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AND
HUNT'S
MERCHANTS’
%
MAGAZINE,
SjttMpftptv,
BEPRESStraXG THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES,
SATURDAY, DECEMBER 17, 1887.
CONTENTS.
Week
THE CHRONICLE.
1887.
Clearing House Returns
801
The Course of Net
The Finanoial Situation
Small Sliver Certificates
Present Status of the Baltimore
&Ohio Railroad
The Economic Disturbances
Since 1873
:
802
804
Earnings... 803
Monetary
Commercial
805
and
English News
809
Commercial and Miscellaneous
News
811
815
816
817
817
Subscription—Payable in Advance
do
subscribers of the Chronicle.
A file cover is furnished at 50 cents; postage on the
same is
cents. Volumes bound for subscribers at $1 00.
Messrs Edwards & Smith, 1 Drapers’ Gardens, E. C., who will take
subscriptions and advertisements and supply single copies of the paper
at Is. each.
wttttam
t*
mm
WRNO
u. FLOYD
ployd. '
(WIIiLIAlfl B. DANA & Co.f Publishers,
1
j
10* William Street, NEW YORK.
po8T OFFICE fcox 958>
99,731,310
Pittsburg
60,990.663
10,827,791
Baltimore
12,405,514
Springfield
Lowell
Total New England...
HOUSE
accounted for
i-
(1,712,890]
(-50*0)
(24,530,000)
(-440)
—0-9
80,6-11,145
-7-0
+12-2
-f 0*8
5.438,100
1.768,249
+110
1,008,291
1,260,749
1,163,229
878,5192
801,953
049,709
1,088,88*i
1,108,024
1,07>,317
707,316
+ 12*3
+9 0
+26-8
99,660,054
+01
99,080,083
—5*2
03,348,550
10,276,552
13,137.025
-3*7
76,318,920
11,026,990
-0-5
-5 0
12,085,977
—10-5
84,223,90S
86,762,127
—29
100,031,893
—O'9
66,950,137
01,636,577
11,333,100
4,576,349
+8-0
00,607.301
11,327,100
0,116,400
4,307,949
2,334,318
3,428.539
2,470,448
1,313,689
3,206,890
0,150,221
2.541.909
4.295,551
680,803
702,597
3,027,003
+3*1
+15-8
+5-4
—2*7
Indianapolis
1,910,300
1,812,135
3,387,575
3,193,928
2,240,864
2.129.513
1,089,971
+0*1
1.370,915
3,371,200
5,367,617
2,501,608
4,462,932
673,550
901,195
3,263,886
Denver
St. Paul
Grand Rapids
Wichita
Duluth*
Total Western
113,454,022
St. Louis
St. Joseph
New Orleans
Louisville
Kansas City
2,573,436
4,525,539
1,760,957
3,920,891
471,633
582,447
+5*2
*
-
-
-
-
-25*8
-31*0
-18-0
-41-0
-138
-428
-547
+14-2
+22-7
+14-4
+91
+20*2
+82*4
+39-6
+62*4
+9-1
+44*7
+35
'224,393
103,496,649
+90
115,029,784
17,404.559
1,502,772
+7*2
17,772,993
+9*5
+49 4
+1-3
2.967.274
1,617,001
1,037,922
12,214,073
5,977.518
7,093,044
2,867,681
2,207,215
1,307,491
1,013,848
+29 0
12,504,555
7,444,005
7,802,430
2.404,232
1,804.470
1,319.503
53,319,637
50,184,314
+62
52,300,532
44*2
10,463,796
14,951,982
+10*1
18,581,201
-10*8
1,019,044,777 1,215,806,428
-10-2
1,115,291,919
-13*0
+34
“885^689^53
+0*3
Total Southern
San Francisco
Total all
-52
+7*3
19,458,429
7.582.948
Outside New York
+»•§
1,550,755
12.377.172
6,458,567
Memphis...
mainly through the lack of activity in specula¬
3.884,173
'290,200
Topeka*
+4'4
1-21*0
—1*8
4,725,714
4,563,215
Minneapolis
(850,000 (+201 *4)
(82.835,977] (-21*2)
+5-4
—10
—59
Cleveland
Columbus
Peoria
Omaha
*
-19-5
729,002,361
-50-0)
(-425)
(+55-8j
(-47-9)
+33
+1T5
+5*4
RETURNS.
The returns of exchanges for the week ending December 10
exhibit a decline from the previous week of over
ninety-six
millions of dollars, and in the aggregate are less
satisfactory
than for any full week since the first of November. This is
$
-24 3
-0*8
11,027,200
Galveston
Norfolk
CLEARING
P. Cent.
1887.
1,'250,050
*
Milwaukee
London Agents:
(3,133,849]
(1,046,000)
(04,803,000)
88,122,431
5,054,700
Detroit
18
$
87,336,177
5,671,400
1,681,907
1,247,940
1,094,950
1,017,562
1,043,055
638,319
Cincinnati
Subscriptions will be continued until definitely ordered stopped. The
publishers oannot be responsible for remittances unless made by drafts
or Post Office Money Orders.
These prices inolude the Investors’ Supplement, of 120 pages
issued once in two months, and furnished without extra charge to
P. Cent.
860,751,302
(67,319,000)
Total Middle
11 28
JB2 7s.
£1 8s.
1880.
(25,080,000)
Chicago
6 10
do
bblsj
Boston
Providence
Hartford
New Haven
Portland
Worcester
:
$10 20
European Subscription (including-postage)
Annual subscription in London (including postage)
do
shares.)
(1,566.520)
bales.)
(000.900)
bushels.) (100,944,500)
Philadelphia
©jmrutcLe.
For One Year (including postage)
For 8ix Months
do.
SixMos.
814
Week End'g Dec. 8.
Ending Dec. 10.
•
(Petroleum
806
BANKERS’ GAZETTE.
Prices of Active Bonds at N. Y.
Money Market, Foreign Ex¬
Stock Exchange, and Range
change, U. States Securities,
State and Railroad Bonds
since January 1, 1837
and Stocks
Prices of Inactive Bonds..
Local Securities
Range in Prices at the New
York Stock Exchange
Railroad Earnings
Investment and Railroad News
Terms of
651,852,044
(Grain
THE
amsil
$
New York
Sales of—
(Stocks
(Cotton
NO. 1,173.
1
YOL. 45.
367,192,733
355.055,126
+8‘0
+0-9
+3*4
-26'7
+4*7
+28*7
+3*4
+1*8
+12*3
—0-0
-14-0
+3-5
Not included in totals.
Our usual
five-day telegraphic returns of exchanges have
tion at New York and some of the other large centres,
for it been received and are given below. The total for the seven
was to the
heavy dealings in stocks at New York at this time cities exhibits a decline from the corresponding five days of
in 1886 and 1885 that the
larger volume of clearings then re¬ last
week, and in comparison with the similar period of last
good part attributable. So far as general mer¬ year there is a loss of 29*6 per cent. On the basis of these
cantile affairs are concerned, things are now, as usual
just telegraphic returns the estimate for the full week ended Dec.
preceding the holidays, rather quiet, except of course in the 17 would seem to point to a decrease, compared with 1886, of
retail branches.
The movement of the crops continues on a about 25*5
per cent.
Messrs. R. G. Dun & Co report the num¬
fairly liberal scale.
ber of failures fer the week ended to-night as 288 (254 in the
Instituting comparison with the corresponding week of United States and 34 in Canada) against 254 last week and 288
1886, we find that there is a falling off at New York of 24*3 for the same week of last year.
per cent, due almost wholly, as stated above, to the smaller
Week Ending Dec. 17.
Week End'g Dec. 10.
stock operations. Eight other cities also record losses from a Returns
by Telegraph.
year ago, but, except at Galveston, they are
1887.
P. Cent.
P. Cent.
1880.
1887.
unimportant. On
the other hand, there are some
heavy percentages of gain re¬
$
$
New York
—303
540,348,819 848,512,110
541,A4,324 —25-5
corded, notably Wichita 54‘7 per cent, St. Joseph 49*4, Grand Sales
of Stock (shares)....
(1,290,131)
(3,456,403) (-02-5)
(1,340,919) (-48*3)
corded
was
in
Rapids
42*8 and Denver 41*6 percent. Contrasted with the
similar period of 1885 there is a decrease in the
aggregate of
about 4 per cent.
Share transactions on the New York Stock Exchange for
the week
516,000
market value of $81,660,000, against $161,for the week of last year. As is our custom, we deduct
cover a
two-and-a-half
times these values from the New York totals
to arrive at the
exchanges due to other business, the result
reached being $447,702,044 and
the two
years,
Boston
Philadelphia
Baltimore.,
Chicago
St. Louis
New Orleans
Total, 5 days
Estimated 1 day
Total fall week
Balance Country*
$456,961,302, respectively, in
or a
loss of 2 per cent.
Total week, all
*
73,278,475
51,305,801
9,817,310
54,077,000
15,240,850
9,950,412
80,340,202
56,000,414
11,138,515
48,014,000
14,992,220
12,095,182
-8*8
-9*2
-11*0
+12-0
+1*7
-177
754,084,727 1,071,092,703
151,401,487 190,125,814
-29-6
005,540.214 1,201,818,517
107,064,432
97,270,162
-28-8
1,013,210,046 1,359,088,079
For the full week, based on las
ek’a returns.
-20*3
+10*7
+2 1
73.710,520
51,797,218
10,424,050
57,204,000
10,453,400
11,149,132
+11*3
+5*5
+7*4
702,482,056
149,001,246
-10*1
-1*3
-40
-18*3
-18-4
911,483,901
108,347,03’:
-25-5 1.019,831.53
4 9*1
*
-10-2
THE
802
CHRONICLE
THE FINANCIAL SITUATION.
material
change in money the past
week, yet whatever change has taken place has been in
the direction of a little increased firmness.
01 call, as
represented by bankers’ balances, the extremes have
again been 6 and 3 per cent, with the average nearer 5
per cent, at which renewals are reported to have been
made.
Out-of-town institutions, trust and insurance
companies and private individuals are also reported as
making time loans to some extent at 5 per cent, running
30 days on prime collateral, and 5J to 6 per cent being
bid and paid on same security for three, four and five
months, with a few exceptional transactions at 6 per cent
for six months.
These figures as to time loans are
obtained by us from leading note brokers, and no doubt
represent actual business, but they do not really
represent
the
market.
So
far
as - our
city
banks
are
concerned
they
are
loaning
no
money either on call or in any other way at less than the
legal rate. The demand they tell us is very active, no
difficulty at all beiDg found in placing all and more than
they can get at that figure. The inquiry is from almost
every quarter ; one bank officer, as an indication of the
conditions, showed us letters from excellent customers in
several important Western cities, received by yesterday’s
mail, asking for accommodation in large amounts, which
can only be responded
to by calling in 6 per cent money.
This urgency is reflected in the papers published at
Chicago and other cities where the demand from the
lesser upon the leading interior grain centres is said to be
very active at high rates of interest.
Mercantile paper is
reported firmer than last week, 6 per cent being the
exception for choice 60 to 90 days endorsed bills receiva¬
ble, the majority of that class of paper going at 6.V per
cent.
For four months acceptances the ruling rate is
6J@7 per cent, with the transactions nearer the latter
figure, and good single names having four to six months
to run nominally 7-J-@8 per cent.
Discounts at London of 60 to 90 day bank bills are re.
ported at 2J@2£ per cent, while at Paris the open market
rate is 2|-, against
per cent last week.
At Berlin and
Frankfort, however, the rate has advanced, being now
2^- per cent, against 2£ per cent last Friday, while the
Vienna Bourse is reported to have been panicky this
week, especially yesterday.
This advance at Berlin
and excitement, at Vienna are most likely due
to
the renewal of political rumors with regard to Kussia
and Austria, and the preparations reported
making on
the part of the latter power by the erection of huts,
&c., to dispatch reinforcements to Galicia. There have
also been very contradictory rumors during the week
with regard to the health of both Prince Bismarck
and the Crown Prince, the latest
reports indicating, if
true, that the earlier ones were greatly exaggerated. Still
the age and frequent indisposition of'the E
nperor and
his prime minister, with the state of health of the Crown
Prince, make the situation in Germany one of no little
uncertainty and cannot fail to cause solicitude, especially
when there is any fresh ground for a war scare.
The
Bank of England reports a gain this week of £131,000
bullion which, according to a private cable to
us, was
made up by an import of £50,000 from South America
with receipts from the interior of Great Britain of
£131,000, and by an export to Lisbon of £50,000.
The Bank
of France shows a loss of £123,000
during the week.
Our foreign exchange market has been firmer
again
and gradually advanced this
week, the rates on Thursday
being one cent for long sterling and half a cent for short
There has been
no
-
[Vol. XLV,
above those recorded in
last.
Yesterday the Bank
long ster.
4*83 for long and 4-86£ for short
our
of British North America further advanced its
ling, their rate being now
This upward movement is due to a demand almost
wholly
from bankers, presumably to remit in settlement of
accounts maturing at or near the end of the year.
The
demand also comes upon a market unusually bare of com¬
mercial bills.
Cotton is now going out in less
quantity,
while breadstuffs apparently we do not care to
sell, and are
engaged in piling it up at our centres of trade. A good
illustration of what is beiDg done in this way and its
effect, may be had in the figures of exports of breadstuffs
cottoD, &c., for November issued this week by Mr. Swiizler of the Bureau of Statistics.
in
our
usual form and
We have
prepared them
give them below.
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND
1887.
Exports
from U. S.
PETROLEUM.
1886.
November. 5 Months.
November.
1885.
5 Months.
November.' 5 Month*.
Quantities.
Wheat.bush.
Flour... bbls.
Wheat, bu.
Corn., .bush.
Tot.bush..
3,786.174 40,378,243
5,052,136
1,081,319
8,201,029
917,614
43,603,833
4,608,083
2,553,404
618,288
16,804,060
3,195,820
63.112,855
12,330.29,!
10,366,057
3,013,580
64,340,220
13,737,345
5,335,700
2,803,516
31,185.250
18,156,204
11,306,508 73,478,912
15,343,881
78,077,565
8,139,216
49,341,454
$
f
10.868.S13
1,492,885
1,8-JO
32,380
203,133
57,439,782
0,833,452
8,665,860
2,610,618
Values.
f
Wh’t & hour
Corn & meal.
Ryo
Oats & meal.
Barley
Br’dstuffs..
Provisions
Cotton
..
Petrol’m.&c.
Tot. valu^.
$
57,631,055
5,486,636
11,809
128,477
102,835
7,907,539
1,116,521
7,385
33,600
18,658
9,503,703
63,360,812 12,508,841
38,748,543
7,570,766
95,997,846 31,252,088
20,146,274
3,087,100
7,076,689
36.612,564
3,713,074
50.906,030 218,253,475
The reader will
of cotton
November
see
exports was
25,187
303,166
613,521
f
65,215,108
7,119,785
36,075,557
6,408,841
76,803,660 32,909,802
20,724,752
3,483,171
55,409.785 190.500.086
1
5,184,073 30,583,531
1,532,106 10.063,700
88,307
419,572
2,009,752
14,031
78,243
42,921,544
36,793,285
76,101,827
22,528,779
49,051,509 178,373,415
from the
foregoing that the value
nearly 5J million dollars more in
this
year than in the same month last year,
and yet the total value of all the articles named only
shows an increase of
million dollars.
This shortage in
breadstuffs is
wholly the result of speculation, very sure
bring us trouble if not stopped at once. Our crops are
no doubt short; even the world’s
yield of wheat maybe
short; it seems to have been la3t year; but granting that,
it is not in the power of any combination to corner our
supply, pile it up at home, and succeed in the opera'
tion.
“Everything conies to him that waits” ex¬
cept success in such a
venture.
If
the oper¬
to
ators
would
onlv
•r
first
let
out
three-fourths
the
export, the issue might be different.
As it is, expanses
of endurance; the credit which is car¬
rying the stock is impaired each succeeding month; some
weak holders perhaps unload and prices decline a little;
distrust gets possession of the money lenders and then the
break coine3 and our surplus is sold at the lowest price of
the year.
We have tried the experiment so many times
and failed so disastrously that we cannot understand how
men of credit enough
to command the necessary funds
can be found
willing to go into the operation again.
That prices of commodities are low, no one needs to be
told ; the cause or causes which have produced the situa¬
tion is a problem every one would like to see solved and
Gold mono¬
many have worked over with divers result.
metallists as a rule refuse to believe that silver demoneti¬
eat out the power
zation ha3
anything to do with it, and hence they look to
new business methods, new
marketing facilities, and over¬
production to account for the change. Tne latest investi¬
gator on that side of the question is Mr. David A. Wells.
He has just completed a series of articles which to us seem
to be in the reasoning so circuitous and inconclusive, and
in facts so faulty, that we have thought it desirable to
publish something in reply. So to-day we give on a sub¬
sequent page the introductory article and shall fob
decembek
THE CHRONICLE.
17, i887.i
by others during succeeding weeks. "We do this
'because of the serious consequences of error.
The decline
has been in progress for years, has passed the point in
low it
where there is
increase shown
exhibit
America, but ODly to be followed by a lower depression.
And all this is remediless if we are to accept Mr. VFelia’
lars increase.
any
being contributed by two classes of roads
—the Pacific roads and the coal
companies. Arranging
the roads in groups or sections,
five out of nine of
the groups record lower net than a
year ago.
On
the other hand,
the reports of gross continue to
profit, and is universal.
Slight temporary recoveries have occurred through
atrusts,” speculative corners, or business revival in
many cases
803
large gains. Thus our statement for
November, published last week, showed four million dol¬
very
Since then
we
have had the returns of
one
simply wait and suffer under the grind¬
prominent companies not included in that state¬
ing power of these economic changes until their force is ment, like the Atchison, which reports a loss of $69,244r
spent or neutralized. How long, it passes the imagi¬ and the Gulf Colorado & Santa Fe, which has a gain of
nation to conceive—if for example the Suez Canal, $106,887, but the general result is not materially changed.
which was built, that is finished, in 1869 (eighteen years Furthermore, 69 roads have furnished figures for the first
ago) is in truth a prominent cause of present distress as week of December, the gain reaching 17£ per cent. It is
But we did not intend to discuss possible that as the improvement in gio3s for November
that writer claims it is.
those questions here; our purpose w#*s only to call atten¬ and December has been greater than for October, the
tion to the article on a subsequent page.
returns of net for those
periods when received will also
theories—we must
two
or
In the anthracite coal
trade, the demand has slackened show better.
somewhat, under the mild weather prevailing, while the
Among the statements of net received this week, there
are
a few that deserve
supply on the other hand is more abundant now that the
special mention, namely those of
season for heavy shipments to the West is over.
As a re¬ the So. Paul, the Chicago & Alton, and the Atchison.
sult, prices are easier. Mr John H. Jones yesterday issued The return of the Alton covers S^p'ember, the others
the figures for the month of^November, which show how October.
The St. Paul it will be remembered had a
urgent the demand was a short time ago. It will be re¬ gain of only $2,012 in the gross for October, and
membered that when the October statement was published as expenses are shown to have increased
$61,9G9
we pointed
off
out that notwithstanding the great inquiry the net has fallen
$59,957. For November
that had prevailed, consumption this year in that month we may
presume that the comparison when published
had been less both than in 1886 and in 1885.
For Novem¬ will be more favorable, as the gross for
that month has
ber this is changed, and after allowing for the differences increased $171,687; the same road also
reports an increase
in stocks we find the consumption to be J,433,063 tons, of $43,634 for the first week of December.
TUe Atchi¬
against 3;325,396 tons in the same month of 1886, 3,270,* son having lost $13,187 in gross in October, and expenses
329 tons in 1885, and 3,101,371 tons in 1884, evidencing
having increased, the net has been reduced $153,496.
a
steady and continuous increase.
Tne following will Besides the competition of new road9, the Atchison of
show how this result is reached ; we give in the same course has also suffered from the failure of the
crops in
statement the figures for the first eleven months of the Kansas.
The Alton on its September exhibit does better
than either of
year.
these, gross being increased $61,618 and
$7,741. We have thought it would be interesting
to bring together the results on these three roals both for
the latest month and since January 1, as follows.
the net
November.
Jan. 1 to Nov. 30.
Anthracite Coal.
Stock
1887.
18S0.
1885.
18S7.
1880.
1885.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
of period
153,976
440,962
Production
3,1388,190
3,2 #7,630
001,010
372,282
754,545
874,081
3,279,110 31,572,939 29,325,012 28,620,704
Total supply
8t’k end of period
3,515,106
112.108
3.718,598
893,202
3,940,732 31,945,221
670,403
112,103
Consumption
3,433.003
3,325,3i>6
3,270,329 31,833,118
beginning
.
.
30,079,557|29,501,385
393,202
Month.
Gross
It will be noticed that stocks at tidewater
Atchison.
October.
October.
1887.
670,403
29.080,356! 28,830,982
St. Paul.
e
2,800,089
1.421,203
1S80.
*
2,798,077
1,859,234
3887.
$
1,074,100
808,080
Chic. & Alton.
September.
1880.
*
1,087,348
'!
1887.
$
842,002
478,482
1880.
$
777,414
007,772
421,575
points were Expenses
Net
1,379,480 1,439,443
800,060 1,019,570 !
363,580
355,839
further reduced during the month and are now down to
Since Jan. 1.
the low figure of 112,103 tons, against 393,202 tons on Gross
20,208,107 19,998,849' 15,308,334 12,740,023 j 0,439,535 5,750,100
12,692,283 12,172,548 8,209,880 0,015,367 j 3,004,817 8,271,359
December 1, 1886, 670,403 tons on the same day in 1885, Expenses....
Net
7,515,884 7,826,301
7,098,454 0,124,650 1 2,885,218 2,484.801
and 712,392 tons in 1884.
Hence even though there
should now be a decided falling off in the demand, the
Thus for the period since the first of the year, though
position of the companies is vastly better than for a long the St- Paul is $310,417 behind its net of 1886, the
time past.
It should be said that as compared with Atchison is $973,798 ahead, and the Alton $400,417
November last year, every one of the companies increased ahead. Hence the less favorable results for the month
its production this year with the exception of the two are
chiefly important as demonstrating that under the
roads that mine Lehigh coal, namely the Central New reduction in rates so
generally going on in the Northwest
and
Jersey and the Lehigh Valley. On the latter the falling
Southwest, it costs the railroads more money to do a
oft is as much as
229,806 tons, but on the Central of New given amount of work, and that as a consequence expenses
Jersey it is only 70,669 tons, the latter company also are being largely increased.
The adjustment this week of the dispute on dressed beef
mining Wyoming coal and thus being able partly to offset
its loss from the
Lehigh region. Of the other companies rates between the Grand Trunk of Canada and the Ameri¬
the Lackawanna has increased its
output 188,432 tons* can lines, is a striking illustration at once of the power
and the Delaware & Hudson
and of the disposition of the trunk lines to enforce and
94,742 tons.
There is no change in the character of the reports of carry out their policy of harmony, and thus secure
railroad earnings. ’ It is almost marvellous how the gross remunerative rates for the transportation of freight and
keeps on increasing, while at the same time the net in so passengers. The Grand Trunk of Canada has alway
many cases fails to bear out the anticipations encouraged been more or less of a disturbing factor in trunk-line*
by the gross. In another article we summarize the net for affairs, just as the Canadian Pacific has since its comple¬
October, and find that the gain over last year is less than tion given considerable trouble to the Trans Continental
8
per cent, decidedly more than the whole amount of the roads.
But while the Grand Trunk has never been very
....
..
....
,
CHRONICLE.
THE
804
tractable, yet its control being held in England, where
they look with disfavor upon railroad wars and besides
are very conservative, it has generally been amenable to
peace
influences.
there
was
ance
Hence, even under the present trouble,
to apprehend any general disturb¬
little
reason
from that
source.
Still the matter
was a more
than
from
[Vol. XLV.
In addition
interior.
the
the banks
to
that
movement
have
gained $1,000,000 through the opera¬
Sub-Treasury. Adding that item to the
above, we have the following, which should indicate
the total gain to the New York Clearing House banks of
currency and gold for the week covered by the bank state¬
ment to be issued to-day.
It is always to be remembered,
however, that the bank statement is a statement of averagei
for the week, whereas the figures below should reflect the
actual change in the condition of the banks as between
Friday of last week and Friday of this week.
tions
of
the
ordinarily difficult one, for, as we pointed out two weeks
ago, the fact that the dressed beef industry is concentrated
in the hands of a few persons, invests these latter with un.
usual power over the railroads. Having for years given their
business to special lines, they threaten to withdraw it from
those lines unless more favorable terms are conceded.
Into Banks. Out of Banks. Net Ohange in
Week ending December 10,1887.
Bank Soldlnos.
This is refused, and the business is withdrawn. The shipper
Banks’ Interior Movement, as above
Loss.. $657,000
$1,349,000
$2,008,000
gains nothing by the operation, for rates are the same by Sub-Treasury operations
6 ,200,000
7,200,000
Gain.. 1,000,000
all the routes, but the road affected loses a considerable
Total gold and legal tenders
Gain.. $343,000
$8,549,000
$8,200,000
amount of its traffic, and thus is forced in very self,
The Bank of England gained £134,000 bullion during
defense to grant the demands made.
The difficulty is
further increased, because under the Inter-State law pools the week, due wholly to receipts from the interior of
Great Britain.
The Bank of France lost 3,200,000 francs
—by which the inj ured road could be reimbursed for any
loss to it resulting from its maintenance of agreed tariffs gold and 200,000 francs silver, and the Bank of Ger¬
many, since our last report, shows a decrease of 260,000
—are forbidden. But even this especially difficult problem
The following indicates the amount of bullion in
the trunk-line combination has overcome, and thus af¬ marks.
forded new evidence of its strength and determination. the principal European banks this week and at the cor¬
It is understood that the Grand Trunk is to have a differ¬ responding date last year.
...
ential in its
favor, but that is a minor matter.
The main
point is that the spirit which dictated the trunk-line
compact is shown to be still dominant.
The stock market has been dull and irregular this week,
with the tendency most of the time downward.
As
stated above, the trunk-lines have reached an agreement
with the Grand Trunk of Canada with reference to the
dressed beef, and the requisite ten days’ notice of
advance has been given.
Western Union Telegraph
rates
an
on
has increased
its dividend from
1
per
cent quarterly
1£ per cent. The Milwaukee Like Shore & West¬
ern, besides the usual dividend on its preferred stock,
also declared an annual dividend of 4 per cent on the
common stock.
The Detroit Bay City & Alpena will
distribute 4 per cent.
Manhattan Elevated announces
its customary 1£ per cent quarterly, and the Richmond
to
December 15, 1887.
Banks of
£
£
£
20,557.022
England
France
Germany*
Total.
Silver.
Gold.
....
Aust.-Hung’y
Netherlands..
Nat. Belgium*
National Italy
December
44,994,830 47,702,440
20,340,340 18,037,000
7,481,000 14,943,000
4,050,000 8,145,000
2,011,000 1,320,000
6,983,000 1,118,000
20,557,022
92,097,270
38,378,000
22,424,000
12,195,000
3,901,000
8,101,000
Gold.
£
10,1830.
Silver.
lotal.
£
£
19,943,095
19,943,696
50,812,870 45,709,840 98,552,710
18,307,790 10,235,210 34,543,000
0,090,000 13,847,000 30,543,000
5,881,000 8,076,000 13,900,000
2,791,000 1,395,000
4,188,000
942,000
7,419,000
8,301,000
Tot. this week
107,047,798 91,200,100 198,313.898 111,884,35 30,305,050 193,089,405
Tot.prev.w’k. 107,044,831 91,286,205 198,331,030 112,400,30^ 35,970,790 193,371,103
*
The division (between gold and silver) given in our table of ooin and*
bullion in the Bank of
the best estimate
Germany and the Bank of Belgium is made from
we are
able to obtain; in neither case is it obdmedto be
accurate, as those banks make no distinction in their weekly report!
merely reporting the total gold and silver; but we believe the division
we make is a close approximation.
Note.—We receive the above results weekly by cable, and whils
not aU of the date given at the head of the column, they are th«
returns issued nearest to that date—that is, the latest reported figures.
The
Assay Office paid $219,801 through the Sub^
semi-annual on the preferred stock. All these are favoring Treasury for domestic and $149,623 for foreign bullion
features, as also is the decline in wheat. On the other during the week, and the Assistant Treasurer received
hand, the chronic inability to maintain rates in the North¬ the following from the Custom House.
west and Southwest, the heavily reduced yield of corn in
Consisting of—
certain sections, with the uncertainty about what Con¬
Date.
Duties.
Silver OarGold
U. S.
Gold.
tidcates.
Notes.
Qerlijic's.
gress will do to prevent Treasury accumulations, are dis¬
turbing features which for the moment encourage indis¬ Deo. 9.
$48,000
$26,000
$237,468 40
$9,700
$203,000
32,000
10.
103.000
26,000
163,550 16
1,000
position to trade in stocks. There has also been a rise in
52,000
12.
236,000
63,000
355,922 30
4,000
76,000
foreign exchange rates, thus removing all possibility of
13.
4,500
69,000
323,000
484,355 75
70,000
14.
396.000
72,000
5,000
^further gold imports now.
544,705 61
The less active demand for
23,000
15.
233,579 26
165,000
38,000
5,500
coal and the continued mild weather which is being ex*
Total..
$301,000
$2,063,581 49
$294,000 $1,436,000
$29,700
perienced, have provoked attacks on the coal properties’
Included in the above payments were $9,300 in silver
and the weakness of Richmond Terminal stock has likewise
acted as a drag on the market.
It is also a fact that the coin, chiefly standard dollars.
usual purchasers are many of them carrying such lines of
SMALL SILVER CERTIFICATES.
stocks as to make them either unwilling or unable further
to increase their loads, and hence the public holds aloof
Among the interesting facts brought out by the Govern¬
ment
from Wall Street.
reports this year is the condition of the silver
The following statement, made up from returns collected certificate issues. Many people think that the Government
by us, shows the week’s receipts and shipments of currency can manufacture, put and keep out just as much currency
as the law makers choose to enact the legal machinery for.
and gold by the New York banks.
We do not mean to controvert or to go into an examination
Received by
Net Interior
Shipped by
Week ending December 10,1887.
of that claim to-day, but we have it in mind to attempt
jIV. Y. Banks. N. Y. Banks.
Movement.
to throw a little light upon it another week.
Currency
$1,194,000
Loss.. $412,000
$1,600,000
A pre¬
Gold
155,000
liminary of no little importance is the state of these
Total
& West Point Terminal has
declared another
per
cent
“
“
“
"
“
.
dno nnn
gold and legal tenders....
$1,349,000
$2,000,000
Loss..
$057,000
two-fold
The above shows the actual
changes in the bank holdings value—it gives as strong a case as those who favor the
of currency and gold caused by this movement to and
popular assumption can find or could wish for the purpoie
silver certificate issues.
A record of them has a
THE“ CHRONICLE.
~
December 17, 1887. J
their belief, and yet at the
805
time it PRESENT STATUS OF THE BALTIMORE
<t
affords a good illustration of the fact that there is only
OHIO RAILROAD.
one method by which the issuers can successfully put
From the financial statements submitted this week
afloat such a currency, while enforcing the further
(and
familiar truth by and by to be disclosed, that the people’s which we give in full in our railroad department), we
capacity for using currency has limits no more vague than get the first clear idea of the position of the Balti¬
more & Ohio
property which it has been our privilege to
its capacity for using other tools.
have
in
years.
We say in years for though the chief
But to-day we only desire to make a record of what has
been done, a bit of history useful in many ways.
We are uncertainty about the road’s affairs undoubtedly relates
"enabled to bring the record down to a late date, as Mr. to the changes and developments that have occurred
within comparatively recent periods,
yet the annual
Hyatt, the Treasurer, very kindly has sent us the figures
representing the situation on the first of December. It reports of the company have always lacked definiteness
will be remembered that the small silver certificate act and been unnecessarily brief, many of the essentials to a
was attached to and passed as a part of the Sundry Civil correct knowledge of the company’s doings being omitted.
Appropriation bill in July, 1886. The act in substance The income statement—which by the way could not be
authorized and required” the Secretary of the Treasury had till the publication of the annual report, a long time
to issue silver certificates in denominations of one, two after the annual meeting—has never been as full aa it
and five dollars,” in lieu of silver certificates of larger should be, and moreover has been confined to the opera¬
denominations, or upon deposits of silver dollars. At the tions of the main stem and branches. Now, however,
time of its passage we at once called attention to the great we have a complete and detailed account of the results
importance of the power granted,, remarking among other for the whole system, and it is a matter of satisfaction
things that “it puts out of reach of any combination of that this defect has been removed.
The selection of the administrative head of the enter¬
circumstances the embarrassment of the Treasury again
‘for years to come.”
It was not, however, until about the prise has also been made this week, but is significant only
first of October that the new ones began to appear in as showing that the plans mapped out by the syndicate when
circulation, the usual hindrances in preparing plates and they took hold of Jthe property are being steadily carried to
printing notes having delayed the Secretary’s action. completion. Mr. Samuel Spencer, the new President, is of
Since then the demand has been constant, much of the course fully competent to undertake the task entrusted to
He has been identified with the property for many
time beyond the capacity of the Bureau of Engraving and him.
Printing, through insufficient appropriation, to supply; the years, has had a long and varied experience, and has
Secretary in his last report stated that the circulation of really been ia executive control for a long time, and—
small silver certificates would have been greater had he what is most important—is known to be in full sympathy
with the plans and purposes of the syndicate.
It is proper
been able to furnish them faster.
But nevertheless the progress in getting out these issues to say that perfect harmony prevails between the syndi¬
has been very rapid, the total now outstanding reaching large cate and the board of directors and the stockholders.
proportions. The Treasurer in his report gives an exhibit Reports have been frequent of late that troubles and dif¬
of the notes outstanding for June 30, 1886 and 1887; on ferences had ariseD, that the syndicate was exacting harsh
the 1st of last April we obtained similar figures for that terms, and that much opposition to them had developed.
date, and now, as already remarked, Mr. Hyatt has sent us We happen to know that these reports are all untrue.
There has been no hitch or disagreement. On the con¬
a statement of the condition on the first of December.
trary, a thoroughly good understanding has prevailed
We thus have a fair record of the progressive develop
from
the first, and we think it may well be questioned
ment of these silver currency issues.
The number and
whether among all the plans and reorganizations with
denominations of those in circulation at the dates men
which the Drexel-Morgan syndicate have been connected
tioned were as follows?
any have progressed so smoothly and satisfactorily as the
of establishing
same
11
11
In Circulation.
present.
Denomination.
c-
June
30,1886. April 1, 1887.
*
One dollar
Two dollars
Five dollars
• ••• •
$
10,1*32,581
6,667,189
4,359,250
56,0 3,254
49,110,510
4,909,775
3,439,700
June
30,1887. Dec. 1.1887.
$
13.979,498
8,905,997
7,728,241
$
17,453,83^
10,871,09
23,758,201
59,519,807
A full
analysis of the Baltimore & Ohio’s position and
prospects must embrace three distinct points; (l) the
amount and nature of the floating debt, which has been
the
of
much embarrassment ;
(2) the means by
be relieved of this debt, and the
Fifty dollars
4,961,450
One hundred dollars
3,713.430
3,507,130
cash payments for the sinking
Five hundred dollars
633,000
595,500
669,000
are to be avoided in the future, and (3) the rela¬
funds
One thousand dollars
433,000
460,000
521,000]
Total
136,545,219, 145,543,150' *169,621,629 tions between earnings and charges and dividends both
115,977,675
on the basis of the old arrangements and as changed by
Of this total $1,472,355 wore on Doc. lot in the Treasury unas
sorted.
the new arrangements.
Taking up the first point, the fig¬
Recalling the fact that the first issues of the ones, twos ures submitted show that the company has undoubtedly
and fives were made about the first of October, 1886, the been carrying a large amount of current or floating
Ten dollars
Twenty dollars
50,269,887
44,957,628
7,884,840
9,610,820
1,835,000
1,920,000
54,200.870
50,629,016
5,196,100
48,521,550
cause
so
which the company is to
method by which large
*
above record becomes
complete.
These three denomina¬
tions reached on April 1, 1887, as will be seen, $21,958,980, on June 30th they aggregated $30,613,734, and on
December 1 they had increased to $52,083,192. This
growth in the small notes has not only been on the deposit
of silver dollars, but also by the exchange of the large
notes.
For instance, on the 30th of June, 1886, there
were $13,365,820 of notes of one hundred, five hundred
and one thousand dollars each, while on the first of
December, 1887, there were only $4,535,630 of the same
denominations.
liabilities.
The
total
of
the
debt
September 30
is
$11,148,008, made up of $6,505,678
of loans, $2,263,636 of bills payable, $134,572 of un¬
claimed dues, $481,813 to be expended on the Washington
branch terminals, $543,505 due the sinking funds, and
$1,218,804 of pay-rolls and vouchers. The floating debt
proper, the report says, consists of the first two items,
namely, loans and bills payable, amounting to $8,769,314.
Either sum, however, is large.
The $543,505 due the
sinking funds will, under the new method, be paid in
consol bonds, and therefore will require no cash. The
reported at
806
THE CHRONICLE.
company also had $360,716 of cash in its treasury. De¬
ducting these two items from the total of $11,148,008,
the debt is reduced to $10,243,787.
The company also
has $1,740,773 of supplies on
hand, but we discard that
item, as we have never been able to consider it a proper
offset to floating obligations.
To extinguish this 10 millions of
floating debt in round
numbers, five millions of new consolidated bonds and
[Vol. XLV.
past contributions
and
accumulations to the
mortgages, that amount likewise has been made
sterling
available
to the
company, and the five millions of bonds to be
taken by the syndicate form
part of it. Of' course, the
sale of this five millions five
per cent bonds will increase
charges $250,000, and the issue of five million six
per
cent third preferred stock will further
increase
charges
$300,000, making $550,000 altogether, but as against
five millions of third series
preferred stock are to be that the saving on
sinking funds will be, as stated,
issued.
This accomplished, the
company would yet have $640,750.
over 2£ millions of consolidated bonds
unissued in its
We are now prepared to see what the results
have been
treasury (as we shall show below), and besides hold on the late
year’s operations. On that point the state¬
unencumbered 1£ million dollars of the
capital stock of ment before us gives full and detailed information.
Tne
the United States Express
Company and 5 million dollars interest on each issue of bonds is
figured
separately, and
of the capital stock of the Western Union
Telegraph the rental and sinking fund charges are also given
at
Company—constituting the amounts received in part length. It is found as a result that after
allowing in full
payment for the sale of its express and telegraph proper¬ for all
charges and the 4 per cent dividend paid on the
ties.
In other words, the
company will not only be stock last May, and after
contributing no less than $775,relieved of all present
burdens, but be placed in easy 462 towards the sinking funds, a
surplus balance of $17,position to supply any future wants for construction, 605 remained on the 1886-7
accounts. It has become the
equipment and improvement.
fashion to refer to the Baltimore &
But the
chief feature
of
Ohio
the
arrangement is that by
obviating most of the cash payments heretofore made
into the sinking funds, the
company secures financial relief
practically without any increase in the fixed charges to be
paid out of earnings. In order to exp’ain that point it
will
be necessary to
refer briefly to the
dend payer,
November
as a
non-divi-
simply because the dividend customary in
was
omitted this time.
But the
company
actually did pay 4 per cent in the year, and, according to the
figures given, earned it too. We should think, therefore,
that if any inference were warranted from
such results,
it was simply that the ba3is of distribution
had been
purposes com¬
prehended in the issue of the consolidated mortgage. lowered.
The company has been obliged
up to the present time to
Of the $775,462 contributed to the
sinking funds in
invest annually large and
increasing sums in the sinking the late year, $640,750 we have seen will not be
repeated
func’s of its various issues of bonds.
It had to make no1 the
present year, while on the other hand interest and
only large direct contributions, but the yearly
incremen^. dividend charges will be increased $550,000 by the issue
of the funds had also to be added on in the same
of the new bonds and the new
way
preferred stock. In addi¬
Thus no less than $775,462 was
required for that purpose tion, thn interest on the car trusts issued in 1887
will be
in the late year, and the total of
payments of all kinds $106,875, or $59,085 more than in the late
year, and there
then stood at $11,560,152.
But that was by fio means will also be
required
a payment of $250,000 on account of
the chief difficulty.
With each addition to the fund, the the
principal of that trust. By adding these two amounts
yearly increment becomes larger and thus it was apparent to the
$550,000 given, we get a total increase in charges
that unless the method was
changed a point would be of $859,085. But this must be reduced
by a saving of
reached in the near future where the amount absorbed for
$176,535 in interest on floating debt, making the net
this purpose would be
appalling. To obviate that diffi* increase $682,550, and this the
$640,750 reduction in the
culty and at the same time relieve the company of its
sinking
funds
comes within $41,800 of wiping out.
Ia
burden of current liabilities, the consolidated
mortgage other words, wThile total charges
(not including the 4 per
was devised.
The mortgage is for
$29,600,000, asub. cent dividend on the
ordinary stock, but including the
,rstantially,” as the report says, “the existing unmatured dividends on the
preferred
“
shares) in the late year were
main line
mortgage indebtedness.” The face of the $6,303,701, in the current
year they will be $6,345,501.
main line mortgage debt is
$31,432,000, but after deduct,
Hence even on the poor results of 1886-7 the
company
ing $912,000 paid on account of the loans of 1880 and could
pay a 4 per cent dividend in the current year, and
1885 extended at 4
percent, and $841,192 cancelled yet come out
nearly even. But now that the road has
bonds in the sterling sinking funds, the amount
been
remaining
brought in harmony with, instead of being antagon¬
is $29,678,808 as given.
istic to, the other trunk
lines, results ought to be much
All future contributions and accumulations on
account better.
Not only that, but there will also be a consider¬
of the sterling loans of
1895, 1902, and 1910—com. able income from the 14- million
United States Express
prising the greater part of the annual sinking fund pay.
Company stock (paying 4 per cent dividends) and the 5
ments—will be made with this consolidated
millions
of Western Union
mortgage
Telegraph stock (now paying
In effect,
the arrangement is equivalent to setting 5
per cent) held in the company’s treasury.
Altogether,
aside
each year a ceitain
amount of the consoli.
this exhibit appears to afford a new and favorable outlook
dated bonds
held in
reserve
retire
for
that
purpose, to
for the Baltimore & Ohio
property.
the
prior bonds when they mature—that
is, instead of paying cash into the sinking funds, consol- THE ECONOMIC
DISTURBANCES SINCE 1873.
dated bonds, which can be sold for cash
when the
[first article.]
sterling loans mature, will be paid in. As the report
Commercial depression may result from two distinct
says, this does not increase the debt, but simply
keeps it causes: either over-investment of capital, involving in¬
where it now is.
It does, however, release to the uses of crease in
the supply of goods and
change in the methods
the company the cash that the
sinking funds would other¬ of production ; or contraction of
currency and credit,
wise absorb.
As the annual contribution is
$280,720 involving decrease in the available mean3 of exchange.
and the increment of the fund as it now
stands is $3 60,030, The crisis of 1857 was an
example of the latter; that of
the amount so released is
$640,750. By making the 1847 in England furnished a
good instance of the
$29,600,000 consolidated loan cover also $8,177,000 of former.
'
V
-
.
,
December 17,
1887, J
THE CHRONICLF.
only in their beginnings that the two causes are
distinct. As matters progress, each becomes complicated
with the other. 0 yer-production produces a fall in prices,
loss of credit and mercantile failures; and thereby
lessens the facilities for payment, exactly as if there
had been contraction of currency. Contraction of curren.
is
the other hand, reduces the immediate purchasing
power of the community, and leaves producers and middle¬
cy, on
men
with unsold goods on their hands, exactly as if there
overproduction of those goods. The state of
things in the advanced stages of a commercial crisis can
often be explained -on either cause indiscriminately accord,
had been an
at onco assumes a different
807
aspect.
It becomes
a matter
with which
the
governments may have at once the power and
duty to interfere.
Mr. Wells tries to exclude the latter
altogetherholds, first, that the general fall in prices, such as it is,
is amply accounted for by man’s increased control over
the productive forces of nature ; and, second, that if we
examine the history of individual articles, we shall find
reasons for the lower prices of most of them in changed
conditions of production, while those whose conditions of
production have not changed have not fallen in price. We
shall examine these propositions in order, considering this
week the general effect of improvements in production
and reserving the detailed analysis of prices for subsequent
cause
He
ing to the personal bias of the investigator.
Until re¬
cently the tendency of most writers was to lay too much
stress on matters of banking and currency, and too little issues.
The effect of improvements generally is to throw an
on changes in the method of production.
The majority
of practical English economists of the last generation had increased quantity of goods on the market at a reduced
gained their chief experience in banking, and had little cost per unit of product. But in anything like a health,
knowledge of manufacturing business.
It was
natural that they should exaggerate the importance
ful condition
of
industry, the quantity marketed will
rapidly than the price falls.
In other
of the causes which came under their own immediate words, the aggregate product after the improvement,
observation. To-day the mistake of these economists is measured in dollars and cents, should be greater than
clearly perceived. It is felt that new methods of produc¬ before. If other things remain exactly the same, this
tion are an important cause of commercial crises; and some increase in the volume of business will create a need for
people are inclined to regard them as the only cause. * In more money with which to transact it. The old demand
the reaction against the English theory, which treated for money “ to move the crops” had a basis of fact, how¬
commercial ciises as “panics” of greater or less duration^ ever wrong the measures may have been by which the
many writers have gone to the other extreme of consider¬ United States Treasury undertook to meet it.
Now, no one would deny that there has been an increase
ing the contraction as a mere incident, of secondary im.
in the volume of business in the last twenty years with¬
portance, perhaps more apparent than real, and certainly
not an independent factor in the trouble.
This is sub¬ out a correspondingly large increase in the available
stantially the ground taken by Mr. Wells in an able and amount of metallic currency. Either the credit system
carefully written series of articles on the Economic Dis¬ must have expanded to meet it, or there must have been
turbances since 1873 which have appeared in the Popular a virtual contraction of the currency as compared with
It has been the custom to assume
Science Monthly and are about to be published in book the wants of trade.
form.
The weight which the writer’s name carries and that the credit system expands, almost automatically, and
the number of facts which he adduces in support of his that an increasing proportion of business is done with¬
Mr. Wells himself makes this
conclusions make it important to examine them in detail, out the use of cash.
and to point out clearly where the argument is open to assumption, without trying to prove it.
