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xmitk
AND^
HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED 8TATB3
VOL.
SATURDAY. DECEMBER
61.
NO. 1,32a
1890.
6.
CLEARING HOUSE RETURNS.
iVak and't
Tho following statement shoivs the bank clearinj?s
week ending to-day (December 6), made up according
planations contained in Chronicle of October 86.
Wuk BnMnt
OUCARIXaB,
Ettumt by TtUvraph.
New
York
1890.
Dtcembrr
for the
to ex-
New York
llale$
ol—
{Stoeki
(Cotton
0.
1889.
Km. n.
(kares.)
6alu.)
.,,.
(eraln
I
\PerUent.
buektU.)
PttnUvm
6Ms.)
Uoston
Providence. ..
Hertford
New Haven..
•726,496.S70
-11-8
90,334,!>02
New Orleane
«C^0,973.349
81,928,367
67,540,22i
13,094,993
81,311,000
20,670 346
12,298,1£3
-9-8
-10'6
4 8-3
+13-5
+1-5
-8-8
Sereo cltlee, S A»ja
Other cities, S dars
(897,415,461
196,811,819
•1,010,20 (,V99
134,411,26*
-112
Philadelphia
+15-9
Plttsbnrif
$1,053,227,070
195,018,632
(1,144,614,567
201,111,300
-8-0
(1,248,245,702
»l.348,728,867
-7-6
,
BMton
PliU»aelphl»
Baltimore
CMoAKO
St,
Louis
Total
7S,»7;,660
12,317,503
71,634,000
?0,!<66,4ai)
13,492,074
SpritiKfleld....
Worcester
Portland
Lowell
New Bedford
New
Total
Bngland.
.
Baltimore.
all cities,
6 dara..
All omes, 1 day
Total all oiaea for week...
The exhibit of clearings foi Nov. and since Jan.
November.
1800.
1 ia
Wilminxton, Del
Syracuse
Ilochester
as follows:
Total Middle
Chi Cairo
Cincinnati
Eltiten Mimf»<.
P.Ct.
Bnffalo
VVashlntfton
Milwaukee
1890.
P.Ct.
Detroit
Cleveland
Columbus
New Tork.
3,198,443,060 3,201,136,632
Boston
Providence,.
Hartford
New UuTen..
BprloKfleld
445.660,183
29,720,600
8,320,882
6,656,258
...
6.flS4,948
Worcester....
6.462,568
5,708.961
4.386,^83
1.831,741
Portland
Lowell
New Bedford
-0r2 34,4
417,457,806 +6-8
2i,077,S00 +86
8,403,467 -2-8
6,802,802 +6-7
6,166.904 +14-9
5,085,212 +7-4
6,686.423 +0-4
3,069320 +4S-7
1,733,486
4,742,005,936
242,017,300
96.309.907
61,709,230
60,714,788
54,861,084
66.216,996
35,884.703
19,779,362
+6-7
+»»
,666 38,731,180,459
__
Indianapolis
Peoria
Orand Rapids
4,353,504,080
236,138,600
92.137,627
68,196.362
66,067,848
61,341,122
60,696,679
89,965,574
18,983,361
Total Middle Westers
San Francisco.
Portland
Seattle
Tacoma. ..
Los Angeles ....
Lake City*,
Salt
Total N. SDK
60a,683,8';8
476,972,499
+66
4,960,030,996
+8-6
Philadelpbla..
329,416.169
-3-6 3.411,168,615 3.3S3,802,941
+2-6
WllBilnKton..
BTracuae
817,881,100
67.007,886
61,397,100
7,003,064
3.S22.302
3,784,179
Total Middle
460,595,691
456,585.883
6,308,849,306
•
Pittsburg
Baltimore
Washington..
S7.M0.2tS
+-i:-»l
56,(123,^71
+7-9
5,587,600 f25-3l
3,486.814 +10
3,225,654 +17-3
729,819.758;
69S,63H,402
77,784,693
38,i'e5,518
69e,()28.1«4 -t-28-4
rl72
691,659.233
62,710,'<08:
1
17-6
Total Paotflc,
Kansas
City....
.Minneapolis....
Paul
Oraaha.
St.
,
37,578,901
36,308,247
39,332,716
+7-4
+6-4
-H>-9
4.993,976,787
4,646,241,655
+r6
364.309,5S4
300,77'),128 +21-1
3,736.908.764
49,343,750 +9-9
24,«2 1.186 +50-0
22.187,826 +18-8
18.9(i7,M)9 t20-l
12.2^9,000 fl61
9,397,362 -2-3
6,644,422 +18-5
2,900,473 +8-
8,067,749,
M31 i28-»
54.a2H..S00
6-!4,410.250
51.S.572,,3«0itl3-8
28il,000,,575+399
Wichita,
Lincoln
223,646,
1,825+23-1
178.038, 9131-35-8
117,076,,382 +80-7
93,636.
+4-1
70.618,
+8-0
30,966.
+18-9
Topeka.
Denver
Duluth
Joseph
Sioux City
Des Moines
.
Chlcaco
Cincinnati
Mllwauitee
Detroit
....
3rt.a2fl,B7:i
2fl.^i9^154
Cleveland
1K.777,««S
14,141.900
Colambus
Indianapolis...
»,17(<,131
Feorla
7,477,078
3,006,367
Oraad Rapids.
321,732,962
273,236,908
241,430,593
141,301,300
9'1,477.622'
76,328,837
84,917,416
—
St.
Total Other Western.,
Louis
Orleans
8t.
New
Louisville.
TotM.West,
538.344,385
447,078,066 +20-4
5,588,819,724
+22 8
.Memphis....
Ban Francisco
Los AnKOles..
70.822,438
2,823,897
5,374,340
8-6
72,700,124
1-7
2,873,866
3,138,628 f71-3
778,976,007
2^,971,766
42,070,896
769,801,869 +0-4
31.6;8,189 -8-»
21,815,223 +92-8
Qalveston..,
Nashville
Dallas
79,020,675
78,712,618
+0-4
843,918,668
823,297,881
38,067,020
33,729,861
21.301.090
19.U18,IJ61
17,t<2)'17'j
Des Moines
9,767,200
5,575.821
2,772,830
5,00«,484
3,046,807
Lincoln
2,500,(100
1,814,306
6,118,736
5,014.8 10
2,436.074
4.4U2,H40
4,389,076
8,156,617
1,428,386
451,771.447
272,603,379
205,066.461
236,126,068;
235,752,819
96,490,308
71,666,708
36,381,012
40,8,931.048
21300,81'
88,039,466 +0-1
30.561,907 +10-4
22,n29.940 -5-9
18,612,724 -'-14'3
16I,828,<I70
Tacoma
Totol Paciac
Kansas
City...
Minneapolis...
8t. Paul.
Omaha
Denver
Duluth
St. Joseph
.
Wichita....
Bioux City.
....
Topeka
Tot.oth'rW.
St.
Loals
New
Orleans..
LonUTllle
MemphisRichmond
Galveston
Dallas
Fort Worth...
NorfoU
TotalSoatb.l
Total
all
Ontslde
.V.
94,031,
58.712,
32.031,
16,974,
9,500,
15,ai4.
e.ibU.
3.59:.
B,091,
241,908,703
m-i
tlS-8'
4.3.541.713
+8-6
410-6
214,600,750 +87-0
189.339,730 +8-8
189,636,986 +a4'6
175,987,379, 1-34-0
73,470,629 +31-8
60,437,455 + 18-6
33,108,488 +9-9
26,984,8811 +61-4
8-<,21B.870l +7-6
23.674.1i42l fl4-6
t29-l
30,343,470
27,106,269
17,960,336
131,»33,774
+8-6
,:i,784,880,981
1,442,548.024 +19-6
84.02'l,747
H8-6
1,020,798,093
8i(9,681.7n2'+lS-6
440,859,631 +4-8
328.624,703 t-18-3
112.140.104 +20
99.440,053 +4-6
67,047,768 +46-7
69,394.316 —1-1
S2.3&3,948 -1-6
16,693,132 -4-3
9,389,491 +1-2
8,9l5.o:3|+70-l
4,805,198'+80 3
4.e61,»03 -2-2-8
4,812,643 +26-6
225,271,449
,|5,191,72S,.W2 5,040,739,800
T.J.9«3.281.:)9i 1,836,564,878!
459,817.21.1
369,100.403
111,416,621)
10 i.-'75,551
9S.:i7U,M3
67.656.057
45.-282.:i43
42,397,900
17,944,656
38,599325
+0-1
87,018,153 +<J21>
34,989,279 +21-1
+3-0 55,211.985363 61,iae,01»,S49
Worth
Norfolk
Chattanooga
Birmingiiam
,
Lexington,.
Total Southern
Total
all
New Fork
Ontaldc
*
Not Included
la totals.
Our compilation of sales, &c., of
eleven months is as follows:
stocks, bsnds, &c., for the
Btnn
in<t«« numtkJ, 1800.
OMcHptlon. Par FoiiM
or Quantitv
I
.Actual
A<Mr'gt\
Foltu.
(8711840959
stock jfi'" |613r>40»435 1
.v>4uv4;>o
80-9
(lov't
3.907.720 $309,''08,9S0
bonda
12,992.500
State bonds.
,6l»8.HO0
1,8W4,865;
I
+7^ Bank stocks
20,772,093,198 18,484336,886
The returns for week ending Nov. 29 (five daysj exhibit a
loss of $327,463,951 contrasted with the previous full week, but
compared with week of last year there is an inorease of 3 per ct.
00,^00,981
80-6
RR.
bonds.,
ToUl
.
Pat'l>m.bbls
Cotton,
bis.
I
|8«8,74a»»4)
I3.1i2.'VI» 1»;-1
lS5,50-3.000H;2l,090.8rol8»Xc
21.783.6 X)l«117«017.104!194-18
<7J664 4,943!
1889,
AUmml
4«r>«<
FalM.
I
(
« f^M lAA'JA
'
.
.
_
—
|W»,04Ml«
Ufi&Si
|2.64%056, 56-3
iMwinoi
H.900.481 129-8
(train, bush. 1752.640,524j|140l3«2,93l |8JC.
Total value,
ii6190.?*89.385i
I
»652390342i) 4025114,638, 61-7
.
mmtkt,
Par FahMl
PtU*.\
+494
+7-4 8,811,7(»7,732 3,049,297,308 +18-8
+8 3
Kichmond..
Fort
+11-8
+52-8
+13-7
+27-5
+16-0
4,924,420,722
i8l
'f«S6«.0MJMO MUS9tO.I83,
j
I
«t»3*Mao
l7.OS2.aOO
|ia7MM,««0,Ma.
|«44a8<W.988
7
;
THE CHRONICLE.
7fi2
[Vol. LI.
against £19,544,513 on
November
'
Discounts in
TRE FINANCIAL SITUATION.
London are also reported lower, sixty to ninety-day
The monetary situation has remained during the bank bills being quoted at 3f per cent. The Bank
week without any marked change. It is satisfactory, of England gained £313,000 bullion the past week
however, to note that the leading events have all been a special cable to us states that this is due to the import
Bank of England minimum
6th.
from Australia and miscellaneous sources,
from the interior of Great Britain of £81,decline in the rate for foreign exchange, the latter 000 and to an export to Brazil and other points of
removing the fear which began to be felt of an export £81,000. The open market rate at Paris is 3 per cent,
of gold and opening up a possibility of an import at Berlin it is 5 per cent and at Frankfort it is also 5 per
movement. Of the same character is the progress cent. The announcement is made that early in Janmaking towards a settlement of railroad differences, uary a 3 per cent French redeemable rente amounting
about which we have remarked below. Scarcely any to 883,000,000 francs will be issued.
Our foreign exchange market has been weak and untransaction could contribute more to restore confidence
This change in condigreat carrying industry put upon a settled and so closed yesterday.
than to have our
In an article on a subsequent page we tion has been mainly due to a liberal supply of commerbasis.
safer
have investigated a remark made a few weeks since by cial bills drawn against cotton shipments and a pressure
Mr. Gould, and which has been widely discussed and of bankers' bills against outgoing securities, the arbiquestioned, as to the effect on the net income of the trage houses having bought freely of stocks since MonWestern roads of a rise in freight charges of one and day. The easier discounts in London and the close
We find that Mr. money market here have also had more or less influence.
four-tenths mills per ton mile.
Gould's statement as to tonnage was under the truth On Thursday some first-class bankers' drafts were sold
rather than over it, and hence the satisfaction now felt at a price which is only half a cent above the goldover the arrangements making to settle railroad differ- importing point, while yesterday there were transac*
Then there is a further grain of comfort found tions at which imports of gold could be made, though
ences.
It is a notable fact that
in the introduction in the Senate of the bill to extend the margin would be slight.
1 the time for the withdrawal of goods held within a fortnight exchange has been twice close to the
to July
The measure of importing and once near the exporting point. On Monin bond under the old tariff law.
course may not pass, but there appears to be a good day Brown Bros, reduced short sterling to 4 88, leaving
prospect of its passage, and under the conditions of our the long rate at 4 82|, and Kidder, Peabody & Co. and
money market speedy action appears very desirable.
the Canadian banks also reduced the sight rate to 4 88,
We may presume that within a little over a month leaving their sixty day rate at 4 83. On Tuesday Brown
These
there will be free arrivals of currency in New York. Bros, posted 4 82 for long and 4 87 for short.
Even now the banks are discounting paper for their rates were also posted by the Bank of Montreal, while
customers a little more liberally than they were. It has Kidder, Peabody ^ Co. reduced to 4 82^ for sixty day
been stated that this liberality was possible only because and 4 87 for sight, and the Bank of British North
more loan certificates were taken out by some of the America to 4 82^ for the former and 4 87i for the
Clearing-House institutions. In a sense, that is true. latter. The market was then almost demoralized, and
At the same time it is to be said that in important par- on the following day the Bank of British North America
ticulars the banks have improved their condition mate- fell to 4 82 for long and 4 87 for short, while Kidder,
and with the period Peabody & Co. posted 4 83 for the former and 4 86^
rially during the last two weeks
for the movement of currency to the West and South for the latter.
The change in the Bank of England
nearly over, and a return flow in prospect, it seems mimimum caused a reduction by Brown Bros, and the
likely that the limit of outstanding certificates has Bank of British North America on Thursday to 4 86^
It is well enough to state for sight.
been nearly reached.
The Bank of Montreal fell to 4 81^ for sixty
The drop
favorable.
from
6 to 5 per cent
in the
is
of
that nature
;
so
of £213,000
also is the
to receipts
;
also
even
yet
aggregate
afloat in either
of
do not day and 4 85^ for sight. Yesterday both Brown Bros,
amount put and Kidder, Peabody & Co. quoted 60-day sterling at
that the total certificates outstanding
money,
1873
one-half
or
1884.
as already said, has
of
the
Still,
the condition
not changed greatly.
The offerings on call are confined to bankers' balances,
but have been at quite regular rates except on Monday,
when the figure was temporarily run up to 15 per cent.
For the week the range has been 15 and 3 per cent,
and the average has been about 6 per cent, at which
renewals have been made; this is also the minimum
rate quoted at the banks and trust companies.
For
time money 6 per cent has been bid, with a commission
which would make the rate 8 per cent, but this has
failed to bring out offerings.
The quotations for
commercial paper are nominally 7i per cent for sixty
to ninety-day endorsed bills, 7i@8 per cent for four
months' acceptances and 8 to 10 per cent for good
single names having from four to six months to run
but there are no buyers with the exception of a few
out-of-town banks.
The Bank of England's minimum rate was reduced
on Thursday to 5 per cent from 6 per cent, at which it
;
had stood
bullion
since
4 81, but the former placed the short rate at 4 85^,
The rates at the end of
while the latter posted 4 85.
stood at 4 81@4 83 for long and 4 85@4 86 for
the week
with actual business done at 4 79@4 79^
and 4 83i@4 84.
While no meeting of the Western railway presidents
short,
has yet been called, it is gratifying to see that very
satisfactory progress is being made in placing rates on
a more remunerative basis. The work in that direction
In the first
advance on the 1st of Januplace it has been agreed to
ary the west-bound rates between Chicago and the Missouri Eiver to conform to the corresponding tariffs on
the present week
is
of great importance.
east-bound business, that
from a
basis of 70 cents
on
freight to 75 cents, this advance
November 7th. The holdings of tariffs west-bound to
amount to £24,896,075, membered that early
by the Bank now
is
extending
through the various classes of freight and ranging from
The action relates to all
1 to 5 cents per 100 lbs.
points on the Missouri Eiver from Omaha to Kansas
City, and will apply also on traffic to local and intermediate points. This step completes the restoration of
first-class
the Missouri Eiver.
last
summer
It will be re-
in the demoralization
I
.
Decembir
6,
THE CHAONICUL
1890.1
then existing the rate on first-olaas freiglit litid got
down 118 low aa 60 cents, and that from this there was
August to 70 ceuta,
of
lat
the
an ttdviinoc
to
be
which now the 5 cents further is
to
be mentioned
that
id
between Chicago and St.
that is,
Piinl mucli the same policy had been pursued
two successive advances, first on August 1
there were
to fiO cents on the basis of first-class freight (from 40
cents on local business and only 30 cents on through
business, the previous figures) and then on November
17 a second advance to the basis of 60 cents.
But action has likewise been taken this week to restore
east-bound tariflfs to Chicago. The one bad feature
lately was the reduction in grain rates from Missouri
River points, on the order of the Inter-State Commerce
Commission, which order, after considerable wrangling,
the roads finally put into effect November 17.
It
seems now that rates are again to be advanced. lu any
event it has been decided to raise the tariff on corn
from the Missouri River to Chicago from 17 cents to
19 cents and on wheat from 20 to 22 cents. West of
the Missouri River we are told the advance will average
between 1^ and 2 cents per 100 lbs., and furthermore it is
stated the idea is simply to put tariffs back to the basis
prevailing before the emergency reductions made last
February, when grain prices in the markets of the
world ruled so extremely low and the condition of the
farming industry was very depressed. The managers
likewise resolved to advance cattle rates from 22 cents
to 23| cents, a proportionate advance to be made
in rates
on points between the Missouri
and
Mississippi
rivers,
and
some increase also on
shipments from points west of the Missouri River.
The 22 cent rate has ruled since August 25th, to which
it had been raised from 13^ cents.
At that time also
other east-bound rates from the Missouri River
were marked up— on hogs and sheep, for instance, and
on dressed beef, packing-house products, lumber, &c.
added.
the
case
deserves
It
of the
With regard
1
to
tariffs
—
to the question of the equalization of rateg
on live hogs and packing-house products, so as to accord
with the decision of the Inter- State Commerce Com-
768
& Memphis
with only $12,582 loss in grow, report!
$31,182 loss in net. Then the Louisville & Naahville
$43,733 in net, the Central of Georgia lo«ei
$77,171, the Cleveland Cincinnati Chicago & St. Louia
$11,182 and the Louisville Now Orleans & Texaa
loses
$46,268—all on larger grosa.
The Erie haa lost
$92,264 in gross and $91,974 in not.
We have aaid
there wore a few favorable returns.
The Rio Grande
Weatern is one of these, having gained $42,000 io
On
gross and $13,690 in net.
there
an
is
iucreaae
of
the Ontario
&
Weatern
$45,122 in groai and
West
Virginia
Central
in
$24,494
net.
The
has gained $33,695 in grosa and $5,720 in net, and
the Norfolk & Western $31,156 and $4,976 respec-
The Western New York &
Pennsylvania sufbut managed to reduce
expenses heavily, so that the net stands at $101,376,
tively.
fered a decrease in gross,
The Louisville New Albany & ChiKentucky Central and the Elizabethtown
Lexington & Big Sandy have only jnat reported
results for September, but all show decreased net.
As concerns the condition of general trade, we have
this week prepared our statement of bank clearings for
the month of November, and the exhibit is quite interesting.
In November last year there was an extraordiagainst $82,930.
cago, the
nary increase in the aggregate of clearings, the total
being about 650 million dollars, or 15 percent, in excess
of that for the corresponding month of the year preceding.
Notwithstanding this heavy gain last year, there
this year a further addition of 151 million dollars, or
about 3 per cent. The following furnishes a comparison by months back to January, both with and without
is
New
York.
York the
It will be observed
increase
is
New
that outside of
about 167 million dollars, or 8"5
per cent.
Clear^nf, Total AU.
1880.
*
Jannarr...
February
March
1888.
Obofinff
OuUUU N»w
P.OU
Ttrk.
*
1889.
IP.Ot.
+8-3 1.951.4S2,9e« 1.786.498,9M|+Ut
+6-4 1,579,609,MS l,479,a8«3Wl +8-8
4,688,344.491 4,S03.SS7,785 +1-9 1,766,420,901 1.818.799,604 +9-4
S.22S.831,3m! 4,82S,1»7,81S
4.100.96S,4M| l,17i.»12,81«
l8t quarter U,216,ia6,S7». 13,603.&«8,460
+6-3 6,298 jeS333 4.848.978.288 +9-*
Aprtl
mission, the action of the managers this week has not M«T
been quite up to expectations, the live-hogs tariff from June.
Kansas City to Chicago being reduced from 25 to 18
cents, instead of the rates on packing-house products
being raised from 18 to 25 cents.
Still,
prior
to
the advance
on August 25 both live hogg
and packing-house products were moved at the
ruinously low
figure
of 12
cents.
We
taken
4,343,858,929
+9-8
1348,350,371
6,886,074431
4.794,808.498 +21-6
2,087,641.889
1.693.87S.868 +18-9
1.714,51ii367 +188
6,032,367,411
4,712,485.U7
+8-8: 1,873,756,836
1.841A17332 +14-J
2d quarter. 15,828,473,080 18,850,960.642 +12-8 5,767.647,075 4,949304,046
+18D
+9-1 u.o64.oio.9ae 9,7«e3803U
+1*0
8 months... 29,843,838,459 ^7,354,618,992
July
August
September.
+a-7 1.934.278.800 1,788.U8.S<0 +11-8
+9-9 1,774.838.523 1369.876414 flS'7
4.931.853.362 4,250,485.435 +18-0 1,839.880,028 i.seo37»3i8 +irr
4,787,435.912; 4.842,802391
4,734,973.871, 4,306126,778
13.201.394,104
+9-3 5.648.975,416 43483aa.i'o fU-6
44.277,901,604 40,565.918.098
+9-2 18,802,988,893 14,84«,87«,48S +13-*
3d quarter, 14,434.263.145
9
have
4,770,031,538
months
Ootober....
5.742.358.917
5.589,363,949
+S-1 2.176326,483 1,961.«0«3H
+u-»
Norember.
pains to recount these various steps, because they show
that this week's action is only part of a general move-
5.191.725.342
5.M0.739,800
+ S-0
1338364378
+»6
1.993.281.392
one fact that modifies somewhat the favor-
There is
some time, and able conclusions to be drawn from the November
that the Western rate situation is being slowly but very exhibit. Stock Exchange speculation was much heavier
decidedly improved.
than last year, and this tended to swell the aggregate
The returns of net earnings received make it of clearings. The value of the stock sales in November,
evident that the action in improving rates is very 1890, was about 74 million dollars in excess of Novemtimely.
The Union Pacific preliminary report ber, 1889. If we follow our usual custom and allow an
for October has been issued, and records a falling off average of 2^ checks to each transaction the 74 millions
as compared with the corresponding month last year of increase in sales would represent an increase in clearings
no less than $482,459. This is the result almost entirely of 185 million dollars. As the addition to total clearof augmented expenses, gross receipts having increased ings according to the above has been only 151 million
slightly
$5,264.
No other company makes so bad an dollars, it follows that there must have been a decrease
exhibit as this, and yet there are quite a good many in the clearings arising from transactions outside of
roads with unfavorable statements and only a few with stock sales, and at New York the contraction on this
improved results. Thus the Burlington & Quincy has basis has been very heavy. In other words, the indica-
ment which has been
in progress for
—
158,459 gain
in gross
but $65,946
loss in
net
;
tions point to a falling off in
the
mercantile trade here.
Canadian Pacific with $59,447 increase in gross has But as the financial disturbances occurred during
$22,068 decrease in net,
The Kansas City Fort Scott November and merchants found it diflScnlt to get
I
'
.
—
.
THE CHRONICLE.
764
accommodation at the banks, such a result is perhaps not very remarkable.
The Stock Exchange has been as depressed this week
as it was strong last week.
Under ordinary circum-
ful for the
had
[Vol. LI.
Government
to
withdraw deposits which
with the banks in the awkward manner the
deposits were withdrawn in 1837 under the direction of
Congress.
It was done, as is well known, at a time
it
left
West in advancing when a spirit of speculation had taken full possession
would have had a stimulating influence as it of the people. After merchandise of every kind had
wasj it had no effect whatever.
0ne reason for the felt its influence the speculation turned upon land, and
stances the action taken at the
rates
;
weakness is the difiiculty in securing time loans, and finally upon Government land. The amount received
then alsQ operators tox a decline haye been active and by the Treasurer for sales of land reached $41,168,000
the bad statement of
advantage,
are preSsitlg iheir
the Union Pacific being used by
ble force against prices.
England
them with
The reduction
market
considera-
of the
Bank 1829
any extent.
The coal properties were attacked early in the week on
reports of differences between the companies, but it was
subsequently stated that an understanding had been
come to as regards both prices and production. The
Eio Grande Western Road has declared a dividend on
of
to
preferred stock.
its
The
to
rate did not affect the
following gives the week's movements of
and from the interior by the
Week Ending December
5,
1890.
New York
Received by
N.T. Banks.
Shipved by
r. Banks.
If.
Gold
Total gold an<l legal tenders.
TFeefc
Net Interior
Movement,
$2,522,000 Loss.
1,818,000 Loss.
$2,S96,000
$4,140,000 Loss. $1,245,000
With the Sub-Treasury operations the
EnOing December
6,
1890.
Into
Banks.
result
Out of
Bank*.
$227,000
1,018,000
is:
Net Change in
Bank
and 1836, or an annual average of $30,584,000,
of
S2,671,730 for the four years
to 1832, both inclusive.
the Government issued
To
stop this speculation
"Specie
payments for land to be
made in specie.
That circular and the speculation
which was in progress naturally put the banks into a
strained condition.
This was the occasion Congress
took (June, 1836) to pass the act withdrawing the
bank deposits (37^ million dollars), in four instalin July, 1836, the
Circular," which required
all
money ments, making the
banks.
$2,295,000
600,000
Currency.,
in 1835
against an average
dates of withdrawal the first of
January, April, July and October, 1837.
We cannot think these facts and the result that followed furnish any precedent for any future action or
any argument in favor of an independent treasury. So
also the experience we have been passing through of
late months, and the aid the Secretary extended to the
market by his large bond purchases, look to us as hardly
sufficient excuse for the retention of the
Holdings.
Government
many
millions
and outside of commoTement.ae abore $2,895,000 $4,140,000 Loss. $1,845,000
flub-Treasnry operations
— ...- 13,100,000 14,800,000
merce during so many months, and years even, merely
Total gold and legal tenders
$16,995,000 $lH,940,000l Loss. $2,945,000
that it might be on hand for disbursement this fall.
In
Bullion holdings of European banks.
fact we doubt very much the wisdom of the Treasury
holding a reserve fund to disburse at odd intervals when
I>ecember i, 1890.
December 6, 1889.
Banks of
the banks need it; we think the influence of such a
Total.
Ooid.
Gold.
Silver.
Total.
resource is not favorable to a conservative bank manage£
S
£
£
£
England
24,896,075
24,898,076 19,964,318
19.954,318
ment.
The time was when our banks provided beforePrance
44,841.000 49,801,000 94,642,000 50,999,000 49,931,000 100,030,000
Germany
26,484,667 12,732,333 38,197,000 26,928,687 12,984,333 38.893,090
hand for the fall trade, and so trimmed their sails, if we
Anst.-Hung'y.
4,922.000 18,679,000 21,601,000
5.410,000 18,062,000 21,462,000
may be permitted to use the expression, through the
Netherlands...
:),816,000 6,336,000
8,851,000
6,188,000 6,974,000 11,162,000
Nat. Belgium
2,818,000 1,409,000
4,227,000
2,866,000 1,333,000
3,999,000
summer months as to avert a storm, by preparing themTot. this week 106,267,742 85,858,333 192,114,076 110,145,985 86,364,3:33 196,400,318
selves for the crop demand.
Of late years they have
Tot, prey, w'k. 106.080.075 88,010,000 192,090.076 110,980.588' ;.264.333 107,244,899
looked to the Treasury wholly, and have gone through
the summer trenching on their reserves regardless of
ILL EFFECTS OF
INDEPENDENT any increased drain sure to come later on. Besides, the
TREASURY.
Treasury cannot always have a surplus to disburse, and
We notice that Secretary Windom in his report takes yet the habit of leaning on it once formed gets
strong ground against a revision of our sub-treasury chronic, so that legitimate trade is as a rule sacrificed
law.
In expressing his opinion he seems to compare to speculation.
the independent-treasury arrangement with the bankThe chief harm, however, which an independent
deposit system of 1837 that it superseded, and with the treasury does, is not the carrying of a large balance
bank-deposit system which is still, to a comparatively steadily for years that is a loss to commerce of just so
small extent, in practice. His argument is two-fold
much capital, but the loss is measurable; the chief
(1) that banks, if they held the Government money harm is in the taking out of the banks of a few millions
might be unable, and would most certainly be embar- one week or month and perhaps not putting it back until
rassed, to meet the Government requirements
This irregular
in two or three weeks or months after.
critical times, and (2) that the Government accumu- action of receipts and payments is constantly occurring
lations serve as a reserve to afford relief to com- and no Secretary of the Treasury can prevent it.
merce at just such epochs. The Secretary illustrates We have a forcible illustration in the Government operahis argument by stating what he was able to do in the tions during the last two months, as may be seen from
way of disbursements in September to relieve the pres- the subjoined statement of the cash holdings in subent stringency, and fortifies it by quoting from the treasury on the first of each month named.
of dollars in
Banks' Interior
vaults
;
AN
—
annual report of the Secretary of the Treasury for the
year 1857 a statement showing the better position of
the Treasury with respect to the banks and commerce
in 1857 than in 1837.
Mr. Windom is undoubtedly right in saying it would
be undesirable to return to the deposit system of 1837
for which the sub-treasury system was substituted.
At the same time we might assert without reservation
that it would be extremely unwise and wholly unneed-
,Net
Holdings bi Treabubeb.
1890.
October 1.
1890.
1890.
November 1 December
i
1,
"i
Gold coin and bnlUon
147,981,732 156,315,624 162,439,381
Silver coin and bullion
6,590,212
4,311,693
2,477,691
U. S.Treas'ynotes, act July 14,'90
962,500
2,431,649
2,039,144
,
Legal tender notes
National banic notes
Fractional sUver
5,775,290
4,620,511
20,768,255
5,353,263
3,66i!,638
19,728,007
4,835,720
3,417,095
19,216,599
Total Gov't caali In sub-treasury 186,698,500 191,852,874 194,425,630.
8,
THE CHRONICLE
18M.J
show U8 that the net hoWinga of cash
in the month ending with Nov.
in the
l8t(that is in Ootobor) increased 5,154,374 and in
November increaaed again $2,572,756. These are not
large items in ordinary times, but under present circumstances thoy are large, and it is impossible to say how
muci» loss Iwts accrued to individuals and to commerce
which would not have uccrued had the banks been able
We do not speuk
to retain this 7f millions of currency.
of the item to cast any blame upon Mr. Windom's
managemont. Ho would have avoided the accumulaIt is the system which
tion if he could have done so.
But we have not room to pursue this subis at fault.
Theae
flgiiroe
sub-troafliiry
ject further to- day.
CURRENCY WANTS OF OUR DOMESTIC
sion
765
now-A-days, and
share in shaping a
which
hsre
of ncoewiity
will
now iyit«m.
What we
refer to
is
ft
to
be found embodied in Farmers' Alliances and in their
demands for currency issues demands that are not without reason, for they have their origin in the chftDged
—
condition which our Western and Southern conntrj
has entered into in the last ten years. During thftt
perio<l the
South has in a commercial sense been
bom
again, and the activities throughout the
tricts west of
west
the Mississippi
Lftke
of
We
created.
immense dis*
Kiver^-or we should saj
— have
Superior
been
great
in
part
might almost affirm that Chicago was the
extreme centre of trade in 1880, while now the situation
can only be described as a network of trade centres all
the way to the Pacific.
Under this change, now currency facilities are obviously needful. A device that
COMMERCE.
operated well enough when Chicago, in its 1880 shape,
" Reports and Documents " we was the limit for which provision was to be made,
a good many pages to-day to Secretary Win- comes far short of meeting the wants of Chicago in its
dom's report and to the report of Mr. Lacey, Comptroller 1890 shape, and much farther from meeting the wants
The suggestions each makes with re- of the centres of activity another thousand or two
of the Currency.
Under
give up
the head of
gard to the currency are especially timely.
Particu- thousand miles distant from the source of currency
documents bring supply.
out so clearly the defects of the present system for
These conditions, too, suggest requirements not for
supplying the needs of the country, defects wliich moving enlarged grain crops alone, though that is an
prove the inflexibility of the currency and its lack of immensely increased item, but, as said, for facilitating
powet to adapt itself to the wants of our internal home activities of every description carried on within
commerce.
new communities outside of, remote from, and in large
We have received many approvals of our remarks of measnre independent of, the old trade centres, and also
last week with regard to "Our Currency and Farmers' of each other.
For illustration, consider a moment the
Needs," and we have also received criticisms, which are building trade a strictly local development which,
perhaps more useful. No doubt the proposals we made during the past few years, has been at every point so
were not all of them in harmony with recent precedent prosperous. Towns and villages have not only sprung
and consequently with the drift of current thought in into existence, but cities, say like Denver, which even
the East. After the experience of the last quarter of a had a very substantial growth before, have more recently
century it is difficult for some minds to get beyond a added business blocks and dwellings equal to the
government bond or a government fiat in their concep- best in the United States. These are not what we
tion of a currency.
Moreover the idea of local issues, might call the product of a forced or unnatural
which we broached, brings up visions of a more remote growth they follow in the wake of wealth acccnmnlaperiod when the country was flooded with worth- tions and come in response to demands for business;
less State issues, and suggests a return of like conditions. and though of course any such development can bo
It is well enough to say, however, that we have no over-done for a time, we doubt whether at most Western
wish for, and no intention of favoring, a currency points this has been overdone to any greater extent
which is not well secured. In our article we stated than it has been overdone in the East, And yet what
that what we believed was wanted was liberty to com- an amount of work that growth affords the lumberman,
merce "under certain restrictions as to security " to the quarryman, the brickmaker, the iron founder and
shape its own currency. But security need not neces- the thousands of other laborers in allied industries, the
To make bonds a con- larger number of which find development within each
sarily mean Government bonds.
We have cited new building
dition would be to make the organization of a permanent locality or neighborhood.
system impossible, for it must be assumed, we think, enterprises because they form a constant, necessary,
that the people will never create a Government obliga- general feature, prominent in the activities of these new
When we had bonds to foci of our internal commerce; and so is the production
tion for currency purposes.
market, when the Nation's life depended upon their and marketing of grain a feature common to them all.
being marketed at such a time and under such condi- But if we were to pass along the wide stretch of
tions it is not surprising that it should have been con- country referred to, we should find that in addition to
sidered a wise me<isure to widen the demand by creating these kinds of growth, almost every district is likewise
perhaps of
for the bonds a new use for banking and currency pur- distinguished in some special department,
larly are
we pleased
to find that these
—
;
—
—
A
mining, perhaps of smelting, perhaps of fruit-raising,
crisis has passed, and when through severe taxation the or something else needing local currency facilities
nation has almost extinguished its bonded indebtedness. while individualizing these independent communities.
Do not such facts disclose not alone an enlarged want
Furthermore, as an independent question, we should
poses.
very different case
is
presented
when
that
the wisdom of bonds of any kind being for currency but a want for a local source or stores of
made security for paper issues. The bonds have currency at once responsive to local demands ? An
to be first bought with capital that could be actively uncertain supply at New York, the other end of the
employed in commerce, and unless it is actually neces- Continent, a supply which is always fully occupied
sary for commerce to make this sacrifice for the sake of when enterprise is active, does not meet the case
the pressure
Farmers' Alliances, under
security it evidently ought not to be done.
at all.
much doubt
is a new force working in the United
which cannot be ignored in any currency discus-
Besides, there
States
of these conditions,
direction
of
silver
are
just
coinage,
now looking
because
of
in
the
their
THE CHRONICLE
766
by that means a currency limitless in amount
and every town will have its share. We
do not care to stop to-day to refute this claim further
than to assert that free coinage would have no such
effect.
We think our assertion on that point ought to
have weight, even among those who abused us so roundly
for our facts, figures and opinions when the silver bill
now in force was being discussed opinions, &c.j which
have since been so literally fulfilled. At all events the
settlement of the issue as to the effect of free
coinage of silver is not essential in this difcusbelief that
will be secured
—
sion to-day.
It is
enough
to
know
that the lack of cir-
culation complained of in the agricultural districts is
not due to a small supply in the whole country, and
that a greater supply of like character would not cure
it.
This we proved last week, and we should not recur
to the matter were it not that our statements have been
reinforced
He
now by
those in Secretary
gives the details
ITnited
States
there which
had on the
1st
Windom's report
disclose
day
$1,498,072,000 of currency in circulation
of
;
that the
October
that there
was an increase of $93,866,813 in the amount afloat
from the 1st of March, 1889 to October 1, 1890, and
an increase of 168,354,333 in the three months from
These figures differ
week only because the
dates of comparison are different, and they bring us to
the same conclusion. In fact we notice that Secretary
Windom's deductions from his results are closely analo_
gous to those we made. That is not surprising, fojalthough there has been all along, as we freely admit,
a dearth of currency throughout the agricultural sections, such a volume of currency in circulation and
such new supplies thrown upon the market as these
July
1
to October 1 of
from the
figures
this year.
we gave
last
rvoL. LI.
need hardly say is not meeting the condition or demands
of our domestic trade.
G ROWING DIMENSIONS OF
INCOME.
Only two
the seaboard
of the great east
TRUNK
and west trunk
LINl
lines to
—the Erie and the Bait. & Ohio—now have
end on Sept. 30, but these trunk lines
and their
large and keeps so steadily growing, that
their fiscal year
constitute such an important body of roads,
income is so
it seems very desirable to continue the austom of compiling their earnings, gross and net, for the old period,
and of bringing the results for the different systems
together and giving an aggi-egate on the same. Accordingly we have this week prepared the figures in our
usual form, the publication of the Lake Shore statement for the quarter ended Sept. 30, having furnished
the last of the returns needed for this purpose.
In the great industrial activity which has marked
and distinguished the last twelve months, we have an
especial reason for wanting to see the course of trunk
line income in the period in question.
The statement
may be made, without fear of contradiction, that at no
previous period in the history of the United States has
trade been of such large proportions as during these
twelve months, and the activity practically extended
to all branches and departments of business.
In this
we are referring simply to the volume of trade; profits,
as we all know, were unsatisfactory.
Contemporaneously with this industrial activity the railroads had a
very large grain tonnage as a result of the excellent
and exceptionally large harvest of cereal and other
crops gathered last season.
Indeed, it was these good
crops that laid the foundation for the subsequent ex-
statements disclose, without affording any relief, estab.
lish beyond controversy the existence of a grave defect pansion in trade.
The present season's crops, as is
in the system.
known, are short, but this circumstance, while being
But Secretary Windom and Comptroller Lacey both somewhat of an influence in the current calendar year,
seem to reach the conclusion that the remedy for the hardly exerted much effect in the year ending with
evils we have suggested is the perpetuation of the na. September 30.
Hence the latter year comprises a
tional bank system, the currency to be made, by perfect period of substantially uninterrupted heavy trade from
redemption, flexible and adaptable to local wants such
we have described. That method of meeting the
conditions would be not only unobjectionable, but de
sirable if it could be carried out.
The local banks
would then become the local issuers. Of course
bonds could no longer be the security for the note ;
those features of the law would have to be revised. So
also would the redemption machinery now existing have
to be remodeled, as the present arrangements are of no
avail in keeping the notes at home.
Likewise the semi
as
'
legal-tender provisions of the present law, especially that
provision which requires every national bank to receive at
par the notes of every other national bank, would have
to be struck out ; for while that and the other similar
features stand,
the laws of trade are set at naught and
redemption can be but a farce. What is requisite is a
note issue that will not accumulate in New York City
during spring and summer. The note must have an
unfailing tendency towards the home of the issuer
where it is needed.
Along these lines we think a currency system could
be easily devised which would be in harmony with the
demands of commerce and which would be satisfactory
to the localities where the issuers were situated.
It
has always been the boast of the associations having
national currency that when it was once jiut out the
issuer never saw it again, and it was an assertion that
proved nearly true. To perpetuate such a system we
beginning to end.
The trunk lines, by reason of their position, naturally reflect this state of things in their earnings,
and
thus these earnings in a certain sense constitute a
measure of the growth and expansion that took place.
Fortunately there have been few offsetting elements of
an unfavorable nature, though the reduction in east
bound rates on grain, provisions, &c., which was made
last spring (May, 1890) and continued in force all
through the summer and up to last week, certainly was
an adverse influence of considerable dimensions.
Aside from this, however, and low rates generally, the
Our
conditions were encouraging to good results.
compilations cover simply the usual roads that is, the
New York Central with the Nickel Plate and Lake
Shore, the Erie with the New York Pennsylvania &
Ohio, the Baltimore & Ohio, and the lines east of Pittsburg and Erie in the Pennsylvania system and yet the
—
—
aggregate addition in the gross earnings of these roads
reaches very large figures.
While improvement was looked
for,
probably few
persons have any notion just what the amount of increase has been as compared with the twelve months
It will probably be a surprise to hear that
roughly these roads enlarged the aggregate of tlieir
Yet such is
gross receipts almost 15 million dollars.
the fact. And the result would be still more striking
preceding.
if
we could have the returns
of a few other roads in the
.
.
.
.
Dkoxmbkb
0,
THE CHRONICLE.
1880.]
same territory. In the case of the PennaylTania, as
alroudy said, our total embraces simply the so-called
But the lines west of
lines oast of Pittsburg and Erie.
less than 14,028,372 in
Pittsburg and Erie gained no
gross receipts in only the nine months of the calendar
767
This doei not reveal any new faot, and yet it ihow*
most noteworthy manner how greatly railroad
profits have been reduced during tho last decade.
in a
Of course low rates are not alone responsible for the
shrinkage, for railroad employees are now getting very
maoh better pay than formerly, and at the same time
from Jan. 1 to Sept. 30. In other words, with these
included wo would hare instead of an increase of 15 the public demands, and is receiving, bettor itccommodamillions for the twelve months an increase of about 20 tions, while in addition railroad managers are spendBut as wo cannot incorporate these Western ing heavier amounts for repairs and betterments. But
millions.
lines of the Pennsylvania in our grand aggregate the it does not matter much how tho margin of profit has
comparison will have to bo confined to the figures been reduced. The fact of importance, and which
year,
already mentioned.
With the increase of 15 million dollars, the total of
deserves special emphasis,
increase in traffic
is
enormous
haveaccmed
that with an
and income, the
benefits
the gross earnings has been raised to the large sum of not to the owners of the properties, but solely to their
In the year employees and the general public. We now annex the
over 181i million dollars— $181,611,083.
preceding, the increase had been not qnite two million following, furnishing a comparison of gross and net
and in the year before the increase was also earnings for each road separately for the last six yean.
dollars,
quite small, or 5^ millions, but in the year before that
the increase was as
much
17 million dollars, and in
as
In these earlier years, however,
the improvement followed in great measure from the
restoration of rates after the settlement of the trunkThe war ended in 1885, and for 1884-5 total
line war.
gross receipts were only 127f million dollars, while in
the late year, as already stated, they were 181f millions,
so that in the interval there has been an increase of 54
In 1883-4 gross receipts were 142f
million dollars.
million dollars and in 1882-3 152f million dollars;
1885-6
14.} millions.
consequently, compared with those years' the increase
1884-68.
1887-38.
188M..
t
•
«
40,24.1.878
M,Ma,4M
ST.074,«n
8»,4S3.'>0«
8838030*
20,888,831
31,857.548
86,6e6,1l»4
89,117,618
40,180,304
4S,488,8e»
Net.......
1«,718,613
17,886,130
18,911.806
i8,8<);,iai!i
10328316 80380394
«4,4«9,44t +ll0.606,8<1
86,807,065
22.388,623
88,138.020
2l,eS»,SS8
86,«MJ83« 38397,487
16,310,872 +18,810,877
33,710,843
94,888,471
8,110,060 +11,805,084
12,008,438
11,606X88
11,085,a«S
1137038*
T8234!25
M
(n)
(«>
(•>
1993,141
(a)
(a)
(1(1,155,540 (1(1360,016
(o)
<o)
(«>
(a)
JV.
Net
NT.ry.s.AB
Karnlmia..
8,493,416
4,643.066
tSxpeuet
Net
VwnlngB..
iSxptntea.
8.111,730
8,605.180
4,689,601
6,000.664
4308318
8,818344
i,4IO,10II
8,539,537
3355.039
4,071366
8,9*',70»
M.48831»
602,621
1,055,632
1,813,602
988,2811
98!),156
14,0«?,606
16,231,457
0,369,532
18,101,050
90,681318
10,118.01)8
18,S88.4«>
11,531,573
18,?7«,481
0,206,573
18,079,319
fU396,96»
4,8»1,03.')
6,661,925
7,684,954
7,0*6,907
6,683,16;
8,488388
15,400.458
18,810,406
10,888,071
12,270,407
13,180,672
80.496.808
13,371.465
90.349,188
13,206.845
9I,U7,I«»
10,683,679
4,826,877
6,031,088
e,701,39U
7,184,337
7,040343
a3a8.8»
.
5,066,181
6,181,108
6,885, H!7
6,877,997
6,381309
7333,»«»
8,683.087
4,109,231
4,210,001
4,832,001
4,845.880
4384389
1,381,224
2,051,875
8,156, 13(i
1,746,963
1,718,78!
S,S493e«
18,616.612
10,975,585
18,422,438
12,035,743
20,859,036
6,643,067
6,386,606
8,638,905
Net
Bamlnga..
tExpeDaea
Net.
<
I
1878-79..
110,438,899
45,616,870
1884-85
1*7,65»,896' 40.05i,045
1879-80..
1880-81..
134,146,556
1S9,C40,819
56,034.659
130,152,507
50,838.487
58,180.288
U.e91381
4 0.—
BarnlDga..
80,383.401 I13a8.00( M.418.080
14,120,131 kl4.200,58l 614,810,844 818,888,870
'142,098,9201 f0,79e,413
1881-88
1885-86
1888 87
1887-88
18S8-t9
1880-00
1,148,132
L.S.Aifich.S
Baa.
*
(a)
L
tr.T.CJiSt
Bamlnga
30.
QroM.
T^ear.
8
r. C«nJ.-
KsrnlnBSt Expense*.
Net
NU.
1888-80.
40,405,444
tion to the aggregate of gross earnings year by year,
Net
though in two of those years, as already pointed ont, MBrieThe following is a recap- ualogs..
the increase was quite small.
tBxpenaea
itulation of the aggregates for both gross and net results
Net
back to 1878-79.
IT.T.Pa.&O,
Tear,
1886-87,
*
tUxpenaea.
is
not so large and yet is striking nevertheless. It is a
significant fact that since the settlement of the trunkline war in 1885 there has been an uninterrupted addi-
TRUNK LIKE BAONIKOS TEiLR ENDINO BEPTEHBEK
imMo.
*
Pentunlv.—
Bunlncs..
Bxpeoiea
.
1882-83..
1883 84..
,
53,48>.401
162.717.243
142.637,073; 50,552,871
....llB9,440,880
63,399.116
186.704.836
51.168.552
Net
88,113,773
164,932,035
Bxpenaea.
1181,611,0831 56,560,240
Total of
feature in this exhibit, next to
the gain in gross receipts,
is the lack of growth in the
There is of course very decided improvement as compared with the very bad year 1884-5,
net earnings.
but otherwise there is very little of a flattering nature
in the comparison of the net.
In the late year gross
earnings increased 15 million dollars over the year preceding, as already stated; the net increased less than
2i million dollars. If we compare with 1887 we find
an increase of 22 million dollars in gross, but less than
But the most striking
result is reached when we compare with 1879-80 ^just
a decade ago. In that year gross was only 134 millions, while now it is 181 millions, or 47 millions
half a million increase in net.
—
But with
47 millions addition to gross
receipts, net earnings are actually less than at that
time ($375,000 less). In other words, with over onethird more gross earnings than ten years ago there is
not quite so much net. The situation in brief is shown
larger.
this
in the following:
1889-90.
GroRS earnings
Expenses
Neteainlngs
$
181,611,083
125,051,843
5^,559,240
1879-80,
Inc. or Dec.
$
$
Inc. 47,464,528
Ino. 47,839,947
134,1 46,.555
77,211,896
56,934,850
Deo.
875,419
6,482,186
7,418380
Karnlnga.. 187,654.808 142,098,929 159,440,380 -.64,052,985 168.701336 ISI.611.063
87.601,951 91,201,516 I03,i26,«18 111,653.810 112336,284 198.061343
Szpenaea
Net
The most noteworthy
8,192,030
AO-
40,068,945
50,'i0e,413
58.113,773
63.300,116
61,18:1,662
S6.5&9,!40
West Shore operations Inoluded for nine months of year.
! Including taxoa on property.
5 Taxes partly estlmited.
ir Operations up to the time of the termlnatloa of the reoelversbli^
(Dec. 5, 1885.)
(7) Now embraced with N. Y. Central.
(6) Taxes not included in these years, and oaly partly in tho year»
t
preceding.
(c) Dees not include operations of Xew York Pennsylvania Jc Ohio;
but amounts due other leased lines operatei on a perceita^ bi^i) are
dedaoted from gross earnings.
It will
be noted that while the Pennsylvania gained
over 6 million dollars in gross receipts as compared with
the year preceding and the Baltimore
over three millions and the Erie and
sylvania
&
Lake Shore
& Ohio
Ohio together over two millions, and the
also over two millions, and the Nickel
Plate about three-quarters of a million, the
Central has gained only 1631,000.
suffered
from a strike of
of the year.
gained
New York Penn-
its
New York
But the Central
employees in the
Relatively the Baltimore
last
& Ohio
quarter
has done
abont the best of all, its increase amounting to nearly
15 per cent.
In net earnings that road has an increaso
over 1889 of about a million dollars, and the Pennsylvania a similar increase; the
New York
Pennsylvania
&
show greatly improved
results, bnt the Central, the Lake Shore and the Erie
have all lost more or less.
Ohio and the Nickel Plate
also
THE CHRONICLR
768
WESTERN RATES AND VOLUME OF
TRAFFIC.
In view of the advances in transportation rates which
are being made by the Western roads and the apparently
growing determination on the part of the managers of
the lines to insist on a strict observance of schedule
tariffs, so as to secure a fair remuneration for the work
done, the extent of the traffic of these Western roads
becomes a matter of considerable importance. In our
article on the "Financial Situation" to-day we set out
It
the changes in rates agreed on the present week.
volume of traffic to
is not our purpose to estimate the
be affected by these changes either singly or as a whole.
Such an attempt would be little better than a guess,
for there are no sufficient data on which to make a reliable
calculation, and,
different kinds
besides,
the
amount
of traffic is all the time
of
changing
six or eight
see
what
the facts
billion tons
is
are.
The Gazette
claims that 16
altogether too large, and then goes on to
show that instead
of a difference in net earnings of
133,400,000 as contended by Mr. Gould, the difference
at the most could be only about three million dollars.
The
billion estimate of
billions, the total for the three together
being 13,337,-
"A
over the roads the coming
" up for what may properly be included by Mr. Gould,
" but is not shown in Poor's grouping, we may
But past experience and present action both prove
that while special advances may be important enough
on their own account, they are still more important as
When
Rail-
considerable share of this," says the
500,030 tons.
Gazette, "certainly ought to be excluded, but to make
months.
reflecting the
The
at the time.
over from last season's
would be extreniely hazard-
left
moved
it
road Gazette, however, in its issue of November Slst,
reviewed Mr. Gould's statements and results with considerable severity and undertook to prove that they
were gross exaggerations. As no reply to these criticisms has been made, and as they have been given renewed'prominence by publication in other newspaper?,
it seems worth while to inquire into the matter and
—
crops in certain sections, it
ous to venture an opinion as to the probable extent of
grain tonnage to be
we made no comment on
LL
argument on the inaccuracy of the 16
Mr. Gould is based on the figures
Mr. Poor credits the Southgiven in Poor's Manual,
the western group with 5^ billion tons, the Northwestern
for group with 4| billions and the Pacific group with 3
instance with short cereal crops the present season, but
with rather large supplies
[Vol.
general tendency of
rates as
a
whole.
"allow the whole and still fall short about 35 per cent."
Only very slight examination, however, is necessary
to reveal that this method of computation hardly yields
reliable results.
The
three groups referred
actual extent
to
is
of
road in
the
But the
70,010 miles.
put np, other classes are sure traffic figures quoted from Mr. Poor are based not on
a higher average 70,010 miles, but only on 55,156 miles, thus showing
on the aggregate tonnage. Certainly the prospect at that about 15,000 miles are not represented in the
the moment seems to favor the realization of a higher aggregate of 13,337,500,030 tons given, and which is
Granting that the rise may be only small, we cited as proving the inaccuracy of Mr. Gould's estiaverage.
one
class of rates is
to follow, the effect being to ensure
know
that the difference in gross and net results
produced by such a small rise may be very great.
In the present instance, practically the whole of the
traffic west of Chicago and St. Louis is involved.
What, then, are the proportions of that traffic ?
Mr. Jay Gould undertook to answer this question
two or three weeks ago, and it is on account of its bearing on railroad earnings that we refer to the subject
to-day. The answer is contained in a letter addressed by
Mr. Gould to the editor of the Sun of this city and
published in the issue of that paper of November 15th.
The letter was not a long one, and its purpose was innocent enough, being apparently none other than that
of a desire to give emphasis to the familiar truth that
under the large volume of traffic which the roads are
moving, only a very slight rise in the average would
yield very greatly improved results to the companies.
After estimating the total number of tons of freight
moved one mile by the roads west of Chicago and St.
Louis at 16 billion tons, Mr. .Gould went on to say
that the auditor of one of the roads had furnished
him
with a statement showing that there was a decrease of
1'4 mills per ton per mile as between the rates at present obtained and those put in force under the Presidents' Agreement,
"Applying this difference of 1-4
"mills to the 16,000,000,000 gross annual tons one
mate of 16 billion tons. If we go one step further
we shall find that in what Mr. Poor terms the Central
Northern group the traffic figures are based on 49,056
miles, whereas there are only 36,157 miles of road alto-
gether in the whole of that section.
In other words,
the greater part of the 15,000 miles of road unrepre-
sented in the three groups used by the Gazette has been
incorporated in and forms part of the Central Northern
group.
.
Mr. Poor reports the tonnage movement of
Central Northern group, thus
lion tons
— in exact figures
made up,
this
as almost 35 bil-
34,909,317,676 tons
— and
it is
evident that with a part of this transferred to the groups
to
which
it
belongs there would be no difficulty in reach-
ing Mr. Gould's estimate of 16 billion tons.
The
discrep-
ancy in Mr. Poor's results is owing to the method
of grouping followed.
It is Mr. Poor's plan to credit
each group with the roads "domiciled" within that
group.
The effect is that the Chicago & Northwestern,
the Chicago Burlington & Quincy, the Chicago Milwaukee & St. Paul, and other roads, are counted as Cenbeing " domiciled " in one of the
tral Northern lines
States comprehended in that group when they should
The
really be classed with the groups further west.
Quincy, the St. Paul and the Northwest are all very
large systems, and the tonnage of any two of them
would more than make up the difference between 13,-
—
—
" mile, gives
" decrease in
the startling figure of $33,400,000 annual 337,500,030 tons and Mr. Gould's estimate of 16,000,the net earnings of this system of roads." 000,000 tons.
Mr. Gould concluded by urging that the bankers be inBut we need not rest the presumption that Mr.
duced to call the presidents together again, so that Gould's estimate is not in excess of the truth on this
another effort might be made to improve the situation analysis alone. There is a more direct method of test-
ing the statement, namely by making up a table to
There appeared no special reason to question Mr. show what the tonnage movement is on some of the
'Gould's figures of tonnage, and as the letter served the leading roads in the sections embraced in the
good purpose of showing in a striking way how harm- estimate. Such a table we present below. The figful the prevailing demoralization of rates was proving, ures, though not of a uniform date, are in all cases the
of affairs.
Deoehbks
THE CHRONICLE.
6, 1890.]
We
have taken out construction
for a company's own use,
freight and
information on these points was furnished.
wherever
"We give two soparnto totals first a total on the ronds
directly involved in any changes west of Chicago and
St. Louis and then a supplementary total including a
obtttiniiblo.
latest
freight
carried
—
769
ought not to be made, for, a< ia known, under the
operation of the Inter- St»to law it haa been almoat
impossible to prevent redactions in through rate* from
affecting local
traffic.
Firrthermore, while it ia trne
that the rate troubles in their worst form hare affected
chiefly the " SOO-milea lines radiating from Ohioago/'
few other large systems, which are only partially or the inference that there have been no rednctiona from
points beyond the Missouri ia not warranted.
more remotely afiPectod by such changes.
The
TONNAOB MOVBMBHT ONB MILE ON LF.ADI«0
Ytar Covered.
.31, 1890
CUIohko A
Dec. 31, 1889
8t. Paul * Omalm
June 30. 1889
niirllnittoii A Quinoyt
Chlenffo
June 30, 1890
ChlcttKO Milwaukee A St. Pmil
Mch. 31, 18U0
Chicago Kook iMlaiul A Paclflo
Chicago Ht. Paul A Kansas City.... June 30, 1890
Deo. 31,1889
Chioago A Alton
June 30, 1890
WabaSn
Dec. 31,1889
MiMOUrl PaelflC
Dec. 31, 1889
Cnlon Paclflo Byst^em
Deo. 31, 1889
St. LoiUa A San t'ranolaco
Dec 31,1889
Denver A Rio Grande
yamf nf Road.
Northwc«t*
May
BOADII.
Tom One
2,000,1
"emergency"
Mil*.
812, (103
411,451,034
1.72I.«i:>.3»3
1,842,78H.8I5
points west of the Missouri are to be comprised in the
change as well as traffic coming from the Miaaonri
1,430,197,332
River.
Even if that were not so, however, the fact
must not be forgotten that it is traffic east of the Miasouri which is especially heavy.
Thus out of the
l,42H,57<i,3it7
1,578.702.315
322,104, 17(i
260,317,174
nUnoU
June 30, 1890
1,189,282,8!<9
Southern Paclflo
Dec. 31, 1889
Nortliprn Paclflo
June
Texas A PaolHo
Manitoba
Juno
1,491,780,548
1,028,982,143
361,935,642
554,752,349
1890
30,
Deo. 31,1889
1890
30,
Grand total 17 roads
Not including trans-Missouri system.
17,741,447,910
.
all
1,157, 120, i.'SO
423,78!t,S94
S37,301,i>2(!
13,114,703.339
Total 12 roads
C«ntral
tariffs of laat spring applied to traffic
points in Nebraska and Kansaa, and in raising
rates now, as the events this week have shown, theae
from
Quincy's total tonnage of 1,721 million tons for the year
ending June 30, 1889, as given above, no leas than
1,297 millions came from
the lines east.
But
while differing with the Gazette, we have no desire to
make an estimate
would, however, credit" Mr. Gould
Here we have an aggi-egate of over 13 billion tons with having written his letter out of an earnest
desire
(13,114,708,339) on a dozen large systems, and this to secure improvement in railroad affairs.
without
counting the Atchison (for which wo
*
tNot Including "lines coutrollei
"ed."
of our own.
have
no
figures
as
and
also
without
yet),
counting a whole host of minor roads like the
Burlington Cedar Rapids & Northern, the Minneapolis
&
St.
Louis, the Missouri
Louis Arkansas
&
Texas,
enter the realms of speculation and
Kansas & Texas, the
St.
We
THE DEBTS OF OUE MUNICIPALITIES.
Perhaps greater interest attaches to the Census
port on city and town indebtedness than to
th(»
re-
pre
Moreover, in sev- ceding reports on State and county debts, and which were
analyzed at length in these columns a few weeks since.
for the entire system operated by a company.
Thus In the first place we have much larger figures to deal
the Quincy figures do not cover the "lines controlled," with than in either of the other cases; and in the second
nor the Chicago Burlington & Northern, while the place with the growth, multiplication and expansion of
eral instances
etc., etc.
we have not been
able to get the tonnage
Northwestern figures do not cover the trans-Missouri
Then the Quincy figures are only up to June
30 a year ago. For a later period they would doubtless
be very much heavier, and the same remark applies
to
the
results
reporting
the
on roads
for
calendar year 1889, such as the
Union Pacific
and the Missouri Pacific, which certainly had a very
much heavier traflSc this year than last. The aggregate of 13,114,708,339 tons also does not comprehend
the Illinois Central, the Southern Pacific, the Northern
Pacific, the Texas Pacific and the Manitoba.
The tonnage of these five roads is separately stated in the
table, and when added to that of the other twelve roads
gives a grand aggregate of 17J billion tons (17,741,-
lines.
447,910), as will be seen
As
to
by the
table.
whether an average advance of 1*4 mills on 16
million tons
We have
is
likely to result, that
shown however that the
the 1*4 mills advance
is
is
another matter.
traffic is there,
realized then
and
if
the gain will be
both the larger and the smaller municipalities, a tendency towards additions to this species of debt naturally
requirements of urban life calling for outimprovements, accommodations and conveniences, etc., which can not be met out of taxes alone.
It is important to know how far the movement in that
direction has progressed, and whether it is on a conservative basis, and also how the supply of securities of
that class is being affected by the change.
The disposition in some quarters has been to take
rather an unfavorable view of the condition of municiexists, the
lays for
pal debts, a belief prevailing that a very rapid
and
very decided increase was going on, and that our cities
and towns were incurring new obligations without the
It is a source
exercise of due caution and prudence.
of encouragement to find that the exhibit is on the
whole a very satisfactory one, and that the increase in
the decade between 1880 and 1890 has been comparamuch smaller than generally expected.
tively small
These results as to municipal indebtedness are not only
—
$32,400,000 as stated by Mr. Gould. While there is
room for very great improvement we should not be dis- very valuable in themselves, bnt they also enable us to
posed to count on a gain of such large dimensions, present a statement to show the aggregate of all kinds
especially as indications point to a falling off in certain
classes of traffic.
mate
On
the other hand, the Gazette
of three million dollars gain
esti-
would seem to un-
of indebtedness for
which the United States and
its
various political and local subdivisions are responsible.
In reviewing the Census bulletin on State debts in our
October 25th we gave a preliminary total
estimate on the shipments from the Missouri River re- covering State, national and county debts, but not the
ported during the month of October, which ship- municipal debts, the latter not then being known.
ments it multiplies by 13 and then increases 80 per With the receipt of data for these also we are able to
ceiit in order to cover the traffic of the Northwestern complete the calculation, or rather to give it in a nearly
derstate the possible benefits.
The Gazette
bases
its
issue
of
In this way it arrives at a total hardly larger complete form, for all the Census figures are subject to
than the entire traffic of one single system like the revision and correction according as later and fuller
Quincy or the Chicago & Northwestern,
returns may show the need for such corrections.
In giving this grand aggregate of indebtedness, we
Of course, the Gazette aims to get simply the competitive traffic, but in our judgment such a limitation have undertaken a comparison only on the grMt
lines.
—
THE CHRONICUB.
770
amount
pleasing
of the
if
bonded and
we could go a
net amount of
floating debt.
It
step further and
would be lars in the net debt. As the increase in State, county
show the and municipal indebtedness was only about 180 million
debt, after deducting sinkchanges in
ing funds, cash and other available resources; but unfortunately information on these points is not available
The
for 1880 on some of the leading classes of debt.
debts is quite comprepresent bulletin on municipal
hensive, and furnishes all the facts needed in the particular mentioned both for 1890
But the
and 1880.
bulletin on county debts, while giving full data for
1890,
undertook comparisons with 1880 only in the
and not
case of the debt itself,
"
[Vol. LI.
in the case of the offsets
dollars (according to the figures above), the final result,
with the national debt included, would give a falling
o3 in net debt of about 333 million dollars.
The heavy increase in municipal indebtedness between 1870 and 1880 reflected the unsatisfactory condition that had prevailed in that regard in that period
a condition which had led to the taking of measures to
prevent a repetition and extension of the evil. It was
a legacy indeed of the paper money era and the extravagance and prodigality which that era had engendered.
Before the panic of 1873 occurred, to bring
has been deemed best," said
that bulletin, " not to carry out the comparison the people to a realizing sense of the perils they were
" between 1880 and 1890 in the matter of resources, inviting, local debts were created with the utmost reck" net debt and annual interest charge, because the fig- lessness. At that time borrowing had run wild, and
against the same.
*'ures are
It
wanting for 1880 under the head of nearly every municipality was adding
still
" sinking fund, and
many
to its obligations
without regard to future consequences. With the de"incomplete and the figures cannot be furnished." pression following the 1873 crisis, the burdens entailed
It is
also
to be pointed out that though the by such a policy became only too apparent, and that
present report on municipal debts is very compre- checked the movement.
