Full text of Commercial and Financial Chronicle : December 6, 1884, Vol. 39, No. 1015 [Copy 1]

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HUNT’S

MERCHANTS’

-9
REPRESENTING

THE

Unveil}rn,

INDUSTRIAL

[Entered according to act of Congress, in tlic

VOL. 39.

year

AND

COMMERCIAL

015 The Debt Statement for No¬
The Financial Situation
010
vember, 1884
Our Available Gi Id Supply
Old Department Repo* ts— Report
of the Secretary of the Tie isPlan fur Reorganizing Denver
A Rio Grande
020
ury
The Middletown Bank Failure
Report of the Comptroller of
and Bank Examinations
the Currency
021
Cotton Consumption and Over¬
Monetary
and Commercial
land Movement to Dee. 1
022
English News
V. S. Treasury Statement
0:4 Commercial and Miscellaneous
Financial Review of Novem¬
News
ber
0 4
THE BANKERS’ GAZETTE.
General Quotations of Stocks
I Range in Prices at the N. Y.
and Bonds....
613
Stock Exchange

|

Money Market, Foreign Exchange, U.S. Securities, State

i

G25

620

as

Week

New Vork

050
61

In¬

652
661
642

in

dugland.

IVILLI VR K. DANA A €o., PublUlierM,
79 A SI William Street, NEW VOitSv.
Post Office Box d58.

issue to-dav

twenty-four pages, in
have for reference tlie reports of
the Secretary of the Treasury and the Comptroller of the
Currency.
readers may

CLEARING HOUSE RETURNS.
The

exchanges for the week ending with November 29
days, and while in the main quite
satisfactory, do not mike so favorable an exhibit outside of
New York in comparison with 1883 as during the
previous
six days.
At New York the loss from 1883 on the total is only
8’6 per cent, against 18*6 per cent the
preceding week, but in
this connection it should be remembered that a
year ago there
were two
holidays on the Stock Exchange (Thanksgiving and
Evacuation days), while in the present year one only was
observed. This fact furnishes the explanation for the large
increase in the stock transactions now reported. The value
of the shares
disposed of aggregated $90,405,000, against
$49,544,000 last year ; if therefore double these values be de¬
ducted from the total clearings there remains $278,484,000 and
8403,729,072 to represent the clearings arising through other !
embrace only five working

transactions,

decline of 31

per cent.
Outside of New York the exchanges reach $212,480,844.
against $247,032,080 a year ago, or a loss of 14 per cent; last
We^k the loss was 8 0 per cent
and on November 15 reached




or a

—8(5

$555,711,505

PerCent

$502,817,072

|

—

1 S"6

1

,(+112 0)

(430,800)
(28,747,000) |

(+5*3-3)

(Pctroleum..bbls.)

(40,000,000)!

(54,551,000)1j (-2.3-7)

$54,078,402'

$58,582,731

Boston

Providence.

Hartford....

‘

(42,779,000 mj

(1,345,912) 1
'

(672,100)

(+78-3)

(-32-8)

(34,273,000)
(43,141,000) |

-7-7

$67,0S0,531

3,590,80oj

j

3,759,6001

-4-5

4,533,600

1,277,090

1,420,067

-io-i

(-15-2)
(—41 * 1 >

(—550'
-3-8
-4-3

1,488,475 !
1,098,032
913,939 j
721,854
784,519 !
484,688 j

|

-Ill

New Haven.

894,031

Portland....

745,289;

Worcester..

786,445!

Springtield..
Lowell

660,293!

721,2841

407,210'

<

+3"2

]

-7-2

$77,106,538

-43

$43,805,530 jJ —15) rs

$16,180,736 j
8,363,370

-13-7

Total N. England

Philadelphia
Pittsburg

$35,364,250j
6,287,9841
10,895,917i

:

Baltimore
Total

+2-1

j -12-8
746,139 j
"{“O’4

$62,442,2561

Middle....;

Chicago
...

—16-9

11,714

]

13,253,413

-P3
—11*9-

$30,420,451
7,780,350
3,300,534
2,163,01s
1,332,312

$47,458,057

—232

$43,258,218

-9'7

-13 9

9,219,200
3,646,051

-13-3

-ls-3

151

2,700,87s
1,481,052
2,234,307
1,248,998
957,767

19 7

$64,752,531

-iOOL
—Ill

-1P3

]

895,5231

New Orleans

-3-5

-15-4

*

-9-3

+17 7
—

$54,55 i,440

$07,936,721)

$12,230,3171

$15,308,00'.)}

—201

12,130,05*']

—27

4,218.505

22 "6

$11,300,539
625.521
13,354,518
3,778,510

500,v93j

Joseph.

“'A

9,150,6501

7. 9,910

Sr.

-14*3

$07,797,519

1,148,455

Total Western.

—6-3

-17-4

—10 7

Columbus

St. Louis

”2-2

—1P6

$* 3,084.135* |

1,03 ',8.0

Peoria

-12-4

$52,547,151

Cleveland....

Indianapolis

—8-4

7,561

3,425,017
2,64+769;!
1,575,2510 j
1,806,24 4 j
j
975,975* |

I)et roit

—

029,3s7|

11,75)9,101'

-10-9

—10-3

-9-5
-0-8

-f0-2
-6-7
—42

-16-3
-o-i

Louisville

3,205,318'

Kansas

2,990,728]

2,050,500'

+131

3,763,560

+22-8

1,888,820

1,702,700

+7--*

2,008,000

-j-12‘9

$37,890,654

-37

$10,42+013

—2P9

City
Memphis.
Total Southern..

our

1884.

(1,319,198);

Milwaukee...

Buildings.

OTder that

Ending AW. 22.

Per Cent.

(Stocks....shares.)
(Cjtton
hales.)
(Grain., .bushels)

of the

The office of the Commercial and Financial Chronicle in London
is with Messrs. Edwards A Smith, 1 Drapers’
Gardens, E. C.. where
subscript ions and advertisements will be taken at the regular rates,
and single copies of the paper supplied at Is. each.
The office of the Chronicle in Liverpool is at B
15, Exchange

our

1883.

Week

j

Cincinnati

to be stopped.
The publishers cannot be responsible for remittances unless made by
Drafts or Post-Office Money Orders.
A neat tile cover is furnished at 50 cents; postage
on the same is 18
cents.
Volumes bound for subscribers at $1 00.

to

Ending Xovember 29.

$459,29-1,008

10
78.
8s.
in two

Subscriptions will be continued until definitely ordered

Wc have added

follows.

Saks of—

TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE:
For One Year (including postage)
$10 20

Offices in

are as

012

second-class mail matter. |

For Six Months
do
6
Annual subscription in London (including postage)
£2
Six lnos.
do
do
do
£1
These prices include the Investors’ Supplement, issued once
months, and furnished without extra charge to subscribers
Chronicle.

the returns from the different cities

18S4.

The Commercial and Financial Chronicle is published
New York every Saturday morning.
[ Entered at the Post Office, New York, N. Y.,

NO. 1,015.

an improvement over
Hartford, New Haven,
Worcester, Lowell, Milwaukee, Columbus, St. Joseph and San
Francisco, an l of these New Haven, Worcester, Lowell and
Columbus, and in addition Kansas City and Memphis, record
clearings in excess of hut year. Presented in our usual form

010

She Chrouiclc.

DANA

Congress, Washington, D. CM

630

Railroad Earnings and Bank

Returns...
and Railroad Bonds
and
Investment and Railroad
Sto.ks
049
telligence
THE COMMERCIAL TIMES.
Commercial Epitome ..."
055 i Breadstuff's....
Cotton
056 I Dry Goods

STATES.

17*9 per cent.
The cities which show
November 22 besides New York, are

THE CHRONICLE.

B.

of

UNITED

SATURDAY, DECEMBER 6, 1884.

Clearing-House Returns

WIT LIAM

INTERESTS OF THE

183-1, by Wm. B. Dana & Co., in the oilice of tho Librarian

CONTENT8.

JOHN G; FLOYD.

MAGAZINE,

$32,741,243

San Francisco

—

$10,193,754'

10'S

—14:*

|

„

Total all

$071,774,8521

$749,850,3581

-10 4

$813,080,764

—

15-7

The

exchanges for the month of November as compiled from
by us reach a total of $3,09S,436J)72, against
$4,090,202,->72 in 1884, or a loss of 2L3 per cent compared with
a loss of 31*9 per cent
Of these amounts
on October 41.
$2.OOd,920,28J and $2,889,87b, 190 were for New York, and
represent a decline this year of 275 per cent.
The clear¬
ings outside of New York aggregate $1,002,546,387 and $1,206,427,382 respectively, or a falling oil of 10*0 per cent, against
14*6 per cent for October.
By telegraph we have received the clearings from some of
the more important cities for the live days on lei with Friday
evening. New York does not eompaw so favorably with last
year as during the preceding perio 1
but the causes for the
apparent improvement then exhibited have been explained
above.
Boston and St. Louis approximate more closely to
returns received

1884 than

on

November 28.

Five Days

1
New For*....
Boston

i.

Philadelphia
Baltimore.

1884.

$503,12 >,239
(1,425,853)

S lies of Stock (shs.)

Ending Dvr. 5!

45,033,550

1883.

$675,5:8,075

Per Cent.
—25 5

St. Louis

j

13,352,200

‘Total

;

$023,95'), 983

End'g AW.28

1884.

Per Cent

$363,320,918*
-8’2
(1,053,189)1(4-131-2)
—6-2
$43,352,497

(1,685,939)

(-15-4)

$05,048,372
56,225,520

-19-9

28,414,072

-131

7,048,240

—21-7

8,821,271
9,381,338

-21*8

$813,850,207

-23-3

$453,290,996

—8-g

-40

recei ved

..

Five D'ys

1

—

10

CHRONICLE.

THE

616

the
THE FINANCIAL

SITUATION

XXXIX.

public debt during November to large pension pay.
The

ments.

has been the meeting of Con¬

The event of the week

[VOL.

above shows that it

was

not

so

much pay-

receipts that produced the result.
Nothing has happened during the week to arrest the
revival heretofore noted in general business.
There con¬

ments

as

and the publication of the usual reports and docu¬
Special satisfaction has been expressed with the
President’s message and Secretary McCulloch’s report. tinue to be a good many failures, which are, of course,
They are broad, statesmenlike, dignified documents, tend¬ harmful to all industries, and especially to .those mainly
ing to increase the esteem and respect the business classes affected, and the Middletown bank suspension last Friday
feel towards the present administration.
If the recom¬ was quite a shock; but still there is fair progress making
gress

ments.

mendations

would

soon

they contain were heeded, the silver nuisance
be abated and a tax reform that would relieve

industries

our

could be speedily inaugurated,

greatly,

tariff commission does not
very warm response and certainly finds little
encouragement in the lack of success which attended the
though the proposal of another

meet

last

a

one.

Prices

are now

so

low and all

trade

so

depressed that

meeting of Congress and its discussions are likely to
no unfavorable influence on
the general situation.
In past years there have generally been aggressive, irri¬
tating propositions pending, affecting our financial interests,
and with business active at pretty full values there is
naturally greater sensitiveness. Besides, there is this year
special need for change in some of our laws—pre-eminently
the silver coinage law—and hence Congressional action is
looked forward to with more of hope than fear.
And
then it is felt to be possible that something judicious may
be done towards relieving our tax burdens.
Reciprocity
treaties as a measure of relief do not seem to be in great favor,
the one with Spain and Cuba not being well received as the
reciprocity is obviously all on one side. Moreover, the sugar
tax is an impost affording large revenues, easily collected
and comes mainly out of those able to pay it; so no reason
is apparent for repealing the duty except that it is a measure
ridding us of a good part of our surplus at one stroke. Up
to the present time the effect of dull trade on the Govern¬
ment revenues has not been very manifest, so that the
surplus has shown no falling off,- but the receipts for
November, just at hand through the kindness of the Sec¬
retary of Treasury, show very poorly, and if they were an
indication of coming months and were not followed by
corresponding economies in expenditure, future surplus and
bond calls would be likely to be much less troublesome.
We cannot but think, however, that there is some excep¬
tional cause other than the general one of depression in
our industries which accounts in
part for the small totals.
Below we give the official figures for September, October,
and November, this year and last year.
the

have

1833.

1884.

Government

Receipts from—

Customs

Septemb'r

October,

*

$

|

j November Septemb'r

j

$

1

13,452,327

10,183,266 11,359,632

10,456,349

9,930.833

9,629,733

^

8,861,853

Jdiscel’s sources.

1,029,654

1,370,510'

1,645,880

This

*

*

November.

17,662,033 15,183,179 11,727,835 17,789,530 16,752,623

Internal revenue

Total receipts.

October.

29,229,120! 26,189,428

statement

shows

a

2,925,014

2,401,066

22,235.568 30,143,701131,037,269

26,309,742

2,170,905

total of only §22,235,568 in

November, 1884, which compares with $26,309,742 in
November, 1883, and $30,199,652 in November, 1882.
Of course, between
1882 and 1883, the tax reduc¬
tions come in as a cause for the decrease, but the
loss this year has no such explanation.
that the customs duties are only Ilf

It will be noted
millions the past

usually a time of small imports, but
it is many a year since so low a monthly figure for customs receipts has been reached. The internal revenue total
also records a considerable loss.
Altogether, therefore,
the statement is quite a surprise.
We notice that. Asso¬
ciated Press reports attribute the increase of $747,000 in
month.




November is

fair we think in view of the fact

that

we are so near

the

all business men seek to restrict
accounts. Naturally, there is no
gush in the situation, and there will not be so long as we
The 42 millions of surplus reserve in
coin silver dollars.
our
banks tells the whole story.
Capital is afraid
to
be out of
reach; it shuns all fixed forma
of
investment;
lies
idle so as
to
be ready
to anticipate the catastrophe whenever it appears immi¬
nent,
If merchants want the
good old times back
again, the only way to secure them is to apply to Congress.
The situation is as like 1878 as possible.
Everything was
ready then for the “ boom ” which began in 1879. But
until the doubt with regard to our currency was removed,
and it was fully realized that we had secured and could
stand on a gold basis, there were no more signs of its
coming than there are now. The difference to-day is solely
in the character of the doubt—then the question was, can
we attain, and now it is, can we retain, a gold basis.
Judging from the customs receipts for November given
above, imports, as already stated, must have been quite
small during that month, and as cotton shipments were
unusual in amount (reaching 793,928 bales against 646,782
bales in 1883), and breadstuffs free, it looks as if the trade
balance in November had been largely in our favor.
Since December came in, cotton and breadstuffs have con¬
tinued to go out rapidly and the .indications are that
imports have not materially increased. Under such
circumstances
the strength of
the exchange mar¬
ket
of late is obviously due to special causes—.chief among
them is the demand, which has been
such a feature of ^previous weeks, for long sterling
for investment.
This demand has also forced upward the
short rate, as well as affecting commercial sterling, bank¬
ers buying
the latter as freely as~it has been offered, and
drawing their own bills to meet the investment inquiry.
It is reported that the buying for investment of long
sterling has become quite general, not only among
our
city banks, but that some banks in the interior
are
purchasing liberally with the object of securing
a
better rate
of interest than can be obtained in
any other way.
It is quite possible, however, that these
expectations may not be fully realized, for the reason that
when the purchases reach maturity they will have to be
sold, and the quantity falling due may be in excess of the
demands of the market.
The earliest of these purchases
will mature about the last of this month, and from that
time until the middle of February, and perhaps later, the
offerings will be large. Many bankers think that after
the 1st of January commercial bills will be very scarce,
basing their belief on short estimates of the cotton crop
hence, although the pressure of short sterling will be
great, the rates may not be forced to extremely low figures
but that they will fall, so as -to materially reduce the
profits of the speculation, can hardly be a question.
Another influence in the market for sterling is the sensi¬
tiveness of the open market rate for money in London;
it seems to follow closely the New York rate for exchange,
being 4f on Saturday last and 4 3-16 yesterday, with our
short rate for exchange marked up to 4-82.
close of the year, when
transactions and square

December 6,

The

617

THE CHRONICLE

1884.}

strength which the stock market has shown this

fiscal year

The net earnings of the combined,

1883-4.

There have been fre¬ companies (Railroad and Coal & Iron) reach only $1,343,260
this year, against $2,051,261 in the month of October,
quent fluctuations, but the tendency has been upwards, the
close being for the leading stocks one or more points 1883, a loss of over $700,000 in one single month. To be
above a week ago. There has been nothing new to influence sure there were six idle days this year, against none last
prices favorably, except the progress which has been year, but that in itself does not seem sufficient to
made in settling the pools and rates among the railroads account for the loss. Examining more closely into
East and West.
Gradually these difficulties are being the effects of this stoppage of production, we find that the
number of tons of coal carried over the railroad this year
adjusted, for there is a manifest disposition to ar¬
was 1,230,970 tons,
against 1,420,277 tons in 1884, a
range them, all.
An exception of course to this
Evidently, therefore,
is the contest between the New York Central and falling off of only 189,307 tons.
West Shore, but the circumstances there are differ¬ there were other forces at work to reduce net earnings, and
ent.
Even in that case, however, the inclination is turning to the statistics showing the merchandise traffic,
we see that
only 780,484 tons were carried in 1884,
to circumscribe the field of operations and avoid drawing
in lines not concerned in the strife, as is evidenced by the against 896,226 tons in 1883, a decrease in this item of
The volume of passenger traffic, on the
fact that the eastf-bound passenger traffic from Chicago has 115,742 tons.
the pale of its influence, the other hand, kept up, and even slightly exceeded that of
now been removed .for
rates on this traffic being at latest accounts firmly last year, when 2,061,129 passengers were carried, against
maintained. Then it is believed that freight rates also 2,087,665 now. The result of these influences on both
are on
a firm basis, with the
schedule * more strictly gross and net earnings, in the case of the Coal Company
observed than for a long time past. The only remaining as well as the Railroad Company, is shown below.
class of business unsettled—live stock and dressed
Dec. 1 to Oct. 31.
October.
Philadelphia & Reading.
beef—has also this week been satisfactorily arranged for,
1883.
1884.
1883.
1884.
$
$
$
and on Monday next the rates will be 40 cents per one
$
Railroad Company.
8,531,436 *28,400,108 26,143,012
2,940.542
Gross earnings
hundred pounds on live stock and 70 cents on dressed
1,630,477 *16,467,819 13,669,013
1,659,448
Expenses
beef. What an improvement in revenue this will carry
1,900,959 •11,932,289 12,473,999
1,281,094
Net
uninterrupted.

week has not been

with it will be seen when we say

that the rates, under the

above 20 and 32 cents

break in the tariff, have been not

On the roads west of Chicago the passenger
war which has been raging so fiercely for some time is
now a thing of the past.
Mutual concessions have made
it such.
The Chicago & Alton had fixed $10 as the
fare between Chicago and the Missouri J River.
The
other roads wanted the regular fare, $14 50.
A com¬
promise was had, and $12 50 is the new rate now in
force on and maintained by all lines.
The difficulty about
the mileage tickets of the Rock Island was also gotten over.

Coal Sc Iron Company.

Expenses

respectively.

It is to be noticed that the

new

rate is two dollars lower

striking about this ex¬
cept that it repeats the experience of other contests of this
nature, namely, that the figure scarcely ever goes as high
again after a fight as it was before. In the present in¬
stance, however, it is also to be accepted as an indication
that railroad managers understand the needs of the times
and are willing to conform to them by reducing their
than the old rate.

schedules.

There is nothing

We refer to this

now

because in the

case

of

tendency is manifest. Tt is clear that in
prices and depression the producer can not
stand as heavy charges as in times of prosperity and high
prices. Railroad managers soon find this out. It was this

freight the

same

times of low

that led the St. Paul & Manitoba and Northern Pacific to

make

a

reduction in

Minnesota and the

their lines in
Northwest, some weeks ago, to which we

adverted at the time.

charges from points
Now

comes

on

the Union Pacific with

1,729,623
1,667,457

Gross earnings

62,166

Net

Total net of both

1,873,592

14,851,081

15,282,270

1,723,290

15,001,700

14,753,709

150,802 Pss 150,669

588,567

11,781,620

18,002,500

2,051,261
1,843,260
companies
rental for Dec. to May, inclusive,
not operated in previous fiscal year.. ..

Deduct Central of N. J.
when road was

2,938,349
8,843,271

Result

13,002,500

$1,815,884 net
being
months

Including $4,844,331 gross earnings, $3,028,447 expenses and
earnings of the Central .-f New Jersey, not included in the previous year,
for the period from December, 1883, to May, 1884; for the remaining
the Central of New Jersey is included In both years.
*

Pacific has been one of the weak specialties in
generally strong stock market this week. One reason
for this, it is stated, is the determination of the Board of
Northern

a

Directors to discontinue

publishing the earnings weekly, it

being argued that the figures are being withheld because
they are unfavorable, to which the decrease reported in

given an air of plausibility.
Undoubtedly this is a bad time in which to suppress infor¬
mation of any description, but as the action of the Direc¬
tors, as we understand it, extends only to the weekly state¬
ments, and not to the monthly, which are to be continued
as heretofore, the matter in this case is not so serious as it
is represented to be. Of much more importance than mere
statements of gross earnings are the reports of net earn¬
ings, and as we have this week succeeded in getting the
expenses for the month of October, we give the result
below, in comparison with last year, for each of the four
months since July 1.

some

of the recent weeks has

August.

July.

North.

P'ciflc.

1884.

1883.

1884.

1883.

September.
1884.

1883.

October.
1884.

1883,

published reduction of 5 cents per 100 lbs. on grain from
$
$
$
$
$
$
$
1
*
1,461.511
1,897,223
1,194,714
1,236,560
all points on its lines in Nebraska to Chicago.
1,043,624
Such a Gross.. 1,022,438 850,223 1,032,602
685,S07
Exp..* 592,657 633,555; 609,063 652,270 666,707 734,493 758,701
move is a very good stroke of policy.
It mean an addi¬ Net,.. 429,781 216.668 423,539 391,354 569,853 460,221 703,810 711,355
tional inducement to the farmer to make shipments of his
Including taxes and rentals.
It
will be seen that October is the first month of the
produce. It is satisfactory, also, as recognizing the de¬
mands of the situation.
Finally the step is in the interest company’s fiscal year that shows smaller net than a year
of honest dealing, as it is a
concession, not to a few priv¬ ago, all the others having shown large and decided gains.
The reason, too, for the decrease is found, not in smaller
ileged persons, but to all shippers alike.
Philadelphia & Reading was advanced this week by a gross receipts—these having actually increased $64,000—
a

_

*

demand following the conclusion of the but in augmented expenses. At first sight this would
Dinsmore suit, and later both it and the Central New seem to confirm the statements of those who have insisted
Jersey were favorably affected by rumors of some arrange- that the expense account of the road must bo expected
ment in progress
for the payment of the dividend on Cen¬ to increase heavily. But surface indications here are mis¬
tral. The Reading statement for October makes, how- leading.
A note which we have appended to the table
over, a poorer showing than for any other month of the above shows that in expenses the company has included
somewhat urgent




THE CHRONICLE.

618

thS items of rentals and taxes, and it is in rentals chiefly
that the increase lias occurred.
If we take the ordinary

000

francs

the

Bank

ITol. mxix.

gold and gained 475,000 francs silver, and
Germany since the last report decreased
operating expenses, exclusive of taxes and rentals, they 560,000 marks. The following indicates the amount of
foot up $63G.794 for October, 1881, against $623,514 in = bullion in the principal European banks this week and at
October. 1883, an increase of about $13,000—that is. on the corresponding date last year.
a
gain of $04,000 in gross receipts, there was an augmen¬
December 4, 18S4.
December 0, 1883.
tation of $13,000 in the expenses, leaving the net earn¬
Gold.
Silver.
Gold.
Silver.
ings on this basis $53,000 greater than a year ago. In
£
£
£
£
previous months, however, expenses recorded a decrease Bank of
20.179,910
England
21,948,205
even after including
the augmented item of rentals and Bank of France
41,262,431 42.277.513 38.603.301 40,274 681
6,969,000 20.908,000
7,319,250 21,957,750
taxes: but
the explanation is, that in these months Bank of Germany
68,411,397 63,185,513 67,870.816 62,232.431
the ratio of expenses last year had been very heavy, Total tliis week
of

....

whereas that

not

was

cent.

all

the

case

that month in 1883-

Thus while the ratio in
44-77 per

at

in

October.

was as

low

previous week

....

68,207,698 02,187,272 67,833,164 62,252,127

as

cent, this year it was still lower, or 43-57 per

OUR AVAILABLE GOLD SUPPLY.

As

that the

illustrating the increase in rentals, we may say
total of the same, including taxes (we have not the

rentals distinct from

taxes) in the month this

$151,111, while last
increase is

on

year

account of the

year was

it

was only $62,353.
The
St. Paul & Northern Pacific

Railway Company and on account of the branch roads
constructed by the Oregon & Trans-Continental.
It is

important to understand that these rentals have already
been taken out of net

earnings, otherwise some may be
disposed to again deduct them, and also to consider the
large gain in net income as in part at least offset in that
way.
Adding the four months together we have gross
this year of $4,753,111, against $4,4 85,7 S3 last year;
expenses $2,627,128, against $2,706,185 ; and net $2,125,-

increase in the
latter of $346,385, even after allowance for the enlarged
demand for rentals.
Against the net earnings of $2,125,983, the only charge would appear to be the interest on
the company's funded and floating debt and on the divi¬
dend certificates.
Counting this as $360,000 per month,
that would give $1,440,000 for the four months, on which
basis a surplus of nearly $700,000 remains. It is only fair
to say that this period embraces some of the very best
983.

Total

Thus there is

against $1,779,598.

an

months of the year.
Bankers’ balances

in better demand

ii.

We cannot better continue

our

remarks of last week

on

this

subject, than by cpioting from the message of Presi¬
Secretary McCulloch
Cannon their opinions
with regard to the danger which the continuance of silver
coinage threatens the country.
Secretary McCulloch says “ There are some financial
dangers ahead which can only be avoided by changes in
our financial
legislation. The most imminent of these
dangers arises from the continued coinage of silver and
the increasing representation of it by silver certificates,”
&c. President A rthur says “ 1 concur with the Secretary of
the Treasury in recommending the immediate suspension
of the coinage of silver dollars and of the issuance of
silver certificates.
*
*
The
Secretary avows his
conviction that unless this coinage and the issuance of
“silver certificates be suspended, silver is likely at no distant day to become our sole metallic standard. The commercial disturbance and the impairment of national credit
that' would be thus occasioned can scarcely be over¬
-estimated."
Comptroller Cannon says “ The law which
“stamps 4124- grains of silver and arbitrarily insists upon
.-its circulation as a dollar with unlimited legal tender
“qualities when its true value, as indicated by the market
“'price of silver, is but 85-2 cents, is unworthy of this
“nation, and will sooneror later bring upon us financial

dent Arthur and from the report of
and from the report of Comptroller

“

u

“

“

“

“

‘1

“

“

“

“

early in the
daily rate ranged between 14- and 3 per
cent, but toward the
close the supply became more
abundant and the rates fell to 1@1Y The following state¬ “trouble and disgrace.”
These timely words have so distinctly and prominently
ment. made up from returns collected by us, exhibits the
week's receipts and shipments of gold and currency by the brought to the notice of Congress; the “ danger ahead ”
that neither party in our national legislature can. with
New York banks.
safety to itself, longer ignore it. We are to-day importing
Net Interior
Received by
Shipped by
Week Ending Dec. 5, 1884.
N.T. Banks. N.Y. Banks.
Movement.
gold : our trade is so depressed that our merchandise
Grain
$«
12.000
.$
1,271,000
f 1,883,000
Cnm>nfiy
imports are very small, and hence the gold comes in. While
Lose.. 2,253,000
*2,253,000
Oold
these conditions last the catastrophe is deferred.
Should
Loss.. 1932,or o
f2, SO 3,000
Total gold and legal tenders
11,883,000
trade improve, merchandise imports increase, and concur¬
*$2,252,000 of tliin was transferred in tlieshape of silver certificates
rently the efforts for a gold standard in Austria and Greece
by a deposit of gold in the Sub-Treasury.
be in progress the coming Spring, nothing could shield us
The above shows the actual changes in the bank holdings
from the disaster this financial trick entails.
Ovr only
of gold and currency caused by this movement to and from
l/>cn. lies in continued business depression. Bet
the interior. In addition to that movement, the banks have safety
Congressmen remember that, and let the people every where
gained $1,000,000 through the operations of the Sub- understand it : or to
put it in other words, the existing
Treasury and $1,000,000 more by imports of gold commercial distress is due
mainly to silver coinage, it being
Adding these items to the above, we have the following,
simply an effort of nature to resist a threatening disaster.
which should indicate the total gain to the New York
Thus it is that capital finds nothing to do. for whichever
Clearing House banks of gold and currency for the
way it turns it sees before it this signal of distress—“ dan
\veek covered by the bank statement to be issued to-day.
ger ahead."
Enterprise is similarly crippled, for though
Into Banks. Out of Banksl
it may try old fields and new, the same old signboard
We^k Ending II r. 5, 1884.
Charge in
1 Bank Holdings.
meets and checks it—“ danger ahead."
And so it hapabove
Banks’ Interior Movement,
Tl,‘*83.000
12,8*35,000 [Loss.
$982,000
8ab-Treas. operations Si gold iiupt
2,000,000
jGain. 2.000,000 pens, that the restless, active spirit of our people is, in all
Total gold and legal tenders....
$3,883,000
42.Hi5.000
Gain. 11,018.000
departments of business, being held in thralldom by a
The Bank of England gained £261*000 bullion during vague fear of “ danger ahead.”
Most assuredly, the present Administration has done
the week. This represents £111,000 drawn from abroad and
£150,000 from the interior. The Bank of France lost 1,250,- well in closing its official life with this emphatic word of
were

week and the




“

as

.

December 6,

ISM.]

THE

CHRONICLE.

619

Many Congressmen ignore ' the--,
Its party can do no less than follow it. And shape our legislation.
be any hesitancy among those who luve so danger silver coinage threatens, when told within the,
can there
long been in opposition but have now been invested with covers of a Mint Bureau report that the United States,
In fact, it would seem that,
the control of the government, as to their course at this possess OKU millions of gold.
a
majority of the members of the lower house and a large
juncture? Notwithstanding efforts to secure the silver
numberin the Senate go no farther than this official
States by an unsound record on silver coinage at the last
session, the party referred to did not secure a single elec-oral announcement for their information, apparently believing
vote from any one of them.
In fact, it owes its success also that the stock and visible supply are convertible
whollv to the merchants of New York. Connecticut and terms; so that the Mint estimate is frequently used
New Jersey, among whom there is a wonderful unanimity as justification for the most heterodox opinions a::d
of opinion on this question.
Is it not^politic therefore, action.
if no higher motive suggests itself, to prevent, by repeal¬
Turning then to the evidence of the shadowy nature of this
ing the silver coinage law, the chance of such a fatal blow stock estimate, we find first of all a statement in this year's
as now threatens, falling upon the
new Administration in Alint report as to the consumption of gold in the arts and
the first summer of its existence ?
«
manufacture, which has a very important bearing on the
But of course some will honestly scout at any idea of result of this inquiry.
Lest the reader may think we do
danger. What we said last week was addressed to all injustice to Mr. Burchard, we copy entire this portion of
such.
It showed that we only have a visible supply of gold his report. The italics are our own.
in the whole United States of 208 million dollars, nearly
For tlic parposeof obtaining more completo information in regard to
of the precious metals in the arts ami ornamentation, circular
the
one-half of which, being at interior banks and depositories,
“letters to t lie number of 7,969 were again sent to all perso-ns and
was in no way available in an emergency, so that the
firms in the United States, v'hose address could be obtained. reported
other half would at any crisis have to bear the entire
to be using and consuming the precious metals for industrial purposes. To these letters 5,413 replies were received, which showed the
burden of a drain to Europe] while supporting our bank
consumption by 2,73 4 persons and firms engaged in the manufacturing
and legal-tender currencies, besides providing for domestic
the repair of articles of oruatu uitatiou and use of nearly $14,500,000 worth of gold and over $ >,509,0 0 worth of silver, a total of over
business wants at this centre,
if one needs proof of what
$29,000,000. t his is an increase of $7,004,000 over that reported in
that means let him recall the effect of last spring's ship¬ “1832, when, h iwcvcr, less than half as ni iny persons and firms
reported,'’
ments of gold, the deep solicitude it caused, the attitude
of apprehension the public at once assumed, starting that
Air. Burchard deserves great credit for the persever¬
large drain of bank deposits from .New York, and only ance and industry with which he has pursued this inquiry,
needing the incitement a bank failure gave to precipitate and it would be a very decided addition to our knowledge on
the most dangerous panic, because a moral one, the city the point lie has covered, and a great help to further invest¬
has ever experienced.
Or. if-more is needed, pass on to igation, if he would give his results in detail by trades and
the summer when the effect of what had happened began States. But, aside from that, the information as presented
to show itself in the Treasury reserve,'and remember the is
highly interesting and has, as said, a peculiar value
alarm felt lest its supply of gold should fail—an alarm so with reference to the question here in dispute.
Notice, for
real that the Government had to make its payments one- instance, what conclusions it brings us to. (1 j The Director
half in legal tenders.
The history of the panic of May of the Mint does not assume to have written to all manufac¬
1881 is yet to be written, but lie who attempts it and fails turers, fur he simply says that lie sent his circular to
to follow causes back to the operation of the silver
coinage those whose address he could obtain; and as there is an
extensive body of small consumers, while the uses in the
law, is but a poor observer.
Can any one entertain a reasonable doubt then, that our arts to which it is put are quite numerous, it is easy to
visible supply- of gold, steadily diminishing under the believe that he has omitted many.
(2) Then again he
influence of the effort to force an inferior currency into sent out 7,009 letters to the users of this metal and
circulation, is insuflicient for our wants? And yet as we received only 5,4IS replies, or say only two-thirds of the
showed last week it is all that is available, and if we may firms addressed replied,
(fi) Then lie adds that thosejudge from the past, all that can be made available, so long replying reported 1 FI- million dollars consumed in their
as silver coinage
continues. Unfortunately however there establishments during the year; what the other third
are some who cannot divest themselves of the
feeling that which did not reply used, or what should be allowed for
this visible supply is not our only resource—although those he did not address, is of course mere conjecture.
facts and experience establish so conclusively that it is—
(4) lie states, however, that on a similar inquiry made in
and they point to the large slock the Mint Bureau credits 1882, when less than half as many reported as now, lie
the country with as a further reliance.
Six hundred found over 7 millions less gold consumed, which fact
and ten millions of stock is so liberal a figure, that it would seem to authorize us to add at least U. millions to
looks to such'people as if some portion of the secreted his 14.1 millions, if we would include thorn who are
part must reach bank vaults in an emergency.
AYe admit unresponsive and those unaddressed on this occasion. (5).
that it does look so. and that it would become visible if it Finally, Mr. Burchard s inquiry covers a year of business
was real. Furthermore, as we showed last week, the fact that
depression, when the purchase of such articles as watches
it lias not so appeared, but
that on the contrary the visible and jewelry must have been particularly restricted, as they
supply all the time is growing smaller, is the best of proof belong to a class of luxuries which must always be firstthat no such large invisible supply exists. But still as in given up in a year of enforced economy.
the view of some the Bureau's figures mean much, it
Accepting, therefore, Air. Burcliard's investigations with
this
may be wise to spend a little more time in disclosing the
analysis of them, it certainly appears not only reason¬
fictitious nature of these estimates. Perhaps it is harsh able but also necessary to adopt a much larger estimate for
to
say fictitious, for they are reached through a plausible the average annual consumption of gold since 1870 than
method, and, though false and misleading, are not inven¬ the figures he names for the last year, since as stated the
tions or guesses. Yet is it not inexcusable in a government twelve months he covers, contrast so sharply, in the matter
officer to pursue a method after it has shown itself to be so of consumption of luxuries, with the previous portion of
clearly defective ? For the error covers a point about the period named. Still, as we do not care to raise any
which the country cannot afford to be deceived.
It helps questionable issue, we will for the purposes of this inquiry
yarning.




“

“

use

'‘

“

“

“

*•

“

“

“

or

620

THE CHRONICLE.
these

[VOL. XXXIX.

it appears

quite clear that 400 millions must
be a pretty full estimate of our present total stock.
We have given so much space to this subject because
we deem it so important.
000.
That there is “ danger ahead”
This enlarged consumption now disclosed, also has an is evident to the most casual observer, and we can only
interest in any investigation of previous years, as it helps hope that Congress will act before it is too late.
one to understand the gold movements before July, 1878,
and to estimate more accurately the amount held in the PLAN FOR REORGANIZING DENVER & RIO
GRANDE.
country at that date, being six months prior to our adopt¬
For
some months there have
been in this country rep.
ing specie payments. We cannot dwell at length upon
resentatives
of
the
that point now, as we have not the space; but this much
Scotch, English and German consoli¬
dated
it is necessary to say—that the Mint’s estimated stock of
mortgage bondholders of the Denver & Rio Grande.
The
object had in view in proposing this visit was to
gold coin and bullion in country on the 30th of June, 1878,
become
at 247 millions badly needs revision.
acquainted with the condition-of the property and
The Treasury held
at that date, less gold certificates, $103,562,000, and the to devise some feasible way for its improvement and
banks including certificates held of gold and silver only reorganization. Having now made a thorough examina¬
30£ millions, not altogether over 125 millions of gold, and tion of the road and its appointments, a plan is being
there could have been very little in the hands of the people arranged for effecting the object sought.
On that point
then.
As bearing on the latter point, it should be remem¬ Mr. Robert Fleming, the representative of the Scotch
bered that we had just been through a period of inflation bondholders, has given his views in pamphlet form ; his
and very high gold premium, and that under the influence report also contains other matters of interest and in the
of the resumption movement the premium was seen to be main agrees with the results reached by the other repre¬
gradually lessening, and every one knew that gold was sentatives.
Like most embarrassed roads, the difficulty with the
certain to be at par soon, thus affording every inducement
for holders of gold to sell their stock. Besides, banks then Denver lies in having built a large amount of road
kept special gold deposits, so that any one desiring to retain through a new country and for that purpose hav¬
gold in any considerable amounts would naturally make ing mortgaged the property to its full value. Or
them the custodian—for the owner was thus saved both as Mr. Fleming puts it, the company owes its embar¬
risk and expense.
It cannot therefore be presumed that rassment to the policy of constructing a large amount of
the people held gold outside of bank in any considerable new mileage “through an uninhabited and undeveloped
amount.
If we should put the total at 25 millions so held,
country, on mortgage bonds bearing a high rate of init would seem to be ample to cover all possible hoards hid
terest, the full interest charge having at once to be met
while the traffic takes time to grow.”
In a word there
away in private corners.
Or, as we desire to err on the
was
no
liberal side, let us call it 50 millions, which would give us
provision for a possible shortage of revenue.
The
on the
interest
a stock of say 175 millions on the first of
company’s mortgage debt took it all
July, 1878.
That this was really more than the country owned at that in prosperous times, so that with industrial depression the
date, is further evident from an examina'ion of the Gov- earnings quickly became insufficient. With then no prop¬
ernment returns of’ gold imports and exports during our erty unencumbered and consequently no credit, default
paper money era, making at the same time the proper al¬ was inevitable.
This pretty accurately represents the condition of all
lowance out of production for home consumption. In fact,
such an investigation shows just what one would suppose our roads now in trouble, the most of them having been
must be the case, that the country lost
through manu¬ built on the proceeds of the mortgage, so that the mort¬
facture and by exports, from July, 1863, to July, 1876 gagee instead of having the cream of the property has the
(while gold was simply merchandise),considerably more than whole of it. Mr. Fleming has thus reached a correct es¬
its total production. In other words, during that period the timate of the present position of the Denver, and natu¬
old stock, pretty much all of it, went out of the country, rally concludes that a reconstruction to be effectual must
He has not elaborated a plan in definite form,
and we held on the first of July, 1878, not much more than be radical.
we had accumulated by
retaining our home production for but he offers valuable suggestions as to what should con¬
stitute the main and essential features.
His idea, how¬
the previous two and a half years.
Starting then with this stock of 175 millions July ever, is that any readjustment, to be permanent, should be
I, 1878, and calling the consumption 14J millions annu¬ on the basis of the earnings of this year, which is as¬
ally since that date, and the production as the Mint sumed to be a year of maximum depression, and with this
report lias given it (though Mr. Valentine’s estimates point in view he would reduce the fixed charges u to a
which are much lower are more generally accepted by limit of absolute safety” within that meaning.
That
bullion dealers) we reach the following result of present proposition carries with it its own commendation, though
it is very frequently lost sight of in framing a scheme for
stock of gold in the United States.
Stock July 1, 1878
$175,000,000 reorganizing a bankrupt property:
But it will be asked what are the earnings of a year of
Net import from July 1, 1878 to July 1, 1884
165,295,000
Production from July 1,1878 to July 1, 1834....
203,000,000 maximum depression ?
Mr. Fleming estimates them for
Total supply
the
current
$548,295,000
year at $1,533,243, against $2,483,825 in 1883,
Deduet six years manufacture
87,000,000 and remarks that it does “not seem sanguine to suppose

simply apply his result to the whole six

and not inThat would bring the consumption of
crease it at all.
gold since July 1, 1878, to June 30, 1884, up to $87,000,years,

reasons

“

“

“

Leaving in United States July 1, 1881

“

$461,295,000

To understand the

above, it should, as already stated, be
remembered that the stock assumed July 1, 1878, is most
likely too large ; that the Mint figures for production
which we have used are 28 millions larger than Mr„
Valentine’s for the same years ; and that the estimate for
manufacture is nearly 5 millions a year smaller than Mr
Burchard’s investigations would seem to warrant.
For




that

a

combination of

circumstances

more

adverse than

likely to occur.” With a mil¬
earnings he finds an interest charge
of $2,208,000, yearly payments of $500,000 on account of
principal of rolling stock trust certificates, and $440,000
annual rental of the Denver & Rio Grande Western leased
“

has attended 1884 is

lion and

'
1

a

not

half net

road, making a total annual requirement of $3,148,000.
The payments for principal of the car trusts are of course

December

6, 1884.]

THE CHRONICLE.

621

where this week the directors (under the clause in the mort
capital account and not against net earn¬
gage permitting foreclosure only in the case of default for
ings, and should be so considered. Disregarding also the
six consecutive coupon periods) passed a half yearly coupon
lease rental of the Denver & Rio Grande Western, of
for the second time.
But even that plan is not wholly
which the company would be relieved anyway in the case
free from objections.
It exposes the whole body of
of foreclosure, Mr. Fleming figures that after paying
investments represented by the mortgage to violent fluc¬
the interest on the old first mortgage ($6,382,500)
tuations in value, as the Erie bonds illustrate.
Under Mr.
and on the rolling stock certificates ($3,627,000), there
would remain on the basis of the present year’s earnings a Fleming’s plan, however, only that portion represented by
income bonds or preferred
stock could be subject to
surplus equal to about 4 per cent on the consolidated bonds
marked fluctuations, the rest by having been brought
outstanding. Accordingly he suggests that the consoli¬
within the limits of the lowest measure of income being
dated bondholders accept interest on half the amount of
assured of stability.
their present bonds, and change the other half into income
bonds or preferred stock bearing interest if earned.
THE
MIDDLETOWN BANK FAILURE AND
Mr. Fleming also suggests that in the new mortgage
BANK EXAMINATIONS.
there shall be a reserve of bonds to provide for possible
The story of the failure of the Middletown National
requirements in the future, “such as standard gauging the Bank is as familiar as the plot of a commonplace novel.
main line, acquiring the Denver & Western (which latter
There is barely enough variation in the incidents of such
he thinks can be acquired after reorganization on more
failures to interest the ordinary reader of a newspaper
advantageous terms than under the present lease, since the
while he is taking in the details of the last affair of the
line is not earning its operating expenses), and making
In this case the villain of the piece—to use the figure
kind.
necessary extensions or additions to property.”
As the of the romance—was an outside speculator, the local
case stands, that reserve would also have to cover the half
“smart man,” who had outgrown the limits of the little
million yearly payment on the car trusts, since there seems
city where he began business, had expanded into a great
to be no provision for meeting that payment; but we
believe it is in contemplation to make some other arrange¬ grain “operator,” and had spread himself “promiscuous”
over many Western grain centres.
His former townsmen
ment in respect to the rolling stock, which is probably
had great confidence in his ability and versatility, and no
hardly worth the present encumbrance on it. As to the
one was more fully persuaded on this point than was the
company’s stock, Mr. Fleming favors an assessment of
president of the bank.
$8 00 a share, which would yield $3,040,000, that being
It seems that the operator apparently did a large and
about the cost of the improvements necessary for the
safe business with the bank in prosperous times, to the
“economical operation” of the road. As for securing
profit of the shareholders. So far as yet appears the
good management, lie states that “ the plan of placing the
“'stock in the hands of trustees 3,000 miles from here, president was interested in none of the speculations which
“has not in all respects been satisfactory.”
In regard to required the assistance of the bank at any time. But
when these speculations involved losses, the president, re¬
the floating debt, he says that the receiver has practi¬
taining his confidence in the operator, was gradually drawn
cally paid oft’ from earnings the amounts due for wages,
into an implied undertaking to “see him through.”
As
that there is between $600,000 and $800,000 due for sup¬
became
worse
affairs
the transactions became larger, more
plies and right of way which will be paid in the same way
unsafe, more unprofitable. The condition of things was
as fast as earnings permit, and that besides these there are
discovered, partially at least, by the examiner, the direc¬
$705,617 of bills payable secured by collateral of amount
tors were warned, the president was directed to cease giv¬
sufficient to take care of the same, the collateral being
securities of the road which have already been allowed ing excessive accommodation to this favored customer.
But he had gone too far to recede.
Instead of returning
for above in calculating the annual interest requirement on
to the safe and conservative course, he resorted to the
the company’s debt. Mr. Fleming has also examined into
the physical condition of the road and finds that about expedient of a private memorandum book, upon which
were entered the transactions which the directors would
$700,000 is required to put it “in fair condition for safe
not approve.
The rest of the story is the last chapter of
“operation,” but he thinks that if about $3,000,000 more
the novel that ends badly.
were spent during the next five years
for bridges, ballast¬
The feature of chief interest in this case is in the fact
ing, &c., the standard of efficiency could be so raised as
that the illegal and excessive loans to one customer were
to permit of important economies that are impossible now.
detected as long ago as last July, and made known to the
And this $3,000,000,
the assessment on the, stock, as
directors, who satisfied their notions of duty by issuing a
already stated, is supposed to provide.
While reserving criticism of the details of the plan vague admonition to their president, which he was able to
evade without the slightest difficulty.
The idea that the
when it shall have been fully developed, the general theory
advanced by Mr. Fleming is certainly sound.
He seeks to discovery of a system of gross favoritism and of bad
upon them the necessity of extra vigil¬
place the company upon such a basis that the present reor¬ banking imposed
ance, does not seem to have occurred to them.
No doubt
ganization shall be the last. To accomplish this purpose,
the practicability of close supervision by directors is less
the consolidated bondholders are asked, in effect, to yield
in a country town, and over a bank of small capital, than
the compulsory interest quality on half their bonds, in
it is when banking is on a larger scale.
The surprising
order that the interest on the other half may be assured to
fact is that when attention had been called to an irregu¬
them regularly, promptly, and beyond peradventure. This
is in sharp contrast to the plan that would simply fund larity, the directors were contented to pass a formal vote,
The or to give a verbal command, that this must not occur
coupons for a number of years till business revives.
Some months ago we questioned the policy of the
latter plan has been tried in similar Peases heretofore, again.
national bank examiner system on the ground that it led
and has always proved unsatisfactory.
It works well
to a confidence in the solvency of banks on the part of the
enough, as said, so long as business is active and pros¬
perous, but it allows no leeway for a falling off in revenue. public which their condition does not always warrant.
The Middletown bank case teaches a lesson in the same
The advantage of having some sort of provision against a I
possible shortage of revenue, is seen in the case of the Erie, general direction. It is true that the examiner discovered
a

charge against




^

622

THE

CHRONICLE,

[VOL. XXXIX,

the

irregularities in this bank, and pointed them out, thus COT'JOX CONSUMPTION AND OVERLAND
MO YEMENT TO DECEMBER I.
doing all that the law, or the theory of his office, required
him to do.
But the real object of the examination is not
AYe present our readers to-day with detailed statements,
merely to detect, but to put a stop to, all such practices; of the overland
movement, receipts, exports, spinners'
and that, whenever the conditions are such as they were at
takings, etc., to December 1.
Middletown, it will always fail to do.
OVERLAND MOVEMENT TO DECEMBER 1.
The Comptroller, in his annual report just issued^
The r/ross November movement overland exhibits a
expresses surprise' that the failure of a national bank
should excite so much more interest and cause so much decline from the
figures of 1883 and 1882, and the total
more comment than do the
for
the
three
months
is now below the totals for the corre¬
bankruptcies of private banks,
mercantile firms and manufacturing corporations.
There sponding period in those years. For the month the gross
are two reasons for it. both of which are illustrated
by the rail shipments are 172,000 bales, against 184,893 bales in
Middletown bank failure.
()ne is, what has been already
1883 and 216,534 bales in the preceding year, and for the
hinted at, that the Government gives a partial guarantee season
up to the first of December the figures of 18S4 fall
of the solvency of a national bank.
Every one who stops behind those of the previous year 23,237 bales and are*
to think about the matter must be fully aware
that the 42,027 bales less than those of 1882.
The net movement for the month, although also below
periodical or occasional examination into the affairs of a
bank is likely to expose only superficial and clumsily-con¬ that of
previous seasons, makes a more favorable compari¬
trived rascality, as we have many times taken pains to son, the
falling off from the total of a year ago reaching
show; and if reasoning were not convincing on that point, 4,812 bales and from 1882 showing a decline of 20,674
experience would complete the argument. Yet, outside of bales. The figures for the month are 129,581 bales, 134,593
those State and private banking corporations which are bales and
150,255 bales respectively, and for the three
under the supervision and restraint of a clearing house, months
aggregate 227,855 bales, 261,252 bales and 244,112'
association, there is no doubt that the public does have bales. The details of the whole amount forwarded are as
greater confidence, in national banks than in any others. follows :
On the whole they have good reason for that confidence,
OVERLAND FROM SEPTEMBER 1 TO DECO •:mber 1.
although it rests solely upon the trust the public reposes in
1883.
188 4.
1832.
the Government supervision. The very fact that failures of
.

national

banks

are

more

uncommon

than

are

those of

Since

private banks justifies their confidence and explains their
surprise when a national bank closes its doors. If bank
directors and officers were, as a class, determined rascals,
they would break the laws and escape detection under the
examiner system.
Rascals, even in intent, being very
rare, among them, the mere existence of a Government
control deters many of them from practices which might
not be criminal, but would be unwise; and this constitutes
one of the chief
advamages of the present system, against
which

are

to be set

law has to deal with

many
a

disadvantages.

soul of

141,152

9,2(31

43,131
49,948

4,896-

Over Evansville & Terre Haute

1 1,075

Over Jeffersonville Mad. &.

14.501

0,536

12.(319

Over the

Mississippi River, above St. L.

Indianapolis
Over Ohio & Mississippi Branch
Over Louisville Cincinnati *fc Lexington
Receipts at Cincinnati by Ohio River...
Receipts at Ciminnati by Cin. South’rn
Over other routes

8,138

Total gross overland

•

1,510

12,059

20,452

8 2

29,133

21,729

142

0,08'-

5,399

23,778

2 (',522

27.(382

17,547

29,279
1,456

lKj t 4b)

907

300,505

329,742

348,532

53,770

4(3,373

91,705

10,328

-10,600

1,236

11,

Shipped to mills, not included above...

1.203

Deduct—

Receipts overland at N.Y., Boston.&e.
Shipments between (or South from)
Western interior towns
•

Shipments inland and Southern Spintiers' Takings (not
otherwise d
dueled) from —
Galveston

7 0

New Orleans

1,7,84

Mobile

3,578

Savannah
North Carolina

reason

697

10

264

2,110

223

598

08,490

104,420

2(31.252

2 44,112

ports

'78,650

Total to be deducted

22 7.855

Leaving total net overland*
*

1(5.530

1,327

Virginia ports

This total includes

ber

37

5,218

25 (

Charleston

why there is more excitement over a bank
failure than over the bankruptcy of a dry goods store or
an iron mill is, that the bank is
organized for the purpose,
so far as the
public is concerned, of keeping money safely,
and it fails in the very object of its existence when it
suspends payment. This is not the case with other enter¬
prises. The depositor in the bank places his money there
to avoid a risk.
The creditor'of any business house may

93,935
23,8 Cl

55,009
3c3,8G7
4,80.1

institution has closed its doors.
The

99,629
51,530

Over Cairo & Vincennes

a

thief, but who has not yet been found out, it breaks down
completely. The surprise which the community experi¬
ences when a national
bank fails, is usually more at the
rascality of men who have been respected for their prob¬
ity, or the fatuity of men previously esteemed for their
business sagacity, than at the abstract fact that such an

-

Over Illinois Central

Whenever the

bank officer who has the

September I Shipped—

From St.'Louis

.

shipments to Canada by rail, which since Septem¬

1, 1884, amount to 4,982 bales.

RECEIPTS,

EXPORTS AND

SPINNERS*

TAKINGS.

Fort

receipts have been very free during November, andr
choose that it as clearly indicated by our weekly reports, have continued
shall owe him. rather than keep his
money in his own cus¬ to make gains over previous years, especially 1SS3.
At
tody or in bank for the purpose of safety. It is therefore the close of October the excess was 45,926 bales, as com¬
not reasonable to compare bank failures with mercantile
pared with last year and 128,590 with 1882, but now it
failures, for frequency, or to conclude, because bank sus¬ reaches 137,710 bales over the former season and 156,057
pensions are not so common or so serious proportionally over the lat er. The Gulf ports have failed as yet to reach
as are commercial
bankruptcies, that the business of bank¬ the figures of last season, the Atlantic ports furnishing all
ing is the better conducted. It is always the first duty of the increase, Charleston contributing to it most largely.
a bank to do a
safe business; it is often the highest pru¬ The receipts for the month are 1,122,164 bales, against
dence on the part of a merchant or manufactuter to enter 1,030,380 bales in 1883 and
1,094,697 bales in the preced¬
upon a bold and hazardous operation. A large proportion ing year, and for the three months they have been 2,557,of business bankruptcies are unavoidable; but when did a 994
bales, 2,420,284 bales and 2,401,937 bales respectively
bink fail which had not violated the first
in
the
three seasons.
principle of
Foreign exports have also been on
think that he

fiound

runs no

banking ?




risk; but he does

not

a

liberal scale, and

the total

for

the

three months now

THE

6, 1884.]

December

CHRONICLE

6^3

last year of 210,001 bales, against j years. We reach that point by adding to the above the
stock remaining at that date at the interior towns, less
an excess of 02,915 on November 1. The-November figures
stock held by them at the beginning of the season.
are 793,928 bales, against 640,782 bales and 704,355 bales
In
find
the
for
three
this
manner
we
result
in the two preceding seasons.
years on Dec. 1 to
Since the close of the
■exhibits

increase

an

over

have continued large, and for the week
ending December 5 bid fair to reach 240,000 bales.
Receipts, exports and stocks in our usual form are as
month exports

follows

as

follows.
1884.

Total marketed, as above
Interior stocks in excess of

'i

Receipts Receipts

Movement from

Sept. 1, 1884 to
Dec. 1. 1384.
Galveston
Indianola, &c..
New Orleans....

Royal,&c.
Wilmington
Norfolk

West Point,&c.

New York

Sept. 1,

Sept. 1,

Great

1884.

188;).

Britain*

300,915

343,599

6,134
268 .895

1,255

5,s85

66.309

61,912

4,331
297,702
162,778
9,847

7,233

Total 1882

.

Great Britain

2,736,049
250,000

3,113,849:

3.093,536

2,986,049

present year is 20,313 bales more than m

114,746

63,229

20-.478
3,295

95,873

119.741

424,092

285,070

3 295

22 262

70,001

7,974

116,156

194,13!

132.564

sight each month of the season during this and previous
years, we have prepared the following, which shows the

11,312

70,290

156,500

101 863

movement for the last

...

.

1

4,934

34.003

18,727

300 508

110 05°

2,132

113,082

83 721

110,072

10,018

12,411
167,244

og 5,”,s

g<* 754

2,307

52.311

5,480

Dec. 1 of the
1S83 and 127,800

35,512

74,898

4,174

16,585

12,843

16,097

73,520

256.861

127,668

3,050

24,005

226

2,658

23,596

bales

greater than in 1882.

As it will interest the reader to

three

‘lO

1894.

i

18S3.

October

413,836
1,309,111

;

1,325,716

November

1,390 902

j

1.317,773

3,113.849

i

3,093,536

September

ft 5111
’

i

79,300!
26,254

’

Total 3 months

6,524

453,348 1,458.900

892,935

2,420,284

668,566

164,243

416,030 1,248,839

9:7,498

2,401,937

800,071

148,799

412,291 1,361,161

764,836

exports include to the Channel.

COTTON

THE

come

into

TRADE

GOODS

1882.

402,336
1,180,761
1,402.952

450,047

25,827

135,816

what has

see

seasons.

Months.

869,736

2,557,994

Total 1383

2,768,536
325,000

1,5! 0

29,074

U ,3S9

250,000;

77,724

6,217

417,887

7.187

Philadelphia.&c.

bales.

1882.

This indicates that the movement up to

Dec. 1.

Total.

nent.

17 502

432

Total 1834

Conti¬

France.

104

131 645

go

2,863,849!

bales.

Sept. 1

Total in sight

TO—

6,>-57

095,777

351 769

Baltimore

1, 11 384.

SINCE S EPT.

1833.

Stocks

since

Port

Moreh'dC., &c.

EXPORTS

since

7,972
689,803
109,117
30,028
474,695

Savannah
Brunswick, &c.

*

be

1

2,986,049

NOVEMBER.

IN

Business continued very quiet until about the middle of
the month.
At that date, the election contest being

Using the facts disclosed by the foregoing statements, settled, the demand improved somewhat in all depart¬
ments. ‘ There were very heavy transactions in fine brown
we shall find that the portion of the crop which has reached
a
market through the outports and overland, and the and four-yard sheetings, stimulated by exceptionally low
Southern consumption since September 1 this year and prices.
Subsequently a good inquiry arose for certain
the two previous years, is as follows.
popular makes of bleached cottons, which were marked
down to lower prices than ever before known, and towards
1884.
1SS2.
|

1883.

the end of the month there

bales. 2.557.994 2,4 20,284 2,401,937
Receipts at the ports fo Dec. 1
Net shipments overland during same time
227,855
244,112
201,252
bales. 2,785,849 2,681,536 2,646,019
90,000
78,000
87,000

Total receipts

Southern consumption since September 1.

I..

bales. 2,863.849 2,768,536 2.736,049

Total.to Dec. 1

The amount of cotton marketed since

September 1,in 1881,
is thus seen to be 95,313 bales more than in 1883 and 127,800 bales more than in 1882.
To determine the portion
which has gone
the

same

into the hands of Northern spinners during
period, we have prepared the following.

Total receipts to Dert. 1, 138 1, as above
bales.
Stock on hand commencement of year (Sept. 1. 1884)—
At Northern ports.:
87,415
At Southern

24.313

ports

Total

supply to Dec. 1, 1884

116,190

2,980,039

foreign ports since Sept. 1, 18S4, 1,158,900

Less foreign cotton included
Bent to Canada direct from West

2,419 — 1,156,481
4.9 32

Burnt North and South
8toek

on

1,437

At Northern ports

bales.

At Southern ports

At Providence, <fcc.,

166,329
726,605—

Northern interior markets

Total takings by, spinners since
Taken by Southern spinners

592,935
4,967—2,360,852

September 1,1881

Taken by Northern spinners since September 1, 183
Taken by Northern spinners same time in 1833
Decrease in takings by

CotVn Print¬ Sheet¬ CotVn Print¬ Sheet¬ CotVn Print¬ Sheetlow
ing
ingt,
ing ings, low
ing ings, low
mid¬ cloths, stand¬ mid¬ cloths, stand¬ mid¬ cloths, standdling. 61x64 ard. dling. 64x64 ard. dling 64x64 at'd.

4."

Northern spinners this year.bales

619,187
78.000
541,187

0 3,538
142,401

The above indicates that Northern

9%

1...^
2
3
4
5
6
7
8
9
10

_

.

9%
9U,
9 82

3 03
3 08

99ifi
0»16

3*08
3 08
S...
3 OS

7%
.

•

...»

7%
7%
74;
7%
714

6

302
3 62

lOlllH

3*62

10»i«
lb*>

9%

12
13

9ni»<
9%

14
15
16

97s

17
18
19
20
21

97g
91^U
10-1,5
1011H

-1

9%

7%

3-03

74i

3*08
308
3 08
3 03
S...
3 09
313
314

711
7%
7%
714

..

10%

>o

10118

23
24
25
26
27

3-1 4
3-19

3-20
S...

..

101,8
10'

]6

.

10%

7%
7%
7%
7%
7%
7*4
.

8-20

7%

3'20

7*4
7l4

7-14
7*4
7*4

10%

lOije

8..

3-62
734
Hon dav...

..

10%
10%
10%

..

911

■

3-08
s...
3 09

..

day...

11

hand end of month (Dec. 1, 1884)—

1882.

1833.

1884.
November

Of this supply there has been exported
to

corporation makes of colored cottons.
Outside
of plain and colored cottons ruled very quiet
throughout the month, and prices favored the buyer.
.Print cloths were in good demand and dearer, in sym¬
pathy with cotton. The stock of print cloths in the
hands of manufacturers and speculators on November 29
reached about 1,100,000 pieces, against 1,136,000 pieces at
the close of October and 800.000 pieces Dec. 1, 1883.
makes

2,863 8 i9

4 437—

liberal movement in the

best

—111.733

At Providence, &c., Northern interior markets.

was a

10%

301

734

3-59
3 59
3 56

7 3;

..

10’

18

101,8
lOijrt
l 011H
101,8
10118

S.

73;

..

io%
10%
10%

10%
i'%

10%

3 69
..8...

814

101,8

3-69

8%

7?k

91&p
10
I 0118
KM 18

73.4
7 34
.

-

-

-

..Iloli dav...
369
363
314
363
s%
3-63
8%
8...
363
3k
..

734
7 34
7 3;

3 63

3 63
3-63
3 63

101,8
.

-

10%

3-63
S...

8%
8%
8%
8%
8%

734
7 34
7 34

1 0318
1‘ * 11-

3v3
3 63

8%
8%

7 31

10%
10%
H'%

3-63
3-65

SH

734

3o>7

s%
8%

..

7

s

3*20
..II0I1 dav... loq.
3-20
"J4
103i r,
3*20
7*4

3-69

101,8

.

3 56
3 56
3\M>
352
3-52
3-52
8...
3-52
3-50
3*50
3-50
3-5 t
3*0

8%
8%
9%

id 18

10
10
10

734

3-69
3-69

10%

..Hull

lay.

3-5C

734

.

10%

3 69
8..
3*69

3-69

8%

8%
3%

spinners had up to
December 1 taken 541,187 bales, a decrease from the cor¬
responding period of 1883 of 142,401 bales and a decrease

28

I

29

101,«

from the

prices are—For cotton, low middling upland at New York,
printing cloths, manufacturers’ prices; for sheetings, agents’ prices
which are subject to an average discount of 5 per cent.

same

time of 1882 of 81,811 bales.

AMOUNT

OF

CROP

NOW

IN

SIGHT.

tip,

30

has

seasons.

An additional fact of interest is the total of the

crop which was in




sight

on

Dec. 1, compared with previous

.

1 01,8
10

3-69
8%
Holildav.

Tlie above

'or

WEIGHT

In the

foregoing we have the number of bales which
already been marketed this year and the two previous

3’50
734
..Iloli dav.
3*60
7*4

BALES.

give below our usual table of the weight of bales
comparison the figures for the same time in the two

We
For

OF

previous

years are

added.

624

THE CHRONICLE.
Same
Three Months

Same

ending Bee. 1,1884. jperVd in perVd in
1883.

Number

Weight in

of

Texas
Louisiana

518*09

513*02

520*92

482*20

473*00

490*60

54,340,266

498*00

494*00

500*00

242,736^319

473*90

473*25

487*87

168,921,984

478*50

475*80

486*66

216,425,600

470*00

476*76

477*34

33,357,656
178,474,695

472 00

476*20

476*78

496*28

494*00

511*50

1,386,925,259

481*32

48301

494*93

109,117
512,210
353,024
460,480
70,673
359,625

Georgia*
South Carolina.

Virginia
North Carolina.

Tennessee, Ao..
*

160,031,266
332,637,473

308,887
689,833

Alabama

Average Average Average
Weight. Weight. Weight.

Pounds.

Bales.

Total
2,863,849
Including Florida.

1882.

Exchange

was

to come in from

[VOL. XXXIX,

weak early in the month, and gold began
abroad; but the advance in the Bank of

England rate put a check on this movement, and later in
the month exchange was firmer, though cotton exports
were
very large.
At the Stock Exchange dulness and depression were
the reigning influences until the effects of the election
excitement were entirely passed.
During the last part of
the month there was a decided improvement in tone and
in prices, and there were evidences of much better buy¬
ing in stocks. The improvement would probably have
been much greater had it not been for the damaging
effect of the railroad
West Shore road, in

between N. Y. Central and the

war

which passenger rates to the West
completely demoralized.
The following summary shows the condition of the New
the same month of last year, the average this year being York City Clearing-House banks, rate of foreign exchange,
and prices of leading securities and articles of merchandise,
484*32 lbs. per bale, against 483*01 lbs. per bale in 1883,
on or about the 1st day of Dec. 1882, 1883 and 1884.
494*93 lbs. in 1882 and 475*50 lbs. for the same time in 1881.
It will be noticed that the movement up to December 1
Bhows an increase in the average weight as compared with

were

STATISTICAL SUMMARY ON OR ABOUT DEC.

1, 1882, 1883 AND 1884.

1882.

UNITED STATES TREASURY STATEMENT.
The

following statement, from the office of the Treasurer,
was issued this week.
It is based upon the actual returns
from Assistant Treasurers, depositaries and superintendents of
mints and assay offices:
LIABILITIES, NOVEMBER 29, 1884.

Post-office

Department account
Disbursing officers balances

Fund for redemption of notes of national banks “failed,”
“in liquidation,” and “ reducing circulation”
Undistributed assets of failed national banks
Five per cent fund for redemption of nat’l bank notes.
Fund for redemption of national bank gold notes

Balance, including bullion fund

111,045,325 85

377,976 34
12,342,961 77

156,729 00
26,763 78
68,100
720
42.126
7,726,059

15
00
15
37

$169,177,013 14
62,212,317
144,745,075
29,143,283
4,778,848

71
00
48
90
26,701,060 00
28,951,590 00
32,200,683 43

Minor coin
New York and San Francisco exchange
One and two-year notes, Ac
Redeemed certificates of deposit, June 8,1872

Quarterly interest checks and coin

coupons

United States bonds and interest
Interest on District of Columbia bonds

3,860 17
13,559,033 70
790,100 46
64 44
120,000 00
20,927 51

paid

6,685 82

Speaker’s certificates

121,597 00

Pacific Railroad interest paid

S523.057.804 55

FINANCIAL REVIEW OF NOVEMBER.
November

was

distinguished by the

79%

1301*
37*8
11334
99

Chicago & Northwestern, com.
Chicago Milw. A St. Paul, com.

136

Cotton, Middl’g Uplands.$ lb.
Wool, American XX
fi lb.
Iron, Amer. pig, No. 1..# ton.

131

11334
122%

118

90

303q
101*8
90%
120*3

14%
6738
61
111
121

134

127*a
71*3

...

101*4

91*3

125*4
98*3
1183s
83 78

10278

Central of New Jersey
Merchandise—

.481*3

100*3
136*3
1147q
122%

11218
11938

126*4
1443a

4978

4 83

128

Chicago Rock Island A Pacific

1*3®2
4*3@5

2

5®5*3
50*iid.

1017a

Railroad Stocks—
New York Central & Hud. Riv.
Erie (N. Y. L. E. & W.)
Lake Shore A Mich. Southern.

107lfi

79*3
1108s
44

107m

109,«

35 <$43
34®36 33®41
25 00®26 00 20 50® 2 i 50 19 50®20 50
42 00
Steel rails at tide-water
36 50@37 00 28 00®29 00
Wheat. No. 2 red win.$ bush. 1 08 @1 09*2 1 t3®l 13*3 83 ®85*3
84®87
50 ©51*4
64*4 <$64*3
Corn, West. mix.No. 2.$ bush.
19 00
14 25
12 75® 13 00
Pork, mess
19 bbl.
.

CLOSING PRICES OF GOVERNMENT SECURITIES IN NOVEMBER. 1884.

Nov.

3s,
6s, !
4s.
4*39,
1891, 1907, opl’n Cur.,;
U. S. 1899/
coup. coup.
rcg.
reg.

3s,

Nov.