That an increas¬
attack.
ing amount of business is settled without the use of
The present crisis is in some respects different from any cash, we are ready to admit; that an increasing pro.
of its predecessors, because the fall in prices has lasted so portion of business is thus settled, we do not believe.
long. It is this continuous depression of prices which has The use of cash payments in the retail trade has
stood in the way of any real recovery, and which has grown enormously in the last twenty years.
At the
made even the active speculations of 1880 and 1881 seem beginning of that time weekly payment of operatives
like a mere pause in the descent. To determine the reason was exceptional, and various forms of truck or stoA
why prices have so long continued to fall, is the most orders were common. To-day a large proportion of the
important problem in economic science at the present day. operatives receive cash weekly from their employers and
But its solution is attended with special difficulties. If pay the stores cash down. The same general movement
the conditions of production had changed while the has been going on in the dealings between producers and
In the ordinary operations of life the ten¬
world’s currency system remained the same, we should middlemen.
have one explanation. If the currency system had changed dency to shorten the term of credit has been all but uni¬
while the conditions of production remained the same, we versal.
One of the ablest living English economists has
should have another.
But the conditions of production boldly challenged the doctrine that, as civilization ad¬
and the world’s currency system have both changed at the vances, credit takes the place of money. On the contrary,
same time, each in a way which has had no exact parallel
money takes the place of credit.
To see the credit sys¬
in past history; and it becomes an exceedingly delicate tem in its full vigor one must go to half-civiliz9d coun¬
matter to determine the relative importance of two causes tries like Turkey.
As a country advances it uses more
which so closely inter-act with one another.
cash.
The problem has a practical as well as a speculative
But if volume of business and use of cash are both
interest. If the crisis is simply due to improvements in increasing, it follows of necessity that a failure to increase
production, wo have nothing to do but to wait for these the supply of metallic money involves a relative scarcity
things to work out their own result. It may be long and of means of payment. Mr. Wells in one place incidentally
hopeless waiting, but we could not expect to turn back admits this, and seems to think it an unimportant admis¬
and resist the progress of invention in the industrial sion.
But it really involves giving up his whole case.
It
world any more than the trades unionist can expect to is precisely this relative scarcity which makes the trouble.
resist for any length of time the introduction of machinery The Suez canal and the railroads, and the other improve¬
in his particular trade.
But if the crisis is to any consid¬ ments in transportation, on which Mr. Wells lays so much
erable degree due to the demonetization of silver, the case stress, are means of lessening the price to consumers; but
or
no
increase more
I *
THE CHRONICLF.
808
that is not the
$1inf
¥
The difficulty is that something
else comes in and dowers the price to the producers; and
there is a strong prima facie reason to believe that it is
something connected with the currency. Mr. Wells tries
GROSS AND NET EARNINGS.
difficulty.
to make
improvements account for too much. Reduced
rates from Chicago to Liverpool will account for lower
prices at Liverpool; but they will not account for lower
t
Net
1880.
Increase.
*
Jan. (51 roads) 21,163,428 19,950,926 4,212,497
Feb. (57 roads) '24,930,400 22,675,611 2,200,849
M’ch (58 roads) 82,592,658 26,804,870 5,727,782
April (59 roads) '31,040,281 27,570,407 4,003,814
May (58 roads) 32,590,4*2 28,934,958 3,601,494
June (56 roads' 35,801,885 32,021,535 8,840,350
July (58 re ads) 38,323.922 15,600,219 2,723,703
Aug. (00 roads) 39,538,660 35.702,523 3,836,137
Sept. (65 roads) 39,840.008 30,173.732 3,672,936
C ct. (65 ruads) 42,579,981 38,604,577 4,075,404
pc
21
10
21
15
13
|
1887.
i
1
*
I
7,213,497
7,400,993
12,176,047
10,073,279
11.681,438
12 12,582.952
Earnings.
1880.
|
Increase.
t
t
$
4,680,990 2,532,507
7,203,004 143,329
8,907,232 3,209,415
8,859,654 1,813,625
9.342,010 2,339,422
10,395,220 2,187,732
8 14,340,405 13,335.249
prices at Chicago. The introduction of a new machine
1,005,160
11 15,408.969
18.945.403,1,523.560
may account for commercial distress among the owners of
10 15,057.18? 14,590+55 1,000,532
11 17,390,940 10,179,724
the old machines, but it will not explain why this distress
1,217,210
In some respects October makes a less favorable
should be shared by the owners of the new one.
exhibit
Mr. Wells says, in brief, that improvements have even than the months preceding.
In the first place, there
reduced cost of production and that therefore prices have is an unusually large number of roads
(twenty) report*
fallen.
We do not dispute this.
But we deny that it is ing diminished totals, some of them large and prominent
a complete explanation of the facts before us.
Improve¬ companies too. In the second place, there is an increase
ments have also increased the volume of business.
The in the number of groups and sections distinguished in the
world’s available currency has not been allowed to same way, the trunk-line group, the Northwestern
lines,
increase correspondingly in volume.
A relative contrac¬ the roads west of the Missouri, the, Mexican’ roads and
tion has been thus caused which has made it more dif¬ the Eastern companies all showing losses in the net this
ficult to carry on the world’s trade, and which has given time.
Then, some of the other groups have much smaller
rise to the existing distress among producers—a distress gains than heretofore.
Finally, more than the whole
too widespread and too profound to be fully explained by amount of increase reported is contributed by the coal
Mr. Well's methods.
companies and the Pacific roads. Thus as we shall show
below the gain in net on the latter reaches
$909,441, and
on the coal roads
$563,756,
making together $1,473,197,
THE COURSE OF NET EARNINGS.
while
the
on all the roads is
increase
only $1,217,216.
The interest in net earnings increases rather than lessens
It is well to correct here an erroneous
as the
impression with
3^ar comes to its close. The constant reductions in reference to the totals
we are
rates in important sections of the country, and the
comparing with for last
dispo¬
year.
It
seeni3
to
be
generally
supposed
that net earnings
sition so generally shown to take advantage of the present
in October 1886 were unusually
good, and that hence the
period of prosperity and spend more than the ordinary
amounts on renewals and improvements, in road and present net can not be expected to contrast very favorably
with such large aggregates.
Indeed open statements to
equipment, thus greatly increasing the expense account—
that effect have been made.
The statements, however, are
these circumstances have led to a closer study of the net
not founded on facts.
Some
companies undoubtedly did
and less dependence upon gross earnings. This is reason¬
able, since the net must always be the standard by which report heavily increased net, though the number of such is
an outsider can judge of a road’s
ability to pay its charges by no means large ; but with reference to the great body
of roads it
and dividends to its stockholders.
Our usual
of October.
monthly statement
covers this time the month
The character of the exhibit is the same as
in all other
recent^ months, that is, distinctly less favor’
able than earlier in the year.
Not only is the ratio of
gain in the net smaller than in the gross, but at the same
time the roads reporting diminished net as compared with
last year continue to grow more numerous. The
following
is a brief summary of the October results and also the
r^ults for the
ten months to the end of
October.
of October.
Jan. 1 to October 81.
(05 roads.)
1887.
1880.
(57 roads.)
Inc.orDcc.
*
1887.
■
1880.
Inc.
or
Dec,
exp...
t>
42,579.981
25,183,041
*
*
1
$
*
38,504,577 +4,075,404 843,242,916 300,288,135 +30,954,781
22,324,853 +2,858,188 219,490,028 198,914,41-5 +20,570,153
Net earn’s
17,396,940
10,179,724
Gross earn’s
Oper.
+1,217,210[l23,752.288
for that month
we
have
increase of
an
we
reverse.
In
1886
was a
very
reviewing the figures
remarked that if there was
one
character,
it
was
that
earnings had
entirely wiped out by heavier expenses, leaving
the net but little if any larger than in the previous
year
At that time we had not begun
to summarize the net
as we do now, so we can not
give the exact results for the
roads as a whole, but looking back over the returns for
been almost
cursory search reveals over two dozen com.
panies which then showed diminished net, there being
indeed almost as many returns of this nature as those re¬
porting improvement. As an element in the comparison,
therefore, this is a feature favorable to the present year,
a
and hence the fact that in the face of it the
107,373,000 +16,378,028
$4,075,404 in the gross
increase of only $1,217,216 in the net,
expenseshaving been augmented $2,858,188. As indi.
eating how much more favorable the returns were earlier
in the year, the totals for the ten months show a
gain of
$36,954,781 in the gross and of $16,378,628 in the net, the
latter being over 44 per cent of the former.
Moreover,
earnings, but
an
not be said that October
istic above any other that the returns disclosed,
in so many different cases an increase in gross
year
Thus
can
good month—rather the
that month
Month
A\
[Vol. XLV.
is
so
small and
so
gain the present
unevenly distributed is all the more
disappointing.
In the
of the individual
companies, we have quite a
instances where there is a decrease this year in
net, not after an increase but a diminution the previous
year—in other words where there is a decrease for two
successive years.
The Pennsylvania on its eastern system
is one of these.
Then there are the Northern Central, the
the ratio of increase in the net for the month is less than
Shenandoah Valley (including betterment expenditures),
8 per cent, but for the ten months is about
15^ per the Minneapolis & St. Louis, the Burlington Cedar Rapids
cent.
As compared with September, October shows a & Northern and
the Chicago Burlington & Quincy, which
slightly increased ratio of gain both in the net and in the all have losses this year in addition to losses last year. On
gross, but the variations are not very important, and as the other hand of course there are some roads which last
will be seen from the subjoined
recapitulation of the year were conspicuous for heavy gains and are again con¬
monthly summaries October is the fourth successive spicuous the present year for further heavy gains.
These
month with greatly reduced
gains in net, a sharp change belong most of them to the Southern class, among which
having occurred with the close of the first half of the year. ome striking instances of continuous improvement are to
good
case
many
THE
1887.]
December 17,
CHRONICLE.
809
found. There is the Nashville Chattanoga & St. Louis regard to the coal roads, which stand next to the Pacific
for example which last year increased its net from $76,065 companies in amount of increase, and much above them in
ratio of gain, there is nothing new to
say.
The Northern
to $85,786 and now makes a further gain to $114,917.
Central
is
the
one
only
them
among
having a loss. The
The Chesapeake Ohio & Southwestern has net of $116,011
loss on the Trunk lines is
owing chiefly to the decrease on
this year against only $67,442 two years ago. In like
the Pennsylvania,
though
manner the Louisville New Orleans & Texas has increased
the Grand Trunk of Canada
and one of its connections
from $69,381 to $116,013 in the two years, and the Fort
(the Detroit Grand Haven &
Worth & Denver from $23,653 to $39,418. The Louis¬ Milwaukee) also show slightly reduced totals. The loss
ville & Nashville has increased from $544,190 in 1885 and by the Eastern companies follows from the increase in ex.
$584,084 in 1886 to $628,931 in 1887. The Norfolk & penses on a number of roads controlled by the Pennsyl¬
Western did not show much improvement in net the pre¬ vania, namely the Baltimore & Potomac, the Camden &
vious year, but now has increased from $147,460 to $200, ' Atlantic and the West Jersey.
Among the Northwestern
lines
the
Burlington & Quincy of course has the largest
266, or nearly 36 per cent. Notwithstanding these ex¬
amount of decrease, but all the other roads embraced un*
ceptionally good returns, however, the ratio of gain on the
Southern roads as a whole is less than in previous months der that head, with the exception of the Minnesota &
—chiefly by reason of the fact that the Memphis & Charles¬ Northwestern and the Keokuk & Western, also show losses
ton, the Caroline Central, the Richmond & Petersburg, the
Seaboard & Ronoake and the Shenandoah Valley all have
be
suffered losses in the net.
Annexed is
our
usual table
pXbttjelimjs ©nraracvctal ^ttglislt iTems
giving a summary of results by groups and sections, the
figures in parenthesis indicating the number of roads in
the groups.
Gross Earnings.
1887.
1880.
$
10,303,480
1,100,148
0,314,389
2,008,901
10,719,008
4,270.151
5,850,930
730,703
003,059
Trunk lines
(7)
Middle Western (8)
Northwestern
(7.)
W’st of Miss’uri(3)
..
Pacific Syst’ms(ll)
Southern r’ds..(15i
Coal companies(?)
Eastern co’s....(5)
.(2)
Net Earnings.
1887.
1880.
Inc.
or
Dec.
$
9,838,485
080,905
$
3,536,490
$
3,012,317
-75,827
2
353.300
280,183
+73,123
20
6,171,058
2,503,295
9,209,546
3,711,559
4.880,230
2,807,094
1,279,105
—370,393
11
-89,738
+909,441
+221,001
7
13
+503,756
49
278,921
184,741
3,237,487
1,303,808
4,323,025
1,727,170
1,152,170
290,533
187,941
—11,012
-3,200
4
17,390,940
10,179,724
+1,217,216
8
02,000,489 85,007,511 29,925,479 27,370,705
9,453,607
7,654,306
2,842,405
1,804,085
48,007,213 40,005,182 19,053,140 19,008,901
22,788,500 19,053,930 10,085,126
8,398,033
81,090,911 73,005,931 32,399,110 29,828,126
31,339,580 20,558,881 11,040,309
9,522,027
44,804,722 38,105,902 13,434,905
7.220,329
6,355.307
2,523,642
7,0’0,205
2,285,463
4,481,125
1,205.788
5,321,599
1,841,950
+2,554,774
+1,037,810
-015,758
58
083,089
519,150
Total, 05 roads
42,570,981
38,504,577
Jan. 1 to Oct. 31.
5,232,460
1,948,831
1,715,920
$
P.C
21
2
.
Trunklines
(7)
Middle Western^)
Northwestern. .(5)
W’st of Miss’urUS)
Pacific Syst’ms (11)
Southern r’ds..(ll)
Coal companies(7)
Eastern co’s....(5)
Mexican roads.(2)
343,242,910'300,288,135
+1,687,093
+2,570,984
+2,123,742
+6,205,036
+238,179
+570,168
123,752,288 107,373,000 + 10,378.623
9
3
20
9
22
86
10
40
15
Note.—Included under the head of—
Middle Western—'The Cairo Vincennes k Chicago, Chicago St. Louis & Pitts.,
Det. Bay City k Alpena, Grand Hap. k Lnd., Cleveland k Canton, Marietta
Col. k Nor., Scioto Valley and Toledo & Ohio Central.
Northwestern—'The Burlington Cedar R. & North., Burlington k Quincy. Chic.
Mil. & St. Paul, Minneapolis & St. Louis, Keokuk k Western, Minn. & North¬
western and Green Bay W. k St. Paul.
West of Missouri—'The Denver k Rio Grande, Denv. k Rio Grande Western,
Atchison Topeka & Santa Fe.
Pacific Systems—The six Southern Pacific roads and the Union Pac., Northern
Pac., Canadian Pac., Oregon Imp. Co. and Oregon Ry. & Nav. Co.
Southern Roads—The Central of Georgia, Ches. Ohio St S. W., Louisville k
Nashville, Nashville Chattanooga & St. Louis, Norfolk & Western, Louisville
New Orleans k Texas, Memphis k Charleston. Shenandoah Valley, Fort W.
A Denver City, Cape Fear k Yadkin Valley, Kentucky Centra', Petersburg,
Richmond & Petersburg, Seaboard k Roanoke and Carolina Central.
Coal Companies—1The Buffalo N. Y. & Phila., Phila. & Reading UR., P. & R.
Coal & Iron Co.. Northern Central. All. Valley, Pittsburg* West, and Sum¬
Branch, and for the ten months the same roads together with Lykens Val.
mit
Eastern Companies—The Baltimore & Potomac. West Jersey, Camden k Atl.,
N. Y. Ont. * Western and Rome Wat. & Ogdensburg.
Mexican Roads— The Mexican Central and Mexican National.
In amount
(though not in percentage) of increase the
Pacific roads excel all others.
for
There
are
several
reasons
this, though they do not apply with equal force to ab
The higher rates on trans continental business
the roads.
that have been in force since the Inter-State law went into
effect, have of
course
such of the roads
as
benefitted all the companies.
Then
have connections with Southern Cali¬
fornia have been favored by the exceptional activity that
has developed in that section of the country and the
large immigration movement that has been in
there.
,
progress
The Oregon Navigation reports slightly increased
net, notwithstanding the
opening
division of the Northern Pacific.
Cascade
$909,441
total gain by the Pacific roads,
$432,102 is sup¬
plied by the roads in the Southern Pacific system. With
of
the
Of the
commercial future is
strength¬
attempts to manipulate the cot¬
ton market, speculative purchases of raw material have been
of comparatively little importance.
But the barrier has now
apparently been broken down. Tin and copper have both
risen in value, and with the exception of iron all metals have
of late hardened
some
In unmanufactured
produce
speculation may be said to be stayed, -but it is
quite within the range of probabilities that it may be
extended with the new year.
The prospect certainly is
brightening. We have no monetary stringency to contend
with, and Continental advices have lost their bellicose tone
and have assumed a phase of comparative mildness.
We
have, besides, the additional crumb of comfort, unfortunately
not a large one, of a rather stronger grain market.
All this
continues to impart greater vitality to business circles, and at
the same time tends to increase our hopes of larger operations
during 1888.
the
course
more or
less.
of
But should there be
ulation between
now
some reduction in the volume of spec¬
and Christmas it would not be at all sur *
It is usual for the closing weeks of the year to wit¬
curtailment of engagements, as there is always
the chance that money may suddenly become dearer and thus
augment the cost of continuing dealings. But this is only
a transient matter.
Taking a broader view of the situation
we discover further reason for congratulation.
The harden*
ing of outward freights is undoubted evidence of an expand¬
ing export trade, and if there has not yet been a correspond¬
ing increase in the inward charges, it will probably not be
long before some change for the better occurs. We may, in
fact, generally rest content with the belief that the new year
will see us in a more prosperous condition than now, albei
that 1887 compares favorably with 18S6.
The present position of the money market is rather uncer*
tain.
It is singular that in spite of large purchases here of
Rio Tinto shares on French account, some heavy buying of
prising.
ness
Trunk Lines—'The Clevland Col. Cln. & Ind., Chicago k Grand Trunk, Detroit
Or. Haven k Mil., Grand Trunk of Can., the N. V. Lake Erie & West., the
Ohio & Miss., the Pennsylvania (eastof P. k E.)
and
correspondent.]
London, Saturday. December 3, 1887.
ening. Hitherto, beyond
-
Total, 57 roads
our own
It is clear that belief in the
October.
Mexican roads
[From
some
free dealings in Colonial wool by both
buyers, the Berlin and Paris exchanges
should be disposed to droop, and that there should be a
demand for gold for Berlin.
The prospect of Continental
capital being sent here for employment has therefore become
copper and tin, and
German and French
somewhat dimmed.
Attention is at the
same
time directed
The interval
possibly witness
some quotable improvement in the value of money.
The
weekly Bank of England return is a singularly uninteresting
document.
The position of the Bank remains practically the
same as last week, the proportion of reserve to liabilities
being 48*04, against 48 23 per cent. In the reserve there is the
small loss of £17,622.
Bullion has increased £77,058, notwith¬
standing the shipment of £100,000 to the Cape of Good Hope#
thus showing a steady reflux of coin from the provinces; but
this is more than counterbalanced by an increase of £94,680
to the
weakening of the American exchange.
between
now
and the close of the year may
in note circulation.
The
reserve
now
amounts to £12,706,227
and the stock of bullion to £20,352,622, being increases over
the
corresponding totals of last
year
of £1,360,000 and £350,-
respectively. The charge for loans has been
per cent, but has fallen to about 2% per cent.
The rates for money have been as follows:
000
Oct. 28 4
4'
Nov.
“
11
4
4
18 4
“
25 4
Dec.
2 4
■^British Diamond Cutting Company fLimited), £1 shares
"National Portland Cement Company (Limited), £5 shares
Do
debentures
4
Smokeless Powder Company (Limited), £1 shares...
Do
7 per cent preferred £ 1 shares
Trade Bills.
Bank Bills.
as
Four
Three
Four
Three
Six
Disc’t BTse.
Sic
At
Stock
7 to 14
Days.
236
236
2)4
2)4
2)4
2)4
2X 2H
2X 2H
2H 2H
2 H 2H
2K 2H
2X-2H
336 0
336®
33604
33604
33*04
33*04
33*04
33604
33604
33604
0- 3 0- 33*04
— 3
3 0 — 3 0 — 3 0 — 33*@4
336® - 83$® - 3 0- 33*04
3^334 336633* 336633* 83634
336®
-
336®
so
-
-
336®
-
-
-
33664
33604
33*04
33*04
33*04
83604
236
2%
236
236
236
236
1885.
1884.
£
£
£
£
Circulation, excluding 7-day and
other bills....
Public deposits
Other deposits
Government securities
Other securities
23,846.395
4,144.370
Reserve of notes and ooin
Coin and bullion
22,144.507
12,409.309
18,041.035
12,700,227
20,352,622
Reserve to liabilities
48'04 p. c.
Bank rate
102xd.
4 p. c.
3 p. C.
lOOfcxd.
99*6xd.
To
acquire existing business.
The
operations of the French syndicate in copper and tin
with the result that Chili bar copper has im¬
proved £11 per ton on the week, and while English tin is £12 per
ton dearer, foreign shows a rise of £15. Some statistics have
just
been published respecting copper, which, though
disclosing an
improvement in the demand and a reduction in stocks, cer
tainly cannot.be said to explain the extraordinary advance
which has taken place in the value of that metal. The pres¬
ent stock in London, Liverpool, Swansea and France is 36,821
tons, against 41,003 tons held on November 1 and 42,876 tons
on hand on October 1.
Including the approximate quantities
of Chilian and Australian advised by mail and telegram to
date, the visible supply is now 45,121 tons, against 48.503 tons
a month ago and 49,376 tons on October 1.
The actual reduc¬
tion in the month, therefore, has been nearly 3,400 tons and
have continued,
24.383,880 24,482,340 24,735,820
2.927,477
2,779,464
5,791,423
22,646,882 24.293,955 23,308,911
13,135,151 12,7(8,949 13,412,619
18,894,255 20.009,029 22,351,234
11,340,061 12.102,607 11,193,700
20,002.941 20,894,947 20,179,520
44)4 p. c., 44*6 p. C.
S8)4 p. c.
4 p. c.
Consols
75,000
325*000
*
the Bank of
England, the Bank rate of discount, the price of consols, &c.,
compared with last three years :
1880.
100,000
25,000^
75,000
........
The following return shows the position of
1887.
*
£100,000
Barcelona Railway & Coal Mines of Nevere (Venezuela) 7 per
cent first mort. debentures of £20 each, issue price 95 pr.ct.
£150 OOO
The Trieste Transylvania (Hungary) Gold Mines (Limited),
’
£1 shares.
90000
The Borax Company (Limited), £10 ordinary shares
325*000
Do
£10 deferred shares
675*000
6 per cent mortgage debentures
Do
Joint
Months Months Months Months Months Months Banks. Call.
.
FOREIGN,
for deposits by
e
S
high
as
[Vou XLV.
Interest allowed
Open market rates.
London
CHRONICLE.
THE
810
5 p. c.
993*xd.
in the two months
time it must be
going into consumption.
The Bank rate of discount and open market rates at the
The
deliveries
during
were
12,973 tons, against 11,November
chief Continental cities now and for the previous three weeks
234
tons
in
the
previous month. The import during Novem¬
have been as follows:
ber was 8,791 tons and during October 9,361 tons. It would
seem from this that the demand is overtaking production, but
Dec. 2.
Nov. 25.
Nor'. 18.
Nov. 11.
Bates of
if the present price of copper be maintained for any lengt'i
Interest at
Bank
Bank
Bank
Bank
Open
Open
Open
Open
of time the supply will be very materially increased. The
Rate. Market
Rate.
Market Rate. Market
Rate. Market
difficulty hitherto has been to work mines at a profit. The
3
3
3
3
Paris
2X
2%
2*6
2*6
2
present
comparative scarcity is anything but due to an
3
3
3
3
Berlin
236
23*
2*6
Clearing-House return
121.149.000 150.904,000 n8.758,000 125,365.000
4,250 tons.
admitted that there is
Frankfort
3
23*
3
Hamburg
3
2
3
8
236
336
236
2*6
23*
33*
236
336
2*6
236
23*
33*
336
2*6
234
23*
33*
Amsterdam
236
336
23*
33*
Madrid
Vienna
4
4
4
4
4
4
4
4
436
4*6
436
4*6
436
43*
436
436
St. Petersburg..
5
5
5
5
5
5
5
5
Copenhagen
3
3
3
3
3
3
3
3
Brussels.
Messrs.
Pixley & Abell write
-
as
3
follows
on
3
3
236
the state of the
bullion market:
Gold has boon in demand since our last, and all arrivals were absorbed
for export, but existing orders have now been completed; £110,000 in
*
sovereigns for the Cape were withdrawn' from the Bank. The arrivals
Comprise about £180,000 from West Indies and South America and
£15,000 from the East. The P. & O. steamer has taken £35,000 to
Bombay.
Silver has been in good demand for India at 43i?it;d.®437gd. The latter
we give as to-day's quotation. We have received £105,000 from New York,
£75,000 from South America and £30,000 from West Indies; total,
£210,000. The P. «fc O. steamer has taken £96,000 to India.
Mexican dollars, in the absence of supplies, have remained nominal.
The P. & O. steamer has taken £25,000 to China and the Straits.
The quotations for bullion are reported as follows :
,
GOLD.
London Standard.
SILVER.
Dec. 1.
Bar gold. fine....oE.
Bar gold, contain’g
20 dwt< silver..oz.
Span.doubloons..oz.
77
Nov. 24.
d.
s.
9
s.
77
Pec.
London Standard.
d.
9
1.
Nov. 24.
d.
Bar silver
oz.
d.
4336
43 15-10
443*
44 5-10
Bar
77 10
•
B.Am.doubloons.oz.
77 10
silver, containing 5grs. gold. .oz.
Cake silver
oz.
Mexican dols
oz.
47 5-10
47*6
43
Tenders for £600,000 Metropolitan Board of Works 3%
cent consolidated
stock
have been
per
received
by the Bank of
England and they amounted to £3,390,800, at prices varying
from the minimum of £98 10s. to £100 7s. 6d. per cent. Ten¬
ders at £100 5s. 6d. will receive about 74 per cent of the
amount applied for and those above that price in full.
The
average price obtained for the stock is £100 6s. 4d. per cent.
The Debenture Guarantee & Investment Company, limited,
are authorized by the directors of the Societe Francaise des
Houilleres du Nevere to receive applications for £150,000 7
per cent first mortgage debentures of £20 each of the Barce¬
lona Railway and Coal Mines of Nevere (Venezuela). The
issue price is 95 per cent.
The company is French and has
a capital of 1,500,000 francs in 3,000 shares of 500 francs each
and has a Venezuelan Government guarantee of 7 per eent per
annum on £180,000, with concessions for 99 years
dating from
1882.
The
capital creations for the week have been
:
LOCAL.
Guernsey Flour <fc Fmit Company (Limited), £5 shares
West Clare
ment and
Railway Company 4 per cent Perpetual Govern¬
County, guaranteed, £10 shares
£75,000
50,000
more
At the
same
metal
approaching exhaustion of supplies. Manufacturers know
this perfectly well and they are, therefore, hardly likely to
purchase in excess of immediate requirements.
On the
first of December last year the visible supply was 62,740 tons
and the actual stock on hand 55,240 tons.
During November,
1886, the price of Chili bars ranged from £39% to £40% and
during the past month the variation was from £43% to £67%
With the exception of iron, which has scarcely varied,
other metals have sympathised with the changes in tin and
copper.
Lead has advanced £1 to £2 per ton, spelter and
zinc are both about 5s. per ton dearer, and quicksilver has
risen £2 10s. in the week, the present price being £10 to
£10 10s. per bottle. Although iron has not so far moved much,
an early advance is looked for.
The shipbuilding yards on
the Clyde are becoming more active.
About 60,000 tons have
been placed during the past month, and further heavy orders
are expected to be completed almost immediately.
A quiet but firm market has prevailed for wheat.
The
recent advance appears to be well sustained, and it is quite
possible that a further improvement may take place. The
hopes of the holders of grain are gradually becoming brighten
and higher prices are looked for. These anticipations of better
things are not without a certain statistical basis. The progress
of events during the first three months of the cereal year
affords some foundation for the belief in an improved state of
affairs, and although the time for high prices of cereal pro¬
duce may now be said to be relegated to the past, some further
advance over current quotations is by no means improbable.
According to the weekly average returns of the sales of home¬
grown wheat the prices realized have ranged from 28s. 5d. to
30s. 9d. per quarter, the highest price being touched last week.
The average so far does not however work out very high, and
is still Is. 4d. per quarter below that of last year, namely, 29s.
7d. against 30s. lid. per quarter. But signs are not wanting
that this difference will gradually disappear and will in turn
be succeeded by a comparison favorable to this season. Our
imports of wheat and flour do not keep up to the level of last
year; the quantity of wheat and flour on passage shows a de¬
ficiency compared with them of nearly 350,000 quarters, while
the sales of home-grown wheat have increased by 161,400 quar¬
All this tends to bring the market into a healthier condi¬
ters.
tion, and strengthens the hope of better prices later on.
The following shows the imports of cereal produce into the
United Kingdom during the first thirteen weeks of the season,
and other items, compared with previous years:
THE CHRONICLE.
1887.]
December 17,
IMPOETS.
1886.
1887.
1884.
cwt. 12,409,306 13,522,122 14,910,993 13,645,817
7,176,763
4,117,418
5,880,670
4,249.322
4,929,022
3,384,217
3,244,105
4,517.438
577,616
587,172
(500,420
814,076
Wheat
Barley
Oats
Peas
1885.
-
607,797
6,421,029
4,020,026
566,029
5,889,244
4,798,101
Beaus
Indian corn
flour
926,171
928,359
4,534,400
3,856,479
6,524,991
3,205,206
stocks
Supplies available for consumption (exclusive of
September 1):
*
1887.
1886.
Imports of wheat.cwt. 12,409,306
Imports of Hour
4,798,161
Sales of home-grown. 11,378,904
27,120,304
1887.
Aver,
Aver,
29,984,153
1886.
Ensllsb
Pin»nci«l
30,651,51:2
1885.
week. 30s. 9d. 31s. 11 cl.
season. 29s. 7d. 30s. lid.
price wheat
price wheat
1884.
13,522,122 14,910,993 13,645,817
3,856,479
4,020,026
3,205,206
9,578,156 11,867,954 13,149,216
28,586,371
Total
1885
OD
1884.
30s. 9d. 30s.
30s. lid. 32s.
5d
5d.
viarUetM— Per Cable.
daily closing quotations for securities, &c., at London,
reported by cable as follows for the week ending Decem¬
The
are
ber 16.
811
Of the above imports for the week in 1887 $355 were
American gold coin and $72 American silver coin.
Of the
exports during the
coin.
time $85,300
same
American gold
were
Western
Union Telegraph.—From the quarterly state¬
just issued it appears that the actual net income for the
quarter ending SapcemJer 30 was $93 089 less than the esti¬
mate.
For the current quarter ending Dec amber 31 the follow¬
ing statement compares the estimate with the actual of the
corresponding quarter of 1886:
ment
—*
Quarter endinrt T>cc. 31.
1886.
Estimated, 1887.
$391,018
$1,500,000
/
Act nut,
Net revenue
Deduct—
Interest on bonds
$123,470
Sinking fund
$122,650
2 ),000
20,000
143.470
142,650
Net income
Less dividend (iq p. ot).
$8i7,5i8
$’,357,350
1,077,343
Surplus for quarter
Add surplus for Sept. 30
$817,548
5,324,262
$280,007
7,354,569
$6, L71,810
$7,634,576
Surplus for Dec. 31.
_
Sat.
London.
d.
Silver, per oz
Mon.
Tues.
Wed.
Thurs.
Fri,
44 q
44 ha
44 lo
44 hj
44i1C(
4H>ib
iom16 10111,0 1017,6 11017,6 1019,6 1019; 0
101
l0U%6 10111,0 10111,6 10113,o 10113,6
Consols for money
Consols for account
Fr’cli rentes (in Paris) fr. 82-07 hi
lioq
U. S. 4h>s of 1891
128 %
U. 8. 4s of 1907.
59 7h
Canadian Pacilic
77 hi
Chic. Mil. & St. Paul
29 %
Erie common stock
Illinois Central
119%
55%
Pennsylvania
Philadelphia & Reading. 34 7s
New York Central
111%
82-65
noq
128%
61
76%
29 q
82-50
82-60
82*37 ie 81-40
110i4
128%
613a
7638
lioq
lioq
129 hi
129 hs
63 hi
76
283s
119
lioq
5 5 ha
55%
34 q
111 3s
76 q
76h3
29
2938
119%
55 hi
120
335s
34
34
11158
lilha
34
lliq
625s
lioq
12*:q
62%
293s
5558
11134
119ia
5534
©ororaevcial and J$UsceIIaue0tts Henrs
Imports and Exports for the Week.—The
imports of last
week, compared with those of the preceding week, show a
decrease in both dry goods
and general merchandise,
The total imports were $7,973,353, against $3,811,576 the pre¬
ceding week and $3,591,963 two weeks previous. The exports
for the week ended December 14 amounted to $6,483,418,
against $7,056,569 last week and $5,637,244 two weeks previ¬
ous.
The following are the imports at New York for the
week ending (for dry goods) December 8 and for the week
ending (for general merchandise) December 9; also, totals
since the beginning of the first week in January :
FOREIGN IMPORTS AT
For Week.
1884.
Dry Goods
1885.
$1.703,676
Total
Since Jan. 1.
$8,133,942
Dry Goods
$107,046,214
301,162,004
Gen’l mer’disc..
1886.
$1,556,997
6,130,266!
Gen’l mer’disc..
NEW YORK.
1887.
5,988,299
$2,130,960
7,368,822
$1,868,862
6,104,191
$7,545,296
$9,499,782
$7,973,353
$91,222,068 $109,300,410 $115 357,804
270,351,589, 301,493,046j 325,697,929
$364,573,657i$410,793,456 $441,055,733
In our report of the dry goods trade will be found the im¬
ports of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending December 14 and from January 1 to date :
Total 49 weeks. $408,208,218
EXPORTS FROM NEW YORK.
|
|
1884.
1885.
$7,845,104'
For the week.. .J
Prev. reported..:
$6,459,600;
303,880,145]
310,964,771
1886.
|
|
1887.
$0,723,388
296,050,165
—Messrs. Edward Sweet & Co. and Fahnestock & Co. offer
for sale the first mortgage sinking fund 6 per cent gold bonds
of the Spokane & Palouse Railway Company issued at the rate
of 16,000 per mile of completed road.
The road is leased for
999 years to the Northern Pacific Railroad Company, which
ogrees by guarantee stamped on each bond to pay the interest
on the bonds, and their principal by semi-annual instalments
for the sinking fund.
Saould the Northern Pacific fail to
keep any part of its contract, the stock will revert to the S. &
Company.
P.
—The financial statement of the D dy Mining Company
from Jan, 1 to S8pt. 30, 1887, shows receipts of about $75 > 000
and a balance in hands of Treasurer S?pt. 30, 1887, of $357,530,
the payments fdt dividends in that period having been $300,000.
Messrs. Lounsbery & Co. are the fiscal agents.
—The Investors’ Agency of Chicago invites attention to its
facilities for furnishing information concerning the affairs
corporations.
Card will be found in another column.
Auction Sales—The following were sold this week at
auction by Mt ssrs. Adrian H. Muller & Son :
Bonds.
Shares.
10 International Ocean Tel.
Go
10 Gold & Stock Tel. Go....
75 Kings Go. Gaslight Co...
81
91
$2
10 Clinton Fire Ins^ Go
95
10 Ward Mining & Mill’g Co
$1
100 Firemen’s Fund Ins. Co.,
70 per cent paid
$51
20 Sixth Ave. Railroad Go.
156
123
16 Bank of North America.
50 N. Y. Bowery Fire Ins. Co
160
10 Lawyers’ Title Ins. Co.
of New York
100 hi
10 Real Estate Exchange it
Auction Room, Limited
106
12 Metropolitan Nat. Bank,
45 per cent paid ...
..
17
50 Importers’ and Traders’
Nat. Bank
310
25 Coney Island Jockey Club
120
4s MontaukFire Ins. Go
78hi
10
Brooklyn
123"s
7s, gold, 1901
$7,000 Illinois A Southern
Iowa Railroad 1st M.
extended bonds, 1912
6s,
95
$3,800 Edison Electric Light
Co. of Europe, limited, col56
latteral Trust 5s, 1897
$25,000 Bankers’ & Merch¬
ants’ Telegraph Co. (Farm¬
ers’ Loan & Trust Co.
re¬
6s, Gen. M., 1904,
coupons July, 1885, on ...
$2,000 Harlem River A Port-
ceipt)
ehester Railroad Co. 1st M.
6s. Reg., 1903
$38,000 Montgomery «fc Flori¬
da Railway Co., IstM 6s.
$4,000 Fail-mount Coal A
Iron Co. IstM. 6s, July,
115
Music
180 Toledo St. Louis & Kail.
City pref. coup, stock..
50 Standard Oil Trust
25 Knickerbocker Fire Ins.
Co
20
160
$180 Toledo St. Louis & Kan¬
sas City 6s. assesm’t scrip.
$5,000 Nashville Chattano’ga
A St.
Louis
214
120hl
20
27
1887, coupon on
of
Academy
$5,000 Cincinnati Lafayette
& Chicago Railroad 1st M.
Railway
$60
Co.
(McMinnville A- Manchester
80
and
Winchesleler
A
Ala.
Branches, 1st M. 6s, coup.
$6,483,418
287,403,002
107
1917
Total 49 weeks. $318,709,875 $310,339,805 $302,773,553 $293,886,420
xnc ionow
at the
Ranking and ffinancial.
mg tauie sno>\ s rue exports anu imports oi specie
port of New York for the week ending Dec. 10, and
since January 1, 1887, and for the corresponding periods in
1886 arid 1885
:
FISK
IIARVEY
&
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Week.
Great Britain
France
Germany
West Indies
Mexico
\ Since Jan.l.
$3,500
$145,671
5,824
36,649
■968,101
2,653,290
54,800
500
South America.
All other countries.
.
..
Total 1887
Total 1886
Total 1885
24.000
$94,024
34,205
441,090
$6,898,239
37,571,800
7,337,464
Exports.
Silver.
Week.
Great Britain
France
...
\bince Jan.l.
West Indies
Mexico
26,061
....
South America
All other countries.
Total 1887
Total 1*80.
Total 1885...
3,450
.
...
.
Week.
]
#
8,455,877
„
119,713.
1,9131
868
4,392]
17,722,708
5,117,656
16,417
257,218
599,679
NEW YORK.
ACCOUNTS
BANKERS, CORPORATIONS, Merchants
subject to demand draft. Interest allowed on
of BANKS,
and individuals received
balances.
Our business in this
department is steadily increasing. Many having
it a convenience to let them lie with us
funds awaiting investment find
$156,886 $37,517,894
drawing interest while deciding upon what securities to buy.
1,019,424' 14,219,747
Imports.
WM. EDWARD
1,342,675j 27,055,535
Week.
Since Jan.l
WALTER STANTON
COFFIN.
COFFIN
A
STANTON,
$303,580
895,273
2,216
179,381
263,009
1,553
21,358
72
69,348
193,467
"sob
182,536
551,491
74,498
226,506
586,827
$2,125
$1,927,654
64,637
102,489
1,918,743
1,839,764
i
$502,711 $11,088,810
271,306
9,645,304
303,773i 15,133,121
28 NA SSAU STREET,
Since Jan. 1.
$5,348,339
$-163,200' $9,466,974
10,000
Germany
2,478,314
615,714
6,500
BANKERS,
Imports.
Gold.
SOWS,
BANKERS,
11
WALL
STREET,
NEW
YORK,
NEGOTIATE
State,
Municipal, Railroad, Water and Gas Bonds.
MONEY ADVANCED ON MARKETABLE
SECURITIES.
THE CHRONICLE.'
812
V Cables, 4 85|@4 86.
Commercial bills were 4 80£®4 804Francs, 5 25 and 5 22£@5 21£; reichmarks, 94f®94£ and 95£; guilders, 39f®39£ and 40®40|.
The
following were the rates of domestic exchange on Ne*\v
York at the under-mentioned cities to-day: Savannah,
buying
£ discount; selling £ discount®par; Charleston, buying £ dis¬
count; selling par; New Orleans, commercial, $150 discount bank, par; St. Louis, 25®50c. premium; Chicago, 60®70cl
%\it JJauhers’ ®a^jettje.
Continental bills
DIVIDENDS*
The following dividends
Fame of
have reoently been announced :
Company.
Railroads.
Boston & Lowell
Detroit Bay City
East Alabama
TiAliiffl)
<fc Alpena
Vftllfly (qiiftr.)
Per
When
Cent.
Payable.
3*2
Jan.
4
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
2%
1*4
1*2
3*2
Manhattan (quar.)
Milwaukee L. 8h. & West, pref...
do
do
com. (annual).
North«m Central
4
4
Oregon Railway & Nav. (quar.)..
Richmond & W. Pt. Ter. pref
1*2
2*2
miscellaneous.
American Bell Telephone (quar.).
Equitable Gas-Light (quar.)
Philadelphia Co. (monthly)
Western Union Telegraph fquar.).
3
2
1
1*4
-
Jan.
Jan.
Dec.
Jan.
Books Closed,
(Days inclusive.)
2 Dec. 12 to Dec. 17
3 Deo. 18 to Jan.
3
2
31 Dec. 16 to Jan.
16
3 Dec. 17 to Jan.
3
14 Dec. 29 to Jan. 15
14 Dec. 29 to Jan. 15
25
16
were:
discount.
The rates of. leading bankers are as follows:
December 16.
Prime bankers’ sterling
Prime commercial
Sixty Days.
bills on London..
Documentary commercial
Paris (francs)
16
2
3 Dec. 23 to Jan.
14
15
(you xlv.
6
Jan.
2 to Jan.
Jan. 11 to Jan.
Dec. 15 to Dec.
Dec. 21 to Jan.
12
17
25
2
Amsterdam (guilders)
Frankfort or Bremen (reichmarks)
Demand.
86%~
4 82%
4 8634
4 80%34 81
4 80»*a4 80%
5 25
35 24^ 5 22i* 35 217«
391516340
94% 3>9478
40% $403)3
951*39530
United States Bonds.—Government bonds have not been
active and business is still restricted in volume, though a few
large transactions in the 4£s were recorded. Prices, however,
have ruled very strong, especially for the 4s, which are 1|
The Money Market and Financial Situation.—There hag higher than a week ago.
The 4£s are slightly higher and the
been a December dulness creeping over the market this week. 6s remain the same.
The closing prices at the N. Y. Board have been as follows;
It is very unlike the December of 1886, when we had a time o^
great buoyancy in the first part of the month, followed by a
Dec.
Dec.
Interest Dec.
Dec.
Dec.
Dee.
12.
13.
14.
Periods
10.
15.
16.
collapse which wiped’out in a day the profits accumulated
4i*s, 1891
reg. Q.-Mar. *107*4 *107% *107% 107% 107% *107%
through many weeks.
Q.-Mar. *107% *107% 107% 107%
WALL STREET, FRIDAY, Dec.
There
are some
reasons
to think that
we
16, 1887-5 P. M.
shall have
an
im-
41*8, 1891
coup.
4s, 1907
reg.
4s, 1907
coup.
6s, cur*cy,’95—reg.
6s, cur’cy, ’96
reg.
6s, cur’cy,’97
reg.
6s, cur’cy, ’98 ....reg.
6s, cur’cy,’99
reg.
Q.-Jan. *124
Q.-Jan. 1251*
J. & J. *119%
J. & J. *121%
J. & J. ♦123%
*124
*125
125
*125
*125% *126
*119% *119% *119
107% 107%
*124% 125
*125% *126%
pvcd lusincss at the Stock Exchange after the opening of
*119
*119
*121% *121% *121% *121% *121%
new year, unless there are unfavorable
occurrences not
*123% *123% "123% *123% *123%
J. <fe J. *125% *125% *125% *125% *125% *125%
now foreshadowed.
In the first place, stock operators and
1j. & J. *127% *127% *127% *127% *127% *127%
the public at large have been working on the defensive as
Tliis is the price bid at the morning board; no sale was made.
regards the stock market for a year past, always anticipating
State and Railroad Bonds.—State bonds have had a fair
disastrous events which never came to pass, and always giving
amount of business, distributed, as usual, among a large num¬
undue weight to the slightest drawbacks, although they pos¬
ber of different issues, none of which have shown any special
sessed no general significance.
It may be that the tide will activity or changes in price.
turn and that the feeling will gradually come over the market
Railroad bonds have been fairly active, though no special
animation
has been manifested in the general market.
that this caution has been overdone, and that stock and bond
A few
classes have been more prominent than the rest for activity,
values are really on a conservative basis.
and these have also had some effect on the course of prices.
What the precise effect on general business will be of a re¬ The tone for the week has been somewhat
irregular. In the
duction in the railroad building it is yet too early to say, but
dealings
prices
became
somewhat
unsettled
in sympathy
early
in this country the unexpected often happens, and it will pos¬
with a weak stock market, and the general tendency was down¬
sibly be found that the reaction from the present year of maxi¬ ward, though no important decline took place. Later a better
mum railroad construction will have less influence on mercan¬
feeling manifested itself and quite a number of issues were
tile business than a similar decline has had in former periods.
strong and advancing, giving a healthier tone to the market,
One point in railroad management is to-day worthy of
though weakness still prevailed in some. In the improvement,
special notice, and that is, the great conservatism about the Chesapeake & Ohio coupon 4s ard currency bonds were
increasing dividends. There are a number of railroads that conspicuous, as were also the Missouri Kansas & Texas issues,
have earned a large surplus and have yet declined to raise their which have
recovered a part of their sharp decline.
Others
dividends, either keeping a strong balance on hand or using ruled strong, though less prominent in the advance, and
the excess of income for improvements to the property and
Columbus & Hocking 5s were quite weak.
getting it in better shape to meet the inevitable competition.
Railroad and Miscellaneous Slocks.—The stock market has
The open market rates for call loans during the week on
stock and bond collaterals have ranged from 4 to 6 per cent, been dull, and although at one time there was a little anima¬
and to-day the rates were 4|@5 per cent.
Prime commercial tion, owing to free selling, the business of the week has gener¬
ally been of small proportions. The tone of the market has
paper is quoted at 5£@6£ per cent.
The Bank of England weekly statement on Thursday showed been unsettled and irregular, the bears having been at times
a
gain in specie of £134,000, and the percentage of reserve to very active in hammering prices. The most active celling
liabilities was 46*16, against 46*93 last week; the discount movement occurred on Monday, when the bears made a vigor¬
rate remains unchanged at 4 per cent. The Bank of France lost ous raid on the market and succeeded in depressing prices for
nearly all leading stocks more or less. The most active and
3,-200,000 francs in gold and 200,000 francs in silver.
