Full text of Commercial and Financial Chronicle : December 5, 1885, Vol. 41, No. 1067

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gopnanflaU

ffweMtBmm
HUNT'S MERCHANTS' MAGAZINE,
ftEPRESENTINO THE INDUSTRIAL

VOL.

AND COMMERCIAL INTERESTS OP THE UNITED STATEa

SATURDAY, DECEMBER

41.

C O N T e N T 8.

usual method

Clt'firiiitJ-Honan

623

RfltnrnB

TUo Flimnolal SiMiatluo

Klnnnelnl Review of Novenihor 632
Uulted States Treasury 8tuteinent
633

fc2t

tlio

National

The Penii«TlvKni»'a

DIvlilenrlB

of

Popularit}'

UankiiiK I^aw

626
Oil

DepHFtuient Reports— Report
of the Comptroller of the
Currency
634

Pacillc Uallroad giili-iOy Debt
to Provide for It

—How
628 Monetary and Commercial
Cotton Consunipiiuu iiijrt OverEnttllNh News
610
liind MuTeiucut to DecemCommercial and Miscellaneous
ber 1
630
News
612
and Bonds

i

643

Honey Mamet, Foreign Ex-

I

change, U.S. Securities, State
and Railroad Bonds and
Bto ks
649

|

008, respectively, in the

two years to represent the exchanges

arising through other operations, or an increase of 43*8 per
cent. Outside of New York the gain in comparison with 1884 is
20-6 per cent.
Below we give our usual table covering the

week

of 1885

and

Htoek Exchange
650
Railroad EarnlnRS
651
Investment and Railroad In-

652

Week EnMnt Nov.

Saiet

]

Terms of Subscription —Payable in Adrance

same

Is

18

Offices In England.
TIio office of the Commi-.kuial and Fina.>ciai. Chronicle in I.ondon
Is with Messrs. Eiuvardr & SMITH, 1 Drapers' Gardens, E. C, where subscriiitions auJ advertis;'meiit» will be taken at the re;,'Ular rates, and
single copies of the p iiier -^U|iplied at Is. each.
Xueomceof the tJiiitosiCLK in Liverpool is atB 15, Exchange Buildings

•

»'VNA 4: Co., Publlnhera,
wiTiiAMR invi jW'*'''**™
7» & 81 tVlIllain Street, NfeW YOUK.
jouv a FLOVD
i

CLEARING HOUSH RETURNS.
Two

and pretty general improvement in business other than that of a speculative nature.
The exchanges for the Ave business days reach a total of
|1,0?0,543,187, against 1073,683,739 for the corresponding
eriod (covering a like number of days) in 1884, or an increase
of 51 "7 pcT cent, while in comparison with 18S3 the excess is
A fact worthy of nifntion is that in the pres1 per eent.
ent fclatemeuc there arc flvi» cities (New Orleans, OiuahM,
dicative of a further

(2,807,6S5)

At New York the

during the corresponding period last year, and pursuing our

.+230-U
(-29-7)
(+5-7)
(+86-7)

(480,800)

(-SI-8)

t4TC.300)

(28,747,000)

l+iTi,

(36,211,000)

(Petrol<i*m..66U.)

(93,170,000)

(40,000,000) i+13S-i)

(71,936,000:

179,311.293
4,271,400
1,398,785
818,288
636,030
871,207
993,801

154,078,492
3,500,800

-K6-7
+19-0

(a4,,t36.791

1,277,096

-(-9-5

1,434,198

745,289
786,445
660.293
407,210

+9-1
-19-3
-(-144-I

082,495
96S,4S
803,067
673,262

(88,294,804

(61.545,625

-(-4S-5

(104,496,333

+37-5

$46,194,898

(35,363.250
6.287.984

(80,747.684
8,388,245
12,743,552

+81-6
+0-8
-8-8

ProTldenoe...

.

Hartford
Portland
Worcester

5,404,100

+81»

-MO-6
+19-8

-8^
+T0
+83-5
+2-4
+18-8

10,895,91

+30-8
+11-4
-12-6

162,730,575

(52,547,151

+ 194

(81.87l',431

+20-8

147.331,915
6,o32,000

(36,426,451

+tt»-9

(53,58S,46<1

7,780,351)

-I-9-7

Milwaukee

3,903,«7tl

8,306,534

-(-18-1

4,181,17!

+2S-6
+3-3
+14-7

Detroit
Indianapolis

2,698,080

2,161,618
1,332,312

+24-7

8,624,815

+S8»

-I-41

1.570,545

ieo

2,050.441

1,0.38,810

-1-23-6

2,467.611

1.328,000

l,H8,4,'i5

-I-15-8

1,721,874

Ptalladelphhi..,

PltUbnrg

7,002,817
9,532,860

Baltimore
Total Middle...

Cbiea«o
Cincinnati

l,.387.4-8

Cleveland
'^olumbuB
Penria
Omaha.,..

,

Total Western..

Lonis
St. Joseph
Mew Orleans
St.

LoQlBTllle

Kansas Utty

San liYanclsco
Total

9,428,50(1

816.132

759,910

+Ti

797,340

2,916,390

1,818,031

-I-60-4

2,842,269

+10-4
438-1
-J6-7
+68-0

(70,970,521

(56,374,471

+25-9

(80,225,79t

+20-2

(14,396.42)
709.361
13,012,997
S.e44.8:M
4,784.010
1.902,000
2,014,547

(12,230.317
560,893
11,785,671
3,265,318
2,996,728

+17-7

(15,568,444
881.422

(38,526,627

(32.727,753

-1-17-7

(41,537,183

(9,594,':66

(ln,l!lS,754

-5-9

19.738,110

-6-6

(1.186.815,767

+45-7

-(-11-6

12,942,122
4,535.751

+8-9
-HO-8
-8-4
+19-5

-I-59-6

6.3;a.897

-H8-7

-)-35-2

-HO-7

l,888,f

2,236.64'

-tO-7

+81

2,343,348

+517
+26^~

(1,05:0.543,187

all

+10-3

+2a-i>
(317,87e,a6«
OuUlde New Vnrk ti707n7T393 (218,888,751
* Not Inctudea in total.
have received by telegraph this evening the returns of
exchanxes for the five days, and give them below. Owing to
a further fulling off in sp culative activity the New York
figures show a decline from late preceding periods of the present
year, but outside of New York there is added improvement.
The comparison with 1884 is very sitisfactory.

We

Five Daye Ending

(62S.1''2,715
iiht.)

•nllsielphla

Louis
Mew Orleans

<I.

Balance, Country*

Total

Ontslde
*

all

New Vnrk

Dec

1884.

1885.

.Sew York
Satee »/ Stock

clearings reach a total of |7j0,425,794

against 1459,291,008 a year ago, or a very heavy excess of 63'1
per cent. At the Stock Exchange the share transactions
cover a market value of 1176,396,000, against |90.405,000

(4,442,2061

(329.100)

(503,1 'O.'iaO

6 D'ye End'g Nov. 27.

4.

Per

Cent.

+78-1
(+118-8)

+ 16

e3.h43.5ll

-Mrs

+31 3
+S'9

37.30<I.^3I

+81-8

7,772,933
87.935,000

-IIU

76,^97.1 '6
61>,U<>7,S84

62.441,031
45.033.4 jO

11,04.1,61:1

1

16,462,994

Percent

(8,i!7-,i76.

(1,4L'B,853>I (+13-2)

,120,.i22,

1886.

(6C8.S17,082

+23-8

(1.814,324)

;

Lowell, Springfield and Peoria) which exhibit larger totals
for the five days than for the preceding full week.

-(-66-4

(1,349.108) {-l-iu-s;

(36,«4U.0O0)

causes which would naturally tend to reduce the Memphis
volume of bank exchanges, viz., the partial check to specula- OaWeston*
Total Sonthern..
tion and the occurrence of the Thanksgiving holiday, have

operated unfavorably to some extent, but have failed to effect
results as largely as mij^ht have been expected.
In fact, notwithstanding these combined adverse influences the decrease
in the total clearings from the aggregate for the preceding
week is only $166,373,580, or really less than the loss of an
average day's transactions would entail.
It is therefore
reasonable, perhaps, to suppose that the present exhibit is in-

(868,938,911

bales.)

Total N. England

Auiutal suhdcrtptiou In London (iuoladlui; postage)
£2 7s,
do
81x .Hob.
do
do
*l 88.
These prices Inclnrte the Investors' Scpim.bment, Issued once in two
mouths, and furnished without extra charge to subscribers of the
CHKDNICLK.
Siil>>criiPtions will bo ccmtlimed until deflnltcly ordered stopped. The
pulilisliers cannot be responsible lor reuiittauces unless made by Drafts

iPtrOent

f63-4

(Grain... Mwhels)

Lowell

6 10
11 28

1885.

(459,291,008

of—

(Stock$....»hareM.)

Sprlntrfleld

^10 20

Week Ending Nov. 21

33.

1884.

1750,425,784

Boston

Thb Commercial and Fin-ancial Chronicle is publMied in
New York every Saturday morning.
Entered at the Post OlUce, New York, N. Y., as aeoond class mall matter.

or Po.st Ollice Money Onlers.
A neat tile cover is iuruished at 50 cents: postage on the
cents. Volumes bound for subscribers at i?! 00.

New York
iCotton

%ht Chronicle.

For One Yenr (including postage)
ForSix Mouths
(Id
European Sul)8criptiou (inclu Unf; postage)

1884.

1885.

RauKi- In Prices at the N. Y.

telllKence

of deducting

double these values from the
remains $397,633,794 and $378,491 ,-

THE BANKERS' OAZETTE.
General Quotations of Stocks

NO. 1,067

1885.

totals, there

New York

THE OHRONICL,E.

5,

-B4

11,606,153
]I,487,TuS

+82-6
+28-7
+18-1

+28-8
+14-8

(798.608,843
48,953,847

+111S

4i.4 :H.H9a

+17

lS.35i,V60

+16-7

10,146,351

10,7;:4.913

(847.952,193
60,307.005

(690,563316

»II0H.8.-,0,1IW

(743,162,472

+22-8

_

(844,AI7.'I90

+58-4

07«: SS

*840.(Vt»,«.'«

~it«-8~

-215 800 608

4-87'0

I'is.'i

.

62,608,656

Bstlmatad on the basis of tbe last weekly retnnu.

-H82-8

THE CHRONICLE.

624

This

THE FINANCIAL SITUATION.

.

The money market
has been

from

to the reversal of the

As

a natu-

is

demand

long as the

for

and the

city

week, the average rate being

This lower tendency

2\(dj.Ti per cent.

only an apparent, not a real set-back, being due in
the debt being

part to book-keeping (the increase in

by bankers' balances wholly of that nature) and in part
movement of currency between this

as represented

slightly easier this

is

[Vol. XI..

interior.

funds to move the crops was

payments by the Treasury and a active. Southern and Western centres of trade so far abidle supply of silver certificates as to leave few
change in the currents of money, there being but little sorbed the
dues; but when that demand subsided tha*
for
customs
inquiry for crop purposes, and an inclination to accu.
again became the only outlet for the inflow.
House
Custom
mulate balances here again. As to the movement of
also that the drain was more complete*
assumed
It
may
be
wheat, though large, it is for the moment in some measure
in September, for the reason that when it first set in, the*
and
a
supply
interfered with by the enormous visible
floating supply in New York was small and quickly taken
lack of the ordinary channels of distribution, for speculaup; while in October the new requirements here seem totion still stops shipments, keeping prices above the Livhave stimulated the flow of certificates to this city, proberpool equivalent, while the shutting down of the Minneably
from Middle and Eastern sections, suEBciently to cause
mills because there is no money in flour-making
result of

ral

interest

apolis

for the

closes that outlet

point last Saturday was reported at

Duluth

bushels

2,947,945

The stock

time being.

and

6,

at

Paul

the proportion of certificates in the customs payments

of'

month to increase somewhat; in November, however,
for moving crops ceased, and hence customs
the
demand
1,074,000

bushels, at

025,2.50

St.

at that

that

dues were required to take a still larger proportion. These
on the tracks. Alto- suggestions explain the variations in the kinds of money
have been paid in New York the past
gether the circumstances of the wheat market seem to be with which duties
months,
as
shown by the following statement,,
three
but so long as
getting more and more adverse to holders
some
indication
affording
(taken in connection with the
there is a chance of the war in Europe extending, our
above)
explanations
of
what
may be expected in this parspeculators will probably be able to retain their grip.
future
ticular
during
months.
With such conditions prevailing in our breadstuffs

making the

bushels,

visible

aggregate in that section

10,047,195 bushels, besides the grain

;

market

with

;

exports

cotton

much

very

MONTHLY RECEIPTS OF CUSTOMS DUTIES AT NEW YORK.

restricted

(exports in November being 111,000 bales less than in
November, 1884); with imports increasing materially;

PAYMENTS MADE IS—
Oold.

with the rates for money declining here and remaining at

day to 3 months' bills in the open
market at London and with capital shunning us through
a vague fear of adverse action by Congress respecting
silver coinage
there seems no reason for being surprised
at the position of the foreign exchange market. Its course
has been just as the advocates of a sound currency have
anticipated all along.
Those who, depending upon the
ordinary cause and effect, have been looking for gold im-

—

ports

themselves disappointed

find

recognized

that

;

while

the natural commercial

those

Sept.,

Oct.,

Not.,

3-3

18S3
18S4
1885

885,000
193,000
81,000

1883
1864
1885

347,000
183,000
86,000

0-8

1883
1884
1885

276,000

31

148,0(10

1-9

80,500

09

Here we

61

j

P. Ct.

1

CertiJIc'i.

Amount.

1

P. Ct.

9,364,000

77-7

1,882.000

3,897,000

32-5

25-9

7,718,000

636

3,764,000
1.190,000

4-8

75-8

1,902.000

16-4

42-3

8,802.000
2,452,000

23-7

16-9

7,623,000

710

3.341.000
1,216,000

32-2
11-3

593,000

8-6

6,039,000

67-7

2,011.000

22»

8,889,000
2,478.000

37-5

1,415,000

18-4

3,257.000

28-5

4.965.000

57-

1,173,000

42-2
13-5

1-6

609,000
4,135,000

34-5

0-7

3,139.000

8-0

555,000
4.390,000
1,811,000

1-8

1

see that the proportion of

13-9
31-4
9-8

silver certificates in

the payments, which was only 9 8-10 percent in September,

had

interchange of commodities, see their opinions justified.

a reaction; but, after

Yesterday the rates for foreign exchange were again adnow 4 84 for long and 4 8G^ for short

the

As to the movement

Gold CertiJicates \suver

t

wholly deranged by an influence that affects every value,
throwing out of gear all the ordinary machinery for the

vanced, being

Nota.

I

who

currents were

S.

Amount. P. a. Amount. P. a. Amount,

2^ per cent on 60

;

[7.

risen to

11 3-10 per cent

To

cent in November.

situation

in

October and to 13^ per

the change

all,

is

regard being

that

factory, especially

in

that extent then there

still

evidently

extremely

when compared with 42

payments in November,

is

not as yet material,-

1-5

satis-

per cent

and 41 3-10 per
this change
ant. One banker reports purchases of long sterling on spec- had any apparent effect on the Treasury accumula
ulation, but there is no general action of that kind as yet. tions, the strength of
the Government position hav
We have nothing new in general business to report ing increased considerably during the month. Thus
sterling.

of securities this week,

we

are

inclined to think that the net balance has been unimport-

Bank

week.

silver

cent

as

recently

as

1884,

April.

last

Nor has

December 1st are $4,052,897
more than on November 1st, the holdings of national
great extent speculative, for
bank notes are S846,207 more, and the holdings of legalmarkets, as well as our stock markets, are infected with tenders are $1,814,698 less, making a net gain during
the prevaiUng spirit but compared with a year ago, the November (in gold and its equivalents) of 83,084,406,
volume of legitimate business must havs improved con- notwithstanding the Government during the same month
siderably.
Besides, if advances in prices mean activity in paid to the banks $5,915,000 for that amount of subsiditrade, we certainly are doing well.
Some markets drag, ary currency taken up. Such results as these are very reof course
dry goods are getting a little heavy, and no assuring, showing as they do that the Government is still
one seems to want groceries, except at very low values
in full control of the situation, instead of being the foot-ball
this

clearings continue large, indicating a

decided increase in transactions.

the net holdings of go'd

Of course these are to a
nearly all our produce

;

—

;

but prices of pig iron are higher, trying apparently to
catch up with steel rails, there being an advance

announced

this

week

of a dollar a ton.

without further change

;

a

little

Steel rails remain

dullness

is,

perhaps, the

and there is not the same universal adherence
to the extreme advanced rates.
But this is naturally the
quiet season for all our markets, and nothing can be predicated upon inactivity, which may be very temporary.
The monthly Treasury exhibits, made public this week,
are on their face of a somewhat less satisfactory nature.
rule now,

of circumstances as

was the case only a few months back.

These facts will probably lead some members of Congress to urge a resumption of bond calls.
Even now it
is

reported that considerable

with that purpose.

It

is

that so far as the public

take the

management

is

pressure

is

being brought

well enough

to say therefore,

concerned,

has no desire to

it

of the Treasury out

of

hands that

have done so well. Furthermore, who could be more
eager than the Secretary to resume again the payment of
the

Government

debt, for

when he

reaches that point he

Decembek

THE

1885.]

5,

CHllONcrT-E.

WZ5

have attained the sole purpose o{ his efTorts. Hesides, the current liabilities, and which are contlngeDt apon
with the light we already have, future pouibilitles and therefore clearly unavailable.
we can hanlly think it quite safe to begin such calls. The In fact, as is proper, these latter are not at all dignined by
point brought out above with reference to customs payments the name of current assets, but
are
unequivocally
the past month, is sufficiently suggestive to make a pru- stated to be simply contingent aasett.
Their aggregate
lent man hesitate; for it must be remembered that our is $.'$,121,239, larg-^ly repreaented by claims against the
'.vill

lookiiis at ;he question

cannot

industries
to

power

the

on a gold

uncertainty

the least

Government

the

to

sustain

as

itself

Furthermore, the Treasury payments

basis.

Chicago

&

Atlantic

In addition there

is

Railway and the Marine Bank, hx.

sum

the

also

sented by advances to the

New

of $2,802,168, repre.

V'ork

liake Krie

Ac

West-

Then there is §.3,:$27,13.''j repreMcount alone calling for $9,528,346. Until at least we sented by investments in stocks and bonds. All these
and see how Government revenue items are distinct from the amount of the current assets,
Ljet by that period,
(Jne item embraced in the latter
iiolds out,
or until silver coinage is suspended, it given as $3,238,425.
any
action.
In
the
matter
of
amount,
namely
take
$956,930 for materials and supplies on
seems very unwise to
It is certainly
revenues, it must be remembered that each month two hand, can hardly be considered available.
In fact it could not be realized on at
million dollars of surplus has to go for silver coinage if not a quick asset.
and less than half a all. for a company must always keep a stock of supplies on
the dollars cannot be got out
So long hand.
million were put into circulation in November.
As regards the liabilities, they are stated in the same
also as silver certificates come in, in excess of the outflow^
on

(t§

on

thrive

of

the

January are very heavy, the

of

first

interest

ern Coal Company, &c.

;

to

just

extent of

the

that

difference

surplus

also

is

required.

The
York

ties,

stock market has been simply waiting for the

New

First we have $4,064,024 of deferred liabilimade up almost entirely of overdue and accrued in-

clear way.

terest

These are not an immediate

on the second consols.

week, selhng or nor a pressing obligation, and hence are properly classed
Central- West
Besides, the coupons on the second consols
of every as "deferred."
tendency
moment
the
for
the
buying following
The "current" liabilities follow the
successive rumor as to the purport of the judge's action. are now to be funded.
bills payable, loans payable, inThis situation is a capital commentary upon the impro. "deferred,"' and embrace
terest, rentals, and various other items, as may be seen
priety of courts permitting themselves to be used by
from the detailed statement of the balance-sheet in oar
either side in a stock speculation, unless their interference investment column on another page.
The sum total of
is a public necessity or essential to the preservation of indithese items is $6,447,600, and this may be considered as

Shore decision

We

vidual rights.

this

do not by any means intend to infer the gross amount of the

to be the case in
high character of Judge Kennedy precludes any other conclusion but at the same time we cannot help adding that the present experience should, and

was not believed

that such

for

stance,

this

in-

the

;

because so notorious no doubt

more and more
ters.

We

•decision

cautious in

incline to

when

it

the

comes

will,

their

opinion,
will

tend to

make

courts

action in such mat-

however,

have very

little

that

the

permanent

whatever may be its purport. West Shore, as a
disturber of the peace, has been pretty effectually scotched,
if not killed, and has not the power to excite a fear

effect,

floating debt.

If

from

it

we

de-

duct the S3,238,424 of current assets, less the §956,936 of
materials and supplies, we get $4,166,112 as the net
amount of the floating debt on September 30 last. The
present amount is presumably smaller, as we are informed
that in the two months since then the current liabilities
have been considerably diminished.
It should be added that in the debt is included not only
interest due and unpaid, but also all interest that had
accrued up to September 30, and in the case of rentals a
similar course has been followed, so that against the October and November net there can have been no other
charge except the proportion of the year's total charges
that those months have to bear. This is important, because
the December coupon has not been taken into account in
any of these figures, and that coupon, under the funding

While the general marke t }iaa.lb us been
special properties have slightly varied arrangement, is now to be paid in cash, calling for an outon
waiting, attacks
news on Tuesday that the Commis- lay of $1,007,922, which the two months' net would thus
The
monotony.
the
to take care of.
eioner of Railroads had prescribed a new form for reports in great part be able
exhibits the receipts and shipments of gold
following
The
of the subsidized roads, was used as an inducement for
York banks dunng the week.
A rumor of and currency by the New
selling Union Pacilk: and Central Pacific.
Ktt InUtiar
Shipped ty
lUcHvtdby
Wtek tniint I)tc. i. 1888.
a cut in cable rates (which turned out to be simply a
Motmunt.
S. r. BonJtt. If. r. BanlK.
reduction in press messages) was interpreted as a war
Gain.. ISU.OOO
tl ,070.000
«i.a8 1.000
Carranoy.
between cable companies and followed by an attack on Qold

in

any event.

A statement,

Western Union.

subsequently denied, that

the City of Louisville had sold the

&

remainder of

its

stock

gave the opportunity
than these little
Other
raid.
a
stock
by
to depress that
throughout
to exhibit a
continued
has
market
-plays,
the
by

in the Louisville

Nashville road,

strong undertone.

Aew
issued

Vorkits

lake

full

J-.rie

d-

Western having

annual report, we are enabled

this

week

to figure the

amount of the company's floating debt, and thus determine how far that debt will be provided for by the
new issue of Long Dock bonds and the funding arrangement proposed. The officials of the road are to be
commended for the clear and intelligible way in which

11,281.000

Total gold and legal tendera.

The above shows

tl.OTO.OOO

Gain.,

tan.ooo

the actual changes in the bank hold-

and

to
ings of gold and currency caused by this movement
from the interior. In addition to that movement the banks
have gained $1,000,000 through the operations of the SubAdding that item to the above, we have the
Treasury.
the New
following, which should indicate the total gain to
for
currency
and
gold
of
banks
House
York Clearing
issued to-day.
tae weeK covered by the bank statement to be

Wfk «ndin«

IfUo BiiKla. Oii(«f Amto.

Dtc. 4. 188S.

Banks* Interior MoTement. aa abore

Sub-Treaaury operations
Total gold and legal tenders

(sii.oae

ti.3st.oao

11,070.000

e.400,000

i>,4oa,ooo

Oaln.
Gain.

1.1

17.081 .OOP

"iMTO.OOO

Gain.

Hll.OOO

£369,024 bullion during the
net sent abroad and
£363,000
the
represenU
in
items
This
different
The
week.
presented.
the accounts are
of France gained
Bank
The
interior.
the
to
£0 024 sent
balance sheet are stated in great detail, and yet not with
silver, and
francs
1,834,000
3 102 000 francs gold and
so much minuteness as to confuse the reader. In the
increase of 5,92b,000
the Bank of Germany reports an
matter of the floating debt particularly is the information marks. The following indicates the amount of buUion in
corGreat pains is taken to show which the principal European banks this week and at the
precise and complete.
year.
last
date
of the assets are available and can be used as offsets to responding

The Bank of England

lost

THE CHRONICLE.

626

Vec. 4, 1884.

Dm. 3,1885.

(Md.

SUvtr.

Bold.

Silver.

current prices for bonds an i at

20,179,520
20,891,947
46,627,450 43,806.' 62 41,262,180 41,277,510
7,800,250l23,400,750 6,903,125 20.839,375

Total tbis week
Total prevlonii week

75,322,647, fi7,207,512 68,404.825 62,166.885
75,405,902 66.629,1 15 68.200,504 62,166.251

The Assay Office paid $262,262 through the Sub-Treasury
for domestic and $120,521 for foreign bullion during the
week, and the Assistant Treasurer received the following
froTD the Custom House.
OonsUting of—

JM4.

Dutiei.
Bold.

• 188,916 32
487,110 09
660,215 58
457,792 23
288.229 24
281,033 97

yior.27.

28
30

••

"
Deo.

1.

"

2

"

3

S2,G36,297 48

Total

Sold

Silver Oer-

Nottl.

Oertiflc^t.

tifleates.

$3,500
6,000
6,500

$87,000
138,000

2,0!)0

2,500

99,000
64.000

1,500

56,00o

S22,000

ItfO.OOa

$77,000
54,000
54.000
64.000
32,000
66,000

$320,000
288.000
438,000
232,000
188,000
159,000

$347,000

$601.000 $1.68>,000

Included in the above payments were $8,000 in silver
coin, chiefly

standard dollars.

POPULARITY OF THE NATIONAL BANKING
LAW.
"We devote a

large portion of our space this

and

lowance

bank

that

for

and

further

and the compounding of

week

to the

makes no allowance

interest,

and therefore the much

higher average earned, than the prevailing current rate
of interest,

which enables the bank

to

dividends.

that

after

pay

running
active

bond above the 90 per
cent of its par value (the 43 are selling now at 123f and
But there seems
th? 4^s at 112^) is wholly debarred.
no need for discussing this point in the light of the fact
that bank circulation is rapidly decreasing, the true test

money

use the

of

invested in

the

value to these institutions

its

— the

net

decrease as

reported by the

Comptroller being $8,284,017 for the
year ending Nov. 1, 1883, and $24,170,676 for the year
ending Nov. 1, 1884, and $15,545,461 for the year ending

Nov. 1, 1885. And all this is in face of the fact that
during these three years the capital invested in banks
under the national law has increased from $509,700,000
October

And

2,

1883, to $527,500,000 Oct.

1,

1885.

us to the feature that more than

This report has for a long time been one of the most
interesting of the public documents, and Mr. Cannon

in the

giving an abundance of information
with reference to our banks. But the

taxes,

From such

others indicates the popularity of the law.

field fully,

the

for

turning over of the capital

report of the Comptroller of the Currency, to be submitted to Congress at the session which begins next week.

covers the

with cir.

connected

incidentals

the constant

is

it

calculation

many

the

put to

;

however merely nominal,
makes no allittle
extra
expenses a

It is

the

that,

for

is

culation
fact

shown.

be

can

besides

expenses, and

U.S.

current rates of interest

for money, a trifling balance in favor of taking out circulation

Bank of England ....
Bank of France
Bank of Qermany ....

[Vol. XL.

this brings

We

the growth of the system, but particularly to the

number

of small

We

the country.

all

refer to

growth

banks in unoccupied portions of

cannot go iuto the investigation of this

we would like, and yet we will say
which especially strikes the reader, is in general that the more closely the recent yearly addithe evidence it affords of the wonderful vitality, or more tions are examiaed, the more clearly it is seen that they
correctly speaking popularity, enjoyed by this national sys. are as a rule small banks in out-of-the-way places, absotem. This is a feature which cannot be made too promi- lutely needed for the development of the lessthickly set.
nent, for the measures which will be considered during tied but growing sections of the country.
Hence, to cripthe coming session of Congress aiieiting the interests of ple the law is simply to proscribe progress. As a general
the banks, can only be intelligently discussed when it is indication of these later additions we have prepared the
remembered that the system is an admirable and popular following, covering changes and growth during the last

for

all

who

desire

it

point with

the detail

fact in the record,

and perfected, not crippled or desome one has devised a better.
As evidence of popularity we have the almost uniform
reorganization, under the law, of the old banks whose
charters are expiring from time to time, and the rapid
one, to be preserved

stroyed, until

formation of new banks, even during these years of remarkable business depression. Since July, 1882, and up
to the first of November, 1885, there have been 1,199 associations reorganized or extended under the act passed
in 1882 for that purpose.

This action,

may be

seven years.
Tear
Eniimi with
October.

Total

Averaot

Avtntve

Xumber.

Capital.

8.714

587,500,000
624,300,000
509,700,000
483,100,000
463,800,000
457,800,000
454,100,000

2,884
2,501

2,260
2,132
2,090
2,048

Nurnbtr.

Capital.

t

$
1895
1884
1883
1888
18«1
1880
18T9

Sanka Oroanized During Tear.

Banks

194,380
198,810
203,800
212,910
217,540
218,950
221,730

145
191
262
171
88
67
38

Capital.

Capital.

t
16.938.000
16.042,230

t
116,800
84.000

28,654,350

109370

15,767,300
9,851.050
6.374, 170

92.810
112.220
111,770
117,100

4,450,000

argued,

There are always some large banks in the list of yearly
is merely evidence that the national banking law is a
additions, and that was specially true of 1885, so that this
money-making machine for the capitalist, and not that it statement as given does not disclose fully the preponder.
is a desirable contrivance for the customer.
Those are ance in the total of smaller institutions. But for 1884 it
merely convertible terms; a bank can make no money ex.
will be seen that the average capital of the entire 191
cept through customers
and what draws customers, or banks organized was only $84,000. Turning to the list
in other words what is popular among them, is merely re.
for that year as given in the annual report of the Compit

;

fleeted in the bank's action.
State banking laws exist in
every State; the facilities for organizing under them are

just as

ample as under the national law, while their promore liberal; and yet the restrictions, visi-

visions are
tations,

publicity

national act

and safeguwds—requirements of the

—are accepted

in preference.

we find for instance Kansas, with 22 banks organized,
having an average capital of $59,000; Nebraska, 20 banks
organized, with an average capital of §67,000; Michigan,
14 banks organized, with an average capital of $59,000;
Iowa, 13 banks organized, with an average capital of
troller

banks organized, with an average
and so we might go through the list,
that the circulation issued to the national banks and the
most all of it being made up of just such cases, every one
prohibitory tax on State-bank circulation, are the secret
of which being needed for the development of the trade and
of this preference. Of course there is no way of positively
commerce of the neighborhood where it was planted.
proving a negative, but there are facts which on their
Looking at the first three columns of the above table wo
face are certainly pretty good evidence of the incorrectsee the nature
these later additions in the effect

Another

belief

$60,000; Dakota, 7

which to some extent

still

prevails is

capital of $53,000;

further

ness of this position.

In the

in national bank circulation.

no profit
are well aware that at

first place,

We

there

is

of

they have had in lowering annually the average capital of
all

the banks in the system.

We

have only gone back

Drcbmber

THE CHRONICLE.

S, 188S.J

years in

our stateniont, but even during that time

But

(527

two particulan mentioMd, wlut it tht PMnA • to the future, any large tncroMs
.19l,:!G0in 188:>. Bulin 1875 the total average capital was in trallic or earningi is by no means a pofiitivo
ceruinlj.
r.'.OOO, and in 1870 it was $260,000.
These facts suffi- Business is apparently reviving, knd rates have bMn r«lontly show how this act is working and what harm stored, but as regards neither point can it be
said that th«
night be done by any careless meddling with it.
fruits are yet assured.
At any rate, the visible effect of
i^ven

ho averap^e capital

has fallen from $221,730 in 1870 to

in th«

syivania'B position ?

•;•-;

the change has thus far decidedly diHsppointed expeoU-

THt:

PENNHYLVANIA'S DIVIDENDS.

The October statement of earnings has come oat
have received the following communication from since we wrote the article to which oar correspondent
of our English subscribers.
refers, and we reviewed the figures last Saturday.
Retions.

We
me

S ToKKNiKit'HK Yard, Londom, E. C, Nov. 21, 1889.
Editor of The CommereUU <t Finaneial Okronicl»:
fiiH:— Referring to your article on "Tlie Reduotton of the Penngylinlu Divlduiiit," I oaiiuot agree wlib you, repreaontlDK a large body of
n«ll»li SliarcUoldtTB, that It t8 everywliero roiniuoiiilod.
Here It U
I'ly where oniidcniiiod.
Neither can I accept the iiiilreriial comundatlon on jour side. We wore contldently advised that the dlvl<k'iid would not be less than 3 per cent, auil threat dlsappuintiuenl was exat the dirldeml ditrl ired.
I have tested the feellnj^i or a meetg of Pennsylvania shareholders In rhiladflphia and know they do not
le the payment of short dividends, but the subserviency of American
lareholdors to their Doards of directors Is a subject which tills us
n^lish people with astonishment.
lu your four culunins devoted to this subjeot you never onoe refer to
what is the Urst item In the accounts for 13S5. viz., balance of undi"
vided profits brought forward, fl-l,o:i2,9l7, and this Is exclusive of the
balance on the Western Uncs of $ 1,102,-137. Judging from your silence
these large items are to be regarded as cast Into the Umbo of forgotten
;

'if

Resspd

thinfirs.

You refer to the reduced subscription to the " Tmst Fund," bnt this
fund, nearly live niillious, does not apparently enter Into your argument
on the payment of the dividend. You say the depression of last year
and the mad war of rates should be treated as abnormal, and certainly
carrj'ing a paeseuRer from New York to Chicago for one dollar should
be consldtred abnormal; why, then, should not the reduced earuiugs for
the year be considered abnormal, and a fair and reasonable dividend bo
declared out of the accrued earnings in hand.
The Pennsylvania Railroad is not In the position to require large
kalances. Uf its 2u3 millions capital, 91 millions are Invested in bonds
and shares, brmelng in a lar);e revenue which more than covers the
Interest upon its entire funded iadebtelnesa, and 91 millions is share
capital imposing no fixed charge.
If the company rciiulres more capital it should be supplied by the
issue of share capital, thus enlarging the llnancial basis of the company
One extraordlnaiy anomaly in the management of the Pennsylvania
Kallroad is the directors meeting November 1 to divide the earnings of
the year ending December 31. In the present year, with the balances
brought forward, it was unnecessary to anticipate the earnings of the
last quarter, though the prospect of earnings for this period is very
favorable.
I trust to your courtesy to insert this letter from one who has for
more than ten years past paid close attention to the Pennsylvania
John Tailor.
Railroad. I am yours respectfully,

We think we

can appreciate the feelings of our cor-

The disappointment

respondent.

of English shareholders

which he expresses, is natural
and shared in by stockholders on this side of the water
and also we have no doubt by the ofiScers of the
But that does not determine the
road themselves.
at a decrease in dividends,

wisdom

or

unwisdom

Nor

of the action taken.

yet does

the fact that the Pennsylvania could have continued the

old rate of distribution.

Its

credit

is

such that

undoubtedly have borrowed the money.

it

could

Had, however,

membering the higher rates that were in force during th«t
month, no one can fail to note the small response th*t
statement makes to the change in the conditions indicated
Hence, with such facts a.s to present operations, and the
experience of the past two years fresh in their memory,
there is certainly nothing to encourage railroad managers
to special boldness

now, or to make

it

advisable to discoant

future favorable results with confidence.

But

it is

intimated that the old rate of dividend had

been earned.

Is that so,

our previous article in
reached, as modified

though

full,

but

We

?

may

gave the

facts in

here sUte the resultt

by the return for October, since

re-

In these ten months net earnings on the lines
east of Pittsburg and Erie have declined no less thaa
In partial offset to this loss, the company
$2,308,178.
ceived.

$514,000 by the change in the trust agreement
by an increased call
for interest of about $180,000, leaving a net saving on

will save

of 1878, to be diminished, however,

two items of $334,000. The dividend for May this
per cent, and with that for November the
same, the total for the twelve months would have been 6 per
cent, instead of 5 per cent as now.
On the 6 per cent basis
the saving from 1884 would have been 1 per cent (the
dividends in that year having amounted to 7 per cent),
these

year was 3

equal to $874,117.
above,

we

Adding

that

to the

$334,000 saving

get a total saving of $1,208,117, which,

when

deducted from the $2,308,178 loss in earnings, leaves a
net loss of $1,100,000 on the accounts of 188.5, as compared with those for 1884 at least as far as the larger

—

and more superficial items are concerned. But the entire
surplus on the 1884 operations (considering the year by
itself, and without reference to past accumulated surplus)
was only $1,440,425, so that the 1885 operations on the
basis of this $1,100,000 loss would show a surplus of only
$340,000 a very slender margin indeed to work on, but
enough, it would seem, to sustain the claim that the old

—

rate of dividend

And

had been earned.

yet the conclusion

is

unwarranted.

It is

based on

Only by
returns covering merely a part of the system.
dissociating the Western lines from the Eastern can such

We understand fully
a favorable result be arrived at.
would soon be seriously impaired. that the returns and accounts of the two divisions are
The truth is, it is the pursuit of the opposite policy that kept separate and distinct, but that is no reason why the
has given the company its present standing and strength, results should not be combined. The Eastern and Westand its good repute therefore, so far from being an argu- ern lines form part of one vast system, and the prosperity
ment in favor of our correspondent's view, seems to us or adversity of the latter lines must always be taken into
the managers taken that course,

we

are afraid the road's

credit and prestige

just the reverse.

The

trouble

is,

Mr. Taylor, as

we

look at

it,

misappre-

account when considering the outturn on the former, especPennsylvania Railroad holds every share of

ially as the

There are only two the stock of the Pennsylvania Company, by means of
which the Western lines are controlled. Now thus f^r in
these Western
the outlook for the imme- 1885
tion on this dividend question
ten months ended October 31
We lines have fallen $1,195,323 short of meeting their liabildiate future, and the results for the immediate past.
do not advocate a too rigid adherence to the outturn for a ities for this period. The surplus on the Eastern lines
particular quarter or half-year. If such period, through some being only $340,000, this would give us a deficit on the
special adverse influence, nets an insufficient result and the combined system of $855,000, without allowance for any
hends the

real situation of

affairs.

circumstances that could govern the managers in their ac-

—

ensuing months give promise of making good the defiwe should not think that a change in the rate of

—

—

further deficiency on the Western lines during the remain-

—

ing two months November and December. Even with an
was desirable or advisable, though it might increase of $500,000 in the net of the Eastern system during
jet be a wise step and be justified by subsequent events. tliese two months which we are now afraid will not be

ciency,

distribution

—

THE CHRONICLE.

628
realized

—there would

reduction of one per

be a large deficiency. The
cent in the dividend of course

still

changes all this, for it effects a saving in the outlay for
that purpose of $947,778.
Thus when we consider the question in a comprehensive

[Vol. XL.

per cent, and in 1883 4 3-16 per cent, in the first half o
1885 paid an average of only 3^ per cent; and the
returns of the English roads show 3i per cent paid in
six

months

of 1885, against 4:^

the,

in

1884, 4 J in 1882, and
following is the record ol

The
as much as 5|^ in 1880.
of roads for seven years
the first aX
these
two
classes
not
was
way we
case.
months
in
each
in
the
much
very
was
reduction
earned, but that the
Moreover, our cornature of a step forced by necessity.
The Dividends First Six Months. 1835. 1834. 1883. 1852. 1881. 1880. 1879.
it seems.
than
weaker
even
is
position
respondent's
414
4-'8
4.\
Enfrlish (15 roads).. per cent
5^
338
3 '8
313
objections he raises against the late reduction, hold good Sooteli (3 leadinK roads) do.
4816
31fl
4»i^
2

—

see not only th^t the old rate of dividend

i

—

1

the reductions immediately preceding in fact
If the company had acted
against any and all reductions.
in accordance with his ideas it would now be paying 8^

against

per cent per annum, the same as in 1882 and 1883, and
consequently be making a deficit against itself for the year
1885 of over three millions every one per cent on the

—

In reference to our correspondent's allusion to the
fact that the Pennsylvania has an income from the vast

mass of

securities held

stock counting for nearly an additional million dollars.
But our correspondent points to the company's balance

surplus of

14 millions to the credit of profit and loss account,
representing accumulated earnings employed in one way

which

of

or another, and argues that the dividend should come
think no one is in ignorance of the
out of that.

We

composition of such a surplus, or the importance to be
It is a mere nominal item, and appears in
attached to it.
the accounts of all railroad companies, large and small.
The Baltimore & Ohio, for instance, has a surplus of this
kind of above 4 7 millions, or over three times the amount
of

its

same.

Yet no one urges

capital stock.

unavailability

Its

apparent.

too

is

to distribute the

it

And

so

it,

so large as to take care of

his

entire

its

.'31,440,425 for 1884,

calculations

made

further above.

remarks

on which we based oar
Moreover, the inference

company has no

fairly raise that the

meet except this interest, is
If there were no other charge against
totally inaccurate.
the road's income and revenue than the interest on its
own bonds, the Pennsylvania shares would yield extraor-

other yearly obligations to

dinary returns to their holders.

PACIFIC RAILROAD SUBSIDY DEBT— HOW
TO PROVIDE FOR IT.
Various considerations are again pressing the Pacific

it is

Railroad Debt question upon the attention of the public.

with the accumulated balance of the Pennsylvania and
surplus of income account has not
other companies.

The Thurman Act

infrequently been used in the past as a basis for large

failing of its intended

A

by

funded indebtedness, we may
part of the regular yearly
income
forms
that
that
say
accounts of the company and is included in full in the
the interest upon

of 1878

everywhere recognized

is

as

purpose, which was to provide a

meeting that debt at maturity. The debt is all
the day when it must be
Action of some kind thereliquidated is fast drawing near.
make the dividends look smaller. This is the only basis fore is urgent, and cannot much longer be deferred.
If not exactly Congress is about to meet, and the Commissioner of Railthe balance can be made to serve.
fictitious, it is at best of doubtful propriety, and usually roads, in his report issued this week, renews the recom-

stock dividends, but

when

so used care has been taken to

means

for

choose a propitious and favorable period, and in most
cases the object has been to cover up large profits, and

the time growing larger, and

more than betterments, improvements,
made from year to year, and which, from the nature
of things, it was deemed inexpedient to charge to capital
We very much doubt the wisdom of so keeping
account.

mendation contained in previous reports that in lieu of a
payment by the companies each year of a certain per-

represents nothing
etc.,

accounts that an outlay of this description, necessarily

more or

constant,

less

each year as
cash, nor

is

profit.

it

is

At

set
all

down and
events,

carried forward

the surplus

represented by cash items.

just as definitely fixed

and permanent

not

is

In form,

it is

as

who would

on that at such a time as this
most assuredly find it difficult to justify his action.
We do not underrate the importance of making dividends
less erratic, and more constant, than they have beenSmall and regular dividwids would certainly be preferable
to large and fluctuating ones, but it is difiicult to suggest
a method which would avoid this irregularity. Railroad
companies might carry forward a certain amount of cash
from good to bad years, so as to ensure greater constancy
in this respect, but the difficulty
It

would be how

would hardly do

in the business of

money

for

to

keep

it

railroads to engage

how else could
Then who can tell

lending, but

the

cash be profitably employed?
the
precise extent of the provision necessary to cover future
mishaps and adverse conditions.
Besides, dividends are
irregular and declining on the other side of the Atlantic
also, and with apparently much less reason than
here.

The country there

is

made

for

any portion of
fall back
for a cash dividend would setting out the relations of the roads

the capital account, and the manager

meanwhile.

now required, provision be
payments of fixed amounts at fixed periods
that is, extending the limit of time in which the debt is to
be paid, and requiring the companies to contribute a certain definite sum annually or semi-annually, which in the
course of the specified term of years shall wipe out the
The publication of a pamphlet
whole indebtedness.
(attributed to Mr. Isaac II. Bromley of the Union Pacific)

centage of net earnings, as

older,

the

traffic is

less fluctuating,

since the inception of the

Government

to the

enterprises,

and reviewing the

various acts of Congress in chronological order,

lends

additional interest to the matter.
It having been decided by the Supreme Court of theUnited States that the interest of the subsidy debt is
not re-payable till maturity of the principal, but that

Congress

has

the

the companies to

power

make

to

laws

pass

compelling

reasonable provision by a sinking

fund for extinguishing the debt, there would seem but
one of two courses to pursue either extend the debt and
require fixed annual payments, in the way proposed in the

—

Hoar

bill,

der the

figure, as

House

or increase the percentage of net earnings un-

Thurman

act

was done

in

from 25 per cent
the

Thompson

to a

bill,

much higher

passed in the

It is clear,

though,

that whether the percentage be large or small, the

amount
mus^

of

of Representatives last session.

the payment,

when dependent upon

earnings,

and the roads are not so much dependent upon particular vary, and as against fluctuating payments, the plan of
Yet the three leading Scotch railroads fixed payments, sure to meet the obligation in a specified
which in the first half of 1884 paid an average of 4 1-16 J time, has advantages which no
other plan can possess.

classes of freight.

Deceubkb

An

THE CHRONICLE

S, 1885.]

important consideration which should have weight

in the settlement of this question

is

the greatly increased

now have to contend
Of course, the roads that the public is chielly interested in are the Central and the Union Pacific, the
others being of comparatively minor importance, and we
may, therefore, confine our remarks to them. Consider
for a moment, then, the position of these two roads aa
The Canadian Pacific has lately
respects competition.
been completed through to the Pacific, and this makes
no less than five routes across the Continent, without
reckoning the steamship route via Panama, or the sailing
route via Cape Horn.
In the order of their completion
competition that the subsidi/.ed roads
with.

the Union-Central Pacific, (2) the Southern

they are (1)
Pacific,

(5) the

the Northern Pacific, (4) the Atlantic

(.3)

Canadian

or duplications along

&

Pacific,

But several of these have forks

Pacific.

western halves of

the eastern .or

For example, the Union Pacific had the
Kansas Pacific (now absorbed), and still has the Burlington & Quincy and the Atchison Topeka & Santa l''e to
their

lines.

contend with as far as Denver, and beyond that the Denver & Rio Grande as far as Salt Lake.
Again, the

({20

bring leu in market, and the wiM and fruit b(ula«M
not make good the deflciency.

do«

All this of coune leadi up to the quMtion hov i»
competion of the old line to be m&inUined tgainit the newer
lines

from

u much

carrying only one-half
$2:>, 000

to $60,000

successfully met,

how

per mile?

otherwise

indebtedneea, or i*y

Or

if

itunnotbe

be dealt with so
that the Government and other creditors may be paid and
the owners have some inducement left to do the best with
their property and keep it in good order ?
The newer
lines having unsold lands of double the extent, only in.
is

it

to

creases the disproportion of

debts and resources.
Conand stimulated this competition by offering munificent grants of land worth far more
than the so-called subsidy if it bad been a gift, instead of
a loan on interest.
The only reasonable solution seems to
be that either the stockholders or the Government, or
both, must be prepared to abate their claim, or at least
postpone payment and accept a low rate of use meanwhile.
Thus far, though its attention has been called to the
subject. Congress has done virtually nothing to meet the
gress has directly

fostered

occasion.
The Thtrman act, as said, has proved wholly
Southern Pacific has the Texas Pacific as a coapetitor as inadequate, and in two ways: Ist. The sinking fund it
far as El Paso, and the Atchison road as far as Dem- created depends upon the net earnings of the subsidized
ing, Xew Mexico.
The Northern Pacific has no con- lines, after paying interest on preferred liens, and these

tinuous

line

of

own

its

to

the

Pacific

Coast,

net earnings, through the increase of competition, are year

but uses the track of the Oregon Navigation Co. for over
200 miles, which latter, in conjuction with the Oregon
Short Line, serves as a competing line
Pacific east of

Salt

Other

Lake.

by year declining. 2d. It invests what is paid over in
United States bonds at a high premium, so that the yield
joining the Union is less than 3 per cent, while the debt is running against
the North-

lines, like

western and St. Paul, are pushing further west toward the

So that while there are

Pacific.

way

across,

five

through

lines all the

there are five others part of the way.

In a

the companies at
due and payable
1900.

If

six,

thus piling up a large balance not

until the maturity of the

bonds

things are left to drift in this

in

1

895-

way and no

plan be meanwhile devised, there will be an indebtedness

word, there are, between the hundredth meridian and the

considerably in excess of §50,000,000 by each of the two

some 10,000 miles of road engaged
The different members
transcontinental traffic.

in this

companies,

of this

ject to prior liens of

West

Coast,

competitive system find

as difficult to prosper in their

it

business as do tbeir Eastern neighbors; and for the same
reason; there

is

not business enough for

all,

so they fall to

what little there is, with the result that
through traffic is done at little or no profit.
Consider also the circumstances under which the original
fighting for

line of both.

to

be

paid

to

the

United

.States,

sub-

about §60,000,000 for the aided main
The first mortgage must be paid or take the

But suppose that to avoid this contingency, the
Government takes the road itself on its second mortgage, what then ? In effect, it pays $160,000,000 for it.
Every one knows that the line could be reproduced for
very much less money, and after the Government has the
If the owners cannot make
road, what will it do with it ?
ends meet, how would the Government do so? Railroad
operation is peculiarly outside of the Government function,
and would only add greatly to the loss on the investment.
Suggestions have been made in Congress, most of them
The first thought of some Congressmen is
impracticable.
road.

road to the Pacific was
was backed by the credit
of the then imperilled National Government, without
whose aid it could not have been completed. The L'nionCentral line was built in war time, when prices were
inflated, and 7, 8, or even 10 per cent a common rate for
It was built with great speed, working to take more of the net earnings of the road, as was proposed
the use of money.
from both ends, in a spirit of rivalry for the land dona- in the Thompson bill alluded to above; but this avails
The result is that, including the nothing, when there is no net. It is a complicated and
tion and bond aid.
advances of the Government, the main line between Coun- difficult problem to deal with, and should be treated as a
cil Biufis and Oakland, say 1,900 miles, has a capital and
business matter, as two persons or corporations would deal
debt of about $100,000 a mile, which may be classed with each other. All talk of compulsory payment, or
There has been no
roughly as 30 per cent first mortgages, 30 per cent L'nited seizure of property, is ill-judged.
enterprise of building

t

As

carried on.

the

first

known,

well

it

and the remainder 40 per default in paying what is lawfully due, and probably will
had the exclusive service in be none, until the maturity of the loans, and consequently
Nevertheless the fact remains
that country, west of the Missouri, and the Government there can be no seizure.
needed to maintain strong military posts, the road could that the debt to the Government is year by year growing
meet its interest burdens, pay part of its net to the L'nited larger, and some provision, protecting alike the interest*
States, and still leave enough for dividends to the share- of the roads and the Government, must be made to meet the
It should be remembered, too, that the aided porholders. Now neither the Central nor the Union Pacific is same.
paying anything on its stock. The through traffic has tions of the road are linked and bound together with other
to be fought for at unremunerative rates, the mails, troops parts not aided, and on these latter Government has no
States

subsidy and interest,

So long as

cent stock.

"

is

it

and supplies are distributed over several
are five sets of

tracks

business to be done.
so profitable

and

rates

with a capacity

Even

—the mining

are lower,

the

lines,

many

the local business

of

is

and there claim, which of course still further complicates the matter.
times the The Government might indeed receive back the lands a«
no longer part payment; but Congressmen who, for one purpoee,

precious metals has declined

wheat harvests of California

extol the value of the land grant,

deny iU value for the

purpose of cancelling a deferred debt claim.

. .

THE CHKONICLE.

630

[Vol,

XLI

There remains only the alternative of putting the annual
to extinguish this second mortgage

OVEKLAND MOVEMENT TO DECEMBER 1.
The movement of cotton to market by rail during
within the reach November has been very liberal, the gross shipments

money requirements

debt within the earning capacity, that is,
of the companies; and if that can be done and

still

leave

something for the stock, such solution is obviously desirable, for it would put a premium upon the good manage-

ment

of

its

And

owners.

in this connection

it

should ever

in mind that, as the case now stands, all the
paid as interest, or repaid as principal, has to be
<irawn from the earnings; that is, from the amounts paid
by the patrons for the use of the road. It is impossible to

reaching 230,899 bales and exceeding the shipments for
any similar period in our record. In comparison with the

corresponding month of 1884 the present total exhibits
an increase of 58,899 bales and the gain over November

be borne

of 1883

money

three

raise the rates

for through

traffic,

tion of other routes prevents

it;

for the sharp competi-

and

to

levy increased

tolls

upon the local industries and population would be simply
to crush them out and drive them to other more favored
localities.

It is in this situation of affairs that the bill introduced
last winter,

and which

Messrs. Garland,

is

said

to

have the sanction of

Edmunds and Hoar, commends

itself to

The original idea was to
most favorable consideration.
fund this subsidy indebtedness into one hundred and
twenty fixed obligations, one of which, with the interest
.at 3 per cent on the whole deferred payments, should be
payable each six months. This, however, it was claimed
by the companies was more than they could presently
To spread the interest over the longer period, the
same as the principal, would equate the payments so that
meet.

at the end of thirty years exactly half of the principal and

would have been

half of the interest also
this

form that the

bill

now

paid,

and

it is

in

cash, with the

is

Goverament.

«ver, there are objections to

and

it

For obvious

to the plan contained in the

reasons,

Adams

Hoar

is

bill.

is

make

over the sixty years the Union
Pacific could meet the annual payment imposed by the bill.
be said that the

bill also

three

all

months the gain

this

year as compared with 1884

1885.
Since Seplember 1 Shipped
From St. l»u)s ..
Over Illinoia Central

99.629
51.510
55,355
9,261
14,075
14.440

967

96,935
23,861
55,609
36,867
4,803
6,536
12,059
29,133
6,682
28,522
29,279
1,456

418,743

306,505

329,742

26,732

53,770

46,373

36,479

15,326

16,660

2,396
6,188

1,584
3,578

5,218

361

230

2,9.«3

1,327

•>

mills, not Included

above.

Dediict—
Receipts overland at N.Y., Bo8ton,&c.
Shipments between (or South from)

8,13f<

11,582
14-i

23,778
17,60-i

Shipments inland and Southern Spinners' Takings {not otherwise deducted)

from—

Qal veston

238

.............................

Mobile

Savannah

............ .................

Virginia ports. ........................

Leavine total net overland*

481

697

16

1,737

2,116

223

77,606

78,650

68,490

341,137

227.8 i5

261,252

* This total Includes shipments to Canada by rail, which since
September I, in 1885 amount to 7,741 bales, in 1884 were 4,98:i
bales and in 1883 were 6,875 bales.
t This mouth's movement estimated.

AND SPINNEBS' TAKINGS.

RECEIPTS, EXPORTS

After such heavy gains as those disclosed in the over-

pay-

amount

off is small.

of the first

mortgage bonds outstanding

(a prior

bonds

new

by mortgage, and bearing such rate of
and running such length of time, as might be

to be secured

interest,

•deemed expedient.

1883.

167,406
83,513
25,0J4
10,776
15,000
15,769
6,282
9.354
18,282
29,63
34,938
2,714

Over the Mississippi River, above St. L.
Over EvauavUle & TerreHauttf
Over JeffersonWUe Mad. & Indianapolis
Over Olilo & Mississippi Branch
Over Louisville Cincinnati <fc Lexington
Receipts at Cincinnati by Ohio River. .
Receipts at Cincinnati by Cln. South'ru
Shipped to

1884.

land table, a decline in the receipts at the ports

as already said, to that of the United States), the

is

—

ments, and to that end allowing them to issue new bonds
for the amount of the unpaid instalments, and also the
lien,

a

as favorable

113,282 bales and with 1883 reached 79,885 bales.
OVERLAND FROM SErXEMDEE 1 TO DECEMBER 1.

contains a pro-

vision permitting the companies to anticipate any or

fully

showing as in the gross, being 187,981 bales against 129,581 bales a year ago^ and 134,393 in 1883, while for the

prepared

cipal evenly distributed

should

figures

how-

though he believes his own
plan preferable, and he thinks, though he will not speak
with absolute confidence, that with both interest and prin-

It

November

the net the

actively opposed

He

for the

date bears the same rela-

the figures of previous years as do those for
November, the excess being very decided, reaching 112,238 bales over last year, 89,001 over 1883, while in comparison with 1879 (when the total approached most closely
In
to that of the current year) the gain is 12,335 bales.

provisions, even

its

to

tion to

such a course of procedure)

does not appear that Mr.

to accept

The aggregate

bales.

stands.

known, favors an entirely difEerent
policy.
Instead of paying any surplus earnings into the
United States Treasury, there to remain as practically
dead capital, he would use it all in building new
branches and feeders, securing the money so employed by the issue of mortgage bonds on the new extensions, and depositing these bonds, rather than the actual
Mr. Adams, as

reaches 46,006

months of the season

culated to cause surprise, and especially

The month's

bales, against

bales
bales,

1,122,164

two years

receipts

when

is

not cal-

that falling

have been 1,083,552
and 1,030,380

bales a year ago

from 1884 being 38,612
an excess over 1383 of 53,172 bales.

since, the decrease

while there

is

The total for the season to date also exhibits a decline from
it would thereand suggests a last year and a gain over 1883. A glance at the accommode of settlement at once feasible and fair, while at the panying statement reveals the fact that Galveston and
same time it is unopposed by the companies, and has the New Orleans receipts are largely in excess of 1884. The
support of the Commissioner of Railroads and many other exports to foreign ports have been of only fair volume, and
The

fore seem, embodies

bill

in question,

correct principles

thoughtful persons.

COTTON

in comparison with

November

large decline. There

CONSUMPTION AND OVERLAND
MOVEMENT TO DECEMBER

The month's

is,

of last year record a pretty

however, a small excess over 1883.

has been 682,961 bales, against 793,928
and 646,782 bales in 1883. For the season
Our usual statements of overland movement, receipts to December 1 the falling off from a year ago is 73,594
exports, spinners' takings, &c., are brought down to day bales, and the
excess over the previous year is 130,467
to December 1, and now cover the first three months of
bales.
Stocks at the ports as well as at the interior towns
the crop season.
For purposes of comparison the figures are now heavier than at this time a year ago, the combined
for the corresponding periods of 1884 and 1883 are
also excess being full 75,000 bales.
Our usual table of details
1.

given.

bales in 1884

is

as follows.

total

I

.

Dkoembkb

zpoam

Mtvtntnt from
MtH. 1. 1803 (o
Ore.

1,

THE CiiRONICLR

5, 1880.]

»inct
»n>>INMS.

IKS.

Onat

I8H4.

Britain'

800,915
7,978

Mobllo
rtorldii

gt.tWl

30,028
474.095

iDdlKDola,

&a

New Orleuu.

.

Barannah

100.117

3.MH

1,885

Sl.O.ltl

M3S9

1,998

WMt Puliit,Ao.

18,391

494

Iloatoa

Baltimore

4.730

483

Phlla<lelphta.Jkc.

8.1

U

11,389

80.518

169,010

140,199

411,781

ao,M9

•JKW

iae,w0

808,808

utjtm

46,71S

15,101

90,138

157>15

80.868

10,414

41,884

10,880

19.800

epUnber.

18,780

78,519
84.087

1.004

October....

«S5.S5a
1,880,870

>10,078
80,884
88,888

148,8n

November..

1,443,433

1,309,111
1,380 003

1,«98.71«
1,817.773

>,38B,8M

3.1l3^t»

3finM»

As

n.877

88,000

18,878

138.190
89.(108

4,000
801

81.453
11,978

years,

interest the reader to see

what has come into
and prerioos
we have prepared the following, which shows ths

it

will

month

sight each

4.087

78,619

movement

of the season during this

for the last throe seasons.

XonUu.

1886.

8310
Total 3 montha.

88,91*
14.980

13,771

74«,a78

135,578

1JW530S

895,898

8.557,991

869.786

135.810

453.318 1,4S8J00

898,080

Totel 18S3..

8.180,884

8ri8.5«A

1A4.8I.1

418.030 I.818,«Ki

WS7.108

8,584,718

m

8,918

1884..

Total 1888....

Total

This indicates that the movement up to D«o«mb«r 1 of
is 176,006 bales more than
1884 sad
106,319 bales greater tlian in 1883.

the present year

«8,8II5

81,470

4,334
897,702
188.778
9.847
38,108

IM.ifld

York....

IbtaL

I.

t,»U

851,^00

Noifutk

Haw

lift.

