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xmm
AND^
HUNT'S MERCHANTS' MAGAZINE,
RffiPRE3E>Jri5fO THBS
VOL.
INDUSTRIAL AND COMMERCIAL INTBRE3T3 OP THE UNITED STATES.
SATURDAY, DECEMBER
47.
%\xt
New Tort.
Terms of Snbgeriptlon— Pajable In Adrance
f 10 20
WlfcHAn
NEW
— On paste 704 will be found the detailed
of the National banks, under
returns, by States,
the Comptroller's call of October
kindly furnished us by Mr. Trenholm,
4,
..
418,130.KI7
3«4.ni4,nil
88.0-6.1)00
23,18(1.7011
Hartford
New Haven...
Portland
a.H8.M31
7.l«0jm
4,8S»,Q04
4.971, b02
4.n';0.047
4.t!tM.78tl
Worcester..
4..'<ll'.ll:<
SprlnKfleld
B.2>!a.4.'>l
ProTidenoe...
47.207.70(4
44.o;6.4«7
62.704.711
80,422. 154
47.ai)4.26" +10-1
+0»
-4-9
+8-4
+7-1
28.221,937
+7-8
+3-e 4.s««,5ia,ge4 4.s«i.i84,9ai
+0-1
-4-3
+4-4
51,818,816 -2-2
C,9(ia.904JIII0
e.920,7«0.0IB
&,'«>,llB2,aao
4<»,770,.'M<
&e3,77AM^
808.680,838
874,a47,l7»
38»,280.4TS
-30
4.000,7ia,T!8
8,««1,«I«,7I8
270,678,134
45.011.060
21.964,710
272.«40,7S2
49,2t8.15«
22.ini.105
+8-6 «,W8,171»,072
+1-6
471.(»4.5n0
8.863,7''2.»S1
-08
614,2;!»J4(I0
—>*«
2(ISJ100,!iie
lll,ua.'>.40«
I8.008,4ftO
10.4;«i.S6«
— 10-3
S08.298.627
8T.»J2.8n>
14S :7I f.43
80a.8tS0.747
17(1.076.41»
8a.li07.av2
+1»«
Pittsburg
Baltimore
Tot.Mlddle..
8,4 1 4.-33
14,024.551)
-8-2
I4,liH
102,804.048
2t«,819,aS'J
ll,018,0-,;0
2a,>'wi.
]21,»)l,4a8
—
1
i+s-s
4,873,022,5«6
St-Lonls
8t. Joseph...
72.21)1,801
fi.ai0.»74
7«,:57.(»56
-0«
814,420,87S
61,728.520
Orleans.
lx)ulsvllle
n5.»14,»74
2K.0S7.U34
Kansas CUT...
38,768,721!
Memphis...
l«.Na2,Soe
8,030,398
6,083.167
San Francisco.
Total
ProTidence.
Hartford
28,2IV.raS
31,690,142
—
5'2
5,928,087
55,858,706 +0-1
24.S1»,164; t^e
«:!,561,469'-H5-5
12,3:10,481; f 201
J-0
9.318.(171'
—
71,937.738
a
8
4«,0.U,J10 -,ll-8
s
;-7
87
87S.I61.K10
,97,181.348
8fi«.840.j
&l,(>73,90«
39,598.001
-t^tt
4,857,lilO.'!'rr'
8W).»lh,04.1
27:<.277.778
+65
B,720,431|
1-8
i
^
HK.TTUJSIO
66,>3a,870
38,651,5*4
-10^
+8-»
+3;7 2,111.161,18^ 8,056,005,804 +2-1
220,371,(j01I
+««
71,303,801
4,341,401,073 4,687,e91,88»l
all
,1
!!
176.860.01-0
-5 2
I76',46^— 871
2,976,4Mi^-87'8
228,184,666
+lf»
ITl
10,002.901 +19-1
1-2
10,715,945
471,176301
Boston
1??
148 919,031
6a.88».ir72
l."3.Ml
n
486,818,074
Tot. Sontli-.
-0-1
6.1
i:t.'
2.()8»,676
bushels.
4*8
+««
1",.-
1(1.880.773
Galveston..
Norfolk...
-0-5
10,023.601
6,006,OSS
1S,751,7S«
2.628.120
8,148,170
New
btili.
4».l<*8.4ai
4il.373,C3;
Tot. West.
Wetroleum
MJ-07.27V
46.037.683
-O-I
-0 01
2W».00I,S2B
Indianapolis...
ikarM.
hnla.
-06
81.016.914
B8.71I.186
879,563.978
4t,4l».IUQ
M.vtsafivi
Cleveland
(Cotton
'iOrain
s«i.7wjino
81,010,862
Philadelphia.,
For the week under review the returns of exchanges for CuIuuibuB
Peoria
most all points embrace only five business days, the Tlianks- Omaha
giving holiday having been observed on Thursday, Nov. 29. Minneapolis...
Denver
Compared with the corresponding period of 1887, which St.
Paul
govered a full business week, the decline in the aggregate Grand llsplds.
Wichita
reaches 17 per cent.
IStockt
2S.'<.8ir>.l»0
-S-li
447,019,032
'
York
Sew
Ilea o/—
4.0811.884.486
4e8,33e,013
Milwaukee....
Detroit
24.
—4»
Tot. N. Kng.
Cincinnati
Wetk Eni'oXov.
"8^
44-4 4,028.S7S.OI4
4,40I.'«B -3-9
4,4H8.»17 +17-4
•2-0
2,076,171
Lowell
Chicago
CLEARING HOUSE RETURNS.
P.0«.
2,71B.8C 8,919 2,031,810,410 -7-4 «S.1«3,»)S,888
lioajt
30,744,ie«,0M
Boston
(In.
6 10
For Six Months
Enrop«an Hulisorliitlon (liwiluning poatace)
11 28
European Su'.isiriptlon Six AfontlH (inclnding postage)...
6 64
£2 78.
Annual sabsoiiptlun In London (including postage)
do
do
do
£1 88.
BlxMos.
B. DANA & Co., Pnbllstaera,
wTTTiiM B n»»A (
WUllBin
Street,
YOUK.
10*
J^»^ptr.vn
lOHM O. FLOYD. f
p„g^ OFHCB BOX 958.
p.n.
1897.
18SS.
1,224.
Elmtn m'mtAf.
Norcmbtr.
(i!l^lir0uijcl^.
For One Yenr (IncluillnK postage)
M
NO.
1888.
8.
784,680,578
+11
«4,4S7,«13,0S7 46,764,726.488
-S-0
7e8,ra6.6t4
l-l
+18
Wew Uavea
Ontslde N. Y. l,a2S.192.IB4 lJMI6.180.906l
Portland....
Operations on the New York Exchanges for eleven months
in 1888 and 1887, as compiled by us, have been as follows:
Worcester
BprlQKfleld
Iiovell
Total
New Bngland
Elewn monllu,
+l'8'ia..')I4.aa7.139 16,080.580,398!
BI«Ttn mimfk*, 18S7.
1888.
Philadelphia
Plltsburu.
Dtscription.
Baltimore.
Par Valut
'
Actual
I
or Quantity]
Total Ulddla.
\Aver'it\
Par Voiu'
Actwtt
Aver'f
Priu.
or tiuaiUtU)
Vabu.
Prltt.
VoliM.
I
08,799.«1'
Sh's
...» }'
Stock!, Val. 5107,B9i>J7» [31648738^0! 8' •
.
bonds.. |321.',!68:557 $279,091,718 SeH
t5,l>S-..3O0
$7,248.010 1911
Chicago
RR.
Cincinnati
Milwaukee....
Gov't bonds
gtatebonds
Detri;it
Bank stocks
i
1
1
$2,:!4tl.«^, 52-4
tl.477.783
$1,703,760!
<
79.749,636
,48*4530696 Sl-0
16084,887.175
.
$388,848,630 $277,886,891 8*0
$7.9:11,736 118-1
$6,688,260
$5.7S8.«57. 89-*
$11,066,800
$1,780,500
6,180,607 Ul-S
'
$2,347,239 137-8
>
indianapolis...
Cleveland
eolnmbas
Peoria
Omaha
Minneapolis...
Denver
8t.
0441,134,867
POt'l'm.bbls 1110.471.000
Cotton, bis.' 19.42S,0D0
Grain. bnsh. 1010.29J,o71
»3135303.2S'5
Total valnel
f:
Total
Paul
Grand Rapids
...
STHe.
».'7i 111- ^1.. ivi-4l
-^ 8 lOo
ti•
Total Western
I$S1 65409.605!
IFssk JVniUiit 0M<in8<r
1887.
""
Orleans....
liOuisville _„
Kansas City..
Galveston
Norfolk
Sonthem
Total
a41.fl'>4.520
(tlarn)).,
Now Vnrtr
For NoveiMb r the excuauges record a decrejso of over
»ix hundred and fifty millions, compared with the preced ng
month, of which nearly five hundred millions is at Now York.
Contrasted with November. 1S87, there is a decline of 4"1 per
Outslitp
•
rent in the aggregate, and for the eleven months the loss
reaches per cent.
(1.728.061
9l,aO:l,la5
IFssk
days
Mmft Drc t.
Total
1 dajr...
full
week...
Balance Conn try'
Total week,
•
-
all
408,601,708
a,t40.919) 1+88-7
+84-0
73,7 10.580
+J4-8
5I.;8;.8I8
+18 7
io,48<.oau
11.000,714
67,801.000
i«,*53.*oe
-11-4
-85-9
+13-0
4a,SS,0u«
iLOi'^ati
-I4«
-irs
11.149.188
+«T*
IO,8H>,480
015,131,913 ~7d8.Vi8.6a«
~+80-8
»40i40T.t>7
I4U.UVI.2M
+14-8
177Jt«l,8U;
Wtl.4'£l.Vul
+ l»'l
8*i,74i«,SOI
-17-«
111,111.908
+ 10-5
ti«.88a,ia7
-9t
+l»l
>^0IW,6II
a6.387.000
18,715,748
]4.208,815
Total. 5 days.
P. Omt,
-a»«
18,870,848
stlmated
+18-6
1888.
7,78*.«08
BalUmure
ickieaxo
8t.Loala
Mew Orleans
811.74I..1S1
Cnu
«U44.t61
Pblladelpbla
e8jM.'.6<16
:
all
P.
f
New York
aaus 0/ Stuck
Boston
Memphis.
Ban Francisco
&
five
Bsttims In TstetropK.
St. I,onia
St. Joseph
Total
1
$7307,503,865 $*537S3818e[ 08-1
1.11R,8.16.000 $736,760,3(1 68 9^100
3>l,«7l.70O {1384778,S2D|«8I^80
1.888,31)8.992, il6«8«48.678
8«e.
Our usual telegraphic returns of exchanges for the
have been received and are given below.
Wichita
Dulutb.
Topeka.
New
$072.S80.r.»5
83-5
170,108,887
1.085,210.811
188,7*8,
U2
il.»7,98W.942 l.n»8,5*«,'«l
Fjr the ^4U weea, baaed on
last
veok's reiaro*
THE CHRONICLE.
678
able
THE FINANCIAL SITUATION.
Nothing
for
of special interest has transpired affecting
;
5
@
LVo'. XLVII.
5| for four months acceptances, and
good single names having from four
to six
6
@
frj
months
to run.
The tendency of money in the open market London
come
together again and the President's message and the has been upward, discounts for sixty-day to thre«
reports of the various departments have been made months' bank bills being reported by cable at 4:^ per
This improvement is no doubt due in part to the
public; but all this has had less influence than usuah cent.
since a change of administration in March, probably continued outflow of gold from the Bank of England,
means so material a change of policy that recommenda- in part to the near approach of the close of the year^
tions now made will have little effect on legislation. and pei'haps in part also to the fact that the Bank of
We devote many pages to-day to a reproduction of the Germany has this week advanced its minimum rate of
the discount to 4^ per cent from 4 per cent
official documents of the Treasury department,
the latter
money market
the
this
week.
Congress has
;
branch of tlie service with which our readers are mainly
concerned ; and in another column we make some
remarks upon the most urgent question connected with
Treasury management the coming four years, suggested
by Mr. Fairchild's recommendation respecting silver
coinage.
We notice that on the first of December there
were only $19,113,095 silver dollars in the Treasury
on which there were not in circulation silver certificates.
In other words, although according to the first monthly
the
report after
(April
1,
administration
present
took
office
1885), there were 48 million idle dollars in
transaction
and
is
clearly intended to affect the flow of gold,
may be
that on that account it has had a little inLondon. The Bank of England reports a net
loss of £170,000 gold this week
a special cable to ua
states that this was made up by an import principally
from Australia of £94,000, by an export to miscellaneous
points (names not given) of £200,000 and by a shipmen
to the interior of Great Britain of £70,000.
These
it
fluence in
;
changes leave the bullion in the Bank at £18,303,473.
We notice that the open market rate for money at Paris
is
now 3| per
cent
;
at Berlin
it is
the Treasury, and although there have been coined since
it is
then and up to December
be needed for South America.
343,496,
all
this coinage
hand April
1,
and
1888, a total of
all
$113,-
but 19 million of the
3f per cent.
presume,
is
3|,
It is reported that
and at Frankfort
no more gold will
That
correct only so long as the
we may
money markets
report,
some of Europe remain as they are at present but should
Of course conditions become favorable, speculation would probably
these issues cannot proceed indefinitely, and conse- be revived and some of the Argentine Republic enterquently this matter becomes the leading financial ques- prises be floated.
Bankers say it is not likely that any
tion for the new administration to handle.
The sooner disturbance of the money mai'kets of Europe would
it is got out of the way by some definite policy the betoccur if the Panama Canal enterprise shoiild come to
ter for all business interests.
grief, as the event would not affect any large instituThe Treasury operations the past week have taken tions, only individuals in France.
from, instead of adding anything to, the stock of curThe feature of our foreign exchange market has been
rency in the banks. That 4s true, notwithstanding a an easier tone for long sterling at a reduction of half a
little over 2 million dollars have been paid out for cent per pound on Wednesday.
This is said to be
interest on the 4^ per cents, and 13,570,300 of bonds caused in part by a little better supply of commer(!ial
have been purchased. This unusual result is presumed bills, but mainly by present and prospective dearer
to be largely due to the fact that the bonds taken by rates for discount in London, making this class of
the Secretary, were, in considerable part, bonds held for bills less desirable.
There was also a better demand
circulation, and hence ninety per cent of the par of such for §hort sterling and cable transfers with the probbonds had to be first deposited with the Treasurer. That ability of an increased inquiry for the remainder of the
is to say, only the remaining ten per cent and the month for the purpose of remitting for obligations
premium paid constituted the net Government disburse- maturing at or near the end of the year. The operament by reason of the operation. The interior movement tions of arbitrage houses have this week made no
of money is now in favor of New York, except some material addition to the offerings of bankers' drafts.
considerable amounts are being sent to the East and other The movement of gold to Germany is expected to be
near-by cities, and some small amounts to the South; resumed next week.
The indications now are that at
stock on
1,
1885, are to-day afloat in
;
form, either as coin dollars or certiflcates.
currency is accumulating here, and. if the present
tendency towards quieter business conditions continues,
still,
movement
go out.
Trade remains quiet, and the tone
least a million dollars will
is
not very confident
on larger proportions in Much disappointment is expressed at the non-appearfuture weeks.
Probably on account of the preparations ance of the "boom" in business so sauguinely looked for
making for the first of January disbursements, loanable after the election. It is not difficult, however, to find
funds are in better demand. On call, as represented reasons for the prevailing state of things. The unsatisby bankei's' balances, the extremes have been 2 and 4 factory railroad situation would appear to be very
per cent, with little done at either extreme, the average largely responsible for it.
The roads have suffered very
the
is
likely to take
being about 2J per cent, though renewals are reported heavy losses, and this of course re-acts on trade, for one
Banks have marked up their outstand- industry cannot be in a state of depression without affectat 2| per cent.
ing loans to 3 per cent, and this is now the minimum ing other industries adversely. Then prices of railroad
for new engagements.
For time loans there is a fair securities have undergone great de23reciation, and many
demand, the supply of money being chiefly from trust holders have been forced to sell at heavy losses. Finally,
companies and out of town institutions, very few of our dividends have within the last twelve months been widely
city banks lending anything on time on stock collateral. reduced, and in many cases passed, and thus the income
4 per cent for sixty days of the persons dependent upon this class of inand 4^ @ 5 per cent for from four to vestments has been greatly curtailed or cut off altogether.
six months.
There is a better supply of commercial The effect is, that many individuals are obliged to
paper and the demand continues good. Rates are 4| @ practice the most rigid economy, while all have much
5 per cent for sixty to ninety day endorsed bills receiv- less money at their disposal than formerly.
The situaRates on
first-class security are
to four months,
Deoembkr
8,
THE CHRONIOLE.
1888.J
679
tioii is aggravated now, booauso an improvomont had
1887, and the actual value waa t94 millioo doUm tbia
boon confidently expected ere this, whereas nothing sat- year, against 390 millions ln«t year.
isfmitory or tangible has yet boon accom{)li8hed
at least,
The stock market hw again Ixjon very
—
in the West.
If,
wo admit that the
therefore,
l)\iying
irrugaUr,
then? having been a decided decline in the early iiart of
the week and a sharp recovery the last two day*.
The
power of the agricultural cla&s has been extended as the
result of good crops and fair prices for the same, on the eariy decline waa occasioned by the ncwn
that the Olesrother hand it is equally evident that the buying power ing-Houso scheme in the Southwest had fallen through.
of the investment class has been materially reduced. Missouri Pacific and the Gould stocks were wqwcially
Moreover, at least one large company has also announced weak, and some utterances of Mr. Gould, which were
a general reduction of wages, though this is the excep- not favorably construed, helped the downward movetion and not the rule.
At the same time our exports ment. Rock Island also was a weak spot, though the
remain very small. In the iron industry production is whole market was more or less depressed. The improveheavy and consumption likewise large, but with ore and ment during the last few days is owing to a
fuel high, prices are not satisfactory, and no distinct variety
of
causes.
The influence of greatest
sign of improvement is yet visible.
In the anthracite moment
seems
to
have
been
the
sensational
coal trade a pretty general understanding appears to have action of the Missouri Pacific directors in ordering their
been reached to restrict the output, but circular prices trafllic manager to take no business hereafter except at
are not being maintained.
" remunerative " rates. It was not stated how the quesAs bearing upon the general trade situation, we have tion of remunerativeness was to be determined, nor what
this week made up our figures of bank clearings for the company would do in case the effect of its quoting
November, and they show a falling off of 186 million higher rates than the other companies should be to leave
dollars, or 4 per cent, as compared with the same month it without business.
But the Street accepted the action
last year (though outside of New York there is a small in good faith and as evidence of a new departure, and
increase).
There would be nothing surprising aboirt hence the market reacted and prices went up. At the
this, in view of the reduced volume of business on the same time assurances were received that the Trunk line
Stock Exchange and the effects of the election, but on difficulties had been substantially settled, and yesterday
examination we find that the present decrease follows a Commissioner Fink gave notice of an advance in westdecrease of 2^ per cent last year, and that -even in 1886 bound rates to the old figures.
Then came reports that
there had been only a nominal increase.
Hence the Union Pacific, Northern Pacific apd Oregon Navigation
present November total is the smallest of any year since had agreed upon a division of territory in the North Paci1884.
We annex our usual table, giving a comparison fic States, and that the coal companies had determined to
for two years of the monthly results.
curtail production.
The October statement of the
UONTRLT CLBARHCaS.
Burlington & Quincy, showing an increase in net earnings for the first time in about a year and a half, also
OleaHnni OuUidt New York.
Clearinat. Tbtai AU.
Month.
had a favorable effect. The Atchison and Union Pacific
P.Ot.
1888.
1887.
1887.
P.Ct.
for the same month make rather poor exhibits, but these
4,''aS,7B2.429 4,370.844,846 -83 1,487,572,694 1.408.158,786 +5-6
Jftnuarr
latter had little effect upon the course of values.
New
Pebraary.. 3.512,«9S>,808 3,H»3,S49,14B —41 1,328.770,871 1.222,261.374 +8-7
New
England
has
been
quite
York
&
a
feature
in
-13-8
the
liarch
3.701 .SOS.DBS 4,335,701.617
1,875,812,031 1.49l),S93,168 -8-2
iBt quarter U,312.»5a,a:« 12,102,151.63» -3-8
April
3,987,>«5.!M9 4,613,017.990 -11-6
4,102,156.495
1,415.519.8JH
4,1211,813,32-
1,480,146 JS30
+1-5
-1-4
Ma/
4.2S0.50fi,:f«7
4,300,45-),376
-1-2
I.5il3.452.9i3
1.50«,687.9S9
+09
Jane
3.8ta,(!17.837
4.541,691,338 -16-1
1,436.300,697
1,576,269,40
-7-7
—38
-IS
IM quarter. 12,051,000,753 13.333.165,698
9-8
4..395.303,53
4.586,103,92.<j
6 months «S,S6S.88S,ee5 ».757,317.83«
3,7U9.63f),03e 4.023.900,845
JalT
—»-3
8,587,4il0."31
8,695,917.25l|
-5a
1,455.268.0 >3
1,428,851,027
-0-4
+0-6
1,415,679,414
1,349,209,236
+1-9
+4-9
1.419,788.878
l,302,M9,733|
+10
—
8.888.a8i».S7U
8,813,107.97)
September.
4,090,131,660
4,075,411,351
Aaitu't
3d quarter, ll,W7.03o,966
-;-8 4,<9a.68a.31S 4,170.409,986' +2-0
11,9J!!,426.16>»|
9 months d5.090.801,PJl ^7.699,743,508 -6-9 12.878.146.346 18.866,827,240 +01
»,005.'«0,003 4,538,99«,65 tlO-3 1,810,963.1)39 1,558,052,248 +16-2
October,
l-l
NoTember. 4.8 1 1.401 ,07,) -4,527.991,325
1,625,192.164 I,696.l8').ft06' +1-8
dealings, breaking badly at first, but subsequently
advancing with rapid strides. As a class, the stocks of
the Pacific roads have been conspicuous for firmness and
strength all through the week, even when the rest of the
list
Exchange transactions upon
The
these totals may be judged to some extent by the following table of the sales for the same months.
BAJLBS
Actwst.
•
Jan....
Feb....
Uarch
|
3.926,11
326,142,550
3,145,320
5.2S0,88»
I
414,449,980
26«,Ui,200
687,606.930
S7;,3S4,4Sl
4ai,883.00('
266.600,102
7.147.306
«4e.966,850
370,692.607
6,^l3,l2^
531.174,800
333,964,150
«<1 qr.
7.(158,474 1.501,110,750
moe.
;'.:'75,600
655,104.080 22,508,644 1.987,«83.200 1.166,496,378
384,517,360
314,450,133
9,487,6-V
6.560,08
804,299,750
603.803,800
199,194,963
6.988,832
617,742,430
currency and gold by the
,553,267.42(1
408,455,725
242,91.0.67(1
4,739,8 .i7
416,013.200'
267,716,515
Sept...
7.122.018
66."i,576.10O
'1.740.9<1«
l,490.045.Ci5
Bdqr.
Not..
banks.
NtllnUnar
|2,39:.000
Carrenoy..
Qold
Total gold and legal tenders
12,306,000
Mov*mmU.
Bank*.
11,499.000
671.000
Oalo.
LoM.
1806,000
671.000
tS.170.n00
Oalo.
tassimo
Week mdlng
Dee.
7,
Into
tSSS.
OntofBank*.
Banks Interior Movement, aiabSTe
SubTreaaory operations
12.395.000
t8.170,OOU
18,800.000
80,300,''0)
I/»f.
Total gold and legal tender)
•20.506.000
t8S.«70.aOO
Lie*.
The
.
in the principal
871,187.063
303,074,804
corresponding date
last year.
Dite.8, issr.
Sec. s.taas.
45.525.142 4.023,529,200 2.403,174.061
409.020,300
2eOJB7,62l
4,653,5;l
5.S39,58i
Thus the
«22.677,000|
473,808.O6ol
433,845,(«0
391.287,300
England..
Prance..
944,552,841
18427,9118 1,686,142^050
t>M,'l'',994
Oermany
sales
372,2»l,4l>2
8,300,236
294.10:.9;8
7,49(1.860
amounted
708.726.076
8:0.b00.i^l
447,102.783
SU9,VI5,18:
to only 5,339,583 shares in
a
18,8«3.473
18.303,473
TeU
Total.
1
I
M
l.
T
8».«a3,«ai
80,4is,4:«
40,675308 40.838.06) 80.oa8.sgo 4S.18t.48e 47,710378 MfiUMH
88.872.000 14.436.000 «SJIO<t,000 88.118,800 u.4ia8ooj mjan.o»t
7.488.000 14.0} l.0l» t«.4» JtO
6,060.000 16.616.000 u,««.ao<
Anst.-Uong'y
Netborlanda..
Nat. Belgium
National Italy
Tot. this week
4,O40.Oao| 8.137. Vk J 18.180
«•
6.087.000
7,451.000
18,641.000
8.483.000
«,87O.0OO
1411.000
8Mi.oaa
8.«4S.oao
tjui.aaJ
tMn.m»
1,116.000
8,086.000
0,083.000
I,ll8^na4
ajtOL.'MM
^5^;^,
i»<,(81,06':
107.266381 100i8.!4.O7« (IS.a61.0T(<|l9r^47T.I8r
Tot.pr«T.wt.'lO(MH7348'aO.OOOSB0'l07.848.447 l08.R0a.0B»'wai»8 84O'|0M»1J88
,
November, 1888, against 7,496,266 shares in Novembei;
9«Mr.
B
842.864,173
10,716,5C.8 4.011,12i,0i5 i,497.8<0,'s70 83,953,135 5.609.6.1,250 3.397.923.046
6,743.193
ami.
647,471,250
6.338.154
7.;)81,268i 629.650,500
U.On.OK
following table indicates the amount of bullion
European banks this week and at the
472.416416
a<i«ki«/
2,521,078,500
4,878.521
9mo>..
Oct
New York
Rtettvtiby
N. T. Bank*.
fTeek «iuUn4 Dee. 7, 1898.
898.162.416 ;2S,Uie,5U8>2.0A,S46,G00 1,236,877,673
.
Aim.
returns col-
Aetuai.
712,098.400
838.371,750
July.
Par.
8,147,127
7,214,112
lstqr.{l2.322.326 1,016,967,750
a.KK,275
jjo/ Sliaret.
210,136,645
173,369,233
April...' 7.614JJ77
Mar.-..
June..
Value*.
Number
Xumber
Shara
made up from
Taking the foregoing in connection with the SubTreasury operations, the result is as below.
OF STOOKg ^T THB HKW TOBK STOCK EZaKANOB.
of
following statement,
lected by us, shows the week's receipts and shipments of
—
influence of Stock
was greatly depressed.
The
THE CHUONIOLE
680
ECONOMIC DISTURBANCES SINCE
XLVII
to 28i million bushels in 1883-87) is disclosed.
These
changes indicate a natural growth (largely in excess of
187S.
(Reply to Letter of Mr. David A, Wells.)
population) in European wheat production outside of
Great Britain from 1853 to 1873, and since that date a
Article—Wheat.
Third
[Vol.
We
have a few words to add, before leaving the rapid reverse movement, the United Kingdom getting
from Europe an average of 15,630,041 bushels more in
; they have reference to
another class of facts which will be found suggestive 1868-72 than in 1883-87.
Do they not also go far
and therefore useful in the attempt to clear up the doubt towards confirming the estimates of European crops,
which hangs around tlie question of price depression. which disclose a larger production in Europe (not only
For the purpose of answering Mr. Wells, this part of relative to population, but absolutely) at the close of th^
our investigation is not needed ; but as the results dis- eai'lier periods than the later ? In fact, can the figures
closed, help the public to recognize the fact that there be explained on any other basis ?
The second column in the above is even more interest*
has been no over-supply of wheat that that theory does
not in any degree account for the situation of the far- ing and instructive. Using the same starting point
mer to-day, they bring us one step nearer, and one long (1868-72) we find that the United Kingdom had during
step we think, towards reaching a correct solution of the that five years received on the average 34,433,974
bushels from sources outside of Europe annually, but
problem before us.
We refer to Great Britain's foreign trade wheat figures. that it raised its takings from those sources 77,727,896
In -using them one has the satisfaction of knowing, that bushels, or to an average of 112,161,870 bushels in
Mr. Wells, it will be remembered, in the exthere are no statistics running back so far and yet that 1883-87.
are so reliable as those which the British trade and navi- tract from his letter given last week, makes the deficiency
gation reports furnish.
They are the best the world has, during 1881-85 for the whole of Europe only 115,285,000
not only as a record of tlie facts themselves, but of all bushels. AVe have already shown how faulty that stateinquiry with regard to wheat
.
,
—
—
.
We
ment was. But what a flood of new light is gained
with regard to it by the discovery that Great Britain
of European wheat crops at different periods, and the took from sources outside of Europe an average of
needs of Europe from outside sources during tlie same 112,161,870 bushels for the last five years (1883-87) and
periods.
These latter are points upon which secondary an average of 104,961,719 bushels for the previous
that those
facts
indicate.
them
get from
for
instance material help in determining the relative size
proof
is
peculiarly desirable, crop estimates,
more espe- (1878-82)
Or look
the earlier dates, needing just such circum-
cially for
stantial evidence to help the investigator to distinguish
between them.
We have
prepared a very brief
summary
years.
which the results in this colfrom another standpoint. With the addi-
at the situation
umn present,
tion noted above of 77,727,896 bushels (between 1868-7*
and 1883-87) to Great Britain's average wants from
but we have no room now for countries outside of Europe, does not the wonder cease
greater detail.
The summary is correct and presents with regard to the need for the increased movement to
the annual average net wheat supply of the United King- Europe from the new sources of supply ? Here is a new
dom from all outside sources, in five-year periods from demand almost as large as the whole increase ready for
1853 to 1887, both years inclusive.
it.
Or take a still diifcrent point of observation, that
is starting with the total 112,161,870 bushels, the annual
Imports of Wheat into the United
Total
Net
average wheat takings of Great Britain from sources
Kingdom from
Annual Avei-age.
Wheat
mieot
Earopean
Ollur
other than Europe for the last five years.
Bear in mind
ntai
Exports.
Imports.
'ountrle^. Countries,
Imports
that we found through our investigation last week that
of the results.
dense the
It
has been not a
little
trouble to con-
official returns,
—
1853-5T....cwts
60
lbs.
ll,5l5,36»
8,589,881
20,135,250
bush. 21,651,355
16,0a4,4J5
37.B85,S00
lS5S-6-i....cwt8. lT,708,ne
6U lbs. bush. 3.1.051,411
1863-6r....cwta.
6U
lb!,
lbs.
lbs.
lbs.
32,845,940
082,436
32,103,504
61,312,421
l,273,t80
60,038,511
0,f 87,431
30,S1S,42I
308.45il
30,508,985
16,963,204
57,522,119
575,784
56.918,335
83,520,936
18,4411.772
41,987,011
bu9h. 43,904,440
34,43.S,9-4
78,33?,420
1,880,070
3.510.584
74,827,836
35,' 02,0 41
6,^1T9,^75
1,229,280
53,r50,016
10,678,634
ba>h. 36,7V9,717J
18r8-S-.i....cwt8,
60
15,1S9,?24
28,201,005
21,727,9(10
18»3-rr....cwts,
60
19,2.83.877
33,996 570
bush. 40,558,9:6
1868-73.... fwts.
60
851,378
l,689,2aO
66,271,59,1 103.001,313
58,229,492
14,382,642!
70,012,134
bush •J6,847,598|104,W1,719| 13 1,809,31';
1883-Sr. .cwts,
60,098.716
15,147,C0;<
75,233,719
2 8.«74.4C5'll'i.lfll.«70^14l>.436.275
60 lbs. hush
i-W We give the above
40,080,341
the entire
movement
to
Europe from
all
averaged at a
maximum
sources of
other European countries
outside sources
but 160,000,000 bushels for the
same five years. Hence if the United Kingdom takes
about 112^ millions of it, there remains only about 47f
million bushels to supply the requirements from outside
all
!
Now
add to
2,234,618 100,706,695
the foregoing the one other fact, that of that 47$ million
bushels an average of 29 million bushels was a part of
1,611,922
69,000,212
3.008.921 128,800,396
the exports to Europe from the United States,*
1,289.027
73.994,092
'2.312.S5H
138.t-3.425
averages la bundrod weights (112
as well
aa lu bushels, because ihe figures in tlio reports from which they are
prepared (the statistical abstracts for the United Kingdom) being all in
hundred-weights, any one who desires to teat the results can the more
readily do so.
left
we have
the trifling amount, say about 19 million bushels,
obtained from miscellaneous sources to use up the wliolo
lbs.)
1
60 millions of supply.
Still another circumstance,
and perhaps the most
which the above table discloses, is the rapidity
As our inquiry has reference to the economic changes in the growth of the United Kingdom's total deficiency,
of which is found in the last column, headed
since 1873, it will be more pertinent, as well as more ser- tlie record
" Net wheat imports." It seems that these requirements
viceable, to make comparison by starting with the averaveraged annually in 1883-87 (that is, during the last
age for 1868-72, since that period
significant
covers the previous five
years.
Note
at the outset the first column, wliich gives
the imports of wheat into the United
European
countries.
43,904,446 bushels
same column
but
;
Kingdom from all
five years)
138,123,425 bushels, whereas in 1853-57 the
average was only 35,996,570 bushels. That is to say,
between those two periods, while outside sources have
That item for 1868-72 averaged
by looking at the averages in the been developing, the deficiency
for the previous periods,
constant increase
the
gi'adual
(from 21^ million bushels in
of that country alone
has increased 102,000,000 bushels. Furthermore, this
increasing requirement has since 1868-72 been concur*^Le exact figures are as follows As stat. d last weelc the total
:
1853-57 to almost 44 million bushels in 1868-72) will be exports from the Unit* I States to European countries average 108,observed, while, looking to the later periods, a consider- 971,fi32 bushels for the live years 1883-87. Of that amount an averag*
of 79,90(1,537 bushels went to tlie United Kingdom and an average
able ecline (from almost 44 million bushels in 1868-72
9,063,395 bushels went to other European countries.
•Decembkr
(>,
THE (JHRONiriR
1888.1
«81
rent with a decreasing European supply, and honce It
is that out of the total of over 138 million bushela now
may hope ilmi will goon b« cured. T"
requirement is, however, a nauee of
needed, all but 28 millions has to come from other time simply
aggravates; it is a daily incrcosing prM»un»,
than European sources. In other words, Europe's crops with no hope
of relief, and only hcM in choi-lc by
I'oached a period when the joint product became year by expedients that
have a limit to thoir URcfnlncw. When
year shorter of supplying Europe's needs; just at tliat Mr. Manning took
charge of the Treasury, genei«l
juncture a new supply arose ready to meet tlie dofi- business was paralyzed
by the fear that the gold currencj
cioney.
basis, which the country had attained at so much
sacriThus the new growth of wheat proves to be only fice, was in immediate danger. The
previous admini*another of those notable incidents in the world's indus- tration expressed itself
in writing as hopeless of the
trial liistory, a history which seems almost made up
of continuance of gold payments; but the new Secretary,
R succession of marvelous provision occurring at the by adroit management,
rcsoned our currency from the
moment of man's supreme need. Improved agricultu- catastrophe which threatened,
gradually retiring the
ral tools, labor-saving machines, cotton gins, new spin- surplus
silver certificates while accumulating a net gold
ning appliances, new fuel, cheap power, cheap light, balance which has
ever since served as a guaranty of
each appeared in its' time, but only when required to the convertibility
of the two metals and their representmeet a need simultaneously developed. And in the atives. The Government net
gold holdings, which bad
case of the cereal we have been discussing, the more we dropped
to $115,810,533 on June
'
1,
examine the
facts,
the clearer
appear that it is
not a profusion of the Almighty's gifts to which the
distressing condition of the farming interests of the
world is due.
it will
SECRETARY FAIRCHILD AND OUR SILVER
ISSUES.
Whatever
differences of opinion
may
exist with regard
to other departments of President Cleveland's administration, there can be only one view in respect to his
management of the Treasury.
Government finances at a most
lie took charge of the
critical moment
he had
conform to the laws which were the cause of the
embarrassment, and administer them
he has had to
meet new obstacles through the cumulative effect of
evils which these laws entail ; he has found it almost
a daily requirement to watch and adjust Treasury action
;
to
;
..
..
1156,793,749 July
1,
.,
1885, had
risen
to
1886, and have been rising ever
since; while the net silver certificates outstanding, which
on April 1, 1885, were 1112,500,226, were reduced until
July 1, 1886, when they only reached 188,116,225.
This showed that our silver at that period was fast going
out of circulation.
Then came another and very material change with
the passage of the small silver certificate bill.
That was
a measure devised by the Treasury Department as a
means
for turning their fast accumulating dollars into
a quick asset, since the large certificates could not safely
be put out in an amount greater than was then afloat,
and the
method.
silver dollars could not
These new
be kept out by any
issues, as is well
circulation very rapidly,
known, went into
being assisted at
first by the
withdrawal of other small notes and latterly by the rapid
reduction of bank note circulation.
On the first of this
so as not to disturb industrial progress
and yet he has mouth (December 1, 1888) the net amount of silver
brought the country through it all, with confidence at certificates outstanding wiis reported at $237,415,789, or
our great business centres constantly increasing both in an increase of $149,299,664 since July 1886, the date of
;
the integrity and wisdom of his management.
the passage of the act.
The position then of the white metal and its represenThese recollections are naturally suggested by the
meeting of Congress, by the publication of the depart- tatives in the United States may be stated in brief abont
ment reports this week, and by the change in control as follows (1) That there was a time (the first half of
which is now so soon to occur. It is especially the 1885) when we were on the very edge of silver pavmenta,
latter event which gives to the current of thought a ret- and escape came only through skilful management;
rospective as well as a prospective turn.
The laws (2) that management secured confidence by means of a
which embarrass Government finances
are
still large and otherwise useless gold balance, and confidence
unchanged ; the evils they induce become more disturb- in the interconvertibility of gold and silver is still
ing with each mouth of their continuance and unless retained by and largely dependent upon such a bal-
—
;
they are modified the new administration is pretty sure ance; (3) that we now have out ahout 237i million silto be put to its wits' end in devising expedients to cairy ver certificates, against 88 millions when distrust was so
affairs successfully through the next four years.
Secre- general, or an increase of 160 per cent in the amount—
tary Fairchild in his report shows this very clearly it is au increase which has been possible chiefly because these
in fact the daily remark on the street of those best small bills have found an occupation in the place before
—
and by filled by small legal tenders and bank bills confining
which are history now, any one can the investigation to the issues of ones, twos and fives,
see what action is required.
We need not and do not there were outstanding July 1, 1888, of legal tender^
intend to refer to-day to the surplus question. That, bank notes and silver certificates an aggregate of $256,of course, is a pressing and growing embarrassment but 193,264, and including tens $500,684,885, against an
as the election has largely if not wholly settled the course aggregate of the three smaller denominations on July 1,
to be pursued with regard to it, until the new method is 1886, *of $204,863,066 and including tens of $421,068,.
Tersed in the financial problems which beset us
;
;
recalling a few facts
;
034.
developed, suggestions seem to be useless.
These figures and facts furnish suflficient material for
But there is a matter of more urgency than that
which is presented by the surplus accumulations in a correct and intelligent judgment respecting the outprogress ; for with honest and careful management, look as to the future of this portion of our currency.
even in the absence of further Congressional action, no We should add, that according to the monthly Treasury
harm from
that cause will happen, as there is still an statements, the silver certificate issues have increased
opening for excessive taxes in the purchases of bouds since July 1 up to December 1 in the amount of tS?/*
ey atood
al
on November I, not IniTtnX
*Ttie bank notoa are giren aa tbe;
hich are already authorized. This method is, to be
tbe flgurea for July 1 M w* write. But that oanmakeaomMerialdUWire, a very wasteful way of paying our debts, but we
(eronoe In tbe lesulta.
THE CHRONKLE.
6-2
j
Vol. Xl. n.
»
we have no information as to the denomina- classes of traffic allied to it, one or two sharp contests
addition, so we cannot determine the took place, and rates remained much below the normal
precise changes.
But without these it is sufficiently tariff all the time. In the ordinary classes of freight,
evident that we are nearing another combination of rates east-bound from Chicago were considerably unsetcircumstances as to silver, which will require great care tled on various occasions, while as to west-bound traffic
Of course if the competition of the water route and the extra efforts
and intelligence to manage successfully.
Even and increased activity of some of the New England
business remains active the task will be easier.
in that case, with coinage continued, it would seem as if lines to get a share of the Western business, worked
embarrassment could not long be delayed, and that injuriously to the interests of the regular lines in more
the suggestion Secretary Fairchild makes cannot be ways than one.
Bearing in mind these various circumstances, it is
heeded too soon. He well says that the evil efEects of
silver coinage have only been postponed and cannot be certainly satisfactory to note that gross earnings on the
averted if that coinage is continued in excess of the roads selected were larger in the late year than in the
amount which may be safely floated in the place of the year preceding, when the total had been larger than
retired bank notes and small legal tenders converted ever before.
The increase is not inconsiderable either,
His proposal is the fixing reaching about 5^ million dollars. Such a result in the
into[,larger denominations.
by Congress of the maximum of silver which shall face of lower rates and a falling off in certain lines of
belong to the Government, and by providing that when traffic is evidence of the great industrial growth and
that maximum is exceeded by five million dollars the expansion in progress, giving to the trunk systems of
purchase of silver shall for the time being cease.
Such road over which commodities and produce to and
action would secure a double purpose it would regulate from the West must pass, a steadily enlarging volume
the amount of the issue and would give confidence
But so far as profits are concerned, the roads
of traffic.
and the latter would not only stimulate business, but are getting apparently no benefits from this satisfactory
also permit the carrying of a smaller gold balance in the state of things, for though their gross receipts have
Treasury.
And is not the action suggested especially improved 5^ million dollars, their net earnings are
desirable in the interest of the new administration, actually 2| million dollars less than last year, expenses
which can hardly hope by any device to postpone the having increased over 8 million dollars.
coming harm through another four years ?
These increased expenses are to be accounted for in a
variety of ways.
We know of course that on some of
THE COURSE OF TRUNK-LINE INCOME. the roads large amounts have been spent for betterThe recent developments with regard to the relations ments and additions, and charged to operating accounts.
between our Eastern trunk lines lend peculiar interest But at the same time the ordinary operating cost has
038,413
;
tions of
this
—
—
Where rates have been reduced it does not
whether through the operation of the
how,
matter
the fluctuations in the same, for a series of years past.
Inter-State
law,
the force of competition or by volunWe are to-day in a position to furnish such an exhibit,
effect is that the roads must do a larger
tary
action
the
comprising all the leading roads and their Western conin order to earn the same amount of
work
amount
of
nections, namely the New York Central, the Lake
to
an exhibit of their earnings, gross and
net,
and the increased.
—
&
Michigan Southern, the Nickel Plate, the
New York Pennsylvania & Ohio, the Pennsylvania (Eastern system), and the Baltimore & Ohio.
The statement will be found the more useful that the
returns cover a uniform period for all the roads (the
year ending September 30) and are moreover brought
down to a comparatively recent date, only about two
months having elapsed since the close of the period
Shore
Erie, the
taken.
money
amount
as
of
before,
work
and
the
expenses on this larger
will necessarily
that, but there has been an
be heavier.
enhancement
Not only
in the cost of
some of the items entering into railroad expenses
fuel and wages would seem to be higher.
Then
there
—both
another element to be taken into con-
is
sideration and one which has not yet been given the
prominence which it deserves. It is alluded to in the
report of President King of tlie Erie, published by ua
week. Referring to the effects of the Inter-State law,
Mr. King says that while in some respects competition
the conditions have not been wholly favorable.
All tie as to rates has been mitigated, where that has been the
leading trunk lines are affected more or less by the case there has been substituted in its place what he calls
••
the competition of facilities." " Competitors offer to
agricultural outturn in the West.
It is a well-known
'•
the public more rapid and prompt movement of freight
fact that both the yield of wheat and corn in the season
of 1887, and especially corn, was greatly reduced, while "and better terminal facilities and station accomin wheat there was a still further reduction the present "modatious." This species of competition of course is
Then, too, the situation was made more unfavor- different only in kind from rate reductions. If one road
year.
able by a concurrent small demand for our produce, puts on faster trains or furnishes improved service,
thus leading to greatly diminished exports.
Possibly others must do the same thing or succumb, and hence
cannot be said that the results for the year under
On the otlJer hand,
review are altogether satisfactory.
It
the
also
canvass
Presidential
had
an
last
we have here a special cause for increased expenses.
There may be a suggestion in this, too, of one of the
are not very reasons why expenses have so generally increased all
We now present the following sumover the country.
unfavorable
influence on railroad receipts towards the close of the
year,
though
in that particular the effects
tangible.
But perhaps the most
condition as to rates.
by the
till
New York
serious adverse element was the
The
cut in the west-bound
war of rates in
any time prevail
after the close of the year, nor did a
the twelve-month period to which we are referring.
But more
or less
of
trunk
line earnings for the last ten years.
TRUNK LINK
EARSINt;S. 1
EAR ENDED SKPTEMBKK
30.
Central did not of course occur
the ordinary acceptation of the term at
ip.
mary
tariff
demoralization existed during the
whole of the period.
On
dressed beef, indeed, and the
Croif,
.IV. 1.
1878-79
1879-80
1880-81
%
110,488,898
184,148,556
139,240,219
»
4S,«iU,37
1881-S8.
139,152,307
60,83^,487
reiir.
56,9.'i4,651-
53,484.491
88,l(»,2f»
Yem.
Oroa.
AVt.
*
It83^84
Ih84-8S
1886-88
145.037,07ii
f0.55l!,871
127,«51,R9«
40,0&i.945
14'.',093,92V
18c6-b7
1887-88
159,440,389
lB4,952,bl7
f0,799,418
56,113,773
63,467.873
Decembek
TI)o
THE CHRONIC'LR
8, VSIS6.
poiut to attract attontion
first
tho largo extent
is
amounting
of tho iucomo, tho gross earnings
to iilmost
165 million dollars and the not to nearly 53^ millions.
683
With rofereneo
to tho
and tho year preceding,
chnngo« between tho
tiio
lato year
im|>ortant foaturo here
ic
tho companioH, with the Kiiigloexooplionof
tho lialtimoro & Ohio, show enlarged groM earniiigM,
that while
all
We have already stated that as compared with tho year
preceding, tho gross exhibits a gain of about 5^ millions ; \ only the Erie is able to report increaHed net, all th«
as uomparod with two years ago, however, the iucroaae others having lost in tho not, Home of thtiiii very huarilj
is 'i'.i millions, and as compared with 1884-5 (tho last too.
Tho exception in tho case of tho Krie is of course
year of the trunk-lino war, when things were at their owing to tho company's increasing coal traffic. Th*
lowest obb) the increase is over 37 millions.
If we com- gain over 188C-7 is 1433,000, but nearly the whole of
pare with the initial year in tho above table (1878-;i) we this has been lost in a heavy decrease on tho New York
& Ohio
have an increase in the nine years since then of 54J
million dollars, or but a trifle less than 50 per cent.
In
the earlier period neither the West Shore nor the
Nickel Plate is included, they not being in e.xistonce
then, but from the nature and location of those lines it
is clear that they take merely business which would
othei-wiso have gone to the older roads, so that after all
amount of loss by any company is
seen on the Now York Central, where the net has fallea
from tl3,908,433 to 111,506,583. But this road, as w«
show in another article to-day, has been spending largo
amounts for improvements and a<lditiou8. The Penivsylvania records only a very trifling loss, but on groM
the increase in traffic and earnings in the interval
increased nearly 3^ million dollars.
is
Pennsylvania
The
poorly.
leased line, which
has done Tory
largest
The Baltimore
&
Net earnings Ohio has lost $305,000 in gross and $386,000 in net.
are also larger than in 1878-9, but the gain is not quite The Lake Shore, with an increase of $457,000 in gross,
10 million dollars, or less than 33 per cent. There is falls $661,000 behind in the net, and the Nickel Plate,
likewise a considerable gain in the net as compared with with $490,000 increased gross, has $166,000 less net.
the poor year of 1884-5.
Barring these two exceptions, If we compare with 1883-3, the change is still more
correctly reflected by the figures given.
however, the net shows very
The total has been larger at
Take 1883-3
ten years.
;
little
evidence of progress.
least four
times within the
now is
less.
Even
the gross
13 millions
greater, but the net 4f millions
in 1879-80
the net was 3^ millions larger than at present, and this,
striking.
The
Pennsylvania's gross
is
now
annum than then, but the
On the New York Central
millions heavier per
quite as large.
nearly 7
net
is
not
the grosa
has increased 3f millions and the net declined 1^
And so we might go through almost the
millions.
whole list, the Erie being the only one of tho older
with gross 30 millions smaller.
As compared with
is substantially unchanged, but in the roads having heavier net now, and that too on slightly
meantime the gross has increased over 35 millions.
diminished gross.
What has been the part of the different roads in
CENTRAL'S
To answer this
bringing about these changed results ?
EARNINGS.
question, we give the following detailed statement,
showing earnings and expenses for each road separately.
The annual report of the New York Central Railroad
In this case, the width of our columns permits us to for the year ending Sept. 30, 1888, issued this week,
too,
1880-1 the net
NEW
extend the comparison back only
I
Pennsylv.—
BamiQffs.
ExpeDses
1882-83.
t
51.084.9:5
32,180,488
Net......
S. Y.Ctnt.E&mliiRstExpensei!
I
1883-84.
I
!
leaves little to be desired in the
five years.
1884-85.
1886-87.
t
»
1887-S8.
!
»
4i>.588,4:i6
45,405,444
49,843,678
64,586.4991 57.974,606
30,788,622
29,686.s31
31,357.548
a'i,tf55,154|
39,117,497
18,85T,108
18,904,473| 16.801,814
15.718,613
18,911,3051
33,-70.782
24.429,441 t:o,9oe,sei
16.319.372, tl8,610,377
36,297,a6Si 38,182,920
20,750.594! 17,»49,3la
10,29«,35<:
8,110,069;+11,81»,981
lt,90P,U9
Net
28,148.6011
22.388.623
24,6i.'6,338
NT.n'.Silt
5 623,229
1993,141
(o)
dr. 68t,Ua4 dfl,155,549dfT3: 0,916
(«)
BarnlDta.
S,«7l<.3Sl
3,493,416
tExpenLCb
8,604.295
4,648.965
Net
S.T.C&St
(o)
(a)
(1)
1,638,36?
3,237,768
3,111,780
3,5bS,l«9
4,989,591
,3:52,856
2,22S,2i:'
2,419,109
2,'.39,537
3,355,939
303,497
1,015,55;
1
Ne-
1,056,832
S,059,r62
I
4.011,787
l,'>47,865
BarnlDgs.
Net
16.281,4571
9,527,374
6.190.415
4,836,033
5,801.929
20,ri9,''.57-
17,618.976
15,490.498
18,310,495
19.'-82.0T1
13,678,70
12.069,338
10,883,979
12,879,40'
13,180,672
~5,549,63»
4328,877
6.03 .088
6,701 ,89i< ~7,124.387
f, 70 1, 91
5,909,49<l
5,085,161
8,161,106
8,366,187
6,877,9<W
4,^00,106
1,2-8.740
3,683,93:
4.109,83
4,'il0,00l
4,892,001
2.895,752
1,820.758
1,881,224
8,091.875
2,155,188
1,743,968
19,739,838
19,438,60!)
16,616,6421
80.869,036
20,353,491
11,034,015
11,876.307
18,428.438
10,973,5851 H',086,74S
14.120.181
14,200.561
8,^0^823
r,760,3lil
«,38e,e»5
6,538.906
6,158,930
7,830,74
Enmlngs..
(Expenses
-
Net
18,558,480
14,042,608
9,20a,573
19,184.887
II,343,14B
tExpentes
7,018,87.
15,717.789
0.389,532
18,101,060
10.416,0(6 iil,5:iS.39S
7.684,954
20,495,8<W
13,871,466
M.Y.l'a.ao
Barntnffs
(ExpeQB
Net
Boit.
.
s.
....
Net
Tatiil
6,643,0671
of All
EarnlnKS.. 152,717,248 142,637,073 127.654,8961 148.093.989 199.440.389 164.952.917
Expensts
94,527,95:
Net...
58.189,280
92.IJ84,202
87,601.9511 9l,2e4.51t> 10^.326,616 111,49^.044
40,052.916; 5'',799.41!<
6«.l 13,77«
63.457,878
West Shore operations included for nine months of ye»r.
t lueludiiii; taxig oa property.
i Taxea partly estimated.
11 Operations up to the
time of the icrmiiiation of the receivership
t
(Dec.
."),
ISH5.)
of information.
It
previous efforts.
Bvea
the grades and alignment for each branch and divisioa
are shown, while the ordinary statistics are very full
and detailed, and cover the entire period of the com-
Not
pany's history since the consolidation in 1869.
only this, but the report is a very reputable piece of
work typographically, being printed
in large, clear typo
on heavy paper.
have been accurately
made at tho
in our
commented
we
which
upon
year,
close of the
results for the year prove to
foreshadowed in the preliminary estimate
The
full details
furnished, howand better under-
now
ever, enable one to get a clearer idea
standing of the chief features of the year's operations.
Without attempting to go over again the whole ground
covered by our previous review, it is well to state that
though in its gross earnings the Central is able to report
an improvement over the year preceding of $835,864, ia
the net earnings there is a falling off of $1,401,850.
From the exhibit elsewhere given it will be observed
this respect the Central has done relatively
any of the other great trunk systems. Morethan
worse
over, as compared with its own past results, tho showing
appears quite unfavorable, the ratio of expense to earn-
that
* O.-
BamlK^s.
(5) Expenses
for, excelling in this respect all
issue of Oct. 6.
L.S.AMuh.S
way
is as complete an exhibit of the company's operations,
finances, property and characteristics as could be wished
The
I.
Earnings.
tExperses.
SURPLUS
YORK
in
ings (68-15 per cent) being tho highest in the history ol
the company, and the net profit remaining for dividend*
(after allowing for fixed charges)
having only once been
smaller in the nineteen years since the consolidation.
As to the cause and explanation for this apparently
(6) Taxes amonntlnK
accounts of 1887-88,
unsatisfactory state of things, so far as the Central baa
(o) Now embraced with New York C'<>ntrnl.
to*129,54« In 188l)-87 are not Included in the
owing to a change lu the ciunmny's method of treating said item.
THE (mRONlCLE.
684
[Vol, XLVII.
from influences and conditions common to all in them is somewhat over $1,400,000, and the total
the roads, the facts are fully set out in another column in extraordinary expenditures are reported at $2,680,928,
the article on the Course of Trunk-Line Income. But it would seem as if the latter total represented about
as our readers know, the main reason for the exhibit double the amount so used in 1887.
disclosed is found in the heavy and exceptional amounts
One gets a better idea of the large sums that ara
aufifered
spent by the road for betterments, improvements and
being spent upon the property and of the contrast in
that respect with the past, by carrying this comparison
total of the outlays in this way for the twelve months, of expenditures under leading heads a few years further
from which it ajjpears that the sum of $3,680,928 net back. To be sure, the Central now leases the West
Dn that account has been included in operating expenses, Shore and thus has an additional amount of road and
^his is only about 1900,000 less than the whole amount track to maintain; and yet making due allowance for
additions to the property.
The
report gives the exact
paid out in dividends ; or to put it in the way stated by this the change is very striking. Here is a summary
Us two months ago, the company besides actually giving showing the division of expenses since 1878-79 that is,
its stockholders 4 per cent in dividends, applied the for ten years.
MKW YORK CENTBAI, EXPEXSKS.
equivalent of 3 per cent more in improving the property
Mainta'ng^ R' pairs TotH! Itnad Optratinij
Grand
and adding to its efficiency and capacity.
;
Rnad and
There are two main points
now
to these outlays,
The
to be considered in regard
that the report permits a study of
and character of
the improvements, and the second is as to the com"
the same.
first is
as to the nature
with other years in the aggregate so spent.
Nearly four pages of the report are taken up with an
pnumeration of the particulars and cost of the " extraordinary " expenditures, comprising 136 distinct items, and
j)arison
covering nearly every kind and class of railroad work,
each as new sidings,
trestles,
bridges, sheds>
signals,
buildings, stations, docks, machinery, cars, engines, &c'
Taking the
principal heads, $488,671 of extriiordinary
\
and
of Eqtitp-
IteaLEsVU vunt,&c.
t
Tout
lioad.
Kquipm't.
of
Expetxses.
i
«
1878-M...
wia-Mi...
2.845.74Cf
a,7B3,n7
6.1109,457
10.513,61(1
10,12,3,073
3,134,480
3,011.825'
6,746.311
11,103,583
17,«49,8!l4
1880-81...
3,434,(W5j
4,273,(J24
7.708,309
11,758,478
19.4'W,787
1881-83.
4.07M,B55j
8,88fl,7«4j
7,748,319
11.849.625
l».SS>5,9r4
1888-83..
20,750,591
17.849,313
4,652,e3«|
4,210,911
4,087,898
a.880.1.'!i)'
8,87i,850
6,08''.0«
11,877,741
1883-84..
1881-85..
3,74B,305
Z,589,4»3
6,iS5.70>
1885.R6..
4,0::9,101
2,901,162
6,96n,2«:i
9.983.574
ll,850,lla
1S88-87..
4,801,219
3,083.711
8.8-4,!«33
1887-S8..