1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

..S...
.Holi

19
20..
21

■|

11378 121-%

23

I

-

24

j

1137b
12 i
,.S...

2.5

i

26
27.
28
29

j

121*3

11378 121%

..8...

......

1225s
Holi

day..

122%

30....'

i

1215&

114*3 122

00

i

day..

j Open..

11378 121%

High

114*3 122%
11378 121*3
114*3 L22%

j

Low.

Clos

12158

6s,

4*3 s,
4s,
Our.
1891, 1907, opCn
TJ. 8. 1899
coup. coup.
reg.
reg.

•p

|

^10,525,633 79

Fractional currency

4

3s, registered, option U. S
6s, currency, 1898
4*38, 1891, coupon
4s of 1907, coupon

Delaware Lack. A Western

$523,057,804 55

Deposits held by national bank depositaries

3 @6
6®7
51 d.

Illinois' Central

ASSETS, NOVEMBER 29, 1884.

of

Reserve held

Michigan Central

Total Treasurer’s general account $429,035,499 28
Less unavailable funds
694,710 31-428,340,788 97

The month

Legal tenders
Legal reserve

42,837,408 10

757,298 17

Gold coin
Gold bullion
Standard silver dollars
Fractional silver coin
Silver bullion
Gold certificates
Silver certificates
United States notes
National bank notes
National bank gold notes

Circulation
Net deposits

Call loans
Prime paper, sixty days
Silver in London, per oz
Prime sterling bills, 60 days..
United Slates Bonds—

Interest account, Pacific Railroads and L. A P. Canal Co
Treasurer U.S., agent for paying interest on D. C. bonds
Treasurer’s transfer checks ana drafts outstanding....
Treasurer’s general accountinterest due and unpaid
$1,764.511 48
Matured bonds and interest
287,253 90
Called bonds and interest
8,470,638 88
120,075,350 00
133,940,121 00
22,695,000 00

$ 305,473,500 325,746,700 285,514,600
52,179,800
58,131,600
85,273,200
$ 18,557,600 15,396,600 11,643,400
$ 279,234,900 317,036, LOO 325,825,300
.$ 19,109,000 27,326,400 38,450.300
81,456,325
$ 69,808,725 79,259,025
85.458,000 123,723,500
$ 71,286.^00
$
1,480,01 o
6,lt8,i> / 0
42,267,175

$3,372,287 86
27,765,883 06

1884.

$

Specie

Surplus reserve
Money, Exchange, Silver—

Currency and minor-coin redemption account
Fractional silver-coin redemption account

Old debt
Gold certificates
Silver certificates
Certificates of deposit

New York. Oily Banks—
Iioans and discounts

1883.

The following table will show the lowest, highest and
election, and more than
closing prices of railway and miscellaneous stocks at the
For ten days after New York Stock
ordinary excitement attended it.
Exchange during the months of Octo¬
the election business was almost paralyzed by the un¬ ber and
November, 1884.
RANGE OF STOCKS IN OCTOBER AND NOVEMBER.
certainty as to the result; but after the people had set¬
October.A Tovembe r.
tled down to their work again, peacefully acquiescing in
Railroads.
Sept. 30. Low. High. Oct. 31. Low. High. Nov. 29.
Albany A Susqueh...
1297s 130
the decision, there was a better feeling.
Boat. A N.Y.Air L. pf.
86
86
86
83
10
10
The most unsatisfactory feature has been the general Buff.Pittsb.A W.,prf.
60
Burl.Ced. Rap. A No.
60
61
60
45*3
46
43
43*3
44*4
4650 *44
reduction made in wages of factory operatives, miners Canadian Pacific
Canada Southern....
35
30*a
32*3 *30
28*3
28%
34*3
11
11
and railroad employees, and the shutting down of many Cedar Falls & Minn.
9*4
9*3
9*4
9*4
40 7s
Central of N. Jersey.
39% §44
39%
515s
515s
H?7«
35
40
37*3
38*6
36%
43*4
32*8
concerns, either temporarily or for an indefinite period. Central Pacific
*5*3
Ches. A Ohio
5
6
8
6*4
75s
*11
12
On the other hand, there were signs toward th§ close of
*11
13
10
Do
1 st pref: *13
10*4
*7
Do
2d pref.
*8
8
8*3
>7*3
e*8
8*4
November of a more cheery outlook in some quarters, Cliicaco A Alton
132
128
132
130
126*3 130
occurrence

of

the Presidential

„

,

......

....

o

•

and

few

a

closed

industrial

reported

establishments

starting

which

had been

again.
Money was very easy throughout and the city banks’
surplus continued to increase.
were




as

up

Do
pref.
Ohio. Burl. A Quincy.
Chic. Mil. A St. Paul.
Do
pref.
Chic. A Northwest...
Do
pref.
*

Prices Lid.

145

123%

§7838

117*4
72 »8

10c

102

93*8

§129*3

84*4
122%

4 Ex dividend.

150%
123 5g
81 *4
106*3
93%
129

117*4
75*3
105
86
125

116%
73
104

82%
120*2

121
79%
*106
107
91%
92%
12678 126*4
121*3
80*a

THE

December 6, lfc$4 j
October.—

-November.--

pt.‘30. Loio. Utah. Oct. 31. Low. High. Nop.29.
110
11650 110% 108
§115
111% 111
8
9
*7
7
8%
7%
*7
17
18% *16%
16%
16% *14
18%
28
3
L
33%
29%
26%
29%
33
92
85%
90%
94% §45%, §91% §88

Chic. & Rock Island..

Chic. St. L. & Pittsb.
Do

pref.
Chic. St.P. Minn.&O.
Do
pref.
Cin. Sand. & Clev

"

23%

52

6%
30

*3

5%

'30
123

185

188

31%
112%

35
124

82

Lake Erie & West....
Lake Shore
Long Island
Louis. & Mo. River
Louisville & Nashv..
Louisv. N. A. & Chic

84%
17%

1312
11

15

§76%

63%

78%

*65

62
22

65
24
30

Manhattan, consol...
Manhattan Beach Co

73 %

24%
14%
72%

Memphis & Cha’ston.
Metropolitan Elev...
Michigan Central....
Mil. L.Sh.&W.,pref
Minneapolis & St. L..

29%

10
27

13

Do

prel. *29%
18!%
Mo. Kans. & Texas
Missouri Pacific
§9450
*9
Mobile & Ohio
Morris & Essex
Nasliv. Cliatt. ifc St. L.
If. Y. Cent. & Hud. K.
§95%
5%
N.Y.Chle. <fc St.Louis.
Do
10%
pref.
New York Elevated.
86%
N.Y. Lack. & West
N. Y. Lake Erie & W.
14%
..

29

Do

pref.
N. Y. & New Engl’d.

11%

N. Y.N. H.&Hartf'rd
N. Y. Ontario & W...
N. Y. Susq. & West..
Do
pref...
Norfolk & Western
Do
pref.
Northern Pacific
Do
pref.

96*%

9

9

20
10
177

11%
*3

**9%

*85%
13%
27%
10%

11%
180

10%
2%

12
3

10

10%

22

25

21%
46%

17%
41%
1%
15%

21%
46%
2%
20%
11%

250
......

9

11

..

Oregon Short Line
Oregon & Trans-Con.

178

15%

11%
12%

Peo. Decat. & E’ville.
Phila. & Reading

27

21

Pittsb.Ft.W.&C.guar.
Rensselaer & Sar
Rich.&Al. st’k, tr. ct.
Richmond & Danville
Richmond^ West Pt.
Rochester ite Pittsb..

m

r

m

»

»

*,

15
27
130
142
3
37

35

15
4

Rome Water. & Ogd..
8t. L. Alton <fe T. H
8t. L. ib S. Francisco.

*20
22%

..

41%

Do
pref.
Do
1st pref.
St. Paul & Duluth
Do
pref.
8t. Paul Minn, ib Man
Tex. ib New Orleans.
Texas & Pacnic
Union Pacific

87

14
24
f

23%

38%
83%

43
89

72

72
92

76%
......

1%

'

9
115

0

89%
15%

89%
14%

32

10%
12
*

>%
9

12%

17

21

19

13%

18%
423b
1%

43%

2%
10

16

16

14%

1430
14%
23%

15

23%
127
144

125
143

2%
45
23
4
17

2%

45

21%
2 34

20%
22%

*20
*10

39%

41

*39

83

88%

20

20

79

79%

73%

86
91 %

86

1330
50%
17%

90 %

83%

15

6%

4:%
11%

5

*5

13%

*12%

52%

55%

*52%

13

53%

56

'54%

1
12
58 3s

§65

1

8%
47

4

*2

16%
65%

60%

4%

13%

14

56%

61%

131
93
54
106

130%

135

61

92
52
106

55
110

91%

10

54
107

54
*106

9%

7%

95g

*93

7

7%

7
5
19
4*0
30

Maryland
New Central Coal...
Ontario

21

21

i 30

29

Quicksilver Min

109%

7%
9%

89%

Oregon Improv. Co..
Oreg’n R’y ib Nav.Co.
Pacific Mail
Pullman Palace Car.
Sutro Tunnel Co.....
*

72

51%
115

82%
16 %
63
51
11 L

f Prioes asked

Prices bid.

BANKERS’ STERLING

90

39%

85

68

75

§52%

49%

91%
22%

Less amt. est’d lost

FOR

1881, continued

Authorising Act.

Amount.

|

or

$58,290
346,681,016
22,695,000
120,075,350

12, ’82.

133,940,121

July 17, 62; Mar. 3,)
’63; June 30. ’64 5
destr’yed, act J’e 21,’79

ci ^

oi q

^^3,300,213

8,375,934

of debt
Aggregate of
c
bearing no interest.
Unclaimed Pacific Railroad interest:.

6,974,279
$630,424,056
4,229

RECAPITULATION.
Amount

Interest.

Outstanding.
Interest-bearing debt—
Bonds at 4% per cent
Bonds at 4 per cent
Bonds at 3 per cent

I

Refunding certificates
Navy pension fund

!

$250,000,000

j

737,693.450
194,190,500
263,150
14,000,0o0

1
;

_■

Total interest-bearing debt
$1,196,147,100
Debton which ini.has ceas'd since mat'rilyi
9,239,435
Debt bearing no interest—
j
Old demand and legal-tender notes
346.739.306

Certificates of deposit

!

Gold and silver certificates
Fractional currency

f

Total debt bearing no interest
Unclaimed Pacific Railroad interest

j

22,695,000
254,015,471
0,974,279

j

$030,424,056;

j

$10,157,198
276,755

4,229

Total
($1,835,809,591
Total debt, principal and interest, to date
Total cash in Treasury

$10,438,184
$1,840,247,775
428,340,788

Debt, less cash in Treasury, Dec. 1, 1881
Debt, less cash iu Treasurv, Nov. 1, 1884

$1,417,906,986
1,417,159,862

Increase of debt

Decrease of debt

NOVEMBER,

....

during the past, month

since'"June 30.

$747,124

1884

$32,143,249

current Liabilities—
Interest due and unpaid
Debt on which interest has ceased
Interest thereon
Gold and silver certificates
i
U. 8. notes held for redemption of certificates of
Cash balance available Dec. 1, 1884

$1,764,511

$428,3 40,788
$423,340,788
PACIFIC

INTEREST PAYABLE BY THE

Character
Issue.

Amount

of

Central Pacific
Kansas Pacific
Union Pacific....
Central Br. U. P..
Western Pacific..
Sioux City & Pac.
..

1884.

Total

9,238,435
276,755
25 4,015,471
22,695,000
140.350,615

deposit.

Total
Available Assets—
Cash in the Treasury

..

§ Ex-dividend

1 Ex-privilego.

EXCHANGE (POSTED RATES)

total of over-due debt yet

Gold certificates
March 3, ’63; July
Silver certificates.... February 28, ’78.

§90%

53%
54%
112% §111

111% §108

$1,196,147,100

Old demand notes
July 17, ’61; Feb. 12, ’62
Legal-tender notes
iFeb. 25, ’62; July 11, 62; Mar. 3,’63
Certificates of deposit June 8, ’72

534

5%
40

73

56%
115%

a

Character of Issue.

1930

39%
83%
16%

19%

!

the

DEBT BEARING NO INTEREST.

Various.
Del. ib Hud. Canal...

$989,168,150 $192,715,800
$263,150
14,000,000

BONDS ISSUED TO THE
34

Canton Co

141,283.300

3% per cent, $36,800; 5s of
39a, $109,800; loan of 1882, 3s, $'>,958,100.

at

5%

31

pref.

Do

95

*§51

9
10
7

9%

10

132%

134
95
55
110

130%
92%

131

51,432,500

596,410,1 >0

SINCE MATURITY.
outstanding, which has never
been presented for payment, of $9,238,435
principal and $276,755
interest. Of called bonds embraced in this total the principal is
as follows:
5-20s of 1862. $354,750; do 1861. $49,250; do 1865,
$37,950 ; oousols of 1865. $i63.450; do 1867, $515,900; do 1868,
$92,6)0; 10-4Os of 1864, $141,050; funded loan of 1881, $218,550;
3’s corts., $5,000; 6s of 1861, continued at 3% per cent, $248,550; 6s

'2

Express.
Adams
American
United States 1
Wells. Fargo & Co
Coal and Mining.
Colorado Coal & Iron
Hornestake Mining..

dxy<y 111

$

198.567.500

foregoing issues there is a total of $1,761,511 interest
over-due and not yet called for. The total current accrued interest to
date is $5,332,636.

Telegraph.

Amer. Tel. <b Cable..
Bankers’ ib MerclTts
Mutual Union
Western Union

$191,190,509

4s, ref. ctfs. Feb. 26/79

On

Coupon.

I

4

10%

Registered.

19%

50

*4%
*12%

July 12/82 At option,

4%s of 1891 ’70 and’71iSept. 1,’91
4s Of 1907.. ’70 and ’71 July 1,1907

Fractional currency

180
12
3
10

17
20
19

......

89%
*5%
*8%

5%

2%

88

3s of 1882..

Inter st Periods.

of 1863, continued at

95%
*6%

90%

34
15

22
41

29
17

12%

3

3%

M2%

95%

125
141

*14
21

60

1739

14%
il\
12%
20%

22%

28
......

1334
54%
1734

53%
*12%

pref.

13
29

9

*13

Payable.

There is

9%
53%

9

Virginia Midland....
Do

11*4

17%
40%
1%
16%

17
9

izing Act.

Outstanding.

DEBT ON WHICH INTEREST HAS CEASED

12%
58%

12%

Wad. St. L. & Pacific.

28

93%
60%

10%

89

......

25

93%
52%

9%

...

92

70

8%

17%
4%

3%
14
2L
20

7334

179

12%

15%

125%
140%
2%

69%

115
80
12
25

19%
43%

of Issue.

Amount

Aggregate of interest-bearing debt

67%
63%
26%

2%

*

When

3s,navyp.fd July 23/68

28
10

5

*11%

Author¬

16
*12

10

83%

..

14%

33%
121%

65%

8%

30

25

Ohio Central

*4%

84
16
12
70

1334
89%

.

Ohio & Mississippi...
Ohio Southern....

*31

3%

25

85%
5%

87%
15%

.

22%

11*3
*21%,
16*4
92*8

96%
5%
10%

1250

4%
7%

33%
121%

25

54

19

15*8
91%

86

58%
4%
8

Character

185

*62

......

14

9

*9%

*10

3l>78

5%

110%

9%

34

OH-%
62%

73%

30%
97%
63%
31%

84

..

65%

12

54
31
11
25 %

3%
6%

185
30
112
84
13
11

14
*11

15%
77%

95%

65

55

45q

*25
113

17%
15

28%

111

30

pref.

Houst. & Tex. Cent..
Illinois Central
Do L’sedLine4 p.o
Indiana Bl. &W

140

100%
8

*20
*4

36

4%

33

36%

137%

......

4

4%
8%

32

140%
1105a MQ3%
9
10%
60%
5%
4%
8%
*6%

8%

11

1884.

following is the official statement of the public debt as
it appears from the books and Treasurer's returns at the close
of business on the last day of November, 1884:
INTEREST-BEARING DEBT

*31

40

110% §101%

NOV.,

The

23%

35
139

Clev. Col. Cin. & Ind
Clev. & Pittsb., guar
Del. Lack. «&West’rn.
Denver & R. Grande
Dubuque «fe Sioux C
East Tenn. Va. & Ga.
Do
pref.
Evahsville & T. H
Green B.Win.& St. P.
Harlem....'.

625

THE DEBT STATEMENT FOR

S

Railroads.

Do

CHRONICLE

Interest

RAILWAY COMPANIES.
UNITED STATES.

paid

outstanding.

by U. S.

$25,885,120

$25,005,662

6,303,000
27,236,512

6,507,513

Interest

Balance

of

re-paid by

interest, paid

transportaVn

by U. S.

1,600,000

1,6 45,808

1,970,560
1,628,320

1,786,482
1,561,996

*$4,945,944 $19,411,445
3,180,538
3,326,975
10,423,624
16,162,416
*162,401
1,476,480
9,367
1.777,115
148,186
1,413,810

$64,623,512 $63,099,504

$18,876,062 $43,568,242

*

26,592,041

*

60

Nov.

days.

1....

4

80%

4

90%

Demand.
4 84

2

3....
4....
5....

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

.

...Holi
4 81
4 80%
4 80%
4 S0%
g.
4 80
4 80
4 80




4

;

j

84%

4 85
4 35

4
4
4

84%
84%
84%

!

60

days.

Demand.

4 80%
4 84%
4 85
4 81
4 85
4 81
8.
j 17.... 4 81-1% 4 85-5%
18.... 4 81-1% 4 85-5%
j 19.... A 81-1% 4 85-5%
4 85%
j 20.... 4 81%
4 86
| 21.... 4 82
4 86
22.... 4 82
i 23
8.

13....
14
15....
! 16....
,

! !

day
4 85
4 85

Nov.

1

1

]

|

60

Nov.
24....
25....
26....
27....
28....
29....
30....

Range
High
Low.

days.
4 82
4 82
4
1^
Hali

81%
481%
4

8.

De¬
mand.

And $ J 48,272 more by cash payment of 5 per cent of net earning*
in the case of Central Pac., and $0,927 in case of Cent. Branch U. P.

4 86
4 86
4 85%

The Pacific Railroad bonds are all issued under the acts of July 1,
1862, and July 2, 186 4; they are registered bonds iu the denomination*
of $L,000, $5,000 and $10,000; bear 6 per .cent interest in currency,
payable January" 1 and July 1, and mature 30 years from their date.

lay

...

4 85%
4

85%

....

...

—

4 82
4 80

4 86
4 84

Chicago St. Paul Minneapolis & Omaha.—This company
applied to the Stock Exchange to have 13,826 shares of
preferred and 20,739 shares of common stock listed. These
issues, being at the rate of $10,000 per mile of the preferred
and $15,000 per mile of common, represent 138 miles of new

has

road.

THE

626

■Department
REPORT

OF

THE

r

revenues of the
fiscal year ended June 30,

Government from all
1884, were :

$886,591 05

sources

and in interest

)

f
The
for the

;

was an

on

increase of $4,251,575 76, as follows

FISCAL YEAR

For the present
follows:

fiscal

year

the

1885.

revenue,

Amount.

For the quar¬ IFor remaining
ter ended
three quarters

Sources.

customs

121,586.072
9.810,705

deposits and assays

—

fees—consular, letters-patent and lands
re-payment of interest by Pacific r’way companies
s liking fund for Pacific railway companies
deposits by individuals for surveying public lauds.
proceeds of sales of Government property
donations towards liquidating the public
immigrant fund
8 luier * Home, permanent fund
sale of condemned naval vessels
r venues of the District of Columbia
miscellaneous sources

3.248,93?
1.371,363

The

28,639,010

Cum<

ms fees, fines, penalties, Ac
Fees—consular, letter* patent, and lands...
Proceeds of sales of Government property..

046,634

723,655

2,089,756

55,' 32
1,927,644

344,867
2.172,355

Revenues of the District of Columbia

168.645
255 860

1,544,139

Miscellaneous, sources

944.681

5.755,313

coinage, a-says, Ac
Deposits for surveying public lands.
on

!

receipts

Total receipts

1,970,726

j

1

2,843,240

The

$348,519,869

expenditures for the

same

period, actual and estimated,

are:

r

For the quar¬ For remaining
ter emit d
three-quarters
Sept. 30, ’84. of the year.

Amount.

civil expenses
foieign intercourse
Indians

pensions
:
For the military establishment, including river and harbor

improvements and arsenals

Which

a

43,939,710
3,407,949
54,578,378
46,79u,‘229

...

'

Total

$290,916,473

expenditures

Total
Total

$57,603,396

surplus of

was

includ’g public
buildings, light-houses & coliect’g revenue $21,251,296
Indians
1,995,942
Pensions
l4,9ol,525
Military e-tablisfim’t, inelnd’g fortificat’ns,
river and harbor improve’!-and arsenals
13,049,465
Naval establishment, including vessels and
machinery and improvenfits at Navy Y’ds
4,289,793
Expenditures uii aec’t of the Dist. of Col
1,425,731
interest on the public debt
13,809 410
27.067.050
Sinking fund..'.

17,292,601

fund

applied to the redemption—

Of Oreeon war debt
Of.loan of 1 858

_.

From
From
From
From
From

55 000
202 650

IS61

28,700
Of
Of
Of
Of
Of
Of

five-twenties of 1862

4.1 5o

1

five-twenties of 1864
five-twenties of 1865

l,00o

ten-l’orti> s of 1861
consols of 1865...
consols of 1867

Of Consols of 1 S68

72,301)
65.400
178.850
.

_

_

_

21,70

...

Of funded loan of 18sl
Of loan of July 12, 1882
Of certificates’ of deposit
Of ret m ding certificates
Of old demand, compound interest and other notes
And to the inert use of cash in the Treasury

Total

171,4r 0
52,26* »,65< i
990 000

65,9'

The




2,074,268

37,440,589
20.553.151
'

290,620,201

surplus

$39,379,793

:..

YEAR

1886.

customs

thus

$185,000,000
115,One,000

internal revenue
sales of public lands
tax on National banks
te

'

6,500,000
3,000,0('0

payiu’tof interest and sink, fund Pacific IIy. Cos.

3,(00,000
1,000,000
3,oOO,000

From proceeds of sales of Government property
From profits on coinage, assays. Arc.
Fr om deposits for surveying public lands

400. 00
4,100 000
5 0.000

From revenues of the District of Columbia
From miscellaneous sources.

1,-00.000
6,700,000

ordinary receipts
$330,000,000
The estimates of expenditures for the same period received
from the several executive departments are as follows :
Legislative.
$3,321,486
Executive
19,335,823

$57,603,396

requirements of the sinking-fund for the past fiscal year,
including a balance of 16*23.310 71 from the preceding year,
have been fully met. It is estimated that the requirement for
the present fiscal year will be $47,620,201 16, of which there
has been applied during the first four months of the year the
sum of $‘27,067,050.
Compand with the previous fiscal year, the receipts for
1884 have in the following items decreased $54,044,793 16: in
customs revenue, $19,689,007 17; in internal revenue, $23,134,296 47; in tax on National tanks, $6,002,278 72; in deposits by
individuals for surveying public lands, $557,499 98; in dona¬
tions toward liquidating the public debt, $901,111 90; in pro¬
ceeds of sale of post office property in New York City, $648,694 82; in profits on coinage, bullion deposits and assays, $209,595 87; in Indian trust funds, $83,567 28; in consular fees,
$177,057 97; in custom house fees, $129,066 66; in customs fines,
penalties and forfeitures, $56,093 84; in customs emolument
fees, $176,410 38; in re-payment of interesr by Pacific Railway
Companies, $185,503 69; in tax on sealskins and rent of seal
islands, $65,420 25; in proceeds of Japanese indemnity fund,
$1,839,533 89; and in miscellaneous items, $239,654 17. There
was an increase of $4,277,081 13, as follows:'In sales of public
lands, $1,854,840 59; in proceeds of sales of Governmen^prop¬
erty, $261,579 72; in sinking fund for Pacific Railway Com¬
panies, $723,671 94; in salts of Indian lands, $280,046 40;
in reimbursement by National bank redemption agency,
$82,946 83 ; in registers’ and receivers’ fees, $84,783 60;
in
fees
on
letters-pafent,
$18,850 30 ;
in
Soldiers
Home permanent fund, $301,468 50 ; in reimbursement for sur¬
veying Indian lands, $310,406 95 ; in sale of condemned naval
vessels, $200,000 ; in sale of military barracks, $60,643 76 ; in
payment for railway mateiial, $64,000 ; in rent of Hot Springs
reservation. $17,501 13; in proceeds of sale of small-arms, $12.988 17 ; and in maiine hospital tax, $3,353 24 ; making a net
decrease in the receipts from all sources oi $49,767,712 03.

12,210,201

Total estimated

O

12,255
3,466,5 11
:

28,950,534

$3 0,000,000

expenditures

From customs fees fines, penalties, Ac
From fees—consular. le,tt< rs patent and lands

1,200

.

4,504,057
38,048,474

The revenues of the fiscal year ending June 30,18S6, are
estimated upon the basis of existing laws:

$650
5, 00

Of loan of Febi uary, 1861
Of loan of July and August,

:

receipts, actual and estimated

FISCAL

Amount.

'

$18,998,703

$97,840,221 $ 92,779,979

ordinary expenditures

Estimated

Redemption.

Estimated.

Actual.

For—
Civil and misecl’s expenses,

$J 2,313,907
•1,260,766
6,475,909
55,429,228

39,429,603

For the naval establishment, including vessels, machin¬
ery, and improvements at navy yards
For miscellaneous expenditures, including pnb’ic build¬
ings, lighthouses and collecting the revenue
For expenditures on account of the District of Columbia.
For interest on the public debt

Leaving

331,354

$91,719,1 45 $238,280,854

were :

Expenditures.

Total ordinary

$130,897,141
86,365,989
5,053 816
1,525,867
1,481,592

200,000

ordinary expenditures for the same peril >d

For the sinking

Estimated.

!

910.243

Profit-

76,115
03,314
224,286
367,092

1

276 344

Object.

For
For
For
For

1,4 16,183
1.474,132
1,518,40 7

Re-pay nut of int. A sink. I’d Pacific Ry. Cos..

2,045,775
664,111

debt

Actual.

Internal revenue
Sales of public lands
Tax on National banks

1,07-4,665

fees, fines, penalties, Ac

Total ordinarv

From—

Customs

3,108,730
4,25,0.609

Fmni Indian trust funds

From
From
From
From
From
From

Sept. 30. ’84, ! of the year.

customs

internal revenue
sales of public lands
tax on National banks
profits on coinage, bullion

actual and estimated,

s as

Source.
From
From
From
From
From
From
From
From
From
From
From

the pre¬
Depart¬
Indians,

the public debt, $4 581,752 77.
: In the Navy
Department, $2,009,164 27 ; and in civil and miscellaneous,
$2,242,411 49, making a net decrease in the expenditures of
$21,281,893 21.
There

Treasury Department,
Washington, D. C., Dec. 1, 1884.
Sir:—I have the honor to submit the following report.

ordinary

[Vol. XXXIX.

The expenditures show a decrease as compared with
vious year of $25,533,468 97, as follows : In the War
ment, $9,481,779 57 ; in pensions, $10,583,345 58 ; in

Reports.

THE SECRETARY
TREASURY.

OF

CHRONICLE

408.3 0

Judicial

1.623,170
26,429,577
30,654,010
7,328,049

Foreign intercourse
Military e- tablisrment
Naval establishment
Indian affairs
Pensions
Public works—
.

60,009,000

-.

$7,100
4,490,*16

Legislative
TreaS'.ry Department
War Department

18,572,160

Navy Department
Interior Department
Department of Justice

2,218, '21
521,667
143,100—

Postal service....
Mi'cellaneous
District of Columbia
Permanent annual appropriations—
Interest on the public debt
Sii king fund
.■

4.*26,349

21,919,294

3,669,544
$43,750,000

Refunding—customs, int’mlrev., lauds, Ac
Collecting revenue from customs

4^,571.86L
9,623,100

Miscellaneous..
Total estimated

25,961,765

5,500,0« 0
5,939,055— 118,434,016

$323,911,394

expenditures

estimated surplus of
1
$6,088,605
It will be observed that the estimates submitted by the several Exec¬
utive Departments for the fiscal year 1886 exceedjthe estimates
Or

an

received from those

departments for the fiscal year 188o by more than

$10, 00,000.
It is well understood that appropriati >us made upon estimates of the
several departments usually fall far short of the amount of such esti¬

mates; and, without intending to criticise the action of other depart¬
ments, I think it maybe fairly”assumed that the appropriations for the
fiscal year 1886 will not exceed the actual expenditures for 1885, as
shown above. This would leave a surplus for 1866, the same as for
18-5, of more th*n thirtv-nine millions.
The estimate of receipts from customs for 1886 is, in the foregoing
table, placed at $185,OoO,000, or the same as for the preceding year,
according to long usage iu estimating iu the Secretary’s Annual Re¬
port. That estimate is about ten millions less than the actual receipts
from customs iu the fiscal year L984.
it should be considered that ilie value of imports of dutiable merchan¬
dise for Hie fiscal years lsS4and 1885 has been much reduced by the

unusual

depression of business, which

we may

fairly hope will not long

THE CHRONICLE.

1884.]

December

This redaction in 1684,

as compared with 1883. was, as
rabies under the head of “Customs,” nearly $38,000,000,
fhe average duty on which would amount to more than $16,000,000.
In
spews safe to assume, therefore, that the surplus revenues for 1886 will
nnntinue.

into cotton factories.

Those first constructed
having been fairly
constructed and other branches of
manufacture were undertaken until New
Englaud was con¬
verted from maritime and commercial
pursuits into manufac¬
turing. It will be recollected that New England was opposed
to the first protective tariff—that one of Mr.
Webster's great

Smears in the

be more

remunerative,

than $50,000,000.
REDEMPTION

OF UNITED

STATES

62?

BONDS.

On November 1, 1883, the

more

were

outstanding bonds of the 3 per
was a free trade speech.
loan of the act of July 12. 18S2, amounted to $305,529,00(L speeches
It was not many years after the first cotton mills was
erected
Calls were issued prior to November 1, 18S3, for $30,000,000 of in New
England that the great iron interests of the country
the above amount, all of which matured in the month of
be developed, aud Pennsylvania soon became the
December, 1883. Daring* the year ended October 31, 1884, calls began to
great
iron
manufacturing
State of the Union. Nor was it long
were issued
for $80,000,000 of such bonds, $70,000,000 of before
various kinds of manufactures came into existence in
which matured previous to October 31 and $10,000,000 on the
most of the Northern and Western States.
The demands of
first day of November, 1884.
the Government during the late civil war for
The following table shows in detail the redemptions and can¬
nearly all kinds
of manufactured goods, and the
high tariff, greatly stimulated
cellations of United States bonds during the twelve months
production. After the war stimulus was found in railroad
ended October 31, 1884 :
building and in extravagant expenditures induced by supera¬
Seven-thirty notes of July 17, 1861
$100 bundant
currency, aud the time has now come when the
Seven- hirty notes, 1864-1865
1,800
Loan of Juno 14, 1858....
5,0(J0 manufacturing industry
of the United States is in dire
Loan of February 8, 1861
3,000 distress from plethora of manufactured
goods. Some manu¬
war
debt
Oregon
1,300 facturing
companies' have been forced into bankruptcy;
Five-twentiesol‘ February 25, 1862....
3,800 others
have closed tlieiu mills to
Five-twenties of 18165 (May and November)
22,200
escape it; few mills are
Five-twenties of June 30, 1861
1,050 running on full time, and as a consequence a very
large
Ten-forties of 1864
77,250 number of operatives are either
deprived of employment or
Consols of 1S65
22.150
are working for wages
Cousols of 1867
hardly sufficient to enable them to live
130,6oO
cent

—

Consols of 186s

15,650

Loan of July and August, 1861 (6 per cent)
Loan of March 3, 1863 (5 percent)
Funded loan of 1881 (5 per cent)
Loan of July and August, 1861 (continued at 3 Je per cent).
Loan of March 3, 1803 (continued at 3^ per cent)
Funded loan of 1881 (continued at 31s pel* cent)*
Loan of July 12, 1882 (3 per cent)
Total.
*

changes during the
or

year

charge by

ended Oct. 31, 1884, is

reason

as

all-important question, therefore, that

presses itself
the public attention is, how shall the
country
be relieved
from the plethora of manufactured
goods, and how shall pleth¬
upon

of the

follows:

interest ceased
4 per cent bonds issued

RELIEF FROM EXISTING PLETHORA.

The

previous to November 1, 1883.

The reduction in the annual interest
On bonds redeemed

5,550

112,200
133,100.
55,700
5,347,700
91,771,000

comfortably or even decently. Nor are manufacturers and
their employees the only sufferers
by the present depression of
our
manufactuiing iudustry. So large and widespread has this
industry become, so interwoven is it with other industries,
so essential is it to the welfare of
the whole country, that it
cannot be seriously depressed without
injuriously affecting
business throughout the Union.

$97,774,300

-

Part of which had matured

35,100

hereafter be prevented ?

ora

$3,204,260

It is obvious that

our

power to

produce is much iu excess of the preseut or any probable future
392
demand for home consumption. The
existing iron, cotton and
Net reduction
$3,203,868 woolen mills if employed at their full
capacity, could meet in
six
The following table shows the changes in the
months—perhaps in a shorter time—the home demand for a
interest-bearing
debt during the year:
year.
It is certain, therefore, that unless markets now practi¬
cally cl seel against us are opened, unless we can share in the
trade which is monopolized by
European nations, the depression
Rate of j OutsUitid'K
Title of Loan.
*•«!•»
now
interest. Nov.
tile Year. I 0ct" 3l. *«**• trous.so severely felt will continue aud may became more disas¬
Deduct for interest

Funded loan of ’81

Loan of July 12,

on

( 5

percent,')

[continued,
( ut 3Vg p.ct.

<

1882;3

\
)

$

•8

4.970,500
!

305,529,000

per ct.

Funded loan of 1801. 4)7 per ctFunded loan of 1907.'4
per ct.
RetundV cert itlc’tes 4
per et.j
Navy Pension fund ;3 per ct.!

.

-Hi OQU 7.-V;'

)p’l 77:VoO

250.000.0(d)

737,620,700

The question how shall our
foreign trade be increased is the
question which now comes to the front and demands prompt

i

1,970,500 j

+

70,820,

325,850

201,050

r

(

204,519,250
250,000,000
737,091,550
204,800

and careful consideration. Manufacturers are
primarily inter¬
ested, but the whole country has a stake in its solution. In its

investigation the tariff will necessarily be involved, inasmuch
the

relations between it aud our
foreign trade are so close
considered separately; but it need not be
1,312,440,050
.Not)! 100,041,300 1,200,475,000
involved except so far as it stands in the
Ctased to bear interest
way of international
during the year, but not yet presented for trade. If the duties
payment.
upon raw materials are an obstruction,
t or this issue $9,c00 was on account of
those duties should be removed.
If the duties upon other arti¬
accrued interest on .$61,050
refunding certificates converted.
cles are an obstruction,
they should be modified. Whatever
} Redeemed by con version into 4 per cent bond'.
may be requin d to increase our foreign trade, whether it be a
CONVERSION OF REFUNDING} CERTIFICATES.
repeal or modification of existing duties, should be demanded
Since November 1, 1883, refunding certificates issued in
by
the manufacturers themselves.
1879,
under the act of February 26, 1879, have been
How,
then, shall the information required for a full under¬
presented for
conversion into 4 per cent bonds as follows :
standing of what stands in the way of an increased exportation
of our manufactured goods be obrained ? It
Principal
may not be proper
$61,050 for
Accrued interest due
me to offer advice on this
12,210
point, but I cannot forbear
to say that I can see no better means than
Total
by the appointment
$73,260 of a commission,
composed of men not wredded to the doctrines
For which settlement was made as follows :
of free trade or protection—fair-minded
men, who would prose¬
Four per cent bonds issued
cute
the inquiry thoroughly,
$70,850
Interest paid in cash
comprehensibly and impartially.
2,410 If such a commission should be
created, it should be done with¬
.

14,000,000

14,000,000

Total

as

that

they cannot be

*

Total

$73,260

The certificates still
As I

am

to occupy

outstanding amount to $264,800.

for a very brief period only the office re¬
cently made vacant by the lamented death of one
distinguished
gentleman, and the acceptance by another
scarcely
less dis¬
tinguished of a place more congenial to his taste, it
might be
becoming in me to confine my report to the foregoing exhibits
jjnda presentation of the reports of the heads of the various
bureaus, which abound in valuable information in
regard to
the condition of
the Department, and to other matters of inter¬
est to
Congress and the public.
There are, however, some
subjects of so great importance
that I do not feel at
liberty
to
withhold an expression of my
flews
upon them, short

sideration.

as

has been the

These subjects are

time for their

con¬

:

1st. Our
Foreign Trade and Taxation.
2d* Our Merchant Marine.
Debt and the Condition of the
4th. Our National

Banking System.

Treasury.

FOREIGN TRADE AND TAXATION.

After referring
to the condition of the agricultural interest
m the
West in other days, when,
owing to the difficulties of
transportation, the farmer’s crop was practically valueless, and
the

change

and the

which has followed in the construction of railroads

opening

ransportation,

the

up

of other

means

of communication and

out

unnecessary

delay.

Then follow reasons
why a commission would be desirable*
how it should be formed, and statements
showing what work it
would have to do.
The limitations to its work are
given a
follows :
WORK

should, I
think, regard the following points as
being settled :
F.rst—That the public revenues are not to be in
excess of
what may be required for the
support of the Government and
the gradual reduction of the
public debt.
Second —That our manufactures, which, under
the fostering

care

of

the

Government, have




attained such

gigantic

tions, aud w hose prosperity is essential to the welfare of propor¬
all other
interests, are not to be put. in jeopardy by radical
and sweeping
changes in the tariff, and that all reductions of
import duties
should be made with
view

to their ultimate
advantage by
opening to them markets from which they are now in a
large
degree excluded.
Respecting changes in the Internal Revenue laws and the
a

reform of

the tariff which the

following suggestions:

Secretary favors, he

First—That the existing duties
upon
to be

makes the

raw materials which

used in manufacture should be
removed.
be done in the interest of our
foreign trade.
Second—That the duties upon the articles

are

Secretary says :
®}e.??l foundation of our great manufacturing industry by those who are the least
cha
1Q ^e.w England under the first tariff of a protective should be reduced. This
aracter, which diverted a part of its
capital from shipping dice to our export trade.
f

FOR A COMMISSION.

In the commencement of its w*ork the
commission

This

can

used or consumed
able to bear the burden of taxation
also can be effected without

preju¬

628

THE CHRONICLE.

In

regard to our internal revenue taxes, I have to say that,
these taxes, with the exception of the tax upon whiskey,
ought not to be and will not be needed for revenue if appro¬
priations for revenue are kept within reasonable bounds and
as

rigid economy is established in all branches of the public ser¬
vice, I see no good reason for their continuance. The tax upon
bank-note circulation I shall refer to in my remarks upon
National banks. Taxes upon agricultural productions, although
indirectly levied, are inconsistent with our general policy, and
tobacco is the only one of these productions which has been
taxed. An ai tide which is so generally used, and which adds
so much to the comfort of the
large numbers of our population
who earn their living by manual labor, cannot
properly be con¬
sidered a luxury, and as the collection of the tax is expensive
and troublesome to the Government,, and is especially obnoxious
and irritative to small manufacturers, the tax upon tobacco
should, in my judgment, be removed.
The tax upon whiskey could not be repealed without a disre¬
gard of public sentiment, nor without creating a necessity for
higher duties upon imported goods; but while this is true the
tax upon the alcohol used in
manufacturing might be removed
with decided benefit to home industry and foreign trad^e.
Under the provisions of section 3,433, Revised Statutes, as
amended, spirits used in the manufacture for export of certain
enumerated articles are free from the tax of 90 cents
per gal¬
lon.
This law' has greatly increased the exportation of the
articles therein named.
These articles, however, constitute but a very small portion
of those in the manufacture of which alcohol is used, or in
which it would be used were it not for the tax thereon. In

Great Britain

spirits have been used in manufactures free of
tax since the year 1856, the spirits having been
previously
mixed with wood naphtha or “methylated.”
It is understood that spirits thus methylated are unfit to be
used as a beverage, while they remain uninjured for the gen¬
eral purposes of manufacturing.
It is suggested, therefore,
that provision be made for the use of domestic methylated
spirits, free of tax, as a measure tending to encourage manu¬
factures, both for home

use

and for exportation.

Figures with regard to our trade with Brazil, and general
foreign trade statements, we omit. The Secretary next treats
at considerable length our shipping interest, the causes of its
decay and the means likely to lead to its recovery and develop¬
We give the following, which covers his recommenda¬
ment.
tions.
THE

SHIPPING INTERESTS.

The obstacles in the way of a restoration of our
foreign ship¬
ping will not, I conceive, be found in the cost of ships which
are to be built in the United States, but iu the absence of
de¬
mand for them. If our navigation laws were so modified that
American registers could be granted to

[VOL.

XXXIX.

protection has been extended too long or too far, and to what
now stands in the
way of other great interests, are ques¬
tions that can only be settled by fuil investigation.
Govern¬

extent it

ment aid is

now needed to induce investment in
shipping. To
what extent and for what period this aid should be
granted
must be settled in the same way.

THE

PUBLIC DEBT.

It is in the highest degree gratifying to the
Secretary to
notice the great reduction of the public debt since it
reached
its highest point in August, 1865, and its continued
teduction
since his last report, iu 1868. The following table exhibits
the
reduction both of principal and interest:
On Aug 31, 1865, the indebtedness of the United

States, not
including bonds issued to Pacific Railroad companies, was as

follows:

Debt bearing coin interest
Debt bearing currency interest
Matured debt uot presented for paymeut
Debt bearing no interest

Cash in the

Treasury

Amount of

$1,108,310,191
1,273,220,103
1,503,020
461,616,311
...:

debt, less cash in the Treasury

The annual interest

charge

was

$2,844,649,626
88,218,055

$2,756,431,571

$150,977,697, and the average

rate paid was 6 34 per cent.
On Nov. 1, 1868, the indebtedness of

the United States, not
including bonds issued to the Pacific Railroad companies, was
as

follows:

Debt bearing coin interest
Debt bearing.currency interest
Matured debt not presented for payment
Debt bearing no interest
:

Cash in the

$2,107,577,950
72,325,000
9,753,723

409,151,898
$2,598,808,572
113,873,019

Treasury

Amount of debt, less cash in the Treasury
$2,4t 4,935,552
The annual interest charge was $126,408,343 and the
average
rate paid was 5 8 per cent.

On Nov. 1, 1884, the public debt was as follows:
Debt bearing interest
Debt on which interest has ceased since maturity
Debt bearing no interest

$1,842,491,521

Cash in the Treasury

43 4,008,572

Net debt

$1,408,482,948

The annual interest charge
age rate paid 3 92 per cent.
Reduction
Reduction
Reduction
Reduction

In
been

is

now

of debt in sixteen years
of annual interest charge
of debt in nineteen years
of annual interest charge...;

the management

$1,206,475,600
12,547,485
62 3,468,436

$47,323,831, and the

aver¬

$1,0 76,452,604
79,084,511

of its debt the United

1,347,948,622
103,653,866

States has

an example to the world.
Nothing has so much sur¬
foreign-built ships for
foreign trade, there would be little, if any, improvement in our prised European statesmen as the fact that immediately after the
shipping interests. Such modification some years ago might termination of one of the most expensive, and, in some respects,

have done something to prevent decline ; it would now be in¬
sufficient to restore. The great and
profitable carrying-trade
between the United States and Europe has been

exhaustive

wars that have ever been carried on, the United
States should have commenced the paym-nt of its debt and
continue its reduction through all reverses until nearly onehalf of it has been paid; that reduction in the rate of* interest
has kept t ace with the reduction of the principal; that within

permitted to
into the bauds of the ship-owners of other nations. So
complete is their control of it, so large is the capital invested in
it, and so sharp and persistent would be the contest if we a period of nineteen years the debt, which it was feared would
should attempt, without Government aid, to share in
it, that be a heavy and never-ending burden upon the people, has
our capitalists would not
compete for it. There is, in my been ho managed as to be no longer burdensome. It is true
opinion, no prospect whatever that the United States will ever that all this has been affected by heavy taxes, but it is also
share to a considerable extent in the
foreign-carrying trade true that these taxes have neither checked enterprise nor
without Government aid.
It is for Congress to determine retarded growth.
whether this aid shall be granted, or whether our
FINANCIAL DANGERS.
foreign slip¬
ping interest shall remain in its present death-like condition.
While, however, the public debt is in this satisfactory condi¬
The let-alone p.3icy has been tried for
many years, during tion, there are some financial dangers ahead which can only be
which our ships have been swept from the
ocean, and we pay avoided by changes in our financial legislation. The most immi¬
evt-ry year many millions of dollars to foreign ship-owners for nent of these
dangers, and the only one to which I now ask the
freights and fares. Ought this condition of things to be con¬ a’tention of
Congress, arises from the continued coinage of
tinued ?
silver and the increasing representation of it by silver certifi¬
Entertaining these views, I do not hesitate to express the cates. I believe that the world is not in a condition, and never
opinion—
will be, for the demonetization of one third of its metallic money;
First—That without Government aid to United States steam¬ that
both gold and silver are absolutely necessary for a circu¬
ship lines the foreign-carrying trade will remain iu the hands lating medium ; and that neither can be disused without mate¬
of foreigners.
rially increasing the burden of debt, nor even temporararilj
Second—That as we. ought to have an interest in the business
degraded by artificial means without injurious effects upon
which we create, and as the restoration of our
shipping interest home and international trade. But I also believe that gold and
is important, if not essential, to the extension of our
foreign silver can only be made to maintain their comparative value by
trade, subsidies in the form of liberal payments for the trans¬ the
joint action of commercial nations. Not only is there now
portation of mails or in some other form should be otfered as no joint action taken by these nati ns to place an a keep silver
an inducement to investments of
capital in steamships.
on an'equality with
gold, according to existing standards, but
The amount of necessary aid would be insignificant in com¬ ir- has been
by the treatment it has received from European
parison with what has been granted to manufacturers by pro¬ nations greatly lessened in commercial value.
tective duties, and nothing would be paid until the services
For many years the silver dollar was more valuable than the
were rendered.
If the subject were investigated, it would be
gold dollar in the United States, and although there were fluc¬
found that all the European steamship lines that led the
way tuations in their comparative value, the advantages arising
in the great traffic by steam-power have received Government from
their joint use much more than counterbalanced the
aid.
It is admitted that all protective duties and subsidies are inconvenience and loss occasioned
by these fluctuations. Various
inconsistent with the teachings of political
economy; but, true causes in combination have produced the present depression of
as these teachings may be in the
abstract, they aredisregarded silver, but the main causes have been the inconsiderate action
by all nations when they stand in the way of national welfare. of Germany in demonetizing it and throwing upon the market
So rules are equally applicable to all nations, nor to the same the
large amount which up to that time had constituted her
nation in the different stages of its growth.
Political economy metallic currency, and the restrictions upon its coinage by otner
is not one of the exact sciences.
It is rather adaptive than
European nations.
exact, and all nations so regard it.
In 1872 the silver dollar, as it had been for a long period, was
Protective duties were undoubtedly needed to induce invest¬ more valuable than the
gold dollar. In 1874 the decline coqi*
ment iu cotton, iron and woolen mills, and what not in the
menced, and it has been continued until the silver dollar is wort
various lines of our manufacturing industry.
Whether or hot only about S5 cents in gold, and further depreciation is prevents
pass




December

THE

6,1884.J

CHRONICLE.

having been made receivable by the United States for all
public does, and the coinage at the rate of $23,000,000 a year.
The amount is so large
We now hold $147,573,221 89 in silver.
as to become burdensome, and additional vaults must be soon
constructed if the coinage is to be continued.
But this is a
matter of small importance compared with the danger to which
the national credit and the business of the country are exposed
by the large amount of silver in the Treasury, which must be
increased by further^ coinage, and especially by the issue of
silver certificates.
These certificates amount to $131,556,531,
and they may be increased to $184,730,829 by the silver against
which certificates have not been issued.
Like silver, they are
only prevented from great depreciation by being receivable for
all public dues, in which respect- they have an advantage over
by its

the United States notes, which are not-by law receivable for
customs duties; but although they are thus prevented from
depreciation, the fact exists that a large part of our paper cur¬
rency based on coin is worth only about 85 cents on the dollar.
But this is not all; the certificates, being receivable for duties,

prevent gold from coming into the Treasury.
r

The Treasurer, in his report, after referring to the fact that
the Treasury is a member of the New York Clearing House,
and to the act of Congress of July, 1SS2, which prohibits bank¬
ing associations from being members of any clearing house in
which silver certificates are not receivable for clearing house
balances, and the resolution of the associated banks nominally

complying with that act, remarks :
“Notwithstanding this formal declaration

of compliance
with law, neither standard silver dollars nor silver certificates
have been or are now offered in settlement of balances at the

629

hold that no means should be
That this is a delusion will be

provided for their redemption.
whenever there is a large
They are not money, but merely
proven

demand for gold for export.
promises to pay it, and the Government must be prepared to
redeem all that may be presented or forfeit its character for

solvency.
After giving the Treasury statement of October 31,
1884, the
Secretary concludes this portion of his report as follows :
Prom this statement fit is seen that there is no
surplus gold
in the Treasury, and that the reserve has been trenched
upon ;
that there is no plethora of any kind
except of silver dollars,
for which there is

After

no

demand.

giving the subject careful consideration, I have been

forced to the conclusion that uuless both the
coinage of silver
dollars and the issue of silver certificates are
suspended, there
is danger that silver, and not gold,
may become our metallic
standard. This danger may not be imminent, but it is of so
serious a character that tlieiv ought not to be
delay in provid¬
ing against it. Not only would the national credit be seriously
impaired if the Government should be under the necessity of

using silver dollars

or

certificates in pajuutent of gold obligations,

but business of all kinds would be greatly disturbed ; not only
so, but gold would at once cease to be a circulating medium,
and severe contraction would be the result.
The United States is one of the most powerful of nations—its
credit is high; its resources limitless ; but it cannot prevent a

depreciation of silver unless its efforts are aided by leading
Europe. If the coinage of silver is continued in
despite of the action of Germany in demonetizing it and the
clearing-house, and the Treasury has refrained from taking any limitation of its coinage by what are known as the Latin na'ions,
steps to enforce the receipt of either of these descriptions of there can be but one fesult, sitver will practically become the
funds, which have therefore not been used in payment of obli¬ standard of value. Oar mines produce large amounts of tilver,
and it is important, therefore, that there should be a good
gations presented through the clearing-house.” * * *
“As a consequence of 'the inability of the Treasury, under demand for it at remunerative
prices for the outlays in obtain¬
the existing practice, to use either the silver dollars or the sil¬ ing it. The suspension of its coinage might depress the market
ver certificates in its settlements with the New York Clearingprice of silver for a time, but the ultimate effect would d< ubtHouse, where by far the greater part of its disbursements is less be to enhance it. The metal w'hich Oriental Nations and
made, the available gold ran down from $155,429,600, on Jan¬ some Western Nations use exclusivelv for coin—and all nations
uary 1, 1884, to $116,479,979 on August 12, 1884, while the silver to some extent—which costs, in the labor and capital required to
dollars and bullion on hand not represented by silver certifi¬ extract it from the mines, more than its standard value as coin,
cates outstanding increased during the same period from cannot be permanently degraded by artificial means.
The pro¬
duction of gold is diminishing, that of silver has practically
$27,266,037 to $48,603,95S.
“As a temporary expedient to stop this drain of gold from the reached its maximum, and there are
strong indications that
Treasury, the Assistant Treasurer at New York was directed to from this time the yield of both gold and silver mines will
use in payments to the Clearing-House United States notes to
speedily decline. At the same time the demand for both for
the extent of one half of the payments.
But the amount of coinage and in manufactures will increase. The very necessi¬
these notes in the Treasury, which at the time of the commence¬ ties of the commercial world will prevent a
general and con¬
ment of this mode of payment had accumulated beyond its needs, tinued disuse of either as money. The
European nations which
has now become so much reduced that they are no longer avail¬ hold large amounts of silver must soouer or later come to its
able for such payments to any considerable extent.
rescue, and the suspension of coinage in the United States
“If a return to the former practice of making payments en¬ would do much to
bring about on their part action in its favor.
tirely in gold or gold certificates shall result in a continuous But whatever might be the effect of the suspension of the coin¬
loss of gold to the Treasury, not made up to a sufficient extent age upon the commercial value of silver, it is
very clear that
by receipts of gold from other sources, the question must soon the coinage cannot be continued without detriment to general
arise for the decision of the Department as to whether it will business and
danger to the national credit.
continue to make the Clearing-House payments entirely in gold
The coinage of silver dollars under the act of February 28,1878,
or its representative, or use for that
purpose the silver dollars has now reached the very large amount of $184,730,829, being
or their representative certificates in some
proportion to the re¬ an increase of $28,009,880 for the year ending November 1,1884.
lation which silver dollars in the Treasury not held for certifi¬ The amount of these dollars in actual circulation is $41,326,736.
cates outstanding bear to the available assets, and to an extent The increase in the circulation for the
year has only been
similar to that in which they are used at other offices of the $1,260,346, against an increase of $4,136,321 for the previous
Treasury.
year. These figures of themselves are an insuperable argument
“In ascertaining what this proportion is, it is to be consid¬ agaiust the continued
coinage of silver dollars.
ered that of the $134,670,790 in gold coin and bullion now
The Treasury would be relieved, in a measure, from the
owned by the Government, $95,500,000 was obtained by the sale burden of the silver now held in the Treasury by
a withdrawal
of bonds under the Resumption Act.
from circulation of the one and two dollar notes.
This would
"If it be held that this amount is available for no other pur¬ not be a gain to the Treasury, but it would
be a gain to the
pose than the redemption of United States notes, the gold country by increasing the amount of silver in circulation.
which may be used for ordinary payments is $39,170,790, com¬
The amount of one dollar notes in circulation is $26,763,pared with $46,831,660 in silver dollars, including bullion 097 80; the amount of two dollar notes in circulation is $26,778,available for the same purposes.
738 20.
Congress would, I think, act wisely in putting an end
"Or, if it be held that the provision in Section 12 of the act to their circulation.' Nor do I hesitate to express the opinion
of July 12, 1882, suspending the issue of gold certificates when¬ that the
country would be benefitted if all five dollar notes should
ever the gold coin and bullion in the
Treasury reserved for the be gradually retired and the coinage of half and quarter eagles
redemption of United States notes falls below $100,000,000, is should be increased. If this should be done, the circulating
by implication a requirement that this sum shall be held for medium of the United States below ten dollars would
be; silver
the redemption of notes, then the balance of
gold which may and gold, and we should be following the example of France,
be used for ordinaiy payments is $34,670,790.”
in which there is an immense circulation of silver coin, which
It is evident, from these extracts, and it will be rendered still in all domestic transactions maintains a
parity with gold.
more evident
The substitution of gold and silver for small notes would be
by an examination of the entire report, that silver
certificates are taking the place of gold, and that a panic or productive of some inconvenience, but this would be temporary
sn adverse current, of
exchange might compel the use in ordi¬ only. If the five-dollar notes should be withdrawn, the
nary payments by the Treasury of the gold held for the re¬ Treasury would be relieved from the burden of silver in its
demption of the United States notes, or the use of silver or vaults, and it would not be long before the coinage of silver
silver certificates in the payment of its gold obligations. As
might be resumed.
$95,500,000 of the gold in the Treasury was obtained by the
Next follows remarks with reference to the coinage of our
sale of bonds for resumption purposes, it was doubtless the
mtention of the eminent gentleman under whose administra¬ mints and the gold and silver production of the world. After
tion of the Treasuiy specie
payments were resumed that at that the Secretary invites attention to the pressing necessity
least this sum should be held in reserve for the
redemption of for the re-cbinage of the subsidiary silver coins of the United
United States notes, and not used f> r any other purpose. It is
States.
The decreasrd intrinsic value of these coins, owing to
understood that he went further than this, and very properly
the,
marked
decline in the price of silver, renders it advisable
entertained the opinion that an amount of gold equal to 40
Per cent of the outstanding United States notes should be held to increase their weight so that they will correspond to frac¬
for their
protection.
A Government which

paper

circulating

tional sub-divisions of the silver dollar.

engages in banking by furnishing a
medium must be governed by the rules which

prevail with prudent bankers, and be
constantly
toeet such calls as
may be made upon it.

Many

persons




regard legal-tender notes

nations of

as

beiDg

prepared to
money,

and

trade dollar he remarks

as

With reference to the

follows:

THE TRADE

DOLLAR.

The Secretary suggests that the existence
trade dollars should be no longer tolerated.

of the anomalous

Originally coined

THE CHRONICLE.

630

of foreign trade, and given a limited legal tender
quality in thin country, they have not only been deprived of
uiat quality by law, but have also ceased to perform the
function for which they were created.
Some millions of them, variously estimated at from six to
ten, are held in various parts of the country, awaiting the
action of Congress. Although intrinsically more valuable than
the standard dollar, their bullion value is now only about 86
cents. If it be considered unfair or impracticable to accomplish
their surrender at their bullion value merely, a small advance
on that value might be offered for them.
The offer should not
remain oren longer than one year. The bullion realized from
them will be available for the ordinary coinage of the Govern¬
ment, but if the present silver law is to remain in force such
bullion should be counted as a part of that now required to
be purchased each month.

THE

for purposes

NATIONAL

The

BANKS.

Secretary furnishes statistics in reference to the

national

Comptroller’s Report given
subsequently. Respecting the effect upon these organizations
and upon the banking system by the rapid payment of the Gov-,
eminent bonds, upon which their circulation is based, the Secbanks, which will be found in the

retary says:
It will be

The bonds deposited to secure circulation,
which decreased $9,613,350 in 1883, were still'further reduced
$25,442,300 during 1S84—a reduction of $35,055,650 in two
years.
The 3 per

cent bonds of the United States have now been

reduced to less than two hundred millions, and they will be
further reduced through the operations of the sinking-fund
by nearly fifty millions each year.
The market, prices of the 4 per cent' and the 4/6 per cent
bonds of the United States have declined somewhat, during the
past year ; but that these bonds are still too high to enable
banks to base circulation upon them at a profit is plain, from
the fact that the circulation has been voluntarily decreased
more than $25,000,000 duiing the year.

devise a method for a more judicious investment of that
fund. The law now requires the fund to be invested in bonds
of the United States ; and in making such investments the five

may

centum bonds are to be preferred, unless, for good reasons
appearing to him, and which he shall report to Congress, the
Secretary of the Treasury shall at any time deem it advisable
per

The five per
to invest in other bonds of the United States.
centum bonds have all been redeemed or have ceasad to bear

interest, and while it would be manifestly unjust to select for
investment the three per centum bonds only to be called in for

redemption at short intervals thereafter, the only alternative is
the higher-rate bonds, which now sell in the
market at prices ranging from 13 to 28 per centum premium.
I deem the plan recommended by Secretary Sherman, in a
communication to Congress, in December, 1879, and again in
June, 1880, that investment be made in the first mortgage
bonds of the companies, worthy of the consideration of Con¬
investment in

gress.

The amount standing to the credit of
investment on November 1, 1884, are as
For the Union Pacific Railway Company
For the Central Pacific Railroad Company

These, however, would be measures of temporary relief only.

Something more must be done if the system is to be established
on a permanent basis.
More than twenty years have passed since the National bank¬
ing system was adopted, and many people are not, aware of
the circumstances under which it came into existence.
Prior
to 1863 the paper circulation of the country was furnished by
banks organized under State laws. The notes issued by these
banks had a very limited credit, and none of them were per¬
fectly secured. When it, became apparent that large amounts

would be required by the Government in
the collection of internal revenues,
question which presented itself to the Secretary, Mr.

of paper currency

making payments and in
the

was: Can the notes of the S^ate banks be safely used
by the Department for these purposes?
Fortunately for the
Government and for the business of the country, the Secretary

Chase,

decided the questi n in the negative. It was his opinion
which coincided with the opinion'of Congress, that a bank-note
circulation perfectly secured and current throughout the Union
had become an absolute necessity; hence the creation of our
National banking system.
It is one of the most interesting
facts in our financial history that the notes of the State banks
were retired and their place taken by those of the National
banks—an entire revolution effected in our banking system—
without a ripple of disturbance to the business of the country.
That the National banking system has been of great service
to the Government in the co'lection of revenues; that has fur¬
nished a bank-note circulation of uniform value, and safe
beyond question, is admitted even by its opponents. Open to
all who desire to engage in banking, free from anything which
savors of monopoly, it is eminently adapted to our republi¬
can institutions.
Banks of issue have been found necessary in
all commercial nations, and it can be safely asserted that

$2,600,023 85
1,812,435 91
$4,412,459 76

the Government,

and also include in its provisions the Central

Branch Union Pacific Railroad
*

*

s-

Company.
*

*

*

*

*

The several reports
herewith transmitted.

of the heads of offices and bureaus are

To the Honorable the
tives.

RpeaUer of the House of Representa¬

Hugh McCulloch, Secretary.

REPORT OF THE COMPTROLLER OF THE
CURRENCY.
Office

of which is guaranteed by the United States ; and a repeal of
the tax on circulation.
I earnestly commend these propositions
to the wisdom of Congress, believing that, if adopted, they will

important one, and should receive immediate attention.

:

The attention of Congress is also invited to the act of March
3, 1879 (20 Stat. p. 420) relating to 'transportation services per¬
formed for the Government by the Pacific Railroad Companies,
the terms of which should be so modified as to embrace all
services which have been, or may be hereafter, performed for

Among the measures of relief recommended in the last report
increase of the issue of notes to the face value of the
bonds deposited, a bill to authorize which passed the Senate
during the last session of Congress ; the acceptance of the 3 65
per cent, bonds of 1924 of the District of Columbia, the payment

poned beyond the present session if a rapid redaction of our
bank-note circulation is to be avoided. The subject, is a very

the fund available for
follows

Total

were an

enable banks which now contemplate a surrender of their circu¬
lation in consequence of the calling of their 3 per cent bonds to
maintain it on the long-time bonds with a small profit, or at
least without loss.
Inasmuch as about $135,000,000 of the circulation of banks
is based upon our 3 per cent bonds, which are now redeemable
and being rapidly redeemed, remedial action cannot be post¬

PACIFIC RAILROADS.

I earnestly direct attention to the provisions of the act of
May 7, 1878, creating a sinking fund for the Union Pacific and
Central Pacific railroad companies, in the hope that Congress

noted that the circulation decreased $25,156,452

during the year.

| VOL. XXXIX,

of

Treasury Department,
\
Comptroller of tub Currency, >

Washington, December 1, 1884. j
I have the honor to submit for the consideration of Congress,

compliance with section 333 of the Revised Statutes of the
annual report of the Comp¬

in

United States, the twenty-second
troller of the Currency.

During the year ending November 1, 1884, 191 banks have
organized with an aggregate capital of $16,042,230; circu¬
lating notes have been issued to these newr associations amount¬
ing to $3,866,230.

been

*

*

*

-x-

*

#

*

*

*

These banks are located by geographical divisions as follows:
Eastern States, ten banks, with capital of $810,000 ; Middle

States, twenty-five, with capital of $1,812,250; Southern States,

thirty, with capital of $2,991,100; Western States, one hundred
capitaPof $8,905,880; Pacific States, five, with
capital of $380,000 ; Territories, nineteen, with capital of
and two, with

$1,143,000.
Since the establishment of the national banking system on
February 25, 1863, there have been organized 3,261 * national
banks. Of these, 404* have gone into voluntary liquidation
for the purpose of winding up their affairs, 70 have gone
into voluntary liquidation for the purpose of re-organization,
16 are in liquidation by expiration of their charter, of which
number six have been re-organized, and 100 have been placed
in the hands of receivers for^the purpose of closing up their
affairs, leaving the total number in existence on November 1,
1884, 2,671, which is the largest number that has been in opera¬
tion at any one time.
The corporate existence of 90 national banks expired daring
the year ending November 1, 1884, of which 83 have been
extended under the act of July 12, 1882, six have permitted
their corporate existence to expire and are in liquidation under
section 7 of said act (four of which have been succeeded by
other banks located in the same places and with nearly the
same shareholders), and one has been placed in voluntary liqui¬
dation by vote of shareholders owning two thirds of its stock.
The corporate existence of 154 national banks, with an aggre¬
gate capital of $56,161,370, will expire during November and
December of this year, and the corporate existence of 720
national banks, with an aggregate capital of $188,971,475 will

expire during 18S5.
Eleven national banks, with

an

aggregate capital of

000, have failed and beep placed in the hands of

$1,285,-

receivers dur¬

circulating notes are regarded, are superior or ing the year.
All this being true, its preservation is a matter, COMPARATIVE STATEMENTS OF THE NATIONAL BANKS FOR 8EVK5
of national importance; its discontinuance would be a National
YEARS.
calamity.
The following table exhibits the resources and liabilities of
The report then proceeds to a consideration of the revenue
the national banks for seven years, at nearly corresponding
marine service, life saving service, marine hospital ser\iee, &c., dates, from 1878 to 1S84, inclusive :
the facts concerning which are of little public interest.
In
Exclusive of the Metropolitan National Bank, of New York City,
none, so

far

equal to

outs.

as

*

reference to the Pacific railroads the




Secretary

says :

1 which

waa

placed in voluntary liquidation November 18,1854.

December 6,

THE CHRONICLE

1884.]

631

Oct. 2, Sep."- 0,
1883.
1854.

the United States as provided in section 3, act of June 20, 1874
and that such notes when redeemed shall be forwarded to the

2,132
2,269
2,501
2,664
Banks. Banks. Banks. Banks. Banks. Banks. Banks.

by law, and that at the end of three years from the date of
the extension of each bank, the association so extended shall
deposit lawful money with the Treasurer of the United Slates

Oct. 1,
i8;8.

Oet. 2,
1879.

Oct. 1,
1880.

2,053

2,018

2,090

Oct. 1,

1881,

Oct, 3,
1882.

Comptroller of the Currency and destroyed,

Resou uces.
Loans
Bonds for eirc-ulati n

Other TJ. 8. Ms.
Stocks. b’ds. &c.
Due. from banks

MilVns Mill* ns Mill'ns MilVns MilVns MilVns MilVns
83F0
878-5 1,041-0 1,173-8 1,243-2 1,309-2 1,245-3
317-6
94-7
36-9

357-3

357-8

363-3

357-6

351*4

43-6
48-9

37-4
66-2
198 9

30-7
71-1

213-5

56*5
61-9
230-6

4 SO

47-3

4 6-5

109 3
56-6

114-3
53 2
17-7

102-9

189*2

Real estate

46-7,

Specie

30-7
61-4
16 9
82-4

7 i-2
39-7
167-3
47-8
4‘2-2
69-2
l(i-7
113-0

32-7

26-8

7-7

6-7

165
24-9

17-0
22-1

1 71

17-5
26-2

Leg’l tend.notes
Nat. bank uofes.
C. II. exchances
U. S. certificates
of deposit...'..
Due from U. S.
Treasurer

Other

resources

Totals

Circulation

Duetodcp’sit’rs
Due to banks...

Other liabilities

*

23 0

203-4
S-7

10-0

14-2

17-2

16-6

17-7

23-9;

2S-9|

33*8

63-2
20-7

•

Capital stuck...
Surplus fund..
Undivid’d p’lits

Totals....

18-2
1211

48-3
107-8
70-7
22-7
96-4

203-9

1,767*3 1.868-8 2,105-3 2.358 4 2,399-8 2,372-7 2,279*5

Liabilities.

*

138-9

327-4
30-4
71-4
194-2
49-9
128-6
77-0
23-3
66 3

..

*

466-2
1169
44-9
301-9
666-4
1651
7-9

454-1
114-8
41-3
313-8
736 9
201.-2
6-7i

457*6
120-5

463-8
128-1
56*4
320-2

509-7
483-1
132-0
142-0
61-2
61*6
3150
310-5
1.083*1 1,134-9 1,063-6
294*9 i
259-9; 270-4
13-7
11-9
14-9

46-1

317-3
687-9
267-9
8.5

524-3
1470
63-2

283-8
993-0
246-4
15-3

1,767-3 1,868-8 2,105*3 9.358-4 2,399-8 2,372-7 2,° 79-5
*

*

*

*

*

*

*

EXTENSION OF THE CORPORATE EXISTENCE OF NATIONAL BANKS.

Oq Nov. 1, 1884, 398 banks liad extended their
corporate
existence under the act of July 12, 18S2.
Of these, 83 have
extended their corporate existence under the act mentioned.
One was placed in voluntary
liquidation prior to expiration by
the vote of stockholders owning two-thirds of its stock. Of the
6

remaining banks expiring during the year, 2 were not extend¬
were permitted by their stockholders to close at the
end of their periods of succession, and to liquidate under sec¬
tion 7 of the act of July 12, 1882, while 4 were succeeded
by
ed, but

other associations, with different names, with the same share¬
holders wholly or in part.
The total number of banks still in operation organized under
the act of June 3, 1864, and the provisions of the Revised

Statutes, the periods of succession of which will terminate,
unless hereafter renewed, during the years previous to 1900, is
1,488, with capital and circulation as follows:
rj j.