The New York Clearing House banks in their statement of weakest were Lackawanna, Union Pacific, Reading, Western
There was no special cause
Dec. 10 showed an increase in surplus reserve of $361,475, Union and Richmond Terminal.
the total surplus being $6,207,200, against $5,845,725 the pre¬ for this decline other than the action of the bears and the nonresistance of the bulls, as there was no particular news of im¬
vious week.
The following table shows the changes from the previous portance enough to account for it.
The weakness of the
week and a comparison with the two preceding years in the market continued, with less force, for awhile, and then gave
way to a steadier feeling, business having, in the meantime,
averages of the New York Clearing House banks:
become very dull.
The change in sentiment was caused
partly by a stronger market in London and an increased
1887.
1886.
1885.
Diffr’nc’s fr'm
Dec. 10.
Prev. Week.
Dec. 11.
Dec. 12.
foreign demand, stimulated by the settlement of the cutting on
dressed-beef rates and the advance in the tariff to a paying
$
*
$
$
Foreign operations have been quite a feature throughout
352.943.600
352,413.500
Loans and dlso’ts.
Dec.l,473.000
338.726.800 basis.
68.359.600 Inc. 212,800 76,032.800 94,019.500
the week, their sales having assisted the early decline, and the
Specie
8,035.800 Dec.
10,000
Circulation
7,931,000 10,032,500 steadier tone
having helped our market afterward. During
Net deposits
351.705.600 Deo.2,083,900 360,174,000 378.121.800
25,774.000 Dec. 372,300 18,091,200 29,069,300 the latter part of the week the market has been very dull and
Legal tenders
87,926.400 Dec, 520.975 90,043,500 94.530.450 still somewhat irregular, though generally stronger than in
Legal reserve
Reserve held
94.133.600 Dec. 159,500 94,124,000 123,083,800 the early dealings.
As stated above, the news of the week has not been important.
4,080,500 28,558,350
6,207,200 Inc. 361,475
Surplus
General features remain about the same and are, in the main,
Exchange.—Sterling exchange has been only moderately favorable; but there is a manifest indisposition to operate so
active and the demand is still of a restricted character.
Rates near the close of the year.
Of special features there have been
have ruled firm, however, principally owing to the scarcity of few.
The Richmond Terminal stocks have been prominent
commercial and bankers’ bills.
Actual rates have been and fluctuated irregularly.
The dividend on the preferred
gradually working up during the week, and on Wednesday stock was declared, but Messrs. Flower, Rockefeller and Wil¬
posted rates were advanced £c. from the higher rates quoted a son have retired from the directory. Western Union makes a
week ago, and are to-day 4 82|@83 and 4 86@86|.
good quarterly statement, and has increased its dividend £
To-day the rates on actual business were as follows, viz.: per cent; but these facts failed to have any important influence
Bankers’ 60 days’ sterling, 4 81|@4 82; demand, 4 85£®4 85f. on the stock.
the
*
DeOBXSIB
813
THE CHRONICLE
17, 1887. J
STOCKS—PBICES AT N. T. STOCK EXCHANGE FOB WEEK ENDING DEC.
16, AND SINCE JAN. 1,1887.
Sales
HIGHEST AND LOWEST PRICES.
8TOCK8.
Actlvo
RB« Slocks*
Canada
Southern
-
Central of New Jersey.
Central Pacific.
6
&
10%
57%
55%
74%
10%
57%
36
37%
10
58%
54%
73%
36%
3%
55%
75%
OMO"iit preL
Do
nhioago Burlington
Chicago Milwaukee
2d pref.
& Quincy.
& St-Panl.
A Northwestern
jo
Chicago Book Island APaciflc.
ro St. Louis & Pittsburg.
P?ef.
7
5
125% 127% 124%
73%
74% 75%
110%
*111% 112
105%
106%107
138% 138% *139
111
111% 110%
*14
*37
~
So
ro
3o
pref.
St. Paul
Min. A Om..
Pref-
CttevelandCol. Cin. & Indian ap.
Columbus Hooking Val.&Tol.
Delaware Lackawanna
&West
Denver*Rio G^assessin’t pd
pref.
Do
East Tennessee Ya. & Ga. R’y.
Do
1st pref.
Do
2d pref.
Evansville & Terre Haute....
Fort Worth & Denver City....
Green Bay Winona & St. Pai ‘
Illinois Central
Ind. Bloom. & West.,
ass.pd..
Kingston * Pembroke
Lake Erie & Western
Lake Shore A Mich.
55
*10
*60
22
60
*22
*89
22
115
14
29
Southern.
115
14
29
Long Island
Louisville & Nashville
Louis. New Alb. & Chicago...
Manhattan Elevated, consol..
Memphis * Charleston
13
*28%
14%
43%
93%
89%
Do
Naehv.Chattanooga&St.Louis
New York Central & Hudson.
New Y. Chic. A St. L., new
Do
1st pref.
2d pref.
Do
New York Lake Erie & West’n
pref.
New York A New England...
New York Ontario A West....
New York Susq. & Western...
Do
pref.
Norfolk * Western
Do
96
86
108
.....
96%
86
*84
*100
Do
89
10
89]
10
77%
78
76
36
36
38
37%
Do
pref
St. Paul Mlnneap. * Manitoba
Texas & Pacific, ass. paid
Union Pacific
Wab. St. L. & P.,P. Com. repts.
Do
pref.
28%
35%
37
16%
16%
8%
28%
28
22%
Oregon Railway * Nav. Co...
Paciflo Mall
Philadelphia Co., Nat. Gas
Pullman Palace Car Co
Western Union Telegraph
Express Stocks.
Adams
American
United States
Wells, Fargo & Co
*20
52%
19%
57
55
*35
*70
36
60
60
107
25
107
25
*16
30
30
35
*71
72
*46
89
36
*94
140
92%
85
*20
17
87%
9%
*76
*16
64%
32%
27%
53%
10
*58
44%
94%
89%
61%
40
*21
67
20%
23%
64%
21%
19
58
89
53%
32%
34%
70
102
71
103
46%
87%
46%
34
35%
953*
75%
*85
86
140%
75%
76%
*140
145
*130
132
92%
138
Cincinnati Wash. & Baltimore.
Do
pref.
15
Columbia A Greenville, pref..
*214
Harlem
Houston * Texas Central....
Manhattan Beach Company..
Marquette Hough. & On., pref.
Mexican Central
Oregon Short Line
Quioksilver Mining Co
Do
pref..
Bt. Louis Alt. & Terre Haute..
8t. Louis Ark. & Texas
South Carolina
Whitebreast Fuel Co.
Columbus A Hocking Coal....
Tennessee Coal & Iron
*3%
*5%
8%
These
are
*3%
*5%
*20
8
28
8%
*
10
24
17%
88%
9%
77
the prices bid and
89%
*9
76
10
76%
107% 108%
16%
16%
66
66
32%
30%
27%
28
64%
64%
36%
16%
8%
28%
30%
28%
64%
16%
8%
37
16%
8%
28%
16
16
40%
40%
41%
22
22
22
45%
23%
19%
19%
66%
44%
23%
19%
*18%
21%
54%
21%
53%
45%
23%
19%
19%
66%
22%
55%
4%
7%
5%
126%
74%
110%
105%
139%
140
112
15
*14
38
37%
38
38%
*106
*51
52
*22
23
22%
126% 127%
53%
10
*58
22
42
53%
10%
112
2.265
15
300
800
38
38%
6,060
52%
830
900
23
1,000
126% 127
170,200
600
21
21%
*52% 54 “
1,717
1,833
10% 10%
*59
22%
21%
43
43
44
64%
42
95%
97%
46
46
87%
85
*•
*8
*18
*35
96
*18
96%
5,100
17%
17%
18%
88%
89%
186%
88%
555
635
300
609
35,060
4,925
LOO
910
550
350
67
32
67
33
67%
27%
28%
28%
28%
51,530
35
36%
35%
37%
42,112
16%
17
9
28
17
9
28
16
1,313
41%
4,960
15
41
41%
*14%
40%
*21%
45%
24%
19%
22
22
22
45%
24%
19%
45%
23%
19%
46%
23%
20%
*19
20
22%
66%
23%
55%
55%
65%
6,137
575
172
730
300
9
29
15
*19
65%
21%
54
*85
20
33%
70%
34%
70%
103
102
88%
34%
102%
88%
35
94%
139% 139%
76% 77%
*93
76%
72
595
1,055
250
310
8,379
1,150
7,535
900
66% 337,920
22% 106,005
54% 10,230
140
77
4%
6%
*8%
31%
10
31%
9%
*31%
38
*35
28
25
26
25%
26%
30%
77
29%
76%
30
77%
76%
29
34
70% 71
102% 103
*45% 46%
89% 90%
34% 35%
95% 97
140
76%
*140
107
*65
*129
140
77%
145
107
67
132
33%
72
34
72
102% 103
44
90
35
*140
*105
*65
28
9%
33
38
11
1,090
4,685
450
90%
1,842
8,935
35
145
107
68
131% 131%
*
75
*3%
*
140
75
4%
6
6
214
*20
*9
214
29
*130
77
*3%
*5%
140
77
4%
6%
11
84%
*13%
84%
*9
32
'35
13
*7
10
33
38
13
10
*20
*9
28
11
84
84
*130
77
3%
*5%
*9
*33
*35
13%
10
3%
6%
20
*20
*9
27%
84%
9%
11
84%
14
16
9%
442
100
100
400
13%
*12%
13%
*8
11
25%
26%
88%
25%
27
88%
26%
27
29%
3,265
78% 6,404,000
26%
27
27
29%
77%
29
29%
77%
29
29
29%
76%
76%
77%
77
13
89
85
Sept. 20
Oct.
14
54% Oct. 13
30% Sept. 20
92% Dec. 13
45
80
Oct.
Aug.
66% Jan.
Jan.
19
1
6
84% Nov.
1 112
13
Dec.
Oct.
Oct.
Dec.
Dec.
Dec.
Oct.
19%
14
88%
14 114%
12
20%
59
Oct.
Oct.
13
17
13
20
34%
14%
7%
24%
13
Oct.
Sept.
Sept.
Oct.
14
21
17
15
12
18
17
13
21
t Ex-dividend and privilege.
May 28
May 18
20% Apr.
2
48% May 31
34% Apr. 9
9%
68%
101%
16%
64%
30%
24%
13
14
Jan.
27% Apr.
1
47% Apr. 21
24% May 16
61
Apr. 29
98% June 30
99% May 14
70% Apr. 14
67% June 11
161% Apr. 20
64% Apr.
5
95% May 19
94% May 18
4 119
8% Oct. 14
18% Oct. 14
16% Deo. 10
77
42
May 19
Jan.
8
Jan.
3
May 19
Nov. 18
Nov. 17
Nov. 22
35% Apr. 12
76
May 23
66
Mar. 29
20% Jan.
14
1,350
3
Feb. 14
38% Feb. 14
23% Jan.
3
1
55% May 16
34% July 18
63% May 19
32% Apr. 4
35% Apr. 7
39% May 25
71% Nov. 16
20% 8ept. 21
Jan. 17
34% Oct.
20
Oct.
41% Oet.
21
16
Oct.
Oct.
17% Sept.
34
43
75
30
Feb.
Sept.
94% Oct.
20
44
35
Jan. 17
Jan. 17
May 26
May 26
June 2
June 20
May 23
17 120% May
3
Feb.
Oct. 17
13% Feb.
23% Feb.
1
1
Sept. 21
35%
63%
22%
38%
63%
May
May
May
May
Apr.
53% May
89
May
96% Sept. 21 106% Nov.
34
Aug. 26 54% May
79% Oct. 13 105% May
30
67
Sept. 20
Sept. 20
27
23
18
6
18
18
19
10
25
31
19
58% Apr. 7
Sept. 21
Sept. 20 115
Feb.
8
9 159% May 23
June 24 81% Nov. 17
Nov.
5
14
31
6
14' 74% Nov. 18
17 118% June 6
Oct. 27 155
May 16
Oct.
90% Oct.
130
66
3
Aug. 31 104
Feb. 19
Oct. 25 225
Oct. 31 45
Dec. 13 18%
Sept. 29 100%
Oct. 20 22
Nov. 10 31
Oct. 12 12
Oct. 13 35
8 45%
Jan.
Sept. 16 25
Sept. 16 17
Feb.
Jan.
Jan. 13
7
Sept. 19!
4% Sept. 19| 10% Jan. 14
15
Nov. 29 50
Apr. 4
125 200
20
8
155
480 83
200 11%
200 12
450
4%
300
23
100 30
10
200
7
400 85%
1,700 22
38
25%
26%
18 138
Sept. 20
28% Dec. 13
70
34
38
26
Oct.
17
15 139% Jan.
4 152
Aug.
130 105
Dec. 14118% May
160! 62
Feb. 171 76
Aug.
110 120
Sept. 20 137 June
*32
*35
34%
88%
25%
atked; no sale was made at the Board.
140
77
*15
*13
16
14
12
32%
89%
1,412 1136
78,333 67%
70%
4
3
82% Jan. 13
Oct. 17 32
Jan.
18
3
80
Sept. 20 100 Apr. 9
4
62% May 7
21% Feb.
7% Sept. 21 17
Apr. 7
300
200
88%
25%
88%
2,985
44%
*94% 97
139% 140
76% 77%
*70
16
9%
16
34
May 19
Apr. 13
Apr. 12
Jan.
8
Jan. 13
Jan. 20
May 17
May 18
May 17
June 7
June 7
May 17
Apr. 22
Apr. 22
68% June
53
20 87%
Oct. 18 95
950
Jan. 27 44%
1,227 61% Feb. 2 84%
107
Oct. 13 120
430 55
Oct. 14 95
60 99
Aug. 2 114%
92%
13%
16
*35
33%
70%
52% Oct. 14
9% Oct. 17
52
Sept. 21
98
8,595
23,065
127%
June 13
Jan. 13
17 153%
109
Nov. 1 140%
12% Sept. 21 22
35
Jan. 27 52%
34
Oct. 17 54% May 17
100
Oct. 17 118% June 7
47% Oct. 17 68
Apr. 11
15
Sept. 19 39% Jan. 11
123% Oct. 14 139%June 1
20% Oct. 14 32% Apr. 14
Sept. 20
*66
32
33
17
562
1,390
107% 108%
16% 17
14 15%
20 68%
30 64%
3
86%
14 43%
11
9%
11
17
11
11%
17 156
17 95
17 127%
39% Oct. 17
10
77
16%
*8%
*28%
10
Highest.
2,110
34,430
*9
77
108
108%
16% 16%
Lowest.
1,050 114
21
17%
*9
300
758
100
45
87
87
87%
86%
85% *83
106
105% *100
10
*8%
9%
25
Shares
Range sinoe Jan. 1,1887,
700
10%
9% Oot.
5,792 49% Sept.
60%
55% 12,585 49
July
7,200 55% Jan.
74%
35%
6,759 28% Oct.
4%
2
Nov.
1,675
633
8%
4
Nov.
5%
1,275
3
Nov.
4.264 123% Oct.
126%
74% 131,011 69% Oct.
1,595 110 Oot.
111%
106% 54,910 104% Oct.
275 137% Oct.
140
61
22
61
89
87
88%
25%
*25%
28
83%
17
65
13%
*8
*27
52
96%
72
*74
4%
6%
14%
10%
32%
36%
87
42
*70
k
77
87
*9%
*31%
36%
22%
145
106
66
131
16
*20
*13%
“
37%
37%
10
61
142% 142% *140
105% 105% 105
66
66% 66%
*128
129% 130
92%
15
218
*27%
Various Stocks. Ac, (Uni is ted.)
Amer. Cotton Oil Trust
30%
Pipe Line Certificates
76%
*
92%
*132% 137
*72
Cincin. Ind. St. Louis & Chic
37
*14
53%
87
85
106
9
*8%
20
*19
17% 18
34
35%
95
*94
140% 140%
*70
*134
35%
74%
35%
*4%
*7%
5%
126%
73%
111%
105%
73%
110%
105%
139%
*110%
37%
87
85
*102
Inactive Stocks.
Chicago & Alton
55
5%
106
51
23
87
94
88
108% 108%
American Tel. & Cable Co
Atchison Topeka & Santa Fe.
55%
74%
*37
96
28
15
40%
22%
54%
74
126
37
10%
60%
9
9
*8%
9%
8%
116
*115% 117
116% *115% 117
*13
14
13% 13% *12% 14
*28%
*28% 28%
15
15% *14% 15%
14% 15
45
45
44% 44%
44% 44%
94% 95%
94% 94%
93% 95
90
88
*88% 90
88% 88%
60% 61
60% 61%
60% 61%
15
28
‘14%
*10%
60%
7%
14%
22%
41%
8%
12%
28%
37
18%
140
-
67
132
53%
35%
16%
8%
16
10%
59%
*4
125% 126%
107% 108
65%
33
71
102
140
*65
*129
*105
51
23
Dec. 16.
22
iof%
k
18%
94%
145
5%
125%
74%
73%
no% 110%
105%
106
138% 139%
111
*110%
15
14%
36
38%
37
37%
Week,
Friday,
Dec. 15.
89
88
*85
89
*85
35
36
35% 35%
35
*34% 35%
33% 34%
70
69
69% 69%
69
70%
69
69%
68% 69%
114%
114% *112
*112
114% *111
*112
114
114% *112
60
60
58
58
57
61
61
*58
57%
*59
*101
103
105
103% 103%
*103
*103% 105
106%
2,690
106% 106% 106% 106% 106% 107% 107% 107% 106
24% 25%
9,508
24
24%
24% 24%
23% 24%
23% 24%
55
55% 55% 180.080
56%
55% 56%
54% 55%
53% 56%
1,900
15% 15% *15% 15%
15% 15%
15% 15%
15% 16
28% 29
2,050
29
29
29% *29% 30
29%
29% 29%
550
44
44
43% 43%
43
43% 43% *43
42
44%
89
37
*140
*4
10%
62%
55%
74%
36%
4%
7%
5%
125%
74%
111
105%
139%
41
19%
19%
53
*85
*33
74%
35%
10
58% 59
22
22
90
*87
40% 42
8
8
116
116
44%
23%
19
19%
7
55
10
46
23
22
7
50% 51
22% 23
125% 127%
76
27%
*14%
Wheeling & Lake Erie
miscellaneous Stocks.
Colorado Coal & Iron
Consolidated Gas Co
Delaware & Hudson Canal...
Oregon improvement Co
36%
86%
34
-10%
61%
105io inoio
96%
34
8%
Riohm’d * WestP’ntTerminal
St Paul & Duluth
’
12%
28%
14% *14%
44%
43%
94%
93%
90
89%
61%
60%
89
44%
pref....
1st prel
*12
*35
13
30
107% 107%
16% 16%
*64
65%
Philadelphia * Reading
Do
Do
11 ()3q
60
23
91
87%
pref.
St Louis* San Francisco....
138%
16
39
17%
40
prel
RomeWatertown A Ogdensb’g
140%
111%
16%
pref.
Do
73%
*8%
Northern Pacific
Ohio * Mississippi
Oregon & Trans-Continental..
Peona Decatur & Evansville.
75
10%
59%
55%
74%
35%
4%
5%
110%
111
106% 104%
86
107
Deo. 14.
126
k
pref.
Missouri Kansas & Texas
Missouri Pacific
Mobile A Ohio
Do
60
45
96
50
87
*84%
pref.
Minneapolis A St. Louis
92
87
Michigan Central
MIL Lake Shore & West
Do
*90
5%
125%
*4
7
*5
125
40% 43%
9
*8%
115% 115%
45
44
pref.
do
Do
107
53
24
128%
*21%
*54%
7
10%
59%
54%
73%
34%
36% 37%
106% 107
51% 52
22% 23
126
128%
21% 21%
'53% 54%
10
10%
37%
107
*52
*23
10%
58%
55%
74%
36%
4%
Wednesday, Thursday,
Dec. 13.
Dee. 12.
Dec. 10.
Atlantic A Pacific
Canadian Pacific
Tuesday,
Monday,
Saturday.
of the
9
3
May 12
May 27
Apr. 9
Jan.
Deo.
3
6
May 14
10
June 6
Feb. 12
Jan.
7
88% Dec. 14
50
Apr. 27
21% Sept. 19
54% Jan. 14
23% Oct. 11
64% Jan.
3
78% Deo. 16
54
Nov. 14
Oct.
July 28
} Lower price is ex-dividend.
THE
814
CHEONICLE.
fVoL. XLV.
BOXDS—LATEST PBICES OP ACTIVE BONDS AT N. T. STOCK EXCHANGE, AND RANGE SINCE JAN. 1, 1887.
Closing.
Range since Jan. 1.
Dec. 16
Atl. & Pac.—W. D. ino., 6a,
Guar., 4e, 1937
1910
---
Can. South.—1st guar., 5s,
2(3,58,1913
1908
-•
25 %b.
106 *a
91
76 b.
Dec. 9
Lowest.
91*2
85
80
14
88
101
101
b. 102%
92
97 a
94
117 b. 117
125*2
124
11234
111*4
1023*3
102
100
Wis.&Min. Div.-5s, 1921.... 101 b.
100*2b. 101
Terminal 5s, 1914
136
Chic. & N. W.—Consol. 7s, 1915 *133 "lx
1913.
Chic. Burl. & Q.—Deb. 5s,
103
b. 104
9334 a.
4b, 1922
Chic. & Ind. Coal K., let, 5s, ’36
Ch.Mil.& St.P—1 at, I.& M.7s, ’97 117 b.
125*21).
Consol. 7b, 1905
1st, So. Min. Div—6s, 1910.... Ill b.
1st, Chi. & Pac.W.Div—5b, ’21 118 b.
Denver Divis.,
Gold, 7b, 1902
Sinking fund 6s, 1929
Sinking fund 5s, 1929
Sinking fund debent. 5b, 1933
25-year debent. 5b, 1909
Chi. R. I. & Pac.—6s, coup. 1917.
Exten. & tol. 5b, 1934
Ch. 6t.P..M.& O.—Consol. 6s. ’30
St. Paul A 8. C.-lBt, 6b, 1919
Ch.St.L.A Pitts.—1st,con. 5s,’32
C. C. C. A Ind.—Gen. 6s, 1934
Col. Coal A iron-1st, 6b, 1900..
Col. H. Val. A Tol.—Con. 5s, ’31
..
gold, 6s. 1904
Denver A Rio Gr.—1st, 7s, 1900
lBteou.4s, 1936
Den A R.Gr. W.-1st, 6s, 1911.
Assented
Den. So. Pk. A Pac.—1st, 7a, ’05
Det.Mac.A M.—Ld.gr.3 **>8,1911
JD.Ten.V. A G. Ry.—Con.,5b, ’56
Eliz. Lex. A B. Sandy—6s, 1902.
Erie— 1st. consol, gold, 7s, 1920
Long Dock, 7b, 1893
69*4
63*2
117*sb. 118*2
78 *2 b. 79
75*2
73 b. 74 b. 70
68
07*2b. 64
75 b.
75
b. 68
33*2b. 30 b. 29
95
b. 91*s
95*2
133*2b 133*2
jl09*2b ;109*2b.
a.
“
N.Y.L.E.AAV—2d con. Cs, 1969 96*2
Funded coupon, 5b, 1969. ..
Ft. W. ADeiiV.C. -1st, 6s, 1921 80
Gal.Har.A San.Ant.—1st, Gs, ’10 104*2b.
104
2d M., 7b, 1905
97
a.
b.
L15
a.
97*2
88*2b.
79*2
i04*”x
95
129
110
115
Aug.
Aug.
Jan.
Jan.
105
2d, 6s, 1931
Gr’nB. W. A St.P— let, 6s, 1911 100 b. 99
31
b. 32
2d income 8b, 1911
Gulf Col. A San.Fe—let,7b, 1909 il9*2b. 121
b.
b.
a.
97 a.
b. 108 b.
b. 114l4b.
Il2*2b. 113 b.
112 b. 113 b.
110 a. 107 b.
65 b. 69%
112 b. 110 b.
91 b.
97
Gold, 6s, 1923
Hendereon Br.Co.—1st. 6s, 1931 108
114
H. A Tex. C.—1st M. L. 7s
Jan.
June
118% June
108*2 June
Jan.
Jan. 116
Sept. 101
Jan.
106*2 May
118% Mar.
Feb.
116
105
115
81
Feb.
July
Nov.
Sept.
Oct.
Nov.
Dec.
Feb.
Oct.
June
Mar.
June
Jan.
Nov.
Feb.
99
Jan.
110*2 Feb.
1247b May
127*2 Jan.
102
Feb.
111 *2 May
104% June
887e Jau.
Oct.
Feb.
Oct.
91
Jan.
121*2 Juno
82% June
Sept.
Sept.
82
78
Apr.
86% June
Apr.
Jan.
Sept. 56 May
Sept. 10138 Apr.
Sept. 108 Jan.
Sept. 137 Juno
Dec.
Jan.
115
120
Mar.
Mar.
June
111
Oct,
Oct.
109
53
May
May
125% June
106% June
110
106*2 Mar.
112
108
113
94
55
Jan.
100*8 Jan.
92*4 Feb.
Feb.
Sept. 119% May
M ar. 119*2 May
let, West. D., 7b, 1891
Feb. 119% May
1st,Waco A N. 7s, 1903
Feb. 112
2d, consol. M. L. 8s, 1912
May
Oct.
Gen. mort. 6b, 1921
79% May
Ind.Bl. A W.-lfit,pref., 7b, 1900
119*2 Jan. 124*4 Feb.
86
99
Aug.
1st, 5-6s, 1909
May
717sa.
70
2d, 5-6s, 1909
Sopt. 89*2 Juno"
88 b. 88
88
b.
Eastern Division—6b, 1921...
Sept. 98*2 May
20
19 b.
Income, 6b, 1921
19*2 Oct.
347s Apr.
Int. A Gt.Nor.—1st, 6s,gold,’19 108 b. 108*2
108
Nov. 122
Mar.
78*oa.
78*2
98
Feb.
77*2 Nov.
Coupon, 6b, 1909
Kent. Centr.—Gold 4b, 1987
72*2a. 71*2
64
Jan.
78
July
Knoxv. AO.—1st, Gs, gold, 1925 92 b. 92*4b. 89*2 Oct.
100
Jan.
b.
LakeSh.— Con. coup., 1st, 7s, 1900 127
120%b. 124
Aug. 129 Juno
120
b. 120
121
Dec. 126*2 May
# Con. coup., 2d, 7b, 1903
118*2b. 118*2 1118*2 Dec. 125
Ix)ng Island—1st, 7s, 1898
Sept.
110 b. 112 a. 110
Dec. 115
Feb.
1st, consol., 5b, 1931
Lou. A Nash.—Consol., 7s, 1898 120 a. 118 b. 118
N. O. A Mobile—let, 6b, 1930. 110*4b. 110*4
105
98
96 b.
a.
9078
2d, 6a, 1930
112
b. lll*8b. 112
E. H. A N.—1st, 6b, 1919
General, 6s, 1930
1109 *2 107
Trust Bonds, 6s, 1922
107*2 1107*2
104*2
100
b. iLOO b. 98
10-40, 6s, 1924
Lou. N. A. A Ch.- 1st, 6b, 1910. L 14 b. 1114 b. 109
92
Consol., gold, Ob. 1916
90*2b. I .90
101 **.b. 100
Mem. A Cli’lston—6a, gold, 1924
116 b. 113
Metro. Elevated.—1st, 6s, 1908. 119
105
2d, 6s, 1899
j 105
1104
Mexican Cent.—New ass. 4s
! 51
Incomes, 3s, 1911
I 19*2
Mich. Central—1st, con., 7b. ,02jl*.5H>b. 124% 1124
UisB’ri Pac.— 1st, cons., 68,1920'100*2
109*4
|109*2b. 115
115 b.
31,78,1906
Pac. of Mo.—1st, 6b, 18S8
jl02*eb. i.02"t)' 100*4
JiUi La
2d mort.,
#Cf AO*1!.
1891
•••.]
7fi,
105*2
j....... | lU()
....
.
121*2
113*4
99*2
1175g
Apr.
Jan.
JanJuly
Jan.
Jan.
Jan.
Jan.
May
May
109
T03
May
Apr.
[115*2 May
99
107
June
May
Sept. 120*2 May
Dec.
Feb.
113
Apr.
7534 June
Sept. 27% June
Nov. 131
Apr.
Dec. 119
Apr.
Nov.
Aug.
July
UIJ
u
Springfield Div.—7b, 1905
Southern—1st, 6s, 1921.
2d,inc., 6s, 1921
Oregon Impr. Co.—1st, 6b, 1910
Ore. R. ANav.Co.—1st, 6s, 1909
Consol., 5b, 1925
Oregon A Transcon.—6e, 1922..
Peo.Dec. A Evans.—lBt, 6s, ’20.
Evansv. Div—1st, 6s, 1920...
Rich A A11.—1st, 78,1920, tr. rec
Riclim. A Dan.—Confi., 6b, 1915
Debenture, 6s, 1927
Roch. A Pitts.—1st, 6s, 1921...
Consol., 6s, 1922
RomeW. A Ogd.—1st, 7s, 1891.
Consol., extend., 5s, 1922
St Jo. AGd. Esl.—1st, 6s, 1925
2d, income, 5a, 1925
St. L. Alt.A T.H.—1st, 7s, 1894.
2d, M., pref., 7a, 1894
2d., M., me., 7s, 1894
Dividend bds, 6s, 1894
St. L. Ark. A Tex.—1st, 6a, 1936
2d, 6s, 1936
St. L. A Ir. Mt.—1st, 7s, 1892...
2d mort., 7s, 1897
Gen. Ry. A land gr., 5s, 1931.
St. L. A San Fr
6b., Cl. A,1906
6s, Class B, 1906
6s, Class C, 1906
Gen’l mort., 6s, 1931
Gen’l mort., 5s, 1931
So. Pac., Mo.—1st, 6s, 1888...
St. Paul M. A M.—1st, 7s, 1909.
2d, 6s, 1909
let cons., 6s, 1933
....
Ohio
126
105
110*2
j1
IV
Apr.
Jan.
June
..
.
•
114
Jan.
110
70
Aug.
69%
61
105
106%
105 b. 107
b.
43
85
82*g
129 b. 129
Nov.
68*2 Dec.
b
60
103
105
104
b,
40
May
Oct.
82*2 Dec.
a.
Jan. L
Highest.
OctT
123
121
133
90
-
Mar
jai
Jan.
102*2 Apr.
Dec.
89% Apr,
Nov. 113*2 Jan.
Dec. 114
Apr.
b. 125
104%
10378b. 103
137*2*. 130*2
i3678
168 b. 108*2
106
129 * b. 127*2
85
70
58
69
Sept.
Aug.
Sept.
Mar.
Oct.
Jan.
Jan.
Feb.
108
Rek
66*2 Mar.
89
Mar.
131
Apr,
107*4 Apr
137*2 Nov.
HO^ June
133*2 Apr.
32
93
b.
b.
b.
,
35
95
a.
"58*2"
a.
a.
106
b. 114
b. 117
b.
a.1 65
b.
107 b. 107
102*flb. 103
33
97 %
95*2
42
b. 35
108*2
107
109
1087d
94 a.
89*2
113 b. 109
113 b. 110%
113
110*2
60
115*21). 111
110
a.
10250b.
35
b.
97 50b.
41
D.
10S*2b.
108
b.
63
12
b
b.
65
10
b.
13
46%
Jan.
Dec.
101
Oregon 8h. Line -1st, 6s, ’22.. 100*2
Virginia Mid.—Inc., 6s. 1927
112
106
Feb.
Feb.
114
120
117
Nov.
Oct.
108
48
b.
160*2
76 b.
Uen’i mort., 5b, 1936
79 a.
Wab. St.L. A Pac. - Gen., 6s, ’20 48 b. 51 b,
Chicago Divison—5s, 1910.*.. 9 s *4
100%
Wabash—Mortgage, 7s, 1909.. 90 b 90 b.
Tol. A Wal).—1st, ext., 7s, ’90 110 bJllOSg
109 b.i
1st, St. L. Div.. 7s, 1889
90
b.i
2d, extended, 7s, 1893.,
87 b.i
Con., conv., 7s, 1907
....
Great West.—1st, 7s, 1888
109*2
2d, 7s. 1893
90 b. 937bb.
St.L.K.C. A N.—R.eA r.,7s,’95. 112 a.
West Shore—Guar., 4s
It) l %
1017s
92
Mar.
Apr.
Jan.
June
Sept. 102% Apr
Sept. 55*4 Jan.
Sept. 115 Jan.
Dec.
Oct.
114*2 Mar.
99
Jan.
Sept. ;il5*2 Jan.
Nov. 117
Apr,
Nov. 117*4
Feb. ;115
Sept. 101*2
July 104*2
Jan. 118
Oct. 121
Sept. 120*4
Feb. 101*2
Nov. 109
55
Sept.
Oct.
107*2
May
Sept.
80
Sept.
Sept.
Sept.
Jan.
Oct.
Oct.
Oct,
Oct.
Jan.
Jan.
Aor.
May
Juie
Jan.
Apr.
Mar.
May]
May
May
May
Jan.
Jan.
28*2 Jan.
110
43
65
58
58 b.
56
89*2a. 89
10i*sb. 100
78
b
70
95
91
Apr.
75
July
Apr.
Aug. 116 Juae
Sept. 112% June
105% Jan.
*2 a.
113
101
Jan.
112*2 May
104*8 Mar.
108*2 Apr.
112
47
May
Dec.
115
108*2b. 108*2b.
Denver Div.—6s, 1899
119
Feb.
110
.
consol, 6s, 1919
July 107*2 June
123
Oct.
Apr.
109%b. 108*2 Oct.
Rio Grande Div.—6s, 1930
6578
55 b.
Gen. mort. A term., 6s, 1905..
Tol. A.A. A N. M.—1st, 6s, 1924.
89*2
Tol. A. A. A Gr.Tr.—1st, 6s, 1921 101
b.
Tol. Peor. A West—1st, 7s, ’17
80 b.
Tol. A Ohio Cent.—1st, 5s, 1935 94*4b.
Tol.St.L. A Kan. C.—1st,6s, 1916 91*sa.
91 *-2 a,
116 b. 116
Union Pacific—1st, 6s, 1899
b.
102 b. 102
Land grant, 7s, 1887-9
b.
Sinking fund, 8s, 1893
113%b. 114 b.
Kan. Pacific—lBt, 6s, 1895
|U2
1st
May
111
Apr,
104*2 Apr.
Nov. 115*2 June
101
Dec. 112
Feb.
77
55*4 Oct.
Apr
115
109
June
Sept.
...
1st, 6s, 1896
Jan.
May
May
May
Jan.
112*2 Apr.
Feb. 111*8 Apr.
*29% Dec.
50*2 May
89
Sept. 10278 May
92*211.
112*2b.
112*211.
112*2t>.
114%0. 114*41). 108*2
10l*2b. 101 b. 97*2
102%»>. 102*2b. loO
112 b. 112
b. 110*8
115*2
l)5*2b. 112*2
117 a. 1155s
114*2
98 *2b.
Do
reduced to 4 *28
98 %a. 98
Shenandoah Val.- 1st, 7s, 1909 91*2b. 9l*2b. 92 *2
Geu’l mort., 6s, 1921
34*2ft. 35 a. 32
So. Carolina— 1st. 6s, 1620
95*21). 96
95
2d, 6s, 1931
Inc., 6b. 1931
So. Pac., Cal.—1st, 6s, 1905-12..
So. Pac., Ari.—1st, 6s, 1909-10..
So. Pac., N. M— 1st, 6s, 1911.
Tex. A Pac.—Inc. A Id gr, 7s. ’15
Mar.
lll%b. 'lll%b. 108
Jan.
1103 b 107*2 Nov.
10278
101*2b. 98
Oct.
97 b.
98
92
Oct.
40
Apr.
96*8
Aug. 115*2
Sept. 86*8
Sept. 118*2
Oct. 107*2
b. 102
U0*2b. 110%
108
97
95*2b. 97*2
90 b.
90*4
8978
108 b. 112*2a. 109
102
57
112
110
117
77
Oct.
Oct.
106*2 Dec.
106*2
103*2a. 102
•
1114*2 May
Sept. !
Aug.
Feb.
June
117*2 Nov.
a.
a.
92
87
109 *ab. 107
Midland of N. J — 1st. 6s. 1910 111
N. O. Pacific— 1st, 6s, 1920
7558b. 74 b. 69*2
North. Pacific—1st,coup.,6s, ’21 117 b. 116*8
113%
luo7ab. lul b. 96%
Gen’l, 2d, coup., 1933
105 b. 106*2
James R. Val. - 1st, 6s, 1936..
105 a. 100
N. Pac.Ter.Co.—1st, 6s, 1933...
Ohio A Miss.—Consol., 7b, 1898. 117 b. 116*2b. 114
109 b. 114
2d, consol., 7s, 1911
111*2
Sept. 103*2 June
Oct.
122*2 Jan.
Nov. 130% June
Oct. 119*2 June
135
b.117
120
70
N.Y.Sus.AW.—Deh.,68,’97,cp.ofl
1st refunding, 5s, 1937
r 91
Jan.
109*4 Apr.
a,
.
Jan.
108*fc June
107*2 Mar,
108*2 Apr.
Oct.
Lowest.
a.|121
74
63 7b
42
since
101*2 May
99
May
Sept. 80 Apr.
11878
118*2b. 1167s Sept. 123 Jan.
b. 127 b. 12478 Oct.
N. Y. Lack. A W:—1st, 6b, 1921. 126
12850 Dec.l
107 b.' 106**b. 106
Construction, 5b, 1923
Sept. HO Jan.
N. Y. Ont. A W.—let. 6b. 1914.. 108 b. 109
106
Sept. 1105a Feb,
75*4 Jan.
32
100
Aug.
967e Dec.
a.
..
Nov.
Dec.
Feb.
Sept. 116
91*4 Oct.
92*8 Jan.
97
28
118
Imp. A Equip.—6s, 1922
K.ATex.—Con., 6b, 1920...
Consol., 5b, 1920
Consol., 7s, 1904-5-6
Mobile A Ohio—New, 6b, 1927
1st, Extension, 6b, 1927
1st pref. debentures, 7s
Mutual Un. Tele.—S. f., 6b, 1911
Nash. Ch. A St. L.— 1st, 7s, 1913
N.Y. Central—Extend., 5s, 1893
N.Y.C. AH.-1st, cp., 7s, 1903
Debenture, 5s, 1904
N.Y.AHar.—1st, 7b, 1900
N.Y.Cliic.ASt.L.—1st, 6s, 1921..
2d mort., 6b, 1923
N.Y. City ANo.—Gen., 6s, 1910
N.Y. Elevated—1st, 7b, 1906
Mo.
May
93% Feb. ;1047b May
84% Oct. j 95*4 May
76
Dec.
98*2 May
102
Dec. 1109% Nov.
93*2a.
West. Divibion— let, 5s, 1931.
Michigan
Minn. A 8t. L.—1st, 7s, 1927
95*2 Jan.
94
110
119
108 a.
b. 10878
107
103 l4b. 103*2
102*2 Nov.
b. 133 b. 128% Sept.
133
:
10B*2
I09*4a 107
July
117
117
1116
Sept.
121 %b. 123*41). 122
Oct.
b.
100 b. 100
98% Jan.
107 *2b. 104*2 Oct.
108*2
97*ijb. 100
95
Oct.
08*2b. 60
Sept.
97
Jan.
June
Dec. 109
Jan.
Oct.
108
May
Oct.
105% May
Nov. 1142
Jan.
Jan.
124*2 Dec. :133
117
May ‘120*2 Sept.
105*2 Nov. 110*2 Mar.
106
Nov. 110*4 Mar.
125*2b.
117
Con. 6b, 1935
90
109
W.—1st, 6s, 1921. 121
Div.—1st, 6s, 1924.. 115
Mil. Lk.Sh. A
3838 June
87*2 Sept.
a.
24
17
6a, currency, 1918
90
Mort. 6e, 1911
Ches. O. & So. \V.-5-6b, 1911... 103*20.
102*2
Ckie.Bur. & Nor.-lst,58,1926. 101*2
y
Range
Dec. 16; Dec. 9
Highest.
25 V
23*2 Oct.
81 Sib.
80% Sept.
106
104
Sept.
Gen. Iowa—lBt, 7s, ’99, coup, oft
104*2
Central of N. J.-lst, 7s, 1890.. 10G*2b. 106*2
lll*2b. lll*2b. 107*2
Consol. 7a, 1899, ascent
lll*2b. lll*2b. 109
Convert. 7b, 1902, assent
105*4
Adjust. 7b, 1903
113 b. 113*4b.
Convert, deb. 6s, 1908
8378
10 L
100*2
95
General more, fa, 1987
110
109
Leu. & \V.B.,cou.7b, 1909,a8’nt 110*2
b. 103 *2b.
99
Aiu. Dock <fe Imp., 5b, 1921. .. 103
Central Pacific—gold 6b, 1898.. 116 b. 116 b. 113*2
114 b. 114 b. :111*2
San Joaquin Br. 6s, 1900
10134b. 100
101%
Land grant 6b. 1890
Ches. & O.—Pur. m. fund 6s, ’98'10 / b 107 b. T07*e
66*26. 66
6a, gold, ser. B,1908, coup, oil
68 b.
G4*2b. 62
Exten. coup., 4b, 1986
Gen.
Closing.
Railroad Bonds.
Railroad Eonds.
July
Apr.
June
66*2 Feb.
78*2 May
72
100
Apr.
May
109*2 June
112
Feb.
99%
97%
119%
103*2
Jan.
June
114
102
110
Sept. 120
10n*2 Sept. 115
108*2 Sept. 115
113
Nov. 117*4
99
Nov. 109
95
Oct.
107*2
99
95
Apr.
75
90
Oet.
49
Jan.
60*4
89
Feb. 104%
82
97
Aug.
110
Nov. 117%
106
.Jan. 116
94
Dec. 108
80
99
Oct.
109
Jan. 117*2
93*2 Nov. 107
109
Mar. 114*4
97
Sept. 104%
Mar.J
May
Feb.
May
Mar.
Apr.
Apr.
Jan.
Jan.
Apr.
May
May
May
May
May
May
May
May
May
July
June
Note —The letter “ b” indicates price bid, and “ a” price asked; all ocher prices and cue range are fiom actual sales.
STATE
SECURITIES.
Alabama—Class A 3 to 5
Class B. 5s
Class C, 4s
6s, 10-20
1
1906
1906
1906
1900
Arkansas—6s, funded.,1899-1900
7b, Little RoekA Fort Smith, iss.
Bid.
1890
Ask. 11
108*2’
108
100
105
18
7b, Memphis A Little Rock, iss..
7b, Arkansas Ceutial RR
Georgia—7b, gold
1890 104
1914 102
Louisiana—7s, cons
91*2
Stamped, 4s
M 1i*hieap—7«
f
106
SECURITIES.
Missouri—6s
112
104
107
15
22
n
BONDS.
due 1889
Bid.
or
1890
Asylum or University, due 1892
1894-1895
Funding
New York—6s, loan
1892
Gs, loan
North Carolina—6s, old
Funding act
1893
JAJ
1900
New bonds, J. <fc J.... 1892-1898
Chatham RR
Special tax, Class 1
Consolidated 4s
6s
1910
..1919
104
109
110
115
118
35
10
12
10
94
118
,
Ask
Bid.
SECURITIES.
Rhode Island—6s, con.. 1893-1894
South Carolina—6s, non-fund. 1888
Brown consolidated 6s
1893
Tennessee—Gs, old
1892-1898
Compromise, 3-4-5-Gs
m$9mm
14
96
122
New settlement—6s
5s
3s
Virginia—6b, old
6s, consolidated bonds
6s, consolidated, 2d series
6s, deferred, trust
rec
1912
1913
1913
1913
Ask
115
5*4
108
59
68
7
62
72
100*2
71
48
85
60
8*2
99
72
DECEMBER
THE
17, 1837.]
CHRONICLE.
815
BONDS—STOCK EXCHANGE QUOTATIONS ON FRIDAY OF INACTIVE RAILROAD BONDS.
Bid.
SECURITIES.
Ask.
Railroad Bonds.
Det. Bay C. A Alp.-1st, 6....1913 >108
E. Tenn. Va. A Ga.—1st, 7s... 1900 120
1930
Divisional 5s
E. AW. of Alabama—
(Stock Exchange Prices.)
Fe—4%s...1920
1911
Beech Creek-let gold, 4s
1936
Balt & Onio—1st6s, ParkB ..1919
gold
1925
Atch. Top. A San.
Blnking fund, 6s
Registered
Boet. H. Tun. & W.—Deb. 5s.. .1913
105
83
SSoklynElev.-lst,
G., 6e...i924
1915
2d, 3-5s
Rnrl. Ce. Rap. A No.—let, 5e. 1906
Consol. & col. tr, 5s
1934
123
106
106
98
106
85
104% 10514
95H
Registered
Minn. & St. L.—1st 7s, gu .1927
Iowa C. & West.- 1st 7s..-.1909
Ced. Rap. L F. & N., 1st 6s. 1920
11312
110
1921
1st 5s
Buff. N.Y A Phil.—Cons. 6s...1921
Trust certificates
General 6s,
1924
40
Trust certificates
Cen.l’wa— East’n Div.,lst,6s 1912
Illinois Division—1st 6s
1912
Cons, gold bonds
Cent. RR. A Banking Co., Ga.—
Collateral gold, 5s
1937
Ches. A O.—6e, gold, ser. A... 1908
Ches. O. & So. West.—2d 6s... 1911
Chicago & Alton—1st, 7s
Sinking fund, 6s
..1900
1st, guar. (564), 7s
1894
2d mortg. (360), 7s
1898
2d, guar. (188), 7s
1898
Miss. R. Bridge—1st, s.f. 68.1912
114%
123%
118%
12*5
116
120
131
132
-
95 is
1927
1896
Chi. R. Isl. A Pac.—6s, coup..1917
*9*3
94i£
133
133
1331*
1934
10a% 109
Dee Moines & Fort D.—1st,4s. 1905
1st, 2%s..
