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HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES.
lEntored according to act of Congiesa, In the year 1884, by Wm. B. Daxa.
VOL.
NEW
39.
& Oa, in tlie oflloo of tlie Librariiui of Congten, Waaliin^ton, D. O.J
YORK, DECEMBER
'ginnncinX.
York,
&
Alfred H. Smith
Totk, 1868.
Co..
inPORTERS,
{
ForolKn Governments.
JiNGRAVlNd AND PRINTINO,
Members N. T. and
SHARK CKUTIFICATES,
GOVERNMENTS ANI>
FOR
CORPORATIONS, DRAFTS, CHECKS,
BILLS OF KXCHAJJGK, STAMPS, 4c.,
in ttin finest
and moat
Plilladelphia Stock Ezobaiutes
artistic styie
and Chestnut
PHII.ADEI.PHIA.
Cor. Third
and sold on commission In
PhUadelphta and other cities
in Fireproof Buildings.
LITHOGRAPHIC AND TYPC PDINTING.
Stocks, Bonds, Ac, bought
BAILWAY TICKETS OF IMPROVF.D STYLES.
investment
I
Bonds and U. B. Government Securities
Bought and Sold on Commission.
Biyiblt Chbw.
JAS. D. Simons,
Member N.
Member N.
W. Work, Cashier.
R.
BOSTON.
-
•
.....
TBOMAS
a. VY8E.
Member
W.
E. D.
Y. Stock Exchange.
Y. Produce Exchange.
WaU
No. 18
Street,
&
Co.,
New York.
Seventeen Years* Membership In the
Stock Exchange.
sold.
New York
Al.rBKD B. LOimgBXBT.
BOBEBT J. KlMBALI,.
Fbbd. a. Bbowh.
WAL8TON IL Brown.
Hebbskt p. Bbown.
VYSE.
N. Y. Stock Exchange.
Vyse & Son,
BANKERS AND BROKERS, Walston H. Brown & Bros
66 Broadway
Bmnch OflQce
81
4c
&
7 Ezoliange Court, N. Y.
at the Everett House, Union Square
and 17th Street.
BANKERS,
NO. 20
Gilder & Farr,
33 BROAD ST., NEIV YORK.
BANKERS AND BROKERS.
NASSAU STBBKT,
NEW YOBK.
New York Mining Stock
Rolston
Interest paid on Balances. Securities carried on
S^argln. UoTemment Bonds and other lovestment
Seouiittes bouaht and sold on commlssoo. Bpeoi&l
attention to orders by mall or telegraph.
&
Bass,
BROAD STREET, NEW VORK.
Stocks,
TINKER & WESTON,
Bonds and Miscellaneous
3
Correspondence
Uootatlons ebeerfullr furnished.
EXCHANCB COURT,
J.
New York.
C. TiNKSR, Member
BIN83XLAIB Weston.
fI»rBY
Members N,Y. Stock Exchange.
LNVKSTMBNT
IN FIRST-CLASS
DEALERS
SBCUIUTIES
Buy and .tell on comiuisjilon all classee of Stocks
and Bonds, fur cash or on margin.
Agents for Banks, Itonkers and Raliroed Gompanics.
Taintor
Mahoney
F.
No. IS
N. 7. Btoek BxoH.
\rAI.l4
DBALERS
&
Holt,
BANKERS,
No. 10 \rAI.Ii
TRANSACT
DEPOSITS
STREET, NEW YORK.
GENERAL BANKING
a
received and
business.
INTEBBST aUowed on
balances.
Buy and sell GOVERNMENT. MUNICIPAL
RAILROAD Bonds.
O. B.
TAINTOIL
a. D.
and
GEO. H. HOi;T.
L'HCILIER.
W. M.
Earl,
MEMBER NEW YORK STOCK EXCHANGE,
BANKER AND BROKER,
BS
TO
SU
DREXEL BUILDINO,
New York.
STOCKS AND BONDS BOUGHT AND SOLO
STRICTLY ON COMMISSION.
Fred. H. Smith,
BROAD ST., NEW YORK.
STOCKS, BONDS AND PETROLEUM
Bought. Sold, and Carried on Margins.
all railroads for past twenty
Parties desiring to buy or sell unquoted sewin do well to communicate.
F. H. SuiTH, ) Members N. Y. Mining. Stock * Na.
tlonal Petrolenm Kzohang*.
8. W. Shitb, I
InXImate knowledge of
years.
curities
Hamilton
&
Co.,
STREET,
&
Bishop,
BANKERS AND BROKERS,
Securities.
Solicited.
BANKEBa AND BROKERS,
No.
Exchange.
BANKERS,
80
Co.,
No. 20
Members New York and Chicago Stock EzcbanKe>
also
&
BANKERS AND BR0KKR8,
74 BROADW^AY.
Private telegraph wires to Providence and Boston.
Kimball
J.
FRANK C.HOLLIHf.
F.A.YZJJAQA.
B. Hollins
BANKERS AND BROKERS,
9400,000
400,000
Aoooants of Banks and Bankers solicited.
Collecttons made upon farorable terms.
Qovernment Bonds bouslit and
ExchangeCoort&o2 Braadnra]r,N.y
Stocks,
Maverick National Bank,
CAPITA L,
SURPLUS,-
Chew,
STOCK BROKERS,
:
J.
H.
Securities.
&
Simons
VICE-PRESIDF.NTS
A. D. SHEPARD,
TOURO ROBERTSON.
W. M. SMILLIE,
H. STAYNER. Treas.
THEO. H. FREELAHD, Secly,
POTTXR, Prest.
H-B.HOLLIXS.
IMvate wire to New York. Baltimore and other places
MACDONOUCH,
p.
Interest allowed on dally balanoec
All deposits subject to obeok at stfrht.
Particular attention to orders by mall or telecrapli.
Particular attention given to Information regarding
Show Cftrd*, Labels, Calendars.
BLAITK BOOKS OP EVERT CESCSIPTIOjr.
ALBERT G. GOODALL, President
ASA.
Sta.,
Deposits received subject to check at sight, and
Interest allowed on daily balances.
SAFETY PAPERS.
tVorlt Exccuttil
,
Co.,
on Commlulon.for caab or on aarNew York Btook
Bell
securities dealt In at the
Kxchanse.
BANKBB8,
W.
8.
Sntb tjscljl Bifcsuaidj to pisTent COTOTESTBITmS.
3peci>l papers nuulactuied ezoloiiTely for ue of tb)
J.
&
H. Taylor
L.
FROM STEEL PLATES,
SAFETY COLORS.
FIRST-CLASS INTESTIHENTS.
Buy and
183 Broadway, Cor. John Street
it.
NUTKS,
DEALBB8 IN
itln. alt
BONDS, POSTAGE REVENUE STAMPS,
LEGAL TENDER AND NATIONAL BANK
NOTES, of the UNITED STATES and for
IJONIJS
Sons,
Sistare's
16 & 18 Broad Street, Netr York.
121 South Third Street, Philadelphia.
Connected bj prlvato wiro with main office. New
DIAMONDS.
BROASWAT, IfEW TOBK.
EsoRATKns AND PKINTKR? 0»
BAXK
1,015.
^ittauctal.
Geo. K.
Bank Note Company,
BuBlnen* Founded 179K.
iBoononted under Lavi of State of Kev
Beorcsnlird ISrO.
NO.
1884.
^itiaflpcial.
AMERICAN
148
fi,
''
No. 35
PINE STREET,
NEW YOBK.
(Members New York Btook BxohaogeJ
Accounts of Banks, Bankers and others recetved.
Interest allowed on Balances. A strictly Commission
Business In the purchase and sale of stoeks and boods.
Private Teletnaph Wire to Albany. Troy, Byraense,
Bochester, Utloa, Buflklo, Cleveland and Chicago
Draw on City Bank of London In amounts to sulu
Special attention given to Seonrttles for Investment.
IN
INVESTMENT SECURITIES. Jameson, Smith&Cotting
STOCK BROKER.
Town and Railway Bonds
of
Ail
STOCK BROKEBS
Lansdale Boardman,
bought and
MERCHANTS,
COMMISSION
AND
NEW YORK, 80 BROADWAY 4 5 NEW ST,
38 Broacd St. and 67 Kzehanca Plae«
Opposite Stock Ezohanse.
Wilson
&
Co.,
T.
R.
STOCKS, BONDS, GRAIN and PROTI810M
TROY, N. Y., 14 15 HALL BUILDING
New York and Cbloaco.
sold
classes
City,
sold.
6i
Private Wire to Tror.
Securities carried on manitn, interest paid on bal'noes
BANKERS AND COMMISSION MERCHANTS.
I
* Bxctaaac* Court,
N«w
Kork.
In
bought and
Chicago CorresDondents, WM. T. BAJUB
Direct and exclusive private wwe.
& 00.
THE CHRONICLF.
ii
"goxtiQU
&
Morgan
Drexel,
'^ovtiQn
l^-ecltaufie.
Drexel &
Issue Travelers' Credits, available in
world, throuah the
PIIII.ADEI.PHIA
DOMESTIC AND 'JoREIoy BANKERS.
Securities
bongnt and sold on commission. Interest allowed on
Deposits. ForeiKn Exchange. Commercial Credits.
Circular Letters lor Trarelers,
Gable Transfers.
all
parts of the world.
and
B A N K K K
&
Brothers
STREET,
Co.,
ALT.MAN &
In Francs, in
Martinique and Guadaloupe.
nAKEXELUGKAPIIIC TRANSFERS
OF MONEY
AND OTHER COUNTRIES.
U.^KE COI,t.E0T10SS OF DltAFTS drawn
a-BTITEE^f THIS
abroad on alt points In the United States and
Canada, ana ot L'rafts drawn in the
United States on Foreign Countries.
J
&
&
Stuart
J.
Co.,
62 William Street, Nenr York.
Accounts and Apency of Banks, Corporations,
firms and individuals received upon favorable terr^-s.
Dividends and interest collected and remitted.
Act as agents for corporations in payliu conpons
and dividends; also as transfer a«ents.
Bonds, stocks and sacnritles bought and sold on
commission, at the Stock Exchange or elsewhere.
BterlinK Exchan>;e and Cable Transfers bought
and sold.
THE UNION BANK OF LONDON:
BRITISH LINEN CO. BANK, LONDON AND
BANKERS, LONDON;
SCOTLAND.
KENXRiJT Tod.
Alexander Baking,
|MANCHESTE»I & COUNTY BANK,
"
MANCHESTKU, PAYABLE IN LONDON
i;i.$TEK BANKING COMPANY,
BELFAST. IRKLAND;
U. O. NoRxncoTE,
KDINBOBGU, AND BRANCHES;
ALSO,
CABLE TRANSFERS AND LETTERS OF CREDIT
NEW YORK; LONDON:
PARIS:
E. DAVIS.
.
W. G. U. IIKATH.
William Heath & Co.,
BAXKERS AM> BROHEK^,
No. 80 Broadwaj-, Neiv York,
Members of New York Stock Exchange.
FOREIGN EXCHANGE. CABLE TRANSFERS.
&
William Heath
Ofler luTestment Securities.
Buy and sell bonds. si(jcks and securities in all American. Canadian, British and Dutch markets on commission. Collect dividends, coupons and forelKu and
Inland Drafts.
Sell Bills of
IHEI.VILl.E,
liOTTIt(<U!KK
&
No. 19
Uae
CO.,
CiHCtTLAK, Notes
Schulz
LONDON.
Co.,
Ruckgaber,
York.
Commekcial akd Tkavelers' Ckedits.
.S
,
New
York.
LETTERS OF CREDIT AND
CIRCULAR NOTES
Issued for
the use of travelers in all parts of the
world. Bills drawn on the Union Bank of London.
TeleKraphic transfers made to London and to various
places in the United States. Deposits received subject to check atsiBht, and interest allowed on balr
ances. Government and other bonds and investment
securities bought and sold on commission.
H. GOABJIY
&
B. E.
Bank
Messrs.
of
WALKEll,
JOINT AGENTS
Canadian Bank of Commerce,
16 EXCHANGE PLACE.
Loudou
Loudou.
jonn Bereuberg, Gosslar dcCo
Ham bur;;,
Messrs.Marcuard, Kraus8&
E. ASIEL.
L. S.
THE WORLD.
FUANKENHEIMER, M. .^KMO.MAN,
-Niembers N. Y. stock Exchange.
'
f!o,, Paris.
Coramercial and Travelers' Credits
Bills of Exchange.
Cable Transfers.
Asiel
&
Co.,
BANKERS AND BROKERS,
No, 51
Exchanges.
H. CRfGER OAKLEY,
WlIlTELy,
UAKRV C. IJJGAN,
MAY>-.\1ID C. EYUE,
Hf.nky H. IXiDQE, Wiishlnjjton, D. C.
Wm. R. Thavers, Special Partner.
&
Prince
Whitely,
NEW
No. 64 BROADWAY,
YORK.
^^ Fifth Ave.. New York.
KnAvrrr nvwjrv^
URANCH
OFFICES ^^
jg^^ g^^ Washington, D. C.
S
j
Buy and sell on commission all classes of Kaliroaa
Securities; also Grain :ind Provisions.
Private Telegraph wires to Pliiladclphia, "WilmlDgton, Baltimore, Washington, Bridgeport, New Uaven.
Boston and Pittsburg.
CAE1»VEEE, \VA§HBi"RX
Ot
TOWBISEjXB
bankers and brokers,
No.
WALL STREET.
3
Transact a general Banking Business, Including tba
Purchase and Sale of all Securities dealt in at the
Stock Excbaniie.
Interest allowed on deposits subject to eight draft
Lansino C. WASHBrBN^
Member N. Y. Stocli Kxohiinge
&
A. Kohn
J.
Co.,
BANKKRS AND BROKKRS,
19 Broad St.,N. Y., Mills Biiiiaiugy
Transact a tieiieral Banking Bu.siuess..
Foreign Kxcliange, Bonds, Stocits and Miscellaneous Securities bought and .sold on commission.
.li'Lins A. Kohn. David Ochs. Moritz Ochs,
Memb.N.Y.StocIi Exch.
Memb. N.Y'. Stock Exi,
&
Co.,
BANKERS AND BllOKEUS,
No. IT WALL ST., NEW YORK.
rnlTATE WIRES TO :
PHILADELPHIA,
YORK,
PA.,
CHICtGO.
&
Oilman, Son
Co.,
BANKERS,
BARING BROTHERS & CO., London
PERIER FRERES & CO., Paris.
MENDELSSOHN it CO., Berlin.
ANKER
"Wire.
of the N. Y. StocJs
M initie
end
i
BALTirriORE,
AND
IN ALL PARTS OF
COltKESPONDEXTS OP THE
(Lluiitcd)
.lABlES
DicKiNKoK.
Uembcrs of New York & Philadelphia Stock Bxch'KM
New
BUT AND SELL STERLING EXCHANGE, CABLE
BANKERS,
TRANSFERS, ETC.
29 WILLIAM STUEET, NEW YORK. ISSUK COMMERCIAL CREIHTS, A VAILABLE
Interuational
F.
Members
(
CABLE TRANSFERS, BILLS OF EXCHANGE
J.
and Credits fob Tbaveleus.
&
&
FOKEIGN BACKERS,
ii
PARIS
CO.,
Fkan k
Walcott,
John H. Davis
PARIS.
Sts.,
Broadway.
Connected by Private
.T08. C.
,
120 Broadway, Equitable BulUUng,
8TKRL1NG CHEQUES AND BILLS AT SIXTY
DAYS SIGHT ON
ALEXANDERS &
nvTx.w
LONDON.
KOUAiTZE BROTHERS,
Co.,
No. 82 Nassau Street, New York,
No. 4 Post Office Square, Boston,
CHEQUES AND CABLE THANSKEUi! ON
&;
We
Brancb-Office, 320
CORSESPOXDEXTS:
City IjOabs ne*:otiated.
niTNROE
CO.,
Wall aud >'assan
Co.,
Scribe, Pari*.
&
)
"j
AMSTEROAM.
BOSTON, MASS.
Co.,
Orders solicited for London and American marketa
for Investment or on marKin. Railway, State and
John Munroe
iV-
CO.,
SON,
Kidder, Peabody
10 Tbirosnaorton Ave., Loudon, Ena:»
William Heath
&
KVAKS
C. J. IIAiVIHKO &•
J!;.S3,'.KJ','*.* '''»'''
Cor.
TJraw Bills of Exchange and transHCt a Keneral
financial commissiun business. Particular atteution
glren to Auiericun securities.
Exchantfe on
made and Loans NeKOtlate*»
Dividends and Interest Collected.
Deposits received subject to Draft.
Interest Allowed, invostmcnt Securities aSpeciaim
issue a Financial Report Weekly.
C. B. Caldweij,.
CHA.S. J. TovvNHEND.
Act as Apenta for Banks, Bankers and Railroad
Companies.
Issue commercial credits, also foretirn and domestio
travelers' letters of credit in pounds sl«rlLnK & dollars.
Co.,
stocks and Bonds bought and sold on Commission.
Jrders received in .Minina Stocks, and Ir. Cnllete*
New York
Co.,
BANKERS.
AND ON THE
E. (juiKciT. T d08
Y. Stock Exco,
&
WILLI A.M STREET,
No. 63
BANK OF SCOTLAND,
William Heatf
Member N.
Kennedy Tod
J.
j
NATIONAI.
J.
LIMITED;"
&
Walcott
BANKERS AND BROKERS,
No. 24 Pine Street, New York.
Transact a General Banking Bnsiaea*
DRAW ON
"NASSAU STREET.
BILLS OF EXCHANGE ON
33
SMITH, PAYNE & SMITH'S,
Cava.
In
John Paton & Co.,
SUCCESSORa TO
JESm*, PATOX & CO.,
ANY PART OP THE WOULD.
Y^
7^.
Am.'<lerdaiu,
6TKTT11EIMEK, Berlin.
any part of Europe, Asia, Africa, AusbraJlB and America.
Draw Bills of Exchange and make Telegraphic
T.-ai\(«fera of Money un Europe and Caitfornla.
Payable
St. and 62 Greene St., N.
on commission, ftjr investment or oit
New York Stock
sell
securities dealt In at the
all
Securities. Collections
SELIGMAN FKEKES & CJE.. Paris,
SELIGMAN A STETTUEIMKK. Frankfurt,
IN aTHBLIXG.
And
Buy and
marKln,
Al,SnKi(G GOI.IlBBKG,
ON GREAT BRITAIN AND IRKLAND, FUANCK
aBRMANV, BBI.GIUJl, SWITZKHLAND, NORWAY, DENMARK, SWEDEN AND HOLLAND.
I-isuc Commercial & Trayelers' Credits
IN
.
Issne Letters of Credit for Trarelerg,
On SELIGMAN BROTIIEKS, Ixiudon,
N, Y.,
BILLS OF EXCHASTGE
ATAILABLB
,
BROAD STREET,
IVeHf Y'ork.
AND SKLL
Btrr
8
of the New York Stock Exchange,
IN Foreign Exchange, Governmest
AND OTHER 1N\'KSTA) l-:NT BONDS.
STERLING LOANS A SPECIALTY.
DEALERS
Exchange.
their Correspondents.
No. 23
Chas. Unger & Co.,
BANKERS AND BROKERS,
64 Wall
& W. Seligman & Co.,
J.
Jatifeevs attd ^voUi&vs.
parts of the
on California. Europe and Havana.
Attornets and Agents op
Messrs. J. S. MORGAN & CO.,
Wo. 22 OLD BROAD STREET, LONDON.
No. 59 TVALI.
all
Also Commercial Credits and Transfers of Money
-
Brown
Street,
MESSRS. DE ROTHSCHILD,
PARIS.
Deposits received subject to Draft.
Co.,
yi
Members
aud 21 Nassau
Nos. 19
N0.S4 South Third Street, 31 BonlevardHaassmann,
arallabie in
&
BANKERS,
Drexel,Harjes&Co
Co.,
gatcTtattflC.
Co., August Belmont
AVALL STREET,
CORNER OF BROAD, NEW YORK.
xxxis.
;[VoL.
EXCHANGE PLACE.
No,
62
CEDAR STREET.
In addition to a General Banking Business, b:iy
iud Sell Government Bonds and Investment Securl.
Simon Borg
No. 8
&
Co.,
W^ALL STREET, NEW^ YOHK»
DEALERS
IN
ALL KINDS OF
Railroad and luTestinent Securitiec.
E. C. IltlMBEHT,
Uember N. Y. Stock Bxoh.
E.
John
J. c.
C. Humbert
llLUBtai
&
Son,
BANKERS AND BROKERS,
No. 29
DREXEL
WALL STREET,
NEW TOKK
BtllLDIKO,
Hatch
BANKERS,
We make U. S.
&
Foote,
No. 12 n'all Street, N. Y.
Bcjnds and Investment Securities
specialty, execute orders In STOCKS
for cash or carry the same on miirgin.
agoneral
and
a
BONOa
We tmnssct
BANKING business and ALLOW INTBRpv.
KST on DKPOSITS. Branch
private wire, Norwich, Conn.,
Otlices,
connected
and Boston,
Ma«0.' JUIS
f
:
Deceubkr
^rohevs.
9<tnTtct:s ftttd
&
R. A. Lancaster
Wood,
Co.,
WOOD &
<SREE!V
NRW
No.
WAsRivaTdw.
t en..
M
COIXJ.TCUNKK. JA8.TI7IU(BB.
M*nib. N.Y. Stock Kzch.
Broad
18
dc
DttlECTunX-
Co.,
CLAItJl Dkwino.
(Member uf New Vork Stuck
Co.,
K. T.
Stocks and Hontls BouKtit and Si>ld on Commtaslon
Accourilrt received und Interest allowed on bajlancea, whtch may be rhfched f<>r »t sight.
&
Bouden
Jenkins,
.|,
Kcaerve Fund, .£.300,000.
OFFICE, TFTREADNEEDLE ST.
HEAD
BRAJXCanS
Bond
Tottenham Court Bead
Street,
LudKatelllll,
Paddlngton,
Aldgate,
Old Street,
§T.
- f^ewYoRK*
FnrcbtSiHndaell on Cumnilision UOVKRNMBNT
•nil BAILKOAD BONOS Hnd STOCKS, and all
NKW
elaisea of Securities dealt In at tbe
TOKK
STOCK BACHANOB. or all reputable Securities
booBbt and sold
the OPEN MARKET. LOANS
m
•nd COMMERCIAL PAPER negotiated. Interest
paldon DEPOSITS, subject to check.
KnliiihtsbrldK*,
llolbom.
New
TUB
Anglo- Californian Bank
LONDON, Head Olbce, 3 Aiijtel Court.
«»AN FRANCISCO omce, 122 California St.
NEW YORK Agente.J.
BOSTON
W.Seli^iuu & Co.
<k
Correspond'tB, Massachusetts N.
dntborlzed Capital, •
Paid-up Capital, • .
Ueaerve Fund, - - •
•
.
.
Tnunact a General Banking
Bar and
Sell
t-REU'lf F. LOW.
(„
IGNATZ STEINHABT,!"*""**"-
I.II.IRVrUAT.. Cs.hlsr
Investment Secnrltles.
BOX a.MT.
Watland TRAai.
w. C.Hill.
H.
J.
f7,f00,000
4,4^0 <HH)
Bank of
4
Threadneedle
^
So.
458 Brond^vny, cor, Kxrhnnee Place, N. Y.
Branch UOicr, IvJN I.a Salle -t., Chlcairo,
INTKRI'^T
AI,I,<)\VKI>
D
P. O.
A. BOODT.
St.,
ON DEPOSITS
""^"O'^a
1835.)
London, England
FRIIiKAUX HKLRY.
&
Aeorvtsrr.
Co.,
AlHERICAN BANKERS,
SKillT.
Box
447.
O. W.
MCLKLIJIS, JB.
RCCTBCV LELAJfD.
STUTTOART. GERMANY.
A. P.
A. CO.,
TURNER
80
THKEADNKKDLE STREET,
LONDON.
l<
A M K bUS,
CNITED BANK BUILDING,
W^all Street, Curner Broadwra]r.
STOCKS,
BOy
'S
rf
OOilUEROUL PAPER.
Stocks and Bonds bouu'ht and sold on commission
at .New Vork Stock Kxchange. Advancefl mode on
Of Ineas paper and other seuurltlefc
Loans on the r.ondon Market, aots aa Agent tor
ter of
puTmenU of
Interest on Loans. Dividends
on
SSBMBEM
j
Philadelphia Stook Exchange.
L. de Steiger
Cable
Addp
-PATT, LOKDOK,
Railway Debenture Trust
COMPANY
No.
4
(LIMITED),
BANK BVILDINQS,
LONDON, ENGLAND
Same Direelon <u Iht Bailvay Short TruM
Company (Limited).
CAPITAL PAID LP, with
Snrplna,
Blake Brothers & Co.,
LONDON, ENGLAND,
Elicit accounu and agencies of Banks, Railways.
Corporations, Qrms and Individuals, upon favor
able terms; also orders for tbe purchase and
sale of Bonds, Shares,
Ae„ on Commission
on the Stock Exchange.
Nevotlnie Railway. State and City Loans and
laaae Conunardal Credlta avallabto tn all parts ct
tbe world.
Ac
De Twentsche
JEl.BOO.'^O.
Onaraiitee and Reserve runda, iTi.'lM.OOX
L«tt«rB of Credit and Drafts Issued ud the 118
araochesof the Bank in the Colonies of Vaeensland.
?few South Wales. VMctoria. South Australia, Tasma.
ala and New Zealand. Bills nesntlated or sent for
Collection. Teleifmphic Transfers made.
Deposits
received In London at interest for fixed periods on
terms which may be ascenulned at the otllce.
Narr
SUBJECT TO CUKCK AT
Ht,
Australasia,
PAID-UP CAPITAL.
BANKER)*
TIES.
47 William
(INCORPORATBD
i^ef tau
JVI(2
ofTnutw
Railways, ne«otlatw aii4
Shanghai
and London.
A. M. TOWNSKND, AgftiH.
Mobsb.
iSoodtf^
undertakes tbe business
iBl,966,410 SterUac
Keser^-e for Equalization of Dividends
400.0
Keoerve I..iability uf Proprietors
7,500,000
Tne Corporation irrant Drafts, Issne T^etters of
Credit for use of Travelors. and nefrntiate or collect
Bills payable at Bombay, Ca.cutta, tiinjfapore, BaiKon
Manila. Hong Konx, Foochow, Amoy. Nlnspo.
Shanffhai. Hankow. Yokobama. UiOKO. 8an FranoiBCo
P. O.
A.M. KrooiB.
Bb
Transact a general banking business. Issue Commercial credits and Rlll»of Bitchange, HTHllable In all
p-rts of the world. Collections and f.rders for Bonds,
Stocks, etc., executed upon the most favorable terms.
Reserve Fund ....
Business, Inclndlnc
the purchase and sale of STOCKS and BONDS for
«asb or on marnln.
,
MamMling Director.
Railways and other Corporations, either In the mat-
96,000,000
1,500,000
400,000
Pald-wpCftplta!
Vork,
Issues
a B., M. P
Yol-ho. Bart.
London.
BANKING ASSOCIATION,
WALL STREET,
Esq.,
Loans of approved
while conducting the general business
of London Bunkers, gives speclHl attontlun to tbe
Agency of Foreign and Colonial Bunks.
A. () KKNNKDY. Manager.
Hong Kong &
No. 18
Cbalrmaa.
I.
M. P.
LAWBIXCI
ThU Companr
to
The Bank,
P. N.
C^ Co.
BANKERS,
p..
C. B.
or Reslitnttlon of. Stocks in London, or otberwlaa.
(LIMITED).
25 f iN£
Esq.,
FBAMCI8 PAVT,
ENGLAND.
..... Xl, 000,000
......
000,000
...... 1,000,000
BONTICOC.
New ¥ork.
U.
O. C. M. O., K.
BIB Cbablu
LO]V'DON,
Aathorlzril Cnpllal,
gabMrli>e<l I'apllal,
Pald.lp Capital,
blxchanj^e.)
H. Dewing & Son,
BANKERS A\I> BROKERS,
No. 18 Wall Ntrcet,
gauhcrs.
(LIMITED.)
bought anil
HmAii DKWIXQ.
Kmh..
JOH.f IIOUATIU Lloti>, Esq,
Jobs Pkndeh,
The City Bank,
STOCKa, BONDS, GKAIN AND PUOVI8IONS
itolrt In New York and rhlomro markftffc
LAINO,
OIVKBAL nsxBT HuPKU(SO»,
MALCOLM A. LAIXO, Esq.
Vnrh.
^or«tfltt
r
Vork.
B.
BBOIC£B8,
Special.
Street, Neiv
Capital Paid Vp, ieeTl,800 Sterlloc.
Sib UX.VBT Duitiuio.vd WoLrr,
BANKERS AND BROKERS,
16
AKD
Newr
K. LUtlU.IT.
&
Turner
J.
r>.
LONDO.M, ENGLAND.
Co.,
WALL STREET,
8
VOUK.
PrIVRW Wire to Washtnxton.
C.
&
and VorefKn Kxcliancc
Stocks, Cotton
nATWvuN
Lapsley
BAJ.'K£RB
BATEIHAX,
8TRKRT,
BONIX
BANK BUILDINOa
4
UM.HWAK
.
W. H. Goadby &
NEW YORK.
ni'DI-ET.
&.
WALL
S5
No.
V»ym York.
Memh.N. V.CotUio Kzch
W. W.
aiMITKD),
Ne«
BANKERS AND BROK£R!>,
No. 84 BROAD STREET,
DOCOLAHS UK»y,
A. B.BATIMAN,
Mcmb.N.Y Stock Fxoh.
THK
Railway Share Trust Co.
the
listed at
KlHHT-ri.AHn KAII.KOAt> KIHitT MuRTOAOI
W(ioi) ( M. IIUKSTIB.
OKOHOKC.
Stewart Brov/n's Sons,
STOCK BKOKEKS,
PINK STREET,
Co.,
I>AVIS.
Bxeonte orders in all seonrtlles
\orkHlork Klrli»nii<.. Ki.r.Hale.
gauUcvs.
^otcifltt
Yf)RK,
HUCCIIMOiUI TO
Howard
SB
NKW
ST..
BANKEHH AND BHOKURS,
.Vii«colUu«on8 Sccnrltles.
Southern S»curitU» a BpeoiaUy.
&
Huestis
PINE
31
nuLCRii IN
&
Ifl
IJnnlicvB anti Uvolicva.
BANKKKX AND XUOKKKB,
VMITKD HANK IIIJILUINO,
BROADWAY ANU WALI.HTUKBT.NUW TOBK
B«lIroa<I
)
:
THE CHRONICLE.
1884.]
U,
:
&
Bankvereeniging,
B. W. BLIJDENSTEIN k CO.,
AJUSTERDAKI, • • • . HOLLAND.
Bstablisbbd 1S8L
—
Sabeorlbed Capital. 8.000,000
Gnlldera (I3JOO.00O.—
Pald-Up Capital, 7.871.100(«S,148,440.-)
BaeerreFund. '
849.86387
(tS88.M&JS>
Bead
Amsterdam.
BRASCBBa
Lsndon-BZCHANUE A INVESTMENT BANK.
Office,
w. BLunaNsTKiH A Co.
A M Tbreadnaedls Straat, B. C.
Ratterdsm— DBWIS8BL-en EFrBCTBNBANK.
B.
Noa.
fiS
Enschcde-B. W. BLIJDBNSTBUI, JB.
Almelos-LBUBBOBR A
Co.,
BANKERS,
FEANKFOET-ONMAIN, GERMANY.
00.
Transact a gsnaral Banking and Oommlsslon BaaU
nesa In Bills, Stocks. Shares, Coupons, Ac.
Nsvr
Messrs.
TORK COBBUrOiCDBMTS
KNAUTH, NACHOD * KUHNK
:
THE CHRONICLE.
It
©atiajatmi gattKjerB.
•
•
-
SURPLUS,
-
•
-
¥12,000,000, Gold.
$6,000,000, Gold.
SMITHiES, President.
W. J. BUCHAilAN, General Manager
O. F.
special
accessible points.
».
New York and
Boston*
B. F.
No. 4 ExcUauge Place, Boom Xo.
4,
BOSTON, MASS.
$5,700,000 Paid Up.
$1,250,000
No. 60
BOSTON.
ROBERT ANDERSON, Esq
HEAD OFFICE), iTIONTREAI..
GEORGE HAGUE, General Manager.
J. H. PLUMMER, Assistant General Manager.
BANKERS
liONDON.BNG.— The Clydesdale Bank (Limited.)
NBW TOHK—The Bank of New York, N.B.A.
Ei-
ehange. Cable Transfers, issues Credits arailable in
all parts of the world, makes collections in Canada
and elsewhere, and issues Drafts payable at any of
the offices of the.bank in Canada. Every description
Of foreign bantdng business undertaken.
New York Agency, No.
61 Wall Street.
HENRY HAGUE,
AMnt.
JOHN B. HARRIS. .TR„ J •"gents.
Shobmaksb.
Jos. M.
W.
STREET.
Exchange and Cable Transfers. Issue demand drafts on Scotland and Ireland;
also on Canada, British Columbia, San f^ancisco and
sell Sterling
CIRCULiAR NOTES issued in Pounds Sterling
all parts of the world.
003ISIERCIAL CBEDIl"!* IS.SUED for use in Europe,
West
China, Japan and the East and
Indies.
Also,
NEW available
LONDON & BKAZIIylAN
In the Brazils, Klver
BANK Limited,
Plate,
In
name
&c.
and other banking business trans-
MCTAVISH,
8TIKKMAN.
D. A.
acted.
H.
}
-Mnts
Agents.
S
&
No. 322
R
•
-
-
SURPLUS,
Si
,
HOWLAND, Pres't.
WILKIE,
S.
Bt.
Catharines, Port Colbome, St. Thomas, Ingersoli
Wetland, Fergus. Woodstock.Winnipeg, Man.,
D. R.
Cashier
HEAD OFFICE, TORONTO.
BRANCEES:
Brandon, Man.
Dealers In American Currency
&
London
Agents in New York:
BOSANQOET, Salt & Co., Bank of Montreal,
69 Wall Street.
73 Lombard Street.
Agents
in
:
I
In
remitted by draft on
New
Brewster,
Correapondence solicited
and
Robert Garrett
J.
TUB
Wm. B. Oliteb.
Dealer* In municipal, State, Railroad
and United States Bonds.
&
SWIBT &
Co.,
Co.),
BAITKERS AND BROKEBS,
STATE STREET,
IHASS.
Dealers in Municipal, State and Railroad BoBd«.
Mortgage
COMPANT LIMITED,
(OF LiONDON, ENGLAND),
Transact a general Financial and Agency Business 1b
the State of Texas and Europe.
C. K. WKLLKSLKT,
New York Correspondents:
General Manager,
Blake Bkus. & Co.,
DALLAS. TuxAg.
Wall Street.
Wm. W. Thornton, Cash.
THORNTON & SON,
BANKERS AND BROKERS,
W.
F.
(Established I85B.)
BHELBYVILLE, ILLINOIS.
Collections made in Shelby and adjoining Counties
and Proceeds remitted on Day of Payment.
Rekehences.— National Banlc of Commerce, New
York; Union National Ban 1(, Cincinnati: Third Na^
Bank, Chicago;
Traders*
tional Banli, St. l.ouis
First National Bank, Indianapolis.
:
(KETSER BUILDIN(^/f
& 25 GERMAN STREET,
Bullard
NOS. 23
BALTIMORE, MB.
397.
&
Texas Land
Thos. m. tbohnton.
SOUTH .^TREET,
Wm. Middendobf.
Box
also.
BOSTON,
7
Town, Sehc
Sehoo
and Car Trust Bought and Sold.
State, County, City,
funding of entire issues receives special atten*
Write us if you wish to buy or sell.
BANKERS AND BROKERS,
BOSTON STOCK EXCHANGES.
Dupee
DEARBOEN STREET,
CHICAGO, II.I..
No. 176
Sons,
TRANSACT A GENERAL DOMESTIC AND
FOREIGN BANKING BUSINESS.
119
&
Wheeler,
MAIDEN LANE,
NEW
Members Baltimore Stock KxchanRe.
MEMBERS OF THE NE\V YORK AND
No. 40
Co.
Estabrook, Middendorf, Oliver & Co.
BOSTON.
(Formerly CHAS. A.
&
4
BAL.TIIHORE,
CONGRESS STREET,
Perkins,
&
W. Harris
Co.,
INVESTMENT BANKERS,
N.
•
fni-
BANKERS,
BANKERS,
No. 35
Information
oisoed.
N. Y. Correspondents— MoKlm Brothers
No.
Cobb
&
Co.,
BANKERS AND BROKERS,
BAI.TIITIORE.
INVESTMENT and SOUTHERN SECURITIES
YORK.
BAOGINO AND IRON
S^aufh&xn ^auUjers.
MERCHANTS' NATIONAL BANK,
RICHmOND, VIRCilNIA,
Collections
made on
all
Southern points on best
terms; prompt returns.
John P
JOHN
Glbxn', fash.
P.
BRANCH,
Co.,
Defaulted Bonds of Missouri, Kansas and Illinois a>
paying from
The
&
&
Specialty. Qood Investment Becurltiea,
i}4 to 10 per cent, for sale.
tlon.
Wilson, Colston
1871.
Keleher
F.
DrkXTT^Q
York.
Hjexw ^ttfllatxtl '§nuhtv?.
P.
DVyi> Uij,
|
Promptest attention paid to collections payable
any part of Canada.
Approved Canadian business paper discounted at
the Head Office on reasonable terms, and proceeds
KBTABLI8HED
PHIIiABELPHlA.
specialty.
Sterling Exchange.
CHARI.EST01V, S. C.
Special Attentiox Given to Collectioxs,
Orders executed by private wire in New York, Boa
ton and Baltimore.
Drafts issued on all principal points in the United
tates and Europe.
$1,500,000
$678,000
H.
Bbne,st H.PBINGLE.Cash.
OLIVK STREET, ST. LO01S.
Dealers In IVestern Securities.
Imperial Bank of Canada.
CAPITAI. (paldnp),
parts of the United States
all
305
Gerlach,
B R O K Gl
CHESTNUT STREET,
Cashier
'WizsUxn %mikzxs.
Stocks and Bonds Bought and Sold on Commission
Narr
Walker,
NATIONAL BANKIXG ASSOCL4T10N,
Co.,
BANKERS AND
l£.
BANK OF CHABLESTON,
DEALERS IN CAR TRUSTS AND OTHER
INVESTMENT SECURITIES.
of
Bills collected
&
made on
Collections
BANKERS,
South TUrd St., PbUadelpbla.
No. 35
Chicago.
available in
Clark
A.
Pres't.
WlI.C.CODKTNEV.PreS.
PHIL,ADEL,PIIIA.
OF
No. 62 TVALI.
BuBRUss,
First National Bank,
iriLMINGTON, N. C.
Robert m. janney.
BANKERS AND STOCK BROKERS,
No. 134 SOUTB THIRD STREET,
E.
C,
DURJBIAIVI, N.
special attention to collections.
M. Shoemaker & Co.
Jos.
'
North America,
P. A. WrLBY,
Cashier.
With ample means, and facilities excelled by no
Bank in the State, invites correspondence and pays
H.
)
AGENCY OP THE
ALABAMA.
The Bank of Durham,
& STACKPOIiE,
DEVONSHIRE STREET,
ANDREW ALLAN, Esq.
Buy and
Co.,
Special attention paid to collections, with promot
remittances at current rates of exchange on day of
payment. Buy and sell State of Alabama and City
of Mobile Bonds.
Correspondents.— Bank of the State of New York,
New York; Louisiana National Bank, New Orleans;
Bank of Liverpool (Limited), Liverpool.
PARKER
President,
Vice-President,
British
&
Thos. P. Miller
President.
SIJCCESSSOR TO
Bank
all
BKN.T. A. BOTTfl.Preg^
W. T. Blackwkll,
Francis V. Parker,
OF CANADA.
sells Sterling
WBBMS. Cashier.
mobile:,
COMMISSION STOCK BROKER,
Chicago and throughout the
The New York Agency buys and
on
Baldwin. W.
Mcllhenny, B. F. Weems.
MEMBER OF BOSTON STOCK EXCHANGE.
-
collections
Botts, Pres't; F. A. Rice,
B. Botts. Rob't Brewster, 8.K.
C. C.
I.
Samuel G. Studley,
i
Merchants Bank
•
Texas.
attention to
Directors.— Benjamtn A.
Iiondon OOlce, No. 22 Abchnrch I.ane
Capital,
Keserre,
(rive
BANKERS,
Sterling Exchange, Francs unci Cable
Transfers; grant Commercial and Travelers' Credits,
available in any part of the world; issue drafts on
in,
PROVIDENCE,
CAPITA!,, $500,000,
Houston,
We
W^EYBOSSET STREET,
Exchange.
Private Teleeraph Wire to
Buy and «eU
and make collections
Dominion of Canada.
bankers and brokers
53
^ontUiixn %mxUzxs,
THE CITY BANK OF HOUSTON,
& Co.,
Wilbour, Jackson
Dealers in Commercial Paper, Govermnent and
other Srst-class Bonds and Securities and Foreign
NEW TOBK OFFIOM,
No8. S9 & 61 TTAI.!. STRKET.
WALTIK WATSON, ) Agents.
a „entB
ALEX'R LANG,
'§'dxihtvs.
Joshua WrLBOtm,
Charles h. Sheldon, Jb.
BENJAUIN a. JACKSON, WILLIAM BENNET, JH.
Bank of Montreal.
OAPITAI.,
gufilaM
icxo
XXXIX.
[Vol.
President.
Frbu. R. Scott. Vice-Pres't
BRANCH &
CO.,
THOMAS
BANKERS AND COMMISSION MERCHANTS,
RICHmOIVD, VIRGINIA.
Virjdnia Bonds funded under tlie Funding Act
passed by the last I,eKisiature, for 14 per cent comNew North Carolina 6 per cent bonds,
mission.
secured by lien on the State's stock in the North
Carolina Kallroail, for sale.
TIES,
(FOR Baling cotton.)
Agents for the following brands of Jute Bagglntt,
"Kagle Mill8.""Brooklyn City,""Ueorgia,""Caro!rnaP'
'Nevins, O," "Union Star." "Salem," "Horioon Mills,"
Jersey Mills" and " Dover Miiis."
'
IMPORTERS OF IRON
TIES.
BAGGING.
WARREN, JONES
&.
GRATZ
ST. LOUIS, Mo.
Uttnnfsoturers' Agents for the sale of Jute Bagging
IMPOBTESS OF
IRON COTTON TIES
:
:
Deoeubkr
G,
THE CHRONICLE.
1884.]
^imst
fSiavaafWOLizs,
jlaUs.
^ttctitftt
Ronds of SxTretyslilp. The Union Trust Co., STOCKS and BONDS
OTBSR BUSiyESS.
eU AND
CHK8TNUT HTREBT,
PHILADBLPHIA.
At Auction.
The Oiistrniitee €o.
IfO
Bin
OF NOUTU AMERICA.
Cub
|300,noo
Capitol
CH>h Assets
4011,000
Deposit with Insurance Department
214,000
Vioo-E*resldent
Presltlcnt:
Sill
ALKX.
r.
Hon. JA8. FKRRIEK.
OALT.
and Express Compa-
Clerks of Public Companies, In.stiditionsund Commercial firms, can obtain
BONDS OF SURETYSHIP
this
Company
at
modemte charxes.
The bonds oi this Comp;iny are accepted by courts
of the State of New Ynrk.
CASUALTY DEPARTJTIENT.
known
to the law.
kept separate from those of the
All trust asseU
FIBEILITli' Ik CASIJALTY CO.,
Nos. 814 & 210 BKOADWAY, NEW TOBK-
Fire
niKKCTOUS:
Geo. T. Rope,
O. O. Williams,
Davi
I
linws,
A. S. Barnes.
J.S.T.Stranahan, II. A. Hurlbnt,
J.D. Vermllye,
A. B. Uuii,
Geo. S. Coe.
Wm. M.
W.
G. Low,
MAHLON
ail
Canada and
Uiuulk,
Geo. H. Prentiss 6c Co.,
No. 49 WALL ST., NEW ITORK,
Attn
mONTAOUE
308
OAS STOCKS
OAS SECURITIES,
;
Street Railroad
Mills Building, 35 Wall
St.,
New
York.
TUOMA8 HILLHOUSH, President.
FRKDERIC D. TAPPKN. Vice-President
N. Y.
J.
BHITTIN.
facilities for makins collecaccessible points in the United Suites,
Europe.
Liberal terms extended to
DEALT
MANIIATTAIH
Safe Deposit& Storage Co
346 ic 348 BROADWAY,
Corner of Leonard Street,
NKW YORK.
Member N.
and can be UKNTKD FOR A
Stock Privileges
Co.,
Rome Watertown A ORdensburg Istsand Sdfl.
Oswego & Rome Bonds.
k N<»rtherii Indiana Bonds.
JoUet
Grand
BAGS, "AWNING STRIPES.
Also, Agents
United States Trust Co.
OF IfEW YORK.
No. 49 WALL STREET.
$2,000,000
3,541,008
This company Is a legal depository for moneys paid
Into court, and Is autnorlied to act as guardian or
receiver of estates.
INTEREST ALLOWED ON DEPOSITS,
Which may be made at any time, and withdrawn after
Ave days' notice, and will be entitled to interest for
the whole time they may remain with the company.
Executors, administrators, or trustees of estates,
and females unaccustomed to the transaction of
business, as well as rellKiuusand benevolent institutions,
will And this company a convenient depository for
money.
JOUN A. STEWART, President.
WILLIAM H. MACY, Vice-President.
JAMES S. CLARK. Second Vloe-Prest
TnVSTEES:
Dan. H. Arnold. James Low,
Thomas Slocomta, W. W.
8. B.
Chittenden,
Phelps,
Johnll.Khoades
Charles E. Bill,
D. Willis James, Anson P. Stokes,
Wilson G. Hunt, J(jhn J. Astor,
Uobt. B. Mintum
H. Macy,
John A. Stewart, Geo. II. Warren,
Clinton Gilbert, S.M.Buckingham George
„ Bliss
Daniel D. Lord, H. K. Lawrence. [William Llbbey.
George T. Adee. Isaac .N. Phelps. John C. Brown,
JKrastus c^Tning.Kdward Cooper.
Samuel Sloan,
W. Bayard Cutting.
L. THORNELL. Secretary.
LOPI8G. HAMPTON. Assistant Secretary
Wm
,
HENRY
The Brooklyn Trust Co.
Montague
Clinton stt.. Brooklyn, N. T.
This Company ts aQthorized bjr special charter to
act as receiver, trustee, gaardiaiL. executor or administrator.
It can act as utrent In the sale or management of
real eetiite, collect interest or dlTMenda, receive
reslstry and truiiafer books, or make purchase and
ale of UoTcrnment and other securities.
RellRlous and charitable institutions, and persons
unaccustomed to the transaction of business, will
flod this Company a safe and convenient depository
Kiri.KY Uof'ES. President.
tor money.
Cor. of
St.
KDMUN!) W. CORLIES,
TKL'HTKKS:
Rjtpid.s Sl
Vlce-Prea't.
Joalah O. Low, K. F. Knowlton, H. K. Plerrepont,
Alex. M. White, John T. Martin. Henry K.Sheldon,
Wm. C. Kinssley. C. D. Wood.
A. A. Low,
Fred. Cromwell, Wm. li. Male,
Alex. McCue,
Mlch'lChanncey,)onn P. Kolfe,
TTenry Sanirer
Wm. B. Kendall. K W. Corlles.
Kipley Ropes.
Jas. Uosm CL'iiHAx. SeoretuT.
UNITED STATES BVNTINO
A full supply, all Widths and Colors, always
No. 109 Duane Street.
Fabyan &
Bliss,
CO.
BROKERS AND DEALBB*
Bo
Joy, Lincoln
is
&
4S
Whttk Stbxit,
TOBK.
&
is
Chaitkcxt Stbut,
NEW
Brown Wood & Kingman
,
SELLING AGK.NT3 FOR
Geo. H. Gilbert mfgr. Co.,
Freeman mfK. Co.,
Arlington mills,
.mi':;.
Co.,
Elt<'lil>iirK
CO.'S
TEUBCRAPU
Bank
James Phillips, Jr.
Worsted Co..
George Whitney, Continental mills,
Lincoln mills.
BOSTON, 31 BeiUord Street.
& 60 Worth Street, and
vrm vriTjir
NtWYOKK. {J*8
35 j^ 37 Tlioioas Street.
STOCKS,
STOCKS,
Stocks, Insurance Stocks.
E.
Santtosa Victory mi's. Co.,
Hosiery and xarn mill*.
IN
STOCliS,
TRUST
AOKtTg VOB
Henfrcw
OKALIB
BOSTON.
Ocean mills Co. Atlantic Cotton mUlla,
Peabody mills, Clilcopee mre. Co.,
White mi'g. Co.,
Ellerton New mills.
noyes.
RAILWAY STOCKS
GAS
Motley,
s.
NASSAU BTR££T,
No. 21
BLEACHED SHIRTINGS CITY
AND SHEETINGS,
for Export Trm\t.
i>
:1V
c
wm:.
&.
Drillt, ShMtingt, itc,
Flagg,
Duncan Building, Cor. Nassau & Pine Sts.
KNTRANCK No. 11 PINB 8TRKBT.
Tork, Boston, Pbiladelphia,
8BLLINO AGENTS FOR LEADING BRANDS
PRINTS, DENIMS, TICKS, DUCKS, &0.
Tovrela, <laUta,TVIilte Goods & Hoilerj
HACHFIELD,
&
Reed
New
BROWN
E.
No. 6 W^all Street.
In stock
Co.,
Indiana Bonds and Stook.
ALBERT
kinds of
CANVAS, FELTING DUCK, CAB
COVKRING, BAOOINQ, RAVENS DUCK. SAIL
TWINES, *C., "ONTARIO" SEAMLESS
^rttst ^ovx^innics.
Capital,
INVESTmENT SECVRITIES
BOUGHT AND SOLD.
W^ANTED
COTTON
DAY W^EEK OR mONTH.
Surplus,
NEGOTIATED.
.
COTTON SAILDUCK
And all
Y. Stock Excluu»««.
iSiKx&s,
Manufacturers and Dealers In
Safes to rent from $10 to $200 per year,
W. W. WALaa
GIO. H. PBXNTIgS,
Brinckerhoff, Turner
&
IN.
8KB GAS QUOTATIONS IN THIS PAPKB.
Secretary.
Commercial
&
Bondi
BROOKLYN SECURITIES
$1,000,000.
act as llscai or transfer agent, or trustee for corporations and accept and execute any legal trusts from
persons or corporations on as favorable terms as
other similar companies.
Stocks and
ALL EIMD8 OF
Ain>
Designated as a legal Depository oy order of Supreme Court. Receive deposits of money on interest,
WALTER
accounts of bankers and merchants.
Correspondents.— .New York. National Shoe
BROOKLYN,
ST.,
Pa,!
W. Cooper, allextow.n.
PAID UP CAPITAL,
Leather Bunk: Union Bank of London.
luucstmcnts.
jlpcciiil
This bank has superior
tions on
SON,
NEW TORK.
;
Chas.
S.B.Chittenden.
V.Pres
MVLLER A
H.
PINE STREET.
7
i
Philadelphia: Samuel K
-
BUFFALO,
Na
Dr. George W. Reily. Uaruisiu no. I'a.: J. Simpson
Africa, Uu.STI.NGDON Ilenrv S. Eckert. REAUlNOi
liUmund S. Doty. Mifkllntowx : w. W. H. Davis,
DOV-LK8TOW.V R. K. Monaghan, WEST CUEgTEH i
Richards.
Bank of Buffalo,
...... $300,000
CAPITAL,
ADRIAN
Metropolitan Trust Co.,
Charles Dennis,
Alex, .Mitchell.
Bherman S. Jew ETT, Pros. Josiah Jewett,
William C. Coknwell, Cashier.
OM
AND BATUKbATg.
WICDNieSDAril
and BurglafProar Vaults,
protected by improved time locks.
Wills kept In vaults without charge.
Bonds and »tocks. Plate and all valuables secnrely
kept, under gnarantee, at moderate charge*.
Car trusts and other approved secnritles for sale.
Money received oo deposit at interest.
JAS. LONG. Pres't. JOII.N G. HKADING, V.-Pres't
S. STOKi;--. Treasurer* Secretary.
D. R. PATTKIISON. Trust Offloer.
DiREoroRH.— James Long. Alfred 8. Gillett, Allison
White, Dr. Chas. P. Turner, William 8. Price, John
T. Monroe, W, J. Nead, Thus. H. Patton, JoJin O.
Heading. Jas. 8. Martin. 1' :
Agnew, M. D„
Jos. 1. Keefe. Robert I'lir
..lort'. Bngel,
Jacob Naylor, Thos. G.
i.,
Perkins,
AUOTIOH
STOCKS AND BONO*
Burgiar-Proof Safes and Boxes (having chrome
steel doors) to rent at 95 t<i |00 per aonom. In their
new and elegant chrome steel.
i
Policies Issued atfain.st accidents causing death or
totally disablintf Injuries.
full InfurniuTloti as to details, rates. Ac., can be
obtained itt lu'aii otBce. or of Company's Agents.
Wm. M. IticiiAiiiis, I'rest. JOH.N- M. CBASE, Seo'y.
Uuu'r J. liii.LAS. Ass't Secretary.
Ike Undenlfrnod hold RKOULAR
BAJ.]» of all claiHiea «t
Take* ohanteof property! oollMts and remits Interest and Income promptly, and discharges falth-
Company,
D. J. TiiMl'KI.NS, Secretary.
NbwYokk DiuKcToim— Jiweuh W. Drexel, a. L
Hopkins, H. Victor Nencomb, John Paton, Danle
Torrance. Kdw. K. Wlnslow. h'rastus Wlman.
from
appointee.
fullT the duties of every trust
Kdwako Kawlinos.
NKW VOKK OF"KICE:
NO. 178 BROADWAY.
ManaKliiK Director:
Officials of Bunks, Railroads
nies. Mjinn«Rrj*. Socretiiries, and
Anthnrlied Capital
11,000,000
Paid-up Capltjil
000,000
Charter Perpetual.
Acts as Kxucutor, Administrator, AMlsnee, Reoelver. Guardian, Attorney, Agent, 'rnisteaand Committee, alone or In connection with an Individual
S.
T
Bailey,
PINB STREET.
I>EALIN08 IN
INSURANCE STOCKS
A SPECIALTY.
Cash paid at once for the aboTa ieotirltlw ; or they
be sold OB commission at seller's option.
wU
TO HOLDERS OF DEFACLTKD
BONDS.
TBe onderslinied Inrltes oorreapondane* with
DSyAULTBD OR US'
holders ot all
PUDIATED BONDS of Cities, Comattas, Townablps
or School Districts. Will purchaas at best ratas.
Give fall i*.escrlptlon and address
WK8TERN
T. J.
CHEWr, JR.,
St.
Joseph, mo.
No Water. No Brush.
OFFICE
THE
CARPETS. OH New York MoistUSELetter
Copying Book,
Before buying your Carin'ta, LInoIeiiin,
Cloths or Mattlugs, call at
Carpet Store, 114 Fulton
MANUFACTURED BT
BENDALL>S
St., basemeDt
U otcon- N«w York Stationery 4c Enrelope
YORK.
Cheapest place in the city.
Teolent to call, send for aaniplea.
floor.
No. 9a
JOUN
STRlCKT,
NKW
Co.,
THE CHRONICLE
71
NEW^ ENGI.AND
TheCorbin Banking Co. Chicago Milwaukee & St.
CO.
Capital, tl5;i,000.
carefnllv sslected loirii and Kiisteni Kansas
Incorporated.
Offers
Interest « to H per cent. Security
per
three (3) times amount uf bo;lu. Also for sale
cent Debenture Bonds, secured by throe (M) times
their face value in Guaranteed Iowa MortgaKes. All
For particulars or
security personally in;.pected.
EXGI.ANl) MORTreferences address the
& INVESTMENT CO., DES Mul.NES, Iowa.
Farm MortKages.
NKW
GAGE
H
MII.T.S, President.
M.
F.
KAS90M. Cashier.
J.
MERCHANTS' NATIONAL BANK,
BBS MOISES, IOWA.
CAPITAL,
If
^Inauctal.
financial.
^pjccial %nvtstmtnts.
MORTGAGE & INVESTMENT
fVou XXXIX.
llii
Xew
York.
Paul Railway Co.
MORTGAGE 5 PER CENT
GOLD BONDS.
TER->IIXAL
thereof, with uitcr>'^t, watt promtl]) pttid ; ihe n-mnimii'r
ia ivU secured "/id bfing rupidly cnllfcti'd.
Vn- operaiifmsJoT' *i qiuo'teriif u ceniuru fhow n'lbstn/ttinlly thf
same re^ultn. !s'ote tke shrinkage in value dnrin^j in st
five yearg of a}l securities uptni tne viarkei: the numbfr^i
in default practicaliy icorthiess to piiy(ie!< depending
upon an incntne. Our records ur- crowd*'il with tvidetiees of he desirahili u "f tnet-e loaiis. In erest an.l
pri7uipitl payable fit our o{Hce, net to lenderi*.
Principal Payable Julr
Interest Payable
.
11
/->
V
•
Srecial attention given to
vO IPCtlOnS
C
llections
and RemUtaii
Safe Investments.
»T/=.c -»-,-» or-if-o Choice Mortgages on ImPER CENT BONDS and MORTGAGES T»-*
inVeSimenLS.
proved City Property.
7
NEGOTIATED BY THE
First National Banls, Corning, Iowa.
first mortgaijes in the best KarminK Districts
in Iowa, Missouri, Kansas and Nebraska. Interest
paid at your own home in N. Y. Exchani^e. Twelve
years' experience in loaning for Private Investors
par«nd Trust Funds. Send for circular Kivinc fullfrom
ticulars as to loans, references, etc. Interest
date of receipt 01* money.
•Cha.s. C. Nouiox, cash r. Lew E. dabhow, I'rea'l.
Choice
Keforto
GiLMA.v, Sox
& Co.,
„
_.
Bankers, N. \ City,
.
Mekcuants' National Bank, Chicago. Illinois.
THE
Kansas Loan & Trust Co.
TOPEKA, KAN.
<T.
B.
SWEBT.
GEO. M. NOBLE, 8eO
Pres.
Is the oldest .ind largest institution in Kansas,
(rivlnK exclusive attention to the NegotiatInK of
CHOICE KIKST .MOKTGAGB LOANS
at hiKh rates
of Interest. It has neuotiated over S'l.UOU.OUO
of these loans for Saviiiijs Banks, Insurance Companies, Estates and private parties East. Send for
circular.
Farm Mortgages
in Sums of $U)Q and Upwards on In
diana uiid Ohio Land!«.
NOTHING SAKKR. ALWAW PROMPTLY PAID.
SHND KOK PA.MPIILET.
nooRE,
JOS. A.
84 E«»t Market
St..
lii<Hanapoll«» Ind.
Farm Mortgage
Co.,
linnk and n
P. O.
yittST
MOKTGAtiB LOANS UPON IMPROVED
Interest and principal paid on day of maNew Y'ork. Funds promptly nlaced. LarKC
FAR.M3.
turity in
No losses. Send
for circular, referenc«f
I'Ktlli INS, President; J. T.
flxperlenoe.
«nd sample forms. V.M.
WARNS, VIOO-Pre«t.; L A. PKRlilNS, Seorewty.
CH AS. W. GILT.KTT. Trm« V. F. HAKT. Andlt^r
FOR SALE -STOCKS.
H«N'KS.
Shs.
Am- Exchange.
Shs.
BANK!4.
ly I*roduce Kxch.
Republic.
St. Nicholas.
Broadway.
100 Butchers'
&
Drovers'.
Seventh Ward.
Central.
State ol .New York.
SO Chatham.
Tradesmen's.
Lnion.
Citizens'.
Commerce.
12
Long Island,
ly Mecuanlcs', Brooklyn
20
Continental.
Corn Exchange.
17 East River.
GAS C O.
l<ourth.
100 C(>ns<ilidated.
100 Equitable.
10,0.0 Eqult. 1st 68 18£fl.
250 Harlem.
lOJ Metropolitan.
4,0011 Mel. Bonds Us 1901
22 Municipal.
Fulton.
|Importers'&. Traders'.
^ Madison
Square.
Manhattan.
Mechanics'.
Mercantile.
Merchants'.
30 Merchants' Excb.
5,OIjO
7s 1888.
150 Citizens'.
25 Fulton Municipal.
10,000 Ful.Mut.BdsOsiyoO
250 copies'.
I
P. Vl^lNTRINGflAM,
NO. 3B VISE WTREET,
N. Y.
Car Trust Bonds.
WB MAKE A
SPECIALTY OF THESE VERY
«AFB 8KCURITIK8, AND BUY AND SELL SAMB
PRICE.
MARKETAT
WB OFFER A LIMITED AMOUNT OF DBSIB
ABLB CAB TRUST ISSUES, ADDITIONALLY
«BCORBD BY TUB DIRECT OBLIGATION OF
-THX RAILROAD EQUIPMENT COAIPAM V.
POST, MARTIN A. CO.,
No. 34 PINE 8TBKET.
.
H. L. Grant,
No. 146 BROADWAY,
NEW VORK.
CITY BAILROAft STOCKS & BONDS
BOUGHT AND
^Ige
quotations of city
SOLD.
Rullrowfla in thiw nanp.-
'IVIORTtJAOKs'. Only
the most desirable loans.
i»l Absolute safety and satisfaction. The " KansasLoan 4 'I'lUiil Vv-. Vi'jrandotte, K'
illstourl
WlaneapoUs, IHlnn.
3.0.
A
simultuiteoits issue is
Messrs.
P-iVClFIC KAILWaV COMPANY.)
Notice is here'-y given that the undersigned, the
trustees under the mortgage da'cd May I, 1881.
made by said company to us, to secure an Issue of
ERN
140 bonds of *!,0 Jll each, all of that date, have doslgnated. and we hereby call in, for redemption, :is provided in the niortgase, all the outstanding bonds of
said issue, namely, bonds numbered as follows.
1'20
99
78
36
15
lliO
121
7U
IB
S7
122
101
80
17
44
123
St
lOJ
18
45
101
Hi
82
19
46
104
I'M
t-S
20
47
1213
lOo
21
84
4.S
22
lift
127
40
85
I'M
107
8fl
L-3
liO
108
TZ9
24
51
130
109
25
8S
bi
131
110
SB
SO
53
133
111
27
.54
10
91
112
133
5«
28
113
134
29
57
9'J
135
114
5s
93
30
115
138
94
81
59
lltS
00
lO
32
117
9fl
33
IS
118
7B
97
St
119
77
98
S5
Being one hundred and one (101) bonds of $1,000
each.
The said bonds must be presented and delivered to
Messrs. Winslow. Lanier & Co., bankers, 20 Na-sau
Street, New Vork City, for account of the undersigned trustees, on or before the first day of May,
1885. The interest on any bond not delivered by
that day shall tliencetorth wholly cease.
OCTOUEK 2 ', 1 S84.
«
CHAULKMAONE TOWEU,
W1LL1A.M
S.
LANE.
T'
Oin.lHA
)
„.„.,„,
irnsiees.
>
rAflFIC
HE UMONt'OMPA.^Y.
R.VILWAli
r21
13110
1448
1211
409
IISB
'-;0IS
21 I)
1493
1087 23i»4
972
74
2 93 lil-l
102 2170
180
548
405 1170
were this day (leslgnated
1951
11*47
New
York, November
J.
900
HOOn
Vork County.
4:
pending between this company and
the Pennsylvania Kailroad Cv>rapany, lessee, is now
gniranteed
in course of settlement by is^ue of
special stock on the one hand and withdrawal of
It is, however, deemed
ttie suit on the other hand.
advisable that stockholders should be fully informed
and decide for themselves whether the bond plan
had ntit better be revived.
To this enil a meeting of stockholders will be held
January lo, 1885, noon, at the office of the Eiecutivc
Committee. 19 i .1 Nassau Street. A full attendance
The
Is
Bonds arc llio direct ob'.i.^atioti of tlio
Milwaukee & St. Paul Pvullway Coiiipauy. and form part of a total issue ol' $5,000.13S4,
OOli, secured by mortg ii,'e, dat d July 1,
on Real Estate in the Cities of Cliieago and
Tliese
Milwaukee, together with the buildiugs, Btrucand improveuieats tliereou.
The iiioi'tg.i«e deed provides tliat no further
bonds shall be issued under this mortfj.ige,
beyond the $3,000,000 now offer, d. until the
Couipatiy shall have purchased afklitional Re;il
Estate in the Cities of Chlcaso or Milwaukee,
or have made iiuprovemcnts on the land and
prciui.'ies which they have therein conveyed,
and then not cxeeedinf; the lOit of such purthases or improvemcuti.
turcB
BLAKE BROTHERS &
18 Wall
2S State
CO.,
St.,
New York.
St.,
Roston.
TllEASURER'S OFFICE
CHICAGO noCK ISLAND* PACIFIC
RAILAVAV COMPANY,
SEALED PROPOSALS
office until 12 o'clock M..
of the 20ih instant, for the
any part thereof, of the
purcliase of *t.5O0 000, or
new FIVE
PERCENT
FIltST
MORTGAGE EX-
TENSION AND COLLVTEKAL BONDS
;
•Further Information
may be
Fifth
obtained on applicaTO WS, Treasurer.
V. 11.
tion at this office.
Avenue
HOTEL,
inadi^on Square,
XEW YORK.
The Largest. Best Appointed and Most Liberally
Managed Hotel In the City, with the Most Central
and Delightful Location.
„„
,.„„ St.. CO.
IIITCUCOCK, DARLING
Groesbeck
&
Schley,
MEMBERS NEW YORK STOCK EXCHANOB
26 RROAD ST., NEIV VORK.
connection with Philadelphia,
Baltimore and Washington.
PriTate Wire
&
Ohio Central Railroad— Main Line.
The time for depositing First Mortgage Bond-.
Bonds and Stock of the Ohio Central Kailroad Coiiipanv. .Main Line, with the Central Trust
CrtiniKinv. under the plan of re-organizatlon, has
tieen extended until DecenH'Cr 20. If81. Negotiable
certificates will he given for securities deposited.
This committee has met with such approval as to
assure It of success. The plan and any information
dedrcd can be obtained from the undersigned.
CH AUl.i:8 .1. CA.'<1)A, Chairman. TrZ William St.
of this
Company, having fifty ye rs to run. subject to re
demption at lOoand accrued interest on and after
theflrst day of July, 1894 payments to be made and
bonds delivered January 2. 18^5. The company reserves the right to reject any and all bids.
litigation
requested.
By order of the Hoard of Directors.
I.. H. MBYBB, President.
(Signed)
Nkw York. I)oct-mber5, 1884.
18S1.
will be received at this
>
\V111(;HI', of Drexel,
FORT 'IVAVNE
PIXTSRITRK
CHICAtiO KAUjWAY CO.VIPANY.
Co.,
ClilcaS'i.
PlKHl'ONT MORGAN, iT„,,,„„,
I,.
London hy
it
C2 Gresham House.
12, 1884.
Irustees.
AMES,
FRKD'K
Morgan ..tCo.
Atte.1t: WAI.TKH B. HORN.
[1,. s.l
Notary Public, Kings County: certificate tiled in New
J.
in
WILLIAM ST.,
Nkw Youk, Decembers,
891
'.BIO
1242 1081
BK9 14;rt 1'291 2370
380
1517
,358
003 2457
1079 2213
1317
501
57 l.-'77
2021 2i)«0 2442 1810
by lot in our presence to be
redeemed, together with the premium thereon, as
provided in said bonds, at the London and San Francisco) Bank (Lm ), No. 22 Old Broad Street. London.
ffl<-e fif Messrs, Drexel.
E. C. Fnjland.or at the
Morgan & Co.. in the city of Now York, on the first
day of April. 1885.
401
2;Ji8
2?rt3
made
Blake Brothers
No. 13
BRIDGE RONDS.
In accordance with the provisions of the above
bonds, we. the undersigned, hereby give notice that
the following numhprs vi/.:
I'llM
ll(«
12 2 2051 1505 1378 1837 1028 129T
138'3
2192
190 1147 l';S7 1.-51 2 78 14K5 15f9
201
40^
93 1574 2015 23 3
1418
450 IVM
55
713 \Mi
883
555 1014 2171
230 2291
7«fl
8H'l
i2.5 2475 22il
879
817
1011 1394
BitoOKLYX.
Phenix.
J.
Mun. Bnds
25 Mutual
Metropolitan.
New York.
5 Ninth.
40 Paclllc.
Park.
PANY'S OFFICE.
RAILROAD COMPAN\
WESTEKN
OF .MINNESOTA (no«- ST. PAUL & NORTH-
IiAWKENCE, KANKASi,
Offers to investors the best securttles In the market
Uox
1
TVe offer fur sale $3,000,000 of the
above Bonds at tlio price of 92 per
cent and accrued Interest-
Stocks Bought ai.il Sold.
CO., PriviiK! Hankers,
lier
BLAKE &
1914.
1»
Jauuary 1 and Jnly
COUrOX BONDS $1,000 EA.CH, OR MAY BE
REGISTERED IN THE N\Mli OF
HOLDERS AT THE COM-
Minneapolis, Minn.
100,000.
Prompt and careful attention Klven to all correspon dence. Collections m ad e upon favorable terms
Broadway,
7 AXD 8 PKR CEXT FAR:.{ MOHTaAGES.
In 1S79 1'.'^ nt'oolUittii over «UO00.000o/ theae loaiia
forthcusU'il term <•/ .Ace y'trs. Siufty Hrf tier cent
Spencer Trask
Bankers,
Co.,
IncruiK?
1).
B.
IIAI.STEAI),
GKINNELL BURT.
C.
W. 01M)> KK,
J. S.
STAN'^,
Nos. 16 AND 18 Begad Street,
Transact a General Banking Biuineia
Branch Offices:
Covneeled by Prioale Wiret.
Ue-organlzatlon C^^Pnittee.
BROKERS ANn OTHERS: TELTO
I EORAPHKlt and srENOtiKAPUEK desires
position In Broker's or other office from .lanuiry
Address
suoutuandku.
Station E.
1.
Philadelphia, 133 South Thini Street.
Albany, N. Y., 65 State Street.
Providence, R. I., 13 Westniiuster St.
Saratoga, N. Y., Grand Union HoteL
—
HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES
[Entered according to act of Congress, In the rear 1884, by
VOL.
Wm.
n.
Dana & Co.,
In tUe offloo of the IJbrarlan of Congress, Washington, D.
SATURDAY, DECEMBER
39.
O O
NTEN T 8.
The
IT'O per cent.
November
NO.
1884.
6,
V
I
1,016.
which show an improvement over
citi.=s
Ntw
York, are Hartford, Now Havon,
Worcester, I-owell, Milwaukee, Columbus, St. .JoBejih and San
Till- Flli;ilicl;il Sllimllmi
(iltj
Vi'inUer, 18:f4 ".
625 Fi-ancisco, and of tliose New Haven, Worcester, Lowell and
Our AMiiliibli- Oi lilSiiiijily
61:* Department Ki'poits— Report
ColuTnbus, anil in addition Kansas C ity and Memptiis, record
iif the Seorelaiy of the Tic isriiin fir K'-iM'^MiiUiiif^ IK'nver
clenrings in excess of la.-t year. Presented in our usual form
A Kill (iiiiuilr
620
ury
626
the returns from tlie different cities are as follows.
Tlie .Miiidiiidwn I5:iiik I'Hllnie
Repnit uf the Couiptroller of
and Kiiiik K\itniliiiiticiiiN
(>21
tlieCurreuey
630
Coitoii ('•irMiiiipti4)ii iiiulOvcrMonetary and Commercial
Wtek Sndilil Xovember 29.
ir«k SnUnt yov. M.
Iniid Miivc'iiii-iit 10 Dec. 1
d22
English News
040
U. 8 livasiiiy .'<Iiiti-iufiil
0.4 Couiweruial and Miscellaneous
1883.
Pn- Cent.
1884.
PrrOnt
Fliiaiiriul htvlew of KoremKe-,T8
612
New York
licr
t450,294.O0S $502,Sir,672i
-8«
6 4
t»U.7ll,»>9l
-I8»
THE BAMKKRS' O.^ZETTE.
."uIm of—
THE
llcKrii'p-rioiisc
Returns
IJ I
IKON CLE.
22 besides
I
Tiie
(il.>
Slatcjuent for No-
Oelit
\
I
I
!
Geiieial Quotnlions of StoeUs
and Boiidii
613
Uvui y Market., Foreigu Excliaiigc,V..S.8eeurHle». State
uiid Uaiiruad
8to ks
Bunds
tcani;'
I
Stoi-k
|
luvesttiient
tcliiuenee
IHE OO.MMERCIAL
Commercial Epitome
e-i-i
Cotton
656
Kxehante
(Stockt....tharfs.)
and Rai road
(Oitlon....lialm.r
O'l
{Grain... bwheU)
iPttrotcum..bblt.)
lu6,12
ri.MES.
|
Breadfltuffs
I
Dry Goods
«G1
6J2
Boston
Prorldsnce
Hartford
I
TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE i
For One Year (including postage)
$10 20
For Six Mouthrt
do
6 10
Annual subboription in London (Incluiling postage)
A'Z la.
Six niuH.
do
do
do
*I Sj.
Thei^e luiceB include the Investors' Supplement, Issued once iu two
mint)]!', and furnislied without extra charge to subscribers of the
Chrosioi.i;.
Snlisi riptions will be continued until detlnitcly ordered to be stopped.
publL..ho[s cannot be responsible lor remittances unless made by
Uratta or I'ost Olllic .Muney Orders.
A neat tllr; cover ia furnished at .^0 cents; postage ou the same Is 18
cents. Volumes bound for suliscribers at SI 00.
The
Oflires
111
England.
(1,845.912);
(-15-2)
(4'0.S0O)I
(275,000)! (-(-W3)
(«7^,100)>
(+n-9)
;
-7-7
8.590,8001
3,739,600
1.420,067
4,533,800
—43
—10-1
1,4S8,478!
-)-8l
1,008,082'
-11-1
-12-4
l.?7r.098!
8»H,(»1
I'orilaad
743,a,s8;
7S8.44.-5
689.203]
407,210'
Lowell
Peoria
The olllce of theCoMMKucivi. amj 1'i>axcial Chkoniclk in London
with Messrs. Edwaiids ,t cmitii. 1 Drapers' Gard^us, E. ('.. whore
anbiseripiious and advertlsemeurs will be taken at the regular rates,
and single copies of the paper suitpiied at Is. each.
The onico of the C'hhonioi.k in Liverpool is at
15, Exchange
St.
Louis
S-.
Joseph
EuUdings.
rniiisvllle
Total Western..
WII.UA.M
fOaS
O.
B. DANA.? ^«>ff',;H^«„»-..»^'*;K*.*'?.V..'P»!'.U"ll'«"»
1» ic 81 William Street, N£^ur YOUK.
FLUYU.
Post Office Box i>&8.
added to
-l-a-2
»77.106,53S
$40,180,786
— «-8
— 14«
7,363.663
-109
8,363,370
-18-7
11,714,646
13,253,413
»52,547,151
$'.3,084,130
-167
$67,797,519
-rtO'
»30,«2rf,43I
-*3-9
—13-9
-3-5
$43,25^.Sl>t
2.16J.0Ifc
t47.439,«57
9,150,630
3.125,617
2,a4S,76»
1,332.312
l,5r3,2>.K)
-154
2,'00J*78
1,481.052
-0-7
—18-3
—18-3
-0-5
1,63 SSiO
1.14S,455
7:o,uio
1.806,244
—9-3
2,2;j|..W7
875,679
803,523
$04,732,531
$14,300 J)3«
ti>4,6a.<.4ia
$67,936,729
-H77
-151
-197
112,230,817
»15,30S.(X)>)
—20-1
9,210.200
8,610.031
1.248,993
937,707
620,387
-100
623921
12.13i),05s
-2-7
13,'i6(,518
4,!il8.503'
—«-6
8.';78.9tO
Kiin-asCtty
8,203.318
2,990.-25
2,650.600l
-I-131
.Memphis
1,««.S23
l,7«8,700l
-I-7-2
8.703.560
2,068.006
$32,741,243
tM,690.2ig "^0-8
$37,800,854
»10,103,754l
flt.977,039
-14-9
$10.49?.<>I8
to-day twenty-four pages, in San Francisco
have for reference tlie reports of
otir issue
-4J-S
-ir4
-7-3
iiflO,'-93
Orloaos......
-2-2
—11-6
-10-S
ll,-0»,ltfl
New
Total Southern..