But in most States the matter
hensive as far as it goes (it covers 858 cities and did not end there. Laws were passed making bonding
large towns), yet
it
in
instances the records are
all the munici- less easy than before and imposing restrictions and
number having failed to limitations on new issues. Further unwise additions
The omitted had thus become very much less frequent even before
the present time.
does not embrace
palities in the country, quite a
furnish returns
up
to
municipali ties are presumab ly very unimportant, the most the 1880 Census was taken, and it is the cautious spirit
of them, but we also notice among the missing places then inculcated that tended to prevent undue expansion
some rather large cities for instance, Minneapolis. of local debts in the late decade. On the other hand the
—
"When these and the minor civil divisions are finally growth of popialation and industries has made necessary
added, the grand aggregate of debt will of course be the creation of new obligations in many cases, and it is
swelled for both 1890 and 1880 beyond the amount in view of that fact especially that the results now disgiven in the table further below. We may note, too, closed appear very encouraging.
that the figures now furnished for 1880 differ very
Tiie contraction of about a thousand million dollars
materially in some instances from those given in the in t'le national debt in the late decade has frequently
Census for that year this remark applies more particu- been alluded to and was pointed out in our previous
larly to the State debts
the alterations we may suppose article.
The point of importance is, how far county
being due either to a change of methods or to revisions and municipal .debts have, by their growth, served to
—
—
caused by later and fuller information.
It is obvious
from what has been
said that
offset the decrease in the national
no
direct
comparison with the Census period preceding the present is possible, and yet before presenting the 1890 and
1880 results it is desirable to have some general indication of the changes and tendency in the decade between
1870 and 1880. The tabulations in the 1880 Census
are the only guide for this purpose.
In the comparisons there attempted the net debt was -given for 1880,
but as regards the 1870 figures there was considerable
irregularity, the official report saying that
"
in
said.,
State debts,
it
only comparatively small additions in the local debts.
Here
is
our summary, prepared in the way already ex-
plained.
1890.
1880.
s
Uulted states bonded debt
Bonded debt of States
Bonded debt o( counties
Bonded debt of municipalities
$
711,313,110
194,800,371
130,734,959
720,665,551
1,709,993,100
254,903,212
1,757,513,991
some
"cases the returns may have been net debt and in
"others the gross debt, regardless of any assets set aside
debt.
was known were being reduced. As already
the showing is a gratifying surprise in indicating
of coarse,
2,736,579,670
43,596,218
14,958,881
25,234,235
41,514,309
18,853,509
30,579,329
Floating debt of States
Floating debt of counties
Floating debt of municipalities
106,7(37,946
664,915,412
"for payment." The comparisons must be accepted
83,839,334
90,947,147
Grandtotalbondedandfloatingdebt.1,841,353,325
2,827,526,817
with that qualification therefore. They are useful,
however, in bringing out very clearly that the tendency
Thus with a decrease between 1880 and 1890 of 998^
in the decade between 1870 and 1880 was decidedly in million dollars in the bonded debt of the United States,
the direction of higher totals.
There was a decrease the decrease in the total of all classes of bonds State,
in the amount of State debt from $353,866,698 in 1870 national, county and municipal
is almost as large, or
to $326,597,594 in 1880, in part as the result of re-ad- 979 million dollars.
In other words, the increase in
justments by some of the Southern States, but notwith- State and local indebtedness in the last ten years has
standing this falling off in the amount of State debts been only about 19^ millions. This increase of 19^
the total of State, county and municipal debt combined millions is the net result of an increase of about ooj
increased from $868,676,758 in 1870 to $1,048,084,041 million dollars in the total of municipal bonds, an inin 1880.
The increase was entirely in the municipal crease of about 34 millions in county bonds and a dedebts (including townships and school districts), which crease of somewhat over 60 millious in State bonds.
—
—
jumped up from $338,344,530
to $697,458,861, being
an advance of over 100 per cent. In that decade the
national debt was not being diminished at any such
rate as in the next decade
that just passed and yet
there was a reduction of about 333 million dollars in
the interest-bearing debt and of about 413 million dol-
—
—
It is proper to
the latter item
add that 28^ millions
—the
State debt
of the decrease in
—represents
forced re-
ductions in the Southern States through scaling and refunding, but in the consideration of the whole aggregate
of State, national and local indebtedness the amount is
not sufficiently large to count for much. Along with
DiOUfBKB
THE CHRONICLR
e, 1890.J
the dooreaee in the aggregate of the bonded debt there
has been a decrease of about 7 million dollars in the
aggregate of the floating debt, such debt being loss for
771
floating debt of municipalitieB ia reftll^
more farorable
than the above figures would appear to indicate. Ia
bonded debt we have seen there was an increaae of about
1890 than for 1880 in the case of both counties and 55} million dollars in the ten jears, and in floating
municipalities, but about two millions larger in the case debt a decrease of 5^ million dollars, making the net
But this has been
of the States. Altogether the total of bonded and addition about 50^ million dollars.
increase of over 32 million
floating debt combined stands at only 1,841 million dol- accompanied by an
lars in 1890, against 8,827 million dollars in 1880. Ex- dollars in the sinking funds held, the total of these
cluding the floating debt the total of the bonded debt sinking funds for 1890 being stated as 1147,181,191,
alone State, national and local is 1,757 millions, against tll5,158,742 in 1880.
With reference to the
1880 figures given, it is well to state that the Cenagainst 2,730 millions.
Such results are very encouraging. But they make sus report says that they "are not taken from the
—
—
oc- " Tenth Census, as reliable statistics on the subject
during the last decade in a class of securities " were not then sufficiently complete to place on
curred
which have ruled as a favorite form of investment. " record." There is also a statement intended to show,
We referred to this aspect of the matter at our previous besides the sinking funds held, the amount of cash in
more apparent than ever what a great contraction
we did not treasury and other available resources. This statement
have the statements relating to municipal debts, and it has been criticised in some instances as not containing
was not known how far these might modify general con- available resources in full Baltimore especially has
clusions.
We now see that the contribution to the total made a complaint to that effect but even as it stands,
of outstanding securities from that source has been very the total shows an increase in such resources of 64
writing, but at that time, as already stated,
—
;
small,
so
that the
Government
not
materially
honds alone.
reduction
county and
than
less
and
That
is
the aggregate of million dollars, being given as $143,394,656 for 1890,
municipal bonds is against $79,185,040 for 1880. In brief, then, the inStates crease in sinking funds and in cash and other availain
United
in
to say, those
who from
choice or
necessity confine their investments to these obligations
ble resources largely exceeds the increase in the gross
total of
bonded and
floating debt of the municipalities.
As against 1,709 We have prepared the following table to show this
they now have only 711 bonded and floating debt by geographical groups,
find their field limited to that extent.
million U. S. bonds in 1880,
millions to put their
money
into (not counting, how-
ever, the Pacific Railroad debt); in fact the
the present time
is
really less
amount
at
than that, since the 711
millions taken represents the outstanding debt on July
1,
other items), and in the interval the total has been further reduced through bond purchases, being on Dec-
ember 1, 1890, according to the debt statement issued this
week, only 1629,492,590. As a consequence, the bonded
debt of municipalities, though having increased as we
have seen only 55J million
now greatly
dollars, at
in excess of the
indebtedness for each group.
-Bondtd
1800.
New Bxolaxd 8tat«8—
of
United States
bonds, whereas in 1880 the latter were 1,045 million
state debts
County debts
Municipal debts
SouTHERK States—
State debU
County debts
Municipal debts
Municipal debts
but the general result cannot be materially
affected, even should these omitted municipalities show TebRitories—
state debts
a relatively large addition in debt. There will in any County debts
Municipal debts
event be a reduction of very large dimensions in the
aggregate of Government and local debt
—a reduction
such as the figures already given have indicated.
And this contraction in a prime form of securities
occurred at a time when wealth and population were
growing at a very rapid rate, and when also, as pointed
out in our previous article, life insurance and trust
companies were greatly expanding their operations and
were under the necessity of finding employment for
increasing amounts of money. It would be idle to attempt to measure the force of these circumstances in
directing investments into other channels, and in fostering and stimulating trade and business, but that such
has been the effect of the circumstances in question of
that there can be no doubt.
All this, however, does not alter the fact that
—
1880.
1880.
t
(
•
88,807,888
49,957,164
88,991,601
51,178,619
8,606,900
130,380,156
1,136,100
6,008,677
114468,063
139,893,007
2.798,877
121,806,188
166,261,347
184,888,066
178,210,«i»
82.861,611
41,648,880
ll,8e&,S9»
23,855,668
382,786,707
26,016,167
880,162,048
33.488,412
25,368,186
101,178,143
«91,t8«ail
a8,501,186
460,827,686
163,810,740
167,0»7.2«T
86,636,727
22.884,071
70,461,238
126.162.616
20.065.843
61.571.638
117.123.116
116.017.008
26^971,132
71.080,178
21,660,01*
180,082,034
206.089,926
211,«t6,026
237,61«,13S
26,498,815
33.831.123
77.676.819
126,998,453
69,339,167
109.002,712
17,188,261
86,776.302
180.081.627
111.911 ,8a«
281,170,247
202,176,332
~i6liM8,190
231,8a«.6U
2,608,771
28,000
211,379
10.000
8,271,611
168.821
68.630
19.961
221.379
3,313,171
173,176
191300,871
264,903.212
106.767.946
238.396.689
886.117.68t
M6,6S1,MS
661,916,112
116,698,810
716,910,786
1.026,586,670
1,130,040,816
1,U7,638,71T
I
MIDDLH States—
of the municipal bonds.
extent,
.-itmdMlA rioadMDcM-.
1880.
2,637,771
Muuiclpol debts
Of course
the returns from municipalities which have not yet WrsTEBS States—
SUte debts
County debts
reported will change these comparisons to a certain
dollars in excess
DM.-
172,806,013
State debts
County debts
720 million dollars
amount
and State
full presentation of results as regards local
1890 (that date being taken so as to conform as
nearly as possible to the date of the Census report on
is
including in the compilation the State and county
the same way, thus furnishing a
debts, divided in
Whole
80.928,281
a7,9M417
66.336.005
66.866,113
Coijjjtbt—
State debts
Connty debts
Municipal debts
180,7S4,9«8
720.686.651
1.010.200.881
696,1M,T11
This does not indicate a very great change in the
In the Western States,
case of any of the groups.
been noteworthy industrial developwhere there has
ment and a heavy ratio of increase in population. State,
county and municipal debts (bonded and floating)
have increased from about 234 millions to 264 millions.
In the Southern States there has been a decrease from
237 millions to 214 millions, but this is due solely to
the reduction in State debts (on scaling and refunding
operations), the connty debts in the South and also
the municipal debts showing a small increase. The
Middle States still have the largest aggregate of debt,
the total for 1890 is only 463 millions, against 467
economy in public expenditures and care and conservatism in the creation of new obligations are in the in- but
The New England group have 184
terest of good government and sonnd morals, while millions in 1880.
now, against 178 millions. It ia perhaps well
tending at the same time to promote material welfare miUions
and prosperity. The exhibit as regards the bonded and to state in closing that practically the whole of tho
—
.
:
increase in
the debt of municipalities in the United
States between 1880 and 1890 was made in the last
The fact is an important one to know,
three years.
but is deprived somewhat of its significance when we
discover that
it
is
in these
same three years that
exports,
the
of
etc.,
below,
quarter of the cotton season of
November
period from September 1 to
movement,
overland
presented
cover
1890-91
the
— the
30, inclusive
and show very clearly with what rapidity the marketing
The aggregate movement
of the crop has progressed.
in
November through the
ports and interior towns and
1889.
1888.
60,501
36,001
66,636
24,029
57,997
30,785
5,297
5,871
12,778
60
5,264
13,827
.
7,644
10,573
454
90
425
2,350
7,517
6,006
293
307
8,448
10,138
266
22,394
127,198
Total to be deducted
COTTON CONSUMPTION AND OVERLAND
MOVEMENT TO DECEMBER 1.
compilations
1890.
MobUe, Inland and local mills
Savannali, inland and local miUs
Cliarleston, Inland and local mills
N. Carol'a ports, inland and local mUls,
Virginia ports, inland and local mills..
sink-
decade having been contributed in those years.
receipts,
jVOL. LI.
Deduct shipmente—
Overland to New York, Boston, &o....
Between interior towns...
„
Galveston, inland and local mills
New Orleans, Inland and local mills.
ing funds have chiefly increased, over 24| millions of
the 32 millions increase in sinking funds during the
first
.
THE CHRONICLR
772
The
:
126,934
141,819
LeavinK total net overland*
328,8 58
411,131 328,858 364 ,882
„ ' Tbls total includes shipments to Canada by rail, which since
September 1 in 1890 amounted to 19,011 bales, in 1889 were 16,057
bales, and in 1888 were 15,002 bales.
EECEIPTS, EXPORTS
AND SPINNERS' TAKINGS.
The marketing of cotton through the outi^orts during
November has not been so free as in the corresponding
month of the two preceding years, the total net receipts being only 1,145,416
bales
and 1,159,063 bales
bales,
against 1,257,520
The aggregate
respectively.
for the season to date, however, continues in excess of
by the overland routes has been less liberal than in any previous year, the gain
over a year ago reaching
October, but to what an extent the monetary string- 98,295 bales.
Foreign exports also have been less libency and lower prices for the staple have tended to re- eral than in November
last year, but exceed by 51,633
tard its marketing it is, of course, impossible to deter- bales the
figures for the month of 1888.
For the three
mine. That it has had some effect is quite certain. months the total
maintains its lead over any preceding
However, nearly one million six hundred thousand bales similar period,
but compared with 1889 the excess is
have come into sight during the month, bringing the now very meagre
only 8,743 bales.
The stock of cottotal in sight for the season to date up to 4,152,014
ton at the outports exhibits a decrease from last year,
bales, or almost one hundred thousand bales in exbut at the interior
—
cess of the previous highest aggregate for a like period
—Sept. -Nov., 1887. Spinners have taken very freely
in November, and for the three months the Northern
mills have received 204,206 bales more than in 1889.
Tlie
OVERLAND MOVEMENT TO DECEMBBE 1.
shipments overland during November have been
phenomenally heavy, the gross amount carried being
331,168 bales, a total exceeding any monthly total
recorded during the history of the cotton trade. The
previous highest aggregate, 317,598 bales, was reached
in December of 1887. In November, 1889, the overland
shipments were 288,429, or 52,739 bales less than the
present total, and in the same month of 1888 there were
shipped by rail 288,238 bales. The increased movement
in the month this year has been pretty well distributed,
all the routes except via Cairo and Evansville sharing in it but the roads centring at Louisville exhibit
the largest gains over last year. For the three months
the total is largely in excess of a year ago, and shows
an increase compared with 1888 of 31,628 bales.
Going back, however, one year further to 1887 we
find that the movement from September 1 to November
30 was 557,648 bales. The net for the month is like;
—
corded.
ceipts,
towns a considerable increase is
Below we give our usual table, covering
exports and stocks:
Hovement from Receipts Receipts EXPORTS SINCE SEPT.
Sept.
Dec.
since
1890, to
1.
I.
Sept.
1890.
1,
I.
1889.
584,705
536,023
6,114
855,991
Bl Paso, &c...
Orleans. ..
New
2,559
975,169
143,066
10,935
591,408
81,721
Mobile
145,991
Florida
23,014
Savannah
813,181
BmnswiclE, &c.
Charleston
Port Royal,4o.
257,419
301
90,867
Wilmington
Washlngt'n.Ac
126,873
1,836
298,047
168,911
Norfollc
West Point....
Newp'tNews.ic
New York
11,633
9.188
19.492
BoStOB
Baltimore
15,896
15.925
Phlladelphia,&c.
Total 1890
3,242.883
230,189
Great
France.
Britain'
Conti.
nent.
TO—
Dee.
Total.
1.
272,861
20,241
60.092
4.500
343.194
4.500
74,033
281,708
25,122
15,113
141,626
191.434
614.768
25.122
15.113
2S6.839
264,828
54,873
170,388
136.761
62,793
50,523
54,647
11,135
190.90(1
16,330
99.411
4.350
28.260
23,934
55,880
694
89,839
65.930
84,374
100,304
21,252
17.300
40,891
1,288
113.828
61.942
220,910
173,375
20,726
24,474
16,384
13,917
162.790
44,547
26,746
11,861
a,381
ll,54i)
10,813
70.009
2,950
22,349
142,877
71.882
150
233.612
45,307
52,045
1,137
6,518
4,673
696,556 2,145,281
717,018
317,708 2,136,538
745,744
392,336 1,600.183
778,973
9.940
150
780
1,234.081
214,644
3,144,586 1.278.381
Total 1889
1890,
re-
since
Sept.
1890.
Galveston
1.
re-
240.499
ToUl 1888
2,824.096 1,089,896 ^7";951
* Great Britain exports include to the Channel.
2,803
58,705
20,000
12,983
—
Using the facts disclosed by the foregoing statements,
we shall find that the portion of the crop which has
reached a market through the outports and overland,
wise unusually large, reaching 253,701 bales, which is and the Southern consumption since September 1,
3,414 bales greater than for December, 1887. Com- this year and the two previous years,
is
as
pared with the month of last year the gain is very follows
heavy, being 40,193 bales, and contrasted with November of 1888 the excess is 51,284 bales. The aggregate
Receiptfi at the ports to D^o. 1
bales.
for the season to date is in excess of either of the two Net shipments overland during same time
preceding years, but falls 41,294 bales behind 1887.
The details of the whole movement overland are
appended, comparison being made with 1889 and 1888.
OVERLAND PROM SEPTEMBER 1 TO DECEMBER 1.
Total receipts
1390.
Via Cairo
Via Hannibal
Via Evansville
Via Louisville
Via Cincinnati
Via other routes
81ilpi>ecl
to mUlB, not included above.
Total gross overland
,
,
,
1889.
179,675
108,690
28,942
4,209
72,169
58,998
82,530
3,116
167,795
113,632
24,870
6,073
37,722
56,135
46,817
2,748
197,007
116,372
4,100
11,926
75,493
50,529
48,417
2,857
53^,329
455.792
506,701
1888.
1888.
1
bales
160,000
153,000
151,000
3,814,014 3,626,44613,139,978
1,9^8
The amount
in
Smounl shipped—
VlaBt liOOls
1889.
bales. 3,654,014 3,47ol.446 2,988,978
Southern consumption since September
Total to Deo. 1
1890.
3,242,883 3,144,688 2,624,096
411,131
32s,858 364,882
of cotton marketed since Sejitember 1
thus seen to be 187,568 bales more than in
and 674,036 bales greater than in 1888. To
1890
is
1889
determine the portion which has gone into the hands of
Northern spinners during the same period, we have
prepared the following
Total receipts to
December 1,1890, as above
bales.
Stock on hand commencement of year (Sept. 1. 1890) —
At Northern ports
20,295
At Southern ports
40,97461,269
At Northern Interior markets
1,327—
Total supply to December 1,1890
3,814,014
62,596
3,876,610
.
.
.
.
:
DlCEMBKB
THE CHRONICLE.
6, 18U0.J
Brought fwmtrH
OC till* nupply thuro hiw iMwn exiHjrted
S>9l^/»
to forelKii port* «lno« SoptBinber.. 3,148,881
3,319-2,141,962
liSW foreiKU ootUm lnoliiiJ«d
Rent to (iKnnilM dlrart from W««»
lliirnt North iinil Houtb
19,011
8,18S
1890)—
(Ueo. 1,
h»iiil euil of luontli
Btook on
tMortbem porU
AtBoaUMmporU
At Hortbem
96,860
3,492-3,889,613
some extent by the atringency of the money market.
Prices for plain and colored cottons ruled ttesdy, but
it ia probable that some makes of bleached goods, Ac,
hftve accumulated somewhat, and slight time and price
oonoeBsious may be found neceuary before the end of
cloths were quiet
bales
086,997
160,000
Total takluKB by Northern aplnners since September 1, 1890
Taken by Northern splunora same time In 1880
826,997
622,791
Inorease In takings by Northern spinners this year.
204,206
bales.
Northern spinners had np
to December 1 taken 826,997 bales, au increase over the
corresponding period of 1889 of 204,206 bales and a
gain over the same time of 1888 of 60,333 bales.
AMOUNT OF CROP NOW IN 8IQHT.
In the foregoing we have the number of bales which
has already been marketed this year and the two preindicates that
An
vious seasons.
total of the crop
additional
which was
fact of
in sight
interest
is
the
on December
1,
compared with previous years. We reach that point by
adding to the above the stock remaining at that date at
the interior towns, less stock held by them at the beginning of the season. In this manner we find the result
for three years on December 1 to be as follows.
1890.
Total marketed, as above
bales.
Interior stocks in excess of Sept. 1
Total In sUrht
bales.
1888
1889.
3,626,446
Print
at S^c, the opening
1890.
f
dtitig.
338,000
245,000
292,727
3,871,446
3,432,705
Lan- B-th'n OotenPriHltatt^ 8-yrftow
ing
ttuttr
ping- tKtitmid- clothe, JSSl. tHnf. sst.
64264 ard. ham*. ing,. dUng. 64«64
img,.
8-31
9U 8-»a 7>« 0\
OS
7^" "oh" 9l«is 3-M
OH "9ii"l'3-W 7H e's"
9Ji" 8-31
OH
..lioU dar.
8-31
3-56
SI*
IH
OH
7^
8-31
T* 6>«
Si 3-63 7H 6X|
6>«
9% 3-63 7'4
7H
9»is 3-81
SH
9\ 3 68 7M 6%
"lii,"
's-si'
...8...
8-31
7H 6>« "9\" 's-es' 7H
3-81
7H 6%
9H 3-63 7H "ii"
2f<« 8-31
7';
6>8
0\ 3-68 7'«
2 '« 8-31
7»4
OS 8-68
»•
Si
6>a
2
8-31
7>4
9\ 3-68 ?}:
9>ie
9S 3-68
§i
8-81
7^
.:t.
881 7U.
7H 6ie "o\" 's-es' 7H
8-81
7«*
7^4
•H 8-63 7H 6H
6>a
3-31
7>4
e>8
9\ 3-63 7'4 6H
7U,
3-31
9\ 3-69 7'4 6%
7H 7U. 6^
3-31
9\ 3-69 7'« 6%
7H e's
.It.
9^ 3-69
6\
s-'s'i"
.It.
"7'h"
3-69'
3-31
7^ eifl
"as"
8-31
7»4
6>«
9^ 3-69
8'i
..Holl day...
9H 8-75 7H
3-25
7^
7^
HoU
8''s
3-25
7>4
7>4
9% 8-75 7'4
6>e
9\ 8-76 7'4 6%
""
I.
3.
9'i«
8.
4.
7««
1
.It.
's-si"
..Boll
n
«.
7.
8.
9.
10.
11.
18.
13.
14.
IB.
16
17.
18.
19.
20.
31.
22
23.
34.
25.
26.
»<
87
88
29.
'1
3,139,978
4,152,014
isse.
Ootfn PHntr
lout
ing
mid- clolhM,
30
3,814,014
and 04x64s closed
price having been 3 5-16c.
Totkl takings by aptnnera In tbe United State* since
September 1, 1800
Taken by Southern aplnners
778
the year in order to accelerate their distribution.
620,6S3— 717,013
Interior mikrketa
The above
..
..
.
The above
prices
are— For cotton, Io» middling uplands at
New
....
..
6
6
York;
for printing cloths, manufacturers' net prices: for sheetings, agents'
prices, which are subject to an average discount of 5 per cent, ezoept
when othenrlse stated; Southern sheetings net.
This indicates that the movement up to December 1
is 280,568 bales more than in 1889
REVIEW OF PRICES IiV
and 719,309 bales greater than in 1888.
STOCKS,
BONDS
As it will interest the reader to see what has come
FOREIGN EXCHANGE.
into sight each month of the season during this and
previous years, we have prepared the following, which
The following table shows the highest and lowest
shows the movement for the last four seasons
prices of railway and miscellaneous stocks at the N. Y.
Stock Exchange during the month of November, 1890.
jron(A«.
1890.
1899.
1888.
1887.
The unlisted issues are designated by an asterisk.
of the present year
NOVEMBER—
GOVERNMENT
AND
September
855,274
1,702,322
1,594,413
October
November
Total 3 months.
4,152,014
424,209
1,493,289
1,615,207
648,770
1.609,648
1,613,028
3,432,705
3,371,446
4,053,041
hales.
1
We
we give below our usual
table of weight of
give for comparison the figures for the same
time in the two previous years.
^^^^
Same
Thrte Itonthi Ending Dec.
1,
1890.
Bamt
peri' din
ptrfdin
1889.
Number of
Bala.
Loolalana ......
Alabama
Georfi^la*
Boath Carolina.
Virginia
Horth Carolina.
Tennessee, Ao..
Total
*
Weight in
Found:
589,819
855,991
145,991
726,562
257,720
478,590
127,709
631,832
3,814,014
313,512,391
429,193,887
75,477,347
367.139,044
129,246,580
234,925,473
63,798,308
321,663,851
1,934,850,881
1888.
Ateragt Average Average
Weight.
Weight.
531-54
501-40
532-10
496-89
51700
50100
505-31
501-50
490-87
490 06
51200
49600
486-79
488-22
494-60
49956
50910
49280
49900
493-40
507-30
49957
Weight.
movement np
4>«
Paclflo
Canadian PacWc
Canada Southern
Central of N. Jersey.
Central Paciflc
Che8.40.,Vot.Tr.cert.
do 1st pref
Do
Do
do
2d
pref.
488-97
49200
500 00
498-56
December
the average weight as compared
1 shows an increase in
with the same periods of the last two years, the average
this year being 507*30 lbs. per bale, against 499-57 lbs.
lbs. in
1888.
THE COTTON GOODS TBADE IN NOVEMBER.
The demand for staple cotton goods was light and
20
67
42
92
Do
101 >«
A Northwest.
pref.. 136^
el's
Rock Island..
A
.
Chic
0hlc8t.L.&Pittab..
Do
pref..
A
Ohlc. St. P. Minn.
O.
pref..
Do
CL Cln. Chic. A St. L.
pref.
Do
Pitts
Cleveland
A
OoLHock.Vai.ATol.
Delaware A Hudson.
Del. Lack. A Western
Den. A Bio Mraude...
pref
Do
Dee Moines A Ft. D..
•OnluthS. 8. AAa..
pref.
•Do
CTenn-Va. A Ga. By.
Do
Do
1st pref.
2d pref.
Eliz Lex.A Big Sandy
Terre U..
E^ranav.
Pere Marq. .
Flint
pret.
Do
A
A
"Georgia PaclUc ....
Great North'n, pret..
OrefnBay W.ASt.
Hous.
P.
A Texas Cent..
Iowa Central
..
.
A
On.
92Tb
Michigan Central....
Mllw. L. Sh. A West.
44
92 1«
58
Minneapolis A St. L..
76 5»
32>*
41H
27\
75
55
86
154
82
96
154
21ig 30
I'.iS's 13!>'«
123»8 143-'9
1H\
15
48 >«
5
4
10
6»g
67
13>ii
12is
58 H
5
4
14T«
8*.
5V«
161% 76
\3S
Nash.Chatt. A8t.L..
Y.CenLAHud.B.
N.Y. Chic A
Louis
St.
>•
7>s
8
100
7>s
17
15
22 ><
15
Il>*
ll**
65»«
25
8
112
92
14
50
16
4>4
4
81*
16
10>«
147
N. Y. A New England
N. Y.N. H. A Hartford
N.Y. A North, pref..
N.Y. Out. A West...
N.Y. Busq. AWest...
28
2tR
10
13
Do
Do
.
.
pret..
pret..
Mississippi...
Ohio A
Ohio Southern
Oregon Ry.A Nav.Oo.
Oreg. Sh.L.A U. N...
Peo. Decat. A E'vlUe.
Peoria A Eastern
Phlla. A Read. cerU.
5«
21
IS
48
116%
55
15
13>t
Pitts.
W.
A
13
Chlr.
150
36
177
AW., Df.tr.
rtc.
Rensselaer A Sara .
tUchmonil Tennlaal.
«•%
9»
i«e^
100
114
81%
91%
41%
353
ao
17%
7%
38%
17%
98
38%
74
33
19%
74% 89
16
38%
—
Plttsb. tt.
4%
11
16%
14%
9H 15%
67%
35%
pref.
A Western
4%
95i« 101
Do
pret.
14
90
23%
\0H 38
56
23
145
95
50
23
114
16
Do
104%
106>s 118*«
pret.
N.Y. Lack. A West...
N. Y. Lake Erie A W.
114
83% 91
99%
1st pref.
2d
78%
39%
30%
89
Do
Do
Northern Paciflc
22
89
2%
pref.......
ISOg
12'«
18
7
ex.2dmort.
Missouri Pacific
Mobile A Ohio
Morris A Essex.
NorfoUc
100
5V|
Do
Do
allpald..
75
113\
89
pref..
M.K. AT.,
N.
67>«
pref.
Do
109
13^
19
Do
L^OVi
111«
85
lUluols Central
consol...
Marq. Hough.
Mexican Nut., certs.
128
11
100>« lOS'g
pref.
Mahon. Coal RR.pref.
54^ Memphis A Charles.
25^ 34H .Mexican Central
80
36
83
44
Paul.
Louisville A Nasnv..
Loulsv. N.Alb.ACh..
Louts. St. L. A Tex...
19<s
11
IS
Long Island
Lou. Ev. A St. L. pief.
30\ Manhattan,
1-J3
4 St.
53»i
113>g
10<«
48% 96%
102 >4 107'e
85
88
60
60
1034 Lake Shore
30
75
20
76
Lme. Eiah
pret..
16
38
Chicago & Alton
*Chlc& At.,ben tr reo
Chic MIL
Do
5I4
26>s
Uhlc. Burl.A Qulncy..
Ohlc. dcEast 111
pref.
Do
on the part of jobbers, "cutters"
pref
Do
Kanawha A Michigan
and the manufacturing trade having been checked to Kingston A Pembroke
irregular, operations
103>a
28
731s
Do
to
per bale for the same time in 1889 and 498*56
pret
Do
Bnrl. Ced. K. &Nor..
Ohio.
TnolndinK Florida.
It will be noticed that the
A
Bufr.Roch.APltts
furnish a more exact measure of the receipts up to
December
Atlantic
Boe.&N.Y.Alr Line,pf
WEIGHT OF BALES.
To
BAII.BOAD AND MIgCELLAXEOCS STOCKS.
Rill-KOADS.
Low. High.
23 >4 34»6 Lake Erie A West'n..
RAJLROAD8.
Atchison Top. <&3.Fe.
7'*
17
10
27% 89
153
37%
ISO
18% 18%
.
.
..
.
Low, High.
74 19
62
EAII.nOADg.
RloU. Term., prel
Klo Grande Western.
I8I9
I519
42
pref.
48
Do
Rome Water & Oed.. lOOH 108
2213 2514
L.Alt. AT. BT....
Bt.
pref. 115
115
Do
*St.L.&Ark.&T„rect8
9
65
20
80
97
Bt.1.. &8. F, Istpf..
Bt. PaulA Dulutli....
Do
pref..
BtPaul Minn. & Man.
South Carolina
86
319
17
<fc
4218
Q...
Virginia Midland
Do
pref.
Do
pref.-
Wheel. & L. Erie, com
25%
14ig
Exi'EESS.
Adams
United States
WeUs, Fargo & Co....
Coal and Mindio.
Colorado Coal & Iron
Col. & Hock. C. & I ..
. .
Unlisted.
t
I43I9
4579
24=8
15
8I9
15
15
26
10
20
11
28I9
6558
163
96%
Silver Bullion certs..
•Sugar Eeflneries Co.
tr.reota....
Tex. Pac.
Under the ruic;
2514
ig's
42 14
100
6
19%
46%
34%
7
"Do
16>a
1919
84
100
6
1478
381a
Pullman Palace Car.
Land Trust
Western Union Tel..
34 19
423e
80
206
1(j8
67%
49
48
13
74
5719
16i«
8II9
Debt bearing no Interest
De-
4 81-19
S.
4 81-19
H.
Nov.
60
De-
days.
mand.
16...
S.
4S5ii-6 17... 4 80-19
4 8SI9-6 18... 4 80-12
4 8OI9-I 4S5I9-6 19... 4 80-ia
4 8OI9-I 4 8519-6 20... 48O-I9
S
21... 4 80 1a
4 801a 486"" 22... 4 80- la
48019 4 88
23...
8.
48OI9 4 86
24... 181ia-2
4 81-19
4 81-19
60
De-
days.
Yo».
mand.
4 86
25.... 4 82-ia 4 88-ia
4S8ia
4 85>a-6 26.... 4 83
H.
4 8519-6 27....
28.... 4 82-ia 4 8819"
487"" 29.... 4 82-19 4 8812
4 87
4 87
30....
-f5,288360
4-674,525
Cash in the Treasury.
Reserved for the following purposes
Redemption of U. 8. notes
.
Open, 4 81-ia 4 95I9-6
488I3
aigh.. 4 821a
Low.. 4 SO
4 8519
82-ia 488I9
La«t.. 4
48719
4 871a
488""
GOVERNMENT BOND?.
1891
reg.
4i9*,1891, 4»,1907,
coup.
reg.
4»,
1907
6», Our.,
'98 reg.
coup.
nosia
*124
104
*l03i8
*124
104
-LI9I9
"lOJ
104
*120i2
»103
104
Prices bid— no sales during the month,
•121
•121
124
124
123
123
*xH5
*xll5
DEBT STATEMENT NOVEMBER
The following
is
the
official
•124
•124
*xll7
'1II7
29, 1890.
November
29,
INTBREST-BKARINQ DEBT.
.Amount OutstandtnQ.
-4 mount
Pai/'I«
RfQisUred.\
4^s. Funded Loan. .1891
Q.-M
48,
Funded Lmn.. ..1907 Q.-J.
48,
Refunding
Certiao's. Q.-J.
AsgreKa'e excluding
Bonds to Pac. RR...
Coupor..
$250,000,000 $18,389,050 $14,829,950
740,819,600 491,270,200 78,9.3,900
40,012,750|
1,03C,832,3!10 837,629,260
91,763,850
Total.
$61,189,000
588,204,100
99,490
629,492,590
DEBT ON WHICH INTBRKST HAS CBASED SINCB MATURITY.
AsKregate of debt on which Interest Has ceased since maturity Is $1,887,345,
This debt consists of a number of items of which the principal amounts are
called bonds.
DEBT BEARING NO INTEREST.
Legal-tender notes
Old demand notes
National Bank notes
Redemption account
Fract'onal currency
Less amount estimated as lost or destroyed
$34e,8ai,016
56,032
:
62,094,623
$15,286,561
8,37.'^,934
6,910,627
.iKKregate of debt bearing no interest
$406,642,298
CERTIFICATES AND N0TB3 ISSUED ON DEPOSITS 08" GOLD AND
SILVER COIN, AND LBGAL-TENDBR NOTES.
Cl'istiflcation of Certiflc<tte9
and Notes.
19,258,800
18,949,000
5,341,668
7,328,404
89,827,878
bankfund
48,074.837
In
675,860,187! 681,3 18,481
1
—5.456,294
Debt, less cash In the Treasury.
873,435,9391 867,305,120)
-^6,130,819
BONDS ISSUED
the
Treasury.
IN AID OF PACIFIC RAILROADS.
fnt. repaid 6v Companies.
Interest
Interest
Principal „,„„<^
"1"and not paid hu
the U. S.
ttaniing. ^j^ p^^.
.Niims
of
BaUwav.
i
«
Cen. Pacific. 26,885,120
Kan.
6,808,000
Pacific.
Unl'n Pacific 27,238,612
Cen. Br. U.P. 1,600,000
West, Pacific 1,970,660
SlouiC.&P.
1,628,320
$
By
Transportation
Service.
By cash
t
658,233
49,264
2,495,884
4,925,703
23,412,474
1.766,171
8,488,517
.1,977,465
1,103,620
62,064,776
488,410
9,367
2,148,192
170,737
1,615.688'86.363,988
$
27,496,396
6,927
3,850,830
12,516,302
448,711
40.708
Balance
pay- oflnter'tt
paid by
m'ts: 5 p. c.
net earnings. the V. a.
$
6,169,628
$
647,128 34,324,306
167,575 8,770,593
680,913 36,397,185
40,000 2,221,808
....
84.828,512
23,195,673
IMPORTS AND EXPORTS FOR OCTOBER.
The Bureau of Statistics has issued its detailed statement of
the foreign commerce of the country for the month of
October, 1890 and 1889, and for the four and ten months
ending October 31, 1890, and 1889, as follows
MERCHANDISE.
:
For
'99 reg.
1890.
Int'r't
6,590,000
174,656.869
810,649,374
6,930.000
Our.
6»,
statement of the United
States public debt at the close of business
ride 0/ lojn.
100,000,000
115,072,099
310,663,021
Total cash res'ved for above purposes 616,815,561 813,518,147
Available for other purposes
Fractional silver, fractional currency
19,216,750
19,728.197
and minor coin not full legal-tender.
Net cash balance, including national
Totals
1a
4 87-ia
The range of Government bonds sold at the Stock Exchange
November was as follows:
419*,
100,000.000
Redemption of gold certificates issued.
Redemption of silver certf s. issued.
Redemption of currency certfs. issued
Redemption of Treasury notes
Matured debt, accrued interest, and
Interest due and unpaid
S.
in
Opening.,
Highest..
Lowest...
Closin g...
—1,802,235
406,642,298
Aggregate of debt, inci'g cert's and notes 1549,296,126 1548,621,801
cash.
4 851a 6 13... I8OI9
14... 48O-19
4 8519-6 15... 48O-I9
—21,290
Total
that bankers' actual rates are usually a fraction below the
prices posted:
BANKERS' 8TKKLIN0 EXCHANOB (POSTED BATES) FOB NOV., 1890.
mand-
-2,790,800
1,708.636
Aggregate of interest and non-Inter
est bearing de^t
1037,822,233 1042,438,568
Certificates and notes offset by an equal
aoaount of cash in the Treasury
511,473,393 506,185,043
daily posted rates for 60 days and demand sterling
exchange in November are given below, it being understood
60
$
632,283,390
-2,812,090
The
dayi.
1890.
$
629,492,590
1,687,315
Interest-bearing debt
Debt on which interest has ceased
Inerease or
Decrease.
Oct. 31,
41ifl
92
100
4519
37
95 14
65
117 117
10 19 16
102
102
North American Co..
Oregon ImproT. Co..
30,
1890.
1738
lOOia lOlia
Pacifle Mall
26
95
32
97
National Linseed OIL
30
41%
141a
Manhattan Beacb...
•National Lead Trust
Nov.
ClasalMation of Dibt.
41
14
80
95
16
Lon.&N.Y.L.&I.Cor.
[Vol. LI.
71a
3OI4
&
•Pipe Line Trust
Consolidation Coal. .
Homestake Mining. .
LeMgh Coal & Nav..
Uary land Coal
11
41I9
10
Oil Co...
pref.
*Do
Tr. certs...
*Do
Amer. Tel. Cable...
Amer. Tob. Co., pref.
150
117
70
140
114
63
135
American
pref.
.
73 19
22
63
Wlsconaln Cent. Co..
pref.
Do
.
3714
8I9
1519
Wabasli
Do
Tenn. Coal & Iron
1816 Brunswick Co
33Sr 'Buckeye Pipe Line.
Cliicago Gas Comp'y.
60
Citizens' Gas. Bkiyn.
15
5538 Commercial Cable .
Consolidated Gas Co.
25
37 14 Dis. & Cat. Feed. Co.
lOia Edison Gen. Electric.
21
Equitable Gas
32''e Laclede Gas, St. L.
13
Union Pao. D.
•
:
10
9
40
6
37
28
71
Variods.
106''fl
60
13
1....
2....
3....
4....
S....
6....
7....
8....
9....
10....
11....
13....
..
.
.
COMPARISON OF DEBT WITH THE PRECEDING MONTH.
Eigh.
9
24% *Am. Cotton
tl2
&
Low.
I.
Ontario SilTor Mln..
Quicksilver Mining..
78
22% 30%
Tol. <St O. Cent
•Tol. Peo.
Western
Union Pacifle
Coal and Mining.
New Central Coal
N. Y. & Perry C. &
1058
313
Soutliern Pacifle Co ..
Texaa& Pacifle
Tol. Ann A. & No. M.
Wor.
— —
THE CHRONICLE.
774
•
:
In
Amount
Circulation
Issued.
the
montK of
October.
For the 10
For the 4
Months ended Months end^
Oct. 31.
Oct. 31.
$97,055,333 $274,159,940 $600,523,878
1890.—Exports— Domestic
9.536,296
3.491.045
1.2 71,.583
Foreign
198.326,916 .'S277, 653,1185 $670,060,174
Total
287,303,483 698,431,035
72.604.751
Imports
Excess of exports over importe $25,722,165
$9,649,498 $2?,370,861
Excess of imports over exports
$96,198,763 $270.452.930,$625,677,904
10,8 13,277
4,3,^^4,3 99
1,629,683
$97.''28.446 $274,807,329 $636,491,181
68.749.155 259,289,659 651,628,767
1889.—Exports— Domestic
Foreign
Total
Imports
Excess of exports over imports $29,079,291 $15,517,670
Bzoess of Imports over exports
OOLD AND SILVEE—COIN AND BULUON.
$419,0z2 $14,372,716
1890. -Exports— Gold— Dom, .
329.996
6,213
Foreign
$425,236 $14,702,712
Total
$5,531,168
$210,135
Silver- Dom
2,2tl,22»
360,942
Foreign.
$7,772,396
$571,077
Total
$996,312 $22,475,108
Total exports.........
$6,973," 84
$2,63.'=,5S3
Imports— Gold
8,141,320
2,586.004
SUver
$5,221,587 $15,114,604
Total
$7,360,504
Bxoess of exports over imports
Excess of imports over exports $4,225,275
1889.— Exports— Gold— Dom.
$2,073,873
159,590
$2,233,463
$2,809,011
1,328,153
$4,137,164
46,370,627
$796,988
Tmnorta Gold ........
1,654,359
BUver
$2,451,347
Total
Excess of exports over imports $3,919,280
Excess of imports over*xportB
.
Foreign
Total
Silver- Dom...
Foreign
Total
$15,137,586
$19,495,983
3,367,553
$22,863,536
$13,569,187
7,809,456
$21,378,643
$44,242,179
$12,274,071
18,819,036
$31,093,107
$13,149,072
$44,450,406
5,594,392
$50,044,798
$.1,446,078 $22,297,219
10,750,957
4.160.390
$13,606,46- $33,048,176
$21,831,473 $83,092,974
$8,926,015
$4,560,933
15,266,395
6,337,613
$10,-98,581 $21,192,410
$10,932,892 $58,900,561
$7,427,274
7h7,731
$8,225,005
TOTAL MERCHANDISE AN D COIK AND BD LLIOS.
$97,684,490 $294,063,824;$6y3,589,048
1830.— Exports— Domestic
.
Gold certificates
Silver certificates
Currency certificates.
Treasury notes of 1899.
. .
Aggregate of
certificates
$43,758,570 $181,316,499 $175,072,089
1,976,525 308,576,499 310,653.024
3!:0,000
6,270,000
6,090.000
17,219,656
19,258,800
2,039.144|
$48.091.239l$463.382,654 $511,473,893
20,713,305
6,065,269;
1,638,708
$69,323,228 .$300, i2H,093,$714,302,353
729.524,142
77,826,338 302,418,087
Imports
Excess of exports over imports $21,496,890
$2,288,994 $15,221,789
Excess of Imports over exports
Foreign...,
Total
,
DCCCMBER
THB GHHONIOLB.
6, 1890.
For the 4
Farlhe 10
ilonthi enaed XontAttniltd
Oct. 81.
Oel, 81.
Fnr Ihe
month of
October.
1889.— EzporU—DomMtIo
...
Forel<n....
ToUl
ImporU
•101081647 $287,826,282 «602.42%,n20
37,1»8.620
8.117.426
9,813,820|
$lU41UI)07:i tlVtie,H3><,<t02 t7i0,A84,ISft
ll.-iOO.M-i 'J70,188.240 679.881.177
»2u,4So,ae3
xo«H of ezporta over Import* «32,U88;571
ExcBM of Import* over e»port»
ntrom and azpoaTi bt pbincipal
omom omuoTS.
XPOBT*.
IMPOSTS.
OOTOBXR,
OtJSTOJIS Dll-
1800.
TBIOH AND
POKTS.
imiwrM. MxporU.
'"^sr^
18M.
$48,762,978
1880.
10 monttu mtuu
OcLBl.
1890.
188*1
Baltlicore.Mil.
ClinrBoat.
I.!)u3,aai
4.4gS.(»3
U,4S8.»M 18,t3s.66a 8«.9t9,«SB 48,916,184
l6«t'wii,MnS(t
4,S««.T(I0
5,mo.4a8
00,768,881
BulHIiXJk.N.Y
Chiunprii.N.T
i,iio,ur7
so»,;ii
1&0,»M
B.07S.8UI)
»I9,l74
4,«ll,880
3<9,&«7
8.182.299
«S4.«2e
B«,«02.47«
4,628,586
3.08U,2iM
809,810
9.840,1184
58,691,198
3V7.199
1.489,878
9,478,090
U,4a8,S»8
11,011386
1,918,787
8318,088
l.eM).H46
8.863.481
1.981,191
8,478.l«8
8U,641
4,696,865
*
Chariest 'n.S.C
ChlcaKO.III....
CInetnnatl. 0.*
Detroit. Mich.
Duluth. Minn.
Oslrest'n.Tex
miw'koB.Wl*.
Mlnn'K'a.MInn
Mobile, Ala...
KewYork.N.Y
Wlaiiara.N.V..
Korf't.Ac.Va.
OreKon.Oreff..
09we«a'le,N.Y
0»weKO.N.V..
PhlladeVa. Pa.
Portld.ftc.Me.
Bt. Loul».Mo.*
Ban DleKo.ra).
San Fran.,Cal.
Bavannah, Go.
Vermont, Vt..
WlllametU.Or
WUmfg'D, N.C
Totali.
cluding
lU.llW
l,W8,'W2
808.881
su,74a
87,834,469
816.Ma
1,440,772
6.078.291
42.1)11
1.620312
1,402,824
802,886
440,642 18,838.084 13.291,991
7K6,484
629.972
10,481
100,492
181.71W
14(1,066
1,120,837
812.168
1.587,799
1,147,831)
84.naM
8.747
486.0 in
60,118
2.005316
2,5«6.*>6
I.IIB.OIK 14.0iM,OI4 18.186.927 I2.7.^1.84<! 72.276,026 66.66l),B04
lA.MV.STS S!i.0JV.98l 437,»40,7»8 416.938.848 287.(ll2.77i' 285,760.963
47iS.8tfJ
S,4l03as
8,24U,8«a
+84,930
+8,70«
+46.806
86,132
104,047 10,486,106
8,763 8.547,4M
7,00M0«
1.8.l0,»S4
133.122
896,209
2,8»4
1H).T«5
880.830
1.504,U6S
13Se,r,6l
1.8II1.U19
234,879
186,422
1.S96J76
«4n.«24
3,S02,4«1
2,786,239
1.812.409
»3a,778
1,806.716
3,88(1.1.46 3,280.921 47,860,917 44,520,8->2 31,820,020 85.2u0.«30
ta.eia
B57,46a
71S.40i
8,804.761
27,<>M
1,990,440
3SI.918
2,818.378
2.884,712
M.IOl
S38.S02
375.551
28.1741
218.696
S96.040
3.825,577, S.OJl.lkW, 38.r,14.Ua 41.811.410 28.617.89(1 28.054,801
44.»UVl B,1«5.4I8
IWil.OMl:
845.281 11),:I2B,35; 15.597,238
48.'t,880
6.6ail.a30
1.438.077
2.iao,lS6
2S7,3,'itfl
5.351.7481
uai.7«3
2.456.450
118.883
845.296
2.828.866
811.081
88,278
8.812,8*J
29,831 2,342,328
10S,825|
S.473.4U0
10,018
438,7811
8811,302
ft!l.«09
e,9S3,400
89.im
(Inall
otb'r DIata.) 72,«04,7B1 98,336.916 688,431,035 651.638,767 670,060,174 636,491,181
BemainlnK In warehouse Oct. 31, 1889
Bemalning in warelioune Oor. 31, 1890
*37,l9r>,a79
35,0u4,016
* laterlor porta to wtiloh merohaadlse oan be transported without
appraisement, under act of June 10, 1880.
+ iDcniupk'te lu the aosenoe of law prorldlni; the mean* of oolleotlnK
the 8tatl8tics of exports to odjaoaut toreiga terrlturf by railroad oar*
and other land vehielefi.
[From oor own correspoudent.]
Tho
known
7T5
and priT»t« bank* when th« matter boesnu
them took an equally sober ri9w of tiM wamttm, tad
Joint-stock
to
in the hopo of restoring confldeno* they mgmty aigiMtf lh«
guarantee. The country banka and the Bootoh and bkh
banks also hastened to sign, lo that praotioallr the guaimaton
comprised nearly all the important banking inatHoMoM tt the
United Kingdom; also the leading dlwjount rnmpanlw aa4
the great financial housefl. The banks further called In loana
from the discount market and 8tock Exchange to such aa
extent that during tho week ended Wednesday night orer iix
millions sterling were added to the " other deposit*." In tha
" other deposits " it will be recollected are Included the bankThe " other deposits " now exceed
ers' balances.
milUooa
sterling, a higher total than has ever before been reaohed. T«t
as a matter of fact the alarm created was much less than had
been anticipated. Apparently the public were re-awarad bf
the measures taken by the Bank, and no other great boiiaehaa
come to the ground. Consequently there is now a very much
more hopeful feeling.
For the first half of this week the joint-stock and prirate
banks and discount houses and bill-brokers, aa stated
above, practically ceased doing business. Thefonner thought
only of increasing their balances at the Bank of England, and
W^
obtain loans refused to diswent to the Bank
of England. Consequently the loans and discounta tranaacted
at that institution during the week ended Wednesday night
exceeded seven millions sterling. Except to its own cnstomers
the Bank charged from 6J^ to 7 per cent for discount and occasionally 8 per cent where the amounts offered were excessive,
or there was anything else in the transaction the Bank wished
to discourage. The rate of interest charged by it ranged from
On Wednesday the policy of the joint-stock
7 to 8 per cent.
and private banks produced so bad a feeling, not merely in
the money market but also in the stock markets and the produce market, that the Governor of the Bank of England found
He called a meeting of the princiit necessary to intervene.
pal joint-stock banks at the Bank of England, and addressed
them very earnestly, promising to all who might require it
the full support of the Bank, hinting if his advice were not
followed the Bank might be obliged to take action that would
be extremely unpleasant to the other banks. Altogether the
the latter finding
count.
As a
it
difficult to
result almost all the business
London, Saturday, November 23, 1890.
Nearly a month ago Messrs. Baring Brothers were obUged eonduct of the Governor in this crisis has brought praise from
to ask help from a banking house which bas often been asso- every one. He has shown mingled firmness and liberality,
ciated with them in their operations. The bankers, however, and helped more than all others to prevent a panic. His adsoon came to the conclusion that the matter was too big for vice to the banks has been followed, and since Wednesday
them, and early last week application was made to the Bank afternoon they have been lending much more freely at from
of England for assistance. The Bank examined the firm's ac- about 5 to 6J^ per cent. The discount houses are still taking
counts, and after consultation with the Chancellor of the Ex- bills with caution, the rate ranging at first from about 6^ to
chequer, decided to guarantee the payment in full of all the 6% per cent, but having now fallen to from 6 to il4 I*r cent.
acceptances, provided the other banks and the leading fiimnThe silver market, like all others, suffered from the crisia.
cial houses guaranteed at least four millions sterling to com- The price which was i^%d.
at the end of last week,
pensate it for any possible losses. The notification to the fell on Monday to 46d. and on Tuesday to 45d. On Thursday
other banks was made on Friday afternoon of last week, and it recovered to 45J^d. per ounce and yesterday to 46J<d.
by .Saturday night the guarantee fund exceeded eight millions There is a hope here just now that a new speculative movesterling.
Since it has risen to about fifteen millions. The ment may take place. People argue that a fall of over 18 per
Bank accordingly has guaranteed the payment in full of all cent in little more than two montlis is too rapid a fall and
the acceptances.
must be a recovery, and they allege that money is
so cheap in India that India will support the movement.
Whether the argument is good or not depends entirely upon
the United States. If the stringency there is at an end and
speculators are prepared for a new movement, no doubt the
that there
The acceptances amount to fifteen millions sterling, and
there are other commitments which raise the total liabilities
to between 21 and 22 millions sterling. On the other hand
there are good assets easily realizable amounting to 15 millions sterling, and there are broken assets which are estimated
price can be put up very considerably; but without American
nursed care- support there will be a very early collapse in any movement
fully and circumstances prove favorable, there will then be a here, for the banks will not now give accommodation for wild
surplus of about 4 millions sterhng. All this is without reck- speculation. The Bank of England will do its utmost to disoning the guarantee fund of 15 millions sterling. It is under- courage it, and the whole public feeling is against further
All silver securities fell rapidly up to
stood that part of the arrangement was the liquidation of the rash transactions.
but
firm. But now the wealthy relatives of Messrs. Baring have Wednesday, being depressed not only by the fall in silver,
depression of the stock markets. Since Wednotified that they wish to keep the house stan ding, and that by the general
at about 9 millions sterling.
If these latter are
that they are prepared to put in a large fresh capital for that
purpose. The house is to be turnel into a limited company,
but there is to be no public subscription. The capital is to be
nesday there has been a marked recovery.
On Saturday, when the fact that Messrs, Baring had to ap-
ply for assistance to the Bank of England became known, it
Lord made wonderfully little impression upon the stock markets.
a million sterling. Four of the partners, including
would prevent further
Eevelstoke, who have taken the leading part in the manage- Everybody assumed that the Bank
to go up
extent of the di8- serious difficnlties, and prices were more inclined
ment for years past will retire. When the
there waa not much deaster first become known to the Bank of England, an offer than to go down. Even on Monday
prevailed, and alarmist
•was made to suspend the Bank Charter Act, so that the Bank cline. On Tuesday a gloomier feeling
On Wednesmight be able to issue notes in unlimited amount but the rumors once more circulated in large numbers.
such aa haa not
guarantee was de- day there was every appearance of panic,
Governor refused, and then the plan of a
;
cided upon.
been witnessed for years past in thia market.
Prices of all
.
.
..
kinds fell more than in any single day since the crisis began.
The depression extended to the Continental bourses; the
dealers in many cases refused to buy, and holders who dreaded
that they would not be able to carry over at the settlement
next week were almost in despair, fearing that they could not
borrow and finding that they could not sell. The wildest rumors sprang up. It was said that several of the greatest
houses in the Stock Exchange would certainly be defaulters
at the coming settlement, that all the houses which have
taken part in Argentine issues were in the most serious difficulties, and that some joint-stock banks were embarrassed
because they had lent too much to Stock Exchange borrowers, and these latter would be unable to repay the
loans. About mid-day a rumor was current that there
would be a run on some of the banks, and there is little doubt that there would have been had not the Governor of the Bank of England called representatives of
the joint-stock banks together and induced them to change
their tactics. As soon as the meeting at the Bank of
England became known, with its result, the feeling of the markets changed as if by magic. Selling ceased all at once, bears
began to buy, and there was a marked recovery before the
close of business. On Thursday the improvement continued.
All alarmist rumors utterly ceased, and so great was the buying that a rise of from 3 to 5 points took place in most markets.
Since then the recovery has made further progress, and in
many quarters a boom is predicted. But underneath the surface there
weakness, for too
is
Bank
position of the
1889,
Nov.
19.
1888,
Nox\
20.
23,988,975
23,687,545
4.093,078
Other deposits
Government
6,369.546
5,103,218
36,364,838
,
securities
23,846,465
15,117,401
22,237,707
11,777,634
other securities
Keserre
Nov.
21.
£
24,466,225
Circulation
23.
£
23.751,716
4,220.016
21,976,903
12,409,980
16,037,782
bullion
19,939,348
18.220,623
18,009,208
14,651,626
22,657,8i7
35 13-16
12,033,800
10,998,928
18,466.473
12,723.819
20,276,554
3915-16
6
5
971-16
96Ji
129,756,000
102,831,000
169,765,000
:
IHFOBTS.
1890.
...CWt. 15,177,784
6,400,927
2,520,707
1888.
15,279,111
4,198,185
4,333,008
393,392
634,353
5,735,768
4,050,879
1890.
9,437,918
1889.
13,197,319
3,512,972
11,559,900
1888.
15,279,111
4,050,779
8,037,207
1887.
10,562,900
4,185.705
9,659,981
27,705,469
1890.
28,270,191
1889.
27,367,197
1888.
24,408,586
1887.
Import80fwheat.cwt.l5,177,7S4
Imports of flour
3,089,767
Total
English wheat, per qr.—
Average price, week
328. rid.
30s. 2d.
3l8. 8d.
30a. 6d.
Average price, season.. 32s. Od.
298. lid.
33s. 6d.
29s. 4d.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This toeek.
Wheat
qrs. 2,086,000
Flour, equal to qrs. 303,000
Maize
qrs.
16,392
2,003
356,000
Last week.
1,801,000
248,000
330,000
1889.
1,436,500
235,000
299,000
1888.
2,391,000
144,000
121,000
daily closing quotations for securities, &c., at London,
are rejwrted by cable as follows for the week ending Dec. 5:
per oz
d
ConsolB.new, 2% per cts.
do for account
Fr'ch rents (in Paris) fr.
U. 8. 4i2sof 1891
TJ. 8. 4s of 1907
48^
Silver,
Canadian Pacific
Chic. Mil. &St. Paul....
lUlnois Central
Lake Shore
Louisville
&
Nashville..
Mexican Central 4s
K. Y. Central & Hudson.
N. Y. Lake Erie & West'n
do
2d cons
Korfolk & Western, pref.
Korthem
Pacific, pref. .
Pennsylvania
Philadelphia & Beading.
Union Pacific
Wabash, pref.
:.
48%
4818
4818
95i«
96
95»i,
X96I,« 95^8
96 14
94-921S 95-27ia 95-32^2 95-50
IO4I2
IO412
1041a 1041a
122
I22I2
122
122
7614
77%
76
76
5568
52ia
53''8
5178
1021s 101 la
991a 100
1091a 109% 1081a 108%
78 'e
7814
76 14
77%
7514
751a
74%
741a
3 0212
1021a 1021a 102 14
2138
2014
1978
2014
100
991a
991a
991a
56I4
5714
581a
57%
66I4
67
64
641s
5II4
51 14
515e
511a
15B8
16%
15^8
15ie
53 14
50%
551a
521a
19%
1914
191a
18%
967,8
'
1
Wed.
Thurs.
47ie
9578
9.618
95*50
1041a
1221b
75 »8
5314
100
IO9I4
77
72
102
32,758
31,886
1,896
34,471
2,189
2,052
2,943
31,416
12,042
11,717
3,261
23,953
2,329
20,316
12,558
1,938
34,812
17.638
19.006
20.620
82,036
24,934
12,616
*B,I54
39,804
17,779
11,418
12,840
+2,442
40,216
18,818
11,625
18,228
11,822
*2,436
28,986
16,615
11,159
Total 11 months. 326,496 134,672
10,998
16,084
3,820
3,397
* 13,021,000.
)•
33,637
34,431
32,492
30,717
27,807 357 ,353
29,835 891,003 205.206 124,340
National bank deposit fund Included;—
$903,720.
*J307,460.
D ISBUB SEME!ITS (OW}Bomit tod).
1889.
1890.
Pen-
rn-
Prenir
tiom.
terett.
iuma.
t
1
2,086
*
15,680
Jan
Peb
f
2,176
7,016
518
9.925
10,226
13,660
3,852
1,339
18,958
9,615
5,661
M»y....
June. ..
13,314
12,598
514
9,367
July....
13,988
3,761
14.863
7,232
Karcb..
Au«
sions. terest.
$
*
11,331
20,016
1,473
1,902
611
410
6,878
i,8s;
11,074
546
471
11,583
'
879
1,716
18,278
16,248
20,244
8,176
223
296
612
8,738
201
1,.5S3
2.273
6,133
2,292
33,890
33,737
38,036
13,678
12,406
148
17,521 21,811 3,538
....
42,570
11,620
t-22,488
mos. 154,672 112,007'46.831
1,730
16.296 328.806
888
10,932
4,524
11,097
»
651
853
t
8,288
2,186
12,986
13,589
16,480
4,684
10,779
lotal.
iums.
15,433
4,313
18,839
Not
11
1,514
f
27,858
957: 25,060
2,095 17,512
674 89,908
811 27,234
222 14,864
2.054 38,137
Prem.
In-
Pett-
Or<Mnarv.
Total.
870
38 13,410
12,445
Sept.... •1S.76S
Oct
774 2,185
1
26,854
33,787
18.072
22,458
23,674
18,750
41,99»
38,269
16,463
28,699
28,335
147.31s' 88.099'36,992 15,456 287,860
National bank redemption fuud Included;-' 12,074,431.
t »2,2'>2,728. *2,109,684.
Bonds Held by National Banks.—The following
interest-
ing statement, furnished by the Comptroller of the Currency,
ihows the amount of each class of bonds held against national
bank circulation and to secure public moneys in national bank
gave the statement for
depositaries on December 1.
We
November
1
in
November 8, page 638, and by
changes made during the month can be
Chronicle
of
U. 8.
2)€$eripli0n of Bond$,
m
4
i>er
Bonds Beld Dec.
Banks.
1,
1890,
Bank
Public Deposits
iri
Circulation.
to
Secure—
Total Eeld.
psr cents.. ••.-••.•••
Total
$1,970,000
3,730,000
22,413,500
$6,747,000
27,584,200
106,051,200
$8,717,0C0
31,314,200
128,404,700
(123,113,500
06nt8
$140,382,400
$168,495,900
—
Imports and Exports for the Week. The imports of last
week, compared with those of the preceding week, show
an increase in dry goods and a decrease general merchandise.
The total imports were $9,305,803, against $9,941,377 the
The
preceding week and 110,616,133 two weeks previous.
exports for the week ended Dee. 3 amounted to $5,888,005,
against$8,631,5541astweek and $5,731,586 two weeks previous,
The following are the imports at New York for the week
ending (for dry goods) Nov. 37 and for the week ending (for
general merchandise) Nov. 38; also totals since the beginning
m
of the first
week
For Week.
in January,
HEW TOSK.
1888.
1887.
1889.
1890.
$1,963,486
5,485,741
$1,889,457,
6,952,119
$1,891,274
5,950,613
$8,841,576'
$7,841,887;
I
Qen'i mer'dise.l
Tues.
1,981
21,641
Dry Goods
Hon.
1,891
2,792
August
September.
October
November.
PORBIGN mPOBTg AT
The
Sat.
1,094
t
34,398
30,133
31,014
11,955
19,171
12,508
I
3,216
2,187
10,009
10,847
15,027
11.723
10,899
18.788
2,696
11,282'
Sov/rc'a
10,470
9,178
June
EnKllab Financial Marketa— Per Cable.
London.
1.785
30,866
July
1887.
10,562,900
3,401,848
3,576,968
631,637
472,825
4,774,373
4,185,705
1):
bome-grown
17,048
referring to that the
1889.
13,197,319
5,012,687
3,379,854
290,588
Feaa
309,602
Beans
580,800
922,410
Indian com
7,231,617
7,046,819
Flour
3,089,767
3,512,972
Supplies available for consumption (exclusive of stocks on
September
May
20,712
3,794
34,778
33,861
35,443
87,547
37,t9B
4
l^e following shows the imports of cereal produce into the
United Kingdom during the first eleven weeks of the season
compared with previous seasons
Wheat...
Barley.
Oats
10,681
March
Apnl
48M
19.822,778
40 15-16
t
t
10,118
April...
32,136,295
Prop, assets to liaWlltles.perct.
Bankrate
6
perct.
Consols
9313-16
Clearins-House returns
176,600,000
i
InterH Misc'ls lotol.
Bev^ue
t
lotal.
22,216
18,968
20,800
19,359
. .
of
1887,
£
£
Public deposits
»
January.
February...
Oiutoma.
lnt«r'l
Rev^ut Sources
toms.
OrdU
:
Nov.
GtoVKRNMENT Revenue and Expenditures,—Through the
courtesy of the Secretary of the Treasury, we are enabled
to place before our readers to-day the details of Government receipts and disbursements for the month of November,
From previous returns we obtain the figures for previous
tnonths, and in that manner complete the statement for the
eleven months of the calendar years 1890 and 1889.
RECEIPTS (OOOa omitted).
nary.
England, the Bank rate of discount, the price of consols, &c.,
compared with the last three years
1890,
[Vol, LII
(£>0mmtxciul and W^isctllvinj^ayxs %txus
many difficulties stiU exist.
The wheat market is quiet.
The following return shows the
Sales of
:
!
•IHE CHRONICLE.
776
CotQ»nd
.
$2,165,257
7,140,545
$7,449,227
$9,305,802
t
Fri.
47%
96lj6
961,8
95-60
1051a
I2214
7478
511a
991a
1081a
761a
74%
102
2018
991a
561a
1958
991a
64
Total
Since Jan.
1.
Dry Goods
'$113,488,942 $117,708,286 $123,909,415 $138,682,758
Qen'l mer'dise.l 319,593,258 310,152,9321 336,823,244 363,687,360
Total 48 weeks. $433,082,300 $427,861,218 $460,732,659|$.502,370,118
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
65)ecie) from the port of New York to foreign ports for the
week ending Dec. 2 and from January 1 to date
BXPOBTS FBOH NEW TORE FOB THE WEEK.