6.150,200
4.887.2)11
in,31T.4J0
~ Very
naturally there
is
10.^81,285
13,513,890
14.30S.S89
16,319.3:8
18,610,379
2J,388,82»
24 .028.338
a large increase in the cost of
doing a very
much
heavier business and working more miles of road.
taking the maintenance and repair expenses,
only
operating road, for the company
is
But
been charged to repairs of roadways, $2,763,717 was spent on the equipment in 1878-9,
^197,958 to repairs of bridges and culverts, $362,329 to whereas in the late year the amount spent was $4,867,buildings, $26,668 to docks, fences, machinery, &c., 249; for maintaining road and real estate $2,845,740
$509,189 to engines, $2-19,036 to passenger cars, and was required in 1878-9, while for the late year the total
$1,013,994 to freight cars, making altogether $2,847,84-5, is $5,450,200. In other words, nine years ago th«
which $166,917 was realized from the expenditures on road and equipment were only $5,609,against
Comparisale of old cars and engines, leaving the net amount 457, while for 1888 the figure is $10,317,449.
outlays have
$2,680,928,
as
given
above.
The
charges
to
the
equipment comprise 780 coal cars, 720 box
dars. 282 platform cai-s, and 347 various other kinds
of cars, while the charges to passenger equipment embrace 25 passenger cars and 12 baggage and other cars,
and the charges to locomotive repairs 54 new engines.
freight
Lest
it
may be supposed
that
all
these additions are to
son
is
made with 1879 because
the above exhibit.
it
is
may seem
It
the
initial
fairer,
year in
however, to
compare with 1880. In that year the company had
larger net earnings than it has ever had since or before,
and after paying full 8 per cent dividends had left a
—a year, there-
clear surplus of nearly 3^ million dollars
Yet expenditures on road
fore, allowing of large outlays.
we will say that the schedule and equipment then reached scarcely 6f million dollars,
more engines owned than a year against nearly 10 J millions for 1888. Of course, with
ago, 28 more passenger, baggage and express cars, and more equipment and track to take care of than formerly,
814 more freight cars. In other words, there has been the tendency in some degree should be upward an}'Tvay
a positive net increase to this extent paid for out of the changes from year to year, however, are governed
earnings.
There has been no charge to construction largely by the state of the company's business. After
and equipment on capital account during the year ex- 1878-79 there was a steady increase till the maximum
cept $830,775 for new land purchased (mainly in New was reached in 1882-3, at $8,872,850, the income havYork), though $404,394 was transferred to cost of road ing been exceptionally good that year. In the very
and'equipment from another head.
next year, with poor earnings, there was a drop of nearly
As to how the total of $2,680,928 of extraordinary ex- two millions, and in 1884^5 a further decrease. Since
penditures for 1888 compares with other years, it is diffi- then the amount has been steadily rising, but the heavy
cult to say in exact figures.
The work of improvement additions have come in the last two years, during which
has been going on for some time, and was a prominent the policy of making extensive improvements has been
replace old stock
worn
out,
of equipment shows 32
;
—
feature even in 1887.
The
report for that year con-
carried on.
an enumeration of all the different items, the same
as the present report, but the cost was not given either
separately or in the aggregate.
Total expenses howover, for 1888, (both ordinary and extraordinary) are
$2,237,715 more than for 1887, and this we are told is
due mainly to the outlays for improvements. Looking
a little more closely into the matter, it is found that
A word now as to the company's traffic statistios.
Gross earnings are larger than ever before, but simply
Ag
because of the growth of the passenger revenues.
$795,199 of the increase is in the cost of operathiy road,
the maintenance cost having increased $558,981, and
so in the case of freight
tiained
compared with 1880, the receipts from freight are
$865,000 less, and the receipts from passengers $4,207,000 greater, the latter being an increase of 64 per
cent.
Rates are lower
now
—but
of
course
—very
much
the difference in favor of
passengers follows from the exceptional development of
equipment $883,535. It is the two items the passenger business. Taking the tons of freight
tost mentioned which would reflect the greater out- moved one mile, there is an increase of only about 9 per
wif for improvements, and hence, as the increase cent as between 1880 and 1888, but an increase of 70 per
repairs of
I
Deckuoer
THE CHRONKJLE.
8, 1888.J
the passongors ono mile.
rout in
Prior to 1882 the
686
num-
iaH«.
IHWT.
ber of pu.ssongers never roiiched 10 millions; in tho luto
year
wivs
it
nearly 18 millions, over
added in tho
livst
freight,
Tho
twelve monthfl.
So,
entirely in the local business.
the local
traflic
inerouso
is
almost
tho case of
too, in
exhibits steady and striking
expansion, but on the other hand tho through freight
much below former
large
1
RaoalpU ovarlMid at N. Y., BiwtOB,A«,
Bhlpmeotii between (or floutli (ron)
millions having been
1 i
thus
totals,
is
Western Interior towns
D*iHet aim Shliimenlt inlanfl and TakiiiffB
for Simllum OotuumpUon
fnim /As follmeing eouUum port»~
Galveston
Mobile
not very important, but as
In part no
doubt conii)etition will account for this, but short croiw
and reduced exports of agricultural produce must Bo
The
effect
the local traflic greater prominence
than
considered chiefly responsible for
give
before.
Thus out
Charleston
North Carolina porta.........
Vlrfclnla porta
it.
of 15,262,873 tons of freight
is,
to
ever
8.3Mt
7,Q8«
426
0311
0,00U
1,M7
03,H3(I
33 304
3,803
631
10,183
Total to b« deducted
141^10
1(5 233
LeavhiK
3C.
!t06
.....
total not overland*.
The movement
;
lu 1S<J7
wuru 1U,010
'
AND SPINNKBH'
RECEIPTS, EXPORTS
3.33*
;
*Thla total Inclndoa ihlpmenta to Uanixi
Brptcmber 1 In 1888 amounted to 15,002 bales
butes and In 1880 were 16,142 bales.
moved
17,400
6,2U7
6.871
13.779
Savannah
compared with either 1880
or 1881 tho decline isover half a million tons.
30,7«5
New OrleuM.
making tho
movement one mile show a relatively small gain, as staled.
As compared with 1887, tho falling off in through freight
is
40 304
t
TAKIKGtt.
during the month )uld
through, while out of 17,998,558 passengers but 319,4(J9 been quite free, the total net receipts being 1,159,06®
were through.
bales, which compares with 1,178,436 bales in Noverjw
altogether in the late year, only 1,909,593 tons were
her,
COTTON CONSUMPTION AND OVERLAM)
MOVEMENT TO DECEMBER
of
1887,
the like
month
words, the present total
records
and 1,197,249 bales
other
In
1886.
to the outports
in
a decline from a year ago of 19,373 bales (less than
1.
2 per cent) while going back two years the loss
have compiled this week, and give below, our cusFor the season to the end oi
now is 38,186 bales.
tomary monthly statements of overland movement,
November there is a decrease compared with last year,
The results are now brought down to the
receipts, &c.
but a small gain contrasted with 1886. The exports toand consequently cover the first
first of December,
foreign ports daring the month have been of greater
quarter of the cotton crop year.
volume than in the like period of the two preceding
OVERLAND MOVEMEXT TO DECEMBER 1.
years, reaching 843,607 bales, against 809,265 bales and
The gross movement overland during November 686,219 bales respectively. This lessens slightly tha
reaches a very imposing aggregate, but falls slightly loss heretofore recorded from a year ago, while increasbehind the result for the corresponding month of 1887. ing the excess over 1886. Our usual table of receipts,
We
In December of last year, also, the present total was exports and stocks is as follows.
but aside from these two instances our
Xovement from Jieceipli IteceipU CXPORTS SIMCl 8«PT. I, 1888, TO—
iince
tince
record does not contain any monthly figures in
Sept. 1, 1888, to
Great
ContU
Sept. 1,
1,
France.
TataL
The month's move- Dec. 1, 1888. Sept.
excess of those now exhibited.
Brllain18S7.
nent.
18H8.
surpassed,
ment
has- been
against 304,2G6 bales
288,238 bales,
361,776
iS}JKa
107,819
The BlPaso, &c....
and 239,946 bales two years ago.
New Orleans....
the
marketing
cotton
hindered
of
which
causes
Mobile
Florida
in September and October had not become entirely Savannah
Bmnswick, Stc
inoperative during the month just closed, and this
Charleston
would account for some part of the decline compared
Port RoyaliAc.
with a year ago. Furthermore it must be remembered WUmlnston
Wa5hinKt*n,&e
that the weather during November of 1887 was excep- Norfolk
l.TT?
729.S3I
873.434
809.I0;J
116,019
11,893
C78,f51
18.70t.
West Point....
198.821
34.034
15,780
S,'»0
Boston
Baltimore
19,831
27,941
12,188
3903
*28,1«0
70,263
S5.:22
l'blladetphla,Jte.
10,l7b
7.860
17,039
last
QalvestoD
year
movement of the crop. The
the three months of the current season is
tionally favorable to a rapid
aggregate for
506,701 bales, against 557,658 bales last year and 415,199
The relation the net bears to the like
bales in 1886.
result for
November
a year ago
is
not so satisfactory as
Newp'tNew#,4c.
New York
Total l8fS..
.
119,100
).>00
492,339
in
the gross;
the
total
is
large,
however, reaching
202,417 bales, a loss from 1887 of 45,053 bales; when
contrasted with 1886 there is a gain of 28,137 bales. For
the season to Dec. 1 tho decrease from a year ago is
*
w^rie
lS7.!We
IjMO
436,4:«
242,074
l«,7W
7,917
09,690
142.21>7
6.352
8,160
36,883
16,843
33,941
24.145
87,067
Mfim
47,069
1,476
48,644
S8JN1
l!70,180
128.378
14.I!SU
143,00^
38,318
830.5)3
50.793
15.801
97,014
t,S33
270,S41
124,323
Totalise*)
131,600
t..
61.791
10.643
80,406
2,(l»i,ae»
19.273
],60i
48,&06
823,405
6,113
Total 1887....
10,778
0«.
iis.'ni
us
9.058
2,708
89,631
60,793
19.801
SI3;3
97,988
847.72.
81«
71,119
63,499
17,77
6.200
9,446
160,618
IBJM
83339
l,0S0,'59«
147,961
882.336 1.800,183
T7gJ^
3,046.6111 I.04''.3a6
179,608
s^.2te
864,*45
9:^,071
161.130
310,7«<! 1,414,963
1.847,2,«
Great Britain exports Inelade to the Channel.
Using the faets disclosed by the foregoing statements,
we shall find that the portion of the crop which has
87,543 bales, and the excess over 1886 is 43,516 bales. The reached a market through the outports and overland,
details of the whole movement overland are appended.
and the Southern consumption since September 1, this
OVKRLAND FROM SKITEMDER 1 TO DEOKMDKR 1.
year and the two previous years, is as follows:
1888.
Amot^nt Shipped
Prow St. Louts
1887.
1SS6
—
Over Ulinois Central
Overrairo A Vincenned
Over the MiBslsnippI River, above 81.
Over Evansville ATerre Haute
L.
OverJeffcr8oiivllleMad.it Ind
Over Olilo A MiBHisBlppI liraticti
Over lyouinvllle Cliiciunatl A LexiiiKtoii
Eecelpw at Clnolunatl by Olilo River
ReoeipU at CiuciBuatl by Cln. Bouth'm
Over other roiitea
Shipped to mills, not Included above..
Total icroBS nverla/^d
1888.
1887.
188«.
2.024,096 3.048,616 2,.590,9ia
Receipts at the porta to Dec.
Met shipments overland during sanio time 364,8»2 452.425| 321,308
1. ...bsloi".
.
197.007
57.339
69,033
4,100
8,091
13,400
o,456
210.840
76.224
42.237
141, S41
66.401
53.76-.
sou
26.455
22,279
6.856
45,347
23 803
13,009
3,000
28,459
bales. 2,989.978 3.499,041 2,91 3.37a
134,0001 105,000
151,001'
1
Tcital receipts
Kouthorn consumption since Sopiember
Total to Deo.
I
The amount
bales 3.13.I.973 3.633.041 3.017.278
of cotton marketed since
September
1 in
358
4M
1888 is thus seen to be 493,063 bales less than in 1887
and 122,700 bales more than in 1886. To determiut
71,.'»31
54,935
69 921}
2,8.'i7
2,201
S8,280
35,643
2,512
the portion which has gone into the hands of Northero
spinners during the same period, we have prepared tim
.iOB.701
5.57.65*
415.199
S.'S.SOS
7,735
44,253
following.
;
THE CHEONICLE.
6 6
hales 3,139,978
Total receipts to Deoemlier 1, 1888, as abive
Btook ou tiaud coiuiuenoniueut of year (Sept. 1, 1883)—
116,593
3iS'i1
AtNoi-tUeru porta
At Soathem ports
At Northern Interior markets
— 1?1.225
1,065-
8
.',290
3,322,268
Total supply to D comber 1,1888.
Of tUs supply tUure lias beeu exported
to foreign ports since Sep". 1,1888.1, 600,1 iss
2,201 -1.597 979
Ijees foreign cotton Included
...
15 00 1
Bent to Canada direct from West
203
Burnt North and South
Btook on hand end of month (Deo 1, 18881—
204,372
AtNorthem ports
571.601- 778,973
At Southern ports
12,444 2.404,604
AtNorthem interior market*
Total takings by spinners s'noe September
XMien by Southern spinners
1,
1388. ..bales.
917,664
151,000
1888.
766,6:4
837.237
fVuL XLVII.
THE COTTON GOODS TRADE IN NOVEMBER.
The general demand for staple cotton goods was
only
moderate, but a very large business was done in certain
descriptions. Fine bleached shirtings and cambrics were
reduced in price, and stocks of leading makes were
entirely closed out by the mill agents, as were some
stocks of fine wide sheetings.
Brown cottons were in
good demand for conversion purposes, and there was a
light business in colored cottons at
market closed strong
Decrease
in takings
The above
br Northern spinners
1,
...
indicates that Northern spinners haci
up
1
AMOUKT OF CHOP NOW IN
SIGHT.
Tious seasons.
An
additional fact of interest
95,8
3-81
2
381
8
95i6
3-Sl
4
6
6
7
95l6
1
the total
is
9
9^
381
10
91a
1888.
bales.
Total marketed, as above
Interior stockf in excess of Sept. 1
Total in sight
bales.
26
27
28
29
1886
1887.
3,139.978
2 »2,727
3,633,041
420,000
3,017.278
330,OOJ
3,432.7> 5
4,053,041
3,347,'i78
331
9>a
9S1
91s
91a
g-a
3-81
3-81
3-Hl
3 81
3-81
H'day
718
...
7i«
7'a
712
7>a
''n
71a
3-(-8
3-94
3
3-91
938
.'
94
1
The above
for printing
prices
.
-.
101,,
1
7'a
are— For
H'day
3-50
3-50
3-50
3-50
'in"
714
714
714
714
714
......
3-41
3-44
3-44
101 „
loie
3-. 4
3-44
3-50
811,0
318
till,
3-44
ill- 3-44
SI'k, 3 41
714
7I4
7»4
...8
10
.8...
'Hil.o
344
'
7 14
714
7I4
714
7>4
8...
.
3-50
3-50
3-50
858
3-50
H^B
Sll,6 3-50
8II16 3-„0
714
714
7>4
H'day
'
3-50
811,6
7^'
...8...
916,0 3-3S
9i6,„ 333
3-4*
10
lOhe
7'a
71a
713
3-91
cloth.'!,
3-38
3-38
10
3-38
10
3-38
916,6
915,6 3-.:8
91616 3-33
.
H'day
938
3-38
331
331
714
714
714
714
7>4
.S...
...8...
3-94
101,6
101,6
101,6
wUu.
71s
7'a
71a
71a
381
93^"
"9H"
3-31
7%
3-81
3-81
3-81
9ia
914
9^1
gis
07,6
30
which
..S...
3-31
7'a
3-81
97;;"
3-28
3-28
71a"
..8..
.
1-28
a5,8
71a
..8...
11
13
14
15
16
17
18
19
3-25
3-27
914
9-!t6
3-81
3-81
3-81
12
9 14
9 14
H'day
9^8
9^8
of the crop which was in sight on December 1, compared with previous years. We reach that point by
adding to the above the stock remaining at tliat date at 30
21
the interior towns, less stock held by them at the begin- 22
ning of the season. In this manner we find the result 23
24
25
for three years on December 1 to bs as follows.
7'a
7>«
71a
8...
8
In the foregoing we have the number of bales which
has already been marketed this year and the two pre-
1886.
1887.
Ootfn Print- Shtel- Ootfn Print- Sheet- Ooten Print- Shteilow
ing
ing
ings,
low
ing
low
ings,
Tnid- cloths, stand- mid- cloths, stand- mid- cloths, standdling. 64*64 ard. dling. 64x64 ard. dling. 64x64 ard.
to
taken 766,664 bales, a decrease from the
Oorreeponding period of 1887 of 70,573 bales and an
increase over the same time in 1886 of 82,240 bales.
December
an advance of 11 points above
1888.
Nov.
70,573
this year. ...bales.
at
the opening price.
•
Taken by Northern spinners since September
laken by Northern spinners sirae time 1837
unchanged quota-
Print cloths were very active at times, and the
tions.
...8...
S-l'"
8-I16
8iii«
3.17
3-37
3-37
6%
6\
GH
6^
6%
ej
6\
6%
en.
e\
i\
6%
6%
6%
6%
6%
.....
6\
6\
6\
H'day
8H16 337 "'e^
811 6
3 3r
..
81>,
cuttou. low iniddila? upland at
6%
8...
3-37
3-37
6%
6%
New York
manufacturers' prices; tor sheetlnijs, agents' prices
an averatie dlsoount of 5 p ir cent.
are subject to
This indicates that the movement up to December 1
of the present year is 620,336 bales less than in 1887
IMPORTS AND EXPORTS FOB OCTOBER.
and 85,427 bales greater than in 1886.
The Bureau of Statistics has issued its detailed statement of
As it will interest the reader to see what has come tlie foroign commerce of the country for the month of Oct.,
into sight each month of the season during this and and the four and ten months ended -with October 81, 1883, as
previous years, we have prepared the following, which well as comparisons for the corresponding periods of the pre-
Bhows the movement for the
1888.
Months.
424,209
Beptember
Octiobir
Kovember
Total 3 months.
last
UERCBAKDISE.
1887.
1835.
1886.
43 1 838
824,3-i9
l,-588."6«
1,639.906
1,55-^,539
22 705
4.0 3,0 41
3,347.27-<
For
1.413,433
October.
1883.— Exports— Domestic
Foreign
3.239.855
I
to
To furnish
December
weight of
a more exact measure of the receipts
1,
we
bales.
up
give below our usual table of the
We
give for comparison the figures
for the same time in the two previous years.
Same
I
T/lrte
UonlKt ending Dec.
1,
1888.
peri'd
iti
1887.
Kwnber of
Bales.
loulsiana
Alabama
Georgia*
South Caroima
Virginia
ForthCaroliEa
Tennessee, Ac
Total
*
Weighl in
Pounds.
363.553
729.531
99,1C0
542.650
229,522
503.196
98,547
573,879
192,206.836
3:6.718.773
50,739,200
269,154,400
3,139.978
1.56.J,47o,«12
113521,581
217,572.432
43,623,090
236,939,500
Same
peri'd
5210D
1
482-40
50"v00
4«2 50
479 00
470 CO
474-40
520 08
439 30
498 00
482-50
480-00
50000
49057
47100
47100
50621
49 3 -,56
48699
491-.=.3
Including Florida.
be noticed that the movement up to December
1 shows an increase in the average weight as compared
with the same periods of the last two years, the average
this year being 498-56 lbs. per bale, against 486-99 lbs.
per bale for the same time in 1887 and 491-53 in 1886.
It will
71.5,'2«8|
15
66,'234.65
3,760 'ig
,
10,264,504
•8218,575, -30 *529, 618,8.57
238,127,.555
610,746,382
$3,479,742
$19,552,225 $31,127,525
S75.02?,675i$232,495,!)19 $556,493,349
1887.— Exports-Domestic
3,611.068 ^0,-03,702
1,00 1 ,764
Foreign
$76,033,439 $236,106, 87:$56G,497,051
Total
60,963,257 239,307,730, 596,787,921
Imports
$
Excess of exports over imports $16,070,182
30,290,870
3,200,743
Excess of imports over exports
OOLD JlHD 8H.VEE—coin AND BULLION.
ii,
1886
Averatie Average Averagt
Weighl. Weight. Weight.
52 --69
488-97
512-00
490-00
494-60
412-00
493-40
Imports
Excess of exports over imports
Excess of imports over exports
Pnr the 10
F,ir the 4
Honths end4 d Months ended
Oc'obera\.
October 31
$73,999.(197 *2M,814,511 +515,354,353
$74,714,3
Total
WEIGHT OF BALES.
the
month of
485,552
1,3«0 ^70
1.359,901
1.493.289
1.515.207
3.4
Cc-ding year, aa follows.
four seasons.
1888.
-Exports— Gold— I)om...
Foreign
Total
Silver— Dora
Foreign.
Total
Total exports
Imports Gold
—
Silver
Total
Excess of exports over Imports
Kxcess of Imports over exports
1887.— Exports— Gold- l)om.
Foreign
Total
Silver- Dom.
Foreign
Total
Total exports
*658,273
536,347
$l,19o,120
$1,84". 839
2,145, 02
$3,994,341
$15,560,470
4,714,992
722,4.55
$4,893,245
646,282
$5,53 1,527
$8,309,747
3, 665,4 28
$11,97 ,175
$17,514,702
$4,422,751
4,476,451
$3,314,961
$8,S9i»,202
$18,523,018
7,374,551
$25,897,569
$46,203,031
$9,463,743
10,634,957
$20,098,700
$1,874500
$8,615,500
$2(",104,331
$312,503
$i,150,l8S
$4,318,881
4,039,423
$8,388,3 j4
$15,070,643
=
$5. 189,161
$2,592,506
75,9j58
$312,503
$1,264.>-13
$1,226,157
$5,779,825
$20,3115,462
l,123.t58
8,453, 89
6,3!16,375
$2,3'88,471
$9,2.13,11 J
$2,700,974
$12,889,632
1,450,046
$10,459,'271
$3'i,135.484
$14,-339,723
Total
Excess of exports over imports
$4"l,i0,»,167
$21,473,018
$29,861,322
$41,131,458
13,492,134
$51,623,592
Imports— Gold
BUver
Excess of importsoverexports $ir,'638,'754
5,91) 4,633
$3'oVe46396! $21,762,270
DE0EUBBR8.
THE CHRONICLE.
1888.J
687
HAOinr HAILIIOAOa.
TOTAL mtBOUAllOMB AND UOIN AND HDM.ION
i888.— Exjwrt*— Doniostio
8,073,A3B
8 ,8»7.6iB
•79,903.856
69,649,614
Porulgu..
Total
33,884,047
$-
luiimrU
imports over export*
..;.l04
Kxoesa of exports over Import* 910.304,2421
1887.— ExporU— Domeetlo .. •76,606.001 «230,42B,O33ll!157S,918,S73
'..'O, I39,ft00
Foreign
2,138.432
7,1 I"'"
ii,;t.-.s,:i73
Tol»J
•78,734,413 •246, r>'
7S,302,B85 2S0,li
lui>orta
1,411, MS
xoeea of export* over Import* •8,431,438
Katoe** of Import* OTer export*
•83,841,6891 »a5,063,140
iJU>oaTa
AMD axFOKn bt prihoipal onnoiu
Out-
of Itaamav.
\
sfwuMfK,
OCSTOMa
IIIR-
iKiers AND
FOKTS.
OCTUBEH
Import*.
1888.
flaport*.
10 montlu mdin^
October 31.
10
1888.
1888.
BAttli]iore,Md.
1.48a,»'M
S,2B«.8»)
U63.nt<
Chsmpl'n,N.T
CtalcsKO,!!!....
ClnalnnsM, O.'
Detroit. MIoh.
Dululh, MInii
Galvost'n.Tex
l,«njtlll
194.011
UllWkeo.Wls.
8«,M7I
Mlnn's'a.Mlnn
»U.88lil
«»,8!j31
Mobile, Ala...
4JI03.199
409,071
348,086
10.8110,707
10,461,2118
8,aA8,76<J
8,a7A,6;l8
Niagara, N.TT..
Norfolk, Va...
OroRon, Orea..
539.617!
1IJ.7118:
BO]
171.B!<8i
Oswega'le.N.Y
OaweKO, N.Y..
1.086,173:
PbllaSel'a, Pa.
S,d9n.U8i
Portland. Me..
St. Loula,Mo.*
<i0£87
10.933
•
Bao Fran., Cat 4,189.869!
Savannah, Ga.
33,068
Vermont. Vt..
681.3991
Wlllamette.Or
163.TU8:
Wllmrg'n,N.C
Torktown, Va.
Totals.
89.2131
I
S12.11M
840.649
8.26<.(i0U
l,B03,9«Si
1.500.188
7.610,8891 10,«0u,Hll5
1.697.68;
1,567,965
l«.874
81, UI
147.904
8.481.646'
l.lH4,5TJi
2,4U3,aM
48i,S80
000,006
668.3(10
6,598.123
137.9«e|
3«8.H67|
8.9 '9,0»8
076.6114
84,il33
686.994
9,022,644
3,R96.'482
3,9.11,441
tl,0«.),487
(ID-
clQdtng
all
oth'r IMsts.) 66,8.34.65.1 74,714.395 610,746,381 896,787.981 5S9,618,'»57 566,497,061
BemaliUDK in wareliouee October
$2S,676,000
31, 1887
Bemainiu$;lnwaretioa8e October 31, 1888
$30,533,305
* Interior portx to whlub merobaadlse can be transported witbout
sppralAement, under aot of Jane 10, 1880.
coIIooUdk
t Inooiiiplete in tUo ahseaoe ot law pruTidinK the meaua ot
the statistics of exports to adiaoent foreign territory by railroad oars
and othi^r land vehicles.
THU DEBT STA TEMENT FOR NOVEMBER,
188S.
The following is the offloial statemenc o( the public debt as
it appears from the books aad Treasurer's returos at the close
November
of business
luut.
Htgbtartd.
Coupon.
1881.
Q.-M.
Q.-J.
Q.-J.
J.&J.
PaclDo KRs... J.* J.
1907.
4s
Asgregate
Tbtal.
t
187,0»,85J
19^.10 7
880,880,700 101.008,050
681,288.750
1.2j3,020
49,051
4,54l,0»
86J
•64,623,812
189,090
14,000,000
•64,683,512
10,649
1,615,587
799,994,662 138.944,550
947,068.202
1.458332
8.437,425
t
156,090,380
t
t
2,104,052
175,000
1895; KMO,000 Not. 1. 1893: areraze date of
maturitj, March IS, 1895 ; (3,680,000 Jan. 1, 1896, 14,380,000 Feb. 1, 1896
average date of matorltjr, .lao. 18, 1806 ; 19,712,000 Jan. 1. 189! ; $29,904,938 Jan.
1. 1898 : $14,004,560 Jan. 1. 1899.
1)BBT O.S
I.VTBllBST
GBA3E0 81NCB MATDRITY.
Axffregate of debt on whlcb Interest has oeased since matuHty is 18.151,749
Interest due and unpaid thereon, 1101,886. This debt consists of anumberot
Items of which the principal amounts are called bonds.
•
matures Jan.
t),3«2,00a
16,
WHICH
HAS
i
DBBT BBARINO NO 1NTBRB3T^
__^_
Amount,
Old
demand notes
l^eKal -tender
$66,807
346,681,016
notes
Certlflcatds of deposit
amount held
T.e9B
11.810.000
in Treasurer's cash
150,000-
\,
Qold certificates
Less amount held In Treasurer's cash
BUver certtUcates
Less amount held in Treasurer's cash
V^aotional ourrenOT
Less amount estimated as lost or destr07ed..
166,706,160
87,141.938-
8334.485- 237,418,789
16,396,898
8,376,834-
1,880,917,706
Net cash
debt, less available cash
$
In
the Treasury
of
det.t nlnco Jtine »0,
$
9.806,838
161,786
936.964,460
1,
sxs
I,6»i,a80
40,7061 1,g08,'MS{
1MJ71
64,628,612
l,619,6« 78,609,147
81.Bn9,78»
1888
1888
10,067.5K
1,6«0,V75.29J
Kjmjm
SMI
ijmjm
I.I0II.6W
»m{m
8
The following statement for November from lihe odloe ot
the Treasurer, was issued this week. It is baaed upoo the aotaaL
returns from Assistant Treasurers, depositariee and superintendents of mints and assay offioee, and shows the condition ot
the United States Treasury November 80; we give the Qgures
for October
!il
for comparison:
NovEMBCK 80.
itHU and
Sold—Com
Bolmess.
Total gold
lAuet) 888,603,861
16 ',70e.l«0
CertiSoates Issued
Certittcates
on band
LWK—
and
UabUUia.
Assits
166.777,1801
86,108,498
87,441,988
CertlOo's, net.(LtoMIity) 18e.a84JH8
Net gold in treasury.
I>olIars,stand'rd
140,6UJI68
Bullion
Total silver
(Assst)
Certiflcates Issued
CertiScates on hand...
1»7,187,776
7,404,684
e,78iaB2
CerUBc's. net.iLtoMlUy) 837.4 •6,788
Net
silver In treas y
D. States notes
{Autt)
Certificates issued...
CertlQcates on hand.
Certiac'B, net.(Z;iaMU(v)
Net U.s.notes in treas.
Trade dollar bullion
vnjnijnt
199.889,138
849,V;0,440l
4,a80,«72|
81
1888.
828,200.040
108,479,2 18|
8J4,176.75->
iO(,420,eii
Bullion
OCTOBIBSI.
1888,
19,118.096
46Ji«8,P96
11,810,000
160,000
4s,sae.nol
11,860,000
11,880.000
National Bank notes
Deposits in Nat. Banks..
Balance*. .(Asset)
PCHLic Debt ani>1nt.—
.
ll,l>70.000|
390.000
863t83W
38.208.068
6,181.804
267.060
51.925.078
64,4a0«»
31il,0-.t8,34«
313.3««,(M1
1,448.188
0,821,888
2,151,745
8873M
1.07CJII8
1,804,768
8.866.6SS
183.110
161JM6
Debt bearing no inter'st
Int. on Pao. Kit. bou(h
1,481
418
due. unpaid
Acc'dint.,Pac. RH.b'd:
10,650
1,615,888
I&iBO
1,898,470
Debt and Int.d/iaMlitv)
Fract'l cur'cy redeemed
U. 8. t}onds and inte'st.
Int.ch'cks & (wnpons p'd
18,810,771
9.608.4US
Reg.
& coup. int.
1,481
416
487.281
87,446
1,798.980
176,4"-
prep'd
Debt and intar'Bt.(it<4«t)
1,988,438
626.158
D'bt&i nt.neU£4aMKtv)
Bes've for red. U.S. notes. i()o.ooo.'oo6
ITund held for redemp. of
86.430.020
notes of Nat. Banks
Five p. c. f 'nd for redemp.
6,888,748
of Mat. Bank notes
i6o,boo,oo6
87,018380
«.«8e.4M
Redemp.res'r.d/ioMItlv) 193,888,748
Nat. Bank notes in pro*
8,114.397
cess of redemp. .(Atut)
198,849,298
3,930,670
.
Net res'rves.(X.<(iMlttv)
r.imjm
1],'M4,US
189,714jM8
190J44.S49
8,738,060
Dlsbnrs'g Offlcers'biU'ces.' 89.079,084
4,804.808
8a,9e7,7»t
Post OiBce dep't account.
UndlstrlB'd ass'U of fall'd
National banks
Currency and minor coin
redemption account....
1,486460
1.610,666
740
840
9.98U
8,820
Fractional silver coin re-
demption account
Redemption and exch'ge
aooouot
Treasurer's transf^ch'ks
and drafts outstanding.
Trsasnrer U. 8., agent for
paying int. on D.Col.bda
187364
728080
88,708.103
6,888,111,
811,608
880,636
(LiaMIUv) 67,974,740
9,782
(nt.00 D.CoLbds pd {Amt)
4i,«M.8a»
Balances
.
Minor
8,841
(UoMHty)
67,964,958
.(Liability)
a3».793,»ia
Net
—
coin
Subsidiary silver coin..
Aggregate net Aaut
u.4a43a»
!
'AaS.H68.8>l
M,ilt4,iilO
WAU
71.131
S;,801,678
M.0H817W
76.1(/7,417
1)8,671,163
781,697,758
FFrom our own correspondent.]
$400.aO,7h7
11,199,817
London, Saturday, Nov. 24, 1S88.
During the past few days the London money market h»"
been passing through a crisis which, it is hoped, will preven
serious difficulties at the end of the year. In the week ended
Wednesday night last the Bank of Enghind lost nearly
17,004,803
£1,300,000 in gold, btinging the stock of the metal held
1,148,489,833
1,137,2«J,038
...
4M.40S
2,313,031
62,234,610
1,
Becreaae of debt dnrlnirthemoi
D(3''rAii«e
Tbtoi.
l,a00,7ai,403
Debt, less casta In the Treasury. Dec
Debt, less cash In the Treasury. Nov.
9j0r
1.970,01)0
(Asset)
Assets not available-
Leas cash items avsiiable for reduction ot the debt ... $390.86^,787
Less reserve held for redemption of U. 8. notes... .. 100,000,000
ToUl
11.78MI0
9,0W30H'
Wsst. Paolflo
..
1
SIMM
SloazCAP.
.
0. M.
ikaaT.444
49,8641 t,88«,4t8i
Ket balance
781,61,7,758
Total debt
6,919,913
.
Interest.
$
917,068,202
8.151,745
Debt on which int, has ceased..
Debt bearing no Interest
«
».7»7J«7
Total
$731,697,758
Prindpal.
iDterest-bearinn debt
129,2(^,228
846.250,274
AiigreKat« of debt bearing no Interest.
HBCAPITDLATION
Ou
Int. prepaid not accr'd
Due Accruei
AVnpaid. Interett.
Int.
81.936,500
*
lUt
40,000|
Accrued interest
Matured debt
Inter't on matured debt
Amount OuUtaneUno.
iHtert
UnI'D Paoiao,87,«a6,6U
Cen. Br, U.P. 1.600,00.1
Interest due. unpaid
30, 1888.
INTBRBaT-BfUARlNO DBBT.
(AaracUroS
647,tM'81,I18,n«l
:b7,67b ii,a»i>jNa>
6X0,818 3»,I«8,B0«'
684.410
709.996
8,668,718
51,181.217
8.288,«01
68.817
10,»S5,819
60.78:4.867
8,090,378
392,015.48* 382,1 77 ,8n 345.41O.370i856,172.1i;C
+lH..'i28
+ll.(Mi'
8,83<i,5U
39.189
2,98^.918
9.710,H34
2,8«7,l»0
»6.4«
61,989
7,S«.509
1.0ti7.Vl6
lia.8«
288.537
1,000,898
288,SB«
124.467
1.686,959
1,889.0821
1.511.806
1,5«17,483
2.i.5a.071
£31,719
9,92^.898
a.918.Sl!7,
1,567,720
8,861,705 88,613.800 33,!)84,044 23,343,0311 29.0f3.676
ti74.06J
1,|I85,82U
1,665,;'31
108,310
998,503
9,641.866
8,629,8751
4,280,094 41,806,693 35,216,990 26i^'«i.'034 23,893,(192
8,662.396
828.861
103,838 10,180,175 16,198.:l39
6,Ul,0ei
1.404,949
1.179,809
161,680
4,7«1.BS3
377.441
4,38.-<,5S0
OOt.807
870,604
8.249.694
189,906
187.843
1,741.378
4,13.f.018
1,190,106
318,280
163,961
875,836
4.7«,85»
7.164,019
New OrrnmLa 1,903.8%)
New York.N.Y 41,360.879 a8,U(l-J.I>2.S
Paollle.l 6,808,000
»*44»*
»i«»p,«.
8sn>4s<.
UNITED STATES TREASURY STATEMENT.
413»1'.707
86.638.740
11,424,674
4.8«0.101l
ii.8»i,68e
il,9e8,18'.
Pa<iito.:*8M),lM;
Kan.
1887.
10,t!80,04B
il.«M,40»
B.\
Uctobcr 31.
M,T48,3aS 64,630,366 47,918.298 4B.758,«S»
ai'i.."ti
IJ.18.1
(7.
OnlODnolao.
monttu tmdtng
3.887..88«
2,B«4,«U9
129.648
ieM
l«44.
B*MAp*r s/fntsfM
>OTt«Me<«
stnklBii foods held ($I0.018,090 bonds and IIO'^W ewb) %\Ofimfm»,',tt
whion M,08I,3S8 was on account of central PactOo and 17,007,077 oo •soui
9.«ai,«4S
4a,ss»
1T9,!M
ftl4,080
««),390
Charlest'n, 8.C
Wl
n» nwM-
The
I
Boston, Masa.
BuiraluCk.N.V
Gm.
TnUls
XPORTS.
and not
I
oistriots.
IHPOKTS,
|f,|l„jg
I>riiM4|Ml
JITams
SxeMs of
•
nt,rtml»ktoniiumw.
InlsrMt
by
it
THE CHRONICLK
688
has been since 1869. In consequence alarm
and the directors of the Bank of England did
what they ought to have done weeks before— that is to say,
orrowed nearly two and a quarter millions sterling on the
security of consols and Indian Government stock. Owing to
this and to the gold shipments and the revenue payments,
there was a reduction in the week of over £3,600,000 in the
"other deposits," the chief item in which is the balances of
the joint stock and private banks; that is to say, the unemployed funds at the disposal of these banks. Moreover, the
bank directors also made representations to the leading joint
Btock and private banks, in consequence of which these latter
resolved to support the action of the Bank by insisting upon
higher rates. The result is tbat the rate of discount in the
open market has been raised to almost 43^ per cent, and the
The withdrawals had been chiefly
tendency is still upward.
for the Argentine Republic, but a strong demand had also
sprung up for Germany, South Africa, Egypt, Portugal and
even India. Of the new demands, the one for Germany caused
There had been a drain from Berlin
the most apprehension.
to South America and to Russia. The Imperial Bank of
Germany had, in cons quence, adopted measures not only to
stop the drain, but to attract gold. And although the Bank
of Eogland twice raised the price at which it would sell
German gold coins, the demand for Germany was growing.
The question now is, will the advance of rates in the op3n
market stop withdrawals? Before the rise took place arrangements had been made for the shipment of further sums
but it is hoped
to South America, South Africa and Egypt
that even these shipments may be greatly reduced, if not
stopped altogether. And the belief amongst the most capable
bankers is that fresh shipments will not take place. The
Bank of England has now got the control of so large a part of
the available capital in the short loan market that it can enforce what rates it likes by simply continuing the policy that
has been so effective during the past week. And it is therefore thought that it will be more profitable to leave money in
London for employment here than to send it abroad. And,
further, it is expected that gold will be attracted hither. It
is always found that a high rate does" attract gold; and it is
argued that it will do so now, especially as the great French
capitalists who are preparing for bringing out the Russian
oan will do what they can to reassure the London market.
On the other hand, the Berlin market is uneasy. The Bourse
settlement at the end of the month is about to begin and it is
The value of money may rise
expected to bs a difficult one.
in Berlin even "more quickly than in London, and the German
demand therefore may continue. The leading bankers, however, do not think so. They are of opinion that the crisis
lower than
began
it
to spread,
;
over.
is
The
state of the
new Argentine
to
money market has
issues.
practically put an tod
For some time past the public has
[Vol.
XLVn.
is no foreseeing what the consequences
the revival of political apprehension is not
favorable to the Bourse, though those apprehensions are
somewhat quieted by the Emperor's speech. The coming
Russian loan, too, is a cause of weakness.
It is viewed with
much disfavor by the Berlin Bourse, which fears that it may
rise
may
very high, there
be.
And
be in preparation for war, and which is not pleased that
Russia is freeing herself from dependence up an the Berlin
market. There is some apprehension, therefore, that a dead
set may be made against Russian bonds.
There is no question
that Berlin has been selling these bonds of late, but whether
speculatively or because compelled by the money flurry, is
not so clear.
The market for American railroad securities was, of course,
as much affected by money uncertainties as any other departments of the Stock Exchange. But the depression in that
market had begun when the money market was easy, and
would have continued whatever the state of the money
market had baen. It is mainly caused by ths trunk lines
rate dispute.
The great French capitalists interested have no doubt that
the coming Russian loan will be covered many times over by
French subscriptions alone. The French are convinced that
a strong Russia is necessary to them, and they are delighted
to find that Russia has applied to Paris rather than Berlin for
financial aid. But the French capitalists are quite prepared
for hostile operations in Berlin.
Indeed, it is understood that
the coming loan is only the first part of a much larger issue.
And it is said that the smaller part is first offered for the very
purpose of allowing Berlin hostility to expend itself before
It
the larger and more vulnerable operation has begun.
remains to be seen whether the German selling will be so
large as in many quarters is expected and whether, if it is,
Paris will be able to maintain quotations. On the other hand,
it is feared by many that a vigorous raid upon Russian bonds
The holdings of
would break down the Berlin Bourse itself.
Russian securities are so large in Germany that a crash there
might be the consequence of a serious fall in prices just now,
when the Berlin Bourse is hardly able to support the rash
speculation in all directions in which it is engaged.
The unsettled state of the money market has not detrimentally affected trade, which continues to improve without speculative excitement steadily and wholesomely.
Business in wheat has been inactive this week. The supply
of home-grown grain is large, but the quality for the most
part is bad. For good samples prices are well maintained,
but there has been a slight decline for grain of inferior qualThe imports of Russian wheat continue very large, and
ity.
the prices of foreign grain, in consequence, are barely maintained. The weather up to the present has been very mild
and open, and the consumption, in consequence, is not large
for the season of the year. Under these circumstances the
large Russian imports weigh upon the market. But ice ia
If navireported in the Sea of Azov and also in the Baltic.
gation is now closed for the winter in the Baltic Sea, and if it
is seriously interrupted in the Black Sea, Russian imports
must necessarily fall off. And as the imports of other countries are decidedly smaller than at this time last year, prices
would have to rise to attract more wheat.
But it is believed
by many that the frost in Southern Russia will not continue,
since the temperature all over Western Europe is exceedingly
high. That, of course, however, is a point upon which no
well grounded opinion can be formed.
From India it is now
reported that the damage done by drought is not so great aa
has been believed. On the other hand, a serious drought con;
shown less and less willingness to subscribe. Several of the
even the
recent issues, indeed, have not been successful
Waterworks Company, brought out last week by the Messrs.
Baring Bros., was subscribed for to the extent of less than 10
per cent.
Of course, it is underwritten and therefore
placed, but the general public would have nothing to do with
it.
It is not probable, therefore, that a new issue would
This is fortunate for the Argentine Republic. The
float.
Provinces and municipalites have been borrowing entirely
too much. The interest charges will be a sore burden to them
for years to come. And the railway companies have been
ioine what has caused so much mischief in the United States
that is, building parallel lines which were not wanted.
It is
till more fortunate for this market, which has already sunk tinues in Australia.
far too much money in the Argentine Republic. But the improject has been started for laying a c»ble from Vanpossibility of raising much more capital in Europe is likely to couver Island through the Hawaiian Islands and New
have a depressing effect upon the industries of the country Zealand to AustraUa, on condition that the British Governfor a time, while it is almost certain that we are approaching ment and the Australasian Government guarantee that they
;
;
A
a
fall in
The
Argentine securities generally.
flurry in the
money market
has, of course, depressed
will use the line to the extent of £75,000 a year.
The
project,
all
strongly opposed by the companies at present interesed in communication with Australia. On the other
is feared, nevertheless, that the settlement will be a trying
one, and that the one at the end of December will be still
more difficult. If the rates of interest an! discount should
hand, it is recommended both on commercial and political
grounds. It is recommended, for instance, to Canada, on the
ground that it would help to give to her a large part of the
Australian trade. And it is recommended at home on tho
ground that it would greatly cheapen communication and in
case of war would provide a second means of telegraphic
communication with the colonies.
The rates for money have been as follows
departments of the Stock Exchange. Business has been
exceedingly inactive throughout the week, and prices have
all declined.
The effect of the money flurry has been
heightened by the weakness of the Berlin Baurse. As observed above, the settlement there is fast approaching, and
the weaker spiculators have been lessening their accounts.
It
of course,
is
DtCKMBKB
THE (JHHONICLE
8, 1888.J
/nl«rMt aUuuwd
forttponli ky
0pm marktt r«(M.
Bank AUb.
TYatt aOb.
Joint
fbur
Four
Thr44
atoek
Dire*
ais
MonlliBl Montfu Monthi Kontlu Hantktl Itfimthi Banla.
At
T(oU
nail.
Dil»>.
I
OOU
iH%
3 6154ii!IH«
» • -'8H»-- a)4«
-8
B
S •8M8H>
18
M
•
••
»-
•
Mot. t
"
9
•
- 8«*4M
-SUM
8Mi»«
MUM
8M« -Ism* - 8M« - 8M«4
1«
an
8M
8M
8M
BW
8Mlt4W aMa4)«
-|aw«4
8M««
«Wtt
»M-8)4
Um
From
1888.
1
i
£
S
£
W,«a7.MS 83.TB1.718 84,417.610 84,088,178
Ou§-
Inttfl
tom*.
Rn-w
•
«
»,4«8
i»lr
8,9M,a09
8,tia.7«e|
OUi*r dapoilM
0.109,818
««,«e7,7(»
81.ll7e.«03
88,778.881
84.888.880
OoTammwit
19,087.788
18.409.980
18,88X815
18,809,010
M.a«s,e28
18,909,806
18.710,898
20.411.889
,
Moorltles
OUiar wssritlu
,
BMarra of notei and ooln.
I
8.888
8.1M 81J905
rata
,.p. c.
,
Oontoli
OlaarlBC-Houa ratorn
Messrs. Pixley
bullion
market
19,788349 11.831,887 18,087.788
18.488,473 90J27S.M4 80.100,1771 SI .8113,971
89 18-la
48!<
4'IX
4 P.O.
8 P.O.
5 P.O.
4 p. a
108 7-ia
lOSI.ltf
too 16-Ifl
100«
t88,7M,000 108.884,000 89,446,00<' 88,807,000
81,888
18,888
18,787
10,888
10,»8»
8.081
S«pt«mb«r..
Ootobor
8,488
81,888
18,881
NoTsmbar.
18,880
10,8KS
8.880
8.818
84,40*
18,880
& Abell
write as follows on the state of the
:
Bombay.
Mexloan Dollars— Mexican dollars have been dealt inat42i4d. since
onrlast, and there are few otferlng. £5,000 has been ssnt to Poning.
The following shows the imports of cereal proiuoe into the
United Kingdom during the first twelve weeks of the season
compared with previous seasons
1886.
12,534,419
6,631,388
4,360,020
1885.
14,156,489
3,794,906
3,127,532
513,332
564,483
511,977
882,740
6,101,916
2,973,239
5,947,485
3,826.644
1):
1887.
11,645,547
4,481,453
10,445,012
1888.
Imports of wheat.owt- 16.488,608
ImiKjrte of flour
4,211,085
Bales of home-grown. 8,331,534
Total
Aver, price Wheat
Aver, price wheat
1886.
1885.
12,534,419 14,156,489
2,973,239
3.826,644
8,861,516 10,889,455
29,061,827 26,472,012 25,222,579 28,019,183
1885.
1888,
1887.
1886.
week. 31s. lid. 30s. 5d. 3l8. 4d. 30s. lOd.
season. 33s.
5d.
30s. lOd.
5d.
29s.
In.
nary.
HOM.
t«refft.
~i~
July
Aug..
Sopt
The daily closing quotations for securities, &e., at London
are reported by cable as follows for the week ending Dec. 7.
10.0641
Oct..,
17,174
d. 427a
Consols, new 2%perots. 9613,8
do
for account.
976,,
Fr'oh rente* (In Paris) Jr. 8272l«
O.B. 4 las of 1891
llOVj
U.S. 4s of 1907
131
53^
Paul.... 6l<Sg
Erie common stock
26 °g
minoU Central
1185a
<t St.
New York Central
Hon.
Tuet.
Wed.
42^8
x963,,
x969,a
427g
961,9
42%
Sat.
BUver, per oz
Pennsylvania
PhUaoelphia ic Reading.
5458
24>4
110%
111
110>4
131
429,9
961,8
96>3
429,9
110>4
131
5318
63 >4
26 >4
62%
255g
116%
115%
54H
Fri.
131
53%
23 la
110
TAur*.
95^
96 H
8317>a 83171a
HOI4
110>4
963,4
96 >9
83121a 8317J« 83-22'B
101 >4
131
5338
63 14
2559
11738
54O8
23=8
I
54 >4
5338
631a
26
116
543g
131
5314
64
26>s
II6I4
5438
23%
23%
23%
109 >a
log's
109%
interest-
ing statement, furnished by the Comptroller of the Currency,
Bhows the amount of each class of bonds held against national
bank circulation and to secure public moneys in national bank
depositaries on Dec. 1.
gave the statement for Nov. 1
in Chkoniclk of November 3, page 533, and by referring to
that the changes made during the month can be seen.
We
r. 8.
Act July 12, 1882..
Correnoy 68
8s,
lit per cents
A per cents
Total,.
fi,8n
H,4B1I|08J*0
87.080' 81.7701
omitted).
Bondf Held
Publie Depo$itt
in Bank*.
Dee. 1, 1888, (0 Beeure—
Bank
Circulation.
Ptn-
In-
narg.
tteni.
UmL
ISSl 88,148
1,303
n,19<li
14,788
11,448
10,428
11.004
14,798
88,187
718'
8,079l 10,S80i
8,010
8.618
80,010
ii.as4
l,t«l
7.237
88,S%I
0.578
18JS7
Ba.030' 60,805 10,138 18.Oaoll47.Og8l
57.704
Chanqes
in
—
4,618
1.039
'
404
l,70«
ia.700
0*1
B18|
•
*8[J78
48,500 loioiil *,a»«
Legal Tenders and National Bank Notbi to
Dec. 1. The Comptroller of the C\irrency has fnmiahed
us the following, showing the amounts of national bank notes
November 1, together with the amounts outstanding Dicembar
1, and the increase or decrease during the month; also the
changes in legal tenders held for the redemption of bank
notes up to December 1:
XaiUmal Bank Sole*—
Amount outstanding November 1, 1888.
Amount Issued during November
Amount retired daring November
Amount outstanding Deoember
1,
I
$239,196,250
$244,765
2,938,850
3.183,615
$236,257,400
1S88*..
Legal Tender Sotet—
notes N'ovember
to
1,
redeem national bank
$86,829,922
1888
Amount deposited during November
Amount reissued & b'nk notes retlr'd in Nov
Amount on
$2,123,720
3,183,615
59,8»5
deposit to redeem national bank
$86,770.087
notes December 1.1888
Circulation of national gold banks, not Included above, $189,787.
According to the above, the amount of legal tenders on
December 1 with the Treasurer of the United States to
redeem national bank notes was 188,770,037. The portion of
this deposit made (1) by banks becoming insolvent, (2) by
banks going into voluntary liquidation, and (3) by banks reducing or retiring their circulation, was as follows on the first
of each of the last five months
deposit
Depotiltby— A.ug\ul
Oct.
Sept. 1.
1.
.Yo». 1.
1.
$
1,098,179
1,061.359
Uqoid'R bks. 6,991,804 6,842,760
Bed'c'g undr
aotof '74.*i82,470,387 80,193,656
'90,560,370 88,099,783
1,099.076
0.552,061
1,035,803
6,737,393
Dte. 1.
1.068,678
6,480,87»
80.271,846 79,178,785 79,220,472
88.045.042 86,820,922 86,770,087
Act of June 20, 1874, and July 12, 1882.
Imports and Exports fob the Week.—The imports of last
week, compared with those of the preceding week, show an
increase in dry goods and a decrease in general merchandise.
The total imports were $7,841,887, against $8,835,797, the preceding week and $8,490,997 two weeks previous. The exporU
for the week ended Doc. 4 amounted to $6,388,334, against
$6,253,974 last
week and
$6,430,945
two weeks previous.
The
following are the imports at New York for the week ending (for dry goods) Nov. 29 and for the week ending (for
general merchandise) Nov. 30; also totals since the beginning
of the first week in January :
roREioN mroKTS at m»w tori.
1885.
DqrCtoods
Gon'l mer'dlse.
Total
Anee /an.
Dry Goods
1.
Oon'l mer'dlse.
1886.
1887.
1888.
$1,564,578
6,559,034
$1,357,008
7,444,878
$1,889,457|
6,953,119
$1,891,274
5,990,818
$8,123,612
$8,801,886
$8,841,876
$7341,887
$92,685,071 *107.169.450$I 13.488.042 117.708,98«
310,153,8St
i64;363;290 294,124,224 319,593,488
$427,861,218
Total 48 weeks. $357.O28,36ll84Ol,293,074'$433,O82,380
statement of the exporte (exclusive o f
The foUowing is a
from the port of New York to foreign porta for the
week ending Dae. 4, 1888. and from January 1 to date:
specie)
Total Held.
BXFOHTS FBOM ICSW YORK.
1,315,000
15,408,500
32,773,500
$3,483,000
62,865,450
100,448,100
$100,0)0
4,798,000
78,273,950
133,221,600
$49,597,000
$166,796,550
$210,393,550
$100,000
OrM-
817
For Week.
Bonds Heuj) by National Banks.—The following
De$criplion of Bonds.
tj8til
8,590
8,707
891
4,211
I8.881I 21,476
Total
Chic. Mil.
'
aiAU
K0i» mjmt
*
489
8.474
io.«eo|
Insolv't bks.
Omadlan PacUlo
8j84t
8
8.779.
li.BS4
18,851
.
'UflU.
Od.
31s.
EnKllah Flnancinl markets— Per Cable.
London.
U.74S
8^88' 80,811
8,887'
188T.
Pen-
Amount ou deposit
IMPORTS.
1888
1887.
owt. 16.488,608 11,545,547
4,837,574
3,730,743
4,124,902
4,510,945
46»,018
730,808
711,956
500,270
0,023,497
5,432,455
4.241,635
4,481,453
Supplies available for consumption (exclusive of stocks on
September
18,700
B.788
I1JI18
10,448
10.407
1888.
OnH>
Not..
a good (Iciimiul for ttjM all the week, and, with
exception of ilSO.OOO In RoverelKus, no piircUase? have been made
by the Rank of Enzland. On tho other hand, oonalderable sales have
bo«n efl'ected, U)tali!ug £61)2,000, of which £117,000 goes to Oermany,
£300,000 to the Cape, £250,000 to Sonth Auiorloa and £25,000 to
Egypt. Arriv Ills— £164,000 from Australia and £8.000 f-om Buenos
Ayres. £35,000 lias been sent to Bombay and £'25.000 to Egypt.
Silver— With better cxelianscs from ladia, tUe prlee ot Bllvor hardened at the begiunlii}; of the week, until lH^il. was touched. A fair
business has been done at this figure, wbloh remains the quotation.
£33,000 has arrived from New York and £160,000 has been shipped to
com
18JIB'
8S,07<
18.788 l80.Mt
DisBusaBMCim (OOOt
Gold—Tbere has boon
Barley
Oate
Peas
Beans.
Indian
Flour
94J88I
94.888 eSJOl
08J01
Total 6 months.
mi
tlic
Wheat
I
a«,S8S
10.98e.988
Coin and bnlUon
Prop. aueU to llabUlUe*....
Bank
4.880,018
(OOOs omitted).
Out- nnttr^'IIU*^
I
OlroaUttiOD
Pabllo depoalti
WtiTimhi
obtain the fl«turet for imiloiH
BKCKim
Aleut.. ..>
18(8.
wa
previous return*
months, and in that manner oompUte the ttitimiwit staoe tiM
beginning ot the flioal yesr for 1898-89 and lWT-88.
8W8X-3^
1887.
aw taabSd
Qtnmnmt^
ooorteBjr of the H«oret*ry of
TrMrorjr, w«
to place before oar readen to^aj the detaik of
reoeipta and dlibunemetita for the month of
Ki
The following return shows the position of the Bank of
England, the Bank rate of diaoount, the price of oonaola, &c.
compared with the last three yearsj
1888.
68i9
OovKKNmeirr Rimrtne akd BzrannTimH.—Thraagh |h*
188S.
For the week..
hov.
.
reported..
1886.
$6,941,609
$8,236,909
295,643,240 289,508,996
1887.
1888.
$7,096,969
280,346,433
Sd8,e833M
f8,988JS4
$287,403,002 $274,971,624
Total 48 weeks. W03,980,145 $296,090,165
THE CHRONICLE.
690
[Vol. XLVII.
The stock controlling Oregon Railway & Navigation is to
The following table shows the exports and imports of specie
New York for the week ending Dec. 1, and be placed in trust for the benefit of the two purchasing companies, the Union Pacific and Northern Pacific, who will
1, 1888, and for the corresponding periods in
at the port of
since January
1887 and 1886.
BXPOKTS AND IMPOBTS OF SPECIE AT
amicably adjust the whole far Northwestern territory between
them. This action will dispose of a long standing controversy, and restore harmony throughout the Pacific Northwest.
HEW TOEK.
ImportB.
EacporU.
Bold.
Since Jan.\
Week.
All other countries.
$8,985,905
21,900
1,835,358 10,257,804
5,146,852
17,288
2,650
473,262
745,638
3,000
Total 1888..
Total 1887..
Total 1886..
*1,855,646 $25,634,011
6,303.615
70,000
35,5631 37,537,5951
Sreat Britain
France
Oermany
West Indies
Hexloo
Boutti America
....
Week.
4,146
1,688
23,415
4,012
$33,261
154,792
813,959
Since Jan.\,
$1,968
2,695,304
1,036,867
1,572,388
45,669
270,805
273,383
$5,896,384
37,361,008
25,712,860
—
Railroads in New York State. The following reports for
the quarter ending Sept. 30 have been filed with the Railroad
Commissioners:
Since Jan. 1.
$471,700 $10,546,176
451,059
5,000
22,568
690,030
Oreat Britain.
France
Germany
West Indies
Mexico
Bouth America
740
All otlier countries..
65,537
626,846
$477,440 $12,402,216
425,543 10,586,099
234,4C0
9,373,998
Total 1888..
Total 1887.
Total 1886..
Week.
