oct. Sl,'85. Oct. 81.'84.
Cold
1T8.941.459 18e,«7«,B59
72,417,890 66.858,761
coin
OoM balllon
251,:tS9,319 222,536.380
Total
I«a certiaca.eB actnallr outstand'g
100,020,760! 87,8 5,570
GoldbaloDo«
142,338,588 184.670,7 00
Standard silver doll us
lO^Sif,342 f42,92li;7^
assets of the bullion fund.
It is apparant that a large portion
of the fund consists of silver bullion, .=ome of which was purchased a number of years since, and'.instead of being coined has
been held in anticipation of demands of depositors for bars.
At the price of silver bullion on June 30, 1885, 97 cents per
7,667,799
,
Stiver balUun
3,840,530
4.616,496
in7,(»7,878, 147,57.3,222
Total
Xiess certWcates actually outstand'g a3,146,772 1011,741,561
Silver balarce
fT^nited Ftates notes
1j6bs certificates actually outstAQd'g
•"United Sta' es note
balance.
"74,511,106
4«.KS1,B81
45,eU5,341
33,»4i,173
18,116,000
17,770,000
18,172,172
.
''National Banknotes
.JPeposUs In Nat. Bank depositories
Total net assets..
LlABtUTIES.
Vstured debt and interest
iBtere.'it due and unpa.d
+ Accrued Interest
"t Interest due and unpaid. Pacific
Rallroai bonds
f Accrued interest, Paciflo RR. b'ds
B,43S,2»1
10,171,855
13.595,551
15,742,489
26.3,433,820 223,588,718
t
12.813,474
2,2jt),607
2,137,973
s,o:;i,soa
6,008,748
19,950
20,310
1,203,470
100,000,000
26,886,487
7,205,790
1,292,470
Reserveforredemp'ns of D.S.n'tes_ 100,000,000
Disbursing officers' balances, &c.
22,774,634
Outstandini< dr.ifts and checks..
4,634,843
Vive per cent fund for redemption
of National Bank notes
12/>41.913
Fund for rfdemption of notes of
11,878,169
4,738.414
2,146,888
39,845,110
8,889.784
i:S,633
77.439
4,091,953
2,570,956
12,669,846
* •
standard ounce, the fund has depreciated f69,322 42,
At the present price of silver bullion about 93 cents per
standard ounce the depreciation amounts to ^2.^8,405 49',
showing a decrease of the bullion fund to that amount.
In this connection attention is directed to the fact that large
amounts, frequently aggregating $1,000,000 are carried ia
account by the mints without accountability 'and the supervision which should be exercised by the Treasury.
These
amounts arise from the profits on silver coinage, from other
profits, and from charges imposed on depositors of bullion, antj
are as much receipts into the Treasury as any other kinds of
revenue.
They are not, however, covered in regulirly, as
other receipts are, but quarterly periods.
In the opinion of the Treasurer the mints and assay-offices
should not at any time hold such large balances as are now
left with them.
While nominally sub-treasnries by law it
was never contemplated that these offices should act as or
become sub-treasuries in fact, but that the bullion received!
by them should, as speedily as practicable, be converted into
coin, and the latter transferred to the Treasurer or assistant
—
—
27,679.445
t
3,953,690
Vol. XLI>
117,033
treasurers.
DEFICITS, UNAVAIIABLB FUNDS.
occurring during the fiscal year, making the
amounts involved unavailable to the Treasury, were One of
Total iiabilities
196.H15..'W8 2:2,032,621
15,417,085
$25,341 61 in the offlae of the assistant treasurer at New OrAvailable balance
leans, and one of $11,857 37 in the assay-office at Boise City,
66,818,292 11,566,097 55,262,196
.Assets not available
Idaho.
Jiinorcoln
719,831
812,817
92,986
The unavailable funds were decreased by the following items:
Fractional silver coin
22,080,536 20,346,757
6,381,221
A reduction of the amount of the deficit at the branch mint
Total balance
9a,503,659 41.715,672 48,787,987
at San Francisco of |5,685 8S; a reduction of the amount involved in the failure of the Venango National Bank of Frank* Includ"S National Bank notes in procesi? of redemption.
lin, Fa., of $12,755 16; and the adjustment of two defaults in
I Tliefio iteuw were not included as liabilities in 1881, but are here
sserted for tbe purpose of comparison.
the former United States Depository at Baltimore, amounting
to 16,900 77 and $1,196 87 respectively; making a total decrease
THE TKEASURY BAIAKCB.
The tables at the end of the report proper show where the of 126,538 68, and the net increase in the unavailable funds of
fnnds constituting the Treasury balance are held, and the f 10,660 30.
A loss by theft of three bars of silver bullion, valued At
several kinds of moneys of which it is composed.
It will be observed that the Treasurer la charged In the $1,936 62, at the mint in Philadelphia, Pa., has not been reaccounts with over $148,000,000 held in the mints and assay ported to this office as a deficit, although the Treasurer is unoffices as a bullion fund.
While receiving daily reports from able to perceive why it should be treated in a manner different
these offices showing the cbanges in the fund, he has no means from other thefts of public funds.
It will be found that the unavailable funds are differently
of verification except by calling upon another Bureau; and
the condiiion of these offices has never been examined here- stated in several places in this report. In the statement of
tofore by any one representing the Treasury. The results of assets and liabilities the amount is $t594,710 31, embracing
the annual examinations made under the direction of the Mint only the four items of deficits at New Orleans and New
Bnrean are not communicated to the Treasurer, and these York. This arose from the fact that when the publication of
examinatiiins are therefore not sufficient, it is submitted, to the statements of as.stts and liabilities was begun, the assistant
confirm the statement that the fnnds are held as represented. treasurers only made itemized leports ; and when the reports
JNor are the relations between the Treasury aod the several were subsequently required from the mints the item of $413,snb-treasnrers adequate for its protection and for that of the 557 96 in San Francisco was for the first lime observed ; but it
was not deemed advisable at the time to increase the "unavailpublic moneys.
The Treasurer should have the authority to make frequent able," and the amount was therefore carried as bullion, but
examinations of both sub-treasuries and mints, to enable him reported annually as unavailable, and so treated in the general
to know that the funds with which he is chargfd are held as account. The two items of deficits by failures of national bank
represented, and to hold the officers to a more strict account- depositaries, and the six items following these are balances from
ability than has heretofore prevailed. It is recommended
old accounts, and were never carried as assets except in the
that
Congress be requested to appropriate a sum sufficient to cover general account ; for the purpose of the statements of assets
the expense of annual or quarterly examinations of sub- and liabilities it was not nee ssary that they shouH be included.
treasuries, mints and assay-offices, under direction
By far the largest part of the unavailable funds consists of
of the
Treasurer.
the so-called " deposits with the States under the act of June
The sub-treasnrers of the United States having had their 23, 1836." The fiction that this amount—$28,101,644 91— may
duties and responsibilities largely increased through the
issue some day become available has ceased to be held ; and the
of the gold, silver and legal-tender certiBcates and the issue Treasurer, although still charged with the amount on the books
and redemption of the standard silver dollar and the fractional of the Register, has jot included it in his statement of balances.
eoins. It 18 rt-spectfnlly submitted whether a scheme
for a reor- This has been the uniform practice of this office, but is not in
jranizaiion of the respective offices should not receive
the atten- strict accordance with the law authorizing these deposits.
tion of Congress. Persons occupying the positions
It is therefore respectfully recommended that some action be
of messengers
and laborers are now engaged in handling, counting, shipping taken to have this amount, as well as all other unavailable items
money and doing other clerical labor. Simple justice would now charged by the Register against the Treasurer, charged to
require that such persons should receive pay
commensurate separate accounts in the office of the Register. The Governwith the increased respoiiSibilities and labors thus incurred.
ment would be as fully protected by this mode of treating the
deficits, and complete statements thereof would be regularly
DiSBURsma officers' balances.
furnished by that officer. Furthermore, the troublesome comAttention is directed to the large amounts
of funds to the plications arising when a
comparison is made of the several
weditof disbursing officers of the Government. It is
believed statements of the cash balance and the public
debt statements
that advances are made to these officers in excess of
their cur- would be obviated. As futther
losses are liable to occur from
rent requirements. For years the amount has rarely
been less time to time, owing to the large sums held
the Treasuryby
than J,J(),000,COO, and has frequently exceeded
|40,000 000
offices, a well-defined system of treating deficits should be esIt IS rec mmended that the modes of payment to
and by them tablished.
banks
Post-OfBce Department account.
tailed, &c.,
39,510,139
3.706,082
39,283,407
228,871
3,714,015
The
deficits
7,933
:
*****
Be
restricted to sums needed in Iheir monthly
payments
very large pattof these advances is made to
A
It
recommended
pension agents
that a change be made in the mode of paypensions, and that these payments be made
by means of
j'''." «n*'eK8, in
the same manner as interest on the
uT" debt
pnWic
18 now paid.
Should this recommendation meet
with approval, a plan for carrying it into effect
will be submitted, by which a large amount could
be annually saved to
•tte Government.
18
Mg
It would appear from a reading of eeetions
3620 and 3648
atoTised Statutes, that it was not contemplated
by Congr»s8 t..
4>l«ce to the credit of disbursing officers
money in excess of
The same course
Is
recommended as to the unavailable funds
amounting to $37,277 06.
IBE SIKKIKO FUND.
of the Post Office Department,
The amount provided for the sinking fund in United States
bonds was $45,588,150. The amount estimated was $47,620,201 16. This estimate was bashed upon an assessment of one per
cent upon the entire debt and the interest upon the existing
sinking fund of the United States, including therein the legaltenders, silver, gold and currency certificates, and fractional
currency, without deducting therefrom the amounts of these
liabilities held in the cash in the United States Treasury.
This
does not seem to be in accordance with the provisions of the-
—
:
Dkukmuer
THE CHRONICLE.
1886. J
13,
Uw
with rf^'ard tu th» Hinking Fuod, and tht< prHR<<Dt eNtimntn
H hnnfA upon the existing; priiiulpal of tlw jmblio d^bt, Innliidng tbe interest on the ainouut of boiidH and other oblignllonii
of the United States heret(jfore canceled, and credited to the
inking fund, a detailed Htateinent of which in to be found in Ita
appropriate place. It Im, however, reooiomeuded that the »p.
proprialiou heretofore made for this purpose be abulinhed, and
that it be limited to one per cent apou the debt of the Uuited
StateH, excluitinK therefrom the gold, silver and leKal-tender
cerlillcales, and lejfal-tenders held in the csHh, and dedacting
altto the g.ild and silver held on deposit in the Treaanry.
The
estimate wi>uld then be limited to the sum of, iiajr, ^1S|000,000
for the coming fiscal jear.
UNITED STATES ROTBS.
The amount of United Stales note^t of each denominatioa oatatanding at the end of each of the last foar flueal years is
shown by the fullowiog table:
Deuonjlnation,
Ono
1883.
1883.
1884.
1885.
9
9
(lo^ar
37.730,457
o .1.. Ill PR
IV r iliilliiri
Iiii il
iura
Twciily il illars
2A,.')>4,39>
72,7:f2.XK(i
fl!i,.'>27,01fl
«4,S;ti',38tl
,•^57.•171
)l?,:Utl,noii
Klftv
,li)l,7T0
QS.O-i.^.Si).-)
ri.'i.i'jH.vK)
2).».')0,8l)r>
l(i!>,3!Ki
87«i,'iOi
:m.hO'.',3'>o
l.^.oiiy.r.oo
5>i,nr>J,(l29
i!:l,30-<.H05
:i3.illO,f»UO
.S'.'.yOI^TBO
6.9 M, 000
ui.r,.'>7.00()
I'v
1
7],1.%0,0«.'.
I
hltiulrei] (lollurK
OiLi
I-
:\
(lo'l;irA
•'
OiH
llUlxIrcdd'iIlHIH
:liou8:tnfl ilolTrt*
Mvcfii ii«»n<l<U>ll'ri<
Ten tliousuud doJarv
Total
1^688
unknnwu
2l,0.'»?,f'02
,061)
25,-.'l)-
75..'i5y.lil5
1
7.^,»97,H0^
l4,M'2'','i<Mi
li',0<J,.")0O
28,716..'iOO
4'.;o.o
SIS.UOO
l-< 0,000
200,000
lUO.OUCi
60,000
100,000
4U.0OO
347,6^1,016 317i68l]0ia 317,681,016 347,681,016
tiro
J
,000,000
1,000,000
1,000,000
1,000,000
346.681.0Ui 346. «i81.016 346.681.01(1 346,681,016
OutgtHnrtlng
There was a decrease during the year of 11,708,123
in the
one
dollar notes outstanding, 14,987,630 in the ten dollar notes,
$2,928,120 in twenty dollar notes, 5744,200 in one-hundred dollar notes. $357,000 in flve-hundred dollar notes, $30,000 in fivethousand dollar notes, and $20,000 in ten-thousand dollar notes;
and an increase of ;|397,183 in two dollar notes, $444,890 in five
dollar notes, $251,000 in fifty dollar notes and $9,6s2,000 in onethousand dollar notes.
The method
certificates
in
which United States notes and gold and
silver
were issued at the time when the present Treasurer
assumed tbe duties of the ofiiue, appeared to him to lack the
security which is had in every institution where such instruments of credit are issued. In order to remery this defect, in
part, the Imprinting of the seal of the Trea-sury on the newlyprinted notes was transferred fri,m the Bureau of Engraving
and Printing to this office. The incomplete notes are now
received by the Treasurer and completed by the imprint of the
seal, then cut and separated under his snpervii-ion.
If the issue of United States notes and certificates is to continue, it is recommended that an issue department, entirely
independfut of the Treasurer, be formed. Such a branch,
controlling the issue and tlie redemption of every note or other
form of security by means of numerical records and other
checks, would remedy the defects in the present modes of
issue and redemption.
If the suggestion is approved, the
details for the organization of such a branch will be submitted.
It is recommended that an issue of legal tender notes with
new designs be made at as early a date as possible. So many
statements have been made with reference to frands in the
earlier issues that it would seem advisable to call in all the outstanding issees as soon as it can be done without inconvenience
The constantly-recurring accusato the business community.
tions of the character above alluded to would be either established or refuted by taking this course, and afford an opportunity to set at rest future reports of the same kind by adopting a better system of registration and destruction of the new
issues by means of the issue department heretofore recommended. It would also provide for the large fund of money
already issued by the Bureau of Engraving and Printing, now
on deposit in the so-called " reserve vault," amoniiting to the
sum of $187,128,000, and composed of—
Silver cor'itliii^cs
$28,480,000
Gold ciri|rk"itc»
103,«>i0,000
Curri'iicv eertjllcates
Uuited btates notee
Total...
'*"• conatantly-lncrwalng amoaota of moMr bald
reaKury, and the conaequ-nt daoKT of Ium b* fln.
peculation, or care|e«.new.. it la proper U> a«k wh»lh»rlh«.
tarn,
of theae cerllBcalea sh.uld not b»< atoppod.
Th-r ar» rnnilah«4
at * heavy eipeu»» by the OoTummnDt without any
sorrw
pondlDg b^neflt. and have boeo nmri to get rid of thx otpaoM
of forwarding raatllatad oarreooy to the Tre»»nry, tboa
tbmwing ution the QorernmeDt the c<*t of tranaportatioa
of tb»
note- deprmited. •• well as of the notes required to
r«d««m lb*
and also of the certin.ates. If th« i«ni« ia a<>a.
••ip«na« connected therewith abculd b« borne br th*
parlies Kjr whoae eooTenlence they are provided.
OOLD CtBTlriCATEM.
The gold oertlHeates of the old Iwne. under tbe act of March
8, 1863. outatanding at the close of tbe flacal year amoootwd to
g.663,380, tbe redemptions during tbe year having b««B
7
by the
i,
IT."'
1
'.
'
Of the new issue under tbe act of Jnly 13, 1883, there wei»
Domioally outstanding at the cloee of tbe Ssoal jew $187,740,860 ; tbe Trea.iury offloes held 918,098.410 (eompared with
937,246.030 at the close of 1884), leaving aetoallr in einoUtioo
$124,167,450, an increase of |S'S,639,810tn tbe year.
On October 31, 18C6. tbe amonnt of the certlRcatee of tbe
new issue outstanding bad increased to $140,i;(6,«10. but of
this amount only $109,030,760 was aetaally
circulation, the
certificates held in the Treasury offloes having increaaed to
$31,116,850.
m
The issues and redemptions during the flsoat ytMt, and tbe
amounts outstanding at its beginning and close, are abowa
below
(l«-
nomlii't n8(le8t'}eil
In Btib-tii-B8ury In
CUioBgo
681
32.53i',000
22.438,000
$187,128,000
With the exception of the currency eertiticates, this immense
st'len would become
i.4 completely finished money, and if
a liability of the Government, without possibility of appeal.
As the practice of printing such money has no warrant under
sum
existing law, it has been stopped. If, in order to serve the
public convenietce (the only plea upon which it has been saucheretofore), the practice is to be continued, it should be
placed under the regulation of laws specially framed for that
Itioned
purpose.
CERTIFICATBa OP DEPOSIT, ACT OF JUSB 8, 1872.
The certificates issued upon deposits of United Statei notes
by national banks, under the act of June 8, 1872, amounted to
$56,555,000, and the redemptions to $39,500,000, leaving outStanding at the close of the year |29,2S5,000j more than twice
the amount that has been outstanding at the close of any year
»
»
*
*
*
»
ince 1^79.
The amount outstanding of these eertifieatea of deposit Oct.
"
-"tJi*" --a*-^
81, 1885, was $18,145,000.
Onid certiflcatea—
DenotninatioD.
Twenty
dollars...
Ontstandlntc
Taaued
Redeemed Oatatandioc
June 30, during fiscal dartnffflaeal
June 30.
1884.
year.
year.
188.5.
$13,354,760
$t00,000
tf.llH.OOO
2,700,000
1,800,000
6,600,000
0,000,000
7,500.000
Ouo
10.260,000
$05,777,960 $63.000,000 $21 ,0 17,100
X37,760,86<>
9.103,700
8,701,500
14,5^9,000
10,56 >,<)00
30,380,000
tlioU8'ridi>U..|
FIvetlioiia'd dol8
tlioua'd dnla.
Ten
Total
$i,4n.o')o
1.375.iOO
1,375.900
1,181,000
$12,313,760
10.443,H0O
9.527.800
14.120,500
22,120,000
14,085,000
55,130.000
Fifty dollars
One liuudreddolB.
Fivetiiiudri'ddols.
1.4:10.000
3.97.5.000
35,000.01)0
The remarks previously made
as to carrenoy eertifloate*
apply with still greater force to the gold certificates. They
serve but one purpose, that of imposing upon the Treasury
the custody of the gold deposited on tnis account, with its
att,endant dangers and expense, and compelling the Government to pay the heavy rates charged for the transportation of
the gold and certificates to and from the different subtreasuries.
SILVER CBBTinOATBB.
The amonnt
of silver certificates nominally outstanding at
the close of tbe fiscal year was $139,901,646. of which amoant
the Treasury held $38,370,700. leaving $101,530,946 in cirealft>
tion an increase of 14,023,935 during the year.
On October 31, 1885, the amonnt outstanding was $125,053,286, of which the Treasury offices held $31,906,514, leaving
$93,146,772 in circulation.
The issue of silver certificates by Treasury offices in the
South and West, for gold coin deposited with the Assistant
Treasurer at New York, under departmental circular of Sept. 18,
The amount which had
1880, was discontinued in January last.
been issued in this manner to the date named was $S0, 730,500,
The issues and redemptions by denominationj for the year,
and the amounts outstanding at the beginning and the cloee
thereof, are shown by the following table
—
:
Silver certiflcatea
Denoiiiination.
Ten
dclliira
Bedeemed
OulstandiDg
lasaed
June 30, dorlud fiscal darlngflscal
One
130 901.64S
8,013.360
839,6 O
8,1.10,3:0
Five liun'd diiU..
4.<77,50O
6,726,000
One tlious'd dots..
Total
M'^.'iOrOOO $-2n.«9O0l5
12,160,000
2,200,000
2,600,000
5,000,000
4.000,00 J
47.864.524
6,293,6!5
liiiiidreddoli'.
I20.S<)I.<i»l
1885.
l.OiS.OOO
$9.78J,5<»5
Fifty diillars
Jon* 30,
$51,747,127
52.010,064
7,rt's 4.035
9,878,520
t>.9 10.000
9.701,000
M7.490.7I2 $14,040,000
Tweiiiy dollars...
Outataadlng
yeM.
year.
1884.
860 800
467.501
The further issue of silver certificates should be dwoontinued. as being both expensive and uiele-ss. Issued to aid in
the cir(!ulation of the standard silver dollar, these certificates
have actually proved to be a hindrance to the carrying out of
this purpose, and the circulation of this coin cannot be increased to any greater extent than at present witboal the suppression of the issue of the certificates.
8TAND.\RD SILVER DOLLARS.
of silver dollars coined, on hand, distributed
and outstanding at the close of each year, under tbe preeeat
law, is shown by the following table
The amonnt
:
Fiscal year
ending
June
80.
1878....
1879....
I8'0....
1881....
1882....
1883....
1884....
1(^85....
Annual
Total
coinage.
coinage.
On hand at Net
distrl-
OntsteaAing at
olnee ot
year.
botloD
during
close o(
year.
year.
8,573.50<
i7.227..50<
27.933,7
(I
27.(i3",9.)''
ih.lU.ll!'
i'J,<>91'.(>3l'
$HJ.S,143
$s,.'i73,500 $7,718,357
6.dH7.26>'
35.-401,000. 28,J5'».589
e3.7:!4.75o 4^.10'^. 96 ll,18I.C4a
91,3:2.705
llfM4l.7rt0
147.'.'5.">."0!'
17
63.2 i 9.30
)|
S".".;i.i'<2
$45.\148
1
7.442.411
8.626.454
9,496,951 2«.18S,40(V
3.107.103 SI. « 10.598
-9
'.1
•.r!,'.3.«2'.'
'on
H-'l.'?sl
;7
.
THE CHRONICLK
682
It will ba observed that daring the past year more of these
ooias were retaraed to the Treasury than were issued; the
issues amounted to |16,627,691, ani the amount returned to
$17,824,625, an excess of $1,196,931, redueing the amount outstanding to that extent. While the am )uat outstanding had
been staaiily inerea«ag to tin eai of thj tijeal year 13Si, tiie
percentage of th^ outstanding to the tjtal coinage has fallen
from 39 8 per e^nt ia 1S31 to 188 at the cloje of thi fiscal year
1885. The am )unt held by the Treasury was at th-) cloae of
the year $165,535,854 ; of this $101,530,946 was held for the
redemption of eertifleates actually outstanding, leaving $64,004,908 owned by the Treasury, an increase of $25,701,551 over
the amount held at the end of the preceding year.
In the first four months of the current fiscal year the amount
of dollars distributed in excess of those returned was $11,093,562, compared with $2,258,643 for the same period in 1884. This
increased the amount outstanding to $49,442,089, and was due
in part to the fact that the number of one and two dollar notes
in circulati-m had decreased, and in part to the usual iucrease
in the demand at this season of the year. Notwithstandiag this
the amount owned by the Treasury increased to $70,670,570 on
October 31, 1885, the silver certificates actually outstanding
having been reduced to $93,146,772.
It is apparent that the execution of the coinage law is gradually converting the funds of the Treasury into standard dollars.
Every exertion has be^n made to give an extended circulation
to these coins, but without the success which the la'ge expenditure incurred would warrant. Under the head "Silver certificates" will be found some remarks upon the infiuence
exercised by their issue upon a more extended circulation of
the standard silver dollar. Such measure of success as has
been obtained has been at very great expense to the Government, the excessive cost furnishing a strong argument against
continuing the issue. The circulation obtained is short-lived,
the colas fiading their way back immediately to the Sub-Treasaries, the return movement costing individual holders
ire for
transportation than the original issue cost the Government.
As the Sub-Treasuries become overloaded with returned, and
the mints with unissued, dollars, the Government is obliged to
transport them at a heavy cost to the nearest place ia which
*
«
»
*
vault room can be found.
m
FRACTIONAL SILVER COIN.
The Treasury held on June 30, 1885, $31,236,899 49 in fractional silver coin, an increase of $1,636,179 44 over the amount
held at the same date in 1884. The amount was reduced by
October 31, 1885, to $22,965,535 70. This reduction, it is believed, will not continue, as, under the existing condition of the
law, the greater portion of the amount issued in that period
will return to the Treasury for redemption before much time
*
*
*
*
*
*
has elapsed.
It is recommended that the provision for the redemption and
free transmission of fractional silver coin be repealed, as involving unnecessary expense to the Government.
ABRASION OF FRACTIONAL SILVER COIN.
A careful exarainati tn has been made of a portion of the coins
Teceivtd at the several Sub-Treasuries, for the purpose of ascertaining their condition, and the result is presented below. The
tables show the number of coins of each date received, and the
extent of the abrasion which has taken place. [We omit these
demand.
MIXOE COIN.
close of the fiscal year the Treasury held $868,465 64
coin, an increase of nearly $100,000 over the amount
held at the close of the preceding year.
The amount was
reduced by October 31, 1885, to $719,831 24.
It is evident that th-re is a redundancy of this description of
coin.
It is recommended that the three-cent piece be withdrawn from circulation by redemption, and that the five-cent
pieces be redeemed and the silver half-dime of greater weight
Acthe
in
minor
substituted.
A large portion of this coinage, although fit for circulation,
requires cleaning, and an appropriation for that purpose is
asKed
for.
In order to save the expense of coining and distributing minor
coins when a sufficient supply is already in the Treasury, it is
recommended that the coinage be suspended and future
demands be supplied from the Treasury offices at the cost of
the applicant, as this is the only practicable way in which to
prevent a constantly-recurting redundancy.
»
»
»
*
BE-COINAQE OF UNCURRBNT COINS.
Under the appropriation of $15,000 for the recoinage of
uncurrent coins, fractional silver of the face value of $250,315
35 was re-coined during the fiscal year, at a net loss of
$13,065 97.
Unless some other measure looking to the re-coinage of the
fractional silver coin is adopted, it is recommended that for the
coming fiscal year an appropriation of $10,000 be requested,
for re-coining such uncurrent coins as may be received.
FRACTIONAL CURRENCY.
The amount
of fractional currency presented for redemption
slowly decreasing each year, notwithstanding the fact" that
over $15,000,000 is still nominally outstanding.
The redemptions since 1876, when the issue ceased, have been
as follows
1877
$14,013,458 1882
$'8,70S
1878
3,8i.i,369 1883
4ii.537
1879
70,5.159 1884
20,G29
1880
251,717 1883
15,895
is
:
1881
10',001
The following statement shows, by issues, the date when the
issue ceased, the amount issued and outstanding, and the per_
centage of the latter to the former
Date when
l£sue.
The following table contains a earef ullv-prepared estimate of
the amount of fractional coin now in circulation (inc'uding
the
amount in the Treasury), and of the amount of the loss on the First...
Snoond
same, calculated upon the basis supplied by the fl?u les in
the Thiid
preceding tables:
Fonnh
Feb.
Apr.
Feb.
FlfcL...
Feb.
issue ceased.
May
.
2-, ]8i3
23, 1887
16, 18-9
16, lt-7o
15, 1876
:
Total issued.
$20,215,635
23,161,481
86,ll.'i,029
17ri,567.0.<2
62,(i6 1 ,800
$3C8,7'.;4.(»79
Pertod.
Amount
Estim't'd
Pieces
Av.WKht
coined.
am'i in
in
of each
estimated
piece.
circulaiion.
circ'la'tn circulat'n.
Half
dollars.
Prior to 1809
1806 to 183H
1837101852
1863tol8;3
Grains.
127,000
757,000
33.598,032 17,266,01)0
Total half dolars.
standard
oz.
393,599
41.740,4S8
34,115.08'
1874 to 1878
1879 to 1884
Quarter
t
Weight of
254,000
1,514,000
34,533.000
20i-710
201-788
187-612
190-249
192-252
15,848,948 996
18,74194",
106,381-581
936,4n9-675
13,497,119967
22,899,560 19,991,000
20,930
20,900
39,982,000
122,705,735 38,I'J1,900
76,323,800
189-3<!1
30,103,889- 144
31,200
99-737
6,428-160
143,758-722
7,457,891-478
11,601,147-825
41,800
1837tol8W
1853 to 1878
1874 to 1878
1879 to 1884
Total quarter dollars.
493.907
898,000
2,839,133
18,002,178
7,800
174,100
69
9,645,700
83,582,800
09-087
92-782
16,475,931 14,719,000
18,770
18,700
58,878,000
94-581
74,800
95-707
14.92S-366
38,493,9^ 24,665,300 98,281,200
93-907
19,224,157 511
1,400
Dimes.
1793 to 1381
Total
18.293,172
7,272,800
72,728,000
6,553.237-350
179,564.826 70,000,OOJ 247,313,000
54,881,034-046
'"^"^''"' ^°'"''"*^
P''""' '" ^^'^^ tUeflaenees of the Bilver wa
«S?^892-4
The estimate of th^ amount of dimes in circulation
has not
received as much care as the statements
of the half and quarter
the actual circulation\bout
«?Moonn'*Th"l*^l"^''l^'V«
*1,000,000.
Ihe loss by abrasion on the dimes h^s been flxei
?!?'• t'^^'.being about the loss shown for a series of
y«ars on the re-omnrge of smaller
fractional coins.
™.J1
r^r.tL'^'''f^L"J *7»-000,000 of fractional si'ver coin, at the
grains to the dollar, is 56,262.500 sandard
»
i
Ees
Ontstandlni;
June
30, '85.
Peroentage outstanding to
amount
isaued.
$4,281,342
3,106,425
2.984.178
3,693.248
21 1
13-4
1.274,921
20
42
3-5
21
$15,340,114
The proportion
of the earlier issues of this currency reported
as outstanding is so unusually large as to attract attention.
The United Srates notes issued prior to 1875 were exposed to
the same amount of wear and teir, and so, too, were the
National bank notes ; bun the percentage of the am mnt of
these notes outstaading differs widely from thifc of the frac*
*
»
*
»
tional currency.
Very respectfully your obedient servant,
Treasurer of the United States.
C. N. Jordan,
Hon. Danibl Manning, Secretary of the Treasury.
dollars.
Prior to 1811
1881 1« 1836
XU
Anew coinage with a weight of 30 grams, of 440 grains, of
of 28 grams to the dollar (the weights in grams beins; suggested
as suitable for a future international coinage), would afford
sufiicient margin between the present value of the ounce of
silver, 900 fine, and any possible increase in the future price of
silver; and would, further, provide a snm, in the profit to be
derived from the continued and wider use of these coins, large
enough to replace the abraded pieces as they become unlit for
circulation.
The new coins should ba made a legal tender for,
say, $30 or $50, in order to encourage the hoarding of them.
New designs possessing greater artistic merit than those of the
existing coinage should be furnished by competition.
The
half-dime should again be coined, with the additional weight
herein proposed, and the present five-cent nickel pieces should
be called in and used in the other minor coinage. The proposed currency would meet an existing want and an extensive
tables.]
(Weights expressed in thoueanatlis.)
[Vol.
THE DEBT STA TEMENT FOR NO VEMBER,
1885.
The following is the official statement of the public debt aa
it appears from the books and Treasurer's returns
at the close
of business on the last day of November, 1885, according to
the new form adopted April 1, 1885.
INTSBEar-BEAUINO DEBT.
Character of
Uiue,
Amount OuUtandtno.
Inter'i
P'u'ble
Registered.
Option.
194,U'i0.500
t^s
1891.
1119.169.800
4s
1907. Q.-J.
Ss
4s refdff.cerifs.
3s,
Q.-J.
J.&J.
J.&J.
pension
PdOiflc
BKs
Aggregate..
..'c^^^;'?''''"""'"'''
SIS,^.*"'
Coupon.
50.830,200
805,278,750 13 3,48 1,100
•84.823.512
194,190,500
250,000,000
737.742,850
221.750
14,000.000
•64,823.512
l.M3.262.3r|2'l83.894.300 1.280.778.812
-'iin. 18,
*• ''***•
Due
.4rcru«dl
& Unpaid.
Interest.
t
05.973
319.774
1,171,827
67.665
210,000
2.812,500
4,918,285
10,5'.>9
l,flI5,537
Int.
1
t
485,4?n
1,478
176.000
.814.780 10.(10S.S28
1895; $640,000 Not. 1. IS95; $3.88 CK)0 Ian I 1898W9'i »29.»04,9i2 Jan. 1,' 1898; $11,004,506
»»'''l'^'"0''i«'- 1.
I
I
.
.
Dbckmbkb
THE CHilONlCLE.
12, 1880.J
DBBT ON WHICH INTBHHDT HAS OlASau SlNOa MATUaiTT.
AcgroiaMof dabt oa
Intsnit dua
Mill
whioli Inuirait
huoauad iloM
uuklurltr
I*
|.t,MO,tW,
anpald Ihoreun, 1317,080.
688
our goodi—« wholMooM f««r of rtMlklor/
engmdMed.
The olUmato beAring of th« home eretiu of the week oa ow
commercial future ihuuld be •atlefeotory, and li la to be hoped
Amomu,
that the promlao of a period of qaietneae, oosOdeaee and prae*
Old domand notas
I07.-W perlty may ripen into an aotnal faot. Then hm at times
Legul-tondor notaa
MS,S81,Uia been Home
uneaalnoea, oaueed by the Serro- Bulgarian troablei,
Oonltlrutoa of deposit
17,7U,O0O
liOia luuounl bald In Traaanrar'a oaata
SIO.OOO17MS,«W owing to the apprehenelon ttut if Bulgarian viotortM to
Gold cortldtfatos
140,0«T.OM
puehed much further, Auitria may be diepoaed to Join Is iIm
1.059 itmuunt hold In Trooaurar'a oaah
S4.4««,IM8- ioo.e»t,OM
dispute; but as any movement from that quarter would al
6UTor cartltlctttes
UI.7d7,IO«
onoe elevate the struggle Into one of flntola* importanoa,
LoM umouut hold In Treaiuror'a aaah
!i3.a'it,ia4in,7(»,«is
rrnctlooal curronox
10.339.008
and introduce yet more powerful antagonists on the fleld of
Lcs8 amount ostlmatad aa lost or daatro/ad..
action, we may trust that the rumors oiroulated will not beAggragate of dobt baartng no Inlareat.
»Ma,sio,tu
come facts. The death of the King of Spain ie certainly »
meet untoward event, the mo.-e so that the hetreeetotiM
BBOAPITDLATION.
throne i« but an infant. The ohanoes of a revival of Carlism
PrtnelvaL
IntffwC
nial.
and a civil war have to be proridel for. It will oerUtereat-boarlnx dobt«
t
«
1
tainly require a succession o( Arm and popular gorerameota
390.000,000
*H>
737.74)i.8J0
to carry the nation through the critical period which moat
4a
104,1»O.BOO
Sa
follow the untimely decease of Alfonso XII. In a country
3^1.730
Hefundlnx aerllBoatoa, 4a..
noted for its pronunciamentoe, revolutions and civil wan,
Navj I'enslonrund, 8a..
14,000,000
Paclflc Kll. bonds. 8
«i,«ai,5i«-i,8eo,778,ei8 11353.088 i;«3.B3l,700
ot.
the anxieties of the present position will be readily rccognbed.
8.069,100
Dabt OQ which Int. has oeasod
317,030
8,780,141
Business operations during the week have naturally suffered
Debt bearing no lnt«reat—
from the political excitement, and there his been somawhat
34e,738,80S
Leiral tender notes, &o
17,055,000
Certlflcatej of deposit.
less doing
but for all that the tendency has been favoraUe.
103.5M,09S
Gold corliaoatea
Metals are still hardening, and the wool siles are progressing
surer certlfloatea
W,702,«I3
with spirit. It is singular that in spite of the succession of
Fractional ourrenoj
009,810.114
«,S5»,074— 0»g.010,tl4
favorable trade reports published, the number of commercial
Total debt
l.a'»3,857,83S 13,070,134 1,845,037,850
DBBT BBAUlNa NO INTBRBST.