We have
9I3,0.10|
721.SJH
784,319
484,668
t43.80.-1.530
Is
B
+5-4
—8-4
$67,333,500
3.306.531
Columbus
37.',801
—128
*«2.412,238
7,7SO,330
Cleveland
877.8tW
(53.012
740.139
731,28*
—4-3
133.861,230
8.2R7,8?4
10,SM,91
Cincinnati
.Milwaukee
Detroit
li.dianapoUs
-8-8
|15H,S82.731
Worcester
Total Middle....
(-5801
t<IT.0«O,5Sl'
f54,07S.402
I
CIMoavo
(-41-1)
(43,141,000)'
(M.551,000)
'
Totld N. England
(84,273.000)
(42.771I.0OO),
I
Philadelphia..
PIttstinrg
Ualtiinore
(-S2-8)
(-ai-7)
(28.747.000)j
(40,000.000);
:-prlnKUolil
\
(8:M,062)(-|-11S9)
'
New Havea
Thi Commbbcial and Financial Chboniclb U published in
New York every Saturday morning.
Entered at the Post OfBce, New York, N. T.. as seoond-olass mail matter.
I
(1,319.108)
6.50
Bank
Returns
I
610!
I
Prices at the N. Y.
Railroad Earuiugs aud
i
aud
in
-0-8
-f02
-6-7
-100
-8-7
order that our reaiJers may
-19-7
t07l.774.832l J74U.830,SW| -104
$S13,0tt6,:64
the Seoi'etary of tlie Treasury and the Comptroller of the
The exchanges for the month of November as compiled from
Currency.
returns received by us reach a total of iJ3,098,45<5,673, against
i!^4,O90,202,.572 iu 1883, or a loss of 24 3 per cent compareiT with
a loss of 31 '9 jier cent on October 31. Of these amounts
The exchanKej for the week ending with November 29 ii;,'.09.'),920,28.5 and !5!2,889,87.5,190 were for New York, and
represent a decline this year of 27'.'5 per cent.
The clearembrace only live workiu^^ days, and wliile ia the main quite ings
outside of New Yorkaggregate$l,002,.'>36,387 and ii!l,-200,satisfactory, do mt mtke so favorable an exhibit outside of 327,882 respectively, or a falling off of 16'9 per cent, against
New York in comparisoa witli IS-JJ as during tlie jH-evious 13'6 per cent for October.
By telegraph we have receive<l the cleariniap from some of
six days. At New York tlie los3 from 18^3 on the total is only
the more important cities for the five days ended with Friday
8-6 per cent, against 18'6 per cent the precediu'^ week, but in
evening. New York does not (ximparo so favorably with last
this connection it should be remembered that a year ago there year as during the preceding period, but the causes for the
were two holidays ou the .Stock Exchange (Tlianksgiving and apparent improvement then exhibited have been explained
Evacuation days), while in the present year one only was ah )ve. Boston and St. Louis approximate more closely to
1S,S3 than on Novemlier 28.
observed. Tliis fact furnishes the explanation for the large
rtv D-f KiHf « Xne.Stl
FItx Duyt EluUiui OK. B.
increase in tlie stock transactions now reported. The value
of the shares disposed of aggregated ?9O,40-5,0O0, against
1883.
Per Cent.
1884.
18M.
FVrCfalt
$503,I3",«3(»( $e7e.5£8,078
$a8i,!ao.oi8{
—a5-5
-e-s
f 49,.'>44.000 last year if therefore double thesje values be de- New Tort
ll.d'ia.ieW) (-15-4)
(1,03:1.1881(4-1*1-2)
(1.415.853)1
ducted from thetotnl oleai ings there remains ^278,484, OUd and .s iia of Stock Mki.)
-4-0
-«-3
$dfi.048,3}l
$4335V.4«7
ll<>.«ton
$02,441,031
$103, 729,672 to represent tlie clearings arising through other
-18-1
«!^4U,»7«
Philadelphia .
45.033,5501
M.S«Uk20 — 18-9
transactions, or a decline of 81 jier cent.
-1-0
8,821,271
Not! reoelred.
Baltimore
Outside of New York the exchanges reach $'213,480,844, St. l/onu
-n-s
0.881,838
13.852,260
17,048,240 -Sl-7
agaiiiBt $247.032,(i8G a year ago. or a loss of 14 per cent
las-t
-»9
$453,avo.«aai
—2S-S
tn88.05?,«83' t8IS,890J07
Total..
week the loss v.-as 80 per cent and on November 15 reached
CLEARING HOUSE RETURNS.
•
I
;
.
;
—
THE CHRONICLE.
616
T
THE FINANCIAL SITUATION.
The event
week has been the meeting
of the
gress and the publication
McCulloch's
and Secretary
President's message
They
of Con-
and docu-
of the usual reports
Special satisfaction has been expressed with the
ments.
the public debt during
report.
are broad, statesmenlike, dignified documents, tend-
ing to increase the esteem and respect the business classes
If the recomfeel towards the present administration.
November
The above shows
ments.
that
it
to large pension pay.
was not so much pay-
ments as receipts that produced the result.
Nothing has happened during the week
revival heretofore noted in
harmful to
affected,
which
failures,
and especially
industries,
all
to atrest the
general business.
good many
to be' a
tinue
XXXIX.
IV 01,.
There con-
are, of course,
those mainly
to
and the Middletown bank suspension
Friday
last
was quite a shock but still there is fair progress making
mendations they contain were heeded, the silver nuisance fair we think in view of the fact that we are so near the
would soon be abated and a tax reform that would relieve close of the year, when all business men seek to restrict
our industries greatly, could be speedily inaugurated, transactions and square accounts.
Naturally, there is no
though the proposal of another tariff commission does not gush in the situation, and there will not be so long as we
;
meet a very warm response and certainly finds little coin silver dollars. The 42 millions of surplus reserve in
encouragement in the lack of success which attended the our banks tells the whole story.
Capital is afraid
last one.
to
be out of
reach;
it
shuns
all
fixed
forms
and all trade so depressed that of
investment;
lies
idle
so
as
to
be
ready
the meeting of Congress and its discussions are likely to to anticipate the catastrophe whenever it appears immihave no unfavorable influence on the general situation. nent.
If merchants want the
good old times back
In past years there have generally been aggressive, irri- again, the only way to secure them is to apply to Congress.
now
Prices are
so low
tating propositions pending, affecting our financial interests,
and with business
pretty full
active at
naturally greater sensitiveness.
values
Besides, there
is
there
this
is
year
—
need for change in some of our laws pre-eminently
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
special
the silver coinage law
—
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
of those able to pay it so no reason
and comes mainly out
is
.
;
apparent for repealing the duty except that
ridding us of a good
it is
a measure
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 Secretary of Treasury, show very poorly, and if they were an
indication of coming months and were not followed by
The
situation
until the
and
boom
"
"
which began
in
But
1879.
doubt with regard to our currency was removed,
was
it
Everything was
as like 1878 ps possible.
is
ready then for the
we had secured and could
that
fully realized
stand on a gold basis, there were no more signs of
its
coming than there are now. The difference to-day is solely
then the question was, can
in the character of the doubt
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 continued to go out rapidly and the indications are that
—
have
not
materially
circumstances
the
strength
imports
ket
of
late
such a
them
the
previous
of
feature
is
Under
such
exchange
the
mar-
due to special causes
demand, which has been
obviously
is
among
chief
increased.
of
weeks,
for
long sterling
upward the
bond calls would be likely to be much less troublesome. short rate, as well as affecting commercial sterling, l)ank"We cannot but think, however, that there is some excep- ers buying the latter as freely as it has been offered, and
tional cause other than the general one of depression in drawing their own bills to meet the investment inquiry.
corresponding economies in expenditure, future surplus and
for investment.
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.
sterling
It
is
September
September
October.
reported that
Xovember.
rate
any other way.
expectations
Customs
17,862,633 15,188,179 11,727,835 17,789,530 16,752,623
Internal revenue 9,b3«.833 9,689,738
8,861,883110,183,266 11,359,632
Miscers sources.
1,645,880
13,458,327
when
10,456,349
sold,
1,629,654
1,37<1,B16
3,170,905
Total receipts. 89,229,180 86,189,428! 22,835.568
2,925,014
31,037,869
2,401.066
may
It
not
some banks
with
interest
is
general,
quite
liberally
of
also forced
the buying for investment
but that
purchasing
a better
demand has
become
has
our city banks,
are
1883.
1884.
Qovemment
Receipts from—
This
quite
in
the object
be
can
than
only
of long
among
the
interior
of
securing
obtained
in
however, that these
possible,
not be fully realized, for the reason that
the purchases reach maturity they will have to be
and the quantity
demands
falling
of the market.
due
The
may be
earliest
in excess of
the
of these purchases
26,309,742
mature about the last of this month, and from that
until the middle of February, and perhaps later, the
time
This statement shows a total of only $22,235,568 in
Many bankers think that after
will be large.
offerings
November, 1884, which compares with $26,309,742 in
bills will be very scarce,
commercial
January
1st
of
the
in
November,
and
November, 1883,
$30,199,652
1882.
Of course, between 1882 and 1883, the tax reduc- basing their belief on short estimates of the cotton crop
will
but the hence, although the pressure of short sterling will be
be noted great, the rates may not be forced to extremely low figures
that the customs duties are only llf millions the past but that they will fall, so as to materially reduce the
month. November is usually a time of small imports, but profits of the speculation, can hardly be a question.
tions
come
loss this
it is
in
as
the
a cause for
year has no such explanation.
many
decrease,
It will
internal revenue total
Another influence in the market for sterling is the sensitiveness of tae open market rate for money in London;
Altogether, therefore,
it
a year since so low a monthly figure for cus-
toms
receipts has been reached.
also
records a considerable
the statement
is
The
loss.
quite a surprise.
"VVe notice that Asso-
ciated Press reports attribute the increase of
seems to follow closely the New York rate for exchange,
being 4| on Saturday last and 4 3-16 yesterday, with our
$747,000 in short rate for exchange marked up
to 4-82.
December
THE CHRONKXR
6, 1884.]
The strength which the stock market has shown
week has not been uninterrupted. There have been
tfl7
The
year 1883-4.
this
fiscal
fre-
companies (Railroad and Coal
quent fluctuations, but the tendency has been upwards, the
close being for the leading stocks one or more points
this year, against
above a week ago. There has been nothing new to influence
prices favorably, except the progress which has l)eon
sure there were six idle days
made
adjusted,
the
is
for
them
range
difficulties
manifest
a
is
An
all.
Shore,
Even
ent.
there
contest
West
Gradually these
between
disposition
New York
the
to
ar-
$2,051,201
but
year,
that
in
the
for
number
month
October,
of
year, against
this
To bo
Examining
loss.
laat
not seem sufficient to
does
itself
none
more closely into
wo find that the
of tons of coal carried over the railroad this year
this
was 1,230,970
Central
and
falling off of only
but the circumstances there are differin that case, however, the inclination is
Iron) reach only $1,34.3,200
in the
the effects of this stoppage of protluction,
to
course
of
exception
being
are
k
1883, a loss of over $700,000 in one single month.
and rates among the railroads account
in settling the pools
East and West.
earnings of the combined
net
tons, against
1,420,277 tons
189,307 tons.
there were other forces at
work
in
a
1884,
Evidently, therefore,
to reduce net earnings,
and
turning to the statistics showing the merchandise trafBc,
and avoid drawing we see that only 780,484 tons were carried in 1884,
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 ea«<-bound passenger traffic from Chicago has 115,742 tons.
now been removed for the pale of its influence, the other hand, kept up, and even slightly exceeded that of
rates on this traffic being at latest accounss firmly last year, when 2,061,129 passengers were carried, against
Then it is believed that freight rates also 2,087,665 now. The result of these influences on both
maintained.
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.
live stock
and dressed
business unsettled
class of
Oetotar.
Vte. 1 to Oct. 8L
Philadelpbia & KEAniNO.
arranged
for,
been
satisfactorily
also
this
week
beef has
1884.
ises.
1884.
18881
and on Monday next the rates will be 40 cents per one
Batlroadi Company.
«
I
t
*
£.940.318
3.831,436 •28,400.108 26.143.018
hundred pounds on live stock and 70 cents on dressed Gross eamlogB
1.688.448!
1,630,477 16.467.819 13.669.013
Expenses
What an improvement in revenue this will carry
beef.
1,281.O04{
l.SOO.VOQ 'll,988,28»| 12,4T8,«9e
Net.
with it will be seen when we say that the rates, under the
Coal A Iron Company,
1,789,628
1,873,592 14,861,031 15,288,278
break in the tariff, have been not above 20 and ."52 cents Gross earniDgs
l,e«7,4B7
],7S84!M 15.001,700 14,753,700
Expenses
On the roads west of Chicago the passenger
respectively.
62,166
tSOJBOi I'sa 160,669
528,667
Net....
war which has been raging so fiercely for some time is ToUI net of both companies
1,843,260:
2,061,261 11.781,620 13,002.568
J. rental for Dec. to May. locluslTe,
now a thing of the past. Mutual concessions have made Deduct Central of N. operated
In previous fiscal year..
2,938,349
when road was not
Alton
had
fi.xed
as
the
The Chicago &
$10
it such.
8,848.271 13,00a,5«8
Result..
The
* Including $4,844,asi gross earnings, 13,028,447 expenses and tl3I5,884 net
fare between Chicago and the Missouri River.
earninna of the Central <-f New Jersev, not Inolnded In the prevlons year, beinc
A com- for
the period from December, 1883. to May, 1884 for the remaining month*
other roads wanted the regular fare, $14 50.
to circumscribe the field of operations
in lines
not concerned in the
strife, as is
—
—
I
..
;
New
the Central of
promise was had, and $12 50
force on and maintained
by
is
all lines.
Rock Island
be noticed that the new rate
the mileage tickets of the
Jersey
is
Included In both years.
new rate now in
Northern Pacific has been one of the weak specialties in
The difiiculty about a generally strong stock market this week. One reason
was also gotten over. for this, it is stated, is the determination of the Board of
the
two dollars lower Directors to discontinue publishing the earnings weekly, it
being argued that the figures are being withheld because
cept that it repeats the experience of other contests of this they are unfavorable, to which the decrease reported in
nature, namely, that the figure scarcely ever goes as high some of the recent weeks has given an air of plausibility.
again after a fight as it was before.
In the present in- Undoubtedly this is a bad time in which to suppress inforstance, however, it is also to be accepted as an indication mation-of any description, but as the action of the Directhat railroad managers understand the needs of the times tors, as we understand it, extends only to the weekly stateand are wOling to conform to them by reducing their ments, and not to the monthly, which are to be continued
It is to
than the old
schedules.
freight the
rate.
We
There
is
refer to this
same tendency
is
nothing striking about this ex-
is
now because
manifest.
in the case of
It is clear that in
times of low prices and depression the producer can not
stand as heavy charges as in times of prosperity and high
as heretofore, the matter in this case
is
represented to be. Of
is
not so serious as
it
much more importance than mere
statements of gross earnings are the reports of net earnings, and as we have this week succeeded in getting the
Railroad managers soon find this out.
It was this expenses for the month of October, we give the result
Manitoba and Northern Pacific to below, in comparison with last year, for each of the four
make a reduction in charges from points on their lines in months since July 1.
Minnesota and the Northwest, some weeks ago, to which we
Oetotm:
September.
AvfUlt.
JulV.
adverted at the time.
Now comes the Union Pacific with Sorik.
P-ctflt-
prices.
&
that led the St. Paul
on grain from
all points on its lines in Nebraska to Chicago.
Such a
"move is a very good stroke of policy. It mean an additional inducement to the farmer to make shipments of his
a published reduction of 5 cents per 100
produce.
mands
It is satisfactory, also,
of honest dealing, as
it
ileged persons, but to
as recognizing the de-
Finally the step
of the situation.
is
all
is
in the interest
a concession, not to a few priv-
shippers alike.
1S84.
1888.
188*.
1888.
1884.
1888.
1884.
1883,
I
»
•
t
1
«
*
*
lbs.
Kxp..'
608,667
850.283 1.032,802 1,043.684 1,886.560 1,194.714 1,461,511 i.a97.an
666,707 784.493 788,701 eee.801
633,866; 609,068 668,870
Net..
429.781
816.668
(iross.. 1,028.438
*
483.539
S9l,8S4l
569.868
460,881
709310
71I,SBS
IncludloK taxea and rentals.
that October is the first month of the
year that shows smaller net than a year
ago, all the others having shown large and decided gains.
The reason, too, for the decrea.se is found, not in smaller
It will
company's
be seen
fiscal
—
Fhiladei'pkia <£• Reading was advanced this week by a grf>88 receipts
these having actually increased $64,000—
At first sight this would
somewhat urgent demand following the conclusion of the but in augmented expenses.
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 be expected
ment in progress for the payment of the dividend on Cen- to increase heavily. But surface indications here are misThe Reading statement for October makes, how- leading. A note which we have appen-Jed to the table
tral.
ever, a poorer showing than for any other month of the above shows that in expenses the company has included
THE CHRONICLE.
618
the items of rentals and taxes, and
it
that the increase has occurred.
we
If
in rentals chiefly
is
up $636,794
1884, against $623,514 in
for October,
October, 1883, an increase of about $13,000
—that
000 francs gold and gained 475,000 francs
Bank
silver,
a!;d
Germany since the last report decreased
they 560,000 marks.
The following indicates the amount of
take the ordinary
operating expenses, exclusive of taxes and rentals,
foot
^^^;[V0L. XXXIX.
is,
on
the
of
European banks
bullion in the principal
this
week and
at
the corresponding date last year.
a gain of $64,000 in gross receipts, there was an auginen-
December
4, 1884.
JJecember 6, 188.^.
tation of $13,000 in the expenses, leaving the net earn-
ings on this basis $53,000 greater than a year ago.
In
previous months, however, expenses recorded a decrease
the augmented item of rentals and
•even after including
taxes: but
explanation
the
the ratio of expenses
was
whereas that
Thus while the
As
months
these
in
last
year had been very heavy,
at
October.
not
the
all
month
ratio in that
44-77 per cent, this year
-cent.
that
is,
it
was
case
in
was
in 1883
as
Gold.
illustrating the increase in
rentals,
Gold.
Silver.
M
Bank
Bank
Bank
of
England
20.17t),91G
21,948,20)
42,277.513 38,e03,3lil 10,274631
6,969.(100:20.908,000 7,dl9,250 21,9."j7.7.J0
of l-'rauco
of
41,2fl2,-lSI
Germany
Total this week
previous week
-Botal
08,411,397 63, 18.5, .3 13 (i7,870.816 6 3.C32.J3l
fi7,S33,184 62,25:,127
CS,207,C,'>S'(I2, 137,272
.
low as
OUR AVAILABLE GOLD SUPPLY.
lower, or 43-57 per
still
Silver,
we may say
that the total of the same, including taxes (we have not the
II.
We
cannot better continue our remarks of last week on
this subject, than by quoting from the message of Presi-
the month this year was
was only $62,353. The dent Arthur and from the report of S-3cretary McCiilloch
increase is on account of the St. Paul & Northern Pacific and from the report of Comptroller Cannon their opinions
Kail way Company and on account of the bi'anch roads with regard to the danger which the continuance of silver
It is coinage threatens the country.
-constructed by the Oregon & Trans-Continental.
Secretary McCulloch says
There are some financial
have
already
important to understand that these rentals
"
dangers
ahead
which
can
only
be avoided by changes in
earnings,
otherwise
some
may
of
net
be
been taken out
rentals distinct
$151,111,
Irom taxes)
year
while last
in
it
••
The most imminent
disposed to again deduct them, and also to consider the
"
our financial
large gain in net income as in part at
"
dangers arises from the continued coinage of silver and
Adding
way.
this year of
least offset
the four months together
$4,753,111,
in that
we have
against $4,485,783
last
gross
" the increasing representation of it
year;
&c.
expenses $2,027,128, against $2,706,185; and net $2,125,Thus there is an increase in the
083. against $1,779,598.
even after allowance for the enlarged
latter of $346,385,
demand
for rentals.
Agamst
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-
$300,000 per month,
dend
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
Counting
certificates.
months
this
as
of the year.
President Arthur says "
" the Treasury in
I
by
of these
silver certificates,"
concur with the Secretary of
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
is likely at no dis-
"silver certificates be suspended, silver
' tant
"
day
become our
to
The com-
sole metallic standard.
mercial disturbance and the impairment of national credit
would be thus occasioned can scarcely be overComptroller Cannon says " The law which
stamps 412^ grains of silver and arbitrarily insists upon
" that
" estimated."
"
i-
demand
legislation.
as a dollar with unlimited
circulation
its
when
legal tender
by the market
week and the daily rate ranged between 1 ^ and 3 per "price of silver, is but 85-2 cents, is unworthy of this
toward the close the supply became more " nation, and will sooner or later bring upon us financial
•cent, but
abundant and the rates fell to 1@14-. The following state- "trouble and disgrace.''
ment, made up from returns collected by us, exhibits the
These timely words have so distinctly and prominently
"
week's receipts and shipments of gold and currency by the brought to the notice of Congress the " danger ahead
Bankers' balances were in better
New York
Week
early in the
banks.
"qualities
BndJflfl DfC. 5. 1884.
safety to
BetHved by
Shtppedbv
If.T. Banla.
N.Y.mnla.
W;s.ooo
H,8S3,000
GoW
true value, as indicated
our national legislature can, with
party in
neither
that
its
itself,
longer ignore
We
it.
are to-day importing
Ifet Interior
Jinvenient.
'ialn .t 1,87 1,000
gold
our trade
;
so
is
depressed
our merchandise
that
imports are very small, and hence the gold comeS
While
in.
•2,253,000
Total KOld and
tendera
leiral
fi.8S3,aoo
»2,S0 5,000
Loss..
these conditions last the catastrophe
is
trade improve, merchandise imports
increase,
Should
deferred.
fOS^.OfO
'92,253,000 of this was transferred In the shape of silver certificates
1>y a deposit of gold in tlie Sub-Treasury.
rently the efforts for a gold standard in Austria
and concurand Greece
be in progress the coming Spring, nothing could shield us
The above shows the actual changes in the bank holdings
from the
of gold and currency caused by this movement to and from
the interior. In addition to that movement, the banks have
gained $1,000,000
Treasury
Adding
and
through
$1,000,000
the
operations of the
more
these items to the above,
by
Sub-
imports of gold
we have
the following,
the New York
House banks of gold and currency for the
week covered by the bank statement to be issued today.
-which
should indicate the total gain to
Clearing
Wetk Bndint D«.
5. 1884.
Banka' Interior Movement, hs abOTe
^ab-'Treae. operations & KOld impt .
Total Kold and lexal tendem....
The Bank
IntoBanlcM.
tl.WS.OOO
Out of Bonto Net CTlanoe in
Bank HoWlno.
!2,sa5,000
2,000,000
»3, 8*3,000
12,^63.000
Loss.
Gain.
»1>S3,COO
2,{,00,000
Gain. 11,018.000
disaster
then,
safety
lies
continued
Congressmen remember
understand
it
:
or to
commercial distress
is
that,
Thus
way
is
it
it
it
" ger ahead."
it
may
try old
to silver coinage,
resist
ii
whichever
—
sees before
it
this signal of distress
Enterprise
is
similarly crippled, for
fields
meets and checks
it
—
being
a threatening disaster.
finds nothing to do, for
that capital
turns
let
depression.
other words, the existing
due mainly
simply an effort of nature to
entails.
biisitiess
and
p;it it in
Ovr onhj
Let
the people every where
trick
this financial
in
" dan
though
and new, the same old signboard
danger ahead." And so it hap-
"
pens, that the restless, active spirit of
our people
is,
in all
departments of business, being held in thralldom by a
England gained £261,000 bullion during vague fear of " danger ahead."
£ 1 1 !,000 drawn from abroad and
Most assuredlj', the present Administration has done
£150,000 from the interior. The Bank of France lost 1,250,- well in closing its official life with this emphatic word of
-the
of
week. This represents
—
Decemukr
Its party
warning.
can
THE CHRONICLR
l8^4.1
C,
le«8 than follow it.
And
Many Confn'Mefnon
ihe
among those who Inve so danger silver coinaKo thro&tcnit, when told within the
but have now been invested with covers of a Mint Bureau report that the United .Stat«s
can do no
i
bo any hesitancy
there
long been in opposition
the control of
the government, as
Notwiihstanding
juncture?
P'lites
to their course at
efforts to
this
%ecure the silver
by an unsound record on silver coinage at the last
party referred to did notsecure a single elecoral
-ion, the
vole from any one of them.
In
wholly to the merchants of
New
New
Jersey,
among whom
of opinion on this
if
there
question.
Is
no higher motive suggests
now
the
threaten?, falling
summer
first
What we
is
it
itself,
notjpolitic therefore,
to prevent,
by
such.
It
upon the new Administration
at any idea
week was addressed to
last
it
would aeem that
and a large
number
Senate go no farther than this ofRciat
in
the
announcement
of the lower house
for their information, apparently believing
showed that we only have a visible supply
action.
Turning then to the evidence of the shadowy nature of
repeal-
will honestly scout
said
In fact,
members
owes its success also that the stock and visible supply are convertible
York, Connecticut and terms; so that the Mint estimate is frequently uced
a wonderful unanimity as justification for the most heterodox opinions a-d
stock estimate,
we
thia
find first of all a statement in this year's-
in
Mint report as to the consumption of gold in the arts and
manufacture, which has a very important bearing on th©
of
result of this inquiry.
of its e.\istence ?
But of course some
danger.
possess GIOJ millions of gold.
a majority of the
fact, it
ing the silver coinage law, the chance of such a fatal blow
as
f5l<>
all
of gold
whole United States of 2G8 million dollars, nearly
one-half of which, being at interior banks and depositories,
was in no way available in an emergency, so that the
in the
other half would at any crisis have to bear the entire
burden of a drain to Europe] w^hile supporting our bank
and legal-tender currencies, besides providing for domestic
If one needs proof of what
business wants at this centre.
that means let him recall the effect of last spring's shipments of gold, the deep solicitude it caused, the attitude
Lest the reader
we copy
injustice to Mr. Burchard,
his report.
The
italics
may
think
we do
entire this portion of
are our own.
" For tbo parpoBeof obtainint; more complete informition In rexard to
" the use of the precious ntetala in the arts and ornumeutation, circular
" Ictlore to the number of 7,U69 were again sent to all penoHg and
" Jirma iu the Unite<l States, nhote addreu euuld bt obtained, reported
" to be using and couiiumiiiK the precious metal.4 (or industrial pur" poses. To these letters 5,419 repUet were received, which showed tba
" eoDsumption by 2,731 ptrtont and llrms engajied in the manufacturing
'ur tlie repair of iirticles of orn.tinKUtallon and use of nearly '$l.t,500," 000 worth of gold and over $ ),.500,0 <0 worth of silver, a total of OTer
" $20,000,000. l\\U Is an iooreasu of $7.0O.i,0O0 over that reported l«
" 18S'2, when, hjwcrer, Ust than half at miny persons and Urmt
'•
reported."
of apprehension the public at once assumed, starting that
Mr. Burchard deserves great credit for the psrsever*
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 he has covered, and a great help to further investOr, if more is needed, pass on to igation, if he would give his results in detail by trades and
has ever experienced.
the summer when the effect of what had happened began States. But, aside from that, the information as presented
to show Itself in tlie Treasury reserve, and remember the is highly interesting and has, as said, a peculiar valu»
large drain of
alarm
felt lest its
supply of gold should
fail
—an
alarm so
with reference to the question here in
Notice, for
di-spute.
Government had to make its payments one- instance, what conclusions it brings us to. (1) The Director
The history of the panic of May of the Mint does not assume to have written to all manufachalf in legal tenders.
1881 is yet to be written, but he who attempts it and fails turers, for he simply says that he sent his circular toto follow causes back to the operation of the silver coinage those whose address he could obtain; and as there is an
law, is but a poor observer.
extensive body of small consumers, while the uses in the
Can any one entertain a reasonable doubt then, that our arts to which it is put are quite numerou.?, it is easy tovisible 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 7,9G9 letters to the users of this metal and
real
that the
our wants
circulation, is insufficient for
And
?
yet as
we
showed last week it is all that is available, and if we may
judge from the past, all that can be made available, so long
Unfortunately however there
as silver coinage continues.
are some who cannot divest themselves of the feeling that
received only 5,418 replies,
or say only two- thirds of the
Then he adds that those
consumed in their
establishments during the year; what the other third
which did not reply used, or what should be allowed for
supply is not our only resource although those he did not address, is of course mere conjecture.
this visible
facts and experience establish so conclusively that it is
(4) He states, however, that on a similar inquiry made ia
and they point to the large stock the Mint Bureau credits 1882, when less than half as many reported as now, he
firms addressed
replied.
replying reported
(.3)
million dollars
14 J
—
found over 7 millions less gold constimed, which fact
would seem to authorize us to add at least 5^ millions to
looks to such people as if some portion of the secreted his 14^ millions, if we would include those who are
part must reach bank vaults in an emergency.
We admit unresponsive and those unaddressed on this occasion. (.>)
that it does look so, and that it would become visible if it Finally, Mr. Burchard's inquiry covers a yaar of business
was real. Furthermore, as we showed last week, the fact that depression, when the purchase of such articles as watches
It has 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 belcng to a class of luxuries which must always be first
the country with
as
a further reliance.
and ten millions of stock
is
that no such large invisible supply
the
view
be wise
fictitious
But
exists.
of some the Bureau's figures
may
to
spend a
little
more time
nature of these estimates.
Six hundred
a figure, that
liberal
so
still
it
as in
mean much,
it
in disclosing the
Perhaps
it
is
harsh
to say fictitious, for they are reached through a plausible
given up in a year of enforced economy.
Accepting, therefore, Mr. Burchard's investigations witl^
this analysis of
them,
much
not only reason-
larger estimate for
the average annual consumption of gold since
1879 than
the figures he
Yet is it not inexcusable in
method after it has shown itself to be so of consumption of
defective ?
For the error covers a point about the period named.
tions or guesses.
ofBcer to pursue a
which the country cannot afford
certainly appears
names for the last year, since as stated the
a government twelve months he covers, contrast so sharply, in the matter
method, and, though false and misleading, are not inven-
clearly
it
able but also necessary to adopt a
to
be deceived.
It helpi
questionable issue,
luxuries, with the previous
Still,
we
as
we do not
care
to
portion of
raise
any
will for the purposes of this inquiry
THE CHRONICLE.
620
[Vol.
XXXIX.
in. these reasons it appears quite clear that 400 millions must
That would bring the consumption of be a pretty full estimate of our present total stock.
We have given so much space to this subject because
gold since July 1, 1878, to June 30, 1884, up to $87,000,we deem it so important. That there is " danger ahead"
000.
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.
Bimply apply his result to the whole six years, aud not
crease
it
at
all.
one to understand the gold movements before July, 1878,
and
to
more accurately the amount held
estimate
in the
country at that date, being six months prior to our adopt-
We
ing specie payments.
it
is
cannot dwell at lengtli upon
we have not
that point now, as
necessary to say
—that
the space; but this
much
the-Mint's estimated stock of
gold coin and bullion in country on the 30th of June, 1878,
at 247
millions badly needs revision.
at that
date, less
banks including
gold
certificates,
The Treasury held
$103,562,000, and the
held of gold and silver only
certificates
PLAN FOR REORGANIZING DENVER
GRANHE.
cd
RIO
For some months there have been in this country repthe Scotch, English and German consolidated mortgage bondholders of the Denver & Rio Grande.
The object had in view in proposing this visit was to
become acquainted with the condition of the property and
to devise some feasible way for its improvement and
reorganization.
Having now made a thorough examination of the road and its appointments, a plan is being
resentatives of
and
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
30^
millions, not altogether over 12.5 millions of gold,
there could have been very
little
in the
;
of the resumption
movement
the
premium was seen to be main agrees with
knew that gold was sentatives.
the
results
reached by the other repre-
gradually lessening, and every one
certain to be at par soon, thus affording every inducement
for holders of gold to
sell
their stock.
Besides, banks then
kept special gold deposits, so that any one desiring to retain
gold in any considerable amounts would naturally
them the custodian
—for the
make
owner was thus saved both
risk and expense.
It cannot therefore be presumed that
the people held gold outside of bank in any considerable
amount.
it
If
we should put
would seem
away
to be
ample
in private comers.
liberal side, let us call
it
the total at 25 millions so held,
to cover all possible hoards hid
Or, as
we
desire to err on the
50 millions, which would give us
a stock of say 175 millions on the first of July, 1878.
That this was really more than the country owned at that
date, is further evident from an examina'ion of the Gov-
Like most embarrassed roads, the difficulty with the
Denver hes in having built a large amount of road
through a new country and for that purpose having mortgaged the property to its full value.
Or
as Mr. Fleming puts it, the company owes its embarrassment to the policy of constructing a large amount of
new mileage "through an uninhabited and undeveloped
" country, on mortgage bonds bearing a high rate of in" terest, the full interest charge having at once to be met
" while the traffic takes time to grow.''
In a word there
was no provision for a possible shortage of revenue.
The interest on the company's mortgage debt took it all
in prosperous times, so that with industrial depression the
earnings quickly became insufficient.
With then no propernment 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.
lowance out of production for home consumption. In fact,
This pretty accurately represents the condition of all
such an investigation shows just what one would suppose
must be the
case,
that the country lost through
manu-
and by exports, from July, 1863, to July, 1876
(while gold was simply merchandise),considerably more than
facture
its total
production. In other words, during that period the
our roads now in trouble, the most
.of them having been
on the proceeds of the mortgage, so that the mortgagee instead of having the cream of the property has the
built
whole of
it.
Mr. Fleming has thus reached a correct
es-
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
and we held on the firstof July, 1878, not much more than be radical. He has not elaborated a plan in definite form,
we had accumulated by retaining our home production for but he offers valuable suggestions as to what should conthe previous two and a half years.
stitute the maia and essential features.
His idea, howStarting then with this stock of 175 millions July ever, is that any readjustment, to be permanent, should be
on the basis of the earnings of this year, which is as1, 1878, and calling the consumption 14| millions annually since that date, and the production as the Mint sumed to be a year of maximum depression, and with this
report has given it (though Mr. Valentine's estimates point in view he would reduce the fi.xed charges " 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
Stock of gold in the United States.
it is very frequently lost sight of in framing a scheme for
reorganizing a bankrupt property.
Stock July I, 1878
$175,000,000
Net Import from July 1, 1878 to July 1, 1881
But it will be asked what are the earnings of a year of
165,29.^,000
Production from July 1, 1878 to July 1, 1884
Mr. Fleming estimates them for
203,000,000 maximum depression ?
Total supply
Deduct
six years
iili^OS^OOO
manufacture
87,000,000
LeaviiiginUaitedStatesJuly 1,1881
$161,295,000
the current year at $1,533,243, against $2,483,825 in 1883,
it does " not seem sanguine to suppose
combination of circumstances more adverse than
and remarks that
" that a
To understand the above, it should, as already stated, be "has attended 1884 is not likely to occur." With a milremembered that the stock assumed July 1, 1878, is most lion and a half net earnings he finds an interest chai'ge
likely too
which we
large
that the Mint figures for production
have used are 28 millions larger than Mr.
;
Valentine's for the same years
manufacture
;
payments of $500,000 on account of
trust certificates, and $440,000
and that the estimate for annual rental of the Denver & Rio Grande Western leased
nearly 5 millions a year smaller than
Bur chard's investigations would seem to warrant.
is
Mr
For
of $2,208,000, yearly
principal of rolling stock
making a total annual requirement of $3,148,000.
The payments for principal of the car trusts are of course
road,
y
1
Dec-ember
THE CHRONICLE
1684.
0,
a charge against capital account and not against not oarn-
and should bo so considered. Disregarding also the
lease rental of the Denver & Kio Orando Western, of
which the company would be relieved anyway in the case
of foreclosure, Mr. Fleming figures that after paying
the interest on the old first mortgage ($6,382,5U0)
and on the rolling stock certificates ($3,627,000), there
would remain on the basis of tho present year's earnings a
surplus equal to about 1 per cent on the consolidated bonds
outstanding.
Accordingly he suggests that the consolidated bondholders accept interest on half the amount of
their present bonds, and change the other half into income
bonds or preferred stock bearing interest if earned.
Mr. Fleming also suggests that in the new mortgage
there shall be a reserve of bonds to provide for possible
ings,
621
whore this week the directors (under the cUaae in tho mort
gage permitting foreclosure only in tho cm« of default for
six consecutive
fur
I
second
lie
from
free
coupon periods) passed a half yearly coupon
time.
But even that plan i> not wholly
objections.
marked
fluctuations,
within the limits of
the
lease, since the
operating expenses), and
necessary extensions or additions
to
property."
the
case stands, that reserve would also have to cover the half
payment on the car
million yearly
trusts, since there
seems
by having boon brought
MIDDLETOWN BANK FAILURE AND
BANK EXAMINATIONS.
Trr£
The story of the failure of the Middletown National
Bank is as familiar as the plot of a commonplace novel.
is
making while he
As
rest
assured of stability.
failures to interest the
its
Under Mr,
the lowest measure of income being
There
not earning
to violent fluc-
Fleming's plan, however, only that portion represented by
income bonds or preferred stock could b© subject to
advantageous terms than under the present
is
whole body of
tho
by the mortgage
tuations in value, as the Erie bonds illustrate.
requirements in the future, "such as standard gauging the
main line, acquiring the Denver & "Western (which latter
he thinks can be acquired after reorganization on more
line
exposes
It
investments represented
barely enough variation in
is
tho incidents of such
ordinary reader of a newspaper
taking in the details of the
kind.
In
of the
romance
this case the villain of the piece
'smart man,"
— was
an
outside
who had outgrown
last affair of
—
the
to use the figure
speculator,
the local
the limits of the
little
be no provision for meeting that payment; but we city where he began business, had expanded into a great
believe it is in contemplation to make some other arrange grain "operator," and had spread himself "promiscuous"
ment in respect to the rolling stock, which is probably over many Western grain centres. His former townsmen
to
As to the had great confidence in his ability and versatility, and no
it.
company's stock, Mr. Fleming favors an assessment of one was more fully persuaded on this point than was the
$8 00 a share, which would yield $3,040,000, that being president of the bank.
about the cost of the improvements necessary for the
It seems that the operator apparently did a large and
"economical operation" of the road. As for securing safe business with the bank in prosperous times, to the
hardly worth the present encumbrance on
good management, he states that " the plan of placing the
" stock in the hands of trustees 3,000 miles from here,
profit of
" has not in
required
all
respects been satisfactory."
the floating debt, he says that
cally paid off
the
In regard to
receiver has practi-
from earnings the amounts due for wages,
between $600,000 and $800,000 due for sup-
So far as yet appears th6
the shareholders.
president was interested in none of the speculations which
when
the assi.stance
of
tlie
bank
at
any time.
But
these speculations involved losses, the president, re-
taining his confidence in the operator, was gradually
drawn
an implied undertaking to "see him through." As
plies and right of way which will be paid in the same way affairs became worse the transactions became larger, more
The condition of things was
as fast as earnings permit, and that besides these there are unsafe, more unprofitable.
that there
is
$705,617 of
sufficient to
bills
payable secured by collateral of amount
take care of the same, the collateral being
securities of the
road which have already been allowed
for above in calculating the annual interest requirement on
the company's debt.
Mr. Fleming has also examined into
the physical condition of the road and
$700,000
is
required to put
it
"operation," but he thinks that
were spent during the next
finds that
about
"in fair condition for safe
if
about $3,000,000 more
five years
ing. &c., the standard of efficiency
for bridges, ballast-
could be so raised as
into
discovered, partially at least,
by the examiner, the
direc-
were warned, the president was directed to cease giving excessive accommodation to this favored customer.
But he had gone too far to recede. Instead of returning
to the safe and conservative course, he resorted to the
expedient of a private memorandum book, upon which
were entered the transactions which the directors would
tors
not approve.
The
rest of the story is the last chapter of
the novel that ends badly.
The
feature of chief interest in this case
is
in the fact
to permit of important economies that are impossible now.
that the illegal and excessive loans to one customer were
And
detected as long ago as last July, and
this
$3,000,000,
already stated,
is
the assessment on
the stock,
as
supposed to provide.
While reserving
criticism
of the details of the plan
directors,
who
made known to the
duty by issuing a
satisfied their notions of
vague admonition
to their president,
which he was able to
have been fully developed, the general theory evade without the slightest difficulty. The idea that the
advanced by Mr. Fleming is certainly sound. He seeks to discovery of a system of gross favoritism and of bad
place the company upon such a basis that the present reor- banking imposed upon them the necessity of extra vigilganization shall be the last.
To accomplish this purpose, ance, does not seem to have occurred to them. No doubt
the consolidated bondholders are asked, in effect, to yield tho practicability of close supervision by directors is less
the compulsory interest quality on half their bonds, in in a country town, and over a bank of small capital, than
when
it
shall
may be assured to it is when banking is on a larger scale. The surprising
and beyond peradventure. This fact is that when attention had been called to an irreguis in sharp contrast to the plan that would simply fund larity, tho directors were contented to pass a formal vote,
coupons for a number of years till business revives. The or to give a verbal command, that this must not occur
Some months ago wo questioned the policy of the
latter plan has been tried in similar peases heretofore, again.
and has always proved unsatisfactory.
It works well national bank examiner system on tho ground that it led
enough, as said, so long as business is active and pros- to a confidence in the solvency of banks on the part of the
order that the interest on the other half
them
regularly, promptly,
perous, but
it
allows no leeway for a falling off in revenue.
public which
their
condition does not always warrant.
The advantage of having some sort of provision against a The Middletown bank case teaches a lesson in tho same
It is true that tho examiner discovered
possible shortage of revenue, is seen in the case of the Erie, general direction.
.
THE CHRONICLE.
622
the irregularities in this bank, and pointed them out, thus
all that the law, or the theory of his office, required
But the
to do.
merely to
and
detect,
examination
real object of the
but to put a stop
to, all
is
CONSUMPTION AXD OVERLAND
MOVEMENT TO DECEMBER
whenever the conditions are such as they were
that,
Middletown,
The
it
will
always
expresses
surprise
annual report
faihire
the
that
of
TVe present our readers to-day with detailed statements
the overland movement, receipts, exports, apinnera'
at
takings,
to
etc.,
December
1.
fail to do.
Comptroller, in his
should excite so
1.
not
such practices;
XXXIX^
[Vol.
COTTON
doing
him
.
much more
of a
interest
just
OVEBLAND MOVEMENT TO DECE.MBER
issued^
national
bank
and cause so much
The
1.
November movement overland
gross
decline from the figures of
1883 and
a
exhibits
and the
1882;
total
the bankruptcies of private banks,
for the three months is now below the totals for the correThere 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. One 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 1884 fall
more comment than do
mercantile firms and manufacturing corporations.
Every one who
of the solvency of a national bank.
stops
matter must be fully aware that the
periodical or occasional examination into the affairs of a
to think about the
bank
and clumsily-con-
likely to expose only superficial
is
trived rascality, as
show; and
if
we have many
times taken pains to
reasoning were not convincing on that point,
behind those of the previous year 23,237 bales and are
42,027 bales
The
net
less
than those of 1882.
movement
below
makes a more favorable compari-
for the month, although also
that of previous seasons,
from the total of a year ago reaching
and from 1882 showing a decline of 20,674
son, the falling off
4,812
bales
Yet, outside of bales. The figures for the month are 129,581 bales, 134,39a
banking corporations which are bales and 150,255 bales respectively, and for the three
under the supervision and restraint of a clearinghouse months aggregate 227,855 bales, 261,252 bales and 244,ir2
association, there is no doubt that the public does have bales.
The details of the whole amount forwarded are as
experience would complete the argument.
those State and
private
in any others.
whole they have good reason for that confidence,
greater confidence in national banks than
()n the
although
it
rests solely
upon the
are those of
private banks justifies their confidence and explains their
If bank
a national bank closes its doors.
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 advantages of the present system, against
which are to be set many disadvantages. Whenever the
law has to deal with a bank officer who has the soul of a
thief, but who has not yet been found out, it breaks down
completely.
The surprise which the community experiences when a national bank fails, is usually more at the
rascality of men who have been respected for their probity, or the fatuity of men previously esteemed for their
surprise
OVERLAND FROM SEPTEMBER
fact that failures of
uncommon than
banks are more
:
Since Sep(ember
i
business sagacity, than at the abstract
From St. Louis
Over IlUuois Central
fact that such an
Over the Mississippi River, above St. L.
Over Evansville & Terre Haute
Over Jeffersonville .Mad. & Indianapolis
Over Ohio & Mississippi Branch
Over Ix)ul8viUe Cincinnati <fe Lexington
Receipts at Cincinnati bj- Ohio Klver. .
Receipts at Cincinnati by Cln. South'ru
Over other routes
Shipped to mills, not included above.
Ded-uet—
Reoelpt« overland at N.Y., Boston. Ac.
Shipments between (or SontU from)
Shivtnenls ifiUind
is,
that the
ners' Takiniia
(not
so far as the public
and
it fails
in
is
is
organized for the purpose,
concerned, of keeping
the very object of
suspends payment.
This
is
its
money safely,
when it
existence
99,629
51,530
55,35;
9,261
lt,0T5
9(5.933
11,501
8,138
6,536
12,059
29,133
1882.
23,SC1
55,609
36,867
141,11^2
4,896.
907
1,4=16
43,131
49,948
1,510
12,019
20,453
21,729
5.399
27,632
If.-iS
1,263
306,50:5
329.742
348,532
53,770
46,373
91,705.
15,3iS
16,660
1,236-
4,80.j
11,58.'
1423,778
6,li8.'
2f,522
29,27*
17,=i47
ro
37
1,.',S4
Mobile
3,578
25C
1,327
5,218
10.530
697
16
223
264
698
2,116
LeBTinf! total net overland*
78,650
68,490
104,420
227,855
261.252
214,112
* This total Includes shipments to Canada by rail, which since September 1, 1884, iimoimt to 4,982 bales.
not the case with other enter-
The depositor in the bank places his money there
avoid a risk.
The creditor of any business house may
prises.
to
1883.
otherwise di-
more excitement over a bank
bank
1884.
d acted) from —
bankruptcy of a dry goods store or
failure than over the
an iron mill
1.
and Southern Spin-
institution has closed its doors.
is
TO DECE>[BER
SIn2)ped—
when
directors
The reason why there
1
trust the public reposes in
The very
the Government supervision.
national
follows
think that he runs no risk; but he does not choose that
it
RECEIPTS, EXrORTS
AND SPINNERS' TAKINGS.
Port receipts have been very free during November, and,,
as cleariy indicated hy our weekly reports, have continued
owe him, rather than keep his money in his own cus- to make gains over previous years, especially 1883. At
tody or in bank for the purpose of safety. It is therefore ihe close of October the excess was 45,926 bales, as comnot 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
shall
as are commercial bankruptcies, that the business of bank-
the figures of last season, the Atlantic ports furnishing
ing
the increase, Charleston
is
the better conducted.
It is
always the
first
duty of
contributing to
it
most
all
largely.
a bank to do a safe busmess; 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 precedupon a bold and hazardous operation.
large proportion ing year, and for the three month? they have been 2,557,of business hankruptcies are unavoidable; but when did a 994 bales, 2,420,284 bales and 2,401,937 bales respectively
bxnk fail which had not violated the first principle of in the three seasons. Foreign exports have also been on
Bound banking ?
a liberal scale, and the total for the three months now
A
.
OiaF.MIIEU
TIIK CHRONICLE.
lf>S4.]
(i,
0:'3
(),()(! 1 bales, against
years.
Wo roach tliat point by adding to tho abovo th«
The Novombor figures stuck remaining at that dato at the interiur towiu, Imc
are 793,928 bales, against G46,782 bales and 704..35.> bales stock hold by thom at tho beginning of the leaaon.
In
in the two preceding seanons.
.Since the close of the thi.s manner we And the roault for throe yeani on D«o. I to
month exports have continued larjje, and for the week be as follows.
ending December 5 bid fair to reach 240,000 bales.
exhibits an incroaso over last year of 21
an
C'.xceM of
i»2,iil,")
Iteceipts, e.xports
follows
and stocks
I.
IMM
1.
1.
1894.
our usual form are as
in
M ubnre.... bales.
Toial uiarkeUMl,
Interior sUK'kg In
:
JtMHvtt
Moi*tmtnt frtmx
atvt.
Drc.
on November
»ince
to
SI.VCI SKPT.
TO—
1864.
1,
Upl.
1,
1888.
18S4.
Onat
BtWHn'
Cbnt<iwnt.
77,781
I.S10
a5.Sl«
114,746
i.UN
8,1-S-
68I),8J3
(M'r,T7;
20^478
l»5,87S
119.741
424,09-:
109 117
SO.OiH
i:ii
545
3, SOS
Kl.irld.i
SuTannnh
Stll.BVe
Koo.gi.i
Indiunnim &o..
New
orleaiu....
Mobile
70,0D1
7,074
116,188
194,181
63,««g
1»«
286.070
28.268
6,217
132,86«
«6S,SBJ
5,K85
74,SII6
1I.S18
70,800
158, VX)
101368
0I,»I2
7,23S
88,074
4,934
3«.0(M
18.727
300 .50S
110.074
110 050
2.188
113,088
83 721
18.411
.......
4,lV4
l«,r,85
12.»I3
10,018
187.844
30.751
62.311
16,00!
73,580
886,881
39.860
127.688
3,050
84.005
79,886
28,i»«
86*8:
1».8I6
453,348 t.458.9l»
892,933
471,asi3
17.004
4l7.(M7
Brutiswick. 40.
7,IS7
0.H4
Charlerton
Port ll(iyHl,*c.
Wllmlnirton
Jloroh'dC.io.
Norfolk
S81,7«19
West
New
1,855
i!ll,3M
4.3;)l
2ti?
70*.i
Wi."S
Pnlnt.4o.
York
B.^lTii.'.ro
9.S47
sa.ioi
418
I'llUj>!e!phla,4c.
11.38»
Ro^t.n
ToUl
18S4
I8.5fl»
i.307
5.480
ii»
83.DiN!
2,858
6,810
6.M4
a,420.«84
668,504
164,243
416.080 IJM8.836
9.7,498
|«.401.»37
S00.071
148,790
41S.tUlJ 1.861.161
784386
Britain exports Include to the Channel.
U.sing tho facts disclosed
by the
shall find that the portion of the
forogoiiig statements.
crop which
a market through the outports and
lias
ovc:-land.
Southern consumption since September
the two previous years, is as follows.
this
1
reached
and the
year and
1884.
1883.
1882.
bales. 2,7^S5.lJ49 2,681. 53« 2,646,019
1.
78,000:
87,0(K)
90,000
Total recelptB
cunaumptlon since September
hales. 2,86a. 849 2,768,536 2.7P6,01!f
Total to Dec. 1
20,,T13 bales
more than
in
1
of the
1883 and 127,800
As
what has come into
and previous
we have prepared tho following, which shows the
it
will
interest the reader to see
month
sight each
movement
of tho season during this
for the last three seasons.
1884.
ItonlJu.
Septeml»er.,
October
November
Total 3 montha
[
1S8S.
188*.
413.836
4S0.017
40 .',336
1,309,111
1,390 902
1,323,716
1,317,773
1,180,761
1,402.952
3,113.849
THE COTTON OO0D8 TRADE
1
3,093.536
>
2.986AMa
IX NOVEMBER.
Business continued very quiet until about the middle of
At that date, the election contest being
the month.
settled,
ments.
demand improved somewhat in
There were very heavy transactions in
the
all
fine
depart-
brown
and four-yard sheetings, stimulated by exceptionally low
Subsequently a good inquiry arose for certain
prices.
popular makes of bleached cottons, which were marked
down to lower prices than ever before known, and towards
balc8.l2.5.57,9aj 2,420,284 2,401, US?
Eecelpts at the ports 'o Dec. 1
Ket sblpmeiit« overland duriUK' same time 227,955 261,25'2 244,112
'Sonthei'u
is
1
Total I8SS
we
2.946,0 tv
3,0itJ.5:i(j
bales greater than in 1882.
yeare,
8C8.730
8,S57,694
3 206
Tntal 1888
* (ireiit
32.'>.(i(Ni
3,113.811)1
This indicates that the movement up to Dec.
DrC.X.
TotaL
present yqar
'iAlTe:>ton
V50,oao
1
bale*.
is<n.
2.' .30.040
2,76>'..'i:i<l
AiMki
ffriM
.«.p(. 1,
IS**.
XPOBTS
cxceMofSept.
Total In siKbt
tOTS.
2.663,M4l»
the end of the
best
month there was a liberal movement in the
makes of colored cottons.
Outside
corporation
and colored cottons ruled very quiet
month, and prices favored the buyer.
Print cloths were in good demand and dearer, in sym-
makes of
plain
throughout
tlie
The amount of cotton marketed since SaptembBr 1, in 1834, pathy with cotton. The stock of print cloths in the
more than iu 1883 and 127,- hands of manufacturers and speculators on November 29
800 bales more than in 1882. To determine the portion reached about 1.100,000 pieces, against 1,186,000 pieces at
which has gone into the hands of Northern spinners during the close of October and 866,000 pieces Dec. 1, 1883.
the same period, we have prepared the following.
is thus seen to be 95,313 bales
Total receipts to Der. 1. 18S 1. a.s above
bales. 2,363 8 i9
Stock on liauil ooiuineaceineut of year (Sept. 1, 1834)—
At N'orthorn ports
87,415
24,31-i —111.733
At Southern ports
At ProTldeace, <&c.. Northern Interior markets.
4.4>7— 116.190
Total supply to Dee. 1. 1881
supply there has been exported
to foreign ports eince Sept. 1, 1884, 1,158,900
Lea.-* foreign cotton included
2,419— 1,15G,4?1
Bout to Canada direct from West
4932
Bnrut North .and South
1,437
Of
2,980,039
thi.s
€tock on hand end of mouth (Doc. 1, 1884)—
bales. 166,329
AtNorthern ports
720,608—
At Southern poi-ta
At Providence, &.C., Northern Interior markets
Total takings by spinners since September
Takoii by jouthcra s;iiiin:r4
1,
992,935
4,967—2,260,852
1S81
Taken by Vorthorn spinnpr.< since .September 1, 1834.
TaUoa by Northera spiuncrs same time in 1833
Decrease
in takings
by Nortlieru spinners
tills
year.bale.i
619,187
78.000
541.187
« 3.53-'
1
42,401
The above indicates that Northern spinners had up to
December 1 taken 541,187 bales, a decrease from the correspouding period of 1883 of 142,401 bales and a decrease
from the same time of 1882 of 81,811 bales.
cotton. low mIdUlug npland at New York,
minufucturers' prices; for sheetings, agents' prloea
which are sablect to an average discount of 5 per cent.
The above
prices
arc— For
for printing cloths,
AMOUNT OF CROP NOW
IN SIGHT.
WEIGHT or BALES.
In the foregoing we have the number of bales which
has already been marketed this year and the two previous
seasons.
An
additional fact of interest
crop which was
in sight
on Dec.
1,
is
tho total of the
compared with previous
We
give below our usual table of the weight of baltis
For comparison the figures for the same time in the two
previous years are added.
—
THE CHEONICLE.
624
Same
Same
Three Months ending Dec.
Number of
1884. peri'd in peri'd in
1882.
1883.
1,
Weight in
Pounds.
Average Average Average
Weight.
Weight.
308,S87
639,833
109,117
512,210
353,024
460,480
70,673
359,625
160,031,266
332,637,473
54,340,266
242,736,319
168,921,984
216,425,600
33,357,656
178,474,695
518-09
482-20
498-00
473-90
478-50
51302
496-28
49400
520-92
490-60
500-00
487-87
486-66
477-34
476-78
511-50
2,863,849
Total
Including Florida
1,386,925,259
484-32
483-01
494-93
Sales.
Texas
Iiouisiane
Alabama
Georgia*
Boutli Carolina.
Virginia
Nortli Carolina.
Tennessee, Ac.
•
.
..
473-00
494-00
473-25
475-80
476-76
476-20
47000
47200
Weight.
It •w'ill be noticed that the movement up to December 1
shows an increase m the average weight as compared with
the same month of last year, the average this year being
484-32
lbs.
494-93
lbs.
per bale, against 483-01 lbs. per bale in 1883,
in 1882 and 475-50 lbs. for the same time in 1881.
[Vol.
Exchange was weak early in the month, and gold began
come in from 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
to
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 buying in stocks.
The improvement would probably have
been much greater had it not been for the damaging
effect of the railroad war between N. Y. Central and the
West Shore road, in which passenger rates to the West
were completely demoralized.
The following summary shows the condition of the New
York City Clearing-House banks, rate of foreign exchange,
and prices of leading securities and articles of merchandise,
on or about the 1st day of Dec. 1882, 1883 and 1884.
STATISTICAL
8UHHART ON OR ABOUT DEC.
The following statement, from the oiHoe 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:
UABrtl-nES,
Post-offlce
NOVEMBER
29, 1884.
$3,372,287 86
27.765,833 OC
Department account
Disbursing olflcers balances
Fund for redemption of notes of national banks "failed,"
" in ilniiidation," and " reducing circulation"
Undistributed assets of failed national banks
Five per cent fund for redemption of u.at'l bank notes.
Fund for redemption of national bank gold notes
Currency and minor-coin redemption account
Fractional silver-coin redemption .account
Interest account, Pacitlc Kailroiwls and L.& P. Canal Co
Treasurer U.S., agent forpaylng interest on D.C. bonds
Treasurer's transfer cliecks and drafts outstanding
Treasurer's general account
due and unpaid
Matured bonds and interest
Called bonds and interest
Old debt
Gold certificates
00
78
15
720 00
42,126 l^
7,726,059 37
$1,764.51143
287,253 90
8.470,638 88
757,298 17
120,075,350 00
133,940,121 00
22.695,00000
111,045,325 85
Interest
Silver certificates
Certificates of deposit
Balance, including bullion
10
34
77
42,837,408
377,976
12,342,961
156,729
26,763
68,100
fund
Total Treasurer's general account $429,035,499 28
694,710 31
Less unavaUable funds
NOYEHBER
$169, 177.013 14
62 212.317 71
GoldbiUUon
144 ,745.075 00
Standard silver dollars
Fractional silver coin
29, 143,283 48
,
Prime paper, slxt.v days
Silver m Loudon, per oz
Prime sterling bills, 60 days
National bank gold notes
Fractional currency
Deposits lield by national bank depositaries
"3,86017
70
790,100 46
13,,559,033
Minor coin
New York and San Francisco excliauge
One and two-year notes, &o
Redeemed certificates of deposit. June
8,
04 44
120,000 00
1872
Quarterly Interest checks and coin coupons paid
20,927 51
United States bonds and Interest
Interest on District of Columbia bonds
6,685 82
121,537 00
Speaker's certificates
Pacific Railroad interest paid
3523,057,804 55
FINANCIAL REVIEW OF NOVEMBER.
The month
of
occurrence of
November was
49 'a
11938
lOOia
136 hi
114"8
122^4
130^
118
128
112%
4is«,
4811a
IOII4
131
113%
122%
90
3718
30%
llStlt
10118
14%
67%
90%
99
120 >«
134
136
12oH
61
111
121
126J4
1443e
9II3
791a
93I4
11838
8378
102''e
127ifl
election
business was
it.
For ten days after
almost paralyzed by the un-
certainty as to the result; but after the people
to their
the decision, there
the
and more than
had
set-
work again, peacefully acquiescing
was a better feeling.
concerns, either temporarily or for an indefinite period.
the other hand, there were signs toward ihe close of
more cheery outlook
some quarters,
establishments which had been
closed were reported as starting up again.
in
industrial
Money was very easy throughout and
surplus continued to increase.
the city banks'
Xor.
1899,
reg.
19..
20..
21.,
1..
2..
3..
4..
Holi day.
llOOg
4s,
3s.
6f,
opt'n
Cur
,
1891, 1907,
U. 8. 1899,
coup. coup. rtg.
reg.
11413 122
22.
23.
H3''8l21%
5..
6..
7..
8.,
24.,
11378
12
25.
26.
27.
28.
29.
30.
J
..8..
9.
10.
11.
12112
11378
13.
14.
15.
16.
121%
12258
Holi day.
122%
.8.,
11378 121%
1141a 122%
11378 1211«
114>s 122%
Open.
121'e
Higli.
..8,
Low..
121B8
Clos.
18.
The following table will show the lowest, highest and
closing prices of railway and miscellaneous stocks at the
New York Stock Exchange during the months of October and November, 1884.
RANGE OF STOCKS IN OCTOBER AND NOVEMBER.
RAILROADS.
Albany & Susqueh
Sept. 30.
October.
Chloaeo
2d
4414
35
28ia
341a
301a
28%
4078
371a
6
39%
32%
A
3914
5J%
36%
43 14
8
5
1014
8
13
128
145
132
pref
* Quinoy. 123%
& St. Paul. 578%
Chic. Burl.
Chic. Mil.
Do
Chic.
&
93i8
pref. J129ia
Northwest...
Do
•
106
pref.
Prices bid.
t
9H
Si's
*8
Alton
Do
9>4
46isg
40
*13
pref.
November.
Low. Hiah. Nov. 29.
12978 130
86
83
86
10
61
9M
Central of N. Jersey.
Central Pacific
Ches. & Ohio
Istpref.
Do
Do
,
Oct. 31.
86
10
60
43
N.Y.Air L. pf
Bost.ct
Low. High.
..
.
of a
S.
reg.
,
in
4is«,
opVn Cur.,
The most unsatisfactory feature has been the general BufT.Pittsb.A W.,prf
Burl. Ced. Kap. & No
reduction made in wages of factory operatives, miners Canadian Pacific
Canada Southern ...
and railroad employees, and the shutting down of many Cedar Falls* Minn.
a few
6«,
3»,
4s,
1891, 1907,
(A
coup. coup.
.Voe.
17
distinguished by
the Presidential election,
ordinary excitement attended
November
41-2»5
50»«d.
4 83
71'4
44
Merchandise
I07,a
Cotton, Mlddl'g Uplands. $ lb.
10»ifl
107i„
34336
33 3141
Wool, American XX
% lb. 35 843
Iron, Amer. pig. No. 1..^ ton. 25 003126 00 20 50®21 50 19 50®20 50
42 00
36 50837 00 .;8 00329 00
Steel rails at tide- water
Wheat. No. 2 red win.^ bush 103»1 091a 1 133)1 131.2 83 ®85ia
6II43164I11
50 ®51i4
84887
Com, West. mix.No. 2.|} bush
12 75-3113 00
19 00
14 25
Pork, mess
W bbl.
CLO8IN0 PRICES OF OOVKKNMBNT SECURITIES IN NOVEMBER, 1884.
12.,
and
79%
5®5i9
lOl^g
—
28, 951,590
32.,200,683
United States notes
Katioual banknotes
On
4
.
U. S
4b of 1907, coupon
Railroad Stocks
New York Central &. Hud. Rlv.
Erie (N. Y. L. E. ct W.)
Lake Sliore & Micli. Southern.
Michigan Central
Chicago Rock Island & Pacific
[lllnois Central
Chicago & Northwestern, com.
Chicago MUw. & St. Paul, com.
Delaware Lack. & Western .
Central of New Jersey
2fi ,701,060
certificates
Silver certificates
down
li2®2
51 d.
Bonds—
3s, registered, option
6s, currency, 1898
4138, 1891, coupon
90
00
00
43
,.10,,525,633 79
Gold
tled
1884.
4,.778.848
Silver bullion
the
3®6
6®7
—
428,340,788 97
29, 1884.
Gold coin
Reserve lield
Surplus reserve
Uoneti, Exchange, Silver—
Call loans
United Slates
1883.
305.473,500 325,746,700 235,514,600
52,179,300 58,131,600 85,273,200
18,557,600
15,396.600 n. 643,400
279,234,900 317.036,100 325,8-25.300
19,109,000 27,326.400 38,450,300
69,808,725 79.259.0-i.i
81,456,325
85.4.T8.non 123,723,500
71,283. «00
42,'.;67,175
6,lii8,a(n
1,480,0,0
$
Specie
Circulation
Net deposits
Legal tenders
Legal reserve
.
$523,057,804 55
ASBET8,
New York City Banks—
Loans and mscounts.
1883 AND 1884.
1, 1882.
1882.
UNITED STATES TREASURY STATEMENT.
XXXIX.
Ex
T>s
8H
132
1230s
S4H
93%
dividend.
60
•44
31 14
lOrfia
1-29
431a
9'a
11
•7I9
10
6i8
"60
46
"
321a
11
544
3818
6I4
li
81a
130
126ifl
130
11714
751a
116%
1211a
8018
105
86
125
10*
150%
II714
7268
102
122%
..
73
,
107
4513
•30
11
H3''B
35
-51a
•11
•7
121
7908
"106
32% 92% 91%
120% 12678 126>4
.
Deosubbr
..
..
""
1384
6,
»(.30.
Ohic. A Ri>nk Islnnil
}115
Cblo. Ht.. L. A IMtUli.
Do
1S\
prof.
3.1
UlUo. St.P. MInii.kfeO.
.
Do
C'ln.
llOif }101ig
8>«
11
Denver
.fe K. Oraiide
DulMliillo.t .SIOILXO..
Kiutt. 'lonii. Viv.
A
i)i>
(in.
4''e
prof.
8>a
4
A
-30
123
Tex. Cent..
AW
17is
A
A
2*14
Niishv..
A
'73
'^
Maulmttan iieaoh Co.
MetuplUH
A Clia'ston.
Metropolitan Glev. .
AIlohlKan Central.
MJl. L. 8I1.& W.,pref
HliineaiioUs A St. L..
prel
Do
A Toxag
Mo. Kans.
"es"
84 19
13<s
171*
13
.
Do
A
Norfolk
2414
14Si
30
pref.
Do
pref.
10
27
95 >«
54
31
12
Peo. Decat.
"Viii
19
I6I4
2li»
96%
9
122
31i«
81
9258
*122
12i>g
831a
90''8
89%
5
838
10»8
2°g
3
25
22
25
2II4
461a
1713
21 14
46ia
289
20>i
27
15
12 >a
21
15%
A
258
'ig
1%
181a
423b
1'8
258
1%
Koine Water. & Ogd..
Bt. L. Alton AT. H..
<20
2219
411a
Franolsco.
pref.
1st pref.
A Duluth ...
pref.
Bt. Paul .Minn. A Man
Tex. A New Orleans.
Tex a« A FaoiUo
87
Paul
Do
"liia
5378
14
14
24
20
231a
381a
83'8
43
89
92
Mutual Union
Western Union
Express.
8J
12%
531a
53''8
4
6I4
•4%
4%
^1214
565
Adams
American
UnitedStatea
Wells. Fargo A Co. . .
Coal and Minino.
Colorado Coal A Iron
Homestake Mining .
.
131
93
54
106
911a
106
54
*106
9l8
71a
11
56%
611a
7
10
91a
7
5
19
21
130
82%
90
18 "a
63
51
111
Prloes aaked
13i«
71a
85
1913
ei
132%
95
•Sil
1091a
71a
91a
10
7
5>8
41a
39 la
40
16%
6349 14
5658 55219
115''g lllia 5108
Km.
1....
De-
days.
mand,
60
De-
dayt.
mand.
Kov.
911a
221a
391a
§90ia
75
4SOI3
4 84
13....
14....
15....
48OI9
4 84>3
4 81
4 81
4 85
4 85
20...
21...
22...
23...
4 811a
4 851a
2...
3...
4...
0...
6...
7...
8...
9...
10...
11...
4 81
185
4 801a
4 801a
lEOia
4 85
4 80
4 80
4 841a
4 811a
12...
4 80
1841a
8.
4 sola
...Hoii
—
i'siia
day
4 85
4 85
8.
182
4 80
4 86
S.
ll!!ia
%
60
5111
dayt.
De-
mand.
4 82
4 82
26.... 481ie
21....
25....
Range
High 4 82
Low. 4 80
Refunding certittoates.
Total interest-bearing debt
17,100
" nnee mal'rity $1,196,1
DebtoH which, Uit.hae eeaa'd
9,233,435
"
$10.1.57.198
276,755
•
—
Debt bearing no interest
Old demand an<l legal-tender notes
Certificates of deposit
Gold and
346,739.306
22.695,000
254.015,471
6,971,279
silver certificates
Fractional currency
Total debt bearing no interest
(Taclaimed Pacific Railroad interest
$630,424,056
4.229
Total
$l,83j,809,.591
$10,438,181
Total debt, principal and Interest, to date
.$1,316,217,775
in
Treasury
Total cash
423,340,783
Debt, less cash in Treasury, Deo.
Debt, less cash in Treasury, Nov.
1,
1,
1891
1831
$1,417,906,986
1,417,159,362
Increase of debt during the past month
Decrease of debt since June :w, 1884
CDRKEST LIAHILITIES—
tntore.'it
$747,124
$32,143,249
due and unpaid
Del>t on which interest has ceased
Interest tliereon
Gold and silver certificates
U. 8. notes held fur redemption of certitloates of deposit
Gash balance available Dec.
1,
1884
$1,761,511
9,233,135
276,755
251,015,471
22.695,000
140.350,615
$428,310,788
Total
Avjulable Assets—
$123,340,788
Cash in the Treasury
INTBRBST PATABLB BT TKK UXrrKU STATES.
OUaraeier of
Amount
Interest
Issue.
outstatiding.
by
4 86
4 84
xr.
paid
S.
Interest
Bauineeof
re-paid by itUerestpaid
transportarn
by U.S.
$25,885,120 $25,005,662
6,507,513
6,303,000
26,592,011
27,236,512
1,645.803
1,600,000
Central Br. U. P..
1,786,132
1,970,560
Western Pacific..
1,561.996
SloujcCltyiPac
1,628,320
•$4.915,9 14 $19,411,445
3.180,538
3,326,975
10,429,621 16.163,416
•162.401
1,176,480
9,367
1.777,119
148.186
1,413,810
$63,099,501
$18,876,062 $13,598,242
53% Kansas Paoltto
4 86
4 86
4 851a
27.... ...Holt Jav ...
8.
16...
4 831a
17..., 4 81-1 la 485^>« 28.... 4811a
4 831a
18... 4 81-1 la 14 85-5ia 29.... 481>a
8.
19... 181-lia 4 85-5ia 30....
4 82
JiUsrwf.
$250,000,000
737.693,150
191,190,500
283.150
14,000,000
Navy pension fund
Central Paclflo
54I4
Ex-divldend
Nov.
Interest-bearing debt
Bonds at 413 per cent..
Bunds at 1 per cent. ...
Bonds at 3 per cent....
BONDS ISSUED TO THE PACIFIC RAILWAY COUPANLES.
BAUKERS' STBRLINO EXCHAUQB (POSTED RATES) FOE NOVEMBER, 1881.
60
Amount
Outstanding.
34
31
831a
6,974,279
$630,424,056
4.229
BECAPITUtiATION
5%
5%
30
5
*2
1938
73
Ex-privUege.
17%
9
l8
t
.50'g
41a
1301a 134
93
921a
55
54
110
107
'93
55
110
pref
I
•32%
164
65%
29
89»a
•5
•121a
12
6333
10
72
Orew'n R'y A Nav.Co.
PacltleMall
51%
Pullman Palace Car. 115
Sutro Tunnel Co
"13 38
65Tg
21
Various.
Canton (3o
Del. A Hud. Canal...
Oregon Iraprov. Co
13%
51%
17%
52%
Coal
MLn
86
911a
-5414
'2
135
•26"
881a
56
13!
"
20
79 "a
86
5313
1
60ia
45
•19
•39
831a
41
III4
92
52
9»8
2OI4
2214
•121a
1
23 >a
125
113
2%
13
1
1438
11 14
21 14
10%
1301a
Ontario
Prices bid.
47
213
45
23
4
17
5
131a
Maryland
Do
78I3
SOia
8"8
50
Merch'ts
Quicksilver
2a
19
39 >a
83
20
79
"a""
Telegraph.
Amer. Tel. A Cable
New Cuutral
17
21
22
41
88
15
pref.
A
2=8
318
14
21
76I9
92
127
114
2i8
72" 72"
Do
Union Paeino
Virginia Midland
Wab. 8t. L. A Paclflo
20%
8,375,9311
—
16
1458
34
15
41a
10
16
$58,290
346,681,016
22,695,000
120,075,350
133,940,121
$15,350,213
3ol'''''e4}
Aggregate of debt bearing no Interest,
- • Railroad
PaelHo
interest.
Unclaimed
lelaln
19%
15
23 >a
125
111
171a
31a
9
11%
Feb. 12, '62
;
Le88amt.e8t'dlostordestr'yed,act J'e21,'79
•21a
1213
Amnunl.
Aut/iorixiny Ael.
July 17, '61
Fractional currency^ i-^i^^g^^'j^^j,
12
12
3
10
18 ^8
142
3
37
35
15
Pittsb..
Do
Do
27
140 14
1458
43%
123% 130
Oharcuiter of Inue.
;
21
121a
•13
2214
DEBT BEAKINO NO INTEREST.
Legal-teniler ni>tes
Feb. 25, '62 Jnly 11, 62 ; Mar. 3,'63
Certiticates of deposit Junes, '72
March 3, '63 ; July 12, '82
Gold certitloates
February 28, '78
Silver certillcatos
43 >g
9
;
"sgia
12>a
leig
U
Of called bonds embraced In this total Mm prlnoliMd
follows: 5-'20« of 1862. #351.740; do 1861. «l9.2->0; do 1869.
consols of 1805. $.:0^.150: do 1867, $-.l5.10i»; do 1868,
S92,6a0: 10-108 of 1881. SUl.OM; funded loa i of H8l. C218.550:
3's oerrs., $5,000; 6s of 18UI, continued at 3% nor cent. $'218,.'>50; 6s
of 1863, continued at 3ia per cent, $:)6,800 ; 5.i of 1831, o^nttaaed
kt 31a, $109,800: loan of 1882, 3s, $'>,958, 100.
Old demand notes
1714
4018
17
9
$1,196,147,100
the foregoing Iuium there l« a total of 91,761.511 intaraat
over-due and not yet called for. The total ourrent aoorued intorsat to
•5 la
*8ia
17
141a
Uia
9
115
891a
13>8
814
121a
191a
11%
9
5%
32
10 la
180
179
'Ilia
10%
BiclimoudA West PC
•
115
86
12
23
$i6.l,l.'>U
14,000,000
On
•37,950
'12%
29
13
29
4089,109,150 «l0i,7IA,80O
Feb. 26,'70
38,navyp.fd July 23,'a8
4a, ref. otfg.
8
60
'dia
178
Bl,432,ftOO
141.283^00
Interest.
60 '4
8538
10
ll'g
1519
A E'vllle.
93%
5%
180
12
1%
1»8.567,500
SOO.i 10,1.0
DEBT ON WfllOH INTEREST HAS 0E.\8BD SINCE MATURirY.
961*
*83i9
I314
271a
1013
Otmpon.
There is s total of over-due debt yet ontstanding, which haa never
been presented for payment, of $j,238,43) prinorpat and 9276,759
39
30
im
70
39
1508
21a
26%
35
im
10%
lUgUltrtd.
$l9t.lQO,.t00
Aggregate of lntere«t-b«aring debt
67 14
63 •«
37
'sV'ii
OuUrnndtmg.
IflUit
PayaM*.
3sof 1882. July 12,'83 At optloo,
lian of 1891 -70 and -71 Sept. 1,'ai
•12
73%
931a
lOia
m
16
38
5I4
20
10
177
3<ia
121<4
173»
13%
17
89% 9Ji8 95ifl
-613
122" 124% 122
9
124ifl
9
11
•4%
28
10
28"
"liii
23
14
84
16
12
70
65 <a
25"
52%
31H
I514
Reading
Bankers'
10
69 <B
54
"Oia
Plttsb.Ft.W.AC.guar.
Rensselaer A Sal'
Rieh.AAI.sl'k, tr. ct.
Rk'linioud A DunvlUe
A 8.
22>a
30 13
11
15»8
9II4
6.H5g
•10
971a
6314
331a
121'«
11
25
77% 7314
IS84.
185
«2l9
15 ig
72%
BSg
Ohio Central
Ohio A Mississippi
Ohio aoutheru
Oregon Short Line ..
Oregon A Traus-Con.
Kocliester
•11
6519
•62
Western
Do
Northern Paolflo
A
15
781*
65
24
59408
pref...
•25
113
63%
18%
*9
Mobile A OlUo
*122
Morris A Essex
Nashv.Cliiitt. A8t. 1.. *37
N. Y. Cent. A Hnd. R. JOoOg
N.Y.CUlo.A8t.Loui8.
5%
10 14
Do
vrof.
New York Elevated
86%
W.Y. Lack. & West ..
1414
N. Y. Lake Erie A W.
i>o
pref.
29
Ilia
N. Y. ANewEngl'd.
N. Y. N. II. A Hartrrd
Ilia
N.Y. Ontario* W...
*3
N. Y. 8usq. A West..
35
124
02
22
25 19
4'4
7a>
•31
5««
AulharUitgAel.
o//«nM.
4a of 1007.. •70au<l'71 July 1,1007
82
13
MtBsourl Paoiao
Bt.