7,487

808,180

WtlmlnKton
Moreh'd C, &o.

CbnM-

JVwiM.

178,840
4,087

(ie9,838

4M,'-S7
8,«1H

IlrunHwIck, Ac
Chitrleston
Port Koral.&o.

ra-

Uro,

I,

Staekt

Still. 1

418,40«
781
718,113
87JIIU

aalT««ton

intoa raPT.

tine*

1.

691

1884.

413,836

xnc COTTON GOODS TRADE IN NOVEMBER.

New

Staple cotton goods were rather more active at

York during

demand was irregular.
There
was
a
good
inquiry
for
brown
cottons by exporters
Using the facta disclosed by the foregoing statements,
and
converters,
and
some
large
blocks
of sheetings wer»
which
has
reached
we shall find tliat the portion of the crop
» market through the outports and overland, and the sold to the jobbing trade by means of slight price and
Southern consumption since September 1, this year and time concessions. Bleached shirtings ruled quiet and
* Great Britain export* Inelnda to the Channe!.

the two previous years,

is

the month, but the

were a

steady, but low-g^ade wide sheetings

as follows.

trifie easier.

Colored cottons were in moderate demand, and for the
1884.

1885.

1883.

Raoelpts at the port« to Deo. 1
bales. 2,524.718 2,557,9i>4 2,420,281
Net shlpmente overland dunni; same time 341.137 227,85.^ 261,252
bales. 2,865,855 2,785,149 2,681,536

Total receipts

Bonthem oonsumiitiun BiuceSeptember
Total to December 1

The amount

of cotton

78,000

most part firm at unchanged quotations.
markets, outside of New York, almost all
ton goods have lacked animation.

In the leading
varieties of cot-

Print cloths were very

87,000

active at times, and stocks at the manufacturing centres have

bales. 2,954,8552,863,849 2,768,536

been so greatly reduced by recent large transactions that
Comparing
prices close firm with an upward tendency.

89,000|

1.

marketed since Sept.

1

in

1885

thus seen to be 91,006 bales more than in 1884 and
186,319 bales more than in 188.3. To determine the portion

is

with the four preceding years, stocks are

now; in
shows a

fact,

no week of the past

much

five years,

smaller

except

on^

amount held less than at present the excepwhich has gone into the hands of Northern spinners during
tion referred to is the weekended October 13, 1833, when
the same period, we have -prepared the following.
The stocks held
the stock reached about 520,000 pieces.
bales. 2,934,855
Total receipts to December 1, 1885, as above
November 30 this year were about 570,000 pieces, against
Mookon hand commencement of year (Sept. 1, 1885)—
about 762,000 pieces at the end of October. The stock
108,225
At Northern ports
21,314 —129.533
At Southern porta
December 1, 1884, was 1,108,000 pieces, and at the same
2,382- 132,421

At Northern Interior markets

Total supply to December 1, 1885
Of this supply there has been exported
to foreign porU since Sept. 1. 1885.1,385,306
880-1,334.420
Liess foreifrn cotton Included... bales.
7,741
Bent to Canada direct from West
724
Bam t North and South

Stock on hand end of month (Dec. 1, 1885)—
bales. 192,5 ?0
At Northern ports
703,118At Southern ports
AtNorthern Interior markets
Total takings by spinners since September
Taken by Bonthern spinners

1,

Increase In

this

time in 1883 reached 866,000 pieces.

NOV'BBH.

1

787,995
89,000

8

698,995
541,187
157,808

The above indicates that Northern spinners had up to
December 1 taken 698,995 bales, an increase over the
corresponding period of 1884 of 157,808 bales and an
excess over the same period of 1883 of 15,407 bales.

8
"sii;;

9

In the foregoing

we have

has already been marketed
seasons.

An

the

18
13
14
15
la
17
ia
18

this

year and the two previous

additional fact of interest

crop which was in sight on December

is
1,

the total of the

season.

In

this

on December

1

manner we

9
9

90

9

8...
3- 13

24
25

313
31S
HoU

9

'2A

9
9

28

9>i"
9>i

7

"7""
7

7

1883.

7
7

9Ii„

7
7
7

7

aii'

7

lOl|a
10««
101

The above prIooB are— For

308

7>4

3 03

7M
T4

303
30S

lOhs

„

362
3Gi

7%
7%
1\

..8...

io>i" 3-62
.

ioii"

101 la
101 «

308
308

?::
7«4

ioi<
loi"

101"

308
313
314
314

Boll

S«l
35*
359
3-56

3-58

3W

IJf

T%

7'4
7«4
7««
7»«

3-20
3-20

7>«

io>a
I0>«
10>«
to>«
10>«
1U>«

z>
7%

3-5il

352
3-52
3-52
..8...

3 19

3-52
3-50
3-50

350
350
340

7>
7*
7%
'*
7\
Z>
7<i
IH
•>••

..

320

'.'.Hon

..Holl da,... insis
3-20
I0»,«
320 7«i
10»|«
...8...

ootton, low

3-68

10»„

..8...

„ 320
.8...

ioiii
10l|a
lOli.
101

9

10»,a

..S...

3 13

313

10»i,

3-08
9'«,
9^8

7

7

7H

JH
..IIoll
308 r^
30?

lOi*
10<«
..8...
"9>»" 3-08 "I'li" 10>«

7
7
7

7

aiteel-

30S

7

..

9
9

3-30

sso

IS"

..lIoIl

3-50

mldlUn? upland at New York

a(eaU' prtos*
for printing cloths, minafaotarers' prtoes: for ahaetlnss.
wbloh are subject to an average discount of 5 per oent.

find the result for three years

WEIOHT OF BALES.

to be as follows.
1885.

1834.

1883.

2,768.538

bales.
Total marketed, as above
Interior stocks in excess of Sept. 1

2,954,85."^

2,86»,849

335,000

250,000

325,000

bales.

^,:89,85^

3,113,849

3,093,536

Total in sight

317
313
313
813
313
313

9

compared with ^O

"We reach that point by adding to the
previous years.
remaining at that date at the interior
stock
above the
towns, less stock held by them at the beginning of the

3-22

7
7

..8...

0!9

of bales which

number

..S...

319
31»
319
319
319

10

23

IN SIGHT.

308

9V

.8...

91

AMOUNT OF CROP NOW

9'«

3-25

..UoU

3-22
9
9
S-22
8l5u 3-22

7

Print-

..8...

319

9

5
6

OM'n

Cotrn Prim- «A«a<ing
low
low
ing
kne
midmid'
etoOu.
itanittandeloth;
middlitig. 01*64 ard. dling. 64Z«4 ard. dling. 64*04 ri.
Ooien Print- Sheet-

iV"

8
4

year

1684.

1885.

10,698- 2,299, 281

1885. .bales

;

9,087,276

895,698

Taken by Northern spinners since September 1, 1885
Taken by Northern spinners same time In 1884
takings by Northern spinners

total

To

furnish a

December
of bales.

more exact measure

of the receipts

np

tO'

give below our usual Uble of the weight
"We give for comparison the figures for the same
1,

we

time in the two previous years.

..

THE CHRONICLE.

632

Same

1

ThneMonlht Ending

Dee.

\,

Same

1885. \peri'din peri'd in
1881.
1883.

rvoL.

reserving $3,000,000

for

xu.

bonds) the floating debt

old

would be paid, and the coupon of Dacember 1 on the 2d
consol. mortgage paid to those bondholders who consented
Weight iti
Average^ Average Average
Number of
to fund the three overdue coupons and that to fall due
Pounds.
Weight, Weight. Weight.
Bale*.
June 1, 1886. The California Southern road, extending
51302 the Atlantic & Pacific (Atchison system) to San Diego on
216,363,005 522'33 518-09
414,137
Texas
473-00
487-00 482-20
743,113
lonislana
361,896,031
The Balti494-00 the Pacific Coast, was finished November 9.
Alabama
97,219
50,165.004 516-00 49800
473-33 more & Ohio contract with the Staten Island Rapid Transit
492,946
Georgia*
243,613,913 491-20 473-90
475-80 Company for New York terminals on that Island was made
305,725
148,582.330 48600 478-50
flouth Oaroima.
476-76 public on the 21st. The West Shore road was sold in fore379,860
Virginia
180,433.500 475-00 470-00
476-20
47300 47200
64,936
30,714.72^
North Carolina.
closure on the 24 th to Messrs. J. Pierpont Morgan and
494-00
493-83 496-28
456,869
225,615,618
Tennessee, <S(0..
others, for $22,000,000. The temporary injunction against
483-01
493-22 434-32
2,954.953
1.457,384.149
Total
the lease of West Shore by the New York Central & Hud* Including Florida.
son was issued in Syracuse on the 21st.
The semi-annual
It will be noticed ttat the movement up to December 1
dividend on Northwest, common stock was reduced to 3
shows an increase in the average weight as compared with per cent, from the former rate of 3^.
Foreign exchange declined but slightly, the closing rate
the same period of last year, the average this year being
1

j

493-22

lbs.

483-01

per bale, against 484-32

lbs.

in 1883

and 494-93

lbs.

lbs.

per Dale in 1884,
the

for

same time

in 1882.

FINANCIAL REVIEW OF NOVEMBER.
November

In

the surplus reserve of the

New York

on

call loans

with stock collaterals the outside rate was
latter part of the

month against

of

home products in November were not
Wheat was selling above the

views of European exporters, notwithstanding the firmness created by the Bulgarian-Servian war, and the visible
supply in the United States (east of the Rocky Mountains)

55,679,228 bushels.

were

to the extraordinary

amount

of

The cotton exports of November
and footed up only about 675,000

also relatively small,

against

bales,

795,000 bales in 1884, a decrease for the
mouth of 120,000 bales.

The great

feature

of

November was

the continued

buoyancy and excitement at the Stock Exchanges
and other cities, which kept up during the
three weeks of the month with very little abatement.

activity,

in

New York

first

On November
date,

it

20 th, in writing of the situation at that
was said in the Chronicle: "Not only has there

"been no serious reaction, but the movement has
" grown almost steadily, and we find this week that many
" stocks and bonds have been pushed upward to the high^' est figures yet
made. It seems evident that the power
" of the immense bank surplus, when once set in motion,
"

"
"
"

"

1885.
STATISTICAL

particularly satisfactory.

on November 28 was up

The following summary shows the condition of the New
York City Clearing- House banks, rates of foreiga exchange
and prices of leading securities and articles of merchandise, on or about the Ist of December, 1883, 1884 and

3

per cent at the opening.

The exports

4 84

amount.
city

banks declined from $31,271,450 on the 1st to $26,593,275
The money market hardened slightly, and
on the 28th.
about 4 per cent in the

60-day3 bankers' sterling bills being 4 83|^, against
at the opening, the lowest rate in the meantime
having been 4 83, between the 13 th and 19 th. The exports of produce were not large for November, but the
shipments of stocks and bonds from New York to London
and the Continent were believed to have been of large
for

SUHHABT ON OB ABOUT

DEC. 1, 1883, 1881

1883.

New Tork Oily Banks—
Loans and discounts

1884.

Silvet

—

6,lU8,y/5

$

Call loans

4-A2o/,i,o

Prime paper, sixty days
Silver in London, per 07,
Prime sterling bills, 60 days..
United Slates Bonds—
38, registered, option U. 8

coupon
4s of 1907, coupon
Railroad Slocks—
New York Central & Hud. Rlv.
4ias, 1891,

5a5»s'

2ia®3
43413

30 lad.

4978-1.

4;3

481'a

471a
4 831a

lOOia
13Sia
114^8
12J-i

I1II4
131
ll:l%

&

Hi

W.)

Lake Shore & Mich. Southern
Michigan Central
Chicago Rock Island & Pacific

90

IClia

31)38

14%
6738

1201a

—

XX

35 00
113-1 131-2
64i4®61ia
14 25

2.=.i«

831a

01
111
121
911a
7919
110»8
41

Central
131
Chicago *t North-western, com.
I2514
Chicago Milw. & St. Paul, com.
981a
Delaware Lack. & Western . .
11838
Central of New Jersey
83'8
Merchandise
Cotton, Middl'g Uplands.* lb.
10^1,
Wool, American
f Bti. 33 441
Iron, Amer. pig. No. l..'^ ton. 20 50*21 50 19

Wheat. No. 2 red wln.^ bush

122 "4

103
13238
11238
12358

1U1>8

Illinois

Steel rails at mills

26,5y3,-i/5

liaa2
4ia®5

2

Erie (N. Y. L. E.

1885.

$ 325,746.700 285,514,600 341.387,000
58.131,600
85,273,--0j
93.579,300
15,346,600
11.613.41)11
l(',08),5'iO
|
!' 317,>';<6,100 325,8':5.300 382.400,900
$ 27,3^6.400 33,450,300 28,614.200
$ 79.259.02 i 81.456.325 95,600.225
$ 85.158,01(11 123,7-23. 'OO 122,193.300

Circulation
Net deposits

Legal tenders
Legal reserve
Keserve held
Surplus reserve
Uoneu, Exchange,

AND 1883.

7tjia

127
137
11314

91%
121

45%

107,,

34®36
50®20 50
27 00
83a8iia

9'l«

18

35336
00318 50

33 00a>35 00
92 39358
---s

50'»51i4
527e®53i9
12 75 313 00 10 0o®10 50

2. f
and the extent of the public hunger for stocks and bonds
Pork, mess
« bbl.
when once excited, had both been uuder-estimated, and
The closing prices for the leading Government securities
there is little doubt that the heaviest professional stock
on every day of the month of November are given in the
operators have been as much surprised as any one else at
table below.
the breadth and staying power of the present boom in

Com, West. uiix.No.

•securities."

On

CLOSINa PBICES OF OOVEBNHENT SECURITUig IN NOVEMBER, 1835.

the 21st

commenced which
became more decided on Monday, tlie 23d, when it was
known that a temporary injunction had been issued against
a reaction

3«,

4i«»,

coup. coup.

2
3

stock market became irregular, and so continued
end of the month.

7

12378
123=8

8

..8...

Among

till

the

the events of some importance in railroad affairs
which transpire! in November were: The trunk line agreefor a pool on east

6s,

4*,
November. 1891. 1907, opt'n Our.,
If. S.

the lease of the "West Shore road to New York Central.
The final agreement of the BaUi:nore & Ohio Railroad Co.
for terminals on Staten Island was also reported, and the

ment

bush.

1

4

1898,

reg.

4»,

coup. coup.

reg.

104

20
21

iiSH; 12378

22

3»,

opVn Our.,
if.

S.

reg.

1898,
reg.

103
10278

19

.8...

5

113

>a

123=8

102%

S.

23.

6
9
10
11
12
13
14
15

4ia»,

November. 1891, 1907,

103%
103

113 "a

123% 103 >4
iisia
113i«

123%

24
25
26
27
28
29
30

102%

H
10278
8.

123%

and west business, supposed to be
103 i«
11313 12378 104
Open
.. S..
11313 1237e 104
fflKH
stronger than any pool previously made;
this agreement 16
123%
11313 123»8 102%
Low
1-23%
17
was signed by the officers of all the
Clos
1131s 123% 110278
companies except the 18
123=8 10338
Baltimore & Ohio on passenger
business, and rates were
advanced in accordance with its
The following table will show the lowest, highest and
provisions.
The New
closing prices of railway and miscellaneous stocks at the
York Lake Erie & Western announced
its new loan of
New York Stock Exchange during the mouths of
$7,000,000 on the Long Dock property, with
which (after October aad November, 1885.

..

T>IOIHBKR

THE CHRONICLE.

0, 1885.]

RAMOB or nooma

in

68S

ootobbr a«d rot
OloMna Low-

Oelobtr

RAII.ro A^DB.

A HUHiiiiali'it.
Atchlnon Top* «. Ke
Atluiillr A riiclllu...
Albany

Bn«t.A N.Y.AIrUiif.
Burl. Odiir K. A No.

Cloning

Low- Hiah-

<ito»ing

Stpl. 30.

ft.

ft.

Oet.il.

13UI«
71>«

130%

8»i

•dO

04
60

Caiimllitn Piwlflo

45

Caiiwln Hoiithf^m

37

Cedar

t'aWit

A

Minn.

Oenlral Iowa
Central of N. Jeney.
Centra! Pitollto
Charlotte Col.A Aii/i.

A

Ohes

•18

1st pref.
2d pref.

"ioTi
37 >«

30^
36 >8

30
•IS"*
•8

OhioaffoA Alton
Chlo. Kiirl.* Qiilnor.
Ohio. Mil. A8t. Paul.

14'8

10

Ohio

Do
Do

128^

6*
11%
8
133i<
128'8

VV%
i^»
96%
47»i
17 «8

ttt.

137

10%

80
5','IS

Low- au>^

SO
44
'14

14%
fS>
il^
35

*/,""

.">

9%

13%
4S

87%

9%

11%
96

49«|

57%
47%

87

16%
230(1

20

47%

45%

12%

le^B

16%

Id

llH

asof

J"*
139

10%

15%

187

140

im

20%
14

A Qa.

1)0

pref.
8..

A

JEvaiisville

6

AT.H... •^56"

Ft.WortUADcnv. C.
Green B.Wln.A

"'5H

St. P.

Harlem

Do
HouBt.

A

pref.

Tex. Cent..

32

nilnolB Con iral

Do

L'seil Line
Indiana Bl.

4 p.o

AW

13ii

A Chlca^
KeC'kuk A U. Moines
Do
pref.
Lake Erie A West

9>a
7114

Lake Shore
lonK Island

73

A Mo. Rlv.
liouisville A Nashv..
Lonisv. N. A. A Chic.
LonlHluna

"4538

42

Manhattan, oonsol... {100%
Manhattan Beach Co.
11>S

Memphis A

Clia'ston.
(Central

6«78

A West.
pref.
MlnneanoUs A St. L..
Do
prer.
Mo. Kans. A Texas ..
Missouri Paciflo
Mobile A Ohio
Morris A Es.sox
Haehv.Chatt. ASt. L.
W. Y. Cent. A Hud. R.
N.Y.Clilc. A St.Louis.
Do
pref.
H.Y. Lack. A West ..
N. Y. Lake Erie A W.
Do
pref.
K. Y. A New Engl'd.
N. Y. N. H. A Hanrrd
K. Y. Ontario .fcW...
N. Y. Susq. A West..
Do
pref...
Norfolk A Western..
Milw. L. sh.

Do

Do

139"
18"8

•

Do

Do

•40

5%
11»9

22%
•13"

34
82
18
•32
•81 >«

24
pref.

Paul Minn. A Man
Soloto Valley
Bonth Caruliua RR..
Texas A N. Orleans.
Texas A Pacino
Union Paeino

A Paciflo.

16
40

17%

127 14

42

100% 100%

58%

Price* aaked.

5«%
'131

M
tiaO%

ll>a

92 14
16
37

20%

21%
97%
23%

Ez-4lTl>lead.

§

BAtfKRRa'STCRLUfO RXOIIXWOB (rtMTCD RATU) rOR MOVRIIBCR,
ISM.
yov.

60

D»-

(Ulyt.

mand.

1....
2....

4 84

3

...Holl •lay....

4....
5....
6....
7....
8....
9....
10....
11....
12....

8.

4 84
4 84
4 3:<%
4 83%

488
4 86

4 86
4 85%
4 85%

8.

4 83%
4 83%

83%

4

4 88%

485%
4
4

85%
85%

8S%->)e

Ifov.

13....
14....
16....
16....
17....
18....
10....
20....
21....
22....
23....
24....

60
day:

De-

mand.

4 83

85%
85%

4
4

483
8.

4 83
4 83
4 83
4 83
4 83%

4S6%'
4 35%

4 83%

4 86

8.

4 83

4 83

85%
85%

4
4

4 86

885%'
4 85%

/ro».

13

16%
778

19%

46%

34%
26%
55%

2m
78

25
78

11%
19%
20%

17

I514

2078

%

1%

27%
29%

13% 26
136% 140

2%
71%
3»9

123
145

4 83
4.MH
26...
HoU dar...
37... 4 83% 4 8«
33....

28....
20....
30....

47

46%

9%

18

97

22%

33%

20
50

21%
8978

25

24

21%
45%
27%

200

1«%
7%
19%
11%
3278

26%
55%
1%
23%
15%
29%
19%
21%

5% "4%
74%
33% 30%
5%
5%
28

33

51

81

91
22

•43
•80

825|,

22%
81%

20%
40

90%
29%

90

7%

21%
55

10% "10"
18% 177g

22

64%

64%

144% 140

%

68%
98

5479

29%
71

1%

44

49

80%

83%

48«

i'saV "isi"

Bang*
High "434
Low. 4 83

4

8»%

(jyiT/iD STATES TR/SASURY STATEMENT.
The following statement, from the office of the Trearaxvr

X*M»mm.

16% 26
96% 100%
21% 2778
57

27%
200

38%
202%

16

2078

6%

17%
10%
30%

9%

23%
13

69%
1%
80%

"lie

Gold.—Coin In treasnry
BolUoD In treasorr

178,008.788
73.»49,79e

.

»l.»4B,!n8
Certlfloates Issued

140.047,000

Lesson hand

84.4e2,H«8
100,364,008

Net gold held
BIlTer.—Standard dollars In treas'7 iae.ses,oi8
BolUon Intreasttry
8,S8J.8e«

'46

107% 101%
11%
9%

8

iae.i5i.9T4

Certificates Issued

:»t,787,106

Lesson hand

S8.0M,4(M

25%
53%
36%
18%

H%

21%
10%

88,708.048

Net silver held
United States notes In treasury

70,448338
43,880,048

.

Certificates Issued

17,TH,a00

J.e88on hand

810,000

iTjea,ooo

Net U. 9. notes held
National Bank notes held
Deposits in Nal. Bank deposltar's.

8,888,048

18,886.888

31

54%

33%
31%
65%

30%
63%

Totals
Public debt and Interest-

22%

28%

34%

Interest due and unpaid
Accrued Interest

1,885.880
8,388.740

Matured debt
Interest on matured debt
Debt bearing no Interest
Int. on Pac KR. b'ds due, nnn'd.
Accrued Int. on Pac. RR. bds

8>M,iae

25

%

2%

2%

15

21%

25%
28%

18%

28

26

3678

35%

177s

24

2179

20%
130
150

25% 23
141% 141%
130

157% 157%
4% 11% 10
•82%
73% 87

31

4%

25
42
85

20%
40%
00%
28%
89%

43%
5%
26%
47%
85

41%
8%

'43
'8S

24%

S3

4978

47%

09%
3979
--9S%

97

18%
49

20%

25%
62%

55
22

28

9%
17%

25

15%

261a

28%

68

70

2

75%

6%
81%

117

i Ez-dlrldend.

480,871,483 aUk3U.7S< ao44aa.7<»

817.085
1,081
1,0IS,9»T|

15,0*0,800

Fractional cnrrenev redeemed.
One and two jr. notes redeem *d
Interest checks and coupons pd.

1,081

S4,4M>

Totals

480,Sa6,»14

Rea've ag'st U.S. notes. Acta 'TBJt'Sa
Fund held for redeeming notes of
Nat. Bks. "failed," "In liquidation," and " reducing ctrcnlat'n". 88,543,801
F'nd held for red. Nat. gold bk.notes
]17,5U
Five p. 0. rd for red. Nat.Bk. notes 13,118,455

23%
S8%
"l278

22

27%

4%

76%

8SL4B8,BM
100,000/100

37%
*07

9%

14%
49

14a;38MS

20
*9»i%

144% 143% 142
145
104% 102
10878
101% 104
62% 'bit
59% 62%

115% 118

Prices asked.

6e\
37%

107% §106% 104% 110% 108%

22%
56%

SO

2»

35%
104%
18%
129% 133% •132

13i»78

i'is"

54%

•24
'53
23
51

106

44

76

41%
91%
29%

4

36

28

18>4

D0-

wumd.

40

18

33%

80
date.

51%

2878

192 "a 200%

•7H

45

46
31

70

tl37%

80%

129%
1078

347;
1111;

was issued this week. It Is based upon the actual retarna
19% from Assistant Treasurers, depositaries and superintendento of
86% mints and assay offices, and shows the condition of the U. 8.
Treasury November 30
48%

48%
21%

48

33

29%
»:%

10

9%

§104% §101% 101

§98
6

§63%

t

81%

120% 128% 133

lO*"*

0«% 100%
33

150
33

S0%

»*'•

94

10%
82%
76%
20%

48%
23%
48%

22

5479

)

^

U^

12%
83%
76%

19

18
7
13

'114

Prloea bid.

JO'i
91

150
24
80

-,
80%
81%

K
00%

22,

87

'.t^

24%

20

1779
4878

99

'

•3.10

80% tl

17%

Impmv. Co..
Oreg'n R'y A Nar.Oo.
PaclHc Mall
Pullman Palace Car.

iiH

30

«•*

86%

Orctfon

M%

15%

28%

111% 109
108% 120
118%
14% 14% 14
18
15
35
•36
37% 37
33
40
63 %
77% 75% 74
79%

Adams
United States
Wells, Fargo A Co

05%

33%

13
to
30

IOI9

Bankers' & Mer. Tel.
Western Union
EXHRKSS.

American

10%

39% 37%
139% 138

33
135

'97%

33

93

37%

18%
49%
•13

pref.

TKLEORAPn.
Amerlean DIst. Tel..
Amer. Tel. A Cable..

Prices bid.

11%

8

Virginia r.iilland....

Do

25

88%

3S%

17%

40

100^8

St.

Wab.8t.L.

21
6

6'8

330

36%
337,

19

"46"

44
32
100

20

230

987t

30

0%

2»

Ill

31%
31 %

10%

9ft

"TwS%t

,ti.

91

21

21ie

"sJi

t.P. ADuluth

•34

191a

30

pref.
Ist pref.

6

83%
77%

2II3

2H

pref.

21%

73 H
73

120
142

Francisco.

Do

10%
2978
14

9%

1378

2114
I514
173d

Rochester A Pittsb..
Borne Water. A Ogd..
St. L. Alton AT. H ..
S.

8
29ifl

8

BlchinoudA WestPt.

A

13%

92
20
150

13%

..

A E'vUle.

Do

135%

23

1

Rensselaer A Bjir.
Rich. A Al. st'k, tr. ct.
Blchmourt A DauWUe

Do
Do

131i«
9l»a

23 !«

47%

Phlla. A ReadinK
Fltt8b.Ft.W.AC.(cuar.
Do
special

St. L.

205
205
37

13=8
8

•2114

.

A Trans-Con.

Peo. Deoat.

205
205
31

5%

pref.

Orcfcun Short Line

6%

12%

20
71

2SI4
24 >4
27%
93
104% 104% 101
12
16
15
14

Ohio Southern

Oregon

23%

5

"eo"

8»»

14%

25
I2t>

pret.

Ohio Central
Ohio A Mississippi.

64%

56
20

5%

10°B

15%
58%

38J4

13'a

Northern FaolUc

ti%

11%

40
'«92

pref...

7

12%
16

150

Joliet

Michigan

5>«
9>«

Big

30

pref,

Consolidated (IM Oo.
Del. A Hod. Canal...
Iron Steamboat Co.

34^

18

7%

Do

3t->U

31%

Pennsylvatila Coal..
Quicksilver MIn

N.Y.ATex.IjuidOo.

188

J7rt«,

''h

Eaat Tonn. Va.

,,,

48% CantonVariodk.
Couiitanjr..,,

'Bl.

10%

S"

li.'.'.'

OiiiarHi

8
8%

«

80

57%
43%

^

"A*-^!"'
ml. Otl.ax.

—I.

17%

Iron

40%
43%

4»
36

H*pi. 30.

ill..

10

12

35

K^„ MlNIKO.

'Vui,

liO
89

06
70

41%
14%

KAlLniurm.

OtoCn

Norn. acT.

til.

133% 132% 133
13j% 184%
75 18
89 >8
809»
80% 99
04
Do
pref. }107\ 107
114>4 lUH 114% 119% llS'g
Chlo. * North weat. ..
99% 93 >a 111% 111% 110% 11,'.% 113%
Do
pref. M2a
12S>i 135% •135
135
137'8 137%
Ohlo.A Rock Inland.. ius'a 11H>4 125
124
123% 132 •127
Chic. 8t. L. A Plttab.
•H
11\ 18
18
15% 18% •16
l>o
2SI4
prof.
25^8
41% 40% 36% 40% •34
Ohio. 8t.P. Mlnn.AO.
3378
33
39% 38
38
44% 41%
Do
pref.
93 >« 100%
34>e
99% 100% 105% 104
CIn. San. A Cler
23 >9
S3
33
3«%
Clev. Col. (Mn. A Ind.
47 1«
69
65% 60
65%
Olev. A Pitt«l>.,Ki>ar.
140
141
141
142%
Col. & Groeiiv.. pref.
38
38
40
43
48
Col. Hiwk.Val. ATol.
20^ 19
26
25
25
43
34
Del. LAok. * Weaf ni. il02!lt 102 1« 1213b 121
119% 124
120''«
Denver A R. Qrande I.-lia
18% 183s 17% 24% 21%
12>s
Dubuque 4 Sioux C.
50
59
63
60
65%
Eliza. Ix'x.

:

.

08,180.801

Nat. Bk. notes in process of red
3,106.457
Post Office department account..
84,018,881
Disbursing Offloers' balances
Undlstrib'd assets of failed Nat.bka
488,378
lai'nM
Cnrrencr and minor ooln red. sect.
88,788
Fractional silver coin redemp. acct.
810
Int.acct.,Loulsv.A Portid.Canal Co

TreaaVs tr'nsfer chks.Adfta.oaU'11
Treasurer n.
Interest

8.,

8,487,300

8,i><a,T88

agent for paying

on Dist. Columbia bond*.

ML400
S7,030k9l8

Interest on

DIst. Col.

bonds paid.
«aa3oo.o8o «>l,8m,M>4

Totals

Balance
Assets not avaUsble: Minor
Fractional stiver coin.

t\seatm
coin.

010,171

87,S9aaM

120
Aggregate.,

3i8.ag7,iei'«i.wi)iw4 oo.twT.w

THE CHRONICLE.

634

REPORT OF THE COMPTROLLER OF THE
CURRENCY.
Tkeasort Depaetmbst,
Office of Compteollek of the Currency,

I

J

Washiuqton, December 1, 1885,
Coneress,
have the honor to submit for the consideratioa of

Revii-ed Statutes of the
in compliance with Section 333 of the
the CompUnited States, the twenty-third annual report of
During the year ending November 1,
troller of the Currency.
organized,
1885 one hundred and forty-five banks have been
notes
with an aggregate capital of $16,938,000 ; circulating
to
have been issued to these new associations amounting

K274,910.

,

*

,

.

These banks are located by geographical divisions as

fol-

Eastern States, 4 banks, with capital of $400,000 ; MidSouthern States, 21,
dle States, 20, with capital of $2,895,000;
with capital of $2,425,000; Western States, 76, with capital of
TerritofP 473,000; Pacific States, 8. with capital of $725,000;
tories, 16, with capital of $1,020,000.
Since the establishment of the national banking system, on
February 25, 1863, there have been organized 3,406 national
banks. Of these, 432 have gone into voluntary liquidation for
the purpose of winding up their affairs; 79 have gone into
voluntary liquidation for the purpose of reorganization; 64 are
lows

•

by expiration of their charter, of which number
88 have been reorganized, and 104 have been placed in the
hands of receivers for the purpose of closing up their affairs,
leaving the total number in existence 2,727 on November 1,
1885, which is the largest number that has been in operation at
any one lime.
The corporate existence of 864 national banks expired during
the year ending November 1, 1885, of which 801 have been extended under the act of July 12, 1682. Forty-eight have permitted their corporate existence to expire, and are in liquidation under Section 7 of said act (32 of which have been succeeded by other banks located in the same places, and with
nearly the same shareholders), and 13 have been placed in
voluntary liquidation by vote of shareholders owning twothirds of their stock, of which 7 were succeeded by other banks.
The remaining 2 became insolvent and were placed in the
hands of receivers. The corporate existence of 14 national
banks, with an aggregate capital of $4,450,000. will expire
daring November and December of this year ; and the corporate existence of 18 national banks, with an aggregate capital
Four national banks,
of $3,135,000, will expire during 1886.
with an aggregate capital of $600,000, have failed and been
placed in the hands of receivers during the year.
Under the provisions of the act of July 12, 1882, national
banks with a capital of from $50,000 to $150,000 may be organized upon a minimum deposit of United States bonds equal to
25 per cent of such capital. The minimum deposit of bonds
isquired by law to be made by banks with a capital of upwards
of $150,000 is $50,000, The following table shows the number
of banks organized from July 1, 1882, to July 1, 1885, their
capital stock, amount of bonds deposited in accordance with
law, and the circulation issued thereon
in liquidation

:

Year
June 30

Capital.

endxQ

Minimum

Bonds

bonds
reauued.

actually
deposiied.

Clrculat'n
issued.
^03

1882-83.
1883-84.
1884-85.

251 $26,552,300 $5,155,500 $7,116,400
218 19,944,000 4,016,000 4,(576,100
142l 15,203,000 3,001,250 3,332,800

BXTEHSIOtf OF

$6,104,760
4,208,490
2,999,520

THE OOKPOEATE EXISTENCE OF NATIONAL BANKS.

The

original national currency act of February 25, 1863, provided in section 11 that banks organized under its provisions
should have succession for a period of not exceeding twenty
years from the date of said act. » * * *
Under the provisions of this act 488 banks were organized,
of which 88 had ceased to exist prior to January 1, 1882, leaving
400 still in operation on that date. Of these, 314 were extended under the act of July 12, 1882, 72 were succeeded by
other asssociations with the same or different names, 12 went
out by voluntary liquidation or expiration of corporate existence without successors, and 2 were placed in the hands of
receivers. The corporate existence of 297 of these banks expired on February 25, 1883, and 270 were then extended; while
103 expired previous to that date, of which 44 were extended.
The national bank act of June 3, 1864, superseding that of
February 25, 1863, provides in section 8 that each national
bank shall have succession for twenty years from the date of
its organization, that is, from the date of its organization
eertiflcate.
This section was embodied in section 5,136, Revised
Statutes, now in force.
*
* »

Aaticipating the fact that a large number of national banks
would expire by limitation during the years 1882 and 1883, the
V/Omptroller of the Currency, in his annual report for
1881,
recommended that an act be passed providing that any national
bank might, vnth the approval of the Comptroller, at any
time
within two years prior to the date
of expiration of its cor-

porate^eiistence, extend ita period
of succession for twenty
years by amending its articles of
* * * *
association.

[Vol.

XU.

As there was some uncertainty in regard to the passage by
Congress of the act for the extension of the corporate existence of national banking associations, fifty banks gave notice
of liquidation, and in most instances new associations were
organized with the same titles and the same stockholders as
*
»
*
thise which had been placed in liquidation.
The whole number of banks organized under the act of
June 3, 1864, to the date of the act of July 12, 1882, was 2,266,
of which 450 had been closed, leaving 1,816 in operation on that
date. The following table gives the number of these banks,
the original periods of succession of which will terminate
during each year from 1886 to 1899 inclusive, with their capital
and circulation
:

Years.

Number
of bankp.

1883.,

1887.
1888.
1889.
1S90.
1891.
1892.
1893.
1894.
1893.
1896.
1897.
1898.
1899.
Total.

18
5
11
3
63
104
103
39
67
81
23

28
27
41

Capital.

$3,135 ,C00

95> ,000

)

,250,,000

600,.000
9.290, 500

Circulation.

$1 848,250
925,009
719,100
450.000

13,lii3, ,9!>(

12,879, ,60(1
4,740, OGO
7,638, Ot
10,663, OOO
1,968,,000
2,969 ,000
2,649, 000
4,820, oot

,419.950
,120.880
,300,870
,849.400

819,150
650,000
525,500
106,000
203.600
811,900

613 $76,748,000 $54,754,600

On November 1, 1885, 885 banks organized under the
3, 1864, had been extended, making, with the 314

June

sions of banks organized under the act of February

act of
exten-

25, 1863,

existence of wiiich has been
extendedundertheactof July 12, 1882. During the year ending
Nov. 1, 1885, the periods of succession of 864 banks organized
under the act of June 3, 1864, terminated. Of these, 801 have
already extended their corporate existence, 5 were placed in voluntary liquidation by the vote of stockholders owning two-thirds
of their stock, 15 were permitted by their stockholders to close
at the end of their periods of succession, 4 were placed in the
hands of receivers, and 39 were succeeded by other associations with different names but with the same shareholders,
wholly or in part. From November 1 to December 31, 1885,
14 banks will expire, all of which have applied in due form for
1,199 associations the corporate

extension.

Among the banks extended during the j'ear were 30 in the
New York, with an aggregate capital of $35,350,000,

city of

as well as a large number in Boston, Philadelphia, and other
principal cities, being some of the largest banking institutions
in the United States. It is also interesting to note that many
of the banks extending during the past year were originally
organized under the various State laws, and the continuation
of their existence under the national banking system indicates
their belief that it is for their best interests to do business
under the general banking laws of the United States. * * *
Upon reference to a statement heretofore made of the extension of the corporate existence of national banks organized
under the act of February 25, 1863, it will be noticed that 270
banks, with a circulation of $47,997,430, were extended on Feb.
25, 1883, and therefore lawful money must be deposited under
section 6 within thirty days from February 25, 1886, to jetire
such portion of this circulation as then remains outstanding.
From the redemptions of this circulation made in regular
course, it has for some time been evident to the Comptroller
that the amount of the final deposit required by this law to be
macie in lawful money during the thirty days succeeding February 25, 1886, would be very large, and that this deposit of
lawful money within so short a period would perhaps occasion
some temporary disturbance at money centres, particularly as
some time would necessarily elapse before new circulation to replace that retired could be issued by the banks.
In this connection I desire to call attention to a portion of
section 9, which provides that in the aggregate not more than
three million dollars of lawful money shall be (ieposited by
national associations during any calendar month in order to
withdraw their circulating notes, except when bonds owned by
the association shall be called for redemption by the Secretary
of the Treasury. It does not appear that lawful money deposits made under section 6 are exempted from the provisions
of section 9 referred to, and inasmuch as the deposits under
section 6 may at times exceed $3,000,000 in any one month,
there is an apparent conflict in the act. I therefore recommend
that the time of deposit be extended. I also recommend that
section 9 be so amended that its provisions shall not apply to
the deposit of lawful money by extended associations.
In anticipation of the difflciilty which might ari,se after February 25, 1886, from the apparent conflict of law referred to,
and from the large deposit of lawful money, which, if not
made before, would, by the law, be required to be made within
thirty days following that date, the Comptroller, early in the
present year, began to advise national banks which would bo
required by section 6 to make deposits of lawful money on or
before March 25, 1886, in order to prevent, if possible, any disturbance, to make such deposits in advance, in sums of $10,000
or multiples thereof, extending them over a period of some
months. These banks were also advised to order in advance
the preparation of notes of new design, that they might be in
readiness to be issued to replace the circulation retired by the
Eaily in August a
deposit of lawful money under section 6.
printed circular letter embodying this advice was sent to all
the national banks interested. Many of the banks so addressed

:

Dbckhbeb

5,

I'HE

1888.]

hare responded, and it Ih b«lirtved that th« action of thin ofBoe
baa hud an exuellent effect, and that the amoant of lawful
money to be deposited within thirty days after Febrnary 35,
188B, will be much Ibhh than if this action had not been taken,
If the only object of Hection 6 la to enablo the United Htatea
to gain the beneirlt from lost or destroyed notes, this objeet
might have been accomplished by simple enactment to this
sffecf without the expense of the isaaanoe of new notes and the
,

deposit of lawful money.
The extension of the franchises of expirlnff a.i8oclations for
the sole purpose of liquidating their affairs until closed, as
provided for in .section 7, appears to answer its parpose.
Th* remaining sections of the act are for purposes other
than the extension of the corporate existence of national
banks, and it is not necessary in this connection to mave any
statement in regard to their provisions.
At this date but two re-appraisals have been made of the
stock of non-as-senting shareholders, under section 5, by the

Comptroller of the Currency.

Notwithstanding the fact that 145 new banks were organized
during the past year, with a capital of |16,9a8,000, depositing
#4,9.')9,300 of bonds as security for circulating notes, the aggrehas diminished from
fate of bonds on deposit for that purpose
325,310,300 to ^308,364,550.
The following table gives the various kinds and amountfl of
bonds deposited by tlie banks to secure their circulating notes
on November 1, 1883, November 1, 1884, and November 1, 1886.
1384.

1883.

i56Vc64,406

138V920.656

49,537,4,50

49,847,-^50

3,4«9,000
116,705,450

3,505,000
116,391,650

$325,316,300

$308,361,350

$632,000
201,327,750
41,319.700
a,463,000
106,164,850

Tbroe-and-ar-halts
Tlirti's

Fours

$352,907,300

:

1,

1882, Including notes of national gold

bimfea

Lees lawful money ondepoiit at same date,
including deposits of golil banks
National bank notes outstanftlng Nov. 1,
ittbq

Less lawfuimoney on deposit Nov.

1,

1883

$362,727,747

AnA-saoj.
tni -ua
$324,304,343
38,423,404—

„,„„,„_„_

352,013,707
35,993,461 - 316,020326
$j,284,017

Net decrease of oiiculatlon
National bank notes outstanding Nov. 1,
1883, Including notes of national eo\a.
-•-••

banks

Less lawful money on deposit at same date.
includiUK deposits of uational gold banks
National bank notes outstanding Nov. 1,
18S4, including notes of national gold

banks

,-••••

$352,013,, 87
, „
„ ,„,
35,993,461—$310,020,326

„_.„-,.
333,0S»,H13

Less lawful money on deposit at same date,
including deiwsita of uational gold banks

.,„„,.,,„„,
aja n-ift
291,849,
650
41,710,163—

Net decrease of circulation
National bank notes outstanding Nov. 1.
1884, Inelullng notes of national gold

$24,170,676

banks

Less lawful money on deposit at same date,
including deposits of national gold banks
National bank notes outstanding Nov. 1,
18S5, Includiug notes of national gold
|j^^,,j{g

_

.-oo,,
il)add,oo»,»i>j

,,,,„,„„ $291,848,650
~,q, aio ako
41,710,163—

„..._,„
310,047,160

»»•*••*

Less lawful Tnonoy on deposit at same date.
Including notes of national gold banks..

Net decrease of circulation

39,542,079— 276,304,189
$15,545,461

1884,
It will be seen that the banks held on November 1,
three
$155,604,400, and on November 1, 1885. $138,920,650, of
per cents under the act of July 12, 1882, payable at the pleasure o* the Government. The Secretary of the Treasury, during
during
the year ending November 1, 1883, paid $105,634,150, and
public
the year ending November 1, 1884, $105,970,450, of the
In the latter year three per cents only were called. No
debt.
bonds were called for the year ending Nov. 1, 1885.

The reduction of circulation of national banks during the
year ending November 1, 1885, for reasons other than the call
anticipated.
of bonds by which it was secured, was greater than
The causes which have led to this result are small proUt remaining to national banks on circulation after paying the tax
reduction
of 1 per cent per annum imposted by the Government)
by
in the rates of interest throughout the country, occasioned
doubtthe abundanoe of msney in the flnancial centres ; and,
country aa
less, uneasiness among certain of the bankers of the
to the outcome of the increase of silver in th Treasury, Buon
*

by become depreciated

in for>-i

,14.

edly affect their prliry in thin • "intr/
1 ti' cr-'Jit and KtaadiOlf
of this country Is d>-4,Tv.-dly lii).'li, and It 1* aoC bellerad
iTaa Uuit
uwt
the people desire either the urlnciiwl or lat«irMit
bonded debt of this country to be paid in anythla)^
This matter was dlsniiwd i\i
coin or its equivalent.
the bonds were issaed. during thi period of the
of
the debt, and the preparallonM for the reaampi.
—«l«
payments, and the conviction is general that the faith ftsd
credit of this Government lit pledged for the paymMt of lla
eourities in gold ciAu or its equivalent.
The Comptroller, In his laiK annaal report, made th« following statement
Tlio time of the mil payninnt of tlie d<-bt I*, linwevar. jnt ilutani, aad
wUli appnuHiate li*gliilittl'*n llii're will prntmhlr b«% tor tic^ny vi'ar# no
I

th.fS
r

1

II

lack of

boiiilM ns a Miifo t»a«U of cirrnint?
wIlhothiT Hfi-iirit\ lias as yfil been

-

U

-

-

-

'

i4lil«pUMB

ound

ear.

cm drinand In iipci
<r believe*
that It Is cxirrnivly doubtful wlietUer, »it,;[ m,. t^xiK.fifMii-,. of the last
twenty yrarx, tbe people would be •ailsnel witli a (arrea<7 baaed on
any seeuniy iiMisr than United States hnu<li.
Public sentiment suetns to be In favor uf tlie p»rmeatof tlM>|
debt as raplilly as possloli', and while no doubt this li lo ganaral • tqf
reel prlncUilc. yet as It Is apparent ttiat hiK'I) imfni^ lit miiKt exlMM,
under the most favorable clrcnmstan''
:inrlod.
interest daring which time Is as mucli
olpal. It Is a 4iuestlon If It would not b'
and a payment of th*^ debt to re'luct* tin- luMTimi ii|,<>i, il i,, « mlnlMaii
rate and defer the payment of the piinelpal, tlras giving (or many yean
a safe basis for uatlonal-bank circulation. This coume would be parMoalarlf advantageous if the revenu<'s of the Unrrmment are bereMler (•
duood lo a poliii. which, af er providing sunicloat moan* for carrylnc en
public business, will necessitate a more gradual reduction of the pimeiruilienial'lr

.

1

pal of the debt.

By reference to this table it will be seen that the aggregate
reduction of bonds deposited for the year ending November 1,
The changes were as follows: An in1885, was 116,951,750.
crease of $36,000 in Pacific currency sixes and of $9,800 in the
amount of four-and-a-half per cents deposited, a reduction of
$313,800 in the amount of four per cents held and a reduction
of $16,683,750 in the amount of three per cents held, payable
at the option of the Government. Of the three per cents
$9,586,200 had been called for payment, and interest had ceased
on November 1, 1884.*
The following tables show the decrease of national bank circulation during the years ending November 1, 1883, NovemDer
lawful money
1, 1884, and November 1, 1885, and the amount of
on deposit at each of the dates named
Kational bank notes outstanding November
•

Increaae indlrallng that poMlbly tb« IntorMit on tb* poUia
debt, and even some portion i>f fh.t pHn'-lpal, inl/lit ti- ^•M Ib
standard silver dollani, sod tin
.r*.

roucy

CIBCnLATIOK.

1883.

OK

CHRONICLE

jTlarge proportion of these bonds was replaced by others.

The measures introduced in the Senate and House of Bepreseotatives during the last session of Congress to enable national
banking ass':iciation8 to issue circulation to the p:ir value of the
bonds deposited, and for the funding of the high-rate bonds of
the United States into bonds bearing a lower rate of intereat,
did not become laws, the law taxing circulation was not
repealed, and no legislation whatever in relation to the national
banks or the refunding of the public debt was enacted.
Unless some measures be taken wher>-by the banks may be
enabled to issue circulati n at a reasonable profit to tbemselres,
the contraction of national bank notes will continue. The profit
on circulation may be increased by the removal of the tax and
by increasing the amount of urrency issued to (he par value
of the United States bonds deposited ; and the Comptroller
again respectfully recommends appropriate legislation for that
purpose. Even if this be done, the national bank-note circulation is still liable to reduction aud final disappearance with the
reduction and final payment of the debt of the United States,
Upon examining the various methods of issuing bank
notes adopted in other countries, and which are dMcribed
elsewhere in the report., it will be seen that a large proportion
of the issue of notes under the laws of the different governments are based upon the credit of the banks that is to say,
they are issued against the general aseeta of the various insntations, and are not, as a rule, secured by special depotdts or
securities held in trust, or by coin or bullion set apart specially
for the protection of the note-holder.
Irresponsible and illegitimate issues of bank notes have been
common to almost all civilized countries, and flnancial disturbances have again and again resulted from such issues, notwitlistanding the attempts which have been made by many different
governments to correct the abu.se.
Bank notes which circulate as money among the people should
eith>'r be well secured by special deposit of valuable assets in
trust, or they should be issued only by corporations whose aS'
sets and management are of such a character as to insure the
payment of the notes, and those corporations should be compelled by law to carry a sufficient reserve in the coin of the connUnder these cireumstanoea
try for their prompt redemption.
only are bank notes entitled to the confidence of the public. It
is, of course not to be expected that corporations or prirato
bankers will issue bank notes, if the law requires them to bo
based upon the security of any form of debt and at the samo
time requires that an amount of coin or bullion equal to the
notes issued shall be held by the issuing association for their
redemption. There would be absolute loss on such an iasne.
But as long as a bank note is payable on demand by the issuer
thereof, and the public are assured that it resta upon a stable
or vested in the
f Dundation of security, either deposited in trust
1

—

issuer in such a manner as lo secure its ultimate payment, and
as long as said note is prottcted by a reserve in proportiim to
the ordinary demands for coin when needed for dealingi) wUli
foreign countries or the natural wants of trade, the public will
use it aa money on account of its greater convenienc-.
upon coin or baiUon
It being conceded that bank notes based
the convenience of
will not be issued in sufHcieut quantities for
notes ujjon otlw
the public, bank-s should be ptrmitted to wsue
XThe OeM
securities for the convenience of trade and cvmmerce.
or bullioo. the moM
of a strong government is, next to coin
up to thU time,
available for this purpose, and in this country,
bi»is for bank
the debt has supplied a safe and satisfactory
payment of the publU
no^es i but in view of the anticipated
h-w far bank nuj*"
debt, it becomes a question of interest
than the K.-neral awaU
safely be issued without other security
rs o«
and credit of the banks. If the lUbility of
pr»account of notes issued is increased, and note-L
notes miif ni D«rferred as against all other creditors, olrculaUng
improTed aafet/
haps be issued by joint-stock banks, under an

«

.•>'

THE CHRONICLE.

636

[Vou XIJ.

in the Treasury of the United States, leaving $93,146,fund system to a certain percentage of their capital, unsecared remain
772 of these certificates in circulation on November 1, 1885.
bonds.
of
deposit
a
by
Through the operation of the act to authorize the coinage of
My predecessor, Mr. Knox, in his report for 1883, said
the standard silver dollar and to restore its legal-tender characone
each
upon
Experience has shown that if, Instead of ninety dollars
ter, the circulating medium issued by the G-overnment of the
hundred dollars of bonds, one hundred dollars of circulatluK notes had
increased in the sum of $213,259,431, of
heen issued upon every seventy dollars of United States bonds deposited, United States has been
there would not have been any loss to the Government, or to the holders which $49,442,089 in standard silver dollars are in the hands of
failed
have
whiuh
of the circulatlug notes of any of the national bii:iks
of like coins are in the Treasury of
an addi- the people, and $70,670,570
:

during tue

Inst

twenty years

;

but that there might have been

tional lots to the depositors, depending upon the character of the assets
held in place of the portion of bonds which on this supposition would
have been released. If circulation had been issued to these insolvent
banks, which had a capital of about twenty millions, to the amount of
their capital, the value of the bonds being the same, and there had been
lust previous to failure a decline in the market of 5 per cent upon the
value of ihe bonds, the losses would not have excecdi'd one million of
These possible losses would have fallen upon the holders of the
dollars
note* of such few banks only as became insolvent, or upon the creditors
of these banks or the Government; and if the Rain arising from lost
notes could have been used as proposed, these possible losses would
li»Te been provided for.

proposed that a safety fund should be accumulated, (1)
arising from the accidental loss or destruction of
the circulating notes of national banks ; (2) from the tax upon
circulation ; and (3) from interest to be derived at a low rate
upon the fund on deposit in the Treasury for the purpose of
redeeming the notes of national banks retiring circnlation,which
now amounts to more than thirty -nine million dollars.
The amount available for a safety fund from the first source
is estimated now to be not less than six million dollars, and the
amount derived from the tax of 1 per cent per annum on circulation during the year 1884 was more than three millions. Even
if this tax for safety fund purposes should be fixed at one-half
per cent, in the course of three years a safety fund would be in
band amounting to more than ten millions of dollars.
The results of the liquidation of 104 national banks which
have failed, and the affairs of which have been liquidated or
are in process of liquidation by receivers, under the direction of
this office, show in a very interesting manner to what extent it
may be safe to permit banks under the national system to issue
^culation unprotected by a deposit of United States bonds. Of
these 104 banks, 70 have been finally closed, and for them the
The remaining 34 are still in process of
results are absolute.
liquidation, but have progressed so far that the final result can
be estimated with comparative accuracy.
The dividends paid to the creditors of all these banks from

He

from the gain

the proceeds of their general assets amount to |2S,379,08O.
capital of $21,858,900, upon which,
under the law, they could, on deposit of bonds, issue 90 per
cent, or $19,673,010 of circulation. If at the time of their failure
the law had permitted an issue of circulation to the amount of
90 per cent of capital, unsecured except by a first lien on
general astets of the 104 banks mentioned, the note-holders of
68 would have experienced no loss. If the law had anthorized
aa t<w«ecurerf issue, equal to 70 per cent of capital, the notes
of 71 of these banks would have been redeemed from the proceeds of their general assets. At 40 per cent, the notes of 90
would have been paid in full, and upon an unsecured issue of
35 per cent of capital,* loss to note-holders would have occurred
in the case of five banks only, or about !?62,000 in all.
The experience with these 104 banks shows almost concluBively that if their issues to the amount of 65 per cent of their
capital had been secured by a deposit of bonds to an equal
amount, the remaining 25 per cent might have been issued
without other security than a first lien on the general assets,
and if a safety fund had been in existence it would in the case
cited have teen drawn upon to the extent of |62,000 only upon
% circulation amounting to |5,464,700. For a beginning, therefore, it might be safe to authorize banks to issue circulation
•mounting to 90 per cent of their capital, 70 per cent to be
secured by an equal amount of United States bonds at par
value, the remaining 20 per cent being issued without other
security than a first lien on such assets. But if the law should
provide for the accumulation of a safety fund in the manner
suggested, then as such safety fund increased the percentage
of circulation unsecured by bonds might be increased, as the
diminution of the public debt might require and the safety

They had an aggregate

fund warrant.
Such legislation would have the effect of maintaining banknote circulation, and prevent its being superseded by Government issues, which an authority as high as Alexander Hamilton
has said •' are of a nature so liable to abuse, and it may even be
affirmed so certain of being abused, that the wisdom of the
Government will be shown in never trusting itself with the use
of 80 seducing and dangerous an experiment."
While the bank-note circulation of this country is steadily
decreasing, there has been no redaction in the total circulating
medium iu the United States, the reduction in the national bank
currency outstanding having been more than met by the coinage of the standard silver dollar and the issuance of certificates
thereon.

The number of silver dollars coined under the provisions of
the act of February 28, 1878, amounted to 1213,259,431 on Nov.
1, 1885, of which $163,817,342 remained in the Treasury of the
United States, while $49,442,089 were in circulation on that date.
Under section 3 of the act mentioned above, silver certificates
have been issued, which are represented by standard silver
dollars in the Treasury of the United States, to the amount of
|12S, 053,28ti. Of the silver certificates so issued, $31,908,514
redemiitton of the notes from
J',!^
wotua of ojiurse reduce the amount

the proceeds of the general assets
paid fr.im those assets to the deprjs*""*.'".
t« .1
'S? ""^ hundred and four failed bank,s, it clreulaper cent of the capital had been so redeemed,
SP-o^^i. "?,""?';* "! 2.7
'"*\'".'!£P»'"^""^<'"''1 liave been reduced from 67
TiS?J«,P=i'
per cent to 51 y
per cent of the claims proved.

«„«

the United States, in addition to 193,146,772 of said standard
dollars which are represented by silver certificates in the hands
of the people, and which can be converted into standard dollars
at the pleasure of the holder, and are receivable for customs,
taxes, and all public debts.
Under Section 12 of the act ot July 12, 1882, said certificates,,
when held by any national banking association, are to be
counted as a part of its lawful reserve, and national banks are
forbidden to be members of any clearing-house in which said
certificates shall not be receivable in the settlement of clearinghouse balances. These certificates are redeemable in silver
dollars, but have no legal-tender quality between individuals
or between banks, although national banks are compelled to
accept them in settlement of clearing-house balances. It hardly
seems just or equitable that national banks should be compelled to receive these certificates under these eondii ions, when
banks organized under State laws and private individuals are
not compelled to receive them when tendered.
The Comptroller in his last report to Congress stated that he
believed the operation of the present law, which compels the
coinage of two million standard silver dollars per month, weighing only 412^ grains each, with unlimited legal-tender quality,
w mid eventuaUy briuEf financial disturbance upon the country,
is still of the same opinion.
Referrirg to silver certificates, the following suggestions

and he

were also made

in the Ctimptroller's last report:

If it is for the best interests of the United 8".ates to issue a circulation
based upon sliver, the UomptroUer believes that the circulation should
be issued upon coin or bullion which contain* a siilfi *ient number of

grains of silver to have an intrinaio value equal in the markets of the
world to its nominal value and that under cert*in re.strietions and
regulations It would be far more correct iu principle to issue silver certificates based upon a deposit of silver bullion, to be valued in the exact
proportion ot silver to gold, than to coutinue the issue of oertitlcatea
under the present law.
These reflec:ions are upon the theory, held by many, that it is for the
best interests ot this country to in ilntain a circulation based upon silver.
The Comptroller doubts the correctness of this theory, but it is subnytted that the circulation now outst'indinK b.^sed on silver is a depreciated currency, by the issue of which the Government has gained at
the expense of the people who now hold the silver dollars and oertiflcates, and that theri-fore it is incumbent on the Qovernment, it it continues to issue circulation based upon silver, to do so under a plan which
will not only provide a sound circulation for the future, but also prevent the holders of the present certificates and dollars from sustaining
;

loss.

As the silver question is more unsettled than it was at the
time the foregoing was written, not only in the United States
but elsewhere, it seems doubtful if this Government should
attempt to issue a circulation based upon silver, even at its
bullion value, until the relative value of this metal is more
definitely settled throughout the world. The discontinuance
of the coinage of the silver dollar by our Government might
perhaps have a tendency to bring about some agreement with
other nations and the fixing of a standard for a series of years;
it is however evident that the coinage of the standard silver
dollar under the present law is in excess of the requirements of
the country, and should be discontinued. If we continue to
add these dollars to our circulating medium, and they continue
to accumulate in the Treasury, the Government must of necessity pay some portion of its obligations in that coin; and if the
Government should pay its interest and other obligations and
redeem its bonds in standard dollars, the business of the country
would immediately go to a silver basis. What effect this would
have it is difficult to predict. It would appear, however, that
gold would go to a premium, which would compel its being
held, to a certain extent, as an article of merchandise, and it
would not circulate as money. This would probably occasion

The effect
contraction in credits and financial disturbance.
upon the legal-tender note.s, which by the terms of Section 12
in gold,
to
redeemable
be
of the act of July 12, 1882, appear
cannot well be foreseen, but it would be difficult for the Government with its present stock of gold to redeem the outstanding legal-tender notes, or such portion of them as might
be presented, if gold was held at a premium. Ina.smuch as the
national bank notes are redeemable in legal-tender notes, their
position would be determined by the status of the latter.
The substitution of standard silver dollars and silver certificates based thereon, in place of bank notes, which is taking
place under the provisions of law now in force, evidently re»
»
«
quires consideration and appropriate legislation.
SBOnRITY FOR CIECtTIATINa NOTES.
of the Treasury Department for a series of
years have largely reduced the amount of interest receivable
by the national banks on the bonds owned by them and
deposited in trust with the" Treasurer of the United States to
*
*
Eighteen years ago the banks
secure their circulation.
had on deposit, as security for circulation, $327,000,000 in
United States bonds, of which amount $241,000,000 bore interest
at 6 per cent and .$86,000,000 at 5 per cent ; and on July 1,
1882, they held $227,000,000 of three and one-half per cent
bonds. * * On Nov. 1, 1885, more than 45 per cent of the
amount pledged for circulation consisted of bonds bearin?
interest at 3 per cent only, and the remainder, with the
exception of $3,505,000 of Pacifies, bear interest at the rate of
four and four and one-half per cent. The average rate of
interett now paid by the United States on the bonds deposited

The operations

1

.

Dbosmbbr

THE CHRONICLE.

