Full text of Commercial and Financial Chronicle : December 8, 1894, Vol. 59, No. 1537

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HUNT’S

MERCHANTS’

MAGAZINE,

REPRESENTING TH E IN D U STR IA L AND COMMERCIAL IN TERESTS OP TH E U N ITED STATES[Entered according to A ct o f Congress, in the year 1894, by the Wil lia m B. D a n a Com pa ny , in the office o f the Librarian o f Congress.]

<& m an
PINE STREET, N. W. CORNER OF PEARL STREET, N. Y.

The week’s total for all cities shows a loss of 1'2 per ceni
from 1893. The decline from 1892 is over 36 per cent and the
falling off compared with 1891 is 31 per cent. Figures for
1894 and 1893, however, cover only five business days.
Week end/ing December 1.

C L E A R IN G H O U SE RETU R N S.
For the month of November and the eleven months the
exhibit is as follow s:

P.Ct.

$
2,241,483,312 2,256.847.962

New Y o r k ....
Philadelphia.
266.880.242 25.3,364,986
54,810,362
58,1'34,677
Baltimore....
50.290,384
56,036,011
Pittsburg......
18,334.890
18,275,646
Buffalo..........
6,706,668
7,468,113
W ashington..
6,599.502
6,693,707
R ochester...
4,367,035
4,427,441
Syracuse........
8,220,865
2,997,145
W ilm ington.,
1,474,700
1,500,800
Binghamton.,
Total Middle 2,663,797,094 2,656,017,354
372.842,203
21,021,700
8,126,962
5,941,923
5,749,401
4,84>,283
6,049,716

1894.

1893.

+0-6

3.762,447,895 4,210,364,475 —10-7
266,586.600 -17-1
220.960.400
105.925.50t - 1 0 9
92,869.101
69,401,478 —7-8
64,019,965
64,230,808 -7*7
69,268,010
55.177,145
59.468.484 —7-2
60,743,867 —7-0
56,467,104
34.911,239
37.151,028 —0-0
32,904,268 —11-0
28,503,529
18,708,229
23,071,617 —18-9
4,393,332,617 4,928,953,128 —109

Boston...........
Providence...
H a rtford .....
New H aven..
Springfield...
W orcester....
Portland........
Fall R iv er,...
Lowell...........
New Bedford
Total N. Eng

17-7
2,722,675 —
29-1
2,254,997 —
-6
433,346,412 -t-0

Chioago..........
Cincinnati.....
Milwaukee....
Detroit............
Cleveland......
Columbus.....
P eoria............
Indianapolis...
Srand Rapids.
Lexington.. . .
Saginaw .......
Bay City........
Akron. ...........
Springfield....
Canton...........
Tot.M.West.

370,858.905 +6‘8 3.928,807.839 4.305,705.313 -8 -8
585,939,600
587,421,000 —0-3
60.997.16C +9-8
201.218.775
807,/88,527 -33-6
20,023,746 43-7
298,508,697 -12-0
24,401,031 4-5-6; 262,617,070
248.143.754 -10-6
19,287,083 +20-6 221.725,476
164.988.500
146,180.400 -t-6-0
12.804,100 428-4
86,989.382
75,360.383 +15-4
6,507,624 448-1
59,646,673
56,169.950 -t6-2
5,922,101 —5"4
36.322.244
42,487,619 —14-5
3,864,425 -17-1
16.576.743
16,731,057 - 0 9
1,646,466 41-0
13,495,683
16,225,648 —16-8
1,232,455 +12-2
12,953,303
13,702,431 —5 5
1,107,993 22-9
8,725.711
10,426,161 -16-3
816,913 +12 4
7.483.133
8,785.269 —14-8
698,4 30 +7-2
7,174,951
7,283,293 —1-6
587,965 +25-2
+7’5 5,607,665,083 6,140,918,482 —8-7
520,816,387

Kansas City...
Minneapolis...
Omaha............
St. P a u l....
D en ver.... ...
Duluth............
St. J osep h ....
Sioux City ...
Des Moines. .
Lincoln..........
Wichita..........
T o p e k a ........
Fremont.........
Tot. oth’r W.

+1-6
-t-4‘4
-8-8

3,774,352 ■I-17-4

55,529,249 45-3

6,490,798 +8"7
4,710,355 440-8

2,205,862 +0-2
2,585,320 +11-5
4,061,046 4 1 7 -2

2 0 ,0 0 +4T9
,0 0 1

85,307,296
44,009,047
35,313,079
20,665,562
19.038,600
11,221,261

ll,0u0,00o

5,751,448
3,161,943
4,354,171
2,233,615
2,083,453
1,876,459
277,012
160,991,550

99,122.167
St. Louis.........
46,212,207
New Orleans..
24,799,434
Louisville.......
15,768.792
Galveston......
13,794,r
H ouston........
9,139,594
Richmond .. . .
13,796,254
Savannah...,.
10,880,529
M em phis.......
4,445.579
Nashville......
6,372.776
Atlanta ........
N orfolk..........
4,631,530
6,017i852
Dallas...........
4,980.615
W aco..............
3,622,720
Fort W orth...
1,790,352
Birmingham..
1,523,160
Jacksonville..
917,307
Chattanooga..
Total South. 267,815,834
Total all...... 4.173,649.827
Outside N. Y. 1,932,166,515
Montreal...... .
T o ro n to. . . . . .
H a lifa x ......!
Hamilton... ..
Tot. Canada.

+9’0
-f-0-7'
-12-7

1,097.228 47-9
678,164 -49-7
78,3u8,022 +8-9

640.445,234 -6 -7
70,443.195 - 2 8 8
52,627.961 +2*9
37,827,324 -34-3
82,701.695 —193
41.118,550 +1-6
31,414.736 -11-1
27,742.173 —54-5
6,955.108 - 2 3 5
947,275,976 —10-7

499.254,985
253,565,367
53.904.106
31.473.011
838,197.529

523,630,888
285,685,892
65.537,144
84.677,806
899.530,490

-4 -7
-11-2
—2-9
-9 -2
-6*8

1892.

1891.

Bingham ton...........
Scranton*................
Total M iddle......

$
485,653,988
56,968,453
12,316.803
11.072.561
3,646.959
1.623.091
1.378.* 65
788,143
653+15
298,900
728,553
574,101,123
75.998.458
4.469,900
2,130,956
1,077,314
1,161,530
1,274,231
1.050.505
1.166.332
565,665
304,938
89,199,865

R ockford .................
Tot. Mid. W est’n.

84,007,239
12,259,150
4,012,465
5,252.705
4.670.179
3.818,600
2,059,476
1.143,940
644,845
327,493
248,510
277,081
154,134
144,317
144,957
235,507
119,401,198

83,279,464
11.238.700
3,809.522
5.024,966
3,846,592
2,558,100
1,478.400
1,256.219
825.007
311,126
252,253
231,683
154,929
135.720
116,808
139,522
115,259,011

174,598,641

165,543,478

12,824,732
1,223,797
1.454,220
447,589
>53,754
845,490
375.U0U
245,418
136,477
83,753
18,190,230

+12-7
—10-4
+18-2
+7-4
+3-8
+17-8
4-47-8
—7-9
-40-1
—(>•
02
+11-4

19,633.650
2,379.765
2,607.195
1.329.057
1,168,875
761.151
740,143
1,136,827
200,000

21,407,508
2,436,070
2,241,942
959,294
913.316
922,224
..

Fargo.......................
Total Pacific.......

14,450,450
1.096.151
1,719,412
480,552
574,050
996,176
554,240
226.104
81,719
83,733
20,263,186

29,856,669

29,040,364

8,200,540
7,044,078
4,403,207
3,7 89,892
2,256,045
1,700,000
1,165,039
637,734
758,251
457,862
570,186
452,680
63.334
31,493,854

7,847,498
6,051,547
4,434.708
8,627,982
2,131,902
1,757.336
1,838,796
084.508
607,459
480,924
465,102
307.320
57,904
29,852,986

+ U -6
4-16-4
-0 -7
+4-5
4-5-8
-3 -3
—36-6
- 6 ’8
+24-0
-4 -8
+22-6
4-23-2
+9-4
+5-5

11,218.567
11,224,119
6,864.680
5+36,071
5.653.629
2,774,661
2,316,650
1,573,894
1,041,330
746,680
565,O 6
r
400,372
97.O00
50,432,719

10,737,630
11.620, >21
5,287,166
6,800,642
5.036,667
1.797,848
1,964,043
1,387+54
842,055
819,523
527.416
384,337

20,469,714
11,136,6+
4+06.451
3,688,0*2
3,296.027
1,900,033
2,9o0,630
2,5*2,187
908,036
1,189,262
907.350
1.311,330
900,000
865,006
353,002
353,742
199,499
57,833,640

20,161,944
+1-5
—17-4
13.482,107
—29-5
5,055,591
+6-3
3,470.358
3,722.973
—11-4
+1-9
1,870,628
+26-0
2,302.242
4-63-5
1.554.723
747.424 ■4-21-5
+1-6
1.170,763
1,209,250
—28-5
+31-8
995,277
4-28-6
700.000
4-63-8
528,561
+47-8
238,825
+7-1
330,298
A23-4
161,697
+0-1
57,762,721

28.377.527
19,723,418
9.952.958
5.080,044
4,064,979
2.430,793
3.230,187
3.552,020
2,209,818
1.705,140
1.257,570
1.150,000
1.002,414
533,114
527+98
375,000
476,599
85,649,5ts6

New B edford.........
Total New E n g...
n î

438,255.493
435.935.933 +0-5
37,809,798 416-4
279,841.140
304.346.741 -8 -1
32,889,570 47-4
222,402,820
273,803,930 -1 8 8
20.159,675 +25-1
165.147,831
16,715.840 4 1 3 4
191,479,264 -13-8
126,494.999
174.348.178 -2 8 0
9,665,647 +16-1
101,501,405
10,499,498 +4-8
92.43l.968 +9-8
68,606,600
6,61u,987 - 1 3 0
80,883.985 —15-2
30.264,058
3,311,293 -4-4
38,631,310 -21-7
48,541,098
3,703,051 +17-6
43,057,047 +12-7
21,081,209
23,773,332 -11-3 Frém ont..................
2,3 92,«66 -6-6
19,465,897
2
1,840,870 41320,918.875 —0-9
Tot. other W est.
22,345,733
1,642,634 414- 2
17,566,013 +27-8
3,742,287
362,962 —23J7
4,274,799 —12*4
147,604,691 +9-1 1,546,694,173 1,701,454,400 —9-1
96,174.462 +3-1 1.023.631,084 1,038,239,416 —1-4
51,418,755 -10-1 382,057,022
443,291,639 -13-8
282,968,129
24.895,125 —0-4
296,554,882
111,217,380
15,895,136 -o129,952.596 —14-4
2 -8 101,212,823 117,221,091 -13-6
17,1'6,49* —0
103,625,378
-1 3
8,944,152 42-2
+9-0 95,398,907 104.988,174 +12-4
12,655,33
84,860.762
80,750,550
8,741,8181 424-5
77,537,172 +4-1
42,788.425
3,349,546 , 32-7
67,707,444 —25-h
49,686,b21
6,127,057 +4-0
55,7 01,927 -10-8
43.768.169
5,091,637 -9 -0
43,957.236 —0-4
53,491,885
5,502,937 +9-4
47.369,934 +129
31.358.502
3,448,813 +44-4
28 841.114 -.8-7
31,677.292
2,573,361 +40 8
25.838,233 +22 6 Chattanooga...........
15,114.841
875,294 410416,779.887 -9 -9
Total Southern..
17.538,312
1,340,606 +13-6
17,681,252 -0-8
9,429.138
01
917,810 —
15,11)5,873 -3 7 6
Total all..............
265,369,148 +0Ì 2,475,687,358 2,601,031,664 —4-8
Outside N. York.
41,301.976.697 50,232,634,390 -17-8
,101,512,014
19,250,474,437 21,187,031,336 -9 -1
,844,664,652

51,838,202; 47,291,960
25,997,046
26.214,277
5,158,299
6,021,080
3,150,008
3.093 424
86.166.9331 81,597,313 +4-4




603,326,025
60,101,166
54.14o.139
24,839.«-67
26,404,833
41,768,433
27,836,7 9
12,633.388
5,323,661
846,378,481

1894.

1894.

P.01.

$
$
22,051,502.260 29,045.603.054 —24*1
+5-3 2,756,185,534 3,140,097,776 -12-2
648,891,195 —5-2
615,235,721
014.538,075 -2 -8
697,572,232
203.175,058 -12*1
—0-3
178,651,226
87,999,981 —14-3
75,402,923
+1F4
71,916,700 -6 -1
67,530,430
+1-4
45,409,145 —10-0
40,924,156
+1-4
40,744,756 —18-5
-6 9
33,231,703
13,965,000 +14-5
+1-8 15,982,800
-1-0*3 26,432,218,985 33,912,400,740 -22*1

1893.

Clearings at—

Eleven Months.

November.

San Franoisoo.
Portland.........
Salt Lake City
Seattle.......... i
Tacom a..........
Los Angeles..
Helena...........
Spokane.........
Sioux F alls....
Total Pacific

NO. 1537.

SATURDAY, DECEMBER 8. 1894.

VOL. 59.

P. Cent.

+1-4
—12-8
—6-8

$
816.658.910
87.25'>,924
14,506,197
15,615,398
5,306,760
2.586.518
1,933.727
1,026,817
962.822
300,000

748,618,921
72.464,480
14,212,145
24,326,143
4,198+68
2,027,074
1,676.572
1.027.719
845.336
303,000

590,299,830

-2 -7

946,154,079

869,700,348

79,626.449
4,474,600
1,679,177
1,075.111
1,081,940
918.911
1,141,200
746.832
628.549
453,720
91,8i6,4S9

—4-6

109,610,934
6,507,400
2,357,153
1,458,964
1,666.762
1 308,212
1.373,035
1,161.899
648,372
653,324
126,836,045

104.626.650
6,730.700
2,038,492
1,441.290
1,404.462
1,294,451
1,395,619

123.531.455
16,103.150
9,770.536
8,660.156
0,381,473
4.086,200
1,94 9 200
1,505.033
999.234
634,375
390,942

107,495.589
15,829,400
8.507.350
7,653.206
6,470,341
3.308,700
2+70,785
2,745,288
812,909
425,301
358,60»

500,^8.631
59,532.693
10.089.464
11.892,897
3,362,046
1,270,818
1.334.702
777.508
750.171
320,900

892,297,866

903,181,267

406,743,883

402,212,636

-3 -1
—4-3
+22-1
—6-9
+5-5

+1§|
+3-3

—
o-i
■ fS
'2

+27-7

+38-7
—8-0
+56-2
—10-0
—32-8
-2 -9
+0-9
+9-1
+6-3

-6
-6

+21-4
+49-3
+39-3
—9-0
—21-8
+5-1
—1-5
+19 9

—
0-5

ft6'3

+ 2 FI
+68-8
+3-6

731,290
625,150
120,283,104

272,-373
186,514
160,000

.... .

160,000

47,206,003
25.974.129
13,534,611
7.970.191
4,160,006
3,095,661
2.611.169
3.023,658
3,794,078
2,319,854
1.700,000
1,347,72»
982.789
1.038,408
675,000
673,235
402,674
73,297,077

—1-2 1,413,525,738 1,295,071,368
+1-1 596,866,822 646,452,442

11.085,518
10.814,994
11,549,487
+6-8
7.403,517
6.172,753
-1 -0
6.111,505
1.240,268
1.150,939
—4-1
1,110.000
848,023
753,638 —20-5
599.079
H amilton................
1,595,210
Winnipeg*...............
20 577 326
18,898 324
+2-6
19,370,151
Total Canada......
' Not included in totals.
Q T F a r sab le ul c le a rin g s by te le g r a p h s e e P age 7 6 6 .

10.600,00«
7.738.588
1,389.730
824,368
20.532,684

984

THE

CHRONICLE.

[Y o l. L IX .

Thus it will be seen that the receipts from freight
and other sources for November 1894 are in excess of
those of any preceding November, and the total gross
receipts are larger than in any other November except
last year. In other words, while the total for 1894 at
$1,746,738 compares with $1,872,068 for last year, it
compares with $1,709,131 for 1892, $1,743,779 for 1891
and $1,616,051 for 1890. It is to be remembered too
that the figures for 1894 are only approximate, and
that the audited returns usually prove to be consider­
ably in excess of the estimates. If this rule should
hold good the present time, the comparison would, to
the extent of the difference, be better even than indi­
cated by the above statement.
As regards current earnings generally, the returns
are pretty good as a rule, except in the case of those
Western roads which are suffering severely from the
crop failure. The St. Paul, for instance, for Novem­
ber reports a decrease in the large sum of $649,064,
and this decrease must in great part be attributed to
the cause mentioned, though in part also it doubtless
follows from diminished passenger revenues. Several
other Western roads have likewise sustained severe re­
ductions of their earnings, though of course there are
exceptions where the roads are able to record gains
instead of losses. Southern and Southwestern lines
nearly all have done well and show considerable gains,
the Missouri Kansas & Texas, with its increase of
$127,894, being a conspicuous instance of the kind.
Then we have roads like the Northern Pacific,
with an increase of $79,017, and the Great Northern,
with an increase of $158,168. The New York Cen­
tral for November reports gross earnings of $3,837,003 in 1894 against $3,897,430 in 1893, which
will be regarded as a remarkably good exhibit consid­
ering that passenger receipts must have been much
smaller than in November last year, and that the grain
traffic must also have been greatly reduced, while the
Central is not in position to derive such important
gains from the resumption of work in the iron districts
as the Pennsylvania and some of the other trunk lines.
We shall publish our usual review of the earnings
for the month next week. This week we have pre­
pared preliminary totals, and these show that the ag­
gregate gross earnings of the seventy-three roads which
have furnished returns thus far were $36,269,684 in
November 1894, against $36,801,155 in November 1893.
For the later weeks of the month the comparisons have
been better than for the earlier weeks, mainly because
passenger earnings began to drop back to normal fig­
ures after the middle of the month last year. Our tables
indicate a loss of 4*62 per cent for the first week of
November and a loss of 2*16 per cent for the second
week, but a trifling increase for the third week and an
increase of 1-34 per cent for the fourth week—the lat­
ter, however, on the basis of only forty-eight roads, as
the statement will not be complete until next Saturday.
Except for a loss of $154,968 by the Milwaukee & St.
Paul and a loss of $55,076 by the Northern Pacific, the
improvement for the fourth week would be very de­
cided. There is a strike at the Cœur d’Alene mines in
Idaho, which probably accounts for the falling off on
the Northern Pacific in the week mentioned.
The principal features in the domestic financial situ­
,---------------- Qross Receipts from Traffic.---------------- .
ation this week were the return of money to its normal
Illinois
Miles
From
From Freight
Central. OpePd
Passengers, and other Sources.
Total.
condition after the bond settlements, an upward reac­
1 8 90
......2,875
$300,945 65
$1,315,105 60
$1,616,051 25
1891
.....................2 ,884
333,620 40 1,410,158 62
1,743,779 02 tion in exchange to the gold-exporting point followed
1892
....... 2,888
369,629 42
1 ,3 39,5 014 8
1,709,130 90 by a withdrawal of $1,250,000 for export, and an ex­
1 8 93
....... 2,888
447,138 99
1,424,928 77
1,872,067 76
1894 (E s t .)...2,888
305,812 00
1,440,926 00
1,746,738 00citing speculation in the certificates of the American

TH E F IN A N C IA L S IT U A T IO N
The meeting of Congress on Monday for its second
and. short session, and. the publication of the President’ s
Message and Secretary Carlisle’s report have, in the
absence of any important industrial event, absorbed
public attention. We have noticed some of the promi­
nent features of these documents on a subsequent page.
The President’ s Message will be chiefly memorable be­
cause of the broad and positive way in which he states
that he will continue to defend and preserve the
gold standard with his present facilities until Congress
authorizes the sale of a more suitable security. The
document Secretary Carlisle has issued will be often re­
ferred to hereafter. No doubt the new device for a
bank-note system which he proposes would of itself
make it notable, but we have been particularly gratified
with the exposition it contains of the defects and mis­
chievous character of our heterogeneous currency sys­
tem as it exists and is seen in operation to-day.
We trust Congress will not let the session pass without
giving the Government the bond and authority asked for.
It is a shame to leave officials in such a plight as ours
are now in, with no really efficient instrument to pro­
tect financial engagements from accidents; but it is
reassuring to know that they have sufficient power,
though it be cumbersome and expensive, and that they
have the will to preserve the integrity of our standard
of values whether Congress acts or not. It seems to be
generally assumed that no important legislation except
it may be a new bond act will be perfected this year.
We could wish we might also have our currency put in
progress of rectification and a new bank-note act passed.
It will be a long time to wait until the next Congress
meets, and it cau be just as well accomplished at a
short session if the disposition exists. Many will think the
endeavor to get the kind of legislation needed out of this
Congress to be a hopeless undertaking. Judging from
the financial vagaries prevailing at the last session we
should agree with that conclusion. But an election has
occurred since then, and it has been such a revelation
of public opinion that we cannot but think the frame
of mind with which currency matters would be under­
taken and treated would be greatly changed. Of
course there are some men in and out of Congress into
whose brain a 40 pound sledge could not drive a new
idea. But those men are not a fair average for men, as
they exist in this country at least.
Notwithstanding the great shrinkage in the grain
movement as the result of the smaller crops, the Illi­
nois Central is able to present a very satisfactory state­
ment of earnings for the month of November. In that
month last year, though the World’s Fair had closed,
the passenger revenues still continued greatly above the
normal. The present year of course the passenger re­
ceipts show a considerable falling off from the 1893
total.
But notwithstanding the loss in that way,
aggregate gross earnings record a comparatively small
decrease at a time when some other large systems by
reason of the diminished grain traffic are reporting
very considerable decreases. We are able to give the
results for the Central in detail, in comparison with
the figures for the corresponding months of previous
years, as follows :




D ecember 8, 1894. J

THE

CHRONICLE.

Sugar Refining Company. Money on call at the Stock
Exchange, representing bankers’ balances, has gene­
rally loaned at 1 per cent, though early in the week
1* per cent was recorded.
The average has been at
perhaps a fraction higher than 1 per cent; renewals
were at l @ l * and banks and trust companies marked
up their 1 per cent loans to 1* per cent, and they have
sought to maintain this figure. The supply of money
seems abundant and bankers look for continued ease, at
least in the call loan branch of the market, in the near
future. The demand for short-time loans has fallen
off, and offerings are somewhat liberal; rates are 1*@2
per cent for thirty to sixty days, 2* per cent for ninety
days to four months, and 3@3* per cent for five to
seven months on good Stock Exchange collateral. The
market for commercial paper is without import­
ant change; offerings of first class are small,
though all the paper that is made does not
find its way upon the market, for so urgent is
the inquiry among banks that they are willing to dis­
count paper for the best of their customers, even at the
rates quoted by the brokers and paper buvers, and in
this manner some of the leading banks do a fair business.
Some paper is offering from interior Western mer­
chants, but this is limited because of the competition
of Chicago and St. Louis banks. The quotations
are 2f@ 3 per cent for sixty to ninety-day endorsed
bills receivable, 3@3* per cent for four months’ com­
mission house and prime four months’ single names,
3*@4 per cent for prime six months, and 4^ @7 per cent
for good four to six months’ single names, for which,
however, there is not a large inquiry.
With reference to the foreign financial situation, our
London correspondent cables us that the French inquiry
for gold is subsiding, but that the B m k has this week
sold in the open market for Paris £359,000. It is like­
wise announced that the Rothschilds have concluded
negotiations for an Austrian loan for 76,000,000 florins,
and also that a new Russian loan for about $100,000,000
is soon to be brought out in Berlin. In the opinion of our
foreign bankers, preparations for these loans will account
largely for the movement of gold to Paris and Berlin
which has resulted in the accumulation by the Bank of
France of the unprecedented amount of £80,219,111
and by the Bank of Germany of about £38,982,000 gold.
The Bank of England maintains its minimum rate of
discount at 2 per cent. The cable reports discounts of
sixty to ninety day bank bills in London at 15-16ths of
1 per cent; the open market rate at Paris is I f per cent;
at Berlin it is I f per cent, and at Frankfort I f per cent.
According to our special cable from London the Bank
of England lost £759,617 bullion during the week and
hold at the close of the week £34,196,263. Our cor­
respondent further advises us that the loss was due to
shipments to the interior of Great Britain of £281,000
and to exports of £479,000, of which exports £359,000
were sold in the open market for Paris, £100,000 went
to the Cape of Good Hope, £10,000 to the Argentine
Republic and £10,000 to Chili.
The market for foreign exchange has been strong
this week, influenced by a light supply of all kinds of
bills, those drawn against cotton being small and
quickly absorbed, and by a good demand for current
remittance to cover short contracts and to remit for
stocks sold for European account.
There have been
some indications that at least one of the large sub­
scribers for the new 5 per cent loan has been supplying
the market with bills against these bonds, but there is
no evidence that these drafts have been liberally




985

offered, and they were probably gradually marketed as
the tone grew firmer. It is intimated that some of the
unsuccessful bidders for the bonds who accumulated
gold for the purpose of paying for them have re­
mitted part if not all of this money, and that
may account for some of the demand. An issue of
$3,165,000 5 per cent first mortgage bonds of the St.
Louis Merchants’ Bridge Terminal Railway Co. has been
brought out in London, but it is thought that the pro­
ceeds have not yet been drawn for. There is a round
amount, estimated at about £300,000, of sterling
maturing towards the end of the year upon which
money has been loaned by some of the banks,
but this block is not yet available, and as
the market is depending upon current supplies it
is not surprising that it should be strong. On Monday
the tone was quite firm, particularly for sight, and
Brown Brothers & Co., the Bank of Montreal, Heidelbach, Ickelheimer & Co. and the Merchants’ Bank of
Canada advanced their rates half a cent for both sixty
day and sight. There then appeared to be a good
demand to cover bills sold early in October in expecta­
tion of being covered with cotton drafts. The inquiry
was not quite so urgent on the following day, but
there was no change in rates for actual business and
the only alteration in posted figures was by Baring,
Magoun & Co., who advanced short, and by the Cana­
dian Bank of Commerce who moved both long and
short upward. On Wednesday the market was strong and
rates for actual business in sterling were advanced to
the gold-shipping point while short francs moved up
very near to that figure, and Heidelbach, Ickelheimer
& Co. posted 4 88 for long sterling. It was reported that
the price of gold had been reduced in Paris, and there­
fore that exports to the Continent were unlikely, but
it was thought probable that some of the metal would
have to be sent to London on Saturday. On Thursday
the market was dull and firm in the morning and quite
strong in the afternoon, and though rates for actual
business were unchanged Lazard Freres advanced
long sterling half a cent, while the Bank of British
North America moved both long and short upward
half a cent. It was then stated quite positively that
some gold would be shipped on Saturday but that the
amount would not be decided upon until Friday.
Yesterday the market continued firm, and further
advances in rates were made and $1,250,000 gold was
withdrawn for export. The following table shows
the daily changes in rates of exchange by the leading
drawers :
W ed.,
T ues„
Mon..
Fri.,
Nov. 3( . Dec. 3. Dec. 1. Dec. 6.
87%
87%
87%
89
89
89
87%
87%
87%
Baring,
j 60 days.. 87%
89
.89
88%
Magoun tc Co. ( Sight.... . 88%
87%
87%
87%
Bank British
(60 days.. 87%
89
89
89
No. America.. t Sight...... 89
87%
87%
87%
Bank o f
j 60 days.. 87
89
89
89
Montreal....... ( Sight....... 83%
88
88
87%
Canadian Bank (60 days.. 87%
89
89
88%
o f Commerce. ( Sight...... 88%
88
87%
87%
Heidelbach,Ick- {60 days.. 87
89
89
89
elheimer & Co i Sight..... 88%
87%
87%
87%
Lazard Freres...
89
89
88%
87%
87%
87%
Merchants’ Bk. (60 days.. S7
89
89
89
o f C anada.... 1 Sight...... 88%

Fri.,
Thurs.,
Dec. 6. Dec. 7.
88
87%
89
89%
83
87%
89
89
88
88
89%
89%
87%-8
87%
89
89
38
88
89
89
83
88
89
89
88
88
89
89
87%
87%-8
89-%
89

sry strong on Friday at 4 88 for
¡9* for sight. Rates for actual
business were 4 87*@4 87* for long, 4 88*@ 88* for
short and 4 88*@4 88f for cable transfers. Prime
commercial bills were 4 86f@ 4 87 and documentary
4 86*@4 86*.
We have compiled our statement of bank clearings
for the month of November this week, and while the
figures show an increase over last year the increase is

986

THE

CHRONICLE.

not so large as for the month preceding, being only 1 *8
per cent, as against 6*3 per cent. Outside of New
York the increase is 4*7 per cent, against 11*1 per cent
last month. But it is to be remembered that in October
there had been an extra business day, arising out of the
fact that the month in 1894 contained only four Sun­
days, whereas in 1893 there had been five Sundays.
Furthermore, the elections occurred in November, and
these, having been this year much more important and
more general than last year, exercised a greater retard­
ing effect upon business than in November 1893. It
should be remembered, too, as regards all the compari­
sons with last year, that the gain in the actual volume
of trade is in a measure concealed by the great decline
in prices which has occurred. For instance in the
case of cotton the price per pound as was pointed out
last week is over two cents lower than a year ago. On
a bale of cotton this makes a difference of over $10*00,
and it is easy to see what the effect of such a
reduction on the totals of clearings must be. The
price of wheat is also lower, and furthermore we
have this year a much smaller grain movement than
a year ago, all of which operates to reduce the totals
of clearings, offsetting to that extent the increase from
greater activity in manufacturing and in general trade.
In the following we show the clearings for each month
back to January in comparison with the totals for last
year.

rvoL. Lix.

While the dealings in all the active stocks on our
Exchange are cleared by an independent method, yet
the indirect effects upon bank clearings of a fall­
ing off in Stock Exchange operations is not to be
ignored. The approximate market value of the sales
this year, it will be seen by the above, was 302 million
dollars, against 328 million dollars last year.
As heretofore, the improvement in clearings is more
marked in the interior sections of the country than
here in the East* For the Middle States the increase
is only a fraction of 1 per cent, and the increase
for the New England section is likewise very trifling.
For the Middle Western group the gain is 7*5
per cent, for the Far Western group it is 9*1
per cent and for the Pacific coast 8*9 per cent..
For the Southern group the increase is not quite one
per cent, heavy losses at New Orleans and Houston
having drawn the totals down.
The improvement in
the iron districts is reflected in an increase of 32 *7 per
cent at Nashville and an increase of 104 per cent at
Birmingham.
BANK CLEARINGS AT LEADING CITIES.

— Nover
tyfiber.—
<
-----Jan■uary 1
rooo.ooo«
1894. 1893. 1892. 1891. 1894. 1893.
omitted.)
$
$
$
$
$
$
New Y o r k ... 2,241 2,257 3,181 2,948 22,052 29,046
Chicago........
392
371
465
402 3,929 4,306
B oston..........
375
373
450
403 3,762 4,210
Philadelphia
267
253
329
278 2,756 3,140
St. L o u is . . . .
99
108
96
98 1,024 1,038
Sn-c f'ran’ co.
58
56
75
79
603
646
o r e ...
55
58
65
61
615
649
* MONTHLY CLEARINGS.
56
50
62
f
a r g ...
55
598
615
i » '{¿nati.,.
56
51
65
58
586
587
Clearings, Total AU.
Clearing» Outside New Yorh.
Month.
Kansas City. - 44
38
48
43
438
436
46
51
59
53
1894.
382
1893.
443
P.Ct
1894.
1893.
P.Ct. New Orleans
21
M ilwaukee..
20
34
31
204
308
»
1
$
8
25
25
37
29
283
297
January.... 4,053,566,086 5,951,834,162 —31’9 1,888,002,030 2,390,422,750 —21*0 L ou isv ille...
18
18
20
17
179
203
F ebruary.. 3,206,654,400 5,082,399,965 -36-9 1,482,614,610 2,015,505,166 —26-4 Buffalo....... .
M arch........ 3,754,675,308 5,421,490,549 —30-7 1,705,763,757 2,170,793,967 -21-4 D etroit........
26
24
35
263
27
299
Minneapolis.
35
33
48
42
280
304
le t quar.. 11,014,895,794 16,455,754,676 -33-0 5,076,480,897 6,576,721,883 —22-8
Omaha.........
21
20
26
19
222
274
April.......... 8,722,729,081 4,953,076,416 —24-8 1,704,410,898 2,146,726,582 —20-6
Providence..
23
21
221
26
25
267
May........... 3,894,612,384 5,281,832,779 r-26‘3 1,801,476,972 2,226,853,438 —19-0
C leveland...
23
19
23
28
222
248
June........... 3,601,647,318 4,553,616,925 —20-9 1,703,067,084 1,927,720,466 -11*6
D e n v e r ......
11
10
23
19
174
125
2d quar... 11,218,988,783 14,788,526,120 —24-1 5,208,954,949 6,300,800,486 —17*3
St. P au l.......
19
17
25
27
165
191
6 months. 22,233,884,577 31,244,280,796 -28-8 10,285,435,346 12,877,522,369 -20-1
July........... 3,515,091,648 4,154,453.009 —15-4 1,671,682,872 1,761,046,138 —5-1
August...... 3,565,217,619 3,360,836,984 +5-7 1,693,598,268 1,402,797,948 +20-7
September. 3,525,133,428 3,335,081,036 +5-7 1,660,111,815 1,493,885,237 H -li'l
Sd quar... 10,605,442,695 10,850,371,029 —2-3 5,025,382,955 4,657,729,313 +7-9
9 months 32,839,327,272 42,094,651,825 —22-0 15,310,818,301 17,535,251,692 —12-7
October....
November.

4,288,999,598 4,036,470,551 +6-3 2,007,489,621 1,807,114,992 +11-1
4,173,649,827 4,101,512,014 +1-8 1,932,166,515 1,844,661,652 +4'7

Another point must be taken into consideration in
studying the returns of clearings. The volume of
dealings in stocks is smaller. At New York the
bank clearings for the month are “
"actually less than a
year ago, and we find'that the share sales on our Stock
Exchange reached only about 4^ million shares in the
month in 1894 against
million shares in 1893.
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1894.

Month.

J a n .... 4,519,463
F e b .... 3,173,527
March. 4,755,383

Par.
$
445,082,520
310,597,250
464,925,000

ls t q r 12,448,373 1,220,604,770
April...
May....
June...

4,024,651
4,808,808
3,395,727

1893.

Values.

Number
of Shares.

396,238,500
465,310,050
336,156,400

2d qr. 12,229,186 1,197,704,950

Actual.

Number
of Shares.

t
257,323,270 10,583,961
186,671,536 10,742,925
281,106,748 7,390,694

Values.
Par.
$
964,551,825
886,537,950
667,797,100

Actual.
$
705,648,12
566,749,945
453,432,872

725,101,554 28,717,580 2,518,886,875 1,725,830,945
219,548,822 6,271,083
324,363,706 8,972,435
239,451,431 4,823,997

591,037,380
856,148,250
454,188,600

380,697,813
466,085,607
253,852,274

783,358,959 20,067,515 1,901,374,230 1.100,635,694

6 m os.. 24,677,559 2,418,309,720 1,508,460,513 48,785,095 4,420,261,105 2,826,466,639
July.... 2,803,736
August 5,034,810
Sept.... 4,064,049

277,262,850
498,373,650
400,396,200

3d qr. 11,902,595 1,176,032,700

190,975,817 5,895.187
308,737,404 4,903,629
252,698,930 4,722,411

574,371,700
483,743,200
460,653,550

322,593,474
260,577,015
262,471,849

752,412,151 15,521,807 1,518,768,450

845,642,338

9 mos. 36,580,154 3,594,342,420 2,260,872,664 64,306,402 5,939,029,555 3,672,108,977
Oct...... 3,882,376
N ov.. . 4,545,896

383,141,450
447,097,300




253,034,878 6,322,384
302,708,822 5,458,255

600,051,350
529.084,255

314,296,968
828.456.633

T o ta l......... 3,914 3,858 5,209
Other cities..
259
233
291

to Nov.
1892.
$
33,060
4,643
4,531
3,467
1,114
746
706
695
685
461
437
327
353
183
329
397
266
259
270
244
245

30.-----1891.
$
30,490*
4,033
4,335
3,006
1,029
819
662
620
606
418
45T
288
328
147
287
323
194
252
238
210
217

4,737 38,909 47,681 53,418 48,958
242 2,393 2,410 2,674 2,375

Total aU ... 4,173 4,091 5,500 4,979 41,302 50,091 56,092 5 1 ,3 3 »
Outside N.Y. 1,932 1,834 2,319 2,031 19,250 21,045 23,032 20,843

We have had this week some good returns and also
some poor returns of net earnings for the month of
October. The Denver & Bio Grande and the Mexican
National belong to the former class, the Atchison and the
Central of New Jersey to the latter class. The loss for
the Atchison system is $227,954 in gross and $217,000 in
net, all of which has occurred on the Atchison proper, as
the auxiliary roads, namely the St. Louis & San
Francisco, the Colorado Midland and the Atlantic &
Pacific, and particularly the latter, show improved net
results. The Central New Jersey has lost $205,194 in
gross and $189,113 in net. The Mexican National has
gained $57,296 in gross and $38,616 in net, and the
Denver & Bio Grande $58,329 in gross and $13,221 in
net. The Norfolk & Western, with $36,193 increase
in gross, has $90,015 decrease in net, due to heavy out­
lays on the equipment, and the Atlantic system of the
Southern Pacific, with $103,062 increase in gross,, has
$10,087 decrease in net. The Southern Bail way re­
ports 131,757 increase in gross and $107,533 increase
in net. The Western New York & Pennsylvania re­
ports gross of $314,169 against $297,635, and net of
$110,166 against $105,154; the Toledo & Ohio Central
gross of $216,818 against $191,982, and net of $82,954
against $78,421; the Bio Grande Western gross of
$239,181 against $226,950, and net of $101,228jagainst
$97,286.

THE

D e c e m b e r 8, 1894.1

CHRONICLE.

987

whether people agree with Mr. Carlisle in his conclu­
sions or not (and perhaps few will be found to accept
A t. Top. & S .F e ................... .Gross
his currency plan without some modification), he ha3
Net
•Central o f New Jersey...... .Gross
prepared so able a document not only in what he says
Net
'Ches. Ohio & Southwest’n..Gross
in exposition of his scheme but more perhaps in the
Net
■Chicago Burl. & Northern..Gross
clear and forcible way in which he briDgs out the
Net
Denver & Rio Grande........ .Gross
deplorable character of the present currency situation,
Net
that his report cannot fail to command general atten­
Kan. City Ft. Scott & Mem Gross
Net
132,651 tion.
Kan. City Mem. & B irm .... .Gross
46,063
Net
Of first concern to the public is the uncertainty
793.844
Mexican C e n t r a l............ .Gross
345,978
Net
394,723 which prevails as to the sufficiency of the gold reserve.
Mexican National................ .Gross
109 394
Net
222. = 0 That reserve has ju3t been strengthened by a sale of
>3
Minneapolis & St. L ou is.... .Gross
87,209
Net
At the moment,
870.910 50 millions of Government bonds.
N orfolk-# W estern............. .Gross
355.910
Net '
203,151 therefore, the convertibility of our currency is safe.
.Gross
R io Grande W estern.. . . . . .
110,718
Net
But the question so many ask is, what guaranty have
247,541
St. Paul & D u lu th ... .! ........ Gross
125,134 we of continued strength ?
Net
Oar readers well know,
130,759
Toledo & Ohio Central....... .Gross
63,449 and indeed the President and his Sicretary clearly
Net
345,186
West. N. Y. &P a . . ; ............ Gross
118,203 prove, that this renewed strength is no abiding condi-^
Net
The following gives the week’s movements of money tion. We may for instance at any moment be in the
midst of large gold exports. Last year they began on
to and from the interior b j the New York banks.
a moderate scale in the week ending December 9th
Net Interior
Received by Shipped by
Week Ending December 7,1894.
Movement.
(just as they have begun now in the week ending De­
N. F, Banks. N. F . Banks
C u rre n cy .. . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,555,000 $2,411,000 Gain.$3,144,000 cember 8th) and the movement netted an excess in
450,000
400,000 Gaia.
■Sold _____
..................—.
850,000
exports each month to and including August 1894,
$6,405,000 $2,811,000 Gaia.$3,594,000
T otal gold and legal ten d ers—
the total net outflow for those months being $76,With the Sub-Treasury operations cue result is as
141,581. This year the conditions are in some im ­
follows. The loss in the bank statement to be issued
portant particulars such as to encourage a belief of
to-day should be very much larger than here indicated,
much smaller aggregate exports, and yet the current
as the heavy payments into the Sab-Treasury on
and prospective trade figures, also the rates of for­
account of the bond purchase were reflected only in part
eign exchange and the outflow of gold this week are a
in last week’s bank return.
pretty strong affirmation that more or less gold
Net Change in
must go out. Our currency system makes it in­
Out of
Into
Week Ending December 7,1894.
Bank Holdings.
Banks.
Banks.
evitable that those exports shall come out of the
Banks’ interlor m ovem ent, as above $6,405,000 $2,811,000 Gain.$3,594,000
A3 Mr. Carlisle says, “ the mandatory
Sab-Treasury operations................... 16,100,000 24,400,000 Loss. 8,300,000 Treasury.
legislation which keeps a large volume of Government
Total gold and lega lten d ers. .. $22,505,000'$27,211,000 Loss.$4,706,000
The following table indicates the amount of bullion notes in circulation notwithstanding their repeated
in the principal European banks this week and at the redemptions in coin, and also imposes upon the Gov­
ernment an obligation to maintain the parity of the
«corresponding date last year.
two metals in respect to their purchasing and debtDecember 6,1894.
December 7.1893.
Bank of
paying power while their bullion values differ so mate­
Silver.
Total.
lotal.
Gold.
Silver.
Gold.
rially,” holds the Treasury “ in a position which will
£
£
£
£
£
~£
25,677,883 compel it to procure and furnish gold to all who
34,196,263 25,677,832
England........ 34,196,263
France........... 80,219,111 49,605,198 129,824 309 68 436,000 50.819.000 119,275,000
demand it, whether they be our own citizens or citi­
Germ any*.... 38.982.000 12.994.000 51.970.000 31,096,500 10,365,500 41,462 000
Aust.-Hung’y 15.242.000 14.174.000 29.416.000 10,229,000 16.096.000 26.325.000 zens or subjects of other countries.”
Spain.............
8.004.000 10.530.000 18.534.000 7.918.000 0 812,000 14.730.000
Under such circumstances the conclusion is unavoid­
Netherlands. 4.080.000 0,829,000 10.909.000 3.383.000 0,925,000 10.303.000
Nat.Belgium* 3,3.8,607 1,669.333 5,008,000 2,695,333 1,317,067 4,043,000 able that to prevent further embarrassment to our crip­
Tot.this week 184,062,041 95,801,531 279^83,572 149 435,715 92,385,167 241,820,883
pled industries more bond sales will be needed for
T o t . prev. w’k 183,379,789 95,332.705 279,212,494 149,439,803 93 096,107 241,525,970
* The division (between gold and silver) given in o a r table o f c o in reinforcing the reserve in the not very remote future.
and bullion in the Bank o f Germany and the Bank o f Belgium is m ade This had already become a common belief and had led
from the best estimate we are able to o b ta in ; in neither case is it
claim ed to be accurate, as those banks make no distinction in their to the expression of a doubt as to how far the Adminis­
weekly returns, m erely reporting the total gold and silver, but we
tration would go in keeping the reserve safe by further
believe the division we make is a close approxim ation.
recourse to the existing bond authorizition if Congres
N ote .—We receive the foregoing results weekly by cable, and w h ile
not all o f the date given at the head o f the colum u, they are the re­ refuses to grant better facilities. On this point it is ex
turns issued nearest to that date—that is, the latest reported figures.
tremely fortunate that we now have the declaration of
Mr. Cleveland expressed with more than his usual preci­
sion. He says that “ as long as no provision is made
MR. C A R L IS L E S D ISC LO SU R E OF THE for the final redemption or the putting aside of the
C U R R E N C Y SIT U A TIO N .
currency obligations now used to repeatedly and con­
We publish on subsequent pages to-day the more stantly draw from the Government its gold, and as
important portions of the President’s message and S jc- long as no better authority for bond issues is allowed
retary Carlisle’s report, chiefly those portions relating than at present exists, such authority will be utilized
to our currency. We need not say that they deserve whenever and as often as it becomes necessary to main­
attentive reading. The circumstance that currency tain a sufficient gold reserve, and in abundant time to
weakness and currency reform are both treated very save the credit of our country and make good the
clearly and at length in each document, and that they financial declarations of our Government.”
The foregoing words are both comprehensive and
are conditions which not only touch and affect every­
one’s interests, but are to-day obviously fettering enter­ emphatic, as much so as language could make them.
prise, is sufficient to ensure a close scrutiny of the Mr. Cleveland also shows that he understands the situ­
position the Administration has taken. Furthermore, ation just as Mr. Carlisle does, and thinks, as do all
■October Earnings. -

Name of road—




1894.
$
4,284,406
1,571,747
1,037,839
394,113
231,«29
97,818
239,313
125,719
723.758
337,995
455.360
149,520
99,637
25,489
768,741
356,585
406,872
190,618
220,205
119,198
967,570
260,137
239,181
101,228
159,722
61,985
216,818
82.954
314,169
110,166

1893.
$
4,512,380
1,783,747
1,303,033
583,220
2 "'8,012
78,935
277,026
125,234
808,429
324,774
480,26 1
181,297
106,030
32,739
720,991
335,224
349,576
152,003
201.745
103,848
931,377
350,152
226.950
97,283
192,940
87,030
191,982
78,121
297,635
105,151

1892.
$
4.8)5.999
1,089,109
1,271,708
530,859
223,460
91,709
243,479
105,572
815,561
362,453
539,141
167,467
114,757
30,720
772,009
352,406
480,621
176,707
200,345
77,525
943,594
323,082
246,869
99.029
248,498
95,849
183,217
65,083
335,393
117,401

1891.
«
4,095,082
1,812,762
1,408,412
677,154
234,951
103,584
233,139
¡102,391
854,244
390,442

988

THE

CH K O M CLK .

other well-informed men, that without doubt there will
he a need for the issue of further bond proposals. The
obligations against which he has to hold this small re­
serve, when received and redeemed in gold must, he
says, be re-issued, and received and redeemed, again and
again. Hence the gold must frequently be scattered
and as frequently be gathered in. He has several
times urged Congress to give him authority to issue a
more suitable obligation. As it has neglected to re­
spond to the request, he once more makes known to
them the dilemma and the need; and then adds that until
they do he shall use the power he now has “ whenever
and as often as it becomes necessary to maintain a suf­
ficient gold reserve and in abundant time to save
the credit of our country and make good the financial
declarations of our Government.” This is by far the
broadest and most unequivocal expression of his pur­
pose Mr. Cleveland has ever made.
But in addition to this statement both Mr. Cleveland
and his Secretary ask for further power. On this sub­
ject Mr. Carlisle also tells Congress that the result of
the late loan justifies the opinion that a 2^ per cent bond
of reasonable length could probably on that occasion
have been sold at par and certainly that a 3
per cent bond could have been disposed of at
or above that rate. Thus if the power asked
for was granted the investment value of the loan
would be materially improved while at the same
time the loan would be popularized, that is distributed
among the people at large, who are now deterred by
the high premium from offering to purchase. Then
there is another important advantage mentioned which
would be gained under the new system. For these
takings of gold from the Treasury are largly a matter
not of need but of sentiment, so that increasing the
facilities, instead of increasing the probabilities of
a frequent resort to that means of raising money, would
have the contrary effect; when it became known that
the Secretary of the Treasury was clothed with ample
power and facilities for the maintenance of the reserve,
public confidence in the ability of the Government to
meet promptly all demands upon it would be much
stronger than under present circumstances. Hence the
Secretary concludes that to keep the Government
longer restricted to the sale of an antiquated bond, in­
consistent in every way with the existing state of public
credit, the public requirement, and the Treasury emerg­
ency, cannot be justified upon any grounds of expedi­
ency or principle.
But we cannot follow Mr. Carlisle's presentation of
these matters further. We hope not one of our readers
will be satisfied until he has attentively read at least
the portions of the Secretary's report which describe
the existing currency need and situation.
We
do not believe the dilemma and position of the
Government and the country have ever before
been officially put so clearly, fearlessly and at the
same time so accurately as he has done. And there is
nothing like a correct diagnosis of the disease as a pre­
liminary for the preparation of an effective remedy.
Whether Mr. Carlisle's bank note scheme completely
meets the case he has so carefully described is quite
another question. It certainly contains many good
suggestions. No doubt, too, it will stimulate discus­
sion, and in that and in other ways be a decided help
in formulating a new system. We shall have to take
another occasion for its consideration.
In the meantime it is satisfactory to know chat the
Secretary has gone a grea
^ towards disclosing the




[V o l. L 1X .

character of the financial and commercial dislocation
we are enduring, and consequently some of the chief
points which any system for rearranging and restor­
ing a healthy industrial condition ought to cover.

COURSE O F T R U N K L IN E INCOM E.
The course of income of our great East-and-West
trunk lines affords material for interesting study»
These lines have no common fiscal year. We gave last
week the figures of the Erie for the twelve months
ending September 30.
Formerly this was the fiscal
year for the New York Central and the Baltimore & Ohio
too. Now the annual return of these two latter closes
with June. The Lake Shore and the Pennsylvania still
have their fiscal year coincident with the calendar year.
We have long followed the practice of making up the
results of all the roads for the period to correspond
with that of the Erie, and bringing the figures together
in a special article. It will be useful to continue that
practice the present time.
The advantage in such
a course is that it permits the comparisons to be carried
very far back— to the years when several of the
roads furnished neither monthly nor quarterly returns,
and the figures to September 30 were the only ones
available. The Lake Shore statement for the SeptemOer quarter has now been made public, and this gives
us all the roads which we usually incorporate in our
review.
In other years the most noteworthy characteristic in
the returns has been the steady growth and develop­
ment which they have shown to be in progress in the
gross revenues of the roads. This time of course we
have not growth but retrogression, and it is for that
reason that the results possess an uncommon degree of
interest and usefulness. As is known, the period
taken was in every way a remarkable one, and
it is desirable to see what kind of a record
the trunk lines were able to make in such a
period. The figures show that after many years
of continuous expansion in income, in seasons of
good crops and of poor crops, and in times of bad
business and of good business, a noteworthy change oc­
curred in 1893-4 as the result of the great depression
in manufacturing and industrial interests, accom­
panied by a combination of other adverse factors which
in magnitude and intensity have never before been
equalled. .
Our summary comprises simply the Eastern system
of the Pennsylvania Railroad— that is, the so-called
lines east of Pittsburg and Erie— the New York Cen­
tral, the Erie, the New York Pennsylvania &
Ohio, the Baltimore & Ohio, the Lake Shore and
the Nickel Plate. Yet in 1892-93 the gross earn­
ings of these roads had exceeded two hundred mil­
lion dollars—in exact amount $201,836,676. For
1893-94 the aggregate is still very large, but reaches
only $173,291,266. Hence, as a result of the unfavor­
able conditions ruling the gross revenues of these
roads underwent a contraction in the sum of over 28^
million dollars. In addition, the Western lines of the
Pennsylvania are known to have suffered a loss of 7 i
million dollars in the same twelve months, making a
total loss of nearly 36 million dollars. This great fall­
ing off affords evidence at once of the magnitude o f
trunk line income and of the severity of the depressing
forces responsible for the decline. Leaving out the
Western lines of the Pennsylvania, the decrease of 28i
million dollars is equal to a little over 14 per cent.

D ecembeb 8, 1894.]

THE

CHK0N1CLE.

989

Perhaps it should be noted that the year to September line war for the time being very greatly reduced the
30, 1893, had included three months of business de­ revenues of the roads.
pression, but then also it included five months of the
TRUNK LINE EARNINGS TEAR ENDING SEPTEMBER 30.
World's Fair business, the last one of the five having
Tear.
Gross.
Net.
Year.
Qross.
Net.
been a period of very heavy travel. .
S
$
#
$
It is hardly needful to say that these trunk Hues, 1879-80............... 134,140,555 50,934,659 1887-88 ............. 184,952,935 53,399,116
139,240,219 53,484,491 1838-89............... 168,704,836 54,168,552
1880-81...............
because of their location and the nature of their traffic, 1881-85»............. 139,152,307 50,838,i8? 1889-90............... 181,611,083 50,559,240
1882-83...............
are so situated that the adverse conditioas of the late 1883-84.......... . 152,717,243 58,189,288 1890-91 .............. 188,830,811 60,447,878
142,637,073 50,552,871 1891-92............. 199,049,910 59,267,814
year operated with exceptional effect against them. 1884-85............... 127,854,890 40,052,945 1892-9 3 ............ . 201,830,076 59,407,134
1885-88............... 142,093,929 .50,799,413 1893-94............... 173,291,200 52,820,032
They all run through important manufacturing dis 4896.87!............ . 159,440.389 56,113.773
tricts, and some of them run through the great ironPerhaps hardly less interest is felt in the expenses of
producing sections, where the depression was deeper
the roads than in their gross earnings. The foregoing
and more pronounced than in any other leading indus­
table throws a great deal of light on that point. It
try. Hot only that, but most of the lines have a very
appears that the decrease of 28^ million dollars in
heavy traffic in coal, and the demand for coal was of
gross earnings in the late year was met by a reduction
eourse very decidedly curtailed by the general in­
of 21§ million dollars in expenses, leaving the loss in
dustrial prostration. The great coal strike like­
net less than seven million dollars. In part of course
wise proved a serious disturbing factor, not only cut­
the smaller expenses follow from the smaller volume
ting off the shipments of coal but compelling many
of traffic moved, but in good part also they reflect the
manufacturing establishments for the time being to
severe economies in operating which the hard times
close down for the lack of fuel.
made imperative. Extending the comparison further
The depression in business and the enforced econ­
back beyond the last two years it becomes obvious that
omies on the part of the population which this necessi­
there was room for a great reduction in the outlays. Pre­
tated had another adverse effect as far as the trunk
viously the course of the expenses had been almost un­
lines are concerned. In diminishing the imports of
interruptedly upward, so that while gross receipts had
Joreign goods, which after arrival at the seaboard
been gaining year by year there was no corresponding
cities pass to a considerable extent over the railroads,
gain in net. Between 1891 and 1893 gross earnings rose
and are thence distributed through the country, the de­
from $188,836,811 to $201,836,676, while net earnings
pression acted to reduce very materially the volume of
actually declined from $60,447,878 to $59,467,134. Or
West-bound freight in the best-paying classes of traffic
take the period of ten years from 1883 to 1893. In
— those taking the highest rates. Then also the crops
this interval the gross receipts increased from $152,of 1893, as will be remembered, were in the aggregate
717,243 to $201,836,676, while net increased only from
only a fair average, while the yield of corn was decid­
$58,189,286 to $59,467,134. In other words, with over
edly below the normal. For the crop year ending
49 million dollars addition to the gross, there had been
September 1, 1894, the receipts of grain at the Atlantic
only a little over one million dollars addition to the
seaboard reached not quite 174 million bushels, against
net.
226 million bushels in the year 1892 3, and 300 million
As far as the increase in expenses during the more
bushels in the year 1891-92, a decrease of 52 million
recent years was concerned it represented to some ex­
bushels as compared with last year and a decrease of
tent liberal outlays by some of the roads for renewals
126 million bushels as compared with two years ago.
and improvements— in part in preparation for the extra
Furthermore the low prices ruling for wheat operated
business expected from the World's Fair. Of course to
to curtail very materially the purchasing power of the
the extent that that circumstance was responsible for the
Western agricultural communities. Besides this, tariff
augmentation, a reduction in expenses in 1893-4 was easy
rates over the railroads were more or less demoralized
and could be made without detriment to the properties.
for a good part of the year on some leading classes of
But the main causes for the growth of operating cost
traffic, and the averages were low. Other adverse in­
lie deeper than that.
They are found in the fact that
fluences also existed but need not be enumerated here.
the roads had been obliged to accept steadily diminish­
The mild winter weather, while in one sense favorable,
ing rates, thus narrowing the margin of profit, that
was to roads like the Erie having a large tonnage in
they were likewise obliged to furnish Increased facilianthracite a decidedly adverse influence, since the
lties and accommodations and costlier and improved
effect of the mild weather was to curtail the consump­
service, and that at the same time the cost of labor was
tion of anthracite.
increasing.
It will be interesting to see the changes
Thus the reason for the great falling off in revenues
in gross and net earnings for the separate roads, and
is perfectly plain.
But while the loss is large, both
accordingly we give the following table covering the
relatively and absolutely, yet when considered in con­
last six years—all that we can get into our columns.
nection with the previous great rise in the totals the
retrogression is not so pronounced as might perhaps be
1888-89.
1889-90.
1890-91.
1891-92.
1892-93.
1893-94.
$
$
$
$
$
$
supposed. As already stated, the aggregate gross earn­ Pennsyiv.—
Earnings.. 59,483,709 65,890,009 66,085,212 68,498,471 08,547,038 . 58,315,912
ings now are 173^ million dollars and last year the E xpenses. 40,160,394 45,499,685 44,838,564 47,971,537 48,929,477 40,374,201
total had been 201£ million dollars. But if we go
Net......... 19,323,315 20,390,324 21,851,048 20,526,934 19,617,501 17,941,711
back only five years, to 1888-89, we find an aggregate N. Y. Cent.Earnings— 35,690,230 36,827,437 40,725,888 45,057,234 47,081,946 42,307,170
of less than 166f- million dollars.
That is to say, the ♦E xpenses. 23,710,543 24,356,471 20,790,333 31,880,031 32,161,446 28,355,076
total for 1893-94 is 6^ million dollars larger than
N et.......
11,985,693 11,970,966 13,935,535 13,776,603 14,920,500 13,952,100
that for 1888-89, which latter had up to that time N.Y.C.&St.L
4,908,915 5,615,044 6,099,278 6,300,186 6,862.564 5,793,869
Earnings..
been the best ever reached. In the following we show ♦Expenses. 3,920,759 4,466,912 5,098,203 5,171,550 5,558,783 4,823,248
the aggregates of. both gross and net for each year back
N et........
988,156 1,148,132 1,003,075 1,128,036 1,305,781
970,621
to 1879 80. It will be observed that in practically the L.S.&Mich.S
Earnings.. 18,672,484 20,684,513 21,107,282 22,306,852 23,990,631
whole of this long period the gross receipts never failed ♦Expenses. 12,079,319 14,255,955 14,346,664 15,295,792 17,133,778 20,093,157
13,768,812
4o gain except in 1883-4 and 1884-5, when the trunk ' Net......... 0,503,105 6,428,558 0,700,618 7,011,060 6,856,858 6,324,345




THE

/99G
1888-89.

1889-90. | 1890-91.

1891-92.

1892-93.

CHRONICLE.
1893-94.

$
$
$
$
s
*
Earnings. . 20,249,188 21,447,999 22,613.934 23,643,282 22,218,344 18,893,986
♦Expenses • 13,208,845 14,621,361 15,337,983 16,050,437 14,828,3s 9 13.178.S36
7,040,348 6,826,638 7,275,951 7,592,845 7,389,955 5,715,650
N e t ......

le) Erie—

j K.T.Pa.&0
Earnings .
♦Expenses.

6,391,302
4,645,580

7,233,985
4,884,589

7,074,842
4,905,953

7,209,717
5,416,347

7,379,349
5,319,389

5,934,667
4,742,973

N e t ........

1,745,722

2,349,396

2,168,889

1,793,3; 0

3,059,960

1,191,694

JBalt. & 0.—

Earnings.. 21,303,002 24,412,096 24,530,395 26,034,168 25,756,804 21,952,499
¿E xpenses 14,810,844 16,966,870 17,078,238 18,595,802 18,440,285 15,428,558
6,492,158 7,445,226 7,452,162 7,438,366 7,316,519 6,523,941
N et........

Yotai of All—
Earnings.. 166,704,836 131,611,083 188,836,811 199,649,910 201,836,676 173,291,268
Expenses.. 112,536,284 125,051,843 128,388,983 140,382,096 142,369,5 >2 120,671,204
54,168,552 56.559,240 60,447,878 59,267,814 59,467,184 52,620,062
N et......

♦Partly estimated.
XIneluding taxes on property.
(6) Taxes not included.
ye) Dees not include operations o f New Y ork Pennsylvania & Ohio;
b u t amounts due other leased lines operated on a percentage basis are
deducted from earnings.

From the foregoing it appears that of the 28-§- million
dollars loss in gross earnings in the late year, 10£ mil­
lion dollars, roughly, came from the Pennsylvania, 4 f
millions from the New York Central, nearly 4 million
dollars each from the Lake Shore and the Baltimore
& Ohio, 3^ million dollars from the Erie, H million from the Pennsylvania & Ohio, and a million
from the Nickel Plate. When we consider these
losses in connection with the gross earnings of the
Toads upon which they occurred, it is found
that the New York Central has done relatively
better than any of the others. The reason for this has
been frequently explained. The Central does not run
through the great iron and coal producing districts, as
does the Pennsylvania and some of the other roads, and
it has no such large tonnage in coal as these roads. The
ratio of decrease for the Central is only 10 T4 per cent.
For the roads as a whole the decrease is 14T4 per cent.
For the Erie, which, as already stated, suffered greatly
from the falling off in the anthracite shipments because
o f the mild weather, the decrease is 14*96 per cent, and
for the New York Pennsylvania & Ohio the decrease is
19*62 per cent. In the following we show the amount
and ratio of decrease in both gross and net for each of
the roads.

LVol . L 1X .

Plate the decrease is 15*57 per cent, for the Lake
Shore 16*24 per cent.
In the case of the net earnings the result is quite dif­
ferent. There the variations are very striking. The
strong and prosperous roads, having it in their power
to practice great economy in operation, were able
to offset the falling off in gross by very large
reductions in expenses, leaving only slight losses in the
net. But the smaller and the weaker lines, not having;
the same power to effect savings in expenses, have sus­
tained very heavy losses in net. For instance, in
amount the decrease in net for the Erie is as large as
the decrease for the Pennsylvania, though the former's
decrease in gross has been $3,324,358, while that of thePennsylvania has been $10,231,126.
In other words*,
the Pennsylvania has a loss of only 8*54 per cent, while
the loss for the Erie is 22*66 percent. For the Nickel
Plate the loss in net is 25*67 per cent and for the New
York Pennsylvania & Ohio it is 42*15 per cent. The
Central has lost only 6*49 per cent, the Lake Shore
7*77 per cent and the Baltimore & Ohio 10*83 per cent.
IN T E R -S T A T E COMMERCE STATISTICS.

A correspondent writes to us criticising the InterState Commerce Commission for the way in which
it presents statistics regarding the railroad system o f
the United States in its annual report just sub­
mitted to Congress.
He thinks it shows a palpablo
attempt on the part of the Commission to mislead
Congress and the public concerning the true condi­
tion of railroad property in the United States.
The figures to which our correspondent refers have
done duty in the public documents of the Commission
a great many times. They cover the year ending June
30, 1893, a period now nearly eighteen months past.
As has been shown on previous occasions, the Com­
mission is very anxious to have it appear that the InterState law is a beneficent piece of legislation, and that
under the Commission's administration of the law the
carrying interest is enjoying great prosperity, or afc
least all the prosperity it deserves. For this purpose the
figures for the year to June 30, 1893, obviously answer
YEAR ENDING SEPTEMBER 30.
much better than would the results for the year ta
/------ Gross Earnings.------ >
-Decrease.1894.
1893.
<
c
It will be remembered that statistics
P.Ct. June 30, 1894.
$
$
14- 93
10.231,126
P en n sy lv a n ia......... 58,315,912
68,547,038
10-14 for the year in question were first put out the latter
4,774,770
New Y ork Central..
42,307,176 47,081,946
1,068,695
1557
5,793.869
6.862,564
N ickel P late............
part of last January, when the Statistician furnished a
1624
3,897,474
Lake Shore.............. 20,093,157
23,990,631
14-96
3,324,358
E rie ............................ 18,893,986
22,218.344
19-62 preliminary report covering the leading roads of the
1,444,682
N. Y . Pa. & O h io ...
5,934,667
7,379,349
3,804,305
14-77 country.
B altim ore & O h io..
21,952,499 25,756,804
We showed at the time (C hr on icle o f
February 3, pages 199 to 201) that these prelim­
28,545,410
14-14
T o t a l. . . . . . ____ _ 173,291,266 201,836,676
-Net E arnings.inary totals were inaccurate and unreliable, and
--------Decrease.
1893.
1894.
<
b
P.Ct. that the conclusions which the Statistician sought
$
$
8-54
1,675,850
19,617,561
P e n n sy lv a n ia ......... 17,941,711
6- 49 to found on them were utterly at variance with the
968,400
14,920,500
New Y ork Central.. 13,952,100
-25-67
335,160
1,305,781
N ickel Plate............
970,621
7- 77 known facts regarding the railroad situation.
532,513
6,856,858
Lake Shore..............
6,324,345
22-66
7,389,955
1,674,305
E rie ...........................
5,715,650
42-15
868,266
2,059,960
Last August we again had a report for the same year,
N. Y. Pa. & O h io ...
1,191,694
10-83
792,578
7,316,519
•Baltimore & O h io..
6,523,941
this time in completed form. The published an­
59,467,134
6,847,072
11*51 nouncement then conveyed the idea that the docu­
T o t a l .........s........ - 52,620,C62
Thus the fluctuations in the percentages of loss in ment had been printed and was ready for distribution.
gross of the different roads are on the whole compara­ As a matter of fact copies of the same cannot even
tively slight. The New York Central, with its decrease now be obtained. It was only the general introduc­
of 10*14 per cent, stands at one extreme, and the tory that was given out. The figures in this differed
Pennsylvania & Ohio, with its decrease of 19*62 per of course from those in the preliminary report ; the
cent, stands at the other extreme. But the percent­ Statistician indulged in very little comment, but
ages of the other roads do not vary greatly from the the statistics told their own story, and they proved
general average; in fact there is a remarkably close conclusively that even before the panic and business
approach between the falling off on the three principal depression had occurred, the railroad carrying inter­
roads, that of the Pennsylvania being 14*93 per cent est had had a hard time of it. These facts we estab­
that of the Baltimore & Ohio, 14*77 per cent and lished in an article which we gave in the issue of Septhat of the Erie 14*96 per cent.
For the Nickel tember^l, pages_ 352 to 354. In that article we were




D e c e m b e r 8, 1894. J

THE

CHRONICLE.