4«8
185
30
112
84
•29 "a
St
NOV.,
Ammmt
Ohnraaltr
•a>4
138
11
Mo. Klver
Louisvillo
Loiiisv. N. A.
CUIc.
Miinliattiin, oonsol...
4\
8
30
*4
5>*
•3a
110%
9^8
STg
4>*
140
III
58 >•
•flia
•20
3H
31>s
112>9
15
Lake ICrio A West. ...
47fl'4
lAkeShoru
'65
LoDK Island
Bt. L.
8
55
»H
61a
Uu8 4 p.o
PhUa.
100<4
pref
niluiiis (X^ntral
Do I.'scd
Inilinna HI.
l.onis.
13T>fl
110<^fl03>a
I0>9
6019
514
30
I "9
183
Mht
33
'SI
llO"*
52
Evarsvillo ,t T. II...
Green It. Win. .v St. P.
Harlem
Do
40
35
ISO
Iiid.
ritusli.. Kiuir.
I>cl. l.aok. .* Wpsfiti.
625
The foUowInK ^ the offloial statement of the publio debt
it appean from tho bookt and Treaanrer's retama at the
of bustneas on the last day of Movemlwr, 188t:
tNTERRST-BBARrXd DBBT
2a'«
Z3>«
A
A
Honst.
110
Clcv...
(^ol. Clii.
.
THE DBBT STATEMKffT FOR
lforimbtr.~s
Lnw. Hiah. Oet.3\. Lou. aigk. Yog. 29.
llOKg UOig 108
111^8 111
'7
8
n
7
7«a
17
18>9
16 >•
14
28
33 <4
20>«
31
20 <g
26>a
}!)i'j
92
89 «
90 <«
J88
,
prof.
A
Snnd.
Cl«v.
Clcv.
.
THE CHRONICLE.
J
-Oelober.-
S
Railhoaun.
.
.
.
..
Union Paoiac...
Total
$64.6'23.512
m >re by cash
payment
of 5 per oent of net eamlogs
In the case of Central Pao., and $6,927 in case of Cent. Branch U. P.
The Pacific Railroad bonds are all Issned under the acts of July 1,
1862, and July 2, 1861; thoy are registered bonds in the deaominatlons
of $1,000, $5,000 and $10,000 bear 6 per cent Intereat in currency,
payable January 1 and July 1, and mature 30 years from tbelr date.
*And$J13,272
;
Chicago St. Paul Hinoeapolts & Omaha.— This company
has applied to the Steele Exchange to have IS.SUO shiircti of
preferred and 20,739 shares of cominon stocic hasted. These
usues, being at the rate of flO.OOO per mile of the preferred
and $15,000 per mile of common, represent 133 mUe:$ of newroad.
—
—
:
THE CHRONICLE.
62t5
[Vol.
XXXIX.
The expenditures show a decrease as compared with the previous year of $25,533,468 97, as follows In the War Department. ,$9,481,779 57 in pensions, $10,583,345 .58
in Indians,
$836,591 05 and in interest on the public debt, $4 581,752 77.
There wai an increase of $4,251,575 76, as follows 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.
FISCAL YEAB 1885.
:
;
REPORT OF THE SECRETARY OF THE
;
;
TREASURY.
:
Teeasury Department,
\
WAaHiNQTON, D. C, Dec. 1, 1884.
5
Sm: I have tlie honor to submit the following report. The
ordinary revenues of the Grovernment from all sources for the
fiscal year ended June 30, 1884, were
—
For the present
:
SoniiCE.
Amoi'.nt.
From ciialoma
From Internal r<- veime
From sales of public lanrts
From tax oq National banks
From profits on coinage, bullion deposits and assays
Frtm customs fees, fines, penalties, &c
From fees— consular, letters-patent and lands
Fromre-pajmtntof Interest by Pacific r'way companies
From sinking fund for Pacific railway companies
From deposits b.y individuals for surveying public lands.
From proceeds of sales of Government property
From Indian trust funds
From donations towards liriuidating the public debt
From immlarant f und
From S'ldier-' Home, permanent fund
Prom sale of condenined naval ves.sels
From revenues of the District of Columl)ia
From miscellaneous sources
fl9,5,0G7,489
is
fiscal
year the revenue, actual and estimated,
as follows:
For the quar-i Por 1 eraainiug
ter ended lthr"e quarters
!Sept. 30. '84. of the year.
Sources.
for the
Actual.
Customs
1.074, (!i>5
In ternal revenue
Sales of public lands
,3,248,93?
Tax
1.371.S63
2,045,77.=)
664,111
646,6.'i4
76,11.5
6:),311
2'.;4.28«
3(i7.092
•200.000
1,970.726
2,843,240
same period were
From—
3,10-1.730
4.2.50.()09
$348,519,869
Total o rdinary receipts
The ordinary expenditures
12:,.'if:6,072
9,810.70;")
('n National banks
Ke-paym't of int. & sink, fd Paciflo Ej-, Cos.
Customs fee.M, fines, penalties, Ac
Fees— consular, letters patent, and lauds..
Proceeds of sales of Goverumentproiierti'.
Profits on coinage, assays, &o
Deposits for surveying public lands
Revenues of the District of Columbia
.MiscelIaneou.< sources
,
Total receipts
$91,719,145 $238.2?0.854
The expenditures
for the'
same period, actual and estimated,
are
:
For the quar- For remaining
OB.JECT.
ter endt d
three-quarters
Sept. 30, '91
of the year.
Amount,
Expenditures.
For civil expenses
For foreign intercourse
For Indians
For pensions
For the military establishment, including river and harbor
improvements and arsenals
For the naval establishment, including vessels, mafhinery, and improvements at navy yards
For miscellaneous expenditures, including public build..
ings, lighthouses and collecting the revenue
For expeudiiures on account of tho District of Columbia.
For interest on the public debt
For the sinking fund
f J2,3l?.907
l,260,7ii6
6,47.'),999
55,429,228
39,423,603
17,292,601
For—
Civil
Actual.
and
raiscel's
$290,916,473
Leaving a anrplus of
Which was applied
$57,6(i3,3!i(i
to the
& collecl'g
revenue $21,251,296
Indians
$48,998,703
4,504,057
38,048,474
P en sions
1,995,942
14,yCl,525
Military o-tablislim't, Includ'g fortitlcat'ns,
river and harboriiiiprove't.ian(l arsenals
Naval establishment, including vessels aud
13,049,465
28,950,534
maehtnerj and improvem'Is at Navy Y'ds
ENpendilures uii aeo't of the Dist. of Col ...
Interest on the public debt
Sinking fund
4,2S9,793
1,425,731
13,809.410
27,067,050
12,210,201
2,074,268
37,440,589
20,553,151
7,840,2211
Total receipts, aotuil aud estimated
Total expenditures
$ 92,779,979
$3 0,000,000
290,620,201
Estimated surplus
redemption
Eslimated.
expenses, includ'g public
buildings, light-houses
Total ordinary expenditures.
Total ordinary expenditui-es
Eslimated.
$54,102,858 ?ia>',897,141
28,639,010
80.36'\989
1,446,183
,5,053 816
1.474,132
], 525,967
1,518,407
1,481„593
276. 34i
723.655
910.243
2,080,756
55,132
344,867
1,927,044
2.172,355
168.045
3Hl,3ft4
2,55.860
1..54 4, 139
944,681
5.755,318
$39,379,798
FISCAL TE.AR 1886.
Redemption.
Of Oregon war debt
Of loan of 1858
Of loan of Febiuary, IStil
Of loan of July and August, 1861
Of loan of March, \863
Of flve-twenttes of 1862
Of live-twenties of 1864
Of flve-iwenties of 1865...
Of ten-fortits of 1864
Of consols of 1865
Of consols of 1867
Of consols of 18(>8
Of funded loan of 1881
Of loan of July 12, 1882
Of certifleales
$6)0
00
From customs
From internal revetuie
From sales of public lands
28,700 From lax on National banks
4,1.5(1
From
le paym'tof interest and sink, fund Paciflo Ry.
1 ,00i>
From customs fees fines, penalties, Ac
l.'.'OO
From
fe<-8 — consular, letters patent and lands
72.300
From proceeds of sales of Government property
65,400
178.850
21,70
171,4=0
52 ,26'l.650
of deposit
990 000
65,9iO
interest and other notes.
to the Incrtase of cash in the Treasury
12,25.5
466,511
$5 7,603,396
Total
The requirements of the sinking-fund for the past fiscal year.
Including a balance of $623.316 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 127,067,050.
Compared with the previous fiscal year, the receipts for
1884 have in the following items decreased $54,0i4,793 16: iu
customs revenue, $19,689,007 17; in internal revenue, |23,134,296 47; in tax on Natinnal tanks, |6,002,278 72; in deposits by
individuals for surveying public lands, $5.'57,499 98; in donations toward liquidating the public debt, |901,111 90; in proceeds 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,
f 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 interest by Pacific Railway
Companies, $185,503 69; in tax on sealskins and rent of seal
islands, $65,420 25; in proceeds of Japanese indemnify fund,
$1,839,533 99; 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 Grovernmentproperty, $261,579 72; in sinking fund for Pacific Railway Companies, $723,671 94; in saUs of Indian lands, $280,046 40;
in reimbursement by National batik redemption agency,
$82,946 83 ; in registers' and receivers' fees, $84,7!j3 60
In
fees
on
letters- patent,
$18,850 30
in
Soldiers
Home permanent fund, $301,468 50 ; in reimbursement for surveying 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 Bources ol $49,767,712 03.
;
;
;
;
$185,000,000
5.5.000
115,011(1,000
202 650
Of refunding certificates
Of old demand, compound
And
The revenues of the Bscal year ending June 30, 18S6, are thus
estimated upon the basis of existing laws:
5,1
Fr.im profits on coinage, assays, »fec
Fiiiin deposits for surveying public
6,500,000
3,<100,000
3,000,000
1,000,000
3.000,000
Cos.
400,i
00
4,100.000
5; 0.000
!,»' 00.000
6,700,000
lauds
From revenues of the Oistrict of Columbia
From miscellaneous sources
$33J,0O0,00O
estimates of expenditures for the same peri od received
from the several executive departments are as folio ws
$3,321,486
Legislative
19,;i35,823
Executive
,
Total estimated ordinary receipts
The
:
408.3
1.623,176
26,429,577
30.054,010
Judicial
Foreign intercourse
Military e tablisameut
Naval estabdshmeut
-
7,:<28,019
Indian affairs
Pensions
Public works
60,000,000
$7,100
4,490,916
Legislative
Treasury Department
War
Depaitnieni;
18,.57'2,160
Navy Department
Interior Department
Department of Justice
2,218,221
Postal service
,
524,667
148,100—
25,961,765
4.s26,349
21,919,294
Mioellaueous
3,609,544
District of Columbia
Permanent annual apiuopilations—
$48,750,000
Interest on the public debt
48,571,861
Sii king fund
Refun ling—customs, inl'nalrev., lands, &c 9,623,100
5,500,010
Ccdlecting revenue from customs
5,989,065— 118,434,016
Miscellaneous
Total estimated expenditures
$323,911^394
of
$6,088,605
It will be observed that the estimates submitted by the several Executive Uei>artmBnt8 for the tlsoai year 1886 exceed|tho estimates
received f om those departments for tho fiscal year 188o by more than
$10,' 00,000.
It is well understood that aiipropiiati'ins made upon estimates of the
several departments usually fall far shorter the amount of such estimates; ana, without intiudmg to criticise the action of other departments, I think it may be fairly assumed that the appropriations for the
fiscal year 18s6 will not exceed the actual expenditures for 1885, as
shown above. This would leave a surplus for 1886, the same as for
18 "S, ot more thiu thirtv-nine millions.
The estimate of receipts from customs for 1886 Is, in the foregoing
table, placedat $185,000,000, or the same as for the preceding year,
according to long usage iu estimating iu the Secretary's Annual Report. That estimate is about ten millions less thau the actual receipts
from cubtoms in the fiscal year 1384.
It should be considered that the value of Imports of dutiable merchandise for ihe fiscal years lB84and 1885 has been much reduced by the
unusual depression of business, which we may fairly hope will not long
Or an estimated surplus
i
:
DWEMBKR
ciiiiltii'ii'.
iilipi'iii • In
till'
.u.
iH'Oiiiit
This rcilnptlon In 1S84. iw (MiinpnrmI with
I
i;iv:c-
III'
tiiM'i iiml'T thu limid
ilulv
,111
(if
Hull
I"
wiw, ««
IHi:!.
•M^iistnmi." iim-
wllli'll wiillld iiliionnt
Kulii I» iii.»iinic', tlirfcfore,
more than
lie
THE CHRONICLE.
l-Wi]
0.
'
i.'MX),
'ii.
ili'ii'n lliiin
tliu auriiUiit i-oveiuu
..
i.:.:'.i
.
II
will
#JH,uOU,o<>0.
8TATW BONDS.
HBDE-MPTIUir OF UNITBD
1S83, tli« oatotanding binds of th» 8 per
cent l(ian of the act of July 12. 1833, amounted to |305.n2!).0O0.
Calls were issued prior to'Novemb«r 1. 1883, for #30,000.000 of
On November
1,
all of which matured in the month of
December, 1883. Daring the year ended October 81, 1884, ealls
were i.sxued for |80,000,000 of Huoh bonds. $70,000,000 of
whieli matured previous to October 31 and $10,000,000 on the
firHt day of November, 1881.
The fiillowing table .°how8 in detail the rrdemptions andeaneellaMnns of Uuited States bonds daring the twelve months
ended October 31, 1884
»100
8«veii-tbli-ty notosof July 17, 1861
the above amount,
:
1,800
6,000
3,000
Seven- liiriv notes, 18a'l-;8G5
liOnnur .hiiie U, 18.58
Loan
uf I'Vlinmry 8, 1801
Orosnii wiu' ilebt,
Fivc-iwi'iilliHiif Fclmmry 25, 186'ji
I'lv. In- iillee iif liJiS (Miiy and November)
Kiviiwi 111168 of June 30, 1S64
1(11 Initii's of lHG-1
t(Mi.-:..lH „r 18il.*i
((ilrM'l* ..f 1.H67
(I'll-..
of ISO-l
I.'.i.i .i! Julv and AnRiist, ISfil (6 percent)
l^cii'i .1 Miiich 3. 1863 (H percent)
KiiiLliil loan of 1S81 (.'. percent)
Loan of July ftud AuRiist. IStil (contiimcd »t MH) per coul).
I-onii of Mnrcli 3, 18U:t (continued ut a^a percent)
Funded loan of 1831 (contlnaod at 3»« per cent)*
Loiinof July H. 188-2 (3 par cent)
1,300
!l,»00
2'i.'200
1,0.^0
77,260
23.iriO
iso.e.-io
16,«50
35.1UO
I
133,100
S.n.TOO
5,347,700
91,771,000
Thone flrat Rnnatraol^d having b«on fairly
remunerative, more were couMtruated and »th>'r bfancheM of
until New KiiKland w»« noa'were
anderlaken
raaiiufaoture
Verted from maritime and commercial panulia lat> roaonfaoturing. It will b» recollected that New Bntflaod wan oppoMd
to the flnt proli'ctive tariff'-that od« of Mr. Web»t«r'4 great
speeches was a free trade upench.
It was not many years after the flrat eritton mills wa« ereot«d
in New Bngland that the great iron intcr-siM uf tli» coaatrjr
began to be developed, and Penn*)ylvitnia Hnm b'carOH the
great iron manufacturing State of the L'oiiin. Nor wan it long
before varloas kinds of manufactures came into ejl(it<»nfl« Id
rrf
most of the Northern and Western States. Th'
nda
the Government during the late civil war for »••
°''
of manufactured goods, and the high tariff, greati.v ^
production. After the war stimulus was found la
Duilding and in extravagant expenditures induced by ..>,...!.
bundant currency, and the time baa now come when the
manufacturing industry of the United States is in dire
distress from plethora of mannfactared gixxls. Some manafactating oompanies have been forced into bankruptcy;
others have closed their mills to e'jcape it; few milln are
running on full time, and as a consequence 'a very large
number of operatives are either deprived of employment or
are working for wages hardly suQluient to enable them to live
comfortably or even decently.
Nor are manufacturers and
their employees the only sufferers by the present d.-preesion of
our manufacturing industry. So large and widespread hait 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 iojarioasly affecting
business throughout the Union.
Into ootton faetorinii.
'
:
Part of which had matured previous to
November
1,
i
RELIEF FROM BXI8TI50 PLKTIiORA.
$97,774,300
Total
*
f.riMt
ll2.'20O
621
The all-important question, therefore, that presses itself
upon the public attention is, how shall the country be relieved
from the plethora of manufactured goods, and how shall pleth-
1883.
The reduction ia the annual interest charge by reason of the
changes daring the year ended Oct. 31, 1884, is as follows:
ora hereafter be prevented ? It is obvious that our power to
$3,201,200 Sroduce is much in excess of the present or any probable fatare
On bonds redeemed or Interest ceased
392
Deduct for interest on 4 per cent bomls issued
emand for home consumption. The existing iron, cotton and
$3,203,868 woolen mills if employed at their full capacity, could meet in
Net reduction
six months
perhaps iu a shorter time the home demand for a
The following table shows the changes in the interest-bearing year. It is certain, therefore, that unless markets now practidebt during the year:
cally cl'ised against us are opened, unless
—
—
Rate of
Title ot Loan.
Funded loan of
I
Outstand-g
DurlDK
^J-,-^^,J
interest. jiVov.l.lsaS.
*82
5 percent.]
i
i(X)ntlDuedi
>
Redeemed Ontstandlna
During
,b"o
S-^S
[91.771,000
* C-
!
1.312.446.0150
\
«4,M9,250
70.880 106.041.300 1,208.475,600
ased to bear interest during the year, but not yet presented for
payment.
account of accrued Interest on $61,060
t or this issue $9,RO0 was on
refundinjr! certificates converteil.
Redeemed by conversion Into 4 per cent bonds.
COSVEESION OF EBFUNDING CBRTIFIC.4TES.
Since November 1, 1883, refunding certificates issued in 1879,
under the act of February 26, 1879, have been presented for
conveision into 4 per cent bonds as follows
)
:
$81,050
12,210
Principal
Accrued interest due
$73,260
Total
For which settlement was made as follows
Four percent bonds issued
:
$70,850
2,410
Interest paid in cash
$73,260
Total
trous.
The question
question which
250,000,000
;37.69l,550
264,800
14,000,000
+ 70.880
.
Total
Got. 31 1884.
4,97O,S00|
4,970.5001
atSMp.ct.;^
Loan of JulT 18. 1882|3 per ot. S0B.520,0O0|
Funded loan 9f 1801. '4)4 per ct. 280.000.000;
Funded loan of iy07. 4 per ct. 737.620,700
Sii5.830|
Retund'K cortiflc'tcs 4 per ct.
14,000,000
Navy Pension fund 3 per ct.
YeS'.
we can share in the
trade which is monopolized by European nations, the depression
now so severely felt will continue and may become more diaaa-
how
shall
our foreign trade be increased
is
the
now comes to the front and demands prompt
and careful consideration. Manafacturers are primarily interwhole country has a stake in its solution. In its
investigation the tariff will necessarily be involved, inasmuch
as the relations between it and our foreign trade are so close
that they cannot be considered separately; but it need not Im
involved except so far as it stands in the way of international
trade.
If the duties upon raw materials are an obstruction,
those duties should be removed. If the duties upon other articles are an obstruction, they should be modified.
Whatever
may be required to increa.se our foreign trade, whether it be a
repeal or modification of existing duties, should be demanded
by the manufacturers themselves.
How, then, shall the information required for a full nnderstanding of what stands in the way of an increased exportation
of our manufactured goods be obtained ? It may not be proper
for me to offer advice on this point, but I cannot forbear
to say that I can .'^ee no better means than by the appointment
of a commission, composed of men not wedded to the doctrines
of free trade or protection fair-minded men, who would prosecute the inquiry thoroughly, comprehensibly and impartially.
If such a commission should be created, it should be done without unnecessary delay.
ested, but the
—
Then follow reasons why a commission would be desirable*
The certificates still outstanding amount to $264,800.
As I am to occupy for a very brit-f period only the office re- how it should be formed, and statements showing what work it
cently made vacant by the lamented death of one distinguished would have to do. The limitations to its work are given a
gentleman, and the acceptance by another scarcely les.s dL-itinguished of a place more congenial to his taste, it might be
becoming in me to confine my report to the foregoing exhibits
and a presentation of the reports of the heads of the various,
bureauis, which abound in valuable information in regard to
the condition of the Department, and to other matters of interest 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
views upon them, short as has been the time for their con8iderati<m.
These subjects are
1st. Our Foreign Trade and Taxation.
2d. Our Merchant Marine.
3d. The Public Debt and the Condition of the Treasury.
4th. Our National Banking System.
FOBEIGS TRADE AND TAXATION.
After referring to the condition of the agricultural interest
in the West in other days, when, owing to the difficnlt'es of
tranrtportation, the farmer's crop was practically valueless, and
the change which has followed in the construction of railroads
and the opening up of other means of communication and
transportation, the Secretary says
The real foundation of our great manufactarin<f industry
was laid in New Biigland under the first tariff of a protective
character, which diverted a part of its capital from shipping
:
:
follows
:
WORK FOR A
C0.M.MI3SI0N.
In the commencement of its work the commission should, I
think, regard the following points as being settled :
Fd'.it
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.
—
/Secowrf— That our manufactures, which, under the foeterinf^
care of the Government, have attained such gigantic proportions, and whose prosperity is essential to the weifareof all other
interests, are not to be put in jeopardy by radical and sweeping
changes in the tariff, and that all redactions of import duties
should be made with a 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
reform of the tariff which the Secretary favors, he makes the
following suggestions
—
First That the existing duties upon raw materials which
are to be used in manufactare should be removed. This uaa
be done in the intere.-t of our foreign trade.
Second That the duties upon the articles u.sed or consumed
by those who are the least able to bear the burden of taxation
should be reduced. This also can be effected without prejudice to our export trade.
—
—
THE CHRONICLK
628
In regard to our internal revenue taxes, I have to Fay that,
as these taxes, with the exception of the tax upon whiskey,
ought not to be and will not be needed for revenue if appropriations for revenue are kept within reasonable bounds and
rigid economy is established in all branches of the public serThe lax upon
vice, I see no good reason for their continuance.
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 aiticle "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 considered a loxurj^ 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 disregard of public sentiment, nor without creating a necessity for
higher duties upon imported goods; bat while this is true the
tax upon the alcohol used in manufacturing might be removed
'with decided benefit to home industry and foreign trade.
Under the provisions of section B,433, Revised Statutes, aa
amended, spirits used in the manufacture for export of certain
enumerated articles are free from the tax of 90 cents per galThis law has greatly increased the exportation of the
lon.
articles therein named.
These articles, however, constitute but a very small portion
of those in the manufacture of which alcohol is used, or in
vthich 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 methylate 1 are unfit to be
used as a beverage, wliile they remain uuinjured for the genIt is suggested, therefore,
eral purposes of manufacturing.
that provision be made for the use of domestic methylated
measure
tending
to encourage manuspirits, free of tax, as a
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 development. We give the following, which covers his recommendations.
THB SHIPPINQ ISTEKESTS.
obstacles in the way of a restoration of our foreign shipping will not, I conceive, be found in the cost of ships which
are to be built in the United States, but in the absenc-' of demand for them. If our navigation laws were so modified that
American registers could be granted to foreign-built ships for
foreign trade, there would be little, if any, improvement in our
shipping interests. Such modification some years ago might
have done something to prevent decline ; it would now be insufficient to restore. The great and profitable carrying-trade
between the Uuited States and Europe has been permitted to
pass into the hands of the ship-owners of other nations. So
complete is their control of it, so large is the capiial invested in
it, and so sharp and persistent would be the contest if we
should attempt, without Government aid, to share in it, that
our capitalists would not compete for it. There is, in my
opinion, no prospect whatever that the United States will ever
share to a considerable extent in the foreign-carrying trade
without Government aid.
It is for Congress to determine
whether this aid shall be granted, or whether our foreign sliip»ing interest shall remain in its present death-like condition.
The let-alme p Jicy has been tried for many years, during
which our ships have been swept from the ocran, and we pay
evt-ry year many millions of dollars to foreign ship-owners for
freights and fares. Onght this condition of things to be con-
The
tinued ?
Entertaining these views, I do not hesitate to express the
opinion
First That without Government aid to United States steamship lines the foreign-carrying trade will remain iu the hands
of foreigners.
/Second—That as we ought to have an interest in the business
which we create, and as the restoration of our shipping interest
is important, if not essential, to the extension of our foreign
trade, subsidies in the form of liberal payments for the transportation of mails or in some other form should be offered as
an inducement to investments of capital in steamships.
The amount of necessary aid would be insignificaut in com^)ari8on with what has been granted to manufactureis by protective duties, and nothing would be paid until the services
were rendered. If the subject were investigated, it would be
found that all the European steamship lines that led the way
in the great traffic by steam-power have received Government
aid. It is admitted that all protective duties and subsidies are
inconsistent with the teachings of political economy ; but, true
.as these teachings may be in the abstract, they are disregarded
by all nations when they stand in the way of national welfare.
No rules are equally applicable to all nations, nor to the same
nation in the different stages of its growth. Political economy
is not one of the exact sciences.
It is rather adaptive than
«X)ict. and all nations so regard it.
Protective dutiej were undoubtedly needed to induce investment in cotton, iron and woolen mills, and what not in the
various lines of our manufacturing industry. Whether or not
—
[Vol.
XXXIX.
protection has been extended too long or too far, and to what
extent it no w stands in the way of other great interests, are questions that can only be settled by full investigation.
Government 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.
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 i eduction
since his last report, in 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
It is in
follows:
Debt bearing coin interest
IJebt bearlug curreucy iutorost
-Matured debt uot presented for payment
Debt bearing uoiuierest
$1,108,310,191
1,273,220,103
1,503,020
461,616,311
Cash
$2,844,619,626
88,218,055
in tlie Treasury
Amount of debt, less cash In the Treasury
$2,756,431,571
The annual
interest charge was $150,977,697, and the average
rate pa'd 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
$2, 1 07,577,950
Debt bearing eiirreijcy iulerest
72,325,000
Matured debt not presented for payment
9,753,723
Debt bearing no interest
409,151,898
Cash
In
$2,598,808,572
113,873,019
the Treasury
Amount of debt,
The annual
rate paid
was
less
cash in the Treasury
interest charge
5 8 per cent.
$2,481,935,552
was $126,408,343 and the average
On Nov.
1, 1884, the public debt was as follows:
$1,206,475,600
Debt boarlDK inter.?st
12,547,485
Debt ou which iuterest has ceased since maturity
623,468,136
Debt bearing no interest
Cash
in the
$1,842,491,521
431,008,572
Treasury
$1,408,182,948
Net debt
The annual
interest
charge
is
now
$47,323,831,
and the aver-
age rate paid 3 92 per cent.
Reduction
Reduction
Roductlou
Reduction
of
of
of
of
debt in
animal
debt In
annual
sixteen years
interest cliarKe
nineteen years
interest charge
$1,076,452,604
79,081,511
1,347,948,622
103,653,866
In the management of its debt the United States has
Nothing has so much surbeen an example to the world.
prised European statesmen as the fact that immediately after the
termination of one of the most expen.sive, and, in some respects,
exhaustive wars that have ever been carried on, the United
States should have commenced the payment of its debt and
continue its reduction through all reverses until nearly one
half of it has been paid; that reduction in the rate of interest
has kept pace with the reduction of th'* principal; that within
a period of nineteen years the debt, which it was feared would
be a heavy and never-ending burden upon the people, has
been so managed as to be no longer burdensome. It is true
that all this has been affected by heavy taxes, but it is also
true that these taxes have neither checked enterprise nor
retarded growth.
FINANCIAL D.\N0BR3.
While, however, the public debt is in this satisfactory condition, there are some financial dangers ahead which eaa only be
avoided by changes in our financial legislation. The most imminent of these dangers, and the only one to which I now ask the
aitention of Congress, arises from the continued coinage of
silver and the increasing representation of it by silver certifiI believe that the world is not in a condition, and never
cates.
will be, for the demonetization of one third of its metallic money;
that both gold and silver are absolutely necessary for a circu-
and that neither can be disused without matethe burden of debt, nor even temporararily
degraded by artificial means without injurious effects upon
home and international trade. But I also believe that gold and
silver can only be made to maintain their comparative value by
the joint action of commercial nations. Not only is there now
no joint action taken by these nations to place auJ keep tilver
on an equality with gold, according to existing standards, but
if.
has been by the treatment it has received from European
lating
medium
;
rially increasing
nations greatly lessened in commercial value.
For many years the silver dollar was more valuable than the
gold dollar in the United States, and although there were fiuctuations in their comparative value, the advantages arising
from their joint use much more than counterbalanced the
inconvenience and loss occasioned by these ftuotuations. Various
causes in combination have produced the present depression of
silver, but the main causes have been the inconsiderate action
of Germany in demonetizing it and throwing upon the market
the large amount which up to that time had constituted her
metallic currency, and the restrictions upon its coinage by other
European nations.
In 1872 the silver dollar, as it had been for a long period, was
more valuable than the gold dollar. In 1874 the decline commenced, and it has beeu continued until the silver dollar Is worth
only about 85 cents in gold, and further depreciation is prevented
Decbmbeii
THE CHRONICLE.
0, 1884. J
i»8 bnving b^en made receivable by the Unitfd Htatea for all
publio dn^H, and tliH coinage at the rate o( 128,000,000 » year.
We now hold $147.!\73,331 80 in Hilver. The amount \a ho large
as to become burdenHome, and additional vaalta mnnt be Hoon
constructed If the coinage is to be cuntinned.
But thin in a
matter of Hinall importance compared with the danger to which
the national credit and the baNineoii of the country are eipoHed
by the large amount of silver in the Treasury, which mast b«
increased by further coinage, and especially by the issae of
These cerlifloates amount to ttSl,SA6,B31,
silver certificates.
and they may be increased to 1(184,730,820 by the silver against
which certilicafea 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
the United States notes, which are not -by law receivable for
customs duties; but although fhey are thus prevented from
depreciation, the fact exists that a large part of our paper currency based on coin is worth only aboat 85 cents on the dollar.
But this is not all; the certificates, being receivable for duties,
prevent gold from coming into the Treasury.
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, 1882, which prohibits banking associations from being members of any clearing honse 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
settlement of balances at the
have been or are now offered
clearing-house, and the Treasury has refrained from taking any
steps to enforce the receipt of either of these descriptions of
funds, which have therefore not been used in payment of obligations presented through the clearing-house." » * »
"As a consequence of the inability of the Treasury, under
the eiisting practice, to use either the silver dollars or the silver certificates in its settlements with the New York ClearingHonse, where by far the greater part of its disbursements is
made, the available gold ran down from $155,429,600, on .Tannary 1, 1884, to $116,479,979 on August 12, 1884. while the silver
dollars and bullion on hand not represented by silver certificates outstanding increased during the same period from
$27,266,037 to $48,603,958.
"As a temporary expedient to stop this drain of gold from the
Treasury, the Assistant Treasurer at New York wis directed to
use in payments to the Clearing-House United States not«8 to
the extent of one half of the payments. But the amount of
these notes in the Treasury, which at the time of the commencement of this mode of payment had accumulated beyond its needs,
has now become so much reduced that they are no longer available for f uch payments to any considerable extent.
" If a return to the former practice of making payments entirely in gold or gold certificates shall result in a continuous
loss of gold to the Treasury, not made up to a sufficient extent
by receipts of gold from other sources, the question must soon
arise for the decision of the Department as to whether it will
continue to make the Clearing-House payments entirely in gold
or its representative, or use for that purpose the silver dollars
or their representative certificates in some proportion to the relation which silver dollars in the Treasury not held for certificates outstanding bear to the available assets, and to an extent
similar to that in which they are used at other oflBces of the
Treasury.
"In ascertaining what this proportion is, it is to be considered that of the $134,670,790 in gold coin and bullion now
owned by the Government, $95,500,000 was obtained by the sale
of bonds under the Resumption Act.
"If it be held that this amount is available for no other purpose than the redemption of United States notes, the gold
which may be used for ordinary payments is $39,170,790, compared with $46,831,660 in silver dollars, including bullion
available for the same purposes.
"Or, if it be held that the provision in Section 12 of the act
of July 12, 1882, suspending the issue of gold certificates whenever the gold coin and btlllion in the Treasury reserved for the
redemption of United States notes falls below $100,000,000, is
by implication a requirement that this sum shall be held for
the redemption of notes, then the balance of gold which may
be used for ordiniiy payments is $34,670,790."
It is evident, from these extracts, and it will be rendered still
more evident by an examination of the entire report, that silver
certificates are taking the place of gold, and that a panic or
an adverse current of exchange might compel the use in ordinary payments by the Treasury of the gold held for the redemption of the United States notes, or the nse of silver or
As
silver certificates in the payment of its gold obligations.
$95,.500,000 of the gold in the Treasury was obtained by the
sale of bonds for resumption purposes, it was doubtless the
intention of the eminent gentleman under whose administration of the Treasury specie payments were resumed that at
least this sum should be held in reserve for the redemption of
United States notes, and not used for any other purpose. It is
understood that he went further than this, and very properly
entertained the opinion that an amount of gold equal to 40
per cent of the outstanding United States notes should be held
for their protection.
A Government which engages in banking by furnishing a
paper circulating medium must be governed by the rules which
prevail with prudent bankers, and be constantly prepared to
meet such calls as may be mide upon it.
Many persons regard legal-tender notes as being money, and
by
:
m
629
hold that no means should b« pro»lde<I f..r their roiVniptloa.
this is a delunlon will be proven whenevrr th«r«i I* »
demaod for gold for export. They ar« not mooey, but
promiaes to pay it, and the GovemmeDt rnant be prepared to
redeem all that may be prtMntad or (orfait ita eWMt«r tot
lolveocy.
That
Una
mm\f
After giving the Treasury *t«t«ment of Oct<ib«r 31, 18M. tb*
Secretary concludes this portion of his report as follows
From this statement lit is seen that there U no surpl nit gold
in the Treasury, and that the reserve has been treDeb^d upon
;
that there is no plethora of any kind except of silver dollar*,
for which there is no demand.
After giving the subject careful consideration, I have beea
forced to the conclasion that unless tmth the coinage nf silver
dollars and the issue of silver certiHcates are snrpendfd, thera
is danger that silver, and not gold, may become nnr metalllo
standard. This danger may not be imminent, but it is of so
serious a character that ther.- ought ni't to be delay in providing against it. Not only would the national credit be seriouslf
impaired if the Government should be under the nece.stify of
using silver dollars or certificates in payment of gold obligations,
but business of all kinds would be greatly disturbed ; not only
so, but gold would at once cea.se 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 »
depreciation of silver unless its efforts are aiJed by leading
nations of Europe. If the coinage of silver is continued in
despite of the action of Germany in demonetizing it and the
limitation of its coinage by what are known as themtin na'ions,
there can he but one result, siiVer will practically become the
standard of value. Our mines produce large amounts of tilver,
and it is important, therefore, that there should be a good
demand for it at remunerative prices for the outlays in obtaining it. The suspension of its coinage might dt-preas the market
price of silver for a time, but the uliimate effect would d( ubt1 ess be
to enbinc<) it. The metal which Oriental Nations and
some Western Nations u.se exclusivelv for coin— and all nations
to someextent
which costs, in the labor and capital required to
extract it from the mines, more than its standard value as coin,
cannot be permanently degraded by artificial means. The production of gold is diminishing, that of silver has practically
reached its maximum, and there are strong indications that
from this time the yield of both gold and silver mines will
speedily decline. At the same time the demand for both for
coinage and in manufactures will increase. The very necessities of the commercial world will prevent a general and continued disuse of either as money. The European nations which
hold large amounts of silver must sooner or later come to its
rescue, and the suspension of coinage in the United States
would do much to bring about on their part ac'ion in it,s favor.
But whatever might be the effect of the suspension of the coinage upon the commercial value of silver, it is very clear that
the coinatre cannot be continued without detriment to general
business and danger to the national credit.
The coinage of silver dollars under the act of February 23, 1878,
has now reached the very large amount of $1^4.730,829, being
an increase of $28,009,880 for the year endinir November 1. 1884.
The amount of these dollars in actual circulation is $41,326,736.
The increase in the circulation for the year has only been
$1,260,346, against an increase of $4,136,321 for th« previous
year. These figures of themselvesare an insuperable argument
against the continued coinage of silver dollars.
The Treasury would be relieved, in a measure, from the
burden of the silver now held in the Treasury by a withdrawal
from circulation of the one and two dollar notes. This would
not be a gain to the Treasury, but it would be a gain to the
country by increasing the amount of silver in circulation.
The amount of one dollar notes in circulation. is $26,763,097 80; the amount of two dollarnotes in circulation is $26,778,738 20. Congress would, I think, act wisely in putting an end
to their circulation. Nor do I hesitate to express the opinion
that the country would be benefitted if all five dollar notes should
be gradually retired and the coinage of half and quarter eagles
should be increased. If this should be done, the circulatinjr
medium of the United States below ten dollars would be silver
and gold, and we should be following the example of France,
in which there is an immense circulation of silver coin, which
in all domestic transactions maintains a parity with gold.
The substitution of gold and silver for small notes would be
productive of some inconvenience, but this would be temporary
should be withdrawn, the
only.
If the five-dollar notes
Treasury would be relieved from the burden of silver in its
vaults, and it would not be long before the coinage of silver
might be resumed.
Next follows remarks with reference to the coinage of oar
mints and the gold and silver production of the world. After
:
—
:
—
that the Secretary invites attention to the pressing necessity
tor the re-coinage of the subsidiary silver coins of the United
States. The decreased intrinsic value of these coins, owing to
the marked decline
in
the price of silver, renders
it
advisable
weight so that they will correspond to fracWith reference to the
sub-divisions
of the silver dollar.
tional
trade dollar he remarks as follows:
THB TRADE DOLUR.
The Secretary suggests that the existence of the anomalous
trade dollars should be no longer tolerated. Originally ccined
to increase their
—
:
THE CHRONICLK
630
for pnrposes of foreign trade, and ^iven a limited legal tender
quality in this country, they have not only been deprived of
that quality by lavr,"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 oifered for them. The oflfer should not
remain open longer than one year. The bullion realized from
them will be available for the ordinary coinage of the Government, but if the present silver law is to remain in force such
Imllion should be counted as a part of that now required to
be purchased each month.
KATIONiL BANKS.
statistics in reference to ths national
banks, which will be found in the Comptroller's Report given
subsequently. Respecting the effect upon these orgiaizitions
and upon the banking system by the rapid payment of the Government bonds, upon which their circulation is based, the Secretary says
The Secretary furnishes
noted that the circulation decreased $25,156,452
during the year. The bonds deposited to secure circulation,
which decreased $9,613,350 in 1883, were still further reduced
f25,442,300 during 1884— a reduction of $35,055,650 in two
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 i)i per cent
bonds of the United States have declined somewhat during the
past year bat 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 during the year.
Among the measures of relief recommended in the last report
were an increase of the issue of notes to the face value "f 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
and a repeal of
of which is guaranteed by the United States
the tax on circulation. I earnestly commend these propositions
to the wisdom of Congress, believing that, if adopted, they will
enable banks which now contemplate a surrender of their circulation 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 ciiculation of banks
is based upon our 3 per cent bonds, which are now redeemable
and being rapidly redeemed, remedial action cannot be postponed beyond the present session if a rapid reduction of our
bank-note circulation is to be avoided. The subject is a very
important one, and should receive immediate attention.
These, however, would be measure-" 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 banking 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 perfectly secured. When it became apparent that large amounts
of paper currency would be required by the Government in
;
XXXIX,
THE PACIFIC RAILROADS.
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
may devise a method for a more judicious investment of that
fund. The law now requires the fund to be invested in bonds
and in making such investments the five
of the United States
per 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
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 boads only to be called in for
redemption at short intervals thereafter, the only alternative is
investment in 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, 18S0, that investment be made in the first mortgage
bonds of the companies, worthy of the consideration of ConI
;
gress.
The amount standing to the credit of the fund available for
investment on November 1, 1884, are as follows
$2,000,023 83
For tlie Union Pacific Kailway Company
:
For the Central Pacific Railioaa
It will be
years.
[Vol.
Company
91
l.Sli.-l.So
$1,412,450 76
Total
attention of Congress is also invited to the act of March
1879 (20 Stat. p. 420) relating to transportation services performed for the Government by the PacitJc Railroad Companies,
the terms of which should be so modified as to embrace all
services which have been, or may be hereafter, performed for
the Government, and also include in its provisions the Central
Branch Union Pacific Railroad Company.
The
3,
****-x-
*»«**
several reports of the heads of oftioes and bureaus are
Hugh McCulloch, Secretary.
herewith transmitted.
The
the
2'o
Honorable the Speaker of the House of Representa-
tives.
REPORT OF THE COMPTROLLER OF THE
CURRENCY.
;
;
maRing payments and
in the collection of Internal revenues,
the question which presented itself to the Secretary, Mr.
Chase, was Can the notes of the Slate banks be safely used
by the Department for these purposes ? Fortunately for the
Government and for the business of the country, the Secretary
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 interesing
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 iu the co'lection of revenues; that has furnished 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 republican institutions. Banks of issue have been found necessary in
all commercial nations, and it can be safely asserted that
none, so far as circulating notes are regarded, are superior or
equal to ours. All this being true, its preservation is a matter
of national importance; its discontinuance would be a National
calamity.
:
—
The
report then proceeds to a consideration of the revenue
service, life saving service, marine hospital service, &e.,
marine
the facts concerning which are of little public interest.
reference to the Pacific railroads the Secretary says
:
In
Teeashet Department,
Office of Compteollek of the Cdrrbngy,
'•}
Washinoto.\, December 1, 1884.
I have the honor to submit for the consideration of Congress,
in compliance with section 333 of the Revised Statutes of the
United States, the twenty -second annual report of the Comptroller of the Currency.
During the year ending November 1, 1834, 191 banks have
been organized with an aggregate capital of $16,042,230; circulating notes have been issued to these new associations amounting to $3,866,230.
*
*
««»»«*#
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
and two, with capital of $8,905,880; Pacific States, five, with
:
;
capital of
$1,143,000.
$380,000
;
Territones, nineteen, with
capital
of
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 forjthe 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 operation at any one time.
The corporate existence of 90 national banks expired during
the year ending ^ovember 1, 1884, of which 83 have been
extended under the act of July 12, 1882, si.^ 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 liquidation 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 durint: 1885.
Eleven national banks, with an aggregate capital of $1,285,000, have failed and been placed in the hands of receivers during the year.
comparative .statements of the national banks foe sbten
tears.
table exhibits the resources and liabilities of
the national banks for seven years, at nearly correspunding
dates, from 1878 to 1884, inclusive
The following
:
Etcluslve of the Metropolitan National Bank, of New York City,
which was placed in voluntary lliiuidation November 18, 18S4.
*
.
Decehbbr
,
Oct.
1879.
317-6
94-7
31, -9
ostuto
Siiccir
Ia'p'\ tHiid.nntrB
Nnt.l)iinkiio'ca.|
138-9
46-7
30-7
61-4
l«-9
C. H. fTcIijuifies
U.S. Ctrl ill.'iitta
of *1ci)<^«it
Duo frmii U. 8.
Tri'ii.siiri'r
Otlier ies:)uroos
2.132
2.260 2,S0l
2,604
Bank*. Ilankn. BniikH.
Totals
3:iT-8
363-3
3ft7-6
S.-^l-l
7,-2
39-7
167-3
43-6
48-9
.-56-5
37-4
66-2
30-7
213-.'S
478
4H0
4'."-2
109 3
8^4
09-2
16-7
113-0
32-7
26-8
165!
17-0
17-1
24-9
22-1
230
r>6H'
18-2
121-1
fund..
I
327-4
80-4
71-4
194-3
49-9
128-6
198
208-n
46-S
102-9
63'2
20-7
203-4
107-8
70-7
22-7
06-4
67
9-7
100
14-2
17-5
26-2
17-2
28-9
16-6
28-9
17-7
33-8
48-3:
483-1J 609-7
132-0 142-0
61-2
61-0
317-3
315-0 310 5
837-9 1,0931 1,134-9 1,063-P
267-9 294-9 259-91 270-4
11-9
14-9
13-7|
8.5
466-2'
4.'54-l|
4.=i7-6
463-8
1169:
114-8
120-5
128-1
56-4
320-3
ClrcHhitioii
I>uctop.op-slt'ra
44-9
301-9
668-4'
313-8
line XV liniiks,..!
165
201-2
UndiviiVil p'Uts
46-1
41-31
736 9
1'
7-9
Otlii'i- liabilities'
Totals
711
61-9
230-8
47-3
114-3
S3-2
17-7
189-2
770
233
663
11.767-3 1.868-9 2,10.S-8'2,3.'SB4 2,399-8 2,.372-7 2,'.i79-6
CnpitfttHtoolt...
6-7|
624-3
147-0
03-2
289-8
9930
246-4
15-3
ll,76T-3 1,868-8 2,105-812.358-4 2,399-« 2,372-7 2,-i7«-.s
KXTESSION OF THB COEPORATE EXISTENCE OP NATIONAL BANKS.
1, 18S4i 398 bankn had i-xtended their corporate
existence under the act of July I'J, 1882. Of these, 83 have
Bitended their corporate existence under the act mentioned.
One was placed in voluntary liquidation prior to expiration by
the vote of stockholders owninx two-thirds of its stock. Of the
6 remaining banks expiring during the year, 2 were not extended, but were permitted by their stockholders to close at the
On Nov.
.
succe.ssion, and to liquidate under section 7 of the act of July 12, 1882, while 4 were succeeded by
other associations, with diflferent names, with the same shareholders 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
end of their periods of
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:
Statute.s,
Number of
Ye.ira.
134
7iO
19
5
1885
1886
1887
1888
1889
1890
1«91
1892
1393
1894
1805
1896
1837
1898
1899
188,971,475
2,715.300
950 000
1,2.50 000
63
104
103
39
67
81
23
28
27
41
From Nov.
Circulation.
$,56,161,370
9.'.:90„'>00
6,419,9,50
9,120,-80
8,300.870
3,849,400
5,819,150
7,650,000
1.968.000
2,H69.(;00
l,5i5,.500
2,10-;,000
2,649,000
2,208,600
4.820.0; '0
3,>-ii,yoo
8321,461,145
*194.745,.S05
1 to Dec. 31, inelualve.
The number, capital, and
whose periods of succession
circulation of the national banks
will terminate
of the year 1885 are as follows
I
Month.
Number of
banks.
during each month
:
Capital
United States
stock.
bonds.
January
109
1)8
$27,534,800
11,586,00
$18,927,450
February...
Marcli
April
1-.5
3'J,32,5,750
86
121
139
24
14
13
7
6
8
2.5,-.'41,970
20,636,700
16,456.350
720
May
June
July
Aii^ist
September.
October
November..
December.
Totals
,758,2,50
13,in3.!>00
7,03?<,0O0
10,06,5,000
1
1
935.000
719,100
450,000
12,879,600
4,740,000
1,488
$32,596,590
107,484,115
600,000
11
3
Totals
-
CapiUl.
Banks.
1881*
I
1
the United BtateM as provided
681
in seotion »,
act of Jao<> 30, 1874
and that loch noten when redeemed shall b« forwarded to tbti
Comptroller of the Currency and destroyed, «k now provldnd,
bv law, and that at the end of three year.<4 from thr date <,t
I
3.^7•3
LlAlUMTIKS.
Siirplii.<(
2,ono
Buiik't. Buiikn.
18!4.
1883.
1882.
Milftm' Mlirit!i\3lllf>u Min-iit Milfnx
878-S l,Otl-0,l, 173-8 l.-ZVi-i l,30i('2 1,210-3
831-0
iiimi i>,iuKS
lii'al
2,018
BankH
1881.
olrcu
OtliiilI,8.b(l».
Slocks. I)Mb A-0
1)111'
2,o:(3
Itnuka
1880.
iliirns Mill
I^OIUM
Uuiiil-i for
lull II
0«t. 1, Oct. 1,'Oct, R, Oct. a. Scp.'O.
()<-t, 2,
1
18;8.
RE?onHCK«.
THE CHllONICLE
1884.]
6,
8. s 8,5, .500
Circulaliou.
$17,019,755
7,995,740
18,5:18,060
14,780,165
19,28 -i.H'^a
28,36J,'340
49. 891 ,9 15
•1,915.000
21.550,8.50
24.757,100
2,375,400
22.0J1.3(iO
1.901,000
l,8i5,000
1,175,000
1,200.0 10
3,000,000
1,2,56,000
1.17.5,500
1,129,.500
l,053.-.50
335,000
1,180,000
2,025,000
739,200
1,062.000
1,808,360
18188,971,475
$130,060.8.50
$107,484,115
2,017,800
This table shows that seven hundred and twenty national
banks, with a combined capital of $188,971,475, will thus
terminate during the year 188."), unless their stockhoMers
avail themselves of the provisions of the act of July 12, 1882.
From the experience of the Ia.sc two years it is highly probable
the larger portion of these banks will extend their corporate
existence. These associations represent more than cne-third
of the entire capital of the national banking system, and
attention is respectfully called to the large addtional amount of
labor the extension of these banks will throw upon the office
of the Comptroller of the Currency. This labor will be
augmented by the provisions of section 6 of the act referred to,
req-airing that the circulating notes of any association extending its period of succession which shall have been issued to
it prior to its extension shall be redeemed at th e Treasury of
tne extension of each bank, the as-ociation h.
nball
depoNit lawful money with the Trea^^urer of tl.
S-at««
snfllcieiit to redeem the remainder of the circaiuiou nui. h
outstanding at the date of its extension.
The same section also provides that the notes issned to sneh
extending associations after the date of their extension, shall
be of a dlfTerent design, easily distinguished from thune issaad
before such dale.
To carry out these provisions of section 6 requires the keeping of two different accounts in the care of each extended
bank one for the old and one for the new circulatiMn, Dariog
the year 188,''> the work of keeping the circulation accounts of
abont one half of the national banks will be doa&led.
OIKCULATIOH.
Under the present provisions of law, national banks may be
organized with a capital of twm ^50,000 to 9150.000, upon
dep siting with the Treasurer of the United 8'ates, in trust, 20
per cent of their capital stock in Uniied 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 Sfat(>s and Territories on October 1, 1884, would require a minimum of but
$30,443,127 of United States bonds in order to cmtinae as
national banking 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 sapervision by officers of the
Government, is well understood by the public, and it 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 profitable busicess 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 restrictions which, as safeguards to the public, the national banking
law comrels 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 compensa'e for the inconvenience
of the restrictions, many national banks will leave the system.
Vaiious plans have been advanced to perpetuate the issue by
national banks of a circulation>vhich should be safe for the
public and reasonably profitable to themselves, both during the
period of the reduction of the banded 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
be for many yeais no lack of bonds as a safe basis of circulaMoreover, no feasible plan with other security has as yet
tion.
been suggested, affording a sound currency redeemable on
demand in specie, and the Comptroller believes that it is
extremely doubtful whether, after.their experience for the last
twenty years with the safe and convenient currency issued by
the national banks, the people would be satisfied with a currency based on any security other than United States bonds.
Public sentiment seems tc be in favor of the payment of the
public debt as rapidly as possible, and while no doubt this is in
general a correct principle, yet as it is apparent that such
payment must extend under the most favorable circumstances
over a long future period, the interest during which time is as
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
of the debt to reduce the interest upon it to a minimum rate
and defer the payment of the principal, thus giving for man/
years a safe basis for national bank circulation. This course
would be particularly advantageous if the revenues of the
Government are hereafter reduced to a point which, aft«r
providing sufficient means for carrying on public business, will
necessitate a more gradual reduction of the principal of the debt.
Not only is the future of national bank circulation menaced
by the fact that as the debt is paid it will be difficult to snbsUtute any other secure basis for circulation, but it is also ev dent
that under present laws and the present condition of the public debt, the banks cannot long afford to maintain even the circulation now outstanding. The following table gives the varions
kinds and amounts of bonds held by the banks on November 1,
1883, and November 1, 1884 :
1
wm
—
-
1888.
Three and a halfa.
Throes
Four and a halfs...
I'aclflc
sixes
Fours
Total.
1884.
$632,000
41,310,700
3,468,000
106,164,850
$155,604,400
49,537,460
3.4K9.000
116,705.450
$3.52.907,300
$3aa.316,»00
J01,327,7,'W
—
seen that the sggroreference to this table it will be,^..._
.
,
...
,
reduction of bonds deposited as security fore rcniationfor
,000, and the
ing November 1, 1884, was jf27,59l,(
the year ending
Upon
trate'
THE CHRONICLE.
632
changes were as follows A reduction of $45,723,350 in a lount
a redaction of $632,000, being
of tliree per cent bonds held
all the three and one-half per cents held; an increase if
cents
an increase of $8,217,750 in four
$10,540,600 in four per
and one-half per cents, and an increase of $6,000 in Pacific
The total reduction of bonds deposited to secure circulaBiies.
tion would have been much greater, but the flaancial 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 purchased 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, 1884, |1.')5,604,400 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 twj years, and, as
has been pointed out by my predecs.'isor in former reports, there
is great danger of a severe and rapid contraction of the circulation ; for while many banks will no doubt 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 circulaThe following table
tion to the minimum required by law.
shows the decrease of national bank circulation during the
years ending November 1, 1883, and November 1, 1884
National bank notes oiitstandiDj; Nov. 1,
:
1882, including notes of national gold
banks
Less lawful money on
$362,727,747
deposit at same
date. Including deposits of gold banks. .
1
1883
lawful'money
Net decrease
352 013 787
Nov. 1,1833.
35,'993,'46l— 316.020,326
of circulation in 1883....
$8,284,017
oii'deposit
National hank notes outstanding Nov. 1,
1883, including notes of national gold
banks
Less lawful
$352,013,787
money on
dei>o8it at
same date,
including deposits of national gold banks
National bank notes outstanding November 1, 1884, including notes of national
gold banks
Less lawful money on deposit at same date,
including deposits of matlonal gold banks
XXXIX,
also provides for the issuance of circulation equal in amount
to the par 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. Potter in the House provides for the refunding 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-
The bill also provides for a reduction of the tax
circulation based upon the proposed two and one-half
per cent bonds of one-half of 1 per cent per annum, while the
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 on 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 timilar to the
Aldrich bill, the latter providing for the refunding of the fours
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 difHeult to carry out, and it
is a question wheth>-r it would be constitutional for Congress
to make any discriminations in the tax imposed on circulation
ba.sed on different classes of United States bonds, as it must be
remembered that the tax is on the circulation and not on the
bonds. If this bill, with some modifications, should become a
law, no doubt the additional profits which would accrue to the
changed.
upon
banks under
38,423,401— $324, 304,343
National bank LOtes outstanding JJovemLee's
[Vol.
35,993,461— $316,020,326
333,550,813
its operation would be a permanent Isenefit and
preventing the cmtraction of the currency.
The measures which were introduced at the last sestion of
Congress, involving a funding of the public debt, provided that
the bonds issued in exchange for those now outstanding shall
have the same time of maturity as those for which tiiey are
exchanged. No provision is made by these bills to enable the
Government to use any surplus revenue which it may desire
to devote to the payment of the public debt daring the long
periods between the maturities of the present four and onehalf and four per cent bonds.
The following table shows the bonded debt of the United
States on November 1, 1884
assist in
:
41,710,163— 291,849,650
Net decrease of circulation in 1S84
$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
now deposited by ttie 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 reason the price advances, the banks will desire to realize the premium for use in business or to divide as a proQt among their
shareholders.
Drawing conclusions from these facts, the Comptroller estimates that unless 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
were made as to legislation which should be enacted to prevent this rapid contraction of national bank circulation, and
the subject attracted much attention during the last session of
Congress. The most prominent measures were those introduced in the Senate by Senators McPherson and Aldrich, and
in the House of Representatives by Mr. Potter.
The bill introduced by Senator McPherson provided that any
national banking ass. elation shall be entitled to receive from
the Comptroller of the Curreney^circulating notes not exceeding
in amount the par value of the bonds deposited, and further
provides that the total amounts of such notes i9.sued to any
association shall not exceed the amount of its paid-in capiral
stock.
This bill pas.ied the Senate and was favorably reported
to the House by the Banking and Currency Committee, and is
now upon the regular calendar of the House. In case it .should
become a law, it would increase the aggregate circulation of
national banks upon the ba«is of the present deposit of United
States bonds with the Treasurer in trust to the amount of about
$32,000,000, and would increase the profit to the banks on circulation from two-fifths to three-fifths of 1 per cent per annum.
No doubt the increased profits which by this bill would inure to
the banks would induce those holding fours to continue to hold
them, and the profits would probably be sufficient to induce
banks who hold threes to replace them when called for redemption with four per cents. The passage of this bill seems
a
simple and feasible measure of relief to the banks, and while it
is possible that some bill which provided for the funding
of the
high-rate bonds into bonds bearing a lower rate < f interest
would afford more permanent relief, the bill of Senator McPherson is regarded a.s an excellent measure by the Comptroller
and would not interfere with any funding bill which might
hereafter become a law.
The bill introduced by Senator Aldrich provides for the
exchange of four per cent consols of 1907 for three
per
cent bonds having the same time to run.
Under its
provisions the Government pays a difference of
15 per
cent between the four per cents and the threes.
The bill
'Of those bonds $9,586,200 have been call, d for payment
wlii.Oi
InterestceasedonXovMiiber 1,1881. If these bond« are not on
rcplic^d
by others bearnig interest, there wUl be an immediate further
red ii tlon
'euiuuon
Jo circulation of 90 per cent of their amount.
Three per cents, payable option anited States
Four and one half per cents, payable Sept. 1, 1891
PaciBc Railway sixes, payable Jan. 16 and
Nov. 1, li95
$3,002,000
PaciHo Railway sixes, payable Jan. 1 and
Fel). 1. 1896
8,000,OCO
Pacific Railway sixes, payable Jan. 1,1897. 9,712,000
Pacilio Railway sixes, payable Jan. 1, 1898.29.904,952
PacittcRailway sixes, payable Jan. 1, 1899.14,001,560Four per cents, payable July 1, 1907
$194,190,500
2.j0,000,000
64,623,512
737,691,550
Total
$1,246,505,502
NoTK.- The Navy pension fund, amounting to $14,000,000 in three
per cents, the interest upon which is applied to the payment of naval
pensions exclusively, and $264,800 of four per cent refunding oortifloates, ate not included in the table.
It will be seen upon an examination of this table that there
are $194,190,500 of three per cent bonds now payable at the
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 $250,000,000 of four and one-half per cents shown by the table
mature, there will be no bonds which the Government can call
No doubt the accumulation of surplus
in for redemption.
revenue, if it continues to acciue at the present rate during the
four years between 1887 and 1S91, togetherwith the revenues
of 1S92, will be more than sufficient to pay off the four and
one-half per cents; and from 1893 until 1907 it will be impossible for the Government to use any of its surplus revenues
for the payment of bonds, except at the option of their
holders. It is apparent that the Government cannot accumulate and hold its surplus revenues even during the short period
from 1887 to 1892, without grt at disturbance to the business
interests of the country, and much less can it do so during the
longer period from 1892 to 1907.
therefore, that the foregoing considerations
It appears,
should be given due weight in any plan for the funding of the
four per cent bonds maturing in 1907, and the Comptroller
therefore suggests that the principal difficulties of the situation may, perhaps, be obviated, as well as the reduction of
interest effected, by funding these bonds ipto others which
shall mature In proportionate amounts at certain fixed intervals.
Thus the $738,000,000 of four per cents might be funded into
an equal amount of three or two and one-half per cent bonds,
one-fifth of which, or $147,600,000, to mature at intervals of
five years; the first instalment falling due July 1, 1897. and
the remaining instalments of $147,600,000 eacli on the first
of July in the last year of each succeeding period of five years,
viz , 1902, 1907, 1912 and 1917.
The average maturity of these
five classes of bonds would be the same as that of the present
four per cents, viz., July 1, 1907.
The surplus revenue could, by this plan, be used after July
1,
1897,
and July
1,
1902, as well as after July
1,
1907, in
pay-
ing the public debt ; and it is believed that any disadvantage
there might be to the Government in postponing the payment
of one-fifth of the debt now in fours due in 1907 until after
1912, and another fifth until after 1917, would be more than
offset by the benefit derived from the opportunity of paying
one-fifth after 1897 and another fifth after 1902.
The reduction
of 1 per cent per annum in the interest, if threes be issued,
would be a direct benefit to the Government in the same man-
,
DccEltBBlt
6,
THE (CHRONICLE.
1884]
but w!iil>> iinili-r ih»t bill
iier !\H iirovid>'(i in tli-' M'lii -li hill
the anioaat of pre miam paid bv tti« UDTHrumunt to indaoe th»
AKceptiiiloe of a thrt<« per ofut b'ind payabJH in 1907 fir a four
per 'lent bond matariD^' at. thf sginti datH will be at a flxxd rat«
for the total amouut exuhaDKt'd, it is believt-d that in th» naHt*
of thiH propoaitiDn the rather larger premium that might have
to be paid m exchauxini; threeH due m lH[i7 and 1902 for fourH
of 1907 would ha more than ompeosated by the Hmaller pramiumii paid in exchan)<iag the tbreea of 191'i and 1917 for the
same foarn. In other wordH, the nKKreg&t*) kiDoant paid Id
premiumH in exchaoging boHds under the plan now voggested
would probably be nut mure and poxtiibly leBti than IS per oeot.
It is important to the suKuess 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 pablia 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 per cent 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 contained these provisions. Even admitting that the bonds representing the public debt when funded at lower rates might at
times in the future be below par in the market, the Government would, if forced to redeem the notes of insolvent national
banks, alwaj-8 have the right to cancel the bonds on deposit
securing the same, and thus extinguish an amount of ita debt
equal dollar for dollar to the notes redeemed. It would also
gain from such notes as are uever presented for redemptior.,
which form a certain percentage in the case of the circulation
of each and every bauk, and taking all banks together woold
form a large reserve fund.
It is further submitted that the profit on circulation may be
increased to a point which will indues the banks to keep up
their circulation to a maximum, and stop the contraction of
their circulation which is now occurring, by repealing the law
taxing sneh 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 circalation which the banks receive from it, and in times when the
Government needed the money and when the profit on circulation was comparatively great, this view had mnch in its favor.
But under existing circumstances the Government should in
justice either enact laws which will make the issue of circulation a real privilege, or it should remove the tax, which under
present laws is fast becoming prohibitory. As it now stands,
the Government is exacting a bonus for a privilege which no
longer exista, and the inevitable consequence of the continned
collection of the tax without measures of relief in other directions will be the gradual retirement of this form of circulating
medium.
The expenses of keeping up the national banking system by
the Government are at present paid in part from the proceeds
If the tax
of this tax and in part by assessment on the banks.
be abolished, all of these expenses should be paid by the lastnamed method. Under the head of "Taxation," on page t)5,
will be found a detailed statement of the amount received
from the tax on circulation and of the very small proportion
used in payment of expenses of the Government in keeping up
the system.
In concluding this subject the Comptroller wishes to have
it distinctly understood that he is not in favor of any measure which will cause inflation. He is of the opinion that
the present aggregate paper circulation, made op of legaltender and national bank-notes and of gold and silver certiHe believes,
ficates, is ample for all the needs of business.
however, that the sudden contraction of national bank circulation, which without appropriate legislation is imminent, will
seriously embarrass the business of the country, and that if
this contraction is permitted to go on, it may result in the
entire discontinuance of the i.ssue of notes by national banks.
The Comptroller believes that this form of currency, which can
be increased or diminished in accordance with the natural laws
which control business, should be continued in preference to
any other now permitted by law. If at any time the aggregate
of outstanding paper becomes too great, reduction should be
made by retiring the direct issues of the Government, in view
of the fact thit the most eminent authorities in finance
agree that rfuch direct issues are in the long run highly detrimental and fraught with danger. A bank circulation as well
secured and convenient as that of the banks in the national
system, with a credit so deservedly well established in the minds
of the people, should not be permitted to go out of existence.
CIRCULATIOZ* BA3BD OR 8U.VBB.
Notwithstanding the fact that the national banking circulation of the country haa been reduced about 24 millions during
the past year, oa account of the redemption and payment of
the 3 per cent United States bonds, held as security for the
same, and is likely to continue to be reduced as the debt is
paid, the circulating medium of the country has been increased
by the issuance of silver certificates under the act of February
2ti, 1878, these certificates being issued upon standard silver
638
which at least 3 mlllloiM are e-^laed «f»tf
•
•
thejr«»r.
The exact relative poHitlon of allvnr to gold In th«i rommercial world is extremely difflcnlt /> determine.
Jfn one can
n gain
g«
say the fact that In oar commercial relations w
>lher countries Wb must settle orir eiehaiigeii iii
This being true, necessarily, we can use silver m K.-iu-in«lit of
international balances only at its market price. This raarkitt
price tests the proportionate value of silver an . ." n-.'! >-Mh
gold.
The present market price of silver
world shows that the intrinsic valnn of a dollar
^
gnUofl is abont 8A-20 cents. The law, therefore, which iMiapniii
the coinage of 2 inilli(mH of Kt«ndard silver dollars per month
is an arbitrary attempt to make the price of silver m'ire d>«r
by fixing a ratio between gold and silver for the (x^ople „t this
country different from the ratio fixed by the market priue,
making the standard silver dollar practically a depreciated cnrrency as compared with the gold coin of the country, and' with
the legal-tender and national bank noten, which are redeemable
It has b>en and still is contended by many that
in gold at par.
if the United States as a nation takes strong Kronnd in favor
of bi-metallism and insists upon the recognition of silver as
money, valued in proportion to gold at the ratio of 15)^ to 1,
that its comparative market value can be increased.
The practical working of the silver bill se-ms to prove the
For some reason or other the intrinsic
folly of this position.
value of silver has decreased in a greater proportion than that
of gold. This rea.soD 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 invaridollar*, of
b
'.
ably throughout the world been against silver. Some statisticians 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 increa.se is only about
If this calcula1 per cent of the total stock of silver money.*
tion is correct, i-ome other reasons than those based on the proportionate production of gold and silver must be brought forward to prove that the increased production of silver over gold
has depreciated the value of the former, for there is no question but that the purchasing power of silver, in proportion 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 proportionately to value about fifteen and a half times as heavy and
nearly twenty-eight and a half times as bulk.v.
Whether its weight and bulk be the cause or not, the fact is
undoubted that in this age of the civilized world the people
have a strong distaste to the use of silver as a circulating
medium in the form of coins weighing four hundred grains or
more.
The law which stamps 412)6 grains of silver and arbitrarily insists upon its circulation as a dollar, toith unlimittd legal-teader 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 sooner or later bring upon
us financial trouble and disgrace. The practical working of the
silver coinage act has established the fact that the public do
not readily accept, circulate, and do business with these standard silver dollars. In order to insist upon the arbitrary value
which has been fixed upon silver by law, Cjugress has ingeniously arranged to permit the people to deposit their inconvenient silver coins in the Treasury of the United States and
obtain therefor certificates which represent a certain number of
these dollars. These certificates, being a convenient circulating medium, were first uwed for shipments from commercial
centres to the Sjuth and West for the purpose of supplying
currency for moving the crops. As legal tender and national
bank notes are frequently in limited supply during the fall
months, the convenience of obtaiuin? these certificates and
thereby saving express charges on gold which would otherwise
have to be shipped has caused the circulation of many millions
among the people of the conntry.t The pubdc, who daily
receive and disburse these certificares, hardly reilixe that the
intrinsic value of the silver which is represented Dy a iM silver certilcate Ls but $S 52; neither do they realize that the certificate is not a promise to pay on the part of the United States
but simplv- a promise to return to the bearer ten 412>^-grain
silver dollars.
If it is for the best interests of the
United States to issue a
circulation based upon silver, the Comptroller believes that the
circulation should be issued upon coin or bullion which contaias
a suflicient number of grains of silver to have an iutriusio
value equal in the markets of the world to its nominal value.
»•»••••••
BBCOBITy TOR •IROTLATIKO, HOTKS.
Daring previ<m8 years there have been many changes in the
classes of Uniced States bonds held by the national banks as
security for their circulation, owing to the payment or refunding or extension of the different Issues of 6 and 6 per cent
bonds, bearing interest at 4)6. 4. 3}^ and 3 per cent.
The amount of United States bonds held by the Treasury as
security for the circulating notes of the national banks on the
Ist day of November, 1884 la exhibted in the foUowing table:
• .Mr.
8.
Dana Horton.
ff'Tomiiiformiitljii •Ifrtvcflf
Islsfonnil Mini -!
We»i 1111(1 Sunt li
81, 1S81,
amuouted
», .
j n. »
tno Calted atsta*.
'" llie !)ut>-TreiMUrto» In tHe
mm tlieTre.wurerof
to $titJ,Ui:5,500,
'
'
w'tli
ttaeAmistaot
Tr eMurw
.
1
THE CHRONICLE.
(5.^4
Rate of
Interest.
AutboriziDg Act.
ClasB of Bonds.
Per
&
July 14.'70
Fnndertloan uf 1^91
Jan. 20/71
do
of 1907..
In of July 12,'82 JiUy li.
PacWc Railway bonds July
1,
Amount.
CI.
4i«
$49,537,450
116,705.450
155,604,400
3,469,000
4
do
Funded loan
Fund.
1882
1362 & July 2,'64
3
6
$325,316,300
Total
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
Darin? the year
cent.
The 5 and 6 per cent bonds in the year 1881 entirely disappeared from ih« list of these securities, with the exception of
336 millions of Pacific sixes, and at the present time more than
47 -8 per cent of the amount pledged for circulation consists of
bonds bearing interest at 3 per cent only, and the remainder,
with the exception of $3,469,000 of Pacifies, bear interest at the
rate of 4 and 4^ per cent.
AMOUNT OF UNITED STATES BONDS HELD BY THE NATIONAL BJVNKS
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 bv State
banks in twenty-two States, by trust companies in five States,
and by savings banks in fourteen States, at ditferent dates during the years 1883 and 1884, and from these returns the following table has been compiled:
$2,337, 70.">
Held by 817 State banks In twouty-two States
23,371,084
196,226,202
Held 1)V 35 trust companies in tlve States
Held by 636 savings bank In foui-teen States
$221,934,9!tl
Total
The interest-bearing funded debt of the United
on November 1, 1884, $1,2015,475,600. The total
bonds held by the national ($342,1,^6,300) and State
banks and trust companies ($221,934,991) is nearly
States was,
amount of
and savings
one-half of
the interest-bearing debt.
The amount of United States bonds held by State banks is
given by geographical divisions for the years 1881, 1882, 1883
and
1884, as follows
Geographical
:
Divisions.
1881.
1882.
Eastern States
Middle States
$40,468,340
176,373,889
1,073,460
5,735,518
14,874,332
$42,667,248
197,135,239
Soutliern States
Western
States.
Paciflo States .
Total...
1884.
26-<,350
3,369,414
20,020,175
42,909 $221,9:14,99
.tl238..525.539 .$263,460,426
in the Paciflo States are
not inolurted
In the above table, as the returns tor 1884 did not separate United States
bonds from other bonds held. It 1» estimated that the aggregate
amount held is $18,000,000, the estimate being liasert upon the proportion of United States bonds to the total amount of bonds held in these
States in 1883.
*
The United States bonds held
In previous reports the Comptroller has given the amount of
United States bonds held by banks organized under State laws,
and by private bankers, as returned to the Commissioner of
Internal Revenue for purposes of taxation. The tax on deposits
and capital having been repealed, no further returns of this
kind will be available. The last returns to the Commissiioner
were for the six months ending November 30, 1882, and from
these returns the following table has been compiled for the purpose of comparison with previous tables presented since the
year 1880:
Amount Invested tn United States Bonds.
Geographical Divisions.
and
trust
By
savings
banks.
Paciflo States
and
Ter's,
States
Middle States
Southern States
Western States
Pacifle States and Ter's
Statss
...
Middle States
Southern States
Western States
Paciflo States
and Ter's
United States
30,
1882—
New England
States
Middle States
Southern States
Western States
Pacifle States
and Ter's
United States
$38,865,288
$189,187,816
$228,053,101
$2,985,496
21,908,703
1,707,702
4,984,313
$36,640,795
168,617,049
21,689
2,689,447
6,911,198
$38,321,162
$214,880,178
$253,201,340
$2,644,895
Vi0,576,823
$37,046,625
139,775,842
$39,691,520
210,352.665
1,862,946
7,099.874
5,897,637
2,354,710
12,851,605
9,454,584
18,749,212
$38,082,173
$242,028,782
$280,110,957
$2,501,497
19,735,340
1,147,881
6,528,668
5,731,749
$34,274,199
179,131,959
2,143,118
14,380,007
$36,775,696
198,867,299
1,147,881
8,671,784
20,161,756
$35,695,133
$229,929,283
$265,624,416
6,734,94'4
United States
May 31, 1882—
New England
$41,430,293
166,H65,989
2,542,991
10,612,111
6,601,720
2,.541,991
United States
May 31, 1881—
New England
8,137,554
3,883,816
$37,693,200
146,301,155
1,000
2,474,557
2,717,904
$3,737,093
20,564,^34
States
Middle States
Southern States
Western States
I
XXtlX.
obtained from the reports of State officers; but the amounts
held by State and savings banks have not greatly differed.
THE FINANCIAL CRISIS OP 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 inauspiciously,
bv the appointment on January 1 of a receiver for the New
York
& New England
Railroad.
Pollowiner closely
upon
this
were the troubles of the Oregon & Trans-Continental
Company, and the appointment on January 12 of a receiver for
the Nojth River Construction Company. The months of February, March and April were characterized by many commercial failures, rumors affecting the credit of various corporations, and a still further depreciation in price of stocks and
failure
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
Ward. The failure of this firm immediately folof Grant
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 had not subsided when, on May 13, the
President of the Second National Bank of New Y'ork was discovered 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 givnn to credit, and to the confidence of the public
in all institutions and firms supposed to have loaned money
upon such railroad and other securities as had greatly decreased
in value, or whose managers were suppo.sed to be directly or
indirectly interested in speculation in Wall Street, was so
shaken that there was great pressure to sell stocks and securities and an active demand on the banks for deposits.
This condition of affairs culminated on May 14 in the suspension of the Metropolitan National Bank, the failures of Donnell, Lawson & Simpson, Hatch & Poote, and several other
bankers and brokers. These failures were followed on May 15
by that of the Newark Savings Bank, and by the suspen.sion of
Fisk & 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
of other bankers and brokers.
The suspension of the Metropolitan National Bank on May 14
caused great excitement. All stocks and securities called upon
the New Y^ork .Stock Exchange were greatly depreciated under
the pressure to sell, and it was practically impossible for the
banks to collect their call loans, as their borrowers could not
obtain money by sale of their securities except at ruinous rates;
neither could they borrow elsewhere; and it was impracticable
and impolitic to throw the mass of securities held as collateral
If
to the call loans of the a.ssociated banks upon the market.
it had been done it is probable that a suspension of gold and
currency payments by the banks throughout the country would
In
have followed the general panic that would have ensued
this emergency the members of the New Y'ork Clearing House
Association, realizing that an immediate demand for deposits
would be made hy their country correspondents, called a meeting at the clearing house on the afternoon of May 14, and the
following plan for settling balances at the Clearing House was
* * *
unanimously adopted
Kcsoloed, That in view of the present crisis, the banks in this association, for the purpose of sustaining each other and the business commu-
&
:
nitv, resolve
That a committee of five be appointed by the chair, to receive from
banks members of the association bills receivable and otlier f-ecurities
to be approved by s.tid committee., who shall be authorized to issue therefor to such depositing banks certiflcates of deposit bearing interest at 6
per cent per annum not iu excess of 75 per cent of the securities or bills
receivable so deposited, except in case of United States bonds, and said
house.
Total.
companies.
May 31, 1880New Kngland
[Vol.
certificates shall be received In settlement of balances at the clearing
By State b'nis,
private b'kera
November
:
1, '•62,946
The data which have heretofore been obtained from the
Commissioner of Internal Revenue included the returns from
private bankers, and were, therefore, more complete than those
After consultation with the officers and directors of the Metropolitan National Bank, a committee of examination was appointed
to visit the bank and to 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 staying 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 re.^erve 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
bankers and 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 certificates was confined to the banks of New York City, which were
soon enabled to collect their loans and make good their
reserves.
The crisis of May, 1884, seems to have been even more unexpected to the country than ihat of September, 1873. Although
many conservative people had predicted that the large increasei n
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 generally believed that the depreciation of values and the liquida-
r
:
.