81,907
2,281
838
35,190
$120,Cie
2,762
20,830
Of the above imports for the week in 1888 |586 were
American gold coin and $1,533 American silver coin. Of the
exports during the same time $30,288 were American gold
coin.
—Messrs. Alfred H, Smith & Co., the well-known diamond
importers, 183 Broadway, corner of John Street, are giving
their customers the benefit of the new and improved style of
cutting diamonds.'resulting in such a marked increase in
They also offer at the most favorable prices not
brilliancy.
only diamonds, but rubies, sapphires, emeralds, &c. As an
investment diamonds probably rank ahead of any jewels
known to commerce, and have held their value wonderfully
in times of financial depression. Messrs. Smith & Co. say
that the present is a good time to buy, as prices are now tending upward.
The coupons of the general first mortgage bonds of
the Northern Pacific Railroad Company, due January 1, will
be paid on and after January 3, 1889. Transfer books of
the $5,000 registered certificates close December 20 an i reopen January 3 next. Checks for interest on said certificates
will be mailed to holders of record December 31.
Mr. G. Schroeder, of the cotton house of G. Schroider &
C!o., has just been admitted to membership in the New York
Coffee Exchange, and the firm is now prepared to execute
orders for their friends and customers in this department of
trade as well as for grain, produce and cotton, for spot or
—
—
future delivery.
—The interest, at the rate of 4 per cent, will be paid on subscriptions to Sutro Tunnel Company bonds from the date
thereof to January 1, 1889, upon presentation of the Trust
Company certificates issued thereon at the office of the Union
Trust Company, on January 10, 1889.
^Mr. Fred H, Smith, who does an active business in investment securities, particularly railroad bonds, has removed his
office to 20 Broad Street, front, opposite the Mills Building,
where his friends will now find him.
—
Oregon Railway & Navigation Co.— Oregon Trans-Continental.— The 27th of la^t July Judge Van Brunt in tbis city,
on the ex-patte application of Brayton Ives and others and
the O. T. Company, granted a temporary injunction against
the Oregon Railway & Navigation Co., which is leased to the
Oregon Short Line in the interest of the Union Pacific. This
injunction restrained the defendant from building a bridge
at Riparia and certain branch line) which had been begun
from Riparia to Hooper and from Farmingcon and Endicott
to Spokane Falls, and to the Coeur d' Alene mining region.
On a motion to show cause why the injunction should not be
made permanent, the case has now been argued at great
length before Justice Patterson in the Supreme Court, and he
has decided in favor of the plaintiffs that the injunction be
made permanent. The general grounds of the injunction are
tliat the building is in violation of contracts in 1880 and 1882,
of the joint lease of 1888, which apportioned certain territory, and also that the expenditure of $3,600,389 in building
this bridge and new roads was "squandering" the bonds of
Navigation Co. in useless building.
the Oregon Railway
and
&
An agreement has since been
arrived at between the
Union
and Northern Pacific. The memorandum of
agreement was referred to counsel to prepare the formal instrument, which will go to the directors for approval. Reports
as to details of the agreement are premature as yet, and the
Pacific parties
following rumor of proposed terms is only given for what it
The Oregon & Trans-Continental Company to
sell its $12,000,000 of Oregon Railway & Navigation stock to
the Union Pacific and Northern Pacific companies at a nrice
which will pay all the Oregon Trans-Continental debts and
leave Oregon-Trans-Contintntal its Northern Pacific stocks and
miscellaneous assets and about $6,000,000 in cash, or nearly
,^ ,^;
$15 per share for Oregon-Transcontmental stock,
may be worth
:
,
Lake E. A W—.
1887.
$7,181,633
*5,512,03*
$158,984
$491,107
9,382
7,752
$1,746,027
233,611
$1,669,598
190,734
Total
lLt.,taxes& rentals
$468,366
264,185
$498,859
267,111
$1,979,638
1,910.448
$1,860,332
1,898,659
$204,181
$231,748
Surplus
1,085,435
.—-V. T.
1888.
$7,198,325
"5,452,298
Net earnings...
Income
Otlier
$69,190 del.$38,327
Including proportion of gross earnings paid other roads.
*
$1,805,349
1,925,529
1,884,106
,
$974,194
515,210
Sijice Jan.l.
$63,174
112,051
104,608
280,024
134,269
25,785
Og.
1887.
Gross earnings
Operating expenses.
Silver.
Week.
a
$973,341
482,234
Imports.
Exports.
Borne Wal.
1888.
.
—
Richmond & Danyllle. At the annual meeting of stockholders a resolution was adopted looking to the issuance of
The following were
$3,.'j00,000 in equipment trust bonds.
elected for the ensuing year: President, George S. Scott;
directors, John H. Inman, Samel Thomas, Calvia S. Brice,
John G. Moore, H. C. Fahnestock, George F. Stone, John H.
Hall, John A, Rutherford, Caarles M. McGhee, John 8. Barbour, J. C. Maben and Samuel N. Inman. The lease of the
was approved.
Soath Carolina Towuship Bonds.-The State Supremo
GcO.'gia Pacific
Court has rendered a decision invalidating about $1,000,000 of
township bonds issued in the State in aid of the building of
raiToads, on the ground that the act under which the towns
issued bonds was unconstitutional. The decision is said to
Chicago,
aff-Ct bonds issued to the Charleston Cincinnati
Louisville, the Carolina
the Knoxville Cumberland Gap
Western, and the Columbia Newberry & Laurens
Knoxville
&
&
&
roads.
—
Sonth Pennsylvania. It is now reported that Mr. Andrew
Carnegie controls this railroad scheme, that the Vanderbilt
subsoriplion has passed to him, and also the interest of the
Mr. Carnegie's friends say that he
late Christopher Meyer.
now holds three-fifths of the $15,000,000 capital.
The Anglo-American
St. L'uis Arkansas & Texas.
Times in London said iu November: " Che sudden fall of six
points in the bonds of the S.. Ljuis Arkansas & Texas indicates the weakness of all the s curities known as "Gould,"
Anything over which Jay Gould has control might be run
down by a mere rumor, because holders are ready to believe
a story however improbable, and jump to get out. This weakness must tell heavily against the Gould stocks, and as a rule
keep them below what they are intrinsically worth."
—
—
At a meeting of the Board of Directora
the property of the company was turned over to the new
corporation by the Wistar Committee of Reorganization, Out
of $40,000,000 of bonds, all participated in the voluntary reorganization except $81,000, and only 600 shares of stock out
of an i8SU9 of 320,000 shares faUed to pay the asssasment.
The reported injunction against the payment of interest on
Texas Pacific firsts was merely this: that Judge Wallace
ordered the Texas Pacific Company to set aside $15,500 to
pay to the plaiatiffi, E. H, Barnum & Co., in case they
recover this amouat, which is the principal and interest on
Texas & Pacific.
all
bonds owned by them.
13
Auction Sales.— The foUowmg were sold
& Son
auction by Messrs. Adrian H. Muller
recently
at
:
Shares.
Shares.
2 Imp. & Traders' Niit. Blc.650
136
1 Clinton Hall Aasuciation. 59
Pro Ex. .$1,330
96 N. J. Steamboat Co., Peo300 Con. By. Tel. Co. $10 per share
43''8
ple's Liae
170
415 Standard on Trust
183
50 Continental Ins. Co
75 Coney Isl'd Jockey Club. 95
14 Merchants' Nat. Bank. ..145>a
10 Central National Bank... 1 34^4
150^4 262 Pueuix National Bank. ..ISO's
C4thNational Bank
151
283^4
24 Broadway Ins. Co
40 National B'way Bank
140^4
20 Consumers' Coiil Co
$17
2 9th National Bank
151i« 200 Booker 811 cerMlulng Co. $1
5 Bank of the Republio
165^4
20 Peuu-iylViinia Coal Co ...308
20 B'way Fire Ins. Co
40 American Eleo. Man. Co $5
120
lOBowervFire Ins. Co
20 Barney Dump. Boat Co.. 24>4
201
10 Eagle Fire Ins. Co
3 N. Y. ProiiuoB Ex. Bank.llO^
137%
6 Niagara Fire Ins. Co
lOLawyers'Tltlelns.Co.N.Y.lll'i
40 PeterCooper Fire Ins. Co.l56
160
Mutual Benetit Ice Co. .$200
CclOO^a
Fire
Ins.
Stuyveennt
4
Binds.
25 Farmers'Loan&Tru6tCo.537
Poughkeep8ie7s,
100>8
$2,000
RR.
Co
Avenue
35 2d
126&int.
1896
35 Metropolitan Phon. Co... 53
$3,000 N. Y. 7s. 1889. ..lOl^s & int
3 Consumers' Coal Co
$150 per share $17,000 Vicksburg&Meridi'n
KB. 3d iucome bonda. ..
100 N. J. Steamboat Co., Peo$5,000 Bro.idway & 7th Ave.
40
ple'sLine
104% (tint.
RR. Co. 5s
150
80 Broadway Ins. Co
200 Int. Dredg. &Contr'ctCo.$5 lot $9,000 East & West RR. ol
con.
m
Alabama,
1st
45
SOU. 8. DreJging & Canal
$10 lot $5,000 Ciu. Richmond & Chic.
Con. Co
112>«
1895
RR.
Ist
78,
10 PittsfleldNat.Bk.nf Ma88.147
$40,000 LehU'h & Wilkes.Coal
40 Bank of State of N. Y....104
Co. 7s Con. 1890
114>a
20 Cen. In. Wka.Har'8bg,Pa.l50
$9,000 Toledo &. Wabash BE.
35 Fulton Nat.Bk.(175,trd.). $70
Bonda
IS^a
Equipment
55 "a
10 Park File Ine. Co
$400 City of Muscatiue, Iowa,
$4
280 Ashbnrton Coal Co
101\
bonds
161
20 Union Ferry Co
$1,500 Metropolitan Gas Lgt.
85 Mechanics B'nk of Brook-
24
Home Insurance Co
1 Cerlif. N. Y.
.
.
m
lyn
Co. of N. Y.,UB, 1901. ...118
2.531)8-251 Jfl
$20,0uO Belma Rome & Dal435 Standard Oil Tru8t.l66''e-165
$9
164% »wi.tou£R.Oo. bands
200 Manhattan Co. Bank
t
I.A
Bank.4,007
National
Chemical
2
...J
3JL'"lJ
-
ii...,a.
Deoekbir
THE CHRONICLE.
8, 1888, J
Sbje gankjcrs' (^^xzztU.
BTRBRT. FKIDAV. nreember T. INMS-S P. «.
Money Market and Financial 8ltuatlon.-The week
Thi«
fluctuations in
somo
of the
Stock Exchange
circle*,
and
most active stocks have been quite
remarkublo.
The present culmination of weakness waa the result of a
combination of clrcumstaDCCs all bearing against the market
and coming at a time when holders wore alroady wearied
with
carrjinj,' stocks and disappointed in their expectations
of a more
buoyant tone to follow the election, whichever party should
be
successful.
Of course confidence haa been rudely shaken, and
the active bear element haa made the most of every
unfavorable
circumstance but looking at the facto just as they stand to-day
we find that four most important points have been gained in
;
the past
week— first
the trunk lines are reported to have come
rates; secondly, the Missouri
Pacific instead of paltering has taken the bull by the
horns
to an agreement
and advanced
New
'''•«»"?'! "wll'oij l"»r;
WAM,
has been one of excitement in
691
W'^-i.*
•1 80 <ll»count; bank, «1 dlacount; 8t.
Chicago, 25c. discount.
Orlewia,
Coin*.—The following ten quoUtioiu Ingold for TMiotu ooim
i
»4 90 9f4 90 Plaa «llTCT ban.. - »8 9 -
8oTerel|n»
WapoiMn*
8 H7 9 3 93
X X Relohmarki.. 4 74 9 4 80
3S Pmwtat
4 80 9 4 85
flpan'h Doubloons. IS 69 915 70
Mez. I>oobloona..lS SS 910 70
Fine gold bart....
par 9'«preni,
nvBfraaoi
Mexlean dollara.
United States
and the market is without feature of interest. The purohasse
by the Secretary of the Treasury have again been larger, sad
the amount is greater than in any week since Novamber ».
The takings amount to $2,570,800 for the week, mostly ils. ••
J »»^ st
108 ex interest.
The total payments made for bonds purchased from April tS
to December 1 were $115,877,116.
The statement f or thia
week
as follows
is
and advanced
paying basis; thirdly, the principal
coal-carrying companies have each agreed to reduce their
production but maintain their prices; and in the fourth place
the
pending agreement between Union Pacific and Northern
4WP«-C<ii<<il«Ml8M.
Ofenno^
aatoMar
Monday
—
n88,»)0
4t»,(S00
SPtrOMtoSMlSST.
PurMa. PriCMpoM.
taVifiW
STSJMO
OftrUi^. Pimk'M.
fSOMO
108
108
108
108
108
1,060,000
80,000
Wedn'sday.
1,168,000
1.108,000
one of much
816,880
10,700
806.380
17.600
106
consequence in settling permanently the status of affairs in the
extreme Northwest. It is seldom that a single week brings
S8s.4aa
so,ooo
S.S67.8S0
loe
74S,4aO
SIneaApJS.
forth so
much
which
in the
is
way
likely to be adopted, is
of favorable influences,
Total.
and although
The
may
yet arise, and though the railroad horizon
is by no means free from all clouds at the present
moment,
still the outlook is vastly better and the market
in the imme-
ought
to be much steadier.
rates for call loans during the week on
Btock and bond collaterals have ranged from 2 to 4 per cent,
and to-day the rates were 2@2i per cent. Prime commercial
paper is quoted at 4J@5 per cent.
-diate future
,.
3,807,«e0
80,000
48,08S»0 10Q4-UWH
ISB
*,4B0
US
3,490
18C70-1SO
61.9e8,fl80
closing prices at the N. T. Board have been as followa:
JntereK Dee.
PerUxU
Dec.
Dee.
Dm,
Dee.
3.
4
5.
e.
1.
reg.'Q.-Mar. •108 i'l08
108 1*108 •108
coup.'4-Mar. •x 108 '108 •108 1*108 -108
reg. Q,-Jan. •iu7»el 12798 127^8 127 1*! 127'4
coup. Q.-Jan. •12838 "12338*128»8*128'«*128"4
118 •118 •iia
reg. J. A J. •118 I'llS
•121
•121
6B,our'cy,'96....reg.;J. A J. •121 1*121
^121
•124 •124 ;^124
S8,our'oy,'97....reg. J. 4 J. •1241s '124
'127 •127 '127
5g, our'oy, '98
reg.'J. A J. *127ia^l27
•130 •130 I'lSO
6g, our'oy,'99....reg.lJ, & J. •130 ,*130
4>«»,
1891
4 las, 1891
The open market
4g, 1907
4t, 1907
68, oar'oy,'95
The Bank of England weekly statement on Thursday showed
a loss in specie of £176,000, and the percentage of reserve
to liabilities was 40-.35, against 41-27 last week; the discount
rate remains unchanged at 5 per cent.
The Bank of France
gained 300,000 francs in gold' and lost 1,575,000 francs in
silver.
The New York Clearing House banks
December 1 showed
.
—
Prieffrntt.
s
sea,oao
ao,ooa
Thnraday...
Fridar
other difficulties
-w 9-
— 7S 9 —
— 73 9 —
PnniTtiui wla
—71 9_
KnglbibalWer.... 4 80 9 4
U. B. tradadolUra - 73 9
Bonds.—Oovernment bonds hare bMn mod>
.
Do aneoiiiiii«>an
erately active, the business being confined largely to the
4s,
which are a trifle oaaior in tone. Other prices are nnchaogsd
rates to a
Pacific interests,
Mo. dlMOoall
w«w«w|
Ix)ul«,
in their statement of
a decrease in surplus reserve of $2,23.5,325
the total surplus being $10,076,550, against $12,311,875 the
previous week.
The following table shows the changes from the previous
week and a comparison with the two preceding years in the
averages of the New York Clearing House banks
I
•
Thl8
la
•108
•108
•127's
•liSVl
•118
•121
•124
•127
•ISO
no $ale waa mada.
State bonds have been very
tbe price bid at tbe mornlna board
—
Oss,
7.
:
State and Railroad Bonds.
and no feature has been noticed.
In regard to railroad bonds, they have been moderately active,
dull
and the market continues to exhibit a well distributed
busi-
The tone
of prices has been irregular, but the changes
The highin either direction are not of much importance.
priced bonds are well held as a rule, and strong, and the
whole market for bonds has been little affected by the flactaations in stocks.
ness.
—
Railroad and Miscellaneons Stocks. The stock market
has been active and very much demoralized during most of
188S.
Diffr'ne$ ffm
1887.
1886.
The rate troubles continued to govern the market
the week.
Dee. 1.
frev. Week.
Dec. 3.
Dee. 4.
very largely, and have been the principal feature in influencing
the course of prices. The bears were active in depressing ttie
Capital
60.762,700
market, and met with considerable success in forcing down
Bnrplui)
51,586.000
Loans and dlso'ta. 391,404,200 Inc. 590,200 334,416,600 350,847,000 the prices of a few stocks. The short sales are believed to
Specie
82,598.300 Dec.4,872.900 68,146.800 77,825.200 have been large, and there has probably been a good deal of
circulation
5.337,300 Dec.
5,700
8,045,800
7.972,400
Ket depoMtH
408,161,8ua Dec.3,977,500 353,789.500 360.981.400 covering in the past few days, and the improvement which set
Legal tenders
29,518,700 Inc.1,643,200 26,146,300 18.533.100 in on Thursday waa largely due to the purchases by shorts. The
Legal reserve
102.040,450 Dec. 994,375 88,447,375 90,245,350 scheme for establishing a clearing house to adjust matters of
Reserve held
112,117,000 Dec.3,229,700 94,293.100 96,411.300
dispute between the Western and Southwestern roads has
Burplns reserve.
10,076,550 Dec .2.235,325
5,845,725
6,165,9.50 apparently fallen through, but on Wednesday the directors of
ordered the restoration of rates on its line to a
Exchange. Dulness has characterized the sterling exchange Missouri Pacific
market during all of the past week, there having been only a paying basis, and this had a good effect on the market. The
end and rates resmall demand for short, while long sterling has been almost trunk line differences are reported at an
wholly neglected. There is still a very small supply of com- stored.
Missouri Pacific has been the principal feature, and the
mercial bills offering, but the market is easy on account of the
dulness.
Some drawers reduced their 60-day rate -ic. and the dealings in this stock have been large and the fluctuationa
on Saturday, Dec. 1, at 76, and declined
Dosted figures to-day are 4 85@4 85^ and" 4 89. No gold rapid. It opened
rapidly to 66^ on Wednesday, from which point there has
has'.been shipped, and the London money market has become
been a sharp recovery to 72|, closing at 71i. There is no use
easier.
in assigning reasons for the flHctu'icions in Missouri Pacific,
The rates of leading bankers are as follows:
as any stock controlled by a single party can be made to jump
around ad libitum, and for the past two years this stock has
December 7.
Sixty Dayi.
Demand.
seldom moved in harmony with the rest of the market. The
Prime bankers' sterling MtU on London
other Gould stocks have moved sluggishly in sympathy.
4 85ai4 85i3
4 89
Prime commercial
.,...........,, 4 83<494 83'a
Another feature was a sharp decline in Atchison and New
Documentary commercial
4 82% (»4 83
Paris (francs)
5 2178»5 21I4 5 18!kfi5 181« England, due to rumors of financial trouble in Boston and to
Amsterdam (guilders)
403183 4OI4 40atal>40Ti«
sales from that market ; but these have also recovered sharplv.
95i4» 9538
Frankfort or Bremen (reiolimartu)
SS^saS*!)
The grangers were another weak spot, having been considTo-day the rates on actual biislness were as follows, viz. : Bank- erably demoralized, and some declining to the lowest for the
ers' 60 days' sterling, 4
84J@4 84 J; demand, 4 88i@4 88*. year. Rock Island touched OTJ, and recovered to 98^ at the
Cables, 4 88} g4 89. Commercial bills were 4 821(^4 83.
Con- close. The coal stocks showed their principal weakness in the
tinental bills were: Francs, 5
21J@5 21i and 5 18i@5 17J; post few days, and failed to respond much to the better condireichsmarKs, 95f and 95J guilders, 40@40J and 40i(840i.
tion on Thursday, the bears then directing their efforts especiThe following were the rates of domestic exchange on ally against these stocks on rumors of a reduction in prices of
New York at the under-mentioned cities to-day Savannah, coal, but to-day they were all stronger, and the whole marlut
buying J discount; selling i discount® par; Charleston, 1 closed with a comparatively steady tone,
—
.
;
:
I
THE CHRONICLK
ki2
STOCKS— PRICES AT
[Vol. XLVII,
STOCK EXCHANGE FOR WEEK ENDING OEC.
N.Y.
7,
AND SINCE
HIGHEST AND LOWEST PRICES.
RR.
Active
8
*5238
&
O., reorg. ceri.
1st nref. reorg. cert
2d prcf. reorg. cert.
Chicago Burlington & Quinoy.
Chicago & East. Illinois
Do
pref
Chicago Milwaukee & St. Paul.
Do
Do
pref.
& Northwestern
pref.
Chicago Bock Island & Pacttto.
Chicago St. Louis & Pittsburg.
Do
pref.
& Om
J"™'Clncbi. Ind. St. Louis & Chic.
Chicago St. Paul Mln.
.
.
Do
Cleveland Col. Cin.& Indianap.
Columbus Hooking Val. &Tol.
Delaware Lackawanna & West
Denver & Klo G. assessm' t pd
,
Do
pret
Bast Tennessee Ya. & Ga. R'y.
Istpref.
Do
2d pref..
EvansvUle & Terre Haute
Oreen Bay Winona & St. Paul,
Do
Dllnols Central
& West
Ind. Bloom.
Kingston & Pembroke
Lake Erie & Western
Do
it.
& Nashville
New Alb. & Chicago.
LoufevUle
Manhattan Elevated, consol.
Do
*9
*66
2II3
'85
*90
6
12
pref
Istpref.
2d pref.
Wew York Lake Erie West'n
pref.
Do
Kew York & New England
14'8
Kew York Ontario & West
8i3
Ifew York 8usc[. & Western...
pref.
Do
311s
<St
16S8
48I4
Western
Do
pref
SorthemPaolflo
Do
pref
Ohio & Mississippi
Oregon & Trans-Continental..
Peoria Decatur & Evansvllle.
Phlla. &Read. Vot. Trust. Cert.
Blchmond & West P' tTerinlnal
pref
Do
Borne Watertown &Ogden8b'g
Bt Louis & San Francisco
Do
Do
pref.
Istpref.
Bt Paul & Duluth
Do
pref
St.L. APaciflo
Do
nret
& Lake Erie, pref.
iniacellaneona Stocka.
Wheeling
Colorado Coal & Iron
Oongolldated Gas Co
91s
Do
2II3
871s
8
68
21
8
63
20
85
7
13
7%
I5I3
81s
311s
16»8
N. Y. New Haven St. Hartford.
Ohio Indiana & Western
Oregon Short Line
Wayne &Chio
M
Do
_
Tarlona
pref.
.
Stocka, ^kc. (Unl
Amer. Cotton Oil Trust ...
Pipe Line Ccrtitlcatos
!
1518
8I4
8I4
5.
7»8
8
5II4
7%
7% 8%
52% 52%
51% 52%
88%
89% 90%
33% 33% 34
34%
17% 17% 17% 18
52
51
51%
89%
88
34
579
34
17% 17%
14% 14%
1378
14%
8%
52
5178
8914
25
79
*
24
65
110
45I4
231s
47 14
2518
791s
90
26
66
113
78
2414
7914
90
'
22% 2314
62% 63%
110
110
88% 88%
.
12% 12%
66% 68%
10
83
9
36
38
14%
8
30
3014
48 14
28% 2978
22% 22%
22
46I4
40
15%
22
78
89
8978
8979
23% 23%
61% 62%
111 111%
23%
61
112
36%
35% 36% 35
96% 100
lOOis lOOis
99
99%
98% 100
21%
21% 2218 21
21% 21
61% 62% 61% 6314
621s 63 14
12% 13% •12% 13% 12% 13%
2418 2518
23% 2414 23% 24
5914 5978
5858 5938
58% 59%
361s
7%
114%
:;::::
:::i
99
9978
23
23
20% 21%
6078 62%
12% 12%
57% 59%
103
105
106
43
88
86
50
8
15
88% 89%
*5
8
37%
76
3738
76
171
83°8
150
103
106
103
2%
36=8
35% 3579 34% 35% 35% 357, 36
74 78 •75
76
75% 75%
169
170% 169 169
i68% i68%| 168 169
81% 8278 82%
81% 82% 81% 82
82% 83
3038
76
169
144% 144% 145
112 112
74
140
83
62
3%
73% 74%
136
144
81%
58%
93% 93%
81
56
2%
145
13
2
3%
80
80
•79
81
537fl
5579
92%
2
3%
93
135
3
3%
150
8
7
23
22
21%
34% 34%
93% 95%
13
106
8
37
15
8
22
23
33
33%
•93
14
95
142
112
148
83%
,^142
148
^112
....
74% 74%'
138
36%
79
169
143
73% 74%
ISS
143
1
•3%
4
7
Oct.
30
Deo.
3
9% Mar.
28
Nov. 22
Mar. 22
Apr. 2
1,370
3,710
117,952
2
2
50
51%
84%
8678
44%
99
78
117
116
146
5
5
Feb. 24
Apr. 27
Oct.
Oct.
Sept.
Sept.
4
29
114% Jan. 27
17% Sept 29
41
Sept. 28
42% Sept. 28
110% May 1
95 Oct. 22
65
Oct.
1
36% Sept. 11
145% Oct. 1
23
Jan.
55% Oct.
11% Oct.
83
6
1
2
27%
90%
Oet> 25
Oct.
3
Sept. 11
12
July 25
123% Aug. 8
19% Sept. 12
37% May 1
19% Sept. 29
5579 Oct.
10479 Oct.
95
1
1
June 25
64% Jan. 9
Apr. 18 45 Oct. 12
77% June 12 98% Sept 11
72 Apr. 2 92% Oct 1
400 48% June 18 80 Jan. 10
30
1,176
300
100
83
379 Mar. 28
3.710 29% Deo.
1,047 68% Mar.
11,212 103 Jan.
635 45 Mar.
101% July
1,460 84% Apr.
7,435 28% Apr.
400 74 Nov.
1,995 135% Apr.
106,050 70% Apr.
3
4
[144
3%
4
*237
14
3879 Feb. 17
83% Sept.
120% Nov.
77 Oct
107% Aug.
97
May
175
Sept 20
5
86% Oct
___
Oct
Apr. 12 155
25,106% Mar. 22 113 Nov.
Jan. 4 82% Oct
25 128 Jan. 19 143 June
200,
Jan.
53% Dec.
92% Dec.
229 132 Sept
178 Aug.
210
3
Nov.
100
34 135 Jan.
215 Jan.
150 13 Dec.
6
6
2
1
Feb. 15
183 137
23,902
4
19
40% Oct
106%
308' 67
83
4
14
11
23
Nov. 21
99% Feb. 20
98% Aug. 15
140% Feb. 10
4% Jan. 9
6% Feb. 24
147
Nov. 27
235% Nov. 21
17
Oct.
12
20% 20%
33% 34
95% 95%
21
33% 33% 33% 33%
95
95% 95% 93
24%
Apr.
Apr.
94
135
94
Nov.
Nov. 12
May 14
13% Jan. 12
41 July 17
15 Nov. 17
167e Jan. 16
27 Oct 11
25 Nov. 21
36% Nov. 12
95% Oct 26
49% 50%
86% 87%
49% 51%
8578 89%
51% 54
133,335
25
Mar. 21
5779 Nov. 13
6%
'35
13
8
21
40
40
150
6%
37%
15
•6%
7
36
36
•13
15
41
41
•149% 150
•6%
37
13
7% 7% •6%
21
23
8
23
21% 21% "20% 21
8
37
15
8
23
•40% 41
150
150
35
38
6%
8
1,160 13% Mar.
10 148 Nov.
100
6%
200 33
•12% 15
7%
20
7%
24
21%
34% 34%
94
14
800
600
1,300
3,533
7%
22
15
Nov*.
M.ir.
Nov.
Dec.
Dec.
Isted.)
51% 53%
86% 87%
1
130% Jan. 27
2,461
1,153
546 70
53% 54% 55% 57% 57% 58%
92% 92% •91% 92
134 138 134 138 134 138
'2% 2%
3
2% 2% •2
'237
40% 40%
•149
22
21%
I
145%;
40% 41%
36% 35
•13% 15% 13
8 9% 8
22
146
115
75
139
'235
42% 42%
7
143
•112
75
139
135
2
236
35
'138
74
143
147
112
74
1
20% Oct.
26 21% Oct.
1
8%
92% 93% 93% 93% 93% 93% 91% 92% 92% 92% 92% 92%
171
800
30
2278 Oct.
27%
12%
40%
100%
85% Apr.
90 87% Apr.
93
54% 21,409 50% Apr.
1678
48%
\
103
July 17
2,602 113
15
31
31% 30% 30% 29% 30
29% 30% 30% 30%
321s
79
79
•78% 79%
78
78% 78
78% 78% 79
118% II8I4II9
118% 119
118%118%| 118% 119
118% 120%
69
69
69
70
68
68
68% •67
70
70
68
105
11
10
3
1
1
Mar. 27 104% Jan. 5
973 Apr. 30
15
9% July 6 18% Apr. 30
13% 13% 13% 1378 4,204 10 June 11 18% Jan. 5
68% 71% 70% 72% 168,735 66% Dec. 5 89% Jan. 3
9
400
9
6% Mar. 29 13% Jan. 27
8% 8%
360 71 Apr. 2 85% Sept 4
81% 81% 81% 81%
107 107% 107% 107% 10,491 102% Apr. 2 111 Sept 28
16% 17
fcOO 12% Mar. 31 20% Oct 26
17% 17%
67% 68% 69
854, 61% July 6 7678 Oct 15
69
37 41
200 28 Mar. 31 45 Oct. 24
40
40
25% 25% 25% 26% 48,200 22% Mar. 9 30% Oct 1
60% 61
60
61% 1,600 52% June 13 67% Oct 1
39% 42
41% 43 122,910 29% Mar. 22 53% Oct 5
14% 15% 15% 15%
218 14 June 13 19 Sept 12
8%
8% 1,000 7% Mar. 28 11% Sept 12
30
30
30% 30% 1,650 26 Apr. 2 37% Sept 29
16 17
500 15% Mar. 24 23% Sept 13
16% 16%
48% 49
4878 49% 11,512 41% Mar. 31 58% Sept. 19
2,325 1973 Apr. 3 29% Sept 11
2478 24 7^
58% 59
58% 59% 58,608 42%Ml»r. 31 64 Sept 11
20
20
20% 2073 3,205 17% Mar. 27 26% Sept 11
44,738 17% Apr. 2 32 Oct
29% 30% 29% 30
1
22 22% 22% 24
2,100 15% Apr. 2 28% Oct
1
44% 45% 45% 46 291,885 44% Dec. 6 5473 Sept 8
23% 24% 24% 24% 50,932 19 Apr. 2 29% Oct 24
79
4,150 55 Jan. 6 86% Oct 24
78
80
79
1(1
90
82% Feb. 13 94% July 25
"24" 90
24% 24% 25% 2,020 22% Dec. 3 36% Jan. 5
64
6,885
63%
61% Dec. 5 74% Oct 5
64
65%
425 105%
-11678 July 19
Apr. 3
110 110
.„ ._,..
111
112%
37
1,6C5
36%
35% Nov. 14 64% Aug. 4
36% 37
97
1001 89
Mar. 291105 Jan. 28
97
95 98
114% Jan. 23
98% 100
99% 100% 6,249 94 Apr.
20% 21% 21% 21% 12,445 1878 June 6 26% Sept 8
6278
2
66% Oct 19
6I79
62% 63% 153,308 48 Apr.
•12% 13
400 12 »tar. 27 16 Jan. 3
12% 13%
23% 23% 24
24% 4,600 21 Mar. 24 30 May 1
57% 59% 57% 59% 6,182 44% Jan. 3 62 Oct 5
5
•10
8%
8%
30
44% 46
23
23%
77%
77
23% 24%
89
23
63
107
40
16% 16%
47% 48
24
24%
57% 58%
19
20%
28% 29%
2J% 24%
57% 58 7e
78
9
83
24% 25%
59%
59
8
4514
•
81
106% 107%|
16% 17
67% 67%
*14% 15%
12%
83%
90
5
21ifl
23
73% Apr.
26% Mar.
536 10% Aug.
1378
27%
88
576
16% 16%
2914
10% Jan.
62% Jan.
57% Oofc
91% Oct.
26 37% July
45 % Apr.
8%
91
I6I3
4818
46%
7% Apr.
51% Dec.
15%
27%
3014
23
485
1,885
Highest.
12%
15
48
300
415
8,365
7,460
Lowest.
10
12%
12% 12%
69% 72%
80
Shares.
JiUy
103% 104% 104% 106% 106% 107% 24,224 103% Deo. 5
40% 41% 40% 41
4078 41
810 40 Mar. 19
9314 93I4 92% 93%
965 89% Mar. 2
93
93%
6078 61%
61% 6278 6178 62% 145,171 60% Sept. 15
100% 10078 101% 102% 101% 103
6,929 98% June 12
103 104% 103% 105
104% 105% 134,463 102% Apr. 2
136%] 38 • 136% 138% 138 140
260 136% Dec. 4
98% 99% 9834 100
45,790 97% Dec. 7
97% 100
16
100 11% July 23
15%
14% 14%
33
700 29% Mar. 31
3*% 31
34% 35
35
32% 32% 33% 9,570 31% Dec. 5
31% 31% 32
4,138 97 Dee. 3
98% 98% 99% 99% 99% 100
87% 89 '87% 88% 87 89
400 65% Apr. 2
52
52% 52% 53% 53% 54
2,510 42% Apr. 2
23%
24
23
3,200
23%
24% 24%
17 Mar. 21
134 135%! 133% 134 7e 134% 136% 151,810 123% Apr. 3
•15%
125 15 July 2
1578 1579
43
43% 44
44% 44% 1,100 43% Nov. 26
4,455
8% 8%
9
8% 8%
8%
8 Dec. 4
62 67
65% 67
65% 67%
400 55 Mar. 22
67
20% 21% 21% 21"
2,004 17% Apr. 2
20
20
20
87% •84% 87% 85
87%
81 Mar. 22
871s 85
31
28I4
149
Quicksilver Mining Co
Do.
pref.
Blch. & Allegh'y,Drexelrec.
St. Louis Ark. & Texas
Tol. Ann Arbor & N.
Cameron Iron & Coal
Tennessee Coal <fe Iron
I518
301s
I6I3
471s
48''8
Atchison Top. <fe Santa Fe
60 14
Buff. Roch. & Pittsburg, pref.
Chicago & Alton
137 137
Cincinnati Wash. <Sc Baltimore.
•1% 2%
pref.
83
21%
81%
& Cable Co
81
11
22
136
Fargo* Co
Inactive Stocks.
9
12%
75
2939
74
Wells,
Do
Morris & Essex
Deo.
5114
5008
108
112
United States
89
15
12=8
7214
811a
8
23%
145
American
12
76
10
90
*21is
28=8
231s
4678
83%
Expreaa Stocka.
Adams
5
'
24
25
57 14 58
pref. •103
Western Union Telegraph
90
6
58'8
69
Nav. Co...
91
25
II8I4
Pacific Mall
Philadelphia Co., Nat. Gas. . .
PnUman Palace Car Co
*
65
21
85
68
Is
918
25
3218
Delaware & Hudson Canal
Oregon Improvement Co
<b
8
58%
3618
Bt. Paul Mlnneap. & Manitoba
Texas & Paolllo
Union Pacltlo
Pitts. Ft.
7%
51% 51%
107 18 108
107 107%
17
17
I714
181s
181s
69 72 68 71
68
68
39 41 •37 41
41
2478 2538
25% 25%
251s 25''8
61
61
5914 59%
59
60
38I4 41ie
4139 42»6
38% 39%
.
Do
Do
American Tel.
1888.
1,
Week,
Friday,
Dec. 7.
871s
7% 7%
7
8
7% 7%
71a
7%
*71b
11378 .1378 114 114
113 1131s 114 114
113
1131s 115
•12
*13is I5I2 12
15
15
12
15
•2714 3014
30%
^714 3014 2714 3014
30%
I6I4
'16
16% 16%
15% 1578 16
16% 151s 161a
5014 5014
49% 49% 48% 4878 47% 48% 47% 48% 48%
98%100i4 9914 100% 99% 9973 99% 100% 99 7e
10018 lOO'e
91
•90
*91
'90
90
93
93
93
92% 93
93
53 14 53 ^8 53% 54% 53
5314 541a
53% 53% 54% 54
35 42
'30
35 42 35 43 •36 42 36
42
87
87
87
88
85% 87% 85% 86
87%
851a 86I4
85% 86
8514 86
8478 85%
85
83»8 84
•50
•52
•52
52
50
53
53
53
53
50
& St. Louis
pref
Do
12''8
Missouri Kansas & Texas
7518
Missouri Paolllo
•8
Mobile & Ohio
Nashv.ftaattanooga&St. Louis
811s
Kew York Central & Hudson. 108
18
Blew York Chic. & St. Loius.
Oregon Railway
8I4
5258
51
51% 5114 5213
8913 8918
88 '8 8958
891s 89%
*34is 3512
3414
34
34
34
17''8 I7''e
18
18
'IT'S 1813
*15
15 16
15
16
15
•I514 18
I514
•I513 18
10714 108
105 1061s 1051a 10638
»41i3 42
41 13 41 14
4138 411s
9318 93%
94
94
92% 92%
6068 62
6118 01''8
621s 6318
lOl'e 102 ifl 100''8l01% 10038 10138
10538 106% 103 'e 1051s 104 104''8
'139
13838 138% I36I4I36I4
141
lOCa 10114 98 lOO's 981s 100
*12is 16
*12is 16
121a 1513
*33
*35
37
351s
371s 34
3238
32 14 33
311s
311s 3214
98
9818 99
97
971s 97%
X8914 891s
88% 88!, 8914 8914
*54i2 56
53I3 53I2
53
52
24
23
24
2I14 241s
23
I36I4 137i« I35I8I36I4 I3514 I36I4
*15i3 17
15% 15%
42
•43
45
4313 43I3
Minneapolis
Wabash
1888.
Range Since Jan.
Thursday,
Deo. 6.
83%
Michigan Central
Mil. Lake Shore & West
ITorfoIkdi!
3.
15%
pref
Xake Shore Mich. Southern
Long Island
Louis.
7%
8
531s
Wednesday,
Tuesday.
Deo. 4.
51% 52%
Central of New Jersey
Central Paciflo
OUloago
Dec.
Stocks.
& PaclUo
Canadian Pacific
Canada Southern
Do
Do
Monday,
SatnTdaT,
Dec. 1.
Atlantic
Chesapeake
1,
of the
STOCKS
(
JAN.
48% 49%
86
86%
Xheae are the prices bid and aeked; do sale was made at the Board.
t
88'8
91%l/.»97jooo
Prices from bath Exchanges.
46
155
71% June 27 100
Mar,
a
Deokmber
THE CHRONICLE.
8, 1H88.J
BONDS-LATEST PBICES OV ACTIVE BONDS AT
0<it*ing,
Rattroaa BondH.
Nov. 30 Dee. 7
AU.
A Pso.—W. U. luo., 6«, 1910
Qa»r., 48, 1937
Oao. Boutli.— let Kuar.,
2(1,89,1913
SO
80
ZiOtVMt.
30 >s
80^8
1008 107 >4 107''b
grab. 91'b
lU6<iBb
Oenlrttlof N. J.— let, 7e, 1800.. 105 \
120 b.
UonBOl.78, 1899
121 b 122
UoDTert. id, 1902
10«\ 107 >«
Qeneral mort., Ss, 1987
Lea. A W.B.,0OD.7R,1900JiS'Dt llS>ab. 114
Aui. Dock <h lmp.,M, lOiil. .. 107 Ogb. lOS"*
OentrHl raolHo— gold Ba, 1898.. Ill b.
Bui J(MM|uln Br. 6S.1900
112>9b. il2>ii>".
101 igb. 101 >ab.
LwidKTiuitea, 1890
104 b. 105 b.
Mort. 6», 1030
ObfM. A O.— Pur. m. tuud 68, '98 114
79
6a, KOld, 8er.B,1908,reorg.cer.
79
Elxt.ooup., 48, 1986,reorK.cer. 78%
fin,
W.—
*
OUcBur. A Nor.-lat,5s, 1926.
Ohio. Burl. A CJ.— Con. 78, 1903.
1913
Denver l>lvls., 48, 1922
Nebruskrt Ext. Is, 1927
14
.is,
......
Sc
Gold, 7e, 1902..:
133
118
ainUng fund 6s, 1929
Sinking fund 5e, 1929
Sinking fund debent. 58, 1933
a6-veardebent. 58, 1909
Exlcnnlon 4», 1926
" I.
•
Olil. K.
A Pao.— 68, coup. 1917.
Ext«n. A col. 58, 1934
Clh.8t.P.,M.A O.— Con8ol.68.'30
Cnj.8t.I..A Pltt8.— l8t.oon.58,'32
"
A lud.— Consol. 78, 1914
Geu.68,19S4
Col. Coal A Iron— Ist, 68, 1900..
001. H. Val. A Tol.— Con. 58, '31
Gen. gold, 6a, 1004
Denver A KloGr.— let,78, 1900
lBtcon.4a, 1936
Don. A R. Ur. W.- 1st, 68, 1911
Aaaeuted
Den. Bo. Pk. A Pac— let, 78, '05
Det.Mao.AM.— Ld.gr.3'«8,1911
E.Ten.V. A O. Ry.— Con..58, '56
BUz. Lex. A B. Saudv— 6b, 1902.
0. C. C.
a.
b.
107S4b.
KS^b.
104>4
j
95iab,
ISSVib,
107
123^
133
112
a.
b.
104>8
77>ib.
84
b.
II914
77
78
68
73
33
a.
b.
b.
102'8
127
C—
East.
tr.
tr.
reo
reo
Dlv.— 68, 1921
,
64
tr.
reo..
Income, 68, 1921, tr. reo
Int. A Gt.Nor.— l8t, 6s,gold,'19
Coupon, 68, 1909
Kent. Centr.— Gold 4a, 1987....
Knoxv. AO.— lat, 68, gold, 1925
L. Erie A W.— Ist g., 5s, 1937 ..
Lakes b.—Con.coup.,l8t,7a, 1900
Con. coup., 2d, 78, 1903
Long laland— 1st, 78, 1898
1st, con80l.,5s, 1931
Lou. A Nasli.— Consol., 7s, 1898
S. O. A Mobile— Ist, 6b, 1930.
2d, 68,1930
E. H. A N.— 1st, 68, 1019
General, 68, 1930
Trust Bonds, 68, 1922
10-40,68, 1924
60-year 58, 1937
Lon. N. A.
A Ch.— Ist,
Oonsol., gold, 6s,
68, 1910.
1916
64
b.
Mem. A Ch'laton—68,gold, 1924
23 a.
105%b. 105 %b.
72 lab.
76
7314
10218
731a
1021a
10814b. 108 isb.
12814b. 129
127
120
b.
b.
124
120
b.
113iab.
118
114
100
b.
b.
b.
H7%b.
113
b.
9919b.
11513b. 11219b.
114iab. 110 b.
109 lab. 108 i«b.
100 ijb. 101 b.
97iab.
97i«b.
115
93isa. 93
104
b.
b.
Metro. Elevated.- 1st, 6e, 1908. 1161s
114iab.
2d, 68, 1899
105 b.
n...
Mich. Central— Ist, con., 7s, '02
I31I9
Consol. 58, 1902
llOJaa.
Mlsa'rlPac.- Ist, cons., 68,1920 lC9%b. 109%a.
8d, 78, 1906
117 a. 114 b.
Fao. ot Mo.— 2d M., 78, 1891.
Nora—The letter" b"
.W 301
mi. Lk.Sh. A W.-lat,6«. 1031. 1 17
Mllw. A Nor.-M. L., 6*. 1910.. !l09
107
ExtcnRicin, lat, 6a, 1013
Ota. 7
100
119
128
114
107
104
103
144 19
Apr.
1321s
May
121
111
Feb.
Feb.
May
Fob.
Aug.
May
Juno
Nov.
112i« Sept.
IOOI9 Apr.
98 Au«.
134 June
108 May
ll23i9.May
100 19 Jan.
132 Nov.
113 May
106 May
841s Aug.
S7 Sept.
1
1
I
1211s Oct.
791s Jan.
83
76
Aug.
Aug.
81
43
Apr.
Jan.
95% Jan. 1051s Oct.
96 Mar. 104 Jan.
1321s Mar. 1381s Aug.
llOiaDec. 115 Apr.
115 Apr. 120 Aug.
92ie June 102ie Oct.
77% Apr. 9338 Sept.
101 la Feb. 1061a May
98 Apr. 106 July
90
25
95
Mar.
Apr.
Oct.
42% July
I2214 May.
Nov.
98 Sept.
881s
10718 Mar. IIOI9 June
124
Mar.
111
14 Nov.
112 Feb. (124 Oct.
105 June !ll4 Feb.
102 Feb. 1081s Jan.
65 Jan.
721s Sept.
117
Oct.
110
80
64
80
May
May
1121s Jan.
95
Dec.
Oct.
741s Sept.
May
OSHOor.
15 Mar.
981s May.
61 Apr.
69 Jan.
891s Jan.
Jan.
125 Feb.
1221s Jan.
II919 May.
111 Jan.
116 Oct.
10816 Jan.
961a Jan.
114 Feb.
109% Jan.
106% Mar.
101 June
97I9 Nov.
107 14 Apr.
87% Apr.
100 Jan.
10818 Mar.
103 Jan.
126 May.
1071s May.
107 Mar.
115 Jan.
104 Jan.
lOm
25
Sept.
nils Jan.
80 Nov.
75 Jan.
1041s Nor.
no
May.
129
127
123
115
123
116
100
Dec.
Nov.
Oct.
June
Feb.
Oct
May
1161s July
May
115
110% May
104
Feb.
10238
.*.pr.
116
97
Aug.
Deo.
106>8 Oct.
117 May
109 Oct.
1321a Oct.
112 Oct.
11319 Jan.
Oct.
120
108
Indloatea prloe 6t<i,and "a"prloea(Ac«l:
May
all
Conaol.,5s. 1920
- N.T.AHar.—
lat,
78,
b.loftisb. loft's.!
b.
b.
104
91
104%
b.
63
61%
37''ab.
57
•1
.1
J
57%.
b.
60% M..
88%OcU
1(X.
108% Jan.
116
88
60
Jnna
132% Jan.
103% Apr.
127% May 133<
3%<)ic
W.T.Chlo.A8t.L.— lat,4a, 1037.. 92
91<4
86% Jan.
N.y. Elevated— lat, 7a, 1906.... 117'4b. 117isb. 114 Mar.
N. Y. Lack. A W.— let, 6e, 1921. 13 1 b. 131>sb. 137 Jan.
Oonstruotlon, 5s, 1923
Ill b. 107''8 Jan
N. Y. ANor.-let, 58, 1927
100 • 102i« Jan.
N. Y. Ont. A W.— let. 68. 1914.. 113
113 b. 100 Jan.
N.Y.Sus.AW.- lstref.,58, 1937. 94
94<«b. 90
"..-,„,
-Mar.
MIdlandofN.J.— l8t.68.1910 114 b. 114 b. 109 Apr.
Norfolk A West. - Gen., 6s, 1931 1 16%
116>sb, 112%Jan.
North.Paolllo— l8t,oouu.,6e, '31 H714 118>8 ll&%Jan.
Gen'l, 2d, coup.. 1933
IO914
110 b. 103 Jan.
Gen'l 3d, coup. 6a. 1937
99'sb. 07 >s
89 Jane
N. Pao.Ter.CO.— 1st, 6a, 1933... 10419b. loeisa 99% Jan.
OUloAMlae.—Consol., '7s, 1808. llSisb. 118 b. 114% Jan.
2d, consol., 7s, 1911
lie Apr.
Ohio Southern— 1st, 68, 1921. .. 106
103 >•
99% Jan.
43 I
2d,lno.,68,1921
39 Mar.
Omaha A St. I-. -1st, 48, 1937.. 73 b. 74
70 Mar.
Oregon Impr. Co.— 1st, 68, 1910 108
104 >a
94% Jan.
Ore.K.ANav.Co.— l8t,68,1909 111 b. 1111^ 108% Feb.
Oonsol., 68, 1925
103%a.
06% Jan.
Oregon A Transoon.— 6s, 1922.. IOII9 101 Is
93 Jan.
114 0. 106 Jan.
Peo.Deo.A Evans.- let, 68, '20
Evansv Dlv 1st, 6e, 1920. . . 104 b. 104 lab. 103 Mar.
—
.
2d mort., 5s, 1027
Phil. A Read.— Gen. 4s, 1968...
Ist pref. Income 5a, 1958
2d pref. Income 58, 1058
yd pref. Income 58, 1958
RIchAAll.— l8t,7s,1920. tr.rec
Riohm.A Dan. —Cona., 6a,
70 a.
88 »a
89
99*§
89ie
65
88
76%
76%
60
60*4
5810
58%
Consol. gold 5s, 1936
Rich. A W. Pt. Tor.— Trust 68..'97 98
Rooh. A Pitts.— lat, 6s, 1921
Consol., 6a, 1922
114
93>BMqpfc
118%Jn*
133
61
97
Jim*
J13%Oei
10(j%r—
118
~
Ai
95% Au.
115%
120%Aac.
8^
U9%Jait
il3%Se»l.
101 Sept
106% Not.
119 Joaa
119%Oet.
ioe%ifar
60 oSL
70
108
|113
1
Jaa.
Hot.
Mar
104% Hot.
103
Hi
Ont.
Oel.
107%Oat.
77% Oct.
80%Jal7
Deo.
Oct.
90% Hot.
77% Oct.
86% Auff.
69% Aug.
60% Aug.
lieigb. 109
85isb. 8714a. 80
lOl,")
. Aac.
•sJaS:
84% Jan. 00
138% Jan. 133
103
May 107
ISO^tb. lauisb.
1000
BIt tml,
I
lia
IKHaJan. ll«is Juno
01
£«iMfC
117
Oonsol., 7a, 1904-ftm
Olis
90%b.
Mobile A Ohio-Hew. 8a. 1837.. H2>ab.
General mort 48, 1038
43 b. "ii""
MutualUn. Tele.—8. f., 6a. 1911 94 b. 04 b.
Na«b. Ch. A St. L.— Ist. 78, 1913 130 b. 130 Isb.
S.Y. Central— Extend., 5a. 1893 10-t b. 104
».Y.O.AH.-lst,op.. 7a, 1903|136>a l:!6l9b
ilU b. 1 1 1 >4a.
Debenture, Sa, 1004
126 June
118 Oct
107\b, 100 Apr.
108 'eb 107 May.
104 b. 1031s Nov.
96
91 Is Mar.
134 a. 130 July
106% 104 Mur.
120>4
119>sJan.
95 Oct.
123 Jan.
113 b. 107 >9 Jan.
104
100 Jan.
77 ig
63 Mar.
78 b. 63 Mar.
118 b. 1181s May
76I4
75 Mar.
79 b, 71 Jan.
70
60 Mar.
70 b. 70 Nov.
34%a. 34 May
1021s
MaUromd Bond*.
104
Aug. 108 >s Jan.
nils Jan. 121 Oct
115 Jan. 123is"Apr.
98 Jan. 1071s Doc.
112>sApr. 117 Oct.
101 >9 Jan. 109 Jiinn
I,
OletHtg.
Minn. ASt.U— 1st, 7i, 1937....
Mo. K.ATex.— Con., 6a, 1920...
b.
100 >sb. 101
Erie- let. oonaol. gold, 78, 1920ll35i«
136 b.
Long Dock. 78. 1893
114 b. 110»8
Con. 68,1935
117
117»a
N.Y.L.E.AW— 2dcon. 68, 1969 101
071s
Ft. W. ADenv. C.-l8t,68, 1921 92
8814
Qal.HaT.A San. Aut.— l8t, 6s, '10 106 b. 106 b.
ad M., 78, 1905
102''8b. 10019a.
Weat. Dlvlalon— l8t,58, 1931.
94
Gr'n B. W.A8t.P.— 2dlno.88,1911
27 19
Gall Col.A8an.Fe— l8t,78, 1909 117%b. 117%b.
Gold, 6a, 1923
90
901a
Henderson Br.Co.— lat. 68, 1931 109 >4b. 10914b.
H. A Tex.
124iib. 124%b.
lat M. L. 78
Ist, West. D., 7s,1891
124'sb.
lst,WacoAN.7a,1903
105 b. 105"«b.
8d,conBol. M. L. 88,1912
Gen. mort. 68, 1921, tr. reo... 68 b. 65 b.
Ind.BU AW.— lBt,pret.,78,1900
118 b.
let,5-6e, 1909,
2d, 5-68, 1909,
.ran.
.Miiy
104% Aug. 108% June
SOU Mar. OO's Auif.
Ku8t. 111.— Con. 68. 1934
Ouii. couBol. l8t, 5s, 1937
Ohio. A lucl. Coal R.. lat, 58, '36
01I.MU.A Bt.P— 1st, I.A M.78,'97 1 10 b. 116 b. 113% Oct.
C0n8Ol.78, 1905
125>4b. 123
Oct.
lat, Bo. Mill. Dlv.— 68,1910.... 110>sb. 111>4
IO719 Sept.
let. Ohl. APao.W.Dlv— 68,'21 104 0. I04>ab. IOII9JUU.
Wla.AMin. U1V.-58, 1921.... lOOi^b. 100 b. 98i9 8«pt.
Tenulnal 58, 1914
102'»b. 103 b. 100 Jan.
Oblo. A N. W.—Cuu80l. 78, 1915 142Stob. 142l4b. ISOisJan.
Oblc.
271s
I
1131s Apr. 110'4July
Apr. 103% Jan.
101 Is Apr. IC514 Heiit.
105>4 Feb. 11414 Feb.
6214 Mar. 80 >e Sept
62 Apr.
80 ig Sept.
29l>g
30%
16<>g Apr.
341a Oct.
114
116 a, 00 Is Jan. 115 Nov.
106 >3b, 106 >«b 10314 .Mar. 110>aJiily
97 Oct. 103 JaD.
133
133
1291s Jan. 134 June
10208
104
101% Nov. 1071s Fob.
01>ab, 91 %b. 90 19 Sept. 95
Jan.
90 %b. 90>4b. 90% Nov. 97 Jan.
113 Jan. 120 Deo.
OTta. Oils May 101 Oct.
971a
<»«
102 b. 96 Apr. 1031s Oct.
102%a.
"'"
Sa, oorreiicy, 1918, reorg. oer.
Mort. 68, 1911
Cbea. O.
8o.
S-6a. 1911...
Debeulure
Apr.
791s Nov.
1,
BIglutu
I
19
STOCE BXCHANOB. AND HANMB HINOB iAN.
N. Y.
«<iiM Jan.
693
67%8epl,
62% OM,
116% Rot.
Apr.
"
Jan.
Apr.
Apr.
90% Sept.
90%0iet.
Mat. 118 Feb.
b.
111 Deo. 117% BCay
Rome W. A Ogd.— lst,7s,1891. 111% 107 b, 107 Jan. 111% Nor.
IO6I4
Con8ol.,extend.,58, 1922
106% 100>e Apr. 108% June
103% 104%
St. Jo. AGd.Isl.— l8t,68, 1925
08 Jan. 107% Oct.
2d,lnoome, 5s, 1925
49 b. SO b, 40 May 62 AOf,
St.L. Alt.AT.H.- lst,7s, 1894
112 July 114% Umj
108 b. 103 b. 108 Feb. 110% Jan.
2d, M., pref., 7s, 1894
104%b.
2d., M.,lnc., 7s. 1894
103 Jan. 108 Oct
Dividend bds, 68, 1894
38 a. 40 %a. 36 Apr.
42%Aa«.
St. L. Ark. A Tex.— Ist, 6s, 1936 91i3a. 01
87% Nov. 104%FBtL
2d, 6b, 1936
31%
32%
48% Jul
31>aD,o.
St. L. A Ir. Mt.— 1st, 7s, 1892. .. 10814b. 108%
106% .Mar. lll%JaL
106'ib. 107
2d mort., 7s. 1897
105 J une 1 12 Jaa.
Cairo A Fulton-lst, 78, 1891 10414b. 104 %b. 102% July 105% Jan.
Gen. Ry. A land gr., 58,1931. 84 b.| 84 b. 80 Apr.
92%JaL
'
"
St. L. A San Fr.- 6s., CI. A,1906 115
"
b.ill5 b. 113% Jan. 119 JnlT
113 b.1115 b. 114% Nov. ,119% Jane
68, Class B, 1906
115 b. 115% 114 Jan. 119%Jalr
6a, Class C, 1906
Gen'l mort., 88, 1931
116%b.;116%b. 112% Jan. 118 Jane
102%b. 102%b. 100% Jan. !l05%Jaiio
Gen'l mort., 5a, 1931
Jan. |]19 Oet
St. Paul M. A M.— 1st, 7s, 1000 Illi4b.ill6 b. 112
117»8b.!ll9 b. lis Apr. ,120% Sept,
2d, 6s, 1909
let cons., 68, 1933
118%b. 118 b. 114 Mar. '120 JUM
Do
reduced to 4 ise.. 98
08 %b. 96% Apr. 98% Dee.
Montana Ext. 1st, 4s, 1937... 87
80 Mar. 87%Oek
83%
Shenandoah Val.— Ist, 78, 1909. 89 a. 89
89% Not. 96 Apr.