1
..
i».
.
;
Leas cash Itema arallable (or redaction of the debt.
Leas reserve held for redemption of U. 8. notes
...|33l,4S3.0it4
Total debt, less arallable cash Items
In the Treasury
1.014,475,381
Net cash
Debt, leas cash In the Treasury, Dee.
Debt, less cash la the Treasury, Nor.
01,330.005
1.
18S5
1830
l,403,5lt,T6<)
1,447,857,598
4,887.108
|p0uetavgsC!P0mmerctal ^uqUsTi ^cwjb
BATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
MXOBASeB AT LONDON- Not.
Amstordam. 3 mos.
27
SaU.
Time,
«12-3^
"4 912-1%
Vi-2,\
Amatordaui. Sife'Ut.
12 1
HaiubuTK..
3 mos. 20-53
Berllu
Frankfort...
Vienna.
Trieste
**
20-63
»20-5b
»20-56
«<
eo-.'ss
•a2o-.50
Antwerp
••
.
. .
.
St. Petersb'i;
Paris
Paris
t*
l2-68%al2-7lJ4
««
12-Ppl%a.l2-7H(
^5.^0 a 25-55
23>4»23id
It
Bhort. 25-,;0
^ib'i&H
3 mos. 25-a8!|i»25-4-;»s
Oenoa
**
Cadiz
U8l»on
Alexandria
tt
4&°8a45>«
**
dl7g«51!|i
Dem'd
Is. 6B,ed.
la. BBiad.
Bomlmy
Caloiittu
New
York...
Hou»f Kong^.
Bhanghal
MZOHANea ON LONDON.
Lat4Ml
DaU.
Nov.
Nov.
Nor.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
2S-til>4»23-66i4 .Nov.
15!>8»45>«
Nov.
Constiiut'ple
n»M.
SaU.
Short.
12 05
Short.
20-34
20-34
20-31
1258
3 mos.
25-27
23 »8
Short.
25-21
3 mos.
4630
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
From this we may infer that the actual orders resulting from the more numerous inquiries have not so far reached
a heavy total, and we must defer the prospect of the realisation of our hopes until the turn of the year.
The money market is again showing signs of w^akneat. In"
stead of an improvement the demand seems to fall off, and
quotations consequently are weak so much so, indeed, that
they have turned the Continental exchanges against us, and
gold is again commencing to go to Germany. There is no
80 days
.Vov.
4 mos.
;
an early movement of imparlance in the value
money. The weekly Bmk of England rrturn is favorable.
The reserve has increased as much as £636,894, and is now
£13,937,000, or about £1,930,000 more than last year, whilst the
stock of bullion his increased to £31,363,000, and now exceeds
last year's total by about £-;:,350,000.
The position of the
Bank of England is clearly very strong, the proportion of
reserve to liabilities being 46'1 per cent, and any ordinary
foreign inquiry for maaey will no doubt be easily arranged
without the market here being much influenced.
The rates for money have been as follows
indication of
of
:
Opsnmarkst
3mn8.
I'el.
t'rs
Nov.
ratss.
109-87
Is. 6B3~l.
Is. 63,ad.
feeling in this country, so emphatically demonstrated in the
course of the elections, thus far augurs favorably for the future
of our relations with foreign states. The unsettling doctrines
of the ultra radical party, which were being so persistently
advertised by a clique of noisy politicians, and which have operated so effectually in damaging the liberal cause, will have, for
the time at least, to be rele;<ated to the limbo of comparative
oblivion.
The chances of an early settlement of the Eastern
question must certainly be said to have increased, and the
also at once
weight of English counsels been augmented.
become more advantageously placed for negotiating commercial treaties, and by presenting a steady front and making
ourselves effectually heard at opportune moments, there will be
We
wholesale disposition to close foreign markets to
BtUs.
IVads BCUs.
|
JUKt
IVm
1
8a. 5<«d.
4s. Hied.
London, Saturday, November 38, 1885,
Political events have been the absorbing theme ot the week
just concluded. Both at home and abroad affairs have been
Bcannei very critically, and their ultimate bearing upon our
future relations, commercial and otherwise, with foreign
countries, endeavored to be ascertained. We are for the moment, however, in a transition state, and must await the complete development of events Ijefore forming reliable anticipations as to the future. The marked increase of cons3rvative
Bank
iMKton
4-83
IFrom oar own oorresponaeat.J
lees of that
statistical
trade.
1,
Increase of dobt durlnK the month
On-
does not appreciably increase.
Neither it there any
evidence offered either in the railway trafllc or in
the Bankers' Clearing House returns of any real improvement in
bills
100,000,000 t33l.453.9M
ma
nrar
TkrM
Xontkt Vmtlu
Oct. 33 3
••
30' 3
Nor. e' 3
••
l.H 8
!)<•"- »!<»-,l).»3
iH»i«
3
Mmr
IHUMI-tCS
1
« - 3M» - S • - «X» -8 • 3M» - 3 a -»^*aH 8 » -
1
1
•anan^aa
»aH 3 ta
l3M»3<4 8 «3M
«H«-8>4«a
IM
IW
1«
,8
"80,3 »«» - ^e - s«» - 3x»3
" 27 3 3 «3M 3X9 - m'i - <>H*3
Disc** ft**'
At
aiotk
Montlu Itontiu Banla. OaU.
Sto
:s
7eal4
Daw.
M
M N-N
<t 1
-1
IK-JN
»>«
IM
iK-tM
l<*
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of oonsola
the price of middl ing upland cotton and wheat, and the Bankers >
Clearing House return, compared with the three previous
years:
1885.
Llronlatlon.exoladtng
a
7'day A other bills. 2*.0<«.l75
Publlo deposits
2,9 U, -to.?
}th4r deposits
24.8 3 i.-*"!!
(Joveram't aaourltles. 12,<01).010
20,111.03^
Icher seoarities
R is' ve of notes A coin 1-J,92 7,798
Join and bullloa In
both dnptrtiueats.. 21,263,971
Proport'n of reserve
461
toltabliltles
Bank rate
3
Oonsola
GUK. wheat, av. prloe
VId. Upland ootton..
The Bank
a
a
24.811.290
25.462,010
b.i
23,>l-<3, l7.^
2-2.loe.491
13.3l2.«7i
U.9-i!t.0i»i
2!.3II«.»I4
19.T82.8.M*
10.:4'«l.067
22,i;iS..i80
11,023.521
13,0J8,319
ll,0O9,'19»
19,918.971
82,100,809
20.721,309
89%
5
p. C.
p. 0.
100%
81s. Id.
6%
I.
9BMd.
rate of discount
ohief Continental cities
have been aa follows:
4.0J2.2M
l..,'<72
2.'.i;10.i)l2
30.1. 10 L
4 \l.
86,3 J7, 'WO
188S.
a
100i»i.d.
40 male
twist..
Olear'tc-Hoaae ret'n
!(o.
p. 0.
p. 0.
1888.
1BS4.
24,812,1^0
90,129,000
43>4P.O.
3 p. a.
41H
p.e.
5 p. a.
101% 100% ex
«0< Od.
d.
40a. lid.
5", ad.
5%!.
9%d.
lod.
90,834,000 98,04I,<>00
and open market rates at the
for the previous three wdeks
now and
:
:
THE CHRONICLE.
684
Sov.
Satttot
bittrutat
yov.
26.
Bonk
Rati.
MarM
8
4
4
4
Paria
Berlin
Frankfort.
Hamburg
Amsterdam
Bon*
Open
Batt.
Marhet
Bank
BaU.
OpMl
Market
8i4
»*
sia
8«
8
Bnuaeli.
4
s«
4
Madrid
Tienna
4
e
4
4
4
314
3
4
PeterBbnrg.
6
6
Copenbaeen...
4
4
4
Messrs. Pixley
& Abell
Opm
Bank
BaU. Marktt
3
4
4
3
2;^
Beans
4
4
4
4
IMPOBTS.
1884
13,166.017
1883
1885.
owt. 14.166,489
Wheat
2}^
6
the
3,794.90r,
5,582.400;
3,104,312
3.127,532
511.977
882,740
6,101,196
2,973,239
Endlanoom
Flour
527,250
8S7,854
4,325,015
3,59d,740
1882
16,928,036
18,902,272
5.8fi3.3H3
3.7.')1,'<36
3,155,073
297,887
635,311
7,157.70S
3,513,478
2,202.452
271,994
295,189
2,940,(!30
3,325,987
Supplies available for consumption (exclusive of stocks
September
write as follows on the state of the
market
Gold— All amonuts
bullion
In the open market have been eagerly purchased
for eiport to the Continent, the Bank only receiving such sums as
arrived In Boverelgus. The total so received is «L48.C00, but agalust
this *83.()00 h:vve bien sold, ohiefly for Malta. The arrivals here have
been considerable, and the chief are : Per Garth Castle from Cape
*4,80(>: Galileo from Brazil £5S.5O0; Coromandel from Caloutra £i4,000: Boseita from China £161,600; Ferdinand de Leeseps from Central
America £56,500, .ind the Tartar from Cape of Gnod Hope £4,000;
total, £330,300. The Elbe takes £11,000 to Brazil and the Nepaul
ilS.OOO to India.
Silver— With an inquiry on Continental account, and with but little
here, bars advanced from 47»i.d., which was quoted last week to
47lifld.. which is to-daj's rate. TheP. AO. steamer takes £60,000 to
of
first
twelve weeks of the season:
2«
m
Kingdom during
produce into the United
cereal
Barley
Oats
Peas
8»
4
4
The following return shows the extent of the imports
6.
4
4
e
BU
Nov.
18.
8
4
4
4
B
4
4
4
m
m
Nov.
19.
[Vol. XLI.
on
1):
1885.
1884.
1883.
1882.
Import80fwheat.owt.l4, 156.489 13.166.047 16,923,036 18,9' 2.272
Imports of flour
2,973,239
3,596,740
3,513,476
3.325.987
Sales of home-grown.. 10,956,961 12,188,40J 11,898,033 10.187,270
Total
28,941,187
28,036,689
32,334,545
32,415,529
home-grown wheat, barley and
the leading markets of England and Wales during
The extent
oats in
of tne sales of
twelve weeks of the season, together with the average
compared with the previous season, are shown
in the following statement:
the
first
prices realized,
1884.
1885.
1883.
Bombay.
Mexican Dollars, with no arrivals of any consequence, remain at
47^d. nominal.
The quotations for bullion are reported as follows:
GOLD.
London Standard.
Nov.2«.
f.
d.
^
Bar gold, fine. .oz. 77
Bar gold, contain'g.
20dwt8. silver. oz. T7 llJi
.
Span, doubloons. oz.
B~Am.donblooos.oi.
Nov. 19.
77
London Standard.
OH
77 11
Nov.
26.
d.
d.
>.
Bar sliver
oi. 47 7-16
Bar Bllver.contain-
Nov.
19.
47 5-16
Barley
Oats
763.884 31
1,124.117 30
114,951 19
51 1-16
have disappeared.
A certain amount of
steadiness was observed at Mark Lane during the earlier part
of the week, but the close on Friday was not so good.
The
busmess done, whilst in no case excessive, was at about the
rates current in the previous week. The lower prices telegraphed from New York and the liberality of the receipts
from abroad have fostered a weak tendency towards the finish,
which has been slightly accelerated by the marked change in
the weather.
Nothing particular has occurred during the
week to which it is necessary to devote special attention.
Notwithstanding the somewhat meagre deliveries of homegrown produce, the markets have been well supplied, and it ig
clear there will be no scarcity in the immediate
future. The
expansion of 7,400,000 bushels in the American visible
supply
may be taken to indicate freer shipments from the Atlantic
ports at an early date, and in that event a
more decisive
tendency towards weakness might be developed here,
notably
if the weather should remain open and
mild. Political affairs
in E istern Europe are apparently for the moment
powerless
to influence the trade, which seems to be solely
confined to the
of actual requirements.
s.
d.
Av'ge
Pr&a
1.
d.
8 49.736 32 7
823.707 40 3
8 1,246.380 31 11 1,007.811 33
133,074 19 3
186,103 19 10
1884
1885.
owt. 10,956,961
Wheat
1883
12,188,400
11,898,033
47M
It is stated that a large amount of shipbuildiDg, something
approaching to 18,000 tons, has been placed on the Clyde this
week. Messrs. Scott & Co. have obtained contracts for five
steamers, with an aggregate tonnage of 13,000 tons. Messrs.
Caird are to build a vessel of 4,500 tons and 5,500 horse power
for the Royal Mail Steam Navigation, and the London & Glasgow Shipbuilding Company a steamer of 3,000 tons for the
Glen line.
At the Stock Exchange settlement, satisfactorily concluded
this week, the continuation rates on American railway securities mostly varied from S}4 to 4.}.^ per cent. Business has been
hardly so animated as usual, the knowledge of the large
" bull" account open having produced a feeling of caution;
but so long as money remains as cheap and plentiful as at
present, a certain amount of steadiness is guaranteed to the
market.
Dull and uneventful grain markets have to be chronicled.
There has been no redeeming feature suggestive of an early
return of animation or indeed of operators being allowed to
go outside the limits of actual requirements. All symptoms
of speculation
d.
Sale*.
Converting quarters of wheat into cwts., the totals for the
whole kingdom are estimated as follows:
IngSgrs. KOld..os. 47 18-16 47 11-16
Cake silver
o«- 61 3-ia
Mezloan dols...oz. 47«
building Company.
yn^
t.
ScOei.
Av'ge
Price
d.
Tenders for £1,166,000 Treasury bills will be received at the
Bank of England on the 3d prox., to replace a similar amount
maturing which was issued in September last, at an average
discount rate of £1 9a. 7'86d. per cent.
The old established shipbuilding firm of John Eider & Co.
of Glasgow has been registered as a limited liability company, under the title of the Fairfield Engineering and Ship-
satis
Sales.
Wheat, qrs. ...........
SILVER.
Av'ge
Price
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Atprenenl.
1,612.100
Wheat
qrs.
Flour.equal to qrs
Maize
qrs.
171.000
259,000
Last week.
1,447,000
151.000
216,000
Last year.
1,722,000
138,000
105,000
1883.
1,708.000
176,000
165,000
Eusllab Financial ITIarltets— Per Gable.
The daily closing quotations for securities, &c., at London
are reported by cable as f oUows for the week ending Dec. 1 1
London.
Bllver,
peroz
d.
Sat.
Jfon.
47'3
47 19
9938
9!lBi6
Ooosols for money
Consols for account
995,8
99%
80-55
30-70
Fr'oh rentes (in Paris) f r
11538
11538
a. S. 41^8 of 1891....
127 >8 127
D. 8. 4s of 1907
58=8
58Te
Canadian Pacitio....
99
Chlo. Mil. & St. Paul.... 98%
27^8
iSrle, common stock....
27
I4II3
1411*
[llinolB Central
56I4
56%
Pennsylvania
11%
Philadelphia & Reading 11 '8
10938
1 09 '8
Sew YoM Central
Tucs.
Wed.
Thura.
PH.
477,8
9938
9938
80-74
II5I3
47018
993i8
995i6
47 3g
995ie
47318
127i«
5838
26>8
1«
55O8
11%
10778
9956
58%
81-15
II5I3
I2718
5838
9h''8
97
11538
127
97%
141
8100
251s
1401a
55
11
10638
2558
111
5514
11
107
994
99B,ft
80-95
1:519
1271s
57 »9
96
2419
1401a
54V1
lOH
105ij»
(£>ammtxti^\ and latsccllatteaxis %tmB
—
National Banks. The following national banks have lately
beenoreanized:
3,416—The Cheyenne National Banlf, Cheyenne, Wyomin? Territory.
Nathaniel R. Davis, President John W.
Capitnl. $100,000.
;
Collins, Cusliier.
3,417— The Facillo National Bank of Taooma, Washington Territory.
Charles P. Masterson, President; T. B.
Capital, $50,000.
Wallace, Jr.. Cashier.
Capital. If 100,000.
First National Bank of Asheville, N. C.
William E. Breese, President James .S. Churchill, Casliier.
3,418— Tiie
;
Bonds Held by National Banks.—The foUnwing
interest-
ing statement, furnished by the Comptroller of the Currency,
shows the amount of each cl.iss of bonds held against national
bank circulation and to secure public moneys in national bank
depositories on Dec. 1.
gave the statement for Nov. 1
in Chronicle of Nov. 7, page 515, and by referring to that tho
changes made during the month can be seen.
We
U. S.
DeseripUon of Bonds.
Act July 12, 1882....
Curreaoy 68
38,
Total
Changes
—
in
Bonds
mid
Public Deposits
in Banlcs.
Dee. 1, 1835, to
Bank
Circulation.
Secure—
Total Meld.
$8,967,000
120,000
1,697,000
7,428.000
$138,106,150
3,505,000
49,876,950
115,758,150
$147,373,150
3,625,000
51,573,950
12J,184,150
$18,212,000
$3()7.54t.'2.50
$-125,7.S6,250
Legal Tenders and National Bank Notes to
Dec. 1. The Comptroller of the Currency has furmshed us
the following, showing the amounts of national bank notes
outstanding Nov. 1, together with the amounts outstanding
Ddc. 1, and the increase or decrease during the month; also
the changes in legal tenders held for the redemption of bank
notes up to Dec. 1 :
_
..
.
'
Deohubkb
Nalinnal BaHk yolesAnidunt outaliiiuUnn Nov.
Amount
Amount
THE CHEONIOLE.
12, 1880.J
1,
188S.
92,363,360
079,690
Noy
rotlrod UuriUK
Amount outatandmg Ducomber
Legal Tfmltr Ifota —
1,
1889*
redMm
1,
fraaoe
bank
9«tm»nT
•39.158,710
92.f>46.32l
679,690
3,166,631
nattonki
1S85
West India*
Kszloo
Sooth America
ill other oountrtM.
•11,325,3(1
Acflonlinjc to the above, the amount of legal tenders on
deposit Nov. 1 with tlio Treasurer of the United States to redeem national bank notes w.os |U,.3>.5,841. The portion of this
deposit made (1) by banks tecoraing insolvent, (2) by banks
going into voluntary liquidation, and (3) by banks reducing or
retiring their cuxuilation, was as follows on the first of each of
the last five months:
A.ugu»t
by-,
1.
Sept. 1.
Oct.
Ineolvont bks
698,584
715,203
Liqui.rtV liks 13,79«,06U 13,774.242
KeilurV
T*tal 1H84...
Total 188A...
Total 1888...
Sot.
1.
1.
8
$
683,344
Ulnr.
Jtrtmtutiuta
Pranoe
9«rman.
VMtlndlM
vextoo
ionth America
All other countries.
Total 1885
Total 1884
Total 1898
9
r84,960
596,210
1 3,665, 142! 12,778,010 12,778,010
act of 1«71. 24,.589,123 24,714,133 25.625,657 25,795.710 27,951,121
89,084,373 39,203,578 39,t)74,143l39,158.710 41,325,341
November and
for the eleven
months of
_
m
Batanetn.
Date.
Iteeeipti.
•
1,012.543 76
1,488.789 81
1,057.19.> 39
1885:
Deo. S.
••
Month of Kov., 1885.
Pieces.
Double
Talue.
Pieeet.
693,744
293,500
13,874,880
700.000
1,380,000
1,250,977
6,254.883
2,«J2
2,140
4,121
eai^Ies..
EagleH
Half ea^lc8
70,000
2'^,000
Three doUarg...
Quarter eaglea
874
856
Dollars
4,121
Total gold
"
"
"
Bieven Monlhtin 1835.
Denomination.
10.
11.
77.^.397 52
:i78.995 95
899,215 49
Total...
e,H0.432 92
Value.
2,!i35.000
7.
8.
9.
"
liroadway
'
2.080.000
2,241,072
23,073,648
etand.ird dollars.
2,900,C00
2,500,000
26,169.4S7
Half dollars
Smirtcr dollars..
Imes
26,169.437
6O0
*00
300
l.>0
New York
660.000
66,000
2,146,787
214,678
of the Stock
Total Bllver
3,160,000
One
28,317,424
26,384,565
73,755
72
795,000
7,950
1,475,100
2.40U
10,865,900
795,000
7,950
12,343,400
182,486
4,301,000
4,653,950
42.904,896
49,640,699
cent
Total minor
..
Total colnacce..
securities
2,566,000
I
108,6.59
Payment*.
Coin.
•
OMrrtHey.
•
•
1,120,448 26 171,420,874 02 12.174.716 19
93j,9i3 46 I71,743,»u8 02 IJ..'iTu s.%8 94
870.251 27 171,804.939
•i6 42
832,333 68 171,71^1.457
II
60
678,156 09 171.936.2H
135 74
1,148,072 75 171,732,756 75,12,571,1)^5 87
5,589.175 51
Snrface Bailroad.— This company has sub-
mitted its report to the Railroad Commission at Albany for
the year ending September 30, in which it is stated that the
cost of the road was $3,452,000; that $48,000 of the stock is
unissued, but subscribed for, and that the cash on hand
amounts to $mO. The liabilities are $1,000,000 capital and
$3,500,000 funded debt.
346,000
Five cents..
Three cents.
3.-^(•.7••
Of the above imports for the week in 188".
American gold coin and |.'5,1.|0 American sllrer u ..n
of th0
exports during the same time, $14,.'538 were American
koU
coin and $1,700 American silver coin.
United States Snb-Treasnry.—The following table shows
the receipts *nd payments at the Sub-Treasury in this city,
well as the balances in the same, for each day of the past week:
CoiNAaE BY TJ>nTED States Mints.— The following state
ment, kindly furnished us by the Director of the Mint, shows
the coin.age at the Jlints of the United States during the month
of
•1.7»7,T7»
Dec.l,
un<l"r
Total
raw vom.
at
1,683.670
•Clroalatlon of national cold banks, not Inoladed abore, •378,689.
DtpoHt*
tnon
iw>ooti op
•317,1161560
.
notes Niiv. 1, ISS.I
Amonut dcpusiU'd durlni? Not
Amount n^-liigued Si b'nk not«a retlr'<l In Nor.
ilAposIt to
bttuk note* Doeenibcr
um
SiMt Britain
Anioiiut on cl^pnult to ro<li.>em natlODkl
Amount on
mxromn
93IS.463,890
IhsikmI diirliij; r<,iv
Stock Exchange.—The Governing Committee
Exchange have voted to list the following new
:
Northern Illinois.— First mortgage 5 per cent bond-", from
No. 1 to No. 1,500, amounting to 1,-500,000.
The bonds are
secured by a first mortgage upon 75 miles of main line between
Belvidore and the coal fi^^lds, being at the rate of $30,000 per
They are dated April 1, 1885, payable March 1,1810;
mile.
bearin? 5 per cent interest m semi-annual payments, on March
1 and Sept. 1 in each year, and each of the bonds is guaran-
teed, principal and interest, by the Chicago & Northwestern
Imports and Exports for the Week.— The imports of lasf Railway Company, which is the sole owner of the property.
Northern Pacific- $605,000 general first mort^ges and
week, compared with-those of the preceding week, show a
per cents of 1931, and the registered bonda
decrease in both dry goods and
general merchandise. land grant gold
The total imports were I^.I^S.SIS, against |8,476,l-!6 the pre- into which they may be converted, making the total amount
ceding week and 16,975,812 two weeks previous. The exports now on the list $50,509,000.
Norfolk & Western.— $501,000 Improvement and Extenfor the week ended Dec. 8 amounted to $8, 33(5, 90-), againd
f4,621,023 last week and |5,63^.'t39 two weeks previous. The sion 6 per cents, making the total now listed $3,106,000.
Milwaukee Lake Shore & We«tkrn.—$97,000 additional
following are the imports at New York for the week ending
Michigan Divi8i<m first per cents of 1934, making the total
(for dry goods) Ddc. 3, and for the week ending (for general
merchandise) Dec. 4 also totals since the beaming of the listed $1,113,000; 3,500 shares additional of the Milwaukee
Lake Shore & Western common stock, making the total
fint week in January:
$3,000,000, and $1,000,000 of the same company's Ashland
(>
;
roRBiea imports at
Itor
Week.
1882.
hbw tokx.
1883.
1884.
Division
first
6 per cents of 1935.
—
1885.
Auction Sales. The following were sold
by Messrs Adrian H, Muller & Son:
Shiirtf.
Dry Goods
$1,763,162
5,158,327
Sl.534.819
7,809,685
•1.148.601
5,165,033
•1564,578
Qen'lmer'dise.
Total
Since Jan.
•6,921,489
$9,344,501
$6,603,610
$8,123,612
.»124,838,95l:$ll5,9^9,133 110^.009.082
313,688,384 318,339,2) 1 290,12 7,174
269,9 1.^,783
6,559,034
1.
Dry Goods
Oen'l luer'dise.
Total 49 weeks. fl68,527,335 $134,328,344 $398,136,256 $364,514,568
In our report of the dry goods trade will be found the imports 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 Dec. 8, 1883, and from Jitnuary 1 to date:
XPOBT8 PBOM
RH«V
Insiirancn Co
IOO-IOOI4
109 Brooklyn Raak
129
450Ftroiuen's Trust Ins. Co.
of Itrn >klyn
6L iiu tr In'<.Co.(less 85 per
For the week...
Pre V. reported..
$7,611,049
31S,0i>3.4U5
1883.
$7.878,»80
327,423.^40
1884.
•9.456,220
297,900,756
lot
cent imldl
$^9 for lot
1,050 t4reat Wextarn Conaol.
Oil Co. of Prtnn
$ I tor lot
210 Ennlskillnn Palrjleniu &
Ciuiwla
Ki'lliiery Co. of
W.wt
100 Clinton Co
2
*
92 for
M.'tropolltttt Nnr. Raak.
Old Do'uliilon 8d. C.i
lot
51 "«
27>4
80
2.)Kiiult»bl-Oii>iLt.0o.,.'*.Y.U4"«
1885.
IS.23ii.909
302.0.i6,4U8
Total 40 weeks. »325.704..50S $335,304,720 #307,416,976 $310.i7l.l03
Fulton
B.knk
112
10 i>niiol. U,tH C I. of Biklt.. 45
142'*
.50Niiilb Av RR. a>
80 c Muiuori'ialTi^l. Co.,i'om. 20>«
55
I Cllotnii
ll.tll AsMO'tt
165
125Cbiitbi>in Bank
116*4
30 N;iIlo oil P<krk Baok
:i4
1882.
40>ft-t4>4
30 N,-w York llousatonic &
NorcUern KK. Co. .$22 for
26
FORK FOR TBS WKBK
SItaret.
100 Brooklyn City RR. Co. ..215
40 Amoiicun GxohauKC Firo
$94..'59^.785
The following table shows the exports and imports of specie
at the port of New York for the week ending Dec. 5, and
since January 1, 1885, and for the corresponding periods in
1884 and 1883:
Fo-.> I[i».
'•
20U.
s
22 Coru
22 Fulton Niiitonal Bank. ..130
20 Broadway Nat. Bank ...284
50 Central National Bank. .110
10 Continental PIre las. Oo.839
20 Metropolitan Trust Oo. . 11$
23 Nat. Bank of Commerce. 163
5 N. Y. Concert Oo. (LIm.). 31
26 Mercantile Nat. Bank. ...133
40 Merchants' Nat. Bank... 134
45 R.'knk of America
160>t
100 Brooklyn City KR. Co...310>«
100 MetropoUtan Beat Estate
Awoolatlon
•!? 90 V ah.
.
Bond*.
$I,00i> RllBsbsth City A Norfolk RK. ineuiuo, due Jan.
1. iiiro ...
.til 90 tor lot
#
l av. RR. Oo. 7s
•0...1lli}-ll3*lnt.
N.kt.
lOJ
C>
IH,5
40 P.ii^m,' l''ir,' Mil. Co
243
50Fii;l^< Kif In. Co
1'
r.-nadWy
60 Urv l>
''•}
*'n
WiH
5 P.irK
at auction Utely
•
1^..^.. .,....,.> lijiok
131
...180
Ann Harbor
North Uiob. RR. conr.
lo
.*i
A
1st 60, due 1921
OOAIat.
$~>,ooo Denver South Park
Paolfio RR. 1st 7s. due 1909
*
n\
$9,000 Broadway A Sereatb
ar. RR. Oo. 9s. das 1904. 1081*
$17,000 St. Lo<d« Kansas A
Northern RR. (St. Charles
iiri,iin<i utiB. 6a.dne 1906 9i\
. .
<
i<
^
....
New Albany A
It. Oo.
<Chlc.
Ist6a
*
M>i
:
.
.
6
.
THE CHRONICLE.
686
LVoL. XLI.
INC02IB ACCOUNT.
%ma&stmznt
1882-3.
Receipts—
^,^i^xov^&
Net earniug.s.
Other receipts
luteXligjewce.
The I.WESTORS' Supplement contains a complete exhibit of
and
Funded Debt of States and Cities and
Bonds of Railroads and other Companies. It is published
on the last Saturday of every other month—viz., February,
AprU, June, August, October and December, and is furof the Stocks
the
nuhed without extra chargeto allregular subscribers of the
Chronicle. Extra copies are sold to stibsoribers of the
Chronicle at 50 cents each, and to, others than subscribers
at |1 per copy.
Totalincome
Bisbnrsements
:
& New England Company, lessee,
saves $50,000 per year.
W.
T. Hart, the President, remarks in his report that
after paying all charges for the year, int luding interest on the
bonds, there was a deficit in the vear's income of $113,460,
and then says: " It is true that the charges payable out of income for the year are less than this amount by $44,000, representing coupons funded by the company in its second mortgage bonds, and if con.-idering only ihe receiver's income and
disbursements, the deficit should be reduced by this amount,
and so be stated at $69,460. The amount cliarged to ' rent of
other roads' includes a payment of $73,675 to the Norwich
Worcester road during the year. This may not be expected
&
as a future charge, the rental of that road having been refair statement of the
duced, as is explained in tliis report.
matter is, that your road has substantially earned its fixed
charges, although technically it has failed to do so by $113,460.
The most important question is, whether these net results have
bef.n obtained by negh cting repairs and renewals, and thereby
lessening the value of the pror)erty.
Upon this it may be
stated that the Railroad Commissioners of the several States,
in giving the result of their official examinations of your
road, speak very highly of its condition, and it is believed
that the increased net out of smaller gross earnings is not the
result of any starving of the plant, but because the volume
of traflic which barely pays expenses has been less^ned
(thereby affecting the ratio of net to gross), and also because
the prices of labor and supplies, especially coal, have been
low, which has reduced the absolute expense of operating the
road."
The report then comments upon the brilliant financial transactions which have taken place in the rt tiring of nearly all
the car trust certificates wjth second mortgage bonds carrying
only 3 per cent interest during the first five years; in reducing
the Norwich
Worcester rental from 10 to 8 per cent, and
thus effecting a permanent saving of .$50,000 per annum; and
finally, in issuing preferred stock at par and paying off all
the floating debt with the proceeds, so that on Dec. 5, 1885,
this whole embarrassing debt was practically disposed of.
It
would be difficult to find another instance among railroads
where such remarkable success, in so short a time, has attended the efforts to rehabilitate an embarrassed company.
Mr. Charles P. Clark, the receiver, has shown great ability iii
A
&
management.
The statistics of
his
are as follows
Interest on debt*
Interest on oar trusts
Interest od floating debt.
Miles leased and coutroUed
...
Total operatel
1882-83.
1883-84.
18"4-«5.
323
143
3v6
145
326
47I
47^
471
145
OPERATIONS AND FISCAL KEBCLTS.
Operations-
1882-83.
4,4-0,331
PasMUiiert. carried
Passenger mileagn
53.815.074
2-07 its.
.
FrolKht(t<)nt)m..ved
].801,3«0
Frelglu (tons) mileiige
15.h,2I3.010
AveiageiatBper ton per mile.
l'380ot8.
Rate per passenger per mile.
Earnings—
Passenger
£«'«•>«
-
1883-84.
4,3
iS
o«0
54 299'3i«
••02 pts
1.788 fisi
138,534'292
l-412'ct8.
$
«
1 112,641
2,114..!.24
l,095..n30
341,488
l,9dD.686
2s6,b85
Total gross earnings
Operathiif rrpenses
3,568,653
3,337,9oT
Mainrenanceof way,&c
Motiyepo*cr
436,163
1,110,985
259,4<8
1,0«1,648
172,761
95,408
Mall, expre»s,
Ao
—
Malmoimnee
of cars
iransportatlon exi^eases
Taxes aud Inaarauce
*»*'""^'
Total
Netearulnga
Per
oent. of op. exp. to
eam'gs
3,186,376
3821277
89-28
3^5,4^1
428.122
1,010,704
74.344
84?,064
83,525
88,903
916,273
82.108
10,113
130.132
1,097,397
1,121,163
669,275
113,459
7,5!'4
Miscellaneous
3,037
Total disbursements
Balance, deflcit
1.017,084
631,603
.
933,2'il
30,.j46
28,769
1,495
Including interest oncost of Boston Terminal lands and also fall
ierest on bonds, wliether paid or not.
'
ii>-
(For the year ending Sept. 30, 1885.)
The annual report has the following : "The extension of your
road from Bangor to Mt. Desert Ferry, which will ultmately
be of great advantage towards increasing the business of your
entire route, has created an increase in the fixed ch.arges of
the company of $40,000. While business in Maine the past
year has been generally depressed, the result of the operation
of your road has demonstrated its ability to meet its operating
expenses and all fixed charges, and to pay a dividend of 6 per
cent per annum on the capital stock of the company," » * *
"There h.i8 been expended the past year for the larger, or
what may be termed extraordinary, expenses, including new
locomotives, extensive repairs to locomotives, newpasenger
new freiaht cars, steel rails, ties for track and bridges,
thesumof $336,000, as against the sum of .$321,000 cxijended
in the previous year for like purposes." * *
"Inaddition to
supplying the deficiency in rolling stock for the European
North American Railway, it has been necessary to purchase
additional equipment for the Mount Desert branch and also
for the Bucksport branch.'' * * * "The cost of these purchases,
together with the expense of other permanent improvements
on these newly- acquired roads, entailed upon the company a
floating indebtednfs.", which, at the beginning of our present
fiscal year amounted to .$600,931.
This indebtedness has been
fund' d by issuing 10-20, 6 per cent boniJs, at par to stockholders of this company to the amount of $600,000.
There has
been carried to equipment accouit the sum of $250,-347, which
was brought over from last year as representing equipment for
the above-mentioned roads.
An important event in the history of the past year is the
completion of the Cantilever Bridge across the St. John River
at Saint John, N. B., connecting as it does the railway system,
of Maine, through the New Brunswick Riilway, with the
Intercolonial Railway comprising 853 miles and the railway
syt-tem of the maritime provinces.
The following statistics for four years have been compiled*
for the Chronicle
cars,
&
454,226
1,025,165
23i,lU
977 175
144 •'58
1884-85.
4,620,579
58.818.:iS7
1-V4ct8.
1,715,661
107,ii39,H53
1 '719 018.
:
1881-82.
1892-81.
1833-84.
310
46
322
363
3'
16.
161
161
Milosovmed
Miles loapod
Total operated..
356
483
624
OPi RATIONS AND FISCAL RF.8DLT9.
1881-83.
Oprrathnf—
lS82-=3.
1883-S4.
9i4,73S
Passonvars caiTiol.
1,15 .937
1,214, 380.
PaK>ongi-r ini'oajro.
34.947.396 45,302.055 49,615,166
2-53 cts.
2-42 ctfl.
Riito ip pas. ^ inilo.
2 50 cts.
Fr't (tnu-) niovod...
566.166
777,4-i9
758.^37
Kr't (tuiLSl uiiloage..
38,900,518 63.783,431 61,032,003
2-75 cts.
2-42 cts.
2-39 cts.
Eato^ ton ip mile..
1881-8&.
52T
1884-85.