<;3£)KCEUBKK
6,
THK OHROVICLF
I8B4.J
whinh had already been i;olDg on for many moiitlm, and
thH further factH that the country wax doin^ buHiueioi upou a
gold basiH, that the priceHof all oomraoditieH were alr-'-'i^' ••'••
low, that an increased area of territory waH under
and that the proHpeots were excellent for good un>|>''.
with the larger diMtribntion of wealth throashout the Uuiim.
would prerent a repetition of the panic of 167.4. Thin general
belief waH measurably correct, as the panic or criHiH waH confined principally to New York City, although itH *• tT.'ctH were
more or less felt in all parts of the ccuntry, and the liquidation
resulting thorefrom has not yet been fully completed.
tion
<
In considering the financial troubles of May, 1884, in the city
New York, the Comptroller desires to call attention to the
fact that while many banks and private banking tirms of excellent lepnte failed, bat one association organized under the
national bank act failed, and bat oun suspended.
The liabilities of State banks and private bankers failing
during the month of May in the city of New \ork it is estimated exceeded in the aggregate 32 million dollars, while the
liabilities of the only national bank in the same category was
about 4^ millions, no loss to the public oocnrring through the
national bank 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 proThe examiners were in.strueted to exercise the
tect the public.
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 instructed to report any criminal irregularities or violations of
section 5209.
Before permitting the Second National Bank,
whose President had misappropriated over three millions of its
funds, to open for business, the defalcation was made good
under the supervision of the examiner. The plan of resumption for the Metropolitan National Bank, by obtaining loan
certificates of the New York Clearing-House Association upon
its securities, was also submitted by the examiner in charge of
the bank to the Comptroller, the examiner remaining in charge
until the plan was carried into effect and the bank permitted to
of
biilances
There
at
tb*<
835
OI'ariog-RoiiiiM onnld boI
little doubt bat that thn
"'* >'*''"< in
iMt In isflnlng
In
year ending November 1, 1884, although more than one hundred banks and bankers other than national failed during 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, and that these associations as
a rule had been frequently reprimanded for irregularities during 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 business which was being
carried on by the Marine National Bank of New Y'ork, 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 pertaining to the banks that have failed during 1884 will be found
under the head of national bank failures in this report,
The
CLBARINO-HOUSE U)Ml CERTIFICATES.
stated, a meeting of the members of the New
Y'ork 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 su.spension 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 ClearingHonse Association of what were termed Clearing-House loan
certificates, of which the following is a copy
As has been
:
No. -.]
I$lo,ooo.
Ctearing-Hoti*t A$soeuUton,
Kern York, May 15, 1884.
Tlilg oertifleg that the
National Bank has deposited with tlip
committee securities in accordance with tlie procccdiiiffH of » meeting
of the aasoriatiou licld Muv 14.1881. upon wliicli tliiBccrtitleate is issued.
This ocrtiticMtc will be received in payment of lial inces at tlie CleariiiKHoUBC for tlie sum of ten thousand dollars from any menibcr of tlx'
Clearing-House Association. On the surnindcr of the (rertitli-ato l>y tindepositintf haiili above named, tlie committee will indorse tlu^ amount
as a payment on tlie ubliKation of said bank, held by them, and surrender a proportionate sliare of collateral securities held therefor.
mUmoC
ik$L
tbtwe Vdm wirtifloatM had ft
Mt effsot not only ia the dty of New York bat
he oouDtry. The gmataat amoant of th<M« enrtilU
cat«« uutHtaoding on any one day was on May 24, 1HA4, whxn
tliey amounted lu |21, 885,000. After that date thev wem iiwaed
in limited ainounta only, and on Jane 7 their fartner iiaoa w«i
discontinued.
Of the eighty-two banka. members fif the CI>-ariog.Hoai««
AsDooiation. only twenty took out thM«eertiflcal>-s. and •rr-n[
of the banks so taking them oat did no simply as a precaotionary measure and did not use them. The total amoaot
issued was 924,915.000, and about t7,0UO,00O of tbeae w^m
issned to the Metropolitan National liank. On and after Jone
10 balanooa at the Glearing-IIonse were paid in lawful money.
The principal security on which these eertiOoates were issaed
consisted t)f mercantile paper.
On .luly 1 till of the loan certiHeates, with the exception of a
portion of those which had been Issued by the loan coromittaa
to the Metropolitan National Bank, had been returned to tha
committee and canceled and the secarities taken np. This
bank had been compelled, owing to its sanpension and the lack
of confidence which was caused thereby, to liquidate almost Its
entire deposit account, having reduced its depoNita from
$11,294,000 on May 15 to $1,338,000 on September 80. Owing
to this euoriuous liquidation of deposits, the Metropolitan National iiank was unable to collect its loans and realize upon its
securities with suiBcient promptness to cancel its loan certificates by July 1, and as these certificates bear interest at 6 per
cent and are secured by a deposit of ample collaterals, as heretofore 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 Metrop'jlitan National Bank.
Since that time this bank has gone into voluntary liquidation,
and these certificates will be paid and canceled as rapidly as the
collection of the securities apon which they are based can be
made.
The following
table
shows the aggregate issuance and cancelfrom day to day from May
lation of Clearing-House certificates
15, 1884, to October 3, 1884
Date.
During the crisis in New York, bank examiners throughout
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
They were farther instructed to
suspected of irregularities.
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
prompt
AUy
resume.
same period.
:
baued.
May 15.
May 16.
May 17.
May 19.
May 20..
$3,820,000
M!iy 21.,
580,000
6.740,000
1,190,000
93,820,000
10,709,000
17.445,000
18,435,000
20,385,000
20.165,000
200,000
l,9,'i0,000
8o6',6bo
21,7:15,000
l,.'i«0,000
3136&.000
140,000
180,000
160,000
415,000
460.000
640,000
21,885,000
21,470.000
21,650,000
21/JOO.OOO
450 000
.May 29.
700,000
335,000
70,000
40,000
2.
3
4
5
«
.'
85,000
6 to July 1
luly 1 to .\UKHRt 1
.Vugtist 1 to
Oatataading.
6,8i45,OuO
May 22.,
May 2a.,
May 21.
May 26.
May 27.
May 28..
June
June
June
June
June
uno
Canoeled.
^ptember
I..
8epteiubor 1 to Uctobor 3
400,000
1,100,00
i
00,000
1.030.0<K»
120,0<K>
;'.'.7'j,"»,o<H»
19,tR).">.0<Kt
18,040.000
1,050,000
9,070,000
2,350,000
1.220,000
9,.^70,0<Xt
6,720,000
5,S00,(MH>
S,S9<),000
210,000
.
I
824.915,000! 11119,672,5001
stated, loan certificates were issned during
panic of 1873. On September 20 of that year resolutions*
adopted for the issuance of these certificates, as follows :
As has been
Issued.
Canceled.
Sept. 22 to 29, 1873..
Oct. J to 29, 1873....
Nov. 1 to 20, 1873...
$22,080,000 Oct. 3 to 3 1, 1873
3,205,000 Nov. 3 to 29, 1873....
1.230,000 Deo, 1 to ;il, 1»73
Jan, 3 to 14, 1871
$26,565,000
the
were
$5,370,000
8.235.000
12,020,000
940,000
$26,565,000
Upon comparison
be seen that the issue of loan eertiflcatesf during September, October and ^ovember. 1873, exceeded the istue of May and June, 1884, by only $1,650,000.
it
will
HATIONAL BiKK FAILURB8.
Bleven banks have been placed in the hands o( reoeiven
daring the year ending November 1, 1884, viz.
Loan Committee of the Xew York
>
OommUtee.
Name of Bank.
nrst National Bank of
I>>advllle, Col
City NntionnI Bank of Lawreuceburgh. Ind
nr*t National Bank of .-"alut Allmus. Vt.
KIrwt .Vntional Hank of Mmiinouth. Ill
.Marine Naliomil H:ink of .N. w York, N. Y
Hot .Hprlnirs Natmnnl Bank of Hot SprlDfCS. Ark.
Uicbmond \atiouiil Haukof Kiilimoud. lud
First Xaiional UaiiK of l.iviUKstou. Mont.
....
....
First National B.ink of .Mbiou. N. Y
First N»tion:il Bank of Jaineetown, Dae
Ijogaa National Bank of West Liberty, Ohio
rsnit..!
C»P«ai-
Receiver ap-
pointed^
$60,000 Jan. 24.18M
l«i,00o Mm. 11.1484
32,1884
22.
IW4
13,1884
1884
1884
25.1884
2«. 1884
3,
23.
1'
13,
18,
18M
1884
I
were to be issned to banks who
association upon their securities or bills receivBy the co-operation
able, at the rate of 75 cents on the dollar.
of all the members of the Clearing-House Association, the certificates were accepted in payment of balances at the ClearingHouse. Similar resolutions were adopted and certificates issued
during the panic of 1873, but this measure of relief was not
taken until after the panic had assumed such pruporti'Mis thai
their use and the consequent relief to the banks in settling their
These
certificates
members of the
were
these, the City National Bank of Lawrencebargh,
had previously been placed in voluntary liquidation oy
vote of the shareholders; owning two-thirds of its stock, bat
failed to pay its depL>sitors on demand.
One of
Ind.,
These resolutions wer" printed in the Comptpoller's r»|<ort for 1873.
is indehied to Mr. W. A. Camp, mnnatcrr, and Mr.
T,.i>pen.i-liairma'iof tbol/oan Commitieo of the Now YorkCleariug-llonso. for valuaMe Information reipmlMK the Issue of loan •erUH
*
tXhe Comptroller
F
T).
cHtes.
THE CHRONICLK
fi36
The
can be estimated.
*
*
*
*
*
*
*
*
!f
*
the
United States was that of the Marine National Bank of the
city of New York, which closed its doors about 11 a. m. on 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 tirm
overdrawn on the books of the bank to the amount of $76fi,570 14. Upon further examinatioh 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 criminally responsible for these matters is a subject now under
investigation in the courts. The Comptroller finds from the
report of the examiner that this firm had three different
accounts with the bank a private account of a member of the
It appears,
firm, a general account and a special account.
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 by permitting these overdrafts. It is claimed, however, by the officers
of the bank that these cerlificatfons were made against securities which were subsequently obtained from the bank by one
of the firm upon his repre.sentaticns that he had obtained a
loan upon them elsewhere, and would make good his account.
A further examination of the various accounts of the firm
shows that while the certification of their checks was carried
on to an enormous extent, they also made very heavy deposits
from day to day, and it will, perhaps, be very difficult to furnish
evidence proving conclusively that the checks were certified
before the deposits were made.
An examination of the minutes of the board of directors of
the bank shows that on the 11th day of April, 1884, twenty-five
days before the failure of the bank, the committee of examination appointed by the beard 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 recoroed 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 mt-etingthe bank closed its doors.
It would seem, therefore, that 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 city of New York have been
looked upon with disfavor, and that the as-ociation had been
frequently reprimanded for irregularities during the past few
years. None of the reports of examinations of the bank made
to this office, however, disclosed any violations of the law forbidding the overcertification of checks, or gave the department
any adequate idea of the dangerous character of ita loans, and
this is not suprising, the directors of the bank having been
equally deceived in regard to the situation.
After reviewing the information in his possession, it seems
to the Comptroller that the failure of thf Marine Natiinal
Bank is in consequence of the board of directors having chosen
for their Pri-sident a man who was willing to risk bis own honor
and the funds of the bank in speculation. He joined with himself another, who is now in Ludlow Street Jail undler indictment, and who was also a member of the board of directors of
the bank. While it is true that the final failure has shown that
there were overcertiflcationa on the last day, the Comptroller
judges, from the information which he has received, that the
bank had been for a long time in the power of the firpj to whom
the certifications were granted, through the President's copartnership. This matter was carried to the extent of permitting
one of the firm to have access to, and apparently free disposal
of. the securities left as collateral to 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-
The most notable national bank
failure of the
year
in
—
—
self to their contents.
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 remaining in charge of the bank during its suspension.
He also remained 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
resunae 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
closing its affairs, havmg arranged to pay its depositois in full
and gone into voluntary liquidation under sections 5,220 and
5,221 of the United States Revised .Statutes.
XXXIX.
determine, in the case of this bank, what
suspension. From the information which the
Comptroller has, however, it appears that the President of the
Metropolitan National Bank bad the credit, at least, of being
a very large speculator. He was supposed to be a man of very
large means, and was interested in many enterprises which
required the use of large sums of money. The general liquidation in railroad and other securities which has been going on for
the past two years had no doubt affected the properties in which
the President was interested, and the public having become
suspicious, and apparently believing that he was a largn borrower from the bank, and had loaned money to parties who
were interested with himself, all of whom were assumed to have
lost largely by this depreciation of property, rumors were circulated which excited distrust and 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 correction of the irregularities, and forbidding the dt-elaration 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 $3,185,000 hy the
President of the bank. The amount of this defalcation was
immediately guaranteed and the money paid in by the directOwing to this prompt assistanci^ the bank did not susors.
pend, and is going on with its business in a solvent condition.
As far as this office is advised, the President used the money in
speculations in Wall Street, and was able to conceal the fact of
his misappropriation of the funds of the bank on account of
the se urities being kept in a vault located at some distance
from the regular banking rooms, which are on the corner of
Twenty-third Street and Fifth Avenue. It appears that the
President had access to these securities without check or hindrance, and used them to obtain money for his own private specIt
failures of oatioDol banka during the year ending Nov.
1, 1884, have been more nnmerouB than for a number of preceding 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
*
[Vol.
is
difficult
brought about
ulations.
In the
to
its
matter of the failure of the Marine National Bank 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 5,209 United States Revised Statutes.
The United
States District Attorney at the City of New York is in communication with the national bank 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-Greneral 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 shareholders 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 banks has
expired by limitation. Of the banks in the hands of receivers
9 had been previously placed in voluntary liquidation by their
stockholders, but failing to pay their depositors, receivers w^-re
afterwards appointed by the Comptroller to wind np their
affairs.
Of the 100 banks placed in the hands of receivers, 63
have been finally closed, leaving 37 still in process of settlement; 21 of which, as has been seen are awaiting the results of
pending litigation, leaving about 16 receiverships only in autive
operation.
The loss to creditors of national banks which have been placed
in the hands of receivers during the twenty-one years that have
elapsed since the passage of the act of February 25. 1S63. as
near as can be e.stimated, including dividends which will probaThe annual
bly be hereafter paid, has been about $8,266,000.
average loss has been, therefore, about $400,000 in the business
of corporations having an annual average capital of about $4'>0,000,000, and which have been responsible for the safe-keeping
of deposits in their hands, averaging constantly over $800,000,000, or about one-twentieth of 1 per cent of annual loss to depositors.
amount paid to creditors of insolvent national banks
to $23,499,522, upon proved claims amounting to
$38,489,810.
The divideads so far paid thus equal about 61 per cent of
the proved claims. The amount paid during the year was
$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—
$2'"2,678 during the past year.
Whenever the failure of a national bank has disclosed criminal violations of the National Bank act Dn the part of officers
or directors, or whenever the reports of national bank examiners 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 receivers and examiners have been instructed to furnish all assistance
in their power to the United States attorneys in the several dis-
The
total
amounts
tricts.
It is the intention of the Comptroller to rigidly enforce the
act, and to call the attention of the Department of Justice to any criminal violations of the same, bat experience has
Bank
THE OHRONIGLR
ln:ri-MiiKR 8, I'^M.]
proved that it is difflnnlf, not only under tho Bunk acf. bat
gHiicrally under criminal mafaten. to alwayn obtain Hnfflcicnt
The CunnitroUeT im of the
evidence to convict offend-TM.
opinion that, with a few exceptions, the National Bank act haa
adeqnate provisions for the prosecntion and conviction of thoat*
who lay theinselvea open to iU penalties. As stated elsewhere,
bank failures are not so much due to the inade(iuacy of the
law as to the failnre on the part of the directors to maintain ft
proper superTisioo of the aifairs of their associations and of the
conduct of their officers.
fined to that dtraod \tM*amtmm/gMij
Owtnir to tbn
nature of the work, the P<4^^^^^^^HiM'-l>a'ii> examinor la
'
one of great rwponslbllity^^^WlnfllHBD'l'
vli^llanef-,
-ived, and
the most competent eiaminurs are liable
-in time
sometimes find it impossible tt> dUcover .>...'.
even gross mismanagi'ment of the sfTaini of na'
in'-wt
No laws or system of exninitintioiiH will pr.
men from keeping false accounts and rcinltTii
statemciitH, nnfl by men-ns of thram and frtlior devi<'
'
t
they ar<
conceal from tlie f\
.
i
'•.
'
money
recent financial disturbances throni^hout the country,
failures of national and State banks, have
called the attention of the public to the official examination of
banks as ci nducted under the authority of the National Bank
act, and under various State laws.
The National Bank act provides for the Issue and reKuiation
of a national currency ^eenred by Uniled States bonds, and
provides, also, for a banking Hystem, in order to facilitate the
It contains provisions bestowing cerissue of this circulation.
tain privileges upon the banks organized under it, and provides
inauy safeguards for the public by iniixising on these banks
such restrictions as the history of bankinij throughout the
world has seemed to indicate were of a character to create a
safe and permanent banking system.^ This law_ haa been
amended and improved from time to time, but it is not to be
supposed that the national banking sys em is absolutely perfect, 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 .'),24(l Revised Statutes authorizes the
Comptroller to appoint suitable persons to make an examination of the affairs ol every national banking association. It has
been customary from the e8tabli8hm.-nt of the system to have
a regularly appointed examiner visit each national bank at
lea.st once a year, in many cases twice a year, and when deemed
The examination of national
necessary, even more trequentlv.
banks is conducted by the examiners in accordance with
from this office, which instructions,
instuetions issued
The
aud the conseqaent
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 McCnlloch, then
Comptroller of the Currency, and as the Bank act has
been amended and revised these instructions have been
It has been the
altered as circumstances seemed to warrant.
aim of the Comptroller to increase the efficiency of the examinations by carefully noting the causes that have in particular
cases led to the suspension or failure of national banks, aud
calling the attention of the examiners to these causes, suggesting such methods of examination as seemed to be best calculated 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 investigate the standing and fitness for their positions of the
persons to whom the management of the affairs of the association are intrusted, and the manner in which the business is
usually conducted, whether prudently or otherwise; to ascerthe loans and discounts
any, have been or are likely to
tain as far as possible the character of
of the bank, and
be sustained.
what losses,
if
iiitriiHtf'd
toii
makes
"
to apeculii'
.mpooiible.
1.
:.. ij
exceedingly difficult to detect violaitomt of law or miauae of the
funds of a bank.
The surest preventive is to have an hfir
petent board of directors.
rogue or ;i
ac(iuires tln> confidenooof his ussociatea to sucii an exieni itmt
he iMiii ii|>i>ropri!ite the funds of a hank for his own nae without their knowleflgo or that of the board of directon, can have
but little trouble in deceiving the examiner and hiding hU
final
BASK BXAMINATIOaa.
<WT
disaster
i.,..^,
.
l..^..;..
..
A
peculations from him.
In times of financial disaster and of a stringent money market the acta of dishonest and corrupt otHciala in any l>ank or
banking firm or private cor|M)ration are more liable to be discovered, and naturally <luring the last year the consequencea
of disastrous speculation, which had been for a long period
carried on witli impunity with the aid of misni)propriated
funds, have been brought to the surfaf;e. Men who were supposed 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 investment of private funds, have now been proven to have dishonestly lietrayed their trust. Never were the instances of
this kind more numerous than during the financial tronblee 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 corporations of all kinds, and particularly those of banks, should he
more, careful to elect men as dire<!tor8 and trustees who are
competent and who will exercise proi>er 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 accounts, &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 affaire of the association and the
officers who immediately carry them on.
The i)ublio frequently draw wrong deductions as to the responsibility 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, wliich are either excessive or made on improper security.
the country. The loans and
There are 2.671 national banks
discounts of the banks at the close of business Sept. 30 aggregated
more than :|ll, 240.000,000, and it is of course not the province
of the bank examiners to sujiervise the making of these loans.
Section 5,200, Revised Statutes, provides that no loans shall be
made to any one individual, firm, or corporation, in amount
exceeding one-tenth of the paid-in capital of a l)ank. but there
are many ways of evading this law, and it is a physical impossibility for the Government to maintain the constant espionage
over the affairs of the national banks which alone would prevent the violation of this statute. Any attempt to direct the
making of loans and to dictate to the directors and managers
ot the national banks throughout the country aa to what use
they shall make of their funds would, of course, be impracti-
m
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, aud to discover, if possible, any mal- cable.
feasance in office or willful neglect of business on the part of
Many instances occur daily, which are not seen or known to
the management; and is moreover particularly instructed to the general public, where the banks are notified of violations
report to the Comptroller whether any excessive accommoda- of law, and where their condition is improved by action ufwn
When, however, some unextions are granted in violation of Section 5,200 Revised Statutes, the reports of the examiner.
and to note if the officers of the bank are borrowing largely pected failure occurs, brought about bv injudicious banking,
the
of
from the association; to ascertain the customary state
bad management, or adventurous si)eculation, or by dishonesty
lawful money reserve by examining the daily statements for and fraud on the part of the officers or directors, who are the
sometime previous to the examination; whether or not the very men to whom the examiner must more or less look for
bank borrows money to loan again; and in short, to discover information, the Government and the national b)»n king laws
and report to this office all violations of law of what<iver char- are unjustly criticised. The fault is not with the h»w and not
with tiic examiner, on whose reports the directors have vefy
Upon receipt of the report at this office all matters above likely l)een notified and warned to exercise more care in the
mentioned, and such others as may be referred to therein, are management of their affairs and.to hold their officers in check.
carefully reviewed and considered, and the directors of the
A national bank being a joint-stock association, its angregar
bank are immediately notified of all violations of the law. and tionof capital having been brought together by bMikers ot
they are required to have the same promptly corrected. The other persons for the purpose of utilizing more effectually
attention of the directory is also specially called to the reforrn the resources of the locality in which it is domg busmesB, it w
bi^of such matters as are deemed detrimental to the safety and not t'lo intention of the Bunk act to interfere with the
accordwelfare of the association.
nees of said association so long as it is conducted in
The general public do not understand the amount of labor ance with the law. The exact line at wliich the Government
performed weekly, monthly and yearly by the examiners of shall interfere and the point at which Government discipline
it
national banks, many of whom have for years rendered most shall commence is a matter of some delicacy to detonmne.
excellent service, ft can hardly be expected, however, with
the limited compensation allowed by law for making these
examinations, that the Comptroller can in all ca-ses retain the
services of the most expert accountants, although by systembest
atic division of the labor he has endeavored to obtain the
-"^
many insianreH IIP' i»i>iim m n"i. »••' i-...,.^-. ...,„,„, huika
results possible under the circumstances.*
imte the compensation of n«tl..n»l-l)«nk ?»'""'"'"'•?; S,?2^,t^!5
For the purposes of bank examination the United States is
a much larger l)u« new ana '::j,>'''J5,J^SSJ',SSltil
apportioned into twenty-five districts, bank examiners being oon»eo"Pntly do
<roin the examiner than olUor awwotottoiis with »• "^.SKSk
Important reserve cities, such as laborcomptroller
stationed in each dbtriot.
U or the opinion that the foes •»•* !S ileiKKlU
The
.SlSJtt?^^
ot lUe
New York and Boston, generally form a district of themselves, examiners shonlrt be basM niw.n the eapltHl »ii<> average
conusually
national huuklng aeaoclatlon.
and the duties of the examiner stationed there are
„
—
.
:
;;;;
::
;
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 interference and scarcely any espionage on the part of the officials
of the State government. It is because the national banking
system has raised the standard of banking, and because it is
generally understood that money deposited with a national
bank is as a rule much safer than in institutions not under similar restrictions, that bankers and capitalists avail themselves
of the National Bank act in order to gain the confidence and
thereby the deposits and business of the public.
The act appears to contain ample provisions for the punishment of criminal oflfenders, and the Comptroller is of the
opinion that it is not so much the lack of law as it is the difficulty of detection of offenders and of obtaining sufficient
evidence to convict that has prevented the punishment of
officers and others connected vdth national banks who have
violated the criminal sections of this act. In some cases the
directors and shareholders of banks have apparently suppressed 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
make a case. For obvious reasons, the number of instances
in which this office has endeavored to secure the arrest and
conviction of offenders by report ing 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
presented, Ijut it is believed that the records of the various
States and United States courts show a larger number of indictments 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
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.
LOANS AND RATES OF INTEREST.
The foUowina; table gives the classification of the loans of
the banks in the city of New York, in Bo.ston, Philadelphia,
and Baltimore, in the other reserve cities, and in the remaining banks of the country at corresponding dates in each of the
last three years
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a-o d
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real
otbe U.S.
otbe
Tota
other
other
S.
Totals...
indorsed
(6
1
O B * O,
sinKle-naiue
estate
o B
2
a
stocks.
paiier
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o
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&
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the fiscal years from 1874 to 1884, as ascertained from data
derived from the Journal of Commerce and the Commercial
AND Financial Chronicle, was as follows
:
1874. call loans, 38 per cent
1875, call loaii'i 3'0 per cent
187H. call loans, 3\'l per cent
1B77, call loans, 30 per cent
1878, call loans, 4 4 per cent;
1H79. call loans, 4"4 per cent
1880, call loans, 4*1* per cent
1881, call loans, 3'8 per cent
188'J, call loans, 44 per cent
1883, call loans, 5-7 per cent;
1881, call loans. 2-4 percent;
commercial paper,
commercial paper,
commercial paper,
commercial paper,
commercial paper,
commercial paper,
commercial paper,
commercial paper
64
per cent.
per cent.
^•3 per cent.
5*2 per cent.
5'1 i)tr cent.
4-.i per cent.
5'3 per cent.
50 per cent.
comnua'cial paper, 5-4 per cent.
commercial pupcr. 5*7 per cent.
commercial paper, 56 per cent,
The average rate of discount
same years was as follows:
of the
Bank
5' 8
of England for the
During tbe calendar year ending December 31, 1871, 3-69 per cent,
Durlns! tbe calendar year ending Decomlier 31. 1875. 3'23 per cent.
Diiriiif; tlie calendar year ending December 31. 1h76, 2-6 1 per cent,
l>uving tbe calendar .year ending December 31, 1877. 2'9l per cent.
During tbe calendar .year ending December 31, 1878, 3'78 per cent.
During tbe calendar year ending r>ec 'mher 31, 1879, 2*50 per cent,
During the calendar year ending Deei-mber 31, 1880, 2-76 per cent,
During tbe calendar year ending December 31, 1 881, 349 per cent.*
During tbe calendar year ending DecemberSl, 18S2, 4-10 percent."
During tbe calendar year ending December 31, 1883, 3-57 per cent.t
During tbe fiscal j'ear ending June 30, 1884, 23 per cent.t
*
From the Financial Chronicle only,
From the London Bankers' Magazine.
In the calendar year ending December 31, 1883, the rate of
discount of tlie Bank of England was increased three times,
and three times reduced. During the fiscal year ending June
30, 1884, the rate was increased once and decreased five times.
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
the rate of
cent and on commercial paper 5-6 per cent
interest on that date was on caU loans 1 to 3 per cent and on
commercial paper .5 to 6 per cent.
The rate of discount in the Bank of France, which was lowered from 4 to 3J^ per cent on March 23, 1883, was lowered to
3 per cent on February 33, 1883. The average rate of discount
during the year 1883 was 3'08 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 1956,569,730. Of this number of bills there were 13,069
bills of $2 08 and under: 548,730 bills from $2 39 to $10; 787,481
That is to say,
bills from $10 31 to $20; 3,697,909 above $20.
nearly a fourth part in bills under $30 31. The number of trade
In 1880 there were 1.014,bills under $30 steadily increases.
in 1882,
413 of these small discounted bills; in 1881, 1,160,945
1,324,336, and in 1883 they have increased to 1,349,250.
The Governor of the Bank of France in his report of its transactions for the year 1883 said: " These figures will show how
great are the services rendered by the bank to the retail trade
:
of Paris."
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NEW YORK CITY, AND IN THE BANK OF
ENGLAND AND THE BANK OF (FRANCE.
The average rate of interest in New York City for ench of
BATES OF INTEREST IN
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yyyTT
The attention of Congress has previously been called to
Section 5,200 of the Revised Statutes, which places restrictions
upon loans, and to the dilficulty 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
transact this class of business, if restricted to loans for an
amount not exceeding in any instance one-tenth of their
capital.
It is true that the limitation does not apply to loans
upon produce in transit, where the drafts are drawn on existing values; but if produce is stored, instead of being shipped,
large loans cannot be made except in violation of law. In
such case the Comptroller lias no means of enforcing the law,
except by bringing a suit for forfeiture of charter, and this
course might result in great embarrassment to business, as
well as loss to many innocent stockholders of the banks. It
is evident that the law should be so amended as to exclude
from the limitation mentioned legitimate loans upon produce
or warehouse receipts, and some other classes of collateral
security, as well as loans upon United States bonds.
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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, statements exhibiting under appropriate heads the resources and
liabilities of such banks and savings banks as are organized
under the laws of the several States and Territories. In compliance with this act he has presented annually in the appendices to his reports the resources andiliabilities of these corporations, so far as it has been possible to obtain them. Through
the courtesy of State officers, returns of State banks, savings
banks and trust and loan companies, have during the past year
been received from twenty-two States. Many of the States
and Territories, including Virginia, West Virginia, North Carolina, Alabama, Arkansas, Tennessee, Illinois, Kansas, Oregon,
and Dakota, do not require periodical returns of the condition
of the different cliisses of banks organized under their laws.
From these returns the following abstract has been compiled, showing the resources and liabilities ot State banks and
trust companies for the last four years, the number reporting
in 1881 being 683; in 1883, 704; in 1888, 788; and in 1884, 852
:
1
:
t)watatBXR
d,
IHE CHRONICLE
1884.]
1881.
1883.
ess b«nlu.
704 bulks.
1883.
788
biutkl.
1884
803
'
mill (Ilsoounta.
Uiiluiit 3luto.*4 IioihIh.
27.880, 02 \
Othei'HtockH. iHU.iViv
Uiiii {I'lmi ImiikH
rii.i-.tw,
Reiil iiHtatti
829
21,3i)6, 772
11,941, 741
1,136, 427
1H,900, 7«2
17,926. 628
Dtlit'i- iiH.sut4
RxprllHi'H
ChmIi itfiiis
Sprlio
Lfiinl tenders,
iiutos,
42,:>30, !t.N7
Imnk
An
27,391,317
Totals
,d73,l 18
l,49S,ii36
1,630,474
25, 673,984
45, 058.783
57, .978,718
22,725,596
52,40,1,724
25.708,7811
.19.331,877
68,270,664
6.'>.:i.ii.i I';
1
19, 915,682
13, 685,205
20,ieO,.147
•.!l
17, ,902,760
14,190,044
1,131,586
38,806,363
18,255,300
23.303.2 Ui
25,928,757
87,322,912
28,259,060
83.659,605
198.345
18, 548.078
1,
.-,
..
.
.
573.600,139 038,81 >'.»•>« 734.479.613 760,949.457
LlAIIIMTIIig.
Capital stock
Cinuilutlim
mirplua
fuu(t|
Uiiillvlilcil profltB...
DiviilemU uiipHlil...
Dupoaits
Tlu- (.ktinptroller hiut for the Uuit eight y<
returns retwivod by Hi« Coinmliiiiionnr nf \<
from tlie Stat«< and uiks and pri
•
|>OHcH
•i".l
<if
taxation.
hI,
.•
113,361.931 125,233,036 133,958,951
286,391
187,978
177,554
31,.^04.3.^2 34,575.461 41.675.4HU
14,7.114.18 18,076,610 22,3:17,9(11
4r.5.011
577,419
499,017
426,677,092 500,374,217 514,111,591
18,409,3Mi 20.918.930 27.336.»yi(
23,245.024| 24.648.364 20.301,901
1,4
"rpor-
averaseii!
di-iKMJtM for ea< I. .,,,
ullig,
Mtiitog IxiniU.
Tho law
nnd
tli.-
d
1'
I
tadM
k1*«
352,725 ,966 404.874.-420 462.380,585 489,067,5111
1.407, 695
dintribution of the MTinn
M'
baaka' i)«piMll>
|>opulation of the Hteto would
fntl tOMOfe
tt»it iin <»|imI
bail
RKsorn<:BS.
(..oniiH
<>v«nlr»fiH
i
.mi' MiiitH ir)M*«ft4v1 In
ri-<|iiiriri){ HiK'li rcturtu to be
has not been re|X!aled, htit n* thi- tax on capital and
dejKisits ceaw-d on November 80, 1MH2, it Is not ezpeotcd that
mich returns will hereafter be trannniitted. The CotnptrolWr
must therefore depend eirlusively for this infnnnation npon
the returns to be receive<l from the odlcers of tht- difTerent
States, and when such returns are rpc(uir(>d to be made they
are, as a rule, promptly and courteously forwarded to this
office in reply to his re<iue»t.
!'
••••••••
TAXATION,
The law imposing a tax upon the
capital and depoiita of
national banks. State banks and private hwikers was repealed
by the act of March 3, 188:1
Totals
575..i00,l3!) 633,819,998i724,479,613 760,919,457
The only United States tax now paid by the national banks
is the semi-annual duty of one-half of 1 percent upon the
The foregoiiiK table was prepared from all the New Englaiiil average amount of their notes in circulation during the preStates, except Maine; from four Middle States, not including ceding six months. The prohibitory tax of 10 per cent upon
Delaware; and from all the We.stern States, excepting Illinois, State bank circulation pai<l out, lus provided by Section 3,4l2of
Kansa-s and Nebraska. The only Southern States from which the Revised Statutes, is also still in force.
Section 6,173 of the Revised Statutes provides that the exreports have been received were South Carolina, CJeorgia,
Louisiana, Texas, Kentucky and Missouri. The only Pacific penses of the Bureau of the Comptroller of the Currency,
States were California and Colorado.
There are no State including those of the plates and dies used for the printinfr of
banks in Maine, but one in New Hampshire, seven in Vermont national-bank notes and of the printing of such notes, shaU be
and none in Massachusetts. There are, however, six trust and jMiid out of the proceeds of the tax on circulation.
The act of June 20, 1874, jjrovides for the redemption of
loan companies in the latter State, one in Rhode Island and
national bank notes in the office of the Treasurer of the United
six in Connecticut.
States, and that the cost of such redemptions shall lie paid by
SAVINGS BANKS.
the bulks, and that the cost of tlie plates for printing, up to
that time paid out of the proceeds of the tax on
The following table exhibits the aggregate resources and shall thereafter be paid from the proceeds of an circulation,
asaeesment
Uabilities of 629 savings banks in 1881 and 1883, 680 in 1888,
upon the banks.
Section 6 of the act of July 12, 1882, for
and 636 in 1884:
extending the corporate existence of national banking associations, provides that the cost of engraving plates for the
issue of circulation of new design, required by the section,
1892.
1881.
1883.
18S4.
should also be paid by the banks. It was the evident inten629 banks.
829 banks.
630 banks.
636 banks.
tion of the enactors of the original banking law that all the
RBSOLIiOES.
$
$
«
expenses wliich were incurred by the Government in preparing
9
Loans on r. est. 307,096,158 307,089,227 328,197,858 358,686.010 circulation to be issued to national as-sociations.
as well as the
Loans on i>erexpenses of carrying on the Bureau of the Comptroller of the
souul «te col.
scisiirlty
95,817.641
128,483,698 155,374,522
141.4.57,111
Currency and enforcing the restrictions of the national bank210,^.45,514
tJ. 8. liouds
237,786,442 219,017,313 196,226,202 ing laws, should te defrayed from the tax on circulation. As
State, m'lilrlp'l
has been seen, this principle was changed by the act of June
& other Ixis.
and stocks.. 159,319,942 206,291,274 190,629.915 2J2,2l8,00li 20, 1874. which, without abolishing the tax on circulation,
27.0ti9,0-l8
701
RRbils A Kfks
32,994,578
41,695
50,994,579 imposed on the banks the expense of the redemption of their
Bank .stock
:i3.249.203
35,365,717
36.587,817
37.929.754 notes
and of the printing of their plates, and that this coiuse
.?7,224.60l
39,882,429
it t. Ml. 270
Real estate ... 41.987.674
5:i,23.i,771
In lieu of this addi69.166.584 was followed in the act of July 12, 1882.
OtUer assets.. 37,408.163
11,047,346
135.572
132,204
1.U.223
156,944
Expen(>es
tional expen.se. however, the act of June 20, 1874, abolished
43,184,ti29
52,3.18,971
38,977,135
Due froai bks. 40,603.041
the requirem'nt of keeping in bank a reserve of legal-tender
12,998,.194
13.758.106
14.932.015
14.079.452
Cash
notes and specie for the r>!demption of circulation.
As has
967,790.662 1,052.982.065 1.113.790.044 1,177,740.913 been suggested elsewhere in the report, the aboliahment.of
Totals
the tax on circulation would be a rea<ly and simple way of
LrABILITIES.
9t5fi,797,081 ,1,024,856,787 1,073.294.9.15 avoiding the contraction of national-bank circulation, now
8S>1.9fil.l42
Deposits
60,28»,l>0.i
82.395,717 constantly going on, on account of the small profit to the
Surplus fund
69,454,512
72,784.155
16,901.75:t
11,136,219
15,738,22:<
Undlvld'd p'fts 1 0,325,800
.5,411,779
5,145,494 banks in keeping up their issues, and if alx>lished the ex|)en8e8
5,213,815
5,594,253
Oth. Uabilities.
of the Bureau of the Comptroller of the Currency could be
967,790.662 1,052,982,065 1,118,790,94411,177,740,919 paid by a pro rata assessment on the banks, as is now done in
Totals
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 exEngland States, from four Middle States, not including Dela- pense of preparing plates for printing the notes.
ware; from the States of Ohio, Indiana, California and the
The total expense of the office of the Comptroller of the
The aggregate of loans in the Npw Currency, from its organiziition to June 30, 1884, was $5,840,District of Columbia.
England States is $288,905,263 and of deposits *47.5,358,30r). 923, and the expense for the year ending on that date $230,324.
In the Middle States the aggi-egate of loans is $163,328,406 and The tax on circulation for the year ending on the same date was
of deposits f.')22,771,526.
The total taxes collected from the national l>anks
$3,024,668.
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 anv State officer. Returns directly received from
four of these banks having deposits amounting to $34,031,1.54,
Total.
Years.
On olruolat'n On deiMsita. On capital.
are included in the returns from the State of Pennsylvania.
The savings banks' deposits, given in the foregoing table for
$1 1,4.32
*95,91
* 167. 137
§53,193
for 1884, b^ed upon reports made to State authorities, are 1864
l,0l7,^30
1.9.14.029
1865
733.247
l:*3.251
$1,073,294,955, and the deposits of the State banks and trust 1S66
40<i.i47
5,14h',339
2,633,102
2,106,735
companies were $514,111,591. These returns do not include 1867
321.3.><1
5.340.1198
2,630,180
2,868,036
;fO(i.7Hl
5.317.268
2,564, 14.T
2,916,343
bank deposits. The deposits of the national banks on October 1863
.1.3S1.X88
312.913
2,«14.553
1869
2,957,416
were
banks,
$989,320,509.
exclusive
of
those
due
to
1, 1884,
37.'>.9ti2
6.940,474
2,614,767
1870
2,94!) .74-1
No just comparison of the deposits of national banks with 1871
35.5.2x2
2.SO-2.310
6.175,1.'k»
2,937,021
"
339.3.1.
6.703.910
n
3,193,570
those of savings banks and State banks and trust companies 1872
454,891
7.001,646
8,353,136
can be maile, owing to the fact that the reports of many of the 1-7.1
469,043
7.083,498
1374
3,404,433
latter classes of banks were made to the State authorities in 1375 .....;
3..il-l.J'..i
507,417
7,305,134
3,283,450
3..505.129
6 12.296
7.229,221
18^, or in January, 1884, and do not show the effects of the 1876
3,091,795
6li0.784
7.013,707
3,451.965
2,900,957
business depression resulting from the failures during the year 1877
56.1.296
6,781,455
3.273.111
1378
2,948.047
1884.
401,920
6,721,236
3,309,660
1879
3A>0B,647
The total population of New England, according to the 1880
379,424
7,591,770
4,0.58.710
3,163,635
H,493,553
431.2.33
4,940.945
3.121.374
Census of 1880, was 4,010,529, and the number of open deposit 1881
4.S '.774
•.lB«».e84
5,.52 1,927
00,981
1883
8,
accounts of the saving.'* banks in the year 1884 is l,430,8r)7, 1888
"269,976
6.176,773
•2,773.790
3,132,006
which is equal to nearly 35'7 accounts to each one hundred of 1884
3.034.668
3,024,668
the entire population. The average amount of each account
8137.306.148
7.855,887
«60,940,0e7
Aggregates...
$58,410,193
is $332-21, and if the total deposits were divided among the
entire population, the average sum of $118 53 could be g^ven to
• Six months to June 1. 1883.
each individual.
The shares of national banks are still subject to State tax The deposits of the savings banks in the State of New York
were $431,080,01Q, while the population is 5,062,871, showing ation, and in previous reports tables 'exhibiting the aTeta^
Due
to
hunks
OtUei' llublUUoa
.
:
<
'
THE CHRONICLR
640
XXXIX.
[Vol.
by national banks in the several States and Terri- of which amount $63,926,000, or nearly 47 per cent, was
have been given, for pui-poses of comparison and to recpived from banks iu the city of New York, and $21,800,000,
show the total burden of taxation heretofore borne by the or about 16 per cent, from banks in the city of Boston. The
national banks.
amount received from Philadelphia was $6,888,000 from ChiThe national banks having been relieved of the United cago, $5,490,000 from Cincinnati, $1,903,000; from St. Louis,
States tax on deposits, it has been thought unnecessary to $1, 136,000
from Baltimore, $3,229,000 from Providence,
continue the collection of information in reference to State $l,g52,000 and from Pittsburg, $798,000.
taxation, which can only be obtained from separate returns to
OQt'S^^^g^g^'-'
SS O 03">
^- O
O
eg to 2
o
be made by each bank to this office. Complaints are from
^9 H
'^
g
=•2
time to time received indicating that in some States there is
o S'ti.i tr
C3'- S3
">* §B2 ®
an unfavorable discrimination made in the taxation of national
^^P.
^ >^^
banks, as compared with that of State institutions doing busi."!:»
5 3 p g c
w
ness of a similar character. The United States Supreme Court
has, however, in several instances shown that when cases of
o s
O ^ c^
discrimination are properly brought to its attention it will
B" C S
-.5X3(3
^
h-i
CD
It is, moreover, doubtful whether
sustain the Federal law.
^sr B o"S"
Congress, by any law short of one taking trom the States the
aw «
••
right to tax national-bank shares, could prevent occasional
S-g S-^
rates paid
tories
;
;
;
;
;
I-**
r.
'
um
"-"I
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 a similar business.
STATES LEGAL-TENDER NOTES AND NATIONAL BANK
CIRCULATION.
The acts of February 25, 1862, 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 1449,479,222, which was the highest amount outstanding
at any one time. The act of June 30, 1864, provided that the
total amount of United States notes issued, or to be issued,
should not exceed 400 millions of dollars, and such additional
sum, not exceeding 50 millions, as might be temporarily
required for the redemption of temporary loans.
-'Irf-GDi-'iCO'-'CJOCC:
M X iv :o O m o o o o
31, 1865,
when
the public debt reached
its
maximum
United States Issues.
Note.i of
Date.
Lecal
Tender
Notes.
Old De Fractional
mand
Notes.
Currency.
Nat. Banks
including
Gold Notes.
Aggregate.
Aug. 31, '05 432, 5.'i3 ,912 402.965 26,344,742 176,213 .9,55 635 ,515,574
Jan. I, 18B(i 42.5, ,839 ,3]9|392.670 26,000,420 236,636 ,098 688,.867,907
Jan. 1, 1867 3so: 276 ,160 221.632 28,732,812 298,588, ,419707, 819,023
Jan. 1. 1868 .ir,ti
000 1(59,127 31,.597,.583 299,846, ,206 68 ,602.916
Jan.
Jan.
Jan.
1, 186!»
1, 1870
1, 1871
.ir,{;.
OlXI ,000
I
KM) ,000
3.")(;, 11(1(1,
Jaii.1, 187-J 3r>7, 5(10
000
000
Jan. 1, 187Hi 3,J8, .").j7, ,907
Jan. 1,1874 378: 401 ,702
Jan. 1,187!) 3,'<2, 000 .000
Jan. 1,18761 371, 827 ,220
Jan. 1. 1877 3(!6, 055 ,084
Jan. 1, 1878 349, 943 ,776
Jan. 1, 1879 346, ,681, ,016
Jan. 1, 1880 346 ,681 016
Jan. 1, 1881 346 681, ,016
Jan. 1, 188'2 346, 681 ,016
Jan. 1, 1883 346, 681, 016
Jan. 1, 1884 346, ,681 016
Nov.l, 1884 346 681, ,016
128.098
113,098
101,086
92,801
84.387
79,637
72,317
69,642
65,462
63,532
62,035
61.350
60.745
59,920
59,295
58.680
34,215,715
39,762,664
39,995 089
40,767,877
45,722,061
48,-544.792
299.747; ,569,690, ,091,382
299,629 322 695 ,505.084
306,307 672 702 ,403,847
328.465, 431 726 ,826,109
344,582, 812 748:.947,167
350,848, 236 77' .874,367
354,128, 250 782, ,591,165
3^6,479, 756 762,,523,690
321,595. 606 714, 064,358
321,672, 505 6S9, 443 922
323,791, 674 686 ,642,884
342,387, 336 704 ,804 006
344.355 203 706 .620.428
362.421. 988 724,.614,785
46,390,598
44,147,072
26.348,206
17,764,109
16.108,159
15,674,304
15 523,464
15 451,861
15,398,008 361,882 791 724, 021.110
15,365,362 349.949, 352 712 054,410
58 290 15350.213 •333,007, 772 695, 097,291
Includes $534,079 notes of gold banks, and omits $552 041 mutilated
currency.
E.
s-gBs:
I
P"jf*i^ ?^P r'P r* r^
UNITED
By the act of June 20, 1874, the maximum amount was
fixed 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
previously existing, and required the Secretary of the Treasury
to retire legal tender notes to an amount equal to 80 per cent
of the national bank notes thereafter issued, until the amount
of such legal tender notes outstanding should be 300 millions
and no more Under the operations of this act 135,318,984 of
legal tender notes were retired, leaving the amount in circulation on May 31, 1878, the date of the repeal of the act, |346,681,016, which is the amount now outstanding.
In the following table are given the amount and kinds of the
outst mding currency of the United States and of the national
banks on January 1 of each year from 1866 to 1884, and on
November 1, 1884, to which is prefixed the amount on August
- 1 o
00
o>t-ooooooo5
H
b
£
?
"b'ic'3; '-;h'--i
to -3
-^1
CT
c;
c; 'X tf*
wx
O
o
X
lO'X
I
CO
03
occ555c5oo
^ M M 10 M W to to
X b <1 lo bl O CO o
M_hVl'i,T
<l
lo
X
-.c
0; 5;
C
'rf^
/-
r
::; :^i
ctr '-
:.'
:,'
»c
M V
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S
—S
&=:»
rt-g-^
ED
g-^oB
I
;
I
*-I.O
9 0; 3;
x C 01
to
010
rf^lo
i'
^
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cso-igioocooo
:.•
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^ 5
o o
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c. i«^ Itto 00 «; 4^ - uc
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w
w 6
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5'S'S aS-O-D-B
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rfil- CD
h- to
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wT Ci '.uTx 'X 'x
O
01 O I- ^ 10 05 CC
MOItOH^^l-^XtSOilO
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X p -1 p o p
b OT 'z - *—
'-.
'/ V.
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'oh
4-
— 0: X _—_*-»
Si Qoi^WMc;'xcsoi':5a;
OOiO'COC: — totoco
Kl
I
p.t-p-l
M
W
t~i t-L )-i >->
03O
<i
M
CO
^
c;d
wp_--j;^tcjDax
cow
I
<is;
t
cc -1 x^
f
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CUD
*• ht b\ at Id
I-- **
C -^ ^ 4* X CD to
3 §2.
M
H-h-i
wh-p^-ix^^H
Ci I^-'QC'-'
a>
Oilf
I
co
W
»oloc;tOi-"-'0:i-'XtUM
5
W
P
g SB'S.
'Si
2.
rt)
CD
»
...
ja
AHD
O
OCTQ
I
^
CD
B"
fS
I
cow
The amount of notes fit for circulation returned by the
redemption agency to the banks of issue during: tlie year was
$33,080,300, being an increase over last ye.ar of $12,295,300.
The total amount received by the Comptroller of the Currency for destruction from the agency and from the banks
direct, was $71,192,954.
Of this
issues of banks in the citv of
amount $6,399,030 were the
New York. .*9,169,340 of banks in
Boston, $3,052,990 of Philadelphia, $3,052,900 of Providence,
$1,949,550 of Baltimore, $1,724,010 of Pittsburg, $1,184,500 of
Cincinnati, $767,100 of Louisville, $448,200 of Albany, $478,000
of New Orleans, and of each of the other principal cities less
than
*-*
.$400,000.
«
*
*
»
*
»
»
The Comptroller,
in concluding this report, desires to gratefully acknowledge the industry and efficiency of the oflScers
and clerks associated with him in the discharge of official
duties, many of wliom, in addition to attending to their regular duties, have been compelled, owing to the growth of the
national banking system, the extension of the corporate existence of national associations, and the financial troubles of the
year, to perform a large amount of extra work, without regard
to office hours.
W. CANNON,
Comptroller hf Pie Currency.
HENRY
Hon. J. G. Carlisle,
Speaker of the House of Repressntatives.
l|El0ttelar jji ©trmmetrctal gnglisfe ^cttrs
DENOMINATIONS OF PAPER CIRCULATION OF THE UNITED STATES,
THE IMPERIAL BANK OF GERMANY, THE BANK OF FRANCE AND BATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
THE BANK OF ENGLAND.
In accordance with the law, no national bank notes of a SXaSANGEAT LONDON-Kov. 21.
EXOHASQE OS LONDON
less denomination than five dollars have been issued since
Latett
January 1, 1879, when the amount outstanding was $7,718,747.
On—
Time.
Rati.
Time.
Bate.
Date.
Since that date the amount of ones and twos issued by the
banks has been reduced $6,934,538, leaving the amount out12-15
Short. 12213 ®12-3^
Nov. 21 Short.
standing $784,209, and during the same period the legal-tender Amsterdam.
Amsterdam. 3 raos. 12-4'8 al2-53g
notes of these denominations have been increased $13,349,202. Antwerp.
25-30
25-52's® 25-57.41 Nov. 21 Sh'o'i^.
"
•20-63 W20-67
20-48
Nov. 21 3 IU08.
The total increase of the amount of ones and twos outstanding Hambuix
20-64
20-24ia
Berlin
920-68
Nov.
21
in national-bank notes and legal-tender notes is $6,'314,664.
20-48
20-64 3)20-68
Frankfort.
Nov. 21 Short.
. .
•
*
»
»*
.
-
'•
«
#"'5t
•'
^
REDEMPTION.
Since the passage of the act of June 30, 1874, section 3 of
which requires the banks at all 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 Treasury 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 redemption.
During the year the receipts amounted to $136,577,732,
.
"
18-14 'a)18-o0
St. Petersb'g
Nov.' 21 3 moa.
2 4 >* a -2431
Paris
Checks 25-271-2 « 25-3^13 Nov. 21 Checks
Paris
3 m«8. 25-4614 S)25-.')li4 Nov. 21 3 mos.
"
12-4212812-45
Vienna
Copenhagen.
Madrid
**
Genoa
Usbon
*'
*•
New
York... 60 days
Alexandria
Bomliay .... dem'nd
463,. a 465],
Nov.' 20
25-6334 a2.i-e8%
5i9i«ai5inig
48^® 49
.
Calcutta
Hou^ Kong.
Sbanglxal
....
l8 7l4d.
IB. 7i4d.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
3mo8.
21 Cables.
25-30
25-35
12-28
47-50
25-30
4-81
20 3 mos.
21 Cables.
21
20 4 mos.
20
Is. 75.iiad.
Is. 7633d.
38. 7''8d.
4s. ll^d.
December
THE CHRONICLE.
6, 1684. J
onromi eorrMpondAntJ
[Proiu
London, Satiirday, Nov.
22, 1884.
The position of iitTuirx at the conimcnconicnt of the week
was not encouragiii);. The failure of Messrs. Spartali & Co,
— a firm of Oreek
morcliants of
repute
liigli
641
In reference to the iitiite of the ballkm nwrket dnrliiK
the past weak, Masara. Plzley ft Abell roDuvk:
^
.iiiuimu bsve bMo MMa frem tba
lUr, neoar*! daauad bvlac Ma«a4 (a i
r.jindooin, rwNlv«4 tnm tkaOMUMM.
— had a iIcpresailiK
MM. par OS.
ivr-
it
and injudicious specuLi'
The above failtion are generally regarded as a benefit.
ure has lieen due to the uncontrollable, namely, a i)er8istent
I
>
waa soon known that it was not caused by any irregularity in business, but to the heavy losses which liad been sustained in the trade in grain and grocery produce. The failure
but
effect,
No
decline in values following excessive production.
further
have aa ytt been announced in connection with it,
and it is said that tlie winding up of the estate will be a very
satisfactory one. Still so important an event must cause some
appreliension lest others of minor imix>rtance will follow.
The gloomy view, however, which was taken of tlie situ,
ation at the commencement of the week has towards the close
fiven place to a decidedly better tone.
usiness
is
in
any way established
bo said that
It cjinnot
and legitimate
u|x>n a sound
That it is in a healtliier condition than it was earlier in
the year is pretty generally admitted; but the close of the
year is near at hand, and bankers hold the reins tightly, tlieir
belief in the state of credit not being very considerable. There
is not, in consequence, much chance of a renewal of imprudent business. Cautious trading has become more than previously a necessit}', as by it alone can a complete re-establishment of credit be efftcted.
The cause of the more confident feeling which prevails is
the rapid decline in the value of money and the unexpectedly
favorable Bank of England return. The Bank rate remains
at 5 per cent, but the open market rates have declined about
one per cent during the week, being only 3% per cent. This
important difference is not desirable, but it will continue, as
the Bank authorities will not con8i<ler themselves justifietl in
reducing their quotation. There is, in fact, so little demand
for money for strict mercantile trading that it ia difticult to keep up the outside rates of discount near to those
which are officially quoted. So long as the demand for gold for
exportation does not revive, the value of money will rule easy,
for there is nothing ato operate in the other direction. The
New York sterling exchange for 60 days' sight bills is now
telegraphed at i'Sl%, and the probability of further shipments of gold to the United States and Canada is therefore
reduced to a minimum. The rise in the Bank rate from 2 to 5
per cent was rapid, and in a great measure unexpectefl and
it is possible that the outside rate of discount has fallen to
so low a point that withdrawals of gold for exportation may
be made to pay, and that the rates will harden again.
The following are the present prices for money.
basis.
Open market rata.
d
s
inarkat
Trade
Bias.
Bille.
Dise't
?
'V
Not. 7 5
•
"
14 5
31 5
Wu
At 7 to 14
Four
Six
Four
Three
Stock
Three
Six
Months Montht Months Months Months Months Banks. ValL D«v».
s
Cot. 17
" S4 3
" 31 *
bjj
'
8«« -
@ - 3M3
3
-|s«9S>i
(»
IX
IM
2
a- sy.9- 3J<® - 3!<aW4 3>4® --Mi»
3X® - 3j«a- 4 ®- 3«9 - 4
a«®- 3
&-
*i^iH 4)inom 3J(nom 4)«®4«,4?^ - 4
4«®- 4^nom 4 nom'4>^(34« 4«a -U«a 3»a- 3>4(a - SH® - 3-ii» - S%» -!3«® -
8
8
-2
-8
-3
8
3
8X3
3«
8«3«-4
HH
3X
8«4
-4M
aasiiaH
Annexed is a return showing the present position of the
Bank of Elngland, the Bank rate of discount, and other
items, compared with previous years:
1863.
24,795.670
2.'>,092,010
Go vemin't atcurltlee.
Other securities
Ees've of notes & coin
Coin and bullion In
both departments..
Proport'n of reserve
l.'3.312.679
£
£.
10,520,691
25,551,275
4,204,692
22.289.797
13.211.014
20,350.882
10,300,471
22,062,197 20,436,269
20,610,746
5,l.i6.702
5,734,3
22.678,406
10,707,216
19,752,918
lOUtB
lOllSm
3l8. 5d.
40r. 3d.
5lO|«d.
Consols
Eng. wheat, av. price
Mid. Uphind cotton..
n
5%d.
10,381,0.57
2'2,638,.546
42-75
3 P.O.
33-21
5 p. 0.
toliablUtles
Banli rate
25,605.575
3,603,070
22,058,778
23,867,123
11,989,292
19.733.779
12,720,187
21.6(;0,836
40>3
40»8
5 p.
0.
loo's
45a. 4d
t)",8
6»i8d.
40s. 8d.
e^d.
No. 40 mule twist
9»8d.
Clearing-House refn. 123,100,000
The Bank
1881.
1882.
1881.
Circulation
Pabllo deposits
Other deposits
led.
10»!1
99,203,000 111,530,000 147,261.000
and open market rates at the
and for the previous three weeks
rate of discount
chief Continental cities
have been as follows:
November
now
20.
13.
November
6.
ItUtrestat
Bank
0pm
Bonis
Bate.
Market
RaU.
Vi
SH
3«
Paris
Berlin
Frankfort,...
Hamburg....
Amsterdam..
Bmssels
Madrid
Vienna
St.
Petersburg..
Copepbagen.
3«
8«
m
m
3M
4H
6
5
SM
8N
4H
Bamk Open
Market RaU. Market
~~3
Open
a
4
3M
1
4
3!4
A
Baink
0pm
RaU. Market
a
4
4
~8«~
SW
3M
m
4
m
3
3
8
3
4
3X
*H
4
3X
1«
I
-total.
aad Uia
II,
Motlcan llnllin
yet •rrlrwl, hartaf
met Willi lin ari
Mirefore, witb lat ttia
iliui'l \it\i' ;iii3 niintiiMori,
dollara by bur, nml
The quotations for bullion are reported aa follows:
<
FriMCi/ Sou.
iVinT.
«.
80.
.Vol-. IS.
d.
77
Mm. SO «Mll&
4.
»W
77
.
PHtefmiMr.
d.
I.
Bar (["Id. lino
ui. 77 »
Bar gold, contaln'K.
SOdwts. sIlTer.ot. TT lOX
U
Bar illT«r.Sn«..OB.
Bar lUrer.eontalaIngSirn.
(Old..!)*.
C*k« llT«r. ...01.
M«l«udol«...(».
Span. donblooDs.oi.
8.Am.doubloon8.oi
80(4
d.
4ais-M
MS
MM
,
The value of wheat continues to decline, notwithstanding
that the tem|>erature hivs fallen, and thit there are some more
The quantity of
de<-ided indications of a genuine winter.
wheat and flour afloat to the United Kingdom ia about 200,000
quarters le&s than at this period last year, and the variona
ports in the Baltic will soon be closed to navigation. The
Western Continental nations are also free importers of American wheat, and yet, in the face of shorter supplies and moderate competition, the trade is quite devoid of animation.
For the week ended November 1 the average price of homegrown wheat was only 32s., which was the lowest then on
record; for the following week it was further raduoed to
Wheat is, in fact, cheaper than barley,
Sis. 5d. per quarter.
which averages 3ls. lOd. per quarter. The production of wheat
at present prices is evidently a ruinous operation. For the
first eleven weeks of the season the average price was 828. 9d.,
being exactly 8s. per quarter less than in the corresponding
period of last year. The sales have, indeed, increased, but to
what extent ? In eleven weeks, in 187 markets, they were
781,068 quarters, against 743,60.5 quarters in the corresponding
period of last season, being an increase of not more than
37,463 quarters. According to these figures, the wheat sold in
187 markets has produced this season only £1,277,000, while a
smaller quantity last year realized £1,.51.5,000, being a balance
adverse to this season of £238,000. According to the usual
estimates for the kingdom, this (out of one crop alone) is a loaa
to the.farmers in eleven weeks of about one million sterling.
The following are the estimated quantities of wheat, floor
and Indian com afloat to the United Kingdom, Baltic suppliea
not being included:
1882.
Lattyear.
Latlteeek.
At present.
qr«. I,67rt,000
1,570,000
1,72S,000
130,000
101,500
121,000
133,500
172.000
185,000
Flour
Indian corn
1,875,000
186.000
73,500
a return showing the extent of the imports of
cereal produce into the United Kingdom during the first eleven
weeks of the season, the sales of home-grown produce, as well
as its average price, compared with the previous season:
Annexed
is
owt
Wheat
Barley
Oats..
Peas
Indian
Flour
tXPOBTS.
1881.
1883.
12,720,767 15,530,631
5,298.372
5,221,963
2,91H,889
2,761,953
452,684
837 928
Beans
com
4.047,?.59
3,31.S,317
206.318
583,711
6,685,987
3,164,292
1382.
18,0H»,517
3.173,511
2,815,413
134,111
271,857
1881.
14,513,595
3.350,878
2.577..^03
n,!>38.191
3,036,511
2.671,887
2,697. N54
4.\0,933
383,018
Supplies of wheat and flour available for consumption In eleven weeks,
atocks Sept. 1 not being Included:
1881.
1882.
1883.
1884.
ImportB of wheat, owt.12,720,767 15,530,631 19.019.517 14.513.595
2.47),S6T
3,036.511
3,315,317 3.161,292
Imiorts of flour
Bales of home-grown
.....
produce
11,282,C00 10,739.520
9,331310
9,168,810
29,434,113
30,110.898
36,184,278
27,318,081
Total
Av'ge price of fin^Ush
43s. lOd.
41s. 5d.
40s. 9d.
wheat for season. qrs. 32s. 9d.
Visible supply of wheat
bush. 35,600,000 30,675,000 17,700.000 21,200,000
In the U. 8
AfloattoU.
K
qrs.
1,690,000
1,890,000
1,970,000
3,438,000
shows the extent of the sales of homegrown wheat, barlev and oats in the 187 princiixil markets
of England and Wales during the first eleven weeks of the ae**
son, together with the average prices realized, compared with
Tlie following return
season
:
OctoIxrSO.
JtatMo/
York
'Vcat liidiiw,
l'i'lill|..rilai
rSi
thKdaf.
<,f
.11 .N<'<»
last
Kovember
nuAAd «
•
f
Wheat
for deposits
Bank
ttMlMMafaar
'vauMMtlarsia
of firms brouglit alK>ut by reckless
siisijensions
mtvar
•innntM-mrpiwlTMlfroai ladl%aaa
SALES.
1883.
1834.
Wheat
Barley
Oata
qrs.
t88I.
1883.
743,605
S17,739
169,066
781,068
1,088.127
120,353
938.7U
523,970
532.960
50.523
63.283
367,1M
AVERAOB PKICBS.
1883.
1884.
I.
Wheat
Barley
a.
t.
d.
d3 9
^...... 32
40 9
33 10
3
19 11
perqr.
19
Oaw..
1883.
*.
d.
41 S
85 O
20 10
1881.
«.
A.
48 10
3110
ai A
*ii
4
*H
SH
4
4
4
4
Converting quarters of wheat into cwts., tho total Mlea in
the whole kingdom are estimated as follows:
<
S
e
B
8
4
•
•
4
4
6
4
Wheat
tH
«<
1881.
cwt. 11,282.000
1383.
10,739,J2)
1883.
9.331,840
.. i2S%,.»
9,103,810
THE CHEONICLK
612
XXXIX.
[Vol.
the coinage at the Mints of the United States during the
of November and for eleven months of 1884:
National Banks.—The following national banks have
lately
Month of Nov.
been organized:
Eleven Months of X'^Si.
Denomination.
Capital, $">0,000.
3,266— The Palatka National Bank. Palatka. Florida.
Joseph F. DcaD, President.
Arilmr
J.
Morton,
month
Pieces.
yalue.
Pieces.
894,880
203,906
333,335
85
56
4,153
17,897,800
2.089,080
1,066,925
Table.
Oiisliior.
3,267— The Huron National Biiul', HniOD, Dak. Capital. $50,000. Lewis
W. Hagen. President. John A. Fowler, Cashier.
3,268 -The First National Bank of Muryvillft, Mo. Capital, $10 '',000.
Joseph Jackson. Prceideut. Jobn C. jorhune. Cashier.
3,269—The Denver National Bank, Uoiiver, Col. Capital, $Z5O,O0O.
Joseph A. Thatcher. President; A. A. Deuinan, Cashier.
8,270— The First National Bank of Beaver Dam, Wisconsin. Capital,
$50,000. Jouu J. Williams, President J. H. Barrett. Cisliier.
Imports and Exports for the Week.—The imports of last
week, compared with those of tlie preceding week, show
a decrease in drj- goods and an incre;ise in general merchandise.
The total imports were $7,271,995 against |6,871,765 the preceding week and $5,998,954 two weeks previous. The exports
for the week ended Dec. S amounted to $5,273,368, against
$6,463,831 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
first week in January:
PORBXON IMPOniS AT NEW lORK.
$
Dotiblc eagles
19,'iOO
3^6.000
Eagles
Half ea.eles
Three dollars
Quarter eagles
81,701
66,338
8
331.690
Dollars
"i',do6
"i'.dbo
168,339
1,535,7C0
1,441,165
21,658,133
2,450,000
2,450,000
25,755,710
25,755,710
710
710
3,527,134
355
177
352,719
17,1
'10
2.55
140
4,1.53
;
Gan'lmer'dlse.
Total
Since Jan. 1.
Dry goods
Gten'Imer'dlse.
1883.
1881.
1882.
$1,101,646
6,177,848
$1,418,916
7,416,166
$7,279,494
$8,865,072
For Week.
Dry goods
1884.
$1,362,891
5,909,194
$10,303,529
?7,271,995
$104,194,095 tl23,07,5,789 $114,454,314 $106,860,481
302,217,588 338,530,057 310,529,526 284,672,135
Total 48 weeks. $406,411,683 $461,605,816 $424,983,840 $391,532,616
In our report of the dry goods trade will be found the imports of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie)
New York
from the port of
1883.
18S2.
For the week...
$6,237,181
311,806.284
Prev. reported..
The following
1884.
$5,162,712
322,263,128
shows the exports and imports of specie
for the week ending Nov. 39, and
1884, and for the corresponding periods in
table
EXPORTS AND IMPORTS Of SPECIE AT
SEW
YORK.
ImjiorU.
Exports.
0old.
Great Britain
France
.
Week.
SitweJan.l.
$
«26,43 1,370
4.352,824
1,6:0,420
3,888.014
7,600
846,054
........
a«nnany
West Inaies
Mexico
Bontli America
All other oouii tries
.
Week.
Since Jan.
t21S.109
$7,113,967
4!17,S0T
4.i5,427
3,.-Sf;4
.
.italn
Franco........ .......
Germany...
West Indies..
Mexico
Bonth America
All other countries. .
Total 1884
Total 1883
Total 1882
2,450 030
29,284,314
20,108,961
1,080,000
54,000
10,019,072
3.072
20,500,872
500,954
92
205,009
Total minor
1,080,000
54 000
30,523,016
706,055
Total cfuna^o
3.69^339
4,O30.7i'O
61. 218,795
48,473,149
CH.\.NaES IN Leqal 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 outstanding Nov. 1, together with the amounts outstanding
Doc. 1, and the increase or decrease during the month also
the changes in legal tenders lield for the redemption of bank
notes up to Dec. 1
—
;
:
A'attonat
Bank
Notes —
228, .'.09
5.081
17,831
4.850 .-512
19 '^7^i
332,678
30,136
«3S,0!9.574 1,452,344 $21,639,452
69.0011
Ii9,l24 11,12.1.992
670,693
4,00('
33,830.954
286,064
3,113,761
$
$378,000 «1 1,1 80.672
f70,29e
11,416
168.745
61,641
211,117
7i,361
4,277
83,992
$393,693 fl2,648,R24
269.5'iO
l:i,988,73b
129,168
10,347,333
$
$2,480
843
46 590
19',.538
1,037,512
8,07a
1,918
l,9()6,.'il2
205
64,520
«29,734
183.192
91.728
$3,32 4,807
5,665,432
2,H1B,045
266.3,50
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 silver coi
Bonds Held by National Banks.—The following
Amoimt outstanding December
Amount on
bank notes December
1.
interest-
Act Jul.vl2, 1882....
Ciirrency 6s
5 per cents
4'a per cents
4 per cents
We
Bonds Held
Dec.
1,
1884,
Bank
Circulation.
to
Secure-
Total Held.
$7,808,000
120,000
$149,149,300
3,519,000
$156,957,300
3,639,000
1,766,500
7,145,500
49,759,250
117,817,150
51,525,750
124,962,650
$16,840,000
$320,244.700
$337,084,700
58, ext. at St*
6s,cxt. at3is
Total
l$3.'J0,990,315
$11,256,034
$4.740,2"0
2,243,993
2,496,252
$13 752,336
1884
the last live mouths:
Aug.
Deposits by-
1.
Oct.
Sept. 1.
Nov.
1.
Dec. 1.
1.
$
733,002
734.713
696,228
75-.',580
76 7,0!).
Insolvent bks
Li(]uid't'({ bks 10,825,121 10,457,257 10,396,076 10,316,235 10,620.107
RedU'-'g und'r
act of 1871. 27,981,606 27.853,811 28,891,882 30,205,136 32,436,001
I
39.559,30; 3.9,078,131 40,021 ,760;41,256,0i)4 43,752,336
Total
—
Auction Sales. Tlie following, seldom or never sold at the
Stock Exchange, were sold at auction this week by Messrs.
Adrian II. MuUer & Son:
Share.
Shar/s.
Copper Minin.
$6'4®-f.=i pr. sh.
Ccunpany
625 Lowland Chief C'nwilidatcd Silver Miii'g Co.
and 1,300 Crook Miu'g
lor $;
and Smelting Co
398 Cons d. Bobtail Uold Min$75
ing Co
500 Maid of the Mi.><l Silver
$5
Mining Co
020 Republic Gold Miu'g Uo. ili2
17.250 Pocahontas Min'g Co. $5
3.660 Fire Steel Mining Co... $9
? »,
10 Indian Kock Oil Co
y'
50 Amilv Oil Co
716Centr,il
.
1,222 C(mibinat'n SewiagMa-
Co
100 Metropolitan Gas Light
circulation and to secure public moneys in national bank
depositories on Dec. 1.
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.
8r,
1881*.
1,
According to the above, the amount of legal tenders on
deposit Dec. 1 with the Treasurer of the United States to redeem national bank notes was $43,752,336. 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 then- circulation, was as follows on the first of each of
bank
V. S.
7,437,729— 2,035,419
Circulation of national gold banks, not Included above, $522,939.
525 Colorado Prince
Public Deposits
in Banks.
$5,221,580
deposit to redectn national
ing statement, furnished by the Comptroller of the Currency,
shows the amount of each class of bonds held against national
Deieription of Bonds.
I$333,025,734
Amount outstanding Nov. 1, 1884.
Amouutissued during Nov
Amount retired duriu,i; Nov
448
Silver.
Great
2,450.000
5.7;8,.^83
783,092
.
T»tal 1884
Total 1883
Total 188.J
Total silver
Five cents
$5,273,368
292,687,383
New York
1,
.
Legal Tender Notes—
Amount on deposit to redeem national bank
note<Nov. 1, 1834
Amount deposited durin? Nov
Amount re.-iasued c& b'nk notes retired InNov.
TotaJ 48 weeks. $350,953,337 $313.093.465 i»327,425,840 $297,960,756
at the port of
eince January
1883 and 1882:
.
to foreign ports for the
2, 1884, and from January 1 to date:
BXPORTil FROM KEW YORK FOR THB WRRK
week ending Dec.
1881.
Total gold
Standard dollars
Half dollars
Quarter dollars
Coinage by United States Mints.— The following statement, kindly furnished us by the Director of the Mint, shows
cliiue
Mercantile Nat.
Bank
71
Bonds.
$7,6"9 Brooklyn Elcvat?d RR
Co. receipts, under security hfildon agreement No.
2. form 1 for a.'^sessiiient
reC-.-ipts cschangea'de on
demand for 1st mtg. bds
$35,500 Breoklyn Elovatel
RR. Co. receipts, under security hidden asreement
No. 2. form 2, for certitl.
i6^
cates for bonds, as.sessm't
paid, exchangeable npen
$2
BU. 78 income and mtg.
All cups, attached
lot $12
$2,000 Memphis & Little R'K
2d mtg. 6s., all coupons
100 Harlem Gas Light Co. ...116%
I'.'O Manhattan Gas Light Co.270
loO N. Y. Gas LightCo..l59-158»«
275 Second Av RR. Co. ...180-1 77
300
no I'hirdav. RR. Co
500 Brooklj n City RR. Co. ...216is
100 Manhiittan Gas L'tCo...270
.105%
3 P.rk Fire Ins. Co
$680
120 Wall Street Baiik
300
101 Third av. RR. Co
30 Mnni' Ipal Gas Light Co.
205
of N. Y
25 Central Park North &
143
Kast River RR. Co
4fi
Iron
demand for 2d mtg lids..
$2,500 Memphis & Little K'k
23313
Company
123ia
&
Comiiany
$1
Miuinj.-g
Company
11 Horn? Ina.Co
24 New Jersey Zinc
...US'...
attached
2OI2
lot
$21
$100 Lowland Cliief Consoi.
Silver Mining Co. Os", all
coupons attached
$4,000 See(Uld av. BR. Co.
due 1888
$20.0!
Co.
$1
78,
100
WmsbnrghGas Light
istmtges
106'«-106>4
$15,000 Jersey City 7s Coup.
IO213
bds., duo 1915
$8,000 City of Elizabeth. N.
April,
J., 78, due 18!»5.
1x79. coup, on
39'4
$1 .001 Kansas Ci y 8t. Joseph
121
& Council Blufta 78
)
1
50 Mechaid(!S' Nat. Bank... 1331s
$l,0ii0 Chattarol RR. Co. 68,
109'4
20 People's Fire Ins. Co
due 1910. October, 1884,
3 Franklin and Emporium
43
on.
ceupons
-105
.
Fire Insurance Co
aggiegating $6,00J, 1
Smith,
$3,000 luites E. M. Smith & Caleb T.
outlawed.
_._,^
$12,198 12 Four iudgments New Yoik Supreme Court against > $400
W. Fontaine Biufl'and Kob.rt B. Floyd-Jones, uggregaUng
J
$12,198 12, January 31st, 1884
(
Dboeubbr
THE CHRONICLE.
0, 1R84.J
643
GENERAL QUOTATIONS OP STOCKS AND BONDS.
New
?iintntlnnfi In
York roprcMiniit tlin por oont. v»liin, whu'
," f<i
ho follovvtiijfHhhrevltbtlotiH aro oftoii iMml. viz "
forcoiinolldittcil: "ooiiv.," for ooiivurtlhln ; "«. f.," fnr nliikln.
Qaotntloua lu
York »ru to Tliiirsdny; from othor ultli"
;
>r
M
New
Ml all
Bnbacrlbcra will conftr > lU vor by giving
tTNITBD STATB8 B0ND8.
Bid.
(TNITKD STATES BONDS.
«!«(.,
U4Vt
U4>4
n.K..«-M 114
is;u
114
ooui).. (J—
AHfi. 13'.)1
4h, 10O7
4h, 1007
Ss, ojtlliiii U. 8
6e, Ciinoncy, 189ft
68, Cunt'iuy, l«n()
6s, Curreiicy, 1*)7
68, Curn^cy, 18'.IS
6a, Currency, 181)0
ron...Q—
coup.. .Q—
reK..(J.— K.
J.W
roK
reg
JAJ
rog
J*J
J&J
rcR
roK
JAJ
Aak.
CliiSB
" B,"
Cla88"C,"
4a, riot loan,
48,
do
Sa,
do
do
58,
l-.i4
Do.
104
3
10
10
10
10
3
3
Calltomla— Ob, civil bonds, '93-95.* 110
101
Conneetlcut— 6s, 1885
103
58,1897
New, reg., 3«3S, 1904
J&J 100
Delaware— Gs
J JkJ'
Dlst. Col.— Cons. 3-658,1924, cp.F&A 112
Consol. 3-659. 1924, rog
U2
Fun(lin>r59, 1899
J&JI 113
10
M&N
JAJt
,
I
lO."*
113
113
114^ 116
1-20 la
Wash.— Fuiut.loan(Cong.)68,K.,'92t 115
Fund. lomi(Irfig.)«8,K.. 1902 Varl 118%
Market stuck, 7s, l>i92
120%
'
Various
O. loan, 18'J0
Park, 1890
bounty, 1893
do
exempt, 1803...
water, 1891
•
JAJ
We«t. Md. BR., 1002
1885
Valley RR., 1886
1916
1920
Q—
AAO
MAN
consol,
58,
,1
Me.—68, railroad
aid, '98..
.
114
106
105
145
110
69,
6b,
6a.
78.