Number of
Banks.

1884*
1885
188(5
1887
1883
1889
1890
1891
1892
1893
1894
1895
1896
1897

Capital.

154
720
19

$56,161,370
i 88,971 '.475

5
11

'950 000
1,250 000

2,715.300

j

1

3
(53
104
103

i

600,000
9,290,500
13,193,900

12,879,(500
4,740,000
7,636,000
10,665,000

39

67
81
23
28
27
41

Circulation.

$32,596,590
3.07.484,115
1,758,250
925.000

719,100

450,000
6,419,950
9.120,-80
8,300,870
3,849,400
5,319.150
7,650,000
1,5 v 5,500
2,10:;,0()0
2,208,600
3,si 1,900

as now

provided,

sufficient to redeem the remainder of the circulation which was
outstanding at the date of its extension.
The same section also provides that the notes issued to such
extending associations after the date of their extension, shall
be of a different design, easily distinguished from those issued
before such date.
To carry out these provisions of section 6
requires the keep¬
ing of two different accounts in the case of each extended
bank—one for the old and one for the new circulation.
During
the year 18S5 the work of
keeping the circ ulation accounts of
about one half of the national banks will be doubled.
CIRCULATION.

i

Under the present

provisions of law, national banks may be
organized with a capital of from $50,000 to $150,000, upon
dep siring with the Treasurer of the United States, in trust, 25
per cent of their capital stock in United States bonds, and
banks with a capital of upwards of $150,000 can be
organized
upon the deposit of $50,000 of bonds.
Upon this basis the

2,664 national banks in existence in the United States and Ter¬
ritories on October 1, 1884, would
require a minimum of but
$80,443,127 of United States bonds in order to continue as
national bankiug associations. There is no doubt but that the
national banking system has been of great value to this
country
in many ways other than the
supplying a sound and almost

perfect paper currency. The additional safety afforded to
depositors by the restrictions and precautionary provisions of
the act, the publicity of reports of the condition of the banks,
and the regular examination and supervision
by officers of the
Government, is well understood by the public, audit is probable
that the people would demand, that, if possible the
system be
continued, even if the public debt be hereafter reduced to a
point where it is impossible for the banks to issue more than
the amount of circulation that can be secured
by the minimum
of bonds now required by law.
Although it is possible that
the public confidence in national banks will enable associations
organized under the act to do a much larger and more profit¬
able business than if organized under the laws of the various
States, it is probable that were th-re no profits on circulation,
bankers as a rule might be un illing to submit to the restrict¬
ions which, as safeguards to the public, the national
banking
law compels those who organize associations under it to submit
to, and that therefore when the profit on circulation is reduced
to a point, where it does not compensate for the inconvenience
of the restrictions, many national banks will leave the
system.
Various plans have been advanced to perpetuate the i>sue
by

national

banks of

a

circulation, which should be safe for the

public and reasonably profitable to themselves, both during the

period of the reduction of the b>ndvd debt of the United
States and after such debt shall have been
paid, it having been
suggested that under the latter circumstances circulation might
be issued upon securities other than United States bonds.
The time of the final payment of the debt is, however,
yet

distant, and with appropriate legislation there will probably
lack of bonds as a safe basis of circula¬
2 969 600
tion.
Moreover, no feasible plan with other security has as yet
1898
2,619,000
been suggested, affording a sound
1899
currency redeemable on
!
4,820,0 0
demand in specie, and the Comptroller believes that it is
Totals
1,488
'
$321,461,145
$194,745,305 extremely doubtful whether, afterjheir experience for the last
twenty years with the safe and convenient currency issued by
From Nov. 1 to Dec. 31, inclusive.
the national banks, the people would be satisfied with a cur¬
The number, capital, and circulation of the national banks
rency based on any security other than United States bonds.
whose periods of succession will terminate
Public sentiment seems to be in favor of the
during each month
payment of the
of the year 1S85 are as follows :
public debt as rapidly as possible, and while no doubt this is in
general a correct principle, yet as it is apparent that such
Num¬
payment must extend under the most favorable circumdance
United
States
Capital
Month.
ber of
Circulation.
over a long future period, the interest
stock.
bonds.
during which time is a»
banks.
much a portion of the debt as the
principal, it is a question if
it would not be of ultimate benefit to the country
and a payment
109
January
$27,534,500
$18,927,450
$17,019,755 of the debt to reduce the interest upon it to a minimum rate
08
11,566,00 >
February
8,885,500
7,995,740 and defer the payment of the principal, thus giving
for many
March
125
32,325,750
20,636,700
18,538,060
a safe basis for national bank circulation.
This course
April
86
25,241,970
16,456,350
14,780,165 years
would be particularly advantageous if the revenues of the
121
May
28,362,340
21.550,850
19,288,925
June
139
49,394,915
24.757,100
22.021,300 Government are hereafter reduced to a point which, after
24
July
4,915.000
2,375,400
2,047,800
providing sufficient means for carrying on public business, will
14
August
1,601,000
1,256,000
1,129,500
more gradual reduction of the
13
September
1,835,000
1,175,500
1,053,-50 necessitate a
principal of the debt.
October
7
Not only is the future of national bank circulation menaced
1,175,000
835,000
739,200
November
6
1,200,0 >0
1,180,000
1,062.000 by the fact that as the debt is paid it will be difficult to substi¬
December
8
3,000,000
2,025,000
1,808,360 tute
any other secure basis for circulation, but it is also evident
Totals
720
$138,971,475 $1^0,060.850
$107,184,115 that under present laws and the present condition of the pub¬
lic debt, the banks cannot loDg afford to maintain even the cir¬
This table shows that seven hundred and twenty national culation now
outstanding. The following table gives the various
banks, with a combined capital of $188,971,475, will thus kinds and amounts of bonds held
by the banks on November 1,
terminate during the year 1885, unless their stockholders 1883, and November 1, 1884 :
avail themselves of the provisions of the act of July 12, 1882.
I?rom the experience of the last two years it is highly probable
1883.
1884.
the larger portion of these banks will extend their corporate
existence. These associations represent more than one-third Tlir< e and a halfs
$632,000
Threes
of the entire capital of the national
201,327,750
$155,604,400
banking system, and Four and a halfs
41,319,700
49,537,450
attention is respectfully called to the large addtional amount of Pacific sixes
3.469,000
3,463,000
labor the extension of these banks will throw upon the office Fours
106,164,850
116,705,450
of the Comptroller of the Currency. This labor will be
Total
$352,907,300
$325 316,300
Augmented by the provisions of section 6 of the act referred to,
Requiring that the circulating notes of any association extend¬
Upon reference to this table it will be seen that the aggre¬
ing its period of succession which shall have been issued to gate reduction of bonds deposited as security for circulation for
It prior to its extension shall be redeemed at the Treasury of the year ending November 1, 1S84, was $27,591,000, and
tjua
_

x




1,9(58,000

.

1

•

be for many yeais no

THE CHRONICLE.

632

A reduction of $45,723,350 in aTount
of three per cent bonds held ; a reduction of $632,000, being
all the three and one-half per cents held; an increase if
$10,540,600 in four per cents ; an increase of $8,217,750 in four
and one-half per cents, and an increase of $6,000 in Pacific
sixes.
The total reduction of bonds deposited to secure circula¬
tion would have been much greater, but the financial troubles
of May reduced the market price of the four and four and onehalf per cents, and banks were enabled for a time to replace
their called three per cents by fours and four and one-halfs at
a price which afforded an increased profit on circulation, and
new banks took advantage of this state of affairs and also pur¬
chased fours and four and one-halfs for deposit to secure their
circulation. It will be seen upon reference to the table that
the banks held on November 1, 1S84, $155,604,400 of the three
per cent bonds under the act of July 12, 1882, payable at the
pleasure of the Government.* The total amount of these
bonds outstanding on November 1 was $194,190,500, and it is
probable that unless the surplus revenues are greatly reduced,
these bonds will all be paid within the next two years, and, as
has been pointed out by my predecessor in former reports, there
changes

were as

follows

:

contraction of the circula¬
continue to replace a
portion of their called threes with other higher-rate and higherpriced bonds, the tendency is and will be to reduce the circula¬

is great danger of a severe and rapid
tion ; for while many banks will no doubt

fVoL. XXXIX.

provides for the issuance of circulation equal in amount
value of the bonds deposited. The additional profits
accruing under this bill, if it should become a law, would be
from about one-half of 1 per cent to about 1 per cent per
annum, according to the bank rates for loans on the three per
cent bonds which replace the fours, and it is believed that this
would be a permanent measure of relief to the banks. The
bill introduced by Mr. Putter in the House provides for the re¬
funding of the three, four and four and one-half percent bonds
into two and one-half per cents payable at same time and to be
redeemed in the same manner as those for which they are ex¬
changed. The bill also provides for a reduction of the tax
upon circulation based upon the proposed two and one-half
per cent bonds of one-half of 1 per cent per annum, while the

al so

to the par

tax upon

circulation based upon all other classes of United

States bonds remains at 1 per cent per annum.
Under this bill
the provisions for obtaining currency an the bonds deposited
would be the same as under the present law, viz, 90 per cent of
the par value of the bonds deposited.
The bill, so far as the

funding of the high-rate bonds is concerned, is similar to the
Aldrich bill, the latter providing for the refunding of the four.s
only. It is believed by many that the provisions in the Potter
bill relating to the purchase of the bonds by the Secretary of
the Treasury would be somewhat difficult to carry out, and it

question whether it would be constitutional for Congress
discriminations in the tax imposed on circulation
based on different classes of United States bonds, as it must be
remembered that the tax is on the circulation and not on the
years
bonds.- If this bill, with some modifications, should become a
National bank notes outstanding Nov. 1,
law, no doubt the additional profits which would accrue to the
1882, including notes of national gold
banks
$362,727,747
banks under its operation would be a permanent benefit and
Less lawful money on deposit at same
assist in preventing the c mtraction of the currency.
date, including deposits of gold banks..
38,423,404—$324, 304,343

required by law. The following table
national bank circulation during the
ending November 1, 1883, and November 1, 1884 :

tion to the minimum
shows the decrease of

is

a

to make any

The measures which were introduced at the last session of
Congress, involving a funding of the public debt, provided that
Less lawful money on
the bonds issued in exchange for those now outstanding shall
Net decrease of circulation in 1883....
$3,284,0L7 have the same time of maturity as those for which they are
National bank notes outstanding Nov. 1,
exchanged. No provision is made by these bills to enable the
1883, including notes of national gold
Government to use any surplus revenue which it may desire
$352,013,787
banks
to devote to the payment of the public debt during the long
Less lawful money on deposit at same date,
including deposits of national gold banks
35,993,461—$316,020,326 periods between the maturities of the present four and oneNational bank notes outstanding Novem¬
half and four per cent bonds.
ber 1, 1884, including notes of national
The following table shows the bonded debt of the United
gold banks
333,559,813
States on November 1, 1884 :
National bank Lotes

outstanding Novein-

352.013,787
deposit Nov. 1,1833. 35,993,461— 316,020,32G

1, 1883

deposit at same date,
including deposits of national gold banks

Less lawful money on

Net decrease of

circulation in 1884

41,710,163— 291,840,650
$24,170,676

It is probable that the reduction of circulation will also be
increased by the withdrawal and sale of four per cent bonds

deposited by the banks in excess of the minimum required
by law, as the reduction of the debt by the payment of threes
will no doubt increase.the price of fours, owing tore-investment
of trust funds, &c., now invested in threes, and if for any rea¬
son the price advances, the banks will desire to realize the pre¬
mium for use in business or to divide as a profit among their
now

shareholders.

Drawing conclusions from these facts, the Comptroller esti¬
legislation shall shortly be had which will
enable the banks to issue currency at a fair profit, circulation
will from the present time De reduced at the rate of at least
$40,000,000 per annum.
In the last reports of the Comptroller various suggestions
mates that unless

Three per cents, payable option United States
Four and one half per cents, payable Sept. 1, 1891
Pacific Railway sixes, payable Jan. 16 and
Nov. 1, 1895
$3,002,000

Pacitlc Railway sixes,

payable Jan. 1 and

Feb. 1. 1896

,

250,000,000

8,COO,OGO

Pacific Railway sixes, payable Jan. 1,1897. 9,712,000
Pacilic Railway sixes, payable Jan. 1, 1898.29,904,952
Pacific Railway sixes, payable Jan. 1, 1899.14,001,560—
Four per cents, payable July 1, 1907
Total

$194,190,500
.

64,623,512
737,691,550
$1,246,505,562

amounting to $14,000,000 in three
is applied to the payment of naval
pensions exclusively, and $264,800 of four per cent refunding certifi¬
cates, are not included in the table.
It will be seen upon an examination of this fable that there
are $194,190,500 of three per cent bonds now payable at the
The Navy pension fund,
per cents, the interest upon which
Note.

pleasure of the Government. These bonds will probably be
paid within the next two years, even if considerable changes
are made in the tariff; and from 1887 to 1891, when the $250,were made as to legislation which should be enacted to pre¬
000,000 of four and one-half per cents shown by the table
vent this rapid contraction of national bank circulation, and
mature, there will be no bonds which the Government can call
the subject attracted much attention during the last session of
in for redemption.
No doubt the accumulation of surplus
Congress. The most prominent measures were those intro¬ revenue, if it continues to acci'ue at the present rate during the
duced in the Senate by Senators McPherson and Aldrich, and
four years between 1S87 and 1S91, together with the revenues
in the House of Representatives by Mr. Potter.
of 1892, will be more "than sufficient to pay off the four and
The bill introduced by Senator McPherson provided that any
one-half per cents; and from 1S92 until 1907 it will be impossi¬
national banking ass ciation shall be entitled to receive from
ble for the Government to use any of its surplus revenues
the Comptroller of the Currency^circulating notes not exceeding
for the payment of bonds, except at the option of their
in amount the par value of the bonds deposited, and further
holders.
It is apparent that the Government cannot accumu¬
provides that the total amounts of such notes issued to any late and hold its surplus revenues even during the short, period
association shall not exceed the amouut of its paid-in capital
from 18S7 to 1892, without great disturbance to the business
stock. This bill passed the Senate and was favorably reported
interests of the couufry, and much less can it do so during the
to the House by the Banking and Currency Committee, and is
period from 1892 to 1907.
now upon the regular calendar of the House.
In case it should longer
It appears, therefore, that the foregoing considerations
become a law, it would increase the aggregate circulation of
should be given due weight in any plan for the funding of the
national banks upon the b?v§is of the present deposit of United
four per cent bonds maturing in 1907, and the Comptroller
States bonds with the Treasurer in trust to the amount of about
therefore suggests that the principal difficulties of rlie situa¬
$32,000,000, and would increase the profit to the banks on circu¬ tion
may, perhaps, be obviated, as well as the reduction of
lation from two-fifths to three-fifths of 1 per cent per annum.
interest effected, by funding these bonds into others which
No doubt the increased profits which by this bill would inure to
shall mature In proportionate amounts at certain fixed intervals.
the banks would induce those holding fours to continue to hold
Thus the $73S,000,000 of four per cents might be funded into
them, and the profits would probably be sufficient to induce
an equal amount of three or two and one-half per cent bonds,
banks who hold threes tc replace them when called for redemp¬
one-fifth of which, or $147,600,000, to mature at intervals of
tion with four per cents. The passage of this bill seems a
five years; the first instalment falling due July 1, 1897, and
simple and feasible measure of relief to the banks, and while it the remaining instalments of $147,600,000 each on the first
is possible that some bill which provided for the funding of the
of July in the last year of each succeeding period of five years,
high-rate bonds into bonds bearing a lower rate if interest viz.,
1902, 1907, 1912 and 1917. The average maturity of these
would afford more permanent relief,, the bill of Senator McPher¬
five classes of bonds would be. the same as that of the present
son is regarded as an excellent measure by the Comptroller,
four per cents, viz., July 1, 1907.
and would not interfere with any funding bill which might
The surplus revenue could, by this plan, be used after July
hereafter become a law.
1,
1897, and July 1, 1902, as well as after July 1, 1907, in pay¬
The bill introduced by Senator Aldrich provides for the
ing
the public debt ; and it is believed that aDy disadvantage
exchange of four per cent consols of 1907 for three per there
might be to the Government in postponing the payment
cent bonds having the same time
to run.
Under its
of one-fifth of the debt now in fours due in 1907 until after
provisions the Government pays a difference of 15 per 1912, and another fifth until after 1917, would be more than
cent between the four per cents and the threes.
The bill
offset by the benefit derived from the opportunity of paying
one-fifth after 1897 and another fifth after 1902. The reduction
Of these bonds $9,586,260 have been calif d for payment on which
interest ceased on Nov* mber 1, 18a <. If these bonds are not replaced of 1 per cent per annum in the interest, if threes be issued,
by others bearing interest, there will be an immediate further reduction would be a direct benefit to the Government in the same manin circulation of 90 per cent of their amount.
*




December 0, 1884. |

THE CHRONICLE.

provided iu the Alchi;li bill ; but while under that bill
of premium paid by the Government to induce the
acceptance of a three per cent bond payable in 1907 for a four
per cent bond maturing at the same date will be at a fixed rate
for the total amount exchanged, it is believed that in the case
of this proposition the rather larger premium that might have
to be paid in
exchanging threes due in 1897 and 1902 for fours
of 1907 would be more than compensated by the smaller premi¬
ums paid in exchanging the threes of 1912 and 1917 for the
same fours.
In other words, the aggregate amount paid in
premiums in exchanging bonds under the plan now suggested
would probably be not more and possibly less than 15 per cent.
It is important to the success of this plan that in carrying it
into practice each holder of four per cent bonds who accepts
the' proposed threes in exchange should take one fifth of the
amount of his fours in each class of threes. Thus, the holder
of a $500 four per cent bond of 1907 would receive five three
per cent bonds of $100 each, one maturing on July 1, 1897, and
the remaining four on July 1, 1902, 1907, 1912 and 1917, re¬
spectively.
Whatever course may be deemed expedient by Congress in
regard to the funding or future payment of the public debt,
the Comptroller is of the opinion that it is perfectly safe and
will afford great benefit to the public to permit an issue by the
national banks of circulation to the extent of 100 percent of the
par value of the bonds deposited instead of 90 per cent, as
under the present law, and that the present limit of issue to 90
per cent of the paid-in capital stock should also be extended to
100 per cent of such paid-in capital.
Two of the bills already
referred to as introduced at the last session of Congress con¬
tained these provisions. Even admitting that the bonds repre¬
senting the public debt when funded at lower rates might at
times in the future be below par in the market, the Govern¬
ment would, if forced to redeem the notes of insolvent national
banks, always have the right to cancel the bonds on deposit
securing the same, and thus extinguish an amount of its debt
equal dollar for dollar to the notes redeemed. It would also
gain from such notes as are never presented for redemption,
which form a certain percentage in the case of the circulation
of each and every bank, and taking all banks together would
form a large reserve fund.
It is further submitted that the profit on circulation may be
increased to a point which will induce the banks to keep up
their circulation to a maximum, aud stop the contraction of
their circulation which is now occurring, by repealing the law
taxing such circulation at the rate of one-half of 1 per cent
semi-annually. This tax is regarded by many as only a fair
bonus to the Government for the privilege of issuing circula¬
ner as

the amount

dollars, of which at least 2 millions are coined every
the year.
*
•*
*
The exact relative position

633
month of

of silver to gold in the commer¬
difficult to determine. No one can gain¬
say the fact that in our commercial relations with England and
other countries we must, settle our exchanges upon a gold basis.
This being true, necessarily, we can use silver in settlement of
international balances only at its market price. This market
price tests the proportionate value of silver as compared wtih
gold. The present market price of silver throughout the
world shows that the intrinsic value, of a dollar weighing 412}4
grains is about 85*20 cents. The law, therefore, which compels
the coinage of 2 millions of standard silver dollars per mouth
is an arbitrary attempt to make the price of silver more dear
by fixing a ratio between gold aud silver for the people of this
country different from the ratio fixed by the market price,
making the standard silver dollar practically a depreciated cur¬
rency as compared with the gold coin of the country, and with
the legal-tender and national bank notes, which are redeemable
in gold at par.
It has been and still is contended by many that
if the United States as a nation takes strong ground in favor
of bi-metallism and insists upon the recognition of silver as
money, valued in proportion to gold at the ratio of 15/6 to 1,
that its comparative market value can be increased.
The practical working of the silver bill seems to prove the
folly of this position. For some reason or other the intrinsic
value of silver has decreased in a greater proportion than that
of gold.
This reason is exceedingly difficult to determine. In
fact, it is next to impossible to obtain the data and draw the
deductions to ascertain the reason why the changes in the ratio
or proportion of the value of gold to that of silver have invari¬
ably throughout the world been against silver. Some statis¬
ticians assert that the annual increase of gold throughout the
world is at least 1% per cent of the world’s total stock of gold
money, while as to silver it is claimed the increase is only about
1 per cent of the total stock of silver money.*
If this calcula¬
tion is correct, some other reasons than those based on the pro¬
portionate production of gold and silver must be brought for¬
ward to prove that the increased production of silver over gold
has depreciated the value of the former, for there is no ques¬
tion but that the purchasing power of silver, in propor¬
tion to the purchassng power of gold, has steadily decreased
for more than a thousand years. Perhaps one reason for
this depreciation in value is the inconvenience of silver as a
circulating medium as compared with gold. It is proportion¬
ately to value about fifteen and a half times as heavy and
nearly twenty-eight and a half times as bulky.
Whether its weight and bulK be the cause or not, the fact is
tion which the banks receive from it, and in times when the undoubted that in this age of the civilized world the people
Government needed the money and when the profit on circula¬ have a strong distaste to the use of silver as a circulating
tion was comparatively great, this view had much in its favor. medium in the form of coins weighing four hundred grains or
But under existing circumstances the Government should in more.
The law which stamps 41236 grains of silver and arbi¬
justice either enact laws which will make the issue of circula¬
tion.a real privilege, or it should remove the tax, which under trarily insists upon its circulation as a dollar, with unlim¬
present laws is fast becoming prohibitory. As it now stands, ited legal-tender qualities, when its true value as indicated
the Government is exacting a bonus for a privilege which no by
the market price of silver is but 85'2 cents, is
longer exists, and the inevitable consequence of the continued uuworthy of this nation, and will sooner or later bring upon
collection of the tax without measures of relief in other direct¬ us financial trouble aud disgrace. The practical working of the
ions will be the gradual retirement of this form of circulating silver coinage act has established the fact that the public do
not readily accept, circulate, and do business with these stan¬
medium.
In order to insist upon the arbitrary value
The expenses of keeping up the national banking system by dard silver dollaTS.
the Government are at present paid in part from the proceeds which has been fixed upon silver by law, Congress has ingen¬
of this tax and in part by assessment on the banks.
If the tax iously arranged to permit the people to deposit their incon¬
be abolished, all of these expenses should be paid by the last- venient silver coins in the Treasury of the United States and
named method. Under the li^ad of “Taxation,” on page 65, obtain therefor certificates which represent a certain number of
will be found a detailed statement of the amount received these dollars. These certificates, being a convenient circu¬
from the tax on circulation and of the very small proportion lating medium, were first used for shipments from commercial
used in payment of expenses of the Government in keeping up centres to the South aud West for the purpose of supplying
t he system.
currency for moviug the crops.
As legal tender and national
In concluding this subject the Comptroller wishes to have bank notes are frequently in limited supply during the fall
it distinctly understood that he is not in favor of any meas¬ months, the convenience of obtaining these certificates and
He is of the opinion that thereby .saving express charges «>n gold which would otherwise
ure which will cause inliation.
have to be shipped has caused the circulation of many millions
the present aggregate paper circulation, made up of legaltender and national bank-notes and of gold and silver certi¬ among the people of the country.!
The public, who daily
ficates, is ample for all the needs of business. He believes, receive and disburse these certificates, hardly realize that the
however, that the sudden contraction of national bank circula¬ .intrinsic value of the silver which is represented oy a $1U sil¬
tion, which without appropriate legislation is imminent, will ver certificate is but $8 52; neither do they realize that the cer¬
seriously embarrass the business of the country, and that if tificate is not a promise to pay on the part of the United States
this contraction is permitted to go on, it may result in the but simply a promise to return to the bearer ten 41236-fcU&in
silver dollars.
entire discontinuance of the issue of notes by national banks.
If it is for the best interests of the United States to issue a
The Comptroller believes that this form of currency, which can
be increased or diminished in accordance with the natural laws circulation based upon silver, the Comptroller believes that the
which control business, should be continued in preference to circulation should be issued upon coin or bullion which contains
any other now permitted by law.
If at any time tne aggregate a sufficient number of grains of silver to have an intrinsic
of outstanding paper becomes too great, reduction should be value equal in the markets of the world to its nominal value.
made by retiring the direct issues of the Government, in view *
*
*
*
*
*
*
*
*
*
of the fact that the most eminent authorities in finance
SECURITY FOR CIRCULATING NOTES.
agree that such direct issues are in the long run highly detri¬
mental and fraught with danger.
During previous years there have been many changes in the
A bank circulation as well
secured and convenient as that of the banks in the national classes of United States bonds held by the national banks as
system, with a credit so deservedly well established in the minds security for their circulation, owing to the' payment or refund¬
of the people, should not be permitted to go out of existence.
ing or extension of the different issues of 5 aud 6 per cent
bonds, bearing interest at 4/6, 4, 3)£ and 3 per cent.
CIRCULATION BASED ON SILVER.
The amount of United States bonds held by the Treasury as
Notwithstanding the fact that the national banking circula¬ security for the circulating notes of the national banks on the
tion of the country has been reduced about 24 millions during
1st day of November, 1884 is exhibtedin the following table:
the past year, on account of the redemption and payment of
the 3 per cent United States bonds, held as security for the
Mr. 8. Dana Horton.
t From information derivedf rom the Treasurer of the United States,
same, and is likely to continue to be reduced as the debt is
is is found that silver certificates i-sued at the bub-Treasuries in the
paid, the circulating medium of the country has been increased West and South, on deposits of gold coin, with the Assistant Treasurer
by the issuance of silver certificates under the act of February of the United 8tates at New York from September 18, 1«80, to October
28,1878, these certificates being issued upon standard silver 31, 1684, amounted to $69,625,500.




cial world is extremely

*

THE CHRONICLE.

684
Class of Bonds.

.nt/rst.

Authorizing Act.

! Per Cf.
4^
4
3
6

Funded loan of 1391.. July 14/70 ^ Jan. 20/71 i
do
Funded loan of 1907..
do
|
Fund. In of July 12/82 July 12. 1882
j
Pacific Railway bonds July 1, 1862 & July 2/64;

r

Total

Amount.

116,705.450

155,604,400
3,469,000

■

During the year 1871, and previous thereto, a large portion
of the bonds bore interest at the rate of 6 per cent, and until
the year 1877 all of the bonds bore interest at either 5 or 6 per
cent.

The 5 and 6 per cent bonds in the year 1881 entirely disap¬
peared from the list of these securities, with the exception of
3% millions of Pacific sixes, and at the present time more than
47‘8 per cent of the amount pledged for circulation consists of
brnds bearing interest at 3 per cent only, and the remainder,
w.th the exception of $3,469,000 of Pacifies, bear interest at the
.

ate of 4 and 4/£ per cent.
AMOUNT. OF UNITED STATES BONDS HELD BY THE NATIONAL BANKS
AND

BY BANKS ORGANIZED

UNDER

STATE LAWS.

Through the courtesy of State officers the Comptroller has
obtained official reports made to them under State laws b.v State
banks in twenty-two States, by trust companies in five States,
and by savings banks in fourteen States, at different dates dur¬

ing the years 1883 and 1884, and from these returns the follow¬
ing table has been compiled:
Held by
Held by
Held by

817 State banks in twenty-two States
35 trust companies in tive States
(536 savings bank in fourteen States

$2,337,70.")
23,371,081
196,220,202

Total

$221,934,991

The interest-bearing funded debt of the United States was,
.November 1, 1884, $1,206,475,600. The total amount of
bonds held by the national ($342,156,300) and State and savings
banks and trust companies ($221,934,991) is nearly one-half of
on

the

interest-bearing debt.

The amount of United States bonds

held by

given by geographical divisions for the
and 1884,

follows

as

Geographical
Divisions,

Eastern States.1
Middle States
southern States
Western States.
Pacific States

1882.

$40,468,340
176,373,880
1,073,460
5,735,5 1 8
14,374,332

..

..

,t

Total

State banks is

1881, 1882, 1S83

:

1881.

i

years

1883

obtained from the reports of State officers; but the amounts
held by State and savings banks have not greatly differed.
THE

$19,537,450

1S84.

[Vol. XXXIX.

FINANCIAL

CRISIS OF MAY.

Owing to the large number of mercantile failures which had
occurred during 1883, considerable financial uneasiness was felt
at the beginning of 1884, and the year opened inauspicionsly,
by the appointment on January 1 of a receiver for the New
York & New England Railroad.
Following closely upon this
failure were the troubles of the Oregon & Trans-Continental
Company, and the appointment on January 12 of a receiver for
the North River Construction Company.
The months of Feb¬
ruary, March and April were characterized by many commer¬
cial failures, rumors affecting the credit of various corpora¬
tions, and a still further depreciation in price of stocks and
bonds, and in fact of all products and commodities.
This feeling of uneasiness and of uncertainty as to values
culminated on May 6 with the failure of the Marine National
Bank of New York, whose President was a member of the firm
GraDt & Ward.
The failure of this firm immediately fol¬

of

lowed, and owing to the prominence of

some

of its members and

its large liabilities, exceeding $17,000,000, its failure caused
great excitement, that bad not subsided when, on May 13, the
President of the Second National Bank of New York was dis¬
covered to be a defaulter to the extent of $3,185,000. Although
this defalcation was immediately made good by the directors
of the bank, and did not result in its suspension or failure, such
a shock was given to credit, and to the confidence of the public
in all institutions and firms supposed to have loaned money

such railroad and other securities as had greatly decreased
managers were supposed to be directly or
indirectly interested in speculation in Wall Street, was so
shaken that there was great pressure to sell stocks and securi¬
ties and an active demand on the banks for deposits.
This condition of affairs culminated on May 14 in the suspen¬
upon

in value, or whose

the Metropolitan National Bank, the failures of Don¬
nell, Lawson & Simpson, Hatch & Foote, and, several other
These failures were followed on May 15
bankers and brokers.
by that of the Newark Savings Bank, and by the suspension of

sion of

& Hatch and others. Failures and suspensions continued
through the months of May and June, including those of the
Wall Street Bank, the Philadelphia & Reading Railroad, the
West Shore Railroad, of C. K. Garrison, M. Morgan’s Sons, and
Fisk

of other bankers and brokers.

$42,607,248 $37,390,819 $30,800,938
197,135,230' 182,84.7,5831 188,640,523
646,500
96,750
263,350,
3,105,024
3,369,414
2,390,780
1
7,743,973!
20.020,175
(*)

$233,525,539. $2(53,400,426 $24 ! .7 12.909 $221,934.991

*

The United States bonds held in the Pacific States are not included
in the above table, as the returns for 1884 did not separate United States
bonds from other bonds held.
It is estimated that the aggregate
amount held is $18,000,000, the estimate being based upon the propor¬
tion of United States bonds to the total amount of bonds held in these
States in 1883.

The suspension of the Metropolitan National Bank on May 14
caused great excitement. All stocks and securities called upon
the New York Stock Exchange were greatly depreciated under
the pressure to sell, and it was practically impossible for the
banks to collect their call loaus, as their borrowers could not
obtain money
neither could

and

by sale of their securities except at ruinous rates;
they borrow elsewhere; and it was impracticable

impolitic to throw the

mass

of securities held

as

collateral

the call loans of the associated banks upon the market.
it had been done it is probable that a suspension of gold

If
and
currency payments by the banks throughout the country would
have followed the general panic that would have ensued.
In
In previous reports the Comptroller has given the amount of this
emergency the members ot the New York Clearing House
United States bonds held by banks organized under State laws, Association, realizing that an immediate demand for
deposits
and by private bankers, as returned to the Commissioner of would be made by their
country correspondents, called a meet¬
Internal Revenue for purposes of taxation. The tax on deposits ing at the
clearing house on the afternoon of May 14, and the
and capital having been repealed, no further returns of this
following plan for settling balances at the Clearing House was
kind will be available.
The last returns to the Commissioner
unanimously adopted : * * *
for the six months ending November 30, 1882, and from
these returns the following table has been compiled for the pur¬
were

pose
year

of comparison with previous tables presented since the
1880:
Amount Invested in United States Bonds.

Geographical Divisions. By State b’nks,
private l/kcrs

By savings

and trust

banks.

After consultation with the officers and directors of the Metro¬

Pacific States and Ter\s.

....

Middle states.
Southern States
Western States
Pacific States and Tor’s.

United States

$3,737,093
20,501. >3 4

$37,693,200

2,541.991
8,1 37,554

1,000
2.474.557

3,883,816

2.717,904

$41,430,293
166,865,989
2,542,991
10,61 2,111
6,601,720

$38,865,238

$189,187,816

$228,053,104

$2,985,496
21,908,703
1.707,702
6,734,94s

$36,640,795
168,617,049

$39,626,291

146,301,155

4,984,313

21,689
2,689,447
6,911,198

$38,321,162

$214,880,178

190.525,752
1.729,391
9,424,395

11,895,511
$253,201,340

\

....

Middle States
Southern States
Western States
Pacific States and Ter’s.

United States
November 30, 1832—
New England States
Middle States.
Southern States
Western States
Pacific States and Tor’s.

$2,614,895

$37,046,625

i.O.576.823

189,775,842

1,802,940

$39,691,520
210,352,665
1,-62,946

7,099,874
5,897,637

12,851.605

$38,082,175

$242,028,782

$280,110,957

$2,501,497
19,735,310

$34,274,199
179,131,959

$36,775,696
198,867,299

1.147,881
6,528,666
5,731,749

2,143,118
14.380.007

1,147,881
8,671,784
20,161,756

$35,695,133

$229,929,283

$265,024,416

2,354,710

9,454,584
18,749,242
*

The data which have heretofore been obtained from the
Commissioner of Internal Revenue included the returns from

private bankers, and were, therefore,




committee of examination was appointed
ascertain if some plan could not be
arranged to permit it to open again for business. The greater
part of the securities of the bank were found to be of such a
character that loan certificates could safely be issued upon
them, and in this way the Metropolitan National was enabled
to resume business on May 15 and settle its balances at the
Clearing House. The prompt action of the members of the
associated banks and the resumption of the Metropolitan
National Bank greatly assisted in allaying excitement and stay¬
ing the panic, and although confidence was not immediately
restored, and although the banks in the city of New York were
largely drawn upon by their country correspondents, reducing
their reserve for a time below the 25 per cent limit prescribed
by law, and although on account of the great depreciation of
values and the stringency of the money market occasioned by
the want of confidence other failures of State banks, private
to

New England States
Middle States
Southern States
Western States

United States

nity, resolve:
That a committee of five he appointed by the clmir, to receive from
banks members of the association bills receivable and other securities
to be approved by s <id committee, who shall be authorized to issue there¬
for to such depositing hanks certificates of deposit bearing interest at 6
per cent per annum not iu excess of 75 per cent of tlie securities or bills
receivable so deposited, except In case of United States bonds, and said
certificates shall be received in settlement of balances at the clearing
house.

politan National Bank,

May 31, 1880—

May 31. I8s2—
New England States

Resolved, Th.it in view of tlio present crisis, the banks in this associa¬
tion, for the purpose of sustaining each other ami the business commu¬

Total.

companies.

United States
Mav 31, 1331—
New England States

to

more

visit the bauk and

bankers and

a

to

mercantile

firms occurred

in

New

York

and

throughout the country, there was no suspension of goid and
currency payments at any point, and the issue of loan certifi¬
cates was confined to the banks of New York City, which weresoon
enabled to collect their loans and make good their
reserves.

The crisis of

May, 18S4, seems to have been even more unex¬
pected to the country than that of September, 1873. Although
many conservative people had predicted that the large increasein
railroad and other securities, and the general inflation which
had been going on for a number of years would bring financial
troubles and disasters to the

country, it

was

nevertheless gener¬

complete than those ally believed that the depreciation of values and the liquida*

THE

^December 6, 1884. J

635

CHRONICLE.

for many months, and balances at the Clearing-House could not restore confidence.
doing business upon a There is little doubt but that the prompt action of the asso¬
ciated banks in
last in issuing these loan certificates had a
gold basis, that the prices of all commodities were already very most excellent May
effect not only in the city of New York but
low, that an increased area of territory was under cultivation,
and that the prospects were excellent for good crops, together throughout the country. The greatest amount of these certifi¬
with the larger distribution of wealth throughout the Union, cates outstanding on any one day was on May 24,1884, when
would prevent a repetition of the panic of 1873.
This general they amounted to $21,885,000. After that date they were issued
belief was measurably correct, as the panic or crisis was con¬ in limited amounts only, and on June 7 their further issue was
fined principally to New York City, although its effects were discontinued.
Of the eighty-two banks, members of the Clearing-House
more or less felt in all parts of the country, and the liquidation
Association,
only twenty took out these certificates, and several
resulting therefrom has not yet been fully completed.
tion which had already been filing on
the further facts that the country was

******w**

considering the financial troubles of May, 1S84, in the city
New York, the Comptroller desires to call attention to the

In

of
fact that while many banks and private banking firms of excel¬
lent repute failed, but one association organized under the

national bank act failed, and but one suspended.
The liabilities of State banks and private bankers failing

the

of

banks

taking them out did so simply as a precau¬
and did not use them. The total amount
issued was $24,915,000, and about $7,000,000 of these were
issued to the Metropolitan National Bank. On and after June
10 balances at the Clearing-House were paid in lawful money.
The principal security on which these certificates were issued
tionary

so

measure

consisted of mercantile paper.
On July 1 all of the loan certificates,

during the month of May in the city of New lurk it is esti¬
mated exceeded in the aggregate 32 million dollars, while the
liabilities of the only national bank in the same category was
about 4M millions, no loss to the public occurring through the
national back which suspended.
Upon learning of the defalcation at the Second National
bank on May 14, and when it was apparent that a financial
crisis was imminent in the city of New York, the Comptroller
ordered expert and reliable examiners to the assistance of the
national bank examiner stationed at New York in order to pro¬
tect the public.
The examiners were instructed to exercise the
utmost caution and vigilance, and to visit any of the national
banks that appeared to be in trouble, or where violations of law
or irregularities were suspected.
They were especially in¬
structed to report any criminal irregularities or violations of
section 5209.
Before permitting the Second National Bank,

with the exception of a
portion of those which had been issued by the loan committee
to the Metropolitan National Bank, had been returned to the
committee and canceled and the securities taken up.
This
bank had been compelled, owing to its suspension and the lack
of confidence which was caused thereby, to liquidate almost its
entire deposit account, having reduced its deposits from
$11,294,000 on May 15 to $1,338,000 on September 30. Owing

the bank to the Comptroller, the examiner remaining in charge
until the plan was carried into effect and the bank permitted to

15,1884, to October 3, 1884

to this enormous liquidation of deposits, the Metropolitan Na¬
tional Bank was unable to collect its loans and realize upon its
securities with sufficient promptness to cancel its loan certifi¬

these certificates bear interest at 6 per
by a deposit of ample collaterals, as here¬
tofore stated, the associated banks were willing to carry them
as loans, and on October 3, 1884, were still carrying $5,290,000
of the certificates issued to the Metropolitan National Bank.
whose President had misappropriated over three millions of its Since that time this bank has gone into voluntary liquidation,
funds, to open for business, the defalcation was made good and these certificates will be paid and canceled as rapidly as the
under the supervision of the examiner. The plan of resump¬ collection of the securities upon which they are based can be
made.
tion for the Metropolitan National Bank, by obtaining loan
The following table shows the aggregate issuance and cancel¬
certificates of the New York Clearing-House Association upon
lation
of Clearing-House certificates from day to day from May
its securities, was also submitted by the examiner in charge of
cates by
cent and

During the crisis in New York, bank examiners throughout

suspected of irregularities.
They were furtlit-r instructed to
report promptly by telegraph any matters of importance which
might occur in their respective districts.
The Comptroller desires to call attention to the fact that only
eleven national banks failed in the United States during the
year ending November 1, 18S4, although more than one hun¬
dred banks and bankers other than national failed during the
same period.
The records of this office show that many of the
transactions of the national banks which failed, including the
Marine and Metropolitan national banks of New York City,
were looked upon with disfavor, aud that these associations as
a rule had been frequently reprimanded for irregularities dur¬
ing the past few years. None of the disclosures made by the
examiner’s reports, however, gave the Department an adequate
idea of the dangerous character of the busiuess which was being
carried on by the Marine National Bank of New York, and this
is not singular, as the directors of the bank, as will hereafter
be seen, were equally deceived in regard to the situation.
Further information relating to this and other matters per¬
taining to the banks that have failed during 1884 will be found

May
May
May
May

As has been

stated,

a

meeting of the members of the New

York Clearing-House Association was held on May 14, 1884, to
consider what measures could be adopted to protect the reserves
of the associated banks and to prevent suspension of gold and
currency payments in New York.
Resolutions were there adopted,

which

are

given elsewhere,

authorizing the issuance by the loan committee of the ClearingHouse Association of what were termed Clearing-House loan
certificates, of which the following is a copy :
[$10,000.

No.—.]

of the Xcir York Cleariun-House Association.
Xcw York, May 15,1884.
This certifies that the
National Bank lias deposited with the
committee securities in accordance with the proceedings of a meeting
of the association held May 14.1884, upon which this certificate is issued.
This certificate will be received in payment of balances at tin* ClearingHouse for the sum of ten thousand dollars from any member of the

:

Canceled.

Issued.

j

May 15
May 16

1
6,885,0(10
i
(J^ToiOOO
! ' 1,190,000

17
19
20
21

Outstanding.
$3,820,000

$

$3,820,000

i

10,705,000
17,445,000
18,435,000
20,385,000
20.165,000
21,725,000
21,865,000
21.885,000
21,470,000
21,650,000
21.200,000
2 • ,500.000
20,735,000
20,715,000
10,725,000
10,605,( M M>
18,640,01 >0
0,570,000

200,000

1,950,000
:

800,000

580,000
1,560,000

•

May 22

iJbjooo

May 23
May 24

i

May 26

j
|

610,000

j

335,009
70,000
40,000

400,000
1,100,00:
90,000
1,030,000

85,000

1,050,000

May 27

i

May 23..
June 2
June 3
June 4
June 5
June 6
June 6 to July 1
Julv 1 to August l
August L to September 1

September 1 to October 3

160,090

180A00

1

415,000
460,000
450 OOO
'

j

120,000

;

9,070,000

!

2,850,000
1,220,000

i

210,000

6,720.000

5,500,000
5.290,000

1 $24,915,000 $19,672,500
As has been stated, loan certificates were issued during the
panic of 1873. On September'20 of that year resolutions* were
adopted for the issuance of these certificates, as follows :
Canceled.

Issued.

under the head of national bank failures in this report.
CLEARING-HOUSE LOAN CERTIFICATES.

as

secured

are

Date.

resume.

the country were directed to exercise the utmost vigilance in
the districts to which they were assigned, to visit any of the
national banks which appeared to be in trouble or which were

July 1, and

Sept. 22 to 29, 1873... $22,080,000
Get. 1 to 29, 1873
3,205,000
Nov. 1 to 20, 1873
1.2s0,000

Get. 3 to 31, 1873
Nov. 3 to 29, 1873....

31, 1873
Jail. 5 to 11, 1871
Dec. 1 to

$26,565,000

$5,370,000

8,235,000
12,020,000
940,000
$26,565,000

Upon comparison it will be seen that the issue of loan certifi¬
cates} during September, October and November, 1873, ex¬
ceeded the issue of May and June, 1884, by only $1,650,000.
NATIONAL BANK

FAILURES.

placed in the hands of receivers
ending November 1, 1884, viz.:

Eleven banks have been

during the

year

Loan Committee

Clearing-House Association.

On the surrender of the certificate by the

depositing bank above named, the committee will indorse the amount
a payment
on the obligation of said bank, held by them, and sur¬
render a proportionate share of collateral securities held therefor.

as

J- Committee.

|
j

These certificates were to be issued to banks who were
members of the association upon their securities or bills receiv¬
able, at the rate of 75 cents on the dollar. By the co-operation
of all the members of the Clearing-House Association, the cer¬
tificates were accepted in payment of balances at the ClearingHouse. Similar resolutions were adopted and certificates issued

during the panic of 1873, but this




of relief was not
such proportions that
banks in settling their

measure

taken until after the panic had assumed
their use and the consequent relief to the

.

Capital.

Name of Bank.

First National Bank of Leadville, Col
$00,000
100,000
City National Bank of La wreiiceburgh, Did
100,000
First National Bank of Saint Albans, Vt
First‘National Bank of Mmimouth, III
75,000
400,000
Marine National Bank of New York, N. Y
Hot, Springs National Hank of Hot Springs, Ark.3 50000
Richmond National Bank of Richmond, Hid
[250,000
First National Bank of Livingston, Mont
) 50.000
First National Bank of Albion, N. Y
100,000
First National Bank of Jamestown, Dak
50,000
Logan National Bank of West Liberty, Ohio
50,000
....

Receiver ap¬

pointed.
Jail. 24, 1884

Mar. 11, 1884

Apr. 22, 1884
Apr. 22, 1884
May 13, 1^84

June 2, 1884
July 23, 1884

Aug. 25, 1884
Aug. 26, 1884

Sept. 13, 1834

Get. 18,1884

One of these, the City National Bank of Lawrenceburgh,
Ind., had previously been placed iu voluntary liquidation by

vote of the shareholders;; owning two-thirds
failed to pay its depositors on demand.
*

of its stock, but

printed in the Comptroller’s report for 1873.
Comptroller is indebted to Mr. W. A. Camp, manager, and Mr.
i open, chairman of tin-Loan
Committee of the New York Clear
House, for valuable information regarding t in* issue, of loan eertitt

\ hese. resolutions were

t The
I' D. T
mg
eates.

K3t>
*

THE CHRONICLE.

*

********

It is difficult to
determine, in the case of this
what
brought about its suspension. From the informationbank,
which the
Comptroller has, however, it appears that
the President of the
Metropolitan National Bank had the credit, at least, of
a very
large speculator. He was supposed to be a man ofbeing
very
large means, and was interested in many
enterprises
which
required the use of large sums of money. The
general liquida¬
tion in railroad and other
securities which has been
going on for
the past two years had no doubt

The failures of national banks
during the
1, 1884, have been more numerous than for ayear ending Nov.
number of pre¬
ceding years, and this is not. surprising
considering
the great
depreciation in values and the consequent general
liquidation,
which has resulted in failures
among traders and others having
an
aggregate indebtedness of about $200,000,000, as
nearly as
can be estimated.
*

*

*

*

*

*

*

*

*

*

The most notable national bank
failure of the year in the
United States was that of the Marine
National Bank of the
city of New York, which closed its doors about 11 a. m. od the
6th of May. The bank examiners of
the city of New York
immediately took possession of the bank and found that it had
been indebted to the
Clearing House that day in the sum of
$555,000. The^ examiner also found the
account of one firm
overdrawn on the books of the bank to
the amount of $766,570 14.
Upon further examination it was found that this firm
owed a total of about
$2,430,500, being more than six times the
capital of the bank. A portion of this indebtedness was in the
names of other parties—clerks in their office
and relations of
one of the firm.
How far the officials of the bank
are crimi¬
nally responsible for these matters is a
subject now under
investigation in the courts. The Comptroller finds from the
report of the examiner that this fiim had three
different
accounts with the bank—a
private account of a member of the
firm, a general account and a
special account. It appears,
from an examination of the
transcript
of these accounts, that
on
May 5 their special account was overdrawn
by certified
checks $383,402 07, and that on the
same day their general
account was also overdrawn. It is
apparent, therefore, that the
bank had violated the law in
regard to certifications

the President

It

were

lost

on

of this

to

an enormous
extent, they also made very
heavy deposits
day to day, and it will, perhaps, be very difficult
to furnish
evidence proving
conclusively
that the checks were certified
before the deposits wrere made.

An examination of the minutes of
the bank shows that on the 11th

days before the failure
tion

the board of

directors of

day of April, 1884, twenty-five

of the bank, the committee of
examina¬
appointed by the board of directors
reported that they

had examined the securities,
counted the bills and specie, and
examined the balances on the
ledgers of the bank, and found
the recorded statement of the 7th of
April, 1884, to be correct.
The minutes further show that the
directors were in session
about an hour before the bank
closed.

They apparently had

no
suspicion of the state of its affairs, and voted to discount
certain offerings of commercial
paper ; and within half an hour
after the adjournment of this
It would seem, therefore, that meeting the bank closed its doors.
the board of directors was
grossly
deceived as to the true state of affairs.
In this connection I desire to
state that the records of the
Comptroller’s office show that many of the transactions of
the
Marine National Bank of the
of New York have been
looked upon with disfavor, and city
that the as>ociation - had been

defalcation

was

sus¬
pend. and is going-on with its business in a solvent
condition.
As far as this office is
advised, the President used the
speculations in Wall Street, and was able to conceal money in
the fact of

his misappropriation of the funds
of the bank
the se-urities being
kept in a vault located at
from the regular

banking

Twenty-third Street

rooms; which

and

are

on

on

account of

some

the

distance
corner

of

Fifth Avenue. It
appears that the
President had access to these securities without
check or hin¬
drance, and used them to obtain money for his own

carried

from

loaned
to parties who
interested with himself, all of whommoney
were assumed to have

immediately guaranteed and the money paid in
the direct¬
ors.
Owing to this prompt assistance ‘ the bank by
did not

good his account.
A further examination of the
various accounts of the firm
shows that while the certification
of their
was

was

largely by this depreciation of
culated which excited distrust and property, rumors were cir¬
suspicion against his bank
and caused the run
upon it which resulted in its
suspension.
Reports of examinations do not disclose
any overcertification of
checks, and I cannot conclude that
irregularities of this kind
had anything to do with
bringing
about
the suspension.
The Metropolitan National Bank
was examined on
April 28,
1884. The examination disclosed
certain irregularities, and a
letter was promptly written to the
bank, requiring the correc¬
tion of the
irregularities, and forbidding the declaration of
any
further dividends until this had been
done. While this letter
was
acknowledged, the matter was pending at the time of the
suspension of the bank.
The trouble at the Second
National Bank of the City of New
York grew out of a defalcation
amounting to $3,185.0*00 by the
President of the bank. The amount

is

checks

affected the properties in which

interested, and the public having become
suspicious, and apparently believing that he \vas
a large bor¬
rower from the
bank, and had

by permit¬
claimed, however, by the officers
of the bank that these certifications
were made
against secu¬
rities which were
subsequently
obtained from the bank by one
of the firm upon his
representations that lie had obtained a
loan upon them elsewhere,
and would make
ting these overdrafts.

[Voi. XXXJX.

private spec¬
In the matter of the failure of
the Marine National Bauk of
New York, and the defalcation at the
Second National Bank of
New York, it appears
from the information on file in this office
that there have been not
only irregularities, but violations of
Section
ulations.

5,209 United States Revised

Statutes.
The United
States District
Attorney at the
of New York is in commu¬
nication with the national bankCity
examiner and the receiver of
the Marine National Bank in
regard to these matters, and the
facts, which have been submitted to this
office, the Comptroller
has formally transmitted to the
Attorney-General of the United

States through the
Secretary of the Treasury.
Since the commencement of the
national banking system 100
banks have been placed in the
hands of receivers, 474 banks
have voluntarily closed their business
by the vote of share¬
holders owning two-thirds of their
stock, under the provisions
of Sections 5,220 and
5,221 of the Revised Statutes of the
United States, and the
corporate existence of 15

expired by limitation.
9 had been

banks has
Of the banks in the hands of
receivers

previously placed in voluntary liquidation by their
stockholders, but failing to pay tlieir depositors,
receivers were
afterwards
reports of examinations of the bank made affairs. Of appointed by the Comptroller to wind np their
the 100 banks placed in the
to this office,
however, disclosed any violations of the law for¬ have
hands of receivers, 63
been finally closed,
bidding the cvercertification o£ checks, or gave the
leaving
37 still in process of settle¬
department ment; 21 of which, as has been seen are
any adequate idea of the
dangerous character of its loans, and pending
awaiting the results of
this is not suprising, the directors
litigation, leaving about 16 receiverships
of the bank
only in active
having
been
operation.
equally deceived in regard to the situation.
The
loss
to
creditors
After reviewing th i information in
of national banks which have been
his possession, it seems in the
placed
hands of receivers
to the
Comptroller that the failure of th^ Marine National
during the twenty-one years that have
elapsed since the passage of the act of
Bank is in consequence of the board of
directors having chosen near as can be
February 25,1863, as
for their President a man who
estimated, including dividends which will
was
willing
to
his
own honor
proba¬
risk
and the funds of the bank in
bly be hereafter paid, has been about $8,266,000. The annual
speculation. He joined with him¬
average lo^s has been, therefore, about
self another, who is now in Ludlow
$400,000 in the business
Street Jail under indict¬ of
corporations having an annual
ment, and who was also a member of the
average capital of about $450,board of directors of
000,000, and which have been responsible for the
the bank.
While it is true that the final failure
has shown that of
safe-keeping
deposits in their hands, averaging
there were overcertifications on the
last day, the Comptroller
constantly over $800,000,000,
or about one-twrentieth of 1
judges, from the information which he has received,
per cent of annual loss to depos¬
that the itors.
bank had been for
frequently reprimanded for irregularities
during the past few
None of the
years.

a

the certifications

nership.

long time

were

in the power of the firm to whom
granted, through the President’s copart¬

This matter was carried to
of the firm to have access
to, and

The total amount
paid to creditors of insolvent national banks
to

amounts

the extent of

permitting
free disposal
of. the securities left as collateral to apparently
his loans, and, so far as
actual results are
concerned, he might as well have had the
combinations of the cash vaults of the
bank and helped him¬
self to their contents.
one

The Metropolitan National Bank
suspended and closed its
doors about noon on
May
14, and opened again for business
at 12 o’clock on the
following day, the bank examiner remain¬
ing in charge of the bank during its
suspension.
He also re¬
mained at the bank
during the first days of its resumption,
and has
frequently visited it since, and forwarded reports as to
its liquidation of
deposits. Before permitting the bank to
resume business the
Comptroller received assurances from the
examiner that the bank was
solvent, and also received telegrams
from the President and chairman on
loans
of the New

York
Clearing House, stating that in their
opinion
the
bank
was
solvent and

should be permitted to

resume.

The bank is

now

(dosing its affairs, having arrauged to pay its
depositors in full
and gone into
voluntary liquidation under sections 5.220 and
5,221 of the United States Revised
Statutes.




$23,499,522,

$38,489,810.
The dividends
the

so

proved claims.

far

upon

proved claims amounting to

paid thus equal about 61 per cent of
amount paid
during the year was

The

$1,720,850.
Assessments amounting to
$8,901,750 have been made upon
the stockholders of insolvent
national banks for the

purpose of
enforcing their individual liability under Section 5,151
of the
Revised Statutes, of which
$3,633,957 has been collected—
$2s2,678 during the past year.

Whenever the failure of a national bauk
has disclosed crim¬
inal violations of the National
Bank act on the part of officers
or
director*, or whenever the reports of national bank examin¬

.

have disclosed similar
violations, all the evidence procured
pertaining to such transactions has been
communicated to the
Department of Justice through the proper
channels, and receiv¬
ers

and examiners have been
instructed to furnish all assistance
in their power to the
United States
ers

attorneys in the several dis¬
tricts.
It is the intention of the
Comptroller to rigidly enforce the
Bank act, and to call the
attention of the Department of Jus¬
tice to any criminal violations
of the same, but
experience has

December

THE

6, *^4.j

CHRONICLE.

proved that it is difficult, not only under the Bank act, but
generally under criminal statutes, to always obtain sufficient

evidence to convict offenders.
The Comptroller is of the
opinion that, with a few exceptions, the National Bank act has

adequate provisions for the prosecution and conviction of those
lay themselves open to its penalties. As stated elsewhere,
bank failures are not so much due to the inadequacy of the
law as to the failure on the part of the directors to maintain a
proper supervision of the affairs of their associations and of the

who

conduct of their officers.

*

*

*

,

*

_

BANK

*

*

*

*

*

*

throughout the country,

and the consequent failures of national ana State banks, have
called the attention of the public to the official examination of
banks as conducted under the authority of the National Bank
act, and under various State laws.
The National Bank act provides for the issue and regulation
of a national currency secured by Uniled States bonds, and
provides, also, for a banking system, in order to facilitate the
issue of this circulation.
It contains provisions bestowing cer¬

privileges upon the banks organized under it, and provides
many safeguards for the public by imposing on these banks
such restrictions as the history of banking throughout the
world has seemed to indicate were of a character to create a
safe and permanent banking system.. This law has been
tain

amended and improved from time to time, but it is not to be

supposed that the national banking sys era is absolutely per¬
fect, nor that imprudent banking under it can be altogether
prevented.
In order to enable him to ascertain if the provisions of the
law are followed, Section 5,240 Revised Statutes authorizes the
Comptroller to appoint suitable persons to make an examina¬
tion of the affairs of every national banking association.
It has
been customary from the establishment of the system to have
a

regularly appointed examiner visit each national bank

least

at

year, in many cases twice a year, and when deemed
necessary, even more frequently.
The examination of national
once a

banks is- conducted by the examiners in
accordance with
iDstuctions issued
from
this office, which instructions,
both general and specific,
have grown with the growth
of the system.
The first general instructions to examiners were
issued September 15, 1864, by the Hon. Hugh McCulloch, then

Comptroller of the Currency,

and as the Bank act has
amended and revised these instructions have been
altered as circumstances seemed to warrant.
It has been the
aim of the Comptroller to increase the efficiency of the exami¬
been

nations by carefully noting the causes that have in particular
cases led to the suspension or failure of
natioual banks, and

calling the attention of the examiners to these causes, suggest¬
ing such methods of examination as seemed to be best cal¬
culated to prevent repetition of such disasters, and to expose
violations of law which led to the same.
This official inquiry into the affairs of a national bank does
not end with the mere inspection of the cash, bills receivable,
books and accounts of the association, but the examiners are

instructed to closely scrutinize the business of the bank, to in¬

vestigate the standing and fitness for their positions of the
persons to whom the management of the affairs of the associa¬

tion

are

intrusted, and

the

manner

in which the business is

usually conducted, whether prudently

or otherwise; to ascer¬
tain as far as possible the character of the loans and discounts
of the bank, and what losses, if any, have been or are likely to

be sustained.
•
The examiner is also instructed to ascertain how frequently
the board of directors meet together to consult in relation to
the affairs of the bank, and to discover, if possible, any mal¬
feasance in office or willful neglect of business on the part of
the management; and is moreover particularly instructed to

report to the Comptroller whether any excessive accommoda¬
tions are granted in violation of Section 5,200 Revised Statutes,

and to note if the officers of the bank are
borrowing largely
from the association; to - ascertain the customary state of the
lawful money reserve by examining the daily statements for

time previous to the examination; whether or not the
bank borrows money to loan again; and in short, to discover
and report to this office all violations of law7 of whatever char¬

some

acter.

Upon receipt of the report at, this office all matters above
as maybe referred to therein, are
carefully reviewed and considered, and the directors of the
bank are immediately notified of all violations of the law, and
they are required to have the same promptly corrected. The
attention of the directory is also specially called to the reform

mentioned, and such others

of such matters as are deemed detrimental to the
welfare of the association.

safety and

The general public do not understand the amount of labor
performed weekly, monthly and yearly by the examiners of
national banks, many^ of whom have for years rendered most
excellent service. It can hardly be expected, however, with

the limited

compensation allowed by law for making these
examinations, that the Comptroller can in all cases retain the
services of the most expert accountants, although by system¬
atic division of the labor he has endeavored to obtain the best
results possible under the circumstances.*
For the purposes of bank examination the United States is
apportioned into twenty-five districts, bank examiners being

stationed in each district.
Important reserve cities, such as
New York and Boston,
generally form a district of themselves,

and the duties of the examiner stationed there




fined to that city and its immediate vicinity.
nature of the

work, the position of

a

Owing to the
national-bank examiner is

of great responsibility. Notwithstanding their vigilance,
the most competent examiners are liable to be deceived, and
sometimes find it impossible to discover and remedy in time
one

gross mismanagement of the affairs of national banks.
No laws or system of examinations will prevent dishonest
men
from keeping false accounts and rendering untrue
statements, and by means of these and other devices they can
conceal from the examiner the fact that they are using the
even

money intrusted to their charge in private speculations
final disaster makes longer disguise impossible. It is

exceedingly difficult to detect violations of law

EXAMINATIONS.

The recent financial disturbances

637

are

usually

con¬

or

until
then

misuse of the

funds of a bank.
The surest preventive

is to have an honest, active and com¬
petent board of directors. A rogue or a dishoneet man who
acquires the confidence of his associates to such an extent that
he can appropriate the funds of a bank for his own. use with¬
out their knowledge or that of the board of directors, can have
but little trouble in

deceiving the examiner and hiding his
peculations from him.
In times of financial disaster and of
ket the acts of dishonest and corrupt

a

stringent money mar¬

officials in any bank or
banking firm or private corporation are more liable to be dis¬
covered, and naturally during the last year the consequences
of disastrous speculation, which had been for a long period
carried on with impunity with the aid of misappropriated
funds, have been brought to the surface. Men who were sup¬
posed to be worthy of the entire confidence of communities,
whose characters stood so high that they were intrusted not
only with the management of corporations, but with the in¬
vestment of private funds, have now been proven to have dis¬
honestly betrayed their trust. Never were the instances of
this kind more numerous than during the financial troubles of

the present year.
Such practices and the resulting disasters, however, do not
prove that the national banking laws are inefficient, or that
the national bank examiners do not do their duty.
They
rather indicate that the shareholders of joint-stock corpora¬
tions of all kinds, and particularly those of banks, should he
more careful to elect men as directors and trustees who are

competent and who will exercise proper care and supervision
over the management of the affairs intrusted to them, who
will select competent and honest officers, provide suitable rules
and regulations for the conduct of the bank, keeping its ac¬
counts, &c., and appoint regular committees of examination,
whose duty it shall be not only to verify the accounts, but to
keep a watchful eye over the affairs of the association and the
officers who immediately carry them on.
The public frequently draw wrong deductions as

to the re¬
sponsibility of the Government and the bank examiners in
particular cases. For instances, in many cases where failures
occur the principal cause is found in the character of the loans
made, which are either excessive or made on improper security.
There are 2,671 national banks in the country.
The loans and
discounts of the banks at the close of business Sept. 30 aggregated
more than $1,240,000,000, and it is of course not the
province
of the bank examiners to supervise the making of these loans.
Section 5,200, Revised Statutes, provides that no loans sha'l bo
made to any one individual, firm, or corporation, in amount
exceeding one-tentli of the paid-in capital of a bank, but there
are many ways of
evading this law, and it is a physical impos¬
sibility for the Government to maintain the constant espionage
over

the affairs of the national banks which alone would pre¬

vent the violation of this statute.

Any attempt to direct the
making of loans and to dictate to the directors and managers
of the national banks throughout the country as to what use
they shall make of their funds would, of course, be impracti¬
cable.

Many instances occur daily, which are not seen or known to
public, where the banks are notified of violations
where their condition is improved by action upon
of the examiner. When, however, some unex¬
pected failure occurs, brought about by injudicious banking,
bad management, or adventurous speculation, or by dishonesty
and fraud on the part of the officers or directors, who are the
very men to whom the examiner must more or less look for
information, the Government and the national banking laws
are unjustly criticised.
The fault is not with the law and not
with the examiner, on whose reports the directors have very
likely been notified and warned to exercise more care in the
managemenUof their affairs and to hold their officers in check.
A national bank beinga joint-stock association, its aggrega¬
tion of capital having been brought together by bankers or
other persons for the purpose of utilizing more effectually
the resources of the locality in which it is doing business, it is
the general
of law, and
the reports

not the intention of

the Bank act to interfere with the busi¬
of said association so long as it is conducted in accord¬
ance with the law.
The exact line at which the Government
shall interfere and the point at which Government discipline
shall commence is a matter of some delicacy to determine.
It
ness

*It is submitted that the compensation

allowed national bank exami¬

by Section 5,240, Revised Statutes, is often insufficient. The
the banks, by which the law provides that the ex¬
aminers’ fees shall be paid, are ba*ed upon the capital of th« national
banks examined, and vary, according: to capital, from $20 to $75.
In
many instances tin* capital is not the proper basis upon which to com¬
pute the compensation of national-bank examiners, as many bants
with a comparatively small capital have large lines of deposits, and
consequently do a much larger bus ness and require more time aid
labor from the examiner than other associations wifh the same capital.
The Comptroller is of the opinion that the fees paid to national bank
examiners should be based upon the capital and average deposits of tlm
national hanking association.
ners

assessments upon

THE CHRONICLE

638

is exceedingly difficult to add materially to the restrictions of
the National Bank act without such an interference with the
business of the banks as would be practically prohibitory, for
it is well known that banking can be carried on under the laws
of most of the States of the Union with but very little inter¬
ference and scarcely any espionage on the part of the officials
of the State government.
It is because the national banking

fVou XXXIX

The attention of
Section 5,200 of the

Congress has previously been called to

Revised Statutes, which places restrictions

upon loans, and to the difficulty of enforcing its provisions.
In cities where large amounts of produce are received and

stored, it is represented that it is impossible for the banks to
if restricted to loans for an
instance one-tenth of their
system has raised the standard of banking, and because it is capital. It is true that the limitation does not apply to loans
generally understood that money deposited with a national upon produce in transit, where the drafts are drawn on exist¬
bank is as a rule much safer than in institutions not under sim¬ ing values; but if produce is stored, instead of being shipped,
ilar restrictions, that bankers and capitalists avail themselves large loans cannot be made except in violation of law. In
of the National Bank act in order to gain the confidence and such case the Comptroller has no means of enforcing the law,
thereby the deposits and business of the public.
except by bringing a suit for forfeiture of charter, and this
The act appears to contain ample provisions for the punish¬ course might result in great embarrassment to business, as
ment of criminal offenders, ana the Comptroller is of the well as loss to many innocent stockholders of the banks. It
opinion that it is not so much the lack of law as it is the diffi¬ is evident that the law should be so amended as to exclude
culty of detection of offenders and of obtaining sufficient from the limitation mentioned legitimate loans upon produce
evidence to convict that has prevented the punishment of or warehouse receipts, and some other classes of collateral
officers and others connected with national banks who have security, as well as loans upon United States bonds.
transact this class of business,
amount not exceeding in any

violated the criminal sections of this act.
In some cases the
directors and shareholders of banks have apparently sup¬

RATES OF INTEREST IN NEW YORK

make a case.
For obvious reasons, the number of instances
which this office has endeavored to secure the arrest and
conviction of offenders by reporting to the proper officers of
the law facts that came to the knowledge of the Comptroller,
which seemed to indicate certain violations of law, cannot be

and

3*8
3‘0
3*3
3-0
4 4
4 4
1880, call loans, 4-9

dictments and of convictions for violations of the national
bank act than is generally known to the public.
It is possible that the provisions of the act relating to the

*

*

*

*

call loans,
call loans,
call loans,
call loans,
call loans,
call loans,

1881, call loans,
1882, call loans.

1883, call loans.

punishment of offenders in the matter of false oaths ot officers
of banks with intention of deceiving the Comptroller as to the
correctness of reports might be profitably amended.
The
Comptroller is of the opinion that if the criminal provisions of
the Bank act are to be amended, the Department of Justice
of the United States should be consulted for suggestions as to
any weakness or defect in the existing laws.
*

Financial Chronicle, was as follows

1874,
1875,
1*76,
1877,
1878,
1879,

presented, but it is believed that the records of the various
States and United States courts sho w a larger number of in¬

*

OF[FRANCE.

The average rate of interest in New York City for each of
the fiscal years from 1874 to 1884, as ascertained from data
derived from the Journal of Commerce and the Commercial

in

*

CITY, AND IN THE BANK OF

ENGLAND AND THE BANK

pressed information and evidence, and in many instances it
has been with great difficulty that the Comptroller was able
to present the necessary facts to the Department of Justice to

1881, call loans,

per
per
per
per
per
per
per
per

:

cent; commercial paper, 6-4 per cent.
cent; commercial paper, 5*8 per cent.

cent; commercial

;v3 per cent.
5*2 per cent.
5‘1 per cent.
4-a per cent.
5*3 per cent.
3 8
5-0 per cent.
4-4 per cent; commercial paper, 5'4 per cent..
5*7 per cent; commercial paper, 5*7 per cent.
2-4 per cent; commercial paper, 5’0 per cent.
cent;
cent;
cent;
cent;
cent;

paper,

commercial paper,
commercial paper,
commercial paper,
commercial.paper,
commercial paper,

The average rate of discount
"years was as follows:

of the Bank of England for the

same

During tlie calendar year ending December 31, 1871, 3*69 per cent.
During the calendar year ending December 31, 1875, 3-23 per cent.
During the calendar year ending December 31. 1*76, 2 01 per cent.
During the calendar year ending December 31, 1877, 2-9 L per cent.
During the calendar year ending December 31, 1878, 3-78 per cent.
During the calendar year ending December 31, 1879, 2*50 per cent.
During the calendar year ending December 31, 1880, 2*76 per cent.
During the calendar year ending December 31, 1881, 3 49 per cent.*
During the calendar year ending December 31, 18-<2, 4-10 per cent.*
During the calendar year ending December 31, 1883, 3-57 per ceut.t
During the fiscal year ending June 30, 1884, 2*3 per ceut.t

*

LOANS AND RATES OF INTEREST.