1,198,250
783,850
—
Eai"tiin(is
$895,989 $1,147,207 $1,107,413
Passenger
Froiglit
Mail, express, Ac...
Total gross f-aniings
Expenses and axes.
1
Net earnings.
$1190.074
1,067,716
113,389
1,511,961
1,475,845
143,113
1,502,458
146,326
$2,077,094
$2,835,494
1,839,707
$2,816,373
1,7.-)0,710
$2,839,779
1,730,902
$995,787 $1,06.5,663
$1,108,877
l,3.-,9,373
$717,721
147,247
INCOME ACCOUNT
1881-82.
Net earnings..
Other receipts.
Total income
—
Disbttrsemctits
Rcnt:ils paid
Intiri-st on bonds...
Dividends
Total
Balance
disblirse's
1882-S3
$717,721
$99.5,787
5,368
29,121
1883-84.
$1,06 S663
10,421
$1,IH8,877
7,828
$723,089
$1,024,908
$1,076,084
$1,116,705
$54,000
569,542
71,822
$182,958
641.146
197,522
$l«9.O00
661.395
215,532
$189,000
70 .767
$695,364
$27,725
$1,024,620
$1,065,927
$1,106,308
$10,397
Richmond &
$282
$10,157
Danville.
1884-85.
1
215,541
(For the year ending September 30, 1885.)
At the annual meeting of this company in Richmond, the
old directors were elected, except that F. W. Huidekoper was
chosen in the place of C. S. Brice. The stockholders of the
$
1,139.916 Terminal Company directed their directors to confer with the
1,86(1,266 Richmond & Danville directors with a view to further
unifica298,764
tion of interests and management.
The directors elected were
3,25 8,94tf W. P. Clyde, George S. Scott, F. W. Huidekoper, John McAnerney, A. S. Buford and A. D. Shepard. Messrs. Brice and
422,029 Shethar retire.
From the abstract of tlie annual report of
71ii,7.55
President Buford, published in the Richmond newspapers,
174.7611
10«l387
803.110
94,137
1 0,915
2,<>4 1,625
2,30!.? 15
396:276
8S-12
—
—
Receipts—
operations, earnings, etc., for three years
„.,
^
Hues
owned
f
987,231
V3,473
Maine Central.
New York & New England.
(For the year ending September 30, 1885.)
At the annual meeting in Boston, Dec. 8, the following
Board of Directors was elected William T. Hart, Charles P.
Clark, Francis L. Hicginson, Eusta<-e C. Fitz, Jesse Metcalf,
W. F. Sayles, Frederick J. Kingsbury, George M. Landers,
William D. Bishop, George G. Haven, C. W. Amory, Russell
Sage, Gforge M. Rice, Robert C. Martin, Chester Griswold,
Stanton Blake, Wm. B. Dinsmore, A J. Leith, William A.
Mefsrs. William D. Bishop and C. W. Amory were
Tower.
chosen in place of Messrs. Wm. Seward Webb and Cyrus W.
Field, of New York. The stockholders approved of the modification of the Norwich & Worcester lease, by which the New
Mr.
1834-5,
$
396,276
31,848
-
ANNUAL REPORTS.
York
18S3-4.
$
382.277
3,204
9a7.231
6998
the following
summary
is
made up:
The tonnage tran.sported during the year was 1,451,616 tons,
as compared with 1,327,037 tons the previous year.
The number of passengers transported was 659,386, as compared with
667,360 the previous year
;
a decrease of
7,974.
The roadway and track have received, the necessary repairs
—
Hbcehbrr
THE CHRONICLEL
18, 1888.]
Iron bridges ara In courae of rrection at thu
crossinRBof the South Tiger and Pnpcolct rivt ni, on iho Atlanta
& C/hiirlotte road, rrplaoinK llio old HtnuturcH ut thoHe polntd.
The (tiling of tr^Btlex with pprninnriit otnlmnknivnt at viirion)i
ftointa hita been continued with material improvement to the
ine. The «(juipinent is well maintained, the motive power IjciugiiulHitaiitially improved by tbeeritdunl introduction into the
ncrvioi' of lucoinotivt's of u heavur and more eflectivp cIomh.
The miiernl truffle «{ the compiiny Iiuh been well mnint lined
Hnd
during; thu ycnr, as Bhown by the rpHiiltst al>ove Htiited
with the gradual disnppeurance of LuninesH deprecsion, row
visibly Koing on, its continutd improvement may be reasonably expected. In May luct |610,t00 of the company's conRol
boii'ds, issued under the mortgage of 1807, became due, and
were nalibfled and canceled, leaving |2,000 that have not l)e^n
presented for p.-iyment.
The (ollowiiifr resolution, adopted at a meeting of the Richmond West Point Terminal Company, was presented and
referred to the incoming board.
;
&
Htfolrtil, Tliut till' liDiinl of cllreotors of tbiB eompaoy are hcreliy
DaiivlUn Uailnwd Company,
reqiiiHivil to conriT witli tlio ItlclinioiKl
witti a vk'W i>( HiKili tin tlicr iiiiitlculloii »f lutercetB »u<l iniiimgcmcut aa
will l)i:8Caolilevu thcdo rasnlts.
Tb«
accounts.
OROBa SARKINOB.
1884-.'^.
1883-4.
Prom freight
Prom pan.xcngers
From express
From mnil
From teU-Kraiih
From reiirs
From mlHceUam DUB
$V,0 !0,7a5
«2,.'52i'..'C1
Tetal
Interest ou liTveBtmeiitB
$3,981, Ha5
985,708
»)',l.^8
«rO,3!i.i
7(i,01'2
171,!<12
1<;.3.4.'\'.:
2,590
2,-'()8
r4,!i!>0
68,7«4
18,8:8
23,,-|i
5
$3,81.'5,J20
17,71(2
19.517
«3,999,147
OPERATXSO BXPEKSBS ASD TAXB8.
$3,834,737
$6 '4,487
$6.53,.3M
Motive power
61H..'i^2
G21,10i
M«iiit<naiice ut o»r»
214,t
19«.4.'iti
Comliiotln^ trHiisportatloD
M«liiteniiii. e
tif
way
Goutral expcuRcs
3v!
„
48t',l'.'8
.*
.37,3.5.'j
21!>,6S5
20S,708
8G
$2,218,977
2,231,
Total
.•
nir>.ji..-.
$1,615,760
Net reoeiptB
The operating expenses and taxes in 18S4-5 were 56 5-100 per
cent of the earnings.
The income account of the Richmond & Danville Railroad
Company for the year 1881-8o is stated thus:
«1.767,661
Net reeeipts
$323,466
IntereM ou raort/tase bonds
238.140
Intore^toii debenture lioniis*
$l,767,etil
48,361
Interest on ftoaiiii^ debt
interest im N. W. S. C. Railroad bonds
KentMl H. Y. K. & C. Kallroad
ReLtal Pieiiim.ut Railroad
Renml .North Carolina Railroad
Rental A. &. C. A. L. Railroad
780
85,850
60,000
26.>,0CO
466,500- 1,483.097
$284,564
Net snrplns
Less auioiiut expended for—
Couslrueilon of R. & D. Railroad
Equipment (if R. A D. Railroad
Beiteimeat ace, A. &C. A. L. Railroad
Balance over
a°l
$16.9?0
97,881
106,'i3c—
expenditures and cbarges
221,047
$63,517
•This interest has been oharged in the Income account both this
and lust, but no iuieresc has been paid.
yea
Wilmington & Welrton.
{For the year ending Sept. 30, 1885.)
The annual report of Hon. R. R. Bridgers, President, states
that the crops along the line of the road last year were good,
and brought remunerative prices; this year the crops are bad,
with very low prices. The depression in naval stores and
lumber ontinues, and the general outlook is not as good as it
was last year. The through travel, especially to Florida, has
Since the last
increa.sed, and promises a further increase.
annual meeting the company has leased the Wilmington Columbia & Augustii Railroad, on terms that seem to be mutuIn consi quence of this
ally satisfactory to Iwth companies.
lease the report of its operations will be incorporated with
those if the Wilmington & Weldon Railroad. It is expected
this year to change the gauge of the "Wilmington Columbia &
(
Augusta to the standard. 4ft. Sl^in.
The statistics of earnings, etc., for three years have been
Eamingt from—
Pafsenxers.'
EAKNINOB AND EXPE^SKS.
1882 3.
$263,241
:
18845.
$'J89,Hu2
425,!i7il
Preliihi
42''%133
Mall, express, etc
108,055
109,126
$797,420
Total earnings
Operating exp. and taxes.. 6U1,549
$824."57
151,810
Net earnings
$204,631
$373,141
1882-3.
1883-4.
$195,M80
2ti,073
$2n4,»31
23.h4J
1834-5.
$37.), 141
$216,053
$318, 7»
$195,380
Total rarntngB
Operatlu<«xp.audtox«f...
Net aanilDiB
Other receipts
Total
Total
Balance, surplus
$103,078
$80,641
J24,!>H
$80,698
$79,365
(3 p.c,) l(i6,5«2
(8 p.0.)166,M):<
$205,585
$10,469
$24:, 290
$71,283
$245,957
$157,131
Intereii
Dividends
2l>,93"
(6 p.e.)
•^
$7lf),SflB
5l!l,:io«
MSMM
iAbUSi
M7I.7M
gaoA.'iVl
$IB7,t«$
9tl»MB
^M(mI
l«M-4.
1<$4.8.
$ig7,«ll<l
•1I$JIM
tSltU
$ai.M0i
$313,320
iui.iii
$07,734
ST.flOO
$l>^00O
57.600
$M,0$»
}7,M0
$I6.V3a4
$30,HCO
$lS3.<ioO
$.>8,720
$l5l,n0o
per CBDt)
Total
Bnlaucc, surplus
wJoR
iSlllIM
l*,nSi
IntciYst
(0
1M4,«,
l«$9-4.
..
„
Intetesi.dlTldeii4a,Me
Dividends
:
mk
.Vet punilngii
Total
jtvnmuttMinn
•It^lU
IIM'8
Rrefipu-
Mtburiemenli—
UOQOKIk.
thrw
Inwv a.
&-.':::::::•••.::::::::
Miih.axprM*. •!•
.
$'<8,V3«
Central Railroad A Hanking Co. of Georgia.
{For the year ending Auf/wit 31, 1885.)
The President, Mr. W. O. Raoal, says In his report
"Notwithstanding the reduction of the dividend to S per
c«nt on the capital stock, the earnings from the road, tocetlMr
with the income of outside property, have not been aufnclcnt
to meet it after providing for the usual fixed charg<>s, and the
statement above shows a deflcit on the year's operations of
The policy Bought to be carried out by the board
173,260.
was to distribute, as dividends, only such earnings
remained net, after a proper maintenance of the pr iperty and
the payment of fixed charges but inasmuch as our flscal
year closes on the Slst of August, and under our by-lawa
whatever dividends are paid must be declared in December
and June, the latter declaration occurs when earnings of the
last three months of the flflcal year are undetermined, and
which cannot always bo foretold with accuracy.
" The effort was made, and it was expected to operate the
road this year with no greati rexpenf ethan the year previnus,
notwithstanding the large reductions effected then to compensate for the decrea^ing earnings of that year. This would
have been approximately accomplished but for the occurrence
of three cotton fires during the season one each at Kufaula,
Bamesville and Savannah and the unexpected culmination
this year of a large number of claims for pergonal injury,
many of which originated in previous years." • »
" The expenditures upon bt tterments for the past year were
1304,108. against ?272,309 in 883-4." • • •
" The Geoigia Railroad, although showinc, as usual, a constant increa.se of tonnage, the rales at which it has l> en forced
to work have caused a decline in its reveiiiio.
At the closn of
;
—
its last fiscal year,
March
31, 1 85, its receipts
had
fallen $41,-
487 short of ineeling its rental.
" Summing up the ret^ults from the operations of this property from the date of the lease, April 1, I&hI, the net income
over operating expenses has fallen short of meeting the
rental 1 180,025; yet the balance due thoee interested in the
lease smounts to $453,609, because of the fact that all of the
eatninKs were not paid over to the lessees, but a part used for
extending the road into Athens, and aiding the conipletiOD of
the Gainesville Jefferson & Southern Railroad, both of
which enterprises were regarded as a prudent businefs mea*ure." • * »
' he Port Royal & Augusta Railway has fallen off about
$10,000 in gross earnings as compared with last year, but a
reduction in expenses has effected a gain in net over last year
of $15,287, which secures it a net revenue sufficient to pay its
*
fixed charges," *
"In the last report, the floating debt of the company, as
represented by bills payable, was shown to be $937,768, but
deducting from it the available credits created within that
year, the actual debt was, in reality, shown to be $536,889.
The floating debt of the present year, as represented by bills
payable, amounts to $870,000, but deduct from this the
increase in srcurities .and balances on open accounts, the t^
• •
suiting balance will be less than the year previous."
The report remarks that some of the Southern roads
have already changed their^auge to the Northern standard of
4ft. 9in., and those forming all the direct cinnections with the
Central's lines have determined to do likewise in June, '86, and
arrangements are now being made to effect thi^ change on all
the roads controlled by the Central Company during the
I
month of June
" The cost of
next.
this change will be considera^de, and it is the
purpose of your board to endeavor to provide the money from
outside sources, and so arrange it as that a portion of the debt
thus created u-ay he liquidated each year by absorbing it into
the current expense accounts, nnd thereby prevent this outlay from becoming the cause of an interruption to dividendsi"
The earnings and expenses, and the income account, for two
years were as follows:
—
.-Grott XamiHg:
18-4-85.
1883-84.
INXOME ACCOUNT.
JUeeipItNet earnings
OOLOmU *
•Utlatlca of Muning*, *o.. for
lamtHf/nm-
A
The earnings and expenaes for the past two years were as
follows, the items for 1884 having l)een changed slightly from
the report of last year by a different method of making up the
087
WIUHnOTOII
and additions.
Total reoelptB
:
Central Railroad-
Savannah niTlslon
Atlanta Division
$
Total eamlnRS
140,088
?7.5-2S
1 20.788
1,807,627
l.aW.TW
,544.829
We,.ti rn
4,650,083
tB34-8&.
*VAli.
181 ..18 9
5,19.909
911,440
176,315
299,471
24,M27
771. «83
Oeean .Sleiunnhlp Co
Central RR.BankAlnTasfa 173,711
A
Saminaf.—^
947,«.S
178.442
399.161
24,844
1.7-2.248
Moniitomerv AEnfiuiln...
EiifHiila & Clnv.on
.Vif
1883--4.
„- • .„
07.^,510
13-,«70
194.491
6i.« 77
90.7b3
.8.73;
,
1,737,426
SouthwiPt Division
ri.liinil.ns
$
.
S.»ll,807
.J?o.,.
J77'JJ*
121.213
IJI-lfJ
&3>>f7
1>1.9H
9.^1
—
—
:
:
THE CHRONICLEL
688
—
Fort Worth & Denver City. The result of the year's busiNov. 1, 1884, to Oct. 31, 1885, was as follows:
INCOME ACCOUKT.
1883-84.
$1,807,6117
1984-8.^
$1,099,792
$414,451
563,040
276,000
115,000
(6« 450,000
*'^4,204
860,220
270,(00
Ket Income, as above
PUburtementt—
Rentals
Interest on bonds
Interest on certiflcates of Indebtedness
«lnkln(t fund payments
Dividends
ll.'i.ooo
(5^)
ness,
1883-4.
1884-5.
Gross earnings
Operating expenses
$172,10-.i
$44S,7H
211,160
2.M,079
Netearnings
Fixed charges
$2^1.002
143,400
$197,032
154,200
$77,602
$13,432
Balance, surplns
$1,776,309
$1,848,491
Total
Def. $76,577
Def. $40,864
Balance
374,945
GENERAL INVESTMENT NEWS.
Atlantic & Pacific.—Through trains are now running from
li08 Angeles to St. Louis, via the Southern Pacific to ColtoM,
and thence by the California Southern, Atlantic & Pacific and
Atchison lines to St. Louis. The Atlantic & Pacific intends to
reduce the tune between Los Angeles and Kansas City to three
and a half days. Los Angeles may be made the through terminus of the Atlantic & Pacific and local trains only made up
for San Diego.
—An important feeder for the Atlantic & Pacific will be
the
new Arizona Mineral Belt Railroad, from Flagstaff on the
Atlantic & Pacific, southward to Globe. 180 mUes. Some work
has already been done upon this road by local subfcription,
and it is estimated that |975,000 will be required to complete
Of this sum $600,00U has already been
the first 75 miles.
pledged conditional upon raising the remaining $37.'5,000.
One- half the capital stock of the Mineral Belt Company will be
owned by the Atlantic & Pacific, and the Mineral Belt Com.
pany is to have a drawback of 35 per cent, if necessary, upon
all joint through business.
This contract has been endorsed
Boston conby the Atchison and San Francisco companies.
temporary remarks
About one-third of this rebate is a
positive concession or donation from the parent to the
auxiliary line, resulting from the allowance of 50 per cent
extra mileage. The balance is in the nature of a loan, to be
used, if needed, in the payment of the interest on the first
mortgage bonds of the A. M. B. R. R.
A
[Vol. XLI.
Iron Railway.— Holders of $400,000 of the $600,000 capital
stock of the Iron Railway Company met in iJoston, Friday,
to consider an offer by the Cincinnati Hamilton & Dayton
road, to purchase the property for $480,000, paying for the
same in 5 per cent first mortgage Iron Railway bonds, guaranteed by the Cincinnati Hamilton & Dayton. The only point
for serious discussion was the limit to be placed upon the
amount of first mortgage bonds to be issued on the property.
It was finally voted to refer the subject of sale, amount of
mortgage, &c., to a committee with full power, namely,
President Floyd and Messrs. Batt, Hobbs, Dana and Sales.
Long Island R, R. The following is a statement of earnings
and income acio t for the year ending Sept. 80, 1885.
—
1883-S4.
$3,756,2S2
Gross earnings
Operatini^ expenses gross
1.8.'i9,.505
Ket earnings from operating
Net earnings 1S81-5 as above
$396,727
DiduH —
Interest, less
income from assets
$207,922
297,559
Rents
Net
Ont
of wliieb paid for diviilends 4 p. c
injuries,
$1,031,220
$1,031,220
$)0.i,482
$325,738
e.'irnings
For personal
1884-85.
$2.8 0,478
1,795,252
$100,000
mostly on account of
61,092—
previous years
461,092
:
& Maine— Eastern— Worcester
Naslina & Roches,
meeting of the Boston & Maine Railroad
stockholders voted by a large majority to approve the leases
•of the Worcester Nashua & Rochester and the Portland &
Rochester roads. At the special meeting of Eastern stockholders there was some excitement, and protests against confirmation of the leases were made, but tlie stock vote resulted
•as follows
Approving the lease of the Portland & Roches-
Boston
ter.—The
special
:
—Whole number of votes cast, 32,455 two-thirds of that
number 21,630; yes, 31,455; no, 1,000. Approving the lease
of the Worcester, Nashua & Rochester— Whole number of
ter
;
votes cast, 35,219
34,022 no, 1,197.
;
two-thirds of that number, 23,479
;
yes,
Surplus
Michigan
;B0
& Ohio.— The
Detroit has granted a decree of foreclosure and sale agaiusc this
road, unless overdue interest is paid within thirty dajs from
Doc. 4. Mr. William S. Goodspeed is appointed Master to
execute the decree, and is directed to receive no bids less
than $1,0 10,000. The road extends from Dundee, Mich., to
Allegan, 133 miles, and its trains have the Tole 'o Ann Arbor
North Michigan track from Dundee to Toledo, O. The
amount (f the mortgage under the decree of foreclosure as
granted is $2,700,000.
&
New Haven & Northampton. —The
annual statement of
Commissioners of Massachusetts for
the twelve months ending September 30 is as follows
this road to the Railroad
1885.
Total Ineome
Total expense
Net income
;
Cincinnati Indianapolis
St.
Louis
& Chicago.—The
and net earnings and charges for October, and
months since July 1, have been as follows:
October.
•
-Gross earnings
Operaling expenses
Net earnings
Fixed cliarges
Sorplus
,
.
July 1
gross
Rentals
for four
Interest
to Oct. 31.
1885.
]b84.
$220,206
125,569
$241,145
149,858
$94,697
50,000
$91,287
50,000
$339,695 ~$363,'i32
200,000
20,000
$14,667
$41,2-7
$139,695
1885.
$823.4.^7
48;<,762
1084.
$945,704
58^,532
$163,232
1,645
United States Circuit Court in
Surplus
road
Passengers carried
Freiiilit, tons
1884.
$804,099
528,395
$8 10.213
56^,573
$275,704
28,550
238,217
$27.J,040
29,315
242,196
$2,128
173
494,286
4^1,217
New York City Debt.—Judge J. F. Daly of the Court of
Common Pleas has continued the injunction against the Mayor,
&c., restraining them from issuing Dock bonds. His decision
is based entirely on the ground that the bonds in the sinking
fund are a part of the city debt, within the meaning of the law.
He thus states the case:
On July 9, 1885, thn Commissioners of tbe Sinking Fund directed the
Ci>mpiriiller to advertise a'ld insuo dock boTid,-* to the amount of $ .',000,000 upon the ri-quisiiion of tbe 1-fOrk Departmeut for tbe building and
npaiiiuKof di CKS, piers and wharves. This actiou is brounUt lo restniin Binh issue, upon the gniund that the actual indebtedu-ss of tlie
city exceids the coustitutional limit, auddid exceed it at the time when
tbe prohibitory amendiiunt went luto effect. Plaiutifl's ajlegii that the
$i>,230
Miles
Ijpngtli of
173
490.453
448,714
Cleveland & Canton.— This company is successor of the
Connotton Valley Railroad, which was sold in foreclosure M.ay
«, 1885. Ninety- five per cent of the stockholders, and all of
the bondholders except holders of $87,000, have agreed to the
plan of reorganization. The road is free from all encumbrance
except $73,000 of receiver's certificates. Of the stock of the
new company, 21,661 common shares have been issued and
30,718 preferred shares. The total capital will be about 30,000 total indfbtfducss at that liiuH wifS $l'iO,871,138
58. Dt-forjclants deny
shares of common and 60,000 shares of preferred. There is that it excreded $92,691, !-00. Tim oilT lunce lietwren tbefe sums, or
interest to be paid on the Cleveland terminal bonds, equip- $tI4,l7.'',338 S'*, Is the amouut of tb" city bon Is purchased from lime to
ment, etc. The gross earnings for four months from July 1 lime and now hdd by tbe Oouimissioncrs of the Sinking Fuuri the decontending that such pmrhasert by the CommissionerK operated
were $99,468 and net earnings $20,498. Fixed charges for fendants
as an extinsuisbment of the iudeliteilness of the city to that amount,
four months were $23,415 and the deficit $2,916.
•iiid p'aintilTs clfiiining that such bonds are held by the Com u i.s«louers
;
iS
n^X'^*- ^"l^a^
5.4,
S«^r;::::::;;;::;;:::;:::::::::::::::::::--;|33
""""'*''
27,118
5,687
^J°f«'^»
$99,46?
$20,49^
-.Connecticut River.— This company gives notice of its
intention to ask authority from the Massachusetts
Legislature
to purchase the Ashuelot road, which it
has leased for a numask
authority
to
increase
7'",?^«°
its capital
«fn^fc
Btock by Iqnn^mo
$300 000 for the purpose of making this purchase bv
exchanging this stock for that of the leased road.
w
Denver & Rio Grande.— The statement
ten months from Jan.
9™"»faro'nK8
1 to Oct. 81, is as
$567,285
302,642
Operating expenses.
Mis?e'iL''n\^o'^r^;eelpU.*'«^'«"
Balance, snrplus....
was |2"246^87r*^
***
for October
and for
follows
$62l!'3H3
$1.668//r6
_352,985
$\0U*?91
3,130,-i33
3,2;o;230
^'^^^^^
^f«)
*f|^
$218,301
as invesnneiitsot the trust funds wiih which they were purchased, the
same as any othwr authorized investment, and are valid outstanding
ob igatioiis of ihe city. If the lutter cojitout.ion be correct, then the indebtedness of the ei y exceeded the con-^tilutional limit, when sueh limit
w- 8 fixed, by $l0,0Li6,8_'4 5-'. aid Ihe proposed issue of dock tionds, not
being wituin the constituDional exceiition, would bo uoauthoilzcd.
After examining the various enactments under which the
sinking fund was created and has been maintained, he concludes that the bonds held therein must be deemed to be outstanding as part of the debt of the city, and must be taken
into account in computing the amount of its indebtedness
with reterenc ' to the power to incur additional debt since the
adoption of the constitutional limit. The demurrer to the
complaint should be overruled and the injunction continued.
Norfolk & Western.— The Cripple Creek extension of this
road starts at Pulaski, and will be completed to Pearce Furnace probably by July 1, 1886, opening up minerul tracts of
which the pioducts are expected to furnish a handsome trafllic.
This extension has been contused with certain small coal
branches, and has heretofore been reported as extending to
coa mines.
Ohio & Mississippi,— Dow
$1.54-5,402
ow^it o« income account Oct. 31,1885,
&
Jones report that "Mr. Garof 0. & J[. provided for the payby B. & O , the issue of a 5 per
cent obligation for the preferred stock aud a certificate bearing
1^2 per cent interest for a few years and iocreasing up to 3 per
cent in eight years for the common stock." But if these terms
rett's propo.-ition for a lease
ment of all interest ehar>fes
,
Dkcembkk
18,
THE CHRONICLR
188S.]
are oorreet. they are of lesH imporUnoe now. iiinne fh«jr w«re
not ARcttptable to the Ijondon noldTH, and Mr. King of Krie
alMo objcrled to a Ihssh of O. & M to tlm Bilt. & Ohio.
Notlcw
is >fivKn to holdrtwof Hprinj^d-ld Divlnion h jndi that a raxxting
will be hfid in Baltiinorf D^iwmbf r 'J9 to ant npon a proposition
of th>< O. & M Company to ooniproiniHH all qnedtionfi ri«lntinK
to thoHH binds by the Iwae of a n pnr cent mortgaf^e HKouriia
aiKo on the main liuH.
689
Division (Tolmlo, O.. to Kohomo,
lOOO.DOO will l>e rac<<lv«'l.
IndA no
bid for
Union Poclfle.— Much injuatioa wm dnn* thia
by a statement publitlvd in New V.>rk this w««k
tinlon I'.indi,iii|i
>t naming flsadoharKM far Ian
months of lllH.") by ^.
hi» la all wroog, ana th« oomi
•.
I
pany's stnttMiient. r
wriK ri it was raokimtd, ikcmtmtt
earnings for t>'n luonllis of $7,81*4,93.1 Prom thb the propor*
Oregon Improvement Compnnr.—UrosB and net earnings tlon of taxes, $677,WH) was suUracKwl, atan f"
"
of
In October and for eleven montlia from Dec. 1 were aa follows; $7i«l. 000 i)or month, leaving the nlxive repiri'
Tb»
October.
error in this report, says tin- H «t<.n llTnhl.
^
r>ee. \ loOei.Hl
n*kIflS!*.
I'f84.
l88l-><.'>.
>Hs:IHl,
Ing the road pay its taxes itir.,, iion-< .,v.t.
$30i».38«
$;33 1'2r) $J.n«7,«\l ifii.ios.itnt
Orosa enmlnKS
023 is grrxw earninKs, leHMoii,T,itiriK' •'•'"s.' u;.
2o;^..'ia^
220,or>i
3,o<ln.6.^o
OiwrntiiiK cxiM-nsM
2,;t7a,:)MO
the newH agency deducts the tanii outriuht, ana j<
Net enrnlDKH
$103,770
$113,078
$370,801
$736,111 estiiirite of fixed charge* p«r month nt $703,000 wax
estimate, when taxes were incliiiled in fixed p>— •
Ore?r«n & Truns-rontlnental.— It is always dlfll iiU to get of in operating cost. There is
yet another
any iiiforination about tliis ooinpiny at Its office. The news- omission of the proportion of outsidn incoio'
fiapprs now report that it Iwis mx\(t arrangements to place its investmentfi), nmountinK to snme $.'iO,(X)0 |M>r ii>'
oan to tiike care of the debt which comes due December 81. average fixed charges for
1885 will not varr
The new loan will be represented by notes of the company 000 per month, exclusive of taxes. Assume this far f,
basis iind ount
running for three years, bearing 5 per cent interest per annum, the proportion of outside Income, and
the real exhibit for ten
with the same collateral as the pri'sent loan, but with no months will vary but little
from the foUowingi
option to call or vote the securities. The Oregon & TransNet earnings nrterpnyiiK taxes
$7,alM2S
Continental Company reserves the right to pay all or any part Proportion outside iQcome
MMMMW
of the loan at the end of each year. The amount of the new
'
Total net Income
$4,3IB.6SS
loan is supposed to be about 17,000,000.
Fixed charges and irntte<l SUtes dnsa
•'.....'
7,MP/NH>
Philadelphia & Heading. A meeting of general mortgage
Barplns
nj>l$,W5
bondholders wa.i held Dec. 4, in Philadelphia, at the offl ;« of E. Oeflolt as per New York statement
7n370
D. Lockwood. Those present represented upward of ?2.000.003
A committee of seven, of whioh the I'resident Relative error
$1307,M1
of the bonds
was one, was appointed to take char.?e of the interests of the
TVestern Union Telegraph.— The quarterly itatement for
general mortgage bondholders represented at the m>!eting, and the quarter to end Dec. 81 has just heien iasned. The actual
a resolution was adopted disapproving the plan Bnbmitted by figures for the quarter ending Sept. 80 are $199,481 helow tba
the reconstruction trustees. The committee appointed subse- estimated figures published for that quarter, l>eing $1,390,969,
Snently is as follows: E. Dunbar Lickwood, John A. Wright, A. against the estimate of $1,4.50,000.
littenhoflfer (of New York): E. Westoott Bailey, William A.
For the current quarter ending Dec. 81 the estimated figures
Dick, Francis A, Lewis and T. Morris Perot.
are given lielow in comparison with the actual figures for the
1884.
The* quarterly dividend waa
Pine Creek.— The official statement of the Pine Creek Rail- corresponding ipiarter
way Company, made to the New York Stock Exchange, shows reduced to 1 \i per cent.
Quarter ending Dee. 31.
,-Jelual 1884. ^ .-Afim. 1885.-.
that the amount of the first mortgage bonds, which were listed
$1,413,817
$1,2.10,000
They are jointly guaranteed by the Net revenue
last week, is fi:3,.50O.OO0.
Defttirt—
Central, the Pliiia. & Reading and the Corning Cowane3que& Intf^rest on bonds
$123,536
$iai,763
Antrim companies. It is stated that al the proceeds of the bonds Sinking fund
20,U0O
20,000
were expended in the construction of the road, the construcTotal.
$143,536
$148,768
tion account now standing at #4,634,227. The fixed charges
amount to #210.000 per annum, and the receipts of the road Net Income
$1,272,311
$1,106,233
(IHip. a) 1.199.834 (lUp.O.) 1,000,000
from Oct. 1. 1884. to June 30, 1885. were $379,996, of which Less dividend
freights,
$t43,.')U
miscellaneous
freight
1204,083 was from coal
Surplus forqnarter
$72,477
$106,232
and #28.033, passengers. This is at the rate of a little le&sthan Add surplus for Sept. 30
4,1.^9,191
4,230.959
is
operated
by the Fall Brook
$400,000 per annum. The road
$1,337,191
$1,231,668
Surplus Dec. 31
Coal Company, which furnishes all the rolling stock, upon a
earnings,
with
provision for
of
the
gross
rental of 30 per cent
West Shore- N. Y. West Shore & Buffalo.-The title of the
an adjustment with a minimum of 23 per cent and a maximum new company organized after the foreclosure of the N. Y.
of 33 per cent. At this rate it will be seen that there will be a W. S. & B. is the " West Shore Rjiilway Company." The
deficit this year in meeting the interest of about $90,000, to be injunction suit at Syracuse was settled by the parties and the
met by the three guarantor companies, of which one is in re- suit discontinued Dec, 5.
ceivers' hands.
It is stated that Mr. W. H.Vanderbilt owns
Immediately upon the discontinuance of that action the
personally nearly all the capital stock and took the entire issue proposed arrangements between the N. Y. Central
Hudson
of first mortgage bonds.
and the West Shore were perfected at Albany. The first step
Depew & Green of $22,Railroads In New York State (Quarterly Reports.) The was the payment by Messrs. Morgan,
Referee A. S. Cassidy, of Newbnrg, who conducted
following abstract shows the operations for the quarter end- 000,000 to
the foreclosure sale of the West Shore property. Upon the
ing Sept. 30 in 1884 and 1885.
surrender of the property by Referee Cassidy. it was turned
-Long Igland —
1H8.^.
1881.
over bv its purchasers to a new companv, entitled the West
ReeeipU—
$1,0^4.170
$l,0«i),414
Gross riirDin«;»
Shore Railway Company. Mr. J. H<xxi Wright, a partner in
575.063
554,72)
Operating expenses
the banking house of Drexel, Morgan & Co is President of
the new company, Ashbel (ireen is Vice President and F. E.
$'it4.-i94
$.50'i,l07
Net earnings
70,B97
34.873 Worcester is Secret iry. The board of directors for the first
Inoonie, otlier sources
year is as follows: Aehbel Green, Tcnafly. N. J.; Chas. I.,anier,
$579,804
$519,567
Total net receipts
Edward Kinsr, Edward D, Adams, J. Hood Wright. Charlee
Defiuctions —
$30.7."J<i
$7",484 H. Coster. George S. Jones, Howard Mansfield, Herbert E.
Intereston bonds*
23,079
27,421 Kinney, Charles Edward Tracv, George W. Knight, Francis
All taxBS*
145.3J5
ltt,313
RentalsP. Ord, of Englewood,
11,318
3,37i Brown, New Y'ork City, and Joseph
MiscelUneous
—
.
.
.
i
'I
i
—
m
I
&
—
,
New Jersey.
$260,473
$319,326
Total deductions
Balance, surplus
•Proportion for the quarter, whether paid or not.
$231,590
$297,077
Everything having been prepared in advance, the new Weet
Shore Company at once issued $10,(X)0,000 of capital stock and
$50,000,000 of 5 per cent bonds. A lease of the West Shore
property to the New York Central Company for 475 years waa
railroad was sold executed in compliance with the plan heretofore described.
this week at St. Louis under a decree of foreclosure. The The $10,000,000 of stock was handed over to the New York
upset price limited by the court was $370,000, and John I. Central Company in consideration of the last-named comBlair, of Blairstown, N. J., who is the largest bondholder, for pany's guarantee of the principal and interest of the $.50,000,himself and other bon holders, made tlie only bid, $370,000, 000 of new bonds. The bonds in question were placed in the
Co., who represent the bondand the property was knocked down to him. He is also under- hands of Drexel, Morgan
stood to hold all, or nearly all, of the receiver's certificates. holders and creditors of the West Shore Road. Promptly
"
This road went into after the execution of the lease receivers Horace Russell and
The M'SSouH Republican remarks
the hands of a receiver on February 8, 1884, at the request of Theodore Houston turned the West Shore property over to
the bondholders and under the orders of the United States Mr. Depew, who formally took possession of it as the WfireCircuit Court. Since that time nearly $280,000 have been sentative of the lessee compiny. Mr. Dejiew's first offidal
spent upon it in repairs and equipments. Its line stretches act relative to the leased road was the issuing of an order
from Gilmore to Hannibal, a distince of 82J^ miles, and it has appointing J. D. Liyng General Manager. Mr. Layng has
several miles of switching and side tracks. The price paid for been the manager of the West Shore Road for more than a
it is about $4,500 per mile, and it seems almost incredible that
Co., by direction of Hon. Aahbel
any road in Missouri should sell for so low a figure."