7s,
78,
HI
1887....JAJ 108
JAJ
lOd
110
116
126
68,
exempt, 1890
New York— OS,
gold, reg.,
1887
68, gold, coup.,
68
JAJ* 120
'87... J&J 106
106
JAJ
JAJ
A&O
gold, 1891
1892
1893
AAO
No.Carolina— 68, old, 1886-'98..JAJ
6s, NC. RR., 1883-5
J A J H
do
68,
A&OT!
do
6b
7 coupons off
J&J
do
6a
7 coupons off
A&O
68, funding ivct of 1866 1900 J&J
do
1808,1898A&O
68,
6s, gold,
6s. gold,
es,
new bonds,
do
68
RR
AAO
A&O
AK. AAO
A
AAO
01i1o6b,1886
J A J
Penna.— 59, new. reg., '92-1902. FAA
68.1919
BbodQ
IsI'd— (is, 1893-9, coup. .J
5
6
85
loo's 109
106
J
i
consols
— 6s, unfunded
3-4-5-68,
116
1912
46%
:<s
5
43
54"
Funding bonds,
sub. to '83.
3».
1932
J&J
41
"8'
.58 >a
33
52it
CITV SECDRI'riES.
Albany, N. Y.—«8,loug....Varloa8l 110
r'l20
78 long
*
Price nominal ; no late trauaaotlona,
118
68, 1900
Mich,— 7.S, long
J.— 7s, short
78, funded, 1880-1'105
78, oonaol., 1885-98
105 Is
35
53
Var.
A&O
1894, gold
F&A
.5a,
1909
FA.M
(
J&D
1920
funded
IndianapoUs.lnd.- 7-309,'93-9, JAJI
Jersey City- 6s, water, long, 1895..
J A J
78, water, 18991902
improvement, 1891-'94,...Var.
J
A
J
— MAS A AAO
J&D
JAJ
Hudson County. 68
Uudaon County 7s
BayonneClty, 78, long
Lawrence, Maae.—68, 1891.. .AA Ol
AAO
68, 1900
Y— Wator.?" '9",
Porohaser also paya aoorued
Interest.
48,
new
117
reg.JAJ|124
A over. JAJ
1
131
Var'8 yrs.
Pa la, coup., 1W3.J&J. 99
JAJ. 107
and ooup., 1913
reg.
gold,
reg
I
I
126
107
110
125
6s,
115
100
I
12.j
110
113
113
58, 1901,
'Satt
100
106
117
lao
iis**
120
1131s
115
135
102
113
100%
104
Var. 109i« 110
107 >*
Var. 106
1892
Var 102 >s 101
AAO, 117
1905
101
106
113
Cnrrenoy, 78, 1887-'88....Var..
at. Paul. Minn.—6s, long
78, long
Var.
8s. 1889-90
Salem, Ma8a.-6a,long, W.L.AAOI.
107
li
43
43
43
1 13
....
MA
58, long
58. 10-'20
St. L. Co.— 68, gold,
39
39
39
39
116
118
102 >a
112
118
113
121
SI, 101
t885
Richmond, Va.—68, 18841914.J,fcJ 112
JAJ 132
88, 1886-1909
JAJ 105
5s, 1911-15
Var. 103
Rooheater, N.Y.— 68
J A J) 131
78, water. 1903
Rockland, Me.—68, '8»-99,RR..FAA tOOi«
75
it. Joseph, Mo.—Comp'mlse 4s, 1901
FAA too
St. Loots, Mo.—78, 1885
Var. 103
68. short
100
126
I
Hartford, Ct.— City Os, var. dates..'
Capitol, untax. 08
Hartford Town li«8, untax
I
Haverhill. Mass, —6a, 1880... A&OI
Houston. Tex.— 108
Island Oltv. N.
new, reg., due 1895
bs.
1081*
111
Fitcbbure,.Ma.sB.— 0s.'91.W.L..J&JII 111
Galvestoii, Tex.— 8», 1893-1909 .M.kS 103
I.,,inB
I1O6
JAJ 100
JAJ 1 17
Var.
water, reg.Acp.,'93-'98...AAO.
Var.
107
street imp., reg, '83-86
1051a Portland, Mo.— 6s, Mun., 1895. Var.l
.MAS
103
6s, railroad aid, 1907
105 1£ Portsmouth, N. H.— 6s, '93, RR. JAJ
Poughkeepsle. N. Y. 79, water
110
Providence, R.I.—58, g.,190O-5.JAJ II
68, gold, 1900, water loan... J A J!
Mass.— 68, 1901. ..F& Al 123
58,
78,
78, Bergen, long
6s,
5s,
6a,
78,
78.
991s
115
105
llO
98
Var.t 111
Var.l 117
78,1905
58,
1
Plttaburg,
I
78, water, long
68,
. ,
Do
Water,
t
Vai
1
88, apeolal titx
Phlla<folphia, Pa.— 69, old,
121"
1
1
AD
Tax-receivable coups., prev. to '83
110
Water Work9
Detroit,
J.&J
88
t
Fall River,
2
108
41 >9
52
Texas— (is, 1892
M&St 108
MA8I 115
78, gold, 1892-1910
78, gold, 1904
JAJI 120
Vermont— 6s, 1890
J
Virginia— 6s, old, 1886-'95....J A J 40
6s, new bonds, 1886-1895... J A J 40
6e, consol., 1906
J A J 52
J&J 39
68, consols, 1905. ex-coup
68, consol 2d series
JAJ 55
5
68, deferred bonus
Bettlement,
%
M&NI
M&NI
7-309, short
1904
A&OI
Orange, N.J.— 7», long
Oswego, N. Y.-7a, 1837-8-9
Fatoraon, N. J.— 78, long
68, long
.5b, long
Petersburg, Va.—68
125
.J&J 97
Southern RR. 7-a08. 1908.. ..lA.! 125
MA-,Ni 115
do
69, g..l903
Ciu-. «9, 1909 .... FAA I 115
do
8kg. fd. 58, 1910.MAN t 105
do
aeveland,0.— 4-5- 6- 7s, 1885-91 Var.
7s. 1887-98
Var.
4a to 78, 1881-93
Var. 100
.V6-78, 1893-1907
Var. lOJ
Columbus, Ga.— 79
Var. 102
Covington. Ky.— 7-308, long
Dallas, Texas— 88,
10s, 1893-96
MAN
88. water, 1901
Norwich, Ct.-58, 1907
—
Elizabeth, N.
&J 115
Tennessee
Compromise bonds,
5
5
FAA
FAA
1894-1904
1912
Boutli Carolina— 6s. Act of March
23. 1869. Nou-fundable, 1888..
Brown
5
3»a
3-4
314
314
821s
1905, water loan.. JAJ
water loan
JAJ
58, 1905,
Norfolk, Va.—68,reg.8tk,'78-85. .JAJ
8s, ooup., 189O-03
Var.
I
2%
1887
1890
1901
1890
1896
1901
78,1905
48.
J&J 18
A A O 18
1892-8
6a, Chatham
68, special tax, class 1,1898-9A&0
do
olas82
68,
do
W'n N. C. RR.A&O
6s,
do
Wll. O.
68,
4s, new, cons., 1910
J
J
48, leg.,
4«, reg.,
111
115
117
30
160
160
135
135
10
10
Cook Co. .is, 1899
Cook Co. 41*8, 1900
West Chicago Sa. 1390
Lincoln Park 78. 1895
West Park 78, 1890
South Park 68, 1899
Cincinnati, O.—6a, 1885
68. 1897
7-30S. 1902
S8>a
Newton—68,
129
140
135
117
114
M&N
M&N
104
110
115
118
133
131
116
100
93
Orleans, La.— Premium bonds.
130
Consolidated 6«, 1892
Var.
11714 Newport— Water bonda 7-30»
1181s New YorkClty-58, 1908
Q—
do
Var.l|120
Bcdrord,Maa8.—6a, 1»09.AAO>|129
68
Q—
do
Var.l 118
Var.l 115
105% New
A*0
War loan, ««, 1892-1894
JAJI 114
War loan, (je, 1901-1905
J&J 124
New Jersey—Cs, 1897-1902.. ..JAJ* 126
102
105
short
long
65
60
70
Water Loan
A.AO
N. Bruuawlok, V, J.— 7s, various. .1
FA
New Hampshire—5s, 1892
97
108
113
45
6a, 1900,
i'20'
um
Tenn.—68,
7a, long
7a, water, long
New
t
Boston.Miiss.- 68,cur,long,1905Varl
68, currency. 1804
Var.
Var.l
58, gold, long
Water stcek, 7.s, 1901
128
4188,1908
AAO
do
7s, 1903
128>s
48, currency, long
JAJ
Florida—Consol. gold 68
J A J 112
Brooklyn, N.Y.— 78, short
J&J
Georgia— 6s, 1886
A 101
7a,
Park,
long
JAJ
78, new bunds, 1886
J A J 104
7s, Water, long
J&J
104
78, endoraed, 1886
78, Bridge, long
J&,I
107
78, gold bonds, 1890
68, Water, long
JAJ
88,^76, '86
105
110
Park,
long
6s,
JAJ
Kansas— 78, long
J&J
68, Bridge, long
Louisiana— New con. 78, 1914.. JAJ 75
5s, Bridge, long
(>3l3
Ex matured eounon
KlngsCo. 7a, 1882-'89
Baby bou.ls. 38, 1836
F&A 56 60
tlo
6a, 1882-'86
Maine—48, 1888
F&A lOms 1021s Bnflalo,
N. Y.— 7a, 1895
Var. t
War debts assumed, 6s.'89. A& Ol
water,
long
78,
Var.l
Maryland— 69, exempt, 1887. ..J&J
113
M&SI
6s, Park, 1920
68, Hospital, 1887-91
112
JAJ
Cambridge,
.'is. 1889. ..AAOI
.Mass.—
106
6s, 1890
J&.II
68, 1894-96. water loan
5s, 1890
Q— 106' l"<H
69,1904, city bonds
.I&J *
3-658, 1897
JAJ
S.C.— G8,8t'k,'76-98..Q-J
Massaohnsetts—58, gold,'91-94 A&O 1121s 1141s Charleston,
J & J
78, lire loan bonds, 1890
68, gold, 1894.1897
116
Var.t lU
78, non-tax bonds
Michigan— 7h. 1890
M&N 112
48.
uon-taxablo
Minnesota— New 4>as. 1912 ..JAJ 101
Chelsea. Mass.—6s. '97,waterl.F&At
iUssoun- fis, 1880
J A Ji 104
Chicago, ni.— 78, 1892-90
FlmdiIl^ bonds, 1S94-95
J A J 115
68,1895
109
Longbdixis, '89-90
J A J
4iss, 1900
Asylum or University, 1892. J A J 110
3-659,1903
Hannibal A St. Jo., 1886... .J A J 110
Cook Co. 79, 1892
.TA.II
long
6s,
Newark—68,
Bangor. Me.—69. RR..1890-'04.VaT.I
68, water, 1905
JAJI
68, E.& N.A. RaUroad, 1894..J.feJI
68, B. A Piscataqula RR.,'99.AAOI
Bath, Mo.— 6a, railroad aid
Varl
58, 1897. municipal
Belfast.
75
new
Nashville,
JAJ
:
Jl
M
A
...Var.l
Mobile, Ala.— 3-4-58, funded. .MAN
Montgomery, Ala.— Now 3a ..J A J
JAJ
....
17
.
104
Tenn,—
78, 1896-1901.
78, water, 1902
i'noii
... io.J
DIkI, of Shelby Co., Tisnn.
SiiiwiinKi'c, Wis,— 5a, 1891...J
III'
113
115
JAJ
1900
I
.
MAP
MAS
119
{113
,
Q—
Q—
Q—
.-;.0
&
:<>lis
.
M«.—6«, 1887, mun..F&AI
-T.
Bait.
!0t
"I
M
,
6».1800,W. L.M
101
LynniMiii;. >».—fla
J
103
8«
J
I.yim. .Ua«j|.—68, 1887
V.v
Wat4'rlo«n, Oa, 1894-90
i'lo'i
Ja.i ii-<
5a, 1905
MANIIIll
'lOO
ioi'i' MaeoD, Oa.— 7a
Manohestor.N.H.— 5a,1889....J.< t
0», 1801
J
fli4, 1902
J
H*C.RR..'8RJAJ
68,
68,
68,
6a,
5s,
6a,
68,
58,
68,
5s,
4s,
'
v..
>
I
,!..
>'n. ."...,
-
-
Its
Var 'i|o^
iWo'i 5!.«"
100
,
.'
1;
lonr
8«,
o».
101. .iJkH
8a
\, .....„,.,
81>s
*0
1891...J<feJt
ci>.,
lot
10-208
5-108
10>20a
BM.
Umtavllle, Ky.— 7a, long data*. Var.il 113
7*, ahort datea
Var <i 104
too
105
Var.
Si.
.5-10«
OlTT BKCDamca.
Aak.
Bid.
Waterworks
*J
&J
*
*O
AO
78,Ml8s.().A R. Klv.,1900..A<feO
78, Ark. Central RK.. 1900. A * O
78, Levee of 1871,1900
J &3
68, 10-20, 1900
J
fun<l('(I, IflOO ..J
78, L. R. it Ft. 8. Issue, 1900. A
78, Memphis
1,. K., 1S99..A
78, L. R. P. B. A N. O., 1900. .A
of nyarror *tm«orar»* la tlia— <tw«Ha»l«>»a.
AtlanU, 0».-7«
80
Arkansas— 08,
Perm. Inni. (is, guar.,
Perm. imp. 7s, 1891
inoi
Allogheuy Co.,
100
5b, 1!»()0
49, 1900
iioc l ce
'
datoa.
4a. c<mp.,
Aninista.
1006...
othur qiioUUiot sra rmnnnntlr m%t» par •bvr*.
" It'll," fur Kii«r,ttitm<l; "aod.." tor aal<>rM4i
:
Allegheny, Pa.—Sa.op.. 'ii3M>7..Var.
4>i,8, coup.. I883-I60I
Vnr.
I0l>a
8TATB SBCCJKITIKV
Alabamn— Cla(<s-'A."3 to&,
lio
fnr Udil grant.
CITT SlOOniTtM.
l'/27fl 1!23
126
128
131
133
134
m\y
"(f ," f.>r«.>lil:
It.,"
103
123
JAJI 113
W. L
136
lis
Var. 112
lOlis 103
Francisco— 78, school
68, gold, louit
87
ol
Savaunah funded 58. oousols
HI
iomerville, Maaa.—Sa, 1895. .AAOI 109
>•
101
}00i«l
JAJI
6a, 1885
139
4prlnglleld, Maaa.—<i9, 1905. .AAOI 127
AAOI 133
78,1903, water loan
O.— 7-30a, BR., lUOO.M A N 105
I
135
110
Var. lillO
Var.l 100
105
Toledo,
88,1913
105
92
89. 1893 to '99
87
107
no tfaahington, D.C.— Set Dlst. of Col. 100
Vllmingtuu. N.C.—6a
120 122
108
10414
102
88, gold, cou. OD
v»-oro«8ter, Maa8.-6a. 1893.. .AAOI 114
106 108
113
AAO
3d
40
58. 1905
A&O103
48,1905
35
40
112
'
BONDS.
too
102
105
108
(Boiut* of eompanitt tontotidnltd
100 102
tout be fouHd under the ey»$oli102 105
dated name.)
105
lot
Ala. Ot. Southern— laf mort., l'.>
110 112
103
Vlb'y A Susq.— Ist M., 7«, '88.. .1
102
.\
3d mortgage, 79. 1885
ll"%! 118
Consol. mort., 7«, lOOfi.gunr. \
12.>
127
RAILROAD
tos
113
115
116
104
|
{
11
.
,
1" London.
C.i'Mal ni
} Part beln
:
»•'.. •*».'
redeeimtd.
OO'l.
,fii
ir
\
T Cou,tou»
113
THE CHRONICLE
644
[Vol.
XXXIX.
GENERAL QUOTATIONS OF STOCKS AND BONDS— Continued.
For Explanatloas See Notes
Railroad Bonds.
Allegh. Val.— Gen. M., 73-108. .J&J
East, exten. M., 78, 1910... A&O;
A&O
Income, 7e. end., 1894
Atcn.Too.&S.Fe— lst,78,g.,'99.J&J
Land grant, 78, g., 1902.. ...A&O
Sinking fund, 6s, 1911
J&D
at
Head
of First Page of Quotations.
Bid.
Railroad Bonds.
Bid.
Ask.
114
124
70
Chea.O.& S.W.— M. 5-68, 1911. F&A
126
J&J tl09
Cheshire— 68, 1896-98
15
Chic. & Alton— 1st M., 7s, '93. .J&J 120
Sterling mort., 6s, g., 1903 .J&J ;ii3
121's
119
Bds. Kan. C. line,6s,g., 1903. M&N
105
Misa.Riv.Bridge, lst.,9.f.,6s,1912 103
116
Louia'a& Mo.R.,lst,78,1900F&A 119
100
do
2d, 78, 1900 M&N
12
H21
H18
.
.
t
.
1
i
.
. . .
,
,
.
,
.
.
1
!
1
;
.
&
Bid.
Cin. Wa.sh.
120
M&N
Bait. Short L., 1st, 78, 1900. .J&J
Clev. Col. C. & I.— 1st, 7s, '99. M&N
119%
Ask.
Bait.- (Continued) —
71
110
104
Guaranteed 78, 1909 J&J&A&O 1114
A&O 199 "s
58, 1909 (let mort.)
8t.L.Jack8'v.& C, lst,78,'94. A&O 1161s
M&S 185
851s
58, plain bonds, 1920
do lat Kuar.(564),7s,'94A&0 iieifl
4ifl8, 1920
A«0 188 89
107
do 2dM. (360), 78, '98.. J&J 119
Florence & El Dor'do, l8t.78. A.tO nou
do 2d guar.( 188) 78,'98.J&J 118
K.C.Topeka&W., 1st M.,7s,g.J&J 1122 1221s
109
Atlantic- lat, 6s,1920.M&N
H07
income
A&O
Chic.&
do
7s.
F&A
US
2d. 68, 1923
N.Mex.&So.Pac.,l8t,78,1909 A&O 1117
108
H06
Chicago
Burl. & Quinoy—
Pleas't Hill &De Soto, l8t,7s,1907
J&J 130i«
Con8.,7a, 1903
Pueblo & Ark. v., Ist, 78, g.,1903. 1117 118
J&U '100 101
98
Bonds, 5s, 1895
Sonora, Ist, 78. 1910, gu.ir.. J&J
981s
A&O 102% 103
WicWta&S.W.,lst,7s,g.,gua..l902 tl07»s 109
58.1901
M&N 971s 98
Atlanta & Charlotte Air L.— l8t,7s 107
58, debenture, 1913
80
85
A&O 105 105 Is
Income, 68
5s, 1919, Iowa Div
A&O 93 94
80 "4 801*
do
Atlantic & Pac. -1st 6s, 1910 .J&J
4s, 1919,
1814
F&A 93
IHifl
Incomes, 1910
J&J
4s, Denver Div., 1922
M&S 82
76
74
Central Division, old, 68
48, plain lionds, 1921
II7I4
67
Bur. & Mo. R., I'd M., 7s,'93.A&0 tll7
do
new b"s
Conv. 8s.'94 ser.J&J
do
Baltimore & Oliio-Ba, 1885.. A&O lom 102
108
Bur.&Mo.(Neb.),l8t.6s,1918.J&J 111714 1171^
Sterlmg, 58, 1927
J.feD a 06
do Cons, 6s, non-ex. .J&J H05«t 106
Sterling, 68, 1895
M&S ail 113
8514
118
do 4s, (Neb.), 1910.. J&J r85
Sterlingmort., 6s, g., 1902..M&8 tll6
121
do Neh.RR.lat.7s,'96A&0 1113 115
do
6s, g., 1910. M&N ;ll9
do Oin.& S.W.,l8t,88,J&D 1121 123
Parkersburg Br., 68, 1919.. .A&O 113
115
tU. Grand Tr., Ist, 8s. '90. ..A&O 110% 111
Bait. & Pot'c— 1st, 68,g., 1911. J&J J113
117
Dixon Peo.& II., lst,8s,1889.J.t.l tl09% 110
Ist, timnel, 6s, g., g'd, 1911. A&O ai5
117
Ott. Osw. & Fox R., 88, 1900. J&J tl24
Bell's Gap— 1st, 7s, 1893
J&J
Quincy& Wars'w, Ist, 88, '90. J.fe.! illlia 112
1st, 68, 1905
F&A
itch'n & Neb.— 1st, 78,1907 MAS ai7is 119
Consol. 68, 1913
A&O
18
22
Chic & Can. So.— Ist, 7a, 1902 A&C
BelvldereDel.— l8t,6s,c.,1902.J&I) 121
105
Chic. & East 111.— 1 st mort. 68, 1907 103
2d mort., 68, 1885
M&? 102
1
907
103
bonds,
mort
Income
3d
.63,1887
F&A
92 100
Boston & Albany— 7s, 1892... F&A 1119 H914 Cliic. & Gr. Trunk— lat mort., 1900
68,1895
J&J ilWi^ 1181s Chic&Mich.L.Sh.— l8t,88,'89.M&S U09 111
Boat. Ccnc.& Mon.—S.F.,6s,'89.J&.) IO314 1031a Chic. Mil. & St. Paul—
Consol. mort., 7s, 1893
P. du C. Div., 1st, 88, 1898. F&A 130
A&O m2»9 113
10
9
P.D.,2d M., 7 3-108,1898. .F&A 1201s 122
Boat. Hart.& E.— Ist, 78, 1900. J&J
lat mort., 7a, guar
St. P.&Chlc, 78, g., 1902. ...J&J 12018
J&J 14
J&J 117 126'
Boston & Lowell— 7s, '92
La. C, IstM., 78,1893
A&O fll8 119
J&J 119
68, 1896
J&J H15 116
I. &M., lat M., 7s, 1897
118
New 58, 1899
J&JiflOii
fl06 107
I'a. & Dak., lat M., 7a, 1899. J&J
Boston & Maine— 7s. 1893-91. J&J 11221s 123
Haat. &Dak., l8tM.,78, 1910.J&J 1191* 121
Boat. & Providence— 78, 1893. J&,T 1123
Chic. & Mil., lat M., 7s, 1903.J&.I 12«is 131
1231s
B08t.& Revere B'li—l8t,6s,'97. J&J mi's 112
Ist mort.. consol.. 78. 1905. J&J 121% I23I2
122
Bradford Bord. & K.— 1st, 6s, 1932
1st M., I. & D. Ext., 78, 1908J&J VM
112
Bradf.Eld.&Cub.a— lst.68.I932J&J
1st M.,6s, S'thwcst Div.l009J&J 111
96
BMyn Bath&C.L- l8t,68, 1912.F& A
102
Ist M., 58. La <;. & Dav. 19i9J&,T
Brooklj-n Elevated— Bonds
35
J&J 109 Hi 116'
So. Minn, lat 6s, 1910
Bufl. Brad.A P.— Gen.M.78,'96.J&J 100
105
Chic. & Pac. Div. 68, 1910 .. J&J 114
96
130
Buft.N.Y.&Erie-lst, 78. 1916.J&D
do
West. Div., 5a,192l. J&J
961s
90
Buft.N.Y.& Phil.— 1st, 68,g.,'96.J&J ;55
57
Mineral Pt. Div.. 5s, 1910... J&J
96
98
2d mortgage, 7s, g., 1908. ..Q—M
Chic. & L. Sup. Div.. 'is, 1921 J&J
9658
96
Wia.&iMiun.Div.,58. 1921...J&J
Gen. M., 6a, 1924
M&S
90 Is
Buff. Pittab.& West.-68,1 921 A&O
Termiiilana, 1914
J&.I
"35"
Pitts. TitU8V.& B.— 78,I896F&A
Dubuqua Div., l8t. 6s, li»20.J&J 109 109 Is
100 ii
Oil Creek, IstM., 6s, 1912. A&O
Wis. Val. Div., Ist, 6s, 1920. J&J 100
81
Union & Titiisv., Ist, 78,'90. J&J
Chic&Northw.— S.f„lst,7s,'85F&A 104
Warren& Fr'kln.l8t,7s,'9GF&A 90 100
Q— 133 137
Consol. mort., 7s, 1915
F&A 103 "s
Baa.&Southwest.- 68. 1908. .J.&J
Exten. mort., 7a, 1885
idiis
Bur. C. R.& N.— lst.5s,new,'06.J&I> 101
F&A 104 io'S'
lat mort., 78, 1885
Cons.lst &col. tr., 58,1934. A&O
Consol., gold, 7a, cp., 1902.. .I&I) I2414
86
871s
C. Rap.LF.& N.,l8t,68.1920.A&O
reg
J&D 124
do
do
do
1st, 58, 1921. ...A&O
Sinking fund, Ga, 1929
A&O 110 11114
90
Caltfor. Pac— latM.,7s,g.,'87-J&J ilOO
do
5s,1929
A&O 100%
95'8 96
2d M.. 6s, g.,eud C. Pac, 'S9.J&J 1100 ..>.
debent., .5s,l933.M&\
do
3d M. (guar. C. P.), 68, 1905. J&J 100
2.5-vra. deb. 5is 19C9
M&N 93 '8 94
do
do
3s, 1905. J&J
Escau.&L Sup., lat, 6s, 1901.J&J
50
California So.— 1st, 68, 1922. .J&J
21
10
Des M.& MiQn'8,Ist.78,1907.F&A
Camden & Atl.— l8t,78, g., '93.. J&J 115
Iowa Mid., 1st M., Sa, 1900. A&O 129
2d mort., 68, 1904
A&O
Peninsula, lat, conv., 7s,'98.M&S 115
Cons. Ha, 1911
J&J
Chic. & Mil., lat M., 7s, '98.. J&J 123% 124
Cam.&Bur. Co.— lstM.,68,'97.F&A
Mil. & Mad., Ist, 6s, 1905. .M.&S.
Canada So.— lstM.,guar.,1908,J&J 9858 98%
Madison Ext., lat, 7s. 1911. A&O nii i'24"
2d mort., 5s, 1013
M&S 73
75
Menominee E.\t.,l8t,7.sl91 1.I&D 112314 124
Carolina Cent,— l8t,68,g.,1920. J&J 102
125%
103
Northwest.Uu.. let.78, 1917. M&S 1124
2d, inc., 68, 1915
85
A&O 80
Winona & St.Pet.—l8t,7s,'87. J&J 107 -s 108 14
Catawi8Sa-Mort.,7s, 1900.. .F.%A 119
....
do
2d M., 78, 1907. M&N 11714
Cedar F. &Miu.— 1st, 78, 1907. J&J 11613 118
ChicR.I.&Pac— 6a, 1917,ooup.J&J 1201s
Cedar R. & Mo.— 1 st, 76, '91
F&A IIO713 1091s 6s, 1917, reg
J&J 126
lat mort., 78, 1916
M&N 1121^ 122
Chic.&S.W..lst,78,gnar.,'99.M&N
Cent. Br. U. Pac, lst8,6s,'9o.M&N
ChicSt.L.&Pitt.— l8t,.'>8,1932 A&O
95
871s
Fund, coupon 7s, 1895
MAN
Chic. & Gt. East., 1st, 7s, 93-'95. 100
Atch.& Plke'8 P'k, lat, 68, e. M&N
ii's"
100
95
C0I.& Ind. C, Ist M., 7s, 1904.J&.1 ni2
Atch.Ool.&Pac.,lat,6s,1905Q.—
do
2d M.7a,1901.M&N 105
85
At<jh.J.Co.&W.,l8t,68,1905.Q,—
85
Un.& Logan8p.,lat,78, 1903.A&O 1110
Cent, of Ga.— Ist, cons., 78, '93. J&J 111
114
Cin. & Chic. A. L., 1886-'90
100 105
Certificates of iiulebtedacss. 6s..
95
90
ChicSt.P.Miu.&Om.— Con. Os, 1930 111 113
Cent. Iowa— New Ist., 7s '99. J&J 101
Ch.St.P.& Minn. l8t,6s,1918M*N 1151s
Inc. bonds," debt certs.", 7s,A&0
North Wise, lat 68, 1930. ..J&J 110
40
Esistem Div., lat, 6s, 1912. .A&O
119
67
St. Paiil&S.City, IsC 6s,1919.A&0
Ills. Div., l8t, 6s. 1912
113
A&O
till
Chic. & Tom.ah.— Scrip, luOS
Cent'lof N. J.— 1st M,7a,1890,F&A il3
Chic.& W.Ind.—S.fd. Os, 1919 M&N
95
78, conv, 1902, assented.... M&N 100
101
General molt, Oa, 1932
Q—M 99
Consol.M.,7s,1899, assented. Q—
Cin. Ham. &Dayt.- 2d, 7s, '85 J&J 100
100>a 102
Adluatment bonds, 7«. 19O0M&N 100 101
Consol. mort., 7s, 1905
A&O 1115 118
Conv. deben. 68, 1908
M&N 60
do
68, 1905
A&O 1106 108 !«
Income bonds, 1908
108
M&N 60
Cin. H. & I., 1st M., 78. 1903.J&J tl06
Am. Dk.& Imp. Co., 5s,1921.J&J
90
Cin. & Eastern- Ist, 7s, 1896 J&J
65
60
Leh.& Wilkesb.Coal,inc.,'88,.M&N
75
•2d mort., 7s, 1900
Consol., 7s,gold,1900,ass'd.Q-M
96
Consol., gold. 6s, 1912
95
Cent. Ohio— Ist M.. Oa, 1890.. M&S 107
108
Cin. I. St. L. & Chic- Con. 6a, 1920
95
Cent. Pac— lst,6s,gold,'93-98.J&J Ill's 112
Cin.& Indiana, lat M.,78.'92.J&D 104 106
8. Joaqnin, l8tM.,6a,g.l900.A&0 102>9 105
Cin. & Ind 2d M.. 78,'82-87.J&.l 1100
Cal. & Oregon, Ist, 6a, g., '88. J&J
9313 991s
tndianapollaC. &L., 7sof '97..
107 ioii'
do
series B, 6s, 1892
Ind'.apoiis & Cin., 1st, 7s,'88. A&O 100
98 "s
Cal.&Or. C.P.bonds,68,g.,'93J&J '100 103
Cin. Laf.&Ch.— lat, 7a,g., 1901. M&H 1051$
Land grant M., 68, g., 1890. A&O 99
Cin. Northern.— lat, 6», gold, 1920,
40
30
West. Pacif., 1st, 6s, g., '99. .J&J 104i« 105 Is Cin. Rich. &Chic.— 1st, 7a, '95. J&J tlOSis
Charl'te Col.&A.— Cou8.,7s,'95.J&J 105
Cin. Rich. & F. W.— 1st, 7s, g. J&l) 11051s ib's"
2d mort., 78, 1910
102 14
J&J 85
Cin. Saud'ky & CI.— 6s, 1900. .F&A 1102
Cheraw & Darl.— Ist M. ,88,'88. A&O 1031s
7a, 1887 extended
M&w 1102 102 14
2d mort., 78
103
Consol. mort., 7s, 1890
J&D UOlia 102
Chea. & Ohio— Pur. money fd.,1898
113
Cin.&Sp.— 7s,C.C.C.& 1, 1901.A&O 107 110
Seriea A, 1908
A&O 104
no
78, guar., L.S.& -M.S.. 1901. .A&O 107
68, gold, ser.B.int.def. 1908. M&N
77
Cin. Washington & Bait.—
68, currency, int. def.. 1918. .J&J
27
28
Ist M., guar, 4iflS-6s, 1931. M&V
96ii 93
68.1911
A&O.
2d mort., guar., 5b, 1931 ....J&J
941s
63
62
' Price nominal
no late tranaactiona.
1 Purchaaer alao paya accrued Interest.
.
Railroad Bonds.
Ask.
3d mort., gold. 3s-4s, 1931.. F&A
2,^ Is
Inconia 5s. 1931
121^
Scioto & Hock. V, Ist, 7s....
tlOO
119
J&D
Consol. mort., 78. 1914
Cona. S. F., 78, 1914
Gen. con. 6s, 1934
J&J
Belief. & Ind. M., 78, 1899... J&J
Clev. & Pitts.—4th M., 6a, 1892.J&J
Consol. S. F., 7s, 1900
109
1081s
1221s
M&N
Clev.&M. Val.— Ist, 7s,g..'93.F&A
Oolumbia & Gr.- 1st, 68, 1916. J&J
2d mort., 6s, 1926
A&O
Col. Hock. Val. & Tol— Consol. 5a
56
65
mo
tioo
125%
67
tl08
flOO
.
2d mort
Ohio&W.Va.,lst,8.f.,7s.l910.M&N 105
Col.Springf.&C— lst,7a,1901.M&.S
08
Col. & Xeiii.a— l8t M., 78,1390.M&S 1107
Conn. & Paasump.— M., 7a, '93. A&O tiien
Masaawippi, g., 6s, gold, '89 J&J
Conn. Val.— lat M., 5.8, 1922
Conn. West.— lat M., 7s, 1900. J&J
Connecting (Pliila.)— 1st, 6s ..M&S
Consol. RR.ot Vt., lat, 5s, 1913.J&J
12113
"89%
Col. &Hock.V.— latM.,7s,'97.A&0
do
2d M., 7s, 1892. J&J
Col.
Toledo— lat mort. bonds
do
14
1191s
J&J
&
2913
99
lY6%
It
Cumberland & Penn.— 1st mort
2d mort
Ciimberl. Val.— IstM., 88,1904.A&O
Dayton & Mich.— tJonsol. 5s
J&J
10
116
54
199
Sdimn-t., 7s, 1888, now 2d. A&O tlOo
& West.— 1st M.,6s, 1905. J&J tl07
lat mort., 7a, 1905
J&J tll5
DolaWi^vre Mort. ,68, guar., '93. J&J
D.ayt.
12
25
5414
100
107
108
—
Del.& Bound B'k— lst,78,1905P&A
Del.Lack.& W.— Conv.78,1892 J&D
Mort. 7s. 1907
M&S
Den.& Rio Q.— lat, 7s, g..l900.M&N'
lat consol. mort., 7e, 1910
General mort., 5e, 1913
Denv.&R. G.W.-lst,
J&.l
A&O
M&S
M&N
6a, 1911.
120
128
47
30
37I4
Denv.S.P.&Pac— l8t,78,1905
Dea M. & Ft. D.— 1st, 63, 1905. J&J
1905
Detroit & Bay C.—lst,8a,1902.M&N
1st M.. 83, end. M. C, 1902. M&N
Det.G.Havon&Mll.- E(iuip.68,191&
Con. M., 5^ tiU'84, after 6«. 1918
Det. L. & North.— 1st, 7s, 1907.J&J
105
118
;116
tll6
tll8i4
Det. Mi>ck.& M.— 1st. 68.1921. A&O
Land grant, 3is8, 1911
Income, 1921
Dub. & Dak.— lat M.,
II6I4 II6I3
105
106
114
52% 53
14%
14
93
100
100
Eimira&W'map^-lst 88,1910.J&.
5s, perpetual
A&(
Erie & Pittsb.— 2d, now 1st
Cona. mort,, 7s, 1898
J&.
J&.
Equipment, 7s, 1900
A&O
Evansv. & Crawf.— lat, 7s, '87. J&J
Evaus.& T.lL.lst con.,0s,1921,J&J
7s,
105
35
60
821s
11313
100
105
110
102
100
97
A&O
63
Evansv.T.H.&Chl.- 1st,
105
105
90
UI414 1141s
1906.. M&^ tlo:5
g..
& Nor.—S.F. deb.,68.A&0
M&S1st mort,, 6s, 1920
Eliz,nb.Le'C.& Big S.—Ga. 1902.M&.'-
Vernon— 1st,
1181a
55
Eliz. City
Mr,
120"
118
118
Oa. 1919. J&J
Dub.& S. City— l8t.2d Div..'94.J&J
Dunk. A.V.& P.— lst,7s,g..l900J&D
East Penn.- latM.,7s, 1888. .M&S
E.Tenn.Va.&Ga.— 1st, 78,1900 J&J
1st mort., consol., 5a, 1930 ..J&J
Income, 6s, 1931
Divisional, 5s, 1930
J&J
E. Teun. & Ga., 1st, 6s,'83-86.J&J
E.Tenn.& Va.,eiid.,6a, 1886. M&N
Ala. Cent., 1st, 68, 1918
J&J
Ea8tem,Ma.S8.— 6a, g.,1906. .M&s
Sterling debs., 6s,
49
35
38I9
88
80
55
1st inc., 6a,
.
33
sm,
g.M&N 100
1021a
FHi-go & 8outhei-u-lst,68,1924J&J
Fitchburir— 5a, 1899
A&O 110914 109%
A&O fllois lllia
53, 1900-01-02
A&O tll7 118
63, 1898
A&O
78,1894
Flint
&
P.
Holly W.
Marq.— M. 6s,1920.A&0
& M., lat, 8s. 1901. J&J
Madison & N. W., 1st 7s, g.,190.';
Ft.Worth & Denv. C— lat, 6s, 1921
Fremont Elkhorn & Mo. Val.—
A&O
68, 1933
GiU.Har.&S.A.— l8t,68,g.,1910F&A
J*D
2d mort.. 7s, 1905
Mex. & Pac Ist, oa, 1931.. M&N
do
2d, 6s, 1931... J&J
Gal.Hou8.& Hen.— l8t,58, goldA&O
J&.I
Georgia—7a, 1883-90
J&J
6s, 1889
tl23
'III3I3
t...
Ft.
Georgia Pacific— l8t,
2d mort
Qr.Rap. & Ind.— 1st,
68,
1922. J&J
l.g.,
g'd, 7s, g.
lstM.,7a, l.g.,gold,not guar. A&O
lat 7s, '99
Ex land grant,
124
115
no
61% 62
IO8I4 103 la
104
107
1061a
92
62
105
105
110
107
63
40
45
891a
tll5is 117
1112
113
100
74
Gr.B'yW.&St.P.— l8t,6a,1911.F.&A
2d, incomea, 1911...
Gulf Col.
2d, 6a,
& 8. Fe— lat,
7a,1909 J&J
A&O
1923
86>a
1031a
& St. Jo.- Conv. 8s, 1885. M&S
M&S
Con. 6s, 1911
Houaatonic- Ist M., 7a, 1885. F&A
Ho'st.E.&W. Tex.— lst,7s,'98.M&N
Han.
J&J
2d, 6a, 1913
a.& Tex.Cen— lat m..7a,guar.l891
Weat. Div., lat, 7a,
g.,
1891.. I&.I
Waco &N. W.. lat, 7s,g.,1903.J&J
A&O
Cons, mort., 8s, 1912
Waco & N., 88, 1915
A&O
Gen. mort. 6a, 1921
Hunt. & Br.Top-lst, 78, '90. .A&O
114
i'oiia
roois
il6%
105
110
110
1071a
112
F&A 110
2d mort., 7a, g., 1895
A&O 81
Cons, 3d M. 58. 1895
117
111. Cent.— 1st M.Chlc.& Spr.'9S.r&J
Middle Div. reg.
I
In London,
5s.
1921.
..
F&A
lllia
1061s
S213
16s"
Deceubeh
1884.
6,
THE CHRONICLE.
|
6i6
GENERAL QUOTATIONS OF STOCKS AND BONDS—Coottodeo.
For BKpUnKtIoni Sea Notaa at llsad «r Wlnt Pace or <|Ho(atl««a.
KAiLROAn Bonds.
Bid.
CiMitnil— (Coiitlimi'il) —
Sterlliiif, R. F., r>8. V: lil<)3..A&0 (105
Sterliiii;,K«n. M..G11, k-,
8terlln«.
CUlo. St.
fts.
ISOa.AiVO
JAD
1905
'.112
jlOO
N.O.— l»t con. 7i>,'(»7 118
JitV
1907
Ten. llpn,7s, 1807
MAN lie
!,.•&
Railroad Bonm.
Ask.
Uloh. Cenl.-Cxinml., 7a, 1003
Illinois
107
114
108
120
ConaoLSa. 1902
1st M. on Air Line,
till
Ind'apolisA Vln.— lst,78,190S.FAA 110
2d mort.. 68, (?., Kuar., 1900.MAN 100
Int. A (it. North.— l9t,68,1919.MAN 105>a
Coup. 08, 1909
MAS! 74 >«
lunlaALanaing— IstSs, '89. ..JAJ I107>«
Iowa CltyA West.— lst,7a,1909MAH 108
r a Falls A Sioux
Ist, 78,'99 A AO 11201)1
93
Jefferson— Hawl'y Br. 78, '87.. JAJ
Ist mort., 78, 1889
JAJ 100
Jefl. Mad. A Ind.— Ist, 78,1906. AAO tlI2
2d mort.. 78, 1910
:...JAJ 1113
Junction (Plitl.)— l8t,4>as,1907 JAJ
2d mort., Us, 1900
AAO
C—
K.C.Ft.Seott A
G.— I8t,78,in08 JAD
Kansas C. Lawr. A 80. Ist, Os. 1909
K.C.8t.Jos.AC.B.-M. 78,1907. JAJ
K.C.Spr.AMeni.— l8t.6s,1923.MAN
Kentuckv Central— 6s. 191 1... JAJ
Keokuk ADes M.— Ist.Ss.Kuar.A AO
L. Erie A West.— Ist, 68,1919. FAA
Income,
7s,
Sandusky
do
1899
Div., 68,
1919 ....FAA
income, 1920....
lAf. Bl.A Mun.,lst, 68,1919.
do
MAN
income,
78,
1899.
Lake Sliore A Micli. So.—
M.80.A N.I., 8.F.,l8t,78,'85.MAN
Cleve.
A Tol., Ist M.,78,
'S.")..JA.r
do
2d M., 7s, 1886.AAO
AA8h.,new7s, 1892. .AAO
Bafl.AE.,newbd8,M.,78,'98.AAO
CI. P.
Buff.
A State L.,
7s, 1886.. ..JA.1
Det.Mou.A Tol.,lst,73,1906.FAA
Kalamazoo Al. A Gr.K.,l.st,8.s. JAJ
Kal.A Sdioolcraft. lst,8s.'87.JAJ
Kal.A \Vh. Pigeon, ist, 7s,'90.. JAJ
Dividend bonds, 78, 1899... AAO
I* 8.A M.S., cons., cp., Ist, 7s. JAJ
do con8.,reg.,l8t,78,1900.Q—
do eons., cp.,2d,7s, 1903. .JAD
do cons., reg.,2d,7s,1903. JAD
Lawrence— 1st mort., 7s,1895.FAA
Gen. M.,a. f., 69, g., 1923... .JAD
Miami- Keuew.1I 58,1912. .MAN
URookA Ft.S.— l8t,l.gr.,7s '95. JAJ
Long Island- Ist M.. 7s, 1898.MAN
iBtconsol. 58, 1931
Q—
South Side, Ist, 7s, 1887
MAS
Newtown A Fl., 1st, 78, 1891
L.I.Oity A Flushing— 1st, 65,1911
Lou'v.C.A I.«x.— lst,78,'97 JAJ(es)
2d mort., 7h, 1907
...AAO
,
I/av.AX.tsli.— Cons.l8t,7s,'98.AAO
Ceclliaa Br.. 7s, 1907
MAS
loiUsTille loan, Gs, '86-'87..AAO
Leb.-Knoxv. 6s, 1931
MAS
Gen'l mort., Gs, 1930
JAD
AAO
Q—
JAJ
Gen. mort. 68, 1914
AAO
Lo'iav.N.O.ATex.-lst,5s,1934MA8
7s, 1808.. .JAJ
Exten. bonds, 6s, g., 1900... AAO
Cons. 78,1912
AAO
Androscog. A Ken.,6s, 1891.FAA
Leeds A Farra'gt'n, 6s, 1901.JAJ
MalneCent.— Mort.
Portl.
A
K.,Con8. M., 6s, '95.AAO
Mempli.A Charl.-lst,78, 1915.JAJ
JAJ
2duiort.,7s, 1885
JAJ
1st consol. 78, 1915
Tcun. lien, 7s, 19 15 JAJ
Metrop'n Eior.— Ist, 6s, 1908. JAJ
MAN
2d 6s, 1899
Mexican Cent.— 1st, 78, 1911. .JAJ
Incomes
Scrip 108, 1889
JAJ
Mexican Nat.— lat, 6s, 1912 ..AAO
1st, cons..
'Price nomiual
;
110
101
103
"A"
106 13
88, 8eriea"B"
JAJ
75
Mo. K. A T. - (*n8. ass.. 1904-6. FAA
109
Oon.soiid,ited 6s, 1920
JAD
Consolidated
JAD
5s, 19'20
102
111
102
S.'iJAJ
A*0
ip..
tOOO~IAJ
.AAO
0»
li<l.s., 'i.s,
lO'JG,
no
serlMA JAJ| lOlis
aeries B
Con. mort, atg. Oa, jr., 1004.. .JAJ ,103
Northern, N.J.— lat M., 6a, '88. JAJ flOO
North. Pac, P. IVO Dlr.-«s, MAS. t07
d»
Mo. Dlv. Oa, 1010
MAN 107
Gen'l l.g., lat, 6a, 1921
JAJ 102%
Gen'l I. g., lat. 6a, rrg
JAJ 102 >•
Norw'hAWorc'r— latM..6a.'97.JAJ 1116
O5d'nab'gAI,.(Th.-latM.8s,'08JA.> 100
Sinking fund. 8a, 1800
MAS »101
Consol. ,6a, 1920
AAO 178
Income, Ss ft 081020
14
101
111
103
102''s
118
I00>«
103
83
17
Ohio Cent.— Ist,mort.,6s,ie20, JftJ
57
581a
120
Incomes, 1920
4
102 106
latTcr'l Truat. 68, 1920
JftJ
104 104 >4
Mineral Div., inc. 7s. 1921
16
7IH1 731s
River Div., lat, 6a, 1022 ....MAS
16%
57
1% 3
do
Income, 68, 1022
Ohioft Miss.—Cons. 8.F.7s,'08.JAJ 118
1181a
Cons, mort., 7s, '98
JAJ 118 110
118
2d mort., 78, 1011
AAO
AAO
121
01
115
110
101
rl.,«»,
3<I
C'li
80
lOH
102 <«
113
lis
113
1007. .JAJ
-,
Non
leoM
70
85
Pacific Kxt., Ist, 6s, 1921..
M188.A Tenn.— Ist M., 8s,serles
102
114
115
100 >4 Nor'
IM
Ist, 68, g,, 1899, (U. P. 9.Br.)JAJ
2d mort., Income, 1911
AaO
Boonev'e B'ge,78.guar,1906.MAN
Mo.,
1st
g.,'90.MAN
1021s
Han. A C.
7s,
Mo.Pac— Ist mort.,6s,gld,'88, FAA
. .
MAN
.
1
,
12,'>»s
12733;
124
115
1141$ 115
121I2
104
97
118
i'23"
i'si'
New'kS'setAS.- lst.7s,g.,'89.MAN
N'burghAN. Y.— Ist M. 78,1888.JAJ
New Jersey A N. Y.— Ist mort
N. J. Southern— Ist M.,new 68. JAJ
N.Y. A Can.-£ M., Gs, g., 1904.MAN
N.Y.C.AH — Debt i'ert.,ext.5s MAN
Debenture
113
103
102
Ss,
114
88I2
121
110
79%
62
71
g.,
N.Y. C,
6s,
1887
Hud.
2d
M., 7s.,
R..
1903. .JAJ
90
86
100
106
78'4
91
'afis
1120
mo
(120
U06
1110
110
87>fl
99
107
106
100
108
97
88
MAS
60
Os,
'Si)'
122
112
122
108
111
112
80
117
99
88
101
101
121
126
JAD
Consol. mort., 68, 1911
Improvement mort., 68, '97. AAO
JftJ
Gen'l mort;, 68, 1908
JftJ
Convertible, 78, 1893
Cons. 5s, 1st series
FAA
Cons. 58, 2d series
102 '>s
Ccrav. aiy. scrip, 1883
Scrip for C deferred is
26
e
119%I
97%
8%
79>i
80
17:1,
ISifl
t
MAN
116
105
;S7
74
30
Purchaser also pays accrued Interest.
117
103
80
74%
40
JAJ
coupons
.
Deferred Income
Income mort., cons. 78, '96, JAD 49
117% 118
CoalA I., guar.,78, '92,ex.cp.M4fl
57% Phlla.Wil. ftBalt.- 6s, 1892.. AftO 1107
57
AftO 113
68, 1900
JftD 1106
116
.Is, 1910
NorfkAPet«r9li.,2d,88, '93.JAJ
South Side, Va.. 1 st, 88,'84-'90.JAJ 108
2d M., 68,'84-'90.JAJ 102
do
do
3d. 6s,'86-'00 ...JAJ 103
Va-ft Tenn.. 4th M..8s, 1900. JAJ l!iO
enlarged 5a, 1000. JAJ
do
95
AAO 114%
JAJ
Debenture, 1893
Consol.M.,78.1911,reg.Acp.JAD
.
80
94
JAJ 117
1st mort.. 6s, 1910
2d, 78, '93
35
35
1969
JAD
MAN
Collateral Tr. G.i, 1922
1st con ). fund coup, ,7s, 1920 MAS
JAD
2d con 3. f'd ci>., 58,1969
Keorgnnizat'n 1st lien, 6s, 1908
Gold income bonds, 68, 1977
Long Dock mort., 78, 1893.. JAD 1081s
N.Y.A i«.Eng.—lst .M., 78, 1905JAJ 100
03
JAJ 90
1st mort., 68, 1905
FAA
2d mort., 69, 1902
N. Y. N. H. A H.lst r. 48,1903.JAD lOS
33
N.Y.Pa.A O.— Ist, inc.,aoo.78, 1005 •32
95
prior Uon,lnc.ao.,5.6s,'95 two
do
;7is
8
2dmort. tno
4
Ino
13
mort.
3d
«S
L'sed L.rental tr'st'73,Tm8.oer.78 {63
45
West. ext. certifs, 88, 1876.. JAJ 135
45
do
78, guar. Erie 135
do
N.Y.Prov.AB'n- Gpn.78.18e9.JAJ
70
N.Y.Susq. A W.- 1st. 6s, lOll.JAJ
FAA
Debentures 6s 1897
82>s 83
Midl'dof N. J.-lst,68,l910.AAO
4II4 *IH
-.is.
Buff
1931.JAJ
A
N.Y. West S.
1(N>
Norfk AW.— Gen'l .M., 68.1931 MAN
05
Gs,
1932
AAO
lat
New Kiver
New 2d cons.
43
no lata transactions.
IAD
1
N.Y.Chic.A St.L.-lst,68,192l.JAD
MAS
2d 6a, 1923
321s
N.Y.CityA No.— Gcn'l,68,1910MAN
32I3
Trust "Co. receipts
N. Y. Elevated.- 1st M., 1906.JAJ VZO
21
N. Y. A Grecnw'd L.— Ist M. Inc. 6s
3
2d mortga ge income
127
iV.Y.AHarlem- 7s,coup.,1900.MAN
N.Y. Lack-. A W.— l8t.6s, 1921. JAJ 11913
FAA 97
2nd, 5a, guar., 1923
N.Y. L.E. A W.— lst.7s.'97,ext.MAN 1-20
2d mort. exten., 5s, 1919 ...MAS 105%
MAS 101%
3d mort. ex. 4»2S, 1023
4th mort., ext., 5s. 1920.. ..AAO IO3I4
JAD 102
5th mort., 78, 1888
103>4 108 >i
8>«
.
1885.... J AD
Ist Bons. M., 7s, g.,1920
117
MAS
1901
Sterlingmort., 68,
112
JAJ
JAJ
Mort., 78, coup., 1003
Mort., 78, reg., 1903
101 la
103
JAD 128
Isl mort., 7e, 1906
37
Pensacola A Atlantlo-lst m..MAS
97 100
100 104
Peoria Dcc.A Ev.— l8t,68,1920 JftJ
35
100
Incomes, 1920
94
95
100
EvansvilleDlv.,lst 6s,l920.MA8
35
85
income. 1920....
...
do
103
110
1108
Peo.A Pekln Un.— lst,6a,1921.Q-F
99
09%
102 >s IO3I3 PerMoinen— Isr M., Oa, 1887. .AAO
Cons. mort.. 6a. 1913, sterling ...
1311a
00
Petersburg -Glaaa A, 1026 ....JAJ
1301a 131
AAO 751s
103
Cli«< B, 1926
122
1120
Phlla. A Erie- 2d M., 78, 1888.JAJ nils
123
105%
Gen. M.. guar., as. g.. 1920. .JAJ :121
SuuburyAKric, Isl M.,78.'97.AAO 110
lom
95 Is
Philadelphia A Reading—
Nevada Cen.— Ist 6s, 1904. ..AAO
Newark A N. Y.— 1st, 78, 1887. JAJ 104
106
93
tlOO
100
Man.Beach Imp.,iim.,78. 1909,MA8
N.Y.A Muii. Beach. Ist 78,'97,J AJ
Marq'tteUo.A O.— M»r.AO.,8s, '92 1114
MAS 97
6s, 1908
JAD
«s, 1923. new
Mem.AL.K'ck— l8tmort.,88, 1907.
115
2-1
100
65
US
...JAJj
..MM 107
OO.MASI ISO
MA»l n«
:
,
M.AClark8V.,8t'g,68,g.,1902 FAA '103
N. O. A MobUe. 1st 6s, 1930. JAJ
60
do
2(1,68,1930. ...JAJ
70
Fensacola Div.,l8t,68,1920..MAS
St. Louis Dlv.. Ist, 68, 1921.. MAS
80. A.No. Ala., S. F., 6s, 1910
1st mort,, sinking fund, 8s .
Trust honrta, 6s, 1922
fsv.N.A.A Chic— l8t,6s,lU10.
.
incomes
Mil. A No.-lst, e«, 1910... JAD
Ist, 68, 1884 1913
J4D
Minn. A St. L.— Ist M., 1927. .JAD
ist M., Iowa CltyA W., 1909.JAD
2d luort., 7a, 1801
JA.I
Southwest. Ext.,lst,7s,ieiO.JAD
C—
103
100
Louis. Cin. A Lex., 6s. 1931. MAN 100
Mem.A 0.,sLl., M.,78, g.,190lJAD ;119
2d., 3s,, 1980. MAS
do
Mash. A Dec, 1st 7s, 1900. ..JAJ
E. H. AN, lst68, 1919
JAD
00
55
.'2
.
N.
Hurt.
lOi
-•«
I
lstmort..Sprlngf.DlT.,l005 MAN ioii*
lob's 106
Ohio Southern— 1st 6s, 1021 .JAD 81
21 •«
941s
2d Income, 6a, 1921
Consol. Os, 1920
FftA 1118 1184
l&J 109 110 Old Colony— 6s, 1807
2d mort., 78, 1891
III714 117%
^ll7^
68,
1895
JAD
Car. B., 1st mort., 68, g. '93..AAO
117>t
tl08
78, 1894
MAS )123 123 >s
108»a
MAN 100
3d mortgage, 78,1906
II8I4
1118
113
Bost.C. A Fitchb. ,l8t,7s,'89-eOJAJ nil
MAS
Income, 7s, 1892
99>a 100
B. C. F. A N. B., 5a, 1010 ..JAJ 113>4 IISH
1st pref debentures
MobUe A
64
120
30
Bedford
122
N.
RR.,
7a,
1894] .JAJ
2d pref. debentures
103
Equipment, Gs, 1885
FAA IIOOI4 100%
3d pref. debentures
81
85
FramlghamA Ix>well,l8t,5s,'91 1106% 107
4th pref. debentures
15
25
72
JftJ r7o
JAD 100 10.J Dreg. A Cal.— Ist Os, 1921
New mortgage, 6s, 1927
79
2d mori.., 78
Collateral trust Gs. 1892 ....JAJ
68
OregonA Transcont.—68,1922MAN 67
1st extensiou 63, 1927
O—
105
79
Osw.AKome— 1st M., 78. 1915.MftN 120
Morg'n'8La.ATex.,lst,6s,1920JAJ
137
Panama—Sterl'g M., 7s. g. '07.A4O ;113 115
Morris A Essex— Ist, 78, 1914 MAN 134
Sinking fimd sub., 6s, lOlO.MftN
FAA II313 117
2d mort, 78, 1891
120
:I03
101% 102
106
Subsidy bonds, Eng. Issue, 6s
Bonds, 7s, 1900
JAJ
35
1041a
ParlsADec't'r- 1 St M. ,78,g. ,'92 JJtJ
General mort., 78, 1901
AAO 119
103%
JAD 11231s 124 Penna.— Gen. M.,68,cp., 1910Q—
Consol. mort., 78, 1915
122V|
115 118
112
1121s
Gen'l mort., 68, reg., 1910.. AAO
Nashua A Low.—6s, g., 1893. FAA
120 124
106 >« 108
Cons, mort., 6s, reg., 1905.. Q—M 1201s
58,1900
120%
do
68. coup., 1905.. JAD
Nashv.Ch.A St.L.— Ist, 78,1913 JAJ I1714
118
Collateral trust. 4is8, 1913. .JAU
.TAJ "90"
2d mort., 68, 1901
95
110
JAD 104>s
Consol. 58, 1919
Ist, Tenn. A Pac, 68, 1917... JAJ
107
95
190
Peun. Co., 6s, reg., 1907.. ..Q.—
1st, McM. M. W.AA.,68,1917.JAJ
93
do
1st M., 4IS8, 1921.JAJ
Nashv.A Decat'r.— l8t,78,1900. JAJ
120
Penn.A N.Y.Can.- Ist. 78, '06. JAD 122
Natchez Jack. A Col.— Ist, 78, 1910
Lenigh Val.— lst,63,coup., '98. .TAD 122 is
JAD 120
1st mort., Gs, reg., 1898
2d mort., 7s, 1910
MAS 133
L.
Mich, ft Obio-lst, Gs, 1923 ..MAN
MIdd. Un. A Wat, Oup-lat mort..
2d mort. ."is. riuar. N.Y. 8. A W.
Mll.US.A W.-lst M..0»,1921. MAN
niort.,7H.
(li-
Cons. M., 8s, '91. .MA.Silll2>s iis"
MASllOO
68,1801
N.Ind..lit.7a (iraar.M.C.) I'M
1st,
Nmv
l»t mort. 68, funded
Ind'polisA St.L.— l8t,78, 1919. Var.
A
2d
Mm
J.L.ASag.NurthBxt.,8a,'0O.MAN{
JoUet
Trust Vo. cert
100
104
108
,
do
do
23
NonhPmin.—
11014
112
J.L.A8ng.l8t,88*85,"wh.lida"JAj;' loo's 101
do
do
60
Worth riarollnn
103
lUO
1909
MAS
con p. 1 93 1
M AS 06
rcg, 1931
MAS
Kalamaz«(.A8.H.,lst.8s,'00.MAN 1110
e«,
Ss,
6a,
JAD lOSTg 106>9
6s, 1951. gold
Miss, ecu., Ist, 7s, "74-81. MAN rlOO
". 101
ilu
2(1 inort., 8a
N.O..rack.A<n.N.,l»t,H».'86JAJ 104
75
1800. JAJ
Raimioao Bomw.
Ask.
123if
Air Lino, lat M., Ha, guar.. .MAN 1108
Od. Klv. v., 1st 8s, guar.,'80.JAJ 1103
2(1 iiiort 6k,
2d M..8H,'!IO,ctf8.AAO 108
2dnu)rt.dpbt
AAO 108
Ind. Bl. A W.— iRt, i>f.,79, 1900JAJ 115
Ist uiort., 4-5-6, 1909
AAO 73
2d iiiort., 4-5-6, 1909
AAO 5.\
17
Inconid, 1919
77
East. Ulv., Ist mort. 6s,1921.JAD
do
income
Ind. Deo. ASp.— Ist, 78, 1906. A* 3 103
2d mort., OS, 1911
JAJ 18'
2d mort., income, 1906
JAJ
8a,
Bid.
MAN
MAN
JftJ
Trust certs., 4s, 1921
Pittsti.Bradf.ft «.— l8t,68l9llAAO
1900.FAA
81.1.,.—
7s,
1st,
Pittsb.C.A
2d mort., 78, 1013
94%
117
AAO
50
109
113
107
no
PIttsU.ACon'Uav.— l8tM.78,'08.JftJ
124
Sterling cons. M., 68, g., guarJftJ 1132
Plttab.Ft.W. ftC.-lst,7s,1012 Var 138%
JAJ 136 137%
2d mort., 78, 1912
1-23%
AAO
3d mort., 7s, 1912
78
Pittsb. A Weat.— 1st mort
Portl'udAOgb'g-lst6«,g.,1900JftJ
Vt. div., Ist M.,6s,g.,1891..MftN
Port Royal A
JftJ
Income mort., 6», 180O
Ren.AS'toga—1 St 78,1981 ooaJtftN
Aug.— Ist, 6s,
Ist, 7s,
'90. JftJ
100
90
23
104
15
ISO's
...MAN I30>a
1921. reg
Rlob'dftAUegh— lst,7s, 1920. JftJ 5l>a
MftN
2d mort., 6a, 1016
Rioh'd ft DnnT.—Con.,68 90..Mft» 102
General mort., 6s. 1915 ... .JftJ 04
50
AftO
Debenture, 68. 1027
AAO 106
Piedmont Br., 88, 1888
103
as,ext
JftJ
Potomao—
Biob. Fred, ft
JftJ 110
Mort, 78, 1881-00.
ft Potersb., 8s,'84-'86...A*0
MftH
Now mort., 7s, 1915
53
04%
60
110
Rich,
123
105
Rtohmoad York
2d mort.,
(In Lonilou.
ti»
Bir.
ft
CUes., 8s.
......»•..-
«*•-.
68
106
73%
THt:
646
CHRONICLE.
[Vol.
XXXrX.
GENERAL QUOTATIONS OF STOCKS AND BONDS— Continued.
For Explanations See Notes at HeaA of First Page of Clnotatlons.
Bid.
Railroad Bonds.
l8t, 63.1921...F&A
Consol. let, 6s, 1922
Roch.&Pitts..
do
Income. 1921.
KomeWat'nAO.— S.F.,7s,18Ul
2dmort.,
78,
1892
Consol., let ex. 58, 1922.
.
J&D
J&D
J&J
...A&O
IncomeTs, 1932
Eutlanu— 1st M., 6s, 1902. ...M&N
F&A
Equipment, 2d mort., 5s
St. Joseph & Pad.— lst,78,1906.J&J
J&J
2d mort., 78, 1906
Bt.L.&9anF.— 2d M.,cla88A,'06M&N
M&N
2d M., class B, 1906
M&N
do classC, 1906
South Pacific— 1st M. 1888 .J&J
Pierre C.
&
F&A
J&D
J&J
F&A
M&S
0. 1st, 6a
Equipment
7s. 1895
General mort.. 6b, 1931
Trust bonds. Gs, 1920
St. L. W. & W., 6e, 1910
71>4
71's
33
34
t96
..
,7s. sink'gfd
68,
W
103
105
100
99's 100
lOlifl 105
101
100
119
105
118
110
1071s
107%
W3hs 104
1071-2
1112
112
J&J
M&N tn2
185
A&O
90
75
1931
Bo. Cen. (N.Y.)— Consol. mort., 58..
Bo.Pac.Cal.- l8t,6s,g.,1905-12 A&O
Bo. PacAriz.- l8t,6s.l909-10.J&J
Bo. Pac. N. M.-lst, 68, 1911 .J&J
8outhwe8tern(Ga.)— Conv.,78,1880
94I9
48
102 >a
104
95
50
75
Bummit Br.— Ist, 78, 1903
J&J 108% lo9
95
Bunb.Haz.&W-B.— l8t,5s,1928M&N
70
M&N
2d mort., 6s, 1938
1103 no
Busp.B.&ErieJunc— lstM.,78
130
Byr.Bing.&N.Y.— eonsol.7s.'06A&O 123
97
Tex. Cent. -l8t,8k.fd.,7s,1909M&N
Ist mort., 7s. 1911
M&N 97
Texas & New Orleans-l8t.78.F&A UOHi
82
Sabine Div., 1st, 6s, 1912... M&S
Texas & Pac— Ist, 68, g.1905 M&S ioiiis 100
65
81
Consol. mort, 68, gold, 1905. J&D
37 13 39
Inc. and land gr., reg., 1915. July
53
5312
let (RioGr. Dfv.), 68, 1930. .F&A
52
do
assented
.^8
60
N.O. Pac, Ist. 68. gold, 1K20.J&J
231s
Texas & St. Louis— lst,68,1910 J&D
Land grant, incomes, 1920
23
Mo. & Ark. Div., Ist. 6s.... 1911
8
10
Tol. Cln. & St. Louis— 1st mort.
1I4
.
Ittcome
B.— 1st main, 68. 1910
main line, inc, 68, 1910
1st Dayton div.,68, 1910
Day. Div., inc., 68, 1910
do
do
do
Southeastern Div.. Ist mort., 68
Ist terminal trust, 6s, 1910
ITiilted Co'sN.J.— Cons.,6s,'94.A&0
Sterling mort., 6s, 1894
do
68,1901
M&S
M&S
121s
15
lis
2
7
1
20
{110
tll8
112
1-zO
108
Cam. & Arab., mort.. 6s. '89.M&N
Onion Pac -lst,6s,g.,1896-'99, J&J 11208 112%
Land Grant, 7s, 1887-9
A&O 106% 106»8
Sink. F., 88, 1893
Cm. Bridge, 8terl.8s,g.,
Reg.
88,
1893
M&S
M&S
117
'96.A&0 )114
Collateral trust, 6s, 1908 ....J&J
1021s
do
Kans. Pao.,
108
5s, 1907. ...J&D
Ist, 68, 1895....
F&A
I1712
118
117%
do let M., 68, 1896
J&D 105% 107
do Denv. Div.,68
M&N li>5 lOJis
9514
do Ist cons. M.,6s,1919 M&N 95
Oregon Short-L., Os, 1922 .. F&A 88I4 881s
Utah Cen.— let M., 68, g.,1890. J&J
Utah So., gen. M. 7s, 1909. ..J&J 97
90
95
do extens'n,lst,7s,1909 J&J
Ctlca & Bl'k R.— Mort., 78, '91 .J&J
Vemi'ut&Mass.— Conv.78, '85. J&J 126 128
Guaranteed 68, 1903
M&N 110% 111
90
Vlcksb. & Mor.—New 1st mort
95
2d mort
3d mort., income
Va.Mldland-lst 8er.,6e,1906.M&S
1121s
1.9
2d series, 6s, 1911
MAS
3d series, 5-6s, 1910
M&S 931s 95
4th eeriee, 3-4-5». 1921
56
M&S
5th series, 5s, 1926
94
M&S 93
Incomes, cumulative
55
Wabaah— Ist, ext., 7s, '90, ex. F&A 104
Mort., 78, 1879-1909
A&O 75
2d mort., 7s, ext. 1893, ex.. M&N
95
Equipment 78, 1883
M&N
G<"n Oa. logn
.T.(,r>
38 V! 40
nominal no late transactious.
20
95
25
Cin.
80
90
Cona. mort.. 7s. 1907.con.,exCi—
1st. St. L. div., vs, 1889. ex.F&.\
Gt. West., lll.,lat,78, '88,ex.P&A
2d, 78, '93,ex.jr&N
do
"s'i"
83'
96
103 •'8
95
do
Washington
do
&
35
38
Clev. Col. Cin. & Indianapolis. .100
Clev. & Pittsburgh, guar., 7
50
Col. Cliic. & Indiana Central... 1(X)
Columbus & Xenia. guar., 8
50
Col. Hock. Val. & Tol
100
1371s 1371-j
1
II4
140
15
Columbia & Greenville
do
Pref
Concord
Concord & Portsmouth,guar.,7
100
100
50 101
100 115
99 « 101
Connecticut & Passiunpsio
100 78ifl
do Om.Div.,lst73.1919.A&0
981s 100
Connecticut River
100 163
do Clar. Br., 6s, 1919..F&A
Gonnotton Valley
GOc.
50
IIOI4
llOis Daubury & Norwalk
do No. Mo., Ist, 1895. ..J&J
50
Dayton & MicUgan, guar., 313. 50
58
do St. CUa'a Bridge 69, 190S "92" 85
93
Wab. Fund. 1907-Var. 78. F&A
do
Pref., guar., 8.50 139
Various 6s...... ..FAA
Delaware & Bound Brook
do
701s
100
Warren (N.J.)— 2d, 7s, 1900 ..A&O 117
Delaware Lack. & Western
50 107%
Denver* New Orleans
W. Jersey & At. 1st M.,Csl910MJit' 106
914
Denver* Bio Grande
West Jersey-let, 68, 1896.... J&J 1131a
100
A&O
Istmort., 78, 1899
Denver & Rio Grande Western
4
A&O 113
Consol. mort., 6s. 1909
Des Moiuos & Fort Dodge
West'n Ala.— Ist M., 8s. '88. ..A&O 106 1!0
do
do
Pref..
A&O 108 114 Det. Lansing & Northern, com .100 7.-)
2d mort., 88, guar., '90
l(iS
IVest. Md.— End., 1st, 6s, 90.. J&J
do
do
Pref. 100 10714,
106% Dubuque & Sioux City
J&J
Ist mort.. 6s, 1890
100
110
J&J
End., 2d mort., (is, 1895
East Tenneeaee Virginia & Ga.lOO
107%
2d mort., pref., 63, 1895
J&J
do
7%
do
Pref.
109
42
2d. end. Wash. Co., 6s, 1890 J&J
Eastern (Maas.)
100
122
J.feJ
Eastern in N. H
3d, end., 6s, 1900
100
86'.i
West'nPenn.— Ist M., 68, '93.. A&O 106>s
Eel River
100
J&J 107
Elmii-a & Williamsport, 5
Pitts. Br., let M.. 68, '96
50
Wheeling & L.Erie— 1st, 6s, g.. 1910
do
Pref., 7. .50
Wilm. Columbia & Augusta, 6s
Erie & Pittsburg, guar., 7
50
Wil.& Weldon- S. F., 7's, g., '96. J&.1
Evansville & Terre Haute
50 31
80
84
Wisconsin Cent.— 1st sor., 5e, 1909
Fitchburg
100 ll'J%
Itiia
38
40
2d series. 7s, 1909, if earned
Flint & Pere Marquette
J&J 118 119
do
do
Wis. Valley— 1 et, 78, 1 909
Pref
801a
'93-'95
93
100
Var.
Fort Wayne & Jackson
W orc'r & Nashua— 58,
Nasb. & Roeh.. guar..5s. '94.A&0
99 100
do
do
Pref
Port Worth & Denver C
KAIL,ROAD STOCKS. Par.
100
!9ia 10
Galv. llarrisb. & San Antonio
Ala. Gt. Soutli.— Liui., A., 68, pref..
J3is
4
fjim., B, coiu
Georgia Pacitle
5
Georgia Railroad & Bank'g Co. 100 145
Ala. N. O. &Pac, &c, pref
do
def...
2
Grand Rapids & Indiana
do
Albany & Susqueh., Guar., 7... 100
Grand River Valley, guar., 5.. 100
Allegheny Valley
Green Bay Winoua & St. Paul.. 100
4%
50
Atchison Col. & Pacific
do
Pref
100
7714 771a Hannibal & St. Joseph
Atchison Topoka & Santa Fe..lOO
100
605g 621a
Atlanta & Charlotte Air Line
do
Pref., 7. 100
100
8
Harrisburg P. Mt. J.& L., guar., 7.50
Atlantic & Pacitle
Houston & Texae Central.. .....100
Augusta & Savannah, leased... 100
361a
100 174 175
Huntingdon & Broad Top
Baltimore & Ohio
50
133
l8tpref.,6....100
do
do
do
Pref. ..50
2il,T)ref
120
do
Illinois Central
lOO I2012
Wasliluuton Branch
100 200
do
Leased line, 4 p. c 100
9
Parkersburg Branch
100
Indiana Bloomington & West'u 100 "15 ill
Indian. Decatur & Sp., com
Boston & Albany
100 167's 168
do
do
Pref... 100
Boat. Con. & Montreal., new. ..100
"92'
88
Iowa Falls & Sioux City
do
Pref., 6.. .100
100
70
Boston Hartford & Erie new
Jeft'v. Mad. & Ind'p's, leased.. 100
1
do
do
old
Joliet & Chicago, guar., 7
100
84
Boston Hoosao Tun. & Western
7
Kansas City Ft. Scott & Gulf... 100
do
Bostou & Lowell
500 104% 105
do
prof.. 100 129
37
Boston & Maine
100 IO314 163 Is Kans. City Springf.& Memphis
Boston & N. Y. Air- Line, prof
Kentucky Central
100
Boston & Pro vidence
100 165"' i'c'e" Keokuk * Des Moines
100
Boston Revere Beach & Lynn.. 100
do
Pref
100
081s 100
Ills
10
Lake Erie & Western
100
Brookl.vn Elev.ated, asseesm't paid.
15
100
I>ake Shore & Mich. So
100 67%
Brooklyn &Montauk
65
Lehigh Valley
do
Pref
100 50
50 5B0%
Little Roek& FortSmith
100 24
100
Buff. N. Y. & Erie, leased
714
8
Little .Miami, leased, 8 guar.. .. 50 142
Buffalo N. Y. & Philadelphia
8
12
Little .Schuylkill, leased, 7
do
do
Pref...
50
55
Long Island
50 'is'sis
Burlington C. Rapids* North.. 100
19
Louisiana & Mo. Riv., C}om
100
Cairo is Vincennea, pref
40
do
Pref., guar.
CJallforuia Pacitle
27
Louisville & Nashville
100
Camden & Atlantic
50
10
Louisville New Albany & Chic. 100
do
.50
Pref
34
Canada Southern
32
Macon & Augusta
100
H3i«
45
100
Canadian Pacific
lOl)
45% Maine Central
20
Manchester & Lawrence
Catawissa
100 170
50
11
do
1st pref
51
Manhattan Beach CIo
100
50
70
50
Mauhatt!.n R'y, consolidated ..100
do
2d pref
50 5
14
100
Cedar Falls & Miuneaota
Marq. Houghton & Out
141s
100
44
100
Prof
Central of Georgia
80
do
100 75
25
Memphis & (Charleston
261a
Central Iowa
100
9!
100
Ist orof
15
Me tropolitan Elevated
do
100
8i8
100
Mexican Central
do
2dpret
100
8
lis
II4
Central of Massachusetts
100
1% Mexican National
5
I2ia
do
pref
do
12
pref. 100
57
100
Central of New Jersey
100 4338 43% Michigan Central
Micliigau
&
Ohio
Central Ohio
50
do
Prof
Pref
do
50
35% Midland of New Jersey
Central Pacific
100 35
100
13
Mil. Lake Shore & West
Charlotte Col. & Aug
100
15
100
do
do
Pref
Chesapeake & Ohio, common ..100
6
Milwaukee & Northern
100
do
Ist pref. ..100
12
lea,sed
50 §57%
do
2d prof.... 100
7
81a Mine Hill & S. H,
13
Minneapolis & St. Louis
100
CJlieehlre, pref
100 561a 58
28
Pref... 100
do
do
(Chicago & Alton
100 130 130
17I4
100
Missouri Kansas & Texas
(Chicago & Atlantic
8
033*
100
Chicago Burlington & (5uinoy..l(X) 1-.22 12218 Missouri Pacific
6
.Mobile & Ohio
100
(Chicago & Canada Soutuern
50 122
.Morris &Es3ex, guar., 7
Chicago & East Illinois
40
25
Chicago & Grand Trunk
10
Nashv. Chat. & St. Lotus
100 145
8138 SII2 Nashua & I>owell
Chicago Milwaukee & St. Paul. 100
do
109
Newburg Dutchess & Conn. ..
Pref., 7.100 108
Pref
do
do
(Chicago & North Western
100 xS9
89 "4
lis
do
Pref., 7.. 100 xl25
126
New Jersey & N. Y
14
Pref
Chicago Rock Island & Pac
100 llois llll£
do
Chic St. Louie & Pitts
New Jersey Southern
100
7
8
100
pref
16
do
100
17
New Loudon & Northern
90%
30
Chic St. P. Minn. &Om.,com..l00
29
N.Y. Cent. & Hudson River. ...100
do
51a
pref.. 100
90
91
N.Y. Chic. & St. Louis, com.... 100
Pre: 100
do
71a
ChicasoaSc West Michl,'<an
100
do
7'i
Iv. V. * Harlem
.50
75
Cill. UrBniilton .V rcivtnn.
100
im
.
,
118
79
165
70o.
60
120
108
'"aii
77
1081s
4%
8
43
87
34
113
17
S7
13
150
12
38I3
I2114
"I'eii
80
86
130
371a
121s
67 Tg
25
143
53
641a
20
50
27 14
21
95
170>s
12
7OI4
16
47
29
8I4
601*
581*
14
29
1738
93=8
9
125
41
.
.
* Price
100
50
Prof., 6.50
Bait
100
pref.. 100
'
.
Tol.Del's &
80
Ask
60
. .
"95^
102
103
Bid.