The following table gives the classification of the loans of
the banks in the city of New York, in Boston, Philadelphia,
and Baltimore, in the other reserve cities, and in the remain¬

ing banks of the country at corresponding dates in each of the
hist three years:

*

•

From the Financial Chronicle

t From the London Bankers'

only.
Magazine.

In the calendar year ending December 31, 1883, the rate of
discount of the Bank of England was increased three times,
and three times reduced.
During the fiscal 3rear ending June

30, 1884, the rate was increased once and decreased five tipies.
The present rate is 5 per cent.
The average rate of interest in New York City for the four
months previous to November 8, 1884, was on call loans 1*4 per
cent and on commercial paper 5-6 per cent ; the rate of
interest on that date was on call loans 1 to 2 per cent and on
commercial paper 5 to G per cent.
The rate of discount in the Bank of France, which was low¬
ered from 4 to 314 por cent on March 23, 1832, was lowered to

The average rate of discount
year 1883 was 34)8 per cent.
The number of trade bills admitted to discount in the Bank
of France during the year 1883 was 5,047,179, representing a
sum of $956,509,720.
Of this number of bills there were 13,069
bills of $2 08 and under; 548,720 bills from $2 29 to $10; 787,431
bills from $10 21 to $20; 3,097,909 above $20.
That is to say,
3 per

cent on February 23, 1883.

during the

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trade

of Paris.”
*

*

STATE

*

*

*

BANKS, TRUST COMPANIES AND

*

*

*

SAVINGS BANKS.

The act of Congress of February 19, 1873, Section 333 of the
United States Revised Statutes, requires the Comptroller to
obtain from authentic sources, and report to Congress, state¬

and
organized

exhibiting under appropriate heads the resources

ments

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1882 said: “ These figures will show how

liabilities of such banks and savings banks as are
under the laws of the several States and Territories.

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actions for the year

great are the services rendered by the bank to the retail

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to

1,224,320, and in 1883 they have increased to 1,349,250.
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a fourth part in bills under $20 21. The number of trade
bills under $20 steadily increases.
In 1880 there were 1,014,412 of these small discounted bills; in 1881, 1,160,945 ; in 1882,

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In com¬

pliance with this act he has presented annually in the appen¬
dices to his reports the resources and liabilities of these corpo¬
rations, so far as it has been possible to obtain them. Through
tlie courtesy of State officers, returns of State banks, savings
banks and trust and loan companies, have during the past year
been received from twenty-two States.
Many of the States
and Territories, including Virginia, West Virginia, North Car¬
olina, Alabama, Arkansas, Tennessee, Illinois, Kansas, Oregon,
and Dakota, do not require periodical returns of the condition
of the different classes of banks organized under their laws.
From these returns the following abstract has been com¬
piled, showing the resources and liabilities of State banks and
trust companies for the last four years, the number reporting
in 1881 being 683; in 1882, 704; in 1883, 788; and in 1884, 852 :

THE CHRONICLE.

December 6, 1884.]

Resources.
Loans and discounts.

Overdrafts
United States bouds.
Other stocks, bds,&o.
Due from banks
Real estate
Other assets.
Expenses

Cash items

....

1881.

1882.

1883.

1881.

683 banks.

704 banks.

788 banks.

852 banks.

$

$

$

$
489,067,519
1,630,474
25,708,789
59,331,877

352,725,986 404,574,420 462,380,585
1,407,695
1,493,036
1,373,116
27,680,025 25,673,984 22,725,596
42,330,957 45,658,783 52,405,724
54,662,829 57.973,718 68,270,664
21,396,772 19,915,682 20,160,547
11,941,741 13,685,205 14,190,044
1,131,586
1,136,427
1,193.345
16,900,762 18,546,073 35,206,862
17,925,628 17,902,760 18,255,300

Specie
Legal tenders, bank
notes, &c
*27,391,317

27,322,912

28,259,069

65.354,146

21,211,182
10,513,813
1,235,079
28,308,216
25,928,757
32,659,605

575,50 >, 139 633,819,998 724.479,613 760,949.45 7

Totals
Liabilities.

112,111.325 113,361.931 125,233,036 133,958.951

Capital Stock

274,941
27,8 >7,976

Circulation
surplus fuud|
Undivided profits...
Dividends unpaid...

Deposits...,,.
Due to banks.

Other liabilities

12,237,320
576,413

373,032.632
19,105,664
30,303,868

177,554
187,978
286,391
31,504,352 34,575.461 41,675,486
14,75b 438 18,076,6 LO 22,337,961
465.011
499,017
577,419
426,677,092 500,374,217 514,111.591
18,409,3 >1 20.918,936 27,886,996
28,245,024 24,648,364 20,301,901

639

that an equal distribution of
the entire population of the
individual.
*
*

the savings banks' deposits among
State would give $84 81 to each
*

.

*

The

Comptroller lias for the first eight years compiled the
by the Commissioner of Internal Revenue
from the State and savings banks and private bankers for pur¬
poses of taxation, showing the average amount of their capital
and deposits for each six months, and the amounts invested in
United States bonds. The law requiring such returns to be
made has not been repealed, but as the tax on capital and
deposits ceased on November 30, 1882, it is not expected that
such returns will hereafter be transmitted. The Comptroller
must therefore depend exclusively for this information upon

returns received

the returns to be received from the officers of the different

States, and when such returns are required to be made they
are, as a rule, promptly and courteously forwarded to this
office in reply to his request.
*
*
*
*
*
*

*

*

TAXATION.

The law imposing a tax upon the capital and deposits of
national banks, State banks and private bankers was repealed

by the act of March 3, 1883.
The only United States tax now paid by the national banks
is the semi-annual duty of one-half of 1 per cent upon the
The foregoing table was prepared from all the New England average amount of their notes in circulation during the pre¬
States, except Maine; from four Middle States, not including ceding six months. The prohibitory tax of 10 per cent upon
Delaware: and from all the Western States, excepting Illinois, State bank circulation paid out, as provided by Section 3,412 of
Kansas and Nebraska. The only Southern States from which the Revised Statutes, is also still in force.
Section 5,173 of the Revised Statutes provides that the ex¬
reports have been received were South Carolina, Georgia,
penses
of the Bureau of the Comptroller of the Currency,
Louisiana, Texas, Kentucky and Missouri. The only Pacific
States were California and Colorado.
There are no State including those of the plates and dies used for the printing of
banks in Maine, but one in New Hampshire, seven in Vermont national-bank notes and of the printing of such notes, shall be
and none in Massachusetts.
There are, however, six trust and paid out of the proceeds of the tax on circulation.
The act of June 20, 1874, provides for the redemption of
loan companies in the latter State, one in Rhode Island and
575.500,139 633,819,998 724,479,613 760,949,457

Totals

national bank notes in the office of the Treasurer of the United

six in Connecticut.
SAVINGS BANKS.

The following table exhibits the aggregate resources and
liabilities of 629 savings banks in 1881 and 1882, 680 in 1883,
and 636 in 1884:

States, and 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, 1882, for
extending the corporate existence of national banking asso¬
ciations, provides that the cost of engraving plates for the
issue of circulation of
should also be paid by
tion of the enactors of

new design, required by the section,
the
banks. It was the evident inten¬
636 banks.
630 banks.
629 banks.
629 banks.
the original banking law that all the
$
$
Resources.
$
$
expenses which were incurred by the Government in preparing
Loans on r. est. 307,096,158
307,089,227
328,197,858 358,686,010 circulation to be issued to national associations, as well as the
Loans on per¬
expenses of carrying on the Bureau of the Comptroller of the
sonal ite col.
141,457,111
155,874,522
128,483,698
95.817.641
Currency and enforcing the restrictions of the national bank¬
security
219,017,313
196,226,202
U. S.,bonds
210,845,514
237,786,442
ing laws, should lie defrayed from the tax on circulation. As
State, m’nicipT
has been seen, this principle was charmed by the act of June
& other bds.
222,218,006 20, 1874, which, without abolishing the tax on circulation,
and stocks.. 159,819,942
206,291,274
190,629,915
50,994,579 imposed on the banks the expense of the redemption of their
RR.bds A.st'ks 27,069,018
41,695 701
32,994,578
37,929,754
Bank stock..
36,587,817
33,249,203
35,365,717
notes and of the printing of their plates, and that this course
37,224,601
Real estate
34,467,276
39,882,429
41,987,674
was followed in the act of July 12, 1882.
In lieu of this addi¬
69,166,58
4
Other as-ets..
53,235,771
11,047,346
37,408,163
144.223
tional expense, however, the act of June 20, 1874, abolished
135.572
156,944
132,204
Expenses
52,358,971
Due from bks.
43,184,029
40.603.641
38,977,135
the requirement of keeping in bank a reserve of legal-tender
14,079,452
Cash
14,932,015
12,993,594
13,758,106
notes and specie for the redemption of circulation.
As has
Totals
967,790,662 1,052,982,065 1,118,790.044! 1.177,740,010 been suggested elsewhere in the report, the abolishment of
the tax on circulation would be a ready and simple way of
Liabilities.
891,961,142 966,797,081 1,021,856,787 1,073,294,955 avoiding the contraction of national-bank circulation, now
Deposits
82,395,717
72,784,155
Surplus fund.. 60,289,905
69,454,512
constantly going on, on account of the small profit to the
Unaivid’d p’fts 10,325,800
16,90 4,753
11,136,219
15,738,223
banks in keeping up their issues, and if abolished the expenses
0th. liabilities.
5,411,779
5,145,494
5,594,253
5,213,815
of the Bureau of the Comptroller of the Currency could be
Totals
967,790,662 1,052,982,065! 1,118,790,944! 1,177,740,919 paid by a pro rata assessment on the banks, as is now done in
the case of the expenses of the redemption of their notes by
The foregoing table includes the returns from six New the Treasurer ot the United States, and in the case of the ex¬
England States, from four Middle States, not including Dela¬ pense of preparing plates for printing the notes.
The total expense of the office of the Comptroller of the
ware; from the States of Ohio, Indiana, California and the
District of Columbia. The aggregate of loans in the New Currency, from its organization to June 30, 1884, was $5,840,England States is $288,905,262 and of deposits $475,358,305. 923, and the expense for the year ending on that elate $230,224.
In the Middle States the aggregateof loans is $163,328,406 and The tax on circulation for the year ending on the same date was
of deposits $522,771,526.
$3,024,668. The total taxes collected from the national banks
Some of the largest savings banks in the city of Philadel¬ to the end of the present fiscal year are shown in the following
phia, organized under old charters, are not required to make table :
reports to any State officer. Returns directly received from
four of these banks having deposits amounting to $34,031,154,
Total.
Years.
On circulat’n On deposits. On capital.
are included in the returns from the State of Pennsylvania.
The savings banks deposits, given in the foregoing table for
$167,537
$1 -,432
for 1881, based upon reports made to State authorities, are 1864
$53,193
$95,911
133,251
1865
1,954,029
733,247
1,0-7,*30
$1,073,294,955, and the deposits of the State banks and trust 1866
2,633,102
5,146,835
406, <47
2,106,735
companies were $514,111,591. These returns do not include 1867
2,368,636
2,650,180
321,381
5,840,698
bank deposits. The deposits of the national banks on October 1868
2,564,143
305,781
5,817,268
2,916,343
312,918
2,614,553
5.881,388
2,957,4 16
1. 1884, exclusive of those due to banks, were $989,320,509. 1869
1870
2,614,767
375,962
5,940,474
2,949,744
No just comparison of the deposits of national banks with 1871
2,302,840
385,292
6,175,154
2,937,021
those of savings banks and State banks and trust companies 1872
389,35 j
6,703,910
3,120,984
3,103,570
1-73
7,001,646
454,891
3,353,186
3,196,569
can be
made, owing to the fact that the reports of many of the 1874
469,048
7,033,498
3,209,967
3,404,433

1882.

1881.

1883.

1884.

...

.......

ktter classes of banks

were

made to the State authorities in

1883, or in January, 1884, and do not show the effects of the
business depression resulting from the failures during the year
1884.
The total population of New

England, according to the
Census of 1880, was 4,010,529, and the number of open deposit
accounts of the savings banks in the year 1884 is 1,430,857,
^hich is equal to nearly 35*7 accounts to each one hundred of
the entire population. The
average amount of each account
18
$332*21, and if the total deposits were divided among the
entire population, the average sum of $118 52 could be given to
ench individual.

The deposits of the savings banks in the State of New

Were

1875
L876
1877
1878
1879
1880
1831
1882
1883

1884

3,283,450
3,091,795
2,900.957
2,918,047
3,009,047
3,163.635

...

3,121.374
3,190,981
3,132,006
3,024,668

3,514,265
3,505,129
3,451,965
3,273,111
3.309,660
4,058.710
4,940,945
5,521,927
*2,773.790

Aggregates... $58,410,193 $60,940,067
*

Six months to June 1,

507,417
6 <2,296
660, / 84
56>c296

401,920
379,424
431.233
43

.

.774

*269,976

7,305,134
7,229,221
7,013,707
6,781,455
6,721,236

7,591,770
8,493,552
9.150,684
6,1 i 5,773
3,021,668

$7,855,887 $127,206,148

1883.

are still subject to State tax¬
York
$431,080,010, while the population is 5,082,871, showing ation, and in previous reports tables “exhibiting the average




The shares of national banks

THE CHRONICLE.

B40
rates

paid by national banks in the several States and Terri¬

tories have been given, for purposes of comparison and to
show the total burden of taxation heretofore borne by the
national banks.
The national banks having been relieved of the United
States tax on deposits, it lias been thought unnecessary to
continue the collection of information in reference to State

of which amount $63,926,000, or nearly 47 per cent, was
received from banks in the city of New York, and $21,800,000,
or about 16
The
per cent, from banks in the city of Boston.
amount received from Philadelphia was $6,888,000 ; from Chi¬

$5,490,000 ; from Cincinnati, $1,903,000; from St. Louis,
$1,136,000; from Baltimore, $3,229,000; from Providence,
$1,$52,000 ; and from Pittsburg, $798,000. '

cago,

taxation, which can only be obtained from separate returns to

be made by each bank to this office.
Complaints are from
time to time received indicating that in some States there is
an unfavorable discrimination made in the taxation of national

banks,

compared with that of State institutions doing busi¬
The United States Supreme Court
has, however, in several instances shown that when cases of
discrimination are properly brought to its attention it will
sustain the Federal law.
It is, moreover, doubtful whether
Congress, by any law short of one taking from the States the
right to tax national-bank shares, could prevent occasional
ness

O

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UNITED

5

<-*•

similar character.

instances of discrimination in assessments; but it is believed
that in most of the States the intention is to place the taxation
of national banks on the same footing with other institutions

doing

|Vol. XiXlX.

similar business.
STATES

LEGAL-TENDER

NOTES

NATIONAL. BANK

AND

ioC

ca

E

o

4-

*->

CO

o

*o
cs

Ci

Cl

to
10

<01

10

February 25, 1802, July 11, 1862, and March 3,
1863, each authorized the issue of 150 million dollars of legaltender notes, making an aggregate of 450 millions of dollars.
On February 3, 1864, the amount of such notes outstanding
was $449,479,222, which was the highest amount outstanding
at anj' one time.
The act of June 30, 1864, provided that the

b

CC

required for the redemption of temporary loans.
By the act of June 20, 1874, the maximum amount was
fix*-d at 382 millions.
Section 3, act of January 14, 1875,
authorized an increase of the circulation of national banks in
accordance with existing law, without respect to the limit

X'

2.

^

S ~
o: -- oo 0- -1 o- -1 oo on o

opoo to

3
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i o -1 r. —

— x 8- oo g — b V. b
i;/.i:ooo'OOo:

-1

w*
01

P

2 tr2 L £ TJo

—

£

S

b3

O O

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w*

-to'-i c lo-t
c; o; oo r. /. — o O' /. -i
tOtOO^COCOX X O'

—

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X

X

55
0

55

CJ»
C
Oi Of-I O'-1-ICC

o

P

cc

■

-1

b

CIRCULATION.

<x

x

C5

CO
wT

Cl
w

total amount of United States notes issued, or to be issued,
should not exceed 400 millions of dollars, and such additional
stun, not exceeding 50 millions, as might be -temporarily

5 S

p

■

H-

The acts of

<d

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fi

wg 2 b

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ft-

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-

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x —

71

—

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ro c

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10 ^ toto 10

—*

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d

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|—cc
,w

8—

.

o:

c

10

cr.

—

—

to

-t

01

oo

0-

—

■co-

-t

c

o

~

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o--j to

—

it x*=

-—13 o o' r. - x x /.
—
10 / O' OO — - 1 to ~ X
—
to — -1 - I X 00 O' C

•—rs

c

5

33 -c

:r-

it

—

-

^

p

^

o oo y

CD

O

E
to x

OP

d
W

4-*

CD

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•

to
cr.

d

rs

C

v!

4-

F-

P

x

to 't-x

X to 3 3 X
O'
O' O' O'-1 OO O' c oo to

—

n

—

0- to

-1 O' X 3-110 O' 3 003
-i x oo oo r. cd O' oo oo r.
-10' -1 — or- X 3-D8

d
-1

CO

0

a.--

to
to

Cl *

CO

O'

—

o

P

Jg

7.

r

3

CD

Q

00 X

■

P crq

X

•

£

0

x r. -j-t x

w

: -ro o 30

r. -i

CD

®

_

,c

-1
zz
CO
C O' c 00
~ X X tc
d
previously existing, and required the Secretary of the Treasury GC
1 X 00 10.
00
!
C
-1 0: -h
fD
Cfj
O
10
X
C
—
O'-l
CO
4X
-1
CO
PS P
to retire legal tender notes to an amount equal to 80 per cent
CD
CD
00
7.
bl
of the national bank notes thereafter issued, until the amount
^
p. /. d w ; mc d
2 (t 9
:{
g
CD
00'
-1 r. -1 -1 x 00 01 c
O -_l
*C P D
of sucli legal tender notes outstanding should be 300 millions
and no more
Under the operations of this act $35,318,984 of 4-- 00
re
g 0
8legal tender notes were retired, leaving the amount in circula¬ X
10
x
orq
10
1
at e'e
CD
CD
4*
'zz
tion on May 31, 1878, the date of the repeal of the act, $346,c;i
to -1 i0 x 00 b 00 V. o'
*
d
-f.
CO
c
-t
C
-1
00
X X 00
10-1
c»
-t
-t
-100 00 0: -1 -110 00 r. 00
00 to
Si
681,016, which is the amount now outstanding.
o
-t
;x -1 x to
01 O' 0100
In the following table are given the amount and kinds of the
ZrZ
-1
/ oo to
4-00
c -1 -1
CD
10 1 OO'O
c:
x
00
X O'
outstanding currency of the United States and of the national
banjos on January 1 of each year from 1866 to 1884, and on
The amount of notes fit for circulation returned by the
November 1, 1884, to which is prefixed the amount on August
redemption agency to the banks of issue durin g the year was
31, 1865, when the public debt reached its maximum :
$33,080,300, being an increase over last year of $12,295,200.
The total amount received by the Comptroller of the Cur¬
United States Issues.
rency
for destruction from the agency and from the banks
i
Notes of
direct, was $71,192,954. Of this amount $6,399,030 were the
Date.
I
Nat. Hanks Aggregate.
issues of banks in the city of New York, $9,169,340 of banks in
Legal
Old Rc- Fractional!
including
|
Tender
mand j Curreucv. j Gold Notes.
Boston, $3,052,990 of Philadelphia, $3,052,900 of Providence,
!
Notes.
1 Notes. i
v ’ I
$1,949,550 of Baltimore, $1,721,0 )() of Pittsburg, $1,184,500 of
Cincinnati, $767,100 of Louisville, $443,200 of Albany, $478,000
$
'
$
$
$
$
Aug J l, ’(j. > 132 553,01 2: 102 005 20 344 742 170,213 055 035,515,574 of New Orleans, and of each of the other principal cities less
1 SI! 1 i 425 830,310 302,070 20 000 420 230,030 008 088,807,907
Jan.
than $400,000.
Jan.
*
ISO? .‘ISO
28
812
—

‘

—

-

—

—

—

—

'

~.

M

-

8-1

•—‘i—- •—*

r-»
—

/.

—

—

—

—

„

—* •—

—

— ^

—

—

—

w-

p|

—

—

—

—

,

-

—

—

>—‘

—

—

i

_

1

1.
Jan. 1. 1 ses
Jan. 1, isoo
Jan 1, 1S70
Jan. 1
1K71
.1 an. 1, 1 872
Jan. 1, 1873
Jan. 1, 1874
Jan. 1. ! S, 5
Jan.

1,

Jan. L,
Jan. I.
Jail. I,
Jan. 1,
Jan.

Jan.
Jan.
Jan.
Nov.

1,
1,
L
1,
1.

270,100 221,032
350 000.000 150.127
350 000,000 1 2 s,008
urn; 000,000 1 1 3.O0S
:>.><» 000,000 101,080
357 500.000 02,801
358 557,007 * s 1.387
37S 101,702! 70,037
,000.000
72,317
l s7<> :>71 S27.220
00,0 12
1877 j 300 055,OS 1
05,102
1878 3 13 0 13,770
03,532
is 70 3 10 OS 1,01 o
02.035
18.80; 3 10 0S1.O10 01.350
1881 310 081,010
00,745
1882 3 10 081,010, 50,020
18831 310 081,010 50,205
1 SSI 5 10 osi ,oio
58.080
1884| 3-1.0 081.010 58 200

*
Includes
currency.

732
298,588 419 707,819.023
31 507 583 200,840 200 087,002.910
34 215 71.> 200,747 509 090,091,382
30 702 004 200,020 322 095,505.084
30 005 080 300,30.7 072 702,403,847
40 707 877 328,405 431 720,820,109
45 722 001 j 344,582 812 748.947,107
48 544 702 350,848 230 777,874,307
10 300 508: 354,128 250 782,591,105
41 1 17 072 340,470 750 702,523,090
20 348 200 321,505. 000 714,004,358
17 704 109 321,072 505 0-9,443 922
10 108 150, 323,701 074 080,042,884
15 074 3041 342,387 330 704,804.000
15 523 4041 344.355 203 700.C20.428
15 451 801 | 302,421 988 724,014,785
15 308 008 301,882 791 724,021.110
15 305 302 340,040 352 712.054,410
15 350 213 *333,007 772 095,097,291

-X-

vr

THE IMPERIAL BANK OF

STATES,

GERMANY, THE BANK OF FRANCE AND

THE BANK OF ENGLAND.

In accordance with the law, no national bank notes of a
less denomination than five dollars have been issued since

January 1, 1879, when the amount outstanding

was $7,718,747.
Since that date the amount of ones and twos issued by the
banks has been reduced $6,934,538, leaving the amount out¬

standing $784,209, and during the

period the legal-tender
notes of these denominations have been increased $13,249,202.
The total increase of the amount of ones and twos outstanding
in national-bank notes and legal-tender notes is $6,314,664.
#
*
*
*
*
*
same

*

REDEMPTION.

Since the passage of the act
which requires the banks at all

*

*

-X-

-

-X-

-X-

*

of national associations, and the financial troubles of the
to perform a large amount of extra work, without regard
to office hours.
HENRY W. CANNON,
ence

vear,

Comptroller of tue Currency.

-

Hon. J. G. Carlisle,

/Speaker of the House of Representatives.

ffiommcr ctal

gtiglisfr ^cxos

RATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
*

EXCHANGE AT LONDON-Nov. 21.
On—

Time.

Amsterdam.
Amsterdam.

Antwerp.
Hamburg..

EXCHANGE ON LONDON

Rate.

Latest
Date.

Time.

Rate.

Nov. 21

Short.

12*15

Short.

12 2^2

3

12-47b ^>12-538
25‘521sfl?25'571fl Nov. 21 Short.

nios.
••

..

<4
.

Berlin

44

Frankfort...

“

Copenhagen.

“

®12-3

20‘03
20 04
20'04

a»20*67
»>20-08
@20*08
wlS’JO

il8'41

(4

Nov. 21
Nov. 21
Nov. 21

1

St. Petersb’g
21%@24316 |
Paris
Cheeks 25‘271a ii 25,321<3
Paris
3 mwH. 25-4*l14 a?25'51 x4
44
Vienna
lg,4212 ^ 12*45 |
44
Madrid
40;q @404j«
Genoa
25*0334 «i25*es*V
Lisbon
51
5)51 iijtf
New York... 00 days
@19
48
Alexandria
dem’nd
Is 7*id.
Bombay
Calcutta
Is. 7A4d.
Hong Kong.

of June 20, 1874, section 3 of
times to keep on deposit in the
Treasury 5 per centum 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 Treas¬
ury without expense to the Government.
From the passage of the act of June 20, 1874, to November 1,
1884, there were received at the redemption agency of the
Treasury $1,448,485,411 of national bank currency for redemp¬ Shanghai....
tion. During the year the receipts amounted to $136,577,732,




-X-

The Comptroller, in concluding this report, desires to grate¬
fully acknowledge the industry and efficiency of the officers
and clerks associated with him in the discharge of official
duties, many of whom, in addition to attending to their regu¬
lar duties, have been compelled, owing to the growth of the
national banking system, the extension of the corporate exist¬

$53 t,070 notes of gold banks, and omits $552 0 11 mutilated

DENOMINATIONS OF PAPER CIRCULATION OF THE UNITED

->!•

3

1110s.
4 4

Short.

25*30
20*48
20* 2 4 *2
20*48

|
Nov. 21 3 mos.
Nov. 21 Checks
Nov. 21 3 mos.
Nov. 20 3

mos.

“

25*30
25*35
12*28
47*50
25*30

1

.

....

•*

....

Nov. ”21
Nov. 20
Nov. 21
Nov. 21
Nov. 20
Nov. 20

Cables.
3 mos.
Cables.
44

4 mos.
ft

4*81
Is. 75sad.
Is. 7033d.
3s. 7V14b. Used.

[ From our own

In

correspondent.]

London, Saturday,

the

Nov. 22, 1884.

position of affairs at the commencement of the week
The failure of Messrs. Spartali & Co#
—a firm of Creek merchants of high repute—had a depressing
effect, but it was soon known that it was not caused by any irreg¬
ularity in business, but to the heavy losses which had been sus¬
tained in the trade in grain and grocery produce. The failure
of firms brought about by reckless and injudicious specula"
tion are generally regarded as a benefit.
The above fail¬
The

was

641

THE CHRONICLE.

lb84.J

December 6,

not encouraging.

of .the bullion market during

reference to the state

& Abell remark:

past week, Messrs. Pixley

Gold.—Only a few small amounts have boon taken from the open
market for the United States, the general demand having ceased to such

degree that £179,0 lo iu bars and com, received from the Continent,
Hank.
Silver.—The price declined to 49 ll-10d. per oz. after the issue of our
last circular,but tinner exchanges have since been received from India,and
the Indian Council drafts and transfers went at an improvement, ia rate
yesterday; silver also rose to 49 13-Uhl. to 4978d..tlio market bein<j
lirm and bare of supplies. An exceptional order lias caused a rapid
liso to 50*46., and we give that quotation as the price of this day.
We
have received £49,000 from Clnli and £ 19,369 from New York—total.
£98,360. The Medway has taken £17,475 to tlio West Indies, and the
a

have been sent into the

Peninsular & Oriental steamers £1.05,4.00 to India.
Mexican Dollars.— Tlio French steamer has not yet arrived,
met with an accident to her engines: wo arc, therefore, with
dollars by her, and cannot give any quotation.

having

>ut the
uncontrollable, namely, a persistent
decline in values following excessive production. No further
Tiie quotations for bullion are reported as follows:
suspensions have as yet been announced in connection with it,
Nov. 20. NOV. 13.
Price of Silver.
Nov. 20. Nov. 13. ;
Price of Gold.
and it is said that the winding up of the estate will be a very
d.
d.
satisfactory one. Still so important an event must cause some
d.
d.
|
49 1540
Bar silver. flne..oz.
50)4
77
77
9
0<4
Bar
|
oz.
g -Id, line
apprehension lest others of minor importance will follow.
Bar silver,contain¬
The gloomy view, however, which was taken of the situ¬ Bar gold, container.
503^
77 11
ing 5 grs. gold..oz.
20 dwts. silver.oz. 77 10)4
54*4
Cake silver. ...oz.
ation at the commencement of the week has towards the close Span, doubloons.oz.
Mexican dols...oz.
S. Am.doubloons.oz
given place to a decidedly better tone. It cannot be said that
business is in any way established upon a sound and legitimate
The value of wheat continues to decline, notwithstanding
basis. That it is in a healthier condition than it was earlier in
that
the temperature has fallen, and tint there are some more
the year is pretty generally admitted; but the close of the
decided
indications of a genuine winter.
The quantity of
year is near at hand, and bankers hold the reins tightly, their
belief in the state of credit not being very considerable. There wheat and flour afloat to the United Kingdom is about 200,000
is not, in consequence, much chance of a renewal of impru¬ quarters less than at this period last year, and the various
dent business.
Cautious trading has become more than previ¬ ports in the Baltic will soon be closed to navigation. The
ously a necessity, as by it aione can a complete re-establish¬ Western Continental nations are also free importers of Ameri¬
can wheat, and yet, in the face of shorter supplies and mod¬
ment of credit be effected.
The cause of the more confident feeling which prevails is erate competition, the trade is quite devoid of animation.
the rapid decline in the value of money and the unexpectedly For the week ended November 1 the average price of home¬
favorable Bank of England return. The Bank rate remains grown wheat was only 32s., which was the lowest then on
at 5 per cent, but the open market rates have declined about record: for the following week in was further reduced to
5d. per quarter.
Wheat is, in fact, cheaper than barley,
one per cent during the week, being only 3% per cent.
This 31s.
which averages 31s. lOd. per quarter. The production of wheat
important difference is not desirable, but it will continue, as
the Bank authorities will not consider themselves justified in at present prices is evidently a ruinous operation. For the
reducing their quotation. There is, in fact, so little demand first eleven weeks of the season the average price was 32s. 9d.,
for money for strict mercantile trading that it is diffi¬ being exactly 8s. per quarter less than in the corresponding
cult to keep up the outside rates of discount near to those period of last year. The sales have, indeed, increased, but to
which are officially quoted. So long as the demand for gold for what extent ? In eleven weeks, in 187 markets, they were
exportation does not revive, the value of money will rule easy, 781,068 quarters, against 743,605 quarters in the corresponding
for there is nothing to operate in the other direction.
The period of last season, being an increase of not more than
New York sterling exchange for 60 days' sight bills is now 37,463 quarters.
According to these figures, the wheat sold in
telegraphed at 4*81%, and the probability of further ship¬ 187 markets has produced this season only £1,277,000, while a
ments of gold to the United States and Canada is therefore smaller quantity last year realized £1,515,000, being a balance
According to the usual
reduced to a minimum. The rise in the Bank rate from 2 to 5 adverse to this season of £238,000.
estimates for the kingdom, this (out of one crop alone) is a loss
per cent was rapid, and in a great measure unexpected and
it is possible that the outside rate of discount has fallen to to the farmers in eleven weeks of about one million sterling.
The following are the estimated quantities of wheat, flour
so low a point that withdrawals of gold for exportation may
and Indian corn afloat to the United Kingdom, Baltic supplies
be made to pay, and that the rates will harden again.
not being included:
The following are the present prices for money.
At present.
Last week,.
Last year.
1882.
Interest allowed
Wheat
Open market rates.
qrs. 1,679,090
1,570,090
1,875,000
1,725,000
for deposits by
Flour
130,000
121,000
172.000
186,000
ft
Trade Bills.
Indian corn
101,530
133,500
165,000
73,500
Bank Bills.
Bisc’t
H’se
London
Joint
si
!
i
Annexed is a return showing the extent of the imports of
At
7 to U
a Three j Four I Six Three 1 Four : Six Stock Call. Dais. cereal produce into the United Kingdom during the first eleven
Banks.
Months Month* Months Monties Months Months
weeks of the season, the sales of home-grown produce, as well
m 2 -2
2
Oct.
as its average price, compared with the previous season:
-|3
17; 3 2:M&
© - 3 @ -3*4© - 3J4@S«
m 2 -2
2
3
ure

lias been due to the

s.

s.

.

•

...

.

l

,

•

,

~

“

“

31 j 4

?!

Nov.
**

“

3A'& -3*4@3H 3'4®

-

-j* © — 3)4© —4 © —4J-4©
4V6@4M.4>£iH>m 3Jfnbm 4%/3,4)4 4%© —.4 ©

—

*241 3

5

n; 5
21

5

©

—

3*4©

4%©
fos©

-

SJ4©

-

-|3-M©
—
—

— '4)4® -

|4}<fnonij4 nom iV.i©4^ 4Uj©
3>c©

3?a©

—

—

3J-h$

—3^©

—

Annexed is a return showing the
Bank of England, the Bank rate

—

present position of the

of discount, and other

items, compared with previous years:
Circulation
Public deposits
Other deposits
Govermu’t securities.
Other securities
Res’veof notes & coin
Coin and bullion in
both departments..
Proport’n of reserve
to liabilities
Bank rate

3M 3%-4
3 H 4 -414
3bi 334-354

3hj
3H
3%

—

IMPORTS.

-3

2M 3

3

1881.

1884.

1883.

1882.

£

£

£

£

24,795.670

25,092,010

25,551,275

5,156,702
22.678,406

22.058,778
10,381,057

22.289.797

13.312,673
21,660.636

5,734.321
23,867,423
14,989,292
19,733.779

25,665.575
3,603,070

10,707,246

12,720,187

22,633,546
10,520,694

20,350.882
10,800,471

22,062,197 20,436,269

20,610,746

19,752,916

5,298.372

5,221,963

Barley
Peas
Beans
Indian corn
Flour

.

stocks Sept. 1 not

2,919,889
206,318
583,711
6,685,987
3,164,292

2,761,953
452,684
837 998
4,047,559
3,315,317

Oats

Supplies of wheat and flour

available for consumption in olevcu weeks,

produce

1881.

11,282,000 10,739.520

14,513,595
3,086.541 2,471,867
9,331,840 9,168,810

29,434,443

30,440.898 36,184,272

15,530,631 18,019,517

3,164,292

27,318,084

Total

1882.

1883.

1884.

Imports of wheat, cwt.l2,720,767
Imports of flour
3,315,317
Sales of home-grown

Av’ge price of

*1881.

18,019,517 14,543,595
3 173,511 3.350,878
2,815,413
2,637.554
134,144
450,933
274,857
383,048
2,577.503 6,938,L94
3,036,541
2,671,867

being included:

4,204,692
13.211,0:4

15,530,631

cwt. 12,720,767

Wheat

1882.

1883.

1884.

English

43s. lOd.
102 *4
30,675.000 17.700,000 21,200,000
10U316
Consols
45s. 4U
40h. 8d.
40s. 3d.
1,970,000 2.438,000
1,890,000
Ed*, wheat, av. prico
31s. 5d.
6*36.
6*016'V
515,fid.
Mid. Upland cotton..
5 ^d.
led.
10^d.
The following return shows the extent of the sales of home¬
9-VI.
No. 40 mule twist
95gd.
Clearing-House ret’n. 123,400,000 99,203,000 111,530,000 147,261,000 grown wheat, barley and oats in the 187 principal markets
The Bank rate of discount and open market rates at the of England and Wales during the first eleven weeks of the sea¬
chief Continental cities now and for the previous three weeks son, together with the average prices realized, compared with
have been

as

38*21

42*75

4058

5 p. e.
10 Lite

3 p. c.

5 p. c.

-

401-2

5 p.

v

10018

last season

follows:

40s. 9d.

wheat for season.qrs.
32s. 9d.
Visible supply of wheat
husli.35,600.000
in the U. 8
Afloat to U. K
qrs. 1,690,000

41s. 5d.

:
SALES.

November 13.

November 20.

0.

November

October 30.

Bates of

Interest at

Wheat....
Bank,

Open

Bank

Open

Bomk

Open

Bank

Open

Rate.

Market

Hate.

Market

Rate.

Market

Rate.

Market

4

■1

3*4
3>4
m

4

2?4
3)4
3)4
3%

3

3

3

3

3U

4
4A

3H
4A

4

4'fe

4)4

3)4
4Vi

4

3H

4

4

4

4

*

6

0

6

6

0

4

5

4

4

4

4

2H
3«

3

2%

3

Berlin

4

4

Frankfort
Hamburg

4

V4
3A

4

3!*

4

4

3)4

4

3H

Amsterdam

3

2-H

3

Brussels
Madrid

9

m

4

4A

4)o

4H

Vienna

4

4

8t. Petersburg..

0

*

Copenhagen.

5

5

4

‘




|

3

3

Paris

4

Barley

...

qrs.

1882.
538.711
532,960
50,523

1-883.

188-1.

743,605

781,068
1,088.127

--

917,739

Oats

1881.

528,970
367,424

63,283

AVERAGE PRICES.

Wheat....

32

per qr.

32

Barley

19

Oats

1882.

1883.
s.
d.

1884.
s.
d

40

9

(1.
41
5
35 0
20 10
S.

9

3310
19 11

0
3

Converting quarters of wheat into cwts.,
the whole kingdom are
Wheat.... ..CWt.

estimated

as

follows:

1884.

1883.

11,282,000

10,739,529

1881.
8.
d.
48 10
34 10
21 4

the total sales in

1882.

9,331,840

1881.

9,168,810

33..227660987——TThhliee

THE

612

(Commercial anti
National Banks.—The

CHRONICLE.

plisccUauecms 3Tews

[Vol. XXXIX.

the coinage at the Mints of the United States during
of November and for eleven months of 1884:

following national banks have lately

Month

been organised:

Denomination.

3,2G6—The Palatka National Hank. Palatka, Florida.

Capital, $30,000.

of Nor.

Eleven Months

Value.

Pieces.

W.

Hagen, President.

John A Fowler, Cashier.
First National Bank of Maryville, Mo. Capital, $10'\000.
Joseph Jackson, President. John O. leilnme, Cashier.
Denver National Bank, Denver, Col. Capital, $250,000.

Joseph A. Thatcher. President ; A. A. Denman, Cashier.
First National Bank of Beaver Dam, Wisconsin. Capital,
$50,000. Jonn J. Williams, President; J. II. Barrett, Cashier.

Imports

Exports for

Week.—The

imports of Iasi
week, compared with those of the preceding week, show
a decrease in dry goods and an increase in general merchandise.
The total imports were $7,271,995 against $0,871,705 the pre¬
ceding week and $5,998,954 two weeks previous. The exports
for the week ended Dec. 2 amounted to $5,273,368, against
$6,463,881 last week and $7,085,519 two weeks previous. The
following are the imports at New York for the week ending
(for dry goods) Nov. 27 and for the week ending (for general
merchandise) Nov. 28; also totals since the beginning of the
and

the

first week in Januarv:

FOREIGN IMPORTS AT NEW

I ORE..

For Week.

1881.

1882.

Dry goods
GanTmerMiae..

$1,101,646
6,177,848

$1,418,910

$1,786,210

$1,302,891

7,446,150

8,517,319

5,9(J9,104

Total
Since Jan. 1.

$7,279,494

$8,865,072

$10,303,529

$7,271,995

1883.

1884.

$104,194,095 $123,075,789 $114,454,314 $106,860,481
Dry goods
GenTmerMise.. 302,217,583 338,530,057 310,529,526 284,072,135
Total 48 weeks. $406,411,083 $461,605,810

In

our

$424,983,840 $301,532,616

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. 2, 1884, and from January 1 to date:
EXPORTS FROM NEW

1881.
For the week...
Prev. reported..

YORK

FOR THU

1882.

$7,100,099
343,853,247

WKKK

1883.

1884.

$6,287,181

$5,162,712

311.806,284

$5,273,303

322,203,128

292,097,388

Total 48 weeks. $350,953,337 $313,993,465

$327,425,840 $297,900,756

The

following table shows the exports and imports of specie
port of New York for the week ending Nov. 29, and
since January 1, 1884, and for the corresponding periods in
at the

1883 and 1882:

EXPORTS AND IMPORTS OF 8PECIE AT NEW YORK.

Exports.

Gold.

Week.
Great Britain
France

Germany

West Indies
Mexico
South America
All other countries...

Import*.

Since Jan. 1.

Week.

Since. Jan.I

*20.481,370
4.352,824
1,0 60,420

S 248.10!)
497,to:

3,888.014

228,-09

455,427

$

5.7:8,588
4,850.512

7.800

5.09.1

19.073

840,054

17,331

332,678
30,180

783,092

Total 1984

$7,113,907
3,564,448

*38,01 9.574 *1,452,314 $21,099,452
070.093
129,4 24
14,124.992
4,OOP 33,830.954
280,064
«>, 413,7 61

OiV.OOn

Total 1883
Total 1882

:

itam

$378,000 *11,180,672
11,410
*70,296

France
German y
West Indies
Mexico
South America
AH other countries...

108.745

01,641
211,117
83,992

205

$393,693 *12.648,824
269,500 19,988,730

329,734

4,277

Total 1884
Tot nl
Total

72.361

19,538
8,073
1,918

1883
188?

129 JOS

10,347,333

183.192
9 1.728

Ilaif eagles
Three dollars

Quart er eagles
Total

$3,324,807
5,065,432
2.* 16,045

coi
by

National Banks.—The following interest¬

ing statement, furnished by the Comptroller of the Currency,
shows the amount of each class of bonds held
against national
bank circulation and to secure public moneys in national bank
depositories on Dec. 1. We gave the statement for Nov. 1
in Chronicle of Nov. 8, page 513, and
by referring to that the
changes made during the month can be seen.
TT. S. Bonds Held Dec. 1,18S4, to Secure—

Description of Bonds.

Public Deposits
in Banks.

3s, Act July 12, 1882....
Currency 6s
5 per cents,

$7,808,000

Bank

Circulation.

Total Held.

$150-957,300

120,000

$149, * 40,300
3,519.000

1.766.500
7.145.500

49,759,250
117,817,150

51,525,750

3,039,000

,.

4*2 per cents
4 per cents

124,902,650

Standard dollars
Half dollars

Total

Coinage
ment.

$16,849,000
by

kindly furnished




$320,244,700

United States Mints.—The
us

$337,084,700

following state¬

by the Director of the Mint, shows

85

255

50
4,153

4,153

140

|

1,141,165

21,658,133

2,450,000

2,450,000

!

25,755,710

25.755,710

710
710

355
177

| 3,527,184

352,719

S 29,281,314

26,10S,961

!

Dimes

Total silver

1,606,925

1,535,7C0

Quarter dollars
2,450 0.10

2,450,000

!

Five cents
Three cents
One cent

54,000

1,080,000

i

10,019,072

i

3,072

92

j 20,500^872

205,009
706,055

500.954

Total minor

1,090,000

54 000

j

30,523,016

Total coinage

3.69-,339

4,039.700

!

61,218,795 1

48,473,149

Changes in Legal Tenders and National Bank Notes to
Dec. 1.—The Comptroller of the Currency has furnished us the

following, showing the amounts of national bank notes out¬
standing Nov. 1, together with the amounts outstanding
Dec. 1, and the increase or decrease during the month; also
the changes in legal tenders held for the redemption of bank
notes up to Dec. 1 :
National Hank Notes —
Amount outstanding Nov. 1,
Amount issued during Nov
Amount retired during Nov

Amount

($333,025,734

1884.

$5,221,580'
7,437,729

~..

outstanding December 1, 1881*.

2,035,419
$330,990,315

Ijeyal Tender Notes —

Amount on deposit to redeem national bank
note- Nov. 1, ISS1
Amount deposited during Nov
Amount re-issued & b’nk notes retired inNov.i
Amount on deposit to redeem
bank notes December 1, 188 4

$41,256,084
$4,740,250
2,243,993

2,496,252

nationali

j

$43 752,336

Circulation of national gold banks, not included above, $522,939.

*

According to the above, the amount of legal tenders on
deposit Dec. 1 with the Treasurer of the United States to re¬
deem national bank notes was $13,752,330. The portion of this
deposit made (1) by banks becoming insolvent, (2) by banks
going into voluntary liquidation, and (3) by banks reducing or
letiring their circulation, was as follows oil the first of each of
the last five months:
Any. 1.

Deposits by—

|

Se.pt. 1.

.

Dec. 1.

Nov. 1.

Oct. 1.

$
$
$
$
$
76 ’,063
734,713
733,c02
696,228
752,580
Liqnid’t’g bks 10,825,121 10,457,257 10,390.076 10,310,235 10,620,107
Insolvent bks

Redue’g und’r
act of 1874. 27,981.006 27,853,811 28,891,982 30,205,136 32.436,001
39,55!),307 39,078.131

Total

40,021,76o! 11,250.0*4 43,752,336

Auction Sales.—The following, seldom or never sold at the

auction this week by Messrs,

Sfutr.s.

Share.

Copper Mining
Company
$6 4® $5 pr. sh.

025 Lowland Chief Consoli¬
dated Silver Min’g Co.
and 1,309 Crook Miu’g
and Smelting Co
for $ 2
398 Cons 1. Bobtail Gold Min¬

ing Co

$75

..

500 Maid of the

Mist Silver

$5

Mining Co
020 Republic Gold Min’g Co..

$2
17,250 P- cahontas Min’g Co. $5
3.600 Fire Steel Mining Co... $9
10 Indian Rock Oil Co

l*1

Amity Oil Co
1,222 Combiuat’n Sewing Ma¬
chine Co
525 Colorado Prince

$i

:

Miuin.gg
$2

Company
100 Metropolitan

Gas

Light

Compand
109
120
150
275
110
500
100
3
120
161

233 *e

Harlem Gas Light Co
116*2
Manhattan Gas Light Co.2JO
N. Y ^as Light Co.. 159-158*0
Second Av RR. Co....180-177
i bird av. RR. Co
300
Brooklyn City RR. Co
216*2
Manhattan Gas L’tCo...270
P rk Fire Ins. Co
lOo5^
Wall Street Bank
$6*0

Third av. RR. Co
300
30 Mum ipal Gas Light Co.
of N. Y
205
25 Central
Park North &
i nst River RR, Co
143
46 Mercantile Nat. Bank
113*y
50 Mechanics' Nat. Bank
133*2
—

20 People’s Fire
3 Franklin and

5s, ext. at 3*2
,6s, ext. at 3*2

2.089,060

168,339

gold

50

Bonds Held

208,906
333,385

1,000

710 Central

1,966,512
260.350
64,520

17,897,600

1,000

813
46 590

1,037,512

894,880

;

Dollars

Value.

$

:

$2,480

Of the above imports for the week in 1884, $235,110 were
American gold coin and $7,399 American silver coin.
Of the
exports during the same time, $100,000 were American sil¬
ver

7.

Eagles

$
1
386,000 !
817,(TO |
331,090 !

19,300
81,701
66,338

eagles

Stock Exchange, were sold at
Adrian H. Muller & Son:

Silver.
Great i

Double

of 1984.

Pieces.

!

Joseph F. Dean, President

Arihur J. Morton, Cashier.
Huron National Bank, Huron, Dak. Capital, $50,000. Lewis

the month

Ins. Co

....

109*2

Emporium

Fire Insurance Co
«J.OOO notes E. M. SmifJl
d
outla’

105

&<’aleb T

13 Horn a Ins. Co
24 New Jersey Ziuc&

123*2

Iron

'Company

71

Bonds.

$7,079 Brooklyn Elevated RR
Co. receipts, under secur¬
ity lioldeu agreement No.
2, form 1, for assessment
receipts exchangeable on
demand for 1st mtg.

bds. 46*4
Brooklyn Elevated
RR. Co. receipts, under se¬
curity liolden agreement

$35,500

No. 2, form
eates for

2, for cert id¬

bonds,

assessm’t
paid, exchangeable upon
demand for 2d mtg bds.. 20*2
$2,500 Memphis & Little R’k
RR. 7s income and mtg.
All coups, attached
lot

$2,090 Memphis «fc Little R’k
2d mtg. 6s., all coupons
attached

W.

Fontaine Bruff and Robi it

$21

$100 Lowland Chief Consol.
Silver Mining Co. Os', all
coupons attached
$1 $4,000 Second av. RR. Co. 7fl,
due 1888
100
$20.0-. 0 W’msburgliGas Light
Co. IstintgOs
106^106*4
$15,000 Jersey City 7s Coup.
102*3
bds., due 19 i5
$8,009 City of Elizabeth, N.
J., 7s, due 1895.
April,

1879, coup, on

$1,000 Kansas City Bt. Joseph
& Council Bluffs 7s

39*4
121

$1,000 Chattaroi RR. Co. 6s,
due 1910. October, 1884.
coupons on

43

Smith, aggregating $6,009.

Four judgments New y«rk
Court against
B.Floya-«f.oile$, flggfegftiR1#
$12,198 12, January 31st, 1*84

$12.193 12

lot

$12

$400

December

613

THE CHRONICLE.

6, 1884. j
GENERAL

OF

QUOTATIONS

STOCKS AND BONDS.

Quotations in New York represent the per cent value, whatever the par m iv ho; other quotuti mis are frequently made per share.
The following abbreviations are often used, viz : “ M.,” for mortgage; “g.,” for gold; “ g’d,” for guaranteed; “ end.,” for eulorsed;
for consolidated; “conv.,” for convertible ; “s. f.,” for sinking fund; “1. g.,” for land "rant.
Quotations in New York are to Thursday; from other cities, to late mail dates.
Subscribers will confer a favor by "ivlii" notice of any error discovered in tliese Quotations.
Ask.

Bid.

United States Bonds.

UNITED STATES BONDS.

,cp.,

rtg..Q—M 114 114*4
114%
coup.. Q—M 114
123
reg... Q—.) 122-8
coup.. .Q—.1 123% 124

4*38,1891
4*28,1891..
4s, 1907
4s, 1907
3s, option U. S
6s, Currency, 1895
6s, Currency, 1896
6s, Currency, 1897
6s, Currency, 1898
6s, Currency, 1899

reg..Q.—F. 101*2
reg
J&J 126

reg—J&J

J&J
J&J
reg—J&J

reg
reg

123
131
133

134

J&J*

112
112
1)3

Funding 5s, 1899
J&J I
Perm. imp. 6s, guar., 1891...J&Jt 114^4
Perm. imp. 7s, 1891
J&Jt 120 hi

Wash.—Fund, loan (Cong.)Gs,g.,’92t 115

118%

Fund. loan(Leg.)6s,g., 1902 Vari
120%
Market stock, 7s, ls92
128
Water stock, 7s, 1901
128^3
do
7s, 1903
Florida—Consol, gold 6s
J & J| 112

F & A
J & J
Q—J
A & 0

Louisiana—New con. 7s,
Ex matured counon

101
104
104
107
L05

J&.J

1914..J&J

F&A

Baby bonds. 3s, 1836
M aine—4 s, 1888

F&A
War.debts assumed, Gs,’89.A& Ol

7&.J
J&J

Maryland—6s, exempt, 1887
6s, Hospital, 1887-91

Q—J
Q—J
3-65S, 4897
J&J
Massachusetts—5s. gold,’91-94 A&O
5s, gold, 1894.4 897
Var.1
Michigan—7s, 1890
M&N
Minnesota—New 4*28,1912 ..J & J
Missouri—6s, 1886
1 & J
6s, 1890
5s, 1890

Funding bonds, 1894-95

100

J & J

Long bonds, ’89-90
J & J
Asylum or University, 1892. J & Jj
Hannibal & St. Jo., 1886
J & Jj
do
do
1887....J & J;
New Hampshire—5s, 1892
J&J!
War loan, 6s, 1892-1894
J&J I’
War loan, 6s, 1901-1905
J &Jj
New Jersey—6s, 1897-1902.... J&J*j

do

do

6s,
4s,

do

Compromise bonds, 3-4-5-6s, 1912
Settlement, 3s
Texas—6s, 1892
7s, gold, 1892-1910
7s, gold, 1904

M&S1

M&Si
J&Jf

7s long

41ia
46%
52
108
115
120

Price nominal;




J&J

SECURITIES,

.......7.
no

*

J & J

Lynchburg, Va.—6s.
‘8s
Lynn, Mass.—6s, 1887
Water loan, 6s, 1894-90
5s, 1905

Ask.

112
104
105
100

115
105
106

100
112
106

101

101

112*4

J&J 125
F&A! 103*3 104 *3

.

J&J

M&N!

Manchester, N.H.—5s, 1885.... J&J!
6s, 1894
J&J!
6s, 1902
J&J
4 s, 1911

118
ill
100
100
115
122
103

103
6s,Pitts.& C.RR., *86J&J
6s, consol., 1890
Q—J 109% 110
no
Memphis, Ten 11.—
6s, Balt. & O. loan, 1890
Q—J 109
10
112
Taxing Dist. of Shelby Co., Tenn. 68
6s, Park, 1890
Q-M
Milwaukee, Wis.—5s, 1891...J & D! 97
6s, bounty, 1893
....M& 8
? s, 1396-1901
Var.t 103
6s,
exempt, 1893... M & S
do
7s, water, 3 902
J&J! 113
11112
5s, water, 1894
J&J
45
127
Mobile,
funded..M&N
Ala.—3-4-5s,
6s, 1900
J&J
Montgomery, Ala.—New 3s ..J&J 60
Cs, West. Md: RR., 1902 .... J&J
70
5s, new
5s, consol. 1885
Q—J
! 102
Nashville, Tenn.—6s, short
1102
Gs, Valley RR., 1886
A &O
105
1‘25 i-i
6s, long
5s, 1916
M&N
112
! Newark—6s, long
115
Var.!
4s,
1920
J&J
105
113
7s, long
Var.! 115
Bangor, Mo.—6s. RR..1890-’94. Var.1
119*4;
7s, water, long
Var.t 120
6s, water, 1905
J&J!
113 ’
114
l New Bedford,Mass.—Gs, 1909. A&O! 129
6s,
E.&
N.A.
Railroad,
1894..J&J!
113
115
5s, 1900, Water Loan
A.&O 114
68, B. & Piscataquis RR.,’99.A&0!
93
N. Brunswick, T. J.—7s, various.. J
103
Bath, Mo.—6s,railroad aid
Var!
6s
1
municipal
5s, 1897,
105% New Orleans, La.—Premium bonds. 877s
Belfast, Me.—6s, railroad aid, ’93. .1
130
Consolidated 6s, 1392
Var. 101
Boston,Mass.—Gs.cur, long, 1905Vari
113
1171-2 Newport—Water bonds 7-30s
6s, currency, 1894
Var.
120
USV New York City— 5s, 1903
5s, gold, long
Var.1
106
114
6s, 1837
4*28, 1908
A&O
120
106
68, 1396
4s, currency, long
J&J
126
105
6s. 1991
Brooklyn, N.Y.—7s, short
J&J
118
145
7s. 1890
7s, Park, long
J&J
130
140
7s, 1896
7s, Water, long
J&J
134
141
7s, 1901
7s, Bridge, long
J&J
129
Newton—6s, 1905j water loan..J&J 129
6s,
Water,
long
J&J
110
140
5s, 1905, water loan
r&J 115
6s, Park, long
J&J
Norf oik, Va.—Os,reg.stk,’78-35. .J&J 100
135
Bridge,
Gs,
long
117
8s, coup., 1890-93
Var. 115
5s, Bridge, long
127
114
water,
1901
8s,
M&N
Kin"S Co. 7s, 18S2-’89
M &N
60
Norwich, Ct.-5s, 1907
A&Ot
do
6s, 18S2-’86
M&N
102 h?
J.&J
7s, 1905
Buffalo, N. Y.—78,1395
Var.1
11 lM
Orange, N. J.—7s, long
f 115
7s, water, long
Var.1
113
Oswego, N. Y.-7s, 1837-8-9
! 101
6s,
Park,
1926
M&Si
112
Paterson, N. J.—7s, long
Vai 120
Cambridge, Muss.—5s, 1389...A&Ol
115
6s. long
6s, 1894-96. water loan
J&J!
104 '
106
5s, long
6s, 1904, city bonds
J&J *
Petersburg, Va.—6s
J&J 100
Charleston, S.C.—Gs,st’k,’76-98..Q-J
114*3
8s
J&J 117
7s,-4ire loa n bonds, 1899
J & J
116
117
no
8s, special tax
7s, non-tax bonds
Philadelphia, Pa.—6s, old, reg.J&J 124
V
4s. non-taxable
i*2’i"i 6s, new, reg., due 1895 & over. J&J 131
Chelsea. Mass.—6s, ’97,water l.F&At
118
Var’s yrs.
4s, new
Chicago, ni.—7s, 1892-99
Pittsburg, Pa.—Is, coup., 1913.J&J. 99
6s, 1395
105ia
5s, reg. and coup., 1913
J&J. 107
4*23, 1999
991*2
6s, gold, reg
Var. 116
3-65s, 1902
115
i
7s, water, reg.&cp.,’93-98...A&O. 118
Cook Co. 7s, 1892
107
i
7s, street imp., rear, '83-86
Var. 102*3
Cook Co. os, 1899
110
105 hi! Portland, Me.—6s, Mun., 1895.Var.! 112
Cook Co. 4h,s, 1909
116
103
6s, railroad aid, 1907 .......M&S 118
West Chicago 5s, 1890
126
105 *s! Portsmouth, N.II.—6s, ’93, RR. J&J J 113
Lincoln Park 7s, 1895
110

126
100

126

Poughkeepsie. N. Y.—7s, water
1
Providence, R.I.—5s, g.,1900-5.J&J t 113*’
6s, gold, 1900, water loan...J & J 124
os. 1885
M& SI 101
Richmond. Va.—6s, 1884-1914. J&J 112
8s, 1886-1909
J&J 132
5s, 1914-15
J&J 105

119
113

100*3
117
124
104

75

55
......

......

104
no
115
118
122
131
116
100
92

88*3
115
123
107
124
128
119
132
137

131
L17

123

*

120
•

•

-

•

<*•

122
120

no

Too
108
117

120

107

no

125

Various! 110
r120

late transactions.

Var.
Var.

6s, 1892
5s, long

Var.
A&O
gold, 1905
Currency, 7s, 1887-’88—Var..
Paul, Minn.—6s, long

8t.

7s, long
8s. 1889-90
Salem, Mass.—6s, long, W.
5s, 1901, W. L
San Francisco—7s, school

Var.

L.A&OI.

I&.Tt
Var.

6s, gold, long

Var.
A&O

Springfield, Mass.—6s, 1905.. A&O I

f

Haverhill, Mass.—6s, 1839... A&O!
Houston, Tex.—10s
68, funded

A&O
A&O

Loner Ddand Citv. V.Y—Watpr.7

1 Purchaser also pays accrued interest.

’9"

117
104
106
112
108
123
113
112

126
115

101*fl 103
87

111
Somerville, Mass.—5s, 1895.. A&O I 109
6s, 1885
J&J! 100*3 101*3

7s, 1903, water loan
A&O!
Toledo, 0.-7-308, RR., 1900.M & N1
8s, 1913..,
Var. 1
8s, 1893 to ’99
Var.1
Washington, D.C.—See Dist. of Col.
Vilmington, N.C.—6s
8s, gold, con. on

A&O

109*4 no
107*2
102*3 104
106

34

Savannah funded 5s. consols

.

6s, 1900

125
102
113

N.Y.—6s

5s, 10-20
St. L. C<>.—6s,

Var.t
Var.!

Lndianapolis,Ind.—7-30s,’93-9, J &J i
Jersey City—6s, water, long, 1895..
7a, water, 1899-1902
...J & J
7s, improvement, 1891-’u4—Var.
7s, Bergen, long
J & J
Hudson County, 6s
A&O!
Hudson County 7s....M&S &Jt\iD
Bayonne City, 7s, long
J&J
Lawrence, Mass.—6s, 1894...A& Ol

115“,

......

100

Hartford Towu 4*28, untax

120

113*3

7s, water, 1903

107
115

:

115

Var. 103
J & Jt 131
Rockland, Me.—6s, ’89-99,RR..F&A 100*4 100%
75
st. Joseph, Mo.—Comp’mise 4s, 1901
St. Louis, Mo.—7s, 1885
F&A 100
*.
6s, short
Var. 103 104
Rochester,

Mass.—6s, 1904...F& A!
F&A !
F&At
Fitchburg, Mass.—6s. ’91,W.L.. J&J!
Galveston, Tex.—8s, 1893-1909 M&S
5s, 1920
J&D
Hartford, Ct.—City 6s, var. dates..*
!
Capitol, untax, 6s
:
5s, 1894, gold.
5s, 1909

106

sub. to ’83.

Albany, N. Y.—6s, long

120

Fall’River,

6s, deferred bonus
Tax-receivable coups., prev. to ’83

CITV

115
100

Louisville, Ky.—'7s, long dates. Var.!
7a, short dates
Var.1
6s, long
Var.1
6s, short
Var.!
53,2 890-1900
M&N
Lowell, Mass.—6s, 1890, W. L.M&Nl

Macon, Ga.—7s

1905

68, new bonds, 1886-1895...J & J
6s, consol., 1905
J & J
6s, consols, 1905. ex-coup
J&J
6s, consol., 2d series
J&J

Fundiug bonds, 3s, 1932

"

107
106

-

Dallas, Texas—8s, 1904
10s, 1893-96
Water, Gs, 1900
Detroit, Mich.—7s, long
7s, water, long
Elizabeth, N. J.—7s, shorts
7s, funded, 1880-1905
7s, consol., 1885-98

J & D
Vermont—68,1890
Virginia—6s, old, 1886-’95....J & J

Do

100
!00
101

Bid.

City Securities.

Water Works

A&O

Brown consols

103

Cfleveland.O.—4-5-6-Ts, 1885-91Var.!
7s. 1887-98
Var.
4s to 7s, 1884-93
Var. 109
5-6-7s, 1893-1907
Var. 102
Columbus, Ga.—7s
...Var. 102
Covington. Ky.—7-30s, long
!
7-30s, short
i

Wil. C. & R.. A&O
new, cons., 1910
J & J

Tennessee— 6s, unfunded

102
105

...

.J&J
4s.
Southern RR. 7-30s. 1906.. .J&J
do
6s, g., 1902
M&N I
Cur. 6s, 1909....F&At
do
do
Skg» fd. 5s, 1910M& N!

W’n N. C. RR.A&O

Ohio6s, 1886
...J & J
Penna.—5s, new. rem, ’92-1902.F&A
4s, leg., 1891-1904
F&A
4s, reg., 1912
F&A
Rhode Isl’d—6s, 1893-9, coup..J&J
South Carolina—6s, Act of March \
23,1869. Non-fundable, 1888.. >

100
105
101

Cincinnati, O.—6s, 1885.. —M&N!
M&N!
6s, 1897....a,
7-308, 1902
1

A&O

68.1919

100
100
100
100
99
09
100

West Park 7s. 1390
South Park 6s, 1899

A&O
6s, Chatham RR
6s, special tax, class l,1898-9A&o
do
A&O
6s,
class 2
6s,

....

Ask.

.

6s, exempt, 1896
J&J*;
New York—6s, gold, reg., ’87...J&J
6s, gold, coup., 1887
°..J & J
6s gold, 1891
J & J
6s, gold, 1892
A&O
68, gold, 1893
A&O
No.Carotina—6s, old, 1880-’98..J&J
6s, N C. RR., 1883-5
J & J H
6s,
do
A&O IT
6s
7 coupons otF
do
J&J
6s
do
7 coupons off ....A&O
6s, funding act of 1866 1900 J&J
6s,
do
1868,1898A&0
6s, new bonds, 1892-8
J&J
6s

...

5-1 Os
do
do
10-2Os
os,
Atlanta, Ga.—7s
Do.
8s
Waterworks
.5 s,

Baltimore

7b, L. R. & Ft. S. issue, 1900. A & O
7s, Memphis & L. R., 1899..A & O
7s,L.R.P.B.&N.O., 1900..A & O
7s,Miss.O. & R.Riv., 1900..A & O
7s, Ark. Central RE., 1900. A & O
,T & J
7s, Levee of 1877,1900
California— 6s, civil bonds, ’93-95.*
Connecticut—6s, 1885
M & N
5s, 1897
New, reg., 3*23,1904
J&J

Georgia—6s, 188b
7s, new bonds, 1886
7s, endorsed, 1886
78, gold bonds, 1890
8s, ’76, ’86
Kansas—7s, long

.

Var.
Var.
.J&J§

Austin, Texas—10s

6s, 10-20, 1900
J & J
Arkansas—6s, funded, 1899 ..J & J

cp.F&A

4h;R, coup., 1883-1901
4s, coup., 1901
Allegheny Co., 5s, cp., 191
4s, riot loan, 5-1 Os
do
10-20s
4s,

Augusta, Me.—6s, 1887, mum.F&A! 10l*e
Augusta, Ga—7s
Various 102

SECURITIES.
Alabama—Class “A,” 3 to 5, 190G...
Class “B,” 5s, 1906
Class “C,” is, 1906
STATE

Delaware—6s
Dist. Col.—Cons. 3-65s,1924,
Consol. 3-65s, 1924, reg

Bid.

City Securities.

cons..

1892...A&Ot

Worcester, Mass.—6s,
5s, 1905
4s, 1905
102
108
102
105

RAILROAD

L 18

127

no

100

105

100
108

103

105
112
115
116
104

103

111

114
113

consolidated

found under the consoli¬
dated 7iamc.)

105
1 12
103

129
135
no

BONDS.

(Bonds of companies
tcill be

127

133
105

19081
Vlb’y & Susq.—1st M., 7s, ’88...J&J
2d mortgage, 7s, 1885
A&O
Consol, mort., 7s, 1906,guar.. A&O

Ala. Gt. Southern—1st mort.,

Consol

J Id London, $ Part bein r

in

6^,1906,

irtl-ir.

11078
103

....

124*3

A&O HIM 113

redeemed. IT Coupons on since ’

THE
GENERAL

QUOTATIONS

Bid.

Railroad Bonds.

Ask.

58, 1909 (1st mort.)
5s, plain bonds, 1920
4128,1920

.

J&J&A&O
A&O

M&S
A&O

Florence & El

Dor’do, lst.7s. A&O
K.C.Topeka&W., 1st M.,7s,g.J&J
do

income 7s. A&O

N.3Iex.&8o.Pac.,lst,7s,1909 A&O
Pleas’t Hill & De Soto, 1st,7s,1907
Pueblo & Ark.V., 1st, 7s, g.,1903.

Sonora, 1st, 7s. 1910, guar.. J&J

Wichita&S.W.,lst,7s,g.,gua.,1902
Atlanta & Charlotte Air L.—1st,7s
Income, 6s
Atlantic & Pac.—1st 6s, 1910.. J&J
Incomes, 1910
J&J
Central Division, old, 6s
do
new 6s
Baltimore & Ohio-6s, 1885..A&O

121*2

119
105
1114
116
199*2 100
185
85*2
89
188
107
1106
1122
122*2
1107
109
118
1117
108
1106
118
I 117
98
98*2
1107*2 109
107
80

J&D
M&S
g., 1902. .M&S
do
6s, g., 1910.M&N
Parkersburg Br. ,6s, 1919...A &0
Balt.& Pot’c—1st, 6s, g., 1911.J&J
1st, tunnel, 6s, g., g’d, 1911. A&O
Boll’s Gap—1st, 7s, 1893
J&J
Sterling, 5s, 1927
Sterling, 6s, 1895
Sterling mort., 6s,

74

101*4

me
1119
113

1113
1115

L16

107
123

101*
86

A&O ’*9*6
Califor. Pac.—1st M., 7s, g.,’87. J&J 1100
2d M.. 6s, g., end C. Pac., ’S9..I&J 1100
3d M. (guar. C. P.), 6s, 1905. J&J

Charl’te Col.&A.—Cons.,7s,’95.J&J
2d mort., 7s. 1910
r&J
Cheraw & Dari.—1st M.,8s,’88. A&O
2d mort., 7s
Clies. & Ohio—Pur. money fd.,1898
Series A, 1906
A&o

*

Price nominal; no late




CiD. Wash. & Balt.—(Continued)—
3d mort., gold. 3s-4s, 1331..F&A
Income 5s, 1931
Scioto & Hock. V, 1st, 7s
M&N
Balt. Short L., 1st, 7s, 1900.. J&J
Clev. Col. C. & I.—1st, 7s, ’99.M&N
Consol, mort., 7s. 1914
J&D
Cons. S. F., 7s. 1914
J&J
Gen. con. 6s, 1934
J&J
Belief. & Iud. M., 7s, 1899...J&J
Clev. & Pitts.—4th M., 6s, 1892.J&J
Consol. S. F., 7s, 1900
M&N
Clev.&M. Val.—1st, 7s.g.,’93.F&A
Columbia & Gr.—1st, 6s, 1916. J&J
2d mort., 6s, 1926
A&O
Col. Hock. Val. & Tol.—Consol. 5s
Col. & Hock. V.—lstM.,7s,’97.A&0
do
2d M., 7s, 1892.J&J
Col. & Toledo—1st mort. bonds
do
2d mort

120

11934

...