—Messrs. Drexel, Morgan
Company^,
Toledo Cincinnati & St. Lonis.—The two divisions of this Green, receiver of the North River Construction which vnll
road will be sold separately at Indianapolis on December 30. invite proposals for $fi.O(X),000 of the certificates
The advertisement of sale is published at length, and states be exchangeable into the new West Shore 4 per cent bon<to,
Hudson RiTer Rail
that for the St. Louis Division (Kokomo. Ind., to East St. L.) no guaranteed by the New York Central
bid for less than $900,000 will be received, and for the Toledo road.
81 Loots Hannibal & Keokuk.—This
I
&
:
&
&
:
.
THE CHRONICLE.
690
selling
DIVIDENDS.
Tlie followinK aiviaends
Name of
have recently been annonnoed
PrlmebankerB'sterllng
Rallroada.
Dec. 13 to
15 Dec. 22 to
2lDec. 20 to Jan.
2
2 Deo. 16 to Jan.
yew
York * Uarlem
New York New ITnven & Hartf'd.
Oreeon R'y & Nav. Co. (qiiar.)...
Alton
A Tirre
Haute, pref
"3
t^me commercial
3
Jan.
Jan.
1
15 Jan. 1 to Jan. 12
15 Deo. 20 to Jan. 3
8214*4 82%
5 211435 2058 5 183j®5 18>6
40% (J 403,15
(ffullders)
public attention.
9558395%
The
dealings in Government bonds
scale and there is no feature to this
63,oar'oy,
6^,oar'oy,
61, oor'oy,
Si.ear'ey,
6^-"ur'ev,
7.
Dee.
Dee.
8.
9.
Dec.
Dee.
10.
11.
..reg.
1123e '112*. •1121a *112i« '11212 *112>3
,-Mar. '1123a' *11239 I12iis *112l3 1121-! 112i«
.-Jan.
122%, *122% i22''8; *122''8' 122''9 12278
OOBp.
,-Jan.
-Mar,
..reg.
oonp.
49,1907
38, option
Dec
Interest ±.ec.
Periods.
5.
—
W. H. Vanderbilt on Tueshave been the events of the week which engrossed
40SitS4033
95'«>»95i4
continue on a very limite
market, though prices are strong.
The closing prices at the N. Y. Board have been as follows
per cent extra.
5th instant, and the death of Mr.
4 87
1 82:ii»4 83
4
Frankfortor Bremen (relohmarkB)
STREET. FRIDAY, DEC. 11-3 P. M.
The Moner Market and Financial Sitnation. The 4i*B,1891
4>as,18t>l
settlement of the West Shore injunction suit on Saturday, the 49,1907
last,
4 841^
Paris (franca)
Amsterdam
DcTnand.
Sixty Days.
on London.
Documentary oommerolal
18 pee. 13 to Dec. 18
.
WALL
day
bills
United States Bonds.
niKcella neons.
American HiU iviiiilioiie (quar.).
Western Union Telejfiaph (quar.).
And
December 11.
(Day inelurive.)
FitoUbnrK
Lehiph Valley (quar.)
iManliattan (quar.)
Morris & Essex
t.L.
:
Booki Ototea.
Oompanti,
[Vol. XLI.
ing J discount, selling i discount((5par; Charleston, buying par,
^@i premium; Boston, 5(gil2Jc. premium; New
Orleans, commercial, 150 discount; bank, nominal; St. Loms,
75 discount; Chicago, 25 discount.
The rates of leading bankers are as follows
She ^miktvs' ^Kztttz.
,
:
..
.
123% •123%
124
12378:
123''(i ''12H''9'
IO3I4 *103>4 103%, •10314 1031?
*1255p •1255s •12558' '12558
J. '12778' n27''e '127 'a 127 '8' '127^8
J.
130 •130 '130 •130 ; '130
J. '132i<> •1321s '132% •13238 '1S258
A. J. '13458 »1345f 13478 •13458' 13434
the price bid at tlie mornmg ooard: no sale was inaoe.
U.S.
'95..
'96..
'97..
'98..
*90..
..reg.
-.reg.
..reg.
-.reg.
..reg.
10338
1256s
12773
,-Feb.
&
&
&
&
J. '1255>.;
130
I32I9
•
away of the West Shore injunction suit
134%
• Thl9 Is
removed a cloud which had for a short time hung over the
State and Railroad Bonds. State bonds have been only
market, but the effect of this was rather to allow prices to
moderately active, the sales including $83,000 Louisiana stamped
hold their recent advance than to add any fresh impetus
4s at 75-1
$5,000 Tennessee 6s old at 52J
$10,000 VirMr. Vanderbilt's death was so sudden ginia 6s deferred at llj
to send them upward.
$49,000 North Carolina special tax
and unexpected that had it occurrea early in the day, and the at 6-i $3,000 do. consoUs at 91 $1,000 Mis.'?ouri 6s, 1886, at
fact been known at the Stock Exchange, it is more than proba- 103; $3,000 do., 1887, at 106-J; $1,000 do., 1888 at 107|;
$1,000 Alabama Class A at 101.
ble that a sharp decline in stocks might have taken place.
Bat
Riilraad bonds have been rather irregular.
In the eaHy
as it was, the intelligence was not known down town before part of the
week the general tone was strong and many classes
3:30 P. M. on Tuesday, and before the opening of business advanced, notably West Shore receipts, which were favorably
next morning the prominent bankers and operators on affected by the settlement of the Central- West Shore injuncthe bull side had time to mature their plans to give tion suit, and the final consummation of the lease of West
Shore to N. Y. Central. On Wednesday the market became
a strong support to prices.
It was
also much easier unsettled,
in sympathy with stocks, and some of the more
The
clearing
—
;
;
;
;
;
to support the market at
the present time, since the public
not in a panicky state, and there was really no reason
Mr. Vanderbilt's death should cause any disturbance; in
mind
why
is
the West Shore matter had just been closed, and probably at no previous time since Mr. Vanderbilt came into possession of his immense railroad properties, were all things in better shape, or in less need of liis personal attention, than at the
present moment.
Railroad earnings for the month of November will bo found
on another page, and they make a very fair exhibit; but the
net earnings should begin to show a much better comparison
from and after the first of December.
fact,
The open market
rates for call loans
during the week on
stock and bond collateriils have ranged at 1@3 per cent, and
to-day at li@2i per cent. Prime commercial paper is quoted
at 4@5 per cent.
The Bank of England weekly statement on Thursday showed
a loss in specie of £246,338, and the percentage of reserve to
liabilities was 45f against 44 j last week
the discount rate
remains at 3 per cent. The Bank of France lost 1,641 000
•francs in gold and 4,410,000 francs in silver.
The New York Clearing House banks, in their statement of
Dec. 5, showed a decrease in surplus reserve of $406 075
the total surplus being $26,187,200, against $26,593,375
the
,
;
bonds declined, followed by irregularity
bonds have been very weak throughout and declined materially on large transactions.
The closing prices and range of a few leading bonds are annexed.
active
speculative
The Texas &
later.
Pacific
Closing.
Dec
N. Y. L.
Texas
E.& West., 2d
& Pac,
Do do
89 14
consol. 68
inc. aiid Id. gr.
'78
Rlos, 6s, coup, off
West Shore Trust Receipts, 58. .
N.Y. Cbic. & St. L., 1st, 6s
Do
do
2d Us
Ohio Southern, inc., 69
St. L. & San Fran. gen. m. 68...
North Pnciflc 2d coup. 6s
'.'hes. & O., series B, Cs, cp. off.
Do
do
cur. 68
N. Y. Susq. & W. 1st 68, cp. off
Do
do deb. 6s, cp. off.
t
Previous to September range
Sold first November 12.
Cecil
46
8758
391s
571a
51
46
90 13
48%
96
92
77
33
79
Range since Jan.
Lowest,
j
4514 June
30 Airil
47 April
28I3 Apr.*
May
Sept.
6 1 7a Sept.
4913 Dec.
M514 Dec.
91
78i«
SisiaNov.t' 93
58 April: 79
36 14
14
50
June
i
July
April
Feb.
Nov
50
July
42lfl Sept.
Is
901s
I
96 >a
7814
1.
Highest.
60
45
20
91
9114
6018
4034
.
*
4.
70
43
Dee.
Nov
Nov.
Nov.t
Mar.
S6I4DCC.
801s Dec.
58% Dec.
(1734
I
\
for the bonds.
Railroad and Miscellaneous Stocks.— All other features
of the market were overshadowed this week by the death of
Mr. Wm. H. Vanderbilt, which naturally had a very unsettling
effect on prices, though the effect might have been even
greater than it was had it been known before the close of the
-previous week.
market on Tuesday. As it was, the bulls were able to make
The following table shows the changes from the previous arrangements to su])poit prices, and as a result, after opening
week and a comparison with the two ])receding years in the 1@3 points lower Wednesday morning the whole market was
averages of the New York Clearing House banks.
well sustained by prompt buying, and prices were gradually
worked up, till, at the close, a large part of the decline had
188.=i.
thffer'nces fr'n
been recovered, and in the case of Lackawanna was much
1884.
188a.
Dec. 5.
Previous }^eek.
Dec. 6.
Dec. 8.
more than regained, the price advancing rapidly to 138, under
'
IjoaiisanddiB. $338,514,100
Bperi>!
91..i81.10O
Circulation...
10.09.^.200
Netdeposlta.. 377,'ia5,200
I.egal tenders.
29,01 4,flOU
Keeerve held.
Deo.*2,872.900
Dec. 1,998.200
Inc.
9,7m>
D,c. 4.7f 5.700
Inc.
400,700
!i<9-1.403.«0fl Deo $1,191,425
; 20,596.000 Deo.
1.597,500
Borplna
*2B, 187,200 Deo.
Le^al reserve
$406,073
$'J8S,044.S0<'i: $327 8nr.,10r.
8i;.49i.610
.-,7.8-25,100
11.5S7.200
15.412.4.-0
329.870,200 318,948,20.1
3-,270,400
VGr.H-^.7>
«.-f2.J67,55<)
$79,737.0.50
124,765.000
84,*07.8u(.i
SJ 2,297,450
S4,670,750
Exchange.— The sterling exchange market has not shown
any great degree of activity tlie wust week, yet
rates have been
quite strong, mainly due to the scarcitv of
bills, and posted
rates were advanced
^ cent on Tuesday, to 4 84i and 4 87
and the market remains firm.
To-day the rates on actual business were as
follows viz,
Bankers' CO uays' sterling, 4
83i@4 84; demand, 4 HGim 86*'
Cables, 4 86i@4
86i Common mi bills were 4 83@4 82V Con
tonental bills were:
Francs, 5 20|@5 21J and 5
18i®5 18*
*J|@Toi
'
*®"^*
"""^
''•^-®'-*^^
'
^""'^''"'
*°*®^"i
''^'^
tl'e rates of domestic exchange
on New
VnTt^^^'lT^'"^^""
Xork at the under-mentioned cities
to-day:
Savannah, buy-
strong bull manipulation. On Thursday, however, this strength
was not continued, and prices were weak througliout, led by
&
Texas and Texas & Pacific, which were special
objects of attack by the bears, both stocks declining sharply,
with large transactions on the way down.
Previous to the excitement caused by Mr. Vanderbilt's death
the market had been irregular and unsettled, fluctuating
IvMUSiis
moderately under varyine influences. It was rumnred on
Saturday that the Central- West Shore injunction suit had been
settled privately, and the report had a good effect on prices,
so
that when the rumor was confirmed and it was known that
the
final arrangements for the transfer of West
Shore h:id been
made, the effect had already been partly discounted. Another
feature of the early dealings was a rumor that the coal combination had been fortified by the willingness of the Pennsylvania
Company to join it, which strengthened the coal stocks somewhat.
To-day, Friday, stocks were inclined to weakness in the
morning, and under the lead of Kansas & Texas and Texas
& Paciflc, prices fell off. Later there was a better feeling, and
closing prices were near the best of the day.
'
.
.
THE CHKONICLE
Dii:cuuui:K 12, 1885.]
NEW YORK STOCK EXCUANQE PBICES FOB WERE ENDING DECESIBEB
691,
II,
AND MINCE
8TOCK8.
UK.
Active
Stoekn.
Caiimliiiti rm'lltu
('ainiiUtSoiitlK'rii
Ctiimiil lit Stw Jonicy
('cut nil TairiHu
Cli(M)uu('Uko
Ohio
A
Do
Istpret.
..
Silprot....
I)i>
ClilcaKO & AUoii
CliloaKo liiiiiiimtuii
CUioikKO Milwuiikt^u
Do
Si
Qulucy.
ii St. raiil.
pref.
CIiloaKo
NortUwostoru
cJc
Do
ClllCll-rl
prel.
ijopk ImIuiuI * Piioltlo.
l^uis <V PiltxIiurK.
ClliCU;.'<> »c.
Do
priif.
CUoav-u
PaiU Minn.
St.
Do
& Oiii.
prof.
Cl«v.hiiici Col ciii.A (odiaimp.
Del.i
iwamm<bWe8t
Deir
niiuic
,:
E^til i
Va. ic On
'
.
l>o
pret.
A
EvauavlUi'
TiTro Haiito
Fort Worlli A DoiiverCity
Grt«u >{iiy Winona A 9t. Paul.
UoUAton A Texas Ceutral
tVni nil
Illinois
Indiana
Itlnuniinu'l'ii
\v^^,sl.^n
Luke. Krlc
Lake
A
Sluiii-
A
Jlicli.
A Wost*n
Southern.
Lon>; Inland
Loui.srllli>
A
NaaUvllIp
Louis. New All). A ClilOAgo...
Manli:itt:in KIrvati'il.consol..
Memobis A cliaiieutiju
Mlehljian Ctntnil
Minneapolis
Do
A St. Louis
pref.
Ml«8oin-i ivMiwiis
A Texas
ilUf
Mill.
NasU
:oogaASt.I.x>ui8i
.'
New York Central A Hudson.
New York Cliio. A St. Louis.
Do
pref.
New York I^ako Erie A West'n.
Do
pref.
New York A New England
New YorkOutarioA XVestern.
New Y^ork Susci. A Western.
Do
pref.
Narfolk A Western.
.
..
Do
pref........
Northern Paclflc
Do
pref
Ohio Central
Ohu> A Mis.'^iMsippi
Ohio Soiitliern
Oregon Slioit Lino
Oregon A Tnm.s-i ontlnental..
Peoria Decatur KvansivUlo....
Philadelphia A Readinj;
Kichniond a Danville
A West fntTermlnal
A Pitt8i)ur<
A San Francisco
Kichnrd
RQclie.stor
St.louis
Do
Do
Bt.PaiU
Do
pref
Ist pref
A
Duluth
pref
8t. Paul Minneap. AManltoba.
Texas A Paeitlc
Uiiton Pacl He
Wabash
St.
Louis
Do
A
PaclHc..."
pref.
iniscellaneons Stocks*
ABieriean Tel. A Cable Co
Coloi-ailoCi'ulA Iron
Conaolifluted Gas Co
Delaware A II udiion Canal...
Oregon Iniproveinent Co..
Oregon Kail way A Nav. Co
PacItleMiiil
Pullman Palace Car Co
Western I'nlon Telegraph
Kxpreas Stocks.
Adaius
American
United
.States
Wells, I-ar«o
ACo
Inactive Stocks.
Ameiiean Dihtiiit Telegraph.
AUautle A Pacltlc
Bankers' A Meiehants' Tel...
Cedar Falls A .Minnesota
Ceutr.al luwa
Colnnilius llockinz Val. ATol.
D&liuiin.- A Sioux Cly
.Sandy.
Izab. It. I.ex. A
niineia Cent leased line stock
E
'
BU
I
,
Mauhat tan Beach Co
Mil. Lake Shore A Western..
Do
pref.
A Es.iex
New York L;iok. A Western.
New York New Haven A Hart.
hlc.. spec'l
Pntsbtii'i,' Ft. W. A
Morris
I
QiilcllsiUur .viluingCo
pref...
Do
Rich. AlU'g,, stock trust ctfs
A
Louis .\lton ATerre Haute
Do
pref
South Caroliua
8t.
Vlrplnin .Midland.
Cameron
i
"oal
Ilpniesiakc Minin.
New C'eatral Coal
Ontario
*
Silvi^r
Mining
These are ihoprlcoa bid and asliedi no s«le waa made at the Board.
t
Lovisr price la ex-dlTldeikd.
JAN.
I,
ISMw
...
.
.
...
.
.
.
—
.
THE CHRONICLE.
692
8KCCRITIKB.
7l, M18B. O. <6 B. R.
"a"
ri
7»;L.».f.B. 4N0.br
RB.
16
16
16
16
7
"8
103
112
7s,KOld,'i890
86
75
d, 4s
"I
JN.
Bid.
6s,
1919
St. Jo., '86.
104
Ohio— 68, 1886
New York- 68. reg., 1887
lOtf
South Carolina—
68, Act Mar. 23, 1869
1891
,-•1892
1893
N. Carolin»-6s, old, J.*J.
FundinK act, 1900
68, loan,
68, loan,
68. loan,
1I8>2
122
124
30
10
1
6»,
new, 1892-8-1900...
SECURITIES.
Ask.
Bid.
Bid.
* W.—Contin'dMorris & Essex— Ist, 78
Del.
Railroad Bonds.
(Stock Exchanoe Pricei.)
Atch. T.iS.Fe—4 "38,1920
linking Fund, 68, 1911.
Atl. <£ Pac— Ist. 63. 1910.
Baltinioie &. Ohiolet, 68, I'lirk. Br., 1919.
I..
1891
Bonds, 78, 1900
78of 1871,1901
2d, 78,
. -
—
—
. .
—
.
2d, guar. (188), 78, '98
1st, cons., fd. coup.. 7s.Reorg., Ist lieu, 8s, 1008
Long Dock b'nda, 78, '93
Miss.Ii.Br'ge— l8t,8.f.6s
Div.— 8. fd., 5s, 1919
Sinking fund, 4s. 1919
13818
B.N.y.A E.-lst,78,1916
1043^
N.Y, l,.E.dtW.-N'w2d63
Ex June, 1386, conp..
CoUat'l trust, 6a, 1922
la.
Denver Civ.—48, 1922.
Plain 4s, 1921
C.R.I. <t P.— 6s, cp., 1917
6s, reg., 1917
Col., 58, 1934...
Ext.
DCS
Keok.
1st. 58
Cent, of N. J.— Ist. 78, '90
M.—
139 14
114
1211a
Construction, i)S; 1923 103a< 104
107 » Del. c6 Hud. Canal— l8t,7s 116 118
.
Chic. Burl. * (Juiucy—
Consol. 7s, 1903
6s, sinking fund, 1901
68, debentures, 1913.
Ask.
129 130 14
Ist, consol., guar., 78
N. Y. Lack.& W.— l.st.Oa 127 13 128
82
6s, gold. 1925
1st, ext., 7s, 1891
5s, gold, reg
Coupon, 7a, 1894
Bur. C. H.ip.S No.— lst,5s 106=4 107 "s
99
Registered, 78, 1894
Cousol. & col.tr., 58,1934
Ist, Pa. Div., cp.,7s,1917
Minn.* St.L.— lat,7s,KU 130
1st, Pan. Div., reg, 1917
la. City & West.— lst,7s 107 Is
Alb. & Susq.— Ist, 7a...
C. Bap. I.F.& N.— l8t,Bs
«97
l8t,cons.,gliar.7s,1906
lBt,68,1921
42
Ist.cons., guar. 68, 1906
Bnff. K. y. & P.— Cons.Os
General, 68, 1924
Bens. & sar.— lat, cp.,78
104
14 105
l8t,reg., 78, 1921
Can. So.— l8t,int.guar.,5s
84
85
2d, 5s, 1913
Den v.* Klo Or.- 1st,, 78.
Beg., 58, 1913
Ist, consol., 78, 1910
Central Iowa— Ist, 78,'99t lOSls
Trust Co. receipta
68
Den.So.Pk.* Pac— l8t,7s
East. Div.— 1st, 68, 1912
'69 '-3
Den.A IlioG. West.- l8t,68
111. Dlv., Ist, 88, 1912..
Det.Mack.itMarQ.— lst,63
Chesapeake & OhioPur, moneyfund., 1S93- 1121-j
Land grant, 3I3S, S. A..
6s, gold, scries A., 1908. 103
E.T.Va. & G.— lat.78,1900
79
lat, cons., 5s, 1930
68, gold, series B.. 1908t
36
361a
68, currency, 1918
Ex coupons 9 to 12
97
Mortgage, 68, 1911
DivLsional 5s, 1930
Ches.O.&S.W.— M., 5-6s.. '•si' 86
Bliz.C.di N.— S.f .dBb.,c,68
Chicago & Alton—
Ist, 8s, 1921)
120
lstniort.,78, 1893
Eliz. Lex. & Big Sandy- 6s
121't2
Sinking fund, 6a, 1903
Erie Ist, extended. 7s--La. & Mo. RlT.— Ist, 78. 121 Hi
2d, extended. 5s, 1019..
1181-j
2d, 78, 1900
3d, extended, 4 I3S, 1923.
St. L. Jack. & Chic— l.st 1171-2
4th, extruded, 5s, 1920.
Ist, guar. (564), 78,'94 1171a
6th, 78, 1888
2d, (360), '7s, 1898 ....
lat, cons., gold, 78, 1920
20
68,
(lO-i
114a4 116'4
1914
series,
6b, conaol. bonds
6s, ex-matuied coupon.
69, cousol., 2d series
62
60
42
42
80
60
65
lOJo
5
District of
109
52
52
110
Bid.
Ask.
51
53
Aak.
61>,
"11"'
Columbia116
Registered
Funding
68
68,
1899
•••
i'ld
'117
134
134
110
1'28
117%
140
140
121
'85'
l.st,
111
130
1171a
146
145
_
73=4
7413
60
55
85 14
57
•96
100
961a
Ev.
&
T.
106=4 108
111
108
127 13
«87i3
111
108
lll'-.i
110
112
2d, 78,
Iowa Ext.— 1st,
7s,
IIII3
110
136
114
1141a
106
1905
S'thw.Ext— l8t,78,1910
Pac Ext— lat,
1
—
126
128
Dub.
7,'>i,.
11413
108
•10813
•98 "14 100 13
106=4
106
•116
106=< 107
106=4 107
136
135
125
94 1<
70
94
67
N.Y.W.Sh.ABnff.—Cp.,58
Registered, 5s, 1931
Trust Co. receipts
N. \'. Susq. A W.-lst, 6at
Debenture, Os, lS97t. ..
107
102 13 103 14
102=9 103
EscauabaA L.S.— l8t,«s 113 '9 115
79
78
'SSi-j
101
99
3
Oreg'uRR.ANav.— lat,68. iis
Debenture,
921.J
78
Des M.&Mln'ap.— l8t,7B
Iowa Midland— lat, 8s.
'i32ii i36'
Peninsula— Ist, conv. ,7s 130
Chlc.&Milw'keo— lst„7s •127
Win. <fe St. P.— l8t,7s,'87 106 la 107
2d, 78,1907
123 125
Mil.* ISDtd.- lst,68,1905 114
Ott.C. F. A 8t.P.-l8t,58 106
North. 111.— Ist 5s. 1910. 106 1<
C.C.C.tlud's— lat,7s,s.fd. 122
Consol. 78, 1914
120 121
& Ash.— 78....
Cleve. P.
Butr.AErie
-New bds,7s
105
98
115
83
118
1'22
Kal. .t W. Pigeon— lat.
108
Det.M.*T.-lst,7s,190S
Lake Sh<»ro— Div. bunds 122
Consol., coup., Isl, 78
Consol., reg., lat, 78..
Consol., coup., 2d, 78.
Con.aol., reg., 2d, 7a...
13(1
N.O.*Mob
.-lst,68,1930
2d, 6s. 1930
Debenture
8s,
ML—
—
A Fulton— 1st, 7s.
c:niro
Cairo .\rk. A T.— 1st, 78
Geu. r'y A l.gr.— 5a.l931
SLL.Altnn A T.It.— lst,7a
70
*7i
'
'87-89
1041a
120=4
Reg., 8s, 1,S93
'120=<
Collateral Trust, 68...
Do
8s, '93..
Kans.
108H
58,
1898
Denv.Div.8s.as3.,'99
A
II214
1091a
111
88%
117
93
45
103% 104%
115% 115'8
110=, 112
110
110
111%
110%
108%
109=4
86%
117
112
104
I'ii"
1U\
115
118
Un.— 1st, ()8. 1922 115
108%
St.P.
Dill.— 1st, 5s,1931
So. Car. R'v— 1st, 88, 1920
•2d, 6s,
1931
— l8t,7a,1909
Shenaud'hV
108 1, 109
94
"es
75
35
101
87%
87
l3L7s, 1911
Tol.Del.
A BurL— Maiu.Gs
IsL DayL Div.— 8a,1910
100
91
80
124
123
114
94
80
1st. Tifl-. trust, 6s, 1910.
Tol. AO.C.-lsLg., 58,1935
lat, 78, 1917
Tol. P.
A W.—
Trust Co. receipts ......
Tex. A N. O.— Isf^, 7s,1905
Sabine Div.-lsL6s,1912
Va. Mid.— M. inc., 6a,1927
Wab.St.L.APac— Oen.,63
Chic Div.— 5a, 1910....
Hav. Dlv,-es, 1910
99
Ind'polis Div.— 6s. 1921.
Detroit Div.— Os, 1921..
91
114
Cairo Div.— ,5a, 1931 ...
Wabash— Mort., 73,1909
Tol. A W.— IsLexL, 78
1st, St.L. Div., 73, '89.
7.S,
1893
Equip'tbds.. 7s, '83.
Consol. conv., 78, 1907
Gt.
West'n— Ist,
•2il,
7s,
7s,'88
1893
89=1
93
93
116
101
82
75
111
95
102
64
82 14,
95
75
61
78
113
103%
99 14 100
25
"so" 90
109=j 110
9914 100
aATol.— lst,78, 1890
115"a
104
10413
103%
Han. A Naples— lat,78
111. ASo. la.— lst,e.\.,6s
St.L.K.C.AN.— R.e.78 108% \W'
91
Omaha Div. — Ist. 73. 87
Clar'da
Br— 68,1919
(id
SLChas.Bge.- l8t,6s
92
No. Missouri— 1st, "78.
W.St. L. A P.— Iowa div.,8s
Trust Co. Uceeipta
WesLUu.Tel.- 78, 1900 ..
116% 78, 1900, reg
116
*60
liicotiie
96
116=4
23
122^
N.W.Telegraph.— "8,1904 103
79
Mut.Ull.Tel.-S.fd.8a,1911
si"
Honda.
(Interest itut/ultle if earned.
Pac.-luc, 1910...
Atl.
21% 22
Central of N. J.-1908 ..
Chic. * E. 111.— Income
E.T.V.AGa.-Inc.,6a,1931
20
A
1907
Pac— l8t,63,'95
1st, 63,
72
71
Dakota Kxt.-Ga, 1910.. ii"7% 118
116%
lat consul., 63, cj)., 1933 115
1st cou.sol.,8s, reg., 1933
.
104
Evans.Div.- l8t,6s.l920 99
Peoria A Pek. U'n— Ist.Os 101
Pacific RIl.—
Cen. Pac— G. 68
11413
San Joaquin Br.— 63
107
Cal. A (Oregon— l8t, Gs 103
Cal. AOr.— Scr. B., 8s. 103
Land grant bonds, 83. 102=1
West. Pac— Bonds, Gs.
1111,1
No. R'way (Cal.)— lst,88 112
So. Pac of Cal.— lat, 6s. 10313
So. Pac of Ariz.— lat, 88 1001-2
So. Pac.of N. Mex.-l8t,6s 100
Union I'acific — Ist, 63.. 116
112
85
104%
8G
1927
Incomes, 1900
Scioto Val.— 1st, cons., 7a
St.Jo. & O'd Isl'd.— 1st. Gs
2d, oxt.,
Sinking fund,
102=4
—
;
92
Panama— S.f., sul). 88,1910
Peoria Dec. A Ev.— Ist. 6s
1181,1
86
871a
E. H. & N.— lat. 88,1919
115
General, 6s, 1930
1021a 103
102 --a
Pensacola Div— 68,1920 90
St. L. Div.— 1st, 63, 1921 106=4
117
2d, 38, 1980
50
62
Nashv. & Dec— 1st, 78
117
i29"
8. * N Ahi.—S.f.6s,19l6
101
122
Louisv. C. A L
6s,1931
"
Chlct.E.Ill.— lst,8.f.c[ir. 114 II5I3
Trust bonds, 6s, 1922
96
98
CoEiaol., Ist, 68, 1934.
108 V.
10-40,63,1924
87=1
Chtc.St.I..AP.-l8t,0OC.68
Pens.
AAt—
l8t,68,
gold
84
8414
Chlo.i W. Ind.— 1st, s.f .,68
L. Erlo*W.-l8t, 68, 1919
90
Oen'l mort., 6», 1932
'105
107
Sandusky Dlv.— 68,li)19 831a 87
Chic. *St.L.— 1st, 6a,1915 106
Laf
Bl. A M.— l8t,68.1919
88
Ool.* Oreon.—let, 68,1916
>a
Lonlav.
N.
Alb.
AC lat.6s 100=1 i'os'
3d, 68,1928
General mort., 68, 1914
Col. H.Val.4 Tol.-l8tV68
81
81^ Lou. N. O. A Tex.- lat, 5a 96">3
Bel. L. * W.-78,conv.,'92
116
Manhat
U'ch
Co.— 78,1909
Mortgage. 78, 1907. ...
N.Y.AM.B'h-l8t,i8,'97
8jT Bin '.AN. v.— l8t,7s 1361a
132 1331a Metim Elev.- l»t.78,1008
117
' No prices Friday
those are Utevt QttotaUona
I
114
lllia
Cioueral, 8a, 1921
112=4 Sodua B.ayA So.— 1st, 58, g.
Tex.Cen.-lat,8.f.,78,1909
1887
13614
117
Consol. sink, fd.,78,1914
General consol., 6s,1934
Cblo. St. P. MIn. * Om.
Consol. Gs, 1930
C.8t.P.&M.— Ist98,1918
No. Wis -Ist, Os. 1930.
St. P.<t8.C.-l8t, 68,1919
73,
Laud grants. 7a,
I271-.
118
lal. HR.— Ist, 7a, '9S
123
lat, couaol.. 5s, 1931
108
Louiav.* Naah.— Cous.,78 122
Ceclllan Br'ch. -78,1907 103
Long
Consol.. lat, (is, 19'22...
Rich.AAlleg.-l.st, 7.3,1920
Trust Co. receipt8
Rieb.ADanv.— Cons..g.,68
Miu'8
481a
—
Dlv.,7s
92
Terminal 6s, 1914
lOli-j 102 14 Indiauap.D.ASpr.—
l8t,7s 100
Fargo ,t .So. 5s, A88U.,'24 115
lat, 7s, ex fund, coups.
Chic. & Northwest.Int.&Gt. No.— lst,6s,gold
Consol. bonds, 78, 1915. 138 14 138",
Coupon. 68, 1909
Coupon, gold, 78, 1902.
1281, l'29ii Keut'kyCout.— M.0a,1911
Regist'd. gold, 78, 1902.
;29ia
Stamped 4 p. c, 1911.
Sinking fund, 68. 1929.. 115=,
Lake Shore & Mich. So
Sink.fund,68, 1929,reg.
Cleve * Tol.— N". bd8.,78 101=8
Sinking
i08'
106
108
84
113
Con.. 1st, ext., 58, 1922.
105
1st. 7s.
St. L. A Iron
13713
2d, 7s, 1897
138
Arkanaaa Br'ch let, 7s
104
,
Chic.&Pac.Div.,«8, 1910 1191. 121
Ced. F. & Minn.- Ist, 78
l8t,Chic.&l'.W.,58.1921 103"^ 103-.. Ind.Bl.AW.— Iat,pr6f.,7s
Min'l Pt. Div., 58, 1910. 101 13 102=4
lat, 5-68, 1909
C.4I,.Sup.Div.,5s,1921 101
2d, 5-83, 1909
Wis.* MiD.Div.,6s,19zl 101 la
Eastern Div.— 68, 1921.
fund, Da, 19'29..
Sink, fund, 5s, 1929, reg.
Siuk'gtd., dob., 59,1933.
25 years dob^ 58, 1909.
1'22
102%
Roch.APitt.— lst.8a,lH21
Atl.ACh.-lst,pr.,78,'97
12513
.
* S. C— 2d
June- lat, 8a, 192'i
McK. A y.— lat, 6a.
RomeW.A Og.-l8t.7a.'91
2d. iiref.. 7s, 1894....
67 13
N.Y.C.AN.— aen.,6s,1910
2d, income, 7a, 1894
Trust Co receipts
67
55
Bellev.A So. 111.— IsL 8a
N.y.A N. Engl'd- 1st, 78. 126 128
St.P.Mlnn.A Man.— l8t,7s
•II8I3 117a<
1st, 6s, 190o
2d. 8a, 1909
.
D,. 7a, 1910...
.
H.— lst,g.,78
78,1898
Pit(s.
cp., 78
1st, reg., 1903
Deb., 5s, 1904
Harlem 1st, 78, coup..
lat, 7s, reg., 1900
N.Y. Elev.- Ist, 73, 1906.
N.Y.P.A O.— Pr.l'n.Oa, 95
4th, s.f., 6a, 1892.
143
140
131
127
111
8813 Pitta.
Cons., 7s, 1904-5-6
Cons., 2d, income, 1911
—1st,
A P.— Cons 8 fd.,78
Clev
140
138
Pine C'k R'y— Gsof 1932
Pitta.Clcve. A Tol.— Ist.Gs
•i'u'ia
1921 •106
Mo.K. A T.— Genl.,68,1920 88
75
General, 5s, 1920
N.Y.N.H.,ftH.-lst,rg.,48
N. Pac— 0. 1. gr..l st,cp.,68 112
C—
AbIc
2d. guar., 7a, 1898...
6a,
H.ACeMt.Mo..-lst,7s,'90
C—
•2d,
2d, 7a, 1891
Midtaudof N.J.— lat, 6s
West. Div.— 1st, 5s...
2d, 63,1931
—
Bid.
Pitt.3.C.A8t.L.-lst,c.,78
P.C.A St.L.- l8t,reg.,fs
2d, 7s. 1913
Pitts Ft.W.A
lst,78
2d, 78, 1912
3d, 78. 1912
St. L. V. AT.
1909 119
N.Y.C. ASt. L.-l8t,88,1921
2d, 88, 1923
H.— 1st, C0U8., 89
Fl't* P. Marq.— M.83,1920
Gal.Har. & S.Ant.— l8t,68
SECURITIES.
.
ilfii
Mt.Vem'n— 1st, 88.1923 101 la 104
132
Mil.L.S &W.— l8t,8s,1921
Mich. Div.— 1st, 68, 1924 •108
Aahl'd Div.-l8t.6s,1923 129
Minn.ASt.L.— lat,78,1927 127
N.Y.C.AH
112
99
1884-1913
68,
Mobile & Ohio— New 63
CoUateral trust, 88, 1892
Ist, Extension, 68, 1927
65=4 Morgan's La. A T.— 1st, 6s
68
l8t, 78,1918
Na8h.Chat.ASt.L.— l8t,78
2d, 88, 1901
N. y. Central— 6a, 1887 ..
Deb. certs., extd. 58
1251a
110
107
127
120
106
104 13
1931
Jack.Lau.A Sag.— 88,'91
82%
lis'"
6s, 1909..
Coupon, 5s,
MUw. A No.— 1st, 6s, 1910
119
119
135
86
86
SECURITIES.
Metpn. Elev.— 2d.6s,1899 •107 107 14 Tex. A Pac— Coutinned—
45
Hex. Cent.— 1st, 78, 1911.
Gen. mort. A ter. 6s ..
511-2 Pennsylvania RR.