& ChiclOOi
72I9 Cincinnati & Millord
72
Cincinnati N. O. & Tex. Pac
811* Cin. Sandusky & Cleveland
31
Quincy Mo.& P..1 st,6s, guar. 1 909
J&J
Cairo Div.. 58,1031
& Tol., let, 7s.'90, ex. M&N
Han. & Naplc.%, Ist, 7s, '88. M&N
111.& S.Ia..l8t, 63.1912., ex. F&A
8t.L.K.C. & N. (r.est.& R.),78.M&S
120
Railroad Stocks.
Cin. Indianap. St. Louis
O'ney
112"
110
.J&J
Consol. 7s, 1910
J&J
Bhenandoau Val. -1 st.78, 1909 .J&J
General mort., 68, 1921
A&O
Bloux C. & Pac, 1st M., 68. '98. J&J
Bo. Carolina^lstM., 68,1920.. AAO
J&J
2d mort., 68, 1931
Income
40
63 4i
B.Ga.&Fla., IstM. 78, 1899,
Boloto Val.— 1st, 78. sink'g fd.. J&J
2d mort
67
ay*
2d mort., 78, 1898
1113
2d. 78,Kuar., '98
St. P. & Duluth— Ist, 58. 1931. F&A
At. & Gulf, cons. 7s, 1897.
iBt mortgage, 7s
96>a
lOlifi
101
106ie
M&N
M&N
Ask.
Bid.
Chic. Div., .5a, 1910
J&J
Havana DTV., 6s, 1910
J&J
Tol. P. & West., Ist 78, 1917. ..Q
M&S
Iowa Div., 68, 1921
Indlanap. Div., 63, 1921 ....J&D
Detroit Div., 68, 1921
J&J
6213
8t.I..Vand.&T.H.-lstM.,7s,'97.J&J
Bt.P.Mmn.& Man.— lat 73,1909 J&J
A&O
2d6e, 1909
M&N
Dak. Ext.. 63. 1910
J&J
l8t consol. 6s, 1933
Minn's U'n, Ibt, 68, 1922 ....J&J
Bandusky Mansf.& N.— Ist, 7s,1902
BaTannah Florida & West.—
Railroad Stocks.
Wabash —(Continued)—
"do"
45
103
105 >s
166%
95
38
91
Kane. & Neb., iRt, 7s, 1906.. J&J
36
2d, 7s. 1906 ..J&J
do
105
8t.L.Alt.<feT.H.— Ist M., 78, '94.J&J
2d mort., pref.. 78, 1894 .... F&A
M&N 100
2d income, 78, 1894
23
DiT. bonds, 1894
Bellev.&S.Ill.,lst,S.F.83,'96.A&0 116
8t. Louis & I. Mt.— Ist, 78. '92,F&A nils
M&N
2d mort., 78, g., 1897
Ark. Br. 1. gr., M., 78, g., '95.J&D IO419
Cairo Ark. & T.,l8t,7s.g.,'97.J&D
Cairo & Ful., l8t,l.g.,78,g.,'91. J&J
Gen. con. r'y & 1. g.. 5S.1931A&0
Ask
110
i
t
Piirohaaer also pays aocruod Interest,
In Lonclon.
§
Quotation
er share.
II4
91
6
I
OKCKHUIiU
THE chronicle;
1884. J
0,
GENERAL QtTOTATroXS OV HTOCKM
For B»pUnaH..a.
Il.vii.KOAD
Stocks.
Bid.
Ask.
MisCBLI.ANKODS.
STOCKS.
Hit.
•'OMINl
87\ OO
N.Y.I..i:iicAWi'i.t.lO()
15
2d
I'luMOO
2«i
N.Y. AN.KnKluuil.lOO
i)\ 10
N.Y.N H.& Ilartf.lco 180 180
Oiit,
AWcst.lOO
do
Pref.
JAJ
CANAI. .VrOCKfl.
Del. A Hudson
100
8iiH<(.
lis
Wostorn
ilo
Pref.
N.Y. West Shore A B
Nor(.A\Vc«t„ com 100
ilo
prof.loo
No. Piiiin«vlTaiiia..50
Nortlu>iiiCVnlnil...50
Noitli'ii N. Hump. 100
Nonli'ii
Pacvum. 100
do
Pri'f.lOO
Wor(W8t(ir.lO(i
Norw.A
A
OkiI.
8
9
2>«;
11
is"
57
xllS
116
17%
L. Chuuiu.liiO
8
1=8
17»a
1%
18
I
56
,
iV,5is
146
8iS|
19
16
Iti
10-.;
21
23
62W
63
&
A
..50
I
Atlaullo
13
Reading... 50
do
Pref. ...50
Phtla. Wllm.A Bait. 50
PlttB. Ciu. A St. I>..50
PlttB. & Con., l'80d.50
do
Prof....
Pitts. Ft. W.A
A
PlttsbiuK
STOCKS.
.
Port.Siico APorts.lsd 6
iVs'
Port Royal
5
20
134
143
A .\ut,'U8ta
Port.i. at. F. A Con lOo
Prov. A Worc'ster.lOO
Ben.s. A Saratoga 100
.
.
Rich.
A
.
Alleg., stock..
2
Hiohmoud ADanv.lOO
45
55
Blch. F.
A P., com. 100
do
do
Richmond A P'b'g.lOO
A
Rich.
.N.E.Mtg.Secur.fBost..
N. Hainiishire Land 25
N.Y. A Te.x.Ld.,Lim. 50
Land serin
No. Rlv., cons. 100 p.c.
Guar. 7.100
do 6
West Point.
do
do
P/ef.. ..100
Ist pref. 100
H
A
8t. L. Van.
r.
8t. Paul
DuInth.lOO
A
do
Pref.lOO
St.P.Miim.
7S
79
18
.
Rlohiuond York R.AC.
Rochester A Pitts. 100
Rome W. AOgd...lOO
Ratlaml
100
do Prof., 7.. 100
Bt. Joseph A Western.
et.Loui8Alt.AT.H.100
do
Pref. 100
8t. Louis A San Fr.lOO
A.Man. 100
19
"ih
17
21a
17%
13
75
21
41
85
10
50
75
84
"3"'
Oregon Improvement.
Oregon Ry.AN.Co.lOO
17
Paeitlo Mail SS. Co.lOO
2d
Louis Timuel RR..
Louis Transfer Co.
Water Meter...
2 k! 14 Stand.
Sutro Tunnel
10
42>4
88
do
Ouar..lOO
South Carolina
100
Bo. A No. Alabama
B'west., Ga., g'd, 7. 100
Byr. BluK.
N. Y.lOO
Torre H.
A
Ind'uap.oO
Texas A N. O
100
Texas A Paeitlo ... 100
Texan A St.L. In Texas
do
In Mo.A Ark.
Tol. Cin.
12
lOO
Umon
1
St. L.
A
Piu).
100
do
Pref.lOO
_
Warr'u(N.J.),l's'd,7.50
12iSe
j
60
.
A So. Am. Cable
jCommiTiial Tel. Co...
431s jCVnt.
Western .Maryland..
Wll. Columbia A
Aug
A Woldon, 7.100
Wisconsin Ceutral .
Preferred
Franklin
[Gold A Stock
I
Wllm.
10>9
201s
.
do
Pref.
Woro'terANashua. 100
63
10%
22
64
I
A Delaware—
Bonds
Harlem
100
25
Co
.
74
Ches. AO.— (is, '70.C).-J
Del. DIv.— 6s, 'OS.JAJ
Del. A H.— 7s, '!)! JAJ
let ext.. 1891..
18
25
O-s
"Ois
Ist mort., Cs, 19'22
A E.Riv.
Consol. M., 78, 1902.
918 Christopher A loth St.
lOifi
MAN
Bonds,
7s,
1898
DryDk.E.B.A Battery
Ist M., consol. 7s, '93
8oi1j)6,s,
1914
518 Eighth Avenue
Scrip 6s, 1914
A
Grand St. F'y..
Ist mort., 7s, 1893..
42d
7
35
aoU8t.W.8t.APav. F'y
110
139
119
130
110
190
114
101
240
104
•M5
112
116
l8t mort., 78, 1894..
110
1121s N.AS.Tel.Co.lstui.b'rts
96
51
110
52%
2
40
2
40
O'a
I
Harshaw Silver
Huron
116
Minnesota
Cons j1. Gas...
Boston Gaslight... 500
East Boston
25
^outh Boston
100
Brookline, .Ma.S8.
100
Cambridge, Mass.. 100
Bait.
7
25
100
23
5
91I3 120
33
25
70
80
98 100
105
263
1
2%
2%
90
800
,
I
;
no
late transactions.
AN
t
12rfis
93
Nassau, Brooklyn ..'25 113
People's, Brooklyn. 10
82
Wllftamsb'g, B'klyn 50 133
Charlest'n,8.C.,Gas.25
18
OhloagoO.A Coke IOC 121
ImO
Cincinnati G. A Coke
Flartford. Ct.. O. I...25
30
Punohaser als» pays aoorupd I Merest.
ii'o'
230
6%
550.
60c.
Sliver Islet
Sulllvan(Me.lSUver 10
nWANlIF.lcr'l.NG
srocKs.
Am. Linen (Fall Rlv.)
Amory (N. H.)
100
Amoskeag (N.H.) 1000
Androscog'n (Me.). 100
Appleton Mass.) 1000
Atluntlo (Mass.). 100 100
.
(
'
. .
Barnaby
(Fall Rlv.)..
Barnard Mfg.
(P. R.).
.
J
Border aty Mfg.
1
(P. R.)
Boston Cn.(Mass.)1000
331s Boston Belting.... 100
130
. .
•ais' Metropolitan, B'klyn.
>s
'Bates (Me.)
100
Boott Cot. (Mass.) 1000
xS8
795
33
Jamaica Pl'n.MasslOO
21s Lawrence, Mass.
•36
•98
'
Bost. Duck (.Hass.)700
(Fall Rlv.) .100
Chleoiiee .Mass.) . . 100] 125
Chaco
(
ICoebeeo (N.H.)....5O0!x*40
t'olliiisCo. ((.onn.)..10
(^utlnental (Me.). 100
Cres't.MllUlF. R.) 100
Crystal Snr. B1.(F.R.)
Davol Mills
(F. R.)
100
Dongl's Axe ( Mass) 100
Dwlght (Mass.). ..500
Everett (Mass.)... 100
Fall Rlv. IronW. .100
F. R. Machine Co.. 100
Co. ..100
F.
IT
95
115
84
140
UPbe
126
181
Great PaUs (N.H.) 100
Hamilton (Mass.) 1000
32
•f*
110
R) 100
I
Fi
I.
...IOO
Y..MlllsiF.R.)100
Granite ( P. R. ).... 1 000
Hartf.
In London.
1
ijio"
250.
7
7.Vlk
750,
25
Pewablo
Quincy
2B0
117
131
Chelsea, Mass
1(X)
Dorchester, Mass. 100
.
100 120
15c. 2O0.
25
81*
9
25
!>•
1
25
25 31i« 32
25
25 ••••>
1051a Ridge
1091s 111
10 j ;1C6
145
1451s
K'O 103
105isll07
. .
'20
25
19 J
National
116i» Osceola
OAS STOCKS.
4
95
1
100
100
STOCKS.^
188
192
100 Is 101 Is
io.\
106
Sixth Avenue
160
l^tmort., 78, 1890.. 110
115
Third Avenue
295 302
1st mort., 78, 1890
111 113
Twenty -Third St
172 178
Ist mort., 78, 1893
110 113
,
I
.
Onion Consol
llJl
13')
I
I
2n
30
BOSTON miNING
1131s
Second Avenue
3d mort., 7s, 1885...
Cimsol. 78, 1888
136
Coun. 78. 1891-AAO 1171s
3 '4
PoKialTelegraph..l0O
Ist Pa.D.op.,7s,MAS 130
Bonds, 1st 6s
30is 31
131
Leh.N.— 4i9s,l<)14Q-J 104% 105 14 Postal Tel. A Cable Co
5 is
8
RR. Gs, roK., 'i)7,Q-F 114 116 So Tel., Ist mort. b'ds 17is IS
Conv«s,g.rg.-94.>rA8 1071s
Soutb'n A Atlantic. 2o
55
60
es,g.,cp.Arg..'97JAD 112
63 '4!
.Western Union. ...100
63
Cons.,M..I!>ll 7«.rAn ur
...
107 110
7«, 19 10, .M.
Price nominal
Central Pk.N
162
I
i'ui,!
•20
Ulouez
25
Ulantlo
25
Bransw'k Antimony.
Calumet A Hecia...25
Catalpa Sliver
10
Central
25
ll2ii iCopper Falls
50|
142
Franklin
25
100 123 |l'27
Lowell
1(X) 170 |172
2»
Lynn, Ma»8.,G. L..100 84 %l 85
10
Moxicuu
\Iald. A ."Helroso.
100 115 l'J5
100 9i 100
Mutual Union
100 13
14>s' Xewtouvfe Wat'n ..100 121
IS
B percnt bonis ...
Salem, Mass.,
71
100 98 100
N. Y. Mutual Un. Tel..
40
56
Brooklyn, L. 1
25 128 120
Trust eertitlcates....
12ia
Citizens', Brookl.'m.20
88
90
Dlat. Tel.
l(K)
Spring Valley
25% Standard
111
175
103
220
220
112
165
112
167
160
. .
1st mort., Os, '80 J AJ
'
5i4
109
170
104
218
2IH
108
160
Iniemat'I Ocean. .100
iManhattan Telegraph.
CANAL BONDS.
Chesap.
A Pi»cillc..25
3 50
.
1
BORSE
KKS.
S4is
BleeokerSt A Fult.F'y
111
1st mort., 78. 1900..
96
Broadway A 7th Av...
4k
;i2
Ist morr., 78, 1884..
101 103
Broadway (Bklyn.)
50
70
drooklvn City
I5
}
H Isr. ninrt., 5s, 1902..
64^
prof
A .Merch'ts. 100
mortgage
General mortgage
iBaltimoie A Ohio
•10
2^60
,
)8t
Westcb. A Phlla.,pf.50
West Jersey
50
West Jersey A Atlantic
II4' Belle Isle
•05
100
I
10.1
Bank's
Barcelona
Basslok
Beehtel
Liuur
1.15
i.\tlantic
2SO
•04
,
Amerieaii Rapid.
1314'
iOO
10
.
.
Wab.
Alta Montana
Amle
'•
100 1.S2
&.merlcan
100
94
United States
100
52
Welle, Fargo A Co 100 107
'i
2-00
•30
S.\
;
AND
"l?
«
A
AllTO
I
EXPRESS ST'CKS
1'
1
1st mort., 78, I8>>8..
Paeitlo
49''6
100
50
Utali Central
100
100
\t.& Ma8S..l'8od.(i.l00 127 1271s TEi;.«PH STOCKS
Vloksb. A Meridian ..
4
BO.\O.S.
do
pief...
.\merle;iu Tel. A Cable
Virginia Midland, com,
(N. Y.
.
Adams
Louis
121*0. 1.1c.
AC. Co.lOO 5193
198
89
Bodle
iniNING
do
38'i
"^
6
lie
1
Biishwick Av. (Bklyn.)
Central Crosstown
A;
L.26I
(i.
(•nLD4c«i>.vi;i(
.TIININU
I
175
C0.4L
1J38
A St.
D.N.J.RK
;
'I
I
91
1318
50
60
«8t4
Cll>
£•30 380
100
Kl.nCTKK'
•27
BiUwer
3»
100
s'ro<:KS
Cale<lonla B. H
63 80
100
«7
Baxter
02 0.^ California
•06
100
10i»i« 110
Brush
Ton
50
90
•80 ".96
(;iirysollto
50
99 102
Brush Illumlnal'g 1 00
30
40
Chollar
100 275
kCotisol. Klcetrlc Light.
24
Cunsol. Paeitlo
100 "•02
•8J
iDaft
20
45
Consol. Virginia. ..1(X)
iKdlHon
45
60
Crown
•75
Point
100
tlc4
'Ivdismi lUinnlnatliig..
30
65
•21
Dunkin
•25
101 Is
Kiilsou Isolated
40
65
Eureka Consol
100
.Kdl-on I'll!.) e;in
2
4
Father De Smet
380
IOO
4^SS
•.115
Sw.
120
-cent...
16
40
Gold Stripe
•01
,S;r
Ml. Co..
45
(4oodshaw
106
Ul.i:
Vo'
90
Gould A Curry 8. 100
25
50
21i< ;Unitca States III. Co..
Green Mountain
16
10
Hale A Norcroas. .100 325
4
6
TKU*T.CO.»s
independence
514
100
51s
STOCKS, N.V.
•60
2I4
Iron Silver
•80
20
21s
I>oan A I'rust. 100 105
•08
1071s I.Viro38e
10
2»8 Am.
21s
Brooklyn
2.'i
190
Iruat
.^00
•50
Ie'MlvUleCon«oJ....10
38
45
Central
lOO 175 300
•25
•30
llt'.leChlef
50
90
Farmers' I»an A Tr.25 430 4tJ5
•19
•40
Little Pi',t«
i's.i
Long Island
100
•50
107
Mexican Q. A SUt.IM
Mercantile
116
100
130
Navalo
2^:o
...
300
100
I
Metropolitan
100 115
100
Ophlr
10
85
90 iN.
Y, Guar. A Ind..lOO
130
Potosi
113
100
25c. 500.
N.
Y. Life A Trust .100 490 505
•03
07
:Raupahanock
1
175
Union
3'.J5
100
350
•04
Bed
Elephant
10
70
Unltedatatos
lOO 470 485
•38
•43
Robinson Consol.. 50
9
71s
Sierra Nevada
105 1-30
100
20
20
N.Y. & BK'KI.VN
05
Silver Cliff
50
74
74
.Maryland Coal
100
New Central Coal
518
lOntario Sil. .Mlu'g.lbo
Pennsylvania Coal. 50 220
Quicksilver Mlu'g. 100
6
A
7.-.
Brooklyn Crosstown..
Ceni.Aiizuua .M in. 100
Colorado Coal A 1. 100
Consol.Coal of Md. 100
85
41
3
7
Union St'k Yds ATr.Co 120 ^ 125
Homestake MiuVlOO
Mahoning Coal A KR
Marip'sa L.AM.CallOO
do
pref. 100
11
661,3
37I4
.Southern Hull
Houthorn N. Kngland.
Tropical
10
W. I Tilcgr. ATele.lO
'
100
37
53
W,wliWu
100
.><elcnold
STOCKS, N.V
A RoauokolOO
Bummlt Branch, Pa. .50
pref. certlfloates.
St.
St.
22
80
Scioto Valley
Beab'd
N. Y. State Overland.
Peoples
Peoples (N. E.)
lie
110
80
7
A N.J
A Penn
Y.ok
K*8
1%
1
PiiUm'nPalace CarlOO 110
I7I9 StLouis B'dge.lst pref :93
3
16
20>a
11
1
Bauk Note Co.
Aspiuwall Liind
10
120
Boston
I>and
10
30
Boston Water Power..
1131s Brookline
(Ma88.)L'd5
10
Canton Co. (Bait.). 100
25
Ciu.H.A D.,i>oiil ct.,gu.
136
Cev.
A Ciu. Bridge, pf.
143
Keeley Motor
4
Maverick
I.,and
10
45
.\mer.
Cmiar.T 120
Western
l8t,7e,g.. 1929. AAO
ni8C'I.I..4NEOlJS
'
11,'lnnd
I.C
1
9t. T.<imU
>ierriip..jit!iu
}8»»
Mort. 68,g., 1904 JAJ
Un. UR.,l8t, cnd.,«s.
do 2d,end. 69,g..MAN
Col.ConlA Iron- Ist.Gs
Cov. AfMiin. Hr.,6s...
.Mariposa— 7s, '80
Or. Imp. Comiian}'—
PUlla.
RK
Pemmylvanla
Peneatola
120
.
N. Orlntiu G. L.
Portland, Me,, U.
g. r,
75
1
'Mexiraii Central
Mr
101
103
lOlia 107
Peoria Dec. AEV..100
Petersbiirp
100
Phlla. Ji Krie
50
Oswn:.'o A 8>T., guar..
Pan^tiiia
iod
30
iHexIrun
Bait, (las Light Os....
i'anton(JJalt.l— £ 6s,g.,
lst,6sl910, J.AD.
Oreg.R.AN.l8t.68.JAJ
Dcbcuturo "s, 18S4.
51»8 Pullm'n Palace Car—
3d series, 8s,'87FAA
4th do
141s
Ss,'92PAA
25
Deb'nt're,78,'88AAO
13
Stlg, 7s,g..l88.1 AAO
24
St. r.. Bridge A Tuu-
Y
y..
N, Y
Metronoliljin. .S
.1
iilBl
41
.Ki
13%
.V
101
00
MaabatUn,
a
441 «a
HON DS.
165
10
,
loo
.00
iiiuitiuj, s.
30
A
9
100
.N. \v
10% 41
Itit
Ohio Central
Ohio A MiSH
100
100
ilo
Prof. 100
Ohio Southern
100
Old Colony
100
Oregon A Calif.. ..100
do
Pref... 100
OreKon Short Lino
Oregon Tran»-Cout
im
8u8<iuehauna
T..,
"ihH
80
do pf.,guar.l0..100
Pounsy Ivania
50
Sohuvlklll Nav
50
no
do prof. 50
20
ei% 62
L..
8
Del. DIv. leased, 8..,1(1
I«hlgh Navigation.. 50
Morris, guar., 4
lOti
I
"84"
.11.
Suai,.- ..... i..,..,i
7s, ooiHL, 1SI02.
..
•<.
'
10a >t 110
•iii.".'!ioo
Ask.
140"
<'n30
n»
360
"g.lOO
12%
A Ohio
Pref.
Prov. A RoRt.lOO
MfA<;Ki.i,A<<iic«iriti.
I
....100
II
Bs.
rto
N.Y.
N.Y.
lor,
73
(.
6»,i
N. Y. Peiin.
aid.
TKI.I{PIIONH
N-rocKR.
M.,r,
Mort.
<1<>
HOND-^Cont.nu.o
MMOaLLAMMODt.
84%
aohnylklll Nav.—
1st M., IN i^'t-r.i
Kl>.
647
at H«««t of yir»t Pas* of «Hi>t«UoM.
Bid.
Penn.— Its, ooup., 1010
N.Y.I...(tW..i:imi-.ft.lOO
N.Y.
iHeo li>ot««
AN'I)
CMn»t
((?t.iIOO
{ <)aotatlon par shartk
THE CHRONICLE.
648
rVOL.
XXXLX.
GENERAL QUOTATIONS OF STOCKS AND BONDS— CoxcLroED.
For ExplaaatloMs See Notes
MiNiso Stocks.
Bid.
100
Holyoke W.Power.lOO
Jackson (N. H.)..1000
KingPliilip (F. K.) 100
400
Laconia(Me)
Lancaster M.(N.H)400
L'rel Lake Mills (F. R.)
Lawrence (Mass.) 1000
690
Lowell (Mass)
Hill (Me)
Bank
Ask.
82
215
xlOCO 1025
60
85
430 435
Traders'
Tremont
Onion
Washington
Webster
180
80
65
X1475 1500
570 580
Lowell Bleachei-y.200 235 240
Lowell Macli.Shop.500 740 750
60
Lyman M. (Mass.). 100 56
140
Sfanchester (N.H.) 100 136
1000 1040 1060
Mass. Cotton
90
Mechanics' (F. R.) 100
130
Merchants' (F. R.) 100
1160
Merrin)aok(Mass)1000 1150
Metaconiet (F.R.) .100
Middlesex (Ma.ss.).lOO 159
440
.Kewmarket
Paciflo (Mass.)... 1000 1275
bOO
Pepperell (Me.
Pocasset iF. R.)...100
Rich. Bord'u(F.R.) 100
Robeson (F. Riv.) 1000
)
9«5
Sagamore (F. Riv.) 100 85
Salmon Falls(N.n.)300 295
64
Sandw.Glas9(Mass.)80
Shove (Fall Riv.). 100
Slade(Fall Riv.).. 100
Stafford (Fall Riv.) 100
Stark Mills (N.H.)IOOO 900
Tecuiuseh (F. R.j.lOO
Thor!idlke(Mas8.)1000 1015
Tremontifc 9.(?.Ias8)100
Ti-oyC. A;W.(F.R.)500
Union C.Mf. (F.R.) 100
Wampanoag(F.R.) 100
Wasliingt'n Mass.) 100
Weed Sew. M'e (Ct.)25
(
WeetamoB
R.)100
Willim'tlc Linen(Ct)25
York Co.
BANK
114
(F.
30
750 800
(Me.)
Brooklyn.
Brooklyn
First National
FiUton
City National
Commercial
Long Island
Manufacturers'.
Nassau
Brooklyn Trust
Cliarlcstou.
B'kof CUas.(NBA)100
162
85
490
98
First Nat. Chas.. .100
People's National. 100
75
450
1300
995
Cliicago.
100
Chicago Nat
Commercial Nat ... 100
100
First National
Hide and Leather.
Home National .. .100
Merchants' Nat.. .100
Nat. B'k of lUinols.lOO
Northwestern Nat 1 00
Union National
100
Un.Stock Y'ds Nat.lOO
90
300
66
.
i^S
r-,f>
95
910
95
1025
116
CIncInaatl.
Citizens' National
Commercial Bank
Exchange Nat. Bank.
First National
Fourth National
German National
15
55
35
805
Merchants' National..
Metropolitan Nat
Nat. Laf & Bk. of Com.
Second National
|Thlrd National
.
i
Union Nat
Western German Bank
STOCKS.
Baltimore.
Bank ot Baltimore 100
Bank of Commerce. 15
10
Com. & Farmers'. 100
Farmers' B'k of Md 30
Farmers' & Merch..40
Farmers'&Planter8'25
First Nat. of Bait.. 100
Franklin
60
Citizens'
.
.
German American
Howard
1
Marine
...
.Mechanics'
150
I4J3
100
100
100
100
100
100
100
Third Nat
x470
70
Narragan8'tt(F.R,)100
Nashua (N. H.).---500 475
Naumkeag (Mass.)103 U6
72
N. E. Glass (MaS8.)375
Stocks.
Buflolk
140
17
181a 19
122
31
54
42 14 43
136
109
100 iio
11
35
34
Hartrord.
l^tnaNat
100
American
Charter
50
N.at
Oak Nat.. 100
City Nat
100
Connecticut River 50
Far. & Mech. Nat. 100
First Nat
100
First
Pa^e of Ctnotations.
Bank Stocks.
Bid.
Ask.
1131s Grocers'
170
105
6S
160
105
141
75
Nat.B'kN. Liberties 50
Nat.B'kRepublic.lOO
National Security. 100
Ponn National
50
People's
100
Philadelphia Nat.. 100
Secoud Nat
100
Seventh Nat
100
Sixth Nat
100
South wark Nat
50
Spring Garden ....100
Third Nat
100
Union Nat
50
Western Nat
50
West Philadelphia.lOO
74
120 121
City Nat
100 120 121
Falls City TobaccolOO 101
102
Farmers' of Ky ...100 105
110
Bostou.
Fanners' & Drov..lOO 106
108
Atlantic
100 151>4 152
First Nat
100 155 160
Portland) Me.
Atlas
100 1141a 115
German Ins. Co. 'a. 100 110 111
Cuinlierland Nat.. .40
Blackstone
100 103 >s 101
German
100 113 114
Canal
Nat
100
112
Boston Nat
100 lllH
German National. 100 125 126
CascoNat
100
Boylston
100 114% 115
Kentucky Nat
142
100
First
Nat
100
100
Broadway
100
LouisT. Banking Co.40 222
Merchants' Nat
75
Bunker Hill
100 184 186
Masonic
100 131
National
Traders'.
100
Central
65
100
55
Merchants' Nat. ..100 135
City
100 108 IO8I3 Northern of Ky ... 100 110
Ricliinond, Va.
126
Columbian
100 124
Second Nat
100 108 109
City Bank
26
Commerce
100 112 113 (Security
100 148 150
First Nat
100
Commonwealth ...100 110 111
Third National
100 115 116
Merchants' Nat.. .10
Continental
100 104H) 106 iWestern
100 103 110
Nat. Bk of VirginialOO
Eagle
100 IO5I2 108 JWest.Finan. Corp.. 100 106 110
Planters' Nat
100
Eliot
100 119 121
State Bank of Va.lOO
TieiK Orleans.
104
Everett
IOC 102
Canal & Banking.. 100 127
130
Iioula.
St.
Exchange
100 II213 113
Citizens'
100
72
65
B'k of Commerce. .100
Faneuil Hall
100 130 13012 GeiTuama Nat
100
Commercial
100
First National
100 198 200
HibemiaNat
100 128
Continental
100
First Ward
100 112 114
Louisiana Nat.. .. 100 117
122
Fourth National ..100
Fourth National.. 100 110 112
Metropolitan
115
112
[nternational
100
Freemana'
100 103 )« 105
Mutual Nat
100
126
Mechanics'
100
Globe
100
98Jfl 9912
New
Orleans
Nat.
.100
251
Mercliaiits'
Nat
...100
Hamilton
"55"
100 123 I23I9 People's
50
St. Louis National. 100
Hide & Leather. -.100 irsh 114
State Nat
150
100
Third National.... 100
Hovard
100 113 113 "i Union Nat
100 107 nils Valley National. ..100
Lincoln
100
9D>s 100
Snn Francisco.
96
Manufactiuers'.. .100
95
Ne^v Tork.
Anglo-California
91
Market
100 90
America
100 *150
Bank of California
Market(Brightou) .100 138
140
American Exch'gelOO 11713 120
Clay Street
Hassachusetta
250 107 108
Broadway
25 240 280
FlrstNat. Gold. ...100
Maverick
100 215 220
Butchers'ife I)rovers25
150
Pacific
Mechanics' (So.B.)lOO 125
127
Central National. 100
115
Merchandise
100 9519 96
Chase National
100
FIRR INSIJR>CE
Merchants'
100 132 13219 Chatham
25 ;143
STOCKS.
Metropolitan
100 1091s 110 lOheinlcal
100 2000
Baltimore.
Monument
207
203
100
:Clty
100 260
Associate Firemen's.
Mt. Vernon
100 127 130
Citizens
25
125
Baltimore Fire Ins. 10;
New England
100 132»4 133
(Commerce
100 1431a 145
Fii'cinen'H Insur'ce .181
North
100 U9ia 120
Continental
100 110
120
Howard
Fire
North America
5
103
104
100
Corn Exchange
100
Maryland Fire
Old Boston
GO14 'East River
10;
50 60
25
People's
Merchants'
Mutual.
100 159% 160 iEleventh Ward
50,
25 110
National Fire
Bedemntion
10
100 11219 114
First National
100
Republic
...100 128 ifl 131
Fourth National. 100 ;ii5 118
Boston.
Eevere
100 119 1191» Fulton
30 ;ii2 118
Americiin F. & M. .100
Rockland
100 136I4 136% Fifth Avenue
100 400
Boston
100
Second Nat
100 I5012 151
Gallatin National ..50
Boylston
100
Security
100 178 180 lOarfleld
100
Dwelling House. ..100
Shawmut
100 112>^ 113
Gorman American. .75
Eliot
100
Shoe & Leather
9512 96
100
iGermania
100
Firemen's
100
State
100 117iflli;i9
Greenwich
25
Manufacturers'. ..100
Price nominal no late transactions.
J Last price this week.
J Quatation per share.
I
1
.
Bid.
30
85
Hanover
100 i42'
ImjLiortera' & Tr...lOO 256
921s .93
102 1021a trviiig
50 tl38
135 136
Leather Manaft8..100 150
128
125
M auliattan
50 140
101 Is 102
Marine
100
Market
100 1.38
Meohauics'
25 131
125 130
Mechanics' & Tr.. .25 }90
265 295
110
Mercantile
100
145 155
Merchants'
50 128
290 320
Merchants'
Exch'geSO
120 125
Metropolitan
100 * 25
115 120
Nassau
50 120
New York
100 158
200 210
Nat.
Exch'gelOO
N. Y.
JlOO
200 208
New York County .100 140
190 200
Ninth National
100
North America
70 UOl
95
North River
50
170
Oriental
25 140
140
Pacillc
.50
Park
100 112
140 1571a People's
25 150
Phenix
260
20 100
200 225"' Republic
100
Second National.. 100 100
135
Seventh Ward
100
90
75
Shoe & Leather
360
100
145 I47I9 St.Nicholas
100
500
Stateof N. Y
100 ids
225
Tradesmen's
40
255
Union
50 150
United States Nat.lOO
Wall
Street
50
125 130
125
Pliiladclphla. ^
00
B'k 1)1 N. Anieiiea .100 298
240
Centennial Nat
100 140
Central National.. 100 280
170 175
122
City
National
120
50 120
135
Columbian
102
100
Commercial Nat
53
50
Commonwealth Nat 50 38
195 200
140
Consolidation Nat.. 30
70
59
Corn Exchange Nat. 50
120 125
120
Eighth Nat..
118
100 220
140 150
FlrstNat
100 225
Fanners'&Mech.N.lOO 128
Girard National
40
87
120
115
Kensington Nat
.50
70
65
Manufacturers'
Nat.
25
27
140 150
Mechanics' Nat.. ..100 122
70
Merchants'
132
Nat
50
45
Nat. B'k Commerce. 50
58
105
102
Nat. B'k Geriiiant'n.50 118
100 103
United States
100 180
Ijonlsvllle.
Bank of KeutuokylOO 140
Bank of LouisvillelOO
Citizens' National. 100
Head or
113
83
Hartford Nat
100
Mercantile Nat
100 100
National Exchange. 50
60
Phcenix Nat
100 154
State
100 100
30
Mechanics'
121s
10
12
Merchants'
100 134 140
122
National Exch'ge. 100
I8I2 20
People's
25
Second National ..100 110
Third National. ...100 111
80
Union
75
Western
20
301s
at
Ask.
150
116
90
35
160
147
110
120
110
140
125
no
100
160
. . .
I
i
I
;
Security
Stiiudard
122
53
167
157
149
120
146
100
100
100
100
100
100
40
450
325
135
95
110
95
i"45"
222
104
240
110
60
152
75
226
110
245
115
68
156
15% 16%
7I2
22
7%
93
and Traders'.
7S
4I9
118
9912 100
115
75
100%
75%
76
125
27% 30
Home
102
Hope
105
65
58
Lafayette
88
Merchants' Mutual
117
Mechanics' & Traders 113
New Orleans Ins. Ass'n 30%
51
New Orleans Ins. Co
25
28
People's
120% 135
Sun Mutual
126 134
Teutonia
.
.
New
York.
American
50 140
American Exch...lOO 100
140
Bowery
25
'"
170
17 165
135
115
120
Broadway
Brooklyn
20
70
100
50
100
40
100
30
50
Citizens'
City
Clinton
(Commercial
Continental
Eagle
Empire City
Exchange
Farragiif
17
10
Frank.& Emp'ium
German-American 100
Germania
50
Globe
50
25
Greenwich
100
Guardian
Hamilton
15
Hanover
50
100
Home
50
Howard
100
Irving
30
Jefferson
Kings Co. (B'klyn) .20
30
Knickerbocker
25
Lorillard
Manuf. & Builders'lOO
2.5
Traders'
Mech. »fc
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
150
110
150
ISO
172
145
125
125
70
235
245
80
100
110
85
60
112
215
130
110
260
65
112
130
130
55
60
122
210
90
106
110
77
112
40
60
Mechanics' (B'klyn)50 107
57
Mercantile
50
Merchants'
50 100
100
Montauk (B'klj-n).. 50
Nassau (B'klyn).... 50 145
113
65
108
110
150
Niagara
North River
Paciflo
Peter Cooper
People's
Rutgers'
147% 150
67
Hibernia
50
25
25
100
20
50
Phenix (B'klyn) ....50
133
124
66
7OI4
Firemen's
Germania
Park
414
61
Neiv Orleans.
Crescent Mutual
37%
Nation.al
35
N. Y. Equitable
New York Fire.... 100
29 14
70
85
151
100
100
135
.
Lafayette (B'kljni) .50
87% Long
Isl'd (B'klyn). 50
95
158
110
110
100
.
. . .
64
100
97
160
Hartford, Conn.
-Etna Fire
Connecticut
Hartford
National
Orient
Phoenix
.
57I9
131
122
I47I9
95
20 130
25 155
Washington
Western
Firemen's
Firemen's Trust
25
140
110
81
135
105
1913
40
170
Factors'
110
117
130
101
117
SO
95
iis" 120
116
130
200
88
80
27 la
125
136
60
. .
I
Eagle
Enterprise
295
125
106
60
40
71
60
225
229
130
>
1
Commercial
85
85
150
125
210
95
50
175
100
156
Imperial Fire
25 152
4% 514
Lancashire F. & L..25
53
London As8.Corp.12ia 51
24
23
Liv. & Lond. &Globe 2
42
44
North'n Fire & Life .5
26% 27%
North Brit. & Mer. 8%
2
2%
Queen Fire & Life.. .1
27% 28%
Royal Insurance
3
i
;
20
25
100
20
Eureka
20
Fidelity
100
Firemen's
20
Germania
20
Globe
20
Merchants'* Manuf 20
Miami Valley
50
National
100
Citizens'
London, Eng.
j
I
75
25
Cincinnati
Commercial Union. £5
Guardian
50
210
90
120
86
Aurora
Aak.
Ill
140
100
118
100
61
100
3 JO
208
117
103
115
115
103
110
75
107
Bid.
100 109
IMercautile F. & M.IOO] xl36
Neptune F. & M...100 95
North American ..100 117
Prescott
100
Shoe & Leather. ..100 60
Washington
100 95
Steam Boiler
170
135
124
70
425
300
125
210
90
Insurance Stocks.
Mass. Mutual
Cincinnati.
Amazou(new stock) 20
105
130
120
69
52
165
155
147
119
115
I
!
Standard
Star
Sterling
StujTesant
Unitoil States
Westchester
Williaiusbnra
Assessment paid.
.....lOO
50
100
100
25
25
10
C>t.''...'i'
80
145
75
120
108
165
IOC
140
107
125
115
90
50
50
110
120
120
210
90
155
85
125
na
175
105
155
112
135
120
100
57%
58
115
125
125
220
December
6,
THE CHRONICLE.
1684.]
gke
OIVIDBFTDB.
WhtH
of Oompanu.
0«nl.
(
DayI
incitwiM.)
2
Jan.
Dec.
Jan.
Deo.
Deo.
3
Jan
f^
Jan.
Deo.
4
2<4
!••
Old Colony
Rovk Island & Poorta
ByracuRo HhiK'tou&N. Y.
Meat JorKov «k Aliiuitlo
(quar)..
1
Deo. 14 to
Deoi'u'to'-
(nuar.)
M^OMH
nx
M®«Hi
40.
@
par; Charlenton
boytaif
^@8-16 premium, Belling par <S 1-10 premium Boeton 900
33 premium
New Orleana, commercial, l'> diaoount bonk,
100 premium St. Louis. 50 premium Chicago, par.
Tlie poetod rates of ieadmg bankers ore as follows
;
12
;
;
1
S
;
nuccllaneoua.
American Expreas
Delaware & Hudson Canal
m
and
14 discount. H<>lling U. diacotint
Ifi
I
Comamr^
The following were the ratea of dotneetio exolianm on New
York at the under-mentioned oitiee to^y: Sarannu, bnytas
Railroads.
Connootioiit Ulver
EaBtcni (N. H.)
m to katp down th*
wen m MIowa, !«,:
Banker*' 00 dajr steriinir, 4 81)^94 SlU; denuuid, 4llOWa
Cabies, 4 86<a4 86^4.
bilb war* 4 79u2
Continental Ulla were: Fnuioe, 9iH<»li KtMtdi
9SK:reiohinarka,
mmI
gniUm, sifi
4 85}^.
4 80.
Baokt Cloud.
fayoM*.
m
from this wraroe are not
llbaral
rntes of exchange.
To-day th« rate* on actual bnain«M
billR
JJaukers' CHa^etU.
The foUnwInK dividends have reoently been aanoanoed
Ifam*
649
2 Doc 14 to Jan. 3
10 Nov. 29 to Deo. 10
;
Deeember
S.
atrlV
NEW YORK. PKIDAY.
Daw
DamotMf.
DEC. -t. 1884-9 P. M.
Prime bankers' sterling bill* on London
4
4fl3
.......
4 79H
The Honey Market and Financial Situation.—It might be Prime oommerolal
Dooomentaryoommerolal
4 78>t
too strong to say that railroad affairs have now reached a Part*(frano8)
S34H 6 if*
40is
position where "every prospect pleases, and only man is vile"; Amsterdam Orulldera)
Frankfort or Bremen (relohmarki)
95
04%
but there would be more than a grain of truth in the a.sRertion.
Coins. The following are quotations in gold for Tarious
Inland navigation has closed, and for five months to come
coins
the transportation question remains in the hands of the rail- Sovereigns
Silver «4S and •«. — 9e%9 par.
$4 84 •94 88
— 92 9 — 04
road officers; the large crops of 1884 must be moved; the New N^tpoleons
3 85 « 3 88
Five franc*
X
X
Relohmarks. 4 74 9 4 78
Mexican dollars.. — 8S>«9 — 8SH
Orleans Exposition opens in ten days, and will necessarily XOuilders
3 96 « 4 00
Do nncnmroerol. — "414 9 — 86
8 -lan'h Doubloons. 15 55 915 70
— 78 9
Penivlansoles
enliven business in the South and Southwest; there is a fair
M'tx. Doubloons. .15 .55 915 65
Ensllsb silver.... 4 78 9 4 84
prospect that Congress will repeal the silver coinage law, F ne silver bars
1 08
» I O'JOs U. 8. trade dollars — 87 9—88
Floe gold bars
p»r9 >« prem O.B. silver doUarx— M%i> par.
which would have some influence in again bringing foreign Dim^R^
par
>s dimes. - gg%9
particularly at their
capital into our railroad securities
United States Bonds. There was a little more done in
present low prices. In the face of these facts, and when it is government bonds this week than last, although the transuniversally admitted that railroads need every dollar they can actions are still on a very small scale. Prices have l>een
earn and save, to meet their liabilities and dividends, how can strong, especially for the 4s, which advanced 1 per cent, and
it is presumed that the tone of the message and Secretary
managers go on with their ruinous and senseless cutting of McCulloch's report had
some influence on the market.
rates, and thus throw away even the moderate income which
The closing prices at the N. Y. Board have been as follows
their roads might otherwise secure ?
Inlemt iVoe.
Dee.
Dte.
Dee.
Dee.
Dee.
What shall investors do now in this country and abroad?
29.
3.
[Periodt.
1.
2.
4.
5.
Shall they buy as they find good opportunities, or shall they
4isB,1891
iTs^
..reg. q.-Mar. •113!|»'11.1\ 114
113% lU
M
—
. .
—
—
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 stagnation 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 recuperative 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 collaterals have ranged at 1 to 3 per cent and to-day at 1@3
per cent. Prime commercial paper is quoted at 4J^@5^ per
cent.
The Bank of England weekly statement on Thursday showed
a gain in specie of £361,000, and the percentage of reserve to
liabilities
was 38
3-16,
against
Z9%
last
week
;
the
dis-
uaw
114
.eonp Q.-Mar. •n4\"xl3% 113^1 •
12^38' 122 >4 122\
-.reg IQ.-Jan. •12:;%'xl22
coup Q.-Jan. -122ili M22% 1233^ 123 1« 123%
3s, option U.S. ..reg q.-Feb. 'IOII4 I01>4 •IOII4 101 >4 lomj
•xl2B •126 • 126
126
6s,our'C7, '95. -reg iJ. * J. •129
128
'Xl28 •128
128
6i, onr'cy, '96., -reg J. A J. •131
•xl30 -130>« • 130>«' 131
6?,oar'oy, '97., reg J. & J. •133
•xl31 •ISlJj' 131 Is 133
6s, oor'oy, '98.. ..reg J. & J. •134
*xl32 •1321«' 132 1*!' 134
Bs.our'oy. '99.,
reg. J. A J. •135
4i<8,1891
48,1907
48,1907
*
This
Is
the price bid at the morning board : no tale
I
llSTg
l22Te
•123%
•lom
•126
•128
•131
•132
•133
was made.
State and Railroad Bonds.— The only transactions rejiorted
instate bonds, are $5,000 Tennessee Os at 41)4^; $5,000 Alabama, class A, at 79, and $10,000 North Carolina 63, 1919, at
107!^.
In railroad bonds, the general market continues active and
strong, but the advances are not so numerous or so general as
in the previous week.
Erie 2d3 have been active, and the
advance of last week has been substantially maintained. Weet
Shore 5s are steady. East Tennessee •"•s have l>een active, and
after advancing early in the week, broke on rumors of a possible default in the interest. Erie 2d8 close at 57>^, agaiast 58^^
West Shore .53 at 41?8, against 411,4 Atlantic
last Friday
Pacific (Western Division) Ists, after considerable sales, at
803^, against 79; do. incomes at ISfg, against 17Ji; East
Tennessee 5s at 52?^, against 52'4; do. incomes at 14}^, the
Quincy debenture
same as last Friday Chicago Burlington
St. Paul (Chicago
58 at 97?/, against 06\ ; MUwaukee
Division) at 97%, against 96^; Rome
Pacific Western
Ogdensburg extended i)s at 73?^, against 70>^.
Watertown
;
;
;
&
&
&
&
&
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 bv
rumors of an early settlement of the trunk line war, whicn
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 has proved thus far untrue, as that trouble is still unabated,
made.
The trouble
Nov. 29, showed an increase in surjilus reserve of $2,021,125, and further cuts are constantly being
among the roads west of Chicago, however, seems to have
surplus
being
against
the
$42,267,175,
$40,246,050 the previous been feirly settled for one year, and rates to the Missouri River
week.
have been advanced, and will toall appearances be maintained.
The following table shows the changes from the previous Western Union Telegraph has been active, and advanced
to the favorable
week and a comparison with the two preceding years in the sharply, the improvement being attribute*!
decision in the Bell Telephone suits and reported buying by
averages of the New York Clearing House banks.
bull cliques; the rumor was also current at one time that an
interest in the Potal Telegraph had been secured.
1884.
1883.
1882.
Nov. 29.
Previaut Week.
Dee. 1.
Dee. 2.
The coal roads have been exceptions to the strength shown
in the rest of the market, Lackawanna being weak and DelaLoans and dls $2?=;.514.60C Dec.$3,025.100 $325,746,700 $305,473, 50J
showing quite a break. The cause forthw was
85.273.200 Inc
902,700
Specie
58.131,80(
52.179, 80» ware & Hudson
11.613,400 Dec.
6^.200
Circulation
1.5.396,f,0<
18,557,600 found in the reporte<l determin.ition of Reading not to suspend
325.82.5.31)0 Deo.
(;2.100 317.036,100 279.234.900 production during December, as Irnd been agreed to, which
Net deposits
38,45<),;{00 Inc. 1,102,900
Legal tenders.
27,326,400
19,109.000 was thought to indicate a practical breaking of the combina$15,525 $79,259,025 $69,808,725 tion. On the other hand, Jersey Central has made a conLo^al reserve $81,456,325 Dec.
Reserve lield. 123,723,500 ruo. 2,003,600
85.158,000
71,288,800
siderable advance, although the dividend was not paid Deo. 1,
Surplus
$6,198,975
$1,480,075 and the reason for this advance is not clear.
S42,267,175 Inc. $2.021, 125
On Thursday Mi.ssouri Pacific suffered a severe break from
Exchange. The sterling exchange market has been mod- 94 to 91 K. for which there was no apparent cause except free
erately active during the past week, and rates have been strong, selling, and part of the decline was speedlily recovered. Tothe posted rates being advanced J^c. on Thursday. The large day, Friday, there was lees animation and a moderate re-*©"
shipments of cotton continue, but the offerings of commercial tion in prices.
.
.
.
.
—
THE CHRONICLE.
fioO
NEW YORK STOCK
EX.CUA\(1E PlilCES FOR
WEEK EXDINS DEC.
HIGHEST AND LOWEST PRICES.
AND SINCE
5,
Nov.
Monday,
Dur.
1!'.!.
Wednesday,' Thursday,
Tuesday,
Der.
1.
iJei.
2.
Dec.
3.
i'riday,
Albany
A. Susquehaiiu.i
*. N. Y. AirLlne, prof.
Burlington Coil. KapifU *5i No.
(Shares).
80
Soston
^CanatUaii Pacllic
C»nsuia-s«iitUern
Cefl»r Falls .t Minnesota
Central of New Jersey
Central Pacitic
A
Clie8ai>eake
Do
Do
A Alton
CbicaBci BiirllnKton
&
Chicago Milwaukee
Ji
&
Chicago
Louis
&
pref.
Pacitlc
pref.
Do
Om..
<S:
pref.
Cleveland
Cleveland
Col.
Cinn.* Ind
12
•oHi
•11
11
«
'7 Hi
»7
6Sj
79 Hi
9
8II4
107
lOli
7h
714
•15
17
30
UO
SO '4
30
33
7
'4
11
Hi
Paull
.St.
vfc
CTarloni .pie'
Do
1
aja.ke SlKiro
4!>4
A XasliviUo
Zx>uisHllc Nevy Albany A Chic.
ffjouisville
aficliigan Central
acUvaukce L. Shore
Do
8H
81=4
121=4 122 1(
79=4 81 14
10.8 -"a 108-8
87=4 88 '8
306,608
2,120
156,290
ii'iiii'u'ii
•2,33.1
"la
81-j
yiHl
911-j
17
Hi
17'-j
Do
&
•4i'4
35
Hi
I2II4
l:ih
07 "a
B7'4
•ili'-i
15
13 Hi
B8Hi
ti3 •«
27
17
27
70
's
27-V
17
70'* 70'3
70^4
"28
•27
"
"di"
«l3
*Vi\ 13"3
pref.
& Texa.s
3liH.
Wew York Chic. J; St.
Hi
•13
07%
27'" "-JV
20
UO
"lii
England
.
pref
29
30
18'.
17
91 '4
OJ-'j
'OHl
i)
122
12-i
38 "-i
Sii'e
89
".J
li^^i
Ohio Central
H!
'Ij'-i
!
39"" "40^4
311
"5
Hi
92-'V,
0''4
109
89 H
12B
90 Hi
•7 Hi
•13
29I4
91
107-'>8
9I4
108%
914
4
4Hl
8
Hi
8
34
•31
3>a
'
•35 Hi
121 Hi 121
107=4 lOS'e
9 -la
9%
8
113
100
Hi
291.
91
37
37
lOS"
iod'is
-8=4
9I4
38=4
4Hl
38=4
4Hi
59
59
4=8 4=4
7=4
Hi
191
'sVi'i-i'b'si.'.
7
31
•4
•4=;"5Hi
•
5H;
194
39
12114 12114 'llyHll2Ui.j
Mi
17
15
81
Hi
•12
B0=4
B3I4
13
11=4
11=1
08
03 %
20 Hi
27^
07 -8 B8'i
63 -J B4
27 14 27 H;
•15H!
7=4
7=4
31
3Hl
46"
•llHi
B7=4
12Hi
69
64 '-J 64 Hi
27
27 Hi
7018
7OI4
7018
•OS
9
14
29
17=8
94
»
9
"ii"
3=4
.1:
89
89
Hi
14»4
14=8
151,
11'4
14Hl
li^^'l-i'e
30 '4 30',
28
2,-t
179
180
ll-'>4
11^4
Hi
12-'>8
9
179 Hi
52
3
1,250
18,570
1,3113
742
12=4
l:
2-S14
28=4
17=8
1714
9 IHi
38
911 Hi
'19'
18
la,
I8H1
18 Hi
18 Hi
41 'a 42 14
•
IHi
IS Hi
•18 14
41H!
1=4
1^4
14'4
14^4
14
14 H;
14
191-j
18-\
42
14
94
9
123
39 14
28 Hi 28=4
17Hf
•87=4
14=4
•6
1^23
90 •\, 91 'a
90
IS-ia
33
10=4
11
13
14
3
•18
18
"iih
"20
18
40 Hi 41 "a
l-\
1=..
1 =
Ill's
I8I4
181
18
40-'%
1=4
18
Danville
P t Tcruiiual
Wt
Do
IB
2^^
IB
'.I
14
Hi
20
20
2^4
2»4
-ja
20 Hi 22
20
-2=4
20 1^
-19
22
prof.
*3',t
41
1st pref.
83
Hi
l:i'i
13=4
Hi
83 Hi
•21
40=a
8iHi
22 Hi 22 H
4i)-'„
2 '2
41
81V
85
85^4
14 '8
31=8
o^j
14'4
85
80
I3I4
14=8
50%
52
2IH1
20
-M
13Hi
421
85
•20
25
•70
85
2IH1 2IH1
•41
•85
42
90
1,110
84,491
2,-24U
,
'Wi4wshSt looisi
Dc
Tel.
*
Manitoba
Pacitlc...
calile
pref
co
Bankets' & .Merchants' Tel....
Colorado Coal .t Iron
DetKware it Httdson Canal ..
Mutual Union 'I'elegraph
Uew York it Texas Land Co
Oregon Improvement Co
Oregon Railway & Nav. Co.
Pacllic Mail
86
13ig
DO'S
0
Do
pref
Union Telegraph...
13Hi
60"
5 Hi
85=4
13^8
30=8
5
Hi
•12 Hi
15
•1134
•52'4
•2
7Hl
54 Hi
•52Hl....
•2
8^4
4
7 _
9OH1 90 Hi
90'4
91
74
74
4
9Hi
•5
13 Is
9=4
91'8
13
le
"83 Hi
13
49^8
5 H)
•13 la
84H!
13Hl
•32
58
10"4
•9
91
88
'b
Ij
30 H
5
1"
10
89 Hi
111
oHl
33
00 '4
5414
111
8»<
34
01
53^8 54 -^i
llOHlllOHi
Oil
till
.)3
33
Bl
(J2>a
ai-ie
3
18Hi
22
80
22 14 22 Hi
42 Hi 42 -ij
88
•86
United states
PargoA Co
INACTIVE (STOCKS.
132H>132H) 132
95
95
94 'a
•51
55
54
100H|109Hl 108
Atchison Topeka & Santa Fe
Chicago & Alton, pref
JoUet & Chicago
Iioaisl ma & Mo. River
New York
BI4
*30
35
02 Hi B3'%
S2i8
Sonth Carolina Railroad
Texas it New Orleans
Virginia Midland
.,
Hemest ike Mining Co
>taryla:id Coal
Central Coal
Ontario Silver Mining
•9 Hi
2,4011
2,235
475
85Hi
8J0
13=4
31,838
132,425
400
"l-i'-j
100
8JI4
89 14
1,0-28
'2,746
B3
131
132
96
95
-52
34
109 Hi >107
132
05
55
110
132 130
9 Hi 95
33^8 54
108 ij 109
132
19\
95
54
109
73
74
143
143
9
•5
•30
6H
34
62% 63%
63"
I3II4
l-3(i
131%
96
y.i
96
ut
*52
35
108
110
109
13
21,162
737
1,()',I0
41)11
219,256
101
19=4
113
60
130
60
113
9
153
92
101),
"'200
39 <a
OHl
9Hi
100
100
Mew
•280
;
6
220
no sale was made at the Board.
5S
80=4
30
38
68
80
38
90
53
100%
10
35
48%
18H>
230
t
IRHj
...
Lower
33
68%
19% 34%
106%
88
10
120
Jan.
19%
129%
50% 64%
111% 129%
7
15%
Mar.
Mar.
Feb.
Feb.
13=4
35
89%
40%
83
17% 52%
83%
26 '(
72
169
183
15% '29%
Jan.
Feb.
Feb.
8%
it'-
21%
10
18
36=4
14%
e
Juue3t!
June 27
May 20
42
27
Feb.
Jan.
3-i
11=4 Oct.
24
Mar.
19
'29%
12
34% Jau.
17=.
Aug.
li
17
21
11
15
83
80
40
87
33
90
94
15
29%
34
Nov. '29
78%
Feu. 16j
Apr. 24!
Mar. 26
May 17 61% Feb.
May 26 113 Feb.
T:
13:
62 June2S 80% Jan. 7
142 June 13 152 Feb. IB
137 Apr. 12 145 Mar. 4
19 Hi Dec
24 Oct. 6
113 June21 ISO Juno 13
May 15 90 Jan. 9
IS
138 June 18 146% Apr. 18
May '24
9 Dec. 1
90 Hi Nov. 22 93 Feb. 11
lily 29
21 .Ian. 24
15
'28
40 Nov. 21
39 Hi Nov.
Jan. 4
8 Mar. 25 11
Nov. 18 IS Feb. 21
Nov. 18 10% Jan. 31
S
14
May 10 29 % J an. '29
264 Feb. 19 264 Feb. IVi
U
103
3.-<%
100%
40%
97=4
169%
17% 43
70% 104%
Feb.
Feb.
19=4 Jan.
32 Jao.
Jnne2l 102
72
39
23
34
85
20% 36%
22%
84%
July 15 137
32
89
28
1'29% 138
i
Juno '211
11%
46% 61%
15%
4
Feb.
Apr.
Jan.
Feb.
Fob.
Feb.
Maylfi 61% Jan. 8
Oct. 17 127=4 Apr. II)
1
7 .Iuno27 17% Mar. 17
82=4 Oct. 18 114 Feb. 11
10
May 16 17% Jan. 10
122 Hi Jan. 7 170 Fob. 9
8"4Jttae2b 63% Jan. 7
60=4 J uue 26 112 Jau. 28
31 May Hi 56=4 Mar. 17
90 May 2 117 Jan. 7
3=4 J uue 31
6 % Kob. 1
price is ex-dividend.
18
16% 30=4
7
4
.1
93%
2
21
28
98
65
ii
76
77
4%.Sept.
14 J
May
63%
25 % Mar.
Junel'2
5Hi June27
20
49
148
l2'% 30-%
Mar.
Mar.
July 3 96 Feb.
llHiJune2b 29% Aug.
2413 J uue 30 50 Msr.
70 May l."i 96% Apr.
15 June3U 32=4 Jau
•53
Julyll 90 Jan.
70 's Oct. 20 99 J an.
9
10%
"8'2"%
40% 58%
18%
12% Nov.
1
130
60
17»<.
xoeae are the prices bid and asked
H; Dei-.
5
11
17
S9>9
PAUosyl ran ia Coal
1
14% May
128
212 87
2)2 43
3
25
60
143
54>4 64%
llO'-jlll
78
•115
Jan.
13=4 Mar.
16%
75
84%
17% 35%
13 ^ 33%
92% 114%
49
4
10 Hi
88=8 89Hl
01
78
Elevated
Mississippi, pref
Rensselaer it Sar.itoga
•62=4
-2
124
77
Mar.
.
13%
•13%
13 '4
so"'
Jan.
Feb.
70
•8IH1
50=9 51Hi
49^8 50=4
-5 14
B
•12=8
5
1
Aug.
53=4 Si's
54 ig 61'(.
lloHi llOHl 110=4 110=4
3=4
5'e
EXPll£!«l^.
American
le
45
Nov.
14
uue 26
June '20
85 Hi 8.j",
13
13=i
11% 23
19%
23% 63%
19% 90%
8=4
'22
77
Feb.
Feb.
Jin.
Feb.
57% Jan.
.1
7
201)
32^8
Pullman Palace Car Co
Quicksilver Mining
8B
2 Hi Oct. 9
8 '4 Nov. 25
10 Jau. 29
17 Nov. 25
14 J une '27
37 14 une 27
6
42
88
19-=4
2,400 2()=,i Nov. 1 60%
113 119 Hi Dec. I 135
25
2 s May 24
5
100 32 July 3 61
2,210
12 Juiie2U 32
2,406
21
1% July
16%
20 14 Oct. 18 21
4."i0
18 Juue27 60
pref
*
«t. Paul Minneap.
TexAs ife Pacinc
Virion Pacific
JunB27
7
Bllll
3
18H!
Mar.
20% Jan.
Juue27 127
27,535
2=4
8%
.June 26 58
83 Hi Nov. 7 122
5 .Inly 1 10 %
8
Dee. 1 20=4
1414
14Hi
23 Hi
51%
92
1% 11%
21%
25 % J an.
82
55
113%
84
124% 142
111% 131%
18% J an.
36% Fob.
9HlJune27 23% Jan.
63 Hi May 20 100 June
050
100
163
Hi
30
91
54
Aug.
7 Hi J une '23
17 June 2
19
9 Hi
13%
411-j
910
84%
86
48% 65%
47% 71%
10
17%
I
Nov. 10 104% Mar.
62 Jlay 24 78% Mar.
22 Hi J une 21 51% Mar.
10
Nov. 11 33 Jan.
40 Jan. 2'2 67 Aug.
82 Jau. 21 93% Apr.
42 Jan. 23 65 Aug.
69 Hi Nov. 8 79 Aug.
10 Aug. 211 24
Mar.
'23
June 37 40 Jan.
83 JuneSO 103 Apr.
5 1 =4.1 line 27 94 Hi Mar.
10
Feb. 11 10 Jan.
31
Oct. '22 44
Apr.
I's
14Hi
'Hi
•2,550
136
I
03-18
18=8
14
•75
21 Hi
Jmie21
6% Juno '27
9
I'o
•23'-j
•20 Hi
14
IS-V
20
2=
'23
May
I'f
13=8
i
IBO 83
une 28 94% Apr.
14,459
U'«Juuoa7 28-^ J an.
135 20 June 27 71 Mar.
400
8 J une 24 17% Apr.
208 175 July 7 184 May
10
13 14
'13
J an.
J an.
.1
i'22ii 1^22'Hi
2=4
3
pref,
San Francisco
13=9
13=4
143,'.)2J
460
'4
ll-'s
14 Hi
23 14
120
Oct.
614 J une 20
2,140
19
19
18
18
4IH1 42
llHi
18
iVH,
Hi
'330 116
1,700
30
'
8
*S7»4
14'e
179 Hi 179 Hi
13 Is 13-%
Hi
1,800
29,230
27,139
-ii'a
"
is
23
li)
'4
13--'a
•13=4
2314 23 ^a
llOHillOHi 11
Hi
"
Hi
23
12j
12j
"45
>4
9
123 H
40
'
91=j
33
17-'8
92 Hi 93
3%
•2 Hi
•7
«
!)
13
Aug.
69 Hi Mar.
141
Apt.
I
OOI4
13
10:1
6 June 12 14 Hi
130 30 Oct. 25 51
13
3 Hi Dec. 3
8 Hi
200 185 Nov. 14 185
1,123
20 J une 26 51
1,403 UO J une 23 140
h;
70 July 8 86
....
180
180
3
H'^
Do
Do
Paul* Duluth
7018
11
June 27
J une 27
6%.Iuue23
•2011
210,223
127
78
75
Jan.
125%June24
eOHiMay 26 133% Mar.
1,300
300
500
•B
1'22
!!!!i;
811
l-J
2I.J
•12Hi
•28
17
9314
90=4
'-'3
Pittsburg
'Rome Watortown it Ogdensb..
«t. Louis Alton A Terre Haute
28
6,140
4,550
•92
6OI4
9 Hi
*itt.sliuvg Ft. Wavne it Chic...
Rich, it Alleg.. st'k trust ctfs..
80=4
lei^BSs
1,2110
Hill
PuJl
Year 1883.
Low. High
21% June ^rt 38% Aug.
4,300
1,800
10
•2Bi.j"2fl
10=4
5-14
'4
OHl
1^4
Do
28
•7'..i
13^8
I4I4
it
12
28
89=4
l(j
it
•1 1
8H
•23
it
70 14
6H,
-Oregon .t Trans-Continental...
Peori.a Deiatur it Evnnsvillo..
Philadelphia it Fleadinp
&
70^4
51-j
10
'
it)?
6,540
18
i'or
1881.
Feb.
Jan. 18
68% 90
Jan. 11
01
Jan. 10
88
13
Jan.
23%
23
Fob.
35%
OHjNov. 17 17 Jan.
14% 27
118 June 23 140% Feb.
128
137%
107 Juue27 127=4 i'"eb.
11.5=4 129%
68i4.Inno27 94% I an.
91=4 108%
9.-. 'g J one '27 119
115
ieb.
122%
81 Hi .tune 23 124 ieb.
116% 140%
117 Juno23 149 Hi Feb.
134
157
100>4jrnne23 126=4 I-ob.
118% 127%
6 Sept. 26 13i4Jan.
10% 22
33
IBHiNov. 18 35 Jan.
57%
85S
lllHl lll=j
•7
8
17
17
•29=4
29=4 29=4
91
90'a •90
*35
38
38
8
90-18
8'
•10
Canton Co
88 14
.1:125
89>-.2
180
I'J
1M14
40
40
MisAlssippi
A
Is
l'23i4 12314
Ohi* .Southern
Oregon Short Lino
Ohio
9-'
127
111
8
17
8 Hi
89 Hi
8
1812
18
41=B 42»|
pref
13Hi
95
"lii"
Pacific
I3I8
14
29'(.
& We-stem
Do
"13>4
—
3fow York New Haven .t Hart.
Uew York Ontario it Western.
2(ev York Susq. Jt Western.
pref.
Do
Well.s.
-7
-15
2914
HIS
109
61
lU-8
94»4
5^4
Do
70Hi
11
29 "s
9
Kew York A New
7OH1
11
17'4
•8 Hi
Adams
iiw""
121
1011
J.->'b
-riti
Western
Hi
lU
14
U9-\
'jy
Louis...
American
3SI4
^20 Hi 121
It)"!!
-'!)
pref.
Do
TTew York Lack, .t Western...
Kew York Lake Erie ^t West.
Do
lU-ef.
«t
5 Hi
Ol-'^
'b'-i
acorrisit Essex
ISashvr.CliattanoogaA St. Louis
"Kew York Central <fe Hudson.
Louis
•7
Weat'n
Mobile* Ohio
<>t.
iW 122
•35
(ill
b'ii's
Louis
St.
atissonrl Kansas
'Missouri Pacilic
Hocheater
«
11
i22'-;
9134
pref.
&
3Claneapolis
lUolimouil
11
8U'(,
!)1
15^4
121-2
Hi
"•is"
Ch:iile>ton
tt
Richmonil
•5 Hi
B
12
121%
30
31
121
MetropoliUin Klev.ited
it
'a
,35^8
"e
30
•4
B
1211.J
Hi
Manhattan Beach Co
Oh^'*
33
Istpi-ef..
coiunion.
cousol...
Northern
"ii'yUX
Kievat^jd
Do
Do
Sforfolk
•3 Hi
•III4
Hi
8II4
18
30 '4
'12
'4
(13 ^4
X4>ug island
Memphis
12
p.c
XBdiana Ulooniingt'n >& West'ii
litiie Erie A Western
Manhattan
Do
W*
Hi
•11
31
"
1'21
leased line
35
31 Hi
188*.
Highe.st
126 Jtily 3 135
80 Hi Mar. 27 00
50 June 28 80
'506 39 June 27 53 %
335 21>4 Jnne37 67%
6IHI
8 May 22 12
39i4 0ct. 25 90
21,790
B,56S
30 June 30 67=4
5 Juno 27 15
416
9 Hi June 20 28
Hi
•35
'33i.i"33'a
Sotistoa A-. Texas C'eulral
SUinois Central
34
14
43=4 '431^ 46 Hi
35-18 35'',
33 Hi
•11
4 3 Hi
5
•32
32
14
1,
'
80 14
108
107 Hi 109
ill 8
92 Hi t88
127'-j 127 i-j 127
IIII4 UII4 111
131
121=4 122 Hi
8IJ4
811-14
loavtiios.
Xtelaware I..%ckawuuiia & West iosiUiii" ibVii-iiii
«i)i4
•J Hi
9 Hi
y^ 9-\
O'a
Senver A Uio Grande
Dulinque & i^ioux City ..
4'4
5
4 Hi
4'b
K»8C Tennessee Va. & Ga.
8=8
714
»^
8 •4
7% 7-j
pref.
Do
•31
32
32
33
KT»n»ville & Terre Haute
Oreeu Kay Winona
32
Lowest.
1,
10
45'
-7 Hi
8H;
l'29'-jl20'"
8»8
131
31)
Pittsburg, guar..
it
4418
SB's
-5H>
1'29
129
ISOi'i 1-22
..-.
*14
29
43
33
1-.;
ilO-'^
91 „
91 Hi 9 2 Hi
12014 l'.>(ji4 12«Hll27
111
lllH
111
111
Ti...
Pittsburs.
Paul Minn.
St.
43 Hi 44 Hi
3«
35
pref. '10«
Do
Chicago
10
*7
Northwestern
St.
11
Quincy. iaoai iai
lH'-2 711 »8
«t. Paul
Do
Chicago Rock Island *
15 '3 45 1_
33 Hi
11
•31
11
3'i
44
So
•oWj
Do
Chicago
32
10^1
*n
iBtpref
'M prc-f
43 "a
Si
4a I4
SHi
Oliio
Chicago
45 'j
•30
Week
4.
KAII.ItOAnS.
JAN.
Range Since Jan.
.Sales of
the
Sntardayt
XXXIX.
[Vol.
126%
88
56%
113
36'.
67-^
I
December
THR (^RONFCIR
6, 1884.J
KAII.KOAI>
KAKNINMA.
LnUMt Maminat Htportit
Moaa*.
WttKitrHi
New Vork
JvH.
10-4.
1
ooDdition
(aLoMw Dam.
10H4.
«lly Ttai'
i)f
week enUiim at
rotlnwin
.nkn of .s.
c...iMii...iif- merit «rf bamnt.'w
Ak
till.
tht«
-
•
the
,,
fiir
.-^uv. 3i»:
IHItS,
«
A)ft.at.i4imtlinru Ootolier..
100.734
1 12,S63
884.<)17
8ft3.9nn
H. piciiibor l..M!,OiU 1,3J,',983 11,852,819
11,510,593
AIoli.T.A 8.Fe
Allaiitiuit
Bo^t. H. T.
OtuliT...
I'tto.
&W
CitUHdiiin Pnoitio
OeDtral
Central
iao.oiiu
wk Ni>v
«k Nov
u.isa
71,i5l
wkN'ov
172.(100
4tliwkNi>v
S(i,0n4
Oct
2.I.VJ.0OU
.il
Bur.CV(l.R.*No. :M
-I
liiwii ...
I'Holtlo..
ill
1
u.nso
302.051
7I,90.S
2,429.9«(0
19,000
30,122
5,404 9r>(i
1. 306.4 ''4
2li,V.7'2'f
2.405.-.!)
4.f>00<>
1.1-8.
i0.7Tl,..
I
I
;<
'
Daiitmry A Nor.
Dtrnvpi-ARlodr.
Hi'pt. lulK-r
I>inv. AK. O.W.
JDeN Mo. A Kt. \>.
3a wk Nov
Jill
WkNov
wk Nov
Del.Liinfl'KANo. •ith WkNov
DuO.ASlouxCity :id wk No\
:i(l
Ea!<t«ni
October..
E.Teun.Va.AQa. October...
AT. H. Hd wk Nov
Eviin.tv.
Film A
P.
Marn.
Fliir.R-wny
Ft. Worth
A
A
.ill
wkN
Gal.H.ir.A S.Ali. Sept. lub^-^
ISLai.-i
2i,lti0
»Vk Nciv.'.a
id wk Nov
"S,89(i
a'ie.O'Vi
36i',6"f8
1,471,235
2-1,232
3.t,352
l,'^33.!l!.9
28.053
319.171:
8c3,0!3
3,020 97
412.'J8S)
4».5.5!>3
3,2.10.03'
9 80,1 '3
.),079,96r
3,3h9,>:05
12.05
.^2,45b
670,5.i3
2,03.1,476
2,281,-flo
21.801
84',>,41
14.(12»
23,124
40.»(m|
2«ti.^31
32.i.211
7,0.50
Ceut. (Ill.)...HtbwkNriv
270,'ZOO
(Iowa) 4lh WkNov
Ind. Blooiu.A W.jSd wk Nov
K.C. Ft.S.A Gultllid wk Nov
Kail. C. 8p A M. 3d wk Nov
Kentucky Cenfl 3 wk« Nov
J>;.k« Krin A W.. September
t..Kk.AFt 8initir()ctol)er...
23>30:
33,200
50,177
49.007
2S.617;
52,7121
8 1 8,96 i
43,665
395,H1'.'
312.210
l.9-i5.03U
414,916
) 0,90
263,43«
87.428
260.041
15,323,4'.)>-
2,^02.007
17.20 1,020
2-9,402
358,73i
1.461,29.1
1,691. t-02
266,337
9.31s. 2 10 10,018,060
21,.',3lt
3H,i)0c'
1,5.^0,91
63,140
40,165
2,393,774
2,123,-10
62'97i
1,042. IJO
816.23(1
1
70.X2S
03,022
432,00
42,61.'
49,M»
270,0ii2
39.740
2,593,071
355,.=.2i.
Mex.Nat.,NoD>/ Jd wk Nov
Southein Dlv. L'd wk Nov
Other lines e.. 2d wk Nov
Milwaukee A Noi it li wk.Vov
Mil. L.8li.AWe8t.]4th
wRNov
Minn.ASt.l-»ui.-|October ...
,806,3.'>0
2,073,549
1,742,731
760.140
14'^,374
i4i;,o.;o
L.Kk.M.RIv.AT. Oet..ber...
O. 3d wk Nov
Meiopli. A CUarl. Scptemlier
McKican Cent... 3d wk Nov
53,051
387,31!)
LoiiK Inland
'Itb wkNov
La. A Mo. River July
LouiBV.ANttsliv. 4lh WkNov
Mar.Hongh.A
1.57.316
VO.; 0?
32301):
207.843
Do
158',5-'Vi
103,690 '5,504,08! "8,327,858
8..i7S
OuIfCoI.ASaiiFelOctobcr
Hou.s.E.AW.Tei October...
111.
16,72.5
.V
3d wk Nov
Dun. October ..
^f.
Grand Trunk...
Gr.BavW.ASt.P
21.090
39,341
52.101.
.•i0,200
4'26',2i82
364,7-5!
311,193
2,54 9,252
353,512
404.204 12,355,027 I2,8.)7.3i4
8.840
793,052
803.534
101,3s2
9s0.000
85S285
2,575 593
4S3.-37
673,211
231,333
12.212
470,81!.
43:',038
24,S5u l,0i.n,OJJ
9j3,135
15^..^
1,4>|7.02!.
1. SO". 435
2s00
1,078,191
1,977,396
4,77%
110,384
6^.000
14,248
14t0>
2,137
12,SH0
30,.«p.=)(
171.7HJ
Mobile & Ohio ...Voveinltei-. 2.Vi.. O
Pac (A M.) September l,537,01fi
11,900.011
Nasb. Ch.A 8t.l... October.
203,7.i7
20 .320 1,905.10!. 1,913.231
K.O.A Northeant October...
8 1,011
.34.^.047
12,435
SI. 025
N.Y. A New Kns; Scidembcr
28t,638 358,071 2.4.50.11- 2,7.-5,800
H.Y.L..ErieAW.(/ s.ptembcr l,732,73ii 2.129.014 1 2.396.4 1'. 15,260.335
N. Y. Pa. A O. September
516,.525
711,897 4,151,81)2 5,107,253
N.Y.8U9q.A\Veflt,Oi tober.
99,OSS:
94,043
849.24!)
913,049
N. Y. Out. A
J.September
186,382 103,957
Norfolk A West October...
z8S,4!<5
331 210 2.2'l9/2Vii 2.368,7.45
8henaudoahV ;Oi tobor...
78,3093,0S4
635,8^7
712,7 74
Northern C'eutf'l Octoiier.
51i),79.")
590,743 4.601.804 5,142,885
Northern Piu;itlclNoveMiher. 1,11.5,191 1,270.02.! ll,853.,Ss« 9,.292,800
i:id wk Nov
Ohio Central
21.2301
22,15':
990,420
972,964
Ohio A Miss
Oct.ibcr...
381.9 :o 440,999 3,402,2:i7 3,7!>9,201
Ohio .Southern ;Noveiiiber.
48.333
32,ci.i6
42 1,880
32i,88J
OregouA Cul. ..October... 115,59;. 131,310
Oregon Imp. Co. Hcptember 2b9,821 382. 24i 2..504.893 2,973.308
Penusylvaula.
October.
4,417,.547 1,875,JI8 10.840.046 42,7r9.2.>5
Peoria Deo AEv 3d wk Nov
15.104
12.417
6-,4.'J!)
637.941
Mo
I
.
W
.
.
l.Wii
America
.
A Erie ... Octolier... 3910271 432.43!) 3.052,73.) 3,474875
Phila.A ReadV'' October... 2,010,541 !3 531.43^ 21,993,975 24,:j4T,0.10
i)o
C. & Iron October. .. 1,729. 6:i3l.873.o<)2 13,740,574:14.212,145
Bichm'd AUauv. October..
42.1,179; 429.S31 3,135,73i 3,110,808
Ch. Col. A Aug. 0(Mober.
90,7.^3
608,9ti0
98.201
607,877
ColumblaAUr. October...
9,'*.0l9
80,247
516,7031
602,109
Geoi'gla I'uc.. Octijbor...