}

106

12*2
tioo

92
109

i

I

'!

!'
98%l;
1

j;

i

119
119

1 21 *5

109

103%
122*o 125%

89%
56
65
1110
1100
1108
tlOO

67

105

93
1107

99

1116*4:116%
1
10

31., 7s, 1900. J&J
85*4 Connecting (Pliila.)—1st, 6s ..3I&8
115
Consol. RU.of Vt., 1st, 5s, 1913. J&J

54*4

Cumberland & Penn.—1st mort
2d mort
Cumberl. Val.—1st 31. ,8 s, 1904. A&O

J&J 199
Dayton & 3Iich.—Consol. 5s
3d mort., 7s, 1888, now 2d. A&O 1105
Dayt. & West.—1stM.,6s, 1905.J&J 1107
1st mort., 7s, 1905
J&J 1115
Delaware—Mort., 6s, guar.,’95. J&J
Del.&Bound B’k—1st, 7s, I905F&A
i20*
Del.Lack.& W.—Conv.7s,1892 J&D

100
111

120*2 122
126*2

‘
133

81*2
47
39

,

1*20'

100
107
108

1*2*8

Mort. 7s. 1907
M&S
Den.& Rio G.—1st,7s, g.,1900.3I&>'
1st consol, mort., 7s, 1910
I&.l
General mort., 5s, 1913
A&O
Denv.&R. G.W.-lst, 6s, 1911.3I&S

130

1L7
119
118

14

!

j Conn. West.—1st

37*4

Denv.S.P.&Pac.—1st,7s,1905 M&N
Des 31. & Ft. I).—1st, 6s, 1905. J&J

1st inc., 6s, 1905
105
Detroit & Bay C.—l>st,8s,1902.3I&N
119*2 121
118
1st Mm 8s, end. M. C., 1902.3I&N
126*2 131
12L% 123*2 Det.G.Haven&Mil.—Equip.6s,1918 {116
120
122
Con. 31., 5% till’84, after 6*.. 1918 {116
112
111
Det. L. & North.—1st, 7s, 1907.J&J 1118*4
96
Det. Mack.& M.—1st. 6s,1921.A&O
Land grant, 3*28, 1911
109*2
114
Income, 1921
96
Dub. & Dak.—1st 31., 6s, 1919. J&J
96
Dub.& S. City—1st,2d Div.,’94. J&J
116*4

96
96

98

96%

I E.Tenn.Va.&Ga.—1st, 7s,1900 J&J
1st mort., consol., 5s, 1930 ..J&J

90*2
109
100
104
133

109*2
100*2!

137**

101

105

124*4
124
110

100%
95%

1LS*5
55

116*2

53

52%
14
93
100
100
90

Income, 6s, 1931
Divisional, 5s, 1930
J&J
E. Tenu. & Ga., 1st, 6s,’83-86.J&J
E.Tenn.& Va.,end.,6s, 1886.3I&N

103*2

120
118
118

105
106
114

Dunk. A.V.& P.—lst,7s,g..l900J&D
East Penn.—1st 31., 7s, 1888..M&S

1430

1*05**
105

Ala. Cent., 1st, 6s, 1918
J&J
Eastern, Mass.—6s, g.,1906. ,3I&> 1114*4 114*5
105
Sterling debs., 6s, g.. 1906..31&s UO!
35
Eliz. City & Nor.—S.F. deb.,6s. A&O
60
1st mort., 6s. 1920
M&8
E’izab. Lex.&

Big 8.—1902. M&S*

Eimira& W’mspt—1st te,1910.J&.
5s, perpetual.
A&(
Erie & Pittsb.—2d, now 1st
J&.\
Dos M.&Minn’s, 1st,7.8,1907.F&A
Cons, mort,, 7s, 1898
Iowa Mid., 1st M., 8s, 1900. A&O 129
J&.
Equipment. 7s. 1900
A&O
Peninsula, 1st, conv.,7s,’98.M&S 115
123% 124 j Evansv. & Crawf.—1st, 7s, ’87. J&J
Cliic. & Mil., 1st M., 7s, ’98.. J&J
Evans.& T.II., 1st con.,6s, 1921,J&J
Mil. & Mad., 1st, 6s, 1905..M.&S,
1*24*’! 3Ir. Vernou—1st, 6s
A&O
Madison Ext., 1st, 7s. 1911.A&Oit 12 i
Menominee Ext.,1st,7s,1911 J&D 1123*4 12 4 1 Evansv.T.II.&Chi.—1st, 7s, g.M&N

|l
75
103

A&O

do
debent., 5s,1933.M&N
M&N
25-yrs. del). 5o, 1909
Escau.&L Sup., 1st, 6s, 1901.J&J

j

i

73
102

58,1929

do

i

985s

28*5! 29*5

117*2 Conn. Val.—1st 31., 5s, 1922

123
1121
110% 111
1109% 110

Chic. & Pac. Div. 6s, 1910
J&J
West. Div., 5s,1921. J&J
do
Mineral Pt. Div., 5s, 1910...J&J
Chic. & L. Sup. Div., 5s, 1921 J&J
Wis. &Minn. Div., 5s, 1921.. .J&J
Torminla 5s, 1914
J&J

21

82*2
113*2

93%

....

100
105
110
102
100

.

125*2 Fargo & Southern— 1st,6s, 1924J&J
Northwest.Un.. lst,7s, 1917.M&SI1124
85
80
'
Winona &St.Pet.—1st,7s,’87. J&J j 107*2 108*4 Fi tc h b u rir—5 s, 1899
A&O
119
H
‘2d M.. 7s, 1907.M&N! 117*2
5s, 1909-01-02
A&O
do
A&O
6s, 1893
116*2 118 iiCliic.R.I.&Pac.—6s, 1917, coup. J&J! 126*2
126
7s, 1894
A&O
1107*2|109*2i 6s, 1917, reg
r&J
Flint & P. 3Iarq.—M. 6s. 1.920.A&O
11213ft 122 j! Cliic.&S.W.. 1st,7s.guar.,’99. M&N
I
95
Holly W. & 31., 1st, 8s. 1901. J&J
jChic.St.L.&Pitt1st,5s,1932 A&O
I
Ft. 3Iudison & N. W., 1st 7s. g.,1905
.j Chic. & Gt. East., 1st, 7s, 93-’95. 100
Ft. Worth & Donv. C.—1st. 6s, 1921
100 i!
Col.&rnd. C., 1st M., 7s, 1904.J&J il 112
Fremont Eikliorn & 3Io. Val.—
do
2d M.7s,1904.M&N 105
Un.& Logansp.,lst,7s, 1905.A&O 1110
6s, 1933
A&O
105
100
Cin. & Chic. A. L., 188G-’90
Gal.Har.&S.A.—lst,6s,g.,1910F&A
113
2d mort.. 7s, 1905
J&D
Chic.St.P.Min.&Om.—Con. 6s, 1930 111
3Iex. & Pae. 1st, 5s, 1931..M&N
Ch.St.P.& Minn. lst,Gs,191S3l&N 115*2!
do
North Wise., 1st 6s, 1930
26,6s, 1931... J&J
r&J 110
119
Gal. Hons.& Hen.—1st,5s, gold A&O
St. Paul&S.City, 1st 6s,1919.A&O
J&J
|! Chic. & Tomali.—Scrip, 1905
tiVi* 113 Georgia—7s, 1833-90
95
113
6s, 1889
J&J
!!Chie.& W.lud.—S.fd. 6s. 1919 M&N
101
99
100
General mort., 6s, 1932
Georgia Paeiilc—1st, 6s, 1922. J&J
Q—M
2d
mort
102
100
Cin. Ham. & Dayt.- 2d, 7s, ’85 J&J
100*2
118
101
100
Gr.Rap. & Iud.—1st, l.g., g’d, 7s, g.
Consol, mort., 7s, 1905
A&O U15
1st 31.,7s, l.g., gold,not guar.A&O
60
do
108*2
6s, 1905
A&O 1106
Ex land grant, 1st 7s, *99
108
Cin. H. & T., 1st M., 7s. 1903.J&J 1106
60
65
60
Cin. & Eastern—1st, 7s, 1896 J&J
Gr.B’yW.&St.P.—1st, Gs, 1911. F.&A
2d mort., 7s, 1900
2d, incomes, 1911
Gull Col. & S. Fe— 1st, 7s,1909 J&J
95
Consol., gold. 6s, 1912
95
107
2d, 6s, 1923
Cin. I. St. L. & Chic.—Con. 6s, 1920
A&O

97
100

102*2

I 109*4 109%

IllOlslllllfl
1117
1118

[l 123 1124

1113*2 115

1
110
62

61%

,

108*4 108*5
104

107

106*5

40

1115*2
1112
100

74

.

Cin.& Indiana, 1st M.,7s,’92.J&I) 101
Cin. & Ind , 2d M.. 7s,’82-87.J&J 1 190
107
99*2': Indianapolis C. &L., 7sof’97..
Iud’apolis & Cin., 1st, 7s,’88.A&O 100
103**6 Cin. Laf.&Ch.—1st, 7s,g.,1901.M&S 105*2
40
30
Cin. Northern.—1st, 6s, gold, 1920,
99
;
104 *2|105:2 Cin. Rich. & Chic.—1st, 7s, ’95. J&J 1105*2
105
Cin. Rich. & F. W.—1st, 7s, g... J&D 1105**- 108*!
102 *4’
85
j
Cin. Saml’ky & Cl.—6s, 1900.. F&A 11 102

111*2
102*2
98*2
98*2
{100

J

103*2
103

6s, gold, ser.B.int.def. 1906.M&N
6s,currency, int. def.. 1918..J&J
6s. 1911

185
U13

Dubuque Div., 1st. 6s, 1920. J&J
Wis. Val. Div., 1st, 6s, 1920. J&J
Chic.&Northw.—S.f,,lst,7s,’85F&A
100
Consol, mort., 7s, 1915
Q—F
1
Exten. mort., 7s, 1885
F&A
i'o'iv 1st mort., 7s, 1885
F&A
87*2
Consol., gold, 7s, cp., 1902..J&D
M
do
do
reg
J&I)
!
A&O
Sinking fund, 6s, 1929

1st, 5s, 1921

Leli.& Wilkesb.Coul,ine.,’88,M&N
Consol., 7s. gold, 1900, ass’d.Q-M
Cent. Ohio—1st M.. 6s, 1890..M&S
Cent. Pac.—1st, 6s, gold,’95-98. J&J
8. Joaquin, 1st M.,Gs, g. 1900. A&O
Cal. & Oregon, 1st, 6s, g.,’88.J&J
do
series B, o's, 1892
Cal.& Or. C.P.bonds,6s,g..’92 J&J
Land grant M., 6s, g., 1890.A&O;
West. Pacif., 1st, 6s, g., ’99. .J&J

11053*

St. P. & Cliic., 7s, g., 1902
J&J
La. C., 1st M., 7s, 1893
J&J
I. & M., 1st M., 7s, 1897
.J&J
I’a. & Dak., 1st M., 7s, 1899. J&J
Hast. & Dak., 1st M.,7s, 1910. J&J
Chic. & Mil., 1st M., 7s, 1903.J&J
1st mort., consol., 7s, 1905. .J&J
1st M., I. & D. Ext., 7s, 1908J&J
1st M.,6s, S’thwest Div.l909J&J
1st M., 5s. La C. & Dav. 1919.T&.T
So. Minn. 1st 6s, 1910
J&J

119*"

Buff.Pittsl).&West.—6s,1921 A&O

Adjustment bonds, 7s, 1903M&N
Conv. debeu. 6s, 1908
M&N
Income bonds, 1908
M&N
Am. Dk.& Imp. Co., 5s,1921. J&J

*117*4

Income bonds, 1907
119*4 Chic. & Gr. Trunk—1st mort., 1900
118*2 Chic.& Mich.L.Sli.—1st, 8s,’89.M&S
103*2 Chic. Mil. & St. Paul—
113
P. du C. Div., 1st, 8s, 1898. F&A
10
P. D., 2d M., 7 3-10s, 1898..F&A

90

Bid. 'Ask.

Railroad Bonds.

1124
Quincy& Wars’wr 1st, 8s, ’90.J&J 1111 *2
Atcli’n & Neb.—1st, 7s, 1907 M&S ' 117 *2
Cliic. & Can. So.—1st, 7s, 1902 A&C
18
Cliic. & East 111.—1st mort. 6s, 1907 103

123*2
Providence—7s, 1893.J&J 1123
Bost.&Revere B’h—1st,6s.’97. J&J 1111*2 112
Bradford Bord. & K.— 1st, 6s, 1932
Bradf.Eld.& Cuba—lst.6s, 1932J&J
102
Bklyn Bath&C.I.—1st,6s, 1912.F&A
35
Brooklyn Elevated—Bonds
Bafl. Brad.& P.—Gen.M.7s,’90.J&J
100
Buft.N.Y.&Erie—1st, 7s. 1916. J&D
Buft.N.Y.& Phil.—1st, 6s,g.,’96. J&J
{55
2d mortgage, 7s, g., 1908...Q—M
Gen. M., 6s, 1924
M&S

1st mort., 7s, 1916
M&N
Cent. Br. U. Pac., lsts.Os, ’95. M&N
Fund, coupon 7s, 1895
M&N
Atcli.& Pike’s P’k, 1st. 6s, g. M&N
A tell. Col.&Pac., 1 st.Gs, 1905Q.—F
A tell. J. Co. & W., 1 s t,6s, 1905. Q,—F
Cent, of Ga.—1st. cons., 7s,’93.J&J
Certificates of indebtedness. 6s..
Cent. Iowa—New 1st., 7s , ’99. J&J
Inc. bonds,“ debt certs.”, 7s, A&O
Eastern Div., 1st, 6s, 1912..A&O
Ills. Div., 1st. 6s. 1912
A&O
Cent’lof N. J.—1st M,7s,1890,F&A
7s, couv, 1902, assented
M&N
Consol. M.,7s, 1899, assented.Q—J

Ask.

70

5-6s, 1911.F&A

Bur.&Mo.(Neb.), 1st,,6s.1918.J&J
do
Cons, 6s, non-ex..J&J
do
4s, (Neb.), 1910... J&J
do
Neb. RR, 1st,7s,’90 A&O
do
O111.& S.W.,lst,8s,J&D
Ill. Grand Tr., 1st. 8s. ’90...A&O
Dixon Peo.& H., 1st,8s,1889. J&J
Ott. Osw. & Fox R., 8s, 1900. J&J

;ioo
uii

Bost. &

do
do
3s, 1905. J&J
California So.—1st, 6s, 1922...J&J
Camden & Atl.—1st, 7s, g.,’93..J&J
2d mort., 6s, 1904
A&O
Cons. 6s, 1911
J&J
Cam.& Bur. Co.—1st M., 6s,’97.F&A
Canada So.—1st M.,guai\, 1908,J&J
2d mort., 5s, 1913
M&S
Carolina Cent.—lst,6s,g.,l 920. J & J
2d, inc., 6s, 1915
A&O
Catawissa— Mort., 7s, 1900.. .F&A
Cedar F. & Min.—1st, 7s, 1907. J&J
Cedar R. & Mo.—1st, 7s, ’91...F&^

.

..

80*4
18*8

.

do

BONDS—Continued.

Miss.Riv.Bridge, 1st.,s.f.,6 s,1912 103 ‘
Louis’a & Mo.R. ,1st, 7s,1900F & A 119
do
2d, 7s, 1900 M&N
St.L. Jacks’v.& C., 1st,7s,’94. A&O 116*2
do 1st guai\(5G4),7s,’94A&0 116*2
do 2d M. (360), 7s, ’98.. J&J 119
do 2d guar.( 188) 7s,’98.J&J 118
Cliic.& Atlantic—1 st, 6s, 1920. M&N
2d. 6s, 1923
F&A
Chicago Burl. & Quincy—
Cons., 7s, 1903
J&J 130*0'
101
Bonds, 5s, 1895
J&I) *100
5s. 1901..
A&O 1023i 103
5s, debenture, 1913
97*2 98
M&N
L0o*2
5s, 1919, Iowa Div
A&O 105
94
Ohio&W.Va., lst.s.f.,7s,1910M&N
do
43,1919,
A&O
93
Col.Springf.&C.—1 st, 7s,1901.M&S
4s, Denver Div., 1922
F&A
93
Col. & Xenia—1st 31., 7s,1390.M&S
4s, plain bonds, 1921
M&S
82
117*4' Conn. & Passump.—31., 7s, ’93.A&O
Bur. & Mo. R., I’d M., 7s,’93.A&O 1117
do
Conv. 83.’94 sor.J&J 1
3Iassawippi, g., 6s, gold, ’89 J&J

104

1st, 6s, 1905
F&A
Consol. 6s, 1913
A&O
Belvidere Del.—1st,6s,c., 1902. J&I) 121
2d mort., 6s, 1885
M&S 102
3d mort 6s, 1887
F&A 103
Boston & Albany—'7s, 1892..,F&A 1119
6s, 1895
J&J <117*2
Boat. Ccnc.&Mon.—S.F.,6s,’89.J&J i 103*4
Consol, mort., 7s, 1893
A&O; 1112*2
9
Boat. Hart.& E.—1st, 7s, 1900. J&J
14
1st mort., 78, guar
J&J
Boston & Lowell—78, ’92
A&O 1116
6s, 1896
J&J 1115
New 5s, 1899
J&J 1106
Boston & Maine—7s. 1893-94. J&J H22*£

Pitts. Titusv.& B.—7s, 1896F&A
Oil Creek, 1st M., 6s, 1912. A&O
Union & Titusv., 1st, 7s,’90. J&J
Warren & Fr’ k In, 1 st,7s, ’ 9 6 F& A
Bull. & Southwest.—6s, 1908. .J.&J
Bur. C. R.& N.—lst.5s,uew,’06. J &1)
Cons.lst &col. tr., 5s, 1934.. A&O
C. Rap.I.F.A N.,lst,6s,1920. A&O

Bid

Cheshire—6s, 1896-98
..J&J 1109
Chic. & Alton—1st M., 7s, ’93.. J&J 120
Sterling mort., 6s, g., 1903..J&J 1118
Bds. Kan. C. line,6s,g.,1903.M&N

126
15

A.tcn.Ton.&S.Fe—lst,7s,g.,’99.J&J
Land grant, 7s, g., 1902
A&O 1118
Guaranteed 7s, 1909

STOCKS AND

Railroad Bonds.
Ches.O.& S.W.—M.

114
124
12
1121

Allegh. Val.—Gen. M., 73-10s..J&J
East, exten. 31., 7s, 1910...A&0{
Income, 7s. end., 1894
A&O
J&D

OP

[VOL. XXXIX.

Explanations See Notes at Head of First Page of Quotations.

For

Sinking fund, 6s, 1911

CHRONICLE

A&O.

transactions.

,

j

i

H13

102*4
M&S I 102
J&D; 1101*2 102
110
Cin.&Sp.—7s,C.C.C.& I., 1901.A&O' 107
110
7s, guar., L.S.& M.S., 1901..A&O 107

7s, 1887 extended
Consol, mort., 7s, 1890

Cin. Washiusrton & Balt.—
!

1st

M.,

guar,

4*2S-6s, 1931.M&N
J&.TI

2d mort.:, guar., 5s. 1931
t Purchaser also pays

96*4
62

accrued interest.

Han. & St. Jo.— Conv. 8s, 1885.3I&S
Con. 6s, 1911
M&S
Housatonic—1st 31., 7s, 1885.F&A

Ho’st.E.&W. Tex.—1st,7s,’98.3I&N
2d, 6s, 1913
J&J

111

86*5
103% 103*5
112
-

V; 114
i
101*5

H.& Tex.Cen—1st m.,7s,guar.l891
109*2 110%
107*5
West. Div., 1st, 7s, g., 1891..J&J 105
Waco & N. W., 1st, 7s. g.,1903. J&J 110
Cons, mort., 8s, 1912
A&O 110 ,111*5
I
Waco & N., 8s, 1915
96
Gen. mort. 6s, 1921
A&O
Hunt. & Br.Top—1st, 7s, ’90..A&O
2d mort., 7s, g., 1395
F&A
Cons, 3d M. 5s. 1895
A&O
[11. Cent.—1st M.Chic.& Spr.’98J&J
Middle Div. reg. 5s, 1921... F&A
*

{In London.

THE

December 6, 1884 i

GENERAL
For

K.CSpr&Men.—1st,6

Bid.

118

con.

N.O.Jack.&Gt.N.,lst,8s.’86J&J

.

do
2dM.,8s,’90,ctfs.A&O
do
2d mort. debt
A&O
Ind. Bl. & W.—1st, pf., 7s, 1900J&J
1st mort., 4-5-0, 1909
A&O
2d mort., 4-5-0,1909.
A&O

M.&Clarksv,t’g0.192

Income, 1919
Ea8t.Div., 1st mort. Os,1921. J&D

do
income
Ind. Dec. &Sn.—1st, 7s, 1900.A&O
2d mort., 5s, 1911
J&J
2d mort., income, 1900
J&J
Trust Co. cert
New 1st mort. Os, funded

Bid.

Kalamazoo&S.H.,lst,8s,’90.M&N|ttiio
110

75
00
23

|Mich. & Ohio—1st, Os, 1923 ..M&N
I

Midd. Un. & Wat. Gap—1st mort..
2d mort. 5s. quar. N.Y. S. & W...
Mil.L.S.& W.—1st M., Os, 1921 .M&N

1st, incomes

103

Mil.

& No.—1st, Os, 1910.... J&D
1st, Os, 1S84 1913
J&D

10

Minn. & St. L.—1st M., 1927..J&D
1st M., Iowa City&W., 1909. J&D
2d mort., 7s, 1891
J&J
Southwest. Ext.,1st,7s,1910. J&D
Pacific Ext., 1st, Gs, 1921.. A&O
Miss.&Tenn.—1st M., 8s,series “A”
8s, series “ B”
J&J
Mo.K. & T.-Cons. ass.. 1904-6.F&A
Consolidated Os, 1920
J&D
Consolidated 5s, 1920
J&D

Ind’polis & St.L.—1st,7s, 1919. Var.

i 111
115
no
2d mort.. Os, g., guar., 1900.M&N 100
103
Int. & Gt.Nortli.—1st,Os, 1919.M&N 105 k 106 k
74 k
75
Coup. Os, 1909
M&S
Ionia& Lansing—1st 8s,'89. ..J&J 1107*4 109
Iowa City& West.—1 st,7s, 1909M&S 103
I'a Falls & Sioux C.—1st, 7s,’99A&0 f 120k 121
98
Jefferson—Hawl’y Br. 7s, ’87..J&J
1st mort., 7s, 1889
102
J&J 100
Jeff. Mad.& Ind.—1st, 7s,1900.A&O 1112
114
2d mort., 7s, 1910
115
..J&J »113

1st, Os,

g.,

1899, (U. P. S. Br.)J&J

2d mort., income, 1911
A&O
Boouev’e B’ge,7s,guar,190G.M&N
Han. & C. Mo., 1st 7s, g.,’90.M&N
Mo.Pac.—1st mort.,6s,gld,’88, F&A
Consol. Os, 1920
M&N
2d mort., 7s, 1891
J&J
Car. B., 1st mort., 6s, g. ’93..A&O
3d mortgage, 7s, 1906......M&N

Junction (PMl.)—1st,4ks,1907 J&J
2d mort., Os, 1900
A&O
K.C.Ft.Scott& G.—1st,7s,1908 J&D 1117k i
Kansas C. Lawr. & So. 1st, Os. 1909 1108
108k
K.C.St.Jos.& C.B.—M.7s, 1907. J&J f 118
nsk
Income, 7s, 1892
M&S
99k 100
1923.M&N
Mobile & O.—1st pref. debentures..
04
Kentucky Central—Os, 1911...J&J
2d pref. debentures
Keokuk&Des M.—lst.5s,guar. A&O 103
3d pref. debentures

173J

81
15

West.—1st, 0s,1919.F&A

Income, 7s, 1899

Sandusky Div., Os, 1919

85

4th pref. debentures
New mortgage, 6s, 1927

25

79

F&A

do
income, 1920
Laf. B1.& Mum,1st, Os, 1919. M&N
do
income, 7s, 1899.
Lake Sliore & Mich. So.—
M.So.& N.I., S..F.,lst, 7s,’85.M&N
Cleve. & Tol., 1st M.,7s, ’85.. J&J
do
2d M., 7s, 1880.A&O
Cl. P. & Ash.,now 7s, 1892.. A&O

79

J&D

Collateral trust 6s, 1892

J&J

1st extension

Q—J

Os, 1927

1*03
110k
109
104
108

1

118

2d mort., 8s, 1899

_

-

_

i

do
series B
Con. mort, stg. 6s, g., 1904.. .J&J

*90* 1*0*6" Northern,

1*34

'

M&S
J&Di 121k
L. Miami—Renewal 5s,1912.. M&Nj 104
100
07
L.RocK& Ft.S.—lst,l.gr.,7s ’95.J&J
98
Long Island—1st M.. 7s, 1898.M&N 118
1st consol. 5s, 1931
Q—J loik
South Side, 1st, 7s, 1887
103
M&.s 1100
Newtown & FI., 1st, 7s, 1891
100
L. I. City & Flushing—1st,Os.1911
113
Lou’v.C.&Lex.—1st,7s,’97 J&J (ex) 112
2d mort., 7s, 1907
103
...A&O 102
Lkv.& Nash.—Cons. 1st,7s,’98. A&O 114
Ceeilian Br., 7s, 1907
88 k
..M&S
Louisville loan, Os, ’80-’87..A&0 103
Leb.-Knoxv. Os, 1931
M&Sj 100
Louis. Cin. & Lex., Os. 1931.M&N 100
Mem.& 0.,stl., M.,7s, g.,1901 J&Dj’l
1119
19 121

F&A' ;103

N. O. & Mobile. 1st Os. 1930.J&J
do
2d, Gs, 1930.... J&J
Pensacola Div.,1st,Os, 1920..M&S
St. Louis Div.. 1st, Os, 1921..M&S
do
2d., 3s ,1980.M&S
Nash. & Dec., 1st 7s. 1900...J&J
E. H. & N., 1st Gs, 1919
J&D
Gen’l mort., Os, 1930
J&D
So. & No. Ala,, S. F., Os, 1910 A&O
l6t mort., sinking fund, 8s
Trust bonds, Os, 1922
Q—M

L’sv.N.A.&Chic.—1st,Os,1910. J&J
Gen. mort. Os, 1914

A&O

*00
70

90
30
100
100
78 k
91

87 ^
Maine Cent.—Mort. 7s, 1898...J&J i 120
Exten. bonds, Os, g., 1900...A&O 1110
Cons. 7s, 1912
A&O i 120
Androscog. & Ken.,Os, 1891.F&A tioo
Leeds & Farm’gt’n, Os, 1901.J&J f 1 LO
Portl. & K.,Cons. M., Os, ’95.A&O no
Man.Beach Imp.,lim.,7s, 1909,M&S
N.Y.&Mau. Beach. 1st 7s,’97,J&J
......

Marq’tte Ho.& O.—Mar.&0.,8s, ’92 ihi

6s, 1908.
M&S
J&D
6s, 1923, new
Mem.&L.R’ek—1st mort,,8s, 1907.
Meruph.& Chari.—1st,7s, 1915.J&J
2d mort., 7s, 1885
l*t consol. 7s, 1915

1st,

cons..

J&J
J&J

Tenn. lien, 7s, 1915 J&J

Metrop’n Elcv.—1st, Os, 1908, J&J
2d Os, 1899.......

97

87k
99
107
100
100
108
103 k

...M&N

Mexican Cent.—1st, 7s, 1911.. J&J

43

Incomes
1
Scrip ins, 1889
J&J
Mexican Nat.—1st, Gs, 1912 ..A&O

8k
79 k
17%

Price nominal; no late transactions.




l

!j

j

i

!

!

i

ert.,ext.5s M&N
Mort., 7s, coup., 1903
J&J
Mort., 7s, rcg., 1903
l&J
.Debenture 5s, 1901
M&S
••

C., Os, 1887
Hud. R.. 2d M.. 7s., 1885

I&D
J&D

;N.Y.Chic.& St. L.—1st,Os,1921.J&D
I
2d Os, 1923
M&3

| N.Y.City & No.-Geu’l,Gs,1910M&N

j
!
*

Trust. Co.

receipts

-

80

30

94

89
122
112

122
108
111
112
80

101k

{103

101
111
102

1231*
113

1131*
122

100%

68

{113

115

{103
Subsidy bonds, Eng. issue, 6s
Paris&Dec’t’r—lstM.,7s,g.,’92.J&J
Pouna.—Gen. M., 6s, cp., 1910 Q—J

106
35

Sinking fund sub., 6s, 1910.M&N

Gen’l mort., 6s, reg., 1910..A&O
Cons, mort., Os, reg., 1905.. Q—M
(lo
6s. coup., 1905.. J&D
Collateral trust, 4ks, 1913.. J&D
Consol. 5s, 1919
J&D
Penn. Co., 6s, reg., 1907
Q.—J
do
1 st M., 412s, 1921. J&J
Penn.& N.Y.Can.- 1st. 7s, ’90. J&D
1st mort., 7s, 1906
J&D
Pensacola & Atlantic-1st m..M&S
Peoria Dec.& Ev.—1st,Os,1920,J&J

Incomes, 1920
Evansville Div.,1st Gs,1920.M&S
do
income, 1920

12214
1201*
1201*

104k
107
98
122
128
57
97
94

99

100

35
95
35
102

991*

...

103

|

j 122

lo5 kl
104 k

32 kl
32 k!

Class B, 1920

|j

7s, 1888.J&J
Gs, g., 1920. .J&J {121
8nnbury& Erie, 1st M.,7s.’97. A&O no

I!
......

21

00
35
35
121
20
0

j
!

|
!

127
119 k 11934
97
97%
120 !
120

1
10534
10134 102 4*;!
!
103 k

1!

102

117% 118
57
57%
no

!

A&O

Philadelphia & Reading—
1st mort., Os, 1910
J&J
2d, 7s, ’93
A&O
Debenture, 1893
J&J
Consol.M.,7s,1911, reg.& cp. J&D
Consol, mort., 6s, 1911
J&D

117

Improvement mort., Os, ’97. A&O

{87

Gen’l mort., Os, 1908

J&J

Convertible, 7s, 1893

J&J

Cons. 5s, 1st series

{90
{7 k
{3

{03
{35
{35

105

74
30

117
108
89
74 k

*40

adj. scrip, 1888
J&J
Scrip for 0 deferred k coupons

Conv.

..

Deferred income
Income mort., eons. 7s, ’90, J&D
Coal& I., guar.,7s,’92,ex-cp.M&S
Phila. Wil. & Balt.—Os, 1892..A&O
Os, 1900
A&O

49

{i*07
112

J&D 1106
94%
117

50

109
113
107

il9

1913
A&O
Pittsb.&Con’llsv.—lstM.7s,’98.J&J
124
Sterling cons. M., 6s, g., guar.J&J {122
Pittsb.Ft.W. & C.—1st,7s,1912 Var 138k
2d mort., 7s, 1912
137k
J&J 130
3d mort., 7s, 1912
128k
A&O

33
95

78

Pittsb. & West.—1st mort

8
4
65

Portl’nd&Ogb’g—lstOs,g.,1900.1&J
Vt. div., 1st M., Os,g.,1891..M&N
Port Royal & Aug.—1st, Os, ’99. J&J

45
45

Os, 1899
J&J
Ren.&S’toga—1st 7s,1921 cou.M&N
1st, 7s, 1921. reg
M&N
Rich’d & Allegb—1st, 7s, 1920. J&J
2d mort., Os, 1910
..M&N
Income mort.,

82 k

83

4ik

413g
100
95

accrued interest.

no"

2d mort., 7s,

70

103
102
103
120

123

11414

M&N
F&A

Cons. 5s, 2d series

5s, 1910

108

J32

75i*
llli*

Gen. M.. guar.,

Trust certs., 4s, 1921
J&J
Pittsb.Bradf.& d.—lst,0sl911 A&O
Pittsb.C.& St.L.—1st, 7s, 1900.F&A
100 k
100
90

90

il

95 k

...

f Purchaser also pays

113
115
113

67
120

Osw.&Rome—1st M.,7s, 1915.M&N
Panama—SterPgM., 7s. g. ’97.A&O

Peo.& Pekin Un.— 1st,Os,1921.Q-F
102k, 103 k Perkiomen—1st M., Os, 1887..A&O
i
131k1
Cons. mort.. Os, 1913, sterling
lUOkj 131 j Petersburg -Class A, 1920
J&J

income

2d mort. inc
3d mort. inc
L’sed L.rental tr’st’73,Trus.cer.7s
West. ext. certifs, 8s, 1870..J&J
ii7
do
do
7s, guar. Erie
99
N.Y.Prov.&B’n—Gen. 7s, 1899. J&J
88
N.Y. Susq. & W.- 1st. Os, 1911.J&J
101
Debentures Os 1897
F&A
Midl’d of N. J.—1st,Os, 1910. A&O
N.Y. West S. & Buff.—5s. 1931. J&J
ioi
Norf’k&W.—Gen’l M.,6s,1931 M&N
New River 1st Os, 1932
.A&O
108 k
Norf’k & Petersb., 2d, 8s, ’93.J&J
i South Side, Va.,1st, 8s,’84-’90.J&J
95
2d M., 6s,’84-’90.J&J
do
do
8341
3d.0s,’80-’90 ...J&J
80 1
Va.& Tenn., 4th M.,8s, 1900.J&J
do
18k
enlarged 5s, 1900.J&J

......

Framigham& Lowe! 1,1 st, 5s.’91 1106* 107
Oreg. & Cal.—1st Os, 1921
72
J&J {70

i‘0’5

.

bonds, Os, 1977....
Lon £ Dock mort., 7s, 1893..J&D
| N.Y.&
N.Eng.—1st M., 7s, 1905J&J
t 1st mort., Os, 1905
J&J
2d mort., Os, 1902
F&A
IN. Y. N. H. & H.lst r. 4s,1903. J&D
N.Y.Pa.& O.—1st, inc.,acc.7s, 1905
do
prior lien,inc,ac.,5-6s,’95

110

102k

J&D 111714 1171*

6s, 1895

Oregon&Transcont.—6s,1922 M&N

J&D

Reorgauizat’n 1st lien, Os, 1908

116
10s

2d mort., 7s

2d mortgage income
N.Y.&Harlem—7s,c(mp.,1900.M&N

Gold

108

120

M&S 1123
Bost.C.&Fitchb.,l8t,7s,’89-90J&J 1111
B. C. F. & N. B., 5s, 1910.. J&J 113k
N. Bedford RR., 7s, 1894].. J&J 1120
Equipment, 6s, 1885
F&A 1 lOOH

ioo” ioi"

3

f'd cp., 5s,1909

•

7s, 1894

55
25

120

cod3.

104

122
125
107

65

100

N. V. Elevated—1st M., 1900.J&J
N. Y. & Greenw’d L.—1st M. ino. Os

2d

100

102k

....

Sterling mort.. Os, g., 1903... J&J {120
N. V.

i N.Y. Lack.& W—
1st.Os, 1921.J&J
!
2nd, 5s. guar., 1923
F&A
no
| N.Y. L.E.& W.—lst.7s,’97,ext.M&N
79%:
2d mort. extern, 5s, 1919 ...M&S
02
3d mort. ex. 4ks, 1923
.M&S
71
4th mort., ext., 5s, 1920.. ..A&O
5th mort., 7s, 1888
J&D
1st cons. M., 7s, g.,1920
M&S
117
New 2d cons. Os, 1909
J&D
97
Collateral Tr. 6s, 1922
M&N
88
1 st con i. fund coup.,7s, 1920 M&S

*

Lo'isv.N.O.&Tex.—lst,5s, 1934M&S

N.Y.C.&II. — Debt

Ask,

N.J.—1st M.,Os,’88.J&J tioo
North. Pac., P. D’O Div.—Os, M&S.
t97
Mo. Div. Os, 1919
look
197
M&N
80
Gen’l 1. g., 1st, Os. 1921
J&J 102% 102 k
91
Gen’l 1. g., 1st, Os, reg
J&J 102k
Norw’h&Worc’r—1st M.. 6s.’97.J&J tllO
118
115
Ogd’nsb’g&L.Ch.—1st M.6s,’98,J&J 1100 100 k
no
102
M&S tlOl
Sinking fund, 8s, 1890
101
102
Consol, ,0s, 1920
82
A&O 178
ill
110
14
17
Income, 3s & 0sl920
101
102
Ohio Cent.—1st,mort.,Gs,1920, J&J
57
58k
120
4
Incomes, 1920
102
106
IstTer’l Trust. Os, 1920
J&J
104
104k;
Mineral Div., inc. 7s, 1921
7ik 73 k
River Div., 1st, Os, 1922 ....M&S
16
1*6%
57
do
2
1%
income, Os, 1922
99
Ohio& Miss.—Cons. S.F.7s,’98.J&J 118
118k
55
Cons, mort., 7s, ’98
119
J&J 118
2d mort., 7s, 1911
113
A&O
102k
1st mort.,Springf.Div.,1905 M&N ion*
105 k 100
Ohio Southern—1st Os, 1921... J&D
81
94k
2d income, 6s, 1921
211*
1*0*9 no
Old Colony—6s, 1897
F&A 1118
1181*
55
99 k
70
85

_

*j

133

g., coup., 1900. J&J
Os, g., reg., 1900
A&O
Mort. bds., 5s, 1920, series A J&J

!

j

2d mort., 7s, 1910
Gen. M., s. f., Os, g.,1923

Con. mort., 6s,

j

....

_

M&S

North’n Cent.—2d mort.,Os, 85. J&J
3d mort., Os, 1900
A&O

124
Bufi.&E.,new bds, M.,7s,’98. A&O 120
Buff. & State L., 7s, 1880....J&J
Nashv.Ch.& St.L.—1st, 7s, 1913 J&J 117k
Det.Mon.&Tol. ,1st,7s, 1900. F&A *118"
2d mort., Os, 1901
J&J
Kalamazoo Al.&Gr.R., 1st, 8s. J&J 110
ill
*9*6 ’*95"
1st, Tenn. & Pac., Os, 1917...J&J
Kal.& Schoolcraft, 1st, 8s.’87.J&J
!
95
1st, McM. M. W.&A.,0s,1917.J&J 190
Kal.&Wh. Pigeon.1st. 7s,’90.. J&J
N ash v. & Decat’r.—1 s t ,7s,1900. J & J t
120"
Dividend bonds, 7s, 1899...A&O
Natchez Jack. & Col.—1st, 7s. 1910
j
L.S.&M. S.,cous.,cp., 1st,7s. J&J 125 k 1273s
1273sj!Nevada
Cen.-lst Os, 1904...'.A&O
1
j
do cons.,reg.,l st,7s,1900.Q—J 124
1
!Newark & N. Y.—1st, 7s, 1837.J&J 104
do cons., cp:,2d,7s, 1903.. J&I) 115
j (Now’kS’set&S.—1st. 7s, g.,’89. M&N 100
ioi 1
do cons.,reg.,2d, 7s,1903.J&D 114k 115
N’burgh&N.Y.—1st M. 7s,1888.J&J 100
Lawrence—1st mort., 7s,1895.F&A
100
iNew Jersey & N. Y.—1st mort
1
85
Lehigh Val.—1st,Gs,coup., ’93.J&D 122 k 123* N. J.Southern—1st M.,new Os. J&J 1
1st mort., Os, rcg., 1898
I
no
J&D 120
;N.Y. & Cam—£ M., Os, g., 1904.M&N {108
.

North Carolina—M.. 8s. 1888.MAN
North Penn.—1st M., 6s, 1885. J&J
2d mort., 7s, 1890
M&N
Gou. mort., 7s, 1903
J&J
New loan, Os, reg., 1905
M&S

106 k .Northern, Cal.—1st, Os, 1907..J&J

i*34 137
F&A 113 k 117
120
J&J
Bonds, 7s, 1900
General mort., 7s, 1901
A&O 119
Consol, mort.,7s, 1915
J&D 1123k 124
Nashua & Low.—Os, g., 1893.F&A 112
112k
100k 108
5s, 1900

103%

Bid.

.Northeast.,S.C.—1st M.,8s,’99,M&S

2d mort, 7s, 1891

101% 102

Railroad Bonds.

112

Morg’n’s La.&Tex.,l8t,Gs,1920J&J
Morris & Essex—1st, 7s, 1914 M&N

104 k
115

Ask.

J.L.& Sag.l st,8s’85,“wh.hds”J&J !f 100k 101
J.L.& Sag.North Ext.,8s, ’90.M&N
do
Cons. M.,8s,’91. .M&S ii*i2k i.13
do
63,1891
M&S tioo
Joliet & N.Ind..lst,7s (guar.M.C.) 120

Ind’apolis& Vin.—lst,7s,1908.F&A

L. Erie &

BONDS—Continued.

Page of Quotations.

—...

ilOO

615

AND
First

Mich. Cent .-Consol., 7s, 1902 M&N 123k
Consol. 5s, 1902
M&N
1st M. on Air Line, 8s, 1890.J&JIH10
inio
Air Line, 1st M., 8s, guar. ..M&Nitl08
It 108
Gd. Riv. V., 1st 8s, guar.,’86.J&J'<1103
Os. 1909
M&S j
90
5s, coup., 1931
M&S1
5s, rcg., 1931
M&S

116
105 78 106k
101
104
108
108
115
73
55
17
77

STOCKS

at Head of

Railroad Bonds.

107
114
108
120

1105
{112
{100

7s,’97
J&D
M&N
5s, 1951, gold
J&D
Miss. Ceu.,lst, 78, ’74-84. M&N
do
2d mort., 8s
•*.

.

Ask.

Central—(Contiuued)—

Chic. St. L.&N.O.—1st
2d mort 0s, 1907
Ten. lien, 7s, 1897

OF

Explanation* See Notes

Railroad Bonds.

Illinois

QUOTATIONS

CHRONICLE

Ricb’d & Danv.—Con..0s,’90..M&x;
General mort., Os, 1915
.J&J
...

Debenture, 6s, 1927
A&O
Piedmont Br., 8s, 1888
A&O
Rich. Fred. & Potomac—6s,cxt.J&J
Mort, 7s, 1881-90
J&J
Rich. & Petersb.,
New mort.,

125
105

130k
130k
51k
102
94
50
106
102
110

8s,’84-’80...A&O
M&N

7s, 1915

Richmond York Riv. & Clies., 8s...
2d mort., Os
In Loudon.

100
15

*68*

90
25
104
—

52

*9*4 k
60
no

106
73

k

THE CHRONICLE
GENERAL

Bid.

Railroad Bonds.

2d rnort., 7s, 1892
Consol., 1st ex. 5s, 1922
Income 7s, 1932
Rutlanu—1st M., 6s, 1902

103

M AN

Bouth Pacilic.—1st M, 1888 .JAJ
Pierre C. A O. 1st, 6s
FAA

Equipment 7s. 1895

JA1

General mort.. 6s, 1931
Trust bonds, (is, 1920
St. L. W. A W„ 6s, 1919

JAJ

>

34

96*2

40

36
105
®

.

.

40
.....

112

.

.

100
23

!

111*2

120

103
105

ilOJ.G

lol

106*8

633*1
99*2 100

99*2 |100
101*2 105
i

101
100

FAA
MAS

119

105

119
2d. 7s,guar., ’98
MAN 1113
8t. P. A Duluth—1st, 5s, 1931.FAA
110
Bt.P.Minn.A Man.—1st 7s,1909 JAJ
2d 6s, 1909
A AO 107G
Dak. Ext.. 6s. 1910
MAN 107*2 16734
1st consol. 6st 1933
JAJ 103*8 104

Minn's U’n, ltd, 6s, 1922

...

.JAJ

SanduskyMansf.AN.—1st,
7s,1902
Savannah Florida
West.—
A

f 112

110

112

At. A Gulf, eons. 7s, 1897
JAJ
1st mortgage, 7s
JAJ
S.Ga.A Fla., 1st M. 7s, 1899, MAN flL2
185
Soioto Val.—1st, 7s.

90
75

sink’g id..JAJ

2d mort, 7s, sink’g fd
AAO
Consol. 7s, 1910
JAJ
ShenandoanVal. -lst.7s, 1909.JAJ,
General mort., 6s, 1921
AAO
Sioux C. A Pac., 1st M., 6s,’98.JAJ
Bo. Carolina—1st M.,6s, 1920..AAO
2d mort., 6s, 1931
JAJ

Income 6s, 1931

i

So. Pac.. N. M.—1st, 6s, 1911 .JAJ
South western(Ga.)—Con v.,7s,1880
Bummit Br.—1st, 7s, 1903
JAJ

Tex. Cent.—lst.sk.I'd.,78,190931 AN
1st mort., 7s, 1911
MAN
Texas A New Oilcans—1st.7s.FAA
Sabine Div., 1st, 6s, 1912...MAS
Texas A Pac.—1st, 6s, g.1905 MAS
Cousol. mort.,6s, gold, 1905.JAM
Inc. and land gr., leg., 1915. July
1st (RioGr. Div.), 6s, 1930..FAA
do
assented
;
N.O. Pac., 1st. 6s,gold, lo20.JA.f
Texas A St. Louis—1st,6s, 1910 J AD
Land grant, incomes, 1920

65
37 *2
53

do

MAS

68.1901

MAS

•

!

53

G;

lh\

1*1;

10

15
2

!

Gj

1
25

|

.

j1

.

j

1*1*2

!

120

1
11250 L12 34 !
100*% 10650
117
117*2

Cam. A Amb.,mort.. 6s, ’89.MAN
Union Pac.. — lst,6s,g.,1896-’99,J AJ
Land Grant, 7s, 1887-9
AAO
Sink. F.,8s, 1893
MAS
Om. Bridge, sterl. 8s, g., ’96.AAO '114
MAS
Reg. 8s, 1893
Collateral trust, 6s, 1908
IAJ i02*2
do
5s, 1907.... J AI>
Kans. Pac., 1st, 6s, 1895
FAA 109
do 1st M. ,6s, 1896
J AI) 1053*
do
Denv. Div., 6s
MAN 105
95
do 1st cons. M.,68,1919 MAN
88*4
Oregon Short-L., 6s, 1922
FAA
Utan Cen.—1st M., 6s, g.,1890.JAJ
*97
Utah So., gen. 31. 7s, 1909...JAJ
90
do extens’n.l st,7s, 1909 J AJ
Utica A Bl’k R— Mort., 7s, ’91.JAJ
Verm’ntA Mass.—Conv.7s, ’85.JAJ 126
Guaranteed 5s, 1903
MAN 110*
90
Vicksb. A Mer.—New 1st mort
...

.

.

..

108

119

j

11734!

i
j

j

107

105*2
95*4'
89*2!

......

93*2
......

93

Mort., 7s, 1879-1909

AAO

104
75

2d mort., 7s. ext. 1893, ex..MAN

Equipment 7s, 1883
(ion
*

.

i oqn.

Price nominal




MAN
..

no

t in

38*2

late transaction

1.

10
4
5
2

U

77*4
60 cs
8
174

100

.

m

112*2
95

.

do
Hannibal A St.
do

.

13 3

S
43
87

31

34

"i*

7
105
163*4 L03 *2

16434

do

10
15

do
Pref
100
Buff. N. Y. A Erie, leased
100
1 Buffalo N/Y. A
Philadelphia
do
do
Pref...

50

13

x4

8

36*2

do

120*2 121*4
*

15 G

80

84

55

32

31

45

45*

*50*
t

D

20
51
50
14
80

Marq. Houghton A Out
do

15*’
8

1*4

1%

12

12 G

4338

4334i Michigan Central
Michigan A Ohio

35

35*

13

lOOj 130

130
s

122*8
Chicago A East Illinois.

1

40

Chicago A Grand Trunk

j

10

;

.100

Minneapolis A St. Louis

100

do
do
Pref...
Missouri Kausas A Texas
Missouri Pacific
'
Mobile A Ohio
Morris A Essex, guar., 7
Sashv. Chat. A St. Louis
Nashua A I^owell

100
100
100
100

Chicago Milwaukee A St. Paul. 100]
81301 81*2:!
i
do
109
Pref., 7.100 108
j Newburg Dutchess A Conn

170*2

1 1

12

70

70*4

50

8*8
1 *2
5
57

$0734

”8*
60*2

58*4

13
28

14
29
17*4 17’%
933* 93 5s
6
9
125

25!
100

16

47
29

92

•

do
Pref
Midland of New Jersey
.*
15
100.
| Mil. Lake Shore A West
6
do
do
Pref.... 100
12
1 Milwaukee A Northern
100
50
8G; Mine Hill A S. H. leased

5*2
11*4
7
56*2 .58

*93*2 OS**
170

26*2

lOi»

20
50

21

27V
loo

64*2

27*4

14.G
44

M ex i ea

Cen t ral
Mexican National
do
pref

25
143
53

100

Memphis A Charleston
Metropolitan Elevated
11

12G
67 78

40
27
10

100

Pref

It g

63 G
19

50
A Mo. Riv., Coin
100
do
Pref., guar..
Louisville A Nashville
100
Louisville New Albany A Chic.100
Macon A Augusta
Maine Central
100
Manchester A Lawrence
106
Manhattan Beach Co
100
Manhattan R’y, consolidated ..100

—

37*2-

24
142

50
50

Louisiana

Caiuden A Atlantic
50u§
do
Pref
50'§
Canada Southern
100
Canadian Pacific
lOo
Catawissa
50j$
do
1st pref
50
do
2d pref
50j
Cedar Falls A 3Iiimesota
lOo
Central of Georgia
100
Central Iowa
lOOj
do
1st pref
100 j
do
2d pref
100 ;
Central of Massachusetts
100;
do
pref. 100
Central of New Jersey
100
Central Ohio
50
do
• Pref
50
Central Pacific
100
Charlotte Col. A Aug
100

37

67%
$60 34

100
..

86
130

129

50

Little Miami, leased, 8 guar..
Little Schuylkill, leased, 7
Long Island

1*6*2

70

pref.. 100

Lehigh Valley

8
12

38*2

50 §

Keokuk A Des Moines
100
do
Pref.... 100
Lake Erie A Western
100
Lake Shore A Mieli. So
100

65

12

434

.

LOO*'

150

.

Little Rock A Fort Smith
t

145
7

Kans. City Spring!. A Memphis
Kentucky Central
100

98*2 100

Brooklyn Elevated, assessm’t paid
10o

1123* 113
16 h
17
86*2 S7

do
do
Pref... 50
Illinois Central
106
do
Leased line, 4 p. e. 100
Indiana Bloomington A West’n 100
Indian. Decatur A Sp., com
do
do
Pref..'. 100
Iowa Falls A Sioux City
100
Jell’v. Mad. A Ind’p’s, leased.. 100
Joliet A Chicago, guar., 7
100
Kansas City Ft. Scott A Gulf...100

92

*8

100

42
86 G;

.*•

Huntingdon A Broad Top.

......

88

50
100

Pref.... 100
77*2
Joseph
100
62 G
Pref., 7. 100
Harrisburg P. Mt. J. A L., guar., 7.50
Houston A Texas Central
..100

9

100

common ..100
1st pref... 100
2d pref.... 100j

4%

Williamsport, 5

Georgia Railroad A Bank’g Co. 100
Grand Rapids A Indiana
Grand River Valley, guar., 5.. 100
Green Bay Winoua A St. PauL.100

167*2 168

;
j.

95

100
.i.100

Georgia Pacific

200

100

Cheshire, pref
Chicago A Alton
' Chicago A Atlantic

i‘28

1- 9

.

new.

.

77

4 38
7%

'

175

ioo 1*6*5*

Chesapeake A Ohio,

73

107*2 108*2

Flint A Pere Marquette
do'
do
Pref
Fort Wayne A Jackson
do
do
Pref
Fort Worth A Denver C
,.100
Galv. Harris!). A San Antonio

118*2 120

100

;

(

Incomes, cumulative

Wabash—1st, ext., 7s, ’90, ex.FAA

95

....

......

}9G
13 G

100

Pref., 6.

9*2

4

.100

Fitchburg

Boston A N. Y

do
do

"

2d mort
3d mort., income
Va.Midlaud— 1 st ser.,6s,l906. MAS
2d series, 6s, 1911
MAS
3d series, 5-6s, 1913
..MAS
4th series, 3-4-5s, 1921
31 AS
5th series, 5s, 1926
MAS

do

1*2*6*

"9*4

Pref.

Eastern (Mass.)
Eastern in N. H
Eel River

60

10734 108

50
Prof., 7..50
Erie A Pittsburg, guar., 7
50

j California Pacific

i

;1LS

38

i 6V)

.

do

Elmira A

84
40
119
100
100

118
99
99

100

pref.,6

59
139

Dubuque A Sioux City
100
East Tennessee Virginia A Ga.100

Evansville A Terre Haute
80

10i»

1st

50

Danbury A Norwalk
50
Day!on A Michigan, guar., 3*2..50
do
Pref., guar., 8.5c

do

1*4

do

Brooklyn A Montauk

..—

;i 16

122
100 G
107

500

106
81
39

.

20

107 G
109

100

1

12 *21

■

10334

100

60

*!

0
114
1<(8

110

14

Parkersburg Branch...

23 G

Tol.Del’s A B.—1st main. 6s, 1910
do
main line, Lie, 6s, 1910

113*"

def...

Washington Branch.

I

59

..

Sterling mort., 6s, 1894

do

Connotton Valley

-

101
115
118
78 G
79
163
165
-6O0. 70c.

Delaware A Bound Brook
100
Delaware Lack. A Western......50
Denver A New Orleans
Denver A Rio Grande
100
Denver A Rio Grande Western...
Des Moines A Fort Dodge...
do
do
Pref
Det. Lansing A Northern, com .100
do
do
Pref. 100

113*2
1

1

140
15

Col. Hock. Val. A Tol
100
Columbia A Greenville
.\100
do
Pref.. ..lOo
Concord
50
Concord A Portsmouth.guar.,7 100
Connecticut A Passumpsie
100
Connecticut River
,....100

TOG
117
103

106
108

95
25

35
38
13?G 137*2

Col. Chic. A Indiana Central...100
Columbus A Xenia, guar., 8
50

85
9j

’OB"

do
do
old..
Boston IIoosacTun. A Weste

52'

Income

*8*3

110*4 110*2

TAJ

Atlantic A Pacilic.

*9*2

102*8

23
3

*8*1 ’

99 *2 101
98 G 100

Wil.A Weldon—S. F., 7s, g., ’96.JAJ
Wisconsin Cent.— 1st ser., 5s, 1909
2d series, 7s, 1909, if earTied
Wis. Valley—1st, 7s, 1909
JAJ
Worc’r A Nashua—5s, ’93-’95.. Var.
Nasti. A Roch.. guar., ns. ’94.A AO
RAILROAD STOCKS. Par.
Ala. Gt. South.—Lim., A., 6s,pref..

Boston Hartford AErie

110*2

Mo. A’Aik. Div., 1st. 6s
1011
Tol. Cin. A St. Louis—1st mort..

do
1st Dayton div.,6s, 1910
do
Day. Div., ine., 6s, 1910
Southeastern Div., 1st mort.. 6s..
1st terminal trust, 6s, 1910
United Co’s N.J.—Cons, ,6s,’94. A AO

D

()7
1

r

90

Pref., 6.50
Cin. Washington A Balt
100
do
pref.. 100
Clev. Col. Cin. A Indianapolis.. 100
Clev. A Pittsburgh, guar., 7
50

75

do

123
97

50

Ask

do

Wheeling A L.Erie—1st, 6s, g., 1910
Wiim. Columbia A Augusta, 6s

do

...

Syr.Bing.AN.Y.—consoles.’06 A AO

Pitts. Br., 1st M.. 6s, ’96

io9
95
70
110
130

Bunb.Haz.AW-B.—lst,5s,1928M AN
2d mort., 6s, 1938
MAN
1103
Susp.B. AErie J une.—1 st M. ,7s

8li* Cin. Sandusky A Cleveland

95

j West’n Ala.—1st M., 8s, ’88...AAO
2d mort., Ss, guar., ’90
AAO
j Vest. Md.—End., 1st, 6s,90...JAJ
1st mort., 6s, 1890
JAJ
End., 2d mort., 6s, 1895
JAJ
2d mort., pref., 6s, 1895
JAJ
2d, end. Wash. Co., 6s, 1890 JAJ
3d, end.,*6s, 1900
JAJ
West’nPenn.—1st 31., 6s, ’93.. A AO

Baltimore A Ohio.

......

100

80

1110

10934

20

Cincinnati N. O. A Tex. Pac

j Albany A Susqueh., Guar., 7.. .100

6*4*2

So.Pac,Cal.—1st, 6s, g.,1905-12 AAO
Bo. Pac.,Ariz.—1st,6s,1909-10.JAJ

72

93
103 58

102*2 j Allegheny Valley
50
104
'Atchison Col. A Pacific
95
Atchison Topeka A Santa Fe.. 100
50
Atlanta A Charlotte Air Line

......

60

’

Wab. Final. 1907—Var. 7s. FAA
do
Various 6s
FA’A
iVarren (N.J.)—2<1,7s, 1900 ..AAO
W. Jersey A At. 1st M.,6sl9103Lvs
West Jersey -1st, 6s, 1896
JAJ
1st mort., 7s, 1899
AAO
i Cousol. .mort., 6s. 1909
AAO

do

48

So. Ceil. (N.Y.)—Consol, mort., 5s..

JAJ

Bid.

Railroad Stocks.

Cin. Indianap. St. Louis A Chic.100
721s Cincinnati A Milford

80

Lim., B, com
Ala. N. O. A Pac., Ac., pref

95*
102
103

JAL)

Detroit Div., 6s, 1921

81

S.Ia.,lst, 6s,1912,, ex.FAA
Bt.L.K.C. AN. (r.cst.AR.),7s.MAS
do Om.Di v.,lst7s,l 9 L9. A AO
do Clar. Br., 6s, 1919.. FAA
do No. Mo., 1st, 1895...JAJ
do St. Cha’s Llridge 6s, 1908

i

io4*e

Indianap. Div., 6s, 1921

Ask.

111.A

......

116

Bid.

Cairo Div.. 5s, 1931
JAJ
Cons, mort., 7s, 1907,eon.,exQ—F
1st. St. L. div., Vs, 1889. ex.FAA
Gt, West., Ill.,1st, 7s, ’88,ex.FAA
do
2d, 7s, ’93,ex.3! AN
O’nov A Tol., 1st, 7s.’90, ex.MAN
Ilam A Naples, 1st, 7s, ’88. MAN

!

BONDS—Continued.

of First Page of Quotations.

Quiucy Mo.AP..lst,6s,guar.l909

67

Bt.L.Vand.AT.H.—lstM.,7s,’97.JAJ
2d mort., 7s, 1898
MAN

.

STOCKS AND

Wabash — (Continued)—
Chic. Div., 5s, 1910
JAJ
Havana Div., 6s, 1910
JAJ
Tol. P. A West.. 1st 7s, 1917. ..Q
Iowa Div., 6s, 1921
MAS

91

a

Cairo Ark. A T.,lst,7s,g.,’97.JAT)
Cairo A Ful., lst,l.g.,7s,g.,’91.JAJ
Gen. con. r’y A 1. g.. 5s, 1931A AO
St.L.ASanF.—2d M.,classA,’06MAN
2d M., class B, 1906
MAN
..

71*2

33
r96
166
95
39

St.L.Alt.&T.H.—1st M., 7s#’94.JAJ
2d mort., pref., 7s, 1894
FA A
2d income, 7s, 1894
MAN
Div. bonds, 1894

j

60

105*2
71*4

2d mort.. 7s, 1903...,.
JAJ
Kans. A Neb., 1st, 7s, 3 906.. JAJ
do
2d, 7s, 1906 .. JAJ

Bellev.&S.IU.,lst,S.F.8s,’96.AAO
Bt. Louis A t. Mt.—1st, 7s, ’92,FAA
2d mort., 7s, g., 1897
MAN'
Ark. Br. 1. gr.. M., 7s, g., ’95.JAD

|

45

JAJ
AAO

OF

Railroad Stocks.

82*2

MAN
Equipment, 2d molt., 5s
FA A
St. Joseph A lJac.—1st ,7 s,1906. JAJ

classC, 1906

Ask.
110

Rock. A Pitts.. 1st, 6s. 1921...FAA
Consol. 1st, 6s, 1922
J&D
do
income. 1921
RomeWat’n AO.—S. F. ,7s, 1891. J AD

do

QUOTATIONS

Explanations See Notes at Head

For

[ Vol. XXXIX,

!

646

41

145

,

xs9

55

i

94
55

i Chicago Rock Island A Pac

100

j Chic. St. Louis A Pitts

100

do

i

do
!
pref
—1 Chic. St. P. 3Iinn. A Om.,coin..
95
do
pref..
Chicago A West Michigan
40
i Cin. Hnmiltnn
nnvtnn.
...

t Purchaser also pays

do
do
Pref...
89*4;
126
1 New Jersey A N. Y
110*2 111G ! j
do
Pref
7
8
j; New Jersey Southern.
16
17 r Now Loudon A Northern
100
29
3o- j N.Y. Cent. A Hudson River
100
90
N.Y. Chic. A St. Louis, com
91
100
do
do
Pref 100
.

Pref., 7.. 100 x!23
100
100
100
100
TOO

75

accrued-interest,

V

V. Ar Harlem

lu London,

1*2
14

1*4

90*
5*2
7*2

50

$ Quotation

er

share.

91
6

8*2

December

THE

6, 1884.]
GENERAL
For
Bid.

Railroad Stocks.
UR. STOCKS.
Continued.
N.Y.L.AW.,guar.5.100
N.Y.L.ErieA West. 100
do
Pret'.lOO
N.Y. AN.England. 100
N.Y. N. H.A Hartf.ICO
N.Y. Ont. A West.. 100
do

Ask.

Miscellaneous.

180

i
I

90
15
28

180

13%

100

com.

do

pref.100
No. Pennsylvania. .50
Northern Central.. .50
North’11 N. 11 amp. 100

North’u Pac.,eom.l00
do
Pref.100
Norw. A Worcester. 10,0

40%
164
8

..100
100
do
Pref.100
Ohio Southern
100

I'-b
17*2

100
Pref... 100

Oregon Short L ne
Oregon Trans-Cont

Syr.,

10

100

.50

Petersburg

24

100

Pliila. A Reading...50
do
Pref. ...50
Phila. Wilm.A Balt.50
Pitts. Cin. A St. L..50

1%
18

23

99

L02

;

m

m

m

m

|!
j!l

.

Ports.Gt.F.A Con.lOu

10

10

V. E. M tg.Seeur. (Bust..
NT. Hampshire Land 25

Tex.Ld.,Lim. 50

COAL

A

Beab’d & lioanokelOO
do
Guar.. 100
8outli Carolina
100
So. Az No. Alabama

§
120

17

st. L. A Pac.100

do

m

com.

|j

Pref.lOO,

Warr’n(N.J.),l’s’d,7.50|

Westch. A Phila.,pf.50|
West Jersey
50
West Jersey A At lant ic
Western Maryland....
Wll. Columbia A
Aug..

Wilm. A Weldon, 7.100
Wisconsin Central
do

Pref.
Worc’terANaslma. 100

5*4
12 Sg

Uhes.AO.-6s, ’70.Q.-J

De
Div.—Gs, ’98. JAJ
Del. A H.-7s. ’91 J&J

40

1

10*2
20*2
63

il4*-j
110

117*2
130

’97.Q-F
Gs,g.rg.’94MAS

114

JR.
Gs, teg.,
Conv

68,g.,cp.Arg..’97JAD
Cons..Nf..l9)l
*

Price

7s.IAD

nominal;




104%
107*2
112
117

no

Preferred

...

IOO
Franklin :
1 u % Gold A Stock
25
22
Bonds
Harlem Dist. Tel. Co
64
Internnt’l Ocean.. 100
Manhattan Telegraph
Mexican
...100
Mutual Union
100
25
6 per c**nt bonds
N. Y. Mutual U11. Tel..
.
Trust certificates
112*2 N. A 5.Tel. Co. 1st in.b’ds
Postal Telegraph.. 100
131
Bonds, 1st 6s
105*4 Postal Tel. A Cable Co,
116
So. Tel., 1st mort b’ds
South’ll A Atlantic.25
Western Union
100
1
7s, 19 O, M AN
...

late transactions.

115

...

J
I

220
G

N. Y. Guar. A ImL.lOO
N. Y. Life A Trust. 100

490*

...

470

’

“go

300

..10
Potosi
.100
1
Rappahanoek
Red Elephant.... 10
Robinson Consol..
50

130
505
350
485

KiO 325

4-25

1-25
325

,

...

.

Sierra Nevada

.100

Silver Cliff

Spring Valley

..50
...1

Standard
Union Consol

100
100

7s, 1881..

BOSTON

•38

1-05
100
•56
•98

1st mort., Gs, 1922

I

.

25

j|DryDlc.E.B.A Battery

National
Osceola

25
25

1st M., consol.7s,’93

:

|j Scrip Gs, 1914

| Pewabic

'Eighth A venue
j! Scrip Os, 1914

52%

iIloust.W.St.A Pav. F’y
1st mort., 7s, 1894..

i|

25
70
98
1

1

115
13
40

12*2
2%
•2%

30*2
5*2
17*2

25

100

Brookline, Mass... 100

Cambridge, Mass.. 100

! Chelsea, Mass
100
80
Dorchester, Mass.. 100
100
Jamaica Pl’n,Mass 100
OL
Lawrence, Mass... 100
33

100

Lynn, Mass.,G. L..100

Maid. A Melroso... 1001
Newton A Wat’n ..lOOi

14*2
71
55

STOCKS.
Am. Linen (Fall Riv.)

Appleton (Mass.). 1000
Atlantic (Mass,)... 100

Barnard Mfg. (F. R.)..
Bates (Me.)
100

x88
795
33

......

|lCharlest’n,S.C.,Gas.25
!.Chicago

63*4,
*10

G.A Coke.IOC
Cincinnati G. A Coke
Hartford, Ct., G. L..25
.

M

t Purchaser also pays aoerned interest.

Boott Cot. (Mass.) 1000
Border City Mfg. (F.R.)
Boston Co.(Mass.) 1000
Boston Belting
100
Bost. Duck (Mass.)700
Chace (Fall Riv.) .100

| 90

'800

33k2
109*2 1U
10.5
145
1'0

i

J ICG

! 145k2 Chicopee (Mass.) ..100

1103

Coeheco (N.H.)
500
Collins Co. (Conn.).. 10
Continental (Me.). 100
Cres’t Mills (F. R.) 100

105*2' 107

12912130
123
170

1127

1172

Crystal Spr. Bl.(F.R.).
Davol Mills (F. R.) 100

8434! 85

Dougl’s Axe (Mass) 100

| Salem, Mass.,
100;
Brooklyn, L. 1
25j
Citizens’, Brooklyn.20
3*2 Metropolitan, B’klyn.
3*4 Nassau, Brooklyn ..25
31
People’s, Brooklyn. 10 i
8
Williainsh’g, B’klyn 50' 138
18
to

25

iBarnaby (Fall Riv.)...

jj South Boston

20
125

Silver Islet

Twenty-Third St

Lowell

10

25
21

100
Amory (N. II.)
Amoskeag (N.H.) 1000
;Androscog’n (Me.).100

East Boston

G

24’

55c.
50c.

MANUFACT’ING

mort., 7s, 1885...

j: Boston Gaslight...500

150
25c.

23o.

25

Quincy
Ridge

Consol. 7s, 1888
Sixth Avenue
1-t mort., 78, 1890
Third Avenue
1st mort., 7s, 1890..

GAS STOCKS.
Balt. Consjl. Gas

......

1*4*9

l

49

0

0%

Sullivan(Me.)Silver 10

1st mort., 7s, 1893..

r

25

25
20

25

..

5

50

Franklin
Harshaw Silver

Minnesota

II 3d

......

Copper Falls
Huron

j i 12d A Grand St. F’y..
| 1st mort., 7s, 1893-..

4
95
OV
7
25
100

Allouez
25
Atlantic
25
Brunsw’k Antimony.5
Calumet A Heeia...25
Catalpa Silver
10
Central
25

;

Bonds, 7s, 1898

.Second Avenue

40

MINING

STOCKS.^

j

i

55
63
107

3*80
•01

Ophir

'

,|

...

91*2 120

.

74
18

1st Pa.D.cp.,7s,MAS
^*A>N.—4 k>s, 1914 Q-J

_

Baltimore A Ohio
Cent. A So. Am. Cable
Commercial Tel. Co...

50
43 *2

“•21

50

;...

11

...

2

mortgage
General mortgage...