5, 188S.]

p«r
aa Heourity for circulating notes ia a I Mo muro than 8
»
•
•
•
cent upou their par value.
The prolltM ou national bank circulation, based on 4 and 4^
per cent bonde, are yeiy Hmall after paying the aoDaal <ai of
1 per cent.
OOMTABATIVB STATEMKITT OP THB HATIOKM, BMIXB lOB BIVSII
YEARS.
The following table exhibits the raaoaroefl and liabilities of
the national banks for seTeo yearn, at nearly oorresponding
dates, from 1879 to 1885, iuclusiTe

687

denra $3,470,000.

Nvw OriwMw tMUtOOO

from

Pittsbarg $&7a,000.

Md

fra«

I

:

Oct. 3,

1870.

2.0iS

Oct. 1, Oct.

1880.
2,0!)0

1,

1881,

2,132

I

I

Oct. 3, Oct. 3. Sep.lO, Oct. 1,
1882.
1883.
1804.
1885.

5
2,200

2,501

2.064

2,714

&sSo55oS<S»

Baiika. BaiikH.,Baiik«. BaiikH. BankH. Banks. Banks.

2 W fa ^

8

MiU'nt' Mllfiu iltUiu
Xilfnt Milfm
87B-5 1,011-0 1,173-8 1,243-2 l,30J-2 1,240-3 1,30U1

Resouhoes.

Jft</'iur

IxtattH

nil

U

C-.

Blinds for clrcu3,57-8,

liitiiin

Oiii.T U.S. lids.

71-2

43-6

f<!iirkR. h'lls. dM).

31I-7

48-9,

1B7-3

213-5
4M-0
109-3

47 8
I,,-;,-'!

422
692

•rli.l.linl

10-7

Kiil.lMnl. nn:,-,

1130

.t6-K

18-2
121-1

327-1
30-4
71-4
194-2
49-9

208-4

351-«
30-7
71-1
208-9
48-3
107-8
70-7
22-7
06-4

3C3-3
56-5
61-9
230-8

3ft7-e

473

46-s:

114-3
S3-2
17-7
189-2

102-9
63-2

37-4
66-2
108-9

20-7.

128-fl

77-0
23-3
66-3

307-7
31-8
77.5
235-3
51-3
174-9
69-7

23

»« »

So

-

r

1>K

mi

mm

vs-s

oos

l»

- M M 10 »0
© X 00 Ci M 0» *. MO »^
^-»

-rf

21-

1

81-9

I'.S. .rrlMi.-lltc'S

of

,1,

i.,.,it

26-8'

7-7

6-7

8-7

100

142

18-8

170

17-1

17-5
26-2

17-2
28-9

16-0

17-7
33-8

14-9
36-9

Six

DiR' hc.Mi V. 8.

Treasurer
Other resources
Totals

221

28-9:

®*ijo — -J —

ib.ai-AOO'OOMo

527-5
146-6
59-4

a 01 a CD 'o CO QD 00 o 'o
m'-iV Wo'^ a* © io c)
M M M td CO 1^ -« CO Id 00
cp
M u CO o a 1^ Ai
2iUMwt3U<«-M»0i^

4541

4S7-6

463-8

483-1'

509-7

524-3

114-8
41-3
313-8

1-20-5

128-1
56-4

132-0
61-2
315-0

1420

147-0,

Due to dep'tiit'rs. 7369
Duo to t)auks... 201-2
6-7

Uabiiltles

46-1

317-3
887-9
267-9
8-5

61-6
310-5
320-2
1,083- 1,134-9 1,063-6
294-9 2.19-9] 270-4
13-7
14-9
11-9

63-2
289-8 2690
993-0 l,l-20-l
216-4 299-5
15-3
10-8

9<J*

0900

MO
s

S3'
C^QO
c^QO
MM

:;t IT.

il

O <l CO M 05^ C p M
M « 00 »- '^ " CO 00
»

1,868-8 2,1058 2,3584 2.399-8 2,372-7 2,279-.5 2,4329

Totals

Mxwa

1,868-8 2,10,5-8'2,3.'iS-4 2,399-8'2,372-7 2,279-5'2,432-9

Liabilities.
Capital stiiok...
Surplus fund..
UiuUvld-cl i>'at»
.
Clroulatlou

OUior

230

O o» o 5^'»<»»
W«>JJOMX«w<**UD

00 :o

fl)

CJI

t->X-.£CCViX>u;0 MOD

The different items of resources and liabilities in the preceding table indicate that the business of the national banks
during the past seven years has generally increased, having
been larger daring the past year than at any period since the
organization of the national banking system. The items of
United States bunds and circulation have decreased. It also
appears from the table that the aggregate liabilities of the
national banks to depositors and correspondents, which were
reduced during the previous year upwards of 94 millions, have
increased during the present year more than 180 millions.
The table also shows that during the same period the national banks increased their cash resources by about 46 millions
of specie, and decrea.sed the same by about 2>^ millions of legal
tenders and United States certificates of deposit for same. * *
The following table exhibits, in the order of their capital, the
twenty-five Slates (exclusive of reserve cities), having the
largest amount of capital, together with the amount of circulation, loans and discounts, and individual deposits of each on
October 1, 1885
:

^OOM — k0C0p53M»
CO *» QD O to CO O W ©'jO
•qOO^ODCODIO

•

coa>

OX

OsOCocorocoaootM

The amount of notes fit for circulation retamed by the redemption agency to the banks of ia.4ue during the year waa
$46,402,730, being an increase over last year of $13,322,430.
The total amount received by the Comptr.)ller of the Currency for destruction, from the agency and from the banks direct,
was $72,099,970. Of this amount, $4,9,53,400 were the iwaea o(
banks in the city of New York, $9,557,000 of banks inBoaton,
$3,018,300 of Philadelphia, $3,463,000 of Providence, $1,813,600
of Baltimore, $1,818,000 of Pittsburg, $1,033,700 of Cincinnati,
$591,500 of Louisville, $415,000 of Albany. $428,700 of New
Orleans, and of each of the other principal cities less than
$300,000.

>oooo
w
C.^ o o
o.rrr'f
-5

_
,^- o n

§" " "
=Ǥoa0,0S"
S HMMCi
"

States.

Capital.

Hassaohu^etts. ..

New York
Pennsjlvania

...

Connecticut
Ohio
Bliode leland....
Illinois

New Jersey
IndUana
Miuuosota
Miiiue

Michigan

Iowa
Kentucky
Vermont
Te.ta8

Kcw Hampshire
Nebraska
Tennessee

Kansas
Wisconsin
VlrRinia
Missouri

Maryland
Georgia

Circulation.

Loans and
Discounts.

Individual
Deposits.

$45,095,650 $34,200,534 $86,090,367 $51,715,367
83,t'<54,2o6
77,831.371
34,%19,760 23,989,591
23.401.460 65,259,486 61,821.735
32,66.1,340
24,921, H20
15,932.600 40,501,279 24,482.7*1
21,90 i»,5H0 13,474,579 40,660,917 31,594,784
20,340,0.iO
12.056,177 30.974,846 13,096,232
6.151,525 30,636.184 27,693,7-iO
13,673,600
12, -JOS ,200
32,501,422
8,007.^06 29,34S,06S
19,84.5,317
6.734,150 23,210,.592
12,189,500
11,390,000
1,8^4,576 2(<,076,758 19,651,2ii6
7,6S3,079 16,577,506 10.09.i,495
10,360,000
18,575,061
3,479,715 21.321,908
10,194,600
3,813,858 21,020,360 17,053,775
10,155,000
8,233,931
5,714,770 14,77(',265
9,648.900
10,543,083
5,154,308
6.35 =,91.3
7,541,000
9,183,S72
13.0H7,25t
1,739,251)
6,H^O,000
5.42.-1,196
8,333.617
5,149,015
6,105,000
15,217,754 11,316,707
1,774,330
5.949,250
7,7H:).'J95
2.114,010 11,468,980
5.007.500
10.0X9 967
10,610.9,'>4
1.435,7C-5
4,995,720
9,570,727 10,lH--',396
1.517,078
3,785,0<0
8,370,663
2,007,500
9,420,831
3,576,300
5,972.242
1,251.618
7,217,686
3,311,000
5,744,199
2,143,702
5,695,512
2,716.700
3,335,352
5,282,217
1,570,900
2,472,345

C.xaoaixi7 2paoaftol o
s'.
5 tS(»-4»
I

5

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o'

;

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-

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Since the passage of the act of June 20, 1874, section 3 of
which requires the banks at all times to keep on deposit in the
Treasury 5 per cent of their circulation as a redemption fund,
that fund, as a rule, has been maintained, and circulating notes
of the banks have been promptly redeemed at the Treasury
without expense to the Government.
From the passage of the act of June 20, 1874. to November
1, 1885, there was received at the redemption agency of the
Treasury $1,594,365,738 of national bank currency for redfmption.
During the year the receipts amounted to |145,8S0,327,
of which amount 166,974,000, or nearly 46 per cent, was received from the banks in the city of New York, and .?29.762,000, or upwards of 20 per cent, from the banks in the city of
Boston. The amount received from Philadelphia was |7,446,000, from Chicago 13,943,000, from Cincinnati $2,154,000, from
St. Louis $1,668,000, from Baltimore $3,797,000, from Provi-

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TAXATIOB.
States toi now paid by the national banka
per eent upon tha
is the semi-annual duty of one-half of 1

The only United

THE CHRONICLR

638

average amount of their notes in circulation during the preceding six months. The prohibitory tax of 10 per cent upon
State bank circulation paid out, as provided by section 3,412 of
the Revised Statutes, is also still in force. Section 5,173 of the
Revised Statutes provides that the expenses of the Bureau of
the Comptroller of the Currency, including those of the plates
and dies used for the printing of national bank notes and of
the printing of such notes, shall be paid out of the proceeds of
the tax on circulation.
The act of June 20, 1874, provides for the redemption of
national bank notes in the ofllce of the Treasurer of the United
States ; that the cost of such redemptions shall be paid by the
banks ; and that the cost of the plates for printing, up to that
time paid out of the proceeds of the tax on circulation, shall
thereafter be paid from the proceeds of an assessment upon
the banks. Section 6 of the act of July 12. 1883, for extending the corporate existence of national banking associations,
provides that the cost of engraving plates for the issue of circulation of new design, required by the section, should also
be paid by the banks. It was the evident intention of the enactors of the original banking law that all the expenses which
were incurred by the Government in preparing circulation to
be issued to national associations, as well as the expenses of
carrying on the Bureau of the Comptroller of the Currency
and enforcing the restrictions of the national banking laws,
Bhould be defrayed from the tax on circulation. As has been
seen, this principle was changed by the act of June 20,1874,
which, without abolishing the tax on circulation, imposed on
the banks the expense of the redemption of their notes and
preparation of their plates, and this course was also followed
Ui the act of July 12, 1882.
The Comptroller in his last annual report suggested that, inasmuch as the constant contraction of the volume of the national bank currency was due in great measure to the fact that
tinder present conditions banks can make but a nominal profit
from the issue of circulation, a ready and simple way to prevent a further diminution of the volume of national bank
notes would be to abolish this tax, and also that if this tax
were abolished the expenses of the Bureau of the Comptroller
of the Currency could be paid by a pro rata assessment on the
banks, as is now done in the case of the redemption of their
notes by the Treasurer of the United States and in the case of
the expenses of preparing plates for printing notes.
The total expense of the office of the Comptroller of the
Currency from the date of its organization to June 30, 1885,
has been $6,066,227 37, and the expense for the year ending on
that date |225,293 38. From the tax on circulation for the
year ending June 30, 1885, $2,794,584 01 was realized by the
United States Treasury.
The total taxes collected from the national banks to the end
of the present fiscal year are shown in the following table:
Years.

On circulat'n On
$53, 193
733, ,247
,106, 785
,868: ,636

,916 ,343
,957 ,416
,949:,744
.987, ,021

,193 ,570
,353 ,186
,404 ,483
283,,450
,091 ,795
,900, 957
,918, 047
,009, ,047
,153, 635
,121, 374
,190, 981
,132, 008
,0^4, 668
,794, 584

On

deposits.

months to June

1,

capital.

$1R,432
133,251
406,947
321,881
306,781
312,918
375,962

*95,911
1,0S7,530
2,633,102
2,650,180
2,564,143
2,614,553
2,614,767
2,802,840
3,120,984

3S5,2;i2

389,356
454,891
469,048
507,417
632,296
660,784
560.296
401,920
379,424
431.233
437,774
•269,976

3,196,.569

3,209,967
3,514,265
3,505,129
3,451,965
3,273,11]
3,309,668
4,058,710
4,940,945
."^,521,927

*2,773,7«0

Aggregates... .?61,204,:77 ifGO,940,067t
* Six

Total.

$167,537
1,954,029
5,146,83.")

5,840,698
5,817,268
5,884,888
5,940,474
6,175,154
6,703,910
7,004,646
7,083,498
7,305,134
7,229,221
7,013,707
6,781,455
6,721,236
7,591,770
8,493,.i52

9.150,684
6,175,773
3,024,668
2,794,884

$7,855,867 $130,000,732

1883.

total
receivers to

number

of national banks placed in the hands of
Nov. 1, 1885, has been 104, of which 4 became inBolvent and were placed in this category since
Nov. 1, 1884
A
lull het of these banks will be found
in the appendix, with the
amonnt of capital, claims proved, and dividends paid.
The
lonr which have failed during the past year are
as follows
•

Name of Bank.

Capital.

Receiver appointed.

Middle town National Bank of Mlddletown N Y
$200,0Oo]Nor. 29, 1884
Farmers' National Bank of Bushnell 111
50,000|Doc. 17, 1884
BclKihane CoimijNat. Bank of Scliobarie.N'.Y'
50,000 Mar. 23, 181^5
Exchange National Bank of Norfoik, Va
300,OOOiApr. 9, 1885
'

'

'

''*°^* "^"^^ ^«ei Anally closed, and a
made to their creditors during the

fl„T?*'-4-^'™j^x.^*^\°
final
dividend has been

LOANS AND RATES OF INTEREST.

1,5^!

Wlpwjng

table gives the classification of the loans
of

^"'^'-'^ S""'""' Phi'adelphTa
BaltS'?„'^r'^^^ ^"^
'^^''^'"^ cities, and in the

K

banWt1,»..^*»°'^®/
corresponding
^^
yean-

C=P P C

[Vol.

m§

t3 :-

i3£3£clB.2

?o

al
otals

her

her

XLI

t>ooo

feOOC

H os.Sd

S'

8.
dorsea

psaa

ngle-name

estate

bonds

loans

;

stocks,

0;

5 e 2.0®SI

'

.

on
paper

'

Will

security

&c.,
paper

on

1

demand.

£

1

dem

^F^

;

:

;

:

;

:

:

:S:

i

p
u

i:

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^

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— t-'?CQDC

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g*

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S

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19,147

184

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<lX*-9&

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-^'

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M

cxc;i'-oio

cooa«Oi
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p<]03^ w
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00 CflOCS<J

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7.717,

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121,644

94,321

245,108,

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1

h-tOrf-rf^I

In previons reports the attention of Congress ha-s been called
to the provisions of section 5,200 of the Revised Statutes, vfhich
places restrictions upon loans, and to the difflcnlty of enforcing

the same. In cities where large amonnts of produce are received and stored, it is claimed to be impossible for the banks to
transact this class of business so long as they are restricted to
loans to an amonnt not exceeding in any case one-tenth of their
capital.
While it is true that the limitation prescribed does not
apply to loans upon produce in transit where the drafts are
drawn on existing values, yet if the produce is stored instead of
being shipped, loans in excess of the one-tenth limit cannot be
made except in violation of law. In such a case the Comptroller
has no means of enforcing the law except by bringing suit for
forfeiture of charter, which might result in great embarrassment to business, as well as loss to innocent stockholders. It
seems evident that the law should be so amended as to permit
legitimate loans upon United States bonds, produce or warehouse receipts, and some other classes of collateral security.

RATES OF INTEEEST IN NEW YORK CITY, AND OF THE BANK OF
ENGLAND AND THE BANK OF FRANCE.
rate of interest in New York City for each of the
years from 1875 to 1885, as a.scertained from data derived
from the Journal of Commerce and the Commercial & FiifAirciAL Chronicle, was as follows

The average

fiscal

NATIONAL BANK FAILUEES.

The

»

:

.

and

remaining
dates in each of the last

per cent
per cent
per cent
4-4 per cent
44 per cent;
49 per cent
38 per cent
4*4 per cent
5-7 per cent;
2-4 per cent;
23 per cent

187.'>, call loanii, .3-0
1*<7(>, call loans, ,3-3

;

30

;

1877,
1878,
1879,
1880,
1881,
1882,
1883,
1884,
1885,

call
call
call
call
call
call
call
call
call

loan.s,

loans,
loans,
loans,
loans,
loans,
loans,
loans,
loans,

;

;

;

;

;

;

commercial paper, 5"8 per cent.
commercial paper, .i-S per cent.
commercial paper, 5-2 per cent.
commercial paper, 5'1 per cent.
commercial paper, ii per cent.
commercial paper, 5'3 per cent.
commercial paper, 5-0 per cent.
commercial paper, 5*4 per cent.
commercial paper, .'i'7 per cent.
commercial paper, 5-6 per cent.
commercial paper, 5'5 per cent.*

The average rate of discount
same years was as follows

of the

Bank

of

England for the

:

During the calendar year ending December 31. 1875, 3 •23 per cent.
During the calendar ye.ir ending December 31, 1876, 2 61 percent.
During the calendar year ending December 31, 1877, 2 •9 1 per cent.
During the calendar year (uidiug December 31, 1878,3 •78 i>er cent.
During the calendar year ending Deceinlier 31, 1879, •50 per cent.
During the calendar year ending December 31, 1880,2 •76 per cent.
During the calendar year ending Deceml»er 31. 1881,3 49 per cent.t
During the cah'ndar year ending December 31, 1882,4 10 per cent.t
Dniing tlie calendar year ending December 31, 1883, 3 •57 per cent.t
During the calendar year ending December 31, 1881, 3 18 per cent.5
I^om December 31, 1884, to .September 30, 1885, 2 per ccut.5

From the FiNANCiii, CiiKONiCLK. Maximum
From the Financial Chkonicle only.
From the London Bankers' Magasine.
J From the London Economist.

*
t

t

rate,

u
Deckuber

6,

THE

1886.]

(3H110NICLE.

From DeMmber 81, 1884, the rate of diMonnt of the Bank of
EDKUnd WA8 nnlfonn at 2 per cent. The avHrage rate of loterest In New York City for th« four months preTloot to Not. 1,
188B, w«H, acrnrdiug to thn Fisawciai, Ciirosiclk, on oall loans
aboat 3 per cent and on commernial paper aboat 4 '8 per cent,
and the rate of intereot on October 81, 1885, was on oall loans
2'S per cent and on commercial paper 4'7I5 percent.
The rate
of aiscount in the Bank of France, which was lowered from 4
to 3^ per cent on March 23, 1883. was lowered to 8 per cent on
February 23, 1883, ami the general cooncil of tlie Bank reported
on January 29, 188r>, a.i stated in the London Ban/cer.i' Magaeine, that thiH rate of discount had stood since the formerdate,
and that they had endeavored for the advantage of bnsinesH to
maintain the position of a Hied rate, and fortunately Hoooeeded
in doing so during the year 1884.
The number of trade bills admitted to discount in the Bank
of France during the year 1884* was 5,144,63.'). representing
the sum of :{;907,870.300. Of this number of bills there were
14,337 bills of $3 08 and under, 661,895 bills from $2 29 to
$10,905,293 bills from $10 21 to |20 and 3.563,130 bills above
$20; that is to say, nearly a third in bills under |20 31. The
number of trade bills under $20 steadily increases.
In 1880
there were 1,014,413 of these small dlcconnted bills; in 1881,
1,160,945; in 1882, 1.234,326; in 1888, 1,349,270. and in 1884 they
incre-ased to 1,581,515.
The report by the tlovernor of the
Bank of France for the year 1884 states that the proportion of
the discounts for retail trade in Pans has continually increased

daring the past year.
SIYIDENDS AirO RIRKIKOS.

The large number of mercantile failures' which has occurred
during 1884 and 1885 has not apparently injured or weakened
the national banks, the aggregate surplus funds and undivided
profits having been but slightly reduced.
The aggregate surplus of 2,664 banks on September 30, 1884, amounted to
$147,0.55,038, and the undivided profits to $63,234,238.
At the close of business October 1, 1885, the aggregate surplus fund of 2,714 banks amounted to $146,624,642, aad the
undivided profits to $59,335,519, showing a decrease in surplus
of $430,396, and in undivided profits of 13,898,719.
The following table shows the losses of national banks from
September 1, 1880, to September 1, 1885, and the ratio of losses
to the aggregate capital employed
:

No. of

Semiannual dividend

periods.

Sept. 1 ,1880. to March
Marcli 1,1881. to Sept.
8ept. 1 1881, to March
March 1, 1882. to Sept.
Sept. 1 1882, to MnrcU
March 1, 1883, to Sept.
Sept. 1 . 1883. to March
March 1. 1884, to Sept.
Sept. 1 1884. to March
March 1, 1885. to Sept.

1, 1881
1, 18fl
1, 1882
1, 1S82
1, 1883
1. 1883
1, 1884
1, 1884
1. 1885
1. 188.'5

,

,

,

Capital.

844,865
4.58 .034.485

460 354,4851
473 ,947,7 15j
483, 091.342
404,,640,140
507, ,969.300

B18 605,725
522,,809,715
524,,59V»,602

Losses.

Ratio. banks.

*5.n07,297 1-10
5.462,713 119
3,886.836 0-84
4.412,575 093
4,640,865 0-96
6,146,294 1-24

2.087
2,100
2.137
2.197
2.267
2,359
2,491
2,582
2,650
2.665

5,593,691 110
11.377.293 2-19
9.973.101 1-91
8.739,420 1-67

689

it*Tio»*L WAwaa

United States are as a rule
banks of other countries

joint stock

w
1«,05H,0(M
10,170.000
11.713.260
1,135,000
«8.958,<M«
3.535.000
s,AAt.aoo
•a6,9«7,HB0
8.600,000
A.0:i2.OM
11,150,000
2,050.000

<
(

I

c
.M

Cii

City iif l/iumvi|lii
Soutlieni 8i»ti\»
City of ( Inrlnuatl
tlly o( c liveland.
City of fhiiwiKO...,
City of Detroit....
City of Mll«'uiik««
City of St. LnuU ..
.

\V.-'

-^t

6110,000

8,250.000
-n-,---

-

CI:

than the dividends of

Nnmb'r
of
Estivb-

Paid

Bank.

Up

Capital.

Ushm'ts

Rate Per Ct.
Per Annum
of Dividend
on Capital.

Great Britain.

Bank of England

9

London and partly provincial banks
Yorkshire and Northern
LanoaRhire and Cheshire
Midland and Eastern
Welxh and West of England
Bank of Scotland
Scotch banks
,

Bank
10

24
15
9

Irish

of Ireland

West Indies

Banks of

3

,

Canadian

1

3

,

Colonial BanJcs.
Australasian

3

2

,..

banks

Eastern
South African

3

,

,

6
3

6
1

Anglo-Continental banks
Russian banks
An«tni-Ilungarian
Austro-HunKBrian banks

Bauqne

N'atlonale

Beli-aan

hanks

French banks
Deutsche Reichs banks
Oerman banks
Banque Nazionale d' Italia
Italian banks
Swiss banks
Spanish bank
Imperial

6
•

Ottoman

Turkish banks

$70,727,580
75,096.763
27.325,763
30,314,936
18,667,260
9,384.324
6,075,000
37,917.720
13.458,437
17,933,400

9!H
14Ib

A-5
7-i
»-l

»•«

7*
611
7-?
"•»

»*
••1
••4

S
9-3
9-3
11-4
6-3
8-8

irlos..

The information

in regard to the foreign bank* has bMB
derived from the London Bankers* Magazine for October, 188S,
and is to the latest obtainable date. The prineipal bank
each country is given separately, and the dividends paid by
other banks in the same country are averaged. Similar statements of the national banks of the United States ar« bf geographical divisions, the reserve cities in each being given separately, and the dividends paid by all other banks in the same
division are averaged,

<

*•••••

UNITED STATES I,EO\I,-TKNnER NOTF.8 AND WATIONI^BAIfK CIRnTt,ATI01».
The nets of lebruary 25, 1802, July 11, 1862, and March 3. lS63,eaeli
antliorizi! tlie issue of 150 niiUioos of dollars of legal-tender notes, makiuR un n>,'grcgnto of 4.50 luillions of (billars.

WM

On Feliniary 3, 1H64, the amount of such t'"'"- "•••tunrtlnir
$449, 47»,222, which was the liiehest amount
nr anyone
time. The net of June 30, 1864, provided ti
amount of
Vnited States notes issued, orto iio Issued, shou... ,,..,
,. c<-d 400mlllions of dollars, and such additional sum, not exceeding .lO millions, a*
might be temporarily reipiired for the redemption of temporary loans.
By the act of June 20, 1,S74, the maximum amount was ttxed at 383
millions. Section 3. act of January 14, 1875. nuttaorized an Increase of
the circulaitou of national banks in accordance with existing law,
wllhout respect to the lluiit previously existing, and required the Secretary of the Trea'-ury to retire legal-tender notes, to an amoant equal to
80 per cent (f the national bank notes thereafter Issued, until the
amount of such li'L-al-tendor notes outst^indlng sbonld be 300 milUoos
and no more. Under the operation of this act $35,318,984 of leffal-teader notes were retired, leiiving the amount in clrenlation on May 31,
1878. the date of the rei>eal of the act, $346,081,016, which lathe
amount outstanding.
In the following table are given the smonnta and kinds of the on*stanciiug currency of the United States, and of the national banks on
Jannaiy 1. of each year, from 1866 to 1885, and on November 1, 1985,
to which Is prellxed the amount on Angiut 31, 1865, when thepnbUo
debt reached its maximum.
.

TTnlted States Issues.

Date.

Notes of
Nat. Banks
Inclndlng
Gold Notes.

Old De- Fractional

mand

Tender

Notes,

Currency.

Ang. 31, "65 132,,553 ,912!402.9G5 26,344,742
1, 1S06 425,,«39 319 3(12,670 26.000,.420
1. ISC.T :fso,,'J7(i, KiO 221.(i:i2 28.732,,812'
.Tan. 1. Iscs :!.">(;,,000 (MMI 15!».127 :il.5!)7,,5H3
Jan.
Jan.

Jan. 1. isi;!i :).-)!;,,000, (IOO f-'s.o'lS .'M.'.;!."!,,7 1
Jan. 1, 1K70 H.")(i,,000, ()(M) I l:!,ofC- .'t!l.7<;'.',.661
,l)00, 0(KI 101. 0S<; :til.!l!l5.,OS!l
Jan. 1,1871
Jan. 1, 1ST2 ;i."i7. ."iOO, (X«l il'j.soi 40.7<;T.
907 S4.:iS7 4.'..722.
Jan. 1. 1873 ;i5s,
Jan. 1, 1S71 ;t7s,"101! 702 7!l.(>:i7 4S..-.1 1.
Jan. 1. 1X7.-1 :)H2.,000,
Jan. 1, lS7(i :i7l,
Jan. 1. 1,'^77 ;ii>r,,,0,''
Jan. 1. 1S7-* :)lii.,9 iw
Jan. 1, IS7!I :uii,,i;><i .016 (i2,u:tr, ii,
Jan. 1, I'i'-ii :fiii. i;si .016 61..T-i0 1."
t:si ,016
(;o.7i.'> 1."....Jan. 1. IM-^l
.016 .-.!t.<l'JO I.-.,l.M.,^(;i
Jan. 1. lx-42 Mi:.
Jan. 1. 1 8S:i :iii;, csi .01 1; ")'.l,2!l."> l.'"i.:!'.l-l.iMl'•
Jan. 1, 18WI 111;. tlsl .011! ,">8,(>,S0 I.".,::',

Aggregates

,

,

,

,

,

ls><.^

58.210
57.825

'

,..!.>«

l.'i

1.^.

-

i.lOS

14

tlon nilv'ht

10

5,603.530
20,988.009
35,370,000
32,619,000
9,650,000
10.562,066
35,222,500

'58,0

lyondon Bankert" Magazine, August, 1885, p. 698.

'-..OS*
i.!.847
.: 1 1K)

:m

12.,o

121s
7»io

28.500.000
52.407,600
38,600,000
15,440,000
8,202,500
?,860.000
24.300,000
18,715,512

•-•:'

Includes $3S4,269 notes of gold boului, and $568,081 mutihited currency In transit.
The act of .Inne 20. 1874. provi-'"! ,),.., „„„ n,.»i.„.,>i i„.„bi„,. nuo<d».

138,0

67,173,039
47,332,316
36,552,472
6.561.000
2,916,000

114.3.52,500

176,213,955 635,.5T5,574
236,636.008 68.8.867.907
208.588,4 1 9'707,819,023
2!)!«.846.206 687.602,91«
._>(... -1- -..;.i ,;
>OI.383

'

•

(wi .016,
Mil. (>sl 016!

.Ian. I, 18H.-> !ii;

Nov.l.

ir10

other Counlriet.

Banque de Franco
8

mCmfHtL

s

\\.

.'.

less
:

FOREIGN HANKS.

16
25
16
14
7

trump arATMk

tables have been compiled in order that

comparisons may be made between the annual dividenls paid by
the national banks of the United States and those paid Dy
banks in foreign countries to their stockholders, and indicate
that the average dividends and earnings of the national banks
in the

Tiia

'cwa:

Notes.

The following

w

9
7>«
7Hi
1318

lUlO

21I9
9>s
6\|
8>B

13»s
93b
6>*
6
8
6'g

money

withdraw

Its

eiriu

with the Treasurer of

tli'

'

iiwftU
•

than

uj'.reiis
..^
$9,000. Under this act. and on ........i .. ,.
banks, ami under the act of .luly 1 -I. 1 ti-U. whiih iirovldes for a deposit
of lawful money to retire the old circulatlim of n:>ilonal hanks wnoaa
eorporat<? exUtenec has be<m extendc I, $2 10,347.068 of lawful moner
has boon dciiosited with the Treasun-r. This Includes #3,663,790 for
the redemption of the notc.f of nation il gold banks and f 14.135,890 Ipe
the redemption of national bank note^nndi-rseitloneof theactof Joly
12, 1882. SInro Jime 20. 1874. !fi2i):i.6l7.76l of bank notes hare bee«
redeemed, destroved and rellred. Thin includes $.',«79,4.'»l of tba
notes of national gold banks and »4.425,«25 of the nolej of natloi^
under the aMaf
banks wIiohc corporate existence has been extended
•
•
*
*
July 12, 1882.
DKSOMISATIOSS OF PAPER CtRCnLATI->!« OP THS (HfrrKD RTATtS.
»le»<leoomof
liank
notes
national
Inaceordiiucewitlithelaw.no
Inatlon than live dollars have Iveen issued S'nce January 1, 18.9. wa««
the amount ouutaudiiig was $7,718,747. Since that date the MBOOiW
|,.283,0M.,
of ones and twos ig8ue<l by the banks has been reduced
leaving the amount outstanding on Noveinber 1. 1885, $135.. 14. ana
during the same period the legal leader notes ef theeodenomlnatlooa
have been Increased $^.645,960. The Uital deereaee of the amount «C
ones and twos outstanding In nation il bank and legal tender note*

The following table exhibits by denominations the amonnt of naUonia
bank
ank and legal tender notes outstanding on October 31. 1885. and tM
periods m 1883
aggregati
,te amounts of l>oth kinds of note* at the same
and 1884
f

:

..

;

J

.

,

THE CHRONICLE.

.640

1884.

1885.

bani
One8

Twos

Legal-tendT .„_,„„_.„
Aggregate.
notes.

National

I>exioiniiiatioiis.

.,

Fives

notes.

435,714
237,284

22,703, 459
23.235, 136

81,9.'>6,670

84,068 279
71,003 390
56,941 267
22,896, 595

104,211,290
75,087,520

Tens
Twenties
Fifties

20,638,55(1

One hundreds...

31,.=i'6,400

Flveliuudreds...
One thowf*aud8 ..

598,500
131,000

23, 139,173 27,258,839
23, 472,420 27,067,206
168, 024,949 163,363,205
175, 214,6mO 180.491,886
137, 028.787 135,277,089

.

15 750,500
22 ;04 1,500
95,000
30,000

44,017,045
66,170,690
16.063,500
19,659.500
105.000
60,000

+21,890

+20,749

43,,535,145
61 ,'221,790

29,645, 390
15,152, too
21,910, 500
95, 000
30,,000

Five tliousaudsTen thousands

Aggregate.

(vou xaj.

The foresoing table was prepared from all the New England States
except Maine, from four Middle States, not including Delaware, and
from all the Western States, excepting niinois and Nebraska. The only
Southern States fiom which reports nave been received were Virginia,
South Carolina. Georgia, Florida, Louisiana, Kentuclcy and Missouri.
The only Pacific States were California and Colorado. Tliere are no
State banks In Maine, but 1 In New Hampshire, 7 in Vermont and none
There are, however. 6 trust and loan companies
in .Massachusetts.
in the latter State, 1 in Bhode Inland and 6 in Conneoticat.
savings banks.
exhibits the aggregate resources and liabilities of
1885.
the 629 savings banks In 1882, 630 In 1883, 636 in 1884 and 646

The following table

m

1892.

1883.

1884.

1885.

629 banks.

630 banks.

636 banks.

646 banks.

307,089,227

328,197,858

358,686,040

389,953,928

128,483,698
237,786,442

155,874,522
219,017,313

141.4.57,111

196,226,202

133.716,902
191,980,698

206,291,274

190,629,915

222,218,006

228,993,250

R*.'al

39,882,4'29

41,695.701
36,587,817
37,224,601
53,235,771
144,223
43,184,629
12,998,594

50,994,579

Bank

32,994,578
35,365,717

59,585.489
38,460,603
32,174,810
68,445,304
166,636
46,125,014
13,423,064

AddforuDredeem'd
fra^nieutsof Nat.

+31,S90

banknotes
Deduct for lee. -ten.
notes destroyed In

-1,000,000

sonal

&

col.

security.

U.

bonds..

S.

'314,894,818 346,681,016 661,575,834 679,154,709

State.m'n'p'l

Exclusive of S568.0S1 due to banks tor mutilated notes destroyed

& other bds
and stocks
RK. bonds &

Total.
*

-1,000,000

-1,000,000

In Chicago tire..

RESOURCES.
I.'nsonr.est.
L'aus on per-

and to be replaced by new notes and of $384,269 notes of gold banks.
The amount of one and two doUa 'national bank notes outstanding is
allttle more than onc-Hfth of 1 per cent of the wliole circulation of the

banks; the lives constitute 26 per cent, the tens 33 per cent, the twenties 23-8 per cent and the llfties and larger notes about 17 per cent of
the entire oirctilation.
Of the entire amount of national bank and legol tender notes onttanding, about 7 per c«nt consists of one and two dollar notes; nearly
32-2 per cent of ones, twos and lives, 58-6 per cent Is in notes of a less
denomination than $20 and about 78-6 per cent is in notes of a lower
denomination than $50. Of tlie entire Issue, about 21'5 jier cent is in
denominations of fifties, one hundreds, five hundreds and one thousands.
There are outstanding nineteen legal tender notes of the denomination of $5,000 and three notes of the denomination of $10,000. * * *

AMOUNT OF UNITED STATES BONDS HELD BY

BA.NK9 ORGANIZED

UNDER

STATE LAWS.

Through the courtesy of State officers the Comptroller has obtained
reports made to them tuidcr State laws by State banks in twentysix States, by trust companies in five States, and )>y savings banlis In
fifteen States, at different dates during the years 1S84 and 1S85, and
from these returns the following table has been compiled
$2,994,806
Heldby 975 State banks in twenty -six States
25,3;6,4'iO
Held by 40 trust companies in Ave States
191,980.698
Held by 646 savings banks in fifteen States
official

,..$220,351,90*
Total
The interest-bearing funded debt of the United States on November 1
Including $64,623,512 Patiflc sixes and excluding $14,000,000 Navy
pension fund, was $1,260,778,162. The total amount of bonds held by
the national banks, $30H, 361. 550, and by the State savings banks and
trust companies, $220,351,904. is about 42 per cent or the interestbearing debt. The amount of United States bonds held b.r State banks,
trust companies and saviui^s banks, is given by geographical divisions
for the years 1882, 1883, 1884 and 1885, as follows
:

Qeoeraphical
divisions.

1882.

1883.

1884.

1885.

Eastern States
Middle States.
Southern States
Western States.

$42,667,248
197,135,239
268,350
3,369,414
20,020,175

$37,399,819
182,847,588
646,500
3,105.024
17,743,978

$30,808,938
188,640,523
96,750
2,390,780

$30,121,432
186,642,288
136,971
3,451,213

Paoiiic States..

Total

()

(•)

$263.460,426i$241.742.909 $221,934,991 .$220,351,904

The United States bonds held in the Pacific States during the last
two years are not included in tlie above table, as tlie returns since 18 j3
not
give United States bonds separately from other bonds held.
do
*

STATE BANKS, TRUST CO.Ml'ANIES AND SAVINGS BANKS.
The act of Congress of February 19, 1873, section 333 of the United
States Revised stAtutes, requires the Comptroller to obtain irom authentic sources, and report to Congress, statements exhibiting under
appropriate heads the resources and liatjilities of such banks ami savings
banks as are oiganized under the laws of the several States and Territories. In oompllance with this act he has presented annually in the
•ppendices to his reports the resources and liabilities of these oorporatlons, so far as it has been possible to obtain theui
Through the courtesy of State officers, returns of State banks, savings banks and trust
and loan companies have during the past year been received from
twenty-flvc States. Many of the States and Territories, ineluding West
Virginia. North Carolina, Alabama, Arkansas, Tennessee, Illinois, Oregon and Dakota, do not require periodical returns of the condition
of the dlfl'erent classes of banks organized under tlieir laws.
From these retuins the following abstract has been compiled, showing
the resources and liabilities of State banks and trust companies for the
*'"' number reporting in 1882 being 704; in 1883, 788;
.
,*„'S'."'/.'^'"'*'
In 1884, 852; and in 1885, 1,015.
1882.

1883.

1884.

704 banks. 788 banks. 852 banks.
Resodrcbs.
$
Loans and discounts. 401,574, 420 462, 380,585 489, 067,51S
Overdrafts
1,373, 116
1,493,ii36
1, 630.474
United States bonds. 25,673, 984 22,725,596 25,708.789
Other stocks, bds,&o, 45,658,,763 52,,405,724 59, 331,877
I>oe from banks
57.973,,718 68,,270,664 65. 354,146
Eeal estate
19,915,,682 20,.160,547 21,,211,182
Other assets
13,885,,205 14,,190,044 10,,513,81.1
Expenses
1,193 .34.=)
1 ,131,586
1,,235,079
Cash items
18,546 ,073 35 ,206,362 28,,308,216
Specie

Legal tenders, bank
notes, <tc

,

Totals

Uodtvlded profits
DiTidenda unpaid
Deposits
I>ue to banks
Other liabUlUes..
Totals

27,322,912

18 ,255,300
23,259,069

25,,928,757

32,659,605

1,015 b'nks.

489,423.169
1,485,917
28,371,206
62,39.\059
82,521,390
24,632,603
14,814,765
1,432.9.15

26,067,594
31,255,789
39,552,017

033.819,998 724.479.613 760.949.45' 301,952,444

Liabilities.
Capital Stock
Circulation

Burplus fund

17,902,,760

1885.

,

113,361, 931 125, 233.036 133,958.951 151,686,840
187,9'
286, 391
177,554
98,1'29
31, .504, 352 .34, 575,461 41,675,486 41,36.4,559
14,75f', 438 18, 070,610 22,337.961
20,082,736
499,01"
577, 419
466,011
513,177
426,677, 092 500, 374,21 514,111.591 532.725,289
18,409, 341 20 918.936 27,886,990 30.14»<,346
28,245, 024 21, 648,364 20,301,901 25,332,368

633.819,998!724.479.613 760,949,457 801,952,444

stocks
stock..
estate..
Other assets

Exiienses

Duefr'mbks
Cash

11,047,346
132,204
38,977,135
14,932,015

37,9-29,754

34,467,276
69,166.584
156,944
52,358,971
14,079,452

1,052,982.065 1,118.790.944 1.177,740,919 1.203,025.698

Totals
Liabilities.

Deposits
Surplus fund

Undivided
profits...

Oth. liabilit'8

Totals

966,797,081 1,024,856,787 1,073,294,955 1,095,172,147
69,454,512
72,784,155
82,395,717
88,647,315
11,136,219
5,594,253

15,738,223
5,411,779

16,904,753
5,145,494

13,106,359
6,099,877

1,052,982,065 1,118,790,944 1,177,740,919 1,203,025,698

..

The foregoing table Includes the returns from six New England States;
from four Middle States, not including Delaware; from the States of
Oliio, Indiana, Minnesota, California, and tlie District of Columbia.
The aggregiite of loans in the New England States is $297,220,022
and of deposits $492,373,407. In tlie Middle States the aggregate of
loans is $172,779,215 and of deposits $525,151,161. Some of the
largest savings banks in the city of Philadelpliia organized under old
cliarters are not re<iuired to make reports to any State officer. Returns
directl.v received from four of these banks, having deposits amounting
to $35,362,660, are included in the returns from the State of Pennsylvania. Tlie savings liauks deposits, given in the foregoing table for 1885,
based upon reports made to the State authorities, are .$1,095,172,147,
and the deposits of the State banks ami trust companies are $532,725,289. These returns do not include bank deposits. The deposits of the
national banks on October 1, 1885, exclusive of those due to banks,
were $1,102,354,658.
No just comparison of the deposits of national banks with those of
s.ivlngs banks. State banks and trust companies can be made, owing to
tlie fact tliat tlie reports of many of the latter classes of banks were
made to the State authorities at various dates In 1884 and 1H85.
The total population of New England, accordingto the Census of 18S0,
was 4,010,529, and the number of open deposit accounts of tlie savings
banks in the year 1885 is 1,460,185, which is equal to about 364 accounts to each one hundred of the entire population. The average
amount of each account is $337 21. or an aver.ago of .$122 77 per capita.
The deposits of the savings banks in the State of New York were $437,107,501 and the population was 5,082,871, showing an average of
about $86 per capita.

The Comptroller, In concluding this report, desires to gratefully
acknowledge tlie industry and efflcieucy of the officers and clerks associated with hlni in tbe disoliarge of official duties, manv of whom, in
addition to attending to their regular duties, have been compelled,
owing to the growth of the national banking system and the extension
of the corporate exlsteuce of national associations, to perform a large
amount of extra work without regard to office hours.

HENRY

W.

CANNON,

ConiptroUer of the Cttrreney.
To the Honorable the Speaker of (he House of Representalices.

BATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
SZOMASeE ST LOSBON-Nov.
Him.

Chi-

20.

Bau.

Amsterdam. 3mo8. 12-2% •12-3M
Amsterdam. Sight. 12 li4»121%
Hamburg.. 3moB. 20-53 »20-56
Berlin
2053 B20-56
.

Frankfort...

i«

Vienna

**

Trieste

**

Antwerp
St.

..

.

Petersb'g

Paris
Paris

"

20-53 •320-56
12-72i2»12-75

12-721sal2-75
25-50 925-55

2338a>23>4
Short. 25-19 -325-25

sxoMAirex on london.
Latest

DaU.

Nov. 18 Short.

20-34

18 Short.
*•
18

20-34
20-34
20-31
12-58

.--..-

Nov.
Nov.
Nov.
Nov.
Nsv.
Nov.
Nov.
Nov.

18

**

**
18
**
13
'*
18
17 3mos.
18 Short.

25-27
231732
25-21

3mos. -25-38\»25-42is
"

25-62 i»a25-67ia Nov. 18
45^945 >4
Nov. 18
Nov. 18
45%845>a
(
61'8 951%
Nov. 18
Nov. 18
Nov. 18
Bombay
Dem'd
Is. 6i4d.
Nov. 20
*'
Is.6i4d.
Calcutta
Nov. 20
New York...
Nov. 20
Hong Kong. ....
Nov. 20
Shanghai....
Nov. 20

Genoa

Time.

Madrid

**

Cadiz
Lisbon
Alexandria
Constant'ple

*•

....

3mos.

46-60

....

......

3 mos.

109-.50
Is. 6i8d.
Is. 6isd.
4-8 2 •«
3s. 5>4d.
4s. 8d.

Tel. t'rs
*'

80 days
4 mos.
**

[From OUT own correspondent.
London, Saturday, November 21, 1886,
Optimistic views still generally predominate with respect
to our commercial future. Still, very little tangible evidence
of the existence of a better state of things can be discerned,
though the hopeful feeling is unquestionably extending, and

:

;

Deckmbkk

5,

THE CHKONKJLE.

lH»5.j

with the conclusion of the eleotiona

it is

presumed

thftt

some

distinct reTival of buaint'sa will soon be apjiarent, particulArly

the conservative party be returned to power, as it is Iwlievod
that there will then be lens likelihood of fresh entanglements

if

reported in metals, with more numerous inquiries on American account, and the public sales of
colonial wool have opened quite as well as was expected, there
being a fair attendance, with brisk biddings and values fully
is

up to

the level of last sales.
It is too late in the year for any
great change to occur in these or any other of our industries
but we may fairly anticipate that as the winter gives place to
spring the improvement noticed in America will be more distinctly reproduced here.

There is, of course, the uncertainty
as to the end of the dispute between Servis and Bulgaria)
which 80 far seems to have been pursued with varying success.
No doubt is felt here that the endeavors to localize the struggle will be successful, now that Prince Alexander has made
his submifsion to the Porte but the chance still remains that
;

the area of the dispute

ohaokad.

may become

latlon has contracted, whilst bullion haa Inoreaaed.

shows a gain compared with the -tint
period of £1,1580,000.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of oonaola,
the price of middling upland cotton and wheat, and the Bankera*
Clearing House return, compared with the three preriona
years:
188S.

—

—

—

b

reaerve, at £12,309,000,

enlarged,

be our misfortune to realize immediately, although possibly
the evil day is only postponed. It is a fortuitous circumstance
that the initiation of the movement was intheautunm instead
of the spring.
An encouraging feature is the success which has inaugurated
the commencement of our operations against Burmah. This
little war, which may have momentous results so far as our
trade in the East is concerned, promises to be brought to a
speedy termination, with a minimum of loss in bloodshed
and treasure. If the feeble resistance encountered up to the
present is to be taken as an earnest of what is to follow, the
difficulties will soon be overcome and the country be brought
into a condition favorable to the development of its resources,
and will thus become a coimecting link between the commercial systems of India and China, which are to be brought into
closer relationship by the construction of a railway from
India via Bhamo to the borders of China. The energy with
which this expedition has been planned and pushed forward
clearly shows that the Indian Government are not disposed to let
any opportunity shp for the improvement of our trade in that
quarter. The necessity for opening up fresh markets for our
goods is everywhere admitted, and if we do not move more
energetically in the matter, we shall soon find the foreigner
before us, and the markets closed to us by a series of hostile
tariffs.
Now-a-days it is a matter of prime necessity to act
promptly, and let no opportunity pass for improving our
position, or we should soon be pushed to the wall; and as
trade follows the flag, we may presume that our relations with
Burmah in the future will be of a much more intimate
nature than heretofore. The competition for the concessions
for the Chinese railways threatens to be very keen, but with
our advantageous position we shall no doubt obtain our fair
abare, and it is clear that before very long there will be a considerable expansion of the trade between India and China
which must favorably influence the home markets.
The commendable activity noticed in high quarters to get at
the real cause of the depression of trade now, it is to be
hoped, passing away is an encouraging sign of the general
interest taken in the question. The Earl of Iddeslagh in
addressing the Exeter Chamber of Commerce during the
week, hoped that the chambers of commerce throughout the
Kingdom would inform the commission how and where it
was they felt themselves handicapped, and how and where
they might be reUeved of restrictions and burdens so that they
might adopt the best means of developing trade. But the
holding of meetings and the passing of resolutions will not be
sufficient to reinstate our trade on its former basis. There will
have to be a revival of that spirit of enterprise rather dormant of late amongst our manufacturers, if they be desirous
of holding their own in the markets of the world; and it rests
with them to act with vigor and decision at the present
moment when important new markets are about to be opened

Coin

evidently returning from the prorlnoea and from Ir^Mod, nn4
the Bank is thus enabled to be more prepared for the ttnporary Scotch demand for coin. Private depoeiu hare ftuw
ther decreaaed over £1,000,000, thus showing that the afaaorly
ing process is continuing. The stock of bullion la now £90,«
929,000, or about £1,077,000 more than a year ago, whilat tha

and more mo. OlrtjnlatloD.ezoludlng
a
7day A. oilier bllU.. 24,.3<>>(.7.S5
mentous issues have to be determined, the settlement of which
PabUo deposits
3,069.^0)
would be a lengthy and difficult affair, and could hardly be Other disposits
24,122,580
arranged without trade with eastern Europe being greatly dis- aovemm'tiieoarltles. 12.(lf)i),0'N8
Other seourltiea
19.758,«5l
turbed. But that is looking at the dark side of the picture^ Rea'veofnoteii AooUi 13,290,002
Ootn and bullion Ui
and it presents a prospect of complications which it may not
both departmenta.. 20,929,657

—

In

a rmther cMter tmdtacy. Th« B«ok of
return ta more favorable than waa antioipatwl, thara balnea
gain In reaerve of £S18,850, and tha proportion of laaarra to
liabilltlee having risen from 41
to 44 -W per omt Not* tArtnclosed with

M

in our foreign relations.

Some improvement

Oermanr >>> boan

6il

1884.

1888.

utn.

a

a

a

24.70^,670
5.1»«,70a

25.0K2.010 25,665 Jt75
5,734,321
3,003.070
2.>,078,i0e 23,867, «23 22.058,778
13,312.678 14.989.292 10,881.007
21.660.636 19.733,779 22.638,.')4C
10,707,246 12,920,187 10.520,604
10,752,916 22,062,107

Proport'n of reaerve

toUabUlUes

Bank rate
Oonaols

ll-64p.o.
3 p. o.

38-74 p. 0.
5 p. 0.

100<>i>d.

100\

42\p.o.
3 p. 0.
lOlls^

20,43e,2W
40«i| p.

«

5p.a.
l62«t
401. 8d.

Enct. wheat, av. prioe
3 1 r. Od.
3Ia. 5d.
40>. 3£
Mid. Uplana
ootton..
4liiitd.
SSgd.
8»l«d.
5>wL
-iV.,No. 40 mule twlat. ...
SV.
9»»d.
9«»d.
104.
Olear'e-House ret'n . 124,585,000 123,400,000 00,203,000 lll.ASO.JOd

Messrs. Pixley

& Abell

write as follows on the state of the

bullion market

Oold.—Tlie demand sttU oontlnues, and in addition to the arrivals
mentioned below, withdrawals from the Bank of ban and coin to tlis
extent of £218,000 have taken place; on the other hand, OTerelgnt
from Auijtralla and South Amt-rlca to the value of SIOO.OOO havebeea
Kent in.
The H >rata hai; brought £145,000 from Uelbonrae, tb*
Taamsuia brought £6.700 from Sydney, the Neva broacbt 497,000
from River Plate, the Don brunghr £7,100 from West ladlea aodtba
PataKonla brooKht £2,000 from Chile; total, £25«),100. The HaveliUB has taken £50,000 to the River Plate, and the P. A O. steamer

£30.000 to Bombay.
Silver.— The Improvement mentioned In our last cironlar was not lone
maintained the order fur the mint having been completed for a tlmeu
pricps declined to a n^ure at which the Indian hankx could operate, and
from 47 7-lUd. on the 13th they have fallen to 47 5-16d. to-day, and tha
market closes Urm. The arrivals, which have been oonsideiable,oompribc £»H,760 from New York, £^0,000 from Australia, £14.000 from
West Indies, £l>-,000 from Chile and £18,000 from Brazils; total,
£13t>,7tiO. The P.Sc O. 8t-.»'uer» hivo tikeu £'31.500 to IniU.
Mexican Dollars.— The French steamer brousht about £60,000. and
those which had not been previously siiM to arrive were placrd at 47>odper ounce, the price showing no altoratlon from the previous week.
The excitement in the American railway market here has
;

somewhat calmed down, and the

result of the week's opera-

tions has not been so distinctly favorable as recently.

It is

understood that some French speculators have been turning
their attention to this class of security as well as the Dutch
and Germans, but some of the leading operators here are asking whether the advance has not gone far enough, at least for
the present, and whether it would not be advisable to pause a
moment and see what the outcome of this trade revival ia

really to be.

Paris advices show that the imports into France during October were 298 millions of francs and the exports 300 milUona
of francs. This is the first time for many years that the ex
ports have exceeded the imports.
As already stated, the metal markets have been hardening,
but the permanency of the change' is considered doubtful by

Large purchases of iron are, however, understood to
have been made for delivery during the first six months of the
new year. Speculative buying has been more than spirited,
but it does not appear that the bona fide inquiry has become
really active, as values of finished iron have^remained practically the same. The speculative excitement in copper Iiaa
been very marked, and quotations have fluctuated in a moat
erratic manner, without any regard^to the statistical positica
of the article. The public stock of iron have increased during
the week about .5,000 tons and that of copper remains about
the same. The tin market also has been the scene of some excitement, prices advancing £2 to £3 per ton.
Although not much animation has been apparent, the grain
trade has been displaying more firmness. Wheat has been
some.

well held, and for English samples in fine condition an advance of Is. per qr. has been required but buyers have not
up.
been disposed to make any concession, conse<iuently the busiNo particularge change has occurred in the money market ness done has been mainly at the full prices of the preriona
during the week. The Continental exchanges have been week. The greater steadiness seems to have resulted from
turned more in our favor, and the e^xport inquiry for gold fcr the Eastern complications, and the wintry weather influencing
;

e

.

.

THE CHRONICLE.

642

[Vol. XLI.

—

National Banks. The following national banks have lately
the speculative market at New York, and thus reacting upon
been organized:
our own trade. The question whether the improved tone will
3,414— The Watertown National Bank, Watertown, Dak. Capital, $50,be maintained has yet to be decided. Foreign importations
000. WlnthropE. Scamtt, President; Evens W. Thomas,
Cashier.
into
the
have of late been somewhat increasing, the receipts
3,415— The Seahoard National Bank of the City of New York. Capita],
$500,000.
WiUlam A. Pullman, President. S. G. Nelson,
United Kingdom for the 11 weeks being about 435,000 cwts.
Cashier.
more than in the corresponding period of last year, and there
Imports and Exports for thb Week. The imports of last
is a likelihood of the importations during the immediate future
week, compared -with those of the preceding week, show an
being a full average, supplies afloat and nearer hand being increase in both dry goods and in general merchandise.
plentiful. The effect of the deficiency in the home deliveries The total imports were |S,476,186, against 16,9*5,813 the preThe exports
is therefore nullified, and it will not be from any scarcity of ceding week and $6,847,146 two weeks previous.
supplies that the market will assume a steadier position. The for the week ended Dec. 1 amounted to $4,631,033, against
15,68^,439 last week and $6,431,943 two weeks previous. The
movement in prices makes very slow progress. It is true that following are the imports at New York for the week ending
Is.
the difference in the average for the season is now only
(for dry goods) Nov. 26 and for the week ending (for general
also totals since the beginning of the
8d. per qr., but this is mainly because of values last year merchandise) Nov. 37
being reduced to a lower level than to the hardening process first week in January:
which has been going' on this season. The position of the
FOBBIOH IMPOBTS AT NEW TOBK.
trade is apparently sounder, but we are evidently a long way
JPor Weelc.
1882.
1883.
1834.
1885.
from animated markets.
Goods
$1,418,916
81,786,210
$1,362,891
$1,775,694
The following return shows the extent of the imports of Dry
Gen'l mer'dise.
7,446,156
8,517,3:9
5,909,104
6,700,492
cereal produce into the United Kingdom during the first
Total
$8,865,072 $3 0,303,529
$7,271,995
$8,476,180
eleven weeks of the season:
Since Jan. 1,

—

;

'

Dry Goods

IHPOBTS.

Wheat
Barley
Data
Peas

Beans
Indian
Flonr

1885.
OWt. 13,146,438
3,480,808
2,888,344

1884.
12,720,767
5,221,563
2,761,953

452,602
834,810

452,684
837,928
4,047,559
3,315,317

com

5,757,112
2,597,687

1883.
15,530,631
5,298.372
2,919,889
206,318
583,711
e,6-i5.9«7

3,164,292

1882.
18,019,517
3,173,511
2,815,413
134,144
274.857
2,577,503
3,086,541

Supplies available for consumption (exclusive of stocks on

September

1884

1885.

Total

The extent
the

25,867,770
of the sales of

27,239,612

1882
18,019,517
3,086,511
9.334,810

29,434,413

30,440,898

eleven weeks of the season, together with the average
compared with the previous season, are shown

prices realized,

in the follovring statement:
1885.

1884.

Av'ge
Price

Sales.

«.

Wheat,

705,788 31
984,524 30
105,091 19

qrs..

Barley
Oats

d.
1

s.

781,074 32
9 1,088,127 32
1
120,353 19

d.

s.

d.

743,605 40 9
917,739 33 10
169,966 19 11

8
3

1885.

1884.
11,203,528

OWt, 10,123.645

EnsUsb Financial markets— Per

Mon.

Silver, per ox

Wed.

Tties.

4713
..d
4713
Consols formoney
lOOiSie 10013,
Consols for account. . .
10013,8 10015,
Fr'oh rentes (In Paris) f r 80-1713 79-97>a
U.B. 4>«8 0f 1891
1151?
11538
U.S. 48 of 1907
127>4
12718
58I3
6SI4
Canadian Pacific
Chlo. Mil. & 8t. Paul..
98H
981s
Erie, common stock..
2638
26
I42J4 141ifl
nilnole Central
56i«
Pennsylvania
56H
Phlladelptila& Reading 1238
12
Sew York Central ...
IO3I8
107%

4713
x995ig
x99'ie
80-l.i

11538
127J8
59
97^8
26

98%

14H3

56

141%

561s
ll'B
1081a

]1»8
|108>8

10778

98%

25 '8

141%

11%

2718
I4114
5618

56ifl
I

11%
108%

Government Revenue.—Through the courtesy of the Secretary of the Treasury, we are enabled to place before
our
readers to-day the details of Government receipts for
month of November. From previous returns we obtain the
the
figures for previous months, and in that manner
complete the
statement since the beginning of the fiscal year for 1835 and
1884.

1885.

Week.

Great Britain

tonw.

1884.

Jnly

16,819

AUKQSt
September
October

Worember
Total 5

Rev'ue Sourc's

~i~ ~i~ ~~i

month s,

17,289
17,522
17,316
18.057

81.403

8,501

2,047

28,78-

Jnter'l

torn*.

Rev'ui\snuTc's

$

Mtsc'ls

Tstal 1885.
Total 1884.
Total 1883.

i

~f~

17,451

8.658

3,165

29,274

9,071

1,704

28,084

18,414

31,367

29,971

11.953

1,585

9.250

8,074

30,884
25,881

17.662
15,759

9,506
9,937
10,167

3.447

2,003

11,728

8,862

81.014

47,130

10,893 141.017

I

$328,061

395

12,341
64,461
5,662,254

4,450

321,502
492,867

$7,945

$6,881,486
38,019,574
670,693

eg'obo

areat Britain
France

SineeJan.!.

$426,123
3,249,000
6,652,695
1,297,499

138,517
2,470

276

37,96-3

30,761

869,765
74,743

«172,C24 $12,607,987
21,689,452
14,125,992

1,152,344
129,124

$27,904
19,569

$272,500 $12,741,118
10,643
667 ,."^55
1,400
1.50,868
1,200
244,105

Germany
South America
ill other countries.

2,925

Total 1835.
Total 1884.
Total 1883.

$288,663 $14,550,253
303,693 12,648,824
269,500 13,988,736

527; 448

4,055
3,456
18,654

445

368,906
766,701
10,711

$26,610
29,734
183,192

$1,721,237
3.324.807
5,665,432

61,581
685,026

Of the above imports for the week in 1885, $35,771 were
American gold coin and $6,538 American silver coin. Of the
exports during the same time, $4,845 were American gold
coin and $1,300 American silver coin.
United States Sub-Treasury.—The following table shows
the receipts and payments at the Sub-Treasury in this city, as
well as the balances in the same, for each day of the past week:
Balances.

DaU.
•

Nov.28" 30.
Dec. 1.
••

•
Total.

10.446

49,821

$3,100

Week.

2.
3.
4.

Seeeipit.

Pajftnentt.