63
51%
55%
15=8
SO's
I514
51 14
19
48%
I8I2
1887.
For the week..
Pre V. reported.
I
$7,056,569
280,346,433
1888.
1889.
$0,288,334'
$4,107,790
268,683,290| 312,914,884
1390.
$5,838,005
318,842,764
Total 48 weet8.^$287,403,002 $274,971.624 $317,022,674 $324,680,769
1
Deckmbkb
(J,
:
.
THE CEmONICLE.
IWO.]
The following tnblo shows the exjwrts and imports of specie
at tlio yiortot N.Y. for tiio week enilind Nov. 29 and imce Jan.
in 1889 and 1883:
1, 1880, aud for tlio corrwiHjnding i^riods
777
mn
detoila of the litiKation the N. Y. Ttrnta
" Tb* effect of
:
Uw
yesterday's dectsion estebUsbes ss the
io this State that
when two railroad companies consolidate the ooMoUdated
oompany is liable for the mortgags debt and interest of saoh
KXPOBTI JLtrO DirOBTS or SrBCIB AT MBW rURK.
separate company. The decision also setUss that no soItwU
nulroad company can by consolidation oompal its bondhoidsn
Exports.
ImpoHt.
aottt.
to accept less than the contract rate of interest. The liability
SineeJaii.!.
Week.
Shice Jan. 1
Week.
of the Fitchburg Company Is thus esUblished for the payiiMBt
$11,01)0.229
$332,174 of interest on the 7 per cent bonds of the Troy ft Boston ComGreat Britain
710,200
2,.^2^t.7
pany until maturity, or^so long as such bonds may remain oatFrftiiiw
2,772.839
CIcnuitny
|9,000
807,!Ki;»
staudiug. Tlio bond issue inrolved amounts to 11,000,000."
$»6.500
2,770.705
302,000
3,54>,litl4
Went Iiidlea
From Boston cotaes tlie following: "The decision of the
1.500
12,220
Moxk-o
1,191
62,44H
Court of Appeals requiring the Fitchburg RR. Co. to pay the
1,831.207
Boiitli America
23,200
350
lOO.tlll
157,891
24,149
All other countrlea..
70«,l,'il»
interest on the old Troy
Boston bonds is really In favor of
$111,200 $10,174,373 $332,700 $8,3.'>;i,0.'t(l the comjiany. The bonds in quration are 7 pjir cent »».-<-uriiie8
Total 1800.
Total 1889.
100,489
8,047 48.405,212
5,822,332 issued in 1874, and there are $1,800,000 now ouUtonding.
As
Total 1888.
1,858,646 25,634,011
83,261
5,806,384 a part of the consolidation agreement in 1887 the Fitonburg
Road was guaranteed that the Troy
SxporU.
Imports.
Boston debt should
Silver.
exceed, including these bonds, |8,000,000, and in the event of
Week.
Shut Jan. 1.
Week.
Since Jttn.l.
its being forced to pay interest thereon it shouUl not pay over
per cent. The Court authorized it some time ago to withOront Britain
$132,808 $15,372,342
$l,«8.'i,H«2 8
hold dividends on the 13,300 sliares of Fitchburg preferred,
Fraiu'c
292,975
1,391
Qermnny
$1,263
1,362,526 which is held as a guarantee for the payment of ativanoes to
West Inille.t
48,253
5,250
787,770 the Troy
Boston Road. This amount, 4 per cent per anMexico
22,612
2,400
659,8« I
Snuth America
373,956
350
453,240 num, calls for about $53,000, out of which, the Fitchburg will
All other countrlea.
115,256
16,189
1,424,209 pay the $39,000 on the bonds, 8 per cent per annum, while
the balance will be applied to other claims.'*^
Total 1890.
$132,808 $16,225,304
$25,452 $6,374,031
Total 1889.
311.0631 18,849,220
1,461,S73
WoMtiiighonse Electric Co.— This company will issue
86,120
Total 1888.
477,4401 12,402,216
120,216
1.805,349 $2,000,000 of new stock, making the total i88ue'$10,000,000,
Of the above imports for the week in 1890 $13,991 were and will make $8,000,000 of its stock 6 per cent preferred, to
stockholders' meeting has been called for
American gold coin and $300 American silver coin. Of the be sold at par.
exports during the same time, §111,200 were American gold Dec. 10th. The directors of the company have made an
official statement, in which they say
"The difficulty in raiscom.
ing new money for carrying on the increasing business of the
company and carrying terms has, owing to the stringency in
Tennessee Coal & Iron.—The directors met this week and the money market, been very considerable, and it Has been
declared the usual semiannual dividend of 4 per cent on the finally decided, after a long disctiasion,
that the only practical
preferred stock, payable Jan. 15. Secretary Bowron, who is manner in which to provide for the wants of
comnow in New York, says the company is making substantial pany is to exercise the power conferred by tne charits
growth, and is now turning out a grade of pig iron which at ter of issuing preferred shares, and
a meeting of the
Chattanooga is being used in the manufacture of steel. The stockholders has. been called for this purpose.
proponet earnings to Nov. 1, ten months of this year, were |715,- sition will be submitted to authorize the
directors to
400, as against $563,400 same period laat year.
statement of issue the remaining $2,000,000 of authorized increase, and
the company's securities, its operations and earnings, for a to convert a total of $3,000,000 of the $10,000,000 into preferred
series of years, together with a map showing the location of stock, the preferred stock to be entitled
to a dividend of 6 per
the properties, may be found in the Investors' Supplement. cent in preference to the common stock, and this dividena
to
The two main bond issues, known as the Birmingham Division be accumulative, and these shares to share equally in the
and the Tennessee Division bonds, are each a first lien on their profits when the dividends are more than 6 per cent on both
own property, as described in the mortgage, and a second Uen the common and preferred stock. The management expects to
on the property of the other division.
have its subscriptions completed by the time of the meeting,
Thoiii.son-Hoiiston Electric Co.—The Boston Herald re- to enable the company to carry on its business in a comports the following comparative statement of the earnings of fortable manner. 'The recommendation to create preferred
the Thomson-Houston Electric Company, through its Boston stock was adopted unanimously after full discussion and after
consultation with parties having a considerable interest in the
office, for the first nine months of the present fiscal year, as
compared with the same period last year. The year ends with company. It is believed that these shares will find a ready
market as soon as people are in a position to make investFebruary
ments, and that the extinguishment of the debt of the com^Nine month t offiseot year.^
pany bv the issue of the preferred shares will at once advance
1889.
1890
Intrease.
Earnings
$5,247,625
$7,514,520
$2,266,805 all of the shares of the company to the position they should
Expenses
4,272,361
5,882,804
1,610,443 occupy by reason of the very large business wliich the
comProfits
$975,263
$1,631,715
$656,452 pany is doing. These preferred shares are to be sold at par,
The expenses include purchases, labor, general, expert, legal, and it is proposed to have the interest payable July and
factory expenses, insurance and taxes, freight and express, January."
printing and stationery, patents, interest, royalty, advertising,
Attention is asked to the advertisement on our eighth
commission and discount and merhaandise returned. The
page of a reliable party seeking an engagement in a position
company say:
of trust.
It will be remembered that a year ago the Thomson-Houston Company carried to its surplus account from the profits of that year $1,The business of the late firm of Townsend
Washburn,
300,000. aft«r dividing among Its stockholders series D,' consisting
whose card appears in our columns, will be continued by Mr.
of $2,400,000 securities, which cost the company something more than
a mlllidn and a quarter of dollars, the net profits of the company there- Chas. J. Townsend, Mr. Lancing C. Washburn retiring. Mr.
fore being for the year 1889 something over ig2,.'500,000. The last
three months of the fiscal year are the largest and most profitable of the John P. Townsend is the special partner.
whole year. The figures for 1 889 do not include estimate for profits in
—The firm of Haskins Co., at 80 Broadway, has just been
branch offices and increase of stock at the factory, with increase in organized
for the transaction of business in bonds and stocks.
value of securities, etc.. $.500,000; the same for 1890 is $730,000.
The department for mining, which will probably add largely to the
business and profits of the company. Is just being started, and promGoTernment Purchases of Silver.— The Government purises very large results.
chases of silver the past week and since the beginning of the
The American Wool Reporter publishes facts and figures de- month are shown in the following statement
rived from General Manager Coffin of the Thomson- Houston
Outuet
PncepaU.
Electric Company.
Ounett
"At the beginning of last February the
purekattd.
offered.
company had about 100 lines of electric railways under contract, operating over 1,000 cars.
It now has 175 lines, operat- Previously reported.
ing about 2,000 cars. On February it had 400 incandescent December 1
1-0675 »$1-0790
566,000
801,000
companies operating between 300,000 and 400,000 lights. Now
321.000
1.301,000,
3
rl-0545a$l-0095
$1-04 • $1-05
5
1,080,000
255,000,
it has 500 incandescent companies operating between 500,000
»
(')
and 600,000 lights. At the beginning of the year it had 68,803 'Local purchases
arc lamps. Now it has about 85.000.
$1-Ota$l-O790
1,142,000
*Total in month to date
3.272,000|
1
|
&
&
mw
&
A
:
A
A
:
—
'
—
&
&
—
Troy & Boston Fltchbnrg.-A decision has been rendered
by the New York Court of Appeals in favor of the plaintiff in
the suit of Maria T. Polhemus against the Fitchburg Railroad
Company. This was one of two cases carried to the Court of
Appeals on behalf of holders of first mortgage bonds of the
Troy & Boston Road after that road had been absorbed by the
Fitchburg in 1887. First mortgage bonds issued bv the Troy
& Boston Road in 1874 were to run 50 years and to bear interest at the rate of 7 per cent.
After the consolidation the railroad people proposed that these bonds be converted into 20vear 4 per cent debentures of the new company. The bondholders protested and formed a syndicate to resist the proposed conversion. The decision is now recorded in favor of
the Troy & Boston bondholders, and after noting various
The local paroluuies of each
the following week.
week are not reported
till
^tilittx0
nnA ^irmuctsiL
Spencer
Trask
Ifonday of
&
Co.,
BANKKRS.
Jtoa. 16 and 18 Broad Street,
ALBANV. N. v.: 8AKAT()(iA. N. Y:
New Tork
ritr.
PROVIDKSCK.
11.
I.;
TRANSACT A GKNBH.IL BANKING! BISINBSS.
All classes of 8«o'Aritle8 Bought and Bold on Oommlaslon. Bpaetal
sttentlon given to Investment Securities. Olreot win to saoh olBss
and to Ptmadelphls, Boston and Chicago.
.
.
.
.
THE CHRONICLE.
778
Several tables usually jntblished on this page are omitted for laek
the page preceding.
orroom, but are given on
DIVIDENDS!
Ifante of
United States Bonds. CJovemment bonds have been firm.
The registered 4s are now quoted ex January interest.
The Secretary of the Treasury has purchased during the
week 1433,600 of the i}^ per cents, making the total redemption to date under circular of October 9 $6,436,550.
The daily purchases are shovm in the following statement
kindly furnished us by the Treasury Department
Per
When
Books Closed.
Cent.
Company.
Payable.
(Days inclusive
4H Per
313
Boston & Alliauy (quar.)
Cleveland Clu. Cliic. & St. Louis.
do
pref. (quar.)
Do
Columbus Spriugfleld & Cin
Del. & Hudson CanaKqnar.).
Old Colony
Kio Grande Western, pref
JQlKCeilaneons.
Commercial Cable (quar.)
.
Tennessee Coal & Iron, pref
United States Equitable Gas
.
.
.
2
l»a
1>4
$1
13»
3I2
219
1%
4
1
Jan.
Deo.
Jan.
Jan.
Deo.
Dec.
Jan.
Feb.
Jan.
Jan.
Dec.
2 Dec. 16 to .Tan. 1
31|Dec. 10 to Dec. 30
5|Dec. 16 to Jan.
5
5
2iDec. 16 to Jan.
10 Nov. 30 to Dec. 9
15 Nov. 27 to Dec. !.>
1 STov.
29 to
Oentt due 1891.
4 Per
Nov.
89..
Dec.
I
B..
2
15 Jan.
2 to Jan. 15
22 Dec. 14 to Dec. 22
187.050
68.000
44,990
82.600
74,900
78,500
..
432, BOO
«432,n00
.
3..
4..
Tot»l.
2 Dec. 21 to Jan.
187,050
66,600
44.990
82,600
74,900
76,600
2..
—
1
Purch'M
.
The closing
Prices paid.
Offeringa, Purch'es.
WALL. STREET. FRIDAY. DECE3IBER7. 1»90-S P.M.
The Money Market and Financial Situation.—The end of
bJ
&»
§5
..
the recent financial crisis in London has been distinctly marked
by the reduction of the Bank of England rate on Thursday to
5 per cent. This does not mean that there will be no clouds
in the future, that the heavy Argentine loans will all be adjusted without trouble, or that there will be no depression in
business arising from tiiese financial difficulties
but it does
mean that the great emergency is past which arose on Friday,
Nov. 7, 1890, when the embarrassment of the house of Baring
Bros. & Co. was first grappled with by the Bank of England,
and its rate then advanced to 6 per cent.
In our own market tilings have been less hopeful. The
somewhat feverish excitement which attended the sharp
;
advance as well as the decline in stocks is subsiding, and the
market is relapsing into a state of dulness and depression.
Our remarks of last week rather sounded the key-note to
the situation, in saying that the comparative ease of money on
call loans with stock collaterals was somewhat misleading in
Tiew of the extreme scarcity of money in other quarters.
It is evident that business enteq^rises
and speculation
throughout the country are feeling the money pinch, and we
must look for a continuation of the weeding-out process untU
those concerns which are unable to keep themselves up without free borrowing have gone to the wall.
At the Stock Exchange there will be discrimination now between the stocks and bonds of companies fuUy able to earn
their interest and dividends and those liable to be crippled by
a period of slack business. There are a number of stocks and
bonds selling at low prices belonging to companies which up
to this time have been showing a large surplus above all their
impossible to speak.
it is
The open market rates for call loans during the week on
stock and bond collaterals have ranged from 3® 15 per cent,
6 per cent having been a fair average. To-day rates on call
•were 4 to 6 per cent.
Prime commercial paper is quoted
Do ex-cp. toJ'ly,"91
6s,
68,
6s,
6s,
68,
cur'cy,'95
cur'cy,'96
cur'c.v,'97
—
reg.
reg.
reg.
reg.
reg.
..
Board have been as
Ifov.
Dee.
Dee.
Periods
1891
reg.
coup.
4>a8, 1891
rep.
4s, 1907
Do stamp'd int. pd.
coup.
4s, 1907
29.
1.
2.
•103
'104
*x20i2
*118
,-Jan
&
&
,5t
J.
J.
J.
J.
J.
M
'1
prices at the N. Y.
4ifl8,
Prices paid
3
s!
Interest
charges, but as to future earnings
OmU d«« 1907.
)
Offeringg.
Railroads.
Albany & SuBquehaima
U.
[Vol.
—
^Ixe gattkjers' Ciaxjette.
t^"
:
*x22%
•118
*xl09
*xlll
*xll3
*xll5
•103 •103
*xl03 •103
Dec.
Dec.
Dec.
4.
1
xl21
'120ii)l
•118
12231
•118
•109
•111
•113
•115
"118
•12112
•118
-109
•111
•H3
follows:
,
103
103
121
118
5.
'103
103
103
103
>120i3 •I2012
'118
•118
•
1211a 12113 *121ia
'118
•118
118
109
109 •109
•111
112 •112
I1413 114 •114
•115
116
115 •116
*xll7 117 •118
1181a 119 •119
* This is tbe price bid at the morning board
no sale was male.
State and Railroad Bonds.— The market for State bonds
cur'cj,'98
cur'i;y,'9?
i-
&
;
has been without feature. The sales have been Arkansas 7s,
Little Rock & Fort Smith, $3,000 at 8; Louisiana consol. 48,
$20,000 at 93 North Carolina consol. 4s, §5,500 at 93 South
Carolina 6s, Brown consolidations, $5,000 at 100 Tennessee
Settlement 3s, $3,000 at 70^*71.
The market for railroad bonds has been'dull and prices
have declined. Several important issues are now sold exDecember coupon, a fact which explains in part their apparrent decline. Among these are the M. K. & T. 4s 3% lower.
:
;
;
;
Northern Pacific conael. 58 5 lower, Texas & Pacific firsts 43^
and Union Pacific Denver & Gulf firsts 5. Richmond &
West Point Terminal 5s have been active In view of the annual report about forthcoming. The.y have declined 2%
points in the week, and Rio Grande Western firsts about 8J^"
Reading incomes have likewise been weak, and the second
preference bonds have sold lower than at any time before this
year.
Tennessee Coal & Iron, Tennessee Division, bonds
dropped seven points [to 80, Laclede Gas 5s went to 71J^, the
lowest of the year, and Louisville St. Louis & Texas 6s sold
at 77 yesterday.
Railroad and Miscellaneons Stocks.—Thfi course of the
stock market this week has been the reverse of what it was
the week preceding. General weakness has prevailed throughout the list, with a partial recovery on Tuesday, due to covernominally at 7(39 per cent.
small sales prices
fallen
The Bank of England weekly statement on Thursday showed ing by shorts. On comparatively stocks the gains have
nearly wipe out on many
noted last
an increase in specie of £313,000, and the percentage of reserve so as to Dealings have
week.
been on a comparatively small scale
to liabilities was 45-28, against 42'32 last week; the discount rate
character.
Foreign
and have
was reduced to 5 per cent. The Bank of France gained exchange generally borne a professionallonger any immediate
has fallen, so that there is no
6,150,000 francs in gold and lost 1,325,000 francs in silver.
The New York Clearing House banks in their statement of danger of gold shipments, and with the reduction of the Bank
England rate of discount there is an easier state of things
Nov. 29 showed a decrease in the reserve held of $484,100 of
and a surplus over the required reserve of |883,350 against on the London market. Time loans have been almost unobtainable and call money has at times ruled high, while the
$89,750 the previous week.
New York banks have taken out additional Clearing House
certificates, which was looked upon as an unfavorable indica1890.
\Dijreren'sfrom
1889.
188S.
The decrease in net earnings recently reported on certain
tion.
Tfov. 29.
Prev. week.
Nov. 30,
Dee. 1.
loads has also helped the downward course of prices.
To-day the market was feverish.
Capital
60, ,572,700
..
61 062,700 60,762,700
Union Pacific, so prominent in the advance last week, has
Surplus
62. ,213,1001
..
56 ,650,100 51,586,000
Loans and disc'ts 384 ,548,100 Dec, 2,749,100 395,,993,000 391,404.200 been notably weak, and after the publication of the net earnCirculation
3 ,547,200 Dec.
11„500
4 056,700
5,337.300
ings for October, with their decrease of nearly half a million
K et deposits
37 8 ,578,200 Dec. 3,106.800 400,,561,400 108,161,800
dollars, the price fell to 45}^, and closes at 46, as against 54
Ppecle
71. ,658,500 Dec. 1,532,700 75 ,832,900 82,598,300
Atchison and the grangers have also
Legal tenders
368,400|Inc. 1,043,600 26, 199,300 29,518,700 at the close last Friday.
been weak. Northwest fell off over six points, but three of
Eeserve held
,026,900 Dec. 484,100!l02, 032,200 112,117,000
Legal reserve
644,550Dec. 776,700,100, 140,350 102,040,450 this was on account of selling ex-dividend. Chesapeake
Ohio earnings for November make a good showing, yet the
Bnrplas reserve
382,350llnc. 292,600l
1.891,850 10,076,550
stock has been poorly supported; Big Four common also has
Foreign Exchange. The market for sterling exchange has fallen in spite of the declaration of a 1}4 per cent dividend,
been dull and weak, owing to a small inquiry.
To-day, on payable in January. Northern Pacific has been sold, it is said,
pressure to sell bills, the market was unsettled. Rates have to settle accounts open since the recent crisis. The price defallen heavily during the week.
Actual rates are Bankers' clined, the last sale of the preferred to-day being at 60ig,
sixty days' sterling, 4 79>^@4 80K
demand, 4 84® 4 85; against 65*^ last Friday.
cables, 4 85® 4 86.
The coalers, though temporarily stimulated by the colder
Posted rates of leading bankers are as follows:
weather, sagged on the possibility of a reduction of the
schedule prices for coal. 'To-day, however, it was announced
December 5.
Sixty Days,
that the output would be restricted, prices remaining unDemand.
clianged. Lackawanna closes at 1-9^ against 133% a week ago.
Prime bankers' sterling bills on London. 4 81 ®4 32 4 85 ®4 86
New York New England has declined and Chicago Gas
Prime comraeroiaV
~
„„ 4 77»aa4 78
Documentary commercial
on reported internal dissensions dropped to 33^8 but has latterly
4 76i2«4 77I3
Paris (francs)
20iS8
5 2436^5 23M 5 21>4®5
been stronger. Over four-fifths of the Sugar certificates havAmsterdam (euildcrs)
3908» 39% 40 B'4018
ing been deposited under the reorganization plan, and no
Frankfort or Bremen (reicbroarks)
94148 943a 95»8a95i4
market having been established for the new trust receipts,
The following were the rates of domestic exchange on New trading in Sugar has been necessarily restricted. On WednesYork at the undermentioned cities to-day: Savannah, buying day for a brief interval the certificates and the receipts were
}i discount, selling 1^ discount to par; New Orleans, commer- some 3 points apart. They close, however, at 56% and 56^g re
cial, $1 35 discount; bank, par; Charleston, buying par, selling
spectively, against 57J^ and 56}4 last Friday.
premium; St. Louis, par® 25c. per $1,000 premium; Chicago,
Silver certificates have ranged from 104 to 107^^, closing at
ti
s, ,
^
70c. per $1,000 discount:
I
I
I
&
.
^
—
:
;
,
&
,
H
,
104>^.
.
Dmubkb
.
THE CnHONlCUS.
0, 18W),J
NEW YORK STOCK r.XCHXSdE-ACTIVE STOCKS
779
for w.;-k ,n,ii,„j I>i:ri:MliEU i,,t,„l ,inr.JAS.
|,
mw^.
ftorwiMiatMib
Hiamnr aho lowkot pbioks
ROCK&
Aetivs
RR.
B»tard«y,
Nov. 80.
Rioeka.
-
AtlBUllo.H'iulllo
,-.
-52
Ounacllaii I'lwlllc
._5.
i*!«
Central or New Jersey
central ractflo
.SS^*^
;'l
X'!?
JOJ*
IvHi
(Ut,
Honda:
!.
80>8
.»0%
auowraAEaat«m
Do
'38
Illiiiolfi...
»m
41
20% 31%
SO
99*4
30%
1«% 17%
ilH 43 <4
'291a
28
130
11
90
.
Do
2d
.
16'4
pref.
ransTille A Terre Haute.... "100
Great Northern, pref
71
16»8
151a
De«.8.
73% 73 19
6I4
•4''9
88
WedDMdsr, Tborsday,
32^
85
pref... *80
49l>8 52
Chicago Milwaukee & St. fauL ,R2\ 84»«
Bo
pref. 1060b 106H» 105>9 106>«
^^^^ 108>« 10S>6l04i9
Ohloago A Nortkweatem
186 >9 180
Bo
pref. *13» 139
00% 72
72'4 73>9
Chicago Rook IMand 4 Faolfip.
I''*'*
l^^M •im 12>«
ChJoago St. Louis A PlttsburK.
'34
80
30
Bo
pre?. '34
*22
24
23
Chicago St. Paul Mln. A Oin.
23
•80
85
82
82
Bo
pref.
61
63% 58>s 60''8
Oeve. ancln. Chlo. A St. L.
91
92
02
Do
911a
pref.
25
25
25>4
25
OalumbueHooklnffVal. ATol.
120 130
Delaware A Hiidaon
ISl'g 133>« 126ig 131
Deliiwarp I^iickuwanuaAWest
10>4 I7ifl
*18
18>»
Deuver AliluUrando
50'8
Do
87 "4 57'4 60
pref.
7ia
7
7
719
Baat Tennessee Va. A Ga
71
71
Do
68'a OS's
Istoref.
.
Tnaadaj,
Deo. a.
78%
5
73I»
4919
07>a
VTH
Ohe»Bi><'nke&0.— Vot.Tr.oert.
43
Do
do iBtpref..
JJ^ 28
I)o
do Mpref... ..H?** 30
123
OhIpagoA Alton
1?* IJO
'9
*«
11
ailo. 4 Atl. Belief. Tr.Reo...
CblvaKOUiinluKtonAQulnoy.
1.
151a
48>«
97
28
491a
123
89
87
30
82
U
41
85
49% 52%
IO514 106%
10318 104 14
135
e9>9
721a
80
58 14
OOI4
"24
25
12518 1201a
120
I6I4
,
rec
St. L. Ark. ATei.,tru8t
St. Lou.
Sun Fran. Ist
Bt. Paul
Duluth
Do
&
A
pref
Tol.
86
100
pref
A
Pacillc
Ann Arbor AN.
Union
Pacillc
Wabasb
29'«
15>3
M
Toledo A Ohio Central
Do.
IJnlonPaciao
11
78
'15
*55
'80
52i8
pref
Denver A Gulf'
23
86
100
30
17
45
104
•42
*9%
15%
16^
28I4
1413
1414
9''6
19>2
30
30^
67 '4 69%
18
18
17'4
10
37%
'33T8
33% 34
33
97
97
941a
4014
Edison General Elootrlo....
Laclede Gas (St. Louis)
National Lead Trust
403e
40%
88
88
13'a
North American Co
Oregon Improvement Co
12'9
14>a
13>a
lO's
13^8
14>9
83>s
Colorado Coal A Iron
Consolidated Gas Co
A
Cattle F.
Co
16%
Paoiflc Mail
Pipe Line CertlticatCRt
_ stem
Western
Do
21%
9%
pref.
70
16>a
68%
.
67I4
7
78
17
112
108
'70
74
9OI4 90%
*5%
6%
•18
20
12% 18
52
53
106% loeia
86
86
74% 75%
24
24
97
97
20%
'lOia
•87% 90
•87
94
105
108
5
•4
99%
11% 11%
54
54
21% 22
19%
19''8
48%
33%
47
Si's
260
iS5
15
15%
0%
7
24% 25
14
17
82
23
14
31
82
•21
14
30%
15% 10%
66% 68
17
46
100
10
14
70
00
51%
21% 22
9%
17% 18%
10
18%
18
30
31
31%
60% 08% 68% 68%
17
ITia 17
18%
311a
1
6%
14
80%
20
14
•07
16
9%
20
80
14
14
•55
70
80
40% 49%
20
21
9% 9%
17% 18%
30% 31
66% 66%
16% 16%
33
32% 33%
93% 91
40% 40%
33% 33%
31% 32%
91% 91%
40% 40%
85
85
84
84
84
13ia
IS'a
1214
I314
131a
12
15
12
15% 10%
11% 13%
13%
30% 32
13
aV tbe Board,
67
84
•18
84
15
15% 16
11% 12
12% 13
31% 32
06% 68
179% 174 175
105% 104% 105
33%
56% 56 't
32% 33
7»
78
70'e
00
§ Prtoea
15
«VT1
30%
16% 15%
66% 07
•16
•45
17
40
95
95
110
•9% 10%
//'•.
350
6,520
1,462
1,423
670
1,200
19,800
111,119
400
913
2,089
845
4/,tf«u
47,940
34,603
2,425
1,215
300
19% 20
2,250
99
99
•55
-80
1,340
3.510
8,012
4,000
70
220
27% 28%
13% 13%
13% 13%
89
300
45% 40%
19% 19%
9% 9%
17%
17
29% 30%
60% 60%
16
16%
175,250
3,515
1,800
8.590
4,080
1,460
2,250
14% 14%
14% 15
34% 85%
0.000
20.007
33
31
91
91%
40%
40
79%
12%
15%
10%
83
575
Jan.
1
13% Nov.
Feb. 27'
14
vo'«i
76%l
:)
5 120
Nov. 17
34% May 19
14% Nov. 28 43% Aug. IS
Nov. 17 65 May 15
Oct. 28
Feb. 20 101
Nov. 19 54% June 6
107% May 16
Deo. 5
36% Mar. 4 49 Oct. «
06 Nov. 11 119 May 21
10% Nov. 1 28% May 14
14% Nov. 16 34% May 15
32
50 68
4,020 30
4,146 91
2,856
1,142
300
t
21
21
10
14
July 24
May 13
7 130%
115
9 Nov. 7 14% May »
05 Nov. 10 10.')% May 24
19% Dec. 5 38% Juue l«
80 Nov. 18 99 July 18
97 Nov. 19 115 Jan. 9
22% Oct. 29| 37% Apr. 23
13 Nov. 17 24% May 20
Nov. 11 43% Juue 13
112
42% Feb. 1; 68% Jane 11
68% Feb. 6' 95 Aug. 19
42% Nov. 19 68% Jan. 28
17 Nov. 15 88% May 8
8% Nov. 15 10 May la
15% Nov. 15 81% May 14
25% Nov. 19 42% May 10
63 Nov. 19 79% May 19
14% Nov. 15 3«%Jaii. 10
Mar.
Dec.
Jan.
:<!,,''.
vo-H
75%
28% Hay
May
24% May
.'^3% May
Nov. 18' 87%
15%
900
12%
16% 20,110
-Nov.
7
10
11%
12% 12% 2.760 1 1 Nov.
29% 30%| (i.906 28% Nov.
65% 67% 489.000 65% Nov.
165% 172% 2,893 166% Dec.
104 105 r,otj,oai 96% Nov.
50
57% 31,980 48 Nov.
82% 33% 3,087 29 Nov.
Irom both £zohanges.
15;
02
240 40
300 95
80
'
80
99% 99%
28% 29%
13% 14%
80
61
19
17
•14
^a—j
29%
9%
21%
11%
54
20%
81% 82%
18
19%
17%
45% 45%
100
24
15 31% May lO
19 79% May lO
7 31 Oct. 22
95 Nov. 17 106 Sept. 2
95% Nov. 10 111 June 3
0% Nov. 24 18% Jan. 97
50 Nov. 24 75 May 6
20 Deo. 5 42% May 5
10 Nov. lol 29% May 19
47 Dec. 3 09% May 23
28 Nov. 15 52% May 16
244% Jan. 10 270 Jane 16
13 Nov. 19 22% May 20
5% Nov. 15 9 May lO
21 Nov. 17 34% May 13
13 Nov. 19 24% May a
48 Nov. 19 06% May 90
fl6%Nov. 11 39% June 10
55 Nov. 11 86 May 19
15 Nov. 18| 27% Aug. 28
13% Nov. 12 24 June 6
74% Nov. 18,106% Apr. 24
16 Nov. 15 06 Jan. 3
13 Nov. IS 24 May 3
27% Nov. 10; 48% May 19
410 13
29,961
200
•14
68
96I4
40<a
made
25
100
14% 15
29% 30%
15% 16%
15
I
12
65% Nov. lOi 92% May 5
550 20 Dee. 2| 54% Mar. 10
92 Nov. 10 117 May 10
800 16 Nov. 191 31% Jane 4
200 83% Nov. 19 104% Jane «
84 Sept. 13 104 Jan. 28
262 106 Sept.
117 Jan. 28
100
May 3
4 Nov. 21
8
100
8% Nov. 17 20 May 9
2,280
9% Apr. 23 20% July 16
3,262
30% 31%
81
21
14
30%
41
81
IS
10
38
30
80,418
5,127
1,000
2,460
2,282
11,263
253
17
15
93
3,782
1,743
3,103
97% 98%
9% 10%
52% 53
20
21%
18% 18%
0%
35
I
*92
15%
15% 10%
15% 10%
12% 13%
13
13%
30% 32
60% 07%l
25
260
85% 87
lO^
13%
•9%
100
99
15% 15%
91
41
49 Nov. 15 ai%Jiin«10
Nor. 18 I3H% May 14
340 36% Nov. 18 ao% May 17
4,14ft
10% 19% 2,157 16% Nov.
61% 62% 39,394 56 Nov.
11% 11%
53% 54
21% 21%
19
19%
49% 49%
30% 32
'255
15
18%
90
94
110
12
02% 04%
20
20%
99
40
36
180
-4
19% 20%
34%'36'%
141a
321a
100
4%
10
13
16>«
97
18
•85
•87
94
108
80
20% 80
14% 14%
4,380 50
39
71% 73%
20% 20%
95% 97
21
110
22
33% Nor. 10 80% Mar la
4% Fsb. 97 •%Mar 10
67 Nov. 10 •4% Ang, 16
08%
22
23% 24
•13% 15
13
13% -12
52
55
55% 53% 54
21% 22
20% 21% 20%
01% 63
60% 02% 58%
18% 19% •18
49
51
22
10
4%
•26% 28%
•92 100
-94
13
•55
•80
14
70
90
'87
108
12%
99
940
2,000
10% 10%
90% 97%
13 14
99% 101
29%
14^
21
13
66I4
100.8S3
73
39
35
'120
42
20%
73% 74%
10
17
17
•44%
45
102 la 100
110
lOia
10
80
22
21
100
26
10%
63%
4%
48%
Hl«be«t
Nov. 10 37% Jao. a
Nov. 15 66% May 7
Dao. A 46% July 18
'128
130
138 Not. 13 ISO Jan. 34
•0
•0
11
11
6% Feb. 38 10%
19
86% 87% 80% 87% 87,688 80 Not. 10 111% June 19
May
•87
88
87
87
800 aa%f%liw * 46% July 10
•ai
84
80
100 70 Fab. •
14
49% 01% 49% 00% 303,380 44 Not. 10 BO July 88
70% May
100 100% 103% 104%
8,306 100% Not. 10 1SS% M«y S8
102% 108% 101% 102% 11,008 101 % Deo.
117 May 8«
130
136%
66 130% Dee. 1
May
60% 71% 68% 70% 4»,6ft4 61% Not. 21 148 Jan. •
4
08%
11% 11% '10
14
600 11 Deo. 3 18% Feb. 96
83
88% 33
33
0,930 82% Nor. 10 08 Feb, *»
23
23
22
32
1,050 10 Nor, 10 86% May 10
76
76
78
78
600 70 Nor. 15
07% S9% 67% 58% 23,418 55 Nor. 10 inci May 10
80%JinMlO
•01
03
93
391 86 Nov. 10 lot May 19
23
23% 21% 22% 1,918 18% Jan. 13 32%8ept. I
127% 128
127% 127% 0.040 125% Dec. 2|17S May 14
129% 131% 128% 130i» 222,133 123% Nov. 15 149% Jaly SI
17
17% 17% 17% 1.000 14% Apr. 1 21% Sept. 3
06
50% 66% 55% 3,764 40 Mar. 36 ei%Aa«.28
'6%
7
7
7% 1,070 6% Nor. 17 -ll%a(a|r 31
•60
72
05
OS
308 60 Deo.
81 May 91
16 17
14% IS
1,210 13% Nor. 10 27% May 21
•108
110
11
110
700 90 Jan. 17 127 Jane 27
05
67
65
68
915 164% Nov. Ill 80 June 10
96
97
90
97
2,088 tS Nov. 10 120 Jan. 31
•5% 0%
•5%
6%
50 13% Nov. 171 12% May la
•18
18
18
22
17 Nov. 18 33% May IB
12% 12% 12% 12% 1,990 10% Nov. 15 19% May IS
50
51
SO
60% 2,730 48% Nov. 19 68 Jan. 81
105% 100
104% 105% 8,.'i23 102>4 Nov. 15 114%Jone 5
80% 85% 87% 87%
710 85 Nov. 101 95 July 25
41 >
•914
•20% 21>4
40
101%
seii
union reiegrapb
Union Telegraph . .
These are the prices bid and asked; no sale
.
X7%
7
•65
•10
:
A Iron
do
18'8
3019
481a
24
17
57
71a
31
66
OjSb 66
06 >4 67
177
177 177
189% 189% 180 185
106 lOT^e 1061a 107% 105% 106%' 105%
57 14 55% 56%' 55%
55
57'4 60
34^4 34>«
33
34
32% 33% 32%
7iJ
80
80
79
79
79
77%' 76%
77*4
7814 78%
70
76
78
70
78
ve^
78'* 78>a
33
Pullman Palace Car Co
Blher Bullion Certificates
Sugar Keflncrles Co
Tennessee Coal
*16>a
2818
14ig
1313
55
80
65 14 67%
17
17
37
97
Anier. Cot. Oil Truat receipts.
15
IS
70
90
I8I4
30>a
21
100
2914
48% 511a
21% 22%
9%
. 9%
*9%
Buckeye Pipe Lino Certirs 5
Chicago Gas Co
CilizenK' Gas Co., of Brooklyn
100
53%
23%
19"4
miscellaneous Stocks.
100
•55
'88
"
pref
Wisconsin Central Co.. .......I
Distilling
102
115
10% •10
70
90
pref'
Do
Wheeling A Lake Erie
Do
do
66I4
18
20% 21%
Bt Paul Minn. A Manitoba
Bouthern Pacillc Co
Texas
*10
'65
671a
e2>s
24
161a
6%
17
45
59
120% 129>4
130% 120% 183
55% SO
•OS
161a
14
24
83
60
92l«
901a
65%
104
115
7ai«
851s
•22
•78
'
47
107
104
140
70i«
35
;
Do
pref. "44
Rome Watertown A Oedensb'g '102
Bt. Louis Alton A T. H pref.
60% 53%
106%
na
71
19
80
83
lOJ
11
....
67% 67%
11
88%
1(J5
36
24
80
11
•34
•22
m
*17ia
130
•0
4%
72
4H
97
30
LOWMlt.
Hbara*.
30% 80%
4'b
20% 39%
15% 1«
80% 20%
130
•0
SO'a
•87
•81
80% 31%
73% 73%
40
90
WMk,
DeaA.
4.
*>»
la
40
.
pref
S
16
•43
10% 16%
4a>«
87%
42
5%
Do
81^8
6
101
81
109 112
108 108
70
70
70
70
97I9
96I4 971a
90
Illinois Central
97«a 9713
•5% 7
*6
Iowa Central
7
61a
•20
'18
*20
23
23
22
Do
pref
I3I4
13
Lake Erie A Western
13
13M 12% 13
52i9 52>s
5018 52
*50ia 52
Do
nref
lake Shore A Mich. Southern. 106% IDG's 106 106 'e 1051a IO6I4
'85
'85
LonKlHlaiid
88
88
86
80
I^uisvllle Evans. A St. Louis. See followiu g page.
lrOul»vill(' A NashTlUe
76% 77i>8 73'8 75% 731* 75
*20
25
25 I 20
Ia)u1s. New Alb. A Chleaeo ..
26
20
95 la 100
Manhattan Elevated, cousol. lOO^s 101
951s 1)7 '8
2OI4 -'014
Mexican Central
20
20
191a 1914
"90
Michigan Central
00
91% 90
:0
•87
94
'88
miwauke^LakeSh. AWest.. *92
95
Do
lOV'a 10779 107 107
pref
1001a IU6I9
•414
'4
Minneapolis A St. Louis
*4
6
6
5
9I3
9I3
•9I4 ....
Do
*9
12
pref.
.
ISSg
Mo.K.ATex., ex. 2d m. bonds
12% I314 I314 1314
ISH
Do.
2IH1 2214
20>4 21
201a 21
pref.
Missouri I'actflo
66M 66»e 03% 66
63% 6514
*27
MoblleAObio
27% 28
26% 26'^
28>a
•94 100
•92
Ka8hv.Chattauoo»ra&8t.Louis *95 100
100
O9I4 99%
Hew York Central A Hud.'!on 100>4 100>a 99 100
IOI9 11
10 12
Wew York CUlc. A St. Louis.
'HH 12
Do
63
54% 53
53
53
1st pref. "53
23
2d pref. *23>a 24% 231a 231a 22
_ Do
I9I8 1913
ewYorkLakeErieAWest'n 20'4 20% 191a 20
Do
*50
•47
53
52
50
pret
34I4
Kew York A New England.
34% 3514 32
Si's 3314
Hew York New Hav. A Hart *253 256 >254
2S4 260
New York Ontario <j[ West...
15
IS
16
le^s
15%
151a
•7
7>8
New York Susqueban. A West.
7>4
0% 6%
71a
Do
•25
25
27
26>a 27ia 25
pref
Norfolk A Western
15
15
14
14
131a 1513
Do
55''8 56
54
5418 5418
pref...!!!."
551a
Northern Paclflo
22% 223ki 211a 22
21
21%
6218 04
Do
OOia 63%
64'9 65 J3
pref
*19
Ohio A Mississippi
20
1818 1818
181a 18%
14 17 '14 17
'14
OhioSonthern
17
84is 84'a *80
OreKon Ky A Navigation Co.
86
8018 80%
21
Oregon 8h. L. A Utah North..
23
24
21
21
211a
13I3 15
Peoria Decatur A Kvansville
16
16
I314 1314
29
31 le
Phila.ARead.Vot. Trust. Cert.
30^8 32
30^8
29
ISSs 10%
BlohmondAWestP't Terminal
15% 16%
16»a 17
Bio Grande Western
30%
73% 74
411% 49%
100
101
28 U 29
27
-128
Dec.
71
16,l>83
io,Hnj
74
<»
Under the
13
25
18
47% Sept. 3
04 May 13
47% July 18
29 108% Jan.
July
f> 232
19 131 Aa«.
26 95 May
19 89 Jail.
Nov. 15 119 Jan.
May
Nov.
c^ui. 10 87
01
—~j
rule, oaeb.
m
z Ex dlrldead
31
34
19
91
7
37
14
.
3
1
1
NEW YORK
S rOCK
EXCHANGE PRICES
Indicates unlisted.
Ask.
Bid.
Lowest.
I
100
100 155
45
Charlotte Air LIT... -100
BelleTllle & South. 111. pref
120
Boston &N.Y. Air Line pref
100
<fe
Brooklyn Elevatedr
Buffalo Rochester & Pitts
100
100
Preferred
100;
lOOl
lOOi
Burl. Cedar Rapids &Nor
California Pacitlcir
Cedar Falls & Minnesota
25
29
74
20
30
31
76
35
13
2l2
7
150 154
100
50
100
100
{4
100 *10
lOo!
4
Pittsburg
Columbia & Greenville pf
Des Moines <fe Fort Dodge
Preferred
Duluth S. Shore & Allan. U
<fe
PreferredTI
Flint & Pere Marquette
41 Oct.
Apr.
1571s Dec. 175 May
88 Jan.
91% May
35
120 Oct. 120 Oct.
100 Dec. 107 June
37 14 June 39 July
15 Jan.
41 Apr.
7312 Nov.
80 Apr.
20 Nov. 35 Feb.
10 Mar. Ilia May
2 Oct.
5 Feb.
154 Mar. 157 Jan.
25 Apr.
35 May
4
Dec.
Feb.
Nov.
Nov.
17I3 Dec.
89 Nov.
514 Nov.
312 Jan.
lOO: 112
. .
N. Y. Lack.
No
'
&
•
. .
Western
110
100
Wayne & Chicago.. ..100 149
Pittsburg & Western
50
Preferred
50 30
Rensselaer & Saratoga
100 tl75
10<i
St. Joseph & Grand Island
St. Louis Altou & T. H
100 }22
St. Paul & Duluth -See " Active S locks"
South Carolina
100
31s
Toledo Peoria & WesternH
100 13
Toledo St. Louis & K. CityH
Virginia Midland
100
Pitts. Ft.
SECURITIES.
2512 Jan.
32
34
175
Sept.
13
22
Aug.
Nov.
2218
Dec.
13
17
Nov.
Aug.
3714N0V.
June
May
May
Mar.
461a
lia Jan.
41a
15
July
May
May
5
Oct.
201a May
191a Aug.
5313 May
;
\
140
1
I
I
Oct.
Dec.
Sept.
June
Sept.
Oct.
Aug.
Dee.
Nov.
Oct.
,
Nov.
Jan.
May
.
Nov.
>"ov.
Nov.
Apr.
SECURITIES.
Ask.
Bid.
PRICES.—STUrff BONDS DECEMBER
to
Bid.
New York
City
Bank Statement
15, 1890, is as follows.
We omit
for the
two ciphers
week ending Nov.
(00)
in all cases.
Capital, Siirplut.
New York...
«
2,000,0
Manhattan Co
2.050,0,
Merchant**
Mechauios'
America.
2,000,0
2,000.0
3,000,0
1.000,0
1,000,0
750,0
300,0
600,0
1,000,0
300,0
Phenii
Traders
Greenwich
Leatnei Manufact'rs.
SeventJi National
State of New York
American Exchange..
Commerce....
Broadway
Mercantile
295,2
411,9
227,4
725.2
i09,B
266,9
1,000,0
1,000.0
300,0
1,800,0
2,000,0
1,141,5
317,4
392,2
4,858,6
2,423,5
143,9
1,662,0
540,2
330,5
309,"
8,701,3
244,0
141,6
4U4;8
621,4
256,4
917,1
761,4
466,1
443,4
607,7
301,8
328,4
319,0
672,6
242,1
166,6
384,0
256,6
761,1
200,0
200,0
600,0
300,0
1,200,0
5,000,0
6,000,0
1,000,0
1,000,0
1,600,0
460,0
200,0
700,0
Peoples'
North America.
Hanover
Irving
Citizens'.,..
Nassau...
Market 4k Fnlton
Nicholas
Shoe & Leather
Com Exchange
Continental
Oriental
<&
6,605.7
7,801,0
13.367,0
4,884,0
9,784.2
2.032,6
21,981,1
3,149.7
6,319,1
1,634,1
2,687.0
1,163.8
3,041.9
1,452,9
3,469,9
15,629,0
18,029,9
656,9
2,455.9
99,2
6,423.9
141,8
1,494,2
301,7
243.8
132,6
695,5
81,1
490,4
1,939,7
3,423,8
1,839,3
925,2
395,1
983,1
711,7
301,0
643,3
1,557,2
422,7
Paciflc
Republic
Chatham.....
Importers'
894,8
1,899,1
1,926,2
250,0
Gall atin National
Butchers' & Drovers'
<&
12,0''0.0
600,0
600,0
500,0
760,0
600,0
800,0
Tradesmen's
Chemical
Herchanta* Exchange
Traders'
Pafk
East River
Fourth National
Central National
Second National...
Ninth National
First National
Third National
N. Y. Nat'l Exchange
Bowery
New York County..
Gemian.American
Chase National
Fifth Avenue
German Exchan^..
Germania
. .
,
United States
Lincoln
,
Garfield
Fifth National
Bank of the Metrop.
West Side
Seaboard
Sixth National
Western National
First National,B'klyn
3,200,0
2,000,0
300.0
750,0
600,0
1,000,0
300,0
260,0
200,0
760,0
600,0
100,0
200,0
200,0
600,0
300,0
200,0
150,0
300,0
800,0
600.0
200,0
8,600,0
300,0
»
1,748,4
1,393,3
1,000,0
City
Mechanics'
s
Loans.
10.638,0
5.533,-l
7,822,8
2,S51.0
10,252.5
6.742.2
2,336,2
4,669.5
13,046.6
2,797.0
2.673,1
2,877,0
4,075.4
1,837,4
2,475.0
6,461,2
4.256.1
2,100,0
20,832,0
19,290,0
1,217,7
16,963,7
6,422,0
4,158,0
5.051,4
21,393,6
4,269,6
1,445.0
2,700.0
2,612,2
2,892,2
10,442,5
4,169,9
2,709.1
2,690,
4,181,4
3,845,0
3,147.4
l,83b,9
3,939.6
1,956,0
3,432.0
1,531,0
10,320,4
4,142,9
Svteit.
•
2,640,0
1,961,0
1,858,5
1,022,0
2,195.0
986.0
2,017,4
213,1
6,940.9
519,5
776,3
400,0
102.0
177,1
382,8
383.5
603,1
3,001,0
1.827,1
1,244,2
1,318,8
447.6
l.S3'2.8
678.4
272.0
320,7
3,355,8
368,2
642,3
433.3
606.7
175,6
117,0
1,016,8
828,8
151,8
4,532,0
4.188.0
243.8
4,28.M
835,0
1,280,0
957,1
2,961,7
307,0
172,1
65fi,0
730,0
460,0
2,871,4
1,177,3
191,3
192,2
771,4
770,1
485,8
336,2
789,9
274,0
530.0
194.0
2,083,1
719,3
Leeals.
"
*
•250,0
410,0
153.0
488,0
668,7
76,0
652,0
146,4
l,001,t
297.2
347.6
70,1
372,0
137,7
148.6
29,0
208.0
239.0
1,393,4
133,9
787.6
261,7
319.3
359,0
141,4
384,1
837,2
144,6
120,7
312,8
239,'J
130,5
286,0
227,0
137,7
341,0
1.012,0
639,0
82,1
881,6
676,0
101,0
322.7
784,5
481,0
89,0
156.0
110,0
61.9
707,6
140,3
688,0
281,7
46,7
200.4
439,4
268,8
394,1
284,0
337,0
122,0
471,4
174,3
1...
8...
Dsposilt.
•
11,400,0
10,442,0
8,894,2
6,991.0
12,645,0
4.435,0
9,440.7
1,878,0
23,456,7
3,486.7
4,288.3
1.747,8
3,008.0
1,165,2
2,377,0
1.595,2
'2,942,1
12,388,0
11,782,0
4.579,3
7.964.3
3,125,2
10,153.9
5,567,1
2,906,7
4.3<j),7
13,344,9
2,563,0
3.019,8
3,578.8
3,991,4
1,717.8
2.888,0
5,880,»
4,541,4
2.040,0
21,164,0
22,332,0
i,i3:;6
17,475,0
6,448,0
5,089.0
5,162,1
18,654,9
3,518,2
1,28S,4
2,822,0
3.079,4
2, ,'-.67,
"
•'
15...
22...
29...
72
New
7
7
settlement, 68
58
38
621a
103
105
69^8
Virginia—6s, old
1(1(1
125
6s, consolidated bonds
6s, consolidated, 2d series, recta.
68, deferred, trust receipts
41a
Loans.
LegaU.
9pMl«.
7%
Depostts.t ''fT'i'n OI«ann»«.
S
12,3,141,3 399,791,9 77,871,7122,101,4 398.281,6 3,603,4 731,140.0
123,144,3 398,855,7 74,48tf,6j21,023,5 302,253,4 3,496,li771, 107,8
122,785,8 393,277,9 73,aS'5,4l21, 816,0 388,674,8 3,490,5:958,468,7
122,785,8 387,297,2 73,191,2 22,319,8 381,685,0 3,558,7 815.620,0
122,785,8 381,648,1 71,658,6 23,388,4 378,578,2,3,547,2 623,'i59,6
Boston.'
Not
'•
"
15...
22...
29...
Phlla.'
Nov, 16...
"
"
22...
29
..
64,685,4 157.105,0
64,636,4 153,263,4
64,685,4 151,456,0
36,793,7
36,793,7
35,703,7
9.016,0
8.511,3
8,922,6
lOJ
93
168
100
108
100
165
115
'24
8'way Ist, 58, gu
2n(l 68, int. as rent., '05.
Brooklyn Olty— Stock
Istmort., 58, 1902. .J&J
B'klyncrosst'n 6s„ 1908
Bkn.C'y&N'u58,1938 JJtJ
Central Cr033town—St'k..
Istmort., 68,19'22.M&N
Cent. Pk.N.<fc E.RlT.- Stk.
Consols. 78, 1902 ...J&D 117
Dry Dk.E.B.4 Bat'y— Stk. 140
Istmort., 78, 1893..J&D 102
Bank Stock
BANKS.
Bid.
Central
......
Chase
Cbatham
3,329,1
3,060,5
4,558.2
4,188,4
3,795,8
2,023,9
4,715,9
2,039,0
3,915,0
1,280,0
9,140,4
4,030,0
—
City
Oitiiens'
Chemical
Columbia
Commerce...
300
37o
Corn
Excll...
I
42d
St.
F'ry— Stk. 240
120
126
12c
145
107
2d Srl„ Income, 6s.. ..J&J 50
Hoast. W.8t.& P.F'y— Stk. 200
1st mort., 78, 1894., J&J 100
Ninth Ave
110
Second Ave.— Stock
Istmort, 5s, 1910.If<&N 106
Sixth Ave.— Stock
1st mort., 78, lg90..J<feJ 105
290
Third Ave.— Stock.
l9tM., 58, 1937. ... J&J 109
Twenty-third St.— Stock..
Istmort, 7a. 1893
Bid. ABk.
JSIO
400
German Am. 120
109
246
iiij"
tliis
67
107
105
107
205
llOB
,300
110
236
'107
week.
BANKS. Bid. ABk
New York... 606" 250
N.Y. Coanty.
N.Y.NatBx. 135
14'2
150 165
...•
Idth W,ird..ll55
N. America.. ...-•• 186
North River.
200"
Oriental
160
M
Paciflo
Ninth
Germauia
295
185
142
275
Greenwich... 115
360
Hanover
1355
!l66
Hud. River..
Im. 4 Trad's' 640
Irving
186
Leather Mfs'
Lincoln
250
.... .
iwi
800
180
People's
275
140
Phenix
Pioduoe Ex.
1
..—>
180
Market.^ Ful 220
Mechanics'.. 200
M'ohs'&Trs".
jMercanllle... 210
Merchants'.. ...
IMerch'tsEx. 122
'Metropolitan
2000
First
iiii
First N,, 8. 1.
14th Street.. 170
320
Park
260
Madison Sq..
236
173
Gr'nd
A&O 108
42dSt. Mauh.i St.N.Av6.i 39 "iV
114
l8t mort., 63, 1910., M&S 112
Gallatin
Garflold
148
70
110
East River.. 160
11th Ward... 160
Fifth Ave.... IriOO
Fourth
&
1st mort., 78, 1893.
BANKS.
Ask.
198
140
C!ontinental
Quotations.
(Dry Dock B. B'y & B,FAAIOO
8crtp8s
200
Blghth Av.— Stock.
EighthAv.— Scrip, 6s,1914 105
—Latest prices of bank stocks
470
166
235
107
27
116
206
105
105
104
96
161
105
110
102
—Brokers'
Boiton and PhllA
List
218
Asbnry Park
Bowery
Broadway... 280
Butohs'AUr. 17(1
1-26
82,338.3
84,682,0
61,341,8
95.120,0 2,183,0
92,689,0 2,187,0
92,705,0 2,183,0
t Inotadlng, for
City Railroad Secnrities
Atlantic Av„ B'klyn.St'k. 120
Gen. M,,59, 1909...A&O 105
Bl'okerSt. <». Ful.K -Stk. 24
Istmort., 78,, 190(^..J<feJ 110
Br-dway Jfc7thAv.--8t'k
1st mort., 58, 1904 .J*D 100
Id mort., 5s, 1914...J&J1IOO
4,506,8 132,775,2 3,261,0 113,568,0
4,316,4 126,751,2'3,250,2 105,368,3
4,3SS,0 124,970,53.256,9 80,055,3
23,328,0
22,343,0
23,890,0
98,580,0
97.499,0
96,894,0
* Wt omit two ciphers in all ttiese ftgura.
dolphla, the item
due to other banks."
12,40D,t;
4,59.1,0
Total
60.572.7 62.213.1 393.277.9 73.995.4 21,816,0 386.674,8
* No statement lus been issued since November 19.
99
1912
1913
1913
1913
Comiromise, 3-4-5-68
York.
Nov.
Banks.
(00< omitted.)
Bid.
S.C. (cont.)— Brown consol.6s.l893
Tennessee- 68, old
1892-1898
Capital dc
Surplus.
Bahks.
!l.
5.
SECURITIES.
Ask.
5
—
St.
Nov.
150
miscellaneous Stocks.
Adams Express
100 {145
American Bank NoteTI
50 411a
1906 103 106
New York— 6s, loan
1893 108
Class B, 5s
1906 106
J&J
North Carolina— 68, old
1906
Class C, 48
105
1900 10
Funding act
Currency fundlnK 4s
1920 10b % 108 13
New bonds, J. & J.... 1892-1898 20
7
Arkansas— 68,fund.Hol.l899-19O0
15
Chatham ER
3
do. Non-Holford 150
180
Special tax, Class 1
»
7s, Arkansas Central RR
3
Consolidated 48
1910 97
8
Louisiana 78, cons
1914 105
6s
1919 120
Stamped 48
93
94
Rhode Island— 68, cou. .1893-1894 108
1894-1 895 108
Missouri— Fund
South Carolina— 68, nou-fund.1888
of
Highest.
15
157
30
41
185
16
price Friday; latest price this week.
Alabama— Class A, 4
Bank
7% Nov.
Nov. 156 Jan.
431a 421a July
42 la July
91a May
8
Dec.
1512 June
27 May American Cattle TrustH
I4I9 10 Nov.
American Cotton OU Co.lT
lOOi
13
15 Feb.
32 May
PreferredlF
100 39
301a 30 Dec.
75 Mar.
244 July
100 J115
38i4May American Express
110 Sept. 120 May
Am. Telegraph & Cable
100 801a
10312 May
80 Nov.
87 Jan.
American Tobacco Co., pref ..100| -97
1414 Mar.
95 Nov. 100 Sept.
100
16 Nov.
36 Jan.
10% May Bnmswick Compiiny
Columbus& Hocking Coal
100
15
17
15 Jan.
33 July
7 May
Commercial Cable
100 100
100 Oct. 1051a June
991a Mar.
Consol. Coal of Maryland
100 22
27
Jan.
27 la Aug.
16 Oct.
221a
100
6 June JiSclede Gas pref
521a Aug.
681a May
Lehigh & Wilkes. CoallT
15
20
15 Nov.
25
134 May
Jan.
24I2 Jan.
Maryland Coal
100 15
17
I6I2N0V.
13 Jan.
Minnesota Iron
100
78
Aug.
80 May
91 Jan.
31
100
III3 June
8
11
712 Apr.
65 Aug. New Central Coal
Ontario Silver Mining
100 41
3314 Aug.
47 Oct.
421a 36 Jan.
Oregon Improvement. pref
100
90 Mar. 100 Apr.
75 May
Pennsylvania Coal
50 250 300 290 June 301 Sept.
115 July
Phila. Natural Gas
50
I514 Apr.
581a Sept. 66 Jan.
Postal Telegraph— Cableir..
9OI3 Mar.
31 May
28
381s Oct.
Quicksilver Mining
100
6 Feb.
64 Apr.
5
6
91a June
Preferred
8i4M^y
100 35
4313 June
38
35ifl Feb.
100 *12
23 May
15612 June Texas Paciflc Land Trust
16
13 Nov.
U. 8. Express
100
90 Jan.
63 Nov.
18 Feb.
63
68
100 138 145 135 Jan. 150 June
115 June Wells, Fargo Express.
NEW YORK STOCK EXCHANGE
*
in 1890.
(salest
Lowest.
9
153
100
Eastern
Range
5.
Ask.
Bid.
1
17% Feb.
Mis8.Val.'i...l00
Dec.
Inactive Stocks.
H Indicates unlisted.
&
Indicates actual sales.)
(t
I
4
10
100 11712
Preferred
100
88
Georgia PacificTf
100
7
10
Green Bay Win. & St. Paul.... 100
6
7
2I2
Houston & Texas Central
100
4
21s
Illinois Central leased lines
8OI2
100 80
Kanawha & Michigan
100 14
161« 10
Keokuk & Des Moines
100
6
7I2
Preferred
100
Kingston & Pembroke
50
11
Loulsv. Evans. & St. Lo., cons. 100
29
Preferred
100 }55
55
Louisville St. L. & Texas
100 uo
8
Mahoning Coal
50
70
65
Preferred
50
112
Marq. Houghton & Onton
100 13
10
Preferred
100 88
82
Memphis & Charleston
25
50
4I4
Mexican National
100
Morris & Essex
50
145
Newport News *
in 1890.
Bigliest,
18
[Vol. lA.
(Continued)— J.V.4Cr/P'£; STOCKS.
(sales)
Peoria
Rallroa<< Stocks.
Alabama & VickburgU
Albany & Susquelianna
CleTelaud
Range
Dee. 5.
Inactive Stocks.
Atlanta
1
THE CHRONICLE.
780
11
.
Seaboard
220
260
>
Oh
Morris .. 300
Murray HIU.
i«6
iNassan
•
1320
Il20
Seventh
Shoe&Leath. 160
i62
128
St Nicholas. 120
10
Third
Tradesmen's. 106
Uuit'dSUtes 200
95
Western
Metropolis... 335
Mt
iSecond
166
......
State of N.Y.
West
Side...
......
..•u«
....M
170
130
115
......
....M
100
F
J
Dkosmbbb
J
I
THE CHBOMOLK.
6, 1890.]
781
BOHTON, PHILADELPHIA AND BALTIMOKP. MTOf'K RXCHANMKM.
hare PriMs — «<
Active Stocks.
V
Nov.
iH
prcforml
"
"
V
.
*l
It've.
••
"
50
100
100
WeatemN.Y.APaCi'AiVd.MOO
niseellaiieoiiN Stocka,
176
104
175^ 176
19a<s
6i>e
41
160
89
86
19>a
Camden A Atantic
pf.
Catawlssa
{Bait.)
{Bostoti)
2d preferred
Central Ohio.
(Salt.)
.
60
50
60
50
100
"
Cbarl. Col. A Augusta
Cheshire preferred.. (Boston) .100
"
Connecticut & Pass.
100
Connecticut River.
"
100
Delaware A Bound Br.(PAi/a.) .100
"
Har.Ports.Mt.Joy&L.
50
Kan. C'y Ft. 8. & Mem. (Boston) .100
49!ii
227>s
7>s
56
42
.
"
Ke.souehoilinKVal....
50;
Northern N.
(Boston) .100
H
91i«
40
40
29
•18
160
•a-
10>4
216
212
43
43Vt
I5I3
275
53
46
48
24
14)9
51
1S>8
"9iS
48 1« 9018
10
61
215
4314
15
210
43
I4I11
270
265
53
46
48
24
'60
44^8
45
49
50
>
50
48 >s
•12V 13
56
41
56 >4
2514
20>s
25 V
21
4IH1
48%
47»8
19^
205
7
2101s
501s
4578
45 V
48
22
45
50
48
•471s
22
22
24
44i« 45
44 V
49
49
12I9 "iiis
12
5519 56I4
56
41
411s 42
25 >s
251s 26
20 19 2013 2OI4
k
I
170
66
Pree.Elk.
ist, Bs....
1033,
848 103
88 65
44,i»79
190,
56
41
26
56
56
401s
40%
26
19% 20%
Mar 1*
88 Jan. 39
Mar 7
68%
2.436 181
3,358 38%
430 11
197 349
9,064
333% Aa«.3t
13% Mar 37
9 240 JooalS
Nov. 18 08 Jnna 9
Nov. IB se%Jmie i
Jan. 28 823 Jnna 19
Dec.
June 11 94%Bmt.l9
Mar. 18 57% reV, It
93
867 44
.52
37
545 19
Feb. 11
Not. 19
21
Dec. 9
94V Aoc. 4
37% Jan. 9
Nov. 13
Nov. 26
Nov. 19
Sept. 17
Nov. 19
47% Sept. 2
84% Mar 31
09% Jane 9
28% Oct. 80
43V Not.
65 48
10
26
201s
13U|>N0T. 10 244,,
9 Sept
7,007 42% Not. 10
186 225 Deo. 4
1,045
7% Not. 19
49V
11
2.025
2.945
2.514
48%
5,210
17
30
700 25%
Jan. 39
32%lUr 39
Bid.
1919, Tar 110
<3ollat. Tr. 4% g
1913, JAD 1
Pa. A N. Y. Canal, 78... 1906, JAD t 88
29
(X)n8ol..58
1838, AAOl
Perkiomen, Ist 8er.,9s.l918, Q—J|
78
51% iFnila.A Erie gen. M.6g.,1820, AAOl
Gen. mort., 4 g
115
1820, AAO'
Phila A Rend, new 4 g., 1998, JAJl 78
1 St pref. income. 5 g, 1958, Feb 1
95
2d pref. income, g, 1958, Feb. li 84
ib<)
3d pref. income, 5 g, 1958 Feb. 1 37%
88
1893, AAO
2d, 78
1911. JAD
Consol. mort. 7e
II
1911. JAD
Consol. mort. 6 g
78%
...1116
Penna. Consol.
5s, r
107
101
111
89
I
99
34 1«
1
."1
i
;
)
I
AAO 102%
88
AAO
FAA 116 V
•3"
60
Pokeeiwle Bridge, 6 g.l936, FAA
iSchuyl. R. E.Side, 1 st 5 g. 1935, JAD 102%
!8teuben.AInd.,l8tm.,5s.l914.JAJ
ioa"
1894. AAO
lUnltedN. J.,6g
Imi>rovementM.6g..
18(17.
Con. M.,5 g.,«tamped.l92.'.MAN
Phil. Wilm. A Bait., 48.1917,
.1900.
Pitts. C. A 8t. 1.., 78.
. .
:
loei*
ijWarrcn
110
107
11
A Frank.,l8t,78,1896,FAA
85
Bonds.— Baltimore. . .'
K.C. Mem. A Bir.,1 81.58,1927, MA8
Atlanta ACharl., I8t7s, 190/, JAJ
K.C. 8t. Jo. AC. B., 78.. 1907, JA.!
1900, AAO
Income 6s
95
L. Rock A Ft. 8., l8t,78. 1905, JAJ
Baltimore A Otalo4K., 1939, AAO
109
Loul8.,Ev.A8t.L.,l8t,6g.l926,AAO
Pitts. A Conn., n g..-1829, FAA
2—6 g
1936, AAO
2m.,
etntcn Island, 2d, 5 g. 1926. JAJ
1923, AAO
Mar. H. A Oht., 68
100% Bal.AOhio 8.W..l8t.4%g. 1990. JAJ
1923,JAD
Exten. 6s
69V CapeF.AYad.,8er.A.,6g.l916, JAD
Mexican Central, 4 «... 1911, JAJ
1916, JAD
^riesB.,6g
35
Istconsol. incomes, 3g,non.cmn.' 33
1916. JAD
Series C, 6 g
18%
2d consol. Incomes. 38, non-cum.