991

also able to demonstrate that our criticisms of the that 52*66 per cent of the stock outstanding obtained
earlier figures were well fo u r * ^ — 'N’ow the Commis- no dividends.
sion m its review Pre p # subjoiQed St£ress again gives
But all these results cover a period eighteen months
prominence to the statistical, ug)ialwdme year, and we past. It is easy to imagine what the showing would
should not be surprised if the figures for that year were be for the year 1893-4 under the tremendous losses in
publicly proclaimed yet another time when the com­ income and the numerous large receiverships that have
plete volume of the Statistician is issued.
followed the panic of 1893. We published a table a
There could be no objection to this repetition (in the short time since showing that in the last half alone of
absence of later returns) if the disposition were to pre­ this fiscal year (the six months from January 1 to June
sent the results in a way to avoid false inferences and so as 30,1894), gross earnings of United States railroads had
to reflect clearly to the uninitiated the actual condition fallen off 100 million dollars. To-day in another article
of the railroad-carrying industry in the United States. we show a loss for the twelve months ending September
But unfortunately the results are not presented in 30 on simply a few leading trunk lines in the aggregate
that way. After placing the net earnings for the sum of 36 million dollars. Thus the exhibit for the fiscal
twelve months at $392,830,575, the summary of the year ending June 30, 1894, will necessarily be a very
year's income which the Commission makes goes on bad one. Of course the conditions in that year were
as follows:
Adding to this the income from other exceptional and extraordinary, but even in the year
sources to the amount of $149,649,615, gives as the preceding (before this great fall in revenues) the roads*
amount available for the payment of fixed eharges and as we have seen, were poorly off. How why will not
dividends $542,480,190. From this there were paid the Inter-State Commerce Commission bring these
$431,422,156 as fixed charges, and dividends and other facts and this situation to the attention of Congress,
payments from net income to the amount of $102,- to the end that remedial legislation may be applied
941,289, leaving a surplus of $8,116,745."
as far as possible.
The impression which this summary of the accounts
gives is that there was an exceedingly large sum avail­
TH E A R M E N IA N TROUBLE.
able for interest and dividends— no less than $542,482,When it was first announced that Armenia had been
190. But through its plan of inclnding taxes in the the scene of a fresh outburst of Mohammedan brutal­
fixed charges, the Commission makes it appear that ity, there was a strong and ill-concealed disposition to
the sum paid for these taxes, amounting in the aggre­ regard the reports as greatly exaggerated, if not abso­
gate to over 36-£ million dollars, was part of the sum lutely idle rumors. In this particular public sentiment
available for returns on either the share or the bonded has undergone a radical change. We have not yet had
capital. Our correspondent also notes that a good final and satisfactory accounts from the scenes of the
portion of the $149,649,615 of other income is composed reported massacres, but we have had numerous dis­
of book-keeping items pure and simple. He also lays closures from different sources; and so far, although
stress on the fact that according to Mr. Little's report there have been slight differences in unimportant details,
the Atchison alone has recently been obliged to write there has been no contradiction. Public sentiment
off over $7,000,000 and that the Erie has just written has therefore settled down under the conviction that
off $4,000,000.
there has been a cruel butchery, the Mohammedans
It is too late in the day to try to convince the public being again the aggressors.
that our railroads under the conditions of late years
It is quite possible that there has been exaggeration ;
have not been experiencing great hardships. The for rumor, especially if of a painful or disagreeable
Commission's own statistical report refutes the claim. kind, never loses by travelling. But if the one-half
We gave the facts at length in our article in Septem­ be true, the Tuikish Government has furnished an
ber, and will allude here only very briefly to a few additional reason why it is no longer not only not
of the most salient features. We fcund that out of a entitled to the respect of civilized communities but
total share capital cf $4,668,935,418, no less than not entitled to a place either in Asia or in Europe.
$2,859,334,572, or 61*24 per cent of the whole, had Unhappily the news is too much in harmony with the
received absolutely no return in the year 1892-3, and Mohammedan character, and especially with the char­
furthermore that the amount of stock paying nothing acter of the Mohammedan races of the region where
had risen during the five years from 1888 to 1893 the outrages are said to have been committed ; and the
nearly 500 million dollars. Besides the $2,859,334,572 latest published excuse attributed to the Sultan's Gov­
of stock which had to go without any return, 743 mil­ ernment tends to strengthen the conviction. This
lions of bonds received nothing, being 14*39 per cent excuse lays the blame at the door of the Armenian
of the aggregate bonded debt of all the roads. Add­ Christians ; and we are asked to believe that a people
ing the amounts together, we have 3,602 million dol­ notoriously defenseless, denied. the use of arm?, and
lars of bonds and stock which in the year 1892-93 living really at the mercy of the Kurds, who are priv­
failed of any income.
ileged with the use of weapons of warfare of every
This is certainly not an enviable record. But the kind, fell upon their Moslem neighbors with guns, dag­
further we proceed in our analysis the more unfavor­ gers, hatchets and other instruments, murdering and
able the showing becomes. In some sections the roads destroying in the most fiendish manner, burning whole
earned practically nothing, or next to nothing, on their villages and violating the sanctities of homes. Tins
share capital.
In Group IX ., according to the Statis­ has too much the appearance of an after-thought, and
tician's classification, the share capital is $234,487,269; ill accords with the stories of the unfortunates who
of that amount $234,447,919, or 99*99 per cent, re­ are fleeing for their lives, and reaching the eastern
ceived nothing.
In Group V III. 444 millions out of ports of Europe in the most wretched plight.
506 millions had to forego returns, and in the Pacific
In dealing with a question like this we have a right
States 432 millions out of 535 millions were in the same to take into consideration the antecedents of the situa­
category.
Even in the Middle Western group, com­ tion. Only by so doing can we with any certainty ap­
posed of Ohio, Indiana and Michigan, it was found proach the probabilities. We know that the Moham-




992

THE

CH K 0N 10LE .

medan population are not, and never have been, in any
danger at the hands of the Armenians. It has never
been necessary to provide for the protection of the
Kurds or Turks or Circassians by any international
treaty, or for any neighboring power to interfere by
force of arms on their behalf. We know that again
and again during the present century Turkish cruelty
in Armenia has called forth the protests of the civilized
world. We know that the same cause has given Russia
a pretext for interference and furnished the opportuni­
ty for the annexation of Armenian territory.
We
know also that it was more or less directly connected
with the Russo-Turkish wars of 1828 and of 1855. It
is hardly necessary to refer to the war of 1877-78— a
war which grew out of the Turkish atrocities committed
in Bulgaria. The history of Turkey in Europe is the
history of crime; and the history of Turkey in Asia,
wherever the Turk has been brought into contact with
the less powerful Christian, has been characterized by
the same atrocious features.
We have every good reason to believe that the Armen­
ians have undergone a great calamity and that they are
entitled to the sympathy alike of Europe and America.
It was on learning of the atrocities committed in Bul­
garia that Mr. Gladstone penned that fierce phillipic
against Turkey, in which he said: “ There is not a
criminal in a European jail; there is not a cannibal in
the South-Sea islands, whose indignation would not
arise and overboil at the recital of that which has been
done, which has too late baen examined into, but
which remains unavenged; which has left behind all
the foul and all the fierce passions that produced it
and which may again spring up in another murderous
harvest from the soil soaked and reeking with blood
and in the air tainted with every imaginable deed of
crime and shame.” Mr, Gladstone cried aloud for ven­
geance, and vengeance came through the strong right
arm of Russia. The language quoted is highly inflam­
matory; but it was justified by the circumstances, and
it had its effect.
If it turns out to be true that six
thousand defenseless persons have been put to death
either by unauthorized armed Kurds or by authorized
armed Turkish soldiers, Mr. Gladstones language used
in the case of Bulgaria in 1877 will not be too strong to
use in the case of Armenia at the close of 1894 or at
the beginning of 1895.
It is gratifying to know that public sympathy both
here and in England has been aroused; and it is
to be hoped that before it quiets down again
some arrangement will be come to by which the
Turk will be brought to his senses, and the
protection of these people secured by some effectual
and enduring guarantee.
It is well known that
Great Britain was instrumental in getting a clause
introduced into the Berlin Treaty providing for reform
in Asia Minor generally and for the protection of the
Armenian Christians against the Kurds on the one
hand and the Circassians on the other. It was known,
too, that difficulty was experienced in making the
required arrangements because of differences among
the Armenian Christians themselves. Great Britain,
however, seems to have been somewhat remiss in the
performance of her duty. It would appear to be the
fate of Armenia to come under Russian influence ; and
now that Great Britain and Russia aré on friendly
terms, it ought surely to be possible for the two Powers
to come to some understanding by which the safety of
the Armenians could for the future be secured. Pro­
tection from the Turk is not to be looked for, and for




the simple reason f
v a n
force it. Turkey^
be out of the wavnet earning?-t,*

has no power to en­
an(^ it might well

D E B T S T A T E M E N T N O V E M B E R SO, 1894.
The following is the official statement of the United
States public debt and of the cash in the Treasury at
the close of business November 30, 1894:
IN TEREST-BEARIN G DEBT.

Title of Loan.
4^s, F ’n’d L oan.1891
Continued at 2 p. c.
4s, F ’ded L o a n ..1907
4s, R e f’d’g Certifle’s.
5s, Loan o f 1904.......

Int’r’t
Pay’le

Q .-M .
Q .-J .
Q .-J .
Q .-F .

Amount
Issued.

Amount Outstanding.
Registered.

Coupon.

Total.

$250,000,000 $25,364,500
$25,364,500
740,883,200 489,651,200 $69,970,650 559,621,850
40,012,750
56,080
54,100,000 27,092,050 27,007,950 54,100,000

Aggregate excl’d’g
B’ds to Pac. R R.

1,084,995.950 542,107,750 96.978,000 639.143,030
M A T U R IT Y .
November 30.
Funded Loan o f 1891. matured September 2,1891.. *521 750 00
$523,550 00
Old debt matured at various dates prior to Janu­
ary 1,1861, and other items o f debt matured at
various dates subsequent to January 1,1801........ 1,303,530 28
1,303,380 26
Aggregate o f debt on which interest has ceased
sinoe maturity........ .................................... ............... *1,828.280 26
$1,826,930 26
DEBT B EARIN G NO INTEREST
United States n o t e s ... ... ........................................................
$340,081,016 00
Old demand n o t e s .............................................. ..................................
54,847 60
National Bank n o te s :
Redemption account...... .............................................. .
29,487,564 00
Fractional currency....................................................... $15,273,071 42
Less amount estimated as lost or destroyed........... 8,375,934 00
6,897,137 42
d e b t o n w h ic h in t e r e s t h a s c e a s e d sin c e

Aggregate o f debt bearing s o interest....................................... *883,120,504 92
CERTIFICATES AND NOTES ISSUED ON DEPOSITS OF COIN AND
LE G A L-TEN D ER NOTES AN D PURCHASES OF SILV E R BULLIO N .

Classification of Certificates and Notes.

In the
In
Treasury. Circulation

Amount
Issued.

$751,370 $58,925,899
5,312,420 332,317,084
850,000 57,135,000 57,985,000
26,404,104 124,574,906 150,979,070
Aggregate o f certificates......................... *33,317,954 *572,952,889 *806,270,843
REC A PITU LA TIO N .

Classification of Debt.

Debt on which int. has cea sed ..
Debt bearing no interest...........

November 30,

October 31,

1894.

1894.

$
639,143,030 00
1,820,930 20
383,120,564 92

Increase or
Decrease.

$
635,042,800 00
1,828,280 26
381,790,478 42

Aggregate o f interest and non­
interest bearing d e b t .............. 1,024,090,525 18 1,018,667,610 68
Certificate and notes offset by
an equal amount o f oash in
806,270,843 00 607,488,421 00

$
I. 4,100,170 00
D. 1,350 00
1 .1.324,088 50
1.5,422,908 50

D.1,215,578 00

Aggregate o f debt, including
certificates and n o te s.............. 1.630,361,368 18 1.026,154.037 68

I. 4,207,330 50
CASH IN TH E T R EA SU R Y .
Gold—Coin......................................................... . ........ $118,045,401 95
B a r s ..................9............................................ 40,305,006 08-$104,350,468 01
Silver—Dollars............................
364,720,543 00
Subsidiary co in .....................................
14,724,391 50
Bars......................................................................... 125,351,523 00— 504,802,457 50
Paper—Legal tender notes (old issue) . . .. .. .
69,770,527 23
Treasury notes o f 1890.................... .................... 26,404,164 00
Gold certificates................................ ...................
751,370 00
Silver certificates.............................................
5,312,420
00
Currency certificates.................................................
850,00 00
National bank n o te s..............................................
4.169,233 49— 107,257,704 72
Other—Bonds, interest and coupons paid, await­
ing reim bu rsem en t..............................................
100,952 25
Minor coin and fractional currency...................
1,169,923 07
deposits in nat’l bank depositaries—
gen’l a cc’t.. 11,345,848 67
Disbursing officers’ balances..................................
4,052,754 14— 10,729,473 73
A g g r e g a t e ........................................................
$793,140,163
DEMAND LIA BILITIE S.
Gold certificates........................................................ $59,077,239 00
Silver certificates...................................................... 337,629,504 00
Certificates o f deposit act June 8,1872................ 57,985,000 00
Treasury notes o f 1890............................................. 150,979,070 00—$606,270,843
Fund fo r redemp. o f uncurrent nat’l bank notes
7,490,004 07
Outstanding checks and dra fts.............................
4,469,597 41
Disbursing officers’ balances................................... 27,308.083 79
Agency accounts, A c .................................................
3,027,369 79— 42,301,715
Gold reserve.................................... $100,000,000 00
Net cash balance............................ 44,507,003 90............................. 144,507,005

96

00

00
90

A gg re g a te ............................. .............................. ............................$793,140,163 93
Cash balance in the Treasury October 31. 1894................................$107,340,145 80
Cash balance in the Treasury N ovem ber 30,1894............................ 144,507,605 90
Decrease during the m onth.......................... .......................«............. *37,167,460 10
BONDS ISSUED IN A ID OF PACIFIC R A IL R O A D S .

Name
if Railway.

Int. repaid by Companies'
Principal Interest Interest
accrued
Out­
paid by By Trans­ By cash payand not
portation m’ts; 5 p. c.
standing.
yet paid. the U. S. Service. net earnings.
$
25,885,120
6,303,000
27,230,512
1,600,000
1,970,500
1,628,320

*
647,128
157,575
680,913
40,000
49,264
40,708

Balance
of Inter'st
paid by
the Ü. S

$
40,530,734
10,289,313
42,933,948
2,605,808
2,908,819
2,538,989

$
7,199,039
4,321,994
14,585,535
017,504
9,367
225,212

$
$
658,283 32,079,412
5,907,319
438,410 27,910,004
0,927 1,981,377
2,959,452
2,313,777

Totals........ 64,023,512 1,615,588 101873611

26,958,651

1,109,030 73.811.341

Cen. Pacific.
San. Pacific.
Unl’n Pacific
Cen. Br. U.P.
Wes’ - Pacific
Sioux C. A P.

THE

D e c e m b e r 8 , 1 8 9 4 ,]

CHRONICLE.

993

Clearings by Telegraph.— Stock Exchange Clearing
Southern, Louisville & Nashville, Manhattan, Missouri
House Transactions.— The subjoined statement covers the Pacific, New York Central, New Y. L. E. & W e st., North.
clearings for the current week, usually given on the first Pac. pref., National Lead common, Phila. & Read.. Un.y
Pac., U . S. Cordage common and •preferred and Western
page of the C h r o n i c l e , but which on account of the length Union.
of the other tables is crowded out once a m onth.. The figures
are received by telegraph from the leading cities. ' It will b
osberved that as compared with the corresponding week of 1893
there is an increase in the aggregate of 11'8 per cent. So fa
[Prom our ow n correspondent.]
as the individual cities are concerned New York exhibits an
L o n d o n , N o v . 24, 1894.
excess of 13‘2 per cent, and the gains at other points are
Boston 9’4, Philadelphia 15*4, Baltimore 7'7, Chicago 7‘9 and
The withdrawals of gold for the Continent continue on a
St. Louis 11’1 per cent. The loss at New Orleans reaches 2
large scale. During the week ended Wednesday night rather
per cent.
more than three-quarters of a million sterling was taken out
of the Bank o f England, and since then further sums have
Week Ending December 8.
Cl e a r in g s .
been withdrawn. A t the same time there is uncertainty
Returns by Telegrayh.
1894.
1893.
Per Cent. whether more gold may not be sent to New York. Several of
New Y o r k .......................
$516,050,256
$455,699,184
+13*2 the large financial houses here and also some of the insurance
B o ston ..............................
85,422,840
78,088,473
+ 9-4
companies would gladly subscribe to the new United States
Philadelphia..................
61,540,875
53,348,376
+15-4
B altim ore....................... .
12,937,028
12,016,994
+ 7-7 loan if they could get 3 per cent, or perhaps even 2% per cent.
Chicago............................
90,165,870
83,535,227
+ 7-9 But they argue that the bonds are worth more to the national
St. L o u is ......................... ;
22,769,328
20,484,946
+ 11-1 banks than to anybody else, and that therefore foreign appli­
N ew Orleans.................. .
12,603,743
12,925,248
— 2-5
cants are not likely to be allotted much. In consequence they
Seven cities, 5 d a y s .
$801,489,940
$716,098,448
+11-9
Other cities, 5 days........
145,211,761
130,104,926
+ 11-6 hesitate to send out more gold. A t the same time if allot*
ments are made all preparations are completed for shipping
T otal all cities, 5 days.
$946,701,701
$846,203,374
+11-9
A ll cities, 1 d a y...................
;old without a moment’s delay. Besides that, the repay173,002,984
154,731,289
+ 11-8
Total aU cities fo r w eek ..

$1,119,704,685

+ 11-8

$1,000,934,663

Another table, our usual monthly detailed statement of
transactions on the various New York Exchanges, has also
been crowded off of the first page. The results for the eleven
months of the current year are. however, given below and for
purposes of comparison the figures for the corresponding
period of 1893 are also presented.
Eleven Months, 1894.
Description. Par Value
or Quantity

Actual
Value.

Eleven Months, 1893.

Aver’ge Par Value
Price. or Quantity

Actual
Value.

Aver'
Prii e

45.C08.426
76,087,041
8t0* j f a L $4424581170 12816616364 63-7 i $7068,165,155 14314862578 61-0
RR. bonds., $310,781,750 $226,622,694 72-8
$325,562,700 $239,031,491 73-4
aov’t bonds $3,726,900
$4,503,753 120-8
$1,957,250
$2,161,042 110-4
State bonds. $8,400,900
$3,736,653 44-5
$2,540,800
$1,552,124 61-1
Bank stocks
$455,085
$905,320 198-9
$733,810
$1,160,591 158-2
T o t a l... $4747945805 $3,052384684 64-3
$7398,959,745 $4,558767826 61-6
PetTm.bbls
507,000
$419,907 82 4-5c.
7,972,000
$4,963,155 6234c.
Cotton..bis.
29,013.000 $1,021082639 $35-21
43,300,100 $1832393450 $43 23
Grain.bush. 1302,477,812 $830,949,940 58 11-16 1,292,707,432 $920,022,736 71 1-60
Total value

l$4,905437170l

1

$7,316147167

The transactions of the Stock Exchange Clearing-House
from November 26, down to and including Friday, December
ionlS0
a£g*egates for January to November, inclusive, in
1894 and 1893, are given in tabular form below.
STOCK EXCHANGE CLEARING HOUSE TRANSACTIONS.

Month—

— Shares, both sides.—» -------- Balances, one side.------- Parties
Cleared, Total Value. Shares. Value Shares. Oash.Olear’ ng

Jan., 1893.
Feb.. 1893.
Mar., 1893.
Apr., 1803.
May, 1893.
June.1893.
July, 1893.
Aug., 1893.
Sept., 1893.
Oct., 1893.
Nov., 1893.

28.544.500
25,108,900
24.591.100
20.802.500
28.209.500
17.190.700
19.685.700
17,569,400
16,020.300
19.604.700
19.894.100

11 m os...
Jan., 1894,
Feb., 1894.
Mar., 1894.
Apr., 1894.
May. i 894.
June.1394.
July, 1894.
Aug.,1894,
Sept, 1894.
Oct, 1894.
Ñ0V., 1894.

237,221,400
18,363,000
12,847,600
16.912.900
14,728,000
19,140,800
13,185,700
10,911,400
18,370,200
14.847.900
16.780.900
16.253.900

2.064.709.000
3,000,000
1 744 400,000
2,587,900
1.690.000.
000 2,703,800
1.421.300.000
2.311.300
1.738.900.000
2.869.500
1.016.900.000
1,682,000
1.1 0 0 . 0 01.796.300
0 .0 0 0
961.300.000
1,470,200
936.400.000
1,380,600
1.172.400.000
1.783.500
1,332,839,400
1,648,100
15,179,148,400
1,088,600,000
784.800.000
1.076.441.000
868.700.000
1.250.300.000
842.800.000
734.700.000
1.185.400.000
959.400.000
1,069,000,000

1 1 .2 0 0
.2 2 0 .0 0

210.700.000
172.701.000
167 900,000
153.300.000
161.110.000
90.200.000
88.100.000
73.900.000
72.100.000
96.500.000
99.558.000

3,300,500
3,529,000
3,784,100
2,331,000
4,870.100
1,789,800
2,752,500
2,329,200
1,988,600
2,043,600
2,246,100

5.956
6,683
6,304

23,233,2001,386,069,000 30,934,500

71,514

1,354,000
1,035,400
1.452.100
1.384.300
1.551.100
1,147,800
938,600
1.580.300
1,236,200
1,049,500
1.005.300

6,835
5,508
6,681
6,401
6,689
6,088
6,856
6,958

69.100.000 2.041.000
6 .2 0 0 1.396.900
6 0 .0 0
81,800,000 1,928,700
77.200.000 1.418.900
91.700.000 1.938.500
65.300.000 1.484.000
57.070.000 1.328.500
96.900.000 2.161.900
71.800.000 1.627.000
63.600.000 1.723.000
72.100.000 1.709.900

6.839
6,151
7,080
6,005
7,200
6,395
6,016

68
,8 8

6,716

6,718

62
,2 0

11 m os... 171,342.300 11,022.341,000 13,823,600 802.670,000 18.758,300 69'634
.— Shares, both sides.—, <
--------- Balances, one side------- Parties
Cleared. Total Value,
Shares. Value Shares. Cash. Clear'ng
Nov.2 6 .. 979,100 69,500,000
63,400 4,000,000
“ 2 7 .. 608,800 37,800,000
44,800 2.900.000
“ 2 8 .. 617,400 41,800,000
42,100 2.500.000
“ 2 9 .. ............................................Holiday.
“ 30.. 934,200 67,500,000 49,500 2,800,000

Tot.wk..3,139,500 216,600,000
W
klastyr4,189,200 270,400,000
Dec.

3 ..
4 ..
5 ..
6 ..
7 ..

1.353.400
89.600.000
921,100 68.600.000
727,800 53.300.000
927,600 71.100.000
810,700 58.200.000

Tot. W k..4,740,600 340,800,000
Wklastyr4,110,200 239,300,000

76,400
62,900

68,200

290

311

95,900

31-7

199,800 12,200,000 303,400
374,600 21,900.000 504,500

1,241
1,298

91,200
57,300
35.100
50,900
56.100

5.000.
3.700.000
2.300.000
3.500.000
4.000.

323

000 100,000
327
104,800
318
67,100
301
144,900
318
000 107,900
291

290,600 18,500,000 524,700 1,555
353,000 18,500,000 354,500 1,544

fer that amount of money from the open market to the Bank
of England. In consequence of all this, banks and bill-brokers
are unwilling to work at the rates that have ruled here for so
long. The rate of discount in the open market has therefore
risen to 1 per cent. But the supply of loanable capital is so
much in excess of the real demand that short loans can easily
be obtained at from
to
per cent.
The family and business friends of the partners in the old
house of Baring Brothers have formed a trust to pay off the
amount still owing to the Bank of England and nurse the re­
maining assets. The debt due to the Bank is about a million
and a-half sterling, and the assets still remaining are valued at
£2,200,000, There is an apparent surplus, therefore, of
£700,000. But [as it was thought possible that the public
might not regardjthis surplus as sufficient, under the circum
stances, very wealthy friends of the Messrs. Baring have
guaranteed a further half million sterling, raising the total
of assets to £2,700,000. Upon the security of these it is pro­
posed to issue a million sterling of 4 per cent debentures, run­
ning for ten years and redeemable at par, and a second
amount of half a million debentures for the same time, bear­
ing 5 per cent interest, and redeemable at about 105. If these
debentures are'all taken at par the money will be provided to
repay the Bank of England, the liquidation so far as the Bank
and the public are concerned will be brought to an end, and
the guarantors will be relieved of all liability. The arrange­
ment has been received with great favor in the city, but it has
not had so far any effect upon the stock markets, though of
course it is clearly calculated to increase confidence. The de­
bentures about to be issued will involve annual interest pay­
ments of £65,000. It is understood that the total of the assets,
chiefly Buenos Ayres drainage and water-works bonds, and
some South American railway and tramway shares, yield
altogether about £80,000 a year. The estate therefore produces
an income considerably larger than the charge for the deben.
tures. No doubt is entertained 'that the debentures will be
taken at par.
The India Council on Wednesday offered 'as usual 40 lakhs
of rupees in bills and telegraphic transfers and sold the whole
amount at a little under Is. lj^d . per rupee. Although we
are at the beginning of what ought to be the active export
season in India, the price of the bills is declining slightly
week by week. Money is very abundant in India, trade is
exceedingly bad, and as yet there are few signs of improve­
ment.
The silver market is dull but there is little fall in the
price, which is fluctuating around 29d. per ounce. Neither
India nor China nor Japan is buying at the present time; but
as the mine-owners are not selling, the market is fairly well
sustained.

The stocks cleared now are American Cotton Oil common
There has been rather less doing upon the Stock Exchange
American Sugar common, Atchison, Chicago Burlington &
this week than for a couple of weeks previously. Early in
Quincy, Chicago Gas, Chicago Milwaukee & St. Paul com mon, Chicago & Northwestern, common, Chicago Rock Island the week, indeed, there was a general set-back. There has
& Pacific, Delaware Lackawanna & Western, Distilling & been a recovery since, but] there is not the same activity as
Cattle Feeding, General Electric, Lake Shore & Michigan before. Investment in what are called here the very best




THE

994

CHRONICLE.

securities goes on, but the prices are so high that the smaller
public is looking out for something that will yield more.
Som e apprehension has sprung up respecting the reconstructed
Australian banks; indeed it is understood that two of them
are about to propose a modification of the reorganization. If
this happens there is a fear that the public may again take
fright and that there may be a fall in all Australasian securities.
In the American market there is scarcely anything doing.
Banks, insurance companies and great financial houses would
like to get part of the new United States loan, but they are so
convinced that it will be taken by the national banks that the
applications are by no means as large as they otherwise would
be. Doubt as to what Congress may do when it meets is also
weighing upon the market, and so is the delay in carrying out
the reorganization of the defaulting railroad companies.
N o progress is being made in the negotiations for a settle­
ment of the Argentine Railway guarantees, Dr. Lury, the
Finance Minister, being opposed, and Jin consequence little is
doing, although the Baring arrangement referred to above is
calculated to make a good impression upon the market. A
more favorable view is taken of Brazilian affairs since the
new President has been quietly installed ; but for all that
there is not much business. Upon the Continent the great
operators are held somewhat in check by the fear of possible
difficulties on the bourses of Vienna and Pesth. Ever since
the governments of Austria and Hungary undertook the re­
form of the currency, there has been a very active speculation
in both countries. The prices of all kinds of securities have
been run up. Railway and industrial shares for example, on
which no dividend has been paidjfor years, are quoted at par,
and in some cases even higher. The general belief now is
that the speculation cannot be much longer sustained. It
should be observed, however, that there has been very little
reckless issuing of new companies. Something of the kind
has happened in Hungary, but scarcely anything in Austria,
The best informed hope therefore that an actual crisis will be
avoided— that there will be a liquidation of bad business last­
ing probably for some months, but nothing more serious.
In France and Germany the great operators are confining
themselves largely to the South African department. There
is very extensive purchasing of gold shares, diamond shares
and land shares. Here at home this action of great ContiRental syndicates has caused an extraordinary rise in many
o f the shares, and there is undoubtedly an immense business
being done. Up to the present, however, speculation has not
gone beyond bounds. There may be cases o f course in which
quotations are far too high, but most of the operators are very
powerful and the out-turn of the mines is increasing steadily.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, «fee.,
compared with the last three years:
1894

C ir cu la tio n ........ .....................
Public d e p o s its ...........................
Other deposits ............................
Governm ent se cu ritie s ..............
Other securities ... ...................
Reserve o f notes and coin..........
Coin & bullion, both departin’ ts
Prop, reserve to liabilities. .p. c.
Bank rate .................... per cent.
Consols, 2% per c e n t ..................
S ilv e r .............................................
Clearing-House returns.............

1893

1892.
1891
Nov. 23.
Nov. 25.
t
£
25,111,430 25,210,725 25,510,355 24,995,590
3,994,874
5,330,787
4,025,748
4,905,475
35,775,917 28,792,105 27,649,376 28,580,904
13,658,120
9,887,598 11,556,140
9,446,012
18,590,396 23,673,404 22,119.862 26,063 876
26,706,702 17,132,191 15,884,875 15,255,875
35,018,132 25,398,9^0 24,925,230 23,801,465
49 13-16
64 11-16
52
45 5-16
3
2
3
4
98 7-16
102%
97%
95 1-16
32%d.
39d.
28%d.
43%d.
110,107,000 114,284,000 115,579,000 115,214,000

Nov. 21.

Nov. 22.

The following shows the imports of cereal produce into the
United Kingdom during the first twelve weeks of the season
compared with previous seasons :

[V o l . L IZ .

E a s l l s l i F i n a n c i a l M a r k e t s —P e r C a b le .

The daily closing quotations for securities, «fee., at London
are reported by cable as follows for the week ending Dec. 7 :
Sat.

London.
Silver, per o z ...................
Consols", new , 2% p. cts.
F or accoun t.................
Fr* oh rentes (m P aris)fr.
T . 8. 4s o f 1907
T
Atoh. Top. & S. Fe. com.
Canadian P acific............
Chic. Milw. & St. P a u l..
Illinois C entral...............
Lake Shore......................
Louisville & N ashville..
M exican Central 4 s .......
N. Y. Central & H udson
N. Y . Lake Erie & West.
2d consols.....................
Norfolk & W est’n, p r e f.
Northern Pacific, p r e f..
P enn sylvania......... .
Phil. & Read., per share
Union P acific.____ . . . . . .
Wabash, p ref...................

Mon.

5%
613g
59
91%
136
55
57%
101%
12
72
21%
177g
5 1 7g
8
12
14%

53g
61%
603g
91%
137
55%
58
101%
123g
72
21%
18%
52
8%
123g
14%

1893
16,066,395
7,789,780
3,450,133
632,696
1,155,914
6,370,108
5,252,181

1892
1891
16,6 <0,998 18,868,599
5,477.196 6,905,444
3,561.998
3,599,406
507,322
722,677
1,221,086
94 2,687
7,716,402 4,289,303
5,071,755 3,666,257

Supplies available for consumption (exclusive of stoeks on
September 1):
1894.
1 8 )3
1892
1891
W heat................... cw t.16,699,204 16,066,39 "> 16,600,998 18,8 38,599
Im ports o f flour......... 4,918,5 48
5,252,181
5,071,755
3,666,257
Baies o f hom e-grown. 4,947,048
6,130,005
6,483,481
8,140,442
T ota l.......................26,564,500 27,443,581
1894.
1893.
A ver, price wheat week. 19s. 11.
27s. 4 L
A vera ge price, season.. 19s. Id.
26s. l i d .

28,161,234
1892.
27s. l i d .
28s. 6d.

30,675,298
1891.
38
91 .
36s. 9d .

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom :
This week.
Last week.
W h eat..................... qrs. 2,039,000 1,957,000
F lou r, equal to
qrs.
255,000
270,000
M aize ..................qrs.
243,000
202,000




1893.
2,693,000
300,000
313,000

1892
»2 2 7 ,0 0 0
402,000
363,000

Thurs.

Fri.

271516
102 5l6
10215,6
02-52%

28%
28%
1027g 102%
1025,6 10215,«
02-32% 02 47%

5
61%
58%
91%
137%
54%
57%
101%
12%
71
20%
17%
51%
8
11%
14

5%
607g
59%
91%
137%
55%
57%
101%
12%
71
203g
18
51%
8
12%
14

5%
613g
59%
91%
133
55%
57%
101%
12%
71%
22
18%
51%
8
12%
14

© D M t t x e t x i a l ven d

5%
603g
59%
91
137%
55 3g
57%
101
12%
70%
20%
18
51%
7%
12
14

I J je w s

G o v e r n m e n t R e v e n u e a n d E x p e n d i t u r e s . —Through the
courtesy of the Secretary of the Treasury, we are enabled to
place before our readers to-day the details of Government
receipts and disbursements for the month of November. From
previous returns we obtain the figures for previous months,
and in that manner complete the statement for the eleven
months of the calendar years 1894 and 1898.
r e c e ip t s

(OOOs om itted).
1893.

1894.

N.Bk.
Ous- Inter’l Red’p. Misc’ l letal.
toms. Rev’ut Fund. Srces
Ian......
F e b . . ..
M urch..
April...
M ay....
June...
July....
A u g ,...
Sept....
O c t. . . .
N o v ....

t
13,431
10,389
11,359
9,621
9,798
8,859
8,427
11,805
15,565
11,962
10,261

1
9,015
11,050
12,808
12,893
12,042
15,179
25,200
27,562
6,182
6,493
7,774

$
2,840
828
676
1,776
1,227
2,448
1,182
1,051
874
684
1,376

8
2,744
2,492
1,085
2,278
751
1,159
888
633
1,596
1,829
2,431

Oustoms.

%
27,036
24,759
25,928
26,508
23,818
27,845
35,097
41,051
24,217
20,908
21,892

Inter’l N.Bk. Misc’l Total.
Red’p.
Rev’ue Fund. S’rces
%
9
$
9
12,004
207 2,810 35,688
312 1,445 30,010
11,317
12,931
322 1,520| 34,438
11,729 ' 184 1,080 29,801
14,431
43 2,871 31,983
14,003
267 1,750 30,984
14,689
120 1,533 31,026
10,563
166 1,183 24,057
544 25,290
11,469
707
817 25,6 L
12,736 1,065
8
12,054 1,039 1,707 25,019

$
20,667
16,936
19,005
15,908
14,038
14,964
14,084
12,145
12,570
11,000
10,219

11 mos. 120,483 146,198 17,936 14,962 299.579 103,394 137,926 4,432 18.1601323,914
DISBURSEMENTS (OOOS Om itted.)
1893.

1891.

Ordi­
nary.
*
15,157
14,937
18,180
16,345
15,907
14,371
10,732
Aug... 19,410
Sept.... 17,411
O c t . . .. 16,466
N o v .... 15,519
Ian......
F e b ....
March..
April...
M ay....
June...
In ly ....

Ordi­
nary.

N.Bk.
Pen­ In­ Red’p. Total.
sions. 1terest. Fund.
9
8,996
11,520
13,374
10,152
12,977
10,895
12,902
11,335
12,590
11,05 ■
12,032

*
7,157
260
218
5,576
895
291
7,014
912
322
5,191
920

9
1,178
1,097
1,105
1,210
1,383
1,189
012
716
770
726
1,157

»
32,488
27,823
32,877
33,239
31,167
28,726
37,590
32,373
31,093
53,439
29,631

N.BkPen­
In­ Red’p• total.
sions. terest Fund.

$
18,209
17,050
17,113
15,271
15,559
17,102
17,791
21,012
14,493
16,607
10,063

$
13,038
13,495
13,810
12,872
14,269
11,411
14,758
11,206
10,787
10,340
12,330

$
$
7,104
902
322
811
740
079
5,096
532
383
662
202
491
7,127
418
397
201
220
108
496
2,582
2.909 1,382

%
39,253
31,678
32,372
33,771
30,873
29,266
40,094
33,596
25,698
30,035
32,684

11 mos. 180,436 127.835 20,7n5 ll,46ll348.499 180,900 138,408 27.059 6,«45 359,370

C o in a g e b y U n it e d S t a t e s M i n t s . — The following state­
ment, kindly furnished us by the Director of the Mint, shows
the coinage at the Miucs of the United States during the month
of November and the eleven months of 1891.
November.
Denom ination.

Pieces.

IMPORTS.

1894.
Im p o r ts o f wheat.cwt.16,699,204
B a riev......................... 8,789,077
O a t s /............................ 3,2 >2,8 >2
P e a s ............................
636,669
B eans........................... 1,024,504
Indian Corn................ 5,378,074
F l o u r .......................... 4,918,548

Wed.

Tues.

28%d
28%
28%
1035(6 x023ie 103
î
1033g x 023i < 103
102-50 02-62% 02-62%

Double eagles...........
Eagles.........................
S a if eagles....... ........
Three dollars............
Quarter e a g le s . . . . . .
Dollars.......................

102,000

Eleven Months.

Value.
$
2,040,000

Pieces.

Value.

$
2,315,714 16,314,280
2,600,761 26.007,610
1,030,415 5,152,075
61

152

5,946,951 77,474,117

Total g o ld ..............

102,000

2,040,000

Standard D ollars....
S a if d olla rs..............
Quarter d o lla r s .....
D im es.................. .

400.000
366.000
1,6-14,000
890.000

400.000
183.000
401.000
89,000

2.843.631
6.048.631
7,509,452
1,840,655

2,843,631
3,024,316
1,877,363
184,065

Total silver............

3,260,000

1,073,000

18,242,369

7,929,375

fiv e cen ts.................
Due cen t......... .

1,260,000
3,190,000

63,000
31,900

4,437,491
10,170,901

221,874
101,710

Total m inor ...........

4,450,0C 0

94,900

14,608,482

323,584

fö ta l «wflnage.. . . . .

7, «12,000

3,207,000

38,79 T,802 85,727,076

C h a n g e s in L e g a l T e n d e r s a n d N a t io n a l B a n k N o te s to
D e c e m b e r 1.— The Comptroller of the Currency has furnished

us the following, showing the amounts of

national bank

THE

D ecember 8,1894. j

CHRONICLE.

notes November 1, together with the amounts outstanding
December 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.
National BanK Notes—
Amount oatstanding Novem ber 1 ,1 8 9 4 .......
Amount issued during.November ..............
Amount retired daring N ovem ber............ .

$207,472,603

$152,657
1,031,150

878,493

Amount oatstanding Decem ber 1,1 894 *..

$206,594,110

Legal len d er Notes—
Amount on deposit to redeem national bank
notes N ovember l , 18 94... ...........................
Amount deposited during N o v e m b e r ____ _
Amt.reissued & bank notes retired in N ov..

1,449,512

$29,520,751
* Circulation o f National Gold Banks, not included in above, $92,227.

According to the above the amount of legal tenders on
deposit December 1 with the Treasurer of the United States to
redeem national bank notes was $29,520,751. 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 six months:
Sept. 1.

•
1,420,940
5,113,671

Exports.

Silver.

Week.

October 1.

Nov. 1.

$
1,352,060
5,133,452

$
1,323,674
5,259,239

Great Britain...........
F ra n ce.......................
Germ any..................
West Ind ies..............
M ex ico............... . . . .
South A m erica. . . . . .
Ail other countries.
Total 1894......... .
Total 1893..........
Total 1892..........

$631,330 $31,189,163
753,144 V9,667,722
750,950, 20,654,766

B e . 1.

Bid.

Currency 6s......................
2 per c e n t s ...............
4 per cen ts........................
5 per c e n t s ......................

$197,339,700

$212,240,700

Imports an d E xports for th e W e e k .— 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,
FOREIGN IMPORTS AT NEW YORK.

For Week.

1891.

Dry G o o d s .....
Gen 1 m er’dise.

1892.

$2,060,530
8,634,155

1893.

$1,666.197
5,340,495

1894.

$1,120,602
6,415,891

$1,113,825
5,120,150

T otal______ $10,694,685
$7,006,692
$7,536,493
Since Jan. 1.
Dry G oods....... $107,870,024 $117,343,065 $113,567,245
Gen’l mer’dise. 376,331,444 412,337,695 390,489,245

$80,848,677
318,931,557

$6,233,975

Total 48 weeks. $484,201,468 $529,680,760 $504,056,490 $399,780,234

The imports o f dry goods for one week later will be found
in our report of the dry goods trade.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 4 and from January 1 to date:
EXPORTS FROM NEW TORS FOR THE WEEK.

1891.
For the w eek ..
Prev. reported.

1892.

1893.

1894.

$10,705,877
343,672,046

$8,023,229
352,730,756

$7,171,506
342,595,162

$5,125,332
328,004,060

Total 47 weeks. $354,377,923 $360,753,985 $349,766,668 $333,129,392

The following table shows the exports and imports of specie
»t the port of New York for the week ending Dec. 1 and since
January 1,1894, and for the corresponding periods in 1893
and 1892:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Exports.

Sold,

Week.

Since J a n .1

Great B ritain....... .
France.......................
Germany............ .
West Indies............ .
M exico.....................
South Am erica.........
All other countries.

$15,438,800
23,840,999
32,607,000
2 3 ,0 0 0 12,223,446
48,205
538,189
856,635

Total 1894.........
Total 1893.........
Total 1 8 9 2 .........

$23,000 $85,553,274
113,000 70,445,623
1,637,200 61,634,853




Imports.
Week.

Since Jan. 1.

$973,300

$2,662,202
6,232,886
1,683,417
4,440,571
69,042
1,134,311
171,725

50
2,153
5,170

$12,535
1,065

10,100

$980,673 $16,394,154
664,162 61,841,570
220,531
8,292,588

$1,580,266
3,139.67»
2,947,303

Bid. Ask.

Bid. Ask.

$14,901,000

11,21*
" *21

Ask.

29
§111
185
§110
§110
§'1 1
§105
ill
It 9
113hi
105
§102
!4%
165
119
164
§115
150
105

Total........... ................

$13,309
100.778
7,504
64 3,211
312,339
4 6 «,777
34,348

1,000
300

— The committee of the stock and bond holders of the
Philadelphia & Reading Railroad Company, Richard B .
Hartshorne, Coairman, announces a meeting of the stock­
holders and bondholders for Tuesday, December 12, at 3 p. m .,
at their offices, 16 Broad Street, for the purpose of consider­
ing the present coedition of the property and the relation
of the Ölcott-Earle plan thereto.
City R ailroad Securities—Brokers’ Quotations.

Atlan. A ve., B ’k lyn—
Con. 5s, g., 1 93 1 ...A & O
Gen. M. 5s, 1909... A&O
Im pt. 5s, g., 1934...J& J
Bleek. St. & Fui. F .—Stk.
ls t m ort., 7s, 1900.J& J
Total.......... 26,389,555 26,211,998 27,220,436 28,071,23s* 29,520,751
B’ way & 7th A ve .—Stock.
ls t m ort., 5s, 1904. J&D
* Act o f June 20, l» 7 4 , and Ju ly 1 2 ,1 8 8 2
2d m o r t , 5s, 1914..J & J
B ’ way ls t , 5s,guar. 1924
Bonds H eld b y N ational B anks .— The following interest­
2d 5s, lnt. as rent’1.1905
Consol 5s, 1943....J & J
ing statement, furnished by the Comptroller of the Currency,
B rooklyn City—New stk.
shows the amount of each class of bonds held against nationa 1
Consol. 5s, 1 9 4 i. ...J & J
B k'yn . Crosst’ n 5s. 1908
bank circulation and to secure public moneys in national bank
B kîyn Q’ nsCo.& Sub.lS'
depositaries on November 30.
B rooklyn T raction............
Central Crosstown—S tk ..
ls t mort., 6s. 1922.M &N
T . 8. Bonds Held Nov. 30, 1894, to Secure—
T
Con. Pk. N.& E .R iv .—Stk.
Description o f Bonds.
Consol. 7s. 1 90 2 ....J & D
Public Deposits
B ank
Christ’p ’r & lOth St.—Stk.
Total Held.
l s t m ort., 1 8 9 8 ....A & O
in Banks.
Circulation.

$14,305,00«
23,798,900
166,199,950
7,936,850

Since Jan. 1.

— Messrs. S. D. Davis & Co. report a good demand for the
Hocking Valley consol, fives, which they offered last week.
These bonds were a block held by a syndicate and were not
the company’s bonds, having all been issued as far back a»

$
Insolv’t bks..
1,233,323
Liquid’gbks..
5,280,483
Red’c ’g undr.
act o f ’74..* 19,854,944 19,726,486 20,637,523 21,544,102 23,006,945

$13,085,000
22,785,900
153,956,950
7,511,850

Week.

$631,330 $29,394,550
395,000
268,100
201.520
53.297
745.954
130,742

$
1,278,920
5,248,217

$1,220,000
1,013,000
12,243,000
425,000

Imports.

Since Jan. 1,

$28,071,239

$2,489,662
1,031,150

Amount on deposit to redeem national bank
notes December 1, 1894................................

Deposits by— A ugust L

995

107
106

D. D. B. B. & Bat’v —S tk ..
1st, gold, 5s, 1932. .J& D
S c r ip .................................
Eighth A venue—S tock___
Scrip, 6s, 1914.................
42d & Gr. St. For.—Stock
42d St.& Man.& S t.N .A v.
l8 tm o rt. 6s, 1910..M&S
2d m ort incom e 6s. J& J
H . W . St. & P. For.—Stk.
Long Island T raction.......
Metropolitan T raction . . .
Ninth A ven u e....................
Second Avenue—S to c k ...
lstm o rt.. 5s. 1909.M &*
Debenture 5s, 190». J& J

109
108
96%
113%
190
115%
107%
1"0
114
15%

1st m ort.. 5s. 1937. J& J
Twenty-Third St.—S tock.
Deb. 5s, 1903..................
U nion R y—1st 5s. 1 9 4 2 ...
W estchester, lst,gu.,5s.
7

1C6

152
115
102
285
103
310
53
113

155
It 3
320
(.5

60

200
13% 13%
106% 107
148
170 172%
§106
10 *
215
185 L 6
120
300
100
§ 0 5 108*"
§96 100

§ A nd accrued interest.

N. Y. and B rooklyn (Jas Securities— Brokers’ Quotations.
G A S C O M P A N IE S .

G A S C O M P A N IE S .

Brooklyn G as-Light......... 118
People’ s (B rooklyn). . . .
Central.............. .....
105
Peoples’ (Jersey C ity )___
Consumers’ (Jersey City). 64 '*85'" M etropolitan (B rooklyn ).
85
W illia m s b u rg __________
Citizens’ (B r o o k ly n )...... 60
Jersey C ity & H ob oken .. 180
Metropolitan—B onds........ 108
Bonds. 6 s ...T ................
Mutual (N. Y ..................... 1?3
E quitable....... ....................
Nassau (B rook lyn ).......... 200
Bonds, 6s. ....................
100
Standard p r e f . . . . . . .........
N . Y . & East R iv. l s t 5s.. 84% 85%
Common_______ . . . . . . . .

T.V
V

Bid.
85
1?0
J55
200
105
172
105
180
105
85
38

Ask.
160**
175*"
185"
40

Auction Sales.— Am ong other securities the followir g , not
regularly dealt in at the Boird, were recently sold at am tion
By Messrs. R. V . Harnett & C o .:
30 Third A ve.R R . C o .lS O ^ -lS lI
30 N. Y. Nat. E x. B ank....... 105
50 Brooklyn City R R ........... 1691

Bonds.
$5,000 Old D om inion SS. Co.
1st 6s,.1899...........................101%

By Messrs. Adrian H . Muller & Son :
Shares.
248 Bank o f the State N. Y .103
50 W orthington Pump Co., pf. 88 %
8 B ’ way & 7th A ve. R R .-lS e ^ 10 New P ow er C o............. . . . $ 2 lot
2 Nat. Butch. & Drov. Bk.166% P ew No. 35, St. Mark’s C h ...$ 2 5
19 Hom e Ins. C o................ 137!«
Bonds.
35 E xchange Fire Ins. Co. 26
$3,000City o f Boston5s, W ater
100 North R iver Ins. C o ... 81%
Loan, 1906, A . & 0 ..„.1 1 7 % & in t.
5 Pacific Fire Ins. Co___ 130% $900 City o f N. Y. 5s, Cenr.
50 Stuyvesant Ins. C o .... 85
Pk. fund stock, 1898, Q-F. 103
6 N. Y . B ow ery Fire Ins.
$2,419 Chatt. So. R y. Reorg.
C o................................... 81
C ertificate............................. 40
57 K n ickerbocker Ice Co. 75% $2,000 Midland R y. Co. (In­
100 8t.LawrenceM arbleCo. 28
50
diana) Gen. 5 s ..................
47Thousandl8l’ d H otel Co. 10
$6,500 N. Y . City Suburban
1 Memb. N. Y. Prod. E x.
Water Co. 1 sts....................... 30
(all dues p a id )............ $461 $3,000 Suburban Traot’n Co.
8,000 Comstock Tun’l Co. .5c. p. sh.
oons. 1st s. f. 5s, 1923. Deo.,
50 HaDover Fire Ins. C o.. 115
1893, coupons o n .................. 10
4 Bank Of N. Y ., N .B .A ..2 3 3
$3,000 Tow n o f Greenburgh,
6 Gallatin Nat. B an k _ 312
_
N. Y. 4s, R oad Bds.. 1 9 1 3 .. 44
7% Third Ave. RR. Co.187% -188 $8,000 Town o f Greenburgh,
4 Nat. Shoe & Leath. Bk. 71
N. Y. 4s. R oad Bds., 1 9 1 4 .. 40
6 Bk. o f the State o f N.Y..105% $5,000 Ches. < Ohio Grain
&
3 Am. Un. Life Ins. C o.. 100
E levator Co. 1st 4s, 19 38.. 56%

ÿm xM uÿ

m iti

im m u ta i.

S p en cer T rask &
B A N K E R S,

C o .,

10 W A L L S T R E E T ,
NEW YORK,
S tate a n d J a m e s S tr e e ts, A lb a n y ,
3 and Stocks B ought and I Dealers :
Sold on Commission.
|City and R ailroad B O N D S .

S am uel

D . D a v is
BAN KERS,

a

C o .,

N O . 4 0 W A l t l . S T ., N E W Y O R K .

Sam uel D. D a y is ,

Ch a s . B. V a n N ostrand

THE

996

fV o L . L IX ,

CHRONICLE.

Posted rates of leading bankers are as follows :

3 P * je

| p a tx k ers' (S a e t t e ,

December 7.
Prime bankers’ sterling bills on L on d on ..
Prime c o m m e r c ia l........—. ................Documentary com m ercial.. . . . . . . . . . . . . . . .
Paris bankers (fra n cs).. . . . . . . . . . . . . . . . . . .
Amsterdam (guilders) b a n k e r s ......¿ —. . .

D I V I D E N D S .
Name o f Company.

When
P er
Cent. Payable.

R a ilr o a d s .
B elfast & M ooseliead Lake com. 1-44) Dec.
3 Í
do
do
do pref.
Dec.
2
B oston & A lbany (quar.).............
3*3 Jan.
Boston & Lo w ell........... ..............1*2 Jan.
Cbicago & East. 111. pref. (quar.)
1*4 Jan.
d e v . Cin. Ch. & 8t. L . p f. (quar.)
2ia Jan.
Columbus Hock. V al & Tol. pref.
Dec.
1
M exican Northern (quar.)..........
Jan.
2
Pennsylvania & N orthwestern..
m is c e lla n e o u s .
134
Amer. Sugar Kef’g pref. (quar.).
3*s Jan.
do
do pf. (semi-ann.)
3
do
do
com. (quar.)
Dec.
3
City Passenger Ry. o f Baltimore
1 % Jan.
Commercial Cable (quar.)...........
Jan.
1
TSquit. Gas-L. o f Memphis (quar.)
1 % Jan.
W est’ gfiouseE l. &M fg.pf.(quar.)

Demand.
4 89 ® 4 89*3
......... .

4 8 6 *4 ® 4 8 6 * 2
........ 5 1 6 78 ® 5 1 6 *4 5 1 5 ® 5 1 4 %
4 0 3 , 6 ® 4 0 *4 I 4 0 3 8 ® 4 0 7 16
9 5 * ® 953s I 95 5 g® 9 5 %
4
F ra n k fort orB rem en (reiob m ark B )b ’ n k e rs

Books closed.
(Days inclusive.)

— ---------- t o -------------31 Dee. 9 to Dec. 31
1 Dec. 6 to Dec. 12
21
Dec. 16 to Jan. 2
1 Dec. 11 to Jan. 1
2 Dec. 9 to Jan. 2
28 Dec.
16 to
10 ------- t o ------------2 ¡Dec. 13 to Jan.

Sixty Days.
4 87*<i®4 88
4 86% @ 4 87

2

2 0 ¡Dec. 18 to Dec. 20
2jDec. 22 to Jan. 2
1 ------------to ---------2)Dec. 23 to Jan. 2

W A L L S T R E E T . F R ID A Y . D E C E M B E R 7, 1 8 9 4 -5 P . M .

U nited States Bonds.— Government bonds are firm at the
advance of last week. Sales at the Board include $141,000 5s,
coupon, at 119% to 119% ; and $10,5000 4s, coupon, at 115%
o 116.
_ _ _ _ _
Dec.
Dec,
Dec.
Dec.
Dec.
P rice b id ; no sale. Interest Dec.
6.
7.
5.
4
3.
1.
Periods
Dec.28
2s.......................... reg. Q.-Moh. * 97 * 97 * 97 * 97 * 97 * 97
is, 1 9 07............... reg. Q .-Jan . *115 *115 *114% *114*3 *114*3 *114*3
115% 116
is, 1 9 0 7 . . . . . . . . coup. Q.-Jan. *116 *116 *115% 116
>s, 1904...............reg. Q .- Feb. *119 *119 *119% *119 *119 *119
119*4 119*4 119*4
5s, 1904....... ...c o u p . <3.-Feb. 1191« 1193s *119
8s, our’cy,’ 9 5 ....r e g . J. & J. * 99*2 * 99*a * 99*3 * 99*2 * 99*s * 99*3
8s, our’cy,’ 9 6 ....r e g . j . & J. *102 *102 *102 *102 *102 *102
6s, our’cy ,’ 97-----reg. J. & J. *105 *105 *105 *105 *105 *105
fe
6s, our’cy ,’ 9 8 ....r e g . J. < J. *108 *108 *108 *108 *108 *108
Ss, our’ey.’ 9 9 ....r e g . J. & J. *111 *111 *111 *111 *111 *111
is, (Cher.)1896..reg. Marcii. *103 *3 *103*2 *103*4 *103*« *103*4 *103*3
is, (Cher.) 1 8 9 7 ..reg. Marcii. *1041« *104*« *104*2 *104*3 *104*« *104*3
< (Cher.) 1898 reg. Marcii. *10538 *10538 *10538 *10538 *10538*10538
s,
4
is, (Cher.) 1 8 9 9 ..reg. M arcii. *106 > * 106*4 *106*4 *106*4 *100*4 *106%

The Money M arket and Financial Situation.— The Presi
dent’s Message to Congress and Secretary Carlisle’s report
U nited States Sub-Treasury.—The following table shows
have been prominent themes of discussion in financial cir­ receipts and payments at the Sub-Treasury.
cles during the week. The recommendations in these docu­
B alances ■
ments with relation to currency reform and the pledge to
P aym ents.
Receipts.
Date.
Coin Oert’s. Currency.
Coin.
m 9 int.fl.in a proper gold reserve have doubtless helped to im ­
$
$
$
$
$
part a strong tone to the stock market which has prevailed,
746,701 65,747,555
2,000,916 112.783.213
3,254,686
Dee. 1
925,956 66,690,548
..
3
113.273.213
notwithstanding the free selling of some lines of stocks and
1.871.023
3,483,270
984,517 67,773,623
2.726.024 111,731,114
2,325,562
“
4
the probability of an outward movement of gold.
1,448,159 63,776,109
3,177,460 109,620,168
2,532,642
n
5
1,439,677 69,643.770
3,411,590 108,227,006
2,877,608
American Sugar stock has been a prominent feature at the
«
6
1,219,557 70,040,802
5,070,905 104,976,246
1,977,056
“
7
Exchange. The official gloomy statements on the shuttingTotal 16,450,824 18.257,918 ................... ...................
down of refineries last week created considerable interest in
Coins.— Following are current quotations in gold for coins
the action of the directors regarding the quarterly dividend,
Pine silver bars. . — 6l*a ® — 62*3
but the announcement late on Wednesday of the regular 3 Sovereigns............$4 86 ® $ 4 90
Five fra n cs.—... . — 90 ® — 95
Napoleons....... .
3 85 ® 3 90
M exican dollars. . — 50*3® — 51%
per cent seemed to have little if any effect upon the stock.
X X Reichm arks 4 70 ® 4 80
D o uncom ’ cial. . --- ® — —
s e t a s ....... 4
® 4 85
The reduction of the bank reserve in the settlements for 25 P e Doufiloons.15 75 ® 15 75
Peruvian sols..—. — 47 ® — —
Span.
55
English silv e r .. . . 4 80 ® 4 90
the new Government bonds has had almost no effect on the VLex. D oubloons.15 55 ® 15 75
Fine g old bars. ,. par ®*4 prem. Ü.S. trade d olíais — 55 ® — 65
money market. The advance in rates noted last week was
State and R ailroad Bonds.— Sales of State bonds at the
only temporary and former low quotations now generally Board have been unusually large and include $2ü5,000 Vir­
ginia 6s trust receipts, stamped, at 8% to 9 % ;
prevail.
The open market rate for call loans during the week on ginia fund, debt 2-3s of 1991 at 59% to 6 0 ; $2,000 Tenn.
stock and bond collaterals has ranged from 1 to 1 % Per cent- settlement 8s at 79, and $5,000 South Carolina 4% s at 104%.
The railroad bond market has continued dull, chieny be­
To-day rates on call were 1@ 1% per cent. Prime commercial cause the offerings of good bonds are limited, as there is an
abundance of capital awaiting such investment. Increasing
paper is quoted at 2 % to 3% per cent.
The Bank of England weekly statement on Thursday activity has been noticed, however, as the week advanced.
Atchison 4s sold in considerable amounts on Thursday at
showed a decrease in bullion of £759,617, and the percentage
about one point higher than our last report, and close at 00.
of reserve to liabilities was 63'64, against 65‘33 last week; the Burlington & Quincy issues have found ready purchasers at
discount rate remains unchanged at 2 per cent. The Bank of somewhat better prices. M. K . & T. 1st 4s have been weak,
France shows an increase of 20,575,000 francs in gold and selling at from one to two points below our last quotations.
Oregon Short Line 6s are higher, selling freely above 90.
a decrease of 600,000 francs in silver.
Southern Ry. 1st 5s are a fraction higher, closing at 89% • PThe New York City Clearing-House banks in their statement & Readings are relatively active at slightly lower figures,
of December 1 showed a decrease in the reserve held of $16
while Union Pacifies and Wabash bonds are firm at about
former quotations. U . S. Cordage lsts are higher on very
940,700 and a surplus over the required reserve of $52,220
light sales, closing at 70.
800, against $66,027,600 the previous week.
R ailroad and Miscellaneous Stocks.— In the stock mar­
ket American Sugar Refining has been the principal feature
1892.
1893.
Differen'sfrom
1894.
during the week, and a large amount of the stock has actually
Dec. 3.
Dec. 2.
Prev. week.
D ec, 1.
feacf’ i? ^
•
or nominally changed hands. The activity in the early part
$
$
of the week was due in some measure to discussions or tne
$
$
60,922,700 60,422,700 probable quarterly dividend, which was fixed late on Wed­
C apital................. 61,622,700
71,605,100 68,233,500
71.259.600
Surplus ...........—.
444.628.200 nesday at the usual rate. The stock has fluctuated between
L oans & disc’nts. 499.460.100 In c. 4,456,700 409,490,100
5,616,900 82% and 91% , closing at the latter figure.
9,600 13,658,200
,
11,164,000 I n c .
C ircu la tion .......
487.345.200 454,861,800
Chicago Gas has again been prominent without any very
N et deposits....... 579,835,600 D c 12,535,600 104,368,800 79,099,800
76.527.600 Dc 19,531,900
S p ecie...................
41,109,400 apparent reason, and with slight fluctuations has advanced
L egal tenders— 120.652.100 In c. 2,591,200 93,564,400
120.209.200 from 70 at the close last week to 72% . Pacific Mail has again
R eserve field. . . . . 197,179,700 Dc 16,940,700 197.933.200 113,715,450 advanced to 28 on Thursday, closing at 22% . General Elec­
L eg a l r e s e r v e .... 144,958,900 Dec.3,133,900 121,836,300
tric and Western Union have both been strong and steady. .
6,493,750
Of the railroad list St. Paul has been the most active. It ia
Burp1us reserve 52,220,800 D c 13,806,800 76,096,900
currently reported that this stock has been sold freely for tne
Foreign Exchange.— The foreign exchange market has foreign account, but if so it has found r e a d y support athome,
ruled firm, with an upward tendency through the entire as nearly all the sales at the Board have been at better fig­
week. Receipts of commercial bills from the interior have ures than the closing price last week, and it closes at 59%.
Other grangers have been active but firm and close hqffi6 .
not been large, and a steady demand from remitters has kept Burlington & Quincy at 72% against 63% ; Rock Island at
the market bare. Quotations have advanced to the gold- 62% against 60% and Northwest (ex. div.) at 98% against
sh ip p in g point and $1,250,000 will go out to-morrow.
To-day’s actual rates of exchange were as follows: Bankers 97The coal carriers have been relatively dull but firm, notably
D. L. & Western, which closes at 161% against 159% last
eixty days sterling 4 8 7 % @ 4 87% ; demand, 4 88 % @ 4 88% 5 week; D. & H . Canal closes at 127 against 12 5 % , and Central
of N. J., which showed some weakness on Wednesday, has
cables, 4 88% @ 4 88%.
The following were the rates of domestic exchange on New recovered, closing at 94 against 93. J Manhattan Elevated has
_
Y o rk at the under-mentioned cities to-day: Savannah, buying advanced on light transactions, closing at 107.
Southern Ry. has been prominent and steady, the common
1-16 discount, selling 1-16@ % premium: Charleston, buying closing at 12 and the pfd. at 38. The general list was dull
1-16 discount, selling 1-16 premium; New Orleans, bank, par but strong until to-day, when the market was more active
commercial $1 25 discount; Chicago, 40c. per $1,000 premium; and buoyant and the closing prices are generally the hign
est of the week.
St. Louis, 25c. per $1,000 premium.




D ecember 8, 1894.]

THE

CHRONICLE.

997

N E W YO K E STOCK E XC H AN G E— ¿C T iF J g STOCKS for week ending DEC. 7 . and sinn* JA
H IGH EST AND LOWEST PRICES.
Saturday,
Deo. L
5%
*%
*67
*59%
*50
93
17%
*145
68%

M onday,
Dee. 3.

Tuesday,
Dec. 4.

Wednesday,
Dec. 5.

Thursday,"
Dec. 6.

Friday,
Dec. 7.

STOCKS.

Sales o f
the
Week,
Shares

at

1, 1894 ,

R ange fo r year 1894.
Lowest.

Highest.