$
1,155,217
2,265,240
1,043.724
793,977
846,666
780.080

S
38
41
41
57
01

33

•924,184
765,253
924.449
1,520,962
1,013,143
1,055,292

Coin.

$
52 171,804,560 27
82 172,461,871 50
30 172,514,883 50
33 171,836,987 05
03 171,834,292 93
99 171,513,213 57

Ourreney.

$
11,318.347
12,191,022
12.257,285
12,208,197
12,144,411
12,190,281

18
54
65

34
44
14

Total...

OlM-

~i~ ~i~

Imports.

Since Jan.l.

F'ranoe

Gtermany
West Indies
Mexico
Sonth America
All other countries

000> OmUted.

lUal.

TORK.

Sold.

"
"

Jnt«r'l Jftsc'to

NBW

Exports.

West Indies
Mexico
Fri.

4713
47 13
4713
995,8
995l8
996i6
991,6
997,8
997i„
80-40 80-42 la 80-50
1153g
11539
1153a
I2716
1271s
127
58=8
58
5838
26I9

188S.

$4,621,023
297,415,475

Silver,

Thurs.

98 14

1884.
$5,273,368
292,687,388

The following table shovrs the exports and imports of specie
at the port of New York for the week ending Nov. 38, and
since January 1, 1885, and for the corresponding periods in
1884 and 1883:

Cable.

daily closing quotations for securities, <S:c., at London
are reported by cable as follows for the week ending Dec. 4:
Sat.

Prev. reported..

$5,162,712
322,263,123

Total 48 week8.!$318,093.465'$327,425,840 $297,960,756l$302,036,49 S

1883.
10,739,520

The

London.

1883.

$6,287,131
311,806,284

BZPOBT8 AND IMPOBTS OF 8PB0IB AT

Converting quarters of wheat into cwts., the totals for the
whole kingdom are estimated as follows:

Wheat

Fortheweek...

Av'ge
Price

Sales.

284,672,135

FBOK NBW TORK FOB THB WBBK

1882.

1883.

Av'ge
Price

Sales.

310,529,526

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 Dec. 1, 1885, and from January 1 to date:
IDXFOBTB

1883
15,530,631
3,164,292
10,739,520

home-grown wheat, barley and
the leading markets of England and Wales during

first

338,530,057

Total 48 weeks. $461,605,846 $124,983,840 $391,532,616l$356,390,956

1):

Imports of wheat, owt.13,146,438 12,720,767
Imports of flour
2,597,687
3,315.317
Bales of bome-grown.. 10,123, 645 11,203,528

oats in

.S123,075.789 $114,454,314 $106,860,481

Gen'l mer'dise..

1,630

29.229

2,112

28,038

1,646

22,236

12.000 140,144

6,984,906 11
6,203,285 99
Includes 200,000 gold certificates taken out of cash.

—Messrs, Vermilye & Co. are offering the 4 per cent mortgage gold bonds of the Illinois Central Railroad, running till
This is one of the choicest investments in the market,
1951.
and the bonds are offered at 106.
—President Palmer, of the Denver & Rio Grande Western,
publishes in the advertising columns of the Chronicle a notice at some length showing the leading points of the twO
schemes of reorganization.

MJ

J

DXOEKBER

5,

I

THE CHRONICLE.

1885. J

648

GENERAL QUOTATIONS OF STOCKS AND BONDS.

Qiiotfttlonw In Now York roprtwont tli« per oont valti**
Tho foItowltiK Atiliruvlntlotmuro ufttMi iHOct, vU " M
••(oil v.," for oonvi'r.'Uilo ; "§. f.," foi
Quotutluua 111
York aro to ThiirHdajr ; from ottn
:

l."for(iuniat«Mli 'Un)!.." faf <iliriil|

f0^c<>n8nll^li»t^Ml;

Now

gnb»erlbar«wr»l eonftr « IkTor
United Stxtkh Bonds.

UNITED STATES BONDS.

CiTT

J&J 134>»

rett

to5, 1906... 100

CIaM"B,"58, 1906
Clans "C," 4s, 1900
68, 10-20, 1900

J

<is

Arkaiieus— 6«, funded, 1899 ..J
78, I,. R. A Ft. 8. Issue, 1900. A
78, Mcn-.phls A L. R., 1899. .A
7e,I-.

K.P.B,AN.O.,1900..A

106
98>a
J 107

AJ
AO
AO

10

24

15
1*
10

AO
AO

(

MAN 103
103

Oonncctlout— ."Ss, 1897

Cons.

S-e.'is,

JAJ

JikJ'

FAA 116%

1924, coup

|ll6i>8

3-65S, 1924, re«

FuudluKOs, 1899
JAJI 115
Perm. Imp. Bs, f^ar., 1891... J&Jt 115
Perm. Imp. 78, 1891
JAJtll20

117>»
117»8

116
121

Fund. loan(Leg.)G8,K.. igOiVarlllZSHi 127
120'«
Market stock, 7s, 1>(92
130»«
Water stock, 78, 1901
130»«
ilo
78,1903
Florida—Consol. gold 6s
J A J 114
Georgia— 6s, 1886
FA A 102 104
78, new bonds, 1886
J A J 103 105
103
endorsed,
78,
1886
78, gold bonds, 1890
ft— 112

AAO

88,'76, '86

Louisiana— New con.

JAJ

87

78, 1914.. JAJ

Stamped 4 per cent
Baby bonds, 38, 1886
Maine— 48, 188S

101
110

75 >3
53
102
111

UaiTland— 68, exempt, 1887... JAJ
68, Hospital, 1887-91
JAJ

112
115

1890
Q— 106
68,1890
3— 106
8-658, 1897
JAJ 107
Hassacbusetts—5s, gold, 1891. AAO 109^1
68, gold, 1894
JAJI 1153|
58, gold, 18a7
MAS lia^S
Mloblgan— 7e, 1890
MAN 112
Minnesota— New 4i8«, 1912 ..J A J 102
Missouri— 6s, 1886
J A jll02%
Funding bonds, 1894-95
J A JUS'S
Ix>n« bonds, '89-90
J A JllOO"*
Asylum or University, 1892. J A J 113ia
Hannibal A St. Jo., 1886.... J A J)105
do
do
1887.... J A J 105
Sew Hampshire— Ss, 1892
JAJ 109

108
110
116
120>s

1

War loan, 68, 1892-1894
JAJI 114
War loan, 6s, 1901-1905
J A J 130
Hew Jersey-f>8, 1897-1902.... JAJ* 125
68.

111
117
133

J

A

do

do

68

RR

AAO

A
A

J

5

7

7'*

'

I

1

FA

48,reg.. 1912
A 117i«
Rhode tsl'd— Us, 1893-9, coup.. JAJ 120
South Carolina—6s, Act of March )
23, 1869. Non-fundable, 1888.. i

consols

Tennessee— ns, unfunded
Oomprumise bonds, 3-4-5-68, 1912
Bet tlemcnt.

:l8

MASI
MASI

Texas— 6s, 1892
7e,gold, 1892-1910

1904
Vermont— 68, 1890

JAJI
J

78, gold.

AD

^rglnla—68,

old, 1886-'95....J
68, new bonds, 1886-1895... J
68, consols, 190.5. ex-coup
68, consol., 2d series
6s, deferred

A
A

J
J

Fundinir bonds. 3s. li>32

CITK SECURITIES.

* Prtoe

54
43

41

60
JAJ 60 >4

from 10-408.

Albany, N. Y.—68, long
78 long

43
43
ll"*

Tax-receivable coups., from cons'ls

Do

6
109 110
52
521a
60 >s 61
65 's
64
113
118
130
112 116

JAJ 53
JAJ 38

bonas

I

1161s

J

;

I

92

91

Penna.— 5s,new. reg.,'92-1902.FAAil20
48. leg., 1894-1904
FA A

Brown

.

'

115
AAO 105

Ohlo6B,1886

1

'^

RR.AAO

CAR. AAO

M

Lrnn, Maaa.—«a, 1887
wal«<rloan, 6a, 1894
JAJ lUVll
Water loan, 68, 1806
JAJ rj2 las
Augusta, Me.—6b, 1887, mnn..FAAI 102 102%
68,1005
114 <n«
MAM)
Augnata.Oa— 78
Varloua 106
Maoon, Qa.— 7a
113
Austin, Toxaa— 108
US 120 Manehealer.ir.B.—«, 1804. ...JAJi lO.t
n7>« iiB
Baltimore—
Ba, 1902
IM
127
JAJ
6a, Pitts. A Connollar. BR., '86 JAJ 102
4a, ten
lU4>a 109
68, consol., 1890
6— tll>«
Memphla, Teno.—
68,Balt.A0. loan, 1890
Q-^ lllio
TaHoK Dlst. of 8balbrOo.,TBaii. 85 <t 87
68, Park, 1890
Q— 107
Ktlwaukee, Wl*.—6a, 18B1...J A Dl 100
112
68, bounty, 1893
7a, 1890-1901
Var.f 108
Be,
do exempt, 1893...M AS
7b, water, 1903
JAJI 110 US
6s, water, 1894
JAJ
113>s Mobile, Ala.— 3-4-6a, fanAed..HAl( 6S
67
6s, 1900
JAJ 126
Montgomery, Ala.— New 3a ..J A J 65
68, West. Md. RR., 1902 ....JAJ 1-28
5a, new
76
68, Valley RR., 1886
AAO
NaaOTllle, Tenn.—6s, abort
101
88, 1916
MAN 12614
68, long
104 107
48, 1920
JAJ 114
Newark— Sa, long
106 to«
Bangor, Me.— 68. RR.,1890-'94.Var.l 103 112
lis
6a, long.
.Var.l 116
68, water, 1005
JAJI 120J««ii2l
78, long
Var.l 120 133
6s, E.A N.A. Railroad, 1894. .JAJI 111
113
1S»
78, water, long
Var.l 122
68, B. A Pl8cata<iul8 RR.,'99.AAOI 115
117
New Bedford.Maaa.—6s, 1009. AAOI li
u»
Bath, Mo.— Gs, railroad aid
104
Varl 103
6a, 1900, Water Loan
A.AO 116 us
102 >« 103
58, 1897, municipal
N. Bnin8wlck,I'.J.— 78,Tarloiu...l
Belfast, Me.—68, railroad aid, '98.. t 103
105
68
90
Boston, Mass.—
93 «•
New Orleans, La Premium bonds.
6s, cur, long, 1905
Varl 134 (138
108
Consolidatod 6a, 1892
Var. 106
68, ourrency, 1894
Var. 119>s!l20
Newport, Ky.— Water bonda7-30a.. 118 114
68, gold, long
Var.l 122% 123
128 130
New York Clty-58, 1908
4>«s, 1908
AAO 113 116
106 106
68, 1887
4s, currency, long
JAJ 106 107
125 136
68, 1896
117 118
Brooklyn, N.Y.— 7s, 1890
I3t 136
6e, 1901
114 116
68, Water, 1891
118 ll»
78, 1890
129 130
6s, Water, 1899
133 ISA
78, 1896
143 144
68, Park, 1924
143
141
7s, 1901
150 152
78, Park, 1915
Newton—68, 1905, water loan. .JAJ 132 184
140 141
7s, Bridge, 1902
JAJ 117'sill8>t
58,1905, water loan
ISO 162
7s, Bridge, 1920
NorfoUcVa.—6e,reg jU,'78-85 JAJ 100
110 111
7s, Kings Co., 1888
88, ooap., 189iO-83
Var. 117
103 104
6s, Kings Co., 1886
88, water, 1901
MAN'130
Buflalo, N. Y.— 78,1895
Var.t 115
Norwich, Ct.-58, 1907
AAOHUS 113
78, water, long
Var.l 130
J.AjlUO
78,1905
MASI 115
68, Park, 1920.
115 130
Orange, N. J.—7s, long
Cambridge, Maos.- 58, 1889. ..AAOI 104
105
Oswego, N. Y.-78, 1837-8-9
t 106
68, 1894. water loan
JAJ 117 118
Paterson, N. J.—7a, long
Vai 124
6s, 1896, water loan
116 130
JAJ 122i« 12.14 68, long
1904, city bonds
109 110
JAJ • 132 133
,58, long
103
Charleston, 8.C.—6s,8t'k '76-98..a-J
4iss, long
83
tl02
7s, tire loan bonds, 1890.. ..J A J
35
JAJ 100
Petersburg, Va.—68
107
78, non-tax bonds
JAJ 117 iVs"
8a
117 118
48, non-taxable
83
88, special tax
Chelsea. Mass. 6e, 1897, water loanl 121
123
Phlljufelphla, Pa. -6s, old, reg.JAJ!
116>« 118
Chicago. III.— 7s, 1892-99
1895
AoTer.JctJ'.136
68, new,reg.,due
112
117
68, 1895
Var'ayta. 100
4a, new
106 i06>« Pittsburg, Pa.—48, coup., 1913JAJ. 100 100%
4iss, 1900
3-658,1902
9»>a 100
JAJ.:108
8a, reg. and coup., 1913
lid's
Cook Co. 7s, 1892
Var.lUB ii7"
6b, gold, reg
108 >« 108 >s
126
Cook Co. 58, 1899
78, water,reg.Aop.,'93-'98...AAO. 120
106
CookCo. 4H8, 1900
100
'83-86....
106 >«
Var.
78, street Imp., reg,
10218 103
West Chicago 58, 1390
Portland, Me.--6e, Mnn., 1895. Var.l' USis 116
107 "a
Lincoln Park 78, 1896
MAS 123'« 124
6a, railroad aid, 1907
110
West Park 7a, 1890
Port8moatb,N.H;-68,'93,RR.JAJI 113 116
105 >4 106
South Park Bs, 1899
t'
water
Poogbkeepsle. N. Y.— 78,
Cincinnati, 0.-6s, 1897
118>t
MAN1
Providence, R.I.-5a,g.,1900.. JAJ 118
130% 131>a 6s, gold, 1900, waterloan...JA J 127 128
7-308,1902
48
JAJt 100 101
Richmond, Va.—68, 1884-1914.JAJ 119 110%
Southern RR. 7-308. 1906... JAJI 130^ ,l3t>s
JAJ I39ia'140
8s, 1886-1909
'
do
6s, g., 1906
MAiNI Il9%ll20>4
JAJ 107 107%
5s, 1914-15
Cur. 68, 1909....FAAt 119% i'iO'*; Rochester, N.Y.—6a
do
Var. 110
do
Bkg. fd. 58, 1910MAN 109 Vt 109%
J A Jl 135
78, water. 1903
100 1021s Rockland, Me.—6a, •89-99,RR. FAA 103% 103%
Hamilton Co., 4s
79
82
Cleveland,0.— 7e, 18S7
Var.l 104
105
8t. Joseph, Mo.—Comp'mlse 4s, liiot
104%
7«. 1894, funded debt
AAO 122 123 St Louis, Mo.—68, short
111%
M,S8 126 127
7b. 1896, canal
6s, 1892
"
108%
68, 1898
Var. 119>9 120 «
5s, long
104
y-^- lOJis
58, 1887-89
Var. 101
103
58,10-20
„
133
120
97
AAO
Columbus, Oa.— 7s
gold,
1005
Var.
St. L. Co.—68.
115
Covington. Ky— 7-308, long
117
Currency, 78, l887-'88....Var..,105
106
103
7-308, short
at. Paul. Minn.—68, long
lis
110
Waterworks, 1890
78, long
V»r
110
105
Dallas, Texas—8s, 1904
107
8s. 1389-96
128
110 115
lOs, 1893-96
3alem, Mass.—6a, long, W. L.AA
117%
96
Water, 68, 1900
99
5s, 1904, W.L
v.
^....
Var.l 120
Detroit, Mich.— 73, long
Sau Franolsoo— 7a,aobooI
is 103
101
125
Var.l
7s, w.-it^r, long
6a, gold, long
?8 101
Elizabeth, N. J.— New 4s, 1912. JAJ 65
70
Savannah funded 6a. oonsola
132
SomervlUe, Maa8.-68, 1895..AAni'lin'4 112
Fall River, Mass. -68, 1904. ..FA Al 131
115
A
FAAI 108 110
58,1905
5b, 1894, gold
1 33
FAAI 114 116
iprlngfleld, Maas.—68, 1905 .. A
68,1909
'**
\\
114
78, 1903, water loan
Fltobbnre, Mass.— 68. '91, W.L. .JAJI 112
X
1900.
A
103
7-308,
RR.,
M
105
Toledo, O.—
Galveston, Tex.— 88,1803-1909.MA8
Var.r
88,1893-94
JAD
95
58, 1920
Waahlngton.D.C.—SeaDlat. of Col.
115
Hartford, Ct.— City 68, var. dates, .i 106
121
124
mimlngton, N.C.-6a
Capitol, untax. Os
}°S
103
106
Hartford Town -fss, untax
88, gold, eon. on
-.••;:i}?i
WoicSster, Maa8.-6a, 1893. -AAOI } 15
Haverhill, Mas«.-68, 1889... AAOI 10618 107
36
68.1905
40
Houston, Tex.— lOs
^(i«2
A*0 **•
36
40
4a, 1905
68, funded
lndlanapoll8,Ind.— 7-30b,'93-9, JAJI

HI

I

186d,1898AAO 10
JAJ 20
AAO 20

AAO

lOB
113
J lOftlltS
ts*
...
J
J
rAAl IDS

*
*

J

I

1892-8

6s, Cbatham
6s, special tax, class 1,1898-9AAU
do
class 2
68,
6b,
do
W'n N. C.
68,
do
WU.
4s, new, cons., 1910
J
J
6s. 1919

101

Va.—fla

lOt

L.MAN 111%

I

AAOU

new bonds,

Ljrnobbarg,
8a

if.

I

88, gold, 1892
68, gold, 1893
Ho.6«rollua— 6s, old, 1886-'98..JAJ
68, N C. RR., 1883-5
J A J t 165
165
68,
do
6b
do
7 coupons off
JAJ 135
AA011S5
68
do
7 coupons off
10
68, funding act of 1866 1900 JAJ

68,
6s,

101

MAK

1

——

106
J 106

lie's
JAJ 122
AAO 124
AAO 30

68 gold,1891

890-1900
".V
Lowell, Maaa.-6a,18ib,
5a,

1

reg., '87. ..JAJ

1887

m

I

100
100

—

JAJ* 118

exempt, 1896

68, gold, coup.,

101
101

I

68,

New York— 68, gold,

SaomunM.

lAOlanile, Kr.-^8,l«i>d«t« Varl 121
7», Bhort date*
Var I 107
6«, long
Var 10<l
6a, short....
..Var.l too

.

75>e
51

F&A
FAA
War debts assumed, 68, '89. A A Ol

oiTT
10«
106

—

Wash.— Fund.loan(ConK.)68.K.,'92l, 11619

Kansas— 78, long

Bid.

MAH

15'
7s,Ml«s.O. A R. Rlv.,1900..A
24
78, Ark. 'iMitral RR.. 1900. A A O
8
12
78, Li>vi-o .if 1871, 1000
2
4
J AJ
California— 08, ciTll bonds, '93-95.* tl03 104

New, rog., 3>9S, 1904
Delaware— 6s
District of Columbia-

of nF«rror «l»eoT«r>4 la »— ^Miatlirgf.

BBoomu.

Waterworks

STATE SEOVRITIBS.

Alabama—CiMs "A," 3

giving notlga

(liiKui.

AUeghenr,Pa.-8a,ep., 8»«7..rw. 100
112% 1I2^ 4i«8, eoup.. 1885-lAoi
?«r. 100
113^8 1121*
4a, ooap., 1001
,.,,... Var. 100
12Z<<g 12279
AUesheny Co., Sa. op.. UlV.JAJi 100
4a, riot loan, 5-10»
123<S l23Tg
99
103
1031«
4a,
do
10-208
90
12ft»R
5a,
do
6-lOa
100
I27'8
8a,
do
10-208
100
130
Atlanta, Qa.— 7b
111
132^8
Do. da
113

4>M, 1891..
4«, 1907
4a, 1907
3b, oiitloii U. 3
6», Currency, 1896
6», Currency, 1896
68, Oirrency. 1897
6e, Currency, 1898
eg, Currcuoy, 1899

Ask.

Bid.

liy

..III' iniill

I
I

.

Jersey City— Os, water, long, 1895.. ios'
JAJ 115
7s, water, 1899-1902
Var. 108
78, improvement, 1891-'94
JAJ 109
7s, Bergen, long...
M.tS 109
Hudsou I'ounty b», 190S
JAJ 120
Hudson County. 6s, 1903

JaD 113
Hudson County 78. 1891
JAJ 110
Bayonne City, 78, long
Lawrence, Mass.—6a, 1894.. .AA Ol 119

AAO 123
68, 1900
Lone Inland Citv. N.Y— Waf«r.7«,'n.'Sl

Varloosl 115

128

nominal; mo late transactions,

61

!

f

Purohaeer also pays aoorued Intareat.

t

107

117
111
110
110

RAILROAD BOmM.

eompa»lM eUMOllMtd
miUbe'/oundU¥uUra*e<mtoU-

IBontli nf

lUUtd luma.)
Ala. at.

Soutbem- lat mort.. 1008:

A Soaq.-lat M., 78, '88. . JAl
Oonaol.mort.,78, 190e.«u»r..AAO
118%
Consol. mort.. 6.,190fl, roar, f *© llSia '123
'"'
Ule«h.Val.—Oen. M..73-10e..JAJ
^
7s,1910....
M.,
BMt.exten.
Ub'y

115

120
129
100

to London.

}

iMotne.

.

7a, end..

1894

v

Part being redeemed. 1 Coupons on .mo.

30

oi».

FJ

.

THE CHRONICLE

644

fVOL. XLI.

GENERAL QUOTATIONS OP STOCKS AND liONDS— Oo-vriNCED.
For Explanations S*e Note* at Head of glrst Page of <tuotatlon».
Bid.

rah^oad Bonds.

A.ton.ToD.& S.Fe— l8t,78,«;.,'99. J&J H24
A&O tl24
land grant, 78, »?., 1902
J&D tl04%
Blnktng fund, 68, 1911
Goarantceii 78. 1909 .J&J&A&O 1118
A&O tlOlifi
68, 1909 (Istmort.)
M&8 193%
68, plain bonds, 1920

125

94
94

A«0
1920
Florence* El Dor'do, l8t.78. A&O 1110 112
K.C.Topeka&W., Ist M.,78,g.J&J U24>a 125
income 78. A&O tiim 112'«
do
H.Mex.&8o.Pao.,l8t,78.1909

A&O

12314 1231s
II22>2 123

i

PueWo &
Bouora,

Aril. v., Ist, 78, k.,1903.
1st, 78. 1910, guar.. J&J

101

105

WioWta&S.W.,l8t,78,g.^a..l902 tH2% liaH
120
Atlanta & Charlotte Air t.— l8t,7s 118
95
Income. 68
82H
Atlantic & Pao. -Ist 6s, 1910 J&J
23%
J&J
Incomes. 1910
"S5
Central Division, old, Os
66
new (is
do
A&O IO514 107
Baltimore & Ohio -New Is
. .

— F&A

Cheshlre-es, 1890-98

........

-J&J 1109 ifl 110

Loui8'a& Mo.K.,l.st,78,1900F&A 123
2d, 78, 1900 M&N 119
do
St.L.Jack8'v.&C.,l8t,78,'91.A&0 118
do l8tguar.(564).78,'94A&0 117
do 2dM. (360), 78, '98. .J&J
do 2dguar.( 188)78,'93.J&J
Chlc& Atlantic— lat, 68,1920.M&N 65
2d. da, 1923
:\A^^A\ ISdis
Chic. B. & Q.— Cons., 7s, 190o.J&J
JiD tl04%
Bonds. 58, 1895
58.1901
.,4*2 106
M&N 104
58, debenture, 1913
A&O 110
5s, 1919, Iowa Div
A&O
do
48,1919,
96
F&A
48, Denver Div., 1922
M&8 90
4a, plain bonds, 1921
fll3
78,'93.A&0
Bur. & Mo. B., I'd M.,
...
Conv. 88,'94 ser.J&J
do

Bid.

K.ULROAD Bonds.

Ask.

120
124's Chic. & Alton-lst M., 78, '93.. J&J
123
105
Storiing mort., 68, g., 1903 -^f J 1121
121 >3
line,68,g.,1903.M&N
lliH Bds. Kan. C.
Miss.Riv.Brldge, lst.,8.f.,b8.1912
102

I93>s

4iss,

Bid.

Raileoad Bonds.

Ask.

Cin.

&

Wash.

Bait.— (Continued)—

4II4
3d mort., gold. 3s-l8, 1931. .F&A
22
Income 58. 1931
Scioto* Hook. V, lat, 7s.. ..M&N 100
Bait. Short L., 1st, 7s, 1900. .J&.I
Col. C. & I.— Ist, 78, '99.
J&D
Consol. mort., 78. 1914

M&N

aev.

Cons.

69,

122
122

J&J

1914
1934

8. F., 78.

Gen. con.

J&J 102

Ind. M., 78, 1899... J&J
Clev. & Pitts.—4th M., 68, 1892. J&J
Consol. S. F., 7s, 1900

M&N

105
1061s
1041a
llOij
9714

41>«
22i«

laSJg

123
103

&

Belief.

137

Ask.

Clev.&M. Val.— l8t, 78, g., '93. F&A
Columbia & Gr.- 1st, 6s, 1916. J&J
A&O
2d mort., 6s, 1926
Col. Hock. Val. & Tol— Consiol. Ss
Col.&Hock.V.— lstM.,78,'97.A&n
2d M., 78, 1892. J&J
do
Col. & Toledo— Ist mort. bonds ..
do
2d mort

127
102
89
8II4
111!

89 13
82

H04
tllO
tlUO

Ohio&W.Va.,lst,s.f.,78,1910.M&N f ll>7
901s
1181s Col.SBriugf.&C- l8t,78,1901.M&S 104% 105
Col. & Xenia— Ist M.. 78,1390.M&S 1107
J&D ;i08
Sterling, 58, 1927
tllOis lig^
ni9is
Bur.& Mo.(Nob.), lst,6n,19l8.J&J U19 II914 Conn. &Passiirap.— M.,73,'93.A&0 I103i4l03%
M&S J113 115
Sterling, 68, 1895
IIO314 108%
Massawippi, g., Os, gold, '89 J&J 1103 14
.J&J
non-ex.
6a,
119
Coua,
(117
do
.M&S
Sterling mort., 6s, g., 1902.
18
1922
imOJa
Val.—
Ist
M.,
5s,
911a
Conn.
1910...
J&J
124
do 4s, (Neb.),
6s, g., 1910.M&N ;i22
do
IS
16
do Neb.RR,l8t,7s,'96.\&0 1115 115 Si Conn. West.— l8t M., 73, 1900. J&.1 11913
Parkersborg Br., 68, 1919... A&O 119
i25ia
lat,
Connectiiig(Phila.)—
68
..M&.1
i
1241s
124
do Om.& S.\V.,l8t,8s,J&D
Bait. & Pot' o—lat, 68, g., 1911. J&J 122
il4ia Consol. RR.ofVt., lat, 53, 1913. J&J
79
80
114
123I9
'90...
A&O
83.
Ist,
Tr.,
Grand
m.
Ist, tunnel, 68, g.,g'd, 1911. A&O
120
Dixon Peo.&H.,lst,8s,1889.J&J tuo% IIII9 Cumberland & Penn.— Ist mort
J&J
Bell's Gap— l8t, 78, 1893
tl27
12s
mort
2d
1900.
J&J
83,
FoxR.,
108
&
Osw.
Ott.
P&A
1st, 68, 1905
...
Quincy& Wars'w, Ist, 88, '90.J&J 11131s 1141a Cumbei'l.Val.- l3tM..8s.l904.A&O 1104
A&O 100
Consol. 68, 1913
105
1231a Dayton&Mich.— Con301. 58....J&J
4tch'n & Neb.— Ist, 78,1907 M&S 1123
BelTldere Del.— l»t,68,c.,1902.J&l) 120
tlOSio
25
23
mort.,
1888,
now
2d.
A&O
3d
78,
Chic. & Can. 80.— lat, 7a, 1902 A&C
F&A 103 "a
3d mort .68,1887
II3I2 1141s Dayt.& West.- l8tM.,68, 1905.J&J tUO
1907
111.—
mort.
6s,
1st
120
1119%
East
&
Chic.
Boston & Albany—78, 1892... F&A
J&J '120
l8t mort., 78, 1905
J&J (120 1201s Income bonds, 1907
68,1895
Delaware— Mort., 68,guar., '95. J&J *113
lat, con., 6.1. gold, 1934 .... A&O 105%
B08t.Cono.&Mon.—S.P.,6s,'89.J&J il03 103 J4
133
95
100
Del.&BoundB'k—
l3t,73,1905F&A
1900
A&O 1114 114>4 Chic & Gr. Truuk— lat mort..
Ckinsel. mort., 78, 1893
116ia
Del.Lack.& W.— Conv.78,1892 J&D 115
34
35
Chic.& Mich.L.8h.— Ist, 88,'89.M&S
Bosl. Hart.A E.— Ist, 78, 1900. J&J
137
Mort.
78.
1907
M&S
Chic. Mil. & St. PaidJ&J
Ist mort., 78, guar
Den.&RioG.— l8t,78, g..l900.M&N 119 1-20
P. du C. Div., lat, 8s, 189S. F&A 134% 135
A&O tii7%
Boston & Lowell— 78, '92
123
J&J
consol.
1910
88
Ist
mort.. 78,
P. D., 2d M., 7 3-lOa, 1898. -F&A
_
J&J tll8'3 118%
68, 1896
A*0
47
J&J 130 1301a General mort., 58, 1913
lat, $, gold, 78, 1902
J&J 1110% 111
New 58, 1899
71is
12018
M&S
75%
Denv.&R. G.W. -1st, 68, 1911.
J&J
La. C, lat M., 7s,1893
Boston & Maine—78. 1893-94. J&Jill22is 124
82
123
Denv.S.P.&Pac—lst,7s,1905.M.feN
J&J
1231s
1897
12t
123
lat
M.,
78,
&
M.,
I.
BoBt. & Providence—78, 1893. J&j!
75
Des M. & Ft. D.— 1st, 6s, 1905.J&J
I'a. & Dak., l8t M., 7a, 1899. J&J
Bo8t.& Revere B'h—l8t,68.'97. J&J I118>4 118%
30
35
do
incomes
20
Haat. & Dak., Ist M.,78, 1910.J&J 1251a 127
Bradford Bord. &K.— Ist, 68, 1932
70
l8t mort., 6s, on extension
Chic & MU., lat M.,78, 1903.J&J 130 I3II4
Bradf.Eld.&Cuba— l8t.63,1932J&J 20
118
120
130
131
D.)t.&B.C.l8t,8s,en..M.C.1902M&N
1905.
J&J
100
oonsol..
78,
mort.,
lat
BklynBatl»&0.I.-l3t,68,1912.F&A
129
Det.G.Haven&Mll.— E(iiiip.6s,191j tl<l9 111
108
Ist M., I. & D. Ext., 7a, 1908J&J 128
Brooklyn Elevated— Ist mortg
^I;!.,
110
74
Con. M.,5ietill'84,after6*.. 1919 1108
1161s
Ist M.,6s, S'thwest Div. 1909 J&J 116
2dmortg
X„^
120 14
104
Det. L.& North.— l8t, 78, 1907. J&J tl^O
Ist M., 58. La C. & Dav.l919J&J 100
Bull. Brad.* P.— Gen.M.7s,'96.J&J , 99
116
35
55
Mack.&
68,1921.
Det.
M.—
Ist.
A&O
130
J&J
68,1910
Minn.
Ist
So.
Bufl.N.Y.&Erie-l8t. 78, 1916.J&D
120
Land grant, 3 las, 1911
4u>6 46
Chic. & Pac. Div. 6a, 1910 ...J&J 117
Buft.N.y.& Ph.— l8t,6s,g.,1921.J&J
102'8
103
luoome,
1921
J&J
West.
Div.,
58,1921.
do
1908.
..Q—M
2d mortgage, 78, g.,
Dub. & Dak.— Ist M., 68, 1919. J&J
Mineral Pt. Div., 58, 1910.. .J&J 100% 101
il&S
Gen. M., 68, 1924
Dub.& S. City— l8t.2dDiv..'94. J&J ....
Chic. & L. Sup. Div., 58, 1921J&J 101
Buff.Pitt8b.&West.-68,1921A&0
*33
40
1021s Duuk.A.V.&P.-lat,78,g..l900J&D 110
Wis. & Minn. Div., 53, 1921. ..J&J 10.i
Pitta. Titusv.&B.—78,1896F&A
101^6
lOlia
100
EastPenu.—
lstM.,7a, 1888..M&S 105
90
J&J
OS,
1914
Termiiila
OilCreek, lstM.,68, 1912.A&0
E.Tenn.Va.&Ga.— Ist, 78,1900 J&J 118ia 120
Dubuque Div., lat. Ga. lrt20.J&J 1121s 113
Union &Titusv.,l8t,78,'90. J&J 41
64is OSH
J&J
105
Istmort.,
consol.,
58, 1930 ..J&J
101
Div.,
1st,
69,
1920.
1041s
Viil.
Wie.
Warren& Fi'kln,l8t,78,'96F&A
2m, 21%
Income, 63, 1931
Fargo&South.- 69,a98.1921.J&J 11414 115
Buft.& Southwest.- 68, 1908.. J.&J
9>J
13814
138^8
106%
Divisional.
1930
J&J
Conaol.,
78,1915.0—
Fi
53.
Chic&N.W.—
Bur. C. K.&N.— l8t.53,new,'06.J&L)
98i>B 99^
E. Tenu.&Ga.,l3t,68,'83-86.J&J 100
Consol., gold, 7s, op., 1902...T&DI 129
1291s
Cons.lst &C0I. tr., 5s,1934 A&O
100
1886.
M&S
E.Tcnn.&Va..ond.,68,
130
reg
J&Dl
do
1281a
do
Minn. & St. L.. Is-. 78, guar. J&D
J&J 33
Ala. Cent., 1st, 68, 1913
112»a
A&O 116
Sinking fund, 6a, 1929
C. Rap.I.F.&N.,l8t,6s.l920.A&0
Eastern, Mass.— 6s, g., 1906. .M&.-i»122i4 122ij
98
58,1929
A&O lOS
do
Ist, 5s, 1921....A&0
ao
104
121
Sterling debs., 6a, g.. 1900.. M&s tll7
debent., 58,1933.M&N^ 102% lOaiai
do
Oalilor. Pac.— l8tM.,78,g.,'87.J&J '100
IO214
Eliz. City & Nor.— 3.F. deb. ,69. A&O
25-vrs. deb. bi; 1909
2dM..6s, g.,endC. Pao., '89.J&J 100
M&S ....
Istmort., 6s, 1920...
Eacan.&L.Siip., lat, 63. 1901. J&J 111
3dM. (guar. C. P.), 68, 1905. J&J 90
96is 97i9
Elizab.l.ex.&Big8.— 68. 1902.M&S
50
do
De3 M.&Mian'8,l8t.7s,1907.r&A 121
do
38, 1905. J&J
42is 43
Elmira&W'mspt— Ist Bs,1910.J&J 120
CaUfomiaSo.— Ist, 68. 1922. ..J&J
Iowa Mid., lat M., 8s, 1900. A&O 1321s 134
A&O
105
78,
peipetual
Penluaula, Ist, conv.,
'98. M&S
5a,
Camden & Atl.— l8t,78, g.,'93..J&J
A&O
Chic. & Mil., lat M., 7a, '98. .J&J i'ifia 12915 Erie .t Pittab.— '2d, now l8t....J&.l 103
2d mort., 6s, 1904
J&J
Cons, mort,, 7s, 1898
J&J 108
Mil. & Mad., lat, 6s, 1905. .M.&S. 114
Cons. 68, 1911
A&O 102
Equipment. 78,1900
Oam.&Bur.Co.— l8tM.,68,'97.F&A *114
Madi3on Exr., Ist, 78, 1911. A&O 1127
(126i«
104
100
7s,'87.J&J
103
12715
>s
Ext.,l8t.7«,191
&Crawt.—
1st,
Menominee
IJ&D
Evansv.
Canada 80.— l8tM.,guar.,1908.J&J
113%
Evaua.&T.H.,lstcon.,68,1921,J&J 113
2dmort., 58, 1913
M&S 81% 85 13 North weat.Un., l8t.7t<, 1917.M&8 f 127
102ia
10
i
lOijia
A&O
104
106
Ist,
68
Mr. Vernon—
OaroUna C«nt.— l8t,6a,g.,1920.J&J
Winona &St.Pet.—lst,7s,'87. J&J
1071a
2d M., 78, 1907. M&N 122
Evan3v.T.H.&Clii.— 1st, tis, g.M&N 102ia
2d. inc.. 6s. 1915
A&O 85 90
do
IllOis
130
IO6I3
111
A&O
=is.
0»tawl8sa-Mort.,78, 1900.. .FAA 126's
Fitchbure- 58, 1899
1909.. M&S
Ott. C. F. &St. P.,
115
A&O till 112
Cedar F.&Min.—l8t, 78, 1907. J&J t
Chic.R.L& Pac— 68,1917,coup J&J 131
58, 1900-01-02
119ia
112
A&0,tl.9
'91.
fill's
131
.F&A
132
Cedar R. & Mo.— Ist, 78,
68,1897
J&J
6a, 1917, reg
A&0,tl23ia 124
Ist mort., 78, 1916
M&N 128 1281s Exten. &00I. 5a. 1934
I&J lioia
78, 1894
la
114
1119%
120
A&O.t
2d mort.. 78, 1909. quar
68,1920.
J&D
Chic.& S. W..l3t,7a,guar..'99. .M&N
Flint & P. Marq.— M.
Cent. Br. U. Pac, l8t»,68,'95.M&N 103
Holly W. &M., l8t, 88, 1901. J&J
Chic. & St.Louia- Ist68, 1915, M&S io3"
Fund, coupon 78, 1895
MAN 103
92
Chic.St.L.&Pitt.— l8t,58,1932.A&0
Ft. Miidi.son&N. W., Ist7s.g.,190o 112
86I4
Atch.& Pike's P'k, Ist. 68, g. M&N 100
1st, 6a, 1921 . ...
Chic. & Gt. East., Ist, 7a, 93-'95. 100
Ft. Worth & Denv.
100
Atch.Col.&Pac.,l8t,68,1905Q.—
Frem'tElk'n&Mo.V.- 6s,l933A&0 II414 1141s
Col.&Ind. C, Ist M.,78, 1904. J&J ni8
121
97
Atch.J.Co.&W..l8t,«3,1905.Q,—
do
2d M.78,1901.M&N 106
Gal.Har.&S.A.— lst,6s,g.,1910F&A 106
115
Cent, of Ga.— l8t, cons., 78, '93. J&J 113
JtD 103
Un.& Logansp.,l8t,78, 1905. A&O 1113
2d mort.. 73. 1903
90is
95
Certificates of indebtcdoess. 68..
93
104
Cin. & Chic. A. L., 1886-'90
West. Div. l8t, 5s, 1931....
Cent. Iowa— New Ist., 78 '99. J&J &107
Cliic.St.P.Mln.&Om.— Con. 63, 1930 118
do
2d, 6s, 1931. ..J&J
Inc. bonds," debt certs.", 7s,A&0
36
A&O 66
6T*
Ch.St.P.&Minn. lat,63,1918M&N
123 ilGal.Hous.&Hen.— lst,5a
Eastern Div., l8t, 6«, 1912. .A&O
67
70
1.fe.1
North Wise, Ist 6s, 1930. ..J&J 118
Georgia,— 78, 1883-90
58 gold, 1U.!3

107

107=8

t

IWe

M&N

1

HO

.

C—

HO

M&N

I

,

Ilia.

Div., Ist, Os.

A&O

1912

Oent'lof N.J.— lst.M,7a,1890,F&A
7s, conv, 1902. assented

M&N

67

111% 112
1061a
1061s

Oon8ol.M..78,1899,a88ented.Q—
Adjustment bonds, 78, 1903M&N 107
Conv. deben. 68, 1908
M&N 64
Income bonds, 1008
M&N
Am. Dk.& Imp. Co.,5s,1921.J&J 88
l,eh.& Wilke8b.Coal.inc.,'88,M&N
Consol., 78,gold,1900,as9'd.Q-M 105
Cent. Ohio— Ist M.. 68, 1H90..M&8 103
Cent. Pac— Ist, 68, gold,'9.V98. J&J
B. Joaquin, Ist M., 68, g.l900.A&O ibe'
Cal. & Oregon, Ist, 68. g.,'88.J&.I 103
do
series B, ds, 1892 103
Cal.&Or. C.P.bonds, 68,g.,'92 J&J 106
land grant M., Os, g., 1890. A&O 1031a
West. Pacvf., Ist, 68, g., '99. .J&J nils
Oharl'te Col.&A.— Cou8..7s,'95.J&J 114>4
2d mort., 78, 1910
J&J 107
Cheraw & Darl.— Ist M.,88,'88.A&0 101
2d mort., 78
102
Ches. & Ohio— Pur. money fd.,1898 1121s
Series A, 1908
A&O 103
68, gold, 8er.B,lat.def. 1908. M&N 576
68, currency, Int. def.. 1918. .J&J
32
6s.
*

A&O.

1911

Ches.O- *,8.W.— M. 5-R8. 191

1

KAA

"si'

Price nominal: no late transaotloos.

St.

Chic.

Paul&S.City,lst63,1919.A&0 122
& Tomah.—Scrip, 1'J05
{118
M&N 108
Q—M 106

Chic.& W.lud.—S.fd. Ga, 1919
107% Generalmort., 6s, 1932
Cin.

651s

Ham. &Dayt.— Consol. 38 A&O

A&O
A&O

Consol. mort., 78, 1905

do

88I3

68,

&

1905

1

6s, 1H89
Georgia Paciflo -Ist,

120
114

J&J 107

6s,

1922. J&J

Gr.Rap.

& Ind.— 1st, l.g., g'd,

78, g.

Ist M.,7s, l.g., gold,not guar.
Ex land grant, Ist 78, '99

1041s 1051a

1120
1110

A&O

Gr.B'yW.&St.P.— lat,6a,1911.F.&A

I., 1st M., 7s, 1903.J&J (112
Cin. H.
2d,incoino3, 1911
1121a
Cin. & Eastern— 1st, 7s, 1896 J&J
30
50
Gulf Col.
S. Fe— l8t, 78,1909 J&J
1051a
2d mort., 78, 1900...
26
2d, 68, 1923
109
Consol., gold, 68, 1912
5
Han. St. Jo.- Con. 6s,19H..M&e
li5
Cin. I. St. L. & Chic— Con. 63, 1920 tl05
Housatouic— lat M., 78, 1885. F&A
108
Cln.& Indiana, lat M.,7s.'92.J&D
109
Ho'at.E.&W.Tex.— l8t,7s,'98..M&N
do
2d M.. 7s.'87-9 2. J&J 1 105
J&J
2d, 6a, 1913
1041s
Indianapolis C. &L., 78 of '97
tll3 115
a.&Tex.Ceu— lstm.,7a,guar.l891
108
Ind'apolia & Cin., 1st, 78,'88.
t lOJis 106
West. Div., Ist, 78, g., 1891 . T&J
104
Cin. Laf.&Ch.— lat, 78,g., 1901. .M&S tllUis
Waoo&N.W.,l8t,78,g.,1903.J&J
112
Cin. Nortliern.— lat, 68, gold, 1920
50
Cons, mort., Ss, 1912
115
Cin. Rich. & Chic— Ist. '78, '95. J&J li09"
Waco&N., 8s, 1915
110
Cin. Rich. & F. W.— Ist, 78, g. . J&D 1110
Gen. mort. 6s, 1921
1121s
cm. Sand'ky & CI.— 68, 1900. .F&A 1103 103 Is Hunt. &Br.Top-l8t, 78, '90..A&O
78, 1887 extended
.m&s 103 105
2d mort., 78, g., 1895

&

.

A&O

&

noi

A&O

.

A&O
A&O
F&A
Consol. mort., 78, 1890
A&O
J&D Il03'e;106
Cons. 3d M. 5s. 1895
Cin.&9p.— 7s,C.C.C.&I.,1901.A&O 1121a 113=8
til. Cent.— Ist M.Chic.& 8pr.'98J&J
~
122'
78, guar., L.8.& .M.S., 1901. .A&O 115
MiildleDlv. reg. 58, 1921... F&A
Cin. Washington & Bait.—
Sterling. 8. F., 5a, g., 1903. A&O
.

lOi-s

77
33

97
86

.

lat M., guar, 4ia9-68, 1931

2d mort.,
t

58.

1931

M&V

f&i

loo's lOlisI

7208173

Porohaser aUo pays accrued Interest.

1

•

45
119

1

1

In London.

i

46

15

102
81

90

27% 29
117

1171s
84=9 847g
ll6ia 11714

83

86

599»8 ibo"
95
§9 4

}96
8OI4

98
81

57%
110
113
901«

119
109

120

;io9

111
116
113

Sterling, gen. M..68,g.,1895.A&0! 114
I&D 1110
Sterling. 58.1905
(

109

30314

2dmort

Coupon oS,

I

Dhcxmbkb

S,

MJ

1

F
3
J

.

THE CHRONICLE.

168fi.l

645

QENF3RAL QUOTATIONS OP STOCKS AND BONDS

-flovTti«UBD.

for «pUo«tlon» gee Woi«« at Head of rirat Paca or Qaotatloaa.
Railroad Bonim.

Btd,

IIIInolH Ontrol— (CoDtlnnwD—
Chli'.Hl. I-.AN.O.— l«toon.7s,'97
2dmort (i», 11)07
Ten. Il«n, 78, 1807
6<i, lOfil, goUl
MiHK. Cnn., 2il inort., 88 ..^

J&D
JiD

A W.— l«t.

l9t inort., .V(),
5-(>,

pf.,78,

AiO
AAO

Income, 192 1

"is

^

00

East.Dlv., Ist iiiort.6s,1921.JAI>

do

Income

ASp.— l8t,

1900.AA3
2il inort., Ss, 1911
JAJ
2d mort., Income, 1906
JAJ

Ind. Duo.

JBl'

78,

Trust Co. cert
Npw l8t mort. 6«, funded ...
Ind'poliaA St.L.— l8t,78,1919.Var.
Ind'apollsAVln.— l8t, 78,1908. FAA
2d nicirt.. Gs, «., jtuar., 190l).MAN
Int. A (H.North.— l8t,68,1919.MAN
Oonji. (>», 1909
MAS
loolaA I^UHlng— l8t88,'89. ..JAJ
Iowa City* W(»t.—l8t,78,1900MA8

till

mi
100
114

83%
I1U>1

C—

2d mort., 69, 1900
AAO 115
Kau. C. ninfu A SpriUKfleld— 18,58 104
K.C.Kt.8(nit.tri.— l8t,78,1908JAD I117>j
1

,

Kalamazoo Al.&Gr.R.,l8t,88.JA.I
Kal.A Schoolcraft, lst,88,'87.J.tJ
Kal.A Wh. Pij<eon,l8t.78,'90..J&.I
Dividend bonds, "s, 1899... AAO
I..8.A M.S., cons., cp.,l8t,78. JAJ

do cou8.,reg.,l8t,78,1900.Q—
do CfU9.,op.,2d,79, 1903..JAD
do con9..ro!?.,2d, "8,1903. JAU
iawrenco— let mort., 7e,1895.FAA
L«nigh Val.— l8t,6e.coup.,'98.J&D
let mort., 6s, reg., 1898
J&D
2d mort., 7e, 1910
MAS
Gen. M.,

8. f., 68,

JAD

g.,1923

1913

.

.

27^ 29

Norfolk

139
107

Kewtown A
L.I.t;ity

let, 78, 1387
Fl., let, 78, 1891

MAS

AAO
Cecilian Br., 78, 1907
MAS
Louisville loan, Os, •86-'87..AAO
Leb.-KnoxT. 68, 1931
MAS

IjOuIsv.

a N.— Con8.l8t,78,'98.AAO

Louis. Ciu.

Mem.A

A

Lex., 68, 1931.

VaATnnn.. 4(h

M.,8a.

)|3«
106
lOS

I

110
to*

IM

do
extended 5«,1966JM
Carolina- M.. Sa, imn.MAlf
IM
iceig S?!55
North Penn.-2(1.7», IS0<I....MAII
138
I04>a
flan, mort., 7e, 1008
JAJ IM t>l%
111
New loan, tie, reg., 1905
MAS
821a
Northeast. H.(;.— lat M.,8a,'99,MA8 137'
78
do
Cone, let M.,8a,'01. MAS 1117*4 117%
3d mort.. He, 1899
MAM 1 26
as
do
ee,1891
MAS tioe
Nortbero, Cal.— let, 6a, 1907. JAJ 113
81
Joltet A N. Ind., let, 7a (snar.M.C.l 120
Northern Cent.— 4ia paro«iit..JAJ 1051a
Mlrh. A Ohio-let, 6e, 1923 ..MAN
8d mort., 6a, 1900
AAO 131
MIdd. Un. A Wat Oan— let mort..
Con. mort., 6e. g.,ooap., 1900.JAJ 131
2d mort. .^B. oimr. N.Y. 8. A W.
Oa,g., rag., 1900
118
AAO
Mil.US A W.— let M.. 68,1921. HAN iiiu 113
Mart. IxU., 5a, 1026, asrlesA JAJ
109>t
Mich. Div., let. On, 1924
JAJ 108
do
aerbia B.
109
l8t, Inroinea
85
Con. mort. st(r. 6a, g., 1904. .JAJ 131
114
91
St. P. E. A Or. Tr'k, lat, )ni«r..ie8.
93
Northern, NJ.— lat M.,6a,'88.JAJ ttoo 103
Mil. A No.— let, 6», 1910.... JAD
102
North. Pac., P. D'O DIt.—6a, MAS. »I03
let, 68, 1884 1913
JAD
Mo. Div. 6a, 1919
MAN nojx,.
Minn. A St. L.— l«t M., 1927. .JAD 130
Gen'l I. g., 1st. 6«. 1931
JAJ ii3>« itm
84
let M., Iowa CItyA W., 1909.JAD 119
GenT I. g., Ist, 6a, reg
JAJ
ill>a
112>«
2d mort., 78,1891
JAJ 101
Gen. land gr.,2d, 6a, 1933^. AAO
91>k 91>t
8outhweet.Ext.,l8t,78,1910.JAD 114
Norw'hAWorc'r— 1st M..6s.'97.JAJ I117>a 119
123
Paclflc Ext., let, 6*, 1921.. AAO 108
0{id'n8b'gAL.Ch.— 1st M.6a,'07 JAJ 10ft 108 1«
MIee.A Tenn.— let M., 88,8erle8 "A" 11819 1201a
Sinking fund. 8s,1890
MAS tl09 113
88, »erleB"B"
JAJ 92
941a
Coneol. ,6b, 1020
AAO t94lt 95
116
Mo.K. A T.-Cons. aae.. 1004-6.FAA 113%
Income, 3s A 6b1920
38
39
118
Consolidated 6e, 1920
JAD 89 14 891^ Ohio CentralOoneolldated 5e, 1920
JAD 76
River Div., let, 68, 1922 ....MAS
10
13la
let, 68, g., 1899. (U. P. 8.Br.)JA)
do
income, 6e, 1922
1
1«
104 >4
2d mort., Income, 1911
AAO
OhloA Miss.—Cons. 8.F.7s,'g8.JAJ 123 134
118
Boonev'e B'ge,7s,guar,1906.MAN
Cons, mort., 7s. '98
JAJ 123 134
125
Han. A C. Mo., lat 7b. g., '90. MAN 105
2d mort., 7s, 1911
AAO
llftl*
110>« Mo.Pac— Ist mort.,68,gld,'88, FAA 106
Ist gen ,58, 1932
JAD
781a
124
Conaol. 6s, 19'20
MAN 104% 1041a letmort..8prlngf.Dlv.,1905 MAN
97
111
2d mort., 78, 1891
JAJ 113
Ohio Southern— let 6a, 1021 .JAD
100
Car. B., Ist mort., 68, g. '93..AAO t....
40
2d Income, 68, 1921
41
71
3d mortgage, 78,1906
MAN
113% Old Colony—6s, 1897
PAA tl21
Income, 78, 1892
MAS
JAD 1119 130
68, 1895
Mobile A O.— let pref. debentures
65
MAS »133ia 134
78, 1894
31
2d pref. debentures
40
4ia8, 1897
JAD 110 110%
,
87
3d pref. debentures
37
Bost.C.AFltchb^l8t.7s.'89-90JAJ 1112
113%
4tli pref. debenturea
33
B. C. F. A N. B., 5e, 1910 ..JAJ 115
11S1«
90
New mortgage, 6a, 1927
JAD 109
N. Bedford RR., 78, 1894 ..JAJ 120
1931
MAS
B«,re«., 1931
MAP
Kalama(onAS.II.,lat,8a,'0O.MAN 1110
J.L.A8a«.North Kxt.,8a.'90.MAN

.

1

1 10
1123

1

110%
6:

107 >a
88
29
84
25
88

30

.

1

. .

12m

,

1

Si's

101%

Collateral trust 68, 1892
1st cxtcueion 6s, 1927

JAJ

Q—

AAO
Morris A Essex— let, 78, 1914 MAN
1st mort., 7s,

101

1918

2d mort, 7s, 1891
FAA
Bonds, 78, 1900
JAJ
107 1071s
General mort., 7e, 1901
AAO
Coneol. mort., 78, 1915
JAD
iba'
Nashua A Low.— 68, g., 1893. FAA
122
58, 1900
129 130
Nashv.Ch.A St.L.— lat, 7s,1913 JAJ
128
2d mort., 6s, 1901
JAJ
118 119
let, Tenn. A Pac, 68, 1917.. .JAJ
120 1«
Ist, McM. M. W.AA.,68,1917.JAJ
Na8hv.A Uecat'r.— l8t,76,1900.J&J
123
Natchez Jack. A Col.— let, 78. liiln
123
Newark A N. Y.— let, 78, 1887.JAJ
139
New'kS'eetAS.- l8t.78,g.,'89.MAN
127's
N'burghAN.Y.- lat M. 78,1888.JAJ
tioeia 107
New Jer.sey A N. Y.— let mort

la

107

.1

Morg'n'8La.ATex.,l8t,es,1920.fAJ

115=8 118
izr

tlOl

Mort., 7s, coup., 1903
JAJ
Mort., 78, reg., 1903
JAJ
Delienture 58, 1901
MAS
Sterling mort., 68, g., 1903. ..JAI

A Flushing— l8t,6a,1911

liOn'T.C.A Lex.— l8t,78,'97 JAJ(6H)
2d mort., 78, 1907

Soath SIda, Va., 1 It. 8a,'M
do
3d M., sat.,!
do
3d M.. «a,'<MI

MM

6». 1909
58, coup.,

1064
115% 141
140''8

115

114

Panama—Sterl'g M.. 7e. g. '97.AAO

;109
Sinking fund sub.. Os, 1910.MAN
tlOO
Subsidy bonds. Eng. Issue, 68

123 >«

129

12914 ParlsADec'fr— lstM.,7s,g..'92.JAJ

110% 111

Pennsylvania
Uen. M.,6s,

llOia 111

126

114
110

115
111
122 >9 123
105

MAN

s:.,1901JAD {119
M.AClark8v.,8fg,68,g.,1902 FAA; [H*
N. O. A Mobile, let Oe, 1930. JAJ lOl'a
aa.e.s, 1930 ...JAJ
87'«
do
Pensacola Div.,l8t,68,1920..MAS
93^
Bt. Louie Div.. 1st, 68, 1921. .MAS 106
do
51
2d., 38., 1980. MAS
Hash. A Dec., let 7e, 1900.. .JAJ 1171a
E. O. AN., let 68, 1919
JAD
Gen'! mort., 68, 1930
JAD 103 14
Bo. A No. Ala., S. F.,68, 1910 AAO
951a
let mort., sinking fund, 88 .... 106
Trust I101UI8, 6e, 1922
Q—
98
Ten-fort V 68. 1921
87
Penea. A All.— lBt,88,gu,'21.FAA
85%
99I1
I/ST.N.A.A Chic— l8t,68,1910. JAJ
Gen. n-on. 6s, 1914
AAO
liO'lsv.N.O.ATex.— l8t.58,1931MAa
90%
Maine Cent.— Mort. 78, 1898. ..JAJ tl21
Exton. bonds, 68, g., 1900.. .AAO 1110
Cons. 78,1912
AAO II '25
Androecog. A Ken.,68, 1891. FAA 1106
Leede A Farm'gt'n, 68, 1896.JAJ H09
Portl. A K.,Con8. M., 68, 'OS.AAO 110
Debenture, 6s, 10-20
106
0.,8tl., M.,78,

121
119
102

New York

Central— 68, 1887.JAD

N. Y.Chic.A St.L.— l8t,68,1921. JAD

2d 69, 1923
MAS
N.Y.CityA No.-Gen'l,68,1910MAN
Trust Co. receipts
N. Y. Elevated.- Ist M., 1906.JAJ
N. Y. A Greenw'd L.— let M. inc. 68

2d mortgage income
il.Y.AHarlem— 7s,ooup.,1900.MAN

87% N.Y. Lack.A W.— l8t,68, 192 1. JAJ
•2nd, 58, guar., 19-23

FAA

130

Foroliiwur

111

105

40

130
1910. .AAO 130
121
121

JAD 110
Q.— 110
68, reg., 1907
do
let M.,4ias, 1921.JAJ 102% 103%
Penn.A N.Y.Can.- 1st. 78, '96. JAD 123
JAD
Ist mort., 79, 1906
Coneol. 5e, 1919

Penn. Co.,

104
100
98
90

Pensacola A Atlantic -Ist m..PAA "85%
Peo. Deo. A Ev.— let, 6s, 1920.JAJ 105%
42
Incomes, 1920
98
Evansvllle I>tv.,lst 68,1920.MA8
41
138
do
Income, 1920....
134 138
105
Peo. A Pekln Un.— l8t,6s,1921.Q—
1061s 106% Perklomen—1st M., 6s, 1887.. AAO
123
tl2l
Cons. mort.. 68. 1913, sterling
1U6% 107
Petersburg -Class A, 1926 ....JAJ
AAO 99%
80% 90 13 Class B, 1926
60
66
Phila. A Erie—2d M., 7s, 1888.JAJ 111
56% 58
Gen. M.. guar., 6s, g., 1920. .JAJ tl21
SunbiirvAErle, l8tM.,7s.'97.AAO
561a 571a
12413 125
Pa. A Beading— let, 6a, 1910. .JAJ 110
25
AAO 116
30
2<L78, '93
13%
3
JAJ
8
Delienture 6s. 1893
135 1.36
Con8ol.M.,78.1911, reg.A op.JAD 119
JAD 110
12514 127
Consol. mort., 68. 1911
104 105
Improvement mort., 68, '97. AAO 99%
.