Gen'l mort., 68, 1921
30 b. 30
39 Apr. 30% Jan.
80. CaroUna— Ist, 6s, 1620
09%b. 99
97 Jan. 106% Aa«
77isa. 76
87
60 Jan.
2d,68, 1931
Inc., 6s. 1931
15 b.
19 o3L
13 Apr.
Nov. lie Mat
80. Pac, Cal.— 1st, 68, 1905-12. Ill b. lll%b. 110
So.Pac., N.M.— lat, 6a, 1911. .. 10714b. 108%
105% Jan. 109 Not.
80 ''8
Tex. A Pac.— lat, gold, 58. .2000 93%
89% Deo. 96%Aiis.
86
lie
.
1
"
Mm
.
87 Deo. 46 Aac
38%
98'8
08%
85 Jan. 104 Mar
Tol.A.A. AOr.l"r.— lat, 68, 1921
101 Jan. 107% Mar
Tol. A Ohio Cent.-lst, 5s, 1935 101%b. 102%
93 Jan. 10a%DeaL
let.Gs, 1916 91 %b. 01%b. 91
Tol.St.UA Kan.
June 95% Nor
114 Jan. 117% Jnna
Union PaclHc-lst, 68, 1899.... 117%
Land grant, 78,1837-9
101 b. 101 b. 100% Apr. 104% Mar.
Sinking fund, 88.1893
119%b. 119 b. 113% Apr. 131% Mar
Kan. Pacltlo—l8t,68, 1895.... 110%b. Ill b. 109% Feb. 113% Jaa.
lll%b. 109 b. 100% Feb. 112% Hot.
1st, 6s, 1896
2d, gold, inc.. 5a, 2000
Tol. A.A. AN. M.— 1st, 68, 1924.
C—
DeuverDiv.— 68, 1899
1st consol, 6s, 1919
Oregon 8h. Une -lat, 68, '22
Virginia Mid.— Gen. m., 5a, 1936
Wab. St.L. APac.-Geii.,68, '20
Chicago Dlvlson- 5b, 1910
Wabash— Mortgage, 7s, 1909
113%a. 113%b. 112% May 116%Ook.
Ill b. Ill b. 101% Jan. 113% Oct.
110
110% 100 Feb. 110% Nor.
86 Oat,
85 b. 78 Jan.
85
35 b. 37 Apr. 47 Jaa.
33
98
84
Jan.
Feb.
98%
Felt.
90 Jan.
Apr. 113% Not.
1st, St. L.DIv.. 78,1889
107% Apr. Ill Jatr
112%b.
2d. extended. 78, 1893
86 Apr. 95 Oot,
90 Jaa.
Con., oonv.. 78, 1907
88 Jan.
Apr. 113% OoL
West.—
1st,
7s,
106%
Great
1888
109%b.
93 Oot.
86 Mar.
3d, 7e, 1893
90'% Jan. 106 Dee.
10438 104!>8
Waet Shore Guar.. 4s
94% Jan. lOS^Ort.
Wheel. A Lake E.— let 58. 1926 102
lul%
.
Tol.
A Wab.— Ist, ext..
78, '90 112°gb.
110
b.
107
—
other prioaa and the range are from aotaal aalaa.
STATE BONDS.
SECDRiriES.
iklabama Class A 3 to 6
1906
Class B, 5s
1906
Class C, 4s
1906
68, 10-20
1900
Arkansas—68, funded.. 1899-1900
7s. Little Rock A Fort Smith, Iss.
7s, Memphis A Little Rock, Iss..
7s, Arkansas Contial RR
Beorgla—78, gold
1890
Louisiana— 78, cons
1914
Stamped, 48
Mlohlsran—7»
1890
Bid.
105
108
Aak.
12
North Carolina— 6s, old
Funding act
New bouda,
J.
RR
1900
10
20
6
109
Special tax, Claaal
C&neoUdated 4s
68
91
35
A J. ...1892-1898
Chatham
90
JAJ
9
SECURITIES.
Ask,
due 1889 or 1890 102%
Asylum or Uuiverelty, duo 1892 106
1894-1895 108
Funding
1893 110^
New York—6b, loan
1893 110%
6s, loan
104% 106%
105
Bid.
Missouri— 68
113
101%
100
9
10
10
3
SECURITIES.
1910 91% 93%
1919 121%! 122%
Bid.
Rhode Island— ea.eoa.. 1893-1894 110
3%
South Carolln»-6s, non-fond. 1888
1893;
Brown consolidated 6a
1893-1898^
Tteineasee-ea, old
Oompromlae. S-4-&-ea
Now aetUemen»-«s
6e
Be
VliKinla-6a,old
conrottdatad bonda.
ea, consoUdatei. 8d aertea
^
««. doferred. tnist
rw
109% 107%
63%
1913 71%
1913 103
1018 ....
71%
1913
48
70
60
0% 10%
THE CHRONICLE.
694
[Vol.
XLVn.
BONDS-STOCK EXCHANGE QUOTATIONS ON FRIDAY OP THE LESS ACTIVE RAILROAD BONDS.
BECnRITIES.
Bid.
Railroad Bonds.
(Stock
Exchange
Duluth
. . .
96
1920
1911
1937
58. 1937 '100
Collateral Trust. 58
Chic. S. Fe&Cal.— let g..
B»lt.
Oiilo-l8t6B, ParkB ..1919
1925
6b, (told
Con8. mort.. gold, 58
1988
&
120
loaiss
107%
Creek- l8tgold,48
1936
& W.—Deb. 58.. .1913 97^1 99
Brooklyn Elev.-lBt, G., 68. ..1924 108
2d, 3-58
1915
Bnu38wick & West.— 1st, g.,48.1938
95
Bufl.Eoch.&PUtB.— Gen.,5s...l937
Burl. Ce. Rap. & No.— Ist. 58. 1906
92% 93
84
OoDBOl. & col. tr, 56
1934
Minn. & St. L.-l8t 78, gu .1927
Iowa C. & West.-lst 78.... 1909 99 102
Oed. Eap. I. P. A N., Ist 68.1920
Ist 58
1921
Central Iowa— Ist, 7s. Tr. Recl899 "83"
East'nDlv.. lst,68,Tr. Eec.1912
ttUnols Dlv.. lBt6e,Tr. Eoo.1912
Cons, gold bde., 68, Tr. Eec.1924
Cent. RE. & Bank.— CiiJ. g.,5p.l937
100
Cent, of N, .T.-Conv. deb. 6s. 1908 10354
Oential Pacilic-Gold bds., 6el895 US'*
Gold bonds, 6s
1896 'II412
Gold bonds, 68
1897 '115>4
CaL & Oregon— Ser.B., 68 1892 'lo2
West. Paelflo— Bonds. 68.... 1899 113% 1141s
No. Railway (Cal.)— 1st, 68.1907
Clibs. & O.— 68, gold, ser. A. 1908
Conponsoff.
1908 II3I51
raiee. O. & Bo. WeBt.-2d 68.. .1911
Chicago & Alton— Ist, 78
189a i"i"33e
BlnMnK fund, 6s
1903 123
i-onl8. <fe Mo. Rlvei^l8t78..190O 122^ 1241s
2d 7s
1900 lis 120
St. L. Jacks.* Chic— let, 78. 1894 114
115
Ist, guar. (564) 7b
1894
2dDiortK. (360), 7s
1898 115
2d, guar. (188), 7s
1898 115
BUss. B. Bridge— iBt, s.f. 68.1912
107%
Chic. Burl. & >;o.— Deb. 68... .1896
CWo.Burllng. &Q.— 58, s. f...l901 107i«
IowaDlT.-81nk. fund, 68.. 1919
Biuklng fund, 4s
97 3g
96
1919
Be«>cii
Boat. H. Tun.
5.
Sid.
& Atl.-5s
1937
& Ga.— Ist, 7b... 1900
TMvieional 5s
let ext., gold, 5s
.
.
. .
'
Grand Rap. & Ind.— Gen. 58. .1924
Green B. W. & St. P.— 1st, 6s. 1911
& St. Jos.- Cons., 68
Ilousatonic— Cons, gold 58.
Houston & Tex. Cent. Istm
Han.
West Dlv. 78, tr. reo
2d m. 88 M. 1. tr. rec
Ullnols Central— let, g.,
let, gold,
80
98
90
1911 119%
.1937 105%
1.
109
111%
107
48. ..1951
3%s
93
99
Gold 48
114%
113%
117
93%
99%
119
120
.
i>i.e83
are laM«t auotiUuuo ui«utj dais wbeA.
1900
75
100
75
90
93
94
110% 112
!20
105
128
97
A Grand IslandOmaha— 1st, 58, 1927 90
91%
A Ter. Haute—
Belle V. A 80. lU.— Ist, 8s. ..1896 115
BeUev. A Car.— Ist, 6s
1923 109 110
50
8t. Louis A Chic— 1st, con. 6s. 1927
8t L.ALM.— Ark. Br., 1st, 78.1895 103%
Cairo Ark. A T.— let, 78... .1897 104
105
8t. Louis A San Franoiscolet, 68, Pierce C. A
1919 105
Kan. C. A
St. L. Alton
"67
1895
Equipment, 7b
104
Ist, trust, gold, 58
1987
S.— let, 6e, g.l916
Ft. S.
V. B. Bg.— Ist, 68.1910
St. L. K.A8o.Wn.— Ist, 68.1916
Kansas Mld'd Ist, g. 48.1937
Dulutli— Ist, 5»
1931
St. Paul
A
Kan. City
A
106%
102
—
A
111% 114
St.P.Mluu.AM.— Dak.Ext.,68.1910 117%
123
1898
95»8 97
123%
Collat. trust, g., 56
107
1922 •110
Mln's Un.- l6i, 68
92% 92% Mont. Cen.— Ist, guar,, 6S..1937
111%
103
Sau Ant.A Arau8.-lBt,6s,'83-1916
27
1926
let, 68, 1886
90
1910 *
Scioto Val.— Ist, cons., 78
92
*
Coupons oil
100
70
75
Sodus Bay A 80.— 1st, 58, g...l924
*
South. Pac.,Ari!!.—iBt 6s. .1909-10
109
121%
126'* 127
'
104%
100
GO
121%
97
97%
87
40
1909
Tex. Central— Ist, 8. f., 78
1911
55
1st mortg. 78
1905 *
Tex. AN. O.— Ist, 78
120
1U12 i'o"6 104
Sabine Division, 1st, 6s
Tex. &Pac.,E.Div.— let, 68 ..1908 *108%
1917 •100% .....a
Tol. A. A. A cad.— 6s
1919
ToL A. A. A Mt. PI.— 6s
100
1917
Tol. Peoria A W.— Ist 4b
75% 77%
1896 114 114%
Union Pac— let, 68
1897
1898
1908
1907
1895
Pac—
68.1905
Atoh. J. Co. A W.— Ist, 68.1905
1909
Ut. 80.—Gen., 78
Exten., l8t, 78
1909
Utah A Noith'n.— G., 5s.... 1926
of
Cou.
68.1921
R'y
Co.
O.—
Valley
let, 66
Ist, 88
96%
61% 62%
17
18%
112%
103%
92
110
114%
1115
Col. Trust, 68
Col. Trust, 58
C. Br. U. P.— F. o.,7s
Atoh. Col. A
Ist,
103%
103%
,
107
105
98
110
108
98%
100
Virginia Midland. -Inc., 6s. ..1927
60
82
86
65
50
106%
88
97% 98
.
'.
.
St. Jos.
105
'
69
Pine Creek Railway- 6s of 1932
Pitts. Cleve. A Tol.— Ist. 6s
.1922
1922 •ii2 ...._
Pitts. JunctiOB-lst, 68
Pitts. McK. A Y.— let, 6b
1932 *115
94% 98
Pitts. Painsv. A P.— 1st, 58... 1916
75'8 76
Pitts. A Weslem— 1st, g., 46. .1917
Pitta. Y. A Ash.— let 58
1927
•«>*«
Rlclim. A AH.— 2d, Drexel receipts
23%
Rich. ADanv.— Debenture 68.1927
Delientore, ex coupon
93
Atl. A Char.— Ist, pr., 78.. ..1897 108
Incomes
11758
C—
'
A Pek U'n—1st, 68. ...1921 111
2dM.,4%s
1921 **......
A R.—3d pr. inc. conv., 1958
Peoria
Phila.
117
tree
.
i>iiuo A'fctuA«
105
—
.
*>./
Ask.
•110
1924 •109
1903
Adjustment M., 78
Equipment. 5s
,
'
Bid.
A W.—New Rlv.— I8t,6s.l932
Imp. A Ext., 68
19.14
Norf.
Clinch Val.D., Istequiy. 5s.l957
1937
96
Mobile & Biim.— Ist, g., 58 1937
94% Ogd. A Lake Ch.— Ist.con. 66.1920
Ohio A Miss.—Cons., s. f., 78. .1898 118
Erie Ist, extended, 7b
1897 117
118%
Sp'gfield Div.— Ist, 7s
2d, extended, 5b
1919 118
1905 106%
General 5e
3d, extended, 4%s
1923 '109 112
1932
Ohio River RR.- 1st, 58
118
4th, extended, 5s
1920
1936 100
100% General mort., gold, 6s
1937 83
5th, extended, 48
1928
Oregon A Cal.— Ist, 5s
let, cons., fd. coup., 78
1920
1927
Panama—Sink, fd., sub., 68. ..1910
Reorg., let lien, 68
1908 105
B. N. Y. & E.-l8t, 78
Pennsylvania RR.—
1916 135
Pa. Co.'s guar. 4%8, Ist op. .1921 108% 108%
N. Y. L. E. & W.— Col. tr., 681922
87% 89
Funded coup., 58
1969
Pitts. C.ASt.L.— lst,op.,73. 1900 118
73
Pitts. Ft. W. A C.-lst, 7e.
Income, 68
1977
1912 -140
87
Butf. & 8. W.—Mortg. 68.... 1908
2d, 78
1912
143%
3d, 7b
Jefferson RR.— Ist, 7s
1889 101%
1912 134 137
Cnev. A P.—Cons., s. fd., 78.1900 1'26
Eureka Springs R'y, Ist, 6b, g.l933
4th, sink, fd.,68
1892 107%
Evan. & T. H.-lst, cons., 68.1921 116%
St. L. V. A T.H.— Ist, g.,7s.l897 116% 117%
Mt. Vernon— let, 68
1923 109
2d, 7s
Evans. & Indian.— iBt, cone.. -1926 107
1898
2d, guar., 7s
1898 i"o"9
Fl't & P. Marq.- Mortg., 68. ..1920 119%
1951
1952
Springf. Dlv.— Coup., 68
1898
1921
IVIlddle Dlv.-Eeg., 5b
C. St. L. & N. 0.-Ten.L,7B.1897
1897
iBt, consol., 7s
1907
2d, 68
1951
Gold, 58, oouiion
Dub. & 8.
2d Div., 78 ... 1894
Ced. Falls & Minn.-lst, 7b. 1907
Tnd. Bloom. & WesternOhio Ind. & W.— la, pf., 58.1938
1st, 5s
1938
2d. 5s
1938
Ind. D. & Spr.— let, 7b, ex.cp.l906
1947
Ind. Dee. & West.— M. 58
2d M. inc. ."is
1948
Plaln,48
91% Kan. C. Wyan. & N.W.— lst,5s.l938
1921
^c. & E. 111.—1st, s. £.. our.. 1907
117% Lake Shore & Mich. So.—
Chic. Mil. & St. Pau'—
1892
Cleve. P. & A.— 78
iBt, 8s, P.D
Buff. & Er.— New bonds, 78.1898
1898 124I2 125
2d, 7 3-108, P. D
Kal. & W. Pigeon— let, 78. .1890
1898 ll9'4
Ist, 7s, $ g., R. D
1906
Det. M. & T.— let. 78
1902 12bH i"2"6"
Ist, La Cro88e DiTlslon,78..1893 IIIJ2
Lake Shore— Dlv. bonds, 78. 1899
1st, I. & D., 78
Consol., reg., 1st, 78
1900
1899 120H
Ist, C. & M., 7s
Consol., reg., 2d, 78
1903
1903 125 129
1st, 78, 1. & D. Ert
Coal
58.1934
Mahon'g.
RB.—
1st,
12;S
1908
let, B. W. DlT., 6s
1909 113 i"l"5" Long Island— General, 4s... 1938
ut, La C. <& Day., 58
N. Y. & R'wiiy B.— l8t,g.,58.1927
1919 mis
lst,H. <fe v., 78
1927
2d mortg., ino
1910 '122 124
lBt,H. *D., 5s
100
N. Y. & M. Beach— let, 78. .1897
1910
12
Chicago <t Pacific Dlv., 68. .1910 119
N. Y. B. & M. B.— Ist, g., 5s. 1935
Chic. & Mo. Riv. DIt., 58 . .1926 lOOia i"o"i%
Brooklyn AMout.— lst,68..1911
Mineral Point Div., 5s
1911
1st, 5s
1910
C. & L. Sup. Div., 58
Loulsv. & Nash.- CecBr.— 7s. 1907
1921 101
fargo & South., 68, Assu ...1924
Pensacola Div.—6s
1920
1201s
Inc. conv. sink. fuudSa
1921
1916
St. Louis Div.-lst, 68
Dakota & Ut. South., 5s
94
2d, 3s
1980
1916
Chicago <fe IvorthweBtcrnNashv. & Decatur— 1st, 78. .1900
Escanaba & L. S.— Ist, 6s. ..1901 112
1910
8. & N. Ala.— S. f., 68
pes M. & Minn.— 1st, 78
Peus. & At.— Ist, 6e, gold.. 1921
1907 12214
Iowa Midland-lst, 8s.. ....1900 132
Collateral trust, 58
1931
Penlnsula~lst,oonv. 7s... 1898
Lou. N. O. ATex.— lst,48.... 1934
Chlo. & Milwaukee— 1st, 78.1898 122', 124
1934
2d mort., 58
Win. & St. P.- 2d, 78
Manitoba S. W. Col.— G. 5s. ..1934
1907 130 135
Mil. &Mad.— Ist, 68
Mexican National— Ist, g., 68.1927
1905 112
Ott. 0. F. & St. P.-l8t, 58.. 1909 108
2d, income, 6s, "A"
1917
Northern 111.— 1st, 5
1917
2d, iucome, 68, "B"
1910
Chic. Rock l8l. & Pao.—
Michigan Ceut.— 6s
1909
Oes Moines & Ft. D.— l8t,48.1905
1931
Coupon,
5s
85
1st, 2iss
Jack. Lan. A Sag.— 6s
1891
1905
Exteueion,48
Milw.L.6.AW.—
(;onT.deb.,58.1907
1905
Keok. & Des M.— Ist, 58 ....1923
Michigan Div.-lst, 68
1924
103
Chlo. <fc St. Louis—1st, 68. . . 1916
Ashland Dlv.— 1st, 6s
121
1925
Chio. St. P.&Kan.C.-Ss
Incomes
1936
Minn. &N.W.— Istg. g8....1934
Minn.ASt.L.—I'a Ex.- I8t,7s.l909
100
Chic. St. Paul M. & O.—
2d mortg., 78
1891
Chic. 8. P. & Minn.-lst, 68.1918 123
Southwest Ext— 1st, 7s
1910
Ho. Wisconsin- Ist, 6b
Pacific Ext.— l8t, 68
1921
1930
Bt. Paul & 8. C.-lst, 6s
Impr. & equipment 68
1922
1919 123 124%
OMo. & W. Ind.-lst, s.f., 6b.. 1919 113
Minn. A Pac— let mortg. 5s. .1936
General luoitgage, 68
Minn. 8.Ste.M.AAtl.— let,58..1926
1 932 117
Clli. Ham. & D.— Cfon. s. f.,
Mo. K. A T.— Cons.,2d, inc.. ..1911
78. 1905 119%
2d, gold, 4iss
H. A Ceut. Mo.— 1st, 78
1937
1890
92%
Cm. l.dt.L.A. Chic— l8t,g.,48 .1936
Miseouri Pac— Tiust, g.. 58,. .1917
95
Conso). 66
1920
Pac. of Mo.— Ist ext. 48... 1938
ton. Jack &Mac.-let,g.,58... 1936
93% 95" Mobile A Ohio— let Ext. 68... 1927
Cleveland <k Canton— Ist, 5a.. 1917
let pref. debenture
94
CI. Col. Cln. & Ind.— Ist, 78, 8.f.'99
122% 2dpref. debentures
Consol. sink, fd., 7b
1914 120
3dprel. debeutmes
"
Cleve. & Mah. V.-Gold, 58..!l93b
i"l6
St. L. A Cauo-4s, guar
1931
Oeeur d'Alene. Ist, Bs, gold
1916
Morgan's La. A T.— let, 6s
1920
Col. & Green.- 1st, 6s
1916 100
Ist 7s
1918
2d, 68
1926 83
Nash! Chat." A "st." 'L."-^'2d,'68l 1901
CoL & Cin. Midland-lst, 6s. 1914 90
Consol. gold, 58
1928
93
DeL lAck. & West.- Conv. 78.1892
112
New Or. A Gulf -Ist,' 68
1926
Mortgage, 78
1907
142
N. O. A No. E.-Pr. 1., g., 68 ..1915
Byia. Bing. & N.Y.—lat, 78.1906 134
138
N. J. June—Guar. Ist, 48
1986
Moms & Essex- lst,78
1914 143%
N. Y. N. H. A H.-lst, reg. 48.1903
2d, 7s
1891 108% i"o"9'% N. Y. A Northern.— 2d, 48
1027
Bonds, 78
1900 124 126
N.Y. Susq.A West.- Deb. 6b. ..1897
7fl of 1871
2d, 4%8
1901
1937
l8t, coii., guar., 7b
1915 139% 140% N.Y.Tex. AMex.— Ist, 4s
1912
DeL & Hud. Caaal—1st, 7*.. .1891 109
Northern Pac. -Dividend scrip
iBt, ext., 76
James River Val.— ist, 68. .1936
1891 108%
Coupon, 7s
Spokane A Pal.— Ist, 68
1894 115 115%
1936
Pa. Dlv., coup., 78
....1917 138%
St. Paul A N. P.— Gen., 68.. 1923
Albany & Susq.- l8t,gu.,7e.l9oe 133%
Helena A Red M'n— let,g.,6e. 1937
liit, cons., guar., 65
Dul. A ManitobSr— Ist.g. 6S.1936
i906 123% ir3%
Bens. & Sar.— 1st, coud.,7b.1921 144
Do Dakota Div.-lst, 68.1937
Denv. & R. G.— Imp. g. 58... .1928
Hel.B.Val. A Butte— let, 68.1937
83
XtM. H»v c. J; All.. iHr, 6
1M13 107 108
Diummond A P'bg — let. 58.1937
.
92
'123
1930 '108
Tenn. Va.
BECUBITIES.
Ask.
96% 97
& Iron Range— let, 58. 1937
DiU. 80. Sh.
Prices.}
Tod. & 8an. Fe— 4>48
Blnilng ftind, 68
Atoll.
SECURITIES.
Ask.
103
*
•
56"
Wabash St.
L.
A Pac—
,58, Trust reo
1921
Detroit Div.—6s, tr. rec
Wabash. M., 78, Trust reo
Chicago Div,
Toledo A Wab.— 1st ext., Tr. reo.
St. Louis Dlv., 78, Trust reo...
2d M. ext., 78, Truet rec
1883
Equip, bonds
Consol. couv., 7s, Trust rec...
Gt. West.-lst, 78, Trust rec
2d, 78, Trust reo
Quln. A Tol.— let, 7s, Trust rec
86
105
83
88
H«
84
10
Hi
88
84
87
90
94
20
91
8S
9S
Han. A Naples— Ist, /6,Tr. rec
--^
83
m. A So.Pa— l8t,ex.68,Tr. roe
•>•«
87
8t.L.K.C.&N.-R.E.A EK.7b.'95 111%
191
ClarlndaBr.-6s
72
Bt Charles Br'ge— l8t,6s.l908
Miseouri—
78
18^5
118
let,
116
i"2'3""
No.
109%
West.N. Y. A Pa.— 1st, 58 ....1937
95% 96
3-58
1927
98 "98%
gold
2dm.
37% 38%
Warren A Frank— 1st 78. ..1896
68
191
Pitts.let,
West. Va. C. A
103
miscellaueou* Bond*.
"5'2' 110
Am. Water VVoriisCo., 1st.. 6ci. i907 105
65
Cahaba Coal Min.— let g. 78.. 1907 112
98
Col. A Uoca. Coal A L—6s,g..l»l7
1937
Georgia Co., N. C.—5e
1901
90
Iron .Steamboat Co.— 68
105
Manliat. Beach Imp. Co.— 78.1909
101
101% Market at. Cable Ry., 1st, 6s. 1913
1904
119 121
N. W. Telegraph— 78
25
20
.
162
103
100
.
Teim. Coal lion A Railway—
1917
Tenn. Div., Ist, 68
Bir.
Dlv.— 1st con. 6s
TeL—Coup.
West. Union
Col. Trust, 58.
1917
78.. .1900
1938
91
89
92
114% 116
96 % 96%
Orcembkr
New York
1,
THE (CHRONICLE.
1888.)
8,
City
Bank Statement tor the weekendins Deo.
We omit two oiphtra (00) in all oomb.
M follows.
1888, is
CafUaL
loans.
SunriiM.
LtHU.
(00* omUtii.)
Bulk
•
N«w York.
of
MknhtltAii Co
MerubaiitH*
Moohauloo'
Amorlck
Phenlx
Olty
TrMomnon'ii
Oli«iolo«l
MerobftntK' Bxoh*iire
GallRtlnNiktIonaL....
A
Bnt<.lior8*
T>roTerB*.
A Traders
Mechantoa'
Ore^^nw^r^
a.noo.o
2,080,0
2,000,0
2,000,0
3,000.0
1,000,0
1,000,0
i.mMi.o
300.0
BOO.O
1,000,0
sno.o
200,0
Broiulway
Mercantile
Paolflo
Repalille
Chftthani
Peoples'
North Atnerloa.
BuioTer.
1,000,0
600,0
800,0
600,0
Rwaaa
Market A Fnlton
St-NlcholM
Rboe A Lttather
Corn Exobanjce
CTonttnenUtl
OrtenUl
Importers'
1.0(10,(1
Udd.lll
A Traitars'
22S,1)
6.t)30,8
2,000,0
240,0
260,0
3,200.0
2,000,0
300,0
750,0
500,0
1,000,0
300,0
Central National
Beoond National
Ninth NatloneL
Flr«t Natiimal
Third National
N. V. Nal'l BzohanKe
B<nrenr
New York Connty....
eerm an. Amerloau. . .
Ckaee NatlonaL
260,0
200,0
760,0
600,0
100,0
200,0
200,0
500.0
300,0
200'0
150,0
300,0
200,0
500,0
200,0
3,500,0
Avenne
German Exohange...
FItth
Gerinaula
Unlteil States
,
Qaniolfl
Fifth National
Bank of the Metrop..
Weat s^iile
Seaboard
Sixth NatlonaL
Western National
Total
4,884,7
..1 !..;.
....i:i..l.M
2,1M13.6
475,4
211,4
2,67.1.1
•20.203,3 I0.04H.3
6.33,0
69H.S
24.989.7
4.105.8
862.11
4.3113,3
08.8
871.0
'i.''tl,0
283,0
15,3.4
2,1110,0
1,136,2
3,818.1
1.308,9
3,648,4
16,114.0
19,387.8
6,52-J,2
7,212,0
2,699.8
9.861,2
4.757.4
8.028,6
8.908.4
18.777,6
2.931.0
2,844,(1
3,485.1
4.13a7
2.023,8
3,147,0
6,779,0
4,604,8
2,097,6
21.788,5
18.883,3
2,085,6
315.1
1,736,2
100,2
•
1.990.0
1,958,0
1.610.4
1.162,0
9,274,1
3.440,0
6,526,4
1,017,2
-•.-.t.i
•
11,360,.
9,807,0
8,oa«,6
9.020.0
12.260,6
4.740,0
10,468.4
133,1
1,2M,.1
l.oOO.Oi 4.031,3
Park
Sorth River
Xast RlTer
VOvrth National
Liut-'oln
2,263.5
i.oiii.e
4S0,0
200,0
700,0
iTTlnit
Ottliens'
62'i,3
1,000.0
1,800,0
5,000,0
S.000,0
1,000.0
1,000,0
*22,7
1,600,0
Oommoroo
1,BU0,4
760.0
600,0
600,0
200,0
600,0
800,0
Amerloau Exohange..
7no,»
1,6114,1
87.3
604.2
76,7
487,3
1.556,3
3,138,8
1,530,9
633,6
311.2
820,4
617.1
237.5
467,3
1.042,0
260,5
363,6
178,0
664,8
918.8
331.6
I*<.a(Iir!- M:uitiraot'rs.
H*»viMiih N.>rli>iia1
nutuoC NawYork...
•
1,661,4
1,U.S,4
DtpotV*.
124,0
1.304,7
631.3
212.8
278.3
6,875.8
217,6
117,2
362,4
104,1
211,8
665,7
652,1
366,1
364.8
601,1
179,8
232,6
243,0
8.678.0
4,944,6
21.451.5
6.231.6
1,525,6
2.284,2
2,321,4
2,716,0
7,408,6
3,966.7
2,601,3
2,466,6
4,462.9
2,700,1
2,318,8
1,348.6
4',J»,6
.3,778.0
201,0
128,0
62.0
87,6
1,902.0
2,676.0
1,740,0
10,020,3
1.285,1
18.122.0
8.1,36,0
860,0
480.0
lO.IIIIII.O
«
61)6.9
M7,0
1
',1
1
;.o
l.HSH.l
1,117.8
2,708.3
1.314,2
3,010,2
14,138.0
14,606.3
liS'"
206.5
88,4
961,5
875,0
^2Si'*
2.30.1
.'•..7l(*.:i
tUStntm^^iaU.
64 •
vir
,
North Penn«ylvattta....
Peunnrlvanla
A
Krle
Kunbnry ft Lawlaton...
United LVsot N.J
WeaiJarsay
Went Jersey A AtlanUe
nAll.KUAL) Bun UK.
AUach. Val.— 7 8-in«. -ga
[no. 7s, end., ooap.,
Bells Oap-lst M.,Bs
.
1H
,
A Amb.— M., 6a,'80
7s, 1900.
Clesrfleld A JelT.— tat, 8s
Ool. A cm. Mid.— 1st, 6s.
ConneottnK— 8«
Delaware -Mort., 68
Del.ABd.B.- 1st, 7s. 1906
117
En«Ton,*Amboy,m(»rt.
115
123
102
<''
A
.t
-1
6b.
II.
Is
I
*
Mtnt.
Oeotnlohla
Preferred
104
079.0
153,3
828,3
980.8
2'.i,fl43,5
2,2',!3.4
1.578,2
18.494.8
10.169,0
636.0
4,389.0
471.5:
6.010.1
1,551.7 21.309,6
216,7
6,836,3
167,4i
1,338,6
Jd, 78, rsK., 1910
119
139
Cons. 68. C.A R.. 1823..
ISIH
North Ponn.— lst.M.,
180,11
2,1.85,3
451,1
398,5
960,1
li)9,K
2B2.3
4. -.67.1
291,01
223,01
2.100,0
29rt,Oi
.3.160,0
130.0]
1,370,<1
2.010.4
156.4
187,2
152,1
905,2
81.3,5
390.6i
60.762.7 51,586,0 391.404.2 a2.S 93.3l29.618.7|408.161.8
,
uhl»-4a, 1B36..
190Si Cent. Uhl»-8s, 1880
184 Hi Char. Col. a Aog.— 1st, 7s
107
Cm. Waah. A Balk— lsU.1
61ii
9ds, ts
8dB, 3s
1st Inc., 68.1981
132V
126
114>s
8««b'dAR0'nn[e-68, 1926
4'«8, 'rmst Loan
'IWest.Md., 3d iniar..6s..
Perklomen- Isl 80.6,1818 iiioii
WU.Col.AAan.,6s.l810.
f Per share. 4 Last price this week.
New York Local
BANKS.
Ask.
Bid.
Secnrlties.
Bank Btaek Umt,
BANKS. Bid. Ask.
America.:... 181
Am. Exch... 143
146
Broadway... 290
Bntchs'ADr. 182
German Am. 116
893
Oennaula
Central
135
Chase
236
235
Chatham
Chemical.... 381 K)
175
City
150
Cltiiens'
Commerce.
178
Continental IVl
Com Exch... 225
East River.. 150
ISO
1 1th Ward..
Fifth Ave....
100
.
.
Sarfleld
Irving
160
Leather Mfs' JOS
156" Manhattan... 165
Marketft Fnl 178
Mechanics'.. 1H2
M'chs'ftTrs'. 170
Mercantile... 162
Merchants'.. 144
Merch'tsEx. 118
8
Metroi«litan
Metropolis... 235
1H2
130
First
22(K)
14th Street.. 166
141
Fourth
Gallatin
JIM
i'431.
N.Y.NatBx. 198
226
Ninth
ISX
N. America.. 147
North River. 136
OrtentaL
80«
Pacinc
167
Park
188
People's.
190
Phenlx
Republic
Seaboard
Second
Seventh
167
170
147
120
St.
N!
XM
230
Western
New York...
188
13S
169
120
320
189
•
•.M«
163
<
.
\^
sut.
10
138
141
169
131
147
Shoe* Lciith. 117
Trail.
Unit.-,.,-
Nassau
BM. Ajk
120
200
Hanover
222
Hud. River.. 140
Im.A Trad's' 4'J6
42<HI
BANKS.
W.T. Omutr- 900
.300
Greenwich... 126
1
8.6i;6.1
Incoiiio, 68
Bait. <a
7».
1.166.0
284,4
147,7
587.8
863,7
687,0
303,6
23,4
131.8
Atlanta
Cape Fear A Y ad.— 1st, es
General mort. 7». 1903.
N.Y. Phil. ANorf-lst,6s 106
Income, 6s
Peun.-uen.,68,oonp.lB10 183
Cons., 6b, coup.. .1906..
Cons., 68. coup. ..1818.
A Aot'BU
RAILROAD BONli*!.
A Char.-lBt. 7a
irs>a
CoiiHci. .M.. 6s
2,866,0
968.6
8,384,6
889.4
3,876,3
927.2|
4,158,6
77.71
1,801.4
847,0
3,662,0
265,0
6,377,3
660,71
6,278,0
44r>,4
2.170,1
1,026.2 22.981.8
,
Westam Warrlaad
..^..
107 <» Wilm'KtonCot
7»
iii'iitg..
RAILIIOAII HTOOkS.I
T.-l8t,7s
I,eh,V.— l»l,68,C.*K.,'l»»
uT
1
Balttaiora
Ohla.._..
lit prai.. ....••••«....,
„.
iS3i«
WllI'm.-lst, 6s
Ml J. A
Sdprnf IBO. 6fci»Br.
3d pre!, lae. 6a, I9M...
Phil. W.
Hall.-Tr.«..4a
Hlfliiben.
Ind.lat m. ts.
VnltMN. J.-(len. 4a...,.
A
A
Warren A Prank - at, 78
;"•• West Jer«ey-l«l M.,78..
109H W.Jersey A Atl.-l8i, as
BAl.TinORK.
Cauwisaa-M.
"
t>*tmmA\neom—, «,.
l"pr»t. iii«.Sn»»..
999
Cam.
1'.
3»8.0|
At^
BnMTOD
Prnferrad
Lehlib Vallar
Little Hnhnylklll
MInehlll A >l. Haven....
No8<|ui<hnnlnK Vslter..
iNortlieiuCnDlral
1
2,821,4
2.579.6
8,644,7
4,007,9
3.161,4
2,066,7
4,468.7
3,420,7
2.888,0
1.732,4
535,0
384,1
752,8
KOUBITIBS.
nnniln(tOB*
I'hll.
831,0
560.4
760,8
848.7
144.0
130,8
601,3
328,8
415.1
3,250,0
'J, 123,8
1,264,2
1,458,9
265.3
2,676,2
762,4
199,9
660,2
8.681.7
336.3
608.0
944.0
805.6
276,8
842,0
1,100,6
699.7
167,9
4,986,6
4,687.1
75.7
128,3
3,646,6
1,643,0
466,0
1,735,9
3,834.0
1,838,9
180,8
840,4
436,7
469,2
1,785.7
10.73O.0
695
104
1
««. ^>n)
>••
92
9SV
Has and Oltr Railroad Staeka and Bonds,
Lnam.
N. V. Rank8.>
Not. 3
••
"
Deo.
1
I
Nov. 17
Sec.
Banks.*
150.526.9 10,407,61 4,356,7 128,795,6 4,666,7 103.371.3
149,693,4 10.036,71 3,889,5 125,726.3 4,661,8 87.836,9
149,680,4 9.886,21 4,018,3 125,174,4 4,628,2 79,898,2
34,381.0
24,704,0
24,141,0
Um
• We omit
ciphrrt in aU tlute figura.
delpbia, the Item " dne to other banks."
-f
93.667.0 2,299,5
93.566.0 2,299,7
93,870,9 2.297.4
Inclndlns, for Beaton
66.188.1
69.4(14.8
60,198.6
and Phlla
Qaotatloms in Boston, Plilladelpiila and Ball I more:
Following are quotations of active stocks and bonds. A full
list is given in the Chboniclb the third Saturday of each month
8KCTJR1TIE8.
BOSTON.
BA.ILROAD ."TOCKS.t
Atohlsou A Xoieka
Boston & Albany
•
dt Iriiwell.
Maine
jloston <b
Bid.
54<4
199
157
54 Hi
200
168
175'a 178
247
19
20
Ualitornla Houtherii
Central of Massachusetts
Preterred
Cheshire, pref
14»<
29
116
I,awTence.
Mexican central
N.Y. ft N. Kng, pref
"io'h
Morthem
&
Ogdensb.
42
—
Portland Maco
30
ft
771a
Ports...
Branch
Per share.
C. 1
1.
Scott ft Me3i..8s
MutuaKN.
Y.)
Bunds, 6s
,
,
106 1^
2dmort., 288
Mar. U. ft Ont.-1803, Ss,
1923,68
Mexican Central Is ..
Ts..
Rntland— OS
8oath«m Kansas—6s..
Texas Ulvlslon-^s.
Incomes
120 »9
Bid.
RAILBOAD 8TOOK8.1
Preferred.
79
-Mv,...|,„,,,.,ii(Brooklyni
Munlripal-Bonda, 7s..
IFnlton Municipal
HW^IOOVI Bonds,8s
100 1102
Equitable
Ii
110
fionrta, 6s
99 llOl
74
7»
123
lo«
"-
194
111
9«1,
1
1
'
illU
119
RR. QQCtattona by H. L. Obimt, Broker, IdA Brcatwar.l
Bl'ckorSt.
A
Pul. P.-8tk.| 94
Istmort, 7s., 1800
Br'ds ay A 7ihAv.—St'k..
Ist mort., 68, 1904
2d iiKirt., 58. 1814
B'way Surface b'll8...1924
Boiiiis guar,,5s, 1905
Brooklyn City—Stock
Lit mort., 58, 1902
Bklyn. Crosstown— Stook.
iBt mort, 78, 1888
Bush w'k Av.(Bklyn)— Sfk
114
185
28
D. D. E.B.
1115
1
1
103V101V
108V104
102
82
105
100
1120
r.!6
106
160
KK)
140
Central CrosBtown- St'k.. 140
116
Istmort, Bs, 1VZ2
Cent. Pk.N.ft K.lllv.— Stk. 86
116
Consols. 7s. 1902
ChrlsfphrftlOlhSt-Stk. 120
111
Boml.s, 7s, 1898
Dry Dk.E.B.ft Bat'y—Stk. 130
108
Ist mort, 7s, 1898
107
166
l.'HI
150
120
88
118
rj6
113
132
111
I
I
io«
I60
ftB.— 8crlp6«.. 105
Eighth Av.-8taok.
Scrip. 68, 1014
42<l ft Or'ud St F-ry-Stt.
let mort. 7s. 1893
145
106
206
110
94
4'.!d St Mauh. A StN.Ave.
110
1st mort., 68, 1910
60
'Jd mort, Inoome. 8s
Honst. W.St* P. F'y-Stk. 166
110
Istmort, 78, 1894
80
Ninth Ave.
Ull
Second Ave.— Stock
103
Istmurt. 58. 1010
154
SUth Ave.—Stock
lot
Ist mort, 7^ 1890
Third Av&— stock......... 213
101
Bonds. 78. 1890
Twenty-third St— Stock.. ao
no
Istmort, 7s, 1883
124
121
4U
37
13 V 14
9
7
110
107
103 107
8
8
reo.
Ist, 78. 1907
Brooklyn Klev'd—stook.
California Paeifle
1st mort, 4138
2d mort.. guar
Ctalo. ft Atl.— Ben.,
N. O. Pao. Land Grant..
Newp. N.
A
Miss. val...
N. V, ^.S.A Boir
N. Y. A Green'd Lake, 1st
17
11
107 H
210
UIV
38
111
66
iiT*
iui"
1041a
168
10«
91t
109
916
U9
H
36
7
9d mort.
48
N.Y. Loan A Impr
INI
d. Y Mutual Tel
(;hio. Gas Trust ....
40V 40^ N. Pac P. d'Orelllo Dlv. 108
108
Mo. Dlv.. 1st 6s
Chic Equitable Gas A F. 98
«
40
Norui Kiv.cons. 0,«.90rlt,.
Continental Ciin. A Inp.
6V Ooean 8team.Co., 1st rnar. 103
Liul. 8, ilhore ft At
8lk,
4
9U
Psnsaoola A Atlaotio
Prof
20
PhIL A Read., all ass. pd.
Fla.R'yA Nav.CcoonaoL
16
Postal Talein-apb-CabJe. 36
13
eorgla Pao Stock.
110 llOV St Louis* Chicago
I8t6s
Pref
43
2ds
St. Paul E,A Ur.Tr.,lataa
76
Consol. 5a
—
irlnlo Valley. Ist, 7s ..
26
23
lncoine5s
^
6H
2J. 7»
Jam».(;imklln,M. ]>eb.es 80 103
16
Toledo Peoria A West..
IV
Okuawha « Ohio
.
Vicksb. A Meridian— 1st. 97
let pref
7's
40
ad mart
3d pref
3V
1
Inoomos
70
Ist6s
V
':H,.ly Motor
3
6V' Stock, prat
W«at N. Car. -">n. 6« _ ,«•
KlD^st'n ft Pemb., ist K. 105
so" Bowery National Bank. ..1996
Uitatgu dc waKeo.Caal...
German Exrliang.i Bank. 230
L.N.A.AO.— <'.*I.D1V.,«B 104'
Sixth NaUonal B.iiik .... -J40
Memphtsft Cha'st. consols 120
tr.
{
BeU's Gap
Casnden & Atlantic, pref.
East Peiuisylvania
Blmlra ft wllUamsport. .1
82",
tf
91
IS
40
10
69
•«
104
•
81
iv MV
.
Income 6s
fUll...\UKIiPllIA.
Last price this week.
55
103
,
Istmort., 68
11
78>a'
170
114
-irooklyn)
I
Brunswick Co
2d mort., 6s
Ogdens. ft I,.C.—Cons., 6s
110
144
[City
I
T
;
I
Nassau (Brooklyn)
,
i
i
GAS COMPANIEa
Ask.')
;i04
ft
112
—
16
39
Topeka— Ist, Ti. 120
Co U. Trust, 6s
f
Vermont— 58..
Income
N Y.ft N. Bn«.-lBt,
170's
125
9
BONDS.
ft
.........
Bonds, 58
Consolidated Gas
Jersey City ft Hoboken.
Metropolitan— Bonds
102
62
100
Unlisted Securities.—Qaotationa from both Exchangee:
SECnBITIKS.
Bid7
Bid. Ask,
SBCURITIES.
33 V Mex. NatConsu-uot'n CO. 34
30
98
Am. Bank Note Co..
Dea.A East Sh. Ld.Co. 1-25 1-60
4toh. ft Pike's P'k. 1st 68 1U4
96' Mt
N.J. Southern
1
80
Atl.
Char. Air Line...
6.s
Wlsoon. Cent. -Ist M., 6s
Preterred
Atoh.
iii»ii
K.C. Clint. A .Sprlngf.—6b
Little K. ft Pt. 8.-78
LouIflv.Ev.ftSt.I,.— Ist, 68
Cham..
Wis<.'Ouflln ceiiCral .......
80
100
101
117
K. C. Fort Scott ft O.— 7s
Kans. City Law. ft So.— 88
(C.C. Meiuph. ft Birin—5s
Kan. Clt. St. Jo.AC. B.— 7s
K. City Mp'd ft Mem.— 8s
Worcester....
ft I,ake
Oidcoionr.
Snniuiit
Income,
Consol. ot
Ask,
29 V Bastem, Mass.— 6s. new..
MaiKh,'.-^t<?r ft
108
88
Land grant, 7s
California South.— 1st, 6s.
16
Maine Central
Bid.
Atch. ft T'p'a.— (Cont'd)—
Plain, 6s
Mortcace, 6s
Trast, 68
Bnrl. ft Mo. R. In Neb.—
Exempt, 6s
Non exempt, 68
-.
S..
Burl.* North'n
Chicago & West. Mloh...
30
OlevelandiA Canton ......
Preterred
i'is
Coprord
Connecticut & Pass
iio"
Bastem
80
Preferred
il28
Vltohbarfir, pref
77
lint ft Pere Marquette. 25
Prefened
95
Kan. C. Ft. Roott ft Mem .
K. o. Mouinh. ft Blrm. .. 'io'
LoulsvUle Kvans. & 8t L.
5
Ohio.
Preferred
8ECURITIK8.
Ask.
Boston ft Providence
246
Boston Rev. B. A Lynn-.
Norwich
Bid.
Brooklyn Gas Light
Citizens' Oae-Llght
Scrip
94,341,0
83,879,0
94.020,0
1
Boston
OAS COMPANIES
$
Hostoo Hanks.*
24
Dec.
1
f btlailel.
Nov. 17
LtQaU. ItHpoMtA OircTti! Ci^arttw.
|
394,410,9 90,063,l'2!<,n4.0l4417.787.4 e.3(>.').S 671,138.2
393,974,1 88,58v:,4 26,700.9^414.9(1'J.H .5,32'J.3 .533,072,6
.1392,990.8 87,293,5 27,93.^8M114.5.'iO,0 .'5,317.9 667.780,9
1.390.814.0 87,471,2 27,875.51'
-.,,41'2.1.39,3 5,343,0 865.900,6
.381,404,2 82.598,3 29,518,7 408,161,8 5,337,3 689,599,4
10
17..
24
••
Specte.
i
100
46
9V
H
•IV
THE CHRONICLE.
69b
[Vol. XLVII'
Remaining
Quarter ended
Object.
BEPORT OF THE SECRETARY OF THE
TREASURY.
-^,
Civil
Treasury Dbpabtment,
WASHUfaTON, D. C, Dec. 3, 1888.
Sm
I
:
have the honor to submit the following report
RBCB1PT8 AHD EXPENDITUEB3 FISCAL YEAR 1888.
^
The ordinary revenues
of the
Government from
all
soaices
lor the fiscal year ended June 30, 1888 were.
From customs
$219,091,173 63
From Internal revenue
124,296,871 98
Prom sales of public lands
11,202,017 23
From profits on colDago, bullion deposits, and assays.
9,387,634 48
From tax on national banks
1,748,566 85
From fees—consular, letters-patent, and land
3,433,448 99
From ouatoms fees, flues, penalties, &c
1,097,448 20
From sinking fund for i-acilic laUways
1,170,33143
From repajnientof interest by PaciHc railways
681,696 95
From safes of Ini.an lands
880,087 43
From Soldiers' 3.'me, permanentfund
433,189 29
Fromsalesof (Srernment property
From tax on 8e«l skins
26
00
50
76
05
88
31
1,838,712 54
365,877
317,500
291,189
161,890
112,422
105,665
2,650,350
From imml^ant fund
From deposits for surveying public lands
From deductions on mutilated notes, currency, Ao
From sale of condemned naval vessels
From revenues of the District of Columbia
From miscellaneous sources
$379,266,074 76
Total ordinary receipts
The ordinary eipenditares
for the
same period were:
For civil expenses
For foreign intercourse
For Indian service
For pensions
$22,852,334 03
1,593,46140
6,249,307 87
80,288,508 77
Fertile military establisliment, including rivers and
harbors and arsenals
For tlic naval establishment, including vessels, macbinery and improvements at navy yards
For miscellaneous expenditures, including public buildings, light liousca, acd oriUectlng the revenues
For expenditures on account of the District of Columbia
For interest on the public debt
38,522,436 11
16,926,437 65
44,228,351 89
4,278,113 48
44,715,007 47
Total ordinary expenditures
$259,653,958 67
Leaving a surplus of
$119,612,116"09
Which was
applied as follows
:
>
$83,084,405 51
Leaving a balance added to the cash in the Treatury,
36,527,710 58
of
$119,612,116 09
»»»«»*
As compared with the fiscal year
have increased $7,862,797 10.
•
For the present
year, 1889, the revenues, actual and
fiscal
estimated, are as follows
1887, the receipts for 1888
:
thrcefourtus
of the year.
Actual.
Estimated.
Total.
ex-
penses. Including public
buildings, light-houses.and
collecting the revenue
,778,813 08
,696,496 37
,919,467 88
61,471,186 92
4,553,503 63
52,080,532 12
79,250,000
6,250,000
77,000,000
Military establishments. Including fortitications, river
and harbor iiuiirovements,
and arsenals
Naval establisnment, including vessels and machinery,
and improvements at navy
9,253,164 53
34,746,838 47
44,000,000
yards
Expendltur's for Dist. of Cul.
Interest on the public debt.
,577,544 08
,288,519 14
,813,658 11
16,422,455 92
3,211,480 86
29,186,341 89
21,000,000
4,500,000
41,000,000
Total ordinary expenditures. 71,327,663 19 201,672,336 81
273,000^0
Indians
Pensions
$377,000,000 00
273,000,000 00
Total receipts, actual and estimated
Total expenditures, actual and estimated
Es'ted surplus, applicable to the purchase of bonds. 104,000,000 00
The revenues of the fiscal year ending June 30, 1890, are
thus estimated upon the basis of existing laws:
From customs
$217,000,000 00
125,000,000 00
From internal n venue
10,500.000 00
From sales of public lands.
From fees— consular, letters patent and lands ....
3,250,000 00
1,500,000 00
From tax on national banks
900,000 OO
From customs foes, tlm s, penalties, &c
From interest and sinking fund, Pacitlc railways.
2,000,000 00
500,000 00
Fram sales of Govcrument property
150,000 00
From deposits for surveying public lands....
9,500,000 00
From protits on coinage, assays, &c
2,750,000 00
Prom revenues of the District of Columbia
3,950,000 00
From miscellaneous sources
$377,000,000 00
Total estimated receipts
estimates of expenditures for the same period, as submitted by the several Executive Departments and offices, are
as follows.
Legislative
$3,381,963 65
18,955.081 60
Executive
436,600 00
Judicial
1,917,565 00
Foreign intercourse
Military establishment
25,293,372 97
25,163,028 76
Naval tsbvbUsUment
Indian aflalrs
5,475,410 50
Pensions
81,758,700 00
The
Public WorksLegislative
Treasury Department
War Department
Navy Department
Department
Department of Justice
Interior
Purchase of bonds for sinking fund, including $2,852,015 88 for premium
$46,577,165 88
Redemption of—
Fractional currency for sinking fund...
7,400 00
Loan of July and August, 1861
34,350 00
Loanof 1863
4,500 00
Flve-tvfenties of 1862
11,30000
I,ri0000
Pive-tweritics of 1865
Ten-forties of 1864
7,850
Consols of 1865
26,350 00
Ck>n801sof 1867
97,550 00
Consols of 1868
1,250 00
Oregon war debt
15000
Funded loan of 1881
83,100 00
Iioan of July, 1882
4,175,75000
Old demand, compound interest, fractional currency,
and other notes
65,863 05
Purchase of—
Funded loan of 1891
8,337,550 00
Funded loan of 1907
1P,233,950 00
.« ,418,826 58
Premium on loans of 1891 and 1907
Total
and miscellaneous
Sept. 30,1888.
.$4,000
5,664,526
13,785,234
1,604,248
143,100
00
04
72
98
00
3,80000
Postal service
District of
Columbia
Miscellaneous
Perm.anent annual appropriationsSinking fund
$47,800,000 00
Interest on the public debt
38,000,000 00
Refunding—customs, Internal revenue, lands, &c
12,463,500 00
5,500,000 00
Collecting revenue from customs
Miscellaneous
4,927,555 95
21,204,909
4,403,414
5,949,535
20,906,849
74
90
61
66
108,691,055 95
Total estimated expenditures. Including sink'g rd. $323,567,488 34
$53,432,511 66
Or an estimated surplus of
Excluding the sinking fund, the estimated expenditures will
be $275,767,488 34, showing a surplus of 1101,232,511 66,
aiNKlKQ FUSD.
The requirements
of the act of Feb. 25, 1862 (Revised Statutes, 3,688, 3,689), establishing a sinking fund for the gradual
extinguishment of the public debt, estimated for the current
fiscal year at .$47,583,000, have been thus far met by the redemption of Treasury notes, fractional currency and bonds of
the United States which had ceased to bear interest, amounting
to $77,797 35, and bv the purchase of $26,839,650 of the funded
loan of 1907 and $12,143,150 of the funded loan of 1891, at a
cost to the fund for premium if $7,672,222 29 on the former
and $844,206 78 on the latter loan.
SURPLUS REVENUE.
Remaining
SOUBCE.
Customs
Quarter ended
three- fourths
Sept. 30,1888.
of the year.
Actual.
Estimated.
61,404,839 24 155,595,160
93,757,994
8,263,802
8,070,478
780,500 89
719,499
Internal revenue
31,242,005 47
Bales of public lands
2,236,197 58
Proflta on coinage, a8say8,&e 1,429,521 13
Tax on nationalbanks
Fees— consu'r, letters-patent
and lands
Custome fee8,flnes,pen'r8,<tc
Int. and sink-fun ri, Pac. r'ys,
Bales of Qov'ment property.
Deposits for surveying pub
lands
Revenues of Dist. of Columb.
Uiscellaneous sources
Total ordinary receipts.
637,540
218,686
557,651
134,334
12
14
21
10
28,827 34
322,349 07
970,002 65
Total.
76 217,000,000
53 125.000,000
42 10,500,000
11
9,500,000
1.800,000
88
86
79
90
3,250,000
900,000
2,000,000
500,000
121,172 66
2,427,650 93
2,979,997 35
150,000
2,750,000
3,950,000
2,612,459
681,313
1,442,348
365,665
87
99,962,454 94 277,037,545 06 377,000,00
The expenditures for the same period, actual and estimated,
are as follows
:
In the last annual report it was estimated that the revenues
for the year to end June 30, 1888, would exceed the ordinary expenditures, not including the sinking fund, by $113,000,000. It
will be seen from the foregoing statement that such excess was
in reality $119,612,116 09, or $6,612,116 09 more than the Department estimate. It was also estimated in the same report
that the like surplus for the fiscal year to end June 30, 1889,
would be $104,313,365 64. Judging from the actual expenditures for the first quarter of this fiscal vear, and in the light of
receipts and expenditures to the middle of November, it is
probable that this estimate will prove to have been fairly accurate, and that the surplus will almost exactly equal the predicted sum, a remarkable result, since its factors were subject to
all the uncertainties of future revenues and of expenditures to
be authorized by a Congress not yet assembled.
The accumulated surplus on September 29, 1888, was $96,444,845 84 ; the surplus revenues from that date to June 30, 1889,
as estimated, are $75,365,208 25, making the tetal accumulation
on June 30, 1889, which could be used in the purchase of bonds,
$171,810,054 09; however, between said September 29 and November 22, $44,399,509 60 has been paid for bonds; consequent-
Decbubbb
8,
1888.]
THE UUKUMCLE
no more bond* were bought betw«cn now and Jun« 30
the gurplus would then amount to 1^127,000,000. Upon tlin
Iv
if
neit.
baalii
of appropiiationarf commended by th« IVpnrtra.mt, and
upon
the aseumpHon that thn revenueH of the fls.-al yeara to
end
Jane 30. 1889 and 181(0. *ill be equal, th« siirpluH revHnn»H
for
the latter fiscal year will be |101,000,000, which, with
(Iih Hurplus revenues of this year and the Hurplu.i already ace
umulated, make a total of 1338.000,000, which might be
used dorIng the next nineteen months in the purchase of the
intereatbearing debt, and which ought to be used for that purpone,
unless the laws are so ohaoged as to reduce the difference
between
expenditures and revenue by nearly that sum.
About »188,000.000 of the 4>6 percent bonds are now ontstanding; they are payable Sept. 1, 1891. The total
amount
of interest which will accrue on them from now until
their
maturity is in round numbers 125.000,000; consequently the
present Hurplus and the surplus which will probably
accrue
before July 1, 1890, will safHee to pay the principal
of those
bonds and all the interest which would accrue upon
them
should they be permitted to remain unpaid until
their
maturity.
The principal of the four per cent bonds is now ^680,000,000,
and the interest which could accrue upon them until their
maturity in 1907 is about $500,000,000; a calculation will show
that the present surplus revenues, if continued,
would pay
before 1900 all of these four per cent bonds and all of this
inOf course all the money which is saved by purchase of
terest.
bonds at less than the principal and the interest to accrue
but
shortens the time when all the bonds may be paid if the
holders
will surrender them.
Nothing more is needed than the foregoing statement to
show the absolute necessity of a readjustment of the public
revenues at the earliest possible date.
That it will be necessary to pay neariy the whole of the interest which will accrue upon the public debt if an
attempt is
made to invest the present surplus revenues in it before its
maturity is evident from the fact that even now the Government is paying for the four-and-a-half per cent bonds a price
which realizes only about one-and-a-half per cent annually,
and receives but meagre offerings of them at that price.
To continue taxation with no other use for its proceeds than
such an investment is a cruel waste of the people's money.
PURCHASB OF BONDS.