A c tiv e R R , S to c k s .
4%
4%
4%
4%
5 Atchison Topeka < Santa Fe.
fc
July
1%
*1
1%
*1
1% A tlantic <feP a cific.. . . . . . . . . . . . 5,774 3 % Jan. 23 16 Mar. 14
100
2
67
1% Mar. 23
*66% 68 *66% 67% Baltimore <fe O h io.....................
200 66% Dec. 5 81% Apr. 6
60
*59% 60
*59
59% Canadian P a c ific .....................
1,000 58% N ov. 23 73% Jan. 18
51%
50% 50%
50% 50% Canada S outhern............... .
563 47 Jan. 3 o3% Aug. 24
93%
93
93%
93% 94% Central o f New J erse y ...........
8,124 89% Nov. 7 117% Mar. 8
17%
17% 18
18
18 Chesapeake & O h io.................
1,505 16 M ay 21 21% Aug. 31
146
146 146
145% 145% Chicago & A lt o n .......
233
71%
71% 72%
71% 73 Chicago Burlington < Quincy 80,546 130 Feb. 12 146% N ov. 22
fe
68% Dec. 1 84% Mar. 21
Chicago < Eastern Illin o is...
fe
50% Oct. 30 55 Feb. 27
95
95 _ . D o
’ 57%
10 93 M ay 23 97% Sept. 12
p ref.
58% 59% 57% 58%
57% 57%
57% 58% 57% 59% Chicago Milwaukee & St. Paul 168,015
*117 118% 118% 118% U S
54% Jan. 3 67% Sept. 6
118% 118 118
117% 117% 117% 11 8
97% 98%
__ . Ho
p ref.
778
98% 99%
98% 99% x96% 97%
97% 97%
97% 98% Chicago & N orthw estern....... 50,304 116 Jan. 2 123% Mar. 13
143 143
142% 143% 141 141 x l4 1 141
96% Dec. 5 110% June 7
60% 61%
585
_ . Ho
p ref.
60% 613s 60% 61%
61% 61
61% 62%
61% 62% Chicago R ook Island & Pacific 24,447 135% Jan. 4 145 Apr. 9
32% 33
333s 33%
58% Oct. 11 72% Apr. 7
33
33%
33
33% *33
33% 34% Chicago St. Paul Minn. < Om.
34
*110 113
fe
3,055 32% Oct. 31 41% Apr. 7
110 112
111 115
111% 111% 112 112
110 % 112 %
37% 38
Ho
pref.
196 109% Jan. 4 116 Apr. 16
37% 38
*37% 38
*37% 38
38
38%
38
38% Cleve. Cincin. Chic. & St. L ...
2,403 31 Jan. 10 42 Aug. 25
84
84
*16% 17% *16% 17% *16% 17%
50 78 Jan, 18 88 M ay 12
, Ho „
17% 18
*17% 18
*17% 18 Columbus H ocking Val. «fepref J
*60
65
Tol
700 15% July 11 20% Mar. 31
*60
65
*60
65
*60
65
65
*57% . . . . _ , Ho
pref
125% 126% 126 126% 126% 126% 126 126% *60
57% May 23 66 Jan. 12
126 126
126% 127
159% 160% 161% 163
2,660 119% Oct. 29 144% Apr. 7
162% 162% 160% 162% 161 161% 160% 161% D e la w a re * H u dson................
Delaware Lackawanna&West
2,625 155% Oct. 29 174 Sept. 13
*11
12
*11% 11% *10% 11%
*10% 11% Denver & R io G ra n d e ...........
*33% 34% '3 4
34%
34% 34%
9% Aug. 7 13 N ov. 7
33% 34
*33% 34%
34% 34% _
*35
45
Ho
pref
*35
45
2,137 24 June 22 37% Nov. 10
*35
45
*35
45
*35
45
*35
45
100% 103 * 100% 102
40 Oct. 29 68 A pr. 20
T00% 102
100% 102
100% 102 Evansville & Terre H a u te ...
*89
90*2 *89
Great Northern, p re f............
90% *89
100 Jan. 4 106 Apr. 9
90% *89
90% *89
90
*89
90 Illinois Central............. . . . "
*7
7%
7
7
89 July
*7
7%
95% Sept. 11
‘ 6%
7
7
*7
7
7% Iow a C e n t r a l............. ” ” 11!
*24
26
190
*24
26
*24
26
6 Jan.
11% Apr. 3
23
23
*24
25
26
25 _ . Ho
*16
16*2 16% 16% *16
pref
153 23% Jan. 4 39% Apr. 9
17
16% 16%
16
*16
16
17 Lake Erie «fe W estern. . . . . ___
*69% 71
'7 0
715 13% Jan. 12 19% Aug. 24
72
*69% 72
69% 69% *70
72
69% 69% J . Ho
13312 135
45 63 Ja n
p ref.
135 136% 136 136% 135% 135% 134% 135
74 Sept. 13
135 136 Lake Shore < Mich. Southern
89
89
fc
89
4,11 118% Jan,
89
*86
89
139 Aug. 23
*86
89
*86
89
*86
89 Long Islan d................. .
1312 1312 13% 13%
40 85% N ov. 26 100 Jan. 2
13% 13%
13% 13% *13% 14
13% 13% Long Island Traction
54
5438 54
955 10% Sept. 21 22 Apr. 16
54%
53% 54%
53% 54
54
54%
53% 54% Louisville < Nashville...........
6%
6%
fc
18,085 40% Jan. 12 57% Sept. 22
*6
7
*7
8
*6
7
*6
7
6
7 Louisv. New Alb. < Chicago
*20
23
fe
*20
22
175
*20
22
6 June 5 10 Jan. 22
*20
22
20 21
21
21 __
IO412 10518 1053e 106% 105% 106
Ho
p ref
300 19 July 9 40 Jan. 6
105 106
105 106
105 107% Manhattan Elevated, consol.
*96
98
11,810 102% Nov. 19 127% Apr. 26
99% 99% *96
99
98% 98% Michigan Central . . .
*27
28% . 27% 27% *27
2812 *27
105 94 July 23 100% Feb. 1
29
*27% 29%
28
28% Minn.&St.L., tr. reets., 2 d p ’ d
*44
46
*44
46
408
2 Sept. 11 1T30%Nov. 12
*43
46
*44
46
*44
*44
46
46
*13
14
D o pref. ,tr. rects., 2d p ’d
13% 13%
15 Sept. 12 1146 Nov. 12
13% 13% *13
13% *13% 13% *13% 13%
*22
221g *22
Missouri Kansas <feTexas....
22 % 22% 22% 22% 22% 22% 22%
" 4ÖO 12 June 23 16% Apr. 7
22% 23%
27% 2712 28
Ho
p ref.
1.806 18% June 25 27% Apr. 9
28%
27% 28%
28% 28%
28% 28%
28% 28% Missouri P acific...................
*17
19
*18
4,175 18% Jan. 5 32% Apr. 7
19% *18
19% *17% 19
*17% 19
*17% 19 M obile & O h io ............." " . . .
*65
69
*65
69
15% Jan. 3 22 M ay 15
*65
69
*65
69
*65
69
*65
69 Nashv. Chattanooga&St.Louis
98% 98%
99
99
66 Nov. 23 74 Apr. 18
99
99% 99
99%
99
99
99
99% New Y ork Central < Hudson.
*14
14%
14
fe
3,073 95% M ay 24 102% Aug. 23
14
*13% 14% *12
14% *12
14% *12
14% New Y ork Chicago & St. Louis
* ..... . 73
100 13% M ay 22 16% Apr. 9
73
. . . . . . 73
f......... 73 *
73 *
73
*26
29
*26 " 30
Ho
1st p ref.
62 July 31 75% Feb. 3
30
28%
11% 11% 11% 12 *26 30 *27 % 30 *26 12% 11% •29
Ho
2d p ref.
200 25 July 31 34% Apr. 2
11% 11% 11
12
11%
12 New Y ork Lake Erie & West’n
*23
4,776 10% Nov. 27 18% Mar. 28
*24
25%
*24
3012 30%
Ho
p ref.
31
31
25% M ay 21 39% Mar. 27
30% 31%
§0% "31
31
31%
31
31% N.Y.& N .E., tr. recs.3dins.pd
193 193
2,855 ||3% M ay 19 1[33%Nov. 13
'193 196
193 195
193 196
194 194
195% 195% New Y ork New H aven & Hart.
*1512 15%
15% 15%
210 178 Ju ly 11 195% Dec. 7
15% 15%
15% 15%
15% 15%
15% 15% New Y ork Ontario * Western
*15
15% H5
1,820 14 June 25 17% Sept. 4
15%
15% 15%
15
15
*15
15% 15
15% New YorkSusq. «fewest.,new.
*41i2 43
*42
495 13% Ju ly 7 17% Sept. 13
43
42% 42% *42
43
*42
*42
43
43
7
7
Ho
p ref.
*6%
230 36 M ay 21 48 Sept. 13
73s
*6%
7%
6%
6%
6%
6%
6%
6%
*2138 2 2 % *2138 22
1,250
4 Ju ly 3
18
18
9% Sept. 5
20% 20% 20% 20% 20% 20%
Do
”4ie
43s
4%
1,050 17% Jan. 19 26% Sept. 6
43s
pref.
*4%
4%
4%
4%
*4%
4%
4%
4% Northern P acific..
1778 18%
18
333
18
3% June 22
*17% 17%
6% Mar. 20
17% 17%
17% 17%
17% IS
Do
*16% 18
*15
p ref.
3,645 12% May 21 23% Mar. 30
20
*15
20
20 20 *20 22 *20 20 *15 20 *15 20 *15 20 Ohio S ou th e rn ....
12 Aug. 8 18 Oct. 4
23
*20
23
20
*20
23 Oregon R ’y < Navigation’ Co.’
*6
9%
fe
*6
300 10 June 20 30 Mar. 7
9%
*6
9%
*6
9%
*6
9%
*6
9% Oregon Sh. Line «fe Utah North
*3%
4
*3%
4
4% Jan. 2 10% Apr. 6
*3%
3%
*3%
4%
*3%
3%
*3%
3% Peoria Decatur < Evansville.
15% 16%
fc
15% 1638 15% 16
2% Aug. 2
6% Aug. 23
15% 15%
14% 15%
14% 16% Philadelphia «fe R eading......... 27,665
15% 15%
153s 1538 *15
14% D ec. 6 23% Mar. 14
15%
15
15% *15
16
*15
16 Pittsburg Cinn. Chic. < St. li.
42% 42% *41% 43% *41% 45
&
400 10% July 12 21% Sept. 11
*42
45
*41
46
*41% 45
*29% 31
Ho
p ref.
101 41 Oct. 30 54 Sept. 5
30
30%
30% 30% ‘ 29
31%
31
32%
32% 33% Pittsburg < Western, p ref . ..
*16
16%
fe
2,535 20 July 26 33% Dec. 7
16% 16% ......... ....... R.&W.P. Ter.,tr. r.5 th asst.pd
100 | 2 Jan. 15 19% Sept. 12
|
Do
pref. tr. reefs.
12% Feb. 7 25 Sept. 11
*115 116% *115 116% 115% 115%
R io Grande W estern................
15 Feb. 1 16% Nov. 16
115 116
115% 1*15% * iÏ 5 “ i ï é " Rom e W atertown < Ogdensb.
37
fc
37
352 109% M ay 18 118 Oet. 31
*36
38
37
37
*36
38
*36
38
*36
38 St. Louis Alt. & Terre Haute.
*4%
5
200 20 Jan. 29 39% Nov. 5
*4%
5
-4%
4%
4%
5
4%
*4%
4%
5 St. Louis Southwestern...........
9%
9%
720
‘ 9%
9%
3 July 31
5% Apr. 5
*9%
9%
9 78
9 78
9%
9%
9% 10
* 21 % 26
Do
p ref.
982
*21% 26
7 July 11 11 Apr. 5
* 21 %
26
* 21 % 26
*21% 26
*22
26 St. Paul < D u lu t h ..................
*85
&
97
*85
97
22 Sept. 21 28 Aug. 21
*85
97
*85
97
*85
97
*85
97
*107% 110
Ho
pref.
108% 108% 107% 109 *107% 109
88 Jan. 8 95 Mar. 29
107% 107% *107% 109 St. Paul Minn. < M an itoba ...
fe
18% 18%
18 100 Jan. 6 110 Oct. 17
18% 18%
18% 18%
19
18% 19
19% Southern Pacific C o.................
11% 1138 11% 11% 11% 11% 18% 18%
23
11% 11% 11% 11% 11% 12 Southern votin g trust, c e rtif. 2,110 17% July 19 25 Mar. 14
36
36%
8,893 10% Nov.
1478 Sept. 13
36% 36%
37
37%
37% 38
37% 38% Do., pref. v otin g trust, cert.
9%
9%
9,084 34% Aug. 8 45% Sept. 13
9%
9%
9%
9%
9%
9%
9%
9%
9%
; 9 7a Texas < P acific........................
2% 3
fc
*2%
1,598
3%
7 Jan. 2 10% Aug. 20
3%
3%
3
3
2%
2%
2%
2% Toledo A nn A rbor < N. Mich.
*46
fe
52
1,345 ' 2% Nov. 30 11% Apr. 3
*46
52
*46
52
*46
52
*48
52
52 Toledo < Ohio Central....... .
*48
*75
fe
80
*75
34 July 28 51 Oct. 1 7
80
*75
80
*75
80
*75
80
*75
81
11 % 11%
Ho
pref.
12
75 Jan. 2 75 Jan. 2
12%
11% 11% 11% 12 % *12 12% *11% 12% Union P a cific......... .................
*
4
*3
7 July 30 22% Mar. 31
4
4
4
*3
5
*3
5
5 Union P acific D enver < Gulf!
"* é "
fe
6%
*6%
3 Aug. 9
6%
6% Mar. 29
*6% 6% 6 % 6% *6% 6% *3
*6%
6% W abash......................................
14
14
13% 14
5% July 10
8% Apr. 6
13% 14%
14
14%
14%
14%
12%
Ho
pref.
12
12%
12% Jan. 2 18% Apr. 9
11% 12% 12 12 % *13% 11% 10% 14% Wheeling <&Lake E rie............
11%
11%
43% *38
9 Ju ly 27 14% Aug; 2 8
43
43
43
*38
43
42
42% 42%
42
*3%
Ho
pref.
4
3%
32% July 27 51% Apr. 2
3%
*3%
4
*3%
3%
*3%
*3%
4 W isconsin Cen. Co., tr. rects.
3%
111% July 23 118% A p r 2
"27% 28
M is c e lla n e o u s S to c k s .
27% 27% *27% 28
27% 27%
27% 27%
27% 27% Am erican Cotton Oil Co.........
71% 71%
71
71
25% N ov. 1 34% Aug.2
*71
72
*70% 72
*70
72
*70
72
83% 85%
Ho
p ref.
82% 86%
63 . Jan. 2 79% Sept.14
82% 85%
86
89
86% 90
87% 91% American Sugar Refining Co.
92
92
75% Feb. 1 114% Aug. 21
91% 92%
91% 91%
92% 93
91% 92
91% 94
90
92
Do
p ref.
79% Jan. 2 100% Aug. 21
93% 95
93% 94%
94
94%
93% 95
93% 94% A m erican T obacco C o . . . . . . . .
107% 108% 107% 108
69% Jan. 2 107 Aug. 27
‘ 104 109
105% 105% ‘ 105 109
106% 106%
693e 70%
Ho
p ref.
91% Feb. 16 110 Aug. 21
68% 70%
69% 72
71% 73%
71% 72%
71% 72% Chicago Gas Co., trust reo’t s ..
*9
10
58% Jan. 3 80 June 25
*9
10
*9
9%
9
9
*8%
9%
*8%
9% Colorado Coal < Iron H ev el..
&
26
26%
5 June 26 13% A pr. 4
26% 26% *26
26% *25% 26% *25% 26%
26% 26% Colorado Fuel < Ir o n ..............
fe
126 126% 125% 125% ‘ 123 124
21 Jan. 3 27% Apr. J
123% 124% 125 126% 126 126% Consolidated Gas C om pany..
7%
8
111 Ju ly 30 140 A pr. 2 o
7%
8%
8%
8%
8
8%
8%
9%
9
9% Distilling < Cattle F eeding Co
fe
34% 34%
7% Nov. 30 30% Feb. 6
34% 34%
34% 35%
34% 35
34% 35
35% 36% General Electric C o.................
39
39
30% Jan. 3 45% Mar. 8
37% 39%
38% 38%
38% 39
38% 39%
39% 40% National Lead C o . . . . . ............
85
85
22 Jan. 2 44% Aug. 2n
83% 85
84
84
84% 84%
85
85%
84% 85%
*4
Do
p ref.
4%
68 Jan. 2 92% Aug. 2 g
4%
4%
*4
4%
4
4
4%
4%
*4
4% North Am erican C o............ .
10
10
2% June 25
*10
12
5% Mar. I 7
*10
12
*10
12
*10
12
10
10 Oregon Im provem ent Co.......
22
22 % 20% 22% 21% 22% 21% 22%
10 Dec. 1 19% Sept, l i
21% 23%
22% 23% P acific M ail...............................
* 8 2 % _____ * 8 2 % ......... *87 . . . .
13% M ay 15 24 N ov. 7
* 8 7 % ......... * 88 % ............... ‘ 88 % ............. P ipe Line Certificates............
153% 153% *153 157
79 Jan. 15 90% June &
153 157 *154 156
T 53 157
155% 156 Pullm an Palace Car Company
* 6 2 % .........
152 Ju ly 9 174 A pr. I s
62 .........
607a . . . . . . ......... 62% '......... 62% Silver B ullion C ertificates....
*14% 15
64 A pr. 26 67 Jan. 2ft
15
15
15
15
15
15%
15% 15%
15% 16% Tennessee Coal < Iron............
fe
14 Oct. 24 20% Sept. 2 $
Do
p ref.
8%
8%
62% M ay 2 71 Apr. *
7%
8%
7%
8
8
8%
8 % 8%
9%
9% United States Cordage C o ....
14% 14%
7% Dec. 4 23% J u n é is
14% 14%
14% 14%
14% 15%
14% 15%
16
17
*40% 41% *41
Do
p ref.
14 N ov. 28 41 June l a
41% *41
42
41% 42
41% 42
42
42% United States R ubber C o .....
, 86% 87%
33% M ay 22 45 Nov. l a
86% 87%
87
87%
87% 87%
87% 87%
87% 88% Wep*”im Union Telegraph___
80% Jan. 3 92% Sept, l ”
5%
4 78 5%
4%
4%
4%
1%
1
1
*1
1%
*1
69
*67
69
*67
68%
66%
60% *59% 60%
60
60% *59%
51
51
51
5078 5 0 78 51%
93%
93% 94
93% 94%
92%
17%
17 7s 1778 17% 1778 17%
148
145% 145% 145% 145% 146
69%
69% 70%
6938 7 0 % 69%

*Tiiese 8X0

an(i aafeed; no sale made. f Old certificates.
|




12d assessment paid. V A ll instalm ents paid

1 Lowest is e x dividend.

THE

998

CHRONICLE.

[V O L , L IX ,

N E W YORK STOCK E X C H A N G E PRIC E S (C ontinued )-IN A C T IV E STOCKS.
Bange (sales) in 1894.

Dec. 7.

I n a c t iv e St o c k s

If Indicates unlisted.
R a ilr o a d S to c k s .

Preferred.

Keokuk & I)
Preferred.

Preferred.

Preferred.

Bid.
100 165
100 130
100 10044
100 101«
100
100
100 49.
141«
100
156
51«
100
100
100
3*t
9
100
8
100
100
100
3
100
100
100
100
74*
100
100
100
13
100
100
50 Î 0 Ï
50 106
100
100
50
in o
100
100
100
60
.100
21«
100
.100 157
50 i 32%
.lOOi 182

Ask.

166 July 176 Apr.
135 Mar. 135 Mar.
100 June 100 June
18 Aug.
IH « 10 July
20 Jan.
24*4 Apr.
20
61 Apr.
61 Apr.
60
___
52 Apr.
45 Oct.
151« 10*4 June 1858 Sept.
154*8 May
7% Juñe
7
51« Jan.
34 Aug.
14 Jau.
37
8 Apr.
4 Nov.
41«
11*« 13 Aug. 19 Apr.
14 Apr. 16% Apr.
14
45
40 Sept. 45 Mar.

175

3*«

10
4

__

3 Dee.
12 Aug.
2*« Jan.
86*« Jun.
7*8 June
....

7*4 Mar.
12 Aug.
12 Aug.
92 July
9*8 Apr.
___
13 June
6 Feb.
5 Feb.
138 Apr.
1*8 Feb.
102 Nov. 102 Nov.
104 Aug. 107 Mar.
106*« Oct.
8% Apr.
6*8 Feb.
148 Jan. 164 Deo.

117*«
6
5*a May
65
51 Jan.
6
21« Aug.
5
160 149 Jan. 160
331«
33*« 20 July
172*« Feb. 181

* No price F rid a y ; latest price this week.

Dee. 7.

I n a c t iv e St o c k s .

R io Grande Western p r e f........ 100
R »me Wat.& Ogdensburgh— 100
it. Louis A ltot < Ter. H aute...100
&
Preferred ................................. 100
Toledo Peoria & W estern..........100
Toledo St. L. & Kansas City If.........
M is c e lla n e o a s S to c k s.
Adams E xpress............................100
American Bank Note Co If...............
Am erican E xpress...................... 100
Amer. Telegraph & Cable. ....1 0 0
Brunswick Com pany..................100
Chic. June. R y. & Stock Y a rd s.100
Preferred....................................100
Colorado Fuel & Iron, p ref.......100
Columbus & H ocking C oa l....... 100
Commercial Cable.............
100
Consol. Coal o f M aryland.........100
Edison E lectric Illum inating.. .100
Interior Conduit & Ins. C o ....... 100
Laclede G as............ - ....................100
P referred ....... t ........- ................ 100
Lehigh & W ilkesbarre Coal H
Maryland Coal, p re f....................100
M ichigan-Peninsular Car C o .. .100
P referred ................................... 100
M innesota Iron ............................ 100
National Linseed Oil C o .______ 100
National Starch Mfg. C o........... 100
New Central Coal........................100

Postal Telegraph—Cable If.
Nov.
Apr.
Oct
July
Nov. U. S. Leather preferred 1).
Dec.
Sept.

Bange (sales) in 1894,

Bid. 1Ask.

If Indicates unlisted.

Highest.

Lowest.

(X Indicates actual sales.)

115
36

116
38

......

1

Lowest.

Highest.

10 91 May
«
20 Jan.

118 "Ö o t.
39% Nov.

15
2

.....

2*«
145
47
112

141
45
110
90
2

Apr.
Mar.

17
2

Apr.'
Mar.

140*« Nov. 154% Jan.

108 July 116 Apr.
85 Feb.
92*« Sept.
2 *« Oct.
5 Mar.
3
971« Apr.
87 Oct.
1 0 Nov.
50 Jan.
1 75
41« Jan.
9% Apr.
5
6
140 Mar. 150 July
130
30
31*« Dec.
33*« 28 Jan
93 Feb. 104 Apr
Î 991«
___ ;___
551« May
36 Apr.
Ì 24*« 25®8 15 Jan.
25^8 Dec.
821« Nov.
59 Jan.
Î 78
22*« May
22 May
20
60
55 Dec.
55 Deo.
50
471« June 5 9 7s Feb,
40 Dee.
52 Mar.
t 40
19*« 20*« 14 Sept. 25 Jan.
9*«
6 Nov. 12 Aug.
6
6*« Oct.
9 Nov.
7
9
14 Nov.
6% Jan.
9
15
290 310 275 Nov. 315 June
....
55
....
50
3 Feb.
4
1«8 Jan.
l*s
13 «8 Aug. 17%: Mar.
71« Jan.
11*4 Aug.
8*s 10
57 Jan.
41 Oet.
42
45
52*« June 68% Apr.
t 595g 603s
80 Jan.
97 Deo.
95
97
Nov. 128 Jan.
Î105
. . . . . . 105

t A ctu al sales.

N EW YORK STOCK EXC H AN G E P R IC E S.- -STATE BONDS DECEMBER 7 .
SECURITIES.

Bid.

Alabam a—^Class A , 4 to 5 ........1906
Class B, 5s ............................. 1906
Class C, 4 s _________________ 1906
Currency funding 4 s......... ..1 9 2 0
2
A rkansas—6s, fund,H oi. 1899-1900
do. N on-H olford 170
1
7s Arkansas Central HR . . . . .
Louisiana—7 s, e o n s . . . . x 9 1 4 110
Stamped 4 s...................................... loO
95*4
N w eonols. 4s.................
1914

10

Ï0

$

B ank o f N ew Y ork.
M anhattan Co........
M erchants’ ..............
M echanics’ ..............
A m erica ...................
P h en ix......................
C ity ....... ...............—
Tradesmen’ s............
C h e m ica l.................
Merchants’ E xch’ ge
G allatin National
B ntchers’& D rovers’
M echanics’ & Trad’s
G re e n w ich ................
Leather M anufac’rs
Seventh N a tion a l...
¡Stateof N e w Y o r k ..
A m erican Exchange
C om m erce..................
B r o a d w a y ........ . .
M erca n tile. . . . . - . . . .
P acific....... ......... —
R epublic....................
Chatham....................
People’ s ....................
N orth A m erica........
H a n over....................
I r v i n g .. ... .. ............
C itizen’s ............. —
N assau.......................
M arket & F u lto n ...
Shoe & Leather.......
Corn E xch an ge.......
C ontinental..............
O r ie n ta l...................
Im porters’&Traders
E ast R iv er........
F ourth N ational___
C entral N ational...
Second N a tion a l...
N inth N a tio n a l....
F irst N ational.......
T h ird National.......
N .Y . N at. Exchange
B o w e iy .....................
N ew Y ork C ounty..
. Germ an A m erican..
C hase N ational........
F ifth A ven u e....... .
Germ an E x ch a n g e..
G erm ania..................
U nited S ta tes.........
L in coln ......................
G arfield....... ..............
F ifth N ational........
B ank of the Metrop.
W e st Side................
Seaboard...................
S ix th N ational........
W estern N ational..
F irst Nat. B r’klyn..
Southern National..
N at. U nion Bank....
L ib erty Nat. Bank.
_

T o t a l.............




Specie.
$
1,820,0
919,0
945,2
1,402,0
1,838,2
522,0
6,550,2
351,8
4,467,8
814,5
661.4
137.8

Legáis. Deposits
$
4.040.0
5.352.0
2.829.8
1,603,0|
5.750.8
1.340.0
9.076.9
230.0
8.759.5
312,6
2.078.5
321.5
565.0
225.6
430,5
291.7
434,4

15.880.0
1,974,6 14.040.0
16.339.0
2.050.0 1.923.0 13,000,0
13.044.1
944.2 10,994,9
2,000,0
9.988.0
2, 000,0 2.113.2 10.457.0
22.413.2
3.000. 2.144.3 18,767,4
0
5.319.0
449.6 4.885.0
1.000.
0
35.583.1
1, 000,0 2.999.2 23,99s,7
2.209.6
168,0 2,303,2
750.0
32.053.1
300.0 7.192.4 25.990.0
4.223.1
143.8 3,860,11
600.0
6.641.3
6.306.7
1, 000,0 1.579.5
1.741.4
1.671.7
267,4
300.0
2.650.0
270,0
403.3 2.325.0
400.0
1.137.1
165.5
177.8 1,098,4
200.0
2,436,3
275.4
514.4 2.903.0
600,0
1.934.5
251.9
112,0 1 ,------300.0
2.401.1
178.0
510.6 3.215.9
1.200.0
5.000. 2.355.6 23.690.0 1,268,0 8.022.0 22.792.0
0
5.000. 3.537.5 23,502,5 2,016,8 5,628,8 21.902.5
0
823.3 5.777.2
925.4
1.568.6 5.969.9
1. 000.
0
8.191.6 1.558.2 1.629.3 9.027.2
1, 000,0 1,103,4
1, 020,1
4,121,8
592.1
479.6 2.692.2
422,7
930.5 11.510.0 1.387.8 2.256.7 12.903.0
1.500.0
847.4 5.897.7
960.3 5.503.6 1.012.2
450.0
563.8 3.426.7
247.6
259.2 2.070.2
200.0
7.303.8
980.4 1.360.2
607.5 6.360.9
700.0
1, 000,0 1.900.3 18,332,7 4.010.3 2.267.4 21.701.7
609.0 2.977.0
357.6
335.0 2.780.0
600.0
495,2 3.583.3
579,3
377.9 2.833.4
600,0
714.4 3.109.5
587.8
288.7 2.027.5
500.0
539.5 1.059.8 5.183.2
804.2 4.566.5
750.0
660.0 3.457.0
363.0
253.7 2.905.0
1, 000,0
1, 000,0 1.183.1
9.943.8 1.716.4 1.797.0 11.842.3
4.615.9 1.084.8 1.916.8 7.020.5
222.8
1, 000,0
421.1 2.072.1
258.8
412.4 1.980.6
300.0
1.500.0 5,467,9 19.171.0 3.843.0 8.290.0 25.784.0
6.682.3 30.795.3
2 , 000,0 3,074,0 24,310,9 5,411,7
201.2
1 001,2
103.7
250.0
141.5 1.101.5
3.595.5 22.981.7
3 . 200.0 2.017.7 21.266.0 2.800.4
2 , 000,0
445.0 9.108.0 1.458.0 3.828.0 12.660.0
956.0 1.247.0 6.137.0
575.1 4.623.0
300.0
755.2 1.022.4 4.723.3
750.0
365.0 3,670,8
500.0 7.274.3 25,173,2 1.854.0 2.557.4 22.612.6
798,7 11.324.2
1,000,0
193.1 9.271.7 2.493.0
171.4 1.270.3
120.9
300.0
138.3 1.373.8
514.0 3.198.0
453.0
250.0
543.9 2.660.0
204.0 3.385.2
673.1
200.0
562.3 2.908.6
794.1 3.118.4
399,6,
750.0
2.679.5
273.1
500.0 1, 200,6 14,929,6 4,161,6 1,911,4 19,278,5
100.0 1.018.2 5,670,21 728.9 1,655,0 6,911,1
717.4 3.482.5
281,0
200,0
621.4 2.679.4
189.0 3.591.6
441.8
200,0
603.1 3.204.6
360.4 6.129.3
898.1
500.0
527.4 5.488.5
927,7 6.193.1
300.0
518.2 5,171,4“ 1,084,6
727.4 5.143.0
805.3
545.2 3.934.8
200.0
289,9 1,886,8
188.5
200,0
309.3 1.889.3
765.0 1.445.3 5.865.3
744.7 4,218,2
300.0
940.01 . 2,991,0
208.0
281,2 2.314.0
200.0
764.0 5.389.0
744.0
228.3 4.645.0
500.0
1.583.0
112.0
275.0
335.9 1.841.0
200.0
218.6 11,500,4 1.556.9 1.675.4 12.379.7
2 , 100,0
690.0 4.895.0
871.5 4.224.0 1.159.0
300,0
873.0 3.181.2
339.0
500,0
575.5 2.753.1
475.4 2.358.5 10.490.7
278.8 9.362.8
1, 200,0
375,6 1,361,2
37,2
1.438.6
500,0
112.9
61,622,7 7L259J5 499,460,l'76,527,6 120,652,1 579,835,6
2 , 000,0

Bid.

SECURITIES.

T ennessee—
6s, o ld .........1892-1898
6s, new b o n d s ......... 1892-8-1900
do
new series................1914
Compromise, 3-4-5-68........... 1912
82*«
3 s ...............................................1913
R edem ption 4 s ................1 9 0 7
do
4*«s................... 1913 1 0 4 's
Penitentiary 4*«s..................1913 104*«
Virginia funded debt, 2 -3 S ...1 9 9 1
59*2
6s, deferred t’st reo’ts. stamped

Ask.

9*2

New York City, Boston and Philadelphia Banks :
Ba n k s .

Capital Surpl’s Loans.

Ask.

Missouri—F und...............1894-1895
North Carolina—6s, old .......... J&J
Funding a c t............................ 1900
New bonds, J&J _____ 1892-1898
1
Chatham R R ..................................
1
Special ta x , Class I ......................
Consolidated 4 s ..................... 1910 101
6 s .............................................. 1919 124
South Carolina—4*ss, 20-40.. 1933 102
1**
6s, non -fu nd..........................1 8 8 8

New fo r k City B ank Statement for the week ending
December 1,1894. W e omit two ciphers (00) in all cases.
BANKS.
(00s omitted.)

Bid.

SECURITIES.

Ask

N . Y o r k .*
N ov. 3 ... .
“ 10 . . .
“ 1 7 ....
“ 2 4 ....
Dec. 1___
B oston *
N ov. 17___
“ 2 4 ....
Dec. 1 ___
P h i l a .*
N ov. 1 7 ...
“ 24 ...
Dec. 1

Capital &
Specie.
Surplus.
$
$
132.882.3 500.822.0 93,755,6
132.882.3 499,714,7193,677.1
132.882.3 498.937.0 94,421,1
132.882.3 495,003,4 96,059,5
132.882.3 499.460.1 76,627,6

Legáis. Deposits.t Circ’l’n Clearings.
$
$
1182249 595,104,91115178
1160366 592,176,2 11207«
1171898 594,547,4 111700
1180609,592,371,2 111544
1206521 579,835,6 111640

549.450.3
467,522,6
564.700.3
532,3«0,2
485,554,0

69.351.8 175.957.0 11,351,0 8,920,0 174,356,0 7,040,0 87,367,7
69.351.8 175.318.0 11,826,0 8,488,0 172,332,0 7,051,0 85,087,0
69.351.8 175.471.0 11,076,01 7,083,0 168,343,0 7,018,0 75,998,5
117.659.0 5,244,0 67.128.3
35.810.3 112,208,0|
34,008,0
116.292.0 5,285,0 66.203.4
33,367,0
35.810.3 111.346.0
116.002.0 5,299,0 56.968.4
35.810.3 111.614.01
32,855,0

* We omit two ciphers in all these flgv/res. + Including fo r Boston and Phila
delphia the item “ due to other banks.”

Miscellaneous and U nlisted Bonds.— Stock Exch. prices:
M isc e lla n e o u s B o n d s, i
Ch. J u n .& S .Y d s.—C ol.t.g.,5s *106 b.
Col. C. & I. Devel. gu. 5 s.......* 94H*a.
Colorado Fuel—Gen. 6s
106 ha
Col. & H ock. Coal & I . - 6 s , g.
90 a.
Consol’n Coal—C onvert. 6s.
84 a.
Cons.Gas Co..Chic.—lstg u .S s
Denv. C. W at.W ks.—Gen.g.5s
Det. Gas con . 1st 5 s . ..............
55 **h.
Edison E lec. 111. C o.—1st 5s . 108 a.
E q u it G.-L., N .Y ., cons, g. 5s. T i l h.
Equitable G. & F .—1st 6 s .... » 97 h.
.
H enderson B ridge—1st g. 6s. T1J h
H oboken Land & Im p.—g. 5s
85 b.
Illin ois Steel deb. 5 s...............
82»ab
N on-conv. deb. s.................
40 b
M anhat. Beach H .& L. g. 4s.
Mich.-Penin. Car 1st 5s, g —

M isc e lla n e o u s Bonds.
Mutual U n io n T e le g .—6s g . .
N at. Linseed Oil deb. 6s, g . ..
N orthwestern Telegraph—7s.
People’ s Gas & C. i 1st g. 6s.
Co., C hicago . . . 5 2d g. 6s.
92 a.
1st con . g. 6s ......................
Peoria W ater C o.—6s, g -----Pleas. V alley Coal —
1st g. 6s.
P rocter & Gamble—1st g. 6s
South Y u ba W ater C o .on .6s.
Sunday Creek Coal 1st g 6s.. f 96 b.
U S. Leather—S .f.d e h .,g .,6 s T09 b.
W estern U nion T eleg.— ¡ i . - 110 b.
W heel.L .E & P .C oal—1st g,5s
U n listed B o n d s.
5 Hah.
Com stock T unnel—Ino. 4 s ..
Mem.&Charleston—Con. 7 g.

N ote .—“ b” indicates p rice bid; “ a ” p rice ashed. * L atest prioe this week

Bank Stock List—Latest prices this week.
BANKS.
A m e r ic a .......

Bid.

A sk.
210

BANKS.

Bid. A sk.
320

Gallatia........

15Ó

122

Ì8Ò "
H ud. R iv e r.. 150
135
Leather M is’
L in coln .........

Colum bia___ 200
325

Fourth .......

........
Í7Ó "

.....
•• •
•
100

(*Not listed.)

BANKS.

Bid.

Ask

N .Y . Nat. E x ......... . . . . . .
N in th .......... 120
19th W ard..
100
240
O rien ta l. . . .
P a cific......... 175 .•••««*

■
rITn, People’ s ___ ___ 300
550
......
Prod. E x.*..
io o
R e p u b lic....
Seaboard. . . 170 174
L.
75
S h o e * L e’th
S ou th ern ... 167 >
s
Stateof N.Y. 103 108
T h ir d . . . . . . . 105
100
Tradesm ’n’ s
__
23d W ard*..

....... 162 H
*
180
110 . . . . . .
W estern
N e w Y o rk ..
N .Y . Oo’n ty . 520 ......... W est Side* . . . . ..

THE

D e c e m b e r ” } , 1894.J

BOSTON, P H IL A D E L P H IA
A c t iv e r S t o c k s .
V Tudicates unlisted.
Atoh. T. & 8. Fe (Boston) .100
A tlantic & Pac.
“
100
Baltimore & Ohio (Balt.). 100
1st preferred
“
100
2d preferred
“
100
B altim oreT rae’ n (P hil.).. 25
B oston & Albany (Boston). 100
B oston & Lowell
“
100
B oston & Maine
“
100
Central o f Mass.
“
100
Preferred
“
100
Chic. Bur. & Quin.
“
100
Chic. Mil. & St. P. (Phil ).1 00
Chic. & W. Mich. (Bost m ). 100
Cleve. & Canton
“
100
Preferred
“
100
Fitchburg pref.
“
103
Hunt. & Br Top. (Phila.). 50
Preferred
“
50
Lehigh Valley
“
50
Maine Central (Boston). 100
M etropolitan Trac.fP/i4i).100
M exican Cent’l (Boston). 100
N.Y.&N.E.,tr.rec.§
“
100
Preferied,tr.rec.§ “
100
Northern Central (B a lt.). 50
Northern P acific (Phila.) 100
Preferred
“
100
Old C olony.......(B oston). 100
P en n sylva n ia. . . (P h ila .). 50
Philadel. & E rie.
“
50
Phila. & Reading.
“
50
Philadelph Trac.
“
50
Summit Branch (Boston). 50
U nion P acific___
“
100
United Cos o f B.3 .( Phila. )1 00
W .N.Y.&Pa.tr.ree
“
103
m is c e lla n e o u s S to c k s .
A m .8ug’r Re&a.IM Boston). . . .
“
....
P re fe rre d .........
B ell T eleph one..
“
100
B ost & Montana.
“
25
Butte & B oston..
“
25
Calumet & H ecla
“
25
Canton C o ........ (Balt >.100
Consolidated Gas
“
100
Erie Tele phone. (B oston). 100
G eneral Electric.
“
100
“
100
P re fe rre d .........
Lam son StoreSer.
“
50
Lehi’h Voa,\&8hv. (P hila.) 50
N .E .T elephone (Boston). 100
North American (P h il.). 100
W est End L and-.f’B o s to n )....
$ 3d instalm ent paid.

CHRONICLE.

9h9

AN D B ALTIM O R E STOCK EXC H AN G ES.

S h are P r ic e s — p o t P e r C e n tn m P r ic e s .
Saturday,
Deo. 1.
5
*66
'127
'109
163g
207%
199
'155
*1130
*49%
68%
57%
*11

sh e

M onday,
D ec 3.
41&16

*66%
*127
in
*109
163g
16%
207%
199 *199%
156
156
*1130
...... *
69%
69%
58%
58%
16
*10

*2%
3%
*2%
82% 83
82%
34% 34%
53% 53%
53%
33% 33% -33%
121 127
106
105% 106
7
7
6%
*30%
30%
*61% 63
*61%
68%
4%
*4%
*18%
*18
180
50% 50%
50%

5

T uesday,
Dec. 4.
4%

5

69
*66%
*127 "
111
16%
16%
207% 208
200 *199%
156
156
11%
52
49
70%
69%
59%
57%
16

156%
1130
49
70%
58%
16

*2%
82%
36
53%
33%

3
83
36
53%
3330

3%
82%
54
33%

69
111
16%
209

Wednesday,
D ec. 5.
4%

5%

Thursday,
Dec. 6.
4%
*1
67

Friday,
Dec. 7.

4%

4%
5
1
*1
*67
*07
67
68
*127
*127
*125
111 *1 09lo 111 *112
17
17
17
17
16% 17
209% 209% 209% 209% 209% 2 tO
*196
1971» 1071»
156% 156% 157 158
160 162
*11
11% *11
12
11% *11
*48
50 *
52
*49
52
70
71
71% 72
713a 73
57% 57%
57% 5830 57% 59%
11
11
*12
IK
*10
**f»n i -nn
*2%
3
2%
2%
*3
3%
82% 83
82% 83
83
84%
*3436
36
37
53% 53%
53% 53% 53
53
33% 33%
33% 3 3 % 33% 34
12.a

106%
*6%
6%
6%
30%
31
31
63
61% 61%
68%
68% 68%
430
4%
*4%
18%
18% 18%
180 *180
50%
50% 50%

1 9*

106% 106% 106% 106% 106% 106%
*6%
7
6%
6%
6%
6%
30% 30%
30% 30%
30% 31%
*60
61% 81 lg
*61%
*68% 69
4
4
4%
4%
4%
4%
*17%
*17% 17% ♦iva.
1 finia 1 Q Ì

1 ROL» 1«OL>

50%

50% ~50%

50%

50% ~5Ô%
203*
7 78
7% 85,,
8% 71318 715.« 711,« 713,8
7% 711i 6 77,«
8 '1
101% 101% 102 102% 102% 103% 102% 103
102% 102% 102% 102%'
4
7
6%
4
*5
11% 11%
12
12
*11% 12
11% 12
12
12
12
12
237%
239 239 *238% 239
236% 239 *236% 239
238% 238%
6
*5%
*5%
6
*5%
*5%
6
5 70
*5%
6
*5%
6
85%
84
82%
92
92
92%
197 197
197
30
29% 30
10% 10% *10%
2S6 289 *287
*88
91
*88
66% 66%
66%
52% *51%
*51%
34% 34%
34%
*70
71
70
*23% 24
*22%
46% 46%
46%
67

86%
82% 85%
86
89
863s 90%
88
92%
91% 92%
91% 91%
92
93
92
197
196% 198
197 197% 197% 198
198
30
30
30
30% 30%
30% 31%
31%
10%
10% 10%
10% 10%
10% 11%
11
289 »286 289 *286 269 *289 290
269
91
*88
*88
91
88% 88% *88
66% *66
66%
66% 66%
66% 66%
66%
52
51% 51%
52
52
51% 52
52
34%
35
34% 35
34% 35
35
35
70
70
70
70
70
70
70
70
23% *23% 23% *22% 23% *23
23% *23
46%
46% 46%
46% 46% *45% 46%
46%
66%
66
66% *66
*66
*66
4%
4%
2
2
2
2
2%
2
2
21,« 2 i le
* B id and asked prices; no sale was made.

I n a ctiv e S t o c k s .
Prices o f December 7.
Atlanta & Charlotte (Balt .100
.100
. 50
Catawissa.........
50
1st p re fe rre d .
50
2d p re fe rre d ..
50
. 50
Chari. Col. & Augusta
100
C onnecticut & P ass..(.
.100
C onnecticut R iv e r ....
100
.100
.100
Preferred
100
. 50
.100
P referred ............*...
“
100
Little Schuylkill......... (Phila.). 50
M aryland Central___ (Ball.). 50
Mine H ill & S. H aven (Phila.). 50
.
Nesquehoning V al___
“
50
.100
. 50
.100
. 50
.100
P re fe rre d ...
100
.100
1st preferred.
100
. 50
)• P referred ............. .
50
“
W est J e r s e y ............. (Phila.) . 50
W est Jersey & A tla n .
“ *
50
W estern M aryland... (Balt.) . 50
Wilm. Col. & Augusta
“
100
W ilmingt’n & W eldon
“
100
W isconsin Central. . . (Boston) .100
P re fe rre d ....................
“
100
100
W orc’st.Nash.&Roch.
“

Bid.

Ask.

Inactive stocks.
'i ?Bonds— Boston,

Bid.

A sk.

91%
94
198
32%
11%
290
89
66%
52
36
70
23%
67

Bales
o f the
W eek,
Shares.

Range o f sales in 1894.
Lowest.

H ighest

5,255

3is Ju ly 23 16% Mar. 29
‘50 Aug. 9
1% Mar. 14
" i ô ô 66 Nov. 7 81 Apr. 9
125 Jan. 17 129 Apr. 19
108 Jan. 31 119 May 12
1,497 IS 1 Aug. 21 17% Nov. 7
*
85 198 Ju ly 2 212 Apr. 30
28 182% Jan, 10 199 N o v .28
247 126 Jan. 15 162 D ec
7
60 10 's July 24 14% Mar. 1 0
7 46 Jan. 3 55 Sept. 6
20,746 63% Dec. 1 84% Mar. 21
33,100 5438 Jan. 3 67% Sept. 6
100 10 June 7 25% Mar. 13
45 June 6 62% N ov. 13
50
2 Feb.
3% Sept. 14
580 66% June 1 85 Nov. 16
227 29% Apr. 25 37% Sept. 14
199 47 May 7 54 Dec. 3
938 325s Nov. 24 42% Mar. 13
5 101 Jan. 16 125 D eo
7
1,265 ±96% Jan. 6 122 A pr. 12
310
5 58 Jan. 2
9% A pr. 3
815 ¡3% M ay 19 33% Sept. 26
92 ¡24% Mar. 20 66 Sept. 24
27 66 July 17 69% Aug. 22
455
3 % June 23
6% Mar. 21
1 12% June 25 23% Mar. 31
8 170% Jan. 2 181 D ec. 7
3,174 48 Jan. 5 52% A pr. 7
21% Jan. 20 28% Feb. 1
25,935
739 May 21 11% Mar. 12
6,093 t83% July 2 115% Apr. 11
103
4 Dec. 5
7% Mar. 5
421
6 7g July 30 22% Mar. 31
44 227% Mar. 21 239 Dec. 3
|% Ju ly 17
7 Sept. 24
73,153
1,337
364
5,149
2,511
50
75
748
123
1,209
58
319
25
10
235

75% Jan. 24
79 Jan. 3
163 Feb. 26
22 July 21
7 7a July 23
265 June 22
66 Jan. 18
53% Jan. 3
42 Feb. 21
3038 Jan. 3
56 Jan. 4
12% Jan. 2
46% Dec. 3
49 Feb. 28
2% June 27
1 l 78 July
3
l E x rights

1147e Aug. 21
100 Aug. 21
208% Sept. 28
32% D ec
7
11% Sept. 20
302 Jan. 18
93 Oct. 9
68% N ov. 1
56 Oct. 12
45% Mar. 8
75 M ar. 8
26 A pr. 7
55 Mar. 11
68 Aug. 14
5% Mar. 19
12% Mar. 20
t Old oerts.

Bonds.
Pa. & N. Y . Ca., con. 5S.1939, A&O
Perkiom en, 1st s e r .,5 s .l9 1 3 , Q—J
Phila.& Erie gen. M. 5 g.,1920, A&O
Gen. m ort., 4 g ...........1920, A&O
Phila & Read, new 4 g., 1958, J&J
1st pref. incom e, 5 g, 1958, Feb 1
2d pref. incom e, 5 g, 1958, Feb. 1
3d pref. incom e, 5 g , 1958-, Feb. 1
2d, 7s....................... .1 9 3 3 , A&O
Consol, m ort. 7 s .........1911, J&D
Consol, m ort. 6 g ....... .19 11, J&D
Im provem entM . 6 g ., 1897, A&O
Gom.M.,5 g.,stam ped,19 22,M&N
Terminal os, g ........ 1941, Q.—F.
Phil. Read. & N . E. 4 s . . . .....1 9 4 2
Inoom es, series a ....... ..... .1 9 5 2
Incom es, series B . . . .... . . . . 1 9 5 2
Phil. Wilm. & Balt., 4 s .1917, A&O
Pitts. C. & St. L., 7 s ....1 9 0 0 , F&A
Schuyl.R .E .Side,lst 5 g.1935, J&D
S teu ben .& Ind.,lstm .,5s.l914, J&J
Union Terminal 1st 5 s ...........F&A
W arren & Frank.,1st,7s,1896,F&A

Bid. Ask.

103%
90
92% At.Xop.&8.F.100-yr.4 g.,1989, J&J
255 260
2 d 2%-4s, g., C lassA .,1989, A&O
117 118%
32%
B oston United Gas 1st 5s...............
102
4
2d m ort. 5s....... .....................1939
75% 75%
50
Burl. & Mo. R iver E xem pt 6s, J&J
28
28%
50
Non-exem pt 6s.......... 1918, J&J
17%
49
50
Plain 4 s..........................1910, J&J
14
14%
Chic. Burl. & N or. 1st 5,1926, A&O
117
131 132%
2d m ort. 6s..................1918, J&D
127
250 260
Debenture 6s.............. 1896, J&D
116 118
160
Chic. Burl. & Quincy 4 s ..1922, F&A
104%
12
13
Iow a Division 4 s....... 1919, A&O
99
35
37
Chic.&W.Mich. gen. 5s, 1921, J&D
106 106%
Consol, o f Verm ont, 5 s .1913, J&J
12
15
Current R iver, 1st, 5S..1927, A&O
60
70
Det. Lans. & Nor’n M. 7s. 1907, J&J
68
Eastern 1st m ort 6 g .l9 0 6 ,M & S ..
101%
_____ _____ fr e e ,E lk . &M. V .,lst, 68.1933, A&O
115%
70% 71
Unstamped 1st, 6 s ....1 9 3 3 , A&O
111
54 ......... K.C. C.& Spring., 1st, 5g.,1925, A&O
__
108%
K C. F .8. & M. con. 6s, 1928, M&N
97 100
86
K.C. Mem. & B ir.,1st. 2s,1927, M&S
8
8% K .
C. St. Jo. & C. B ., 7 s ..1907, J&J
L. R ock & F t. S., 1st, 7s. .1905, J&J
A tla n ta llfch E f.^ isS ^ sf1907, J&J 122 123
2
2% Louis., Ev.&St.L., 1st, 6g.l9 2 6 , A&O
Incom e 6s....... ..... ..1 9 0 0 , A&O 102 104%
73
71
2m ., 5—6 g ..................1936, A&O
B altim ore Belt, 1st, 5 s .1990, M&N 104 104%
50
Mar. H. & Ont., 6s....... 1925, A&O
Baltim ore & Ohio 4 g ., 1935, A&O 109
M exican Central, 4 g . ..1 9 1 1 , J&J
Pitts. & Conn., 5 g ...l 9 2 5 , F&A
58% 58%
1st consol.incom es, 2 g, non-cum.
Staten Island, 2d, 5 g .1926, J&J
85% 86
S
2d consol, incom es. 3s, non-cum.
Bal.&Ohio S .W .,lst,4% g.l99 0, J&J
65
56
. Y . & N .Eng,, 1st, 7 s,1905, J&J*
. . . . 72
CapeF.&Yad.,Ser.A.,6g.l9L6, J&D
22%
1st m ort. 6 s .. . . . . . . ¡ . . 1 9 0 5 , J&J
Series B ., 6 g ................ 1916, J&D
70
2d m ort. 6 s ..................1902, F&A
Series C.,.6 g ................ 1916, J&D . . . . . . 70
100
Ogden. & L.C.,C ou.6 b. . . 1920,A&O
Cent. Ohio, 4% g .............1930, M&S
90
97%
Inc. 6 s ..................
1920
Chari. Col.&Aug. 1st 7S.1895, J&J 105% 105%
3%
4
R u tland, 1st,6 s............1 9 0 2 ,M&N 110
Ga.Car. & Nor. 1 st 5 g ..l9 2 9 , J&J
84
84%
20
2d, 5s................. .........1 8 98,F&A 102
North. Cent. 6 s................ 1900, J&J 113 114
122 125
6s............................................. 1904, J&J
116 120
MISCELLANEOUS.
A U e g te n y V a lf^ 3 A o fj 1
J&J 106%
Series A , 5 s . . . . . . . ....1 9 2 6 , J&J 114
A llouez Min’ g, asstpdfBosfon >. 25 •25
•50
Atlantic City 1st 5s, g., 1919, M&N 102% 103%
4 % s ............................... 1925, A&O 106
A tlantic M ining.........
“
25
10% 11
Belvidere D el., 1st, 6 s ..1902, J&D 104%
Piedm.& C um .,1st, 5 g. 1911, F&A
99 100
City Passenger R R ... (Balt.) . 25
71
71% Catawissa, M., 7 s.........1900, F&A 113%
Pitts. & Connells. 1st 7s. 1898, J&J 111% 112
. 50
10% 11
Clearfield & Jeff., 1st, 6s. 1927, J&J 115%
Virginia M id., 1st 6 s ...1 906, M&S 115
B oston L and..............
10
4
4% Connecting, 6 s.........1900-04, M&S
2d Series, 6 s..................1911 M&S 115
Centennial M in in g ...
10
%
% Del. & B ’d JBr’k, 1st, 7 s .19 05,F&A 1.28"" 129
3d Series, 6 s . . . . . . ....1 9 1 6 , M&S 112
E lectric Traction___(Phila.). . 50 92
Easton & Am . lstM .,5s.l92 0,M & N 108
4th Series, 3-4-5s....... 1921, M&S
85
Do
rights
53
Elmir. & W ilm ., 1st, 6 s .1910, J& J. 118
5th Series, 5 s .............. 1926, M&S 103 105
2
F ort Wayne E lect.][..(B o
. 25
2% Hunt. & Br*d T op, Con. 5 s.’95,A&O 101 101% W est Va C .& P . 1st, 6 g .l9 1 1 , J&J 105% 106
Franklin M ining.......
25
13
13% Lehigh Nav. 4 % s.......... 1914, Q—J 110%
W eet’ t N .C . Consol. 6 g.19 14, J&J 114% 114%
Frenchm ’n’s Bay L’ d.
5
3
2d 6s, g o l d . ... ............ 1897, J&D 109% 110
1%
W ilm. Col. & A ug., 6 s .. 1910, J&D 113
Illinois Steel...............
100 42
49
General m ort. 4% s, g .l9 2 4 ,Q —F 104%
MISCELLANEOUS.
Kearsarge M in in g,...
25
7
7% LehighVal.Coal 1st 5s,g. 1933,J&J
103% Baltimore—City H a ll6 s.1900, Q - J 111% 112%
Morris Canal guar. 4 . (PI
.100
80
Lehigh V alley, 1st 6 s ... 1898, J&D
F u n d in g 6 s..;............. .19 00, Q—J
P referred guar. 10.
100
2d 7s............................. 1910, M&Sj
W est MaryFd R R . 6 s ..1902, J&J 112
. 25
22
23
Consol. 6 ............ .........1923, J&D
W ater 5 s....................1916, M&N 121% 12*2
Pullm an Palace Car.
100 155 156
North Penn. 1st, 7 s . ... 1896, M&N
Funding 5 s . . . . . . ........1916, M&N
Quincy M ining..........
92
94
25
Gen. M. 7 s....... ............. 1903, J&J
E xchange 3% s.............1930, J&J 104 104%
Tam arack M ining___
25 160 161
Pennsylvania gen . 6s, r.,1910, Var
Virginia (State) 3s, n e w .1932, J&J
59% 60%
United Gas Im pt....... (P hila.).
71% 72%
Consol. 6s, c
........... 1905, Var
Chesapeake Gas, 6 s . . . . . 1900, J&D 106
.100 •SO 1-00
Consol. 5s, r ...................1919, Var
Consol. Gas, 6 s . . . . . . . ...1 9 1 0 , J&D 118
W estingh. Elec. & M ..
32
50
32%
Oollat. Tr. 4% g ...........1913, J&D
5 s ...........................
.1939, J&J
107 108
P ref., cum ulative.
50
50% 51
P a. & N. Y . C a n a l,7 s...1 9 0 6 ,J&D 124
Equitable Gas, 6 s......... 1913. AA-n 112 112
Price includes overdue coupons.
Ï Unlisted.
t And accrued interest.
t Last pnee this week.




1000

THE

CHRONICLE

[V o l. L i x (

NEW YOBE STOCK EXCHANGE PRICES (Continued)-ACTIFïJ BONDS DEC. 7 AND FOR YEAR 1 8 9 4 .
R a il r o a d

and

Closing Bange (sales) in 1894.
R a il r o a d
P rice
Period Dec. 7.
Lowest.
Highest.