56
Ist, M., 7s, ex-i-p.,6,7, A8
126=4
Mlch.Ceut.— Cous.7a.l902
Pa.Co.'sguar.4 %8,lat,cp 102=4 103 14
ibfia
102%
Pa. Co. '3 4 %s,rog., 1921
Conaol., 5s, 1902
.
iSk
new
C'njp'mi8e,3-4.5-e8,1912
lOo^B 105 i-j Gr'nBay W.*St. P.— l8t,6s
82
Registered, 8s, 1921
112
Conv., assented, 78,1902 100
Gulf Col* S.Fe.—78,1909 118 120
Geu.,2dM,RK.Al.g.8.f.,
Adjustment, 7fl, 1903.
108
85
Gold, 6s, 1923
851a
gold,6s,1933,cp.orreg.
91
651
COUT. dobent., 6a, 1908.
63
118
Han.itstJ.— Con.68,1911
N.O. Pac— l.st.8s.g.,192(H
65
Leh.&W.B. Con.g'd.afl. 104 105
Hend.Bridge Co.— Ist, &a. 10514
Norf A W.— Gen., Bs, 1931 102 13
Am.D'kAImp.- 58,1921 88
89
1001,
101
H.& ex
1st M.L.,78t
New
River—
lst,6s,1932
99
Chic. Mil. & St. P.—
951
95
1st, Western Div.. 78t.
Imp. A E.tt.— 68, 1934..
13313
1st, 88, 1'. D., 1898
lat, Waco & No., 78t ..
95
Adjuatmt. M.— 78, 1924.
79
2d. 7 3-lOs, P. U., 1898. 12413
82
2d, consol., main line, 8s
80
13 OhioAMiss."Cona.a.fd.78. 122
Ist, 7s, $g.,E.D., 1902
130
2d, Waco * Xo.,8s,1915
Conaolidated 7a, 1898... 122
l8t,I.aC'.I)lv.,7s, lf(93, 1201"
General, 63, 1921
2d, con9oliilatc<l,7a,1911
lst,I. &M., 78, 1897... 123
Hous. E. * W.Tex.— l8t,7s
IstSpriugfteid Div., 78. '*86'
123
l8t,l.&D.,78,1899....
13
2d, 68, 1913
Ist, general, 53, 1932...
781-i
181 14 Ill.Cen.—Spd.Div.— Cp. 68 119
Ist, C. &M.. 78, 1903... 130
Ohio Cent.- 1st, T. Tr., 83
Consol. 78, 1905
130 132
Middle Div.— Reg., as.
109
Ist, Min'l Div 68, 1921.
D.
Ist, 78, 1. &
Kxt.,1908
130
C.St.L.&N.O.— 'ren l.,7s 120
Ohio .So.— 1st, 8s, 1921 ...
1st, 8. W. Div., 68. 1909. '116
116'(
lat, consol., 78, 1897.
124 125
Oieg'nACal.- l8t,88,1921
1st, 5s, LaC.A Dav. 1919 100
'116
2d, 68, 1907
Or. ATransc'l-6s,'i- 2,1922
921c
l8t,S.Mian.Div.,8s.l910 llOia
Gold, 5s, 1951
II214
Oregon Imp. Co. 1st, 6a.
H.
Bid.
68. old
92" Virginia—
68, new, 1866
Registered, 6s, 1931
Buff.&S.W.-M. 6.a,1908
96»t
l8t,con8. assent. 78, 1899
Ist,
SBCCRITIBS.
Tennessee—Continued—
106
non-fuurtable, 1888.
Brown cousol'n 68, 1893
Tenneasee-es, old,1892-8
11, 1885.
Ask.'
Carolina-Continued—
New bonds, J.&J., '92.8
Special tax, all classes-Do
Wll.C.<fcBu.R.
Consol. 48, 1910 ..,
Ye'ii
.
RAILROAD BONDS.
SECURITIES.
&
&
SECDK1TIE8.
Ask.
10-! =4
Missouri— 68. 1886
68, due 1889 or 1890.... 109
Asyl'm or Univ.. due '92 113
118
Funding, 1894-95
Hannibal*
Arkansas Cent. BK.
102
Oeorjl»—68, 1886
It,
Bid.
Stamp
107
08, 10-208. 1900
Arkansad— 6s. ftinrted
SKCUBITIBS.
Lonlslana— 78, oon8.,1914
Ask.
Bid.
AUbama-Class A, 1906. 100
107'4
Olua B, 6s, 1906
08
Olaw 0,48,1906
.
.
[VOU XO.
DECEMBER
ODOTATIONS OP STATE AND RAILROAD BONDS,
STATE BONUS.
—
—
.
Ist, consol., 88, 1919. 100 13 101
Or.BayW.,tSt.P.— 2d,inc.
C.Br.U.P.— F.c,7s,95 103
Ind. Bl. AW.— Con., iuc.,68
AtC.AP.- lat,63,1905 100 102% lud'sUecA Spr'd— 2d,inc.
At.J. Co.A W.— lat, 8a
9913
Trust Co. receipts
Oreg. Short L.— Ist, (la
98=4 Leii. A \\'ilkesb. Coal— '88
981.J
Ut. So.— Geu., 7a,1909
90
Lake E A vV.- Inc., 7s,'99
Exten., 1st. 78, 1909
Sand'kv Dlv.— Iuc..l920
Mo. Pac— Ist, cons., 8s. 105=4
Laf.BLAMun. -Inc.,'73,'99
3d. 7s, 1906
-Incomes
118=4 Mil. L. Sh.
Pac of .Mo. — Ist, 6s .. 10(5% 107 Mob. A O.— l8Lprf..deben
AW
32
2«
34
•7(i'"
28
25
«()
28%
82 's
64
66
debentures
38
40%
CL A 104=8 105
*30
3d, iirof., debentures
36
102% 103
4th, pref., debenturea.
33
N.Y.LakeE.itW.- Inc.Os
104 105
A O.
Min'l D.— Inc., 78
Ohio
Equipment, 78, 1895..
OliloSo.— 2d, inc., 0a,1921 "37% "in"
Gen. mort., 6s, 1931 ..
96
96% PeoriaD.A Ev.— Inc. 192(1 40
4.S
So. Pac. of Mo — lst,68 105
105% Evausv.Div.— Inc., 1920 40 ......
Tex. A Pac— l8t,68,1905
Rooh.APittsb.— Inc.,1921 •60
115
consol., 8s, 19051
Homo W. A Og.— Inc., 73. 40
80
Income A Id. gr.— reg.
39
So Car. Ry.— Inc., Os, 1931
32
»ft
Rio O., 6s, Aug. cp. ou
St.L.A.A"!'.!! — Div. bila..
64
50'
Do
ex Aug. cp.
St, J,.. ,(t O'd Tal.— 'Jd. inc.
58
68
made thla week.
t CoaponeoC
2d, 7s, 1891
StL.AS.F.—2d, 88,
68, Class C, 1906
68, Class B. 1908
lat, 88, Pierce C.
114
2il,
prof.,
.
C—
Dboskbbr
New Tork
COM PAN
I
PHIVB.
Bid.
.,,.
Amur. Kxohknjitt...
Brttrtilwiiy
UrovV
Ontral
Otia«<i
CtmttiAra
Ctiemlo»l ...... ....
Cltlaens'
City
Ouiumeroe
Contlrieiital
Corn Kxchange*....
Bwit River
Kloveiitta Ward"....
Avenae*
Fifth
First
Fourth
Pnllon
OkllaUs
OrtrHeld
Oumun
American*.
Oermanla*
Ore«uwlch*
Hanover
Imp.
<&
Traders'
IrvlnK
Leatlier Manuf'rs'..
ManhattanMarket
Mechanics'
100
100
•m
as
100
100
as
100
2S
100
100
100
100
as
as
100
100
100
30
so
100
7S
100
as
100
100
so
loo
so
100
as
Meobanios'A Trade'
'iS
110
ISO
lao
,
113
Brooklyn
Oltlsona'
Ulty
Clinton
-.ttfSO
lis
ii5
100
Commercial
Continental
Ba«le
KmplreClty
Kxchanxe
176
106
69$'}
miaMyhla m4
Btftos.
UCOURtTIBS.
AU-I.
raookinMi,
-7s...
Ask.
BalU
«.PtM«« W,-4i«B.^
1st.
Boatui.
Bid.
ouo
960
IVS
110
189
112
ISO
100
140
260
133
isa
ISO
.
Olobe
Oreenwioh
Ouardlan
Hamilton
Howard
Jefferson
KiUKnC'nty <Bkn.).
Knli'kBrhOi'k(>r
Lonif Isl'd (B'klyn)
Manufac. A Build..
Mech. A Traders'
no
. .
Mechanics' (Bklyn)
Mercantile
104
36
l'J3
178
l3.^
lira
118
107
125
MerrhaiitH'
Mniiiituk (Bklyn.)..
NaHxaii (Bklyn.) ...
160
PetorCooper
20
i
People's
Phenlx...
110
125
125
160
132
80
60
25
60
100
Sterling
100
Stuyveaant
35
Unlteil States
36
Westchester
10
WUUamsborg City. 60
Rutger's
Standard.
Star
'
UO
loi
as
aao
a»5
76
7S
30
330
245
80
100
107
86
110
140
1.14
j
166
160
1S3
140
107
lao
116
1113
113
130
17
90
as
SO
?30
36
40
330
136
112
l'i6
108
IBS
70
108
310
76
lis
130
13S
75
I'JS
130
70
115
218
86
BS
100
35
80
60
r.'3
225
00
100
106
45
86
65
112
100
150
HO
165
mi
95
145
National
37's
N. Y. Kqaltabla.... 36
N. Y. Fire
;100
Nlacara
60
North River
35
Paclllc
as
Pnrk
100
106
140
170
170
130
130
136
so
70
100
60
100
40
100
100
60
60
a6
100
IS
SO
100
40
SO
20
40
SO
100
as
60
SO
60
60
SO
.
Hanover
1-18
1(10
17
10
Home
1S2
96
60
Oerman-Amerloan
Oermanla
UO
um
2{
ISO
H7
130
100
go
Parracnt
Firemen's
Firemen's Trust
Franklin A Kmp..
us
121
.
Bowery
Broadway
140.
130
103
SO
PM.
American
(i
Amer, Kxolianse... H
'J7S
so
so
Metrttpolitan
100
JNft«Btta*
so
New York
100
New York County 100
H. Y. Nat. Kxch.... 100
Ninth
100
North America"
70
North River*
30
Orientalas
PmUIc*
60
Park
100
People's*
as
PhenlT
eo
Republic
100
St-NlcholaB*
100
Seventh Ward
100
Second
100
Shoe A Leather
100
State of New York" 100
Third
100
Tradeenien'fl
40
United mates
100
Exch...
Mt^n-.hatitH'
.
Al'
"I
All>aay-7a.
-
-
|W
,
BOMoo * Lowell-T* ..
lUS
liO
100
Mercantile
Mercoaute'
OOMPAKIXS.
Ask
U
QooUtlou
laraniBM Staak Llal.
(pticim br d. b. BkU«r. >*• nn* st]
lAmt.
ot N'AtloUfe
Biit.l»'i«'A
Lookl S«oarltles.
KH.
Anit»rhii*
..
THE CHRONICLR.
12, 1886.]
Bank Sl*ek
—
d
.
86
Its
66
1X8
100
1«S
104
145
105
140
116
»S
70
140
110
170
110
156
no
146
I'JO
100
55
S6
110
1S5
136
332
60
60
100
130
130
320
Oas and CItr Railroad Stoclu and Bonds.
[Gas QnotaUons by QUO. H. PBCimse A CO., Brokers, 49 WaU Street.]
U
Beaton 4
Burl.
4
ProTld«no»"7s
Mo.-Ld. jtr.,7s
Nebraska,
Fxprnpt
(t.«
Rabnuka
Nebrasks
Oonn. A l'»
Baot'm, Miwo. OK, iinw..
Fort Heott 4 unit— 7a. ...
K. Olty l.awT. * UOc-t:
B. City St. Jo. * O. B.-7s
UUIe R. 4 Kt. M.-7a, lit
i. City Hp'd 4 Mem.— ts
Mexican Central—7s
irt'"
Income
Wl.
Scrip
Debenture, 10s
.....
N. Y.4N. Bngland-7s..
*•
2d mort
N. Mexico
'
4 Ba
Pao.— 7s
Ogdenab.4 L.Ch.—Con.Ss
Income
Old Colony —9a
13]i«
Pueblo 4 Ark. VaL— 7s
lOO
Rutland—es, 1st
103
Sonera— 7s
i
'..,..„..
.*R.,'9M
;o
u., 1931.
a. O. Pae.-Isi.6a,
:«o,
,
IMO.
PoaB.-M, 7s, ep. "M.
133
140
137
i.t
IMS
Debenture 6s, reg....
Norfolk 4 West.-dsa.,6s 101%
M
N. R. DIT., lst,es.l8S3
V. Y. Phll.4 Nor.-lit, «• 10.".
40
Ine„6a,lB33
9>»
OU Oil Clty4Chlo.-lat, 6s..
Boston 4 Albany
on Creek— lat, as. coop.
laaVt 123 Hi PennsylT.—o«a.,M, reg. 119
Boston 4 Lowell.
l«OV| 180",
Boston 4 Maine
130
Oen.,es,cp., IBIO
18*
120
Boston 4 Provldenoe
186
Coos., 8s, reg., 1906
Boston Revere B. 4 Lynn
123
Cons., 6s, coup., 1906...
10
California Soutliem
11
Oons., Ss.reg., 1919.... lid'
Cambridve
Pa4 J». Y.O.-7s,189«.
Cheshire, preferred
96
7,1906
471.
Chic. 4 West Mlchlian..
60
PerUomen— I st, 8s,op.'87 93
17
Cinn. Sandusky 4 Clevo.
17 ^s Pbll. 4 Brie-1 st.7s,cp.'88 111
Concord
Oons., 6s, 1930
119
109
Oonnectlont River.
J170
Oons.,6a, 19ao
86 •«
Conn. 4 PHHSuinpMo
Phlla. Newt.4 N.Y.-lsi
itsi'
Cleveland 4 Canton
PbU.
lat,es.tgiO
4S
4R
«iia
Det. Lansing 4 No., pret. 103
Sd, 7s, coup., 1893
68
Eastern, Mius
06 >
Oona,7s, reg., 1911 ...
i'»n
{....
Fltobbarg
Cons., 7s, coop„ 19 1 1 .. hii'H
121>a
I8>i 10
Flint 4 Pore Marquette.
Cons.,6s,g., I.R.0.19I1
86
Preferred
86
Imp., 6s, g., coup., 1897 *99>i
Fortscoti4 Gulf
90
Oen., 6s, g., eoap., 1906 "78'
Preferreil
130
Gen., 7s, oonp., 1908
7l>»
Iowa Falls 4 Hionx City
Income, 7s. eonp., 1806 86
66
Kan. C. Clin. * spring^
Cons. 6s, 1st sor.,o.,lB3a
Kan. C. Sprlngf. 4 Meiu. <64>«
Cons. 6s, ad sar.,e- 19SS
43 '(
Little Rock 4 Ft. Smith.
Conv. AilJ. Scrip, '86-88
30
Louisiana 4 Mo, River..
Debenture coup., 18931
14S
60
Preferred
Scrip, 1883
116 118
Maine Central
Conv., 78, R.C., 189S..I 132'
>9
36
Houi(bi'n4
0ntoii.
Maiq.
36 \
Conv. 7s,i^.off, Jaa.,'86
Preferred
i.. .
80
Pbll. Wil.4 Bale—4s, tr.ot 100
17
Masa. CoLtral, pre!
19
Pitta Cln. 4 St. L.—7s....
laiia
•--Metropolitan
Pitts. Titos. 4 B.—7s,()p.
li^ 12 >a SbamaklnV.4 Potts.—'fs
Mexican Central
..-Shen. Val,-lst. 7s, 1909
Nashua 4 Lowell
38
88 <s
Gen'l6s, 1931
N. Y. 4New Kngland...
101
Preferred
Inctmie, 6s, 1933
90
101 H,
Northern of N. Hampsh. iVii't
SonbuiT 4 Brie— 1st, 7s.
60
Norwich 4 Worcester... «
Sunk. Has. 4 W.— let, Sa 103 H
•159»4 160
98 >a
Old Colony
3d, 6s, 1888
16
Ogdensb. 4 T.. C'hamplain f
3yT.Gen.4 Com.— 1st, 7s.
,
STOCKS
4 Topeka
Atlantic 4 Paclflo.
I
86 H
Atohlson
86»(.
—
I
I
'
I
SAB OOMPANIBS.
Brooklyn Qas- Light
...
Citizens' Oa8.L.(Bklyn)
Bondn
Jersey
35
30
1,000
ConiiolMatotI
CUy
Oa«
dc
llohoken.
Metropolitau— Bonds
Amonnt.
Par.
...
Mutual (N. Y.)
Bonds
Nassau (Bklyn.)
100
20
1,000
100
3,000,000
1.200,000
260.000
36,430,000
756,000
700,000
3,500,000
1000
Bonds
Bonds
1,000
Var'8
Williamsburg
60
Bon<ts
1,000
Metropolitan (Bklyn.)..
Mnnlcipul^ Bonds
Faltoa iMumclpiU
100
100
Equitable
'ibo
1,000
Bonds
July 1,'86
Bid.
I
128
87
107
.Nov. 2,'86,126
86
104
3>« D(?0.15,'85 99
Qliar. 2'ii,0ct. 1, '85 140
1114
F.& A. 3
1902
Qnar. 2'sOctlO,'85 135
A.
4 0.
M.AN. 8
1.000.000. Var's 3
70O.(KH) M.AN. Sia
1.000.0(H) Qnar. IH
400,000 M.&N. S>a
190'i
1103
Oct. I,'85ll28
130,000 A. j:0.
1,000,000 <4nar.
1,000,000 A.<fcO.
Oct. 1.'85
1,000,000'
July 1, '85
1888
Nov.
1.'85
DcC.15,'85
Nov.
I, '86
OC(.'.!0.'85
190(>
760,000 M.dtN.
3,000.000
300.000 J. A J.
1,000
Bouud
Var's
Var's
*
1,500.00(1
25
Var-s
10
Scrip
People's (Bklyn.)
Period
Date.
Oct.l0.'86
1900
2,000.00(1
1900
1,000.000 A. <&F.
lOOx
l.'.O
117
137
105
130
100
85
105
98
161
112
97
105
168
106
136
110
x?0
108
101
165
116
100
110
160
109
140
113
[Quotations bj H. L. Qkant, Broker, 145 Broadway.]
BI'ckerat.A Falt.F
Stk
1st mort
Br'dway i 7th A v.—Sfk.
1st mnrt
2'i mnrt
B'way Surface bds.guar.
BoniUgujr
BruuKiyii c'Uy— Stock.
1st mort
__.
Bkly^. Cros.Htown—Stock
1st mort.
bonds
Jnlyl,'86 27
Jnly,1900 114
Oct. 1, '35 274
Jnne.!9at loa>a
600,(iOO'j. & J. 5
1»14
108 S
i,soo,0(io:j. * J. 5
1921
110
l.liOC.OOO J. <t J. 5
108
1905
885
2,000.000 (J.— P. SHi Nov., 1
'208
800,000' J. 4 r 5 Jan., 1P02 lOS
200,000 A. 4 O. 4 Oct., 18.S5 168
400,000 J. 4 J 7 Jan., 1888 105
-- 168
600,000 <J.-F. 3 Nov.,1886
600,000 a—j. l>g Oct.
«^... ...
Ij '86
,» 160
NoT..19a3 114
260,000 M.4N.
l.OflO
1,000
1.000
10
1,000
100
1,000
Bunbw'kAv. BklU)—St'k
100
Central Crossiown—Stk.
100
Ist mort
1,000
(
Cent. Pk.N.ift B. Riv.-Stk
Consol. mort. bonds
Ohrlnt'pb'r&lOthSt— Stk
100 1.800.000 (J.-J.
1,000
1,200.000 J.
4D.
'86 141
3
Oct.
7
Dec, 1903 132
1,
28 Hi
118
280
111
109
175
113
187
166
118
143
126
14019
116
100
1,000
!
P4A
I
'
,
,
,
•
,
*
THIS cola mo snows last dividend on
stoclu,
Wisconsin Central
13
108
22
but date of maturity ofSondf.
108
33
Preferred
Gap
4
PbU.
Buffalo (TY.
Preferred
4 Atlantic.
Preferred
Oatawlssa
}36
16
1st preferred
3d preferred
Prelerred
1124
1I4<4
lOH
110
as,oeap.
Western
Penn.—
6's
110
6s, P. B., 1896
8
Oen., 7s, coup.. 1901
CANAL BONDS.
39 <*
Ohes. 4 DeL-lst.6s,188a 81
Lehigh NaY.-a«,rot.-84. 110
6S'
Mort. RR., reg., 1897 .. 118
60
li*
Oons., 7s, reg., 1911
134
87
9S
PennsyW.—6e, cp., 1910.
97 100
Sohnylk. NaT.— Is(,es.rg.
60
Sd. 6s. reg., 1907
WJersey4AU.— lsl.aa,C.
Oaniden
Hnntlngd'n
70
iiS^
1st, 7s, 1899
Cons. OS, 1909
Preferred
Bell's
l^x. 4 Pao.-Ist. 6a,1906 lOS'
BO
CunaoL.es. 1906
Union 4 Titusv.- 1st, 7s. 141
United N. J.-Cons.es,'94
Cons. 6s, gold. 1901....
Cons. 6s, gold, 1908
Gen., 4s. lold, 1923....
Warren 4 F.— 1st, 7s, '98 103
West Chester -Cons. 7s. llil
W.Jersey— 1st, aa. op..'9« 117
PlIILADKLPHIA.
RAILROAD STOCKS.!
Allegheny Valley
Ashtabula 4 Pltleburg..
4 Broad Top
—
43
68
8ALTINORB.
9Vi
RAILR'D ST(X;K8.tPar
Preferred
AtUnta
Lehlgb Valley
4 Sch. Haven..
N<^sgnehoning Valley....
Norfolk 4 Wost'nPreferreil
Northern Central
North Pennsylvania...
Pennsylvania
Philadelphia 4 Erie....
PUla. Ger. 4 Norrlstown
Newtown 4 N.Y.
PMIa.4 Reading
PbUa.WUm. 4 Bait
Phlla.
66 >a
60^
63^
CANAL STOCKS.
66
177
Lehigh Navigation
Pennsylvania
3a>«
ib8>a
147 \
Allegb. Val.-7 S-lOa, '83
7s, K. ext., 1910
Inc. 7s, end., coup., *€4
Aatatab.
PltUb.—lst,6s
lst,6s, reg., 1908
BolTid'e Del.-lst,6a,ie03
Sd, 6s, 1887
Bell's Gap— 1st, 7s, 1898.
Atlanta
Ino
ilaltlmore
4 Ohio—4s
Uen. Oblo.—as, lst,M.4s.
10<^ ObarLOoL* Aug.-lst..
3d
CHn.
61%
•1
•4
in
M%
lOS
ll>8<s
114<S
Waab. 4 Bait.— Isia 101
101%
7IS 78%
a<u
Sds
40?
40
1st Inc., 6s, 1831
Colnmbla4 GraaaT.— IsU 108 >s 108%
47's
"in
RAILROAD BONDS.
60
SO
Ohlo-Com
RAILROAD BONOS.
4 Cbarl.— 1st....
67
"16 "i
Its
Sdpref
Parkersburg Br
Western Maryland.... 60
63 >
Bohnylklll Nav., pret...
123 It
3ds
No. Central—4 •, J. 4 J.
as. 1900,
A.*0
106'>s'l07%
IMS.
6a,gold,1900,J.*J....
I«l
Sa,Swtee A
108
6s, Series B...
PltUb.40on'elIs.— 7aJ4J
Union BR.- lst,yia-I4J
16
Canton
116
130
Virginia
eodi
4 Taan.—Ss
—
IDS'*
106
6s,l905
100
Consol., 6s, 1913
Buff. N.V.4 Phil.— lst,aa
ad, 7s, 1908
Cons. 6s, 1821...
1st.Tr. 6s, 1933
1st,
• l£x.dlTtdead.
8S
100
4 Ohio
ls( pre!
Oentiml
Prof
PltUb.Cln 4 St. L.-Com.
United N.J. Companies. 307
West Jersey
West Jersey 4 Atlantic.
4
4 Charlotte.. ...
Baltimore
Preferred
Mlneblll
214
112
DryDk.E.B..^ Bat'y— stk
1
—
Pori8m.,4133
Little Schuylkill
850.000 Q.-P. l-s Nov.,188S 186
250.0(M) A. 4 0. 7 [Oct.. 1898 110
100 1,200.0(H) Q.-P. 3^ Nov, 1886 aos 207 «
1st mort., consol
900.000 J. 4 D. 7 J line, '93 114 iia><
600.fec.
Bcrtp
100 1,200,0(10 F.4A. 6 [Feb., 1914 106 109
Eighth At.— Stock
100 1.000,000 a—j. 3<a Oct. 1, '85 240 360
Hcrip
Feb., 1914 110
100 1,000,1100
43(1 A Or'nd 8t.F'ry—Stk
Not, 1886 355 12'6()
100
748.000 <J.-F.
Isf raort
April. '93 112
1,000
238,000 A.40.
117
42dSt, Manh.<ftSt.N.ATe
1(10 2,500.000
45
so
iKt moi t
'i9I0'
110 1113
1,000 1.200,000 M.4S.
2d mort.. Income
1,0(10 1,600.000 J. 4 J
1916
70
Hou»i,.w.si.«p.l"y-8tk
Nov., 1885 148 166
250.000 Q.—¥
100
!«' mort
500.000 J. 4 J.
600
18lM
111 113>9
Ninth Ave
100
800.(100
Oct.
140
seotiuii Av.—Stock
Jnly,1886 206 !2I0
100 1,862.000 J. 4 J.
Isl mort
40(),()(H)i'M.4N.
1,000
1010
|107>a 108
Consol
May, '88 106
1,000 1.0.5().()(H)l.\I.4N.
.Sept., 85 11-5
Sixth Av.— Stock
100 1,50(1,000 M.4 S.
Mily,
5(K).()()(l|J.4 J.
Ist mort
110 115
1,000
-Vov.,
Taird Av.— Stuck
Hi 3:5
100 2,000,00(1 Q.—F.
Jan.,
Bonds
111
113
1,000 2,000.(IO(" J. 4 J.
•Aug.,
Twenty.third St.— Stock
100
600.00(';F.4A.
260
114"
May,
112
1st mort
1,000
250.000 M.4N.
BondH
4
Rutland— I'leferred
Summit Branch
Worcester Nash'a4 Rocb
Delaware 4 Bound Brook
Bast Pennsylvania
Blmlra 4 WUllamsport.
100
900,000 J. A J
700,000 J. dt J. 7^
100 2,100,000 Q.-J. 2
1,000 1,500,000 J. <bD. S
1,000
Portland Siico
IParabara.
w. ttA'-sii ist; v.v j". "i" j;
ad,rref.,J.4 J
3d,i,uar.byW.Co.J.4J.
6s, £<l,gaar., J.4 J
Wllm.ti.4 Aug.—«•.
Wit.
4 Weiooo-as.
7s.
tiadotadt.
lOtt
100
107
io«
^^;^^^^™.
|
Lasi (two ifeu weak.
.
.. .
.
.. .
.
..
.
—
.
1
:
1
THE CHRONICLK
69'4
New York
RAILROAD EARNINGS.
latest railroad earninsjs and the totals from Jan. 1 to
The statement includes the gross
latest date are j{iven below.
The
earainK« of
City Banks.
—The following statement shows tha
condition of the Associated
week ending December
Banks
New York
of
City for the
1885:
5,
from wliich returns can be obtained.
railroads
all
rvoL. XII.
Amount
Average
of-
Banks,
Latest
Eamingt
Reported.
Jan. 1
to
Latest Date.
Bo^i>s.
Weehorilol
1885.
1885.
1884.
than a.
a.
I
"""•
1884.
New York
971,640
928,708
79,305
66,859
Ala. Gt. South'nlg wksNov
At«h. T. & S. F..jOctober ... 1,676,075 1,742,060 12,714,611 13,594,879
183,355
249,712
21,478
October
27,410!
Sonoi-a
125,145 114,377 1,099,414 1,017,-584
B»lt. & Potomac October .
1
&
435,033
W.lth wkSTov
T.
Biiff.K.Y.(k Phil. Seiitcnilier
9,878
12,213
238,398 223,869
78,019
84,560
170,000
Canatlian PacUic A t li w UNov 225,000
26,684
28.100
Central Iciwa. .. ItUwkNov
1,358,122 1,622,112
tCeutnil Pacific. Auiiiist
270,181
307,436
Oclol)cr...
Ohio.
Cbesap. &
68,574
70,932
"KlU.Lex.&B.S. Oitober..
163,107 136,945
Ches. O. & S. W. October
CaUcago & Alton, Itb wkNov 169,313 165,083
BoM. H.
417,142
2,826,605 2,508,009
7,632,492 5,228,970
1,178,392 1,329,961
9,272,178 10,302,410
2,762,360 2,9.53,614
580,441
625,815
1,272,023 1,097,374
7,267,675 8,016,503
Chic. Burl. & Q October... 2,85S,258'2,683,.597 21,908,399 21,189,422
33.443 1,501,000 1,413,130
36.5391
Chic & JOast. 111. 4lU wkN'ov
576,000 53(!,485 22,651.9.59 21.788,485
Chic. Mil. &St.P.:i3t wk Dec
401.300 489,700 22,823,520 22,029,^52
Chic. A Xorthw l»t wk Deo
142,500 5,31)2.815 5,340,742
158,300
Ch.St.P.JIin.&O.rlih WkNov
30,075
29,546 1,188,377 1,377,028
CWc. & W.Mich. tth WkNov
52,987
52,678 2,167,448 2,231,087
Cln.Iml.St.L.&C. IthwkXov
172,087 150,375 2,339,247 2,33^,394
Cin. N. O. A T.P.!:i wkiiNov.
37,121 1,503,817 1,638,386
34,897
Cln.W.ish.A Ball 3il WkNov.
10,267
10,160
445,009
445,042
Clev.Akron&Col 4th wkNov
October...
27,119
29,861
Canton.
&
Clev.
321,228 344,481 2,2.52,925 2,447,421
Clev.Col.C.&Iud August ...
22,623
21,973
190,874
180,556
Danbury & Nor October
Denv. & Rio Gi- lat wk Doc 124,000 109,000 5,751,852 5,239,745
November
89,555
936,718
751,180
\V.
95,425
R.
G.
>t
Denv.
8,378
336.018
316.093
9,818
Des. Mo. & Ft.D.'sawkNiir.
25,232 1,1'2-2,419 1,245,451
27,896
rret.Lansg&No. 4thwkN)V
17,902
18,700
812,316
8 12,094
Dul>.A:SiouxCit.v;4th wkNov
411,380 412,289 3,309,812 3,236,039
E.Ttnn.Va.&Ga.|October
18,091
17,380
689,291
688.200
Eynnsv. & T. H. [4th wkNov
53,398
42,529 1,759,835 2,081,143
Flint & P. Maiii.;4tli wk«ov
878.208
30,627
25,919
880,807
Flor. R'way &N.i4th wkNov
43,810
35,589
431,391
437,200
Ft.WorthA Den. November.
270,235 226,751 1,903,358 1,718,808
Gal.Har.&S. An. L\ugust
Qraml Trunk . .. iWk.Nov28 315,259 334,091 13,878,608 15,676,375
36,000
30,216
Gt. H.W.ife St. P. October...
240,409 160,656 1,620,881 1,585,5-17
GuirCol. &S. Fc. November.
Hous. <fe Tex. C. Aus-Tist ... 240,468 193,878 1,234,161 1,42,5,185
249,200 270,232 9,791,057 9,418,937
'IU.Cent.(Ill.&8o) 4th wkNov
(lowai 4th WkNov
35,200
33,159 1,494,568 1,5(>1,849
Do
54,080
44,575 2,178,419 2,134,0,80
Jlnd.Bloom.AW. 4th WkNov
53,228
49,00
fcC.Ft.S.&Gulf. SdwkNov.
2,271,044 2,125,188
27,322
28,647 1,338,831 1,024,437
Kan. C. 8p. & M. 3d wk Nov.
87,042
96,258
710,392
Kentuckv Cent'l October...
773,412
8 '2, 17,"
t.Rk.&Ft.Smiti. October...
76,823
453,359
432,002
44,79!
L.Rk.M.Riv.&T. October...
42.615
256,406
270,094
IstwkDec
48,088
Lone Island
47,956 2,722,575 2,648,580
50,940
70,004
La7& Mo. River. September
409,933
501,385
Xjouisiana West. Aiuust
47,439
37,074
377,812]
285,198
Lout- V.& Na.shv. 4th wkNov
309,005 360,00(1 12,490,250 12,370,338
Manhattan EleviNovembcr. 590,893 578,163
Mar.Hongli.& O. 4th wkNov
11,299
798',.568
6.793
798,751
133,795 126,245 1,029,9,54 1,111,804
Mem. & Cliarie.s. October
'Mexican Cent'l.'4th wkNov
93,200
83,421 3,221.197 2,690,385
•Mex.N.,aU line.sjOctober ...
128,610 146,252 1,285,158 1,334,508
Milwaukee & No|4th wkNov
15,160
12,372
514,434
477,753
Mll.L.Sh.& West.' 1st wk Dec
25,680
21,6.50 1,'251,582 1,048,378
Minn, oc St. Louis October
172,410 173,739 1,412,709 1,498,482
Mobile & Ohio
November. 235,402 253,332 1,773,072 1,87-5,775
Morgan's La.&T. August.
323,906 246,796 2,433,391 2,086,005
Nish. Ch. ASt.L. October
191,846 203,737 1,759,712 1,965,169
N.0.& Northeast 3 wks Nov.
46,481
60,343
585,405
413,736
N. Y. City & No November.
41,022
29,038
JN. Y.L.Erie &W. October . . 1,623,737 1,511,159 12,968,795 13,987,-571
N. Y. Pa. & O. Octob( r . .
524.869 524,550 4,124,770 4,080,917
N.Y.&NewEng. Ociober... 339,965 306,734 2,822,551 2,753,243
N. Y. Out. & W. November. 155,187 151,970 1,725,.592 1,803,965
N. Y.SUSI1.& West Octoher
105,087
99,059
908,605
849,249
Norfolk & West iNovcmber. 247,622 230,296 2,498,602 2,449,535
Northern Cent'l- October... 534,011 519,795 4,499,629; 4,604,804
Northern Pacific November. 1,251,062 1,116,379 10,576,032 11,855,076
OWo & Miss
October
365,603 354,880 3,064,750 3,143,8-50
Ohio Southern Novtuiber.
48,874
49,746
425,949
425,892
Oregon [mp. Co. October.
309,358 333,129 2,419,659 2,837,513
Oregon Short L.I September 184,174
90,741 1,323,092
658,363
Oreg. R. & S. Co.'3d wk Nov
124,123
89,0'24
Pejinsvlvania. |Octt'ber
4.359,174 4,447,.547 37,.596,806 40,846,646
Peoria Dec.&Ev.i3dwk Sov.
16,406
15,1641
652,284
686,992
Phila. & Erie . lOctober
341,790 391,027 2,703,418 3,052,733
Plill».& Reading October .
2,878,370 2,940,.541 23,971,561 20,102,464
Do C. & rroii October... l,837,.566;i;7'29,633 i3;o09;820 13,740,574
BIchm'd ADanv. November. 362,500 371,300 3,606,144 3,505,900
Cli.Col.&Aug. November.
77,735
84,558
Columbia* Gr. November.
78,023
88,162
Georgia Pac. November.
73,021
71,778
Vs. Midland.. November. 124,854 115,278 1,409,601 1,467.047
West. So.Car. November.