I

t

96

91%

Q—

1910

cp.,

Gen'l mort., 6s, reg.,
Cons, mort., 68, reg., 1905. .Q—M
do
68. coup.. 1905. -JAD
CoUateral trust, 4ias, 1913. .JAU

N.Y. L.E.A W.-lst,78.'97,ext.MAH 125 126
2d mort. exten., .58, 1919 ...MAS lllia
3d mort. ex. 4158. 19'23
MAS 106
117
4th mort., ext., 5s, 1920.. ..AAO 111
103 13
JAD lOSia 108
5th mort., 78, 1888
101
MAS 127 128
let cons. M., 7e, g.,1920
110
JAD 89
New 2d cons. 68, 1969
100
Collateral Tr. 6a, 1922
MAN
MAN
891a
iBt oon3. fund coup.,78,1920 MAS 120
8Si£
JAD
2d C0D3. f'd cp., 59,1969
101
Reorganizat'u lat lien, 68, 1908
58
Gold uoome bonds, 68, 1977
9058
117
Long Dock mort., 78, 1893.. JAD
S123%
124
122
N.Eng.—
Ist
.M.,
1905JAJ
78,
N.Y.A
112
JAJ SII31S 113%
Ist mort., 68, 1905
127
FAA 104 >s 105
2d mort., 69, 1902
113
107
N. Y. N. U. A H.lst r. 48,1903.JAD
111
1905 ;39ie 40
lat,
inc.,aco.78,
O.—
N.Y.Pa.A
108
111
prior lien,ino.ao.,5-68,'95 (104
do
:i2ia 131a
108
2dmort. Ino
Man.Beach Imp.,llm.,79, 1909.MAS
78
ten
6%
3d mort. Ino
N.Y.&Miiii. Beach. l8t7s.'97,JAJ
64
tr'st'73,Tm9.cer.7s
{62
L'Bed L.rental
Marq'tte Uo.ji O.— Mar.AO.,88, '9 ni2ifl i'li"
58
West. ext. oerlifs, 88, 1876.. JAJ (53
68,1908
58
MAS 99% 100
!53
do
78, guar. Erie
do
6e, 1923, new
JAD 87
88
N.T.Prov.AB'n- Gen. 78, 1899. JAJ
Hem.AL.K'ck— lstmort.,88, 1907. 115 1-20 N.Y. Susq. A W.- Ist. 68, 191 1. JAJ 5781a 791a
Hemph.A Cliarl.— l8t,78, 1915.JAJ
FAA ise 57I9
Debentures 69 1897
2d mort., 78, extended
99% 100
JAJ
Midl'd of N. J.-l8t,68,1910.AAO
Ist COII80I. 78, 1915
JAJ 107
N.Y. West 8. A Buff.-58, 1931.JAJ
II9I9
lat, cons.. Teun. lien, 78. 1915 JAJ
45%
Trust Co. receipts
Metrop'n Kiev.— let, Bs, 1908. J.S.I 116
02%
Receiver's oert
2d 68. 1899
MAN IO7I8 1071a Norf'k AW.—Gen'l M.,68,1931 MAN 102
Mexican Cent.— let, 78, 1911.. JAJ
AAO 98
48% 48 19
New River 1st 68, 1932
81
Incomes
90
1418 14%
Impr. A Exten., 68. 1934.. ..FAA
Debenture lOe, 1890-95
Q.— M. 79 30
AAO 89
Adfuitment 78. 1924
891a
Borip lOs. 1889
JAJ 901a 91
NorrkA Pet«rsh..2d.8e. '9;i.JAJ 110 111
*Priue aomlual; no late traosaotioas.

PramighamA Lowell, Ist, 5s.'9I I
JAJ 194
2dmon., 78
OregonATranscont.—68,1922MAN 91
Osw.ARome— Ist M., 78. 1915.MAN 123
Oreg.ACal.— IstOe, 1921

L. Miami— Kenewal 5s,1912..MAN
lUO
L.RocKAFt.S.— l8t,I.Kr.,78'95.J&J 1101* 110% N. J. Southern— l8t M.,new 6s. JAJ 183
86
Long Island- letM..78, 1898.MAN 123
112
N.Y. A Can.-£ M.. 68, g., 1904.MAN tllO
l8t COU80I. 58, 1931
Q— 108 1081* N.Y.Cen.AH.-Debt cert. ex.SsMAN 104%

South Side,

SAIUH>A»BOntl
A W««fa-(OM«la'

.

20

I'a Falls A Sloiix
l8t,78,'99AAO I122\
Jefferson— Hawl'y Br. 78, '87.. JAJ
90
let mort., 78, 1889
JAJ 10S>9
Jefl. Mad.A Ind.— l8t,78,1906.AAO tllS
2d mort.. 78, 1910
JAJ 117
Junction iPliU.)—l8t,4'a8 1907 JAJ 117>«

Pleas. H II A De Soto, 1 st 7s, 1 907
Kanaa-H V. Lawr. A So. 1st, (is. i;)On
K.C.8t.Joa.AC.B.—M. 78,1907. JAJ
K.€.8)>r.AtMem.— l8t,68,l923.MAN
Kentuolrv- Central— 68, 1911... JAJ
Stampi'd 48, 1911
JAJ
KeokukADea M.— l8t.58,Kuar.AAO
L.Er1e A West'u— l8t,68,1919.FAA
Income, 78, 1899
Sandusky Div., 69, 1919 ....FAA
income, 1920
do
Laf. Bl.A Mun.,l8t, 68,1919. MAN
do
income, 78, 1899.
Lake Shore A Mich. So.—
Oleve. A Tol.,2d M.,78,1886.A&0
CI. P. A A9h.,new78, 1892. .AAO
Bofl.AE., new bd8, M.,78,'98.AAO
BufT. & State L., 7s, 1886
JA.1
Det.Mon.A Tol.,l9t,78,1906.F&A

fla,

lat M. on Air Linn, 8a, 1890.JAJ • Itl
iVt%
Atr Line, Ut M., H«, guar. ..MAN 1108% 110
Od. RlT. v., let 8«, guar.,'8G.JAJ 1100 101

112>a

1900JAJ

1909
1909

««.

AAO
Ulota.Cnnl.-Consol., 78, 1003MAN
Conwil. 58, 1902
MAN

lie
120

100
N.O..Iaok.4!Ut.N.,lHt,88.'8eJA.I tl03
do
2dM.,88,'90.ctf8.AA(> 113
do
2il luort. debt
AAO 113

Zdimirt.,

Railroad Boms.
Hezlcan Nat.— Ut.

198

MAN

Ind. Bl.

Aik.

aUo paysjuoorued iuterosU

t

JAJ
JAJ

Gen'l mort., 69, 1908
Convertible. 79, 1893
Cons. 58. 1st series
Cons. 58, 2d series

Conv.

aiii.

MAN

FAA

Scrip for 6 deferred

"a

coupons

Deferred income

Income mort.,

cons. 7e, '96,

.

JAD

47
93
80
107
100
113
123

99!%

80
24
36

JAJ

1888

scrip,

44

30
4

40
23
33
33

43

'CoalA I.. guar.,78.'92,ex-ap.MAS
PhUa. Wll. A Bait.—6s, 1892. .AAO 1108
AAO 115
6s, 1900

110
118
JAD 106% 107
58. 1910
100
JAJ
Trust certs., 48, 1921
65
80
Plttsb.Bradf.A «.— l8t,6«1911AAO
130
Pittsb.C.A St.U— l8t,7s, 1900.FAA
AAO
2d mort., 7s, 1913

Pitt8b.Cl.AToI.-l8t,68, 1922. AAO
PittsU.ACon'UsT.— lstM.78,'98.J.W 125
136
Sterling cons. M., 6s, g.. guar.JAJ tl24
Plttsb.Ft.W. A 0.-l8t.78.f912 Var 141
133%
140
JAJ
2d mort., 7s, 1913
AAO 131
3d mort., 7s, 1912

106%

Plttob.
Plttsb.

McK.A Y— Ut,6s,1932.JAJ

A West.- Istmort.......... 63
Portl'ndAOgb'g-lBt68,g^900JAJ 100
35
Vt. div., Ist M.,68,g.,I891..MAN
Port Royal A Aug.— l8t,6s, "Og.JAJ 103
35
-JAJ
Income mort., 68, 18i>9
Ren.A8'tog»-l8t 78,1921 00U.MAN 140
Rloh'd A jQlegh-lst, 7s, 1920.JAJ
69
Trust Co. receipts
MAN
2d mort, 6s. 1916
106
Biob'd A Danv.—Oon.,68,'90..MAN
JAJ 113
General mort., 6s. 1915

69

40

••>•
143

73%
78

113
AAO 88% 89%
Debenture, 68, 19'J7
Piedmont Br.. Ss. 1838. ,...AA<) lO-* 10^

la Loudon.

}

Coupon

off.

r
K

F
..

.

'

THE CflRONICLR

646

[Vol.

XU,

GENERAL QUOTATIONS OP STOCKS AND BONDS—Continued.
For Bxplaaatlons See
Bid.

Railroa^d bonds.
Rich. Fred.

& Potomac— 6s,ext.J&J 110
J&J 118

Mort, "8. 1881-90

&

Bloh.

Virginia

l8t,

6S.1921...F&A

J&D

Consol. l8t, 63, 1922

income. 1921
BomeWafnAO.—S.F.,78,1891.J&1)

do

2d mort.,
Ck)nsol.,

78,

J&J

1892

latex. 5e, 1922....A&0

114
84
113
103
54
108
107
83
41
1106

F&A

2d mort., pref.. 78, 1894
2d Income, 7s, 1894

M&N

Div. bonds, 1894
BeUev.<feS.IU.,lst,S.F.88,'96.A&0
Bt. Louis A I. Mt.— lst,7a. '92,FAA
2d mort., 7s, g., 1897
Ark. Br. 1. gr., M., 78, g., '95.J&D

84
411s
IO6I9

83
1041s

58

110
110
104
103
103
105
105
106
951a

llOis
S3
105
105
103 14

9578

122
100

M&N
M&N

2d mort., 78, 1898
2d. 78,g>iar., '98
Bt. P. & Duluth— l8t, 58,1931.F<feA
BtP.JOnn.A Man.— l8t 78,1909 J&J

1113H
1081s

lU

A&O
2d 68. 1909
Dak. JExt.. 6». 1910
M&N
let consol. 6a, 1933
J&J
Mlnn'6 U'n. let, 6s, 1922 ....J&J
Bt.P.&Nor. Pac— l8t,68,1923.F&A

lie's

116%

115
115
103
78,1902|tll7

115
117'

105

Gulf, cons. 78, 1897.... J&J llSij 120
8.Ga.& Fla., Ist M. 78, 1899, M&N]tH7
Boloto Vai.— l8t,78, 8lnk'gfd..J&J, 85
88
42
47
2d mort., 78, eink'gfd
Consol. 7e, 1910
55
J&J 45
Bhenandoau Val. -l8t.78,1909.J&J
66
70

A&O

94
36

Consol. mort., 68, gold, 1905. J&D

and land

65
65

115
IT

Land grant, incomes, 1920.

Mo. & Ark. DiT., 1st, 68
1911
Tol.A.Ar.&N.M.— l8t,6s,1924.M&N
77
Tol.A.A.&Gr.T.,l8t,68,1921.J&J t85
Tol. Cin. & St. Louis— Ist mort.

471s
5914
56'8
6314I

75
20
52

I

88

Income

B.— Istmain, 68. 1910
main line, lac, 68,1910
Ist Dayton div.,68, 1910
Day. Div., inc., 68, 1910
1st terminal trust, 68, 1910

Tol.Del's&

do
do
do

Tol.

ToL

&

Ohio Cent.— Ist,

P.

7s,

& West., Ist

5s, gu.l935
1917 .«• "

I'^B

20
2

^

m

M&N

3d mort., income
..'.
10
Va.MltUaud- Ist ser.,6s,19d6.'M&8 116
gd series, 68, 1911
M.ts 112
• Priee nominal; no late transaction*.

.

9
61

Columbus
Col.

.

<

.

,

9308
113
111

Hlh

loo's

98%
95

..

85
112"

"50

118
114
I

t

171s
5414

12
64

3
3%
1421s 1421s

I

115''8

75
96
43

3

I

891s

9\i

1887-9.... A&O
Blnk.F.,8s, 1893
M&S 121
Beg. 8s, 1893
m&8 120 13
Om. Bridge, sterl. 88, g., '96.A&0
Oollaterai trust, 6s, 1908 ....J&J
do
5s, 1907. ...J&D
Kans. Pac, let, Os, 1895. ...F&A II214
do IstM., 68, 1896
J&D 109 14
do Deuv, Div., 68
do l8t cons. M.,68,1919 M&N
99 14
Oregon Sliort-U, 68, 1922 .. F&A
Utah Cen.— 1st M., 6a, g., 1890. J&J 98!^
90
Utah So., gen. M. 78, 1909... J&j
90
do eiteDs'n,l8t,78,lS09J&J
rtu
Utloa &Bl'k R.-Mort.,78. 91.J&J 110
Ver. & Mass.— Guar. 5s, 1903
nils
•otal'. & Mer.— New 1st mort.
2d mort
"ii'

M&N

17

54

I

88I3

. .

Land Grant, 7s,

50
Cin. Sandueky & Cleveland
Pref., 6. .50
do
52
100
Cin. Washington & Bait
8.i
87
pref.. 100
do
10318 104
Clev. Col. Cin. & Indianapolis.. 100
109 14 llOis Cleveland & Canton
991s Clev. & Pittsburgh, guar., 7
50

75

,

Trust Co. receipts
921s 94"
United Co'sN. J.— Con8.,68,'9i.A&b 112
Bterllng mort., 68, 1894.
M&S 1112 114
do
69,1901
M&S tl22
_.
C^m. & Amb.,mort., Os. 'SO.M&N 108 125

Union Paciflo-l9t,6s,g.,'96-'99J&J

74

40

& Xenia. guar., 8
50 150 155
32
34
Hock. Val. & Tol
100
F&A
Columbia & Greenville
100 "48" '56'"
1071s 108%
do
Pref
100
871s
Concord
50 106 107
do 0m.Div.,lst78,1919.A&0
59
Concord & Port8moutl>,guar.,7 100 115 120
do Clar. Br., 69, 1919..F&A
88
100 85
do No. Mo., Ist, 1895...J&.1 1151s no's Connecticut & Passumpsic
92
95
Connecticut River
100 170
do St. Cha's Bridge 68, 1908
Danbury & Norwalk
Wab. Fund. 1907— Var. 7b. F&A
50
F&A
Various 68
do
Dayton & Michigan, guar., 3ia..50 601s
62
150
do
Pref., guar., 8.50 148
W.St. L. & P.— IowaD.68.1921M&8
55
Trust Co. receipts
Delaware & Bound Brook
100 13114
Delaware Lack. & Western
Warren (N.J.)— 2d, 78, 1900 ..A&O 120'
50 12118 'i2i\i
Denver & New Orleans
W. Jersey & At. Ist M.,68l910M&S 108
J&J 117
211s 22i«
Denver & Rio Grande
West Jersey -Ist, 68, 1896
100
I714 IS
A&O 124
Denver & Rio Grande Western
Ist mort., 78, 1899
3
A&O 1141s
Consol. mort., 68, 1909
Des Moines & Fort Dodge
110
7
West'n Ala.— 1st M., 88, '88.. .A&O 107
do
do
Pref.
A&O 108 112 Det Lansing & Northern, com .100 68 70
2d mort., 88, guar., '90
110
102
End,l8t,68,1890.J&J
Maryl'd—
103
ff'n
do
do
Pref. 100
61
J&J 1061s
65
1st mort, 68, 1890
Dubuque & Sioux City
100
112
6%
6s,
1895
J&J
2d
mort,
End.,
7
East 'Tennessee Virginia & Ga.lOO
10% 11
J&J 107
2d mort, pref., 68, 1895
do
do
Pref,
65% 66
2d, end. Wash. Co., 68, 1890 J&,I 106
Eastern (Mass.)
100
J&J 120
3d, end., 68. 1900
Eastern In N. H
100 951s 96
W'nNo.CaroIina-let,7a,1890.M&N 111
Eel River
100
86
42
J&J
Consol. 6s, 1911
Elmlra& Willlamsport, 5
50
58
iVest'nPenn.— l8tM.,6s, '93..A&0 109
do
Pref., 7. .50
J&J 110
Pitts. Br., 1st M., 68, '96
Erie & Pittsburg, guar., 7
50 105 108
66
Wheeliug & L.Erie— Ist, 6s, g., 1910
68
EvansvUle & Terre Haute
50
116% 11713 Fitchburg
Wilm. Columbia & Augusta, 68
100 ligij 120
123
16
W11.& Weldon— S. F., ua, g., '96. J&J 117
17
FUnt &Pere Marquette
87
86
Wisconsin Cent.— lat aer., 58, 1909
871s
88
do
do
Pref
44
45
2d aeries, 78, 1909, if earned
Fort Wayne & Jackson
Wis. Valley— Ist 78, 1909
J&J 124% 125
do
do
Pref
Var. IIOI4 no's Port Worth & Denver C
23
SV orc'r & Nashua— 5s, '93-95
23
100
Na8h.& Rooh..Kuar..58,'94.A&0 IIOI4 no's Gal V. Harrisb. & San Antonio
16
10
STOCKS. Par.
Georgia Pacific
ISig
9
Ala. Qt. South.— Lim., A., 68,pref..
Georgia Railroad & Bank'g Co. 100
1314
Lim., B, com
3% Grand Rapids & Indiana
Ala. N. O. & Pac, &c., pref
3>s Grand River Valley, guar., 5.. 100
lifl Green Bay Wiuona & St Paul. .100
do
do
def
10
Albany & Suaqueh., Guar., 7... 100
do
Prof
100
Allegheny Valley
78
50
Harrisburg P. Mt. J.& L., guar., 7.50
Atchison Col. & Pacific
35
38
Houston & Texas Central
100
87ie 8714 Huntingdon & Broad Top
Atchison Topeka & Santa Fe. 100
10
50
Atlanta & Charlotte Air Line
84
85
22
do
do
Pref.. -50
Atlantic & Pacific
100
9% 10 mtnois Central
lOO I37ia 1381a
91
A.ugusta & Savannah, leased
100
91
do
Leased line, 4 p. c 100
23
Baltimore & Ohio
100 177 135
2314
Indiana Blooraington & West'n 100
Ist pref., 6
do
100 135
Indian. Decatur & 8p., com..
do
2d, pref
125
do
dn
Pref... 100
Washington Branch
100 230
74
76
Iowa Falls & Sioux City
100
ParkersDurg Branch
100
80
51a
Jeft'v. Mad. & Ind'p'a, leased.. 100
Boston & Albany
120
100 xl77 177'<i Jollet& Chicago, guar., 7
100
Bost. Con. & Montreal., new... 100
10
12
86
90
Kansas City Ft. Scott & Gulf. .100
do
Pref., 6. ..100
95% 06
132
do
do
pref.. 100 130
Boston Hooaac Tun. & Western
6
641s 65
Kans. City Springt.& Memphis
Boston & Lowell
II8I4 Kan. City CUuton & Springfld.lOO
100 118
62
64
Boston & Maine
100 180 14 181
Kentucky Central
100
Boston & N. Y. Air-Line, pref
95
95
10
10
Keokuk & Des Moines
100
Boston & Pi-ovidence
100 182 183
do
Pref
100
Boston Kevere Beach& Lynn. .100 12 i
123
Lake Erie & Weatern
161s I714
100
5018
Brooklyn Elevated., new
8718 87 14
Lake Shore & Mich. So
100
Brooklyn &Moutauk
100 10
57 14
Lehigh Valley
50 5 57
do
Pref
35
100
4314
Little Rock A Fort Smith
100 43
Buff. N. Y. & Erie, leased
100
I5OI4
Little Miami, leased, 8 guar
50 150
Buffalo N. Y. & PhUadelphia....
10 14
Little SchuylkiU, leaaed, 7
50 i 55
do
do
Pref.
151s
79
79
Long laland
50
Burlington C. Rapids & North.. 100
80
20
21
I.ouiBiana & Mo. Riv. Com
100
Cairo & Viucennes, pref.
40
47
Pref.
do
California Pacific
7
46% 47
LouisvUle & Nashville
100
Camden & Atlantic
15
50
34
3S
Louisville New Albany & Chic. 100
do
Pref
50 351s
Macon & Augusta
Canada Southern
42
100
43
120
Maine Central
100 117
Canadian Pacific
100 56I4 5612 Manchester & Lawrence
100 I99I3 200
Catawissa
50 }15
15
15
Man hattan Beach Co
100
let pref
do
50
53
Manhattan R'y, consolidated ..100 117% in\
do
2d pref
50 19 Marq. Houghton & Out
50 48
100
251s 26
Cedar Falls & Minnesota
14
100
16%
75
77
do
Pref
100
Central of Georgia
100 74
76
36
38
Memphis & Charleston
25
Central Iowa
22
loo
23
Metropolitan Elevated
100 150
do
Istpref
100
23
12'8 13
Mexican Central
„.100
do
2dpret
100 21
23
514
Mexican National
41s
Central Massachusetts
100
4% 5
17
do
pref
pref. 100
18
19
. do
Michigan Central
„
^
100
761s 78
Central of New Jersey. . . .
100 45
45 la Michigan & Ohio
CentralOhio
50 50 14
do
Pref
.'.'.'...'.'.50
do
Pref
58
Midland of New Jersey
15
Central Paciflo
lOO 42% 431a Mil. Lake Shore & West
25
100 24
Charlotte Col. & Aug
" 100 36
39
52
do
do
Pref.. ..100
531s
Chesapeake & Ohio, common ..100
11
12
Milwaukee & Northern
100
do
lat pref. ..100
18
19
Mine Hill & 8. H, Ic-taed
50 5 59>s
2dpref....lO0
13
13% Mluneapolis & St Louis
22
22 >s
100
™, V. ^°
Cheshire,
pref
100 99% 100
do
do
49
50
Pref... 100
Chicago & Alton
100 1371s 139
33i«
3314
Mieaouri Kansas & Texas
100
Chicago & Atlantic
.
Missouri Pacific
IO414 104%
100
Chicago Burlington & Qu'inoy'iioo 1321s 1331a .Mobile & Ohio
1473 16
100
Chicago & Canada Southern
" MoiTis & Essex, guar., 7
3»s
50 130 131
Chicago & East Illinois
47 1«
65
45
Naahv. Chat & St. Louis
25
Chicago & Grand Trunk
4
Lowell
Nashua
&
147 150
100
Chicago Milwaukee & St. Paul. 100
95 >s 95 14 Newburg Dutchess & Conn
do
Pref.. 7.100 11513116
do
do
pref....
•

15

821s Cin. Indianap. St. Louie & CliiclOO
Cincinnati & Milford
Cincinnati N. O. & Tex. Pac
100

.

82% 83

lexas&St. Louis— l8t,69,1910 J&D

P.

. . .

116
100

1915. July
4614
1st (Rio Or. Dfv.), 6s, 1930. .F&A
do
ex Aug. coup.
5918
Qen'l mort.& term'l 68, 1905 A&O
N.O.Pac, l8t,68,gold, 1920. J&J 1162%

St

.

133%

gr., reg.,

33
3G
pref
100
Minn. &Om.,com..l00
401s 40%
103
104
do
pref. .100
51
52
100
aiicago* West Michigan
95
96
100
Cin. Hamilton & Dayton
103
Pref
do

do

Chic.

. .

10358
loo's
100

110
Bummit Br.— Isc, 78, 1903
J&J 103% 110
Bunb.Haz.&W-B.— l8t,59,1928M&N 103Js
2d mort., 68, 1938
M&N 96 97
Bnsp.B.&ErieJunc— 1st M.,7s
107 110

Inc.

80
99
125
55

RAILROAD

107%

ftrr.Blng.&N.Y.—consol.78,'06A&O
Tex. Cent. -lst,8k.fd.,7B,1909M&N
Ist mort., 79, 1911
M&N

63
113

95

M&N
M&N
M&N

.

1051s

101

34
58

81%

100

Ask

II314
1361s 137
127 1271s
11
16

I

&

29
105

Bid.

1 00
& North Western
Pref., 7.. 100
do
Chicago Rock Island & Pac... 100
100
Chic. St Louis & Pitts

I

8»ndu8kTMaus(.& N.— Ist,
Barannah Florida & West.-

General mort, 68, 1921
A&O
Bloux O. & Pac, lat M., 6s,'98.J&J
Sodus Bay& .So.— l8t,58,g.,1924J&J
Bo. Carolina— 1st M.,68,1920.. A&O
2d mort., 68, 1931
J&J
Income 6s, 1931
Bo. Cen. (N.Y.)— Consol. mort., 58..
Bo.PacCal.— l8t,68,g.,1905-12 A&O
Bo. Pac.Ariz.— lst,68,1909-10.J&J
Bo. Pac. N. M.— 1st, 68, 1911 .J&J
aoutliwe8tem(Ga.)—ConT.,78,188(;

III
76

Q—
F&A
F&A

&
&

112

Bt.L.Vand.&T.H.-l8tM.,78,'97..T&J

& New Orleans— lst,78. F&A
Babine Div., Ist, 68, 1912... M&S
Texas & Pac— 1st, 68, g.l905 M&S

66

99
60

Ili.,l8t,7s,'88
2d, 78, '93....
do
Tol., 1st, 78,'90 ....
Q'ncy
Han. Naples, l8t, 78, '88.
U1.& 8.1a., l8t, 69, 1912
8tL.K.C. &N. (r.est.A R.),78.M&S

llOij Ill's

J&D
J&J
F&A
MAS

Texas

100 14

1916

West,

Railroad Btookb.

Ask.

Chicago

J&J
Chic. Div., 58, 1910 gold
J&J
Havana Div., 68, 1910
Indianap. Div., 68, 1921 ....J&D
J&J
Detroit Div., 6e, 1921
Qulncy Mo.& P.,lst,68, guar. 1909
J&J
Cairo Div.. 5s, 1931
Gt.

115%

Cairo Ark. & T.,lflt,78,g.,'97.J&D
Cairo & Ful., l8t,Tg.,78,g.,'91.J&J
Gen. con. r'y & 1. g., 58,1931A&0
Bt.L.A S.Fran.— 2d, cl.A,1906M&N
M&N
2d M., class B, 1906
M&N
do olassC, 1906
Bouth Pacific.- l8t M. 1888 .J&J
F<feA
Pierre C. & O. 1st, 6b

At.

series, S-6s,

Cons. mort.. 7s, 1907.0on
let. St.L. div.,V8, 1889

114

MAN

Equipment 78. 1895
General mort.. 68, 1931
Trust bonds, 6», 1920
St. L. W. & W., 68, 1919

104

117
111
104

•94.J&J

7s,

Bid.

Paze or ((aotatloas.

Midland— (Continued)—

4tli series, 3-4-5s, 1921
5th series, 5s, 1926

Income 7s, 1932
Butlanu— l8t M., 68, 1902.... M&N
F&A t82
Equipment, 2d mort., 59
St.Jo. &Gr. lel'd— lst,guar.6s,1925. 104
56
2d mort.. Incomes, 58, 1925
Bt.L.Alt.&T.H.— l8t M.,

FIrat

M&S
M&S
M&3
Incomes, cumulative
Wabash- Ist, ext., 78, '90, ex. F&A
AAO
Mort., 78, 1879-1909
2d mort., 78, ext. 1393, ex. .M&N
M&N
Equipmeut7a, 1883
J&D
Gen.. 68, 1920
aa

1915

Boch.&PlttB..

Head of

Bailsoad Stocks.

Ask.

116
120

Petersb., 88,'84r-'86...A&0

M&N
Kevr men.. 78,
Blchmond York Riv. & Ches., 88..
M&N
2d mort.,'68

iVotes at

Purehaser aUo pay, aoorucd interest.

{In London.

§

Quotations per share.

H

Coupon off.

—
.

'

DaOEMBER

5,

—J

..

.
..

THE CHRONICLE

1885,J

GENERAL QUOTATIONS OF STOCKS
For BKplaOBtlona He*
Bailkoai> Btocu.

Jerney

&

N.

If

HUOCLLAHBOOI.

A«k

Bid.

Y

2
18

3>«

lit ext.,

otea at
Bid.

Head

Pref.

do

Prcf.
S, Y. Pona. <h Olilo
Pret.
do

•

H.Y. Prov.
N.Y. 8u8q.

do
N.Y. West

A Boat.100
A Western,
Pref.
Shore A B.

Norf.A West,, com. 100
jirof.lOO
do
No. r. innvlvaula..50

6s,btAoar,1913MAN
7*,btAoar,191SMAN
Suiq.— 6«,op.,1918JAJ
78, conn., 1002.. JAJ

72

\

1"»

20 >4

11

31

Lehigh Navigation.. 50
Morris, guar., 4
100

i.'ds
II

.V

.\

iiiiiiio.23

WiMitern Unlim
100
78, 190O, M. AN...

1

I'l

12

3
27
73

lis

23
63

78H

73'..

...80

A
I

160
125
23

2
5

S

...

Dullwur
Eaat Tennessee

2714

07'« nurtson TOver
In

47ii

100

m
40

M

60

do pt.,gaar.l0..100 •180
.Mexic.m Central...
66
North. iTiCoiitral... 80
Pennsylvania
50
Molecular
., ,.
i25\i
125>4
-N. llaiui>.100
SohuylMll NaT
50
Nonli
New Kngland
30
do
do pref. 50
301s
North'n Paceom.lOO
Now York A N. J.
6318 Susquehanna
68
50
Pref.lOO
do
New York A Penn.
Norw A Worc4j8t«r. 1 00 165 166
N. Y. State Overland.
niSC'LLANBOCii
14
13
Oe<X. A L. CUauip.loO
Peoples
BONDS.
1^8
100
Ohio (Vntral
Peoples (N. E.)
Bait. Gas Light Os.... 1100
23^8 24
100
Ohlo&Miss
Southern
Bell
103
Oanton(BaU.)— £68.g.,
do
Pref.lOO
Bouthem
N. England
100 "isis l9'i Mort. Ufl.g., 1904 JAJ
Ohio Southern
Tropical
10
Un. RR.,l8t, end.,68.
100 162^ I02>a
Old Colony
I.
Telegr.
A Tele. 10
W.
do 2d,end. 68,g.MAN
9
!8
Oregon A Calif. ...100
86
EI.R<-TKIO
87m
Col.CoalA Iron— lst,6a
23
do
Pref...l00 iii
10119 LIGHT STOCKS.
Cov.ACln.Bge. 5s,3-5y
26
27
Oregon Short Line
1021s iBaxter
MAS
58, 5 years
34 >«
34
Oregon Traiia-Cout
Blanchard Uloc. Light
Hend'uBrl(\ge«8,l931 104 Is 106
Oswego A 8y r., guar. 120
Brush
loo
.Mariposa— 78. '86
100
Panama
Brush
niiunlnat'glOO
Imp.
Company—
Or.
34%'
54>4
Penn.'iylvania KR. .50
92
.Cousol.
Electric
Light
Ist, 6s 1910, J. AD.
11
Pensac'ola A Atlautlc.
112
Daft
2OI4 Oreg.R.AN.lst.tJs.JAJ 111
20
Peoria Dei-. A Ev.-lOO
Edison
Debenture 78. 1837.
49
49 >9
Fetcr«l>urg
100
iiklisou niuminating..
Pullm'ii
Palace
Car
2238
50
Fhlla. Alirle
t
Isolated
fEdison
3d series, 88,'87FAA
23
22
Fhlla. A Reading... 50
t
jSwau
luoaudo8ccnt.
4th
do
88,'92FAA
do
Pref
50 §10%,
Sawyer-Moun
....
111. Co
Deb'nt're,78,'88AAO t
69>4 0^\'
Phila. Wilm.A Bait. 50
UoitcdStatea
8tlg.78,g..l885AAO
Pltt«. Cin. A St. 1...50
Unlte<I
States
HI. Co..
St. L. Bridge A Tun—
Fltts. A Con., r8ed.50
129
l8t. 78, g.. 1929.AAO 1127
CO.'S
Pref.
do
STOCKS, N.Y.
ntt8.Ft.W.A Cguar.T 1419s 141<Sg: mSC'LLANEOCS
10
STOCKS.
Am. Loan A Trust. 100
Pittsburg A Western
Amer. Bank Note Co.
Brooklyn Trust
25
Port.Saco APort.s,lsd 6 12213 123
414
4% Central
Aspiuwall Land. ...10
100
Port Koyal A Augusta
638
49 la 50
Boston Land
10
Farmers' Ix)an A Tr.23
Ports. Gt.F. A Con lOv.
5>4
51s Knickerbocker
Boston Water Power..
Prey. A Worc'ster.lOO 129 131
3>4
3% Long Island
100
Bens. A Saratoga. 100 1671s 1571s Brookliue (Mass.)L'd5
60
50
10
9
.Mercantile
Canton Co. (Bait.). 100
100
Bloh. A Alldg.. xtock
Metropolitan
Cev. A Cln. Bridge, pf. 185
Bichmond A Dauv.lOO 821s 85
4«8
Keeley Motor
Bloh. F. A P., coin. 100 103
iN. Y. Guar. A Ind..lOO
II9
13a 'n.Y. Life A Trust. 100
.Maverick Land
10
do
Guar. 7.100 134
90
85
115
S.E.Mtg.Seour.(Bo8t.,
Union
100
do 6..
do
250. 500. United States
88
100
N. Hampshire Land 25
Blohmond A P'b'g.lOO 85
39
40
N.Y.ATex.Ixl.,Lim. 50
Rich. A West Point.
N.Y. &
Laud scrip
Rlohiuond YT)rk R. A C.
KKS.
4I8
211s
514 No. Rlv., cons. 100 p.o.
18
Rochester A Pitts. 100
BleeckerSt A Fuit.P'y
40
40
Oregon Improvcmeut.
EomeW. AOgd...lO0
Ist
mort.,
78.
1900
10933'
31* Oregon Ry A N.Co. 100 108
3
100
ButUnd
6ais 67% Broadway A 7th Av...
20>s! Paclflo Mall 88. Co.lOO
do Pref.. 7. .100 20
Ist
mort.,
1904..
5e,
134
341s 35
Pnllm'n Palaoe CarlOO 133
St. Joseph A G'd Isl'd.
2d mort.. 58, 1914.
102
40
47
3t.Louis B'dge.lstpref 198
Bt.LoutsAlt. A T. II. 100
Brooklyn
City
48
85
80
Pref.lOO
2d pref. certlHcates. 146
do
ist mort., 58, 1902..
105
2214 22^: St. Louis Tunnel RR.. 1 102
St. Jjoula A San Fr. 100
Brooklyn Crosstown..
80
70
46<4 47
it, Loui.H Transfer Co.
do Pref.... 100
Ist mort., 78, 1888..
12o.
100.
96
Stand.
Water
Meter.
90h'
pref.lOO
do let
Bushwiok Av. (Bklyn.)
4
Sutro Tunnel
10
Bt. I* Van. A T. H..
Central Crosstown
37i«
140
135
Is
3d
Yds.ATr.Co
Union
Sfk
Duluth.
100
Bt. Paul A
Ist mort., 6g, 1922..
97
96
Pref.lOO
do
COAIi & raiNINO
Central Pk.N A E.Riv.
St. P.Mliin. A Man. 100 107% IOSI4
N.Y.
STOCKS,
Consol. M., 78, 1902
4
8
Boloto Valley
15*4 Christopher A 10th St.
Cameron Cual
SO 15
Beah'd A RoanokelOO
Ceut.Arlzoua Mln.lOO
Bonds, 78, 1898
Guar.. 100
24
do
23
Colorado Coal A 1. 100
DryDk.E.B.A Battery
161s 161s Consol.Coal of Md.lOO
23
Bontb Carolina. ...100
23
l8t M.. consol. 78, '93
2
Bo. A No. Alabama
Homestake Min'g.lOO
Serin 6s, 1914
B^fe*t.,Ga.,g'd,7.100
Leh. A Wilkosb. Coal..
Eighth Avenue
Byr.Blng. &7f. Y.lOO
Marlp'sa L.AM.CallOO
Scrip 6a, 1914
1313
13
Biunmlt Branch, Pa. .50
ipref.lOO
do
42dA Grand St. F'y..
94 1(jO
Terre H. A Iud'uap.50
Maryland Coal.... 100 14'e
I8t mort.. 7k, 1893..
100
Teias AN. O
121s 12ifl Houst.W.St.A Pav. F'y
Now Central Coal
100 21% 21 '8' Ontario SU.Min'g. 100
Texas A Paciao
1st mort., 7s, 1894.
20 iPonnsylvaula Coal. 50
Texas A Bt.L. In Texas 15
Second Avenue
In Mo. A Ark.
do
8
714
Quicksilver Mln'g.lOO
1st mort., 58,1910..
15c. 2O0.
Tol. Cln. A St. Louis ..
24
pref
do
Cousol. 78, 1888...
28
iOis
7
Tol. A Ohio CeutriU. ..
Sixth Avenue
BXPBBSS ST'CKS
17
Pref.
do
l»t mort., 7s, 1890
140
100
Adams
O. N.J. RR AC. Co.lOO 210
Third Avenue
100 103
56i« American
100 56
Union Pad He
1st mort., 7a, 1890
60
621s
100
United States
100
Utah Central
Tweuty-Third St....
Vt* Ma88..r»ed.6.100 130 131 Wells, Fargo A Co.lOO 116 120
Ist mort., 78, 1893..
6
5
TEl.'PH STOCKS
Tioksb. A Meridian
«AS STOCKS.
10
BO.NUS,
8
do
pref.
Bait. Consol. Uas...
25
28
Amer. Uist. Tel... 100 20
25
Virginia Midland, com.
Oosiight. .500
Boeton
67
1214 American Tel. A Cable
66
12
Wat). St. L. A Pao.lOO
25
Kaat Boston
2
20!>g 21>« Americ^an Rapid.
Pref.lOO
do
43'
100
Boston
South
55
Atlantic A Puclltc st'k
Warr'n(N.J.),l'8'd,7.50 l'.!4
Brookllne, Moss... 100
5
3
Bank's A Meruh'ts.lOO
Westch. A PUlla.,pf.50
Cambridge, Mass.. 100
5
Ist mortgage
West Jersey
50 47
100
Chelsea, Mass
60
30
3919
RBcelver.V certs
Weat.!—
\tlantlc
Dorehester, Moss. 100
General mort^mge.
Wem
uid
Jamaica Pl'n.MasslOO
26
Baltimore A Ohio
Wll.
Aug..
Lawrence. Ma.ss-..inO
80
Cent. A 80. Am. Cable
WUiii. .V >....n.u, 7.100
30
25
19
WlBoonsIn Central
19>s Commercial Tol. Co..
97 101
39
Preferred
28
do
Pref.
33
100 23
130
FrankUn
Woro'terANashua. 100 113
\
'.'.kt'u ..100
90
25 84
Gold A Stock
100
102
98
BoniU
CANAL BONDS.
I,. 1
25
ai«
!L;_
:.
1
Harlem Dist. Tol. Co..
Chesap. A Delaware—
|CUi/..>us', Hrooklyn.20
10
Telegraph
Manhattan
lBtraort..68,'8UJAJ
81
lutuie^t.
t PitiebaBeT also payAaoacaml
Prioe nominal: do LMemuiflaetloua.
11

if

.

I

j

28>s

29<s' Barcelona.

53
20

65
26

.

1

I

i

.

. . .

'

. .

.

ANU

.

'•

—

.

I

.

100
10

Baaalok
Bechtel
Belle Isle
Bodle

83%
40%

40l|

1-W
•28
•07

•17
•7B

100

•W
•W

100
100
•65
100
2^70
176
Caledonia B. H
lOO
1-23
Consol. California. 100
95
8O0.
1
ChrvsoUte
50
90
1>« Chollar
1
100
46
Oonsol. Paolllo.... 100
Orown Point
100 1-37 %
1

1

Bulwer

20
35

Dankin
Eureka Consol
Father De Smet
Gold Stripe

40

110
173
70

100
100

..

(4ood8baw
100
Qould A Curry 8.. 100
Qreen Mountain
10
Hale A Noronias. .100
Indeuendenoe
100

5

120

200

50

20
10

Iron Silver

10
20

Lvjrosae

Mexican O.
Navalo
Ophir

lOgis 110

215
325
410

221

Bappalianook
Elephant
Robinson Consol . .

460
1031s 107
118 125
135 145
114 120
100
500
350
470 480

1

10
60
100
50

(tea

Sierra Nevada
Silver Cliff.

Spring Valley
Standard
Union Consol

1

100
100

S^OO

8-75

1-80
•08

00

•IB
•70

Potosi

•30
•30

•75

50
100
10
100

l^SO
l^IO

3^&0

A BUv.lOO

Llttl* Pitta

3-M

480

32
25

10

Consol
Little Chief
liB'wl vilie

60
23

I

I

L 20

A SAN. FRAN.)

Amie

TKUST

BU'KLYN
HOUSK

...

1.

AlU Montana

1

i

.

n

AllCfl
j

I

.

M

38t

)

Franiir.!'..

(N. Y.

1

Is

I

}3«6
}03

«10LD ASILVBM
.niNiNU sto<:km

,

14

114

66>a

1

21, Wiwli-tonCltyO.

14

iiitntal..

'

Laclede, H
Oarondelet

ISO

63

L 60
7t. 1.4^ilt»

300

78i«

IM

133
136 139
71 "t

..100
.100

10
250
27fc"Ran

SOO

1*34

M

Y.lOO

100 168
UDg...l0O 100
21
i'au...lOO

1

40
98
60

122 «

Hell

M

as
140

NTOt KH.
111

1>7

IM
34
ism

TEI.KPHONB
Aliirrl'

Globe

*

70 iv

Co

1

htiiiiii

"

Matropotitan, B'kljm.
Hrookljrn .26

72

It

Erie

97>a

133

70
79

Po«t«ii

83

Del. Dly. leased, 8.. 50

1><

10

30

MntH

Currier Xel. Bell

8% CANAL MTOCKS.
20% Del. A Hudson. ...100

7'»

UnomuMntnm,

Bid.

...100 133

.Mutual Union.. ...100
'•
Tel..
K. Y. M

llftl*

1891. MAN

22

65

Pa«e of Qnatatloaa.

KiMiLuiiaavi.

Alk.

Coup. 78. 189-1. A AO ii'si^ lie
lit PA.I).cp..7H,MAB 134 14
New .Ii-rsoy Pout horn.
Lehigh NnvlgatlonN. lA)ml.,V Nortli'iilOO
<
4is«,
O— no
ibs"
105
1911
ll.Ulv.lOi)
N.Y.Cinl..V
8>«
BR. Ob, rng., '97.Q-F 110
H.Y.Clili-.A; 81.1.. ..loo
111
20
Prcf.lOO
Oonv
6i,K.rg.'94HAS
18>s
<lo
68,g.,cu.ArK..'97JAD 120
N. Y. A llurlniii ....r,C
87
98
Cons.
1911
78JAU
>!.,
125>t
N.Y.I>&W..ciiiir..">.100
87
00
25
25 >4 Penn.— 68. eoup., 1910
N.Y.L.KrlfA West. 100
93>« SehuylklU Nav.—
S2
IMcf.loO
<lo
97 100
33 >«
33
Ist M.,G8. I807.q-M
N.Y. AN.KiiKlmiil 100
96 >«
Priif.lOO
9ft ii
2<1 M. ,6s, 1907. .JAJ
(Id
361a 60
Mort. 6s,cp.,'95JAJ
N.Y N U.&U»rtMCO 202 <« 202>a
19
18
6i,lmp.,cp.,'80.MAN
K.Y. Out. &We«t..lOO

do

647

noNDS— Co.htikoed.

AMI)

PInrt

«»r

Moxlonu

ailM.AO. -o», '70.q.-j
Uel. A H. -78. 'hi.jaj

Bit. N'r4t4^K8.

Nuw

.

I

•so
1^00
•00

50
l^OO
•33

08
02
84

•10
•04

•70
•70
1^03
•48

1-35

•M

BOSTON niNINS
STOCKS.}

90c
26
8>s
Ulantic
26
28>s BrunswHc Anttraony.6
114
Calumet A Hecia. .26 307
32a
10
275
Catalpa Silver
5
25
111
Central
50
109
Copper Foil*
io%
25
218 iFranklin
1%
23
Huron
112
25
175 JHInnesota
25
112
National
ISH
23
167
.Osceola
46
25
Quincy
167
25
118
Ridge
25
143 iStlver Islet
88
25
123
Taniasaok

1

Ailonez

27
113
265
100 Is
108 >s

108
163
106
162
162
114
141
121
135

110
203
114
106
240
110
255
112
148

.

,

214

1161s

Rlv.)

100
(N.H.) 1000
Androsoogln (Me.). 100
AppletonTMaaa.) 1000
Atlantic (Mass.)... 100

Amory (N.
Amoskeag

109

260

H.)

.

260
lll7
1155
1210
llOLj

108

1

00

111

260
112

114

106
1950
133
1000
107
110

105
121

095
106

95
_. (F.R.)
Itosiuii (_ti.i ..iii..wt.)1000 970
X164
Beaton Belting.... 100
Boat. Duck (Maas.)700 760
Chace(Fall Rlv.) .100
Chloopoe(Mass.) ..100 115
Coeheco (N. II.). ...5001 530
••

•.•ui.)..10
.).

4ti4

400
1940

183
1490
110

990
168

I

115
325
113

45
777
33
111

It.)

100
100

iF.R).
K.)100

900
87>«
I

lis
330

8%

68

i

,

X

90
388
78
109

!

•hlueOo..lOO

103
131
133
177

luo Co...l<K)
..

05

R.llOO

103

...

9;f

102
130
87

100
100

(P. R.)

" M^O

(ir.

K)
10

;Ha'
liHai
;hiii

lu Lqndos.

p

I

§

98
2300

..10(M)

=

e3>t

713

M

738

19S 203
66^1 67
100

1

'

8%
09
05

63>| 58

SS
1.18)100
i.»\viiriu i-ULi-.-?.). ..500 570
*ww
1C6
68
100
153 isll Everett (Mass.)...
Fall Riv. IronW. .100
100

10414 101
130
127

100
126
86

14
47

.11000 1460

185

110
316

98

2

Barnaliy (Fall Rlv.).
Barnanl Mfg. (P. B.).
..100 132

105

103
129
132
173
91

16%

RkANCFACT'lNO

1401s

116
STOi'KS.
207 >s Am. Linen (Fall

205

1.53

10

I

113 H!

109
105

330.

'

111

775
31

9
800
210

quotaUoa per abarr.

5

.

THE OHRONICLR

648

[Vol. XLI,

GENERAL QUOTATIONS OP STOCKS AND BONDS—Concluded.
For Bxplauatlon* See
MnfiNO Stocks.
'98.JAJ
Holyoke W.Power. 100
H.)..1000
(N.
Jackson
King Philip (F. R.) 100
400
LBConia(Me)
Lancaster M.(N.H)400
Del. Dlv.— 6b,

Bid.

Ask.

!Votes at

BiJiK Stocks.

Bid.

100
100
100
100
100
100
100

Suffolk

200 210
Third Nat
X1050 1070 Traders'
102is 105
Tremont
450 455
Union
595 600
Washington
80
Webster

Head of

Ask.

1161s 117

First

Pa^e of ((aotatloas.

Bank Stocks.

Bid.

Insurance Stocks.

Ask.

Oerman American. .75 106

Germania
Greenwich
1091s llOis Hanover
82

85

100 150
25 100
100 140
143
142
Importers' & Tr...l00 262
ism 133 Irving
50 13'2
106 106>s Leather Manuft8..100 153
1,'rel Lake Mills (F. R.)
Manhattan
50 149
Lawrence (Mass.jlOOO 1640' 1550
Brooklyn.
Marine
100
690 670 675
Lowell (Mass)
Brooklyn
100 12H
Market
100 140
LoweU Bieacherr-200 230 235 First National
50 270
760
Mechanics'
750
25 152
Lowell Mach.81iop.500
Fulton
40 140 150
Oii City National
Mechanics' & Tr.. .25 110
LymanH. (Mass.). 100 70
50 280 300
140
Mercantile
120 125
135
100
(N.H.)
100
Manchester
Commercial
60 130
Merchants'
50 132 135
1000 lOiO 1050 Long Island
Mass. Cotton
100 115 118
90
103
Merchants'
Exch'geSO
R.)
100
Mechanics' (F.
128
Manufacturers*
110
Metropolitan
100 271a 30
Merchants' (F. R.) lOO
.Mechanics'
50 200 205
Nassau
50 125
Merriniaek(Ma8s)1000 X1340 1360 Nassau
100 200 210
New York
100 173
Metacomet (F.R.) .100
Charleston.
180
N.
102
176
Y.
Nat.
Exoh'gelOOl
100
(Mass.).
Middlesex
B'kof Chas.(NBA)100 98
New York County 100 135
N8rraKan8'tt(F.R,)100
First Nat. Chas.. .100 240
Ninth National
100 120
Nashua (N. H.)....500 450 160
People's National. 100 150
North America
70 108
Naomkeag (Ma88.)103 97% 98
75
North River
70
Cblcago,
.50 115
N. E. Glass (Ma8S.)375
415 425
Chicago Nat
Oriental
100 137
25 155
Newmarket
1615 Commercial Nat. 100 140
Paciflo
50 150 160
Pacific (Mass.). ..1000 1605
Park
500 1150 1160 Continental Nat. ..100 125 127
100 152 160
PepperelKMe.)
60
First National
100 210 225
People's
25 145
Focasset (F.R.).. .100
65
Phenix
108
Hide and Leather. 100 140
20 106
Klch.Bord'n(F.R.) 100
1000 Merchants' Nat.. .100 360
Republic
Robeson (P. Riv.) 1000
100 117
Metropolitan Nat. 100 133
Second National.. IOC 160
Sagamore (F. Riv.) 100 95 100
Naf. Bk. of Amer..lOO 140
Salmon FaUs(N.n.)300 270 290
1411s Seventh Ward
100 101
59
Nat. B'kof niinols.lOO 14.5
Shoe & Leather
Sandw.Gla88(Ma88.)80 57
100 132
85
600
Northwestern
Nat
100
St.
Nicholas
(FallRiT.).
100
Shove
100 ;ii5 125
5212 Onion National
Stateof N. Y
Slacle(FaU Riv.).. 100
100 140
100 116
100
200
!15
(FallRiT.)
Un.Stock
100
Y'ds
Nat.lOO
Tradesmen's
Stafford
40 101
Union
.50
Stark MUl8(N.H.)1000 950 975
Cincinnati.
80
Tecumseh (F. R.).100
United
States Nat.lOO 115
Cincinnati National,.
98
Thomdlke(Ma8s.)1000 850 870
Citizens' National
130
133
Philadelphia.
120
Tremont&S.(?.Ias.s)100 117
Commercial Bank
B'kof N. America .100 306 310
97
7'25
Troy C. & W.(F.R.) 500
246' 250
First National
Centennial Nat
100 140 150
Union C.Mr. (F.K.) 100 200
Fourth National
175
Central National.. 100 260
270
Wampanoag(F.R.) 100 100
German
National
i25'
130
City
127
National
.50 123
2
Wa«hin>rt'n(Ma.s8.)100
I
.VTerchanta' National.
102
133
Columbian
106
100
.....
Weed Sew. M'e (Ct.)25
Metropolitan
i6i'
Nat
105
Commercial
69
60
Nat
50
60
Weetaraoe (F. B.)100
Nat. Laf <fe Bk. ot Com. 195
33
200
Commonwealth
35
Nat
50
42
41
Wlllim'tic LiJien(Ct)25
Queen City National..
95
69
Cousolidation Nat.. 30
70
750 875 880
Tork Co. (Me.)
Second National
150
Com Exchange Nat.50 60 61
STOCKS.
Third National
1171a iisis Eighth Nat
100 255 265
Union Nat
103 105
First Nat
100 215 219
Baltimore.
Western
German
Bank
200
Farmers'&Mech. N. 100 139 141
Bank ot iJaliimore 100 1381s
Girard National
Bonk of Commerce. 15 15
40 901s "85'
Hartford
75
Kensluatori Nat
CHtliens'
19
50
10
iEtnaNat
100 110 114
111
Mannfact'r'rs'
Com. & Famer8'..100 123 126
Nat.lOO
American Nat
70
50
72
Mechanics' Nat
130
Farmers' B'k of Md.30
32
lOOi 124
Charter Oak Nat. 100 137 140
135 140
Merchants' Nat
Farmers' & Merch..40
53 k
City
100 62
65
Nat. B'k Commerce. 50| 54
Farmer8'c&Planter8'2.5
42ii
56
Connecticut River 50
46
50
Nat.B'k Gerniant'n.50 124
First Nat. of Bait. .100 123
126
Far. & Mech. Nat. 100 100
Franklin
60 101
First Nat
100 101 ibe" Nat.B'kN. Liberties 50 165 170
Nat. B'k Republic .100 125
Qerman American
130
114
Hartford Nat
100 162
Jloward
11
]
Mercantile Nat
100 95 ibo' National Security. 100 120 121
Marine
Peun
70
35
National
73
30
National Exchange. 50
50
70
75
Mechanics'
People's
12
10
100
Phffinix Nat
100 136 140
Merchants'
Philadelphia
216
100
135
Nat.
State
.100
100 95 100
Natiunal Exoh'ge. 100 119%
Second Nat
United States
100 115 120
100 190
People's
Seventh Nat
25
30
100 98 105
IiOulsTlIIe.
Second National ..100 150
Sixth Nat
100 120 125
B'uk
of Commerce
114 115
milrd National.. ..100 105
Southwark
107
Nat
50 120 125
Bank of KentuokylOO 149 151
XJbion
Spring
75
81
Garden
100 102 105
Bank
of LouisvlllelOO
76
80
Western
ThirdNat
20
32
100 110 115
Citizens' National. 100 118
119
Union Nat
75
80
50
Boston.
City Nat
100 117
Western
Nat
50 90 100
Atlantic
100 140 141
Falls City TobaccolOO
95
West Philadelphia. 100 115
Atlas
100 124 125
Farmers' of Ky ...100 107 112
Blaokstone
100 111
lllJa Farmers' & Drov..l00 102
Portland) Me
103
Boston Nat
100 120 1201s First Nat
52
CumlJcriandNat.. .40
54
100 165 1G6
Boylston
loo 127 128
German Ins. (jo.'s.lOO 115 117 Canal Nat
100 168 170
Broadway
lOO 100
Casco
157
Nat
159
German
100
100 121
122
Bonker Hill
100 190
FirstNat
Qerman National. 100 134 135
100 148 1.50
Central
100 104
Merchants' Nat
Kentucky Nat.j.^..lOO 135 137
75 120 122
Olisy
100 lOS^s
National Traders' 100 143
Louisv. Bankiiig Co.40 208
145
210
Oolumbian
loo 131
Masonic
100 132 134
Richmond, Va.
Commerce
100 1'20
Merchants' Nat. ..100 134 135
City
Banit
25
26
Commonwealth ... 100 117
Northern of Ky ...100 120 122
First Nat
100 137 145
Oontinental
100 110>«
People's Bank
105
106
Merchants' Nat. 10
H21b
l»gle
100 108
Second Nat
100 112 113
Nat. Bk of VirginlalOO
85
JQlot
100 1211s
Security
loo 160 165
Planters' Nat
100 1371a
Everett
loc
95
Tliird National
125
1'27
100
State
106
Bank
of
107
Va.lOO
Exchange
100 117
Western
lOO 113 116
PanetUl Hall
St. l.onls.
100 135»s
New
Orleans.
B'k
First National
of Commerce. lOO' 450
100 205
Canal i Banking.. 100 136 148
First Ward
Commercial
106 310
loO 119
Citizens'
loo 43
Fourth National.. 100 110>«
481a Continental
100 130 135
GermaniaNat
100 133 140
Franklin
Fir«emans'
100 160
1(X) 105
HiberniaNat
100 130
Slobe
Fourth National ..100 225
100
97
Louisiana Nat.. .. 100 116 119
5j™"ton
Intemational
100 90 100
100 130
Metropolitan
1201^ 125
Sds dc Leather ... 100 H7»«
Mechanics'
100 1121s
.Mutual Nat
100 115 120
aoward
Merchants' Nat ...100
98 101
loo lie
New
Orleans
Nat..
100
271
Wnooln
300
St. Louis National. 100 121
100 106
People's
50 56is
Manufacturers'.. .100
Third National.... 100
99 Is
97% 100
State Nat
100 130
Market
loO 91
San Francisco.
Onion Nat
lOO 107 1081s Auglo-Cali
Market(Brighton) 100 132
fornia
50
53
Massachusetts
250 99%
162J4 1631s
Bank of California
New TTorfc.
MaTerick
loo 220
America
FirstNat. Gold.. ..100
100 167 170
121
Heohanios' (So.B.)lOO 128
American Exch'gelOO 123
Pacific
145 175
125
Merchandise
100 102
Broadway
25 278
Merchants'
100 146i«
Butchera'A Drovers25 142
Metropolitan
FIRB INS17R>CE
100 111
Central National. .100 110 112
Moniuueut
STOCKS.
100 220
Chase National
100 150
Mt. Vernon
lOO 1361s
Chatham
Baltimore.
25 158
England
100 147
Associate Firemen's.
Chemical
7%
loo
27i;0
gortl*
100 13518
City
Baltimore Fire lus.lO
29
100 255
Mprth America
100 103
Firemen's Insur'oe .18
Citizens
21
2lia
25
115
Old Boston
50
60
Howard Fire
Commerce
5
7% 8
loO 158 161
Pe"'
_eople'B
100 158
4I2
Maryland
Fire
Continental
10
lOO
110
6
110
Kedeinptlon
loo 3 27
Com Exchange ...100 178 135 Merchants' Mutual. 50 61
Kepubllc
100 139
National
Fire
East
River
414
10
110
25
Bevere
loo 125
Eleventh Ward
25 J115
Boston.
Bookland
loo 1361s
First National
100 9.i0
American F. & M. 100 125 130
Second Nat
loo 157
Fourth National. . 100 122 125
Boston
100 123 127
g««<»»tjr
;ioo 178
Fulton
30 100
Boylston
Bbawmnt
loo 84
85
loo
Fifth Avenue
100 575
Dwelling
House.
ShoeA Leather.. ..100 131
..100
100 101
101
Gallatin National ..50 1180
Eliot
100 129 130
Pt»te...
100 124
140
iFlremen's
100 162
l«4
Price nominal; no late tronsaotions.a.:
Last price this week.
^ (JuoteHon per share.
B Assessmeal

96H 97

Cincinnati.
Amazon(new stock) 20
Aurora

Cincinnati
Citizens'

Commercial
Eagle
Enterprise

Eureka
Fidelity

Firemen's

.

Germania

Hartford
National
Orient
Phoenix

Steam Boiler

150

90
100

80

85
135
160

25

100
100
100
100
100

240

245
109
270
130
85
175
110

107
266
126
75
icKi 170
95
50

Imperial Fire
25
Lancashire F. & L..2.'i
London Ass. Corp. 1212
Liv. & Lond. &Globe.2
North'n Fire & Life

North Brit. & Mer. 8%
Queen Fire & Life.. .1
Royal Insurance

15 »i

59
150

161s

61

ih
44
2812

44

154

5
46
27 >s

46
34

33
25f

321s

2'8
331a

NeTT Orleans.
Cr"-,eent Mutual
! actors' and Traders

Firemen's

82

96I4 100

Germania

125

iHibernia

Home

1081s
2414

no's

Hope

106

1071a

130

Lafayette
671s
Merchants' Mutual
69
Mechanics' A Traders' 107%
New Orleans Ins. Ass'n 221s
New Orleans Ins. Co
45
.

.

.

107>i

210
100
55
180

liOndon, Ens.

.

.

771s

20

Commercial Union.*.'
Guardian
50

BANK

•

851a

90

Hartford, Conn.

^tna Fire
IConnecticut

.

ew

102

20
80
25 150
20
25 200
100
50
20
20 170
100
95
20

Western..

.

.

90
102

Globe
20 95
Merchants'A Manuf 20 165
Miami Valley
50 75
National
loO 140
Security
100
Washington
20 125

. .

.

55
IVi
133

.

I

. .

Ask.

Neptune P. & M...100 89
North American ..100 100
Prescott
100 100
Shoe <fe Leather. .100
85
Washington
89
100

;

.

Bid.

IManufacturers'. ..100
48
jMass. Mutual
100 110
iMercantile F. & M.lOO xl32

I

I

People's
jSuu Mutual
I

Teutouia

17%
126
126

Jie-w Ifork.
American
60 145
American Exoh...lOO 95

Bowery
Broadway

25 128
25 160
Brooklyn
17 160
Citizens'
20 113
City
70 115
Clinton
100 120
Commercial
50 25
Continental
100 220
Eagle
40 235
Empire City
100 75
Exchange
30 75
Fan-agiit
50 105
Firemen's
85
17
Firemen's Trust
10
30
Frank. &Emp'ium 100
40
Gcrmau-American 100 215
Germania
50 125
Globe
50 105
Greenwich
25 190
Guardian
100
65
Hamilton
15 105
Hanover
50 125
Home
100 127
Howard
40 70
JetTerson
30 117
Kings Co. (B'klyn) .20 '215
Knickerbocker
30
80
Lafayette iB'klyu) .50
80
Long I.sii'd (B'klyn). 50 95
Manuf. & Builders' 100 100
Mceh. & Traders'. ..25
35
Mechanics' (B'klyn)50
80
Mercantile
60
50
Merchants'
50 107
.Montauk (B'klyn).. 50
95
Nassau (B'klyn)
50 140
National
80
3713
N. Y. Equitable
35 155
New York Fire
65
100
Niagara
50 135
North River
....25 103
Pacific
25 165
Park
100 103
Poter Cooper
20 145
People's
50 105
Phenix (B'klyn)
50 135
Rutgers'
25 115
Standard
50 95
Star
100 50
Sterling
50
100
Stuyvesant
25 100
United States
127
25
Westchester
10 120
WtlliaiTislinrg Citrp..5i
220

25%
70
711a
261a

47
130
130
155
101
135
170
170
122

120
125
33
230
245
80
100
110
90
44
50
230
130

110
210
72
110
130
130

75
123
223

90
83
101
103

45
85
65
111
100
145
90
165
70
140
110
170
110
155
110
140
120
100
55

I

56
115
135
1-25

230

J

.