1905
Extension, 4s
87
60
Registered
Keok. & Des M.—1st, 5s
1923 10812
Central of N. J.—
99
General mortg., 5s, reg
198
Chic. Milw. A SriP.—lst,8s,P.D.’98 127
2d, 7 3-10s, P. D
1898 >117
1st, 7s, $ g., R. D
1902
let, La Crosse Division, 7s.. 1893 1161s
1st, I. & D., 7s
1899 118
1st, C. A M., 7s
1903 126
1st, 7s, I. A D. Ext
1908 124
1st, S. W. Div., 6s
1909 111
1st, 5s, La C. & Dav
1919
1st, H. A D., 7s
1910 119
98
1st. H. &D., 5s
1910
....
r
Chicago A Pacific Div., 6s.. 1910
Chic. A Mo. Riv. Div., 5s
Mineral Point Div., 5s
C. & L. Sup. Div., 58
.
..1926
1910
1921
Fargo & South., 6s, Assu...1924
Inc. conv. sink, fund 5s
Dakota A at. South., 5s
Chicago & Northwestern—
Extension bonds—4s
1916
1916
-
192C
Ext. registered
fiscanaba & L. S.—1st, 6s.. .1901
1907
1900
Peninsula—1st, conv., 7s.... 1898
Chic. A Milwaukee—1st, 7s. 1898
Win. A St. P.—2d, 7s
1907
Mil. & Mad.—1st, 6s
1905
Ott. C. F. & St. P.-lst, 5s.. 1909
Northern Ill.—1st, 5
1910
CL, Col. Cin. & Ind.—1st, 7s, s.f.’99
Consol. 78
1914
Consol, sink, fd., 7s
1914
Chic. St. Paul M. A O.—
Des M. & Minn.-1st, 7s
Iowa Midland—1st, 8s
8. P. A
122
128is 131
105
H09
1181ft 121
119
115
112
113%
114% 117
114
Registered
Mac.—1st,g. ,5s...1936 *92% **95*’
Col.drGreen.-ist, 6s
1916
1926
Midland—1st* Gs*.’1914
94%
78.1892
1907
110
132
1914
139
109
116
123
132
Mortgage, 7s...
gyra. Bing. A N. Y.- lst.7s.1906 128%
&
!d’7s
L8sex—1st, 7s
1891
Bonds, 7s
1900
1901
7s of 1871
n«i
DeL
2t,w01,1*'^uar-»
78
&
Hud.
1915
Canal—1st, 7s. ..1891
let, ext., 7s
^Pon, 7s,
Registered,
i89l
1894
7s
...1894
fektete?:’.79-'-;:;:.;.1917
AiUixL.y
&
susque.—1st, 7s.. i8*8*8
let, eons., guar., 7s
1906
L t, eons.,
guar., 6s
1906
Registered
Registered
“g1"-tour.—1st, coup., 78.1921
jyt Muck.
*
A Mar
-be price
-
tat*
6s’".Vi921
11412
lOO^S lOlift
1908
102
1920 125
1916
N. Y. L. E. A W— Col. tr., 6sl922
Buff. A S. W.—Mortg. 6s.... 1908
Evan. A T. H.—1st, cons., 68.1921
Mt. Vernon—1st, 6s
1923
Evans. A Indian.—1st, cons...1926
Eureka Springs R’y, 1st, 6s, g.1933
107
1331ft 137
104
90
117
108
103ift
119
99
..1920
A Ind.—Gen. 5s.. 1924
Han. A St. Jos.—Cons., 6s
1911
Hous. E. A W. Tex—1st, 7s...1898
119
62
Illinois Central—1st, gold,
4s.l951
1st, gold, 3 ms
1951
Springf. Div.—Coup.,..6s, 1898
Middle Div.—Reg., 5s
1921
O. St, L. A N. O.—Ten. 1., 7s. 1897
1st, consol., 7s
1897
2d, 6s
1907
1951
*112
108
95
117
115
>116
116
II213
1121ft
80
90
>101
102
1st, 7s, ex. fund, coupon
1906
Lake Erie & W’n—1st, g., 5s.. 1937 103L]
Lake Shore A Mich. So.—
Clevo. P. A A.—7s
1892 110
Buff. A Er.—New bonds, 7s. 1898 119
Kal. A W. Pigeon—1st, 7s... 1890 106
Det. M. A T.—1st, 7s........1906 *120%
12T
Lake Shore—Div. bonds, 78.1899 119
1900 126
Consol., reg., 1st, 7s
Consol., reg., 2d, 7s
1903 120ift
Mahon’g. Coal RR.—1st, 58.1934 101
Long Island RR.—
N. Y. A M. Beach—1st, 7s..1897
N. Y. B. A M. B.-lst, g., 5s. 1935
102
102
70
Morgan’s La. A T.—1st, 6s
1st, 7s
121
1920
1918
Nash. Chat. A St. L.—2d, 6s..1901
N.J. June.—Guar. 1st, 48
1986
111
136
140
110
126
133
10514
107
1131ft
113
139
104
105
118
140
106
74
106%
107% 108
104
105
Registered certificates
N. Y. P. A O.—Prior lien, 6s.
N. Y. A New Eng.—1st, 7s....
1st, 6s
1895
1905
1905
85%
1897
1st, 6s
115
116
1898 115
1908 **106%
92
1907
C. Br. U. P.—F. c., 7s
1895 104%
106
Atch. Col. A Pac.—1st, 6s. 1905 105
Atch. J. Co. A W.—1st, 68.1905 *100
93
Ut. So.—Gen., 7s
1909
91
94
Exten., 1st, 7s
1909
1st, 6s
Col. Trust, 68
Col. Trust, 5s
Missouri Pacific—
Yerd’s V. Ind. AW., 1st, 5s.l926
Ler. AC’y Val A. L., 1st,5s. 1926
St. Louis A San Francisco—
1st, 68, Pierce C. A 0
95 %-
1919
1895
105
Kan. City A S.—1st, 6s, g.1916
Ft. S. Av. B. Bg.—1st, 68.1910
St. L. K.ASo.Wn.—1st, 6S.191G
Tex. A Pac.—1st, 6s
1905
1st, 6s, ex coupon
98
Equipment, 7s
185
105
98
100
Consol., 6s, trust receipts. 1905
Pennsylvania RR.—
Pa. Co.’s guar. 4%s,1st op..1921 10G78 107
106
Pa. Co.’8 4*28, reg
1921 ”
Pitts. C. ASt.L.—lst,cp.,7s. 1900 >117
2d, 7s
1913
Pitts. Ft. W. A C.-lst, 7s... 1912 141
2d, 7s
3d 7s
Clev. A P.—Cons., s.
1912
1912
...
fd., 7s. 1900
1892
4th, sink, fd., 6s
AT.H.-lst, g., 78.1897
2d, 7s
1898
2d, guar., 78
1898
Pine Creek Railway—6s of 1932
139
130
i‘o*8*
73
N. Y. Tex. AMex.—1st, 4s ...1912
Northern Pacific—Dividend scrip..
Dividend extended
105ift
s. fd., 6s.1936
St. Paul A N. P.—Gen., 6s.. 1923
77
100%
100 ift 101
107%
Pitts. Cleve. A Tol.—1st,6s... 1922
Pitts. Junction—1st, 6s
1922
Pitts. McK. A Y.—1st, 6s
1932
Pitts. A Western—let, g., 4s 1917
Rich. ADanv.—Deb. ex cp. 6s. 1927
Consol, mort., gold, 5s
1937
Atl. A Char.—1st, pr., 7s
1897
Incomes
1900
Rich. AW.Pt.Ter’1.Trust6s.. 1897
San Ant. A Axans.—1st,6s,’85-1916
105
i*07%
741s
1934
Imp. A Ext,, 6s
Adjustment M., 7s
1924
Ogd. A Lake Cli.—1st, 6s
1920
Ohio A Miss.—Cons., s. f., 7s.. 1898
103
1921
1921
1931
bds.,7sl883
Quin. A Tol.—1st, 7s
1890
Han. A Naples—1st, 7s
1909
Ill. A So.Iowa—1st,ex. 6s. 1912
86%
9178<
65
103%
111
119
110
117
83%}
80
70
116
104 %.
106
96
100
St. L. K. C. A N.-
Clarinda Br.-6s
.1919
St.Charles Br’ge—lst,6s.l908
No. Missouri—1st, 7s
1895
Wab. St. L. A Pac.—Iowa Div., 6s.
West. Union Tel.—Coup. 7s.. .1900
Registered
Telegraph—7s
1904
Wheeling A L. E., 1st M. 5s. .1926
114
ii*7*
118
100
100
Manhat. Beach Imp. Co.—7s. 1909
Tenn. C. LAR’y-Consol.,6s.1901
South Pitts.—1st, 6s
1902
Bir. Div.—1st con. 6s
1917
Col. A Hook. Coal A I.—6s, g..l917
100
(Interest payable ij earned.)
Eliz.City A Nor.—2d inc
1970
Ind’ap. Dec. A Spr.—2d inc.. 1906
Trust receipts
99
105
lllift
98
lOiifl 104
il7*"
96
76
1921
Oregon A Cal.—1st, 6s
Panama—Sink, fd., sub., 6s... 1910
Peoria Dee. A Ev.—2d, 5s
19271
70
25
Atl. A Pae.—Cen. Div
1922
Cent. Iowa—Coup, debteertf’s
103ift
General 5s
1932
Ohio Cent.—1st Ter. Tr., 6s... 1920
Min. Div.—1st, 6s
1921
Ohio River RR.— 1st, 5s
1936
Omaha A St. L. R’y.—1st, 4s. 1937
Friday; these are latest quotations made Uls week.
Indianapolis Div.—6s
Detroit Div.—6s
Cairo Div.—5s
Tol. AWab.—Equip.
75
Income Bonds.
Registered
Helena A Red M’n— lst,g.,6s.l937
Dul. A Manitoba—1st, g. 6s. 1936
Hel. B.Val. A Butte, 1st, Os.1937
Drummond A P’bg.—1st, 5s 1937
Helena A No.—1st, g’d, 5s. 1937
N. O. A No. E.-Pr. 1., g., 6s ..1915
New Or. A Gulf—1st, 6s
1926
Norf. A W.—Gen., 6s
1931
New River— 1st, 6s
1932
109
St, L. V.
N. W.
Registered
N. Y. Susq. A West.—2d, 4%s... 1937
N. Y. N. H. A H.—1st, reg. 4s.l903
Spok. A Pal.—1st,
86
Ask.
Peoria A Pek U’n—1st, 6s.... 1921 110
2d M.f 4ifts
1921
Pacific RR.—Central PacificGold bonds, 6s
1895 116
Gold bonds, 6s
1896 116
Gold bonds, 6s
1897 116
Cal. A Oregon—1st, 6s
1888 102%
Cal. A Oregon—Ser. B., 6.1892 102
Moit. bond, 6s
1936 *102%
West, Pacific—Bonds, 6s
1899 112%
No. Railway (Cal.)—1st, 6s. 1907 117%* 119
Union Pac.—1st, 6s
1896 115
.
Minn. S.Ste.M.AAtl.—1st,5s..1926
Mo. K. A T.—Cons.,2d, inc....1911
H. A Cent, Mo—1st, 7s
1890
Mobile A Ohio—Col. tr., 6s ...1892
St. L. A Cairo-4s, guar.
1931
S. Y. Chic. A St. Louis—4s,... 1937
«n. Jack. &
"Hr Lack. & West.-Conv.
117
HO
Bid.
SECURITIES.
110
Cecilian Brancn—7s
1907
Pensacola Div.—6s
1920
82
1291s
St. Louis Div.—1st, 6s
1921 **110
55
120
2d, 3s
1980
130
Nasliv. A Decatur—1st, 7s.. 1900 119
1st, 6s, 1886
1926
117ifl
S. A N. Ala.—S. f., 6s
Scioto Val.—1st, cons., 7s
1910 105%
1910
50
Louisv. C. A L.—6s
1931
Coupons off
129
5 p. c. 50 year goldbds
99% St. Louis A Iron Mountain—
1937
93% 95
Arkansas Branch—1st, 7s.. 1895 107
Pens. A At.—1st, 6s, gold.. 1921
Lou. N. O. A Tex.—1st,4s
Cairo A Fulton—1st, 7s
1934
1891 105%
103
2d mort., 5s
Cairo Ark. A T.—1st, 7s
1934
1897 1».9
Mich. Cent.—1st, con., 5s
St. L. Alton A Ter. Haute—
1902 ★ 106
i’oo*
121
6s
1909
Bellev. A So. Ill.—1st, 8s. ..1896
118
Bellev. A Car.—1st, 6s
1923
Coupon, 5s
1931 106%
96
98
St, Paul Minn. A Man.—
1931
Registered, 5s
lulls 1021ft
Dakota Exten.—6s
1910
Jack. Lan. A Sag.—6s
1891 104%
100
Milwauk. A North.—1st, 6s... 1910 104% i*0*7%
Montana Exten.—1st, g.,4s. 1937
Registered
Extension, 6s
1913 104% 105
Milw. Lake S. A West.—
Min’s Un.—1st, 6s
1922 110
101
95
Conv. deb., 5s
St. Paul A Duluth—1st, 5s. ...1931
1907
Ashland Div.—1st, 6s
117% Sodus Bay A So.—1st, 5s, g.„1924|
1925 *115
93
94
108
Minn.ASt.L.—I’a Ex.—1st,7s 1909
Tex. Central—1st, s. f., 7s
1909
93
60
2d mortg., 7s
1st mortg. 7s
1891
1911
110
Southwest Ext.—1st, 7s
Tex. A N. O— 1st, 7s
1910
1905 112
Sabine Division, 1st, 6s
Pacific Ext.—1st, 6s
1921
1912 102
Minn. A Pac.—1st mortg. 5s. .1936
Valley R'y Co. of O.—Con. 6s. 1921
120
Minn. A N. W.—1st, 5s, gold..1934 101
101% Wab.St.L. A Pac.- Hav. Div.-6s.’10
^
2d, 6s
Col. A Cin.
111
105
10912 Louisville & Nashville—
Minn.—1st, 6s. 1918 121ift 1231ft
No. Wisconsin—1st, 6s
1930
Chic. & E. Ill.—1st, s. f., cur.. 1907
Consol., 1st, 6s
1934
Ohio. & W. Ind.-1st, s.f., 6s.. 1919
General mortgage, 6
1932
Chic. & St. Louis—1st, 6s
1915
Cin. I.St.L.&
Chic.—1st,g.,4s .1936
111
......
1901
IowaDiv. Sink. fund, 5s. .1919
Sinking fund, 4s
1919
.1921
Plain, 4s
Ext. & Col., 5s
109
1888
.
5s, sinking fund
Registered
1919
1923
1920
2d, extended, 5s
3d, extended, 4iftS
4th, extended. 5s
5th, 7s
1st, cons., fd. coup., 7s
Reorg., 1st lien, 6s
B. N. Y. A E.-lst, 7s
113% 115%
Gold, 58, coupon
114%
Registered
*113%
Dub. A S. C.—2d Div., 7s ...1894
>113%
Ced. Falls A Minn.-lst, 7s. 1907
106%
Indianap. D. A Snr.—
Chic. Burling. & Q.—Cons. 7s. 1903
Nebraska Extensh n 4s
Chic. Burl. A No.—Del). 6s
1920
1897 116ift
Registered
Louis. & Mo. River—1st7s.. 1900
St. L. Jacks.& Chic.—1st, 7s. 1894
1st mortg., 6s
Erie—1st, extended, 7s
Grand Rap.
98% 99
98% 100
Ask.
1st, cons., gold, 6s
1926
Eli*. C. A N.—S.f., deb., 6s. ..1921
Fl’t A P. Marq.—Mortg., 6s.
1893
1903
2d 7s
Bid.
SECURITIES.
Leh. A Wilkesb. Coal
1888
Milw. Lake Sh. A W.—Income
Mobile A Ohio—2d pref. deben
3d pref. debentures
4th pref. debentures
N.Y. L. E. A West—Inc., 6s..1977
Ohio Cent.—Min. Div.-Inc. 7s 1921
20
10
35
101
100
24
19
10
57
Ogdens. A L. Cham.—Income. 1920
Shenandoah Valley—Inc. 6s.. 1923
77
Free List.
Erie A Pittsbugh Ry,—Cons.7s,’98
Galv’u. H. AH. of ’82,1st, 5s..1913
W ab. F’d Int. Bds.—Tol. A Ill. Div. ,7s
Lake Erie Wabash A St. L
7s
112
75
CHRONICLE.
THE
816
New York City Banks.—The following statement shews the r
condition of the Associated Banks of New York City for the
week ending December
10, 1887:
Average Amount of—
Banks.
Loans and
Discounts.
Net Deposits
Legal
Specie.
other
than U.S.
lenders.
Circular
tion.
$
New York
Manhattan Co
Merchants’
Mechanics’
America
Phenix
10,460.000
9.741,000
City
9.140.900
2.638.300
i,2i8.’oo
18.628,300
3.231.200
6.664.700
1.766.700
7.699.800
8.144,000
11,441.100
Merchants’ Exch.
Gallatin National.
Butchers’ A Drov.
Mechanics’ A Tra.
Greenwich
Leather Manners.
Seventh Ward
State of N. Y
Amerlc’n Exch’ge.
Commerce
Broadway
Mercantile
Pacific
Republic
Chatham
Peoples’
North America....
Hanover
Irving
Citizens’
Nassau
Market
Bt. Nicholas
Bhoe A Leather...
Corn Exchange...
Continental
Oriental
Park
North River
East River....
Bowery
882.700
691.000
7,055,700
6,634,000
466.100
9.958.800
603,000
2.907.400
163.000
630,000
264,000
426.800
295.200
164.600
69,700
2,939,000
9,936,000
2.233.400
1.209.300
19.927,200
3.638.200
4.238.800
1.747,000
88,600
601.300
317.300
394.100
395.500
102,000
1,913.000
136.200
1,047,300
3.281.800
359,000
317.600
1.290.600
3.397.200
650.300
16.991.000 1,970,000
l7.306.000i 2.616,600
6.762.500 1.252.600
66^,800
106.400
287.000
7.662.500
2.444.900
8.194.600
1.325.100
502.900
1,556,000
4.332.600
1.878.300
2.770.900
10.3M7.700
2,700,000
2.664.900
2.381.300
3,170,2c0
664.900
403.800
180.200
County
German-Americ’n.
1.891.600
3,167.000
6.200.900
4.182.100
784.00c
Germania....
United States
Lincoln
Garfield
Fifth National
B’k of the Metrop.
West Side
Seaboard
Sixth National....
Western National.
186.800
644.700
390.800
99.300
335.800
521,000
235.400
217.200
297,000
198.100
61,100
267,000
291.00(1
674.600
352.000
616,000
662,200
211,000
4.123.600
88,800
305.600!
4*46,0*00
4.750.800
45,000
31,000'
45,000
39,000
45,000
414,000
2*66*4*0*6
225,000
180,000
67*566
3.573.900
89.800i
45,000
43,500
45,000
128,600
2.961.100
2.272.500
1.538.900
169.600
245.400
4.337.100
283,600:
1.964.100
171.100
2.575.100
2,010.400
6.567.900
352,943,600 68,359,60( 25,774,000 351,705,600
8,035,800
I
Total.
Boston Banks.—Following are the totals of the Boston banks;
1887.
Loans.
L. T’nders.
Specie.
9
No. 23 138,169.600
DC.
3 138,204,100
“
10 138.017,300
Deposits.* Circula’n.
3,258,500 104.897.800
3.344,200 106,357,000
8,031,800
70.338,050
7,811.100
8,513.700
3,276.600 104.330.800
7,604,701
06.641,145
87.336.177
9
$
Philadelphia Banks.—The totals have been
1887.
Nov. 23
3
Deo.
“
10
Agg.Cl’ngt
9
9.026,200
8,195.500
$
Lawful
Loans.
Mon’y
$
9
87.380,000
^6,555,300
87,166,bU0
22,666,600
22,580,200
22,155.200
Deposits.*
*
Agg.Cl’ngs
$
2.310.750
2.311.750
2.311,400
60,491,137
70,318,926
60,990,003
"Including the item “due to other banks.’'
Quotations in Boston, Philadelphia and Baltimore.
Following are quotations of active stocks and bonds. A
complete list is given in the Chroni cle the first Saturday
of each month.
Bid.
SECURITIES.
Ask.
HOHTON.
RAILROAD STOCKS.!
▲tonison a Topeka
92% 93
Boston A Lowell
*150
Boston A Maine
210
Boston A Providence....
245
California Southern
”4*6**
Central of Massachusetts
19*3
Preferred
39%
Chic. Burl. A North’n
60
8
Cleveland A Canton
Preferred
25
Eastern
116
2
Preferred
127
129
91
Fitchburg, pref
Flint A Fere Marquette.
27
Preferred
99*a
Kan. City Ft. 8. A Gulf
79
Preferred
K. C. Mempb. A Birm.
65
$
Kan. C. Bpnngf. A Mem.
79
Mexioan Central
13%
N.Y. A N. Eng., pref
{112
Northern
5139
a
Old Colony
174
Wisconsin Cet tral
16
17
Preferred
BONDS.
Atoh. A Topeka—1st, 7s.
119*3
ColL Trust, 6s
89 *s
89%
...
.....
..
..
Plain, 5s..1
Mortgage, 5s
Trust, 0s
Bast’rn, Mass.—0s,
Ex-dividend,
SECURITIES.
t£. C
*50
i 88
{ 97
new..
......
106
120
12 L
t Per share,
Bid.
Fort Scott A <4.—7s
Ask.
115
K.C. Merapli. A Binn—5s
"go**
K. City wp’d A Mem.—0s 110*4 110*3
i.C. Clint. A Springf.—5s 110
110*3
Little R. A Ft. 8.—7s
5109
101
Lonisv.Ev.ASt.L.—1st, 6s
2d mort., 2-6s
53*4
Mar. H. A Ont.—1908, 0s,
96
1925, 0s
§
Mexican Central—4s
66*3
income
20
N Y.A N. Eng.—1st, 7s..
121
1st mort., 6s
? 1*1*2*"
2d mort., 6s
104
$
Southern Kansas—6s
96
Texas Division—5s
89
Incomes
'*78**
Wiscon. Cent. -1st ser.5s
**9*6 *
2d series, inc., 7s
{ 47
PHILADELPHIA.
RAILROAD STOCKS.!
Buff. N.Y. A Phil.,ass.pd.
Preferred
10%
10
Lehigh Valley
55
Little Schuylkill
Northern Central
01*4
88^
Phila. A Reading
West Jersey
RAILROAD BONno.
Ino. 7s, end., coup.,
i Last prloe this week.
|
59
,
,
’94.'
116
110
21
90^
33*4
33 %
AUegh. Val.—7 3-10s, ’88
7s, E. ext., 1910
83
$ Last price this week.
BANKS.
Bid.
180
140
175
America...
Am. Exch.
BANKS.
Ask
260
Butchs’A Dr 104
130
Central
210
Chase
Chatham.... 215
Chemical.... 3050
Citizens’....
Gallatin
Garfield
Germ’n Am..
Germania.
Greenwioh..
Hanover....
Ear. A Trad’s’
30*6**
Commerce
Continental.
Corn Exch...
East River..
11th Ward..
Fifth Ave...
..
135
3300
142
124
205
195
130
150
750
First........ 1600
Fourth
140
Falton
155
200
20J
113
200
115
182*3
_
_w ^
Leather Mfs* 190
Manhattan.. 160
172
Market
Mechanics’. 108
M’chs’ATrs’ 145
Mercantile.. 148
Mercnants’. 142
205
165
180
......
170
146
122
20
155
M’rch’ts’Ex.
18
150
Metropollt’n
147
-
345
......
Nassau
New York
215
..
BANKS.
Bid.
V. Y. Count' 200
N.Y. Nat.Ex
337
145
Irving
160*9 170
Ask.
Bid.
Insurance Stock
Ninth
1*3*6**
N. Amerloa. 120
North Riv*r. 130
Jriental.... 185
P \ciflo..
160
Park
108
1M0
People’s.
Phenix
121*4
■tepublio ... 139
St.Nioholas. 120
7th Ward... 150
Second
230
ShoeALeath 145
StateofN.Y. 115
Third
Tradesmen’s 104
United St’es 210
Ask
128
170
170
...
126
150
120
105
List.
[Quotations by E. S. Bailey, 6*3 Pine St.]
COMPAN’8
Alliance
Bid.
1
1
Ask.
150
165
100
175
125
120
125
100
45
100
230
250
ICO
110
120
100
100
320
140
American... 150
160
Bowery
Broadway... 160
110
Brooklyn
Citizens’.... 110
117
City
95
Clinton
38
Commercial.
Commonw’h. 80
Continental. 215
240
Eagle
Empire City 90
Exchange... 95
Farragut.... 110
Fire Asso’n.
90
Firemen’s...
German-Am. 300
....
...
and
COMPAN’S. Bid.
Ask.
COMPAN’S.
Germania... 145
158
Montauk....
Globe
Greenwich..
Guardian
Hamilton
Hanover....
Home
Howard
Jefferson....
122
215
70
125
135
138
65
120
200
•85
100
100
85
125
90
70
100
Nassau
115
200
50
...
..
....
Kings Co....
Knickerb’kr
Liberty
Loug Island
Lafayette...
Manuf’c.A B
Mechanics’ *
Mercantile..
Merchants’.
City
112
125
132
65
110
180
80
90
90
75
115
80
55
90
Bid.
70
140
National.... 90
N. Y. Equit. 150
N. Y. Fire
80
150
Niagara
..
North River
Pacific
90
160
Cooper ieo
90
People’s
Pet’r
100
Phenix
130
Standard.... 102
Sterling .... 70
Stuyvesant 110
United St’es 140
Westchester 140
Williamwh’v 200
Rutger’s....
Ask
80
146
106
160
95
185
100
180
170
100
105
137
110
80
125
150
150
280
Railroad Stocks and Bonds.
[Gas Quotations by Geo. H. Prentiss A Co., Brokers, 49 Wall Street]
COMPANIES.
Bid.
100
50
100
Brooklyn Gas-Light
Citizens’ Gas-Light
Bonds, 5s
Consolidated Gas
71*4
Jersey City A Hoboken... 100
114
Metropolitan—Bonds
Mutual (N. Y.)
90
100
Ronds, 6s
N assau (Bklyn.)
96
95
Scrip
AskP
102
65
103
72
93
102
97
GAS COMPANIES.
,
Bid.
Ask.
61
People’s (Bklyn.)
Williamsburg
Bonds, 0s
Metropolitan (Bklyn.)
M nniclpal— Bonds, 7s
Falton Municipal
Bonds, 6s
Equitable...
Bonds, 6s
111
80
110
130
100
116
113
98
[City RR. Quotations by H. L. Grant, Broker, 145 Broadway.]
follows:
Circula’n
$
85,324,800
84,758.000
84.004,700
as
3ds, 3-4s
1st Inc., 5s, 1931
......
Bank Stock List.
«Na»
42,100
180,000
45,000
37.400,
915,800;
......
37,000
81*6*0*6
3.439.200
3.992.300
2.062,800
243.7001
445.300
302,200
867,tOO
193.600
393.500
440.100
970.100
3,398,000
5.500.200
6.320.400
162,)00|
578,800
347.4001
+ Per share.
......
New York Local Securities.
..
428,300
BALTIMORE.
RAILROAD STOCKS.f
103
Baltimore A Ohio
1st pref
2d pref
111*4 112*3
127% 128*4 RAILROAD BONDS.
114
Baltimore A Ohio—4s....
Cin. Wash. A Balt.—lets.
101*3
109
109*3
2ds, 5s
2d, 7s, coup. A reg., 1893
Cons., 7s, coup., 1911..
Cons., 6s, g., I.R.O.1911
Imp., 0s, g., coup., 1897
Gen., 8s, g., coup., 1908
Gen., 7s, coup., 1908
110*4
82*4
Income, 7s, coup., 1890
City
45,000
40,700
45,000
1,006,000
2,590,000
2.054,900
2.358.400
210.800
994.600
7 66,i 00
44,400
4.388.900
217.800
178.500
42,200
5.174.200
259.200
132.800
132.900
46.000
17.739,600
930.100
136.100
537.400
1.340.100
760.500
992,900
899,200
Deferred incomes, cp...
11434
4*38, Trust Loan....
Perkiomen—1 st, 0s,cp.*87
Phil. A R.—1st,0s, 1910..
Ex-dividend.
SECURITIES.
130
133
Cons.^ 5s| reg.*, 1919
Broadway.
346,V00
1,178.900
4.416.100
1.269.100
418.400
412.600
’*2*600
530,600
142,000
266.000
1,311,80<>
1,223.000
990.900
2,202,000
1,045,400
2.436.300
1.317.500
2.965 900
13.074.00n
11,800,600
6,557,000
7,300.000
2.731.200
8.343.100
4.396.400
2.601.800
3.156.400
11 870.700
2,764.000
3,343.700
2.679.800
2.921.500
1.668,000
Ask.
104% 105% Phila.A Read’g (Cont'd) —
97
Cons. 5s, 1st ser.,0.,1922
120
118
Cons. 5s, 2d ser.,0.,1933
130
136*3
Debenture coup., 1893.
Leh.V.—lst,6s,C.AR.,’98
2d, 7s, reg., 1910
Cons. 08. C.A R., 1923.. 129
Penna.—Gen., 0s, op., 1910 130
ConB., 6s, coup., 1906...
523.400
180,000
3,303,800
Bid.
Cam. A Amb.-M., 6s,’89
Col. AC. M.—1st,08.1914
263,800
17.527 600
7,927,000
3.943.000
16,772.000
7,449,000
3,349,000
4.990.600
20,066.300
122.700
8ECUKITIES.
*
986*9*00
154.700
3,230,700
90,000
19,464.100
20.971.000
1.890.100
1,039.800
922.800
1,108.000
672.000
46,000
2,060.100
1,183,400
4.602.900
74.8U0
158.500
2.600.600
6,063,600
3.421.600
2.269.800
2,382,000
3.623.200
2.383.300
1,890,400
1.406.800
3.631.600
1.782.600
2.251.900
1,860,000
7.953.900
Chase N ational....
Fifth Avenue
German Exch’nge.
202,200
1,058.000
1,038 O0n
273.000
468.800
493.100
832.600
239.700
670.700
2.392.800
2.143.200
N. Y.
121.400
260,000
70.000
3.369.900
201.000
2,036.400
i,062,900
Fourth National..
Central National..
Second National..
Ninth National....
First National
Third National....
N. Y. Nat. Exch...
733,000
10,544.000
724.300
17,744,400
17,336,700
45,000
9,900.000
.
6.026.700
1.970.100
Importers’ A Trad.
780.000
1.107,000
1.636.100
3,066.000
Tradesmen’s
Fulton
Chemical
$
1,860.000
2,409,000
1.180.400
[Vou XLV.
Broker st. A Fult.F.—stk.
26
1st mort. ,7s, 1900
112
28
114
ir’dway A 7th A v.—St’k..
1st mort., 5s, 1904“
175
104
2d mort., 5s, 1914
B’way Snrface bds.,.1914
Bonds guar., 5s. 1905
Brooklyn City—stock
1st mort., 5s, 1902
8klyn. Crosstown—Stock.
1st mort., 7s. 1888
8ushw’k Av. (Bklnj—St’k
...
102
103
T
116
106
160
102
160
C mtral Crosstown—Stk.. 150
1st mort., 6s, 1922
116
78
’ent. Pk. N.A E.Riv.-Stk
120
Consol., 7s, 1902
125
Ohrist’phr&lOth St—Stk.
111
Bonds, 7s, 1898
'try Dk. E.B. A Bat’v—Stk 150
110
1st mort., 7s, 1893
105*3
r
80
80
120
no
160
105
155
100
120
81
121
130
113
155
112*fl
D. D. E. B. A B.—
Scrip, 6s 104
158
108
Scrip, 6s, 1914
42*1 A Gr’nd St. F’ry—Stk 200
112
1st mort., 7s, 893
42dSt. Marih. A St. N.Ave 36
108
1st mort., 0s, 1910
50
2d mort., income, 0s
loust. W.St.AP. F’v—Stk. 155
110
1st mort., 7s, 1894
1(6
Ninth Ave
Eighth Av.—Stock
118
105
S-Joond Av.—Stock
1st mort., 5s, 1910
Oonsol., 7s, 1888
Sixth Av.—Stock
lit more.,7s, 1890
Third Av.—stock
170
110
220
103
Bonds, 7s, 1890
Tw ‘uty-thi) <i ^r.— stook.. 210
112
1st nor’., 7s, 1893
....
...
107
162
110
210
117
41
109 *i
60
112
108
120
107
100
180
116
230
106
220
114
Unlisted Securities.—Quotations from both Exchangee:
securities.
Am. Bank Note Co
Atlan, A Char.—Stock
Bid. I Ask.
23
30
87
122
SECURITIES.
Mexican National tr. rec.
1st mortgage, tr. rec
Bid.
7
37
Ask
0
41
11
All. A Char. Air L., 1st, 7s 119
»7s
Newp. N. A Miss. Val ...
At.APac.-lstM.C.D.od 6s 91
100*3 N. V. M. LJn. Tei.—Stock. 80
26
100
Host. H. T.A West.—Stk.
North. Pac.—Div. bonds..
106
43
Ocean 8teara.Co.,lst guar. 102
Brooklyn Elev’d—stock.. 41
Cape Fear A Yad.Val., 1st 94
Orange Belt 1st
8
Ches. AO., ser. B.def. scrip
17
Pensacola A Atlantic....
02
Chic. A Atl.—Ben., tr rec.
7
1st mort
7%
Chic. Gas Trust
38*9 39% Pitts. A West. RR —Stock 33
74
Chic. Santa Fe A Cal. 5s..
1st mortgage
30
Ciun. A Springfield
Postal Telegraph—1st, 6s. 25
90
Rich. York Riv. A Ches..
Cont. Cons. Co. Tr. stock.
Den. A Rio Gr. W.—St’k.
12
Rome A Decatur, IstM., 6s
Dul. S. Shore A At.— Stk.
9
St. Louis Ft. S. A Wich..
103
Pref
23
St. Paul E.A Gr. Tr., 1st 08
Edison Electric Light.... 170
St.P M AMan Mon.Ex.4s
15
Fla. R.y. A Nav. Co., pref.
2
2% Southern Tel.—1st M
24
19
Tol. A. A. A N. Mich
Georgia Pao.—Stock
40
30
1st 6s
107% 108*3 U. S. Electric Light
47
50
Utah Central.—1st
2ds..
Henderson Bridge—Stock
*4
97
Vicksb. A Meridian
Kanawha A Ohio
Pref
*4
80
1st pref
13
1st
10
mort
45
2d mort
2d pref
6
0
1st 6s
05
Incomes
,
Kan. City A Omaha
West Va. RR.—1st, 6s...
5
95 *9 90 *t
1st mort
74
75
Westorn Nat. Bank
96
10
West N. Car—Con. M...
Keejy Motor
Mer. Nat-Construot’nCo.
24
28
*75
December
THE CHRONICLE.
17,1887.]
817
Latest
investment
Earnings Reported.
Roads.
Week or Ho
1887.
Jan. 1 to Latest Date.
1886.
1887.
AND
axlraad
$
Kentucky Cent. 'October...
Intelligence.
Keokuk & West.
Kingst’n & Pern,
Knoxv. & Ohio
Lake E. & West.
Lehigh* Hud...
L. Rock & Mem.
.
The Investors’ Supplement contains a complete exhibit oj
the Funded Debt of States and Cities and of the Stocks and
Bonds of Railroads and other Companies. It is published
on the last Saturday of every other month—viz., January,
March, May, July, September and November, and is fur-
R.&D
Long Island
Lou. & Mo. Riv..
Louis.Ev. ASt.L.
Louis v. &Na8hv.
Lou.N.A. ACliic.
Louisv.N.O. &T.
'4thwk Nov
list wk Dec
Septemb’r.
1 st wk Dec
November.
4thwk Nov
2d wk Dec
August
.
1st wk Dec
1st wk Dec
1st wk Dec
1st wk Dec
8,498
2,239
7,423
41,029
36,866
14,403
30,241
35,765
33,529
25,347
343,155
37,527
61,391
November
7,244
9,254
1st wk Dec
1st wk Dec
1st wk Dec
52,241
120,000
155.836
42,067
18,682
146,017
17,521
37,448
66,326
271,281
259,625
8,972
*Mex. N. (all Ins) November.
Mil. L.Sh.A West. 2d wk Dec
Milwaukee & No. 1st wk Dec
RAILROAD EARNINGS.
92,261
58,455
...
Minneap. & St. L. October...
Min.St.Ste.M&A Septemb’r.
$
104,797
51,945
Lykens Valley.. October...
nish°d without extra charge to all regular subscribers of the Mar. Col. & No..
Chronicle.
Extra copies are sold to subscribers of the Mar.Hough. AO.
Memphis AClias.
Chronicle at 50 cents each, and to others at $1 per copy.
^Mexican Cent
$
1886.
$
884,493
294,362
765,051
279,959
1,635
1,920,819 11,617,806
"
20,369
26,739
42.306
213,274
769,117
198.035
1.966,718
623,987
57,569
1,554,528
676,553
3,134,991 2,901,360
49,540
386,670
350,263
15,546
933,240
788,515
290,810 14,920,513 12,990.639
37.307 2,107.809 1,747,092
46,174
2,989
8,400
43,857
87,844
144,022
46,655
13,991
150,911
633,994
1,022,831
1,602,450.
4,457,235
1,599,0003,074,498.
959,6*79
1,310,698
3,504,570
1,588,323
2,234,397
904,959]
603,681
1,217,290 1,238,581
7,169
Minn. & No. West. 1st wk Dec
14,330 1,392,454
476,884
Miss. & Tenn
November
60,099
earn¬
439,732 -3? 382,450
Mobile & Ohio
November.
254,781 2,243,050 «1,937,435
ings
to
date are given below Nash. Ch.&StL. November.
213,769 2,780,435\\2,170,826
Nevada Cent.... August....
5,097
for all the railroad companies from whom reports can be ob¬
52,689
38,584
New Brunswick. October...
86,974
84,945
677,102!^ r674,202
N.Y. Cen. &H.R. November.
tained.
~~
3,256,304 2,885,832 33,067,003 29,705,953
N.Y. City * No.. Wk. Oct. 8
11,358
12,473
441,664!
419,243
cN. Y. L. E. * W October.
2,309,215 2,234,859 20,251,052 18,968,847
Latest Earnings Reported.
Jan. 1 to Latest Date.
N.Y. * New Eng. October.
469.883
459,509 3,572,583; 3,366,154
ROADS.
N.Y. Ont.&W... 1st wk Doc
27,394
Week or Mo \
20,619 1,459,329 1,259,448
1887.
1886.
1887.
1886.
N.Y. Phil.&Norf. Septerab’r.
43,574
36,623
389,607
317,988
N.Y. Sus. & W... October.
131,469
109,868 1,129,632
$
$
909,159
$
$
Norfolk & West. 1st wk Dec
103.488
53,658
3,930,677
Allegheny Val. . October...
192,679 173,598 1,676,230 1,495,308 N’theastm
3,022,729
(S.C.) October...
55,108
57,471
Atch. T. A S. Fe. November. 1,646,310 1,715,554 16,954,645 14,455,577
454,663
447,549
Northern Cent’l. October...
501,294
516,825
Atlanta* Char. October.
5,180,483! 4,523,659
153,891
117,038 1,064,210
940,499 Northern Pacilic 1st wk Dec
292,460
229,378
Atlantic & Pac.. 1 at wk Dec
41,149
12,927,316 11,659,264
2.438.586
Ohio & Miss
1st wk Dec
94,094
77,557 3,880,114 3,608,470
Balt. & Potomac October
133,628
130,698 1,197,533 1,116,827 Ohio River
wk Dec
1st
9,513
4,453
October...
306,255
Beeoh Creek
182,106
72,816
60,309
607,656
500,269 Ohio Southern. November.
60,153
59,982
Brunsw’k AWest Septemb’r.
532,771
28,166
475,918
251,589
Omaha & St. L
Septemb’r
36,631
34,632
Buff. N.Y. & Phil 1st wk Dec
54,800
42,70*0 2,631,079 2,418,617 Oregon Imp. Co. October...
431,819
303,983 3,403,250 2,448,724
Buff.Roch.A Pitt 1st wk Dec
40,276
31,143 1,855,878 1,338,837
November.
Oreg.
Co.
R.
&N.
613.488
518,000 4,819,839 4,941,810
Bur.C.Rap.* No. 4thwkNov
86,498
84,967 2.700.587 2,626,530
Pennsylvania.
October... 4,989,521 4,737,351 46,043,195
Cairo V. * Chic 1st wk Dec
14,121
13,452
41,603,634
711,292
608,998 Penn. Company.
Cal. Southern... 1st wk Dec
29,418
20,955 1,352,118
671,245
No. West. sys.. Septemb’r. 1,742,095
1,452,805 J13,478,102 11,230,602
iCamdan & Atl’c October
37,520
37,048
610,302
537,688
So. West. sys.. Septemb’r.
1,274,380 1,145,353 10,338,376, 8,595,016
Canadian Pacific 1st wk Dec
274,000 203,000 10,709,435 9,390,702 PeoriaDeo.AEv.
1st wk Dec
14,054
15,855
Cp.F’r AYad.Val November.
26,959
21,408
795,417]
752,646
249,947
205,883 Petersburg
(October...
29,494
27,163
Carolina Cent... October
294,872’
60,113
63,106
297,877
Phila. & Erie
| October... 368,619 371,521 3,340,570 3,069.283
Central of Ga... 1st wk Dec
126,153
106,542 6,017,246 5,570,555 tPhila. A
Read’g.; October... 2,085,791 1,961,676 18,089,322 16,156,017
Central Iowa
November.
139,897
123,845 1,219,874 1,196,888
Coal & Iron Co. October
2,321.204 1,735,217 15,860,486
Central of N. J..
Gross Earnings to Latest Dates.—The latest railroad
and the totals from Jan. 1
latest
..
....
...
...
Septemb’r. 1,042,420 1,095,503
Septemb’r. 1,340,854 1,146,367j
October...
10,3851
10,213
October...
41,284
41,923!
October...
10,968
11,233
Chesap. &Ohio. November.
412,123
358,551
Eliz.Lex.AB.S. November.
89,858
99,573
Ches. O. & S. W.. November.
178,983:
205,777
Cheshire
Septemb’r.
73,964
75,579
Central Pacific
Central of S. C.
Charlest’n ASav
Cheraw & Dari
.
Ches. & Lenoir..
Chic.* Alton...
Chic. A Atlantic
Chic. Burl. & No.
Chic. Burl. * Q
Chic. & East. Ill.
Chic. & Ind. Coal
Chic. Mil. ASt.P.
Chic. & N’thw’n.
Chic. & Oh. Riv.
Chic. St.L.&Pitts
.
October
7,674
...
Septemb’r.!
1st wk Dec'
October
October
I
...
...
Chic.St.P. AK.C.|4thwk Nov
Chic. St.P.M.AO. October ..J
Chic. AW. Mich. 1st wk Dec!
Cin. Ham. & D. Septemb’r.
j
Cin.Ind.St.L. AC. 4tliwk Nov,
Cin.Jack. A Mac. 4thwk Nov!
Cin. N. O. * T. P. 1 st wk Dec1
Ala.Gt.South
1st wk Doc'
N.Orl. & N. E 1st wk Dec;
Vicksb. & Mer. 1st wk Dec;
Vicks. Sh. & P. 1 st wk Dec
ErlangerSyst, 1st wk Dec
Cin.Rich. AFt.W. 1st wk Dec
Cin. & Spring’d. November.1
Cin.Wasli.ABalt. 1st wk Dec1
Clev.Akron ACol :4th wk Nov
Clev. * Canton -October...
j
Clev.Col.C.A Ind .November, j
Clov. & Marietta 1st wk Dec
Cceur d’Alene... October
j
Col. & Cin. Mid 1st wk
Dec!
Col. Hock. V. AT. 1st wk I)cc
Denv. * Rio Gr 2d wk Dec
Oenv. * R. G. W. 1 st wk Dec!
...
.
Det.Bay C.&Alp.
Det.Lans’gANo.
Det.Mack.AMar.
E.Tenn.Va.&Ga.
October
I
1st wk Dec
...
1st wk Dec,
1st wk Dec ‘
Evans.* Ind’plis 1st wk Dec1
Evansv. * T. H. 1st wk
Decj
Flint
Georgia Pacific 11st wk Dec
Gr.Rap. & ind. .list wk Dec1
.
•f 1,9(52
'
5,160
545,356
10,845
776,070
25,134
301,241
62,030
10,976
62,761
33,641
18,218
15,072
19.027
148,719
8,336
101,135
47,785
13,071
40,100
396,675
6,754
18,034
7,795
61,801
160,000
20,775
38,201
20,041
9.112
113,652
23,155
281,947
61,429
10,655
50,709
’*6,658
71,900
146,588!
20,375
28.002!
20,657'
6,070'
Hous.&Tex.Cen.-3d
387,200
96,426
280,313
91,422
70,517
44,615
18,560
33,298
58,570
28,438
66,216
54,406
106,994
5,882!
9.507
37.489
wk
...
..
t?!t ?ec*
& Spr.
& St.
November.
Louis. 4thwk Nov
w* Octol>er
A Gulf. 4thwk Nov
9' ®P* & M 4thwk Nov
C. Cl. & Sp. 4thwk Nov
T^-Ft-S.
...
2,043,702
1,979,301
1,533,224
1,329,516
2,458,209
2,444,135
442,092
3,142,216
1,310,487
2,157,986
2,354,586
376,917
2,661,776
1,109,506
593,338
468,371
459,179
5,292,170
356,211
1,028,202
310,400
2,543,787
7,583,786
1,095,022
404,574
1,075,748
383,162
2*9*7,’i *63
2,151,161
6,396,040
973.175
188,668
1,139,527
237,382
335,410; 16,723,415115,727,389
39,243'
Nov!
97,194
Humest’n AShen October... j
13,004
16,727
^•Cen. (Ill.*So) November. 1,168,8e0
1,038,599
CedarF.&Min. October
10,959
17,168
j
1,546,450
468,808
84,514' 4,919,901 3,947,106
3,740!
219,815
183,351
15,8901
817,025
714.175
43,100 2,404,099! 2,010,304
28,645!
978,683]
875,377
661,926!
13,636]
412,866
17,818] 1,142,440!
765,834
45,254 2,218,029 1,940,083
326,503
...
Gulf Col. & S. Fe.
[November.!
t
493,422
856,684
23,834 1,450,912
14,726!
646,361
11,482!
509,421
13,516
555,476
114,267 6,304,389
7,3721
387,606
96,967! 1,082,191
39,226! 2,065,997 1,866,003
11,834!
514,373
495,558
33,816 i
311,479
296.973
355,960 4,171,954 3,783,496
5,145
287,305
255.973
Grand Trunk
Wk. Dec. 3 j
Gn.Bay W.ASt.P October...