Since the last annual report and after the completion of the
sinking fund requirements for the year ended .June 30, 1888,
no bonds were bought until there had been an expression of
opinion by resolutions in both Houses of Congress that it was
lawful and proper to invest the surplus in bonds at the premium neces-sary to obtain them. Under the then state of public opinion in many parts of the country upon this
question,
both as to its legality and propriety, it seemed wise to seek
the co-operation of the Congress in this important matter. I
am confident that the delay in the purchase of bonds while
waiting for Congress to act resulted in no substantial necuniary
loss to the Government.
The purchase was resumed under a
circular of April 17, 1888, and since that time nearly all
the bonds which have been offered for sale to the Government have been bought by it, as will appear from an inspection
of the bond-purchase book. Of course many offerings of bonds
have been declined because the price was thought to be too
high, bnt finally almost all of the offered bonds were bought
at some price. An example will show this more clearly. Certain bonds of a par value of only f326,000 were offered so often
that the offerings aggregated over 119,700,000; but they were
at last securea by the Department. Ninety-four millions of
dollars of bonds have been secured under this circular and a
premium paid for the privilege of buying them of about
$18,000,000; the net rate of interest realized from this investment is only about two per cent, and the saving in the total
amount of interest which would have been paid had the twnds
been allowed to run to maturity is about |27,000,000. Had
taxation been reduced so as to leave this money with the
people, and if it is worth in their business 6 per cent per
annum, the total value of the money to them during the term
which these bonds had to run would t>e about $83,000,000; thus,
there is a resulting loss to the people of $56,000,000 upon this
transaction alone; if this over-taxation is not stopped, and if
the Government is forced to continue to be a purchaser of its
own bonds at the holders' prices, the loss to the people, as
could be shown by a like calculation, must be hundreds of
millions of dollars.
RBDCCnON OP TAXATION.
cannot too strongly repeat my recommendation of last year
to reduce taxation, and as far as possible without too sudden
disturbance of existing interests to make this reduction in
customs taxation, to the end that the people may get the
greatest possible benefit from the reduction.
Beside the vexed economic question as to whether a country
can make itself prosperous by a tariff; whether it can increase
the relative average comfort of its whole people by diverting a
portion of its labor and capital from the employmenta which
could be most profitably followed under natural conditions,
thereby making certain of the necessaries of life more costly
than they would be otherwise, there is a higher moral question which may well be asked, and that is, can a government
be kept pure and frte, which through the agency of its laws
offers vast pecuniary temptations to some kinds of bu.siness?
There are many indications that this question must be
answered in the negative. There are many proofs that large
classes of our business men have come to depend for suocess
I
««7r
upon
their Nkill in manlpalatlnggorenaaBtal
than upon industry. lntelllgono« M'! i.-.-T!^™
In it not pamlble that
•ftnmew
unume oomM to them only thr.
lf»tlM*
h,n.
i
them to
poMevari
And
11
will
...»/l«»l
gain* to
.
ir
ii'M
ilin eiiilHaror to
ehlef function of onr
«'»artb ?
mill
GoTerni^m
i^u.n.
»w_
I
M^^^Sl
and ther do
exiat and Are not over-eMnutad.
tbaa aulth*
donbted;th«t the true welfare of our
peo^altofoMhe JJ?
cue of the Government from them
apeedily
n»r be ?
Idls cMi only be done by Mverlng govemmeat
from privaU
bnainesa ; stepe ehould »t onoe be taken in
that dlr^eUao!
always, howerer. let me wp,^, bearing in mind
inteweta WWeh
have become eetabliahed under preMnt Uwa to
the end that
;
they may not suffer unduly while beneaoent reform*
are made.
m
m
OtmRINOT OIBCOTJkTIOK.
shows changes in •iroulatlon which
t»ble
inierest^'"^"*
an
OOKPARATrVB STATBMlsr»T SUOWIMO THB OnAHOBa M
rnoM jutr 1, 1887, To !iov«iaiiil7l888. CtlOtfLATloa
In clroalatloD In otroolaUon Deenaie.
1, 1887. «ov. 1, 1888.
Jul7
OoMooln
Stand'd sU'r dots.
Hubaidlarr silver,
(ioltl certlUoates.
Silver oerttfloatea
v. a. notes
Nat. bank notes..
Totals
376,758,607
05,504,310
48,607,259
91.225,437
142,118,017
826,667,219
1
8,358.310
4.297,<MO
59.801,350
52,371,712
3374.498
140.013,65(1
49.388.331
87,665,185
229,783,152
809,867,69(1 16,799,523
276355,203
235,217,283 41,637,920
1,317,826,052 1,407,871,668 58,437,448 148,483,0M
Net InorenM.
COMPARATIVE
•
380,018317
9O,046,6ie
niB ouxsana in moxbt Ain>
TBKASUBr FSOM JULr 1, 1887, TO aOVKMBKB
8TATB1IE!»T, siiowiso
""; o'oQ '"''*"
1888.
" ™*
1,
In Treasury In Treasury Deereaae.
July 1, 1887,Nov. 1, 1888
$
Gold coin
I
»
._. 192,369.91« 223.20!),020
StaiuVd silver dollars 211 ,4S:i,()70 24!>.97!),1 10
Subsidiary stiver
26,977,1911 21,0Si'<,7<i»| 2,888.725
United States notes.
20,013,797, 30,813,320
National bauk notes.
a,362.b8.'5
l,lli7,954
Gold bullion
86,732,1<J0 10?, 179,213
Silver bullion
•'3,982.472!
4,369,9721
Trade dollars as bul'n
6,934,9631
6.189,1421
745,821
Totals.
Inoreaie.
30,810, Ifrt
38,495,470
16,709,523
1.805,369
32,747,083
387,500
549,856,3871657,296,8301 3,634,546 111,074,989
Net increase.
im^l4o,US
As was the
case last year, the increase in circulation this year
has been in the form of small money. The increase of outstanding paper and coin in denominations of $30 and lees is
more than 1115,000,000, thus exceeding the total increase of
circulation among the people by about 125,000,000, and showing a conversion of larger into smaller denominations to that
extent.
BILVBR OOraAOB.
The ownership of
silver by the Government again was largely decreased, in spite of the increase of the total stock of silver
dollars in the country, by the coinage of 16 months.
During
the past few years the decrease of circulation cau-sed by the
cancellation of national bank notes and by the deposit of money
with the Treasurer by the banks to redeem their notes when
presented for that purpose, has been but little exceeded by the
increased circulation of silver certificates and of standard silver
dollars thus silver seems to have filled the vacuum caused by
the retirement of national bank circulation. The circulating
medium, in small denominations, has been largely converted
into silver certificates.
And, finally, business has largely increa.sed in the South, and in portions of the country where
there are few banking facilities. All of these causes hare cooperated to postpone any evil effects which might arise from a
continued and excessive coinage of the silver dollar bnt the
danger still exists, and should be guarded against. This can be
done by the adoption of the recommendation of my last report,
viz. , by fixing the maximum of silver which shall belong to the
Government, and by providing that when it was exceeded by
$5,000,000, the purchase of silver bullion should cease until the
amount owned by the Government should be again reduced to
such masimum, or by cancelling United States notes to the
amount of the excess over the maximum, provided the Government held the notes if not, then by ceasing the purchase of
bullion. Such plan, if adopted, would provide a safety valre
which would be self-operative, and would assure the coantiy
against any possible danger from silver ; for as soon as it exceeded the amount which could be absorbed in the busineoB of
the country, it would begin to flow into the Treasury in payment of taxes, and would be there held until business called
for it, and when the Government's ownership fell below the
maximum, the purchase of the bullion would again begin.
Thus the country's business demand would regulate the
country's silver circulation, and there would be little danger
of depreciation in the value of the silver dollar as compared
with the ^old dollar. 1 venture to predict that if some snch
safeguard is not adopted and if thereby the silver dollar is suffered at some to lose a part of its purchasing power, that the
people will demand the absolute stoppage of the sUver bulUoa
;
;
:
THE CHRONICLE.
698
purchase, and, furthermore, the use by the Government o£ the
whole or a portion of the silver coinage profits for the redemption of the silver dollars which are held by them. It is to be
hoped that before such crisis is reached that the nations of the
world will have agreed upon some standard of bimetallism
which will forever maintain a fixed ratio between gold and silver, but in the meantime there is no occasion to burden ourselves with a stock of silver which may be troublesome.
COIN CERTIFICATES.
The system
eircnlation by means of certificates has
and advantages, but it is a costly form of
of coin
certain conveniences
money; last year the cost of the $105,000,000 silver cerrificates
issued was about $421,000, and as more and more of these cnconverted into smaller denominations this cost is
likely to increase.
There are also certain dangers connected
with it, for example, in time of Bar, the possession by the G-ovemment of such vast stores of the precious metals might
prove embarrassing, and at a time when the Government was
in financial need the temptation to spend the coin held against
outstanding certificates might prove too strong. The loss by
the abrasion of the coin, if it was in circulation, would not
equal the cost of the certificates; on the whole I think it may
be said that the currency of the country would be more safe
and more economical if the coin were in actual circulation intiflcates are
stead of being held by the Government on pledge against outstanding certificates, as is now the case. But whatever may
be thought about the wisdom of the certificate system, there
can be no doubt that with it the further coinage of gold and
silver, except subsidiary coin, is not necessary or wise.
Far
more gold and silver coios are now in the possession of the
Government than probably ever will be needed for the redemption of certificates.
Future accumulation of the precious
metals should be only in the form of bullion, which can be
kept more safely and counted more easily than the coin. If
this suggestion was adopted, all but one ot our mints might be
1 earnclosed, and large, useless expense be saved annually.
estly call the attention of the Congress to this subject.
PUBLIC MONEYS.
The monetary transactions of the Government have been
conducted through the offices of the Treasurer of the United
States, nine assistant treasurers, and two hundred and ninetyseven national bank depositaries.
The gross receipts of the Government, amounting during the
fiscal
year, as
shown by warrants,
to the
sum
of $664,282,224 76
which were on account of United States notes,
and conversion of refunding certificates), were de-
($28.5,016,150 of
certificates,
posited as follows, viz.In the Treasury arrt sub-treasuries
In national bank depoaitarles
*
CUSTOMS ADMINISTRATION.
$532 9.53,095 72
131,329.129 04
While much progress has been made in the reformation of
abuses in the Customs Service, the inadequacy of the present
laws renders it practically impossible to correct many of the
evils and inequalities which have so long and so seriously
aflFected our Customs system.
In my last annual report I called attention to the more important defects in the existing law, and indicated certain remedies which appeared advisable, and which may be briefly summarized as follows
1. The elimination from the tariff schedules of the numerous ambiguities and conflicting provisions, which for many
years have been constant subjects of dispute and litigation.
2. The amendment of the laws relating to appraisement, so
as to provide for a more efficient supervision of ths work of
local appraising oflicers, by increasing the number of general
appraisers, enlarging their powers, and conferring upon them
exclusive appellate jurisdiction in questions of value.
3. The repeal of existing provisions of law which so restrict
the Government in suits for fraudulent undervaluation as to
make it impossible to recover penalties or secure forfeitures.
4. The simplification of the law relating to the determination of the dutiable value of merchandise subject to ad valorem
rates, particularly with respect to coverings, packing char5. Such modifications of the law respecting the forms of
declarations to invoices by shippers as will harmonize the same
with the requirements regarding entry.
6. The amendment of the law so as to subject merchandise
entered on pro forma invoice to the same conditions as are imposed in case of entry upon " original " or regularly certified
mvoice.
7. The discouragement of speculative suits and of protests
and appeals, by providing more effective means for the prompt
and summary hearing and
final decision of
questions of
classifi-
cation.
8.
A
clear definition of
what
is
meant by the words " compspecific rule whereby the
onent material of chief value " and a
same may be determined.
limitation of damage allowances.
of the law relating to drawbacks on exported goods, so as to provide for the payment of the full
amount of the duties paid on imported materials, and no
more, and for such proofs and safeguards as will prevent frauds
and imposition in such ca.ses.
Bills now pending before Congress contain provisions which
substantially meet these suggestions, and which have in one
form or another received the saijction of this department.
Incongruities of the Tariff Schedules,
9.
10.
The abolition or
The amendment
Certain incongruous provisions of the present tariff schedules
are so hurtful to domestic industries, so fruitful of complaints.
XLVIL
contentions and Fuits, and are so menacing to the Treasury,
that I feel constrained to express the hope that they will receive attention at this session of Congress, even if there should
be no further legislation respecting the tariff. I refer particularly to the provision of '• Schedule K," under which worsted
cloths are admitted at lower rates of duty than woolen cloths,
and to which I called especial attention in my last annual report (the duties now levied on worsted cloths are, in my judgment, as high as they should b^, bat the duties on wool, of
which they are woven, should be reduced, so as to permit their
profitable manufacture, and the duties on woolen cloths should
be correspondingly reduced) ; to the provision of the same
schedule for " waste," under which the highest qualities of
carded and purified wools are ht^ld to be entitled to admission
at the same duty as that provided for rags, shoddy and other
adulterants and to the provision in '• Schedule N" for " hat
materials," etc under which manufactnres of silk of various
kinds, including broad silks and ribbons, are claimed and held
to be entitled to admission at twenty per cent ad valorem,
while " Schedule L" imposes a duty of fifty per cent ad valorem on all such goods.
I commend to the attention of Cnngress the accompanying
report of the Supervising Special Agent, as containing valuable
information and suggestions concerning the condition and
needs of the Customs Service, with detailed statements of the
amount of business transacted, the expense thereof and number of persons employed at each of the customs ports and disalso the value of merchantricts during the past fiscal year
dise and estimated duties thereon transported from exterior to
interior ports without appraisement.
It is gratifying to be
able to show a further reduction in the percentage cost of collecting the customs revenue ; during the past year it was 294
per cent; for the year 1885 it was 3 '77 per cent.
I renew the recommendation made last year, and repeatedly
made by my predecessors for the consolidation of customs disIt
tricts and the abolition of useless customs establishments.
seems to have been the policy of Congress for several years
East to create new ports, but not to discontinue those which
ave long since ceased to have any importing trade or other
business of consequence, and are still maintained at large expense. If this policy is to continue, and appropriations are not
to be made annually according to estimates submitted, as required by the fifth section of the act ot August 5, 1885, it is
imperatively necessary, for reasons detailed in my last annual
report, that the permanent appropriation for the expense of
collecting the revenue from cu^stoms shall be considerably increased.
I also renew the suggestion that the compensation of all collectors and surveyors of customs be fixed by law and paid from
the Treasury, and that all fees, emoluments and perquisites
now allowed to these officers be abolished. This should be done
b"th as a measure of economy and to promote the morale and
eflieiency of the service.
;
,
;
INTERNAL REVENUE.
from the several objects of internal taxation
during the last two fiscal years, as reported by the Commissioner of Internal Revenue, are as follows:
The
receipts
Fiscal ycarendeil
:
gee, &c.
[Vol.
June 30—
Objects of taxa'lon.
1888.
1887.
$
Distilled spirit-s
Manufaotureil tobacco
Fermented liquors
OleomarRanne
B.auk circulatioa
Penalties, &c
Collections under repealed laws...
Total
65.829,321
30,108,067
21,922 187
72J.918
71
09,306,166 41
13 30,6o2.431 52
49 23,324,218 48
864,139 88
04
4,2-<8 37
4,202 55
155,547 61
220,204 83
(',768 87
29,283 49
118,837.301 OS 124.3 -'6,475 32
the above table it appears that the increase in the collections on spirits during the list fiscal year was $3,476,844 70;
on tobacco, $554,364 39; on fermented liquors, $1,402,030 99;
and on oleomargarine, |140,191 84. There was a decrease of
$85 82 in the receipts from bank circulation, and of 119,514 62
There was also a dein the collections under repealed laws.
crease of $64,657 22 in penalties collected.
It will be observed that there is a slight discrepancy between
the figures representing the total receipts for the two years,
as shown in the foregoing table, and the amounts covered into
the Treasury by warrants. This is explained by the fact that
in
all sums are not deposited during the same fiscal years
which they are collected. The cost of collecting the internal
revenue was reduced during this year from 3 4, the coat for
the year 1887, to less than 3 2.
In the enforcement of the law for the collection of the tax
on distilled spirits in some of the sparsely- settled^ portions of
the country, and for the suppression of illicit distillation, the
destrucofficers of internal revenue have suffered loss from the
tim, by persons operating unregistered stills and their lawless
comrades, of their vehicles, and the killing or maiming of their
horses, used while traveling on official duty.
Under existing laws there is no authority to reimburse the
such causes.
officer for the loss or damage sustained from
Section 3171 of the Revised Statutes confers jurisdiction in
such cases upon the United States Court in a suit for damages;
but this is of little or no benefit to the injured person, for the
reason that it is usually impossible to obtain evidence to stisOr, if they are distain an action against the guilty parties
covered and CDnvicted, they are generally so irresponsible,
pecuniarily, that judgments recovered are entirely worthless.
From
DKCKMBKU8.
It
THE CHRONKJLE.
88.]
Sections 3482 aud 8488 of the R«vla«d StatntM prorldH for
the reimbanirment of the offieer for propertjr loat while in (he
military serTice. An enaotment Bomewbat simitar to tbx pro*
TiHioDH of those seotions woald not onljr be JuMt to tb« ciril
officerH wboHe dntie* ezpoee them to Ioha and damage in property, but would eooooniRe them in the more faithful perf<)rmance of an arduous and dangerous duty.
699
JoM iO, 1M7. JoM ao, 14M.
Aiavra.
I
Oold colli ....
Quid ImllluB
304^.78076
«3,S81/>26 76
.
Total
LeM cvrtlllaalM aotnally euUtaodlDf
UO.mtjqfll 71
377,»7«,m9 8ll 814,7m![m334«
Ui.luri
vrr
rui
Qold balance
The
HeTeral reports of the heads of ofiSoes and bureaus are
herewith trauBmitted. An inspection of these report* will
show that the business of the Government has been kept well
In hand, th»t the arrears which the present ofHcere found have
been cleared away in most of their bureaus, and that important reforms have been made in the iuterest of economy and
efficiency.
These officers are entitled to respect and honorable
mention for the zeal and fHlthfulness with which they have
served the public. I wish also to express my hi^h appreoiatioB of the ability and fidelity shown by the ^reat bulk of the
officers, clerks and employes of the Depiirtment, both those who
have been long in the service and those who have been appointed under this administration. With few exceptions, all
have worked harmoniously together to promote t£e public
weal.
Charles
the
211.4»1.5'i7uu
Bllver bullion
11,UI3,0«7»7
Total
LoM oertlQuatea aolualljr
10,4S7J
M
232,903,5M 97 3IV4,e39,0e3
out«tan(Un(, 142,337,900 00 300,789,697 00
Silver bnlanae
»0,17g,»4i97
United sutea uotaa
Lett oertlfloatfls actually outatandloK
United Slates note balance.
....
bank notes, Includlug notes
Inprooeuof redemption
Dopostta la uatlon'l bank depo«ltArle«
00,635,408 39
8,480,000 OO
B3,343,I>7S
3O.795,40« 39
S^«8oi97»a»
••
t«,66e,00009
Natliinal
2,415^71 41
28,»ie,877
Total net assets.
818,489,649
I'
7,053
M\ Ofl
It
1
i
LIABILITIKS.
PaoUo debt and
S. Fairchild,
lutereat
32.813,318 63
14,O87.77»0B
B. notes
ICKI.OOO.OOO OOl 100.000.000 00
DIsburelUK otHcers' l>al lUccs. etc
23.tJ-)M.(i:):i IS
26.615,827 34
Outatandlug drafts aud checks
2,177,2J1 15
3,576,562 34
Five per cent fiiml for redemption otl
national bank uotes
8,113,335 33;
6,976,727 63
FuiidfoiredeiiipMoiiuf notes of banks
Reserve for reilemptlon of U,
Secretary of the Treasury.
Ihe Honorable,
16
Btandonl nilvrr doUuts.,
Speaker of the House of Representatives
|
"fallo.l." " In iliiuldatlon "
and
"re-'
duoluf eircnlallon"
Post Office Department account...
REPORT OF THE TREASURER OF THE
Total llablUtles
.
Total balance
1888.
*
Sib
I have the honor to submit the annual report on the
operations and condition of the Treasury
*
KKCEIPT3 AHD EXPESDITORES.
The net revenues for the fiscal year ending June 30, 1888
were $379,266,074 76 and the net expenditures 1267,934,801 13.
As compared with the preceding year, the revenues were
$7,862,797 10 greater and the expenditures |7,378 84 less. The
following statement shows the amounts for the two years and
the increase and decrease
UMTEO
1888.
Inc.* or Dec.t
I
217,286,893
Internal reyenue
118,823,391
Bales of ixiblic lauds..
9,254,286
Mlscellaueous sources. 26,038,706
13 219,091,173 631 '1,804,280 50
22 124,296,871 98 *5,473,480 76
42 11,202,017 23 *1,947,730 81
89 24,676,011 92, t 1,362,694 97
7,862,797 10
I
Ezpendlt'e on acc't of—
Is.
mlsccUaucous
Cost'ms, liKht-hous's,
public bldugs, &c.
Imemal reveuue
Interior civil (lauds,
patents, &c.)
Treasurj- proper
executive aud other ci vil>
Diplomatic (foreign
23,795,933 12
4,070,126 59
20,359,455 16
3,800,557 94
7,821,225 31
7,859,468 41
38,342,337 73
34,575,466 33
7,104,490 47
1,593,461 40
t5,511,029 07
4,130,712 37
38,561,025 85
15,141,126 80
4,754,851 57
38.522.436 11
16.926.437 65
•624,139 20
t 38,589 74
•1,785,310 85
81,223,624 48
47,741,577 25
86,537,816 64 •5,314.192 16
44,715,007 47i t3;02(>,.'i69 78
8,270,842 46. * 8,270,842 46
1
3,436,477 97
t 260,568 65
•38,24310
(legislative,
relations)
1
Judiciary aud quarterly salaries
War Dcpartuieut
Navy Department..
. .
Inferior
Department
(IndliuiB A: pcnsioua)
Interest ou public debt
Pre'iuni on public debt
Total
Net decrease
267,932,179 97 267,924,801 13
3,766,871 40
129.804.243 60
•
•
i
7,378 84
The revenues of the Post-Offlce Department were $52,229,884 97, of which $22,877,485 05 was deposited in the Treasury
and $29,351,699 92 was disbursed by postmasters. The total
expenditures were $55,894,298 06, or $3,664,913 09 more than
the receipts. The advances from the deficiency appropriation
amounted to $3,160,820 47.
THE STATB OP THE TBEAflURT.
Ones
Twos...,
Fives..
1886.
I
1887.
1888.
21.952,061 17,603,022| 8,797,376
5,180,233
25,295,069 18,204,369i 9,008,572
4.976,986
75,997,805 85,629,219; 95,064.8,50 «t ,064.872
64,539,386 66,658,661 80,371
55,126,509 55,078,370 63,9 J
13.934
23,459,895 23,291.2651 21,9<)-70.550
32,896,790
29,6 l.i. i'«j ,> 1, 104,100
16,557,000
7,704.500
8,068,000
28,716,500
ai, 197,500 24,303,000
100,000
45,000
35.000
40,000
10,000,
10,000
10,000,
—
Tens
Twenties
I
Fifties
Oue hundreds
One thousands
Five thousands
Ten thousands
•
Total
347,681,016 347,681,016 347,681,016 347,681,016
Less unknown denominations
destroyed in subtreasury In Cliloagoflre
1,000,000
1,000,000
1,000,000
1,000,000
_
OuUtandlng
1
346.681,016 346,681,016|346,681,016 346,681,016
the increase of the gold and silver oerliBcates, the
volume of which together is now larger than that of the United
States notes, the importance of the latter in the circulation of
the country has declined. The denominations below ten dollars
are being displased by silver certificates, and those above one
hundred dollars largely by gold certificates.
•
With
•*«••••
GOLD
(CERTIFICATES.
The volume
.
Bnrplns available for
reduction of debt.. 103,471,097 69.111,341,273 631 '7,870,175 94
The
69.221.379 06
STATES HOTtt.
1885.
Five lumdreds.
371,403,277 66 379,266,074 70
Net Increase.
Cavil
112,030 73
26,014,062 30
:
1887.
Total
103,647,209 61
115,172 04
26,963,998 U8
The redemptions of United States notes at the Treasury
during the year amounted to $63,652,000, against $74,068,000
the year before. The redemptions at New York in gold were
$692,596, making $26,736,454 in all since the resumption of
specie payments.
There have been no redemptions in gold at
San Francisco under authority of the act of March 3, 1887.
The amounts of each denomination outstanding at the close of
each of the last four fiscal years are shown in the followin g table:
Deuomiuatiou.
Kevenue from
Customs
42,144,907 14
•
»
:
:
91,952,848 06
6,051,607 3S
271,344,742 06 248,291,347 28
Available balance . ..
Assets not available ~
Mluor coin
Fractional silver coin
UNITED STATES.
Tbbasuey of the Ukited States,
Washisotos, November 1,
07.903,018 10|
6,559,255 37
of gold Cdrtificates outstanding increased in the
year to $142,023,150, the highest point yet reached at the end
of any year since the issue began. The eioeis of the issues
over the redemptions for the year was $30,536,333. In the
same time the amount in the Treasury cash decreased from,
$30,293,310 to $20,928,500, so that the toUl increase of the oir.
cnlation was $29,901,143. The greater part of the change was
in the denominations of $1,000 and $5,000, which are much osed
in the transactions of the Sub-Treasury in New York with th«
Custom House and the Clearing House. The amount outstanding
of the series of 1863 was reduced to $2,333,580. The following
statement shows the amounts of each denomination issued and
redeemed dnring the year, the total iasned and redeemed, and
the amotmts outstanding June 30, 1887. and Jnne 80. 1888:
net changes that occurred during the year in the state of
the Treasury were an increase of $87,526,468 86 in the tolal
DenomlnatloiL
assets and a decrease of $23,063,394 77 In the total liabilities,
making an increase of $60,579,863 63 in the aggregate balance.
There was an increase in every clats of assets excepting silver
and minor coin, and a decrease in every class of liabilities ex- Twenties
Fifties
cepting checks and drafts outstanding and balances remaining One hundreds
to the credit of disbursing officers.
The total assets, including Five hundreds ....
certificates of deposit in the Treasury cash, increased $142,426,- Oue thoubuuds
Five thousands
251 29, from $622,S04,284 22 to $764,729,535 61. A summary of Ten
tliousands
the at-eets and liabilities on June 30, 1887 and Jnue ^0, 1888,
Tc*"
is given in the following statement:
—
OutstandInK June
30, 1887.
OntctandIssued dur- Bedeemed
Ing Itscal during tlacal InxJaoe
1
year.
Tear.
10,872,062
8,225,^^6
7,657,400
4,160.000
4,500,000
7,800.(100'
3.070,063
3.480,205
2,088.400
l'J.031,000l
4.700.1KIO
4.4-O.lHIO
17,376,000 14.000.) OOl
13.195,000 20,000.000,
51,830,000 30,000.000
30,1888.
12.962.000
lo.245.150
13.660,000
12.311.000
2.^,501,000
23.bCa,000
43,47O|0Oq
121,486.3171 85.160.000l 64.6-,iJ.0>i7ll42.028.1fti»
THE CHRONICLE.
700
SILVER CERTIFICATES.
The silver certificates issued duriog the year amounted to
f 105,896,000 and those redeemed to $21,947,378, increasing the
amount outstanding from |145,543,150 to $229,491,772. The
holdings of the Treasury, however, increased from 13,215,200
to $28,732,115, so that the increase in the actual circulation
$58,431,707. The certificates issued were nearly all of
the denomination of $10 and under, of vrhich the bulk of this
circulation now consists. The following table shows, by denominations, the amount outstanding June 30, 1887, the
amounts issued and redeemed during the year, and the amount
outstanding June 30, 1888:
was only
Eedeemed
during fiscal
Denomination.
year.
26,731,604
18,597,238
51,609,860
80,465.510
43,840.160
4,391,600
660,130
3.053,300
480,500
188,500
199,000;
322,000
Ones,
1,419,892
732,758
818,381
10,255,360
6,868,856
804,500
Twos
Fives.
Tena.
Twenties
Firaes
One
liimdreds
Five hundreds,
One tliousands
145,543,150105,896,000 21,947,3781229,491,772
Total
The
by
Outstanding June
30, 1888.
issues and redemptions and the amounts outstanding,
years, are given in the following statement
fiscal
Fia'l y'r.
Issued dur-'
Redeemed
ing fiscal Total Issued. dimng fisyear.
1878...
1879...
1880
...
1881...
1882...
1883 ...
1884 ...
1885...
1886...
1887 ...
1888 ...
cal year.
_
.
,
Total
redeemed,
lOutatandlug
at close of
flgcal year.
1,850,,410
850,410
1 ,850,410
9,149,,590
000,000 8,460,050
2. ,539,950
8,460, ,050
10,018,,000
018,000
183,680
8,643: 730' 12 ,374,270
40,912,,000
930,000 '2,119,740 10,763; ,470 5i: ,160,530
24,300,,000
230,000 0,369,820 20,133, 290' 66 ,096,710
35,040, 000:121 270,000 12,519,879 32,653, ,169 88: ,616,831
52,280, 000 173 550,000 20,005,140 52,658, 309 i2o:,891,691
40,000,,000 13, 550,000' 20,!»90,045 73,648, 354 139 901,646
4,600,,000 218, 150,000, 28,523,971 102,172: 325 115 ,977,675
51,852,,000 270, 002,000 22,286,525 124,458, ,850 145 ,543,150
105,896,,000 375, 898,000 21,947,378 146,406, .228 229:,491,772
8TAHDAED SILVBE DOLLARS.
The coinage of standard silver dollars during the year
•mounted to $32,484,673, bringing the total coinage to $299,Of the year's increase in the stock of these coins,
424,790.
4:32,445,517 rested at the year's end in the vaults of the Treasury and $39,156 in the hands of the people. The following
table shows the annual coinage :
Fiscal year.
Annual
Total
coinage.
coinage.
On hand
at Outsf'g at
close of y'r. [close of y'r.
i_
1878..
1879..
1880.,
1881.,
1882.,
8,573,500
27,21i7,500
27,933,750
27,637,955
;i7,772,075
28,111,119
28,099,930
28,528,552
188tt..
188i.,
1885.,
1886.,
1887.,
1888..
29,8.iS,y05
33,266,831
32,4s4,Ui3
8,573,500
7,718,357
855,143
35,801,000 28,147,351 7,653,649
63,734,750 44,425,315 19,309,435
91,372,705 62,544,722 28,S27,S)«3
119,144,780 B7,l&3,81tj 31,M90,964
147,255,899 111,914,019 35,341, HSO
175,355,8291 135,560,916 39,794,913
203,884,381 105,413,1 12 38,471,269
233,723,286|l81,253,566 62,469,720
266,990,117 211,483,970155,506,147
Z99,424,7a0l243,b79,487| 45,545,303
Owing to the scarcity of one and two dollar notes, and the
annual demand occasioned by the movement of crops between
the end of May and the ena of Movember, 1887, nearly nine
millions of the dollars were drawn into circulation, many of
them against the protests of the persons who took them, but
when tne notes were again to be had the dollars came back to
the Treasury as fast as they had gone out. The various etl'jrts
that have been made to put the coins into greater circulation
have pretty clearly demonstrated that the people who are willing to pay for them mrough the Treasury in gold, and to bo
at the expense ot coining and transporting them, nave all of
them they want or are willing to take. The recent movement to make room for them by stopping the issue of paper
currency of less denomination man $10 was met by the law
creating the small silver certiticites—another expression of
the vvili that the purchase of silver should be continued, but
the circulation ot the dollars restricted. The opinion of the
late Treasurer, that $60,000,000 is the extreme limit of the circulation that may be obtained, has so far been borne out by
experience.
Whatever may be said of the policy of buying silver iaa
falling market a speculation that is not liKely to prove any
the less losing because the public lunds are employed
it
the reasons why the coinage ot the bullion into aoliars should
be stopped seem to be conclusive. The fictitious value at
which the coins are issued makes them a purely subsidiary
domestic currency, the limit of the amount of which must be
fixed by our own wants. Once coined they are on our naada.
Xhey cannot be melted or exported. Their accumulation loads
UB down with tokens and threatens to hamper us la our dealings with ocner nations, while we are rioa enougti to have
good money. It is plain that not mora ttian one to eacb inhabitant can be kept in circulation ; the rest must lie in the
vaults of ttie Treasury the representatives of the greater
value of the gold that was paid for them, or the basis of a circulation of certilicaces.
'i'ue numbsr already coined will
^ibably answer every demand that will be made for many
—
m
—
[Vol.
XLVn.
years to come. The increase of the certiflcate c'rculation
could be maintained with perfect safety and prompt redemption if the coinage were stopped and the bullion lodged in the
Treasury in the form of heavy bars or ingots. In this way
the expense of coinage would be saved, the labor and risk of
transportation, counting and safe-keeping much lessened, and
the metal at the same time be kept available, in convenient
shape and without loss or confusion of values, for any use
that could be demanded of it.
The new silver vault in the Treasury building was turned
over to the Treasurer on the 7th day of August. It ia 89 feet
long, 51 feet wide and 11 feet 9 inches high in its iaterior
dimensions. In it is set an iron cage, divided perpendicularly
into sixteen compartments, each 20 feet long and 10 feet wide.
It will hold a hundred million silver dollars, and is said to be
the largest treasure vault in the world. The first shipment of
coin to be stored in it was received on the 29th of August.
Since then the shipments have been at the rate of half a million dollars a day, and they will be continued at this rate until"
the vault is filled. The additional storage capacity is equal to
the total coinage of dollars for three years but by the end of
that time, unless the coinage is suspended, still further vault
room will probably have to be provided.
;
NATIONAL BANKS.
At the
close of the fiscal year the Treasurer held United
States bonds of the face value of $178,312,6 )0 for 3,128 national
banks, in trust to secure their circulating notes, and United
States bonds of the face value of $56,128,000 and the market
value of $68,568,192 50 for 290 national banks designated as
depositaries, in trust to secure public moneys lodged with
them. The aggregate face value of the bonds held was $234,There was a decrease during the year of $13,654,050
440,650.
in the amount held as security for circulation, and an increase of $29,642,500 in the amount held as security for public
moneys, making a net increase of $15,988,450 in all. The
amount of bonds deposited wa« $49,189,700, of which $12,647,700 were for circulation and $36,542,000 for public moneys.
The amount withdrawn was $33,201,250, of which $26,301,750
had been held for circulation and $6,899,500 for deposits. The
following table shows by classes the amounts of the bonds held
on June 30, 1888. The three per cent bonds of the loan of
1882 had been called for payment and interest on them had
ceased.
Class of bonds.
Bonds issued to Pac. RE.
Funded loan of 1891 ...
Funded loan of 1907...
Loan of July 12, 1882
Rate
per
To seciu-e
circulation,
cent.
Face value.
To secure
Total.
pub. mon'ys. Face value.
Face value.
$3,181,000
69,670,300
105,423,850
37,500
6
41a
4
.
$901,000
15,663,500
39,428,500
135,000
$4,082,000
85,333,800
144,852,350
172,500
$178,312,650' $56,128,000 $234,440,650
Total.
All the bonds held for the banks are examined once a year
or oftener by officers or agents of the banks, as required by
law. Tbe examinations are based on statements furnished by
the banks to the Comptroller of the Currency, setting forth the
kinds and amounts of bonds they have deposited, which statements are certified by the Comptroller as to the bonds held for
and brought to this office without
These examinations, averaging in number more than
ten a day, are a continuous inventory of the vault in which the
bonds are kept.
The table bslow exhibits the number of banks, the number
of depositaries, and the amounts of bonds held by the Treasurer at the close of each year from the establishment of the
national banking system:
security of circulating notes,
notice.
Fiscal
year.
1863
1864
1865
1866'
1867'
1868'
1869
1870'
1871'
1872
1873'
1874'
1875"
1876'
1877'
1878"
18(9"
1S80"
1881"
1882"
1883"
1884"
10S5"
1886"
1887"
1888"
Number Bonds held
of banks.
26
467
1,294
1,634
1,636
1,640
1,619
1,612
1,723
1,853
1,968
1,983
2,076
^,091
2,078
a,056
2,048
2,076
2,115
2,239
2,417
2,625
2,689
2,809
3,014
3,128
Bonds held
Total of
ofdeposi- to secure cirto secure
bonds held.
culation.
tanes.
public funds.
204
330
382
385
370
276
148
159
163
158
151
145
143
145
124
127
131
130
134
140
135
132
160
200
290
1
1,185,750
44,266,900
235,989,700
327,310,350
310,607,500
341,495,900
342,851,600
342,278,550
359,885,550
380,440,700
390,410,550
391,171,200
376,314,500
341,391,750
338,713,600
349,546,400
354,254,600
361,652,050
360,505,900
360,722,700
356,396,500
334,147,850
312,145,200
275,974,8001
191,966,700
178,312,650
1 ,185,750
30,009 ,750 74 ,276,650
32,707 ,500268, ,697,200
38,177 ,.500365 ,487,850
39,177 ,950379 ,785,450
36,517 ,950380 ,013,850
25,423 ,350368 ,274,950
16,072 ,,5001358 ,351,050
15,536 ,500'375. ,422,050
15,329,,000'395, 769,700
15,2U),,0001405, 620,550
15,390 ,200406, ,561,400
14,547:,200'390, 861,700
14,578,,000 355, 972,750
15,377,,000 354, ,090,000
13,858,,OO0'363, 404,400
14,421 ,4001368, 676,000
14,77 ,000376, 429,050
15,295:,5001375. ,801,400
15,925,,0001376, 647,700
17,110,,000'373, 712,500
17,060,,0001331, 07,850
17,607 ,000329, 52,200
19,659 ,900 295, 634,700
26,485,,500,218 1.32,200
56,128,,OO0ljJ4 110,650
The amount of public moneys held by depositary banks at
the close of the flscil year was $53,712,511 11, of which $54,31
933,992 80 stood to the credit of ths Treasurer and $3,778,518
Che increase in the total
to the credit of disbursing offljers.
during the year was $35,395,633 20.
Dkouibbb
THE
a. 1888. J
WOBK OF THB
(JHRONK'LJB.
OFFIOB.
The Tolame of buHlanoi transaoted daring the fl«o«l ^far waa
Sreatwr than that for the year before. From the statom mt in
le appendix Hhowing the amoant of the receipts and dlnbuniements on all accouotH, it will be aeen that thiH ofBoe received
WB9,887,716 and paid out *384,998,fl70. TheM flgarea do not
inclu je the national bank notes redeemed and delirered on
account of the 5 per cent tund. The receipts and paymenta at
all the Treasury ofliceM, which make ap the total movement of
moneys, reach on both sides the astonishing aggregate of
between twelve and thirteen hundred million dollam, having
increased from about nine hnndred millions the previous year.
The reoeipfa at thin olHoe that year were 1313,433,605 80 and
the payments $ir)2,47r),064 48. The labor required In these
vast operations has been promptly performed, and all the
work of the offline well kept up. la a good many particulars
the methods have been mmplilled and improved. The Treasurer gratefully acknowledges the ability and fidelity of the
officers and employes asHouiated with him.
I have the honor to be, very respectfully, your obedient
servant,
Jameb W. Hvatt,
Treasurer of the United Slates.
Hon. Chablbs
Fairchild,
S.
Secretary of the Treasury.
REPORT TO THE SECRETARY OF THE
TREASURY BY THE DIRECTOR OF
THE MINT.
Dr. James P. Kimball, the Director of the Mint, has submitted to the Secretary of the Treasury his report on the operations of the Mint service for the fiscal year ended June 30,
1888, and we make the following extracts from it.
The value of the deposits of gold was }S80,894,456 67, including ^,663,959 11 of re-deposits.
The deposits and purchases of silver were 35,941,507-92
standard ounces of the value, at coining rate, of $41,832,846 45.
This includes re-deposits of the value of |491,831 79.
Of the gold deposited $32,406,306 59 was classified as of
domeHlie production, against $32,973,027 41 in the preceding
year. These figures tend to indicate a reduction of half a
milliou dollars
the production of gold in the United States.
The foreign gold bullion deposited aggregated'$31,741,042 44 ;
foreign gold coin, $14,596,885 03— a total of "$36,337,927 47,
against $33,467,840 98 in the year preceding.
The value of United States light gold coin deposited for recoinage was $493,512 60. Old material was deposited in the
form of jewelry, bars, plate, &c.. containing gold of the value
of $2,988,750 90.
Of the silver bullion deposited and purcha-sed, $37,393,648 34
(32,135,165 79 standard ounces) was classified as of domestic
production, $1,688,384 26 as foreign silver bullion and $87,336
as foreign silver coin.
United States silver coin, consisting almost entirely of transfers from the Treasury of worn and uucurrent subsidiary silver
coin, was melted during the year of the value of $494,155 64.
Trade dollars were received and melted of the value of
$1,060,174 11.
Old material was deposited containing silver of the value of
$627,316 32.
m
COINAaE.
The coinage
is
701
ooat p«r flae oaooa of •!] th« rilTW panhaaad for
dollar coinage wa« l>S-47o.
The silver for sabddhuy ooliui«» waa obtftiaad
1°/? "".^ unonrrent coins of tha raloe of fBSS^SS
Um
rflfar
fmn bmIUm
M aad tSt'
690 trade doUart.
The selgnorage on the coinage of sllv.r dolUn dariu U»
year waa 18,407.933 83 and on the labsidiatr coioage
l.Wl 80.
The aelKnmffe on the coinage of •iWar from July 1, 187$, to
Jane 80, im, has amonntedto $47,636 681 03.
The following Uble exhibits the number of silver dolUn
coined, the number h^Id by the Treasury, and the oaBbcr onttanding July 1, 1837, and October 1. 1888:
r
In Uie Treaanry.
Total
oolnaae
I'rrlod.
Hold
of
July J,1887....
Octol>«r 1,1888.
In
ita
meat of
ozoaMof
oertlfloatM
oorttfloatM
outatandlog. ontatandlDg.
liver
dollars.
266,090,117
306,7BO,8»0
142.118.017
!.U8
218.561,601
e9,38r>.U53
30,230.033
65,.ode. 14T
67,9.'H>,»»6
The number of silver dollars distribated by the mint* dariiw
the year was 12,054,104, exclusive of traosfera to the Treaaoi^
PRICE OF SII.TBR.
On Jal7 1, 1887, the London price of silver was 44 penoa.
The highest price was reached Angost 26, 1888, namelr,
45 3-16 pence; the lowest. May 19, namely, 41»/6 pence. At
the doae of the fiscal year June 80, 1888, the price was 43^
pence.
PBODUonoir of oold avd silvbr.
of gold and silver in the United States for
the calendar year 1887 is estimated to have been
The production
:
FIDO oonoes.
Colnloc valna.
Gold.
1,596,375
933,000,000
SUvcr.
41,268,805
53,S»7!000
The production of gold and silver in the world for the laat
four years is exhibited in the following table
:
Calendar
Q«U.
years.
Kilogram*.
1884.
18S5.
1886.
1887.
153,017
150,103
149,355
149,048
BUrer.
Value.
Kttograma.
Valoa.
«101,691.000> 2,665,386 «110,77a,000
103.744,000 2,954,766
122,700,800
99,250,877! 3.027,632
125,838,400
99,056,880'' 3,259,141
135,449,410
The production of gold has remiined nearly constant, while
the production of silver has increased in the last foar reaiB
about $35,000,000.
world's cootaob.
The aggregate'' coinage of the world, inclading re-ooinaga,
was as follows
Calendar years.
Gold.
«99,432,7e6
95,757,582
04,642,070
134,903,466
1884.
1885.
1886.
1887.
surer.
995,<;33,084
120,764,574
124.854,101
160,984,877
Recoinages thus far communicated to this Bureau amounted
during the calendar year 1887 to
Gold
»29,786,78»
30,174,990
SUver.
nrDUSTTBIAL BMPLOTUBST OF OOLD AND SILTBB.
The value of the gold bars furnished for industrial use daring
exhibited in the following table:
the calendar year 1887 was $11,673,606 40 silver bars, $6,341,.
998 19; total, $16,914,604 69.
On the basis of the last direct reports of the use of coin, the
industrial employment of the precious metals for the calendar
year 1887 is estimated as follows :
914,600,000
Gold
;
Descrlptton.
Gold
Silver dollars
Subsidiary silver coin
Minor coins
Total.,
.
Pieces.
Value.
2,350,534
32,718,673
12,983,521
60,977,819
$28,364,170 50
109,030,547
$63,719.242 32
32,718,(573
00
1,417,422 26
1,218,970 57
The subsidiary coinage consisted of 6,673 half dollars,
778,673 quarter dollars and 12,199,175 dimes.
The minor coinage of the Mint at Philadelphia was the
largest in the history of the Mint service, being occasioned
by the demand for 5-cent nickels and 1-cent bronze pieces.
Gold bars were exchanged for full -weight United States gold
coin, as authorized by the Act of May 26, 1882, of the value of
$15,846,986 25, against $7,604,059 89 in the preceding year,
indicating an increased demand for gold bars for export.
Gold and silver bars were manufactured as follows:
Gold
$61,706,436 95
Silver
7,.'547,578
Total
27
$59,313,015 22
Medals were manufactured at the^Mint at Philadelphia as
follows:
Gold
124
631
742
Silver
Bronze
Total
1,397
SILVER PURCHASES.
27,235,601-06 standard ounces of silver bullion, costing |23,893,466 06, were delivered on semi-weekly purchases on telefraphic offers. The average cost was 95 '450. per ounce fine.
he average London rate at the par of exchange was 95 -741c.
per ounce fine. Silver purchased at the mints increased the
total purchases of silver for the silver dollar coinage to 28,206,806-91 standard ounces, costing $24,237,553 30. The average
6.880,000
SUver.
8T00B OF oonr nr thb ninTBD statbs.
The stock of gold and silver coin in the United States July 1,
1888, is estimated to hare been
9>93.349.83T
Gold coin
:
399,709,700
76,406,376
Silver dollars
Snbsldiary sUver oolni
At the same date there was gold bullion awaiting coinage in
the mints of the value of $11,0,469,018 ; silver bullion, $3,950,388; melted trade dollars $6,545,551; making a total metallio
stock of $1,092,429,963. Of this there was In the Treasury of
the United States $594,533,172 in national banks, $105,435,493,
and in other banks and in general circulation, $393,461,384.
The estimate for the Ist November, 1888, was :
Gold coin
•^•SS'SZ
;
Silver dollars
Su^jsidlary surer
Total coin
Gold bullion In the mint*
SUver bulUon
Total
^
*22'I52^
76,600,481
9980.637.308
^JS-JJ?"??!
10. 550.1 IB
91.108,678.684
Um
Director's report contains the usaal tables exhibiting
business of the mints and assay offices in detail, and the statiBthe preeioas
tios of the coinage, production and raovem'ut of
metals in the principal countries of the world.
Owing to the delay of authority from Congress to print the
report of the Director of the Mint on produotlon of the preeiona
metals for the calendar year 1897, the two report* will bo
^^...^
issued about the same time.
The
r^
THE CHRONICLK
702
[Vol.
XLVU.
capital, but even then their circulation increased slightly.
In
April, 1879, there were only 2,048 banks in existence, 30 less
than in June, 1877, and in October, 1879, there were 2.052
banks, which had barely $454,500,000 capital, a falling off of
$22,500,000 in two years and four months, while the total cirTeeasury Dbpartoent, Office of Comptroller of the
culation had risen to $322,000,000 from $299,000,000, thus
Currency, Washihoton, Dec. 1, 1888.
making up for the reduction of capital.
After this date new influences arose, the banks began to
submit
rea
the
honor
to
have
:
In obedience to law, I
increase in number and to enlarge their capital, while the
1888.
October
31,
.port for the year ending
rapid increa-se of deposits, due undoubtedly to the confidence
inspired by the success of resumption, enabled them to expand
proper
head,
exhibit
under
the
in
this
report,
The statements
their accommodations to the public.
reduce
operative
to
heretofore
influences
persistency
of
the
the
Individual deposits in national banks amounted in October,
indicate
the
they
also
circulation
bank
national
;
the Tolume of
1865, to $500,000,000. but in April, 1879, they were less than
this
reduction,
accelerating
which
are
new
influences
of
advent
$600,000,000, although the banks had increased in number from
not only by curtailing the circulation of banks already in exis- 1,513 to 2,048; their capital, surplus and undivided profits had
normal
circulation
inincrease
of
the
repressing
by
but
tence,
gone up from $464,000,000 to $610,000,000, and their circulacident to the fuimation of new banks.
tion had grown from $171,000,000 to $304,000,000.
REPORT OF THE COMPTROLLER OF THE
CURRENCY.
8m
Year by year the Comptroller's reports have called attention
to the rising scale ot redaction of circulation among existing
banks and to the declining ratio in which new banks take out
circulation in excess of the amount issued upon the minimum
requirement of bond deposits ; during the past year there has
been practically no such excess, and the effect of the bond situation has extended beyond circulation. It is now checking the
formation of new banks, which is like arresting a stream at its
source.
During the past year only $2,375,550 was added to circulation
by the new banks and banks increasing capital, while during
the previous year $4,592,000 was added in the same way.
the formation of new banks this
Besides the falling off
year, as compared with the two years preceding it, and with
the average of the five years from 1883 to 1887, inclusive, 127
national banks have during the past twelve months reduced
their bond holdings to the minimum, and this alone caused the
withdrawal of bonds to the amount of $14,014,400, reducing
circulation by $12,600,000.
On October 31 there were only 1,180 banks that held bonds
The amount of bonds so held was
in excess of the minimam.
the circulation secured by these bonds
$77,255,863, and
a'monnted to $69,953,277. At the present rate of reduction the
excess may disappear in two years, and is sure to do so when
the 4^ per cent bonds mature in October, 1891
-^
^
*
:^
*
%
*
m
t(.
rff.
or is not at present an^ danger of the
national bank system being actually forced into a decline in
consequence of the growing scarcity and high prices of United
States bonds, there is enough warning in the facts of its recent
history and present condition to demand prompt and effectual
Whether there
is
relief.
Our national banks are too valuable, too deeply rooted in the
confidence of the public, too intimately interlaced with the industrial interests and employments of our people, to be left to
the risks of neglect or even of inattention.
Apart from whatever danger to the system there may be in
neglecting at an early day to provide adequate relief against
the influences now operating adversely to its growth, the
national bank circulation taken by itself merits earnest consideration and will be found well worthy of preservation.
For many yeais after the inception of the national bank system, the circulation was its most important feature important
to the banks, still more important to the public ; for, besides
performing a service of incalculable value in the promotion of
internal trade through the regulation of domestic exchanges,
it constituted up to 1879 an important check upon the gold
premium, and thus assisted in the preservation and extension
of our valuable foreign commerce on a secure basis.
Resumption would hardly have been attempted in 1879 unless
the composition of the currency had been such as to engage
the banks to co-operate in the movement, and without such cooperation resumption could not have been accomplished.
*
«
»
;
»**
«»»
The
real strength of the situation, however, consisted in the
fact that the national banks were holding in legal tender notes
and certificates $97,000,000, which, with the $15,000,000 in the
5 per cent redemption fund, represented $112,000,000 of demands upon the Treasury that would not be presented for
redemption, and thus the Grovernment was set free to use its
$126,000,000 of coin in preserving the convertibility of only
$234,000,000 legal tenders, scattered all over the country.
*
»
»«*
»«
**
The
national banks, therefore, which had at the supreme
crisis of 1863 saved the finances of the Grovernment, rendered
in 1879 a service only second in importance to that, in enabling
th« reunited industrial interests of the country to regain the
firm footing of definite and stable values.
As soon as resumption was effected, however, the national
bank circulation came under the influences which have since
been steadily reducing its volume. The maximum of circulation
.
During the thirteen and a half years between these dates
the average amount of individual deposits, as shown by all the
reports of condition, was a trifle under $600,000,000, while the
maximum was only $683,000,000; but immediately after
resumption was recognized as a fact established, deposits
began to increase; in December, 1880, the aggregate exceeded
$1,000,000,000; it rose in 1881 above $1,100,000,000, and has
steadily increased since; the average of 1888 is $1,301,088,048»
and the hight-st point was reached on October 4, 1888, when
the amount was $1,350,320,861,
Year by year, with increasing capital and depositfl, loans and
In December, 1873, they were less than
discounts expanded.
April, 1879, they were only $835,000,000;
.$857,000,000, and
but in 1888 they have averaged $1,617,636,312, and have been
m
as high as $1,674,886,285,
According to all natural laws the circulation of these banks
should have kept pace with augmenting resources and with increasing deposits and expanding business, but it has not been so.
Since December, 1879, tiie national banks have increased in
number from 2,052 to 3,151, which is over 53 per cent. Their
capital, surplus and undivided profits were th«n $617,501,367 68;
they are now (October 4, 1888), $855,576,646 95, an increase of
38 55 per cent. Loans and discounts have gone up from
$933,000,000 to $1,674,886,285 29, an increase of 79^ per cent;
but the circulation has declined from $322,000,000 to $151,702,809, a decrease of nearly 53 per cent.
If we deduct from circulation at each of these periods the
amount represented by the obligatory deposits of bonds, the
remainders will represent the circulation voluntarily maintained. In December, 1879, this voluntary circulation was
$233,179,965 ; on October 31, 1888, it was only $68,956,627, a
reduction of 70>^ per cent.
The constant shrinkage of national bank circulation is attributable largely to the growing scarcity and rising price of
United States bonds, but there is also another influence at work
of which the importance is not generally recognized, namely,
the displacement of national bank notes by other forms of
money.
At the end of 1878 the paper money of the country amounted,
as has been stated, to $685,000,000, which supplied all the needs
of Treasury disbursements and of currency circulation, except
those arising out of transactions in foreign exchange, the payment of gold interest and the collection of duties on imports.
These latter needs were supplied by a stock of coin and of
coin certificates held in the principal Eastern seaports, estimated at $35,000,000, which, with $40,000,000 coin said to have
been in circulation in Texas and on the Pacific slope, and the
$685,000,000 of paper, made the total circulation at the end of
1878 about $760, 000,000. The Treasury held in United States
and national bank notes $82,600,000, against which there were
outstanding certi ficates of deposit to the amount of $39,000,000, leaving the balance, viz., $43,000,000, to be deducted from
the total of $760,000,000 in onier to ai^certain the amount of
currency actually employed. Upon this computation it would
appear that the effective circulation just before resumption
was less than $720,000,000.
The resumption of specie payments went into effect on January 1, 1879, and as soon as the public became satisfied that it
was permanent, the heretofore hoarded specie began to enter
into general circulation. The effect, of course, was an expansion of the currency; not suddenly, because the habic of hoarding is never suddenly discontinued, but gradually, as confidence
in the situation made its way amon^ the j^eople.
The amount thus added to the circulating medium has been
estimated at $140,000,000, which includes subsidiary and minor
silver coin, $70,000,000.
Another influence under which the volume of the circulating
constantly been expanded is that of the silver dollar coinage law of 1878.
Under that law the number of stand-
medium has
ard silver dollars coined up to OctoDer 31, 1838, is $309,780,790,
and every month hereafter, as long as the law exists, at least
had been reached in December, 1873, when 1,976 banks, with $2,000,000 more must be coined and sent to the Treasury to be
an aggregate capital of $490,000,000, had outstanding $341,000,- put into circulation.
000 in circulating notes. The long depression following the
The standard silver dollars, as coins, have never entered into
panic of 1873 arrested the growth of the system so that in June, circulation in numbers at all proportioned to the number
1877, 2,078 banks had an aggregate capital ;of $477,000,000 and coined, nor did the silver certificates issued under the act of
$299,000,000 circulation.
February 28. 1878, fare any better; but the silver certiflcates
During three and a half years, therefore, the number of authorized by the act of August 4. 1888, have been very largely
banks increased only 102, while there was a shrinkage in absorbed by the public, not apparentlj- because any attention
capital of $13,000,000,andin circulation of $42,000,000.
At that point of time the refunding operations of the Treasury and the preparations for resumption began to exercise
npon the banks influences tending to reduce their number and
paid to the basis of th-ir i^sue, but because they constitute
the only supply of notes of small denominations.
As a result of all the influences that have come into play
since 1879, the total volume of money in the Ui'.led States has
is
DiCORHBRR
THK CHRONIOLR
8, 1888.1
so inoreASrtd th^t it l.i now HsMtuntHd to amonnt to 91<7O0.OOO 000, a^AiiiHt IxHH than |l.()4i),0U().UiM) on Ut of January. IH7U,
an inoruaHM of S66'),000,00l) iu total volura-*, whilo th^ national
bank oironlation in tht< name time has duorva^sd by ni>arlir
f83,&00,0lKI.
•
The
«•••••
1.
Funding
In
708
bondi th«gMMibMk<kMor|SM,«il,OI«,orM
much
of It aH may b« pr«ai«nt<id at th« TrMMory wublo a Itmltad
poriod of tlmx, nay three yean
3. The boDda to ba laaaad ooljr to nallooal bank* pfMHwItMr
gre«nb«ok« for that parpoM t to b«ar a liw r«t« »f loUrMt,
exoeadiog 8)6 par ooat, and to mature only upon th<« failnr* of
the bank or apoa ita dliaolatioo, wbetbnr volaotAry or apoa
expiration of Ita corporate existence.
8. The bonds ao iMrand to be available only a* % depOitt !•
aeoare natiooal-bank oironlation and to eatltU the bank* d*>
positing them to reoeiva eircniating notaa to the ftmioat of
their face.
4. Biisting b.-inks to be required, for a timt at leaat, (o rolala
on deposit the ijonds they now have to the minimotn tnynwl
reqairnd by exlstiog lawaand to aie th<i new bond* only for
procuring additional oirealation, or In subititnlion for whatflrer
D >nd8 they may now hare on deposit in excem of the miaimaa,
but the new bonds to be available for all purposes by b*nka op>
ganiz>4d after the paiMge of the act.