December

:

Ihc

Dteembtr

DIVIDKNDR.
liaro reoontly boon

Bookt aioitd.

I

Day <nelu*im.)

lloston

A-

Iiiil.

Lnwi'll...
Kt.

LniiU

I

t<c

u foliowi
MXyHVyv.

4.

4

ParUcfnmo.)....

6 3I>4«5 21

AmetonUm

4

{Deo. 18 to Oeo.

Chlo.

Little Miami dinar.)
MlBHOiiri Piirlllo muar.)
Olil Colony
EitBterii (N. II,)

20

Dco!"'l io tiee. ib
2, Deo. 20 to Jan.
8
I Dec.
4 to

101

and other important measures, nccc^*snrily jdaces all mercantile and banking interests in
an exjjectant position for the time being. There seems to be
no possibility yet of forming any opinion a.s to the probable
action of Congress on the silver question, although it is taken

The

closing pricca at the K. Y. Board have been an

sion of the coinage of silver dollars.

the market, but

much

prices ha-i been very

There has been no

irregularity, the prices of

stocks not always

moving

together, but

different specialties tluctuatinff according to the influences
brought to bear on each. The leading granger stocks, Northwest and St. Paul, have been well supported, and the Vanderbilt stocks have halted, waiting for a decision in the injunction
suit against the West Shore lease.
Passenger and freight rates have now been advanced on the

and Lake navigation has closed at Chicago, so that
benefits of the new pool should be felt only from this
they will not, therefore, be thoroughly reflected in the
;
reports of net earnings on the railroads until we get those
reports for December, late in the month of January.
Nor
trunk

lines,

full

have the railroads yet

the benefit of the large corn and
cotton crops of 1885, as the cotton movement is yet even
behind last year, and new corn is seldom marketed in any
considerable quantity before December.
Everything now
points to a much better railroad business in the first half of
1886 than we had in the first half of 1883.
The open market rates for call lo.ins during the week on
stock and bond collaterals have ranged at 2@4 per cent, and
to-day at 2@3 per cent.
Prime commercial paper is quoted
at 4@5 per cent.
The Bank of England weekly statement on Thursday showed
a loss in specie of £369,024:, and the percentage of reserve to
liabilities was 44|, against 46^ last week ; the discount rate
remains at 3 per cent. The Bank of France gained 3,102,000
francs in gold and 1,831.000 francs in silver.
The New York Clearing House banks, in their statement of
Nov. 28, showed a decrease in surplus reserve of $700,000,
the total surplus being $26,593,27.5, against |27,389,275 the
previous week.
The following table shows the changes from the previous
week and a comoarison with the two preceding years in the
averages of the New York Clearing House banks.
188.'i.

Loans aud dls. $341,387,000
Bpeole
Circulation
Net deposits..
Legal tenders.

Di/fer'neafr'n
Previous Week.]

Le^al reserve
K«8frve held.
fl

irn'i".

Inc..

1884.

«l,8i>3 S'JO

JVor. 29.

$285,M

1883.

122,193..i00 Deo.

8323,475
472,500

Dec.

$796,000

*2'-..'49!»,'>75

Dec.

1.

l.fiOO $32.';.7.1R.700

77.0001
85.273.200
8.2)0| 'll.ttlS.aoO
3S2,400.»00 Cnc. 1.294.000 32.^.825.300
38,4H',3>o
28,614,200 Deo.
395.500|
93..57!».300 Dee.
10.08'S..500 Inc.

$9.^.<;oo,225 tnf

2.

3

\

H
'<

^

t|

1123,

a*.
4.

n2«e

112>MI2^
M22> 'I2a*«

li.i«ii*12J\ ••»-•IOII'h 'lO.-l

'

This

U the prtoe bid at the momuur

board: no

State and Railroad Bonds.— State bonds have again been
quite active, the dealings covering a large number of insnes, aa
follows: $46,000 Virginia 68 deferred at 10}(aiU; $8,900 do.
trust certificates at lOJ; $4.'5,000 North Carolina special
bonds at 6J(i^7i; $10,150 do. consoL 49 at 9ia91J; $9,000
do. 6.S, 1919, at 1151; $21,000 Tennessee Os, old, at 62; $5,500
do. compromise bonds at 604-J; $14,000 Ohio 69, 1886, at 10«;

$10,500 Louisiana stamped 48 at 75@75i; $3,000 Akbama
A at 99@100; $3,000 Missouri 6s, 1886, at 102J-3.
Railroad bonds have been moderately active during most of
the past week, and the general tone has been irregular, though
some classes have been strong and have advanced a little. It
is evident that bonds, as a rule, are holding their orices better
than stocks. A considerable amount of the Texas & Pacific
Hio Division bonds have been sold "seller 60" and these
bonds have been conspicuously weak.
The closing prices and range of a few leading lx>nds are
annexed.
class

doling.
.Vor.27.| Dee. 4.

felt

|

Nov. 28.

Zkt.

Uz

At the Stock Exchange the course of
much what one might have predicted.

the
date

foUom:

Dte.

tariff,

for granted that the President will strongly advise a suspen-

classes of

I(>\a5 i«%

VnitMl 8t«tM Bonrt".— Transaction!! in Government bond*
have not been large, but prices are quite Ann and n
fractioo
higher than last week.

18

regard to silver coinage, the

different

.^

MH

«o»„a4fl%
tM|.>86»|,

HTREET, FRinAY, UEC. 4-3 P. Itt.
The Money Market and Financial Situation.— The
general attitude this week in financial circles has been one of
waiting.
On Monday next, Congress meets, and the uncertainty as to what bills may be introduced at this session in

in

>4

4

(>allderi)

VVAI,I,

collapse

"*'

4*4
83 94 HIH
8IN«4 H3

Prune oommerolal
Dooainentaryoommenilal...

PranMort or Bremen (relohmarkil

Railroads.
Clii.

am

ranebanken'tterUns bUUon London.

annoanoed

Name of Company.

({49

Tlie rate* of leading banlcers

Sanlijers' ©axettje.

The following dlvldenda

;

!

THE (CHRONICLE,

188JJ.]

5,

'

5«.131.tU)0
l.">.39(i.«>00

317,O3«.10O
27,326,400
Sll. 4.56.325 $79,259,025
123,723,500:

85,458.0iiO

842.2^7,175

80.19* 975

Exehangt".— Sterling exchange has been gener.illy quiet in
dem md being light as a rule, though rates have been
firm, owing to the scarcity of commercial bills.
Some drawers
advanced their posted rates one-half cent on Wednesday, and
tone, the

to-day (Friday) the others followed with a like advance, quotations being now 4 84 and 4 86i.
To-day the rates on actual business were as follows, viz:
Bankers' 00 Jays' sterling, 4 83}®4 83i; demand, 4 85}@4 8e.
Cables, 4 8G@486i. Commercial bills were 4 81 J@4 81 J. Continental bills were:
Francs, 5 21 J and 5 181; reichmarks, 9.54

and 95 J;

guilders, 40@40i and 40i@40i.
The following were the rates of domestic exchange on New
York at the under-mentioned cities to-day: Savannah, buy-

ing i discount, selling -J discount@par; Charleston, buying par,
selling 4@i premium; Boston,
premium; New
par@.5c.
Orleans, commercial, 100 discount ; bank, nominal ; St. Louis,
^0 discount ; Chicago, 25@40 discount.

N. Y. L. E.& Went.. 2d conRol. 6e
Atlantic i P., West. D., IsC, 6s..:

89\

Texa.s

^SH

Do do
Incomes
& Toe. ino. and Id. gt. ^&,
Do do
Rlos, 69, coup, on
East Tenn. Va. & Ga., eon., 59..
Do do

24 ^i
6^13

66
22

Income. 68

West Shore Trust Receipts, 58...
DenviT A: R. G. Isti-on. 'g
Denver A- R. O. West. 1st 6g....
Buff. N.Y. A' Hhila. l.st, 6s
8t. L.
San Fran, gen, m. 6g..*

Prevloug to September nuiKe

H2:tl

60

Mar.

24
46
57 «,
65'«

40%

ib\

A

June

42

76
'

4.'>>4

91 3i

,

N.Y. Ihic, A: St. L., let, 63
Ohio SoulUeru, inc., Gs

441«

98
is

LoweeL

89 >4

22
46
86
74
90 !<

46'4
87>j

|

JtangetineeJan.!.

ISH Mar.
30
47
44
10

April
April
Jan.
Jan.
28Hl Apr.*
46.1j Jan.

37>4Jan.
66 May

20

June

38J4 Oct.
91 July

Bighttt.

90««JjoT
84 KOT
2738 Nov.

50
6 1^8
68><
231s
46'8

Sept.
Sept.

Nov.
Nov.
Not.
88>tN0T.
76 >« Nov.
92Ts Nov.
43 Nov.
46% Nov.
97.'>» Nov.

for the bonds.

Hailroad and Miseellnneons Stocks.— The stock market
has not been at all active the i);ist week, and on some days
business has been very light, t'le closing of the Exchange on
Tuesday at 1 :30 (the day of the late Vice-President's funeral)
adding to the dull appearance. There has been no important
movement in jjrices, the general tone for the week having been
irregu'ar, with slight fluctuations from day to day, the net
result leaving some stocks higher and others lower than last
week at the close. Prices have been mainly influenced by
separate causes, though on some days the bears made moderate
demonstrations against particular stocks with the effect of
depressing the general market slightly, but the way in which
most of the stocks quickly rallied indicated that the bulls had
not lost control.
The weakest on the list have been the Gould stocks, and
apart from the unsettling rumors and reduction of cable rates,
it is possible that these stocks were influenced somewhat by the
reports of Mr. Gould's retirement from active business and his
Apparent indifference to a decline. Western Union was depressed by the oft-repeated rumors of a war in rates, and
some color was given to this report by the reduction
in cable nites, which is not very im])ortant in itself, but
would be more unsettling if it indicated a tendency
toward a telegraphic war. Union Pacific and the other Ooternment subsidy railroads were depressed by the report of Commissioner Johnston, although his re|K)rt appeared to advocate
substantially the bill of Mr. Hoar for the settlement of the
Louisville & Nashville declined under
Pacific Railroad debts.
bear pressure, and the exhibit of earnings, which showa a
moderate decrease this year. The Vandcrbilts and grangers
were generally well supported by their friends, but the uncertainty all this week in regard to the outcome of the West ShoreCentral injunction suit has unsettled the Vanderbilt stocka, and
had some influence on the whole market. The Northern
Pacifies were advanced under reports of good earnings and
large land sales, which would enable the company to retin

more of

its

preferred stock.

»»

. ...
.

11

THE CHRONICLE.

650
NEW YORK STOCK EXCHANGE

PKICES FOR WEEK ENDING

[Vol.

DECEMBER

4,

HIGHEST AiO) LOWEST PRICES.
STOCKS.

RR.

Artlve
Canadian

Saturday,

Monday,

Nov. 28.

Nov. 30.

Dec.

56
43

5712
57
43I3 4313
45=8 47
421s 45I4

56% 57
42 14 4314

Stock*.

Faclllo

Canada Siiatticrtt

45I3

Central of New Jersey
Central Paiiflo

4.'>l3

H»4

Cbesapeake AOIiio

Do

Istpref.

..

20

se's

43%
46%
45 12

Ills

21
14
139
135

14
Zdpref
Do
138
Chicago A Alton
Chicago Burlinirton A Quincy 134
94=8 96
Chicago Milwaukee & St. Paul.

III3

20 14
14
138
134 14

III3
2OI4

14
138

I34I4
941s 9558

Tuesday,

45I4

41''8

1.

45%

43I4

11% 11%
19% 19%

*13% 14
138

139

Sales
of the

Wednesday, Thursday,
Dec.

2.

Dec.

561*

57
43

44% 46
42% 44

56
57%
42% 43%
45% 45%
43 14 43%

llTs

III4

42

ll's

Friday,
Dec. 4.

3.

56% 57%
42% 43 14

III4

19

133% 133% 132% 133%! 133 133
94% 95%i 94% 9638
94% 95
115 116
115 115% 11538 116

II6I2 II6I2 list's 115''8
112''8 11338 112=8 113'8 112''s II4I4
II2I4 113>4 1121a 114
Cbicaeo & Northwestern
I3714 I3714 136% 137I4 •136% 137% 136 136
pref. 136>a 137
Do
129
127
130
127 129
127% 127% I27I4 I2714
Pacltlc.
127
Chlca{;o Bock Island &
I6I2 16>2 *15
*14% 16
17
14% 1514 14% 14=8
Chicago St. Louis & Pittsburg.
*34
37>2
32=8 3438
pref.
38
31=8
36
33
34%
37hi
Do
4II3 42
41 14
4114 4238
40
40
41% 3914 41
Chicago St. Paul Minn. A Om.
104
103
102
103
pref.
104
104
103
103
103=8
103
13
14
'e
Do
58
64
61
58%
60% 60=8 59
Cleveland Col.Cin.A Indianap. "61
Delaware Lackawanna A West 120 120''8 I2014 1211s 1'20 121 14 12014121% 120% 121%
2214 22''8
21% 21''8 21% 22% 22% 23% 22% 23
Denver & Rio Grande
6=8
6% 7
7%
7
6% 7I4
6% 71s
£a«t Tennessee Va. A Ga
12 12
III4 12
pref.
12
10% 11% 10% 1134
12
Do
121a
'67
67=8 67=8
67
67
68
EvansviUe A Torre Haute
22% 22% 23
23
Fort Wiirth A Denver City
10»8
10
10
10
10
9% 978 *9
Green Bay Winona A St. Paul.
9H 11
*35
37
37
37
38
37
37
37
Houston A Texas Central
371a 37i£
137i3l38i« 138 138
137 138
137 137% 137 137
EUnols Central
25
2414 25%
24
23% 24% 22% 24 14
Indiana Bloomingt'n A West'n
241a 25
I8I4
19
I714 1838
19
20
17
Lake Krie A Western
19% 19I3 18
•=8
86
87
8638
86% 88%
Lake Shore A Mich. Southern. 86
SS'^s 8738
87'e
78% 8OI4 78%
1% *78% 80
Long Island
49
47
48
l>oui8Vlllc A Nashville
48=8 491a
48
45
48% 46% 48
35I4
36
36
35
30
36
35
35
liOuis. New Alb. A Chicago...
Manhattan Klcvated, consol.. 117 118% 117% 1181s 118 118
117% 11778 117=8 117=8
*36
Memphis A Cliarleston
36
36
38
•76% 78% 76% 76% 7714 7714
Michigan Central
77
77
*23
22 14
23 14 23
22 14 23
24
23
Minneapolis A St. Louis
23
22
•49
Do
pref.
49
50
51
51
50% 51
51
511a 5113
35I2 3«i2
Missouri Kansas A Texas
35% 3«
33% 35% 32% 34% 32% 33%
Missouri Pacific
104% 10538 104% 1051a 104 14 104% 104 105
10438 104^8
I5I3 15%
Mobile A Ohio
16% 16% 14% 14^8
*46
Nashv.CliattanoogaASt. Louis
48
48
50
50
48
48
New York Central A Hudson. 104 la lOS'e IO4I4 105 104 14 104=8 104% 105 14 104% IOCI4

Do

pref.

i

New York Chic. A St. Louis.
Do
pref.
Kew York Lake Erie A West'n.
pref.
Do
New York A New England
New York Ontario A Western
New Yoik Susq. A Western.
Do
pref.
Norfolk A Western
.

..

Do

pref

Northern Pacific

Do

pref

A Pitt8i)urg
A San Francisco....

fiochester

Do
Do
8t.

Panl

Do
Bt.

A

pref
Ist pref
pref

Paul .Minneap. A Manitoba.

Texas A I'aoiac
Union Pacillc

Wabash

St.

Louis

A

PaclUo...

Do
pref
ntscellaneons Stocks.

Tel. A Cable Co
A Iron
Consolidated Gas Co
Delaware A Hudson Canal...

Colora<l(iCoal

Oregon Improvement Co
Oregon Railway A Nav. Co.

.

PacitlcMail
Pnllman Palace Car Co
Western Union Telegraph....

Express Stocks.
Adams
WcUs, I'arg.i ACo
Inactive Stocks.
American District Telegraph

A Paciao
Bankers' A .Merchants' Tel
Burlington Ced. Rapids A No
Cedar Falls A Miuuesota
Central Iowa
Atlantic

"

Columbus Hocking Val. A'Tol
Dubuque A Sioux Cily

18 14

21''8

2II4

18=8

8%

21%

pref.

Kensselacr A Saratoga ... .
Rich. A Alleg., stock tnist ctfs.
Bt. Louis Alton A Terre Haute.
Do
pref
Bonth Carolina
Virginia .'Midland....
Cameron Coal
Consolidation Coal"
Central Coal...

I8I4
24=8

25 14

51% 53
33% 35
18% 18%
8

20%

838

2138

Ilia

10%

11

III4

III4

32

28%

31
30

31%

3014
6418

30%
30%

6338
2

6414
238

3OI4
29=8
6238
1''8

2%
24%

I'^S

2413
181s

2itt

25%
18%

33%
2114
231a

3538
22I4
231a

31

24%
18% 19

24

26

35% 36%
21'8 22%
23
23%

'82% 86
83% 84
41% 4II4 42
*4l3
5
22 14 2213

23

471a

471a

47=8

47=8

97

97

97

5

38I4 39
37%
•97
971s 98
108 14
1081a 109
2338 24 13
23 14
58=8 59%
58%
13
I314
12%

68

23%
1021a

97
IO714
6638

22 14

6816
2136

21

5I4

23

38%
98

21

21%

22

22^8

97I4

673b

6678

104
62
119
10

17
2OI4 2038

36%

3014

29%
62%
1'8

23

*7%
•9
*43
*82
17''8

8I4

28

20
2*2%

10
47
85

36%

37I4

97

97

97

10838 IO714

12'8

11% 12 14
20% 21

5838

08

34
66
132

67=8

136

75% 76%
140
104

"17" "iV's

14% 14%

107%

21

21 14

67

67

23% 23%
99
99%
96% 97

34

104
62
119

66
133

74%
140
103

107^8

67
133
7634

104

118

118

27

27

10

80

80

80

20%

20%

2414

34

30
03
20

34
63
20

3114
*61

22%

221"

25

15
25

15
25

25

157% 157%
10

47
85

25

5

9^8
*3.

23

13=8

13=b'

17''8

26

5
15

21% 23

21%

10%
30%
29%

lO's
31 14
3038

62=8

64

1%
23=8

18%
*26
.33%

2

25%
18=8

27
3478

20%
22% 22%
20

'82% 85
40
41
5I4

5I4

22% 23%
4714

96%

36% 37

*96
108

97
109

21%

22=8

5578

.57=8

12

I2I4

20

20

67

67
24

•23

97
97

*66

133

117

9%
*3

33
65

16
22
32

24

97

133

'24

53% *52
133% 133% 130
*7%
*25

100
8

28

'97

7%
26

10,725
10.745
25,040

i

1

97g

5

16
22%i
33%'

9%
*2

130
311

85 104%

300
978

,53%

134
98

7%
26

*82

46

40

40

85

*81

85

7

7

*40
*80

47

16

4,432

27

15% 17%

15

13% 13%

12% 12%

These arc the prices bid and asked; no sale
waa made at the Board.

16

10

Jan.
Jan.
Jin.
Jan.

Mar.

8% Oct.

16
22I4

2236

700
%Oct.
42 57 Feb.
300
9 July
4,726
7 Feb.

31

31

4,646

24

27%

14

14
25

'24

53% 53%
203
142

203
142

1,578

18
55
7

10|

175

8

600!

25

1,600

3%

22%

25

26 14

700
1
100 15
75
i',015
7
400 15

I514

10

5,515

*38

46

is" "is"

100

60O

July
Sept.

Jlav

May
Au,t.

June
Jan

5% July
19
414

Feb.

May

20'

23
13
12
12

20
1»
14^

2
31

IS
IB-

21

20
17
2t

20
18

21

27
20
12
21
21
14

18
IS
28

20

7
14

IS
14

27
18
2(>

1
14
20^

14

IS
21
•2<>

17
21

25
24

2©
18

18
20
IS
21
2(>

2*
21

22

2T
27
17
18
2(>

24
25

25
202.5-

18
18
18

2 62% Oct. 15
2 120 Nov. 17

30

Sept.

3a

11% Nov.

6-

614 Nov.
80 Oct.
17=8 Oct.

14
4
12

24 14 Dec. 1
Nov. 13

27%

136%. ran.

20

Sejit. 3
2 145
3 104% Oct. 19

Oct.

50 119% Feb.

'7

11
'20

IS 70 Nov. 20
2 13714N0V. 21
2 81% Nov. 2

43
67

Jm

14
13

22,100% Nov. 4
3!
10% Dec. 3
2911114 Nov. 25

Jan.

Aug.

30

71
Oct. 12
26% Nov. 2(>
104% Nov. 16

577 IOI4 Sept.
18%
150 16 Oct.
25
150! 29
June
54%
166 114% Jan. 2 133%
84% Jan 2' 100%

25

85

16%

Highest,

May

4
80
16

70l

42

87%

30 48

100
25

23
31

68

140 145
104
IO314 103%
02 %i '60
62%
118
116 120

25

Lowest.

35%

1885,

1,

since Jan. 1, 1885.

630 51 Jan.
1,655
Jan.
3,710 80 Mar.
97 14
97
2,665 66% Jan.
10 21 Jan.
107% id778| 7,962 59% Jan.
67I4 6838 64,240 46% Sept.
132
35
241 107% Jan.
74=8 75=8 147,185 53% Jan.

74% 75%
140
104

(Sb'res)

Range

23% 23%
97% 98%

97%

40% 40%
107% 108
6638 67%

*53

*97

?5

10%

838

8
2014

80
15

52% 52%

27
15
23

9%
19% 19%
25% 2638
52
53%
34% 35%
18% 18%

*60

9^8
*3

i4in^i"4i=8 141=8 141=8
*7
8
7% 7%

18%

2314

IOI4
478

15
*24
*53
*132

9%

5%

21% 23
55% 56%
11% I214

109% 100% 107% 107

26% 27%

*43
*83

21 14
23

37%

110

24

24

18% 19
26% 26%
3379 34%

202% 202%

'25

3038
3014
63=8
2

36
97
5514

19% 20
16

8%
20%
*10% 12%

8I4

46% 47% 46 47
47
•96% 97% *96% 97% *96

59 14

6758

1938

8
2014

22 14

*60

20
30

19

2214

22% 23%

10338 104

9%

18% 19
25%
52
53%
3414 35%
24^8

*4
22I4

68

109% 108

8=8

82% 82% *82% 84
41% 3914 41

24%

21

8I4

40

23% 24
23% 23%
103% 100 100
97
97=8
90% 97%

14

16

3514

102% 103

4
80
29

34%

109% 107%

"76% "7714

9%

24

6334

20

40

.

Do

•

8I4

15
26
pref.
55
133% 134%
134
Western... *99
100
*98% 100

Qolcksilver .Mining Co

New

2538

8%
18%

31ie

New York I>aok. A
New York New Haven A Hart.
Pittsbu rg Ft. Wa vne A Chio
.„

20

52% 53%
35=8 3H%

8%

11

Big Sandy.

Manhattan Beach Co
Mil. Lake Shore A Western..

Vo
„
Morrii A Essex

I8I4
81a

103
62
119

United States

A

36 5e

I8I4
8
2II4

20
25

9%

142%

American

I-ex.

35

22

American

E lz:ihetl-t

21 12
2618
5412

97

Duluth

8%

2538
511a

207fl

61'8

Ohio Central
Ohio A Mis.siBsii>pl
Ohio Southern
Oregon .Sliort Line
Oregon A 'lYans-i ontinental.
Peoria Decatur EvansviUe
Philadelphia A Reading
Richmiind A Danville..!
Kichni'd A West P'nt Terminal
8t. Louis

9% 10

Week

JAN.

Apr. 24 57% Nov.
7 47% Nov.
Mar. 25 52 Aug.
6,9851 26% Jan. 31 49
Nov.
11% 11% 1,296 3 Apr. 7 12% Nov.
19 14
19
2,385
7 Apr. 7 23=8 Nov.
•13
14
438 Apr. 22 1514N0V.
975
138 139
531 128 Jan. 2 140 Nov.
132 133%
1,515 115%J.an. 2 138% Nov.
95% 96 231,210 64% June 8 99 Nov.
115% 116
4,580! 102
Jan. 28 119% Nov.
113% 113^8 53,040, 8438 Jan. 2 115% Nov.
136% 137
110 119% Jan. 2 13978 Aug.
127''8 127^8
410 105 Jan. 2 132 Nov.
14% 15
1,959
6% Mar. 31 18% Nov.
34
34
2,875 14 July 11 41% Oct.
40% 41
10,429 18% Apr. 21 44% Nov.
1,800 66 June 8 105% Nov.
1,720 23 Apr. 30 69 Oct.
91,473 82=8 Jan. 22 124 Nov.
438 June 25 24% Nov.
9,765
10,248
2% Jan. 15 8=8 Nov.
21,790
4% June 11 14% Nov.
300 37% Jan. 10 71 Nov.
370 14 July 28 25 Nov.
9% 9% 5,580 3 Jan. 6 11 =8 Nov.
*35
38
400 14 Mar. 2(i 3934 Nov.
138 138
705 119% Jan. 17 139% Nov.
24
24% 14,910| 7% June 5 28% Nov.
8,680l
I7I4 18
138 July 8 2II4N0V.
8738 8838 187,7451 50% May 12 89 7h Nov.
502! 62
79
79%
Jan. 2 8OI4N0V.
46% 47% 36,6601 22 Jan. 16 51-% Nov.
*35
36
800: 11% Jan.
6 40
Oct.
117^8 118
4,'J06, 65
Jan. 15 120 Nov.
700' 27% Jan. 15 44
Mar.
'76
78
310 46% May 7 79% Nov.
23
23
2,140 10% Jan. 26 26 Nov.
50% .50%
600 24% May 29 5634 Nov.
32=8 33% 151,410 14% Jan. 2' 37% Nov.
105 105%
7,340 89% Mar. 21 106 Nov.
I8I4 Nov.
16
16
604
6 June
47% 48
2,2,50 33
Jan. 7 50 Dec.
105% 106% 61,016 81% June 1 IO7I4 Nov.
8,234
8% 9
1 % May
5 11=8 Nov.
19% 19% 1,850 4 Mar. 25 26 Nov.
25% 26 14 105,815 914 May 29 2778 Nov.
52
52% 2,400 18 June 29 57 Nov.
3478 3538 10,315 12 Jan. 1
38% Nov.
*19
19% 1,881 6% Apr. 14 2078 Nov.
8I4
778
4,771
l%Juno 2 914 Nov.
20=8 21%
6,500
478 Jan. 27 23% Nov.
*10
11
1,560
8
Sept. 3 1378 Oct.
3II4 31%
4,760 14 July 3 34% Oct.
2979 30 14 44,897 15 Jan. 17 31 >4 Nov.
63% 63% 102,853 36% Jan. 29 65% Nov.
1% 17b 8,010
% Juno 3 2% Nov.
24 14 24%
5,500 10 14 May 4 28% Nov.
18% 18% 4,310| 7% June 24 21% Nov.
*25
27
2,50 1478 Mar. 21
28 Nov.
34% 34=8 78,854 1034 Apr. 8 30 7g Nov.
20% 20% 6,3'.;0 7% June 9 24 Nov.
5,710 13 May 29 26 Oct.
'82% 86
300' 447eJi.n. 19 87
Nov.
40% 4II4 11,930 1838 May 29 43 14 Nov.
514
5
2=8 Mar. 11
600,
6% Aug.
«22
23
1,055 17% May 8 24% Nov.
46
46
1,315 30 Apr. 30 497b Nov.
*96
97
212 79 May 12 99% Nov.
36% 367r 5,489 18 July 31 397n Nov.
98
98
821 77% Feb. 7 98% Nov.
3,610 79% Jan. 2 110% Nov.
2114 "22% 86,090
914 Apr.
8 25% Nov.
5638 57
135,310 41 Mar. 21 62% Nov.
1178 12
4,445
2 Apr. 30 15% Nov.
20% 20% 2,180 6% May 7 25 Nov.

45 H 4578
43
43

18% 19
13% 13% 13% 13%
138 138%, 137% 1.39
19

AND SINCE

21X

Aug. 11
Deo. 4

May I*
Dec. 1
Nov. 24

Nov. 27
Nov. 27
Dec. 4
142 Dec. 4
11% Nov. &
33 Nov. 5
157% Nov. 3(>
11% Nov. 25
51 Oct. 21
91
Oct. 21
18% Nov. 28
28 Nov. 27
19% Nov. '20
2378 Nov. 18
15% Nov. 18

2 '203

.

OBOEUBEn

.

.

...
. .j

1

1

KAILROAI) EARNINGS.

"ew Vork

railroad earninKH and tho totals from Jan. 1 to
The statement inoludea the Krow
-latest dale are K>ven bt*low.
«arninKa of all railroads from which returns can be obtamed.

The

lattiMt

Sami»g§

LattMt

Roam.

Week or Ho

Btporlit.

Jan,

1 lo

1883.

1881.

188.'5.

s

$

s

Al«. Ot.

Si>iiili'n Mi'iiihiT...

Ak'li. T.

.V s. I'

ioi.27:t

tiilMT...

I

l'J."),l

I

U. T.

Hiiir.N.Y

.V

W.

wk

nj,:i77: I.OUB.'IU

l."i,

.Nov

l-.;.oi:i

I'lill. Si.|iti>iiil>iT

2;i^i.:t!»s

wk Nov.
wk .V
Itli wkNov

l-.-_*.(HHt

111,000

JS.lOO

'Jti.lHI
fi-i'i.\Vl

.t

:i

I

Biir.('iil.K..t.N.i.i:!(l
C«u:iiliiiii I'licirli' :l(l

Ccnlnil liiwu

..

!),O!l0

Kllz.l.f\.AH.f<. Oit.)biir...
8. W.,()ct»lriT...
Clies. O.
Chli'UJCo .t Altriir nil wk.Vov
ife

.Si'ptniiilJiT 2,610.0:1.^1
.»(!.S7!I
111. .tclwK Nov.

A Kiwr.
Chlo. MIK.fcSt.l'. Ith

Clilo.

i(;.-),os:i:

<J

wksovl

2S,71

wk

•Clu.Tn(i.Mt.I.,.,tC.:3il
Nov.
Cln. N. O. .vT.l'. DetoUiir...
Nov.
Clii.Wiiali..<t Hall '.id

2.j7,l(i:i
3-J.>»()i)

d"V.Akroii.trol:;iil wkNov.
Clin'. ife Cimtoii. Oi'tobor...
Cl«v.Col.C.iV [ii(V August ...

Deiiv.
Dpiiv.

>k

8,07-2

37,110
32I,2'2st

..
.fe Nor. (Ii'tolwr
Klo Or Uli wkNov

2'.',(i-j:t'

1(>8,000

:

W. OiMoli r...
Fl.U. ;M WkNov.
DcS. Mo.
Di't.I.Jiin'K.S: No. ;M WkNov.'
Dtib.Artloii'cCit.v :M wk Nov.
K.Tcim. Viv..'ltHil. DttobPr ..i
.V

U.

O.SIH

.Si

Evnii»v. .t T. II. :i I wk Nov.
Flint ft. v. Mani. ;M wk Nov.
Flor. K'wiiv .t N. :tcl wk Nov.;
Ft.Worlli i l> -n. vt^ibor...
<Jal.ll:ir..VS. An. Aiii<iist ...
OnmilTnink ... \Vk.Nov2rll
<fr. B.W.VSi. I'.Si.ptpmbiT

Gulf Col.

.t

Hoii!).

Tux. !-

&

k.C.Ft..'*.>Viliriir.

;M wkNov.
Jil wkNov.i

M.

Jlwk Nov.j

JKau. C. Hp.

Kentucky

.*;

28».!)82

9,51I,8.-,7

11,-iOl)

38,369
46,991
49,079

l,1.5'.l,3(i8

(>(>,:!2'.)

.M.IiOl

2S,7«1
87,0 12
2ti,2

Li.Kk.Jc FI.Siiiilh'-ii'ptBUibfr

40.707
40,074
47,439
267, KiO
143,9«9

liuft.s!i)i'tol>cr...

Milwaukee

.t

No

Itli

wkNov

15,Lt!0[

MI1.L.SI1.& West, till WkNov
Illnu. .itttt. Louis September
Mobile & Ohio ..October...
Moixair8l.a..tT.i August
Na.^li.<'li. .feSt.L. October..
N.O.ANiu-tlicaat c)etober...
N. Y. City it. Ni November.
4N.Y.I...Krie &W. .September
N. Y. P«. * O. .-(epiembei

33,220
135,.5.57!

225,878
323,960
191.840
77,415l

316.093

1,5S5,.547

1,425,185
9,102,751
1,525,217

Broiulwar
Uercmntll«
Piiolfln

Repabllo
Ohattiani
Peoplen*

, ....

North Amerloa

...

Hauover
Oltliean'

Namau

.

—

....•

Market
NIoholM ...
Hhne A Lt^ather
St.

Corn Kxchanice

.

Cniittiituiiul

firlenial

Impurtors'A Trad.
Park
North Rlvor
Bast Ktvor
Fourth National..
Central N»tlon.il..
Seeoud National..
Ninth National...
First National

Third National...
N. Y. Nau Bxoh..

Bowery

N. Y.Oonnty

791,771

109,070
519,795

787,443

1,111,861
3,218,314; 2,690,385
1,285,158 1,334,.508

514,434

477,753

1,225,902
1,240,299

l,02ti,728

1,!'>37,070

1,324,743
1,622,443
2.()8ti,605

1,965,109

353,393

2,113,3-20

2,3-<s,309
4,60 1,804

1,199,029
.534.011
Nortliera Cent' 1. Octolier
Kortliern Pacltte; Novciuber. 1,251.002 1,110,379 10.570,032 11,855,070
.

Commeree

Fltth Avenue
German ICxob'nge.

Qermaula

354,880 3,064,7.50 3,143,8.50
OctolMsr. .1 365,003
370,146
377,075
52,1301
46,313
Ohio Soutliern October
244,496, 289,578 2,110,301 2,504,384
OreKoii linP- Co. 8 -pteiulier
058,308
1,323,092;
9(>,741
184,174
L.Scpti
-mber
Short
OreKOU
89,024
OreS K. it N. Co. 3il wk Nov. 124,123
Feiinsylvaiila. .. October ... '4.3.59,174 4,t47,.547 37,-596,800 10,840.0 16
6.5-2,'281
080,99'2
1.5,104
16,406
Peoria Dcc.JiKv. 3.1 wkfov.
341,796; 391,027 2,703,418 3,0.i2,7.J.J
Phila. A Krie ...October...
l,i"tt
.56 1 -.;o.io-,
20.102,464
io-t
'23,971,
r8,3/0rj,940,04
2,940,.5411 -.i.*,:»/
Phila. AKeaillns; ')ctober... 2,878,370
Do C. & li-oo:Octob -,r... 1,83J7.500'l,7'29,623 13.009,8-2O 13,740,.574
3,131,000
428,1001 3,213,611
L9,.80O'
419,
Blchui'd ADanv. October .
01,27ci
511,120
501,115,
80,
<0,150
Cb. Col. it Aujr. Seiileiulier
41S,743
454,19
51,130
63,100
Coluuiliia&(Jr. Septciiilicr
390,140
458,112
40,971
62,1)69
September
..
I'ac.
Geor;jia
1,351.709
1.50,022
167,595; l,28l,S07
Va. Midlaiiil. .; October ...
383,3S5
359,078
41,350
45,841
Octolier...
No.Car..
West.
31,3.50 l.liti.l 15: 1,049,797
28,999
Koch. & PittHliV Ithwk.Novj
13,54 L
1,233.563
1,2
181,7801
172,901
On.isepti-iuber
Kouie Wat. &
936,179
21,266'
23,352
8t. Jo. & Od. U\. 3d \<k Nov.
1,'202,139
1,075,5-29,
27,087'
26,144
.N<iv.
;icl
wk
8t.L.Altou.tT.II.
063,431
663.1 05'
11,109
17,320
Do Brauche.< I3d wkNov.
4l8,5<i6
572.623,
11,075
14,801
fit. I>. I-'. 8. & W.'lidwk Nov.
4,290,979
ll6,.5m) 4,012,575
13ti,800
et.I..A8aii. Frail. Ith wkNov
l,-207,4.56
1.250,896
41,810
17.60
wkNov
lib
Bt.PauUtDiiluth
998,858| 1,014,80: 5,938,098 6,615,318
Bt.P. .Mi ". V .Man. lOctebcr
51,035;
klctober .
Scioto Valley
908,203
910,210
134,961 157,352
Soutli CaroUua |Ootol)er
Bo.Pac.Comp'y--|
4,632,206
740,l3l' 580,212 5,315,833
Atlaii. .8ysteai]AU!iu.<it
..I
1,900,302 2,240,450
Paoilie ^yHtein|Au-.nist
541, .597
631,272
98.4!M)
75,59/
Texas it N. O.
8'*M,723
1.011.253
31,740
49.457,
.Nov
wk
Tex. i St. Louis 3d
18,271,2.52
18,378
t-nlo.i I'acille... September 2,518,1'2'2 2,486,8'27

Ohlo&.Ml.sa

HUtM

Dnited

...

Lincoln
Qarlleld
Firth National....
B'k of the Metrop..

West Side
Seaboard

l,0'29,954l

11,315,059 12,396,412
3,.599,901 4.150.301
2,822,551 2,753,213
1,570,405 1,651.995
849.219
908,605
99,0.59

105,087;
192,280,

. .

LeAthAT Munnrrii.
8«renlli w»r<l
atato or N. Y
Amorlo'n Kxoh'fe.

Sixth Mattonal....

29,038
41,022
505,377 1,7.32,739
485,718 540,525,
339,905 306,734
108,790 185,043i

N.Y. di New Kug. October ...
N. Y. Out. .t\V.. October...
M. Y.Susq.&Wi sti !)ot.'ibcr
Norfolk iSc Wcat \:i wkaNov.

Onwnwioli

German-.Vmerio'D.
Cbaae .National...

2,433,391
203,7371 1,7.59,712
80,041;
538,921

1,.

Rxch.

UiilUtlD NatlonM..
Butoliorn'tk OroT,
UTChknlcn' A Tr.

2,121,333 2,0-<9,.505
2,217,810 2,076,181
28,480' 1,310,706
9i)5,790
773,41 -2
90,258
710,392
227,479
211,014
20,419
355,171
48.271
371,181
39,341 2.074,487, 2,H0().(i2 k
431,381
66,iil9!
358,903
285,198
377,812
37,074
291,150 12,180,315 12,010,333

4.778
120,245
285,128
140,252
12,872
24,850
173,672
212,459
246,790

0,5.50

133,705
320,000
128,610

November.

*Mox.N..nll

l.i

52,3.'>0

Mar.Hoiigl\..k O. ;iil wk Nov.
Mem. <fe Clmi'uM. October...
Ccnt'l.

23,581i
l(in,050 1,020,831

30i>.300

I,<Mi);r^l iu<l. ... ttliwkNov^
J.a. .V Mo. liivor. .Vuijiwt

661,i»25

071, '200
14,037
38,934 1,700, 137 2,037,.585
8.50,180
23,l2i
852.435
387,581
39,807
401,011
220,751 1.903.358 1,718,808
331,091 13,878,008 15,076 175

1.234,101

L.Kk.M.i4iv..kT. S.'ptouibcT

•Mexican

412,289

193,878

Ceut'ljOolo'.icr...

Miiuliattttii

841.293
336,018

824.322
3,230,039
070,881

3l,7t!l

AuxUnr
:M wk Nov.
Elov -ja wk.Vov.

2,l'47,42{
190.874
1.80,550
.5,011,3281 5,141,007

1.210,9-<5

210,40'.I
2U),tti'<

Loiilsi;i;iii \Vi'-it.
I,oui v..\: .Na.xliv.

2,2.52,025

793,010
3,309,812

•i;i,7!t:t

..,

Phanlx

[rrln(

l,09l,5-23|

31.">,2.j!t

wk Nov.j
:!.l wk Nov.'

434,741

8,378j

270.2;).^;

:M

IU.Cout.(Ill.i-<o)
(lowiii
Do
tind. Bloom. \-\V.

1,408,9-20

1.315,581
2,179,008
2,188,019
l,(iO 1,205
134,853

20,507,

:

.ViU'Ust ...'

1,158,302
2,113,512
2,107,100

24,954

27,001

S. V\-. N.ivembiir.'

l,:)7ll.l!-<8

21,000
4;i.tiiil

i

nil, nil

1,

2i,.");f2

4ii,:<-ct
17.:is

.

l.l>!(7.:t74
M,()l(i,.M13
ls,.-.o.->.S'.','i

1,52,001)
9 1, .300

i-2(5,8H;r

(i.

10

I 1

l.ii72.oj:t

25,332
47,878
242,380
35,935
9,114
29,801
344,481
21,973

l.'-.,l.i:>i

wk

.'VMO,

1

•J,!i.-.:i,ill I

7.'J(W.(i7.".
1)),0.'M),I II

30,5'2!l

I

AniarloA

City

tiAiitu'
lii.:ii'J.

Hi, 108 22.075,959 21,252,1)00
592.2(K) 22.:i32,220 21,5 10,152
12s, 801) 5,201.11
1,1 '.18,583

117..-.0(1

MftCllAOlOS' ......

'_

•J,7(ij,:i(i()

6

(iOli.DDO

:iil

Dsniiurv

'2,707,110

7t!J,(M)l)

& Nortliw.'ltliwkXov
Cli.St.P.Miii.A;().';M wk Nov.
wk Nov.
Chlo. & W. Midi.
Clilc.

1,017,.'VH4
.|07,'JU1

Muthkttan OO..
MomhftRtM*

'

1),-J7J.17-

OH,.")?!

130,015

i(ii»,;tr.

88. 188B:

'i''-"i*»'»Tii«n'i .....

2,7'iy
7,IOV.
1.17-.

•270.181,

lH:t,i()7

week ending November

New York

«
H!»'j,:t;i,'i

22:),H<»),

lo,'.):i'i.

&

<;til«. lliirl.

•lua.sao!

7-i.'.;iii

1,3.'>H.1'J'.',
ICi'iitnil I'afitliv \ii.'U-<t
ao7.i;iii'
•Clii'Hip. -^ Oliio. Oi'tolmr...

Baaki.—Th« followmf WwiiMint •how» tb«
Banka of N«w York City for Iba

City

ooDdition of the AMociat«d

IHS-lT"

,(i7H,07."> l,7l-J,<"i() l'J,71t,llll i:),.">!ii.'<7ii
'il.7IWi
lO.HlC
2V!U,:lO'Jl
UII,H77

>f'i>tiMiib«r
•rtnnorjfc
B»lt. .t I'otoiiiiic iililinr...
l«iist.

Bid, «.«)'

loi),7:u

fir,i:

Ldletl nnte.
I

(1.

'

THE CHRONICLE.

1889,]

5,

.

1

1

341,387,000 93,!>79,300 88,614,1800 388.400.900 lO.O-WJO'*

Total

The following are totals
1836.

Iioaiu.

for several

L.

Steeit.

weeks

TmOtrui DtrotiU.

past:

lOtreiitaUOT.

•

s
A'g.lS 314.9 10,<"00
" 21 » 17.554.700
••
29 320,U'2,50O
S'pt 6 324,855.801)

114<)I1600 43,,001
1159700O0|40,,3-.;'-'
115B5500O;39,,oto.

|9,,149,000

i.:ion

;

AtQ O—r-tt
497.n51.767

:t20,7O8,50O! 1119845UU35.,17'2,400
" 19 328.'2tf7.50O| 110253900,33, 956,900
" 26 .rid,049.100\ 109254400,3-2,,171,800
Oct. 3 330,759,300 107091300 30,,747,900
••
10 331,900,800 108172»00'28,,505.100

389,424.000
388,131.500
387.'29«, 100

644.000 5iP.3 itl.46J
,«8«,30O 44.S,».l8.80'i
,707.300 476.8(MI.5-ia
,755,900 484.537.6M
,738,100 480 731,380
,810,(100 471,85-i.OtS
,905,500 S7a,07«.aTI
,923,800 659,5(0,549

-J7.,872.300

:t87,796,40O

».'»8.t!nn 7n-.'.oo-),s-2 •

'jou

114:)0J4II0 35, -297,300

" 17 axs.'iTH.ooo 10ril>!0300
••
2» 310..'
" 31 344.

l.rfOO

,

(.800

.i;io.>io

3i5S.977.200
335,3»l!.000

iS5,189,«00
,008..
,99.'
S4,479.200
992..
80.768.400
Nov. 7 ,«»o.:'
,«v.'.
••
14 34o.:<i;ii.ioo ;i.;,Vi*t..;tiM) -ji-^. a/.-ioo 380,284,200
" 21 .«i).4«.<.200| !>S,650,-3OO|29,O09,70O 381,I06.HOO 10,.077,
Ij4 1,387,000 93,579, ;100| 28,614,200 »8'2,4:)9.900hO ,08.^.
>

:

;

.

;

j-m
111

793

I

-

.

;

.

.

-'

390,350
347,226
1V2,1.50
317,597
46,888;
485,899,11,505,174 12,63 1,179

47,997
58,499

A

it P.jlth wkOet
Wall. St.
t West .lei-Bov. .octolier
Wlscon.iiu Ceut'll3d wk Nov

U

.

,275,4<X)

A.'gl-'i

. .

Embrace """tfT.o'jO miles

bcauolioa.

9

8,783,500
8,681,700
8,tiU.300

4,11'^

8,rtl2,7lM)

4,i>;

8.828.500
H,s83,000

4..-.T

••

8,S'li3.:<0()

4,337,

" 21 15;', Oil, 101)
" 31 153.,708,400

8.!17«,70O
8,8«.i,100
8,S5H.rtO0
11,014.700

4,44'.',
4,84-.',

10; 15:1 .Tl-J.lOO,
" 17.' 153 .10 1.000'

Nov. 7
••
••

'•

•

I

154,,.'175,300

9.14!<.'200

141155,,283,6001
21; 155,.3 !2, 1 00
2»|15B, 277.900

U.lliO.OOO
il. 1111.200

An-

4-20,112

95,704
31,540

21,641,000
21,B46,31)0
21,;i-21,0OO

2l,591,JO0

4.7:.-

6,533, '200
5,663.,000
6,406.,300
5,10a,,300

5.101

Philadelphia Banks.- -The

ll.'i.iHO. 100
117,183,700
117,772.900

.

.

118,571,100,2;.;..
16.344.3')0|2'.8n.7l)i

,9(M) 1

totals of the Philadelphia

norm

Aug. 16
22
a»....

Sept.

6

9-2,800
•29,984

now

comprising

the

Loiefiri af»n«».l

Loaru.

Oct.

31....
7....
14....
81....
2-1..

..

,;

,

28,073.'W0
27,332,700

80,933.701)

78,285,21(0
78,842,1165
79,1)83,200

2;.7ol,>IOO

80.80' •.

27.738,670

80,90

28,1-27,800

81,8.^.'.

79,137 800

2-1,2-11.300

a2,7i<

79,2.^3,6.0

27.355.800
27.719.100

HJ.IO

79,077, .:iM)
80,!4'2,TOO

2.-'.5i;i.3IMl

80.6.'«.5l)i)

:it).l8-<,800

.

kO,832..'.00

3 i.5.i4,70O
30.301.5 Ml

.1

8.l,97».000

'29.780,600

J 11 -Il

)

•iBOiaduic uie IMm "dao

7,l2!1.80i)

O—fm
•

I

4? S"?*.*?*

'

'

i

274
J7l
177

179.01 H)

2-1.

81.

80,827

•

2S. 210. 700

80,143,-JlMt

,

.

^

77,280,200
78,202,500

78,797,300
80,160,900

An-

DvpMtts.* \OireuUUion.

•

•

I

19....
86....
8....
10....
17....

of Goslien

bank*

are as follows:

1-2....

I,ll3,700i 1,153,070
1,300,330, 1,257,180

CW(*

*

I

8,739,300! 6,083,',000'U2,941,700
4.72 2 ,000' 11 1,9-24, 200
4,816, .too 110,051,700
4.829 •200 lo9..1>«.4"0

,9BS,50ol 8,762.100

,931.200
,999.300
5
,'pt S
,167 .BOO
2
IW 151 .811,300
" 2d, 150,,653,.iOO
Oct. 3; 151 .3B8,000

DeroeUt.' {CtrvuloMim

C, jTmiKn.

2-2

333

**tNoUiud'udrw fiidianapoUs D.5Catiir A SprinRfleldlu cither yeor.
I Not iMcladluK earnings of New York PaunsylVBuU & Ohio road.

\ And

j

" 29

••

'24....

f

Specie,

«

.

Mer. October
Vick.sli.sli.Jlil'ac. Octolv

Vicli-il'

Loans.

188S.

.

. .
. .

.

Boston Banks.— Following are the totals of the Bobton

311.03 ;.»'>0

w uuiat

I

7.

»j,2i'li.H'll

86 454 000
87 168 800
SSlJSslwo

II... 00

7.41tf..%0O
I

7,413,811

TUao-.s^

4..,»...,u..rf
1

iS-MJ-lSj
&l>,t3.3.8n

*|-TiiI-#

—

%nia&5tmznt

[Vol. XLI.

Favonla ferries— earnings
Pavonia Horse RR.— earuinga
N. Y. L. E.

& W. liaggase

express

Woe,hawken docks— eiirniiigs
Grand Opera House. &c. — reots..
UiK-hdmed baggHge, tfcc
Brooklyn Annex— earuinga

The Investors' Supplement contains a complete exhibit of
Funded Debt of States and Cities and of the Stocks and
Bonds of Railroads and oiher Companies. It is published
on the last Saturday of every other month—viz., February,

the

Elevator at BiilTido
Blake's dock, Buflalo—earnings..
Interest on soeurities

April, June, August, October and December, and is furnished without extra charge to all regular subscribers of the
Chronicle. Extra copies are sold to subscribers of the
Chronicle at 50 cents each, and to_others than subscribers
at $1 per copy.

Sterliuif

Total credits

Debits—

Weohawkeu docks — expenses
<Jrand Opera Hou*ee.

&

A

&

&

;

Miles owned
Uileslcased

Ac— exp'ses

Unclaimed l)aggage, tfcc
Brooklyn Annex (ixpenses

—

Elevator at Butfalo— expenses ...
Bljiko*a Docks, Buflnlo- expenses
Interest on funded debt
Ijong

Dock

Co.

bonds— interest...

W<'chawkon docks— interest

;

&

—

Pavonia ferries expenses
Pavonia Horse RR. expenses...
interest on bonds.
do
N. Y. L. E. &Vf., baggage express

:

large increase in business.
" Leases of the Worcester Nashua
Rochester and the
Rochester railroads have been agreed upon by
Portland
your directors and those of the leased roads, subject to the
ratification of the stockholders of the respective corporations.
special meeting for that purpose has been called at Lawrence, December 9th, 1885. The Worcester Nashua
Rochester is a line from Worcester to Rochester, N. H., 94J^ miles
long, passing through Nashua and many important manufacturing towns. The Portland
Rochester is 533^^ miles long,
extending from Rochester to Portland the combined roads
paralleling our road for nearly its entire length."
The earninas and operations below are on the combined
system for the two years, to show a proper comparison:

Gimrant<'ed Interest
Interest on loans
Interest on inortgag«5, &e
Interest on equipment
Rentals of leased linos
Siisp. Br. & E. J. BK.— rent

London ottlcc expenses

State of New York- taxes
Ptate of Pennsylvania— taxes
Stale of New Jersey- taxes
>

Claims priorycari
Erie Ituilding expenses
New York State taxes for 1880. ..
N. J. State taxes tor 1879-80
Extending Hd mortgage Itonds
RR. Coniiiiiiasioiiors' expenses ...
.Adjust, eaminars of N. Y. Pa. & O.
Loss on sale of C.H.& D. trust cert.

—

. .

Total debits

•

full interest
Interest in 1883-4

ASSETS.

—

Total Investments ....$3,327,135

Advances —

Coal 4^-RR. Co

$1,978,989
433,847
389,331

Docks* Imp, Co
Other companies
Total advances
Current Assets
N.Y. Pa.&OhioRR

$2,802,168

—

^368

Materials

492

Due from

$3,640
27,496

Bills receivable

&

supplies on

Eurnhujs —
Pastefger

2,27."i,034

322,567, lVi8
$3,550.fi76

Operating expenses

$3,544,302
2,435,101
252,393

$6,288,419

.$6,232,096

971
199,Olu

$3,95(s369
204,637

!t;3,!.97

Taxes

eta.

2,489,003
24?, 710

iSie

Total gross earnings

7,375

2-127

freight

Mad, express,

l.'i,58

&

pas-

$4,161,006
$2,071,090
66-76

6c olh'rs
(collectible In Oct.)...

Miscellaneous
Net amt. due for propor-

Total income..

.

$2,350,553

.

Dividends
Eastern (under lease)*

445
4,007
24,723
17,820

8,234,463

6,356,983

266.038
26,872
6,878
76,683
25,107
15,518
4,024
39,856
11,707
37,729
4,546,396
210,000
64,453
50,908
91,033
18,021
464,358
724,003
13,237
13,756
127,524
11,647
20,000
489
10.3S5
5n,060
11,136
21,260

260.040
29,621
7,123
71,014
25.899
20,003
4.017
38.299
40.722
42,260
4,605,457
210,000
04,453
50,908
104,103
16.131
358.334
723.053
14,909

5,589,748
$
230,248
31,046
7,000
53,351
50,059
12,801
3,710
26,912
41,137
24,423
4,605,487
210,000
<;i,i53

20.585
100,358
10,116
306,006
722,803
23,411
4,113
93,869

12,582

120,510
11,764
42,399

41, 89*
ti5,561

15.181
1,143

139,462
12.111

24,260

24,260

5,523

3.934

135,038
31.250
7,055.606

6,966,691

in 1884-5.

LIABILITIES.
Capital Stock-

Common

$77,223,100

Preferred

8.145.800-

$^5. 30-', 900
Tot. espital stock
Tot. bcind'd iudelifs
75,268,485
Deterred Liubilitles-

Amounts duoouro-n
coal companies.

Overdue

iner'at

ii

,vo.

on

tion of rebates, labor,
materials, <&c

Cash

payable seemed
by mortgage

Marine Nat. Bank
$150,993
& Athintic R'y Co. 1,816,823
Other comp's for atlv'nos
506.045
NY.L.E.& W.Coal A RR.
Co. (oi er'g ..t int. ace.)
223,771
Sundry individuals and
companies
393,605
Chic.

Tot. eontiug't assets .$3,121,239

1884-95.
$1,225,526
266,424
560,000
158,603

21,000
98,069

Sundries

$4,064,024

Current Liabilities—
Bills pa.vable

Voiiiingent Assels--

3,695,711

Bills

Dividends
Int. on funded debt
due or accrued
Other interest due or
497,492
accrued
143,920 Rentals of leased lines
due or accrued

Total current assets ..$3,'238,424

$219,241

-2d

$l,«19,13l
712,716
7,638

616,606

231,378
414,570
244,877
139,957
134,328
85^,126
959,883
308,381

Tralttc bal'nces, fr'ght

do

pastenger.

Mileage

Pa V- rolls

for Sept

Audited vouchc'-s
Miscellaneous

*6.447,600
Tot. enr. liabilities'.
171,149,010
Total liabilities
Assesstnents tt luc, Bui.
Tot'tl assessm'ts, int.,
3,284,451
&e., on old Erie stk.
Proflt tfe loss—Surplus
4,511,723
Sept. 3i', 1885
lOCOOO
Sink fd., prior lien bds

—

"$7,896,174
LessDise'uts. and expensf.of exfd'g Erie 3d .M.

Total diebnrsera's.. $2,310,553

Balance, aurplaa

915,658
$6,980,516

$U0,C0O
Grand tot.

Includes Interest and sinking fund for Improvement
bonds.

New York Lake

Erie & Western Railroad.
(For the year ending Sept. 30, 1885.)
The annual report of the President was published in the
Chro.nicle last week
The statistics had not then been issued
full, ana the tables below have
been compiled from the
figures since given out the comparative
income account is
made up for each of the last three fiscal years, and
the balauce-sheet oil Sept. 30, 1885, is given at length, with
a particular and detailed account of the items
of unfunded debt.
COMPARATIVE STATEMENT OF PROFIT
PROKIT AND
Ajjn iLOSS
riu« yOR FISCAL YEARS
ENDING SEITBMBEK 30.

m

of ai-sets.$178,129,526

Orediu''"'*

wwk'in^",:;'!!.'''"
working expenses

''™"<^''^^-

^882-83.

1883-84.

1884-8.'<.

22,802.247
15.444,583

21,637.435
16.35e.078

18.934,573
14,347,517

7,357,604

5,279,357

4,587,i
4,587,056

$

Gr. tot.ot liab;iitie8.$178, 129,526

GENERAL INVESTMENT NEWS.
Atcliison

Topeka & Santa Fc and

monthly statement
•

;

NeteamlngB

502
3,171

27,395
18,S32

1,608,937

.(£

'.

728
6,177
9,639
19,920

Loans payable

,

Total
$1,196,990
Net earnings
$2,091,429
Per cent of operating exp. to earnings.
66-74
ISCOME ACCOD.VT (BOSTON
.UAtNB FROPBK).
Reetipit—
1884-8."'.
DisbursementsNet earnings
$2,071,090 Rentals paid
Bentalg, interest, Ac. .
279,463 Ititerest on debt

995
12,822
72,457
29.763
455,421

Tot.defer'dllabilit'a

956,936
freight

fcnger agents

204,321 021
1-735 cts.
2,132,954
114,506,014

5,317
1,181
20,741
64,500
43,912
477,975

2,537
24,710
22.226
70,391
299,070

consolidated bonds.

192
14,960,162
198,084,721

13,670
5,825

17.9.54

3,80.')

.

124

1884-8,'!.

$286,598
25,098
53,028

on 2d consolidated bonds, though only

Inrestments
Stocks of other corap's.. $3,033,315
Bonds of other comp's..
293,819

124
36S
ItESi:i.T8.

1884-85.

21,720
73.103

was actually paid and none
BALASCK SHEET 6EPTEMBEE 30, 1885.

Tot. cost of road, &c. $165,640,559

1S84-S5.

188.S-84

$30 i, 91

1,265,485 *df.698,6'J2'dr.l, 376,943

This allows for

two months'

1883-!J1.

AND FISCAL

1883-8.1.

P,968,9T8

,

Surplus income

hand
Total operated.
OI'ERATIONS
OperaliongPasaensers carried
Passenger mileage
Rate per passenger per mile...
Fielgnt (tons) moved
Freiglit (lou!,) mileage
Average rate per ton per mile

..

Erie liuUdings rent...

Boston & Mauve.
(For the year ending September 30, 1885.)
The annual report says " The lease of the Eastern Railroad
to this company was ratified by your Totes on the 3(1 of December, 18tf4, and the leased property duly delivered to ue. It
was not, however, until January 1, 1885, that the financial
and, as tlie terms
affairs of the road were merged with ours
of the lease rt quired some change in the mode of keeping our
accounts, it will be difficult to compare the business of this
year with the last, in many particulars. Wherever comparisons are made in this report it will be understood that they
are the operations of the combined roads, compared with the
same of the two roads in 1884, under separate management.
Hereafter that difi5culty will not exist." * * *
" In connection with the New York & New England Railroad, we have had built a harbor float, for the purpose of
transferring cars from their docks at South Boston to our
docks at East Boston. The float will carry ten cars, and may
be used to convey cars to any of the warehouses on the waterfront or to oiher railroads. Ferry-slips are built at the la idThe
ings, so that transfers may be made at any time of tide.
completion of the cantilever bridge at St. John gives us an
uninterrupted connection with all the railroads in New Brunswick and Nova Scotia, from which we cannot fail to derive a

Newark RR.— rent.

tt

Rent and expenses of stock yards

ANNUAL REPORTS.

1882-83.

$304,231
21,700
72,689
18,916

exchange

Patersoii

»

..

THE CHRONICLE.