05,9i)0
42,501
Va. Midland. 'Ditolier.. .
107,596! 17ii,107 1.35i',7'7Vi l,420,7oVt
West. No. Car. (ictobcr...
4l,513j
44,000
30i?,653
312,121
Roch. A Pitt»bv!4th wkNov
20,70 i!
24,865 1,051,923
,'.81,801
Rome Wat.AOg. August
176, J .'.3
171,400 1,073.200 1,049.053
8t.John8ii.AL.C. September
31,0801
30,048
207,931
214.640J
8t.I...AltonAr.lI |2d wk Nov
^4,531
29.4 61 l,14w,8il l,'i7 7,7-1
Do (brchs.ii3il wk Nov
14.110
17,5 1 a
735,390
603.416!
8t. L. Ft. 8. A W 3.1 wK Nov
9,289
233,7Ji)
8,998
4112.780
8t.L ASan Fra:i.| tth wkNov
110,511! 127,073 4,2«,-.8ol, 3.483.59 J
et. PaulA Diirtli 4tll wkNov
32,689,
39,684 1.206.221 1,240,115
BtP.Mln.A Man. Oct'iber... l,OOs,:,89 910,881 6,570.s.i!i| 6.849.000
South Carolina |<)cti>bcr..
1 57,35 1
146.294
908,261 l,O73,-J80
Bo.Pae.Cal.ND. August ..
14H.010
153,0)9
019,8911
832,9 41
Do So. Div.i. August.... 282,-8 i! :-'4t,!)04 2.339.677, 2,77.j,5ll
Do Arizona.! Au;!iii<t
130.0 1
207.124 1,317,'.761 l,6-i3,21!)
Do N. Mex i. .\ugu-t
62.994
0.'i.l88l
447.32
531,1170
TexasAN.Orl'8 Seiitenibi r
(9.31s
830,40.-.
107.074!
6iO.:il7i
I.rf)ui.siana Wo.lstiotember
£.5,u53
6 -',909
320,251
413,404
Tex.A St. I..OU1S./ 2d wk Nov
30,429
84il,Ol>-l
27,7031
Tol. A.A. AN.M [October...
24,570
160.9"-;)
19 211
193.41M
Union Paoillo
OijVobcr... 2.601,746 2,013.05821,032.3 9;23, 707. 8.18
Utoh Central.
Otober...
1 12.301
llH.li;
973. ''Dll
868,51b!
VlotsbYgAMer. (>.• obcr..
.55,113
64,935
3S7 830
401 .0-s
VIcksb.Sli.APac. October..
40,77S
27.495
97.90O
18.1,983
Wab. St. I-. A 1'. id wk Ocl. 401.000 581,475
...I
West Jersey
O toller...
92.S60
88,232 1,153.672, 1.071,150
WUcousiu Cent'l id wk Nov
29.983
31,184 l,266.li.5 l,i85.632
Phlla.
Of Hi
fl.7:
7.11.
4.1
10.
....*,.'
I'henlx
2,-.
Cliy
0.11.
'i'r.>.U4men't
...
•.1.1
l.o
. •!'.'.'.'.!!
14.1.
Kxoh.
'iiuits'
2.0-
iialiulln .National.
4,l)lo,:.ioo
1,021.'. OtHl
hror.
l.U7c,4 00
707,00(1
art^ 1100
Wi."IKl
ir.
:i»
7«(i.:)0<)
i<4,oon
2(11
2,e'.>8,ioo
371,900
3H4.300
337
Itiitclivrn'.b
.MeeliMlile.4*
A Tr..
(irwenwtcli
.
I.«iih«r .Mnnnfrs.
.ssvenih Ward
State of N. Y
I,0Ot,2iMI
2,680.AU0
AinnHo'u Kxch'ge.
lS.^,^>l.ooo
(.'oiiunereo
17,484.1100
ttrOiidway
S,.'!
44,90(1
.
-1
2,7.'.
>«*7.7e<>-
T.:\'
1,771,500,
.
1.889.IM0
4,2S0.300
«9I,I00
3.M7.500
6.'S3,30O
603,2181
'i.7:'.:.oo
Peoiiles*
l..S7t).;!0(>
210,300
101,400'
1,(189. SOO
2.933,900
7.771.100
2,52S,I00
184,>-U()
475,Ui)Oi
2,7.S4,V0O
«S4,fl(K)'
».27l).'iOO
402,700
029 0001
2.7-.:7.00<l|
2,403.700
720.,'
.'\
2.2-.0,100
Him
North America
...
Ilunovor
Irving
Metropolitan
CltUens'
Nansan
Market
A
200,0001
1,07H,M)0
7».),HtX)
1
Leaibor..
2,782.IK)0
!l.ll7,7(m
(irlentHl
linportrrs'A Trad.
Pack .
North Rlror
Eaut River
Fourth National..
5r87',3»
:
,3'^7.1MM|.
lB..%8.-i.7uOi
li,.
20,000
I&1,0IMI
2,1110.
241
03.000'
l.;i04,T
l,7.i4...
l.S-iS.OOO
1,8<4,900
411.000
4,091.100!
90:<.300
14.8i4.800' 5,288.800
First Natloicil....
.
i:i;«..
4.35U,30O
12..M)9.ua0
Second National..
Ninth Natliiual...
4,04ii,700
1,011,000!
1,07I,:)(M|I
C'eutial Niitlon.U..
2»7.
305.000
46.1
M)8,300|
«5,
sr
r,.
9li;'.2iH)
44».!
Third .National ...
N. V. Nau Kxch..
«,4!IO.S01
1,222,<I00
Bowery
1,000,500
1.945.300
2,662.000
3,'J24,7()0
81.i.50O
lM2.f.OO.
2,:)S4,400
72^.700
98.000
293.100
180,0 OJ
2.07.t,-;Otl
45'^.0001
2,217.801)
N. Y.Conuty
rinan-.Viiierlc'D.
N.itional...
Avenue
Fifth
(icrman Kxcb'nge.
Getiuaula
United states
Lincoln
1.0 14.900
Filth National....
900,800'
31-.!,S0o
32;, 000
29.^,000
i2«,:iOO|
232..' 00.
304.>'0O'
738.500
203.900
Total
!0'0,>-00
00.700
1,103,000
88,.'Vi-0
^5,514,000 83.273,2i)0
The following are
9
I
totals for several
Specie.
IL.
l/i."7.7oOi
itv'
000'
oon
2.007.400,
2-j:
2.31 8.01 )0|
lttO,uviO
2,75H,OOOi
3,l'^WilO
«5',aiw
10,'i.OllUi
2,2:'.0.o00
308,000
;)..i-.'l>,500
16<i,300i
1.78i»,!(H>
212,000
204,000
1,090.500
44.ai>»
919,000
184 .aeo
ll,Bia4CO
:)8.4.'i0.300 '125.8-.'a.30(»
IS$
Loatu.
Ang.9
640.900
1.8H4,.iOO
2,797,5110 1.21;),200
S2S.600
1,519,1001
Oartlelil
1884.1
SM.1M0
i!:'to(*i
4,sv8,lo0
xi.a.i
781.7001
3,708.200
411.200 1,177
1.004,200
IZO.500I
:i-.o
!«,52d„^00i 0,874.600 1.91:
...
Coiitlneutai
Chase
i&.oee-
•,^.095,91)0
Corn Kxclmuge
C).
or»
I
2,74i,:iOfl
au Nicholas
Slide
4-s0,ln>o
weeks
UtumiU.
Vendtn.!
past:
iiArculatian' Agt.
$
\
28S,9-.!9.70O 7rt.84e.00O'.11.S41,700!3Ot!.:o4,4O0
Ulmmfm
t
1 4,377.400, 590,IWeLMe
f
\
• 10 2s7,s4O,000 77,014,-200 32,106,1)00 SOt.HDl.-.'Oi) U.'V.lI'Vi
" 2J.'J87,09.>,900 75,9118,000 31,7o6,M-
40."i.001
•
30
••
as7.sy3,'-'00 7i.BlK,.V)0
:il.-.'21.
.324
.v>
n
.
n
Sept,0!280,347,3JO 7i,i0o,i,0O 29.;i03.••
13;290.874,ll)0 71,100.;00 ao.i'iJ
••
20 2 •l.i37,40;> 74.534.8110 ;;
• 271291, 1-.!0,700 7;i,-.'0,;iJO :i
....>.
'••>9.87m
.:S7.Mt
Oct. 4,290,.'.Oj.2OO 7lJ.'2u7,OOl) ,;i..
••
il.29e,di;),oOI 77,SI0'-',2I»0 3--'.7'.'.-..;".i ;'.4nG-,
" 18 291,70'',4U0 77.014.SOO 3J.016. 00:111.90 .0
" 2,-> .'yi,ii->3,40o[78.a9i,^o.. i2.7-':i.200 :;ir,.7:ei
Nov. 1 .i91,7.4,I00'7. .ISO.;- '•--!.' :
•'
8 290.'..J87.»iiO .SU Ids
'•
li •-'iii..'>.'iii.4o;i.K-J,:i.-. ;,
D'i i»»j»
,
7(j
lA
.
" 22;'.^8S,539,70ol-4,;l.u,„i
" 2il'2>S..',U.0(>0
..^
..s
.4
,..,....
u.
a,-|,27.i.200 :«*.
.,1
......Ul^
30, )iS'].li...s25,30o il,ri4..4 <H) 4ntf.'f»>'>ft
I
.
.
.
i
'
.
Not including Utah
Ilhes after July
Uoston Uaiiks.— Following are the totals of the Boston
Specie.
Logins.
18.84,
A'g 18,138,147.300
• 25 138,744.:'.0O
3.S37.30O
0.-44.4(101 4,012,100
Sepl.l 137.9'J8,800
0,974,4011
4.'."47,300
7,150,900
4,.1113.1' 00
7,0 i5,:i00
7,-201.200
4.0-10,
•'
••
"
139,795.100
" 29 139.1.)7,'.'00
140,498.:!0ll
Oct.
••
l;) 140. (05.!)0O
1
Clreulttii>n\.Ag$.
IttjHtsita.*
$
»
84,743,000
84,.-' I'J.SiHl
I
.iT»
99.579,939
•5,a8>
4T.li77.fM
99,<MWjD*4
•.>2,0S8,3lin
O,l7.;10:
'.':!,
00
-
—
•'-T
7,375.-00
7,117,400
.1*
U,!'27,3uO,
.-j,..16
.4
20,110,740.000, 0,731,100
27 141.1 i:).«oo 0.741,000
••
••
NT.
3!l40.7.-;!.:n(i;
••
10
••
17;.
" 24
DV.
1
1
,
1
-il)4l»
7.in:..-,0ii
•»*1»
'
'<:<«.M»
1
l4.»..i
..
..7S4)>«
totals of the Philadelphia
bank*
..-.
Philadelphia Banks.—The
are as follows:
i>ian<
Lau-fvt UTofwy.!
DenutU.*
20.2<tl.4«r)
«5,l»4,9<fl
t
An«r. 13
7l.9:'rt.nM
MreulaNun. Am. «»i«»Mi
!i,»»7H.««»
'
40.nwi.eis
25
'•
Sept
1
8
15
22
29
6
13
20....
27
New
0,783.700
8 l:i8.713,100
ls'l3!).47i,MOO
•••2
Corpus Chrlsll
A
h. Teiuiert.
$
1.
to Saltillo, 397 miles; np to May embraced onlv
230 miles, l,aie<b) to BalilUo.
e.
only 130 inil.-s now. hut 1 rior
to May represented '^07 miles.
g Not includlnx earnings of New York
Penii.
Ohio roal.
A Nof. including Centra;
Jersev in either
year prior to Junn 1.
i Included in Central Pacilic earn ngfe above.
/ Buibraoing linea in Missouri, Arkansas and Texas.
<t
'J13,10»
.
(Ihathani
0,Oi':l.,IOO
.
*
1,11111,'
.41
Mercantile
PaclHo
Kepubllo
1
.
.
ln.A83.0M
Co
^tatihsttun
'Ktlf ....
'lOOS* ....
2,i'.l(l,091 1 8,73 i. 490
Ii Ohio
;< wks
Nov
248 851 3,14.5.570 3,.50 1.95
EUz.U>x.AH..S. t wits Nov
41,68
071,692
(II5.20I
ClifD. t).it8.W.. a wk< Ni>v
»;^.()71
!il).44
l,19i,00i l.l.'3,«7!i
CliloBKO A Alton 4lU wkNov
lil4,9lu
1.^3.0a3 7,1181,100 M.oni .:
ClUo. IlllH. A U. 8i'|lliM.iher 2.707,110 2,9i9,l6^ 18 505,825 H.'.34.
CWfl.A Kast. Ill -ItawkNiiv
33,031
3.'i.44S
l,ai),3ls 1, 5111,
<'lili!. MII.ASt.J". 4iliwk.\ov
61<J,000
732,7112 21,2.%2,oOli il,5o8 901
Chic. A Noitliw. itli»kNi>v
.^.>l».3oo
7.^8.o()0 21,443,(>:i(« 23.203,507
Clh.St.P.Mlii.AO. till WkNov
1 10.4011
17 ,600 .5,3-.;5.498 5.08,5,103
Chlo.A W. Mirll. M\ wk Nov
2->.331
27,3 It. l,31.^.5^:t 1,401,900
Cln Ind.St.L.AC. .id wk Nov
47.21)3
50,543 2,167.513
!45,7»1
Cln.N.O.AT. P. Octobur... 237..'irt3 2l»).33.? 2,137.442 2,
2.1 :7,ti8:l
Cln.WasU.ABalt.'iil wk Nov
3C.283
SU.3ri4 l,531,6H8 1.6S7.788
C'lev.AkrniiA' 'ol id wk N
9.(14
8,4 •il
433441
477.772
Clev.Col.C; A rnd ^^<!l>tfuilier
320,12!t
411,014 2,767.5.'>1 3,225,032
Coimottou Val.. Sopu-nihcr
2»,I7^
32,782
CbiMiHp.
NewYork
'
.
Iiec.
*
3
10
17
24
7:t,a..4,o.i3
73,451.380
73, 14.519
7.i.!14''i.418
74,488.191
74.lS.I.O.'7
73,x33,950
73,494.473
73,.)2-.',837
7.1.041,072
-'.•.•; "?. ',24
.
,
iDcladlBS the Item "daa touUior
i>aiiM«."
5
THE CHRONICLE.
652
[Vol.
XXXIX.
Three months' interest on 1st mortg., Sept. 30 to .Tan. 1. '85. $165,000
Three months' Interest on 2d mortg.. Sept. 30, 1884, to Jan.
1, 1885
42,495
%nvtstmi^nt
Showing a total of
$2,059,813
Less estimated net earnings of the property for three mos.
to January 1, 1885
159.813
^niXxand %nt&lliQtncc.
Leaving as the net debt
of the
company Jan.
1,
1835
$1,900,000
The Ihvbstobs' Supplbmbnt contains a complete exhibit of the
The earnings and expenses of the roads operated by the comFunded Debt ofStates and Cities and of the Stocks and Bonds pany and the receiver (not including the Norwich & Worcesof Railroads and other Companies. It is published on the ter Railroad, the accounts of which are kept separately) durtost Saturday of every other month—viz., Febrimry, April, ing the fiscal year ending September 30, 1884, are as follows:
June, August, October and December, and is furnished withEAKNINGS AKI> EXPENSES.
out extra charge
regular subs bribers of the Chronicle.
subscribers of the Choenicle at 50
others than subscribers at $1 per copy.
to all
Extra copies are sold
cents each,
and
to
to
FMrnings—
Local passengers;
Through passeneoiB (to and from other roads)
Express and extra baggage
Mails
ANNUAL REPORTS.
New York & New England
Kailroad.
(For the year ending September
30, 1884.)
The annual report just issued has the following " Immediately after the adjournment of your annual meeting on the
11th of December last, tlie directors organized (electing Mr.
Charles P. Clark as President) and appomted a committee to
consider and report upon the condition of the company. At
the request of this committee the President made a written
statement to its chairman showing the unfunded debt of
the company due on or before January 1, 1884, to be about
Upon consideration the committee recommended,
$1,700,000.
at a meeting of the board on December 19th, that the directors
undertake to raise immediately by personal application to the
security 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
second mortgage bonds had that day declined to take the balance required by their contract that threats had been made
by attorneys in personal injury cases, in wliich there was no
defense, to attach the property of the company," &c., &c.
" After a full discussion, the following preamble and vote
was passed
1884.
1883.
$799,524
290,963
104,313
45,627
$S00.288
318,945
106,035
46,468
•
Total earnings from passenger departm't. $1,240,427
Localfreight
.$638,241
Through freight (to and from other roads) ... 1,317,445
$1,261,786
$632,649
1,481,875
Total earnings from freight department.. $1,955,686
Total transportation earnings
i$3,196,n3
From miscellaneuus sources
165,919
$2,114,524
$3,376,310
195,548
Total income from all sources
Expenses—
Conducting transport.ition passengers
Conducting transportation freight
Maintenance of way
Motive power
Maintenance of cars
General expenses
$3,362,032
$3,571,858
$319,777
657,698
454,226
$349,371
712,275
486.169
1.1,25,165
1.110,955
234,114
1 06,387
259,438
95,408
$2,797,367
125,016
19,242
$3,013,616
149,909
22,852
$2,941,625
$3,186,377
$420,407
$385,481
:
,
;
;
,
:
lias been served nn tins company of a niotiim for
appointment of a receiver, in a suit brouglit by Hemy A.Braesey,
behalf
of
himself
in
and all other holders of the second mortgage bonds
of the company
"And, whereas, this company is at present witbout funds to meet its
current obligatior.B as they mature, and In order to keep its railroad in
continued operation and free from attachments, the appointment of a
temporary receiver seems to this board nrcessaiy for the protection of
the public, as Tvell as of the creditors and stockholders of the coinjiany,
"Vhereaa.a, uoliee
tlie
and
all
parties concerned
;
" Voted, That the counsel of the company be Instructed lo appear and
assent to the granting of said motion and the immediate appointment of
a temporal y receiver of this company."
In accordance with this vote, an order was issued by Judge
Shipman, appointing Mr. Clark receiver of the entire prop-
Total operating expenses
Taxes
Insurance
Net earnings available for the payment of
fixed charges
INCOME ACCOUNT— 1883-84.
Earnings after deducting operating expenses
Income from other sources
Total income from
all
$540,535
31,815
sources
$572,380
Taxes
$125,016
Insurance
Interest on funded indebtedness incurred for purchase of real estate secured by estate purchased,
(Boston terminal lands)
Interest on car trust certificates
Interest on floating debt
Rent of other roads
19,242
81.773
82,109
10,114
88,903— 407,157
Available net earnings
$165,223
Interest on lirst moitgage bonds'
Interest on second mortgage bonds*
$660,000
174,.5O0— 834.500
Deftclenoy for the year
$669,277
Charged in full here, but not actually paid.
Mr. Clark, the Receiver, makes a very 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 & Maine Railroad.
(For the fiscal year ending Sept. 30, 1884.)
The report says " The work upon the double track, which
:
was in process of construction at the close of last year beAt the adjourned meeting on the 7th of October the com- tween Old Orchard and Scarboro, and on the Lowell &
mittee recommended that the company should use the pre- Andover Road, has been coriipleted and during the present
ferred stock lately authorized by the legislatures and the two season an addition of eight miles has been made from Old
point about half-way between Biddeford and
millions of second mortgage bonds still in its hands in settling Orchard to a
the debts of the company. The polls were closed on October Kennebunk, making, in all, twenty miles west from Portland,
seventy-two miles between Boston and Portland,
25th, and by a vote of 110,660 shares of stock, the necessary and about
authority was given to carry out this plan. The matter of the leaving forty-three miles to be built to give us a second track
settlement with the creditors of the company is still in the complete on our entire main line. During the last five years
hands of this committee, which consists of Messrs. French, we have added forty miles of double track, and if the work
Rice, Higginson and Martin of the board of directors, and should be carried on at the same rate it would be completed in
* * *
erty.
;
Mr. A.
J. Leith,
about
a stockholder.
five years."
"The interest due on the first and second mortgages on the " As to the old lease of the Eastern road, the report says
The case was argued before the full bench in June last, but
1st of January and the 1st of February last was paid under
the direction of the court by the receiver from funds in his a decision was not reached until the 3d of this month, when
hands. The interest due on the 1st of July and the 1st of the Court rendered its opinion, affirming the lease in every
August is still in default. Under the terms of your mort- particular, except the 5th article, which they considered incongages, if the interest which became due on the 1st of July is sistent with the Act of 1876, reorganizing the Eastern Railroad
not paid before the Ist of January, the principal of the first Company, and in violation of the rights of the bondholders
they granted an injunction." * *
mortgage (ten million of dollars) will become due, and the and for that reason only
Of the new lease " In the new lease a slight concession has
trustefs for the holders of the first mortgage bonds will
Railroad
:
;
:
in the division of the net
be entitled to possession for purposes of foreclosure. And been made to tlie Eastern
roads, after deducting the 9 per cent on
if the interest which became due on the 1st of August is earnings of the joint
not paid before the 1st of February, 1885, the principal of the our stock, wliich we are to return to our company before paysecond mortgage ($3,833,000) will become due, and the trustees ing any part of the earnings to them. This concession, we
think, is practically unimportant to the interests of this road,
under that mortgage wUl have similar rights."
The financial situation of the company on the 30th of Sep- as we believe that the x-esults to our company will be the same
tember is shown by the balance sheet in which the unfunded as under the old lease. By the third article of the lease, provision is made for the issuing of bonds for the purpose of paydebt of the company on this date is stated to be
|2,181,319
ing for such permanent improvements aa the reconstruction of
The available means of the company for the payment of this
buildings ancJ structures for terminal facihties for freight and
uniutdeddebt wei-e In the hands of the receiver, and inpassengers at Boston and Portland, for increase in track
cluded (in addition to supplies on baud) quick assets as
given in the balance sheet, to the amount of.
458 001 mileage, and in additional rolling stock, made necessary by
Your directors recommend
the requirements of business.
This would leave as the net untonded debt of the company.
that you authorize the issuing of bonds, to be known as imSept. 30. 1884
«1
issued for the above purposes at such
To show approximately what the unfunded dcljt of tlie 723 318 provement bonds,' to be
times as may be needed, or as the directors may think to be
company will be on the 1st of January must be added ten
per cent of the principal of the car trust due April 1st, paymost advantageous to the company, to an amount not exceedment of wMch was extended to October 1st
129 000 ing $1,000,000." * * *
.
'
'
.
'
DECIiMBRR
rusMngors
6,
,
THE CHKONICLR
1884.]
18M-08.
,
oarrloti
e,48fl.70fl
PaRseiiKoi-s iMriled ono luUo
Tons of fri'iv'lit curried
Tons of rirlKlit vairlodonomlle
89.216.481
OIO.UOR
48,73B,777
EAUNI.VnS AND KXPBNSRX.
Earnings from—
Paescngcrs
S-elKht
Mail, express, ^to
Total earnings
198S-8I.
7.034. :(<ii
80,587, :^>iil
Ba«.:i
41987
I'J
r. 1
1882-<>3,
1883 S«
»1,679,003
1,134.873
176,934
»1.704.rJ8
I,03,Vtltll
30i,Vlt
,803
jS'2,9!>1,129
Iti3,001
Operntlug expenses
Taxes
Improveuiouts charged to expenses
$1,840,1 19
ftl.flSli.nni
I16,-7rt7
Total oxiwnsea
Not earnings
$2,070,700
ll.ViOl
106,377
8Ci,242
92,102,.'>i)0
$'0,125
per cent)
5tI0,<K)l)
500,000
$393,'ig7
$27.')72
$395,125
$4,088
Providence & Worcester Railroad.
{For the year ending Sept. 30, 1884.)
EARMNOS AKD
Mail, express,
Ao
Total earnings
Operatiug expenses and taxes
Net earnings
$141,678
$1,153,391,
$1,136,633
6f;7,fi07
27,3i8
855,114
i?69,901
$303,250
INCOME AOCOUKT.
$i66,732
1882-3.
1883-1.
Ketincoine
Dishurscntenta—
Interest ou bonds
Interest on debt
Dividends (d per cent)
$303,250
$266,732
$74,520
16,620
150,000
$74,520
21,848
150,000
Total disbursements
Balance, suriilus
i?241,U0
$62,110
$246,368
$^0,364
Central Railroad of Georgia.
{For the year ending Aug. 31, 1884.)
President Raoul's report says: "The aggregate earnings from
your property have suffered a very large decrease as compared
with the receipts of the previous year, and are less than might
reasonably be assumed as its average earning power. The chief
cause of this is the short yield of cotton in the sections tributary to your roads, and to some extent to increased competition.
But on the lines witliin the State of Georgia the
largest falling off has occurred, and this is in part due to
reductions of rates effected under he operation of the State
Commission law." * * * *
" The gross earnings of the Central and Southwestern railroads 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
4K Pe"" "^snt 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}^ per cent.
"By reference to the table of fixed charges, it wiU 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 companv at the date of the last
annual report was $650,000. 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 $333,389, 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 business 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.
Bayaniinh DivWon
Atlanta l)lvU|.,n
4,
1,I61.«73
t.Odl.alf
793
422 Isi
47''
Ocean
.H:ciani«hlp
Central RR.
087,'oib
Co
ll.V40e
102.098
17.012
273.167
29,7X8
.....••••..„
'"....."
Bank
Total expenses
.
..,-(j
NM rnnungi—
<t
Central KK.
tAJMO
244401
22.m
823,001
100,818
344.309
eTSJllO
137 470
191.493
62 f>77
(10.963
143311
00783
7.208
4^7.918
89.038
8 737
4<i6'980
$2,027,692
$1307^687
:
Bank and Investments
Total net earnings
114!
3i>8'.7<l
2,831,403
Western
<b Eufanla
Kiifaiilai Cl.iytou
O.rean Steam«hio Co
72l!r
3.»S0,11S
Gentnil Kiilln.ad
Savannah DUisiiin
Atlanta Dlvinlon
Southwest Division
I&I,8W
ntCOME ACCOUST.
„
Not, Income
^
.
as above
DisburstmtnU—
Rentals
Interest on bo>ng
interest on cortiScates of indebtednesa.
ainking fund paymeots
Dividends
i8 p.
Total
1882-83.
1883-81.
$2,027,692
$1,807,627
$439,722
551.795
276,000
115,oO0
e.) 600,000
$144,451
563.040
276,000
115,000
(6 p. o.) 450.000
$1,932,517
8ur.45,l75
Balance
Mississippi
1883-4.
$143,015
68«,030
29,289
4,077,907
-
EXI'ENSES.
1S82-3.
Passengcra
Freight
Tot»Ic«mlng»
Montgniuerv
for various additions and improvementsto the property."
tiu.439
Brprntrt
C'Antral Itiiilrnnd
Columbus
Ttie report remarks: "WJiile tiiis company liasexperienced,to
a certain extent, witliotlierstliroughouttlie country, the effects
of the general depression in business, there being a decrease
in the total income of $33,000, yet, in considering the trafMc
of other roads, the showing is favorable. The local passenger
business shows a notable increase over the previous year of 150,000 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 accoimt. To the regular operating expenses of the road there has been charged over $175,000, or
20 per cent of the whole amount of the expenses of the year,
Earningsfrom—
24.217
mK and InvettiiuTOU
tu'ii'
$809,313
124.^.U00
(8
"'
$920,6U9
$8'>,207
Total disbursements
Surplus
I7<I.I70
SSfl.DilO
';'"'
1883-84,
245.0W
l.Ttf.iM
\fii\.»-0
f?'""!-'
1882-93.
Interest
1MM4.
1.MMT7
i,"'"'"'""
Montrfomirv A Kiifimla
KufauUi .h Clayton
Rentals
Kxrimm,
IMata,
,,•^,'"1""
$890,213
iNCOHii Aocotnrr.
Dividends
KAimiRoi AXb
Cm,!""""'"'"';"""
".",
Soiitliwo.i Divlslnii
Co!uini>n» ,V IVoHtcr.i
$9120,669
Ketoainings
Difhursem tnlt—
668
&
$US4F.491
Det. 40,864
Tennessee.
{For the yeir ending Sept. 80, 1884.)
The figures below as compared with last year, show an increase in gross receipts of $32,915, while operating expenses
have increa.sed $33,103, showing a decrease in net receipts of
$10,187.
The
directors' report says:
"We consider the
business of the company the past season
very satisfactory; while the gross receipts are lar^r, the net
receipts show a small decrease, caused mainly by mcrease in
maintenance of way and maintenance of cars. We can congratulate you upon the fact that your road-bed and equipment were never in better condition at any time during tiie
history of the company. We have laid in the track the last
fiscal year 1,515 tons steel rails, or about 17 '4 mUes, at a net
cost to the company, after deducting sale of old rails, of
$43,588, and have contracted for 1.500 tons steel rails, or
at)out 17 miles, to be delivered during the coming winter.
When these rails are placed in track there will then remain
only 34 miles to be provided for during the next two or threeyears to lay the entire line with steel rails of the most
approved pattern."
EARSIHOS ARO EXPENSES.
Eartiingt from—
1882-3.
Passengers
Freight
Mali, express,
$130,981
380,210
10,910
4o
Total earnings
Oi>erating expenses
Neteamlngs
and taxM
1883-4.
$126..540
405,807
12,670
$522,101
283.357
$S45,017
320.431
$238,744
$224,586
IKCOME ACCOUNT.
1882-3.
Net earnings
1883-4.
$238,744
$224,588
$159,000
$158,100
IHshrirsemenlsInterest on bonds
Other interest
Total
Balance
4.372
1.143
$163,372
$75,372
$159,543
$65,044
GENERAL INVESTMENT NEWS.
Boston & Maine— Eastern.—The new
lease of the Eastern
Railroad and its dependencies to the Boston & Jfaine, i»cently entered into by the directors of the two companies, tot
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 Hampshire and Maine. The presidents of the two companies, witn
their respective counsel, met and the lease was finalljr executed. -Ah by its terms the Boston & Maine road takes immediate possession of the leased property, a circular was issued
to the employees of the Eastern Road by Superintendent
Farber.
In opposition to the lease, Jlr. Darius H. Ingraham, of
Portland, tiled a bill in equity in the United States Circuit
Court alleging that he'is a holder of $5,000 of the $18,000,000
certificates of indebtedness of the Eastern issued under the
act of 1870, and claiming that the pending lease would h«Ta
—
THE CHRONICLE.
^>4
In supeffect to nullify that act and invalidxte the security.
port of the bill Colonel Jonas H. French filed an affidavit that
he owns $20,000 of the certificates, &c., &c. No injunction
•was granted, but an order of notice was issued, returnable
requiring the defendants (who are the company and
tlie trustees of the mortgage) to show cause why the execution of the lease should not be enjoined.
January
5,
Bnffiilo New York & Philadelphia.— It is reported that a
proposition is about to be submitted to the stockholders of the
Buflfalo New York & Philadelphia Railroad that the floating
debt shall be paid by disposing of the company's general mortgage bonds, amounting to $1,500,000 (and now in the treasury).
The floating debt amounts to $1,480,000.
—
Canadian Pacific. In regard to the report that an English
syndicate had purchased $10,000,000 of stock of the Canadian
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 syndicate came forward, took up and paid the
collateral.
loan and bought the stock outright at very nearly the present
market price. Tlie transaction was concludod about three
weeks ago. This makes the entire $100,000,000 of stock, as
^5,000,000 had been previously sold, and $35,000,000 is held
by the Canadian Government.
Louisville
&
—
The gross and not eammgs of
and for ifour mouths, in 1884 and
Nashville.
this company for October
1883, were as follows:
—
*
Gross earnings.
1883.
18S4.
$1,060,101 *M24.T7fi
l,2il,l'27
1.117.313
l,S3t,i7!>
],U5.:^G6
.
July
August
«epteraber
-—Xct earning^.^
1884.
$13.5,233
l,2iil,7ll
1.501, ICS
4Si,!)-2
477.(!Sl
302,9i1J
$4,614,407
$5,'2t4,547
$2,013,32i
October
Total4m08
/
—
18S3.
$lS7,7f>0
63l,!)Sl
r)70.74-2
701,303
$-',214,789
Philadelphia & Norfolk. On
Stock Exchange this company's securities were listed as
follows: $1,848,000 first mortgagage gold 6s, interest due in
January and July $1,000,000 income mortgage 6s, interest
due in April and October, and 17,150 shares of the common
New York
the Philadelphia
[Vol.
XXXIX.
Oregon & California.—A meeting of stockholders will be
held at the company's office, Pjitland, Oregon, on Monday^
the 2M inst., for the following purposes:
Til allien' tbe by-laws and increa^ft the iinmbcr of director.'.
1
;'. To
uiliorize tlie directors (with thi eoiicurrmce of a majority of
the biHidlioldcrs) to contract for the c:>iiiplerio:i of the liue a;t(l lo ritii*o
raon y fcu' that purni se, and for the settlement of ihe fl.iatinp debt, bv
the i8,-ue either of bonds or debeutiires seemed by a prior lien, or of
bonis en ated Dy uiiii ^fc ot lUe < xist.iiiR first iimrtKage or by eousolilialioi' of the exi.'itiujj first and tecond mortgages, or otherwise, as the.
i
dirccii rs
may
deteruiiiio.
to f.ive the boridholders votes atelections
tors, not exceedltij^ ten vot» s for eveiv -fl.OOO bond.
4. To iniiease the jireferred stock tn *1 i.OdO 00.
5. To increase the CH'Tinion stoeV to $10.0 'O.'iOO.
3.
of
To authorize the directors
f i
e;
^
6. To authorize the f'ir
neg tiate for the transfer of the property by leaseor sale to the Central Pacific KaiUoad Company.
1
1 >ra
io
Oregon & Trai:s-Continental.—The
& Trans-Continei
tal
directors of the Oregon
until December
Company have extended
the time for leceiving subscriptions from stockholders to
the proposed $10,000,000 loan. It was stated that the subscriptions already leceived will amount to between $4,000,000
and $5,0 !0,000. To me?t the complaints of some of the stockholders that better terms might be offen d to the latest subscribers the directors authorized the announcement that the
terms would be the same to all without regard to the date of
subscriptions. It is understood that the holders of part of the
maturing loan are willing to extend their portion of it on the
terms of the new loan.
15
Pennsylvania Railroad— Pittsbnrg Fort Wayne & Chicago. The litigation as to the issue of guaranteed special stock
to the lessee, for improvements, has beensettltd. and the s-tock
called for is now being issued. ^ meeting of Pittsburg Fort
Wayne & Cliicago stockholders is called, however, for Jan. 10,
1885, to consider the proposed bond plan.
—
Philadf Ipliia & Beading- Central of >'cw Jersey.- The
1 to the Central of New Jersey was not
rent due on Deo.
paid.
At Trenton, N. J., Dec. 1, in the fuit of William B. Dinsmore against the Philadelphia & Reading Railroad Company
et al., Judge Nixon, sitting in the United States Circuit Court,
entered the following order " The Court having reached a
stock.
conclusion in the above case, it is deemed best, in view of the
New York Stock Excliange. Application has been xaaAc large interest which seems to be awaiting the result, that the
to the Stock Exchange by the Louisville & Nashville Railroad decision be announced at once, reserving the right to file an
Company to list $o,000,C00 6 per cent 10-40 adjustment bonds, opinion hereafter. It is the judgment of the Court that the
secured by a mortgage to the Central Trust Company as trus
bill of complaint should be dismis.sed, and it is ordered accordThty are dated October 2, 1884, fall due November 1. ingly." This establishes the validity of the lease to the
tee.
1924, or, at option of company, anytime after November 1, Philadelphia & Reading unless the case is appealed to the
1894, and $1,860,000 have been sold under subscription.
United States Supreme Court.
Application also by the Chicago & Northwestern to list
Pursuant to the foregoing decision the Philadelphia & Read$1,000,000 first mortgage 5 per c^nt bonds of the Ottumwa ing Railroad Company's petition for an order directing the
;
:
—
& St. Paul road, liaving twenty-five years to run.
issued at ih.e rate of $25,000 a mile on sixtj-four miles of
road. The bonds are guaranteed, principal and interest, by
Cedar Falls
the Northwesttrn Company.
Norfolk
& Western. —The statement of earnings and expenses
for October
and for
10
.
Grossearninsa
Expeused
months, in 1883 and 1884, isasfoUows
October
^Jan. 1 to Oc(. 31 10 wio».—
.
,
18*3
18^1
188:^
$28S',i9i
$331,2i'9
$2,'il9.240
$2,3(iS,lbl
727
133,903
],25:.,(!J8
l,'i20,2.5:i
$155,768
$191,306
$963,011
$1,087,847
13-.',
1
S8
1
receivers of the corporation to pay the rental due Dec. 1 to
the New Jersey Central, and authorizing the receivers to rai£&
money by the sale or pled^re of personal assets .and securities,
was referred by Judge Butler to George M. Dallas, Special
Master under the receivership, to take testimony and report
upon the advisability of granting the petition.
Ex-President F. B. Gi.wen of the Philadelphia
Reading
has issued a circular to tbe shareholders, in wl.ich lie says
"At the request of the Board of Manager.-^, I have umtertaken
the task of preparing a plan for the financial re-organization
Reading Railr(-ad Company. I expect
of tlie Philadelphia
to have this plan ready for such action as may be required by
the sharehoUUrs at the annual meeting of the company on
January 12 next."' Ue asks for proxies empowering him to
act for the stockholders on any question that may arise at the
Philadelphia
annual meeting, as well as at the election.
dispatch to the New York Times says of this If Mr. Gowen
receives the support of Jlr. Vanderbilt and liis friends, whicli
there is at present no reason to doubt, he wiil control th&
annual meeting. He will get the proxies of Ids former supporters in this city, not because they iiave confidence in his
judgment as a railroad manager, for that has
been
destroyed by the events of the past two year.^, but
because they believe he is the only man who has
a tliorough knowledge of all the affairs of the company.
The plan of re-organization will not be presented to the annual
meeting as Mr. Gowen's but as tbe jilan of the Board of Managers. Mr. Gowen was employed to draft it. It is not yet
perfected, but it is Icnown to contain a projiosition to reduce,
for a term of years, the dividend on Jersey Central stock to 3or 3I2 per cent per annum. It also contemjilates a disruption
of the combination to restrict coal production. Mr. Gowen
became satisfied that the Reading Company can make much
—
&
:
&
Net earnings
—
Northern Pacific. The gross and net earnings for the
years 18S4-85 and 1883-4 are as below, in net eai-nings, as
shown, rentals and taxes have been deducted
fiscal
>
1.0?2.6i)2
SeiiteiulJOr
October
Total
—At
Gross earnings.
1884.
$1,022,438
July
August
4mo8.
,
18!?3.
$«.'^0,'.!23
1,236,560
1,461,511
1,043,624
1,19^,714
1,397,222
$4,753,111
$1,485,783
Net earnings.
\bS3.
.
1881.
$J29,r81
423,539
$2]6,€0~
,i6!>,853
b91,:<54
4<;0,22i
702.810
711,331
$2,125,983
$1,779,597
Philadelphia, November 21, the Northern Pacitif
directors, at their montlily meeting, decided some important matters, the policy of building the Cascade division and fixing the terminus at Tacoma, on Puget Sourd,
having been agreed upon. Tliere were three routes over tin
Cascade range under survey one by the Natche'z P?ss, one
by the Snow Qualuia Pass, and the third by the Stampede
Pass. Chief Engineer Anderson now made a report favorint
the Stampede Pass, and presented maps of the definite location of the line to tlie board, which were unanimously
accepted. These maps were ordered to be filed in the Inteiioi
Department, and they will mark officially the line of the road.
The public lands on the other routes will at once be
released.
The wliole middle division of the Cascadt
branch was put under contract, and the preliminar^
line will be finished in December, 1885.
Work o the
Eastern division is nearly finished to the mountains, and ilu
line on the western side will be in running order next June.
The line over tlie mountains will be about seventy -five mile.'^
long.
The directors voted to make reports of earnings
monthly hereafter instead of weekly.
—
i
Ohio Centrjl.— At Columbus, O., Dec. 3, Judge Baxter, of
the United States Circuit Court, granted a decree of foreclosure in the case of the Central Trust Company, of New
York, against the Central Ohio Coal C )mpuijy and J. ii.
Mavtin, leceiver, and J. E. Neil, trustee of the Ohio Central
JJaiiroad
Company.
A
:
more money by avoiding all combination and by mining and
which it can find a market. J'urther,
selling all tlie coal for
the re-organizatiou plan is said to provide that the atfars of
the companj' shall be conducted under the stifjervision of a
committee of stockholders and bondholders. When finished,
this plan will be submitted to the Board of Managers and it
may be amended before it is presented to the stockholders, or
it may be rejected altogether, but the latter contingency is
not likely, as the present board is practically tlie old board,
which always approved whatever Mr. Gowen asked it toapprove. If there is any organized opposition lo Mr. Gowen
in his hunt for proxies it has not become ai)paiei)t."
The result of tlie joint operations of the Pluladelphia
Reading Railroad and tjoal & Iron Company in the month ot
October (including Central of New Jersey Raiiroad, leased),,
was a decrease 01 $734,803 in gross earnings and a decrease
of 5(08,000 in net, compared witli Octobtr, 1883. For five
—
&
fOCBJIBER
inontliH
THE CHRONICLE.
0, 1884.)
from June
a
Jj2.!tri»,0()l,nml
tliero wnan decrease iti uroeit enrnitiff'* of
tleercjiso in net of 1,870,1»4, i-ompared with
Oron SteHpIt
\«**.
mn3.
.
J'l'ie
yn
.
$I,3M),2>1
4.201,170
Aiimm
ft,'J47.7.i.'>
•l,4lr<.mo
0.104, i;i7
Septeuilier
4,4,'Sl,On9
6,104,411
»STO.lll
»1.237.J
4,07i),lC3
Ci,405.0'23
Totiilforr. 11108. $21, P02,>7(1
$21,7^1,637
$0,700,248
1884, is as follows
Iross enriiiUKS
•OjJcriltliijLr expeust^A
A,U1 baluuce
imlii
$500,460
on account Corlyoii accldcut. .'.'.
$200,2*<2
.
"l 3,'^t2
.
30.1,485
-
Nof carulngs
$205,630
—
JtllllCt
"[[
Now
York
& 6swe)r.>'Miaiana
S'i'',221
31. US
]][
l,2ri—
fixed charges
ii'iiirlcr iiliovp
D7.H66
$107,763
eiitere<l.
.
1883.
$s>:j.(-83
1«81.
$6;!3,827
91,957
61,323
,i^71^773
311,407
549.404
Exjienses
Net
$20, 'US
e:iinii:p»
$32,356
l^it».
$124,419
Tonawanda Valley & Cnba.—In the suit
itan Trust Company for tlie foreclosure of
$163,368
of the Metropol-
hii*
1881.
Sor. 1.
Pdrk
Beof
bids.
tc».
and
robiicco. domiwtio
Tobooco, foreign
Coffee, Ulo
l"<)ff(!c,
other
CotTee, Java, iia
5,
:
,
,,„
m,.! „i^,,l
332
tes.
ll,'!49
blids.
bales.
22.431
SJ,963
bags.
14(..614
biiirs.
67.372
lO.Ot*
7x*m
33ft
10.393
4't.l'03
3i>,**0i
218,010
77.1(0
82.730
38.13P
203.721
4^.040
18.724
31.871
l,23.t.tXKI
S70..^0;»
bhtts.
Nirae.
None.
hhds.
u.on
None.
3,1^ 3
2.00O
M(du88«e, doiueatlo
No.
bale*.
6»,<i3<4
bbla
18..^73
191.1.
l-'>.33»
l;'.34l
1.4.'-5
1,313
bid*.
bbls.
Unsocil
bbU.
1.570
74S
11.300
2.310
None.
4. SOI
tcs.
1 -.000
02.100
None.
13,i)«>0
5.;.il<W
«!.3J1
2:..»oo
35.7 5
was
1P3.927
4I.06S
4.127
829
4.^00
2.300
Nl Df,
12.000
52.000
13.532
12,«00
liugs.
in iara futures
15:'.3ro
1..520
bales.
balett.
lmle<i.
Stnal h(!liip
.^OfO
bags.
and
bags.
Baltiwtre
Iwif butts
tTauiln heinp
2.101
J.8H3
1.860
183.100
bbl*.
Cotton
the mortgage on
3,«30
106
17,481
22.30a
43.5O0
None.
P32,iOO
iridos
The S|>eculatioii
70,«tt7
IRttS.
Aor.l.
bozea.
ba(n, Ac.
Mola-tses, foreign
Rice, doniestlo
18D4.
Pt€.l.
3, --HO
bills.
ninta.
hlids.
Biigar
Suirar
5"Kttr
.
1834.
$7ti,io3
'I'here
Dw.
t!
.,
Shenandoah Valley.—The gross .and net earnings for Octo- Rosin
ber and for ten months were as follows:
Spirits tiirpentlue
Tar
'^elober.
^10 mo». lo Oct. 31
Rico, E. I
Oros' can-lngs
i.f
ures have Ih-pii alrearly inken to provide a gential
tmt.ktnpt
law and to stop the «xce»t.ive coinage of liUer; but with how
nuich pro.ipcct of mu'cihh in either c»»e we shall h»ra to leave
to the future to determine.
The following is a statement of the Rt<icks of Iea<ling articles
of dome&tic and foreign merfhandiwe at dateii gi v en
MHado
lVallroa<i
Ctiiiiniuy cli.^rgcil to iirolltaml loss
Net iucoms for
whieh wo have
Urd
:
I'ltorMt.
Toxcj"
Olil claim
I'llIDAY NitlllT,
.
reitumption of work tv iron-rolliii.- nn..
fiiclurtng and mining generally t
working short time, or slopping
The r.gular Kesgion of Congrrsi began on iloi,<Ji.y.
1 1
Borne Watertown & O^rdenshnrp.— The report to the New
York Stnte Commissionerii for the three months ended Senteni3t).
U(K)n
$i3,088,(oj
Rochester & PiUsbiirfr.— The re-orRanization jdan submitted
to tlie stockholders of the Eoidieater & PittslmrK Railroa.l
('otnpany has fallen through. Mr. Walston H. Brown stated
that only 8a,8.')0 shares of the retjuisite 50,000 shares had signified acquieseeiice iu the proposed plan.
,
Buoino*! partake* of the eharnrtir
I,R4n.lM
2 o ,:tio
The earnings of the Central of New Jersey were Beparat"Iy
stated until June, 188 1, and the coinparntiv.' statenioiit of
KToss and netearniiifcsof l)oth companiHS from l)ei;. 1 lo May
31 was published in tlie Chronui.k of July 5, on p. 2-i.
ber
_
l.'iO
ir
2,'in2.."i?H
1,21l,4!lll
'iijnnes.
COMMERCIAL EPITOME.
Rfftipit.-
l,ll2-',>fll
1. 302,1,->,'
I,»4.3,.'lin
OitobtT
'£ht Canimciciiil
I8«i:i.
9n.J.|-2,121
July
«55
1
r
1
2:'.740
and buoyant earij
tlie Tonawanda Valley & Cuba Railway Company, Judge Donin the week, but under a selling movement mo^t of theadvarce
ohue has appointed Bird W. Spencer receiver of the mort- has been lost and the close to-day is with buyers at 7 0(8c. for
gag.d property. Receiver Spencer, who was until recently December, 708c. for January. TiZc. for February and ;'26c
Treasurer of the Erie Railway Company, has given a bond for for March. S(>ot lard at a decline was nuito active to-dar;
$'Jo,0<X), with Hugh J. Jewett as his surety.
prime city at Tc, prime Western 7-10@ 7 ihc, and refined for
the Continent 7-40@7-45c. Pork is dull at fl3 for mesa.
Texas Trunk.— Tliis road is advertised to be sold by the Bacon and
cut meats are freely offered at the recent decline,
Unitea States Marshal for the Northern D, strict of Te.xas, at
and pick le<i bellies are ac ive at 0!^(a7c.. as to weight. Beef
Dallas. Texas. January 20 next, to satisfy a mortgage made to
is dull and betf hams have declined tof 19. Tallow closes taon
tlie International Trust Company.
The order of sale was active at
^}i®&^^c. Butter, after improving a little, cloees
issued by the United States Court under date of November 17.
The road was sold under foreclosure about a year ago.—iiai/- dull; creamery, 20(331c. Cheese firm but quiet; State factorr
9@13?.
road Gazttte.
Union PaciHc— The gross and net earnings for October and
for ten months were as follows
:
-Oelober.fJroas enrnliiga.
Op. expenses
Net
earuinjf.s..
.
.
-s
/— /aiiii'irul f9 0e/(/fte;'31.—
ISSI.
$2.'i"1.746
1,177,039
18S3.
1881.
183:5.
$-»,9l-<,05R
$21,032,^09
11.714,733
$73,787,(^39
1,174,043
$1,H4.G77
$1,174,013
$'J.317,.'>:6
$11,030,139
A
Union Pacific— St. Joseph & Western.
12.137,419
correspondent
asks the Boston Transcript
C.nn .vi'ulft me Ifniivv tlironj-li the financial colHiiina of vour paper wliv
the Ui inr rjKillr- Kivilroad siill (ler-ists in ifeei.iiiit the liiiiirllinliicrsiif
lUeSt. Jiisepli At We-t Til KB:lio^i<l out of ilielr iiiieiesr f It iakiinwii
tint the road Oiiriis nioiieT euongb lo n.iy all oliaij:'''. Is it im'slble
that uiidev the I>re?cntinaiiaKeiiieiit, as with its pre !oce«.'!i>r, ills done to
defraud such holders J
The Boston Trariscript
replies as follows
"The Union PaRailroad C'ompany does not consider itself responsible for
tlie 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
Tlieie are i)roceedings for foreclo.sure of the mortgage in
progress, and meanwhile theie is. by agreement, a dual management, representing the majority and minority, in control.
Charles Francis Adams, .Ir., represents one interest and Mr.
Benedict, of New York, the other intere.4t. and neither acts
w-ithout the conent of the other. The road is doing well, and
has some *20i),0«)0 or ^300,000 in the trfasury. It was propo-ed atone time to p.ay a past due coupon, but counsel advised against it pending foreclosure proceedings. What the
outcome will be nobody knows, but a re-o'-ganization with or
:
<'iric
without fjreclosure
is
probable.
The
more than anybody
U
ion
Pacific
li>ses
&
else by the failure of the St. Joseph
W'estern to pay interest, which would seem sufficient answer
to the correspondent's last inijuiry."
—The attention of
act! ve
Brazil coffees have been dull, and fair cargoes of Rio hare
returned to9?.ic., leading at theclrso tomoresclivity. Options
have been dull and weak but close stf ad ier. w:th "bu vers at
S-l.jc. for December. 8'2.")C. for January. S-3.")c. for Fe'brusry
and 8-45c. for March. Mild coffees piso close more active. R^w
sugars have further declined, but ai the reduction there is a
considerable increase in the volume of business, thesales to-day
embracing 1.800 hhds. New Orleans at 4 .5-ll!@4?8C. Fair to
good refining Cuba quoted at Au(<^^J»<i- R-fine<i sugars have
been rather quiet, and are for the moment somewhat uui«It!ed.
Teas remain without features of interest.
Kentucky tobacco coniinues very quiet and prices are for the
most p:irt nominal; holders are firm, but there is littledemand.
.Seedlraf is also dull, and prices are barely sustained, but in
the past week the Eahs include 100 casfs crop l>>-8, Pennsylvania, p.t.. 150 cases crop 1!;82, do., 4',^@ I'i^ic: 120 caaeg crop
1881, do., .Villc; 100 cases crop P?88, Wisconsin H-ivana,
17@3.ic.; 120 cases crop 1883. New Enjiland. 13(«;i"ic.. and 100
cases sundries, 3@28c.; also ;:00 bales Havana, 80c (g$l l.'iand
200 bales Sumatra, $1 30r»)l(l 60.
Petroleum has been active for spccuiation, and prices have
generally shown an improvement on the figures quoted in our
but to-day, under speculative nianipulati,.?, there was a
List
sharp decline, openii g at 78of7S^jC., dropping to 71,"gC.. and
closing at 72is'i^~-'4'"-' with very large trans.tctii>ns. R>-Hned
in bbls. advanced to 75^0.. but this figure is an extrrme at th«
Naval stores have been dull and depre8!<M. cloantK
close.
nearly nominal at 31!^@31^4C. for spirits turpentine and
$1 20^lj!l 25 for common and strained rosir^
O the Metal Exchange the sfieculation has been slnMMi,
but t'i day jiii.' iron was steady, hi'ls ranging fr m iJIiVn«10tg.
Willi lJil7".,'f(I$17^aRke<l. Tin wa^quiei bot lirnier, >-)m;1 t'li-.>iiig
;
1
lO-l.Vnlfi^^''.: futures, 16 20;.<Jl«-4'>.
at
:ft 47;-2(<«f4 571-^.
Copper dull
at
'!'
•'
•
-i >v
-
11
Lead steady at 3?8@3'80c. for domestic,
Spelter nominal; 4 4Sc. asked for domcsUc
in.
and foreign 4'7o^
i
4-90C.
investors
directed to the advertisement
of Cliicago Milwauke
St. Paul
per cent terminal mortgage gold bonds offered by Messrs. Blake Bros.
Co. at 9J
«x-January coupon. These bonds are a direct obligation of
the company, taking precedence of its stock, and secured by
mortgage on valuable railroad and terminal property.
The Chicago Rock Island
Pacific Railroad Company
offers 11,500,000 of its new 5 per cent bonds secured by mortjtage on its ext 'nsion?. Sealed propo<alti will be received till
Ocean freights are in some cases cheaper, owing to a belter
supply of available room. S: ill there U no marked excves ia
this p.irticular, and a brief period of brisk shipments would
pretty fully take it up. To-day to l,iverj)0<.l. wheat waa
shipped at 6d. cotton at 7-33J. and flour in sacks nt SO'. To
London and Antwerp, wheat O-^d. To Glasgow, flour ^Ma.
Urain charters have been doa*
Od.. and to Bristol, cheese 40s.
at 5s. to Marseilles and to cork for ordeis. and i>etroleuiit
charters have been at 2s. 2d. to .Antwerp: tb. 3J. lo Oporto,
Dec.
2j. 6d. to
is
&
.">
&
—
&
20.
;
Hamburg, and
19c. (per case) (o
Csl.utta.
THE CHKONICLE.
f556
COTTON.
Feiday, p. M., December 5. 1884.
The Movement of the Ckop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening (Bee. 5), the total receipts have reached 276,300
bales, against 384,692 bales last week, 358,774 bales the previous
369.114 bales tlu-ee weeks since; making the total
receipts since the 1st of September, 1884, 3,781,751 bales, against
2,685,768 bales for the same period of 1883, showing sn
increase since September 1, 1884, of 95,983 bales.
week and
Seceiptsat—
Hon.
Sal.
Galveston
4,036
Tiies.
6,49:
Wed.
3,615
Thiirs.
2,592
3,656
Brunsw'b, &c.
...
6,511
Charleston
Pt. Boyal, &o.
Wilmington
Moreh'd C.,&c
Norfolk
WestPoint.&o
New York
4,000
37
759
3,061
531
5,458 10,S23
3,300
240
2,270
424 1,092
3,746
706
3,500
5,975
4,785
508
726
235
482
On Shipboard,
Dec.
Galvostou
Noifolk
377
3.000
3
23818
337
4.086
1.289
38.190
16,847
3,455
884
4,213
],064
1,064
40
1,109
41,384
7,500
Mobile
Charleston
Savannah
377
Oreat
Other
France. Foreign
Britain.
New Orleans
24,132
34,038
None.
2,000
None.
16O0O
8,500
12.940
1,178
1,700
5.000
None.
None.
None.
146,790
37.216
117,012
162,229
44,229
40,549
53,76i!
New York
Other ports
1884.
Tot.al
not cleared-for
Leavin
AT—
5,
Total.
1,289
7,013
4,436
13.547
117
35
605
We
3.676
944
579
567
In addition to above exports, our telegrams to-night also give^
us the following amounts of cotton on shipboard, not cleared,
At the ports named.
add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale
& Lambert, 89 Broad Street.
Frl
416
416
ludianola, &c.
New Orleans... 20,651 18,244 11.671 10,363 15,966 25,748 102.646
3,396 2,%IQ 2,226 2,865
1,434 14,731
Mobile
1,954
4,789
3,569
Florida
1,220
4,94S
6.634
Savannah
5,674 6,429 4,909 5,910 34.501
XXXrx.
[Vol.
Total 1883
Total 1882
I
I
I
OOttStr
Stock.
Total
wise.
2.112
3,000
3,000
4.100
4,721
1.419
14,395
None.
12,000
29,000
7,879
7.659
2,100
2,000
None.
None.
91,929
10,500
33,000
41,600
26,718
62.844
3,800
7,000
75,033
18,352
277,391
30.634
65.763
15,160
22.300
207,035
290.841
201,884
19,034
51,070
72,841
39,300
36,099
133,669
71,019
627,866
831,127
521,287
I
I
The speculation in cotton for future delivery at tliis market
week has been more active, attended at times with
considerable excitement, and prices have rapidly advanced,
especially for the early months. January options were the
special object of attention, a heavy short interest having gradually accumulated, and, through manipulation, an active de-
the past
mand
to cover
contracts
having been stimulated; in
on Wednesday the possibility of a "corner" on that month
began to be noted and discussed, and the early dealings on
Totals this week 52,543| 51.576 31,792 31.483; 36.5731 69.328 276,300
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.l, 1884, and the stock to-night,
On Thursday, January and February closed at
and the same items for the corresponding periods of last year of strength.
the same figures, but the most important advance was in Dettock.
1884.
1883.
cember options, which came well up to January. This mornJieeeipls to
This
Since Sep
-Since Sep.
This
1883.
1884.
December 5.
ing there was a very in-egular opening, the early months showWeek. 1, 1884.
Week.
1, 1883.
ing a decline and the later an advance; afterwards there was
Baltimore
PUladelp'a, &c.
915
Galveston ...
Ind'nola,&c
24,132
New Orleans.
102,646
14,731
4,789
34,501
MobUe
Florida
Savannah
416
377
Br'8w'k,&c.
Charleston...
23.818
337
Pt.Royal.&c
Wilmington..
M'headC.,&c
Norfolk
W.Poiut,&c.
New York...
Boston
Baltimore
4,080
1,289
38,490
16,347
3,455
4,213
1,064
1,109
. .
Phlladel'a,&c
320,951
8.388
771,825
121,894
33,597
504,251
7,864
369,076
31,299
,555
275
69,666
5,623
330,734
176 325
11,032
35,891
5,787
35,588
12,843
8,914
9.229
1,496
11,583
428
106
1
22
13
119
374,898
7,073
782,092
151.356
19,872
448,794
6,253
289.590
6,160
67,699
7,920
336,096
122,915
18,932
37,797
2,735
5,586
216
86,315
19.711
2.370
30,907
119
20,695
6S2
66.018
199
293,813
29,584
9,717
114,441
107,081
84,070
195
21,703
32,151
1.285
21,193
98.943
13,643
137.469
6,310
21,963
7,289
70,633
134
344.945
53.493
2,073
107,115
212,932
6,135
19,687
12 305
fact,
was very unsettled; a deand the clof e 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 sympathized with the upward turn of early futures. There was
an advance of l-16c. on Tuesday and again on Wednesday,
and of 3-16o. on Thursday. To-day there was more doing and
more general
the close wa-s firm; middling uplands, lOJ^c.
The total sales for forward delivery for the week are 740,000
For immediate delivery the total sales foot up this week
bales.
2,539 bales, including 12 for export, 2,427 for consumption,
in transit. Of the above, 850 bales
100 for speculation and
were to arrive. The following are the official quotations for
each day of the past week.
—
29
J\'oi).
276.300 2,781,751 26.5,484 2,685.768
Total
905.357 1,041,162
In order that comparison may be made with other years, we
give below the totals at leading ports for six seasons.
Eeeetpts
at—
1884.
Galve.sfn,&c.
Orleans.
24,548
102,646
New
Mobile
14,731
34,501
24,155
5,375
55,337
15,007
Savannah
&c
Charl'sfn.
Wilm'gt'n.&o
Norfolk, &o..
All others....
Tot, this
Wk.
Since Sept.
1883.
276,300
31,515
86,315
19,711
30,907
20,970
6,409
48,431
21,166
265,484
1882.
1880.
1881.
26,206
68,871
11,333
34,039
30,334
24,332
60,554
17,759
31,389
24,258
10,068
37,926
29,508
6.137
49,368
19,869
247,017
238,844
1879.
26,413
59,161
16,818
40.885
29,727
7,360
17,452
21,954
61.854
2),689
32,513
25,510
15,321
243,137
234,870
2731.751 2685,768 2089,354 25e4.058:2781.194 2586.011
Galveston Includes ludianola; Charleston includes Port Eoyal &c
Wilmington includes Morehead City, &c.; Norfolk includes West Point.&c!
The exports for the week ending this evening reach a total
of 249,100 bales, of which 139,917 were to Great Britain, 83,576
to France and 85,607 to the rest of the Continent, while the
Stocks as made up this evening are now 905,357 bales. Below
are the exports for the week and since September 1, 1884.
1.
Week Endiii^ Dec.
ETported to—
ExporU
from—
Great
BrtVn.
Galveston
New Orleans
Mobile
Florida
Savannah
978
43,546
?,262
^
28,003
14,325
...
Wilmington.
Norfolk+
60
!,050
Great
Conti-
nent.
Weeh.
Britain.
nent.
Total.
38,187
149,806
123.971
2,825
9,22S
38,747 104,565
83,319
229,056
26,588
16.506
8,853
11,012J
Boston
Baltimore
FhUadelp'a,&c
2,838
5,141
5,fi0li
8,274
. .
Total
1,000
62,641
86,004
33,781
4,700
87,434
29,074
8.853
1S,489
132,814
173,156
5,C01
43,036
60.686
25,208
9,274
1,078
1,978
129,017
33,576, 85,607 £49,100
Totall883.... 117,400
1
• Includes exports
30,467i 28.081 171,038
from Port Royal, Ac.
t Includes exports from West Point, &c.
Sat.
83,„
8H
8iiu
H»«
8»R
97,„
9',8
9'fl
Str. G'd Ord 9'3l« 913i« 9''r
Low Mi dd'.!? 101 18 101,6 1018
Str.LVMid 10>4 lOil 10°|„
MiddliiiK... 107i6 10V,fi 101«
Good Mid lOOs 105, loiiie
Ordin'y ^5)
Strict ord..
Good Ord..
S^ifl
.
Str.G'dMidl0i3iB 1013u 10T«
Midd'gFairll3]e 113,, IIM
llliSi« 1113i« 11''8
Fair
Wed
Ordin'y W(i
Strict Ord..
Good Ord..
86,
8%
8i5,e'
1
9%
90,8
Str. G'd Ord 9io,„ lOig
LowMidd'g 103,6 10%
Str.L'w Mid: 1(38
10»,o
Middling... 110»i6 10%
-
8'?,6
87,
H^R
9"ie 9>'ie 9%
101,6 101,6 lOig
1C«16 100,6 10%
10>«
lOio
10«|„
lOiiie 1011,6 10%
1016,6
lO'^n
10'r
ll'ie ll'l6 lllR
llhi^ 117,6 111«
121,6 121,6 12i«
H'^R
S'-s
R9,6
8iEi,
9Si
9
834
93,6
913,.
!103ip.
10%
3,295
81s
8"'i«
S»t.
ITIon
S'lB
3 '1,1
HVfl
S-'r
911,6
101,6
10b,6
IOI9
1011,6
lU''fl
ll'l«
ll-'u
121,6
91'lf)
101,6
109,8
lOiiie
10%
10
1011.18
lllfl
ll'lR
U'lR III9
121,6
8%
83,6
8%
93,6
9
93,6
10
10%
10%
10%
10%
103,6
101,6
u
STAINED.
Mon Tnes
Sat.
^ lb.
Low MiddUng
Middling
713,6
81s
95,6
915,6
713,6
8Hi
9d,6
9l5i„
'Wed Th.
7 '8
8" 16
71B,6
8ifl
8%
813,6
93i>
9116
10
12%
Frl.
8H
93l8
10
913lf 10
im
Good Ordinary
9%
loie
1019
Th.
10
8I3
S'5l8
10%
Wed
Frl.
Tnes
lOi.,6
lO^s
il07,e 105n
101316
109,6 lie's ;1013i6 1013,6 1(.%
10% 10l3,alll
11
10I3u
;ii3,6 113i6 11
113,6
Good Mid.. 10% lOiSielOiSiglil
nils 1113,6 11% 11% llSie 11%
Str. G'd Mid lOlSje
Mldd'g Fair 116,0 Ilia ill^ 119|« 11% 11% |11»10 11%
lllBi6'12Jfl lli^e '123j« 12%
12% Il23,6 12%
Fair
I
495,40!)
Mon Tue8
TU,
lOis
TEXAS.
ORLEANS.
j
Wed
xt. Frl.
8i2
NEW
Sat.
MARKET AND
Total
4,70o!
York...
1884.
Conti-
3,295
Charleston*.
New
5,6S5
From Sept. 1, 1884. to Dec. 5,
Exports to-
5.
UPLANDS.
Mon Tues
to
Dec. 5.
fi,9S6
37,227
29,113
strength, but the tone
cline followed,
9%
lOhe lOH
10%
lOOg
1013,8
11
113l6
11%
11%
12%
Frl.
8%
81318
9%
lOH
SALES.
The total sales and future deliveries each day during the
v^eek are indicated in the following statement. For the convenience of the reader we also add a column which shows at a
glance how the market closed on same days.
SALES OF SPOT AND TRANSIT.
7,971
12,662
18.433
3,050
962,413 161,242
776,355 194,710
129.C83
86,798
4,834
6,806
76.983
233,041
186,893
84,008
228
43,262
88,840
25,005
2,658
188,520
267,572
27,666
SPOT MARKET
CLOSED.
Sat.. Quiet
Mon Quiet
Tues Steady at
.
Ijf
adv
Wed Firm at 1,6 adv..
Thurs Q't & st'y, 3,6 ad
Firm
Frl
.
Ex-
OonI
port.
....
....!
....i
....I
....i
12
Spec- Tran-
sump uVVn
286
298
451
516
172
701
sit.
DelivTotal.
100
236
298
451
516
272
716
Sales.
eries.
72,600
113.900
110.900
140,100
167.100
135,100
3,300
2,500
2.539 740,000
7,700
500
300
600
500
518,914 1,612,569
Total.
12 2,4271
100
430,111 1,410,176
The
daily deliveries given above are actually
previous to that on which they are reported.
dellvnred
the day
Decembes
THE CHRONICLR
XHM.i
6,
The Sales axd Prices or Fctcrbs are shown by the following coinpreliuii-sivu table. In the statement will bo fouml tho
daily niarketj the prices of sales for each month each day, and
the olosinjc bids, in addition to the daily and total
The Visible Suvplt of Cottojt to-night, m made np by Mbto
m
and
t<^'li-gritph, is as folIowH.
The Ontincntal stocks, a* wall
those for Ureat Bntaln and tho afloat, are this week's ratama,
and consequently all
to Thursday evening.
flgtiree for
m
657
European flffares are brooght down
But to make the totala th« oomplet*
to-night (Doc. .5), we ndd the item of ezporta from
thi;
the United Statet>, including in
fill
§8:
U
stock at
verpool
Stock at London
bales.
Total Oreat Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock lit Antwerp
Stock lit Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
^ MM ^
OO !^
5 oo
9? ? oo
cj'i
2 •w 2 C003 2
03K>
OCM 2 MM
o-.w
COS
»» «*•;
a«:
— ©M MMaoM l-'Mgol-'
OOoO OOoO MOOoO
OCo« OOaO OOOO
,-M
CO ^
»
it
the extmrts of Frioay only.
IMRS.
1893.
429,000
44,000
5110,000
U 1,000
51.^.000
75.200
85,200
472.000
3,300
32,100
40,000
551,000
2,000
51,200
46,000
610,200
13.000
48,400
10,000
9,000
590,200
3,600
21,000
0,000
l.OUO
1,800
138,000
2,500
23,000
9.200
7,500
293,800
222,.'S0O
222,270
18'44.
.
800
J,.'i00
1,600
4,100
127,000
6,000
41,000
140,000
5,000
32,000
0,000
6,000
Total Continental stocks
269,700
8,nor>
1881.
SO.%.000
aso
2.090
120,000
3,.'H)0
16,200
3,800
4,600
cjtcit
OKI
r-,?'
ato
8
•»
''
I
§
till-,:
*<
I
*<
cJ<ao»
10
2
o_,^
Om
#»rfkOw
COM'^M
99
«'*»
OO
1^
M4i.
2
ciuiOii
O
MM ^
oo
!?
99
dti
ojw
2
o«u">
9).m:
Total Euroi)ean stocks
fndia cotton afloat for Europe.
741,700
84fi,800
5»,000
77,000
Amer'n cott'n afloat for Eur pe 726,000 4.il,000
EKypt,l}ra7.1I,.fec.,aflt for E'r'pe
62.000
72,000
Stock In United States ports .. 905.357 1,041,182
Stock In U. 8. interior towns.. 292.346
311,697
United States exports to-day.
27.000
25,030
I
<C(9
MM >
99 <
<t<i
*<
I
5
2
<
2
tSMpt-><
,-*Mej3~
Total visible supply
2,813,€03 2,857.659 2.636,003 2, 669,314
Of the above, the totals of American and other descriptions are as follows:
I
(-••-esM
ooo9
a-jOa
h3
^
M--
CO
5
ob-j
2
99
Qb<l
MM ^ MM
00 5 99
Cnid
ebw
OO
-5
oci 2
OCSco^
2
I
I
6ob
2
QCOD
MCJ»CO
99
oo:
mModM
&od:
OO
00 -J
I
I
o«
;^
-'
OCO
1
I
"^
I
Total East India,
Total American
00
0<*J
OS
I
f''
•?
99 5
2 obob 2
2
gg S Ota
tojo
etc:
»<»:
«.-^:
MMqM .MjjM mm w
OOoO
ooo9
'T'Tg'T -for ^Tf
MtiOr o6o6 od^o ttJccO'i- cr o o
t*^0
WX M cos ro 0>03 M CC"- CO
to
I
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**
si.-j:
I
I
I
I
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i
u wOii
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M
I
Ki?=
I
0:0
QO
f
3
WU
.
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«-•«•
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to
i-fWOi-j
(.^h^Cm
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6606
C0(n
iu
WM CO
':'f
<
rr
tsto
^^
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fOtv
t
U09
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vtf^
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**
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-I
a
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en
MM > Ml|>
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I
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:
I
I
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frc*:'
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>
I
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"
e
MMoM
I
r-ro'T
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M-1
O to
CO
I
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•*
I
^roT
(StoOi^S
I
«:
I
I:
:
I
^
^
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»!-» -tgHT
?•::::
ESrx ^203.
3r» » =
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Sas. r.
I
= » a- »
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•
:
;
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VlCCOODOOS^
CO •-
*k to
•'J
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00
to
tfl
I--
I
I:
I
I
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I
I
?
I
li
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I:
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.
i.:
C.
.
*M oo"^ '*••
MX^
H-
w <p i? "x p M C oplfc
MM
§13
to
«..
v'^iO'^x'^iioax totiKjxxrf^ioVioxti'^iO't-x— (cC'W-'ixxM^-q^w
MS'
MOa»oi**c-Otox^ir-c-.»cocxi*»'--iiyi
^Oi^y*^
C ox *• to
C*.
ifc'ro
to
QD x'jJ to
MK Oiwci^wcfl
W% COloOS » M^ M
fir
M*.h-i. wtcoicx-iMC'M*4c»jocoycs
ST
M to at to M
CC b O C: Q0>>
o* X ci X
M
5
I
g
5c
M X M U> <iOV (O
I
14:
:
ro A (C M to
wxot^rx v-'x
<l
C:i^j>-.tfi.p^-CC;jeCtO
UiOSWMW
COCOiCCa^ MOT b*M'
IDrf-Ct
V*ICO'^1MtOMtOif>i>CO<
OUaiCD»0OMC0
utxoc3WX'toc-^:o:'i«»OC>3Ci:«pxcoo«
:;« «-<
l«:
:
^'1
*JWrf»0**rf-M
I
:
to
aoojui^*ato
li
:
Wl0C3C0r-|0lCC»W
c: v.
tCODOS— OD^CO
a X w oi K. ci CO
c»:
l«:
I:
.-=.rt
I
S
I:
3
3
CC
:
>
l«:
E.
to
I
l«:
I
toto
toco
;
I
^
<1
I
?
r'l
ccto
010
I
:
I
ucn
MM ^
"
t-t'^T.
—
Mh^-O^
QU
MM >
,^«^
:
I
114,000
35,200
124.270
86,000
37,000
4*^8.800
470.700
5S9.700
396.470
2.342,9ii3 2.368,8.59 2,016,303 2,272,814
Interior
M-OM
IS to
248.000
73.200
112.500
96.000
58,000
**
«
MMaM
»CC0Otg
158,000
51,000
90,S03
77,000
72,000
week and
-;
to 10
870,247
ll.lCO
2,312,903 2.368,859 2,016.303 2.272,844
173,000
44,000
127,700
59,000
62,000
&0
1 ,020.497
—
<)
I
dw:
L'S.OOO
Towns the movement that is the receipts
since Sept. 1, the shipments for the week, and
the stocks to-night, and the same items for the corresponding
period of 1833 is set out in detail in the following statement.
for the
©,^:
1
"§ =mSm
O
2
^
»cv;0
I
I
M.-0*-
'TTo^r
341.697
27,0OJ
Itg^ The imports into Continental ports this week have been
57,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 44.0.56 bales aa compared with the same date of
1883, an increase of 177,600 bales as compared with the corresponding date of 1882 and an increase of 114,289 bales as
compared with 1881
At THE
00
000
2i>'-',546
391,000
98.000
382.000
I
-i-)0-i
ccg o
COKl
> M
f T 5 '^
ft ? ^9 ^ 99
coob
,
267.000
110,000
55i.0OO
812.124
256,975
42,200
Total visible supply
2,313.603 2,857.659 2,636,003 2,669.314
PriceMld.Upl., Liverpool....
Si'ied.
d^bd.
5>5nd.
6»i8d.
1
1
I
—
302.000
205.000
7^20.000
4M.000
90.5,357 1,041. 1<!2
Egypt, Brazil, d^c, afloat
"'
I
250.000
142,000
bales
Europe...
Total American
Host Indian, Brazil, de.
Liverpool stock
London stock
Continental stocks
tndla afloat for Europe
Scs:
»«:
M — 03'-'
OOo© OOoO
*j^Oo doOo)
»»:
afloat for
United States stock
United States Interior stocks..
United States exports to-day..
tOOto""
I
I
Amerlcau
MM ^ -M ^
00 5 99 •?
<
1
I
Liverpool stock
Continental stocks
coo — •»
MqM
ro9 OOpO
9o9 ooo9
6o«
oc«0:o
re 3
o u tOOD 10
a»
oe * OCJ, CO
MM >
MM > 00
oo
00
-9 ?
IJ
5
OS) 2
tOX 2 ccx 2 ob-j 2 ~l-4 2
MOD
0*§§m5
6m:
au:
«X.'
Sen:
95":
s»<:
"•JM MM.jM '''-'Oi'-'
MMqo'' Mm>.m
McM mMqM 99o9 roSo COoO
ooSo
c66ot5
aoobO-i
1
Amenean—
Oi
OOoO
9929
y » O" C^OtO
oaOa
'
2
OJ-4
a<i
1^
«»:
1
d'j
OP
<
2
2
MeiM" OS^k"
»»•:
c>a>:
sw;
M — oM MMiaM
OOc
oogo
99o9
-i-jo^)
cc 00 O
M'O)
« "* o
MM ^ MM ^
00
99
? 00 5
5
9
I
812,700 762,470
96,000
86,000
558,000 382,000
5^,000
37,000
812.128 1,020,497
256,975
370,'i47
42,200
11,100
to
I
0^10 MM to
QD*k'V'Q0bbo»
totOUM^:£0
axtOi^«9:o
«:
pctOOS^t-tOIOj-lOi
tO*';-JWOt*'*';^l
cxV^ccb1-'^Qocc»oi^''»-'aa*JMaD — o"^
toxOiCcxoacoc;>-^CMCciocoK:£x-'Oifr
CC 0(
® O) c& X
ci3
CO c: 10
X CM 03 to en CO X eg
I?
c;>
li
I
Includes sales In September, 1884, for September, 158,200 September-October, for October, 121.800; September-November, for NoYcmber,
*
;
,582,200.
lYansferable Orders—Saturday, IO-40o.; Monday,10-45o.,- Tuesday,
10-55C.; Wednesday, 10-60o.; Tbursday. l0-80c.: Friday, 10-7.%c.
Short Notices for December— Saturday, 10'3ic.: Monday. 10'33c
Thursday, 10-7S»lO-82c.