B. The National B ink Redemption Agency at Washington t9
be transferred to New York, and a inb-agency to be Mtabliahol
at each central reserve city, the notes of all bank* wherararrfl>
nated to b» redeemed at whichever agency they may be pr»>
sented.
In support of these measures it may be said—
1st. That they provide for the retirement of the g —tntmot
oironlation without even a temporary contraction of the cai>>
renoy, because arrangements can and should b^ m\de to iarao
the national bank n >tes immediately upon the presentation of
the greenbacks for tlie purpose of b^ing funded.
3d. That npon the retiremxnt of these obligations the f lOO,000,000 of gold held in the Treasure as a sp?cial fund for their
redemption will become an available asset and may be paid oat,
adding just that much to the active oironlation.
8d. With the greenbacks taken out of the category of demand obligations of the Governm 'nt, the Treasury will b^^ in a
better position than now to maintain the silver c >inair« at par
with gold and, on the other' hand, specie and apeci** certiflcates will be held much more largely by the banks than the^
are now, and this will tend to relieve the strain npon the
Mi
time pait large nnm^ hare b'<«n
aocamalated io the Treaxary without dMtnrb\no>t to buiineH't
affords T ry strong grounds for bclieTlag that the Tolumx of
oarrenoy ih excessive, and this inference is strength 'nnd by
two facts of recent ocuurrenne (IrHt, the fact that wht«a Ih^
Treasury Acctimiila'ionH ros.-, as tht<y did, during Sxpt^mber,
1887, from |259,r)4«.540 to $27S.307,883 35, the effrtit upon
business w;is immediate and ssrions, and aeeondly th« fact
that the transVr from the Treasury to depasitory banks of
About (40,000.000 b-)tween October, 1387, and January, 1888.
relieved the stringency, although a large part of this sum was
offset by excessive revenues during that period, and although
also the Treasury still obtained a great deal of idle money.
While this is beiat; written another fact of still greater signicance is add^-d to those already cited, namely, tne expjrt of
gold. To any one who considers the component elements of
our currency it must be obvious that gold is the only one that
can be both increased and diminished in volume in response to
the changing volume of the need or more properly of the nse,
for currency; and its export, except when assignable to other
eauses, is a sure indication that the total volume of currency is
for the moment in excess of the amount that can ba proBtably
fact that for a long
—
employed.
The bilver element is by statu'e constantly augmenting in
volume, but the export of our silver coins U prevented bsoanse
they hHve, in the United States, a value as compared with the
same weight and tineness of silver uncoined as 100 is to 73,
while eveiy where else they have only their bulli >n value. For
a like reason silvt^r coins are no: used in the arts as gold coins
are; because to workers in silver, bars are far cheaper than
dollars.
H'tnce the silver coinage is an element constantly increasing in volume.
The
legal tenders are fixed by statute at $346,631,016, so that
their volume is subject to neither increase nor decrease.
The national b ink notes are theoretically subj-ct to increase
;
Treasury.
and decrease of volume, but apart from the intluences which
4th. As the greenbacks will not be extinguished but held in ft
have for a long time produced a steady decrease, the law itself state of suspended monetary vitality until the failnre or liqoiinterposes an obitacle to ttexibility. Section !), act July 12, dation of a bank requires their use in the redemption of^ita
1882, limits the voluntary decrease of national bank circulation notes, they will constitute a reserve fund lying in the Treasto $3,000,000 a month and forbids any increase of circulation to ury ready for use, at any moment of emergency, in the rebe issued to a bank within six months after it has made a de- demption of any portion of the national bank cnrrenoy tltat
posit of lawful money for the purpose of reducing circulation. m»y become discredited.
The gold element of the currency is alone and peculiar in
5th. AiBumin; that $300,000,000 of greenbacks will be eventhis, that its volume and distrib ition are determined not by tually funded in this way; assuming that the bonds bear interstatute, but by the natural laws of finance.
est at the rate of 2>^ per cent per annum, payable semiDuring the years subsequent to 1873, wh-nbnsines.s, restored annually, and a.ssuming that the present tax on circulation is
to the solid basis of gold values, was constantly expanding and maintained at the rate of one-half per cent every six months,
therefore constantly needing increased supplies of circulating the annual charge to the Government will be about $4,600,000,
medium, we not only retained for home use our large annual and against this it gets the use of $100,000,000 for paying off
prodaotion of gold, but whatever additional amounts our busi- that much bonded debt bearing 4^ per cent per annum interness required flowed into the country from foreigc nations, and est, and escapes the expense of redeeming and renewing the
that in spite of some very distinct eff rts on their part to legal-tender notes.
prevent it.
6th. Even if the entire $4,500,000 per annum should be added
On the other hand, when from time to time thsre occurred a to the permanent expenses of the Government it would be but
subsidence in the tide of national prosperity or a depression in a small price to pay for the service which the banks will render
any of our greater industries, so that for the moment the both to the Government and to the public through the instmof money in circulati m exceeded the use for it, gold
exports relieved the situation.
Of late years, however, the gold movemsnt across the Atlantic has b^com-* much more sluggish because something has
been found to take its place, and, to s )me extent at least, to
serve the purpose of regulating exchanges and transferring
Certain secarities on the New York Stock List have
capital.
come to be largely and constantly dealt in at the European
monetary centers, and as, by m-^ans of cable communication
and through the close competition of dealers, their values are
generally nearly at a level in all markets, they supply a
cheaper medium of settlement than gold and amore convenient
amount
basis for
•
It
••••••
exchange operations.
must bi remembe.-ed that gold has only been relegated
to
the second place in our foreign exchange dealings; it is not
banished nor disqualified. It has not, like silver, become /ttnctus offlcio in international trade; it is still the measurer of
commercial values, still the only medium of liquidation that is
equa'ly effective everywhere, and the danger now is that, instead of m jving in small amounts promptly in sensitive response, as form-^rly, to fluctuations in exchange, it m*y some
day slide away from us in masses under some sudden escape of
ianuenceH heretofore concealed from observation, and also perhaps held in check, by the arbitras^e system. If we are
really exposed to such a danger, we cannot begin too soon
to prepare for it, and prudence counsels that the first step
should be to protect the Treasury against any possible embarrassment.
Tile ^346,000,000 of greenbacks are the weak point in oar
currency system. The gold coins and certificates stand first,
the national-bank notes next, the silver coins and certificat«8
third, and thi greenbacks last In the order of assured value,
and it^ would bo a great benefit to th'* whole mass of the currency if thi.s, its frailest element, could be eliminated from it.
Tile pres-nt state of things seems favorable to the substitution of natioual-bank notes for greenbacks, and to that end I
venture to submit for the eon-sideration of Congress the following measures
mentalily of such a circulation as theirs will then be.
7tb. The moderate profit of l)i per cent per annum will be
materially reduced by the expenses of redemption and snpervision, including loss of interest on the redemption fund, so
that the banks will not realiz'^ quite as much as the Govemm-'ut pays, but still it will probably constitute a sufficient incentive to banks to fund all the greenbacks they can, and when
the whole issue is funded, whatever amounts are from time to
time paid out in redemption of the notes of failed banks, will
probably be collected and presented afresh in order that circnlation may be obtained for them.
8lh. The public will be benefitted by having a bank-note circulation amply secured, and of which every note is redeemable
in coin or in a certificate representing coin actually on deposit
in the Treasury, and redeemable, too, not only at the bank
which issued it, but at any central reserve city ; a circulation
large enough in volume to admit of easy and prompt adjustment to the varying needs of different localities, its flexibility
secured by the constant pressure of the Government tax on tho
one side and the constant inducement of the bond intereet oa
the other, while the numerous points of issue and their wide
distribution over the country afford ample protection again^
combinations or other devices for artificially expanding and
contracting the circulation.
9th. With such a resource at hand we may view with indifference the transfer abroad of a large part of our burdensome
and unprofitable stock of gold, where it will be more useful to
us in expanding the markets for our exports of agricnltural
products than it can be here, locked in the Treasury.
10th. The national bank system will be restoreil to healttaj
activity and stimulated to fresh growth, especially in thoa*
parts of the country where they are most needed and ar« now
found in least numbers.
.
.
«
_
[We regret our inability to make room for further estraota
from the Comptroller's interesting report. On the next paga
we give the returns of the banks ander the last eall.— B»
CHBOinOLB]
THE CHRONICLE.
704
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER OCTOBER
Depogils,
Capital.
IfiSS.
Individual.
f
'it
Si
Maine
K.Hampshire.
Vermont
S
Masp
other ..
•" Rhode Lslnnd
Connecticut...
I Total DiT.No.l
,
11.064.653
1.197.361
6.3(j 1,601
l,69f>,476
6,697, •.:26
86,487.66-/
Ui.5.<l4»,S»iU
C.924,^02
44.681.099
New York City
al,6 1.3r,3
1,274,000
261,464.826
•0
Kt
N. York, other
10.fc06.4i6:
5,15.5,432:
90,774,454
S
Pliiladciph'ia..
l*ittsl>urg
r
• Alhany
^
New
Jei'.<»ey...
(.
Penna., other
Total Div.No.2
f
Delaware
(g
831,-
• Baltimore
<B
«
1,401
..
.
Dlst. Col., oth.
^
I
West
24,299.14.5
J
JH
«;
New
567,000
60,000
ie,17(i,757
11,109,2.57
457,988
3,371,116
oa,56 ,300
4.144.023
01,149 218
8,v4j,338j
Orleans..
..
..
r
•
a
12.-4:;,606
lii
Cincinnati
• Cleveland
a
ig
—
E
5»,59",0!)
Total Div.NO.'l
....
Ohio, Other
...
Indiana
Chlcaeo
Illinois,
other.
Detroit
Michie'n, other
• Milwaukee
P
Wisconsin, oth.
L Total I>iv.No.5
f
Iowa
I
Minnesota
g
St. rx>uis
fc
St.Jo.AKan.C.
201.783
96,471
394,59225,096
2,756,997
160,fi9s
732.574
2,048,956
4,785,060
l,379,27t
11,123,200
208.255
103.983
141,274
39,353
306,792
l'i:,87:i
l;9e,000
641,791
llC.OOo
399,910
160 000
3,890,91:-
866 606
10,408.094
11,240,740
74,868,189
1,553,387
430,19 8
18,091.015
1/, 35 .",492
43,261,260
24,503,013
52,' 31,93^
37,437,794
10,806,931
22,755.5a^
4,228,691
13.645,71
S
S
oJ"
Calil'omia.oth
271,001
362.029
7-29,790
180,00(1
51,03
l,411,e0>
53,8 2,028
27,9c8.201
2,4 22,424
l,729,ii37
146,640
40S,83-?
9j1,33»l,55w 8:8
e.5.3i6,;i58
9.737,108
ll<,--55
2,4 26,750
39.19;i.l4t
1,972.5
738,164
47,83y
13,734,520
28,890.401
267,854
470.058
351.951
93.883
156,500
25,000
45,973
40.376
4l6,7i5
9-.55
12.535
180,5-93
20,57.=.
597.4-2
141.07-2
14,'-G5,a7!-
1,438,9.-
62,408.2u>
27,fc7r
1,141,493
220 667
119,003
43,161
132,779
881,497
96,221
59.5,725
92,2i9
72.014
l,85.'i,00i
079 998
lk?,b72,00l
4.»97,IIJVi
K4
s
fi
O.'if
185,52i'..5«5
^s
Cities, 4c.
Si
Other U. S. bonds
Stocks, bonds, &c
Dne from banks
Heal estate
35
1-7
r-1
•4
2-3
2-
Gold Treasury cert's...
Gold Clear. Uousectfs.
Blirer coin and certlfl's
Legal lender notes
U.S. ctta. of deposit...
National bank notes
631
•5
•2
ClearlDg Uouse exch's,
Dae from U. 8. Treas.
Other resources
10
coin
LiaMHtiet.
Capital stock
fund ......
Undivided profits...
BoKiiIus
Circulation
3-11
1.937
O.OOtt
6.490
1 ,630
40,600
I0i,214
7,w79
00.333
13,079
906,009
90,243
542.9-2
84,409
55 5'23
31,783
l-4!09-8
87
-2
33r
'5,880
208 083
53.240
1.811.894
ml 10.2ii2.623'7.3 11.943 90,054,461
1
•1
23-0
11-0
>4
20
2S
1
•s
1
1
308
30-u
3S-3
128-3
24-0
1-3
4-3
1
•30-li
•8
775-0
.Villliiiui.
.IfUliOIlf.
909-2 1,684-2
112-0
171 9
29-8
01.5
(!0-7
99 8
2
294-0
377
626
702
799
105
X
•4
•B
•6
1-0
•1
1
3
33
•4
•1
70-2
10-4
•2
•1
7-8
»8
10-4
17-B
1-0
1-5
1-0
47-3
33-3
811
3«-5
3
•I
-2
8
1
•9
9-0
-4
•8
•1
0-4
13-0
223
•3
83
•i-
1008
230
l3-«
•1
1
•2
13
2
7-0
1,332
9
207
80
113-«
210
40
3-7
8-n
13-3
1-0
17
33
12
-2
-.s
-t.
-4
-4
7
7-4
4-2
8
8-2 13-3
6-»
•3
3-0
-«
-e
•1
•4
-3
•2
•B
•8
-3
12
33-7
11-11
4-S
2
305
4-0
14
13^ 44I
-i.5
•2
1I3B 21
»
1
3-2
•3
1
3-5
•4
7-7
(i
201
0
-8
l'^
1-
4-: •ti-v
20
3-2
1-4
1
11
*4
9-B
•1
r-s
•e
i
-4
13-8
1-6
41-e lO-s
29-!)
3-6
3-»
19
-1
-7
1-0
Mlllloiis
1-8
•5
1-0
4-1
.tfil's
148
4
•6
11-;
-4
3
1-2
•1
•1
Mil's Mil's .Vil's
8-2
3
•2
•1
6
MW
4-2
•V
2t!
-7
«fU'»
•6
1-2
6
15
Mil
•4
24
6S9I
87-1
22-0
11.810
9,731
"J
1
9-8
a-0
G7
060
1.4
4,553
12,2-2
182,492
86,502
102. 505
388.394
AND TOTALS.
CITIES,
2-5
•8
-4
91-2 370 8 8-8
438 ie«7 31
6
•2
li
>.,163.130
261..5JZ
l.'O
•2
•4
1-2
•8
2-8
6-6
•1
4-S
2
•4
•1
1-4
l'.i4
137
11
•5
4-3
l-^
63-s
•2
178
1-3
AHII's.
160
1-4
•C
317
MU'a
20
40
•K
2
49-1
Mil
21-3
•8
•8
13-S
92
e
1-1
r7
.Mil's
•4
80
314
Q
Doe to depositors...
Dne to bunks
.
3.650
122,130
12,190
10,700
148,7no
401, ,41
si*
•7
1-3
3-4
0-4
58,790 "T,090878
12.160
932.195
92,400 1.154.679
113,147 1,661,955
8,587
262.222
63,947 1,233,579
11 540 1,018,170
30,974
39 1,^23
9.496
368.523
.1
•0
!i09S 3371 l«-o 149^ 30-8 41-e io-»
Totals
Totiils
11
2
•4
ilO.5,523
8,:- 3 4
374.586
11.37!
491.545
836 147 22.4()3.2 -23
14,643
156,253
32,014
50,148
«
•i9-iS
for circulation..
7.842,199
1,830,S21
808,002
?i
Af ill's. MU'a Mill's. Aftl'K 3fii'a MU'a ItU'a
31- 28-2 4-3 IIM
S-9 91
•«
•6
1-4
•»
32 11
7 V
•6
•6
•2
IM
1-4
•B
Of
•9
-8
•4
•8
3-9
20
19-2
4-0
1-4
l-:t
23-« 3-5 16-3 6-2
Reiourcei.
4,010.647
1,020,000
3 2^8.l54
1,839,74 6
(5,474
1
n
liOftns
6.743,879
1,-^4 1,6.-0
0.624 3<>,«07.88' 79,88
Totals for Rksirte
140834
582,436
5 7,535
764,625
60
55,500
2.»17,i.50
8.>-Gi,8(.K
141) f.oi
237,968
275.972
349,956
159.094
3^7,937
1R6.016
1,211,014
63,247
1,817.165
83:',03o
108,269
323,808
198.993
STATEMENT OP THE NATIONAL BANKS OF THE RESERVE
Other UublUtles
2,.j;3,04."
251.0,0
350,70a
736,9.50
I Total Div.No.8
Q\M
29,273
14i).3.-^l
4-l-,211<
46.7 2;
1.10<,fi2i
2,2d6,l:i8
875,57;i
....
S...
72, -^24
1,210.735
1,794,471
371,843
7,704,167
^
% New Mexico
A Utah
g Wjouiiug....
Bonds
12,30.
3,484 16:
14,0.0
1,334,135
101,785
TT.
2.54.921
l,6ll.71i> 1,163,3/1
193,920
5,^60
29,340
100.000
13
78.5,012
.0 3 17.933
Idaiio
Total for
r.2-.l,295
1,154.513
455,377
4.199,90;^
Colorado
Montana
117,10.1
97-/,l74
2,360,0u<
.
Di¥.No.7
1,3!?5
45,293
40,185
505,643
76,736
218.303
40,210
1,400
36,895
72,270
369,997
^ Arizona
«
83,534
10
8,562
116,619
16.!-96,4;i7
2,700,0fl(
5.475,r>0i
WashiuRton T.
J Total
•{
4!i,e53
4,500
139,5'JO
266 923
4.482.751
21,3>6,5,7
Z»2.00<
San Francisco
I
1,500
41,395
3,.58i;
220,126
1,977,102
403,191
753.659
40,130
811.020
4.832.87;:
Dakota
g Orecon
14,270
82,983
215,531
03,020
65,788
40,626
176.116
43,23
405.902
33,095
9.7,51.5
Nevada
918.'!S0
6.X57,77S
392,423
2,547,725
...
Total Div.No.6
r
201,4,54
l^9,4n7,64^
5,74.. ,0
S Missouri, oth'i
Kansas
On aha
i Nebraska,
p
o:h.
I
68.291
420
5,500
127,9-20
3.057.761
1,666,557
613,023
5Si,05» 1,771,3
22,108,440
2'i,H71
14,000
403.541
051,439 255,317 3.660,510
302,751
171,323 Z 358.277
51(1, 1~3
548,132 5,535,501
192,303
94,708 2.033,672
792,580 191.152 3.101,407
3,063.>.89 3.040.O0O 39.201.417
76.-201
123,442
09^321
140.162
87,103
86.4-0
l,2-<2 ,o54 1,06). -45
1.-2U2,!.20
12,481'
481..531
33.17.290,7 8
38:1,057
»
251,125
145,973
68. Sit.
140.993
104,n63
28,140
9,321
129,883
29,120
518,5,3
19.520
4.000
dtpi'Sil.
35,303
16.432
5.045
145
2 .',640
f
of
$
64. 983
lOii,
468,680
44,180
531,040
116,500
9,480
10,40u
iv
64.8
2,180 190
Louisville
322,30.'
1.57.417
15,7i4,6»i
Arkansas
131.4V0
1,385,294
3,329,1 93
3,Oj5.98.,
4.81 %24!-
7s8,73lj
Ixiuisiana, oth.
Kentucky.oth.
Tennessee
.
651,737.114 30.471,711 60,441,790
4,978,19
l,51fl,19,l
» Texas
^
399,863
1^28^,18i
8,964,337
5.415,198
28,179,376
7,708.491
4,275.631
336,912
Florida
Missi.'ssippi
515. ,732
104 ,113
238, 50-
7,815,527
7,278 316
777.837
Georeia
Alabama
1^9 ,735
239,520
07,t70
1 83,770
7.133,545
19,169,.560
•
North Carolina
South Carolina
S
6,619, > 00
2,07^,131.
971.8.57
Virginia.
Total Dlv.No.3
3,995,172
94,674,0-.2
3,840,000
Maryland, oth.
Washington
B" Virginia
CO
136,312,818
1
26.273,816
78.535.04^
633,5 17.5 ,4
12.316.113
77,115,092
8.4nn
7.785
7 600
35,56^,742
Leg.tend'rs
Treasury <tV.S.ctf».
certificates
G08,'12
272 027
324;242
43,81».3->2
35:<,517.9k0
4, 188S.
Silver
Silver.
10.1.50 394
l-i,F00,"52
202,-71.5'.)3 S,4.53,669 33,100, 2o
8,908,2-12
53.5, -TOO
402,!'61
101,262.1.'
3.4<=9,0.>7
1,216,7110
42 062,1^41 1,091,491
BOS', 170
91 .67 '.39 4 11,1.^4 91
172.450
3l.6ri5,006 2,130,85!)
823,100
f:3.389, -138 3.748. 61
284.100
42,1.'!8,479
85,f:84,66,5
4,919.93.5
20,192,M0
47if,555
8.676,28f.
10r.81,'03
Dll(6.-.i4
148.769
472,239
4,727,686
57,814,224 1,706.900
14.898,921
13:-1,6.54
27,505,287 3.104.286
210,9^9,574 10.7/3.0-9
4.363.6iii
^
Other.
2,54<).S!>R
13.2S»3,25(i
IJ, 361,4.56
"Boston
Loan* rf dis- Gold and
Oold
counts. flnct'Q gold 0. H.
Treaftury
overdrafts.) certificates. certificates
Surplus.
XLvn,
fVoL.
-;i
4H
-1
•1
27
f
•B
•1
•8
2.5
i>
111
2-3
92
7-0
4-5
38
10
-1
3-0 17-8
OOtiu
3212
£3
8-7
1.332
2-1
0-8
102
28-0
41
4
8S
»
1,482-9 •11813 »
38.^4
392(1
105 5
49 9j
183
120-2
151b
6
77-6
7405;1,40«5
31 4 375 «
21
««^
IJkobmber
8,
THE CHRONICLE.
1888.]
Jnucstmeut
70(
La»4M MamtHte Mtptrutt.
BOAIMk
Vttkor
1888.
Jfo
K«nnwhn.*Ohln'1thwJ(ynvi
11 ail vera d Intelligence.
K.r.r'
Kii
K.
-T
Companies.
Kn..
and November, and
i,.
.-iif
IV:.
-
,
ll.O-.::'
in.iot'
I'...-.7-.''
.
Lo.i,
Ul.l.
I<0I1..N,
A
Mt ..
.ikXovj
18,191.'
vkNnv'
l'."!,33,'.l
4s.7:j.
'
i>»nl8V. N,'
Lvkenn
>far
95..^77l
\-
115.!>7tl'
."
'i.T
Nov.
k
I
;M. s
AkNovi
Gil .ijiiiM i;r., ,N..veinber.
.San I.ulnDlv. November.;
;Mex. N. (all Inn) N'oveinlwi.l
I.MoxIcanKallw.v Wk Nov 2^1
.Mil.Uaii.&We»t llhwkNov
.Milwaukee J^No. lihwk Nov
.^llnneap.ASt. L. ictober..
Mo. K:ui.* Tex. 4th wk Oct!
I
1
,
I
RAILROAD EARNINGS.
44,>t,t
'•2,73(
37,711,
5.4SP
221.74
I
Reported.
I
Jan. 1
lo
1887.
Latet
1888.
19:. 70
fill,-.
69.160
30.432
6-
1.5O.001
J
Int.tGt.N'nh 2wk»Oot|
Mobile ib Ohio
November.
131,
77.5'23
•237,.->8-
I
1888.
7i».lB7
Wont
,*
Mer
Samingt
9
.171
l:
1.8.
The General Quotations of Stocks and Bonds, occupying
sia pages of the Chronicle, are now published on the
third Saturdny of each month.
Latest
171,20.
2f)-n.2ir,t
i!V38
'.1S8
1*0.01
231.42
180,169
1.217.280
<.,1,52,141
2.307.008
274,828 283.'234
Niish. Ch.AStL. Octoher...! 282.021
20 >,02
Natchez Jac.&C 3wkgOct.
10,242
13.721
New Ilrunawlck. Sepfiubcr
1-6,238
81.107
N.Y.Cen. &H.K. October. .. 3.17.5.79 8,531.90>,;
.
Date.
188 7.
S
20a,468 192.679
Alch. T. * 8. Fe.'Octob..r .. I.!)(!0,743 l,674.1hl
Atlanta ib Cliar 't^eprnibor.
114.972
124.357
Atlaiitiut W. I'c. October
4<1,907
54.309
Atlantic *Pac.. |4tUwkNov
72.985
54 342
A.&O.EaatLlnea Octobir... l,4Ut,U4({ l,480.,53 1
Wesu>ruLlnea. October ...
4C3.900 467,753
Total
jOctobor... I, '07,940 l,P4>l,2S7
Bait. <fe Potomac, October ...
144.338 13 1,028
Boech Creek
October...
09,512
72,8l(i
Bufl.Koch.A Pitlllth wk Xuv
5 ',3';2
55,776
0.3.<i2e
Bar.C.Rap.&No.[3ilnk Nov
70,191
Cairo V. A Ohio UthwkNov
l«,0(i3
15,207
Cal. Southern... 3il w« Oct.
19.751
31,410
"Caniiieii & Atl'c October ...
41,135
37,520
Canadluu PucltlcUth wkNov 391,000 372.000
Cp. F'r &yart. Val October
35.98:>
29,128
Carolina Cent. iOctobcr .
C-5,204
60,113
.
.
.
. .
. .
. .
.
Ccn.KR.&Bg.Co.lOctober
Oentrallowa
dwk Nov
.
901,295
3<,211
«
1.718,153 1,076.230
12.799,735 15,3(p8,3M
1'84,88*
9111.319
330,448
2,651,818
3.8.411
2,4C0,324
,
2.2?2.'J9!i
2,57»<..'»-4
113.55-.
755,90
1,700,050
2,466, 3^ 9
6>9,241
1,203,201
1,197,534
< 07,657
1,915,575
2,614.089
99.917
1,154.509
610,3 2
10,454.072
I
222.M51
411.227
5,';57,015
9,909.429
03,325
3^2,012
55.7i'8
792',iV4
1,51 >, 163
493,421
48.20(1
.
.
.
. .
;
,
BAW.P.Ter.CoRicli. A Oanv. November.!
Va. Mid. Ulv.. November.;
C. C. A A. Ulv. N vembcr.;
Col. A Gr. l)lv .Vovemiier.l
West. N. C. Ulv November.!
2,016,093
1,7?6.109
23,00.^, 8.=.6
1,887,397
391. -^92
W.O. A W.DIv
22,2l».i.972
SO.wiiO
l,4i7.0il
5.625,085
1.304.38 (
2,235.005
431,703
2.909,1.2 i
1,355,441
597.1 2
473.175
506,91,;
5,902.375
3.3,"45
91.219
1,957.072
501.301
310,927
?,32 1,1141
e,5r3,181
272,181
2,
302,779
29.387
ToUiall
Rich.
KoiueW. AOtf., Sepi'mlier
8t.l'aulAUuiulli Oeiober. .,
8t.P.Mln.AMan. Novemlier.
S.Aut.AAr.PaSB. 3d wk Nov|
[
Scpi'mber,
Scioto Valley
Seab'rd A Kuiiu (.lulober ..i
Siattle L8.A E November.'
]
1
,200.478
2.6,539
789,183
2,295.991
667.775
030,110
,0J9.115
,132.58
117.811
17.096,2^8
1.82..1.592
2,53
',4
19
12H.H49
9,520,501
95.010
631,120
669,2-1
1,315.150
10.865,960
351.236
October...',
South Can. Ima.. October...
8o. Pacilic
Co.—
Gal.Uar.AB.A.
Louls'a West.
Morgan's LAT.
N. Y. T. A Mex.
Tex. AN. on..
Atlan'c system
PaciUc system
Totalot all..
So. Pa.1.
.
I
811,980
19,32
336.152
25.686
98.621
97.39t)
174.596 208,412
162.902 206,184
940,900 1,169,843
17,So7
20,808
7'2,836
77,768
82.482
77,l«kt
14..'. 89
'(6,000
I46,5i,8
107.'2ji!
8,085.1 .5
218.79 4
2,176,105
H10.-291
2.725.067
S.268.893
1..: 83. 135
8.126.871
882,123
600, .6
514,537
630,-240
109.171
73, -265
7.621.774
191.838
2,'j61.2V7
»73 121
2,379,136
5,688,398
1,391,167
7,831.010
484,965
579.690
600,297
90',d'l3
7*03.562
743",82i
l38„>i)2
1,015.088
0743)W
I
320.495
83,298
295,097
2,748.460
2,38.5,568
Sepi'uiber
36
690.21-/
Sep 'mber
388,90'
375,838
Scpt'miiLT
18.44;
17,*02
109.993
3,519,987
90,lf5
1,036,279
bo7,836
2,951,9U7
125.200
Sept'mber
72.
917,92:<
125,590
930.733 871.266 8,u89,- 4i- 6,991.421
Sept'mber 3.138,088 •2,54.-,.5.i7 25,933,414 .'0,500.978
Sepi'mbur 4,074,82 3,411,823 34,022,1 .6 27.492,400
Scpfmlier
.Sept'mbei
(Cal.) .Sept'mber.
.Seiit'mber.
So. lilv. (Cal
Arizona
iiiv.. Sepi'iiilwr.
NcwMcx. inv.
210,830
553.162
11 0,074
Sept'mber.
6i<,723
Spar. Un. JiCoi. Seiit'mber.
Statuuls. llap.'li Oclolier.
ictober...
Suiuiuii Brauoh
Ootoi er ...
Sutro runnel
7,«J3
60,505
131,^77
19,147
215,901
.
A
1'2,092
3.909.237
1,526.634
731.581
501.666
UR.—
No. Uiv.
Texas
J
407.100 4.198,531
136.800 1,68 7.012
9;,075
827.888
72.740
567.274
50,63 .i
585,389
»,o3'<
111,595
24,010
324,1-29
•
SbeuandoahVal
481,000
112,900
97,40
71,300
51.90
9.7u0
11,200
809.300
23,703
j
thwkNovi
8t.l~ Ark.ATex 1th wk Nov
St.L.ASauFran. IthwkNovl
>
4,6.'j3,051
A
.veitiber.
.V..vember.i
Petcrs'g Ocloiier...'
...
St.UA.Ar.H.l!.s.
7,269,28
1,0)7,798
9:12,848
4 14,573
1.0=.5.7. 7
.iloveajiKir,
A 8p. Ulv. N
Ash.
22.81f<.355
.
.
AW
October... 2.5K'2.316 2,5,0.00«j
:-'.230,3Sa
520.447 4K9.883 4.159.619 1,170,9M
14.654
l.\'2V0
N.Y.Out.AW.., llhwkNovi
44.590
41.320 l,5d9'630 l,430'.eM
N.Y.8U8. AW.. October...
136.184 131.46:i l,195.tfU7 i.i-2tt.63e
Norfolk A Weat IthwkNov
94,473
85.000 4.167,576 3.1-27.1-0
3;i:i,555
N'thea»tm(S.C.l Sept'mber.
3ii,503
51.359
4 19.08
Northern Cent'l October... 53e,810 601,:
183
Northern PaciBc IthwkNov 517.937 45(1.
.«B
6-.',i'.
Ohio & Miss
IthwkNov
69.332
-.i*B
Ohio Rtver
IthwkNov
8.680
9.507]
132.774
339J^
4-, 411
Ohio Stmthem
November.
60,153
506, 1 10
2,15.'.l
Ohio Val. or Ky, iBtwkNuvl
2,301
110.716
'its:
Omaha A St. L. Sept'niber.
36.63
37,!»2oi
28-,739
30930
Oregon liuji. Co Sept'mber
405.196! 36^.443 3.724.097 2.97 ijja
734,810; 615,040 6,242.088 4,2'20JMS
Orenj. R. A N. Co October..
241.21-1 ls2,572 l.893,l-.'(i 1,474,900
Otvjf. Sliort Line Sept' tuber
Peimriylvauia. .. O.tober .,. 5,1.6.157 ,989.621 18,503,133 16,043,190
PcoiialJecAEv. IthwkNov
16,765
17.793
Octobor
30,555
29.191
Petersburg
310,405
295.871
...
441.026
368.f.l9
AErle
October
3.703.545 3.340.570
Phila.
...
Phila.A Road'g. October. . 2,155.953 2.085.791 I7,190.'.i2'i' lM.t,S9.32'2
2.140.68112.321.204 l.5..-iO..
Coal A Iron Co. O. to'Jer
Tot. both Co's.. Octo' er... 4,29H.637i l,.106.99,i'32.73-.
West'rn
Pitts. A
IthwkNov
51.019
5l,B5>i 1,814
17,325
33,lUt!
P'riRoyalAAui:, Sciit'iiibcr
23>,9:i
235.5S»a
17,26
27,638
193,280
PI. R'al A W.Car. ^op.'nilier
220,67s
Prcscott. A Ariz. N.)vember.[
l'-',13'.
8,639
111.012
82.750
Kieh.AAilean'y. October...
80,016
56,8i:0|
521,047
t38,,65
N.Y. L. E.
N. Y. A New Edk, Oc; ober
N. Y. A Northern 1th wk Deli
. .
9,4''i.5H8
.
t
130.000
B00.1S9
•.^lO.flOO
•
1,284,8.18
Central of N.J
October... l,315,He-»
Central Paelllcleciit'mber. 1,438,173
8,58.')
Central ot 8. C. H. pl'mbcr
Cent. Verincut iltliwUSov
55.043
33.12-:
Oharlest'u ifcSavj.«ipt'iiil>er
Cberaw & Uarl 8 -iifniber
6.224
87.75.=.
3(1 wk Nov
Che». &OI1I0
Ellz. L & B S. Sept mber
i) 1,785
Ohes.O. &8. W.. 3 wks Oct.
137,411
CUeshiro
5^,074
Sept'niber.
Olies. & Lenoir.. Sepi'm^'cr.
(i,0B4
Chic. &Atlautlo. 4tbwkNov
50,583
19.'-,792
17.-',062 : ,355.938
Ohio. Burl. iiSo. Scpi'mber.
Chle. Barl.
October .. 2,8.2,343 2,774,921 19,390.655
4'S,745
Chic. & East. lU. 4thw-kX..v
47,2o5 1,957.0-2
17, '.80
Ohio. A Ind. Coal 4th wkNuv
482.356
15,480
ChlcMil. ASt.P. 4thwit.Vov 772.000 75^,959,22,' 89.500
Chio. & N'tliw'u. October ... 2,972,205 2,786,210 21,608.922
49.390
Chlo. & Oh. Riv- Oclolior...
0.635
5,202
OblcSt.P. &K.C. ^dwk Nov
.52,730
49,802 1,970.991
Chlc.8t.P.M.A0. October..
741.748 776,070 .5,342,95 I
Chic, & W. Mich. 4th ~k Nov
32,815 1,305.304
30,050
Cln.Ind.St.L.iC. October..
251.512 242,173 2,218.201
480,210
Oln. Jack, ifc Mac. .'A wk Nov
11,748
9,824
74,38.1 3,11.9,733
<>8.368
Oin. N. O. &T. P. 3d wk Nov
Ala. Gt. South 3d wk Nov
3 i.035
36,180 1,335,-96
25,t>9
750,8 i-i
N. on. & N. E 3d wk Nov
]7,!00
Vicksb. & .Mer. 3d wk Hoy
17,0>:
408,7. 1
13..';42l
475,762
VlckB. bh. <fe P
d Wk Nov
14,73
20.345
lOl.vlw 162^10 6,170,914
Erlan*icr Syst 3d wk Nov
b6ii,lo6
OIn.Rich.iV.Ft.W. ;<d wk Nov
7,921
8,330
91.523
14,101
gin. SeL A .Mob.. October
10,428
Cln.Waah.ikBalt. 3d wk Nov
47.590 l,818..52t:
37,080
590,3^.4
12,051!
10,333
Olev. Akron <&Col 3d wk Nov
321,ti09
40,10
Ciev. & Canton October
37.095
4i3,372 4' 9,139 3,187,847
Olev.Col.C.&lud Sepl'inler.
Whole 8v stem. October ..
6,323,05
740,853 800.913
240.635
6,553
dev. & Marietta 3d wk Nov
«. 85
l,18f,681
31 wk Nov
Color. MiiUaud
S3.6:r
"'8353
330,76
Ool. & Cln. »I id 4th wk N .v
8,033
59,47'
2,757,289
Ool.Hook.V..feT. 4ihwk.S'ov
61,905
Denv. & Rio Or. 4th wk.Nov 220,500 22 ,500 7,0il'.363
Denv. <)bR.«.W. 3d wk Nov
26,400 1,193,921
33.375
831,264
Dou.S.P'kiSjPac. Sepfmbcr.
130.818
105.711
395.121
DetBayC.JiAlp, October.
38.201
38.487
28.4<5
9.10,012
I>et.Lana');>ScNo. ithwkNov
20,03 1
DuluthS.S.&Atl October.
179.96.! 1,214.988
170,007
K.Teim.Va.AOii. 3.1 wk Nov
112.261 4,959,124
124,8rf7
:^24 424
5,304
Brans.i& lud'plit. IthwkNov
7.019
20,t>19
7 7.'>wl
Evausv. <StT. H. 4th wk Nov
19,142
Film & P. Marq. 3d wk Nov
40.55'.
48,560 2,131.251
074,718
64,153
Fla. R.&Nav.Co. .iii:;iist ..
58,717
Ft.W.& Uen.Cltx 3d wk Nov
.S5,14(>
16,171
956,91
Den. T. AGull In wk Nov
12,340
Den. T.& Pt.W Jd wk Nov
1 -,-(23
IWholesjst'o .'d wk Nov
54,53 i
Georgia Pivjiilc October .
114.414 131.407 1,018.137
42.t!41
44.436 2,011.84.
Or. Rap. <St lad.. id wk Nov
3.3<i7>
178,195
Other 1IUC8
3.785
3d wk Nov
Grand Trunk .. WkNov. 24 392, i5» 381.537 I6.G70 369
Gull Co\.ii. B.Fp. Soid'uiier
349.008 30),387 2,105,44ti
» 4.^10
Hotis.A Tex.Cen. 3d wk Nov
90,126 2.438.974
HnuieHt'n&Shcn |0. toller ...
10.727
123.708
17.000
ni.Cen. (Ill kSo) October.
9,35 1.44 1
1,258.194
1,807,410
82,1 5
Cedar b.&.Miu. Ocluoer ..
9.1 3
11.37«
688,073
Dub.ASioux C. Uctob. r ...
89.520
91.860
8 1, 4 II
658,980
Is. Fails & S. C. O lolicr
79.467
1,42»,24Iowa lines
180,1 1(
October...
185.7115
Total all
Octolier... 1.273.121 1.438,304 10.783.691
ax.OKlJ
305.36L
laii. Uec.ik sVest. Oct(d>er .
30.307
.
2,319,MV
2,620310
-,
023.823
12,037,130
207.839
427.452
875,654 5,79J,370
38,179
965,749 11,025,694
1,325,237 11,000.230
10,115
74,270
52,731
38.508
403,110
11,468
63,991
9 i.0S3
738,« 48
109,707
148,484 1,569,087
7.<,H0t
43?,470
6.539
57,082
55.926 1,972,813
&Q
1.G2.VH7
i,nm
3(1,.
i
Allegheny Val. Oclohcr
Brntt.
ll*7.
liOli.
furnished without extra charge
to all regular subscribers of the Chboniclb.
Bxtra copies
are sold to subscribers of the CBRomaui at tiO cents each,
and to others at $1 per copy.
WcekorM'
tmmi
L<ili
is
BOXDS.
I*
t
r.ioo
Ul.
It is
I
181) «.
,
Lal.i
publUhed on the last Saturday of nery
other month—^iz., January, March, May, July, September
<
A
Klnenfo
oontains extended tables of the Funded Debt of States and
GUies and of the Stocks and Bonds of Railroads and other
1887.
<
lC«nr.i.'kv
Kmikiik
The INTB8T0H8' SUPPLEMENT, a pamphlet of 138 pagts,
Jan.
—
Paclftc
4th wk Nov
157.040 1 ,523,900
4.995.117
256.05
12 ,173 1.59 1,1 II
758.12
55,703
71.624
7,174
2.307
803,639
1,281,620
2.931.-204
1,209,191
5U>,47S
50.104
753,172
1,081.6.16
17-2,-1 ?
21,91.!
l,-221,-3.
26-2.0.4
234.0214.235
33.151
5,732.191
156.23
091.72
5.213.015
4,7«3,71'
5.90>,735
2,9»-2,'52
36.1.817
2.519.134
1,3.8.170
335.70-
202.181
5.513.798
486 896
620..^5
23,. »0
974.017
1,10U,'269
31.04 li
794,74867,821
2rf.313
19.2J3d wk Nov
47,009
64,4.^2
Tol,»t.L.AK.C Ociober
Union Paulhe... Oct. tier... 2,951,^54 2,931,461. 21.214 1»0 23.71K.309
617,714
6<.30i
5.53.233
62.'»d9
VaUey of Ohio.. October
Tol.A.A.A N.M'U ,*th WkNov
Tol. A Ohio Cent. 4th wkNov
Tol. P.
A West
.
.
.
.
IthwkNov
Wall. Western.
Wab., E. of Miss Sept'niber
'4lhwkNov
WestN. Y.
Western of Ala. October ...
Oct<iber .
t'test Jci-soy
APa
.
wV.Cen.APitts October..
WticelinKAL. E. 4thwkNof
Wil.
1
il.
A Aug.
S.ii'i'o'ber
Wisconsin Cen. 4th wkNov
•
I
And branches.
J
],'.9,689
65.,6l
90,00 I
46,43J
116.40'
70.3 i7
6l>.-09
53.980
104.2O8
49,265
3.U6.29J
384.230
I
IM.eil
795.107
66.028
101.011
79,»a»
llU.lli
54i.'»;>l
1,271.360
3I8.IM1
674.324
5-23 161
3.633 127
3 4413 'O
J
9.8 8
Mexioan ourrenoy.
I
All
Una* tnalB ilJiiL
lucludes whole system ttom Fort Worth to OeoTer. bat ootearnlaci
on Joint track— Pueblo to
Trtnliiad.
THE CHRONULE.
706
Latest Gross Earnings by Weeks.—The lattst weekly
earnings in the foregoing table are separately summed up
as follows.
For the fourth week of November the result is quite satisfactory, there beir g an in increase of 2'45 per cent on 44
roads, as shown in the table following. For the mouth 61
roads have reported ihus far, and their earniogs foot up
$19,831 ,993 this year, against 120,163,030 last year, b^inj; a
decrease of $'131,037.
ilK week of November.
1887.
1888.
Norfolk
Ohio
A
A
<Sc
Pacific
Buflalo Koeli. & PlttsburR.
Cairo Vln. & Chlo
Canadian Facltlo
Central Vermont
OUcago <fe Atlantic
Chicago & East. Ills
CWcago A Ind. Coal
Clilcago Mil. A St. Paul...
CUcaeo & West Mich
Col.
CoL
A
Gin. Midland
Toledo
H. Val.
A
I>enver A Rio Grande
Detroit Lans. A North
Evansvllle A Indianap..
Evansville A T.
•Grand Trunk of Canada.
H
Kanawha AOhlo
Keokuk & Western
liAke Erie A Western .
LiOUisv. Evans. A St. L.
.
LoulBTllli'
ANai-hviUe...
Louisville N Alb. A Chlo.
Louisville N. O A Texas
Mexican Central
Milwaukee I>. 8h. A West
Milwaukee A Northern.
New York Ont. A West.
.
Norfolk
AWestem
Northern Pacltto
Ohio A Mississippi
Ohio Elrer
Peoria Dec. A Evans
PittsburK A Western
Bt. L. Alt.A T.H.,>iranche8
St. Louis Ark. A Texas. ..
St. Louis A San I'ran
Texas APaclflc
Toledo A. A. A No. Mloh..
Toledo A Ohio Central
Wabash Western
Western N. Y. A Penn
Wheeling A Lake Erie
Wisconsin Central
Total (44 roads)
Net Increase (2 45
*
72,98.'i
,'i3,K62
16.063
391.000
55.043
50,583
45.745
17.180
772,000
30,656
54.342
55.776
15,207
372,000
52,731
55,926
47,i65
18,643
l.'i,4&(i
1,700
13,041
Mississippi
8,853
61.905
220,500
26,034
7,019
59,47-.
Net
Lake Erie
A
1,373
75
*
S.826
West'n. Gross.
Net...
1 to Oc'.
1888.
433,851 4,(62.176
200,266 1,599.601
413,137 3,176,274
141,785 176,664
921,421
1 051,378
3o0,133
196,594 207,218 1,6B6,1.'',1
52,375
55,371
408,446
761.618
185,812
12,132
8,639
114,012
8,570
5,588
77,581
82,482
77,166
54<,.557
45,701
41,445
193.928
435,120
153,131
135.671
110.071
993.182
58,920
42,500
301, «61
440,<30
134,750
2,951 254 2.934,466 24,244,160
1,296,810 1,561.020 9,118 8o4
September.—-—>
Jati.X to
—
$
94,785
43,063
225.646
96,633
Figures tor this road are for
31.—
1887.
*
«
3,438,154
1,410,582
3,445,118
1,241,264
1.140.657
452,798
1,687,498
764.478
215,000
82,750
49,302
5'. 0,297
181,605
4(19,395
161,851
863,720
279,757
392,960
134,209
23,716,309
li',C05,271
Sept. 30.-—
1887.
$
109,707
1888.
1887.
$
738,648
792,484
27t:,907
.50,3116
219,340
208.244 1,562,050 1,550,011
596,892
92,966
556,833
November and the eleven months.
228
31,613
48,790
95,577
131.321
58,334
30,268
44,326
4,748
ANNUAL REPORTS.
"6,984
18,415
10,826
New York
164
264
9,473
67,449
7,292
85,0110
9.567
17,795
54,658
25,686
97.396
208,442
234,628
14,235
33.154
156.237
66.800
19.611
110,142
4,894,374
4,777,481
887
1,225
'33.846
18,7i:4
8,855
2,105
3,352
23,200
6,131
119,510
116,893
—
Jan. 1
18b3.
$
S
.•
.
to
& Hadson
Biver Uailroad.
ending Sept.
80, 1888..,'
optrating expenses. A memorandum as to the history of the
various roads f mbraced in the system is aleo appended.
The construction accoutt was increaeed during the year by
$1,235,169, of which $830, 75 was for lands purchifed at sundry
places (icclu icg $766,650 for 6:6 lots in the 23d ward o( New
York City ,for yard purposes) »nd $404,394 expended in
former years' for equipment on the Harlem line is now for the
There were sold
first time brought into the general account.
during the year 5,000 shares ($50 pai ) of Harlem RR. stock,
bringing $569,200, applied to construction on that property.
In the tables of earnings below, it should be observed that
the gross earnings ii elude only earnings proper, while othtrr
rtctipts from iniertst, use of roai and miscellantous scurcea,
are irought into the ii come accour.t. This is the more usual
and the clear, r method of making up railroad accounts aLd it
will ex, lain the large difference in the amount of gross and
net earnings as shown here in the Chuomclk and in the report of the company.
The statistics of traffic, earnings, income, &c., are shown in
the following tables:
OPKRATIONg AND FISCAL KESULTS,
1884-5.
1885 6.
1886 7.
18t7-8.
193
1,441
1,447
1,421
Miles of road oper'd.
.
252
236,40:^
the year
The annual report has been itsued in pamphlet form for the
year ending Sept. 30, 1888. The Ceniral ifsues sulstaitially
the figures required by the New York State law, but its report
this year contains a very particular and itemized statemeut of
the expei sea charged for repairs and bettermetits, amounticg
to |2,6fc0,93S, classed as "extraordinary " and included in
1,030
9
1,676
1887.
Cen'ral
fFor
Net Earnings Monthly to Latest Dates. The tables following show the latest net earnings reported this week, the
returns for each road being published here as soon as received,
but not kept standing from week to week. The figures cover
the latest month and the totals from January 1, and also the
totals for the fiscal year on those companies whose fiscal year
does not correspond acith the calendar year.
0«(.
31.—
1887.
«
Fe... Gross. 1,560,743 1,674,161 12,799,735 15,308,334
Net...
603,055 866,080 4,011,269 7,09ri,453
Cairo Vino. A Chic. .Gross.
74,545
603,496
63.\429
70,153
191,954
210,091
Net...
28,777
27,319
May 1 to Oct. 31 ! Gross.
382,959
410,377
6 months
138,408
166,552
J Net...
427,452
411,237
Carolina Central
Gross.
65,201
60,113
150,320
131,767
Net...
42,794
35,102
April 1 toOot. SI. >Giors.
277,421
270,576
94,258
76,052
7 months
JNet. ..
Central of Georgia. ..Qioss.
901,295 875,654 5,796.376 5,257.615
Net...
432,488 483,232 1,953,701 1,763,635
July 1 to Oct. 31. (Gross.
2,575,411 2,547,021
1,022,364 1,034,1«4
4month8
jNet...
Chlo. Burl. A Qulncy. Gross. 2,902,313 2,774,923 19,390,655 23,' 65,K5G
Net .. 1,268,283 1,222,662 4,5s5,357 10,278,837
Chic. A Eastern 111 . Gross.
229,374 203.971
Net...
108,663
dn. N. O. A Tex. Pao.Gross. 329.7S0 328,542 3,001.404 2,755,339
903,000 1,OjO,538
Net...
107,000 145,672
84,046
683,265
N. 0. A Northeii8t..Gro 8.
89,145
546 295
30,000
Net. .
23,000
78,000
76,000
66,339
51,220
366,081
Vloksb. A Meridian. Gross.
430,643
31,000
40,000
Net...
18,000
55,000
77,578
68,889
426,003
Vicksb. Bhreve.AP.Gross.
447.340
42,000
29,000
Net...
83,000
98,000
40,100
321,609
37,095
Cleveland A Canton. Gross.
310,927
15,733
Net...
14,877
103.632
8!',9ii3
137,159
July 1 to Oct. SI . ( Gri ss.
138,424
47,311
4 mouths
50,205
J Net...
Den v. A Rio Gr.W.. Gross. 145.249 137,175 1,099,898
961,398
56,738
292,523
66,110
Net...
283 277
Fllnt&Pere Marq.. Gross. 203,412 219,098 2,004,161 2,147,286
70,702
623,541
69.480
690,(:98
Net...
Louis V. A NaiNhviUe.. Gross. 1,437,054 1,538,706 13,247,190 13,090 716
4,610,751
628,931
558,474
5,123,870
Net...
5,511,247 5,672,8:19
July 1 to Oct. 31. {Gross.
2,068,863 2,319,358
4 months
JNet...
240,619 264,813 1,822,610 1,616,600
Jjoulsv. N. O. A Tex Gross.
419,508
4i>0,914
80,335 116,013
Net...
Memphis A Charles.. OroifS. 129.810 178,549 1,247,844 1 359,174
187,289
3115,680
68,908
3,495
Net...
471 ,521
July 1 to Oct 31. ) Gross.
602,03
31,375
206.851
4 months
(Net...
». Y. Ontario A We^^t. Gross. 150,863 145,356 1,437,846 1, 208,8 11
30,271
239,379
Net...
19,238
219,703
.
«
Roatiit.
Eliz.Lex. A Big San'y.Gross.
Net...
1,6^5
1,477
10,722
450,488
62.040
$
1887.
S
467,776
201,050
384.378
It 88.
1,000
2,4ul
p. o)
Road$.
Gross.
Net...
1888.
2,428
For week ending November 24.
AUh. Top. & B.
..
July 1 to Oct. 31. (Gross.
4 mouths
jNet...
Union Paoitio
4.53,948
Octuber.
A Roanoke
220
8,680
16,765
54,049
24.010
98,621
174.596
215,904
23.090
C1.049
159,589
90,000
19,863
104,011
.
Gross.
Net.
2,159
69,:^32
1888.
Gross.
Nit...
Net...
Gross.
Net...
March 1 to Oct. 31 ? Gross.
8 mouths
JNet...
Tol. A Ohio Central.. Gross.
5,343
1,520
9,39?
46,101
18.262
152,736
69.160
30,432
44.590
04,473
517,937
.
.
2,414
7,47.-
88.59;-
. .
July 1 to Oct. 31. )Gro8,s.
4 mouths
JNet ..
Presc'tt A Ariz Cen' Gross.
856
221.500
^8.435
5,364
19.142
381,537
20.61
392.259
6,100
9,318
54,927
18,490
422,33
53,53^
.Gross.
Net...
A We'tem
Pittsburg
19.0O0
2,312
758.959
32,815
8.63S
Western
July 1 to Oct. 31. (Gross.
4 mouths
JNet...
Seaboard
AQantio
,—Jnn.
OeUibir.Roa<ls.
Decreare.
Increase.
(vou XLvn.
.
->
Overallons—
Passengers carried... 12,747,801 14,662,118 1(!,465,453 17,998,558
Pa-sen^er inilease .4b8,o97,7; 4 476,128.729 528,308,74-.l 559,816,001
1-41 cts.
1-84 ets.
1'96 cts.
191 cts.
Kate iKT pass. p. mile.
FreigliKtonslmoved'. 10,802,957 12,718,101 14,626,954 15,262,873
Fr'eUl (lons)mUeage*2137824205 2414261,463 2704732176 2734778833
0-76 cts.
0-78 cts,
0-;7cts.
0-6S cts.
Av.rati;p ton p.mile'
Earnings
$
$
$
$
8,786,124 10.510,472 10,87,-, 119
6,219,639
Pasengir
14,702,638 18,476,532 21,143,093 21.334,-99
Freight
786,148
790,056
786,219
717,938
Mall and telegraph ..
.
—
28,048,804
32.413,626 32,998,637
4,059,101
2,901,162
11,650,113
4,891.219
3,983,714
13,513,690
5,450,200
4,867,218
14.308,3-9
Total expenses.... 16,319,372 18,610,377
5,320,303 9,438,427
Net earnings
22,388,623
10,055,003
24,626,338
8,372,299
1886-87.
1887-88.
Total oainlngs
Expenses —
MaliTt. road &i 'lest.
Repairs of eauipm't,
OpSatlng the road..
*
21,640,175
3.746.305
2,589,493
9,9»3,574
Exclusive of com; any's freight.
INCO.MK ACCOUNT.
1884-85.
Reeeipts—
Nenarulngs
Reutas and Interest.
U^eijfroad
Other reclpts
1885-86.
$
$
$
5,S2(i,803
li,012,747
9,438,427
l,6c.9,513
10,055,003
2,116,725
319,015
457,501
327,8.8
440,217
325 049
337,1>27
4a,6 55
434,&90
$
8.372.299
2,362,266
12,9u8,432 11,506,582
Total IncLme
8,110,060
11,895,985
K™ttl"'lS'"'fT....
Interest on debt
1,976,028
3,681,795
3,482,280
3,559,651
4,011,542
3,551,370
'""caplt.™Brock".f'..*
27.%902
DivOends(l percent)
3.12 9.990
203.951
3.577,132
3.577,132
19^011
4.072,543
3,540,582
212,339
3,577,
32
11,338,055 11,40S,.596
9,063,717 10,823,017
97,980
1.072,966
1,570,377
df 953.651
Balance, aui plus
GBNKB.iL BALANCE BElTKMUER 30.
1887.
1888.
1380.
Astets—
Cost of road and equipment ..$146,630,632 $147,047,973 *148,28.%142
6,538,165
3,448,570
3,469,321
Stock and bonds of other cos.
Ownership In other lines, real
„ ,
3,(;29,644
6,607,690
6,627,801
eft»te,Ao
3,123,296
2,837,534
3,120,072
Due by agents and other*....
Tot. dlsbursim'nts
DeOiMDRR
8,
THK CHRONICLE.
18HH.)
on hnud.......
8iippIiAH
("m
I|1.470.!<fll)
1887.
1888.
l|II,8U3.aA3
•1.0«7,A2O
2 A34.786
i,036,0M
I
2a.UA 8
401.31)4
iintloii itocuiint.
II
K'l
Worn
utrloiu
-
:.
islii
<lui<
rs tiuustrucUoa
uot.
Tululassits
40l.»01
128.740
30.^85
$89,4:9.300 »89,4:8,300
Fmi.li- 1 ili'lit
Hoiiilr .t iiiort. on roiUvstute..
Ilaiiuiii oon-'truotlou aocount.
Pa.tt iliio ImncU
Iiituicst iu.'cr>io<l
56,4'^4.3it3
989.428,300
56.193,333
107,000
107.0i0
707.U1M1
13,3».5
9.3J<5
312,553
15,335
!S6.42I.3:»:J
1.370,926
7.487
Iiit<<rflHt iinpiiicl
:8
Ootuber 15.
8.06!> >
soV.'zss
60,^2.5
uiipuld
Duo for waKca.snppllen, Ac
Dueoiber roaitB, &c
ProUt luid lOM..'.
Total UabUUlea
3,CS1,724
S
89'».283
31.129
2.298,116
1,324,597
12.385,000
2.410,521
1.75H.418
11.473.469
...
894.283
3U,lf5
2,620,395
&«7,304
12,794.220
$163,961,617 $161,959,953 $165,884,709
New York New Uaren & Hartford
the year
CFor
1484-85.
.Vvt •arulnics
ending Sept.
Railroad.
80, 1883.^
The annual
report states that the figures showing operations
eatiiiDKS are much larger than those shown by any previous repoit, lasinly because they include for the tir.^t time the
traffic of the Northampton, the Naugaiuck and the Hartford
Sc Connecticut Valley railroads, which were leased last year.
and
The
gross itcome ia $308,596 larger than that of all these
properties hs separately reported for the year ending September 30, 1887.
The amount cf the "t-inking fund iiccstuot" has been
•taled from year to year ia the reports of the corrpany, but
this year tt.e Inter-State Commerce Commi(8ion has required
returns fiom railroads, and the blatik forma prieciibed by
that Comniission make a distinction between "available
aeaets" and "tinking fund." As no such distinction existed
between tbe vai ious assets of this company the Board directed
" that tha securities and accretions of the so-called sinking
fund be covered in.o the treatury." Accord iigly a statement
of all the company's asae'.s may be found
its general
m
account?.