M isce l . B o n d s . Intérêt

and

Closing Bange (sales) in 1894.
P rice
Period Dec. 7.
Lowest.
Highest,

M is c e l . B o n d s Inter't

114 a. 111 Feb. 115 July Mo. Pao.—1st,con., 6 g . ...l 9 2 0 M«fc N 96%
A m er. C otton Oil, deb., 8 g .l9 0 0 Q - F
87 Jan. 101 % Apr.3d, 7 s ................................ 1906 M«fe N 108 b. 103 Jan. 112 A pr.
65
A t.Top.& S.F .—10 0-yr.,4g.l989 J & J
64 Dec.
77% June
Pac. o f Mo.—1st, ex., 4 g.1938 F < A 102 b. 95 Jan. 102 D eo.
2d 3-4s, g., Cl. “ A ” ..........1989 A & O 18*4
fe
38% Mar.
18 Dec.
2d extended 5 s .............1938 J A J l106%b. 99 Jan.
20 b. 18 July
Col.Midland—Cons., 4 g.1940 F & A
32% Mar.
O
A tl. & Pae.—Guar., 4 g ___ 1937
4134b. 4034 Oct. 5334 Apr. St.L. A Ir. M t.lst ext., 5 s .1897 F A A 103 b. 100% Feb. 108 M c t
103% ay
2d, 7 g ............ ................ 1897 M < N '105 b. 102 Jan. 109 A p r.
W. I). incom e, 6s............. 1910 J & J
3 b.
234 July
fc
614 Mar.
Cairo Ark. <feTexas,7 g.1897 J < D
B rooklyn E ley.—1st, 6 g ..l9 2 4 A & O 86
98 a. . 97 Mar. 103% M ay
fe
80 Nov. 107 Jan.
Gen.R’y A land g r .,5 g .l9 3 1 A «& O 79 a. 71 Jan.
84
U nion Elevated.—6 g ___1937 M A N
7933 Nov. 9934 Apr.
83% Sept.
fe
Canada Southern.—1st 5s 1908 J & J 112%b. 1053s Jan. 112 Nov. Mobile < Ohio—New, 6 g ..l9 2 7 J A D 116 b. 111% Jan. 120 Oct.
General m ortgage, 4 s___ 1938 M < S 66%
2d, 5 s.................................. 1913 M & S
fe
102 Jan. 106 July
57% Jan.
67 N o v .
55%
C ent.G a.-S .A W .lstcon.5s.1929
32 Jan.
56% Nov. Nash. Ch. A St. L.—1st, 7s. 1913 J A J '135 b. 125% Jan. 135 Deo.
Consol., 5 g ....... .............1 9 2 8 A A O 100%
Central o f N. J.—C ons.,7s.l899 Q—J 112 b 1123a Jan. 115% June
98 Jan. 102 Jan.
Consol., 7 s .........................1902 M A N 120 b 121 Feb. 124 Apr. Nat’l Starch M fg.—1st, 6 s .1920 M < N
93 a. 88 Jan.
&
98% Oct.
G eneral m ortgage, 5 g . . .1987 J & J 116
llO ia Jan. 117% Aug. N. Y. Central—Deb. ext. 4 s . 1905 M<& N 102 %b. 101% Jan. 104% Apr.
1st, cou p on ,7 s............ ...1 9 0 3 J A J 127% 123 Jan. 128% JuneLeh.<&W.B.,con.,7s,as’d .l9 0 0 Q -M 107 a 105 Jan. I l l May
Deben., 5s, coup., 18 84.. 1904 M A S 109 b. 106% Sept. 110 Feb.
“
m ortg a g e5 s.l9 1 2 M A N 97 a 100 Feb. 103% Mar.
N. Y . & Harlem , 7s, reg.1900 M«fe N 117%b 116% Jan. 122% Oct.
Am . D ock & Im p., 5s___ 1921 J & J 116 b 1081a Jan. 116 Dec.
R .W . A Ogd., consol., 5S.1922 A A O 117 b 113% Jan. 119 S ept.
Central Pacific.—Gold, 6 s .1898 J & J 105% 102 July 107% Apr.
W est Shore, guar., 4 s ___2361 J < J 106% 100% Jan.
Ches. & Ohio.—Ser. A , 6 g.1908 A «fe O 120
fe
114% Feb. 120% Aug.
ov.
11832b, 11513 Jan. 119% Sept. N. Y. Chic. A St. L —4 g . ..1 937 A <fe O 102% 97% Jan. 106% N ov.
M ortgage, 6 g ..................1911 A & O
102% N
1st consol., 5 g .................1939 M & N 107%b 101% Jan. 110 Sep.t. N. Y. Elevated—7 s............ 1906 J < J 110% 108% July 113 June
fc
General 4%s, g ................. 1992 M A S 753a , 70% June 78% Aug. N. Y . Lack. A W.—1st, 6s. 1921 J & J 133%b, 127% Jan. 134% Nov.
Construction, 5 s . . . . . ___ 1923 F < A 116 b, 110 Feb. 116% Nov..
R . & A . D iv., 1st con., 4 g. 1989 J & J
&
95%
84 Jan.
96% Oct.
“
2d con., 4g. 1989 J & J ' 87 b, 78% Jan.
89 Oct. N .Y.L.E.AW .—lst,con .,7 g .l9 2 0 M A S 133 a, 131% Jan. 137 A p r2d consol., 6 g ..................1969 J A D t 68
Eliz. L e x .& B i g San.— g. 1902 M & S 993a
5
96 Jan. 101% Sept.
168 Dec.
86 Mar.
L ong D ock, consol., 6s,g.l935 A «& O 130 b. 125 Apr. 130 Nov..
Chic. Burl. & Q.—Con., 7s. 1903 J & J 12434 119 Jan. 124% Nov.
Debenture, 5 s ..................1913 M & N 9812b. 97 Feb. 102 Apr. N. Y. N. H. & H.—Con. deb. ctfs A A O *137 b. 131 Oct. 140 Nov.
C onvertible 5 s................. 1903 M A 8 103 iaa. 101% Jan. 105 Apr. N. Y. Ont. <&W.—Ref. 4s, g . 1992 M < S 87%b. 82% Jan.
fe
88% A ug.
Consol., 1st, 5s, g .............1939 J < D 109% 107 Jan. 111% Oct.
D enver D ivision 4 s .........1922 F & A
92%b. 90% Feb. 94% Apr.
fc
Nebraska E xtension, 4 s .1927 M & N 8 8 %
< J 109%b. 103 July 109% O c t
fe
92% Apr. N.Y.Sus.«feW.—lstre f.,5 sg .l9 3 7
85% Jan.
Midland o f N. J., 6s, g ...l 9 1 0
H a n .& S t.Jos.-C on s:,6 s.l911 M & S 118 lab. I I 534 Jan. 120% Nov.
A O 117 b. 115% Apr. 119 Sept.
Chic. & E . HI.—1st, s. f.,6 s .1907 J A D 113 b. 111% Jan. 118 May Norf.«fe W.—100-year, 5s, g.1990
A J
74% Apr.
74% Apr.
Md.&Wash.Div.—1st,5 g.1941
Consol., 6 g ...............
1934 A & O 12433a. 118% Jan. 124 Sept.
< J 85 a. 76 Oct.
fc
81 Apr.
General consol., 1st, 5 s..1937 M A N 98
< J 116
fc
97 M ay 101% Apr. No. Pacific—1st, coup., 6 g.1921
105% Jan. 116 Nov..
General, 2d, coup., 6 g . 1933
Chicago & Erie.—1st., 5 g.1982 M A N 88 b. 88 Dec. 100% Apr.
a o
88 b. 71% July
89% Sept.
General, 3d, coup., 6 g._1937
Incom e, 5s .......... ............. 1982 Oct.
< D
fc
26 a. 26 N ov. 35% Apr.
60%b. 46% July
64% Apr.
Consol, m ortgage, 5 g . . .1989
92 b. 82 Apr.
Chic. Gas Li. & C.—1st, 5 g .. 1937
< D
fc
38%
94 Nov.
22% Aug. 34% Mar.
Col. trust gold notes, 6s. 1898 M A N
Chic. Mil. & St. P.—Con. 7 s .1905
13038b. 126 Feb. 131 Oct.
78 b. 74% Oct.
80 S e p t
Chic. < N. Pac., 1st, 5 g.1940 A «& O f 42
fe
1st, Southwest D iv., 6 s .. 1909
118 a. 112 Jan. 117 Oct.
138% Oct.
48% Apr.
Seat. L. S. A E., 1st, gu.6.1931 F < A t 47 b. t40 Jan.
1st, So. Minn. D iv , 6 s . . .1910
fe
118 b. 111% Jan. 118% Oct.
55 Apr.
1st, Ch. & Pae. W .Div.,5s. 1921
112iab. 107 Jan. 112% Dec. No. Pacific <fc Mont.—6 g ..l9 3 8 M <fe S 33 b. 25 July 39% S e p t
Chic. & Mo. R iv. D iv., 5 s. 1926
&
99 a. 93 July 101% May
&
108 isa. 101% Jan. 108% June No. Pacific Ter. Co.—6 g. ..1938 J < J
fe
Wise. & M inn., D iv., 5 g.1921
A
109 b. 101 Jan. 109% Nov. Ohio < Miss.—Con. s. f., 7S.1898 J A J I l l b. 106 Jan. 112 June
Consol., 7 s........................1898 J < J I l l b. 106 Jau. 11178 June*
Term inal, 5 g .................... 1914
fe
A
*113 a. 105 July 111 Nov.
Gen. M., 4 g., series A . .. 1989
A
fe
95%
91%a. 89% Aug. 92% June Ohio Southern—1st, 6 g ...l9 2 1 J < D
88 Aug. 99% Nov;
General mortgage, 4 g ... 1921 M < N 49
Mil. A N or.—ls t,c o n .,6 s .l9 1 3
& D 118 b. 112% Jan. 120% Oct.
fe
35 July
52% N ov .
Chic. & N. W.—C onsol.,7s.l915 Q - F
14234b. 138 Jan. 143 Oct. Omaha <fe St. Louis—4 g . . .1937 <fe J t 40 b. 140 Oct. 50 Apr.
Coupon, gold, 7 s . . . . _____1902 J & D 12213a. 121 July 127 May Oregon Im pr. Co.—1st, 6 g.1910
< D
fc
95 b 92% Jan. 106% S ep t
1939
Consol., 5 g ...............
Sinking fund, 6s.............. 1929 A & O 118 b. 116 Jan. 121 Apr.
< O 50
fc
46 Jau.
65% Sept.
Sinking fund, 5 s ___.....1 9 2 9 A & O llO iab. 107% May 112 Mar. Ore. R.<& Nav.Co.—1st, 6 g.1909
< J 109 %b. 101 June 109% N ov.
&
Consol., 5 g ...............
1925
Sinking fund, deben., 5s. 1933 M & N 109 b, 106 34 Jan. 112% Apr.
< D t 71%
fc
60 Jan.
76% Oct.
< J 111
fe
25-year d eben tu re,5s...1 909 M & N '105% b 104 Jan. 109 Apr. Penn. Co.—4% g., c o u p on .1921
106 Jan. 113% M ay
&
E xtension, 4 s .................. 1926 F & A '102 b, 97 Jan. 103 Oct. Peo. Dec. < Evansv. - 6 g.1920
A J
95 b. 74 Jan.
96 Deo.
Evansv. Division, 6 g . . . 1920 M A S 94 b. 74 Mar.
Ghic.R .I.A Pac.—6s., cou p . 1917 J & J 131 b, 123 Jan. 131 Dec.
95% Nov..
2d m ortgage, 5 g ............. 1926 M < N 26
fe
E xtension and col., 5 s... 1934 J & J 104 b 9734 Jan. 104% Dec.
19 Jan.
29 Oct..
fe
30-year d eben tu re,5s...1 921 M &
75%
91 b 88% Sept. 95 Feb. Phila. < Read.—Gen., 4 g.1958 J & J
67% Jan.
8078 S e p t
ls t p r e f. incom e, 5 g.......1958
Chic. St. P. M. & O.—6 s ....1930 J & D 12634b 119% Jan. 129% Oct.
28%
27 June 39% Mar.
2d pref. incom e, 5 g . . . . . l 9 5 8
Cleveland & Canton.—5 s .. 1917 J & J
75 b 70 Mar. 84 Jan.
18
17% Dec.
27% Mar;
3 d p ref. incom e, 5 g ....... 1958
C. C. C. & I.—Consol., 7 g.1914 J & D '12632b
14
13% Dec.
2178 Mar.
&
General consol., 6 g ........1934 J & J 12113b 117 Jan. 123 Oct. Pittsburg < Western—4 g . 1917 J
83%
79% Nov. 88 A pr;
fe
C.C.C.& St.L.—Peo.& E .,4s.l940 A & O 77 b, 69 Aug. 84% Apr. Rich. < Danv.—Con., 6 g . . 1915 J
121 b. 106% Jan. 121 D ee.
Incom e, 4 s .........................1990 April.
fe
17 %a. 15 Jan.
20 Apr. Rich. A W.P. Ter .-Trust, 6 g. 1897 F < A
t40 Jan. 170% Sept.
Con. 1st < col. trust, 5 g.1914 M < S
fc
Col. Coal & Iron.—6 g ....... 1900 F & A ' 9434b 93 Oct. 100 M ay
fe
,
f 18 Jan.
35% S e p t
&
OoLH.Val.ATol.—Con.,5 g.1931 M & S 9118
71
62 July
81% M ay 94 Aug. Rio Gr. Western—1st, 4 g.1939 J < J
71% Nov..
fe
General, 6 g .......................1904 J & D
59
87 b. 85% Aug. 94% Aug. St. Jo. < Gr. Island—6 g ..l9 2 5 M«fe N
t59 N öv. 69% Apr.
fe
D en ver & R io Gr.—1st, 7 g. 1900 M A N 114 b. 113 May 115% Oct. St. L. A San Fr.—6 g., CLB.1906 M < N 113%b. 101 Jan. 114% D e c .
6 g., Class C.......................1906 M«fe N 113%b. 101 Jan. 114% D e c.
1st consol., 4 g ._____ . . . 1936 J & J 81iab. 71 July 83% Nov.
General m ortgage, 6 g .,1 9 3 1 J < J 101%
fe
D et. Mac. & M.—
tid.grants.1911 A & O 20 b. 22 Aug. 27% Apr.
82 Jan. 102% Nov.
fc
D ul. So. Sh. & A tl.—5 g .. .1937 J & J 100
53 July
93 Feb. 102 Apr. St. L. So. W est.—1st, 4s, g.1989 M < N 62%
62% Dec..
2d, 4s, g., in com e............ 1989 J < J
&
19%
E .T e n n V .A G a .—C on .,5g .l956 M & N IO413
14 Aug. 20% Apr.
86% Jan. 107 Oct.
fe
K n oxv ille & Ohio, 6 g ___ 1925 J & J 11438b. 96 Jan. 114% Oct. St.P.M. <fcM.—Dak.Ex., 6 g . 1910 M < N 118 b. 115% Jan. 121 Apr.
1st consoL, 6 g ..................1933
F t. W. & D eny. City.—6 g . . 1921 J A D 7434b. 66 Jan.
< J 119%b. 115 Jan. 122 Mar.
fc
79% Apr.
“
reduced to 4% g ..
< J 102%
fc
Gal.H .& SanAn.-M .& P.D.lst,5g M & N 9114
90 M ay
97% Jan. 102% Ju ne
93% Oct.
M ontana E xtension, 4 g.1937
&D
Gen. E lectric, deb. 5s, g . . .1922 J & D
84%
90
84 Jan.
95 Aug.
68 Jan.
89% Apr.
S an A n t.A A .P .—lst,4 g .,g u .,’43
& J
H ous. A T. Cent.,gen. 4 s ,g .l 921 A & O 62
57
60 Jan.
50% Jan.
66% Sept.
59% Apr.
Illinois Central.—4 g ___..1 952 A A O
< J
fe
92 b. 88 July
100 Feb. 103 Sept. So. Pacific, Ariz.—6 g .. 1909-10
94% J a n
4-H g_................................. .1953 M & N 98 b. 95% Feb. 101% Apr. So. Pacific, C a l—6 g . ...1 905 -12
j
& O 108 b. 104 July 109% S e p t
1st consol., gold, 5 g ....... 1938 A < O
Int. & GreatN or.—is t , 6 g.1919 M A N 11632b. 109% Aug. 117% Dec.
fe
85% M ay
98 Apr.
&
2 d 4 -5 s...............
.1909 M & S 71 b. 60 June 72 Dec. So. Paciflo, N. M.—6 g ....... 1911 J < J 100 b. 94% July 103 O c t
fe
Io w a Central.—1st, 5 g. ...1 9 3 8 J A D
89%
86% Nov. 89% Dee».
86 b. 86 Jan.
95 Apr. Southern—1st cons, g., 5 s.1994 J < J
&
K ings Co. E lev.—1st, 5 g .,1 9 2 5 J & J
74 Nov. 85% Apr.
65 a. 67 N ov. 85 Apr. Tenn.C. E <feRy.—T en.D .,lst,6 g A < O
Birmingham D iv., 6 g ...l9 1 7 J & J
80 %a. 77 Jan.
Laclede Gas.—1st., 5 g . . . . 1919 Q—F
87 Apr.
81 Jan.
92% Dec.
925s
&
L ake E rie & W est.—5 g ... .1937 J & J 114%b. 110% Jan. 115% Oct. Texas & Pacific—1st, 5 g ..2 0 0 0 J < D 87%
72% J a n
90% N ov.
2d, incom e, 5 g ..................2000 M arch
L . Shore.—Con. cp., 1st, 7 s .1900 J & J 12034 116% Oct. 121% M ay
26%
17% J a n
28% Aug.
&
fe
Consol, coup., 2d, 7s....... 1903 J & D 12214b. 122 Jan. 127 Nov. Tol. A nn Ar. < N. M.—6 g.1924 M < N 80
55 Mar. 86% O c t
&
L ong Island. ls t c o n .,5 g .l9 3 1 Q - J
117 b. 113 Jan. 118 Oct. Toledo < Ohio Cent.—5 g.1935 J & J 110 b. 103% July 110% Nov..
Toledo Peo. A West.—4 g.1917 J < J
&
74
General m ortgage, 4 g . .1938 J & D
68 July
95 b. 93% Feb.
84% Mar
99% May
&
&
Louis. & Nash. Cons., 7s. 1898 A & O 109% 108 Oct. 113% Mar. Tol. St. L. < Kan. C.—6 g. .1916 J < D
61
155% Aug. 164 Apr.
N .O. & M obile, 1st, 6 g .,1 9 3 0 J & J 11933b. 112% Jan. 120 Sept. Union Pacific—6 g ....... ....1 8 9 9 J «fe J 106% 103% June I l l
A p r.
E xt. sinking fund, 8 ........1899 M < S 98
fe
90 June 103 Feb.
“
“
2d, 6 g .. 1930
A J 107 a. 97 Jan.
LO Aug.
Collateral trust, 4 % . . . . . 1918 M<& N: 40 a. 40 May
General, 6 g ...................... 1930
A D 115 %b. 109% Jan. 119% Nov.
49 Ja n .
Gold 6s, col. trust n otes.1894 F < A
fe
Unified, 4 g ........................1940
88
82 Jan.
92% Apr.
A J 78
71 July 79 Sept.
Kan. Pac.-Den. Div., 6 g.1899 M<& N 107 b. 101 Jan. 109 M ay
Nash. FI. A S h.-lst,gtd .,5 g.’ 37
& A
90 a. 76 Feb.
91% Aug.
1st consol., 6 g ............ .1919 M i l
75 *b. 72 June 97 M a t
K entucky Central.—4 g . 1987
84 b. 82 Jan.
A J
85 May
Oregon Short Line—6 g.,1922 F & A
Louis. N. A. & Ch.—1st.,6s.l910
75 J a n
A J 108 lab. 107% Nov. 113% Mar.
92% M a t.
90%
Or.S.L.AUt’hN.—Con.5g.1919 A < O 47 b. 40 July
fe
Consol., 6 g ........................1916
56% A p t
A O 96ia
83 June 100 Mar.
U.P.Den. «feGulf,con., 5 g.1939 J & D
39%
31% June 48% A p r.
Louis. St. L. & Texas.—6 g.1917 F A A
50 b. 55 July 61 Apr.
70
65 Nov. 87% June
M anhattan consol. 4s.........1990 A & O 9634b. 93% Jan.
99% Aug. U. S. Cord.—1st col., 6 g ..l9 2 4 J «fe J
99 O c t
M etro. Elevated.—1st, 6 g.1908 J & J 121 b. 116 Jan. 122 Oct. Virginia Mid.—Gen.M., 5s. 1936 M«fe N 95 b. 70 J a n
102 J a n 107% Apr.
2d, 6 s.................................. 1899 M « s N 108 a. 107 Jan. I l l Apr. Wabash—1st, 5 g ........... ...1 9 3 9 M<& N 105
S
fe
70%
2d m ortgage, 5 g.............. 1939 F < A
65% Oct.
79 A p t
M ich. Cent.—1st, cons., 7 b. 1902 M «S N 1213a 119% May 124% Mar.
s
22 %a. 21 Mar. 28% A pr.
Debent. M., series B ....... 1939
«fe J
Consol., 5 s.........................1902 M A N 106 iab. 106 Mar. 109 Sept.
«fe J 104 %b. 97 July 105 Deo.
M il. Lake Sh. A W .—1 st, 6 g.1921 M«Ss N 129 b. 124 Jan. 131% Dec. West. N. Y. <fcPa.—1st, 5 g.1937
< O t 25%
&
2d m ortgage......................1927
18% Feb. 126 Aug;
E xten. A Im p., 5 g.......... 1929 F « s A 11313b. 105% Feb. 113% Nov.
S
«fe J 109 b. 103 J a n 109 JuneM o. K . A E.—1st 5s, g., gu.1942 A « s O 84 s8
76 July
S
84% Nov. West. Un. Tel.—CoL t r „ 58.1938
«fe J
50% Aug. 76% Mar.
53%
Wise. Cent. Co.—1st, 5 g ..l9 3 7
M . K. A Texas.—1st, 4s, g.19 90 J « s D
S
77% Aug. 83% Nov.
8134
6% Oct.
18 F eb.
Incom e, 5 g ....................1 9 3 7
8 b.
2d, 4s, g ..............................1990 F «S A
s
38 June 48% Apr.
461a
R o te .—“ b ” indicates price bid ; “ a” price ashed ; the range is m ade up from actual sales only.

* Latest price this week,

t Trust receipts*

NEW YORK STOCK EXCHANGE PRICES—(Continued).—IN ACTIVE BONDS—DECEMBER 7 .
SECURITIES.

Bid.

Ask.

Railroad Bonds.
(Stock Exchange P rice».)
Alabama Mid.—1st, g., guar..1928 *90
A . T. «fe S. F —2d, 4s, Class B .1989
Gol. Mid. 1st, g., üb............... 1936 *72
A tlantic & Danv.—1st g., 6 s ..1917
A tl. A Pao.—2d W. D., gu. 6s,. 1907
B elt. A Ohio—1st, 6s, Park B .1919 119
y- g o ld ...- ..........................1925 111




93
74

.....

SECURITIES.
B. A O .— Cions, m ort., gold ,5 s.l9 8 3
W. Va. A Pitts.—1st, g., 5s.. 1990
B. A O. S. W., 1st, g., 4 % s ...l9 9 0
Monon. River, ls t g .,g . 5 s ...1 9 1 9
Oent’l Ohio Reor.—1st, 4 % s.l9 3 0
Ak. A Ch. June.—1st,g,5s,gu.1930
Bost. H. Tun. A W.—Deb. o s. 1913
Brooklyn Elevated—2d, 5 s ... 1915
Brunswick A W’n—1st, g. 4s, 1938
Bufi. R o h. A Pitts.—Gen., 5S.1937

Bid. Ask.

SECURITIES.

Bid.

Ask.

*123
R.& P.—R och.
P ., 1st, 68.1921
115 . . . . . . B .
121%
R och. & Pitts.—Cons. 1st, 6S.1922
Burl Ced. Rap. & N o.—ls t ,5 s .l9 0 6 iÖ5’ 106
108
97
Consol. & collât, trust, 5 s ... 1934
.........
Minn. & St. L .—1st, 7s, g u ..l9 2 7 *Ì3Ò’
ib‘ i%
107
Iow a O. & West.—1st, 7s— 1909
103
Ced. Rap. I. F. A N., 1st, 6S.1920 105
101
9Ó*
85
1st, 5 s ...... ...................... ...1 9 2 1
52
53
C. Ohio—Col. < Cin.M .ist,4% s. 1939
fe
*68
75
95"
97%l Cent. R R . A F A hh.—Col. g .5 s.19371 *91
97

FHE

D ecember 8, 1894.]

1001

CHRONICLE,

NEW YORK STOCK; E X C H A N G E PR IC E S .—IN ACTIVE BONDS—fContinued.)—DECEMBER 7.
SECURITIES.

Bid.

Ask

SECURITIES.

Bid.

Ask.

SECURITIES.

Bid.

A sk

Gal. Har. A San Ant.—1st, 68.1910
Nor.&W.fCVm.^New R .ls t ,6 s .l9 3 2 111
2d m ort., 7 s .........................-.1905 *96
Im p. A E xt., 6 s . . . . . . _______ 1934
Ga. Car. & Nor.—1st, gu. 5s, g.1929
Adjustm ent M., 7 s ................1924
Ga. So. & Fla.—1st, g. 6s.........1927
Equipm ent, 5s...................... . 1908
Grand Rap. & Ind.—Gen. 5 s.. 1924
Clinch Val. 1st 5s................. 1957
60
62%
G. B. W. &St. P.—1st, con. 5S.1911
Roanoke&So.—1st, gu. 5s, g.1922
12
Scioto Val. A N. E.—1st, 4s,.1990
74%
7
2 d in c , 4 s ................................1906
Housatonic—Cons, gold 5 s .... 1937 119
Ohio A Miss—2d consol. 7 s .. .1911 114
N .H aven & D erby, C ons.5s..l918 114
Spring.Div.—1st 7s...............1905
Hous. & T. C.—W aco & N. 7S..1903 106
General 5s....................... ....1 9 3 2
85 101
Ohio R iver R R .—1st, 5s.......... 1936
1st g., 5s (int. g t d ) .............1 9 3 7 105%
Gen, g .,5 s ...............................1937
Cons. g. 6s (int. g td ).............1912 100 % 101
82
93
85
Oregon A Califor!—1st, 5s, g.1927
Debent. 6s, prin. & in t. gtd.1897
83
86
Debent. 4s, prin. & int. gtd.1897
Oreg. R y& N av.—Col.tr. g..5s,1919
Pan. 8ink.F’d Subsidy—6s, g. 1910
Illinois Central—1st, g., 4s ...1 9 5 1 '108%
Penn.-P.C.C&St.L.Cn.g.4%sA1940 105
1st. gold, 3 % s .........................1951 100
Do
do
Series B ......... 105
1953 98
G old 4 s . . . . . ....................
98%
P .C .& 8.L .-lst,o.,7s................1900
Cairo Bridge—4s................... 1950
Springf. D iv.—Coup., 6s___ 1898 106
Pitts. Ft. W. A C.—1st, 7 s... 1912, 142
2d, 7s ...................................1912 140 141
Middle D iv —Reg., 5s.......... 1921 115
3d, 7 s .................................... 1912 131 132%
C. St. L. &N. O.—T e n .l.,7 s .l8 9 7 108%
1st, consol., 7s.....................1897 108%
Ch.St.L. &P.—1st,con. 5s,g... 1932 114
2d, 6s.................................... 1907
Clev. & P.—Cons., s. fd ., 7s. 1900 117% 119
Gold, 5s, c o u p o n ................ 1951 '118 120
Gen. 4%s, g., “ A” ............ 1942 105
Memp. D iv., 1st g. 4 s ....... 1951 *96
St. L. V. A T. H.—1st, 6s., 7 s .1897 108%
108%
2d, 7 s.................................... 1898
Ced. Falls & Minn.—1st, 7s. .1907 100 106
Ind. D. A Spr.—1st 7s, ex. cp.1 906
2d, guar., 7s.........................1898
106%
Ind.D.&W.—1st 5s, g .,tr.r e c ..l9 4 7
Gd.R.&I.Ext.—lst,4% s,G .g. 1941
P eo.& E .-Ind.B .& W .-lst,pf.7s.l900
2d, 5s, gold, trust receip ts.. 1948
Ind. Ills. & Iow a.—1st, g, 4s.. 1939
Ohio Ind.&W.—I s tp r e f.5 s ..l9 3 8
78
79
Int.&G. N’n—1st,6s,g............... 19191 116%
Peoria A Pek. Union—1st, 6s .1921 110
3d, 4s, g ...................................1921
2d m ortg., 4 % s.................... .1921
68
20
Pitts. Cleve. & Tol.—1st, 6 s... 1922 T18*
Kings C o.-F .E l.,lst,5,g. ,gu. A. 1929
65
Lake Erie A W est.—2d g., 5 s .1941
Pitts. & L. Er.—2 d g. 5 s ,“ A ” . 1928
104
L. S. &M .Sou.—B.&E.—N e w 7 s .’98 110 %
Pitts. Me. K. A Y .—1st 6s____1932 130
98
Det. M. A T.—1st, 7s......... ..1 9 0 6 126
Pitts. Painsv. A F.—1st, 5 s ... 1916
Pitts. Shen.& L .E .—1st,g .,5 s.1940
Lake Shore—D iv. bonds, 7s. 1899 112 %
82
Pitts. & W est—M. 5s,g.1891-1941
Kal. A ll. & G. R .—1st gu. 5s. 1938 113
Pitts.Y’gst’n&A.—1st, 5s,eon.l927
Mahon’ g Coal R R .—1st, 5s. 1934
55
LehighV.,N.Y.—1st gu.g.4% s.l940 103 104
Pres. A Ariz. Cent.—1st, 6s, g.1916
Lehigh V.Term .—1st gu. 5s,g. 1941 109%
2d incom e 6 s .......................... 1916
Lehigh V ’y C o a l - l s t 5s,gu .g.l933
108% R io Grande So.—1st, g., 5 s ... 1940
Idtchf. Car.A West.—1st 6s. g.1916
St. Jos. * Gr. Is.—2d in o.........1925
95
Little R ock & M.—1st, 5s, g ..l9 3 7
Kan. C. * Omaha—1st, 5 s .. 1927
40
Long Island—1st, 7 s ..... ......... 1898 110% 111% St. Louis A . A T. H.—
Ferry, 1st, g., 4 % s . . . . . ........1922
BeHev. & So. 111.—1st, 8 s ... 1896 106
99%
Gold 4 s ...................... ............. 1932
Bellev. & Car.—1st, 6s......... 1923
Chi.St.L.&Pad.—lst,g d .g .5 sl9 1 7 100
N. Y . A R ’w ay B.—1st, g. 5S.1927
St. Louis So.—1st, gd. g. 48.1931
2d m ortg., in o .....................1927
37% 43
85 —
do
2d incom e ,5 s .1931
N.Y.&Man. Beach —1st, 7s, 1897 1033s
N.Y.B.&M.B.—1st con. 5s,g.l9 35 *95% 100%
Car. A Shawt.—1st g. 4 s . ... 1932
Brookl’n&Montauk—1st,6s. 1911 118
St. L. A 8. F.—2d 6s,g., ol. A .19 06 113%
89% 96
1st 5s
1911 107%
General 5 s.............................. 1931
LOuis.Evans.&St. L.-^Con.5s. 1939
1st, trust, gold, 5s.......... . 1987 *67
35
44
Louis.& N ash.—Cecil. Br. 7 s ..1907 109 111
45
Consol, guar., 4 s . . . .......
1990
E. H. & Nash.—1st 6s, g ...,1 9 1 9 112
Kan. City A S.—1st, 6s, g . ..1 916
85
Pensacola Division, 6 s .........1920 107 113
Ft. S. A Y . B. Bg. -1 s t , 6 s ...1 910
St. Louis Division, 1st, 6 s... 1921 120
Kansas Midland—1st, 4s, g.1937
2d 3s
.
.
...1 9 8 0 *62
St. Paul A Duluth—1 st,5 s . ...1931 112
Nasliv. & Decatur—1st, 7 s .. 1900 112
2d m ortgage 5s.......... ........... 1917 103
St. Paul Minn * M.—1st, 7 s ..1909 112%
S. f.,6s.—S. & N. A la .............1910 101 110
10-40, gold, 6s.......................1924 100 103
2d m ort., 6 s . ....................... ..1 9 0 9 118 118%
50-year 5s, g .,........................ 1937
Minneap. Union—1st, 6 s___ 1922
105
Pens. & A t.—1st, 6s, g o ld ... 1921
Mont. Cen.—1st, guar., 6 s .. 1937 114% 117**
99
Collat. trust, 5s, g ............ ..1 9 3 1 100
1st guar. g. 5 s.........................1937 102 103
East. Minn., 1st div. 1st 5 s .1908 101%
Lou.N.Alb.&Ch.—G en.m .g.5s.l940
68 %
W ilm ar&SiouxF.—1st, g ,5s.l9 38
Manhattan R y.—Cons. 4s.......1990 *96%
Memphis A Chari.—6s, g o ld .. 1924 *58
San Fran. A N. P.—1st, g., 5S.1919 *87
1st con. Tenn lien, 7 s . . . . . . . 1915 114
Southern R a ilw a y 83% 84
M exican Cent. Consol.—4s, g.1911
E ast Ten. reorg. lien, 4-5s...l938
1st, cons, incom e 3s, g.........1939
Alabam a Central—1 s t 6 s ...1 918
Mex. International—1st, 4s,g.l9 42
A tl. & Char.—1st, pref., 7 s ..1897
70
M exican National—1st, g., 6 s .1927
Incom e, 6 s ........ . . /. .......1 9 0 0
2d, incom e, 6s, “ A ” .............. 1917
Colum. A Green.—1st, 5-6s. 1916
2d, incom e, 6s, “ B ” .............1917
E. enn. V. A Ga.—1st, 7 s ..1900 115% 116
Michigan Central—6s....... ....1 9 0 9 118
Divisional 5s............ ......... 1930 113
Coupon, 5s...............................1931 114
Georgia P ac.—1st, g. 5-6S..1922 111 113
94
M ortgage 4 s ............................1940 103
R ich & Dan.—Eq. s. f. g. 5s. 1909
89
Bat.C. &Strgis.—lst,3s,g.gu. 1989
Deben. 5s, stam p ed .........1927
93
Mil. L. S.&W.—Conv. deb., 5 s .1907 105
Vir’ a Mid.—Serial ser.A, 6s. 1906
Mich. D iv., 1st, 6s.............. ..1 9 2 4 129%
Series B, 6s .........................1911
Ashland Division—1st, 6s ..1 925 126%
Series C, 6 s .......................... 1916
Minn.& St. L.—1st, g. 7 s .........1927 132 133%
Series D, 4 -5 s ___ . . . . . . . . . 1 9 2 1
Iow a E xtension, 1st, 7s.......1909 120% 121%
Series E, 5 s . . . . . . . ......... ...1 9 2 6
Southwest E xt.—1st, 7s.......1910 145%
Series F , 5 s .......................... 1931
Pacific E xt.—1st, 6 s ............ 1921 115% 118
80
Wash.O.&W.—1st our.gu.4s.1924
81%
Minn. & P a c.—1st m ortg., 5s. 1936
West.No.Car.—1st con. g .6s.l9 14 113
Minn. St. P.&S. S. M—1st c. g. 4s. 193 8
Ter.RR. As’n o f S t.L .-lst,4 % s.l9 3 9 103
Missouri Kansas A T exas—
Texas & N ew Orleans—1st,7s. 1905
Mo K .&T.of T ex .lst,gu .5s.g.l9 42
Sabine Division, 1st, 6 s....... 1912 103
75% 76
Kansas City & P ., I s t ,4 s ,g ..l9 9 0
Consol. 5 s , g . ... . . . . . . . . . . . . . 1 9 4 3
90
74%
Dal. & W aco—1st, 5s, g u .., .1940
Tex. & Pac., E. D .—1st, g. 6S.1905
113
80
Missouri P acific—Trust 5 s ...1 9 1 7
Third Avenue (N.Y).—1st 5s, 1937 120
1st coll., 5s, g ........................ 1920
69
Tol. A . A. A Cad.—6 s................ 1917
Toledo A . A. * G’ d Tr.—g. 6s. 1921
80
St L.&I. M .~ A rk.B r.,lst,7s.l895
99 101
74
M obile & Ohio—1st ext., 6 s... 1927 '112 120
Tol. A. A . A Mt. PI.—6 s...........1919
St. L. & Cairo—4s, guar....... 1931
37%
ToL A. A . & N. M.—5s, g.........1940
Morgan’ s La. & T.—1st, 6 s . ...1920
T.&O.C.—Kan.& M., Mort. 48.1990 *76
77
Ulster A Del.—1st, con .,6.,5s. 1928 100
1st, 7s....................................... 1918 123%
Nash. Chat. A St. L.—2d, 6 s ..1901
Union Pacific—1st, 6s.......... ..1 8 9 6 103%
N. O. A. No. E .- P r . 1., g., 6 s ..1915 110
1st, 6 s ...................................... 1897 104%
N. Y . Central.—Deb. g. 4 s . ...1 9 0 5 103
1st, 6 s...................................... 1898 105%
_ r
_
N. J. June—Guar. 1st, 4 s ... 1986 101
Collateral Trust, 6s.......... 1908
90
Beech Creek—1 st,gold, 4 s .. 1936 106
Collateral Trust, 5s...............1907 70
Kansas Pacific—1st 6s, g ...l 8 9 5 104%
Osw. & Rome—2d, 5s, g .,gu .l9 15 108
U tica A Bl. R iv.—4s, g., gu.1922 103
1st, 6s, g ............................... 1896 106
N. Y . A Put.—1st, g., 48. gu.1993 103 104
C. Br. U. P - F . o., 7 s.......... 1895
Atch. Col. * Pac.—1st, 6 s ...1905
N. Y . N. H. A H.—1st, re#f. 4 s .1903 106%
40
38
Atch. J. Co. & W.—1st, 6 s ... 1905 *
40
N. Y. A Northern—1st, g. 5 s.. 1927 116%
45
N. Y . Susq. & West.—2d, 4 % s.l9 3 7
88 % U. P. Lin. & Col.—1st, g., 5s. 1918
Gen. m ort., 5s, g ................... 1940 94%
Oreg.S.L.&U.N.,col.trst.,58.1919 *30
34
Utah & North.—1st, 7s.........1908 100
N. Y . T ex. & Mex.—Ist,4 s,g u .l9 l2
North’n Pacific—D ivid’d scrip ex t. *35
Gold, 5 s....................
1926
40
Utah Southern—Gen., 7s ..1 909 "80“ 90 L
James R iver Val.—1st, 6s.. .1936
E xten., 1st, 7 s .. . . . . . . . . . . 1 9 0 9
Spokane & Pal.—1st, 6s.......1936
80
90
82'
St.Paul & N . P.—Gen., 6 s ..1923 117
Valley R ’ y Co. o f O.—Con. 6 s .1921
Wabash—Debenture, Ser. A .. 1939 .........
Helena&RedM’n—lst,g ., 6 s.1937
100"
Det. & Chic. E xt. 1st, 5s, g ..l9 4 0
80
Duluth&Manitoba—lst,g .6 sl9 3 6
No. Missouri—1st, 7 s...........1895 105% 105%
Dul.&Man Dak.Div.—Ist6s.l9 37
80
St L.K.C.&N.—R.E.&RR.7S.1895 *104% 104%
Cceur d’Alene—1st, 6s, g old. 1916
St. Charles Br’ ge—1st,6s.. .1908 105
Gen. ls t ,g ., 6s..................... 1938
100
West. Va. C. & Pitts.—1st, 6 s.l9 1 1
Cent. Washington—1st,g. ,6s. 1938
107%
N orfolk A South’n—1st, 5 s,g .l9 4 1 105%
W heer.*L.E.—1st. 5s, g o ld ... 1926 102% 103
Extension & Im p, g., 5s.......1930
N o r fo lk * West.—General, 6 s .1931 116
No price Friday; these are the latest quotations made this week, F o r [m iscella n eo u s a n d U n lis t e d B o n d s .—See 3d page preceding.
preceding,

Cent, o f N. J.—Conv. deb., 6s. 1908
Central Pacific—Gold bds, 6s, 1895 103
Gold bonds, 6 s .......................1896 103%
H old bonds, 6 s .......................1897 1041«
San Joaquin Br., 6 s.............. 1900 106
Mort. gold 5 s . . . . . .................. 1939
¡Land grant, 5s, g.................1900
Cal. A O. D iv., ext., g. 5 s . ..1918
West. Pacific—Bonds, 6s___ 1899 10658 107
'No. Railway (Cal.)—1st, 6s. 1907
50-year 5 s............................1938 90
Ofies. A O.—Pur. M. fund, 6 s .1898 108% 111
6s, gold, series A ................... 1908 119 1211«
99
Craig Valley—1st, g., 5s___ 1940
Warm Spr. Val., 1st, g. 5 s ..1941
Ohes. O. & So. West.—1st 6s, g . 1911 1111«
JZd, 6s................................ ..1 911
O h .V .— en .con .lst,gu.g,5s.l938
G
Chicago & Alton—S. F., 6 s___1903 1151«
Louis. A Mo. R iver—1st, 7s. 1900 116%
2d, 7 s ............................¿ ....1 9 0 0 107%
-flt. L. Jacks. < Chic.—2d, 7s.l898 107%
&
Miss.R. Bridge—1st, s. f., 6S.1912 105%
Ohio. Burl. & Nor.—1st, 5s. ...1 9 2 6 104
Debenture 6s......... . . . . . . . . . . 1 8 9 6 *95
•Ohio. Burling. A Q.—5s, s. 1..1901 105% 107
Iow a D iv.—Sink, fund, 5 s .. 1919 108 109
Sinking fund, 4 s ..................1919 98%
Plain, 4 s...................................1921 *8S% 91
98% 99%
Ohio & Indiana Coal—1st 5s. 1936
Ohi. Mil. A St. P.—1st,8 s,P .D .1898 113%
118 122“
2d, 7 3-10s, P. D ................... 1898
1st, 7s, $ g., R . D ................... 1902 126 127%
1st, I. & M., 7 s . .................... 1897 117 120
1st, I. A D ., 7 s.......................1899 118 122
1st ,C. A M .,7 s .............
1903 126
1st, I. A D. Extension, 7s. ..1908 131% 133
1st, La C. A D av., 5 s.......... 1919 108%
1st, H. A D ., 7 s ....................1 9 1 0 126 127%
1st. H. & D., 5 s....... ..............1910 107%
‘Chicago A Pacific D iv., 6 s ..1910 118 120
108%
Mineral Point D iv. 5 s...........1910
O. A L. Sup. D iv., 5s.............1921 108
Fargo A South., 6s, A s s u ...l9 2 4 *116%
Inc. oonv. sink, fund, 5 s ....1 9 1 6
Dakota A Gt. South., 5s___ 1916 107
Mil. & Nor. main line—6S ...1910 *115%
•Chic. &Norw.—30-year deb.5s.1921 106% 107
Escanaba & L. S. 1st, 6 s ....1 901
Des M. A Minn.—1st, 7 s . ...1 907
Io w a Midland—1st, 8s.........1900 119%
Peninsula—1st, conv., 7 s ...1 898
Ohie. A Milwaukee—1st, 7s. 1898 112 %
Win. A St. P .—2d, 7 s . . . . . ...1 9 0 7 *127% 130
M il. & Mad.—1st, 6s............ 1905
Ott. C. F. A St. P .—1st, 5 s .-1909 107%
Northern Ul.—1st, 5 s......... 1910 '107%
82%
’Ch.R.I.&P—D .M .& F .D .lst4s.l9 05
1st, 2% s................................1905
57%
Extension, 4 s....................1 905
80
75
Keokuk A Des M.—1st, 5 s .. 1923
96% 97%
Ohio. & St.L.(Atch.)—1st, 6 s ..1915
Ohio. St. P. A Minn.—1 st,6 s ...1918 129 131
at. Paul &S. C.—1st, 6s....... 1919 125
Ohio. & W. Ind.—1st, s. f., 6 s .1919
General m ortgage, 6 s.......... 1932 116
Cin Siam. A D.—Con. s. f., 78.1905 120
2d, gold, 4% s.......................... 1937
Cin. D. A Ir’n—1st, gu. 5s, g.1941
99
Clev. Ak. A Col.—Eq. A 2d 6s. 1930
O.C.C. A St. L., Cairo div.—4s, 1939
St.Lou.Div.—lstco l.ts’t4s,g. 1990
91
90
Bpring.&CoLDiv.—lst,g . 4s. 1940
White W.Val.Div.—lst,g . 4s. 1940
88
*0in.W ab. &M. Div.—lst,g.4s. 1991 *92
Cin. I. St. L. A C.—1st,g.,4s. 1936
94
-Oonsol, 6 s............................... 1920
Cin.8an.&Cl.—C on.lst,g.5s. 1928 105%
<5Jl.Col. Cin. A Ind.—1st, 7s,s.f.l8 99 112%
Consol, sink, fund, 7s...........1914
Oleve. A Mah. V.—Gold, 5 s ... 1938 107
Oolumbia& Green.—1 st,6 s ...1 9 1 6
Del. Lack. & W .—Mort. 7 s . ... 1907 132%
Syra. Bing. A N. Y .—1st, 7s. 1906 129%
Morris A E ssex—1st, 7s___ 1914 142
Bonds, 7 s ..............................1900 117
7s o f 1871............................ 1901 119
1st, oon., guar., 7 s............ 1915 139
D.
&H.Can—Pa. Div.,coup.,78.1917
'144%
Albany & Susq.—1st, gu.,7s. 1906 129% 131
1st, cons., guar., 6s......... .1906 118%
Bens. A Bar.—1st, coup., 78.1921 138
Denver City Cable—1st, 6 s ... 1908
Denv. Tramway—Cons. 6s, g.19 10
M etropol. Ry.—lst,gu . g .6s.l911
Denv. A R. G.—Im p .,g ., 5 s ...1 928
80
Duluth A Iron Range—1st 5s. 1937 90
Erie—1st, extended, 7 s...........1897 107%
2d, extended, 5 s . . . . . .............1919 114
8d, extended, 4% s................. 1923 108% 1C9%
•4th, extended, 5s................... 1920 113% 114%
eth, extended, 4s................... 1928 101% 102
1st, con., g., f d , 7 s ...............1920
B eorg., 1st lien, 6s................1908 107 110
B. N. Y. & E.—1st, 7 s.......... 1916 134%
W. Y . L. E. & W.—Col. tr.,6s.1922 103 110
Funded coup., 5s................... 1969
___
Buff. & S. W.—Mortg. 6 s ....1 9 0 8 100
Jefferson—1st, gu. g. 5 s ___ 1909 *98
Coal A R R .—6s.......................1922
D ock A Im p t.,lst 6s, cur’ cy.1913
Eureka 8prings— 1st, g., 6 s ...1 933
Evans. A T .H .—1st,cons.,6s.. 1921 io9*" 1 1 5 "
1st, general, g., 5 s ................ 1942
98
Mt. V ernon 1st 6 s ................ 1923
E.
&T.H.—8u l.C o.B r.lst,g.,5s.l930
Ev.& Rich.—Istgen .5s,g.gu .l931
27%
Evans. A Indian.—1st, c o n s.. 1926
110
F lint A P. Marq.—M ort., 6 s . ..1920 '112
1st con. gold, 5 s ................... 1939
82
P ort Huron—1st, 5 s ............ 1939
86
F la. Cen A Pen.—1st g. 5 s . ...1918 '108
J 1st con. g., 5 s ....... .................1943 *97%
F t. Worth A R. G.—1st g., 5S..1928
58




1002

TH E

CHRONICLE

fmrestracwt

I WeekorMo\

I

llailrcratl Intelligence.
The I nvestors ’ S upplement , a pamphlet o f 160 pages, con­
tains^ extended tables o f the Stocks and Bonds o f Railroads,
and other Companies, with remarks and statistics concerning
the income, financial status, etc., o f each Company. It is
published on the last Saturday o f every other month— viz.,
January, March, May, July, September and November, and is
furnished without extra charge to all regular subscribers o f
the Chronicle .
Ih e General Quotations o f Stocks and Bonds, occupying six
pages o f the C hronicle are published on the t h i r d S a t u r ­
d a y o f each month.

R o ad s.

EARNINGS.

Latest E arnings Reported.
W eekor Mo

1894.

1893.

ja n . 1 to Latest Date.
1894.

$

1893.

$
A d iron dack ___ O ctob e r...
13,502
142,592
13,897
148,235
Ala. M idland... Septemb’r.
46.768
397,914
40.848
350,088
A llegheny V al.. O ctob e r... 223,859 190,901 1,791,093 2,085,554
Ark. M idland... Septemb’ r.
ft,919
55,432
5,163
52,459
A tch. T. & S. Fe. 3dw kN ov,
664,791 739,167
St. L. & San F 3d wkN ov. 127,707 140.366
A tlantic & P ac 3d wk N ov
68,527
67,835
Col. M idland. 3d wkN ov,
31,215
26,347
A gg. to ta l.. 3dw k Nov. 892,240 973,715 34,750,595 42,621,647
A tlanta &Char.a J u n e . . . . . .
46,902
53,309
320,884
375,101
A tlanta & W. P Septemb’r.
41.386
334,045
40.747
302,438
14,650
Atlan. & Danv. 3d wk Nov.
11,986
Austin & N’west O c to b e r...
28,132
208,242
26,981
192,983
B.&O.East Lines O cto b e r... 1,616,651 1,613,355 14,047,968 15,906,569
W estern Lines O cto b e r... 486,876 699.366 3.846,900 5,485,154
O c to b e r... 2,103,527 2,312,721 17,894,868 21,391,723
T otal.
Bal. & O. Sou’ w . d 4th wk Nov 157,271 148,914 5,715,941 6,122,556
Bath & Ham ’nds O ctob er...
8,159
8.246
27,151
27,810
1,664
Bir. & A tlantic. O cto b e r...
2.289
17.605
24,726
B rooklyn E le v .. Wk Dec. 1
32,246
33,819 1,579,029 1,685,780
Bru ns w ’k * West Septemb’r.
43,961
31,718
83,135
Buff.Roch.& Pitt 4thwk Nov
83,073 2,473,757 3,138,060
Bur. C.Rap.& N . O cto b e r... 409,997 524,086 3,080,632 3,443,819
Camden <&.Atl. O cto b e r...
54,285
50,245
811.493
766,750
CanadiauPacific ith w k N o v 516.000 563.000 17,194,951 19,328,432
Car.Cum.G.&Ch J u n e .......
5,028
28,315
3,568
22,788
Car. M idland___ O cto b e r...
7,220
48.624
8,476
49,856
Central o f N. J .. O cto b e r... 1,067,839 1,303,033 10,156,942 12.218,105
Central Pacific.. Septemb’r. 1,318,628 1,433,429 9,618,686 10,797,693
Central o f S. C .. J u n e .........
5.651
7,649
54,954
47,438
Char.Cin.&Chic. O cto b e r...
16,530
15,019
134,163
124,191
Charlest’n& Sav. Septemb’r.
35,163
31,017
481,866
473,213
Char.Sum.& No. O cto b e r...
18.600
134,571
14.900
127,157
Chat’qua L ake.. Septemb’r.
4,448
5,563
33,838
44,598
Cheraw.& D ari.. Septemb’r.
9,045
59,671
7,127
64.697
Ches. & O h io.. : . 4thwk Nov 262,934 217,118 8,319,77s 9,148,183
Ches.O.&So.W .. O cto b e r..
231,629 208,012 1,756,441 1,924,775
Chic. Bur. & N o. O cto b e r..
239,313 277,026 1.540,862 1,996,672
Chic. Bur. & Q .. O cto b e r.. 3,084,199 3,843,746 26,464,923 32,365,719
Chic. & East. 111. 4thwk Nov
77,017
78.747 3 ,0 ï 7,594 4,137,122
Chicago & E rie. O c to b e r... 249,613 448,861 1,899,564 2.813.959
Chic. Gt.West’n. 3dw kN ov,
79,764
80,814 3,256,278 4,015.157
Chic.M il.& St.Pt 4 th w k N ov 745,995 900,963 26,269,841 31.325,847
Chic.& IS’thw’n / O cto b e r... 2,905,333 3,679,741 24,573,938 28,349,880
Chic.Peo.&St.L, 4thwk Nov
20,197
824,614
17,139
892,612
Chic.R’k I .& P .. November. 1,394,463 1,539.303 15,132,104 18,140,565
Chic.St.P.M.&O O cto b e r... 806,700 990,830 6,072,834 6,743,524
Chic. & W . Mich. 4thwk Nov
35,772
34,166 1,454,136 1,742,346
Cin.Ga. & Ports. O cto b e r...
6,463
6,634
57,851
58,588
Cin.& Kent. Sou Septem b’r.
979
812
7,434
9,635
Cin. Jack.& Mac 4thwk Nov
17,647
14,456
579,542
614,272
C in .N .O .& T .P . O cto b e r... 337.000 342.000 2.831.000 3,299,937
Ala. Gt. South. O cto b e r... 156.000 175.000 1.152.000 1.426.959
N. Orl. & N. E, O cto b e r... 121.000 174,205
914,152 1,132,950
A la. < Vicksb. O cto b e r...
fe
68,000
72,000
425,453
452,523
V icks. Sh. & P. O cto b e r...
71,000
64,368
434,097
424,569
Erlanger Syst. O cto b e r... 753,000 827,573 5.754.000 6,733,678
Cin. Ports. & V . O cto b e r...
25.386
23,042
223,892
211,026
Col. & M aysv. O cto b e r...
930
9,194
1,156
12,396
Clev.Akron&Co. 4th wk N ov
19,777
22,595
789,743
899,834.
Clev. Can. & S o.. 4th w k Oct
23,499
26,408
Cl.Cin.Ch.& St.L 3d wk Nov. 293.599 256,980 11,364,389 12,329,516
Peo. & East’n. O cto b e r... 140.699 160,743 1,303,962 1.451,836
34,262
Cl. Lor. & Wheel 4thwk Nov
27,554
Col. N e w h .& I.. J u n e .........
4,461
42,224
3,771
33,611
Col. H. V .& T o l. O cto b e r... 307,811 322,080 2,351,977 2,898,863
18,729
Col. Sand’ y & H. 3d w kN ov.
16,844
728,369
731,155
Colusa & Lake . O cto b e r...
1,700
2,100
18,167
21,455
Crystal............... O cto b e r...
999
1,023
8,875
12,736
O cto b e r...
80,302
CiunbTd Valley.
78,095
743,774
664,287
Current R iv er.. 3d w kN ov.
3,408
115,634
2,319
103,881
Denv. & R io Gr. 4th-wk N ov 192,400 185,100 6,153,935 7,151,572
Det. Lans’ g& N o. 4thwk N ov
25,639
992,674 1,104,651
23,537
Duluths.S.&Atl. 3d w k N ov .
24,459
28,936 1,525,799 1,917,514
Elgin.Jol.& E ast November.
90,385
92,320
949,030
877,107
Eureka Springs. Septemb’r.
6.651
51,442
4,646
59,592
Evans. & Ind’plis 4thwk N ov
7,441
6,820
253,809
333,845
Evans. & R ich.. 3d w k N ov.
1.386
1,482
96,502
114,404
E vansv. & T. H . 4thw kN ov
28,332
27,865 1,005,066 1,206,915
F itchburg.......... O c to b e r... 701,695 640,553 5,786,627 6,143,816
Flint & P. Marq. 4th w k N ov
57,819
49,740 2,199,998 2,528,959
F lore n ce ............ J u n e .........
11,441
9,911
88,053
80,175
Fld.Cnt.& Penin O cto b e r... 176,858 124,286 1,929,080 1,287,662
Ft.W . & R io Gr. O ctob er...
81,167
44,863
297,000
272,268
Gads. & Att. U. O cto b e r...
576
574
5,537
8,005
Georgia R R ....... 3d w kN ov.
38,392
35,966 1,169,640 1,232,203
Ga. Cat’la & N o. O cto b e r...
75,212
557,574
61,215
414,077
Geo. So. & F la.. O cto b e r...
80,882
68,650
658,173
714,460
Georget’n & W’n J u n e .........
2,626
18,394
3,976
23,417
Gr. Rap. & Ind. 3d w kN ov.!
37,365
39,994 1,696,465 1,999,115
Cin. R .& Ft.W . 3dw kN ov.j
8,087
364,210
392,909
7,587
Traverse City. 3d w kN ov.
525
40,814
49,023
1,063
M us.G . R .& I . 3d w kN ov.
1,831
95,390
2,066
123,075
Tot. all lines 3dw k NovJ
47.808:
50,710 2.196,879 2,564,122




Latest E arnings Reported.

R oad s.

AND

RAILROAD

IVOL. L1X.

1894.

S

1893.

I Jan. 1 to Latest Pate.
1894.

1893

<
g

$

Grand T ru n k ... Wk Dec. 1 362,839 I 358,634 16,697,444 18,6(0,198
('hie. & Gr. Tr. W kNov.24
51,99
57,096 2,449,263 3,897,379
Det.Gr.H.&M . W kN ov.24
18,469
17,460
909,687 1, 012,010
Great Nortli’n—
St. P. M. & M. November. 1,601,017 1,540,156 11,191,787 12,579,012
East o f M inn.. November. 203,132 175,886 1,177,444 1,244,015
Montana Cent. November. 159,215
89,154 1,396,168 1,019,420
Tot. system. November. 1,963.364 1,805,196 13,768,399 14,842,447
Gr. P.Wal. & Br. J u n e .........
2,097
2,445
10,865
11,454
Gulf & Chicago. O cto b e r...
5,204
5,339
35,413
33,922
H artsville.......... J u n e ..........
419
308
3,915
5,860
Hoos.Tun.&W il. August___
3,784
3,849
Hous.E.&W .Tex November.
65.000
55,034
414,922
402,519
Humest’nJ Shen O ctob er...
14,180
10.000
97,000
111,917
Illinois Central. November. 1,746,738 1,872,068 16,498,551 20,310,651
Ind. Dec.&West. O c to b e r..
39.011
35,615
336,386
375,802
In.& Gt. North’n 4thwk Nov 157,835 148,029 3,296,700 3,683,309
tln teroc. (Mex.) W kN ov.17
53,401
42,029 2,067,076 . 1,872,567
Iow a Central.. .. 4thwk Nov
42,426
46,171 1,532,294 1,741,133:
Iron R a ilw a y ... O ctob er...
3,653
3.038
33.016
32,620
Jack. T. & K. W. O c to b e r... ' 55,526
51,013
640,801
643,031
Kanawha&M ich 4thw kN ov
9,169
10,348
353,676
330,483
K an.C .C l. & S p . 3diwkNov.
7,584
5,140
277,375
233,252
K.C. F.S.&Mem. 3d w kN ov.
88.637 3,354,530 3,812,133
80,803
K.C.& I. Air Line 2d w kN ov.
1,499
1,72K.C. Mem. & Bir. 3d w kN ov.
26,141
23.191
895,614
962,429
K.
C. Pitts. & G .. 3d wk Nov.
7,776
5,349
329,037
158,013
Kan.C. Sub. Belt 4thwk Nov
5.032
4,115
23 4,-7 4
220,733
Kan. C. N. W ___O cto b e r...
33,755
23,878
239,142
265,805
K an.C .* Beat. O cto b e r...
1,183
1,307
10,319
11,029
Keokuk & West. 3d w kN ov.
6,930
7.443
326,268
348,912
L. Erie A ll.& So. O c to b e r...
7,222
9,143
63,054
'65,502:
L. E rie & W est.. 4thWkNov
92.480
73,253 3,036.222 3,236,381
Lehigh & H u d.. November.
56,803
38,898
356,069
524,427
Long Island.......O cto b e r...
326,763 332,599 3,516,404 3,632.891
Los. Ang. Term . October. ..
14,555
9,868
152,702
122,207
Louis.&M o. Riv. Septemb’r.
41,330
31.523
243,765
318,521
Louis.Ev.&St.L. 4tnw kN ov
34,519 1,295,653 1,556,273
33,573
Louisv.&Nashv. 4thw kN ov 551,940 521,907 17,705,609 18,799,783;
Louis.N .A.& Ch. 4thw kN ov
70,439 2,631,670 3,225,028
80,267
Lou St.L.& Tex. 4thw kN ov
9,72*
11,164
386,630
493,813
M acon & B irm .. October. ..
6,228
7,730
62,318
55,550Manches & Aug. J u n e ........
898
981
5,630
7,617
M anistique........ O ctob er...
558
1,956
57.587
71,294
Memphis& Chas. 3d w kN ov.
32,911
32,919 1,129,553 1,231,009tM exican C en t.. 4thwk Nov 204,534 227,589 7,662,714 7,261,211
M ex ican In ter’l O ctob er...
182,617 168,918 1,697,407 1,673,346
|Mex. N ational. 4thw kN ov 117,807
95,827 3,892,439 3,859,219’
Mex. Northern.. O cto b e r...
59,847
532,529
tM ex ican R ’way W kN ov.24
57.523
53,928 2,817,368 2,774,210M exican S o....... 2d w kN ov.
7,331
7,850
287,757
213,355
M inneap.A St.L. O cto b e r... 220,205 201,745 1,469,421 1,494,967
Mo. Kan. & T ex. 4thwk N ov 382,926 338,799 9,438,834 9,414,276
M o.Pac.& IronM tthw kN ov 765,335 753,798 20,619,383 22,845,609
M obile & Birm .. 3d wkN ov.
253,470
8,362
7,885
260,559M obile & O hio.. November. 330,990 333.854 2,927,724 2,986,172
Mont. &Mex. Gif. October.
923,607
84,81’/
115.000
825,721
N ash.Ch.&St.L. O ctob er... 425,998 394,688 3,798,676 3,968,207
Nevada Central. Septemb’r.
2,646
1,548
18,081
31,272:
N. Jersey & N .Y . O ctob er...
29,059 J 28,532
New Orl. & So’n. O ctober...
11,074
77,572
9,674
97.711
N. Y. C. & H. R . . November, 3,837,003 3.897.430 38,152,497 43,130,385
N. Y. L. E. & W .. October. .. 2,356,218 2,722,118 20,254,890 24,834.406N. Y. Pa. & Ohio. October.
607,700 707,226 4,747,006 6,164,926
N. Y . Ont. & W .. 4thwk Nov 103,621 101,453 3,474,999 3,632,220N .Y .S u sq.& W .. A u g u st...
131,552 158,812 1,079,502 1,155,855
Norf. & South’n. October. .
37,631
35,630
3 6 ',0 5 5
363,416
N orfolk & West. 4thw kN ov 214,669 178.516 9,411,810 9,187,436
N’theast’n (S.C.) J u n e .........
43,872
37,384
331,703
376,747
N orth’n Central October.
615,791 601,192 4,969,167 5,810,091
North’n Pacific. 4thw kN ov 438,776 493,852 15,393,402 18,521,27:1
Oconee & W est. O ctob er...
2,889
3,503
25,663
17,211
Ohio R iv er.........3d wk Nov.
19,397
17,296
647,150
722,831
Ohio Southern.. 4thw kN ov
20,19(
23,808
Omaha & St. L .. Septemb’r.
45,640
288,552
29,179
412,730Oregon Imp. Co. O cto b e r... 316,068 350,605 3,158,769 3,253,205
P ennsylvania... October. .. 5,839,998 5,480,275 48,084,638 55,784,226PeoriaDeo.&Ev 4thw kN ov
22,561
24,658
777,051
824,088
Petersburg........ O ctob er...
37,600
40.056
436,370
446,250
Phila. & E r ie ... SeDtemb’r. 392,409 464,387 2.887.264 3,902,172
P hila.& R ead’g . October. .. 2,001,792 2.127.430 16,659,176 18,912,607
C oal& Ir.C o... O c to b e r... 2,485,087 2,923,622 17,733,220 19,918,218
TotalbothCos. October.
4,486,879 5,051,052 34,392,396 38,830,825Pitts. Mar. &Ch. October. ..
1,876
4,293
29,029
29,366
Pitt.Shen.&L.E. O cto b e r...
55,339
48,663
382,352
415,751
Pittsb. & West- November. 131,993 103,947 1,281,782 1,348,733Pitts. Cl.&Toi. November.
65,732
47,328
627,452
764.920
Pitts. Pa. & F. November.
38.511
24,095
319,487
303,360Total system.. 4thwk N ov
67.830
53,959 2,264,527 2,461,750
Pitt. Young. &A . O c to b e r... 159,989
87,626
988,361 1,142,703
Pt. R oyal & Aug. A u g u st....
16,137
16,106
181,000
174,357
Pt.Roy.&W.Car. J u n e .........
25,726
17,305
174.414
158,635
Quincy 0.& K .C O c to b e r...
21,985
24,191
193,322
230,679
R ich.Fr’ksb.&P. Septemb’r.
51,612
50,481
521,646
572,931
Rich. & Petersb. O cto b e r...
27.554
25,321
278,459
287,702
R io Gr. South’n 4thwk Nov
10,252
10.628
340,121
437,606
Rio Gr.West’n .. 4thw kN ov
41,100
46,000 1.876.265 2,028,141i
Sag.Tuscola&H. O cto b e r...
12,429
11 ,(08
101,151
107,953
Sag.Val. & St. L. Septomb’r.
7,402
7.902
64,006
71,008
St. L. A . & T. H. 4thw kN ov
31,170
32,330 1,221,702 1,424,315*
St,L.Ken’ et&8o. O ctob er...
3,014
4.191
23,618
22,782
St.L.Southw’m . 4thw kN ov
194,500 179,600 4,289,244 4 ,5 4 0 ,5 1 »
S t.Paul& D ul’th November. 148,664 150,900 1,353,652 1,619,887
San Ant. <s A .P O cto b e r...
240,257 235,033 1,467,000 1,521,082:
S.Fran.&N.Pac. 2d w kN ov.
15,358
15,103
738,073
731,856
Sav. Am . & Mon. 1st w k N ov
13,195
6,993
389,676
419,657
Sav.Fia. & West. Septemb’r. 273,326 222,130 2,371,712 2,303,339
8her.8hrev.& So 4thw kN ov
12,652
15,878
277,958
293,563
Silverton............O c to b e r...
8,864
6,500
55,32636,317
South B ou n d ... J u n e .........
19,231
16,830
146,510
114.921
South Car. &Ga. J u n e .........
68.000
81,195
679,049*
587,639
So. Pacific Co.—
Gal.Har.&S.A Septemb’r. 419,507 323,494 2,944,971 3,086,411
Louis’a W est.. Septemb’r. 108,495
80*809
701,275
8 0 0 ,2 8 0
Morgan’ sL&T. Septemb’r, 501,413 379,853 3,953,970 3,701,964
N .Y .T.& M ex. Septemb’r.
29,347
29,107
178,584
179,611
T ex. & N. O r l.. septem b’r. 139,403 120,503 1,102,532 1,3 18,8 65
A tlantic sys.6. O ctob er... 1,482,813 1,379,751 10,460,756 10,555,782.
Pacific system Septemb’r. 3,027,421 3,291,870 22,838,937 26,249,807
Total o f a h .. Septemb’r. 4,253,497 4,242,925 31,816*880 35,425,838
So. Pac. o f Cal Septemb’r. 792,705 1,002,411 6,638,536 8,068,771
So.Pac.of Ariz Septemb’r. 196,679 152,589 1,478,364 1,492,781
So.Pac.ofN .M . Septemb’ r.
81,445
700,665
70,877
671,150
Summit Branch. O ctob er... 114,285 124,982
785,227 1,058,118
Lykens VaUey O ctob er... 109.204 114,593
909,87T
711,716
Tot’lb o th Co’ s O cto b e r... 223,489 239,575 1,496,943 1 ,9 67,9 95

D ecem ber

THE

8, 1894. J
Latest Earnings Reported.

¡R o a d s .

Week or Mo

1894.

Jan. 1 to L atest Date.

1893.

^ aV igures cover only that part o f m ileage located in South C arolina
b Includes earnings from ferries, etc., not given separately. , M ex i­
can currenov. c Includes on ly half o f dues In whion Union Pacific has
a half interest, a Includes Ohio A Mississippi in both years, e C overs
4 404 miles in both years, t la June, July and August Mil. Lake S hore
A West, included fo r 1894, but not for 1893: for previous m onths a n d
for September and O ctober this road is included in both vears.

Latest Dross Earnings by Weeks.— The latest weekly earn,
separately summed up as fo l

lows :
Our preliminary statement of earnings for the fourth week
of November covers 48 roads and shows a g a in of 1’34 per
cent.
4 th week o f November.

1894.

1893.

$
157,271
32,246
83,135
536 ooo
262.934
77,017
745,995
20,197
35,772
17,647
19,777
34,262
192,400
25,639
7,441
28,332
57,819
362,839

$
148,914
33,819
83,073
563,000
217,118
78,747
900.963
17,139
34,166
14,456
22,595
27,554
185,100
23,537
6,82c
27,865
49,740
358,634
149,029
46,171
9,169
5,032
73,253
34,519
521.907
70,439
9,726
227,589
95,827
338,799
753,798
iO L453
178,516
493,852
20,190
22,561
53,959
10,252
32,330
179,600
12,652
4.99,378
296,994
17,214
42,646
43,653
316,601
33,286

1894.

3d iveek of November.

1893.

1894.

Southern Ry e—
Rich. A D a n ."
)
Char. C. & A.
C ol.& G r’nv. I jfi,w lrN ov 525,057 419,378 ! 6,158,107 16,593,094
E. T.Va. A G . f
Louisv. S o..
Georgia P ac J
13.431
6,212
59 6
603
South&Nor.Car. [June
55,175
64,501
9,2511
9,448
Spar. Un. A Col. J u n e . . . . .
893,698
920,557
73.6651
76.801
O c to b e r..
Staten Isi. R. T.
44.261
41,131
2,5*2.
2,4>-l
StonyCl. <teOMt.. O c to b e r..
296,094 6,486,600 6,509,935
Texas & Pacific., 4thwk N ov 298.031
44,483
56,900
6,1611
6,189
rex.S.ValAN V*' October. ..
953,060
984,673
17,214|
29,194
rol.A.A.&Ne.M. 4th wk N ov
1,816,112
42,646 1,6*3,479
43,133
Tol. A Ohio Cent. 4th wk Nov
875,455
7 98,53t
21,115!
21,201
Tol. P. A W est.. 3d w k N ov
43.653 1,470,948 1,638,454
53,071
Tol. St. L .A K .C . 4thwk N ov
371,947
354,695
37,295
34,621
October. ..
Ulster A D e l...
union Pacific—
Septemb’ r. 1,498,014 1,617,01110,609,775 12,776,088
Un. Pac. R R ..
3,678,834 4,518,818
Or.S.L. & U. N Septemb’r. 485,733
737,702
604.342
62,528
St-Jos.&Gd.Is. Septemb’ r.
78,20v
124,793
5,855
Kan.C.AOm. Septemb’r.
784,036 1,023,501
16,527
3d w k Nov.
Tot. it.J.A G .I.
358,058
298,613
28,968
Cent.Br....... . Septemb’r.
A ch.C ol.& P .> ISeptemb’r.
386,016
277,907
30,756
Ach.J.C.A W ) .
602,625
265,083
35,207
Montana U n .. Septemb’r.
31,071
31,149
3,656
Man. Al. & Bur. Septemb’r.
16,970,216 20,765,445
2,266,162
Gr’ d total.* eSeptem b'r.
1,228,091 1,855,510
97,677
Or.Ry. A N .C o J u n e .........
2,29a,036 3,015,582
U. Pao. D. A G. O c to b e r... 296,752
830,297 1,086,859
Ft W’th& D .C . Septemb’r. 114,976
10,606,652 12," 62.556
325.442
Wabash ......... 4thwk N ov
142,949
143,949
36,039
Waco A Northw. Septemb’ r.
1,365,502 1,491,996
123,299
West Jersey.......O cto b e r...
986,568
832,134
92,772
W.V.Cen.A Pitts O c to b e r...
306,234
277.343
33,939
West Va. A Pitts. Septemb’r.
367,922
338,236
50,570
Western o f A la . Septemb’r.
1,047,884 1,033,179
111,350
West. Maryland. October. ..
2,784,369 3,178/370
6 7,000
West. N. Y. A Pa. 3d wk N ov.
1,135,586 l,3 9 1 ,9 2 o
32,318
Wheel. A L. Erie 4thwk N ov
11,84
11,485
2,131
WiLChad.ACon. J u n e . . . . . .
336,414
239,424
38,640
Wil. Col. A Aug. J u n e .........
42,415
44,103
7,9601
Wrightsv. A T en .1 u ly ..........
J
-------------- 0
t Includes Milwaukee A Northern fo r all periods.
* Figures given do not include Oregon Ry. A Nav., Un. Pac. D enver A
Gulf, Denver Leadville A Gunnison and Leavenworth Topeka A South-

ings m the foregoing are

1003

CHRONICLE.

Increase.
$
8,357

Decrease.
$

Previously rep ’d (62 r’dst
Atlantic A Danville..........
Chicago A Gr. T ru nx.......
Current River...................
Det. Gr. H av. A M ilw ,. ..
Duluth So. Shore A Atl
Kansas City Clin. A Spr..
Kan. City Ft. S. A M em..
Kan. C. Mem. A B ir m ....
Kan. City Pittsb. A Gulf.
Kan. City Suburban Belt.
Keokuk A W e s te r n .......
Memphis A Charleston..
M exican R ailw ay.. .......
Rio Grande Southern—
St. Joseph A Gd. Island..
St. Louis A lton A T. H .
Western N. Y. A P en n ..
Total (79 roads)...........
Net increase (0*04 p .o.)..

Increase.

1893.

$
7,434,341
14,650
51,995
3,408
18,469
24,459
7,584
80,803
23,191
7,776
3,839
6,930
32.011
57,523
9.674
16,527
29,860
67.000

$
7,422,119
11.936
57,096
2.319
17,460
28,936
5,140
88,637
26,141
5.349
4,061
7,443
32,919
53,928
6,055
24,245
29,910
64,000

7,890,940

7,837,744

321,388
3.196

1.089
1,009
2.444
2,427
........... ..

3,595
3,619
........... ..

62

1,573
...... .
27,000

79 roads, and shows 0*04 per cent gain in the aggregate.




$
2 8 9 ,3 1 »
5,101
' '-L477
7.834
2,950
........

222
513
8-

........

7,718'
50-

3,001
318,192

For the month of November 73 roads (all that have furnished
Month o f November.

1894.

Decrease.

1893.

$
531,471

$
$
Gross earnings (73 roads) 36,269,684 36,801,155

Per Cent.
1-44

amount of $531,471, or 1’44 per cent.
The following will furnish a comparison of the weekly
results for a series of weeks past.
WEEKLY GROSS EARNINGS.

1894.
Period and number o f
roads included.
9
Oct.— i st week (73 r’ ds). 7,804,813
2d week (74 r’ds). 8,093,064
3d week (76 r’ds). 8,519,897
4th week (78 r’ ds). 12,302,703
N ov.—1st week (79 r’ ds). 7,686,666
2d w eek (79 r’ds). 7,877,054
“
3d week (7 9r’ ds). 7,890,940
“
4tb week (48 r’ds). 7,583,2o7

1893.
_ v
_
8,034,361
8,453,380
8,958,710
12,196,943
8,059,471
8.051,008
7,887,744
7,482,635

,--------- Changes.----- —
Amount,
«
P. ct.
229,548 Dee. 2-86
360,316 Dec. 4-26
444,613 Dec. 4-96
0*87
106,660 Iuc.
372,805 Dec. 4*62
173,954 Deo. 2 1 8
0*04
3,196 Inc.
1*34
100,622 Inc.

For corresponding weeks last year losses were as follows,
the roads, however, not being (juice the same as those included
in the present year’s comparisons :

1st w eek—
2d w eek___
3d w e e k ....
4 th w e e k ....