...
3,755,867
5,298
379,6621
501,86623,394,667 22,970,028
2,810,966 22,298,973 20,811,685
7,131
62,128
64,231
465,637 4,775,684 3,936,689
7,043
652,650 5,625,085 4,953,645
46,390
32,693
20,564
31,550
37,514
1 st wk Dec:
October...
Jfa^8 & 8- C. October
®J00ni- & W. 4thwk Nov
IP* & I°wa October
4,100,274
993,587
1,795,182
10,543
545,500
14,766
Marq. 1st wk Dec
Fla. R.&Nav.Co. 1st wk Dec!
Dub.&SiouxC.
392,507
717,414 6,489,535 5,756,160
4.905
& P.
Ft.W.&Den.City
403,295
7,729,723
842,062
42,338
192,888
...|2,786,216
November.!
October
8,799,622
'2,774.922 2,776,774 23,065,857122,103,637
52,932
42,341| 1,926,540, 1,657,514
...
1st wk Dec
1st wk Dec1
1 st wk Dec!
October
6,(576
8,626,374
9,857,542
»
79,731
51,518
386.590!
2,572,007
2,574,789
128,649
10,624,042
100,298
686,678
547,791
2,408,721
11,622
170,219
42,511
381,094
1,989,524
53,771
29,386
71,414
52,332
279,279
2,039,525
2,540,176
130,260
9,663,466
143,234
783,723
521,406
2,332,837
100,380
387,801
2,475,922
1,855,629
1,706,614
213,835
2,285,456
1,393,619
237,053
216,586
366,681
..
.
.
..
...
12,613,692
Tot.bothCo’sOctober... 4,406,996 3,696,894 33,949,808
28.769,709
Pitts. A West’m. list wk Dec
42,917
39,513 1,901,415 1,469,457
P’rtRo val * Aug. October
30,659
35,201
266,251
257,413
Pt.R’al* W.Car. October...
~
'
37,748
30,670
...
...
R&W.P.Ter. Co-
Rich. A Dauv. November.
Va. Mid. Div.. November.
C. C. & A. Div. November.
Col. * Gr. Div.!November.
WestN. C. Div.'November.
W. O. A N. Div. November.
Ash. ASp. Div. November.
l’sdr’d8. 1st wk Dec
Rich.* Petersbg. October...
Rome W. &Og.. October...
St, L. A It. AT. H. 4tliwk Nov
Branches
1st wk Dec
St.L. Ark. A Tex. 1st wk Dec
St.L. A San Fran. 1 st wk Dec
St. Paul A Duluth 1st wk Dec
St.P.Min. AMan.lNovember.
S. Ant. A, Ar.Pass.
jNovember.
Scioto Valley
! October...
Scab’rd A Roan.'October
..
Shenandoah Val'November.
South Carolina
October
.
So. Pacific Co.—
465,800
138,500
421.974 4,073,600 3,720,077
129,600 1,491,883 1,430,864
85,161
765,175
716,139
68,050
487,890
555,431
48,277
493,800
8,600
4,100
66*8*13
*38*2*18
161,900 7,865,497 7,235,968
18,575
190,409
176,120
91,600
64,400
56,000
10,900
9,000
206,200
19,322
315,991
58,570
299,343
53,771
19,700
18,448
638,050^
73,694
53,406
139,977
28,203
102,648
25,700
1,169,843
84,000
810,514
23,184
65,647
72,932
71,053
138,382
134,807
75,919
75,802
77,166
2,672,196
2,395,774
1,989,524 1,706,614
884,336
733,837
2,466,051 1,635,298
5,774,204 4,473,234
1,577,994 1,468,134
7,839,963 56,727,178
500,766
655,500
56 80*3
827,8*2*1'
6*86*339
974,820
909,021
I
Gal.Har.AS.A. October...
355,540 220,236 2,741,098 2,140,818
Louis’a West.. October...
81,198
52,011
689,034
521,268
Morgan’s LAT. October
554,115
398,345 3,508,943 3,297,362
N. Y. T. A Mex. October...
16.633
17,729
141,833
128.989
Tex. AN. Orl..
86,785 1,040,046
j October... 122,125
801,097
Atlan’c system'October
1,129,611
775,106 8,121,034 0,889.535
Pacific system October... 2,669.820 2,200,706
22,055,126 19,415,436
Total of all.. October.
3,799,431 2,975,812 30,176,158 26,304,971
So. Pac. RR.
No. Div. (Cal.) Septemb’r.
157,040
184,431 1,284,620 1,164,880
So. Div. (Cal.) Septemb’r
256,059
318,421 2,927,183 2,397,923
Arizona Div ..iSeptemb’r,
122,173
113,183 1,209,491 1,133,856
New Mex. Div Septemb’r
55,702
49,201
...
.
_.
Spar. Un. ACol. October...
9,101
540,478
9,510
59,205
501,140
63,929
Staten Is.Rap. Tr November.
51,500
50,185
802,066
743,776
Summit Branch October
288,697
118,560 1,088,635
511,651
Texas A Pacific. 1st wk Dec
141,633
150,007 5,664,404 5,484,439
Tol.A.A.AN.M’h 1st wk Dec
11,650
9,188
492,226
345,410
Tol. A Ohio Cent. 1st wk Dec
25,420
20,641
998.315
765,568
Tol. P. A West ..1st wk Dec
21,111
20,563
893,244
814,091
Union Pacific
October
2,934,466 2,755,154 23,716,309 21,585,212
■
..
...
.
Valley of Ohio.. October...
Wab. Western... 1st wk Dec
Wab., E. of Miss
iWest Jersey—
Wil. Col. A Aug
Wheeling A L. E.
Wisconsin Cent’l
Chic. Wis. A M.
Min. St.C. A W.
Penokee Br...
Wis. A Minn..
October...
October
October
...
...
1st wk Dec
1st wk Dec
1 st wk Dec
1st wk Dec
1st wk Dec
1st wk Dec
60,237
109,204
679,753
104,208
81,057
15,310
After
509,871
5,179,704
96,5*96
543,229
6,085,742
5,763,941
1,271,361
73,145
604,218
12,460
689,924
32.221
1,982,802
6,667
550,461
545,339
1,443,357
7,975
599
6,103
621,386
477,342
27 i *3*93
5,882
5,6871
276,924
181,184
deducting earnings paid
* Mexican
currency.
over to
leased roads operated
centage basis.
tNot including Central of N. J. in either
year.
H Including Ind. A St. Louis.
Latest
Gross
1,1*73*7*37
36,411
9,447
J And branches.
c
65,734
119,215
on a
per¬
Earnings by Weeks.—The latest weekly
earnings in the foregoing table are separately summed up
below.
THE CHRONICLE
818
first
and
though eight of these show losses, the gains on the remainder
are sufficiently heavy to make the aggregate increase nearly
[Vol. XLV.
YEAR BEGINNING JANUARY 1.
The returns still continue very satisfactory. For the
week of December we have reports from 69, companies,
18 per
cent.
$
42,700
31,143
13,452
$
12,100
9,133
20.955
8,403
203,000
100,542
41,902
42,341
5,298
501,860
23,155
50,709
23,834
14,720
11,482
13,510
7,372
39,220
5,145
0,058
71,900
140,588
20,375
71,000
19,011
$
54,800
Buffalo N. Y. & Phila
Buffalo Rocli. & Pittsburg.
Cairo Vin. <fe Chic....
40,270
14,121
29,418
274,000
California Southern
Canadian Pacific
Central of Georgia
120,153
42.338
Chicago & Atlantic
52,932
10,543
545,500
Chic. & East III
Chicago <fc Ind. Coal
Chicago Mil. & St. Paul.
Chicago & West Mich
25,134
Cin. N. O. »fc Texas Pac...
Alabama Gt. Southern
New Orleans <fc N. E
62,701
Vicksburg & Meridian..
15,072
19,027
33,041
18,218
Vicksburg Shrev. & Pac.
Cin. Rich. A F. W
Cin. Wash. &. Balt
Cleveland & Marietta....
Col. & Cin. Midland
Col. H. Val. & Toledo
Den. <fc Rio Grande
Denver & R. Grande West
Detroit Lans. & North...
Detroit Mack. & Marq...
East Tenn. Va. & Ga
Evansville <k Ind
Evansville & T. H
Flint &Pere Marquette..
Florida Rjr. & Nav
Fort Worth & Denv. City.
8,330
17,785
6.754
7,795
61,804
155,500
20,775
20,041
9,112
113,052
4,905
14,700
40,390
32,093
....
120,504
Georgia Pacific
31,550
37,514
326,503
2,239
30,800
54,774
25,347
343,155
37,527
01,391
9,254
52,241
120,000
47,037
18,082
37,448
27,394
103,488
292,400
Grand Rapids & Ind
Grand Trunk of Canada..
Kingston & Pembroke
..
Lake Erie <fc Western
Long Island
Loulsv. Evansv. & St. L..
Louisville & Nashville....
Louisville N. Alb. & Chic.
Louisv. N. O. & Tex
Marquette JEIough. <fc Ont.
Memphis & Charleston..
«
Mexican Central
Milwaukee L. 8h. & West
Milwaukee & Northern..
Minnesota & Northwest..
New York Ont. &West...
Norfolk & Western
Northern Pacific
Ohio & Mississippi
Ohio River
.Gross.
Net...
Rich. &1). («fe leased lines)
St. L. Alt. «fe T. H. Brchs.
St. Louis Ark. & Texas...
St. Louis & San Fran
St. Paul & Duluth
Texas & Pacific
Toledo Ann A. & No. Mich
Toledo & Ohio Central
Tol. Peoria & Western
25,420
21,111
109,20-1
15,310
30,411
9,447
7,975
5,882
Wabash Western
Wheeling & Lake Erie...
Wisconsin Central
Chic. Wis. & M
Minn. St. C. & W
Wis. & Min
370
$
Net...
v......
-
9 m 9 r
Road.
Whitebreast Fuel Co.Net...
Gross.
Net...
10,096
Chicago & Alton
Net...
Roads.
87,844
37,105
32,150
854
7,740
14,330
20,010
53,658
229,378
77,557i
4,453
!
15,855
39,513
101,900
18,448
53,400
102,048
$
Roads.
Nashv. C. & St. L
....
....
*
Roads.
1,872
1887.
$
1886.
$
130,370
04,608
109,552
50,700
*
$
213,709
91,272
/—July 1 to Nov. 30.—%
1887.
1886.
$
1,320,150
599,955
$
1,090,023
450,280
1.
,—Sept. 1 to Oct. 31..-%
1-87.
1836.
$
$
Central of Georgia...Gross.
865,121
802,020
1,041,556
1,385,477
Net...
482,540
411,523
820,807
090,308
YEAR BEGINNING DECEMBER
October.
1887.
1886.
$
$
Roads.
Gross.
Oregon Imp. Co
Net...
431,819
100,137
1.
Dec. 1 to Oct. 31
1880-7.
1885-6.
,—
,
$
$
.
303,083
80,905
3,007,720 2,059,818
665,424
1,025,592
.......
ANNUAL
REPORTS.
.......
New York Ontario & Western Railway.
(For the year ending September 30, 1887.^
.
.
.
n
,
10,011
6,1 o:
5,087
$
5,756,160
2,484,801
1.
October.
,
1887.
1880.
$
$
,
/
2,850
4,19(
2,780
109,905
........
548
32,221
0,067
Not...
........
8,374
2,462 |
4,779 ;
$
24,231
13,904
YEAR BEGINNING SEPTEMBER
........
1,801
25.700
259,025
........
3,404
44,300
1,252
20,288
37,329
2,503
150.007
9,188
20,641
20,503
119,215
12,400
...Gross.
1886.
—April 1 to Oct. 31.-*
.
November.
1887.
1886.
,
-
9,872
4,091
23,118
6,775
49,830
03,082
10,537
5,000
13.991
Net...
........
8,907
8,384
$
29,128
15,474
Cape Fear & Yad. Val.Gross.
$
0,489,535
2,885,218
1880.
YEAR BEGINNING JULY
004
43,857
-
1.
October.
.
1887.
13,732
220
1887.
$
777,414
355,839
YEAR BEGINNING APRIL
1,124
•
-Jan. 1 to Nov. 30
1887.
1886.
$
$
_
016
15,217
501 803
.......7
1886.
842,002
363,580
Gross.
400
40,174
8,400
055,500
8,104
$
^
8,912
52,345
635,952-
107,852
65,047
1S87.
Roads.
1,137
15,546
290,810
37,307
2,448,724
—
1,009
6,123
9,801
3,403,250
981,098
424,847
86,905
-
$
259,625
213,769 2,780,435 2,170,826
109,905
91,272 1,241,978
873,475
17,505
12,089
to Sept. 30.-%
September.
,
, -Jan. 1
8,559
3,337
303,983
$
904
1,035
33,529
48,051
1886.
$
$
....
Nashv. C. & St. L
0,928
$
Total So. Pac. Co..Gross. 3,799,431 2,975,812 30,176,158 20,304 971
Net... 1,700,172 1,268,070 12,323,177 11,279,33®
Texas & Pacific
Gross.
728,363
051,992 4,756,797
Net,
295,823
3,492
3,590
5,511
4,048
1887.
.
Gross. 2,669,820 2,200,706 22,055,120 19,415 43ft.
Net... 1,218,633 1,093,708 10,100,301 9^03,91S*
9,807
28,045
13,630
17,818
45,254
335,410
-Jan. 1 to Oct. 31.-
,
—November.—
1887.
1886.
12,052
3,290
,
......
1,979
43,100
-
Gross.
South Pacific Co.Pacific system
10,591
5,245
43,034
3,042
29,138
1,105
11,050
..
Scioto Valley
009
6,070
84,514
3,740
15,890
9,513
14,054
42,917
200,200
19,700
73,094
139,977
28,203
141,033
Pittsburg & Western
Decrease.
20,657
94.094
Peoria Dec. & Evans
Increase.
1886.
1887.
of December.
$
431,819
160,137
68,475
23,516
75,802
24,543
Gross.
Net...
Oregon Imp. Co.,
San Ant. & Aran.
1st week
October.
1887.
1886.
/
The preliminary report of President Thos. P. Fowler states
that the accounts for the months of August and September
have not yet been finally audited, but the results will closely
approximate the figures now presented. Comparative state¬
ments of the earnings and working expenses are given below,
and although the figures for the months of October, Novem¬
ber and December, 1885, necessarily include the earnings of
the West Shore Lice
195
south of Cornwall, whilst there are no
corresponding earnings in the corresponding months of the
Total (GO roads)
730,935
4,012,071 3,923,805
48,009 late fiscal year, the traffic of the company has developed to an
Net increase (17-54 p. c.)
688,261
extent very nearly covering the los9 of the West Shore traffic
in the period referred to; on the other hand, the company is
Net Earnings Monthly to Latest Dates.—The tables follow¬
relieved of the cost of working that portion of the West, Shore
ing show the latest net earnings reported this week, the Railway.
returns for each road being published here as soon as received,
The surplus of $71,608 will be applied in payment for muchbut not kept standing from week to week. The first state¬
needed additional rolling stock and other additions to the
ment includes all roads for the latest month and from Janu¬
property, until provision is made from capital account to reim¬
ary 1, 1887; following that we give the totals for the fisca
With the sum of $113,487 so applied last
burse the same.
year on those companies whose fiscal year does not correspond
year,
revenue
has,
therefore, provided within the last two
with the calendar year.
years the sum of $185,996 in permanent increment to the
YEAR BEGINNING JANUARY 1.
property of the comp ny.
Jan. 1 to Oct. 31.—
-October.
The lease of the Utica Clinton & Binghamton and Romo
1886.
1887.
I860.
18b7.
& Clinton railways has, in addition to the profit now brought
$
*
$
$
into the revenue account, resulted in a large volume of inter¬
Atch. Topeka & 8. Fe.Ovoss. 1,074,101 1,687,348 15,308,335
Net...
800,080 1,019,570 7,098,454 0,124,056 change i traffic, the gross earnings of this company on same
R cently, in connection
Cairo Vin. & Vin......Gross.
032,430
532,454 being estimated at about $130,000.
02,024
74,546
Net...
with the R me Watertown & Ogdensburg Railway Com¬
210,092
117,201
28,778
11,012
24,231
2‘i2,988
184,475 pany, favorable traffic arrangements have been formed with
29,128
Cape Fear A Yad.V; il. Gross.
Net...
92,393
13,964
15,474
100,075
the Canadian Pacific Railway, via Marristown, and with the
Central of Georgia....Gross.
802,020 5,299,914 4,870,009
805,121
Grand Trunk Railway, via Suspension Bridge, which promise
Net...
482,540
441,523 1,808,980 1,448,459
well for the future development of the Luainess of the com*
,
.
^
Chic. Burl. &No
192,888
1,979,301
52,072
499,838
Chic. Mil. & St. Paid. .Gross. 2,800,089 2,798,077 20,208,107 19,998,849
Net.
1,379,480 1,439,443 7,515,884 7,820,301
Col. Coal & Iron
Net...
297,393
60,504
47,510
508,515
Net
..
.
©rand Trunk of Can.Gross.
Net...
Cliic. & Gd. Trunk..Gross.
Net...
Dct. Gr. II. «fc Mil..Gro8S.
Net...
Keokuk
Western...Gross.
Net...
Mexican National....Gross,
Net...
£
£
340,071
104,944
03,046
17,804
24,358
8,250
334,250
105,737
59,801
$
31,555
17,514
23,9 IS
8,381
£
29.870
EARNINGS AND INCOME ACCOUNT.
Earnings from—
Passengers
Freight
Mail, express, &c
808,070
581,540
511,043
Total earrings
Operating expenses aud taxes
152,811
109,797
211,122
Add piofit on leased lines,
<-
«F
205,253
04,350
$
250,206
10,120 def. 5,419
159, 4 13
173,097
38,905
0, >31
1,44 3,104
105,300
1,444,301
1,238,581
383,54S
110,017
150,911
1,217,290
Net...
04,302
04,872
348,354
272,015
Net
earnings
&c
Deduct—
Interest on bonds
8undrv interest an l discoutrs
Rentals
;
Total deductions
Balance...
183S-87
$476,160
927,941
76,463
943,152
205,998
53,052
3 885-80.
$459,220
959.734
2,837,682
Minn. «fc St- Louis....Gross.
,
3,041,625
-uj
-r
£
pany.
......
$1,492,851
1,270,852
$1,480 564
$221,999
$.45.60S
1,234.955
38.508
10,000
$200,507
$255,609'
$39,175
$180,000
4,000
38.5<4
...
69,261
*
$147,020
$188, fOO
$113,487
$67,609
December 17, 1887.J
THE CHRONICLE.
Fort Worth & Denver
City.
ending Oc'ober 31, 1887J
The fall report of General Djdge, President of this
cnmpany,
vrill be found on another page under the title “
Reports and
Documents.”
The road w'll be completed to the SUte line by Jan. 1st,
453 miles, and the through connection made to D)nver
by
March 1, 800 miles. The financial statement of the
company
shows that after paying interest and also $61,606 for taxes,
insurance, renewals and terminal facilities, it has a
surplus
of $49,166 for the year, which, carried to the balance of income
account, gives a total surplus of $224,002.
The road has operated during the year from 163 to 200 miles.
It pays interest only upon the bonds issued upon
completed
(For the
year
road which has l^en operated commercially for three months.
As completed ro id has been aided the earnings show not
only
an increase in gross, but aLso an increase
per mile.
The in¬
crease of gro^s
eirnings for the year was $246,564 and the
net earnings $126,29), or $615 per mile of operated road.
The
total fixed charges ner mile when the road is
completed is
limited to $1,080. The net earnings per mile
upon the road
operated during the past year was $1,527. Under the mort¬
gage the company is limited to $18,000 per mile first mort¬
gage bonds upon the main line, making the entire issus
$8,354,000.
No bonds can be issued upon extensions or
branches under this mortgage. The interest
upon securities
issued to the Construction Company under its contract
upon
road that is used for construction purposes
it is turned over to the company
construction company.
The earnings of the road
up to
entirely from local bu-iness.
only (that is before
ready for U3e) is paid by the
the present time have been
About the 1st of March
a con¬
819
Boston, Dee. 10,1987.
The final instalment of ten
per cent on the subscription to the securi¬
ties of the Atchison
Santa
Topeka *fe
Fe Railroad Company, and the
Chicago Kansas & Western Railroad
Company, under circular No. 59 of
the Atchison
Fe
Topeka & Santa
Railroad
dated Feb. 14.
1897, will he due ami payable Jan. 2, 1888, atCompany,
the otiice of the company
in Boston.
No transfer of blocks will he made
after Dee. 15, 1S87.
The first issue, the Atchison
Collateral Trust 5 per cent bonds or
scrip,
was deliverable Juno
1,1997.
The second issue, the
Chicago Kansas & Western Railroad
5 per cent bonds or
Company
scrip, was deliverable
1,1887.
The third issue, the Atchison CollateralSept.
Trust 5 per cent bonds or
scrip, was deliverable Nov. 1,1887.
The fourth issue, 25 per
cent, the Chicago Kansas & Western Rail¬
road Company 5 per cent bonds or
scrip, will be deliverable Jan. 2,1888,
to subscribers of record Dec.
15, 1887, on payment of this instalment
Jan. 2, 1888.
_
„
Scrip certificates
representing bonds of tlie Atchison Collateral Trust 5
per cent bond, or the Chicago Kansas & Western first
mortgage 5 per
cent bond, may be converted into said
bonds, in equal amounts of $100,
$500 and $1,000, after Jan. 2, 1888.
The Chicago Kansas & Western
Railroad income bonds will be de¬
livered Feb. 1, 1888.
Yours respectfully, Ceo. L. Goodwin,
Assistant Treasurer.
he called for by the subscribers
It is desired that the bonds and the
scrip
in person or by order at an
early date.
Baltimore & Ohio.—The President and Directors have issued
circular at much length giving details of the
company’s in¬
debtedness and the proposed relief under the
syndicate
trans¬
action. This circular is of much importance,
being the first
information yet given out
concerning the finances of the
compmv since the affair of last summer, and it will be found
a
in full
subsequent
on a
page.
Boston & Maine.—At the annual
meeting it
issu° terminal bonds as provided
was
voted to
by legislative acts. It wag
improvement bonds previously issued
also voted to confirm the
account of the Eastern Railroad lease.
nection will be made with the road
building pouth from
Denver, and after that time the entire line from Fort Worth
to Denver, about 800 miles, will be operated as or e
line, known
as the Pan-Handle Route and the
Fort Worth & Denver City
Division will not only have the
Broadway, N. Y. (Horse Railroad).—The report of the
Broadway & Seventh Avenue Riilroad Company for the
year ended September 30 shows:
the Gulf and Denver.
Gross earnings
earnings locally, but also the
earnings of all the through business passing over it between
Operations for three
1891-95.
144
Earnings from—
Passengers.
Freight
Mail, express, etc
Total gross earnings
Oper. expenses (incl. taxes & ins )
Net
e
Operating
years were as follows:
Miles operated
train gs
..
$110,957
..
307.193
..
30,271
..
$148,711
..
..
1XOOME
..
$102,399
$108,550
276
Net income
$199,108
$162,935
$281,031
1895-6.
198'"-7.
$162,935
$281,031
$165,000
$185,580
449
30.068
383,724
15,616
Total disbursements
$161,309
sur$27.799
$165,419
$231,861
def. $2,514 sur.$49,167
..
Balance
earnings
49,940
259.003
New York Providence & Boston Railroad.
1887. ’
$506,459
375,598
$193,005
(For the yeav ending September 30, 1887 )
The annual report; of Mr. S. D
Babcock, President, shows
that
the number of passengers carried one mile
in 1886 was
in 1887 42.104,551, a large increase and all in
local bus ness, as the number of
through
The increase in the construction and passengers decreased.
equipment account
amounts to $204,362. th* main items
being
the proportion of
the Union depot at New L
>ndon, the extension of the second
track between Mystic and New
London, a new engine house at
Providt nee, rea ]<>c< motives and cars, the
extension of the Har¬
bor Junction track. and real estate. If the
outlay for the new
bridges be de’ueted, it will be found that the road has been
operated for 12 7 per cent of its
gros-i earnings (excluding
dividends rec-uved from the steamboac
company), which is a
was
unanimously resolved to sell the lire to the Savannah &
Florida company. The committee
appointed to conduct the
transfer will receive £260,000 in 4 per cent
mortgage bonds of
the Savannah & Florida
Company, and £130,000 in income
bonds ot that road.
Cairo Vincennes &
Chicago.—The semi-annual statement
May 1 to Oct. 31,
for the first six months of the fiscal
year,
shows:
1 887.
Operating
$ 110,577
expenses iuid taxes
243,825
Surplus
$100,552
Rentals
5,781
30,573,526 and
creditable showing, considering the fact that actual
expenses are alwaj s increased on account of the operating
delay occa¬
sioned by construction.
Below are the earnings and income account for four
years:
EARNINGS AND EXPENSES.
Earninr/s—
1883-4.
1881-5.
$633,241
473,397
78.692
$‘ 99,653
464,514
75,719
Total gross earner's.
$1,185,330
Passenger
Freight
....
Mail, express,
etc
Operat’g e\ p.. me. ex
traoi’y a ad taxes
..
Net earnings..'
1835-6,
$652,882
503,051
1886-7,
$68'\210
76.137
77,914
$1,139,886
$1,237,120
$1,276,797
727,655
761,516
861,047
$457,675
$378,370
$376,973
$408,358
188 t-5.
1385-6.
$118,0L5
1896-7.
$156,563
$32^,093
ol
,
80S,439
INCOME ACCOUNT.
1883 4.
Net earniri
$157,675
Dibbur#’
Balance
of inc. acc’L.
Dividends..
Total dhbarseinents
Balance,
$31.994
24' ,000
$33,226
240,000
240,000
$“8,743
300,0 0
$32 1,994
$323,226
$95,389
$320,918
$135,645
$150,350
surplus..
‘Including
$80,918
$378,743
amounts received from investments.
GENERAL INVESTMENT NEWS.
Atchison Topeka & Santa
this
Fc.—The Assistant Treasurer of
company has issued the following circular, closing sub¬
scription No. 59 and with it all
outstanding subscriptions :
$130,860
Brunswick & Albany.—A meeting of shareholders of this
railway was held at Frankfort, Germany, December 14. Sev¬
enteen persons
representing 162.400 shares we e present. It
Earnings
,
1 896.
$1.634,944
1,133,185
$501,759
4,700
Other income
Net income
Fixed charges
$369,755
$189,108
Net
:
$1,659,730
expenses
511,265
$ 123,1 so
260,245
..$151,200
Renewals
For terminal facilities
1896 87.
291,225
39,556
1881-5.
Net earnings
Deduct—
Interest on bonds
1885-86.
163
ACCOUNT.
Receipts—
on
Net for six months
1
980,
$202,252
257,770
$104,482
5,781
$100,771
Operating exp. and taxes, 1887,59*2 percent; 1880,71 percent. $98,701
Receiver’s eertilieates
$050,101
Wabash Cairo Division
bonds
Eight
coupons
including Jan. 1, 1888
3,587,000
771,100
.“
Total
Length of road. 207 miles.
There is no capital stock, and
every
with bondholders’ committee.
By
consent a decree has been
Court
$5,291,501
bond h
issued
.s
been deposited
by the United States
releasing this, the Cairo Division, from all liability or
entanglement arising from its having been a portion of the
Wabash system.
Cedar Falls & Minnesota.—The directors of the Cedar
Falls & Minnesota Railroad have authorized counsel to
protect
the interests of the road in its contest with the
Dubuque &
Sioux City Company. One of the directors
says payment of
January interest
on
the bonds will depend upon whether the
company receives the rental from the Dubuque & Sioux City.
Central Pacific.—It has been announced in London that
the Central Pacific Railroad will
pay a dividend next spring.
It is stated that 1 per cent will be
paid then, although no offi¬
cial action has yet been taken in
regard to the matter.
Cincinnati N. 0. & Texas Pacific.—The affairs of the Cin¬
cinnati
Southern
Railway leased by this corporation are
The earnings of the company for
November, 1887, were $324,116, an increase of $51,532 over the
same month
in 1886.
This is a gratifying exhibit, and if
December may be estimated as
approaching $45,000, the
increase for the year will be $-500,000
In considering the
situation, however, stockholders should bear in mind that
with nearly all of its capital invested at the outset in
pur¬
chasing equipment, &c., from the carrying
company, the
attracting
some
C N. O &T. P.
notice.
Co.
had no reserve fund to draw
upon for
permanent improvements, increase of tolling stock, &e., and,
not owning, kwe not been able to bond the
road, *8 companies
usuallv do, for such purposes.
In o4hrr words, “ better¬
ments” as welt as “ maintenance of
way” have had to come
have
THE CHRONICLE.
820
capital, leaving a
deficiency in the latter that had to be provided for before a
division of earnings could safely be made. Still, the showing
is an encouraging one, and if the road can go on and hold
this.improvement, or still further increase it, the outlook will
from net earnings, or
be most
be charged against
November.
'
1886.
/
»
1887.
1887.
1886.
earnings
$259,625
Operating expenses.... 149,720
$213,769
$1,326,155
726,201
$1,090,023
633,743
$109,905
$91,273
$61,587
$60,902
$599,954
$308,851
57,737
$456,280
$294,165
31,011
$366,588
$233,366
$325,176
$131,104
Gross
Net
earnings
Interest and taxes
gratifying.
Improvements..
Cheshire (Mass).—The directors met this week to consider
proposition for a union with the Fitchburg road by an
exchange of stock on the basis of four shares of Cheshire for
Jive of Fitchburg. No action was taken, however, and the
meeting adjourned subject to call. Some of the directors are
understood to be displeased because the terms leaked out.
Several propositions are said to be under consideration, and it
Total
the
is
[Vol. XLV,
122,496
6,615
7,687
$68,202
$68,589
$41,703 $22,684
England.—At the annual meeting, at
Boston, the stockholders of the New York & New England
Railroad, voted to authorize the directors to issue bonds to
the extent of $1,950,000, secured by the terminal lands in
Boston, and the lease of the following roads was approved;
Milford Franklin & Providence;
Milford & Woonsocket;
Surplus
New York & New
reported that other lines would like the road.
Eastern.—At the annual meeting of the Eastern Railway Massachusetts & Rhode Island.
There was but one ticket for directors in the field, and it
Company it was voted “that the interests of this company
require a consolidation of stocks and franchises between it and contained the names of the following new members: Sidney
the Boston & Maine Railroad, and that the directors of this Dillon, Thomas Rutter, A. E. Orr, Ex. Norton, W. P. Shinn
company are requested to co-operate with the directors of the and Henry Hentz, of New York; M. T. Stevens and Stern
Boston & Maine Railroad in procuring from the Legislature at Morse, of Boston, and Messrs. Howard, Farrell and Landers,
its next session the proper enabling legislation.”
representing local interests in Connecticut. The following
who served last year were re-elected: Eustace Fitch, John H.
Houston & Texas Central.—A meeting of the committee
French, A. S. Moss, Nicholas Sheldon, B. F. Vaughn, of Provi¬
of general mortgage bondholders of the Houston & Texas
Central Railway Company took place Thursday at the offices dence; William H. Stevens, of Bridgeport; William H. Starbuck, John L. Macauley, J. A. Bostwick and E. V. Carey, of N.Y,
of the Farmers’ Loan & Trust Company. After some dis¬
The members of the board retiring are: Stanton Blake,
cussion the reorganization plan was auopted, Mrs. Hettie
George M. Rice, Fred. J. Kinsbury, W. H. Stevenson, Vernon
Green not being represented at the meeting.
H. Brown, Heman Clark, John G. Moore, H. V. Newcomb, T.
The total issue of general bonds amounts to $4,405,000; the
W. Pearsall and Elijah Smith.
committee controlled on deposit $2,205,000, and also arranged
New York Providence & Boston.—The stockholders of
for the $880,000 hypothecated with the Morgan Steamship
Company as collateral, and also for $65,000 held in the same this railroad have authorized the issue of $1,000,000 stock.
Messrs. J. Pierpont Morgan and G. G. Haven were elected
way by the City National Bank, leaving outstanding $1,155,000. Of
this last mentioned amount Mrs. Green holds directors of the company.
New York Stock Exchange—New Securities Listed—The
$1,100,000, and there remains “scattering” $55,000.
In the address of the General Mortgage Bondholders’ Com¬ following were listed this week :
Fort vVorth & Denver City—$320,000 additional first
mittee, they say that by the settlement over $2,000,000 of
over-due coupons on the first and second mortgages, which sixes, making the total listed $7,083,000.
were a lien ahead of the general mortgages, will be paid off or
Nashville Chattanooga & St. Louis—$371,000 first sixes,
made subsequent thereto.
The fixed charges of the new gold, of the “ Jasper Branch” (to the free list); $430,000 first
company will amount to about $960,000, of which something sixes bonds on branches, to the free list, making total listed
over $700,000 will be required to pay interest on first and
$750,000.
second mortgages, as against $987,000 on the present status.
Northern Pacific—“Helena & Northern and Northern
The gross earnings will be over $3,000,000 for the year. The Railroad Company,” $250,000 first sinking fund fives, gold,
road can be operated at an expense of not more than 65 per and $480,000 first sinking fund sixes, gold, of the Spokane &
Palouse Railway, making total listed $1,163,000.
cent, leaving $1,050,000 for fixed charges.
St. Louis Arkansas & Texas— $780,000 first mortgage
Lake Shore & Michigan Southern.—The statement of the
bond certificates, making total listed $14,495,000 ; also,
gold
earnings and expenses for the year ending September 30th, as
$2,395,000
common stock, making total listed $11,950,000.
submitted to the N. Y. State Commissioners shows the fol¬
St. Paul Minneapolis & Manitoba—$7,000,000 first fours,
lowing :
Decrease.
1887.
1886.
Increase.
gold, namely, $5,904,000 coupon and $1,093,000 registered,
Pittsburg & Western—$9,100,000 first fours, gold, and
Gross earnings
$18,101,050 $15,231,457 $2,869,593
trust company’s certificates for $5,000,000 preferred and $0,8,890,999
1,084,683
Operating expenses. 9,975,682
Net
$6,340,458
62,077
$1,784,910
58,838
$8,246,283
$6,402,535
$1,843,748
4,207,618
4,353,531
$4,038,665
$2,049,004
earnings.... $8,125,368
120,915
Other income
Total
Charges
Balance
975,000 common stock.
total
total listed
$9,075,000 ; and that on January 4, 1883, $1,000,000 common
stock be added to the $35,000,000 already on the list. The
committee recommends that the first mortgage sevens of 1911
Mexican Central— $1,709,000 first fours, making
listed $42,879,000 and $341,000 incomes, making
$145,815
$1,989,661
of both classes
New York
2,032,010
Dividend, 4 per cent
be stricken from the list.
& Northern—$1,200,000
first forty-year
$42,349
$2,049,004
fives, gold ; $3,200,000 second forty-year fours, gold; also,
Maine Central.—The annual report of this company shows that $3,000,000 common and $6,000,000 preferred stock be
the following:
placed upon the list when official notice shall have been
-Year ended September 30.
received from the company that they are in posses.-ion of a
Increase.
1886.
1887.
$141,331 sufficient number of engraved certificates to properly make
$3,001,076
$3,142,407
Gross earnings
1,820,740
127,740 transfers when required.
1,948,480
Operating expenses
Cincinnati Hamilton & Dayton—$500,000 common capi¬
$6,191
*$1,187,736
$1,193,927
Net earnings
tal
stock, making total listed $4,000,000.
1,068
896,130
897,188
Fixed charges
$2,006,655
Surplus
,
—— -
.
...
...
...
Balance
...
Dividends (6p.c.)
$291,606
215,578
$76,028 ^
$81,131
Surplus
*
$296,729
215,598
Including $7,400 other
$5,123
20
$5,103
income.
Milwaukee Lake Shore &
Western.—The following is a
for the year 1887, Nov.
statement of the earnings and expenses
and Dec. being partly estimated.
$2,772,217
Gross earnings, lOmos
1,614,542
Operating expenses
Net earnings, 10 mos
:
Estimated net earnings, Nov. and Dec
Estimated miscellaneous receipts, 12 mos
•
Net earnings for
Interest and rentals
;
$1,157,675
90,000
45,000
$1,292,675
the year
-
550,000
Trans-Continental.—The Boston Herald gives a
and liabilities of the Oregon &
Trans-Continental Company which it says is so nearly correct
that the variation from the actual is unimportant. Since the
statement of January there have been ^considerable changes
in the three leading assets, O. R. & N stock having been sold
and some bought, and Northern Pacific stock having changed
about, especially the common, by a large increase. These
changes grew out of the movement to secure control of the
The company also sold
Northern Pacific board of directors.
its Mexican Central 7s, its New York City & Northern 7s, and
The
most of its Central & South American Telegraph stock.
Oregon Improvement notes have been paid and this, with cur¬
rent income, has permitted a reduction of some $l,000,OOQto
made in the floating debt.
This debt is now about $6,800.*
000, less cash and quick assets. Of the debt, $4,000,000 will
not be due until Dec. 31, 1888.
The rest is in short time loans.
Oregon
statement of the present assets
appended table of assets do not appear certain claims o'
price. The endeavor is
7 per cent on preferred stock
$350,000
4 per cent^on common stock
80,000
430,000 to give a fair valuation where market values are not obtainable.
Valve.
Shares.
Property.
* Price.
$10,309,862
Estimated surplus
$312,675
117,827 Oregon Navigation
87^2
2,776,455
60,030 Northern Pacific preferred
46*4
3,096,087
Missouri Kansas & Texas.—Advices from Amsterdam to
139,150 Northern Pacific common
22*4
133,931
the banking house of Blake Brothers & Co. are to the effect
9,268 Oregon Improvement
45*8
60,000
3,000 Oregon Trans
20
that the Stcck Exchange of that city has appointed a commit¬
75,000
1,500 Oregon Iron 6z Steel
50
97,125
tee to investigate the condition of the Missouri Kansas &
2,775 Milwaukee & Lake Winnebago, preferred. 35
33,900
Texas road and to defend the holders of securities against the
2,260 Milwaukee & Lake Winnebago, common. 15
497,500
100
4,975 St. Paul & Northern Pacific
57.000
alleged machinations of btar traders here.
95
600 Central & South American Telegraph
263,647
Nashville Chattanooga & St. Louis.—The statement for
14,647 Wisconsin Central, common
18
54,000
November and the five months ending November 80 shows
$60,000 Wisconsin Central, 1st mortgage
90
Price last week.
the following:
Net revenue after
Dividends—
paying fixed charges
$742,675
In the
doubtful value and a few stocks having no
....
*
December
THE CHRONICLE
17, 1887. J
'Price.
Value.
$170,000 Penokee lets and incomes
75 000
Puget Sound & 8. HR., cost $750,000
I bichmond
fgfe
800,000
Cedar River extension, cost $335,000.
Cask and quick assets
Total assets
Total debt
Net assets
Equals on 397,000
Price last week.
WEST POINT TERMINAL RAILWAY *.
WAREHOUSE COMPANY.
7,600,000
shares, 29*4
per
share.
Richmond & West Point Terminal Co.—At the annual
meeting of the Richmond Terminal stockholders in Richmond
*on the 14 h Alfred Sully, of New York, was
unanimously reeelcted Piesidentof the company. The
following directors were
opposition: John H. Inman, Geo. S. Scott,
Samuel Thomas, C. M, McGhee, John G. Moore, S.
Wormser,
George F. Stone, J. A. Rutherfurd, William Rockefeller, Cal¬
vin S. Brice, Emanuel L hmaD, R. T. Wilson, R. P.
Flower,
John H. Hull, all of New York, and James B. Pace and T. M,
Logan of Richmond. The President’s report will be found at
length on another page.
San Antonio & Aransas Pass.—This railroad, for the four
months ending October 31, 1887, shows: Gross
earnings, $239,981; operating expenses, $154,449; net earnings, $85,532; fixed
interest charge, $53,830; net surplus,
$31,712; the estimated
earnings for November were $75,919.
Southern Pacific Company.—The following is a
compara¬
tive statement of the earniugs, expenses and fixed
charges of
this company for October, and from
January 1 to October 31.
The total mileage is 5,106, against 4,902 last
year :
also chosen without
,
October.
1887.
1886.
.
ANNUAL REPORT FOR THE YEAR ENDING NOV.
30, 1887.
$11,679,506
-
another page.
Total gross
Net earnings—
Pacific system
Atlantic system
&
$19,279,506
Richmond & Danville.—A meeting of the stockholders of
the Richmond & Danville Railroad Company was held in
Richmond, but no quorum being present it was adjourned
until December 21. Some facts in regard to the year’s opera¬
tions will be found in the Richmond Terminal
report on
Gross earnings—
Pacific system
Atlantic system
Imports uwd flocumtuts.
$170,000
230,000
Lands estimated
Portland Hotel, cost $150,000
821 1
■;
Jan. 1 to Oct 31
1887.
1886.
.
$2,669,820 $2,200,706 $22,055,126 $19,415,436
1,129,611
775,106
8,121,034
6,889,535
$3,799,431 $2,975,812 $30,176,160 $26,304,971
$1,218,633 $1,093,708 $10,166,301
481,539
174,362
2,156,876
$9,703,918
1,575,418
To the Stockholders of the Richmond & West Point
Terminal-
Railway & Warehouse Company:
Gentlemen—Your President and Board of
Directors, in
you the report of the operations of this com¬
pany for the past year, beg leave to refer the stockholders to
their report dated March 23d, 1887, which
gives a full state¬
ment of all the transactions of the
company from November
20th, 1886, to that date, and will suffice as a basis for the
details contained in the report of the
Treasurer, from March
23d to November 30th, 1887, hereto
attached, which, together,
presenting to
with the statements
showing the
General Account of November
30th, 1887,
Mileage now owned by the Terminal
Company,
Securities acquired since March 1st,
1887,
Securities now owned by the Company,
will
give the stockholders full information of the present finan
Company and its property, and will suffi
ciently illustrate the following remarks :
The terminal Company is a
proprietary company.
ally organized as an auxiliary to a small system, it hasOrigin¬
with¬
cial condition of the
in the short space of fourteen months become the
most im¬
portant railway company of the South, and has become in the
control of mileage the sixth company in rank of
importance
in the United States.
The underlying
principle which actu¬
ated the Board of Directors in
bringing into your ownership
this extensive systefh has been the belief that the
consolidation
of the control of these roads must result in
great economies, in
less competition, and also enable the roads within the
system
to devote their attention to
furnishing better facilities for the
public in
the way of safer and quicker transportation of
passengers, instead of wasting their energies and
in senseless competition at
competing points, or reck¬
freight and
resources
less invasions into each other’s
territory.
the statutes of the different States authorize any
combination of men, responsible or irresponsible, to build a
Total net income... $1,789,578 $1,314,750
road to or from any place, even to the extent of
$13,090,899
$11,746,139
paralleling an
‘Fixed charges
1,208,897 1,162,836 12,000,608 11,628,360 existing line, so long will it be
necessary to protect invested
capital by consolidating in one ownership, as far as possible*
Net profits
$580,681
$151,914 $1,090,291
$117,779 the lines
Cons, and improvem’t.
traversing a country so sparsely settled as that cov¬
193,478
96,726
899,398
354,797
ered by the Terminal lines.
Balance
$387,203
$55,188
The wisdom of uniting the various
$190,893 df. $237,018
properties now in the
Includes int., rentals, Cent. Pae. guar., taxes and IT. S. dues.
ownership of your Company has received the endorsement
Texas & Pacific.—A circular issued by the
Secretary of the of your Board of Directors.
The financial result of the operations of the Richmond &
company, Mr. C. E. Satterlee, states for the information of
stock and bond holders that since the
appointment of the Danville Railroad proper for the year ending September 30th.
reorganization committee the road has to a large extent been 1887, is as follows :
rebuilt from the fund provided
by the stockholders and from RICHMOND & DANVILLE RAILROAD COMPANY FOR YEAR
the net earnings of the
property during that period. There
ENDING SEPTEMBER 30TII, 1887.
have been purchased and
put in the track : 57,830 tons of 56 Gross earnings
$4,152,991 50
lb. steel rails and 1,987,835 cross
ties, and a very large amount Interest on investments...
202,170 40
has been expended in
raising track, widening embankments,
$4,355,161 90
ballasting, bridging, and for additional sidings, terminal Operating expenses and taxes.
2,287,857 22
Total net...
$1,700,172 $1,268,070 $12,323,177 $11,279,336
Rental leased lines....
89,406
46,680
767,722
466,803
As
long
as
*
facilities, &c. In addition to this there have been added 27
locomotives, 218 box cars, 12 caboose cars, 870 fl*fc cars
and 25 fruit
cars, besides a new transfer boat at New
Orleans,
costing
Net
earnings
new
$62,000.
The receiver will henceforth furnish the
gross and net earnings for publication. The actual
gross and
net
earniDgs for October were as follows:
October.
Gross
Net..,
$4,756,797
$765,974
The obligatory interest
charge under the plan of reorgani¬
zation will be about
$1,287,000, and taxes $130,000, following
which is the charge under the second
mortgage of $25,000,000,
which bears interest
up to 5 per cent, but is dependent upon
income and non-cumulative.
While the committee cannot fix
an exact date
for the issue of the new securities, no time is
being lost, and they expect to deliver the same during the
coming spring.
Wabash.—At Chicago, Dec. 13, the payment of Wabash
coupons was
deferred at a conference held in Judge Gresham’s
in the United States Circuit Court.
Some time ago
formal oraers were entered in the different
Wabash foreclosure
suits, directing the receiver to piy coupons
upon bonds of the
different divisions as those different
divisions should show
chambers
sufficient available
surplus earnings for the purpose.
this order it
“
“
“
“
general mortg. bonds
consol, mortg. 5 per cent
debentures
Boating debt
Rentals leased roads
Jan. 1 to Oct. 31.
$728,362
$295,822
Under
.
Less—
Interest consol, mortg. bonds
$37,038
292,680
40,700
213,360
20,389
878,350
$2,067,304 6 8
00
00
00
00
87
00
1,482,517 87
Net income
There
was
$584,786 81
expended in addition for—
Construction R. & D. RR
Equipment
Betterments A. & C. A. L. RR
$78,721 24
114,592 35
56,608 45
Total
$249,922 04
In my annual report as President of that
Company, I have
recommended that certain heavy drains upon its net
earnings
shall be discontinued, and that a certain limit shall be
placed
upon the amount of betterments and construction, and I think
it safe to say that if these recommendations are carried
out
the operations for the year
ending September 30, 1888, will,
show largely increased net earnings.