There has been charged during the year to capital accounts,
mainly for cost of four tracks, for real estate and new equipment, the bum of |3,146,408.
In addition to these charges to capital account many improvtments have been made at various points and charged to
expfnse.
" The conslan: ly increasing traffic of the company had outgrown existing facilities, and large expenditures have already
been made to meet piessii'g re quirements.
still larger outlay w ill become necessary in the immediate :u;ure to meet
the public demand for the best service. After the completion
of tne biidge now building by the Stonington Road at New
London, a double track upon a part, if not the whole, of the
Shore Line Division, will be necegsary. The New York
Division needs four tracks as soon as they can be provided,
(irade crossings must be abolished as fast as practicable.
Passenger terminals at Harlem River mu-^t be improved, even
But the company sbould not be called
at great expense.
upon to furnish these improvements by adding to ils debt. It
seems wise to provide them, and proper to pny for them, by
an increase of capital stock from time to time as the muney
is needed."
The following is a statement of the capital stock and bonded
debt of the several roads included in the system.
A
Ig8S-<)6,
14ll$«7.
2,440,536
2.>i-,:a,120
*,4A5,M1
425.664
SSO.OUO
412.876
4.%2,rt28
i.'iO.ueo
2SO,000
679,668
092,876
3,133,350
1,590.000
1JW>,0Q0
l.MOy$0>
303393
83,730
DUttMrttmeitl*—
RcBials p»ld*
InterMt ou debt.
.
Total
8un»iu«
Dividends pd.,10
p.c.
1.770,868
1,550,000
*
1*«7-M,
MiS,3 •
709,03$
Balance
330,868
983,350
IDcludlng rents of depots and Krotind*.
BIchmond & Danrlilo Railrosd Companf.
1.379,036)
669.7S5
iiocnu'tl
Ui\ iionil I aynliU
K<'ii tills
DlviiU u
•i70,85«l
9163,061, ai7fl04,0S!>,033«163,884,7O0
toclt
C'apltiil
ri7..M7
707
fFor the year ending Sept. 80, 1888.^
The report of Mr. Oeo, S. Scott, Precidei^t, Mya "11w
floating debt of the company hat beien exUogaiahed and ito
:
flnacces
art)
row
in
an eminently satiafaotory condition, le*T-
ing free in its treasury a roaaooable rcaerre of oaah and marketable securities. The increase in the bonded debt of tiM
company was mainly due to the Fe.tlement of all the unMld
coupons accrued on the debenture bond issue, except on ^8,000 still outstanding, and which have not been presented, and
the I xchange of $300,000 Piedmont 8 per cent bonds not Der»>
tofore included in the bonded obligations for an qual amoani
of thi? compmy's 6 per cetit consolidated mortgage bonda,
effecting a saving of ^10,000 annual interest. Tne nggregatA
issue of the bond:* of this company, together « ith ti.e capluj'ization of the leases included in the repoitof the Richmond
Danville proper, represents a bonded indebtedness eqaivalent to |25,576 per mile of single track (including the entira
issue of 6 per cent consolidated,) debenture, and general mortgage 5 per cent tondf), an indebtedness that will (ompwe
favorably with that of any other system of equal importaOM
and earning capacity. The demands upon the company for a
large increase in its equipment have been and are unceasing,
and the loss of revenue cons< quent upon the want of sufflcient
oar and motive equipment seriou?." * * 'I would reoom
mend for your consideration and approval the issue of f3,500,000 equipment tiust bonds, secured by mojtgage upon the
equipment now in use, or any purchased under such trust, with
euch provisions for the preservation of the (quipm, nt and
liquidation of the indebtednesi as may be wise and judicious."
The statemetit of (arnings and expenses, and the income
account, for the past four years'are as follows:
BASMLNGS AND EXfBNSES.
1885-86.
1884-8f.
1886 87.
1887-88.
9
Earningi—
$
$
$
<
&
2.660.755
FTi'lght
Passengers
Express, mails.
93.'>.708
334,892
4(0
2,646,434 2.7I«,699
998." >22 1,017.312
348.025
41^,980
2,941.874
1.190.604
475,937
3,992.481 4.152 991 4,608.000
19,547
202,i:0
361390
17.792
3,981.3.^5
Total
luterest received
3,999,147
2,2U1,486
4,012,028
2,121.553
<.355.1(il
4.69,830
Expenses and taxis
2,287,857
2,54e,001
Net earnings
1,767.661
1.890,475
2.067304 3.329,77*
Total receipts
INCOUE ACCOUNT.
Net receipts
Deduct—
Reutals and
interestt
1886-87.
1887-88.
1884-85.
1885-86.
$
$
$
1,767,661
I,;90,475
2,067,304
2329,77*
1.483,097
1.467,658
1.482,918
1370,37^
284,564
422,817
584,7S6
7;3.48«
221,047
323,958
249,922
C3,917
98,8:9
334,861
Balance
Coustruction, equipment,
betterments, Ac
Balance, surplus
Included in operating expenses In 1887-8°.
I Including debenture interest, whether paid or not
(lENEBAL BALANCE 8UEET SKIT. 30, 1888.
To cost of road uud property
Betteimeut.\tbui.a A Charlotte Air UneSR.
f
793,496^
*
STOCK ASU BONOEU OKBT OF HOAOS OrESATEO.
Capital Stock,
Bonded Dtbl
Same of Road.
$15,500,000
$2,000,000
New York New Haven & Hartford
Boston
& New YorkAlr
Line.prefened....
CulelH!.-tcr
Harlem Kiver & Portehetter
Shore
Uue
a
A Xew Canaan
Naiigutuik
^VaU•rlown A Waterbury
Haitloid Jt Ciumcticiit Valley
New Have n ti NoitUampton
Stamfoni
Holyoke
.s
..
3,000,000
25.000
42.550
1.000.000
99.877
2,000,000
118,200
800,000
2,160.000
260,000
Weettteld
500,000
25,0ii0
3,000.000
200,000
$25,305,627
5,084,401
1.940317
172,024
661,409
163.91W
18»,iai
Bills receivable
BaSances due from connecting lines
•
"
ageute
150,000
19,000
e22,VW
476,6^
Miscellaneous onsets
Material, tuel, cross
ties, Ac.,
on hand
974.889
Cash
3,9c6'.6bo
320,000
$10,114.0C0
*36,ily.627
The
operations, earnings, &o., for four years, compiled for
the Chbonici-E, have been as below
:
orKKAlIONS AND fJSCAL RESULTS.
1885-86.
1:84 &5.
183887
Road ovn(d.
Road leased..
Tutal operated...
141
124
265
141
121
265
141
124
265
- $21,840,711
1887-38.
141
367
508
7,765.575
8,267,310
9,31.1.426 11,835,812
PasBciiKers carried..
Paascnsc r niUeage.. 208.676.877 220.102,044 249,160,901 291,998.072
2.148.463
2,376.195
2.602. 157
3,169.531
FrelKlitlUinsltnc.v'd
Freight (tons) uill'ge.l24,ie8,149 139,175,052 1; 0,045,703 22«,2c7,«32
Freight
cxp.. rents, 40.
MttUTexp..
Total gross eam'g!>. .
Operating expenses-
Taxes
Total expeusec..
Net earnings
$
$
$
2.952.362
618,594
203 431
7.890,209
5 074,791
359,497
9,970,036
6,632 524
5,434,288
2.455,921
7.126.778
2.843,258
4.319.2.53
627,089
6,895,824
4.138.271
511.017
7,601.156
4.468.^84
306,946
4,4.9,288
2,446,536
,'.5,830
4,7
3,826,126
$
5,648,185
4.118.370
4.2:5,608
2.79.S241
581,007
3.945,141
2,42:^594
By
$5 000,000
capital stock
il..:5,--0
Bonds
payalle
and aoiouuts payable— leased Iluea
Accounts payable
Bills
Bills
PayrolU
Wagss uncalled
Ooeraiions—
Ea)ningt—
PaSMnger
1,046.809'
Advances to leased lines
Coupou iigenclesuud trust companies
Total
Total
Total ttock and debt
$10,600,441
Securities
491254
*'JZ-S22
.-oSi;
i3iT?
^^Hik
for
.foljf
5i?Sli
382.734
Mltiellaneons liabilities
Counoi
T<
s
and rentals accrued but not due
ii
•*
*•
**
**
M leased lines
Coupons and dividends uncal'ed for
PTvflt and lost
.
-.
402.189
. „22'?i{Z
3.386,403
$31,310,711
Total
VIRGINIA MIDLAND.
18S6-97,
Qrosa earnings
Operating expenses
•}',^f?'?S
i.»ji, 7aa
Net earnings
iuj.-:v.»
Surplus over llxed charges. $32,172.
$593,929
1887-88.
$< .800.435
1,009,833
$700,00$
WESTERN NORTH CABOUNA.
1886-9"'.
Gross earnings
Operating expinsee
Net earnings
Deficit after
payment
•'.SSoaS
010,i*»
..--.
of cn.:ri((a,
^^A-iwa
$99,033..
•
•"•''®
1887-flS.
$63937*
944.19«
$89,399
THE CHRONICLE.
703
CHAKLOTTE COLUJLBIA & AUGUSTA.
Gross earninKS
Operating expeuses
Net earnings
profit above cLargef. $104,584.
1886 87.
18?7-8=.
$82i-,115
521,869
$914,814
555,112
$304,246
$359,702
Net
COLUMBIA & GEEENVILLE.
Gross earniKse
Operating expenses
1886-87.
$559. 4f7
457,203
$ti20,072
Netearnings
$102,264
$103,165
Deficit afttr
payment
18'<7-88.
426,907
of charges, $53,860.
[Vol. XLVII.
Baltimore & Ohio.— In regard to the recent election,
Mebsrs. J. A. Hambleton
Co. say in their circular:
learn from a reliable source that the D.exel- Morgan syndicate
has released its control of the Garrett tt< ck, and that these
holdings, some 50,000 to 60,000 shares, are now controlled by
Messrs. Frick and Mayer.
It was this s'ock that carried the
election and elected the new ticket." * » «
are also
crtd bly informed that the investigating commiitee is expected, notwithstanding the dropping from the Board of Directors of a majority of the rommiltte, to continue its investigation and mfcke a full report."
&
"We
"We
Called Bond?. — The following bonds have been called for
payment
ATCHISON TOPFKA & Santa Fe.— Southern Kansas &
The encual report of Prisidtnt Hood says: "A careful Western Ist mortgage 7 per cent bonds dated January 1, 1880,
analysis of the earniEjjs of the main line and branches for and due January 1, 1910, to be paid January 1, 1889, at 110 per
the ytar shows that |3S7,346, or 371^ per ctnt of the entire cent, with coupon due January 1, 1889, at No. 21 S a»s' Buildearnings, were derived from business upon or interchanged ing, BoPton, 28 bonds, viz: Nos. ]5, 69, 180. 279, 309. 367, 529,
with the company's branch roads, vphicb exhibit would seem 656, 614, 747, 748, 833, 909, 1010, 1053, 1054, 1079, 1113, 1118,
to indicate that ihe policy of enlarging the company's terri- 1250, 1296, U69, 1398, 1474, 1660, 1729, 1738, 1757.
tory has been a judicious one. At the lowest calculation it is
Chicago Milwaukee & St. Paul.— Land grant income
producing $100,UOO per year of net earnings. During the year bonds dated 1880, due January
1, 1890, to l>e jaid ut 105 and
the company has paid for thi^ use of the tracks of the Baltimore accrued inierett, interest ceasing
January 1, 1889, 37 bonds of
& Potomac and Noithern Central railroads in (his city [Balti- $1,000 each, viz.:
ore] the sum of $81,357, which probably represents tie interest
Nos. 18, 25, 32, 61, 65, 69, 83, 89, 114, 141, 145, 157, 166, 168, 184,
upon double the cost of an indet-endent line into the city."
Mr, Hood sccordingly suggests that it would be for the 202, 212, 222, 223, 229, 241, 242, 249, 257, 259, 265, 269, 278, 286,
advanti'ge of the City of Baliimore, which is so largely inter- 300, 304, 314, 317, 318, 349, 379, 393.
ested in ihis road, to acquire the needed terminals.
Kansas City Spring field & Memphis. First mortgage
The report shows the following earnings for the years 6 per cent bonds dated 1883, due May 1, 1923. All bonds
ending Sept. 30, including the main line and Baltimo're & outstanding, if not cffered for purchase at a price not exceedCumbtrland Valley Railroad, and in acdltionthe Baltimore & ing 110 per cent and accrued interest before 13 o'clock Deo.
Harrisburg Railroad in 1888:
13, 1888, will be drawn at 110 per cent and accrued interest,
interest ceasing ten days after draft.
1S87-83.
Bonds purchased will
Receipts from—
1885-86.
1886-87.
PaFsonger.-i
$i56,122 $268,332 $305,402 be paid at 26 Sears' Building, Boston, December 14, 1888.
Freigbt aud expices
»
(303,552
374,799
qoa
'-kk
privilege
of
exchanging
The
these
bonds for bonds of the
ol\),ioo
Milk and njarlieilng
3(;,:i54
3-*, 682
J
Kansas City Fort Scott & Memphis, upon terms of circular
Mails
32,252
32,409
36,7f>3
Miscellaneous sources
is
extended
April
18S8,
December
8,422
13,785
15,574 of
26,
to
15, 1888.
Total
$617,561
$639,434 $771,210
St. Louis & San Francisco.— Seven per cent equipment
Operating expenses
t!l8,324
378,424
480,526 bonds dated 1880, due June 1, 1895, to be paid at 105 with
The net earnings were
$259,137 $261,109 $290,684 accrued interest on or before June 1, 1889, 40 bonds of $1,000
Western Maryland Railroad.
(For the year ending Sept. 30, i88SJ
—
j
:
Nos. 20, 43, 105, 114, 132, 169, 179, 181, 194, 211,
240, 375, 314, 327, 340. 888, 398, 404, 413, 416, 439, 477, 481, 526,
529, 569, 531, 584, 588, 666, 683, 794, 803, 883, 893, 894, 895,
964, 976, 977.
each, viz
Expendltittes and betterments
$76,168
Nortlieastern Bailroad
$58,037
$107,233
(S. C.)
(For
the year ending September 30, 1888.^
The report of Mr. A. F. Rivenel, the President, remarks
upon th.j gratifying increase of |4G,834 in the gross revenue
of the rodd as compared with that of the preceding year, notwithstanding the decrease of 21,658 bales of cotton and 21,163 barrels of naval stores moved this year. He says:
"The almsst equivalent increase of $45,928 in our expenses
should not surprise u?, as it is at once explained by the larger
and more impiovtd service performed by our passenger and
freight trains, the addition of a new first-class locomotive,
new freight cars, a new iron bridge across the Saniee River,
the embankment of about thiee-fourlhs of a mile of the trestle approaching the same, and other improvements."
The compara ive e«rnings and income accounts in the past
%wo yeats are as follows:
EABIOSGS AND EXPENSES.
Receipts from—
1888-87.
TlirougU lieigut
Local irtiglii
Througli passengers
liocal passengers
Malls
Other sources
$201,581
100,402
120,620
67,162
44,987
19,501
1887-88
$232,485
95,7,58
140,930
64,943
46,268
20,693
Dayton & Michigan.— The certificates of preferred stock
of this railroad guarantee dividends to holders, and the guarantee is secured by a mortgage. Judge Peck, in the Superior
Court at Cincinnati, has decided that the owners of the^e certificates are not stockholders, but are creditors of the company.
—A
consolidated 5 per
Dnliith Sontli Shore & Atlantic.
cent mortgage, bearing date June 1, 1888, and running fifty
years, has been issued. The tonds to the amount of $8,000,000
are issuable upon the main line at the rate o* $20,000 a mile,
and may be hereafter issued at the same rate on mileage in
excess of 400 miles. Of the present issue $4,000,000 are reserved to retire the first mortgage bonds outstanding, which
cover only 333 miles, and the remaitder will be used for
completing and equipping the road and constructing branch
lints to reach and develops business.
Indianapolis Decatnr & Western. This company hea
determined upon extending its line from Decaur to Beardstown, 111, eighty miles west of Decatur. The extension will
W. a desirable connecting line between Eastmake the I. D.
ern and Western systems.
—
,
&
International
&
Wreat Northern.— The Daily Bulletin
says that the late decision of Judge Brewer doi s not transfer
the control and operation of this road to the receivers of M. K.
T. But that " the decision simply affects the ownership of
Net earnings
$154,439
$160,72S
Great Northern securities now held by
certain International
INCOME ACCOtTNT.
lf86-87.
1887-88. the Mercantile Trust Company as collateral for a loan made
Net eamlnrs
Pacific
Texas Comto the Missouri Kansas
$154,439
$11)0,729 by the Missouri
Other receipts
83,303
35,562 pany. This collateral includes a majority of the stock of the
Great Northern Road, which the Court held
Total
$187,742
$196,291 International
Dedttct
T. However, the receivers
was the property of the M. K.
Interest on bonds
$133,000
$133,000 cannot get possession of it until the road has paid its indebtDividends
27,000
81,000 edness to the Missouri Pacific. * * * But the authority of
G. N., the latTotal
$160,000
$214,C00 the receivers cannot be extended over the I.
Balance
sur. $27,742
det $17,709 ter being a solvent corporation at present."
Western despatch quotes receiver Kddy as saying : "The
Texas to the Missouri
indebtedness of the Missouri Kansas
Pacific has been cut down from $i50,000 to something like
$350,000 by the appropriation of the surplu-i earnings. Our
Anthracite Goal Boado. The Philadelphia Inquir r says business has bern increasing steadily, bvit we have no data for
that Reading has announced a shut-down of several collieries, the purposes of comparison with previous years. But Judge
three- quarter time in the rest and 60 per cent production in Brewer is in accord with us en the expediency of devoting
the Schuylkill n gion. Lackawanna had cut production one- all surplus above operating expenses to the bett-rment of the
third and would reduce more. Delaware
Hudson would road. It will be economy in tne end, because the coat of haul
stock up at Honesdale, but none of the coal would be offered will be lessened, and there will be decrea>ed liability of acciunder circular prices. Jersey Central would mine only what dent.
don't propose to put tbe ro'id in fancy condition,
the mariet would take, and the Pennsylvania Cosl would but in good safe shape for the profitable handling of business.
reduf^e its outpat. Lehigh Valley will reduce lully one-third
shall use the surplus above earnings for this purpose, and
The Pi nn»v Ivania Railroad waa not reprefented at the meeting. shall avoid issuing receiver's ctrtificates if possiole."
Atchison Topeka & Santa Fe in Cliicago.— This comIron Mountain of Memphis.— deed of trust for $500,000
pany, owi,ing tud terminal property in Ciiicano, has reduced of the first
rtgage bonds of this railroad to John F. Dillon
Its authonzeit capital from $10,000,000 to $5,000,000.
The and George J. Gould, as trustees, has een filed, covering all
Chicago Sam a Fe & California Railroad ^Cl icago tn Kansas the terminal facilities in Memphis and Wtst Memphis of what
City) has also reduced i-s capital from $30,000,000 to $15,- is commonly known as the Bald Knob br«nch of the Iron
000,000. The original capitalization was larger than necessary.
Mountain Road, extending from Memphis to Bald BJiob, Ark.
Total grof 8 earnings
$554,?53
399,814
Operating expenses) aud taxes;
$60I,o;7
440,348
&
&
&
&
—
&
&
A
&
GENERAL INVESTMENT NEWS.
—
&
We
We
m
A
I
Okokkbbh
of
THE CHRONICLK
8, 1888.]
KaiiHait Citj Wynntlotte ft Norlhwrstero.—Theextnn«l»n
tliiH rjud lo Kurt Le>iv( nworlh will b« rompleUd by tho
15th inHt., giving lu-ceM t
tlie iiiiiifg of the Lfavenworth
Coal Coriiimny. Tiiih f xtennion wuh tnude |K)8<ihle hy the
H
of
specinl
raBjiuK<^
act of CongroBS at It.t Iimi 8 'Kxi in. The
contract twtween this compiitiy and the Cliiriij<o St. Pmil &
KaDHaB Cily. whereby tho lutttr ccmpnuy will [uiy the former
about ^,000 a month for ihe ui-e ofit» traokH fntin L"avenworth to K'lusoa City, goes into effi-ct Deoeniber 13. The
jsraiii move inent U tBxin(c the full capiicity of tho K. C. W. &
N., and negotiations are being ni»(le for additional tquipmeiil.
Tue eiriiinKS are sbuwing a s eady inorfjise from month to
month, the November gross approximating $33,000.
Lake Shore & Miohlfran Sonlliern.—The earnlnjf, ex"
peneea and ehirpes for the (lusrtcr and nine raoniliH ending
Sept. 80, in 18b7 ai.d 1888, as rcpoitod to the New York S;ato
709
3^hc U ommcrcial 'jrtmes.
COMMERCIAL
•'ni
con
I)
intf
f bills r ir thii
B,
'
r«vi<i<)ii
which wero iicmJing
mem,
Gross en niiiiKS. $-i,«iso,8r>o
Oi>or. oxi)cuao».
2,811,172
.fl.K.^S.HlS
7,l)5.'S,3!t4
Net cnrnings$l,8ii '.(178 ?2,274,980
13,'^11
Other Lucoiuc ...
8,4fi<i
TotiUino'me. $l,882,8t)'2
Interest, taxes
and rentals
Surplus
Lehigh
$2,283,155
l,0l(),87O
$836,0 J2
$1,219,690
$.5,3n3.3.'>4
$0,091,187
120,218
7y,4t)4
$5,513,872
1,063,765
7,.ni,i)i!.'>
3,198,175
$2,315,397
$6,161,031
.'»,192,19S
$2,972,157
& Hndson River.— At
the annual meeting on the
8d instant a new Board of Directors wis elected, as follows:
Joseph S. Hirtis, Francis C. YHtnell, Edward W. Clark,
Grinnell Bu t, John S. Martin, W, C. Sneldon, George W.
Siinford, G. A. Hjbarr, Edward Lswis, J. Rogers Maxwell,
Austin Corbin, George F. Baker and Elward D. Adams. The
former officers were reelected: Grinnell Bait, President;
Joseph S. Harris, Vic -President; D. B. Halstead, Stfcretary,
and John Sayer, Treasurer. The only BiKnificance of the
election was in ttie changes, Mes:-rs, Maxwell, Corbin, Biter
and Adarn^ being new members of the board. With four
former directors, representing the Lehigh Coal & Navigation
Company, they form a majority of the board. The purpose
of the chauge of ownership and management is to establish a
connection, by the Poughkeepsie Biidge, between the Now
Jersey Central, the Lehigh C-al & Navigation and the Phila
delphia & Rr-ading companies and the railroad systems in
New England.
company called the Orange County Railroad baa been incorporated in the same interest to build a
short line from Greycourt to Campbell Hall, 7 miles, which
will join the Lihigh & Hudson River with the Hudson Connecting Railroad to be constructed, and complete the connection with the bridge lines. A contract with the bridge company has been made, by which the new line will be entitled
to all the privileges of the bridge.
A
Louisville St. Louis
& Texas.—Th's
road has been opened
between Louisville and Owefsboro, Ky., a distance of 113
miles. It is announced that the road will be opened all the
way to Henderson, Ky., by Dec. 15.
—
Memphis Bridge. Work has been commenced on the new
bridge acroes the Mississippi at Memphis, Tenn., which is to
be strong enough to carry two railroad tiacks, although only
one will be lai'l at present. The bridge proper will Be on the
cantilever plan, and will consist of a channel span 770 feet
long, which is said to be tbe loogeet siogle span in the world.
Mexican National Construptlon Coiupany.-x-The projected line from Manzanillo to Colina, 60 miles, is under conBtructiun and is expected to be completed early in the spring.
The road as if.r sb Armeiia, a distance of 3S miles from Manzanillo, is in operation.
projection trom Colina to Guadalajara, 130 miles, and another to connect with the main line
at Sulvatierra, about 300 miles, are being surveyed.
A
&
A
mortgage for fl2,Omaha Dodge City
Soathern.—
000,000, dated NovemBer 1, 1888, has been filed by this company, being at the rate of $80,000 a mile of completed roau.
The Metropolitan Trust Company, of New York, are the
trusts es.
The road is projfcted from Supeiior, Neb., in a
southwesterly direction across the State of Kansas to the
Colorado Slate line ; estimated length of main line 300 miles
and of branch lines 340 miles. It is proposed to commence
construction at once ; the incorporators are all Western parties.
Mr. George M. Hoover, of Dodge City, Kansas, is the
President.
Philndelpha Company (Natural Gas).-This company,
Geo. Weslinghouse, Jr., President, has voted to issue |2,500,000 ten-year 6 per cent mortgage bonds, of which $1,810,000
will be used to pay the present indebtediiCSs, and the balance
used aj needed to extend the plant.
Pittsburg Fort Wayne & Chicago.— Mr. J. N. Hu'chinson, of New York, has been appointed trustee of the vaiidus
mortgages of this railroad company, to succeed Mr. G. W.
Cass. Mr. Chas. Lanier, of New York, is the other trustee.
Pittsbnrg Chenango & Lake Erie.—The mortgaice has
been recorded in Pf-nnsylvania by the Central Trust Cmnpany
of New York for |a, 300,000. The bonds bear six per cent inThe
terest, and are payable in gold in one hundred years.
road is built to within a few miles of where it is to connect
with the Nickle Plate, and will be in full operation by spring.
tS° For otiter railroad netet tet fagt 690.
•
>'<i-
ndj'iarB*
1
«p«ca>ii
and
of activity is lo<'ked for after tho now ]/imt opaaa*
her is seasonably fair.
. ...
lullowiog if a comparative statfineDt of stooka
ol
leading articles of merchandise at dates given:
1
1
t
1888.
188(17.
fl3,.'J18,748 *13,r,03,l,'>2
a,583,S28
at tln^
WHHtttonre rodumed. liiisiiiin m nin'
lintnn shows no animation, but this is the 1»
•—ytnemot. end'g Rrpi 30.-,
1887-8.
Nionr, Uto. 7, 19881
on Monday, and th*
r.f
iini.ort datiM aad
Congrrkii ro-awcmbi' d
Railtoud (JuwrnUsioners, wore as below stated
^Qiini-iermd'gSrj'l-SO.-^
IHSS.
1HS7.
E PI TOME."
Fmdat
Dte.
Pork
Lard
Iilili.
4.030
tcjt.
20,4.19
hhda.
bales.
48,22.')
44.07.'.
bugs.
207.123
bates.
37,OI)8
Tubiu'cu, cluiiieHtlo
TiiIhu'c'o. furelf^u
Culfce. Klo
CulToo, otbvr
Coffee, Juvu, ibo
mala
38,300
198
None.
773.135
None.
Sugiir
hbds.
boxes.
bags, Ac.
bbds.
Bugnr
Sueur
Holado
Uoliwses, forelK"
Molasses, domestic
bbla.
No.
Tar
bales.
bbls.
bbls.
bbls.
Rico, E. I
Rico, domestic
bags.
Pkga.
Spirits
tmpcntlue
Unseed
8i8iil
bales.
.........bales.
bules.
bbls. and sacks
hemp
Fluiu-
41..M8
179,083
57,188
43,11 67
927
H87
010.795
None.
748
z.r.oo
39 -,600
98,789
24,083
2,237
1,713
tMigs.
Jute butts
Miintlahemp...
1887.
Utr. J.
4,851
15,217
26.1.50
iMgs.
Baltiietro
1.
49,(10.-,
414
2,000
498,200
16«,bl8
blias.
Hiaes
Cotton
Rosin
1880.
Nut.
1.
606
325
6,850
3,120
None.
8,500
77.300
6.150
3,700
Kone.
9,350
77,000
None.
7,2i5
135,465
60
6,078
288,050
Lard on the spot was quite depressed early in the week,
from sympathy with the course of futures, but the lower
prices lei to an active demand, and within a d»y or two
values have partially recovered, and there was a good business
lo-day 7'90c. for prime city, 8'70@8 80c. for prime to choice
Western and 8*90®9o. for refined to the Continent. The
speculation was at materially lower prices, under the free
luceipts of swine at Western packing points, but became
steadier on a demand from the shorts to cover, and jesterday made a sharp advance, with some further improvement
;
i
to-day, closing steady.
OAILT CLOStKO PRICES OF LARD FUTDBES.
Mond'y
Wtdntd'y. Thursd'y. J>i<uw>
8-45
8-60
8-21
8-39
8-22
8;i9
8-48
8-39
8-44
819
823
8-22
8-21
8-40
813
8-45
8-20
813
822
8 10
8-4S
Pork, cut meats, &c., alsodeclined, but close steadier. Beef
has nearly all b?en taken for export at haideaini; prices.
Cheese is rather firmer.
Saltird'y.
Deo. delivery..... 0. 8-40
8-26
c.
Jan. delivery
Feb. delivery
o. 8-27
March deUverv..c. 8-28
May deliver}c. 8-31
June delivery.... c. 833
8-35
8-12
8-13
8-10
Tiietd'y.
8-40
8-10
8 18
Coffee on the spot was very aclive and buoyant on Tuesday
and the advance has since teen pretty well maintained.
To day there was a good busint ss in Rio No. 7 at 16^^@ 16Ji(c.,
with Maracaibo and Savanilla bringing 18.^30^^0. Mocha
sold early in the week at 39@29}^c. The speculation in Rio
options was greatly excited early in the week. Prices
advanced l@l}j^c. in one day, and later the marktt hcs been
feverishly variable. To-day an early decline was more than
recovered, and the close was firm with Eellers as follows:
last,
Deoomber
15-80o.
January
February
loSSc.
I6-OO0.
June
Mai-cU
16 05c
July
I
|
April
May
16-15C.
1C-20C.
16-25C.
16-250.
I
Anirust
I
September.. ..16-3Sfl.
lO'SOe.
j
I
Raw sugars
have been more firmly held, but are dull at
for fair refining Cuba and e^'gc. lOr Centrifugal,
6 3-160.
n eg. test.
It
W
is
said that desirable refining grades aie scarce.
Molasses wholly
Refined tugars met with a good demand.
nominal for foreign, but new crop New Orleans sells steadily
The offering of teas at Wednesduy's sale was
at 41@49c.
a large one and prices took a lower range,
Kentucky tobacco is steady at the late decline; lugs, 4@
OJ^c, and leaf 6@13c. Seed leaf is quieter, and sales for the
week are only 1,500 cases, as follows: 160 cases 1887 crop,
Pennsylvania Havana, 14@28c.; 140 cases 1880 crop, do., 12(3
13c.; 800 cas s 1^87 crop, Pennsylvania seed leaf, 9t^@ 14c.;
200 caws 1885-86 crops, do.,do., 8@13J^c.; 800 cases 1887 crop.
State
Havana: 10® 21c.; 120 cases 1887 crop.
Havana
New England
seed. 13@3.^c.; 100 cases 1886 crop, Dutch, 9@llJic.;
100 casts 1887 crop, New England seed lea', 14@22J<c., and
loO cat-es sundries, 5@S0c. ; also 4S0 bales Havana, ft5c.@|l 10,
aEd 450 bales Sumatra, f 1 20@ $3.
On the Metal Exchange there has been a further decline in
Straits tin, but the market was steadier to-day, selling at
Ingot cop2r8fic. for February and 22@23 05c. for January.
per is without decided change, closing quiet at 17 40c. for
Lake for December delivery. Domestic )e«d has been unsettled, but to-day was sligbtiy firmer at S^^c, and domestic
spelter advanced smartly to-day, closing at 4"80«. The interior iron markets have itmained dull, and at times lower
prices
have been accepted.
THE CHRONKJIE.
710
COTTON.
In addition to above exports, our telegrams to-night also give
the following amounts of cotton on shipboard, not cleared,
at the ports named.
add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Tale
We
& Lambert,
Mon,
Oalveston
El Paso, &c..
HfewOrleana...
ICobUe
3,680
rues.
1
3,072
8,178
Wed.
Tliura.
2,714
Fri.
3,883
686
686
6,051 14,209 29,499 14,397 11,991 12,149
774 1,406 2,197
2,130 3,093 2,574
88,296
12,174
Florida
Bayumah
6,585
6,393
6,218
3,916
6,071
4.341;
3,239
4,786
2,359
2,721
3.467
1,014
2,027
1,183
1,928
1,014
1,252
1,283
300
300
4,027
2,136
4,146
3,723
4,413
3,437
3,550
1,905
4,208
1,053
2,145
2,171
5,628
790
1,120
1,35H
1,685
450
171
871
305
660
259
86
1G9
127
294
22,789
14,425
5,628
6,484
1,378
5,375
1,093
BniiiBw'k,<&e.
Obarleston
West Point...
N'wp'tN., Ac.
Hew York
Boston
Baltimore
nilladelptila.&o
128
1888.
800
800
Total 1886.
1,506
8,066
259
Balveaton ...
El Paso, &c..
23,449
Kew Orleans.
88,236
12,174
norida
Barannab
...
32,524
Brims., &c.*
1,014
Cbarleston ..
P.Royal, &c
18,599
Wilmington
800
8,006
.
Wash't'n.&c
Horfolk
Week.
300
22,789
West Point. 14,425
NwptN.,&e 5,628
39,':62
Stock.
Since Sep.
1, 1887.
38>,2£5 27,470
2,463
817,827 88,595
111,274
9,233
1,809
255
524,863 33,983
41,520
5,264
242,004 19,071
6,913
361
105,080
7,318
1,833
427
293.130 25,283
213,246 17,401
686
MobUe
1887.
Since Sep.
1, 1888.
1888.
1887.
<fco
ly.'il.s
11,271
1,231
1,572
*
117,045
147,157
56,483
1,113
19,368
62,844
2,851
22,883
44,026
46,989
svere to arrive.
24,135
H8,296
12,174
3.',524
.
Hew Orleans
UobUe
Bayannab
..
Charlest'n,&c
Wllm'gf n, Ac
Horfolk...
Wt Point, &c
All others.
Tot. tbls week
19,399
8,360
22,789
20,053
15,344
27,470
88,595
9,253
33,983
19,132
7,745
25,283
23,562
13,696
35,130
82,314
12,559
32,310
17,162
5,923
19,579
7,74G
31,194
91,617
13,841
30,890
20,225
5,060
29,273
12, = 43
15,1.57
243,080
241,019
227,836
1883
31,759
103,219
16,798
32,029
20,801
4,747
12,891
27.797
94,943
18,817
35,829
23,727
6,933
36,017
18,131
27.263
248,131
289,457
281,163
3i>,2S7
11,597
20,896
Wetk Ending
Dec.
7,
Tfrom Sept.
Exportti to—
BxporU
from—
Oreat
OontiBHt'n. *>«"«« nent.
—
ClalTe>ton
Orleans..
Daw
11,219
29,Se9
l7,C9i
1.
1888,
to
Dec.
813i(
GULF.
.V
11,921
Norfolk
Wo«t Point
Mwpt NW8, &c.
10,810
Ortat
Total
Wetk.
3.248
14,497
16,186
58,817
H,48i)
26,350
19,805
19,80:
1,300
2,773
Continent.
Britoin.
118,784 lO.TTo
234,635 122,583
16,708
Mew York
18,836
11,453
Boston
Baltimore
10,4Cl8
99
10.505
Ordinary
i
.
Middling...
ToUi
1.700
103,535
.
.
ioit.797
1,619
18,757
14.550
6^
7^4
85,6
7'4
85,6
714
85,6
7H
813,
813,,
938
9=8
9'8
103,6
107,6
'
I
nouTuesWod
8l4i«l
8i°,e
9i«
919
9\ 19%
9%
9%
678
738
87,6
I
I
I
938
9=8
9»e
9''8
738
10
10
'rb.
678
738
9%
Frl.
738
8',«
§^«
9^
91a
9H
.HlrtdllnK
10
106,8 10-,e 105,6 105,6 106,6 105,6
109,6 109,8 109,6 109,6 !.»,, 109 l«
lO^Sie 1015, JlOlf-lB 1015,6 1016,6 1015,6
119,6 !ll»,« |H»,6 (119,6 |ll»,
lll»ie
Good Middling..
Middling Fair
Strict
,
10
6 'a
,
8»,e
103,6 103,6
10',6 107,8
101«|6 1013,6 lOl.ljg
11 'l« 117
678
738
8']6
81o,t
9I2
O'S
739
87,6
8l°,8
9>a
6%
6-4l
Uoort Midiillng
Sat. ;inon
STAINED.
•Vlb,
Good Ordinary
Strict Good Ordinary
Low .vliddllng
611,6
738
611,,
738
81,6
95 16
^>
95,8
Middling
MARKET AND
7,
10
!0
Tnes IVedi Tb.
611,6
738
87,6
95,8
I
!
611,6
738
87,6
96,8
1
Frl.
611,6'
611,6
738
8^,6
7%
95,
87,8
96,8
I
I
BALES.
and future
day durirg the
For the convenience of the reader we also add a column which shows at a
glance how the market closed on same days.
The
Tbtol.
total sales
152.063
495,383
16,708
18,269
90,229
16,813
53,1 6
184,65S
1(8,872
131,351
67,110
1.908
23,036
S5.TC2
18,2S8
3,319
70,018 192,348 1.115,002 188,511
20.82) 151.172
I
lm,<tl7 IB,S.S15
109.440
656
17,777
6,200
deliveries each
(veek are indicated in the following statement.
22.521
188,165
»,775
14.620
21,985
243.518
61,003
....
TlilUdelp'a'&o
"Total 1BS7
1,603
e,181
81,160
3i,88l
57,879
12.110
2,773
8,22S
8.184
2J,7<S
6,317
6\
Exported to—
Mobile
Chailes'on...
Wllmlnijton ..
lb.
Tb. Frl.
6%
908
9^8
103,6
Sat.
'>rdlruuT
Low
7,
938
0=8
9'r
103,6
107,6 107,6 101,6
lOia,. 1013,f l01-,„
ll'l* 1117,6 ll'is
Middling
Qood Ordinary
Strict Good Ordinary
Uiw MiddUng
to Dec.
9%
938
9»8
9 '8
103,6
Middling Fair
Strict
consumption,
mon Tnea Wed
She
MiddUng
Hood Middling
atrtot
1
6\
7H
*lb.
riorlds
Sarannab
for export, 1,914 for
Sat.
Fair
Bince Sept. 1 2867,17613379.965 2941.47« 2916,213 31)71,208 2966,931
The exports for the week ending this evening reach a total
of 193,388 bales, of wliicli 103,585 were to Great Britain, 18,757
to France and 70,046 to the rest of the Continent, Below are
the exports for the week, and since September 1, 1888.
!
—
—
UPLANDS.
Ordinary
Striot Ordinary
(i ,od Ordinary
Strict Good Ordinary
Lo» Middling
atdct Low Middling
Pair..
Oal veston.
1884.
707,720
726,931
day of the past week— Dec.
e-toh
1885.
586,906
257.6 15
279,373
Of tlie above — bales
in transit.
and
The following are the official quotations for
277 Cor speculation
Beeciptg at-
1886.
230,410
32,526
16,466
71,267
86,5a9
under sales to realize and increased receipts
and to-day there was soma furthr decline
2,191 bales, including
Strict G(*)d
1887.
17,200
39,644
46,362
None
from the same cause, assisted by a weak report fiotn LiverCotton on the spot was dull and easy eirly in the week,
but became steadi^er although the demind did not improve.
To-day the market was dull at Q^s"- ^o"" middling uplandi^.
The total sales for forward delivery for the week are 3i9,700
bales. For immediate delivery the total sales foot up this week
In order that comparison may be made with other years, we
give below the totals at leadine ports for six seasons.
1888.
loit
pool.
iTotals
23,642 101119
800
None.
;
349,846
34,214
965,415
...
KUl'del'a,
195,112
26,591
46,183
77,445
27,531
12,028
129,752
71,816
will then decline materially
hence planters will probably
continue to mirket their cotton as slowly es possible.
Liverpojl was unsettled, but showed rather more strength with a
Part of the eaily advance on
belttr lu?i:ie88 on the spot.
267,061
30,591
243.080 2,867.176 249,019 3,379,965 816,916
7,6rf4 bale 8 adatd as correct) ou of rcc lilits since Sept. 1.
Baltimore
None.
71,953
4,000
10,300
39,«00
30,158
32,000
20,100
22.000
Thursday morning there was some buying on Southern acIt is now asserted that the "bagging trust" will come
to an end with this month and that prices of bagging
984,3:8
126,631
12,822
626,106
38,683
287,529
9,969
131,530
3,255
301,434
252,035
51,758
8,991
34,105
5,756
9,633
11,000
10,605
15,335
2,3)8
None.
3,200
5,800
3,842
2,000
count.
Thursday was
122,-(87
38,036
None.
2,700
25,000
9,763
5,000
12,800
7,000
Stock.
Total.
viiae.
ui-der free selling for December delivery by a leading
house; but from that time for some days steadily gained
strength, The receipts at the ports did not show the increase
that had been
and on Wednesday as well as on
,
at interio.- towns,
10,000
29,558
20,143
3,159
Coaat-
last,
132,307
14">,852
22,204
21,229
6,484
1,378
5,375
1,'03
Boston
Other
Foreign
The speculation in cotton for future delivery at this market showed some depression in the early dealings on Monday
58,039
13,470
Hew York....
rotal
489,107
7,034
6,161
1,915
.
88,449
For comparison we give the following table showing the week's
total receipts, the total since September 1, 1888, and the stock
to-night, compared with last vear.
This
Week.
..
aal veston . . .
Norfolk
Sew York....
Otber porta..
16.925
None.
1,500
None.
4,417
None.
114,258
129,946
193
5,375
France.
14,613
4,000
2,900
8,000
12,436
25,000
6,500
15,000
1888.
totals thla week 28.94!) 47.821 54,593 33,212 34,832 43,673 243,080
Seeeiptt to
Dec. 7.
Savannab
.
rotal 1887.
Wasli'gton, &o
Horfolk
Sew Orleans.
UobUe
Uharlestou
32,524
1,014
18,599
PortKoyal,<feo
Wilmington
Great
Britain.
23,449
not cleared—for
LeaviTUi
Dec. 7, iVT—
Total.
1,922
24 Beaver Street.
On Shipboard,
*,867,176 bales, against 3,379,965 bales for the same period of
1887, showing a decrease since Sept. 1, 1888. of 513,789 bales.
Sat.
XLVIL
118
Friday, P. M., Dec. 7, 1888.
The Movement of the Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening the total receipts have reached 243,080 bales,
against 258,091 bales last week, and 866,282 bales the previous
week; making the total receipts since the 1st of Sept., 1888,
BeeeipU at-
[Vol.
SALES OF SPOT AND TKAMBI7.
SPOT HABKET
0108 CD.
60.661
143,8
I
69,018
2 .ess
875.084
61.859
63.199
24.486
Sat
..
Steady
Quiet and easy.,
rues. Quiet aud easy..
Mon
.
Wed. Dull
TUur. Quiet
Frt
..Steady
Total!
Sxport.
Oon-
Spec- Tran- _ , ,
"""'•
riL
tump. ytPfn
115
254;
1,914|
,
Delit
fritt.
1,0 S7
1,067
203
135
140
-
Sola,
150
127
271
41,400
115 74,400
254 49,000
203 57,500]
235: 73,900
267 63,500'
2,191 349 700
157,837 1,759,050
n75.7'<5 2.0.i».»97
deliveries given above are actaally delivenxl
evtoiis to that on wblou tuev "re repjrted.
Tbe dally
p
iix^
dv
Dbckmber
8,
THE CHRONICLE.
1888.]
Funmn are shown by the follow-
The Sales and Pricks or
InK comprehenaive table
:
711
Tnit ViNini.c Hurri.Tor CXnroM to-nlKht, aanuMtonpbr e«^r«
and b-logrupb. U an follow*. Th« Ointlnnntal itacka, «« wrTT't
thoae for OreM Britain and the afloat are thU week
,
and oonaeqaentljr all the European flffurea are broi<
to Thnraday eTeninir.
But to make the loUla tbe mmpimtm
figure* for to-blght (D.o. 7), we add the item of esporto fnNB
the United States, including in it the exporta of Prlda/ only,
IBBS.
I«ir7.
I9M.
ISflS.
B ocic at Liverpool
bales 441,000
&82M>0 A2t,000 435J>00
'
1
h
n
44
.
B-ook at I»ndoD
7,000
30,000
10,000
17,000
44R,000
i.eoo
8.400
13.000
612,000
9.000
24.700
23,000
530,000
1.600
12.000
8,000
44:.noQ
2.70»
800
400
600
800
300
500
1,600
ot.ooo
2.000
29,000
3.000
S.OOO
204,000
3,000
62,000
1,000
5,000
2.000
8V.000
7.000
12.000
2.700
124,000
3.000
39.000
7.0CO
4,oro
rota) Continental stock!
153,700
329,100
240,400
C43,5ro
Total Enropean stock*
Indlacoiion afloat for Enropr.
4mer. cott'n afloat for Enr'pr.
Bgypt.BrazD.Ac.aflt forK'i'pe
Stock in United otates portf ..
Stock In V. 8. Interior towns..
United State* export* tonlay.
601,700
40.000
041,100
6KS.S00
eo.1.000
492,000
48,000
sit'.oia
4f>,000
g«.S.415
3H<,'88
10,883
410,484
24,411
770,100
41,000
500.000
71.000
1,000.304
358,247
41,600
Total Great Britain (took.
a ouk at Hamburg
8 oak at Bremen
BMMk at Arosterda.n
BuMk at Rntterdam
S'xiekat Antwerp
Pf
Book at Havre
SVMik at Marseilles
Barcelona
8'.ook at
Bwokat Genoa
2
U131
_w
I
EM;
er:
CO
tCo^ toxoco
'^to
MM
I
CCCD
5
ad)
2
»2
«»
2
&:co.-i*^
a,
coco
l-«0
5
2
«ecD
^:j
ce
c
dci
ceo
I
o
CO
2
"
e,->:
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I
5
2
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9
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United State* stock
United State* Interior stookii.
United State* export* to-day.
cc»
Total American
Batt Indian, SratU, de.—
Liverpool stock
London stock
Coi:t1n<>ntal stocks
XOO
5
c6:xi
MM
00
MM
MO
^
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if^
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i
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w a cc o 1^ -4 K »i»>&av><D^toi^oaoab
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9
I
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I
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I;
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I
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:
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to
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en
• InolaileB sales In September, 1888, for September, 165,300
September-October, for October, 394,100; September^November, for Nov"
ember, 585,500.
We have Inolnded In tbe above table, and shall contlna« eaoi'
week to glre, tbe areraKe price of fatnres each day for each month. Ii
will be fontfd ander oaoh day following tbe abbreriatlon " Aver." Th»
average for each montU for the week Is also given at bottom of table.
TransferalUe Orilnrn— Saturday, 9-5So.; Uonday, 9'50o.; Xu—
,
9-550.; Wedn<\srtay, 9 550.; Thuraday 9 60o.: Friday, U-558.
*
•
The foUowiag exchanges hnve been made during the vreeSi
t« e-xch. 300 Jan. for March.
~
I. to exeh. l,00i' Deo. fof Feb.
, I. to e.Keli 1,10" J, III. for July
l-» j»L to « M-.i. 2tn.i .Jan. for JU'U.
12 imI.
\. li
-lit) Jnn for Feb.
•M i«l. to ,-\r„. .,00 Deo. for Jan.
'40 pU. to exeh. I^OO Feb. lor June.
5 pd. to e.xoh. 200 Dec. for Jan.
a-iiNl. toeieh. 1,000 MeU. for Jiu.e.
•19 iHl. to exeh. 1.000 .Mob. for -May
i;i ;>d. to exeh. 1.4 '<i Jan. f.r Feb.
I'J pd. to exeh. 100 Fob. for March.
•I'J 1)0. to exeh. luo Juu. for Fob.
•1
i
tc »- OD i^ *•
i»fc
00 4k
;;•
00
o v-
MM(0 MtO^M
MCM*^C0V.Mi^C
CO
osowwo-t©
CO -I
I
mC;!
©CO
mio;
o:
u ©x
»3
CO
to
MCOMCO^tOW;
M—
os-imodVx^'co' *r
OOMW-J-ltOCO. C
coco
w*;;'*.-!©©:
toc;»
to
'
§©coci;ococo: c
<-
eo
m
cc M_* cr M eo X
Jg
f-^ MM oe *
coMcco^eoeo 92^
CM-j — tosau- -ic^-tcff^r. — -— ol *•
I
^>;'
C»
I
j<
a"
i
^
CO
CO
."
M
cejOM
Mccxsoi;
#-
-lOMXSXM Ml
c;»ooDCi->:©M
;
1^
X »c -^ 1^ u ct IS 9 -^ a 10 «k a
I
M
CO
c;<
I
iF^
-JOC
I
m!s.
ii>.
I
S--
(?>
1:
'
I:
l«;
I
M
5
?= *
00
o
I
<
I
,
B "o-o c-1 c 2.0
M
CO
i>i1.
2
CO
•I
CD
;
I
;
1,
^:l
:
I
C>
2
week have been
5&S
.
CO
S
©CO
I
la
week, and since Sept.
I
>
•<
a
CO
I
1
«:
into Continental ports this
477,fi7.3
o3;io£*»
.
to
COCO
coco
0*0>
I
do O X C CO
o
:
I
*^
CO
Ci:co
to_
o
288,500
2,216,987 2,473,260 2,397,1512,413,521
"f
« to
a
mmVm
MMOOM
"CO
© cog© COOO ©O©© OOC© OCq© o©oo
cocift» toco^to
cj©ci
CO
CO
CO
CO
to
CO
XtO CO
00
00
to
400,400
37,000
54,000
.
I
-to>.
453.100
67..500
is the receipt
the shipments for the week,
and the stocks to-night, and the same items for the corresL
ponding period of 1^7— is set out in detail in the following
statement.
MM ^
CO 5
KM
9
CAM
ejo-
CO^I
?
2
"^
232.700
113,000
17,000
15.000
94,400
41,000
71,000
At the Interiob Towns the movement—that
for the
8P: I
T
fro"
oogo COo© oogo COo© M"-OtCOcft
si;
I
to
to to
TO
17!>,000
flgnree indicate a decrease in the cotton in sight
bale* as compared with the same date of
1887, a decrease of 348,864 bales as compared with the correeponding date of 1886 and a decrease of 353,834 bales aa
compared with 1885.
o©o© ocoo ©Co© occo
ii°§ ooc© COg©
tctocto
Mcio^
0>—
©CO
iro,000
30,000
149,100
36,000
48,000
The above
to-night of
ato
I
Europe
06,000
7,000
41,700
40,000
48,000
25,000 bales.
*»
1
aoo'
20.g>'3
312.000
176.000
656,000
951,388
300,180
28,058
2,448,6f-7 2,926,3«0 2.797,551 2,702,021
Total visible supply
S^d.
Prloe Mid. Upl., Uverpool....
5'4d.
5li»d.
5»i«d.
O'^sc.
Price Mid. Upl.. Mew York...
9*]«a.
10>so.
91^0,
_C|(>.
1
390.180
28,053
2,215,987 2,473,260 2,397,1512,413,521
Total East India, Ac
Total American
2
"^
CD
1
)la afloat for
«4^:
I
112,000
605,000
810,9
310,1 88
Ugypt, Brazil, Ao., afloat
6.":
6,":
e.":
MM(3)M MMAM
MmMM MMCOM
ogo occo
oooc MMrf-M
©000 «oo© ©coo
riM*M MM=M OM°ci ©mOm MM"=d
M_
M coo 00
tOtO
^
MM ^ MM > ft?
MM > MM
ftft
00
ft?
!^
54.^
9n].SM
392,000 345,000
180,000 146.000
492.000 500,000
066.415 1,006.304
419.434 358,247
24,411
41,600
34.^.oro
bales
afloat for Europe..
COCOQCO
CO
c
MtO
CCC
.17.000
550,000
Amtitcan—
Liverpool stock
Continental stocks
-iobO-4
coco
2
'
weo
^
I
cocooco
cccccco
6
I
«eo<o
ey:
^y Mosoo
ft-*
to
cc
Kr-\-'-'
I
C0«
ob-i
Amerloan
10
tccsoco
ep:
2
~i-i
ei«:
-Job
coco
ccco
CDCDo®
8>',000
2,448,6S7 2.926,300 2.797.531 2. 702.021
Total visible supply
Of th* attove. the total* of Amerloan and other descnpclons are a* foUov*!
«co
x-j
coǤc
00
5®
5
diOl
9
«»:
CDCCqCD
lA'i.OOO
*•
w:
ft
I
«<o
I
xao<o
*«:
I
SSuokat Trieste
Me
•*
1
I
3 1,600
iS.OOO
toco
I
biot-iik — *c;»l» ooV)cii
-J 0;
t
M -^ •- ^1
I
CO
a>
10
CO
M
M
M
'*
•
p:
00
w
cjt
C W X -J to w
WO<i-W-;-4r-J
cH
M -jyi ca« M
cosaoVois^Si
axK<*iotoc(M OtO^kSCOSMOC^CbJ
o
coCM;^^a'^w uc3;^'>Jcca3j.cc»oi>
*j
I
5*i^r^r*
V
w fO osmmmOxO M
'
•
,
!
I
t«
10_M_
,
CO
IomI)*.! ^;
OD
CO
*j©o:C3--'^.
00
10
co^M»a.
CO '_'0__
^
M »-MM
'
•The
fi
figures estimated.
r
I
W
#•1
dz
ttirures
aoM
CO
*
—
I
,
yy
_s»
bi0MC,''a»^VjC0
J. I,
o c *•
COC^eOr;
•
•
^ X x^ a -' to
Looiavi'e la buUi
-.
-
-4
]c
£
yean are "Det." ITbwyeart
THE CHRONICLE.
712
The above totals show that the old interior stocks haf e
inereaied durinR the week 33,310 bales and are to-ninht 103,246
bales less than at the same period last year. The receipts at
the same towns have been 19,408 bales -inore than the same
week last year, and since September 1 the receipts at all tne
towns are 414,841 bales less than for the same time in 1887.
Quotations fob 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:
CLOSIHO QUOTATIONS FOE MIDDLINO COTTON
Week ending
Dee. 7.
Satur.
Galvestou
Hew Orleans
Mobile
.
99l8
.
9''..6
9''lG
91 6
938
9=8
9-9
eavanniili...
Hon.
Tuet.
Wednee.
Thure.
99l8
97,6
938
9I1B
9916
9H
958
919
938
9^8
FH.
91I18
9^'"
938
9I1.
91,
97i„*9l3 97,,a9i2'97,„®9is
94
938®Hl
938
Wilminston.
958
938
938
938
9I3
9I9
913
gia
Norfolk .. ..
91a
lOalOie 10®10i6 10® 10% IOS-IOI9 10®iiiie loaiois
Boston
Baltimore... 95»®9T8 9348978 9%&.978 9%®9'8 Q^'SVg 9?i®9''a
Charleston..
Phllatlelphla
Augusta
Menii>hi8
et. Ijouis
lo^ie
914
9'16
i)h
Cincinnati..
Louisville...
103,8
103l6
9^4
9'18
91a
9H
97l6
913
934
958
9%
9%
i"k
934
103ig
914
97i8
91s
103,e
9>4
IOS18
95,8
9''i«
9'I
9%
9%
9^
958
958
958
913
913
—
Receipts from the Plantations.
The following table
Indicates the actual movement each week from the plantations.
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
irhich finally reaches the market through the outports.
;
Wetk
Receipts at the Porta.
SVk at
1887.
1886.
BitMnff—
1886.
Mot. S
....
" 16
•*
83
" 30
nco.7
I
1888.
Interior Tmims. Rm'P** from
I
1887.
I
1888.
1886.
1
Plant^m
1887.
I88&
271,0as|s83.174 8T«.53()|279,68j|3OI,96l|22l,902's«S2.352'322.3a8 303,058
273,550 301.B00 272.1101 317,697 317,028 243.180 31 l,583lsK<,«lil 293,828
268.506 284,816'262,3«9|337.180 38),7P4 |25B,480J2S8,079'822,588 2T5,710
|280,282|249.38S|266,302 S66 O78[409,428'28S,143 309.160274.022 293.225
2r5,7ia'252.406'258.091 S90.S32 4t»,202'30<, 102 300.470 292,180 283.750
'227,8J6'219,019 243,080 402,085 463,323 343.011 239,189 283,140 277,980
—
The above statement shows 1. That the total receipts from
the plantations since September 1, 1888, are 3,194,813 bales;
in 1887 were 3,819,458 bales in 1886 were 3,295,501 bales.
8.
That, although the receipts at the outports the past week
were 243,080 bales, the actual movement from plantations was
277,959 bales, the balance going to increase the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 263,140 bales and for 1886 they were
239,139 bales.
;
—
Amount of Cotton in Sight Dec. 7.— In the table below
we give the receipts from plantations in another form, and add
to tliem tlie net overland movement to Dec. 1, and also the
takings by Soutliern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
1888.
1887.
1886.
1885.
Receipts at the ports to Deo. 7. 2,807,176:3,379,965 2,941,476 2,916,213
Interior stocks on Dec. 7 Inj
excess ol September 1
327,636 439,493 354,025 418,493
I
Totreccipts from plantat'ns 3,!94.SI2 3,819,458 3,295,.'i01 3,3.'?4,706
Ket overland to Dei-. 1
3h4,8S3| 452,4251 321,386, 341,137
Bouthemoonsuiupt'ntoDec. 11 151,000 134,000 105,000
89,000
|
1
Total In eight Doc. 7
Korthem
'3,710,69 '4,405,883 3,721,867 3,761,843
spinners' takings to
I
{
Dec. 7
1
805,6271
881,0421
720,904'
703,325
It will be seen by the above that the decrease in amount in sl.gUt tonight, ns oomiiar.d with la.st j-car, ia 095,189 bales, the decrease aa
compared with 1SS6 la 11,173 bales and the decrease from 1885
to 54,1 19 bales.