652

'

8

.

of earnings

Soiitliern

and expenses

October.

,

Kansas.— The

as follows:
,— 10 im««., Jan.l to Oc/.31—
is

1885.
2,396
Grossearninns
$1,676,075
Op.eip., oxcl. tax.
666,315

1881.

18^5.

2,333
$1,712,051
721,531

2,.^80

$1.',714,60^

6,669,iOl

2.336
$13,591,878
7.126,150

Net earnings.-. $1,009,7.59

$1,017,5-.'S

$,04'*, 101

$0.46^,723

Miles of road oper'd

1&81.

Paciflc— The Boston Herald says: '• A block of
11,000,000 Western Divison bonds sent over from Europe and
hanging over the market in New York lias been taken" out of
the way. Between ^20(1,000 and fiSOO.OOO were peddled out
in New York, and the balance was divided between Messrs.
Atlantic

ft

—
December

THE CHRONICLE.

1886, J

S,

Seligman & Co., of New York, a Boston bankInK house and a
Boston capitalist, |350,000 coming to tliM city. InHidera In

Atlantic & Pacific say tliat it haa been earning at the rate of
4 per cent on the bonds the present month. The through pnaaenger line to Ixjb Angeles is open,
Baltimore & Ohio.— This company will apply to Congrpwi
at tlio opening or tlie seesion to get authority to build Ihnir
drawbridge botween Now Jersey and Staten Island. They
have large forces of survevors now out locating their projected lino tietween Bound Brook and Kllzabethport. It ia
stated that the consent of the liegislature of New Jersey is
also necessary for the building of the bridge, and that the
granting of this consent will be sharply opposed by other interests.

—The

financial agents of the Baltimore Sc Ohio Railroad
have delivered to the purchasers the certificates issued by that
companv for the new loan of the Schuylkill River East Side
Railroad Company. These certificates are payable to bearer,
and are in the nature of an agreement on the part of the Baltimore
Ohio Company to deliver first mortgage five per cent
gold bonds of the East Side Road to an equal amount.
—It is stated in the Star that the stock of the Staten Island
Rapid Transit Company is ?;")00,000, of which the Baltimore
Ohio owns r«l per cent and guarantees 6 per cent interest
thereon, aa also on $1,000,000 of first mortgage Iwnds and
$2,000,000 of 5 per cent second mortgage l^nds recently issued
and sold, the proceeds of which are to 1* devoted to the acquisition of terminals and building of fast boats.

&

&

Beech Creek Clearfield & Soutliirestcrn.-It is stated on
what is considered good authority that the Beech Creek Railroad is to be sold and reorganized. The agreement to the sale
and reorganization has been signed by all parties interested
except Franklin B. Gawen and I. V. Williamson. The reorganization committee incluie^ W. K. Vanderbilt and C. C.
Clark, of New York; J. M. Gazzam, of Philadelphia; W. F.
Baer, of Reading, and C. J. Langdon, of Elmira, N. Y.—

D^nrer * Rio flrandit Westfrn.-The following Is • 4
ment of earnings and «xp«niH<« in (>'toh>«r; %tu>r 6mlaaHng
rental of equlpmont, taxes

month

the

wm

bonds. Certificates of indebtedness will be received for
the amount 8ubscrii)ed.
The scheme has already been
accepted by the holders of $400,000 out of the $500,000 bonds.
BiilTalo New York & Philadelphia.— This company is now
paying the interest upon the Oil Creek Railroad first mortgage
six per cent bonds, which was due October 1, but was not
paid at that time.
Canadian Pacific. The following are the gross and net
earnings for October and for ten months:
its

—

October.

.

,

,

Jan. 1

1884.

1885.

$91S,000
Operating expenses 523,000

$735,531
43^,083

$fl,S24.8.'54

Net earnings.. ..$393,000

$297,448

1885.

OrMR earnings

4,142,272

lo Oct. 31.
18.H4.

.

$4,5S8,507
3,813,235

.5775.362
$2,682,382
Chicago Milwaukee & St. Paul.— It is stated that the
directors of this company have resolved to commence work at
once on the extension of the road from Ottumwa, la., to
Kansas City. It is reported that a contract has already been
let for 10,000 tons of steel rails for use on this extension.

Chicago St. Panl Minneanollit & Omaha.— A prees dispatch
from Madison, Wis., Die. 3, said "An important case was
:

called to-day in the United States Circuit Court before Judges
Trust Company,
Gresham and Bunn. The Farmers' Ijoan
Omaha
of New York, sues theCiiicago St. Paul Minneapolis
Company to subject the land g^ant, which formerly l>elonged
Superior Railway Company, to the
to the Chicago Portgage
lien of $758,000 of mortgage bonds of the last named company which were secured on the land grant before it was taken
from it by the Wisconsin Legislature in 1883, and given to the

&

&

&

bonds and accumulated interest now
The lands comprise 400,000 acres
in Northern Wisconsin, and are thought to be woith about

Omaha Company. The

amount

to about $1,000,000.

^3,000,000."

Cincinnati Hamilton & Dayton.— Holders of guaranteed
trust certificates are notified to leave them with the Master
Commissioner to be exchanged for Cincinnati Hamilton Dayton Railroad Co.'s stock, in accordance with the decree of the
Superior Court of Cincinnati.

&

—

Cincinnati Indianapolis St. Lonis & Chicago This railroad company again takes its position as a flividend-paying
road. The directors, after hearing the report of the business
of the last five months, voted to declare a 1 per cent dividend,
payable December 15. This is the first dividend the road has
paid since it was damaged by the floods of 1883.
Cincinnati & Muskiiignin Talley.— An Indianapolis dispatch
states that the courts have decided that the lease of this road
to the Pittsburg Cincinnati & St. Louis Company is void,
and that the lessee will surrender the road to the com-

pany January

1

nex*'.

and Innnrancn, tho

$.-)»,OSO, aicainHt 4iJI,7I'J In th«.

n--'

r^

-<i".i»-

nan

.f

1884.
Both this road and th» Denver A UloUrnnl'
li
unusually large earnings lately, owing Ut the heavy Ummmgt
of codl which they are temporarily supplying to the
Untoa
.

I

ociQo:
Oelotir

.

NeteamlQfts...

$00,170

'-4

MM.. /Miy

t

to

Ore 31

—

ISM.

l»NS.

11*4.

•tol,300

• tl 1.447

•iO«.47«

1885.

Qron eamlDga.. 9136.883
EzpeOMS
66,703

63,606

38».33S

366,M9

937,603

•173,300

9SJ4At

IIontlDgtoB Syitem.— The'.eamtnga and expense* for October and for ten months from January 1 were as follows:
19«4

Opow

Ha

Oron

.

tarming$.

earntngt.

Wtt
eiminfft^

9307.430
70,983
87,043
163,107

9:oe,768
31.378
36.717
87.443

9i7'MHl

97->,4e9

CbeupeskeAdhto. ri,763,360

9767,333
301,780
323,155
403.063

Oe'ober—

Obeiapeake A Ohio.
Rliz. I«x. A B.8an.
Kchtiirky Central..
Clica. O. A Bontbw.
Jan. 1 lo Oct. 31—

l^z.

Elli.

AB.

San.

580,441

Kentucky Central..
710,392
Cbi'S. O. <fc Southw.
1,272,023

8-»,574
08.3.^8

20.033

13«.u4d

50,049

91.053,014

9807,744

63.^,815

209,131
301.187
247,772

77<,413
'.,0U7.J74

3ft.l«53

KingH Conntr Elerated.- Mayor l/ow and City Work»
Commissioner Fleeraan have given consent to the Kings
County Elevated R.R. Co. to build its structure in Fulton Street,
from Hudson Avenue to the Brooklyn city line. The consent
of the owners of half the property along the route have been
secured, and have been verified by the Corporation Counsel.
The conditions under which the consent of the city officials
is given are that the company must operate its structure on
this route whether it is extended to tlie bridge and ferry or
not a bond of $300,000 to protect the city against damages
must be given the structure must be begun and finished
promptly, and the fare must be five cents at all hours, in lien
of paying the city 3 per cent of the gross receipts, and in
waiver of the charter right to charge ten cents except in the
busy morning and evening hours. The company h.'is ngrted to
all these conditions, and work upon the structure will l>egin
shortly. The company is trying to get the conMsiit of half
the property owners on Fulton Street, from Hudson Avenue
to Myrtle Avenue.
Lonlsrille & Nashville. The gross and net earmngs, by
months, are as follows:
Oroit Eamingi.——>
—Sti Bamino*.—.^
;

:

Philadelphia Press.
Boston & Lowell.— The ruling of Judge Carpenter on the
facts in the Northern Railroad suit, as they were presented
by the Boston & Liwell, is construe! as favorable to the latter company.
The Boston & Lowell has secured a modification of the traffic agreement with the Concord road, whereby
it is released from the operation of the Nashua & Acton, and
this, with other modifications, is counted as worth |20,OOD a
year to the Boston & Lowell. The 3 per cent dividend has
just been declared payable Jan. 1. Boston Herald.
Bradford Bordell & KInzna. A circular has been issued
to the holders of the first mortgage bonds, asking them to
July
subscribe 5 per cent on the amount of their holdings, in order August
that tiie company may resume the payment of the interest on September

—

«r)3

—

—

.

1885.
91,057.332
1.077,487
1,146,979
1,26J,340

October
Total for 4 mos...

$4,544,137

1881.

1885.

101
1.117,113
1,145.366
1,291.714

93H1.444

91,06'>.

$1,614,497

18^4.

943N.234
Jf 9,982
477,681
514,081
592.003

400.4.52
46l,»(t4

$1,770.461 9I.988,8>0

During the four months in 1885, $105,819 were spent in construction, and not deducted here from net,
Mexican Central.— The directors have adopted the plan for
scaling the first mortgage interest. The circul.ir will not bo
issued for some days, but its features are outlined in Boston by
the Herald. The 1st mortgage coupons are to lie cut from the
7 per cent bonds and deposited with the Boston Safe Deposit
& Trust Company as trustee, the same to be held for the
benefit of the bondholders and for use in the event of future
A new 4 per cent coupon sheet is to be attached
foreclosure.
to the body of the bonds, interest payable semi-annually in
January and July. The first mortgage bonds are to be stamped
with a provision that the net earnings of the road over and
above necessary expenditures for construction shall be figured
April 1 and October 1 for the six months preceding, and anything earned above the scrip and debenture interest and 4 per
cent on the first mortgage bonds shall be paid to the bondholdIt is further provided that all subsidy
ers up to 7 per cent.
shall be set ap.art to pay, first, any deficiency in interest on the
bonds, and, secondly, the principal of the bonds. If the plan
per
is adopted, which the directors say they think it will be,
cent will be paid on the bonds January 1, 1886. A majority
will carry the measure by virtue of the mortgage provision
that a majority is necessary to foreclose.
N. Y. Central & Hudson- N. Y. West Shore & Boffalo.—
At .Syracuse, November 38. the order came up to show cause
why the injunction should not be made perpetual against tb«
West Shore lease and the guarantee of the new mortgage
Iwnds. The case was argusd at great length before Judge
Kennedy, and Mr. Choate, for the defendants, offered to
furnish an indemnity bond of $100,000 to guarantee the
This proposition
plaintiff against any loss he might sustain.
was not accepted by the i)laintiff. Judge Kennedy, after
hearing the arguments, reserved his decision.
New York Cliicago k St. Louis.—There ta an exceptionally
strong committee of the first mortgage bondholders of this
road, nntl there seems to be every reason now that the bondholders should deposit their bonds with the C«titral Trust
Company without delay. There is little doubt of the valiie
thweis
of a completed railroad i)etween Buffalo and Chiowo,
Uie
likely to be more than one candidate for its poeseaslOD, and
bondholders should now press their rights without further
delay. The following circular explains itself:
-'

Ntw YoBK. November 21.

1885.

Now York CUIcaao *
co.um.nce P'^^T''"" »'
;>?„'"«
St Lo."J flrSt morUaee
'""f \"^:'rf,;
^'IJ' "«'»»'tjoodhoMers
the application upon the written requetts of
reqnirrd
amount
the
thu-j
bonds
more
doUarj
teen himdrtd thousand

Wo have miMle

application to the trustee of the
to

:

;

THE CHEONICLK

654

A. Rooseby tbe terms of tlie mortgage. At our request, Messrs. Jas.
John 8. Kennedy, Adrian Iselln, Jr Oliver Harnman and D. Willis
tliom
to a
carry
rbis
point
and
from
proneertinKs
up
the
take
will
»me»
T
.•inclusion. Acconiiiaiijiug tills y<'U will find their circular and coi)y
are:
agreement
of
the
main
features
The
aKrecmem.
boudholdero'
ut

-velt,

—deposit of lionds in tlie
norary receipts, which will bo exchanged for engraved receipts (that
conform to tlie rcKulntlons of the New Yorlt Stock Exchange) rtS soon
as they are prepared liy the Amerii an Bank Note Company.
Second. -Vo assessment from bondholders, but right of the committee
to bor.'-ow, on ihe bonds deposited, a:i amount not exceeaing ten dollars
per bond, to meet the uece.-SBry expenses.
case of
rA irrf.— Authority giyen the committee to bid for the road,
sale, an amount equal to par and interest of the bonds and foreclosure
Firs'

m

expenses.
.
.,
,
,
,
four<*.-Aulhorlly given the committee to sell all the bonds deposited
under the agreement In the Centrnl Trust Company, for an amount
equal to par and interest on the bonds, less the expenses.
We think It for your interest to deposit your bonds promptly, and
would notifv you that no bondholders will participate in the action
under the ahove-mentiontd feature marked No. 4, unless their bonds
are actually deposiied.
^ ^..
The assessment of one dnllar per bond paid by yon to this committee
has been exhausted in payments for adveriising, printing, postage, etc.,
and tees to counsel in Ckveland and New York. The time and services
of the committee have been given without charge.
We congratulate you that the rriad has thus far been under the
management of a Receiver without the issuance of one dollar of
Kecelver's cerliflcates, and with receipts exceeding expenses even
during the pcri<id of aisastrous railroad competition. We also congratulate you that the gentlen^en named above have been willing to
take our places, and believe that a prompt support on your part of their
intended aotion will lead toresul's very satisfactory to you. By order
of the Committee, Thomas Denny, Chairman.

New York Fordhani & Bronx.—The announcement was
this week that Jay Gould and Russell Sage had purchased for $17.5,000 the franchise of the New York Fordham &
Bronx Railroad and that George J. Gould ha d been appointed
Treasurer. The contemplated line is about six miles in letigth,
and will run from the New Harlem River bridge (which the
Suburban Elevated Railroad Company are building to connect
with the Second Avenue road) to Yonkers.
New York & New England. The gross and net earnings
for October, the first month of the fiscal year, were as follows .

made

—

"

aross ReceipU.1834-85.
1S83-84.

,

Central Trust Co.; ieeuance of teiu-

October.

>

1885.

Gross earnings
Operiting expenses
Net.earnings

.

$308,734
201,024

$155,725

$10.7,710

:

;

Dec.

1

to

May

31. $18,988,320

June

3,748,389
4,005,882
4.358,638

July

August
September

4,5.54,60i

October

4,715,936

$21,448,560
3.232,121
4,201,475
5.247,755
4,451,059
4,670,164

XU.

Net BeeeipU.1884-85.
1883-84.
$4,563,645 $5,072,391

863.865
1,123,747
1,436,401
1,225,652
1,354,165

870.441
1,364,496
1,928,879
1,302,152
1,313,260

$13,251,134 $10,572,475 $11,781,619
have at last agreed upon a
plan of reorganization for this company.
They have,
no doubt, made an effort to harmonize all interests,
Total 11 mos... $10,371,767

—The

joint

committees

but this is such a difficult task that the proposed plan
meets with little favor, and it seems now as if it would be
impossible to reorganize the company without foreclosure.
The Chronicle will not give much space to the proposed plan
as there is so little chance of its adoption. For the Consolidated and Improvement mortgage sinking funds overdue and
hereafter falling due, and for the ultimate payment of all liens
prior to the general mortgage, a new 5 per cent mortgage for
$50,000,000 is to be created.
For the general mortgage bonds new bonds will be given
bearing 3 per cent, and also $740 in Ist preferred stock to each
$1,000 6 per cent bond, or $760 to each 7 per cent bond.
All the junior securities and the stock pay assessments in
cash and receive 1st preferred, 2d preferred or common stock.
The new Ist preferred stock is to be entitled to 5 per cent, noncumulative. The 2d preferred stock to be entitled, after Ist
preferred, to 5 per cent non-cumulative.
The total cash assessments, if all paid, would bring in $18,506,630, and after the plan was fully carried out the capitalization and fixed charges would be as follows
Principal.
Annual ckarge.
Prior obligations

Realestafeloaus. 5 per cent
Coal it Iron Company
Car trusts, 5 per cent
Leased lines, not to exceed
New 3 per cent bonds
Contingent interest

$33,400,000
2.645,000
,

24,686,000

$2,140,000
132,250
724,000
128,000
3,0JO,OOO
740,580
200,000

1S84.

$339,965
184,240

N. Y. West Shore & Buffalo.— Referee Abram S. Cassidy
and the receivers of the West Shore Railway have presented
to Judge Chwles F. Brown at Newburg their report of the
indebtedness of the receivers of the road to November 34, the
date of the sale. The report is as follows
Receivers' certificates, $4,131,.518

[Vol.

receivers' notes, $614,187;

„.. $60,731,000

Total

$7,064,830
$18,470,820
$373,541
Second preferred stock
17,911,000
895,550
Common stock....
60,134,462
Pittsburg City Bonds.— The City of Pittsburg is about
isi>uing a new refunding loan to take up the Pittsburg Street
Improvement bonds that are now maturing. The new loan
authorized for this purpose is $4,000,000 thirty-year four per
cent bonds free of tax. The amount of Street Improvement
5s and 7s that have matured or will soon mature is $4,438,700.
The City Comptroller of Pittsburg now asks proposals until
December 28 for $3,106,100 of the new four per cent refunding
loan.
First preferred stock

voucher accounts, $911,635; pay rolls, $582,639; traffic accounts, $620,186; accrued interest on receivers' certificates,
$123,171; accrued interest on receivers' notes, $3,454; accrued
interest on terminal obligations, $281,728; accrued rental in
Portland & Ogdensbnrg;.- In the suit of the Mercantile
favor of Erie Railway, $24,000 compensation of receivers,
Trust Company against this railroad, the decree of May 13
less $11,550 paid, $68,450; contingent liabilities, $200,000
was that the railroad company should pay into court the sum
receivers' equipment lease warrants, par value, $2,258,688,
of $1,590,744 in six months. This has not been paid, and
present worth, $1,786,887
total indebtedness of receivers,
Messrs.
Milliken, Webb and Jose, as trustees, become the
$9,346,855. Other sums to be added, representing liens on the
property, prior to that of the plaintiff's mortgage, after March owners of the railroad and all its appurtenances.
1, 1884, authorized by the Court to be paid (including bonds
Railroads in New York State (Quarterly Reports.)—The
and mortgages $534,104) brings the total up to $9,961,230.
following abstract shows the operations for the quarter endNorfolk & Western. This company proposes to extend the ing Sept. 30 in 1884 and 1885.
bonds of the Southside Railway Company of Virginia, which
^Offdens.dL, Champ.—^
Manhattan.
v
Receipts—
1885.
1884.
1885.
1884.
fall due the Ist of January next.
The new bonds will mature Gross
earnings
$159,701
$182,735
$1,599,773
$1,.529,735
on July 1, 1900, and bear 5 per cent interest. The option of Operating expenses...
76,267
93,406
895,370
838,246
extension will expire on the maturity of the old bonds, and
Net earnings
$33.')34
those not extended will be purchased at par. The issue to be
$S9,329
$704,403
$641,489
Income, other sources.
4,133
5,110
50,275
20,515
retired bears 8 and 6 per cent interest.
;

;

—

,

—The

gross and net earnings for Oct.
1 were as follows:

from January

.

„„
Gros) earnlmcs
.

Expenses,

incl. taxes..

Netearnlngs

October.

„1*^5-

,

and

for ten

^10 mo»., Jon.l

1884.

1885.

months

to Oct.

31.^

$2,251,1(40

1884.
$2,319,240

142,247

$288,495
132.727

1,355,791

1.255|6.!8

$143,707

$155,768

$895,248

$963,611

$2h5,!I64

Northern Pacific.—The Boston Journal says

" The gap
about 75 miles,

m

.

Operating expenses

Neteaminga

October.
188.5.
1884.
$36.'>,603 $354,880

23e,982

240,630

$l'.!0.6il

$114,250

,

-lOmns.Jan.
„ 188.-.
$3,064,750
^^,210,421

1 to Oct.

All taxes"

Rentals*
Miscellaneous

Total deductions..
Balance, aurplua...

$87,572

$94,739

$754,678

$662,004

$12,183
7,500

$11,567

$371,020
90,090
5,000

$341,019
22,963

$466,110
$288,568

$368,143
$293,859

"io.Vs'z

9,558
5,250
13,225

$59,835
$27,737

$74,600
$20,139

4,158

2,475,532

&

'proportion for the quarter, whether paid or not.

Texas & St. Lonls.— At the foreclosure sale of this road at
Tyler, Texas, Dec. 1, David B. Ogden, of New York, bid
$1,700,000, and no other bid being made, the railroad and property were knocked down to Mr. Ogden, representing William
Merten, George Coppell, Lewis S. Wolff, M. Gernsheim and J.

W.

Paramore, composing the bondholders' committee.
Toledo Cincinnati & St. Louis.— Receiver John McNulta

has

filed a report with the United States District Court in Indiana, which shows Sept. 30 a receiver's debt of $918,746 upon
the road from Toledo to East St. Louis, not including costs of
court in foreclosure proceedings and several other claims.

31^ From

1884.
$;',143,'<50

$354,329 ~$66S3li
Philadelphia & Reading.—The result of the joint operaUons of the Philadelphia
Reading Railroad and Coal
Company in the month of October (including CentralIron
of
JNew Jersey Railroad, leased), was an increase of
772 in
groM earnings and an increase of $10,905 in net, $45
compared
with October, 1884. For eleven months from December
1 there
$2,879,371 and a decrease
Z^l^iTiTo^"^,^"^'^''"'"""'^
in
net of $1,209, 144 compared with 1883-81,

&

—

:

in the Cascade Division of Northern Pacific is
but that distance includes a tunnel of about 10,000 feet. The
company has bids to build this tunnel at a cost of from $700 000 to $800,000. It has been understood that $1,200,000 of second mortgage bonds in the treasury should be retained for the
PUfPOs^e of building this tunnel.
These bonds at 92 wiU
afford more than the amount required for the work, leaving
an additional sum toward the cost of the additional 75 miles
of road
excess of the amount which may be received from
the first mortgage bonds to be issued thereon."
Ohio & Mississippi.- The gross and net earnings for October and for ten months from Jan. 1 have been as follows:
_
arosseamlngg

Total net receipts.
Beduciioyis
Interest on bonds*....

all the data and information at hand, he thinks it
safe
to estimate the entire debt against this line, standing as a lien
prior to the first mortgage bonds, in round numbers,
at
$1,000,000. The total receiver's certificates issued to Sent. 30

"
was .$272,139.
Wisconsin Central.-Pursuant to the plan of reorganization of Wisconsin Central, the 22d coupon on the
preferred
bonds IS now paid. Holders of original first mortgage bonds,
matured 187o, may have them properlv endorsed as "unfunded, and secure amount equual to their proportion of
coupon on preferred bonds. The company is reported to have
secured an entrance to Chicago, but one which will require
a
heavy expenditure.

—

Dbckxbxb

THE CHRONICLE

S, 1888. J

%hz (JTommercial

COTTON.

iTunea.

KWDAY, P. M., DwsmDiwr 4, ISM.
Thk MovBMKirr or ths Cmop, m IndloMad br oat tilitfi

COMMERCIAL EPITOME.
Friday Nioht, Dec.

056

U glrma baiow.

from the South to-night,
4, 1886.

Um wr«k mMam

Tor

this evening (Deo. 4), the total noakptm h%rm r««clMd
balen, against 3.'i0,925 balM but wnek. 970,431 htim tb»

Ma,797

pr*TM«M
The week has been an uneventful one in cominproini week and
838,001 (mUm Uutm w«ek* alnoa: makinc the (oUl
circloH, and yet, for tliia stags of the snason, a very fair trade
receipU sinoe the tat of September, 18S3, 3,M3.O;0lwlM.a^rf^
ia
being done.
The approach of the holidays itronKly 3,781,701 twlee
for the Mme period at imTiS^ISmm
induencea the whole current of business. The end of the year
decreaae rinoe September 1, 1885. of 1 18,078 I '
being
near at hand, there is the usual balancing of accounts
wliolesalo houses, while among jobbers the neglect of
staple fabrics becomes conspicuous. A termination of the
striite of glass-blowers at Pittsburg is announced, and it seems
probable that with nearly all manufacturers the New Year
will open with greatly improved prospects, as compared with
the beginning of the current year.
The following is a statement of the stocks of leading articles
of dijinestio and foreign merchandise at dates given

among

llteHpUal—

JW.

Qalveaton
Indlatiuis, Ae.

New

....

Orleau...

Mobile
Plorlds

tevannab

:

Bnmsw'k,
1885.
ffuv.

Pork
Beet
Lard

tos.

Bugar
Sugar
Sugar
Helado
Molasses, foreign
Molasses, domestic

Hlsal benip

110

574

70

>>••

SSO

368

29,103
12.252
1,503

28,lii7

2,199
1,035
6,300
1.170
20.000

3,140

19,349
1,315

Hew York

Totalii this

•

«>•

•

•40
410

• «>•

*•

>>••

....

....

3,698

3,M8

Ac

1,443

44

114

87

«5

240

1,908

week

2''.7fl5

70.651 38.8.17 29.3.M 32.235' 44.918 24«,797

For oompanson, we give the following table showing the week's
and the stock to-night,
and the same items for the corresponding periods of last year.
total receipts, the total since Sept. 1, 1885,

1885.
SeeeiptM to
Dec. i.

ThU
41,600

Ind'nola,^
(Tew Orleans.
Florida

Savannah

79,08
9.671
2,893
33,701

Wilmington

M'headC&c
Horfolk

W.PolntAc.

Sew

Sine* Sep.

Week.

1,1884.

430,652 24,182
416
781
787,120 102,616
101,172 14,731
22,942
4,789
483.674 34,601

520

8,738

377

316,702
4.376
64.638
3.408
271,925
133,797
14,212

23,813
33
4,083
1,289
38,490
16,847
3,455
4,213
1,061
1,109

840
3,810

410
29,103
12,252

York...
Boston
Baltimore ...

3,6 S8

Phlladel'a,<fco

1,993

TWal

TkU

21,717

Br'8W'k,&o
Charleston...
Pt.Royal,iko

1884.

Since Sep.
1, 1885.

Week.

9alve«ton

UobUe

1,502

494
8,128
8,620

330,951
8,388
771,835
121,894
33.597
504.251
7.861
369,076
1,555
69.666
5,623
330,731
176,325
11,032
35,891
1,496
11,583

242.797 2.068.079 276.30O'2,7»>I,751

1889.

18S4.

101,035

66,018

304.973
27,878

293,813
39.584
9.717
114,441

199

3.563
114,303

91,684
11,192

81,070
195
21,703

12,372!

98.943
13.013
137,469
6.810
21,963
7.289

910.033

905.357

55,406

eoo
156.868
6,310
23,853

In order that comparison may be made with other years,
give below the totals at leading ports for six seasons.
ReeeipU al—
Qalvest'n.cSu).

Mew

Orleans.

spirit,

Mobile

Kentucky tobacco h is been rather quiet, the sales not exceeding 300 hbds., of which 235 were for export; but prices
have remained firm. Seed leaf tobacco reflects a full movement, the sales of the week amounting to 3,150 cases, as fol-

Savannah

lows: 500 cases 18^1 crop, Pennsylvanii Hivana, 9^163.;
cases 1334 crop, Pennsylvania leaf, 8i^@llc.; 250 ci^J 1333
crop, Pennsylvania leaf, 8® lie; 6-50 cases 1883 crop, Pennsylvania leaf, private termv, 200 cases 1834 crop, Wisconsin Hvvana, 15(ai7c,; 150 cases 1881 crop, State Havana, 9@13c.; 150
cases 1884 crop. New England Havana, 13@25c., and 100 cases
1883 crop, Ohio, private terms: also 350 bales Hivana, OOa.®
|1 10, and 250 bales Sumatra, $1 25@|1 60.
The spaculation in crude petroleum certificates has coatinued very aotive and prices have fluctuated widely, closing,
however, at some further d-cline, at 89J^(?90o., under favorable reports from th'i wells; crude in bbls. quoted at6Jg'g7?8 ;.;
reflned in bbls. at 8>io. and in cases 9 ^4® 10%c. N tphtha, 7;'4c.
The speculation In spirits turpentine hai oeen only moderately active, and prices are dearer at the c1o=e at 31%@^c.,
with early futures generally held at 89j. Rosins have been
dull for low grades at $1 02^(a$l 10 for strained, but medium
and fine grades are dearer, E. to H. $1 17@|3 13, I. to
W. W. |3 15@itl8.
The speculation in pig iron has partially recovered, and at
to-day's exchange 400 tons sold for March at |17 -50. Tin
steady, closing easier for spot at 20 &5@21o., futures firm at
20-70@20-903. 5 tons Dicomber sold at 30'*53. Tin plate dull
Copper quiet at 11-05®U-30j. lake, 100.5®
at $4 4.5fa$4 534.
lOJ^c. for B iltimore. L^d firm at 4-55@4?io. for domsstio.
Spelter steady at 4-3.5@4-45c. for domestic.
Ooean freights show a material increase in the shipments of
grain, and rates are better, with some business to-day at 3d. to
T^te petroleum
iverpool, 3?^d. to London and 3J^d. to Hull.
charters have been at 2s. for refined to leading ports ; also
cases from New York to Shanghai at 31c.

8,910

4,270
5.043

21,!'2!J

1.50

• ••
065

*«>

2,031

steady at 6 -SSc. for Dec., 6 -440. for Jan., 6*52c. for February,
and 6'60c. for March. Spot Lard has also been quiet, and clo.'tes
at 6'2.5c. for prima city, 6'40c. for prime Western and 6'85c.
for refined for the Cjntinent. Pork his bean dull and drooping.
Cut meats at a further decline have been quite active,
and to-day there was a large sale at 5c. for 13 loo. average.
Tallow is rather firmer at 4JgC., and choice grades of butter
are dearer, with creamery ranging from 30@30j. Other proTisiona have been quiet and prices are nominally unchangei.
Rio coffee on the spot, though quiet, is firmer, and fair cargoes are quoted at S'iC., while the speculation in options has
been active, with some further recovery in values, and the
close this afternoon is with sellers at 6'7.5c. for December,
6'80c. for February, B'O.jo. for April and 7-.05c3. for June. Mild
coffees have been dull. Riw sugars have met with a moder.ite
demind at hardening values, and to-day fair refining Cuba
closes at 5%'§5 7-16c. and centrifugal at 6 l-16c. for9(J degrees
tost. Refined sugars, however, are barely sustained at 7@7'8C.
for crushed, Tne auction sales of teas have gone off with fair

31,717

3,335
1,716

5,000
191,360

Lard futures have been only moderately active for specuUtion, and fluctuations in prices are not important, closing

520

3,437

•

••••

124.384
107,424

85,715

»20

4.315

4,508
1,725

No.

6,351

a.

3,480

-••

N<tiie.

12,350
60,000
9.676
19,704

33.701

3,»63

4,255
1,020

«,000
I09,SOO
14^,378

l.^,820

3.MJ

5,506

5,734

....

2,831

59,300
10,083
14,322

9.871

1,041

8,90d
1,48S

50J

bales.
bales.
bales.

1,110

•••.

bbls.

2n,iioo

79M7

!,U3

3,837
1,260

1,23.^.600

tea.

u.5oa

823

....

Norfolk
West Polnt,&o

129

bags.
bags.

9,199

840
703
410

Baltimore

and

,.,

7.659

•

Phlladelp'a,

bbls.

.-•.

6.473 28,207 16,743
3,238 2,480 1,408
1,812
S.759 7,185 5,515
...
>•••
»•.
8,795 3.409 3,401

773

33,159
2,101

74.=i

41,Ma

....

82.731)

4,500
1,520
12,500
13,600
53.900

IWM.

e.o«i

008

77.10J

10,900
1,700

fK

—

2114,010

bags.

7,406

«88

H2,021
30.341
None.
592,048

J, 130

....

n«r*.l

....

6ti,7S8

129,3.19

5,076

422

4 7,89t

bbls.
bbls.
bbls,

Wt4.

4,673

Pt. Royal, Ao.

272,468

490
19,777
S&,7»1

Am*.

mimlngton....
Moreh'd O.,4o

4ft,7«a

Tar

Kanlla hemp

Dee. 1.

245.114
42,69S
88,320
36.356
None.
500,323
129
3,813

Spirits turpentine

Ballpetre
Jute butts

30,104

bags.
bags.
mats.
hbds.
boxes.
bags, Ac.
hhd'.
hh<U.

to«.
hlida.

bales.

Linseed

Dte. 1.

Ste.

Oliarleaton

bales.

and

Hides
Cotton
Rosin
Rloe, E. I
Rice, dnmestio

I.

21,980
1,041
15,38»
37,248

1884.

3,630
196
17,481
22.303
49,905

Toba<io<», (lomestio

Toba<H'o, foreign
Coffee, Rio
Coffee, other
Coffee, Java, &o

bbls.
bbls.

1885.

MOH.

3,448 1S,»0«

C'harl'st'n, <ho

WUm'irt'n, Ae
Norfolk
W. Point, *e.

Mothers....
rot. this w-k.

fnAA

a.kn4.

1

41.600
79,0S7
9,671
33,701
22,517
4,220
29,103
12.252
10,606

242.797

oaAa

1883.

1882.

1881.

1880.

31,515
86,315
19,711
80,907
20,970
6,469
35,588
12,813
21,166

24,206
6J,871
11,333

24.3J2
60.554
17.759
34,389
21,358
10.068
29.76)

26,413
59,161
16,818
40,885
29,727
7.360
39,039
11,923
19.321

27d,300i 265,134

247,017

1884.

1885.

tv7a

we

24,518
102,616
14,731
31,501
24,165
5,375
38,490
16,817
15,007

34.09i)

30,831
0,437
37.701
11,667
19,869

8.161
39,508

2781,751 2d85.7B82882.314

(Salvostoti liicliido* Indianola; Charlintoii In.-ludM

Port Bural. *0.;

WUmiugton iucliidos Moreh'd aty.&c; West Point lnelU(te»C1ty Point,*c.
The exports for the week ending this evening reach a total
of 1.50,634 bales, of which 76,397 were to Great Britain, 20,508
Below are
to France and 53,719 to the rest of the Continent.
the exports for the

week and

IFwk AuHji«

Dtf.

Exported *A—

xportt
from—
a*lTMtOD

S»w

Orleans.

Mobile
riorlilA.

Savaniah

...

'Jharleslon

..

WllmlnKton.

;

Horfollt
Point..

Wo»t

.Sew Tork...

BoatOD
Baltimore...
Pblladelp'a,a<>

Total
Total 1g84_.

76.381

1W.BI7

since Septeml>er

4

1,

1885.

wtQM3tri.i,iaeB.toikc 4.188B.

„

,

;

TBE CHRONICLE.

656

daily market, the prices of sales for each month each day,
the closine bids, in addition to the daily and total sales.

In addition to above exports, our telegrams to-night also give
us the following amounts of cotton on shipboard, not cleared

We

at the ports named.
add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yal
Lambert. 89 Broad Street.

&

On Shipboard,

[Vol. XLI.

Q9

IB

a-

a,

Oreal
Britain.

_

1

Slock.

,
,
^°""-

1

69,730
2.000
5,400
13,900
31,801
21,22i
5, SCO
7,500

Mobile
Charleston

Bavannah
Galveston
Norfolk

2 500

600

None.
None.
None.

3,500
1,500

158,053

32,141

63,089

23,614

14-,790

37,216
44.229

75,033

18.352

30,'i34

15.1

Other ports

Iotall884
Total 1883

3t0
318

3,995
2,400

11,940
2,179
None.
None.

New York
Total 1885.

31,650
None.
7,800
12,000
5,352

31,523
None.
None.

117,i)'2

The speculation

1,'297

1

1

o.£^U

o

•

;

1

PC

135,898
4,400
15,700
2H,800
49,414
24,688
9,000
9,000

274,900
277,391

207 035

—

for export, 2,510 for

—

UPLANDS.
nion Tues

to

Dee. 4.

Sat.

Ordln'y.«B)
BtrlctOrd..
Good Ord..

613,8
7>4
83,8

G'd Ord 8=8
LiOW Midd'g 9
Btr.L'w Mid, 9J4

6.^.8

S3,g
858

Btr.

627.966
834,127

1

1

I

Middliug...

Good Mid. J

'••iB

G'd Mid U i„
Midd'g Fair; 107,6
Fair...
'ivAl

Btr.

Wed

Til.

613,8
7>4

G'd Ord
Midd'g
Btt.L'wMid

7

7

77,8
838
813,8
93,8
97,8
958

77,8

77,8
838

^>
97,8

<otc

956

1014
lOBg
III4

lO"!
1068

im

1014
10=8
III4

10

1014
1068
111^

IOI4
1058

lOii
1068

9

9

9

81i>,

1

t>
97,8
968

10

>«
,?,
101,8 lOk
107,8 lOOs
Il'lB

STAINED.

Sat.

Good Ordinary
Btrlot Good Ordinary

kii, '
'

6=8

Tb. Frl.

8%

878

cog

CtCetO

o

coo;

goo

(DO

we

I

Cw
^

•-'-M^

I

'tOOi

*

coo

5

I

tetcgtsj

11:1

5
9
'*

cocc

ecu

COCoOco

COi^C

cc

-1

O03

5

coco

^«'.'

dt

cI'

C

CO©

.!

dd
cow

I

;

cc:d

g
^

001

®qd:

I

o>

CJ< CJI

coco

CDCOc«

O' O-

C 01
>t*-

>JtJ

^

to®

^

0:0-.

2

cJt

»

9^1

I

Si gi

CO

O

GCOJ
Cno>

tocoto

O'Qt

cc OD

-J

cocc
Qccc

^

a,

9
•^

tstcoto
obccOob

o

I

^o

o

I

I

toto

e-:
to c o to
I

so-:

I

ccco

QD

toto
toto

5
®

Frl.

9

CO

&jo:

a Co

ccco*^
ccco

§?

5

»oi:

M'O

7

III"
8%

77,8
838
813,8

:

93,8

93,8

S^8
9'ifl

CO en

9=8

ei9

g

:

a

I

s:;

^01

;

9

I

CO'-'

c9
Ch:.

.

84'

838
»'»1«
9?1B
9-,«
958

813,8
93,8
97,8
958

8I3„
9=8

958

10

10

10

10>4

lOM

10

1058
jl>4

lOH

105a

lOii
1058
11^4

im

nion Tue«
65,

6=8

81a

819
S's

10
1014
1068

105a

nil

8%
8 '8

9

s

:

coco
I

'^

tc:

CO30
--

K-i^o,:.
'*^X

i

658
7B,a
8l8
87g

99 U
9
toto

,-r'
1

2
o

I

Oi

I

'-^

I

9^:

I

I

(CCDoCO

li

©CD
Oco

dcoOcc

t— Ui

CC

01

I

9

CO

o

-^

9":

C ']

toto
0;(»

y,0

o

Ci'it*

9-:

o
O

a

ex

CCoO
9900 OOcO
^lo 0009
t^r^O.^ t^rO^IO iJKjOto
<1^

Frt.

658

?^«
8l8
8 '8

^ 9

nil

Wed Th.
6=8

I

^-

:

oo
©6

"^

"<

5
2

9

OOoO
6606

ex

a

I

toto

1

CO 5 CO >
CO » coo
6'- 9
Cl.tK

QO
-J

9k:

I

totooto
tctoCco

9
•»

-J 00

00
66

M
ccoo
c oO COcO
600 CCCo COoO
6606O 6Oi Co
M»10hl
C:0:
v<
t£(X
en

7
77,8
838

»

tote 0:0
otto
U2

00
66

o
•«

c^

'

c
totco^

01

toto
toto
I

»p:

I

to.

to-r oto
OCoto
c6C6
totcc^o c6o^
^O
~1
M^
<i
00 to

=° ?
CO » CO
Cc~J

5
"co

:
a
*

coco

cctcoco

e» to;

I

o

(XOD

CCttoCO
occdOcd

a
*<

to

C;"

?co
oLoD

CO.,

(oo

2

J

C£(DoCD
GCGcOau

<T.-4

OOCtC

CO

CR

0:^1

Lt»i
o."

ex

tctooto

sp:

I

o;to

»m:

I

§

?

1

tOtOH<^

CCii'H'''

S,-4:

I

9."":

totooto

,>^

-.'j

»i»:

I

^o

So:

tOtCo^

i:cccocD
-J -i

5
2

5

toto

totccto

dod

'

cc c:"

toto

2
"^

oo>:

I

03 O'

eoco
o-.d

:j

dd
t^ to
CO

C Q)

<»

toto

>

i

»p:

I

o o»

5

«9®

I

I

a>

co

5

e>p:
CO
CCCDoCO

5

IJ

otot

O'*-

CCoCO
CDCDcCO
§|i dOcn
ddcoi dd^d
<BtD

cox

tOfSipCO

©^1

CJ'

M

9 to:

I

COXJoO COtOc*^
cjr

,(1

to

«DrO

I

©o:

I

CO

COCO

I

*<

e*:
QD

COCoOco

s

I

9

UCO

otco

«tOO=D

a

10

®«

5
a

tOCB
COCO

s

I

Op:

100;

op:

I

7

statement.

of the reader

I

I

CO

I:

I

OP

I

Toe total sale, and future deliveries
each day during the
week ar* indicated in the following

emence

I

I

MAKKKT AND SALES.

gUnce how the market

I

I

7

"is

IX.W Middling.
Middling....:.....!;""

I

ai^'
totoo<o
COCoOco

nil

Wed ThT

I

aw

tc

10

858

9'l8

9=8

I

I

93,8
97,6
956

10

Wed

s

813,,

93,8
97,8
958

10

77,6
838

.

813,t
93,„

10

6n,8 7

914
911
Mlddllijg.
97,8
97,8
Good Mid. 913,8 913,8
Bir. '5'd Mid 10',. 110'
16
Midd'g Fair 10.
fair
ui|. 'll'l6

93,8

I

<ete
ccco

5

ecu

7
77,8
838

10

613,8
7I4
83,8
858

Btr.

low

7

77,8
83e

FrJ.

;

I

Ordtn'y.«ft
Strict urd..
Good Ord-.

7

77,,

838

Is a

K.C-

I

TEXAS.
Sat. mon^Tuen Sat. raon Toe*
7

914
97,8
9'l6
913,,
913,8
101,8
O'le
JO'ie
lll,„

I:

consumption,

714
83,8

9

9
9'4

I

I

NEW ORLEANS.

838
813,8

too'

14:

up this week

613,,

8»8

K rr t

<c2''

635,133

were to arrive.
each day of the past week.
Nov. 28

S.S|»
C^

and
in transit. Of the above, 25 bales
The f oUowing are the official quotations for

for speculation

to
"g

2s^

A

2,510 bales, including

s

I

I

CD
CO

probable large increase in the East India crop, caused a decline
in the closing hour. Cotton on the spot was quiet and unchanged. There was at times a fair spinning demand, but
other branches of the trade were dull.
scarcity of high
grades begins to be mentioned. To-day the market was quiet
and unchanged at 9 7-16c. for middling uplands.
The total sales for forward delivery for the week are 390,400
total sales foot

5

WW

in cotton for future delivery at this niarke t

For immediate delivery the

gi

Si

i

169,075
23,478
75.981
£7,503
51,621
30.718
117,865
48.889

has been only moderately active for the week uader review, and
prices have generally shown a downward tendency, although
the declines have not on any day been important. Advices
from Liverpool and M mchester have been quite unsatisfactory, indicating a movement wholly unequal to the disposal
of the increased yield which it is believed is yet to come for
ward.
The bears, however, were timid sellers, and the yielding of values was due mainly to the absence of buyers to take
such quantities as were offered by the discouraged bulls who
wished to close out their recent purchases for the rise. The
partial recovery which took place on Wednesday was of no
special significance. To-day there was an advance of a few
points on a better report from Liverpool and the continued comparatively small receipts at the ports, but a renewal of the warcloud in Europe, weak Manchester reports and advices of a

bales.

»aa3

£•

\

'

Mew Orleans

aa o

P>

not cleared—for

Other
Ooastr
Foreign^ wise.

Prance.

G S

oe

era » w

Leaving

Dec. 4, AT—

r>ro s

oS£§
o P

(B

and

I

I

I

I

I

«

I

I

9

I

For the con

add a column which shows it
a
closed on same days.
also

I

I

I

I

I

I

I

I

I

9

I

9

I

a

I

I

I

I

I

'"...''"' *"»''» *»»>le. anO 8»»all oontlnne each
'"*>"•«» «»«" <lay fo^- each month
It
?,*
n„%tr^I^'^F^''f
under each day following
the abbreviation ' Aver " Tli«

«eSrw1-.,^''rL'o'''"''®''
5rtU b^fmmrt
round
,>^il„

The foUowing exchanges have been made
during the week-

22 pd. to

The Sales

Pmoks or FutubiBS are shown by the
ing comprehensive table.
followaito

in the stetement will be found
the

excli.

•10 pd. to exoli.
pd. to exeh.
pd. to exch.
10 pd. to exeh.
•08 pd. to exch.
•11 pd. to exch.
•II pd. to exch.
'11 pd. to exch.

39
•U

100 JiiP. for Mch.
100 Jan. tor Feb
100 April for Auk
200 Feb. for Meh
100 Mch. for April
Kk) Deo. tor Jan.
100 Meh. for April
100 Mch. for April.
100 Jan. for Feb.

n

pd. to erch .200 Mch.

for April.
10 od. to exch. 400 Jan. for
Feb.
o7 pd. to exch. 200 Jan. for June.
2-i pd. to exch. 700 Jan. for Mch.
•10 nd. to exi'h. 600 Dcj. for April.
23 pd. to exch. 1.300 Feb. for Apr.
•33 pd. to excli. 800 Jan. forApiU.
10 pil. to exch. ^200 Jar. for
Feb.
•06 pd. to exch. l,00j Deo. for Jau •

.

:

December

fi,

THE CHRONICLE.

1885.J

Visible Supply of Cotton

Thk
aa nuide up by caDic
in an follows.
The Ointitiental Btoclu. as w«ll aa
those for (Ireat Britain and tlio alloat. are thin wenk'ii rotumn,
and roiiso<meiitly all the EuroiK'an tlKuroa are brought dowr
But to make the totals the oomplatc
to Thursday evening.
Hguros for to-night (Dec. 4), we add the item of exports trow
^he United Statee, including in it the exports of Friaay only,
to-ni|j{hi,

and toleKniph,

mock at uverpool

balea.

Stock at Loiidnn
Total Great Bnuin stock .
Stock at HaiiilMirK
„
Stock Ht Brometi
Stock Ht Ainnl^^nlain
Stock at Rotterdam
Stock at Antwerp
Stock at Havre
Stock at Marnclllea
Stock at Barcelona

1H85.

1884.

1883.

433.000
17,000

4'.;».000

41,000

500,000
51.000

515,000
75,200

4SO.0OO
3,000
32,500
30,000

472.000
3,300
32,100
40,000

551,000
2,000
51,200
46.000

500.200

J.'OO
1,800

1892.

tt.tfOO

700

800

1,500

1,^00
140,000
5,000
32,000
9,000
6,000

4.100
127,000
6,000
41,000

Stock at Trieste

2,600
125,000
8,000
33,000
7,000
7,000

9,000

13S,000
2.500
28,000
9,200
7,500

Total Continental stocks

245,800

289,700

295,800

222,500

Total Bhironean stocks
India cotton afloat (or Europe.

69^,'!00

741,70';

S4A.80O
59,000
77,000
726,000 551,000
62,000
72,UOO
905,357 1,011,162
29 .',546
341,697
S7,CO0
28.000

812,700
96,000
558,000
58,000
812,128
256,975
42,200

8t<H^k at

Oenoa

33,000
525.000
44,000

cott'n afloat for Eurpe
KKyi>t,Brazll.Ao.,alltfor E'r'pe
Stoeli in Uuitctl States porta ..
Stock In U. 8. Interior towns..

Amer'n

91 0.03 J

311,021
19,907

United States exports co-daf ..

*i,000

2.,569,36l 2.813,603 2,937.059 1,636.003

Tn» "J visible supply

Of tbe above, tbe totals of American imd otber desortpuona are as follows
Atnenean—
bales

323.000
174.000

250,000

302,000

14 2.000

20.5,000

afloat for Europe...

.^25.000

726,000

551,000

Ualted States stock
Halted States Interior stocks..
Ualted States exports to-day..

910,033

P0.'i.357

1,041,162

34 1,021

292.544
27,000

341,697
23,000

Liverpool stock
Continental stocks

American

19,907

mora than at th« miim parlod last ymr. Tha raoslpts at
Muna towns hava bawt 8,M8 twlas mort than tha iub0
weak last year, and dnca Saptambar 1 tha noripia at all tha
towns are V78,613 balas mart thaa for tha muat tin* in »-84.
QuoTATiom roR HiDDUKa CoTTos AT Onin MARKrra.—
balsa

the

In the table below wn gtva the oUminK •(tiotatioiH of midijliiit
cotton at Southern and other prlocipai cottoo marfcrta for mmsC
dar of the paat week.

OMane

Wfk

etttUng
Die. A.

muur.

.I.BOC

24.000

267,000
110,000
558.000
812,128
256,975
42,200

Oalreston

New Orleans.
Mobile
Buvannata

Londonstock
Oontlnental stocks
India afloat for Europe
EKypt, Brazil, i»i0., afloat
Total East India,
Total American

198,000
51,000
90.800
77.000
72,000

178.000
44,000
127,700

110.000
17.000
71.800
33.000
44,000

•^9.000

62,000

248,000
75,200
112,500
96,000
58,000

275.R00
470.700
488.800
589.700
2,293,561 2,342,903 2,468.859 2,046 303

Ac

2,569,361 2,813,603 2.957,059 2,636 003
Total visible supply
SiSi.d.
51Bi,d.
.""'ad.
5»i6d.
Price Mid. Uol., Uvernool
9li«c.
103io.
loV.
I0»ih0.
New
York....
Price Mid. Upl.,
have
been
The imports into Continental ports this week

Gf

51,000 bales.

The above fiffuree indicate a decrease in the cotton in sight
to-night of 244,243 balea as compared with the same date of
1884, a decrease of 338,398 bales as compared with the correfponding date of 1883 and a decrease of 66,643 bales as
compared with 1883.
AT THE Interior Towns the movement that is the receipts
for the week and since Sept. 1, the shipments for the week, and
the stocks to-night, and the same items for the corresponding

—

—

period of 1884

is

set

out in detail in the following statement.

qooTATiora roa

;?=?.- a

S

B I o-'

lO ~1
XXX
^^ o« ** 00 o>
O yt r- QO r- -4

•

8?::
.

WIlinlngtOD
Norfolk

9
»

,

s-

..

Bofiton

»•
94
9^
'%

«>•

BaItliiior«
Pbllailolpiila.
....

8t. I.<uil»

:

:

:

:

ss'^Mfga:

.

•

I

a X

a»ta

Uf

la

to

1

OJ

1

c.too
to
3 01

coco

O O -4 CT to

W

to

^

;

o

p*»-

9I«

»

9

u

9

9

9

9

»"•
9>«

9>«
»>«

9>«

8%«Tt

8'i

Cincinnati...
LoulHvllle....

fa
•%
9S
fV

9H
»H

f.l»„
£'*'•

8>*u

SI!'*

9«»
91*

9

Receipts from thb Pla!»tatio58.—The following table
indicates the actual movement each week from the plantations.
The figures do not include overland receipt* nor
Southern consumption; they are simply a statement of the
weekly movement from the pInntationH of that part of the crop
which finally reaches the market through the outporta.
RBOBTPm rHOM F1,*IITATTOini.
Week

lUcelptt at tiM Part: \8fkat Interior 7\nimiJlUc'wlefrom PlamTnt.

Ending-'
1883.

Oct. 30
Not. a
'
IS

1884.

2e';.a04
,

"

20
87

"
Dec.

4

188B.

|

188S

1881

I

laSB.

188S.

1B94.

I

|24l.»2I^2-7.t;01?08.b«:i2Tn.;31

2S-..01127MS3

242.073 Sea.Iu'SSS

(161

|222.510^2S8.77l'27<).421

,2»i.I89|284,«82'299.IK5
806,484 37rt.300'242,T»7

1

18BB.

IM.OM «M.307 881,M«

304.017 81».148
8l3.«4»lT4.S««a»l.6M 304.1 1« a7S.»7« Sti.-.S*
343.139 1<I8.»:0'»7«.I»1>79.:W ZM,088'naAtS
358.714 3'.M.S3»'3O0.iei '23Ma» «g»,S48'lW.m
374,5«l 217.I83 310.406 337.001 IIS9,jMSmW
386.477 StO.OlO 88».eg7 377,31)7 3W,H« tgS.01»

The above statement shows— 1. That the total receipts from
the plantations since September 1, 1885, are 3,034,&»6 bales;
in 1884 were a.oao,.^."* bales: in 1883 were 8,023,n89 bales.
2.—That, although the receipts at the outpurts the past week
were 242,797 bales, the actual movement from plantations was
285,019 bales, the balance goin< to mcrease the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 33.), 183 bales and for 1883 thev were
277,397 bales.

Amount ok Cotton

in Sight Dec. 4.— In the table below
from plantations in another form, and add
to thencL the net overland movement to Dec. 1, and also the
takings by Southern spinners to the same date, so as to give

we give the

receipts

substantially the

amount

of cottor.

now

1885.

in sit;ht.

1884.

1883.

1883.

(b>oelpU at the ports to Deo. 4. 2,668.079 2,781,751 2,685,768 2,6S9,35i
Interior stocks on Deo. 4 in
excess of September 1
366,777 293,804 337,321 274,891
I

;

X c- w 10

K< OS "^

X io M o

I

f

.

..

3,464.993 3,336,410 3,371,341 3,298.357

I

I

i--

^^
ift»

*r

I

ffalveston, Texas.— VfQ have had rain on two days of the
wepk, the rainfall reaching one inch and seventy-eight hundredths. Tbe thermometer has averaged M, the highest being
67 and the lowest 47. Rainfall during November fifty -foor
hundredths of an inch.
Indianola, Texas. It has rained on one day of the week,
the rainfall reaching one inch and eleven hundredths. Picking continues to make good progress. Average thermometer

—

and lowest 44. During November the rainfall
reached one inch and fifty-seven himdreths.
Palestine, Texas.— We have had rain on two days of the
week, the rainfall reaching thirty-two hundredths of an inch.
We have had one killing frost. Picking is nearly over. Th»
thermometer has averaged 48, ranging from 83 to 67. Rainfall during November three inches and twenty-seven htm59, liighest 70

X

QC *-

M

hto
^ ^tOM^fcCu -bocjiai'-Oi^en
—
X to w^ to — *i j^^ -'7^
*jucOt3aS®ICto"roac aD*^'tO--»^
:oiniO
OXM -JO X — tC » W X W *- • I— w

cnx

XpiMi
I

to

»>«
9><

9%
9»«
9^

nearly completed.

IX

:;>

--c

i»j

--J

Jt

dredths.

J

oiotoxi-'ij^oiwo>ox((^^j:j'

•>.]tO

9

9<*

Northern spinners' takings to
785,9' 5
569,039! 704,2781 683,gM
Deccml>er4
It will be seen by the above that the increase in amoiint In slRht
to-night, as compared with last year, is 78,583 bales, the Increase
as compared with 1883 Is 93,652 bales and the Increase over 1882 U
166.636 bales.
Weather Reports bt TELEanAPH.—The weather has In
general been favorable at the South during the week. Picking
continues to make good progress, and in some sections is

•

CO

li-

*»«o

^ row to M

•- U'

X M

^»0 tO'^U MM

xo

•

O CO C
ti V"U '-- W :0 05
1» b> M '-O
^Cn>-'*4«— IO^Xa«^-'i|Oit-»-'aiOOJXO
-^|>-a3H-X&a*-bOXCt«Di^>-'p-W»-'«— o<i

•l-JX
J.

•

rfk

Ifk

OiX W

'i:

D • J :o -a to o: »-

-w

— *. MW
V|*:*;'o X O V. CO
lOX.oa^X-^ M
to iK (O
to ^ ^

*JOJ

SB

•

to

9

9H

Total In sight December 4

»:

>.:

^M'-'XXb3*-*.ioa; WM^xij-jflWO
ot

t»-

-l^ji

•

•

T.

-cto o -^ tO to

I0|0_;-IIOK>W;
i£»

D

C "^ W C X to « .0
— tx — -g-*
*Wj5xx
*4 -1

O to » O W to

to
t

&

MM

H

X 05
to X
O
a X y> ca 01 o X

•

®~40MW*-rf^'M.r-CO^"t-C"SWO«0

i-i

I

It

9

»>»
»»»

AuKUHta

•i!,.

'l«

e

Tot. receipts from planta'tns 3.034,856 3,080,555 3,023,089 2,964,249
261,2531 244,112
Net overland to December 1
341,137, 227,855
89,000
78,000
87,000
90,000

3 3 1

>t>>

;;»

® M 3D to -J -1
*^
•-

li.-K

V-'.

x'joci
Or

2;S

^oso***l<JCiXtoioxi^Vio*:*3*-VVi'x
Ci^Micoci-c(»tD'c,ft.^cDoa^iSwr

O* CO

COM W

i;

JH.

Boutlieru consumpt'n to Dec. 1

O

so

=

2.

S?-

Qc

-3 =

n«r*.

8'»|.

I

s g

Wtdnm.

..

.

Cbarleitton

.Meniphla

Tuu.

JTon,

9*'*

. .

I

2,293,561 2,342,903 2,468,959 2,046,303

Total Amerloan
Mtut Initian. Brant, tlcUverpool stock

U57

'cooix*

W X T, tc tg iC — -C ti C. rC M -^ W

.

otoocjx-vj^ixi-^tosxwyc)
Xr->ca ^:D:0"Ji^XCiti>-XOiy**XX
Ui-4--*««'-*W*4C0t0;

5 - MM

?9

The atiovo totals show that the old Interior mocks have
increased during the week 41 ,390 bales, and are to-night 49,075

.

Orleans, Louisiana.— It has rained on two days or
the week, tlie rainfall reaching sixty-five himdredths of an
inch. The thermometer has averaged 51.
Columbus, Mississippi.— U has rained on one day of the
week the rainfall renching twenty-one hundrclths of an inch.
The thermometer has ran^jed from 29 to 56, averaging 45.
During November the rainfall reached two inches and twentynine hundredths.
....
Leland, Mississippi.— The weather has been cold during
the week, the temperature averaging 44 5, and ranging from 30

New

to 67.

.

THE CHRONICLE.

658

Vol. XLI.