43,059
38,039
426,444
398,317
BOib. & PittBb'gj hit wk Doc
20,022
20,989 1,142,167 1,070,786
Bo, i.e Wat. &Og.' October
182,246 176,264 1,415,809 1,419,805
St. Jo. <tGd. Isl Ith wi!No\
20,301
20,243]
068,728
8t.L.AltouiT.ll ItU WkNov
28,755
26,620 1,104,284 1,228,758
Do Brandies 4tUwljN.)V
19,710
16,267
682,868
079,697
;4tUwliNo\
81, I,. F. S. *
18,'299
14,146
500,9-22
462.712
St'-.iBan.Fran. Istwk Di
100,800
98,800 4,113,361 4,389,779
8t.Paul,&Duluth IstwkDeo
32,'273
24,413 l,289,109i 1,231,869
Bt.P.-Min.AMan. .Vovembur.
86.5,878
879,440 6,804,576 7,494,758
Seloto Valley.
October ...
51,635
South Carolina. [October .
134,961 157,352
916,210
968,203
So.Pac.Conip'y-l
Allan. System August
7-40,131'
_
_ „
586,212
5,345,833 4,632,200
I'acltlc system August.... 1,900,362,2,240,4.50
Texas A N. O... August ...1
98,490
75,592
63i,272
54i',597
TfBX. & St. lx)uis Ith wkNovl
37,7-52
26,059 1,079,003
914,781
'Duion Pacific.
Ociober.
2,768,627 2,619,214,21,147,405 20,923,406
Vloksb'g & Jler. 3 wks Nov.
40,470
30,491
387,090
420,847
Vlcksb.Sli.&Pac. 3 wks Nov.
42 221
36,678
3.59,818
218,828
Wnh. St. L. 6c P. '4111 wkNov 374I902 314,302 12,712,632 13,734,135
T^'est Jersey.. October...
95,704
92,800 1,113,700 1,153,670
Wlaconsln Cent'l November. 130,905 127,154 1,338,228 1,299,504
B<ir.Ci;d.K.&No. ItUwkNi.v
i
I
.
—
.
ManhattiiQ Uo
Merchants'
Alechanios'
.
America
Phenix
City
Tradesmen's
Fulton
Chomical
Merchants' Exch.
Gallatin National..
Butchers' A Drov..
Mechanics'
& Tr..
Greenwich
Leather Manufrs.
Seventh Ward
State of N. Y
Amerio'n Bxoh'ge.
Commerce
Broadway
..
Mercantile
Paolflo
Republic
Chatham
.
Peoples'
North America
Hanover
...
Irving
Citizens'
Nassau
Market
..
......
.
Nicholas
& Leather..
St.
Shoe
Com
Exchange...
Continental
Oriental
Importers' tfe Trad,
Park
North River
East River
Fourth National..
I
Central National..
Second National..
Ninth National...
First National
Third National ...
N. Y. Nat. Bxoh..
Bowery
N. Y. County
Gt>rman- -Vmeric'n.
Chase National...
Fifth Avenue
German Bxoh'nge.
Oermania
United States
Lincoln
Qarllelft
Fifth National....
B'k of the Metrop..
West Side
Seaimard
Sixth National
[338,514.100 Bl.iSl.lOO
Total
.
The following are
1886.
L. Tenders.\
a
$
Boston Banks.
.
.
.
.
.
I88S.
Nv.21 l.'SS.S 12,100
158,277,900
Doc. 5 155,448,900
.
.
.
.
.
.
1
I
Mexican currency.
Embraces the 1,630 miles north of Goshen now oomprlslne tha
Central Pacific system.
1 Not including ludianapoUs Decatur & Springfield In either
year
& Not including earuings of New York Pennsylvania & Ohio road
*
t
%
And
branchoa.
Clear'Qt
9.180,000
»,ia!,200
5,109,300 110,071.100 a 1.627,600
5.101,900 116.:m,300 2 1,617,700
91,33.5.791
9,'j:i7,800
4, .527.000
118,07,>.GOO il.6'1,5.000
91.063.050
Philadelphia Banks.— The
7it.;111.2?3
totals of the Philadelphia
banks
are as follows:
Lawful Money.l
1886.
Nov. 21..
"
28..
i
Dec.
"
1
.
ndadiug
week
29,760,600
86,938,900
30,037,500
87,310.500
29,i4«.S0O
87.12.S,S!0i)
"
One
to otner bau^."
the item
80,978.000
81.234,X00
8',',-^80,«00
Securities.
Incoines
Bust. H.T.A
16.HI1.8!)7
«i'>.45«838
latest quotatioos for
a
B
u.sh Ilium, uating
valifoi-uia Pat-.ulo
50
Chic.
Chic. &.
*
5
22
&
Pittsburg A
Grand Trunk
ilo
10
53
42
U. S.Ti us't certs! 1.'. !.l
47
Denv. Jt RioGi-.W
13 "a 161a
KdiHon Kleetric Lil^ht
200
Kqull. Gas Co. of N. Y....
138
Georgia Pac— Stock
15
lat mort., 6b
.|105ia
Rutland
.
2d mort
Iv Motor
LehigU A Wilkes. Coal....! 6
Little Kock ft Ft. Smith.. 39
Ke
j
Merii-.au ..National
Pref
mort
M.K. AT.— Income aonu ..
N. Y. M. On. Tel.-Stock.
N. Y. W. Sh. A B.- Stock.
North. P.IC
Div. boinla..
100 p.o
North Blv. Cons
"46 Hi
10
.
del.,
Pref
14
18
2-)
57
5 it
Utah Ceutral
1st mort
70
VlckaO.
a-a
2.5 >4
2
gjv
26
lat m-Jil
or when isa'd
Ist .\I., or wlion IsHued
2d M., or when Issued..
Tol. A O. Cen. com. stock.
Stock
I
il
16
70
11
3
3
A St. Louis— Subs
A St. L. II A A Dlv..
M. A A. Div.,
Incomes
3^1
13'3
10
KB
20
93
19
21
Western
Texas
rex.
4
83
.Southern Tel.— 1st M. bils
St. Jo. & Grand Isl.- St k
»>»
I
Dlv., Isl
1st mort
Postal relegraph— 1st. 6s.
Postal Tel.A Cable— stock
lUo Ur.— consols.
^
i-*
'M
8
.ill
4'-i
Cent, trust cert
Peu».icola
Atlantic
1st moit
6
1
•m
i
11^
mort
Onto Cent.- Rtv.
4
& Atlantic—Stock.,
AO
Pref
3.1
76'
iiinr:
A.
2d mort
N.V. Penn.
6
63 "a
Aik
21,
N. J. southern
.\. Y. A Greend Lake, 1st
97
West.— Stk.
Coat. Cons. imp.
aid.
Securities.
Debentures
Blooklyu Elov'd -1st M..
1st
30.717.634
7.4:«,,50O
7.43-1.500
Newb. Dutch & Cunu
A
Dedv.
7,420.5)0
past:
Atl.tt P.ic— Aco. I'dgr'ts. 24
Cliar. Air L., at'ck.
Alia.
81
1st mort., gen. liouds.-x 118
.ill
Uirculatiim. Agg. Clear'tt
Deposits.*
Unlisted Securities.— Following are
.
.
Am.
Deposits.*
Specie.
~i
.
W
[OirculatUm Agg. Clear'QS
— Following are the totals of the Boston banks
I
.
weeks past:
Deposits.
$
S
Nv.21 -139.4St:<,200 93,'i5S,300 29.0W,700 3^1,1 Oy.fOO 10,077.300 868,933,911
o4I,;l87.000 93.579,:)0I) -'8,iil<,200 382,l;l'J.900 IU,0'45,dOO 750,4^3.793
;138.5U,101) 91,53i,:00 ia,0U,HO0|:i7 7,U35,i0UUO.O3.^,^fl0 712.188,606
.
j
totals for several
Specie,
20
33"a
"4^
48
18'
130
50"
19H
80
44
,
A
60
Meridian
2d mort
Incomes
West N. Car.— Con. mort
,
,
86>a
:
Dbcekbsr
or The
.
THE CHRONICLE.
18, 1889.]
695
COTTON.
Investment and Railroad InteUigenoe Depart-
ment commences
this
week on page
086.
%hz (Tammjcrcial
KRn)4V, P.
'4i!imcs.
Friday Niqht, Dec. 11, 1885.
Congress met on Monday for what is termed the " long bpssion," and will probably not adjourn till next summer. Both
houses promptly organized, and on Tuesday received the
annual message of President Cleveland, with the reports of
members of his Cabinet and their subordinates. Mr. William
H. Vanderbilt died suddenly on Tuesday afternoon, causing a
momentary depression the next morning on the New York and
London Stock Exchanges. Qeneral trade continues fair, but
is largely of a holiday character.
The business in manufactures of iron has increased, and prices are better, giving a strong
impulse to the coal trade. Inland navigation at the North
and West has been generally closed by ice this week.
Lard for future delivery has not varied much, efforts to
promote an advance in prices having met with little success.
The production is so large as to discourage speculators for the
rise, but prices are too low to justify putting out contracts
for a decline. The close this afternoon was at C-40c. for Dec,
6*44c. for Jan., 6'52c. for Feb. and 6-60c. for March.
Spot
lard has latterly been more active, and closes at 6'25@6'80c.
for prime city, 6'40c. for prime Western and 6-653. for refined
for the Continent.
Pork
75® $10 12,1^ for
and $12@$12 50 for clear.
Cutmeats have been less active, but no further decline in
prices has taken place. Pickled bellies close at4^@53^c.,
with pickled hams 8@8>^c. and shoulders 4J^@5o. Smoked
hams quoted at 9J^@)03. and smoked shoulders ^%c. Beef is
steady at $10 for extra mess per bbl. and $17@$a0 for India
mess per tee. Beef hams are firm at f 17 per hbl. Tallow is
|S@|8
D«H'«ml<rr
il.,
Tm IfovEMBirr or thb Omof, m todkmua by oar
COMMERCIAL EPITOME.
mess,
'
I«W.
II.
MdkSC
i
from the Houth to-night, la glTen b«low. Fur w*
evening (Dec. 11), the (ot*l rwilpa Imt« t^
Mea, agaliMt 848,797 b«lw lart WMk. aW.tSA l»i« Um> pranoM
w«ek and 370.431 b*lM three weeke elnoe; makliui lb* loul
S^*!SL"*?*^ *^ '"* "' S^Pt-wber, 1866, 8,»ie.>l« hSm, aatet
8,071,308 b«l«e for the
i
thia
Mme
td^ymC^MmSTl
pmlod
deoreaeednoeSeptemljerl, 1888, ori8l.9M'
ttttttpUai—
Mim.
OalTMton
6,478
0.1 a&
AM*.
wet.
5.8)4
3,70S
FH.
tfciwi.
f
3.753
104
tndlkbuU, Ac.
N«w
Orleaa*...
19.159 16,039 21,009 13.680 10.164
3,130 3,197 l,15d
1,020
1.217
Mobile
FloriiU
BsTannali
>.•>
....
a,450
5,037
4J16
B,881
...
825
2,397
8,778
3,087
2,005
S.710
8,545
3.704
B79
1,063
876
I,0S1
Pt. Roxal, &0.
tnimlngton....
•
CAo
Moreh'd
Norfolk
WMt Polnt,A«
•
8,Sd2
1.586
182
580
3,781
1,344
on
l.14t
1
o.i:\<\\
S,3*«
3,570
•.•
StM
iu
3,7»t
4,r46
616
314I
...
s.isa
1,520
Mew York
Boaton
Baltimore
PhUadelp'a, *o.
-••
•I,
U.ic,'.;
o.i'fj
Bnuuwlc&o.
OtarlMton
i:..!...,
914
6,Si7
5.
!IO.S7f
1.917
1.:
i3,a4a
3,1*6
303
1,179,
355
1.039
1.346
168
ioa
74
193
830
s,aM>
Totals this week 39,000 49.!>72 4l.oTft
For comparison, we give the f ol lo w
total receipts,
the total since Sept.
and the same items for the
r%
.
1,
.-mght,
t yeir.
:
correHii.
r.
I.
.
closes easier at |9
50 for extra prime
steadier at 4;8C. Stearine is dull at 6i)i@6JgC. Butter is
higher at 22@32c. for creamery. Cheese has favored buyers,
but closes with a fair inquiry at 6@9}^c. for State factory.
The number of swine slaughtered at Western towns from
November 1 to December 2 was 2,052,732, against 1,451,955 for
the corresponding period last year. The following is a comparative summary of aggregate exports from October 26 to
December 5
1884.
188^
Dec.
lbs.
8,117,600
4,762,200
Pork
4J.'>,400
lbs. 48,211,292
Inc.
Bacon
51,5n.503
5,372,211
Inc.
lbs. 27.684,718
85,898,886
8.214,138
Lard
Rio coffee on the spot has been unsettled; a further advance
dull trade and was not fully sustained; fair cargoes clo-e at 8J^c. The speculation in options has been brought
nearly to a standstill, but there is no abatement of the firmness with which valuesare maintained, and the close this afternoon is with sellers at 8'80c. for December, 6'80c. for February, 6-95c. for April, 7"05c. for June and 7*10c. for August.
Mild coffees have been dull. Raw sugars have met with a
better demand at hardening values, and to-day fair refininit
Cuba closes at 5i^@5 9 16c. and centrifug.il at 6 3-16@6J^c. for
96 degrees test. Refined sugars are firmer but somewhat
unsettled, as the higher prices are not readily paid. Teas
have CO. .tinned to sell fairly at auction, and Sicily fruits have
had a quick sale at full figures.
Seed leaf tobacco has been comparatively quiet, and sales for
the week amount to only 1,170 cases, as follows: 200 cases 1884
crop, Pennsylvania Havana seed, 9@15c.; l.W cases 1884 crop,
Pennsylvania seed leaf, 8 to 12i^c. 200 cases 1883 crop, Pennsylvania seed leaf, 9@12c. 100 cases 1881 crop, Pennsylvania
seed leaf, private terms; 120 cases 1883 crop, Ohio, private
terms; 150 cases 1S84 crop. New England Havana, 13® 25c.;
150 cases 1884 crop, New York State Havana, 10@123^c., and
100 cases 1884 crop, Wisconsin Havana, private terms; also
450 bales Havana, 58c.@|l 10, and 200 bales Sumatra, |1 80®
was met by a
1884
188.S.
Botiplf
Dee.
to
1 1.
Qalveeton
TMt
\8inc»8efi.
Week.
1,1885.
31,494
..
Ind'nolii,&o
Mew Orleans.
MobUfc
Florida
Savannah....
91,617
13,841
5,236
30,890
825
Br'8w'k,ibo
Charleston...
P^.Royal.&c
Wilmington..
94,580
78,469
811,071
39.143
2,747
0?,«04
326J93
03.283
87,696
8.520;
866,769
110,711
47,661
540.090
89.707
31,111
118,471
8.391
392,278
2,090
75,400
6.723
386.751
191.456
13,738
39,512
3.596
15,825
374
410
14.818
21,015
60,866
3,776
190,377
6.310
27.698
18.71B
S3.t99
7,443
146,794
6.310
23.579
11,890
248.i:i4 2,918,213 289,457 3.07I.208I
951.288'
9(t8.306
314
395
1,02^
2,250
T0t44l
349,616
18««.
527
20,273
12,843
3,196
PliUaclel'a,.&c
1885.
23,202
U'headCAc
. .
«e3,146 27,665
781
132
879,13
94,913
115.013 18,817
28,17.9 14,067
511.561 35,829
P,5C3
334.223
7,080
69,384
3,722
301.198
146,640
17,408
849
9,157
10.870
17,521
2,704
4,740
Norfolk
W.Polnt.Ac.
»6W York...
Boston
Baltimore
Since 8-V-.
1, 1884.
Thit
Week.
625
5,833
1,100
36,017
18,131
2,706
3,621
2,100
4,242
•
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons.
Seeetpttat—
|
1884.
31.404
91,617
31,759
103.249
16,798
32,029
20,801
4,747
39,287
11,597
20.8eH
13,312
39.915
24.185
7,284
37.552
12,467
10,792
281,163
262.015
MobUe
13,811
Savannah. ...
30.900
20,22
5,060
29,273
12.843
12.991
Tot. this w'k.i 248,134
299,457
&o
WUm'gt'n, Ac
Ubarl'sfn,
Norfolk
W. Point, &c.
All others
1883.
1885.
27,797
91,013
18,817
35.829
23,7i7
6,933
36,017
18,131
27,263
Qalvest'n.Ac.
New Orleans.
•W«
we
1882.
1881.
1890.
37,142
31.101
76.918
16.087
35,523
31.183
27,039
74.204
21,066
71338
30,3.52
25.370
5.895
31,365
8.726
14.S73
7.011
38.719]
6.431
87,7011
j
239 490
:il.57
;
;
$160.
The speculation in crude petroleum certificates has been
active, but the fluctuations were not important, and the close
is quiet at 91)8(a91,'4'c. ; crude in bhia. quoted at 6J^@7i^c. ;
refined in bbls. at 7;|c. and in cases 9@ lO'^c. Naphtha, 'i%c.
The speculation in spirits turpentine has been dull, and prices
have deolineil, with the close nearly nominal at 37@37)^c. on
the spot and for early delivery. The medium K'ades of rosin are
dull and do not fully maintain the late advance.
The sptciil ition in crude petroleum certificates were dull but
Tin steady, closiegfairly sn-ady at |17^®$17J^ for futures.
with upward tendency at 20*65@20%'c. spot, 2Oi^«f20-7Oc for
futures; 10 tons December sold at 20-«5c. Tin plkte nominal at
Copper firm, L%ke closing \VUmV\<^., Biltii;4 40@f4 50.
more ]010@10J^c.; 13,500 lbs. Lake spot sold at'll-15., 25,000
lbs. Like January sold at llj^c. Lead dull and ejiriier at 4;^@
4Jic. for domestic. Spelter nominally 4'3")c. bidttur domestic.
Ooean freights have been more active in grain shipments,
and rates have improved, closing at 3}^d. to Liverpool, 4S^d.
to Hull and 45id.to Glasgow, and lOi^c, to Lisbcji, Petroleum
rates are also better at 2s. 13^d@2s. Sd. to leading ports.
Blpoe Sept. 1.12916.213 3071. 20s 29rt«,93l 2t>5l,36(>
Oalvoston
110.684
I'
Tudliinola; Cliarlcitoii lii.liiil.
Wilmliigti>niiii.|iiiloaMoieli'ilCit.v.\o.; Wi'it Point In -.
incliiili'4
&c.
.1.
.'.Ut.dCO
The exports for the week ending this evening reach a total
of 179,942 bales, of which 109,926 were to Great Britain, 8^613
to France and 61,401 to the rest of the Contiiient. Below are
the exports for the week and since September 1, 1885.
ITMk AmHii* Dee.
Marorft In-
xporta
frotn
—
ObitU-|
11.
IbloJ
Cbat*.
mml,
(FMk.
BrltaiH.\
14S.TmTi.S19
Oalvealon
18,480
T.om'
Ie.4S4
Sew
4S.aBl
83,030
8J,3«S
li,4SI
aa.s«3
8.06S
88,778
10,180
810,442 IIO.OKJ
I
3}.i>35
IM,7IS
IWM*
sM.ioe
ino.91-'
340,M9
7.WS{
Mobile
WorKla.
SATalCah
CharlMlon
OreiU
II. 188B.
I
g^.^ifranet
Orleans..
«Vo»5qi(.l.llM.te IVc.
,
....
9,704
WUmlnjeton...
Norfolk
14.478
ii3,8aj
«.»58]
Boeton
4.810
lotal
Total I884„.
n
ll.»7»!
I
•,000
14,180
4,810
isi.oe«
as.8Si
StJM
.
ehlUdelp'cAo
M.180 UtlOl'
»J,0SI
We«t Point....
New York
Baltlmor*...
13,100;
1,100
1,100
B,aiSi •L.40«;i7».Ma
Man
4IW«'aog.»f
i^aso
.
..us
37^10
185
19.841
4,030
801
3SJ6S4
IA,U4
aM,sM|U8.a»
380.443 l,«M.f7S
l.'»»'.''«W''W.SI»
M4.M* LOi^WO
J
"
,
«
;
THE CHRONICLE.
696
In addition to above exports, our telegrams to-night also Rive
OB the following amounts of cotton on shipboard, not cleared
[Vol.
daily market, the prices of sales for each month each day,
the closing bids, in addition to the daily and total sales.
add similar figures for New 'i'ork,
at the ports named.
which are prepared for our special use by Messrs. Carey, Ya'e
We
&
France.!
Foreign
wi*c.
38,111
None.
3,000
8,000
BOO
7(0
963
None.
800
None.
21.975
None.
4,000
4,700
9.410
1,400
2.550
3,000
Total 1885. 111,600
41,174
47,035
48,235
4,600
4,700
3.700
23,H37
MobUe
Oliarleaton
BaTannah
Galveston
Horfolk
15,4'28
Kew
York
OUier ports
Total 1884
Total 1883
141,098
l.'58,831
35,337 186,279
52,950 29,89
15
|
f2?
SOS
»0®P'
's»'Z,
E.
195,105
29,043
None.
28,758
228,537
722,721
,500
2.500
)
2,000
12,132
2,931
None.
10.887
14,362
3-
i^
^'sSm
^'s»'
E.
00
^^
115,966
6,100
11,800
11,100
46.442
19,S09
6,350
11,000
7,645
=
O9
tB
Stock.
Total.
I
»)!
:
I
SI. 182
82,394
48,144
,.,io,_ita
^^ ^
41,0.J7
c — to *
181,027
61.4S9
•60V-
o
>
!5
685,605
913,725
232,601
256,039
in cotton for future delivery at this
The speculation
p,
I
52
Leaving
Coast-
Few Orleans
mnam
IS
Otiier
Britain,
n aP.
i
On Shipboard, not cleared—for
Oreat
and
oa &*
Lambert, 89 Broad Street.
DBC. 11, AT-
XU.
2
»!D
>
5
tota
2
^•.
market
has been moderately active during the week under review, but
at weak and unsettled prices. The life which has been imparte (j
to the dealings was due largely to the spasmodic efforts that
were made, on each recurring day, to promote a reaction
toward a higher range of values. The compiratively low quotations and the failure of receipts at the porta to show any
increase over last season, were the principal incentives to buying, but reports from Liverpool and Manchester were unsat
isfactory, the political situation in the Balkan Provinces continued cloudy, and the Southern markets began to show that
they felt the pressure of their accumulating stocks. An early
decline on Wednesday was fully recovered at the close. Yesterday, however, the bull party was favored by a better
to to
lots
tot
Cm
,3
-
«0
tOf-iM^
«»;
I
-<0
tDtOo^
to
wwOw
woa
coco
<gOi
CJt
5
toco
CdCO
a
•<
CO to to
toto
(ibb
tots
KttO
2
9u;
^
9r:
I
QD
I33
tOtiOtO
O
UtoC
01
CtO
to
cc
coo*
^
to to
toto
5
2
l-tOw^
tiw
2
cicoOciQ
ciccOcb
coto
CO
tCtOQtO
WOlO
'
M
MQi
^
a
OS 01
90:
to
-I
.to
^'^C^ CDCDo^ COCCo^
>
2
coto
I
c»3
ceo
oa
5
coco
5
m^ o
uop
COCDQCO
cbcc^ci
^ a-
u>
coco
I
O^
CJ«U®
u>o
^
2
COCO
2
**
**
-1
CO CO
rf^
coco
ifr
too
b9
-.
CD
•»!
w»u.Cco
op;
I
t^iii
ftp:
op:
I
cpCDoCO
CDCOo®
CDCOo^
COCOoCO
CDCOe®
tflrflOi^
CJ-CJiOj^
rf^t^'Oitk
rfi.|(lC,^
CO CO
Oi
,u,p»Crfi
01-1
go
QD
coco
5^
co»
coco
coco
CJ'CJi
•
if
UiCJi
CO"
2
*^o
rf^
co:d
^
CJ'CJt
0*1^1-.^
report from Liverpool, relatively smaU receipts at the ports,
and some disposition to reduce crop estimates, and there was
a smart advance and a firm closing. To-day the failure of Liverpo3l to respond to our market for yesterday, caused a free
Belling, under which most of the improvement was lost.
Cotton on the spot has been dull. Even the demind from home
Bpinners has been very small, and from other directions almost
nil.
Quotations were reduced l-16c. on Monday and again on
Wednesday. To-day there was a further decline of 116c.,
middling uplands closing at 9}.^c.
The total sales for forward delivery for the week are 528,800
bales.
For immediate deUvery the total sales foot up this week
1,510 bales, including
for export, 1,510 for consumption,
foi speculation and
in transit. Of the above, 100 balos
were to arrive. The following are the official quotations f dr
each day of the past week.
tOtoOtO
o
**
•ft'
I
03
cote
QO
eto'
I
O
t^
5
tote
toti
I
dp:
Oh»
-g
CCCD
5
^
2
do*
..
_
t-0>to^
I
€»p:
tor-"^"*
IJ
9
Wtt^t-i*^
op.
^^O*®
COCOo'^O
CDCCqCD
cJ'ffiOcJ"
tf-i^
-O
yiy*2?U(
ccco
-o
ccco
CCQQ
Ccdb
9
(-•CD
**
t
jC0l»Op
CDCDo'-O
,
C^cJiOtJ'
CidiOyi
I
OiCO
Oa
tOCJ
QD
»•*>
t2'.D
5
cox
**
ccco
CflO
o
**
00 cc
*J J.
COCOo^p
op:
I
or;
I
CD
o'lC^Oyi
CO
cocooco
——
to
Dec. 5 to
Dec. ll.
Ordln'y.^lb
Strict Ord..
Good
Btr.
Oi-d..
UPLANDS.
NEW ORLEANS.
Sat. non Tnea Sat. inon Taes
613,8 6%
6%
7
616,6 616,8
83,8
G'd Ord
I^e
7''>8
8^
838
8i3ie
8»16
8i6ie
liOwMiddV 9
Btr.I/w Mid
Middling...
9H
9'16
938
938
Good Mid..
913,1
9%
9%
93„
G'd Mid ll'l6 10
Midd'g Fair 101,8 1038
Btr.
10
Fair
1038
11
11
Wed Tb.
Ordln'y.Wlb
BtriolOrd..
Good Ord..
Btr.
G'd Old
6.I18
7J8
81,8
81a
8 '8
7%
738
7^18
Fri.
6=8
7>1,
i^8
8%
TEXAS.
7
77,8
^>
638
Miild'g
Bti.L'-wMid
MlddliuK...
Good Mid..
10>4
I05e
11J4
Wed Tb.
6''8
6Te
l>
76,,
8H
8»s
Fri.
7%
8''8
Wed
814
811,6
9'l8
96,6
im
93s
99,8
9»,»
613,8
7>4
83.8
868
lOirt
101*
Ills
^^
.-•
Good Ordinary
Good Ordinary....
^ib.
Low
Mlddllne
yiddiing....:
1II!""!II!
658
76,6
8i8
878
69,8
7I4
81,8
8'3ie
XAREBT AND
is
>
CO 5
CO
2
XC5I
S:;.
*^
Sat.. Dnll and easier.
Hon. Dull at iio dec .
Tnea. Vcy dull
323
160
Q'ltnt at ii8deo.
577
247
Wed
.
ThUTB bull
Fri.
.
Total
The
.:
(juietatiie dee.
—
d
CO
I
716,8
8%
8%
8Ui6
'A
!J
too
too
»
QD
9
w M
IJ
toto
tcto
:
!,
fl
M-l
«
'^
'-'O
*^M
a.to:
66
I
:'.j
^.J
tOOoO
-ooCto
g
cptc
66
»to:
tptOcO
Ct
».*l
o .j
coto
to
cd-^Oco
ccccOcd
tcto
•-
ul't'ti
lit
91
"2
L.MO
dally dulivenes (flven above are aotuallr
prevlouH to that on whlou tney are reported.
FUTtTRES.
Deliveries.
323 101,300
160 69.30$
91
SH.ooi
577 6fl.2i)A
247 107,800
112 95,200
100
600
300
1.510'528,8Q0l 1.000
delivered the
"euverea
khe day
d..v
Th4 Sales and Pricks of Futurks are shown by
foUowng comprehensive table. In the statement wiU be the
found
the
o
co
c;»
M
> -.- ^
CO
^ 00
00 2 6i 2"
00
CCoO OOcO
CCcO
ooOc
coCo
to"^
o mj^
^^
t't'
>
-r-
1
^o
ca
2
"^
sr;
OD
'-'
CO
!
^'r'
=
if
00
1
2
»«:
toto
,
Id:
I
•I
O'^
•
"^
cji :ji
ac;i
I
9
to too®
» tOoCO
CJ' cJ'
^cJlOcJ,
:
CO
o J,
I
I
«:
I
I:
:,
CO
I
I
I
I
l«:
I
I:
Oi
if
I
Sola.
*
CDCD^^CO
15
SALES.
Total.
(1
^p:
I
H"-tC-2o K"2
50 OOCO ooSo
?§2
06 ,^-1- = 6
:
totOoO
00
5O0
^4
-a
o
CDCD
OH-:
CDCOo'cO
I
<
I
I
:
05
05.
o
> 00
r': ( f- >
00
-joboob
x-4
cccdOco
a.-
®
«
COCDc®
03
*<
I
Op:
I
Zi
otp
"6777
718
8
to
,fc.fc-
r:r
I
tote
Fri.
61a
7»18
CDCDo^O
cctdOod
i.
9I4
97,8
913,8
If" 16
107,8
l»'l«
C12
73,6
8
BALES OF SPOT AND TRANSIT.
Oon- Spec- TraTir
porL tump
.—
dp:
00 do OOoO
>^^0
0"Co
too ^ Oil— X
9
The total sales and future deliveries each day during the
week are indicated in the foUowing statement. For the conyemenoe of the reader we also add a column which shows at a
glance how the market closed on same days.
SPOT MARKET
CLOSED.
0:0'
I
CD CD
«
-1
COOO OCoC OtCoO
OOO6o OOCo
titoO-i)
ocj — ac'^ a
I
Btrlot
CCtDoCD
cdcdOcd
**
%f
6^8
75,8
8>4
8ii,e
9>18
9^8
o
op:
'-'to
Fri.
s^«
9>8
tr!£)Ota
'^ '^
938
Tb.
inon Tnea W^ed Tb.
Sat,
8''I8
9 '8
COCDqCC
I
o» 5 00
O CO
toto
toco
wo
g%
9%
®p:
O-^
103,8 103,8
109,8 10»,fl
113,8 113,8
76„
^>
869
8»,8
8?i
g
616,8
73e
913,f
613,8
9%
SXAnSKD,
SIJ'8
813i8
93,8
21'8
966
8'16
811,8 811,8
9
813i„ 91,6
9I4
9>s
9118
95,0
96,6
9i«
95,6
914
9'«
96,8
97,6
9h
911,8 911,8 9»8
9^8
913,6 9^8
Bti.S'dMld 915i„ 915,6 9''8
lOig
101,6 10%
Mldd'gFalrl06,„ 105,, lOH 1012 1019 107,8 lOia
Fair
Ills
10'6i8 1016,8 lO's
lUlR Ills
Low
mou Tnea S
Sat.
938
9%
99,8
916,8 giojf 10
103,8 103,8 10>4
108,8 109,6 10»8
113,8 113l« 11^
9Iia
9=8
10
I
05
738
83i
918
CD to
IS
«:
I
I
I
I
I
I
l«:
I
S:
;
I
I:
I
li
I
I
;
Includes sales limepcember. 18s5. riir Sei.temuer. IJO.'iOo Seiicember-Ootober, for October, 301,700; September-November, for November.'
416,400.
tar* We have Included In the above table, and shall oontloae eaob
week to give, the average price of futures each day for each month. It
will lie found under each dav following the abbreviation " Aver." The
average for each month for the woetr is also given at bottom of table.
TY»D»ferahle Orders— Saturday, 9-30c.; .'VIonday, 9 30c.; Tuesday.
9'30o.; Wedpesday, 9-25o.; Thursday, 9J0c.; Friday, 9'25o.
The fc' i/ing exchanges have been made duriuK the week:
*
;
100 Jap. for Moll.
200 Jan. toi- Feb.
200 Jan. for Mch.
pd. to e.'^h. 100 Feb. for Mch
•11 pd. tOP:tSh. 100 .Mch. for April.
'34 pd. to ex jli. 2.300 Feb. for May
•22 pd. to
pd. to
pd. to
11
2i
11
Jli.
iCh.
1
Koh.
•II pd. to exfp. 3iiO Jan.
n-k pd. to ext 0. 500 Feb.
•45 Dd to ex(h. K'li Jan.
•23 pd. to ex-Vli. 300 Jan.
i
lor Feb.
for May.
for ."tfay.
for Mch.
•11 Dd. toexch. 1,100 Jan. for Feb.
•46 ltd. toexch. 1.500 Jan. for May
•23 pd. to eroh. 300 Feb. for April.
•11 pd. to excli. 100 Jan. for Feb.
•12 pd. to excn. 300 Pe\>. for Moh.
1 1 pd. to exoh. 400 Jan. for Feb.
23 pd. to exch. lOO Jan. for Moh.
•18 pd. to excli. 201 JuiiH for An,
lUg.
•34 pd. to exch. 1,000 Feb. for
Dbceuber
«
.
..
1
THE CHRONICLR
13, 1886.]
Tbk Visible 8ufplt or Cotton tu-niKht, as made up by cabU
and telegraph, is as follows. The Continental stocks, as well as
those for Great Britain and tlm atloat, are this week's retunw,
and consequently all the European flguree are brought dowr
But to make the totals the complete
to Thursday evening.
figures for to-night (Dec. 11), we add the item of exports bow
the United States, inoludiug in it the exports of Friaay only.
425.000
17,000
1884.
503,000
45,000
1883.
533.000
50.000
442.000
2,700
31,600
29,000
548.000
8.500
32,200
39,000
583,000
2,000
61,100
67,000
1885.
Btookkt Liverpool
Stock at Loudon....
bales.
ureat BritalD stook
Dtii!
.
hviubarg
"men
xu<r(lam
nliun ..
Block at .\
•'V
Hlo.'k .It H.ivio
.«I,irlr ,it M>trg«iUe«...
1832.
537,000
71,600
008.600
3,700
23.700
SCO
700
1,500
6.800
1,300
Stouk at Trieste
2,700
124,000
3,000
39,000
7,000
4.000
1,400
159,000
4,000
34,000
8,000
4,000
3.500
137,000
7,000
41,000
8,000
8,000
131,000
2.500
35,000
8,900
6,700
Total Continental stocks
243,900
285,800
326,100
220,600
Total European stocks
India cotton afloat for Europe.
A.mer'n oott'n atloat for Eur'pe
E^ypt, Brazil, .tcaflt for E'r'pe
BtocK In United States ports ..
Btot^k In U. S. Interior towns..
IJnlted States exports to-day.
63.^,500
833.fl0:
909,100
8S.000
62,000
064,000 517,000
55,000
61,000
968,206 1,169,764
313,070
365,736
46.CO0
21.000
820,200
88,000
671.000
Ml,..
Hi,,;
;,
'.,
.
.It
ii4i.rcelona....
iit
Uonoa
37,000
556,000
54,000
051.2tl8
300,180
2t<.053
I, (J 00
6.5.0O0
839,34
26}.984
23,900
Tnt^ visible supply
2,702,02} 2,942,085 3,131,600 2 782,432
Of the above, tlie totals ot American and other descriptions are as follows:
Amenean—
bales
Liverpool stook
Continental stocks
A luerioan
Europe.
316.000 324,000
238,000
166,000
664,000
517,000
968.206 1,169,764
313.079
365,736
46,UO0
21,000
312.000
176.000
. .
6.^6,000
United States stock
Uolted States Interior stocks..
United States exports to-day . .
95I.2b8
890,180
28 ,053
afloat for
1
.
.
282,000
109,000
671,000
839.341
Um mum
twles more tlian at
paflod but raar. Th* NMtoti tt
the same towns h«v« boM 8,700 I«Im
tbM tba
week last tmt, and since Septomtwr 1
iwilpto at aU tte
towns are wO.979 b«l«a mor* than for
Oou In 1W4.
.