The following exchanges have been made during the week:
•44 pd. to exch.
•06 pd. to exch.
•05 p<l. to exch.
•14 pd. to exoh.
•04 pd. to exoh.
•05 pd. ^o exch.
•03 pd. to exch.
regular.
,000 Jan. for May,
100 Jan. for Feb.
200 Jan. for Feb.
400 Dec. for Feb.
200 Jan. for Feb.
1.000 Jan. for Feb.
200 Dec. s. n. for
1
•11 pd.
05 pd.
•06 pd.
13 pd.
•05 pd.
•01 pd.
•02 pd.
01 pd.
to txch.
to excli.
to exeh.
to exoh.
to exch.
to exch.
to exch.
to exoh.
CC to
*>]
O CC Oi o
Ut^CCOSXMO
for Feb.
l.OOO Jan. for Feb.
100 Jan. for Mar.
I'JO Deo. fi r Jan.
1.100 Jan. fi r Fob.
2.1j00 Jan. lor Fob.
1,100 Jan. tor Feb.
^^Oi^o:ccoii-#>'Oacnv>^'^09ao^
;J;l»Oj^C-.
«
X en 00 CO at
aitOibi^v>^o
C •* W bS O O
— ta^^^l^
i&.c^»5ixce^ojcs**co»
"
c;<xo:Oir>-ci:>^toc;<c^c»t
I**
1^
MW
oeioiOMMto
•^X»-^lCi3Q(0
M <1W«»MM**1 i,*y*
tn; ^^a^K^M-4»9
m«5o,mwkm-im; ^(^umcoacpci*
<&
CO
*a
OJMV'O'MM
O X *J "• o
1^
CCf>X|djUCOtOCli
b*"^a«cs*'rf*M»x*'b^basaaovQD
""
lb.
100 Doc. for Feb.
400 Juu.
xxo:^xtox3.ox'3;itto<b.a)Cd:)itoc>9
XC;t*..*.C0M-.]O*ICJ»CSl0CCOX«*-*JO
toc;iiUuxwc;<
:;
»-•
-1»
The above totals show that the old interior stocks have
increased daring the week 43,26o bales, and are to-night 49, 151
THE CHRONICLK
«58
bales less than at the same periotl last year. The receipts at
tlie saui9 towns have been 37,616 bales more than the same
week last year, and since September 1 the receipts at all the
towns are l'H,T38 bales less than for the same time in 1883.
Quotations for Middling Cotton at Other Markets.—
In the table bslovv we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week.
CLOSI NO QUOTATIONS FOR MIDDLISG COTTON
Week etullng
Dee. 5.
3Ion.
Snliir.
G.alveston
New Oilcans.
. .
10'l6
10
Mobile
Savaun.ili
Cliailcstoii
01^16
.
.
..
!
915,8
H'e
S'8
10
•
Thurs.
in
1018
lOig
10 ha
10
"8
11
10
10
IQl,,
VTediies.
lOh,
«'5lf.
10
10
.
.
Wlliiiiugtou
Norfolk
Boston
Tiies.
10
10
10
10
lOlifl
916,3
9 5,8
..
1058
10'<8
10%
10 H
UlSfl
UiSg
lOBg
l<i=8
9-<l
9^4
9 '8
10",
10?1
91-ue
9^
11>
.St.
10
UmU
—
Cincinnilti...
Loui.sviUe
9"l8
yg
O'g
101,,
lOttilOis
lO'lS
10
10%
103,8
105,8
Plill:Kleli>liia.
10
10»8
Kl'8
913,8® Tg
10
9^8
9'8
lO'ia
10
lOlfi
10%
lOifl
10
10»18
1018
10 '4
10
IOI4
Receipts from the Plantations. —The following table is
prepared for the purpose of indicating tlie ai^tual movement each
Raceipts at tlie outports are somexeefs. Crom the plantations.
times mlsleiding, as they are male up more largely one year
than another at the e.Kojnse of the intsrior stocks. We reach,
therefore, a safer coiiclu^ion through a comparative statement
In reply to frequent inquiries we will add
like the following.
that tliese figures, of cour.se, do not include overland receipts
or Southern consumption; they are simply a statement of the
weekly movement from the plantations of tliat part of the crop
which finally reaches the market through the outports.
RECEIPTS FROM TLANTATIONS.
Week
Ending-
laSZ.
I
Sept, 10
23
Oct.
3
10
17
21
31
7
14
21
28
S
SVkat
Receipts at the Ports.
j
1883.
I
1833.
18S4.
Interior Towns. Rec'ptsfrom Plant'ns
I
18Sa.
|
18=4.
1883.
18S3.
I
18*4.
77,2ii; BB.Sltf, 80,737| 29,985 73,179 24,317i 88,093 113,009 84.837
13(!,470 125 0.33 113,483 48,B;2 105,778; 36,15S| 153.118 153,831 130,301
70,SU3 137.538| 49,497 210,123 197,210 183,083
68,108^ 224,949 258,270 223,934
24-J,2S9 123,0S9 202,9;o' 92.651 871,093 29S.3 a 288..s:B
283,112 139.317 2315,931 129,511 250.018 288,881 321,989
27i.470l 173,003' 278.78-1 158,031 2»2,.393 281,069 301,017
257,011 211.740 313,249 171.998 298..S99 .S04.119 275.079
2(10.114' 241,12:) 343,930 199,o;o 201,537 272,7,'i8 293,1,88
179,S8i^ 103.401 1(IS.7,>1
1203,138' 223,807 ao.SLs] 03,873
|24-3
330 237.27(1
211,738 2-,2,*43
25I1.023 241.021
!26J,2oI 2B7.604
'250.131 212,07s
—
—
Little Hook, 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 averaged 43, the highest being 68 and the lowest 31.
had rain
lO-'s.
in»8
—
four hundredths.
luM
ll"8
thermometer has averaged 47, ranging from 37 to 7.5. Rainfal
during November two inches and sixty-seven hundredths.
New Orleans, Louisiana. It has rained on two days of
the week, tlie rainfall reaching fifty-one hundredths of an
inch. The thermometer has averaged 55.
Shreveport, Louis 'a no..— The ^vfeather has been generally
cle.ir during the week, with rain on two days, the rainfall reaching forty-two hundredths of an inch. The tliermometer lias
ranged from 33 to 74. averaging 50.
Vicksburg, Mississippi. Telegram not received.
C-jliimbus, Miss'.-isippi. 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
101;..
101:6
10
lOifl
105a
XXXIX.
10^1,
Idis
lO'^
Biiltiiuc)i-e.
Fri.
10
915,3310 11*1018
10
10%
=8
Auijnsta
Menipiiis
OS-
[Vol.
iata.ioB 22^.->V) 258.174| 250.! 75 330,74S''229.539; 237.221 23S,;!29 2S9,31:i
1235.007 2i2.183 284,892 273,700 371,5fl4'|2')7.133| 271,622 237,001 323,2-0
1217,017 285,484 278 303 201,378 386,477 318,019 282,693 277,307 323,186
—
The above statement shows 1. Th.at the total receipts from
the plantations since September 1, 1S34, were 3,080,.').').) bales:
in 1833 were 3,033,03!) bales: in 1833 were 2,934,34.5 Kales.
2.
Th,at. although the receipts at the outports the past week
were 276,300 bales, the actual movement from plantations was
325,188 bales, the balance going to increase the stock at
the interior towns. Last year the receipts from the plantation?
for the same week were 277,397 bales and for 1832 they were
203,693 bales.
—
—
We
on seven days during November, and tlie rainfall reached
two inches and seventy-seven hundredths. The thermometer
averaged 50 and ranged from 25 to 71.
Telegram not received.
JFoit Sinitli, Arlcansas.
Helena, Arkansas. We have had rain on two days of the
week, one day has been clear and the remdnder cloud}-. The
rainfall has reache I seventy-five hundredths of an inch.
About all the crop has now been secured, and about threequarters marketed. The thermometer has ranged from 30 to
During the month of November the rain70, averaging 40,
fall reached one inch anil e'ghty-three hundredths.
Mempliis, Tennessee. It has rained on four days and is now
raining. The rainfall reached tliirty-five hundie Iths of an
inch.
Cotton continues to be marketed very rapidly. The
therinoineter has ranged from 39 tiG8, aver.igiiig 45. During
the month of November we had rain on eleven days, and the
rainfall reiiched two inches and eight hundredths.
The thermonieler ranged from 24 to 71, and averaged 51.
Nashville, Tennessee. It has rained on two days of the
week, the rainfall reaching si.xty-nine hundredths of an inch.
Planters are marketing freely, unusually so. Average thermometer 40. highest 03 and lowest 27.
Mobile, Alabama. We have hai rain on two days of the
week, the rainfall reaching ninety-one hundredilis of an inch.
Average thermometer 51, highest 68 and loweot 38. Rainfall
during November four inches and thirteen hundredths.
Montgomery, Alabama. We have had rain on three days,
and the remainder of the week has been cloudy. The rainPlanters
fall reached thirty-eight liundredtiis of an inch.
are marketing freely. The crop has now been about all
secured.
The thermometer has averaged 48, ran.ging 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 thermometer 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
Average thermometer 45, higliest 05 and lowest 33.
niglit.
Madison, Florida.— \t h.is rained on two days of the week,
the r.iinfall reaching ninety-four hundredths of an inch. The
thermometer has averaged 50, the highest being 09 and the
Rainfall during November one inch and ninetylowest 33.
—
—
—
—
—
—
—
—
seven hundredths.
Mar.on, Georgia. It h.as rained constantly on one d.ay of
the week. About all the crop has been secured, and about,
three quarters marketed. During the mouth -of November
takings by Southern spinners to the same date, so as to give the rainfall reached one inch and forty-six hundredths.
substantially the amount of cotton now in sight.
Culambiis, Qeorgia. We have had no rain all the week.
The tliermometer has averagerl 51, ranging from 30 to 63.
1884.
Rainfall for month of November three inches and forty-tluee
1S83.
1882.
1831.
hundredths.
Beoeipts .ittlieiioitsto Dec.5..l2,781.731|2,685,768 2,(J39,3o4 2,5s4,0J!i
Savannah, Georgia. We have had rain on one day'
Interior stock< on IJce. 5 lu
298,804: 337.321
excess ot Septemb.T 1
271,891 370,174 and the remaimler of the week has been pleasant. The rainAverage therfall reached fifty-three hundredths of an inch.
Tot. receipts from plnnt.a'tn8 3,08'>,50,j 3.'i23.(18n 2,H64,245 2,9.") 1,232
lowest 36. November rainfall
Net overlaiiil to Daeenilier 1 .. 227,S,'5,5| 201,2.521 244,112 2'.0.i)l(l mometer 52. highest 71 and
BoutUeiu consumpt'n to Dec. 1
78,0001
>37,0.)0
90,00tl
7U,OJ0 one inch and seventy-two hundredths.
A ugusta, Georgia. We have h.ad heavy general rain on one
TotJil in siglit Decembers... 3.38t>,4 10 3,371,311 3,298,357 3.24r,. 142
day, and the balance of the week has been pleasant. The rainThe therfall reached one inch and nineteen hundredths.
Nortliem spinners' taliin;;s tOj
569.039' 704.278
December 5
6B2,864| 78.5.732 mometer has averaged 48, the highest being <>7 and the lowest
rainfall
reached
one
During the month of November the
33.
It will bo seen by the above that the increa.se in amount in si,?! t
inch and seventy-one hundredths.
i.»-niKbt. us compared w;tli last year, is 1.5.0fi'l bales, tlie iuerea-so as
compared with 1882 is 83,033 bales-, and with 1831, 141,208 bales.
Atlanta, Georgia. It has rained on one day of the week,
the rainfall reaching seventy-seven hundredths of an inch. The
Weather Reports by Teleobaph.— The weather has been thermometer
has ranged from 28 to 61. Rainfall for Novemquite favorable at the South during the week. Picking li;is ber two inches and eighty-four hundredths.
progressed satisfactorily, and in very many sections is reported
Charleston, iSouth Carolina It has rained on one d.ay of
the week, the rainfall reaching fift3'-two hundredths of an
to be about completed. Cotton is being marketed freely.
inch. The thermometer has ranged from 38 to 67, averagQalveston, Texas. It has been showery on one day of the
ing 53.
week, the rainfall reaching seven- hundredths of an inch. Thr
Columbia South Carolina. During November the rainfall
thermometer lia.s averaged 51, the highest being 72 and the reached one inch.
Statthiirg, Sontli Carolina. It has rained on one day, and
lowest 45. Rainfall during November four inches and twentythe remainder of the week has been pleasant. The rainfall
fire hundredths.
reached sixty hundredths of an inch. Average thermometer
Indianola, Texas.— We have had no rain all the we;-lc. 47, highest 63, lowest 33. During the month of November
Average tliermomcter 49, highest 77. lowest 43. During No- the rainfall reached one inch and eighteen hundredths.
Wilson, North Carolina. We have had rain on two days
vember the rainfall reached two inches and eighty-two hunof the week, constantly on one, and the rainfall reached fiftydredths.
one hundredths of an inch. About all the crop has been
Palestine, Texas. It has been showery on one day of the
secured, and about three ([uarters marketed. The thermometer
week, the rainfall reaching sixtjen hundredths of an inch. The has averaged 46, the highest being 55 and the lowest 32.
Amount of Cotton in Sight Dec. .a.—In the table below
we give tiie receipts from plantations in anotlier form, and add
to them the net overland movement to Dec. 1, and also the
—
—
—
—
1
—
—
—
—
—
—
—
December
0,
THE CHRONICLE
1884.]
ISM.
we
Tlifl following !<toteitient
have also received bv telep'npn,
•liowiii); tile lit'ixht of tlio rivers at the points named at 8 o'chx;k
DeceiuU-r
1884,
1.
and December
rwirt.
FUl.
13
Below hlKb-water mark
Above low-water mark.
Above low-water mark.
Above low-watermark.
Above low-wtit^^r mark.
S-^w Orleani
MttiuphlM
NMbvlll«
Bhreveiwrt
Vteknliiirtr
Dee. 8.
Inch.
U
A.
5
7
8
20
2
7
a
8
9
20
fi3.
A.
Inch
^
ft««.
e
!•
H
4
1
1
New
Orleans reported below high-water mark of 1871 until
Sept. 9, 1874, when the zero of K<'iu>?e was changed to hij^hwater mark of April l.'j and 18, 1874, which is O-lOtli.") of a fool
above 1371. or 16 feet above low-water mark at that point.
—
India Cotto.v Movement from all Ports.
We have
re-arranped our India service so as to make our reports more
detailed and at the same time more accurate. We had found
it impossible to keep out of our figures, as cabled to us for the
ports other than Bombay, cargoes wliich proved only to be
shipments from one India port to another. The plan now
followed relieves us from the danger of this inaccuracy and
keeiia the total.s correct.
We first give the Bombay statement
for the week and year, bringing the figures down to Dec. 4.
BOMIIAY RECEIPTS AKO SHIPMENTS FOR FOCR TEARS.
BhipmeMia
ShipaienI* einee Jan. 1.
thii week-i
Beeeiptt.
ThU
Week.
Jan. 1
2 2,000 '2 3. 000 .508.000 677.000' 1.1 sS.OOo! 12.000 l,>iU 000
1884(
1833! 3.0OO|21.CO0 -4.00.),4I>7.000 .MOD.OOO 1.27i>.000,2(j.000 l.n»3.00
18821 4,000 10.000 14 OoO 73!>.O0O (ilili.OOO 1. 12.5.000 1 l.OOO 1.7 11. 00
188l|ll.00n| D.OOi) 20.0
VAi OOP .' 92.000! 01S.OO0l21 00<J 1,298.0(0
(
W
Accordmg
Bombay
appears to show a
decrease compared with last year in the week's receipts of
14,000 bales, and a decrease in sliipiueiits of 2,000 bale.f, and
tiie sliipinent.-* since Jauuai-y 1 sliow a decrease of 91,000 bales.
The movement at Calcutta, Madras and other India ports for
the last reported week and since tlie 1st of January, for two
" Other ports" cover Ceylon,
years, has been as follows.
Tuticorin, Kurrachee and Coconada.
to the foregoing,
Shipme^U^ for the week.
Oreat
Continent.
Britain.
Shipment* Hnee January
1.
Oreat
Total,
Continent.
Britain.
Total,
Calcutta.—
1884
82.500
42.700
125,201
1883
8.1.600
y.OCIO
US.6'X>
Mad ran—
1884
1883
.".00
.500
3.700
3,700
4
1,.500
74.800
77.500
36. .500
06..500
1,300
.,.5jO
4d,800
All others—
18^4
1883
1,5:0
7,JO0
7.000
41 500
61,»00
119.3X
2).'?.SO0
87.200
212.<;00
7,!.
301,000
2S4.7O0
1
;
139,30'
Total all—
1881
1883
500
2.000
10.700
1,590
10,700
ly The totals
January
.since
loo
18S3 have been revised.
1 in
The above totals for the week show that the movement from
the ports other than Bombay is 8,70(> bales less than same
week last year. For the whole of India, therefore, the total
sliipments since January 1, 1884, and for the correspondiuj;
periods of the two previous years, are as follows:
EXPORTS TO EDKOPE KKOM ALL I.SDIA.
1884.
Bhipmenli
t
Europe
to all
from—
Bombay
All other ports.
Total
This
1883.
Thit
week.
Si7ice
Jan.
teeek.
22.000
2.000
1
I.
IS'.OOO
3jl,000
24,000 1.4S0.O0O
1882.
ThU
Since
Jan.
Since
Jan.
week.
1.
i
" 24
Nov. 7|<»u-8l»i.
" I4l87„« 9
" 21 8'v »
" 28M»,gi 918 5
I'en. 5'3»|.» 9'9 5
to the first of
ThU Bine*
week. Sept. 1.
1
!
1
ThU Since
wmAc. Sept. 1.
170.090
016.000
ThU Binei
week. Sept. )
6<s»7 O
8
9
9
9
«7
»7
»7
•?
1
2
2 Si
8H «
3
8<S
•
fi'o
•7 m:
•7 111
•7
6ia
51*,,
»7
6
l>t
l-*
1>«
•7
«7
•7
S
m
•7
O'uB
M»t«
5Y
Bll,a
>)
There have been sales of several thousand rolls,
various grales, at full figures, and the market chwe.s with
holdera asking 8^40. for l>4 lbs, 9'.i^e. for l-'i lbs., lOr;. for 3
His. and 10''.tc. for standanl grades.
Butts have sold fairlyfor paper grades, some 2,.500 bales finding takers.
Bagging
qualities are rather quiet, and only a few small sales are reported. Prices are abjut steady, and i)ap?r grades are held
at i;^r<»l lo-lOc. and bagging qualities at 37g@J''^c., with
easy feeling in the latter grade.
aa
Comparative Port Receipts and Daily Crop Movexkmt
—A comparison of the port movement by weeks
is not accurate.
weeks in different years do not end on the same day of
the month.
have consequently added to our other standing
tables a daily and monthly statement, that tlie reader may
constantly have before him the data for .seeing the exact relative
movement for the years named. The movement during
September, 1884, and previous years, has been as follows.
as the
We
Tear Beginning September
Monthly
Seeeiple.'^
1884.
1883
1.
1882.
1881.
1880.
1879.
326.65(.
429,77:
930.581
Sovemb'r! 1,122,164 1,030.330 1.094.697
853,19.'
458,478
968,31-
333.843
888.492
912.272
Sept'mb'rj 315,445
343,812
October..; 1.090,385 1,016,092
974,01a 1,006.801
1
Total yeai' 2,557 991 2,120,234 2.401,937 2.257,015 2,433 297 2,1»4
Pero'tageof tot. port
recciptji
Nov. 30..
49 90
39 99
47 81
41-42
407
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
150.0.57 bales more than at the same time in 1833.
By adding
to the above totals to November 30 the daily receipts since
that time, we shall be able to reach an exact comparison of
the movement for the different years.
1834.
Tot.Oo.31 1,435,830
Nov. 1...
31,747
••
2...
3...
•'
" 4...
" 6....
" 6..
" 7..
" 8..
" 9....
" 10..
8.
59.119
40,493
34,866
34,599
56,307
29,523
8.
44,991
34,936
50,219
67,76 ^
29,897
190.001
1,372,000
lOifl
•7
S
"'l«» 9
81|«» 9
8»i,» 9
8'„» 9
8'in» 9
ST„:» It
freely.
" 13...
" 14...
240.000
l,4»a.0>0
.5>t«6
8% «
»i««6 umi
epv»
p.
December.
17.,W0 1,723 000
1882
Ill>i
^.
JiTE Burra, Backjino, &c.—The market for bag^ging ha«
been fairly active in a jobbing way and parcels movmg quite
34.700' 1 .560.7
1883.
»>««(!
A.
(I
Overland Movement to December f.—In our editorial
will be found our overland movement brought down
41.67;
1884.
d
H.
ahlrUnf$.
columns
" 12...
Alexandria Receipts and Shipments.—Through arrangements we have made with Messrs. Davies, Benichi & Co., of
Liverpool and Alexandria, we now receive a weekly cable ol
the movements of cotton at Alexandria, Egypt. The following
are the receipts and shipments for the past week and for thf
corresponding week of the previous two years.
d.
aVjBB 10>g
31 8'xh-8"i(i
" 11....
This last statement affords a very interesting comparison of
total movement for the three years at all India ports.
Beoelpte icautars')—
Thig week....
Since Sept. 1
«.
14.000 1.425.000
3,90 Ji 293 JO
the
Alexandria, Saupt,
Dectml^r i
*.
Ont. 3 8i|,» R'« 8
• 10 8S,«» «'»5
" 17 "U (I8i:i,,
•mi*.
til Oop,
twif.
\ff^'„
Mkirtlngi.
21.000 1.27fi.0O0
10,7001 281,700
10
ItSS.
83« Cap.
6, 1888.
Dec. 4, '84.
V5d
" 15...
" 16...
"
"
"
"
17...
18...
19....
20....
" 21....
" 22....
" 23....
" 24....
" 25....
8.
51.482
38 643
31.601
41,333
65.818
42,555
8.
55 210
"
28....
29....
30.010
37,593
41 003
66 3IG
52.543
"
30....
S.
" 26....
" 27....
1883.
1
1882.
1881.
1880.
1879.
389.904 1,307.210 1,282.972 1.428,796 ,222.135
32,374
36,792
29,101
46,514
30,704
43,629
33.060
27,151
37.897
8.
37,218
41.574
35.983
33.538
46.14»
8.
38,904
48,836
41.655
33.310
61.341
a.
31,603
55.664
30.902
38 5349,216
8.
29,924
29,632
34.133
42.475
40.385
8.
49.319
32,773
31.304
37.582
40193
23,562
63,57?
36,297
40.399
35,842
8.
33,26t
57.777
33,590
3l.9t>6
46,584
8.
38,651
47,06»
26,133
32,349
57.25S
8.
29.130
81.779
32,278
a.
30.801
52,090
38,451
36.503
31.943
33,5(^6
36.719
8.
43,440
31,42
32.17
35.669
49.862
33.611
57,3^
47.21
41.244
41,557
a.
28,558
55.455
25.136
31.535
33.465
8.
65,53
33,82/
31,094
39.097
49,735
8.
30,309
61,119
27.553
31,026
8.
48,630
28.335
26.413
60.435
27.893
38.198
8.
51.249
31,i3b
39,560
36.803
40.6191
2b-.574
391'
36,048
45,733
32,690
34
8.
53.141
23,398
27.53 4
2H,970l
3S,47
45,224
8.
44.440
27.748
44.S02
8.
33 317
47.126
33.349
53.571
8.
33,925
39,460
41.6J7
2.0,791
41,499
37.411
51.232
S.
31,023
28.292
33.699
41.899
29.409
46.111
53.646
29,544
8.
32,562
j
Exports (bales)—
I'u i^ivturpuoi..... ....
To Continent
Total Europe
H.OOO IIR.OOO
ii,oor)
37,0JO
4,000
0,000
24,000
1'
99,000 12,0(10
37,cjO0
5,000
71.000
14,000
3,000 15,000 136,000 17,000
85,000
1
This statement shows that the receipts for the week ending
Dec. 3 were iJ 0,000 cantars and the shipments to ail Europe
21.000 bales.
rot.Nv.30 2,557,991 2,420,284 2,401,93: 2,257.015 2.433,297;2,164.407
51.576'
Dee. I.
32561
40,400
36.867
53.179
26.647
" 2.
8.
30,6C3
51.332
29,2 Iti
30.886
34.792I
" 3.
49,256
B.
3106t>
31,18«j
48.S07
23.110
" 4.
36, 573
46,652
60,747
25.675
a.
30,346
"
5.
Total
—
Manchester Market. Our report received from Manchester
to-night states that the market is firm.
give the prices
for to-day below, and leave previous weeks' prices for comparison.
We
....
69,328
40,832
49,53,1
Sl.lSl
B.
49.608
2.731,751 2,598,336 2,564,519 2,433,U54 2,568.403 2.331,16
PeriventaRe of tota'
port rec'pt* Dee 5..
53-64
1
42-601
51-57'
41-7
47-07
This statement shows that the receipts since Sept. 1 up o
to-night are now 183,41.) bales more than they were to tiesaii.s
THE CHRONICLE.
6(i0
day of the month in 1883 and 217,232 bales more than they were
to the same day of the month in 1883. We add to the table
the percentages of total port receipts which had been received
to December 5 in each of the years named.
Shipping News. Tlie 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
With regard to New York we
the Chronicle last Friday.
include t)ie manifests of all vessels cleared up to Thursday
night of this week.
Total bale*.
Liverpool, per steamers Auianla (additional),
Celtic. 6U5
City of Richmond,
1,197. ...Huuibcildt (addittoual), 100. ...St. Konaiis, i,317
Triiiacria, l,26S
ScandiuaTia, 712
Wisconsin. 49. 10,003
1,009
To Hull, per steamer Otrnnto, 1,C09
2,0,18
To Havre, per steamer Amerique, 2.098
238
To Bordeaux, per steamer Chateau Yquem, 238
Oder, 450
7!
To Bremen, per steamers Elbe. 264
Wieland, 1,198
1.206
To Hamburg, per steamcis India, 8
New York—To
315 ...Botbnia, 1,350
To Kolterdam, per steamer Leerdam, 100
100
To Antwerp, per steamers Belgeulaud, 1,110
rvoL.
NoKFOLK-For Liveroaol- Nov. 23-Burk
Jafct
II.,
Ship Warrior, 6,477.
xxxxr.
1—
2,376. ...Deo.
West Point— For Antwerp- Dec. 4— Steamer Renpor,
Boston— For Liverpool-Nov. 25— Sieamer Iowa. 1,277
.
Sov.
28—
Steamer Catalonia, 1,012
Nov. 39-Ste.Hner Iberian, 1.212....
Dec. 2- Steamer Kansas.
Balti.more— For Liverpool— Dec. 1— Steamers Oranmoro, 1,501; Peruvian, 3ii0
Dec. 3-Steainer SUS.SCX, 3,235.
For Kotterdam— Dec. 3— Steamer Paxo, 1,000.
Philadelphia— For Liverpool-Nov. 29— Steamer Lord Clive,
.
.
Below we give all news received to date of disasters to vessels
carrying cotton from United States ports, &c.
Cvdonia, steamer (Br.), Essoa, from New Orieaus, Oct. 31, via Newport
News. Nov. 7, for Bremen, arrived in the English Channel Nov. 26,
and reported that while at sea a fire broke out on board, barning
days. The Are was extinguished on the I9th. Her cargo
consisted of 4,552 bales of cotton. She arrived at Bremen 23th.
GODBFFROY. bark (Ger.), for Liverp >.)1, and steamer Benefactor, for
New York, were in collijio:i at Wilmington, N. G, Nov. 29. The
Godeffroy was slightly damaged; thj BeuufiOtjr prooeedel;
dam ige, if any. not known.
Lord Ci-ive. steamer (Br.), for Liverpool, in leaving her wharf at
Pbiladrlphia. November 30, was slightly damaged sae would ba
detained a day or two for repairs.
f.iur
;
Prin'iipi.a,
793
1,933
1,188
Germania, 988.
To Genoa, per steamers Alesia, 200
Orlicans—To Liverpool, per steamers Andein, 4,590
Carmoua, 9,894
Astiiriano, 4,2.i0
Emiliano, 4,250
New
Princess. 5,260
28,244
To Havre, per steamers Cilumum, 5,614
per
shli>8
Khoslna. 6,745
Lydia SkolUeld, 4,015
Lydia Moses, 4,042
Thomas Lord, 4.100
24.546
Toledo, 5,578.. 11,444
To Bieiueu, per steamsis Sapphire. 5,868
To Genoa, per steamer lugram, 2,775
2,775
Charlkston— To Li-'erpool, per bark Hafrsfjord, 1,400
1.400
To Bremen, per steamer Parthian, 3,815
3,815
To Barcelona, per bark Aeolua. 1.525
1,525
Bavannaii— To Havre, pjr bark N.>ldensl^1old, 1,500
1,500
To Bremen, per steamer Klyde. 4, '200
4,200
To Barcelona, per bark Dona PetroniUa, 1,700
1,700
GaI/VESTON—To Sebastopol, per steamer Mount Edgecombe,
4,6=i0
4,650
To Vera Cruz, per steamer Harlan, 425
Wilmington—To
425
Liverpool, per steamer Invernay,
3,820
perba^k Godcfl'roy, 1,840
5,660
Norfolk- To Liverpool, per steamer Preston, 7.617
per ship
Caldera. 6,000
per barks Cedar Croft, 3,860
Maria
Stonemau, 3,;>13
Niagara, 1,376
22,166
West Point- To Liverpool, per steamer Canonbury, 4,417
4,417
Baltimore— To Liverpool, per steamer Nova Scotian, 1,833
1,833
To Bremen, per steamer Braunschweig, 2,631
2.681
Boston— To Liverpool, per steamer Venetian, 1.805
1,80 ^
Philadelphia—To Liverpool, per steamer Illinois, 737
737
To Antwerp, per steamer Switzerland. 1 049
1,019
Ban Francisco—Tc Liverpool, per ship Milanese, 366
366
Total
....
143.427
particulars of these sliipments, arranged in our usual
form, are as follows;
ItoUerdam,
Ant-
'
tPerlOOlbs.
Compressed.
—
Liverpool. By cable from Liverpool, we have the following
statement of the week's sales, stocks, &c., at that port. Wa
add previous weeks for comparison.
The
Bremen
Liverponl.
New
York. 10,003
N. Orleans. 28,214
Charleston.
1.400
Savannah..
Galveston
Wilmington
rf?
irnll.
1,009
Ham-
Havre, burg,
2.093 1,930
24,54d 11,444
3.815
1,500 4,200
%vcrp
&
Sebas- Barceiopot.
lona.
Yerd
Cruz.
2,033
1,525
1,700
4,650
425
5,660
Norfolk.... 22,166
West Point 4.417
Baltimore..
1,833
1,805
Boston
737
Pblladelp'a
368
Ban Fran..
2,881
Total.
18.189
Actual export
67,O0i»
Forwarded
Total stock- Kstimated
Of which American— Fstlm'd
6,740
7,400
5,075
5,660
22.166
4.417
4,514
1,S03
1.786
1,049
VOB. 21.
bales.
Sales of the week
Of wliiih exporters took
Of which speculators took..
Sales American
366
Total.. 76,631 1,009 28,14124,060 7,732 3,225
425 145,427
Included in the above totals are from New York to Genoa, 1,188 bales,
to Bordeaux, 238 bales; from New Orleans to Genoa, 2,775 bales.
Below we add the clearances this week of vessels carrying
cotton from United States porta, 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 Aaon, 978.
For Naples— Nov. 29— Bark Immanuel, 1,406.
For Vera Cruz— Nov. 29— Steamer Whitney, 300.
Mbw Orleans- For Liverpool-Nov. 23—ateamers Caribbean, 2,914Caiolma, 3.950; Chancellor, 4.010; Tammlipas, 4,812
Nov.
29— Steamers Buenaventura, 3,400; Guldo, 7,250 .Dec 2—
Steamer West Indian, 2,888.
For G rim.sby— Dec. 1-Steamer Kegina, 6,280.
For Havre— Nov. 2^— Steamer Rhodora, 6,500
Nov. 29— Ship
Cashmere, 4,248. . .Dec. l-Steamers Galveston, 5,272; Propitious,
.
Total import of the
week
3.00(!
47.000
9,000
28,000
444,000
210,000
103,00(1
Of which American
Amount
70,000
8,000
69,000
219,000
201,000
afloat
Of which American
63,000
7.000
5,000
37,000
13.000
41.000
423,000
223,000
81,000
68.000
278,000
257,000
Not). 23.
69,000
8,000
7,000
37.000
8,000
24,000
430,000
247.000
93,000
78,000
262.000
246,000
See. 5.
47,000
4,000
3,000
29,000
11,000
39,000
428,000
250,000
87,000
71,000
321,000
307,000
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 as follows:
Spot
Market,
(
12:30 P.M. 5
Mid. Upl'ds
Mid. Orl'ns.
Sales ....
8pec.<texp.
Saturday Monday. Tuetday.
Wednes. Thurtd'y.
In buyers'
favor.
Steady.
Qalet.
5%
5%
Dull.
5%
Harden'g.
Fi^Aay.
Firm.
516l«
515,9
515,8
515,8
513,8
5l5,e
8.000
1,000
8.000
1,000
8,000
8,000
1,000
10,000
1,000
8,000
1,000
Barely
steady
Steady.
Dull.
Steady.
Barely
steady.
Barely
steady.
Steady.
Firm.
500
513,8
516,8
Futures.
Market,
12:30P.M.
at 1-64 dec
Market,
5 p. M.
Weak.
Finn.
Barely
Barely
steady.
steady.
.
4,962.
For Bremen— Nov. 29— Steamer Eheola, 3,605. ...Dec. 1— Steamer
Raeilia, 4,900.... Dec. 3— Bark Freiliandel,
For Sebastopol— Nov. 29 -Steamer Narva, 5,175.
For Barcelona- Nov. 28 -Steamer Redewater, 3,632.
I'or Salerno— Nov. 29— Bark Domenico Lanata, 1,600.
For Genoa— Dec. 1— Steamer South Tyne. 2,209.
For Trieste- Dec. 1— Steamer South Tyne, 1,003.
Mobile— F<ir Liverpool- Dec. 3— Bark S.a'bino,
Ckarlei-to.n- For Liverpool-Nov. 23— Bark Sibal, 1,789.. ..Nov. 29—
Steamer Hartburn. 4,588 barks Dagnial, 1,377 Susan L. Campbell, 2,400
Dec. 1— Bark Capenhurst, 1,797.
For Havre—Nov. 28— Bark Medbor, 1,600.. ..Dec. 1— Bark Candenr
1,350.
For Bremen— Dec. 1— Steamer Romanby, 4,150.
For Antwerp— Dee. 2— Steamer West Cumberland, 3,358.
For Sebastopol— Nov. 29—Steamer Argo, 3,335.
For Gcittenburi;—Nov. 29— Bark Apotheker, 1,200.
For Bergen— Nov. 29— Bark Minde, 1,200.
For Barcelona— Nov. 29-Bark Linda, 1,100.. ..Dec. 2— Bark Vola.
The opening, highest, lowest and closing prices of futures at
Liverpool for each day of the week are given below. These
on the basis of Uplands, Low Middling clause, unles
otherwise stated.
The priets are given in petiet and diths, thus: 5 62 meani
5 62-G4(?., and 6 03 means 6 3-6id.
prices are
Cy
.
—
;
'
(lOt'Bi,
^(^Oo>
HAVANNAH-For Liverpool—Nov. 29-Bark Boroma, 2,560
Dec 1-
Steamer B. F. Mattbews, 4,825. .. .Dec. 2-gtealuer Coniston,
^^uxa,^u, u,i.oi,
6,161:
bark Geo. B. Doane, 3,300.
For Havre— Nov. 28— Bark NordensKiold, (additional) 50.
For Bremen-Nov. 29—Steamer Romeo, 6,306. ...Doc. 1— Steamer
'"""""
Lufra, 4.552.... Dec. 3-Steamer James Watt, 4,155
For Amsterdam- Nov. 29-Steamer Ilarnley, 4.200
For Reval— Nov. 29— Steamer Laurestine, 5,550
For Genoa— Vov. 29— Bark Olat Glas, 1.825.
•WILMINOTON— For Liverpool—Nov. 28—Steamer Elstow 4 700
N ov,
Sat.
;
29.
Open Blgh Low.
CTo».
i.
d.
It.
d.
March-Apr. S54
AprU-May.. 5 57
May-lnne.. sei
June-July.. 6 01
July-Ang... ....
Aog.-3ept...
Sept.-Oct...
5 4B
5 48
5 50
5 54
8 57
sei
eoi
5 45
5 48
5 50
5 54
5 57
6 61
6 01
1.
Tuee., Dec.
Open High Low. OUk. Open High Low.
d.
d.
d.
d.
d.
d.
d.
5 44
5 44
5 46
5 49
5 46
5 46
6 46
5 48
8 48
5 62
5 46
8 49
5 49
5 61
8 46
5 46
550
5 52
5 41
5 4t
8 48
5 4U
8 52
556
566
S5S
858 556 5S8
868 5 07
858 8 81
5 55
5 54
5 57
6 59
8 83
6 0S
5 82
8 62
6 01
6 05
5 6«
6 01
November.. Si6 5 43 5 45 5 45
NOT.-Deo.. S45 S45 5 45 5 45
Oeo.-Ian.... 5 45
Jan.-Feb.... eij
Feb.-March. 8 50
Mon., Dec.
5 45
5 48
5 61
6 01
848
5 52
6 01
5 59
8 63
6 62
6 01
605 603 6 0S
818
8 46
6 82
818
864 6 52
6 00
6 03
558
«06 606
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
it.
Om.
d
6 4S
6 49
6 81
864
6 61
6 61
600
603
605
••
•
••
....
DkOKMBUr
Thariki Dec.
We4nea.i Dec. 3.
FrI., Dee. S.
-1.
The morement of
Oftn Bit^ low. Cm. I}H» S4«k Low. Oo: Oiwn aifk Low. OlM.
4.
IfOTemtMF.. 5tH
Rot.- Deo... a4t>
Dec.-Jui.... SSI
Ju.-Peb
d.
i.
4.
648 B44 Hi SGI
fi«8 B48 54a; B9t
BM SSI Sil BJS
6M 854 BM' 586
B8a
SS7 S3?
BOD seo BOO sas
BOO BBS 888 got
BOS 8 08 808 BOB
S07 807 807 8 08
'
BSI
...
nb.-Maroh. SC>7
March- Apr. SOO
AprH-Mar.. 600
03
Mar-Jo'io .'
June-July.. «07
JnlT-AuK...
BW
4.
il.
5 51
8U
d.
II.
BBS
551 358
BBS BB4
638 BSD
BHO 3 81
888 BOO
80a 8 0«
BOB 808
80« 8 11
5S«
BBS
6BI
8B8
881
800
804
BOS
4.
«.
Bca ssa BB«
858 BBS B68
3M BSS BB«
BS7 BB« BBT
BAl 6 81 BBl
HOU 601 noo
8 01 6 04 804
8 07 808 803
800 8U 8 00
S&8
853
BBS
BB«
881
A04
806
6 12
OtcHftt at—
little
the week under review. Trade was on a moderate scale, and
the export business was held in check by the scarcity and high
Foreign advices have been rather
rates of ocean freights.
more favorable, and yesterday, with some concessions in ocean
demand was much more
freights the export
at relatively
low
active, though
To-day the market was quieter but
prices.
steady.
The wheat speculation for the past week has been fitful, and
prices variable and unsettled. There was at times a speculation
towards a higher range of values, owing to reports of bad
weather in England; but yesterday there was a strong downward tendency, under weak Chicago advices, attributed to
large receipts at tlie Northwest discouraging the bull movement. The demand on the spot has been very good, for
milling as w^ll as for export, and prime samples have brought
very full figures. The business in the better grades of spring
wheat has, in particular, materially increased. The purchases of winter wheat include lines at Newport News and
adjacent
shipment thence.
points for
demand was
1
o-day the export
while the business for milling was
less active,
unimportant, and the close was
easier.
<Mt.l«3
l,481.90B
83,981
«,B7B
M7.4a«
».400
4«,l»7
M.930
s«a.7a2
11I.K63
88;>«0
3.S3S
81
84%
81%
S5>9
8338
8.^%
8358
8578
84"4
Afloat
S4ifl
December delivery
SlU
83%
80%
83%
SB's
88 "^
January dellvory
February delivery
March delivory
A')ril
delivery
May delivery
94
8/%
87%
88
DO^a
90
89-8
92^
9IT9
90%
83
83
80=8
82=8
80'4
8.)
84 'a
87 '4
8714
8958
>4
Fri.
8'2i3
89^8
J2
91 14
92%
911a
Indian corn has been buoyant, especially for the early deliveries.
There is no doubt that the crop for 1884 was a large
one and of good quality, but the quantity left over from last
year was very small and the marketing of the new crop has
not been sufficiently 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 contracts caused an irregular market, and at the close No. 3
mixed was held at 60c.
DAILY CLOSING PRICES OF NO,
NO Z MIXED CORN.
.
iron.
Sat.
Afloat
nl
December delivery
January delivery
DO'S
47'4
4.i%
47%
45%
February
i.jSg
45=8
ileiivery
Tues.
Wed.
52
52
49 >4
497f,
46%
46%
Tliura
55
52
46%
47%
4BI3
4658
47 '4
Pri.
57
52 14
47%
47%
4.')%
March delivery
4ii%
45%
47 18
4714
May delivery
4ti
46
47
47
47
4«58
Rye has been quiet and steady. Barley has been more active.
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
31',^c!
A
smart advance
fol-
lowed, but it was not fully sustained. To-day the market was
without important fluctuations, No. 3 closing at 'il%c. for
December, 3i}^c. for January and 34>6o. for May.
The following are closmg quotations:
FLODB.
Sbbl. $2 15® 2 75 Southern bakers' and
2 35® 2 90
family brands
Spring wheat extras. 2 75» 3 25 Bye flour, superflne..
Minn, clear and stra't. 3 503 4 65 Corn meai—
Wintcrsliipp'gextras. 2 75» 3 25
Western, Ac
Winter XX
3 759 4 75
Brandvwinn. Ao
Fine...
Superfine
»*..
<S3.<»7
M.48I
MMO
MW
6.aa(»
a»,ooo
si>,aao
II.:-.;
»i,a94
tU.93»
U83»
61JW3
tnjvm
473
6.000
Tsu.eoo
238,010
187.775
7,800
...
33.800
lo.l",
Tot. wk. '81
223.7.13
703.303
S12S1KX)
2.AI531S
2.1M.037
2,18;,?87
Same wk. •«!
Same wk. »2
1.3-10.810
1 .204.933
St8.39S
748.131
24S.(jfll
1,83T,B10
2,aio,»:i
103,SOO
449.307
S.913.BM 59.089.«0li 8l.flS9.a03 37.OI1.1UO
8,«84,3m 43.1(XI 1 19 44.?0 ).809 2-1,130.807
s.Tij.asi 4M29.5II 21.47i.a47 2I.M2.559
7.637,49«
Since Julu 28
1881
1883
1888
njm
I4481
..
.
3e.4n
I87,7»»
3.9aa
8.300
01,780
198,040
109,915
9JM0.088
3.018.799
4.5U).71«
0,723,384
8.oao.s(n
The comparative shipments of flour and groin from the t
ports from Dec. 34, 1883, to Nov. 39, 1884, inclusive, for fonv
years, show as follows:
Pionr.
.bblB.
Wheat
bush.
Com
Oats
Barley
ISS3-S4.
11.033,557
1882-B3.
9.985,695
63..501,038
78.011.<i09
101.2O4.8S4
45.113,40:1
49.6^0,410
5.259.457
5,042,616
47.920.0.14
Total grain .... 202,385,190
209,412,814
Uyo
Below are the
rail
l'»81-82.
O.J20,133
5,645.377
8.078.KI8
1880-81.
8.141.233
52.4:10.2 26
e3.63.'i,772
10;..-)l.l.01fi
46,887,275
31,433.672
4.813.731
3.059.981
32 -278.222
103.389
19-2,334.805
l.">8.
4406.374
2.219,018
shipmcats from Western lake and river
ports for four years:
1884.
Flour
bbls.
Wheat...
Corn....
bash,
Flye
Week
Week
Dec. 2.
Dee. 3.
180,S61
232.116
118.731
28.-!,.524
4.19.126
300.787
268.275
921.605
1,017,.54^
1.05S.236
l,12i,420
609,663
ISl.Oll
50.351
259,893
189,117
59,712
2,160,290
2,833,233
396.830
74,361
2,974,Sli
1,993,154
The rail and lake shipments from same
weeks were:
Week
endina^
Nov.29
.
Corn,
Ftofir,
bnlt.
Wheal,
kiuh.
busk.
310.397
921.633
1,797,763
NOV.22.. 3.58.283
Nov. 15.. 360.390
Nov. 8.. 323,259
w. 1354.329
4w*ka'83.1138.038
Oalt,
dinh.
49:).568
Barley,
butk.
Rue,
bunk.
1.337,256
180,499
193,298
183.H88
201,935
39.300
115.175
141.876
234.324
5,744,879
3.895,038
6.091.729 3,113.3.10 761.420
6.2J2,410 4,738,878 1,755.345
530.681
405,154
The receipts of flour and gram
week ended Nov. 39 follow:
flour.
J.4—
ports for last four
1.933.928
1,245,311
1,149.473
1,763,017
1,8'53.2^3
rot., 4
1881.
Week
Dee. 1.
233,-101
1,0B«.741
455,081
150,499
3y,306
_
Oats
Barley
1882.
1883.
Week
yov. 29.
obit.
995.528
at the seaboard ports for the
Oom,
Wkeal,
busk.
New York
752,738
815,49-i
Oatt,
busk.
189,978 1,151,150
Boston
72,274
33,.'i03
Portland
1,176
24,327
Montreal
31,669
51,363
PtiUadeiphla... 24.809
174,020
Baltimoro
21,841 275,698
Newp't News..
New Orleans... 19.902 34,0 JO
Barleu.
busk.
rmsn.
543,504
23i.S52
8,.J50
3.68(1
500
9.70J
47.000
30.888
117,000
203,813
41.165
Total week... 365,149 1,744,081 1.201,984
Ckic. week '83.. 34 3,437
816.235 1,043,781
Sye.
bisk.
406,006 531.823 208.180
30.052 26,375
8,0U0
8,567
50,800
50,060
6,000
1,200
.54,031
577.336 617,787 277.411
732,391762,197 242,10(1
total receipts at the same ports for the period from Dec,
24, 1883, to Nov. 29, 1884, compare as follows for four years:
The
1882-33.
12,911,293
1881-82,
11,714,37J
1880-81
11,848.636
Wheat..., .bosh. 67,534.383
43,339,315
.59,133.620
80,U3J.29.i
31,0,55,355
5,462,9;)9
,5,377,594
29.78 1.387
5,206,460
83,321.741
30,671.4^4
26,149 627
5,33:),972
86.733,690
99,3^8,356
25,706,638
5,413.U9J
.5,321,540
1,999.26S
2.014.505>
Total grain ...152,790,323
180,338,603
147,535,063
219,046,233
Plonr
.... ..bbls,
Com....
Oata
Barley.
..
Uye
The exports from the
ending Nov.
several seaboard ports for the week
shown in the annexed statement:
39, 18&4,.are
|
Patents
400»525
City smpplugex
Bouth'n sLlp'g extras.
3
3
00a
009
Bucltwheat Hour per
lOOlbs
4 25
4 00
$4 25
5 00
3 50 J» 3 85
3 109 3 40
3 359 3 49
Wbcat—
•
mlxad
70
SO
HA
70
75
46
West. mix. No. 2.
Went, white
White Southern..
Yellow Southern.
56
50
50
50
9
Sprlng.per bosli.
Spring No. 2
Red winter, No. 2
Red winter
Whit*
9
9
9
9
9
a:
9
9
Bye— Western
98
State
83
86
90
Oats— Mixed
88
88
57 ij
63
55
54
I
White
No. 2 mixed
No. 2 white
BucliwUpat
Barley -No. 1 Canada.
No. 2 Canada
State, two-rowed
State, six-rowed
Exports
from —
New York
58
Boston. ..
Portland
Montreal.
PhUadel..
Baltim'rc
66
N. Orl'ns.
2009
!
25
exAor.
Com— West,
th«
BathMU»]lhuhAHU„ IhuhMlb,
....
Total.
DAILY CLOSmo PRICES OP NO. 2 RED WINTER WHEAT.
Sat.
Mon.
Tues.
Wed. Tliura.
awi*».
103.93B
Datath
.''i,
indicated in
Oau.
BiiM.8il(ta
1.479
Peoria.
ami.
tDMOt.
flour.
Detroit
SULoala
Friday, P. M., Uoccmbor
1884.
or no change in the flour market during
to
BMi.lMtw BuHUMIU
rhiosKo
Mllwaakoo..
Toledo
C'loTOland.
8READSTUFFS.
nurket
breaditofla to
statements l>elow, prepared by ua from the flguree uf the New
York Produce Exchantie. We first give the reoeipta at Weitera
Uvko and river ports, arrange! no oa to present tiie oompantive movement for the week ending Nov. 30 and •iaoe Aug. t
for each of the last tliree years;
6 01
Au«.-8«pt...
8ept.-Uot...
There was
m\
THE CHRONICLE.
0, 1884. J
9 60
« 6S
31 9 'M^
3mj» a^i
32 A 3;!'4
33 9
58
82
75
60
70
9 60
9 86
•
9
9
80
65
li
Wheat.
Oom.
Busk.
536.906
113.947
24,327
43,783
113,318
312,435
10.143
Bush.
230.714
20,357
Flour.
Oatt.
Bbls.
Bush
87,325
61.607
26,634
Sye.
Bush.
68,006
Pea».
Bush.
0,176
316
l,17ii
21.227
116,027
15,056
2,093
3,212
0,911
412,856
171,001
37,002
68,006
143,046
646,584
133,469
787
90.023
13.707
We
add the
56,957
14,826
40,t00
407
N. News.
Total w'k. 1,159,941
1
S'me time
1833.
..
48e,38o!
The destination of these exports is as below.
corresponding period of last year for comparison:
THE CHRONICLE.
662
1893.
Week,
18H4.
Week,
Nov. 2i>,
la-
Bunh.
3,4i!>
ej4,lll3
12.814
20
81.04G
19,407
18.372
11 841
11,121
Ut>0
D32
17.8.H6
171, rOi
Total.
1.
317 OOJ
116,705
0>aUii*iit
t,cora
Otb-o'n'ts
Dee.
Bush.
Bbls.
«n.iang.
JBii
1883.
Week,
1881.
Wfek.
Nov. 2S).
Dec. 1.
Uhla
Oorn.
Wheat.
Flour.
Erpnrts
for week
16i),3i0
496,350
133,4(!9 1,159,941
Nov. 29.
Bufh.
261.481
120.221
13.911
9.280
Dtc
Bush.
some
4,2ii.i
412.S'>6
646,531
Wheat.
Bblr.
-nfTest Indlea.
B nu Colnles
Ji- ooantrV
Biuh.
2flS
10.071.210
72>.3(I9
166.407
29.274
375
239,080
S7J 173
229,297
2I8,19J
138.404
131
16,583
10
I0:!,821
2-13.3at
3J,557
0.433
9,668
13,437
60.1
8.174
61.039
10J.02O
2.303.276
2 212,801
18037.173
13.69S.22a
4,104,469
13,1 19,^20
05
15(1.775
187.018
a3U.804
m
granary
The
alb the principal points of accumulation at lake and seaboard
ports, and in transit by rail and water, Nov. 29, 1884, was as
visible supply of grain, comprising the stocks
£oI1owb:
fVlieal,
Jn efore
"New
(.
t—
afloat (est.)
rx>
Corn,
hush
bitsh.
,4.56
,''.2:-i.T63
1,209,4>;5
3'0,9i0
10,72
Y<iik
Gala,
Jiirlry,
hutth.
1,10.1 3 Ifi
hush
lOn.ysi
(0,000
67.000
6-^8,;)34
142 000
Albany
2,500
16.i)(iO
Buffalo
2165.192
14i...''44
.-,907
Clilcajfo
y,*iUi,7'>2
3 G,SH 7
,:67.40J
382,2.50
114,1.86
5,903
61,814
60,312
14,319
13" 9.)1
12^.I37
8,14y
22.164
14,654
Mrw|Hirt News...
ililwauUee
Dultllll...
Tolwlo
D.ii.it
I,00',rio2
2 167.0(.7
2.6T(!.(:03
H41.421
217
0.^w*l;o
".^.8
2,5^3.844
St. Ixiiiis
4;i.417
CiiuMuiiati
}l4l««t<tll
140
Toumtt*
1
ftluM^rf al
29-.8r*0
733..ii7
8,3
102,6i)0
Piiilndelpliia
Pwitia
I
9i'3,.
it.»
Baian.orp
'.'0
1,024,.^49
X>owij MieelBttippl.
On
435,335
rail
Ob lake
1,191,0
4> ,000
Oncatial
it.Nov.23.'8-i.
18i.',434
39.'.'41.R67
."V27
S-6,i03
."2 668
41.110
71,^82
149.577
.=0 517
1253, 86
603.113
5.147.0
,1-i
very quiet. Indigo blue flazinels were less active as regards new business, but there was a fair mcv<>ment in the
Itest makes on account of back orders,
Lidies cloths, tricots
and all-wool suitings were taken in small parcels to a fair
amount, but cloakingg, Jersey cloths and stockinettes were
devoid of animation, and liglit dealings were reported ia
Iti/e
satinets, Kentucky jeans, shawls and skiits, while the demand
bush
70.9:14 for hosiery and knit underwear was by no m ^ans satisfactory.
292.8 M
Worsted dress go >ds were in meagre demand at first hands,
.=i,000
48.1 00
and a comparatively smill business was done in carpets,
32.194
thoush some fair orders were book el for fumre delivery.
5.174
Foreign Duy Goods have remained in the same condition
I
noted in
! 529
3 8
restricted to a
li2!619
8:.08:)
41 0!i4
54.146
9.832
16.111
15 2 1 T
13l',l.=.3
7,077
90.855
1-23 3-3
8 -',900
8.224
4:-«)
2.t27
3,489
5 116
4.800
3,751
55,213
50,499
3(',0ii0
136, ..CO
liooo
tlie
demand having been almost wholly
by reaileis for making
3.233 2114 2.7.14,633
e313-'3
ImportatioiiK of Dry Ciuod*.
of dry goods at this port for the week
The importations
ending Dec. 4, 188-J, and since January 1, and the same facts
for the corresponding periods are as follows:
5
kz.
§:
r.
§:
:
:
:
|:
5
S
-5
'
•^
past week, business having (as usual at this stase
m
ffiifl
It
^t
Friday, P M.. December 5, 1884.
situation in the dry-goods trade has not materially
changed
the
specialties require!
48,360
8,<iO'l
C4.000
THE DRY GOODS TRADE.
The
few
they were able to distribute to fair advantage; but silks,
Satins, velvet?, plushes, cloakings. &c., were repeatedly offered
through other mediums with poor results, the prices obtained
having been disastrously low in most instances.
29. 45
4.55 O-ll
last report,
up attractive a.s.-ortments for the holiday tra le. The auction
rooms were bountifully .supplied with handkerchiefs, laces
and lace goods, fine embroiaeries, fancy goods, &c., which
810
38,613
1,5':8
for the
orders, but transactions in this connection failed to realize
expectations, and ordinary cassimeres and suitings ruled
32,673
537,220
and transactions in
having continued to pursue the cautious policy which has
characterized their operations for some time past. Worsted
suitings, and a few of the choicest cassimerep, were in fair
request by personal selection and through the medium of
1 301
750.371
I'O
6.'^97
1
I(idiHiiai><>:iH
KnittuiH
,-7i)
2i)
Prints ruled quiet
Domestic Woolen Goods.— There was no perceptible improvement in the demand for nien's-wear woolens, clothiers
9.893.216
2. •51.400
O
Totol...
BMh.
2.937.51 U
sales of certain
restricted to placing orders
frner grades for future delivery.
8.393.55S
5,3S4,Ui3
8.923,121
and other popular
liberal
ginghams were mainly
Corn.
Bunh.
Bu-iK
Bblit.
1,493.066
l,4ft:!,334
more
agents,
2 13-I6c. for 50x603.
itworUtinct
ISH4.
1884.
1884.
1883
1883.
1S88.
A.vt. 85, (0- Aug. 83 to Auo. 27 (0 Aug. 25 to Auo. 21 to AliQ.25 to Aug.into
Nov. 29.
Dtc. 1.
Kov. 29.
Dec. 1.
lXov.29.
Dec. 1.
*U a. Kingdom
Oontuient ..
a.fcO. Am..
shirtings,
to
corporation makes were quickly
and there was a fair business in table damasks 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 eisier (in spite of the
advance in cotton), closing steady at 3 316e. for Gl.^Sis and
1.733
200
large
made by
60. '163
7,tf63
incentive
operations in
bleached cottons, in which a comparatively large business
was done. Colored cottons were in irregular demand, but
1.
By adding this week's movement to our previous totals we
liave the following statement of exports smce September 1,
'this season and lafet season:
Flour.
Loom" bleached
"Fruit of the
makes, was the
1883.
Week,
1884.
Week.
XXXIX.
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the attention of large jobbers and the manufacturing trade
and led to an increased distribution of leading corporation
makes of manufacture! goods; hut the mHJ>ri y of buyers
have shown little disposiioo to stock up beyond immediaie
requirements. In domeslic w(.olen goods there was no niovemait of importance, and foreign goods of nearly all descriptions ruled quiet, the'oiily notable exception having been a
iew specialties adapted to the coming holiday trade, in which
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(i
THE chkoniclk;
1^84.]
|«0uvattcc.
3ittg:)^rancc,
The United
OFFirE OF THS
ATL
A.
IN
NTIC
Mutual Insurance Co.,
NEW YOKK, Januarj- 24, 1884.
of
Charter of
the fuUowluj; Statement
lu cmifoiiulty to the
sub. tilt
on ihA 31st December, 1883:
116 iillulia
Freiulimis on Mai'i « KIsks from
lat January, 1 8.-13, to 31 at Ue-
1H83
$4,108,953 10
on rolU ies not inarkod
offlBt Janiiai-y, lb83
1,539,232 53
<«ni1.cr.
Pri'iuliiMis
Total Marino
Premiums
$5,708,18^
Premiuuia marked off from Ist
Januniy, 1883, to 31st Dcoembtr, I8i3
$4,260,42.S 93
Lossea raid daring the same
period
$1,901,042 38
Kctunis of rremlamg and Expenses
$850,080 76
The Company
hM the following Assets, viz.:
United States
a^'d State of
York Stock.
(
ily.
BKOS.SAN,
$8,6G6 79o 00
1,950.500 00
Bcal i:.-<tuto and Claims due the
Conipauy, eati'jiatvd at
Nijtes
and
Bills
Amount
THE OUrSTANDING CERTIFfCATES
of
the issue of 1379 w.U be redeemed and paid to
the holders thereof, or their legal represeuta^
Uves, on and sifter Tuesday, the Fifth of Feb
ruai-y next, from which date all interest thereon
The
eer! illcates to
be produced at
the time of payment and canceled.
A DIVIDEND OP FORTY PER CENT
declared on the net earucd premiums of the
Compuuy, for the year ending 3l8t December,
1883, for which certilicab'S will be Issued on
and aft<:r Tuesday, the Sixth of May next.
By
.
now business
n-ritten In 18»S
over
MUTUAL NEWLIFE
YORK.
OF
WINSTON,
President.
ISSUES EVERT DESCRIPTION OF
WMEN T P OLICIES
LIFA'd- £A.D
ORGANIZED APRIL
Assets,
-
David Lane,
Qordon W. Bunihara,
A. A. Raveu,
Wm. Sturgis,
Benjamin U.
Field,
Josluh O. Low,
William E. Dodge,
Koyal Phelps,
C. A. Hand,
John D. Hewlett,
William H. Webb,
Charles P. Burdctt,
John Elliott,
James G. De Forest,
Charles D. Leverioh,
William Bryce,
William U. Fogg,
Thomas B. Coddington,
Horace K. Thurl>er,
Williara Degroot,
John
L.
B^er,
N. Denton Smith,
George
Bliss,
WUliam U. Maoy.
W. H. H. MOORE, 2d
A. A.
Vice-President.
RAVEN, 3d Vloe-Presldeot.
WARE
A:
SCHROEDER,
COTTON COMMISSION WEIlCHAimBU
POST Bl'ILDING,
IG & 18 Excliange Place, New T*rk^
Special Httontton paid to the execution of ottfaia
for the purchiiau or s;ile uf contracts for ftrtnr* 4^llvery of cottu:i. Liberal advances made on ce^
Blgnments.
&
Jones,
NEW YORK.
132 PEAKI. .STREET,
FARRAR &
er, Wallace
France. Sawy
CO.,
&
Co.>
MEKCHANTS,
BROADIVAY.
COMJIISSION
GENERAL TR.iNSlvTLANTlC
nctwccu
NEW VOKK
CO.
aud HAVKS:,
From Pior (now) 42, Naith Kiver. fuot of Morton St.
Tnivelcrs liv this linuavoia butlitnuisU ty t-ng-Iish
railway and iho tlbcumforts of cros-siny the Channel
In u simill boat.
Wed.. l»ec. 10.11 A.M.
8T. GKU.HAIX. Trftiib
IJec.17.5 A W.
Dee. :>4. !-> A. »1.
:— 'I'" l^Avc—
l*Ki('i: t)F 1'ass.A(JK litiotudlnK 'irie
First cabin. JK.-O and *.'^0; secdiid ea' in, $^(i"; steerage, f'ifi -Incluriiiif; wine, beddins an<l ntensiJs. Return tiiUcts at veryredneodnite:'. CUetksou Bunque
TninsnlhiiiMque, llavro and Puri.siii aniountstosuit.
IK' Ker>iihit'0
BT. SI.MON. Durand
Si>ccla]
Wed
wed
.
No.
Train Iroin Havre to Paris.
Xcw Vnrk siie'ial train tW'kcts from
Ilat't:af:o cliecket! ihmueb to I'un.-i
1<» I'aris.
witliuut examination at Havre, provided |>iu;.'*eny^era
have the same <tehv('red at the Cnmijany's duck tu
New York, l*ier4*i Noith Hiver. loot uf Morton St.,
at least two liour.-* before the Ufpaiturc ofu steamer.
IS
Liberal advances made on Cotton coostiniB
Speclnl attention given to orders for eontimcta
future delivery of cotton In Xew York and LiTerpool
fw
WALTER &KROHN,
COTTOX BROKERS,
,
S3
RKAVKR
F.
STICFET, NE^V YORK..
Hoftmann,
COTTON BROKER AND AGENT
38 HUE DE I.A BOCRSE, HAVRV.
ames F. Wenman & Co.,
I
COTTON BUOKER".
Ai^eiit,
No. 113
PEAUl, STREET,
N. Y.
Kstabllshed (In Tontine Bulldlnu) IMO.
CCnttOM.
Waldron & Tainter,
COTTO.\ MERCHANTS,
Robert Tannahill
&
9T
Co.,
Cottou Comniission Mcrchauts,
PEA II L. STREET.
RSTABI.I.SIIKI) IfiM.
Eiigreue K. Cole^
SltlKr'.soi:
No. 61 stone Street,
NEW YORK.
Special attention slven to the purchase
Future Contracts.
and
lale ol
Fellowes & Tileston,
OOTTONi STOCKS, BONDS, &c.,
YORK.
25 WII.I.IA.M STttKET. .NKW
Orders In " uturca" e.iocuied at N. V. Cotton Excn.
Dennis Perkins
&
TO fEAR.S A COI.B.
STATIONER AND PRINTKB,
Supplies Banks. Banliers, Stock Unikera aad Corporatfons with complete outllts of Aceoanl Book»
and stationery.
..
... ^
tW New
.
ciiucerns orfianltlng will
hare tMir or-
ders promptly executed.
l-
JOHN D. JONES, Prealdent,
CHARLES DENNIS, Vloe-Prealdent.
Co.,,
SUCCESSORS TO
Direct Line to
Horace Gray,
Edmund W. Corlies,
Adolph Iximoyne,
Bobt. B. Mlnturn,
Charles H. Marshall,
&
Schroeder
NORFOLK, VA.
TRVSTEES.
James Low,
ORDEna FOR Fl'TTBe CONTKArrg T.x
NKW YoHK AXI> MVEltPOOI.
ECJKE,
No. G Bowllu:; (;rcon.
Charles Dennis,
W. H. H. Moore,
Charles H. Rnssell,
PEARL STREET,
NEW YORK.
O K L. Y
-^l^i^
& Co.,
Liberal advance;* made on Cotton con^lfrnmeota
Special attention Klvcn to orders ] or coatraAs 1or
future delivery of Cotton.
^tcamsTiips,
roUlS DE BKBIAN,
J. D. Jones,
No. 134
Farrar
Havre
Sccrctarr.
.Mll.LKK.
COMUIKSION HEKCIIANTS,
14, 1842.
8101,148,248 25
-
I>.
COTTON
IfeS?,
at ilH ofRce in
H. CUAP.VAJi,
CUAHI.K8
G.
CO.
C'Atoa Bi*ktT»
Co.,
Hopkins, Dwight
W
The ComiKignie (Jeneralc Trausathintique delivers
order of tie Board.
J.
.
A
Samn el H. Buo> A Co.. New Orleana.
OUBTATi'fl c. HopKi.vs. I.rrtt'H Hopkins SauTB.
Y£AII.«l.
GOOD AGKNT8, deslrinx to represent the Comare Invited to address .1. S. GAFFNuy,
Smy,
aperbiteudent of AKCnclos. at Home Office.
CANAIlA,
is
COUKESroNIlKXTa
Mesara. Smith. Edwardi
Liver|MM)I.
87 per cent.
$12,972,312 47
SIX PER CENT INTEREST on the outstanding certificates of profits will be paid to the holders tlioreof, or their legal representatives, on
and after Tuesday, the Fifth of February next.
will cease.
TWO
Foil
1SM2.
1»«1.
.ti BOO.oofJ 00 »5,23l.00o o<J
Iti.Tini.iioo OO IH.noti.oou (W
5,11B,»14JB D.aiis.iia'is
45U,e7i)
47.'.,«2it li8
to policy-holders
Insurance Written.
Insuninco In force
Assets
00 00
1,6S8,30G 79
335,710 6
CO F F KE
»l guars.
Rates Lower than other Companies.
425,i
Hank
in
COMl'AUISON OF Ul'SINKSS
Re-
i>el\aulo
Cash
Incontoatablo
Death Ctulius paid at onctiaa soon as autlsfactory
rroofs Hro roceivod at the llnme OOlce.
Absolute socurlly, combined with the larKest liberality, nsMuros the populurii y and (tuceess of this Co.
All furm of Tontine IV, Holes issued.
F. S.
Loans svcured oy Stocks and
Prcmimn
All Policies honoeforth Ixsaed are
for uny cause after threo years.
Increase In
UKtJVKXt
!«
attheNKW YCllIK COKKKK KXCII AKKK. »«•
(liRAIiV AlVD I^ROVISIOX*^
at theNKW VtlKK PRimrCK KXCIIANUB IM«
the CUlCAi;U liOAltU OK THAI>iC.
cluslvely.
Payments
N*w York.
Mt.,
(JKDKIIH KOIt KL'TUilB
PrenUlent.
P.FsALiioH.Sea'r. A. Whrklwuigut, Autaeo
UKo. 11. Bt'itroiio. Actuary.
Br an act u( tho l.«i(l>iiHture of this Slate this Company's charter waa ho amundod In 1H81I that hereafter
all tho proflta shuU belonjc to the policy-holders ex-
INSUKAXCE
New
ctherwi-e
S South William
XBCUTK
Co.,
HANTS'
I:K(;
rOKK. I.IVKKI-OOI, A.VD KWW OU& 2«3 Broadway, New York. attheNKW
LICAN8 COTI'UN K.XICII A.VliK.-<. AlauordantaB
Bunk and
other Stocks
COMMI.SSION M
C O T T O
C.
New
(i3
&
Henry Hentz
States Life
(OKOANI/.KL) IN IMO
T. n.
tbi< t'liiuininy,
^fStXoXL
Insurance Co.
THE CITV OP NEW VOBK,
aei, 2«2
The TriiMcps.
Tt»
Co.,
COTTON BROKERS,
135 Pearl Street, New York.
Ordera for Spot Cotton and Futares promptly
executed.
No. 1 M'IL,EIA]n
STREET,.
ltI.\NOVKK SylAltK.)
JOSEPH CI LLOTTS
STEEL PENSWORLD
Solo By ALL DEALERSThrouok)utThe
COLD MEDAL PARIS EXP0SITION-ia7a.'
^
m
THE CHRONICLE,'
©0tt0tt.
Woodward &
IDecember
®0tt0tt.
Stillman,
ORDERS FOR CONTRACTS
roR FcTURE Delivery of Cotton.
cotton, all grades, suitable to
of spinners,
Offered on Terms to Suit.
&
INVESTMENTS
COUNTRY BAN K KRS.
Special attention paid to
accounts of
Phenix Insurance Co.
OF BROOKLYIV,
195 Broadway, New ¥ork City.
Company 1st Day of July, 1884.
CASH CAPITAL
$1,000,000 00
Office,
G. E. Staenglen,
AND
COTTON COMMISSION MERCHANTS,
No. 23 William St., New York.
NEW YORK,
statement of
NF^V ORLEANS,
AGENT FOR
Reserve for unearned premiums
Reserve for unpaid losses
Netsurplus
& Gwynn,
»S,057,676"6S
CROin^ELE., President.
VVM. K. CROWELL, Vice-President.
PHILANDER SHAW, Secretary.
WiVI. CHARTERS, Assistant Secretary.
S'KANCIS P. BUKKB, Sec'y Local Dept,
Authorized Capital, R. M. 20,000,000.
HOME
Paid-Up Capital, R. M. 6,000,000.
COTTON FACTORS
Lehman, Abraham &
AND
New
COMMISSION MERCHANTS,
16 and 18 Exchange Place,
&
VORK.
HT" Special attention siven to the execution of orders for the purchase and sale of Cotton, Grain, and
Provisions for future delivery. Orders also executed
on the New York Petroleum ExchauKC and Stock
Board. Liberal advances made on conslKuments.
Fergus Reid.
Theo. h. Price,
Late of Eure, Farrar & Price.
Price,
&
Reid
Lehman, Ditrr &
Co.,
Montgomery, Ala.
Orleans, La.
LEHMAN BRO'S,
Cotton Factors
AND
OOnMISSION nERCHANTS,
Co.,
conmissioiv mERCUANTS,
NO. 12 OLD 8LIP,
NEW YORK,
AND NORFOLK, VA.
Co.,
EXCHANGE PLACE,
No. 40
MEMBERS OF THE OOTTOS, COFFEE AND
PRODUCE EXCHANGES.
204 Church
Ne^r York.
Up-town Office, No.
John C. Graham
BANKERS
AND
&
& Commission Merchants
COTTON COMMISSION MERCHANTS
*
NORFOLK^ VA,
Liberal advances made on Cotton consignments.
Special attention given to the sale of cotton to
arrive or In transit for both foreign and domestic
markets.
Correspondence
&
Bioss,
commission msRCHAXTS,
PEARL
WlUlam
Street,
OFFICE 119 BROADWAY.
CASH CAPITAL
13,000,000
New York.
Cash Assets, July
ST.,
NEW YORK.
Orders for future delivery of Cotton ejcecated In
Now York and Liverpool also for Grain and ProTlsions In New York.
1,
1884
iETNA
Company
Insurance
OF HARTFORD.
Ajssets
January
1,
1884
$9,192,643 80
LiabUltleB for unpaid losses
and re-Insurance fund
Capital
SELMA, ALA.; MONTaOMERY. ALA.
NET 8URPLD8
Np. 8 Cortlaiidt
H. W.
|7,84S,574 4f
CHAS. J. inARTIN, President.
J. H. WASHBURN, Secretary.
Buyers of Cotton for a Commission. Orders for Fu
tare Contracts executed In New York and Liverpoo
Wm. Mohr.
00
Reserve for Unearned Premiums
2,65n,607 00
Reserve for Unpaid Losses and Claims.
850,312 42
NetSurplus
1.342,656 04
solicited.
Gwathmey
No. 123
No. 18
OP NEW YORK.
Co.,
Cotton Brokers
Company
Insurance
Street,
Orders executed at the Cotton Exchanpes In New
York and Liverpool, and advances made on Cotton
and other produce consigned to us, or to our correspondents in Liverpool, Messrs. U. Newgass & Co.,
and Messrs. L. Rosenheim St Sons.
Co.,
2,042,223 39
256,486 66
658,867 64
STEPHEN
& Co., Galveston, Texas. COTTON COMPANY OF STUTTGART.
Rountree
and
wants
Co.,
NEW
Sons,
—with interest upon balances.
Neiv York.
BANKERS
Post Building,
P. Hateh.
Arthur M. Eateh.
^"
BRANCH Offices!t»n%i
Ag;^ <^iI'„''„'Ti''Jt""v1'i,'i5
Cuapel He, New liaven
Personal attention given at the EXCIIANGB9 to
the purchase and sale of STOCKS and BONDS tor
cash or on margin.
DEPOSITS 11 KCEIVED— subject to cbeok at slctat
Cash Advances Made on Consignments.
Fielding
Hatch.
COTTON MERCHANTS,
BFEOIAI. ATTEXTION TO
Jeinison,Groce
W. T. Baleh.
INMAN,SWANN&Co
COANS made ON ACCEPTABLE SECURITIES.
Jemison
T.
BANKERS,
14 NASSAU STBEET, NEW YORK.
NE\r YORK.
S.
Benry
Walter
lialh'l
W. T. Hatch &
MERCHANTS,
Post Building, 16 & 18 Exciiange Place
E.
6, 1884.
JAS. A.
Hanemann. Clemens Fischer.
Mohr, Hanemann & Co.
1,923,185 95
4,000,000 GO
$3,269,467 86
St.,
BTcw York.
ALEXANDER,
North
Agent.
British
;
& Wakefield,
COTTON
Tuttle
And Gtneral Commission
84 Beaver
St.,
Mercliants,
New York.
Liberal advances made on cotton consignments
Bpaclal attention srlven to orders for contracts fot
fntare delivery of cotton.
Henry M. Taber
141
PEARL
ST.,
&
Co.,
NEAV YORK.
COTTOIV.
123
PEARL
New
ST., 186
New
York.
OF
trasts (or Future Delivery of Cotton bought and
&
B.F.BABCOCK&CO.
COMMISSION MERCHANTS,
D. BABCOCK,
32 Nassau Street, New York.
William H. Beede&Co.,
COTTON BROKERS,
No. 6 and 7 AYILLIAITI STREET.
Special attention Kiven to orders
Cotton for
forthebuyimj
t
iture Delivery.
Geo. Copeland
&
PEARL STREET,
LONDOIM AND EDINBVRCB.
NEW
Co.,
No8. 31
&
Brothers,
Hon. 8. B. Chittendkn.
Ezra White, Esq.
J J. ASTOB, Esq.
CHAS.
E.
WHITE, SAM. P. BLAGDEN
UASAaBBa
VON GUNDELL.
YORK.
CHARLES MAYHOFF.
von Gundell & MayhofF,
COTTON BROKERS,
Nos. 2
Office,
64
IVUUam
St.,
New
York.
G ontmercial
33 Broad Street,
NEW
A. C.
YORK:
Solon Humphreys. Cli'r'n, (E. D. Morgan &Co.)
David Dows, Knq. (David Dows & Co.)
E. P. Fabbri, Esq. Drexel, Morgan <& Co.)
JOHN M. EWKN.
Jr.
Ewen
Co.
Ins.
United States Board of Management,
& 4 STONE STREET, NEW YORK.
LJmon Ins. L/O,
(OF liONDOir^
ALFRED
VON GUNDEL.l7~& ITIAYHOFF,
COTTON BUYERS,
Cor. Pine
NEW YORK.
niERlPHIS, TENN.
COTTON BROKEK8,
184
Warren Ewen,
COTTON BROKERS,
PnBOHASB ONLY ON ORDERS FOR A COMUISSION
selllnn of
LIVERPOOL,
Beoelve consignments of Cotton and other Prodnor,
aad execute order? at the Exchanges In Liverpoo .
Bspresented In New York at the office of
CO.,
COITON BUYERS,
•iraONTGOinERY, ALA.
and
Mercantile
SAMI,
old on commiBBJon.
H. CLISBY
Orleans, La.
E .ecution
ORDERS FOR FUTURE CONTRACTS.
17 W^ater Street,
&
OB
Special Attention Given to the
Advanoes made on Consbmments of Cotton. Con-
JOHN
GRAVIER ST.,
PELL,
Resident Managtr,
& Wi/liam Sts
@FedFRASER