A line is being constructed
by parties friendly to the inter¬
ests of this company from Clarksville, the Southern
terminus
of the Richmond &
Mecklenburg Railroad
Oxford to
through
understood that the receiver would pay cou¬ Durham, North Carolina. This line extends
pons on
through one of the
January
1 on certain of the divisions, but not on all richest tobacco sections of that State, and will form a short line
of them.
On the representation to
Judge Gresham by most of from the Northern States and Richmond, Virginia, to Raleigh,
the parties interested in
the suits that such payment was un¬ North Carolina.
A large increase of business
may therefore
desirable unless it embraced all the
divisions, he informally di¬ be confidently expected by the Richmond & Mecklenburg
rected Receiver
McNulta to defer the proposed payment on Railroad, and*this road will doubtless in the
early future yield
January 1, and not to make another piyment
until some fur¬ an income on its securities owned by your company.
ther consideration should
be given to the matter.
The Oxford & Henderson Railroad has also
But opposi¬
tion to this
developed a
immediately
New
came
from
the
York,
and
on
good
traffic, and will no doubt be able to more than pay the
15th it was reported he
would allow the original order to stand. interest on its bonds, all of which are owned
by this company.
was
ISTFor other Investment News see “ Commercial
a previous page.
Miscellaneous Newson
and
,The annual report of the East Tennessee Virginia & Georgia
year ending June SO, 1887, is as fol¬
Railway Company for the
lows:
EAST TENNESSEE
VIRGINIA A GEORGIA RAILWAY COMPANY
JUNE 30, 1887.
1887.
EOR YEAR ENDING
$4,308,180 74
Gross eaminjrs
Total expenses
2,901,228 87
Net enmiii^s
Less lixed charges
943,939 81
Net income
$523,012 30
The year's business of that company lias been very sati: factory to its officers, and its ownership by the Terminal Com¬
pany has resulted in securing for the East Tennessee Virginia
& Georgia Railway, as well as the other properties owned by
reciprocal advantages.
There
question but that the acquisition of the East Tennessee,
Virginia & Georgia property by the Terminal Company has
been a very wise and judicious movement. This company has
received 4 percent upon the lirst preferred stock which it pur¬
chased to insure such control, which is nearly the amount of
interest which the Terminal Company pays upon the fixed
charge obligations incurred by such purchase. Whatever dif¬
ference there may be has more than been made up by benefits
and earnings received by the Western North Carolina and the
Richmond & Danville railroads.
The Louisville & Nashville Railroad has invaded the terri¬
tory of the East Tennessee Virginia & Georgia during the
past year at several important points.
They claim the right, without notice, to build into any of
our territory, and this position taken
by the Louisville &
Nashville Company will need the earnest attention of your
is
On the Richmond & Danville lines, the Southern Express
Company’s contract expired December 10, 1887, and the Ter¬
minal Company is now at liberty to assume the management
of its own express business through the agency of such a com¬
pany as I suggest, or in such other manner as may be deemed
$1,406,950 17 judicious.
anti taxes
the Terminal Company, many
[Vol. XLV.
CHRONICLE.
THE
822
no
satisfaction
The experience of the past year has shown to my
that the administration of the Richmond & Danville
should be
Railroad
this company. That
large that for its successful admin¬
entirely separate from that of
system of roads is now so
istration it should receive the entire time of its chief executive
officer; and it is equally true that to successfully care for the
interests of the stockholders of the Terminal Company, who
are owners of over $46,000,000 value of stocks and bonds, the
ex* cutive officer of this Company should give its business his
exclusive attention.
Respectfully submitted,
ALFRED SULLY,
President.
OFFICE OF TREASURER, NOVEMBER 30, 1887.
Alfred Sully, Esq., President: -Sir—I beg herewith to submit for your information the gen¬
eral account of the Company as of this date, a statement of
the securities owned by the Company, and a list of the roads
owned and controlled.
Among the receipts of the company since March 1st., the
date covered by your last report, have been 3 per cent divi¬
dend on the stock of the Richmond & Danville Railroad Com¬
To
4 per cent on the 1st preferred stock of the East Ten¬
Virginia & Georgia Railway Company, 6 per cent on
In bringing together, within so short a space of time, so Georgia Pacific Equipment Trust bonds and 2}4 per cent cn
large an aggregation of railroad properties, it must be appa¬ the Virginia Midland general mortgage 5 per cent bonds.
rent to every stockholder that no perfect organization or
The ordinary general expenses of the Company have been
executive system could be put into operation summarily ,The only $8,515 since March 1; the other amounts, $13,653 90,
organization of the operating department now in force is as charg- d to that account are principally the cost of engraving
follows:
the 6 per cent trust bonds, the trustee’s charges, and expenses
Major Henry Fink is Vice-President of both the Richmond attending the collection of payments for the preferred stock
& Danville and the East Tennessee systems. He is the respon¬ issued December, 1886. sible operating officer of the two systems combined, with
The legal expenses, $41,013 52, include all expenses on that
headquarters at No. 10 Wall Street, New York City.
account during the present management, all of which have'
Mr. E. B. Thomas is General Manager of the combined been settled since March 1, embracing special counsel fees in
properties, with headquarters at No. 1,300 Pennsylvania the negotiations for the purchase of a controlling interest in
Avenue, Washington, D. C., with Major Peyton Randolph as the Richmond & Danville and the East Tennessee Virginia &
Assistant General Manager.
Georgia railway companies," and all legal expenses attend¬
Mr. Sol Haas is G neral Traffic Manager of the entire system,
ing the issue of the new stock and the 6 per cent trust bonds,
with headquarters at Richmond, Va.
The bills payable show an increase of $199,425.
This covers the operation of the entire mileage owned by the
This increase is due to the following investments made
Terminal Company except that of the Georgia Pacific, which, since the last report:'
since its acquisition in 18^2, has been operated by its present
184> acres of land in and near City of Atlanta, Ga—
$72,300
officers as an entirely separate and independent property. Georgia Faeilie Equipment Trust Ronds
35,000
There have been reasons for this, such as new construction Minority interest in tlie Asheville-A Spartanburg Railroad
90,765
and other matters pertaining to the rapid development of the
Total
$198,065
iron districts of Alabama, which this road traverses.
The
In addition to the above investments, this company fur¬
rapid growth of Birmingham, Anniston and other towns on
the line of the Georgia Pacific has also demanded especial nished the rails for the Statesville & Western Railroad (the
care and attention from some local executive officer.
For grading and cross-ties being furnished by local subscription,
these reasons Major John W.
Johnston, of Birming¬ without cost), and has received therefor all of the securities
ham, Ala., has been kept in charge of this property as its of that company, consisting of $300,000 first mortgage bonds
and $".00,000 stock.
President.
Since the last report this company has received from the
The gap in the line of the Georgia Pacific Railway between
American
Construction Company $160,000 second mortgage
Birmingham, Alabama, and Columbus, Mississippi, was com¬
bonds of the Richmond & Mecklenburg Railroad Company in
pleted on the 12th of April last, since which date the traffic of
The development settlement of balance due from the former company for
that road has shown a very large increase.
of the business of the Georgia Pacific Railway during the past advances for the construction of the Richmond & Mecklen¬
These bonds are at the iate of $5,000 per
year has been very gratifying, and the remarkable increase in burg Railroad.
the prosperity of the section traversed by it gives every assur¬ mile, and have ahead of them a first mortgage of $10,000 per
mile.
ance that the earning capacity of that company will in the
We have received in settlement for advances by this com¬
near future yield a satisfactory income on the large invest¬
ment your company has in the property.
pany* for the construction of tlie Oxford & Hendeison Rail¬
The annual report of the Georgia Pacific Company has not road $:95.000 6 per cent 1st mortgage bonds of that company
yet been published, but the operations for the year ending and $355,000 of the stock, being all of the bonds and stock
issued by the Oxford & Henderson Railroad Company.
September 30, 1887, show the following results, to wit:
Since the last report a further dividend has been received
STATEMENT OF O V E R A T r ON\SM)WtFlTfG EORG~ IA Y ACT E rC RAIL¬
from the Richmond & Danville Extension Company, consist¬
new
Board.
WAY
pany,
nessee
COMPANY FOR YEAR ENDING
Gross earnings
Expenses
Net earnings.
Fixed charges
—
Net income.
KEPT. 30, 1887.
Georgia Pacific Railway Com•
with the resolution of the Executive Com¬
mittee, adopted May 11 last, authorizing the purchase of the
minority interest in the Asheville & Spartanburg Railroad,
all of the old bonds of the Spartanburg & Asheville Railroad
ing of
$1,159,054 54
729,809 67
$429,844 87
245,919 47
$183,925 40
$914,078 stock of the
pany.
In accordance
then owned by' this company (except $2,600), amounting
Terminal Company for the past year not
to $101,700, have been purchased at a cost of $90,765.
In the
business
considering the amount of
transacted; but these expenses can be curtailed by cor.solidat- reorganization of the Asheville & Spartanburg Railroad this
has received $1,045,229 78 of the capital stock of the
ing the transfer offices of the Terminal Company and of the company
new company, leaving only' $4,770 22 not owned by this com*
different companies controlled by it, and also .by having the
executive offices of all the different companies in one build¬ pany.
On May 1, 1887, the Virginia Midland Railway Company
ing.
to the income bondholders of that company 110 per
Ever since the acquisition of the control of the East Tennes¬ offered
cent (of the face value of said bonds) for the principal and
see Virginia & Georgia Company, a great deal of the atten¬
accrued interest of the income bonds, in the new 5 per cent
tion of your President has been devoted to utilizing the express
business over our entire system. The Sou*hern Express Com¬ general mortgage bonds of the Virginia Midland Railway
Company. This proposition was accepted by the Terminal
pany is now operating over all the lines of the Terminal Com
Company, and it received $1,763,908 of the 5 per cent genera
pany exeept’a portion of the Virginia Midland Railway. The
bonds of the Virginia Midland Railway Company
compensation paid by us is much less than should be received, mortgage
for the $1,603,155 income bonds owned by it.
...
and I recommend the formation of a new express company,
Since March 1 only 309 shares of Richmond & Danville
to be owned by the Terminal Company, to operate over all
Railroad stock have been exchanged for the common stock o
our lines and over such adjacent lines as will bring additional
this company'. In accordance with resolution of the Execute
business. There is no reason why the earnings of such a cornCommittee, adopted August 24, 1887, the right to exchang
pan y should not be secured for the holders of the securities of Richmond A Danville stock for the stock of this company
this company and of the various companies making up the
was canceled, and the 29,564 shares of terminal stock remain
system.
The expenses of the
have been very light,
.
THE CHRONICLE
f DB0SM3ER 17, 1887.J
ing in the hands of the Central Trust
True Company as security
Tinder
of February
under trust deed ot
Teoruary 1,
l, 1887, was withdrawn. This
stock was exchanged for $863,000 of the 6 per cent collateral
trust bonds of this company, which were delivered to the
and canceled, thereby reducing the annual fixed
This company now owns 42,610 shares of
the stock of the Richmond & Danville Railroad Company,
leaving 7,390 shares in the hands of other parties.
The accrued coupons on the second mortgage income bonds
of the Georgia Pacific Railway Company, which have not
heretofore been included among the securities owned, have
been taken up, and appear in that account in the statement
trustee
charges
$51,780.
SECURITIES
A. J.
FORT
ANNUAL
ACQUIRED.
$35,000
195,000
‘201,700
300,000
100,000
253,900
1,045,229
914,078
Other bonds and stocks
Asheville Sc Spartanburg RR. stock
Georgia Pacific Railway Company stock
Riclunond & Danville RR. stock
Oxford & Henderson RR. stock
Statesville & Western RR. stock
Greenville Construction Company.
American Construction Company stock.
Less—
R. &. W. P. Ter. R. & W. Co. stock
Township bonds redeemed
30,900
325,000
500,000
47,900
^
exchanged... $3,114,350
400
3,114,750
Increase in securities owned
$894,257
The
mileage added to the system controlled by this
pany since March 1 is as follows :
Extension of East Tennessee Virginia
Mobile & Birmingham Railroad
Statesville & Western Railroad
Oxford & Henderson Railroad
& Georgia system, including
155 miles.
“
20
16
“
18 5 “
Georgia Pacific Railway
Total
GENERAL
com¬
209*5
“
6,000 00
588,236 42
10,180 65—$52,965,401 20
$40,000,000 00
Advances to companies
Cash
Capital stock (common)
Capital stock (preferred)
5,000,000 00
7,637,000 00
273,425 00
4,995 00
Six per cent trust bouds
Bills payable
Due companies controlled
Profit and loss
49,981 20—$52,965,401 20
SECURITIES OWNED.
Virginia Midland Railway Co. 5
Bov (Is.
per cent general
THE
RAUH, Treasurer,
YEAR
ENDING
OCT.
31,
1887-
the fiscal
a
statement of the opera¬
year
ending Oct. 31,1887
earnings.
$296,353 16
Ratio of operating expenses to earnings
charges
55-7 p. c«
$185,580 00
Surplus after payment of interest
$224,002 76
The road and equipment are in good
condition, and no seri¬
ous accident has occurred
during the year. In September a
portion of Pease River Bridge
was
washed away, and traffic
north of that point was
stopped for se 7eral days. On October
7th another heavy rise in the Pease River washed out
470 feet
of the same bridge, and
stopped traffic for seven days. The
actual damage by these washouts amounted to about
$4,500.
Steps have been taken to put a four-span bridge across this
river and thus avert a repetition of this trouble.
There have been laid 11 *6 miles of
54-pound steel rails, to renew
Falls; and the track has been maintained and gen¬
erally improved, as shown in detailed statements.
1,600 feet of sidings have been put in at Kilev Junction, and
the necessary connections to facilitate the transfer of
cars
with the Gulf Colorado & Santa Fe
Railway; and we have
bought, jointly with that Company, fifteen acres of land at
that point, and built a joint depot thereon.
We have expended $31,000 for
necessary terminals at Fort
Worth.
mtg. bonds. $1,763,908
1,325,000 completed during the year extensions from Vernon, in Wil¬
4,110,000 barger County, to Quanah, in Hardeman County, 28*4 miles;
315,000 thence to the 200th mile
post in Hardeman County, 8*7 miles.
100,000 At this
point the Pan-Handle Construction Company took up
299,000
1,778,155 the work, and have completed the road to the Canadian
379,980 River, a distance of 370 miles from Fort Worth.
Or the new
85,000 line
completed by them, we have assumed control and. are'
195,000
300,000 operating 77*2 miles to Clarendon, in Donley County.
The
160,000 work from the Canadian River to the State line is well under
569,700 way, and will be
completed by the 1st of January, 1888. We
625,000 have
kept in view the importance of building a road that can
7,300
be operated to the greatest
.
..
Total bonds owned
$12,013,043
Stocks, Preferred.
EastTenn. Virginia & Georgia R.R. 1st preferred, stock.,...
Western North Carolina R.R. preferred stock.
Columbia & Greenville R.R. Co. preferred stock
Richmond Sc West Point Terminal Co. preferred stock
Total
1,000
28,633
$9,697,933
Slocks, Common.
Virginia Midland Railway Co
western North Carolina Railroad Co
Charlotte Columbia Sc Augusta Railroad Co
Columbia & Greenville Railroad
Northeastern Railroad of Georgia
Asheville A Spartanburg Railroad
Knoxville Sc Augusta Railroad
Danville Mocksville & 8. W. Railroad
Richmond <fc Danville Railroad
Georgia Pacific Railway Co
Oxford & Henderson Railroad
Richmond^ Mecklenburg Railroad
Washington
$6,500,000
3,168,300
Ohio <& Western Railroad
Statesville & West-era Railroad
Rabun Gap Short Line
Richmond Sc West Point Ter. Co
Other stocks
$3,577,333
3,168,300
1,302,400
1,000,000
120,000
1,045,229
100,000
49,000
4,261,000
4,048,058
325,000
300,000
1,500,000
500,000
103,900
465,250
250,100
Total
$22,115,570
Slocks, Consti'uction Companies.
j^dnerican Construction Company (full paid)
$25,000
Tha Greenville Construction Company (full paid)
47,900
Tiin
SCv0nd & Danville Extension Company (full paid)
4,505
ne
Richmond & Danville Extension Company (90 cents
paid).2,607,150
m
$2,684,550
$16,511,596
now owned and controlled in the terminal svs-
lotal bonds and stocks
The mileage
is as follows
ted
:
frnond & Danville 'Railroad and leased lines..i
Vi
^ond & Mecklenburg
Railroad
Railway
Choir1i^011 Ohio Sc Western Railroad
CbSJPfv®
Columbia & Augusta
Columbia & Greenville RailroadRailroad
858*
31
413
50
373
296
.
:
$669,754 69
373,401 53
There has been expended for new
equipment $4,006 28. Con¬
struction has been pushed vigorously. Your
company has
Western N. Car. R.R. Co. 6 per cent 1st consol, mtg. bonds
Western N. Car. R.R. Co. 6 per cent 2d consol,
mtg. bonds
Northeastern R.R. of Ga. general mtg. bonds
Knoxville & Augusta R.R. Co. 6 per cent 1st
mtg. bonds...
Blue Ridge Railroad Co. 7 per cent bonds
Georgia Pac. R’way Co. 6 per cent 2d mtg. income bonds...
Georgia Pacific R’way Co. accrued coupons income bonds..
Georgia Pacific R’way Co. equipment trust bonds
Oxford & Henderson R. R. Co. 6 per cent 1st
mtg. bonds...
Statesville & Western R.R. Co. 6 p«r cent 1st. mtg. bonds..
Richmond & Mecklenburg 6 per cent 2d mtg. bonus
Spartanburg & Asheville 1st mtg. bonds
Washington Ohio & Western R.R. Co. 6 p. c. income bonds.
County, township and other bonds
(
of The Fort Worth & Denver City.>■
tions of your Company for
Th gross earnings were....
The operating expenses were
Fixed
200
4,697-021
of Wichita
70,697 30
Unpaid stock subscriptions
FOR
Gentlemen :
Your Directors herewith submit
ne.
$52,290,286 83
Bills receivable
REPORT
Railway Company.
Net
1,603
4,497*02
Elace iron
14 miles
rails, leaving
of iron inrailtheintrack
the main
64,760
cross-tiesbut
have
been p’aced
east
ACCOUNT, NOVEMBER 30, 1887.
Stock, bonds and property
70
60
16
16
401-02
WORTH & DENVER CITY RAILWAY CO.
To the Stockholders
200
$4,008,907
290
20
.
The following is a summary of the changes in the securities
owned since last report:
Georgia Pacific equipment trust bonds
Oxford & Henderson HR. 1st mortgage bonds
Spartanburg & Asheville 1st mortgage bonds
Statesville A Western RR. 1st mortgage bonds.
Richmond & Mecklenburg RR. 2d mortgage bonds
Mtles.
Western North Carolina Railroad
Statesville Sc Western Railroad
Asheville Sc Spartanburg Railroad.
Northeastern Railroad of Georgia
Knoxville & Augusta Railroad
Oxford Sc Henderson Railroad.
Georgia Pacific Railway
:
East Tennessee Virginia Sc
Georgia system.
Total rail miles
Water lines (Baltimore Chesapeake & Richmond S.
B.)
Total rail and water lines
appended to this report.
•
823
advantage. In no case has the
grade been allowed to exceed one per cent, and there are no
heavy curvatures. The materials used are first class.
A clause in your Company’s contract with the Pan Handle
Construction Company provides that the Construction Com¬
pany may call for and receive bonds of your company as fast
as they complete sections of ten miles of
road, but the Fort
Worth & Denver City Railway
Company pays interest only
upon bonds issued upon road which it has accepted and used,
commercially, for three months.
Under this contract the
interest charges to be paid by the Railway Company for the
year 1887 are upon about $4,000,000 of bonds, a portion of which
remains in the treasury of the Company, the proceeds of
which may be used for betterments or the purchase of addi¬
tional equipment.
The issue of bonds upon the road of your
Company has been
reduced from $25,000 per mile to $16,000 per mile upon 253*1
miles of road, making the total bonded debt of the Company,
upon its entire .line of road, when completed from Fort
Worth to the Texas State line, $8,154,000, being an average of
$18,000 per mile, which amount cannot be increased, either
upon main line or branches.
The Denver Texas & Fort Worth Railroad
Company is
building its line from Trinidad, Colorado, to connect with
your road at the State line of Texas, and this connection will
be made some time during February, 1888.
Agreements have
been made by your Company with the Denver Texas &
Fort Worth Railroad Company and the Denver Texas &■
Gulf Railroad Company by which the three roads will be
operated as a through line, under one management, between
Fort Worth and Denver.
Your road occupies a commanding position,
geographically
and commercially, in relation to the best agricultural portion
of Texas, the Indian Territory, New Mexico, Colorado and
the Northwestern State*.
It will have for its support, when
completed, in addition to its own productive territory, a good
portion of the local territory of the east and west connecting
lines, by bringing to their service the most direct and shortest
all of
relatively
road to the seaboard. For European business, it places
that vast territory, so rich in mineral production,
middle trade-centres which are now
supplying its requirements, but are doing so with the extra
burden of from 1,000 to 1,200 miles excess of rail haul as com-
as near
(Vol.
THE CHRONICLE
824
tidewater as the
gared withtheyour
timeroad,
respecting
territory
line. available
The sametoisthis
busiYork
ness
and New
etween
OPERATING EXPENSES.
Conducting transportation—]
do
i
do
$19,606 55
105,347 65
116,999 36
83,367 13
21,370 52
18,587 54
8,122 78
asseni
Motive power
Maintenance of way
Maintenance of cars
General expenses
Telegraph expenses
with
and other Eastern commercial centres, except that
your
line there are far less intermediate contending forces, con-
sidering existing laws.
Among the important resources of your road are the coal
fields of Southern Colorado, from which all that portion of
Texas and New Mexico traversed by this road and a consid¬
Net
$373,401 53
Ratio expenses
to gross
$296,353 16
account
earnings transferred to income
earnings 55-6.
FREIGHT TRAFFIC.
Freight earnings for year
do
do
per mile operated
Tons of freight carried
Mileage of freight trains
$511,264 61
?
$2,635 38
224,825
portion of the Indian Territory must receive its coal
supply, and from which will be drawn a great portion of the Average number loaded cars to each train
PASSENGER TRAFFIC.
fCoai supply for Denver and adjacent territory, including that
for some of the trunk lines entering Denver from the East. Passenger earnings for year
do
do
per mile operated
The pineries of Eastern Texas will, by your road, furnish
Total number of passengers carried
the most available supply of lumber for Northwestern Texas, Total number of passengers carried one mile
part of the Iadian Territory, New Mexico an i Colorado; and Total number of passengers carried north
this will prove a fruitful source of revenue, thus making Total number of passengers carried south
Mileage of passenger trains
business to be handled by your cars in both directions.
GENERAL STATISTICS.
The history of your road, with regard to its earning capacity
Gross earnings per mile operated
as a short local road in Texas, having no through business,
Operating expenses per mile
cannot be taken as a criterion for its revenue-earning power Net earnings per mile operated
fis a trunk line making important through connections, and Fixed charges per mile operated
Gross earnings per mile run
even changing entirely the relation of what is probably the
Operating expenses per mile run
richest producing portion of the United States to tidewater.
Net earnings per mile run
erable
The
agricultural resources of the territory tributary
deep
Settlers are
gradually coming in, and the
Respectfully submitted,
MORGAN
BALTIMORE & OHIO
To the
Stockholders of the
indications
settlement from now
region will, we believe,
that there will be a large increase of
on, and in a very few years this entire
be thickly settled and cultivated.
are
376,448
13*5
$108,549 74
$816 96
67,975
4,250,588
36,287
31,688
145,494
$3,542 34
1,924 75
1,527 39
1,39175
128
71
-567
to your
road, and the low price at which land may be purchased,
present to the emigrant great inducements. The soil is
and fertile, and is well adapted to the culture of small grain.
Water is obtained anywhere by sinkiDg for it, and running
streams are not infrequent. The climate is regular and salub¬
rious.
XLV,
RAILROAD COMPANY.
Baltimore & Ohio Railroad Co.
Company,
Office of the Baltimore & Ohio Railroad
Baltimore, December
The following authorized statement
dent and Directors of the Baltimore
10,1887.
is made by the Presi¬
Sc Ohio Railroad Com¬
in advance of the publication in pamphlet form of their
complete annual report for the fiscal year ended Sept. 30,1887,
with its accompanying tables of liabilities and assets, and of
the main stem profit and loss.
65,408
The indebtedness of the company on September 30, not
15
11-6 miles. secured by mortgage liens, is as follows :
JONES,
pany,
President.
MAINTENANCE OF WAY.
Number of ties put in track
Number of sets switch ties put in track
New steel laid in main track
NEW SIDINGS.
-
1,600 feet.
At Kiley Junction
In Fort Worth yards
BRIDGES AND
1,500 “
BUILDINGS.
used in reconstruc¬
Number of feet, board measure, of timber
tion and repairs of bridges
Number of cubic yards of culvert masony
Number of lineal feet of piling used in same
Number of feet used in renewal and building
guards and road crossings
new
cattle
of depots
in repairing
Number of feet, board measure, used in repairs
Number of feet of lumber, board measure, used
and rebuilding
106,138
stock pens
;
234
2,980
14,651
6,828
10,762
FENCING.
Number of miles
fencing built
9-1
;
WATER STATIONS.
Number of cubic feet lumber
(A well was bored at Calef,
used in repairs of tanks
275 feet deep, and wind-mill
STATEMENT.
erected.)
2,679
FINANCIAL
SECURITIES OUTSTANDING.
‘Capital stock, 64,400shares of $100each. .$6,440,000
First mort’ge bonds, 6,768 of $1,000 each 6,768,000
;
00
00
$13,208,000 00
$296,353 16
account
$185,580 00
13,42790
1,895 37
30,667 71
Insurance
Renewals
Terminal facilities (paid T.
Dec. 17, ’85, to Oct, 31,
Surplus for year
& P.) Railway
’87
15,615 56
247,186 54
$49,166 62
ending Oct, 31, 1887
SURPLUS EARNINGS.
By balance, October 31, ’86
By surplus for year ending October
Surplus earnings October
31, ’87
31, ’87
1,218,803 86
$11,148,007 56
$8,769,314 11
Road,"
$300,184 03 is the share coming to the Baltimore & Ohio R. R.
Company, by reason of its holdings of the stock in the Wash¬
ington Branch Road, and the whole sum is awaiting the
necessary expenditure upon the Washington City terminals.
The
of $543,505 07, stated as due the sinking funds, re¬
quires no cash for payment, because it is taken care of by the
consolidated mortgage bonds, as hereafter explained.
The pay-rolls and vouchers for September, 1887, paya¬
ble in October, 1887, are, as it will be seen
$1,218,803 86
payable, amounting together to
Of the item of $481,812 89 for the Washington Branch
sum
And the cash on
by the annual re¬
hand, after paying
$263,233 75 for interest on
$1,740,772 93
bonds
maturing in London October 1, is
360,716 36
Total of these two items
The excess of cash on hand and materials over September
373,401 53
Net earnings transferred to income
Deduct:
Doc. ’86, and June ’87, coupons
Taxes
$6,505,678 52
2,263,635 59
134,571 63
481,812 89
543,505 07
in
supplies on hand, as shown
port, represent a cash value of
$669,764 69
Operating expenses
Unclaimed dues
Washington branch road
Due sinking funds
Pay rolls and vouchers for September, 1887, payable
October, 1887
The aggregate is
The items of floating debt proper are the loans and bills
But the
EARNINGS AND EXPENSES.
Gross earnings
Loans
Bills payable
$174,836 14
49,166 62
2,101,489 29
$882,685 43
for meeting the debt is:
bonds.
$5,000,000 third preferred 6 per cent
stock, upon such issue being authorized by the stockholders.
The face of the entire main line mortgage debt is as follows:
pay-rolls and vouchers is
The provision to be made
1. Consolidated mortgage
2. By the proceeds of
Loan issued in
Loan issued in
1853, extended at 4 per cent
1853, extended at 4 per cent,
due in 1935.
in 1855. 6 per cent, due in 1890
Sterling loan issued in 1870, 6 per ceut, due in 1895
Sterling loan issued in 1872, 6 per cent, due in 1902
Sterling loan issued in 1874, 6 per cent, due in 1910
City loan issued
Total
Less paid oil account of loans
have been extended at 4 per
$224,002 76
of 1880 and 1885, which
cent
.
Less
canceled bonds in sterling
sinking funds
$ 700,000 00
2,500,000 00
5,000,00000
3,872,00000
9,680,000 00
9,^80,00000
$31,432,00000
^
912,00000
$30,520,00000
841,192jj0
$29,678,808 00
outstanding bonds upon that por¬
tion of the road completed but not yet used by the railway
The Consolidated mortgage is made to secure the sum of
company is paid, in accordance with contract, by the Pan $29,600,000, substantially the existing unmatured main line
Handle Construction Company. (See President's remarks.)
mortgage indebtedness.
LENGTH OF ROAD OPERATED.
Excluding the $841,192 of the canceled bonds above re¬
November 1st, 1886, to Feb. 1, 1887...
ferred to, the par value of the securities in the company s
IS
m-}e8,)
A
verage,
192 miles. >
February 1st, 1887, to Oct, 1, 1887
sinking funds is $8,177,112.
,
276 miles. 5 194 mlles
Ootober 1st, 1887, to Oct. 31, 1887
Of the Consolidated mortgage bonds, $8,177,000 are reserved
DETAILED STATEMENT EARNINGS AND EXPENSES FOR THE
to be exchanged for the securities now in the sinking funds.
YEAR ENDING OCTOBER 31, 1887.
If so exchanged, these latter -securities can be disposed of by
EARNINGS.
the company at its pleasure; and if not exchanged, $7,500,*
$511,264 61
Freight.
108,549 74
000 of the Consolidated mortgage bonds can be sold; and tne
Passenger
11,893 72
Express
arrangement with the London Banking Syndicate contem*
12,354 70
Hail
9,838
07
plates the disposal to them of $5,000,000 thereof.
.
Telegraph
600 00
The remainder of the Consolidated mortgage bonds, $21>*
Miscellaneous..
13,603 85
Rent of cars
423,000, are to be reserved to retire the residue of the mortgatf8
1,650 00
Rent of engines
indebtedness not provided for by the existing sinking funds.
$669,754 69
The balance of
...
interest
on
December 17,
THE
1887. j
annual cash contributions to the sinking funds, to be
made by the company under the sterling mortgages, are
58 000 pounds sterling, equivalent to
And the yearly increment of the fund, as it now stands, is
CHRONICLE
The
Making a total annual
funds of/..:
investment in
the
Winchester & Potomac
Winchester & 8trasburg
$‘280,720 00
300,030 16
sinking-
Total rentals
Main Stem & Chicago Division taxes
(exclusive of taxes
charged to operating account)
Ground rents, less rents received
year,
Payments
the fund increases each
and the increasing
and by 1890 this increment,
exclusive of the annual appropriation of $280,720, will be
approximately $462,000, and by the year 1895 it will be approxi¬
mately $675,000. Therefore in 1895, without some such pro¬
vision as is made by the consolidated mortgage, the company
would be called upon to pay the large sum of $955,720 out of
its earnings and the interest upon the sinking funds.
The Consolidated mortgage, therefore,
accomplishes two
makinglarge cash investments in the sinking funds, by placing therein
consolidated mortgage bonds which it will have in its treas¬
The use of the consolidated mortgage
ury for that purpose.
bonds for sinking fund purposes does not increase the
debt,
but simply keeps the debt where it. now is.
The Consolidated mortgage covers the main line and
branches (exclusive of the Washington
Branch) between
Baltimore and Wheeling, the two Ohio River
bridges, the
company’s Washington Branch stock, amounting at par to
$1,028,000, and the entire amount of the first mortgage bonds
of the Wheeling Pittsburg & Baltimore Railroad
Company,
amounting to $5,000,000, and secured by mortgage upon its
line between Pittsburg & Wheeling.
It will be seen that the proceeds of the available
Consoli¬
dated mortgage bonds and the preferred stock will more than
pay all the floating indebtedness, and the remainder will be
available for equipment and improvement of the
company’s
lines.
The sate of the B. & O. Express franchise to the
United
States Express Company, and the
proceeds derived therefrom,
have been included in the statements of the annual
report of
September 30, 1887.
of
account
257,215:00
20,325 00
Washington
$165,000 00
102,800 00
62,200 00
Appropriations for Sinking Funds:
For Loan of 1895, 16,000 poimds,
equal to
“
year,
results:
1. It furnishes the company with at least $7,500,000 of bonds
which can be disposed of.
2, The company will be relieved in the future from
on
Branch Dividend
Less Main Stem holdings
increment of that fund will be paid in the same manner.
While the annual contribution of 58,000 pounds sterling re¬
mains a fixed sum, it is, of course, evident that the increment
upon
$865,051 00
.
$040,750 10
paid into the sinking funds each
$27,000 00
5,229 00
89,250 00
36,000 00
Strasburg & Harrisonburg.
Washington City & Point Lookout
Hereafter, instead of this sum being paid in cash to retire
indebtedness that does not fall due until 1895, 1902 and 1910,
respectively, Consolidated mortgage bonds to that amount will
be
825
*1902,24,000
1910,18,000
“
“
1927,
“
“
7,500
“
“
“
$77,440 00
....
116,160 00
87,120 00
account B. &
O. & Chicago Companies, equal to
For Loan of 1926, 4,274 pounds 3
shillings
and 7 pence, account P. & C.,
36,300 00
equal to
'
20,687 00
Total Sinking Fund Appropriations
Annual appropriation to City, account
P. & C. purchase..
Add interest for fiscal year of
1887, on bills payable, exelusive of interest on Loan Account
The aggregate net earnings of the main line and
branches,
all leased lines, and of the Schuylkill River East
Side
road, for the fiscal year 1887, were
To which add cash income from
stocks, bonds, Ac., ac¬
crued during the year
Total
From which deduct above stated cash
payments
337,707 00
40,000 00
176,535 00
$6,303,701 00
$6,613,774 44
298,916 00
$6,912,690 44
6,303,701 00
Remainder.
From which deduct dividend of 4
$608,989.44
591,384 00
% paid May 17, 1887...
Net balance after
paying 4 % dividend and providing
for reduction of principal of bonded
debt, and for
sinking funds, to the amount of $775,461 80
-
$17,605 44
Under the programme with the
syndicate for the issue of
five million dollars of consolidated
mortgage bonds and of
five million dollars of preferred
stock, and assuming that the
entire two million five hundred thousand dollars of car
trust
bonds will be issued, the charges for 1838 will be as
follows:
Interest
on
$2,500,000
car
Januaryl, 1888
Payment of principal of
January 1,1888
Interest
on car
trust
July 1,1888
trust bonds, duo
$56,250 00
car trust bonds
bonds, $2,250,000, due
250,000 00
50,625 00
Total
$356,875 00
Deduct amount of interest on car trust
bonds July 1, 1887
47,790 00
The increase, therefore, in car trust
pay¬
ments in 1888 over 1887 is
Add for interest on $5,000,000 new consoli¬
dated mortgage bonds
The sale of the Baltimore & Ohio
Telegraph took place in
the month of October, and is,
therefore, a subject to be
treated in the next annual reports.
After the completion of the
negotiations with the syndicate, For dividend on $5,000,000, third series, $250,000 00
as above
6 % preferred stock
stated, the $1,500,000 of the capital stock of the
300,000 00
United States Express Co., and the $5,000,000 of the
capital
stock of the Western Union
Telegraph Co., obtained in part
Total
consideration for the sale of the Express and
new consolidated
mortgage bonds for
Telegraph Less
the appropriations for the sinking funds
privileges, will be entirely unencumbered, and subject to the
of 1895,1902 and 1910
$280,720 00
company’s disposal.
And less amount of increment from the
The indebtedness of the
same Sinking Fluids
Company for which it is
either
directly
secured upon
or
guarantor,
as
the lines owned
or
liable,
otherwise, and which is
operated by it, is as follows:
6%,’ due
1890......
The Company is credited witli the
interest on its Sinking Fund, thus re»he annual charge of $300,000 to
in
Sterling loan
Sterling loan
of
of
1870, 0 %, due in 1895.
1872, 0 %, due in 1902.
1874, 0 %, due in 1910.
Face
of Bonds. Annual Interest.
$578,000 OO
$23,120 00
1,710,000 OO
5,000,000 OO
3,872,000 OO
9,080,000 00
9,680,000 OO
Aggregate of main line mtg. debt
$30,520,000
Chicago Div. sterling loan of 1877, 5 %.. $7,744,000
Parkersburg Branch
loan of 1879, 6 %..
loan of 1883, 4^ %...
nttaburg Div. loan of 1885, 5 %
Car trust
bonds issued in fiscal y’r 1887,
madelphia Div.
onewupon paid July 1,1887,412%..
“ttshurg & Cormellsvill e
7%.
T^le
Creek bonds, 6
oonsol.
f
»■
p
1st
®
mtg. sterling bonds, 6 %.
bonds, 6 %.
1878 to State of Maryland, 6 %.
gorthwestern Virginia Co.’s
^River East Side K.K. bonds of
on
of
city
bond for purchase of interest;
&c. R. R., 6 %
in P.
Total
l8t 411(12d
preferred
«2!£T*-~Tlle
00
OO
3,000,000 00
11,616,000 00
10,000,000 00
08,400 OO
640,75010
Net increase
Add above stated
charges of
hills payable ($176,535),
1887, excluding interest
namely
Adding these two
stock,’ e%.V.Y.I
280,000 00
380,862 00
4,500,000 00
225,000 00
520,000 00
31,200 00
$81,177,640 00
$5,000,000 00
$4,244,668 00
300,000 00
Ar*aulnd8 of the Cincinnati Washington
Railroad Co. to the amount
$6,250,000, and also of the 2d mortbonds of
the Staten
S,7.fRapid Transit Railroad Co.,
ooTm^ng 1)0 $2,500,000, but these two
thM?«nle8 °PGrato their own
antAft?et ejrillll£8 provide for
,
hence these
tiia w. in above
i
The
lines, and
the guar-
bonds are not
statement of liabili-
following
are the rentals of leased lines:
Ohio Division, 35
per cent of the
($1,286,635 for 1887.)
$450,322 00
Y1?1011
56,000 00
Erie Division
201,250 00
8fiffifJ8iniiSP8
Lab*tSTt?1
180,000 00
522,720 00
500,000 00
47,790 00
of
shows
THE
19,596 00
8,400 00
21,960 00
charges for 1888
A BRIEF
NICARAGUA
SKETCH
6,127,166 00
$6,345,500 84
as
CANAL.
OF THE
$1,639,940 00
$387,200 00
4,000,000 00
326,600 OO
6,321,040 OO
140,000 00
366,000 00
B- & O. R.R. Co. is tho
guarantor of the 1st
mortgage 4^2 per
C€nt
232,320 OO
580,800 OO
580,800 00
sums
$218,334 84
on
By order of the Board of Directors,
S. SPENCER, President
154,500 OO
2,124,000 00
mtg. bonds,
%
$859,085 00
360,030 16
.
Sterling ioan of
550,000 OO
or
Loan of 1853, extended at 4%
Loan of 1853, extended at
4%, due in
1935
Baltimore City Loan of T855 *
$309,085 00
PRESENT STATE OF
ENTERPRISE.
THE
The
following summary has been prepared by parties
officially connected with this enterprise and thoroughly
acquainted with its details :
The growth of
other territories
trade and
on
the
rapid development of
Pacific have rendered
ships through the American isthmus
a
our own and
a
passage
for
necessity to the further
march of commercial progress.
For the past decade the
world has been looking to Panama for the fulfilment
of this
long-deferred hope, but it begins to be realized that that
project has broken down. Its collapse opens the way for
American capital and enterprise to secure the control of a
greater pathway of commerce in American hands, by avail¬
ing of the favorite route of American explorers and engneers
across the Republic of
Nicaragua.
The Nicaraguan Government has
granted a number of coin¬
cessions for a canal in past years, but hitherto no work
has
been done under them. Upon the failure of the
treaty
nego¬
tiated in 1884, securing to the United States the
right of
for a canal, the Nicaraguan Executive made a contract way
with
the Nicaragua Canal Association of New
York, represented
by Mr. A. G. Menocal, which was confirmed by the Legislat¬
ure, and formally promulgated in April, 1887.
Under that
contract, granting exclusive right of way and other valuable
privileges, operations were commenced by the sailing of the
steamship “ Hondo” on November 30th from New York for
Greytown, carrying a party of forty skilled engineers, sur¬
veyors and assistants, to make the final surveys and locate the
route of the canal, in preparation for the work of
construction#
One distinction between this concession and its forerunners
which, perhaps, accounts for its present advance beyond the em¬
bryonic stage, is that it embodies the suggestion of value.
erto Nicaragua has granted concessions without price, for
Hith¬
contingent benefits merely. The concession of 1887 was bur¬
dened with a pecuniary condition which its recipients were
obliged to fulfil within sixty days of its acceptance. Thus the
vitalizing element of capital was infused into the projectand it became an
[Tol. XL\.
THE CHRONICLE
826
its hold,
the Northern
overby whom,
actual and valuable entity to
These include Mr. Frederick Billings of
Pacific Railroad, in whose offices, and presided
ers.
£he Co mm er e ml jinxes.
BP1TOMF.
COMMERCIAL
Friday Night,
Dec. 16, 1887.
Measures looking to a reduction of taxation at the preset
session of Congress continue to be actively discussed. Bat
while something will probably be accomplished in that direc¬
tion, much time will be required to harmonize conflicting
views and interests, and it is by no means certain that the
perfected its organization. protective features of our import duties will be disturbed in
Mr. Horace L Hotchkiss, any important particular. On the whole, the trade position
Treasurer, and Mr. J. W. Miller, Secretary, of the Nicaragua and prospects may be regarded as satisfactory. It is highly
Canal Construction Company, Hon. Charles P. Daly, ex-Cliief probable that the deficiency bill, which failed at the last ses¬
Justice of the Court of Common Pleas, of counsel, and Messrs. sion of Congress, will soon be re-enacted, and, with other piy.
Hiram Hitchcock, of the Fifth Avenue Hotel, A. C. Cheney, ments, release some of the money now retained in the Federal
President of the Garfield National Bank, Charles H. Steb- Treasury.
The speculation in lard for future delivery has been well
bins, ex-Gov. Alonzo B. Cornell, Geo. H Robinson, of the
Delamater Iron Works, F. F. Thompson, of the First National maintained throughout the week, receiving its strength not
Bank, and J. F. 0‘Shaughnessy, all of New York; Robert Gar¬ from any. present demand, but from a marked reduction in the
rett, T. Harrison Garrett and C. Ridgely Goodwin, of Balti¬ number of swine slaughtered at the princ pal Western points,
which threatens a production much smaller than last year.
more; ex-Gov. Horace Fairbanks, of Vermont; R. A. Lan¬
caster, of Richmond, Va.; Jules Aldige, of New Orleans, and To-day there was a further advance, with a firm closing at
Lard on the spot has been
Wm. P. Anderson, of Cincinnati. Commader H. C. Taylor, U. about the best prices of the day.
S. N., is General Manager of the company; Mr. A. G. Menocal, quiet, but to-day was more active aud dearer, closing at 7 60c.
Civil Engineer, U. S. N., is Chief Engineer; and the work now for prime city, 7*95;$ 8 05c. for prime to choice Western,
begun is in accordance with his plans. The sub-Chief Engi¬ 7*90@8c. for refined for the Continent and 8 25@8 30c. for
South America.
the Nicaragua Canal Association
Mr. Francis A. Stout, President,
and commander of the expedition on the “Hondo” is
DAILY CLOSING TRICES OF LARD FUTURES.
Engineer R. E. Peary, U. 8. N., well known in connec¬
8aturd’}/. Moird'y Tuesd'y. Wednsd’y. Thursday, Friday,
tion with previous Nicaraguan surveys.
DecembT delivery. 7*57
7*G5
7*71
7*74
7*83
8*04
During Gen. Grant’s administration a commission appointed January delivery.. 7*58
7*74
7*65
7*71
7*83
8*04
7*81
7*92.
8-12
7*73
7*80
by him to consider the subject of canal communication February deliv’y.- 7*66
March delivery.... 7*74
7*80
7*89
7*90
7*98
8*20
between the Atlantic and Pacific, consisting of Brig-Gen.
7*88
7*96
7*97
8*06
April delivery..... 7*81
8*25
Humphreys, Chief of Engineers, U. S. A.; C. P. Patterson, May delivery
7*90
7*97
8*03
8*05
8*14
8*35
June
delivery
7*9G
8*00
8*09
8*10
8*19
8*40
Superintendent U. S Coast Survey, and Daniel Ammen, Com¬
8*07
8*15
8*43
8*00
8*13
8*23
modore, and Chief of the Bureau of Navigation, unanimously July delivery
Pork has been more active at full prices, and closes with a
reported to the President:
“That the route known as the Nicaragua Route, beginning firmer feeling; old mess, $14 50; new do., $15 50; prime, $13,
on the Atlantic side at or near Greytown; running by canal
and clear, $16 50@$ 18.
Cutmeats have been dull and weak
to the San Juan River; thence following its left bank lo the but close steady.
Pickled bellies, 7%(@7%c.; shoulders,
mouth of the San Carlos River, at which point navigation of 6;s@7c., and hrms, 9?4@ 10c.; smoked
shoulders, 8^c.
the San Juan River begins, and by the aid of three short and hams,
1134@ll34c*
The packing returns for the
canals of an aggregate length of 8*5 miles reaches Lake week to the Cincinnati Price Current show a continuance of
Nicaragua; from thence across the lake and through the decrease in number of hogs handled, compared with corre¬
valleys of the Rio del Medio and the Rio Grande to what is sponding time last year. The ten leading points have packed
known as the port of Brito, on the Pacific Coast; posses-es, 420,000 for the week, against 549,000 last year, and these
both for the construction and maintenance of a canal, greater places show a total of 1,923,000 since November 1, against
advantages and offers fewer difficulties from engineering, 1,971,000 a year ago, or 48,000 decrease.
commercial and economic points of view, than any one of
Beef is quiet and nominal at $8@ $8 25 for extra mess, and
the other routes shown to be practicable by surveys suf¬ $8 50 for packet per bbh, and $14@$15 for India mess per
ficiently in detail to enable a judgment to be formed of their tierce. Beef hams are firmer at $17 50 per bbl. Tallow lower
relative merits.”
at 4 5-16c.
Stearine is quiet at 8@834c.
Oleomargarine is
The commission also declared their belief that the detailed quoted at 6?8c.