1930, -MAS
Ont. Ohlo,4%f
121
N.Eng., 1st, 7s, 1905, JAJ
N. Y. A
Chart. Col.AAug. I8t78-1895. JAJ
1905, JAJ ;il3 >114
l8t mort. 68
Ga.Car. A Nor. Ist 5 g.-19'i9. JAJ
1902, FAA ,10u
2d mort. 6a
North. Central, gold 68, lOOO. JAJ
2d mort., scaled, 58.. .1902, FAA
JAJ",
Gold 68 of 1904
Ogden. A L. C, Con. 68.1920.AAO ,( ....100%
19-26,JAJ
Series A,5s
1920 19 L..
Inc. 68
4I98
1925, AAO
1902,
Rutland, Ist, 68
Oxf.A(^ark..lnt.gu.,8 g.l937.MAN
88
1898, FAA
2d, 58
Piedm.ACum.,lst, 5g.l911. FAA
Sonds,— PJjiladelihia. JAJ 108
Pitts. A Counells. 1st 78. 1898, JAJ
eny Val.,7 3 IOr, 1896.
Virginia Mid., iBt 68...1906, MAS
101
Ist 58, g., 1919,
Atlantic City
1911 mas
2d8erlea,6s
Belvldere Del., Ist, 6e.. 1902, JAD
I9l(i, mas
3d8eries,6s
118
1900, FAA'
Catawlssa, M., 78
1921, MAS
4Ui8eHee, 8-i^la.....
Char. an. A Chlc.lst 6g, 1947, C>—
1926,MA8
119% 9thBorie«, 9a
Clearfield A Jeff., Ist, 68.1927, JAJ,
WeetVa.C.AP.l8t.6g.l9ll,JAJ|
1900-04, MA8'
Connecting, (is
I'Weat'n N.a ConsoL 6 g.l914, JAJ
78.1905,FAA 131
Del. A B'd Br'k, Ist,
Wilm. CoL A Aug., 6s.. 1910. JAD'
112
Easton A Am. 1 8tM.,58. 1920, ANi
llMCBI.I.\SKOU8.
Elmir. AWilm., 1st, 68.1910, JAJ.
Balttmow-Clty Hall 68. 1900,
Hunt. A Br'd Top,(;ou. 5«.'95,AAO, 88
190«. (>—
FondlncOs
1914,
Lehigh Nav. 4%8
AJ
West Marrl'd KB. 68 1
1897,JAD tiii"|iia
2d 6s, gold
1916. MAN
Water 9»
General mort. 4%s, g.l924,(J—
1916. MAN
Funding .58
Lehigh VaUey, Ist B8...1898, JAD ioe" iii"
19:«»,JAJ
Exchange 3%s
1910, MAS
ad 7s
1900, JaD
Chesapeake Oaa. 6a
1923, JAD,
Consol. 6
1910, JAD
ConsoLOas,6s
MANi 111%'
North Penn. Ist, 7s.... 1896,
1939, JAJ
5«
1903, JAJ 124
G«n. M.78
1913, AAO
Equitable Ob8,6s
129
Pennsylvania gen. 6s, r..l9l0, Var]
3s. new 1932. JAJ
Virginia jat..tei
1909. Var 118
Consol. Cs, c.
it
Mar 39
94
99
Bondtf
Ask.
3
AAO
266
50
47 14
•21
23
44Tg 45
48
48
AM. V.,1 St, 6S.19.S.3, AAO
Unstamped
53
s?
42% Mar. 24 48% Mar !•
48% Nor. 19 .<V4% Mar 1*
130 Feb. lOl.-M Jooal*
16% Nov. 19 31% Jan« S
28% Nov. 15 52% May IS
7,-81
47
60
JAJ
4314
141b
11
Bid.
K.C.C.A Spring., l»t,5g.. 1925, AAO
K. C. F. 8. A M. con. 68, 1928, MAN
67%
•48
451a
206
IIV
51
100-year income 5 g., 1989.8ept.
A Mo. River Exempt 6s. JAJ!
Non-exempt 68
1918, JAJ'
1910,JAJ 87
Plain 48..
Chic. Burl. A Nor. let .5,1926, AAO,
1918, JAD
2d mort. 68
Debenture 68
1896, JAD
96
86
Chle. Buri.A Qnincy 48..1922,FAA
1919, AAO
90
Iowa Division 48
81
Chtc.A W.Mich, gen. 56, 1921, JAD
84%.
Consol. of Vermont, Ss.lOlU, JAJ
Current River, 1st, 5a. .1927. AAO
Det. Lans. A Nor'n M. 78. 1907. JAJ 101
Eastern Ist mort. 6 g., lUOfi, MAS |U8 1129
90
42V
269
•50
Burl.
57%
191
•14
•4718
8.F.10(V-yr.4g.,1989,
7%
19
May 31
A&f
71a
44
f
Mar. 311
Aiw. 14
July 11
Apr. $
July 21
Dee. 2 121% Jnly 17
Nov. 18 71 Jan. k
17% Nov. 11 39% Jan« 10
61
25.737 55% Nov. 11 86 May 19
166
28 102% Ans. 28 179
49% 8.829 47% Nov. 18 96%
26''8 Jan.
2 36% Mar 31
201s
48I4
270
265
265
53
45V 45V
105
67
49I4
7I9
4314
15
141s
311a
r..i.
Jiilr
'58
18
I41>ia 19i|«
49
229
71s
Inactive stockti
58
9,029
8,414
165
49
16S
14l».s
•9
212
44
....
....
IS
62>s
>8
xl65
48
1
81>S Nov. I5,tll% May t
Nor. 15 79% Mar 96
Feb. 18 48% Mar S
Nov. 31 33 Mar 31
Not. 29 12 Mar 9
AO 30 Nov. 7 a«% Mar 3*
126 Jan. 2 173 Jnlr la
414 79 Nov. 181 85% Mar 31
17 Nov. 10 30 Mar S
89 Nov. 10 104
780 15V Apr. 1 34%
?
94,
2OI9
SB's
2") 2:1 lis
875,
1,800
I8I9
inn
IIH
1
Wov.
3,U4
48%
30>4
•ill
Jan.
10.900 44
2«> 27
1>«
23
800
6
48^8
103
•65
nnr.
Mar.
SON May n
»>« May 19
4
2«'ln7>a May 29
19
28<>
5111
18>i
18<s
20 V 21%
7^8
lifi
rve.
ir.M
80
19M
31%
229
•7i«
HI
83
48%
3OT9
6318
167
...
4
86
16
104 104
66 >s 66 ly
21%
117
189
49
Thom.Europ.E.WeldH (Boilon) 100
'•
100
Water Power
"
Westlnghouse Elec.H
50
foods.— Boston.
. .
98
253
55
49
49
48^8
19%
33%
49 >s 49V
45 V
48
269
45>4
1338
17
110
68
9.1
I2H
113
882 193
90
18><i
lOV
9«
....
821a
86
17
86
....
2av Kor.
ICO
84
281s
48%
•38
•22
•9
•17
LowiMt.
SOI« 8S.I08
4»,
932
37
37
86
87
48 >s 901a
87
H6ia 87 >4
44V 49>«
48% 49%
14».„ 15»„
57
43
I
I
.
)
.
.
.
,
I
'
1
I
II
.
)
•
49^
49%
49^8
1H>«
18>s
37
88«4
02>«
227H 227»«227>«
7>ii
7V 7V
Ask.
North Pennsylvania. (Phila.) 50i 81
50'
Farkersburs
(Bait.
Pennsylvania A N. W. (Phila. 50
(Bait. )100
KaleiKh A Uaston ....
(Bostoti) .100
Butland
.1
8
"
.1
Preferred
100
69
Seaboard A Roanoke. (Ball.) 100
"
1st preferred
100
00
West Knd
(Boston) . 50
"
Preferred
50 83T8 84%
(Phila.)
50 t
West Jersey
58
•'
West Jersey A Atlan.
50 "10"'
"12"
(Bait.)
50
Western Maryland..
"
Wilm. Col. A Augusta
100 109 110
"
100
WilmiuKt'nA Weldon
Wisconsin Central. (Bostoti) .100
16
16V
"
100
50
Preferred
"
Worc'st.Nash.ARoch.
100
MISCKLLiNEOCS.
AUouez Mining
(Bo«fon)
25
4
4%
"
25 16
16%
Atlantic Mining
75
84
City Passenger KR... (Ball.) 25
(Bostoti)
27
Bay8tate (lag
50 26
10
Boston Laud
6
10
13% 14%
Centennial Mining...
25
10% 11
Fort Wayne ElectrioK
16% 18
Franklin Mining
25
Frenchm'n's Bay L'nd
5
4%
25
3%
Huron .Mining
83%
miuois Steel If
100
11% 12
Kcarsarge Mining
25
Morris Canal guar. 4. (Phila.). 100
"
Preferred guar. 10100
(Bostoti)
33%
Osceola Mining
25 33
."
2.>
16
PewaMic Mining
"
Pullman Palace Car..
100 174
•*
•
85
Mining
25 90
Quiucy
"•
Tamarack Mining....
26 165 167
'200
Thorns' nEleo. WL'JVrt
100
.
4919
25^ 25V
20V 21>4
A Gulf pf.
100
"
K. City Mem. & Birm.
100
Little Schuylkill
(PhUa.) 50
ManchcHter A Law.. (Bostoti) 100
Marvlaud Central
(Bait. ) 50
Mine Hill & 8. Haven (Phila.) 50,
45
19i«
sm
. .
K.C'yI-'t 8.
49'
151*
(PhUa.) . 50
'•
18
f>0
14»„
2158
.100
.100
19i«
38
19i«
28%
25'fl
Bid.
"
"
1st preferred
109
176
1831a 184" 184
85
18
20
49 >9
43 4i
25'8
21>4
194
109
176
87
49<>8
Priees of December 5.
Atlanta & Charlotte
Boston & Providence
lie
189
178
190
32 >4 3314 32
33
31V
103 « 110>» 103 107
67
67
67
2mi 22 •* 21
2S
21%
62^ 63''8 60 V OSH)
167 167
167 KiH
166
.59»a
43
84>s
49
48''8
7%
57I11
Inactive Stocks.
179
LW
196
176
86
45
•90
87
....
109
18\ 18\
4%
9
9>«
lllflMurt.
HhanM,
29%
ao^(
'i'eo"
•
West End Land...
iioH SIT,
la ltt9.
Wwk,
Une. 4.
97
8S
"
"
SuKarRellneriesilI CifooCrt^lOO
"
Thom.'iOn-H'uEl.lI
25
Preferred.
25
H "
"fSS^'
19l>4
104>t 193
1»>« •JO
18>i
87>9
37
37
89
87'4 »7U
88>a
49^8 sa
iO\ B2>s
•37Hl 42
•23'a 24i«
•8
H
6
20
20
20*4
216 216
215
43>9 44Hi
43
25
I514
15
Calumet Uocla
25 275 276
269
Canton Co
(Bait.). \00
'•
Consolidated Oas
100 47
47
45 >g
•47
Erie Telephoue (Botttm). 100
48
48
Lam.son Ktorc 8er. "
50 24I4 24>4 24
Lehfh CoalANav. (PhU.) 50 46% 47 X4419
N.Ensr. Telephone (BosVn)100
50
50 '
North Anierioan. (l'hil.).lOCi 1258 13>9
133s
ill
81 IV
18I«
37>«
Bell Telei>hone (Boston). 100
"
Best. & M^ontana
25
ButtoA- Huston..
2.
Baac* of mUm
pTika
Tbiinulajr,
184
in>i
37
91
•7'a
•a"*
•
122
196
25 1«
6
Clevc. A Cimton
"
•30
ProfiTr<Hl....
(BosloHj.lOO 160
EMturii
"
86
100 80
FltohhurK iircf.
"
100
Fl. 4 Pcrc Marq.
"
86
Protprreil
100 86
10
19
Hunt. A Br. Top. (Phila ). SO
"
46
Ptpfprreil
LO
"
50 49\ 49^8
LclilKli Valley
Maine Central (Botlonj.lOO
"
Mi'xicnu Central
100 20<4 21
"
100 35>4 35M
N. Y. A N. Eng.
"
Preferred....
100 110 110
Northern Central ^Ba//.>. 50 •66>s 68
22ie 22>4
raclflcr/'Ai'a.^.lOO
Northern
"
Preferred
100 64»9 65%
167
fiio«(o»>. 100 167
Old Colony
49''g 50
Pennsylvania.. (Phila.). 50
"
Phlladel. A Erie.
50
"
Phlln. 4 Reading
50 15»i« 16
Summit Hraneh (Boston). 50
'•
Union I'acitle
100 52>« 53>s
238>«
United Cos. of N.J.r/'Ai/a.^lOO
Cln.Piuii.
30^8
Bt«
87
igM>g
5310
41
as>4
-i.p. <r/ii;j.i(H)
iwh. (notion J. liyO
33%
122
....
m"
(I
CI
5
5!%
97
100 laa
100
•Jcl iirrfciTOtl
BoKltiiiA Aliiiiiiyr«o»'oH>.100 190
ino
B<MlUII A I'OWI'U
100
Bo«tun A Maliin
100 •19
Cenlml of Mass.
'
100 87
f
"
Miln.
100 91
Fit
Dm.
Mm
Ww rtimtmm rrlM*.
TuoMlay,
Dtio. 1.
lilt.
30i«
A B. Fn (BotUmtA*^
•.
Atliiiitlo A Piic
}<'<'
Bnlllinore A Oblo (BalLj.UX^
Atrh. T.
I
Monday,
Saturtlny,
Iadlc»t«i> uull>te<l.
118% 1301a
104%
101
I
I
I
I
I
'
Theee ar lae i»nces b d and asked no sale was made.
'
,
,
MAN
MAN
•
>
M
(W
Q—
WAj
i
97
99
101% 102%
100
"99%| 100
10^%|109
101% 103
113
114
109
102
99
>114
115
IllO
llOO
102
117
113%
113
I
89
98% 98%
110%
90V 100
IIU
119
121
117
13S
I
i
121
133
ISS
139
1-^9%
131
I
I
I
^ Dnllstad.
fAnd aooruod Interest.
t
Latest prioe tUl
week
103% 109%
109
108
113% 114%
100% 101
104
63
10»
04
F
9
1
.
THE CHRO^ICJ^
782
NEW YORK STOCK EXCHANGE PRICES
XUlXBOAD Am>
Clos'ng
MISCEL. BOKDS. Inter'sl Price
Period. Dec. 5
AtTop.&S.F.— lOO-yr. 4 g.l989 J & J 80
1989
100-year income 5 g
AU. & Pac— W. D.
Lowest.
11%
10 12 Nov.
73
b.
M
116
M &N '118
b.
7OI3
10712
fl04
9433
tll5
Feb.
Dec.
Nov.
Nov.
Nov.
118 Nov.
106% Dec.
105 Dec.
102 May
107
Q-M 105 b.
*110 a.
M
J & J 108 a. 107 Sept.
J & J 11412b. 111 Nov.
A & 114 a. 111% Oct.
93 Nov.
94%
J & J 65 b. 641a Nov.
J & J 81 a. 82 July
J & J 67 %b. 671s Apr.
F & A 104 a. 100 Nov.
J & J 121i2b. 122 Dec.
96 Dec.
M & N 96
F & A 88 b. 88 Nov.
87 Nov.
89
M
J & D •113 a. II512 Oct.
A & *115 b. 112 Dec.
M
93
93 Dee.
J & J 84 a. S312 Nov.
J & J 120 b. 123 Oct.
IO912 Nov.
J & J Ill
J & J 112Jab. 112 Nov.
J & J 105 a. 104 Nov.
97 Nov.
J & J 98
J & J '100 b. 9913 Nov.
J &J* 100 »2b. 99 Nov.
J & J *88 a. 871a Nov.
J & D 107 b. 107 Dec.
J & D 106 ijb. 107 Dec.
Q-F *135 b. 13512N0V.
J & D 1241a 123 Aug.
A & 113 b. 112 Dec.
103 Nov.
A<tO 106
104 Nov.
M & N 105
101 b. lOOig Dec.
M
F & A *99 b. 96 Jan.
9113 Jan.
M & S 98
I2112 Nov.
J & J 125
97 12 Nov.
J & J 98
A&O* 100»sb. 98 Oct.
&N
Central Pacific— Gold 6s... 1898
Ches. & Ohio.— Mort. 6 g ..1911
1939
Istconsol. 5 g
B.& A.Div.,l8t con.,2-4 g.l989
Istcon. g., 4..1989
do
1989
2d eon., 3-4 g
1911
C!heB. O. & So. W.-6 g
Chic. Burl. & Q.— Con. 7... 1903
1913
Debenture 5s
1922
Denver Division, 4s
Nebraska Extension 43.. 1927
Chic. & E. 111.— Ist, s. f ., 6b 1907
1934
Consol.eg
General consol. Ist, 5s. ..1937
Chic. Gas. L. &
1st, 5 g.l937
Chic. Mil. & St. P.—Con. 78.1905
l8t, Southwest Div.— Cs. .1909
.1910
l8t, So. Min. Div.— 6s
l8t, Ch.&Pao.W.Div.— 53.1921
Chic.&Mo. Riv. Div.— 5s 1926
Wis. & Minn. Div.— 5 g. .1921
1914
Terminal, 5g
Gen. M.. 4 g., series A. .1989
MUW.& North.—M. L., 6s.l910
1913
Ist, con., 6s
Chic. & N. W.— Consol. 78. .1915
1902
Coupon, gold,78
1929
Sinking fund 63
1929
Blnking fund 58
Sinking fund deben.53. .1933
1909
25-year debenture 53
1926
Extension 4s
Chic. Peo. & St. Louis-S g.l928
Chic.K.I.&Fac.— 6s, coup. 1917
1934
Extension & col. 5s
Chic.St. L.& Pitt.— Con., 5 g.l 932
Chic. St. P. M. & 0.-63.... 1930 J
Cleveland & Canton- 5 g. .191 J
C. C. C. & I.— Consol. 7 g...l914 J
1934 J
General consol. 6 g
1900 F
Col. Coal & Iron— 6 g
Colorado Midl'd- Con. 4g..l940 F
Col.H.Val.&Tol.— Con.5g.l93I M
1904 J
General, 6g
Denver & Rio Gr.— Ist, 7 g.l900 M
1936 J
Ist consol., 4 g
Det.B. City &Alpena^6R. 1913 J
Det. Mac. & M.— L'd grants. 1911 A
Dul. & Iron Range— 53. ...1937 A
Dul. 80. Sh. & Atl.— 5g. ...1937 J
E.Tenn. V. &G.— Cou.,6g.l956 M
Knoxville & Ohio— 6 g... 1925 J
EUz. Lex. & Big San.—6 g. 1902^
Ft. W. &Denv.City— 6g...l921 J
Gal.H.&San An.— W.Div.l8t,5 g.
Han. & St. Jos.— Cons. 68 .. 191
Ulinoia Central— 4 g
1952 A
Int. & Gt. No.— 1st, 6 g .... 1 91
Coupon, 6 g., trust rce...l909
Iowa Central— 1 st, 5 g
1938 J
Kentucky Central—4 g
1987 J
Kings Co. El.— Ist, 5 g
1925 J
j
M &N
.
C—
.
. .
.
. .
.
&N
&N
&N
& D
& J
& D
& J
& A
& A
& 8
& D
& N
& J
& J
&
&
& J
& N
J
M & S
& I)
.
II412 Dec.
114's
92i2a. 90 Nov.
•120
'121
b.
a.
130 14
Railroad
Highest.
7812 Nov.
4658 Nov.
IO712
I0512
9512
— ACTIVE BONDS DEO.
(Continued).
(sales) in 1890.
5158
Sept.
68.1910
1937 J & J
Guaranteed, 4 g
Brooli-)ynElevatedl8t6,g.l924 A &
Can. South.— Ist guar., 58.1908 J & J
1913
& S
2d, 58
Central of N. J.— Cons. 73.. 1899 Q-J
1902
C!on8ol.,7s
General mortgage, 5 g...l987 J & J
inc.,
I^h.& W.B.,cou.7s., a8'sd.l900
1912
do mortgage.ds
1921
Am. Dock & Imp., 58
Range
May
7014 May
2414 May
82% May
122
128
113%
116
105
Feb.
July
May
July
9414 Apr.
Sept.
M &N
M
M & N IIII3
M & 8 78 a.
. .
Jan.
98% May
129% May
116% June
11838 Apr.
IO914 June
103% June
June
June
,fe
Apr.
113% May
llSi^May
144
129
117
Jan.
May
Feb.
Feb.
Apr.
108% Feb.
110%
112
101% June
99% June
132 May
106% June
106% Aug.
123% May
Jan.
Feb.
125% May
II714 Feb.
.
118% June
96%
108
I
,
I
39% May
113
104
110
96
121
June
Jan.
May
Sept.
Feb.
10214 Mar.
52% Nov.
i
St. L.
&
Iron Mt.— 1st, 7s. .1892
2d,7g
1897
& Fulton— 1st. 7 g.l891
CairoArk. &Texas— 7g .1897
Cairo
Gen. R'y & land gr., 5 g..l931
& San Fi-.- 6g.,Cl. A.1906
!
St. L.
6.?.,
ClassB
1906
6g.,ClassC
1906
General mort., 6 g
1931
8. P. M. &M.— Dak.Ext.,6g.l910
lstconsol.,6g
1933
Do
reduced to 4% g...
Montana Exteusiou 4 g..l937
San A. & Ai-au. P.— 1st, 6g.l916
l8t,6g
1926
Shen.Val.— lst,7g.,Tr. rec.1909
Geu'l 6 g., Tr. rec. a8S't'd.l921
,Bo. Car.— Ist, 6 g.,ex coup. 1920
Income, 68
1931
80. Pac., Ariz.— 6 g
1909-10
So. Pacific, Cal.— 6 g
1905-12
Ist, consol., cold, 5 g.... 1938
'So. Pacific, N. M.— 6 g
1911
Tenn.C.L &Ry.— Ten.D.,lst,6g
Birm.Dlv.. 6g
1917
Tex. & Pac.— Ist, 5 g
2000
2d, Income, 5 g. .
2000
|To1. A. A. &N. M.— 6g...
1924
I
I
j
I
I
I
I
]
. ;
83
91
(Stock Exchange Prices.)
Bahama Mid.— Ist, g., Os
1928
Atlantic & Danv.— 1st g., 6s. .1917
Atl. & Pac— 2d W. D., gu. 6&,.1907
Bait. & Ohio— l8t, 6s, Park B.1919
5s, gold
1925
Cons, mort., gold, 58
1988
B. & O. 8. W., Ist, g., 4%8...1990
No price Friday; these are the
*
Jan.
112
May
139% Jan,
110i4Mar.
122% Jan.
107
May
May
113% Feb.
101
10138 June
118 Feb.
9914 June
119
116
June
Aug.
113% May
94
Aug.
110% Apr.
113
117
117
yCaj
Juiie
June
111% May
68
80
106
113
May
June
May
Jan.
104% Mar
110i4Mar.
109 Anr.
106%
M'ar.
74
May
June
34% June
85
87
Jan.
49
83
Jan.
May
M &N
t
;
SECURITIES.
Baltimore
97
117%June
134% Apr.
Nov. 94 June
Nov. 103 Jan.
59% Nov. 83 May
68 Nov. 78 May
105 Nov. 112i4Mar.
98 Nov. 107% Apr.
110% Jan. 113 Juue
105% May 111 Jan.
75 Nov.
9838 May
18 Nov. 32% .May
F & A 1020sb. 102 Aug. 108 Jan.
M & N 104 104 Nov. 109% Oct.
J & J lOlSs 100 July 103% Juue
J & D 102%b. 102i^ Jan. 107% Oct.
A & O 88 a. (84% Nov. 95% July
M & N '108 b. 110 Nov. 115 June
M * N 110 a. 110 Nov. 115 Apr.
M & N UOSga. 106 Nov. 114% Apr.
J & J •107 b. 105 Nov. 115 June
•115 b. 115 Dec. 120 Jlar.
J & J •115 a. 115 Nov. 120 Jan.
J & J •100 a. 100 Feb. 102% June
-85 a. 86% Jan.
92 June
J & J 63 b. 65 Nov. 88% June
J & J 63 b. 65 Nov. 90 Juue
127 a. 11334 Jan. 127 Oct.
56 b. 48 Jan.
62% Oct.
100 b. 96 Jan. 101 14 Oct.
12%a.
7% Jan. 1 4% Oct.
J •105 a. 105 July 108 June
A &0' 11214b. 112 Apr. 115% Sept.
A & 100 14 100 Oct. 10338 Mar.
IO514 July 109 June
J & J 106
80
A &
80 Dec. 104% Jan.
J & J 86%
86% Dec. 103% Jan.
J & D 85
85 Dee.
96% May
March. 30
29% Dec. 45% May
.
Ask.
Apr
May
113% May
128 Apr
II8I4 June
27% Nov.
<!e
Bid.
132
74 Dec.
115i4 0ct.
.
SECURITIES.
Highest,
104=8
80% Jan.
58% May
.
Railroad Bonds.
1890.
33'e Dec.
IO914 Jan. 116% May
72 Dec.
89 May
91 May
& D 80
80 Dec
J&
& J 8112a. 79 Nov. 85% June
& J 100 a. 9913 Nov. 105 Jan.
Ijaclede Gas— 1st, 5g
1919 Q—
71 b. 71% Deo.
89 May
I^ke Erie & West.— 5 g.
937 J & J 105iab. 105% Dec. 112% June
Ijake Shore.-Con.ci>.,lst,7s.l900 J & J 124 a. 122 Nov. 128 May
Consol. coup., 2d, 78
1903 J A D 1201a 120i4Dec. 128 May
Ixtng Island— 1st, con., 5 g. 1931 Q-J 11412b. 111% Nov. 118 July
General mortgage, 4 g... 1938 J & D 90i8b. 92 Nov. 99 Jan.
M & N 87% 87% Dec.
ZA>aisv. & Nash v.— Con., 78. 1898 A &
llliab. 111% Nov. 119% Mar. jTol.A.A. &Gr.Tr.-6g....l921 J & J 99
98 Nov.
U. O. & Mob.— Ist, 6 g...l930 J & J 117i8b. 115 Oct. 121% June iTol. & Ohio Cent.— 5 g.... 1935 J & J 104
102 Jan.
do
2d, 6 g
1930 J & J 107 b. 106 Jan. 110% Feb. Tol. Peo. & West.— 4g
1917 J & J 75 b. 76 Jan.
E. H. &N.— 1st, 6g
1919 J & D 109 b. 110 Dec. 116% May [Tol. St. L. & Kan. C— 6 g..l916 J & D 90
90 Dec.
General. 6 g
1930 J & D 110
110 Dec. 116% May Union PaciUc—6 g
1899 J & J 116 b. 114% Nov,
Collateral trust, 5 g
Sinkinirfmid. 8s
1931 M& N 102 a. 101% Nov. 1 10 Feb.
1893 M & S 108
108 Nov.
I/OUls. N. A. & Ch.— Ist, 6s. 1910 J & J 108 b. 108
Collat. trust 4%
Dec. 119 Feb.
1918 .M &N *74%a. 74 Nov.
Consol., 6g
90
Kansas Pacific— 1st, 6 g. 1895 F & A 110
1916 A &
90 Nov. 105 Jan.
110 Dec.
I^ois. St. L. & Texas— 6 g.. 1917 F i A 77 a. 77 Dec. 101 July
lst,6g
1896 J & D 109 b. 110 Jan.
Vetro. Elevated— Ist, g. .1908 J & J 113 a. 112 Jan. 117 May
Denver Div.— 6 g
1899 M & N •Ill b. 111% Nov.
2d, 68
Istconsol., 6 g
1899 M & N 102
100 Nov. 110 Apr.
1919 M & N 109 a. 108% Dec.
Hich. Cent.— Ist, con., 78. 1902 M & N 119 b. 121% Nov. 129 Apr.
Oregon Short Line—6 g. .1922 F & A 104
104 Dec.
Consol., 5s
Or.S.L.&Ut'hN.- C0U.5 g.l919 A &
1902 M &N 107 a. 107 Nov. 111% Mar.
79%
79 Dec.
Mll.LakeSh. &W.— I8t,6g.l921 M & N 117 b. 16% Nov. 125 Apr.
U.P.Dcn.& Gulf con. 5 g.l939 J & D 77%
77% Dec.
Exten. & Imp., 5 g
1929 F & A 100 laa. 100 Oct. 105 14 Jan. Union Elevated— 6 g
1937 M & N '106 b. 106 Nov.
M. K. &T.— I8t48, g
1990 J & D 73 14
71% Nov. 82 June Virginia Mid.— Gen. m., 5s, 1936 M & N *82 b. 81% Nov.
2d48.g
33 Nov. 55''8 May
do
1990 F & A 38
stamped guar. M &N 83
81 Nov.
*(o. Paciflo— 1st, con., 6g.l920 M &N 104
104 Dec. 113 Apr. Wabash— Ist, 5 g
1939 M &N 95
94^ Nov.
3d, 78
1906 U
N 111 b. till Nov. 120 Apr.
2d mortgage, 5 g
1939 F & A 71
68 Nov.
rac. of Mo.— Ist, ext., 4 g. 1938 F & A 96 b. 95 Aug. 101% Jan.
Debent. M., series B
1939 J & J 31
29 Nov.
2d mort., 7a
1891 J & J
100 July 103 Mar. West Shore— Guar.. 4s
2361 J & J 100% 100 Nov.
Hoblle & Ohio— New, 6 g. 1 927 J & D 108
92I4 Jan.
108 Dec. 117 Apr. West. N.Y. &Pa.— l8t,5g.l937 J & J 98%
General mortgage, 48
1938 M & 8 59
57 Nov. 67 July
2d mort., 3g., 58C
1927 A &
28%b. 28 Nov.
Katual Union Tel.— 6g
1911 M & N 100 Hib. 100 May 105 Sept. West. Un. Tel.— Col. tr., 5s. 1938 J & J 9914a. 97 Nov.
Vash. Ch. & St. L.— 1st, 7s. 1913 J & J 125
125 Dec. 133 Jan. Wis. Cent. Co.— 1st, 5 g
1937 J is J 90%
90 Dec.
Con.5g
1928 A &
100 b 100 Nov. 111 May
Income, 5 g
3134
1937
30% Nov.
KOTE—"b" indicates price bid; " a" price aslced the Range is made up from actual sales oaly. * Latest price this week,
Under
NEW YORK STOCK EXCHANGE FRlC^H-iContinnei).—INACTIVE BONDS-DECEMBER 5.
. . .
1*00.
M&
!
Oct.
102=8 Mar.
101 May
108 Apr.
. .
,
Jan.
Jan.
'
.
I
84% June
100
5g
1958 Feb.
53%
1958 Feb.
34
1958 Feb.
27%
Pittsburg & Western- 4 g. 1917 J & J 74
Rich. & Danv.— Con., 6 g. 1915 J & J 115 a.
Cousol., 5g
1936 A & O 82 b.
Rich.& W.P.fer.— Trust 6 g.l897 F & A 94 a.
Con. 1st & col. trust, 5g. 1914 M & 8 65%
!Rio G. Western— 1st, 4 g...l939 J & J 70
R. W. & Ogd.— Cod., 5s... .1922 A & O 100 b.
St. J08. & Gr. Island— 6 g..l925
N 96 b.
St. L. Alt. & T. H.— 1st, 78.1894 J & J 110 b.
2d, pref., 78
1894 F & A I04%b.
St.L.Ark.&Tex.— Ist, 6s,t'8t.rec.
76
•19 a.
2d, 6s, 1936, tr. rec. allass.pd.
Ist pref. income,
2d pref. income 5 g
3d pref. income 5 g
75% Sept.
88% July
89% July
120
.
<Se
96
97
July 135
100 b. 100 Nov.
*70 a. 661a Aug.
77 13
73 Mar.
78 b. 73 Mar.
113
113 Dec.
80
761a Jan.
loo a. 94 Nov.
28I4 Nov.
28i-2b.
95 Nov.
*95 a, t90 Nov.
*104 a. 102 Dec.
100 b. 1081a Jan.
<Sc
85 b. 87'8 Nov.
99
9812 Dec.
*93 b. 9212 Nov.
&S> 115'2a. 114 Sept.
& *97 b. 98 Nov.
cfc
.
10578 Apr.
106
106
Lowest.
100% Nov.
.
113% Jan.
129 June
122
100
b.
1,
(sales) in
. .
103% Apr.
73% June
82
M & N 101
Range
& J 128% 126 Sept.
& S 106% 106% Dee.
120 Nov.
&N
N. Y. Chic. & St. L.— 4 g....l937 A & O 89%
89 Nov.
N. Y. Elevated—78
1 906 J & J 112%
111 Nov.
N. Y. Lack. & W.— 1st, 6s.. 1921 J & J 128 b. 131
July
Construction, 5s
1923 F & A 106 a. 105% Nov.
N.Y. L.E. & W.— Ist,con.7g.l920 M & Si *130 b. 132% Nov.
Long Dock, 7s
1893 J & D 104%b. 107 June
Consol., 6g
1935 A & O' 117%a. 117% Oct.
2d consol., 6 g
1969 J & D 96
94 Nov.
N. Y. Out. & W.— 1st, 6 g. .1914 M & S 109
109 Dec.
Consol. Ist, 5g
1939 J & D 89 a. 89 Dec.
N.Y.Sus.&W.- I8tref.,5g.l937 J & J 90 b. 95% Dec.
Midland of N. J.— 6 g
1910 A & O •110 b. 110 Nov.
Norf. & W.— 100-year, 5 g.l990 J & J 94 b. 94
Oct.
North. Pac— 1st, coup., 6 g.l921 J
J 114 b. 113% Nov.
General, 2d, coup., 6 g... 1933 A & O 110 b. 107 Nov.
General, 3d, coup. 6 g. .1937 J & D 105
105 Dec.
Consol mort. 5, g
1989 J & D 79
77% Nov.
North Pac. & Mon.— 6 g...l938 M
S 101%
99 Nov.
No. Pacific Ter. Co.— 6 g. .1933 J & J| 106
106 Jan.
Ohio & Miss.— Cons.s.f.— 7.1898 J &J 114%a. tll3 Nov.
Consol., 78
1898 J & J •114 a. 113i4July
Ohio Southern— 1st, 6 g. .1921 J & D 100 b, 100 Nov.
General mort., 4 g
1921 M & N 51 b, 40 Nov.
Omaha & St. Louis— 4 g. ... 1937 J & J 56 b. 71 Aug.
Oregon Imp. Co.— Ist, 6 g.. 1910 J & D 80 b. 79 Nov.
Ore. R. &Nav. Co.— Ist, 6 g. 1909 J & J 106 b. 107
Nov.
Consol.,5 g
1925 J &X> •93 a. 94% Nov.
Penn. Co.—4% g., coupon .1921 J & J 10534b. 105 Nov.
Peo. Dec. & Evansv.- 6 g..l920 J &J* 101 %a. 101
Jan.
EvansviUeDiv.— 6 g
1920 M
8 100 a. 100 Mar.
2d mort., 5 g
192G M & N 60
57% Dec.
Peoria & East, consol. 48.. 1940 A & O 72 b. 73% Nov.
Income, 48
1990 April. *15 b. 18 Nov.
Phila. & Read.— Gen., 4 g. .1958 J & J 77%
75 Nov.
Feb.
July
Jan.
Feb.
Apr.
Jan.
Apr.
77
JAN.
since
Clos'ng
Ain> Miscel. Bondb. Inter'st Price
Period. Dec. 5
.
110% June
116% Mar.
118
and
Central—Extend., 53.1893
1st, coupon., 7s
1903 J
Deben, 5s, coup., 1884. .1904 M
N. Y. & Harlem— 7s, reg. 1900 M
llS^Mar.
100%
Si,
N. y.
88
110
LVol. LI.
Bid.
Mon. Riv., 1st guar., g., 5s. .1919
Beech Creek— Ist, gold, 48. . .1936
Bost. H. Tun. & W.— Deb. 5s. 1913
Brooklyn Elevated— 2d, 3-58.1915 • 85
Buft. Roch. & Pitta.— Gen., 58.1937
95
112
Boch. & Pitta.- 1 St, 68
1921 117
106 ibs"
do
Consolidat'dl8t,6s.l922 110
Burl Ced. Bap. & No.— ist, 5s.l906
92
Consol. & collat. trust, 5a. .1934
81
latest quotations made this week.
.
.
SECURITIES.
A.sk.
& Ohio— (Continued)—
••
107% Jan.
Ill
Juue
IO8I4 July
80% May
101
Jan.
118% Mar.
116% Feb.
90 Jan.
112i4July
113% Mar.
117% Mar.
118 Mar.
II6I4 Jan.
9514 Jan.
88
Aug.
110%
Oct.
88%
Apr.
Apr.
IO514 Apr.
86% Jan.
57 May
ice's June
102 14 Juue
90
40
May
102% Jan.
104 14 Apr.
69 Jan.
the rule."
Bid.
Ask.
Rap.&No.— (Contin'd)—
Minn. & St. L.— Ist, 78, gu. .1927
Burl. Ced.
84%
Iowa
C.
& West.- Ist. 78.
. . .
1909
Ced. Rap. L F. & N., 1st, 6s. 1929
Ist, 5a
1921;
Central Ohio Reor.— lat, 4%a.l930
Col.cSi Cin.Mid.— Iat,ex.4%s.l939
112>4 Oent. RR. & Bank.— Col. e.5a.l937
8av.& West.- l8tcon.gtd.5a.l929
95
90
97
Oent. of N.
J.— Conv.
del).,
68.1908
88
I
—
Dkckmbkb
THE OHKONICLE.
0, 1690.]
788
NEW YORK STOCK EXOHANQE VRICEH.—INACTIVE BONDS—(ContinutdJ-DECEMBBB
O.H.fta.A.— Weat.
Rallrond \\anAf,—fCont.J
^l„rk Kxrhmmr PrUf$.)
Ga. 80.
I
1896 'It0>«
1890
tJolil XwwAo, ll»
1H97 113
Gold ImiihIb. (id
1900
Ban Jou(|iilii Hr.,6a
Cal. A Oregon—8er. B. 6a... 1803
1939
Wort. KdldTs*
1000 98 100
l.uiiU Kraiit,e«,ff
Weat. Paolflo—JBund<i,es....l809 107
Ko. Bailwajr (Oal.l-lat, Oa.lOO?
1938 100
aO.year 6a
lU
OhM. ft O.— Piir. M. fund, 6a. 1898
117
6a, fCDid. aertea A
1008
78
Qbea. 0.& 8o. West.— 2d. 08..1911
.^
lOOH 107>»
ChlcaffoA Alton- l8t,7s
1893
Blnkintf fund. Os
1008 US'*
Louis. .V Mo. Hlver— 1st, 78.1900 U6
2d, 7«
1900 111
8t. I.. Jacks, ft Ohlo.-l8t,78.1804 106
Ist, (niar. (564). 7s
1894 108
Sdiuort. (360), 78
1898 US'*
2d. Kuur. (188), 78
1898 IISH
Ml.Hs.R. Iiri(lK<»-lst. 8. f., 68.1912 104
Ohio. Burl. & Nor.— Deb. 6s. ..1896 " 01
Oriitrul I'lu'lllo-Uolil b(U,68,
Ohio. BurllnK.
A Q.— .58,
s.
Iowa Dlv.— Sink, fund,
f..l901
100>s
58. .1910
ft
Olv..
FIs.- 1st,
.Us
1927
lat Waco ft Nor.-^a
1901
2d in.8a.M. 1. Truit recolpU.1913
Oen. mort. 68,Tnutre««lpta. 1036
Illinois Cenlral-lat g., 4a
.1951
1st. gold, IlUj,
1981
Buringf. Div.— Coop.. 08.. ..1808
Middle DIv.-Reg., 68
1921
C. 8t. L. ft N. O.-Ten. 1., 78.1897
Ist, consul., 78.r
1897
2d, 6a
1907
Gold, 68, ooupon
1061
Memp Div., Istg. 48
1061
Dub. ft 8. C- 2d Div., 7s ..1804
Ced. Falls A Minn.— 1st. 78.. 1007
Ind. D. ft Hpr.— Ist78. ex. cp.l906
Ind. Dec. ft West.—M. 6e
1947
2d M., inc. 5s
1948
Inter, ft Ot. Nor.—Coup. 68... 1909
. .
L. 8h. ft M. 80.-C. P.ftA.—78.1892
Buff, ft Er.— New bonds. 7b. 1898
D
114
Dot. M. &T.-lBt,78
1900
1902*12 lis 126
Lake Shore— DIv. bonds, 78. 1899
Mabou'g Coul RR.-lst. 58.1934
78.1893 lOOJa 107>s
116
l8t,r.ft M.,7s
LehlghV..N.Y.— 1st gu.g4'a8.1940
1897
1st, I. ft D.. 78
I atchf. Car.A West.— Ist Oa. g.l916
1899 114
Ist, C. ft M.. 78
l«ng Island— 1st. 7s
1003 120
1898
Ist. I. ft D. ExteusloD, 78.
1908 120
N. Y. ft Rway B.— lat. g. 68.1927
lat, I.aC. ftDav., Ss
1919
2d mortg.. ino
1927
1910*120
1st, H. ft D., 78
Brooklyn ft Mont.— lat, Os.. 1911
Ist. H. ft D., 5a
1st, 58
1910 99 102
1911
Chicago ft Pacmo Div., 6s.. 1910 114 lis
Smlthtown&Pt.Jeff.- l8t,78 1901
Mineral Point DIv. 5s
100
Louis.Eviin.H.&St. I*— Con.5a.l939
1910
C. ft L. Sup. Div., 58
Louis. A Nash.- Cecil. Br, 78.1907
1921
Fargo ft South., 6a. Assn.. .1924
Penaacola Division, 6s
1920
Inc. conv. sink. fund. 5s
1916
Bt. Louis Division, Ist, 68.. .1921
Dakota ft Gt. South., 5s. .1910 '100»s
2d. 38
1980
99
Ohic.&N.W.— i:.sc.&L.8.l8t,ti8.1901 *
Nashv. ft Decatur— Ist, 78. .1900
DesM. ft Minn.— Ist, 78. ...1907 109
8. f..6s.— S. ftN. Ala
1910
R.D
l8t. 7*1. *g.,
lat. I.a Crosse OlTision,
110
110
. .
C—
Ohic.
ft
W. Ind.— Ist,
8. f.,
General mortgage. 68
Oin Ham. ft D.— Con. 8.
122
125
1st con.
MU.
100
117
Bellev. ft
Bcllev. ft
Chl.8t.I..ftPad.— lBt,«d.(.6Bl017
Bt. Loula Bo.— lat. gd. g. 4a. 1981
do
Zd Income ,5a. 1031
.
ftShawt.- Istg. 4a....l033
118
Car.
106
St. L. ft
iSt.
08
I
114>s
I
102
,
'
87
106 >s
I
1st.
'
60
114>s
80
100
130
Minn,
105
133
132
29
140is
IO214 103
ft
Pac— 1st
07
105
98»s 101
91
88
. .
St. L. ft
Cairo—48, guar
Morgan's La.
120
130
122
113
102
Ist.
1931
xnh
.
C—
|
*
No
price Friday; these are the latest quotations
made
this
week]
99%
41
80%
104
ft
H.Fran. —Equip., 78,1805
1031
98>*
103
80
M
70
100
04
io4"
99"
1st, trust, gold, Ss.
1987
Kan. City ft 8.— lat, 68, g... 1916
Ft. 8.
Paul
B.Bg.— lBt,6«...1910 90
Duluth— lst,6a....l931 103
ft V.
ft
10219
117
117
1917
2d niortgak?e .'>s
8t. Paul Minn ft M.— lat, 7b. .1900
1909
2d mort., 6a
Union— lat. 6a... .lO-iS
110
Munt. Cen.— lat, guar., 68.. 1937
East. Mum., 1st div. lat 68.1908
San Fran, ft N. P.— Ist, g., 5a.l919
Scioto Valley ft N. E.— lat,4a,1990
73%
95
40
100
103
lift
76
no's
112
114%
lift
100
88
Oreg.8.L.ft U.N..col.trat.,6a.l019
120
105
92
SB's
I
I
100
,
i
\
76
1008
Utah ft North.- Ist, 78.
1026
Gold.68
Utah Southern—Oen,, 7».. 1900
1909
Exten.. 1st. 7s
loe
10s
104%
Valley R'y Co. of O.—Con. 6s. 1921
Wabash— Deb. M.. series "A". 1939
1895 109 >4 lis
No. Missouri- 1st, 78
8t.L.K.C.ftN.— B.E.ftKR.78.1895 106 107
103
St. Charles Br'ge—lst,68. .. 190S 102
West. Va. C. ft Pitts.— Ist. 63.1911
iWheel.ALE.— 1st.
105
5s. gold...l9'i«
(W.D.l-ls.g..r)s
19'28
109"
i
msoellaneoua Bond*
ids" 'Am. Water W Co.— lat
Ist con., gold, 5s
no's
1
68....
j
1907
1907
'Boston Un. Gaa— Tr. cer. 58. .1939
Cahaba Coal Mln.— Ist g. 7s..l907
jCol. A Hoek. Coalftl.—«8,g..l917
IConsol'n Coal— Convert. 6s... 1897
110
110
Id's Consumers Gas
fuar. 58
110
isou Elec.
Equitable O.
lllackensack
50
76
III.
Co.,
Chicago— Isl
1036
Co.-l8t, 68.1010
102
108
100
1U4
96"
105
Norlhwesteru Telograph— 7^ 1004 108
Peoi)lc's Gas ft Coke ) 1st g.0«,1904
J2dg.6a,1904
Co.. Chicago
Philadelphia Co.— Ist s. f. 6a.l898
Weat. Union Tel.-7s. 1876-1900 110
Whitebreaat Fucl.gen. a.f.,6a.l908
Woodstock Iron— 1st, g. 6a... 1910
i'd-iii
. .
UnlUted Honda.
I
'Ala.ftVicks.-Consol..')g.,19'Jl.A*0
2d M., income till ''.14. lO'.'L.AftO
Vick». ft .\lerid..lst 6s, ly.'l.AftO
Atlanta ft Charl.- 1 »t 73, 1 HOT. J AJ
I
:Conist(KkTun.— Inc.48. l919.Mft.NlOeorgia Pae.-lst 6a, 1033.. ..JftJ
4*0
Consol. 5 g lO'-'S
Incomes g 19^3
i-A,'*^
Little B.ft .Mem.- Ist 5g.l937.M*8
Mem.ACharl.— CoDa.7g.,1915J*J
N.Y. A GM Ijikc-latSa, 1»08.F*A
F*A
•2d mort.. Os. 1908
.
.
Nor.Pat-.-P.d'Or.Dlv.8a.l9lO.M*8
!
Mo. Div..
6s.
U*a
1919
Bt LArk.ftrix.-lat4a.WheBtoBB'4
2d
4s.
Income
Bt. P. E. Gr.
Wbea iaaa'd
Trunk- ««.,1913J*J
Weat. Nor. Car, cona.
tta
....
1014
Si*
8K
1906
F.— lat 6a.
Water— 1st. 6b. .1926
ft
Heiidcrsoii Brlilife— Ist g. 68.1931
1901
Iron Steamboat Co. 6*
Met Tol. ft rcl.-lHl,8.f.g.58 .1918
Nation'l Starch .Mfg.-l8t.«>*.1920
'
RV—
Ot%
100
Atch. J. Co. ft W.— Ist, 6a.. .1906
U. P. Lin. ft Col.— l8t.g.,5a. 1918
mortg., 58.1936
ft T.— Ist, 68.. . .1920 id?'
1918 US'*
78
Nash. Chat, ft St. L.—2d, e8..1901 104
Del. ft Hud. Canal— 1st, 78. ..1891 102% 103 "g New Orleans ft Gnlf— lat, 6a .1926
1st. extension, 7s
N. O. ft. No. E.— Pr. 1., g., 6s.. 1915
1891 loo's
1905 100
Coupon, 78
1894*108 no's N. Y. Cent.— Deb. g. 4s
Pa. Div., coup., 7s
1917 '140 I14I2 N. J. Junction—Guar. Ist, 4s. 1986
Albany ft Susq.— l8t,gu.,73.1906
129
N. Y. N. H. ft H.— l8t, reg. 4s. 1903
N. Y. ft Northern- 1st, g.. 58.1927 102
1st, cons., guar.. 68
1906 lie's
1927 46>i
Bens, ft Sar.— l3t. coup.. 7S.1921 *141
148
2d. 48
71
N. Y. Susq. ft West.— 2d. 419S.I937
Denver City Cable— 1st. C8...1908
1940
Geu. mort., Ss. g
Deny, ft- R. G.— Imp..g., 5s. ..1928
81
North'n PaclHc— DIvld'dscripext. •100
E. Tenn. Va. ft Ga.— Ist, 7s.. .1900 *113 118
James River Val.— Ist, 6s... 1936 103
Divisional 5s
1930 •102's
92'
1936
Spokane ft Pal.— Ist. 68
Ist ext..gold, 58
1937
sf.Paul ft N. P.— Gen.. 6s.. 1923 118
Eq. ft Imp., g., 5s
1938
96'
HclcnaARedM'n— l8t,g.,6a.I937
Mobile A Blriii.— Ist, g., 58.. 1937
DuUillutMa'iltoba- lst.g.68]«36
Alabama Central— 1st 6s... 1918
Dul.AMiin D ik.Dlv.- Ist«;s.iy37
Erie— Ist, extended, 7s
118
1897
Ca?ur d'Ali « —1st, 6a, gold. 1910
2d, extended. 5s
lie's
1919
19381
Gen. Ist, g., 6s
3d. extended. 4'33
1923
108
Ceut.Washiugton— l8t,g..68.1938
4th. extended, 5s
1 920 112
Norfolk* West.— General, 68.1931
5th, extended, 4s
1928
99 loo's
1932
New River, 1st. 68
Ist, cons., fd. coup., 78
1920
1934
Imp. ft- Ext.. (58
Keorg., Ist lien. 6s
1908 100
1924
Adjustment M..7B
B. N. y. ftE.— Ist, 7s
1916 133
5a
1908
Equipment.
K.Y. I,. E. ft W.—Col. tr.,68.1922i*109
1957
Clinch Val. Ist 58
Funded coup., 5s
1969 82
Lake Ch.— 1st con. 6a.. 1920
Ogd. ft
Income. 6s
1977*
73
Ohio A Mi»a-2d consol. 78. ..1911
Buff, ft 8. W.— Mortg. 6s.... 1908 '100
Springfield Div.— lat 78... ..1905
Jefferson— Ist, gti. g. 58
1909"
104
1932.
General 5a
Eureka Springs
lst.68.g.l933,
1936
Ohio River RR.— lat, 68.
Evana. ft T.H.— I8t,con8.,0s..l92l'*
117
1937 *
General mort.. gold, 6a
1923*
Mt. Vernon— Ist 68
109
California— let, 58.1927
Oregon A
Evaas. ft Indian.- 1st, cons. .1926 107
Oregon Imp't— Cons., g. 6a. ..1939
Flint ft P. Marq.— Mort., 63. . 1920 116
Oreg. RyftNav.—Col.U. g..58.1919
l8t con. gold. 58
100
1939
Penn.RB.-P.C.&8.L.-l8t,c..78.1900
Port Huron-lst.Ss
100
1939
1st, 7a... 1912
Pitts. Ft. W. ft
Fla. Cen. ftPen.— Istg. 58.. ..1918,*
93
1912
2d. 78
Gal. Har. ftSan Ant.- l8t,68.1910 "100
1912
3d, 78
1903* 90
2d mort.. 78
91
*115
104
101
Minn.S. Ste.M. ft Atl.— 1st. 58.1926
Mo.K.ftT.— K.C.AP., Ist,4s,g.l900
Missouri Pacific —Trust 5s... 1917
Mobile A Ohio-lst ext., Os. 1927 •108
Um
Shenandoah Valley— Inc., 6a. 1933
Sodus Bay A 80.— Ist, Ss, g...l934
1931
South Carollna-2d. 6s
!So. Pac. Coast— Ist, guar„4a.l037
iToxas Central— Ist, 8. f., '7b. ..1909
1911
1st mortgage. 78
Texas ANow Orleaaa— lBt,7B.1906
1912
Sabine Division. Ist, 6a
Tex. ft PiH'.. E. IMv.— lat, 6b. 1905
Third Avenue (N.Y).— lat 5b, 1037
1917
ToLA.A. ftCad.—6b
1919
Tol. A. A. ft Mt. PI.—68
1896
Union Pacific— Ist, 6b
1807
1st, 68
1898
1st. 6s
1008
Collateral Trust, 68
1907
Collateral Trust, 5a
1806
C. Br. U. P.— F. e., 7a
Atch. Col. A Pac— Ist, 68... 1900
loo's
1924 112
6s
07
97
M.— Ark. Br.,lat.7a.l89& 103
Mlniicap.
103
S.&W.— r;onv.deb.. 58.1907 100
Mich. Div..
I.
Genera) 58
iSt.
Ashland Division- Ist, 68 ..1925
* 97
Incomes
Mlnn.ft St. L.— Ist, g. 7a
1927 100
Iowa Ext-snslon. fat. 7s
1909 90
45
2d mortg.. 78
1891
Southwest Ext.— l8t, 78
1910 73
90
Pacific Ext.— 1 St, 68
1921
104>s
110
Impr. & equipment, 6s
1922
00
.
46
80. UL— lat, 8a...l89fi lis
1033 90
Car.— lat, 6a.
Tenn
1891
.
.
114%
1940
130
100
.
71
71
103
63
105
1
L.
M
praf. conrart
ToL-lat, 6a. 1933
PIMs. Junctton-lat 6a
1023
Pill". Ml
K. ft Y.-Iat6«.....lSS3
I'ilU. i'uiusv. ft P.— lat, &a...l9ie
Pitta. Y. ft Aah.-Conaol. &«..1M7
PnaCt ft Aril. Cent, lat, Oa,*. 1916
1010
3d Income, 6*
Rich, ft Daiiv.— Debenture Oa. 1937
Kniilp. M. a. f., g.. 6a
1000
Atl. ft Char.— i at, prof^ 7b. 1897
do.
1900
Income, ea
Rome Wat. ft Og.-lat M., 7a. 1891
St. J08. ft dr. la.— 2d Ino
1936
Kan. C. ft Omaha— lat, 6b.. 1927
8t. L. A. ft T.U-'Jd m. lnc.7a.J8tU
Dividend bonds
1894
80
102
114
RMd.—
Pitta. Clere. ft
96
lis
116
100
.vW.-lBtpnif.&a..I98il
.k.UmoB— iBl.Oa.lOai
morig., i^ia
1031
.
zii
100
T,,d.B.ftW.-lat,pr.7a.lSO0
Phlla. ft
107
ft
Mortgage 4s
Jack. Lan. A Sag.- 68
121
2d. gold. 4'a3
1937
Cin. I. St. L.& Chic.— l8t.g.,48.1936
Consol.. 6s
1920
Oln. Jack, ft Mac.— 1st, g., 5s. 1936
O.O.C. ft St. L.. Cairo div.— 4s, 1939
Ol.Col. Ctn. ft Ind.— 1st, 7s,s.f.l899 114
Consol. sink, fund, 73
1914
Clove. & Mah. V.— Gold. 58...1938 '103
Colorado Midland— Ist, g., 68.1936
Columbiaft Green.— l8t,63... 1916
2d. 63
1926
J)i\. Lack, ft W.— Convert. 78.1892
Mortgage 78
1907
Brra. Blng. ft N. Y.— 1st, 78.1906
Morris ft Bssex—l8t, 78
1914
2d, 78
1891
Bonds, 7s
1900
78or 1871
1901
Ist, con., guar., 7s
1915
I
112
Charl.—6s, gold.. 1924
lien. 78
Iwl5
Mexican National— lat, g., 6s. 1927 88
1917
2d, Income. Os. "A"
2d. income, 6s. "B"
1917
Michigan Central—68
1909
Coupon. 5a
1931 *110
Memplils
93
6s. 1919
8.1905
111
120
113
107
116
92
'f
y
iVo'
Lou.N.Alb.&Ch.— Oen.m.g.5s.l940
1932
f.,
84
100
103
01
WJ'i Loulav. South.- 1st. g. 68 ....1917
Lou. N. O. ft Tex.— lat, 4s.... 1934
2d mort.. 5s
1934
C.B.I.&P.— D.M.&F.D.,l8t4s.l905
1st, 2'a8
1905
Extension, 48
1905
Keokuk ft Des M.— Ist, 53. .1923
Ohio. St. P ft Kan. City— 5s.. 1936
Minn, ft N. W.— Ist. g., 5s. .1934
Obic.St.P.ft Minn.— 1st, 68. ..1918
Bt. Paul ft S.
Ist, 6s
1919
10-10. gold, 6s
1924
60 venr 5s. g
1937
Uuifled, gold. 48
1940
Pen.i. ft At.- Ist, 6a, gold... 1921
Nash. Flor. ft S. Ist gu. 5s.,1937
130
Mil. ft Mad.— Ist, 6s
1905 *114
Ott. C. F. ft St. P.— 1st, 53. .1909 *104
Northern 111.— 1st. Ss
1910 *104Ja
MO
08
00
100
79
. .
Iowa Midland— 1st, 8s
1900 120
Peninsula— Ist, conv., 7s... 1898
Chic, ft Milwaukee— ist, 78.1898 114
Win. ft St. P.— 2d, 78
1907 *ia5
Piianarlvanla BR.— rrvn.^
CleT. ft P.-Cniw..*. fd.. 7b I
4th.aliik.rnml.
OiklHOV
at. L. V. ft T. il.— lat, te, 7a. ll
3d, 7a
1(
2(1. guar.. 78
ll
.
Kanawha ft Mtoli.—Hort. 48.11)90
Kan. C.Wyan.AN.W.— lst.68.1938
98
OAli
Grand Ran. ft In<l.-<Jeu. :>».. 1944
GreenB. W, &HI. P.— IntOa .1011
2d Income, all BUba. paid
HoQiatoulo— Cons, aold 5a.... 1037
N. Haven ft Uerbjr, Cona. 6a.. 1918 100
Boua.ftTox.C.— lakm. 1. 7B.Tr.reo.
Weat IMv. 78.Trn«t rooolpia.1801 iOB*
120
Plain. 4a
1921
Chic. & Indlimn Coal— Ist 58.1936
Ohi. Mil. ft St. P.— l8t,88,P.D.1898
2d, 7 3-lOs, P.
1898
UeOVBITlM.
Bid.
2d flalOSI
06
ee
02
1919
81ukinKfund,48
SBOUBinU.
Aak.
Bid.
SECl'BITIKa.
•.
100
..
.
..
.
.
.
..
.
.
.
.
.. .
..
.
.
..
1
THE CHRONICLE.
784
Latest Earnings Seporled.
KOADS.
Inujestmjent
[Voi„ LI.
Week or Mo
AND
—
to subscribers of the
Chronicle at 50
cents each,
and
& No.
Georgia RR
Geo. So. AFla..
Gr.Rap. &Ind..
Cln.K.&Ft. W.
Other lines ..
Total all lines.
arand Trunk...
Ohio AGr.Tr.
Det.Gr.H.it M.
Gulf & Chicago.
Housatonlc
Huraest'n&Shen
m.Cen.(ni.&So.)
Cedar F.&Min.
Dub. &Sio'xC.
at $1 per copy.
The General Quotations of Stocks and Bonds, occupying
eix pages of the Chronicle, are published on the third
Saturday of each month.
RAILROAD EARNINGS.
Latest Sarnings Reported.
EOADS.
Weeh or Mo
18©0.
1889.
JuH. 1
Octoljcr.
Allegheny Val. October.
Atcli.T.&S.Fe. 3dwkNoT.
Half owned
3d wk Not.
. .
Total system. 3d wkNov.
BtL.&SanF.. 3d wk Nov.
Half owned.. 3d wk Nov.
18,906
247.368
660,351
38,734
690,085
141,483
38,043
179,526
Latest Date.
1890,
1889.
Agg. total
Atlanta Jc Char.
Atlanta & Flor'a
Atlanta & W.Pt.
3d wk Nov,
.
22,323
242,948
615,360
32,117
647,477
140,840
31,425
172,265
819,743
134.105
9,910
64,862
36,015
,726,274
491,399
217,667
784,932
1,968,857
23,189,010
1,399,677
24,488,673
5,270,910
.
. .
. .
. .
.
.
. .
.
.
. .
•
. .
.
.
.
. .
wtj No'-.22
Octooer
Septemb'r.
Iowa lines
Total
.
.
October.
October.
October.
October.
October.
October.
all ....
.
..
..
250.351
260.764
..
Ind.Dec.&West. October
[uteroo'nlc (Mx) October.
1,716,471
.
Iowa Central... 4thwkNov
Iron Railway
October
.
. .
.
.
J'k'uv.T.&K.Ws Septemb'r.
Kanawha&Mich sd wkNov.
Kan. C. CI. & Sp 0(i|wk Nov.
K.C.F.S. & Mem. id wkNov
K.C.Mem, & Blr. yd wk Nov.
Kentucky Cent. October...
Klngst'n
&Pem.
October.
L.
L.
Erie
Erie
..
& L.. 2d wk Oct.
& So October...
Wesf* sd wk Nov.
Knox.C.G.
All.
<fe
18,000
1,455.707
10.413
..
..
.
& Hud.. November.
L. Rock & Mem. 3d wk Nov.
Long Island
November.
Louls.&Mo.Riv. August
Lehigh
172,511
.
.
2d wk Nov.
vvk Nov.29
vvk Nov.22
6.129,
188,290
71,048
49,470
8.459
4,449
62,378
376,664
69.834
20,952
4.143
144,070
Loul8,Ev,&8t,L.
4thwkNov
4thwkNov
Louisv.&Nashv.
Louis. N. A & Ch. gd wk Nov.
Louis. N.A&Cor. Septemb'r.
Lonisv.N.O. AT. 4th wk
Nov
ithwkNov
Lou.St.L.ifeTex.
Lynchb.&Dur'm October...
Memphis &Cha? 3d wkNov
IMexlcan
Cent... .tthwk
(Mex. National
Jati. 1 to Latest Date.
1890.
36.927
134.000
36,025
3,204
29.942
6.638
8,451
90,551
32.121
109.809
7,652
14.236
3.762
6,460
58,606
Nov
4tiiwk Nov
\vk Nov 1
.
(Mexican R'way
Mich. C. &C.SO.
Mil.L.Sh.&West
Milwaukee &No
Mineral Range..
Miuneap.&St.L.
M.St.P.&S.S.M.
Mo. Kan. & Tex.
Kan. C. <fe Pac.
Mobile ifeBirm..
Mobile & Ohio
$
43, 022
22.383
1,485,,146, 1,320,728
600, 608
254,342
44,322: 2,361,,897 2,061,422
8,390
419,,592
400,127
3,9671
195,,628
184,506
56,679, 2,977,,116 2.646,054
370,497 18,383,,612 18,329,107
74,725; 3,361,,339 3,219,610
20,314 1,011,,922
952,092
4,106
34,,746
34,830
140,186' 1,159,,758
911,163
18,841!
136,,798
122.804
,45'1,169 11,723,,387 11,4,56,299
11,0201
79,447
80,,121
215,893 1,676,,656 1,465,392
226,913 1,756,,777 1,544,841
,680,082 13,480,166 13,001,140
40,265
370,470
334,550
2.777|
85,076
35,332
3,286
37,718
5,322
5,226
90,722
28,403
116;038
8,043
13,583
6,698
54.581
'2'7',i'3'i
26',480
17,385
295,588
37,318
29,522
481.235
58.245
1.784
120,237
11,620
15.000
44,373
177,856
94.770
82.000
15.774
247,829
49,978
26,028
487,858
50,185
2,026
114,158
9,264
4.000
44,776
176,551
91,875
84,668
1,524,103
30,662
403,268
302,990
370.109
4.144,713
1,059.505
903,015
325,735
141,982
1,378,660
34,744
382,225
251,239
236,347
4,085,574
904,044
874,264
309,568
153,853
56,886
51,913
2,714.858 2,510.526
15.188,922 13.991,605
321.528
248,347
512,986
526,920
3,693,493 3,279,801
265,515
283.482
1.213,543 1.057,352
17,488.426 16,357,245
2,321,845 2,195,659
10.328
11,267
2.703,206 2,574,64»
363,496
88,315
1,627,741 1.509,862
5,783,628 5,695,258
3,392.254 3.330,365
3.401.462 3.506,938
8,036,764 7,378,443
3,589,185 3,221,716
1,193,764 ,145,443
July
67,617
77,884
4th wkNov
42,040
37,274
4thwkNov
11,200
10,072
101,911
October...
165,770 182,'229 1,216,478
October...
193,316 22^549 1,653,903
October.
982.035 861,435 6,965,005
October. ..
34,966
October
"6,279
232, 362
6,338
3d wkNov.
November. 344.785 289,079 3.096. 257
Monterey&M.G October. ..
387 403
43,917
Nash.Ch.&8t,L. October... 352,065 309.511 3,108, 605
N. Jersey &N.Y. October. ..
222, 918
24.285
24,443
New Orl. & Gull October...