—

Accordmg to the foregoing, Bombay appears to show an
Little Rock, Arkansas. We have had two clear, two
cloudy and three fair days during the week, with rain on increase compared with last year in the week's receipts of
three days, and an inappreciable amount of snow on one day. 7,000 bales, and a decrease in shipments of 10,000 bales, and
The rainfall reached foity-six hundredths of an inch. Aver- the shipments since January 1 show a decrease of 480,000 bales.
age thermometer 43, highest 63 and lowest 33. Last week was The movement at Calcutta Madras and other India ports for
the ast reported week and since the 1st of January, for two
clear, excepting one day, and the rainfall reached twenty
" Other ports" cover Ceylon,
hundredths ot an inch. The thermometer averaged 43. We had years, has been as foUows.
rain on seven days during November, and the rainfall reached Tuticorin, Kurrachee and Coconada.
one inch and ninety-four hundredths. The thermometer averShipments for the week.
Shipment* tinee January 1.
aged 53, and ranged from 34 to 76.
Helena, Arkansas. It has rained on three days and the
Great
ContiGreat
Total.
Total.
remainder of the week has been pleasant. The rainfall reached
nent.
Britain.
Britain. emntinent.
The thermometer has
forty-nine hundredths of an inch.
Oalontta—
ranged from 33 to 60, averaging 43. During the month of
60,000
17.000
77,000
1885
November the rainfall reached two inches and ninety-four
82.500
42,700
125,200
1884
Madras—
hundredths.
14,010
1,000
15,000
1885
Memphis, Tennessee. We have had light rains on four
"h:6
56,500
1884
"obo
56,500
days of the week, the rainfall reaching twtnty-six hundredths All others—
l.OfiO
e5,o;o
65,000
1 30.000
of an inch. Light snow on Tuesday morning. Picking and
1885
1,000
l.cOO
i',5b6
74,500
41,500
119,300
1884
The thermometer has
marketing are progressing finely.
averaging
to
43.
from
34
58,
ranged
Total all—
Hashville, Tennessee. We have had rain on four days of
1,000
1,000
139,000
83,000
1885
222,000
i',V(K)
600
2.000
213.800
57,200
1884
301,1)00
the week, the rainfall reaching seventy hundredths of an inch.
Average thermometer 40, highest 54 and lowest 31.
The above totals for the week show that the movement from
Mobile, Alabama. It has rained severely on one day, and the ports other than Bombay is 1,000 bales less than same
has been showery on one day of the week, the rainfall reach- week last year. For the whole of India, therefore, the total
ing one inch and forty-five hundredths. Average thermome- shipments since January 1, 1885, and for the corresponding
ter 47, highest 60 and lowest 35. Bainfall during November periods of the two previous years, are as follows:
four inches and eighty-three hundredths.
BXPORTS TO EtTROPB FROM ALL INDLi.
Montgomery, Alabama. It has rained on two days of the
1885.
1884.
week, the rainfall reaching eighty-four hundredths of an inch.
1883.
Bk'vmentM
The thermometer has averaged 48 '4. During the month of
Thii
Since
Thi$
{0 ail Europe
Since
ThU
Since
November the rainfall reachtd three inches and fifty-nine
from—
week.
Jan. 1.
week.
Jan. 1.
week.
Jan. 1.
hundiedths.
Bombay
12.000 705,000 22,000 1.185,000 24,000 1,276,000
Selma, Alabama. Telegram not received.
All other ports.
1,000 222,000
2,000 301,000 10,700 281,700
Auburn, Alabama. Telegram not received.
Madison, Florida. We have had rain on one day of the
Total
13,000 927,000 24,000 1,183,000 34,700l 1,560,700
week, the rinfall reaching one inch and fifteen hundredths.
This last statement affords a very interesting comparison of
The thermometer has averaged 48, the highest being 63 and

—

—

—

—

—

—
—
—

the lowest

—It was showery on two

days in the early
part of the week, but the latter portion has been clear and
pleasant. Planters continue to market their cotton slowly.
Columbus, deorgia. It has rained severely on one day of
the week, the rainfall reaching one inch and thirty-five hundredths. The thermometer has averaged 42, ranging from 30
to 50. Rainfall during the month of November three inches
and sixty hundredths.
Savannah, Georgia. We have had rain on three days, and
the remainder of the week has been pleasant.
The rainfall
reached fourteen hundredths of an inch. Average thermom-

—

—

and lowest 38.
Augusta, Georgia. The weather has been clear and pleasant, with light rain on three days, the .rainfall reaching fortyuine hundredths of an inch. Planters are marketing their
crop freely. The thermometer has averaged 47, the highest
being 58 and the lowest 28. During the month of November
the rainfall reached one inch and fifty-five hundredths.
Atlanta, Georgia.— We have had rain on one day of the
week, the rainfall reaching one inch and one hundredth. The
thermometer has ranged from 33 to 53, averaging 47.
Albany, Oeorjia. Telegram not received^
Charleston, flouth Carolina.— It has rained on three davs
of the week, tie rainfall reaching sixty-four hundredths of
an inch. The ihermometer has ranged from 37 to 60, averaging 50.
Slateburg, South Cirolma.—We have had rain on three
days of the week, the ninfall reaching sixty-two hundredths
of an mch:
There have been two killing frosts and ice
formed on two nights on low lands. Average thermometer
44-7, highest 51 and lowest 33.
During the month of November the rainfall reached one inch and forty-five
hundiedths
Wtlson, North Carolina.— It has rained on three
davs of
the week, the rainfall reaching one inch and four
hundreiths.
The thermometer has averaged 43, the highest being 50
and
the lowest 28. During November the rainfall
reached one
inch and ninety -seven hundredths.
The following statement we have also received by
showing he height of the rivers at the points named telegraph
at 3 o'clock
December 8, 18S5. and December 4 1884
eter 51, highest 61

1

Dec. 3, '85.

Orleans*

Above lowwater marlj
Above low-water mark
Above low-water mark
Above low-water-maik
Above low-water-iuark

S"'?''?!,
WHsiivuie.

Blueveport
yicKBl)ur>;

Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
ire the receipts and shipments for the past week and for the
orresponding week of the previous two years.
Alexandria. Eaypt,
December 2

1885.

Seoelpts (oantars*)—
This week
Since Sept.

Inch.

Feet.

Dee. 4, '84.
Feel.

4
9
5
MISB log.
2

13

I

iTich,

13
U

6
9
2
7
9

1

5
7

4

* Now reported above low-warer mark,
insteaa
-«"•" oi
of below
uaiow hlirh
niKH- w»f«r
water
'mark as prior to Octjber 30, 1885.

1883

1881.

190,000
1,403,000

—

—

Hew

movement for the three years at all India ports.
Alexandria Recjeipts and Shipments.—Through arrangements we have made with Messrs. Da vies, Benachi & Co., of

the total

35.

Macon, Georgia.

This
/Since
week. Sept. 1.

240,000

190,000
1,372,000

1,4W3.0liO

This
Since
week. Sept. 1.

This
Since
week. Sept. 7

Exports (bales)—

17,000

toL.iverpool....

To Continent

6,(j00

...

Total Enrope
•

A oantar is 98

91,000 18,000 116,000 11,000
40,000
6,0t0 37,000, 4,000

99.000
37,000

23,000 131,000 24,000 153,000* 15,00oll36,000
lbs.

This statement shows that the receipts for the week ending
Dec. 2 were 190,000 oantars and the shipments to all Europe
28,000 bales

—

Manchester Market. Our repoif received from Manchester
tonight states that the market is firm.
give the prices
for to-day below, and leave previous weeks' prices for comparison.

We

1885.

1884.
Cott'n

S2( Oop.
Shirtings.

Ivitt.
d.

d.

«.

d.

Oct. 2 3>4 aSliia'S

8

9
" IB SH a8ilik|5
" 23 SM atiiii, 5
" SO
Nov. 6 81a ssiijg
" 13 Sii.,«8»8
" 20 8IlB®S56

8
8
8
8
8

8
8

" 27

Dec. 4 8ie -sSiiiB

8

Mid.

VpHs
d.

8.

5>9
a?
®7
51a
«7 2
5'!„l
07 2
5%
97 IJfj 6I4
«7 l>a 5»,«
«7 l»s 519
»7 l»a 53ie
»7 Ha 514
«>7

I'd

5»,«

32« Cop.
Iwisi.
d.

d.

85i89Sia
86i,.S8'8
8»4 asi^is

8Bi8»813i„
85,638131,,
86ie»813ii,

8H
d.

«.

5H9C

6i«/6

ft.

Upldi
d.

loifl

5%

JO>s

Siiia
51s

5'«/IU lOia

5i«a6 ICj
5is«6 lOi*
6'a»7
?'l8

8>s 09
88|e»9ifl

8
9
9

89i«»9l8

9

87i8®9

Cott'n
Ibi.

Shirtings.

®7
«7
»7
»7

1

2
2I3
3

5"ie
5U,a

Overland Movement to December 1.—In our editoria
columns will be found our overland movement brought down
to the first of December.
East India Crop Prospects.— By cable from Bombay today we are advised that reports from the districts continue
satfsfact ory.

JoTB Bctts, BAGGiNa, Etc.— There is not much doing in
Movement from all Ports.—The receintr big mg, and the
market is rather quiet Oalers ..re- bcginBomhay h .ve been as follows for iiuig t,)showafallurgc,ff, and
only a mod.-raie chII fo jobthe we«k Hii.l VMrtr, bringing the figuves ioatu
t^^ D c. 3.
•'Jug parcels IS reported.
No change ha« i.ce., laaie in prices.
WMBAr BBOBIPT8 AND
India Cotton

«Bd Rh-pments

of cotton at

SHIPMENTS F<JK FODtt YEARS

\8Mpmentt tliii week,
Xear. arentVcona^
\BrU'n.\ titnl.

1885 1.000

Total

Snipmentt since Jan.
Great
Britain

Continent.

11.000' 12,''()o!222.0ilO iSS.OOfi

X.

Reeeiplt.

Total

Thin

Since

Wteh

Jan. 1

705,000 19,000 1,063,000
I.lH.i.oOO
1,27 ,00O

2,(100 i.(>U,000
2(5,0(1(1 l.«i>:.,00u
18821 <,00olin.(.i„i 14 0.).i,7^cinoo'..iB"n::
i.i2>.ono 14.000 1 71 \.oi(0
I

ard grades. Butts liave also been rather quiet, and beyond
a
few small parcels we do not hear of anv transactions. There
has been a jobbing trade, which is being supplied at l-'^Ca)
l,a0. for paper grades and 2}4@2%c.. for bagging qualities;
but round parcels can be had at less money. The s iles for the
past month aggregate 15,000 bales on spot and to arrive at

\

:

:

December

5,

THE CHRONICLR

188S.J

1 Ill-IMS 3-16o., and the figures will Rtill be acc<>pted.
The
stock on hand is 00,000 bales, which, with amount on the mj,

gives a visible supply of 182,471 bales, aguinit 316,603 bales at
the sumo time last year.

OBAai.KJIT«)t|— To

T"
To

669
n.

I.|xnt.TMwil

•••^ 8,014

VplaM
6.MI4
4,176

I

.

I

.,..ij

...

Upland

(

li

CoMPA.uA.TtvB Port Receipt3 and Uaily

Crop MovBjnirr.

— A comparison of the port movement by weekx

not aoouratv,
as tho wtH)ks in ditTorent years do nut <md on tliu same day of
the month. We have conaetiuently addiMl to our othor standing
tablt>8 a daily and monthly statement, that the reader may
constantly have before him the data for seeing the exact rulati vo
movement for the rears namsl. The movement since
SdptDtnber 1, 18SS, and In previous years, baa been as follows.
is

...

.1.

1884

1883

1883.

1981.

Bept'mb'r
385,642 345,445 343,812 326.656
October., 1,055,524 1,090.385 1,046,092 980,584
ovemb'r l,Oj3,552 1,122,164 1.030,390 1,004.697

1880.

429,777
458,478
853,195 968,31«}
974,043 i,ooe,&oi

1«.M^

i

•

llrril.

i.ivxrpoul,

-I'll

•410

llalif.ij,

4,H06!1"

I"'

Moiintu liny. 7.200

BALTIMOKK-ro
To
To

*,iii6.'.'."ptr

...

.

Nosroi.K

4,0»7

4.<»1»7.,

Crauiu,

>iii<ir
I'.i;

46»

6.0 »0

\
:

ii.l.;'2

To

1A.4M

p.

l.lTerpiXil. pill

..14-4.

at'

8.443

I'UalonlB, Mil... .Iowa,

'

s»a«

W

per sleAUior
p«r tleamir Alptia,

Yariuoiiiii,

70
0i»

'."..'.ll'.l'.'.

Total

J 44.310

The

particulars of these shipments, mrT«ng«d in our
form, are as follows:

Total
2,521.718 2,557,934 ^,4i0.284 2 401 937 i,2a7,015 i,433,207
Pero'tage Of tot. port
49-90
reoelptt Nov. 30 .
&3'5«
33 90
47 81
4142

OMwlI

AMtmtrp,
Brtmeti burg

* Ham-

tMtr-

This statement shows that up to Nov. 30 the receipts at the
ports this year were 3i,'J7t! bales lejs than in 18St and
The
104,431 bales more than at the same time in 18ii3.
receipts sinca September 1, 138j, and for the correspondiag
period of the five previous years hiva been as follows.

II

To Autwcrtt, iH-i „rf.,[ii.T
QALTKirroH-ToI.lveriHMii, |m

\,<;-i<

1885.

Anniv. 6,544 ifplaiHt'

<

U.l

MOSTON — ro Liverpool, p«r

MmlMy
Ueeeiplt.

•.ITS

SATAN-'

York.

Dool.
11,147

N. Orleans.
OtaarlescoD.

10.90)
5.814

Sew

Bavr*.

burg,

4

Bebat- Btret/fe»a
topot.
lona. Oeaoo. BeoUa.

1..566 4.Ul3
4,802 10,302 6,276
4,176
11,45^ 5,OiO
4,097

Savannah
Qalveatoa. 15,856
Wilmington 6,810

TMW.
t8,?9»

6.126

44,411
13,163

3,173

la.AO.l
lii.i»53

6.8 1»

Norfolk.... 15,5-20

1885.

Tot.Oe.31

Hov.

1....

••

3....

•'

8....

"
"

4....

"

6....

" 7
8....

"

9....

"

10....

"

11....

" 12...
••

13....

"

14....

"15....

•
«

»
••

1883.

1881.

1883.

1880.

1,435,830 1,389,901 1,307,24 1,282,972 1,426,793
30,792
32,374
29,104
43,514
8.
81,747
38.060
27,151
37,897
52,236
43,629
8.
41,574
49,601
35,983
33,538
37,218
89,119
38,901
48.936
36.619
8.
41,655
40,493
8.
31,603
85.664
27,625
34.866
61,341
49,216
56.53J
34,59i<
8.
38.559
29,924
46,36''
42,475
8.
27,266
56,307
34.133
37,582
34,304
40,193
29,523
32.773
8.
40,389
45,511
36,29:
35,842
S.
63.57f
57,777
33,590
31,966
44.994
38,271
33,268
38,651
47,069
26,133
35,572
41,677
8.
8.
29,130
51,779
33,792
57,253
34,93
51,64!4
52,090
8.
33,451
30.801
50,219
33,566
88,748
8.
32,43.^
31,913
67,765
32,175
35,669
49,862
8.
31,427
29,^97
47,217
41,244
41,557
57,391
66,629
8.

6....

"

1834.

M4T[286

16....
17....

41.132
45,477
32,920
58,828
36.134

18....
19....

20

" 21....
" 22....

8.

" 26....

51,887
49.210
29,65S
33,179

" 27....
" 28....

59,Sd:
28,7i5

" 23....

" 24....

51,482
3a,613

28,558

31,601
41,333
65,818
42,555

49,735
31.026
27.393
39.56U
45,738
28.398

8.

•'

29....

8.

••

30....

70.65:

8.

8.

55,455
38.822
8.

46,630
36,19i
31,330
36,018

25,136
65.835
30,309
8.
60,43.='

8.

36.83^

40,619
31,391
26,970
27,749
47.126
39,460

32,691

53,141
45.224

27,531
44.440

41,502

8.

33317

33925

53.571
41,499
28,292
46.111

8.

8.

29.701
31.923
53.64')

31.535
31.094
61.119
2S,335

37,411
33,69
29,511

8.

52 54

41-92

5041

43-72

We

—The exports

of cotton from the United
States the past week, as per latest mail returns, have reached
144,330 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph, and published id
With regard to New York we
the Chkoniclb last Friday.
include the manifests of all vessels cleared up to Thursday
night of this week.
TolcU balet.

Liverpool, per steamers Borderer, 3.172 ...
City ofBerllD, 2,483. ...England, 1,743.. ..Geruianio, 764

Wyominc, 92
Oicjfon, s.-tS
To Mull, per stciciici- Galileo, 3,306
llavr.'.

ptru

caiui-r St. Limrent, 1,566
Elbe,
Hteauioi-s Uouau. 876

700
per
Europa, 642
per Hte.imcrs Butieiula, 1,893
....Witlaud, 802
.To Rotterdrtm, per eti-amcr I^eerddiu, 1,098.,
Rby aland,
To Antwerp, iier steamerH Uo Ruytor, 1,730
BriMiie

1.

9,147
i'^'o^

I

.

Deo. 2-8teamer Tipaze, 5,550.
I -Bark Orion,
.

Sliverdale, 5,578

Pessaoola- For Liverpool— Deo.

M')IiILE-For Liverpool -Do3. l-8blp JulU Farmer, 3,568.
BAVASNAU-For LIverpoul-Nov. 28-Bark Victor, 1,375

Dee.

2—

Bark XeuopUon,
For Rcval— Nov. 30— 8te .mer Hay Green. 3,950.
For H.iHKO— Nov. 30-8teamer Hay Green, 1,?0J.
Fi>r Bremen— Dec. 1—Steamer Prluz Aliireobt, 5.014.
Cbablbsto.s— For Uddevaila— Ucci. I— Bark Marlebamn. 1.100.
For Barcelona -Nov. 27-Brli<s Monaroa. 600: Morallbad. .500
Nov. 28 -Steamer Ocean Prince, 4,600; Bark Teriaiaa, 1,880
Deo. 1— Bark Koma. 1.775.
WlI.MISGTOS— For Liverp-wl— '.»ec 2 -Bark Meteor. 2.350.
NOKFOLK— For Liverpool— Nov. 30—Steamers Cjiinty of York and
Borneo 12.770.
Nov. 18—
Boston— For Llverpool-Nov. 27— Bteamer Kansiu,
Steamer Venetian.
For Yarmouth— .Nov. 29 -Steamer Alplia, 47.
Nov.
Baltimohk— For Liverpool— Nov. :i8-8teamer Neasmore, 3,411
30 Steami-r Nova Scoti^n
PiiiLADELi'iiiA- For Liver|H>ol— N»v. 24-8teamer liOrd Gon^b, 1,105
.

.

—

.

1— Stiainer

Dee.

BriflBh King. 1,274.

For Antwerp -.Vov. 24- Steamer Switzerland, 401.

(Br.), for Liverpool, before reporteil a)froiind oatalde
Orleans, floated off and pr.>ce.5ded N'>». 28.
for
»lveat m. N.n.
(Br.), Kirkally. from
i..
>v. '37. wltb lire on board.
Liverpool, put In at Bi-uun)vl k.
The earito 1« biwlly dmiinfed. The c.irKO coii-i»ta ot 3..'>i3bale»
of eo-i.ton, l,ttiO sacks oil cake and '200 sacks flour. Iiuuraaoe

Carmoxa, steamer
tile Jetties,

Sew

EDMO-iDSLEV, »teain«r

G

N

G

20

oa

1,750 bales ootton ia tlio British and Forelgu Auooiatton »nd -^00
insnrod at
baled in the North Amanoiii; haUnoe or oant i
interior poiuti In Texas, from whend It wr-* •'•"-i^' 'fl.
it
iK'fore
in at K^.t
(!alve-too.
steamer,
from
RIO Gran'uk.
Nov. -iii for
West. Fla., with lire ani pux-ft cotton in
.:.i.iuaged
by tbe
^~
bales
uf
Ibu
about.
2o0
York.
She
left
New

w«

839

AKttr.
Liverpool, steam

Do
Havre,

Do

d.

8aU...d.

steam.... e.
sail

e.

Bremen, steam.. e.

Do

sail

e.

HambuTK, steam.o.
»all....e.

Ajnst'd'm, steam.e.
BaU...o.
Do

—

Baroelona,stoam.e.

1,200

Cadiz, 4,558
„ „.„
16.906
Fr^ineWcd, 6,800. ....Mariner. 2.923... Pedro, 2,625
To Havre, per Meaiurr Cydouln, 4,802
*•„-);
10,303
Roblnia, 6,700...
To Bremen, per sltamers Breiua, 4,B02
To 8eli»etopol, per steamer Gleumavls, 6,27t)
a'^Ji
6,l6o
To Genoa, i>er steamer Capulet, 0,123
•••••

.

movei to oxtlnKUlsb tbe bro.
Cotton freights the past week have been as follows:

3,337
1,038
.
_.
2.5P9

_

,^

ViCTOKi I, steamer (Br.), at Liverpool from Oalvratoo, oaoghtflreia
bubker coal several tl^oo. and a portion of deck cargo n td to bs

Beva), steam

1,5/6

1

i

Are.

1'5S2

llaini)ur)f.

To Goticnburif, per stcim.T Katie, 1,200
Okleams— To Liverpool, per steamers

Hbw

Below we add the clearances this week of veasela carrying
ootton from United States ports, bringing our data down to
the latest dates:
Qai.vbston— For Liverpool— Nov. 28— Steamer Georgia, 4,122 ...Nov.
Deo. 1-Btoamer Rita, 3,036.
30—Steamer rete, 4,040
For Bremen — Dec 2 -Steamer FalrHeld.
Hbw Okleanb— For Liverpool -Nov. 2ii—Steamer ltiMlMlppi,6,100
Der). 1— Steamer Uoii'isellor, 4.789.
For Huvre-Nov. 30-8hlp Tuskar, 6,020.
For Bremen— Nov. 28-8teamer Wuotan. 4,300. ...Nov. 30— BCeanter

Do

Hew York—To
To
To
To

Total... 75,081 6.368 31,942 16,193 2.173 6,125
139 144.330
lacluded In the above totals from New York are 3,306 bales to Hull.

i

56-78

This statement shows that the receipts since Sept. 1 up to
to-night are now 44,341 bales less than they were to the same
day of the month in l*i4 and 1 19,326 bales more than they were
add to the table
to the same day of the month in 1883.
the percentages of total port receipts which had been received
to December 4 in each of the years named.

Shipping News.

2.443
2,7«9

139

Below we g^ve all news received to date of disasters to veaMls
32562 carrying cotton from United States ports, &c.

2,668,079 2,712,423 2,548,753 2,523,687 2,-379,22u 2,568,403

Feroentag e of total
port reo'iIts Dec. 4..

2,589

41,)59

Tot.Nv.30 2,V21,71& 2,557,991 2,420,281 2,401,937 2,257,013 2,433.297
40.400
36.807
26,647
32,561
51,576
36,357
Dec. 1....
" 2....
30,603
51,332 . 29,216
8.
29,3.') 1
34,792
8.
34,00t
48.897
" 3....
49,25B
31,48.32,235
50,747
8.
" 4...
30,316
46.652
36.573
44.918
Total

2,44-i

/

58,210
39,010
37,598
41,003
66.316
52,543

" 25....

BatUmore..
Boston

Do

sail

Genoa, steam

1.

T'ieste, steam.. .&
An werp, steam..e.

Per 100

lbs.

LiVHKPOOi

Ams.

Wtimn

T^MTf.

FH

•8»»M

>sa»e4

h>»»4

^

>S»»M

...•

->••

....

....

....

.«

»IS

>1S

"is

»..

hs

•u

...•

....

..„

....

..—

..M

'is

'is

TlS

'is

'is

»1S

..»

....

....

....

....

..^

^

H

H

«

%

....

....

....

•••

40*
....

d. I»,4»»SS
e.

JTOM.

>«a»4

.mm

40*45' i09i5
....

....

....

.•••

....

•tt

H%

•as
•s»

40 •46* 40a45- 40 •45*'
...

....

»»M»»li »€4«»»I »»«.»»« !•„••» i»M«hs

>s>

'm»«4

%
...

•at
•»»»»'4

....

..«

Vi

•si

7„«1«
-n»H '»•«*
•is
•n
•s*
•si
Ss
*M«"r4*at*>W« »1»»"«4 •lS»»>M Si*i'«s.
'»»9'4

,.

-

„

.

By cable from Liverpool, we have the followtag

port.
statement of the week's sales, stocks, Ac., at that
add previous weeks for comparison.

W»

-

.

.

.

.

THE CHRONICLE.

660
Xov. 13.

—

balee.
Balua of the week
Of wall h exiiorters took
Of whkli spticulators took..
Sales AmenoaD

AotuHl fxpurt

Forwanied

-.

Total siiiok— Estiumted
OI wiiu:b AiiieriiaM— Estlm'd
Total Import of tliii week
Of "wUifh American

20

Ii^ov

Nov. 27.

3,000

45,0C0

4.=.,00i'

5,00u
1U,000
389,000
274,000
74,000
5«,00C
225,000

7.000
ly.ooo
115,000

ii.OOO

4

Dee.

60,000
2,000
3,000

63,000

54,000
3,000
3,000
43,000
6,000
13,000
394.00(
280,000
82,000
73,000

51,000
3,000
2,000
40,000
6,000
21,000
433,000

FOL. XLI.

recovery of the recent decline in both spots and futures, and
a good business for export.
DAILY OLO8INO PRICES OF NO. 2 MIXED CORN.
Ticet.
Sat.
Mon.
Wed.
Thurt.
Fri.

ooH

5514

[n elevator

December delivery
January delivery

53%

February delivery
May deUvery

48''8
47''8

5414

54is
52»8
SO"*

53%

5439
SoSg

50ie

50>4
4914
48'4

51^

5314

5214
50i«

50=8

52%

49%
49%
300.0011
4813
48%
^S^
4S»a
yl.OOO
107,000
78,000
90,000
Oats have varied but little in futures, and have remained
208,000
2.15,000
19i»,000
A.U10UDI tloal
203,000 nearly nominal for parcels afloat, a slight decline in futures
220,000 250,00.
193,000
OI wliloli Aiurrlcan
was quickly recovered, and to-day the market was quite
The tune of the Liverpool market for spots and futures each
day of the week ending Dec. i, and the daily closing pricee strong.
3 '^3,000

49

DAILY CLOSING PRICES OF NO. 2 OATS.

of spot cotton, have been as follows:

Sat.

fndav

Wednet. Thurtd'y,

Tuesday.

Haturaay Morutay

upoi

Fair

Market,
12:30 P.M.

Steady.

Quiet.

Steady.

Steady.

Freely

linslness

offered.

doing.

Mid. Upl'ds
Mid. Orl'DS.

5'4
51s

8,000

10,000

500

500

500

Quiet.

Quiet.

Bales
6|>ec.&exp.

S'ls
S'la

53i«

5 '16
8,000

5i«

5'i«

8,000

8,000

8,000

500

500

500

Futures.

Market,
12:30 P.M.

Market,
5 P. M.

Barel7

Easy at

Steady at

1-04 de.
ciine.

1-64 de-

Quiet
but
steady.

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.
17* The
5

and

priset are given in pence
6l-64<i.. anri 6 0:i mennji 6 3-64d.

Mat. Not.

2S

6-Uh», Ihut:

Mon., Nov. 30.

December delivery

35
36

January deUvery
February delivery

ClOJ.

d.

d.

d.

d.

December.. 510 5 10 6!0 510
Dec.-Jan.... 5 09 509 5 09 SOU
Jan.-rab.... 510 5 10 510 510
reb.-Marcb 513 5 13 518 5 13
March-Apr 5 15 5 15 515 5 15
April-May.. Sib Sib 516 5 19
May-June.. 5 23 5 23 623 5 as
June-Ju'y.. 5 26
JuIy-AuK...

5 26

5 26

5 26

Open High Low.
d.

5 08 5 08
6 0- 5 07
508 5 08

611

511

511

6 13
6 17
6 20
5 24

6 13
6 17

5 13

d.

December.. 506 5 06
Dec.-Jan ... 605 606
Jan.-Feb.... 6 05 607
Feb.-March. 508 809
March-Apr. 611 611
April->Iny.. 5 14
May-June... 5 IS
June-July., 3 21

6 15

d.

S20 5 20 6 20
5 24

5 24

Sprlng.per biuli.

85

8pilngNo.2

W.i

m
Hh
'.)h

White

Opsn High Low.

6 07
6 08
6 07
5 09
5 12

506

606

5 05
5 06

606

524'

5 22

6 22

5 25

525 5 24

Open aigh'Low.

d.

i.

d.

d.

4.

d,

d.

d.

5 05

5 05

5 05

505
504
5 03 605 5 03
508 508 608 6 08
610 5 10 510 610
614 514 613 513
5 17 517 5 17 5 17
520 5 20 5 20 5 20
5 24 5 24 5 24 524

6 05
6 05
5 05
5 OS

6 07

6 06

6 05
5 04

6 05
5 05
5 05

6 14

5 15

6 18

518

5 21

521

5 21

5 24

525

5 05
6 03

606
6 07

d.

in the

State and Canada.

White
No. 2mlxed
No. 2 white

.",5

1»

» oiH

a
a

5 07

50«

Milwaukee
Toledo
Detroit
Clereland.

Louis
Peoria

6 07
6 09

St.

611

Dulutb

..

.

Tot.wk.

'85

Same wk.
Same wk.

'84

219.158
233,738

'83

6 24

524

223,936,

5 24

5 24

4,

1885.

call for

demand and

men-

...

42
36

•a

41)

®100
® 83

67
75
65
53

Buckwheat

361s

It

71

80

Rye.

Barleu.

1.838,828

2,375.918]

2,815,348
2,187,037

2,137.r37

818,888
793,363

1,580,819

1,264.932

33,653,367
59,960,696

30,393,059
81.639,503
44.203„S99

Bmh.

m

DusKo^

lbs

Ifci

35,099
10.820
1,867

478,153|
278,504'
5.300!

29,771]

12,000
173.350
12,800

23,579
13,000

748,138

81.366
61,730
193,046

25,983.409

*,267,718

1,743,673

27,011.100

7,657,498

28.120.88'

9,249,0831

3.018,792
4.540.71 6

989.8771

546 398|

Since Jldy 25

1886
1884

3.214,039

I88.t

3.894,3381 43,106,119

3.913,858

The comparative shipments of flour and grain from the sama
ports from Dec. 23, 1884, to Nov. 28, 1883, inclusive, for four
rears, show as follows:

increased

through shipments to Europe from the West, with prices
more steadily maintained, especially toward the close.

a

39

Western

Ollt.

618
6 21

371aii
i

35

State, two-rowed
State, six-rowed

5<i

62
57

66
70

Barley— No. 1 Cauad.a 95
No. 2 Canada
80

.'>7

a

it

«
«
9

64
68
34

..

Oats— Mixed

Flour.

5 14

6 09

Friday, p. M., December

some improvement

37'4

Rye— Western

ai 03

9 9.i
a 9H
»102
« 9H

Bbls.imibs.Busli.aOlbf iJlMh.SD i^s Bush.32 Iha
99,099:
380,330
1,210,007
563.118
233,395'
91.820
28,480
23.190
3,922
83,921
139,616
2.604
132,40-2
1.796
54,324
10.403
4,473
20,030
16.500
12.700
18,5:8
105,828
713.595
69.688
1,525
216,493'
4.850
909.000

506
510 611 510
5 14 614 614
617 518 51?
6 20 5 21 590

There has been nothing in our flour market to

36>4
371a

The movement of breadstuflfs 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 comparative movement for the week ending Nov. 28 and since July 25
for each of the last three years:

Chicago
Clot.

BREADSTUFFS.
tion, except

.

Beuipte aX~\

Clot

35%

35%
36%

Fri., Dec, 4.

3.

506
6 07

511
514
517
521
624

5 21

d.

608 609
611 6 n

5 08

.=i0

57
53

White Southern
Yellow Southern.

5 05

608
512
511
616 615 514
618 618 6 17

3S
53
53

West. mix. No. 2.
West, white
West, yellow

d

5 27

Thnn., Dec.

Sti'-s

FH.

Ihurs.

OR
Wheat

Bed winter, No. 2
Bed winter

a.

5 06
5 05
5 06

518

Jttly-Auff,..

d.

513
517 517

627 5 27 627

Open Eish Low. Clot

Oven BiQh Low.
5 07
6 06
6 07
6 09

Wed.
3519
36i«
37>4

36I4

»bbl. f2G0» 3 40 Sontbem bakers' and
3 303 3 65
tamlly brands
$175a 5 ."iO
3 2 \7t 3 65 Bye flour, snperHne.. 3 3oa 3 55
4 10 9 5 25 Corn met 1 3 509 3 HO
Western.Ao
.110i» 3 25
Branrtywlne. *«...
Winter XX <fe XXX.. 4 15» 5 25
3 25a 3 30
4,h09 5 75 Buckwheat flour, ^
Patents
759
snipplugex
3
5
00
100
lbs
2
City
00® 2 20
Bouth'n com. extras.. 4 lOa 4 65
65|

Tnei., Dec,

5 09
6 07
6 08
5 11

35 14

Superfine
Spring wheat extras.
Minn, clear and stra't.
Winter sbipp'g extras.

mean

5 62

Clot,

d.

6 08
6 07
5 08

Wedne«., Dec. 2.

d.

d.

Tties.

Rye has been quiet and closes nominally unchanged.
Barley continued in good demand at improving prices, a
choice sample bringing $1 per bushel. Buckwheat sold at 53c.
The following are the closing quotations:

Corn— West, mixed
Open at,h Low.

iron.

35 14
36 19
37

Fine

Steady.

Steady.

Steady.

steady.

?niet at
.64 decline.

cline.

Barely

Weak.

steady.

49ifl

1884-5.

1883-1.

Flour

bbls.

10,302,818

11,033,557

8,985,695

1881-2.
8,076,168

Wheat

bush.

47.166,284

63,!501,038

43,413,406

52.430,226

1882-3.

87,617,891
78.011,909 10l,-i01,864
63,635.776
The speculation in wheat was greatly depressed early in the Com
Oats
50,127,853
49.650,440
47,92'J.'>34
31,433,672
week, and prices fell off rapidly. It was reported that a lead- Barley
6.608,053
5,259.457
9,220,133
4,814,734
Rye
2,071,413
5,912,646
5,645,377
3,059,981
ing operator for the rise at Chicago had failed. This did not
Total grain .... 193,621,494 202,365,490 209,412,814 158.403,339
prove to be true, but the impression gained ground that some
Below are the raU shipments from Western lake and river
embarrassment was felt in that city, where the most of the
large visible supply is understood to be carried. Wheat on ports for four years:
1885.

the spot sympathized with futures, but the decline in valueg
stimulated the demand, and the general tone of the market
recovered, giving an upward turn to values, which continued

throughout Wednesday and Thursday. To-day there was a
further advance, which was due" mainly to the warlike ad•vices from southeastern Europe.
DAILT CCOSIMO PRICES OP NO. 2 RED WINTER WHEAT.
Sat.

In elevator

Hon.
951

December delivery

P2

92Hi

January delivery
February (Iclivery

933i

94:i«

March

May

dellvfry
delivery

Tmm.
94
9314
9II4

95i>8

9BH

98%

97ia
lOO'a

97aB
lOl^a

101%

98

Wed.

93%
Mit
97»4
..."

102S8

Tkurt.
95
943q

951.,

96

97in

87?t

99?
103

Fri
Q.^ijif

OA-'l

loos^

101

Indian corn has been variable and somewhat irregular, the
ino«t important feature being a decline in spots and early
futures, while the more distant deliveries were well maintained. The lower prices for "spot" corn led to a more
actiTe

business

for

export.

To-day there was a partial

1884.

„.

„,
Flour..„

—

^^,

bblB.

Wheat.. _„

Corn...,

ijoBli.

.^

Oats
Bartey

Bye
Total

The

...... .i.

rail

1883.

Week
A'OT. 23.

129,019

1S0,9H1

233,491

232,116

136.160
l,0jl.097
813,906
395.850
47,777

283,524

459,126
921.605
1,122.420

300,787
1,017,545
609,663
181,914
50,351

2.504,590

1,066,74

Week

1

453,081
150,499
39,303
1,995,154

Ste.

Week

74.861
2,974,312

and lake shipments from same ports for

Flour,

Wheat,
bush.

470,856

Nov.21,'85 268.122
85i„'i34
Nov,14,'85 237,304 1,001,726
Nov. 7,'83 242,226
800,967
Tot.,

4 w.1,042.468 3,1^1.08

3

4w'ks'84.l,354,3,i9 5,744,879

Corn,

Oats,

bush.

busk.
8,81,536

1,670,716
065,723
1,100.034
1,360,088

Week
Dec. 2.

i

39.i.S30

weeks were:

entlinribbls.
N(iv.2S,'85 294,828

1882.

Week
-VuD. 28.

787,131

2,160,290
last

Barley,
bush.

402,791
481,063

750,06.3

347.SI87

821,3 5

383,662

5.09'i.56l 3,210,067 1,678,503

6.091,729 3,113,330

761,420

four
Itye,

bush.
64.377
58.008
62,640
72.368

257,391
530,681

The exports from the several seaboard ports for the week
eudmg Nov, 38, 1885, are shown in the annexed statement:

.

.

Decemher
Sxporit

from —

N«wYork
Bogtnn.

a,

Wheal.

Com.

Biifh.

Btuh.
30^.907
72,883

11H.I43
17,673

..

THE CHRONICLE.

188.").]

Porlliiml.
Hontraitl.

4.425
50.023
12.188

PhtlailKl..

BaliUii're

BbU.
43,947
72,528
6
1,898
8.S08
9,703

3i',30i

113,001
64,164

N.Orl'Da.
Riobiu'd

OaU.

flour.

Rye.

Suth.
112,132
287

F*at.

B,Mk.
1,891

656

614,950

120.824

177,848

412,856

171,001

87.008

m

mulations ar« Mlthwr larg* nor fumai, aad atooha
• wbol*
In much bettor *b>p« than for years paat, owlnjc
partly to
the rscent curtailmsnt of produotlon in tb*
manuraoturiac

m

district*.

86l283

65,000

3.578

Total w'k.
203,352
B'nie time
1884. .. 1.159.941

861^

.

38,174

DoMES'nc CoTTOif OooDH.— The exports of donuaties for the
week ending Dm. 1 were 1.887 pnckagm, the pHnclpal .hipments having been 1,188 packsgee to Great Britain, 884
to
Argentine Republic and 169 to Ven«zuel«.
There was a light

and irregular demand for the moU Maple brown, bleach«d
and colored cottons at first hands, and the jobbInK trade was
The destination of these exports is as below. We add the moderate.
Fair sales of wide sheetings and low grade
cor-esponding period of last year for comparison:
bleached shirtings were, however, effected by means of slight
prlc«4 concessions, and there was a pretty good
business in
Hour.
WhtU.
(torn.
oottonades.
Print cloths were active and Arm at a further
Stportt
forvKtk
1885.
advance, sales of e4x64s having been made at 8 816c., while
1884.
1885.
1884.
1885.
1884
to—
Week,
IfeeA-.
Week,
Week.
neek.
Week,
56x60i changed hands at 37^0. Fancy cotton fabrics, as seerNov. 23. Xof. 29. Ifov. 28. Ifov. 29
Xov. 2-i.
Xov. 29.
suckers, shirtings, white goods, Ubie damasks and cloths, *o.,
Bbtt
Bwih.
BbU.
BnMk.
Bush.
Un.KlDK
72.994
116.705
144.597 685.80^
261,481 were fairly active for future delivery— and there was a steady
Contln'ut
4,2,^5
58,345 664,116
120.221
3,459
demand for plain and fancy white goods, quilts and sorim
B.<kC.Aiu
lit. 39
12,844
410
30
13,911
W. Indies
12,483
17,836
9,280 curtains.
Staple and fancy cotton hosiery, also gauze and
Brlt.col's
11.523
19,497
7,9t)3
Balbriggan underwear, were in good demand for next season.
Otli.u'n'u
425
600
68,006

143.9(6

—

1

Total.

120,821

203,332 1,159,941

171,001

614,950

418,856

By adding this week's movement to our previous totals we
have the following statement of exports this season and last
season:

Prints ruled quiet,

but very satisfactory orders for spring
printed lawns and crinkled seersuckers were placed with the commission houses.
Domestic Woolks Goods.— Clothing woolens were more acstyles of dress.^^inghams,

movement than demand, large deliveries of fancy casaimeres, worsted suitings, &c., having been made in execution of
former orders, while new business was comparatively light.
Kentucky jeans and doeskins were rather more active in some

tive in

nmr.
IS84.

1888.

Exporti to-

Aun. 24

(I)

1.1«,.S44

8.4 C.Am...

Wen

Indies.
Brit. Col'nlee

Oth. oountrt

ToUl

29.

Obm.
1888.

1884.

1885.
to

Auo. 84 to
Xuv. 28.

Bmh,

BbU.

Bbll.

on. Kln«dom
Continent
.

AUQ. 9B
Xov.

iVot'. 28.

.

Wh-t.

Aut.HUt
Xov.

29.

Bmh.

Bw)h.

Bufh.

8.424.0O7
8.209,349

2.997.S19
783,309

839.089
103.821
32,857

13.437

430,280
9S.912
25,198
21.179

19.037,173

11,208,925

4,104.489

i,4e.s,i»i

4.437.0S4

8,9?3.181

81.833

159.773

1.867.717

iO.071.210

821.581
S4B.781

187.1118

S.flld

89.874

4,107

819.281
9.105

239.S04
843.321
9.128

W.S20

1.879,385

2.303,8-8

8.328.739

83

1884.

Auo. 21 Ut Aut.anu,
Xov. 28.
Xov. 29.

131

8.174

The visible supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by rail and water, Nov. 2S, 1883
Barley,
Bye.
OaU,
Wheat,
Com,
:

Jn store xl—
New YorK

Do

atloat

Albany
BufTalo

Do

afloat

CbicaKO

Do afloat
HUwaukee
Dulutli

Toledo
Detroit

Oawejfo
8t. LoulB..

Cincinnati...

Phitadelpliia

Kansas

3,903
.

City..

Baltimore ....
Minneapolis.
8t. Paul

Dow u

9,970,086
1,496,000
2,100
4,516,S22
400,000
13,779,218
47,000
3.207,840
2,947,445
2,347.381
1,718.731
204,000
2,616.254
172,000

237.770
173,346
440,010
974,977

Boston
Toronto
Montreal
Peoria
Indianapolis

bush.

189.7'2fl

929,132
1.431,337
6,025,250
1,074,000

Mississippi.

OnraU
On lake
On canal

bush.

biuh.

461,800
35,000
125,439

24,550
5,975

160,010
334.000
110,500
251,992

112.128
49.800
7,500
23,225

407,370

95.301

193,757

280,908

93.691

6,104

10.000
7,080
1,036,000
128,158
101,000
46,973
92.496
12,513

7,865

103.238
46.635

1,127
9,5-20

122,0(10

..

490,672
7.000
56,617
8,985

153,036
50,000
260,190

934

87",35i

131,822
37.391
37,381
51.490
102,723

96,221
54,840
31,249
27,230
6,575

255,634

35.030
658,247

—

—

distributed nith considerable freedom. Silks, velvets, plush,
velveteens, laces and ostrich feathers were largely sold through

the auction rooms, and brought fair average prices.

Importations of Drr Ooods.
The importations of dry goods at this port for the week
ending Dec. 3, 1885, and since January 1, and the same facts
for the corresponding periods are as follows:

424
16,905
73,000
l655

4B'76i
1,706
8,471
5,739
to 10

170,200
139.500
447,200

1,416,237
251,785
224,100

28.'85. 53.679.228
Nov. 2l.'85. .34.535.343
Nov. 2!i,'84. .39.341.307
1.'83. 33.231.979
Dec.
2,'82. 19,993,959
Dee.

4,951,741
4.110.202
5,147.000
8.02 1.995
6.460.669

T Jt. Nov.
Tot.
Tot.
Tot.
Tot.

buah.
bush.
572,4.59 1,409,271

and some leading makes of the latter have been
advanced by the mill agents. Satinets were in moderate request at unchanged prices. Cloakings, Jersey cloths and stockinettes continued in steady demand, but selections averaged
light.
Ladies' cloths, tricots and soft wool dress fabrics wei«
less active, but a fair business was done in ail- wool and worsted
dres) goods adapted for next season. Fur flannels and blankets
there was a steady hand-to-mouth demand at unchanged
prices, and wool hosiery, knit underwear and fancy knit woolens were in moderate request for the renewal of assortments.
Foreign Duy Goods were quiet in first hands, aside from
a few specialties for the coming season for wliich fair orders
were placed with importers and holiday goods, which were
quarters,

3,007,702
2,866.216
3,233,204
5.912.147
3,312,152

213,651
67,000
339,537

coo
—
w
UIO

12,989
16.000
33,400

704,180
3.204.101
3,039,045 630,627
2,754.633 631.323
3.503,486 2,569.803
3,278,333 1,199,192

CdCJtM>->M
tOCDi^Opt-

.->KIO

CO

aoo>-o>
Kic^goAOa

M
CD
Q0Ui«>C3i^
W M^<^dDM
»-'g
03

tOtrt

Cj

M

I

oiO
t-O

Vwmm'o

#- to
«
to
K*
CHarf-

—

'.o

MM

O,.

t->0>-.-

gi£

Fkidav, p. K., December 4, 1885.
The situation in the dry goods trade has not materially
changed the past week. Package buyers continued to operate

kinds of seasonable goods, the

CO — ^M

tO'>uiao
X-3 0-4^

THE DRY GOODS TRADE.
all

f

M"-M.

I-

©*

oxy.l».<o

sparingly in nearly

ttC*-

1

Cw

0.0^00

R
D
a

M — OS -4

ft

C5

I

CCM
tC-4
CCM
eibo

to 7. IC

^O-MM^I

O OO

1

I

COM'* CO 00

>M
^^»-^M

jg3:,*J

Q0M«&W^1

demand

having been almost wholly of a hand-to-mouth character, as
usual at this time of year. Transactions in spring and summer
fabrics were, however, continued on a liberal scale, large
aggregate orders for future delivery having been placed with
agents for domestic manufacturers and importers. The jobbing trade has relapsed into the quiet condition usually witnessed at this stage of the season, but rather more than an
average distribution of department goods and holiday specialties was effected by dry goods jobbers and the notion houses.
The tone of the general market is fairly steady, but it seems
probable that slight price concessions on certain makes of
staple cotton goods, &c,, will be made shortly in order to
enable agents who are about closing their semi-annual accounts
with the mills to get rid of accumulated stocks. But aocu-

MOD

I

OaK

OKOOSSl
CO
to .- to
-I u ^^ > ^

03 OD

tow

MM
-to

aoo
£?3

CCM

MM

MMCOMM
M«^XXJD«
i-»M>-*P

-MWXW

CM*XX*-J
^-1 TiifiOS

©»0XO*J
M Si •- O X

s
CMOeoto
CO

COOD

•^M

M«^_^-J

M— ^MW
XX
_
_

OS

1

a

-] -^

*J©
I

Ct5J«j^;)M
ifc

si

t-iM

COQO

)

s

t

MM

03 to

5

'.0

!•«

a a u to

X w «- »

r

THE CHKONICLE.

F662
M^anthtvn gawluers.

^vuat

IfODOWlCKJ. UlLL, E. S. McCaNDUCSS, A.W.HIIX.
Cashier.

Pre«icIeDt.

Vlce-PreB*t,

THE

Gate City National Bank

.Bonds

of" SuretysJiip.
NO OTHSS BVSINESS.

The Guarantee

ATl4ANXAy GEORGIA.

OF NOETH AMERICA.

Designated Drjtository of the United States.

Capital and SnrpIuM,

-

-

$300^000 00

Accounts of Bank?. Merchants. Corporations and
Individuals respectfully solicited.
Collections promptlj made and remitted for.
Will act as agent for the investment of idle and
surplus funds of Banks or Individuals.
In our active and growing city money Is always In
demand. Our rates reasonable. Give us a trial.

Thos. P. Miller

&

Co.,

Managing Director:

NEW YORK
D. J.

OFKICE:

BROADAVAY.

NO. Ill

TOMPKINS,

Secretary.

NnrTOBK Directors—Joseph W. Drexel, A.L.
Hopkins, H. Victor Newcomb, John Paton, Daniel

AMERICAN
FINANCE COMP'Y,
96

HcllbennT,
HclldcnnT. B. F.
¥ Weems.

WKFMS

Cnshter.

M. BDHKCBB, Pras'u

BROADWAY, NEW YORK.

WM. R. BAKER, Pres't
A. K. WAUUB, Caibiei

iriLIIIINGTON, N. C.

CoDmUom

nuLde on

all parta

of the United Btstei

MERCHANTS' NATIONAL BANK,
RICHmOND, VIRGINIA,
made on all Southern points on b«8t
terms; prompt returns.
Collections

JOHX F GLBKM.

JOHN

Oa-sh.

P.

BRANCH,

President.

FKED. H. ScoTT. Vlce-Prest

BRANCH &

THOmAS
CO.,
BANKERS AND COMMISSION MERCHANTS,

WSiZSXtXM ^'AXXktXB.

-----

COLORADO.

have on hand and for sale Hrst-class County
and i»chool Bunds and other choice securities. We
especially recommend to conservative investors our
KEALE6TATELOAN.-son Improved City and Kaim
Properties. I'liese have been made by us after rijiid
Investigation of title and values, and can be transferred at once. Correspondence solicited, HiKhest
r«f»Tenco» Hast and We.^T.

B8TABL1SHUD

&

AND

Bonds and good Municipal and Railroad Bonds.
FINANCIAL AGENCY for railroad companies and
other corporations. Will also conduct the reorganization of railroad companies and other corporations
whose bonds are in default, or whose property Is Id
the hands of Receivers or Trustees.

&

Co.,

INVESTMENT BANKERS,

CI.EVEI.ANI>, OHIO.
SPECTAl.TIES:
„
TOWN. COUNTY ANlJ CITY BONDS,
LAKK SDPK.KIOR IHO.N MINING STOCKS.
AND STUKET il»ll>llOAI) 8^X•URH1KS

^tuanctat O^omyattics.
FIDELITY Ac CASUALTY CO.,
218

BROADWAY, NEW YORK.

Cash

Capital. $250,000. Invested in U. S. Gov't bonds
<li'p,,..itwJ with tlie .N. Y. liin. Dep't, f or
the l»rt>tw;rion nf Policy-holders.
A8»uit,. .Jimuijry IhI. 1»85, l^i2,02H 11.
OlHcials of liaiiai,. luiiiruttUs and Hizpress Compamaa, Manniters. Secretaries, and Clerks of Public ComIHknles, Iiiiniltillonsand Cnmmerclal firms, can obtain

jaw.ooo

^^

BONDS OF IIIIRETY8HIP

this Company at moderate clmrties.
TJie bonds nf this Cnmpany are accepted
eoucts of the varidus Stali'.

$wttst

kCASCALTK DEPARTmENT.
PoUcVta issued aealnst

accidents causing death oi

CotjlBv.diaablinff injuries.*
. «,. ...«orni8tion as to detaila, rates, 4c., can

be

rataJnedW head ofllee. or of Company's Agents.
WilM. JUcHAHi » Hrest. Johi/m. Ckane, Seo'r.
Ro»'T

„
Oeo.T.
nnoe

J. llii.i,A.s, A»»'t Seeretary.

DlHKCTOllS:

David Duwi,
B"!"'?". .
j'a'^; Y."""™A
A- **;
JAl
8tranahi;n,u.
A llurlbut,
A. B. Hull, _ . „r p. Vermiiye.

wo. Low

OF NEW YODK.
No, 49 \rAE,L STREET.

........

Capita],

8urplUH,

-

-

THOMAS HILLHOUSE. President.
FKKDKRIC
TAPPEN, Vice-President.
WALTER J. BUITTIN. Secre
tary.
1).

STOCKS

-

-

-

-

At Auction.
SALES

ow

ADRIAN

H. inVLLER & SON,
NEW YORK,

PINE STREEr,

No. 12

(EQtTTTABI.E Bmr.PINO

for
Preiitient
Vice-lTeslrtent.

Vlce-Prest

nan. H. Arnold. |W. W. Phelp.s, (John H.Rhoades
Thomas Sloeomb. D.Willis James. Anson P.Stokes
Charles E. Bill, jjonj, Astor,
illobt.B. Mlntnrn'
...__.
....
,.
Wilson
(i. Hunt,
John A. Stewart, 'Geo. 11. Warren'
Wm. H. Macy,
S. M. BucfKham (ieo. Bliss.
Clinton Gilbert,
tl. E. Lhwrence. William Libbv,
Daniel 1). Lord,
Isaac N Phelpa. John
Hrown,
Samuel Sloan,
Eraslus Coi-uing, Edward Cooper,
James Low,
S. B. Chittenden, W.Bay'rdCuttlng

C

Ch^s. S. Smith,
L. THOKNKLL, Secretary
Q. HA.Ml'TON. Assistant sVicretary

HENRY
LOUIS

The Union Trust
BU AND

618

Co.,

CHESTNUT STREET,

PHIIrADELPHIA.

&

t orapanv.

gifarant'ee^'"'""

at t6 to »60 per

In

And

all

klnda of

CANVAS, FELTING DUCK, CAK
COVERING, BAGGING, RAVENS DUCK, SAIL
TWINES, *C., "ONTARIO" SEAMLESS

COTTON

BAGS,

"AWNING

STRIPES.

Also, Agents

UNITED STATES BUNTINti
A

Widths and Colors, always
No. 109 Daane Street.

supply,

full

Bliss,

all

Fabyan

BROWN

KKADINC, V.-Prcs't
AIAULON i''},>;lO,l<l^.s,. Treasurer
^^kiM\oii^%kni'^Ji\^& Secretary.
D. R. PATTEKSON, Trust OtBcer.
^'froO ^- Gillett. Joseph
.V"'?,?'
Xp^^^'l'S'^F,^'"?''*
(-Ilarles P.
Turner, William S Price
,!?*.?
John
Monroe, W. J. Nead, Thomas
T. -.l"^iJl'Villon T.-hn
''™-^» A^iiew^' O^
?<,s'T'i^lfef5?'"^i,V•V"?^^•''
Jos.
I. Keefe, lioliert Patterson,
Theodor C Engel
Jacib Naylor. Tlios. G Hood, l^ldward
L Perklifs
PUII.adei.phia; Samuel Kiddle Gl Evltinm
r l"..

Co.,

dt

BI.EACHED SHIRTIN4i»

AND SHEETINOS,

PRINTS, DENLMS, TICKS, DUCKS,

fto.

Towela, <lnUta,wriiite Good* & Bo«leri>
Drillt, Sheeting;

<te.,

for Export Trade.

THE NEW" YORK
Moist Letter Copying Book,
2flth, ISTS.)

UNIFORn COPIES. SAVES TinE..
NO WATER. NO BKUSH..
AI.WAYS READY.
E. L.

annum.

^'O"^"'' etc., kept in Fire•Money received on deposit at interest.

6c

CO.
in itoGk-

New York, Boston, Philadelphia,
SELLING AGENTS FOR LEADING BRANDS

FARGO,

106

charge

'^^ """" ^"'""bles tjiken under

Alei7>l(tchelK

Co.,

(Patented November

Authorized Capital
j] OOOOOO
Paid-up Capital
EiOiMlOO
Acts as Executor, Administrator, Asalicnee etc
and executes trusts of every description known ti'i
the law.
All trust assets kept separate from those
of the
wiVil'
v';,r,''P,;'
v*"'(f'
*'!.'L^'"
Wills kept
in V
aults without

OPardg.

Mannfaeturers and Dealers

company a convenient depository

JOHN A. STKVVART,
WILLIAM H. JIACY,

)

Brinckerhoff, Turner

INTEREST ALLOW KD ON DEl'dSITS,
which may be made at jiny time. and wit lulraxvn after
and will be entitled t" iniercst for
the whole time they may remain with tlie company
tind this

classes of

WEDNESDAYS AND SATURDAYS.

five days' notice,

will

REGULAR AUCTIONall

COTTON SAILDUCK

000,000
3,701,436

This company ia a legal depository for moneys paid
and is authorized to act as guardian or
receiver of estates.

money.

of

STOCKS AND BONDS,

»!2

-

BONDS

and

The Underslfoied hold

into court,

ChariM Dennis,
8, B.

t ransf er agent, or trustee
for corporaand accept and execute any legal trusts from
persons or corporations on as favorable terms as
other similar companies.

tions,

©ompaut^s.

Pi'oof'vuu'lt.s*'^''''""''''

by fie

New York
i;p C.VPITAI., $1,000,000.

Mills Buliaing, 35 Wall St.,

PAID

Designated as a legal Depository by order of Supreme Court. Receive deposits of money on interest,,

CC^ommgrcial

JA MES S. Cl.AltK, Second
TRVSTEES:

Oefanlted Bonds of Mlsaonrl, Kansaa and IlUnoli a
Specialty. Good inrestment Heourities, paying from
four to etffht uer '.^nt. <. r ^»,)c

&

Metropolitan Trust Co.,.

Circulars on application.

OLIVE STREET, ST. LOUIS,
Dealers In nrestern Secnrltlea.

No», 214

Ja8. Ross Ci'ltitAN. Secreta ry.

K.vecutors, adniinislratois, or trustees of estates

Co.,

President.

W. CORLIES, Vice-Pres'tTltUSTEES:
Henry K.Sheldon,
CD. Wood,
Fred. Cromwell, Henry Sanger,
John P. Holfe,
*• m. H. Male,
E. W. Corlies,
Ripley Ropes,
E. V. Knowlton,
John T. Martin.

Kendail.H E. Plerrei>ont.Abram B. Baylis.

B.

and Treas.

DEFAULTED

806

Chas. H. Potter

Sec'y

and females unacfustometl tothetransactiouof business, as well as reliKious and benevolent institutions

1871.

Keleher

F.

TALBOT

BOUND INVESTMENT BONDS furnished to Sayings Banks, Insurance Companies, Bjcecutors and
Trustees of Estates, and individnal investors.
UNITED STATES BONDS, State Bonds, Municipal Bonds, Railroad Bonds, bought and sold.
BONDS of States, Municlpalitits
and Railroad Companies negotiated or collected.
CALL
TIME LOANS made on United States

Dickinson,

We

P.

EDMUND

Josiah O. Low,
Alex. M. White,
A. A. Low,
Alex. McCue.
Mich. Chaunce.v.

Wm.

Sole Manufacturer,

LIBERTY

ST.,

NEW

Y'ORK,

In the use of " This Book," the great annoyance of'
water, brushes, cloths, Ac, is done away with— the
book is ready at all times to copy (i7iy Tini(i/>cr of letters at once. l*arties using same pronounce it thevery thing they want the copies are clear, distinct
and uniform.
;

Prices Redaeed.

Send for Price

I.Iat.^

JOSEPH CI LLOTTS
STEEL PENS
Br ALL DEALERSTHtwuoHouriHE WO R LD
GOLD MEDAL PARIS EXP0S1TION-IB7a.

.ffaiB

ChltUpd.n

v»»»r--.

.

and convenient depository

.safe

lUPLEV HOPES.

United States Trust Co.

INVESTMENT BANKERS.

DENVER,

Company a

find this

for money.

RAILROAD LOANS negotiated.

RICIimOND, VIRGINIA.

&

B.

Anthorized Capital Stock, (1,000,009.
Paid In
500,000.

Tirfrtnia Bonds funded under the Funding Act
paaaed by the last Legislature, for H per cent commiaaion.
New Nortn Carolina 6 per cent bonds,
•ecnred by lien on the State's stock In the North
Carolina Kailroad. for nale.

Hayden

President
1st Vice-President
2d Vice-President
8d Vice-President

WM. P. WATSON

National Bank,

First

Cor. of Montague & Clinton sts., Brooklyn, N. Y.
This Company ia authorized by special charter to
act as receiver, trustee, guardian, executor or administrator.
It can act as agent in the sale or management of
real estate, collect Interest or dividends, receive
registry and transfer books, or make purchase and
sale of Governmentand other securities.
Religious and charitable institutions, and persons
unaccustomed to the tran.saction of business, will

act as Hscal or

THEO.

We

.

Edward Rawllngs.

S.

Texas.

elve special attention to collections on all acce88ll)le points.
DiBECTOHS.— Ben Jamln A. Botts, Pres't; F. A. Rice,
C. C. Balawtn, W. B. Botts, Roti't Brewster, 8. K.

Crom

400,0(10

C1T¥ BANK OF HOUSTON, JOHN C. SHORT
FRANCIS A. WHITE
CAFITAI^, $500,000.
JAMES NEGLEY

Houston,
F.

tSoa,OOC

Deposit with Insurance Department
214,000
President;
Vice-President:
Bib ALEX. T. OALT.
Hon. jas. Febkixb.

<£ioxapVLXilzs,

The Brooklyn Trust Co.

,

Special attention paid to collections, with promot
remittances at current rates of exchange on day of
iwrment. Buy and sell State of Alabama and City
of Uobile Bonds.
Correspondents.— Bank of the State of New York,
Kew York: Louisiana National Bank, New Orleans;
Hnnfc nf T.ivprpnol fl,imtt-ed), Liverpool.

B

Cash Capital
CashAssets

Tomtnce. Wdw. F Winslow Kraatus Wiman.

BANKERS.

mOBlI^K, AliABAIVA.

THE

Co.

XU.

[Vol.