100

lOo

"•83

Little Pitts
I Mexican G. ASilv.100
Navaio
.100

PU.N A E. Riv.
Consol. M., 7s, 1902.
9 k)' Christopher A loth St.

American Rapid
1st

1

-1*5

.

1st ext., 1891..MAN
Coup. 7s. 1894.AAO

13*4

Metropolitan

f endville Consol

jI Little Chief

II

5*&

Atlantic A Pacilic..25
Bank’s A Merch'ts.100

......

CANAL bonds.
Onesap, A Delaware—

?8t niort., Gs, ’8G J AJ

1

J 07
130

z.00
300
435

•25
•30
2-80
•39
•80

•02

20
10
10

) lacrosse

iCentral

lOkii

Ontario Sil. Min’g.100

17
6

1*1*6*

107 %

3 50

’.90

100

Iron Silver
105
190
175
430

jiBushwiek
Av. (Bklyn.)
I Central Crosstown

..

Wab.

Independence

Am. Loan & trust. 100
Brooklyn trust
25
Central
100
Farmers’ Loan A Tr.25
Long Island
100
Mercantile
100

5s, 1902..
Brooklyn Crosstown..
1st mort., 7s, 18s8..

..

Virginia Midland,

.>

•05

50

..

181 mort.,

*8

1125

New Central Coal

—

can

2-50

•20
2*3o
•27

Chollar
100
Consol. Pacific
100
Consol. Virginia... 100
Crown Point
100
Duukin
Eureka Consol.... 100
Father De Smet
100
Gold Stripe
Goodshaw
100
Gould A Curry S..100
Green Mountain.... 10
Hale A Noreross. .100

srooklvu City

16;

pref.lOo
Maryland Coal
100

'

Chrysolite

.

2-00
•30
•04
•10
2*50

100
100
100
loo
100

Caledonia B. II
California

[Edison

1st mort.,

MINING

100
Pennsy 1 vania Coa 1.50
Texas Az N. O
oi"
100
Quick si 1 ver M i n’g. 100
Texas Az Pacilic
.100
do
13*8 15%
pref.....
Texan Az St.L. iu Texas
EXPRESS
ST’CKS
do
in Mo.& Ark.
Adams
100
Tol. Cin. Az St. Louis
12%c.
American
100
U.N.J. RR AC. Co. 100 §193
United States
100
Union Pacific.... MOO I
497t
Wells, Fargo A Co. 100
Utan Central
100
Tt.& Mass..Used,G.100; 127
127*2 TEL’FH STOCKS
Vicksb. A Meridian ...}
4
AND RONDS.
do
American Tel. A Cable
pref...

100

Bodie

ion

39

..

1 Bulwer

*

1

Broadway (Bklyn.)

do

12

1

1st mort.. 7s. 1900..

Marip’saL.AM.CallOO

11

Barcelona

*4 Bechtel.
1% Belle Isle

•021
,

GOLD A: SILVER
[TUNING STOCKS*
(N. Y. A SAN. FRAN.)
Alice
Alta Montana
100

1

38 7e

City G. L.20

Bassiek

......

1*8

63*4

......

Broadway A 7th Av...

Mahoning Coal A RR.

B’west., Ga., g’d, 7.100
Syr.Bing. A. N. Y.100

|

HORSE RRS.
j;Ble-ek« rSr A Fult.F’y

STOCKS, N.Y.

Scioto Valley

175

*35

30

Sun Francisco G. L

Wask’ton

122
160

§88

Laclede, St. Louis. 100
Oarondelet.st. Louis 50

......

N.Y. A BR’KLYN

Cent.Arizona Mm. 100
Colorado Coal A 1.100
Consol.Coal of Md.100
Homestake Min’g. 1 on

85

,

ij

Pacific Mail SB. C'o.l 00
Pullm’n Palace Car 100
St. Louis Bilge, 1st pref
2d pref. certificates.
8t. Louis Tunnel RR.. U 101
St. Louis Transfer Co.
50
Stand. Water Meter...
Tunnel.
JO
Union St’k Yds ATr.Co

|

i
!

0

England

United States

100 p.c.
Oregon Improvement.
Oregon Ry.AN.Co.100

Sutro

60
75

1

10

;3t. Louis G. L

37%

3

100

jUnion

Land scrip
No. Riv., cons.

Richmond A P’b’g.lOO
Rich. Az West Point
Richmond York R. AO.
Rochester & Pitts.100
Rome W. Az Ogd... 100
Rutland
100
do Pref., 7.. 100
St. Joseph Az Western.
St.LouisAlt. A T. II. 100
do
Pref.100
8t. Louis Az Sail Fr.100
do
Pref
100
do
1st prof. 100
8t. L. Van. A 1'. H.....
fit. Paul Az Duluth. 100
do '
Pref.100
Bt.P.Minn. Az Man.100

37
52
41

......

STOCKS, N.Y.

jKeeley Motor....

N.Y. A

7

TRUST jCO.?s

Boston Water Power.^

Maverick Land

3

j
j

Uni ted States
United States III. Co..

IBrookline (Mass.)L’do
Canton Co. (Balt.).100
Cin.II.A D.,ponl ct.,gu.
Cov. A Cin. Bridge, pf.

Prov. A Worc’ster.100
Reus. A Saratoga.. 100
Rich. A Alleg., stock..
Richmond Az Dan v. 100
Rich. F. & P., com. 100
do
Guar. 7.100
do
do
0

1%
1

Sawyer-Mann Ill. Co

10

j Boston Land

I

156

Baxter

Edi'Oii Euroi

Ymer. Bank Note Co..

;

62

§310

'Sw.iii Incandescent...

120

lilSC’LLANEODS
STOCKS.

Aspinwall Laud

120

07*2

60

50

......

i:Edison Isolated

! St. L. Bridge A Tun—
1st. 7s,g.. 1929.AAO 1115

*63

65*2

Portland, Me., G. L.50

|1 Edison Illuminating..

|

G2kj

N. Orleans G. L. ..100

75

j Brush Illuminat’g 100
! Consol. Electric Light
! Daft

5iV! Piillm’n Palace Car—
3d series, 8s,’87FAA
14*21! 4th do 8s,’92FAA
25
1 Deb’nt’re,7s,’88 A AO
13
| Stlg, 7s,g..1885 A AO

212

A.

ELECTRIC
| LIGHT STOCKS.
!

270
233

30

V.V.'A

'Brush

92
117

j New York, N.Y....100

1

."

140
85
101

19
5

||W. 1 Telegr. A Tcle.lO

07

24

100

Mutual or N. Y. ...100

7

| Tropical

'

13%

1°

......

120
155

Mexican

Southern N.

100

5

0

Southern Bell

59

20

is>%i

jSeleuoid

56*2

25

325

I Peoples

102
11G
110

260

24
5
2
5

Molecular
New England
L0*2
New York. A N. J
New York A Penn
iN. Y. State Overland.

10lk>

Ask.

Jersey C.A HoLok’n20
People’s, Jersey C
'Louisville G. L
100
60
|Central of N. Y
50
i Equitable. N. Y
90
[Harlem, N. Y
50 112
Manhattan, N.Y... 50 265
Metropolitan, N.Y.100 230
Municipal
100 205

......

Peoples (N. E.)..

Bid.

!

| j Me \iean Central

101

;

Pittsburg & Western..
Port.Saco APorts.lsd 0
Port Royal A Augusta

Summit Branch,Pa.50
Terre H. Az Ind’inip.50

I

KOMIS.

Debenture 7s, 1884.

50 §

Pitts. A Con., l’sed.50
do
Pref
Pitts. Ft. W.tfc C.,guar. 7

j

Balt. Gas Light Os
Canton (Balt.)— € Os.g..

102*2 L10

iHudson River

lOOh? 110

§5 1*2
3
13

Erie

j

11 ISC’ I. L A MiOl S

......

Pensacola A Atlantic..
Peoria Dec. AEw.100
Pliila.

41
1G5
10

259

jAmer. Speaking... 100

Miscellaneous.

:

j |i Erie
Globe

89

Ask.

TELEPHONE
STOCKS.
American Bell
100

hi 4 i% j j Inter-Continental
j | Metropolitan

HI

120

guar..

Panama

89

4*J

16

.

13*2

Pennsylvania RR

N

Mort. Gs,g., 1904 JAJ
Un. RR. ,1st, end.,0s.
do 2d,end. 6s,g. MAN
!
145*2 116 j Col.CoalA Iron—1st,Os
17*2
8*2 Cov. A Ciun. Hr., Os...
117
19
j

Oregon A Calif....lOo

Oswego &

3
9

Bid.

Colombia A Pan... 100
Continental
Currier Tel. Bell
Dolbeu*
East Tennessee.

CANAL STOCKS.
Del. A Hudson
100

55

BONDS—Continued.

[Blanchard.

65

Morris, guar., 4
100 §
do pf.,guai\10..100
18
Pennsylvania
50
61%
Schuylkill Nav
50
57
do
do pref. 50
xl 15
116
50
17% 18*s Susquehanna

Ohio Central
Ohio A Miss

do

105
73

11
20
G2

Ogd. A L. Champ. 100

Old Colony

1st M.,6s, 1897.Q-M
2d M., Os, 1907.. JAJ

Susq.—6s,cp.,1918 JAJ
7s, coup., 1902.. JAJ

.

3%

84*2

Schuylkill Nav.—

7s, b t tfeear, 1915

1

2*o
7

AND

Miscellaneous.
i

6s,bt&car,1913MAN

...

...»

STOCKS

Ask

Mort. Os, cp., ’95 J&J
Os, iinp.,cp.,’80 MAN

10

12%

N. Y. Penn. & Ohio
do
Pref.
N.Y. Prov. A Bost. 100
N.Y. Susq. A Western.

Norf.AWest,,

Bid.

Penn.—Os, ooup., 1910
87*4
14*i
28
93*

OP

64?

Explanations See Notes at Head of First Page of Quotations.

Pref.

do
Pref.
N.Y. West Shore A B.

QUOTATIONS

CHRONICLE.

Dwight (Mass.). ..500
Everett (Mass.)... 100

1

600
99
1810
112
1050
i'oo 101
95
95
ii‘i 113
1500
1495
110
980
97 b
149*2 150
860
850
90
135
125
450
xllO
9
S78
67
64
80
90
40

98
1800
111

.

•

•

•

.

•

84*2
550
85

j Fall Riv. Iron W. .100
iF. R. Machine Co.. 100
F. R. Merino Co... 100
I Flint Mills (F. R.) 100
Franklin (Mo.)
100
Gl’be Y.Mills(F.R.)100
G ran i te (F.R.)
1000
Great Falls (N. H.)100
Hamilton (Mass.) 1000
Hartf. Carnet (Ct.)IOO

{In London.

80
99
105
'

GO'
755
192

§ Quotation per ahart-

•1

For

Explanations See Notes at Head of

100

Suffolk.
Third Nat
Traders’
Tremont
Union....

100

Hill (Me)

Holyoke W.Power.100

Jaeiison (N. H.)..1000
King Philip (F. R.) 100
Laconia (Me)
400

City National
Commercial
Long Island

Webster

Mechanics’
Nassau

Brooklyn Trust

Middlesex (Mass.). 100

500i
Naumkeag (Mass.) 103
(Mass.).-.1000

Pepperell (Me.)—500
Pocasset (F. R.)...100
Rich. Bord’n(F.R.) 100
Robeson (F. Riv.) 1000
Sagamore (F. Riv.) 100
Salmon Falls(N.H.)300

Sandw.Glass(Mass.)80
100
100
Stafford (FallRiv.) 100
Stark Mills (N.H.) 1000
Tecumseh (F. R.). 100

90
300
66

i 95
900

Thomdike(Mass.)1000 1015
Tremont <fe S. (Mass) 100 114
Troy C. <teW.(F.R.) 500
Union C.Mf. (F.R.) 100 150

55
95
910
95
1025
116

*

15

14*3

Weed Sew. M’e (Ct.)25

(F. R.)100
30
Willim’tic Linen(Ct)25
York Co. (Me.)
750 800

55
35

Weetamoe

805

BANK STOCKS.

Baltimore.
Bank of Baltimore 100
Bank of Commerce. 15

Citizens’
10
Com. & Farmers’.. 100
Farmers’ B’k of Md.30
Farmers’ & Merch..40
Farmers’&Planters’25
First Nat.of Balt.. 100
Franklin
60
German American....
Howard
1
Marino
30
Mechanics’
10
Merchants’
100
National Exch’gc. 100

25

Second National ..100
Third National
100
Union
75
Western
20

140
17
18*2 19
122

31*'

18 k
140
111

122
20

3012

...

15114] 152
114 k! 115

Bo.ylston

100

114%l

Broadway
Bunker Hill
Central

100
100
100

103V 101

lllk(

112
L 15

184

186
65

55
100 108
100 124
100. 112

Columbian
Commerce
Commonwealth ...1001 no
Continental
100 104k
Eakle
100 105 k
Eliot
100 119
Everett
100 102
Exchange
100 112k
Faneuil Hall
100 130
First National
100 198
First Ward
100 112
Fourth National. .100 no
Freemans’
100 103 k
98 k
Globe
100
Hamilton
100 123
Hide & Leather... 100 113k
Howard
100 113
99 k
Lincoln
100
95
Manufacturers’.. .100
90
Market
100
Market(Brightou) .100 138
Massachusetts ....250 107
Maverick
100 215
Mechanics’ (So. B.)100 125
95 k
Merchandise
100
Merchants’
100 132

100

100

North
100
North America.... 100
Old Boston
50

100
100

Republic.

100

Revere

100
100

Rockland
Second Nat

100

Security

100

First National
Fourth National..
German National.
Merchants’ National

170
120

Metropolitan Nat.

195
140
120
118
140

Nat. Laf. & Bk. of Com.
Second National...
Third National...

Union Nat
*’l
Western German Bank

100
50
Charter Oak Nat..l00
2Ltna Nat
American Nat..

City Nat.

.

100

i Merchants’

50

225*‘ Republic

America 100
Centennial Nat.... 100
Central National.. 100

122

City National

135
100
200

Columbian
Commercial Nat....50
Commonwealth Nat 50
Consolidation Nat..30

L25
120
150

Corn

50

154
100
180

100
City TobaccolOO

Falls
Farmers’of Ky ...loo
Farmers’ <fe Drov. 100

100

First Nat

German Ins. Co.’s. 100
German
IOO

National'.' 100

West.Finan.Corp.! 100

200
114
112
105
99 k

123 k
114

113k

I'Jbj 114
12812 13<»

1

100

127
65

Citizens’
100
Germania Nat..’*.!.*100
100
Hibernia Nat
100
Louisiana Nat..

100

I

Nat.....*.\’!!iooj

107

Broadway..

25! 240

Chemical

.*100

City

.100:

Citizens
Commerce

.100

Continental

25!

:180

State

11713119

‘280
150
115

+1*4313

100 110

Corn Exchange ...100i
East River......
25

Greenwich

late transactions.

27k
125
136
60

135
124
70

Mechanics’ & Traders’
New Orleans Ins. Ass’n
New Orleans Ins. Co

208
117
108
115

210

Sun Mutual
Teutonia.

Hope

Lafayette

1*7*6

165
155
147
119
145

100

j Casco Nat
100
First Nat
100
Merchants’ Nat
75
National Traders’. 100

Merchants’ Mutual

425
Commercial
.".100 300
Continental
100 125
Fourth National ..100 210
90
International
100
Mechanics’
100 107
90
Merchants’ Nat ...100i
St. Louis National.100 120
Third National
100! 86

(Bowery

Broadway
Brooklyn
; Citizens’
City
ICliuton
I Commercial

;

;

(Eagle
:Empire City
Exchange

jFarragut

i
100

;

Firemen’s Trust

1

Germania
'Globe

(Greenwich
j Guardian
!
Hamilton

450
325
135

(Hanover

Home../.
Howard

Irving

*95

5

National Fire..
1118

!118

400

100*

* 251

| Last price this week.

I

10

Boston.

.

100

10(>!

§ Quotation per share.

30

50]
17

10

25
100

15

50

100

50

100

30
Kings Co. (B’klyn) .20
Knickerbocker
30

...

i Manuf. & Builders’100

57 k

Mecli. & Traders’... 25

158

I Mechanics’ (B’klyn)50

116

130

50
50

87k Lafayette (B’klyn) .50
■Long Isl’d (B’klyn).50
95
Lorillard
25

Mercantile
Merchants’

:

145

'

50
50

(B’klyn).. 50
(Nassau (B’klyn)
50
Montauk

7k
29141
19 k
734

4i*l

131
122
64

4*
51
23

42

26%)

226
110
245
115
68
156

16k
67
156

5k
53
24
44

2

27k
2k

27*3

28k

98
100k
70 k 75k
76
125
118
27 34 30
105
102
65
58
88
117
113

30*3
51
25

28

140
100
140
170
165
135
115
120
50
230
230
75
95

101
75
25
105
200

125
110
230
55
100
120
123
50
40
115

200
82
100
100
70
100
40
107
57
100
100
145
80

150
no
150
180
172
145
125
125
70
235
245
80
100
no
85
60
112
215
130
110
260
65

112
130
130
55
60
122

210
90
105
110
77
112
60
113
65

108
110
150

20 140
50 107
People’s
(Phenix (B’kiyn) ....50 125
100 115
Rutgers’
90

120
100

22
;

4*3

15k
64
152

85
151
100
100
135

108
165
IOC

i

75

222
104
240
110
60
152
75

110
100

90
155
85
125
112
175
105

National
37k
N. Y. Equitable
35
New York Fire.... 100

L33
124
66
j BoyIs ton
100
99k 100
(Dwelling House...
! Eliot
...100! 110 115
! Firemen’s
100! 147 k 150
75
70
Manufacturers’. ..100!

American F. & M. .100

Boston

lOOj

Jefferson

110
95

INSLR’CE!

II Baltimore Fire Ins.10'
! Firemen’s Insur’ce .18f

40 j

(German-AmericanlOO

STOCKS.

j * Associate Firemen’s.5

50|

100

Frank.&Emp’ium

......

i

j Clay Street

Howard Fire

..25
25
17
20
70
...100!

Continental

157
149
120
146

Valley National... 100j
San Francisco.
I

i Pacific
h
I !FIRF

50

American Excli...lOO

no
84
135
105

St. Louis.
B’k of Commerce..100

95
130
155

New York.

53
167

140

100
97
160

126 k 135
134
126

I American

25

First Nat
100
Merchants’ Nat... 10
Nat. Bk of VirginialOO
Planters’Nat
100
State Bank of Va.100

[First Nat. Gold

...

..

Firemen’s

Richmond, Va.
City Bank
26

iBank of California

New Orleans.
Crescent Mutual
Factors’ and Traders’.
Firemen’s
Germania
Hibernia
Home.

122
132
58
118
165
130
120
69

95
120

50

Fire
(Maryland
id;
Merchants’ Mutual.50

Garfield
100 j
German American. .75

Germania

Queen Fire & Life.. .1
Royal Insurance
3

Baltimore.
125
145
120

4-

Eleventh Ward!!!!!25 110
First National...
lOOi
Fourth National... 100' :H5
Fulton
30 :ii2

.

;;Western Nat
...50
iio
; West Philadelphia.100
Portland, UIc.
;Cumberland Nat.. .40

•

2000
260

Lancashire F. & L..25
London Ass.Corp.l213
Liv. & Lond. &Globe.2
North’11 Fire & Life .5
North Brit, & Mer. 8%

80

100

jAnglo-Califoruia

25

Imperial Fire

295
125
106
60
40
71
60
225
229
130
88
80

75

11

ButchersDrovcrs25i
Central National.. 100!
Chase National....lOOj
25! tl45
Chatham

London, Eng.
Commercial Union.£5
Guardian
50

360

no

Lllk

100
100
100
100
100
100
40

iEtna Fire
Connecticut
Hartford
National
Orient
PhoBnix..
Steam Boiler

140
125
no
100
160

103

122
115

100 *150
Exch’geiooi 117k 120

Hartford, Conn.

100

jCanal Nat

25

Western

11*6

100

Union Nat

20

Washington

.50

:

Standard

no
120

i "47 k

100

Security

......

40
170

85
85
150
125
210
95
50
175
100

50

Miami Valley
National

160
147

People’s

100

ij Southwark Nat
I Spring Garden
jiThird Nat

100

20
20
20
Merchants’^ Manuf 20

115

130
72

New York.

America
American

100

d5
150

100^

State Nat
Union

Second Nat
Seventh Nat

126
251

1191$
13614 1365% Fifth Avenue......ioo
Gallatin National ..501
150k: 151
119

117
112

Nat!.1001
501

Peopfe’s

100

Philadelphia Nat.. 100

128

..

Mutual Nat
New Orleans

People’s

I

New Orleans.
banal & Banking.. 100

Metropolitan

i

(Sixth Nat

131
135
110
1109
108
1150
148
115
;ii6
T10
108
106, 1110

1 lurd National... 100
Western
100

Penn National

20

Firemen’s
Germania
Globe

*27

50

I

200

100
1... 20

Fidelity.

122
no
117
130
104
117

126
142

Kentucky Nat.... 100
Louisv. Banking Co.40 2*22’

106
121
104
113
130 k

141
75
121
121
102
110
108
160
111
114

50

Kensington Nat

Manufacturers’ Nat.25
100
Mechanics’ Nat
Merchants’ Nat
Nat. B’k Commerce.50
Nat. B’k Germant’n.50
i Nat.B’kN. Liberties 50
I Nat. B’k Republic.. 100
i National Security. 100

105

140
74
120
120
101
105
106
155
110
113
125

100

100
First Nat
Farmers’&Mecli.N. 100
Girard National ....40

105

60

Exchange Nat.50

Eighth Nat

103
170
105
6S
160

100

City Nat

Security

100
96
91
140
108
220
127
96
132 k
109k 110
207
203
130
127
13234 133
119 k 120
104
103
60
6014
159:% 160

178

45

102
100

Bank of Kentucky 100
Bank of LouisviJlelOO

German

120
70
150
70

50

Eagle
Enterprise
Eureka

298
140
280
120
102
53
38
70
59
220
225
128
87

.

..20
25

Citizens’
Commercial

35

25
120
158
100
140

25

[Cincinnati

......

90

Philadelphia. J

140
100
118
100
61
100

75

Aurora

116

no
128

100 j

B’k of N.

11T

Cincinnati.

Second National.. 100! 100
90
100
Seventh Ward
Shoe & Leather. ...100
100
147k St. Nicholas
State of N. Y
100 105
Tradesmen’s
40
Union
50 150
255
United States Nat.100
Wall Street
50
130
125
90
240
175

109
xl36
95
North American ..100 117
Prescott
100
60
Shoe & Leather. ..100
95
Washington
100

100

Amazon(new stock) 20

190

Merchants’ Exch’ge50
Metropolitan
100

!

150

50
Nassau
New York
100
N. Y. Nat. Exch’gelOO
New York County. 100
Ninth National.... 100
70j 101
North America
North River
50
Oriental
25 140
Pacific
50
Park.L
100 142
157k People’s
25 150
Phenix
20 100

115
65
140

100

.

113
111
106

112W113
9513' 96

no

Exchange Nat. Bank

Masonic
100
Merchants’ Nat. ..100
108k Northern of Ky
J 00
126
Second Nat....
ioo

Shawraut
100
Shoe & Leather.... 100

100

125

Commercial Bank...

Citizens’ National. 100
80

100
100
100
100

100
100

Cincinnati.
Citizens’ National...

Connecticut River 50
54
Far. & Mech. Nat. 100
First Nat
42 ti 43
100
136
Hartford Nat
100
Mercantile Nat.. ..100
109
110
National Exchange 50
100
11
Phcenix Nat....
ioo
35
State-.
'.100
34
12*2 United States
100f
12
140
134
Louisville.

Atlantic
Atlas
BLarkstone
Boston Nat

Monument
Mt. Vernon
New England

.

J Mercantile

Ask.

iMass. Mutual

138
131

Mechanics’.
25
Mechanics’& Tr.. .25

Hartford.

Boston.

Metropolitan

260
200
135
75
360
145
500
225

Commercial Nat... 100
100
First National
Hide and Leather.
100
Home National
Merchants’ Nat.. 100
Nat. B’k of Illinois..100
Northwestern Nat..100
Union National.....100
Un.Stock Y’ds Nat..100
...

85
295
64

Shove (FallRiv.).
Slade (Fall Riv.)..

Wampanoag(F.R.) 100
Washingt’n(Mass.)100

95
170
140

People’s National. 100i
Chicago.
100 140
Chicago Nat

Newmarket




200
200
190

210
208
200

.

(Mass.)375

Hrice-nominal;

130
295
155
320
125
120

Charleston.
B’k of Chas.(NBA) 100
First Nat. Clias.. 100

Nashua (N. H.)

Redemption

128

Manufacturers’

Narragans’tt(F.R,)100

Leather Manufts..l00
Manhattan
50
Marine
100
Market
100

136

Bid.

j Insurance Stocks.
| Mercantile F. & M.100
Neptune F. & M...100

256
138
150
140

50

10212 Irving

125
265
145
290
120
115

......

142*

Importers’ & Tr...l00

101k 102

.100

First National
Fulton

Metacomet (F.R.) .100]

People’s

..

Brooklyn.
Brooklyn.-

Merriuiack(Mas8)1000j

City

t

30
100

Hanover

85
93

125

100

Lyman M. (Mass.).100
Manchester (N.II.) 100
Mass. Cotton
1000
Mechanics’ (F. R.) 100
Merchants’ (F. R.) 100

People’s

11312 Grocers’

83
92*2

100
100 102
100 135

Washington

Pacific

113

Ask.

Bid.

Bank Stocks.

Ask.

100

Lancaster M.(N.H)400
L’rel Lake Mills (F. R.)
Lawrence (Mass.) 1000
Lowell (Mass)
690
Lowell Bleachery.200
Lowell Mach.Shop.500

First Pa;e of Quotations.

Bid.

Bank Stocks.

Mining Stocks.

BONDS'—Concluded.

QUOTATIONS OF STOCKS AND

GENERAL

N. E. Glass

fVoL. XXXLX,

THE CHRONICLE

648

Niagara
North River
Pacific
Park
Peter Cooper

50
25
25
100

145
75
120

1

Star

50
100

Sterling

100

Standard

50
50

25
25

110
120

10
Westchester
Williamsburg f!»t.v.f»e

120

210

Stuyvesant

United States

Assessment paid.

155
112
135

57k
58
115

125
125
220

December 6,

THE CHRONICLE.

1884.]

bills from this source
rates of exchange.

%hz Bankers' (gazette.
When

Books Closed.

Payable.

(Day8 inclusive.)

Miscellaneous.
American Express
Delaware & Hudson Canal (qnar.)

,

4

Jan.

24
34
2
2
3

Dec.
Jan.
Dec.
Deo.
Jan

$3
1^4

Jan.
Dec.

1 Dee. 14 to
15
1 Dec. 6 to
12
1

5
2 Dee.

14

to Jan.

2

Market and Financial Situation.—It might be
too strong to say that railroad affairs have now reached a
position where “every prospect pleases, and only man is vile”;
but there would be more than a grain of truth in the assertion.
Inland navigation has closed, and for five months to come
the transportation question remains in the hands of the rail¬
road officers; the large crops of 1884 must be moved; the New
Orleans Exposition opens in ten days, and will necessarily
enliven business in the South and Southwest; there is a fair
prospect that Congress will repeal the silver coinage law,
which would have some influence in again bringing foreign
capital into our railroad securities — particularly at their
present low prices. In the face of these facts, and when it is
universally admitted that railroads need every dollar they can
earn and save, to meet their liabilities and dividends, how can
managers go on with their ruinous and senseless cutting of
rates, and thus throw away even the moderate income which
their roads might otherwise secure ?
What shall investors do now in this country and abroad ?
Shall they buy as they find good opportunities, or shall they
hold off ? It is generally believed that the railroad crisis of
1884 culminated with the failure of Grant & Ward, and the
worst that is now predicted for the future is a prolonged stag¬
nation in commercial affairs, such as that which took place in
the period of 1873-78.
There is no one who doubts the ultimate strength and recu¬
perative power of the country, and the probable advance in
railroad securities contemporaneously with the improvement
in general business; the principal question, therefore, is one
of time—when will such improvement probably begin ? The
future is proverbially uncertain, but if the buyer of railroad
securities for a long hold, can satisfy himself that the bottom
has probably been reached, and that there is little prospect of
prices again declining to figures much below their present
level, it is manifest that he is comparatively safe in buying,
and particularly in buying such bonds or stocks as will pay
interest or dividends which yield a handsome income on their
purchase price.
Rates for call loans during the week on stock and bond col¬
laterals have ranged at 1 to 3 per cent and to-day at 1@2
percent. Prime commercial paper is quoted at 4%@5% per
The Money

cent.

The Bank of England

weekly statement on Thursday showed
again in specie of £261,000, and the percentage of reserve to
liabilities was 38 3-16, against 39% last week; the dis¬
count rate remains at 5 per cent.
The Bank of France lost
1,250,000 francs in gold and gained 475,000 francs in silver.
The New York Clearing House banks, in their statement of
Nov. 29, showed an increase in surplus reserve of $2,021,125,
the surplus being $42,267,175, against $40,246,050 the previous
week.
The

following table shows the changes from the previous
a comparison with the two preceding years in the
averages of the New York Clearing House banks.
week and

Differ’nces fr’m
Previous Week.

1883.
Dec. 1.

1882.
Dec. 2.

Loans and dis. $235,514,600 Dec.$3,025,100 $325,746,700 $305,473,500
Specie
85,273,200 Ine.
902,700
58,131,o0(
52.179.800
Circulation...
11.643,400 Dec.
63,200
15,396,60<
18,557,600
Net deposits.. 325,825.300 Dec.
02,100 317,036,100 279,234,900
Inc.
Legal tenders.
38,450.300
1,102,900
27,326,400
19,109,000
Legal reserve $81,456,325 Dec.
$15,525 $79,259,025 $69,808,725
Reserve held. 123,723,500 Ino. 2,005,600
85,458,000
71.288.800

Surplus
-

$42,267,175 Inc.$2,021,125

as

to

keep down the

% discount, selling % discount @ par; Charleston buying
%@3-16 premium, selling par @ 1-16 premium; Boston 25@
33 premium; New Orleans, commercial, 75 discount; bank,
100 premium ; St. Louis, 50 premium; Chicago, par.
The posted rates of leading bankers are as follows :

101 Nov. 29 to Dec. 10

NEW YORK. FRIDAY. DEC. 5. 1884-3 P. M.

1884.
Nov. 29.

liberal

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

Railroads.

Connecticut River
Eastern (N. H.)
Old Colony
Rock Island & Peoria
Syracuse Bing’ton & N. Y. (quar)..
West Jersev A Atlantic

so

To-day tne rates on actual business were as follows, viz.:
days sterling, 4 8l%@4 81%; demand, 4 85%@
4 85%. Cables, 4 86(9)4 86%. Commercial bills were 4 79%@
4 80.
Continental bills were: Francs, 5 24%@5 25 and 5 21%
@5 22%;reichmarks, 94%qi)94% and 95@95%; guilders, 39%

The following dividends have recently been announced:
Per
Cent.

not

are

Bankers' 60

DIVIDENDS.

Name of Company.

649

$6,198,975

Exchange.—The sterling exchange market has

$1,480,075

December 5.

Sixty Days Demand«

Prime bankers’sterling bills on London
Primeoommeroial ...."I.....
Documentary oommeroial
Paris (francs)

4
4
4
5

Amsterdam (guilders)
Frankfort or Bremen (reiohmarks)

82

4 86

79%
794
24%

5 21%

39%
94%

404
95

Coins.—The following are quotations in gold for various

coins :
Sovereigns...
Napoleons

.$4 84

®$4 88

3 88
3 85
X X Reiohmarks. 4 74 ® 4 78
X Guilders
3 96 ® 4 00
S nan’ll Doubloons..15 55 ®15 70
Max. Doubloons..:
.15 5o ®15 65
F ae silver bars
9 1 0S%
1 08
Fine gold bars....
par® 4 prem
Dim is & 4 dimes.
99%® par
.

..

Silver 4s and 4s.
Five francs
Mexican dollars..
Do uncommerc’l.
Peruvian soles....

—

99%®

—

92

par.
94

—

—

—

P4%®

—

—

78
78
87

-

—

99%»

—

—

English silver.... 4

U. 8. trade dollars
U. S. silver dollar**

9

85%
86

9
®
®

4 84

88
par.

—

United States Bonds.—There

was

a

little

more

done in

government bonds this week than last, although the trans¬
actions

are

still

on

a

very

small scale.

Prices have been

strong, especially for the 4s, which advanced 1 per cent, and
it is presumed that the tone of the message and Secretary

McCulloch’s report had
The

some influence on the market.
closing prices at the N. Y. Board have been as follows;
Interest
Periods.

44a, 1891
-reg. Q.-Mar.
44s, 1891
.coup, Q.-Mar.
-.r eg. Q.-Jan.
4s, 1907
4s, 1907
coup. Q.-Jan.
3s, option U. S. ..reg. Q.-Feb.
6s, our’ey, ’95. -.reg. J. A J.
6s, our’ey, ’96.. ..reg. J. A J.
6s,cnr’oy, *97., -.reg. J. A J.
63,our’ey, ’98.. ..reg. J. A J.
6s,onr’oy. ’99.. .reg. J. A J.
.

*

Nov.
29.

Dee.
i

1.

Dec.
2.

Dec.
3.

Dec.
4.

*113% *113% 114
*113%
*114% *x!3% 113% *113%
*122%xl22
122% *122%
*122% *122% 123% 1234
*101% *101% *101% *lol4
*xl26 *126
*129
*126
*131
*133
*134
*135

*114
*114

Dec,
5.

*113*4

113%

122% 1224
*123% *123%
‘1014 *1014

*126
*xl28 *128
*128
*128
*xl30 *1304 *1304 *131
*xl31 *1314 *1314 *133
*x!32 *1324 *13241*134

*126

*128
*131
*132
*133

This is the price bid at the morning board; no tale was made.

State and Railroad Bonds.—The only transactions reported
in State bonds, are $5,000 Tennessee 6s at 41% ; $5,000 Ala¬

bama, class A, at 79, and $10,000 North Carolina 6s, 1919, at
107%.
In railroad bonds, the general market continues active and
strong, but the advances are not so numerous or so general aa
in the previous week.
Erie 2ds have been active, and the
advance of last week has been substantially maintained. West
Shore 5s are steady. East Tennessee 5s have been active, and
after advancing early in the week, broke on rumors of a possi¬
ble default in the interest. Erie 2ds close at 57%, against 58%
last Friday ; West Shore 5s at 41%, against 41% ; Atlantic-&
Pacific (Western Division) lsts, after considerable sales, at
80%, against 79; do. incomes at 18%, against 17%; East
Tennessee 5s at 52%, asainst 52%; do. incomes at 14%, the
same as last Friday ; Chicago Burlington & Quincy debenture
5s at 97%, against 96% ; Milwaukee & St. Paul (Chicago &
Pacific Western
Division) at 97%, against 96%; Rome
Watertown & Ogdensburg extended 5s at 73%, against 70%.
Railroad and Miscellaneous Stocks.—The stock market
the past week has been more active and irregular, though
generally strong. The upward movement was led on Monday
by a decided rise in New York Central, caused partly by
rumors of an early settlement of the trunk line war, whicu
has proved thus far untrue, as that trouble is still unabated,
and further cuts are constantly being made.
The trouble
among the roads west of Chicago, however, seems to have
been fairly settled for one year, and rates to the Missouri River
have been advanced, and will to all appearances be maintained.
Western Union Telegraph has been active, and advanced
sharply, the improvement being attributed to the favorable
decision in the Bell Telephone suits and reported buying by
bull cliques; the rumor was also current at one
interest in the Potal Telegraph had been secured.

The coal roads have been

time that

axt

exceptions to the strength shown

in the rest of the market, Lackawanna being weak and Dela¬
ware & Hudson showing quite a break.
The cause for this was
found in the reported determination of Reading not to suspend

production during December, as had been agreed to, which
was thought to indicate a practical breaking of the combina¬
tion. On the other hand, Jersey Central has made a con¬
siderable advance, although the dividend was not paid Dec. 1,
and the reason for this advance is not clear.
On Thursday Missouri Pacific suffered a severe
94 to 91%, for which there was no apparent cause

break from

been mod¬
except free
erately active during the past week, and rates have been strong, selling, and part of the decline was speed lily recovered. To¬
the posted rates being advanced %c. on Thursday. The large day, Friday, there was less animation and a moderate re-ao*
shipments of cotton continue, but the offerings of commercial tion in prices.




THE

ficO

i Saturday,

RAILROADS.
Albany A Susquehanna
Boston A N. Y. Air-Line, pref.)
Burlington Ced. Rapids A. No.
4a
■Canadian Pacific
*30
Canada Southern
} 10 Hi
Cedar Falls A Minnesota
I
Central of New Jersey
1 48*4
3 4 bi
Central Pacific

Chesapeake A Ohio

1st prof
‘2d prof

Do
Do

Chicago A Alton
Chicago Burlington A
Chicago Milwaukee A
Do

1.

Doc.

Dec.

45 V
33
|
I
1 l
44
;
35
!
OW
1*2
0

3*2
*10

3*2
1*2
44 V
30

43bi
35

*5bi

pref.’

Chicago A Northwestern
Do

j

pref.j

Chicago Rock Island A Pacihe.
Chicago St. Louis A Pittsburg, j

prof.'

Do

Chicago St. Paul Minn.

A Om..l

prof. |
Cleveland Col. Cinn. A Ind
j
Do

Dec.

4.

Dec.

8(3

45
*32

45
34

32
14

14
45 '-4
1)5 b

r

43bi

4334

*43*1-4

35

35 b:

3 5‘‘8
*5*-»

0'4

•lli;

12

*11

0

12
8 '-j

*7
133
1*2P.4 1*22V

133

80*4 81b
80:,4 81,J4
100
*108
107 V 109
0J*8
91 ”8 9*2 bs t88
1*27
1*27 bs 1*27 bs 1*27
111
111 *4 111*4 111
8
*7
*7 V
SV
17
17>-4 17'0 *15
*20 *4 203,
30
30
90 '.4 0078
9 L V 91 bs
*35

1*2 lbs 1*2*2 7h
80

7s

813^

100
108
88 b, HO**x 1*25 12(3

38

8
17

203^
01

38

Central

Illinois Central
Do

1
leased line 4 p.c.

Indiana Bloomingt’n A
3Lake Erie A Western
ouako shore

West'ni
I

J

!
Dong Island
Tjouisvillo A Nashville .... ... J
JGOttisville New Albany A Chic.
(Manhattan Elevated
Do
1st pref..
Do
common.
Do
consol...
Manhattan Beach Co

Memphis A Charleston

Metropolitan Elevated
Michigan Central

1*21

*34

33 bi
1*21 V

30 bs
1*21 *4 *1*20 '.4

1*21

36*4

1*211.4

15 a4

13 Hi

*12 V

15a4
13 bi

07-8

(37'4

ti 8.bi

07;*h

14
00-8

27

*27

a 1

*12
00 ’4
03 *4

*20b:

70

10

Q3

03

‘27 'b
17

*27

7014

70;b

*28 *

'■Is"

59 7s

60

*

*27
OL

40

's

38 !-_•

121*4 12 L 1..
81

*15*1-4 *1*7**

Vo* "16"

10

*35*1-4 *

121 1-4 121 '-4

*12

'b

0
11
8 b:

J

410

70 b:
11

70 bi
11

20*'

108

4.300

01

1,800

37

10

100 *8

*8-3,
5s34
4 bs

0*4
5834
41-4

734

734
31
*4

101

nYov

I3j

II1.4

pref.

Minneapolis A St. Louis
Do

pref.

Missouri Kansas A Texas
Missouri Pacific
Mobile A Ohio
Morris A Essex

pref.

Do

New York Lack. A Western...
New York Lake Erie a West.

prof.
New York A New England
Now York New Haven A Hart.
Now York Ontario A Western.
New York Susq. A Western...
Do
pref.

*13 *4
29 *b

14 "
29 7h

17*4
95 ‘b

1 678
9434

0

*0V

181.1
95V
0

13

29
16V

29

94
*

Nashv.Chattanooga A st. Louis
New York Central A Hudson.
"New York Chic. A St. Louis...

bi

V*i34
V
01.4

1*2*2
1*2‘2
38 bs 30
88 ^8 S958
*5 b»
534
0
*8 bs
SO *-> 80 bi
14 ;,8 1434

200

■QhTa Southern
Oregon Short Line
Orogou A Trans-Continental...
Peoria Decatur A Evansville..

Philadelphia A Reading
Pittsburg Ft. Wa.vne A Chic...
Rich. A ALleg., st’ktrustetfs..
'Richmond A Danville
■Richmond A W’t P*t Terminal
Rochester A Pittsburg
Romo Watertown A Ogdensb..
Ufc. Louis Alton A Terre Haute
Do
pref.
Bt. Louis A San Francisco

pref.
'1st pref.

Do
Do

Bt. Paul A Duluth
Do
pref
St. Paul Minnenp. A Manitoba
Texas A Pacific
Union Pacific
Wabash St 1 ouis A Pacific....
Dc
prof.
MlJ-e’IslLIi \NF.Ol S.
American Tel. A Cable Co
■

*

Bankers' A Merchants' Tel....
■Colorado Coal A 1 rou
Delaware A Hudson Canal....
Mutual Union Telegraph
New York A Texas Land Co

Obi

0*2-8

'-4

a4
8V

-*,»

8

•)

1*2

1*2
3

1134

18'4
053,
0

40

40

00:*s
5Q
8*4

02

80

‘

14**8 '

13 bi
30

l 478
30‘4

1134

143b
28

Obi
170 b:
12'*8

5 1-4

8 bi
•so
15 >8
28
0 *4
179 bs
1*2 34

185

1,125
1,403

110

10

70

1,200

9

10
18 b:
-U2 -I

18
18 V
4 1 78

I3!

lbi

1(3

1(3

1378
14*4

14 7*h
141.1

*23

1*25

1S V
lS*-4
4*2

U
13.1

IH4 1434
14 b
1 -i V
-23 >4 *23 bi
110 bs 110 b:

‘23 V
1*2.:

181-4
<*18 *4
41 V
1 a4
*10

10 b
I8-4
42*4
1 :J4
10*

1(3*4 10 *4
13-d 11 :*8
*133.4 14 b
2314 23 >4
110‘-4 1*20

0734

00

01
27 b.

64 V
27

27 b

45

10

*23

‘2*8
**20

20

*2:b

‘23.1

*21

2()i-4

8(3
13 >8

50*8
*5
*12 bi

*5*234
90 bs

23.,
‘22

*2*i" *2l"b

"lO”
-39
S3 V

20

‘20

41 bi
83 b

40r,s

-

81b:

8(!
13 V
50 ~8
5 bi
15

4(l-'s
81b

133b

85-’4
14 >b

50r,8

51 r,8

51-4
*1134

5 b
14 34

54 bi
4

*52bs

00 b

00'4

v2
8 34

20 >4

*234

3

221-4

22 bs

22
41
85

22
42i.
85

85

80

13*4
50;*a

1438
52

5

0

13 >8

13 ‘

"

....

7014

12
28

04 bi

01

01

*

2 0 1-4

*

00 '4

7016
11

70'a
10a4

70*4

70*8

70 ‘4

*11
28

*12 ba
‘28
17

14
20
17 --a

03*4
*0bi

01*8
0
41 * ’
00 34

80 3.t
5 -'4
*7 bi

*02

13
2 8 34
17'., 17 -s
01 b: 04
0
0
125
122
38
30*4

1,250
10,570

1,303
300
500

*74*2

80 *.»

ll'l

HQ

OObi
5 ;<8

Ola,

*87-4

’*9*0 *

ll'-l

15 '*b.

33

35
1 1

lO-'l
180

180

12-b
*2bs

*•>

*18
18
40 bi
1 ”•*
18

U

13-8
133.,

b>

17'-4

17 b-

In

IS

417,
13.,
IS!,

40-b

41 'V

1

17«
18;b,

13 78
133.

*4

18

13'4
*13

1,800

17~8

20,250

921-4

03
0

27,130

1231-4

lr

40

’

90bi

91-8
0
8
80
15

*87 3.4
14

7a

13 ->0
141-

2,140
Hit)
'2

170 *2- 170*2
13‘a 13-a

10
J 8
42
1
10

10
18
4 lbi
1 'H

20
2 34

20

18-a
O'-j
13

7e

01-4

"’a *14*18
14 bi

11'-4

*20
*70
21 *-4
-41
*85

2>

*83'-4
13

497b

85
21 b

42
00

81b
13 V
50 bi

5'«
*13'8

5 1
15

*52

58

2,550

1,1 It)
84,404
2,249
650
100
163
2 t, -) .3 a
(300

*2,400

20

234
*20 '2
*75
21 bi
411-J

*85

20
3

3

18*2

88

85 1.4
13
40 7a

8.* *H

*81 *2

133.,

13*8
50-8

*514
*12 •"'a

0

50 3.,

13v,

*22 *•>

22 *4
4*2 bi
*80

*13 *3

4234
88

85 '2
13 34

113

*

*9

10

*0'-4

lobs

88'.4

80'-4

8S-a

81)1-4

80'4

10

52 7s 5414
111
111
5bs
5»4

focitic Mail
*

ullman Palace Car Co
uicksilver Mining
4 ;
Do
pref

Western Union Telegraph
EXPRESS.
...i
Adams
American.
United states

Wells, Fargo A. Co..
INACTIVE STOCKS.
Atchison Topeka A Santa Fe..

25-s Jan.

Oct. 25

82

33

34

130 >4

til

132 bi 132 b?
05
95
*51
55
100 bi 100 bi

13*2

017s
54
108

131

51

1 0

51-v

*0*14 "0*14
*30
02 ig

20

53:,.i 54 *h
Hobs 110ba

54'a 51
1103, Hob,
5 ‘4

132
05

05

132
05

54

-52

55

1001-4 *107

110

(52'a
'132

04

03

130

132
05
5 4
100

01'-4

05
537s 54
1031-4 100

03--J
130
5 4
100

74

5 1-8
no'2 11 L
*5
Obi

*30

35

(33-b

73
5 t *4

02-8

34

03--s

131*4 131-v
93
9(3
*52

55

nos

no

8*4 Feb. 15
14ba Feb. 15

Juiie 12

51
7
Jan.
8 ba Feb. 8
Dec. 3
Nov. 14 185
Nov. 14
June26 51
Jan.
4
June 23 140
Feb. 13

July

86

Mar.
20*4 Jan.
1934 Jan.

82*2
148

8

58 ba
68

Jan. 22
Jan. 21
Jan. 23

Aug. 26 j
03bi Apr. 71
65
Aug. *21
70
Aug. 22

8

Nov.

Jan.

*24
Mar. IS
Aug. 20
40
Juno 27
Jan. 11
June 30 105
Apr. 15
June27 0 4 ba Mar. 4
Feb. 1 1
16
Jan.
7
44
Oct. 22
Apr. 10

20-4 Nov.

'

1

60®8 Feb. 23
Apr. 14

110 bi Dec.
1 135
2 *8 May 24
5
32
J uly 3
61
32
12
June26
'

Oct. 18
J uuo27

July

24
50
96
29 ba
50
96 ba

3

llbi J uuo 26
2 4bs June 30
70
May 15
15
June 30
65
J uly 1 i

9
49
1
7

"

May 20

May Hi

61 Ba

Oct. 17
J uuo 27

8234 Oct. 18
10
May 16

Aug. 22
Mar. 18

Apr. 10

21.46*2
<,37

1,000
400

210,256

3M ‘126
212
87
2)2 1 45
101 | 98

0

Jan. 26
Jan.
7

Feb. 11

Feb. 16
Jan. 7
J an.

5

Jan. 8
12734 Apr. 16
17 ba Mar. 17
114

Feb. 11

17:*8 Jan. 10

Feb.
7 170
8-4 Juno 28 65 *8 Jan.
Jan.
60-4.1 une 26 112
31
May 16 56-4 Mar.
90
May 2 t 117 Jan.
6 ba Feb.
3S4 June 30
34
20
June20
Nov.
49
78'a
May 1)
Feo.

15

4

Mar. 21
Mar. 17
Feb.
5

3*2a4 Jan
90
99
22 -8
8 4;18
19 *4
3*2

76*8 Oct. 20
5ba Juue27
28
June 30
4
Juuo27

Feb. 14
Fob. In

16*« Feb.

1VJ uly 21
It
18
70

Jan. 11

9

7
28

17
7
11

78

Joliet A Chicago
Bound »na A Mo. River
New York Elevated

11)1-4

45

-Ohio A Mississippi, pref
Rensselaer A Saratoga
South Carolina Railroad.
Texas A New Orleans
V irginia Midland
Canton Co
Homestako Mining Co

Maryland Coal

200

10-4

143

143

143

9

9 bs




130
00

*91

100
100

...

the prices

ISba
*230

bid aud asked

;

no

155
92

*‘200

1734
30 V
9 bs

Pennsylvania Coal
are

'115
00

lOOj
*91

17
39 bs

130
(30

143
9

New Central coal
-Oatario Silver Mining

iuese

45

*115
00

sale

was

-*220

made at the Board,

*230

18ba

53 7a
90
53

16 34
33

i

19

b)1

86
i
10
120 i
50 bi

111 b»
7
13 »4

30*4
68*9
34 78
106 7a
19bi
129*4
64 7a
129 *«
15ba

8334
26 7a

35
89 bi
40 7a

72

83

52*4

17ba
169

1183

15*8
47e
14
10
32

23*8
49 34
2
21
7
19
29 **
12

*29 *8
8*8

2134
18

493i
53*8
90-a
14*4
36-4
1434
32
89
28

46*4 61*«
129*4 138
4
15%
72
47
39
21
23
14
34
15
85
35
103
80
20 tj 36*4
5ct*fl
40
100 ba
87
40 7a
33
97 3s
90
169*2
94
17*8 43

70*8 194 at
36*4
15
29*8 5 7 “a
69--o
57
118*4 140 b.
39-b
14
102 b? 112b,
15
55
56
90
28

25
125 *

91*9
150
44-4

112*4 134
9ba
5
46*2
30
29
71*4 88*4
16

135
94*4
55V
65*2
May 17 61 ba Feb. 7
128
Feb. 13:113
May *26 115

Julv 15 L37
J une2 i 102

Apr. 24 126 ba
88
Mar. 20;

.

78

23

Oct, 25

4

2,746

Chicago A Alton, prof

11*4

3

4

200

20

00

Mar. 10

122 ba Jan.
74
74
5 3 7b 5 4 is
110 bi 110 b
0 *4
0 l4
33
33
01
02 b

10*0

38*8 Aug. 20

35
67

8-’0

..

Oregon Improvement Co
Oregon Railway A Nav. Co

27

157
I16bi 127*4

513s Mar.

1,028
80'4

35ba

1434

134

10
40
82
42
69 ba
10
23
85

O

10'.

7;

90
88
23 3a

11478
86*4

'52-4

91 7

Jan.

24
Nov. 11

475

14 bi

2,
11 i

22 ba June

2,400
2,235

400
100

10

03-a Nov. 10 10434 Mar. 4
6*2
May 24 78*4 Mar. 15

20

31,-38
132, 425

10
61
13
23

35 ba
33*4

2,106

51 1-4

68*4

84*4

450
80
2*2
42

18
11

7134
17bs

10
31
7 ba J uno *23
lHbaJan. 7.
36 bs Feb. 11
17
June 21
9 ba June 27
23 *4 J an.
5
63 ba M ay 20 100
June21
I
6 *4 June 20
1334 Mar. 24
1116 June27 127 Jan. 29
30
Mar. 14
June26 58
83 bi N ov. 7 12*2 ‘ Mar. 13
5
July 1
10*8 Feb. 15
8
Dec.
1 2034 Feb. 14
83
June26 94 *-2 Apr. 1*2
11 *« June 27
2H-*8.Jan. 5
20
Jnuo27 71
Mar. 3
8
June 24
17baApr. 4
175
July 7 184
May 1
7
June 27
16ba Ian. 7
2'o Oct.
9
6
Feb. 28
8 *4 Nov. 25
18*4 Feb. 16
10
Jan. 20
1*2bi Nov. 3
17
Feb. 15
Nov. 25 42
14
Juno 27
27
Jan.
7
37 *4 J uuo 27
57-8 Jan. 7
1 bi Dec.
4 *o Sept. 5
1
14 5g May 14
257n Mar. 17
5
Juiie 12 1134 Oct. 7
Mar. 2*2
834 Aug. 8 24
6 *4 J une 26
34 ®8 Jan.
7
7
J uuo 20
1734 Aug. 20

2,210
3
18 b:

47*4

5
7

5134

25
100

'4

2-4

135
400
208

010

122 bi 122 bs
-

44,450

10

2323'2
'4

330

1,700
145,026
460

3
9

20
18

K

934
917s

*14

*1*3

0

28 34

5 :Vi

*

12-'4

28 bi
17 b*
*13
123

*

-4
8bi

80 ‘-4

27 o

65 *a

11

84 34

100
Aug. 20
60 ba Mar. 14
141
Api. 1
133*« Mar. 1

June21
67a June *27

*

00 *4

48 7g

6

100

20

13
*2 8 *4

5

4

Obi
01

20

100

-

45

3ba

210,223

08'8

June 27

3ba May 14
6
30

13

03

*7

0

52

200

(37-8

1*2314 12314

iso" iso"

41*8
134

Do
prer
■Ohio Central
Olpa A M is.sissippi

805s

30 i4

10
18

pref.

Do

■Northern Pacific—

29
17
94 ‘

“30" " 4*0 -4

Do

Norfolk A Western

"l3'i

28

0,140
4,550

Milwaukee L. Shore A West'll
Do

217e J une 26
8034 June 27

.5'-4

2 7 *4

86

18

.Til ne 23 149 ba Feb. 12
100 *4 Juno 23 1*2634 Feb. 11
6
Sept. ‘26 13-4 Jan. 5
16ba Nov. 18 35 Jan. 11

101
30
120 bi

03 *b
2714

75

117

J 30

(38

135

10

10

5 128 137*4
June27112734 Feb. 16: 115*4 129*8

125-8111110 24
90 ba May 26
1.300
689 June 23

12 V

127
78

30

June*231140*4 Feb.

10*1*0*3*5

34

High

5814June27i 94*4 Jan. 3; 9134;108V|
leb. 16i 115 112*2 *4
7a J line 27'119
81baJune23 124
l<eb. 12 j 115*4 140*8

115
100

20*4

Low.

95

150,200

18

03 '4
20 bi

At

60

61

118
107

2,1*20

17

70 bi

(3*8 Nov. 171 17

**1*97

2,335

OObt

.4

21,700
0,505

111*4 111b:
*7*2
8*2

81
JO

15
1 134

13

m

0,540
300.008

*

*36 V

47
35

*15
20 *4
01
37

Pittsburg, guar..|
108'4 110;v 107-bs 108-8 107-4 ios7b
109b: HI
Lackawanna A West 100‘4 111
0 ‘4
0:Hj
0-8
0 >4
0 bi
9b
9;V
9;'w
*9*4
9 '-2
Denver A Rio Grande
50
50
Dubuque A Sioux City
-I--*
4'-4
*•*
43,
4
-4 >4
4 >4
41-4
4 !b
4 78
3&fcat Tennessee Va. A Ga
8
8
73,
8 'V
7-4
7 *4
7 b:
8-4
7 J8
« *8
prof.
Do
*31
34
3*2
3*2
31
33
USvansvillo A Terre Haute
3 1-4
3 1-4
5 bi
*5 i-4
*434
*4
0
(J
*434
‘i34
Croeu Bay Winona A St. Paul!

! ”33 Hs
I

45 *4
35 bi
*5 bi
11

For Full
Year 1883.

Highest.

126
July 3 135 Jan.
90
80 ba Mar. 27
Aug.
Jan.
50
June28 80
39
June 27
58*4 Jan.
2434 June 27 57 7a Feb.
Jan.
8
May 22 12
30*4 Oct. 25 90 *Ian.
30
June 30
6734 Jan.
5
Jan.
June 271 15
9 ba June 20! 28
Feb.

500
355
500

12134 122*8,
7934 81*4
lOS7a 108 7b
87-4 88 7a

Delaware

.

Lowest.

858

lllbs ill34
17
20 34
*00
■35

31 b

7V
129 bi 1*2 9 '-j

Cleveland A

Marlem pre (
Moustou A Texas

(Shares).

5/

3lbi

1884.

Range Since Jan. 1, 1884.

lo

80
*55

8 ••a

131
1*2134 1*2*2 bs

b!

'

32
*1 l

*5bs

0

II bs

*7
131

|
Quincy.) i:2Yp>I i‘ii”
st. Paul;

45 b:
33 V1
I 1
I
44 be
30 >8

45 bj
*3L
11
43
35
*5 bs
11

*1 1
*7 hi
0
*7
1*29
1*20
120 V 1*2*2
79 b: 81 *4
7 s bi 70^
107
100
1 100
91 V 0*2 bi
90 5a 91 V
1
*20
V 1*27
1*20‘4 1*20'4!
in
111 ^
11L
! 111
ill
E.
7 >4
7
7*4
*15
18
17
‘14
30 <■. 3014
30
*20
01
01 ;,4
90 *4
90
*35

i

3.

Dec.

*2.

!

'

*5 b>
*11

:

Friday,

Wednesday, Thursday,

Tuesday,

Monday,

Nov. ay.

Sales of
the Week

PRICES.

LOWEST

AND

HIGHEST

i

fVot. XXXIX.

PRICES FOR WEEK ENDING DEC. 5, AND SINCE JAN. 1,

NEW YORK STOCK EXCHANGE

STOCKS

CHRONICLE.

62
June 23
142
J une13
137
Apr. 12
19 V Dec.
1
June21
115
45
May 15
June 18
138
i
9
Dec.
on 1., Nov ‘2°
J
15
uly 29
39 bi Nov. 28
8
Mar. 25
7
Nov. IS
5
Nov. 18
14
May 10
Feb. 19
264
■

t Lower price is ex-dividend,

8034 Jan.

7

Feb. 16
Mar. 4
6
Oct,
Juno 13
90
9
Jan.
146 V Apr. 18

152
145
24
130

11
<v*

May 24

VaIi

78ba

150

138

138

13
90

25
105

112*9
96
139ba 145*4
22 ba 27*9

1 1

20
50
8
11
10
15
9
10*4 Jan. 311
18
29*2 Jan. 29
260
Feb. 191
264
21

40

8434

140

J an. 24
Nov. 21
Jan.
4
Feb. 21

31*9
50
19

17
14

35*9

280*

1

December

6, 1884.]

THE CHRONICLE.

UAfUJOAlt
Latest

ROUeti.

tA:CMN(iv

Earnings Repaired.

Weetcor ii";

New York

Jan. 1 to Latest Date.

*.883.

1884.

1383.

8

$

week

(551

City Banks.—The following statement shows

ending at the

the

commencement of business Nov. 20:
Average Amount of—

Alft.Gt. Southern October...
109,734
112.503
884.817
Atch. T.A S.Fe jS. pi ember L,5i:?.o;o [1,332,983 11,852,819
I
itlantic A Pac. O tnli. r...
156,OM<
)8t. H. T. & W. 2d vvk Nov
9,153
0,080
392,051
3d
w
k
Bur.Ced.R.A No.
Nov
7 i,55 1
71,905 2,429.9-9
Till
Cauadiau Pacitic
vvkNov
3 72.000
119,000 5,464 9 )0
4th vvkNov
Central Iowa
2<>,0*?4
30.122
1.300.4*4
Central Paoitic.. Oct<*ber... M52 O ld 2.490.091 18,73 2.490
Chesap. A Ohio. .j vvks Nov
202.274
248 851
3,145.570
Eiiz.Lex.AB.S. 3 wks Nov
41.082
47,9.2
071.092
Clies. O.tkS.W.. 3 vv ks Nov
99,071
00.447
1,19 1,905
Chicago & Aiton Itli vvkNov
104,910
183.093 7,981,100
Chic. Burl. A O. Scptem "Or ’,707.1 10 •2,9t 9,1 05 18 505,825
Cliic. A East. Ill. 4til vvkNov
33,03 1
35.44 8
>,119,318
Cldc. Mil. A St P. 4th vvkNov
t> 10.( >09
732,792 21,252.000
CUic. & North w. 4th vv kNov
2!
550,300
758.000
.443,000
Ch.St.P.Min.&O. ii ii vvkNov
1 10,400
17',000 5,3*25,498
Clile. A W. Mich. 3d vvk Nov
25,331
27,3 Lt.
1,3 45.5-3
vvk Nuv

47.293

Cin.N.O. A T. P. October..
d vvk Nov
Cin. Wash. & Balt

50.543

2.107.513

237.503
30,28.4

2(0.333
30.384
8,481

2,137.4 42

ciev.Akrou&Col|3d vvk

Nov

Clev.Col.C. A Ind September

Connotton Val..

Sepiemucr
Danbury & Nor. Sept mber

Den vet'A Rio or. «tli vvkNov
Deuv. A R. G. W. 3d vvk Nov
Des Mo. A Ft. D. od vvk Nov
Det.Luns’gA No. 4th vvkNov
Dub.ASiouxCity 3d vvk No\
Eastern
October...
B.Teim.Va.AGa. October...
Evauev. A T. II. 3d vvk Nov
Flint <fc P. Maro. 3d vvk N v
FIor.R’wav A N. 3d wlc Nov

Ft, Worth A Den. October
Gal.IIai'.A S.An. S<-pt- ml>

..

9,114

320,129
29, i 74

853.990
295.721

21,099
15 i ,8 15
2

1,180

8."7*
2 5 232
20, ' 0/
323 09 ’
41 2,289
1 1.029

2 *'.053
3 19.178

38,935

32,458

23,124
40. ODc

2 >.801

Gr.Bay W.&St.P.|3d vvk Nov

200,231
325,2 1 4
7,(.>59i

Hous.E.A W.Tex October...

207.843
23,830

Grand Trunk

...

r

VVk Nov.22

Gulf Col.ASanFe October...
Ill.Cent.

(III.)...| ith vvkNov

Do
(Town) 4tli vvkNov
Ind. Bloom.<fe W.|3d vvk Nov
R.C. Ft.S.A Gnlflod vvk Nov
Kan. C. Sp A M. 3d vvk Nov

Kentucky CentT3 vvks Nov

Luke Erie A W..'September
L.Rk.A Ft.Siuilh) October...

L.Rk.M.Riv.A T.; October...
Long Island
'4th vvkNov
La. A Mo. River:

July
Lomsv.ANashv.j 1th vvkNov
Mar.Hough.A O.jtM vvk Nov
Mempli. A Chari. {September

Mexican Cent... 3d vvk Nov
ilex.Nat., No l)d 2d vvk Nov
Southern Div. 2d vvk NovOther lines e.. 2d vvk Nov
Milwaukee A No 4th vvkNov

Mil.L.8ii.AWest.|4th

vvkNov
Minn. A St.Loui.- October...
Mobile & Oliio
November.
Mo.Pac (A T M.) Bepteinbcr
Nash. Ch.A St.L. October...
N.O.A NortheastOctober...
N.Y. A New

Eng September

N.Y.L.ErieAWo/

8* ptemher

N. Y. Pa. A <). September
N.Y.Sustj.AWest.Oetober.

N. Y. Out. A W.. September
Norfolk A West October...

8henaudoahV October...
Northern Ceutr’l October...
Northern Pacihc'Novemct r.
Ohio Central
13d vvk Nov
Oliio A Miss
{October...
Qluu Southern {November.
Oregon A Cal... October...,
Oregon Imp. Co. September j

Piiila. A Eric .,.‘ October...
Pinla.A Read’g)t j October..
Do
C. & IroniOctober...

Eichm’d ADauv.!oct>d>cr...

Cli.Col.A Aug. October...
ColumbiaAGr. < >ctol»er...
Georgia Pac.. October...
Va. Midland.
October....
West. No. Car. October...
.

Eoeh.

a

Pittsb’g 4th vvkNov

Rome Wat. A Og. August
RtJohnsii.&L.C. September
Bt.L. Alton AT.H 2d vvk Nov
Do (brchs.j 3d vvk Nov
...

St.L. Ft.

S. A W 3d vvk Nov
St.L. A San Fran. 4th vvkNov
St. Paul A Dul’tb 4th \\ kNov
8t.P.Min.A Man. {October...

Soatli Carolina

.

So.Pac.Cal.,N.D.
Do

lOetoher.
August

...

So. Div.i.

August....
August...
N. Mex.i. .August

So Arizona.i
0
-

Texas A N. On's. Septembi r
Louisiana W’n.f-September
Tex.A St. Louis.y j 2d vvk Nov

ToL A. A. A N.M October...
Union Paoitlo... Oc’ober..
Utiah Central.
October..
..

VicksbTg A Mer. jOe. ober..

ucksb.Sh.APae. October...
Jab. St. L. A P. 3d vvk Ocl.

JeatJersey

Wisconsin Cent’l

O toiler...
3d vvk Nov

10,725
158,580
103,090 '5,50i,u8 '

270,200
33,200
50.1 77
49.007
28.0 17

52,712
140,0 .0
70,828
42,015

8,061.3 >0

30,352
455.593
12.057

23,203,507
5,085,1 03
1,401,960
2, >45,79 4
2.137.083

3,225,032

2,035,475
84",41
395.8 12

43,005

52.97

1,550,91
2,393.774
2,173,' 10
1,042,1 :>0

i

810 230

1 1-.374

110,38*
0-.000
14,248

(3,022

h Non

1,370,300
2,932,900
7.771,100

...

Irving
Metropolitan

2,525,100

St. Nicholas
Shoe A Leather..

River
East River
Fourth National..
Central Nation il..
Second National..
Ninth National...
First National
Third National
N. V. Nat. Excli..

1,8-4,900
4,001.100

432,00.

420,262
311,193
2,519.252

4-3. -37
071,2! 1

231,333
470,81!
1,015,04 j
1,497.029
1,878,191
11,900.011
1,905.109
34-,G4:

Y. County
rmaii-Americ’n.

G

Chase National...
Fifth Avenue
German Exch’nge.
Germania
United States
Lincoln
Gar Held
Filth National....

12.212

j

e •* 7-|

24,850
151.570
280 0 J2
20: .329

...

•

•

•

...

•

The

1.308.4 35

1,977.390
lssi.

1,913,23

..

2,052,000

738,500
815,500

4.585,690

807,700
892,900
854.0(0

ld

423 O

45.000
5,400

8.1 17.700

9.276,200
2.727,000

360 (MO
33 1,000

267,2 0

513,000

3,141.800
2,-j0!*.::00
2,503,100
1,958.100
2,910 090

3*>o,000 •

4,090,000

1.177,500]

5,773,900

305,00"i
304,-00

508.5(h)
963.200

-

it

223,400
360,000
297,000
45,000

180 OOO
225 OOO

505.-00;

1.2e7.700
2,007,400
2,318.000

203,500
1 82.TOO
180,0 ;0|

2,750,000
3,952,500
2.073,200

308.000

328,0001

-

1,311,100
45,000

45,000
449,900

ISO.uuO
45,000*

2,2 I ~,800

105,000]

295,1001

62,100
-

9t>0.8i)0|

452.000!

1.213,200!

439.000

1.421. *00
17,227,7 00
4.924.900

120,300
232,; 00!

726,700
98.000

439,300

2,230,000

l* b ooo
44.(>0O

3.020.500

'

108,300'

1.7.30,100

212,0001

9! 9.000

17.8,800

1,090,500

134,500

1 25.8J5.300

11,613.400

204,000!

totals for several weeks past:

are

Lmi ns.

23,400

6,564,500
2,051,000

029 900:

295,514,GOo'So,273.2001 38.450,300

following

2,000
499,000

4,591,800
3,71 8,500
1.089.800

003,200
101,100
475,000
084.000!

60,700!
88,5 o

292.500*
599,000

213,100

1,230,100

206,000'
1.076,500!

82.’,(MO

1,100,000

Specie,

-

**

jL. Tenders. |

Deposits.

Circulation .kgg. Clear'gs

21,341,7<)(>!306,104 400
32,100,900130b,09i
31,7>>5,100 304.15

$

14.377.400 590,058.586

200 14,32^.000

1, 200 1

405.00),224.

4,380,0110 437,7 17,9 >2

31.^21,9001304,152, 100 14.355.400 455,710.201
29,903,8(40301,503, ,000 14.275.100 403.912,028
30,094,1001:103.599, 300 14.185.300 422,013,919
30,013,500!305,734, 40(» 11 135,500'192,009.873
27|29l,120,700 73,'-20,500 30.395,8001.,*05,140, 300 14.137,100 491,357.801
Oct. 4 290,505,200 70,207,000 30.707,900'308,3o8, 900
13.03 .’,5001554,002,698
'.1 290.043,U09
*•
“

“

••

77,902,200 32,728.100 314,008, (.00

“

18 291,70',400 77.34 4,800 33.010.