119, 256
14,609
20.778
N, Y. C. & H. R. November. 3,099,581
113,40." 33,174 ,685
N. Y, L. E. &W. October.
805,002 24,309 640
2,712,738
N. Y. Pa. & Ohio Septemb'r.
674.755 625,160 5,360 393
N.Y.&N.Eng.. October.
578.917 538,346 5.039, ,631
438 093
N. Y. •feNorth'u. October...
41.916
54,177
N. "Y. Ont. <t W.a 4thwk Nov
56,829
52,875 2.130 797
N.Y, Susq, & W.. October. ..
163.228 134,512 1,316 916
Norfolk & West. 4th wk Nov 136,829
119,971 6,539 ,956
514 431
N'theast'n(8.C.) Septemb'r.
47,622
42,444
North'uCenti-al. October.
590,386 630,834 5,569 196
Northern Pacific 4th wk Nov 659,405 607,835 22.154 ,464
Ohio&Miss
84,050 3,813 ,917
68,566
4thwkNov
188: ,2'29
Ohio & Northw.. October
22,556
19,685
7, ,964
CoL & Maysv. October...
1,006
845
635 ,135
13,329
Ohio Klver
15,661
4thwk Nov
508 ,727
53,289
Ohio Southern.. November.
54,952
190 ,417
5,718
Olio Val. of Ky. 4th wk Oct
6,128
507 ,571
Omaha & St. L. October,
52,905
55,593
Imp. Co. Septemb'r. 402,014 366,701 3.348 ,005
Oregon
Pennsylvania .. October. .. 6,192,901 ,857,772 55,237 ,073
699 ,950
PeonaDec.&Ev. 4thwkNov
17,616
15,842
448 ,928
Petersburg
35,186
40,855
October.
Erie... Septemb'r.
3,809 ,478
Phila. &
483,619 483,396
Phlla. & Read'g October.
2.123,831 ,930,114 17,383 ,758
Coal & Iron Co. October.
2,151,900 ,230,011
Total both Cos. October. .. 4,275.731 ,160,125
30,666
2,335
3.336
Pitts. Mar. & CU. 'October
133,430 118,082 1,091,431
Plttsb. & West'u' Septemb'r.
354,964
34.672,
Pitts. Clev.&T. Septemb'r.
39,115
211,194
19,032
Pitts.Pain.&F. Septemb'r.
23,676
48,051 2,074,467
Total sy8t«ui|4tliwk Nov
59,222
106,112 1,168,723
Pitt.Young.&A October.
1 09,869
239,362
28,813i
31.635
Pt. Royal & Aug. Septemb'r.
285.411
22,429
Pt.Roy.&W.Car. Septemb'r.
34,344
108,743
11.099
Pres.&Ariz.Cen. October
12,665
209,174
21,790
QuiucyO.&K.C. October ...
27,155
Rich.&Danvllle. October. ..
589,200 563.800 4.870.196
216.600 203.400 1,917.859
Vir. Midland.. October. ..
757,321
91,475
95,550
Char. Col. &Au. October. ..
689.318
87.750
Col. & Greeny. October. ..
90,850
786.622
76,298
85,100
West. No. Car. October. ..
October. ..
172,150 157,5*1 1,550,731
Georgia Pac
127,964
13,965
16,250
Wash.O.A W.. October. ..
120,418
11,211
Ashv. & Spart. October. ..
13,400
Total Sys'm. 3d wk Nov. 324.100 257,310 11,763,154
281,715
24.761
26,285
Elch. & Petersb. October. ..
28.150 1,644,672
44.200
Rio Gr. West... Sd wk Nov.
& Ogd. Septemb'r. 376.994 3S'2,822 2,984,479
Rome W.
91.418
10.843
Sag.Tuscola&H. October...
14,559
26,505 1,172,'233
8t.L.A.<tT.H.B's 3d wk Nov.
29,898
134,216 143,584 3,691,050
St.L. Ark. & Tex. 4th wk Nov
8t.Paul&Dul'th October
173,013 180,990 1,236,491
8t P.Mln.&Man. November. 1,376.649 ,221,396 9,161.129
626.006
Minn. November.
115,958
East, of
t()4.797
89,713 1 .024,699
Montana Cent. November. 115.368
10.811,835
Total Sys'm. November. 1,556.814 1 ,427,047
46.547 1,446,831
52,367!
e.Ant.&Ar. Pass 1st wk Nov
719.920
13,346
16.768!
B. Fran.& N.Pac Jsd wk Nov.
306.787
21,532
5 1,551
Sav. Am. & Mon. October.
599.196
71,228
Scioto Val.iN.E.IOctober. ..
375,297
9.152
Seattle L. S. & E. 3d wkNov.
1,098.018
Snenaudoah Val October... 131.731
206,016
Sioux City & No. Septemb'r.
35,527
. .
1889.
176,895
40,613
L.Bh. AMlch.So. Septemb'r.
wk Nov.
878.G12,
139,854
Septemb'r.
210,658 1,072,397
19,690
October .
109,476
69,547
October...
54,800
381,675
365,817
Atl. & Danville- Septemb'r.
39,726
367,034
270,381
B.&O.East Lines October
1,732,585 1,744,354
,590,830 14,184,843
Western Lines October,.. 513,604 508,12s
,724,.531 4,151,807
Total
October... 2,246.189 2,'i52,482
,315,360 18,336,651
Bal.&O.Soutbw. SdwkNov.
46,323
48,756
,088,226 1,916.989
Bait. & Potomac October. .
157,522 155,221
415,444 1,347.382
Beech Creek
86.280
Septcinb'r.
70,759
743,029
582,112
Bir.Bh.&Tenn.K October. ..
16,677
13,192
Buft.Rocb.&Pltt 4thwk Nov
62,928
52,811
008,647 1,799,828
Bur.C.Rap.&N. 4th wk Oct 134,577 114.128
679,982 2,435,504
Camden & AH. October.
47,956
47,570
718,607
660,768
Canadian Pacitto 4tliwk Nov 476,000 431,000
003,549 14,032,184
Cp.F'r&Yad.Val 3d wk Nov.
12,569
12.697
498,419
Cen.RR.&Bg.Co October. .. 942,386 918,978
957,539 6,351,276
Central of N. J . October. .. 1,342.977 1,305,160
,255,536 11,213,475
Central Pacific. Septemb'r. 1,656,976 1,546,598
,6-27,478 11.669,790
Central of 8.C.. Septemb'r.
8,864
8,803
84,561
72,934
Centr'lVerm'nt. Wk Nov.22
59,110
63.855
N.London Nor Wk Nov.22
10,266
10,639
Ogd.&LakeCb Wk Nov.22
14,864
17,255
715,759
632,967
Tot. system. Wk.Nov.29
85,717
89,905
Char.Cln. &Cbic Septemb'r.
13,573
89,230
Charlest'n & 8av October. ..
56,617
51,266
557,461
491,615
Char. Sum. & No. Septemb'r.
8,603
3,428
46,187
21,533
Chat.R'me&Col. October
31,500
30,332
300.232
220,525
Chatt'n'gaUni'u October
9,740
8,900
96,310
90,740
Oheraw. <fe Darl. Septemb'r.
12,937
9,939
75,100
60,355
Ches. A Ohio .. . 4thwk Nov 209,845 145,421
,075,671 5,594,490
Ches.O. &8. W. October
213,029 220,596
,744,316 1,748,285
Ches. & Lenoir Septemb'r.
7,532
6,449
54,978
53,234
Chic. & Atlantic. 4thwkAug
72,833
70,183
,801,732 1.431,659
Chic. Burl. & Q. October.
3,523,053 3,464,594
,442,173 27,900,262
Chic.i East. 111. 4thwk Nov
52,137
56,865
916,019 2,437,160
Chic. Mil. &8t.P. 4th wk Nov
742,000 786,572
,357,063 24,538,420
Chic. AN'thw'n. October. .. 2,940,025 2,979,807
,316,062 21.488,864
Chic.Peo.&St.L. Septemb'r.
40,125
37,129
299,485
269.785
Chlc.Rockl.&P. November. 1,330,114 1,394,255
,617,998 15.308,035
Chlc.fit.L.&Pitl. Septemb'r.
622,172 552,195
,947,554 4,164,966
Chlo.St.P.&K.O. SdwkNov.
88,624
82,096
,905,153 2,965.211
Chic.et.P M.&O. October.
763,137 758,726
,596,809 5.170.168
Chic. & W.Mich. 3d WkNov.
32,420
24,920
,427.949 1,223,656
Chippewa Val . October
12,937
17,385
Cln.Ga.& Porta. October
6,963
6,959
55.908
55,296
Cln. Jack <& Mac. 3d wk Nov.
13,282
12,922
595,674
548,633
Wn.N.O. &T.P. 3d wk Nov.
87,416
64,092
,938,097 3.428,539
Ala. Gt. South. 3d wk Nov.
42,110
38,401
,724,625 1,612,357
N. Orl. & N. E. SdwkNov.
2,5,564
25,394
,091,228
891.893
Ala. & Vicksb. 3d wk Nov.
16,759
15,403
592,2.53
511.730
Vicks. 8h. & P. 3d wk Nov.
12,873
16.424
5'Z9,376
521,161
Erlanger Syst. SdwkNov. 184,722 179,714
,875,619 6,995.740
Oinn. North w'n. October
1,733
2,308
16,934
15,901
Cin.Wab.&Mich. October...
53,642
51,193
482,480
445,495
Olev.Akron&Col 3d wk Nov.
18,378
14,182
758,804
600,230
Clev. & Canton.. Septemb'r.
412,45'
59,458
42,477
318,301
Ol.Cln.Ch.&S.L 3d wk Nov. 259,739 265,169 11 ,653,514 11,166,178
Peo. & East'n 3d wk Nov.
24,415
27,407
Olev. & Marietta October. .
30,388
24,280
270,809
218,042
Color. Midland. 3d wk Nov.
39,103
29.659
,669,363 1,439,576
Col. H. V. & Tol. November.
275,038 228.385
,752,265 2,282,682
Colusa & Lake. October. ..
2,242
2,102
19,236
21,673
Covin. & Macon. October. ..
1,5,613
17,279
117,796
85,595
Day Ft.W.&Ch.. October
44,72 i
48,871
413,552
414,604
Denv. & Bio Gr. 4thwk Nov 232.500 231.000
,992,897 7,310.011
Des Moln. & No. October
11,258
5,715
96,153
51.174
Des M. & N'west October .
21.223
20,422
182,442
151.074
Det.BayC.&Alp 3d wk Nov.
7,030
6,005
469,326
446,763
Det.Lans'g&No 3d wk Nov.
23,717
23,131
,088,425 1,001.640
DuluthS.S.&At! 4tliwk Nov
37,428
36,253
,095,419 1,787.086
E.Tenn.Va.&Ga August
584,594 485,808
,318,922 3.539,829
Knoxv. (feObio A<igust
68,472
49,267
457,741
372,833
Total system. SdwkNov.
157,767 146.607
,670,172 5,580,021
Elgin Jol. &East. Septemb'r.
61,867
33,308
433.015
187,475
Bliz.Lex.&B.S... October...
76,810
77,392
682,504
683,508
Empire .t D'blin October
1.325
1,969
29,829
10,956
Evan8.<StInd'plifi 4thwk Nov
7,370
7,846
276,212
288,097
Bvansv. A T. H.lthwk Nov
26,093
25,816
952,601
854,787
Fltohburg
lOctober. ..
639,081
650,161
,375,541 4.954.681
Flint. & P. Marq. '3d WkNov.
47,688
46,095
,610,459 2.105.804
Flor. Cent.&P. '3d wkNov.
26.765
26,074
.034,635
934.010
Ft. W. & Rio Gr. October. ..
36,110
10,564
Tot.S.L.&S.F. 3d
SdwkNov.
SdwkNov.
SdwkNov.
Keokuk & West. SdwkNov
to
$
Alab'ma Mincr'j
Septemb'r.
October. ..
October...
.
to others
1889.
$
Ga. Car'la
The Investors' Supplement, a pamphlet of 150 pages,
contains extended tables of the Funded Debt of States and
Cities and of the Stocks and Bonds of Railroads and other
Companies. It is published on the last Saturday of every
other month viz., January, March, May, July, September
and November, and is furnished without extra charge to all
regular subscribers of the Chronicle. Extra copies are sold
1890.
91.387
1,166,846
1,273,147
6,170,700
197,598
!,7S1,558
!,902.471
204.876
139,103
),075,068
i,844.991
1,780,224
1,685,890
494.537
803,867
,144,884
,585.324
442.764
,041.580
,140,516
.
.
723,604
179,826
.
.
539,842
480.942
132.904
413,708
.
. .
. .
.
'
'
.
,
.
1
i
'
9,347
,180,812
526,381
665.599
392,753
,415.021
,907,85a
17,874
1,045.731
370,299
218.775
2.000,099
961,215
225,099
241.866
105.179
204,449
4.535,113
1,765,834
720,688
590,945
723,788
1.136,288
106,598
100,210
10,535,587
244,516
1,313,192
2,607.513
92.859
978.096
3.387,353
1,085.293
8.003,012
534,612
790,786
9.328,400
1,137,574
694.542
114,567
249,814
780,021
..
.
Deokmbbr
.
Mttmitg$ JUporM.
LaUM
WetharUo
i8sa
Ootober...
Bpar. tTn. A Col. Se|itouib'r.
Ho. PuclUc Co.—
.
Atlaiitlosys'iii
Hc|il<iiib'r.
Btaton r. Kiip. T. OctolllT. ..
BtouyCl.AC.Mt
ricptiMiib'r.
Bunuult Urniic'h. <>('l*ib<'r, ..
Lykfiis ViilU'v (KIoIht. ..
Tal.A CoosaVuI. Oclnb.T. ..
Tenii. Mlillnnil.. October. ..
.
Texan
33S.0d9
619,380
170,010
88,150
69,904
6.315
183,463
91,131
6.398
18.673
M
tthwk Nov
ToI.AO.Cen.Ex. October.
Tol.iVSo.IIuvpu
..
10.221
Nov
17,.H79
Nov
Tol. P. & West.. itliwk
Tol. St. h. A K.C. Ithwk
43,650
2,680
83,484
October.
..
Ulster* Dvl... Sei>tenib'r.
Union Pacltlc—
Or.8.L.&U.N. Septomb'r.
Or.Ry.A N. Co. Heptemb'r.
1889.
9
141,602
10,720
1
,25»,H()(1
92,067
.
U\
Tol.AC)bloC<'iit.
1890.
1,095,090
84,201
3,330,408
883,401
4,17.'>,480
•
143,218
"-H.770
;-'.2H0
'1,934
i
wk .N'ov. /159,233
Tola a.jiin. m
i!2.(il5
wk Nov.
Tol. Col. ACin.. Ithwk Nov
H,147
j! Piu'ltlo
Latnl Dal*.
..
Pdcl do aygleiD
Tut, il of all..
8o Pao. RK.No. DIv. (Cttl.) Beptemb'r.
Bo. DIv. (ChI.) Bi'I>t<'inb'r.
Arizona Ulv.. ifptrmb'r.
NewMex.Dlv.
1^,870
1 U)
460.601 408,474 3,338.323
111,007
114.341
060,400
..
ot'toliir. ..
030,193 609,383 4,413,078
aO.074
38,099
October. ..
177,849
174.107 188,033 i,8nivii''
Octolwr. ..
October. .. 1,340.003 1,342,078 lO.OM
Septeiub'r. 3,4&3,910 .3,228,614 23,B.s
Hei>tcmb'r. 4,768,860 4,392,760 34,8u;>, .'u
Gal.lliir.AH.A. Octot)or.
Oclolicr.
MoTk'nn'M l.,vr.
N. V. l. .V M.S.
1\<\. A N. orl.
176,7001
JuH.
1889.
1
Bouth Curollna
«
I
>
THE CHRONICLR
0, 1890.]
BOAOt.
.
1
;
319,109 1,740,267
316,419 4,771.719
149,076 1,467,376
75,340
764,099
63.263
880,815
7,443
47,711
131,423
894,508
133,773
800,217
63,828
3.334
19.602
169,705
182,636 6,279,229
27,903 1,0.39,797
8,363
285,772
32.933 1,365,308
8,196
87,935
19,305
939,168
30,818 1,411,614
2,637
22,307
30,776
287,090
623,233
527,081
5,508, ,694
•22,842
1,154, ,094
4,199, ,447
17,51.5, ,884
610,422
459,199
34,517
523.776 414,906
174,015 2,213,983
3,314 820
.ij,-<;i<),i36
1,627, 1! 83
4,571,899
1,351,126
705,219
82.!,013
4(.*il3
997,941
741,938
33,333
151,1.39
3,848,1136
0()3.'J0O
233,747
1,142.185
79,292
821,756
939,098
19,491
248,009
,738,672
,216.084
,078,214
786
For the 8d w«ek ot Noreinb<
OOTWB e» t<Md» and »how 6'8B |»
3d week of Ifovtmbtr.
1800,
t<|'l<'U)d
1880,
Inertam.
t
Prev'ly reporfrt 53roiuU)
At. Top. «: 8. P. lyitoin.
.
ItoadiJ'tljr
Bt. I,ouls A 8.
Bunds J'tly
ownixl H..
Fran
nwne<l >«.
Central Vermont
New Loudon A NorUi'D
A K Chnmprn'
A Grand Trunk.
Ogileiuib.
Cbleofm
. I
Ctn.N.O. AT.Pao.(3 rootU)
Cleveland Akrou A Col ...
Detroit Ur. Ilav. AMU...'
East Tcnn.Va. A Qa
I
A Perr Mnr<|notte.l
Flu. Cent. A Peninsula...
Kansas C. Hem. A Blrm.
Flint
Little Rock A Memphis..
Memphis A Charleston...
Milwaukee A Northern
Mobile A Birmingham.
..
..'
Ohio River
•Rich. A Danv. |8 roads).'
Bt. Joseph A Gr. Island.
'
.
Bt. L. Alt.
A TIL
•
I
Brches.
Ban Francisco A No. Pac.
Toledo Col. & ancinnatl.
Toledo Peoria A Western
Total (80 roads)
Wet loerease (6 23p.c.)
0,338.848 0.033,178
660,861
6IB,a«M(
38,734
33,117
111,483
140,840
38,043
31.435
39,1 lOi
63.803
10,266'
10.630
14.864
17,733
eo,R:M
74.300
184,7'W
170,714
18..178,
14,182
30.9521
30.314
1.57,7«7i
I46.607
47.688
46.003
30.763
36,074
32.121
38,403!
17.383
13.774
44,378'
44.776
26.763
29,26ei
6,338
6,379
15.361
13,320
324,100
357,800
22,842
34.317
29.898
36.503
16.768
13,346
6.377
3,873
17,879
19,300
303,0«>l
7,378,313
,
(tAtMIMiat
.
500,194
6,944,031
44.991
0.617
643
6.6 1
373
4,W1
0.008
4.106
698
11,160
1.30i
601
3.71H
1,611
468
3.004
00
3,033
6«,8«0
3393
11.670
3,422
003
"i',436
130.433
488.7631
Net Earningrs Monthly to Latent Dat««.—The table folUu.l>ac.0.AU. Wcptcinb'r.
,239 016 lowing shows the net earnings reported this we<>k.
A full
All oth. liii(>s.. Hci)tciub'r.
.012,290 detailed statement, including all roads
from which monthly
Tor.U.P.Sys. October. ..:4, :3ot;,«ii2 4,301.428' 35,859 83 32,,374,280
returns can be obtained, is given once a month in the<ie
Cent.Br.&L.L. Kepti'nib'r.
tj(i,r.;
yo.liOO
780 ,728
506,776
Tot. oont'lod Septeiub'r. 4, 000,102 3, ,S'J>»,^82 32,333 ,819;28,,039,028 columns, and the latest statement of this kind will be found
Montana Un.. fcptcnib'r.j
88,184;
67,252
089, ,3781
543,782 in the Chronicle of November 22. The next will appear fai
St.Jo.&G'illHl.
Id
wk Nov.
& 8. Soptcmb'r.i
3.219,
2,674|
22 ,9401
21,485
4,107'
Scptonib'r.'
3,087
27 ,215
24,330
Joiut.own'd.'a Heptemb'r.
47,755
36.506
309 ,707
294,799
Grand total Heptemb'r. 4, 053,i)4(> 3, 935,308 3'2,703 ,580,28 ,934,427
U.S'kYds.&T.Co October. .. 27J,,")05 241.930 2,2'J4 ,052, 1 ,875,926
Vermont Valley October. ..i
17,936
17.607
164: ,298!
160,775
Wabash
4thwk Nov 290,.'5C>0 333.194 11,925 ,970.11 ,865,636
Wab. Chest.AW. October.
6,043
7,475
Western of Ala. October.
57,706
64,141
443.04>3;
434,129
Weiit Jersey
125.770 116,535 1,410,934 1,3'J0,176
October. ..
W.V.Cen.&Pltts. October. ..' 103,810
70,145,
801,810
019,251
West V. & Pitts. October. ..
9.364'
12,515
West-N.Y. * Pa. 4thwk Nov
84,.500
S'J,700 3,313.501 3,160,631
Wheeling* L.E. 4thwk Nov
27,338
23.845, 1,067.344
8'29,336
Wll. Col. & Xng. Septeinb'r.
702..->66
94,391
75,011
617,783
Wisconsin Cent, 4thwkNov
120.U47 133.230 4,777.873 3,912,518
Wrightsv.&Ten. October. ..
10,076
8,653
73,501
66,499
Ltav.Top.
Man.Al.&Bur.
the issue of
December 20.
Orou Eamiiiat.
.
1890.
.
.
.
* Ft.
.
Wayne
Cln. &, Louisville Included for both years sluco July 1.
coal extension operated since July 21 In 1890 and Utlca Clinincluded for both yeai's since July 1. t Mexican currencv.
<7 Main Line.
From October 1, 1890, the Great Northern runs its own
trains over the Eastern's track from Hinckley U> West Superior. / Decrease due to a tailing off iu cotton shipments on account of tight
o'New
ton
& Bing.
I
money.
Latest Gross Earningrs by Weeks.—The latest weekly earnings in the foregoing table are separately summed up as follows:
For the 4th week of November the 38 roads given below
show
a gain of 2 '14 per cent in the aggregate.
ith week of November.
Buffalo Soch.
&
1890.
&
East. Illinois.
Chicago Mil. & St. Paul..
Denver & Rio Grande ...
Duluth 8. 8. & Atlantic.
.
Evans vllle & Indlanap...
Evans.
&
Terre Haute..
Grand Trunk of Canada.
Iowa Central
Louisv. Evansv. & St. L.
Louisville & Nashville...
Loul.«ville N. O. & Texas.
Louisville St. L.& Texas.
Mexican National
Milwaukee L. Sh. & Rest.
Milwaukee ANorlhem..
New York Out. & West.
Norfolk
Western
<Sc
Northern Pacific
Ohio & Mississippi
Peoria Decatur itt Evansv.
Pittsburg <t Western
Bt Louis Ark. & Texas...
Toledo Ann A.& No.Mich.
Tol. Col.
Toledo
Toledo
& ancinnatl...
& Ohio
Central...
Kan.City.
Wabash (consol. system).
Western N. Y. & Penn.
St. L.
&
.
Wheeling <& Lake
Erie...
Wisconsin Central
Total {38 roads)
Net increase (2 14
1889.
t
Inere<ue.
p. 0.)
Vtcreate.
$
$
10,117
45.000
27,338
130,947
52,811
431,000
89.905
145.421
56.865
786,572
231,000
36,233
7,846
25.816
370,497
35 332
26,028
487.858
114,158
9,264
176,551
91,875
77,884
37,274
62,875
119,971
607,835
84,050
13,329
15.842
48,051
143,584
27,963
8,563
32,953
30,818
333,194
82,700
23,845
133,230
5,049,013
258,464
108,017
85,717
209,845
52,137
742,000
232,500
37,428
7,370
26.093
376,664
36,024
29.522
481,'235
120,237
11,620
177,856
94,770
67,617
42.040
56,829
136.829
659.405
68,566
15.661
17.616
59,222
134,216
22,613
8.147
33,386
43,050
290,500
84,.'>00
$
Canadian Pacific
4,188
64,421
4,728
44,572
1,500
1,175
476
277
6,167
692
3,494
6,623
6,079
2,356
1,305
2,895
10,267
4,766
3,954
16,858
51,570
15,484
2.332
1.774
11,171
9,368
5,348
416
2.433
12,832
36,604
i.800
3,493
12,363
150,447
Incretue.
1890.
1889.
Month of Nonembev.
Gross earnings (58 roads) $26,190,1 16 $25,0«.410 $1,110,706
Earning*.-—
1890.
»
1^.
•848.471
4,853,043
393,211
1.500,857
884,357
AQulnoy.Oct. 3.523,0.53 3,464,.594 I.604,>!06 1.670.352
Jan. 1 to Oct. 31...29,442,173 27,900.202 10,344,818 10,.'W5,071
Clev. an. Ch.ASt L.Oct. 1,189,760 1,109,216
387,263
398.443
Jan. 1 to Oct. 31... 10,872,526 10,393,863 3,773,667 3,473,138
July 1 to Oct. 31... 4.541,800 4,400,406 1,542,9,5 1,376,301
Olev. A Marietta.... Sept.
34,685
21,223
8,734
3.490
Jan. 1 to Sept. 30...
240,421
193,197
54.111
41,821
July! to Sept. 30...
98,368
67,934
22,537
13,140
Eliz. Lex. A Big San. Sept.
74,077
69,409
29.534
30,824
Jan. 1 to Sept. 30...
605,694
606,116
249,978
193,034
Kan. C. Ft. S. A Mem. Oct.
451,075
463,657
138,320
169.603
Jan. 1 to Oct. 31... 3.997,436 3,934,679 1,120,429 1.387,180
July 1 to Oct. 31... 1,646,649 1,702,104
469,199
099,603
Kentucky Central. .Sept.
106,637
101,853
45,689
34.353
Jan. 1 to Sept. 30...
793,206
758,226
344,482
337,038
Louisv. A NashvUle.. Oct. 1,788,920 1,768,496
731.301
773,034
Jan. 1 to Oct. 31. ..15,833,616 14,761,8-29 5
r>,926,570 5,806,041
July 1 to Oct. 31... 6,706,770 6,469,687 2,553,946 3,748,540
Louis. N. Alb. A Ch. Sept.
262,095
243,692
99,772
104.640
Jan. 1 to Sept. 30... 1,919,085 1,824,148
381,896
591,813
Lonlsv. N. O. A Tex Oct
350,557
352,548
120,766
167,034
Jan. 1 to Oct. 31... 2.326,826 2,209,693
428,962
630,406
N.Y.Ont. A West'n..Oct.
240,023
194,901
63,172
39,678
434.660
Jan. 1 to Oct. 31... 1,928,691 1,638,231
392,866
July 1 to Oct. 31... 1,005,669
829,481
277..564
198,619
N.Y.L.E. A Western. Oct. 2,712,738 2,805,002 U,018,346 fl, 110.330
'53,529
Jan. 1 to Oct. 31.. 24,309,640 22,844,991 17,945,891
604,470
573,314
2.50,449
240,473
Norfolk & Western.. Oct
Jan. 1 to Oct. 81... 5,412,675 4,'564,;J55 1,945,783 1,718.306
675,698
283,813
Inc'lSclo.V. A N.E.Oct.
2,194,'230
Feb. 1 to Oct. 31... 5,961,782
Oct. 2.922,820 2,685,102 1,428,920 1,436,077
Northern Pacific
'
19,522,161 17,913,785 7,853,287 7,668,831
Jan. 1 to Oct. 31
July 1 to Oct. 31... 9,567,024 8,S27,259 4,206,770 4,181,331
OhloANorthweet'n.Scpt.
23,461
20,032
4,094
3,738
81,000
197,000
155,586
67.810
Rio Grande West'n.. Oct.
476,966
1,236.553
458.177
Jan. 1 to Oct. 31... 1,.533,272
296,523
243.6S0
746,826
680,707
July 1 to Oct. 31...
110,985
58,331
53.881
131,260
8t.L.Alt.Ar.H.bch8.8ept.
311.616
941,635
774,036
393,168
Jan. 1 to Sept. 30...
4,.301,428 1,482,.593 1.965.054
Union Pacific
Oct. 4.306,692
Jan. 1 to Oct. 3l...35,859,783 32,374,280 12,019,295 13.803301
341,227
101,376
329,030
82.030
West. N. Y. A Penn.. Oct.
6.^3.078
Jan. 1 to Oct. 31... 3,015,201 2,880,700 1,(X)9,931
460,722
883,714
July 1 to Oct. 31... 1,313,358 1,376,409
70,145
30,159
34.430
103,840
W.Va. Cent. A PltU. .Oct.
270,778
193.461
619,251
801,810
Jan. 1 to Oct. 31...
16,669
10,224
Whltebr'st Fuel Co.. Oct.
134.647
83.688
Jan. 1 to Oct 31...
31,536
40.»7
July 1 to Oct. 31
* New Brunswick earnings included for October both year*.
I After deducting proportion due roa<l« operated on • MroataM
basis, net in October, 1890, was »771..331,njnlnst 8860.803 In IBAl
(or ten months, $5,780,162, against $5,703,101.
.
—
The following roads, in
Interest Charges and Surplus.
addition to Oieir gross and net earnings given above, also
report charges for interest, Ac, with the surplus or deficit
above or below those charges.
tinier"!, rental*. **.— -Bat. of Sel. Eanu.~>.
1890.
P.O.
4-43
-.V«<
$
Chic. Burl.
Soade.
For the month of November we have returns from 58 roads
and the following is the aggregate of the same:
.
1989.
Oct. 1,766,447 1,707,000
•826,403
Jan. 1 to Oct. 31... 13,'269,549 12,448,184 4,039,001
Central of Georgia. .Oct.
942,386
91«,978
318,040
Jan. 1 to Oct. 31... 6.957,.539 6,351,276 1,408,069
July 1 to Oct. 31... 3,086,042 2,923,616
861,541
.
5,157,030
Pitts....
CentralVermontO roads)
Chesapeake & Ohio
Cailcago
m
62,928
476.000
Road*.
Chic.
BurLAQuincy. Oct.
Jan. 1 to Oct. 31...
Clev. Cin.Ch.A8tL.Oct.
July 1 to Oct 31...
Kan. C. It. 8. A Mem. Oct.
July 1 to Oct. 31...
9
1889.
9
1890.
1880.
•
842.717
936.166
744.886
761.889
7,618,893 7,443,836 2,7'25.923 3,861,316
107.278
144.964
241,167
242.299
603.739
666.607
973.462
976,368
84.604
00.360
84,848
88.051
106.788
803.301
346,313
360,411
1
:
THE CHRONICLE.
786
of the Acts of the Commonwealth of Massachusetts for the year
1890, and previously authorized by the laws of New Hampshire and Maine, have been perfected, the deeds of conveyance passed, and possession taken imder them on May 9, 1890,
80 that those two corporations are now virtually extinguished
and their property merged in and made a part of the B.
M.
property.
The Northern Railroad in New Hampshire, extending from
Concord to White River Junction, together with the roads of
the Concord
Claremont and Peterboro' & Hillsboro', are
now operated under lease for ninety-nine years from January
1, 1890, possession having been taken on the first day of October, 1890. The terms of the lease are, in substance, that,
besides paying operating expenses and fixed charges, the B.
M. pays 5 per cent on the stock of the Northern Railroad
for seven and one-half years from Januaiy 1st, 1890. and 6
per cent thereafter. Steel rails are to be laid on the Concord
Claremont, and the main line of the Northern will be reballasted and put in thorough repair.
The earninga, operations and iacome have been compiled
for the Chronicle for the whole system as below:
&
&
&
&
1880-00.
Milee o'BTied
124
Mileeleased
124
1,085
1,086
316
894
1,209
1,210
1,210
Total operated
OPERATIONS AND FISCAL RK8ULT8.
OvcruHons—
Pas'scu sers
c.n
1887-88.
26,569,52
rried
1888-89.
1889-90.
28,719,884
30,322,023
335.102,183 379,845,483 408,494,403
1-037 eta.
1-802 ets.
1-709 ets.
Freight (tons) moved
5,569,830
5,975,137
6.835,003
FrelKbt (toii.s mikiaRO
291,559,747 334,031,-246 432.248,285
Average latc per ton permlle.
1-955 cts.
1-857 ets.
1-647 ets.
Eartiin 1;—
PassengeA
$6,489,565
$6,845,715
$7,347,201
Passciipf-r mileage
Ay. ratp ppr iias'r per mile
Frelplit
5,700,.569
6,'203,431
534,385
7,1 18..583
612,661
625,907
Mail, ex])re88,&e
Total ^oss earninse
Exiimses
Main, of way and buildings
—
Maintenance ot tars
Motive j)ower
Transportation
General
$12,724,519
$2,002,35]
897,407
2,347,319
3,048,08
314,412
632,198
Taxes
$13,661,807 $15,091,691
$1,910,259
909,910
2,503,478
3,268,606
282,855
584,357
bonds at 4 per cent, is $108,680, and the earnings for the
past three years were as follows
EARNINOS AND EXPENSES.
Earnings from1887-8.
1888-9.
1889-90
$108,007
$115,043
P?niTr"
^i2i'«28
^/f'Klit
298,423
;
316,798
513,748
Mail, express, &c
25,889
241000
261037
earniuRS
$425,940
$448,805
$654,828
n„ '^"J."! expenses and taxes.... 321,283
Operating
,336,486
513,745
:
Boston & Maine Railroad.
fFor the year ending Sept. 30, 1890J
The annual report for the year ending September 30 says
that seven combination cai-s, two baggage, mail and express
cars, seven long box cars, six short box cars, one boarding
car, nine butter cars, four baggage cars, nineteen long platform cars, sixteen short platform cars, four cabooses, one
dump car, two derrick cars, two wrecking and tool cars have
been built at the company's shops. These are classed as renewals, with the exception of one tool car and the butter cars.
Two hundred and fifty freight cars and fifteen passenger cars
have been purchased.
Property of other companies has been acquired by purchase
and lease, with the effect of both cementing and extending the
sj-stem.
The purchases of the Eastern and Conway properties agreed to by the directors, and authorized by chapter 185
1888-89.
u.
OfH)
ANNUAL REPORTS.
1887-98.
[Vol.
$2,242,402
1 ,053,652
2,749.289
3,.500.919
342,411
678,.540
• •
Net earnings
$104,657
$112,319
$141,083
GENERAL INVESTMENT NEWS.
Atchison,— The Boston News Bureau reports that all but
two $oOO pieces of the Atchison land grant mortgage bonds
are now in the hands of the Atchison Company, and arrange-
ments are being made for the discharge of the mortgage.
This issue was originally $3„520,500.
Of this amount, in
round numbers $2,300,000 have accepted the reorganization
terms. About $1,200,000 have been purchased by the trustees at different times.
Boston & Maine.— The report to the Massachusetts Railroad
Commission for the quarter ending September 30 shows the
following
:
Gross earnings
Operating expenses
1889.
1890.
$3,916,404
2,226,770
$4,563,767
2,824,343
Net earnings
OtLenncome
$1,689,634
124,160
$1,739,424
13oIl93
,„J°^f .-, and taxes
y:
Interest, rentals
$1,813,794
974,671
$1,869,617
977 586
Surplus..
$839,123
$892,031
California Pacific- This railroad company gives notice
that they have made arrangements to extend their second
mortgage bonds maturing Jan. 1 next to Jan. 1, 1911, with
interest at 41^ per cent per annum, principal and interest
payable in gold. The right is reserved to bondholders
to avail
themselves of such extension up to Dec. 15 next, depositing
their bonds for that purpose with Messrs. Speyer
Co. here
or with their Frankfort house. Messrs. Spever
Co. inform
bondholders that they are prepared until further notice to pay
a bonus of $25 on each bond of $1,000 deposited with them.
&
&
Called Bonds.— The following bonds have been called for
payment
Chicaqo City South Park Bonds.—The numbers of 28 of
these bonds, to be paid on and after Jan, 1, 1891, will be found
m the advertising columns of
the Chronicle.
Cincinnati RR. Co. 6 per cent
the .whole issue to be paid at the company's
Columbus Springfield
coupon
scrip,
&
No. 3 Merchants' Row, Boston, December
which date interest will cease.
office,
1,
Milwaukee Lake Shore
1890, after
& Western Railway Co.
&
equip-
ment bonds of January 2, 1885, to be paid at 105 and interest
at the office of S. S. Sands
Co., No. 11 Wall Street, on and
after January 2, 1891, 100 bonds of $1,000 each, viz.:
Nos. 10, 11, 15, 19. 22, 28, 31, 32, 37, 39, 45, 48, 60. 64 71 76 88'
93, 103, 116. 123, 127, 128, 139 141. 144, 146 136, 161, 163 170 174175, 177 178, 179. 181, 183, 198, 199, 203, 206^209, 224, 230. 232239, 2,i7. 258. 262, 269, 273, 276. 281, 285, 286, 295 297 300 308.
310. 311, 331, 337, 339, 345, 347, 353, 3.59, 361, 366, 37?, 373 374
376, 377, 380, 399, 402, 404, 408 414 418 421 422. 429 436 437
447, 463, 464, 468, 470, 471, 482, 483, 487, 490, 4937 496
'
Total expenses
Net earnings
$9,241,762
$3,482,757
$9,479,465 $10,567,213
$4,182,342 $4,524,478
INCOME ACCOUNT.
Kccciiils—
1887-88.
$3,482,757
Net canilnKB
386,279
397,325
$3,869,036
$4,579,667
Interest on bonds
Other interest
Einkini; funds
Dividends
Eate of dividends
Eastern KR. proportion
Totfll
$2,933,517
$2,576,381
356,941
580,544
109,853
150,757
37,095
100,000
630,000
1,042,211
9 per cent 912 com.: 3 pf.
436,000
*
11 ,779
630,000
9 per cent
$3,880,545
Def.$ll,509
Bala nce
-Easttra KB.
is
as follows viz.
:
now owned by
B.
6324,6453,7214,7749, 7912, 8372, 8549, 8791, 8974, 9105: '9398,'
$4,503,406
$4,449,893
Sur.$76,261 Sur.$514,085
& M.
Omaha k
CFor
Orleans premium bonds, numbered
$4,963,978
$2,862,902
324,378
51,486
—
Jhsbvrsements
Bentals
New
1889-90.
$4,524,478
439,500
Interest, rents, &c.
Total
1888-89.
$4,182,342
St. Lonis Railway.
the year ending June 30, 1890.^
&
Ohio
Mississippi Equipment Trust.— Series " B," bonds
to be paid at par, interest ceasing January 1, 1891, ten certificates of $1,000 each— viz.
Nos. 510, 5.50, 553, 559, 564, 569,
570, o7y, Doo, 596.
:
St. Louis & San Francisco Railway Co.'s 7 per cent
equipment bonds of 1880, due June 1, 1895, to be paid June 1,
1891. at 105, with interest to that date, thirty-eight bonds of
$1,000 each, viz.:
„%
^''- '^^''- 109, 120, 146, 150, 182.
183, 208, 264, 266,
„o^"*A„*l^'
280, 305, 351, 389. 408, 432, 463. 495, 497, .'512, 532, 552, 561,587
'
625, 627, 680, 692, 716, 768, 776, 805, 888, 9481 979.
Shenandoah Valley.—Receiver's
certificates,
the whole
issue to be paid with interest on and after Tuesday. Dec.
9, 1890, at the office of the Fidelity Insurance Trust
Safe
Deposit Company, No. 323 Chestnut Street, Philadelphia,
The annual report says that the gross earnings quite came
&
to expectations, but, owing to the low rates which
pre*
'
Penn.
vailed during most of the year, and especially during May
and June, the net results are not as satisfactory as they should
Union Pacific—Omaha Bridge 8 per cent bonds of 1871, to
be.
In a circular dated Feb. 19, 1890, stockholders were duly be paid at 110 and interest at the office of Drexel, Morgan &
ad vised of the necessity for raising money for renewing the Co. in New York City, or at the London & San Francisco
company's bridges and trestles and for buying more ties.
Bank (Limited), No. 22 Old Broad Street, London, on April 1,
A second mortgage was authorized and offered to stock- 1891, 145 bonds of £200 each— viz.
holders by the circular of June 3, but comparatively few of
Nos. 5, 8, 24, 26, 30. 38, 54. 116, 119, 120, 152, 174, 109, 247. 250i
the bonds were subscribed for: as it had seemed necessary for 259,273,313,320, 336, iMl, .374, 377, 385, 416, 417. 443 445 446,
451, 4b8, 487. 49,i.
up
:
the safe operation of the road to authorize considerable expenditures for betterments, the failure of the stockholders
to
respond left the company with a floating debt. The President
Bays: " It is to be hoped that those interested in the
secuiities
of Oie company will see tlie necessity of assisting the board
in disposing of the second mortgage bonds unsubscribed
for."
No income account is given in the report, but the annual
rterest chai-ge on the first mortgage bonds alone, say,
$2,717,-
Wl'
858,
994,
HS.\'
}^?S'
1600,
1835,
1949,
o?o?'
2386,
500, .560, 566, 5S9,
600, 610, 631, 694.
'^^'^'
'33. 748,
770,
797,
790,
796,
886,
894, 924, 9.'6,
955, 962, 969,
987,
1012, 1021, 1049, 1072, 1091, 1107, 1121,
}'}}^' ^'^'^''' 1263, 1351, 1355, 1373, 1376, 1388,1390,
,1?}S'
l^"*'- I'^U. 1544, 1550, 1556. 1575, 1597,
^ir?' H9.0' 1"*'''V
1691, 1/03, 1704, 1708, 1748, 1760, 1773, 1778, 1703, 1824,
1842, 1846, 1850, 1866, 1800, 1894, 1033, 1934, 1042, 1943,
1986, 2032, 2034, 2075, 2129, 2131, 2173, 2231, 2233 2235,
n^^l'^J^jA^' 2283, 2285, 2286, 2316, 2336, 2338, 2353, 2378.
2399, 2400, 2409, 2440, 2482.
'^Sh
859,
998.
"^22',
878,
1002.
'^t^<
—
'
DBomBKR
e,
THE CHRONIOLR
1800.]
Ontrsl Pari llf.—Pr«w<ll«p«tch«i from San Francisco, Noy.
Wn
flltxl in tlie United fjtatea
28, Hni<l that iicomplniiit had
Cinuiit (*iiurtl)vtli<»(it>v<»rnmeiitof the United Stated, through
Attomcv-tii'iici-iil MilliT and S|MH-ial Aasiatant Cliarlea H.
Marvin,". (f ChicaKo, ajfainHt tlic Soiithorn Paciflc Railroa<l an<l
tli<> Ct-nlnil I'acilio liailinad and tlio Western Union Tolotfraph
Company to Hccuro thi> oancollation of the lease of tho Central
Pacific til llu> Houtlicrn I'acilli". and also to secure tho cauccllation of the Ipa.s(> of tlio CVntral Paciflc's telegraph lines to
the Westi'rn Union Toloj^rapli Company,
Choshlrp.— Tlio Clu-sliiro Itailroad will declare an extra
dividend to itM HtooklioKlers, payable partly in cash and partly
in HharcH of tlic FitchburK Railroad.
It k stated tliat it will
be equivalent to about 10 per cent.
Cleveland Clnrliinnti ('hirafcn & St. Lonis.— At the
directors' meeting tho following Htatenient was presented
Qroes eaminits for the four months ended October 81,
1890, fl.MI.eOO operating e.xpenses, fj,l»«8,831
net, $1,542,:
;
975
:
;
interest, rentals, taxes, &c., $976,308
;
balance, $566,606
;
787
k
iom« other trafllc agmt,
Um oatthiff of ntiM gam
th«y draw their $ll0.eOO • ywr to &«p It
wouldn t have one of th.-m workiiur on mr road aa goJnif I
a bnk«.
man even. I'd Uck him off tho pranW Th, ritostloii^
ftgnlnst
on. «n.
the
Weatem
fellows.
roada will not improve nntit tbey nt rid of "•
' "
In another interview the Sun reported Mr.
Ilill
mvIhc
that in Minnesota, North Dakota and adjoining
tMrltory tte
wheat crop thin year was unaatuUlr good. The moat
eaMnI
e8tiniaU<H placed it at from 10 to 90 per cent more
than It
last year.
Fifteen per cent more, he thought, waa a oonaerra.
tive estimate. The farmers were having no trouble
at ail to
get their product to market, and at ratea of freight lower
tliaa
'*""^" '** **"« P*^* "' I'"''*. Kansaii, Nobtaaka or
".?**,
'• Tlie
Illinois
farmers this year," he laid, " are bettw off
than 1 have known them for five yean paat. I know they
ara
bettor olT because the little banka In wlilcli tl.av deposit
an
carrying larger balances in tho banks in St. I'aul and
New
York than they have ever done before. Tho farmon ara
putting in their money and taking out !i per cent
oertiacateSi
These little banks in the Red valley, with capitals of onlv MS .
000 or $.50,000 or $60,000, are actually semfing money to
St.
Paul to inv.'st in goo<i securities. They are hmning money
on
elevator receiptw in Minneanlis, and only last week their m<mnT
m
ww
which Hhould be added the proiwrtion of not earnings of
the Sandusky Division for the four months, $.5S,(K)(), and for
the estimated net earnings in November, $1!«>,000, making to
thecreditof income account to Nov. 80, $751,606 deductfrom
this tho dividend on tiie preferred stock for the entire six
months ending Dec. 81. $250,000, leaving a balance of $.501,606. came to New York for Wall Street bargains. Thfae banks
Deducting from this the usual I'j per cent dividend on the depend on the farmers entirely, and when they have so much
total capital common stock of tho company loaves $91,731, money to invest it is a sure sign of the prosperity of their
which, with the net earnings for December, will be carried depositors. The farmers are all satisfied."
forward to the next six months.
Lehigh & HiidHen River.— At the
The purchase of the White Water Railroad, the St. Louis Lehigh & Hudson River Railroad the annual meeting of the
purchase of the Orange
Alton & Terre Haute, and the lease of the Cincinnati San- County Railroad was ratified.
It extends from Oreycourt to
dusky & Cleveland and the Columbus & Springfield, have Orange Junction, 13 miles, which,
via the Poughkeepsie
been completed. After taking in these properties the fixed Bridge, gives the Lehigh & Hudeon
an outlet to Boston and
charges of tlie road are now per month For bond interest, New Kngland points. It has a capital
stock of $200,000. The
$195,775; for proportion of taxes, $31,750 for rentals, $24,791
Lehigh & Hudson also ratified the purchase of a new connecttotal monthly charge, $353,317.
ing road oi)ened a week ago, known as the Phillij>sburg A
While the company has added the Cincinnati Sandusky & South Easton Railroad, which extends from
Easton to a point on
Cleveland, the Columbus & Springfield and the White Water the Belvidere division of the Pennsylvania
Railroad north of
roads to its system (nearly three hundred miles, and earning Phillipsburg.
gross over $80,000 per month), the fixed charges have been inLonlsvillc New Albany & Chicago.— The special meeting
creased thereby but $8,000 per month.
The C. C. C. & St. L. has completed a negotiation with the of stockholders held in New York October 29th was called
Mackay interest whereby the Cincinnati Wabash & Michi- and held '• to consider and act upon a proposition to extend
gan Road will become a part of its system. The line extends the lines of the Company and acquire additional property."
from Benton Harbor, on Lake Michigan, south to Anderson, That proposition was presented to and discussed by the stock164 miles, and an extension from Anderson to Rushville has holders, and by their votes referred to the directors with
just been completed. Four per cent bonds for $4,000,000 cov- power but the subject of issuing any new stock of the Louisville New Albany & Chicago Railway Company was not menering the entire line -will be issued.
tioned at that meeting or any other meeting of the stockholders
Groat Xorthern.— In tlie annual report of this company the or directors
of the company.
the following exhibit of the St. Paul Minneapolis & Manitoba
Of the five per cent gold bonds of this company $12,800,land grant is furnished
000 were authorized by the deed of trust to the Central Trust
LAND DEPARTMENT STATISTICS AND OPEBATIOKS.
Company, $10,000,000 of which were reserved to retire prior
Total acrenge of land tn-ant computed at 10
liens and $2,800,000 were to be used in paying oflF the floating
sections of land
to
;
:
;
;
;
:
tor each mile of com-
pleted road .
Total acreajto deeded to
3,848,00000
.
June
30,
Company prior to
1890
3.199,498 37
Total acreage sold to June 30, 1890
Less contracts canoeled
l,911,160-89
174,1 J9-19
BemaluinK unsold June 30, 1890.
Minneaiiolls & St. Cloud RR. land sxant
Less acreage sold to June 30, 1880
1,737,007-70
:i,110,9t»2-30
476.864-00
49,529-84
427,33416
debt of the road, purchasing new equipment, rails, ties, etc.,
and improvements to the road generally. Of these $2,800,000
available bonds, $2,000,000 have been duly placed upon the
list of the New York Stock Exchange and the other fcOO.OOO
remain in the Central Trust Company and no appUcation to
place those upon the list has ever l^en made.
The following is an official statement of the gross and net
earnings of the road for the first nine months of the calendar
years 1889 and 1890.
1889
.
Total grant remaining unsold
June 30, \890.
2.53S,32(i-46
During the year ending June 30, 1890, 86,584-46 acres of
land were sold for $613,959-38, an average price of $7 09 per
acre. There were also sold 118 town lota for $6,980, an average price per lot of $59 15.
CASH RECEIPTS OP LAND DEPARTMENT FOB TEAR ENDING JU.SE 30, 1890.
Cash sales and Installm'ts of prinolp'l on new land contracts $173,591 75
Amount of principal received on old contracts
28,479 32
Amount received for trespass, stumpaKC, &c
11,180 74
Amount received for iuteroat on old and new contracts
53,070 65
Amount rec'd for principal and int on town lot contracts.
7,680 22
Amount received for interest on sinking fund
2,375 10
NetrccelpU
$203,287 75
this
lots bearing Interest at 7 jier cent
April
186,.S96
Maj
200.104
203.427
216,810
249,601
243,691
June
July
August
September
Total
$1,824,147
,
,
1890
«
yet.
GrotM.
Sri.
$42,000
49,203
41,641
53,711
53,564
$165,360
164,918
194,442
$22,239
199.5.'M
77,748
105,172
104,648
214,965
231,423
240,657
245,668
262,095
.W.Ol*
71,171
77,293
91.919
S8,875
M>,772
$591,815
$1,919,085
».^8l,8»«
64,l--'4
30,.103
4.^,704
been defrayed and paid out of the earnings of 1890. But for
the net earnings for the first nine months of the
current year would show an increase of more than $50,000
over those for the like [leriod of the previous year. Prior to
October 1 in the current year the road handled about 8,000
carloads of materials for use in betterments to its property,
for which no cliarge has been made; and for want of equipment it has been compelled to refuse business which would
have added largely to the gross earnings of 1890.
Mobile k Ohio. The following is a statement of earnings
in a comprehensive shape for comparison :
this fact
Company on land
contracts bearing interest at 7 per cent
deterred payments due this Company on
Amount of
$177,419
170,427
176,269
The above statement shows tliat the net earnings for the
first nine months of 1890 were $9,918 less than for the like
period in 1889; but it does not show the fact that the costs
i?276.080 78 and expenses of unusual and extraordinary accidents in the
73,399 03
current year amount to more than $60,000, all of which has
Less expenses of laud department
Amount of deferred payments due
Grott.
January
February
March
$690,930 49
town
7,653 25
$704,583 74
The total number of sales during the year was 1,261, with
an average of alwut 69 acres to a purchaser.
In regard to cutting of rates in the West, Mr. James J.
Hill, President of this company, was recently reported by the
Sun as making the following pertinent remarks: "Every
road going out of Chicago is carrying its full capacity. One
of the presidents told me the other day that they were literally crushed with business, yet they are not making money.
I tell you the sooner the stockholders of the companies take
hold of the matter the better they will be oflF. If they would
pay five traffic agents in Chicago $10*1,000 a year a piece to get
out of town, to clear out altogether, keep away from the roads
entirely, they could make big money. Tnese fellows (traffic
agents) seem to think that railroads are not intended to be
—
operated for the benefit of the stockholders but just to give
them (the agents) a chance to square some petty grievance
—
New
om-
1889.
$277,445
$289,079
1890.
$.344,783
1.092,924
2,293,781
3,722,457
l,2.'i5.509
1„'>0I.191
^{45.682
2,731.558
4,136,982
3.096,927
4,674,62 J
364.069
537,641
1888.
November
July 1 to Nov. 30
Jan. 1 to Nov. 30
17 mos. to Nov. 30
1889.
•55,700
York City Street Railroads.— The Tribune publishes
the statistics for nineteen street railroads in this (7ity for the
year ending June 30, 1890. The facU are obtained from the
re(>orts filed at Albany, and the following is a summary o(
the gross earnings and operating expenses, the number of
passengers (paying fares) and the amounts paid out in dividends:
—
1
.
.
—
^
THE CHRONICLE.
788
PASSBNGEKg UAKBIED AND AMtJUNT I'AID IN DIVIDENDS.
/^Passengers Carried^ ^Dividends Paid-^
1890.
1889.
1889.
1890
N. r. 0«(.
1889.
Christopher & lOtli St..
4,558,443
8,473,722
42dSt. Manht'v'le & St.
Nicholas Ave
9,915,254
Har. B. Morris &Fo'dh'm '3,240,726
New York & Harlem.... 17,625,012
Second Avenue
18,155,128
Third Avenue
32,960,000
Ninth Avenue
4,738,619
Twenty-third Street
14,178,626
Sixth Avenue
14,339,592
45,000
97,240
200,000
60,000
120,000
60.000
75,000
4,630,295
30,581,336
4,488,843
168,000
43,500
84,000
43,500
2,175,178
13,008,654
82,500
60,000
15,395,249
72,000
48,000
5,332,406
7,871,306
8,643,368
3,180,592
16.631,749
17,120,216
31,458.000
4,046,879
13,707,269
13.819,169
HouB'n W. St. & Pavonia
Ferry
5,16.3,918
Broadw'y & Seventh Ave 31,897,880
Central Crosstown
5,798,595
Chamb's St. & Grand St.
Ferry
Eighth Avenue
Dry Dock
E.
2,509,666
13,940,003
15,'
,609,986
1890.
. .
,
Christopher <te 10th
42d
42d
St.
St.
& Grand
St.
Sts..
227,922
423,686
.
Perry
&
Man'ville
708,931
716,979
Sixth Avenue
& Pavonia Ferry
Broadwav & 7th Av
Central Crosstown
Chambers St. & Grand St.
ISSg.
$93,569
66,467
$79,040
64,129
$87,998
$86,836
$27,102
$14,911
deter-
at the annual meeting December 9, the following
persons will go into the Board Jay Gould, Russell Sage,
George J. Gould, Abram S. Hewitt and R. T. Wilson. The
last two go in at the personal sohcitation of President Inman,
At the annual election of Richmond & Danville directors
December 9 George Gould will be elected in place of Geo. S.
Scott, resigned.
Rio Grande M'estern. At a meeting of the directors, held
in this city Dec. 5, the following was pas-sed
Whereas, The broad-gauged line having been opened for local business since June 10, and for through business (by the completion of its
eastern broad-gauge connections) since Nov. 15, and the gross and net
returns since realized having been satisfactory enough to wanant the
conviction that the full yearly di^^dends will be hereafter earned and
may he hereafter regularly divided on preferred stock, it is the sense
of this Board, and in accordance with the spirit of the reorganization
plan under which the preferred stock was Issued (to represent the reduction of interest and the coupon certificates), that the payment of
dividends should begin without further delay, and
For
Whereas, The actual surplus net earnings have been as follows
the eighteen months since reorganization, $292,000, or 6 ner cent on
the preferred stock for the six months of the current fiscal year since
July 1,1890 (December estimated), $176.000,or 3^ percent on the preferred stock, the last-named rate exceeding 7 percent per annum,
:
1889.
1890.
4,854,204
157,628
702,316
557,942
266,620
172,139
393,965
240,733
8,985,871
166.387
4,858,704
130,897
541,767
174,037
246,889
432,168
371,162
:
;
169,032
831,587
159,796
659,276
714,517
1,139,753
199,962
473,883
468,931
Be»o;»erf, That a dividend of 213 percent oo the preferred stock is
hereby declared, payable on Feb. 1,1891, in preferred stock at par to
holders of record Dec. 24, 1 890.
338,757
155,406
592,256
694,778
856.01
1,572,861
202,314
685,363
690,958
1,085,402
172,135
467,662
491,531
224,442
219,091
1,023,854
200,985
183,381
1,000,935
132,992
125,963
697,000
108,609
650,432
113,649
481,677
85,564
485,854
780,450
769,762
509,196
517,806
Battery
231,514
20,448,163 19,473,908 12,718,678 12,365,5ri3
New Bonds and StocksAiithorlzed or Offered.—The foUovfing is a list of new issues of securities now offered for sale, or
Boon to be oflfered
:
STATES, CITIES, COUNTIES. &C.
Antonito, Col.— $6,000 water-works bonds, due 1905. Proposals will
be received by the Town Clerk till Jan. 2, 1 891.
City, N. Y.—.$650,000 bonds are offered. Full particulars
Bbooklyn
are given in our advertising columns.
Salem. Mass.— $60,000 4 per cent bonds, due 1891 to 1900.
will be received by City Treasurer till Dec. 10.
Proposals
EAILKOAD AND MISCELLANEOUS COMPANIES.
Bbooklyn & Rockaway Beach.— $350,000
stock to be Issued
;
mak-
ing total $500,000.
Bethlehem Iron Co.— $2,000,000 more
stock
Is t )
be issued
making
;
total $5,000,000.
Manufacturing Co.— $2,000,000 new
Westinghouse Electric
stock is authorized, making total $10,000,000.
cfe
—Thefollowing isgivcn out to-day (Dec.
5):
and official of the North American Co.
says: "We are working on the business of the North American Co. every working hour of the day and when we get matters into shape where a statement can be made it will be
made." Anotner director says; "Any stockholder who comes
to us and proves to us that he is a stockholder can get all the
we have. As yet not one has
the affairs of the company in detail.
information
know
$271,981
185,145
taxes..
—
1,533,666
Ferry
North American.
$186,350
98,352
&
:
258,196
1,599,094
289,929
Eighth Avenue
Dry Dock E. Broadway
A leading director
$74,440
4,600
mined that
180,000
St.
Totals
$79,875
13.694
therefore
Twenty-third St
&
$253,231
18,750
Richmond & West Point Terminal.— It has been
St.
Nlch. Avenue
495,763
Harlem Bridge Morris &
Fordham
171,952
N. Y. & Harlem
881,250
Second Avenue
907,756
Third Avenue
1,647,782
Ninth Avenue
236,931
Houston West
$186,350
Surplus
*E8tim ated.
GROSS EABNINGS AND OPERATI.SG EXPENSES.
/—Oross Earninqs.^ ,— Operating Expenses.—
Manhattan Elevated
9,302,681
Surbiirban Rapid Tran't.
207,061
Central Park N. & E B
768,837
$232,933
158,493
Int., rentals
408,963,266 389,478,166 2,829,480 2,315,260
Totals
come
to
us to
The personal
friends of directors have been satisfied with the assurances
given them that the company is solvent. Any statement that
may be issued will be to stockholders only." Dow, Jones
&Co.
—
Oregon Improvement Co. At a meeting of a committee of
the bondholders of the Oregon Improvement Company, consisting of Messrs. Edward R. Bell, John S. Tilney, R. Somers
Hayes, J. H. Converse and G. Lee Stout, held at the office of
the Farmers' Loan & Trust Company, the affairs of the company were discussed, and the committee decided that no antagonism could exist between the two classes of bondholders,
and that in any plan for reorganization the superior rights of
the first mortgage bondholders, both as to principal and inter,
est, should be recognized and made a part of any plan adopted.
—
Railroads in New York State. The roads following have
reported for the quarter ending September 30
AT. r. Lake Erie <t W.
:
.
,
1889.
Gross earnings
Operating expenses
$7,843,407
5,200,857
1890.
$7,872,524
5,402,659
St. Louis Merchants' Bridge & Terminal.—This company
has conveyed to the Farmers Loan & Trust Company all its
real and personal property in trust to secure the payment of
$3,500,000 in bonds. At a stockholders' meeting held on the
1st of October it was decided to increase the capital stock of
the company from $3,000,000 to $3,500,000, and the old bonds,
amounting to $2,000,000, will be taken up by the new loan.
The new boads are payable in forty years, and they draw 5
per cent interest.
San Antonio & Aransas Pass.— At San Antonio, Tex.,
November 30, Judges Pardee and Maxey rendered their decision in tlie suit of the Farmers' Loan & Trust Company
against the Aransas Pass Railway in the United States Circuit
Court. 'The case came up on a motion to have the matter of
the Aransas Pass receivership transferred from the State to
the Federal Court. The two circuit judges concurred in their
decision and the substance of it is that the case is one which
is not removable under tlie act of March 3, 1877, permitting
only a non-resident defendant to remove a case from a State
to a Federal Court. The circuit judges held the suit of Johnson & Hansen against the Aransas Pass Railway Company to
he in the nature of a creditor's bill for the benefit of themselves
and any other creditors who might care to intervene against
the railway company, and the interveners are not such parties
as were contemplated by the statute authorizing removal.
A dispatch from San Antonio, Decemt)er 2, said that Charles
W. Armour, of New York, had filed a bill of complaint in the
United States Court against the Farmers' Loan & Trust Company, the San Antonio & Aransas Pass Railway, the Central
Trust Company, the Union Trust Company and Johnson &
Hansen, in whose behalf the receivers were originally appointed. 'Armour holds 200 of the road's first mortgage bonds,
and he claims that by the default of interest on these bonds
in July last, and by the terms of the mortgage, he is entitled to
foreclose and have a receiver appointed in the interest of the
first mortgage bondholders.
Sngar Trust.— Judge CuUen, in the Sugar Trust case, gave th^
following decision in granting a stay of proceedings till Dec. 8
" No stay should be granted as to the proceedings under the interlocutoiy iudgmcnt entered iu this action unless there are grave doubts
as to its Irregularity. I have such doubts. The question is not as to
the power of the courts to compel the plaintiffs to account for all the
proceedings as trustees under the Sugar Tmst, nor whether they may
not be enjoined from interfering or disposing of the assets of the
Trust.
,
. ^.
" This last relief is granted by the order appomtlng receivers of the
Trust, but the question is whether the plaintiffs against their own wish
can be compelled to enter a judgment in court against themselves
without a trial of the action, and when issues against some of the
parties are still undisposed of. Iu my opinion the question is a serious
one, and proceedings under the judgment should be stayed until the
hearing of the appeal at General Term, which meets Dec. 8.
" Upon the hearing, the plaintiffs may apply to the General Term to
continue the stav. The plaintiffs must stipulate to bring the appeal on
not operate to
the hearing at the next General Term. This stay will
of the
affect in anywise the appointment of the temporary receivers
Sugar Trust, and not to relieve the plaintiffs from forthwith transferTrust property and assets."
ring to the receivers all the
.
New York & Pennsylvania.—The report for the
New York State
Western
:
Gross earnings
Operating expenses
$2,642,550
701,292
$2,469,865
733,950
Balance
Other income
$1,941,258
203,782
$1,735,915
183,998
$2,145,040
1,877,866
$1,919,913
1,814,392
Interest, rentals
$267,174
$105,521
Surplus
and taxes
Net earnings
and taxes
Bala nce, surplus
For
^t^t'ti
624,981
$359,346
1,161
Total
ir
1890
*^'g|f'!II
834,489
$200,783
Other Income
Total
,
quarter ending September 30, 1890, to the
Commissioners is as follows
1889
Net earnings
Less percentages paid leased roads
Interest, rentals
—
Ogden. it L. Ch. tie.
1889.
1890.
$209,739
129,864
Total
89,760
Broadway
Battery
.
$765,646
512,415
'"4,5,066
250,000
37,240
240,000
W.
1890.
$634,580
448,230
Net earnings
Other income
.
42dBt.&Grand8t.Perrv
<«
.
U.
SM
IVOL.
Gross earnings
Operating expenses..
Manhattan Elevated. ...185,833,632 179,497,433 l,560,0f0 1,430,000
3.327.740
Suburban Kapid Transit 4,141,216
54,000
Cen'l Park N.S; E. Rivers 15,432,194 14,092.550
&
.
«ll>er
$201,944
169,465
$359,346
152.639
$32,479
$206,707
Uallroad and Inveatment Mewa see Fuse 177..
:
:
DlOBMBEB
THE CHRONICLE.
S, 1S90.]
MepovtB aud llocumetitB.
TREASURY.
Trsasdrt DBPARTMiorr,
WA8H1N0T05, D. C, Deo. 1, 1890.
:
I
)
)
hare the honor to nabmit the following report
RSOUFTB AHD BXPBNSITURBB FISCAL TSAR 1800.
The revennes of the Government from all noarceH
flsvitl
for the
year ended Jane 30, 1890, were.
rrom ouitomii
•229.R(!8..'>Hi
From Internal revenue
From pmltta on cnliiaKe,
S7
142.00(1.705 81
bnlllon depoitta and aaaayi..
Fri)m«»lt'H of imbllc limiU
From fiH'K— coiiii\ilar, li'tiern pateiit and land
From Hiuklui; fund for I'lullio railways
From tux on national lianks
From (Mintonia foen, tliioi, imnaltlea and forfeltares
From niii»ym»nt of Interest by Paclflo railways
From HuleH of [ndluu lands
From SoUlicro' Home, luTuiuuent fund
From tax on seul bI<1u»
From immigrant fund
From snlo« of Ciovernment property
From deposits for Burv«yln<( public lands....