Weather Reports by Teleoraph,— Our telegrams from
the South to-night warrant the conclusion that the work of
gathering in the crop has made excellent progress, being
favored by satisfactory weather conditions.
Likeivise the
marketing of the staple has been quite free,
Galoeiton, Texas.—
have had rain on two diys of the
week, the rainfall reaching sixty-six huadreds of an inch.
The thermometer his rdn>.;e.i from 41 to 68, averagin;; ,55
During the month of November the rainfall reached five
inches and seveaty-nine hunredths.
Falestine, T«jd'Ik. The weather has been dry all tho week.
We
—
Average thermometer
November the
and lowest 34. Eurlnoreached three inches and seveaty-six
48, h'gh>»8t
raiafall
—
Shreveport, Louisiana, Rainfall for the week twelve
hundredths of an inch. The thermometer has ranged from
84 to 74, averaging 48. Last week rain fell to the extent of
tn elve hundredths of an inch.
Columbus, Mississippi. There has been no rain all the
week. Average thermometer 43, highest 56 and lowest 30.
Rainfall for November two inches and fifty-six hundredths.
Leland, Mississippi.— 'RiinfaM for the week thirty hundredths of an inch. The thermometer has averaged 49, the
highest being 80 and the lowest 29. During the month of
November the rainfall reached four inches and nineteen hun-
—
dredths,
91a
938
9l,«
938
9ii«
ON—
[V(L. XLVII.
63
hundredths.
San Antonio, T«xa».—'R\\a hM fallen lightly on one day
of the week, to the extent of four hundredths of an inch.
The thprmometfir hasavrtras;el 48, the highest being 60 and
the lowest 86. Riinfall during November four inches and six
—
Greenville, Mississippi. During the month of November
the rainfall reached three inches and eighty-nine hundredths.
Clarksdale, Mississippi.— li has rained on one day of the
week, the rainfall reaching ten hundredths of an inch. The
weather has been very favorable for crop gathering. During
the month of November the rainfall reached six inches and
thlity-nine hundredths.
Vicksburg, Mississippi.— 'l!e]egra,m not received.
Little Bock, Arkansas. The past week has been clear
except on one day, on which we bad rain to the extent of
forty-three hundredths of an inch. Tne thermometer has
averaged 43, the highest being 68 and the loweat 31.
Helena, Arkansas. It has rained slowly on one day of the
week, the rainfall reaching fifteen hundredths of an inch.
The thermometer has averaged 43, ranging from 38 to 65.
Rainf ;li for the month of November six inches and one hundredth.
Memphis, Tennessee. Picking and marketing have made
good progress. Rain has fallen on two d lys of the week to
the extent of sixteen hundredths of an inch.
Average thermoa,eter 43, highest 66 and lowest 39.
had rain on eleven
aays during November, and the rainfall reached six inches
—
—
—
We
The thermometer averaged
ai:d fifty-thiee hundredths.
49,
and ranged from 31 to 78.
Nashville, Tennessee.— Telegram not received.
Mobile, Alabama. It has been showery on two days of the
week, the rainfall reaching forty-five hundredths of an inch.
Picking in lowlands progr.-'sses slowly. The thermometer has
averaged 47, the highest being 65 and the lowest 3(J. Rainfall
during November two inches and forty-six hundredths,
Montgomery, Alabama.— The weather has been delightful
during the week, with no rain. There have been four heavy
frosts.
The thermometer has averaged 46, ranging from 33
to 63. Rainfall for the month of November three inches and
thirty-eight hundredths.
Selma, Alabama.— We have had no rain all the week.
The thermometer has ranged from 33 to 58, averaging 45.
Auburn, Alabama. During the week there has been no
precipilation. Average thermometer 47-6; highfst 59 and
lowest 33. During November the rainfall reached four inches
and ninety-six hundredths.
Madison, Florida. It has rained on one day of the week,
the rainfall reaching thirty-two hundredths of an inch.
The thermometer averaged 51, the highest being 67 and the
lowest 36.
Columbus, Georgia.— We have had no rain all the week.
The thermometer has averaged 46, ranging from 31 to 58.
During November the rainfall reached five inches and fifty
hundredths.
Augusta, Georgia.— There has been light rain on one day
of the week, the rainfall reaching forty hundreths of an inch.
Pickin,? is approaching completion. Average thermometer
42, highest 63 and lowest ^9.
Rainfall fcr November two
inches and thirty-four hundreths.
Savannah, Georgia. We have had rain an three days of
the week, the rainfall reaching twenty-flve hundredths of an
inch. The thermometer has ranged from 38 to 62, averaging 48,
Charleston, South Oarolina.—'Rim has fallen on three
days of the week, the rainfall reaching twenty-four hundredths of an inch. The thermometer has ranged from 36 to
61, averaging 46.
Blateburg, South Carolina.— We have had rain on one day
of the week, the rainfall reaching ten hundredths of an inch.
There has been frost on six mornings. Average thermometer
44, highest 58 and lowest 31.
During November the rainfall
reached one inch and seventy-six hundredths.
Columbia, South Carolina. During the month of November the rainfall reached two inches and twenty-eight hun-
—
—
—
—
—
dredths,
—
North Carolina. There has been no rain all the
The thermometer has averaged 44, ranging from 31
ffilson.
week.
to 56.
I'he following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3
o'clock Dec. 6, 18S8.
and Dec.
8, 1887.
Dec. 6,'88.
Feel.
trew Orleans..
alemp
..Above low-water mark.
..Above low-water mark.
.Above low-wat«r mark.
lis
MaaliviUe
9krsT«port
.Above low-vrater mark.
.Above low-water mark.
..,
TtokatnuB
9
13
4
5
23
IncK.
Dee.
Feet.
6
,•37.
JfU!*.
4
2
3
2
7
1
4
6
13
2
2
•2
2
2
5
liundredihs.
New Orleans, Louisiana.—"We, have had rain on two days
of the week, the rainfall reaching thirty-flre hundredths
of
an
inch.
The thermometer has averaged
53,
*
Below zero of
Kiiuge.
India Cotton
Movement prom all Ports.—The
receipts
and shipments of cotton at Bombay have been as follows for
the
week and
year, bringing the figures
down
to Deo, 6,
DlORMDER
THE (CHRONICLE.
8, 1008.]
BOMBAr Biioaimi Ann miipiikktm roa roos tbabh.
SAipnienlM Situt Jan. I,
JUeetptt.
lettk.
Total halts.
BHipmenit tku
Tear Ureal OonU-
Oreat
Britain
Total.
BrU'n. nen(.
Binee
THit
Week.
Total.
Jan.
I.
18SR
13.000 13.000 2J0.00O 'J.^it.OOO 873.000 21,000 i.san.ooo
18S7 e.ono ^,000 ll.OO>i37H.OOO 7i -t.OOO 1,082.000 IC.OOO 1,557,000
33.1,000 B!IU,0O0 1. 032,000 2rt,000 1.522,0OU
1880 4.000 4,oOt> f.O
70H.00O 18,000 l,i>87.OO0
3,0lM)l2!i.^.(HI0 483.000
3,000
I
the foregoing, Bombay appears to show an
increase coinpured with la»t year in the week's receipts of
6,000 bales, aiid an iricreusi iu shipments of 3,000 bales, and
the shipments since Jan. 1 show a decrease of 209,000 bales.
The movinicnt at Culeutta, Madras and other India ports for
the last roporii d week and cinoe the Ist of January, for two
"Oiher poits" covur Cejloo,
years, has been as ioIIdws.
Tuticorin, Kurra<;hee and Cononada.
AccjrdinK
tc
Shipinenis linee
OonHntnL
ertat
BriUtin.
Total.
January
1.
OonHnenl.
20,000
99,000
61,000
127,000
87.000
226,000
Total.
null, pcrsteniner BiilTnlo. 1,600..
I.<iiiili>ii.
-i..ii,..,.
P-f
Hiivre. !'
Hrtmieii.
Ilmiilmrt:
>>>•
1888
1887
1,0 jO
1,000
60,000
59,000
14,000
13,000
64.000
72,t00
1,000
1,000
1,000
1.000
82,000
88,000
38,000
36,000
120,000
121,000
1,000
2.000
1,000
2.000
ir.8.000
246.000
113.000
176.000
271.000
422.000
All otbera—
1888
1887
aU-
1888
1887
week show that the movement from
is 1,000 bales less tlian the samweek Lost year. Fi)r the whole of India, therefore, the total
shipments since January 1, 1888, and for the corresponding
periods of the two previous years, are as follows
The above
totals for the
the ports other than
l,.50O
a, 139
143 ...Tower mil, 6i>U..
I.,,
l,Ma
0, I,flO.^.
1
Wcrm. 403
.
1
S98
937... Poljueuls, 1,658
....liiulii. l.ni
Hiitleriaiii. p«r atvamer Rduni. 315
Til Autwuip, iiur sluuiiicra fic-riimiiu, 2,150.
To
818
...Wutoroliuid.
3,012
To
(iiima, per «t nmer VIetoiln, .'!47
iwr «'oauiiT Vlilorla 899
LlViriHwii, pur steiinnrx Aim rl(
Nlii I •,
Auileu". 3.900... lOiirl'iim 4.7.»2
T-) Naploji,
Nbw
•89
Ohi.kasb— In
iiriiiiiu, ,"..099
Sclioliir 2,03.')
iii,
2,'.t!i6....
.-.,8110
... V.iie/.iiil.iii,
8nt-
2.705
29,747
To Havre,
|ivriit«aiijerHKelirwolilcr, 5,321... Liici-riie, 3,058
....Moiitevldeaii, 7,011
ia,.>(03
To llaiDbiirK, per steaiiicr Onllfornln, 4,039
4.088
r.tt'Biiier nclleiia, 4,7«,6
To Aiitwcri',
4,760
To Ki^val, p iHicaiiier Vio n, 4,90.{
4,902
pr
To 0<i™«a, per sloiiiiier Viil'Mii. 0.325
To li^roeloua. per biirk J Hellua. 450
Moiiii.E— To LiMiipool per Bteamer C lorlo. 5,081
Bavan.nmi— To Liverpool, por ttcamcrs luelirooa, 0,333.. ..Ho-
Bombay
'
Charlesto.v— To Havre, per Bieimer KIcbmoud, 3,015
To Broraeii, i>crsteauior Wylo, 3,.'i00
To Genoa, per liri),' Louiieelii, 1,2".'">
Galveston— To Liverpool, p. r steamers
6,326
450
5,(^4
10,435
7,004
2,400
4,60O
3,015
3„500
1>209
To Broiueii, per steamer IJrlilno, 7,"0 1
To Dareeloiia, p^r leaimr Elvira, 3,400
To Oeuoa, per 8teaim I'awuco, 4,00
!•
Uadra»-
Total
To
To
To
To
To
nica.4.097
Oreal
Britain.
Oaloutta—
1888
1887
713
Cliarrlngton, 3,2Cio....
Orbo,3.9o."i
Cllnlonla, 4,9.->5
13,060
WiLMiN<iTo.s-To Liverpool, pi r steamer TUalla, 5,192
5,192
(ibeiir,
To
i)er bark Marianne. 1.473
1,475
NORtoi.K—To Llvei pool, per ste^imers Lord of the Isles. 5,356
Maine. 7,::>7 ...Nca^moio. 0,43.> ..Ursuo, 0,300
2.5,394
ToBniuieu.p rj toaraer Anerley, •>,2()0
5,200
West Point—To Liverpool, por stiaiuera Glenlffer, 5,150
Nether Uoliiie, 0,374
11.524
NEWror.T Nkws— To Liverpool, per steamer Oxonliolmc, 3,52-t
3,524
Boston— To Liverpool, per steamers Tarifa, 383
Veuvtlaii,
1.721
5,104
To Yarmouth, per steamer Y'armoulti, 21
24
B.VLTIMOUB— To Liverpool, per steamer Barrowmorc, 3,359
3,3.'>9
.
Total
205^93
:
The
particulars of these shipments, arranged in our osnal
form, are as follows
BXPORTS TO EUROPE FROM ALL INDIA.
1887.
1888.
ShimnentM
to all Europe
ThU
from—
Total
week.
Ja7i. 1,
ti73,000
271,000
11,000 1,0-12.000
2,000 12.! ,000
S.OOOI 1,032.000
5,000| 209,000
14.CMI0 1.114.000
13.000 l.."J04.0O0
13.000 1,301,000
13,000
1,000
All oUier porta.
Bre-
Sinet
Thit
week.
vaetk.
Bombay
1886.
TAM
Since
Jan. 1.
Since
Jan.
Alexandria Reckipts and Shipments.
1.
—Through arrange
&
inents we have made with Messrs. Davies, Benaclu
Co., o'
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The follow
ing are the receipts and shipments for the past week and for
the corresponding week of the previous two years.
Alexandria, Egypt,
Dec. 5.
1888.
1837.
Receipts (cantarg*)—
ThiH wtielt
Biuc« Sept. 1
14 0.000
1.273.000
1886.
210,000
130,000
1. '.96.000
l,4ij2.000
Liver-
men <e
Ham-
Hnll
Lon-
tf
Ant' Barcewerpt lonitt
Qenoa,
liival,
pool.
don. Havre. burg.
<£c.
York.. 11,957 4,699 1 ,605 4, 49 J 5,!^07
. 2S,747
ie,4a3 4,088 9.668
Mobile
...
5,034
Savannah .. 10,435
7,004
Charleston
3",oV5 3,500
Galveston.. 12.0tlO
Wilniingl'n. 5,192
1,475
Norfolk
23.394
5,200
West Point. 11,524
N'wp't Nws 3,524
Biistou .... 5.104
Baltimore. . 3,339
New
.
.
Odessa.
tec.
1,U6
Total.
29,773
4>0 0,325 05.871
N. Orleaua
5,034
24.439
7,720
12,060
0,667
30.594
11,324
3,524
5,123
3,359
7,000
1,205
.
Total
122,330
Tile total
from Boston includes 24 bales to Yarmouth.
4,090 21,273 24,29116,650 10,101
0,325 205.693
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
the latest dates
Qalvesto.v— For Liverpool— Deo. 1— Steimor Hpmaa Frlnoe, 4,765 ...
I)i-c. 3-SteamerlSaion Belhaven. i!,4'<4.
For Salerno nic 1 -Bark liiieeu Cliff, ,443.
New OK1.EAN.S— For Liverpool -Nov. 30 Htoamer .io^or, 3,574 ...Deo.
:
TMt Since
week. Sept. 1.
Thit
Since
week. Sept. 1.
Exports
'Xo
TliU
week.
Sept. 1
1
0>»lc«)
7.000
5,000
Liverpool
To Conlmeul
...
83,000 16.000 118,000!
43,000 lO.OOO, 61,000
8.000 116.000
9,000, 38,000
12,0O0 126.000 :26,0OO 179,000 17,000 134,000
Total EuroiM
*
|
A oantar is 98 pounds.
3— steamers
Da.tou, 4,223 ; Profe Ror, C,-iOO Toxali, 0,951'.
i'or na\Ti) Dec. 1 -Steamer Dupuy do Lome. 9,335.
Fur Bi-emen- ..»<-o. 3— Stiamer Camellia, 3.S19
Deo. 4-Steaiiier8
Krl K" f!, 4,10") Suez, 2,ij03.
For Antwerp -Deo. l-Stoamer Cipulet, 3 4.'51.
SAV.iNSAii For Bremen- Dee. 4— Steamer Huutinadon, G,129.
I'or Amsterilaiu— Ucc. 3 Steamer Florauee, 6,300.
;
J
This statement shows that the receipts for the week ending
Dec. 5 were 140,000 cantara and the shipments to all Europe
12,000 bales.
—
Charleston- For Brcimm-Nov. 3u- steamer Pouca, 4,000
Dec 1—
Steamer Comoiiolitaii, 4.050.
For Reval— Dec. 1— Steamer Prior, 4,323
Doo. 3— Steamer Re-
Manchestbb Market. Our report received by cable to-ni^bt
raemliraii' e, 4,4.30.
from Manchester st'ttes that the market continues quiet, and Wilmington— For Liverpool-Nov. 30—Steamer Olenmoro, 5,450...,
Drc. 1— Steamer Helmslev, 5,30
that the d^ mii d for both yarn and cloth is poor. We give the
For Uareeloiia-Dco. 4 -Ba"k Lyill.i Peschau, 1,300.
prices for lo-Jay bnl)w, and leave thoie for previous weeks of Norfolk—
Fur Liveriiool- Deo 1— ote uner l\ilni\ r.t, 2,47.^.
this and la«t yeir f>r ciraparison
West I'oist— For Liverpool- Dee. 1-Ste uner Elysla, 0,317.
(ihent— Nov 30— Bulk Fi-jda. 1,908.
For
i>(>'>'.
1*87.
Boston— Fo- Liverpool -No v. 27-8i6:iiuor Iow:i, 1.813
Nov. 28—
>.
:
SI4 lbs.
Shirtings.
32< Oop.
I'wtal.
d.
a.
8.
<1.
Kov. 2 7'8 ®83« 6
9 7-3 ®838 « O
" 1( 7''8 ®836 6
23i7'8 -aB^ 6
30|7'8 •••38 6
Dec. 7 7'« aS^s 6
R.
87
97
®7
a.7
87
97
OoU'n
d.
1
1
1
Mill.
32» Oop.
UpUU
Twill.
d.
511,8
5%
d.
d.
7% as
«8%
17%
8I4 Ibt.
Shirtings,
A.
s.
d.
5>4
r.n„
®7
1
1
7'*«7
1
5"^
7'8»7 O
7=8
l7'3 (lid's
d.
7'<ia6 10
7ia«6 10
9I>H
59i8 l7'ii »8>a
51,6 7'« «8J«
ftl"
Mid.
Upldi
8
5»i«
7ifl97
8"l6
5»8
5»18
Overland MoVtJiENT to December 1.— In our editorial
columns will be foun 1 our overland movement brought down
to tha first of D. cember.
Jute Butts. B.^aaiNa, &c.— There is only a small demand
reported for basgiu^, an 1 the movement is not active. Sellers are still quoting prevtom fljjures, and n.ost of the j 'bbing
sales are oa the bisii of ll'^@loJ^c. as 10 qu'.lity. The market for
jat-j
21^0. for
buiti
ii
quiet,
pater grides anl
Luc prices are steadily held at
2^^(a8J^c. for bagging
quali-
ties.
8HIPPIN0
News.—The
exports of cotton from thp Uuitea
States the past week, as ptr latest
2j5,G93 bales.
MtW YORK—_
To
mail retunu, have
reaciieiJ
Tnlal bales.
City
Liverpool, per steamers Arizona, 393
of BerliL, 2,'i35....Cit7 o£ Rlehiuoud, 1,016. ...Galli:»,
1,62.^
Uerniaulc,
1,516
Mozart, 1,678. ...Peijusylvauia, 2,aa3... .Spain, 1,397
11,957
Stfrtiuer Viigmiao, 4,8 "8 .. Nuv. 30-Steamer» Palestine, 1,939.
Scythia, :40 ...Deo. 4 -Steamer Kau.*i3.
For London— Nov. 2 1— Steamer Bonlerer. 1.03 1.
For Yarmouth -Nov 30 -Steamer Yarmouth, 9i»,
PuiL-voKLi-iUA— For Liverpool- Nov. 2S -Steamor LordCIlve, 1,053..^
Dec. 1— Stcimer British I'riuccs.i, 04
For Antwerp— Nov. 27-SteamerNedcrUuJ, 1,619.
.
.
Cotton freights the past week have been as follows
Mon.
Tuei.
Liverpool, steam rf.
"4
H
H
DovlaGrsg"w.d.
Havre, steam
c.
....
•••
Satur.
Do
sail
Bremen, steam
e.
»8
»8
• •••
• >••
"16
»1«
d.
"Sis
-•••
Hamburg, steam e.
DoviuLoudon.d,
>••
.
»8
=8
65*
63*
Do via London.!*.
..*•
!.>•
Do
d.
saU
»8»7,g
<i.
• >••
Bacoelona,steiim d.
38
Genoa, steam .. .d.
rrleste, steam. ..d.
Antwerp. Rt#>aTn fi.
H
'
Per
10v> lbs.
sganis
9„
TKurs.
JH.
'*
^
%
H
H
•••
Bis
>is
is
• •••
Amst'd'm, steam.e.
Reval, stuam
'4
--
....
9ift®.Pa
vlaLeitbii,
Do
•
Wednes.
»8
05»
»8
66*
H
H
66*
>••
65*
....
sgaisgg %ai»s» 38»13„ 38*133, «9»iiM
•
>>•
H
%
38®7„
^'vt
....
....
38
!*3
»a
%
3a
3e
%»',«
»,,
H9-iia
»p«
%a'i«
» «
H
H
%»'i«
•,.
THE CHRONICLE.
714
—
IiiVERPOOL, By cable from Liverpool we have the followTng statemeDt of the week's sales, stocks, &c. at that port
Kov. 23.
2for. 16.
tales
Sales of the week
Of whicli exporters took
Of which speculators took. .
Bales American
Actual export
Forwarded
Total stock—Estimated
Of which American— Estim'd
Total Import of the week
119,0001
Of which American
mount
110,000
21H,000
233,000
afloat
Of which American
Dec. 7
Jfov. 30.
56,000
2,000
4,000
44,000
5,000
69,000
366,000
277,000
119,000
60,000
4,000
3,000
52,000
11,000
74,000
321,000
229,000
55,000
5,000
1,000
46,000
10,000
73,000
413,000
318.000
130,000
107,000
292,000
282.000
10!),000
288,000
278,000
60,000
2,000
5,000
50,000
9,000
71,000
441,000
345,000
107,000
91,000
314,000
301.000
The tone of the Liverpool market for spots and futures each
day of the week ending Dec. 7 and the daily closing prices
of spot cotton, have been as follows
:
Saturday Monday. Tuesday.
Bpol.
Market,
12:30 P.M.
Good
demand.
Quiet.
I
Mld-Dpl'dB.
500
StPady at
2-04 adv.
it,
Market,
I
13:30 P.•.M.5
Firm
at
2 e4 ad-
Steady
a1
Barely
supported
offered.
51s
5ifl
12,000
1,000
12,000
1,000
10,000
1.000
Steady at Steady at
1-B4 de1-84 ad
cline.
ranee.
1-84 dec.
Baay.
Very
Barely
steady.
•steady.
4 P.M.
Friday.
6»«
Tance.
Steady.
Market,
10,000
1,000
10,000
1,000
7,000
Bales
Freely
Steady.
Steady.
5ifl
Bpeo.&exp.
Futuret.
Wednes. Thursd'y.
Firm at
Steady.
The opening, highest, lowest and closing prices of futures a*
Liverpool for each day are given below. Prices are on the
basis of Uplands, Low Middling clause, unless otherwise stated
17k prieet are given in pence and Oitht
and 6 01 meant 6 l-64d.
values took place on a brisk general buying, with smaller receipts at nearly all points. To-day there was renewed depression, but at the decline future offerings? were smaller.
DAILY CLOSING PRICES OP NO. 2 MIXED CORN.
Sat.
Mon.
Tuea.
Wed. Thurt.
Fri.
December delivery .....0. 4813
47^4
4714
4714
4608
471s
January delivery
47
47
c. 471^
4714
4719
4658
February deli very
.0.
473h
47 Is
47
46%
467e
MayaeUvery
c. 47%
47
47
47
47
46'ii
Oats have been active, but at a slightly lower range in
prices, due to freer offerings on the spot as we!l as for the
more distant deliveries. Tj-day the market was weaker
under free offerings, although trade was very fair. No, 8
white sold at 33@33i^c. on the spot and SSJ^n. for January.
DAILT CLOSINO PRICES OF NO. 2 MIXED OATS.
Sal.
Mon. Tueg.
Wed.
Thuri.
FH.
December delivery
.lanuary delivery
May delivery
c.
c.
Low.
Clot.
d.
d.
d.
a.
d.
d.
d.
5 24
5 22
6 28
6 21
3 24
5 26
5 25
6 25
5 25
5 23
6 23
5 23
d.
December.. S24 524 5 24
Dec-Ian
5 22
5 23
..
Jan.-Fob. .. 322 522 5 22 5 22
Fdb. -March 6 22 523 5 22 983
Mar.-April 5 2:! 5»« 6 23 S24
April-May.. 5 25
May-Jnni?.. 5 27
5 2S
Jnne-July
Jnly-AuK...t6 80
9 25
5 27
6 25
5 20
5 29
6 30
6 27
6 30
5 25
5 27
5 29
6 80
!
525' 525
6 88
6 28
5 30
i
[
5 81
6 33
5 28
5 28
5 30
6 32
6 S3
5 25
5
6
5
6
5
6 24
I
5
6
6
6
26
28
30
23
211
24
25
26
628
d.
d
5 24
5 23
5 23
5 23
24
6 26'
d.
624 526
6 23
6 23
6 23
6 24
5 24
S2t
9 26
'
1
••
5 27
5
9 31
9 82
8
'
5 27
5 29
5 81
2i)
I
6 31
5 31
31
5
9
5
6
!
6 24
5 28
6 27
5 29'
5 31
d.
5
6
6
6
I
I
26
24
24
24
26
27
29
31
32
32%
family brands
Bye
flour, guperllDe..
Fine
Corn meal—
XX
34 1«
Fri.
$4 40® 5 26
3 30® 3 60
2.50*2 76
2409 260
100108
UBAIH.
®1 25
®1 10
®106i3
92 »1 14
100 ®1 15
White
Com— West'n mixed.
West'u mixed No. 2.
Steamer JSo. 2
Western yellow
Wesrom white
Southern white
43
47
46
47
47
50
aye—
c.
«bu.
Western
t:6
Oatj»— Mixed
2)^yt
33 ®
White
No. 2 mixed
No. 2 white
Barley— C'nada No.l
Can.ida No. 2
0.
®
®
62
State* Jersey
31 14*
® 4S
3514®
« 47%
90 ®
® 47
87 «
® 49
Two-rowed State.. 8u ®
® 49
Six-rowed State
84 «
® 53 Buckwheat
65 ®
65
68
32'i
41
324
361*
92
89
82
87
67
The movement of breadstuffs to market is indicated in the
statement below, prepared by us from the figures of Ihe New
York Produce Exchange. We flrdt give the receipts at Western lake and river ports, arranged so as to present the comlarat ve movement for the week ending Dec. 1. 1888.
I
I
Wednes..
Thnrs., Dec. 6.
D^-c. 5.
at—
ftectivtt
Fri., Dec. 7.
Flour.
Wheat.
Com.
BHil.l98(i)s Bus?l.80!i?]Bus?i.58ii,
Open
d.
6 28
6 24
6 24
I>eeember
3114
32i«
Weatem, Ac
8 00® 3 15
Brandywine
_ 8 'iO »
Buckwheat flour, per
c.
c.
Sprlug, per baah...l 00
Spring No. 2
1 07
Bed winter No. 2.. .1 05
Open Higk Lovi. Oai
31i«
VLOUB
Boutbem bakeri and
Kiae
V bbl. $2 70«$3 10
Saperflne
3 10® 3 60
Iprlng wheat extras. 3 40® 3 85
rflnn. clear and stra't. 4 50* 6 00
VlnteraliippV extras. 3 40® 3 90
winter
and XXX. 4 0')» 5 50
575® 700
Patenti
3 lathem (upen
3 25® 3 60
Boatb'noom. eztraa.. 3 75® 4 2.3
Eedwlnter
fli»?i
3119
32%
34%
Rye was du'l and somewhat nominal.
transactions of moment. Buckwheat dull, sales m'iking only
in car lots.
The following are the closing quotation?
Tuei., Dec. 4.
Op<n
Open Bioh Lov. Clot
3SiH
35%
35%
Birley without
ffieat—
Dion., Dec. 3.
31%
32%
SlSg
3II9
32ia
32%
34^8
34^8
34''8
DAILY CLOSING PRICES OF NO. 2 WHITE OATS.
Sat.
Mon.
Titcs.
Wid. TImrs.
35is
December delivery
c
35%
3513
January delivery
c
35%
35'g
36
36
c.
5 63 mean
thut.-
r"64d.,
Sat., Dec. 1.
Indian corn dec'ined materially on Monday under a freer
movement at the West, bu* the lower prices led to a fuller
export movement, and on Wednesday a partial recovery in
adr.
1-61
Steady.
(Vol. XLTII.
Dec.- Jan.
Jan.-Feb.
Feb.- March 524
6 25
Mar.-Apill
April-May.. 527
Hiflh
d.
July-Aug... 6 91
Clot.
d.
Open High Low.
d.
626 6 26 626
5 24
5 24
6 24
6 21
624 6 2'i
524 S24 624
5 26
5 27
Hay-Jane.. 528 529
Jane -July..
Low.
5 30
6 32
6 26
5 86
62-1
530
5 31
5 26
6 26
6 28
6 30
631
d.
5
6
5
6
5
5
5
5
28
21
24
24
26
26
28
SO
6 81
'
Clot
Open High
d.
d.
d.
d.
6 26
5 24
6J5
6 28
8 23
5 24
6 24
5 23
5 24
tiOio.
d.
d.
d.
5 25
5 23
5 as
6 84
625 525
523 6 23
5 24
6 84
6 83
5 23
5 23
5 23
62S 625 625
5 27 526 B26
6 23
5 24
6 25
83
84
24
6 26
628
628 588
5 26
I
I
624
524
j
5 88
I
8 SO
'
Clot
6 32
6 28
5 30
6 31
'
j
6 2S
8 30
6 .SI
6 29
I
6 30
6
5
6
6
5
23
25
6 27
6 29
527
6 30
6 81
Bve
Barlev.
Bu. 66
181,530
1.769,'i09
671,473
181,842
87.320
65,000
493,028
287,700
16>
68,867
85,280
128.8(18
1,523,040
VtlaneapollB.
1
1,182
Toledo
8,695
3.414
10.834
1.100
Detroit
Cleveland.
it.
..
Louis
Peoria
83,423
100,773
20,433
110,858
10,000
118.011
lfi,l5.S
47,235
4i,088
32,617
201,520
23,784
688,915
264,000
1,750
45,008
10,415
142.349
2,908
407
5,040
221,000
62,800,
12,100
1,248.834
1,044.044
910,330'
124,587
36,788
28,173
180.183
277,000
226.493
3,198,487
2,939,074
l,487,8u8
2,766,698
1,136,551
850,929
628,658
1888
4,287.421
56,1+3,081
40,649,691
37,52S,867
13.016,190
1887
4,566,269
59,285,941
33,924.621
13,02i.00lj
1S88
8,853,694
6a,98-i.74:i
38,713.953
33,721,049
30,041,897
rot.wk.
5 20
I
60,353
60,987
23.568
juiosgo ....
tfUwaakee.
anluth
OaU.
Bu8?i.32 Ibf Bus)i.48 lbs
'88.
iamewk.'87.
lamenk.'Sd
ItiiM Aug. 1.
8.354.995
1,193.830
1
BREADSTUFF S.
Fridat, p. M., Dec.
7, 1888.
There haye been no decided changes in values of flour and
meel, ror impojtant features in ihe market during the past
week. There has been some further curtailm nt of procfuctjon by Wtsiein millers hut local trade is usually dull io Dd
cember, and prices have ranged too high to admit ot much
bufinefs for export beyond the regular dealings with the
West Indies and bo forth. To-day the market, was dull, but
there was very little disposition to make reductions in order
11,914 010
3,174,604
814,031
1,152,587
The exports from the several seaboard ports for the week
inding Dec, 1, 1888, are shown in the annexed statement:
mxports
from—
Wheat.
Corn.
Bugh.
32,500
Buxh.
562,569
Flour.
OaU.
Rye.
Pea$.
;
to effect pales.
The wheat market has been quite
in tone, anl
unexpected increase in
un^ettl
>!
prices fluctuated widely at times. An
the visible supply caused severe depretsion on
Monday, and
Sew York
Boston.
65,4041
..
Bhls.
31.180:
25,027;
Bvah.
3.232
Buih.
Portland
16300
Montreal.
14',380
PhUadel
33,250
120
Baltim'ie
N.Orrus.
New*
».
aiohm'd
Bush.
1,820
221,736'
16,476
-
7,896
1,268
25,12S;
17,415
998
2,900
.
lllL
48,976 900,459
an increased movement in the Northwest, but iietter foreign
advices caused an advancing tendency on Tuesday and
Wednesday. However as these did not result in any importent purchases for export the mirket yesterday was we^k,
with speculation almost at a standstill. Neither bulls nor
bears are able to discover any adequate basis for sustained
action, and therefore their operitions are degenerat-d into
mere "scalping." To day speculation w.-is the dullest in many
weeks, but there was some soot business, includini; No. 2
Chicago spring at $108 and N>. 2 red winter at $1 06%, de-
supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, Dm, 1, 1888
livered.
ilbany
Badalo
0An,T
OIX>8I1IO
December (leUvery
January delivery
PEICKS OF NO. 2 RED WWTEK WHEAT.
Mon.
Sat.
Tueg.
Wed, TImri.
c.l OSM
.c.l Oe's
05% 106
104^ 106% 107
1 os-is
February delivery
c 1 08i«
10614
March
o 1 lO^s
107''8
1 1"%
delivery
Maydellvery
aae delivery
1
1 O'^e
1 OOSs
112%
c.111% 109% 111%
c
1
12»8
105
106
Cot.
w'k.
1887.
The
05=8
In store at—
Sew York
Do afloat
tfilwaukee
Uoiuth
1 OTifl
Oig
110
101
r>etrolt
1 OgOs
1 12>8
1 ll^s
lll»4
Oswego
1
Orfifl
12^ 111
110%
Toledo
St.
Louis
Do
696.932
3,232
36,035
2,998
21,643
visible
1
1
1
400,451!
..
iJUioaifO
FH.
loi^s
94,397
270,873
3'me time
afloat
Wheal,
busk.
9.154,936
Com,
Oats,
bush,
bush.
1,449.262 1,920,114
460,600
374,500 168,000
),2(i0
76,9<i0
82.000
3.583,474
93,032
298.541
4.580,629 2,0y6.5»9 2,826,834
5, '-'23
789.2"0
7.468
570,960
5,074
10,1!>4
1,948,470
102.947
29,471
921,758
26.826
20,093
225.000
322,567 079,247
4,117,895
125,000
40,.'i03
Barley,
btuh.
51 326
16,0 O
68,300
115,246
704,915
264,542
69,400
83,700
664,741
64,982
211,584
Bye,
bush.
52,442
25,100
107,657
41,460
610,000
66,938
Decehbkr
THE criRONKn.K
1888.1
8,
Com,
OaU,
hllgh.
butk.
btuh.
80.(100
1.^.000
0.000
883.814
2 800
Wheal,
Barlry,
715
toy the ezporU nggrreitate 181,884 psoksffe*. T«lued at f8,099,or this total China baa bad 40,891 packaKM. valued at
68S.
7,;iiii
$3,0M,76'>, and 8.3,lS0paokageR, valued at $3,170,103 havegone
162.273
730
Boaton
Ti.O'li
Toronto
to South America.
For the same period of 18'47 the exporta
2a.il6l
30.027
42S.919
loiitroal
to all poru were 179,10.') paokagee, valued at $10,000,011, of
.S0.8H0
n 0,782
r>0Z,3H
Philadelphia
&».3''6
471.723 10^.02.1
146.426
Peoria
70'.64S which 84 868 pa kages, valued at $4.014,(J7rt went to Ohlna,
4(I6,2UU
.•^.382
8.933
71.6.W
ladlanapoUa
and 89,473 packages, valued at $2,827,957 to South America.
30 •.019
30,22S 342.910
12.»:ho
Kansa* City
To the oorrnsponding time in 1880 the total shipment* reached
Brtltliiiort'
l,Sn2.801
176,330 150,224
13,0^0
188,210 packagea. and in 186S were 100,540 p okagee.
MlIlIlt':l|'*>H8 ......
6,804.732
There wa« a steady though moderate movement ia plain
150,000
Bt. I'aiil
301,600
67,700
On MlBSlaglppI
and colored cottons from first handK, but there was not the
235,767
023,210
On Lakes
activity in any particular clias of gooda.
215,800
80,0 JO
24 ",000
16,000 200,000 li-ast approach to
On oanal A river.
Stocks of desirable cotton goods are so exceptionally wall in
To'. Dec. 1, "88 36.082.733 7,0^6.070 7.5,i7,0l6 1,651,236 2,320.003
hand, and such grades of cotton as are required for the manuTot. Nov. 24, '88. 35,235.047 6.074.92G 7,627,121 1,730.921 2.002.3iS
facture of some descriptions are so scarce at present, that the
280.21S 3,573. 7ti.'.
Tot. Dec. 3. '87. 4'>,260.0:i2 5.236, 131 6,381.738
420.31) 2.70.1.H29 tone of the market is very firm, though quotntions are nomTot. Deo. '4, '86. 59,5%8,52l ll,73-),7!*5 5.'.!81..57a
Tot Dee. 5, '851. 56,095,653 5,652.373 2,900,0J5 848,600 2,660.375 inally unchanged. Print cloths were in fair demand at last
week's prices, say 8 15- 16c, for 64x64s and 8 9 lOo. for QOxOOt,
I MtnneaDOlii and St Paul not Included.
but very few manufacturers are willing to make oontraota
at these figures and the market closed very stroner, with an
upward tendency.
Stocks last Saturday and for the three
previous years were as follows:
Nbw Tobk, Friday P. M., Deo. 7, 1888.
1888.
1887.
1886.
1885.
Stof.kof Print Clolht—
Dee. 1.
Dee. 3.
Pre. A.
Dec 5,
Takfnii; into consi leratioa the ticae of year, th tre was a
Held by Providence inanurrers. 2 1,000 20 1,0(
74,000 103,000
fair buainesB in dry gooda daring the week unier rcviRw, and
Fall River niaiiiifacturers
6,000
31,000 187,000
08,000
Providence gpcciUutors
None.
37,000
42,000 240,000
the outlook is qaite encouraging. A'; first hinds the demand
RiieciUators (est)
Out«lde
None.
35,000
35,000
50,000
for ee tsonable goods by personal selection and through the
medium of orders was steady though moderate, and a very
Total itook (pieces)
30,000 306,000 338,000 491,000
fiiir biieineds w.is done in some sorts of spring and summer
Prims and printei and woven cotton drecs fabrics were in
There aUowas an enUrged movement in certain fair request for' next season, and there was a eood steady
fabrics.
deecriptims of spring goods direct from the mil's, the excep- business in staple and fancy white goo is at very firm prices.
tionally low rates for West-bound freights prevailing at presDomestic Woole.v Goods.— Agents continued to mak^very
ent havin.; been the incentive to liberal shipments in this fair deliveries of spring clothing woolens in executi
of
connection. The jobbing trade was spasmodic and irregular,
former orders, and though new buainees in men's-wear woolbut a fuU average distribution of staple and department ens ruled quiet there was a firm undertone in the market
goods was made (for the time of year) by the leading houses, arising from the 1 ite advance in wool and the strictly moderani holiday noods in psrticular were fairly active in import- ate stocks of manufactured goods on hand. Cloikings were
ing and jobbing cirolns, Tuq tone of the generU market in light demand and steady, and a fair business
is done in
continues tirm, and while domestic cotton goods and most hU wool and worsted dr^es goods, aota^ makes of which have
i
are
nominally
imoorte
fabrics
unchanged,
kinds of
the late been advancei by the mill agents. Doeskin j^tiia were in
advance in wool and yarns has developed higher prices for moderate request, and prices are very firm, while tnere was a
woolen
manufactured
goods.
I
o
this
of
Bom<) aorta
connection light business in satinets. Forflinnels and blankets there
it may be noted that about 10,000 doz^n wool and merino
was a moderate re-assorting demand and prices are ati£3y
hosiery were sold at auction during the week at very good
maintained, while carpets have been opened at a considerable
adv-ince upon Ust year's quotations.
average pri -ef.
Domestic Cotton Goods.—The exports of cotton goods
Foreign Dry Goods were in irregular demand at the
from ihi-i pot for the week ending D'C. 4 were 1,383 pack- hands of importers an I jobbers, but a fairly satisfact )ry busi*
Taese shipments include 6Vi to ness was done in descriptions specially aiaptod for the coming
ages, valued at |10 7,240.
South America 276 to ihe West ladies 100 to Hodeidah ; 99 holiday trade, and thero was a moierate movem -nt in staple
Stocks of imp>rted goola,
to Great Britiin ; 94 to Central America ; 70 to Mexico: 27 tc fabrics at uachanged prictis.
10 to British North Am'^rioi
China 20 to Kurop«
10 to though by no means large as a rule, are no doubt abundant
Snyrra, and 10 to all other countries. Since the let of Janu- for the probable requirements of the trade.
OtnotnnAtI
100,000
i
40.000
13,515
207,169
10,373
THE DRY GOODS TRADE.
m
w
j
;
;
;
;
;
gtuauciaU
Bank
of Buffalo,
BUFFALO,
N. Y.
Wm. C.CoaNWILl.Ca«h'r.
8250,000
Capital ...SSDU.OOO iSurplus
B.8.JrwETT.Pres't.
I
North British
& Mercantile Ins. Co.
This Bank has superior facilities for making Col
of the city on the most liberal
ill and out
terms, and with careful atteuMon to the best inter
ests of its correspondents.
CoRRKSFoNDKNTB:— Importers' & Traders' NaUonal Bank and Chemical National Bank, New
U. S.
Dnion Bank of London. London
Invested and Cash Fire Assets
4
Trust Co- Chlo»«o
THOIHAS BRAXCII A
Branch Statement Jan.
KK'IinOND, VIRGINIA.
made on
rms: prompt returns.
Collections
John
F. Olkn'N, Cash.
P.
BRANCH,
Net surplus
U. 8.
Bbanch
SAM.
J AS.
W.
OFriot, 84
P.
F.
A.
FaKO.
MAINE LAW CO.NVEliriBI.K POLICY, CLASS
IIS 7 PKR CENT GUARAM'BRD BOND
POLICY, CLASS "A," and other
I
THE
Provident Life
&
Imbrie,
V£»%Y STREET, HEW YOaK.
FINE FISHING TACKLE.
u 10 cents to prepay postage on Catalogue.
&
Trust Co.
OF PniL\I>ELPHIA.
Mo„
Zid. 1865.
CAPITAL
THE
EaUITABLE LIFE
!
CKIVES MO.VEV
demand, or on
ISTKATdH.
lOM.MIi
faitlifiil
surplus
1,
ON'
«
Asset«
UabUltles, 4 per cent
(84,378,904 85
66,274,650 00
Surplua
?18,104,254 85
1
S>4S3,02t),562 00
Outstanding Assurance
Paid PoUoy-Holders In 1387.. $10,062,509 81
Paid Polloy-Holders slnoe oi^
ganlzation
9106,610,293 34
923,240,849 29
TotallDCome
919,115,775 47
Premium Inoome
98,863,432 09
Increase InAsaets
127>9 per oeot
Assets to UabUltles
Is
IN.
f:K
ths
'I'K
T
hicU
!
iLa
capital
<;urity.
lontsare kept separata
'liccnrapauy.
Hug abroad oarefnllr
fr^jui
ilit'onio
o
collected and
<]
SA.M'L
It.
-
^I..
I'resident,
WISTAU Ilium .\. Viie-ITcsident.
ASA S. WI.NG. Vlce-PreaiJi;nl and Actuary,
T.
STABUSaXD
$138,023,105 00
on
ri-lurn.iblo
1..
fiH
and apart
The
nKPOSIT.
^
All trusi
1888.
)
91.000.000
ASSETS, 920,115,023 4».
INSIJRES LIVES, GRANTS ANNUITIES, BB-
eninowcrotl by
JAN.
Bond
ould thereunder.
n. T.
ASSURANCE SOCIETY.
£0
Fartiu of
aii>o for pamphlet explanatory of the
Mains Non-Forfeiture Imw, and for list of claims
Policte*:
(CHARTER PKRPBTUAL
New Aasorance
Bend
William Stuket,
69.
Colnmbus k Toledo Ist 7s.
Ohio i West Virginia 1st 7s.
A. E. UAOHFIELn,
5X Pluc ."itrtet. New York.
18
is nothing In Life Insurance which it does
not furnish cheaply, profitably and inteili^ribly.
Send to the Company's Home office. Portland, Me.,
or any of its Agents for publications describing lt4
FRANCIS, 8d Assistant Mauauor.
FlrM>cia--4s Water Cuiupaiiy \st mortgage 6a.
First Mortuu}<u Kullruad Uondd,tis, to pay luvestor
to 0^ per ceut.
from
Abbey
There
Incorporated Third
FOR SALE:
\\A\
Preeldent.
and adapted to all ctreunutancee.
"A." or
1,314,448 81
161.367 30
3,648 S»
l,87!:i,3bu .^^
BLADQKN, Manager.
DUULKY, Assistant Manager.
K. bCuTT. Vlce-Pres
BrooUrn & Montaiik 50-year new
l»4«.
DE WITT,
E.
(3.347,833 81
President.
lavestment Bonds.
^
INCOKPORATBD
Its ptaiu are varted
Bontbern points on best
all
JOUN
18S8
LIABILITIES.
Ct>.,
MERCHANTS' NATIONAL BANK,
1,
|S,3t7,833 61
Insurance Compaay,
PORTLAND, niAINE.
JOHN
LONOOIW AND SDfKBlJRGU.
Reserve for Cneamed Premiums.
BANKERS AND COMMISSION HBRCHANTS. Reserve
for Unpaid Losses
BICHIVJOMD, VIBGIMIA^.
AU other Liabilities
Circulars ati't information on f upidlng the debts of
Vlnrlniaand N.jrtb Carolina free of cost; one-eightb
per cent charued for funding. 8oulhern*Kailr.>ad
and State and City Bonds bought and sold.
UNION MUTUAL
Life
OF
lections
York; Merchants' Loan
^usuxauce.
^usxtrawce.
Utt,
U. Cole,
Eugene
STATIONER AND PRINTER.
Supplies Banks, Bankers. Stook Brokers and Coipo.
f»Uoat with oomplete antnis of Aooonnt Books and
^
cr New oonoems organising wUI bar* their ordsn
iromptly enentad.
I^o. 1
WILLIAM STREET,
(BANOTBR SgUARB).
THE CHllONICLE
716
and 'govziQU ^auHs
©awajfttati
rORKlOM.
Bank of Montreal.
IBS
[ESTABLISHED
CAPITAL
Paid Id
Sir
PONALD
NEW
S9
Horn.
8(i,0UU,UUU Uold
-
Ho.
;
am' Credit?, available in any part of tbe World;
lue drafts on, and make collections in, Chicago
ftnd throuKbout the Dominion of Canada,
No. ii Abchnrcti E<ane.
^
Capital Paid Up, £9Tl,3eO SterllUK.
ThU Company
to
iiBues
•
•
Esq., "TMident.
BOHSHT ANDKflSON, Bsq.. Vice-President,
GEORGK HAGUE. General Manager.
JOUN GAULT, Branch buperlntendent.
BANliSRS
Incorporated Angnet ao, 1887, Under the
Imperial
CAPITAL
H. 8.
HARRIS,
HOWLAND,
I i<,«r,t,
JR., f-a^K"""'
•
WILKIK,
Cashier.
OFFICE, TORONTO.
BRANCHES IN Ontario.— Essex Centre, Fergus,
Oalt, Ingersoll, Niagara Falls, Port Colborne, St.
Catharines, 8t. Thomas, Toronto (Youge St. Br.),
Wellaud, Woodstock.
BuANCHES IN Northwest— Winnipeg, Brandon,
Calgary, and Portape la Prairie.
Agents
in
London:
Agents
I
in
Bank
Bay and
also on
sliares.
registration and insurance to and
Full particulars may be obtained
at the ollices of tbe As.-^ocialion.
The Association also obtains registration in ownera' names and collects dividends by power of
attorney.
POPE, Q. C, Chairman.
JOSKl'H PRICE, Managing Director,
T. LINDLEY, Secretary.
5 Great Winchester Street, London, E. C.
SAMUEL
North America.
WALL STREET.
Sterling Exchange and Cal>le Transdrafts on Scotland and Ireland;
Canada, British Columbia and San Fran-
demand
Cisco.
CIRCULAR KOTES Issued In Pounds Sterpans of tne world. tOiU.
OltKllAl, CUKDITS JSr«l.'EO for use in
Burope, China, Japan, East and West Indies and
the Brazils, Kiver Plate, &c.
Bills collected and other banking business trans-
execntlon of
Fork, London and Amsterdam Bxchnnges. In correspondence with
to
the
orders for Securities on the
New
BLAKE BROTHERS
5
Naaaau
38 State
CO.,
&.
(LIMITED),
liONDON— Head oiiicc, B Ajigel Court.
A.\ FUA > CISCO Office, 200 Sansome St.
NEt% lOUK CorresiKindents,
Sellgman
& Co.
BOSTON Concsponri'is, Mafesacliusctts N.Bk.
Paid. lip
Iteserve
<'HX>Hul,
Fuud,
•
-
-
.
je.oo^.ooo
1,500,000
500,000
Transact a general baiiLtog business. Issue Commercial Credits and Bills of Exchange, available in
all parts of the world. Collections and orders for
Bonds, Stocks, etc., executed upon the most favorable terms.
H
FREDK F. LOW,
IGNAiZ siUAiiAaT,
LILBNTUAL, Cashier.
) -k,
t*Ia'^»««"-
IHE ASSOCIATION.
!Ff!LLOTVS or
James T. Anyon, Louis M. Bergtheil, Thomas
Bagot, James Cox, William Calhoun, George HChurch, C.W. Haskins, R. F. Munro, Mark C. Miriok,
C. H. W. Sibley. Henry M. Tate, William U.Veysey,
Walter 11. P. Veysey, James Yaiden, New York
Richard F.Stevens. Jersey City, N. J.; Horace D
Bradbury, Rodney McLaughlin, Henry A. Piper,
Boston, Mass.; John W. Francis. John Heins, Henry
Kelly, Philadelphia, Pa.; Eric M. Noble, Washinid
ton, D. C.
Offices ol tbe Association, No. 1'20
way, Kooni 31
(0th Floor).
New
Broad,
Yorli City
IVILLIAM FRANKLIN HALL,
St.,
Boston,
ACCOUNTANT.
Books and accounts audited and adjusted.
Settlement of insolvent estates on behalf ol
creditors carefully arranged.
NOTARY
The United
I'riBT.IP.
States Lite
Insurance Co.
IN XHS; CITY
OF NEIV VORK.
& 263 Broadway, Mow
261, 262
GEO. H, EUEFOKD,
C. P. Pbaleigh, Sec.
Wm.
No. 4 Threaduccdle
Anglo- Cal if brnian Bank
Antliorfzed Capital,
George H. Church, N.Y. William H. Vejsey, N.Y.
John Heins.Philadelphia. Walter H.P.Veysoy. N.Y.
James Y^alden, N.Y.
CO.
ds
Amjterdam, Holland.
l^lreet,
London.
Paid-up Capital, £l,OUO,i!00: Reserve Fund, *80n...
OHO; KesiiprTe Liubiiity of Proprietors under the
& W.
Mark C. Mirick, N. T.
Louis M. Bergtheil, N.Y. Rodney McLaughlin, BoBt.
William Calhoun, N.Y. C. II. W. Sibley, N.Y.
(OBGANIZKBJIN.1830.)
Boston, Mac*,
AND
(Incorporated by Royal Charter, 1835.)
THH
VKYSKY, New York.
II.
COUNCIL.
Street,
The Bank of Australasia
J.
Treus.-WM.
James T. Anyon, N. Y.
Street, Ne^v ITorb,
ADOLPII BOISSEVAIN
MCTAVISH,) Agents.
«„„,,
H. BTIKEMAN,
J
D. A.
FOREIGN.
OFFICERS:
Prcxldcnl—JAMES YALDEN, New York.
Vlce-Prew.-JOHN UEINS. Philadelphia.
Sec.—JAMES T. ANiON, New York.
&
Blake, Boissevain
Co.,
LONDON, ENGLAND.
ling, available in all
acted.
membership.
244 Washington
Special attention given
sell
Issue
fers.
ceives Shares of American Railway Companies
for registration in the name of the Association.
This registration secures the prompt payment of
the United States, and through such Association
elevate the profession of Public Accountants, as a
whole, and demonstrate tlieir usefulness by compel
ling an examination as to fitness, and the observance of strict rules of conduct as a condition ef
nUssion, and transact a general Banking and
Conunisaion BVotneaa.
OF
No. 52
THE ENGLISH ASSOCIATION OF AMERICAN
BOND AND SHAREHOLDERS (LIMITED) re-
Negotiate Railway. St^te and City loans.
Execute orders for Bonds* Bhares, etc., on Com
AGENCY OF THE
British
American Railway Shares.
New York
Lloyd's Baruett's & Bos- Bank of Montreal.
anquct's Bunk, limited.
promptly made in any part of Canada.
Collections
Tol'
DraTvers of Stei'liniE Exchause.
ot the Sitate ol
The business and objects of this Society are to
associate into a Society or Cuiid, tlie best and
most capable Public AcconNTANTS practicing
000,000 which includes
T. R. MERRITT, V.-P. from America.
Pres't.
D. U.
HEAD
-
Lawsland Btatutes
Ne^v York,
Fee. 3d. to Od. per share, according to value,
B.
(paid up)
BUKPLUS
in
«1,.500, 000
61 A¥all Street.
nKNKY UAGCK,
OF
the mat-
and other Corporations, eithsr
Bank of Canada.
A (teneral Banking biininees trrtnsacietl. Letters
of Credit issued, available in China, Japan and
other foreign countries,,.
JOHN
American Association
payments of Interest on Loani, Dirldendi on
Raii'!7ay3
dividends in London, and combines tbe English
voting power. Tho original American shares will
be delivered with transfers duly endorsed.
The Association also issues its Bearer Certificates, free of cost, countersigned by the London
& Westminster Bank. Limited, against any shares
registered in the Association's name and lodged
with the Bunk. These ctrrtilicatea are exchangeable for the negoliable shares and are a great safeguard against fraud, as they are only issued
ULiainst verilled shares, and against theft, as they
are only good to the real owner, when he has attached his signature to tbe Certificate, as no other
poison can obtain the surrender of the original
:
I.ONDON, KNG.—Tbe Clydesdale Bank (Limited.)
KEW YORK— Tho Bank of New York. N. B. A.
New Xork Agency, No.
drafts.
PUBLIC ACCOUNTANTS.
Cable Address— F ATT, LOITDOK.
OFFICE, MONTKEAli.
AMDHBW ALLAN,
demand
Bank.
$5,799,200
1,920,000
•
....
negotiates and
Balliray>.
Loans on the London Market, acts as Agent for
OF CA.\ADA.
Capital, Pai<l Cp.
>
Eeserre,
undertake* tbo bmlneti) of Tnutee
Loani of approved
or BegiitraUon of Btoeks In London, or otlierwUe.
The Merchants'
Solicit aocoonta and ajrenoloB of Banks, Kaiiwayt
Corporations, Firms and Individuals upon
favora'Dle terms; also orders for the ptirohase and sale of Bonds, Sliares, &C., &c. ob
the Stock Exchange.
Intereec allowed on Deposits, scbjoct to 60-dayB
sight drafts, at Bank of England ratd,and
one per cent bolow that rate labject
Nearottate Railway, State and City Loans.
ter of
HEAD
BUIS^DINSa
iii&NK
LONl>Oa, ENSLANW.
Buy atd fle.i Sterling and ContLiriitaJ Exchange
»ad Cable Transf ere grant Commercial and Travel-
Offlce.
4
WALI. 8TKEBT,
IVALTBII WATSON,; .„._,,
j^"" "•
ALisi'B LAMG,
London
Co.,
62 Gresliam KonsOc E. C,
(LIMITED),
TOIIK OFFICE:
61
&.
&
Heinemann
Railway Share Trust Co,
1818.]
A. BMITII, PreslcJcnt.
BUCHANAN, General Managsi'
J.
".V
I^iuaujcinl*
Sl'AOOO.OOO Gold
-
...
8CUl-i>LH
Con.
anfl '^sluVl&xb,
«;a!«adiaw.
XLVn.
[Vol
Charier. $l,ft(>0.'0(t.
Letters of Credit and Drafts ieauod on any of the
nuniert)U^ lirjinclies of tbe Bau)£ throughout Ambtraliu and New Zealand. Bills ncRoiiated or sent
for collection. Telej.'rm»hic transfers made.
Deposits received in Loudon at interest for flied
periods, on terms which mav be aponrtaiued on application.
PKIDKAUA: BELBY, Secretary.
T.
York.
President.
A-Wheklwricht, Ae»t, Sec.
Siamdks, Actuary.
.
INCKIASE IN ASSETS OVER
Increase
New business, - Increase of Business in Force,
m
8100,009
-
40 per
-
$'.j,400,0U0
cent.
POLICIES INCONTESTABLE.
CLAIMS PAID PROMPTLY.
TEN DAYS' GKACB,
ABSOLUTE SECnBITY.
The most
liberal
and equitable contract
oonKlstent with recognized business prln*
oipics,
Hong Kong &
Shanghai
BANKING CORPORATION.
Paid-up Capital
Reserve Fund
¥T,i500.000
4,000,000
lleserve Liability of Proprietors
7,500,000
The Corporation grant Drafrg, issue Letters of
Credit for use of travellers and negotiate or collect
Bills, payable at
Bombay. Caleuttii, Singapore.
Manila. Hong Kong, Koocliow.
Niiigpo, Shanghai, Hankow, Yoli.ohanja,
Sau Francisco and London.
S^aigou,
A.in.llOWNSKMI, A^ent,
GOOD AGKNTS, desiring to represent the Com.
pany, are Invited to address .1. S. G.4FFNKT,
Superintendent of Agencies at Home Ottioe.
fiO
Amoy,
Hiogo,
WaU St.
Augustus Floyd,
42 PINE BTEEET,
BBOKJER IN
INTESTMENX 6LGVRITIES.
@FedFRASER