Egypt, BrazU, Ac, afloat
I^tal East India,
Total American
187,000
45.000
119.800
62.000
55,000
Quotations roK
ffe*k tntUng
Dee. II.
255,00<j
71,600
111,«00
88,000
65,000
.•i91.200
468,800
496,100
2,413,521 2,473,285 2,635,500 2,:91,232
New York....
IOTsc.
9>4C.
lO'itO.
10»ieC.
|!9~ The imports into Continental ports this week have been
45.(00 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 240,064 bales as compared with the same date of
1884, a decrease of 429,579 bales as compared with the corresponding date of 1883 and a decrease ot 80,411 balee as
compared with 1882.
—
AT THE INTEBIOR TOWNS
the movement that is the receipts
since Sept, 1, the shipments for the week, and
the stocks to-night, and the same items for the corresponding
period of 1884 is set out in detail in the following statement.
for the
U/ttos at Utmbb
MAMrni.—
uionum
OLosuio qoorATtom roa
Hon,
aatur.
T<tu.
OalvMtOB...
Wr,
8»i«
MawOdMuu.
ei*t«
Moblto
Savannah
SIC"
.
.
Charleston .
Wllinlnxton ..
Norfolk
Memphis
P
r*
!•
0>t
»>•
8\
8^
....
St. Ix>uls
8'»
Cincinnati...
"a
W
l»l.
9
Boston
Baltimore
PbUndelpbla.
Angnsta
8lT„
Sllu
Si*'«
i\
8^
9>t
8-
Louisville....
0>«
gsl.
8^
Rkokipts from the P1.A.VTATI0N9. — The following table
indicatee the actual movement each week from the plantations.
The figures do not include overland reoeipta nor
Southern consumption; they are simply a statement of Um
weekly movement from the plantations of that part of the crop
which finally reaches the market through the outporta,
KECEIPTS raOM PL\in'ATI0IIS.
ITMfc
Not. 6
13..
209,000
to.ooo
88.100
88.000
61,000
2,702,021 2,942.085 3,131,600 2,782.432
Total visible snpply
5is,td.
5i5i»rt.
5ii«d.
S'ed.
PrioeMld.Upl., Liverpool....
Price Mid. Upl.,
Middi.i.so
Btc*t»tiatth»PotU. aekailnttnornwHt. tUc'fU trvm PUtmem.
23,900
2*!8..'">00
<fcO
IM*
In the table below we give the cluaing quoUUoaa of '^MAu^m
cotton at Southern and other prinoipal cotton m>rk»t» for wwt
day of the post week.
26.\,988
2,413,521 2,473,286 2,633,500 2,191,232
113,000
17.000
67,500
37.000
54,000
Uu
Um
Um mom
1883.
Total American
Sa»t Indian, Sranl, Ac—
Liverpool stock
Iiondonstock
Continental stocks
India afloat for itlurope
697
week and
••
•
Dec.
••
80.,
27.
4..
11..
I
1884.
188S.
1883.
I
1884.
iHSs.
I
1884.
I
isae.
te';,8(M.257.04I 874,423 3I3,S49 174,890 236.644 304.1 1» S7a,»»)8»4,TM
8i2,01s|2es.ll4 232,Uei 343,l-29 \V».'r,0.ilV.9.i\'Wt.1iiii»i,Um'iXMi
822,510 2S8.774;270,42l'39e.T4.s'21W.538 309,<jei'238.3ie 2tl»,S43 tSe.TSI
222,186 284.692 299.925 374,5«l'2«7,l3S 8>0,40S 237.0OI a2i.i8SWl.0W
266,484 a7d.800'242,7»7 38«.4?7 a'.»,019 S82,«7'877Jlr7 32S.IM 28B.0W
'281,163 3S»,43} 218,134 410:246 .)33.4Sll484.St3'S0i,»32 a08.8N VMJMt
—
The above statement shows
1. That the total receipta from
the plantations since September 1, 1885, are 8,334,700 bales:
In 1884 were 3,389,441 bales; in 1883 were 3,338,021 balea.
2.
That, although the receipta at the oulports the post week
were 248,134 bales, the actual movement from plantations was
299,350 bales, the balance going to increase the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 308,859 bales and for 1888 they were
804.932 bales.
—
Amount op Cotton in Sight Dbc. 11.—In the table below
we give the receipts from plantations in another form, and add
to tnem the net overland movement to Dec. 1, and also the
takings by Southern spinners to the same date, ao aa to give
amount of cotton now in sight.
substantially the
—
1885.
1884.
1883.
183X
Beoelpts at the ports to Dec. 1 2,916.213 3,071,209 2,966,031 2,051,369
(nterior stocks on Deo. 1 1 in
excess of September 1
418,493 318,236 361,090 283,048
Tot. recolpts from plantatns 3.334,706 3,!'89,444 3,32a,021 3,234.412
Net ovcrlauil to Diccmber 1 ..
341,137 227,8 >'' 201,252 1:44.112
Southern consumpt'n to Dec. 1
89,OuO
78,000
87,000
90,000
Total in sight December
MCO
cOMCOs
* .- t5 -1 re O -^
MOH-OCSOr--
OI
C*)WJ«OOOOC»— <5i^©C0dfci-O
^:
OS
<1 00
H
C;>
&C r- V> >U OD #> OD en
^ CO X CD O
C3
Vicc"wcocj'V3*a
cV/iP-"t;K.a'. «s*-V^-*'W'co©cacBO>M^
00 OO C^ 1^ to ft 00 *C CO
«C ^ I ts,
:C tf CD 03 -^ t
c^ *J
ca CO en c;* 00
tc 00 a<
fe&
o:
XoA^
O
ocf
#*^_b3Xic »o»o;
c
^1
Mjf
M^yMMMrf^OI m
,
CO
r-'
W
CO
0)
C
t-*
-
*-cotv*-c-.t-a. x'jd; «tooOrf^--<sco
Ki ce
t;i».ca«*4-Mtiaa.
SM
sV'm
O:M'Mic»J*»*.O)QDaDt0tc'bi'!OM0;
OMM MUM
MMO
--I T.
.^
X XM
u ot 1^ CO
O* 3;
,f^ ;?!
ta
•MtOM (SW
*. on
O
yao
^ o > 00
^ -r M o
'»*,u'-'&;<|cOM
CC to . I ..
'j- 00
b«
^
M
to
^ M -^ M d, u
c.; rffc
*x
;-J
»• 0* CO
WMOO
M
M
M W 03 3D
V in *y ^ » ic o
*y> Vi
io
0D»:0l*XC0j'i-OiMKC,i-,O — w-.c:03*-"
rf>.
C^9^^^0•"-C^tCtCOM<X^M»CCtC0S
M
WM
wj-icoy»pMj3|aToM
M
^
—
_
_»Qxc^^toi^cD
M3i"^0'VlwCJty»p,xt4tliCajOI*'o'*OMM
co-i M tccoroao'CtoxAoa — -TSMMM
I^XIOIOCJOMOe— -.43>4.Ut(XMW«.tC^
^
oiM
WM_
M
MtO
eooMu.jteeo;
t^P^l
^.'-.o *-.*,"?'
I
—
5
-9J
O»c*XWX^MC0l
foVrTD^'
^2
- Oo^odco-ixm:
il
i^^-st^-c^woa
o
0?CM:COCCd,0*-- CdyOrCtOTO'
Tne above tot Us sao'W cim Kie Oid interior diocci a<ive
ff:
VoVi'.-
CCt5:s:0 7:^ta
QC
c?
^ £ O* re u M
^nereased during the week 48,339
I
•
balea,
and are txiigatr '
b3&.S17
743.536
715,718
Weathkb Repobts bt Teleorafb.—The temperature has
been somewhat lower in all sections of the South daring
the week. Picking cnticaes to make good headway, and in
Texas is reported to be virtually completed. At a few points
iu the Atlantic section the raiDfall has been rathtr h<>avy.
Balveston, Texas.— It has rained on one day of the week,
the rainfall reaching three hundredths of an inch. Average
thermomet«'r 58, highest 73 and lowest 37.
Indianola, Texas. We have had no rain all the week. Piek*
log is about over. The thermometer has averaged 67, the
highest being 77 and the lowest 36.
Palestine, Texas.— It has rained lightl/ on one day of the
week, the rainfall reaching five handredtbs of an inch. There
have been foar killing frosts this week. Picking is virtaall/
finished throaghout the State. The thermometer hta averaged
48, ranging from 2i to 74.
New Orleans, Louisiana. It has rained on three days of
the week, the rainfall reaching forty-six hnndredths of an ioeh.
The thermometer has averaged 46.
Columbus, Mississippi. It has rained on one day of the
week, the rainfall reaching seventy-two handredths of an inch.
It is stated that the yield is con.stderably below former esti»
matef. The thermometer has averaged 43, the highest being
—
I
»«OK0>-aDO»llfQ0 0»-J-4XM*.aO'M
03
763,325
11
be seen by the above that the Increa'^e In am mnt la slxht
to-night, as compared with la<t year, is 69,514 balea. the Increase
as oompared with 1883 Is 88,570 bales and the Increase over 1882 Is
196,319 bales.
00**OCiO3y»l0MO3*kMt1O>I^W«K,C0M
^JCJ>MOSC)«*-ICS
M ^ ^ M rc'XJ x cn
I
3.764,843 3,695,299 3,676,273 3,568.524
It will
!C nf to
MM
OS^W
CS
December
M|aai^^w*k<i
ioio<i**
wV M *.b ViV w omos
aD^llCMaD*.M^MW(JOO'»0^lMM»OlO it
^"l. -1 A-
11..
i
01
70 and the lowest 23.
—
.
THE CHRONICLE.
698
Oontinent.
Great
Britain,
14,010
56,500
1,000
15,000
56,500
othera1,000
2,500
!,QO0
4,000
2,500
66,000
77,300
68,000
41,500
134,000
121,800
1,000
2,500
3,000
4,000
2,500
140,000
2lD,300
86,000
S7,200
226,000
303,500
all—
EXPORTS TO EHROPB FROM ALL INDIA.
1885.
Europe
Bombay
All
Since
This
week.
from—
Jan.
NaslivUlo
•
Iiich.
4
St
ft
10
7
2
3
Above low-water-mark.
Above low-water-mark.
11
Bhreveimit
Vicksburg
I
3
2
Feet.
3.000
4,000
708,000
226,000
9,000 1,194.000
2,500 303,500
13,000ll,289,000
1,000 285,700
Total
7,000
934,000
11,500 1,497,500
14,000l 1,574,700
Aleimndria, Maypt,
1885.
December 9
aeoelpts (cantars*)—
Tills week....
Since Sapt. 1
Exports (bales)—
190,000
200,000
210,000
l,5t>3,C00
1,693,000
1,582,000
This
Since
week. Sept. 1.
This
Since
week. Sept. U
10,000 101,000 20,000 136,000 10,000 109,000
10,000 50,000 11,000 48,000 5,000 42,000
To Continent
20,000 151,000 31,000 184,000 15,000 151,000
Total Europe
A oantar Is 98
1883
1881.
Since
This
week. Sept. 1.
Iba.
This statement shows that the receipts for the week ending
Dec. 9 were 190,000 cantars and the shipments to all Europe
20,000 bales.
—
Manchester Market, Our report received from Manchester
give the prices
to-night states that the market is easy.
for to-day below, and leave previous weeks' prices for comparison.
We
1884.
1885.
8H
32< Oop.
d.
d.
Oct. 9 aiiasiiiB
••
16 ai4 a8iiit
" 23 8i4a8iiu
" 30 8^8 asi'ie
Oott'n
lbs.
Mid.
Shirtings.
Iwist.
g.
d.
5
5
5
8
5
Nov. 6 8l8®811i6 5
" 13 SheaSOs 5
" 20 8>16®368 5
'•
27 S^ •a8iiie 5
Deo. 4 8>8a8Ui8 5
'•
11 3
aSDifl 5
8
8
8
8
8
8
8
8
B.
XTpl'ls
1.
d.
1»7
2
«7
®7
5^
2
2
5'', 8
538
®7 li2 514
«7 l^a O'hf.
»7 lis h^
®7 l»fl 53in
a>7 Ha 5H
*7 y^\ 53.8
712*7
1
5I16
8>4 lbs.
Bhirlings.
32> Oop.
IwUi.
d.
a.
H.
SSie^S's 5
8H asisia 5
85i8a8i3iR5
85,6»813i„ 3
S5i6«813i6 a
5
87]a®9
8>s
«9
89l8»9l9
89i6»9>8
8'a
aOia
5
5
5
5
d.
B.
<1.
Oott'n
Mid.
Vp:d$
a.
SiaSeiOij b"l8
5Hi3610>a 513
5i«a6l0is 5116
5H(!6 lOis f>'l«
57,8
6'aa7
8
9
9
9
8
W7
a?
07
1
®7
a7
European Cotton Consumption to December
7
1.
0II18
2
6%
219
3
1
513i6
biJ,e
5^8
—We have
to-day (Friday), by cable, Mr. ElUson'a figures for
give also the revised
November and since October 1.
The
figures for last year that comparison may be made.
spinners' takings in actual bales and pounds have been as
1
received
1
«
Miss lug.
We
7
Now
mark
Situx
Jan. 1.
—
Inch.
12
4
1
Alexandria Receipts and Shipments. Through arrangewe have made with Messrs. Da vies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
are the receipts and shipments for the past week and for the
orrespondiag week of the previous two years.
Dec. 10, '85. Dec. 11, '84
Feet.
Jan.
ments
11, 1884.
low-w.iter mark.
...Above Ibw-wattir mark,
1.
This
week.
other porta.
—
Above
1883.
Since
This
week.
This last statement alfords a very interesting comparison of
the total movement for the three years at all India ports.
—
Orleanb* .......Al)ove low-water mark.
1884.
Sh'-oments
to all
I
New
,
Total.
The above totals for the week show that the movement from
the ports other than Bombay is 1,500 bales tnore than same
week last year. For the whole of India, therefore, the total
shipments since .January 1, 1885, and for the corresponding
periods of the two previous years, are as follows:
.,
—
Ji(emplil»
1.
77,000
125,200
1885
1884
—
and December
.
17,000
42,700
—
10, 1885,
.
60.000
82,500
IiJtal
—
December
„
_ ..
Oontmenl.
Madras
1885
1884
1885
1884
the lowest 23.
,
,
^
^,
Nash'oine. Tennessee.— It has rained on four days of the
week, the rainfall reaching one inch and fourteen hundredths.
The thermometer has averaged 40, ranging from 24 to 64.
Mobile. Alabama.— It has been showery on two days of the
week, the rainfall reachini? thirty-two hundredths of an inch.
Ice fitimed on Thursday night. The thermometer has ranged
from 29 to 69, averaging 51.
Montgomery. Alabama.— W(^ have had rain on three days
of the week, the rainfall reachincr se^nty hundredths of an
The thermometer lias* averaged 486,
inch.
Selma, Alabama.— It has rained steadily on one day of the
week, the rainfall reaching three inches. There have been two
killing frosts thi.s week. The thermometer has averaged 46,
the highest being 62, and the lowest 26.
Auburn, Alabama.— It has been sliowery on two days of
the week, the rainfall reaching seventy-nine hundredths of an
inch. Killing frosts on Frid^iy, Sunday and Thursday, and ice
on Sanday and Thursday. The thermometer has ranged from
23 to 67 '5, averaging 47.
Madison, Florida. Telegram not received.
Macon, Qeorgin. We had rain one day in the early part of
the week, but the latter part has been clear and pleasant.
Columbus, Georgia. It has rained severely on one day of
the week, the rainfall reaching one inch and thirty-seven hundredths. Abouc all the crop has now been secured, and is
being marketed freely. The thermometer has averaged 48, the
highest being do and the lowest 27.
Savannah, Georgia. We have had rain on two days and
The rainfall
the balance of the week has been pleasant.
reached four inches and eleven hundredths. The thermometer
has averaged 57, ranging from 33 to 69.
Augusta, Georgia. The weather has been cool and pleasant
du ing he week with light rain on two days, the rainfall reaching sixty-eight hundredths of an inch. Planters are marketing their crop freely. Picking is nearly completed, but a large
amount of cotton in the country remains to be marketed yet.
Average thermometer 48, highest 71, lowest 24.
Atlanta, Georgia. Telegram not received.
Albany, Qeoruia. Teh gram not receivtd.
Charleston, ifouth Carolina. We have had rain on three
days of the week, the rainfall reaching four inches and thirtytwo hundredths. The thermometer has averaged 52, ranging
from 30 to 70.
aiatebwg. South Carohna.— It has Tuined on two days of
the week, the rainfall reaehiug ninety hundredths of an inch.
Ice foimed in this vicinity on Saturday night
The themometer has ranged from 26 to 66, averaging 47"2.
Wilso7i, North Carolina.
We have had rain on two days
of the week, the rainfall reaching one inch and fifty-one hundredths. Ice formed on four nights of the week. Average
thermometer 45, highest 69 and lowest 24.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3 o'clock
—
—
Total.
Qreai
Britain.
Oaloutta—
1885
1884
All
the crop has been secured and is being freely marketed. Average thermometer 43, highest 68 and lowest 24.
Mem-phis, Tenn'is.iee.—^e have had rain on three days of
the week, the rainfall reaching one inch and nine hundredths.
The thermometer has averaged 42, the highest being 68 and
—
Shipmenit tince January
Shipments for the week.
Lelahd, Mississippi.— The early part of the week was
plea-ant, but turned off cold with a heavy rain on Wednesday
night, and there been two heavy frosts since. The thermometer has averaged 46 4, ranging from 20 to 72.
Little Rock, ilr&awsa*.—Telegram not received.
Helena, Arkansas.— ^e have had rain on two days and the
remainder of the week has been pleasant and c 'Id. The rainAbout all
fall reached one inch and fifty-three hundredths.
.
[Vol. XLI.
reported above low-waror mark, iastead ol below higli-water
aa prior to October 30, 1885.
follows:
India Cotton Movement pbom all Ports.—The receipts
and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to Dec. 10.
Oct. 1 to Dec. 1.
BOMBAY RBOBtPTS AND SHIPMENTS FOR FOUR TEARS.
\8hipments this week.
Xear. Oreai
\Bril'ii.\
Oontinenl.
_
,
,
I^otal.
BhipmentM since Jan.
X.
Great
OontiBritain] nent.
Total.
Takings by spinnera. .bales
Average weigbt of bales
Takings in pounds
.
Receipts.
This
Week.
Since
Jan.
Total.
1,017,000
249,550,000
464,000
453
210,192,000
730,000
415
324,814,000
515,000
425
218,824,000
553,000
450
452
459,742,000
For 1884.
1.
1885 3.000
3,000 225,000 483,000 708,000 18,000 1,087,000
1884 3,000 6,000 9,(100,511,000 683,000 1,194,000 16,000 1,627,000
1883 10,0.10 3.000 13,000; I77,000k 12,000 1,289,000 28,000 1,721,000
18821 3,0001 2,000
Continetit.
Great Britain.
For 1885.
5,00O|79:^,00Ol638,000 1,430,000 20,000 1,781,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
2,000 bales, and a decrease in shipments of 6,000 bales, and
the shipments since January 1 shew a decrease of 486,000 bales,
T he movement at Calcutta Madras and other India ports for
t&e ast reported week and smce the 1st of January, for two
years, has been as follows.
"Other porta" cover Ceylon
Tuticorin, Kurrachee and Coconada.
Takings by spinnera .bales
Average weiglit of bales
Takings In pounds
. .
1,245,000
437
513,638,000
According to the above, it will be noticed that there has been
a sudden and very material rise in the average weight of the
Last month it was reported 430
deliveries on the Continent.
pounds, and now it is increased to 453 pounds, or a change per
average bale of 23 pounds. Our dispatch also gives the full
movement for this year and last year in bales of 400 pounds
'
each.
.
DHOBUBER
188S.
Oct. 1 to Dec 1.
Bales of .100 lb<. taeh,
Oob« omtUtd.
I
THE CHRONICLE.
12, 1885.]
Hplnnprs' utofk Ootl.
TakliiK^ ill Ootobor. ..
Totnl supply
w
1884.
Tolal.
Britain.]
OonUnent
41.
209,
188,
101,
170,
40O,
Qrtat
840,
236,
320,
270.
eso,
CoDsuiiip. Oct., 5 wkg.
Bplnrors' Rtock Nov. 1
54,
SO,
56.1,
Onat
OonM-
IfrUaln.
tuml.
80,
ma,
40U,
233,
403,
360,
sssT
310,
670,
139,
7!>.
213.
717.
32A.
334,
403,
314.
370,
272,
384.
279,
7«8,
5Sl,
541,
288,
380.
2 IS,
93).
Bplniiera' iitook Dee. 1
107,
105,
312.
213.
141.
3I»4.
Tho comparison with last year is made more striking by
bringing togetlier the above totals and adding the average
weeltly consumption up to this time for the two years;
1885.
Bplnners' stock Oct.
I^ikingB to Dec. 1
Oreat
Britain
1884.
Oonlinenl.
Total.
Oreml
Britain
41.
624,
138,
525.
179.
1,119.
812,
Supply
6ti5,
1.323,
901,
ConBunipt'n 9 weeks,.
5.18.
663,
558.
1.U6.
Spinners' stock Deo.
107.
105,
212.
1.
1
Weekly Consitmplion,
00s omiUed.
In October.... ......
In November
89.
T.i
mitutm-n CbarrliMtan, 4.U0
ioo....Vwi«iMt»>i.
'
>*•'<"
'
.
If
iM)
7 7,1
8a V
Ob A
I.
S36
NOTK, In oioh October and Novojnber, 1S8 J, tho 0.>Dtlno itiil coaeumptlon covers four and a half woolu, or for the two inouthii niao
weeks— the 8uiue ns tu Groat Britiilu.
each,
000s omilted.
-"
'
Mill
Total supply
Conauiup. Nov., 4 vks.
lbs.
Toll
2tl.
642.
Taklnga la Nuromber.
Oct. 1 to Pee. 1.
(.IrKHMtol, par
,y;!'
Tolt$l.
104,
630,
Bale* of 400
Ormiak»-To
-
WW
OonUTotal.
nent.
152,
517,
1,359.
64-<,
699,
553,
1.206.
253,
141,
241,
1,600,
1
394,
iliiiil
T,>(;.-lMi:,,
flALVKSroN
nunini, 1.0 lO Upland ...
"^mteaiDcri Crete, 4.'ilO ..Oenrgla.
>.
T
,
4. -.2 :...,i.
To
II
ivtc,
kkn. M'.i2.
., I.17H
.
1
r.i Itoilcn.
T.i Hi. men, ,., .
F,ilrf1-"
To Vi r.iCrny,. jicr steainxr II
WiLMisoTiiN—To I.lvcriMMi'. per '
I
.
;
<
i
2.3.V»
NOKFOI.K— To J.iverpool, per Hi
L..uoty of York WM
Komco, 1 2,770
Baltimokb— To UveriMi' I, per Buiamsni' NeMui-re,'''i,u'.8.'.'.'.' '"'""'
Nova Scotlan, 1.179
9 M7
BOSTON-Io Liverpool, per ateamera Kaom-, 2;n0^"v«n<^
tian.
2,470
62,0
62,0
110,2
1,30.0
72,0
72.0
62,0
6R.0
131,0
13^.0
The foregoing shows that the weekly consumption
mh
j
To Yarmonh. perstcamer Al;ihn, 47
Philadki.pika-To l,lvnrp.>ol, per steamers BiltUh
Lord Oonurh. 1,101
To Antwerp, per steamer SwIizerUod. 401
47
Kln^f, 1,274
3,S75
401
., ...
—
14o!a2«
„
partioulars of these shipments, arranged in onr uaoAl
form, are as follows:
Total
The
A.ntwerp,
Recal,
57.2
68,0
too
pot
Havre Bremen Mango
Liver- ami d Ham- <£ i,ii
voot. R'liuH.
Kew
banj.
itecal'.a.
Vera
Cm:
linrce-
it
Ion f Qenoa.
6,iU2 I.21I 3,Hi l,5tfJ
N.Orleana. 13,577 10.30.4 16,6/8
Mobile
3,1.'8
Savannah,
].;175
."l.'lll
5,1 .0
'.',7.
Oaarlestoa.
1,100 0,-Jl5
Galveston . ll.lIB 2,700 4.009
Hal
•
fjjc.
yorli.
775
in Europe
pounds each, against 138,000 bales
1,00J
of the same weight at the corresponding time last year. The
8.10
Wdmingtoa 2,- 60
total spinners' stocks in Great Britain and on the Continent Norfolk.... 12.770
have increased 108,000 bales during the month, but are still Baltimore.. 3.197
Boston
5.280
182,000 bales less than at the same date last season.
Phlladelp'a
2,375
401
Egyptian Cotton Chop.— 5"rom the report of the. AngloTotal... 69.738 20.213 2S.2t6 8.214 9.S15 1,600 1.172 140,826
Egyptian Banking Company, dated November 17, we h'ave the
Included in the above totals are from New York to ITnll, 936 bales;
following. It will be remembered that our corrfspondent,
under d.ite of Oct. 5, put the yield at 'i\i million cantars. to Amsterdam, 652 bales, and to Christiana, 240 bales.
This authority estimates it (Nov. 17) at und^r 3 million cantars.
Below we add the clearances this week of vessels carrying
Both our correspondent and this report agree that the quality ootton from United States ports, bringing our data down to
is
now
130,000 bales of 400
will be inferior to last year's:
Advices In Kencr.il
the latest dates:
the Interior do not speak favorablv of the
cmp. Our fts:otit at Maiisonrab repea's that the quality of the produce
iQ that UUtrlct, which mostly grows brown cottou of strong, lino staph',
ismuch lufiTl .r to that cif other years, addiiii,' that the toiiil crop will
turn out alKiut one-third Ilbb than that of liihl j ear also that the cotton
ia coiuin/; fi)rw:ird slowly, ihe factories there haviiie ginned 70,00*)
cantarti, against 120,000 at the saiiio period la< year. From Tantii,
too, we have uufa\»dial)le repor:s. There, likewise, the crop is being
brought 111 slowly. The yield points to a dellclcncy of about one-third
compared with I tiat of last year, and is of iuferinr qualltv. This district grows colion of a sofr, tine siape. Fnim Zagazig we h^ar that
their crop will not fall unch short of that of last M-jisun, as far as quantity is concerned, but that tho qu ility is murli below the average. T ney
alieady auticipale that tiny will shortly And considerable dilliculty in
f ro.n
;
buying cotton id good quality, 'the Gallt.il districts, as we \i.iva
alieady leoorteil. have suffered considerably, botu in quantity
and qualily. Onr age.t at Zifta, the centre of the wliit.j cotton
district
lilt rins n.s that the ravages of the worm and the
fogs
have
ccnsidiiiiidy deleiiorated the quality of liieir crop.
In
(luauiity It will only fill short be abont I.t per cent from th:it of last
8oa.son,
and
thi.s
ihrouKh more land having been sown,
the
luo.^t cretl-
Ifed opinion i,ow i.^ that tho total cr.>p or tlie country will not reach
three millions nf cant.irs. The quality genoriiUy will be much uelow
that of la**t year's prottuce.
Kbw Okleans— For
Liverpool— Deo. 5— Steamers Oludo, 7,675; Wavarro, 8,20o
Deo. 7— 3teamer Milaue-ie. .^,666.
For Havre-Dec. 7-8hlps Alice .M. Minott. 3,531; Kloburo, ?,870
For Bremen— Deo. 5-Bteamer Viceroy, 6, i64....Dec. 7— S.Miiuer
H.iverti.n, 0,750.
Fo;- Oenoa— Dec. 4— Steamer Riversdale, 5.80P.
Deo. 5—
BAVASSAii-For Liverpool -D>!C. 4— Ship Crusader, 3.919
Shi.. Stewart Freeman, 6,430
Dec. 7— Bark Valona, 3,096.
For .Vaplei-Dci'. .1— BirK IrW, 1,200.
CHARLESTo.s-For Llverpo(d-Dc.-. S— Bark Waclssa, 2,704.
F.T Bremen— Dec. 8— Steam v Loch R nuoch, 4.210.
For liarcelona-Dec. 4-B.irl,Vfebra, 1.HT5;
brij;
Jose Maria,
For Genoa— D,(c. 4— Bark AuKUSto, 1,350.
NORKOl.K— For Liverpool-De . 7— Steamer Hugo, 4.S53
(150.
Do«.
Steamer Waterloo, 3.650.
<i"8T(>N— For Llverpool-Dse. 4—Steamer Paronla. 888.
PaiLADELiMitA— For Liverpool— D-c. 8— Steamei Lord Clivc,
8—
.
Below we give all news received to date of disasters to veoaels
carrying cotton from United States iiorts, Ac.:
EDMO.vusi.Er, steam ir (Rr.), fro:n Oilvoston for Li.
re|H>ile<l put Into Braiswirk, (j».. with cargo "
had. on D^c.
nnloadol thodiimtife I Mort'on, wli:
As soon as safe the eac,io/vm bo re-stowed, when the
resume her voya>?e.
fore
tire,
-Id.
."i,
\
*.
-set will
East India Crop Prospects.— Our cable from Bombay to.
Santiaquesa, sie;imor Span.), from Savannah for Pnaaffes and Havte
day states that it is raining in the Berars.
put into San Sebastian. Dec. 8. with screw fans hnikeo.
steamer (Br.)— The operations of salvluL' the cotton tx
J0TE Butts, BAoaiNG, &c.—The market for bagging SAPniiKE,
stranded steamer S.ipphire, a.ihoro at Nleuwe Dieppe, werepo ihas been maderateJy active since our la.st, and orders for
poued Nov. 21 until ne.vt Sprlnjc.
J-Dbblng parcels are still coming to hand. Tuere is not much
Cotton freights the past week have been aa follows:
inquiry for large pircels, buyers taking only such parcels as
are needed for preaeut wants. Prices are stetdily held and
sellers are q loiing 9c. for 1% lbs., O^^c. for \% lbs., lOl^c. for
2 lbs. and Uc. for sttndard grades. Butts are in rattier oetter
request, and some 3,000 bales have found takers, mostly of
paper grade-*, for which \%@\%o. were the figures paid,
while bagging quilitiea are held at 2@2 7-16v;. as to quantity,
the matkei clcsiiig steady at these figures.
Shipping News.—The exports of cotton from the United
States the past week, as per late.Ht mail retiims, have reached
140,820 bales. So far as the Southern ports are concerned, these
are the same exports reported^r telegraph, and published in
the Chronicle last Friday.
With regard to New York we
include the manifesta of aU vessels cleared up to Thursdaj
night of this week.
„
HBW „
YORK—To
Total
,
litverpool, per steamers Arizona, 62
Celtic,
Ciiy of Chester. 2.402
8t. Konaus, 2,0i3
Utrab.i, l,194....Umliri». !!)(!
To Hull, perstcamer Bntralo, »36
To Iliivie iier steamer Canada, l.ill
To liii uicn. per s:eamer8lini8, 326... Kbein, 1,357
To llumhor*;, per steamers Polynesia, 962
Rngia, 900
To An Ml rrtam. per steamer Edam, ar>2
To Antwrip, perstcamer Noordlaud, 1,563
To Christiana, per steamer Gciser, 240
,
baUi.
135
6,042
9J6
1,'2I1
l,li»3
i.'^ft-i
65i
1,503
210
Uverpool, steam
Do
d.
sail... (I.
Havre, eteam
Do
—
sail
e.
sail
—
e.
BambaiK, ateam.c.
Do
Hon.
•8*°.4
"uaeei
sail
e.
Tutt.
WtdHu TImr:
^n'u
».
»«M
«'«
.--•
.••
....
•t«
»w
»i«
I'M
...
....
....
..-
'l«
*i»
»i«
'l«
'1.
.«>
.-•>
a..-
....
H
H
3<a
H
..—
....
•
...
•
•--
Fri
».4
--..
e.
Bremen, steam.. c.
Do
Satur.
....
..
Tl«
....
"S
—H
Amat'd'm, steam.e. 40a45' 40»45* 40«45- 40»45* 40945* 40»46*
Do
gaU...o.
.--.
.--
....
Bera', steam. ...d. »»e4»»«» 1»m3»S» We4»»ai ««t->»M l»64-»»«4 »S4-»»«4
....
• •••
....
....
«.
....
..—
Do Ball
»«
•m
>»
•m
Baroelona,8team.e.
•as
>s<
Genoa, steam
e.
l3i»H Ts»»>4 7s!i»>4 7m»>4 -t,*'* 7m»I«
Trieste, 8team...e.
'.la
Antwerp. steam..e. »3»»»'^4
Per luO
•m
»S»
»M
5„aU,« »)I»»»'m H3»"«4
»:«
*tt
»SS»1>«4
S»«'«4
Iba.
Liverpool, we have the follorwtag
statement of the week's sales, stocks, dtc, at that port. We
add previoos weeks for compariscn<
Liverpool.— By cable from
\
.
.
THE CHRONICLE
700
Nov. 20.
—
bales.
Bales of tbe week
Of wlilih exporters took
Of wbich speculators took..
Bales Aiuencau
Actual export
-
-.
Forwarded
Total stock— Estimated
Of wmeli American—Estim'd
Total import of tlie week
Of whlcU American
Amount
..float
Of whiob American
63,000
2,000
3,000
60,000
2,000
3.000
45,0C
4.'i.000
5,000
16,000
389,000
274,000
74,000
5»,OO0
225.000
7,000
19.000
415,000
306.000
107,000
90,000
000
250.00"
2l'0
Dee. 11.
Dec. 4.
Nov. 27.
2.55,000
45,000
4.000
2,000
51,0C0
3,OC0
2,000
40,000
3.1,000
7,000
6,000
24,000
433,000
323,000
1':(.000
425.000
312.000
56.000
42.000
376,000
267.000
S)4.00«
78,00<
208.00(
2(13. OO'
The tone of the Liverpool market for apota and futures each
day of the week ending Dec. 11, and the daily closing prices
of spot cotton, have been as f ollowa
Wednes.
Baturday Mondt^y. Tuetday.
Spot.
Market, (
12:30 p.m. 5
Pressed
Freely
Not mueb
for sale.
offered.
doing.
Freely
7,000
8,000
Bpec.&exp.
600
500
Pndn
T^v,r^<^•y.
Freely
Quiet.
offered
5%
5%
5l8
Mia. Upl'ds
Mld.Orl'ns.
Bales . .
offered.
51,8
5»I6
56,8
7,000
8,000
8,000
500
500
500
8,000
1,000
Quiet.
Easy.
Kasy.
Quiet.
Quiet
but
Steady.
Steady.
Steady.
5%
5h8
Fulura.
Market, 1
12:30P.M.S
Market,
5 P. M.
{
5
1
Onlet at
1-H4 de-
Easy at
1-B4 ile-
cliue.
oUne.
Barely
Barely
steady.
steady.
steady.
The opening, higheat, lowest and closing prices of futures at
Laverpool for each day of the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unless
otherwise stated,
Cy" The pn*ea are given in pence and 6Uhs, thu»: 5 62 means
5 6-2-64rf.. fflnrf fl 03 means 6 3-64d.
non., Dec,
Sat. Dec. 3.
Open Bigh Low.
d.
December.. 5 05
5 04
2>ec,-Jtin...
Jan.-Heb.... 5 05
Teb.-Mareb 5 07
March- Apr 5 09
April-May..
May-June..
June-Ju'y..
Joly-Aug...
d.
d.
605
5 05
5 04
5 05
5 07
04
05
07
09
5
5
5
5
5 06
Open
Hift,
Low.
Oloi.
d.
d.
d.
4.
d.
5 05
5 01
5 03
5 03
6 05
6 08
5 11
5 15
604
5 05
6 07
5 09
5 21
Clot.
d.
d.
5 02
May-June... 6 12
June-July.. 3ia
July-AuK... 519
5 06
6 0.S
6 21
5 21
5 21
Open High Low.
d.
Open High Low.
Clot
d.