From depredations on public lands
From tlie Ulatrlcl of Columbia
From mi8e«llaneoiui sources
10,ai7,24i
0,358.273
8,140,693
1.842,504
1,301,320
1,209,324
M
82
The expenditures
for the
same period were
:
For oini expenses
$23,638,826 62
foreign iiicercourae
„
1,648,276 59
For Indian servloe
6,708,046 67
For pensions
106,936.855 07
For the military establishment, Inolndlng rlrers and
harbors and arsenals
44;582,838 08
For the naval establishment, Including vessels, maohlner}- and irapruvements at navy yards
22,006,20624
For miecellaneous olijects. Including public buildings,
light houses and collecting the revenues
43,563,090 86
For the District of Columbia
5,677,419 52
For interest on the public debt
36,099,284 05
For detlolency in postal revenues
_
6.875,036 91
For postal service
60,882,097 93
i''or
Total expenditures
$358,618,584 53
The reyenues and expenditures of the
postal service form no
gart of the fiscal operations controlled by the Treasury
'epartment, although, under a requirement of law enacted at
the last session of Congress, they are included in the tablet)
above presented.
Deducting these from the aggregate on
both sides of the account there remain as the ordinary
revenues of the Govemment the sum of $403,080,982 63 and as
ordinary expenditures the sum of 1297,736,486 60, leavin<7 a
surplus of $105,344,496 03. Of this amount there was used in
the redemption of notes and fractional currency, and purchase
of bonds for the sinking fund, the sum of $48,094,564 66,
leaving a net snrplns for the year of $57,249,931 37. •
As compared with the fiscal year 1889, the receipts for 1890
*
have increased $16,030,923 79. *
There was an increase
»
»
•
of $15,739,871 in the ordinary expenditures.
In addition to $48,094,564 66 applied to the sinking fund
during the fiscal year 1890, the net surplus for the year, viz.,
$.57,249,931 37, together with |5,870 received for four per cent
bonds issued for interest accrued on refunding certificates converted daring the year, and $19,601,877 53 taken from the cash
balance in the Treasury at the beginning of the y;ear, making
altogether $76,867,678 90, was used in the redemption and par»
»
»
chase of the debt.
FISCAI, TEAR 1891.
fiscal
year the revenues are estimated as
From Internal revenue
From misoellaneous souroea
$221,000,000
145,000,000
40,000,000
For the present
follows
From customs
$406,000,000
Total estimated revenues
the
same period are estimated as
For the civil establishment
For the military establishment...
For the naval estabUshment
For the Indian service
For pensions
For the District of Columbia
For Interest OB the public debt
For dcflcienoy In postal revenues
$105,000,000
44,500.000
23,000,000
The expenditures
follows
for
:
6^00,000
133^)00,000
5,500,000
32,000,000
4,.50O,00O
$354,000,000
$52,000,000
Including the revenues to be derived from the postal service, which are estimated at $66,000,000, but which, as already
stated, have not been heretofore included in these tables of receipts and expenditures, the total estimated revenues of the
Government for the fiscal year 1891 will be $472,000,000, and
the total estimated expenditures $420,000,000, leaving an available surplus of $52,000,000, as shown above.
If to the estimated surplus there be added the cash in the
Treasury at the beginning of the year and the national bank
fund deposited in the Treasury under the act of July 14, 1890,
the total available a'sets for the year, exclusive of fractional
silver and minor coin, will be $162,000,000. There has been
paid out daring the first four months of the year in the pur-
Total estimated expendltares
LeavlDg an estimated surplus for the year of
nine million dollars.
rucAi, TBAa 1803.
estimated that the revanaea of the Gkivemment for the
fiscal year 1892 will b« ;
F^m enstoms
„
$180,000,000 OO
Fromlutemal revenne
15000000000
From misoellaneoua sonrcaa
,„,.
84,000,000 00
It is
Total eatlmated revennea
$S78.000,OOo'oo
estimates of expenditures for the same period, aa anbmitted by the several Executive Departments and offlcee, are aa
The
follOMTS
:
Legislative establishment
Executive establishment—
Exeontlve proper
$3^130^133 76
Treasury Department
$178,I3u00
155,510 00
8,948,606 80
Interior Uciiartnient
$463,963 080 55
Total receipts
yt
35
63
58
52
70.^,691 53
372,288 15
308,880 99
262,50000
241,464 00
192,123 90
112,314 70
35,Sr)2 37
2,809,130 93
1,600,014 81
00,882,097 92
Froua postal service
ehaae of bond* for the sinking fnnd and In othnr r*d«a|BlioM
of th« (Ifbl, lni-ln(iln»f prHinlnm, afx.iil $1(10,000,000. It
mat-ed that the redemption* of four and a half par «Mit
boodt
dnring the remaining eight montha of the
will be $10,000 •
000, making a total outlay for bond* piircbaaed dariair Um
year, inolndlng preminm, uf $110,000,000, leaving a net
teU
anoe on Jane 80, 1891, of $63,000,000 available darioff tlM
next fiscal year.
The estimate of revenne to be derived from eturtooa daring
the present fiscal year is baaed apon the awramptlrm that tliere
will be a probable Iom from artiolea placed nn the tm^ liet,
ia.
eluding sugar, during the laiit quarter of thn year amoontlnc
to twenty-five million; bat aa there haa been an inereaae of als.
teen miliiun in the dutiee eoUeoted daring the flmt four montfaa
of the vear, the estimated net loas for toe yeftr ia piMed at
mtZ
REPORT OF THE SECRETARY OF THE
Bib
789
3,348,370*00
430,9J0 00
6,439,884 00
State Department
War Department
Navy Depiirtment
Post Office Department
Department of -Agriculture
Department of Justice
Department of Labor
Judlciiil
989,730 00
2,812,003 50
196,450 00
175,52000
21,499,668 80
463,100 00
1,943,006 00
38,160,991 77
33,508,204 98
6,846,908 03
185,263,086 00
establishment
Foreign intcreourse
MlUttry establishment
Naval est abllabment.
Indian affairs
Pensions
Public Works—
Leslslallve
Treasury Department...
War Department
Navy Department
Interior Department
Department of Justice
„,
„
Miscellaneoas—
Legislative
Trcviury Department
War Department
Interior Department
Department of Justice
District of Columbia
t|>708,600
00
7,369,070 42
10,698,788 93
838,37513
307,370 00
4,60000
19,801,704 48
$3,018,016 69
10,512,912 75
6,002,226 07
3.727,611 00
4,262.800 00
5,450,215 17
32,974,68168
3,590,863 43
Deficiency in postal revenues
Permanent annnal appropriationsInterest on the public debt
$27,000,000 00
Refunil'K—cnst'ms, int'rn'lrev.. iui. 18,076,380 00
Collecting revenue from customs...
5,500,000 00
Misoellaneong
32,686,600 00
73,361 ,880 00
Total est'd expenditures, (xclnslve of sink. fond.. $357,859,300 43
Or an estimated snrplDS of
$15,147.79068
Which, added
year
to the available balance at the beginning of the
($62,000,000) vrill make a total of $67,147,790 58 available
for the redemption of the four and a half per cent bonds falling due September 1, 1891. of which it is estimated there will
remain outstanding on July 1, 1891, $51,.'^31,900, the amount
outstanding November 22, 1890, being $61,531,900. Of the
bonds to be so retired $49,224,928 will be applied to the sinking
fund.
The revenue and expenditures
of the postal service for the
year 1892 are estimated at $73,95-5,031 98, which, added
to the ordinary revenues and expenditures of the Government,
will make a total revenue for the year of $446,955,031 98, ana
a total expenditure of $431,807,241 40, leaving an estimated
fiscal
snrplns, as shown above, of $16,147,790 68.
The increase of $66,680,804 72 in the estimates for 1893 over
the estimates for 1891 is to be found under the following
Pensions, $36,676,000 increase naval establishment,
heads
$8,217,700 increase ; executive establishment, $3,517,700 increase ; Indian service, $1,042,1)00 increase; public works,
$794,000 increase ; military establishment, $758,000 ; making a
The balance of the increase is dae to the
total of $50,005,900.
estimated expenditure for redemption of national bank note*.
the production of sugar, less a decrease of
and for bounty on
$4,500,000 in the estimate for Interest on the public debt, and a
further decrease of about $3,000,000 under the respective
heads of " permanent annual appropriationa " and ** mfcieal
:
;
laneous."
In estimating the revenue for the next fiscal year the loea
from articles tran.tferred to the free list is placed at fifty million, but aa the increasing demands of the people must swell
the vt'lume of imports in other coram' >difies, and the enforcement of the customs laws under the operations of the administrative act of Jnne 10, 1890, by the prevention of onder-valaations and the closer colleotion'of dutiee, will materially increase the revenne, it is estimated that an additional ooUeetion of not less than eighteen million will b« obtained under
these eonditions. Upon this basis the net loea of revenne for
the year is put down at thirty-two million dollars.
:
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THE CHRONICLE.'
790
[Vol.
U,
PENSIONS.
During this period the Secretary was able to purchase United
estimate of $135,263,085, made by the Interior States bonds at constantly decreasing prices, so that at the end
Department, for the year 1892, is based upon the fact that of the fiscal year 1890 the Government was paying for four per
over 250,000 of the claimants for pensions under old laws have cent bonds seven per cent less than at the beginning of that
availed themselves of the right to present their claims under period, and for four and one-half per cent bonds four and onethe act of June 27, 1890. Claims presented under the new law half per cent lees; but the diminished supply of bonds held
for sale, together with the lower prices which were being
will draw a less monthly rate and carry arrearages for only a
paid
short time, and for small amounts, while under the old laws had been gradually curtailing the Government purchases, and
soon after the beginning of the present fiscal year the growing
many of them carry very large arrearages, and many of which
will have been paid during the fiscal year 1891. The transfer surplus and the prospective needs of the country made it adof claims from the old to the new law will therefore very visable that steps be taken to obtain more free oflferings of
largely reduce the average annual value of pensions, and a re- bonds to the Government.
Accordingly, on July 19, 1890, a circular was published
duction in the amount of arrearages alone is estimated at
110,000,000 for the year 1892. For these reasons it is estimated rescinding that under which purchases had been made since
that the amount above named for 1892 will be sufficient to April 17, 1888, and inviting new proposals, to be considered
July 24, for the sale of the two classes of bonds before menmeet the aggregate requirements for that year.
tioned. Under this circular there were offered on the day
It is deemed advisable and opportune at this time to recompremend a change in the periods of paying pensions. At present scribed $6,408,350 four per cents and $594,550 four and onethe law requires that payments to pensioners shall be made half per cents, at prices varying from 121-763 to 128 263 for
quarterly on the fourth day of March, June, September and fours and from 103V/ to 104 40 for four and oae-halfs, of
December in each year, which necessarily involves the accumu- which there were purchased all the four per cents offered at
lation of large sums in the Treasury, amounting to from 124, or less, amounting to $6,381,350, and all the four and onethirty to thirty- five millions of dollars for each quarterly pay- halfs offered at 103M. or less, amounting to $584,550. As the
ment. This unnecessary withholding of money from circula- amount obtained on this day was less than the Government
tion may be obviated by making twelve monthly payments desired to purchase, the provisions of the circular were
instead of four quarterly payments, as now required. Upon extended, with the result that further purchases were made
eonsultation with the Secretary of the Interior it is suggested amounting in the aggregate to $9,652,500 fours and $706,450
that the law be changed so as to divide the eighteen pension four and one-half per cents.
It was soon apparent that these purchases were
agencies into three groups, as follows
The pension agencies
inadequate
at Columbus, Ohio, Washington, D. C, Boston, Mass., Detroit, to meet existing conditions
therefore, on August 19, the
Mich., Augusta, Me., and San Francisco, Cal., to make their Department gave notice that four and one-half per cent bonds
payments quarterly on the fourth day of March, June, Sep- would be redeemed with interest to and including May 31,
tember and December ; the pension agencies at Indianapolis, 1891 ; and two days later the circular of August 21 was published, inviting the surrender for redemption of twenty
Ind., Des Moines, Iowa, Buflfalo, N. Y., Milwaukee, Wis.,
Louisville, Ky., and Pittsburg, Pa., to make their payments millions of these bonds, upon condition of the prepayment
quarterly upon the fourth day of April, July, October and after September 1, 1890, of all the mterest to and including
January ; and the pension agencies at Topeka, Kans., Chicago, Aug. 31, 1891, on the bonds so surrendered. Under this circuLI., Philadelphia, Pa., Knoxville, Tenn.,New York City, N. Y., lar there were redeemed $20,060, 700 four and one-half per cents.
and Concord, N. H., to make their payments quarterly on the
Notwithstanding the disbursements resulting from purfourth day of May, August, November and February of each chases and redemptions of bonds under the circulars of July 19
and August 21, the industrial and commercial interests of the
year.
During the last fiscal year the first group of agencies dis- country required that large additional amounts should be at
bursed $33,953,822 ; the second group disbursed |35,987,186 ; once returned to the channels of trade. Accordingly, a circuand the third group disbursed $36,552,882, and it is probable lar was published August 30, 1890, inviting the surrender of an
that this ratio will be substantially maintained in the future.
additional twenty millions of four and one-half per cents upon
If the change herein recommended should receive favorable the same terms as before.
This was followed by another,
eonsideration, a provision should be incorporated, in any dated September 6, inviting holders of the four per cent bonds
amendment to the present law that may be adopted, providing to accept prepayment of interest on those bonds to July 1,
for preliminary payments for fractional quarters rendered 1891, a privilege which was subsequently extended to the
necessary by the change at all the agencies, the date of whose holders of currency sixes. Dnder this circular of August 30,
regular payments is changed, and also in all cases of transfer there were redeemed $18,678,100 four and one-half per cent
of pensioners from one agency to another,
bonds, and under that of September 6 there was prepaid on the
four per cent bonds and currency sixes interest amountincr to
aiNKIKO FUND.
Under the requirements of the act of February 25, 1862 (Re- $12,009,951 50.
These prepayments of interest are expressly authorized by
vised Statutes, §§ 3688, 3689:, establishing a sinking fund for
section 3699 of the Revised Statutes. They were deemed exthe gradual eximguishment of the public debt, there have
pedient because of the disposition of the holders of bonds to
been purchased during the months of July, August, Septemdemand exorbitant prices for them.
ber and October of the current fiscal year $27,859,100 of the
The amount of public money set free within seventy-five
funded loan of 1891 and $16,134,000 of the funded loan of
days by these several disbursements was nearly $76,660,000,
1907, at a cost to the fund for premium and anticipated interand the net gain to circulation was not less than forty-five
est of $1,226,329 76 on the former and $3,844,450 93 on the
millions of dollars, yet
latter loan.
There have also been added to the fund, by the prompt disbursements the financial conditions made farther
imperatively necessary.
circular was
redemption of fractional currency. Treasury notes and United
therefore published September 13, 1890, inviting proposals, to
States bonds vrhich had ceased to bear interest, the sum of
be considered on the 17th, for the sale to the Government of
$8,764, making a total of $49,072,784 97 applied to the fund as
sixteen millions of four per cent bonds. The offerings under
against an estimated requirement for the year of $49,077,270.
this circular amounted to $.S5,514,900, of which $17,071,150
SURPLUS REVENUE.
were offered at 126M or less, and were accepted. The total
The surplus revenue was largely increased last summer by disbursements since June 30, 1890, by the means above set
the pending changes in taritf legislation. And the available forth are recapitulated as follows
Bonds Redeemed. Ditbumemenl.
balance in the Treasury was also greatly augmented by the
Under circular of April 17, 1888
$2,133, 3.")0
»2,358,884 00
act of July 14, 1890, which transferred over $54,000,000 from Under circular of July
19, 1890
17,324,850
21,225,989 46
the bank note redemption fund to the available cash. This Under circular of August 19, 1890
560,050
581,138 12
20,060,700
sudden and abnormal increase was the cause of much concern Under circular of August il, 1890
20,964,868 42
Underoiroularof AUKUSt 30, 1890
18,B78,100
19,518.17683
and some embarrassment to the Department.
*
Under circular of September
1890
12.009,95150
To prevent an undue accumulation of money in the Treasury, Undercircularof September 6, 1890... 17,071,150
13,
21,617,673 77
and consequent commercial stringency, only two methods were
Total
$75,828,200
$98,276,682 10
open to the Secretary, namely, to deposit the public money in
* Prepayment of interest.
national banks, or to continue the purchase of United States
And the annual reduction of the interest charge, with total
bonds on such terms as they could be obtained. For reasons
heretofore stated, the former method was deemed unwise and saving of interest, is shown in the following statement, viz.
Jteduction o/iivinexpedient, and the policy of bond purchases was continued.
terest Charge.
Total Saving.
On account of the rapidly diminishing supply of United States Under circular of April 17, 1888
$9 1,548 75
$449,853 94
bonds on the market, and of the fact that the sudden and great Under circular of July 19, 1890
699,449 00
7,074,411 29
25,202 25
increase in the surplus compelled the immediate purchase of Under circular of Augtist 19, 1890
6,300 5G
902,731 50
large quantities, it became very difficult to obtain them in suf- Under circular of Auirust 21, 1890
Under circular of August 30, 1890
840,514 50
ficient amounts and at fair prices.
The following is a brief Under circular of September 13, 1890. 682,846 00
7,061,889 73
statement of the successive steps taken to dispose of the conTotal since Jime 30, 1890
$3,242,292 00
$14,592,455 52
stantly accumulating surplus
Add fiscal year 1890
4,a34,9H6 25
34,046,079 20
There were outstanding on June 30, 1889, United States interest-bearing bonds, issued under the refunding act, in the
Totals since June 30, 1889
$7,577,278 25
$48,638,534 72
amount of $815,734,350, of which $676,095,350 were four per
It should be stated that there is no saving of interest on the
cents and $139,639,000 four and one-half per cents. During
43>i per cent bonds redeemed under the circulars of August 21
the fifcal year 1890 there were purchased of these bonds $73,- and 30, since all the interest on those bonds to September
1,
923,500 fours and $30,623,250 four and one-half per cents, and 1891, the date on which they become redeemable, has been prethere remained outstanding June 30, 1890, $602,193,500 fours, paid, and that the reduction in the annual interest charge on
including $21,650 issued for refunding certificates and $109,- the same bonds takes effect only from that date.
015,750 four and one-half per cents. Of the bonds so purAnother circular inviting the surrender of 4^ per cent bonds
chased there were applied to the sinking fund for the fiscal for redemption, with interest to and including August 31, 1891,
year 1890 $27,695,600 fours and $12,136,750 four and one-half was published October 9, 1890. The amount surrendered
per cents, the residue beirg ordinary redemptions of the debt. under that circular during
the month of Oct. was $3,203,100.
Tie above
:
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DlCBMBKB
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1890. J
THE
:
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:
CHRONlCLIfi.
791
Tli« total amnant of 4 and 4}^ pxr cent bondu pnrohand and Tbe ri crtptii fnim all Miiirix-n nt iiiiiirnul reranur for
the l1*o*l jrvarauilfd JuDcSO, IHUO, wkf*
redeemed since March 4, 1889, ix :y31I,833,4.'>0, and the amoant The rrcalpta
aitZOM ••'«<'<
BMST
from tke lame uaiera forlfe«tUcalr(ar
expended therefor iti 9i2-lti,i'>JO,7<il 72. The redaution io the
•odM Jon* M, 1880, were
.„., 130,894,434
annaal ioterest obargu by reaituD <>f these traneaoUuD* U ^,.
MakloK ao Inrnaae In the reealpts for iba flaeal
967,609 7R. and the total savioK of iatereat ia 901,674,706 01.
jearjoat ended of
•11.7M,*Ma7
It will be Been from the above itatement that dnrioff the
"—"'
three and one-third monthH from July 19 to November 1, 1890, The total co»t of ooUactlon for the flical r«ar ndcd
June 30. IROO, wa*
over ^99,000,000 were diebartiud ia payment for bondii and
t4 MS lt*i«
"•""""**
The touiecmtof oolleoUon for the flaeal rear'aidtid
interest.
June 80, 1880, waa
4,t«»,7M«t
There are many grave objeotions to the aocnmalation of a
~~~~
large nurpluB in the Treasury, and especiallv to tiie power
Maklnv n rcHluntlon In the ooat of eolleottoa for
the llnciil joar.liint riiili'il of
control of suob Harpliis gives to the Secretary. I
which the
900,617 88
The fstimated receipts from all aoarces of Internal revena*
am sure those objections appeal to no one with so much force
the head of the Department, apon wliom rests the diiS- for the current flsoal year will aggregate |U6.000,000.
as to
This estimate has carefully kept in view the reduction mada
cult and delicate responsibility of its administration.
In my judgment, the gravest defect in our present flnancial in the tax on tobacco and snuff, and the repeal of the taw Imsystem is its lack of elasticity. The national banking tystem posing special faxes on dealers in tobacco, manufactaren ot
supplied this defect to some extent by the authority which the tobacco and cigars, and peddlers of tobaooo. Upon the baaia
banks have to increase their circulation in times of stringency of the receipts for the fiscal year endnd June 80, 1890, from tb«
and to reduce when money becomes redundant, but by reason various sources of internal revenue affected by tbe act of Oetof the high price of bonds this authority has ceased to be of ober 1, 1890, the followmg table ha« been prepared, whieh
presents in detail the estimated deoreaw to be exp«ct«d la r*much practical value.
The dtmand for money in this country is so irregular that celpts
niMATBD REDUCnOa IX (CKim.
an amount of circulation which will be ample during ten
Tobacco, ehewlDK n»d iinioklnff
months of the year will frequently prove so deficient during
tvtiinated receipt* for • x roontba ending Oecemlier 31,
the other two months as to cause ttiiogency and commercial
18U0, tax 3 oeota tier pound
Such stringency may occur without any speculative EBtlmat(^d receipts for mx months ending June 30, 1801, 89,t62,740it
disaster.
tux
peut8 per pound
manipnlatiocB of monej^, thongh unfortunately it is often in6,872,065 61
tensined by such manipulations. The crops of the country
Total cKtlmated receipt* from tobacco for fiscal year
have reached proportions so immense that their movement to
ending June 30, 1881
•I6,O3t,70«19
market in August and September annuallv causes a dauRerous
absorption of money. The lack of a sumcient eupply to meet Estimated rcdnctlon In receipt*' from tobaooo for flsoal
year ending June 30, 1891...'.
98,890,686 17
the increased demand during those months may entail heavy
losses upon the agricultural as well as upon other business inSnaff
Thongh flnancial stringency may occur at any time Estimated receipts for six months ending December 31,
terests.
1890, tax 8 cent* oer pound
and from many causes, yet nearly all of the great commerc al
830^86569
Estimated receipt* for aix month* ending June 30, 1891,
crises in our history have occurred during the months named,
lax 6 cent* per pound
276,649 2S
and unless some provision be made to meet such contingencies
^——
M
:
may be confidently expected.
that the theory obtains in the minds of many
people that if there were no surplus in the Treasury a sufficient amount of money would be in circulation, and hence no
stringency would occur. The fact is, however, that such stringency has seldom been produced by Treasury absorption, but
generally by some sudden or unusual demand for money entirely independent of Treasury conditions and operations. The
financial pressure in September Itjit, which at one time assumed
a threatening character, illustrates the tru*h of this statement.
There was at that time no accumulation of money in the
Treasury from customs or internal revenue taxes, nor from any
other source that could have affected the money market. On
the contrary, the total disbursements for all purposes, including bond purchases and interest prepayments, during the la.st
preceding fifty-three days had been about $29,000,000 in excess
of the receipts from all sources.
The total apparent surplus on September 10, when the
money stringency culminated, was $99,509,220 53. Of this
amount 124,216,804 96 was on deposit in the banks, and presumably in circulation nmong the people, and $21,709,ci79 77
was fractional silver, which had been in the Treasury vaults
for teveral years, and was not available for any considerable
disDursements. Deducting the sum of these two items, viz,
$45,926,184 73, left an actual available surplus of only $56,317,321 25. The amount of the bank-note redemption fund then in
the Treasury, which had been transferred to the available
funds by the act of July 14, 1890, was $54,000,000, being substantially the amount of the available surplus on September
in the future, like disasters
I
am aware
This bank-note fund had been in the Treasury in
10, 1890.
In August, 1887, it was
varying amounts for many years.
$105,873,095 60, which had been gradually reduced by disburseIt is apparent, therefore,
ments to the amount above named.
that the financial stringency, under discussion, was not produced by the absorption of money by the Treasury, but by
causes wholly outside of Treasury operations. At the time
when the financial pressure in September reached its climax,
the extraordinary disbursements for bond purchases had substantially exhausted the entire ordinary Treasury accumulations,
and but for the fact that Congress had wisely transferred the
bank-note redemption fund to the available cash, there would
have been no money at command, in the Treasury, by which
the strained financial conditions could have been relieved, and
threatened panic and disaster averted. Had this fund been in
the banks instead of the Treasury the business of the country
would have been adjusted to the increased supply, and when
the strain came it would have been impossible for the banks to
meet it. The Government could not have withdrawn it from
the banks without compelling a contraction of their loans, and
thus diminishing their ability to give relief to their customers.
The more recent financial stringency in November, immediately after the disbursement of over $100,000,000 for the purchase and redemption of bonds within the preceding four
months, furnishes another forcible illustration that such stringencies are due to other causes than Treasury operations.
»»»«»••
nrrsBHAL rbvebue.
report of the Commissioner of Internal Revenue, showing in detail the operations of this Bureau, is transmitted herewith. The following summary will disclose at a glance the
satisfactory condition of that branch of the public service, and
the very efficient and economical manner in which it has been
The
conducted
Total estimated receipts from snnff for flreal year
endcdJuneSO, l891
Estimated reduction In receipt*
enolngJuneSO, 1891
Special taxe*
Dealer* in leaf tobacco
$92,216 41
.„...
Dealers In manufactured tobacco
Manufacturers of tobacco
Total rntlmated reduction In fpedal taxes for
year ended Jane 30.1891
Esciiiiated reduction in
$14,49240
24
5,197 50
122,89049
11,77651
1,'J31,118
HanufacturerR of clKars
Peddlers of tobacco
E'tlmatfd reduction i"
Estimauil reductlou In
8C45,5148C
fnm (naff for fiscal yeir
fl«cal
$1,515,48114
RECiPlTCLATIOW.
receipts from tobacco
recel|its Horn snuS
receipts from epeclal taxes
92,290,686 17
(2,21641
1,515,481 14
Total estimated reduction In receipts from tobacco,
$3.898382 73
etc.for tlecaljearendlng Jnneao, 1891
The further reduction of $450,000 may be expected under
the operation of those provisions of the act of October 1, 1890,
which authorize the fortification of wines with grape brandf
free of tax.
It is estimated that about two millioi five hundred thousand
gallons of wine will be fortified, and that about one-fifth of
their bulk will be required in grape brandy say five hundred
thousand gallons will be used in the process, tax on which ia
$450,000. This would make the total estimated reduction ia
r-ceipts for the fiscal year ending June 30, 1891, aggregate $4r>
348,382 73.
IHCREASE IN EXPESSES FOR HBXT FISCAL TEAR.
—
In connection with the estimate of expenses for the next fiacal year, attention is called to the fact that section 231 of the
act of October 1, 1890, provides as follows :
That on and .after July 1. I8!)l, and until July 1, 1905. there shall b*
pHid, from any moneys In the Treanury not othirwlie appropriated,
under the provisions of section 3689 of the Revised Statutes, to tba
producer of sugar testing not less than niuety deitrces by the polarlsoope, from beets, sorghum, or suRarcane grown within the united
Biates, or f r.
maple sap produced within the I'uited States, a botuit^
of ^ cents per pound: and upon such sutar testing leas thanolnatr
degrees by the polariscope, and not less than I'ljchty degree*, a bouatf
of > % cents per pound, under such rule* and regulations as the Ooaamlssloner.of Internal Revenue, with the approval of the Beoietarrot
the Treasury, shall prescribe.
m
It is impossible at present to make even an approiimattt
estimate of the expenses necessary to carry into efTect this proIt is believed, however, that it will reqairv
vision of the law.
a very considerable sum of money to enable the Department
to ascertain upon what sugars this bounty shall be paid, and
the rate of bounty to whicn claimants for same may be entitled.
Congress also enacted a law authorizing the makers of sweat
wines to use grape brandy, free of tax, for the fortification ot
their wines, and 1 have not yet been able to make an estimat«
of what additional sums will be required to carry into effect
the provisions of this law.
The ascertaining of the amount of bounty to be paid to th«
producers of sugar Is an entirely new feature in the internal
revenue system. The Bureau has none of the machinery required to execute the law. It is simply a collection office. It
will be necessary to make a chemical analysis in aJi caaea
where bounty is claimed.
It is not deemed practical to have samples aent to tUs
office for analysis, and rely upon the teats made here aa to tka
entire production. The law requires that th« tasta shall b*
THE CHRONiCLE.
792
made by the polariscope, and this will require the services of a
large nuinber of chemists of coosiderable experience. Only one
chemist and one microscopist are now employed in the Bureau
of Internal Revenue. I am informed that the Department of
Agriculture now employs a number of chemists, and gives
much attention to the culture of sugar-producing plants and
the methods of manufacturing sugar.
In view of these facts, it is respectfully recommended that
the law be so amended as to require this bounty to be ascertained and paid by the Department of Agriculture.
If, however, it shall be decided that this Department shall
remain charged with the duty of ascertaining and paying the
bounty upon sugar, the Secretary is compelled to ask the privflege of being allowed to make a fupplemental report upon
these two subj^'cts, and to ai-k for such additional appropriations as may be necessary to give these laws full force and effect, and to fully protect the interests of the Government in
their execution,
PUBLIC MONEYS.
The monetary transactions of the Government have been
conducted through the Treasurer of the United States, nine
Sub- Treasury officers and 275 national bank depositaries. The
number of such depositaries on November 1, 1890, was 204.
The amount of public moneys held by national bank depositaries, including those to credit of the Treasurer's general account and disbursing officer's balances, on March 1, 1889, was
$48,818,991 63, which being largely in excess of the needs of
the public service, I have endeavored, as far as practicable, to
reduce to the amount necessary to be kept with such depositaries for the business transactions
of the Government.
To Eccomplish this purpose
without
seriously
disturbing the
business of the
people, wljo
may have
been borrowers of these depositaries, by any sudden
withdrawal of large amounts, each depositary holding any
public money in excess of that needed was notified on ^lovember 30, 1889, to transfer to the Sub-Treasury on or before January 15, 1890, an amount equal to 10 per cent of the excess, or,
if preferred, the whole amount could be transferred at once.
This gave ample time for the adjustment of acy business
changes made necessary by the withdrawal of funds, and
resulted in a reduction of about $9,000,000. A similar notification was given January 28, 1890, allowing until March 1,
1890, to make 'the transfer, which resulted in a reduction of
about 16,000,000. No further notifications for withdrawals
have yet been made, but the holdings of the depositaries have
been further reduced by the purchase and redemption of
United States bonds held in trust as security for deposits, and
the payment of the deposits, with these depositaries, from the
proceeds of the purchases or redemptions, so that on November 1, 1890, the amount held by banks was $29,937,687 68. a reduction since March 1, 1889, of $18,881,303 95.
The entire amount thus withdrawn from the banks was in
excess of the needs of the public service with those depositaries and was used in payment of United States interestbearing bonds purchased either from the banks relinquishing
the deposits or from others, and resulted in a saving to the
Government, by reason of the purchase of these bonds and
the consequent stoppage of interest, of about $400,000 per antum. Such w ithdrawal also increased the circulation, for in
no case was a bank allowed to hold public funds to the amount
of the market value of the United States bonds furnished as
security therefor.
On four and a-half per cent bonds a balance
equal to par was allowed, and on four per cent bonds a balance
equal to 110 per cent of face value, so that for each $100,000
withdrawn from the banks, payment from the Treasury was
made for like amount of bonds, with premium at an average
rate of 105}^ for four and a-halt per cent and 127 for four per
cent bonds, thus returning to the channels of trade the amount
of the deposit, and from $5,000 to $17,000 additional on each
$100,000.
The increase of circulation by these operations was
about $2,000,000.
The amount now held by the national-bank depositaries is
still in excess of the requirements of the public service, and
further withdrawals will be made whenever it can be done
without detriment to business interests.
Some of the objections, believed to be conclusive, against
this method of restoring the surplus to circulation, were stated
Subsequent
specifically in the Secretary's last annual report.
experience has confirmed the convictions then expressed, that
this policy is unwise and inexpedient, and should never be employed except as a last resort.
I^During the recent financial stringency the Secretary was
frequently urged to adopt this method of reducing the surplus,
but he declined to do so for the reasons stated in said report,
and also for the further reason that such relief was wholly impracticable to meet a sudden emergency. The law does not
permit the transfer of money, once covered into the Treasury,
to banks fpr commercial purposes, and it specifically^ forbids
Bnch transfer of money received from customs duties. The
only authorized method cf making such deposits is to designate
certain banks as depositaries of public moneys, after which
they may deposit United States bonds to the amount designated, and then be authorized to receive such funds as
may be thereafter collected under the internal-revenue laws.
This is necessarily a very slow process, which would require
several weeks, if not months, to produce any substantial effect
upon the circulation. Such a policy would certainly prove a
most unsatisfactory way of affording relief to the business interests of the country in an impending commercial crisis.
There are doubtless some dsfecta in the independent Treasury system, but an experience of forty-four yeara has, in my
If
[Vol. LI.
judgment, fully demonstrated its superiority to the bank deposit poller, which it superseded.
In the annual report of the
Secretary of the Treasury, for the year 1857, will be found a
very forcible statement of the relative advantages of the two
systems in their ability to meet commercial crises, as illustrated
in 1837 under the bank deposit policy, and in 1857, when the
independent treasury system was in full operation
' The operations of their dependent treasury system, in ordinary
times,
had been found by experience eminently enccessf lU. The danirer of
:
from vnfalthful and InefflcieLt officers, the expense of conduotlng
operations without the Intervention ot bank aKenoies, its deleterioue effects upon ccmmercial progress and the general business of the
country— all of which wore apprehended by the opponents of the measure at the time of its adcption-have been demonstrated to be unfounded. It only remained to encounter a commercial crisis like the
present to vindicate the justiue and wisdom of the policy against aU
cause of complaint or apprehension. A brief comparison of the operations of the Treasury Department dm-lng the suspension of 1837 and
the present time wiU place the sulyect before the pablio mind in the
loss
its
most satisfactory manner.
On the 30th of June, 1837, Immediately after the general suspension,
the deposit banks leld to the credit of the Treasurer of the United
States, and subject to his draft, the sum of $24,934 158 37— a larger
amount, in proportion to the n ceipis and expenditures of the Government, than there was In the Treasury at the time of the suspension by
the banks the present year. Thefuidscf the Government being then
under the control of the banks, and they either unwilling or unable to
pay, the Govtrnment was placed in the anomalous condition of having
anoverflowingTrensury, which it was seeking to deplete by distribtitlon or deposits with the States, and yet unable to meet Its most ordinary obligations.
" The effort of the Government to vnthdraw Its deposits and get control of its funds was felt as an additional blow aimed at the banks.
Every dollar which could thus be drawn from the vavdts of the banks
diminished to that extent their ability to afford relief to their customer*. Thfcir loans had to be contracted, and the demand made by them
upon their debtors for settlement Increased the pressure already felt in
the a oney market, and thereby added to the general panic and want
of oonfldence, which are the usual attendants of a monetary crisis.
The Government was not only embarrassed for want of its money, but
in the (ffort to obtain it bf came obnoxious to the charge of adding to
the general distress, which many persons thought It was its
duty to relieve. To avoid a recurrence of these difHonlties, the
plan of separating the Government from all connection with
the banks was suggested, and in 1846 was permanently adopted.
The result is before tne'country In the ocBurrenccs of the last few weeks.
The banks, as in 1 837, have suspended specie payments, but the analogy ceases here, so far as the operations of the Treasury Department
in its dlsbursemeits are concerned. The Government has its money In
the hands of its own officers, and in the only currency known to the
Constitution. It has met evtry liability without embarrassment. It
has resorted to no expedient to meet the claims of Its creditors, but
with promptness pays each one upon presentation. If the contrast
between the operations of 1837 and the present time stopped here it
would be enough to vindicate the poiley of the independent treasury
system; but it does not. The most remarkable feature distinguishlDg
the two periods has reference to the effect upon the commercial and
general business interest of the country produced by the present operations of the Indepondeut treasury. It is the relief which has been afforded to the money market by the disbursements in specie of the
general Government. In 1837 the demand of the Government for ita
lunds w.th which to meet its obligations weakened the banks, crippled
their resources and added to the general panic and pressure. In 1857
the disbursements by th6 Government of its funds, which it kept In its
own vaults, supplied the banks with specie, strengtnened their hi nds,
and would thus have enabled them to att'ord relief when it was so much
needed, if they had been in a condition to do it.
•»•*«
t
This item of history, and the many subsequent operations of
the independent treasury system under like circumstances are
commended to the careful consideration of those persons who
now insist upon its repeal, and upon a return to the old bank
deposit policy. It is worthy of observation, also, that the
policy of affording " relief to the money market," now so much
It
criticized in certain quarters, is by no means a new thing.
has been the uniform policy of the Government, when possible, in all commercial crises from 1846 to the present time. The
difficulty which the Department has encountered during the
last year in withdrawing a part of our present bank deposits,
even by the careful and conservative methods adopted, and at
times when there was no financial pressure, gives some conception of what those difficulties -would be in making such withdrawals in times of stringency and commercial distress. The
experiences of 1837, related in the above quotations, would be
repeated more or less in every commercial crisis.
CIRCULATION.
tables exhibit the comparative amounts of the
various kinds of money in actual circulation at several different periods. I have chosen the Census years 1870, 18S0 and
1890 because of the convenience afforded for comparing the
amount of circulation with population. The various sums
stated in the tables are all exclusive of money in the Treasury.
They represent, as nearly as is possible, the exact amounts of
the several kinds of money in actual circulation among the
people at the periods named.
The following
TABLE NO.
1.
COMPAEATIVB STATEMENT, SHOWING THE CHANGES IN CIRCULATrOK
DUEINO TWKNTT TBARS FEOM OCTOBER 1, 1870, TO OCTOBER 1,
1890.
In circulation In circulation Decrease or
Increase.
Oct. 1, 1870. Oct. 1, 1890.
Gold coin
78,985,305
Stand'd silver dollars
Subsr'.y silver and frac.cur.
Gold certificate?
Silver certificates
Treas.notes.Act Julyl4,'90
United States notes
National bank notes
Totals
38,988,995
28,511,000
329,489,221
294,337,479
386,939,723 +307,954,418
62,132,454 + 62,132,454
17,322.851
56,311,846
158,104,739 + 129,593,739
+309,321,207
309,321,207
7,106,500
+ 7,106,500
340,905,726 + 11,416,505
177,250,514 —117,086,965
-I
770,312,000 1,498,072.709^-1-727,760,709
Average net increase per month
Oroulation per capita in 1870
Circulation per capita in 1890
$3,032,336
ii'SlS
23,969
.
Dr('Kmbbr
THE CHRONICLE.
G, 1890.1
TAOLK HO. 2,
OOUrXRATIVB gTATKMUrr HIIOWrN'I Till CIIANOU Dt (itmOUI.JkTIOX
IIUKINO TEN TBAR8 rROM OCTOIIEII 1, 1880, TO OOTOIIKB 1, 1800.
In olrciilatlon In olrriilatlon
Oct. 1, 1880. Oot. 1, 18»0.
703
Rrgulattons wer<> »Im> i>r»par«d Inviting offrn) for the stla of
•liver for oonNid)<ratlon at th« Tr«««nry IVpartroetit at 1 o'olnek
P. M. on Mondaya, Wrdnivdayii and Fridaya of
wixk. and
the effort haii been to dlatribtite the pawhwel
oearlr aa
oMh
m
powibU throaghont
DorrAaae or
InoreaM.
the month.
.Under the operations of thia law, the amoont of Nllver par-
ohaaed from Aagast
BtMidard (liver
doUan
32,9U.07S
48.368.548
7,480.100
12,303,191
8ub«ldt»ry silver
Qold oerllttoates
surer certlflcalea
TroAa. notcw act Jly. 14,'70
DuUvd Slufg note«
,
NMioiial bank uotes
329,417.403
340,329,453
886,039.723 tl3»,61S,808
62,183,434
89,318.879
56.311,846
(7,943,803
158,104,739 t 150,624.639
309,331,307 t397,ll8,Q16
7,106.500
t7,100j00
340,905,736 l-ll,48<)ii98
177,250,514
16S,078,M9
•
—
1.033.033.685 1,498.073,709
TotaU..
Average not Inoronso per month
CIrciilittlon ptr capita In 1S30
h
470,039,034
t3,!>06,002
20,377
23,909
Ciri'iUaUoD per capita In 1!J90
and 4 are omitted— Eo.]
TABLE NO. 5.
COMPA«JlTIVB STATEMENT SBOWINO TUB C.nAKOBS IK OIBCVLATIO)!
DUBINO PEHIOD FBOM JCLT 1 TO OCTOBBB 17, 1890.
[Table* Ko9. 3
In circulation In olronlatlon
July 1, 1890. Oot. 1. 1890.
Odd
coin
Standard silver dollars
Subsidiary silver
Cioldccrtilloates
cert ticates..
Treas. notes. Act Jly 14,'0O
I'nltert StiiU'8 notes
National bank notes
.Sl'.vcr
TotaU
371,390,381
5 <,16e,35e
64,069,743
131,380,010
297,210,043
334,876,826
181,619,008
386,939,723
62,132,454
56,311,846
168,104.739
309.321,207
7,106, .50v1
340.90.5,726
177,250,514
1,429.718.376 1,498,072,709! +68,354,333
Net increase.
Average net Increase per month
$72,732,827
22,7b4,778
Table No. 1 shows that daring the last twenty years the net
aggregate increase of money in actual circulation among the
people was $727,760,709. Average monthly increase daring
that period, $3,032,336. Per capita increase, $4,991.
Table No. 2 shows that for the last ten years the aggregate
increase has been $476,039,024. Average monthly increase for
same period, $3,966,992, Per capita increase, $3,593. • * *
Table No. 5 shows that for the period of three months from
Jaly 1 to October 1, 1890, the aggregate increase of circulation
in actual use among the people was $68,354,339. Average
monthly increase for same period of three months $22,734,778.
»
»
»
»
»
»
«
SILVER.
In my last annual report I presented for the consideration of
Congress a plan for the atilization of the silver product of the
United States.
To purchase, at the
The measure proposed was briefly this
market price, the silver bullion product of our mines and
smelters, and to issue in payment legal tender notes redeemable in a quantity of silver bullion equivalent in value at the
date of presentation to the face of the notes, or in gold, at the
option of the G-overnment, or in silver dollars, at the option of
the holder.
This measure was suggested with a view to promote the joint
use of gold and silver as money, to increase the volume of piper currency by the annual addition of an amount equal to
the value of our silver product, to provide a home market for
the Ameiican product of silver, and, by so doing, enhance the
value of that metal until a point were reached where we could
with safety open our mints to the free coinage of both metals
:
at a fixed ratio.
A bill embodying, with some modifications, the measure suggested was favorably reported in the House of Representatives
of the Fifty-first Congress from the Committee on Coinage,
Weights and Measures, and was adopted by the House,
The bill was amended in the Senate by the substitution of a
free coinage measure.
As the result of a conference between the two bodies, a bill
was passed and approved by the President July 14, 1890, the
essential provisions of which are : The monthly purchase by
the Government of 4,500,000 ounces of silver at the market
price, to be paid for in legal tender notes, redeemable in coin,
and the repeal after July 1, 1891, of the mandatory coinage of
silver dollars.
The material points of difference between the measure rec-
commended and the one adopted by Congress
are that the
new
law limits the purchases of silver to 4,500,000 ounces per
month, without distinction as to domestic and foreign production, instead of taking the entire silver bullion prodoct of the
United States as proposed, and omits the bullion redemption
silver
feature.
Immediately on the passage of the law new forms of legal
tender notes were designed, in denominations of one, two, five,
ten, twenty, fifty, one nnndred, and one thousand dollars, and
were engraved and printed at the Bureau of Engraving and
Printing.
Owing to the fact that the purchases under the act
were to commence thirty days after its passage, it was necessary that the larger denominations of notes should be engraved first, but at this time a sufficient supply of the smaller
denominations of notes are being received, and it will be the
policy of the Department to pay out small notes as far as
practicable in the purchase of stiver.
.^ •tw^Hr^
tggngUri
18, 1890, to Dreember 1, 18*0,
flne oaneM, eoMing $18,971,078,
artrsM of
$ril38 per flne nance.
1 he price of silver advanowl rtpidir after the p««aKe «t the
u
16,778,185
261,320,930
Qolll ooln
new law
Indeed, the immediate effect of the law had b*«n
j
largelv anticipated in the advance in price prior to Ita pMMge.
On the Ist of July, 1890, the prlcf of allver wa« |1 04
JqIv 14. the prioe had advanced to $1 08 ; to Aagtiit 18, 11 13,
and to September 3, $1 31, the highmt p>int reached.
Since that date there has bet-n a d>-cline, with a»me lliMtaationn, to the present time, the price falling
low
$0 97.
NotwithHtanding the fact that the advaooe in th« ptiee of MU
ver following the passage of the law has not been malotalDnd.
the Secretary ventures to express the belief that the new silver
act is a great improvement over the law repea'ed, and that ita
beneficial resalts will eventually commend it to Keneral approval.
As pret the period of time has been too brief to reallT
test the meiits of the law, and the permanent effect which it
will have on the price of silver.
One thing is certain, that it has been the means of providing
a healthy and much-needed addition to the circulating mediam
of the United States.
The amount of Treasury notea isfraed on parchaaea of iiilver
bullion from August 13 to November 33, 1890, haa beon
$18,807,000.
It must be apparent to any careful obeecver of the movement of silver that the recent violent fluctuations in price are
mainly due to speculative operations in the large surploa of
from eight to ten million ounces, which has not been absorbed
by Treasury purchases. This d( wnward tendency has been
materially assisted by a severe and almost constant stringency
of the money market. This surplus was accumulated in the
first instance by the withholding from the market, by producers and speculators, for some months prior to the paaaMre
of the new silver act, of the current product of AmerUMB mlver, in the hope of securing a better price.
It has been maintained and augmented both by importations of foreign silver
and by a falling oS in the export of domestic silver, the latter
occasioned douotless by the fact that in the purchases of silver
under the new silver law the Treat- ury Department baa paid,
as a rule, a price considerably in excesa of tne price of silver in
London. The imports into the United States of foreign silver
from May 1 to November 1 of the present year have exceeded the exports of domestic silver by some $7,750,000,
while for the corresponding period of last year the exporta
exceeded the imports by some $7,860,000, a diSerenee of
$15,610,000, an amount in excess of the value of the present
visible stock of silver on the American market. So, too, in
regard to the movement of silver from San Francisco to
the Orient ; not one ounce of silver bullion has been shipped
since the first of May, against an average export for prior years
of from $5,000,000 to $10,000,000. So that the present anrplos
stock of silver may at any time be augmented by importa or
diminished by exports, and as the current product of silver
from our mines does not differ very widely from the monthly
purchases by the Government, it is probable that the existing
surplus will remain for some time an impediment to the permanent and steady advance of silver. Even if the present surplus should be purchased by the Government, importations
from abroad might at any time accumulate an additional stock
of silver, the manipulations of which by speculators would reHad the law provided for
sult in wide fluctuations in price.
the purchase of only the product of the United States, thia
surplus would have been absorbed ere this, and as none would
have been imported for speculative purposes no surplus wou'd
have been accumulated. The withdrawal of the entire silver
product of our mines and smelters, which am3nnUi to nearly
one-half of the world's annual output of silver, would probably
soon create a shortage abroad, and this in turn would cause a
sTTo
m
u
»»•»•••
steady and permanent advance in price.
CAKADUH RAILWAT TRARSPORTATIOS.
Secretary's attention has been frequently directed to
the nnsstisfactory conditions of Canadian railway trafllo with
the United States, and many complaints have been made that
the rules and regulations of this Department, touching the
bonding and sealing of cars, discriminate against our own people.
It is manifestly unjust to accord Canadian railroads privIt certainly was not the intent of
ileges denied to our own.
Congress to relieve those roads from obligations iinposed upon
our own transportation companies. Yet the practical working
of the law, under the construction insisted upon bv the Canadian companies, leads to that result. If their construction be
accepted, Canadian railroads, not under bonds for the porpo**,
may transport dutiable merchandise from seaports in Canada
to places within the United States, with only nominal custom-"
supervision, while our own railroads can not carry like merchandise from Atlantic and Pacific porta, in the United States,
to points wholly within our own territory, except under heavy
bond and strict customs control.
force that the
It is also urged with much earnestness and
combined effect of the Inter-State Commerce act and Treaanry
regulations, operate greatly to the dit advantage of c ar own
transportation interests in competition with Canadian lines.
The
:
.
THE CHRONICLE.
794
[Vol. LI.
The following table exhibits the number of banks organized,
Those who make these complaints insist that the conduct of the
Dominion Government towards our transportation and other failed and liquidating, and the net Increase numerically each
interests, both on the land and water, does not suggest any year since 1863
ground for the extension of favors on our part, and they proNUMBER AND AUTHORIZED CAPITAL OP BANKS ORGANIZED.
test against such acts of international courtesy at the expense
of the very interests which Canadian policy has persistently
Net vearly increast
sought to destroy. Several hearings have been given to peror decrease.
Bons interested in this subject, which will receive careful consideration with a view to removing, as far as proper and practicable, any just cause of complaint against the action of this
:
Department.
The several
reports of the heads of offices
herewith transmitted.
and bureaus are
WILLIAM WINDOM,
Secretary of the Treasury.
The Honorable
The Speaker of the House of Representatives.
REPORT OF THE COMPTROLLER OF THE
CURRENCY.
Department of the Treasury,
Office of Comptroller of the Currenct,
Washington, D. C, Dec. 1, 1890.
)
[
)
Sir In eompliance with the provisions of Section 333 of the
Bevised Statutes of the United States, I have the honor to
submit for the consideration of Cocgress the twenty-eighth
annual report of the Comptroller of the Currency, covering
the operations of this bureau for the year ended Oct. 31 , 1890.
During the year 1865 nearly all the banks in the United
States operating under the laws of the several Stales entered
the national system; hence the accessions for that year were
abnoimally large. The number of associations added to the
system during the period covered by this report is greater
»
«
*
than for any other twelve months since that date.
Within the year 307 banks have been organized, having an
aggregate capital of $36,2.50,000. The number of banks in existence OetoSer 31, 1*890, was 3,567, having in capital stock
$659,782,865; bonds deposited to secure circulation, $140,190,900; and bank-notes outstanding, $179,755,643, inclading $54,796,907 represented by lawful money deposited to redeem circulation still outstanding.
The following table gives the number of banks organized
during the year ended October 31, 1890, in each State and Territory, with their aggregate capital:
:
Total net
increase
+531.868,282
One bank restored to solvencv, making 3,567 going banks,
+ Toe total authnilied capital s' ock on October 31 was 1659,782,805: the
paid in capital, $656,85£,'<00, including the capltHi stock of liquidating and
inso'Tent banks which bare not deposited lawful money for the re irement
*
of their circulating notes.
DOMESTIC EXCHANGES.
In his annual report for 1889 the Comptroller took occasion
to refer to the valuable services rendered to the people of this
country by the associations composing the national banking
svstem in facilitating exchanges and collections and reducing
the rate of charges therefor. An investigation then made developed the fact that no data ia reference to this very important subject was accessible, and that, in fact, no attempt had
ever been made to procure statistics bearing upon th;8 point.
Further reflection led him to believe that an attempt should be
made to procure the desired information through the agency
»
«
«
*
of the national banking system.
Statet and Territories ^anuL Q'Pito'Stattt and TerrttoHit ^ankl] CopltaL
In June last the Comptroller came to the conclusion that the
value of the information desired would warrant him in addressTexas
68
W.950,000 Massachusetts.
Pennsylvania
27
2,375.000 Indiana
ing to each national banking association a circular Iett«r
Missouri
20
4.400,000 District of Columbia
requesting a statement of the amount of drafts drawn during
19
l.SK.OOO Vermont
Wnshlngton
18
l,56>.OO0 North Dakota
the year ended June 30, 1890
Ohio
13
I,«20,00n Utah
(1) Upon national and other banks in the cities of New
Illinois..
lU
725,' 00 Oklahoma
9
1,750,000 Maine
York, Chicago and St. Louis, separately stated
New York
S
1,000,00'J Minnesota
Coloiado
(2) Upon banks located in other reserve cities ; and
8
2,000,000 Virginia
Wisconsin
8
525.000 Georgia
(3) Upon all other banks.
Kentuoiy
7
8»0,000 North Carolina ..
The first subdivision called for a separate statement of
Tennessee
I,:«0,<i0o Wyoming
7
7
700,000 Arizon*
amounts drawn upon banks located in the cities of New York,
7
435,000 Indian Territory..
Chicago and St. Louis. These were selected for the reason that
Montana
1,050,000 West Virginia
5
sno.ooo Florida
they only were central reserve cities. Amounts drawn upon
350,000 Arkansas
1.800.000 New Mexico
S
the other reserve cities wera to be stated in the aggregate
275.f;00
South Dakota
5
only. A statement of the amounts drawn upon each was
6
4»5.00(
Totil.
807 »36,260.0C0
Louisiana
4
650.000
desired but was not called for on account of a disposition to
avoid imposirg any unnecessary labor upon the clerical force
In the Comptroller's report for 1889 a similar table was given of the several associations. The banks were also requested to
showing an accession of 211 banks located in 38 different States report the estimated average rate per cent of premium
and Territories. The increasing popularity of the .system will received and paid.
be apparent when it is observed that during the present reportOn the 30th day of June last 3,438 national banks were in
year 307 new associations have joined the system, and that operation, and to the casshier of each the circular letter above
these are distributed among 41 States and Territories. Texas, outlined was addressed, and of these 3,32? have famished the
with 63 new banks, again heads the list, followed in the order information desired.
named by Pennsylvania, Missouri, Nebraska and Washington.
The total amount of drafts drawn by these associations durIt is worthy of note that these States were the first five on the ing the year ended June 30, 1890, was '511,550,898,255. We
list in the report of last year, and in the same order, except
find that of this amount there was drawn on New York
that Missouri has advanced from fifth to third place.
on St. Louis,
on Chicago, $1,084,574,558
$7,284,982,634
Further comparisons with the report of 1889 exhibit the fol- $188,765,842 ; on other reserve cities, $2,527,757,482 and on
lowing suggestive changes of position in the list of accessions. all other banks and bankers, $464,817,739. From this stateOhio has advanced from the twentieth place, with 4 new banks, ment it appears that of the total sum 63 07 per cent was drawn
to sixth place, with 13 organizations, while New York, wl) f }i on banks in New York, 9 39 per cent on Chicago, 164 per cent
last year occupied the twenty-seci nd place jivith 3 accessions, on St. Louis, 21 "88 per cent on other reserve citijs, and 4 02 per
now ranks ninth, with 8 new associations. This indicates that cent on banks located alsewhere.
the system has maintained, and is increasing, its hold upon the
In order to illustrate the movements exhibited by these rebusiness communities of the leading States east of the Missis- ports the following table has been prepared, showing the
sippi Elver, as well as in those located further west and south. amounts drawn upon New York, Chicago and St. Louis, the other
In Kentucky and Kansas smaller proportionate increases are reserve cities, and all other banks, together with the number
noted. Other changes in position are not especially noticea- of banks drawing upon each, and the relative proportions of
ble.
the several amounts to the total drafts drawn by all reporting
In this connection it is proper to call attention to the im- banks:
portant acces-Mons to the system in St. Louis and other WestPercent of
No. of banks
ern reserve cities by the conversion of several conspicuous
Amount, total draflf.
drawing.
Location of banks drawn upon,
State banks and the original organization of others with ample New York
63 07
$7,284,982,634
3,147
9-39
1,084,.=)74..'558
1,024
capital.
The recent rapid increase in the number of associa- CWcago
1-64
188,765,842
481
tions located in the Southwest and Northwest has done much St. Louis
21-88
2,334
2,527,757,482
Other reserve cities
to bring about these changes, and no doubt similar influences All other banks
4 02
464,817,739
1,080
have caused Minneapolis and St. Paul to take their places upon
the list of reserve cities. The city of Brooklyn has also been
$11,550,898,255 10000
Total.
*
*
#
#
»
»
»
placed in this category.
. .
;
t,
.
;
;
;
,i
;
.
Drokmjer
THE CHRONICLK
0, 1800.]
Iq order that these moTeraents m»y he properly anderMtood
they have been clasMillfd bo aH to indloatn the poiatH drawn
upon, aa will appear below. In doing thin the operatluna in
follows
reserve cities have been separately tabalated,
AMOUNT or BUAFTS DRAWN ur nANKs iM int sivbrai RMnari
m
:
.
CITIM.
BriKRVK
On
.V«w rork.
Ckicago.
On
On
ClTItN.
St.
On
LouU.
other
Ri—rv
VttUt.
New Tork
nhioKKo..
Phlladol'a
Kan.
Citr.
Clevelaad
Baltimore
PIlUbnrK.
Clnotno'tl
Omaha.
St. LouU.
Dstrolt...
SI. Paul..
Albaiij...
N.Orlcana
Ulniieao..
liOulsTllle
Mllw'kee..
WasU'gl'n
Bt. Joseph
Sim Kran.
Itruoklyii.
* 50
la.im
<,7je.ooo
6I7.WIK.087 18»,4fl»,l>74 4,S«0,4M
778,0S«,4B4
»,n73,,S78
ast
348.iM0,8H3
8in,(m -lli-y!
I8S,ei5,U3 «5,aoe.He3 48,S3o,aai
a4«.4e8,t83
7.898.68a
188,806
aoofint.vta
34,007
1I0,0«8
tUB.eW.lIM
8!>,8ie
e.9»0,18l
IflS.SOD.OW 10,000,81)9 4,6011,909
101,090,189 »S.1T4«1 8,»«7.0»l
13S.W58,578 10,820,961
,,,
117.tl59,<8»
7,738,171
88,000
78,?3l,710 «7,301,47a 1,4I»,«»
11»,704.8IW
831
104,238,078
1,888,(S2J
441,899
Ba,lia».Md 88,701,733
68,037,813
1,874,133
efeWw
«5,H77,01S 8 1,« 41,048
37.7tll,«43
K9,01l
211,816,909
e,4«s,8ia 4,8W,055
20,:tfl«,Wl
2,818,111
740,500
AU
On
oiktr
rulat
Banlt».
NT
S3,MS,488
93,918
87,5«0,01»
S3,a88,58e
86.093,198
9,74 1.9 It
87. 894,978
8,618,174
14,768,008
188,801
818,844
k17 8MjflM
AAa if^fVa
W'.140:»^
S«',<IOM
980.048,184
818,418,711
46,««l».»47
88,&S4.84ll
'i.'S.488
98
4*08
807.1lt;4W
9«6,981,M7
J.VW.tai 810.936,711
l,8U,47.t
48,814
17\ 178,718
0.814,798
1.078,00')
13.1,I7S,8«
7,fl7«,8l8
9.834,-51
»,8a,837
9,838.8 18
1,030,584
1,806,788
8,74«.»9e
4,999,888
8,074,7*1
4,718,769
889,931
1,488,768
15|i.i'ini,03I
U4,509,957
180.i»86.7«l
...
8,884
»,n&A,818
600,7(11)
ii.a6«
409,809
8,087,436
896,049
15,000
108.891,909
8«,a70,ai«
81,499,889
M,0O4,»4e
48,958:67.1
40.:<(I3,148
!M .918,1136
700,60.1
Total reser'e citl'a 368S,488,a03 44S,M>8,8S4 T4,80S,961 418,189,574 104.689,»81|4886,Oe8.B08
I'otal
all
others 3709,493,731 039,018,274 114467281 9109887909 880.847,766 0985,804,063
.
(Irandtot. 7i84,98a,«31 1181574558
lH87fl.'i8ia
8527757182 4rt«.817.Tn0 l165nflS-l<65
The insgnitnde of the transactions exhibited by the reports
tabulated above Is the feature which first attract.s attention. It
must be remembered that 109 national banks, with an aggregate
capital of $15,413,900. failed to report. Assuming that the
amount of drafts drawn by the reporting and delinquent banks
bore a like proportion to the capital employed, it would appear
that f 287,334,573 must be added to the total of $11,550,898,255,
given above, in order to arrive at the entire amount of drafts
-drawn by all the banks in the national system during the year
«nded June 30, 1890. This would fli the estimated aggregate
«am of all drafts drawn by all national banks at $11,S3S,232,828,
But this does not include
Under the national bank act
operations of this character.
of the Comptroller to prepare for his annual report a statement exhibiting
under appropriate heads the resources and liabilities and condition of the banks, banking companies and savings banks
organized under the laws of the several States and Territories,
such information to be obtained from other authentic sources
when official information is not obtainable. In the discharge of
this duty for the current year statistics have been procured which
show the condition of 3,445 State banks and private banking
companies, having a combined capital of $229,579,345, all of
which do a commercial banking business. There are also 149
loan and trust companies and 284 savings banks, having capital stock, all of which transact more or less business of a commercial character. In addition to these there are a large number of institutions which decline to furnish statements to this
Bureau. It will be observed that savings banks having no
capital are not taken into consideration, as tbey draw very
all
it is
made the duty
exchange.
Basing the computation upon the amount of capital employed by these 3,878 institutions, operating outside of the
national system, and assuming that their business operations
bear the same proportion to their capital as in the case of national banks, it is estimated that drafts aggregating $6,089,291,932 were drawn by banks and banking companies other
than national banking associations, exclusive of those not reporting to this office.
In our endeavor to ascertain the entire amount of drafts
drawn by all the banking institutions in the United States doing a commercial banking business, it is necessary to combine
little
the following items drawn by—
3,329 national banks (official)
109 national banks (estimated)
3,878 State banks, private bankers,
$11,5.^0,S98.255
eto. (estimated)
. . .
287,334,573
6,089,291,932
wm
pariaon with th« raialu obtAlnad In 1881 wv> ImportMt, It
thonght best to Mtlaot oorNtpoDdlag Akjt io 1890. In tba
former yMr, Jan« 30 and 8<<ptnmb«r 17 wern dMiirD*t<>d la
1890, Juir 1 and B«pt«mb8r 17. Io thi call for 1890. Jnljr 1
sabatltat«d for June 30, for tha rni4on that ths Uttor dat*
this ve«r fell on Uond«y, wbioh day of the week It waa tbooght
would not exhibit an aTarage day'H baaintuw.
Th* necessary communication* were prep8r>>d on the I8th
day of June last and mailed to 8,438 national btnkiog aMocla.
tions, that tM-lDg the number anthorlz>td Io do basioesa at that
date. A blank fonn was farnishrd upon whit'h the eatim r.^celpta for the day dosignated were to be entered and prjperljr
elaMlBed.
Reports were receWed from 3.864 national banka unt of tb«
8,488 addressed, exhibiting their reoelpU for July 1, 1890.
Similar statements have come to hand from 3,474 aa^ooiatlona
out of 3,484 addressed, giving the lame information as to the
transactions of September 17, 1890.
On both these days a few banks neglected to take the neeeasary precautions, and in theae oaaea other near dates, which
would represent an average day'a basinesa, waa 8ob«titat«d.
Several of the banks not reporting were recently organized and
had not opened for basiaess on the dates for which statements
were required.
The total receipts of the 3,364 banks on July 1 last wer«
$421,824,726. Of this sum $3,726,605 waa io gold coin, $1,353.647 in Bilver coin, $6,427,973 in gold Treasury eerkificatea, $«,442,638 in silver Treasury certiflcatea, $7,881,786 in legal tender
Treasury notes, $5,244,967 in national bank notefl, $520,000 in
United States certificates of deposit for legal tender notes,
$189,408,708 in checks, drafts, certiflcatea of deposit and billa
of exchange, $4,391,177 in clearing-house certiflcatea, $194.290,203 in exchanges for clearing honses, and $3,138,023 In
miscellaneous items not classified.
Of the total receipts on that day '89 per cent waa in gold
coin, '32 per cent in silver coin, 1 '53 per cent in gold eertiflcates, 1 '53 per cent in silver certificates, r87 per centinl^altender notes, 1'25 per cent in national-bank notes, '12 per cent
in United States certificates of deposit for legal-tender notes,
44 90 per cent in checks, drafts and bills of exchange, 1'04 per
cent in clearing-house certiflcatea and 46'.'i6 per cent ia
exchanges for clearing-houses, including miscellaneous itema.
It will thus appear that of the total receipts, 7'50 per cent
was of coin and paper money, and the remainder, 9350 per
cent, consisted of checks, drafts, bills of exchange, &c , in
which is included exchanges for the clearing-houses, clearinghouse certificates and miscellaneous items.
The total receipts for the 3,474 national banks on Septemt>er
17 last is stated at $327,278,251. Of this amount $8,702,77'i
was in gold coin, $1,399,991 in silver coin, $6,169,30S in gold
Treasury certificates, $5,908,714 in silver Treasury certiflcatea,
$7,665,666 in legal-tender Treasury notes, $4,371,778 in nationalbank notes, $105,000 in United States certificates of deposit for
legal-tender notes, $168,803,756 in checks, drafts ana bills of
exchange, $'2,428,834 in clearing-house certificates, $126,596,873
in exchanges for clearing-houses and $135,562 in items not
classified.