■Loss L A S T YE AR m
December.
November.
October.
Dollars.
P. 01.
Dollars.
P. 01. Dollars. B. Ct.
1,019,227 13-08
369,364
477
517,851
6-51
916,752 11*75
162,950
203
402,646
4*94
883,544 11*71
556,222
6-76
*46,697
0 58
1,733,173 16*87
1,064,223 1 0 0 7
376,198
338

' Increase.

Net Earnings Monthly to Latest Dates.—The table f t l lowing shows the net earnings reported this week. A full
detailed statement, including all roads from which monthly
returns can be obtained, is given once a month in these
columns, and the latest statement of this kind will be found
in the C h r o n i c l e of November 24. The next will appear m
the issue of December 22, 1894.

-dross Earnings.—
1894.
1893.
S
$
Roads.
At T. A S. F e ___b ...O e t. 3,165,267 3,426,766
45,816
July 1 to Óct. 3 1 . . . . 9,674,682 12,016,781
1,780
660,981
154,968
. ...
St. L. A San F r..b ..O ct,
649,221
3,058
July 1 to Oot. 3 1 .... 2,245,177 2,363,525
1,606
232,436
A tlantio A P ac. .b..O ct.
318,973
...... .
3,191
July 1 to Oot. 3 1 . . . . 1,024,432 1,000,917
2,818
142,177
Colorado Midl’ d .b ..O ct.
150,915
6,708
490,586
July 1 to Oot. 3 1 . . , .
543,633
7,300
4,512,360
2,102
Aggregate to ta l.b ..O ct. 4,284,406
.
621
July 1 to Oot. 3 1 . . . . 13,488,024 15,876,809
467
Cent, o f N. Jersey .a .Oot. 1,097,839 1.303,033
8,079
Jan. 1 to Oot. 3 1 . . . . 10,156,942 12,218,105
4,205
203,012
Chea. O. A So’ w n .b . ..Oct. 231,629
9,806
Jan. 1 to Oot. 3 1 .... 1,756,411 1,924,775
3,745
42,426
277,026
. . . . . . . . Chic. Bur. A North.b..Oot.
1,179
239,313
10,348
917
Jan. I to Oct. 3 1 ----- 1,540,862 1,996/672
4,115
........... Den. A R. G rande.b..O ot.
19,227
92,480
668,429
726,753
946
33,573
Jan. 1 to Oct. 3 1 . . . . 5,516,035 6.518,872
........
30,033
551,940
July 1 to Oet. 3 1 .... 2,463,468 2,2 LO,437
9,828
80,267
49,407
61,025
Houst. E. A W. T ex ...O ot.
1,438
11,164
347,485
349,922
Jan. 1 to Oot. 3 1 ----23,055
204,534
138,413
160,044
Ju ly 1 to Oot. 3 1 ----21,980
117,807
34,008
40,181
44,127
382,926
Kanawha A M ich .b..O et.
301,529
319,106
765,335
11,537
Jan. 1 to Oet. 3 1 ....
127,975
143,642
2,168
103,621
July 1 to Oct. 3 1 ....
36,153
214,66b
480,236
455,360
M .a
ct.
55,076 Kan. C.Ft. S.A Oct. ...O.... 3,942,0o5 4,321,493
438,776
Jan. 1 to
31
3,618
23,808
J u l y l to Oct. 3 1 .... 1,587,854 1,619,628
2,097
24,658
106,066
99,667
Kan.C. Mem. A B .a ..O ct.
13,871
67,830
889,056
832,497
Jan. 1 to Oet. 3 1 ----376
10,628
341,772
333,219
....
Ju ly 1 to Oct. 3 1 —
1,160
31,170
14,900
194,500
Laclede Gas-L. C o ...N o v .
3.226
15,878
Jan. 1 to Nov. 3 0 .—
25,679
525 0?>7
720,991
763,74 4
Southern R ailw ay.
M exican Central.......Oct.
i;0 3 7
298.031
Texas A P a c ific ....
Jan. 1 to Oct. 3 1 .... 6,986,628 6,563,381
........
11,980
29,194
v,
349.576
M exican N ation al....O ct. I 406,872
487
43.133
Jan. 1 to Oct. 3 1 . . . . 3,029,186 3,535,869
9,418
53,071
201,745
8,841
325,442
Minn. A S t.L ou is.a.-.O ot.
220,205
Wabash......................... .
968
32,318
Wheeling A Lake E r ie ..
Jan. 1 to Oot. 3 1 .... 1,469,421 1,494,967
...........
635,259
686.107
July 1 to Oot. 3 1 ----273,956
374,578
7,583,257 7,482,635
931,377
Total ;48 r o a d s ) .......
967,570
N orfolk A W e st.a ....O c t.
100,622
8,552,510 8,405,478
Net increase (1*34 p. o.) •i
Jan. 1 to Oct. 3 1 ....
............
226,950
239,181
Rio Grande W est.b ..O ct.
For the third week of November our final statement covers
Jan. 1 to Oct. 3 1 .... 1,757,465 1,900,241
789.229
799.107
.ruiv l to Oct. 3 1 ....

Balt. A Ohio Southwest.
Brooklyn Elevated..........
Buffalo Roch. A Pittsb’g .
Canadian P acific..............
Chesapeake A O hio.........
Chicago A East. Illinois.
Chicago Milw. A St. Paul.
Chic. Peoria A St. Louis.
Chic. A West M ich igan...
Ctn. Jackson A Mackinaw
Cleve. A kron A Columbus
Clev. Lorain A Wheel—
Denver A R io Grande—
Detroit Lans’ g A North’s
Evansv. A Indianapolis..
Evansv. A Terre H aute..
Flint A Pere Marquette.
Grand Trunk o f Canada.
Intern’ l A Gt. North’ n . . .
Iowa C e n t r a l.......
Kanawha A M ichigan.. . .
Kan. City Sub. B e lt....... .
Lake Erie A W estern....
Louisv. Evansv. A St. L
Louisville A N ashville...
Louis. N. A lbany A Chic.
Louisville St. L. A Texas
Mexican Central............ .
Mexican National...........
Mo. Kansas A T e x a s ....
Mo. Pacific A I r o n M t ....
New York Ont. A West’n
Norfolk A W e ste r n ......
Northern P acific............
Ohio Southern, . . . . . —
Peoria Dec. A E v a n s v ...
Pittsburg A Western.......
Rio Grande Southern—
8t. Louis Alt. A T. Haute

Decrease.

$
301.541
2,664

—-Net- E arm ngs.1893.
1894.
1,134,709
2,203,020
318,014
1,039,301
87,540
193,530
31,484
43,629
1,571,747
3,484,480
394,113
'3,421,426
97,818
611.994
125,719
478,687
337.995
2,212,788
1,070,320
31,575
117,517
63,418
11,827
82,238
41.594
149,520
1,186,501
499,188
25,489
99,997
40,937
81,086
696,519
356,585
2,351,949
1190,618
11,488,624
119,193
576,963
315,778
260,137
2,216,707
101,228
550,127
285.019

1,416,844
4,555,231
313.936
1,046,333
27,715
100,964
30,252
47,027
1,788,747
5,749,560
583,228
4,9 12,5 05
78,936
680,041
125,234
718,676
324,774
2,614,766
836,547
25 ,954
115,282
53,934
11,697
90,309
39,996
181,297
1 ,0 45,0 1»
429,979
32,739
110,192
40,262
73,562
662,323
335,22 4
2,293,447
1152,003
t l , 340,750
103,848
542,584
280,072
350,152
2,407,752
97,236
694,341
327,380

1004

THE

CHRONICLE.

.-----Gross Earnings.-----»,------Net E arnings.-----1894.
1893.
1894.
1893.

Roads.

$

$

$

«8

[VOL, L1X,

The following shows the growth of the company’s business
during the past four years :

St. Paul & D uluth.b..O ct.
159,722
192,946
61,985
87,630
Jan. 1 to Oct. 3 1 .... 1,204,983
1,468,987
382,242
3 8 0,8-7
July 1 to Oct. 3 1 .... 577,904
641,537
226,544
230,864
Southern P acific Co.—
Atlantic s y s -.b ___ Oct. 1,482,813 1,379,751
565,852
575,939
Jan. 1 to Oct. 3 1 ....1 0 ,4 6 0 ,7 5 6 10,555,782 2,897,582 2,827,291
Southern R a i l w a y .O c t . 1,817,082
1,685,325 746,697
639,164
July 1 to Oct. 3 1 .... 5,304,920
4,907,889 1,820,229 1,380,010
Toledo & O .C e n t.b ...O ct.
216,818 191,932
82,954
78,421
Jan. 1 to Oct. 3 1 ....
1,503,331 1,666.080
542,667
573,037
July 1 to Oct. 3 1 ___
833,462
698,819
333,534
257,799
U n.P.D.& G u lf.b ....... Oct.
296,752 307,215
90,867
24,162
Jan. 1 to Oct. 3 1 ....
2,293,036 3,015,582
444,567
482.534
West.N. Y.& Penn. b...Oet.
314.169
297,635
110,166
105,154
Jan. 1 to Oct. 3 1 ....
2,534,869 2,984,970
818,226
849,574
Ju ly 1 to Oct. 3 1 ....
1,268,477 1,186,470
458,788
325.548
Whitebr’ st Fuel C o ...O ct..........................................
7,538
20,688
. . . , . .........................
55,721
132,976
Jan. 1 to Oet. 3 1 ___
Ju ly 1 to Oct. 31........................ .....................
17,612
49,531

Operating Interest, Rentals
Expenses.
< Taxes
£
B a i., Surp.
$746,305
$379,028
$113,077
748,495
292,320
95,838
480,417
76,123
62,727
484,947
62,744
46,131
BALANCE SHEET SEPTEMBER 30, 1894.
Liabilities.
C onstruction______ .$4,591,077 88 Capital stock .............$1,000,000 00
Land and buildings. 1,067,726 32 Funded debt.................... 2,668,000 00
Cost o f equipm ent..
803,153 65 Unfunded d e b t ......... 2,948,786 46
¿
Cash and Cur. ass’ ts.
240,357 ‘ 4 Surplus...............
85,528 63

a Net earnings here g iven are alter deducting taxes,
b Net earnings here given are before deducting taxes.
* The charges fo r interest and rentals fo r the year to date show a
decrease o f $262,979 from the corresponding period o f last year.
§ July m ileage was 2,011-57 m iles and iuoiuded Richm ond & Dan­
ville proper. August mileage was 3,731-13 miles and included R ich­
m ond & Danville, Charlotte Col. & Augusta, Columbia & Green­
v ille and East Tenn. Va. & Ga., but not Louisville Southern and
Georgia Pacific. September and O ctober m ileage was 4,404-7 m iles
an d included all lines.
t A fter deducting other expenditures fo r repairs, replacem ents and
general expenses, net incom e applicable to interest on bonds in O cto­
ber was $106,715, against $96,431 last year,and fo r ten months to Oct­
ober 31 $754,835, against $767,465 last year. M exican dollars are
treated as equivalent to 80 cents United Stages m oney, and all d ep re­
ciation beyond 20 per cent is charged in the abo ve items. Adding
earnings received from Federal Governm ent total net available fo r
interest in M exican currency on the 80 cents basis fo r O ctober was
$152,933, against $96,431, and fo r the ten m onths was $878,722,
Against $767,465 last year.

Traffic.— The decrease of tonnage compared with the previ­
ous year was 23-53 per cent and of gross earnings 16-25 per
cent. The extraordinary conditions prevailing during the
year are well known. To the depression in business was
added during the spring and early summer the general and
long-continued strike of bituminous coal miners, which
practically suspended for almost three months the important
traffic in bituminous coal; and this in turn was succeeded,
about the end of the fiscal year, by the strike of railroad
employees, which for a time virtually suspended the entire
operations of the road.
A gratifying feature, however, is the very great increase in
the ore tonnage, which has gone far to reduce the number of
empty cars hauled. In fact, at Huron the volume of ore
received at that port quite equals the quantity of coal delivered
there. This materially aids in keeping down the proportion of
expenses to earnings. The receipts of ore at Huron since
the period embraced in the accompanying report have amounted
to 114,000 tons, there being now stored upon the docks at that
place about 175,000 tons. The entire quantity of ore received
at Huron during the fiscal year ending June 30, 1894, was
162,837 tons, contrasting with 73,350 tons in the previous year.
The recovery in general business has been more slow than
was expected, which is the cause of the large accumulation
of ere upon the docks at this time.
The company will, how­
ever, receive the benefit of this tonnage as the ore is required
for consumption at the furnaces during the winter months.
The business of the company at the present time is satis­
factory and its volume approaches very nearly indeed the
maximum heretofore reached.
This, however, is due in very
large degree to the coal and ore tonnage.
General business
has not yet recovered its normal condition.
Dividends.— The unprecedented conditions prevailing led to
the suspension in July last of dividends upon the preferred
stock, after such dividends had been continuously paid for
more than six years. W hile gratified by the rapid recovery
in the business and revenues of the company (the earnings
for the three months preceding the date of this report being
within 2 per cent of the highest amount of earnings recorded
for the corresponding months of any previous year since its
organization), and anticipating the resumption of dividends
upon the preferred stock at a time not far distant, the direct­
ors consider that a highly conservative policy should for the
present prevail; that the resources of the company should be
strengthened and that dividends should not be resumed until
a more settled state of general business shall have been
reached.

Interest Charges and Surplus.— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, & c., with the surplus or deficit
above or below those charges.
r-ln ier'l, rentals, <6c.s r-B al. o f Net E arns.—
.
1894.
1893.
1894.
1893
$
$
$
$
D en ver & R io Gr’de..Oct.
204,028
204,198
133,967
120,576
Ju ly 1 to Oct. 3 1 ___
811,201
807,753
259,619
28,794
K an. C. F t.S. & M .._.O et.
109,572
111,465
39,948
69,832
July 1 to Oct. 3 1 . . . .
440,716
449,591
58,470 def.19,612
Kan. C. Mem. & B ir..O ct.
11,229
39,107
14,260 def.6,368
July 1 to Oct. 3 1 ___
44,915
156,428 def.3,978 df.116,166
Toledo & Ohio Cent..Oct.
34,050
27,524
*48,987
*50,962
J u l y l to Oct. 3 1 ___
136,641
104,828
*198,318 *153,838
Roads.

* A fter adding other incom e.

ANNUAL

REPORTS.

Central Railroad & Banking Company of Georgia.

( For the fiscal year ending June 30,1894. J
In advance of the annual report the C h r o n i c l e is able to
publish an official statement of the Central of Georgia system
for the fiscal year ending June 30, 1894.
The statement is of
interest since it shows a large increase compared with the
previous year in the net earnings.
TEAK ENDINO JUNE 3 0 .

Division—
Miles.
Main line.............. ....3 1 2
Augusta & Savannah 53
S outhw estern R R .... 332
Savannah & W estern.623
Savannah & Atlantic 18
Mont. & E ufaula....... 80
M obile & Girard..... .122
Steamship Co.’ s ...... . .......

1 8 9 4 .---------- t
Gross.
Net.
$
2,522,935
953,512
201,854
56,034
1,098,913
365,583
1,240,299
213,883
16,258
5,439
205,808
def. 926
217,671
76,433
1,947,237
180,692

T ota l......... ..................
M acon & N orthern.........
C entral R R . Bank...........

7,450,975 1,850,650 7,725,139
N otoperated.
82,295
Not reported.
15,692

Total 92-3¡perreport.................. .......................

The Macon & Northern is omitted from
since during the late fiscal year it was
Central of Georgia. Its gross earnings,
were $133,041, against $82,295 in 1892-93;
$5,935.

,----------- 1893.----------- ,
Gross.
Net.
2,588,410
72^274
254,945
91,688
1,016,769
59,000
1,271,391 df.297,325
23,089 def. 16,874
255,130 def. 28,020
207,925
11,532
2,107,480
303,777

7,823,126

846,052
5,935
3,286
855,273

the above statement,
not operated by the
however, in 1893-94
net, $12,947, against

Lynn & Boston—North Shore Traction.

(F o r the year ending June 30,1894.)
The report of the Lynn & Boston, which is controlled bv
the North Shore Traction Company, is as follows for the year
ending Sept. 30, 1894.
The sale of bonds described in an­
other column wipes out the floating debt shown in the bal­
ance sheet below:
1894.

Gross earnin gs......................... ................
Operating expen ses............ ..........................
N et incom e from operation............ .
•Other in com e............ ...................

.

Total net incom e.........................
Total deductions from in com e________ _
Net incom e fo r y e a r ...................................
A m ount o f dividends declared (3 per cent in alij
Surplus....................................
Total surplus'Septem ber 30r 1 8 94............ .




_

.........

80,000

Gross
Year.
Earm ngs.
1'894............. ....$ 1 ,2 )8 ,4 1 0
1893.................... 1,136,653
1 8 9 2 ...................
619,267
1 8 9 1 ....................
593,822

T otal....................$6,702,315 09

T o t a l ___ L..........$8,702,315 09

Wheeling & Lake Erie Railway.

( R eport fo r the year ending June 30,1894.J
The report of President Frank R. Lawrence contains the
following :

Extensions, improvements, etc.— The extensions along the
Ohio River have been delayed, but much valuable right of way
and other property has been acquired, and the extensions
will be completed whenever expedient.
Considerable addi­
tional equipment has been purchased, and for this, together
with numerous additions and improvements, provision is
made through the securities issued during the year.
Negotiations are pending looking to the establishment of
close relations between this company and a connecting line
which enters the city of Cleveland. These, if consummated,
are expected to be of much value to the property, affording a
most important outlet for coal traffic, and bringing also a
large increase in general business.
The physical condition of the property has been carefully
maintained, and with the increased equipment and needed
facilities and improvements provided, the company will be
prepared to handle economically a larger volume of traffic
than at any previous time.
Tonnage.— The total tons carried in the late fiscal year was
1,611,538, against 2,107,314 in 1892-93. bituminous coal aggre­
gating 961,383 tons, against 1,367,958 tons in 1892-93, and ore3
105,607 tons, against 70,260 tons.
Equipment.— Engines in actual service, 64; cars, 5,050, of
which 3,972 coal, gondola and dump cars.
The passenger equipment has been fully maintained.
The
freight cars have received general repairs, so that their condi­
tion is considerably improved as compared with last year,
some of the principal items of improvement being gen­
eral repairs to 758 cars and 176 cars rebuilt. The condition
of the locomotives is better than last year.
Physical Condition and Improvements.— On roadway and
structures more than the usual amount of work has been ex­
pended. Eight and three-quarter miles of new side track have
been constructed, a number of trestles filled and 40,000 cubic

TH E

December 8, 1894.]

yards of earth put into the Orville trestle. Three steel plate
girder bridges have been constructed and a number of small
trestles rebuilt. The following material has been used over
the line of road: 44,229 track ties, 3,218 bridge and switch ties,
410,000 feet of timber,
There has also been erected at Huron an ore storage trestle,
1,200 feet long,which the increase in the volume of the ore
business required.
Operations, earnings, charges, ete.— Statistics for four
years have been compiled for tne C h r o n i c l e as follow s:
EARNINGS, EXPENSES AND CHARGES.

1891-92.

18 90-91
1893-94.
$
$
$
$
458,823
448,152
458,987
Pass, carried___
334,534
7,825,531
7,805,164
9,536,748
“
“ 1 m ile 6,465,657
1-871C.
2-223C.
2-542c.
Rate per pas. mile
2 39c.
1,844,335
1,607,48 7
2,107,314
Tons ca rrie d . . . .
1,611,538
241,864,744 196,429,205 162,702,497
“ 1 ml. 186,215,070
0 5 9 2 c.
0-562C.
0-509C.
Rate p. ton p erm .
0-593c.
1892 93.
1891-2.
1890-91.
1893-94.
$
$
Earnings from —
$
$
962,706
F r e ig h t.............................. 1,051,131 1,230,273 1,104,036
178,474
200,095
175,480
Passenger............................ 155,546
150,612
84,125
165,623
Mail, express and naisoel.* 160,971
1892-93.

Gross earnings............ 1,367,648
Expenses—
Maintenance o f w ay, etc. 152,255
Maintenance o f equipm’ t. 135,260
Transportation..,.............. 466,813
98.866
General.......... ......................
40,787
T ax es........................ ...... .

1,595,991

1,430,128

1,225,305

181,778
158,125
568,248
101,231
38,725

193,967
127,746
470,715
91,699
33,097

174,602
114,890
373,497
80,262
29,518

893,981
473,667
66-21

1,048,107
547,884
65-60

917,123
513,005
64-12

772,770
452,535
63*06

370.857
135,000

320,694
180,000
14,941

301,133
225,000
19,782

290,542
167,000
761

545,915
515,635
Total............................... 505,857
B a la n ce ....__ __ _ ____ def. 32,190 sur.32,249 def.32,910
_ _

458,303
def. 5,768

T otal................. ............
Net earnings......................
Per ct. o f op. ex. to earns.
Deduct—
Interest p a id .....................
Dividends p a i d .................
Miscellaneous.....................

* Includes interest, rents, &c.
CONDENSED BALANCE SHEET JUNE 30.
1894.
1893.
1892.
1891.
Assets—
$
$
$
$
Road and equipm ent___ 20,047,559 15,942,003 15,716,739 15,716,739
Stocks and bonds ow ned. 1,181,900
945,000
895,000
835,000
Belt Railw’y const’n acct.
208,609
175,884
146,841
92,305
C a s h ....... ..... . . . . . . . . . .
236,526
177,949
89,844
27,233
Supplies on hand..............
72,768
63,418
37,178
63,904
33,590
43,031
.............
............
Due from agents, & c.......
Net current assets............
125,225
54,237
.....1 ..
............

T otal............................. 21,906,177 17,401,522 16,885,602 16,735,181
Stock, preferred.......... .... 4,500,000 4,500,000 4,500,000 4,500,000
S tock ,com m on ....... ........ 10,000,000 6,000,000 6,000,000 6,000,000
Bonds (see Supplem ent ) 7,162,000 6,632,000 6,006,000 5,930,000
Interest on b o n d s ..........
125,761
118,916
106,375
104,792
Net ourrent liabilities.. . .
..................................
154,870
49,122
Income accou n t................
ll8 ,4 1 5
150,606
118,357
151,267
Total.......................... .21,906,177 17,401,522 16,885,602 16,735,181

Central Yermont Railroad.

( R eport fo r the year ending June 30, 189If,,)
The report of President E. C. Smith makes in substance the
following observations :
General business.— Notwithstanding the depression in the
business world, the losses to this company in revenue
have been largely provided for by corresponding reduc­
tions in operating expenses without detriment to the
property. The loss in local business is slight, and this is due
to the fact that the road runs through an agricultural country
wbich has been affected far less by the business depression
than many other regions. The company is reaping a con­
stantly increasing revenue from summer travel, there being a
large increase of summer tourists to the State. During the
past year four large mills have been erected on the line of the
road, and other old established mills have increased their
facilities. In addition the United States Government has es­
tablished between Burlington and Essex Junction a large mili­
tary post, which has furnished and will furnish this company
additional local business. The tariff which went into effect
on the 1st of July of this year will bring additional traffic,
since under its provisions the interchange of commodities be­
tween the States and Canada is stimulated and encouraged.
Extension o f Canada Atlantic B y.— Another source of busi­
ness which will inure to the benefit of this company is the ex ­
tension of the Canada Atlantic Ry. from Ottawa to Parry
Sound. The total length of this extension is 252 miles, and
there is already completed, at the close of the present season,
about 182 miles, and the balance is expected to be built next
summer. This extension runs through the finest pine lumber
district in the world, and when completed to Parry Sound, it
will afford connection with the Great Lakes, and furnish the
shortest possible route between Duluth and Chicago on the
one hand and the Atlantic Ocean on the other. This com ­
pany, owing to its close business relations with the Canada
Atlantic Ry., is bound to share in this new traffic. Already
this extension has reached lumber points that are under con­
tract to furnish 160,000,000 feet of lumber annually, and this
amount, it is said, will be increased with the completion of
this extension. This traffic is independent of, and in addition
to, the output at Ottawa, which aggregates about 400,000,000
feet a year.




1005

CHRONICLE

E am inqsfor quarter ending Sept. 30,189If.— Notwithstandingthe competition and depression during the past summer, and
the almost disastrously low rates, there has been a substantial
increase in the net revenue for July, August and September,.
just past.
Gross earnings July, August and September...................... $1,313,785 59
857,274 01
E x p en ses.............................. .............. ..................... ................
N e t ............ ............................................................................
F ixed charges......................................... ....................................

$ 4 5 6 ,5 1 1 5 8
371,074 51

Net over a l l ... . 1................... ............ ................... ..............

$85,437 0 7

Improvements.— Through the improvements made during
the past two years the cost of operating has been largely re­
duced. These improvements are the double track between St.
Albans and S wanton Junction, and the coal chute and new
shifting yard at St. Albans. I f it is possible to produce a net
revenue so satisfactory under, such circumstances as have ex­
isted throughout the country during the past summer, it
would seem that in seasons of ordinary prosperity the results
ought to be all that could be wished.
During the past year $100,115 was spent for new iron
bridges. [This amount was expended on twenty bridges in sums
varving from $1,144 to $12,254.]
Very few capital expenditures are necessary in the near
future, * the property as a whole being in admirable condi­
•
tion,” having received the commendation of the railroad
commissioners of three different States on the decided im ­
provement made in the past few years. During the past sum­
mer all the trestles on the Williamstown Extension have been
filled, and that branch may now be considered as completed.
Equipment.—The equipment June 30, 1894, included
locomotives, 202, and cars as follows : In passenger service,
175 ; freight service, 4,283 ; company’s service, 165 : cars con­
tributed t o fast freight line service, 2,005 ; total cars in ser­
vice, 6,628.
Tracle.— Of the 772 miles of main line and branches June 30,
1894, 705 miles were steel and 67 miles iron. Second track
aggregates 5 ‘2 miles, and there were 200 miles of yard track
and sidings, of which 127 miles iron.
Operations and fiscal results—In the years ending June
30 the operations, earnings, & c,, were as follows :
o p e r a t io n s .

1893-94.
1892-93.
1891-92.
803
803
772
Miles operated..............................
2,317,657
2,606,379
Passengers carried..................... 2,411,084
65,276,972
60,991,946
Passengers carried one m ile ... 66,646,898
2-31 cts.
2-108 Ots.
Rate per passenger per m ile...
2,902,065
3,119,978
3,2 44,3 86
Tons c a r r ie d ...............................
Tons carried one m ile............... 362,955,961 393,008,142 409,832,891
0-813 cts.
0-81 cts.
Rate per ton per m ile ...............
receipts and e x p e n se s .
1893-94.
1892-93.
1891-92.
$
Receipts—
$
$
1,505,323
1,450,039
Passengers.................... .......... .. 1,465,087
119,052
101,319
101,271
M ails......................... ...................
85,001
72,589
63 ,546
E xpress........................... ............
3,212.320
3,251,681
2,951,519
Freight.........................................
418,623
349,059
425,157
Lake ste a m e rs............................
173,307
163,832
142,948
Sound steamers..........................
111,504
90,917
15,936
Other sources..............................
T o t a l ....... ..............................
Expenditures—
M aintenance o f w a y .............. .
Maintenance o f equipm ent . . .
T ra n sp orta tion ............. ............
General expen ses......................
Lake steamers ............................
Sound Steam ers..........................

5,245,054

5,574,398 '

5,450,582

413,955
399,451
2,254,414
122,136
298,551
170,488

463,883
455,164
2,440,753
135,074
317,697
173,035

4 9 4,63 6
432,5152,007,918
365,325
341,606
143,688

T ota l......... .......... ..................
Net rev en u e...................... .
Per ct. oper’g ex p ’ ses to earns.

3,658,995
1,586,059
69-76

3,985,607
1,583,791
71-6

3,785,687
1,664,895
69-4

1892-93.
$
1,588,791

1891-92.
$
1,664,895

129,353
357,751
89,085
895,413
100,926

120,589
357,751
89,767
881,294
80,551

1,572,528
16,263

1,529,955
134,940

income account .

N e te a r n in g s ........................
Deduct—
T a x e s ............................................
Interest on b o n d s ................. >
Interest on floating debt.......$
Rents of leased lin e s.................
Net earnings O. T. C om pany...
T o t a l ............................ ........
Balance, surplus...................—
To exceptional expenditures
fo r im provem en ts...................

1893-94.
$
1,586,059
131,528
498,828 ^
899,682
50,508
1,580,546
5,513

B alan ce..................................

GENERAL

INVESTMENT

111,749
23,191

NEWS.

pgp To fa cilita te reference to inform ation appearing in this

column, particularly during the two months follow ing the
publication o f the I n v e s t o r s ’ S u p p l e m e n t (each S u p p l e m e n t
containing an index up to date o f issue), it is proposed to
append to all items here given the volume and page o f the
C h r o n i c l e where the last previous item pertaining to the
company was published. It will then be an easy m atter
having found one statement regarding a company to refer
to others o f earlier date.
Furthermore, as ready reference is especially desirable as
regards reorganization plans, the names o f reorganization
committees and the paym ent o f overdue coupons, all announce
ments concerning these appearing after the publication o f the

1006

THE

CHRONICLE.

[ V o l . LIX.

Chicago & Northern Pacific.— The holders of the Uaited
extest issue o f the I n v e s t o r s ’ S u p p l e m e n t will be indexed
together in this column under heading “ Reorganization Plans, S:ates Trust Company’s certificates issued against deposit o f
eie,”

----------

American Sugar R ella ii?.—The directors on Wednesday
declared dividends at the old rate on both common and pre­
ferred stocks, these dividends to “ be paid from the earnings
prior to Sept. 1.” Io had been generally understood that a
reduction w a s'to be made in the dividend on the „com non
stock.— (V . 59, p. 834.)
Atchison Topeka & Santa Fe.— A meeting of the Atchison
joint executive reorganization committee was held on Friday
for ihe purpose of considering the report of Robert Moore, an
expert engineer, on the physical condition of the property.
The report consists of about fifty pages of type-written matter,
mostly technical. It treats exhaustively and frankly of the
actual condition of the Atchison main line and its b -aach.es,
and the general finding is that the road-bed, bridges and
equipment are in good condition.— (Yol. 59, p. 957.)
Brooklyn W harf & Warehouse Company.— It is proposed
to organize a corporation under this title to control practically
all of the storage warehouses, docking facilities and elevators
in Brooklyn. The officersjwill be Thomas A . McIntyre, Presi­
dent; David Dows and J. S. T. Stranahan, Vice-Presidents
and W m . A . Nash, Treasurer. The capitalization is to b i as fol­
lows: $20,000,000 of first mortgage 5 per cent 50-year gold bonds,
$5,000,000 of 6 per cent cumulative preferred stock and $5,000,000 of common stock. These securities will be used to pay for
the properties acquired and will also supply a working capital
o f $500,000. The directors will beJ. S. T. Stranahan, Alexander
E. Orr, W m . A . Nash, David Dows, Franklin Woodruff, Geo.
H . Southard, H . E. Nesmith, Jr., Martia Joo3t, William H.
Force, Theo. A . Havemever, E. F. C. Young, Thos. J. Pierrepont, Thos. A . McIntyre,'Geo. W . Young, Samuel Taylor, Jr.,
Francis D. Beard, Leonard J. Busby and Timothy L W ood­
ruff. The properties to be consolidated are as follows : A t­
lantic Dock Piers, Dows’ and Columbia Stores, Woodruff’s
Stores, Nesmith Stores, Erie Basin Stores, Commercial Stores,
Pierrepont Stores, the Empire, Fulton, Martin’s, Watson’s
and Harbeck’s Stores, Watson Elevators, Roberts’, Mediterra­
nean. Prentice’s, Beard’s Am ity Street, Robinson's Congress
and Union Stores, United States Warehouse, Franklin, Mc­
Cormick, Clinton, Stranahan’s, Laimbeer’s, Excelsior, Finlay,
Pinto’s, German-American, Merchants’ , New York W are­
house and Beard’s Erie Basin Stores.
The plant of the new company will consist of 264 brick
warehouses, having a floor area of 9,390,000 square feet, a
water front of 14,599 feet, or 2% miles ; bulkheads of 25,913
feet, equal to 4 9-10 m iles; 35 covered piers of 1,159,898
square fe e t ; 9 open piers of 17,896 square fe e t ; storage yards
with an aggregate area of 40 acres, and 16 grain elevators of
a daily capacity of 1,000,000 bushels and a storage capacity
o f 20,000,000 bushels.
The net earnings of these properties
last year were approximately $1,500,000, but by the concen­
tration of the eighteen different offices through which the
business is now transacted, the cutting off of rebates and the
effecting of other economies, it is believed that a saving of
$550,000 per annum can be effected, bringing the net earnings
up to $2,050,000. Against this there will be a charge of
$1,000,000 for interest upon the bonds, and $300,000 for divi­
dends upon the preferred stock, leaving $750,000 applicable to
the general purposes of the company, including dividends
upon the common stock.— New York News Bureau.
Chesapeake & Ohio

Southwestern—Illinois Central—

Louisville & Nashville.— It is said to be practically settled
that as soon as the Chesapeake & Ohio Southwestern RR.
shall have been reorganized the Illinois Central will take
possession of the road and operate it as part of its own sys­
tem.
The Illinois Central management bought the control
o f the Chesapeake & Ohio Southwestern from Collis P. Hunt­
ington about one year ago, giving in payment its collateral
trust 4s of 1894. Tnis purchase was made in pursuance of
an arrangement by which the Louisville & Nashville RR.
was to take the ¿greater part of the property.
The Illinois
Central desired only to shorten and perfect its New Orleans
connection by obtaining that portion of the line between
Fulton and Memphis, Tenn. The Louisville & Nashville gave
the Illinois Central $5,000,000 of its own 5 per cent bonds, and
would doubtless have endeavored to fulfill its part of the ar­
rangement had it not been enjoined from so doing under the
laws of Kentucky. On July 1 when the interest on the bonds
became due there was a default, and the Illinois Central man­
agement have since decided to relinquish the Louisville Sc
Nashville bonds and assume the sole responsibility for the
purchase.
The Illinois Central gives notice that it has bought a majority
o f the first mortgage bonds of the Chesapeake Ohio & South­
western Railroad Company at$l,134 61foreach $1,000 of bonds,
with coupons due February 1,1894, and after attacked, to be de­
livered and paid for February 1, 1895, and that for the remain­
der of the loan it will pay the same price for each $1,000 of
bonds with like coupons attached, on their delivery at the
office of the Illinois Central Railroad Company, 214 Broadway,
New York, on February 1, 1895, provided the owner thereof
shall, on or before* January 1, 1895, have notified the com­
pany, in writing, of the acceptance of the offer. Further facts
aare given in our advertising columns.’ It is always gratifying
when in cases like this fair treatment is shown to the
minority interest.— (V. 59, p. 878.)




the first mortgage binds of this company met o i M iaday.
The‘plan of reorganization submitted by th ecim m ittee was
unanimously adopted by thoie present, and this vote, together
with the proxies in the hands of the committee, gives ic the
70 per cent required to make the plan operative. The W is ­
consin Central, under direction of the Court, has paid this
week to the receivers of the Chicago S N orthern Pacific $110, c
000 on account of rentals. Tne outstanding receivers’ certi­
ficates of the Chicago & Northern Pacifie, amounting to
$200,000, will be paid on Monday at the National Bank of
North America.— (Yol. 59, p.919.)

Charlotte Columbia & Augusta— Southern Railway Co.—
In accordance with the Richmond Terminal plan of reorgani­
zation, the Maryland Trust Company of Baltimore offers to
the holders of Charlotte Columbia Sc Augusta first mortgage
7 per cent bonds due Jan. 1, 1895, who shall present same at
its office on or before Dec. 20, 1894, the privilege of extending
them at 5 per cent per annum for fifteen years from July 1,
1894, upon payment of 2 ^ per cent upon the amount of bonds
so extended. Thus the holder of a $1,000 bond, upon presenting
it for extension, will receive a $1,000 extended5 percent bond
carrying coupon due July 1, 1895, and $10 in cash. Those
who do not wish their bonds extended upon these terms may
have them purchased at par and accrued interest to date of
maturity by presenting them on or after Jan, 1, 1895, at the
office of the Maryland Trust Company. Further particulars
may be found in the advertisement in another column.— (V.
59, p. 970.)
Chattanooga Union.— The reorganization committee, of
which H . W . Bartol is Chairman, give notice that a large pro­
portion of the first and consolidated bonds of the Union Rail­
way of Chattanooga, which was absorbed by the Chattanooga
Union Railway Company, have been deposited with the Phila­
delphia Mortgage & Trust Company, and that January 8 has
been fixed as a date up to which bonds may be deposited with­
out penalty.
Cincinnati Jackson & Mackinaw.— Default wa3 made on
the coupon due Dec. 1 on the first mortgage bonds an 1 on the
application of Mr. Nelson Robinson as a bondholder Mr. F »
B. Drake, theGeneral Managerof the road has been appointed
receiver.
The reorganization plan recently proposed by Mr.
Robinson, it is understood,!has not been successful.— (V. 59, p.
835.
Cleveland Canton & Southern.—Uoder date of D ocember
5 a circular has been issued to the holders of Cleveland &
Canton equipment trust and improvement bonis. Tne oircular is
signed by Messrs. W . W . Crape, Giorge N, Smalley. Morgan
Rotch, Charles H. French, Oliver Prescott, Jr., and G ¡orge P.
Messervy, committee, announcing the enlargement of the
committee by the addition of Messrs. Crapo, Smalley and
French. This was done at a meeting in Boston, November
30, of representatives of over $1,200,000 of the bonds. Tne
committee requests deposits of bonds with the International
Trust ComDany, Boston, or the United States Mortgage
Company, New York, to enable the committee to take action
to save depositors their equity in the property. The interest
on the $2,000,000 first mortgage bonds of tj^e company, due
July 1 has not been paid, and contiauid default until Janu­
ary 1 will result in maturity of the principal at that date,
followed by foreclosure and loss of the equipment trust and
improvement bondholders’ equity.
A n earnest request is
made for immediate signature of the bondholders’ agreement
and deposit of bonds. Two dollars per bond is payable to
the trust company for necessary expenses of the committee.
There are now three bondholders’ committees for this com­
pany, as follows : first mortgage, Austin Corbin, chairman,
Mercantile Trust Co., depositary ; consolidated mortgage,
Knickerbocker Trust Co., depositary; and equipment trust
and improvement mortgage, as above.
A hearing was to be had this week on the petition of the
receiver to pay ths interest due July 1 on the first mortgage
bonds.— (Yol. 59, p. 920.)
Colorado Midland— Atchison Topeka & Santa Fe.— Chair­
man J. R. Busk, of the Colorado Midland bondholders’ com­
mittee, has issued a circular commenting upon the statement
of earnings contained in the report of expert Stephen Little.
The circular contains the following:
“ It would be desirable
for the Colorado Midland bondholders to have an independent
receiver appointed who would supervise the expenditure of
proceeds of further certificates, if any should become neces­
sary, and would run the road independently and in the exclu­
sive interest of the Midland bondholders
The legal points at
issue, however, between the Atchison and Midland companies
furnish an even stronger reason for a change in the receiver
ship. The bill for the foreclosure of the consolidated mort­
gage, under which the present receivers were appointed, was
filed in due course in the United States Court. The committee
proposes to proceed forthwith under thi3 bill to a decree and
sale.
“ The Atchison Company, however, has a claim against thé
Midland of $1,634,000, a large part of which the committee
has reason to believe the receivers will ask the United States
Court to declare a lien prior to all mortgages. No decree
of foreclosure can be obtained on either mortgage, nor, conse­
quently, can any title to the road in favor of the bondholders
be perfected, nor any reorganization or sale of the road be
carried out, until a j udgment has been obtained on this claim.
These proceedings will necessarily occupy some months.

THE

D e c e m b e r 8, 1894,]

CHRONICLE.

Your committee are, however, of opinion that the Atchison
claim can be successfully resisted, and that an investigation
of accounts mav show that counterclaims may be sustained
on behalf of the Midland.
They believe that the Atchison
recovers, recognizing that they cannot represent the Midland
bondholders in this matter, will not oppose your committee
in their application for a separate receiver, and that they wid
aid them in bringing these questions to as speedy a determina­
tion as possible,
The bondholders will und ‘rstand that no
interest on the mortgages c m be paid by the receiver until
accounts with the Atchison have been ad judiated ; but the
rights of the bondholders to all net earnings are unimpaired
by the delay, a^d suih net earninzs, s u b le t to the judgment
of the Court, must be set aside for them in order of priority.”
— (Y . 58, p. 222 )

Columbus (Ohio) Street

1007

Irelations between the company and the Lyan & Boston^ Rail»
road Company, any financial statement, the report says, now
published, would, without explanation, give very little infor­
mation to stockholders as to the true financial coididon of
either company by reason of endorsements, guaranties, etc.
A s soon as the various accounts have been adj is ted a id loans
j p ud off, which will be in the near future, a full statement
[ showing the exact condition of both companies will be sent to
each shareholder and regularly continued thereafter. The re­
port says that the proceeds of the sale of the Lynn & B >ston
bonds above mentioned will be suffi dent to pay the debts of
both companies and the arrears of dividends on the preferred
stock amounting on October 1 to 9 per cent and leave asurplus
in the treasury.

Macon & Birmingham.— A n order to sell this railroad
Railway.— This company has has been signed by Judge Griggs, at Macon, Ga., the sale to

had listed on the Philadelphia Stock Exchange $3,000,000
common stock and $2,230,000 first mortgage 5 per cent bo ids.

Electric Storage Battery Co.—This company, organized
under the laws of New Jersey, is understood to have acquired
all the rights and patents of the Consolidated Electric Storage
Company, the battery patents and rights of the Brush Electric
Company of Cleveland, the battery patents and interests and
the good will of that branch of the General Electric’s busi­
ness, the property rights and patents of the General Electric
Launch Company and the Electric Land & Navigation Com­
pany, and the rights, licenses and patents of the Accumulator
Company. This, it is believed, places the Electric Storage
Battery Company in control of all it3 former competitors in
the business of supplying storage batteries, and puts an end to
all litigation over patent rights.
The stock of the Electric Storage Battery Company has been
very active of la^e in Philadelphia. The authorized capitaliza­
tion in October, 1894, was $10,000,000, in $100 shares, of which
one-half common and the other half preferred. Of this
amount there has been issued $5,000,000 common and $2,500,
000 preferred, and an additional $1,000,000 of preferred (part of
the $2:500,000 preferred remaining in the treasury) was this
week over-subscribed for by a syndicate at $50 per
share. The preferred stock is entitled to a 1 per cent cumula­
tive dividend on par value of shares, and then after the common
stock has received one per cent the two stocks shard pro rata.
The preferred has also, it is said, a preferential lien to the ex­
tent of $10 per share in case of liquidation.
The Secretary of State of New Jersey was notified Thursday
that the capital stock will be increased from $10,000,000 to $13,500,000. The additional $3,500,000 will be used to pay for the
new acquisitions. No bonds have been issued, bud a small
amount authorized can be used if necessary for payment of
further acquisitions, The President of the company is W . W
Gibbs and Isaac L. Rice is a director.

take place the second Tuesday in January, 1895. A cash pay­
ment of $75 000 is required of the purchasers on the confirma­
tion of the sale,
fn e Macon Construction Co. controls the
road.—(V. 58, p. 82.)

Manhattan Elevated.— Unless over ruled, the decision
handed down on Tuesday by Justice Beach of the Supreme
Court of New York State will free this company from the
necessity of paving the tax levied on its personal property.
For the year 1893-94 the company paid taxes as follows: “ Oa
property,” $44,175; “ on earnings and capital stock,” $118,287;
“ taxes other than above,” $431,068, the aggregate of $593,510
forming a pretty considerable part of its total fixed charges.
The item $131,068 here given includes the personal tax, which
it is said amounted to $235,000. For the current year the per­
sonal tax, as reported, would have been about $300,000, but
Justice Beach now holds the company need not pay the tax.
The company based its claim for exemption on the fa c . that
its personal property is offset by debts and claims for dam­
ages to property, etc.
.
Mr Russell Sage, ia an interview this week, is reported to
have said that the Manhattan Company is maturing plans for
introducing electricity as a motive power. The building of
cross-town lines at various points is talked of, and plans have
been completed by the company’s engineer for “ double-deck­
ing” the system, i.e., for putting another story for additional
tracks above the present tracks, in cise such a measure should
be deemed advisable. —(V. 59, p. 918 )
Metropolitan Traction — Columbus Avenue and 9th Ave­
nue.— The new cable railway on Columbus Avenue was
opened to the public at five P. M. Thursday. Several cars
had been running on the road on the preciding three days,
but not for public use.— (Vol. 59, p. 955.)

Minneapolis & St. Louis.— The five coupons on the South­
western division of this company maturing Dec. 1,1888, to Dec.
1, 1890, inclu-ive, will be paid bv the Central Trust Company
Grand Rapids & Indiana.— This company is to be reorgan on presentation, with interest at 6 per cent to Dec. 4. The
ized, though the details have not been given out. It is under­ remaining overdue interes t, it is expected, will be paid m a
stood, however, that some of the old bonds will be retired and few days.— (Vol. 59, p. 879.)
new ones issued on a basis in keeping with the earning power
New York Lake Erie & Western.— A t a meeting of the
o f the system.— (V. 59, p. 651.)
directors of the Erie R iilw ay, Nov. 30, John King declined
Jacksonville Tampa & Key W est.—The Mercantile Trust re-election as President, and E. B. Thomas, First Vice-Presi­
Oo. are paying for the receiver the face of the coupon on the dent, was elected President.— (V. 59, p. 969.)
first mortgage bonds due in July last.— (Y . 59, p. 423).
New York New Haven & Hartford —A press dispatch from
Lehigh # Hudson R iver.— Earnings for the quarter ending
New Haven.Conn , Dec. 4, says that this comoanyhas placed an
September*30 are reported as follow s:
order with the Rhode Island Locomotive Works for twenty3 mos. to
Gross
Sent 30
earninas.
1394
. . . . #89,306
18931II......... 148,056

P r. d .
op. ex.
SO-82
66-66

Net
earnings,
#17,025
49,364

Interest
and taxes.
Balance.
#33,779 def. #16,754
34,650 sur. 14,714

General balance sheet of Sept. 30, 1894, shows loans and
bills payable $397,300 against $397,946 on June 30.— (Y . 59, p
421.)
Little Rock & M em phis.— The Little Rock & |Memphis
Railroad Company’s bondholders’ committee, F. P . Olcott,
Chairman, announce that a decree of foreclosure has been en­
tered, and it is expected that the sale will be advertised with­
in the next twenty days. A majority of the bonds have been
deposited under the bondholders’ agreement, and the certi­
ficates of the Central Trust Company are listed on the New
York Stock Exchange. Bonds will be received on deposit up
to January 10 next, after which date a penalty of 1 per cent
will be exacted— (Vol. 59, p. 969.)
Lynn & Boston— North Shore Traction.— In our adver­
tising columns are offered $3,525,000 five per cent 30-year gold
bonds of the Lynn & Boston RR. Co., part of the recentlyauthorized issue of $5,379,000. This loan represents but $2,700,000 new indebtedness, all of which was incurred in equip
ping the property for electric traction, as is certified by the
Massachusetts Railroad Commissioners. The $1,854,000' of
bonds not offered for sale are reserved to take up a like amount
of bonds of earlier date, of which $626,000 are plain bonds
having no mortgage lien. Dividends of 8 per cent have been
paid upon Lynn & Boston stock from 1880 up to and includ­
ing the current year. Length of road 150 miles, making a
debt of but $36,000 per mile. Population adjoining the lines
is said to be about 750,000.
A statement of operations for fiscal year ending Sept. 30,
1894, is given under heading “ Annual Reports.”
For the month of October, 1894, the gross earnings were
$102,727, contrasting with $94,843 in October, 1893, and the
net earnings $36,719 against $31,975.
The annual report of the directors of theN orth Shore Trac­
tion Company was i sued this week. Owing to the financial




five “ consolidated” locomotives, the first of which is to be de­
livered in about ten weeks. These engines it is said will c >st
in the aggregate over $250,000. They will be of the largest
type made and will have four pairs of driving wheels 51
inches in diameter. The large increase in freight traffic has
made these engines a necessity. They will be capable of
drawing trains of sixty loaded cars each.— (V. 59, p. 836).

New Orleans Traction.— This company, which controls the
New Orleans City & Lake R R . and the^ Crescent City RR*,
has arranged with New Orleans capitalists to provide the
fnnds to enable it to complete some 20 mile3 of new construc­
tion and to equip electrically the entire system.
Each of the
two constituent companies has authorized bonds to the
amount of $5,000,000,which will provide for underlying hens
and complete the system as above indicated.— (Vol. 59, p. 920.)
Nicaragua Canal Co.—A t Montpelier, V t ., N ov. 23 the A ct
to incorporate the Nicaragua Canal Co. passed the House by
a unanimous vote and now goes to the Governor for his sig­
nature, which, it is said, will be appended. The new com*
pany is to succeed the old construction company which sus­
pended in 1893. (V. 58, p. 941.)
Norfolk & Western.— The earnings of this company for the
month of October and the ten months ending October 31 are
given below. The gross earnings for the month, it will be seen,
show an iocreass of 4 per cent, but owing to exceptionally
large expenditures the net earnings show a considerable decrease. In explanation of this the company makes the fol­
lowing statement:
.
“ The increased operating expenses are due to the increased
freight tonnage an 1 increased expenditures upoa repairs to
rolling stock. Daring the month of October thecom paay e x ­
pended upon repairs to rolling stock $98,735 more than
during the sams month last year and for the 10 months end­
ing October 31 the increased expenditures upoa repairs to
rolling stock amounted to $335,179 and upon maintenance
of way $50,310.”

<
.

1008

THE

CHRONICLE.

1894.
1893.
Inc. orD ec.in ’ 94
Miles operated............ ...............
1,567
1,556
Inc. 11 = 1 p. c
E arnings from—
$
$
Passenger, m ail and ex p re ss.. 168,611
1767940 Dec. 5 per cent.
F reight.......................................... 798,959
754,437 I n c . 6 per cent.
Gross earnings.......................
967,570
931,377 I n c . 4 per cent.
Expenses, including ta x es....... 707,432
581,224 In c .22 per cent.
Net earnings..... .................. . . .. 260,138
350,153 Dec.26 per cent.
Propor. o f exp. to gross earn’gs. 73 p. c.
62 p. c.
.----- 10 months—Tan. 1st to Oct. 3lsi,------.
1894.
1893.
Inc. or bee. in ’ 94.
Miles operated............................. 1,567
1,556
Inc. 11 = 1 p. c.
E arnings from —
$
$
Passenger, m ail and express.. .1,552,057 1,753,896 Dec.12 per cent.
F reig h t........................................... 7,000,453 6,651,583 In c . 5 per cent.
Gross earnings................. .....8 ,5 5 2 ,5 1 0 8,405,479 In c. 2 per cent.
Expenses, including ta x e s.......6,335,803 5,997,726 I n c . 6 per cent.
Net earnings .............................. 2,216,707 2,407,753 Dec. 8 per cent.
P r o p o r .o fe x p .to g ro sse a r n ... 74 p. c.
71 p. C.

A press dispatch from Norfolk, V a. contains the following :
— The steamer Lamberts Point, the first ship of the new line,
the Norfolk & North American Steamship Co., to run direct
from Lamberts Point to Liverpool, arrived on Tuesday. Dur­
ing the next twelve months seven other vessels will be built
for this company, to correspond generally with the Lamberts
Point, which is 447 feet long, 43 feet wide, with a depth of 27
feet.
Her registered tonnage is 2,152 net, 3,387
gross.
She is to be used as a freight steamer only and as such she is
said to stand alone as she can carry more freight than any
other vessel now afloat with the same-named tonnage.
Her
grain capacity is 216,000 bushels.
This line was organized especially to handle the export
trade of the Norfolk & Western Railroad from Lamberts
Point, and a new era for the foreign trade of this port is ex­
pected.
The company has already secured for shipment this
month 60,000 bales of cotton and 500,000 bushels of corn.— (Y.
58, p. 1035.)

Northeastern RR. of Georgia.—The Atlanta Constitu­
tion states that this road is to be sold for the purpose
of charing up the claims of the State. The State is to issue
new bonds to take up those now outstanding bearing the
State’s endorsement. The sale of the road is to be conducted
with the claim of the State, $260,000, as the upset price.— (V.
58, p. 988.)
F
v

Northern Pacific—Northern Pacific & Montana.— A.t the
request of holders of a large amount of the first mortgage
bonds of the Northern Pacific & Montana Railroad Company,
George Sheldon, Robert Maclay, Charles T. Barney and Simoa
Wormser have undertaken to act as a bondholders’ committee
under an agreement filed with the Knickerbocker Trust Com­
pany. Bondholders are asked to deposit their bonds and all
unpaid coupons with the Trust Company on or before Feb. 1,
1895. Negotiable trust certificates of the trust company will be
issued for the deposited securities and so soon as practicable
will be listed on the New York Stock Exchange. Tne object
of the committee is to protect the interests of the bondholders of
the Northern Pacific & Montana Railroad under any reorgani­
zation of the Northern Pacific Railroad.
Pacific Mail S. S.—Panama R. R.— Judge Truax, this week»
in the Supreme Court of this State, made permanent the in­
junction restraining the Panama Railroad Company from
making any negotiations or entering into any agreement with
any company other than the Pacific Mail relative to business
across the Isthmus. This decision virtually sustains the con tract^between the two companies entered into on Oct. 1,1872.
PennsyIrania & Northwestern.—The directors of this com­
pany have declared a semi-annual dividend of 2 per cent on
the stock, payable January 10. This action is noteworthy
since it indicates an improvement in the general busi­
ness situation in western Pennsylvania, and especially in the
movement of bituminous coal, from which the company de­
rives its principal tonnage. The semi-annual dividend, due in
July, was passed, owing to the loss in earnings which resulted
from the strike of coal miners in the spring.— (Vol. 56, p. 414.)
Philadelphia & Reading.— The following notice has been
issued:
A t the request o f a num ber o f security holders the undersigned
hereby call a m eeting o f the stockholders and bondholders o f the
above com pany fo r Wednesday, D ecem ber 12, at 3 p. m ., at 16 Broad
Street, fo r the purpose o f considering the present condition o f the
property and the relation o f the Olcott-Earle plan thereto. Richard
B. Hartshorne, H enry T. Carey, Jacob Scholie, Committee.

— (V. 59, p. 969.)

Pillsbury-Washburn Flour Mills.—The annual report of
this company states that the directors regret having for the
third time been unable to show earnings sufficient for a divi­
dend on the preferred stock. After expending $155,000 for
renewals to the plant, there is a surplus of $65,000 over inter­
est on the debenture bonds. Since the organization of the
company $675,000 has been expended for permanent improve­
ments and betterments and charged to revenue account
rather than to capital. The expenditures of the past year
have increased the productive capacity of the controlled mills
by 800 barrels per day. The total net profit for the year was
$370,000. The report states that the milling business has had
an Unusually unprofitable year.
Railway Fooling Bill.—The bill amending the Inter-State
Law so as to remove the prohibition against pooling has been
under consideration in the House of Representatives at W ash­
ington for several days this week.
It is expected that a vote
on the measure will be reached next week.
Reorganization Plans, etc.—The following is a complete
index to all reorganization plans, the names of all reorganiza-




LVol. LIX.

tion committees and all statements respecting the payment
of overdue conpons that have been published in the C h r o n ­
i c l e since the November edition of the I n v e s t o r s ’ S u p p l e ­
m e n t was issued, all earlier facts of this nature being set forth
; in that publication. It does not, however, include matter in
I to-day’s C h r o n i c l e .
I The folio wing abbreviations are used: Plan for reorganization
or readjustment plan ; coup, for coupon payments ; Com. for
committee.
Yolume 59.
Page.
Volume 59.
Page..
A tchison T. & S. F., Com......... 919 Indianap. Dec. & Spr.,jpiirm ....920
St. L. & San Fran., co u p .........967 N. Y. & New England, coup___969'
Cedar Falls & M inn., p la n ....... 919 Oregon Short Line, cou p ..........927
Chicago & Nor. P ac..p la n ....... 919
Utah & Northern, coup...........92T
Cleveland & Canton, Com ......... 920 U nion Pacific, coup .................... 969
D istilling & C. F., p la n .............. 968

• Second Avenue Street RR. (New York City).— At a meet­
ing of directors of this company on Thursday a proposition to
buy a controlling interest in the property was considered. It
is said an offer was made some time ago by a syndicate fo r
two-thirds of the stock at 200.—(Vol. 59, p. 955.)

Suburban Traction,—Vice-Chancellor Van Fleet in N ew ­
ark yesterday appointed Watson Whittlesey receiver of thiscompany on the application of the American Loan & Trust
Company of Boston. The liabilities of the road besides thebonded indebtedness are said to be $140,945. The company
was to have been sold to satisfy judgments against it, but theAmerican Loan & Trust Company secured a temporary in ­
junction, postponing the sale in order to protect the bond
holders.
Texas & Pacific.— The long-pending litigation between this;
company and the Southern Pacific, it seems, was settled some
months ago by a compromise. The item appeared in the last
annual report of the Texas & Pacific Railway Company as an
unad justed account amounting to $179,651. It has been stand­
ing for many years and arose out of operations under what is
known as the Gould-Huntington contract made in 1881
between Jay Gould and C. P. Huntington.—(V. 58, p. 510).
Texas W e te r n (Narrow Gauge.)—A n order has been issued
in the Circuit Court of the United States at Galveston, T ex.,
for the foreclosure sale of this road on Jan. 1 at Houston,
Tex. The road has a total mileage, mostly laid with iron
rails, of 53 miles, the main line extending from Houston
westerly to the town of Sealy, near the Brazos River, a dis­
tance of 43 miles. It was parallelled by the Missouri Kansas
& Texas when it built its line into Houston, Tex., and even
long before that time the road had been unable to meet its
operating expenses.
Third Avenue (N. Y. City.)—A special meeting of the
stockholders will be held December 26 for the purpose of au­
thorizing an issue of additional capital stock to the extent o f
$2,000,000, making the total amount $9,000,000. The stock­
holders will have the privilege of subscribing for the addi­
tional stock at par, in proportion to the extent of their hold­
ings. The proceeds of so much of the increased stock as may
be issued from time to time will be devoted to the payment
of the floating indebtedness of the company created by the
construction of the cable road and its equipment, to such fur­
ther expenditure as may be entailed in the completion of th e
construction and equipment, and for kindred purposes.— (V.
59, p. 782.)
Union Pacific.— In the foreclosure suit of Goulc^and Sage,
trustees under the Kansas Pacific consols, Attorney-General'
Olnev, in behalf of the Federal Government, has filed a peti­
tion in the court for the addition of Frederic R. Goudert and
John W . Doane as receivers for the Kansas Pacific division of
the Union Pacific. Messrs. Clark, Mink and Anderson are at
present receivers for the Kansas Pacific, and the AttorneyGeneral’s action is similar to the one taken in the case of the
Union Pacific.— (Vol. 59, p. 970.)
Union Pacific—Oregon Short Line & Utah Northern.—
The coupons due Aug. 1 on the Oregon Short Line firsts are
advertised for payment on and after December 6th.— (V. 59,
p. 880.)

Washington—Baltimore Electric Line.— According to a
dispatch from Baltimore the Elkins-Widener-Newbold syndi­
cate is about to begin the construction of what they claim w ill
be the finest electric trolley road in the world. It is to be the
Washington & Baltimore Boulevard Line, 32 miles long, con­
tracts for 17 miles of which will be let in a few days.
The
first section, between Washington and Laurel, is expected to*
be in operation by April 1, 1895.
Tne road, it is estimated,
will cost $1,000,000.
It will be double-tracked and
the trains will have a guaranteed speed of 60 miles per hour.
The block signal system will be used for the prevention of ac­
cidents. It is proposed to have the entire line in operation by
mid-summer.
Wilmington Fhadbourn & Conway.— In pursuance of a
decree of the Circuit Court of the United States made onAugust 24, in a suit of the Baltimore Trust & Guaranty Co.
against the railroad, its property will be sold at public auction
in the city of Wilmington on Dec. 10. The railroad is now
in operation from Conway, in Horry County, South Carolina»
to Hub, in Columbus County, North Carolina, 51 miles, and
is mortgaged to secure $212,000 of 6 per cent bonds.
Worcester Nashua & Rochester.— This company, it is
said, will ask the next Massachusetts Legislature to allow it
to fund the floating debt, not exceeding $200,000. The road
is leased to the Boston & Maine,

D e c e m b e r 8, 1894. J

THE

CHRONICLE.

^Reports atul UBiitmmls.
P R E SID EN T C L E V E L A N D ’S M E SSA G E.
In the following extracts we give those portions of Presi­
dent Cleveland’s message to Congress which relate to our
currency, the tariff, the condition of the Treasury, our foreign
relations, and kindred matters :
SUGGESTIONS REGARDING TARIFF LEGISLATION AND SHIPPING.

The Tariff act passed at the last session of the Congress
needs important amendments if it is to be executed effectively
and with certainty. In addition to such necessary amendments as will not change rates of duty, I am still very decid­
edly in favor of putting coal and iron upon the free h st.
So far as the sugar schedule is concerned, I would be glad,
under existing aggravations, to see every particle of differen­
tial duty in favor of refined sugar stricken out of our tarín
law. If with all the favor now accorded the sugar-refining
interest in our tariff laws it still languishes to the extent of
closed refineries and thousands of discharged workmen, it
would seem to present a hopeless case for reasonable legisla­
tive aid. Whatever else is done or omitted, I earnestly repeat
here the recommendation I have made in another portion of
this communication that the additional duty of one-tenth of 1
cent per pound laid upon sugar imported from countries pay­
ing a bounty on its export be abrogated. It seems to me
that exceedingly important considerations point to the pro­
priety of this amendment.
.
,
W ith the advent of a new tariff policy not only calculated
to relieve the consumers of our own land in the cost of
their daily life, but to invite a better development of
American thrift and create for us closer and more profitable
commercial relations with the rest of the world, it follows as
a, logical and imperative necessity that we should at once re­
move the chief, if not the only, obstacle which has so long
prevented our participation in the foreign carrying trade of the
sea. A tariff built upon the theory that it is well to check
imports and that a home market should bound the industry
and effort of American producers was fitly supplemented by
a refusal to allow American registry to vessels built abroad,
though owned and navigated by our people, thus exhibiting a
willingness to abandon all contest for the advantages of
American trans-oceanic carriage.
I .
„
Our new tariff policy, built upon the theory that it is wall
to encourage such importations as our people need, and that
our products and manufactures should find markets m every
part of the habitable globe, is consistently supplemented by
the greatest possible liberty to our citizens in the ownership
.and navigation of ships in which our products and manufac­
tures may be transported. The millions now paid to foreign­
ers for carrying American passengers and products across the
sea should be turned into American hands. Shipbuilding,
which has been protected to strangulation, should be revived
by the prospect of profitable employment for ships when
built, and the American sailor should be resurrected and
again take his place— a sturdy and industrious citizen m time
-of peace and a patriotic and safe defender of American inter­
ests in the day of conflict.
.
.
.
. ,
The ancient provision of our law denying American registry
to ships built abroad and owned by Americans appears in the
light of present conditions not only to be a failure for good at
every point, but to be nearer a relic of barbarism than any­
thing that exists under the permission of a statute of the
United States. I earnestly recommend its prompt repeal.

1009

we have, by a statutory declaration that it is the policy of the
Government to maintain the parity between gold and silver,
aided the force and momentum of this exhausting process
and added largely to the currency obligations claiming this
peculiar gold redemption. Our small gold reserve is thus sub­
ject to drain from every side. The demands that increase our
danger also increase the necessity of protecting this reserve
against depletion, and it is most unsatisfactory to know that
the protection afforded is only a temporary palliation.
It is perfectly and palpably plain that the only way under
present conditions by which this reserve when dangerously
depleted can be replenished is through the issue and sale of
the bonds of the Government for gold; and yet Congress has
not only thus far declined to authorize the issue of bonds best
suited to such a purpose but there seems a disposition in some
quarters to deny both the necessity and power for the issue of
bonds at all.
_
......
I cannot for a moment believe that any of our citizens are
deliberately willing that their Government should default in
its pecuniary obligations or that its financial operations
should be reduced to a silver basis. A t any rate, I should not
feel that m y duty was done if I omitted any effort I could
make to avert such a calamity. A s long, therefore, as no
provision is made for the final redemption or the putting
aside of the currency obligation now used to repeatedly and
constantly draw from the Government its gold, and as long
as no better authority for bond issues is allowed than at pres­
ent exists, such authority will be utilized whenever and as often
as it becomes necessary*to maintain a sufficient gold reserve,
and in abundant time to save the credit of our country and
make good the financial declarations of our Government.
DIVORCE GOVERNMENT FROM BANKING.

Questions relating to our banks and currency are closely
connected with the subject just referred to, and they also pre­
sent some unsatisfactory features. Prominent among them
are the lack of elasticity in our currency circulation and its
frequent concentration in financial centres when it is most
needed in other parts of the country.
The absolute divorcement of the Government from the busi­
ness of banking is the ideal relationship of the Government
to the circulation of the currency of the country.
This condition cannot be immediately reached; but as a
step in that direction and as a means of securing a more elas­
tic currency and obviating other objections to the present ar­
rangement of bank circulation, the Secretary of the Treasury
presents in his report a scheme modifying present banking
laws and providing for the issue of circulating notes by State
banks free from taxation under certain limitations.
SECRETARY CARLISLE’ S PLAN APPROVED.