1 2.893,H>0,

00 31

490.5Sg.476

1.901, Oill) 12,701.800 51 «.575,2l4
291,0X3.400 78,392,sot. 1.52.723,200 315,732. 000 12.92o.000
005,195,931
;291,724, i00;7 . ,430.100132,838,700 315,989, 4 00 12,985.300 458,'• 32.508
r, 290,287,1>"U SO lo0,SU4>
53,289,700 317.081, 100 12,>00.200 477,21.0,695
15 2:0 ,55(>.40i)|82,35 ! ,009 !30,4
59,10(){.523,350, 700' 12,24 1,500 ..27,54 1,755
22 288,539,7001-<4,810,500
37,5347,400j325,-8 7. 400 1 1.7 1 i."00 555,711.509
2.il2.-'5,5 14.000 85,273,200 OS, 50.3UU|32.'»,S25. 300 1 1.043,1001459,204.00

“

25
Nov, 1
“
“

“
“

12 417

*

295.000

Aug. 9 288.929.700 70.346,000
id 2,*<7,>40,000 77,044.200
“
23,287,09 .,900 75,908,000
30 287,893,-. 00 75.910,500
Sept.O 289,3 47,300 75,TOO,"00
13 290,874,. 00 74,’00.: 00
20 2 *1,257,4 0'74,531,800

432,439

_

3 12,600

1,945.200

>

..

084.29 •
037.911
3,052,735: 3,4 74 8*/5
,9 10.5411 I 531.43 > 21,993,975 21,347.040
729.023 1.873,592 13.7 40,574 14,212,145
429,1 79' 429,83 i o, 13 1,73
-j 3,140,808
90,7 )3i
98,20 >
007,877
008,900
98.019
80.247
510,7 03'
002,109
05,990
f
42,501
107,5‘.)0
170,107
1,351,77" [ 1.420,703
41,513
44,000
303,058 {
312,121
20.70 i'
21,805 1,051,928
581,861
170, >53!
171,400 1,073,200 1,049,053
3 l,080l
214,010!
39,048
207,931
2 4, c 3 11
•29.4 01
1,149,831 1,27 7,7 f* 1
14,1 10
1 / 'O i 1
003.41 o:
735,390
9,289 j
8,998
432.780!
233,7.20
110,01 1
127,073, 4.208,8" J i 3.483 592
39.084. 1.200.2211 1,240,1 i 5
32,089*
005,3891 910,8-81 0,570,8 >9 j 0,849,000
157,351
140,294
908.20 i
1,073,280
153,0>i*
9 i 9,800!
14o,0 tOj
832,911
282.88 i
344,90 li 2,339.077! 2,775,5 i 4
130,0 *5
207.1241 1,217,2 70 j 1,083,219
02.994
05,188,
531,970
447,32>]
107.071'
19,31 8
o: 0.917!
830,405
35,053
02,909!
320,251
413,404
30,429
27,7*)3:
819,018!
24,57 0
19.211 I
193.403.
100,9-3
001,740 2,918.058 21,032.3 9 23,707,878
112.301
110,1 27'
•808,513!
973,990
55,113
04.935
387 830
401,068
40, i 15
27.495
97,900
180,983,
401.000
581,475
92,-GO
S 8,23 2' 1.153.072
1,071,156
29,983
31.1811 1,260,1051 1,285.632

1,222,000
1,900,500

9,-0,-00

Total

439,038
983,135

12,435
81,025
281,0381 358,571
2,450.11
2,705.800
,7o2,73u 2,129,04 1 12.390,41-. 15,200.335
540,5251 711,897 4,15-1,802 5.107,253
99,0-3
8 49,249
94,04 5
813.049
180,382
103,957
288.495
3J1 210 2,219.2 *9
2,306,745
78.30
93.0UI
035,82'
712,774
519,795
590,7481 4,001.804 5,142,885
,115,191 1,270,022 11,853,8-S 9,292,800
21,230
22,152
990,420
372,901
4 to,990
381,9 :0
3,402,227 3,799,201
48.335
o 2, *>50
42 l,s80
328,c83
115,593
131,310
2s9.8 21
382.242
2.504,893 2.973,308
417,:>4 / 4,815.3 48 40,840.040 42.7e'9.255
.

016.900

2,3.-4.400
1,0 i4,00>)
1,844,.>00
2,797,000
1.519,1001

-

12,v‘)(.*

17.375,800

903.300

4,190.500

1,7 00*

842.000
913.0 >0
2.300.700

120,500
3.>0,2001 1,800.9!)')
0.875.500* 1,917,700- 22,202,* 00
4,010,700 2,010,900. 20,1' 10.700
20,000
241,000!
1,588,000
151,000
139.000
896, i DO
4,350,300 1,301,700! 14.508.800
1,8-8.000 1,75 4.000
S.852.000
411.000
305,0001. 2,30000
5,288.800

3,224,700

£8 600-

087.100
4s0,900

210,300
184,0 00
2,781.200
402,700

14,814.800

Bowery

N.

2,018.700

2,507.500

34 1,300

1,041,000

242,700

4.270,-4 00
12,312,000

205,500]

l,o71t3oo
12.599.000
O.703.OOO

12,190.300
2,243.000
15,117.01)0

337.000
1.43,000
866,100
1,783,000

198,400

10,588,700

351,900

3,518,800
1,722,900

>()!

113 0

720.500

1,904,200
10.526,500

7,058,600
7.-55.000

2.4 80,300

239,000

552.500
70.090
32 7.000
781.700
1,4 11.200

3.798.200

North

700.145

991,100
553,300

$

450,000

1.071.100

009,400;
417.4001
227.700

2.403,700
2,250,100

4,823,100

Pa; k

1,7 12,731

7)9,100
1,771,500
703,800

$
10 712.000
8,31 1.000

140,300

2,74 4,30!>
2,005.900

...

,860,350

1,190,100
2,758,000
0.4 22.000

tion.

941,1)00! 18,098,000

1

2.762.000

Corn Exchange
Continental
oriental
1 mporters’A Trad.

2,073,549

884.300

Circula¬

oliier
than U. S.

4.490.700

1,757,000
143.900;

.....

Citizens’
Nassau
Market

2,281.-9"
818,902

including Centra! New Jersev in either
ftwiPri°r
t0 June !•
i Included in Central Pacitic earn ngfe above.
1
Mnoracing lines in Missouri, Arkansas and Texas.




0,083.500
1.989,-00
4,280.3 >0
3,337,500

Hanover

53,051

*Not including Utah lines after
July 1.
^Corpus Christi to Saltillo, 307 miles; up to May embraced only
ff?jrmDe8» Laredo to Saltillo.
e Only 13d miles now, but prior
2.■ ay represented 297 miles.
g Not including earnings of New York
A
Ohio road.

5,514,900

North America

3,079.967
3,359," 05

270,01.2

2,593,071

......

......

30.551
171.7101
255.* 0
,537,0 K

15,104)
391 027 j

Broadway

...

........

it *05
2.137

Commerce

Peoples’

301,938

’

1,200
2,580,500

Chatham

1.47 1,23 5
080,8 .V 3

'

1

318,200.

384,500
1.174,700
0,035,300
342,200
1,0.-0,000
308.900
292.000
94,000
371,900

S

1,318,300

8.013,300

1.00

13.450,000
17,484,000

157.310

312.2*0
387.31 i*
1.9S5 039
2. 62.007
414, Dio 15,323,490 17.20 1,020
10.90.
2-9,402
358.732
203,430 1.401,297
1,691.-92
37.428
218,3D
200,337
200.041
9.31-.2 10 10,<*18,00-J

39,003
03,! 40
40,405

2.928.100

Mercantile
Pacitic
Remiblic

0,327,858

<

l.O70,4OOi
707,000
790,300

j

519,000
1,1 40,91)0
1,013.000
302,500!

381.000

4,916,900

State of N. Y...
Amorie’n Exch’ge.

1.087.7 88
477.772

070,533

10,109,400
2,550,000
0,921.700
2,140,200
1,001,400
14.075.000
•2,036,400

Net Deposits

Legal
Teiulers.

1,868,000

1,872,000
1,442,2**0
4,452,400

4,4 90,500

Fulton
Chemical
Merchants’ Exch.
Gallatin National..
Butchers’A Drov..
Mechanics’ A Tr...
Greenwich
Leather Manuf’rs.
Seventh Ward

1,51 0,527
21,508,906

301,75!
353.512
404.201 12.355.027 12,807.324
793.05-2
8,840
803.534
101,382
9-0,OOP
85 ,285
2,575 593

4.7 78

8 ',0 11

310.0 *3
1A 35,959
8> 3,013
3,020 977
3,230.031-

4?>,5l8
39,740
52,1 Oo

39,311
50,200
355,52

203,

8,890

6.743.500
7,907,000

City
Tradesmen’s

Is,034,197

•v

7.824.000

Union
America
Phenix

3,50 3,953
045,204
1,If 3,879

$
1,306.000
2,199.000
l,004.7u0

10,522,000

Mechanics’

1,1-8,803
20.771,323

33.441
2,707,5 <1

$

New York
Manhattan Co
Merchants’

4,900.002

4

Specie.

Discounts.

2,49 5, *>93

1,531,008

41 i,014
32,782

Loans ahd

11,510,593

...

Cin.Ind.8t.L.&C. 3d

Banks.

Boston
1884. i

Banks.—Following are the

Loans.

Spec' e.

$

$

A’g 18 138.U7.300
25 138,744,: 00
Scpt.l 137,928,800
8 138,715,400
15 139,473,900
22 139,795,100
29 139.457,200
Oct. 6 140,498,300
*•

"

“
“

“

“

0,783,700
0,s4 4.40O
0,974,400
7.150.900

7,035,300

3.837.300
4,0) 2,loO

7,117,400

4,920,200: 90,399,000 20,759,200

4,U84,40()| 90,842.,200 21,020,700

4,5.81,100
5,047,000
5.789.300
5,850,900

10

i42.OGO.5uO

“

{142,544,800

7.298,500
7.160.900

0,432,900

24:143,129.000
1 143,3 -2.000

7,259,100
7,326.800

0,517,200
7.103.300

Philadelphia Banks.-

88.573.300 23.505.9i•()

4,077,100| 87.812.300 23,655,700

17

91.597.600 23.80ii.500i
92.830.300 23,735,5001
91,8*4,500 23,782.400
'.>8,813,000 23,560.000
99.788.500 23,r.64,200!
99,100,80 • 23,435,500;
i>8.71 1.900 9 ! 1:7 800

-The totals of the

follows:

1884.

Loans

,Law/ul Money.

Sept.
-

“
“

Oct.
“
"

6.
13.
20.

27.

Nov.
*'

“
“

Dec.
*

1.

8.
15.
22.
29.

3.

10.
17.
24.
1.

55.333,824
47.877.953

55,008,0-14
54,383,337
5?,470,057
52,040,678
04,427,808
64,308,316
05,306,685
03,5*31,707

58,811,468
68,039,bl 6
62,9:30.966
67,080,531
54.078.4?**}

Philadelphia banka

Deposits* aJircutatioh. a<jj. LUar'ys

$

25.

$

55.573,033

$

*

$

*

.1

.I 71,990,953

20.291,403

8,073,649

72,177,459

05,8.0,793
08,979,007
67,054,17 0
07.915,898

8.091,906
8,090.332
8,1 11,015

41.493.176

.

20,801,871
21,333,213

40,898,6GB

.

j 71,867,385

65,154.285

07,582,191

8,079,503

07,543.138
07,833,1(50

7,575,739

42.772,819-

8,059,808
8,"51.090

4 0,2-8.109

Aug. 13.
*•

1?

84.743.600 22,958,300
84.842.500 28.037,800
85,550,SOD 23.001.100

4,247,500'
4,595,900! 80,123,000 23,217,700
4.080.100, 87,044,000 23,481,400

“

are as

Circulation!Agg. CUtat*Q$

$

4.738.400

“

DW

Deposits."

7,201,200
7,575, *00

140, 05,900 0,927,300
110,740,000. 0,731,100
27 141.118,000' 0,741,000
NJV. 3 140,753.100
7,10!,50u
••

Tenders.j
*

13
20

“

L,

totals of the Boston banks:

.! 72,!)01.320
:

72,923,373

73,354,035
i 73,451,380
,i 73,•>14,519
.

21,368,812
21.818,*21
21,138,280
20,953.783
21.270,877
20.9 •5,781

8.058.139

30,355,406
43,822.1 1 2
38.208.70B
4 0,430,4 y 5*
49.889,729'

,73,948.418
! 74.408,194
.! 74,180,007

20,725,702
21,144,375

08,010,937
08,870.31*1
08,976,708

.! 73,454,475
i 73,322,857
j 73,041,072
!

22,357,140
22,0'9,888
22,891,740
22,711,752

79,108,441
09,321,005
70,209,741
70,101,659

7,951,869
7,914,545

44,011.96*

23.84 9.500

7,919,2 41

71.201.577

46,180.735

7.924.455

3" !((! (

I 73,835,950

72.002,524

Including the item “due to

other banks.’

8,034,475
8.044.828
8,059,943

49,107.038
43,507,857

39.828.J37

37,740,784
•»!9

[Vol. XXXIX,

THE CHRONICLE.

652

fjtuxjestwjewl

$165,000

1st mortg., Sept. SO to Jan. 1, ’85.
2d mortg., Sept. 30,.1884, to Jan.

Three months’ interest on
Three months’ interest on

42,495
Showing a total of
.
.$2,059,813
Less estimated net earnings of the property for three mos.
to January 1, 1885
159,813
Leaving as the net debt of the company Jan. 1, 1835
$1,900,000
The
earnings
and
expenses
of
the
roads
operated
by
the com¬
The Investors’ {Supplement contains a complete exhibit of the
Funded Debt ofStates and Cities and ofthe Stocks and Bonds pany and the receiver (not including the Norwich & Worces¬
of Railroad8 and other Companies. It is published on the ter Railroad, the accounts of which are kept separately) dur¬
fast Saturday of every other month—viz.., February, April, ing the fiscal year ending September 30, 1884, are as follows:
EARNINGS ANI) EXPENSES.
June, August, October and December, and is furnished with¬
1883.
1884.
Earnings—
out extra charge to all regular subs bribers of the Chronicle.
$800,288
$799,524
Local passengers
318,945
Ssctra copies are sold to subscribers of the Chornicle at 50
')
290,963
106,035
104,313
cents each, and to others than subscribers at $1 per copy.
Express and extra baggage.
46,468
*

1,1885

AND

.

45,627

Mails

ANNUAL

REPORTS.

$1,240,427
$638,241
1,317,445

$1,261,786
$632,649
1,481,875

$1,955,686

.[$3,196,113

$2,114,524
$3,376,310

165,919

195,548

..$3,362,032

$3,571,858

$319,777
657,698

$349,371

454,226

486,169

1,025,165
234,114

1,110,955

.

.

.

Ne?r York & New

England Railroad.

.

30, 1884.)
report just issued has the following : “ Immedi¬

(For the year ending September
The annual

From miscellaneous sources.

Expenses—
ately after the adjournment of your annual meeting on the
11th of December last, the directors organized (electing Mr. Conducting transportation passeng
Conducting transportation freight.
Charles P. Clark as President) and appointed a committee to Maintenance of way
consider and report upon the condition of the company. At
the request of this committee the President made a written Maintenance of cars.
General expenses....

Statement to its chairman showing the
the company due on or before January

e

Whereas, a notice lias been served on this company of a motion for
the appointment of a receiver, in a suit brought by Henry A. Brassey,
In behalf of himself and all other holders of the second mortgage bonds
“

of the company;

to meet its
railroad in
continued operation and free from attachments, the appointment of a
temporary receiver seems to this board necessary for the protection of
the public, as well as of the creditors and stockholders of the company,
“And, whereas, this company is at present without funds
tin y mature, and in order to keep its

current obligations as

parties concerned ;

Voted, That the counsel of the company

a

be instructed to appear and

granting of said motion and the
temporary receiver of this company.” '

assent to the

immediate appointment of

issued by Judge
Shipman, appointing Mr. Clark receiver of the entire prop¬
In accordance with this vote, an

order

was

erty.

At the adjourned meeting on the 7tli of October the com¬
mittee recommended that the company should use the pre¬
ferred stock lately authorized by the legislatures and the two
millions of second mortgage bonds still in its hands in settling
the debts of the company.
The polls were closed on October

25th, and by a vote of 110,660 shares of stock, the necessary
authority was given to carry out this plan. The matter of the
settlement with the creditors of the company is still in the
hands of this committee, which consists of Messrs. French,
Rice, Higginson and Martin of the board of directors, and
Mr. A. J. Leith, a stockholder.
“The interest due on the first and second mortgages on the
1st of January and the 1st of February last w-as paid under
the direction of the court by the receiver from funds in his
hands. The interest due on the 1st of July and the 1st of
August is still in default. Under the terms of your mort¬
gages, if the interest which became due on the 1st of July is
Hot

paid before the 1st of January, the principal

of the first

dollars) will become due, and the
trustees for the holders of the first mortgage bonds will
be entitled to possession for purposes of foreclosure. And
mortgage (ten million of

If the interest which became due on the 1st of August
not paid before the 1st of February, 1885, the
Becond mortgage ($2,833,000) will become due,

is

principal of the
and the trustees

under that mortgage will have similar rights.”
The financial situation of the company on the 30th of Sep¬
tember is shown by the balance sheet in which the unfunded
debt of the company on this date is stated to be
$2,181,319
The available means of the company for the payment of this
uufut cb-d debt were in the hands of the receiver, and in¬
cluded (in addition to supplies on hand) quick assets as

given in the balance sheet, to the amount of

458,001

This would leave as the net unfunded debt of the company,
Sept. 30. 1884
$1,723,318
To show approximately what the unfunded debt of the
companj’ will be on the 1st of January must be added ten
per cent of the principal of the cartru>-tdue April 1st, pay¬
ment of which was extended to Ootober 1st




129,000

Taxes
Insurance.

Net earnings available
fixed charges

259,438
95,408

$2,797,367
125,016
19,242

$3,013,616

$2,941,625

$3,186,377

$420,407

$335,481

for the payment of

income

712,275

106,3R7
.

Upon consideration the committee recommended,
at a meeting of the board on December 19th, that the directors
undertake to raise immediately by personal application to the
Becurity holders, one million dollars on twelve months’ notes
of the company. The directors authorized the committee in
behalf of the company to raise the money as proposed and to do
all acts necessary to carry out their recommendation.” * *
“On the 28th of December, the President called a meeting
at Hartford on the evening of the 31st of December. At this
meeting he stated that arrangements for cashing the coupons
on the first mortgage bonds of the company, due the following
morning, had not been completed, only about $100,000 of the
$330,000 required having been secured ; that the purchasers of
Becond mortgage bonds had that day declined to take the bal¬
ance required by their contract; that threats had been made
by attorneys in personal injury cases, in which there \vas no
defense, to attach the property of the company,” &c., &c.
“After a full discussion, the following preamble and vote
was passed :

“

.

unfunded debt of
1, 1884, to be about

$1 ,700,000.

and all

.

149,909
22,852

account—1883-84.

$540,535

Earnings after deducting operating expenses

31,815

Income from other sources

Total income from all sources
1
Taxes
$125,016
Insurance
19,242
Interest on funded indebtedness iucurred for pur¬
chase of real estate secured by estate purchased.

81,773

(Boston terminal lauds)
on car trust certificates

82,109

Interest

10,114

Interest bn floating debt
Rent of other roads

Available net earnings

$572,380

88,903— 407,157
I

Interest on first mortgage bonds'
Interest on second mortgage bonds*'

$165,223
$660,000
174,500— 834,500

Deficiency for the year
Charged in full here, but not actually paid.
Mr. Clark, the Receiver, makes a very

.....$669,277

*

full report upon the
year’s operations, and speaks at much length of the traffic of
the road, showing the causes for the decline in business, and
his reasons for pursuing the policy which has been followed.
Mr. Clark’s report is well worthy of perusal by every person
interested in the property.
Boston 4fc Maine Railroad.
(For the fiscal year ending Sep>t. 30,

1884.)

which
be¬

The report says : “The work upon the double track,
was in process of construction at the close of last year
tween Old Orchard and Scarboro, and on the Lowell &
Andover Road, has been completed ; and during the present

been made from Old
point about half-way between Biddeford and
Kennebunk, making, in all, twenty miles west from Portland,
and about seventy-two miles between Boston and Portland,
leaving forty-three miles to be built to give us a second track
complete on our entire main line. During the last five years
we have added forty miles of double track, and if the work
should be carried on at the same rate it would be completed in
about five years.” * * *
As to the old lease of the Eastern road, the report says:
The case was argued before the full bench in June last, out
a decision was not reached until the 3d of this month, when
the Court rendered its opinion, affirming the lease in every
particular, except the 5th article, which they considered incon¬
sistent with the Act of 1876, reorganizing the Eastern Railroad
Company, and in violation of the rights of the bondholders;
and for that reason only they granted an injunction.” * *
Of the new lease: “ In the new lease a slight concession haa
been made to the Eastern Railroad in the division of the net
earnings of the joint roads, after deducting the 9 per cent on
our stock, which we are to return to our company before pay¬
ing any part of the earnings to them. This concession, we
think, is practically unimportant to the interests of this road,
as we believe that the results to our company will be the same
as under the old lease.
By the third article of the lease, pro¬
vision is made for the issuing of bonds for the purpose of pay¬
ing for such permanent improvements as the reconstruction of
buildings and structures for terminal facilities for freight and
passengers at Boston and Portland, for increase in track
mileage, and in additional rolling stock, made necessary by
the requirements of business.
Your directors recommend
that you authorize the issuing of bonds, to be known as ‘im¬
provement bonds,’to be issued for the above purposes at such
times as may be needed, or as the directors may think to be
most advantageous to the company, to an amount not exceed¬
ing $1,000,000.” * * *
season an

addition of eight miles has

Orchard to

“

a

December 6,

THE CHRONICLE

1884.]
TRAFFIC.

Passengers

EARNINGS AND EXPENSES.

carried

1832-93.

1883-84.

6,488,756

7.054,309

85,216.481
946.903
4^,736,777

Passengers carried one mile
Tons of freight carried
Tons of freight carried one mile

89,587,566
958,332
44,937,544

EARNINGS AND EXPENSES.

1882-93.
$1,679,603

Earnings from—
Passengers

1.134,372

Freight

176,954

Mail, express, etc

1883-84.
$1,704,228
1,0.15,661
201,911

$1,849,119

Taxes

115,26 4

$3,001,803
$1,889,591

Improvements charged to expenses

106,377

86,242

$2,070,760
$920,669

$2,102,590
$3u9,213

Total

$2,991,129

earnings

Operating expenses

Total expenses
Net

earnings

126,757

1882-93

1983-84.

$920,669

$899,313

Interest

$89,297
245,090

$-0,125
245,000

Dividends (8 per cent)

560,000

560,000

$393,297

$395,125

$27,372

$4,088

Disbursements—

Rentals

Total disbursements

Surplus

.

Providence & Worcester Railroad.

{For the year ending Sept. 30, 1884.)
The report

Gross earnings.
Central Railroad—
Savannah Division
Atlanta Division
Southwest Division
Columbus & Western

-1882 83.
$

1883-84,
$

1,98 4,677

1,737,426

573,612

559,903
916,440
176.315

1,031,3'^0
176,370
336,809
24,217
731,415
119,356

Montgomery & Eu/aula
Eufaula & Clayton
Ocean Steamship Co
Central RR. Bank and investments
Total earnings
Expenses.

remarks: “While this company has experienced,to

certain extent, with others throughout the country, the effects
of the general depression in business, there being a decrease

299,471
24,327
7“1,493

173,711

4,977,807

Central Railroad—
Savannah Division

4,659,082

"

1,161,673

1,061,916

472,793
687,046
115,406
192,998
17.012
273,467

422,439
721,948

20,719

22,122

2.950,115

2,851,455

823,004
100,818
344,305
60,963
143,811
7,206

675,510

457,948
89,638

496,989
151,589

$2,027,692

$1,807,627

Atlanta Division
Southwest Division
Columbus & Western

Montgomery A Eufaula

INCOME ACCOUNT.

Netearnings

653

Eufaula & Clayton
Ocean Steamship Co
Central RR. Bank
Total expeuses
Net earnings—
Central RailroadSavannah Division
Atlanta Division
Southwest Division
Columbus & Western

:

Montgomery & Eufaula
Eufaula A Clayton
Ocean Steamship Co
Central RR. Bank and investments

114.238

208,703
15,590
284 494

137,470
194,492

62,077
90,763
8.737

a

$22,000, yet, in considering the traffic
of other roads, the showing is favorable. The local passenger
business shows a notable increase over the previous year of 150,-

Total net

earnings

in the total income of

000 passengers, or 900,000 passengers one mile, making a gain
in earnings of $13,000.
“The amounts charged to equipment accounts, together with
land bought during the year, make a total of about $85,000
added t o property account. To the regular operating ex¬

penses

of the road there has been charged over $175,000, or

20 per cent of the whole amount of the expenses of the year,
for various additions and improvements to the property.”

INCOME ACCOUNT.

Not income

as

1682-3.
$443,015
686.090
29,289

Passengers

Freight

Sinking fund payments
Dividends

*

Total

(8

p.

1882-83

1883-84

$2,027,692

$1,807,627

$439,722
551,795

$144,451
563,040
276,000

-

276,000

115,000
c.) 600,000

(6

$1,982,517
Sur.45,175

Balance

p.

115,000
0.) 450,000
$1,948,491
Def. 40,864

Mississippi & Tennessee.
{For the year ending Sept* 30, 1884.)

1883-4.

$141,678

667,607
27,3r8

.

Disbursements—
Rentals
Interest on bo ms
Interest on certificates of indebtedness.

EARNINGS AND EXPENSES.

Earnings from—

above

The

figures below as compared with last year, show an in¬
in gross receipts of $22,915, while operating expenses
Total earnings
$1,153,394
$1,136,633 have increased $33,103, showing a decrease in net receipts of
655,144
869,901 $10,187. The directors’ report says:
Operating expenses and taxes
“We consider the business of the company the past season
Netearnings
$303,250
$-’66,732
•
satisfactory; while the gross receipts are larger, the net
very
INCOME ACCOUNT.
receipts show a small decrease, caused mainly by increase in
1882-3
1893-4
We can con¬
Net income
$303,250
$266,732 maintenance of way and maintenance of cars.
Disbursements—
gratulate you upon the fact that your road-bed and equip¬
Interest on bonds
$74,520
$74,520 ment were never in better condition at any time during the
Interest on debt
16,620
21,848
Dividends [6 per cent)
150,000
150,000 history of the company. We have laid in the track the last
fiscal year 1,515 tons steel rails, or about 17^4 miles, at a net
Total disbursements
$241,140
$246,368 cost to the company, after deducting sale of old rails, of
Balance, surplus
$62,110
$20,364 $43,588, and have contracted for 1.500 tons 6teel rails, or
about 17 miles, to be delivered during the coming winter.
Central Railroad of Georgia.
When these rails are placed in track there will then remain
{For the year ending Aug. 31, 1884.)
only 34 miles to be provided for during the next two or threePresident Raoul’s report says: “The aggregate earnings from
years to lay the entire line with steel rails of the most
your property have suffered a very large decrease as compared approved pattern.”
with the receipts of the previous year, and are less than might
EARNINGS AND EXPENSES.
reasonably be assumed as its average earning power. The chief
Earnings from—
1883-4.
1882-3.
cause of this is the short yield of cotton in the sections tribu¬
Passengers.*
$130,981
$126,540
405,807
380,210
tary to your roads, and to some extent to increased compe¬ Freight
10,910
12,670
tition.
But on the lines within the State of Georgia the Mail, express, &c
Total
largest falling off has occurred, and this is in part due to
$522,101
earnings
$545,017
reductions of rates effected under he operation of the State
Operating expenses and taxes.
320,4^1
283,357
Mail, express, &o

Commission law.”

*

*

*

*

“Thegros3 earnings of the Central and Southwestern rail¬
roads have decreased, as compared with the year previous,
$375,864. The expenses for the same time have decreased
$115,209, making a decrease in the net revenue of $260,654.
“The statement was made in the last annual report that
the combined earnings of these two roads yielded only about
4^ per cent on the capital stock of both, after paying the
fixed charges. Applying the same comparison to the revenues
of this season, the earnings upon the combined capital stock
of these roads have been less than 2 W per cent.
By reference to the table of fixed charges, it will be seen
that the earnings of your road and its leased lines in Georgia,
including those from the bank and investments, yield only a
surplus of $88,611, after paying rentals and other fixed charges,
equivalent to a dividend upon its capital stock of about 1*18
per cent.” * * *
“The floating debt of your company at the date of the last
annual report was $650,090. It will be seen by the balance
sheet that it is now $937,768, This is offset by the excess of
bills receivable held this year over last, amounting to $232,389, and by the item ‘new rails’ carried on our books as an
asset amounting to $178,696.
The first item represents money
borrowed during the financial troubles of last spring for the
purpose of co-operating with the banks of this city to afford
a much needed relief to our business men, at a time when the
stringency of the money market seemed to threaten serious
damage to the commerce of the city and thereby to the busi¬
ness of the road.
These loans went far to accomplish the
desired purpose and can now be called in time to meet our own
maturing obligations, given to provide means for making
them.
“




crease

Netearnings

$238,744

$224,586

INCOME ACCOUNT.

1882-3.

1883-4.

Netearnings

$238,744

$224,586

Disbursements—
Interest on bonds
Other interest

$159,000

$158,400

Total
Balance

4,372

1,142

$163,372

$159,542

$75,372

$65,044

GENERAL INVESTMENT NEWS.
Boston & Maine—Eastern.—The new lease of the Eastern
Railroad and its dependencies to the Boston & Maine, re¬

cently entered into by the directors of the two companies, for
a period of fifty-four years from October 1, 1883, upon the
basis of pooled earnings and a specified division of profits,
was ratified by the stockholders of both companies at special
meetings held in Boston this week. The lease must yet be

approved by the legislatures of Massachusetts, New Hamp¬
shire and Maine. The presidents of the two companies, with
their respective counsel, met and the lease was finally exe¬

As by its terms the Boston & Maine road takes imme¬
diate possessioh of the leased property, a circular was issued
to the employees of the Eastern Road by Superintendent

cuted.

Furber.
—In opposition to the lease, Mr. Darius H. Ingraham, of
Portland, filed a bill in equity in the United States Circuit
Court alleging that he is a holder of $5,000 of the $13,000,000
certificates of indebtedness of the Eastern issued under the
act of 187G, and claiming that the pending lease would have

[VOL. XXXIX.

THE CHRONICLE.

Oregon & California.—A meeting of stockholders will liethe security. In sup¬ held
at the company's office, Portland, Oregon, on Mondayr
port of the bill Colonel Jonas II. French filed an affidavit that the 22d inst., for the following [urposes:
he owns $20,000 of the certificates, &c., &c.
No injunction
1. To amen : tlie by-laws and increase the number of directors.
was granted, but an order of notice was issued, returnable
9. To tit hoi ize tlie directors (with tin concurrence of a majority of
January 5, requiring the defendants (who are the company and the 1) dhohiers) to contract for tlie cnnplehoo of the line and' to raise
the trustees of the mortgage) to show cause why the execu¬
y for that purw se, and for the settlement of tlie floating debt, by
the
ue cither of bonds or debentures secured by a prior lien, or of
tion of the lease should not be enjoined.
bonds cr< ated ny iiic» ♦..use of me < xist.inir Iirst mortgage or by consoli¬
of the cvistnie first and second mortgages, or otherwise, as the
Buffalo New York & Philadelphia.—It is reported that a dation
direct* rs tnav determine.
3. To authorize tlie directors to live the bondholders votes at elections
proposition is about to be submitted to the stockholders of the
tors, not exceeding ten yot< s for eve!y $1.000 bond.
Buffalo New York & Philadelphia Railroad that the floating of i
4. To in< tease the preferred stock t.> $13,000 < 00.
debt shall be paid by disposing of the company's general mort¬
5. To increase the common stock to $10.050,c-00.
gage bonds, amounting to $1,500,000 (and nowin the treasury).
(*. To authorize the <ir ■< t ns *o nog dime for the transfer of tlie prop¬
The floating debt amounts to $1,480,000.
erty by lease or sale lo tbe Central Paeiiic Railroad Company.
Canadian Pacific.—In regard to the report that an English
Oregon k Tr«u^-Continental.—The directors of the Oregon
syndicate laid purchased $10,000,000 of stock of the Canadian & Trans-Continei.tal Company have < xtended until December
15 tlie time for teceiving subscriptions from stockholders to
Pacific Railroad, the facts are that this $10,000,000 of stock
was the last of the company's treasury stock which was up as
the proposed £l0,000,000 loan.
It was stated that the sub¬
collateral. The syndicate came forward, took up and paid the scriptions already iece:ved will amount to between $4,000,000
loan and bought the stock outright at very nearly the present
and $5,010,000. To me3t the complaints of some of the stock¬
market price.
The transaction was concluded about three holders that better terms might be offered to the latest sub¬
weeks ago. This makes the entire $100,000,000 of stock, as scribers the directors authorized the announcement that the
$35,000,000 had been previously sold, and $55,000,000 is held terms would be the same to all without regard to the date of
subscriptions. It is understood that the holders of part of the
by the Canadian Government.
maturing loan are willing to extend their portion of it on the
Louisville & Nashville.—The gross and n?t earnings of terms of the new loan.
this company for October and for four months, in 1884 and
1883, were as follows:
Pennsylvania Railroad—Pittsburg Fort Wayne k Chi¬
Gross earnings.
Xrt earnings.
litigation-as to the issue of guaranteed special stock
cago.—The
18S4.
1*83.
1883.
1884.
to the lessee, for improvements, has been settl-d. and the stock
July
$135,233 $137,700 called for is now being issued. A meeting of Pittsburg Fort
$1,0(50,101 $1,124,770
August
1,117.313 1.2 M ,127
48-V9-2
534,081 Wayne & Chicago stockholders is called, however, for Jan. 10,
September
477.081
1,1153-06 1,331,170
570.742
October
1,201,711
502,9)3
1,50M(J5
701,303 1885, to consider the proposed bond plan.

effect to nullify that

act and invalid ite

j

>>

men

s

(

>

/

$4,014,197

Total 4 mos

ci

,

$5,214,547 $2,013,323

$2,214,789

Philadelphia &

Reading—Central of Now Jersey.—Tlie

New Jersey was nut
Philadelphia & Norfolk.—On the Philadelphia paid.
Stock Exchange this company’s securities5 were listed as
At Trenton. N. J., Dec. 1, in the suit of William B. Dinsfollows: $1,848,000 first mortgagage gold Gs, interest clue in moie against the Philadelphia & Reading-Railroad Company
January and July ; $1,000,000 income mortgage Gs, interest et al.. Judge Nixon, sitting in the United States Circuit Court,
due in April and October, and 17,150 shares of the common ent red the following order: “The Court having reached a
stock.
conclusion in the above case, it is deemed best, in view of theNew York Stock Exchange.—Application has been made large interest which seems to be awaiting tlie result, that thedecision be announced at once, reserving the right to tile an
to the Stock Exchange by the Louisville & Nashville Railroad
hereafter. It is the judgment of the Court that tlie
Company to list $5,000,100 G per cent 10-40 adjustment bonds, opinion
bill of complaint should be dismissed, and it is ordered accord¬
secured by a mortgage to the Central Trust Company as trus¬
This establishes the validity of the lease to tlie
tee.
They are dated October 2, 1884, fall due November 1, ingly."
1924, or, at option of company, any time after November 1. Philadelphia & Reading unless the case is appealed to-the
United States Supreme Court.
1894, and $1,860,000 have been sold under subscription.
Pursuant to the foregoing decision the Philadelphia Sz Read¬
Application also by the Chicago & No; thwestern to list
$1,000,000 iirst mortgage 5 per cent bonds of tlie Ottumwa ing Railroad Company's petition for an order directing-the
receivers of tlie corporation to pay the rental due Dec. 1 to
Cedar Falls & St. Paul road, having twenty-five years to run.
the New Jersey Central, and authorizing the receivers to raiseissued at ihe rate of $25,000 a mile on sixty-four miles of
road.
The bonds are guaranteed, principal and interest, by money by the sale or pledge of personal assets and securities,
was referred
by Judge Butler to George M. Dallas. Special
the Northwestern Company.
Master under the receivership, to take testimony and report
Norfolk & Western.—The statement of earnings and expenses upon the advisability of granting the petition. for October and for 10 months, in 1883 and 1884, isas follow*:
—Ex-President F. B. Gowen of the Philadelphia & Reading
October
r-Jan. 1 to Oct. 31,10 mos.—
has issued a circular to the shareholders, in which he says *
1883.
1*81.
18-3.
1381.
“At the
of the Board of Managers, I have undertaken
Gross earnings
$288,(9-5
$33i,2"9
$2,219,240
$2,3us,i01 the task request
of preparing a plan for the financial re-organization
Expenses
132,727
133,903
1,250,028
1,220,253 of tlie
Philadelphia <S: Reading Railroad Company. I expect
to have this plan ready lor such action as may lie required by
Net earnings
$903,011
$155,708
$191,300
$1,087,847
the shareholders at the annual meeting of the company on
Northern Pacific.—The gross and net earnings for the January 12 next.” lie asks for proxies empowering him to
fiscal years 1884-35 and 1883-4 are as below: in net earnings, as act for the stockholders on any question that- may arise at theshown, rentals and taxes have been deducted:
annual meeting, as well as at the election.
-V Philadelphia
Gross earnings.
Xct earnings.
dispatch to the New York Timex says of this : If Mr. Gowen
1884.
I*s3.
1881.
1883.
the support of Mr. Vanderbilt and his friends, which
July
$850,223
$1,022,438
$129,781
$210,CO- receives
1.032.0O2
423,539
c91,:54 there is at present no reason to doubt, he will control the
August
1.043.024
September
1,230.500
4 <-.0,221 annual meeting. lie will get the proxies of his former sup¬
1,194,714
509,853
October
1,101,511
1,397,222
702,810
71i,55; porters in this city, not because they have confidence in his
rent due

on

Dec. 4 to the Central of

New York

v

,

.

/

Total 4 mos.

$4,753,111

$1,485,783

$2,125,983

$1,779,597

judgment as a railroad manager, for that lias
been
destroyed by the events of ti.e past two years, but
because they believe he
is the only man who has
a thorough
knowledge of all the affairs of the company.
The plan of re-organization will not be presented to the annual
meeting as Mr. Go wen’s but as the plan of the Board of ManMr. Gowen was employed to draft it. It is not vet ~
tigers.
perfected, but it is known to contain a proposition to reduce,
for a term of years, the dividend on Jersey Central stock to J
or 3!7 per cent per annum.
It also contemplates a disruption
of tlie combination to restrict coal production.
Mr. Gowen
became satisfied that the Reading Company can make much
more money by avoiding all combination and by mining and
selling all the coal for which it can find a market. Further,,
the re-organization plan is said to provide that the altars of

Philadelphia, November 21, the Northern Pacific
at their monthly meeting, decided some im¬
portant matters, the policy of building the Cascade divi¬
sion and fixing the terminus at Tacoma, on Puget Sound,
having been agreed upon. There were three routes over th*
Cascade range under survey—one by the Natchez Pass, one
by the Snow Qualma Pass, and the third by the Stampede
Pass.
Chief Engineer Anderson now made a report favoring
the Stampede Pass, and presented maps of the definite loca¬
tion of the line to the board, which were unanimously
accepted. These maps w< re ordered to be filed in the Interior
Department, anil they will mark officially the line of the road.
The public lands on the other routes
will at once L<
released.
The
whole middle
division of the Cascade the company shall be conducted under the supervision of a
branch
was
put under contract, and the preliminary committee of stockholders and bondholders. When finished,
Work on the this plan will he submitted to the Board of Managers and it
line will be finished in December, 1885.
Eastern division is nearly finished to the mountains,' and the
may be amended before it is presented to the stockholders, or
line on the western side will be in running or o’er next June.
it may be rejected altogether, but the latter contingency is
The line over the mountains will be about seventy-five miles
not likely, as the present, board is practically the old board,
long.
The directors voted to make reports of earnings which always approved whatever Mr. Gowen asked it to
monthly hereafter instead of weekly.
approve.
If there is any organized opposition to Mr. Gowen
hunt for proxies it has not become apparent.”
Ohio Central.—At Columbus, O., Dec. 3, Judge Baxter, of in his
—The result of the joint operations of the Philadelphia &
the United States Circuit Court, granted a decree of fore¬
closure in the case of the Central Trust Company, of New Reading Railroad and Goal & iron Company in the month of
October (including Central of New Jersey Railroad, leased),
York, against the Central Ohio Coal C uupany and J. L.
wata decrease oi $734,803 in gross earnings and a
decrease
Martin, ieceiver, and J. E. Neil, trustee of the Ohio Central
of •*7U3,OUO in net, compared with October, 1883. For five
Railroad Company.
—At

directors,




DECEMBER

THE

6, 1884.)

CHRONICLE.

months from June 1 there was a decrease in gross earnings of
a decrease in net of $1,979,354, compared with
1883.

^he Commercial jinxes.

$2,979,061, and

,

June

Gross
1834.

Receipts.

July

,

1884.

$1,359,221

4,201.176

4,418,810

5,247,755

September

5.404,137

4,451,059

•October

4,670,165

5,194,411
5,405.028

$21,802,576

$24,781,637

August

Total for 5

mos.

Xet Receipts.

,

1383.

$3,2*2,121

$1,237,203

1,928,870
1,302,152

1.504,317
2,052.573
1,843,154

1,343,260

2 0>J,260

$6,709,248

$8,688,102

The earnings of the Central of New Jersey were
separately
stated until June, 1881, and the comparative statement of

gross and net earnings of both companies from Dec. 1 to
31 was published in the Chronicle of July 5, on
p. 2*2.

May

Rochester & Pittsburg.—The re-organization plan submitted
to the stockholders of the Rochester &
Pittsburg Railroad
Company has fallen through. Mr. Walston H. Brown stated
that only 33,850 shares of the requisite 50,000 shares had
signi¬
fied

30, 1884, is

as

follows

Gross earuings
O perati ug expcn sos
Add balance paid on account
Net

Septem¬

:

$509,465

,

$290,232

Carlyou accident

13,552-

30 3,885

earnings

$205,630

De/lucl—
Interest
Taxes

Old claim New York A Oswego Midland Railroad

31, .63

Company charged to profit and loss

much prospect of success in either case we shall have to
leave
to the future to determine.
The following is a statement of the stocks of
leading articles
of domestic and foreign merchandise at dates

given

Shenandoah

Valley.—The

ber and for ten months

Gross

earrings
Expenses
Net earnings

Tonawanda

follows:

October.
1834.
1883.

/

$78,305

97,866

$107,763

gross and net earnings

were as

for Octo¬

51,057

$93,<583
61,325

$035,827
511,407

$71t\773

$26,343

$32,356

$124,419

$163,368

Valley & Cuba.—In the suit of

549,404

the

Metropol¬

itan Trust Company for the foreclosure of the
mortgage on
the Tonawanda Valley & Cuba
Railway Company, Judge Don¬
ohue has appointed Bird W. Spencer receiver of the mort¬

gage d property.
Receiver Spencer, who was until
Treasurer of the Erie Railway Company, lias
given a

$25,000, with Hugh J. Jewett

as

recently
bond for

his surety.

Texas Trunk.—This road is advertised to be sold
by the
Unitea States Marshal for the Northern D;strict of
Texas, at

Dallas, Texas, January 20 next, to satisfy

a

mortgage made to

the International Trust
Company. The order of sale was
issued by the United States Court under date of November 17.
The road was sold under foreclosure about a
year ago.—Rail¬
road Gazdte.

Union Pacific.—The gross and net
earnings for October and
ten

months

were as

138 4.
Gross

follows

earnings.. $2,331,746

Op. expenses

:

October.
1383.

1,177,0 49

Net earuiugs... $1,4*4.677

,

January 1 to October31.—
138 4.

1833.

$2,9 43,053

$21,032,309

1,174,045

11,714,793

$23,767,358
12,137,119

$1,474,013

$9,317,5.6

$11,630,439

Union Pacific—St. Joseph k Western.—A
correspondent

asks the Boston

Transcript-:

Can you let me know through the financial columns of
your paper why
the Ui ion Pacific Railroad hmII persists in
keeping the bondholder*of
the Sr. Joseph A We*t ;rn Railroad out of their interest?
If is known
that tlie road earns money enough to pay all charges.
Ts it po-sible
that tinder the present management, as with its
predecessor, it is done to
defraud such holders ?

The Boston
cific Railroad

Transcript replies as follows : “The Union Pa¬
Company does not consider itself responsible for
the payment of interest on the St.
Joseph & Western bonds,
said road being a separate and distinct
corporation. The
Union Pacific owns a majority of the first
mortgage bonds,
but does not control the second
mortgage issue nor the stock

There

are proceedings for foreclosure
of the mortgage in
progress, and meanwhile these is. by agreement, a dual man¬

agement. representing the majority and minority, in control.
Charles Francis Adams, Jr., represents one interest and Mr.
Benedict, of New York, the other interest, and neither acts
without the con-ent of the other. The road is doing
well, and
has some $200,000 or $300,000 in the
treasury. It was pro¬
pped at one time to pay a past due coupon, but counsel ad¬
vised against it pending foreclosure
proceedings. What the
outcome will be nobody knows, but a
re-oyganization witli or
without foreclosure is probable. The U- ion Pacific loses
more tInn any body else bv the failure of the St.
Joseph &
Western to pay interest, which would seem sufficient answer
to the

correspondent's last inquiry.”

—The attention of investors is directed to the advertisement
Chicago Milwauke & St. Paul 5 per cent terminal mort¬
gage- gold bonds offered by Messrs. Blake Bros. & Co. at 92
ox-January coupon. These bonds are a direct obligation of
the company, taking
of

precedence of its stock, and secured by
mortgage on valuable railroad and terminal property.
—The Chicago Rock Island & Pacific Railroad
offers $1,500,000 of its new 5 per cent bonds secured Company
by mort¬
gage omits extensions, Sealed proposals will be received till
Dec. 20.




Pork
Beef
Lard

..

Tobacco, domestic.
Tobacco, foreign...
(Coffee, Rio
Coffee, other
Coffee, Java, Ac
Sugar

3,630

332

19G

239

14,245
22,431

23,465
16,283
50,894

hhds.
boxes.

45,506
None.

bags, Ac.

932,< 00

1,235,600

379.500

None.

None.
3,973

bags.
mats.

Jute butts
Manila hemp
Sisal hemp

52,965
146.614
67.372
70,8(7

None.

bids.

.bbls. and tcs.

Linseed

Saltpetre

10,013

17,481
22.303
49,905
218,010
77,100
82,739
38,159
2,101

hhds.
bales.

No.
bales.
bbls.
bbls.

Rice,E. I
Rice, domestic

1883.
Xor. 1.

3,899

Hides
Cotton
Rosin
Tar

1884.
Dec: 1.

bbls.

hhds.

..

:

tcs. and bbls.
tcs.

Molasses, foreign..
Molasses, domestic.

Spirits turpentine
<—10 mos. to Oct. 31.—
1884.
1*83.

,

1884.
Xor. 1.

Melado

1.271—

Net income for quarter above lixed charges

for

working short time, or stopping altogether, is still going on.
regular session of Congress began on Monday, and meas¬
ures have been
already taken to provide a general bankrupt
law and to stop the excessive
coinage of silver; but with how
The

Sugar
Sugar

$6',221

EPITOME.

Friday Night, Dec. 5, 1884.
Business partakes of the character of the
holiday season,
upon which we have entered.
There has been some further
resumption of work by iron-rolling miils, but in manu¬
facturing and mining generally theprocess of reducing wages,

acquiescence in the proposed plan.

Rome Watertown & Ogdensburg.—The
report to the New
York State Commissioners for the three months ended
ber

COMMERCIAL

.

1883.

$870,441
1,234,496

655

bags.
bales.
bales.

°03 721

4o!040
58,724
31.271
None.

2,863

2,031

1.250

5.000

183,100
69,638

2,000

191,3. o

153 300

129.339

1931827

19,349

1,579

1,315
745

41.062
4,127
829

11,300

4,500

2.310
None.
1.000
62.100
None.

1,520
12,500
13,600

4,500

18,573
1,485

25.900

2,200

None,
12,000
52.000

53,900
6,351

35,7in

1

13,522
23.740

The speculation in lam futures was acti veaiut
buoyant early
in the week, but under a selling movement most of the advance
has been lost and the close to-day is with

buyers at 7 06c. for
December, 7 08c. for January, 7*22c. for February and 7*26c.
for March.
Spot lard at a decline was quite active to-day;
prime city at 7c., prime Western 7T0@7 15c., and refined for
the Continent 7*40@7*45c.
Pork is dull at $13 for mess.
Bacon and cut meats are freely offered at the recent
decline,
and pickled bellies are ac ive at
6^(a)7e., as to weight. Beef
is dull and berf hams have declined to $19. Tallow closes more
active at 6)£(a)Gh^c.
Butter, after improving a little, closes
dull: creamery, 20(aolc. Cheese firm but
quiet; State factory
9@13c.
Brazil coffees have been dull, and fair
cargoes of Rio have

returned to 93Jc., leading at the close to more
activity. Options
have been dull and weak but close steadier, with
buyers at
8*15c. for December, 8*25c. for January, 8’35c. for
February
and 8*45c. for March. Mild coffees also close more active. Raw
sugars have further declined, but at the reduction there is
considerable increase in i he volume of business, the Rales

a

to-day
Fair to

embracing 1,800 hhds. New Orleans at 4 5-16@4?8c.
good refining Cuba quoted at 4*i@4J$G. Refined sugars have
been rather quiet, and are for the moment somewhat unsettled.

Teas remain without features of interest.

Kentucky tobacco continues very quiet and prices are for the
part nominal; holders are firm, but there is little demand.
Seedl-af is also dull, and prices are barely sustained, but in
the past week the sales include 100 cases
crop 1883, Pennsyl¬
vania, p.t.. 150 cases crop 1882, do.,
12V2C*? 120 cases crop
1881, do., 5(5 lie.; 100 cases crop 1883, Wisconsin Havana,
17@35i\; 120 cases crop 1883, New England, 13(a) 35c.. and 100
cases sundries, 5@23c.; also 200 bales
Havana, 80c.@$l 15 and
200 bales Sumatra, $1 30@$1 60.
Petroleum has been active for speculation, and prices have
generally shown an improvement on the figures quoted in our
last ; but to-day, under speculative
manipulation, there was a
sharp decline, opening at 78@7S^c., dropping to 7178o., and
closing at 72}^@7214c., with very large transactions. Refined
in bbls. advanced to 7 78c., but this figure is an extreme at the
close.
Naval stores have been dull and depressed,
closing
nearly nominal at 31l£@'3l?‘±e. for spirits turpentine and
$1 20@$1 25 for Common and strained rosir,
O t the Metal Exchange the speculation has been
sluggish,
V*ut to-day pig iron was steady, bi ts ranging fr« m $ 1 C'/fc 16
78,
with $l77s(1tt$174^ asked. Tin wa*
quiet but firmer, spot closing
10T5(al6!<c.; futures, 16 200 16*45.*. 'i in plates were steady
at $4 47)^@$4 57J£.
Copper dull at llj^@12*20c. for Lake.
Lead steady at 3?8(«3‘60e. for domestic, 4'4504*6Oc.
foreign.
Spelter nominal; 4 45c. asked for domestic and foreign 4*750
most

4*90c.
Ocean freights are in some

cases cheaper, owing to a better
supply of available room. Siill there is no marked excess in
this particular, and a brief period of brisk
shipments would
pretty fully take it up. To-day to Liverpool, wheat wa3
shipped at 6d.; cotton at 7-32J. and flour in sacks at 20s. To
London and Antwerp, wheat G-'f^d.
To Glasgow, hour 22s.

6d.. and to Bristol, cheese 40s.
Grain charters have been done
to Marseilles and to cork for ordeis, and
petroleum
charters have been at 2s. 2d. to Antwerp; 3s. 3d. to
Oporto,
2s. GJ. to Hamburg, and 19c. (per case) to Calcutta.
at 5s.

THE CHRONICLE.

656

[vot. xxxix.

In addition to above exports, our telegrams to-night also
the following amounts of cotton on shipboard, not

COTTON.

give

cleared,
Friday, P. M., December 5, 1884.
at the ports named.
We add similar figures for New York,
The Movement of the Crop, as indicated by our telegrams which are prepared for our special use by Messrs. Carey, Yale
from the South to-night, is given below.
For the week ending & Lambert, 89 Broad Street.
this evening (Dec. 5), the total receipts have reached 276,300
On Shipboard, not cleared-for
Leavin
bales, against 284,692 bales last week, 258,774 bales the previous
Dec. 5. at—
Stock.
Coast¬
Other
Great
week and 269.114 bales three weeks since; making the total
Total.
France.
Britain.
Foreign wise.
receipts since the 1st of September, 1884,2,781,751 bales, against
201,884
2,685,768 bales for the same period of 1883, showing an New Orleans.... 41,384 34,038 14,395 2,112 91,929
19.034
3,000
10,500
September 1, 1884, of 95,983

increase since

4,036

Galveston

Indianola, <&c.

mm

Fri.

Total.

3,676

24,132

416

416

...

....

....

mm

-

3,656

2,592

3,615

6,497

bales.

Thurs.

Wed.

Tues.

Mon.

Sal.

Receipts at—

102,646
20,651 18,244 11,671 10,363 15.966 25,748
14,731
1,434
2,865
2,226
2,8?. 6
3,396
1,954
4,789
3,569
1,220
5,910 34,501
4,909
6,634
5,674 6,429
4,945

New Orleans...

Mobile
Florida

c

....

Savannah

Brunsw’k, &c.

•

«

Royal, &c.

37

Wilmington....
Moreh’d C.,&c

759

3,061

4,000

377

377

3,000

23,813

3,0

337

941

-4,086

1,289

1,289
38,490
16,847

...

....

....

Total

16 000

2,000

8.500
12,940
53,766

None.

1,178

3,500

3,746

....

....

....

....

531

706

567

579

Total 1883
Total 1882

4,100

33,000
41,600

51,070
72,841

4,721

26,718

3,000

29,000
7,879
7,659
2,100

1,419

62.844

39,300
36,699

2,000

None.
None.

3,800
7,000

133,669
74,019

5,000

None.
None.
None.

146,790

37,216

75 033

18,352

277,391

627,966

117,012

44,229
40,549

30,634

15.160
22.300

207,035

65,763

,290.841

834,127
521.287

1,700

1884.

None.
12.000

None.

7.500

Mobile
Charleston
Savannah
Galveston
Noifolk
New York
Other ports

....

....

....

....

•

6,511

Charleston
Pt.

us

162.229

The speculation

in cotton for future delivery at

this market

past week has been more active, attended at times with
considerable excitement, and prices have rapidly advanced,

the

especially for the early months. January options were the
special object of attention, a heavy short interest having grad¬
13,547
3,300
West Point,&c
117
35
3,455 ually accumulated, and, through manipulation, an active de¬
235
240
508
New York
2,270
884
4,213 mand to cover
605
482
726
424
contracts
having been stimulated; in
1,092
Boston
1,064
1,064
Baltimore
fact, on Wednesday the possibility of a “corner” on that month
40
22
1,109
13
119
915
Philadelp’a, &c.
began to be noted and discussed, and the early dealings on
69,328 276,300
Totals this week 52,543 51.576 34,792 31,488 36,573
Thursday were quite excited. A reduced movement of the
For comparison, we give the following table showing the week's crop and improving foreign advices have also been elements
total receipts, the total since Sept. 1,1884, and the stock to-night, of strength.
On Thursday, January and February closed at
and the same items for the corresponding periods of last year. the same
figures,
but the most important advance was in De¬
Stock. '
1883.
1884.
cember options, which came well up to January. This morn¬
Receipts to
....

....

.

....

....

....

....

....

....

7,013

4,436

4,785

....

....

....

.

•

5,975

5,458 10,323

Norfolk

.

....

....

....

Galveston

Week.

24,132

...

This

Sep.
1, 1884.

Since

This

"December 5.

374,898

66,018

107,081

7,073

199

134

782,092

293,813

151.356

29,584
9,717
114,441

8.358

771,825

14,731

121,894

4,789

33,597

86,315
19,711
2,370
30,907

504,251

Savannah....

34,501

Br’8w’k,<fcc.

377

7,864

119

Charleston...

23,818

369,076

20,695

337

Pt.Royal,&c
Wilmington..

38,490

Norfolk
New York...

Boston

Baltimore

...

Philadel’a,«fcc
Total

6,160
67,699
7,920
336,096
122,915
18,932
37,797
2,735
5,586

5,787
6S2

35,588

35,891

12,843
8,914
9,229

1,496

428

11,583

106

176 325

16,947
3,455
4,213
1,064
1,109

W.Point,&c.

19,972
448,794
6,253
289,590

275

1,555
69,666
5,623
330,734

4,086
1,289

M’headC.,*fcc

11,032

24,548
102,646

Galvest’n,<fcc.

14,731

Mobile

34,501
24,155
5,375
55,337
15,007

Bavannah....
Charl’st’n, &c
Wilm’gt’n, Ac
Norfolk, &c..
All others....

Since Sept. 1.

32.151

195

1,285
21,193
•

......

•

.

70,633

98,943

13,643

•

...

21,903

212,932
6,135
19,687

7,289

12 305

137,469

6,310

905.357 1.041,162

1879.

1880.

1881.

21,954

3 L,515

26,206

24.332

86,315
19,711

68,871

60,554

11,333

17,759

26,413
59,161
16,818

30,907

34.099

34,339

40,885

20.970

30,834

24,258

6,469
48,431
21,166

6,437

10,068

29,727
7,360

32,513
25,510
5,936

49,368

37,926
29,503

47,452

37,227

19,869
247.017

265,484

276,300

Tot. this w’k.

84,070

for six seasons.

1882.

1883.

1884.

New Orleans.

2,073
107,115

comparison may be made with other years, we

give below the totals at leading ports
Receipts at—

ing there wa3 a very irregular opening, the early months show¬
ing a decline and the later an advance; afterwards there was

344,945
53,493

21,703

276,300 2,781,751 265,484 2,685,768

In order that

1883.

1884.

31,299

416
Ind’nola,&o
New Orleans. 102,646

Florida

Sep.
1, 1883.

320,951

216

Mobile

Since

Week.

238,844

61,854

20,689

15,321
243,137

29,143
234,876

2781.751'2685,768

2689.354 2584.058 2781.194 2586,041

Indianola;

Charleston includes Port Royal, <fcc.;

Galveston includes

&c.; Norfolk includes West Poiut.&c.
The exports for the week ending this evening reach a total

Wilmington includes Morehead City,

of 249,100 bales, of which 129,917 were to Great Britain, 33,576
to France and 85,607 to the rest of the Continent, while the
■tocks as made up this evening are now 905,357 bales. Below
are the exports for the week and since September 1, 1884.
Dec 5.
Exported to—

From Sept.

1, 1884, to Dec. 5,1884.
Exported, to—

Week Ending

Exports
from—

Great

Brit'n.

| France

5,625
43,540

Galveston
New Orleans..
Mobile
Florida
Savannah
Charleston*...

20,003
14,325

Wilmington...
Norfolkt

4,700
8,853

Boston
Baltimore...

.

Philadelp’a,&c
Total

50

2,950

2,330

129,917

i Includes exports

20,588 52,641
10,500 33,781
..

5,141
......

1,000

Great

Conti¬

Britain. Ft'ance

83,349

229,058
3,295

i

nent.

Total.

2,488

38,137

123,974

16,635

149,800

495,499
3,295

Dec. 5.

Sat.

Ordin’y $ib

S-h*

Mon Tues

Sat.

814

83,6

4,700
8.853

13,489
5,001
9,274
1,978

90,004
7,974
87,434 12.662
29,074
132,214
173,150 18,433
43,036
60,585
3,050
25,208

129.C63

80,790
4,934

8 ha

87,6

87,6

6 300

138 520

207,572
43,202
88,640
27,800

220

25,005
2,658

33,570

30,407!

95,007 249,100

23,081 171,038

Port Royal, &c.
from West Point, &c.

902,413 161,242

770,355'194,710

518,914 1,642,509
439,111 1,410,170

Mon Tues

Sat.

Moil Tues

8*a

87,6

87,p

8,016

S‘8
8*^16 S78
878
8^8
8»n 878
858
Strict < >rd..
91 l,e
9H,6 911,6 934
9^
911,0 93,
Good Old..
97,6
9<,e
101,6 101,6 10*8
101,0 101,6 10*8
Str. G’d Orel 91»1« 913,6 978
1030
105,6 105,6 1038
Ida
10°,
6
10°,6
Low Midd’g 101,6 101,6
10*a
109,6
10ia
109,6 10ia
1014
10°,6 10ia
Str.L’w Mid 10*4

1034
101'ie 1011,0 103,
10
1015,6
1015lfi 1078
11*8
11*16 11*16 11*8
11*8
11716 H716 Ilia
12*8
121,6 12*16 12*8

1011,0 1011,6
Middling... 107ie 107,6 Ida
1078
105a
IOSq
1011,6 1 o7a
Good Mid
11*16 11*10
Str. G’d Mid 101316 1013,6 I07g
1171« U7ig
Midd’g Fair, 113,* 113,6 1114
Fair
11*3,6 U13,6llI78 121,6 121,6
.

Ordin’y $ i
Strict Ord..
Good Ord..
Str. G’d Ord
Low Midd’g
Str.L’w Mid
Middling...
Good Mid..
Str. G’d Mid
Midd’g Fair
Fair

Wed

Til.

Fri.

Wed

Til.

Fri.

8ia

8916

8 34

834

89,6

810,*;

9

93,6

93,6

9

834
93,6

8*
93,6

Wed

Til.

Fri.

S5i0

8*a

83,
99I6

«la16
934

i

9\
10ia
103b

9l3,6

119,6 1134
123,6. 1238

713,6

713,6

8ia

8ia

y°J6
9*5,6

1013,0
11

11316
1138
1134
1238

TIi.

Fri.

8*8
8‘3,e

8*6

1

i

..9° ,6
915,6

Middling
Middling...
Low

10^8
10®8

Mon Tues Wed

Sat.

..$lb.

10

113,
123s

.

Good Ordinary ...
Strict Good Ordinary

10

103s
I05a

913,f 10
103,6 103a
107,6 10^8
1013,6
1013,6 lt'®8
ll
1013,6 11
11316
113,6 11
113s
11316 1138

10

103, K 103a
107,6 10®a
103,6 103a
1013,6
1( 3s
109,6 109,6 10^8
1013,611
109,6 1C 34 103,
113,6
1034
1010,6 10ia,6 11
11*8
ir3,6 11 3g
1015,P. 1118
11 ia
119,6 1134
ll&i6 Ills
I21a
123,6 123s
1U5i6 l2ia
91516 10*8

STAINED.

77fl
89,6

715,6
85s

97,6
101,6

93a
10

958
10*4

813,«
9®8
10*4

MARKET AND SALES.

The total sales and future

deliveries each day during

the

week are indicated in the following statement. For the con¬
venience of the reader we also add a column which shows at a

glance how the market

233,041
186,892
34,008

75,983

TEXAS.

NEW ORLEANS.

UPLANDS.
J\OV. &\3 io

SPOT MARKET

CLOSED.

Sat.. Quiet
Mon
Quiet
Tues. Steady at i,p adv
Firm at *,0 adv..
Wed
Tlmrs Q’t & st’y, 3le ad
Firm
Fri.

closed on same days.

Ex-

| Con-

....|
....

.

Total.

...

.....

..........

....

TRANSIT.

Spec- Tran¬

port, sump' ul't'n

.

.

Includes exports from




Week.

9,223
2,625
33,747 104,555

..

5,001
8,274
1,978

Total 1883.... 117,490
*

nent.

Total

cline followed,

SALES OF SPOT AND

11,012

New York

978

27,262

Conti¬

general strength, but the tone was very unsettled: a de¬
and the cloee was feverish. As compared with
last Friday, there is an advance of 18@ 33 points.
Cotton on
the spot has continued quiet, but the course of prices has sym¬
pathized with the upward turn of early futures. There was
an advance of l-16c. on Tuesday and again on Wednesday,
and of 3-16c. on Thursday. To-day there was more doing and
the close was firm; middling uplands, 10%c.
The total sales for forward delivery for the week are 740,000
bales.
For immediate delivery the total sales foot up this week
2,539 bales, including 12 for export, 2,427 for consumption,
100 for speculation and — in transit.
Of the above, 850 bales
were to arrive.
The following are the official quotations for
each day of the past week.

more

sit.

286
298
451

....!
...J

516

12

701

172‘

12 2,427

'

.

.

.

«

....

....

ioo
....

100

....

futures.

DelirTotal.
286
298
451
516
272

Sales.

eries.

72,600

3,300

113 900

110,900
140,400
167,100

716|l35,100
2,539 740,000

The dailv deliveries given above are actually delivered
previous to that on which they are reported.

2,500

500
300
600
500

7,700

tbe day

December

THE CHRONICLE.

6, lb$4.]

The Sales and Prices of Futures are shown by the follow¬
ing comprehensive table. In the statement will be found the
daily market, the prices of sales for each month each day, and
the closing bids, in addition to the daily and total sales.

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M O' ? © X © M © © M W m — © C © -1 to O'
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above totals show that

increased

cV

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2

co

51
CD
•s*

M;a

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c x o o»Io M © ©O' to 03
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X © — -10

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WJ0WO4®MO4©
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XM

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to O’ M © ® W 04

w

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©-4
to ® © © X © W 04 -4 O' © JO W 40 © ® — © M
© O' © © © X W © © to ® 04 © to O' W ® © O'
©

©JO® M © M ©

582,200.

pd. to exch. 100 Dec. for Feb.
pd. to exch. 400 Jan. for Feb.
•06 pd, to exch. 1,000 Jan. for Feb.
•13 pd, to exch. 100 Jan. lor Mar.
•05 pd. to exch. 100 Dec. f< r Jan.
•01 pd, to exch. 1,100 Jan. f< r Feb.
•02 pd, to exch. 2,o00 Jan. lor Feb.
•04 pd. to exch. 1,100 Jan. for Feb.

© tO © JO •— ©

M

C © 10 © -4 M to to-1 04

© ® rO M © © ©

Thursday, 10-78 ®10*82c.
The following exchanges have been made during the week:

—

M

C © O'© © M m ar © — •
04 X © © © X JO C -4 © I
O' JO © -1 M to M to M W •

M

Transferable Orders—Saturday, 10 40c.; Monday,10'45c.;
Tuesday,
10-55c.; Wednesday, 10-60c.; Thursday, 10 80c.; Friday, 10 75c.
Short Notices for December—Saturday, 10 34c.;
Monday, 10 33c.;

MK*©W©^0©pl

M

—

a

5?

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—

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.2,813,603 2,857.659 2,636,003 2,669.314
.

04

©

<1

for

396.470

►

a:

s. n.

589,700

M

©

Includes sales in September. 1881, for September, 158,200;
September-Oetober, for October, 421,800; September-November, for November,

200 Dec.

4*8,800

.2,342,903 2,368,859 2,046,303 5 J,272,844

o

r

5®:w

o

*

regular,

.

H

E

►

I a

►<

100 Jan. for Feb.
200 Jan. for Feb.
400 Dec. for Feb.
200 Jan. for Feb.
1,000 Jan. for Feb.

470.700

..

112.500

i

®

1,000 Jan. for May.

96,000
58,000

..

c

l i

*44 pd. to excli.
*06 pd. to exeb.
•05 pd. to excli.
*14 pd. to excli.
*04 pd. to excli.
*05 pd. to exch.
*03 pd. to exch.

72,000

114,000
35,200
124,270
86,000
37,000

218,000
75,200

51,000
90,800
77,000

corresponding

o

i

<

I a

158,000

period of 1883—is set out in detail in the following statement.

©

a,

178,000
44,000
127.700
59,000
62,000

.

i

i

5>
®
•-*

..2,312,903 2,368,859 2,016.303 52,272,844

c-+

©

mm^m

I I
◄

11.100

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

CO

l:

®

42,200

compared with 1881.

<

I a: :

812,128 1,020,497
256,975
370,247

341.697
28,000

figures indicate a decrease in the cotton in sight
to-night of 44.056 bales as compared with the same date of
1883, an increase of 177,000 bales as compared with the corres¬
ponding date of 1882 and an increase of 114,289 bales as

04

1 1

292,546
27,000

391,000
98,000
382,000

110,000

The above

►
®

267,000
5 5 *,000

57,000 bales.

X

©

302.000
205,000
451,000

57bd.
Si-hed.
5i5ltd.
69iGd.
KIT The imports into Continental ports this week have been

Vr

M-4

2S.0J0

905,357 1,041,162

..

Total East India, &o....
Total American

M

©

58,000

5q

:

to to
© 04

Europe...

726.000

..

Egypt, Brazil, Ac., afloat—

M m M

©JO

62,470
86,000
382,000
37,000

812,128 1,020,497
256,975
370,247
42,200
11,100

311,697

250.000

142,000

Liverpool stock

*-J

©tO

292,546
27.000

..