The relative proportion^ of the several items ia
stated thus
Gold coin, 1'13 per cent ; silver coin, 0'43 per cent ; gold cersilver certificates, l'8l per eent ; legal
tificates, 1-88 per cent
tender notes, 2'34 per cent ; national bank notes, 134 per cent
United States certificates for legal tender notes, '03 per cent
checks, drafts and bills of exchange, 51 '58 per cent; clearinghouse certificates, '74 per cent, and exchangee for clearing^
honses, iocluding items not classified, 38'72 per cent.
By consolidating the several items into two olasaea. we find
that 8 '96 per cent was in cash and 91 '04 per cent in checks,
drafts, and other sul)stitutes for money.
The first table introduced exhibits the total receipts of all
reporting banks for July 1 and September 17, 1890, 8o clMsified as to show the separate amounts received in gold coin,
silver coin, the various kinds of paper money, and all snbatitntes for monev, and also the percentages which each of theae
items bear to the total receipts.
;
wu
:
;
CHAfiACTEB, AMOUHT A5D PKBCENTA08 OP RBCWPT8 OF RATIOIIAL
BANKS OH JULY
This is probably below the true amount rather than above it,
for the reason that the amounts drawn by institutions neglecting to report and not estimated will exceed the amounts in the
ofncial statements representing transfers between banks in the
same or different cities, thus duplicating considerable sums and
unduly increasing the aggregates reported.
»»»»**»
SUBSTITnTES FOR MOREV.
In 1881 Hon John Jay Knox, then Comptroller of the Currency, called upon all national banks to report their entire
receipts and payments for two days designated, .so cla-ssifled as
to separately show the amount of gold coin, silver coin, paper
money, and checks and drafts, including clearing-house certiflcates.
The reports received in response to the call then made
were compiled and tabulated, and published in hia annual re«
»
»
•
port for that year.
Being profoundly impressed with the importance of the great
interests involved, and desiring to assist so far as possible in
the ascertainment of all facts necessary to a perfect understanding of the situation, th« Comptroller deemed it best to
again ask the associations under his supervision to carefully
note and report their receipts for two days named. As a com-
1 AlfD
SBPTBMBEB
^-/ui» 1,1890.
*17,927,524,760
Total
795
17, 1890.
^SeptemfrVl?, 1890.-.
Ptr emi
Per cent
6an*«. of total
3,47* bank: oflaUL
3,364
OharaeltrofreceipU.
.
rt nuptt .
rtetiplt.
Gold coin
Hllverooln
OoldTreaa'yctrtlflcatea.
8Uv, r Trt as'y certlBcatea
Leitaltcuder notcB
NaSlonal bank not*8
Unit*^d States certlflc's of
duposlt for legal tenders
$3,726,695
1,352,647
6,427.973
6,442,638
7,881,786
5,244,967
89
-32
1'52
1-53
187
1'25
113
$3,702,772
1,399,991
'43
1'88
1-81
e.lS^.J'OS
5,909,714
7.665.668
4,371,778
2 34
1'34
620,000
'12
189,408,708
Chei-ks, drafts, etc
4,391,177
Clear-K bouse ocrtlfloatea
4490
104
106.000
168,803,756
,„2.428.«34
61;5e
Kxcb'.8frc!ear'« house 194,290,203
46 06
126,59.i.873
38
2,133,022
'50
ld5.5«J
MlBoellaneousreceipU...
Total
$421,824,726
•<»
-T*
M
'04
ICOOO $317,978,251 lOCOO
Our attention is at once drawn to the fact that the total ticeipts for September 17 are $94,646,475 leas than for July 1.
the
1890. This is undoubtedly due to the great stringency
money market prevailing at the latter date. Of this difference
$92,678,085 is found in the items which represent subelitntea
for money. In ord«r to show the relative receipts for July 1,
1890, in tne several central reserve cities, other reserve cities,
m
aijd all other banks, the following
Uble has been prepared
:
:
OHAKACTBR AND AMOtTNT OF REGEIPTS OP JJATIONAL BANKS
CHICAGO, ETC., ON JPLY 1, 1890.
Jr«w Tork,
St, Louis
Chicago.
AU
banliS
outside of
reserve
reserve
citits.
eili s.
47 banks. 19 banks. 8 /)an^«.j256 banks. 3,034 bks.
Gold coin
Gold Treasury certificates.
Silver Treasury certificates
Legal teuder notes
National bank notea
t
*
109.681
60,322
43,660
828,870
388.751
270,968
148,673
8a,758
Silver coin
.149,870
876,276
,(;86,17«
436,686
t
i
2,697,209
1.000,911
442,633
8,442,800
3,863,181
3,210,866
763.223
258.898
16,017
9.756
15,870
82,413
141,137
46,702
1,776,140
1,912.280
2,453,838
1,281,307
certificates of deposit
for legal tenders
Cheehs. drafts, etc
Clearing-house certificates
SzctianKe for clear'g house
HisceliaueouB
140,000
100.000
280,000
62.6g0.463 fl.360,832
1,877,928
367.209
61,933,915 4,907,556
351,700
768,382
,122,684 9,926,998 2,319,229
,612.600
43.439
,506,878 13,249.401 1,602,928
,021,645
1,302
168.923.382 24.367,881 4,418,794 135,069,422 92,045,5:8
Total...
be observed that more than 78 per cent of the total
receipts are reported by 330 banks located in reserve cities and
only 22 per cent by 3,034 banks doing business elsewhere.
It is evident from an analysis of the figures incorporated
into the table next submitted, which shows the receipts for
September 17, 1890, similarly classiiied, that the stringency in
the money market existing at the latter date most seriously
affected the transactions of banks in the reserve cities as their
receipts, when compared with the total receipts of all reporting
banks, were only 73 per cent, a decrease of 5 per cent as compared with July 1, 1890.
CHARACTER AND AMOUNT OP RECEIPTS OF NATIONAL BANKS IN NEW YORK,
It will
CmCAGO,
Chabaotbr oi Receipts.
ETC..
ON SEPTEMBER
New 7ork.
17, 1890.
AU
Other
Chica^.
cities.
8 banks.
Gold coin
Silver coin
Gold Treasury certificates.
Silver Treasury certificates
Legal tender notes
National bank notes
U. 8. certificates of deposit
for legal-tenders
house
Jdiscellaneous
Total....
«
625.031
308.699
2,030,370
1.498,188
2,197,669
1,061,718
2.862,267
1,004,822
519.010
.X430.589
4,096,914
2,817,653
105,000
49,877,972 66,056,122
1,443,877
661,805
33,148,687 4,708,405
35,326
23,298
120.461,472 22.854,023 8.675,487
94,328,481 86,167,915
In order that the relative proportions of the several items to
the total receipts may be shown the following has been prepared,
exhibiting percentages instead of amounts for July 1, 1890:
ORABACTER and PBOPOBTIONS of total receipts op NATIONAL BANKS
IN NEW YORK, CHICAGO, AC, ON JULY 1, 1890
illb'ki
of the four dates, June 30 and September
:
.
Jfeui
_
Tork
48 banks,
s
P. Ot
^27
460,994
Otty—
Gold coin
Sliver coin
15,997
Paper currency
1,706,604
Checks, drafts, &o.... 165,254,164
Total
1-02
98-70
—
47 banks.
08
140,574
32,758
6,396,749
159,333,301
Silver coin
Paper currency
Checks, di-afts,
165,193,347
Ac
-02
3-86
96-04
17,
Sept.
.
65
98-80
10000
1890.—
47 oanks.
P.
$
P. Ct.
.'
P. Ci.
•01
•54
905,588
7,857
1,071,316
163,208,686
•Ol
167,437,759
10000
-July 1, 1890.
JVew Tork City—
Gold coin
48 banks.
Ot.
•05
-02
70,173
20,948
5,174,467
115,185,884
4-29
95 64
Total
165,923,382
100-00
120.451.472
100 00
indicate a marked increase in the amount of
paper currency received, the extremes being represented by -65
per cent on September 17, 1881, and 4-29 per cent on September 17, 1890. The decrease in gold coin is more marked than
the increase of silver.
The diminished proportion of receipts in checks and drafts is
very remarkable, the average per cent for the two days in 1881
being 2 91 per cent greater than for the average of the twodays in 1890.
Another fact which attracts attention is that the receipts of
the 47 banks on July 1, 1890, are very nearly the same in the
aggregate as those reported by 48 banks on September 17, 1881,
and slightly less than for June 30, 1881. The receipts for September 17, 1890, show a very marked falling off in amount, but
the percentages differ very slightly from those shown on July
The receipts of the banks in all reserve cities, ex'1, 1890.
elusive of New York, similarly arranged, appear below:
-June30, 1881.-Sept, 17, 1881.
AU reserve citits*
187 banks.
189 banks.
The changes
,
New Tork—
9
Goldcmn
581,070
114,485
3,631,710
72,773,450
Silver coin
Pai>er currency
Checks, drafts, &o
Total
.
All reserve
except Ntto
Gold coin
Silver coin
P. Ct.
-76
-15
100-00
77,100,715
July 1,1890.
,
Tork—
888,822
318,978
9,161,636
153,486,330
Paper currency
Checks, drafts, Ac
5-61
92-35
77,922,247
94-38
P. Ol.
1.448,416
138,248
4,371,045
71,964,538
4-71
283 banks,
$
p.
cities'
$
100-00
-54
-19
93 68
-18
Sept. 17, 1890.
,
.
286 banks.
P.
$
CI,
5-58
1-86
780,3^1
374,221
8,171,800
111,332,512
Ct.
-65
-31
6-77
92-27
100-00
163,855,766
120,658,864
10000
- Boston,
Albany, Brooklyn, Philadelphia, Pittsburg, Baltimore,
Orleaos, Louisville, Cincinnati, Cleveland, Detroit,
Washington, New
Milwaukee, Minneapolis, St. Paul, Kansas Oi,y, St. Joseph, Omaha and
Tot al
San Francisco.
There has been a marked increase in the number of banks
in reserve cities, 187 having reported for June 30,
1881, and 286 for September 17, 1890.
The increase in the total
47
19
8
256
3,034
receipts is still more noticeable, the lowest amount being stated
banks. hanks. banks. bankt. banks.
at $77,100,715 tor June 30, 1881, and the highest at $163,855,766 for July 1, 1890. This would indicate the growing imP. at.
m. P.Ol, P,Ot, P.Ot.
•08
•37
•45
•57
2-93 portance of other reserve cities as compared with the city of
•02
•32
•20
•19
1-08 ,.>ew York. In this connection it may
be remarked that the pro2-51
•18
•36
1-32
•48
41
1^35
1^81
1^42
3^74 portion of the total business transacted in New York City done by
•62
1-60
1-81
other than national is greater than in other reserve cities.
319
4^19 banks
•26
1^11
•95
106
349
The table next introduced covers the transactions of banks
located outside of the reserve cities:
•06
•20
317
June 30, 1881.
Sept. 17. 1881
25-99 40^73
5249 46-40 77^55
yew
York.
Oharaeler of receipts.
Other outside
reserve ofrese'e
LI.
17, 1881, July 1 and September 17, 1890, separately stating
gold
coin, silver com, paper currency, and checks and drafts
June 30, 1881.—,
Sept. 17, 1881.
.
except
39,882,536 11,1 5,752 1,689,372
320.000
8.152
74,912,771 10,237,868 1,893,698
70,877
6.864
..
Checks, draft.^. etc
CleariuK-house certificates
cl'r'g
8,141 bks.
t
*
14.746
13,379
71,098
112.243
180,336
41,072
$
140,554
52.142
58.120
870,604
317,066
180,323
banks
outside of
reserve
reserve
cities.
t
70.173
20,948
3,480,680
499.093
928,682
271,012
ROL.
NEW TOHK, New York on each
IN
Other
Chabacteb or Rxczipts.
Bzchunges for
.>
THE CHRONICLE.
79B
XJ. S.
—
—
.
at.
Ihic'go
Louis
cities.
citits.
located
',
Gold coin
Bilvercoin
Gold Treasury certifleates
Silver Treasury certificates
iegal-tender notes
National bank notea
V. 8. certlflcatee of deposlt4tor
legal tenders
Checks, drafts, &c
Clearing house ccrttflcate*
Exchanges for clearlse house..
Miscellaneous
A similar exhibition
•98
1^02
•38
36-27
45 86
5-33
•03
•26
•83
54 •SS
•61
100^00
Total
10000 100-00 100^00 10000
of the returns for Sept. 17 1890, follows
CHARACTER AND PROPORTIONS OF TOTAL RECEIPTS OF NATIONAL
BANKS IN NEW YORK, CHICAGO, ETC.. ON SEPTEMBER 17. 18J0.
Kew
Tork.
Character of receipts.
47
SI,
Ohie'go Louis,
19
banks. banies.
',
Ot.
P.
CI.
Allb'kt
Other outside
reserve ofrese'e
cities.
8
259
banks.
3,141
banks.
P.Ot
P. Ci,
P.
01.
-40
-36
26
•66
•33
•41
•77
•22
1^64
1^40
-79
1-93
3-06
2-15
1-59
3 54
1-12
233
112
33 11
Legal-tender notes
National-bank notes
U. 8. certificates of deposit for
•62
•23
2-89
Gold Treaf iiry certificates. ..«..
Bilver Treasury certificates
49-87
5-97
58-88
•08
1-56
37-2d
-11
legal tenders
Checks, drafis, etc
Clearing-House certificates
£x(^an£resB for Clearing House
Misoellaueous
•27
62-20
•06
45-19
cities.
banks.
•05
•02
Gold coin
Bilver coin
4337
•17
04
AU banl;s located out-
1,731 banlcs.
sideof resenecitles—
Per el.
$
Gold coin
822,041
2-ti4
-77
Bilvercoin
310,518
Paper currency
6,216,433
15-47
81-72
Checks, drafts, etc
32,826,552
—
2,697,209
1,000,912
10,958,979
Checks, drafts, etc.... 77,388,478
Paper currency
lOOOO
.
3,0o4 banks.
$
14-27
81-74
52,118,185
40,175,.'542
All banks located outSide of reserve cities
Gold coin
Sliver coin
-68
354,197
7,439,210
42,600,738
100
—Julyl,\BQO, 00
Total
.
1,895 banks,
Perct.
$
3-31
1,724,040
Sepl, 17, 1890.
3,141 banks.
Perct
$
2-93
1-03
2,852,267
1.004,822
10,864,196
71,446,630
11-90
84-09
—
Perct.
3-31
1-17
12-61
82-91
92,045,578
100 00
100-00
86,167,915
very great increase in the number of banks reporting is
3-31 here apparent, the lowest nnmber being 1,731 for June 30, 1S81,
117 and the highest 3,141 for September 17, 1890. The proportion
•60
3^98 of gold coin to total receipts is but little larger in 1890 than in
A larger increase in percentage is apparent in silver
^•7e 1881.
3^27 coin and checks and drafts, the latter exhibiting a decrease in
all other classes of banks.
The next table exhibits the total receipts of all reporting
76-66
•76 banks on all four dates, similarly classified
S46
June 30, 1881.
^September 17, 1881.^
Total
A
.
•03
100-00 100-00 10000 100 00 100-00
The perctntages above tabulated indicate a much larger
relative circulation of coin and paper money among the
depositors in country banks, as distinguished from those
located in cities, except gold Treasury certificates, which seem
most prominent in the reports from New York and other
reserve cities. United States certificates of deposit for legaltender notes seem to have nearly disappeared in the reports
*
*
*
for September 17, 1890.
Total
.
,
1-58
67-86
J
In order to further facilitate comparison with the reports for
1881, a series of tables has. been prepared, the first of which
Bhows the amounts received by banks located in the city of
1,966 Oanks.
Vniled Slates—
$
Goldooin
1,864,105
440,998
Bilvercoin
Paper curi enoy
11,551,747
Checks, drafts, etc. ...270,854,166
—
Per
:
.
2,132 banks.
el.
-65
-16
406
95-13
10000
284,714,016
July 1, 1890.
3,364 banlcs.
TIniled ,1lates—
Per ct,
$
-89
Goldcoin
3,726,605
-32
Bilvercoin
1,352,647
G-2tf
Paper currency
26,517,364
92-50
Check.«, drafts, etc. ...390,228,110
Total
.
Total
421.824,726
,
10000
$
Per cl.
1-38
-17
4,078.044
500,302
12,881,571
277,773,862
4-30
94-09
295,233,779
100-00
^Septejnbern, 1890,-^
3,474 banks.
$
rer
ct,
1-13
3,702,772
l,39a,991
24,210,463
297,965,025
9104
327,278,251
lOCOO
-43
7-40
—
.
THE CHRONICLE.
8, 1890.J
morrt baoks reported for St<ptHmIt will b« notioml that 110
b«r 17, 1890, than for July 1 of the hhihb year. NutwitbHtaading the larcrer Dumber reporticK. the total reoaipta w«r« 9M,*
S46,47ft lewi in September thaa in J aly for the date* Mleoted,
In gold coiu very little chanRe is noted if wo compare th« arerage peroentAK*^ for the two days in 1881 with a like average for
the two davH in 18i>0.
The receipts of Bilver coin have considerably inoreaaed, the
percentage in 1881 being leHH than one-half that for 1890. The
same in to a nlightly lesH extent true of paper currenoy, the percentage for the two day* in 1681 being 4'06 and 4-86, reapeolively, as agiinst 0"29 and 7 40 for the report days in 1890.
The percentage of checks and drafts on Jane 80, 1881, was 95*18
and 9(09 on September 17, 1881. Hotb davsin 1890 show a
smaller percentage, to wit, 92"60 on July 1, ana 91'04 on September 17. Of these changes the increased nse of silver com
is nndonbtedly dae to the large number of standard dollars pat
io circulation under the act of 1878.
Of the paper currency receipts on July 1, 1890, nearly
one-fourth was in silver certificates, and the same is true of
These were
like receipts on September 17 of the same year.
not separately stated in 1881, but the amount must have been
very small on account of the limited sum then in circulation.
Nearly one-third of all the paper money now in ifeneral circuThe diminished use of
lation consists of silver certificates.
checks and drafts, however, is not easily accounted for and will
occaKion much surprise. During the past nine years a large
nniuber of banks, both State and national, have been organiaed,
and private bankers have multiplied rapidly. It is possible
that these new institutions have not kept pace with the rapid
increase in volume of business consequent upon the rapid development in the South and West in recent years. This does
not offer an explanation, however.for we observe that the country
banks, that is to say tliose not located in reserve cities, show
an increased use of checks and drafts, while a decrease is apparent in reports from reserve cities, and of these New York
City shows the largest redaction in percentage. If this result
was apparent only in the reports for September 17, 1890, it
might be attributed to abnormal conditions resulting from the
severe stringency then prevailing ; but the percentages for the
two days selected in 1890 are not essentially diflferent.
It may be suggested that a great change has taken place
during the past nine years in the manner of conducting business by both wholesale and retail dealers in merchandise, and
all commodities are now sold on shorter credit and to a much
larger extent for prompt cash than formerly. This fact alone,
however, does not appear to famish a suflScient reason for the
A more careincreased use of money in banking operations.
ful analysis of the mov 'ments disclosed may lead to a satisfactory solution of what now seems quite obscure. It seems clear,
however, that the insufBuiency of the volume of circulating
medium, as disclosed and emphasized by the business embarr.!8smenta of the past few months, is partially accounted for by
this increased use of actual money and the diminished use of
substitutes therefor in the form of checks, drafts and other
forms of bank credits. It is worthy of observation that while
the receipts of coin and notes for two days in 1831 were only
131,319,767, the sum of $60,909,842, or nearly doable the former
amount, was received on like dates in 1890. In proportion to
the total receipts of all banks the respective percentages of
actual money would be 539 for 1881, as against 823 for 1890,
indicating a proportional increase of more than 50 per cent in
the use of cjin and paper money in banking operations.
In order to exhibit the comparative importance of the transactions taking place in four principal cities, a table is added
showing the total receipts by banks located in New York City,
Boston, Philadelphia and Chicago, separately stated for the four
days, to which is added like information in respect to the other
reserve cities an d all other banks.
New York (.'ity and Jtrttotal rerxlptfi. In repreeenteid by •
in 1890 than In |hhi, while the opfnaite !•
be noted thnt the
It will
too,
797
M
rer.'ipt(i in
oomparod with thn
smaller percentage
trae In reepeot i« Philadelphia and Cbieaao. A vaiy marked
relative Inerease Is apparent in the fenmnTagee for other reserre cities and the cuantrv banks.
The Comptrollnr entered into oorreipondeno* with Mr. W.
Talbot Agar, neoretary of the Insiliate of Bankem In Loodoo,
England, with a view of ascertainlDtr whether any rrc-at iofor*
matlon could be obtained a« to the relative ase of raiih and
cheeks and drafts, at disclosed by retoms (rum banks K,eated
in the United Kingdom.
It appears from replies rrv.Artd that
the valuable baper read by Mr. Cieorge H Pownall b«fore the
inatitate In 'Uulober, 1831, contains the lateat Informatloo atAs this was qnoted from by Mr. Koox in kb report
tainable.
for 1H81, it is not deemed necessary to do more than inaert the
following table, which exhibits the proportional reeeipU of certain banks located in the cities of London, Edinbaivfa mkI
Dublin, and ooantry banks located in 361 plaeea in "-gfiHf
Ootit.
P*r
12 67
157
Dablln.."
Ptr otmt
204
-73
"SS
London
RdiDbarih
oiuekt.
IToUm.
e*nt.
Per
ettit.
883
Sf1-7*
911/1%
8»-«0
15-20
11-94
TS'M
Country bank* in 2«1 places
It will be observed that the proportional lue of cheeks and
drafts in the cities named does not greatlv differ from that disclosed by reports from like cities in the United States. As to
country banks, those located in Kn;{land show a much larger
percentage of receipts in coin and paper currency than similar
institutionB in this country.
COMPABATTVB STATEMENTS OP TUB NATI05AL BAITKB FOR SIX TKAR8.
The followiag table exhibits the resources and liabilities o(
the national banks for six yeirs, in round numbers, at nearly
corresponding dates from 1885 to 1890, inclusive.
UcM,
Oct.i,
Ort.7,
1886.
18S6.
S,T14
S.8M
8,049
BanJM.
Bank:
BanJa.
XaXinm.
RisorBCEs.
bond<.
srs
Stooks. bonds, eto.
7;-9
ass-s
51-3
174-9
«»-7
11,451-0
—>3e-6
33-4
81-8
841-4
94-1
lSB-4
62-8
28-1
237
8I'»
18-8
14-«
»5'S
S-«
Other D.
307-7
clroal-n
8.
Dae from banka...
Real eatate
Specie
Legal-tend'r notes
NatM-bank notes..
Clearlua-house ex.
U.S. o't».of dep'lts
Due fromU.'t.Tr'as
Otber resources...
Total
t2.438-8
-ue to
Giber
1.116-7
298-7
banka
111
liabilities...
Total.
8.890
8.M)
Bankf.
a. 180
Banla.
Bankt.
MMUmt.
)
JfONoiM.
lU-t
ee-o
lOV-J
»86-4
89-4
» TD-S
iw-i
IM-3
lOB-g
78-7
n-i)
HS-S
»a-9
8()-8
188-8,
a-s
art
40-8
48-8
t2,«90-8
$8,781-4 118.998-3
Hs-a
«2,31S'9|
687-6
148-8
sa-s
8e»-o
*&?•••
M89.
I1.S87-S
180-1
S4-7
88-8
14-0
S7-4
°l
Liabilities.
Capital stoek
Snrplaa fund
UndlTlded profits.
CiroulaUon
D je to deposltora
Sfpl. 30,
MUllom. MUllanM.
tl.SOOl
IjOADfl
Bondi for
act.*,
1888.
1887.
M8-B
tr%
r4
e8S-4
183-1
70-8
18S-4
1,880-7
886-1
83-4
878-S
173-9
71-B
187-8
157-3
8«-5
238-8
1.189-S
308-8
14-9
J.874-71
82fl-S
24-7
t8.4S8-9 t38.813-»|
88.880-21
m
ion
88.731-
$3,141-3
8004
19r4
81S-S
84-9
198-5
1,689-0
48S-3
8J-S
l.OM-8
$2.998-3
$3J41-B
ore
U8D
48S-4
table presents an abstract of the resources and
the national banks at the close of business on October 2, 1890, the condition of the banks in New York City, in
the three central reserve cities, in other reserve cities and of
country banks shown separately.
The followiag
liabilities of
^^^
Cmtral rsa*nw ciUu.
Otksr
Wew York
OUy.
\nv TorK
C'aicoao
Country
bmkt.
rasfrss
ottin.*
itffre^a*^
and
St. Louis.
RECEIPTS.
Banks
in four pi^ncipal Hlie» and elseWhere.
New York
Boston
PhUadelpUia
Chicago..
June
47 Banla.
_
30,
1881.
-Sep*.
17,
,
-{"'rl'
1881.
„ j it
^V^,}'-
1890.
18i>0.
Totalreservecltles 244,538,474 243,115,591 329,779,148 241,110,336
All other localities.. 40,175,542 52,118,185 92,04 5,578 86,167,915
United States. ..284,714,016 295,233,779 421,824,726 327,278,251
If we compare the receipts of September 17, 1881, with those
of July 1, 1890, we will notice that they are almost exactly the
same lor the two dates in the city of New York. An increase
noted of $19,369,498 in Boston, $30,263,451 in Phikdelphia,
$11,340,716 in Chicago, $34,959,854 in other reserve cities and
$39,927,393 in other localities.
The following table will give like information stated la per-
is
.
PERCENTAGE Or TOTAL RECEIITS DT AIX BAfKS.
^»*'vl,
June 30, Sept. 17,
Bank$ in four pnneipal
18W.
1881.
1881.
eMteatikeUewkere39-34
55-95
58-81
New York
Boston
Philadelphia
Chloano..
Average of four cities
Other reaerve cities
Averaged aU reserve oiaea..
All other
banks
11-62
6-84
2-86
19-91
6-28
6-37
1411
8-16
6-04
4-41
18MB4
7-78
5-15
17-66
10-30
9-03
5-78
16-11
13-73
3 55
21-82
817.172
Bonds for clrculat'n
Bonds for deposits
U.B.boDdaoa band
.
Stooks, aecurltlea,
olalma. etc
8-11
7-11
692
14 74
1473
Baa
2633
88.802,961
810 908.e73.97el 1.0(».ei9.«)I l,970.A»,J«
317.900
6.»10.000
4.8ro.ooo
498.160
87.831.780
agents....
tional banks.
....
niture
*
llrtnree
Other real estate
«
mortgwes owned
Bpeole.....
•--
Legal tender notes.
U^aeria.o( deposit
red'mpt'o
led
ToUl.
Surplus fund
llnJiTldedproBU..
Natioral bank notes
oatat ending
bank notes
oautandlng......
SUte
DlTKends nnpald.
81,896,783
ii»,a«8,9n
US.468.67T
189,491.79}
1
83.773,479
40,070,163
11S,889,8U
4.088,778
8,471.499
8.701,87»
I3,SU,616
8eL486JH
10,983.008
M,4».891
16,487,800
87,848,617
«B,156.8*B
1,009,908
8.180,311
8.084.786
810,1 IK
««0,«88
t,4tl,»74
B0,06«
87J607
gB.at7,a3i
7S.4IIB.040
U,tl6.0W 913>I,88S
1,746.000
187.800
870.068
8,880,000
^
1,892
U.819.618
8,IM4a07
8^134,648
10.769,»11
9.099.408
8,638,446
11,891,841
17.801 .819
81.798.1186
2.8S9.874
8,19t«.SM
I3.S18JMe
.08.72^
167.481
43,131.138
(9.086,386
8,866.000
708.66SI
148,801
8,141 .41,04
638.407.168 T1S,1&&0I4 784.800.612 l,64«,78l,98e
I,<a»attUs.
Capital atook
t6.«97.S00
1.688,100
«6.a01.488
44.446,970
940,094
778,616
Current expenses.
..944 .9««
1)01,867
Promiuois
Oheclis and other
».1(77,6S3
8,798,833
cash itenii........
Bxchang's for clear
e4,4a8,883 78,887,616
Ing bouse
Blllsofotb.nat.b'ks
Vraet'oal oarrener.
niokala and oanu.
14,00?.7»0
U8.Ul.810l
8,419.000
271.860
8< ,048,819
Dae from otb.banis
and bankers
Banking house fur
1.7.I7.9W.
15.917.600,
80,999,810^
Dae from other na-
Dae Vm D.8.Trea«'r
*5{:i^
1890.
36 80
4.410,000
8.780.000
133,800
Dae from reearve
6 p.c.
:
tiBankt. «tW Ain*j.'S.807 B-tnkt. 3.940
897.110.58: 404.
Orardrafta
167.417,7159 165,193,347 165,923.382 120.451,472
33,08i,030 21,094,061 43,463,559 26,531,811
18,081,563 17,830,648 38,091,099 23.273,886
8,141,189 13,026,835 24,367^551^ 22,654,92 3
226,728,593 220,144,891 271,848,591 1?2,912,122
Total
Otherreserve cities.. 17.809,881 2^.970.703 57,930,557 48.198.214
centages
BMoareu.
Loani and dise'nu
49.100,000
86.933,888
14.994,888
8,697.970
<4.3!«
74.900,000 I69.ST7.880
46J>47,98R
18,89e,99t \B40*fi»
4i5.>J».«»
9»,406J7»
4,844,810
14.081.1761
1C4J08.700
94388
6.888
908.»8«
1.'KW.784
873.719
47319
:
THE
798
Central reserve
CHRONICLls.
cities.
Other
\Ncw York,
New YcrV ChLca^
i7oun(r]/
reserve
CU.US.
banks.
Agi;fTeonte.
arul
City.
St. Louis.
74 Banks. 259 Banks. 3,207 Banks. 3,510 Banks.
47 Banks.
IAabilities—(Con.)
(
t
Individual deposits 261,449,09« 382.891,092 8S8,3u0.423
7,434,692
U. 8. deposits
8,606.926
4,578,1411
Deposits of U.S.disbursing officers...
1.831,808
130.815
148.331
Due to nat*l banks. 124,308,552 156,515,397| 90,414,155
Due to other banks
and bankers
49,134,465 73,898,428! 41,599,248
Notes and
$
I
I
813, 750,660 1,604,84',173
25,118,550
13, ,105,7581
38, 151,707
!,
4.22;i.511
285,081,-359
22,853,050
141,350,726
121;fll0
23,660.330
10.301.913
!.749,374
bills re-
dtscounted
Bills payable
434,680
200,000
3,103,790
4,899,321
302,592
[Vot.
u.
$1,407,617,430, the surplus and undivided profits amounting to
$136,257,949 and deposits to $1,263,309,742. The 242 private
banks and bankers report aggregate capital of $5,936,212, surplus and undivided profits $2,226,918 and deposits $18,593,185.
As in a number of States and Territories no provisions have
been made for securing reports from, or for the examination of,
banks organized under their authority, it is neces.sary in order
to learn of the condition of associations located therein to
secure such information directly from each, through personal
correspondence. Returns so received embrace statements from
407 incorporated institutions and 1,102 private banks and
bankers. Of the former 297 are State banks, reporting an
aggregate capital of $14,777,893, surplus and undivided profits
$3,209,175 and $21,851,125 deposits 49 loan and trust companies, with capital of $28,710,728, surplus and profits |10,966,530 and deposits $46,954,185 ; 61 savings banks, of which 49
report capital amounting to $3,947,837.
The aggregate surplus and undivided profits of the 61 savings banks is $11,137 .
839 and the deposits $89,078,695. The 1,102 private banks and
bankers report an aggregate capital of $34,905,806, surplus and
undivided profits $12,191,932 and deposits $81,128,482.
A comparison of these returns with those of 1889 shows an
increase in the gross number of banks reporting of about 12
per cent and nearly
per cent in aggregate resonrcfts.
During the year ended June 30, 1890, it is known that at least
382 banks have been organized, with capital of about $20,000,;
Total
538,407.163 712.155,014 784,'i00.542 l,644,7.-il,933'3,141.48r.494
Other
reserve cities are Boston, Phlladelohia, Biltimore. Albany, Brooklyn, Pittsburg, Washington, New Orleans, Louisville, Cincinnati, Cleveland,
Detroit, Milwaukee, Minne:ipoIis. St. Paul, Kansas City, St. Joseph, Omaha and
San Francisco.
In former reports a statement was submitted showing ia a
condensed form the changes occurring in the items of resources
and liabilities of the national banks at stated periods from
January 1, 1866, to date of last report of condition made by
the banks, and the following statement is perpetuated for purposes of comparison. The aggregate of the several items is
expressed in round numbers, tne dates of highest and lowest
points being given.
It will be seen' that capital, surplus, undivided profits and
deposits have increased from $995,542,378 in January, 1866, to
$2,525,863,042 on October 2, 1890, and that loans and discounts
amounting to $500,650,109 have reached the sum of $1,970,022,687, which is nearly quadruple, and upon reference to other
pages in this report that the number of active banks has
increased from 1,582 to 3,567. The holdings in bonds have
decreased from $440,380,350 to $170,653,050. On April 4, 1879,
the banks held $712,437,900. The specie held by the banks
amounted to $16,909,363, was only $8,050,330 in 1875, and
amounted to $195,908,859 on October 2, 1890— the highest point
reached.
Jan.
Oct. S,
1,
-BigKt tt low't point rtach'd —
_AmqnTit._^
1666.
»403,S57,346
Capital
Capital, surplus & undivided profits
Circulation
Total Investments in
U.
8.
bonds
ta.'M 117 235
»050,447,2.»
476,830,201
961.017,787
213,839,530
122.928.081
i
j
475,.'i30,-204
(
(
440,330,859
170,653,050
Individual deposits..
620,212,174
1,664,845,275.
Loans an d discounts
CashNat'i bank notes..
600,650,109
1,970,022,087
20,408,448
18,492,892
Legal tender notes.
187,846,548
80,60 »,731
»650,447.235
403,367,316
961,017,787
i
J
!
j
I
i
J
(
i
341,320,266
123,«28,08«
712,437,900
170,653,050
1,564,845,276
601,407,.588
1.970.022.687
500,650.109
28,809,699
11,811,104
205.793,579
62,158,439
195,908.859
8,050,330
Date.
Oct. 2, 1890
Jan. 1. )»««
Oct. 2, 1890
Jan, 1, 1866
Dec. 26, 11*73
Oct, 2, 1890
Apr. 4, 1879
Oct. 2. ISDO
Oct. 2, 1890
Oct. 8. 1870
Oct. 2. 18M)
Jan. 1, 1868
Dec. 81, 1883
Oct. 7. 1867
Oct. 1, 1886
Mar. 11,1881
Oct. 2, 1890
Oct. 1. 1875
%%
000.
Of banking institutions other than national the greatest interest attaches to the operations of saving associations, the
aggregate resources of which are nearly 60 per cent of the
entire assets of all State, savings, loan and trust companies,
and private banks and bankers reports from which have been
received this year. Of the 921 savings-banks and commercial
banks with saving departments 637 are purely mutual, and all
but 11 are located in the New England States, and in New
York, New Jersey, Pennsylvania, Delaware, Maryland, and the
District of Columbia.
The aggregate deposits of the mutual
savings institutions amount to $1,336,001,150, and the average
rate of interest paid to depositors appears to be about 3-8 per
cent ; the fact that the rate is not given in three States from
which reports have been received makes it impossible to show
the actual average rate, but the one above-mentioned is doubtless
approximately correct.
The 284 stock savings-banks report an aggregate capital of
$26,401,035, commercial deposits
$25,179,450, and savings
deposits of $188,843,356. Information relative to interest paid
to savings depositors is lacking in the returns from such institutions in two States, but an estimate based on practically complete returns from the others indicate that tne rate is about
4 17 per cent. The location of all but 11 of these institutions
being in the Middle, Southern and Western States, where
money commands a higher rate of interest than in the Eastern,
The following comparative statement gives the percentages of accounts for the fact that the rate of interest allowed to savings
loans and discounts. United States bonds, and spacie, to the en- depositors in stock associations slightly exceeds that paid by
tire fund with which the banks^do business, which is made up
the mutual associations.
j
Specie
16,009,.S63
195,908,859
[
of capital, surplus and undivided profi's, circulation and deposits.
In 1866 the percentage of circulation to capital, surplus and
undivided profits was about 45 per cent, and is now less than
13 per cent.
1887.
1888.
1839.
1890.
P. Ct.
P. 01.
P. 01.
P. Ct.
72-26
7-80
1-57
70-52
9 98
7-37
7101
P. Ct.
41*32
36-36
653
74-37
6-44
7-40
79-25
87-87
92-81
86 64
88-21
1866.
Loan9 and discounts
United States bonds
Specie
,.
Total
9'87
11-90
STATE, SAVINOS, PRIVATE BANKS, LOAN AND TRUST COMPANIES.
In compliance with that provision of law contemplating the
inclusion in his annual report to Congress of a statement of
condition of banks, banking companies and savings banks
organized under State and Territorial laws, the Comptroller
has secured, through the courtesy of officers in thirty-five
States and Territories, the desired information relative to 1,804
State banks, 100 loan and trust companies, 860 savings banks
and 242 private banks and bankers. From reliable information
as to the total number of incorporated banks and savings
institutions in operation throughout the country, it appears
that including returns from 407 associations located in States
not exercising local supervision, reports from which were made
directly to this office, the results herein shown approximately
cover the entire field. The information relative to private banks
and bankers, however, is much less satisfactory, as returns
have been received from about one- third only of the number
reported to be in operation. Included in the total number
classified as private banks and bankers are many firms and
individuals whose banking business is limited to an occasional
cpUection and sale of exchange, in connection with a mercantile enterprise, the principal feature of the business.
The total number of associations operating under State charters, including the 242 private banks and bankers from which
official returns have been received through the courtesy of
State and Territorial officers, is 3,006. Of the 2,764 incorporated associations 1,804 are commercial banks having $173,959,414 capital, $70,551,446 surplus and undivided profits, and $531,103,459 deposits; 100 loan and trust companies, capital, $41,965,519, surplus and undivided profits $35,861,472, deposits
$289,502,307 and 860 savings banks, of which number 235 are
stock associations having $22,453,198 capital, $9,141,861 surplus
and undivided profits and $192,635,519 deposits. The 625
inutual savings associations have liabilities to the amount of
;
In the Appendix tables will be found showing by States and
Territories the condition of these banks as obtained from official sources and from banks direct, classified as unofficial
returns; aggregate resources and liabilities of each class and
from both sources; comparative statements of condition of
State banks, 1872 to 1890; loan and trust companies, 1885-86 to
1889-90 ; savings banks, 1885-86 to 1889-90 ; and deposits in
savinsrs banks, number of depositors and average amount due
each by States in 1888-89 and 1889-90.
The following tables present summaries of this information
AOGREOATE RESOURCES, LIABILITIES AND CONDITION OF STATE BANKS
LOAN AND TRUST COMPANIES, AND SAVINGS AND PRIVATE
BANKS. ORG.INIZED UNDER STATE AND TERRITORIAL
LAWS. (FROM OFFICIAL SOURCES.)
Loan and
Staie
banks.
trust
Savings
Private
companies.
banks.
banks.
Total.
IfiOiBnks 100 Banks. 860 Banks. 242i'mtor 3.008 Banks.
RESOUHCKS.
Loans on real estate
Loans on collat.Becu-
31,851,476
70.869,986 17-2.383,510
rltyoth.thanr'lest.
Other loans & disc'ts 446,363,971
Overdrafts
U. S. bonds
State, county k municipal bonds
4,743,100
1,801,482
52,589,020
61,887
24,655,-*i3
&
—
A
Hitures
Current expense*
1,840,502
676,604,346
60,700,625 5.301.196
177,622,233 10,860,926
271,218
351,736
143,896,118
83,800
209,3(15,258
286,102,655
9^,350,563
290 767 618
686,937,050
5 428,031
160.436.603
2,642,116
10,328,832
1 20.792
38,546,602
62,475,680
3,382,492
174,784,688
25,513,891
11,186,267
271,630
27,244,213
496,765
1,984,046
47,048
65,920,320
3,050,288
16,585,253
6,383,800
23,580,880
11,111,292
8,430.533
333,266
159,055,140
25,463,805
2,244,025
Cash and cash items. 117,399,465
7,035,948
Other resources
Total
810,464,620
2,022,847
658,182
75,686
84,456,878
Other bonds & stocks
Due from other b'ks
80,785,807 28.140,809
and bankers
Real estate, furniture
t
I
32.838,758
43,.'i4,S,«37
106.067,753 "940,830
103,337,577
44,140,115
180,012,118
826,910,063 394,847,687 1,636,070,061 28,166,314 8,886,000,980
Liabilities.
244.314,343
206.442.211
47.597.436
8,056,419
"""120,148
120,148
842,761
107,014
722.788
12,051
Dividends unpftid ...
881.711.078
22,619,187 i8,6«i,186
Individual deposits. 531,103,459 289,602,307
1.438.438,134
1,438,433,134
state, county & mu38,168
nicipal deposits ...
38,168
Dep'8it3of 9tate.Co..
670,143
&c..<li3b'r8'i!0fBcer8
679,143
Due to other banks
40.836,967
3S,692,8';0
1,016,068
656,190
and bankers
2,671,829
36.029.132
763,8'JO
14,042,634 13,877,989
5,264,710
Other liabilities
Capital stock
173.959.414
50,157,8.59
Other undiv'd profits 20,303,787
Total
41,965,519
20,133.671
6,727,002
8,056,419
22,453,108
124.069,807
20,420,013
6,9,16,212
2,180,984
45,031
826,910,058 394,847,587 1,638,076,961 28.166,314 8.886.000,930
.
Deoembkr
THE GHROXICIiK
6, 1800.]
BMOUaCM, LU.UII.ITISH AND CONDITION OF ITATB IIJkNKI,
I.OAXA1IO TBOaTCOMrAMH, AND SAVINGS AND PBIVATK
ACHIRIOATI
(raoM OMorrioiu. sodkoh.)
HANKS.
Loan and
TVwt
.Stats
Bank$.
Savin w
B(tnlu.
th« T»rioa» ol«wi«i naarMt tbarato.tbe tfng* of
ikmt
oftoita Areng. of nth tmonnm ia •£«£
•• '""" *''•"''* " •l»P»»M that Ui6 popaUtloo of
fu iT°i.''Va
eWSO.MO. and tb4. toM biaiioK fond,.
i^.'oH/'l'/,'^.??''*
5.61.1,747,187. an aT»rag« of H9-8R. The per cuplt* aVnra(r««
of »u(!h reHonrces In ea<ii class of bank* am
Natlmal bank*.
89*81 J Htate banks. $13 or>
loan and tmiit eomMaita, 17 J7 .
BajJags-baokH, $27-74
«n<l prl»ut« bank*, $3 48.
The distribution of tbe circulating medium of the eoaotrr
shown by the cash hDltJIngH of the national, SUte. prlvat*
banksaDd saTlngs InstitaU on», on or about tb« eloM of th*
flseal year ended Jane 80, 1890, U exhibited In the Ubie
following. The toUl oaah on hand In the 4,615 iostltatlooH reporting offlolally and unoffl.iially is 1186,854,087, of whish
$26,831,919 is gold, *!, 91 9,832 silver ooin, |39.«S6.«70 legal
tenders, national bank notes, and coin eertiaoatea, $16,673,103
spMie, and f 103,368,674 repreaentiog cash, not elaaamed.
pn
oaplU, and the per
*"
PrlBots
Banlu.
dnnpantei
799
Ttotai.
;
;
WT Ainkt.
49 Bankt.
i.iIt.soi
86,818.108
«S,7j*,e97
1108BanJk< lB09Aiall>s
8.8i8.«8»
««.82o.oa8
url-
Mill
I
61 Banlu.
a,936.aM 87.888.787 19,687,181 16,978.688 79,670,683
luddlso'K 88,033,774
8,00«,4S9
4,460.841 68.661.876 99:070 480
.-,,.-..lett.
8S0,073
l«,«76
L-ouMLy.ttiiU
,.
.
i;
,
;
8.066.869
1,669,760
8,467,016
6,974,7<6
S«t,«4g
17,817.006
18,068,116
898,186:
4,607,481
936,491
686.068
866,787
18.628 IKH
S4,38i083
8,010;780;
IoIk^mS
17.2W
16.77,"),5!8
.,,
«07,.H01
50»,850
b'acis
B7S,ia8
1,918,874
«,9a4,8M
B,ia«,819
6.«5»,818
297,894
4,876,884
8,168,979
':^
iia>1
^icr
baaka
TS
,
88.038
6.186.710
8W.O0O
mu-
ipul b 'litis
ill hiind*»lo'k»
'
-SS-II*
424,183
I'.'sbimds..
1
^[
li.'.kl (.'sL.lurn o.Aflxt'i
l"urr'iitexp.AtHXt)8 p'd
cash iioms..
Otberrosouroea
Cji-tti iitid
^•SIS'f22
S88,Sa8
8,805.9(17
184,887
8 176^068
8,660,897 18.848,974' 81,886,846
8,967,069.
7,8371661 18189.SS
868.198
918,468
1886 686
6,817,089 11.040,017 96 888 947
244,901;
1.378,834
4,8»6;801
;
w
STATEMBHT SUOWtXO TUB AMOUNT OF OOLU, SUVBB. 40., HBLO «T
NATIOSAL BANKS OK JULY 18, 1890, AND BT OniBB BAKKMO MSTrrUTIONS on OB ADOUT tub SAME DATE.
43.908,073 106,963,749 106,640,040186.851,608,896,860,870
LIAUILITIBS.
14,777,8931 88,710,788
Sur.ilus fund
Oth'r uiidivld'd profits
Dsbeiit'e bds.ouUt'd'K
^?SilS
1.489.767
i.m.oao
6.606.460
11,608,796
8,947,837
8,798.986
8.344,863
"«!SS
il:!^:S5
4,631,788
18,911.793
11.608.796
notes "
69.038
191,409
Dividends unpaid
16,88i
Ha'fi'xi
Individual deposits... 81.961.186 46,964,186
8.867,883; 81.188.488 162,76i;U6
SavIoks deposits
86,411,378
88;ili:S72
State. coantT. and municipal deposits
888,6«8
78,490
908,481|
1,661,533
Deposits uf S:ate, Co.,
101,782:
JtcdIsburD'K nlHoers
686.810
AH7IW2
State
bilk.
'
Du<tootlirbks.*t)krs
Other UablllUes
Total
291,419
l,383.501i
1.793.008; 10,888,198
80,093
8,280,108
43,908,073 108,963,740 106,540.040
8,156,609,
2,988,988
J
4,86i!622
17,314;374
36.854.608 896,860,870
AOGBEOATB RESOUBCES, LIABILITIES, AND CONDITION OF ALL STATE
BANKS, LOAN AND TEU8T COMPANIES, AND SATINOS
AND PBIVATE BANKS.
Official.
3,006 banks.
RESOURCES.
LoauB on real estate
676,504,346
Loans oa collateral security
other than real estate
299,345,256
Other loans and discounts
686,937,050
59,340,038
735,841,384
5,428,031
169,436,603
379,015,831
786,007,530
7,835,046
176,411,348
290,767,518
103,337,577
44,140,115
180,912,113
bonds
Railroad bonds and stocks.
stook-f
Other stocks and bonds
Duo from other
biuiks
19,528.928
34,382,023
2,176,063
10,101,546
310,296,446
137,719.600
48,316,178
191,016,659
174,784,688
31,385,345
18,129,230
1,828,626
25,298,947
4,895,801
206,170,033
84,058,550
4,885,894
185,254,087
30,359,696
and
baLkers
Real i-state. fumit'eA flxt'es.
Current exp. dc taxes paid..
Cash and cash items
Other resources
Total
T.jUU.
4,515 ftanfcs
79,670,583
93,070,480
2,467,015
6,974,745
.
OveriirafiB
United States bonds
State, county and municipal
Bank
Unofficial.
1,509 baika.
65,929, J20
3,059.263
159,955,140
25,463,895
2,886,000,920 395,250,370 3,281,251,290
LIABILITIES.
Capital stock
214,314,343 82,342,264
326,656,607
206,442,211 23,593,683
230,035,894
47.597.436 13,911,793
61,509,229
8,056,419 11,508,796
19,565,215
120,148
120,148
842,751
235,82'3
1,108,577
Individual deposits
881.711,078 152,701,115 1,014,412,193
8a Vic KS deposits
1,438,433,134 86,411,372 1,524,844,506
State, county and municipal
deposits
38,168
1,661,533
1,699,701
Deposits of State. county,&o.
disbursing oflioers
679,143
687,992
1,367,135
Due to other bi.iik8 & bank's. 40,836,957
4,851,622
45,68^,579
Olher liatilitlts
36,929,132 17,314,374
51,243,506
Surplus fund
Other undivided proats
Debenture bonds outstand'g
State bankuotesoutetand'g.
Divitlend.s unpaid
Total.
2,886.000,920 395,250,370 3,261,251,290
NUMBER, CAPITAL STOCK, SCBrLUS AND UNDIVIDED PBOFITS, AND DBposrrs OF all state banks, loan and tbust companies, and
SATINOS (mutual AND STOCK) AND PBIVATE BANKS, 1889-'90.
Classes.
jyb.
Ca J>ital.
banlu.
Surplufantl
undivided
Dipoiit:
profttt.
Official.
State banks
Loan and trust companies
SaTln;(S banks (mutual)
SavlnKS b.inks (stock)
Private banks
Total.
1.804 tl73.959.4I4
100
41.963,619
62S
835
842
88,463,198
6,936,812
t70,551,44e
86,861,478
13a,897,9t9
9,141.801
9,886,918
$631,108,469
889,B0;.307
1,«68,809,7<2
198,685,619
i8,»tl8.l85
8,0061844,314,843 $854,039,617 $3,800,144,818
Unofficial.
State banks
«97
49
trust companies.
SarinKS bank.) (ooutual) ....
SarlDKS banks (stock)
Private banks
3,847,837
34,906,806
2,000,398,
12,191,t'3a
$81,991,188
46.864,186
67.691.404
81,387,887
81 188,488
$37,606,476
$839,111,487
and
8,101 $188,787,807
149
70,678,247
$78,760,681
46,828 003
49
1,102
$3,809,176
10.966,580
9.137,141
unofflcial.
State banks
Loan and trust companies...
SaviUKs banks (mutua')
Savlnva banks (stock)
Private banks
Total.
28,710,728
18
Total
Official
tU,777,893
188.348,864
Loan and
637
884
1.844
26,401,036
40,842.013
t45,38e,MM
ii,u».r
14,418,850
$65.1,034,881
880,466.498
1,336,001,1M
814,'l2a.>W6
99.781.667
4.616 1886.656,807 1291,545,188 $8.539,8B6.6a«
A table in the Appendix uhows by States and Territories,
the population of each on June 1, 1890, and the aggregate
capital, surplus, undivided profits and individual deposits of
national and State banks, loan and trust companies, ancl savings
and private banks in the United States, at date of reports of
Olhtr (4,S1S|
NalUmal
baHk:
Otattifltatlon.
banking
oertlfloates
Silver dollars
Bllrer, fraotlonal
SIlTer Treaaary oertfs.
»...._., ,.__.
National bank notes..
Legal tender notes....
Fraotiouai currency,,.
Specie, not olassifled..
CMh, not classified....
Total
4,463,000
6,793,752
4,524,802
15,865,318
21,184,428
92,480,469
793,646
in-
tlUultont.
Gold coin
$73,989,092
Gold Treaanry oett
72,968,100
Qold (Clearing Hoato)
926,821,010
ToUiL
999311,011
73,9«8,100
1,019.823
4,463,000
1S.239,37«
•39,685,670
}
15,865,318
l53,330,5«7
I
102,253,574
703,646
15,573,103
102,253,574
»18J,254,087
9478,316,691
15,.57S,102
....$293,062,607
•And ooin certlttoates.
C050I.USION.
In concluding this report the Comptroller desires to emphasize the fact that the national banking system has arrived at a
point in its hijtory when continued neglect on the part of Congress is as potent for evil as unfriendly action.
Certain
burdens resting upon it mast be removed without anneoewary
delay if immediate stagnation and ultimate decay are to b»
prevented. It should receive such wise and just treatment aa
will result in a healthful growth, or else provision should
immediately be made for the inauguration of some new system,
more completely adapted, if possible, to the wants of th»
people. Banks are indispensable to the sucoes-if ul conduct of
the various lousiness enterprises whicu form a prominent feature
in modem civilization.
These agencies mast keep pace with
the progress made in manufactures, ia commerce and in all
forms of industrial activities, or serious embarrassments will
surely follow.
The Comptroller deems it his duty, however, to express the
opinion that the steady retirement of national bank notes ia
gradually destroying that elastic property which is necessarily
one of the characteristics of a perfect circulation
Its volnma
should automatically expand and contract so as to adjust itself
to the varying requirements of busiusss.
This can best b«
accomplished by the redemption of paper money during periods of diminisned business activity and a corresponding re.
issue when the movement of crops and other causes make aa
expansion nscessary. Such an adjustment was facilitated by
the use of national bank notes, for the reason that they did not
possess the legal tender quality, nor were they available for
lawful money reserves by the banks. Hence, when a decreaied
volume of business caused currency to accumulate in the reserve citie.^, national bank notes, being unavailable for reserve,
were presented to the Treasurer of tne United States for redemption. Their temporary retirement during a period of
diminished use was followed by re-issue and a healthy expansion resulted when an increased circnlatioa was demanded.
The coin and paper money issued by the Government is distinctively non-elastic.
This arises from the fact that the legal tender quality attaches to most of the various issues, and all are available for
the lawful money reserve required to be held by national banlu.
For these reasons every incentive to redemption and temporary' retirement during those periods of temporary redundaney
which periodically occur in each year is wanting, and the eorrespanding expansion, when neeaed, is for similar re.i«on9 rendered impracticable. The embarrassments attending th-«s« conditions i^* illustrated by the state of the money market daring
the closing months of the period covered b^ this report.
Daring recent years relief has been afford-^d through the
operations of the Treasury Department in the purchase at op-
portune dates of uumatured bonds with its surplus revenues.
It is evident, however, that relief from this sonree cannot be
safely relied upon in the future, for dimiaished revenues or increased expenditures, either of which may unexpectedly oeenr,
would render such extraordinary disbursements impoasible.
Attention is called to the non-elastic character of the eurreney
as at present constituted, in order that some consideration may
be given to measures calculat^^d to remove the evil which ia
evidently being aggravated by the withdrawal of national baak
notes.
EDWARD
8.
LACBY,
ComptroUer of the Curreneif.
Tbb Spbakbb of ths Houbb or RxPBBSB^iraTiTBs.
..
.
THE CHRONICLE.
800
IVoL, LI.
C
^ommtxcml ^imjes.
COMMERCIAL EPITOME.
^Itje
Friday Night, Dec.
5,
Friday. P. M.
The Movement of the Crop,
monetary
has remained one of
much diflficulty. Failures of importance continue to be reported, and the Produce Exchange has suffered severe depression, without increasing the volume of business, declines in
sterling exchange having obstructed buyiag for export.
Tiie
close shows littte improvement, and trade cannot be expected
to revive immediately.
The following is a statement of stocks of leading articles of
The
situation in
Dceember 5, 1890.
bv our telegrams
For the week ending
as Indicated
from the South
1890.
The weather has continued severely wintry, closing the
Erie Canal and Hudson River, and causing serious obstruction to the navigation of other inland channels in Northern
latitudes, besides damaging shipping on the North Atlantio
coast.
OT TON.
circles
merchandise at dates given:
to-night, is given below.
evening the total receipts have reached 241.318 bales,
against 253,091 bales last week and 266,044 bales the previous
week, making the total receipts since the 1st of Sept., 1890,
this
3,440.570 bales, against 3,364,803 bales for the same period of
1889, showing an increase since Sept. 1, 1890, of 75,767 bales.
at—
Receipts
Mon.
Sal.
Galveston
El Paso, &c...
4,710
New
Orleans... 21,131
1,319
Florida
Wed.
Tucs.
8,203
5,668 28,487
1,760 3,071
Mobile
Thurs.
4,735
6,785:
3,001
7,403, 12,307
Fri.
Total.
4,163
1,146
5,998
1,886
31,597
1,146
80,994
9,574
5S5
1,003
4,053
5,167
6,261
2,183
2,203
2,563
1,874
340
1,066
452
907
3,397
1,705
4,225
1,310
3,795
2,294
3,204
626
4,349
1,592
3,597
1,896
3,592
340
893
328
2,211
300|
1,138
832
1,425
Savannah
1,600
342
830
939
83
59
156
77
5,098
57
903
5,630 11,099
3,026
349
Brunsw'k, &c.
Charleston
Port Royal, &c
Wilmington
903
5,145
8,048
3,054
37,355
8,048
14,903
187
3,973
298
22,567
9,423
3,592
2,142
8,147
5,098
1,371
187
859
298
Waglh'gton,cfec
1890.
Xov.
Pork
Lard
bbls.!
tea.
Tobacco, domestic
Tobiicco, foreign
Coffee, Rio
Cofl'ee, other
Coffee, Java, &c
hhds.
bales.
bags.
bags.
mats.
17,847
18,803
52,691
25,944
33,377
160,917
36,095
33,700
.«0,013
25.92.1
28,339
148,072
30,150
33,300
1889.
Dec. 1.
6,608
20,361
35,105
48,610
215,452
66,039
310
117
l,8i4
None.
101,916
None.
125
3,200
371,100
49,872
16,180
None.
262,671
None.
144
5,200
481,700
55,870
20,465
None.
220,913
1,321
1,379
1.911
1.652
1.020
15,100
3,200
None.
12,500
58,000
2,707
4,023
279.400
26,290
5.800
None.
6.008
88.000
None.
8,403
167,770
hlids.
hhds.
Holtisses, domestic
bbls.
No.
Hides
Cotton...
bales.
bbls.
bbls.
bbls.
Bosln
Spirits turpentine
I^r
20.825
4,H00
None.
bags.
pkgs.
bags.
bags.
Rlc«, E. I
Rice, domestic
Linseed
Saltpetre
Jute butts
hemp
hemp
Manila
bbls.
and
15,:^C0
bales.
bales.
bales.
sacks.
70,000
4,707
2,900
26'', 150
418
1,9 to
4,000
486,700
113,169
16,380
ern; refined for the Continent quoted at 6'15c.(g6'45c. There
were large deliveries on December contracts here and at
Chicago. Prices of lard for future delivery have also declined under a very heavy selling movement.
DAILT OI/MINO PBICBS OP I.ABD FUTURES.
Tttei.
Wed.
Thur.
Sat.
Mon.
6-44
6-36
6-33
6-29
6-25
6-18
Januarj' delivery
c.
6-45
6-40
6-32
6-57
6-48
6-31
February delivery
..o.
6-68
6-56
6-52
6-48
6-40
March dilivery
659
o.
6-82
6-80
6-76
6-73
6-93
6-66
May delivery
c.
m.
Other hog products show more or
Tallow
less depression.
firmer and active at 4 ll-16c.@4J4'c.' Butter is dearer and
cheese very firm.
Coffee on the spot is easier at 17^0. fo No. 7 Rio, but at
the reduction there was to-day more doing, the sales including No. 6 Santos at 16J^c., c. f. i.; and in mild grades a better
The speculation in Rio opbusiness at 18J^<819c. for Cuenta.
tions has been quiet all the week, but to- day there was some
talk of a "corner" on December contracts and prices improved, closing steady, with sellers as follows:
15-45o. June
IS'lOo.
December
17-40o. March
January
l6-45o. April
15-30C.
15-850. May
15-20e
February
Raw sugars have been dull, and close slightly lower, at
4 ll-16c. for fair refining muscovado and 5%c, for centrifugal
of 96 deg. test. Refined sugars meet with a fair demand, and
are quoted at G%c. for standard crushed and 6igC. for granuMolasses in better demand for domestic and prices are
lated.
steady. The tea sale on Wednesday went ofif at about steady
is
I
West Point...
N'wp'tN's,&c.
New York
Boston
Baltimore
Philadelph'a,&c
Totals this week 43,631 36,104 54,352 26.279:33,803 47,1491241,318
For comparison we give the following table showing the
week's total receipts, the total since September 1, 1890, and
the stock to-night, compared with last year.
1890.
Receipts to
Dec. 5.
This
I
Balveston
El Paso,&c.
. .
New Orleans.
Mobile
Florida
..
Brun9.,(tc.
Charleston
..
P.Boyal,&c
Wilmington
Wash'tn,&c
.
Norfolk
West Point.
NwptN.,&c
New
Y'ork
.
.
Boston
Baltimore.
..
Phll-del'a,&o
The market for Kentucky tobacco has been quiet, the sales
of the week not exceeding 150 hhds. The movement in seed
leaf has also been somewhat curtailed by the stringency of
350 cases 1889 crop.
the money market. Sales 1,810 cases
State Havana seed, 14c. to 22J£c.; 150 cases 1889 crop, New
England Havana seed, 15c. to wc. 300 cases 1889 crop, Wisconsin Havana seed, 8}^c. to 18c.; 120 cases 1889 crop, Pennsylvania Havana seed, 14c. to 30c. 240 cases 1889 crop, Pennsylvania seed leaf, 9c. to 13c. 100 cases 1888 crop, Pennsylvania
seed leaf, private terms 200 cases 1889 crop, Zimmer's Spanish, 12c. to 16c. 150 cases 1889 crop, Ohio seed leaf, 8J^c. to
llj^c, and 200 cases sundries, 6c. to 35c.; also 650 bales Havana, 75c. to $1 15, and 150 bales Sumatra, |1 75 to S2 85.
Refined petroleum is quoted at 7'30c in bbls. and 9'50c in
cases; naphtha 7 '200; crude in bbls. 7c; crude certificates
lower and more active, closing at 65J4C. perbbl.; spirits turpentine is lower at 39c.@39J^c. rosins are quiet at$l 45,^1 50
for strained. Wool and hops are depressed.
On the Metal Exchange Straits tin sold to-day at 21 '250. on the
;
;
;
;
;
December, and 20*90c. for January .closing firm.
Ingot copper quiet at 15 '950 for lake lead dull and lower
at 4-55c. The interior iron markets are dull, and lover prices
spot, 21 '400. for
37,355
8,048
14,903
298
22,567
9,423
3,592
2,142
8,147
5,098
1,371
79,888
61,812
93,312 1,052,077
11,125
153,690
471
11,456
35,072 621,079
7,172
88,893
16,965 244,804
222,921
32,235
288,478
25,940
138,710
15.869
53,264
88,009
13,922
50,697
12,148
15,609
42,752
33,834
6,004
50,019
22,000
16,651
5,123
4,920
110,018
16,500
8,691
6,798
697,584
725,328
395
779
97,662
1,602
238,088
185,575
24,032
28,379
19,730
15,607
13,422
Savannah.
..
Charl'8t'n,&o
Wilm'gt'n,ifcc
Norfolk
Wt Point, &c
A.1'
1887.
1888.
1890.
Receipts at-
Galv'ston,&o
New Orleans
Mobile
others.
Tot. this week
1889.
32,743
80,994
9,574
37,355
15,090
4,271
22,567
13,015
25,709
34,624
98,312
14,125
35,072
17,122
8,786
20,448
17,060
19,939
32,524
19,399
8,366
22,789
20,053
15,344
241,318
285,488
243,080
we
1886.
1885.
9,253
33,983
19,432
7,745
25,283
23,562
13,696
35,136
82,314
12,559
32,310
17,162
5,923
19,579
7,746
15,157
31,494
91,617
13,811
30,890
20,225
5,060
29,273
12,843
12,891
249,019
227,836
248,134
24,135
27,470
88,296.
12,174!
88,595^
Since Sept. 1. 3440.570 3364,803 2867,176 3379,965 2941,476 2916,213
The exports for the week ending this evening reach a total
of 206,633 bales, of which 102,154 were to Great Britain, 29,009
Below are
to France and 75,469 to the rest of the Continent.
the exports for the week, and since September 1, 1890.
Week EiuUno Dec.
Exported to—
Export*
5.
From
Sept.
1.
1890, to Dec.
I
|
Galveston
New
17,728
24,765
Orleans.
Mob. & Penc'la
10,359
Savannah
10,168
Brunswick
—
7,296
26,267
27,831
26,021
77.876
8,100; 20,859
10.168
11,819
16,785
Charleston
Wilmington...
Norfolk
3,966
8,092
8,092
West
6,197
8,197
Point....
12,172' 12,172
N'portNws, 4c
New York
13,265
Boston
Baltimore
1,262
6,083
2,531
Phlla<lelp'a,4c
284,083[ 20,241
306,473 186,883
nmt.
Total.
61,888
213,912
366,218
687,288
10,235
281,177
65,011
183,978
112,176
118,869
78,0-9
68.542] 13,635
60,891'
58,613| 16,330
66,930
121,020
88,139
150
U,S19
9,910
im
161,820; 10.815
19,6301
28,27?
5,381
199.000
1,360
109,030
16,518
17,300
2,950
73,697
780
21,3?2
1,137
219,232
60,390
66,819
8,618
102,161
Total
Total. 1889..
20,702
6,083
2,013'
1,571
e,185
1890
Conti-
40,235,
2,600
6,
Exported to—
Great
OontU\ Total
Oreat
*•<"««
BHt'n. l^ance. nmt. Week. Britain.|
from—
;
would buy.