The Secretary explains his plan so plainly and its advan­
tages are developed by him with such remarkable clearness,
that any effort on m y part to present arguments in its support
would be superfluous. I shall therefore content myself with
an unqualified indorsement of the Secretary’s proposed changes
in the law and a brief and imperfect statement of their promi­
nent features.
.
It is proposed to repeal all laws providing for the deposit of
United States bonds as security for circulation; to permit na­
tional banks to issue circulating notes not exceeding in amount
75 per cent of their paid-up and unimpaired capital, provided
they deposit with the Government, as a guaranty fund, in
United States legal-tender notes, including Treasury notes of
1890, a sum equal in amount to 80 per cent of the notes they
desire to issue, this deposit to be maintained at all times, but
whenever any bank retires any part of its circulation a pro­
portional part of its guaranty fund shall be returned to it; ,to
permit the Secretary of the Treasury to prepare and keep on
hand, ready for issue, in case an increase in circulation is. de­
GOLD RESERVE AND ISSUE OF BONDS.
During the last month the gold reserve in the Treasury for sired, blank national bank notes for each bank having circula­
the purpose of redeeming the notes of the Government circu­ tion and to repeal the provisions of the present law imposing
lating as money in the hands of the people became so reduced, limitations and restrictions upon banks desiring to reduce or
and its further depletion in the near future seemed so certain, increase their circulation—-thus permitting such increase or re­
that, in the exercise of proper care for the public welfare, it duction within the limit of 75 per cent of capital to be quickly
became necessary to replenish this reserve and thus maintain made as emergencies arise.
In addition to the guaranty fund required, it is proposed
popular faith in the ability and determination of the Govern­
ment to meet, as agreed, its pecuniary obligations.
, to provide a safety fund for the immediate redemption of the
It would have been well if in this emergency authority had circulating notes of failed banks, by imposing a small annual
existed to issue the bonds of the Government bearing a low tax, say one-half of one per cent, upon the average circulation
rate of interest and maturing within a short period; but the of each bank, until the fund amounts to 5 per cent of the to­
’Congress having failed to confer such authority, resort was tal circulation outstanding. W hen a bank fails, its guaranty
necessarily had to the resumption act of 1875, and, pursuant fund is to be paid into this safety fund and its notes are to be
to its provisions, bonds were issued drawing interest at the iredeemed in the first instance from such safety fund thus
rate of 5 per cent per annum and maturing ten years after augmented— any impairment of such fund caused thereby to
their issue, that being the shortest time authorized by the act. be made good from the immediately available cash assets of
I am glad to say, however, that on the sale of these bonds the said bank, and if these should be insufficient such impairment
premium received operated to reduce the rate of interest to be to be made good by pro rata assessment among the other
banks, their contributions constituting a first lien upon the
paid by the Government to less than 8 per cent.
Nothing could be worse or further removed from sensible assets of the failed bank in favor of the contributing banks.
finance than the relations existing between the currency the As a further security it is contemplated that the existing pro­
^Government has issued, the gold held for its redemption and the vision fixing the individual liability of stockholders is to be
means which must be resorted to for the purpose of replenish­ retained and the bank’s indebtedness on accouut of its circu­
ing such redemption fund when impaired. Even if the claims lating notes is to be made a first lien on all its assets.
For the purpose of meeting the expense of printing notes,
upon this fund were confined to the obligations originally in­
tended, and if the redemption of these obligations meant their official supervision, cancellation, and other like charges, there
cancellation, the fund would be very small. But these obli­ shall be imposed a tax of say one-half of one per cent per an­
gations when received and redeemed in gold are not canceled, num upon the average amount of notes in circulation.
It is further provided that there shall be no national bank
but are reissued and may do duty many times by way of
drawing gold from the Treasury. Thus we have an endless notes issued of a less denomination than $10; that each na­
chain in operation constantly depleting the Treasury s gold tional bank, except in case of a failed bank, shall redeem or
.and never near a final rests A s if this was not bad enough, retire its notes in the first instance at its own office or at




1010

THE

CHRONICLE.

agencies to be designated by it, and that no fixed reserve need
be maintained on account of deposits.
Another very important feature of this plan is the exemp­
tion of State banks from taxation by the United States in
cases where it is shown to the satisfaction of the Secretary of
the Trei sury and the Comptroller of the Currency by banks
claiming such exemption that they have not had outstanding
their circulating notes exceeding 75 per cent of their paid-up
and unimpaired capital; that their stockholders are individ­
ually liable for the
redemption of their circulating
notes to the full extent of their ownership of sto c k ;
that the liability
of said banks upon
their circula­
ting notes cons'itutes, under their State law, a first lien
upon their assets; that such banks have kept and maintained
a guaranty fund in United States legal-tender notes, includ­
ing Treasury notes of 1890, equal to 30 per cent of their out­
standing circulating notes, and that such banks have promptly
redeemi d their circulating notes when presented at their
principal or branch offices.
It is quite likely that this scheme may be usefully amended
in some of its detail«, but I am satisfied it furnishes a basis for
a very great improvement in our present banking and cur­
rency system.

[V ol, LIX,

and could not but be regarded as a signal failure to solve a
problem which has practically been before the present Con­
gress ever since its organization.
UNSATISFACTORY CONDITIONS IN SAMOA.

In my last annual mecsage I referred briefly to the unsatis­
factory state of affairs in S imoa under the operation of the
Berlin treaty as signally illustrating the impolicy of entan­
gling alliances with foreign powers ; and on May 9, 1894, in
response to a resolu’ ionof the Senate, I sent a special message
and documents to that body on the same subject, which em­
phasized my previously expressed opinions.
Later recur­
rences, the correspondence in regard to which « ill be laid
before Congress, further demonstrate that the Government
which was devised by the three powers and forced upon the
Samoans against their inveterate hostility can be maintained
only by the continued presence of fo.eign militarv force and
at no small sacrifice of life and treasure,
The suppression of the Mataafa insurrec ion by the powers,
and the subsequent banishment of the leader and eleven otherchiefs, as recited in m y last message, did not bring lasting
peace to the Islands. Formidable uprisings continued, and
finally a rebellion broke out in the capital, island, Upolu,
headed in Aana, the western district, by the younger TamaSILVER BULLION PURCHASES AND STANDARD DOLLARS.
sese, and in Atua, the eastern district, by other leaders. The
The purchase of silver bullion under the act of July 14,1890,
ceased on the 1st day of November, 1893, and up to that time insurgents ravaged the country and fought the Government’ s
troops up to the very doors of Apia. The King again ap­
there had been purchased during the fiscal year 11,917,658 7S
pealed to the powers for help, and the combined British and
fine ounces at a cost of $8,715,521 32, an average cost of $0 7313
German naval forces reduced the Atuans to apparent subjec­
per fine ounce. The total amount of silver purchased from
the time that law took effect until the repeal of its purchasing tion, not, however, without considerab'e loss to the natives. A
few days later Tamasese and his adherents, fearing the ships
clause, on the date last mentioned, was 168,674,682 53 fine
and the marines, professed submis-ion.
ounces, which cost $155,931,002 25, the average piice per fine
Reports received from our agents at Apia do not justify the
ounce being $0'9244.
belief that the peace thus brought about will be of long
The total amount of standard silver dollars coined at the
durai km. It is their conviction that the natives are at heart
mints of the United States since the passage of the act of Feb.
nos ile to the present Government; that such of them as
28, 1878, is $421,776,408, of which $378,166,793 were coined
profess loyalty to it do so from fear of the Powers, and that it
under the provisions of that act, $3^,531,143 under the pro­
would speedily go to pieces if the war ships were withdrawn.
visions of the act of July 14, 1890, and $5,078,472 under the
In reporting to his Government on the unsatisfactory situa­
act providing for the coinage of trade dollar bullion.
tion since the suppression of the late revolt by foreign armed
PENSIONS.
forces, the German Consul at Apia stated:
“ That peace will be lasting is hardly to be presumed. The
A t the close of the last fiscal year, on the 30th day of June,
1894, there w* re 969,544 persons on our pension rolls, being a lesson given by firing on Atua was not sufficiently sharp and
net increase of 3,532 over the number reported at the end of incisive to leave a lasting impression on the forgetful Samoan
the previous year.
temperament. In fact, conditions are existing which show
These pensioners may be classified as follows : Soldiers and that peace will not last and is not seriously intended. Maliesailors, survivors of all wars, 753,968 ; widows and relatives toa, the King, and his chiefs are convinced that the departure
of deceased soldiers, 315,162 ; army nurses in the war of the of the war ships will be a s gnal for a renewal of war. The
rebellion, 414. Of these pensioners, 32,039 are surviving sol­ circumstance that the representatives of the villages of all the
diers of Indian and other wars prior to the late civil war and districts which were opposed to the Government have already
the widows or relatives of such soldiers.
withdrawn to Atua to hold meetings, and that both Atua
The remainder, numbering 937,505, are receiving pensions and Aana have forbidden inhabitants of those districts which
on account of the war of the rebellion, and of these, 469,344 fought on the side of the Government to return to their
are on the rolls under the authority of the act of June’ 27 villages, and have already partly burned down the latter,
1890, sometimes called the dependent pension law.
indicates that a real conciliation of the parties is still far off.”
And in a note of the 10th ult., inclosing a copy of that re­
The total amount expended for pensions during the year
was $139,804,461 05, leaving an unexpended balance from the port for the information of this Government, the German
Ambassador said:
sum appropriated of $25,205,712 65.
“ The contents of the report awakened the Imperial Govern­
The sum necessary to meet pension expenditures for the
year ending June 30, 1896, is estimated at $140,000,000.
ment’s apprehension that under existing circumstances the
The Commissioner of Pensions is of the opinion that the peace conclu led with the rebels will afford no assurance o f
year 1895, being the thirtieth after the close of the war of the lasting restoration of tranquility in the islands.”
The present Government has utterly failed to correct, if in­
the rebellic n, must, according to all sensible human calcula­
tion, see the highest limit of the pension roll, and that after deed it has not aggravated, the very evils it was intended to
that year it must begin to decline.
prevent. It has not stimulated our commerce with the islands.
The claims pending in the bureau have decreased more than Our participation in its establishment against the wishes of
90,000 during the year. A large proportion of the new the natives was in plain defiance of the conservative teach­
cl&ims filed are for an increase of pension by those now on ings and warnings of the wise and patriotic men who laid the
the rolls. The number of certificates issued was 80,213. The foundations of our free institutions, and I invite an expression
names dropped from the rolls for all causes during the vear of the judgment of Congress on the propriety of steps being
numbered 37,951.
J
taken by this Government looking to the withdrawal from its
Am ong our pensioners are nine widows and three daugh­ engagements with the other Powers on some reasonable terms
ters of soldiers of the Revolution and forty-five survivors of not prejudicial to any of our existing rights.
the W ar of 1812.
PROTEST OF GERMANY AGAINST DIFFERENTIAL DUTY
The barefaced and extensive pension frauds exposed under
ON SUGAR.
the direction of the courageous and generous veteran soldier
The German Government has protested against that
now at the head of the bureau leave no room for the claim
the
Customs Tariff act which
imposes
that no purgation of our pension rolls was needed, or that provision of
continued vigilance and prompt action are not necessary to a discriminating duty of one-tenth of 1 cent a pound
on sugars coming from countries paying an export bounty
the same end.
The accusations that an effort to detect pension frauds is thereon, claiming that the exaction of such duty is in contra­
evidence of unfriendliness towards our worthy veterans and a vention of Articles Y . and I X . of the treaty of 1828 with
denial of their claims to the generosity of the Government Prussia.
In the interests of the commerce of both countries and to
suggests an unfortunate indifference to the commission of any
offence which has for its motive the securing of a pension, avoid even ihe accusation of treaty violation, I reccommend
and indicates a willingness to be blind to the existence of the repeal of so much of the statute as imposes that duty,
mean and treacherous crimes which play upon demagogic and I invite attention to the accompanying report o f the Sec­
fears and make sport of the patriotic impulse of a grateful retary of State containing a discussion of the questions raised
by the German protests.
people.
PACIFIC RAILROADS.

Another subject of pressing moment referred to by the
Q A ttorney General is the reorganization of the Union Pacific
Railway Company on a basis equitable as regards all private
interests and as favorable to the Government as existing con­
ditions will permit. The operation of a railroad by a court
through a receiver is an anomalous state of things which
should be terminated, on all grounds, public and private, at
the earliest possible moment. Besides, not to enact the
needed enabling legislation at the present session postpones
the whole matter until the assembling of a new Congress and
nevitably increases all the complications of the situation,




THE W AR BETWEEN CHINA AND JAPAN.

On the 17th of March last a new treaty with China in fur­
ther regulation of emigration was signed at Washington, and
on August 13 it received the sanction of the Senate. Ratifica­
tion on the part of China and formal exchange are awaited to
give effect to this mutually beneficial convention.
A gratifying recognition of the uniform impartiality of this
country towards all foreign States was manifested by the coin­
cident request of the Chinese and Japanese governments that
the agents of the United States should, within proper limits,
afford protection to the subjects of the other during the sus­
pension of diplomatic relations due to a state of war. This

D ecember 8, 1894.]

THE

delicate office was accepted, and a misapprehension which
gave rise to the belief that in affording this kindly unofficial
protection our agents would exercise the same authority which
the withdrawn agents of the belligerents had exercised was
promptly corrected. Although the war between China and
Japan endangers no policy of the United States, it deserves
our gravest consideration, by reason of its disturbance o f our
growing commercial interests in the two countries and the
increased dangers which may result to our citizens domiciled
or sojourning in the interior bf China.
Acting under a stipulation in our treaty with Corea (the
first concluded with a Western Power), I felt constrained at
the beginning of the controversy to tender our good offices to
induce an amicable arrangement of the initial difficulty grow­
ing out of the Japanese demands for administrative reforms
in Corea-, but the unhappy precipitation of actual hostilities
defeated this kindly purpose.
Deploring the destructive war between the two most power­
ful of the Eastern nations, and anxious that our commercial
interests in those countries m a y b e preserved and that the
safety of our citizens there shall not be jeopardized, I would
not hesitate to heed any intimation that our friendly aid f >
r
the honorable termination of hostilities would be acceptable
to both belligerents.

REPORT

OF

TH$
SECRETARY
TREASU RY.

OF

TH E

The annual report of Secretary Carlisle is a very interesting
document. W e quote below the remarks bearing upon the
Government’s revenues and receipts and also that portion of
the report containing the Secretary’s discussions of our existing
currency system and his recommendations for a change in the
same.
CURRENT REVENUES.

On the 1st day of July last the total cash in the Treasury
excluding current liabilities, but including a gold reserve o
$(54,873,024, was $116,628,221, and on the 1st day o f November
the total cash, excluding current liabilities, but including
$61,361,826 in gold, was $106,992,734, showing a decrease of
$9,633,487. The excess of expenditures over receipts duriag
the last fiscal year was $69,803,250, and during the first five
months of the present fiscal year, $21,737,367 92. It is not
believed, however, that this difference between the receipts
and expenditures will continue in the same proportion until
the close of the year, and accordingly I have estimated a
deficiency of $20,000,000 at that time.
ESTIMATED RECEIPTS AND EXPENDITURES FOR FISCAL TE AR 1895.

Receipts—
F rom c u sto m s ..................... .
From internal revenue.........
From m iscellaneous sources.
F rom postal service— ------Total estimate 1 revenues.
Expenditures —
F or tlie civil establishm ent.......
F or the m ilitary establishment.
F or the naval establish m en t....
For the Indian service.................
For pensions......... ........................
F or interest on the public d e b t.
For postal serv ice.......................

$160,000,000
165,000,000
15,000.000
84,427,748

00
00
00
44

$424,427,748 44
$91,250,000 00
53.250,°0 0 00
32 500,000 00
11,500 000 00
140,500,0 0 00
31,000,000 OO
84,427,748 44

Total estimated expenditures................................. . $444,427,748 44
Or a deficit o l ....... ................................................................. $20,000,000 00

O wing to the large importations of raw sugar in anticipation
of the passage of the tariff act of August 28, 1891, the duties
collected upon that article up to Dec. 1 amounted to only $3,022,000, and of course nothing has yet been realized from th*
tax on inc unos, as its payment cannot be legally enforced until
after July 1, 1895. But there is reason to believe that the
importations of sugar must be resumed at an early date and
continued upon a scale which will yield a large revenue from
that source during the remainder of the year, and it is proba­
ble, also, that on account of the penalties which may be
incurred for non-payment within ten days after July 1 a
considerable part of the income tax will be realized in time to
be available. A s the reduced rates of dut.y on manufactures
o f wool will take effect on January 1, 1895, the importations
o f that class of goods will doubtless be greatly increased after
that date, and, consequently, a considerable addition to the
revenue may be reasonably anticipated from that source. If
these expectations should bo to any consider <ble exteDt disap­
pointed, the year will close wi.h a greater deficiency than has
been estimated.
REVENUE FOR 1896.
My opinion is that the laws now in force will yield an
ample revenue for the fiscal year 1896, as all their provisions
will then be operative, and the prospective improvement in the
business of the country, if realized, will greatly increase the
resources from which taxes are collected, and, accordingly, a
surplus of $28,814,920 is estimated for that year.
e s t im a t e d r e c e ip t s a n d e x p e n d it u r e s f o r

f is c a l t e a r

1896.

F rom c u s t o m s ...;..... ................... ...................................... $ 185,000,000 OO
From internal revenue ................................. i.................. 19 ,000,000 00
From m isce’laneous sou rces.......... ............ - .....................
15,000,000 00
F .o m p o sta l service ................... ......................................... 86,907,407 00
Total estimated revenues........................_ ................... $ 76.907,4 '7 00
T otal estim’d appropriations, exclusive o f sinking fund. 448,09 2,4 86 iO
Or an estimated surplus of.




1011

CHRONICLE.

$28,814,920 50

REFECTS IN OUR FINANCIAL SYSTEM.

In my last annual report I called attention to the unsatisfac *
*
tory condition of our financial legislation, and especially to tha
issue and redemption of circulating notes by the Government,
and the inability of the Secretary of the Treasury, under ex­
isting laws, to make prompt and adequate provision for the
support of the public credit. The experience of the past year
has confirmed and strengthened the opinions then expressed,
and I therefore respectfully, but most earnestly, urge upon
Congress the necessity for remedial legislation during its pres­
ent session.
The well-known defects in our financial system and the seri­
ous nature of the evils threatened by them have done more
daring the last two years to impair the credit of the Govern­
ment and the people of the United States at home and abroad,
and to check our industrial and commercial progress, than all
other things combined, and our first and plainest duty is to
provide, if possible, some effective method for the prompt and
permanent relief of the country from the consequences of the
present unwise policy. A brief statement of the practical and
unavoidable results of the existing legislation will demonstrate
its injurious effects upon our financial affairs more clearly than
any argument that could be submitted.
After many fluctuations, the gold reserve held for the
redemption of United States legal-tender notes was reduced
on the 17th day of January, 1894, to the sum of $69,757,824,
and the cash balance in the Treasury, excluding the current
liabilities, but including the gold reserve and subsidiary and
minor coin, wa9 $83,961,402. The current ordinary expenses
for the support; of the Government were, and for some time
had been, very considerably in excess of the current receiDts,
and, consequently, it was impossible to procure gold for the
reserve without resorting to the issue and sale of bonds under
the authority conferred by the act of Jan. 14,1875, commonly
known as the Resumption act. Accordingly, bonds to the
amount of $50,000,000, bearing interest at the rate of 5 per
cent, and payable after tea years from date, b ein ' one of the
three classes of bonds autho ized by the act referred to, were
’ issued and so’ d for the sum of $58,660,917 63, no bid having
been accepted which would yield the purchaser more than
3 per cent upon his investment.
On the 6th day of March, 1894, the free gold in the Treasury
amounted to the sum of $107,446,802, which was the highest
point that has been reached since March 25,1893. ^ The lowest
point reached by the reserve since the resumption of specie
payments was on the 7th day of August, 1894, when, by reason
of withdrawals in the redemption of notes, it was reduced
to $52,189,500. After that date it was slowly replenished by
voluntary exchanges of gold coin for United States notes by
the banks, and by small receipts of gold in the payment of
dues to the Government, until the lifcb day of November,
1894, when it reached the sum of $61,878,374.
BOND ISSUE NECESSARY.

In the meantime, however, the frequent presentation of
notes for redemption in gold by individuals and institutions
not desiring it f »r export clearly indicated the existence of a
feeling of uneasiness in the public mind, while foreign ex­
change was almost c mstantly at or near a rate which made it
more profitable to export gold than to purchase bills, and, con­
sequently, withdrawals for shipment were daily threatened.
In addition to these causes of anxiety the vast accumulation
of money at our financial centers and the general depression in
business which prevailed in this country had so reduced the
rates of discount that the inducement to keep funds abroad
where better investments could be made were much greater
than in ordiaary tim s, and this, together with the other facts
stated, made it highly imprudent to neglect any precaution
which appeared necessary to insure the safety of our financial
position. In fact, sum » shipments of gold were actually made,
and as the season was approaching when, in the usual course
of trade and financial operations large exportations nearly
always occur, it was considered absolutely^ necessary for the
maintenance of the public credit and the continued execution of
the monetary policy declared by Congress in the act of July
14, 1890, and repeated ia the act of Nov. 1, 1893, to resort
again to the issue of bonds.
W ith a current revenue inadequate to defray the ordinary
current expenses and practically no receipts of gold from cus­
toms or other sources, it was evi lent that the Treasury would
be unable to m *et even the usual demands for export, which,
however, would probably be very much augmented by the in­
creased apprehension produced by the depleted condition of
the reserve. Heretofore, when redemptions have been de­
manded to any considerable amount, the * have commenced at
"
a time when the reserve was sufficiently large to sustain the
loss without serf, msly endangering the credit of the Govern­
ment or impairing the soundness of the curre icy, but with a
reserve of only $61,876,374 to begin with it would not have
been possible at any time heretofore, and, ia my opinion,
w >uld not be possible hereafter, to meet the obligations of the
Government in the manner plainly required by the letter and
spirit of the statutes enacted by Congress upon the subject.
This was the condition of affairs when, on the 14th day of
November, proposals were issued for th - sale of additional
United States 5 per cent ten year bonds to the amount of
$50,000,000, reserving in the official announcement the right
to reject any or all bids, and req tiring the payment of 20 per
! cent in gold coin, or gold c -rtifie ites, at the time of the acj ceptancs of each bid, and 20 per cm s at the end of each ten
days thereafter, but giving purchasers the option to pay the

1012

THE

CHRONICLE.

whole amount at once, or at the maturity of any one of the
intervening instalments. The result of this proposition was
that 486 bids were received, amounting to $178,836,050, nearly
all o f which were at rates which would yield to the investor
3 per cent or less upon the sums proposed to be paid. One
bid for the whole sum of $50,000,000, upon the basis of 2'878
per cent, and being the most advantageous offer for the Gov­
ernment that was made, either singly or by aggregating the
separate bids, was accepted, and the proceeds of the sale,
$58,538,500, have nearly all been paid into the Treasury ac­
cording to the terms of the sale.
A 226 PER CENT BOND WOULD SELL.

This transaction justifies the opinion that a 2/£ per cent
bond, having a reasonable time to run, could probably have
been sold at par, and certainly that a 3 per cent bond could
have been disposed of at or above that rate. The fact that a
bond bears so high a rate of interest and has so long a time to
run that it must be sold at a large premium deters many
from offering to purchase and detracts considerably from its
investment and speculative value in the hands of the com­
paratively few who are willing to take the risk of future
fluctuations in its price. The consequence is that the pur­
chases are made almost exclusively by large moneyed insti­
tutions and capitalists who are familiar with such securities,
and the people generally are precluded from investing their
savings in the only form which is known to be perfectly good
and always convertible into money.
SECRETARY SHOULD HAVE MORE POWER.

A s the authority to issue and sell bonds already exists and the
present state of our financial legislation compels its occasional
exercise, I repeat the recommendation made in my last annual
report, that in the interest of the Government and people
power be conferred upon the Secretary of the Tre°sury to
negotiate loans at a lower rate of interest and for a shorter time
than are now allowed. The existence of such authority, instead
of increasing the probabilities of a frequent resort to that means
of raising money, would have the contrary effect, because
when it is known that the Secretary of the Treasury is clothed
with ample power and facilities to procure means for the
maintenance of the reserve, public confidence in the ability of
the Government to meet promptly all demands upon it will be
much stronger than under present circumstances. Besides,
the policy of limiting the Government to the sale of an anti­
quated bondt bearing a rate of interest wholly inconsistent
>
with the existing state of the public credit, and having a longer
time to run than is apparently necessary at the date of its
issue, cannot be justified upon any grounds of expediency or
principle. The only bonds which the Government now has
authority to issue for any purpose are described in the Refund­
ing act of July 14, 1870, passed nearly a quarter of a century
ago, and since then the credit and resources of the country have
so greatly improved that the fiscal legislation of that period is
wholly unsuited to the present situation.
_ The law should be so amended as to conform to the condi­
tions and requirements of the public credit and service at the
present time, and I earnestly hope that Congress will take
early and favorable action upon the subject.
THE PROMPT REDEMPTION OP NOTES.

Had there been no statute or public policy requiring the
Government to redeem in coin and re-issue its own notes and
to maintain the parity of two kinds of coin of unequal intrinsic
value, there would never have been a time since the close of
the war when the funds in the Treasury were not ample for
all other purposes, and no issue of bonds could therefore have
been necessary. But while the statutes referred to remain in
force, and so long as there are in circulation under the author­
ity of the Government two coins unequal in value, but equal
in legal tender qualities, every consideration of good faith and
sound policy requires the prompt redemption of the notes on
presentation in the kind of coin demanded by the holder, and
the constant observance of such administrative methods as
m ay be necessary to preserve the purchasing power of the less
valuable metal. This is essential to the continued circulation
of our standard silver dollars and their paper representatives
at par, and to abandon this policy, without substituting a bet­
ter one in its place, would not only fail to cure many of the
evils now existing, but would entail upon the people of the
country additional and greater ones.
If, however, the mandatory legislation which keeps a large
volume of Government notes in circulation, notwithstanding
their repeated redemptions in coin, and also imposes upon the
Government an obligation to maintain the parity of the two
metals in respect to their purchasing and debt-pay iDg power,
is perpetuated, it is evident that the Treasury must remain in
a position which will compel it to procure ana furnish gold to
all who demand it, whether they be our own citizens or citi­
zens or subjects of other countries. A t the same time, it will
have no lawful or regular means of obtaining gold, except by
the issue and sale of bonds, thus periodically increasing the
interest-bearing public debt without either making permanent
additions to its stock of this metal or diminishing to any ex­
tent its obligations on account of the notes redeemed.
FEATURES OF OUR SYSTEM.

This situation is the necessary result of three features of our
currency legislation, and it cannot be permanently avoided, or
even temporarily improved, without material changes in our
laws relating to that subject. These features are :




[VOL. LIXr

1.
The circulation of United States notes as currency and
their current redemption in coin on demand.
3. The compulsory reissue of such notes after redemption.
3. The excessive accumulation and coinage of silver and
the issue of notes and certificates against it upon a ratio which'
greatly overvalues that metal as compared with the standard
unit of value in this and the other principal commercial coun­
tries.
These features are the most prominent characteristics of our
financial code, and they constitute a monetary system unlike
that o f any other enlightened Government in the world.
One
of their most obvious effects is to defeat all attempts of the
Treasury Department to procure and keep constantly on hand
a sufficient amount of gold to inspire entire confidence at homeand abroad in the ability of the Government to preserve its*
own credit and maintain a sound currency for the use of the
people. Frequent issues of bonds for the purpose of procuring
gold, which cannot be kept after it has been obtained, will
certainly cause increased distrust among our own people as
well as among the people of other countries, and not only
swell the volume of our securities returning from abroad for
sale or redemption, but increase the withdrawals of foreign
capital heretofore invested in our domestic enterprises; and it
must be admitted by all, no matter what opinions they may*
entertain upon current questions o f finance, that such a condi­
tion of affairs cannot permanently continue without still more
serious consequences to the material interests of all our
citizens than have heretofore been experienced.
OUR POSITION AS DEBTORS.

The result of all our commercial and financial transactions
with the people of other countries has been to keep us almost
constantly in the position of debtors, and, generally, to a very
large amount.
The prosperity of our people, therefore,
depends largely upon their ability to sell their surplus products
in foreign markets at remunerative prices in order to secure^
money or establish credit abroad with which to pay interest
and dividends upon loans and other investments which our
•customers there have made here. Ordinarily, when there isno distrust of our currency, or other discouraging influence, a
considerable part of the interest and dividends earned b y
foreign capital in this country is annually or semi-annually
reinvested here, and this, together with the fact that under
normal conditions the balance of trade is in our favor, enables
our people to meet their obligations abroad without reducing
their stock of money at home. But, when distrust arises,,
either as to our ability to pay, or as to the value of the money
with which we intend to pay, the foreign capitalist not only
ceases to reinvest, but proceeds to withdraw all his money b y
disposing of his American securities in order to protect both
capital and income against threatened depreciation.
There are but two ways in which this withdrawal can be
affected: One is for our people to export and sell their com­
modities in foreign markets to a sufficient amount to create a.
balance of credit in their favor equal to the amount to be
withdrawn, and the other is to ship gold, that being the
only money recognized in the settlement of international
balances. The extent to which these withdrawals have oc­
curred during the last two years, and the manner in which
they have been accomplished, áre partially shown by the facts
that, although our exports of merchandise, including silver
bullion, exceeded our imports during the fiscal year 1893 to*
the amount of $36,279,795, the net export o f gold was $86,897,275, while during the fiscal year 1894 the net export o f
that metal was $4,172,665, notwithstanding the balance in ourfavor on account of merchandise and silver bullion sold
abroad amounted to $264,314,663. It thus appears that our
people were compelled to pay abroad in merchandise and gold
during the time named at least $391,600,000 more than they
received back, and this vast sum has been abstracted largely
from the active business enterprises of the country, so affect­
ing their growth and prosperity as to limit consumption, re­
duce prices and discourage productive industry.
MUST ADHERE TO THE GOLD STANDARD.

But independently of these considerations our own peoplehave a clear right to demand a sound and stable currency foruse in the transaction of their business at home, while their
purely commercial relations with the people of other countries,
upon whom the producers of exportable commodities are com­
pelled to rely for the consumption of their surplus, cannot be
profitably maintained unless they are always in a condition to
pay for what they buy in as good money as they receive for
what they sell. W e cannot therefore preserve our trade rela­
tions with the best customers for our surplus products unless,
we maintain a monetary system substantially in accord with
theirs; and until they manifest a disposition to co-operate with
us in effecting a change upon terms just and fair to all our in­
terests, we ought to continue our adhesion to the gold standard
of value with as large a use of silver as is consistent with the:
strict maintenance of that policy.
But in order to insure the success of such a policy it is nec­
essary not only that the Government should be at all times:
prepared to redeem its direct obligations in the standard unit
of value and preserve equality in the exchangeable value o f
all its legal-tender coins, but that its ability and determina­
tion to discharge this duty shall be so manifest as to command
the entire confidence of the public.
Since the resumption of specie payments on the 1st day o f
January, 1879, United States legal-teDder notes and Treasury
notes issued under the act of July 14,1890, have been r e -

D ecember 8, 1894.]

THE

CHRONICLE.

1013

deemed in gold to the amount of $260,000,000, and all the national bank notes ready for delivery immediately upon ap­
notes so redeemed have been re-issued and are now out­ plication, from thirty to sixty days must ordinarily elapse be­
standing. They are a constant menace to the gold reserve, fore the issue can be made, and in the meantime the emer­
and no scheme of financial reform can be complete or effec­ gency has probably passed. Thus the inducement to take
tual which does not provide at least for their gradual elimin­ out circulation when business necessities are greatest is very
ation from our currency system. To retain them as a part of small, if it exists at all, and even if applications are made the
the currency of the people, and refuse to redeem them in circulation will probably not be secured until too late to afford
standard coin on demand, would be repudiation in its most relief.
In addition to these obstructions to the prompt increase and
odious form, because the larger part of these notes were
forced into the circulation by the Government at a time and decrease of circulation, the ninth section of the act of July 12,
under circumstances which justified the most implicit reli­ 1882, which provides for the extension of the corporate ex­
ance upon its good faith. On the other hand, to continue istence of national banks, expressly prohibits them from re­
their redemption and reissue under present conditions, en­ tiring their notes to a greater amount than $3,000,000 in the
dangers the entire volume of our currency, discredits the aggregate per month, and enacts that no bank which has
obligations of the Government and people, increases the pub­ made a deposit of lawful money in order to withdraw its cir­
lic debt, and seriously embarrasses the administration of our culation shall be permitted to make any increase in its circu­
lation for a period of six months thereafter. These provisions
financial affairs.
are so manifestly in conflict with the dictates of sound policy
CHANGES SUGGESTED.
that they require no comment.
W hile no proposition should be entertained that will have a
THE SECRETARY OUTLINES HIS PLAN.
tendency to degrade the currency, or in any degreee impair
In view of the foregoing considerations, and many others
public confidence in its safety, I am convinced that the inter­
ests of the country require such changes in our legislation as that might be urged in favor of a reorganization and reforma will disconnect the Government entirely from the business of tion of our paper-currency system, I have prepared the o u t­
issuing or reissuing circulating notes and thus relieve its fiscal lines of a plan which, in my opinion, will relieve the Govern­
department from the periodical demands upon its resources, ment to a great extent from the burdens no w imposed upon
which, under the existing system, must continue to disturb it, secure within a reasonable time a safe and elastic national
the financial and general business affairs of the people. In and State bank currency, and result ultimately in the retire­
proposing such changes no consideration should be ignored ment of United States legal-tender notes of both classes.
It is, in brief, as follows :
which affects the industial or commercial interests of any
part of the country, for all the people are alike concerned in
1. Repeal all laws requiring or authorizing the deposit o
whatever promotes or retards the healthy development of our United States bonds as security for c:
iation.
great national resources.
2. Permit national banks to i« • notes to an amount not ex >
»
It is not the capitalist alone whose interests are affected by
ceeding 75 per cent of their paid-up and unimpaired capital
the use, or threatened use, of a depreciated and fluctuating
but require each bank before receiving notes to deposit a
currency, and the consequent derangement and diminution of
guaranty fuBd consisting of United States legal tender notes,
business. A paralysis of business, whatever may be it^ cause,
including Treasury notes of 1890, to the amount of 30 per cent
strikes first the wage earner, then the man of moderate means
upon the circulating notes applied for. This percentage of
and lastly the capitalist who has accumulated a surplus store
deposits upon the circulating notes outstanding to be main­
of goods or money. A sound and elastic currency capable of
tained at all times, and whenever a bank retires its circulation,
adjusting its volume easily and rapidly to the actual demands
in whole or in part, its guaranty fund to be returned to it in
of legitimate business is what the common interests of all our
proportion to the amount of notes retired.
people require, and no argument is necessary to show that
3. Retain the provision of the law making stockholders in­
such a currency is impossible under any system of compulsory
issue, or re-issue, of circulating notes. Arbitrary regulation dividually liable, and provide that the circulating notes shall
constitute a first lien upon all the assets of the bank.
of the volume of circulation to be kept outstanding is wholly
4. Impose a tax of one-half of 1 per cent per annum, pay­
inconsistent with the maintenance of a healthy financial con­
dition, and is the exercise of a function which does not properly able semi-annually, upon the average amount of notes in cir­
belong to the Government of the United States or any other culation, to defray the expenses of printing notes, official su­
public authority. Its effect is to force paper currency upon pervision, cancellation, &c.
the people when it is not needed, and deprive them of it when
5. No national bank note to be less denomination than $10
it is needed, thus establishiog and maintaining an improper and all notes of the same denomination t ) be uniform in de­
and unwarranted connection between the Government and the sign; but banks desiring to redeem their notes in gold may have
private business affairs of its citizens, and making their suc­ them made payable in that coin. The Secretary of the Treasury
cessful prosecution largely dependent upon the judgment or to have authority to prepare and keep on hand ready for
caprice of a superior authority having no interest in the trans­ issue upon application a reserve of blank national banknotes
actions except perhaps a partisan interest not in harmony with for each banking association having circulation.
sound fiscal arrangements.
6. Require each national banking association to redeem its
notes at its own office, or at its own offices, and at agencies to
WHEREIN OUR SYSTEM IS DEFECTIVE.
,
Under our present currency system, so far as it consists o ' be designated by it.
7. To provide a safety fund for the immediate redemption
notes issued by the United States Government, the volume of
circulation was intended to be, and is, in fact, unchangeable; of the circulating notes of failed banks, impose a tax of — per
it is unalterably fixed at a certain amount, and, no matter how centum per annum upon the average circulation of each bank
great the emergency may be, it can be neither enlarged nor until the fund amounts to 5 per centum of the total circulation
diminished. The only part of the currency possessing in any outstanding. Require each new bank, and each bank taking
degree the quality of elasticity is that issued by the national out additional circulation, to deposit its proper proportion o f
banking associations, and it is now generally conceded, I be­ this fund before receiving notes. When a bank fails, its
lieve, that in this respect at least it has failed to meet the re­ guaranty fund held on deposit to be paid into the safety fund
quirements of the situation at some of the most critical periods and used in the redemption of its notes, and if this fund shall
in the business affairs of the country. This failure is attribut­ be impaired by the redempti m of the notes of failed national
banks, and the immediately available cash assets of such banks
able, in my opinion, to three principal causes :
First, the large volume of United States currency of various are insufficient to re-establish the fund, it shall at once be
kinds kept constantly outstanding, making the contraction or made good by pro rata assessments upon the other banks, ac­
expansion of the comparatively small national bank circula­ cording to the amounts of their outstanding circulation; but
tion less effective than it would otherwise have been ; secondly there shall be a first lien upon all the assets of the failed
the difficulty and delay in procuring, and, to some extent, in bank or banks to reimburse the contributing banks. The
retiring, circulation ; thirdly, and mainly, the provisions of the safety tund may be invested in outstanding United States
law which require the deposit of United States bonds to secure bonds having the longest time to run, the bonds and the inter­
circulation and restrict the is‘ ue of notes to 90 per cent of the est upon them to be held as part of the fund and sold when
par value of the bonds. W ith $900,000,000 in United States necessary to redeem notes of failed banks.
notes, Treasury notes of 1890, silver certificates and gold cer­
8. Repeal the provisions of the Reorganization and Extension
tificates, besides about $625,000,000 in gold and silver coins, act of July 12, 1882, imposing limitations upon the reduction
■constantly outstanding, none of which can be lawfully retired and increase of national bank circulation.
by the Government without substituting other currency in its
9. Repeal all provisions of the law requiring banks to keep
place, the national bank notes, which amount to only $207,a reserve on account of deposits.
500,000, or about 12 per cent of the whole, cannot exert a very
10. The Secretary of the Treasury may, in his discretion,
effective influence upon the volume of outstanding currency
at any time, and especially at times when large contractions use any surplus revenue of the United States ia the redemp­
tion and retirement of United States legal-tender notes,
or expansions are most needed. But the greatest difficulties
are encounteied, and the national banking system, as now but such redemptions shall not in the aggregate exceed an
organized, is least effective, when the business of the country amount equal to 70 per cent of the additional circulation
demands quick expansions of the currency to meet sudden taken out by national and State banks under the system
herein proposed.
emergencies.
11. Circulating notes issued by a banking corporation, duly
In the first place, in order to secure additional circulation
the banks are required, at the very time when money is most organized under the laws of any State and which transacts
■difficult to procure, to deposit United States bonds, wortn in no other than a banking business, shall be exempt from taxa­
the market much more than their face value, upon which tion under the laws of the United States when it is shown to
they will receive notes only to the amount of 90 per cent the satisfaction of the Secretary of the Treasury and the Comp­
upon the par value of the securities; and, in the second troller of the Currency (1) that such bank has at no time had
place, under the present laws, which do not authorize the outstanding its circulating notes in excess of 75 per cent of its
'Treasury Department to prepare and hold a reserve of blank paid-up and unimpaired capital. (2) That its stockholders are




1014

THE

CHRONICLE,

[VOL, L IX ,

individually liable for the redemption of its circulating notes per cent of their par value in circulating notes and 'hat a fixed
to the full extent of their ownership of stock. (3) That the reserve which cannot be lawfully diminished shall be held on
circulating notes constitute by law a first lien upon all the account of deposits. The consequence of this last requirement
assets of the bank. (4) That the bank has at all times kept a is that when a bank stands most in need of all its resources
guaranty fund in United States legal-tender notes, including it cannot use them without violating the law.
The necessity
Treasury notes of 1890, oqual to 30 per cent of its outstanding for holding a sufficient reserve against deposits is not ques­
circulating notes, and (5) that it has promptly redeemed its tioned, and in fact the business of rect iving deposits and dis­
notes on demand at its principal office, or at one or more of counting paper ought never to be conducted without it, but it
its branch offices, if it has branches.
should be held for actual use when the occasion arises and not
made legally inaccessible at the very time when it was theoret­
12.
The Secretary of the Treasury may, under proper rules and
ically supposed to be beneficial in sustaining the credit of the
regulations to be established by him, permit State banks to
procure and use in the preparation of their notes the distinctive bank and affording relief to its customers.
Under the present law when a bank finds its reserve in
paper used in printing United States securities, but no State
bank shall print or engrave its notes in similitude of a United danger of reduction below the legal requirement, on account of
the demands of its depositors, it is compelled at once to call
States note or certificate or national bank note.
in its loans, thereby increasing the distrast and aggravating
Whatever may be the objections to the issue and circulation the situation whictfa judicious use of the reserve would have
of United States legal tender paper, upon either Constitutional relieved; and, besides, at such times, in order to protect the
or financial grounds, it has become so incorporated into our reserve, which is then entirely useless for all practical pur­
currency system and constitutes so large a part of our active poses, clearing-house certificates, various forms of time checks,
circulation that it could not be suddenly withdrawn without and bills, and other devices of doubtful legality, are habitual­
producing, in the present state of our laws, considerable dis- ly resorted to for the purpose of supplying circulation to take
tuibance in the fiscal operations of the Government as well as the place of lawful money lying idle in the vaults of the
the business of the people, and therefore the plan now sug­ banks. To provide for a reserve which cannot be utilized even
gested provides for its gradual retirement by the use of sur­ at a time of the greatest stringency and distrust without inplus revenues hereafter received, a process which will probably currii g the penalties of forfeiture, affords a most striking
require several years for its completion. As these notes can­ illustration of the impolicy of legislative interference with
not be retired until other forms of currency to an equal amount the natural laws of trade and finance.
have taken thi ir place, there will be neither a forced contrac­
It is not the duty or province of the Government to control
tion nor expansion of the circulation on account of the change. or regulate the private affairs of the people, except for certain
In the meanwhile, for the double purpose of protecting the well-defined purposes, and as the custody and use of funds
Treasury as far as possible under the circumstances from re­ belonging to depositors are matters which affect only the in­
peated presentations of *notes for redemption in gold, and terests of the immediate parties, they should be left to their
establishing a safe basis for the national and State bank own judgment and discretion.
notes._ the former are to be required to keep always on
THE DUTY OF THE GOVERNMENT.
deposit and the latter to keep constantly on hand legal-tender
The duty of the Government, so far as it has any duty in
paper to an amount equal at least to 30 per cent upon their
the premises, is simply to provide that all the currency issued
outstanding circulation.
If all the national and State banks now in existence should under its authority is sufficiently secured to prevent its loss or
take out circulation to the full amount proposed to be author­ depreciation in the hands of the people, who are compelled to
ized, the guaranty fund alone would absorb about $225,000,000 receive and pay it out in the transaction of business; but a
of legal-tender notes, and the national bank safety fund, when bank is not dependent upon the Government for authority to
raised to its full amount of 5 per cent upon outstanding circu­ receive deposits, and its use for that purpose by the public is
as purely voluntary as the credit extended to any other cor­
lation, might be made to absorb about $3,500,000 more.
poration or to a private individual.
A GUARANTY FUND NECESSARY.
Every prudently managed bank, if left free to conduct its
A s the plan suggested proposes to exempt the Government deposit and discount business in the manner most advantage­
of the United States from all liability for i he redemption of ous to its own interests and the interests of its patrons, will un­
national bank notes and place the sole responsibility upon the doubtedly keep on hand a reasonable reserve to meet not only
banks themselves, a guaranty fund of not less than 30 per all the ordinary demands upon it, hut to provide for such emer­
cent upon the outstanding circulation is regarded as a very gencies as are liable to occur in the community where it is lo­
proper and necessary feature of the system. A safety fund cated; but it ought not to be prohibited by law from using such
consisting of only 5 per cent upon the circulation, together reserve for the only purposes it was designed to accomplish.
with Governmental liability for re demption in case the fund The average amount of reserve held by all the national banks
should at any time be insufficent, as proposed in one of the does not usually exceed 17 or 18 per cent of their deposits,
plans recently made public, would of course secure the note while the statistics show that the State banks doing a deposit
holder, but it would pledge the faith and credit of the United and discount business, and which are not required hy law to
States in a business in which they have no pecuniary interest keep a fixed reserve, have generally kept on hand in ordinary
whatever, and for that i eason alone, if there were no others, times about 20 per cent of their deposits, a fact which conduces
such a system would be quite objectionable, and in my opinion strongly to sustain the position that a regulation upon this sub­
not attainable.
ject is not really necessary in order to secure the safe manage­
In the case of the State banks this guaranty fund will con­ ment of banking institutions, and therefore ought not to be
stitute a permar ent reserve which, together with the individual continued.
liability of stockholders and the first lien upon all the assets,
' A safety fund consisting of 5 per cent upon the outstanding
will make its circulating notes entirely safe. In my opinion circulation of all the banks, to insure the prompt redemption of
the imposition of a tax by the Federal Government upon the the notes of failed banks, is believed to be a necessary feature
use of circulating notes, lawfully issued by State banks, is an of any plan which proposes to dispense with the deposit of
unjustifiable, if not an unconstitutional, interference with the bonds and exempt the Government from liability on account o f
authority of the several States; but its validity has been judi­ the national bank currency. That the Government should be
cially sustained, and as it does not appear to be practicable ot exempt and the entire responsibility for the redemption of their
repeal it absolutely at this time, it is proposed to avoid its pro­ own notes assumed by the banks is a proposition which, for
hibitory effect by exempting from taxation the notes of such many reasons, I think will receive the approval of the general
banking institutions as may be organized and conducted under public, and ought not to be opposed by any special interest.
conditions which will amply protect the holders of their paper. The requirement that the banks shall pay their own obliga­
"While direct Governmental supervision is not and ought not to tions imposes upon them no greater hardship than is imposed
be provided for, the requirement that a bank, in order to secure by law upon every other bus iness and financial institution in the
exemption from taxation, must satisfy the Secretary of the country, and the only argument that can be plausibly urged
Treasury and the Comptroller of the Currency that it has com­ against it, in the case of the banks, is that, as the Govern­
plied with all the conditions imposed, will enable those officials ment has undertaken through their agency to secure a sound
to adopt such measures as may be necessary in each" case to circulating medium it should pledge its credit to keep it good
ascertain every material fact involved in the inquiry.
under all circumstances.
The contingent liability to a heavy rate of taxation upon the
The conclusive answer to this is that the Government has
whole amount of its circulating notes, when paid out by itself, discharged its whole duty in the matter when it has by its
or by other banks, will constitute, it is believed, a sufficient in­ legislation provided such safeguards as will with honest and
centive to secure sound and conservative management and to a competent management guarantee the safety of the notes is­
great extent dispense with the necessity for such official super­ sued by its authority, and this is one of the results which the
vision as is proposed to be retained over national banks. It proposed plan is intended to accomplish. The deposit of 30
will be oDserved that the plan sulmitted proposes the repeal per cent by each bank as a guaranty fund for the redemption o f
of all provisions of existing Jaws which require national banks its own notes, and a deposit of 5 per cent by all the banks in a
to hold a fixed reserve against deposits, and as this is a de­ common safety fund for the redemption of the notes of failed
parture from the practice which has prevailed c ntinuouslyfor banks, together with a first lien upon all the assets, individual
more than thirty years, it is proper to state briefly the reasons liability of stockholders, official supervision and the power to
which have prompted me to make this suggestion.
assess all banks to supply deficiencies, constitute the effective
parts of a system which will afford to the noteholder ample as­
,
REPEAL OF RESERVE AGAINST DEPOSITS.
surance against loss, and at the same time leave a liberal mar­
W hen the national banking system was originally author­ gin for profit on their circulation.
ized, it was regardi d by many as a doubtful t xperiment at
MORE CAREFUL MANAGEMENT.
best, and, accordingly, various precautionary restrictior s and
limitations were imposed for the security of the note holders
One beneficial effect of requiring each bank to redeem its
and depositors which practical experience has since shown to own notes will be the promotion of more careful and conser­
be unnecessary and sometimes barmful.
Among these are vative management of its affairs, thus avoiding to a large ex­
the requirements that bonds shall be deposited to secure 90 tent the causes which have produced a majority of the failures




D ecember 8, 1894.]

THE

heretofore. Governmental responsibility for the redemption
of any part of the obligations of the banks has a strong ten­
dency to encourage speculative ventures and careless
methods, which would not otherwise be permitted by the
directing officials, and is, besides, inconsistent with the policy
that the banking business, like all others, should be conducted
upon the credit and at the risk of the parties most directly in­
terested in its success.
NO BANK NOTE OF LESS THAN $10.

H

In order to provide a wider field for the active circulation
of our silver coins and certificates, which now constitute about
one-fifth of the entire volume of our currency, and to protect the
Treasury as far as possible against the accumulation of cer­
tificates returned in payment of customs and other dues to
the Government, it is proposed that no national bank note of
a less denomination than $10 shall be issued. The bank notes
under that denomination now outstanding amount to $63,258,949,
and there are also in circulation $64,418,831 in old United
States legal-tender notes in denominations less than $10;
$60,193,658 in Treasury notes of 1890 and $131,047,547 in sil­
ver certificates, making in the aggregate $318,618,985 in small
notes, or only about $19,000,000 less than the entire issue of
the silver certificates.
Attention was called to this subject in my last annual report,
and the opinion was then expressed that it would be good
policy to retire these small notes and replace them with
larger ones of like cha>acter.
Such a course would not
subject the people to any inconvenience in the transactic n of
their ordinary business, and would keep permanently out­
standing a much larger amount of silver coin and certificates
than has heretofore been done, thus relieving the Treasury to
a considerable extent from one of the difficulties which fre­
quently embarrass its operations. The large notfs would be
used generally in conducting the more important transactions
of the people, and in the payment of dues to the Govern­
ment, so that while no denomination would be excluded from
circulation, public and private interests would be alike sub­
served. These changes could be made gradually as the vari­
ous kinds of notes are received into the Treasury, and with
very little, if any, additional expense.
The fact that our circulating medium is composed of so many
kinds of currency would seem to require the enactment of such
legislation as will provide a place in which each can be safely
and conveniently used, and as this can be done without dis­
crimination against any of them, it ought not to be omitted from
any plan which proposes permanent changes in the system.
The policy of various other countries in this respect appears
to have enabled them to avoid the difficulties encountered here
in the attempt to keep the less valuable coins and their repre­
sentatives in circulation without derangement of the currency
or disturbance of the public finances.

£ h r

C crra m e rtM

COMMERCIAL

T ’iw e s .

E P I T O M E.
F r i d a y N i g h t , Dec. 7 ,1 8 9 4 .

The handling of bulk lots of merchandise has been slow and
without unusual feature.
The general run of information at
hand carries an impression that jobbers and retailers are
winding up the year’s business with unusual small accumula­
tions of stock, and that after annual inventories are taken
orders for replenishment of assortments will be liberal.
Portions of the wheat-planted area previously suffering from
drought have been relieved by rainfall, and the feeling regard­
ing crop conditions has improved.
The marketing of cereal
crop by growers was quite free, but the movement met im ­
proved foreign demand, which served t i support and
strengthen values.
A special report from the Agricultural
Department estimates that 75,000,000 bushels of wheat will
be fed to cattle before next pasturage.
The following is a comparative statement of stocks of
Leading articles of merchandise at dates given:

H

EXPERIENCE OF OTHER COUNTRIES.

.......

Great Britain, with $550,000,000 in gold and only $112,000,000 in silver, none of which is full legal tender, authorizes the
issue o f no note of a less denomination than £5, equal to
$24 33; France, Belgium and Italy, with $976,000,000 in gold
and $518,300,000 in legal-tender silver, issue no notes of a less
denomination than 20f., or $3 86; Holland, with $27,600,000 in
gold and $53,400,000 in legal-tender silver, issues no paper
below 25 florins, rqual to $10 05; Spain, with $40,000,000 in
gold and $126,000,000 in legal-tender silver, issues nothing be­
low 25 pesetas, or $4 72; Denmark, Sweden and Norway, with
$28,000,000 in gold and $12,100,000 in limited legal-tender sil­
ver, have no paper under 10 crowns, or $2 68, and AustriaHungary, with $130,000,000 in gold and $81,000,000 in legaltender silver, is gradually retiring all notes under 10 crowns,
or $4 04.
None of these countries have any paper based exclusively
upon silver as we have, and consequently all payments made
in sums less than the denominations of notes mentioned must
be made in actual coin, which would not be the case here if the
recommendation now made should be complied with. Our
stock of full legal-tender silver coins is larger in proportion to
the stock of gold than in any of the countries named exce. t
Holland, Belgium and Spain, and yet we continue to obstruct
their circulation by the issue of small United States notes and
bank notes, which serve the purposes of the people in their
daily transactions no better than the coins or ce rtificates based
upon them.
The experience of this country under the act of Feb. 28,
1878, which limited silver certificates to denominations of $10
and over, and under the act of Aug. 4, 1886, which removed
that restriction, justifies the belief that the change now pro­
posed would result in a greatly increased use of silver coins
and certificates, and that they would be much less likely to
return to and remain in the Treasury than at present, t At the
time of the passage of the act last referred to, permitting the
issue of silver certificates in denominations of $1, $2 and $5
standard silver dollars not represented by certificates bad ac
cumulated in the Treasury to the amount of $93,959,880, al­
though the total coinage up to that date was only
$235,643,286.
Within four months after that date, although in the mean­
time the coinage was progressing at the usual rate, the
amount of free silver held in the Treasury was reduced tp
$71,259,568, and it continued to decrease, on account of the
demand for small certificates, until it became so reduced that
further issues of certificates had to be limited practically to
the current coinage of the dollars.




1015

CHEOJSICLE.

Dec. 1,
1894.

Nov. 1,
1894.
Pork........................... ...........bbls.
L a r d .........................
Tobacco, d om estic.
Tobacco, fo r e ig n ....
Coffee, R i o ..............
Coffee, other.............
Coffee, Java, &o____ ......... mats.
S u g a r ...................... .......... bhds.
Sugar........................
Molasses, foreign .. .......... hhds.
H id e s.... ................. ..............No.
C o tto n .................... ........ bales.
Rosin.........................
Spirits turpentine..
............bbls.
T a r .....................
Rice, E. I .................. ...........bags.
Rice, d om estic....... ............bbls.
Linseed . . . ............
S a l t p e t r e ......... . .
Jute bu tts................ ......b a le s .
Manila hem p.......... ......... bales.
Sisal hemD.............. .........bales.
Flour.......... ....b b ls . and sacks.

12,986
8,307
17,570
55,130
166,735
32,813
39,875
5,844
752,977
23
88,200
88,982
21,067
1,207
910
8,700
1,600
None.
7,100
None.
6.364
9,185
176,600

11,088
10,190
16,917
57,610
175,928
11,500
32,089
426
406.606
None.
5«,800
99,252
19,327
1,522
735
10,750
•2.500
No-.ie.
5,3 iO
None.
11,771
8,551
157,600

I

Dec. 1,
1893.
2,207
7,872
16,266
45,151
114,263
17,493
66,566
85
184,843
317
191,300
161,119
21,290
2,081
1,880
4,SCO
2.100
None.
4.000
7,700
N one.
7 ,1 20
188.600

Lard on the spot ha3 sold moderately well, but at lower
prices, closing at 7‘25c. for prime Western, 6% c. for prime
City and 7 ‘65c. for refined for the Continent. The trading in
the local market for lard futures has been quiet and prices
have weakened slightly under full receipts of swine at primary
points and in sympathy with weaker advices from the West.
D AILY CLOSING PRICES OF LARD FUTURES.'

.,
D e c e m b e r ..........................
..
J a n u a r y ............ ................
..
M ay........................................

Sat.
7-30
7'30
7-35
7'35
7-50
7-50

Mon.
7-35
7-40
7-55

Tues.
7-25
7-30
7-50

Wed.
7'25
7-27
7*45

lh u rs.
7-25
7-30
....

Fri.
7-25
7-25
....

Pork has been quiet and without change, closing steady at
$13 50@$14 50 for mess.
Cut-meats have declined. Tallow
has been fairly active at firm prices, closing steady at 4% c .
Cotton-seed oil has declined, closing weak at 24c. for prime
crude and 29c. for prime yellow.
Raw sugars continued under neglqct and value uncertain.
Quoted nominally, centrifugal at 3^|c. for 96-deg. test and
muscovado at 3c. for 89 deg. test.
Refined sugars were
further reduced in cost without attracting demand ; granu­
lated quoted 4 ^ c . Teas and spices quiet.
Coffee of unattractive quality irregular, but choice grades
scarce, firmer and in demand. Rio quoted at 16c. for No. 7 ;
good Cucuta at 1 9 ^ @ 1 9 ^ c. and interior Padang at 2 4 ^ &
25c. Speculation for future delivery was active and prices
tending upward, stimulated by strong accounts from Europe
and Brazil, but the close unsettled under efforts to realize.
The following were final asking prices i
,12-90o.
D e c ................. 14'05c. I M a r c h ........,1 3 - 2 0 o . I June . . . . .
Ju ly...............1 2 * 8 5 0 .
J a n . . . .. .......1 3 '9 5 o . A p ril................. 12-95o. -------12-850.
M ay................. .12 90o. 1 Sept.
F e b ................. 13’55o.

Kentucky tobacco has sold slowly, but prices have been
without change and steady. Seed leaf tobacco has been in
better request at steady prices. Sales for the week were 3,215
cases, including 1,500 cases 1892, Wisconsin Havana,
13c.; 500 cases 1893, Wisconsin Havana, 4% @ 8% c,; 375 cases,
1893, New England Havana, 5® 13 e.; 125 cases 1893, New
England seed leaf, 9®123^c.; also 600 bales Havana, 65@$L 05,
and 350 bales Sumatra, 90® $3 20c., in bond.
The speculative dealings in the market for Straits tin have
been limited and prices have again declined, in response to
easier foreign advices, closing at 13-60c. Ingot copper has
made a further advance and the close was steady at 9 ’60c. for
Lake. Lead has been quiet and unchanged, closing steady at
3-121^ for domestic. Spelter has weakened a trifle, and the
close was easy at 8 2 7 ^ c . for domestic. Pig iron has sold
moderately well at unchanged prices, closing steady at $9 75®
$13 for domestic.
Refined petroleum has been advanced to 5-55c. m bbls.,
3-05 in bulk and 6 25c. in cases; crude in bbls. has been with­
out change, Washington closing at 6c. in bbls. and 3-50c. in
bulk; naphtha, 6c.
Crude certificates have been advanced,
closing at 88%c. bid.
Spirits turpentine has been dull but
steady at 27% c.@ 28c. Rosins have been quiet at $1 30@$1 35
for common and good strained.
W ool has had a slow call
but prices have held steady. Hops quiet and without change.

1016
■ W

TH E

=

'

......■■".7 .'.a .T.-.,= : .
'■l r = r
.

1

CHRONICLE.

C O T T O N .
F r id a y N ig h t , December T, 1894.
T h e M o v e m e n t o p t h e C r o p , as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening the total receipts have reached 349,451 bales,
against 364,320 bales last week and 349,913 bales the previous
week; making the total receipts since the 1st of Sept., 1894,
4,068,467 bales, against 3,304,753 bales for the same period of
1893, showing an increase since Sept. 1,1894, of 763,714 bales.
Receipts at—

Sat.

G a lv e s t o n ......
V elasco, & o ___
N ew O rlean s..
M o b ile ...............
F lo r id a ............
S avan nah.........
Bruns w ’k,&c.
«Charleston.......
P t. R oyal, &e.
W ilm in g to n ....
Wash’ ton, &c.
N orfolk..............
W est P o in t ...
■ N ’p o rtN ., &c.
N ew Y o rk .........
B o s t o n ............
B altim ore.........
Philadelphia &c

Mon.

lu es.

Wed.

[VOL. L IX ,

.........— :

Thurs.

Fri.

Total.

9,941 24,737 11,034 8,063 9,212 12,211 75,198
......
......
2,597
......
......
2,597
7,205 21,291 20,398 15,339 14,463 15,214 93,910
2,332 1,734 1,027 2,441 11,568
1,555 2,479
....... .
.........
511
......
......
511
9,145 9,419 7,917 4,732 5,919 4,151 41,283
......... 13,498 13,498
......
« ...i
......
4,612 3,531 2,096 1,916
828 2,417 15,430
......
3,634
3,634
......
......
2,201 1,759 1,958 1,927 1,307 1,574 10,726
107
......
......
......
107
......
4,878 4,952 7,327 5,349 5,668 3,612 31,786
4,002 2,564 3,814 3,143 1,702 3,722 18,947
....... «
2,489
2,489
......
......
......
......
9,608
1,655 1,526 1,994 1,902 2,531
4,902
157
497 1,791 1,829
628
6,953
6,953
......
•••... . . . . . .
......
6,304
604
291
882
586
771 3,170

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
W e add similar figures for
New York, which are prepared for our special use by Messrs.
Lambert & Barrows, Produce Exchange Building.
ON SHIPBOARD, NOT CLEARED— FOR

Dec. 7 at—

Great
Other Coast­
Britain. France. Foreign wise,

N ew O rlean s...
Galveston*.......
Charleston.......
M obile___ ____
Other p o r t - ....

50,330
95,100
None.
10,000
4.000
46,700
9.000
25,000

12,470
24,680
1,000
None.
None.
None.
3,300
None.

44,617
25,426
8,000
11,000
300
4,000
7,700
21,000

Leaving
Slock.

Total.

2,599
7,614
3,000
700
None.
3,800
None.
None.

110,016
152,820
12,000
21,700
4,300
54,500
20,000
46,000

262,728
128,795
96,096
58,975
20,220
21,234
79,219
99,602

T otal 1 8 9 4 ... 240,130

41,450 122,043 17,713

421,336

766,869

T otal 1 8 9 3 ... 231,501
T otal 1 8 9 2 ... 89.612

36,270
27,230

374,628
224,182

824.891
879;597

90,791
86.912

16,066
20,428

Speculation in cotton for future delivery at this market
shows a very good record of business accomplished.
In com­
parison with the preceding week, however, there was a
noticeable diminution of demand from the outside trading
public and a considerable portion of the business was of
simply manipulative character under the hands of regular
operators.
Local opinion favors purchasing when cost ap­
proximates 5 ^ c .
Saturday’s market was irregular, running
irom 2 points advance to 7 points decline and finally closing
T ot’ls this week 44,421 73,601 59,163 45,495 46,989 79.782l349.451
at only 1 @ 2 points net loss, the business confined principally
The following shows the week’s total receipts, the total since to winding up deals on both sides.
On Monday there was a
Sept. 1, 1894. and the stock to-nigbt, compared with last vear. net gain of 10 points, well held up to the close, the gain ac­
counted for upon the assumption that Southern operators were
Stock.
1894.
1893.
making a concerted effort to stimulate both this and the foreign
Receipts to
This Since Sep. This Since Sep.
market. During Tuesday 10 points were lost again, the for­
Dee. 7.
1894.
1893.
Week. 1 ,1 8 9 4 .
Week. 1 ,1 8 9 3 .
eign market having failed to strengthen as hoped for. The
G a lv e sto n ... 75,198 951,828 65,633 657,090 281,615 216,675 markets of Tuesday and Wednesday were quite erratic but
V ela sco, &o.
29,622
2,597
1,794
65 generally tending upward, with about ^ c . recovery on prices,
20,255
N ew Orleans 93,910 1,272,976 88,919 961,081 372,744 312,805 some large local concerns putting forth a special effort in sup­
M obile......... . 11,568 123,622 13,407 117,939
24,520
37,096 port of January options. To-day the tone was feverish, finally
resulting in some 7 points net decline under heavy crop move­
F lo r id a .........
13,632
1,194
511
11,101
S avan nah. . . 41,283 582,525 43,295 606,730 108,096 125,634 ment for week and less promising accounts from abroad.
B r’ wick,& e 13,498
75,109
2,438
44,218
12,281
14,900 Cotton on the spot has been dull at 5% c. for middling up­
lands.
C harleston.. 15,430 257,252 16,453 227,153
80,575
96,538
The total sales for forward delivery for the week are 873,300
3,834
59,205
P.R oyal,& e
181
30,548
bales. For immediate delivery the total sales foot up this week
Wilmington.. 10,726 165,162 12,703 127,944
24,192
23,800
5,873 bales, including —
for export, 673 for consumption,
W asn’n, &e
554
mm
mm
m
107
68
369
— for speculation and 5,200 on contract. The following are
N o r fo lk ........ 31,786 246,841 27,380 271,227
75,734 102,101
the official quotations for each day of the past week—
W est Point ‘ 18,947 158,385 15,852 122,536
30,694
22,362 December 1 to December 7.
N ’p ’t N .,& o
2,489
19,571
22,513
9,190
6,328
14,480
Bates on and off middling, as established Nov. 22, 1893,
N ew Y o r k ...
30,469
9,608
4,034
16,893
99,219 174,603 by the Revision Committee, at which grades other than
B oston . . . . . .
4,902
4,958
7,205
32,580
31,000
24,000 middling may be delivered on contract:

B a ltim o re ...
Philadel.,&o.