Butter is quiet at 20@33c. for creamery, the
explorations and surveys by officers of the United States outside figure for Elgin fancy. Cneese remains quiet; State
Navy, submitted to them, the manner of collecting the infor¬ factory, full cream, 10@ll%c., and skims, 4@9c.
mation, and the laborious works, conducted through a series
Coffee on the spot has been in active demand from the reg¬
of years, by naval officers, under the instructions of the Navy ular trade, and in view of the rapid reduction of stocks prices
Department, on a field of operations extending from Tehuan¬ have shown an upward tendency. To-day fair cargoes of
tepec to Panama, precluded the existence of as favorable Rio were quoted at 1834^18/^0., and the total sale-, includ¬
l}nesfor the construction of an inter-oceanic ship canal as ing mild grades, amounted to about 15,000 bags. Che specu¬
those prescided for consideration in their report.
lation in Rio options has been fairly active, and the early
The proposed route is the one thus reported upon, slightly deliveries have developed strength, but to-day at some further
modified by the Government survey of 1884-5, conducted by advance the close was dull, with sellers as follows, for deliv¬
Mr. Menocal. Its total length is 169*8 miles.
The Lake of ery in 1888 :
15*00c.
15*75c. I Sent
lG*20c. I May
Nicaragua, 110 feet above the mean level of the sea, will be Jan
1475c.
lG*05c. ! Juno
the summit level, and the rivers flowing into and from the Feb
14*70C.
.15-OOe. Nov
March
14*40c. *
lake will be utilized to the best advantage in order to reduce
.15 20c. j Dec
the actual canal excavation to the lowest possible limit, which April
Raw sugars have been unsettled, but close firm and fairly
will not be over forty miles.
A system of locks at either side
active
at 534@5 3-16c. for fair refining Cuba and 5 15 16c. for
of the summit level will be constructed, of such dimensions as
standard
centrifugal 95-degrees test.
Molasses in good
to give commodious passage to vessels of the size now used
demand,
and
sales
to-day
included
three
cargoes
for February
for ocean navigation in Europe and America.
The bottom
width of the forty miles of canal will vary from 80 to 120 feet, shipment at 24c. for 50-degrees test. The tea sales went
and the surface width from 80 to 288 feet, with a depth of at easier prices for Japans and low Formes?s.
Kentucky tobacco in better demand and holders inclined to
from 28 to 80 feet; but the 129 miles of river and lake will
form a waterway safe for rapid navigation, with ample depth ask more money. Sales for the week are 450 hhds., of which
250 for export. Seed leaf fairly active, saLs for the week
throughout. The total cost is estimated at $64,036,197.
The following table of tonnage that would make use of the aggregating 1,100 cases as follows: 400 cases 1881-85 crop,
canal to-day if it were open is based on the reports of the Pennsylvania, 9^@14)^c.; 200 cases 1886 crop, Pennsylvania,
Bureau of Statistics, United States Treasury Department, and, 9@15c.; 150 cases 1886 crop. New England Havana seed, 13@
30c.; ICO cases 1886 crop,- New England, 14@ 18c.; 100 cases
of course, is prepared from official data :
1886 crop, Wisconsin Havana, 7@10c.. and 150 cases sundries,
Toimap' in 1879
:2,771,SSG
4@28c.; also 400 bales Havana, 00e.@$l 05, and 250 bales
matra, $1 25@$1 75.
.
Spirits turpentine is firm at 38c., with a fair demand, and
Increase in six years (tons)
1,180.5-18
rosins are steadier at $1 05(3)$1 10 for common to good
At the same rate of increase the tonnage for 1892, the pos¬ str.fined.
Crude petroleum certificates have been variable,
sible date of completion of the Nicaragua canal, would be but were to-day active and buoyant, closing as 78}f@78^o>
6,500,214 tons, which, at $2*50 per ton (flie Suez canal tolls), Wool is dull. Hops are steadier.
would return a gross revenue of $10,265,535. The cost of
On the Metal Exchange, the specula tion in Straits tin has
maintenance and operation will not exceed $1,000,000 per subsided, and the close is dull at 35}^@36c. on the spot and*#
year.
The development of our Pacific States would, it is be¬ @3334c. for future delivery. The movement in copper
lieved, be very rapid from the day the canal was opened. t>* en more aefive, and prices advanced, but to day. with muon
That such a facility would quickly and largely increase the excitement, they close at some reduction from bed i»rices,or
traffic is shown by the experience of the Suez canal, which in about 17’90c, on the spot, 17*75c. for December, 17 95c. for
1870 transported a net tonnage of 486,609, at tolls of $1,031,865, January and 18c. for February.
Lead shows r* newed specu¬
and in 1883 a net tonnage of 5,775,SGI, at tolls.of $1^,702,413.
lative interest, and to day was active aud buoyant, with sales
of 500 tons for February at 5*10@5,17^c.
Spelter quiet a
Dittoes of the
Nicakac.ua Can vu Construction Co.,
534c.
The
iron
markets
are
steadier.
a t A K<> \\ ;i)l .Street.
neer
Civil
.
.
off
Su¬
has
Kew York. December
12tli, 1SS7.
This has been a very
dull week in ocean
freights.
THE CHRONKJLF.
17. 1887.J
COTTON.
I
827
In addition to above
exports, our telegrams
the following amounts of cotton on
to-night also give
shipboard,
not cleared
at the ports named.
We add shnilar figures for New
The Movement of the Crop, as indicated by our telegrams
York,
which are prepared for our
from the South to-night, is given below.
For the week ending
special use by Messrs. Carey, Yale
& Lambert, 24 Beaver Street.
this evening (Dec. 10), the total receipts have reached 213,902
bales against 249,019 bales last week, 252,406 bales the previous
On Shipboard, not
week and 249,388 bales three weeks since, making the total
cleared—for
Dee. 16, at—
Leaving
receipts since the 1st of September, 1887, 3,593,867 bales, against
Great
Coast¬
Stock.
Ft ance. j Other
036 135 bales for the same period of 1886, showing an in¬
Total.
Britain.
11 urtnjn wise.
us
Friday, P. M., Dec. 10, 1887.
-
0
crease since September
Mon.
Sat.
Receipts at—
1, 1887, of 357,732 bales.
Tues.
TTerf.
4,446
5,246 4,956
Galveston
Indianola, Ac.
New Orleans ... 10,056 21,442 10,402
431
1,768
Mobile
3,336
Florida
5,494
5,019 4,779
Savannah
Bruns w'k, Ac.
2,420
2,208
Charleston
2,737
That'S.
4,903
3,235
8,450
1,449
......
3,832
26,618
68,787
9,633
4,204
31,038
3,065
14,421
......
2,323
.....
Total.
6,425 12,012
881
1,765
4,204
7,750
5,407
3,005
2,268 2,405
2,559
......
Fri.
Port Royal, Ac
114
1,651
Wilmington....
1,093
669
1,243
801
6,473
267
267
Norfolk
West Point, Ac
New York
3,345
1,381
4,070
1,243
317
513
717
3,092
1,535
1,051
260
292
641
934
801
418
161
424
Boston
Baltimore
3,603
2,252
3,354
1,809
3,913
9,708
21,377
17,928
224
O
452
3,380
2,080
1,695
201
W
—
2,080
......
Philadelphia,Ac
QOO
26,408
15,500
2,202
14,800
27,626 ! 28,433
None, i None.
None, j 3,150
! None.
5,321
None.
1,244
4,7(H)
j 16,845
! None.
13,898
3,800
87,788
278,743
7,450
None.
3,000
None.
15,500
6,596
20,100
45,623
24,200
11,900
13,000
j 58,878
28,963
224,707
766,018
73,208 ! 81,063
29,832 ; 48,740
21,120
28,563
337,131
246,923
706,171
772,525
600
696
14,184
20,400
4,200
10,000
None,
Total 1887
107,694
29,172
Total 1886
Total 18S5
158,740
139,788
114
•
1,013
Wash’gt on, Ac
New Orleans....
Mobile
Charleston
Savannah
Galveston
Norfolk
New York
Other pons
Noue.
250 j
j
The speculation in cotton for future
22,551
44,382
128,820
65,921
31,050
129,274
65,268
delivery at th's
market
took a turn toward
higher prices at the beginning of the
week under review.
It was seen that leceipts at the
porta for
the remainder of December are to
compare with large figures
for the
corresponding period of list se 130a; a marked reduc¬
tion was anticipated, and it was believed
that this reduction
would revive confidence iu short
crop estimates and lead to a
renewal of speculation for the ris\
These
expectations
were
fully realized, except that on Taesd ly the advance was
checked by sales to real<z \ alrh
m^h Liverpool and Manches¬
31,429 42,005 33,536 28,165 2S,108| 50,659 213,902
ter were better. On
Wednesday tfcnre was reoewed buoyancy,
For comparison we give the following table
showing the week’s Liverpool having made a further advance and the receipts at
total receipts, the total since September 1, 1887, and the stock theports being
comparatively small; but a full interior move¬
to-night, and the same items for the corresponding periods of ment caused some depression at the close. Yes
erday, not¬
last year.
withstanding an improvement at Liverpool, there was much
selling to rea >ze, winch caused the decline of a few points.
1887.
1886.
Slock.
Receipts to
To-day the market opened stronger on the favorable reports
This
Since N<pThis
Since Sep.
Dec. 16.
from Liverpool and
1887.
1886
Manchester, and stnilisr
Week.
Week.
1, 1887.
1, 1886.
interior towns, but free selling was causedreceipts at many
by reports of a
Galveston
on the
263
138
\
•
1
37,187
516,636
New Orleans.
Mobile
Florida
Savannah
...
Bransw.,Ac
Charleston
.
.
P.Royal, Ac
Wilmington
Wash’t’n,Ac
Norfolk
68,787- 1,053,115
9.633! 136,261
4,204
17,026
31,038
057,141
3,065
41,748
11,421
301,050
111
10,073
Phil’del’a, Ac
20,507
19,516
207,005
12,383
105,528
2,011
50,978
2,576
17,070
356,162
102,421
33,003
55,250
11,734
363
8,038
326
1,695
366,531
3 s,051
3,130
148,020
•
3,522
322,811
321,721
11,816
37,485
7,830
11,328
^13,902 '3,593,807
JTotals
066
067
141,003
2,080
...
33,514
904,674
120,300
13,010
591,360
267
17,028
2.S22
3,380
New York....
Boston
05,002
13,486
6,473
21,377
W.Point, Ac
Baltimore
111,514
......
23,820
15,326
2,024
2,540
5,000
22,530
10,667
1.588
17,010
panic
Paris Bourse and increase i stocks at interior
towns, under which most of the early advance was lost. Cot¬
ton on the spot has remained
quiet, but hi lders were firm,
362,858
and quotations were advanced 1 16c. on
Monday. Yesterday
31,005
quotations were revised, low grades weie r< duced 1 16c. and
high grades advanced 1-16(a) }q<\
To-day the market was
112,830 1-lGc.
dearer, mid lling uplands closing at lO^o.
The total sales for forward
delivery for the week are 625,100
78,031 bales.
For immediate
delivery the total sales foot up this week
411
504 bales, including — for
export, 504 for consumption,
23,013
for speculation and — in transit.
Of the above —-* bales
were to arrive.
The following are the official
quotations for
58,800
132,038
—
••••■•
each
15,807
111,171
15,000
12,360
260,650 3 ,236,135
187,927
UPLANDS.
10,000
Ordinary
Strict Ordinary
Good Ordinary
Strict G«.od Ordinary'
12,508
15,272
15,498
000,725' 1,043,302
at —
1887.
Gal vest’11, Ac
New Orleans.
26,61>
0,633
31,038
14,535
0,7 It
21,377
17,02b
...
Charlest’n.Ac
Wilin’gt'n, Ac
Norfolk
W’t Point, Ac
All others....
Tot. this week
'
10,870
8,304
23,820
15,326
13,001
200,659
1881.
25,899
02,32 •1
14,001
27,061
18,22 1
3,38 r>
25,660
11,438
19,110
33,511
17,21G
21.3,902
1885.
37,187
05,002
13,186
68,787
Mobile...-
Savannah
1886.
238,011
1883.
(
14,510
03,707
12,158
31,008
23,081
5,460
1
1882.
10,326
24,035
247,733
lUiua
luuKiuoia; cnariesion
m
Middling Fair
.
Wa h Ending Dec. 16.
Exported to—
Sports
Great 1
from-
Jfrit’n., France
Galveston
....
New
Orleans..
Mobile
Florida
Savannah *....
Charleston
Wilmington
27,:>40
31,039
66,862
15,261
36,602
22,630
Ordinary
Ordinary
7,724
1
0,782
....
Middling
Good Middling
Strict Good Middling
Middling Fair
13,187
21,195
Norfolk.
West Point,&c
17,200;
New York
Boston
8,070'
....
Total..,
.Total
*
issfl
hcludos
41,9.14
215,002
13,731
10,285
9,900
4,900
0.821
......
2,599
2.219,
Baltimore
BhiladelpV&c
2,021
0,007
0,014
250
3.457,
1,003
900
17,200
10,083
2,409
3,457
2,503
109,23f$j
ContiTotal.
nent.
20,143
98,0 <? 5
45,237
10,230
170,319
20,189
4,515
122 396
66,998
IU,505
100,940
213,391 18,172
•
.♦«
70,908
34,701
20,111
33,843
•
•
•
•
##it.
•
,
107,237
1.015
1,195
15,209
3.344;
281,574
187,822
99,380
111,565
100,910
838,800
78,553
51,165
29,455
41,284 105,270 1,270,974 212.644
717,049 2,200,007
112.44 J
71.1 50 198.0 III 1.223.510 9f 1,832
415 112 1.C0O 403
15,312
.
•
•
•
•
.
.
.
......
.
.
.
m
.
.
.
.
.
77s
84
.
D4
94
!
9 3,
D4
101,6
104
H>4
1(>78
Hie.
1 716
1
Wlli
STAINED.
Moil Tues Wed
715ig
715,6
8" ui
93,6
9i 4«
104
Sat
«71C
93.8
94
104
104
Til.
Good Ordinary
Strict Good Ordinary
Low Middling
ft 11).
Fri.
71516 71«,„
8‘ig
938
95i«
91316 978
103,« 104
1071(J 104
1
Fair
94
D78
104
104
770
85,6
84
94
934
95,61
914 ft
103,6
10
104
10916
101 lid
4
10146 10i4r, 1011,6 104
IOL’k; 101510 3 01 !>i (5 1015,6 11
i 1
4
1 1
44
124
4
114
124
!
114
114
124
113,6
114,5
1 123,r,
i Mon Tues Wed
114
114
12 4
TJi. f Frf.
4
! 75*8
74
7i4e
J. sir, 16
8^16 i 8»16
85i«
84
0 4
04
9-V, I 94
04
0516
jl()i1G (lOi0 1010 KMs
1010 J10310
7«ie
84
:
The total sales and future deliveries each
day during the
week are indicated in the following statement.
For the con¬
venience of the reader we also add a column which shows at a
glance liow the market closed on same days.
2’4,091
054,104
20,143
109,057: 14,329
exports from Bru ^wick,
!
MARKET AND SALES.
283,713 155,389
10,285
94
1 9:U
104
104
are
From Sept. 1, 1837, to Dec
10, 1837,
Exported to—
33,270
47,837
......
m
•
..... m
•
Strict Low Middling
31,225
Below
Great
Britain. France
M,,,,
3,082
4,9 0
Continent.
Total
2,S97
•
•
.
Good Ordiuary
Strict Good Ordinary
Low Middling
September 1, 1887.
Week.
0,592
!
1
•
[ Frf.
711,6 ! 7^
84(5 I 84
713,6
H516
*46
includes
nent.
4,112
•
..ft ft
Strict
258,170
Conti-
2,S97j
...,
..
1,524
10,200
Til.
104
104
I07m
iio-he 1O0,6 l(-0,6 10916 104
1013k; 10131C 1014(5 1013,6 1078
11
11
101-Lc 11
lUlC 114
1 1516
1 138
114
114
H716 114
12
112
1 I IS 124
miBi»
.ia
Sat.
for the week ending this
reach a total
16o,27u bales, of which 109,657 were toevening
Great Britain, 14,329 Middling
tor ranee and
41,284 to the
rest of the
•
B5ig j &40
94
9Hir 934
TO* in 10*8
lor>1(. 10‘4
GULF.
i^!?exPorts
exports for the week and since
84
| 93M
!
/— 10
—
38,417
of
me
•ilG
1
10 lo
10
Good Mfddling
Strict Good Middling
juoit Koval, Ac.:
nummgton includes Moreh’d City,
Ac.; West Point includes City Point, Ac.
•
.
Middling
Since Sept. 1.
3503,867 3236,135 3154,224 3320,54 s 3214,661
3200,530
unui
.
Fair
21,657
05,500
13,027
30,575
15,118
2,700
33,706
3t*,860
21,763
18,485
258,340
!
1-710
/
l
....
Tues Wed
!
ft
ft
—
to Dec. 16.
Moil
j Sat.
Low Middling
Strict Low Middling
In order that
comparison may be made with other years we,
give below the totals at leading ports for six seasons.
Receipts
day of the past week—Dec. 10
!
516,025
Ind’iiola,Ae
’
26,618
...
SALES OF SPOT AND TRANSIT.
SPOT MARKET
CLOSED.
Ex-
j Con- spec-Tran-'
port,
Sat
Quiet and steady
Mon
Steady
Tues. Dull
Wed
Firm
Tliurs Dull 77) rev. quo
..
sump ul’t'n
*!
.
.
.
Fri...
j
Q'tAst’yailtiadv
Total.1
t
sit. j
-L(nai-
lf>
00
15
‘>0
do!
00
30
123
1 11
30
3‘23!
in;
50
Li
The Sales
and
Prices
of
Futures
FUTURES.
Sales.
Deliv¬
eries.
40,200!
111,000
07,0001
130,100:
126,0001
116,000
501 625.100
The daily deliveries given above are actually
rovious to that on which they are reported.
following comprehensive table;
I
are
delivered the day
shown
by the
[VOL. XLV,
THE CHRONICLE
828
g^ls
consequently all the European figures are brought down
Thursday evening. But to make the totals the complete
figures
for to-night
(Dec. 16), we add the item of exports from
iU/x
Qfofoa lnolnrlinnr in if. f.ViO PYDArfc nf TTtmHow
i 4s
Btook at Liverpool
Stock at London
and
§2lf
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o.
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258,200; SepOctober, 570,200; September-November, for NoBeptember, 1887, tor HeptAmbAr,
The following exchanges have been made during the week:
09 pd. to exch. 100 Feb. for Mar.
*14 pd. to exch. 100 Apr. for June,
*40 pd. to exch. 1,C00 Jan. for June. Even 200 Jan. for Sept.
•08 pd. to exch. 100 April for May.
*08 pd. to exch. 100 Feb. for Mar.
•48 pd. to exch. 300 Jan. for July.
•08 pd. to exch. 100 Dec. for Jan.
*04 pd. to exch. 100 June for July.
*08 pd. to exch. 600 Mar. for Apr.
•34 pd. to exch. 300 Feb. for June.
*-82 pd. to exch. 100 Mar. for Aug.
TO pd. to exch. 400Feb. for Mar.
*19 pd. to exch. 500 Jan. for Mar.
The Visible Supply of Cotton to-night, as made up by cable
and telegraph, is as follows. The Continental stocks, as well as
those for Great Britain and the afloat are this week’s returns,
OT
M
-4
M
lA
tA
(A
©
W © -3 W -1W
ic
ytotoMjc-i
b'Cn«0C0b'’iA©
fCOA-lACCAO'0'-J©acCO-JHO-101
lA©©MMMWM©M©*—©-JWiACC©
m;
to
to
mmkim
M M -1 w
WW
M
M
®
w
to
^4
to
%
tember-October, for
Tember, 481,000.
We have included in the above table, and shall continue each
week to give, tlie average price of futures each day for each month. It
will be found under eaoh day following the abbreviation “ Aver ” The
Average for each month for the week is also given at bottom of table.
Transferable Orders—Saturday, 10-45o.; Monday, 10*55c.; Tuesday,
10’60c.; Wednesday, 10'60c.; Thursday, 10*55c.; Friday, 10 55o.
to
©
:
P
MJ
O'
-4
©9
Inolnne* naies In
MM
M
M
1i ®9
©6
©
.
to
O'
M
w©
©->©
§
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Q
S,
S 2 2 ; *
s"-eM"gg: t>:
CB CB
W
©
Id:
©
!#-"£&£!•
55
^
©)©® J-J© to w
M ©©to 10 O'M
© © W M (A to ©
CO
date of
decrease of 46,544 bales as
o?L-sl
? cc
©
^
M M 05 M
©OCO
©©
tbto©tb
t>
?
©
to
m
-1
©
Tcod
Mrjr M
T3*
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:
d
Hjur* SP
®
to
tb
i
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2
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to
d©°©
%
469,100
!!§!!§!
COCO
tO M
© © o
g g
M
M©
P
t
s
©
C©
<
297,400
statement.
to
to
tcto
400,300
©
O'
to to
436,500
movement—that is the receipts
the shipments for the week,
and the stocks to-night, and the same items for the corres¬
ponding period of 1886—is set out in detail in the following
©
t>
47,000
65,400
50,000
33,000
193,000
45,000
121,100
71,000
39,000
At the Interior Towns the
for the week and since Sept. 1,
©
MM
133,000
16,000
g
MMCnM
w_ j4W__M_
©
6,000
6,000
181,000
13,000
94,300
59,000
53,000
and a
MtOO?
M tO M
© W to © © O' w
CC O'
©o
♦
M
4,000
40,000
The above figures indicate an increase in the cotton in sight
to-night of 81,270 bales as compared with the same
1886, an increase of .134,258 bales as compared with the corres¬
O'
a ©
99
8
O
181,000
50,000 bales.
©
M
2
**
ism:
M *- V M
CX
*-
600
1,400
American............2,575,487 2,530,417 2,580,329 2,589,431
supply .......3,011,987 2,930,717 2,877,729 3,058,531
Price Mid. Upl., Liverpool....
558(1.
5^.
5d. 513ir(1.
Price Mid. Upl., New York....
lie.
,105ac.
9^jc.
9X4C.
The imports into Continental ports this week have been
A-
©
M--
©
M
afloat
to
I d
900
2,600
126,000
3,000
41,000
7,000
3,000
181,000
:
•A©
500
1,400
154,000
1,000
33,000
3,000
9,000
223,300
807,300
59,000
590,000
53,000
1,043,302
365,520
12,595
340,500
2
**
© ©
O'-4
99
©
c©
209,000
3,000
65,000
2,000
6,000
4,000
32,100
41,000
3OUffSTotal
[>
◄
©cb®
Mi-
to
9®
2
^
© ©
I dr:
I dr:
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M
MM
©cb® cb
MM
400
800
Brazil, <£c.—
Egypt, Brazil, &c.,
°
:
MM® M
99® 9
KM
rj\*
2
MMWM
t>
25,000
141,500
35,000
©
I dP:
T©
MM
24,500
32,000
®©
MM
-4 w
o©
574,000
ponding date of 1885
compared with 1884.
◄
2
cb©
MM
East Indian,
©rfk
I dp:
MM'toM
MO'
5
Qo
99
MM©M
mm©m
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§
^
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MOM.
MM©©
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496,000
3,600
31,300
29,000
Total visible
I dS°:
I d®:
I d.^:
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dtodp
^
99
2
©MM1"*
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A- O
6©
^
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MM
MM
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&►
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9929
oboe® ob
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9©
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2
2
4
m
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tow
MM
M
MM’^M
©
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©©
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i
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.
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584,000
1,400
13,000
7,000
*
© M
02©°©
99
£
99
602,000
4,800
©OO©
1 OO©
r©-4
on-4
|A to M
99
stock.
389,000 390,000 347,000 336,000
199,000 129,000 182,000 195,000
526,000 590,000 580,000 659,000
United States stock
990,725 1,043,302 1,019,448 1,015,403
365,520 434,593 340,028
United States interior stocks.. 449,790
United States exports to-day..
20,972
17,288 44,000
12,595
Total American
2,575,487 2,530,417 2,580,329 2,589,431
B
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CCOi to
13,000
bales
Liverpool stock
Continental stocks....
American afloat for Europe...
MM
AMl
A
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2
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32,000
529,000
45,000
Atne'nccLii
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99
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1884.
480,000
16,000
....
© © ©
Mm^M
99
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05
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fj.
1885.
571,000
stocks
Total Continental
^
©
M
1886.
570,000
247,400 316,1(
Total European stocks
942,500
^743,400 890,1(X
India cot ton afloat for Europe.
50,000 71.00C
35,000
Amer. cott’n afloat for Eur’pe.
526,000
580,000 659.00C
39,000
Egypt, Brazil,&c., afltf or E’r’pe
47,000
33,000 1,015,403
Stock in United States ports.. 990,725
1,019,448 340,028
Stock in U. 8. interior towns.. 449,790
434,593 44,000
United States exports to-day.
20,972
17,288
Total visible supply
3,011,987 2,930,717 2,877,729 3,058,531
Of the above, the totals of American and other descriptions are as follows:
2
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Stock at Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock at Antwerp.
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stook at Trieste
1887.
bales
to to;
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week 30,356 bales and are to-night o%
than at the same period last year The recoip
increased during the
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Louisville in both years are “ net.”
show that the old interior
The above totals
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THE
17, 1887,]
December
CHRONICLE.
the same towns have been 5,782 bales more than the same
week last year, and since September 1 the receipts at all the
274,034 bales
than for the
period in 1886
quotations for Middling Cotton at Other Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week.
towns are
Satur.
Mon.
Tues.
9%
9%
9%
9^8
9^8
9%
934
95a
95g
91316
97s
91o16
9«16
9loi0
Galveston
New Orleans.
Mobile
Savannah
Charleston
Wilmington
Norfolk
...
95g
9«s
...
Si316
978
..
.
Philadelphia
Augusta
Memphis
same
CLOSING QUOTATIONS FOR MIDDLING COTTON ON—
Ifttk ending
Dec. 16.
Boston
Baltimore
more
978
lOSg
lO^s® ^2
10%
10^6® Lj
10%
£i«
9^8
9%0
9^8
....
fit. Louis
lOSg
9U16
^illQ
Cincinnati...
Louisville
978
97s
978
97s
Wednes.
9%
91316
9ii16
95g
91&16
978
978
9%
9%
9Hi6
91316
97s
978
inch.
week, the rainfall reaching seventy-one hundredths of an inch.
The thermometer has averaged 58, the
highest^ being 71 and
the lowest 40.
9Hi8
913.6
978
978
an
Auburn, Alabama.—Telegram not received.
Madison, Florida.—We have had rain on two days of the
9i%c>
10%
1038
10%
9%
9%
week, the rainfall reaching forty-three hundredths of
Average thermometer 39, highest 63, lowest 54.
fallen on three days of
The thermometer has averaged 53,
the highest
being 62 and the lowest 32.
Selma, Alabama.—We have had rain on three days of the
week, the rainfall reaching thirty hundredths of an inch. The
thermometer has averaged 52, ranging from 35 to 63.
10i16
9Hi0
Nashville, Tennessee.—There has been rain on six days of
the week, the rainfall reaching
forty-five hundredths of an
iDch. The thermometer has
ranged from 26 to 59, averaging 45.
Mobile, Alabama.—It has been rainy on three days of the
Montgomery, Alabama.—Rain has
9^8
10%
1038
10%
9%
The stock to-night is the largest on record.
Marketing makes
good progress. The thermometer has
averaged
46, ranging
from 32 to 59 5.
the week.
10
10
10%
1038® *2
10%
9%
978
978
91316
91316
91516
91516
10
91116
Fri.
95s
978®151(5
10%
1038® ^
1034
95s
9^8
Thurs.
829
Macon, Georgia.—There has been rain
three
on
week.
978
978
days of the
Columbus, Georgia.—It has rained on two days of the
week, the rainfall reaching seventy-five hundredths of an
inch. The thermometer has ranged from 33 to
55, averag¬
receipts nor ing 47.
Southern consumption ; they are simply a statement of the
Savannah, Georgia.—We have had rain on three days of
weekly movement from the plantations of that part of the crop the week, the rainfall reaching one inch and forty-two hun¬
dredths. Average thermometer 56, highest 69, lowest 39.
which finally reaches the market through the
outports.
Augusta, Georgia.—The early part of the week was clear
Week
Receipts at the Ports. St'k at Interior Tmons. Rec'pts from Plant'ns. and pleasant, but the latter portion has been cloudy, with rain
on four days.
Ending—
The rainfall reached two inches and eleven
1880.
1886.
| 1887. 1885. 1880. 1887. 1885. 1886. 1887. hundredths. The thermometer has
averaged 51, the highest
Nov. 11
232,001 273,650! 301,600 279,931 317,097 347,022 255,348 311,563 340,001
being 67 and the lowest 36.
18
270,431 208,590 284,810 309,261 337,180 384,794 299,751 288,079 322.588
Charleston, South Carolina.— It has rained on four days
of the week.
Average thermometer 56, highest 67 and low¬
Dec. 2
242,79?|275,710 252,406 382,027 390,832 449,202 285,019l800.470!292,ISO est 42.
9
248,134 227.880 249,019 434,343'4O2.O85l403,323 299,85o'239,189 2H3.140
Siatebarg, South Carolina.—It has rained on three days
16
233,011 260,659 213,902 481,239 410.953 497,309 284,907 269,537 247,948
of the week, the rainfall reaching sixty-eight hundiedths of
The above statement shows—1. That the total
receipts from an inch. There has been one frost. The thermometer has
the plantations since September 1, 1887, are 4,067,406
bales; averaged 50 5, the highest being 66 and the lowest 34.
in 1886 were 3,599,028 bales ; in 1885 were 3,619,913 bales.
Wilson, North Carolina.—Telegram not received.
The following statement we have also received by
2.—That, although the receipts at the outports the past week
telegraph,
were 213,902 bales, the actual movement from
plantations was showing the height of the rivers at the points named at 3
247,948 bales, the balance going to increase the stocks at the o’clock Dec. 15, 1887, and Dec. 16, 1886.
interior towns. Last year the receipts from the
plantations
Dec. 15, ’87.
Dec. 10,’80.
for the same week were 269,527 bales aud for 1885
they were
284,907 bales.
Feet. Inch. Feet. Inch.
...
Receipts from the Plantations. — The following table
Indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
_
“
“
**
Amount
we
Cotton
of
Sight Dec. 16.—In the table below
in
give the receipts from plantations in another form, and add
to them the net overland movement to Dec.
1, and also the
takings by Southern spinners to the same date,
substantially the amount of cotton now in sight.
1887.
|
1886.
so as to
1885.
give
1884.
Receipts at the ports to Dec. 16 3,593,867 3,236,135 3,154,224 3,329,548
Interior
stocks
excess of
on
Dec.
10 iu
September 1
362,893^ 465,389^
473,539
Total in sight Dec. 16
89,000;
78,000
4,653,831 4,025,394 4,049,750 3,982,054
Northern spinners’ takings to
Dec. 16..
905,033
762,650
1
1
796,134
618,292
Weather Reports by Telegraph.—Our telegraphic advices
from the Sou th to-night indicate that the
marketing of the
crop continues on a fair scale, interrupted to some extent by
rainy weather.
Galveston, Texas.—We have had rain on four days of the
week, the rainfall reaching two inches and five hundredths.
The thermometer has
averaged 56, the highest being 61 and
the lowest 45.
Palestine, Texas.—Rain
to the extent of
has fallen
-
Orleans, Louisiana. —We had rain on three
days of the week, the rainfall reaching one inch and fortythree hundredths. The thermometer has
averaged 55.
Shreveport, Louisiana.—Rainfall for the week sixty-seven
hundredths of
and lowest 34.
an
inch,
Average thermometer 48, highest 59
Columbus, Mississippi.—We have had
the
rain
days of
week, the rainfall reaching thirty-two hundredths of an
{*>ch.
The thermometer has averaged 45, the highest being
and
on two
the lowest 24.
Leland, Mississippi.—Rainfall for
hundredths of an inch.
ranging from 30 to 66.
the week twenty-six
The thermometer has averaged 48,
Selena, Arkansas.—It
has sprinkled lightly on three days
week, the rainfall reaching nine hundredths of an inch.
1 he
thermometer has averaged 46, the highest being 56 and
the
week, to
"
Tennessee.—Rain has fallen
the extent of
9
0
0
2
2
3
7
6
8
11
6
4
2
2
5
India Cotton Movement from 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. 15.
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR YEARS.
Shipments this week.
Tear Great Conti¬
BriVn. nent.
1887
1886
1885
1884
Total.
Conti¬
nent.
Receipts.
This
Week.
Total.
Tear.
4,000 378,000 708,000 1,086,000 18,000 1,575,000
4,000
3,606
10,666
Shipments Since Jan. 1.
Great
Britain
7,000 10,000 336,000 706,000 1,042,000 30,000 1,552,000
715,000 19.000 1,106,000
7,000 7,000 225,000 490,000
3,000 13,000 521,000 686.000 1,207,000 22,000 1,649,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week’s receipts,
of 12,000 bales, and a decrease in shipments of 6,000 bales, and
i;he shipments since Jan. 1 show an increase of 44,00ft bales.
The movement at Calcutta, Madras and other India ports for
the last reported week and since the 1st of January, for two
years,
has been
as
“Other ports”
follows.
cover
Tuticorin, Kurrachoe and Coeonada.
Conti¬
Oreat
Britain.
nent.
Ceylon,
Shipments since January 1.
Shipments for the week.
Oreat
BHtain.
Total.
Continent.
Total.
Calcutta—
99,000
127,000
226,000
2,000
65,000
37,000
102,000
1,000
1,000
73,000
3,000
60,000
44,000
13,000
3,000
6,000
50,000
2,000
3,000
88,000
68,000
38,000
57,000
126,000
125,000
178,000
100,000
425,000
277,000
1887....
1886....
Madras—
1887....
1886....
All otliers1887....
1886
2,000
1,000
2,000
2,000
1,000
6,000
2,000
3,000
247,000
2,000
8,000
177,000
Total all1887..
1886..
The above totals for the week show that the movement from
the ports other than Bombay is 5,000 bales less than the same
week last year.
For the whole of India, therefore, the total
shipments since January 1, 1887, and for the corresponding
periods of the two previous years, are as follows :
1887.
of the
lowest 28.
1
6
2
19
3
EXPORTS TO EUROPE FROM ALL INDIA.
Greenville, Mississippi.—Telegram not received.
Clarksdale, Mississippi.—Telegram not received.
Memphis,
Shreveport
Vicksburg
two
thermometer 47, highest 53 and lowest 30.
San Antonio, Texas.—It, has rained on four
days of the
week, the rainfall reaching one inch and seventy-four hun¬
dredths. The thermometer has averaged 48, ranging from 38
to 64.
New
Nashville
days of the week
twenty-two hundredths of an inch. Average
on
Above low-water mark.
Above low-water mark.
Above low-water mark.
Above low-water mark.
Above low-water mark.
Memphis
346,651
Tot. receipts from plantat’ns 4,067,406 3,599,028
3,619,613 3,676,199
Net overland to Dec. 1
452,425
321,366, 341,137, 227,855
Southern consumpt’n to Dec. 1
134,000
105,000j
New Orleans
on three days of the
sixty-three hundredths of an incht
Shipments
to all Europe
from—
Bombay
All other ports.
Total.....
This
week.
Since
Jan. 1.
1886.
This
week.
Since
Jan. 1.
1885.
This
week.
4,000 1,086,000
3,000 425,000
10,000 1,042,000
8,000 277,000
7,000
5,000
7,000 1,511,000
18,000 1,319,000
12,000
Since
Jan. 1.
715,000
231,000
946,000r
fHE CHRONICLE.
^830
c:
[Vol. XLV
'~~
Alexandria Receipts and
ments
we
Shipments.—Through
arrange¬
have made with Messrs. Davies, Benachi & Co., of
The foregoing shows that the weekly consumption in Europe
is now 143,000 bales of 400 pounds each, against 140,000 bales
of the same weight at the corresponding time last year. The
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt.
The follow total spinners’ stocks in Great Britain and on the Continent
ing are the receipts and shipments for the past week and for have increased 264,000 bales during the month, ana are new
328,000 bales more than at the same date last season.
the corresponding week of the previous two years.
East India Crop.—From Messrs. Gaddutn, Bythell & Co.’s
Alexandria, Egypt,
1886.
1885.
1887.
Dec. 14.
Report of date Bombay, Nov. 11, we have the following:
Receipts (cantars*)—
This
week.
Since
This I
week.
160,000
1,753,000
160,000
1,622,000
180,000
1,870,000
This wTeek....
Since Sept. 1
\Sept. 1.
This
week.
Since
Sept. 1.
Since
Sept. 1.
1
Exports (bales)—
To Liverpool
14,000 132,000 11,000 127,000 10,000 111,000
8,000 58,000
7,000 45,000
7,000,
68,000|
To Continent
21,000
Total Europe
200,000!
18,000 172,000 TS,000; 169,000
pounds.
This statement shows that the receipts for the
Dec. 14 were 180,000 cantars, and the shipments
*
.
A cantar is 98
week ending
to all Europe
21,000 bales.
to-night
Manchester Market.—Our report received by cable
from Manchester states that the
market is firm for
both yarns and shirtings.
We give the prices for to-day
this and
below, and leave those for previous weeks of
for comparison:
last year
1886.
1887.
32s Cop.
Twist.
Nv. 11
“
18
“
25
Dec. 2
“
9
«
d.
d.
7% ^8*8
7*8
7^
7hi
71e
16 71c
,a814
®8>a
®8!s
/5'818
'S'Shi
s.
5
5
5
5
5
5
8*4 lbs.
CotVn
Mid.
Shirtings.
Ip Ids
d.
s.
d.
7Va 6 10
'd>7
0
71e'ft>7
7 V»7
7^7
7xt2®7
0
O
0
0
8
32s Cop.
Twist.
d.
d.
d.
s.
5uig 7:h6®7H16
byi6 7*8 ®8
591G 7*8
5
5
5
7uig'o,71»ig 5
5
7 *8 ®8
5
7% ®8
5*8
5916
0 r>8
8H lbs.
CotVn
Mid.
Shirtings.
TJplds
d.
s.
7i2®6
7*3*6
7h>d6
8
8
8
®6
'a/6
®6
d.
5ia
d.
7*2
7*2
7l2
5*10
5*i«
8
9
9
5*8
514
5q
European Cotton Consumption for November.—We have
received to-day (Friday), by cable, Mr. Ellison’s figures for
November and since October 1. We have also received the
revised totals for last year and give them for comparison. The
spinners’ takings in actual bales -and pounds have been
as
follows
:
As regards the growing crops, reports from the Oomra districts are not
quite so favorable this week. Rain has been pretty general, but little
actual damage seems to have been done; in fact, in some districts tlio
plants will be all the better for the rain, should line weather now set in
of which there is every probability. Rain has also fallen in t he Broach dis¬
tricts, and matters there have improved considerably. Tho Dliollera
and Bengal crops continue to progress favorably.
correspondent of the Liverpool Daily Post (who, that
journal states, has been wonderfully correct dut ing the last
three years) writes as follows under date of Bombay Oct. 28 i
A
Regarding the cotton crop of India, we are glad to say that the pros¬
pects are greatly improved in the Berars, Oomras, and surrounding dis¬
tricts, as well as the places where Western, Comptah, Dliarwar, Ac., cot¬
ton is produced.
On all these sides, let people say what they like, tlie
yield will be more than last year. The only exception is the Bengal cot¬
ton, which we sec from our report will he short by about 30,000 to 40,-
only, compared with last year’s unusually large crop. As re¬
gards the Guzerat tied Kattiawar sides the rains at the Elephant as dis¬
appointed us, so the yield there will be reduced, but only by about 30,000
to 40,000 bales, and if heavy dews at night continue with tine clear
weather throughout, there will be a material change for the better. As
to Broach, tho prospects are not so bad as last year.
Had there been
less rain the crop would have been a bumper one.
There is an increase
of acreage, besides the crop will be an early one.
On the whole, India’s
yield will not be anything short of that of last year.
000 bales
By reference to our table of cotton receipts at Bombay it
weekly arrivals have been for several
weeks smaller than last year. That we suppose may be taken as
corroborating the reports as to a smaller Bengal crop and also
indicating that the Oomrawuttee cotton is at least not as early,
if it is as large, as a year go.
will be noticed that the
Jute Butts, Bagging, &c.—A steady
for bagging and prices are firm at 55£c.
demand is reported
for
lbs., 6c*. for
\% lbs., 6}gc. lor 2 lbs. and 7c. for standard grades, while in
a email way a shade higher is quoted. Butis are moving fairly,
though the lots are small, and sellers are quoting 2*gC. for
paper grades and 2J^e. for bagging quality, but in a large way
sellers would accept % c. less.
Comparative Port Receipts and Daily Crop Movement.
Continent.
Great Britain.
October 1 to December 1.
—A
Total.
comparison of the port movement by weeks is not accurate*
the weeks in different years do not end on the same day of
the month. We have consequently added to our other standing
as
For 1887.
Takings by spinners...bales
Average weight of bales....
Takings in pounds
1,289,000
661,000
628,000
433
437
286,213,000
274.436,000
560,649,000
565,000
330,000
915,000
447
438
413
2 5°,r 86,000
166.672/00
419.258,000
*
435
For 18SG.
Takings by spinners.. .bales
Average weight of bales....
Takings in pounds
According to the above, the average weight of the deliv¬
eries in Great Britain
is
433
bale this season,
against 447 pounds during the same time last season. The
Continental deliveries average 437 pounds, against 433 pounds
last year, and for the whole of Europe the deliveries average
435 pounds per bale, against 443 pounds last season.
Our
dispatch also gives the full movement for this year and last
year in bales of 400 pounds each.
pounds
per
1887.
Oct. 1 to Dee. 1.
Bales of 400 lbs. each,
000s omitted.
Great
Conti¬
Britain.
nent.
1886.
Great
Conti¬
Britain.
nent.
Total.
Total.
1
Monthly
Receipts.
Sept’mb’r
October..
Novemb’r
51,
344,
167,
222,
218,
566,
55,
274,
166,
161,
221,
435,
Total supply
Consump. Oct., 4 wks.
395,
288,
389,
784,
572,
329,
327,
656,
283,
272,
560,
Spinners’ stock Nov. 1
Takings in November.
107,
105,
464,
41,
357,
55,
255,
96,
372,
212,
836,
.
612,
Tear Bey inning
1887.
1886.
,
September 1.
1884.
1885.
1883.
1
1882.
315,445j 343,812 326,656
1,090,335
1,040,092 980,584’
1,213,40411,03 4,450) 1 ,< >55,524
1,178,43611,197,259 1,083,552 1,122,16 tjl,030,3S0 1,094,G97
654,776-
359,203j 385,642
3,046,616 2,590,912 2,524,718 2,557,994 2,120,281 2,401,937
Pcrc’tage of tot. port
39 90
53-56
49-90
40-73
48-70
receipts Nov. 30..
Total
Nov. 30 the- receipts at the
ports this year were 456,704 bales more Ilian in 1886 and
521,898 bales more than at the same time in 1885. By add¬
ing to the totals to Oct. 31 the daily receipts since that time
we shall be able to reach an exact comparison of the move¬
This statement shows that up to
ment
8pinners’ stock Oct 1.
Takings in October...
284,
a daily and monthly statement, that the reader may
constantly have before him the data for seeing the exact relative
movement for the years named.
The movement since
September 1, 1887., and in previous years, has been as follows.
tables
for the different years.
1886.
1887.
1884.
1885.
1883.
1882.
3,046,616 2,590,912 2,524,718 2,557,994 2,420,284 2,401,937
40,400
32,561
36,857
51,576
35,466
37,GOO
0
30,003
8.
29,351
34,792
33,574
46,724
S.
31,488
49,256
32,235
43,633
3....
40,247
50,747
1J
46,652
8.
44,918
33,406
4....
40,832
S.
0
39,900
49,583
69,328
5....
j9S3
41,373
s.
l
42,48
35,316
53,579
6....
37,139
27,721
8.
49,972
52,116
7..-.
30,121
31,238
55,741
53,026
54,997
41,919
36,529
8....
39,535
40,286
8.
35,089
36,266
9....
28,853
42,877
S.
57,783
33,118
29,964
10....
40,393
31,429
48,904
43,651
40,050
8.
46,929
11....
34,000
34,208
10
3 1,317
8-1,643
8,
40,180
42,005
40,107
31,338
s.
35,221
“13....
33,536
02,472
37,112
8.
58,665
38,370
44,303
“11...,
28,165
03,398
56,05S
40,730
41,211
47,919
“15....
28,108
To. Nv.30
Dee. 1
u
“
“
Total supply
Consump. Nov., 4 wks.
479,
569,
284,
1,048,
310,
272,
“
572,
398,
288,
708,
288,
560,
“
pinners’ stock Dec. 1
191.
285.
476.
no,
38,
148,
i
“
“
The
comparison with last year is made more striking by
bringing together the above totals and adding the average
weekly consumption up to this time for the two years.
“
“
“
Si
1887.
Oct. 1 to Dec.
1.3
Bales of 400 lbs. each.
000s omitted.
Spinners’ stock Oct. 1.
Takings to Dec. 1.
Great
Conti¬
Britain
nent.
51,
1886.
Total.
1.402,
Bupply
Consumpli’n 8 weeks.
767.
853,
568,
1,620,
1,144,
!
576,
Spinners’ stock Dec. 1
191,
285,
476,
!1
30,031
221,
C31,
166,
416,
1,047,
6S6,
576,
582,
544,
1,263,
1,120,
no,
38,
148,
1
00s omitted.
!
Total.
!
Weekly Consumption,
Tn November
nent.
55,
716,
In October
Conti-
218,
167,
686,
...
Great
Britain
i
72,0
72,0
71,0
143,0
71,0
14 3/
j
72,0
68,0
140.0
72,0
68,0
140,0
3,093,807 3,102,005 3,081,117 3,192,879 3.007.007
Percentage of total
00"SO
57‘09
59 ”25
portrec’ptsDee. 10
Total
....
2,987,900
,
,
This statement shows that the receipts since Sept. 1 up to
to-night are now 441,262 bales more than they were to thesauri
day of the month in 1886 and 512,750 bales more than they
were to the same day of the month in 1885.
We add to tn
table the percentages of total port receipts which had bee
received to Dec, 16 in each of the years named,
THE
1887.J
December 17,
CHRONICLE.
Cotton from New York this week show a
decrease compared with last week, the total reaching 16,683
bales, against 19,503 bales last week. Below we give our usual
table, showing the exports of cotton from New York, and the
direction, for each of the last four weeks; also the total exports
and direction since September 1, 1887, and in the last column
the total for the same period of the previous year.