564,974
2,954
34,229
488
157
129,097
8,472
1,634
314
317,217 20,448
176,629 13,754
15,224
3,306
11,330
4,563
26,214
4,060
20,994
1,690
16,357
1,983
187
3,973
1889.
1890.
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons."
:
;
Week.
Slock.
Since Sep.
1, 1889.
241,318 3,440,570 265,488 3,364,803
Totals
I
prices.
T/iis
611,592
6,260
915,854
154,246
23,917
644,906
98,415
269,296
31,597
1,146
80,994
9,574
903
Savannah.
1889.
Since Sep.
1, 1890.
Week.
702
Lard on the spot is materially lower, prices Having given
way under sales to realize; there was a large business today
at5-65c. for prime city and 6-05c.@6'07Ji^c. for prime West^
1
Norfolk
73, SCO
blids.
Molasses, foreign
Flour
1.
boxes.
bags, &o.
Sugar
Bugar
Sugar
Melado
Sisal
1890.
Dee.
1.
.
29,009
75,469 206.632 1,322,990 212,103
761,852 2,827,215
80.248
46,874
83,707' 230.929 I,.'il2,e66' 288,823
689,612'2,328,801
Decbmber
0,
«
«
.
.
We
Tn
On BhiptMord,
Sauh ahd Puots or FvTUUH an
New
OoattleiM,
1,027
09,468
19,143
218,590
31,984 75,502 29.858
23,042 1101,119 17.200
247.020
230,410
478.299
586.506
81,030
22,916
Total 1889.
Total 1888.
109,Sg5
88,419
Other
i^pl
hn |M
478,088
Total 1890.
..
Now York
None.
800
4.400
8,410
5,000
46,7.'i3
22.752
43.044
41,795
5s?
^S-
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II
I
II
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market
I
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1:
I
opened the week under review with some show of strength,
due mainly to the comparatively small crop movement but
on Monday there was a fresh and important decline. On
Tuesday there was a slight improvement, especially in the
"
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and on Wednesday a stronger closing at
Liverpool caused a buoyant market, a brisk demand from the
" Bears" to cover contracts, and the notably small receipts at
the ports on that day. On Thursday a small advance at the
opening was soon lost. Fresh buying to cover contracts, however, stimulated by the small crop movement, caused renewed
buoyancy. The market opened this morning at a smart advance, in response to a decidedly stronger report from Liverpool, but the advance was soon checked by the larger receipts
at interior towns and the early advance was soon lost. Then
a further decline took place, ascribed to the depression in
tone due to the difficulty in negotiating sterling exchange.
Cotton on the spot was easier to buy on Tuesday, but not
quotably lower. To-day the market was quiet at 9 7-16c. for
:
tero
^
;
spring months
5
FII
I
for future delivery at this
^
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forward delivery for the week are 533,300
For immediate delivery the total sales foot up this week
bales.
1,871 bales, including 305 for export, 1,666 for consumption,
in transit. Of the above
for speculation, and
bales
were to arrive. The following are the official quotations for
«ach day of tlie past week November 29 to December 5.
©cjr
2
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613,8 613,6 613,8 613,6
7I4
7I4
7>4
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8 '8
8»8
818
816
8%
8i«
813
813
8»a
8"a
8''8
8^8
8'8
8^
93,8
93,6
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2^« 97,8 25'
9T,e
97,6
9'16
913,,
9'3,8 813,6
9'»ie 913,6 913,,
10l,fl 101.8 101,6 101,6 101,6 101,6
109,8 109,6 109,8 109,8 103,6 10»,6
lli,B llll6 Il'l6 111,6 lUie
Middling..
Mlddlinir
Middllni?
Good
Strict
Good Middling.
Middling Fair
Pair
GULF.
Strict
Moil Toes
Sat.
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Ordinary
Strict Ordinary
Good Ordinary
613,g
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lb.
,
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7ifl
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Low Middling
Strict Low Middling..
S,
93,6
9I3
Middling
Good Middling
7»ie
8'ie
813,,
718
87,8
813,6
10%
Fair
STAINED.
9^
9\
lOifl
1038
lO^a
1138
Good Middling.'
MlddUngFair
;{?•«
9I2
9%
Strict
93,8
9I3
1038
lO'a
1138
IQis
1038
1078
1138
Sat.
Good Ordinary
Good Ordinary.
.»lb.
Strict
Low Middling
Middling
I
69,6
73,8
Sl,8
878
nion Taes
69,8
81"
878
Wed
6»18
73,6
69:6
Tl».
878
total sales of cotton
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93,6
91a
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Monday. Quiet ..
Tuesday.. Easy
Wed'day. Dull ....
5
I
10%
1038
1078
1138
tit.
Total.
HUures
Friday... QiUet...
205
602
285
279
146
340
210
36,300
105.500
93,100
106.100
88,100
104,200
1,666
1,871
533,300
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69,6
78,8
81,8
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340
219
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402
280
279
146
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Sales 0/
Oontitmp.
200
Total.
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$
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SALES OF SPOT ABD TRANSIT.
Ex-
Saturday Quiet...
Thursday Steady
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on the spot and for future delivery
port.
.
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OCX
79,6
same days.
CLOSED.
M
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7%
each day during the week are indicated in the following
statement. For the convenience of the reader we also add
a coliunn which shows at a glance how the market closed on
8FOT MAKKET
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MAJtKET AND SALSS.
The
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6'l6
73,6
81,6
87j
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79;6
87,6
813,6
93,8
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912
91a
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9%
10>8
10%
1038
1038
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1138
1138
Wed
5
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Ordinary
Strict Ordinary
Qood Ordinary
Strict Good Ordinary.
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i
-
u
u
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kL^©^
>-©
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w 00 »
to©
>
to©
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<c<a©®
cii
—
w
tsteo<B
coco^w
©« § ©©
total sales for
•.<»:
MMi-*''
«,":
»«©«
^
a
weo
coco
llilli*lfc
I
2
lOti
hae^©.a
5
2
^li.
2
>i«o
©«.3''
».«:
?<?
Strict
2
»r;
etoee
I
middling uplands.
The
w
^Sf»
5
l«
The speculation in cotton
^vSl
u
None.
None.
iiorts..
Oalvestou.
Norfolk
157,885
25.235
31.1U4
109.810
SS?
I
65,086
7,000
22,100
28,900
33,135
20.000
6,376
36,000
17,610
..
Sloeh.
Total.
34,178
None.
None.
None. 18.000
1,&00 23,000
2,8&&
2,190
None.
6,000
975
3,800
None.
8,000
12.26S
7,000
3,800
None.
19,374
9,000
1,600
28.000
Orleans.
MobliO
Cburloston ..
Savauiiali
Nfff
Leaving
Olher
iteini bj tb*
mm mm
w
Mil
not tltartd—/br
anal
BrlUHn. Fratict. Strtign
801
foUowing oomiRvheiwiTe tebla:
&
at-
:
THE CHRONICLE.
1890.J
In addition to above exports, our telegrams to-night also
giTe us tlio following amounts of cotton on Hhii>l>oard, not
add Rimilar figures fur
cleared, at tlie porta named.
New York, wliich arc prepared for our special use by Messrs,
Lambert. 34 Beaver Street.
Carey, Yalo
J)te.6
1
1
•
I
I
Inoludefl sales in September. 1890, tor September, 228,300;
Septem-
ber^Octobcr, for October, 349,300.
ig^ We bare Included in tbe above table, and shall continue eaek
ireek to give, tbe average price of futures each day (or ea«h month. It
will be found under each day following the abbreviation •• Aver." The
average for each month for the week is also given at bottom of able.
Monday, 910c.; Tnetday,
0.;
Transferable Orders—Saturday,
9-lOc; Wednesday, 9150.; Thnrsday, 9-20o.; Friday,
^—«.
The following exchanges have been made during the week
•29 p<L to exch. 100 Sept for Aug.. 10 i>d. to exch. l,:)OOFeh. for Mch.
•25 pd.
12 pd.
•13 pd.
•14 ikL
22 pd.
pd.
10
to
to
to
to
to
to
exch.
exch.
exch.
exch.
exoh.
exch.
100 Sept. for July.
lOO J.in. for Feb.
500 Doe. for Jan.
000 Deo. for Jan.
200 Jan. for Mch.
1,500 J*ne.for Aug.
09 pd.
'60 |mI.
•10 p<L
pd.
13 pd.
10
to exoh. 600 Mch. for April
to exch. 400 Jao. for An<.
to cxch. 1,000 Peb. for Moo.
"
to exeh. 100 Keh. for Ap
to exeh. 1,000 Jaa. (or
VS!
o
.
.
THE CHRONICLE.
802
The Visible Supply of Cotton to-night, as made up by cable
as follows. The Continental stocks, as well as
those for Great Britain and the afloat are this week's returns,
and consequently all the European figures are brought down
to Thursday evening. But to make the totals the complete
figures for to-night (Dec. 5), we add the item of exports from
the United States, including in it the exports of Friday only.
1888.
1887.
1889.
1890.
bales 777,000 702,000 441,000 582,000
Stock at Liverpool
14,000
7,000
30,000
27,000
Stock at London
and telegraph,
is
448,000
1,600
8,400
13,000
1,900
83,200
3,000
500
600
800
204,000
300
3,000
171,000
3,000
46,000
7,000
4,000
5,000
142,000
3,000
49,000
5,000
6,000
91,000
2,000
29,000
3,000
5,000
5,000
24,700
23,000
3,000
62,000
1,000
5,000
298,400
153,700
329,100
1,167,800 1,014,400
Total European stocks
IndlacottonafloatforEurope.
16,000
50,000
Amer.cott'nailoatforEurope. 665,000 706,000
Egrpt.Brazil.&c.afltforE'r'pe
51.000
47,000
697,584 725,328
Stock In United States ports..
352,797 237,222
Stock in U. S. interior tovras..
28,800
48,484
United States exports to-day.
601,700
40,000
605,000
48,000
816,916
316,188
20,883
941,100
36,000
492,000
48.000
965.415
419,434
24.411
363,800
Total Continental stocks
2,978,981 2.828,434 2.448. 687 2.926,360
Total visible supply
Oftheabove. thetotalsofAmerioanaud other descriptions are as follows:
American —
American
afloat for Europe...
United States stock
United States interior stocks..
United States exports to-day.
Total American
East Indian, Brazil,
Liverpool stock
die.
516,000
206.000
706,000
725,328
237,222
48,484
497,000
259,000
685.000
697,584
352,797
28,800
bales
Liverpool stock
Continental stocks
345,000
112.000
605,000
816.916
316,188
20,883
392,000
180,000
492,000
965,415
419,434
24,411
2,500,181 2,439,034 2,215,987 2,473,260
—
230,000
27,000
104.800
16,000
51,000
Londonstock
LoBtinental stocks
India afloat for Europe
Egypt, Brazil, &c., afloat
Total East India, &c
478.800
American
2,500.18 1
Vol. LI.
I
The above totals show that the old interior stocks have
increased dm-ing the week 35,385 bales, and are to-night 115,575
bales more than at the same period last year. The receipts at
the. same towns have been 31,989 bales more than the same
week last year, and since Sept. 1 the receipts at all the towns
are 287,657 bales more than for the same time in 1889.
Quotations for Middling Cotton at Other Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week:
612,000
300
400
716,000
804,000
3,300
115,000
11.000
Total Great Britain stock.
Stock at Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock atAntwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total
.
.
186.000
14,000
92.400
50,000
47,000
96,000
7,000
41,700
40,000
48,000
190,000
30,000
149,100
36.000
48,000
389,400 232,700 453.100
2,439,034 2,215,987 2,473,260
2,978,081 2,828,434 2,448,687 2,926,360
Total visible supply
5:i|id.
SSsd.
5isd.
5i»i6d.
Price Mid. Upl., Liverpool
IOI4C.
OJieC.
lOijo.
Price Mid. Upl., New York....
O^ec.
CLOSING QtrOTATIONS FOE MIDDLINO COTTON
Week ending
Dec.
5.
ON—
Salur.
Mon.
Tuea.
Wednes.
Thurs.
Fri.
93l6
95l8
91,8
9»4
9>4
91,8
9M.
9i,e
9U
Galveston...
New
91„
Orleans
Mobile
^
Savannah
8^
8%
913
8 '8
913
Wilmington.
Norfolk
9
,
.
Cliarleston.
i«
91l6
St. I>ouis
Cincinnati..
Louisville.
g^e
9
9
9
9
9
9
V'
9i«
9%
9
9
9
9%
938
9
9
9',g
938
9'8
9
9
933
938
938
938
938
938
93$
9
938
938
.
9ifl
9
^>
938
Baltimore...
Philadelphia
Augusta ....
Memphis....
8%
15
V^
r«
Boston
9>1.
938
The closing quotations to-day (Friday) at other important
Southern markets were as follows:
Atlanta
Columbus, Ga.
Columbus, Miss
Bofaula
Little Kock....
9^8
S\ Montgomery
8lD
.
858
8'8
8'8
8 '8
.
Nashville
Natchez
Baleigh
858
9>4
Rome
Selma
Shreveport
8=8
. .
From the Plantations.—The following table
the actual movement each week from the plantations.
Receipts
Indicates
The figures
do not include overland receipts nor Southern
consumption; they are simply a statement of the weekly
movement from the plantations of that part of the crop which
Qnally reaches the market through the outports.
Week
Endxno—
Receipts at the Ports.
1888.
1390.
1889.
SVk at Interior Towns. Rec'pts from PlanVnt,
1888.
1
1889.
1890.
1888.
1889.
1
1890.
I
Oct. 31
Nov. 7
"
"
U
21,
...
279.536
272,091
263,369
266.262
268,091
213,080
178,606 217,312 .303,068 329, 108' 384,996
213,984 246,810 293,328,335,613 320,664
222,037 282,0^0 275,710 302,661 313,694
234,941 316,067 293,225 301,191 300.091
247,969 346,968 283,750 301,536 282,992
270,808 383,831 277,989 283,337 279,181
308,216 343,188 221,902
300,135 300,366 243,139
291,488 278,284 268,480
288,607 266,044 283.443
288,518 263,091 308,102
266,488 241,318 343,011
||^~ The imports into Continental ports this week have been
106,000 bales.
The above figures indicate an increase in the cotton in sight
to-night of 150,547 bales as compared with the same date
of 1889, an increase of 530,294 bales as compared with the
corresponding date of 1888 and an increase of 53,621 bales
as compared with 1887.
At the Interior Towns the movement that is the receipts
for the week, and since September 1, the shipments for the
week and the stocks to-night, and the same items for the
corresponding period of 1889 is set out in detail in the
28
Dec. 5
following statement.
Amount of Cotton in Sight Dec 28.—In the table below
we give the receipts from plantations in another form, and add
to them the net overland movement to Dec. 1, and also the
takings by Southern spinners to the same date, so as to give
efubstantially the amount of cotton now in sight.
—
—
HO<;oc
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^ yi O" (0 ^ O
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coa>c»M;
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December
CO cc
yiO'coo^xxo
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MM
CO
Cl
Vto'tc"— 'Jt^-l'tO
cocotccotocotf^
^
c:
fc0MCCO»(^O<I
W"
COtOCO
M
XiM-CCXOO o
mOlXCDXCOtO *»
CJtMCO
COCDO
xccotoo;i-tocoM<icocctotoxx<icoto
CltO'MCOO'COC^OCCCOiP'.'CvJOiCX'^©
o X <i CO 10 X
•Louisville fl^ires
f
J
© to
rf^
05 h-
K © M -q
hi
00
1»
^©
^^ *^ W CO ©
© Oi © © X *J i^S^S^ ©©CO P'i^ CO © CO GO
W Oi X
01©tC»(*Mt0C0CC©0:COXi-''KJCC0lC0©
x">t*.
coc;ixxM©r-toi-'C;ixCM©o:©©©oi
rf*.
1q Ui CJ<
M
MM
M M
CO
M CO ** M M M to
CC © 01 © to © X
© CO CO CO'^ to© 01 © A
00 ©MM
CJTCJt
o;co©o;x-)ccfi©xto©©©acocio©
• 'Oh'a©'0©o'ccxca©too:©^i<p
"net" in liotli years,
-
Last year's flRures are for Grlflin,
Tbis year's figures estimated.
1887.
o>
w
4,381,919 4,105,025 3,710,694 4.405,883
860,110
670,816
805,627
881.042
—
—
—
—
Huntsville, Texas. We have had dry weather all the week.
The thermometer has averaged 51, the highest being 68 and
the lowest 34. November rainfall three inches and fifty-three
hundredths.
O" OS
©
<)COif»<l.
cc cc <i
CO
M|(>.
toaoi-q-qccxoi!
ff.
1888.
Weather Reports by Telegraph. Our telgraphio advices
to-night indicate that the weather conditions have been very
favorable during the week, and picking has made excellent
progress.
Galveston, lexas. The weather has been dry all the week.
The thermometer has ranged from 50 to 74, averaging 62.
During the month of November the rainfall reached two
inches and thirty-five hundredths.
Palestine, Texas. There has been no rain all the week.
Average thermometer 53, highest 72 and lowest 34. During
November the rainfall reached one inch and ninety-one
hundredths.
en
5..
Northern spinners takings to
December 5
tot*
Mi^
OiM
HOtOSCOatKCO
1889.
Tot. receipts from plantat'ns 3,810,788 3,623,167 3,194,812 3.819,458
Net overland to December 1
411.131 328.858 364,882 452,425
Southern consumpt'n to Dec.l 160.000 153,000 151,000 134,000
tU to tcoo-^ tC<)GD
OiCfcOQC)
'-'
1
Receipts at the ports to Deo. 5 3,440,570 3,364,803 2,867,176 3,379,965
Interior stocks on Dec. 5 in
excess of September 1
370,218 258,364 327,636 439,493
GCC:ccO COXOWtCGC
cc 5oco'
toOi
1*^ rf^
—
1890.
MOlXtO
_b2H'a«»osc;iM
—
The above statement shows: 1. That the total receipts from
the plantations since September 1, 1890, are 3,810,788 bales; in
1889 were 3,623,167 bales; in 1888 were 3,194,812 bales.
2.
That, although the receipts at the outports the past week
were 241,318 bales, the actual movement from plantations was
279,181 bales, the balance going to increase the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 338,337 bales and for 1888 they were
277,989 bales.
o
0SOHMMrfi-UiMMH<b
cc;>:do<icco
"
—
Dallas, Texas. No rain has fallen all the week. The thermometer has averaged 54, ranging from 36 to 72. Month's
rainfall two inches and fifty-seven hundredtlis.
San Antonio, Texas. — We have Ijeen without rain all the
week. The thermometer has ranged from 36 to 74, averaging
65.
Rainfall for November sixty-one hundredths of an inch.
Luling, Texas. There has been no rain during the week.
Average thermometer 53, highest 73 and lowest 33. During
the month of November the rainfall reached sixty-five hundredths of an inch.
—
.
DICIMBIR
.
THE CHRONICLE.
0, 1890,]
»03
Columbia, l^eu. —We have had drr weather all the week.
IWOIA COTTON MOVEMMT rBOM ALL PORTB.—Th« T*Ceipt»
The thermometer has avemged S6, the highest being 78 and and ahinniptita of cotton at Bombay bkT« bem
followa for
thu lowitnt 88. November romfall three inches and ninety- the week and rear, brinKing the HipirM down to Dec. 4.
m
live
hundredths.
Cwro,
Tej-as.
—Tlie weather has been dry
RKCBim Ann sutPMKim roa roim
iioMiur
all tlie
week. The
tliennonioter lias averaged 68, ranging from 82 to 74. Rainfiill for month of Novemt)er eighteen niindrediha of an inch.
Ureiiham, Tejpas. Dry weatlier Ims prevailed nil the week.
The thormoinctcr has rang^ from 80 to 70, averaging 06.
During the niontii of November the rainfall reached ono inch
—
Sh ipmtiUt
Ytar Oreat
BrWn.
Sh lpmmttt tine* Jan,
thit week.
OmUntnt.
lUttipU,
0»aM-
Oreat
Total.
riAaa.
1
Totat.
BrUalm
Week.
Jan.
I,
1890
8,000 3,000 843,000 lOSSOOOl 1.306,000 35.000 1.083,000
1889 4,000 31,000 35,000 380,000 803,000 1,373,000 ,3.%,000 1,840,000
3.%,000
I88a
13,000 13,000 320,000 603,000 873,000 31,000 1,360,000
18S7 6,000 5,000 11,000 878,000 704,000] i093,000| I6,00ol 1,007,000
and eighty-two hundredths.
Belton, Tejfds. We have had no rain during the week.
Average thermometer 56, highest 74, lowest 88. November
According to the foregoing, Bombay appean to thow
rainfall six hundrcdtha of an inch.
a dtorease compared with last year in the week'i recoipta of
Texas.— We have had dry weather all the 10,000 bales and a decrease in shipments of 28.000 hales, and
Weatherford,
week. The thermometer has averaged 50, the highest being the shipmenta since January show an increase o( 124,000 balaa.
November rainfall live inches and Th« movement at Calcutta, Madras, and other India porta for
68, and the lowest 82.
nine hundredths.
«he last reported week and since the Ist of January, for two
New Orleans, Louisiana. It has rained on one day of the years, has been as follows. "Other port»" corer Cc^loo,
week, the rainfall reaching two hundredths of an inch. The Tuticorin, Kurrachee and Coconada.
thermometer lias averaged 59.
Shipmentt for the u>etk.
BJiipmentt ttnee January 1.
Shreveport, Louiniana. We have had no rain all the week.
The thermometer has ranged from 35 to 69. averaging 54.
Oreat
OmUiOreat
Total.
Columbus Mississippi. No rain has fallen during the week.
Total.
Britain.
nent.
Britain. Continent.
Average thermometer 48, highest 68, lowest 80. November
Calcutta—
rainfall thirty hundredths of an inch.
1890
25.000
103,000
138,000
Leland, Mississippi. There has been no rain all the week.
1889
85,000
45,000
80,000
The thermometer has averaged 58'1. the highest being 87 and Madras1890
06,000
14,000
70,000
the lowest 33. Rainfall for the month of November two
1889
66,000
18,000
8V>00
inches and seventy-three hundredths.
AU others—
Meridian. Mississippi. Picking is finished and two-thirds
1890
1,000
1.000
103.000
58.000
160.000
—
1
—
—
—
—
—
of the crop has been marketed. It is stated that frost killed
the top crop and that the yield is less than estimated early in
the season.
Little Rock, Arkansas.
The past week has been clear and
pleasant. Picking has progressed rapidly, but low prices have
checked receipts. The thermometer has averaged 51, the
higliest being 74 and the lowest 81.
Helena, Arkansas. The weather has been dry all the week,
but there are indications of rain this morning. Cotton is
mostly all picked. The thermometer has averaged 52, ranging
—
—
1889
Total
2,000
2.000
115,000
61,000
176,000
1,000
i.OOO
183.000
216.000
175,000
124,000
358,000
340,000
aU-
1890
1889
1,000
2,000
EXPORTS TO BTBOPI FBOM ALL tVDIA.
1890.
1880.
1888.
Shipntentt
to all
Europe
from—
nit
Situe
Thit
week.
Jan.
teeek.
1.
Since
Jan.
Thit
week.
1.
Since
Jan. 1
Bombay
2,000 1,396.000 25,000 1,272,000 13.000 873,000
AU other ports. 1,000 3.'J8.000 2,000| 340,000 1.000 271,000
weather has been clear and dry
Total
3,000 1.754.000 27,000^1,612.000 14,000 1.144,000
all the week, but now rain is falling.
Picking and marketing
are making good progress. Average thermometer 50'5, highest
Alexandria Receipts and Shipments.—Through arrange72 and lowest 30.
ments we have made with Messrs. Davies, Benacni & Co., of
Nashville, Tennessee. The weather has been dry all the week. Liverpool and Alexandria, we now receive a weekly cable of
The thermometer has ranged from 24 to 67, averaging 44.
the movements of cotton at Alexandria, Egypt. The fallowing
Mobile, Alabama. We have had fine picking weather dur- are the receipts and shipments for the past week and for the
ing the week, rain having fallen on but one day and to the corresponding week of the previous two years.
extent of only twelve hundredths of an inch. Receipts are
from 31 to 72Memphis, Tennessee.
— The
—
—
small owing to planters holding their cotton, and also to the
lowness of the river. The thermometer has averaged 56, the
highest being 76 and the lowest 38.
Montgomery, Alabama. The weather has been cool and
dry all the week. During November the rainfall reached
twenty-six hundredths of an inch.
Selma, Alabama. Dry weather has prevailed all the week.
The thermometer has ranged from 49 to 61, averaging 55.
During the month of November the rainfall was appreciable.
Auburn, Alabama. Rainfall for the week forty-five hundredths of an inch. Average thermometer 52 -5, highest 68
and lowest 37. During November the rainfall reached two
inches and ninety-three hundredths.
Madison, Florida. It has rained on one day of the week,
the precipitation reaching one inch and ten hundredths. The
thermometer has averaged 58, the highest being 75 and the
lowest 38.
Columbus, Georgia. No rain all the week. The thermometer has averaged 51 ranging from 36 to 59. During November
the rainfall has been nil.
Savannah, Georgia. We have had rain on one day of the
week, the rainfall reaching fifteen hundredths of an inch. The
thermometer has ranged from 39 to 69, averaging 53.
Augusta, Georgia. Cotton receipts continue heavy. Rain
has fallen on one day of the week to the extent of twentytwo hundredths of an inch. Average thermometer 50, highest 70, lowest 33.
Rainfall for November forty-seven hundredths of an inch.
Charleston, South Carolina. There has been no rain all the
week. The thermometer has averaged 54, the highest being
68 and the lowest 38.
Stateburg, South Carolina. Rain has fallen on one day of
the week, the rain fall reaching eight hundredths of an inch.
The thermometer has averaged 49, ranging from 33 to 63.
Rainfall for the month of November ninety hundredths of an
—
Alexandria, Egypt,
December
1890.
3.
Receipts (can tars*)
This week....
Since Sept. 1.
—
—
,
140.000
1,273,000
Thit
Situe
week. Sept. 1.
Thit
Sine*
week. Sept. 1.
Exports (bales)-
To Liverpool
TO Continent
3,000 122.000 19,000 127,000
6.000 45,000j 7,000 41,000
Total Europe
*
7,000
5,000
83.000
43,000
9,000 i67,ooo; 26,000:168,000 112,000 126.000
A cantar Is 98 pounds.
—
Manchester Market. Our report received by cable to-night
from Manchester states that the market continues easy for
The demand for both India and
both yams and shirtings.
China is improving. We give the prices for to-day below,
and leave those for previous weeks of this and last year for
comparison:
—
1889.
1890.
8M
32« Cop.
d.
d.
lbs.
Shirtitigs.
Ttinsl.
—
—
1888.
190,000
1,792,000
160.000
1,922,000
This
Situe
week. Sept. 1.
—
—
1889.
B.
d.
8.
Oot31 8T„«811i« 6 4>s»7
8'is«8llie 6 4Jsa7
8T,.«8iti« 6 4i2»7
87ji3i8ilte 6 41a »7
6 i^Zl7
83a «8!>a
8% »8'>8 '6 4>a»7
Nov. 7
" 14
" 21
" 28
Deo. 6
d.
3
3
3
3
3
3
Colfn
Hid. 32» Cop.
Twitt.
Upldt
d.
d.
d.
*S>9
5»i« 8
538
8%«8»8
5B,g Sie aSOg
5»,. 8>««8;^
5Si« SJe »8»8
5J,g 8>a WSOg
8H
OottH
tbt.
Hid.
Upldt
Shirtingt.
R.
d.
,6
6 1
6 1
6 1
6
|6
1
1
s.
^7
»7
•7
#7
#7
•?
d.
2
3
3
3
3
3
d.
5'J««
5>
5U„
SS
5>
OH
Overland Movement to December 1.—In our editorial
columns to-day will be found our statements of overland
movement brought down to the first of December.
Large Cotton Car(K).—The steamer Indrani, which cleared
inch.
from Brunswick, Georgia, on Saturday, Nov. 29, for Liver
Wilson, North Carolina. We have had rain on one day of
cotton, weighing
the week, the precipitation reaching five hundredths of an pool, carried a cargo of 9,695 bales upland
inch. The thermometer has ranged from 24 to 56, averag- 4,714,930 poimds, and 473 bales sea island cotton weighing
—
—
ing
42.
172,466 pounds,
besides 500 sacks of cotton seed.
This
is
The following statement we have also received by telegraph,
to be the largest cargo of cotton ever cleared from
showing the height of the rivers at the points named at 8 claimed
any jwrt on the South Atlantic coast, and has been exceeded
o'clock December 4, 1890, and December 5, 1889.
but seldom from any port of the country.
Dec. 4, '90. Dec. 5, '89,
The receipts at Brunswick up to the close of November
Feet.
reet.
7-8
8-3
New Orleans
Above low-water mark.
show an appreciable increase over a year ago, and are nearly
220
120
Meniiihls
Above low-water mark.
3-2
13-8
double what they were in 1888. The foreign exports during the
Nashville
Above low-water mark.
17-0
150
Shreveport
Above low-water mark
game time have been some ten thousand bales greater than in
27-6
24-5
Vlokebuff;
Above low- water mark.
previous jear»
1889, and almost three times as heavy as in the
lu feet and tenth*.
NOIB.— Reports are now made
—
:
.
.
THE CHRONICLE.
801
We
Cotton Crop of 1889-90 Apportioned to States.—
publish to-day our usual table showing the cotton production
of each State for the crop year ending with September 1, 1890.
Of course, as we have heretofore remarljed, this division
among the States is not claimed to be accurate, but every
effort has been made to get as near to the_ true result as
[Vol. LT.
Jute Butts, Bagoing, &c.— Transactions in bagging the
past week have been very light at unchanged prices, which
are to-night SJ^c. for 1^4 lbs., 6c. for 1^ lbs., ej^c, for 2 lbs.
and 7J^c. for standard grades. DeaUngs in jute butts have
also been very small. Quotations to-night are l*20c. for paper
grades and IJ^c. for bagging quality.
and the figures are supposed to be approximately
Shipping News.— The exports of cotton from the United
The Census statement, however, ought to be issued States the past week, aa per latest mail returns, have reached
correct.
soon, and nothing but an actual census can divide production 175,771 bales,
Total bale:
accurately between the States. For comparison we add our
possible,
New York—To Liverpool,
per steamers Buffon. 2,392
City
of Chicago, 1,613. ...England, 1,1 60.... Germanic, 5....
Wisconsin, 943
Servia, 1,235
To Hull, per steamers Chicago, 1,471
Hindoo, 3,146
estimates for previous years.
PBODUCTION OP EACH STATK JOB YEARS NAMED (000
d
9
States.
00
00
So. Car...
So. Car...
325
610
Georgia... 1,076
Florida...
60
850
Alabama..
Mlsslssip'i 1,056
*
CO
GO
00
00
i
X
00
00
H
435 480
650 605
978 1,000
65
65
735 740
995 1,075
430 436
00
§
00
H
420
530
920
60
685
935
460
omitted).
<?
CO
H
450
505
980
65
665
975
495
Louisiana.
500
Texaa.. .. 1,700 1,337 1,381 1,345 1,355
Arkansas.
846 845 800 744 650
210 390 360 370 360
Temiessee
45
50
80
75
75
AU others
00
rH
00
00
N
00
00
iH
00
r-t
441 420 455
494 443 598
860 768 940
57
55
60
598 575 737
840 893 1,098
467 495 510
990 1,100 1,467
558 575 699
326 335 375
50
56
40
435 460
469 575
798 937
43
60
581 730
895 1,015
485 529
855 1,173
525 675
300 380
50
55
Total... 7,313 6,935l7,017 6,514 6,550 5,669 5,714l6,992 5,436l6,589
Domestic Exports of Cotton Manufactures.— Through
the courtesy of Mr. S. G. Brock, Chief of the Bureau of
Statistics, we have received this week a statement showing the
exports of domestic cotton manufactures for October, and for
the ten months ended Oct. 31, 1890, with like figures for the
corresponding periods of the previous year, and give them
below:
Quantifies of Mnnufactwra of Cot.
ton {colored and uncolored)
exported to
Great Britain and Ireland
Germany
—
other coantries In Karop*
British North America
Mexico
1890.
jarda
"
"
"
"
Central American States and
British Honduras
West Indies
enMno
Mont))
—
Oct. 31. 10 TIW8. ending Oct. 31.
1889.
664,272
62.038
296,060
31,405
867,060
"
21,95.S
688,261
United States of Colombia.
other countries In S.America
China
British East Indies
Other countries in Asia and
Oceanica
Africa
Other countries
.
217,03H
S.849,101
2.412.095
234.500
"
"
"
"
918,417
101,259
2,005,878
124,800
348,000
1,220.634
8,344,809
2,424,854
14,459,679
25,165.805
1,727,047
8,727.971
0.948.278
4,302,108
6.888.786
1.674,683
15.8S7.405
22.324.881
3.052,626
319.861
2,558,327
],2«0,S11
"
6.991,130
13,238,7811
48,i,792
1,867,758
"
"
630.212
1,063.011
113,1139
126,430
2U.471
831,840
5,871,716
8,494,107
5,612,071
3.133.001
4.082,352
2,820,197
99.263,613
Total yards of aboTe..
Total values of above.
Value per yard
tl .083.310
»57«.235
f0733
.
Valuea of other Manufacturet of
Cotton exported to—
Great Britain and Ireland
Germany
»Sl,868
900
300
146.013
1,963
389
--
& British
Honduras
West Indies
Argentine Republic
Brazil
United States of Colombia
Other countries in So. America..
British possessions in Australasia
Other countries in Asia and
Oceanica
Africa
Other countries
Total value of other mannfaotures of
21,497
21,101
7.262'
9,0131
$7,464,408
(-0692
$7,105,247
$•0716
$260,471
25.831
2,167
52.840
318,508
126,678
$327,109
58.088
77,968
35,272
16,027
23,177
39.301
20,380
271,249
10,442
14,861
62,241
283,1123
1»»,187
4,752
2.628
2,002
2.882
2,560
58.713
85.168
8,323
39.222
86,TOa
83,818
40,870
34,689
41.852
276,31,<t
879
237
384
7.440
17,774
1151,142
$727.377
$1,304,869
$1,468,714
$8,859,067
$8.583.961
1,827
tl84,501
.
9,441
24,819
from Messrs. Gaddum,
dated Bombay, November 1
is
Reports regarding the new crop continue satisfactory. A few lots of
new Bengals and new Oomras have arrived in our. market; some of It,
however, having a suspicious appearance, as though a good deal of old
cotton formed part of the corapositlcn of the bales. Picking is gradually
extending in tlie district, and if the appearance of first arrivals may be
trusted, it would seem that If we escape untimely rains we may look for
large quantities of the higher grades. The plants In the Broach and
Bhownugger districts oontinne to progress salisfaotorlly, whilst from
the Dharwar, Western and Compta districts we hear the prospects are
decidedly above the average.
The following is from the Bombay Prices Current of like
date:
About half an inch of rain fell at Bellary, and an Inch and a quarter
at Hubll, after the date of the last telegraphic advloes regarding the
cotton crop, to hand in the middle of last week, making the fall sullicient
In the former district, while In the latter the plants could scarcely look
better. There had been no sign of rain over any other portion of the
cotton area, and the maturing of the later growth and the picking of
the earlier ones was proceeding in seasonable weather. Cotton was
arriving In small quantities in moat of the districts of the Bengal and
Oomra circles; and from the Broach and Dhollera circles favorable
accounts or the condition of the crop continued to be received. Yesterday's telegrams advised a further fall of over \^ Inch of rain at Hnbll,
In the Dharwar circle, where It would do good; but the other news is a
repetition of that previously to hand, no fresh feature being presented,
thougn picking was becoming more general in the Bengal and Oomra
•elrcles; and arrivals were expected early at Bargee.
., .
7,348
4.617
1,294
6
1,250
2
Newcastle, per steamer Otranto, 1,294
Glasgow, per steamer Circas-ia. 6
Havre, per steamer La Bourgogne, 1,250
Marseilles, per steamer Victoria. 2
Bremeu. per steamer Eider, 100
Hamburg, per steamers Amaiti, 935
Soandia, 900
lOO
Suevia. 675
2,510
Amsterdam, per steamer Zaandam, 500
500
Rotterdam, per steamer Veendam, 300
300
Antwerp, per steamer Rhynland, 1,000
1,000
Genoa, per steamer Victoria. 1,554
1,554
ToNaj.lea. per Etcamer VlotTia, 121
121
To Windsor, per schooner Phoeulx, 100
100
Nbw Orleans— To Liverpool, per steamers Andean, 4,050....
Fraiicisoa, 7,000
Statesman. 4,960
16,010
To Havre, per steamer Camden, 3,655
3,655
To Dunkirk, per steamer Topaze, 5,525
5,525
To
To
To
To
To Bremen per steamers Chelydra, 6,524
.
Moorish Frluce, 4,300
Elsie,
6.114
Scots Greys. 4,939
21,877
To Reval. per steamer Gordon Castle, 4.819
Galveston— To Llveruool, per steamers Borlnquen, 2,090
4,819
Clandeboye, 5.4155. ...Hawkharst, 6,383. ...Lomas, 4.980
....Mandalay, 3,594
22,542
To Bremen, per steamer Parkgate, 4.776
4,776
Mobile— To Liverpool, per steamer Annie, 5,012
5,012
Savannah—To Havre, per steamer Ardandhu. 2,821
2,821
To Bremen, per steamer New Guinea, 7,013
7,013
To Oporto, per steamer Olinda, 4.290
4.290
Brunswick—To Liverpool, per steamer Moray, 4.194
4,194
Charlkston—To Bremen, per steamer Donar, 4,110
4,110
Wilmington—To Liverpool, per steamer Roddam, 4,381
4,381
Liverpool, per steamer Dragoman, 8,425
Norfolk- To
8,425
To Bremen, per steamer Edmondfley, 4,000
4,000
West Point— To Liverpool, per steamers Canopus, 5,008....
OlensWel, 7,958
12,966
To Bremen, per steamer Atrato, 3,840
3,840
Boston- To Liverpool, per steamers Catalonia, 2,169
Kansas, 2,019. ...Ottoman, 3.035. ...Virginian. 1,559
8,782
To Yarmouth, per steamer Yarmouth, 93
93
50
To Halifax, per steamer Ualllax, 50
Baltimore— To Liverpool per steamer Rossmoro, 2,273
2,273
1,273
To Bremen, per steamer Leipzig, 1,273
995
To Rotterdam, per steamer Patapsco, 995
Philadelphia— To Liverpool, per steamer British Prince, 1 ,337 1,337
175.771
Total
rhe particulars of these shipments, arranged in our usual
Corm, are as follows:
Tarm'th,
Reval,
Havre Bremen HotterHam- dam t£
Liver- rf Dun-
Genoa Salifax
and •t Wind-
tfi
pool.
New York.
kirk.
burg. Antw'p.Oporlo.Noples.
7,348
N.Orleans. 16,010
Galveston. 22,542
Mobile....
5.022
1,252 2,610
9,180 21.877
4,776
Savannah
2,821
Brunswick.
10,346
7,864
304
6.936
5,«ll
3,377
6,078
—The following
& Co.'s cotton report,
1,91b
4,266
34.637
18,612
Aggregate value of al 1 cotton goods $1.887,811
Bythell
665.«97
1,702,672
748,659
8,003.660
7,862,332 107.814.189
Braiil
Bast India Chop.
1889.
7,190,728
654.748
'*
Argentine Republic
Central American States
8,087,243
27H.043
1.463.845
499.240
5.485,118
!,; 86,885
"
France
Other countries in Europe
British North America
Mexico
1890.
716,926
le,505
127,38»
To
To
To
To
To
To
1,300
4,819
sor.
100
1,675
4,290
7.013
4,194
Charleston
Wilmingt'n 4,381
8.425
Norfolk...
West Point 12,966
8.782
Boston
2,273
Baltimore'.
FhUadelp'a 1,337
4,110
4,000
3,840
143
1,273
995
Total.
20,702
51.886
27,318
5,022
14,124
4,194
4.110
4,381
12,425
16,806
8,925
4,541
1,337
243 175,771
Total.... 93.280 13.253 49.499 7.114 4.290 1,675
Included in the above totals from New Y^ork are 4,617 bales to Hull,
bales to filasgow and 500 bales to
1,294 bales to Newcastle,
Amsterdam.
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
the latest dates:
Galveston— To Liverpool— Nov. 28— Steamer Twickenham, 6,500.
New Orleans—To Liverpool— Nov. 29— Steamer Cadiz, 5,350 Dec.
1- Steamer Professor, 6.910.
Dec. 1—Steamers
To Havre -Nov. 29— Steamer Enrique, 4,196
Deo. 3— Steamer Straits
Ardangorm, 4.208; Irthlngton, 4,500
of Gibraltar, 5,540.
To Bremen— Nov. 28— Steamer Marion, 5,367
Dec.
Congo, 7,947.
To Hamburg -Nov. 29 -Steamer Thessaly, 1,440
Dec.
1— Steamer
3—Steamer
Azalea. 1,300.
Dee. 1— Steamer
To Barcelona— Nov. 29— Bark America, 305
Hernan Cortez, 4,650.
Malaga— Dec. 3— Steamer Hernan Cortez, 1,700.
To
To Genoa -Nov. 29—Steamer Viceroy, 5,145.
Savannah- To Liverpool— Nov. 28— Steamer Tormore, 4,610. ..Dec. 4—
Steamer Norfolk, 4,749.
To Bremen— Deo. 2— Steamer Brunei. 5,700.
To Oporto— Dec. 4— Bark Glama. 1.600.
Bronswick— To Liverpool— Nov. 29—Steamer Indianl, 10.168.
Ohajsleston— To Liverpool— Dec. 3-Steamer Plamboro, 3,966.
To Bremen— Nov. 29— Steamer March, 5,434.
To Qottenburg- Nov. 28— Bark Birgitte, 2,200. ...Nov. 29 -Steamer
Norrona. 3,385.
To Barcolona— Nov. 29— Bark Maiia, 800.
Wilmington- To Bremen— Nov. 29- Steamer Monrovia, 7,772.
To Ghent— Deo, 4— Bark Titanic, 4,400.
Nov. 29—
900
Norfolk—To Liverpool— Nov. 29— Steamer
,
—
Steamer Chaucer, 7,192.
West point— To Liverpool— Dec. 2— Steamer Euskaro, 6,197.
Boston- To Liverpool- Nov. 25— Steamer Roman, 1,831 ...Nov. 28 —
Steamer Cephaloni a, 1,084. ...Nov. 29-8teamer Palestine, 2,168
Deo. 2— Steamer Norseman,
Baltdjobe— To Liverpool— Dec. 2 -Steamer Baltimore, 1,081.
To London— Nov. 29—Steamer Thanemore, 1,450.
To Bremen— Deo. 2—Steamer America, 2,043.
.
To Hamburg -Dec. 2— Steamer CalUomla,
.
.
.
.
Dbckmbkr
Below we give all news received to date of diaaaten to
Tesaels oarryitiK cotton from United Statee ports, &o.
Paris, smitmer (Pr), Chevalier, at U<tvre. from Ifew OFl<uknii. with ber
CHi'Koon Ore. wna iIoc'iCkiI on Moailay, Deo. 1. Uolea were out In
bnrdei'k 10 nllovr tli» llowlinK of the after bold. Twenty partly
Uoded, wbea
biimeil bali'K of (M>ttoii wi'ru
tu again clo»e tbe batobea.
Cotton freights the
It
aa foUowa:
Wtanu.
ruM.
H
JH.
>8
>•
lab' ili'Uv'y.d.
Havre, steam
Do
sail
Do
H
*»
e.
Bremen, steam
»ui»«8
steam.«.
38
•b"
40*
40"
"m
"m
"8
Do via ln<ltreot.e,
amsf d'm, steam.e.
Do Indirect.. d.
40"
40**
io*'
Reval, steams. ..d.
Do
»U«»B
»1S««»
Indirect. e.
HamburK,
sail
40"
d.
H
Baroelona.ateam d.
Oenoa, st«am .. .d.
H
»is
»IS
•4®»3»
»1S
•863,
d.
•«
>8»»S*
Per 100 lbs.
•
—
LrvsKPOOL, By cable from Liverpool we have the following
statement of the week's salea, stocks, Sco., at that port.
JVo».
Bales of the
week
Forwarded
Total stop!:— Estimated
Of wnlcb Aiiiert(>an— Estlm'd
Total Import of the week......
51,000
3,000
41,000
5,000
78,000
698,000
1.50.000
Of whleh American
130,000
Amount
30.5,000
afloat
.
.........
.vhipb Amerlosn
290,000
59,000
7,000
1,000
4H,000
11,000
83,000
760,000
476,000
156,000
127,000
295,000
285,000
4'3i,000
113.000
99,000
315,000
305,000
9H,OOo
270,000
26O.OO
The tone of the Liverponl market for spots and futures each
day of the week endiai; Dec. 5, and the daily closing pricee
of spot cotton, have been as follows:
Saturday MonOaj/. Fuesday.
Spot.
Market, (
1:45 p. M.$
Dull.
Mld.Upl'd8.
5»,s
Sales
Spec.
Dull.
p.
8,000
7.000
500
500
.500
exp.
}
M.^
Market,
4 p. M.
Irregular
Ht l-»4
decline.
)
Wedne*. TAKrtd'y.
More
demand.
519
7,000
A,
tulura.
Market,
1:45
Dull.
3a8T at
Qiilet at
IJ-A decline.
deoime.
Very
Meady.
Firm.
\
fridat.
Good
Harden'g. demand.
518
5's
S'la
14.000
2,000
12,000
1,000
Steady at
Firm at
Stead T
partially
1-61 dec.
1-64 ad-
l-i<4(»9.e4
vance.
advance.
Firm.
Qnlet.
Steadier.
12,000
1,000
ai
The opening, highest, lowest and closing prices of futures at
Liverpool for each day are given below. Prices are on the
baaisof Uplands. Low Middlin?Rla'ii<H, unl-MsomnrwiAn statpri
^p" The prices are given in pence and 6W1. Thus : 5 03 means
5 tSS-mu.. mid 6 01 means 6 l-64d.
Open Hioh Lnw.
Tnes.. Dec.
!Mon., nee. 1.
Optn\High Lmv,
Clna.
May
ilellvery
o,
106%
lOH's
July delivery
0.
1007g
101%
A.
DecJan.... 605 6
Mch..Aprll..
April-May..
May .June...
June-July.
Jnly-Aug.
August.
d.
a.
6 06
0<!
5 06
I
6U
611 '611
513 513 513 613
6ia 5ie 618 5 16
618 619 618 5 10
621 6 21 5 21 521
523 523 623 623
526 525 5 25 5 25
Jan..Feb.... 6 11
Feb..March.
d.
606 605 506
.
jLmi.-a»pt
622 623 522 6 23
Bei>t..Oct.
a.
503 601
6 03 601
608 609
610 511
513 6U
516 517
618 519
6 20 621
5 23 623
6 23 521
620 5 21
612 612
d.
December..
Dec.Jan
Jan-'Keb....
Feb.-March.
Moh.-Aprll..
Aprll.May.
May-June...
Hlfl/ilLoTO.
Open ?<9k Low.
Cloa.
d.
d.
d.
5 03
5 01
5 01
503 501
508 609
610 611
5 13 511
5 16 617
618 519
604
509
616
518
520
6 20
6 21
6 22
523 623
5 23 521
520 5 21
521
526
5 12
5 12
6.12
I
!
6 21
5 IS
December delivery
January delivery
May deUvery
d.
d.
606 601
5 06 501
610 609
613 512
616 516
518 617
6 21 520
623 522
626 5 21
6 25 521
622 6 21
513 6 13
d.
d.
GUM. Open High Ltno. Clot. Open Hl«h Low.
d.
507 5 03 5 07
601 6 06 5 07
608 611 506 511
512 6 11 6 12 6 11
5U 6 17 6 U 617
517 6 20 6 17 6 20
619 6 22 619 6 22
d.
Jnne-July... 6 21
Jnly.Aug... 6 83
Anmst
6 21
I
5 21
526 523 5 23
527 5 21 6 27
Aug..8ept.. 521 523 521 6 23
8«pt.^)ct... 512 616 612 616
';
h
!
d.
105%
l05^
104 "g
IM>«'
mun
l»»(t
Tites,
60>«
60>e
60>8
60%
0.
c
60>s
6o\
60\
..0.
60%
Fn.
63
Weil,
T^tles.
ett\
61
61>s
UI\
60\
60%
tfO>4
50:i»
60<«
Oats have sympathized with corn to a large extent, and today were quite bouyant, especially for mixed grades, the
high prices current having but little effect upon speculation.
DAII.T OLOsmo PBioxa or no. S mix>d oais.
Hon.
c.
c.
c.
49%
50%
51%
Tuet.
4914
Sat.
December delivery
January delivery
Maydellvery
49>a
50i«
.50'4
Wrd.
49'8
THurt.
49i»
50>«
SOU
51%
svt.
60%
51%
51**
50%
51%
92
held for a decided advance, but our figures are
wholly nominal. Barley is rather firmer, especially for choice
Rye
is
gra^tes.
The following are closing quotations for wheat flour in
barrels. (Corresponding grades in sacks sell slightly below
these figures):
tl.
dm.
V
Fine
bbl.
Snperfine
Extra, No. 2
Extra, No. 1
Clears
Straights
P»t«nt.Bpnn«
Backwlieat flour,
d.
6 0S
5 05
510
612
615
518
620
622
621
5 25
522
613
d.
d.
508 508 608 6 08
508 506 508 608
613 513 512 513
6 16 516 516 616
5 18 619 5 18 618
5 21 6 21 520 6 21
5 23 621 628 6 23
6 26 526 626 6 26
6 27 528 627 6 27
628 628 627 6 28
626 626 624 5 21
616 617 516 516
d.
d.
5U
512
612
616
619
621
521
526
528
680
630
511
515
618
5 31
523
6 26
6 27
5 29
d.
I
511
611
6 It
617
6
6
6
6
6
20
22
21
26
38
530
689
524 6 27 626
618 518 616
Clot,
d.
93 00993
3 409 3
3 759 4
4 009 4
4 209 4
4«0i» 5
so Patent, winter
75
City shipping, ettras.
00 Kye flour, superllne..
40
Fine
7o Com meal00
Western, <feo
5 109 560
Brandy wine
per 100 lbs., 2 1092 20.
Vbeat—
0.
97
Spring, per bush. .
Bed winter No. 2..1 03
90
«7
Bed winter
Eye—
western, per bash..
State ami Jersey ..
Barley. Western
Canadian
atate
72
75
76
90
85
S5 00»»S 2.5
5 159 5 30
3 859 4 25
»
2
769 3 00
•
OKAUf.
(Xtm, per bush.—
60 •
• 1 IS
West'u mixed
»104H Weet'n mixed No.2. 63>s9
«108
Western y ello w . . .
62 •
Western white
«107
0.
•
o
•
®
77
82
82
•e
95
97
3 25
1
Oats-Mlxed..V bu.
White
49
51
No. 2 mixed
No. 2 whtte
Buckwheat, per bush
•
•
•
C4%
t!4%
6^
(*5
62
5*
50
51 >4
.52%« .53%
58 '9 60
The movement of breadstu:fs to market is indicated in tbe
natement below, prepared by us from the figures of the New
york Produce Exchange, we first give the receipts at Western lake and river ports, arranged so as to present the 00m
parative movement for the week ending Nov. 29, ItMO, and
•inoe A.u«tist t, for each of the last three veani:
Frl.. Dee. 3.
Thnrs.i Dec. 4.
5 03
5 03
Unri.
Sat.
riowr.
BI>'«.19<<Uu
Jiuosco
Open
101 •
of ho. 3 Mixan oosa.
DAI1.T ouisiMO PBioaa
toilpH at—
Wed., Dec. 3.
106\
Indian
White
d.
December... 605
wheat opened with a considerable show
of Htrength, but vnlups soon took a downward turn, and on
Wfdnesdsy there was 11 heavy und general Helling to realize,
under which there was a further reduction in valaea. Tbare
was a good demand from home millers for wheat on tbe apot,
but the export business was light, sterling exchange being
lower and difficult to negotiate at any rate. The fall of aoow
in the Northwest was considered favorable to prospectt for
the next crop of fall-sown whi-at. To-day the mirket was
steadier, the movement at the West showing same reduction.
FLOim.
Very
8al., Nov. ttS.
dull.
in
corn has shown some irregularity. The sudden
closing of the Erie canal by ice prevented the arrival of supDee. 5,
plies that were designed to complete current CiirK'>e« for ex64,000 port. Consequently lots that were available for prompt de5,000 livery brought more money, while the remote futui^sa. and
4,000 especially way deliveries, were chpaper. This was especi5.S,000
ally the case on Wednesday, when No. 3 mixed brought 63^c
7,000
84,000 afloat. Today the scarcity on the spot continued, and the
777,000 sales embraced No. 2 mixed at 64@64^c in htore and afloat
497,000 and
steamer yellow at 6 wC in elevator to arrive.
108,000
Xov. 29.
}fov. 21.
37,000
8,000
71,000
668,000
392,000
Amerloau
Actoal export
'^f
14
46,000
3,000
bales
Of which exporters took...^
Of whlob siHwulators took. ..
flales
mui'li (leprcHHion followed
atooka were found to be greatly
in excess of laat year the prmsure of money nt the Wrat beeftme very aever*, and it is re|Mirti'd that conaiilHrthli? lines
were oloaed out for prompt cash at m*t<-riHl c<in<:«^HionB. Oo
the surface, however, the market maintained an appearanoe
of equanimity, and current quotations are only slightly reduced. To-day the tone at the cloae waa somewhat steadier,
OAiLT OLoane paioaa or mo. 3 aao wurraa waaar,
r%«»-».
«al.
Men.
rue.. Weif.
m.
December delivery.. ....o. 1027* 1039s loss's 102 >fl 102 «
102%
January delivery
103 On
e. I04>«
104 »8 104<>( 103% 103 •«
February delivery
0. 105«>i
1047,
I0.50g
104 >• 104 >a
105'a
March doilvery
0. 106>«
lOO's
106H 105 >• 105% 10.57g
»i«
>4
>1S
Trieste, steam... d.
Antwerp, steam
sidtTAhlu
wheat flour showed early In the week oonstrength and a moderate degree of activity. But
for
The speculation
\'
H
e.
.
raiOAT. DteamlMr 9/ ItM.
The market
but trade very
H
e.
BREADSTUFF S.
;
Jfon.
tkitur.
wua found noa«Mary
605
;
pMt week have been
Liverpool, ateam d.
Do
.
THE OHRONIOLB.
1800.]
6,
.
.
MUwankaa...
103.881
sa.on
5 25
Touwk.'SO.
xtrolt.. . .
Isvsland. ..
lUIioals.....
*eorU
527
629
529
526
lams
*ams
5 16
vmt
s'k.'SB.
wk.'Bil.
419.182
203.307
1,621,160
tilnnsanolls.
fotodo
Oora.
4»t.6d8
7.540
82.002
106.767
1.984
8.680
16.861
«1.7ir7
120.469
6.500
«6.a«i
06^168
ia8.aiB
aoe.oao
S.MS.168
1.0B8.1U
1,930
W.IOO
Barl.8
BlMk.4)<l^
at:
BM.MIIU
913.860
461.603
81T76
63.61)0
SM.7as
80.310
..
23«e
171.076
22J.061
168.138
Of.
I.t9»
1,038.628
ttaloth.
611
611
511
617
520
522
Vhtat.
Bu<Aeou» BuilkJA'N BtuiLnio
3,140
48,388
69.960
S1W.0OO
I67.0UI)
1.480.144
tAM
21 .aw
....
I.9I4
700
lo^tia
»J00
»
T.iao
8S8.739
MJOl
08,4
4.247.751
8.1!6l.2ei
1.1S9.4IM
7<A,tm
184.4M
2.8M.WS
2.9381074
l.llt8.8M
1.044.041
laUST
«M<.4li«.l.
UM
UBB.
4.122.SW M. 246.616 86.BW.46S 8H.S7I.106 I7M4.04»' i.aiMM«
4.606.677 67.8t8,«0e 46.SI8JM8 I4.l»t.01) UUM.047 8^0,061
4.066,288 «a/NB,681 Sll,0a8,*«4 S6.4MAW 18,006.681 ,IU,T7«
.
.
;
,
THE CHRONICLE.
806
The receipts of flour and i^ain at the seaboard
week e"nded Nov. 39, 1890. follow:
Flour,
At—
Hew York
Com,
Wluutt,
456,700
143,760
443,900
35,800
239,785
14,970
22,913
. .
OalB,
buah.
biuh.
bush.
bbt$.
156,499
56,293
Boston
9.406
Montreal
13,^51
FblladelpMa.
Baltimore
66,720
.
Rlobmond ...
6.6S9
New Orleans.
9,952
...
59,071
133,272
8,162
3,715
13.wti8
56,014
ports for the
Barley,
buih.
Ryt,
bush
.
664,000 248,700 62,650
2,900
92,590
33,663 21,752
1,200
107,427
1,897
22,000
5,U80
23,110
947,870 273,352 55,747
Oor. week "89. 391,130 1,456,889 1,074,935 1,123,160 421,910 122.416
804,680
827,190
Total week.. 319,090
several seaboard ports for the week
29, 1890, are shown In the annexed statement:
The exports from the
ending Nov
—
DOMBSTio Cotton GtoODS. The exports of cotton goods
from this port for the week ending Dec, 3 were 2,310
packages, valued at $141,847, their destination being to tne
points specified in the table below:
Wheat.
Oom.
BiifK.
Buth.
269.018
4,000
Sew York
16,790
Boston...
Portland.
Montreal.
riour.
47,236
OaU.
Bye.
Bbl:
Biuh.
Peat.
3,555
16,240
4,765
"lio
22',499
350
686
PkUadel
Baltlin're
N. Orl'ns.
e.b'ii
N.News..
Tot. week.
8'nie time
134,040
290,570
284,395
3,675
38,739
158.724
1889...
164,217
765,618
101,378
85,538
39,291
25,415
The visible supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, Nov. 29, 1890:
Barley
Oati,
Rye.
Wheat,
Oom,
In store at—
Do
buBh
bunh.
889.209 1,485.869
240,700
74,000
167.20O
100..'i00
498.040 184,763
442,209 273,452
Inith,
2,159,433
392,000
afloat....
Albany
1,693,567
5,271,929
722.156
1,631.314
1,071.706
246,879
55,000
2,644,327
Baffalo
Cdloago
Milwaukee
Duluth
Toledo
Detroit
Oawe^
8t.
Louis
Do
171
141,587
40,408
80,000
42,907
15,000
afloat....
16,000
18,482
82,676
94,167
179,562
11,433
269,323
915,561
Cincinnati
Boston
Toronto
Montreal
PklladelpUa
Peoria.
Indianapolis
Baltimore
8t.°P^r'''""l
On Mississippi'...
On Lakes
On oanal& river.
'68,114
bu*^.
buth
48,847 320.218
32,900 243.400
S 5,500
69,400
56,245 1,295,236
239,459 481,584
72,018 488.418
6,684
1,463
1,198
20,106
23,737
"2i',8'9'4
4,801
ri8',528
"i'es'e
I6.606
192,906
"i,'6oo
73,945
755
4,215
140,481
5,280,308
125.000
1,591,033
56,000
61,175
'13,026
20,581
13,.'?41
331.639
16,600
51,033
190,030
86,514
20.5U0
63,928
59,519
'26,'6'43
9,'
,740
7,672
17,845
274,758
87,400
152.647
317,300
Tot.Nov. 29, '90. 24,527.826 3,144,494 3,359.302 578,429 4.750,468
Tot. Nov. 22. -90. 24,189.819 4.328,5.59 3,.530,286
561,901 5.095,909
Tot. Nov. 30, '89. 31,472,S5H 6,204,128 5,116,954 1,V62,331 2,992.573
Tot. Dec. 1, '88. 36,082,738 7.056,076 7,557,016 1,651.236 2,329,903
Tot. Dec. 3, '87. 40,260,032 5,236,4316,384,738
280,218 3,593,765
601
190,568
2,201
............
South America...............
Other countries
Total
China, via Vancouver
2,310
I.
8,356
688
1
33*787
5,663
6,566
4,806
13.937
3.580
5.741
37,213
2,774
"eo'o
'"ss
32
35
749
6
Prom New England mill points direct.
124,111
50,913
175,024
•
The value of the New York exports since January 1 have
bttn <7,3S9,345 in 1890, against $7,453,648 in 1889.
lue market for staple cotton goods has presented no
new features calling for special mention. The demand
at first hands was steady but moderate, and the jobbing
trade was comparatively
quiet.
Brown cottons were
in irregular demand, but fair-sized "round lots" were
by
secured
converters
at
fractionally lower
prices.
Bleached goods were in fair request by the manufacturing
trade, but jobbers were cautious in their purchases. Colored
cottons were in light demand at unchanged quotations, and
patterned cottons, as prints, ginghams, &c., were lightly
dealt in by package buyers. Print cloths were dull and easier,
the market closing barelv steady on the basis of 3 t-16c. for 648
and
%%®%%c.
lor 56x60's.
1890.
Nov. 29.
atoek of Print Olotht—
Held by Providence manuf'ers.
Pall River manufacturers.
Providence speculators
Outside speculators (est)
148.000
50,444
71,794
38,280
859
400
"4,63"3
368.622
590,00
40,182
1,600
.................
Total
Klolim'd
129,.393
4
Africa
'
53
42
185
77
292
701
78
.
America
Week. BineeJan.
7,255
2.930
40,309
3,871
9,650
6,700
16,553
2,503
6,034
30,561
3,027
Arabia
*
64,000
Now York
83
2U4
155
400
151
1.
2,310
Inrtifi
153,959
17',202
69,991
35,988
67,244
2.
Oreat Britain
Other European.............
China
Buth
52,974
57,532
to Dec.
Week. Since Jan.
West Indies
1889.
1890.
Nbw yobk
Cenlnral
Mxporu
from—
[Vol. LI
293,000
578,000
None.
6,000
876,000
Total stock (pieces)
Foreign Dry Goods.
— The
demand
1888.
1889.
Nov. 30.
Dec
255,000
1.
8,000
None.
None.
24.000
6.000
None.
None.
263.000
30,000
for foreign goods in
importing circles was noticeably light during the week, and
the jobbing trade was restricted in volume, though a good
many small orders were received from some of the interior
markets by mail and wire. Staple goods are steadily held as a
rule, and stocks are by no means excessive considering the
demand
in sight.
Importations of Dry Gooda.
The importations of dry goods at this port for the week
ending Dec. 4, 1890, and since Jan. 1, and the same facts
for the corresponding periods of last year are as follows
THE DRY GOODS TRADE.
Hbw
York, Friday
P. M.,
The weather was seasonably cold the
December
5, 1890.
past week, and there-
fore favorable for the distribution of such heavy fall and
winter fabrics as have been sluggish of late. Business in
retail circles
was quite
13
&
A
"dl
:
I
'
'
!
;
roM
'
S
"boi
)^o woaco
which brought
fair prices,
Domestic Woolen GtOOds.
«C0
M ro O' to to
C0OC0)^CJ
l-OCQOW
cob
MCO
bV CO CO bo
if^tOQDtfkO
*JC00i(f»W
ytOGOtii-'
cOtO
O*qooo®
CO 5"
ODViCO<s|CO
0S'-'<l-3-l
j-ppcp
KtO
C gi Or
Cnu
t-* -^j
(00*-"'t0
coi.coao-4
U COCCp-tt>
Otoe:
tf^
CO JO
(I CD >.
-si
H-lOrf*-Wp
COtO^O•-'Cn
OS *- OC
to-»4oooc;*
;^p
odTo
o>cs
rf». ifo.
nt v< CO to CO •%
-3
Cnp CO M 01
"(u'^otbb
VlH-'-qbcO
o:c*>o
OS —
COtf^iP-fXiOi
—The
on account of back orders, but new business in this relation
was by no means active. Leading makes of light-weight
wool and worsted suitings are, however, so largely sold in advance of production that values are steadily maintained by
the mill agents. Heavy cassimeres were in moderate request,
as were heavy worsted suitings and trouseiings, but no real
animation in such fabrics can be expected until the commission bouses are prepared to show full lines for the fall of
Ovtrcoatings and cloakings were in light demand, as
lb91,
wtre catineis and doeskiu jeans, while a slit^htly iacreaeed
business in flannels and blankets was reported by agents and
jobbers. Diess goods were in fair request and the prevailing
cold weather was the incentive to Ireer opeiations in heavy
shirts and drawers, wool hosiery, cardigans and fancy knit
— oto
COQO<JtOCO
tOOtJ
and
commission bouses conshipments of spring clothing woolens
-13:#".0<l
h-CO
CO CD
«0M^-OW
another important event was the failure of the Bittenhouse
Manufacturing Co. of Passaic, N. J., with liabilities of nearly
$1,000,000, and nominal assets of about $800,000.
liberal
'
I
-^»o
<CGD
CD*"
as are necessaxy for the pursuance
feature of the week was an auction sale
of about 3,000 cases satinets,
make
I
i
re- assortments
of current trade.
woolens.
•
!
brisk, but retailers are pretty wel'
what cautious policy. For seasonable goods the demand by
jobbers and the manufacturing trade was almost wholly for
tinued to
•
S!
supplied for the present, and the jobbing trade was conse"
quently moderate. The demand for spring and summer goods
at first bands was less active, the stringency of the money
market hnving caused wholesale buyers to pursue a some-
such small
2'
2;
a CM
I
M
I
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