6,953
6,304

35,997
40,779

2,691
1,528

20,614
13,957|

29,146
9,099

25,050
8,910

T o t a l s ..... 349,451 4,068.46 7 311,103 3,304.753 1.188,205 1,199.519

Good Middling

I n o r d e r t h a t c o m p a r is o n m a y b e m a d e w i t h o t h e r y e a r s , w e
g i v e b e l o w t h e to ta ls a t le a d in g p o r t s f o r s ix se a s on s.
Receipts at—

1894.

1893.

Galves’n,&o.
N ew Orleans
M o b ile .........
S avan nah ...
Char’ton,&o.
W ilm ’ton,&c
N o r fo lk .......
W. Point,&e.
A ll o th e r s...

77,795
93,910
11,563
41,233
19,064
10,833
31,786
21,436
41,776

67,427
88,919
13,407
43,295
16,634
12,771
27,380
22,130
19,090

59,774
93,436
10,236
30,271
8,073
10,121
11,318
8,674
24,007

52,110
107,972
1.1,681
42,583
15,001
7,430
20,019
12,152
26,466

36,888
81,578
12,241
35,515
17,810
4,904
25,578
17,163
25,850

32,043
98,623
12,476
37,227
11,353
6,321
13,648
18,147
17,774

T ot. this w k.

349,451

311,103

255,910

296,501

257,529

252,612

1892.

1891.

1890.

1889.

S ince Sept. 1 4068,467 3304,753 2997,486 4061,351 3698,099 3617,415

on.
on.
on.
— 516 on.
off.
off.
off.

.0. Ï J i
... 78

from —
G alveston......
Velasco, & c....
Now Orleans..
M obile & Pen.
Savannah.......
Brunswick..,.:.
Charleston*...
W ilm ington..
N orfolk...........
W est P oin t....
N ’p’t News, &c
New York.
Boston......
Baltimore..
Philadelp’a

Week Ending Deo. 7.
From Sept. 1,1894, to Dec. 7 . 1894
Exported to—
Export.e m Great
Conti­ Total Great
Conti­
France nent. Week. Britain. France nent.
Total.
Brit’n.
34,111
14,616
7,944
18,231
5,980
13,964
11,019
8,283
2,613
12,161
6,688
1,790

8,625 42,731
1,693 1,693
44,394 32,257 91,277
7,944
4,877 27,335 50,443
3,250 9,230
7,353 21,317
23,030 26,080
11,019
.... .
8,283
2,613
1,231 7,184 20,576
119 6,807
200 7,873 8,073
1,199 2,989

311,538 111,038
320,231 215,452
38,239
38,653 14,014
27,960
111,081 2,100
31,033
42,486
33,538
7.574
138,895 13,175
50,056
27,928
300
13,277

164,240 586,816
24.011 . 24,011
248.059 783,742
4,669
42,905
238,268 290,935
13,691
41,651
91,727 207,908
99,386 130,424
4,155
46,641
10,433
43,970
7,574
83,163 235,233
716
50,772
51,016
79,244
2,548
15,825

137,400 60,702 122,978 311,080 1,195,494 356,079 1,036,111 2,587,684
i
99,781 25.796 87.131'212,708 ’ 1,116.359 257.868 674,902 2,049,129

* I n clu d in g Port Royal




1*8 oft.
E v en .
732 oft.
7 ,a oft
2932 oft.
138 oft.

On this basis the prices for a few of the grades would be as
follows:
UPLANDS.

M on T u es W e d

S a t.

Th.

F r i.

534
6ixe
65g

469
55,6
5%
61x«
65s

458
5B
xe
5\
6b e
6®8

M on T u es W ed

Th.

F r i.

4 78

4H ie 41116 45«
53s
55le
538
513x6 513]6
618
618
6be
6U1 6iix« 6°8
fi

Good Ordinary..........................
Low M iddling.................. ...........
Middling.......................................
Good M id d lin g ........................ .
Middling F air..............................
GULF.

S at.

Good Ordinary........................
Low M id d lin g ................... .........
Middling......................
Good M id d lin g ....................... .
Middling F a ir........ ....................

The exports for the week ending this evening reach a tota 1
STAINED.
of 311,080 bales, of which 137,400 were to Great Britain, 50,702
to France and 132,978 to the rest of the Continent. Below ar< Low M iddling..............................

Export*

Good O r d in a r y .....___ .c .
G ood M iddling T in g ed ...
Strict M iddling S ta in ed ..
Middling Stained..........
Strict L ow Mid. Stained..
L ow M iddling S ta in ed ....

55X
6

478
59xe
6
65,e
6 78'

S a t.
d7i0
53a
519,2
513,6

4 7s
59le
6
6®16
6 7e

6
65,6
6 78

47
8
59x6
6,
65l6
6 78

M on T u es W ed

d 15xe
5^8
6be
638 .
6151
P

Middling.......................................
Strict M id d lin g .........................
Good M iddling T inged..............

415,6
55s
SL«
63s
6151P

45s

Th.

F r i.

47l6 438
55,6
53a
519,2 51*3*
513i« 5%

5®
X6

438
55,6
51732
5%

438
55X6
51732
5%

438
55ie
51732
5%

MARKET AND SALES.

The total sales of cotton on the spot and for future delivery
each day during the week are indicated in the following
statement. For the convenience of the reader we also add
a column which shows at a glance how the market closed on
same days.
SALES OF SPOT AND CONTRACT.
SPOT M ARKET
CLOSED.

Sat’ d a y .
Monday
Tuesday
Wed’day
Thur’d’ y
Friday..

D ull.....................
D u ll..................
E asy at b e d e e .
DuU.....................
Dull................ .
D u ll....................

T otal.
Th e S a l e s a n d

Ex­
p ort.

Con- Spec- Con­
sump. u l't’n tract.

....

103
353

....

....

217

....

....

673

—

Total.

Sales of
Futures.

....

217

100,300
178.600
160,500
161,900
140,400
131.600

5,200

5,873

873,300

5,200

5,303
353

P r i c e s o f F u t u r e s are shown b y the

following comprehensive table.

THE

D e c e m b e r 8, 1894.]

CHK0N1CLE,

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Liverpool stock .........bales. 755,000 900,000 1,183,000 956,000
Continental sto ck s................... 525,000 545,000 462,000 340,000
Am erican afloat fo r E u r o p e ... 876,000 646,000 584,000 797,000
United States stock.................... 1,188,205 1,199,519 1,103,779 1,229,587
United States interior stock s.. 484,023 441,720 432,454 554,754
United States exports to-d ay .
68,456
28,485
36,020
28,9E©
Total A m erican.................... 3,896,684 3,760,724 3,801,253 3,906,321
East Indian, B razil, (6c. —
Liverpool stock .......................... 140,000 192,000 169,000 190,000
London s to c k .............................
8,000
7,000
6,000
9,000
Continental stocks....................
126,200
99,300 116,400 118,400
12,000
45,000
30,000
16,000
India afloat for E urope............
Egypt, B razil. &c., afloat.........
53,000
59,000
70,000
58,000
Total E ast India, & c........... 339,200 402,300 391,400 391,400
T otal A m erican.................... 3,896,684 3,760,724 3,801,253 3,906,321
Total visible su pply.......... 4,235,884 4,163,024 4,192,653 4,297,721
M iddling Upland, L iv erp ool..
3532d.
45i6d.
53i6d.
45,6d .
Middling Upland, New Y ork ..
5%e.
7i3u c.
94c.
8iie 0.
Egypt G ood Brown, L iverpool
4Jad.
57iefl5 1:ii6d.
5 fad-.
Peruv. Rough Good, L iverpool
5 »ad.
6 iied.
6*nd.
9d .
Broach Fine, L iv e r p o o l...........
33ied.
43gd.
5^ .
4316d.
Tinnevelly Good, L iv e r p o o l..
3316d.
4716d.
5d.
41
4-d.
T h e im p o r t s in t o C o n t in e n ta l p o r t s t h e p a s t w e e k h a v e
b e e n 120,000 b a le s.
T h e a b o v e fig u r e s in d ic a t e a n in c r e a s e in t h e c o t t o n in s ig h t
t o -n ig h t o f 72,860 b a le s as c o m p a r e d w it h t h e s a m e d a t e
o f 1893, a n in c r e a s e o f 48,231 b a le s f r o m t h e c o r r e s p o n d in g
d a te o f 1892 a n d a d e c r e a s e o f 61,337 b a le s f r o m 1891.
a t t h e I n t e r i o r T o w n s t h e m o v e m e n t — t h a t is t h e r e c e ip t s
fo r th e w e e k , a n d s in c e S e p te m b e r 1, t h e s h ip m e n t s f o r t h e
w e e k a n d t h e s t o c k s t o -n ig h t , a n d t h e s a m e it e m s f o r t h e
c o r r e s p o n d in g p e r io d o f 1893— is set o u t in d e ta il b e lo w .

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M050»M^OOMCOQOO)COM^j*is»COCJ»<IO^<©00»c»OMCO©»QOO;COCO
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1894.
1893.
1892.
1891.
895,000 1,092,000 1,352,000 1,146,000»
Stock at L iv erp ool.........hales.
Stock at L on d on ........................
8,000
7,000
6,000
9,000
T otal Great B ritain stock . 903,000 1,099.000 1,358,000 1,155,000
Stock at H am burg.
12,000
1,200
3.000
21,000
141,000 172.000 101,000
Stock at B rem en.................
18,000
Stock at A m sterd am .
15.000
10,000
15.000
300
200
400
Stock at R otterd a m ..
200
5.000
Stock at A ntw erp ................... .
11,000
9.000
3.000
Stock at H avre........................... 366,000 376.000 367,000 239,000
Stock at M a rseilles................
5,000
10.000
8.000
4.000
64,000
Stock at B a rcelon a ...................
65.000
56.000
29.000
Stock at Genoa...........................
12,000
7.000
5.000
8,000
11.000
8tock at T rieste ............ ...........
21,000
20.000
21.000
651,200 644,300 578,400 458,400
T otal Continental stocks.
Total E uropean s to c k s . . . . 1,554,200 1,743,300 1,936,400 1,613,400
India cotton afloat fo r E urope.
12,000
45,000
30,000
16,000
A m er.cott’n afloat fo r E urope. 876,000 646,000 584,000 797,000
E gypt,B iazil,& c.,afltforE ’r’pe
53,000
59,000
70,000
58,000
Stock in United States p o rts.. 1,188,205 1,199,8194,103,779 1,225,587
Stock in U. S. interior tow n s.. 484,023 441,720 432,454 554,754
United States exports to-d ay .
68,456
28,485
36,020
28,980
T otal visible s u p p ly .. . . . . . 4,235,884 4,163,024 4,192,653 4,297,721
O f the above, totals o f American and other descriptions are as fo llo w s :

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T h e f o l l o w i n g e x c h a n g e s h a v e b e e n m a d e d u r in g t h e w e e k :
• pd. to e x c b . 1,100 Mcii. fo r May.
11
•17 pd. to exch. 600 Mch. fo r June.
•10 pd. to exch. 700 Jan. fo r Mch.
•08 pd. to exch. 800 Dec. fo r Jan.
•26 pa. to exch. 900 Jan. fo r June.
•09 pd. to exch. 200 Jan. fo r Mch.
•21 pd. to exch. 200 Jan. fo r May.
•20 pd. to exch. 3,100 Jan. fo r May.
'06 pd. to exch. 500 May fo r June.
•28 pd. to exch. 200 Dec. fo r May.
*05 pd. to exch. 2,000 Feh. fo r Mch.

•05 pd. to exch. 100 Jan. fo r Feb.
•08 pd. to exeh. 4,400 Jan. fo r Mch.
•29 pd. to exch. 100 Jan. for July.
•28 pd. to exch. 3,000 Jan. for July.
•03 pd. to exch. 200 Jan. for Feb.
•18 pd. to exch. 200 Jan. fo r May.
•07 pd. to exch. 200 Jan. fo r Mcii.
•06 pd. to exch. 1,000 Jan. for Mch.
•12 pd. to exch. 1,000 Jan. fo r Apr.
*17 pd. to exch. 300 Jan. fo r May.

T h e V i s i b l e S u p p l y o f C o t t o n t o -n i g h t , a s m a d e u p b y c a b l e
an d te le g r a p h is as f o ll o w s . T h e C o n t in e n ta l s t o c k s , a s w e ll a ,
th ose f o r G r e a t B r ita in a n d t h e a flo a t a r e th is w e e k ’s r e tu r n ss
an d c o n s e q u e n t ly a ll t h e E u r o p e a n fig u r e s a r e b r o u g h t d o w n
to T h u rs d a y e v e n in g . B u t t o m a k e t h e to ta ls t h e c o m p l e t e
fig u res f o r t o -n ig h t (D e c . 7), w e a d d t h e it e m o f e x p o r t s f r o m
the U n it e d S ta te s , i n c lu d in g in i t t h e e x p o r t s o f F r i d a y o n l y .




9s

iff

&
t *
C O O aO tO C © O >M D M C C ^IO tO O <IO »P a '•».6
O l<lC © M M O C K C tO © O O O <IO aC !tO ‘ D
tOtOK)Oi»P*M^bOOGOtOfO©>^^©CJ*<lCjO<K100QOtOtO©Oi©©©^ co ®

O
©MtO<IOi©©M©©©COCOWfcOOi©»P*»©©^q©OiOL©om^©WOl© C
S
W tO tf*
M M
oi M©MMHM10MiU tf^ tO C rf^ C M O
tO O © M O fcO l
to'©Vioom ooo^ ©'co'co'to'bc 'q'V'o '© to'V b0wa)aD'^'k)'^Voi co
o
oo jo
4'^'‘

9s

WS-S

w
oo ; wto ®o<M<i»a»pi coosh*
0 ftlo 0 <1M■ O toW T IOlV'o
5
0
T OK
V »OlOM ivT ts O O0 < Mo
a
o O 5J
05M «0O
O T00| O O tO O O O O T tO «C
O O O M T O O iS-H M >>-‘0500<iaoO *-l
tsO
!-•< 1 iM « ■ 00OOO00<iQ5-4OO05«DiM-J05MM«0OT«0t005t005
» O

00 S'

* Louisville figures “ n e t” in both years
i This year’s figures estimated.
{ Last year’ s figures revised.
T h e a b o v e t o t a ls s h o w th a t t h e in t e r io r s t o c k s h a v e in c r e a s e d
lu r in g th e w e e k 41,009 b a les a n d a r e n o w 42,303 b a le s m o r e t h a n
at sa m e p e r io d la st y e a r . T h e r e c e ip t s a t a ll th e t o w n s h a v e
been 108,868 b a les m o r e t h a n s a m e w e e k la st y e a r a n d s in c e
Sept. 1 a r e 983,120 b a le s m o r e t h a n f o r s a m e t im e in 1893.

1018

THE

Q u o t a t io n s

fob

M i d d l i n g (J o t t o n

at

CHRONICLE,

Oth er M arkets.—

Below we give closing quotations of middling cotton at South­
ern and other principal cotton markets for each day of the w eek,
Week ending
Dec. 7.

CLOSING- QUOTATIONS FOB MIDDLING COTTON ON—

Satur.

«Galveston...
N ew Orleans
M obile..........
S avan n ah ...
■Charleston..
W ilm ington.
N orfolk........
B o s to n . . . . . .
B a ltim ore...
Philadelphia
A u g u s t a ....
M e m p h is....
S t. L o u is ....
H o u s t o n ....
C in cin n ati..
L o u isv ille ...

5k
56le
5k
5k
5k
5k
313x6
5k
6*8
5k,
55,6
53e
5516
55s
558

Wednes.

Thurs.

Fri.

55,6
53,6
53,e
5k
5k
5k
5k
5k
5k
6
5k
5k
5 5i6
5k
59X
6
57,6

lu es.

Mon.

5ke
5 3 ,,
53,6
5k
53,6
5k
5k
5k
5k
6
55,6
5k
5k
5k
59,6
57,6

55,6
5k
53,6
5k
5k
5k
5®13
5k
5k
6
5°i«'®38
5k
5k
5®i6
5k
57,«

538
5k
5316
5k
5k
5k
5k
5 13X
6
5k
6k
5“ ia
55,6
5*8
55,«
5k
57ie

538
5516
5k
5*16
5*8
5*8
5k
51*16
5%
6k
55h
55,6
538
55,6
53s
57l6

The closing quotations to-day (Friday) at other important
Southern markets were as follows.
A tla n t a ......... .
Columbus, Ga.
Colum bus, Miss
B u fa u la .. . . . . . .

5k
5
5
5

Little R o c k ....
M ontgom ery...
N ash ville....... .
N atch ez........ .

5
5
5k
5116

N ew berry___
R a le ig h ......... .. 5 k ® k
Selma............. . . 5 k
S h reveport...

R e c e i p t s f r o m t h e P l a n t a t i o n s . — 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 which
finally reaches the market through the outports.

Week
Ending—
Nov.
“
*
“
“
Dec.

2 .,..,
9 ......
16......
23......
3 0 ../..
7

Receipts at the Ports. Ist’J at Interior Towns. Rec'pts from Plant’ns
e
1892.
293,552
265.619
262,766
251.761
318,355
255,910

1893.

1891.

1892.

1893.

1892.

1893/ J 1891.

326,809
270,603
262,832
271,513
296,122
291,537

379,310 178,903
317,739¡412,064
315,089 100,551
312,019 356,161
309,708 398,796
330.357 390.160

1891.

331,762 129,113 3:1,031 321,560 323,125
296,111 391,662 323,015 313,158 371,1:7
299,571 J
369,1621
326,081 388.676 102,219
291,006 349,912,318,860 409,689 108,138
296,931 ¡364,2201
396,627 122,166 113,011
311,103 349,15l'l32,151 l ! 1,720 181,023

The above statement shows: 1.— That the total receipts from
the plantations since Sept. 1 in 1894 are 4,495,155 bales; in
1893 were 3,870,307 bales; in 1892 were 3,301,305 bales.
2.— That although the receipts at the outports the past week
were 349,451 bales, the actual movement from plantations was
390,460 bales, the balance going to increase the stocks at
the interior towns. Last year the receipts from the plantations
for the week were 330,357 bales and for 1892 they were
1291,737 bales.
Ove rlan d M ovem ent

fo r the

W

e e k a n d s in c e

S e p t . 1 .—

W e give below a statement showing the overland movement
for the week and since September 1. A s the returns reach us
by telegraph late Friday night it is impossible to enter so
largely into detail as in our regular monthly report, but all
the principal matters of interest are given.
This weekly
publication is of course supplementary to the more extended
monthly statements. The results for the week ending Dec. 7
and since Sept. 1 in the last two years are as follows:
1894. ,
December 7.
Week.
■Shipped—
V ia St. L o u i s . . . . . . ......................
Via Cairo.......................................
Via H annibal...............................
V ia E vansville.............................
V ia L o u is v ille ................... .
V ia Cincinnati..............................
V ia other routes, & o....... ...........

61,057
19,151
2Í
9,425
11,707
7,847

T ota l gross o v e r la n d ............ 109,208
D educt shipments—
Overland to N. Y ., B oston, & o.. 27,767
1,096
B etw een interior t o w n s ............
In la n d , & o .,fro m S o u th . . . . . . . .
3,533

Since
Sept, 1.

1893
Week.

Sino*
Sept. 1

444,695 136,380
167,813 14,129
1,643
515
378
1,408
6,851
80,196
79,708
6,000
60,564
9,026

266.172
105,019
6,201
5,162
44,704
46,760
49,182

834,929

74,407

523,200

112,203
11,281
33,949

15,458
2,113
7,140

84,041
3 3,856
40,869

157,433

24,711

138,769

L eavin g to ta l n e t o v erla n d *.. 76,763 677,496 49,696
* In clu d in g m ovem ent by r a il to Canada.
1 Revised.

384,431

T ota l to be d e d u c t e d ..............

32,445

The foregoing shows that the week’s net overland movement
this year has been 76,763 bales, against 49,696 bales for the
week in 1893, and that for the season to date the aggregate net
overland exhibits an increase over a year ago of 293,065 bales.
1894.
I n Sight and Spinners'
Takings.

Week.

Since
Sept. 1.

1893
Week.

Since
Sept. 1

R eceipts at ports to Dec. 7 ........... 349,451 4,063,467 311,103 3,304,753
Net overland to Dec. 7 ................... 76,763 677,496 49,696. 334,431
'Southern consum ption to Dec. 7 20,000 250,000 20,000 241,000
T ota l m arketed......................... 446,214 4,995,963 380,799 3,930,184
Interior stock s in e x c e ss............... 41,Oo9 423,688 19,254 365,554
Came in to sight during w eek. 487,223
400,053
T o ta lin s ig h t Dec. 7 ___ . . . . . .
5,422.651
4,295,738
North’ n sp in n e rsta k ’ ga to Dec. 7

1,085 867

667,996

It will be seen by the above that there has come into sight
during the week 487,223 bales, against 400,053 bales for the
same week of 1893, and that the increase in a Mount- in sighi
to-night as compared with last year is 1,126,913 bales.




[V ol . L IZ .

W e a t h e r R e p o r t s b y T e l e g r a p h . — Reports by telegraph
from the South to-night indicate that the weather has been
favorable in most districts during the week. W hile rain has
fallen in many localities the precipitation has as a rule been
light. Picking progresses rapidly. The crop movement con­
tinues very liberal.
Galveston, lex a s.— In general ground is too dry for plow­
ing ; more raia is needed. Picking is progressing nicely and
a good deal of cotton is standing in the fields in some local­
ities. W e have had rain on two days during the week, the
precipitation being fifty-two hundredths of an inch. The
thermometer has averaged 63, the highest being 74 and the
lowest 52. November rainfall one inch and fifty-nine hun­
dredths.
Palestine, Texas,— There has been rain on two days of the
week, the precipitation reaching forty hundredths of an inch.
The thermometer has averaged 60, ranging from 40 to 82.
Month’s rainfall one inch and ninety hundredths.
Huntsville, Texas.— W e have had rain on one day of the
week, the rainfall reaching four hundredths of an inch. The
thermometer has ranged from 51 to 78, averaging 64. Rain­
fall for November sixty-five hundredths of an inch.
Dallas, lex a s.— There has been rain on two d xys during
the week, the precipitation being fifty-five hundredths of an
inch. Average thermometer 59, highest 80 and lowest 38.
During the month of November the rainfall reached fortythree hundredths of an inch.
San Antonio, Texas.—It has rained on one day of the week
the precipitation reaching six hundredths of an inch. The
thermometer has averaged 62, the highest being 7 8 and the
lowest 46. November rainfall only a trace.
Luting, Texas.— W e have had rain on one day during the
week, to the extent of nine hundredths of an inch. The ther­
mometer has averaged 61, ranging from 42 to 80. Rainfall
for the month of November nil.
Columbia, Texas.—There has been rain on one day of the
past week, the rainfall being eleven hundredths of an inch.
The thermometer has ranged from 52 to 80, averaging 66.
During the month of November the rainfall was ninety-hun­
dredths of an inch.
Cuero, Texas.— W e have had rain on three days of the
week, to the extent of thirty-two hundredths of an inch.
Average thermometer 63, highest 80 and lowest 46. During
November the rainfall reached twenty-five hundredths of an
inch.
Brenham, Texas.— W e have had one shower during the
week, the precipitation being twelve hundredths of an inch.
The thermometer has averaged 64, the highest being 80 and
the lowest 48.
November rainfall forty-one hundredths of
an inch.
Belton, Texas.—There has been rain on two days of the
week, the rainfall reaching fourteen hundredths of an inch.
The thermometer has averaged 59, ranging from 40 to 78.
Rainfall for the month of November thirty-two hundredths
of an ioch.
F ort W orth, Texas.— W e have had rain on one day of the
week, to the extent of ten hundredths of an inch. The ther­
mometer has ranged from 38 to 80, averaging 59. During the
month of November the rainfall reached twenty hundredths
of an inch
W eatherford, Texas.— There has been no rain the past week.
Average thermometer 60, highest 80 and lowest 39.
Novem­
ber rainfall ten hundredths of an inch.
New Orleans, Louisiana — There has been one shower dur­
ing the week, the rainfall reaching one hundredth of an inch.
The thermometer has averaged 63. During November the
rainfall was one inch and thirty-four hundredths.
Shreveport, Louisiana.— It has rained on three days of the
week, with rainfall to the extent of fifty-eight hundredths of
an inch. The thermometer has ranged from 40 to 74, averag­
ing 57. November rainfall eighty-seven hundredths of an
inch.
Columbus, M ississippi.— W e have had rain on two days the
past week, the rainfall being fifteen hundredths of an inch.
Average thermometer 55, highest 74 and lowest 30. November
rainfall thirty-four hundredths of an inch.
Leland, M ississippi—November rainfall seventy-nine hun­
dredths of an inch.
Meridian. M ississippi.— Telegram not received.
Helena, Arkansas.— There has been rain on three days dur­
ing the week, the precipitation being one inch and thirtynine hundredths. Average thermometer 48 6, highest 67 and
lowest 28.
Memphis, Tennessee.—W e have had rain on three days
during the week, the precipitation being one inch and fiftysix hundredths. The thermometer has averaged 48'8, the
highest being 66’8 and the lowest 32. November rainfall fortynine hundredths of an inch.
Nashville, Tennessee.— W e have had rain on two days during
the week, to the extent of thirty-two hundredths of an inch.
The thermometer has averaged 46, ranging from 26 to 67.
Rainfall for the month of November one inch and ninety-two
hundredths.
Montgomery, Alabama.— Rain has fallen on two days of the
week, to the extent of seventy-three hundredths of an inch.
Average thermometer 56, highest 65, lowest 46.

THE

D e c e m b e r 8, 1894.]

Selma, Alabama.—Many farmers are bringing in the last of
their cotton. W e have had rain during the week, the rainfall
reaching twenty-seven hundredths of an inch. The ther­
mometer has averaged 55, the highest being 72 and the
lowest 36.
Mobile, Alabama.— There has been rain on one day of the
week, the rainfall reaching eight hundredths of an inch.
The thermometer has ranged from 44 to 72, averaging 59.
During the month of November the rainfall reached twentyone hundredths of an inch.
Madison, Florida.—Telegram not received.
Columbus, Georgia.— W e have had one shower during the
week, the precipitation reaching twenty-nine hundredths of an
inch. The thermometer has ranged from 38 to 67, averag­
ing 54.
Savannah, Georgia.— There has been no rain the past
week. Average thermometer 57, highest 75 and lowest 45.
November rainfall three inches and seventy-eight hundredths.
Augusta, Georgia.— It has rained on one day of the week,
the precipitation reaching seventy-two hundreths of an inch.
The thermometer has averaged 52, the highest being 73 and
the lowest 32.
Charleston, South Carolina.— Dry weather has prevailed
all the week. The thermometer has averaged 55, ranging
from 42 to 73. Rainfall for November three inches and four­
teen hundredths. •
Stateburg, South Carolina.— There has been rain on two
days of the week, the rainfall reaching seventy-six hundredths
of an inch. The thermometer has ranged from 31 to 71, aver­
aging 45-3. During the month of November the rainfall
reached one inch and two hundredths.
Wilson, North Carolina.— W e have had rain on one day of
the week, to the extent of seventeen hundredths of an inch.
Average thermometer 44, highest 70 and lowest 24.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at
8 o’clock December 6, 1894, and December 7, 1893.
Dec. 6, ’94.
New O rleans___ ___ A bove
M emphis............
Nashville............ ....B e lo w
Shreveport.........
Vicksburg.......... ___ Below

Dee. 7, '93.

Feet.
2-9
0-3
V2
5-4
3*2

Feet.
20
*3 "5
*10-4
3-2
*1-8

low -w ater m ark.
zero o f gauge.
zero o f gauge.
zero o f gauge.
zero o f gauge.

* A bove low -w ater mark.
I n d i a C o t t o n M o v e m e n t F r o m a l l P o r t s . — The receipts
and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to Dec. 6.
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR YEARS.

Shipments since Sept. 1.

Shipments this week.

Great
tear Great Conti­
B rit’n. nent. Total. B ritain

Conti­
nent,

5.000
7.000
5.000
3.000

19.000
75.000
67.000
42.000

1894
1893 i*,ooô 16,000 17,000
1892 2,000 1,000 3,000
1891

Receipts
This
Week.

Total.

24.000 13.000
82.000 23 000
72.000 25.000
45.000 7,000

1019

CHRONICLE

Since
Sept. 1.
60,000
144.000
103.000
98,000

Alexandria, Egypt,
December 5.
Receipts (eantars*)-...
This w e e k ....
Since Sept. 1.

1892

1893.

1894.
250,000
1,913,000

270,000
•1,916,000

Since
This
week. Sept. 1.

280,000
3,126,000

This
Since
week. Sept. 1.

This
Since
week. Sept. 1.

Exports (bales)—
To L iv e r p o o l............ 15.000 105.000 15.000 101,000 19.000 176,000
To C ontinent............ 14.000 103.000 10.000 76,000 16.000 90,000
Total E urope_____ 29,000 208,000 25,000 177,000 35,000 266,000
* A cantar is 98 pounds.
M a n c h e s t e r M a r k e t . — Our report received by cable to­
night from Manchester states that the market is dull for both
yarns and sheetings. Production is being curtailed slowly.
W e give the prices for to-day below and leave those for
previous weeks of this and last year for comparison:
1893.

1894.

d.
Nov. 2 SH
« 9 538
n 16 5B
i«
“ 23|5V|<?
“ 30 5H
Deo. 7 ö-'H
ä

d.
©OH
©6*8
®6
® 6H
© 6H
® 6 iie

CotVn
Mid. 32* Cop.
Twist.
TJplds

8H lbs.
Shirtings.

32* Cop.
Twist.
s.
4
4
4
4
4
4

d. s.
4 6
3H ® 6
3 ®6
3 ®6
3 ®6
2 96

d.
3H
3*32
3
3H
3ö39

d.
d.
7H ® 7%
7
®7®8
678 ® 7H
61316®738
6% ®73g
3 b32 6Hia®738

d.
3
2
l 'a
2
2
l 'a

8H lbs.
Shirtings.
s. d.
s.
5 10i2® 7
5 10H ® 7
5 9 ®7
5 8H ® 7
5 8 ®7
5 7H ® 7

d.
7H
7H
7
7
7
7

Ootvn
Mid.
Upldt
d.
48s
4H
4H
4H «
4®ie

S e a I s l a n d C o t t o n M o v e m e n t . W e have received this
(Friday) evening by telegraph from the various ports the
details of the Sea Island cotton movement for the week. The
receipts for the week ending to-night (December 7) and since
Sept. 1, 1894, the stocks to-night, and the same items for the
corresponding periods of 1893, are as follows.
1894.
Receipts to Dec. 7.

1893.

Stock.

This
Since
This
Since
week. Sept. 1. week. Sept. 1. 1894.

1893.

3,780
632
492
T o t a l..........................

43,215
3,773
2,497

2,694
59
130

36,279 13,322 14,399
1,786 2,395 1,474
1,423 1,581
771

4,904

49,485

2,883

39,488 17,298 16,644

The exports for the week ending this evening reach a total
of 6.658 bales, of which 5,844 bales were to Great Britain, 761
to France and 53 toReval, &c., and the amount forwarded to
Northern mills has been 2,322 bales. Below are the exports
for the week and since September 1 in 1894 and 1893.
Since Sept. 1,1 894 .

North’n Mills.

Great Fr’nce
Great F r’ nce
Total.
Total. B rit’n. etc.
Brit’ n. etc.

Since
Week. SepLl.

Week Ending Dec. 7.
Exports
from —
Savannah...
C harrt’n,&c
Florida, &c.
New Y o rk ..
Boston
B altim ore..

5,296
448
100

577
53
184

5,873
501
100
184

9,644
587
395
1,687
200

914 10,558
640
53
395
1,243 2,930
200
.........

1,757 16,050
273
698
292 2,002

According to the foregoing Bombay appears to show
a decrease compared with last year in the week’s receipts o
814 6,658 12,513 2,210 14,723 2,322 18,750
T o ta l........ 5,844
10,000 bales and a decrease in shipments of 17,000 bales, an'
the shipments since Sept. 1 show a decrease of 58,000 bales, Total 1893.
273 14,605 2,514 17,119 1,191 7,466
273
The movement at Calcutta, Madras, and other India ports ft ?
A considerable portion of the Sea Island cotton shipped to
the last reported week and since the 1st of September, for two
foreign ports goes via New York, and some small amounts via
years, has been as follows. “ Other ports” cover Ceylon
Boston and Baltimore. Instead of including this cotton for
Tuticorin. Kurrachee and Coconada.
the week in which it leaves the Southern outports, we follow
the same plan as in our regular table of including it when
Shipments fo r the week.
Shipments since Sept, l .
actually exported from New York, &c. The details of the
Conti­
Great
Great
shipments of Sea Island cotton for the week will be found
Total.
Total.
Britain. nent.
Britain. Continent.
under the head “ Shipping News,” on a subsequent page.
Quotations Dec. 7 at Savannah, for Floridas, common,
Calcutta—
3.000
2,000
1894.........
5.000 9c.; medium fine, l l % c . ; choice, 1 4 ^ c.
3.000
2.000
5.000
1893
....................
Charleston, Carolinas, medium fine, 17c. to 18c.; fine, 22c.
M ad ra s12,000
9.000
21,000 to 24c.; extra fine, 28c. to 35c.
1894
....................
1893
....................
1,000
All others—
2,000
1894
....................
1,000
2,000
1893.........

1,000

13.000

8.000

21,000

2,000
3,000

12.000
16,000

18,000
21,000

30.000
37.000

Total a l l 1894.........
1893.........

2,000
4,000

27.000
31.000

29.000
32.000

56.000
63.000

2,000
2,000

2,000

The above totals for the week show that the movement from
the ports other than Bombay is 2,000 bales less than the same
week last year. For the whole of India, therefore, the total
shipments since September 1, 1894, and for the corresponding
periods of the two previous years, are as follows:
EXPORTS TO EUROPE FROM ALL INDIA.

Shipments
to all Europe
from —

1893.

1894.
This / Since
week.
Sept. 1.

This
week.

Since
Sept. 1.

1892
This
week.

Since
Sept. 1.

Bombay...........
A llotherports.

2,06b

24.000
56.000

17,000
4,000

82,000
63,000

3.000
3.000

72.000
55.000

T ota l..........

2,000

80,000

21,000

145,000

6,000

J u t e B u t t s , B a g g i n g , & c . —The demand for jute bagging
has been unimportant during the week under review. Quo­
tations for jobbing lots are 5^|c. for 1% lbs , 6)^c. for 2 lbs.
and 6% c. for standard grades. On good-sized parcels sorne
reduction, however, can be obtained. Standard brands in
car-load lots are quoted at 5)^c. for 1 % lbs., 6c. for 2 lbs. and
6 ^ o . for 2% lbs., f. o. b. at New York. Jute butts are dull
at l% c . on the spot.
N e w O r l e a n s Cotton

Exchange

A nnual

E l e c t io n .—

At the annual election of the New Orleans Cotton Exchange,
held on Monday, Dec. 3, the following ticket was elected:
President, Andrew S te w a r t; Vice-President, Felix Couturie;
Treasurer, Maurice Stern. Directors : Norman Eustis, James
De Buys, T. D. Mather, Julius W eis, O. L. Putnam, Thos.
Holford, W . H . Lengsfield, J. H . W illiam s, F. B. Hayne, E
Darier, A . Brittin and C. L. De Fuentes.

127,000

A lexandria Receipts

and

The E xports of Cotton from New York this week show a
Shipments.— Through arrange­ decrease compared with last week, the total reaching 20,576

ments we have made with Messrs. Davies, Benachi & Co, of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
we the receipts and shipments for the past week and for the
corresponding week of the previous two years,




bales, against 22,238 bales last week.
Below we give our
usual table, showing the exports o f cotton from New York,
and the direction, for each o f the last four weeks; also the
total exports and direction since Sept. 1,1894, and in the last
column the total for the same period of the previous year.

1020

THE

CHRONICLE,

re
■XPORTSOF COTTON (BALES) FROM NEW YORK SINCE SEPT. 1, 1894.

Week E nding—
Exported to—

Nov.
30.

Total
since
Sept. 1.

Dee.
7.

Same
p eriod
previous
year.

rvoL, L ix .
Total bales.

P o r t R o y a l - T o Liverpool, per steamer Jamaican, 8,7 21.........
8,721
W il m in g t o n —To Bremen, per steamer Rannoek. 5.556............ .
5,556
102
No r f o l k —To Liverpool, per steamer Kirkdale, l o g ............ ...
W e s t P o i n t — To Bremen, per steamer Planet Mercury, 10,432. 10,432
B o s t o n — To Liverpool, per steamers Catalonia, 5 5 8 ....K ansas,

Nov.
16.

.Nov.
23.

L iv e r p o o l...................
Other B ritish p o rts..

5,270
4,238

6,180 15,250 10,661
822 1,500
3,109

101,444
37,451

106,156
49,131

Ba l t im o r e —To Liverpool, per steamer Sedgemore, 2 ,4 3 4 .........

T o t . to G t . B r it ’n .

9,508

9,289 16,072 12,161

138,895

155,287

P h il a d e l p h i a —To London, per steamer Barrowmore, 3 7 4 .......

H avre...........................
Other French p o rts..

1,337

1,163
.........

2,040
.........

1,231
.........

13,175

7,367

T o t a l F r e n c h ___

1,337

1,163

2,040

1,231

13,175

7,367

H a m b u rg ....................
O ther p ort a ............ .

3,593
'973
1,504

250
1,900
2,093

189
250
1,671

500
3,576

15,367
11,488
27,919

18,191
7,480
40,117

T o t . t o N o .E u r o p e

6,070

4,243

2 ,1 1 0

4,076

54,774

65,788

Spain, Ita ly , & o.........
A ll o t h e r .....................

1 ,201

1,324

2,016

2,858
250

27,805
584

16,951
330

1,324

2,016

3,108

28,389

17,281

18.116 16,019 22,238 20,576

235,233

245,723

T o t a l S p a i n , &c ..
Grand Total—

.........
1 ,2 0 1

T h e FOLLOWING ABB THE GROSS RECEIPTS OP COTTON a t

New York, Boston, Philadelphia and B altim ore for the past
week, and since September 1, 1894.
NSW YORK.

Receipts
from—

Th is
w eek .

N . Orleans... 11,954
8,139
Bavannah... 8,912
Mobile ......
611
F lo r id a .......
So. Carolina 2,812
734
No. Carolina
5,720
V irginia. . . .
North, ports
Tenn., &c... 9,608
721
Foreign...

Ph i l a d e l p h ’ a

BOSTON.

Ba l t i m o r e .

Since
Th is
T h is
Since
S in c e
Th is
S in c e
Sept. 1. w e e k . Sept. 1. w e e k . S e p t. 1 . w e e k . S ept. 1.
153,575
90,535
116,710
5,302
81,062
5,930
26,296
30,469
3,137

...........

...........

41,976

700
13,539

41,274

1,154

5,661

.......

1,948

144

389
300
3,080
34,475

1,398

39,188

3,605

1,098

29,014

1,783

18,933
139,810
56
6,327

3,492

........

T otal........

49,134

463,616 17,973

206,400

4,903

43,905

5.988

110,508

Last year__

51 838

427.525 27,935

155,399

3,558

19.953 11,070

102,90,

C o t t o n F r e i g h t s . — The rates for freight the past week

have been as follows:
S a tu r.

M on.

L iv e rp o o l, ste a m .d b32- 21i as 532 211?8
Do
D e o ..d ,
....
....
H a v r e , s t e a m .. . . c. 3 5 -3 7 % t 3 5 -3 7 % t
....
Do
la te r ......... d .
....
B rem en , s t e a m ..d .
35 t
35t
....
....
Do
l a t e r . .. d .
H a m b u r g , steam d .
*8
%
....
Do
la ter.,d .
....
A m s ’d a m , steam .e. 3 0 - 3 2 % ! 3 0 -3 2 % +
R e v a l, D eo’b e r ..d .
732
732
Do
J an u ary ..d . 136427128
1S64
....
....
B ’ lo n a , d i r e c t ...d .
G en o a , s t e a m ...d . 96 4 ® 532
964
....
....
Do
la te r . . . , d .
T rieste, v .G e n oa.d .
1364
1364
A n tw e r p , s t e a m . d.
%
%

Frt

T u e t.

W td n e s .

T h u rs.

B
32

B32

532

. ...

B
32

....

....

....
38

38

38

%

....

....

....

....

316

316

....

316

S16

....
B
32

B32

B
32

....

....

....

30i

301

30t

sot

732
1364

732
1364

732
1364

733

. ... .

....

964

964

964

....

964

....
B
32

13<!4

....

....

....

....

....

1364

1364

1364

lS64

532

BS2

B32

°3 2

t Cents net per 100 lbs.
S h i p p i n g N e w s . — The exports o f cotton from the United

States the past week, as per latest mail returns, have reached
260,658 bales. So far as the Southern ports are concerne ', these
are the same exports reported by telegraph and published in
the C h r o n i c l e last Friday.
W ith regard to New York we
include the manifests of all vessels cleared up to Thursday.
Total bales.
N e w Y o r k —T o Liverpool, per steamers Cuflo, 5 ,6 6 3 ....R u n ic.
4,998............................................................................................. 10,661
To Leith, per steamer Critic, 1,500...................... ....................
1,500
To Havre, per steamer L a Bretagne, 1,047 upland and 184
S e a l s l a n d ........ . . . . . . . . . . . ....................................... .
1,231
T o Hamburg, per steamer Soandia, 5 0 0 ................................
500
To Rotterdam, per steamer 8chieflam, 1,201................. . . . .
1,201
To Antwerp, per steame Westernland, 1 , 1 9 8 . . . . ................. I ,i9 8
T o Gottenburg, per steamer Polaria, 1,000..............................
1,000
T o Christiana, per steamer Hekla, 1 7 7 .....................................
177
To Oporto, per steamer Oevenum, 9 4 3 ................... .
943
To Lisbon, per steamer Oevenum. 100................................
100
To Genoa, per steamers Kaiser Wilhelm II., 4 0 0 ....K ro n ­
prinz Friedrich Wilhelm, 1,415................... ........................... 1,815
To Yokohama, per steamer Dryfesdale, 2 5 0 ..........................
250
Ne w Orleans —T o Liverpool, per steamers Amethyst. 3,150
Assave, 11.510___Astronomer, 6,500 ...B ellarden, 5,500
. . . City o f Perth, 8,241 . Cuban, 8,590 ............................. 43,491
To Havre, per s earners Iran. 9,o0 0 .......Knight Templar,
10,162 ..Leyden, 8,1 9 3 ....M aroa, 18,200........................... 46,055
To Bremen, per steamers Abana, 8 ,2 4 0 ....A n tw erp City,
8,140
Knight Errant. 7.2U0 ............ .................................. 23,580
To R eval, per steamer Aloedene. 5,932. ................. ................ 5,932
Galveston —T o Liverpool, oer steamers Olandeboye. 5 ,0 7 1 ....
Heathfleld, 5,677
Julia Park, 8,534....N utfleld, 6,470
___ William Branfoot, 5,161...............................
................ 30,913
To Bremen, per steamers Birehfleld, 5,608...C am rose, 6,070
. . . . Shillito, 5.736 ...................................................................... 17,414
Mobile —T o Vera Cruz, per steamer K ong Prode, 770 .. .........
770
Bavannah —To Liverpool, per steamer H axby, 6,695 upland
and 2,982 Sea Island............ ............................ . ................... 9,677
To Bremen, per st«amer Stag, 5 ,1 8 8 .... ... ............ .......... . 5,188
T o Op >rto, per barks Alliance, 450 . . Atlantioo, 1,125......... 1,575
C harleston —To Liverpool, per steamer Wallachla, 4 ,4 6 4 ...... 4,464
To Bremen, per steamer Suez, 5 , 6 6 1 . . . . . . . . . . . . ......................
5,661
To Reval, per steamer Delmar, 6 ,8 8 3 . . . . . . . ........................ .
6,883
To Barcelona, per steamer Julio, 4 , 3 0 0 . . . . . . . . . . . ....... .
4,300




1,2 45......................... .
.......................................
To Yarmouth, per steamer Yarmouth. 1 1 5 .............

.

To Bremen, per steamer Dresden, 4,642 ........................ . . . . .

1,803
115
2,434
4,612
374

T otal.................. ...........................................................................„2 6 0 ,6 5 8

The particulars of these shipments, arranged in our us^al
form, áre as follows:

New Y ork.
N. Orleans.
Galveston..
M obile. . . .
Savannah,.
Charleston.
Port Royal
Wilmingt’n
N orfolk_
_
Vest Point
Boston.......
Baltimore..
Philadel’a..

7. Cruz
London
Bremen Other
YarHam- North South mo ut %£
Liverand
pool. Leith. Havre. burg. Europe.Europe. Japan. Total.
10,661 1,500 1,231
500 3,576 2,858
250 20,576
_
43,491
46,055 23,580 5,932
.........119,053
___
¿____ 43,3 í7
30,913 _____
17,414
. . . . . . ____
......
770
770
5,188
9,677
1,575
16.440
4,484
5,661 6,883 4,300
21,308
8,721 .........
8.721
......... ......... .........
5,556
5,556
102 ___. .
102
, ___ _ 10.432
_____
10,43*2
_
_
1,803 ____
115
1,913
2,434
4,642
999
--ri
7,076
374
374

T o t a l ....112,266 1,874 47,286 72,973 16,391

8,733

1,135 260,658

Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
the latest dates:
G a l v e s t o n — T o Liverpool—Nov. 2 8 — Steamer Deramore, 6 3 0 0 . . . . .

N ov. 3 0 -Steam er Undaunted, 7,9 36___Deo. 1—Steamer Plympton, 7,650 ...D e o , 3 —Steamer South Gwalia, 5 ,3 7 3 ___Deo. 6 Madeline, 6,852.
To Bremen—Deo. 3 —
Steamer Ramleh, 6,740.
To Hamburg Deo. 3 -Steam er O ikdene. 1.885.
N e w O r l e a n s — To Llveroool Deo. l —
Steamer Bernard Hall. 3 ,8 3 5 ....
Dec. 4—Steamer Navigator, 4 ,8 5 1 ... Deo. 7 - Steamer Nicaraguan,
5,930.
To Hxvre -N ov. 3 0 —Steamers Agapanthus, 11,368; Ikabal, 13,177;
Seawfell, 5,408___ Dec. 5 Steamer Canarias, 6,547 ...D e o . 7 —
Steamer Memnon, 7,906.
To Bremen—Deo. 4 —
8teamers Akaba, 9,681; Chollerton, 6 ,9 3 6 ....
Dec. 5 Steamer W oolwich, 8,700.
To Corunna - Nov. 30—Steamer Crown Prince, 1,000.
To Pas ages—
Nov. 30 Steamer Crown Prince, 1,450.
To Genoa Dec. 5—Steamer Crane, 4,509.
Mo b il e — To Vera Cruz -D eo. 4 —Steamer HuntOliff, 7,944.
Sa v a n n a h — To L iverpool—Dec. 3—Steamer Daleg trth, 4,971 upland
and 1,966 Sea Isla n d ....D e o . 7 —Steamer Skidby, 7,964 upland
and 3,339 Sea Island.
To H a v r e -D e c. 6 -S team er Gardenia, 4,303 upland and 577 Sea
Island.
To Bremen—Deo. 1 -Steam er Linda, 6 ,3 5 7 .....D e c . 4 Steamers
Dora Foster, 6 5 7 2 ___Nether Holme, 5,902.
To Barcelona—Deo. 1—8tj amer G did Hall, 8.504.
B runsw ick —T o Liverpool Deo. 1—Steamer Inishowenhead, 5,880 up­
land and 100 Sea Island.
To Bremen—Deo. 7—Steamer Sir Wm. Armstrong, 3.250.
C h a r l e s t o n To Liverpool—Nov. 3 0 — Steamer Matin, 9,832 upland
and 448 Sea Island.
To Bremen -D e o . 6 -Steam er Westhall, 7,300 upland and 53 Sea
Island.
P o r t R o y a l - T o L iverpool— o v . 30— Steamer Mentmore. 3,634.
N
W i l m i n g t o n — To B rem en -D ee. 4 — Steamer Grafloe, 1 0 ,3 5 0 . ...D e o . 5 Steamer Venus, 9.430.
To Ghent Deo. 5 —Steamer Buckminster. 6,300.
N o r f o l k — To L iverp ool-D eo. 3— Steamer Ferndene, 6 ,3 6 4 . ...D e o . 5—
8 "earner Port Adelaide, 4,65 >
.
W e s t P o i n t - T o Liverpool Deo. 1 — Steamer Monkseaton, 8 28 3 .
N e w p o r t N e w s — T o L iverpool—Deo. 4 — Steamer Rappahannock,
2,613.
B oston — To L iverp ool-N ov . 2 7 -Steam er Philadelphian, 2,340. . . .

Nov. 30—Steamer Roman, 1,765 ...D s c . 1 —Steamar Palestine,
1 ,3 38.......Deo. 3 —
Steamer Angloman, 4 9 8 .....D e o . 1 —Steamer
Lancastrian, 528.
To Yarmouth Deo. 4 - Steamer Boston, 338.
B a l t im o r e To Havre - Deo. 5 Steamer Monarch, 200.
To B rem en—
Deo. 4 —
Steamer Stuttgart. 5.492.
To H a m bu rg-D eo. 3 Steamer Oanadia, 881.
To Antwerp Deo. 1 Steamer Otranto, 1,500.
P h il a d e l p h i a - T o L iverpool—N o v . 30—Steamer Kensington, 1,790.
To Antwerp—Nov. 3 0 —
Steamer Pennsylvania, 1,199.
Below we give all news received to date o f disasters to

vessels carrying cotton from United States ports, See. :
C a s t l e g a r t h , steamer (Br.), at

Bremen, from ¿avannah, with 5,252
hales o f ootton, took Are Deo. 6, but it has since been extinguished.
The Are was 00 fined to the forehold, containing 150 bales.
K n ig h t o f St . G e o r g e , steamer (Br ), at Havre, from New Orleans,
with 11,300 hales o f ootton, arrived at destination with cargo on
Are.
M a d r il e ñ o , steamer (Span.)
A Are was discovered on Deo. 1 in
steamer Madrileño. The forw ard oomoartmenr, containing 1,600
hales o f ootton, has been A >oded. Estimated 200 bales damaged
b v Are and others more or less bv water.
P io IX ., steamer (Span ), loading at New Orleans, was discovered to he
on Are, Deo. 5. Her forw ard com partm ent was Aooded and Are
extinguished Cargo is being unloaded.
St a r l i g h t , steamer (Br.), from Galveston fo r L iverpool, with 7,630
bales o f ootton, arrived at St Johns, N. F „ Deo. 2, with her oargo
on Are. The Are was discovered Friday morning in hatch No. 3.
The compartment was Aooded by the pumps and steamer headed
fo r St. Johns.

Liverpool .—By cable from Liverpool we have the following
statement of the week’s sales, stocks. See ., at that port:
Nov, 16,
Sales o f the w e e k ........b a le s .
Of w hich exporters took . . .
Of whioh speculators took ..
Sales A m erican......... .
Actual e x p o rt....................
Forwarded.............. ..................
Total stock—Estim ated. . . . . . . .
Of which American—Estim’d
Total Im port o f the w eek.........
Of which A m e r ic a n ............
Amount afloat......................... .
Of w hich Am erican............ .

56.000
3,500
3,100
50.000
11.000
62,000
718.000
587.000
132.000
120.000
330.000
370.000

Nov. 23
61,000
4.800
3.800
53.000

8,000
66.000

769.000
633.000
125.000
109.000
390.000
380.090

Nov. 30
58.000
3.000
3.000
51.000
7.000
65.000
850.000
706.000
153.000
136.000
370.000
3 6 0 .9 9 0

Dee. 7.
54.000
1.600
3,800
48.000
14.000
65.000
895.000
755.000
123.000
111.000
390,000

3«O.«90

THE

D e c e m b e r 8, 1894 J

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

Spot.
M arket, \
1:45 p . m . J

Dull.

M id.U pl’ d s .
S pec. & e x p .

Futures.

Easy at
3-64 deeline.

Steady.

M arket, ?
4 P. M. J

Firm.

Quiet and
steady.

Wednes. Thursd’y. Frida
Fair
business
doing.

Steadier.

33jj

8,000
1,000

10,000
500

Firm er.

3833

10,000
500

3%

12,000
1,500

M arket, \
p . m. j

1:45

Moderate
demand.

3832

3832
6,000
500

Steady.

3®s2

8,000
500

Steady.

Quiet.

Quiet.

The opening, highest, lowest and closing prices of futures
at Liverpool for each day are given below. Prices are on
the basis of Uplands, Low Middling clause, unless otherwise
stated:
o r The prices are given in pence and 64the. T h u s : 2 63 means
2 63-64<i. and 3 01 means 3 1-64®.
S a t., D e c . 1 .

M on., D e c . 3 .

Open High Low Olos. Open Rig) Lott
1
D ecem ber..
Dec.-Jan....
Jan.-Feb..
Feb.-Mch..
Mch.-April.
April-May..
May-June..
June-July..
July-A ug...
Aug.-Sept..
Sept.-Oct...

d.

4.

d.

d.

d

3 02
3 02
3 02
3 03
3 04
3 06
3 08
3 09
3 11
3 13

3 02
3 02
3 02
3 03
3 05
3 07
3 08
8 10
312
3 13

3 03
3 02
3 02
3 03
3 04
3 06
3 08
3 09
311
313

3 02
3 02
3 02
3 03
3 05
3 07
3 08
310
312
313

3 01
3 01
3 01
3 02
3 04
3 05
3 07
3 08
3 10
311

3 02
3 02
3 03
3 03
3 04
3 06
3 08
3 09
311
312

3 01
3 01
3 01
3 02
3 04
3 05
3 07
3 0m
310
311

T n s i„ D ec. 4

H
*

\

W e d ., D e c . 5 .

Open High Low Olos.

d.
3 02
3 02
3 02
3 03
3 04
3 06
3 08
3 09
3 11
312

d.

d.

3 03
3 03
3 03
3 04
3 05
3 07
3 08
3 10
312
313

3 0?
3 02
3 02
3 03
3 04
3 06
3 03
3 09
3 11
312

3 03
3 03
3 03
3 01
3 05
3 07
3 08
3 10
3 12
3 13

F r l., D e c . 7.
)pen High Low. O 1
t,

1.

d.

d.

d,

i.

d.

d.

d.

i.

d.

d.

2 63
2 63
2 63
3 00
3 02
3 03
3 05
3 06
3 08
3 09

3 01
3 01
3 01
3 02
3 03
3 05
3 06
3 08
à 10
3 11

2 63
2 63
2 63
3 00
3 02
3 03
3 05
3 06
3 08
3 09

3 01
3 01
3 01
3 02
3 03
3 05
3 06
3 08
3 10
311

3 02
3 02
3 02
3 03
3 04
3 06
3 07
3 09
311
312

3 03
3 03
3 03
3 01
3 05
3 07
3 08
310
311
3 13

3 02
3 02
3 02
3 03
3 04
3 06
3 07
3 09
311
312

3 03
3 03
3 03
3 04
3 05
3 07
3 08
310
311
313

3 05
3 05
3 05
3 06
3 07
3 09
310
312
3 13
3 15
316
317

3 05
3 05
3 05
3 06
3 08
3 09
310
3 12
314
315
317
3 IS

3 04
3 04
3 04
3 05
3 06
3 08
3 09
311
3 12
314
3 15
3 16

3 05
3 05
3 05
3 06
3 07
3 08
3 10
3 11
3 13
3 14
3 16
3 17

B R E A D S T U F F S .
F r i d a y , December 7, 1894.
A limited amount of business has been transacted in the
market for wheat flour, but owing to the advanced views of
holders to conform with the rise in wheat an active trade has
been held in check, as buyers, while willing to pay full form­
er prices, were not disposed to operate at an advance.
Rye
flour has been quiet and without change. Buckwheat flour
has not received much attention, but prices have been with­
out change and steady. Corn meal has sold slowly, but no
changes have been made in values. To-day the market for
wheat flour w as quiet but steady.
The trading in the market for wheat futures has been fairly
active, and early in the week prices advanced in response to
decidedly stronger foreign advices; but subsequently advices
from abroad took a weaker turn, and this, with a continued
full movement of the crop at the Northwest prompted some
selling by “ longs” to realize profits, under which prices reacted
a trifle. The report by the Government that thus far this
season 46,030,000 bushels of wheat have been fed to stock, and
that for the remainder of the season 29,273,000 bushels will be
fed, had no effect upon values, as it was about as expected.
The spot market has been active at advancing prices, shippers
having been large buyers, both here and at out-ports, their
purchases at this market for the week amounting to about
1,250,000 bushels. The sales yesterday included No. 2 red
winter for shipment end of December and early January at
1% @ 1% c. under May f.o.b. afloat and 2% c. under May f.o.b.
from score. To-day the market was easier under realizing
sales by “ longs,” prompted by weaker foreign advices. The
spot market was quiet but steady.
The sales included No. 2
red winter at
l% c . under May f.o.b. afloat and No. 1 hard
Manitoba at 1 0 % c . over December f.o.b. afloat.
DAILY CLOSING PRICES OF NO. 2 RED
Sat.
Mon. Tues.
60%
Deoember delivery.....o. 593s
60%
61%
January delivery.......... c. 60*3
61%
February d elivery........ o. 61 %
62%
62%
Marob. delivery________o. 62*9
63%
63%
64%
May d e liv e r y ................ c. 63%
64%
June d elivery .. . . . . . . ...e . 64%
65%
...»
July delivery...................c. 64%
65%
65




DAILY CLOSING PRICES OF NO. 2 MIXED CORN.

WINTER WHEAT.
F ri
Wed. Thurs.
60%
60%
60%
61%
61
61%
62%
62%
62
62%
63%
63
63%
64%
63%
64%
64%
64%
64%
64%
65

Mon.
54%
53%
53%

Sat.
55^4
53%
53%

Decem ber delivery. ...-C .
January d elivery__
May delivery.............

Tues.
54%
53%
53%

Wed.
55%
53%
53%

Thurs.
55%
53%
53%

F ri.
56%
53%
54%

Oats for future delivery have been quiet but prices have
advanced slightly on some buying by ** shorts ” to cover con­
tracts, stimulated by a fairly good consumptive demand and
in sympathy with wheat.
The spot market has been fairly
active at higher prices. Yesterday the sales included No.
2 mixed at 34% @ 34% c. in elevator and No. 2 white at 39@
39%c. in elevator. The market to-day was quiet but steady.
The spot market was fairly active and firm.
The sales in­
cluded No. 2 mixed at 34% c. in elevator and No. 2 white at
39$39% c. in elevator.

d.

3 02
3 02
3 02
3 03
3 01
3 06
3 08
3 09
3 11
312

T h u r s ., D e c 6 .

Open High Low Olos. Open High Low. Olos
D ecem ber..
Dec.-Jan....
Jan.-Feb....
Feb.-Mch.
Mch.-April.
April-May..
May-June..
June-July.
July-Aug...
Aug.-Sept..
Sept.-Oct...
Qet.-Nov..

Nothing of special interest ha3 transpired in the market for
Indian corn futures. Trading has been quiet, but prices have
made fractional advances on a slight shrinkage in the move­
ment of the crop and in sympathy with the rise in wheat.
The spot market has. been quiet and irregular * old has been
,
scarce and firm but new has been weak. The sales yesterday
included No. 2 mixed at 5 7 ^ c . delivered, steamer mixed at
52c. in elevator and No. 3 mixed at 49% @ 50%c. in elevator
and 51c. delivered. To-day the market was steadier on unfa­
vorable weather advices from the Southwest. The spot mar­
ket was moderately active and fairly steady.
The sale in­
cluded steamer mixed at 51% @ 52c. in elevator, No. 3 mixed
at 50c. in elevator and steamer white at 53c. in elevator.

Easy at Steady at Quiet at
Easy at
1-64 @ 2 64 2-64 @3-64 2-64 ad2-64 advanee.
advance. decline.
vanee.
Steady.

1021

CHRONICLE.

DAILY CLOSING PRICES OF NO. 2 MIXED OATS.
Sat.
.0. 33%
.0. 34%
35%
36%

Mon.
34%
35
35%
36%

Wed.
34%
35%
36
36%

Tues.
34%
35
35%
36%

light supply and firm.
quiet and without change.
The following are closing quotations:

Thurs.
34%
35%
36
36%

F r i.
34%
35%
36
36%

Barley has been

FLOUR.

Fine.................. $ bbl. $1 7 5 ® $ ! 95 Patent, w inter....... .. $2 85® $3
Superfine..................... 1 90® 2 20 City mills ex tra s....... 3 25® 3
Extra, No. 2 .............. 2 00® 2 30 Rye flour, superfine.. 2 5«>® 2
Extra. No. 1 . . . ....... . 2 20® 2 40 Buckwheat flo u r ,.... 1 80® 1
Corn meal—
C le a rs............ .
235® 265
Western, & o.. . . . . . . 2 75® 3
2 60® 3 35
S tr a ig h ts.............
Patent, spring. . . . . . . 3 30® 3 90
Brandywine . . . . . . .
3 05
[W heat flour in saoks sells at prices below those fo r Parrels.]

25
35
85
90
00

GRAIN.

Wheat—
Spring, per bu sh..
R ed winter No. 2 ..
Red w inter............
White _ .................
Oats—Mixed, per bu.
W hite......................
No. 2 m ixed ...........
No. 2 w hite............

0.
57 ®
61 ®
55 ®
56 ®
34 ®
39 ®
34% ®
39 ®

0.
72
62%
63
64
36
42%
35%
40

Corn, per bush—
0*
West’ n m ix e d ...... 49 ®
No. 2 m ixed. . . . . . 56% ®
W estern y e llow ..
53 ®
Western W hite___ 53 ®
R ye—
Western, per bush. 51 ®
State and Jersey ..
®
Barley—No.2 West’n 63 %®
State 2-rowed.......
®
State 6 -r o w e d ..... . . . . ®

0.
59
58
61
60
56
64
....

The movement of breadstuffs to market as indicated in th e
statements below is prepared by us from the figures of the
New York Produce Exchange. W e first give the receipts at
Western lake and river ports, arranged so as to present the
comparative movement for the week ending Dec. 1, 1894,
and since August 1, for each of the last three vears:
Flour.

Receipts at—

Wheat.

Oom.

Oats.

Barley.

Rye.

Bbls.imibs Bush.60 lbs Bush.bO lbs Bush.32 lbs BushA8 lb < Bu.50 lbs.
Ihloago ......
Milwaukee...
¡1ninth.......
Minneapolis.
Toledo..........
Cleveland....
It. Louis......
Peoria,..........
Kansas City.
Tot.wk, ’94.
lame wk,’93.
lam e wk,’92.

74,774
13,850
114,719
701
3,025
20,720
15,595
5,250
308,034
172,077
290,529

799,000
152,000
51,509

405,755
476,000
111,680

36,630
061,400
43,980
23,857
’ 374,925
242,300
101,068

10.900
15.900
91,001
200,305
134,300
• 1,027

8,700
4,584
112.500
94,700

1,400
7,800

3,078,723
3,130,793
1,929,723

1,455.442
1,808,795
2,299,592

1,303,919
914,854
1,218,181

50,912
67,810
119,467

259,820
201.971
1,254,357
1,303,920
105,200
40,025
95,225
74,979
10,800
57,101

2,147,062
47,450

3,565,404
3,317,207
0,390,700

26,712
15,000
•• .. .

Unce Aug. 1.
1894...........
1893...........
1892...........

0,294,092 91,736,887 27,737,280 38,480.705 19,959,338 1,050,478
5,801,861 89,622,064 59,188,325 53,120,881 15,971,704 1,573,952
0,130,700 130,975,045 40,152,278 47,050,800 15,701,885 4,690,097

The receipts of flour and grain at the seaboard ports for the
week ended Dec. 1, 1894, follow:
Receipts at—

Flour,
bbls.

Wheat,
bush.

New York................. 151,143
Boston...................... 60,8)8
Montreal........'.v... . 12,785
Philadelphia........... 86,487
Baltimore................. 72,276
Richmond........... .
1,626
New O rlea n s.......... 16,1/8
Total week........ 401,283
Week 1893............... 451,868

743,975
57,247
104,613
83,586
109,474
26,926
22,782

Oom,
bush.

Oats,
bush.

Barley,
bush.

Rj/e,,
bush.

459,150
118,730
6n)
48,415
209,111.
li,l3 2
35 002

654,300
170,468
29,634
34 399
54,9)0
6,596
34,575

241, :50
5,505
5,508
49,600
...........
,. ■ ...
............

28,425
675
1,200
............
17,744
706
..........

1,147,603
830,140
1,805,757 1,715,020

9 34,960
915,635

306,883
329,038

48,750
29,017

The total receipts at ports named in last table from Jan. 1
to Dec. 1 compare as follows for four years:
Receipts of—
1894.
Flour................ bbls. 19.097,633

1893.
18.130,950

W heat..............bush. 54,988,175
C o m ............................ 41.6V7.l08
O a t s .......................... 42,395,049
Barley........................
4,385,622
Bye...............................
488,680

90,597,295
53,370,386
49,435.77 6
4,480,959
l,lo6,472

118,;54,997
8l,44i,863
53,632,947
4,935,263
3,793,983

99,945,000
40,657,344
41,027.938
5,550,165
9,133,307

T otal Strain........... 143,954,633

198,990,885

265,104,856

196,313.754

1892.
18,305,943

1891.
14.877,350

1022

THE

CHRONICLE,

The exports from the several seaboard ports for the week
ending Dec. 1,1894, are shown in the annexed statement:
Wheat.
bush.

Exports from—

Com.
bush.

New Y ork.............. . 211.892
Boston.................... ,. 101,365
,.
Baltimore.............. ,.
New Orleans......... ..
Newport News...... .

30,882
30.103

97,000
80,0u0
40.000
56,000

51,452
77,143

Flow.
bbls.