5 07
5 09
506
5 07
5 06
5 09 508
512 512 5 11
516 5 16 5 15
519 619 518
518
5 22
6 21
6 22
6 21
d.
d.
d.
4.
d.
d.
d.
5 04
5 08
5 02
5 02
502 5 02
504 504 504
6 02
6 04
5 01
6 01
6 01
6 07
5 07
6 09
5 0-
5 03
5 08
5 On
5 02
5 02
5 02
5 04
5 07
5 02
6 02
5 04
5 03
6 12 513
516 5 16 5 16
519 619 519
5 13
5
5
5
5
510 611
513 514
516 5 !8
5 20 521
5 02
5 02
5 09
6 13
5 02
5 07
5 09
610
5 16
5 20
11
14
18
21
5 OS
5 06
5 0b
5 02
5 02
5 02
504 5 01
6 03
5 06
5 09
5 07
5 07
5 10
510
5U
5 14 513
517 5 16
5 17
5 21
5 21
5
2i)
For delivery in the new year the changes are
For a time the spring months were doing better. Corn
on the spot, at the decline referred to, has been taken pretty
freely for export, and there has been a fair home trade.
To-day, at a slight further concession, a brisk demand sprung
up and there was a steadier tone at the close, with an export
demand for "steamer" mixed at 47^c. In the last hour there
was some advance.
DAILY OLOSraO PRICES OP NO. Z MIXED COBN.
her options.
slight.
In elevator
December delivery
January delivery
February delivery
March delivery
May delivery.....
5 08
5 15
Clot
d.
501
5 01
5 01
5 03
5 06
509
5 13
5 16
Hon.
Tues.
52%
51%
52
51%
51%
6158
SOig
5038
4938
4:9^
51H
49%
48%
..
4pifl
4»
5iH
5014
49^4
Jfon.
Tues.
35%
35%
35 14
36
36
Sat.
Maicb
wheat
flour lias been
50%
Fri.
51%
51=8
50
49%
49%
36%
36%
delivery...
PH
Wed.
3514
Thurs.
33
35
36%
35%
37
saos
35%
30%
36%
36%
37 "4
-.
38'
3758
May delivery
Rye has been quiet, but firm. Barley has been fairly active;
lots afloat, which were pressing on the market, were closed
out and now very full prices are demanded. Buckwheat dull.
The following are the closing quotations:
SbW.$2 60a
Fine
FLOOR.
Southern bakers' and
family brands
3 65 Bye dour, superfine..
5 25 Com met 1 —
3 80
Western, &o
RraTidvwlne. An
5 25
5 75 Buckwheat flour, ^
5 00
100 lbs
4 65
3 40
3 303 3 65
Superfine
Spring wheat extras.
3 2.^8
- 4 109
Miun. clear and stra't.
Wlntersbipp'gextras. 3 50i»
& XXX.. 4 153
Winter
4,50a
Patents
3 75 a
Olty snipping ex
4 109
South'n com. extras .
XX
$4 75» 5 50
3
3
3i>(>
60
10» 3 25
3 25» 3 30
3
2
00a 2 15
1
OBAin.
Kye—Western
Wheat-
64
9
68
®1 03
StateaudCanada. .. 68 a 70
34 o 37
® 96
Oats— Mixed
•»
95
White
39% » 43
9101
No. 2 mixed
34% » 36
No. 2 white
39%* 40%
« 98
Barley-No. 1 Cauad.a 95 ®1 00
« 54
81 a 81
No. 2 Canada
51H» 52%
8tat,<, two-rowed
«9 a 73
50 ® 55
State, six-rowed
48 ® 54
75 ® 87
Western
55 9 60
65 9 80
53 •a
50 » 54 'Buckwheat
85
Spring, per bash.
.
94
94
80
85
33
SpriugNo.2
Red winter. No. 2
Red winter
White
Cirn— West, mixed
West. mix. No. 2.
West, white
West, yellow
White Southern..
Yellow Southern.
m
the
The movement of breadstuffs to market is indicated
stiJSements below, prepared by us from the figures of the New
first give the receipts at Western
Yotk Produce Exchange,
lake and river ports, arranged so as to present the comparative movement for the week ending Dae. 5 and since July 35
for each of the last three veara:
We
at—
Whtat.
Flour.
CbloaKO
moderately active,
but prices, without giving way materially, have shown a
downward tendency, in sympathy with the grain market. As
usual at this seas-on, dealers have purchased no mote than
would supply their immediate wants. Rye flour has met with
a fair i iquiry at firm values, and corn meal was more active
at the recent decline. Buckwheat flour ha^ a brisk sale early
in the week, but closes quieter. Tod.iy there was a fair sale
for wheit flour at nearly full figures.
The whent market has evinced great activity in the speculation.
On Mondiy there was a very sharp contest between the
" bull" and " bear" parties, which swelled the transactions to
unusual proportions. Since then there has been a fluttering
decline, and the close last evening was decidedly lower.
In
for
.
December delivery
£6b. 196168 Biish.m
The market
..
.
January delivery
February delivery
fiecefpte
Fkidat, p. M., December 11, 1885.
49%
Thura.
5113
48 -a
48^4
4838
48%
4858
48 »8
Oats have been exceptionally dull. The export demand has
continued in abeyance, the speculation almost wholly ceased
and the home trade kept within the narrowest limits. Choice
white oats have been most in demand, and being very scarce,
Yesterday futures slightly
brought full or better prices.
declined. To-day the market was about steady, with a fair
demand for white. At the final close there was a firmer
market.
DAILY CLOSINO PRICES OF NO. 2 OATS.
5 20
BREADSTUFFS.
Wed.
Sat.
53
511
Dec. 11.
Open Sigh Low.
[Vol. XLI.
•
5 05
5 04
5 01
5 02
5 02
d.
Clot.
506 606 5 05
505 5 05 5 04
505 5 05 5 04
Firl.,
December.. 5 03 5 03 5 02 5 02
..
604
5 01
5
5
5
5
5
9.
Open BiQlx Low.
Jsn.-Feb.... 5 02
Feb.-March. 5 04
March-Apr. 5 07
April- May.. 5oa
5 05
04 5 05
03 5 04
03 504
06 506
08 5 08
511 611 611
615 515 615
518 518 518 518
512 512 518 512
5ia 5 16 516 616
5 19 5 19 sie 6 19
5 23 5 23 6 23 523
d.
Tae«., Dec. S,
7,
(Hot
Wednea., Dec.
Dec-Jan
.
.
486,9301
....
114.866
32.189
2,640
4.477
8.2S9
16.079
....
890
Tot. wk. '85
'84
176,880
209,376
2,115,703
3,126,5X3
'h3
217,5841
Milwaukee
Toledo
Detroit
Clereland.
Louis
Peoria
Dulnth
8t.
—
Same wk.
Same wk.
.
..
Rue.
Barley.
Sush.32 mx Bush.iSlba BlMS.ofli6i
533.079
476.876
43.00s
1,294,971
88750
181,120
7 320
19.8 <0
8,703
171.824
7,131
707
lbs Bash.Sii
284.; 10
77.276
146.276
ll,s
110,259
40.5J9
33.130
100.99S
185,235
177.614
18,6J0
16.119
12.030
3.702 537
»57.8o5
893.399
2,3J8.«20
8H.230
602
7.i0
70.202
60.883
2,493.235
1,777.374
1,198,843
814.733
221,.) 53
26.917 261 10.163.117
8,2.10. 28
87.839 83l|
29.317510 10,083.801
8.079,480
9,0
93.121
808,600
5,000
244,475
19.959
15,f.00
1,014,000
Since Jvly 25
1885
3,3!>0,939
85,76'<,270
86.098,59(1
18M
4.123.034
63,098 239
34,056 4i3
iw*"*..
3.l)II.*riol
4.").rt02 S'.4'
45.M1 273
The receipts of Hour ana grain
week ended Dec. 5 follow:
At—
New York
Boston
Portland
Montreal
PhUadelphla...
Baltimore
at the seaboard ports tor ilie
Flour,
Wheat,
Corn,
bbls.
bush.
33.^.830
buxh.
152,371
91,618
3,350
8,«»4
29,5il
500
1,934.883
4,7"o074
891.464
212.901
12,000
51,000
Barlny,
Oats,
bush,.
bush.
26'>,5iH
487.8 i8
135.049
5,000
34,108
2.3
72 ve
,
bush,
37,Sb2
2,973
500
meantime choice grades of spring and winter
30.1 >(I0 21,600
1,200
24.,570
51.0110
93.000
wheats have been held with great firmness, and the business
10.460
23,789
lO.OOJ
99,369 270.10J
Newport News
has been limited to irregular and generally inferior parcels, of Richmond
3.<113
1,632
11,610
7,3?5
18,930
22,370
6,970
117,957
wbich shippers have taken amall quantities. To-day there New Orleans...
•was a weak optning under a pressure to sell, but in the later
Totnlweptc.. 324.187 587,720 l.«20 018 695.610 316.708 54,117
Cor. week '84
355,891 974.168 1.038 l,-(7 535.8,31 499.933 113 633
dealings an advance took place, and the close was dearer,
The total receipts at the same ports for the period from Dec.
DAILT aU>SINa PBICE8 OF NO. 2 BED WINTBR WHEAT.
23, 1884, to Dec. 5, 1885, compare as follows for four years:
the
.
Sat.
In elevator
Decern ler delivery
I
Januiiry delivery
FHbr„ar.v ilellvery
Mi.rch ilelivery
May UeliverT
94=8
96
9778
9S)<>8
Mnn.
Tuts.
Wed..
Thurt.
Fri
9.>ia
s»5>ii
9KI4
....
94 'e
9S38
H4''8
93%
9139
94i\i
».".38
9638
98>8
IOII4
97%
9^%
9M
98
SfiiSa
9*%
99% 100
96^
97%
99i>8
95
10i%
102
Of Indian corn the most important change is the marked
decline in regular grades for immediate delivery and Decern102'e
103
lOSig
IH8I-5.
Flour
Wheat
Corn
Oats
1883-4.
->*l-2
13,216,618
13,301,174
12,037.3 15
bUBh. 45.013,376
80,141.068
68.50^.533
51.795.880
82.l0t.*20
30368.l9ti
8">,091,!<33
41,ll7,70-.'
1,157,774
31.591.678
5.962,932
5,493,227
Total graln....l73,lll,578
155,974,070
Barley
Eye....
l8«2-3.
12,897,990
I)bl8.
,.
40.'i0i.45l
6,0.i!>,!)09
31,881411
2<i,i05.o3a
5.672.3,J0
5.'iO",t)22
t.bii.ai
2.010.566
183,838,358
150,936,970
1
Deceubbb
THE CHRONICLE.
12, 1886,]
The enporto from tKe
ending
sevonil aonboard ports for tli« wwek
in the annoxH<l Btuttsnient:
are
Wheal.
Corn.
SxporU
from-
maind<<r of their itock
shown
U>JO. 6, 1885,
Flow.
OaU.
Th« nl«
w^m
aoM
p«r*inptoriljr
kt
_
• l.irga compMjr of bajtn-mntttf t
•n— and the gixxU wara rMdIljr oloMd out
fair %rt
Bttritctvd
M
Pmt.
Ryt.
701
prioea,
niuh
Bush.
2il,il6
Wew York
4jU
Porll;lll(l.
..
Bulk.
Biuh,
11,356
4'^,ua(i
17(1
4l.7Bk
1,)00
0(l.7.'i»
Moiitrui*!.
n<uh.
Bblt.
Uil.251
6i!7.o:»l
Boflton
37,4'uft
••
Phlltt.t.-t..
B»ktiii'ri<
ltM.370
19.71l>
n.OvVw.
Rlcliiii'il
18.381I
2fl
wm
101
1 17,0tl!>
DoMEOTcc CoTTOs GooDB,—Thu •xporU of cotton goo-la for
the we«<k ending December 8 w«re 4 818 pMk*«eii, |nHa4ing 3,484 packiigpii to Great Britain, dU to Chill, *ij
to
Branll. 274 to United SMtrn of Cjlombla. lll» to
Central
America, 101 to VVn./.uela, Ao, The export domand
of
13.317
and largo ihipmonta (on aoeoont of back
Total w'k.
251.315 OlS.Ul
176.881
42,850
48,8)1 orderx) will probably bo made t<> Chint and Africa before tha
S'me tlinn
188i.
013.137 733.091 181,413
6,*»0
86.03.^
60.089 end of the year. Jobbers continual to gorem thHr purehasea
The visible supply of grain, comprising the stoon in granary of plain and colored cottons by pncitlre requirement*, but a
at the principal points of accumulation at hike and seaboarcl fair businexs was done with convertf-ritand the maoufaotarlng
ports, and in transit by rail and water, Djc. 3. 1883
trade.
Prices for staple cotton go'>d« are without qootabto
Oale,
Barley,
Wheal,
Com,
Kyr.
change, and for the mo«t part steady, stocks being In
Imlore at~
biish.
buah.
bttth
biuh
biuh.
.
fair proportions,
..
:
Hew YuPK
Do
...
fl.'jg,:}
l,A12i)00
2.0 K)
4.92i.30rt
3511,003
3ii,5)0
22rt.H59
14,<>.8. <.^4
514.519
_..
Biliralo
Ohluairu
Do
1.434.80 J
25 000
5,075
09.530
1^5.571
29.i.<;oo
li-<;iia
8:t(H)<
60.000
-M.-i '0
35;,2ri2
200,03 i
3 4.081
286. 70M
f.'fie
12i;25i
much
3.t7i.222
3,8J^.705
Htlnrantcue
DoliUli
aflwt
were
64i64g and
2.162.053
1,S17.707
Detroit
Oawurfo
99.747
4 ).320
IbO.U
22'<,Ol>0
8t. U)iil8
O
2.,'>7-(.4i7
712,767
1« j,0 )0
37-'. 222
5,01)0
Clnoiimatl
Boatoii
ll:),'.43
172,7»7
40.000
265.0 J5
5.4
o
900.000
6.400
1.10.457
18.<it»
1010)0
75.0J)
«l.i01
10J,185
586
8,2 J
65.
2r^^.
for
same time laat year. Print
but steady on the basis of 8 8^ 16c. for
reepHStlrely.
.'i^ieOi,
White goods,
scrim curtains, table damiski and skirtings weresererally in fair request for next season, and very good orders wan
placed for cotton hosiery and spring underwear. Print* continued quiet, but a good business was done in dress ginghams,
7.265
a.blii
2^,'i90
less a?tiva,
quilts,
121. "jil
Toleilo
better shape than at the
el iths
47.1)00
iiniiMt
Do
:7
9.!i."«).rt
»tloat
Albany
seersuckers, wash dress fabrics
delivery.
and printed lawns
for early
Domestic Woolen Goods.— There was a very fair morein men's wear woolens, as cassim ves, worsted suitings,
P>iila<lol|)ltla
67,8 U
918.810
3,!>i5
1 17.353
77,257
1.219
48.025 &c., on account of orders on record, but the current demand
Peoria
Inrtliiiiapolls
8S.12i
32,490
1.706 was comparatively small.
188.7:12
Under the influence of cold
5l.2-i3
8,161
4.946
Kansas t:»tr
937,14S
Baltlinirs..
1.4<i7,4K0
217,561
5,484
7.952 weather the clothing trade has become more active, bat
Minneapolln
6.242.6 )7
clothiers are pretty well stocked up for the present, and there
I,l2i),0o0
St P.uil
20.032
271.317
Down dwaissippl.
was consequently little improvement in the re-order demand
15.6j0
On all
212,474 1,».7 1.524 529,626 252.824
for heavy suitings, overcoatings, &c., but prices raled steady,
24,241
125,832
Onlake
Kentucky jeans and doeskins were quiet and unchanged, and
84M,690
5."85. 56,99>.65S 5.652.373 2.000.025 2.060.375
T>t. Dec.
704.18.>
4.951.741 3.0 (7,702 3.204 101
T.jt. Nov. 2ri.-86. 55.679,22-!
there was only a limited call for satinets by the clothing trade.
6.'84. 4'),S0^.i)i3 5.365,068 3.302.210 2,01i.3'{^
7l>5,0.3«
Tot. D !C.
Tot. Dec.
8 13. 3l.lS.i.9.i;j 8.329.S42 5.H45.O07 3.56 4.J0S 2.663,132 Cloakings, Jersey cloths and stockinettes were somewhat
9."82. 20.l90.0ai 7.020,153 3.068, ::2S 3.108.060 1.2tl.6j2 sluggish in first hands, and the demand for ladies cloths,
Tot. Dec.
trico:s and all-wool dress fabrics of a seasonable character
was chir^fly confined to small parcels actually needed for the
renewal of assortments. Some very fair orders were howFridat. p. M., December 11, 1885.
Owing to the near approach of the "stock-taking" period, ever placed for spring and summer makes of all-wool and
jobbers have continuei to operate sparingly in seasonable worsted dress goods for next season. Flannels, blankets and
goods the past week, selections having been chiefly of a hand- carpets were in steady though moderate request at unchanged
to-mouth cnaracter, an I light in the aggregate. There wis, prices, and wool hosiery and knit underwear were relatively
however, an exceptionally good bu^i^es3 In som^ descriptions qui»-t in the hands of both agents and jobbers.
FoREiON Drt Goods. The mirket for imported fabrics baa
of spring and summer goods for future delivery, very good
orders having b^en pi iced in this connection by buyers on thw displayed very little animition as regards the demand in the
spot and with salesmen reprfsjnting commission houses and regular way, but price concessions ena'>leil holders to move
importers on the road. The liberality with which distributers fair quantities of dress goods, silks, vvjlvets, &c. Linens and
are makinx provision for the spring trade is indicative of con- whitd goo la ruled quiet, but there was a fair business in holifidence in t'<e situition, but there is seemingly no tendency day handkerchiefs, lace goods, embroideries, hosiery and
towards sp-»culitioi in aiy quarter. The* jobbing trade wa"* gloves. Men's- wear woolens were in light demand, aside from
moderate in volume, but fully up to the average of the same special styles of worsted suiting', in which considerable transperiod ill f irm-r years, miking due allowance for the very low actions were reported. The auction rooms have presented few
prices prevailin.? at preheat. The lir^je housj of Bates, R^ed features of speciil interest, the offerings having been mostly
& Cooley have r tired frjin the j ibbing trade, and t'le re- small and unimpjrtint.
Toronto...
8,9i5
184.7(j9
4Ji).'Wl
Moutrml
7.U
82.290
ment
15<<.270
THE DRY GOODS TRADE.
—
(jPommcvctal
Jtltovucgs.
W.
William
Attornc)'
Porter,
and Counsellor
Brinckerhoif, Turner
&
at Laiv
623 WAI.NUr hTKEET,
\ Uiladelphla, Fa.
Corporation. Tra-isp irtatinn and Commercial Law.
REFEliRVCKS:— The -'rust C .mpanies, ThoNatlonal
Banks and Railroad C'lmpaniesln Philadelplila. and
No.
tbe J udnes of any uf the
CPards.
Co.,
(Patented NoTember 26th. IhTH.)
Manafaotarart and Dealen In
COTTON SAILDUCK
And all Unda
Cum ts.
M. Clarke,
ATTOKNEV AT LAW,
TOFbKA, KANSAS.
Commercial and curporatitm law and muntcipa
bonds, Hpecmlties.
HKKKKtcNCKH
Brew«r, V. 8. ('trcntt
New York; RaflferD
Bostun, and the
BtinKintf Cu and Ueii. K.
Bank of Toueka. Tupeka. Kanwiw.
Jad^e;
<
Sorbin
:
tloD.
(>.
Hankioff
J.
BAGia.
Attorney and Counselor at Imw,
ATLANTA, UKOKUIA.
PRACTICES IN AX.L TUB COURTS,
Oorp^yralion awd CmntNereiat Law a Spr.eialty
Kefeni to Judves Hteplien J. KloM and Wm- b
Woo<l8 U. S. :5uprame Court, Wasblnaton, D C.
CO.
Widths and Colon, alwaji Is
Wo. 10» Dnano street.
1 mil lapplT,
(*o..
A. < >tib<>ru.
A. Angier,
Axenu
UNITED STATES BCNTINO
tiiiss,
E.
"AWNINO 8TRIPK8,
Alao,
all
Fabyan &
itool
Co.,
New
York, Boston, Philadelphia,
IBULINO AGKNT8 FOR LKADING BRANDS
itROWN & BLEACHED SHIKTINGS
AND KHEETINUS,
PRINTS, DB.NIMS. TICKS, DUCKS, M.
Toirela,
DnUi,
QuIHa, WlUte tiooda tc Hoalerf
Sheetingt,
<ie.,
DMFORm
of
CANVAS, FELTING DDCK, CAI
COVBKINO, BAOOINO. RAVBN8 DUCK,8An,
TW1NB8, ac.. "ONTAKIO" 8BAMUM8
OOTTON
Fabius
JiEW YORK
Moist Letter Copying Book.
THE
for Bxport TratU.
£.
SAVES TIME.
COPIES.
NO WATEU. NO BKVSH.
ALWAYS BEADY.
L. FAKGO, Sole Manofactiirer,
106
LIBERTY
ST.,
NfcW YORK.
In the oaa of " Tbia Book," tha sraat aoDOTanoa of
wator. brushes, cloths. Jlo., Is done awar with-tha
tMNik Is readjr at all limes to cupjr anv numter of !«(
ten at odoc. I'anles n-tnii same pronoune* It tba
very thInK tber want; the copies ara olaar. distinct
and uoifoim.
I*rii
ea
Bednced. Send far Price
lUTABUdUKD IHbb.
Ll«(.
Engrene K. Cole,
STATIONER AND PRINTER.
ud
Oar«<^
Bnpplles Banks. Banken, 8to<* Brokers
rations with oompleta oatSuof Account Books ant
^£ir Ne'w'conoems organlxinc wUl taaTe tbelr crdan
promptly executed.
Ko.
I
WILLI ATI STREET,
(nANOVEK sqUAOU
;
:
THE CHKONICLE.
702
^onthzra '§nnhtxs.
Cashier,
Ptesident,
Vice-Prea't.
THE
IBonds of Sn.retysb.ip. United
NO OTHER BUSINESS.
Gate City National Bank
ATI^ANXA, GEORGIA.
and Surplus^
$300,000 00
Accounts of Banks, Merchants, Corporations and
Individuals respecttully solicited.
CoUections promptly made and remitted for.
Will act as agent f'lr the investment of idle and
surplus funds id Biiriks or Individuals.
In our active and growinj? city money is always in
demand. Our rates reasonable. Uive us a trial.
&
Thcs. P. Miller
The Guarantee
Co.
OF NORTH AMERICA.
Designated De2>ository of the JTnited States.
Co.,
BANKERS.
mOBIIiEy AI^ABAmA.
Special attention paid to collections, with promot
remittances at current rates of exchange on day of
payment. Buy and sell State of Alabama and City
of Mobile Bonds.
Correspondents.— Bank of the State of New York*
Louisiana National Bank, New Orleans
(Limited). Liverpool.
New York
Cash Capital
CashAssets
»300,0(Xi
400,000
214,000
Deposit with Insurance Department ...
Vice-President
President
HON. JAS. FERHIEB.
BIB ALEX. T. GALT,
Managing Director Kdwakd Kawwngs.
:
NEW YORK
NO. Ill
OFFICE:
D.J. TOMPKINS, Secretary.
NEW YORK DlUKCTOHS—Joseph W. Drexel, A. L.
Hopkins, H. Victor Newcomb, John Paton, Daniel
Torrance, Edw. F Winslow Krastus Wiman.
FIDELITY & CASUAI^TY
CO.,
NEW
YORK.
N08. 214 & 216 BROADWAY,
Cash CBDital. 8250,000. invested in U. S. Gov't Bonds.
1200,000 deposited witn the N. Y. Isn. Dep't, f or
the protection of Policy-holders.
THE CIT¥ BANK OF HOUSTON,
panies, Institutions and Commercial Arms, can obtain
CAPITAIi, $500,000.
Houston,
attention to collections on
all
Compiiny at moderate charges.
The bonds of this Company are accepted by
ODurts of the various States
ac-
cessible points.
BiUECTOH 8.— Benjamin A.Botts, Pres't; F. A.Rice,
W. B. Botts. Rob't Brewster. S. K.
C. C. Baldwin,
Mclltaenny, B, F. Weems.
B. F. WEEMS. Cashier.
WM. R. BAKER, Pres't
B
A. K. WALKXO, Caxhiet
B. BUBRUSS, Prea't.
National Bank,
First
WltmiNGTON,
GolleottonB
mada on
all
Geo.
N. r.
parts of the United State*
JOHN
P.
BRANCH,
S.
Wm,
Coe.
Charles Dennis,
Alex. Mitchell.
S. B. Chittenden.
M. Richards.
AMERICAN
FINANCE COMP'Y,
Collections made on all Southern points on best
terms; prompt returns.
Cash.
Prest.
Geo. T.
G. G. Williams, A. S. Barnes,
J.8.T. Stranahan.H, A. Hurlbut,
A. B. Hull,
J. D. Vermilye,
MERCHANTS' NATIONAL BANK,
RICHmOND, VIRGINIA,
John F Glknx.
96
President.
BROADWAY, NEtT YORK.
Prkd. K. Scott, Vioo-Prea't
JOHN C. SHORT
FRANCIS A. WHITE
co.,
JAMES NEGLKr
BANKERS AND COMMISSION MERCHANTS, THKO. B.S. TALBOT
RICHmONS, VIRGINIA.
WM. P. WATSON
President
thohas branch &
Tirsrinla Bonds funded under the Funding Act
passed by the last Legislature, for
per cent comNew North Carolina 6 per cent bonds,
secured by lien on the State's stock in the North
Carolina HailrOHd. for sale-
H
mission.
WXtsUxu
&
Hayden
'§nukcxs.
Dickinson,
INVESTMENT BANKBK3,
DENVER,
COLORADO.
We have on hand and for sale drst-ciass County
and School Bonds and other choice securities. We
recommend to conservative investors our
BsTaTK LO.AN -on Improved City and li'aiai
Properties. These have been made by us after riuid
Invesliuatlou of title and values, and can be transferred at once. Correspondence solicited. "-Kuesi.
Highest
eej>ecially
HTfiAl.
references East and West.
ESTABLISHED
P.
Ist Vice-President
8d Vice-President
^..Sd Vice-President
Sec'y and Treas.
Authorized Capital Stock, $1,000,000.
Paid In
500,000.
SOUND INVESTMENT BONDS furnished to Savings Banks, Insurance Companies, Executors and
Trustees of Estates, and indlTidual investors.
UNITED STATES BONDS, State Bonds, Municipal
Bonds, Railroad Bonds, bought and sold.
DEFAULTED BONDS
of States, Municipalities
and Railroad Companies negotiated or collected.
CALL AND TIME LOANS made on United States
Bonds and good Municipal and Railroad Bonds.
FINANCIAL AGENCY for railroad companies and
other corporations. Will also conduct the reorganization of railroad companies and other corporations
whose bonds are in default, ;or whose property is In
the hands of Receivers or Trustees.
RAILROAD LOANS negotiated.
1871.
Keleher
F.
t'le
OEPARTMENT.
John M. Cuane, Seo'y.
ROB'T J. HiLLAS, Ass't Secretary.
DIRECTORS:
Dows,
David
W. G. Low,
Hone
s,
Co.,
OLIVE 8TKEBT, ST. LOUIS,
Dealers In Western Secnrltles.
305
Drtanlteo Bonds of MlsBOurt, Kansas and
Illinois t
Bhkbman 8. Jkwhtt, Pres, .Iosiah Jkwett, V.Prei
William C. Cornwkll, Cashier.
Bank of
Buffalo,
CAPITA I.,
9300,000
BUFFALO,
&
Co.,
INVESTMENT
BANKERS,
CLKVELAND,
OHIO.
N. Y.
This bang has superior facilities for making collecon all accessible points in the United States,
tions
Oinada and Europe.
Liberal terms extended to
aocounts of bankers and merchants,
CoKaK.spoNDKNTs.-New Vork, National Shoe A
LP.-..t>ipi-
KMnkj rnlon Kurt
Ir
of London.
TOWN COUNTY
STn'S'^iT/bONDS
LAKE SI PKKIOK
IKON J11NI^'G 'STOCKq
AND STHEKT RAILROAD
SECOIUTIES
^t^-JL"'^?'*'
PrtfWent.
i
."TATK BANK,
)
1 Incorporated 187*, {
0.
^vust (E'OmpmiUs,
THB
T Wai k.»
CMhlor"
Life &Trust Co
German National Bank, Provident
OF PHILADEL,PHIA.
I.ITTLE BOCK, ARKANSAS.
Ompltal (Paid In) -
-
.
.
Prompt attention giren to all baslneis
?200,000
In onr liae
S. Y. CORiiE8PONDENTS.-Importers'
& Traders,
National Bank and National Bank of the
Repnblic
George
&
Eustis
BANKBSS.
CINCINNATI,
and
authorized to act as guariiian or
receiver of estates.
INTEREST ALLOWED ON DEPOSITS,
which may be made at any time, and withdi-awn after
live days' notice, and will be entitled to interest for
the whole time they may remain with tlie company.
and females unaccustomed tothetranauctionof business, as well as religious and benevolent institutions,
will find this
money.
company a convenient depository
for
JOHN A. STEWART, President."
WILLIAM H.MACY, Vice-President.
JAMBS S. CLARK, Second Vice-Pres't
TRUSTEES:
W. W. Phelps,
Dan. n. Arnold.
Thomas Slocomb,
JohnH.Rhoades,
D. Willis James. Anson P. Stokes,
Charles E. Bill, Jo^n J. Astor,
Robt.B. Minturn,
Wilson G. Bunt, John A. Stewart, Geo. H. Warren,
Wra. H. Macy,
S. M. Buck'gham Geo. Bliss,
Clinton Gilbert,
H. E. Lawrence, William Libby,
Daniel D. Lord,
Isaac N Phelps, John C. Urown,
Samuel Sloan,
Erastus Corning, Edward Cooper,
James Low,
S. B. Chittenden, W.Bay'rdCutting
Chas. S. Smith.
HENRY
THORN ELL,
L.
Secretary,
Assistant Se'eeretary
Union Trust Co.,
Tlie
811
AND
613
CHESTNUT STREET,
PHILADEILPHIA.
Authorized Capital
g!i 000 OOO
Paid-up Capital
600,000
Acts as Executor, Administrator, Assignee, etc.,
and executes trusts of every description known to
the law.
All trust assets kept separate from those of the
Company.
Burglar-Proof Safes to rent at $5 to |60 per annum.
Wills kept in Vaults without charge.
Bonds, Stocks and other valuables taken under
guarantee.
Paintings, Statuary, Bronzes, etc., kept in Fire-
Proof Vaults.
Money
received on deposit at interest.
Pres't. JOHN G. READING, V.-Pres't
S. STOKES, Treasurer & Secretary.
D. R. PATTERb'ON, Trust Officer.
Directors.— James Long, Alfred S. Gillett, Joseph
Wright, Dr. Charles P. Turner, William S. Price.
John T. Monroe, W.J. Nead. Thomas K. Patton.John
G. Reading, Wm. H. Lucas, D. Hayes Agnew, M. D.,
Jos. I. Kcefe, Robert Patterson, Theodor C. Plngel,
Jacob Naylor, Thos. G. Hood, Edward 1.. Perkins,
JAS. IjONG.
MAHLON
Phii.adki.puia; Samuel Riddle, Gi.E.x RIDDLE, Pa ;
Dr. George W. Reily, Harhisiu'UG. Ph.; J. Simpson
Africa, HUNTI.XGDON: Henry S. Eckert, READING;
Edmunds. Doty, Miffi.ixtow.n; W. H. H. Davis,
DovLESTOWX; R. E. Monaghan, WEST CHESTER;
Chas. W. Cooper, Allextuwn.
The Brooklyn Trust Co.
Cor. of Montague & Clinton sts., Brooklyn, N. Y.
This Company ia authorized by special charter to
act as receiver, trustee, guardian, executor or administrator.
It can act as aRont in the sale or management of
real estate, collect interest or dividonds. receive
registry and transfer books, or make purchase and
sale of Government and other securities.
KeliKLOUs and charitable instiLutiijnt*, and persons
unaccustomed to the transaction ot business, will
find this Company a safe and convenient depository
for money.
RIPI.KY ROPES. President.
W. CUKLIES, Vice-Pres't.
KDMUXD
TUUSTEKS:
Josiah O. liOW,
E. F. Knowiton, Henry K Sheldon,
Alex. M. White, John T. Martin. C. U.Wood,
A. A. Low,
Fred. Cromwell, Hcnrv Sanjcer,
Alex. McCue,
John P. Iio\fe, ^- m. H. Male,
Mich. Chauncey, E- W. Corlies,
Riplcv Ropes,
Wm. B. Kendall, H. E. Pierrepont.Abrara B. Baylis.
Ja8. Ross C L'HitAN, Secretary.
Circulars on application.
&
Chas. H. Potter
a legal depository for moneys paid
is
is
LOUIS G HAMPTON,
PoUcias issued against accidents causing death oi
totally disabling injuries.
l<\ill information as to details, rates, &c., can be
obtatned at head office, or of Company's Agents.
Wm. M. KiCHAU
3,701,436
into court,
this
CASUAl^TX
9=2,000,000
This company
BONDS OF SURETlfSHlP
from
Texas.
Capital,
Executors, administrators, or trustees of estates,
RROADn^AV.
AssetB, January 1st, lot©, *512,02tt 11.
OflBcials of Banftb, xvailioaOh ana KxpresB CompaDlea, Managers. Secretaries, and Clerks of Public Com-
;
States Trusr Co.
OF NEW TO UK.
No, 49 IVALil, STREET,
$lll*l>IU&i,
Bank of Liverpool
We give special
[Vol. XLl,
fitiaticial ©omp^atiies.
LodowickJ. Hill, E.S.McCandiess. A.W.Hill.
Capital
:
Omo.
Co.,
Incorporated Third Mo., 22d, 1SB5.
(CHARTER PERFe'tUAL.)
$1,000,000
ASSETS $I3,C21,530 63.
-INSURES LIVES, GRANTS ANNUITIES, RECBIVB,S MONEV ON DEPOSIT, returnaljle on den 1 n.o^
OAFITAI.
maiid, oron which Interest is allowed, and is empow""t as EXECUTOR, ADMINISTRA.
l^y, J?
"e*l ^?
M
r,V,?,l,?;i"^S^'*'5'
OUARDIAN, ASSIGNEE, COM-
TTBB, KECEIVKR, AGBN*,
etc..
58Yi^'';^fl,'?",k!^^''^"^=«^l'™''l<'ent,
A»A
8.
WINd,
Now York
$1,000,000.
Mills Building, 35 Wall St.,
PAID UP CAPITA!,,
Designated as a legal Depi)sitory tiv onler of Supreme Court. Receive deposits of money on interest,
act as fiscal or transfer agent, or trustee" for corporations, and accept and execute any legal trusts from
persons or corporations on as favoi'able terms as
other similar companies.
HILLHOUSE. President.
I'RBDERIC D. TAI'PEN, Vice-President.
J. BRITTI.N, Socreturv.
THOMAS
WALTER
Ruction ^^us.
STOCKS
and
BONDS
At Auction.
The Undersigned hold
SALES
KEGULAR AUCTION
of all classes ot
STOCKS AND BONDS,
ON
WEDNESDAYS AND SATURDAYS.
ADRIAN
No. 12
n. ihi;l,l,er a. son,
PINE STRKET, NEW YORK.
(Eqhitable Building
)
for the falt^
nertormance of which its capital and surplus
fund furnish ample security.
All trust funds and investments are kept separate
»nd apart from the assets of the company.
•^1.1'^'^°".''.."^ parties residing abroad carefully
collected and duly remitted
SAM'L R. SUII'LEY, President
ful
Metropolitan Trust Co.,
Vice-President and Actuary
Chronicle Numbers
WANTED.
967, 970, 981 and December, 1884.
Snpplemeut.
Ten Cents for each of the above paid
at the Offi99
@FedFRASER