The Exports op
•
EXPORTS OF COTTON (BALES) FROM NEW YORK 8INCE SEPT. 1, 1887
Week ending-
Exported to—
Nov.
14.
Total
since
period
previ’ua
Sept. 1.
year.
Dee.
8.
Declb.
8,401
3,783
7,966
3,851
5,970 163,5S3 183,655
2,100 49,803 33,273
Britain.. 15,136 12,184
11 817
8,070 213,391 216,928
.Liverpool
Other British ports
Total to Gt.
Same
Dec.
1.
10,774
4,3C2
1,236
Havre...
500
1,275
2,5C9
18,072
22,714
100
Other French ports
'
Total French
1,236
1,275
Bremen
1,000
3.759
400
874
4,892
4,291
9,651
5,565
Hamburg
Other ports
Total to No. Europe..
500
2,599
18,172
22,714
360
400
1,304
3,866
2,552
3,062
5,474
42,585
50.453
16,790
45,622
32,914
5,530
6,014
98,512
95,326
998
658
2.885
154
5,840
2,662
5,072
159
1,656
8,725
7,734
Sp'n.Op’rto.Gibi’it’r.&e
A11 other
-r
Total Spain, Ac
26,18 2 19,024 19,503 16,633 338,800 342,702
Grand Total
Shipping News.—The exports of cotton from the United
States the past week, as per latest mail returns, have reached
148,581 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph and published in
the Chronicle last Friday.
With regard to New York we
include the manifests of all vessels cleared up to Thursday.
Total bales.
Nsw York-To Liverpool, per steamers Alaska, 1.954 — City
of Richmond, -1.529
Republic, 1,622
Servin (addi¬
Charleston—For Bremen—Dec. 9—Steamer Sportsman, 5,450.
For Barcelona—Dec. 9—Steamer Pawnee,
4,225....Brig Paratong*
*
vumoio.
Wilmington—For Liverpool—Dec.. 12—Bark Paragon, 3,082.
Norfolk-For Liverpool—Dec. 13—Steamer Beubrack, 4,900.
Boston—For Liverpool—Dec. 7—Steamer Palmyra, 009
Deo.
12—
Steamer Norseman,
For Yarmouth—Dee. 13—Steamer Dominion, 50.
For Halifax—Dec. 10—Steamer Worcester, 200.
.
Baltimore—For Liverpool—Dee. 13—Steamer Assyrian,
Philadelphia—For Liverpool—Dec. 13—Steamer Lord
Gough,
For Antwerp—Dec. 7—Steamer Switzerland, 900.
.
.
Below we give all news received to date of disasters to
sels carrying cotton from United States ports, &c.
ves¬
A. F. Hurt, steamer.—The 270 bales cotton on steamer A. F. Hurt’s
lighter, sunk near Phoebus Landing, were brought down to Wilming¬
ton, N. C., Dec. 5. Very little of it was damaged.
Brabo, steamer (Belg.), from Mobile for Liverpool, in going down tho
channel got a line twisted around her propeller when about fifteen
miles down, which necessitated her
stopping. A diver will remove
the line.
Countess, steamer (Br.), Waters, from Galveston, at Liverpool Dec. 10,
lost some bales of cotton from deck cargo.
Kimberley, steamer (Br).—The work of discharging tho cargo of Brit¬
ish steamer Kimberley, from Mew Orleans for
Liverpool, stranded
near Wash Woods, N. C., was still going forward on the
12th; the
schooner Emily Johnson was towed into Norfolk on Dee. ‘9 with
cargo.
Twenty-five of the crew arrived at Norfolk on the 10th.
Paxo, steamer (Br.), Chisholm, from Charleston for Sebastopol, arrived
at Gibraltar 14th with machinery out of order.
,
Cotton
freights the past week have been
Liverpool, steam d.
sail... d.
Do
Havre, steam
Do
sail
Bremen, steam
Do
.
sail
Hamburg, steam
Do
Amat’d’m, steam
Do
Wednes.
Thurs.
Fri.
964
9G4
°G4
9G4
9G4
j8®9G4
....
c.
38
c.
....
c.
•
•
•
....
...
35*
....
38
38
....
....
....
38
38
....
35*
....
35*
....
m
38®7jj>
....
....
35*
....
3s3>71g
38
38
...»
....
....
38
.
*
....
38®716
....
....
-
•
38®71C
3S
c.
d.
sail
Tues.
c.
Do via Leith.d.
:
Mon.
%®7ie
sail...r.
follows
as
Satur.
....
c.
Rcval, steam
5,070
tional), 55... Birins (additional), 810
To Hull, per steamer Galileo, 2,100
2,100
To Havre, per steamers La Bretagne, 1,722 — La Gascogne
(additional), 877
2,590
To Bremen, per steamer Travc, 400
400
To Hamburg, per steamers Aiualti, 521 —Rugia, 2,031
2,552
To Antwerp, per steamers Do Ruvter, 1,000
Rliynland,
1,450
3,002
New Orleans—To Liverpool, per steamers Architect, 4,080—
Astronomer, 7,291
Editor, 3,789
Nasmyth, 4,255....
Texan, 5,OSS
Saturniua, 5,450
30,502
To Havre, per steamer Glengoil, 7,775
per ship Charles,
5,080
To Bremen, per steamer Ocean King, 5,017
5,017
To Barcelona, per bark Aranco, 800
800
To Genoa, per steamer Bellmore, 2,578.
2,578
831
•
•••
38
mmmm
38
30
....
mmmm
35*
....
mmm
38®716
35*
....
j4®19«4 14®1964 1564-19g4 15G4~19G4 1564~1964 15W1964
d.
....
....
....
....
|
Barcelona,steam d.
732
732
732
Genoa, steam.. d. 13(54 ® 732 1364® ?32 13G4®732
Trieste, steam...d.
Antwerp, steam d.
U64
1}G4
732
....
....
732
731
732 1364®732 13G4®732
34
*4
J1C4
1164
HG4
“fl4
—
*
,
..
.
Savannah—To Liverpool, per ship Ceylon, 3,897
Per barks
9,679
5,050
4,881
To Barcelona, per
5,470
brig Agapito, 053
Galveston—To Liverpool,
653
3,271
Amethyst, 3,271..
per steamer
1,200
Norfolk—To Liv< rpool, per steamers Eduardo, 5,033
Maha¬
rajah, 4,000 ...Oxenbolme, 1,200 ...Pe.eonie, 5,293....
Tnanemore, 4,400.
22,83,8
per bark Ameer, 2,912
...
West Point—To Liverpool, per steamer Serapis, 5,320
Newport News—To Liverpool, per steamers Beubrack and Lake
Winnipeg, 5,471
Boston—To Liverpool,
5,326
5,471
steamers Cephalonia, 830
Iowa,
1,299.... Kansas, 3,171... .Virginian, 4,587
To Yarmouth, per steamer Dominion, 50
Baltimore- To Liverpool, per steamer Oraumore, 2,049
To London, per steamer Arecuna, 101
To Havre, per steamer Iberia, 1,195....
To Bremen, pev .steamer America, 1,318...,.
i4
Philadelphia—To.Liverpool, per steamer Indiana, 1,141....
per
9,893
50
2,049
101
1,195
Liverpool.—By cable from Liverpool we have the follow¬
ing statement of the week’s sales, stocks, &c., at that port.
We add previous weeks for comparison.
Nov. 25.
Sales of the week
hales
Of which exporters took
Of which speculators took...
Sales American
Actual export
Forwarded
To t a 1 s took—Esti mated
Of which American—Estim’d
Total import of the week
Of which American
Amount afloat
Of which American
The
form,
1,141
....118,581
particulars of these shipments, arranged in our usual
are as
follows
:
Jircm
„
Hull
Liver¬
pool.
New York
5,970
N. Orleans. 30,502
Savannah
9,679
Charleston. 4,881
Galveston
3,271
.
.
and
Loud.
,
Yarmouth
Barcc-,
Hamb. lonaiC
and
„
Sc has-
,
6,123
1,200
Pkiladeria*.
Below
we
101
1,195
1.818
9,893
1,141
Total... 101,081
16,683
Spot.
Market,
50
2,201 10,019 17,899
6,923
2,578
14,729
11,004
Steadier.
Freely
offered.
5fli«
Mid. Orl’ns.
30,000
553,000
40,000
41,000
13,000
29,000
361,000
571,000
3S4,000
150,000
114,000
127,000
239,000
94,000
231,000
221,000
227,000
llardenl’sr
tendency.
r>9iG
5%
5*8
Sales
8,000
Spec. & exp.
1,000
12,000
1,000
Steady.
Steady.
12:30 r.M.
j
$
Market,
?
Market,
4 I*. M.
4.471
5.471
5,163
9,913
1,141
1,250 148,581
add the clearances this week of vessels
75,000
5,000
4,000
52,000
9,000
22,000
570,000
389,000
85,000
67,000
287,000
270,000
7,000
29,000
582,000
392,000
103,000
74,000
253,000
235,000
Wednes.
Thursday.
Friday.
10,000
1,500
Fully
Harden’g. maint’nod
Active.
5^8
5”ie
15,000
2,000
5^8
5^16
55S
5“i*
15,000
2,000
12,000
1
,ooo
$
Very
steady.
Steady at
8teady.
Firm at
2-64 ad¬
Steady at
partially
vance.
vance.
1-64 dec.
Barely
steady.
Barely
steady.
Firm.
3-64 ad¬
Quiet.
Quiet.
The
opening, highest, lowest and closing prices of futures at
Liverpool for each day of the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unless
otherwise stated.
LiP The prices arc given in pence
4 03-64(i., and 5 01 means 5 l-64d.
carrying
Sat., Dee. 10.
Open Hbjh, Low. Clos.
ancl GUks, thus:
JWon., Dec. L‘J.
Open.Hiy'h
•*
.
»RUN»wicK-For Liverpool-Dee. 9-Steamer Handel, 5,233,
4 63
meant
Tucs., Dec. 13.
Low. Clos.
9—Steamer Fairfield, 4,705....Dee. 10
“-Steamers Triumph, 4,850; Washington City, 6,300
Dee. 13—
Steamer Fastnet, 6,3.51.
Bremen—Decl 9—Steamer rrimate, 4,412.
olw
Orleans—For Liverpool—Dec. 9—Steamer Asturiano, 4,125
o-C 10—Steamer Inventor, 4,550
Dee. 12—Steamer Francisco,
6,304...,Doe. 13—Steamers Caribbean, 6,500; Pretoria, 5,308.
* or
Havre—Dee. 9—Ship Tuskar, 5,617....Dee. 12—Steamer Gleno.
ciiil,
ship Cashmere,
Sromen—Dec. 10—Steamer Cassius. 6,100.
Riv4v^~t'’°r Liverpool—Dec. 10— Steamer Brabo, 2.897.
p
Liverpool—Dee. 13—Bark Tikoma, 2,491.
Ppp.!*1' Bremen—Dee. 13-Bark Melehiorre, 2,307.
{
Mid.Upl’ds.
cotton from United States
ports, bringing our data down to
the latest dates :
Galveston—For Liverpool—Dee.
32,000
13,000
Saturday Monday. Tuesday.
r.M.J
51,812
5,326
>
2,019
Total.
22,838
...
.
63.000
3,000
4,000
Futures.
Vera
Havre?Antw'p. topot. Genoa. Cruz.
2,100 2,599 6,014
800 2,578
12,855 5,017
5,050
Norfolk
22,838
West Point.
5,326
Newport N. 5,471
Boston
60,000
3,000
4,000
2,000
2,000
Dec. 16.
and
.
Baltimore
48,000
Dec. 9.
The tone of the Liverpool market for spots and futures each
day of the week ending Dec. 16 and the daily closing prices
of spot cotton, have been as follows :
12:30
Total
Dec. 2.
1,818
..
_
Per 100 lbs.
Open High Low. ClOM.
.
December..
Dec.-Jan
Jan.-Feb
...
...
Feb.-March
Mar.-April.
Aprll-May..
May-June..
June-J uly..
July-Aug...
d.
cl.
d.
d.
d.
d.
d.
d.
d.
d.
a.
5 34
5 31
5 31
531
5 33
5 34
5 33
5 34
5 36
5 37
5 36
5 37
5 37
<L
5 34
5 31
5 34
5 34
5 33
5 31
5 33
5 34
5 36
5 37
5 36
5 35
5 35
5 35
535
5 34
5 34
5 31
5*4
5 37
5 38
5 37
5 88
5 36
5 30
5 30
5 36
5 35
5 35
5 85
5 35
5 33
5 39
5 38
5 39
5 33
5 33
5 38
5 38
5 37
5 37
5 37
5 37
541
5 49
5 41
5 40
5 40
5 40
5 39
5 39
5 39
5 39
|
5 40
5 40
!
5 42
5 43
5 42
5 43
5 42
5 42
5 42
5 42
541
5 11
5 11
5 41
J
544
5 45
5 44
5 45
5 44
5 44
5 44
5 44
5 43
5 43
513
5 43
516
5 47
5 49
5 47
5 46
5 46
5 16
5 46
5 45
5 45
5 45
5 45
5 48
5 49
5 48
5 49
Wednes., Dec
14.
.
Fri., Dec. 16.
Thurs.* Dec. 15.
Low. Clot.
Open High Low. CI08. Open High
d.
5 41
5 42
5 41
542
5 41
5 42
541
542
5 40
5 42
5 43
5 42
5 43
6 42
5 43
5 41
5 43
5 44
5 46
5 15
5 46
5 48
5 47
5 48
5 49
5 50
5 49
5 50
5 50
5 51
5 52
5 51
5 52
5 52
5 53
5 54
553
5 54
d.
d.
d.
5 40
5 40
5 40
5 40
5 40
5 40
5 40
5 40
5 30
5 41
5 41
5 40
5 41
5 42
5 42
5 42
d.
d.
December.. 5 89
Deo.-Jan— 5 39
Jan.-Feb. .. 5 40
5 39
5 88
538
5 39
538
538
5 40
5 30
5 42
Feb.-March
Mar.-April. 544
5 42
5 44
5 43
5 43
5 44
5 44
5 44
5 44
5 45
April-May.
5 46
5 46
5 45
5 45
5 46
5 46
5 46
5 46
5 47
May-June..
5 48
5 48
5 47
5 47
5 48
5 48
5 48
5 48
5 50
5 50
5 50
5 52
5 52
5 52
Jun e-July.. 5 50
550
5 49
5 49
552
5 52
5 51
5 51
..
d.
d.
d.
d.
5 41
,
Open High Low. Clos.
d.
d.
July-Aug
CHRONICLE
THE
832
The movement of breadstuffs to market is indicated in the
statements below, prepared by us from the figures of the New
York Produce Exchange. We first give the receipts at Western
lake and river ports, arranged so as to present the compara¬
tive movement for the week ending Dec. 10, 1887, and since
August 1, for each of the last three years:
The flour market
has been dull and unsettled,
3,824
98,397
4,899
21,858
1,775
39,055
Detroit
Peoria
with prices
favoring buyers all the week. The check to the speculation
for the rise in the grain markets, an easier turn to values
there and indisposition to trade which usually attends the
Rye.
226,100
21,011
49.099
48,171
10.683
196,810
151,300
132.480
4,950
32,950
5,500
2,147
928,162
1,344,000
Minneapolis.
3.343.714
1,401,402
1,117.380
817,114
56,598
2,815,342
2,206,710
1,491,040
1,990,654
1,137,726
844,469
584.389
42,159
613.846
01,082
4,813,515 62,629.055 35,326,083
4,099,122 54,985,679 38,205,593
3,504,473, 37,500,660 38,089,250
34,841,429
31,182,023
27,701,733
13.839,118
12.498,405
10,806.963
1,194,746
1.885,962
Same wk.’86.
247,216
240.42S
Same wk.’85
113,534
Tot.wk. ’87.
Since
19,702
23,900
262,510
82,850
17,000
Duluth
December 16, 1887.
Barley.
BblsAMlbs Bush.QOlbs Bush. 56 lbs Bash 32 lbs Bush.48 lbs Bu. 5« ih,
600,023
833,524
428,903
464.154
198,727
27,794
Chicago
35,000
150.327
12,320
280.890
8,570
Milwaukee...
12,467
4,137
7,000
23,400
89,206
7,593
3,740
Toledo
St. Louis
Friday, P. M.,
Oats.
Com.
Wheat.
Flour.
Receipts at—
Cleveland...
BREADSTUFFS.
[Vol. XLV,
Aug. 1.
1887
1836*
1885*..,....
900,829
approach of the Christmas and New Year holidays, have
Include one week extra.
all combined to keep business within the narrowest limits.
The comparative shipments of flour and grain from the same
Buyers took only to supply their urgent needs, and parties
ports from Jan. 1 to Dec. 10, inclusive, in four years, show
desiring to close out full lines were compelled to make con¬ as follows:
1887.
*1886.
*1885.
'1884.
cessions. To-day the market was quiet but steadier.
Flour
bbls. 15,157,205
10,180,180
10,695,522
11,567,153
The wheat speculation has in a great measure subsided,
Wheat
58,102,903
47,499,101
63,974,257
bush. 80,005,431
and prices have become unsettled and somewhat irregular. Corn
68,014,124
79,898,364
91,059,811
81,339,332
51,879,98 8
47,689,853
51,231,13 1
50,777,243'
The decline in current values is not important, but the move¬ Oats.
Barley
10,217,582
10,110,699
7,221,756
5,014,155
ment for export as well as takings of local millers was very Rye
1,133,481
2,162,562
5,953,853
1,548,568
amall. Rdnsin the trans-Mississippi region have relieved in
Total grain... 211,250,606 197,350,387 199,174,661 207,658,840
a good degree the apprehensions that were felt regarding the
Include one week extra.
out-turn of the next crop, and rumors affecting European
Below are the rail shipments from Western lake and river
politics assumed a less disturbing aspect. To-day a weak ports for four years:
1887.
1885.
1884.
1886.
opening was followed by some recovery, in sympathy with
Week
Week
Week
Week
the revival of speculation ad the West, causing some demand
Dee. 10.
Dec 11.
r>w. 13.
Dec 12.
Flour
443,208
bbls.
226.7 82
140,334
271,829
to cover * 'shorts,” but regular trade was dull.
near
*
*
,
NO. 2 RED WINTER 'WHEAT.
DAILY CLOSING PRICKS OF
Sat.
Mon.
Tues.
Wed.
Thurs.
December delivery
90%
89
8778
88%
88%
January delivery
91%
92%
93%
89%
90%
92
93
93%
February delivery
March delivery
April delivery
ifay delivery
June delivery
December ’88 delivery....
.
Indian
corn
94%
95%
95%
98%
88%
8934
89%
90%
91%
92%
92%
93%
9034
93%
96%
89%
89
90%
89%
90%
92%
93%
93%
93%
93%
96%
93%
96%
-
93%
96%
has declined under the abatement of speculative
action, with considerable Billing to realize. The regular
trade, whether for 'export or home use, has been extremely
dull, and yesterday the lowest prices that had been quoted in
some time were accepted.
The new crop continues to be
marketed fieely, and it is in fair condition for present use.
To-day a firm opening was followed by a slight speculative
improvement, but “spot” business was dull, and fair new
Southern white sold from the dock at 58@59c.
2 MIXED CORN.
DAILY CLOSING PRICES OF NO.
iSat.
Mon.
Tues.
Wed.
Tfiurs.
Fri.
61
6134
61%
62%
May deli very
63%
62
62
61%
63%
Oats have been also depressed, but not in the same ratio as
wheat and corn. Holders have shown more strength, but reg¬
ular trade is dull, and prices have given way some, and the
speculation has become sluggish. To-day the market was firm
but quiet.
61%
61%
62%
63%
63%
January delivery
February delivery
DAILY CLOSING PRICES OF NO.
December delivery
..,
January delivery
February delivery...
May delivery
61%
6134
61
61%
2 MIXED OATS.
Sat.
38
Mon.
Tues.
Wed.
37%
38%
38%
38%
39%
37%
37%
38%
39%
37%
37%
38%
39%
38%
39%
Thurs.
37
Fin.
37%
37%
38
37%
38%
39%
39%
Barley is dull, easier and unsettled. Rye is scarce and firm.
Buckwheat is cheaper.
The following are the closing quotations :
$ bbl. $2 20®$2 50
2 50® 3 00
Superfine
Spring wheat extras. 2 80® 3 20
Fine
Minn, clear and stra’t.
Winter shipp’g extras.
Winter XX and XXX.
Patents
Southern supers
South’u
com.
extras..
3
2
3
4
2
3
65® 4 60
85® 3 25
30® 4 30
25® 5 00
75® 3 00
25 ® 3 50
Southern bakers’ and
family brands
$3 60®$4 30
Rye ilour. superline.. 3 60® 3 80
Fine
Corn meal—
Western, Ac
Brandv wine
Buckwheat hour, per
100lbs
2 70®
2 80
3 00® 3 25
3 20®
2 15®
Spring, per bush...
Spring No. 2
Red winter No. 2...
Red winter
White
Com—West’n mixed.
West’n mixed No. 2.
Western white
Western yellow....
White Southern
84
89
®
®
89%®
83 ®
94
90
83
®
91
93
93
58
®
63
61 %®
59 ®
59
62%
63
®
63
®
....
Rye—
State &
Pa., $ bush.
66
®
69
Oats—Mixed
White
No. 2 mixed
No. 2 white
2,719,856
1,760,713
.
Nov. 26/87.
Nov. 19,
’87.
36 %®
37 ®
40
37%®
38 %®
38%
40
42
Wheat,
Corn,
Oats,
bush.
bush.
bush.
887,597
825,550
Canada No. 1
Two-fowed State..
Six-rowed State
Milwaukee No. 2...
93
77
83
82
®
®
®
®
Malt—State, 4-rowed.
95
®1 00
State, 2-rowed
Buckwheat
60
85
90
®
bush. '
bush.
468,548
503,934
348,631
507,979
24,224
30,639
21,428
25,427
3,808.510 3,864,351 1,829,092
101,718
483,291
758,272 858,915
454,721 1,123,727 1,038,293
466,621 1,724,983
707,999
833,948
514,238 1,903,239 1,203,303 1,317.256
3,884,700 2,313,881
week ended December 10, 1887,
Wheat,
Flouri
bush.
bbls.
At—
New York
Boston.
196,059
342,100
87,987
8,027
30,125
40,657
3,100
228,500
13,200
53,891
143,192
8,341
follow:
Corn,
Oats,
bush.
bllxh.
18,748
156,619
368,399
4,320
8,400
65,121
8,638
4,465
450
17,105
16,867
800,081
Total week. 374,890
Cor. week ’86.. 289,907 1,923,226
809,836
Montreal
Philadelphia...
Baltimore
Richmond
Norfolk, Va....
New Orleans...
Rye.
bush.
Barley,
bush.
3,900
1,005
393,152 116,550
68,204 26,875
138,050
125,343
710,760
1,100
66,600
9,600
1,825
132
16,462
564,847 211,125
460,994 243,698
12,011
Jan,
The total receipts at the same ports for the period from
1 to December 10, compare as follows for four years:
*1886
*1885
1887
*1884.
Flour
bbls. 14,656,797 13,083,423 13,185,225 13,560,244
...hush.
Wheat
Corn
Oats
Barley
Rye
Total
grain
Include
one
70,221,930 45,377,446
76,083,848 82,003,633
36,498,791 41,151,364
6,179,560
6,216,159
1,124,894
599,169
69,071,276
46,104,046
31,912,2ol
6,286,457
5,516,287
172,466,684 189,583,298 175,873,496
158,890,317
84,175,675
46,829,284
35,251,660
5,490,174
719,891
week dxtra.
The exports from the several seaboard ports
ending Dec. 10, 1887, are shown in the annexed
Exports
from—
Wheat.
Bush.
136,598
65,520
New York
Boston...
Norfolk..
Philadel.
Baltiin’ro
N. Orl’ns.
N. News.
-
-
.
.
.
Oats.
Rye.
Peas.
Bush.
Bbls.
Bush.
Bush.
Bush.
206,266
15,704
61,591
37,116
4,607
2,046
••••a*
14,440
64,284
67,360
120,221
425
57,000
2,679
......
"**_
.
..
2,117
34,0&
6,961
40,000
Tot. w’k.
245,618
8’me time
1886.
1,292,081
week
statement:
Flour.
.
3,500
for the
Com.
96
80
85
85
Rye,
Barley,
1,208,841111,425
receipts of flour and grain at the seaboard ports for the
Rlchm’d
Barley—
2,372,018 2,657,541
bbls.
Tot. 4 wks.. 1,918.871 5,510,221
4 weeks ’86.1,438,275 5,685,472
The
182,201
17,028
261,139
37,871
15,240
Flour
Portland.
GRAIN.
Wheat—
Week
ending—
Dec. 10/87.
Dec. 3/87.
3 25
2 25
257,77 1
shipments from same ports for last four
The rail and lake
weeks were:
*
FLOUR.
BBOCE HA'
Total
531,505
628,170
468,548
24,224
Barley
Rye
151,155
226,993
1,348,850 1,676,756
573,003
554,563
328,027
675,276
695,441
856,367
bush.
Wheat
Corn
Oats
92
91%
91%
92%
95%
Fri.
,436
188,218
2,046
372,171
130,426
50,409
47
••••••
8,575
36,181
41,417
By adding this week’s movement to our previous tota*8,^
following statement of exports this season and last
have the
season:
Indies, 132
to Central America, 108 to Mexioo, 94 to Africa, 90
Europe, 48 to British Honduras and 33 to all other countries*
Since the 1st of January the exports aggregate 183,767 pack¬
Com
Wheat.
Flour.
to
Sept. 1,’S7. Sept. 1,’80, Sept. 1,’87, Sept. 1,’S0, Sept. 1,’87. Sept. 1,’se.
Exports tc—
to Dec.
to Dec.
to Dec.
to Dec.
to Dec.
to Dec.
10, 1887.
11, 1880
10, 1887.
11, 1886.
10, 1887
11,1880
Bbls.
Bbls.
Bush.
Bush.
2,519,332
180,364
Un.Kingdom
Continent...
8. AC. Am..
West Indies
Bnt. Col’nies
Oth. count r’s
274,108
564.688
599.802
9,796
3,548.090
Total
*
*
1
2.018.18
i
17,582
9,421
4,505
22,130
110.209
3,071
94,195
150.108
05,711
37,704
11,710
17.105
12.532.733
19.473,125
0,990,001
4,915,000
x
7
O
10,882,000
8,505,820
5,377,889
1,358,294
15,803
5.721
9
022,081
^
t-l
O
valued at $11,179,677. Of this total China has had
87,152 packages, valued at $4,149,231, and 40,283 packages,
valued at $2,897,387, have gone to South America.
For the
similar period of 18S6 the exports to all port reached 193,794
packages; and in 1885 were 170,649 packages.
Staple coiton
soods were les( active in demand, but there was a good
steady movement in most descriptions on account of former
1 ransictions, and the
market rttains the buoyancy of tone
reported for some time pas% because of the exceptionally
small stocks on hand.
Print cloths were in fair demand, and
very firm closing at 3 7-16c. for 64x64s and 3 1-16.*. for 56x60s.
Stocks last Saturday and for the three previouj years were as
ages,
Bush.
Bush.
5,951,166
2,001,387
296.534
7,504,095
1,683,023
106,371
316,694
220,200
213,012
17,626
principal points of accumulation at lake and seaboard
ports, and in transit by water, December 10, 1887 :
at the
Corn,
bush.
Wheat,
bush.
In store at—
New York
Do afloat
9,007,915
264,000
2,000
Albany
Buffalo
.
2,834,794
-
64,000
4,638,802
1,788,052
4,326,865
1,838,312
926,994
Do afloat..
Chicago
Milwaukee
Duluth
Toledo
Detroit
Oswego
Bt. Louis
Do afloat.
Cincinnati
Boston
Toronto
80,000
5,051,190
Oats,
Dye,
bus/l.
bush.
1,711,283 2 ,024,670
16,600
20,401
8,000
45,900
Birle.y,
bush.
133,834
401,400
75,514
188,500
943,654
30,385
331.272
32,667
21,675
292,793
4,308
27,373
11,036
355,224 1,193,848
8,284
16,698
35,259
s 11,000
74,403
52,500
472,618
22,700
212,399
follows
21,869
900
60,000
.v
4.215
120,000
10,036
153,430
10,367
104,909
7,189
14,009
1,520,000
238,000
390,000
91,000
160
1884.
Dec. 13.
59,000
120,000
81,000
240,000
65,000
413,000
327,000
320,000
250,000
(,000
9
31,000
42,000
20,000
37,000
30,000
215,000
50(5,000 1,310,000
>derate dem ind, aad prices are
very firm because o' the meagre stocks on hand.
Printed
sateens and lawns, also ginghams and other woven wash
308,000
Total stock (pieces)
in
Prir ted cilicoes were
267,000
317,092
1 1,500
8,000
210.000
Outside speculators (est)...
141,810
10,000
1885.
Dee. 12.
D
Dec 10.
Held by Providence manufrs..
Fall Diver manufacturers...
Providence .speculators
103.000
32,000
244,904
63,195
123,150
702,163
63,601
200,280
416,791
1886.
c. 11.
1887.
......
32,942
:
<tnrk of Print. Cloths—
56,000
1,039,743 1 ,076,904
83S
CHRONICLE;
THE
17,1887. J
December
m
in fair request, and leading makes are
largely sold in advance of production.
94,870
219,341
Philadelphia
Domestic Woolen Goods.—There was little, if any, im¬
44,595
7,965
30,309 420,235
Peoria
201,650
3,200
38,620
provement in the demand for clothing woolens at fir=t hands,
Indianapolis
418
34,050 but considerable deliveries of li ht weight casdmeres, worsted
132,331
Kansas City
40,453
411,456
1,548,892
suitings, chevoits, &;, were made by the commission houses
Minneapolis
7,4:14,(553
in execution of form- r orders.
CLakings ruled quiet, but
Bt. Paul.
275,000
20. LOO
50,000
45,000
On Mississippi....
manufacturers were fairly liberal buyers of Jersey cloths and
On lakes
45,000
For Kentucky jeans, doeskins and satinets there
stool inets.
On canal & river.
7,000
0,300
was a light and friegular demand
by packa-e buyers, but
202,002 3,508,003 stocks are in good shape as a ru’e and prices remiiu steady.
Tot. Dec. 10, ’87. 41,080,155 4,058.8(53 '0.233,450
280 218 3.503.7(55
Tot. Dec.
3, ’87 40,2(50.032 5.230,431(5.384.738
Flannels and blank-ts continued in light request, but regular
403,328 2,785,727
Tot. Dec. 11, *86. 50,080.530 11,(51(5,827 5,122.0(53
makes are generally firm in price. All-wool and worsted dress
753,0(5 2,401.055
Tot. Dec. 12, ’851 58.140,717 5.055.728 2.878.1 14
Tot Dec. 13, ’8 It 41,804,770 4,017,25 L 2,043,805
(575,(510 2,102,412 fabrics were in moderate demand for iater delivery and lead¬
ing makes of the former are largeJy s >ld ahead by the mill
t Minneapolis and St. Paul not included.
agents.
Carpets were more active and opening prices are
According to Beerbohm’s London cablegram, the amount c* firmly maintained.
wheat and corn on passage at the dates mentioned stood as
Foreign Dry Goods.—The market for imported goods was
follows:
quiet, as usual at this stage of tne season, ocher than a few
specialties in h liday goods h iving been in very light demand
Week ending Dec. 7
Week ending Di e. 14.
ty jobbers and ret tilers. The auction rooni3 presented no
on
Grain
Passage.
features of noteworthy mention, and next ween will probablr
Wheat
Corn.
Wheat.
| Corn.
|
To United Kingdom..qrs.
To Continent
Total quarters.
Equal in bushels
Bameweekiu 1880..bush.
1,561,000
452,000
204,000
70,000
522,000
1,765,000
14,120,000 1,176,000
20,560,000 2,560.000
and
Importations of Dry Goods.
ending Dec. 15,
the
season
importations of dry goods at thi3 port for tlio week
1S87, and since Jan. 1, and the sime facts for
corresponding periods of last year are as follows :
The
below:
M
l
I
To United Kingdom
To Continent
i
j
.bush.
.bush.
end'g 1 Ilri?e/L* end'g A pril 1 to
Dec. 3. : Dec. 10.
Dec. 10.
180,000!
60,000j
P
lOO.OOo! 12,140,000
120,000 j 11,260,000
n
•
o:
re
•
.
•
ss :
•
o
.
.
p •
;
b
.
ss
£:
:
•
:
240,000!
220,000' 23,400,000
DRY
GOODS
TRADE.
I—4
X
C> to
>P
Friday, December 16,1887.
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CO —
10 —4
10 P P 00
p
71-5
O-MOOO
M to
c
X?'
®a'
i
1 X
X
X*
p.^-4
c; x
p.
Ci
-1
cVp b
CO
C Cl C —4 -1
"O —* C' CO 0
c
Ci to ci c
to Ci
P- -4 O X -1
to
Cl C -P w c
CO
a 1 >\
1
-lXCi-1 Ci
to X Ci to w
<—4 — —410
to C to CiCi
-ip
cc-S
j^
bxioL.ro
M ^
CO
•P X X 00 X
Xtopj-lj-*
ci
•
S-
1—1
1
-J
!
10 —4 — —410
CO Ci 10 T. Cl
CO Ci
I—4
c: w — 00 x
cox to 0 to
ci
i xIp
c;
p. t—4
Cl
ct
0
c
X
1 »—*
*—
rP
-*k-44dwij
1
to p t
—-110 p10 CO
I pc
x-io»xci^ b
p Ol'i l'1
IS
*.
V.
! c; to
-l-l-JCt-t
K
OOtOCiOP'UtO'PtO-'
4--I Cl -110
c o
x
oco
X
to
Cto-ioc w
X-I-CC
110 10 — c
zcl
domestics and prints was done by some of the leading houses.
1
1!
p.
-1 oo
—
0* 00
ti-* VO
.
Ip1-1
-t ci x -* cC' -1
p*
X*-1
PtO
CC Cl X Cl to
’
X Ci Tj
CO
M
flanneis, &c.,
Ci to
^ X -1 c
-t x 0; -p C
h-
goods,
to C
lOC"-4io—
ci1 r.
c;
to Msears. E. Oelbermann & Cl, wii) will here¬
p- p
X
-
s
0
c
The valuable account of the G^o. H. Gilbert Manufacturing
Co,, of Ware and Gdbertville, Mass., has bean transferred
from the commission house of Brown, Wool & King nan (in
Ci
-1
•
t'
tc to -P P- X
tc
The jobbing trade wa3 of fair proportions for the
time of year, and more than an average p ickage business in
.
i-1
h-1
importers.
■F
MIO
CTJM
X CV X
Cl
c
0
M,
'3.
!
coo
X
goods, clothing woolens, shirtiag prints, cotton hosiery,
&c,, on account of back orders, and some fair deliveries
of foreign
goods were nude in this connection by leading
:
*
Ip
X
cc
0
ton
made by the Gilbert mills.
Domestic Cotton Goods.—The exports of cotton goods
from this port for the week ending December 153 were 4,663
packages, valued at $279,03(3. These shipments include 2,7^4
to China, 811 to South America, 362 to A ien, 201 to the Wts;
.
.
IH
M
tively quiet the past week, the near appronh of the
“stock-taking” period having caused jobbers to govern thrir
purchases of seasonable goods by pressing requirements.
There was also a lull in the demand for some descriptions of
spring goods at first hands, mo3t of the large distributers hav¬
ing already placed their early orders, while small dealers are
not yet quite ready to begin operatio is for next season.
Agents continued to make very fair shipments of staple cot.
after represent the popular mtkersof all-wool dress
.
.
•
id
,530 ,888
X
Business in commission and inportiug circles was re'a-
liquidation)
o:
2
.
r—4
l—4
New Yoric,
•
o
D
F
5;
►p
THE
—
I-4
CIO
1 co 00
! io-i
M
| Cl C5
1 to X
"10
p-b
Cl
10
l p» 1-*
93,25
J0t0CtP.p
cictLL to
J c 0 X -1
CI-1C ci w
-
cto4-4-no
sow
l x.
UJ
,
p*
C CO C Cl Ci-%
JO
r4
co-t c - -1
p-
CO P*- C P4
1 p*- X CO I-I
P- C X Cl 0
-0
P
•
y*.
8
o
w — to
b cip-bb
1
busli.
..
.
re
S3
1
Total
S3
•
Ci
i
r ~
-
>-•
g. : : : SI
>d
re
31
C Z£
ft
•
03
2^
gj
IP
Week
Exports.
‘“S
S3
a^r£.Q<^\
S3
Indian Wheat
close.
bring the fall season to a
1,758,000
481,000
11,061,000 3,872,000 '
20,360.000 2,400,000
The exports of Indian vs heat for the week, year
are as
dress fabrics, were
.
Montreal
5
;
»
x
!
-4
;
•
.
-
Ci P- Ci to
!
THE CHRONICLE
834
fJatiltets atttl
IBtohers ©at of
NEW ENGLAND.
Rea Bros.
CONGRESS
8c
Co.,
BANKERS AND BROKERS,
AND DEALERS IN FOREIGN
BANKERS,
35
^Jark.
PENNSYLVANIA.
Brewster, Cobb
& Estabrook,
No.
2^£UJ
425 Wood
STREET,
MEMBERS
THE
OF
BOSTON
NEW
STOCK
YORK
Street, Pittsburg, Pa.
New York and Philadelphia Stock Exchanges.
Jlttsburg Petroleum, Stock and Metal Exchange
AND
Jrivate wires to New York,
Boston, Philadelphia
Baltimore and Washington.
EXCHANGES.
ALSO,
Dealers In municipal, State, Railroad
and United States Bonds.
Wm. G.
Irving A. Evans & Co.,
Hopper 8c Co.,
BANKERS AND
BROKERS,
STATE
53
28
STREET,
OF
BOSTON,
PHILADELPHIA
Stocks and
Street,
PHILADELPHIA.
NEW
STOCK
Bonds
Third
South
BOSTON.
MEMBERS
YORK
Daniel manning.
President.
C. N. Jordan,
Vice-Pres’i.
CITY
Desirable SIX PER
CENT WATER BONDS and
other first-class securities for sale.
STREET,
Co.,
BANKERS AND BROKERS,
Vo. 35 8oath Third
St., Philadelphia.
Railroad, Municipal and other desirable invesiuent Securities for sale.
Transact a general banking business. Allow inter
*8t on deposits.
Members of the Philadelphia and New York Stock
Exchange.
Vnrk and Ronton
BALTIMORE.
York.
Orders
PITTSBURGH, PA.
Til E
Robert Garrett &
FOURTH
57
No.
OF ENGLAND (Limited,)
THE UNION BANK OF LONDON
Sons,
H. B. Mouehead.
H. B. Morehead 8c
DOMESTIC
AND
Hartridge,
commission all classes of Stocks
IN
Negotiates loans on marketable securittes.
New York Quota! ians furnished by private ticker
every fifteen minutes.
West Third
THE
KINDS'OF
Bonds and Stocks bought or sold on commission.
Georgia and ^ labania SecurP ies specially dealt in.
Correspondents—Tobey & Kirk and A.uutenhofer,
New York.
references—Atlanta National Bank, Atlanta, Ga.,
and Fourth National Bank, New York.
C. W. Branch 8c
Co.,
Street,
/.
P. Fraleigk, See.
1
The Bank of
Durham;
N. C.,
Pay Special Attention to Collections.
FIRST-CLASS FACILITIES.
Bank
J. S. ALEXANDER, Pres.
A. A. ALEXANDER, Cash’r
Bank,
ANTONIO, TEXAS.
AND
INVESTMENTS
MADE.
Correspondence invited.
MERCHANTS’ NATIONAL BANK,
RICHMOND, VIRGINIA.
Collections made on all Southern points on best
terms; prompt returns.
JOHN 1’. BRANCH, President.
John F. Gi.e <n, Cash.
Fred. R. scott, Vice-Pres.
OP
Actuary.
Washington, Balti¬
A
CO.,
MERCHANTS,
VIRGINIA.
Circulars ard information on funding the debts of
Virginia and North Carol’ua free of cost; one-eighth
percent charged for funding. Southern Railroad
and State and City Ronds bought and sold.
W. Harris 8c
CHICAGO and BOSTON.
Co.,
RHKinQ
°* Counties, Cities, Sic., of high grade a
DUiMUO specialty. £iend for OeMcrlDtfve Until.
BANKS
NATIONAL
At
a
Charge of $5
per
Annum.
GREEN & CUNNINGHAM,
Real Estate
Brokers,
STREET, WASHINGTON, D. C.
Reference: Hon. A. U. Wyman, Ex-Treasnrw
U. 8., Omaha, Neb.
1405 F
All the profits belong to the Policy-holders exclu
lively.
All Policies issued by this
4BLE
PHE
Company
are indispuT
after three years.
All Death Claims paid without discount as soon
satisfactory proofs have been received.
This Company issues all forms of
Insurance, inon-Forfeitlng) Ton¬
eluding Tontine and Limited
m
Phi'adelpliia and New York.
A. Wheelwright, Ass’t Sec.
grace allowed in the payment of
Tontine Policies, and ten days.’ grace
One month’s
RICHMOND, VA.
N.
YORK.
1850.)
President,
Wm. T. Standen,
Premiums
RICHMOND,
NEW
IN
tine.
State Bank Building
BRANCH
OF
G. H. BURFORD,
is
BANKERS AND BROKERS,
COMMISSION
P. A. Wiley, Cashier.
Blackwell, Pres’t.
261, 262 & 263 Broadway, New York
Humphreys Castleman,
AND
CITY
(ORGANIZED
ATLANTA.
THOMS
Traders’ Na¬
WE SOLICIT TIIE AGENCY
and bonds
BANKERS
Buffalo,
Correspondents:—Importers’ St
Insurance Co.
BROKER.
Private wires connecting with
HORN, Cashier.
The United States Life
SAVANNAH, GA.,
more.
„
tion::! Bank and Chemical National Bank, New York;
Merchants’ Loan & Trust Co.. Chicago; Union Bank
of London, London.
Co.,
STOCK, BOND AND NOTE BROKERS,
BUSINESS.
DEALER IN ALL
SECURITIES.
~
»t. Gall.
lections in and out of the city on the most liberal
terms, and with careful attention to the best inter¬
ests of Its correspondents.
COLLECTIONS
CINCINNATI, OHIO.
AND
Frailkfort-onMain.
SOEIINE, [
’ i
8. 8. Jewett, Pres.
Wm. C. Cornwell, Cash’r.
Capital....$300,000 I Surplus
£*50,000
This Bank has superior facilities for making Col¬
Wm. Fairley
STREET,
SOUTHERN.
BROKER
&
Bank of
SAN
No. 51
on
Paris.
,
G )LL
Texas National
WESTERN.
BALTIMORE,
Buys and sells,
London.
(L’d),)
S. BLEIGHROEDER, Berlin.
DEUTSCIISCHWEIZK11ISCHECRED-)
IT BANK,
J
BANKERS,
SECURITY
)
>
AVENUE.
Oldest Pittsburgh members N.Y. Stock Exchange.
N. Y. Correspondents—McKim Brothers St Co.
L.
of securities will
New YTork Correspondents—The National Park
a d Seventh Ward National Bank.
BANKERS AND BROKERS,
nished.
A.
sale
or
DURHAM,
Whitney 8c Stephenson,
BALTIMORE.
(INVESTMENT and SOUTHERN SECURITIES a
specialty.)
Correspondence solicited and Information fur¬
BANKING
purchase
NATIONAL PROVINCIA1. BANK
1871.
ESTABLISHED
BROKERS,
(Members of Baltimore Stock Exchange).
FOREIGN
for
Foreign Exchange bought and sold. Facilities for
keeping accounts in Sterling Exchange, subject to
draft in kind, will be afforded. The methods of
re¬
ceiving such deposits and making payment against
hem will be subject to arrangement.
W. T.
BANKERS AND
GENERAL
$3,5e0,00»
Exchanges, and connected by private wire with New
Wilson, Colston & Co.,
A
YORK.
receive careful attention.
F. BLANK JEN
E. W. Clark 8c
Dealers in Commercial Paper. Government and
other first-class Bonds and Securities and Foreign
TRANSACT
NEW
BUFFALO, N. Y.
PROVIDENCE, R. I.
SOUTH
OF
extended to customers.
York.
BANKERS AND BROKERS,
7
Cashier
York:, May 14, 1887.
This Bank is now opened for business.
Accounts
respectfully solicited. The usual banking facilities
Direct private wire to Green & Bateman, Nev
Wilbour, Jackson & Co.,
No.
Assistant
-
„
Bought and Sold
Telptrranh W)tp tn
nkenhorn,
Cashier.
SMITH,
New
HEINE & CO
EXCHANGES.
WEYBOSSET
*
H. A.
CAPITA1
JOHANN
AND
In all markets.
62
tt
The Western National Bank
OF THE
Joshua Wilbour,
Charles H. Sheldon, Jb
Benjamin a. Jackson, William Binnky, Jr.
No.
F. Bl a
DRAW ON
BANKERS AND BROKERS,
No.
Daubs
EXCHANGE,
MEMBERS
BOSTON.
[Vol XLV.
on
MIDDLESEX
BANKING CO.
MIDDLETOWN, CONN.
Capital Stock, Paid up,
-
-
-
-
£300,000
PER CENT FIRST MORTGAGE
DEBENTURE BONDS.
Interest pavable at Fourth National Bank, New •
York. Also Guaranteed First Mortgages. Organised
1S75.
Under same supervision as the
Banks.
Regularly examined by the Suite Ban*
Commissioners.
Security Co., Hartford, trustee.
SIX
Send for circular.
all others, the insurance remaining in full foroe
Juring the grace.
Absolute security, combined with the largest liber-
tlity, assures the popularity and success of this com¬
pany.
GOOD AGENTS, desiring to represent the Com
i.>any,
re
invited to address J. S. GAFFNEY, Super
rpiIE INVESTOR'S AGENCY
(M. L. SCUDDER, Jr.,
a?
240 LA SALLE
PROPRIETOR
ST., CHICAGO.
ILL.
ntendent of Agencies. at. Home Offioe.
Reports Concerning Affairs of
bioward
Lapsley 8c Co.,
"ankers
and
brokers,
T 4 B ROAD WAY and 9 NEW STREET
New York.
Corporation®
RAILROADS ESPECIALLY.
Large Library Railroad Documents,
Competent Experts.
Confidential Reports,
Moderate Charges.
Send for circular.
@FedFRASER