London stock
Continental stocks
India afloat for Europe

©

© w

726,000
62,000

bales
38

East Indian, Brazil, die.—

►m-

M
MM0M

7,500

9,200

906,357 1,041,162

©

I a

9,000

Stock in United States ports
8tock in U. S. interior towns..
United States exports to-day..

^

to to
tow

3,500

16,200
3,800
4,600

7

•

Mm

120,000

2,500
5,000

96,000
558,000

CD

1 d

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812,700

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6 c©6

1 $

I a: :

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QC

M M

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W

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1
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—

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Ma, M

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1 $
HMtj

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138,000

77,000
451,000
72,000

Price Mid. Upl., Liverpool

oo©

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W tO

99
6®

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COX© -4

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680
2.090

846,800

N

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^

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^

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If- ©

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3
§
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to to

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or 6 © ob

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►
<

©©©©
© ©© ©

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1,0U0
1,800

59,000

..

MM©m
M tO © M

M

—

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M

MM©M
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04

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6,900

741,700

..

r*

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13,000

0<

6©

©©i_ 1
i a to;
M — © M

43,400
10,000

222,270

4—

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®

©©

©

MM

►

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-4 ® O *4

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OM
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on tr*

2 4,000

222,500

United States interior stocks..
United States exports to-day..

—*^M

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OC-4

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to®

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I a©.
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540,200

295,800

American afloat for
United States stock

9?

MM

©©
-4-4

9?

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99©9

fj,

MM© M

4^04

590,200
3,600

269,700

.

Liverpool stock
Continental stocks

<
®

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MM

66©o

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1881.

505,000
35,200

American—

©

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0104

04

MM.iM

to

MM

1832.
515.000
75,200

.2,813,603 2,857,659 2.636.003 2,669,314
Of the above, the totals of American and other
descriptions are as follows:

*“'04

c9©9

M—

© ©M

©©o©

04®»»-

®

m

10

®

•“*

©C©

9©9

>

©6

h*4H

I a o’.;

©o©

MM

^

I'

-4<JtO^

© CD

%

^

O’04 to

1,500
140,000
5,000
32,000
9,000
6,000

•

©

t>

(-40-*
9o?

®

i s^i:

^

w

MM

td.id

551,000
2,000
51,200
46,000
3,500
4,100
127,000
6,000
41,000
8,000

800

Egypt,Brazil,&c.,aflt for ET’pee

%

9©

<
®

®

>•

©-4

©I

I1

©

5

1

o o

m

O©

i

t*»

O' ifk

I a®:

C©M^
l aw.

I a?:

l-M

04 M

©

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a©

rtic-

M

<1

99

MM

If-10

I w?

M

ww°w

472,000
32,100
40,000

.

O ©

©

500,000
51,000

Total European stocks
India cotton afloat for Europe
Arner’n cott’n afloat for Eur’pe
e

H'-'C-

ccto

<
®

©oeo

MM
MM

®

rfk.

**

1883.

428,000
44,000
3,300

Total Continental stocks

ss **■:

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*

.

8toek at Hamburg
Stock at Bremen
8tock at Amsterdam
Stock at Rotterdam
Stock at Antwerp
8toek at Havre
Stock at Marseilles
8tock at Barcelona
8tock at Genoa
Stock at Trieste

s
s

a

OH®®

M M

04

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o©

Seed

^1©

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03 tO

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p
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COm^

3.
bales.

Total Great Britain stock

•

P •

I

®

w
M

C©

to

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054

o
MM

03

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® ■

—

v

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Liverpool

S£?

:

03
®

1884.
Stock at

c*cd

:

•

the United

g1

S*£®

SctO

•

figures for to-night (Dec. 5), we add the item of_exports LP
firom
States, including in it the exports of Friday only.

I

szz*
00 ® ® 2

tr® ra

c< •

® •

tj

^5

c

o

Si

I

_9

®

•

80

M

®

•

-:

p

B

VJ

£.&£*

:

:

r-

t

tj® 03
B
*■*

S’Cr

! S£0

•

04
•

® O ® M

® oo a,

•

p-p o

r*

—

Po*

F'd §N
CD

=+ ®

PS
sM

..

oSgl
13 P SofTg*p

-L

a

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tf® » p,
® IP

5

T’-gcb
p

J3. et2 &

©

2

O

■

9

<B

J® ®

The Visible Supply of Cotton to-night, as made
up by cable
and telegraph, is as follows. The Continental stocks, as well as
those for Great Britain and the afloat, are this week’s
returns,
and consequently all the European figures are
brought down
to Thursday evening.
But to make the totals the com lete

CO

<n

2.

◄

657

X JO to — M to
MOtX KOI M-4 to !

©X © —1M !
- ©©©oi
©©XO-lwxM '

® ^

b

03

5 H
CD ^
CD ^
wS*

b 5q

§
•

the old interior stocks
are

o

-V. Ci

QC M ©
-iM o:

during the week 45,265 bales, and

ST

50
MS

o
Ci

have

to-night 49,151

658

CHRONICLE.

THE

[Vol. XXXIX,

•c

bales less than at the same period last year.
The receipts at
the same towns have been 27,616 bales wore than the same
week last year, and since September 1 the receipts at all the
towns are 121,728 bales less than for the same time in 1883.

Quotations for Middling Cotton at Other Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week.
Week

CLOSING QUOTATIONS FOR MIDDLING COTTON ON —

ending

Jjcc. 5.

Sat nr.

Mon.

Galveston
New Orleans.
Mobile
Savannah

1dm
10*16

10
10
10

Charleston.

10
10

...

.

10

0*5i«

9**16

..

.

Wilmington..
Norfolk
Boston
Baltimore....

10*16
id*

Philadelphia.
Augusta
Memphis

10*8
105q
‘J34•

....

St. Louis
Cincinnati...

Louisville....

10*16
10

Th ill's.

10

10

10*8

10*16

10*8

10qa

978

9*516

9*5i6
078

9

10*44
iov.
10116

10
10
i0 10 10*8

10

10

I0*m

10^

1 0 5a

10*8
105Q

10*8
10*4
IOSq

10*8

10‘.*8

10*8

10"*

Ids

1 <) r*
9 *h

1034

97s
97s

105a
9*4
978
97s

10*16
10^10*8

Fri.

10

loi6

f>7«
10
10

9**16

10
10

Wednes.

Tues.

9i5m®

10*8
105ft

105s

16

10 78

oi-he

9*:{l6'2)78

in

10

10

10*8

10*16

10*8

10*16

10

10

10*8

10*8
10*4
10*4

978

.

103J6
1 0°J6

Receipts from the Plantations. —The following table is
prepared for the purpose of indicating the actual movement each
week from the plantations.
Receipts at the outports are some¬
times misleading, as they are made up more largely one year
than another at the expense of the interior stocks.
We reach,
therefore, a safer conclusion through a comparative statement
like the following.
In reply to frequent inquiries we will add
that these figures, of course, do not include overland receipts
or Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the outports.
RECEIPTS FROM PLANTATIONS.

Week

Ending—
Sept IP

Receipts at the Ports. St'k at Interior Towns. Rec'pts .from Plant'ns.
1882.

| 1884.

1883.

1882.

77,22 1 90,819 80,737
138,479 125 032 118,403
179, S81 105.101 108,721
203,130 228,897 205,313
242329 257,270 242,289
211,738 252,845 285,112
250,023 241,921 277.470
262,251 207.004 257,011
259,151 242,078 209,111

1883,

j

18 S4.

1882.

1883.

1884.

29,985 75,179
40,022 105,778
70,802 137,530

•4

14

44

21

“

28

24,317 88,093 113,009 84,627
30,155 153,110 155,631 130,301
49,497 210,123 197,219 182,003
95,075 104,915 68,108 221,919 250,276 223,924
125,039 202,910 92,054 271,093 295,3 (1 266,835
139,317 230,980 129,511 250,016 280,801 321,909
175,092 270,734’ 156,058 292,393 281,609 301,017
211,740 313,249 171,996 298,899 301,119 275,979
244,123 343,929 198,970 291,537 272,758 293, CSS
242,1(59 222,510 258,774 259,175 359.748 229.539 257.221 238,329 289,343
255,097 222,185 284,092 275,700 371,504 207,133 271,622 237,001 322,2-0

5

217,017 205,184 270,300 201,370 380,477 310,019 262,693 277,397 325,186

44

Oct.
44

44

20

3
10

17

4k

21

44

31

Nov.

Dec.

7

The above statement shows—1. That the total receipts from
the plantations since September 1, 1884, were 3,080,555 bales;
in 1883 were 3,023,083 bales: in 1882 were 3,964,245 bales.
2.—That, although the receipts at the outports the past week
were 276,300 bales, the actual movement from plantations was
325,186 bales, the balance going to increase the stock at

the interior towns.
for the same week

Last year
were

262..693 bales.

the receipts from the plantations
277,397 bales and for 1882 they were
table below

give the receipts from plantations in another form, and add
to them the net overland movement to Dec. 1, and also the
takings by Southern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
we

1884.

*.

5

1883.

1882.

1831.

2,039,354
298,801

274,891

2,90 1,215
244,11 2

consuinpt'n to Pee. 1

78,COO

siglit December 5...I

Northern spinners*
December 5

O

534,058

takings to

87,000

90,00

;

370,174
o

95 1,232
2.0.910

70,0 JO

3,298,357 3 245,142
032,304
in

by

annum

785,732
t in

sight
as

Telegraph.—'The weather has been

quite favorable at the South during the week.' Picking lias
progressed satisfactorily, and in very many sections is reported
to be about completed.
Cotton is being marketed freely.
Galveston, Texas.—It lias been showery on one day of the
week, the rainfall reaching seven hundredths of an inch. The
thermometer lias averaged 51, the highest being 72 and the
lowest 45.
Rainfall during November four inches and twentyfive hundredths.

Indianola, Texas.—We have had no rain all the week.
Avt rage thermometer 49, highest 77, lowest 43.
During No¬
vember the rainfall readied two inches and eighty-two lnm- '
dredths.

Palestine, Texas.—It has been showery on one day of the
week, the rainfall reaching sixt :en hundredths of an inch. The




on one day of
the week.. About all the crop lias been secured, and about
three quarters marketed.
During the month of November
the rainfall reached one inch and forty-six hundredths.

Columbus, Georgia.—We have had

no

rain all the week.

hundredths.

Savannah,

Georgia.—We have had

rain

on

one

day

and the remainder of the week has been pleasant.
The rain¬
fall reached fifty-three hundredths of an inch.
Average ther¬
mometer 52. highest 71 and lowest 36.
November rainfall
one inch and
seventy-two hundredths.

Augusta, Georgia.—We have had heavy general rain on one
day, and the balance of the week has been pleasant. The rain¬
fall reached

i

ile-S the ii ir reuse
14L,203 b ales.

Weather Reforts

hundredths.

Macon, Georgia.—Tt has rained constantly

The thermometer has averaged 51. ranging from 30 to 62.
Rainfall for month of November three inches and forty-three

m

1

Total in

averaged 47, ranging from 37 to 75. Rainfal
during November two inches and sixty-seven hundredths.
New Orleans, Louisiana.—It has rained on two days of
the week, the rainfall reaching fifty-one hundredths of an
inch.
The thermometer has averaged 55.
Shreveport, Louisiana.—The weather has been generally
clear during the week,with rain on two days, the rainfall reach¬
ing forty-two hundredths of an inch. The thermometer has
ranged "from 33 to 74, averaging 50.
Vicksburg, Mississippi.—Telegram not received.
Columbus, Mississippi.—We have had rain on two days of
the week, the rainfall reaching fifty-five hundredths of an
inch. During November the rainfall reached two inches and
four hundredths.
Little Rock, Arkansas.—It has been cloudy on three days
of the week, with rain on one day.
The rainfall reached
eighteen hundredths of an inch. The thermometer has aver¬
aged 43, the highest being 68 and the lowest 31. We had rain
on seven (lays
during November, and the rainfall reached
two inches and seventy-seven hundredths.
The thermometer
averaged 50 and ranged from 25 to 71.
Fort Smith, Arkansas.—Telegram not received.
Helena, Arkansas.—We have had rain on two days of the
week, one day has been clear and the rem under cloudy. The
rainfall has reached seventy-five hundredths of an inch.
About all the crop has now been secured, and about threequarters'marketed. The thermometer has ranged from 30 to70, averaging 40. During the month of November the rain¬
fall reached one inch and eighty-three hundredths.
Memphis, Tennessee.—It lias rained on four days and is now
raining. The rainfall reached thirty-five hundredths of aa
inch. Cotton continues to be marketed very rapidly.
The
thermometer lias ranged from 29 to 68, averaging 45.
During
the month of November we had rain on eleven days, and the
rainfall reached two inches and eight hundredths.
The ther¬
mometer ranged from 24 to 71, and averaged 51.
Nashville, Tennessee.—It lias rained on two days of the
week, the rainfall reaching sixty-nine hundredths of an inch.
Planters are marketing freely, unusually so.
Average ther¬
mometer 40. highest 63 and lowest 27.
Mobile, Alabama.—We have ha I rain on two days of the
week, the rainfall reaching ninety-one hundredths of an inch.
Average thermometer 51, highest 68 and lowest 3S. Rainfall
during November four inches and thirteen hundredths.
Montgomery, Alabama.—We have had rain on three days,
and the remainder of the week lias been cloudy.
The rain¬
fall reached thirty-eight hundredths of an inch.
Planters
are
marketing freely. The crop has now been about all
secured.
The thermometer has averaged 48, ranging ^from
32 to 67.
During the month of November the rainfall reached
two inches and sixty-seven hundredths.
Selma, Alabama.—The days have been warm but the
nights cold during the week, with very light rain on two days.
We think the crop has been about all gathered.
The ther¬
mometer has ranged from 34 to 60, averaging 44.
Rainfall
for November, two inches and fifty-one hundredths.
Auburn, Alabama.—We had killing frost on Tuesday
night. Average thermometer 45, highest 65 and lowest 33.
Madison, Florida.— It has rained on two days of the week,
the rainfall reaching ninety-four hundredths of an inch.
The
thermometer has averaged 50, the highest being 69 and the
lowest 33,
Rainfall during November one inch and ninetyseven

Amount of Cotton in Sight Dec. 5.—In the

Southern

thermometer has

one

inch

and nineteen hundredths.

The ther¬

mometer lias

averaged 48, the highest being,67 and the lowest
33.
During the month of November the rainfall reached one
inch and seventy-one hundredths.
Atlanta, Georgia.—It has rained on one day of the week,
the rainfall reaching seventy-seven hundredths of an inch. The
thermometer has ranged from 28 to 01.
Rainfall for Novem¬
ber two inches and eighty-four hundredths.
Charleston, South Carolina—It lias rained on one day of
the week, the rainfall reaching fifty-two hundredths of an
inch.
The thermometer has ranged from 38 to 67, averag¬
ing 53.
Columbia. South Carolina.—During November the rainfall
reached

one

inch.

Stateburg, South Carolina.—It has rained on one day, and
the remainder of the week lias been pleasant.
The rainfall
reached sixty hundredths of an inch.
Average thermometer
47, highest 63, lowest 32. During the month of November
the rainfall reached one inch and eighteen hundredths.
Wilson, North Carolina.—We have had rain on two days
constantly on one, and the rainfall reached fifty-

of the week,
one

hundredths of

an

inch.

About all the crop

lias been

secured, and about three quarters marketed. The thermometer
has

averaged 46, the highest being 55 and the lowest 32,

December

THE CHRONICLE

C, 1884.]

1334.

The

following statement we have also received by telegrapn,
showing the height of the rivers at the points named at 3 o'clock
December 4, 1884, and December G, 1883.,

New Orleans

...Below high-water mark
...Above low-water mark.
...Above low-water mark.
...Above low-water mark.
....Above low-water mark.

Memphis
NashVille

Sireveport
Vicksburg

Dee. 4, '84.

Dec. t 3,

Feet. j
13
6
1

Feet.
8
20
(3

Inch.
6

9
o

A.

!

5
7

i

32* Cop.
Twist.

’SO.
Inch
r>

7

8

1

9

29

1

3
10

reported below high-water mark of 1871 until
Sept. 9, 1874, when the zero of gauge was changed to highwater mark of April 15 and 16, 1874, which is 0-10ths of a foot
above 1871, or 16 feet above low-water mark at that point.
Cotton

Movement

from

Ports.

all

—

We have

our India service so as to make our reports more
and at the same time more accurate. We had found

re-arranged
detailed

impossible to keep out of our figures, as cabled to us for the
ports other than Bombay, cargoes which proved only to be
shipments from one India port to another. The plan now
followed relieves us from the danger of this inaccuracy and
keeps the totals correct. We first give the Bombay statement
for the week and year, bringing the figures down to Dec. 4.
it

RECEIPTS AND SHIPMENTS FOR FOUR YEARS.

BOMBAY

■Shipments this week-\

Year!

Great

j Br it’n.

Continent.

Shipment* since Jan. 1.

j
1 Great j Conti¬
! Total, j Britain' nent.

Receipts.
This
Week.

Total.

Since
Jan. 1.

12,000 1,till 000
28.00011.093.00
14.000 1.71 1‘ < 0

1884
22,090 22,000 508,000 077,000,1,1 *5.000
18S3i 3,000,21.100 4.00 > 407,000 809,000 1,270.000
1882! 4,000,10,000 14.0U0 789.000 030.000:1.125.000
1*81 !1 l.OOOi 9.00.> 20,0 K) 3'(;.000!592,000l
918.000

21

00*»11,298.0(

0

According to the foregoing, Bombay appears to siiow a
compared with last year in the week's receipts of
14,000 bales, and a decrease in shipments of 2,000 bales, and
the tdiipmenis since January 1 show a decretive of 91,000 b iles.
The movement at Calcutta, Madras and other India ports for
the bust reported week and since the 1st of January, for two
years, lias been as follows.
“Other ports’* cover Ceylon,
decrease

“

Dec.

2lj8H> ct> 9 5
28|891fif 9 Hi 5
5

948 5

Overland

d.

s.

85,0© S V 5
351« 3> 87g 5

Nov. 7jSSj,_si:h.-|5
“
14 3"in'® 1)- 15

New Orleans

Ootl'n
Mi'l.

Shirtings.

«8’3i«j55
24
3l!S5lh-8i3,K;5

“

1883.

SH lbs.

lTjS^

“

“

India

d.

<1.

Oct.
“

3
4

('59

.1

8.

5 'a V> 6
5 Hi it G
5 Hj ©6
5*2 <1 6

9
9

Movement

IK

•)7l*
51 ii6
! 0*

i

i

2

dc
3

5I-V
i

to

513,

e

5
5

December

1.—In

overland movement

our

our

ip nit

nts

Great
Britain.

Sh

for the week.

Conti-

Great
Britain.

Total.

nent.

ip omits since Jan nary I.

Calcutta—
1881
1883
•Madras—
1884
1883
All others—
.

....

82.500
89,000

......

.

...

125.20<

9,0 JO

93.0'Oi

■

3,7 DO

50.500
4„5j0

1,300

1,500

7 4.800

44 500

509

500

3.700

1,5 0

1884

7. >00

7.000

1383

Total all—
1884
1883

42.700

1

1,500

50.500

0

40,800
119 3 X
139.30

1,800

.

1.590

509

213,800
*212.000

2,000
10,700

10,700

87.200

301,00V

7i 100

284.701

£5^ The totals since January 1 in 1883 have been revised.
The above totals for the week show that the movement from
the ports other than Bombay is 8,700 bales levs than same
week last year.
For the whole of India, therefore, the total

shipments since January 1, 1884, and for the corresponding
periods of thp two previous years, are as follows:
EXPORTS TO

EUROPE

FROM

1384.

Shipments
to all Europe

This
week.

from—

j

Bombay
All other ports.
Total

1

ALL INDIA.

1883.

This
week.

Si nee
Jan. 1.

I

| Jan. 1.

This
week.

Since
Jan. 1

2 2,000 I 18 >,000
2,000
301,000

24.000 1,270,000
10,70>)i 28 4 700

14,000 1,425.000
3,90 J
298 O X

tc1** |
0

34,700 1.500 7 *0

17,000 1,723 000

!

;

1.4303 00

!

This last statement alfords a very interesting comparison
the total movement for the three years at all India ports.

of

Alexandria Receipts and Shipments.—Through arrange¬
have made with Messrs. Davies, Bemchi & Co., of

ments we

Liverpool and Alexandria,

receive a weekly cable oJ
the movements of cotton at Alexandria, Egypt.
The following
are the receipts and shipments for the past week and for the
•corresponding week of the previous two years.
Alexandria, bJqypt,

Receipts (cantars*)—
This week....
Since

240.000

This
week,

j Since j j This

j Sept. 1.
i

Exports (bales)—
iu jui verpoui.....

..

0,000

*

i

2

4,000! 1

|i

170.000

11

1,010 000
; This
! week.

I

Since

Sept. 1

12,000

71.000

! 4,000 37,* 00 i 5,0v0
I
3,000 15,000! 13^,000 17,000

14,000

37.0j0,
!

Europe....

Since

| week. Sept. 1.

1 *.000110,000

To Continent
Total

190,001
1,372.000

1,493.0 0

Sept. 1

1882

1883.

11,009

99,000

85,000

A cantar is 98 lbs,

This statement shows that the

Dec. 3

were

21.000 bales.

receipts for the week ending
210,000 cantars and the shipments to all Europe

Manchester Market.—Our report received from Manchester
to-night states that the market is firm. We give toe prices
for to-day below, and leave previous weeks’ prices for com¬
parison.




57fl

5l5lS
6

57S

editorial

brought down

.

Comparative Port Receipts

and

Daily Crop Movement

—A

comparison of the port movement by weeks is not accurate,
as the weeks in different years do not end on the same
day of
the month.
We have consequently added to our other standing
tables a daily and monthly statement, that the reader may
constantly have before him the data for seeing the exact relative
movement for the years named.
The movement during
September, 1881, and previous years, has been as follows.
Monthly
Receipts.

Year Beginning September 1.
1881

1883

1882.

315.415
3 13,812
sepi’mb’r
October.. 1,090,385 1,040.092

1881.

320,051

429.77'

980,584

853,19'

1880.

Pere’tagoof tot. port
roccipls Nov. 30..

.

49 90

39 99

458,47*
908,31 -

974,0 4 b 1,006,501

Totalyeai 2,557 99 l 2,420,234 2,401,937 2.257,01

.

1879.

333,643
838,492
912.272

2.433 297 2,104 407

■17 SI

41*42

43 27

This statement shows that up to Nov. 30 the receipts at the
ports this year were 137,710 bales more than in 1883 and
156,057 bales more than at the same time in 1882. By adding
to the above totals to November 30 the daily receipts since

that time, we shall be able to reach an exact
the movement for the different years.
18S4.

1883.

1881.

1882.

comparison of
1880.

1879.

Tot.Oe.31 1,435,830 1,389.901 1,307 240 1,282.972 1,420,796 1,222,135
32.374
36,792
29,101
31,747
40,514
30,704

Nov. 1....
“

2....

8.

43,629

33.060

27.151

37,897

8.

“

3....

59.119

37,21s

41.574

35.983

33,538

40,140

44

4....

40,493

8.

38,904

48,830

“

5....

61.341

8.

31,603

41,655
55,664

38,310
30,902

“

6....

34,868
34.599

38 55-

49,210

8.

29,924

29,682

“

7....

34,133

42 475

40.365

8.

32,773
63,578
33,208

37.582

31,301

40.193

49,319
2S,562

36,297

40.389

35,842

57,777

33,590

31.966

44

8....

56,307
29,523

“

9....

8.

“

10....

44,994

44

11....

41.071

8.

3S,05i

47.06y

26,138

“

12...

34,930
50,219

57,258

8.

29,130

30,801
31,943

52,090

8.

51,779
38.451

33,506

36.743

8.

49,862

44. 13....
“

14....

4

8.

46,584
32,849
32,273
30.503

“

15....

07,70 5
29,897

31,427

32,175

35,669

44

16....

8.

57,381

47,217

41.244

41,557

8.

“

17....

51,482

23,558

55.455

25,136

31.53 5

33.405

“

18....

08 043

8.

38,82

65,53

34,094

39,097

“

19....

31.601

49.735

8.

30,309

61,119

27.553

“

20....

41,333

31,020

46,63<

8.

28,335

“

21....

05,818

27,892

36.198

60.435

S.

20,413
51,249

42,555

39,500

31,331

36,803

40,019

26,574

8.

45,733

30,04?

32,690

34 394

8.

23,393

53,141

27,531

20,970

45,22

we now

1834.

Dee ember 3

51516

&c.—The market for bagging has
fairly active in a jobbing way and parcels moving quite
freely. There have been sales of several thousand rolls,
various grades, at full figures, and the market closes with
holders asking 8:*4c. for llo lbs 9!4c. for 1:54 lbs., 10c. for 2
lbs. and 10r*4c. for standard grades.
Batts have sold fairly
for paper grades, some 2,500 bales finding takers.
Bagging
qualities are rather quiet, and only a few small sales are re¬
ported. Prices are ab >ut steady, and pap u- grades are held
at l/adH 15-U>c. and bagging qualities at
.2;^($3;'^e., with an
easy feeling in the latter grade.

1882.

Since

o1&16

6
0

Jute Butts, Bagging,

■

Total.

6%

been

Vovemh’i 1,122,101 1,030,330 1,094,097
Continent.

c

578

to the first of December.

Tuticorin, Kurrachee and Coeonada.
Sh

vw

d.
d.
8.
6
©7 'lHi
6
©7
IHj
6
©7 IHj
7
©7
1 Hi
6
©7
6 ©7 IHj
0
©7
IHj
7
©7 1 4
7
©7
IH2
7
1 H>
©7

«.

5

5
5
5
5
SU © 9 '*Q 5
85s a> 9 Hi 5
5
8 5$ 7b

16
7

0
0

Shirtings.

4.
9
9
S~ 10® 9
89 ik <b 9
8"ir. © 9
9
87
3" i ptb 9

5 Hi

Coti'n
Miti

8*4 lbs.

<1.

51*16

10 Hi

©7
©7
©7
©7

columns will be found

8

A.

1<>
1 () Hi

Cop.

lwisi.

10 Hi

G»3d7
8
9

Upl

32*

**

22..

“

23....

1*

24..

58,210

<4

05

39.310

S.

44,440

27,748

44

20....

37,59“

44,502

8.

33 317

47,126

8.

43,440
35,031

44

27

41 003

28....

66 310

53,571
41,499

39,400

44

33,925
29,791

3",47
33,349
41 ,Ga7

37.411

8.

51.232

44

29....

52.543

31.923

28.242

33.699

41.559

29,409

44

3 0....

8.

53.640

46.111

29,541

32,502

8.

i

fot.Nv.30 2,557,991 2,420,284 2,401,937 2,257.015 2 433,297, 2,164,407
36.&07
32 501
51.570
40,40c
26,647!
52,479

Dec. 1....
44

2....

34,792

8.

44

3....

31,48"

49.250

«8.

4‘

4....I
5....

30,573
69,328

40,652

50,747

49,58

40,832

4‘-

Total

2,781,753

Percentage of tota
port rec’pts Dec 5..

30,6< 3

J,593,33o| 2,564,51,»
53*641

42 00

51.3

29,210

34 00b

48.897:

28,110

30,346'

25,675

8.

49,608

H.

54.134

30,886

2,433,o5l 2,568.403 2,351,16
51*57

43-7 *

47*07

This statement shows that the receipts since Sept. 1 up o
are now 183,415 bales more than they were to tie same

to-night

660

THE

CHRONICLE

day of the month in 1883 and 217,232 bales more than they were
to the same day of the month in 1882. We add to the table

Norfolk—For Liverpool—Nov. 29-Birk Jafet
XL, 2,376....Dec. 1—
Ship Warrior, 0,477.
West Point—For Antwerp—Dec. 4—Steamer
Renpor,
Boston—For Liverpool—Nov. 25—Steamer Iowa,
1,277.... Nov. 28—
Steamer Catalonia, 1,042—Nov. 29-Steamer
Iberian, 1,212....
Dee. 2- Steamer Kansas.
Baltimore—For Liverpool—Dec. 1—Steamers
Oranmore, 1,501; Peru¬
vian, 330—Dec. 3—Steamer Sussex, 3,235.
For Rotterdam—Deo. 3—Steamer
Paxo, 1,000.
Philadelphia—For Liverpool—Nov. 29—Steamer Lord
Clive,

the percentages of total port receipts which had been received
to December 5 in each of the years named.*

.

Shipping News.—The exports of cotton from the United
States the past week, as per latest mail returns, have reached
145,427 bales. So far as the Southern ports are concerned, these
are the Same exports
reported by telegraph, and published in
the Chronicle last Friday.
With regard to New York we
include the manifests of all vessels cleared
up to Thursday

.

Below

give all
carrying cotton from United States ports, &c.:

(additional),

and reported that while at sea
four days.
The fire was

Bremen, per steameis Sapphire, 5,868
Toledo, 5,576..
Genoa, per steamer Ingram, 2,775
Charleston—To Liverpool, per bark Ilafrsfjord, 1,400
To Bremen, per steamer Parthian, 3,815
To Barcelona, per bark Aeolus, 1,525
Savannah—To Havre, per bark Nordenskjold, 1,500
To Bremen, per steamer Klyde. 4,200.
To Barcelona, per bark Dona Petronilla, 1,700

*

Galveston—To Sebastopol,
4,650

per

steamer

Mount

per

shipments, arranged

732*

732*

v

732*

732*

....

....

....

..

....

....

7IC*

710V

7ie*

716*

7lti*

....

....

....

V

c.

Do

....

Do

4,417
1,833
2,681

1,805
1,019

sail

....

llull. Havre.
1,009 2.098

8avannah..
Galveston
.

Wilmington

-

-

.

.

•

1,929
21,546 11,4 44
3.815
1,500 4,200

....

Philadelp’a
Total..

Vera
Cruz.

Total.

18.489
67.006
6.740

1,525
1,700

7.4'10
425

5.075

5,660

......

......

......

•

•

m

......

......

......

m

4,417

2,681

0

m

1,-05
1,786
366

1,009 23,14 4 24,000

7,732

3,225
425 145,427
Included in the above totals are from New York to
Genoa,
1,188 bales,
to Bordeaux, 233 bales; from New Orleans to Genoa,
2,775 bales.
Below we add the clearances this week of
vessels carrying
cotton from United States ports,
bringing our data down to
the latest dates:
Galveston—For Liverpool-Nov. 29—Steamer
Southwood, 3,021; bark
Marco Polo. 2,605.
For Havre—Dec. 3—Bark Aeon. 978.
For Naples—Nov. 29—Bark
Immanuel, 1,406.
For Vera Cruz—Nov. 29—Steamer
Wlutuey, 300.
New Orleans—For Liverpool—Nov. 28—Steamers

Caribbean, 2,944;
Chancellor, 4.010; Tauunlipas, 4,812
Nov.’
Buenaventura, 3,400; Guido, 7,250
Dec. 2—
Steamer West Indian, 2,838.
For Grimsby—Dec. 1—Steamer
Regina, 0,230.
Carolina, 3,950;
29—Steamers

For

Havre—Nov.

Cashmere, 4,24S
4.962.
For Bremen—Nov.

....

...»

....

....

932*
91S*

932A
910*

Trieste, steam...c.
Antwerp, steam..c.

V

5g*

58v

Sit>-\864*

S1C-1364A

28—Steamer Rhodora. 6,500
Nov. 29—Ship
Dec. 1—Steamers Galveston, 5,272;
Propitious,

29—Steamer Rheola, 3.005*...Dec.
1—Steamer
Dec.*3—Bark Freihandel,
For Sebastopol—Nov. 29-Steamer
Narva, 5,175.
For Barcelona—Nov. 28-Steamer
Redewater, 3,682.
For Salerno—Nov. 29—Bark Domenico
Lanafca, 1,600.
For Genoa—Dec. 1—Steamer South
Tyne, 2,209.
For Trieste— 1 ec. 1—Steamer South
Tyne, 1,003.
Mobile—For Liverpool—Dec. 3—Bark Sabino,
Charleston—For Liverpool-Nov. 28—Bark Sibal,
1,739
Nov. 29Steamer Hartburn, 4,586; barks
Dagmal, 1,377; Susan L. Camp¬
bell, 2,400....Dec. 1—Bark Capenhurst, 1,797.
For Havre—Nov. 28—Bark
Medbor, l,G0u
Dec. 1—Bark Candeur,

Racilia, 4,900

....

5

IS

....

551

55t

....

....

7* V

516®38*

....

932A

910*

....

....

932*
9lb*

932*
916*

V

316“13C4* 316-1364* 3i6~13e4*

1 Per 100 lbs.

Sales o7 the week
bales.
Of which exporters took
Of wliicli speculators took..
Sales American
Actual export
Forwarded
Total stock—Estimated
Of which American—Estim’d
Total import of the week
Of which American
Amount afloat
Of which American

4.514

1,049

....

551

we

have the following

We

usual

22.166

737
366

76,631

topol.
2,'J33

BarccIona.

....

SgA

932*
916*

Compressed.

is*

....

....

55t

Xov. 14.

4,050

•

5,660

Norfolk.... 22,166
West Point
4.417
Baltimore..
1,833
Boston
1.805
San Fran..

burp.

38'
....

516® ^S* 6lu® 38<r 516«'38*

c.

....

statement of the week’s sales, stocks,. &c., at that
port.
add previous weeks for comparison.

145,427

Bremen werp &

pool.
New York. 10,003
N. Orleans. 28,244
Charleston.
1.400

V
... -i

732*

V

....

Liverpool.—By cable from Liverpool,

366

Ant-

d* Ham- Sabas-

mm

55t

Rotterdam,
Liver-

-

a

V

Barcelona, steam, c.
Genoa, steam
c.

*

737

551

sail.-.c.

d.

•

3a*

sail—c.

.

V

....

Amst’d’m, steam.c.

22,166

our

Thurs.

c.

sail

Do

Maria

in

Wednes

Hamburg, steam.c.

5,660

...

follows:

Do

ship

Total
are as

sail

Reval, steam

Stoneman, 3,813
Niagara, 1,376
West Point—To Liverpool, per steamer Cnnoubury,
4,417
Baltimore—To Liverpool, per steamer Nova Scotian,
1,833
To Bremen, per steamer
Braunschweig, 2,681
Boston—To Liverpool, per steamer Venetian. 1,805
Philadelphia—To Liverpool, per steamer Illinois, 737
"...
To Antwerp, per steamer Switzerland, 1 049
Ban Francisco—Tc Liverpool, per ship Milanese, 366

Tues.

Bremen, steam..c.

3,820
per

Mon.

sail... d.

Do

1,400

3,815
1,525
1,500
4,200
1,700

follows:

as

Satur.

Havre, steam—c.

425

ba> k Godeffroy, 1,840

The particulars of these

Do

2,775

on

freights the past week have been

Liverpool, steam (7.

21,546
11,444

4,650

Norfolk—To Liverpool, per steamer Preston. 7.617
Caldera, 6,000
per barks Cedar Croft, 3,860

form,

Cotton

Edgecombe,

To Vera Cruz, per steamer Harlan, 425.
Wilmington—To Liverpool, per steamer
Invernay,

lire broke out

on board,
burning
the 19th. Her cargo
consisted of 4,552 bales of cotton. She arrived at Bremen 21th.
Godeffroy, bark (Ger.), for Liverpool, and steamer Benefactor, for
Now York, were in collision at
Wilmington, N. C, Nov. 29. The
Godeffroy was slightly damaged; the Benefactor proceeded;
damage, if any. not kuowa.
Loud Clive, steamer (Br.), for Liverpool, iii
leaving her wharf at
Philadelphia. November 30, was slightly damaged; stie would be
detained a day or two for repairs.

—

To
To

a

extinguished

—

Lydia Skollield, 4,015

news received to date of disasters to vessels

we

Cydonia, steamer (Br.), Esson. from New Orleans, Oct. 31, via
Newport
News, Nov. 7, for Bremen, arrived in the English Channel Nov.
26,

Total bales.

City of Richmond,
1,197
Humboldt (additional), 100
St. Ronaus, 4,317
Scandinavia, 712
Trinacria, 1,263
Wisconsin, 49. 10,003
To Hull, per steamer Otranto, 1,609
1,009
To Havre, per steamer Ainerique, 2.098
2,038
To Bordeaux, per steamer Chateau Yquem, 238...
238
To Bremen, per steamers Elbe. 204
Oder, 450
714
To Hamburg, per steamers India, 8
1.200
Wieland, 1,198
To Rotterdam, per steamer Leerdam, 100
100
To Antwerp, per steamers Belgenlaud, 1,140
Prmeipia,
793
1,933
To Genoa, per steamers Alesia,
200—Germania, 938
1,188
New Orleans—To Liverpool, per steamers Ando
m, 4,599
Asturiano, 4,250
Carmona, 9,894. „:.Emiliano, 4,250
Princess, 5,200
28,244
To Havre, per steamers Ciiurnum, 5,644
Rhosina. 6,745

5ier
shipsLord,
Lydia4,100
Moses, 4,042
Thomas

^

.

night of this week.

New York—To Liverpool, per steamers Aurania
315 ...Bothnia, 1,350
Celtic, 605

[VOL. XXXIX.

.

Xov. 21.

Xov. 2S.

Dec. 5.

70,000
8,000
3,000

63.000

69,000

7.000
5.000

47,000

8,000

4,000

'47,000

7.000

37,000

9,000
28,000

3,000
29,000

41.000

444,000

423,000

240,000
103,001

228,000
8 4,000
68,000

37,000
8,000
24,000
430,000
247,000
93,000

13,000

89,000
219,000

39,000

428,000
250,000
87,000

78,000

278,000
257,000

201,000

11,000

71,000
321,000
307,000

262,000

246,000

The tone of the Liverpool market for
spots and futures each
day of the week ending Dec. 5, and the daily closing prices

of spot cotton, have been
Spot.

Saturday Monday.

(

Market,
12:30

as

In

5

p.m.

buyers’
favor.

Mid. Upl’ds
Mid. Orl’ns.

follows:

Tuesday.

Quiet.

Dali.

534

5%

534

5l5l«

t>loia

L>lolG

Sales

8,090

8,009

Spec. & exp.

3,000

1,000

1,000

500

-

.

Wednes. Thursday.

Steady.

flarden’g.

5?4
8,000
1,000

1

Friday.
Firm.

5i?irt

5131S

91j16

515m

10,000
1,000

8,000
1,000

Futures.

^

Market,
12:30

p.m.

Market,
5 P. M.

$
£

(

Barely
steady
at 1-61 dec

Steady.

Dull.

Firm.

Barely

Weak.

Steady.
Barely
steady.

steady.

Barely

Barely

steady.

steady.

Steady.

Firm.

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.
E3P T/ie prices arc given in pence and Glths, thus:
5 G2-G4d., and 6 03 means 6 3-64(7.

5 62

means

.

1,350.
For Bremen—Dec. 1—Steamer
Romanby, 4?,150.
For Antwerp—Dec. 2—Steamer West
Cumberland, 3,358.
For Sebastopol—Nov. 29—Steamer
Argo, 3.335.
For Gotteuburg—Nov, 29—Bark
Apotheker, 1,200.
For Bergen—Nov. 29—Bark
Mind-, 1,200.
For Barcelona—Nov. 29—Bark
Linda, 1,109
Dec. 2—Bark Vola-

dora, 2,263.
Bavannaii—For Liverpool—Nov. 29—Bark
Boroma, 2,560
Dec. 1
Steamer B. F. Matthews, 4,825.... Dee.
2-Steamer Couiston, 6,161;
bark Geo. B. Doane, 3.300.
.




Nov. ‘29.

fflon., Dec. 1.

Open High Low. Clos.

Tues.,

Open High Low. Clos.

Dec. 2.

Open High Low. Clot.

d.

d.

d.

d.

d.

d.

d.

d.

d.

d.

d.

5 45

5 45

5 45

5 45

5 44

5 46

5 44

5 40

5 40

5 49

5 46

Nov.-Dee..

5 45

5 45

5 45

5 45

5 44

5 46

541

5 40

5 48

5 49

5 40

549

Dec.-Jan....

5 45

5 45

5 45

5 45

5 40

5 48

5 40

5 48

5 48

5 51

5 48

5 51

Jan.-Fet)—

5 48

5 48

5 48

5 48

5 4k

5 52

5 4U

5 52

5 52

5 54

5 52

554

Feb.-March.

5 50

5 50

5 50

5-50

5 52

555

5 52

5 55

5 55

5 57

5 55

557

March-Apr.
April-May..
May-Tune..
June-July..
July-Aug...
Aug.-Sept...
Sept.-Oct...

5 54

5 54

5 54

5 54

5 50

55§

5 56

5 58

5 58

5 01

5 50

5 01

November..

—

For Havre—Nov. 23—Bark
Nordenskjold, (additional) 50.
For Bremen-Nov. 29—Steamer
Romeo, 6,306
Dec. 1—Steamer
Lufra, 4.552
Dee. 3—Steamer James
Watt, 4,155.
For Amsterdam—Nov. 29—Steamer
ILtr-ley, 4.200.
For Reval—Nov. 29—Steamer
Lauivsiine, 5,550.
For Genoa—Nov. 29—Bark Olaf Glas,
1,325,

Wilmington—For Liverpool—Nov. 28—Steamer
Elstow, 4,700.

Sat.

d
5 49

5 57

5 57

5 57

5 57

5 59

5 02

5 59

5 02

5 02

6 00

5 02

600

5 01

5 61

501

5 01

5 63

6 01

5 63

6 01

0 01

6 03

0 01

0 01

6 01

0 01

0 01

6 03

6 05

0 03

0 05

i 0 05

0 05

0 05

003
005

....

....

....

....

....

....

....

....

....

....

.

.

.

.

....

• • •

•

....

....

.

.

• • • •

•

••*

•

....

f

f

....

.

.

••

....

•

•

•

....

,

...

....

....

....

...

....

..

.

•

**«

•

••«

.«•*

661

THE CHRONICLE

1884. j

December 6,
y-rmX'a— -

d.

d.

d.

d.

d.

d.

a.

d.

d.

November.. 5 48

5 48

5 48

5 51

5 52

5 51

5 52

5 52

5 53

5 52

5 53

5 4b

5 48

5 48

5 48

5 51

5 52

551

5 52

5 52

5 63

5 52

5 53

for each of the

Nov.-Dee...

5 51

5 51

5 51

1

5 53

5 54

5 53

5 54

5 54

5 55

5 51

556

Dec.-Jan....

5 51
5 54

5 54

5 54

5 54

i

5 50

5 58

550

558

5 57

5 59

5 57

5 59

Jan.-Feb

5 57

5 57

5 57

5 57

!

5 00

501

5 00

5 0i

5 61

5 61

501

5 01

March-Apr. 5 60
April-May.. 6 00

5 00

5 00

5 00

5 03

0 00

5 03

0 00

6 00

6 01

0 00

001

0 04

0 04

0 04

0 04

0 04

1

d.

5 48

indicated in the
of the New
York Produce Exchange. We first give the receipts at Western
lake and river ports, arranged so as to present the compara-*
tive movement for the week ending Nov. 29 and since Aug, 1

Wednes., Dec.

Open High Low. Cl08.
d.

...

Feb.-March.

0 03

May-June..
June-July..

Frl.» Dec. 5.

Open High Low. Clos.

Open High Low. Clos.
d.

0 00

5 03

5 03

0 02

0 04

0 02

0 03

0 03

6 03

0 05

6 03

0 05

0 08

0 07

0 08

8 07

QOS

6 07

0 09

0 11

0 09

0 11

0 09

6 12

0 09

0 12

0 07

0 07

0 07

The movement of breadstuffs to market is
statements below, prepared by U3 from the figures

Thurs.* Dec. 4.

3.

Rye.

Barley.

Oat*.

Com.

Wheat.

Flour.

Receipts at—

Bush.56 lbs
BblsAWlbs Bush. 60 Ibe Bush.5Mbs Bush.S2lba Bush. 48 lbs
29,487
233,537
423,127
944.995
1,432,205
105.959
Chicago
52.950
5,880
187,799
400
25
247.420
53,281
Milwaukee..
14,201
88.246
2,‘239
•246,733
2,675
Toledo
10,180
8,079
22.481'
111,903
1,479
Detroit...
9.282
39,000
32,000
50.010
5 030
Cleveland.
3,903
51.593
97,800
248,395
212,932
22,054
St. Louis ....
8,200
127,775
7,800
238,010
5 000
475
Peoria.
..

July-Aug...
Aug.-Sept...

Sept.-Oct...

•

•

•

....

....

«

...

....

....

....

....

....

•

....

...

*

.

....

...

...

....

....

....

....

....

....

....

....

....

*

....

....

....

...

....

....

....

....

....

*

*

..

■

*

32,800

780,000

Tot. wk. '81

223.7' 3

2.015,318

2,137,737

705,363

540 308

01,730

Same wk. '83

228 900

2,187.057

1 550.819

748,130

193.043

Same wk. V2

248,001

1,537,940

2,619,911

1,204,932
'793,800

419,207

100,945

27,011,100
■),120,007
24,475,247) 21,243 555

7 657,490

3 018.793

9.249,008

4,540,710

0,725,284

2,000.880

Duluth

BREADSTUFFS.
Friday, P.

M., Decomber

5,1884.

little or no change in the flour market during
the week under review. Trade wras on a moderate scale, and
There

last three years:

was

Since .Tidy

export business was held in check by the scarcity and high
rates of ocean freights.
Foreign advices have been rather
more favorable, and yesterday, with some concessions in ocean
freights the export demand was much more active, though
at relatively low prices.
To-day the market was quieter but
steady.

28

1884

3 913.658

59,939 090

31,059,503

ias3

3/94,360
3,712,681

43.100 119

14.20 5 890

1882

the

45,129,511

2

The comparative shipments of flour and grain from the same
ports from Dec. 21, 1883, to Nov. 29, 1881, inclusive, for four
years,

show

as

follows:

bbla.

Fiour

1883-81.

1882-93.

1981-82.

11,035,557

8.985,695

8.078,168

1880-81,

8.141,233

Wheat
52,430.226 46,887,275
bush. 6 J.501.038
45,113,406
speculation for the past week has been fitful, and Corn.
7m.011,"09 101.204,861
63.635.772 10-,5 13,013
47,929.0 U
49 6 .0,440
31,433,672 32 278 222
prices variable and unsettled. There was at times a speculation Oats
5 25 ) 457
4 406.374
9,220,133
4.M13.731
towards a higher range of values, owing to reports of bad Barley
5.912,646
Rye
5,645.377
3,059.981
2.2i9.9l8
weather in England; but yesterday there was a strong down¬
Cotal grain
202,365,490 209,412.814 158.103,389 102,334.805
ward tendency, under weak Chicago advices, attributed to
Below are the rail shipments from Western lake and river
large receipts at the Northwest discouraging' the bull move¬
ports for four years:
ment.
The demand on the spot has been very good, for
1881.
1884.
1883.
1882.
Week
Week
Week
Week
milling as well as for export, and prime samples have brought
Noe. 29
Dec. 1.
Dee. 2.
Dec. 3.
bbla.
180,861
233,491
118.731
232.116
very full figures.
The business in the better grades of spring Flour
wheat has, in particular, materially increased.
The pur¬ Wheat..
459.126
bash.
283,524
300.787
268.275
1,066,744
921,605 1,017,545 1.05S.236
chases of winter wheat include lines at Newport News and Corn,...
1,12 2.420
609,663
259.893
Oats
455,031
adjacent points for shipment thence.
io-day the export Barley
150,499
396.M30
181 94 4
189,117
39,306
74,861
59,712
50.3>1
demand was less active, while the business for milling was Rye.
Total
1,905,154
2,974,842
2,160,290
2,835,233
unimportant, and the close was easier.
DAILY. CLOSING TRICES OF NO. 2 RED WINTER WHEAT.
The rail and lake shipments from same ports for last four

The wheat

.....

....

*

31on.

Sat.
Afloat

84*2

December delivery

814

January delivery

834
86’a

84

Tues.

Wed.

844

814
81‘4

81

8«>4

Fi'l.

Tliurs.

83
80804
83

833s
83 Ss
82^ 824
857q
85^8
85
8478
March delivery
874
874
88 4
87-4
884
874
Anril delivery
90
90 4
897s
904 " 89-4
894
924
May delivery
917b
92
92‘4 914 914
Indian corn has been buoyant, especially for the early de¬
liveries. There is no doubt that the crop for 1884 was a large
one and of good quality, but the quantity left over from last
February delivery

83)8
85 4

,

year was very small
not been sufficiently

and the marketing of the new crop has

rapid to keep up with the demand; hence
a temporary scarcity, with the possibility of a
“corner” on
December contracts.
To-day the pressure of December con¬
tracts caused an irregular market, and at the close No. 2
mixed

was

held at GOc.
DAILY CLOSING

December delivery
January delivery

474

454
45-u
454
46

454
40^
454
46

February delivery
March

51

delivery

May delivery

52

494
464
464
4634
47

52

Fri.

57
524

55

FLOUR.

Minn, clear and stra’t.
Winter sliipp’g extras.
Winter XX
Patents

City snipping ex
fcoutk’n ship’g extras.

2 75 ! Southern bakers' and
$4
2 90
family brands
3 25
Rye flour, superfine.. 3
Corn meal—
3 50® 4 65
3
2 75 7b 3 25
Western, &o
3
Brandywine. <feo
3 75® 4 75
Buckwheat flour per
4 00® 5 25
2
100 lbs
3 00® 4 25
3 00® 4 00

25® 5 00
50 ®

10®
35®
00®

3 85
3 40
3 40
2 25

GRAIN.

Rye—Western

Wheat—

Spring,per bush.
Spring No. 2
Red winter, No.
Red winter

2

White
Corn—West, mixed
West. mix. No. 2.
W'est. white
White Sout hern..
Yellow Southern.




70
90
83
70
75
46
56
50

50
50

n
®
®
®
®

88

®
®
®
®
®

58

83
86
90
88

571-2
53
55
54

State

Oats—Mixed

Wheat,
bush,.
921.683

Corn,
bush.
1.938.926

1,797,768

1,245,311

1,608.222
1,357,236

1,763,017

5,744 879 6.0)1.729 3 113.310
3.895,058 6.2 92,410 4,733,87$

Tot., 4 w.1334 3 29

4w’ks’83.1158,038

The receipts of fiour and gram
week ended Nov. 2S) follow:
obis.

189,978 1,151,150
33,509
72,274
1,176
24,32 7
3 1,6*9
51,168

New York
Boston

Portland
Montreal

f. 4 3.501
28 ‘,85 i
8, >50
50)

19 902

31,0 0

41,165

Total week... 365.1 19
Coo*, week ’83.. 34 2,437

1,744,061

,201.98 4

Baltimore

21,841

171,02 )

115.175
141.876

201,935

234,324

761.420 530.681
1,755.315 405,154

1

,043,761

for the

Barley,

Oats.

275,696

21.809

39.30(1

195.298
183.638

.

Fye.

bush.
406.006 531.825 208,180
S.OuO
30 053 36,57.5
3.680
bush

busn,.

17,000
208,813

Philadelphia...

180,199

at the seaboard ports
Corn,
bush.

Wheat,
bush.

Flour,
At—

bush.

bush.

bush.
490,566
752,738
8:5.493
995,528

1,1 49.473

Rye,

Barley,

Oats,

8,567
5o,8oO

9,7 0 )
47.000

oO.SSS

6.00Q
1,200

50,060

54,031

577.306 617,707 277.411
732,091 762.137 212,100

816,255
52
4730
47>4
The total receipts at the same ports for the period from Dec,
474
474
474 24, 1883, to Nov. 21), 1881, compare as follows for four years:
474
1880-81
1081-02.
47
464
188 2-03.
108 4-8 4
11,848.636
11,711,07.)
12,911,293
bbls. 12.360,7 47
been more active. Flour.

497h
464
464
46-4
47

$ bbl. $2 152)
2 35®
Superfine
Spring wheat extras. 2 75®

Week
Flour,
endina—
bhls.
Nov.29.. 310,397
Nov.22.. 358.2.33
Nov. 15.. 360.390
Nov. 8.. 325,259

New Orleans...

Rye has been quiet and steady. Barley lias
Large lines of Canada growth have been taken by malsters at
full prices.
Oats were somewhat depressed early in the week, with No.
2 seller for December as low as 311^c.
A smart advance fol¬
lowed, but it was not fully sustained. To-day the market was
without important fluctuations, No. 2 closing at 31 %c. for
December, 3234c. for January and 34^c. for May.
The following are closing quotations:
Fine'.

were:

Newp’t Nows

TRICES OF NO. 2 MIXED CORN.
Sar.
Thurs.
Mon.
Tucs.
Wed.

504
474

Afloat

weeks

®
58
66
®
31
31L}®
32
®
33
®
®
58

White
No. 2 mixed
No. 2 white
Buckwheat
Bariev—No. I Canada. 82
75
No. 2 Canada
State, two-rowed.... 60
70
State, six-rowed

9
®
®

60

68
3 3 La
38

32*4
60
86
80
65
73

Wheat
Corn
Oats

Barley

bush. 67,53 4,365
4 4,359, 515
3 l ,055,0.5 5
■ .
5,4> 2.9. >9

59,133,02)

83.3 >1,744

86.733,699

30,03 >,29 5
29,78 4.907

30,67 4.404

90,3 08.856

5,206 169

2o..49 62 7
5,38 >,9 72

5,377,5)4

5,32 4,^40

1,999,26

Rye.
Total grain

...152,790,323

>

5,413.0 JJ
2,01 l,5o3

180,383,601 147,535,033

219,016,258

for the week
statement:

The exports from the several seaboard ports
ending Nov. 29, 1881, are shown in the annexed
Exports
Jvom

Wheat.

Com.

Bush.
530.906
113,9 47

Bush.
230.7U

25.706,608

Flour.

Oats.

Rye.

Bbls.

Bush.

Bush.

Peas.

—

Now York

Boston

..

Portland
Montreal.

24,3 27

Philadel..

11*5318
312, 485

Baltim’re
N. Orl’ns
N. News.

Total w’k.
Shoe time
1883.
..

2o,357

43^78.4

•

•

•

•

87,825
01.007
1,17..
15,o56

20,684

-

08,000
_____

^

Bush.

0,176
516
21,227

116,027

9,911
407

2,095
3,2k.

10,145

56.9.57
14,820
40,> 03

1,159,941

412,856

171,001

37,092

68,006

143,946

486,380

640,584

133,439

707

90,022

13,707

The destination of

••••M

these exports is as below.

corresponding period of last year

for comparison:

We add the

i

CHRONICLE.

THE

662

[ VOL. XXXIX.

1;

Exports
for week
to

1883.

1884.

Week,

Week,

-

Dec.

29.

Nov.

1.

Un.King.
Oonti n’u t
S.& C. A.in

110.700
;uv.i

W. Indies

17.800

Bbls.
8U»40
7,5 7)1
18.372
11841

Brit, col’s

10.407

11,121

OtU.c’n’ts

000

532

Hh/a

12,*14

171.C0

Total...

Bush.
52 i,805

614,110

Aug. 25 to
Nov. 20.

010,581

1.733

25 to Aug. 27 to

Aug. 27 to
Dec. 1.

Nov. 29.

Bush.

Bush.

Dec. 1.
Bush.

2,997,519

9.S95.216

1,493.968

150.775
187.618

95 28S

10.071.210

72 (,309

2,‘51.480

168.407

29,274

375

239,089

570 !75

18,583

10 1,821

138.404

*3.>,557

61,039

213.323

229,207
2 IS.105

131

10

0.422

9,688

13,437

60.'

s-'ll

103.523

037.173

13,805,220

4, T <4,489

13,119,-20

.

2

10

212,801

Wfmtt,
bosh.

—

](),''•2

"New Ytn lc..

,4

the stocks m granary
at lake and seaboard

...

Boston

...

......

-

01,814
-

1.3-

0 .1

<

140,5: 7

435,335

1 253, 8(5

1,101,0 O
4* ,000

003 115

x.224
20. 4 5
455 O-I
8,- t* 1
04 000

30,"4 1.307
38,1 78.03 *
33 2 31,0.9

19.993.5)5'*
lS,i 10,127

4s.< 00
32.10 i

5.174

...

55 517

.

...

.

301

750.371

0' 3. -• O

..

bosh
7 0.95-1
202.8 1
1 5,0' Mi

37,0 a

1 1,05 4

1,024, *40

I(<‘/.',0 ‘0

Haiti*! ore
Dovvl Miasissipiii.
On rail
Od lake
On canal....

.

22.'04

00,31 2
14.3 O*

90. *<55
123 3-3
,s ’,o:w»

Indianapolis
KaliPas « itt

Ji'l/C
•

...

60.103
52 0*58
41 DO
7 1 .* 82

Peo i ia

was as

,

c

.

5,003

7 33,587
S,3 0

f

1
‘2. --C2.
3, ’61.

14 2 000
L0 ,1-i
11 4,* 80

,007
382,250

ni
527

i

-4

0-8,934.

0.. 0 /
ir s-o

1

’

105,031

310

0,000
07,000

.

12-.! 37
8, ! 10
16m.434.

Toi onto
7Montr» ul...

Nov.2°, ’«4

oush

17 "58
2,5 23.8 l 1
4 3.417
140 -70
G

Cincinnati..

Burin/,

bush.

,

3 (i,!l( 7

"roiot’.o
D(*i roit

Cuts,

hush

1 .07.40)

1 00 *,0tl2
2 107.0* >7
2 (j ;t;.t 08
4 1 421

Milwaukee.
Duluth

.

Corn,

3 0,0- O
1 0,1 SCO
14 ’.: U

2,500
2 1 05.102
p.nl 6,7>2

Nov 29, 1881

52.S.703 1 ,H)5

50

1,‘.>69.4^5

alloat (cst.)
A’bany
Butliiio
Cliit-asro
Newport Nt \YS...
Do

made

."6 >
5i.i i*:

8

1; 2 0 to
4 i (M l
j

0 S.c2

7,077

13,1 -3
38,0 i 3

537,22

3,4 80

4,508

.....

55,2.3

r 20
1=3 8
10.11 i
13 2 1 r'
M0
•18"

2,1.27
5 11 0
4.800

3,} b 1
......

5*1.40 1

4-,300

3*»,«n 0
136, 10

11 000

631 3 ’3
0 3 233 2 U 2 .75 4,033
O08 444 22". 19 7 3 ,18.072 J ,440.ol<)
»4 : -u3, i 80 2,560.803
8.0 21.005 5 .OL
0 10 >0 >0 3 ,312.152 3 .2 8,33 : l.i 89,102
18 -17,521 2 ■320,045 J ,105,0 74 L,2j3,210

ft. 1 47,0

,

,

Goods.—There

comparatively sindl business was done in carpets,
fair orders were bool e ! for fir lire delivery.
Foreign Dky Goods have remained in the same condition
noted in last report, the d* rnnnd having been almost wholly
restricted to a few spt-ciahi s n quire I by :e .filers for making
The auction
up attractive assortments for the holiday trade.
rooms were bountifully supplied
with ham.]kerchiefs, laces
and lace goods, fine < mbr<-im ries, f moy goods, Ac., which
they wire able to ei-tiibiue to fair advantage; but silks,
satins, velvet-, plushes, cloakings. Am, were repeatedly offered
through other mediums with poor .results, the [trices obtained
having been disastrously low in most instances.

and

a

though

some

ImportsitiouN of Dry Cood*.

importations of dry goods at this port for the week
ending Dec. 4, 1884, and since January 1, and the same facta
for the corresponding periods are as follows:
The

S3
0

A

Ft

o
-f

c-»

.

|: i S:
g
;

<rt

DRY GOODS

TRADE.

Friday, P M..

situation in the

The

December 5, 1884.

dry-goods trade has not materially

week, business having (as usual at this stage
of the season) continued light in commission, importing arid
jobbing circles alike. The rapid advance in cotton has arrested
the attention of large jobbers and the manufacturing trade
and led to an increased distribution of hading corporation
makes of manufactured good,-; but tlie rnajori y of buyers
have shown little dispo.-i ion to stock up beyond immediate
requirements. In domestic vvcolen goods there was no move¬
ment of importance, and foreign goods of neaily all descrip¬
tions ruled quiet, the only notable exception having been a
few specialties adapted to the coming holiday trade, in which

•n

5

H-*

c

*

d

•

® •
0 •

'i'

p

•

.

•

!

•

t

-3

:

•

:

.

•

.

3
c

!

:

i

:

7

rf

:

fair business was transacted. Tiie jobbing trade has
'exhibited the usual “ between seasons” quiet, but there was a
steady re-order demand from the interior, indicative of very
light st< cks in the hands of retailers throughout
very

the country.

practically unchanged, save in the ca,-e of a few
leading mak-s of bleached cottons, which were marked down
in order to n eet pric s of competing fabiics.
Domestic Cotton Goods.—The exports of domestics for

rt

Argentine Republic, 1)0 to

—

l

rr

Cr'1

/.

I-1

to

tc C t*. to • 3
CO — >— tc X

L

i

X

-i
%

r

^

<\

X M

<-*

O'

0-0

10 CC O j- o

to
cc

h-- X

or

*--1

to

0

tc 0

c c. c o to

—

^
0 s-

*—1

ic to *f- *—

-IO
X

—

*0

cc
CJ

>"

-

1

—

g.

Cr"

tc ./.
tc CO

z

—4

-

Cl

cc
0

7-

CD

-1

>—•

c;

v4

tc

CP

X

"Z

it. ri

—

to to
■X

h

8-

0: —

HtCtO
C. cc C — CO

CC <c

1C C 1

c to a>

GO

CC cc
C.U
k. r.

0

ck
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i
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-PCOtCO
C - - CP tO
x ci x -i -i *
CP
Ow-if-■i ^ix -1 c;

to

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CH.lf-Ol-j
—
OlO
h-

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b

01 —I

—

CO

/

v 3

-a cp x to ci
>-

*—

CP

to to

!-

CO

T

CO CP «— —< to

*T<
w

CJ

CO C

to X

c: •—

C

4—

.

^

>—

<-

3ice

0

1'

to CO
0 —

CJ

—*

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1

X

3-1
—

.

r>
^

1

0- CP oc

CP

»r-

CP
o

to to
to <**

>-+

CO < 0 — M to

C 10 ro o* co

cc

tc

D

to

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"Ti
Is,

to -1
C iIf- X

t—

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to
p- <T. O
3.
vjb
i ^-4

I

to

o

X to

JS

J

to CC -1 <X- X

7.

^

l

CC CP O -1 oo
r- or. *>o 9
-1 -4 O X Ji

Cl

to tO

cc

to -9

M

co co

05 tU

0

cc

oca

X to

to -J

0

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to to
coo
t- f*-

-4

to CP
CP -o>
0< CO

-

—J

|

j

o; <—1 oc <f*
a -i o> o.^i

D

to
-

cc

1

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^

to

-

to
>

cp

i»

c. >u
C: ;o
to S c. -

I

to ^ m
C 10 J> 'C J'

1

tf-b'Cc'-O

1

to

i_i

*-

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1

) X
CO t c co 0- CO
C X

3

—

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-

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CO -1 "O

b

i c; —

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8-

to *J> Cl CC X

c to

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—<

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o
Cl

-i

CP*- 1*

to

c

C 01

—

~

if-

X
>

to •-* ~

*»

to

sc ci o v
CP O *- 7. ifo: co f- to ic

—

3

-1 Cl b
- l
■ir.Tca h

CO —> I if*
co — to to c
Cl — C x X

to o

CO

-

C. 10 X X to

tOCCtOrf- o

—

bi

c

r—1

tc

—

c-cp o-o

~

(*:
M

Cl- Cl* Cl

X

IT -1 if-

cc ^

00

cc

«

b-

-1

2

CO

c

CP

C/

rz

CO

O' X 05

CO

w

C X Ct <1 T)

DO _«

.—

w' 0.

a IO

X ct T. +-

1C

2

C O' to - l Cl

T

ix-

r—

c-t

I—*
»—

if*

-l CO
— O 0 8

o

c

tc

a o

X

ss

--

'

•

*

!

»

T

>

»

p;
.

10
C'-CTf* C
CC -J C to X

0-

to CO -1 O', cc
t— —- r tc CO
o' ci r. - -i

tc cc
tc -J
CC <r»

•

II-

^

$

—

2.

:
:

■

—

•

K. >- c to
CC 2C
CJ* — I

O

sr
“ •

X

O 1—4

C

1-

cc <-*

rJl

f*

*

!Mhf

sr

B azil, ttc. The

goods was governed by pressing
’ssities, but some good-sized “round lots” were secured by
large jobbers and the manufacturing trade who are impressed
with the fact that m my fabrics are celling below heir actu d
values, in view < f the upward tendency of the staple and the
sharp advance which has already taken place in tne latter.
Jd;o\vn cottons were inos<ly quiet, but a decline in the price of

*3

c to
J
*1
a -j

^3

O ~ X ) 1J
e- CO -1 X C5

X e-

‘0

;

c: r-

h->

C O'. CP C.

cr to
b*

QD

general demand for cotton




giy-

t

unusually small, only 1,037 packages having
shipped from this port, of which 1U were s-nttoGrta
to

cc o

b*

cc

x

CP

cc

O.

tthe week were

Britain, TiO

cc *

t-*

!

"2

00 —

Values are

!>een

to <t- to to

rr to

Cl

j*.;*r

•

cc «c

w

ilzlil''
i
i p b

c

»

rf

J-*

5 *T3

bT3

■

®:
; .

0

3: •

5

vi.

3

Sl’-lc-

changed the past

a

perceptible im¬

no

was

provement in the demand for meirs-wear woolens, clothiers
having continued to pursue the cautious policy which has
characterized their operations for some time past. Worsted
suitings, and a few of the choicest cassimeres, were in failrequest by personal selection and through the medium of
orders, but transactions in this connection failed to realize
expectations, and ordinary cassimeres and suitings ruled
very quiet.
Indigo blue flannels were less.active as re¬
gards new business, but there was a fair nx,v ment in the
best mak-s on account of back orders.
L idi-'S cloths, tricots
and all-wool suitings were taken in small parcels to a fair
amount, but cloakings, Jersey cloths and stockinettes were
devoid of animation, and light dealings were reported in
satinets, Kentucky jeans, si.awls and sknts, while the demand
for hosiery and knit underwear was by no m ans satisfactory.
Worsted dress golds were in meagre demand at first hands,

►—»

THE

orders for the

ginghams were mainly restricted to placing
fncr grades for future delivery.
Domestic Woolen

1883

1884.
A ng.

Nov. 29.

7}u*h.

large sales of certain corporation makes were quickly
by agents, and there was a fair business in table dam¬
asks at lower prices, while some pretty good orders were
placed for white goods for future delivery. Print cloths were
only in moderate demand, and a trifle easier (in spite of the
advance in cotton), closing steady at 3 3-lOc. for 04x64s and
Prints ruled quiet and transactions in
2 13-16c. for 50x60s.

some

September 1,

Aug. 25 to

follows:

Dee.
1 >ee.
Di o.

412,3 S

D>c. 1.

2.303,27(5

Nov.22

200

1883.

The visible f-upply of grain, comprising
at the principal points of accumulation
ports, and in transit by rail and water,

T t.
T ’.
Tot.
T a.
Tat.

7,003

Aug. 27 to

230,SO 4

Philatltdid.i.

4,265

1,460,304

West Indies.
I)m. Ool’nieO .h. count r’f

OsNVl'go
Kt. 1 amis

0,280

8,203.553
5,334.103

15. & C. Anc

Tn store < /

Bush.

8.023.121

Continent..

..

1.

makes, was the incentive to more liberal operations in
bleached cottQns, in which a comparatively large business
Colored cottons were in irregular demand, but
was done.

C<yrn.

1S84.

1883.

Bbls.

Total.

Dec.

570.823
GO, 503

Wheat.

13-4.

Kingdom

Week,

Bush.
201.481
120.2 21
13,9 i l

of exports since

Flour.

tin.

0,380’

43

1883.

week’s movement to our previous totals we

By adding this

Aug. 25, to—

Bush.
317 00 )
10 J,3 SO

2n

4iave the following statement
this season and last season:

Fxvorts s inc'

1.

Dee.

133,400 1,150,011

t

1884.
Week.
Nov. 29.

1883.
Week,

1881.
Week,
Nov. 20.

shirtings, and other popular

“Fruit of the Loom” bleached

Corn.

Wheat.

Flour.

G

,o x -ico
O' to — O. if*
tf* f- c CP *-

if* Ct X. X X
y

j

p 1C

Cl to Uz

to

CP TO

.

co->f*

:0

►o
to

co to ^

Cl

Cl

»o

-

j ->

w *■*

o

O (O

to CO Cl j- X
^ ’■£

to Ct t c C X
f* *- D ’x **

7—

to
to cc
CC •t 0*

Cl -3 >** CP >£*
c.

-

M Ci

to ci to

*

tc o -

O ‘0
-no

vitc'x tv- c

-1
*•

J T. TO
> to

I-1 X

-1 Cl
co

c
-1
■.

•

*

it —I
—

I O'

_

“

Jj h

jo

cc <1
J- tw

"■ft