109.570
59,535
3.332
80,950
01,723
630
24,704

Oats.
bush.

Rye.
bush.

Peas,
bush.

4,560
...........
2,962
..............................
1,031
............................
25,118
................................................
......................... i .....................
48
........
........
................................................

M ontreal...............
Total week........... 586,257
Same tim e 1893....... 587,802

189,580
621,326

290,450
184,428

4,008
27,826

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

29.411
3,734

The destination of these exports for the week and since
Sept. 1,1894, is as l*Iow . W e add the totals for the corres­
ponding periods of last year for comparison:
Exports for
week and since
Sept. 1 to—

,--------- F tow.--------- X .--------- W heat.-------- ,

Week Since Sept.
Dec. 1. 1,1894.
bbls.
bbls.

United Kingdom 187,888
Continent...........
26.924
8. & C. America.. 47.C89
W est Indies.......
21,8-10
Brit. N. A. Col’s.
5,395
Other countries..
518

2,373,363
473.627
404.680
284.872
141,462
11,416

- T o t a l . . . ............ 290,450
Totalj.893........... 184.428

3,691,425
3,039,015

Week Since Sept.
Dec. 1. 1,1894.
bush.
446,849
139,408

9,160,648
3,735,209
250
1,000
2,870
42,400

586,257 12,951,377
587.802 15,936,353

--------- Com.----------,

Week Since Sept.
Dec. 1.
1,1894.
bush.
bush.
107,028
69.272
4,165
7,203
100
1,814

654,182
401,585
92,729
104,467
15.920
14,997

189.580 1,2S3,881
621,326 11,394,903

The visible supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, Dec. 1, 1894, was as follows:
In store at—
New Y ork .................
Do
afloat........
A lb a n y........
B uffalo......................
Do
afloat.......
C h ica go.....................
Do
afloat.......
M ilwaukee................
Do
afloat.......
D u lu th ......................
Do
afloat.......
T oledo........................
D etroit......................
Oswego......................
Bt. Louis...................
Do
afloat........
Cincinnati.................
Boston.......................
T oron to ....................
Philadelphia.............
Peoria........................
Indianapolis.............
Kansas City*.............
Baltimore.................
Minneapolis..............
Bt. P a u l.....................
On MississiDDi River
On Lakes..................
On canal and riv er..
Total Dec.
Total Nov.
Total Dec.
Total Dec.
Total Dec.

Wheat,
bush.

13,196,000
2,579,000

Com,
bush.

Oats,
bush.

Rye,
bush.

Barley'
bush.

2.184.000
1.396.000
210,000
219,000

16,000
26,000

4,847,000

422.000
42.000
20.000
342.000

891,000

3,000
437,000
' 25,000
1,659,000

25,748,000

1,404,000

1,860,000

151,000

43,060

761,000

7,000

23,000

77,600

5,141,000

443,000

3,000

29,000

32.000
19.000

11,000

736,000

6,000

189.000
384.000
2,000

10,000
16,000

3.268.000
1.344.000
' 45,000
6,464,000

578.000
31.000
45.000
567.000

19,000
930.000
103.000
726.000
1,167,000
200.000
255.000
1,598,000
1,132,000
14,621,000

20,000
4,000
1,000.
49.000
175.000
90.000
18.000
300.000
7,000

134.000
287.000
121.000
308.000
192.000
363.000

"23,060
235,000
41,000
144,000
52,000
7,000

9,000
7,000
37.000
33.000

87,000

719.000
296.000

719,000
42,000

523.000
170.000

34,000

887,000
60,000

1,1894. .85,159,000
24,1894. .83,944,000
2,1893. 78,091,000
3,1892. .72,581,000
5,1891. .41,653,124

4.860.000
3.842.000
7.084.000
10,691,000
2,226,758

9.740.000
9.191.000
4.255.000
7.571.000
3,755,006

477.000
442.000
546.000
1,310,000
2,268,722

3.800.000
3.949.000
3.342.000
■2,775,000
2,765,190

* Kansas City—Last week’s figures; this week’s not received.

THE

DRY GOODS TRADE.

N e w Y o r k , F r i d a y , P. M ., December 7, 1894.
The market continues disappointing in connection w ith
staple cotton goods, the looked for spring demand from job­
bers not yet developing. This situation is no doubt, largely
due to the fluctuations in the raw material. There have
been as before bids for quantities of both brown and colored
goods, but buyers are no more liberal in their price views than
before, whilst sellers still willing to trade within reasonable
limits are not willing to come down to buyers’ limits. The
demand this week may also have been affected in some de­
gree by rumors of a large auction sale of cotton goods im­
pending, but no tangible basis can be discovered for these ru­
mors, and at the close of the week they find little credence.
There can hardly fail to be some accumulation of merchan­
dise in face of the continued limited buying, but leading
houses state that even so their stocks are in no case burden­
some, whilst a number of lines are still sold ahead. The de­
mand for spring cotton dress fabrics is in favorable contrast
with business in staples, as, although not active, it is on a
very fair scale in both printed fabrics and those of the ging­
ham order at first hands, and jobbers report encouraging re­
sults with their first rounds of samples. The woolen goods
business is of fair extent without new feature of importance.
'fi W o o l e n G o o d s . — The situation in the woolen goods depart­
ment is without material alteration.
There is a gradual im­
provement in the re-order demand for spring weights, but
still the demand is without spirit, and the orders coming
along are for limited quantities in all grades of staples and
fancies.
Business in heavy weights for immediate use con­
tinues surprisingly good for the time of year, there being a
good request for blacks and blues in cheviots and other staple
lines.
There is no change for the better in cotton-warp and
cotton mixed goods however, buyers paying little attention
to these for any purpose.
Overcoatings are quiet throughout
and only a moderate business reported in cloakings.
For
woolen and worsted dress goods a quiet demand is re­
ported in spring lines in staples and fancies, chiefly in medium
and low priced qualities. Carpets are in improving request,
but flannels and blankets unaltered.
D o m e s t ic C o t t o n G o o d s . — The exports of cotton goods
from this port for the week ending December 4 were 2,791
packages, valued at ■5177,152, their destination being to the
points specified in the table below




N e w Y o r k t o D e c . 4.
G reat Britain........
Other E u ro p e a n ...................
C h in a ....... ............................
Ind ia........................................
Arabia..................... ............ . .
A frica .....................................
West Indies.............................
M e x ic o ..................
Central Am erica............ .
South A m e r ic a ................. .
Other Countries.....................
T otal......................
China, via V an cou v er*....

[V ol,

l ix

.

1894.

1893.

Week. Since Jan. 1.

Week. Since Jan. 1 ,

49
71
....

70
150
6,545

356
39
478
1,726
72

5,161
3,098
72,133
7,047
21,861
7,423
16,723
2,037
9,499
54,732
3,366

399
14
748
72
107
842
46

4,645
1,855
36,737
5,539
11,886
6,336
19,010
2,307
4,491
49,594
2,707

2,791
....

203,080
20,318

8,993
....

145,107
32,146

T otal...................... .
2,791
223,398
*vFrom New England m ill points direct.

8,993

177,253

___

The value of the New York exports since January 1 has*
been $10,683,338 in 1894 against $8,579,322 in 1893.
The demand for staple cottons has been confined in a great
measure to small purchases. Brown sheetings slow and easy
to buy in a number of quarters. Brown drills quiet and
fairly steady; brown osnaburgs inactive. Bleached cottonsslow, but the looked for revision of prices not made yet in­
leading tickets and buyers holding off. W ide sheetings slow
throughout. Cotton flannels and blankets dull and irregular.
Fair sales of cottonades recorded. Denims in perfunctory
request and irregular in price. Ticks dull, plaids, checks
and stripes and cheviots selling in
light quantities,
and prices favor
buyers.
Kid-finished
cambrics still
steady, but no improvement in demand; other linings quiet.
W hite goods selling best in finer grades of fancies. Some
sales reported in regular fancy calicoes for spring subject toopening prices. Satioes in fair demand, as are printed lawns,
cambrics, dimities and special dress and silk finishes, as well
as heavier fabrics in duck, etc. Fine dress ginghams in fair
request, and some good sales reported in medium and low
grades at irregular prices in the latter. Print cloths, after
selling in small lots at 2 ll-16c. plus 1 per cent, close fir m at
2% c., with a good business done thereat.
1894.
Stock o f P rin t Cloths—
Dec. 1.
A t Providenee, 64 squares_ ............ 40,000
_
At Fall River, 64 sq u a re s...., ............ 15,000 >
At Fall River, odd sizes..........
T ota l stock (p ie o e s )......... ..........

130.000

1893.
Dec. 2.
122,000
134,000

1892.
Dec. 3 .
None..
5,000

256,000

5,000

F o r e ig n D r y G o o d s . — There is little to report in this de­

partment. Seasonable business is quite of an odd-and-end
character and the orders for spring are moderate throughout.
Some sales are reported of men’s-wear, heavy-weight fabrics
for fall of 1895.
I m p o r t a t io n s a n d W a r e h o u s e W i t h d r a w a l s o f D r y G o o d s .

The importations and warehouse withdrawals of dry goods
at this port for the week ending December 6, and since
January 1, 1894, and for the corresponding periods of last
year are as follows:

THE

D ecember 8, 1894. |

CHRONICLE.

1023
N o v e m b e r B o n d Sa l e s .

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awd
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of

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. é
N orwood, O..... .
T h e p u rp o se o f this S tate a n d City D e p a r tm e n t 9 7 9 ..
9 7 9 ..
Northampton, M ass...
. 4
. 433
is to furnish our subscribers with a weekly addition to and
. 433
continuation of the State and City Supplement. In other
. 5
8 9 1 ..
Reno, N e v ...
words, with the new facts we shall give, the’ amplifications 9 3 7 ..
Riverside, O.
and corrections we shall publish, and the municipal laws we
. 5
. 5
shall analyze in the “ State and City Department,” we expect 937.
. 4
. 4
to bring down weekly the information contained in the
9 3 7 ..Stapleton Union Free
State and City Supplement to as near the current date as
. 5
. 4
possible. Hence if every Subscriber will note in his Supple­ 9 3 7 ..
Tiffin, Ohio.
Union, N. J .
. 5
ment on the page designated at the head of each item a 8 4 7 ..
8 9 1 ..
Warren, O ...
reference to the page where the item in the Chronicle can
. 413
ashington Sch.Dist.,
be found, he will at all times possess a complete and fresh 892. .WH artford, Conn........
4
892. .W ashington Sch.Dist.,
cyclopaedia of information respecting Municipal Debts,
4
,
. 4
, 6
M U N IO IPA L B ONE SA LB S I N NO V.EMBER.
. 6
. 6
According to the returns made to the Chronicle ,

the new issues of municipal bonds marketed during the
month of November amounted in the aggregate to $4,388,305. This is a smaller total than we have reported
for any month this year, and in fact the monthly output
of these securities has not been less since the height of
the financial depression in 1893.
The falling off last
month cannot be attributed to any lack of demand for
the new loans. The prices at which the bonds were
awarded show that the market has remained firm and
the large number of bids which were received for all
the desirable issues are a good indication of its activity.
Brooklyn's 4 per cent 30-year bonds were sold to the
highest of twenty-three bidders at 110*31 and Milwau­
kee placed a 5 per cent 1 to 15-year loan at 111*70.
Twenty-two bids were received for the Milwaukee
bonds and it is reported that the city has never
received a higher price for its securities. The dis­
turbing effect of State and munioipal elections prob­
ably had some tendency to postpone the offering
of new issues last month in many places, and later the
floating of a large Government loan doubtless had some
influence in the same direction.
Many new loans were authorized by popular vote last
month, and with the high prices which are prevailing
at present it might be expected that they would be put
upon the market at as early a date as possible. There
has been no time for several years past when cities
could get money for their permanent improvements on
terms as favorable as those which are to be had now.
In the following table we give the prices which were
paid for November loans to the amount of $2,239,596,
issued by 40 municipalities. The aggregate of sales for
which no price was reported is $2,148,709, and the
total sales for the month $4,388,305. In the case of
each loan reference is made to the page of the C h r o n ­
icle where a full account of the sale is given.




M aturity.
Jau. 1, 1915
1895-1934
Nov. 1, 1924
Ju ly 1, 1897
Jan. 1, 1914
Jan. 1, 1925
Dec. 1, 1914

Amount.
$20,000
7,000
6,000
12,000
100,000
150,000
50,000
20,000
25,000
21,000
17,000

Oct. 1, 1909

25,000

Oct. 1, 1924
Apr. 1, 1904
1899
1905-6 & 9
1914
1899-1914

30,000
10,000
248,500
111,000
22,000
10,000
74,000
3,000
14,000
45,000
25,000
35,000
50,000
89,000
250,000
42,959
3,000
47,213
6,394
12,500
47,000
36,000
35,000
21,000
15,000
10,000
30,000
10,000
25,000

Dec. 1, 1914
1922
June 1, 1924
1895-1914
1895-1919
1914
Nov. 1, 1899
Nov. 1, 1914
1895-1904
July, 1902
1904
1909
1905-1925
1906-1910
1896-1905
1904
1914
1904 & 1914
1900-1914
1895-1900

Award.
104-75
101-428
107-016
105-108%
101-53
107-83
110-31
103-285
100-666
100-480
103100-91
101-71
10010010110113
105110-516
102-041%
106-225
106-8896
106-61
111-70
104-531
106-927
101-01
102.29
101104-76
10538
102-79
104-379
106-1799
102-521
101104-38
102-625
104-70
100-1
105-053

100,000 107-50
25,000 106-019
8,000 100-7
150,000 102-28
25,000 10012,000 100-1

Aug. 1, 19.19

27,000

Aug. 1, 1919

8,000 10238
50,000 103-69
17,500 100-06
5,000 107-395
950 106-815
580 106-853

Feb. 1, 1896
1896-1900
1896-1900
1896-1898

w hich no price has
0 m unicipalities). . .

101-35

2,148,709

b e r ....

In the C h r on icle of November 10, page 844, a list
of October bond, sales amounting to $8,022,385 will be
found. Since the publication of that statement we
have received the following reports of sales in that
m onth:
A d d it i o n a l O c t o b e r B o n d Sa l e s .

Page.
Location.
Bate.
8 4 5 ..
Akron, O_______
..
8 4 6 .. Louisville, K y .............. 4
8 4 7 ..
North Yakim a School
D istrict, Wash.......... 6
8 4 7 ..
N orwood, 0 ......... 5
a
8 9 0 .. H a m ilton ,O ................. 4 1
8 9 0 .. H am ilton, O ................. 5
8 9 1 ..
Northtteld Union Free
Sch. Dist. No. 5, N. Y . 5
8 9 1 ..
R idge Township, Van
W ert County, O ____ 5

Maturity.
'" Ì 9 Ì 0 ‘ ”

Amount. Award.
$7,050 101-361
500,000 . . . . . . . .

1896-1907
1914-1918

20.000 102-75
25.000 ............
24.000 ÌOO-ISÒ^
50.000 103-42l6

1895-1919

25.000 104-20

1915-1917

12,000

These addtional loans will make the total sales in
October foot up $8,685,435.
New York and Brooklyn Bridge.— Secretary Beam of the
New York and Brooklyn Bridge has this week paid to Con­
troller Fitch of New York $80,000 and to Controller Corwin
of Brooklyn $160,000, in compliance with the laws of 1891, by
which one-third of the surplus earnings is to be paid to New
York and two-thirds to Brooklyn at the end of every six
months.
W est V irgin ia Debt.— The commission appointed under the
act of the last session of the Virginia Legislature to negotiate
with the State of W est Virginia a settlement and adjustment
of the proportion of the public debt of the original State of
Virginia proper to be borne by W est Virginia held its first
meeting at Richmond on Nov. 26.
t
The commission constituted under the act is composed of
Messrs. Taylor Berry, Henry T. Wickham and H . D. Flood on
the part of the Senate; John B. Moon, H . H . Downing and
Randolph Harrison on the part of the House, and Judge W m .
F. Rhea as the appointee of the Governor. The commission
organized by electing Mr. Moon chairman and Mr. Joseph But­
ton secretary.

The act provides that the commission shall not proceed with

1024

THE

CHRONICLE.

the negotiation until satisfactory assurances shall have been
received from the holders of a majority in amount of the cer­
tificates, exclusive of those held by the State through the
agency of the Board of Education and Sinking Fund Commis­
sioners, that they desire the commission to enter into and
undertake such negotiation, and will accept the amount so
ascertained to be paid by the State of W est Virginia in full
settlement of the one-third of the debt of the original State of
Virginia which has not been assumed by the present State of
Virginia. But the commission shall in no event enter into
any negotiation hereunder except upon the basis that Virginia
is bound only for the two-thirds of the debt of the original
State which she has already provided for as her equitable por­
tion thereof.
A ll expenses incurred by the commission and board of arbi­
trators, including reasonable compensation of the members
thereof, shall be paid out of the proceeds of such settlement,
or by the holders of the certificates who are the beneficiaries,
of such such settlement, but without subjecting the State to
any expense on this account. The action of the commission
shall be subject to the approval or disapproval of the General
Assembly, and shall not be binding on the State until approved
by the General Assembly.

[VOL. L IX ,

Cuthbert, Ga.—(Chronicle, vol. 58, pages 787 and 1003, and
vol. 59, pages 571, 663 and 709.)—Id is reported that $40,000 of
water-works bonds of this city have been disposed of.
The securities bear interest at the rate of 6 per cent, pay­
able semi-annually in January and July, and mature Julv 1
1920.
* *

Dallas County, Ala. — This county has petitioned for au­
thority to issue $50,000 of road bonds.
Dawson, Ga.—(Chronicle, vol. 59, page 750.)—The election
which was to be held in Dawson on November 17 for the
purpose of voting an issue of electric-light bonds for $35,000
has been postponed until Dec. 12.
District of Columbia.—(Chronicle, vol. 58, page 1082 and
vol. 59, pages 83, 384, 571 and 616.)—On November 27 $46,000
of 3*65 per cent District of Columbia bonds were awarded to
W . I. Quintard of New York City at 115*03 and accrued in­
terest. Five other bids were received for the loan. The bonds
bear interest from August 1, 1894, and will be issued in de­
nominations of $1,000 or $5,000 if registered, or in denomina­
tions of $500 if coupon bonds are desired.
Dunkirk, N. Y.— (Chronicle, vol. 59, page 527.)— A n ordi­
nance was recently passed authorizing the issuance of a $17,110-68 deficiency loan, but the Council has since decided not
to issue the bonds.

Eaton Rapids, Mich.— (Chronicle, vol. 59, page 889.)— City
Recorder John J. Milbourn notifies the Chronicle that bids
will be received until December 27 for 5 per cent water-works
There are $15,000,000 of the certificates in the hands of the and electric-lighting bonds to the amount of $35,000. The se­
curities will be dated Feb. 1, 1895, and $1,000 of the amount
public, of which two-thirds are deposited with the Farmers’ will mature on.Feb. 1, 1898, then $2,000 yearly from Feb. 1,
Loan & Trust Company. These latter.will now, in accordance 1899, to Feb. 1, 1915, both inclusive. Interest will be payable
with the provisions of the act appointing the commission, annually at any New York bank to be chosen by the pur­
chaser.
formally request them to proceed with the negotiation. The
The city of Baton Rapids is reported to have at present a
Legislature of the State of W est Virginia will meet on Jan. 1, bona fide population of 2,200. Tbe U . S. Census figures in
when it is expected a committee from that body will be formed 1880 were 1,785; in 1890 were 1,970; the State Census figures
in 1884 were 2,129 and in 1891 were 2,157. The assessed valu­
to treat with the commission.
ation is $950,000 and the real valuation about $1,400,000.
Eaton Rapids has no indebtedness of any kind, the bonds issued
B o n d P ro p o sa ls a n d N e g o tia tio n s.— We have re­ by the city some years ago having been fully paid off.
served through the week the following notices of bonds
Elizabeth, N. J.—(Chronicle, vol. 59, pages 125 and 164.)—
recently negotiated and bonds offered and to be offered for The City Council will vote on the question of issuing school
bonds to the amount of $52,000.
sale.
Annapolis, Md.— (Chronicle , vol. 59, page 804.)—Proposals
Fulton County, Ga.—(Chronicle, vol. 59, page 572.)— An
will be received for the purchase of 4 per cent funding bonds
to the amount of $13,000.

election will be held on January 2, 1895, to vote on the ques­
tion of issuing jail bonds for $150,000.

Bergenfleld, N. J.—(Chronicle, vol. 59, page 978.)— Bor­
ough road bonds for $12,000 will be issued about the first of
March. The securities will bear 5 per cent interest, payable
semi-annually at the Chatham National Bank in New York
City. The principal will mature at the rate of $600 yearly for
ten years and then at the rate of $1,000 yearly for six years.
Brenham, Tex.—(Chronicle; vol. 59, page 662.)— Water­
works bonds to the amount of $40,000 have been authorized
by the Mayor.

Hutchinson, Kan.— Five per cent 20-year refunding bonds
of this municipality to the amount of $9,000 have been au­
thorized.

Bloomfield, Neb.— Bonds of this municipality will be issued
for water-works.

Bright wood, Ind.— Bonds of this town to the amount of
$18,000 will soon be issued.

Brooklyn, N. Y .—(Chronicle, vol. 58, pages 565, 891, 744,
786, 787, 831, 876, 953, 1045 and 1118, and vol. 59, pages 84,
200, 384, 486, 616, 709, 845 and 935).— Proposals will be re­
ceived until December 18, 1894, by City Comptroller Halsey
Corwin for the purchase of $100,000 of 4 per beat school build­
ing bonds maturing January 1, 1922, and $50,000 of East Side
park land grading bonds due January 1, 1914. Interest on
both issues will be payable semi-annually on January 1 and
July 1 in Brooklyn.
Buffalo, N. Y.—(Chronicle, vol. 58, pages 1002 and 1081,
and vol. 59, pages 244, 343, 384, 438, 486 and 804.)— An issue
of Buffalo bonds amounting to $13,980 93 has been awarded to
one of the city trust funds.
Cape May, N. J. — Bonds for $4,300 have been authorized,
this amount being the difference between an issue of bonds
that , matured on November 1, 1894, and the amount in the
sinking fund for the liquidation of the securities.
Chicago, 111.— (Chronicle, vol. 58, pages 914, 953, 1002,
1045, 1081 and 1082, and vol. 59, pages 83, 201, 244 and 299.)—
Fifty-three Chicago South Park bonds have been selected for
retirement by the South Park Commissioners. Interest on the
called bonds will cease on the falling due of the next annual
interest coupon and the principal will be payable on and after
that date at the Chicago National Bank.
The numbers of the bonds chosen for retirement will be
found in an advertisement elsewhere in this Department.
„Clarke Count?, Ohio.— Bonds of this county to the amount
of $35,000 will be issued for the erection of an armory.
Cromwell, Conn.—Four and one-half per cent bonds to the
amount Of $15,000 have been voted, the loan to run 20 years,
Crookston, Minn.— Proposals will be received until Decem­
ber 11, 1894, at the office of William A . Lanctor, City Clerk,
for the purchase of $10,000 of 5 per cent general fund bonds.
The securities will be dated December 1,1894, interest will be
payable annully, and the principal will mature Dec. 1, 1904.




Jackson, Miss.— Bonds of this city to the amount of $7,000
will be issued for a colored public school. They will bear in­
terest at the rate of 6 per cent, payable annually on January 1
at Jackson, and will mature January 1, 1915.
A statement regarding the city’s finances will be found
elsewhere in this Department.
Jersey City, N. J.—(Chronicle, vol. 58, pages 692, 787,915,
1046 and 1082, and vol. 59, pages 163, 439, 486, 710 and 935.)—
On December 6, 1894, the city of Jersey City, N. J., sold
$179,000 of
per cent refunding gold water bonds to the
city’s sinking fund at 105*12. The securities are registered
and will mature January 1, 1925.
Six other bids were received for the loan, the highest being
102*55, sent in by Blake Bros. & Co. of Boston.
Lackawanna County, Pa.—(Chronicle, vol. 59, page 978.)
— County Treasurer D. W . Powell reports to the Chronicle
that $120,000 of 5 per cent county bonds have been called in
and refunded at 4 ^ per cent. In all other particulars the new
bonds are subject to the same conditions as the old ones. The
securities were all placed by the Scranton Savings Bank.
La Crosse, Wis.—(Chronicle, vol. 59, page 890.)— An or­
dinance has been passed authorizing the issuance of bonds to
the amount of $75,000 for the improvement and extension of
the city’s water works. The securities will be for $1,000 each,
dated June 1, 1895, and will bear interest at a rate not to ex­
ceed 5 per cent per annum, coupons to be payable on the first
days of June and December. The principal will mature in 20
years and the common council reserves the right to pay the
same at any time after 10 years. The bonds will be offered
for sale on June 1, 1895, and the commissioners of the sink­
ing fund are authorized to take $25,000 of the loan at par.
Interest and principal will be payable at the office of the City
Treasurer. A direct tax is provided for to meet the principal
and interest when due.
Lee County, Iowa.— Proposals will be received until De­
cember 13, 1894, for the purchase of $660,000 of 4 per cent
refunding bonds, the loan to become due in from 5 to 20
years.
Lowell, Mass.—(Chronicle, vol. 59, page 978.)—Bridge
bonds of this city to the amount of $75,000 have been voted.
Lynn, Mass.— Bonds of this city to the amount of $15,000
have been authorized.
Mexico, Mo.—(Chronicle, vol. 59, page 936.)— City Clerk
T. M. Gill notifies the Chronicle that the report to the effect
that Mexico will probably issue $100,000 of sewer bonds is in ­
correct. “ The city will build the sewer slowly and pay as
fast as completed out of the revenue.”

December 8 , 1894.]

THE

CHRONICLE.

1025

at the Fourth National Bank of Boston, and the principal will
mature at the rate of $1,000 yearly beginning January 1,
1897. Nine bids were received for the loan.
The town debt is at present $156,250. Its assessed valuation
for 1894 is $6,546,165 and the estimated population is 7,293.
Selma, A la.— This city will ask for authority to issue $100,000 of water-works bonds.
Spencerville, Ohio.— The citizens of this town will vote
December 27 on issuing $12,000 of electric-light bonds.
Springfield, Ohio.— (Chronicle, vol. 58, pages 693 and
916).— Proposals will be received until December 26,1894, by
City Clerk Samuel J. Wilkerson for the purchase of $5,000 of
5 per cent street and sanitary improvement bonds. The
securities will be dated December 1, 1894. Interest will be
payable semi-annually on March 1 and September 1 at the
office of the City Treasurer or at the Importers’ & Traders’
National Bank of New York City, and the principal will ma­
ture at the rate of $1,000 yearly from September 1, 1895, to
September 1, 1899.
W aterville, Me.— (Chronicle, vol. 59, page 937.)—It is re­
ported that $25,000 of 4 per cent funding bonds of Waterville
were recently awarded to Dietz, Denison & Prior.
The loan
The bond numbers o f the securities called fo r paym ent and becomes due in 15 years.

McCracken County, K y.— A call has been issued by the
Funding Committee of McCracken County, K y ., for the pres­
entation for payment of bonds issued in aid of the Paducah &
Elizabethtown Railroad, as follows :
Two hundred and fifty-one bonds of the denomination of
one thousand dollars each.
Two hundred and sixty-two bonds of the denomination of
five hundred dollars each.
Five hundred and five bonds of the denomination of one
hundred dollars each.
Thirteen bonds of the denomination of fifty dollars each.
Also bonds issued in aid of the New Orleans & Ohio Rail­
road, as follows :
Eighty-three bonds of the denomination of one thousand
dollars each.
The bonds and interest to December 81, 1894, will be paid
on and after that date at the American-German National
Bank of Paducah, K y .

further particulars in regard to their redemption will befound
in an advertisement elsewhere in this Department.

Midland Township, N. J .— Road bonds of this township
to the amount of $30,000 have beén voted.
Minneapolis, M inn.— (Chronicle, vol. 58, page 954, and
vol. 59, pages 344, 617, 710 and 890.)—The Minneapolis com­
mon council has decided to build a reservoir and filtering
plant which it is estimated will cost $1,128,000 to $1,460,000.
An issue of bonds to the amount of $775,000 has been proposed.

STATE AND CITY DEBT CHANGES.
We subjoin reports as to municipal debts received since the
last publication of our State and City Supplement.
Some of these reports are wholly new and others cover items
of information additional to those given in the Supplement,
and of interest to investors.

Kansas.—(State and City Supplement, page 126.)— W e
Monroe County, N. Y .— (Chronicle , vol. 59, pages 84 and
give below our detailed report of the indebtedness, valuation,
164.)— Bids will be received until December 15th by J. B.
tax rate, etc., of the State of Kansas corrected to date.
Hamilton, County Treasurer, for the purchase of 3 per cent
Principal.LOANS\ -In terest.court house bonds to the amount of $300,000.
The securities NAME AND PURPOSE.
Outstand'g.
I , Ot. Payable. When Due.
J & J Ju ly 1 ,1 8 9 7
$100,000
tCapitol bonds, 1867.............. 7
will be dated December 15, 1894, interest will be payable t
J & J Ju ly 1 ,1 8 9 8
150,000
Do
1868............... 7
J & J Jan. 1 ,1 8 9 9
70,000
t
Do
1 8 6 9 ............. 7
semi-annually at the office of the County Treasurer in Roch­
J & D Dec. 1 ,1 9 0 8
18,000
* Funding, 1 8 88...................... 4
ester or at the American Exchange National Bank of New *
J & J Ju ly 1 ,1 9 0 9
85,000
Do
1889...................... 4
M & S M ch.15,1895
36,500
* Indian invasion, 1 8 75......... 7
York City, at the option of the purchaser. The principal of * Insane asylum, 1868............ 7
J & D June 1 ,1 8 9 8
20,000
J & J Jan. 1 ,1 8 9 9
89,000
the loan will mature at the rate of $50,000 annually on Febru­ * M ilitary fund, 1869.............. 7
J & J Ju ly 1 ,1 8 9 7
100,000
fPenitentiary, 18 67............... 7
ary 1st from 1908 to 1913 both inclusive. A special tax is t
J & J Ju ly 1 ,1 8 9 8
50,000
Do
1868................ 7
J & J Ju ly 1 ,1 8 9 6
70,000
provided for to pay the interest and principal as the same tPublic im provem ent, 1866.. 7
A & O Oct. 1 5 ,1 8 9 4
12,500
* R elief bonds, 1874............... 7
shall become due.

* A ll in School Fund.
t A p ortion held b y School Fund.
Further particulars regarding the issuance and sale o f the
PAR V A LU E O F B O N D S .—The bonds held b y the public are ail
securities will be found in an advertisment elsewhere in this
fo r $1,000 each.
Department.
IN TE R E S T-W H E R E PAYABLE .—Interest is payable in New Y ork

Monroe County, W is.— Bonds of this county to the amount
of $50,000 have been voted for the erection of a new court
house.
Montevideo, M inn.— (Chronicle, vol. 59, pages 487 and
526.)—Proposals will be received until December 10, 1894, by
C. A . Fosnes, President, for the purchase of $6,110 of 6 per
cent village hall bonds. Interest will be payable semi-annu­
ally, and the principal will mature in 20 years, both principal
and interest to be payable in New York exchange.
Morris, N. Y.— The village of Morris, N. Y ., will issue $13,000 of 4 per cent water-works bonds to run 20 years, with an
option of call at any time after 5 years. It has not as yet
been determined when the securities will be offered for sale.
M orrisville, V t.—(Chronicle, vol. 59, page 526.)—Propo­
sals will be received until December 20, 1894, by A . F. W h it­
ney, Chairman of Board of Trustees, for the purchase of
$40,000 of 4 per cent water and electric-light bonds. Interest
will be payable semi-annually on January 1 and July 1, $5,000
of the amount maturing in from 5 to 10 years, $5,000 in 15
years and $10,000 each year in 5, 10 and 20 years from date.
Morrisville has at present no indebtedness.
Nebraska City, Neb.— A n election will be held to vote on
issuing $40,000 of bonds for a school building,
Paw ling, N. Y.— A n election will b e h e l d a t Pawling t o
V Q te o n i s s u i n g $30,000 of w a t e r - w o r k s b o n d s .
Philadelphia, Pa.— (Chronicle, vol. 58, pages 692, 745,
788, 952, 1047, 1121, and vol. 59, page 63.)—Proposals will be
received until December 10, 1894, by Mayor Edwin S. Stuart,
for the purchase of $2,720,000 of 3J£ per cent redemption
bonds.
Interest on the securities will be payable semi­
annually on January 1 and July 1 at Philadelphia, and will
be free of all taxes. The principal will mature at the rate of
$136,000 yearly from December 31,1904, to December 31,1923,
both inclusive. The issue is made for the redemption and
payment of city of Philadelphia bonds which fall due on Janu­
ary 1, 1895.
Pueblo, Col.— (Chronicle, vol. 59, pages 753, 937 and
979,)—Five per cent 5 and 15-year funding bonds to the
amount of $75,000 have been voted.
Revere, Mass.— (Chronicle, vol. 58, page 788, and vol.
59, page 979.)— On December 5, 1894, the town of Revere,
Mass., sold $25,000 of 4 per" cent sewer funain? bonds to
Messrs. Leland, Towle & Co., of Boston, at 103 495 and ac­
crued interest. The securities are dated January 1, 1895, in­
terest will be payable semi-annually on January 1 and July 1




at the N ational Bank o f the Republic.
T O T A L D EBT on Jan. 1,1894, was $801,000, o f w hich $545,000 Is
held b y the several State funds.
ASSESSED VALUATION .—The State’ s assessed valuation and tax
rate have been as follow s in the years named :
Valuation.
State Tam.
* Total Equal- State Tax Tears.
$4-10
Tears,
ized Valuation, p . $1,000 1 8 86......... $277,113,323
401
18 94.........$337,501,722
$3 09 18 85......... 248,846,811
4-50
1 8 93......... 356,621,818
3*08 1884......... 237,020.391
43'09 1 8 83......... 203,184 489
1892......... 342,682,845
5- 50
1 8 90......... 348,459,943
4 ‘25 1880......... 160,570,761
5-50
1889......... 360,815,073
4 '20 1 8 76......... 133,832,216
* The decrease in the tota l valuation o f p rop erty in the State during
the year 1889-90 was largely ow ing to the low ering o f the assessed
valuation o f railroad property b y the State B oard o f Assessors.

In an official report recently made by State .Treasurer W .
H . Biddle, the business of the fiscal years ending June 30th,
1893 and 1894, is summarized as follows :
Balance in treasury July 1 ,1 8 9 2 ................... , ....................... $727,162 51
R eceipts during the fiscal years ending June 3 0 ,1 8 9 3
and 18 94............................................................... - ..................■ 5,101,891 54
T ota l......................................- ..................... . . . ......................$5,829,054 05
Disbursements during the fiscal years ending June 30,
1893 and 1894........................................................ ................ - 4,986,727 82
Balanoe in treasury June 3 0 ,1 8 9 4 ....,..........................

$842,326 23

The Treasurer congratulates the people of Kansas upon the
healthy condition of the State Treasury, notwithstanding the
small levy made for State purposes. “ The Legislature,” he
says, “ has been liberal in its appropriations for the various
State departments, charitable institutions, public buildings
and improvements; yet the available balance in the treasury
is abundantly sufficient to insure, beyond question, the
prompt payment of all State obligations, and at the present
time there is not a single State warrant outstanding bearing
the stamp, Not paid fo r want o f fu n ds.”
The Treasurer’s report shows that the bonded indebtedness
of the State is $801,000; of this amount, $12,500 matures
October 15, 1894, and provision for payment of same was
made by the Legislature of 1893. W ith the exception of
$103,000, all State bonds will mature before the close of the
present century. Treasurer Biddle thinks that the attention
of the next Legislature should be called to this matter, in
order that a small tax levy may be provided for the State

30

1026

TH E

CHRONICLE.

[ V o l . LIX,

sinking fund out of which the bonds may be paid as they fall
due. There is now but $336 22 in that fund, no levy having
been made since 1886.
In view of the fact that a part of the bonds will mature be­
fore a new levy would become available, a direct appropria­
tion from the general revenue fund is recommended for the
payment of $36,500 due March 15, 1895, and $70,000, due July
1, 1896. The Treasurer urges the importance of such action,
that the State may perpetuate the high reputation which it
has always borne for the prompt payment of its obligations.

New Haven, Conn.— (Chronicle, vol. 58, pages 916 and
1008, and vol. 59, pages 936 and 978.)— This statement has been
corrected to December 1, 1894, by means of a special report to
the Chronicle from J. B. Sargent, Mayor.
The town and school district of New Haven, in the county
of the same name, are co-extensive. The city of New Haven
is within the town limits but of smaller area. The town,
school district and city have each sepaiate debts of their own.

Jackson, Miss.—The statistics given in the following state­
ment have been taken from a special report to the Chronicle

Boulevard sew era g e..1887 3*2 J & D
June
($25,000 due yearly) to June
City sew erage...............1871 7
A & O Oct.
do
.............. 1889 4
A & O Apr.
($25,000 due yearly) to Apr.
do
.............. 1892 4
A & O A pr.
($25,000 due yearly) to Apr.
do
..............1894 4
A & O A pr.
($25,000 due yearly) to Apr.
do
.............. 1885 3 ^ F & A
Feb.
($15,000 due yearly) to Feb.
Library*........................... 1890 4
J & J
Jan.
($10,000 due yearly) to Jan.
M u n icip al........................ 1877 4
J & J
July

from L. F. Chiles, Mayor. Included in the statement are
$7,000 of school bonds to be issued January 1, 1895.
County seat of Hinds County and State capital.

LO AN S-

City has no sinking fund.
T ax valuat’n, rea l.........$1,859,691
6s, Semi-an., )
(1 9 0 3 T ax valuat’n, personal. 1,006,654
6s, Semi-an., >$24,300
<1908 Total valuation 1 8 94... 2,866,255
(1 9 1 3 Assessment is
6s, Semi-an., )
actual value.
COLORED PUBLIC SCHOOL—
Total tax (per $1,000)......... $28*50
6s, Jan. 1, $ 7 ,0 0 0 ....... Jan. 1 ,1 9 1 5 P opulation 1890 w as.............. 5,920
T otal debt Jan. 1 ,1 8 9 5 ... $31,300 Population 1894 about.......... 7,000
IN T E R E S T is payable at Jackson, Miss.
T A X FR EE .—A ll o f the city ’ s bonds are exem p t from taxation.
When Due.

Ci t t B on d s—

M aysville, Ky.— W illiam H . Cox, M ayor; H . L. Newell,
Chairman of W ays and Means Committee. The indebtedness,
etc., of Maysville on November 20, 1894, was as given below.
County seat of Mason County,

LOANS —

When Due.

F u n d in g B o n d s—

5s, F&A, $ 2 8 ,0 0 0 ....Aug. 1, 1908
($7,000 due y ’rly to Aug. 1, 1911)
R a il r o a d B o n d s-

58, J&J, $6,326..........July 1 ,1 8 9 7
5s, F&A, $ 6 0 ,0 0 0 ......Aug. 1,1 8 9 8
($6,000 due yearly) to Aug. 1 ,1 9 0 7
W ater W orks—

6s, F&A, $ 7 ,0 0 0 ......A u g . 1 ,1 8 9 5

6s, F&A, $ 8 ,0 0 0 .........Aug. 1, 1896
Interest is payable at M aysville.
Total debt Nov. 2 0 ,’ 94...$109,326
T ax valuation 1894___ $2,700,000
Assessment about ^ actual value.
T otal ta x (per $1 ,000 )..
$20*00
P opulation in 1890 w as.........5,358
P opulation in 1880 w a s.........5,220
Population 1892 (e st.)...._ ..7 ,3 7 9

LO AN S-

— ------• Interest.— , ,------------- Principal,— i
—
When Due.
Outstand’g.

NAME AND PURPOSE.
Bate. Payable.
N e w H a v e n Ci t y B o n d s—

1, 1902
1, 1908
1, 1901
1, 1910
1, 1917
1, 1918
1, 1921
1, 1922
1, 1925
1, 1895
1, 1904
1, 1910
1, 1919
2, 1897

$175,000

F & A
Aug. 1, 1909
yearly) to Aug. 1, 1920
M & N
1921 to 1924
M & N
1925 to 1928
—
On demand.

230.000

N e w H a v e n Ci t y S c h o o l D is t r ic t —

B o n d s.........................1889.0 4
($20,000 due
do .......................
1892 4
do ...............................1893 4
Notes.......................... ............. .. '
Town

oe

Ne w H aven D ebt.

t250,000
200,000
100,000
100,000
150.000

100.000
1150,000

70.000
75.000
60.000

Air Line R R . b on d s .... 1889
J & J
Ju ly 1, 1910
500.000
($25,000 due yearly) to Ju ly 1, 1929
E ast Haven, r e f.............. 1887 4
M&N
1897 to 1907
' 60,000
F un din g....... .......................... 3 ^ J & J
July 1, 1909
200.000
Subject to call after July 1, 1899
Park bon ds.................. .1890
J & J
1940
100,000
Subject to ca ll 1910
....
.................
do do ............ ................. 4
100,000
Quinipiao bridge................. . 4
M&N
....... .
1902
25,000
Subject to call.
W ar l o a n ........... ................. 6
.......
.................
21,200
* E xem pt from taxation,
t Paym ent is provided fo r b y sinking fund.
PAR V A LU E O F B O N D S.—The bonds are all fo r $1,000 each
except the tow n w ar bonds, part o f w hich are for $200 and $500.

N E W LOANS.

N E W LOANS.

$ 300,000

KEN TU CK Y

Proposals for Water Bonds.

Bond Redemption Notice.

OFFICE OF TH E W A T E R COMMITTEE OF THE
CITY OF PORTLAND, OREGON.

Monroe County, N. Y ., Bonds.

BOND C A L L .

M o n r o e Co u n t y T r e a s u r y , >
R o c h e s t e r , N . V ., D ec., I, 1894. s

Sealed proposals will be received until Saturday,
Dec. 16thvat 12 o’clock M., fo r all or any part o f the
bonds o f M onroe County, to be issued by and under
the authority o f Chapter 686, o f the laws o f 1892, and
pursuant to a resolution adopted by the Board o f
Supervisors o f said County N ovember 28th, 1894, as
follow s:
Resolved, That the County Treasurer he and he is
hereby authorized and directed to issue bonds o f the
County o f M onroe to the amount o f three hundred
thousand dollars ($300,000), which bonds shall be
dated on the 16th day o f Dec., 1894, and shall he pay­
able as follow s: F ifty thousand dollars ($60,000)
Feb. 1,1908; fifty thousand dollars ($50,000) Feb. 1,
1909; fifty thousand dollars ($50,000) Feb. 1,1910;
fifty thousand dollars ($50,000) Feb. 1, 1911; fifty
thousand dollars ($50,000) Feb. 1,1912; fifty thou­
sand dollars ($50,000) Feb. l , 1913, with interest at
the rate o f three (3) per cent per annum, payable
semi-annually on the first days o f February and A u ­
gust In each year. Said bonds (and coupons if any),
to he signed by the Treasurer o f the County o f
Monroe, and countersigned by the Chairman o f the
Board o f Supervisors o f said County and to he nego­
tiated by the County Treasurer, under the direc­
tion o f the Committee on Treasurer’s Accounts.
A nd be it further
Resolved, That the County o f Monroe shall here­
after raise annually by tax a sum sufficient to pay
the interest and principal on said bonds as the same
shall becom e due. A nd it is further
Resolved, That the proceeds arising from the sale
o f said bonds shall be used fo r the purpose o f pay­
ing fo r the construction o f the new Court H ouse
now being built by the said C ounty: Said bonds to
be issued either in coupon or registered form , and
payable, principal and interest, at the office o f the
Treasurer o f M onroe County or at the American
Exchange National Bank in the City o f New York,
at the option o f the purchaser. Be it further
Resolved, That the bond given by our County
Treasurer is hereby deemed sufficient security fo r
the faithful perform ance o f his duty in issuing said
bonds and the lawful application o f the funds aris­
ing therefrom.
The person or persons to whom the bonds are
awarded will be required, upon notice o f the accept­
ance o f their bid, to deposit with the Treasurer o f
this County, the full amount o f bonds awarded to
them, as soon as notified o f the acceptance thereof,
and the bonds will be ready for delivery immediately.
Interest will com m ence on December 15,1894; the
first Instalment will be payable February 1,1895.
No bid o f less than par will be entertained.
A ll proposals should be directed to the Treasurer
o f the County o f Monroe, Rochester, N, Y., and en­
dorsed “ Proposals fo r Bonds.”
J. B. HAMILTON,
Treasurer o f M onroe County.

Stock Exchange

Notice is hereby given to each and all o f the hold­
ers o f Bonds of M cC ra ck en C ou n ty, K e n tu c k y ,
and to all whom it may concern:—

That McCracken County, Kentucky, hereby calls
In for payment and demands o f the holder, or hold­
ers, that the following numbered McCracken County
(Kentucky) Bonds, with all unpaid coupons, he pre­
sented fo r payment at the Treasurer’s office in the
American-German National Bank, at Paducah, K en­
tucky, on the 31st day o f December, 1894; and said
County hereby tenders the money in full o f all said
Bonds and Coupons, v iz :
Bonds issued in aid o f the Paducah and Elizabeth­
town Railroad, as fo llo w s:
Tw o Hundred and fifty-one bonds o f the denom ­
ination o f One Thousand Dollars each, and num­
bered 1 to 42 inclusive, and 44 to 91 inclusive, and 93,
94 and 94 to 252 inclusive.
Two Hundred and sixty-two bonds o f the denom ­
ination o f Five Hundred Dollars each, and num­
bered 1 1® 227 inclusive, and 230 to 264 inclusive.
Five Hundred and five bonds o f the denomination
o f one hundred dollars each, and numbered 23, 25,
88, 85, 87, 96,122,124,128, 132, 133, 134, 142,143, 144,
145, and 801 to 390 inclusive, and 396 to 636 inclusive,
and 638 to 795 inclusive.
Thirteen bonds o f the denomination o f fifty dol­
lars each, and numbered 41, 42, 52, 56, 5 , 59, 60, 67,
68, 89,116,117,118.
A lso Bonds Issued in aid o f the New Orleans &
Ohio Railroad as fo llo w s :
Eighty-three bonds o f the denomination o f one
thousand dollars each, and numbered one to 37, in
elusive, and 39 to 76 inclusive, and 78 to 80 inclusive,
and 83 to 87 inclusive.
Each and all are hereby called In fo r redemption,
and notice Is hereby given that said bonds will be
paid upon presentation to the Treasurer o f McCrack­
en County, Kentucky, at the Treasurer’s office in
the American-German National Bank in the City o f
Paducah, State o f Kentucky, on the 31st day o f
December, 1894.
Notice is hereby given, that, after said 31st day o f
December, 1894, no interest will be paid on any o f
said bonds, or coupons, which have not been pre­
sented fo r payment on December 31st, 1894.
A nd on that date interest shall cease and any o f
said Bonds, or Coupons, which may be presented
after December 3 Jst, 1894, shall be paid with interest
up to and including December 31st, 1894, only. And
all issued to refund the debt o f said County and
payable to hearer at the County Treasurer’s office in
Paducah, Kentucky.
J. L. BETHSHARES,
County Judge and Member o f Funding Committee.
J. C. F A R L E Y .)
J. C. T U L L y ,
> Funding Committee.
W . H . HOOK, )
Nov. 28,1894.

Securities W. J .

Hayes & Sons,

B o u g h t a n d S o ld f o r C ash o r on M a r g in .

BANKERS,

IN VESTM EN T BONDS A SPEC IALTY.

N E W LOANS.

N ovember 21, 1894.
Sealed proposals will be received at this office un­
til Tuesday, December 18,1894, at 3 P . M., fo r the
whole or any part o f one hundred thousand dollars
($100,000) o f the bonds o f said city, in denominations
o f one thousand dollars ($1,000) each, dated July 1,
1893, payable thirty (30) years from date, and hear­
ing interest at the rate o f five (5) per cent per an­
num, payable on the first days o f January and July
o f each year. Principal and interest payable in U. S.
gold coin, at-the office o f the Treasurer o f said city;
said bonds to be paid fo r and delivered to the pur­
chaser on the second day o f January, 1895. These
bonds are issued under authority o f an act o f the
Legislative Assembly o f Oregon, passed February
16,1893, the proceeds to be used fo r the construction
o f water-works, and will be delivered with coupons
attached fo r interest from January 1, 1896. The
successful bidder will be required to deposit, within
forty-eight hours after the award o f the contract,
an approved certified check fo r five per cent o f the
par value o f the amount o f bonds hid for, payable at
Portland, Oregon, to the order o f the Clerk o f the
W ater Committee o f the city o f Portland, Oregon,
as liquidated damages in case the bidder should fail
or neglect to take and pay fo r the bonds according to
the terms o f the proposal and the contract. The
right to reject any or all bids is reserved. The sealed
envelopes containing proposals should be addressed
to the undersigned and marked “ Proposals fo r Pur­
chase o f W ater Bonds.” By order o f the Water
Committee.
F R A N K T. DODGE.
Clerk o f the W ater Committee.

South Park Bonds.
T o W h o m it m a y C o n c e r n :
Take notice that the follow ing numbers o f South
Park Bonds have been selected and retired by
the South Park Commissioners in conform ity with
law fo r the annual sinking fund, v iz : 11,128,135,
152,170,179,198, 202, 211, 214, 239, 241, 257, 300, 333,
334, 386, 383, 892, 440, 448, 459, 479, 482, 499, 646, 7ll,
721, 731, 735, 745, 750, 761, 888, 945, 970, 977, 986, 994,
999,1008,1026, 1027,1028,103^, 1067, 1073,1094,1108,
1131,1150,1174 and 1175. interest will cease on the
above-numbered bonds on and after the falling due
o f the next annual interest coupon.
-Principal o f retired bonds payable on and after
the falling due o f their next annual interest coupon,
at the Chicago National Bank, Chicago, Illinois.
SOUTH P A R K COMMISSIONERS,
t.
, ,
By E. G. SHUMWAY, Secretary.
Dec. 1st, 1894.

W . N . Coler & Co.,

Dealers in MUNICIPAL BONDS.

Edward Morton & Co.,
47 B R O A D W A Y , NEW Y O R K .




BANKERS.

Street Railway Bonds and other high grade in­
vestments.
3 1 1 -3 1 3
4 (M 2 W a U g t>
7 E x ch a n g e

M U N IC IP A L BONDS.

N ew Y ork .

Cable Address. * KENNETH.”

34 NASSAU STREET.

T H E GPKONICLE.

D e c e m b e r 8, 1894.]

IN T E R E ST on all issues is paid at th e City Treasury, except that
interest on the school district bonds is payable at the M echanics’ B a n t
at present.
T O T A L D E B T , SINKING FU N D, E T C —T h esu bjoin ed statem ent
shows New H aven’s total m unicipal debt and sinking fund held b y the
city against the same on the 1st o f December o f each o f the last three
years; the tow n’ s debt on D ecem ber X, 1894, and on O ctober 3 1 ,1 8 9 3
and 1892, and the sohool district’ s debt on Decem ber 1 ,1 8 9 4 :
Dèe. 1, ’94.
T>èe. 1, ’93.
Dec. 1, ’92.
Total bonded debt o f c i t y ......... $1,225,000
$1,125,000
$1,125,000
Sinking fund, e tc .........................
400,000
301,479
334,855
Net debt on D ecem ber 1 .___

$825,000

jy& X ^94.
c*

Total funded debt o f to w n .. . . . .$1,007,200
167,029
Floating debt........................... .

$823,521
Oct. 31, 93.

$790,145
Oct. 31, ’92.
$1,052,400
165,029

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

Total tow n debt........................$1,174,229
............
$1,217,429
The total indebtedness o f the school district on Decem ber 1 ,1 8 9 4 ,
was $436,585. The district owns land appraised at $1,092,995.
ASSESSED V A L U A T IO N .—P roperty in New H aven is assessed at
about an average o f 60 per cent on actual value. A ll p roperty in the
iortn of bonds, b ills receivable or notes fo r m oney lent, and all sim ilar
evidences o f wealth m ay escape local taxation, b y paying a State tax
upon their amounts o f one-fifth o f 1 per cent and having them record­
ed. in- the office o f the Secretary o f State. Therefore very little o f such
property, if an v, is put into the local ta x lists and does not appear in the
Grand List. The Grand List also does not include the real estate o f
Yale College, estimated at............................................... ......... $5,000,000
School-houses, estimated with oontents.and la n d ............. .. 1,500,000
Churches........................................................ ................................. 1,000,000
Town and city public p rop erty ...................................................
500,000
Real estate ow ned b y railroads which is not taxed locally,
but by the State on ly .................................................................. 2,000,000

$10,000,000
Excluding the above $10,000,000 the Grand List, which covers town,
school district and city, is $55,814,715.
The city’ s assessed valuation and ta x rate have been approxim ately
as follows, real estate being taken at “ about 60 per cent actual value:”
Real
Personal
Total
Rate o f Tax
Years.
Estate.
Property.
Valuation, p er $1,000.
..........
$54,500,000
$12-50
1893........................................
1891................
........
............
51,995,329
11-50
$11,501,148
52,171,131
19-50
1 8 9 0 ..............$40,669,983
P O P U L A T IO N .—In 1890 population o f the city was 85 ,981 ; in
1880 it was 62 ,882; in 1870 it was 50,840. The population o f the
town in 1894 is estimated at 100,000 or mòre.

FINANCIAL,

1027

Superior, W Is.—F. A . Woodard, Mayor.
The following
statement of indebtedness, valuation, etc., has been corrected
by means of a special report from H . E. Ticknor, city comp­
troller. This city was formed by the consolidation of the vil-'
lages of Superior and W est Superior, situated in Douglas
County. The first two issues of street improvement bonds,
listed below, will be retired by the city on January 1, 1895.
L O A N S—

When Due.

St r e e t I m p r o v e m e n t —

6s, J&J, $ 9 8 ;9 1 2 ....J u ly 1, 1896
Subject to call after Ju ly I , 1894
Ci t y H a l l B o n d s—
6s, J&J, $3 5,68 8.. ...N o v , 1, 1896
6s, A&O, $ 2 5 ,0 0 0 .... Apr. 21,1908.
Subject to call after N ov. 1, 1894
Subject to call after Apr. 2 1 ,1 8 9 8 6s, J&J,
$6,895. . . Dec. 1, 1896
F i r e P r o t e c t io n B o n d s —
Subject to call after Dec. 1, 1894
6s, F&A, $ 2 0 ,0 0 0 ....Aug. 1, 1910 6s, J&J, $ 3 0 9 ,0 7 3 ,.. .Ju ly 1, 1897
Subject to call after Ju ly 1, 1895
Sc h o o l B o n d s 58, J&J, $166,000.......Jan. 2 ,1 9 1 2 6s, J&J, $ 3 5 3 ,2 2 1 ....Jan. 2, 1898
5s, J & ,, $ 4 5 ,0 0 0 ......July 2 ,1 9 1 2
Subject to call after Jan. 2, 1896
6s. var., 14,000___Feb. , 9 5 t o ’ 98 6s, M&S, $ 2 38,1 61..Sept. ’ 91 to !96
S e w e r B o n d s—
6s, J&J,
1 0 ,8 3 6 ..Jan., ’92 t o *97
6s, F&A,$ 2 0 0 ,0 0 0 ... .Aug. 1, 1910 6s. J&D, 380,765..June, ’ 92 to '9 7
6s, F&A, 1 5 0 ,0 0 0 ....Aug. 1, 1911
S e w e r I m p r o v e m e n t B o n d s—
6s, M&N, 50,000 . . .N ov. 1. 1911 6s, J&J, $ 1 5 8 ,4 9 3 ....July 1, 1897
Special Assessment Loans—
Subject to call after Ju ly 1, 1895
H a r b o r I m pro vem en ts—
6s, J&J, $ 2 0 ,3 8 1 .....Jan. 2, 1898
6s, J&D, $8 7,313.. June, ’92 to ’02
Subject to call after Jan. 2, 1896
6s, J&D, 1 0 ,3 8 9 ..June, ’93 to ’03
6s, J&D, 50,S50.party’ rly to 1904
IN T E R E S T on City H all bonds is payable in New Y ork at the
National Park B an k; on harbor im provem ent bonds, due part yearly
to 1904, at the National Bank o f North Am erica in New Y ork C ity ; on
school bonds, due 1895 to 1898, partly in New Y ork and p a rtly in
Superior. A ll other interest is payable in New Y ork at National Bank
o f the Republic.
T O T A L D E B T , ETC.—The total general bonded debt on N ov. 30,
1894, was $720,000. On the same date there were outstanding special
street im provem ent bonds to the am ount o f $1,134,717, special sewer
im provem ent bonds fo r $178,874 and special harbor im provem ent
bonds for $79,200.
A SSE SSE D V A L U A T IO N .—The city’s assessed valuation (about ^
o f actual value) and ta x rate have been as follow s in the years n a m ed :
------------------- 1ssessa V aluation.------------- — , Tax rat °d
, R'-al.
Personal.
Total, p er $1.000
1 8 9 4 .................$18,384,044
$1,295,058
$19,679,102 $20-70
1893.................... 21,533,465
919,952
22,453,417
27-40
1,373,117
25,867,801
2500
1892................... 24,494,684
1891...................
24,328,650
1,020,750
25,349,400
1890.................... 22,794,915
687,560
23,482,475 20-00
P O P U L A T IO N in 1891 according to p olice census:was 21,215; in
1890 according to U. 8. Census it was 11,983.
■
1
B r id g e B on ds —

6s, F&A, $ 5 0 ,0 0 0 ....Aug. 1, 1910

FINANCIAL.

FINANCIAL.
I

St. Louis 14-Year 4s,
Detroit 3 0 -Year Gold 4s,
B rooklyn 30-Year 4s,
Chicago 20-Year 4s,
Galveston 20-40-Year 5s,

German-American
Investment Co.,

Cleveland 8-Year 5s,
Cincinnati 15-Year 6s.

M U N IC IP A L

BONDS

FOR INVESTMENT.

3 2 W A L L S T ., N E W Y O R K .
Ground Floor, bpposite Custom House.)

Price and details on application.

P A R T IC U L A R S UPON A P P L IC A T IO N .

N. W. HARRIS & CO.,
BANKERS,
15 W A L L S T R E E T ,

-

NEW Y O R K .

and Trustees.

City o f P ittsburg, Pa.
City o f Brooklyn, N. Y.
City o f Denver, Col.
City o f Pueblo, Col.
City o f Davenport, Iowa.
City o f Superior, W is.
City o f Anderson, In d
City o f Youngstown, Ohio.
Price, description and full list o f other Securities
on application.

C . H. W HITE & C O .,
-

-

Grade

Municipal Bonds

for investment by Savings Banks

BONDS.

72 B R O A D W A Y ,

High

MEMBERS OF THE NEW YORK AND BOSTON
STOCK EXCHANGES.
DEALERS IN COMMERCIAL PAPER.

Descriptive circular

sent upon application.

Blake Brothers & Co.,
2 8 S T A T E S T R E E T , BOSTON .

Rudolph Kleybolte & Co.,

5

NA SSA U

S T ., N E W

YORK.

In vestm en t B a n k e r s ,
3 0 W e s t Third Street,

Cincinnati, Ohio,

C IT Y

NEW Y O R K .

BONDS.

Choice Investment Bonds of Cities,

M ORTGAGE LOANS

Connties and School Districts.

IN

TEXAS.

LIST8 MAILED UPON APPLICATION.

7 Per Cent and 8 P er Cent Net.
NO COMMISSIONS charged borrower or lender
nntil loans have proven good.

F R A N C I S S M I T H & C O .,

M U N IC IP A L

HENRY F, TAYLOR,
SAMUEL T. HALSTED.
Member N. Y. Stock Exch.

BONDS

PRICES

AND

P A R T IC U L A R S

UPON

A P P L IC A T IO N .

Bankers and Brokers,
2 NASSAU S T R E E T ,
NEW Y O R K .
Bonds and Guaranteed Stocks

Street, Wykes & Co.,

. ,

fl,

)CKET> RLATBUi P M




•

SbuGH® hVio SOLD.

-

N E W YORK.

For Investment.

Taylor & Halsted,
... , _ ,

Farson, Leach & Co.,
No. 2 W ALL ST.,

SAN ANTONIO. T E X A S .

m .„

W E B U Y AN D SELL.

1 w ill p a y six p e r ce n t an d an e x t r a d iv«
id en d o f fo u r p er cent p e r annum fo r an y
p a r t o f T h r e e T h ou sa n d D o lla r s y o u >nay
h a v e , in ca sh , w it h b a n k s o n ly p a y in g
yon th r e e p e r cen t. S e c u r ity g ood as b £ n k
st o c k .
Apply to

C. W ittman, Jr.,
Bagaiser hat! B ro k e rs

S i B ro a d w a y s Ni t i

THE CHRONICLE.

1028

IVOL. LIX.

ASSESSED V A L U A T IO N —The city’ s assessed valuation (about onethird cash value) and ta x rate have been as follow s :
Real
Personal
Total Assessed Rate o f Tax
Years.
Estate.
Property.
Valuation, p er $1,000
....... .......
...............
$19,289,964
___
1 8 94............
1 8 9 3 .. . . . . . .
................
...............
*18,988,565
........
1892...........$17,545,388
$1,067,385
*18,612,773
$2763
1 8 9 1 ..
.. ¡ . .
16,763,609
1,282,705 *18,046,314
1890...........1 5 ,1 9 6 ,2 9 4
*1,189,540
16,385,834
........
4,582,871
97,934
4,680,805
.;....
LO A N S ,— Interest.— , ,-------------- P rincipal.-------- -— . 1 8 8 0 .. . . . . . .
n a m e AND PURPOSE.
Jlate. Payable.
When Due.
Outsta/nd'g.
*This amount includes occupations as w ell as other personal property.
1 0 0 )1
A
T
A.
&QA AAA
$90,000
D
June 1 -1
1, 1904
Bridge lo a___s ............ .1894 4*2 J & T \
n
P O P U L A T IO N —lu 1890 population was 75,215; in 1880 it was 45,50,000 850; in 1870 it was 35,092; in 1892, according to local estimate, it was
fe
June 1, 1909
do ............ ...1894 4*2 J < JJ
do
50,000
June 1, 1914
do . . . . ------ .1894 41fl J & D
do
60,000 80,000.
June 1, 1919
do ............. .1894 412 J & D
do
100,000
J & D
Dec. 1, 1906
Consolidated loan_ ..1876 6
_
Orlando, Fla.— The following statement regarding the
i Ju ly,1895an d ’96 >
3,000 financial condition of Orlando has been corrected to Novem­
J & j\ t $1,500 yearly. S
City im provem en t.. ..1 886 4
to 1906
20,000 ber 20,1894, by means of a report from J. K . Duke, City
J < j j i July, ’97 yearly. )
fc
..1886 4
do
do
> $2,000
5
Clerk.
i July 1, 1907- ’ 1 6 )
35,000
J & J ) $3,500 yearly. S
do
.1886 4
do
County seat of Orange County.
1
22,000
..1891 412 J & D
Dee. 1, 1901
do
do
Sc h o o l P u r p o s e s —
LOANS—
When Due.
23,000
fc
Dee. 1, 1906
do
..1 8 9 1 412 J < D
do
7s, J&D, $15,000.......Dec. 1, 1908
F l o a t in g D e b t 22,000 78, J& D, $10,000....... Dec. 1 ,1 9 0 8 Subject to call after Dec. 1,1898.
Dee. 1, 1911
do
do
..1 891 412 J & D
23,000 Subject to call after Deo. 1,1898.
fcDec. 1, 1916
do
do
..1891 412 J < I)
B ond’d debt Nov. 20, ’ 94.$60,000
15,000
J & J
July 1, 1896
Funding l o a n .......... ..1 886 4
5,000
Floating debt..................
General R evenue—
15,000 7s, J&J, $5,000.......... July 1, 1917 Total debt Nov. 2 0 ,1 8 9 4 .. 65,000
.1 & ,J
July 1, 1901
do
do .......... ...1886 4
15,000
July 1, 1906
J & J
do ______ ..1886 4
do
T ax valuation, real....... 1,404,040
Subject to call after 15 years.
15,000
Feb. 1, 1895
F & A
M unicipal b u ild in g . ..1 890 4
T ax valuation,personal. 243,626
P u b l ic I m p r o v e m e n t 20,000 78, M&N, $ 1 5 ,0 0 0 ....Nov. 1,1 9 1 1 Total valuation 1 8 9 4 ... 1,647,666
Feb. 1, 1900
do
..1890 4
F & A
do
25,000 7s. J&J, 15,0 0 0 ....July 1,1917 Assessment same as actual value.
Feb. 1, 1905
..1890 4
do
F & A
do
30,000
F & A
Feb. 1, 1910
do
..1890 4
do
City tax (per $1,000).....
$14-00
Subject to call after 15 years.
34,000
June 1, 1903
R edem ption bonds. ..1893 412 J & D
Population in 1890 w a s.........2,856
34,000
do
June 1, 1908
do
..1893 412 .) < D
fc
Population 1894 (est.).......... 3,500
38,000
June 1, 1913
..1893 4L* J & D
do
do
IN T E R E S T is payable at the H anover National Bank, N. Y. City.
38,000
..1893 4 I2 J & D
June 1, 1918
do
do

Scranton, Pa.— (C h r o n i c l e , vol. 58, page 917, and vol. 59,
page 202.)— W . L. Connell, M a yor; Fred. J. W idmayer,
Comptroller. The following statement concerning the finan­
cial condition of the city of Scranton has been corrected by
means of a special report to the C h r o n i c l e from the City
Comptroller.
This city is in Lackawanna County.

T A X FREE. —A ll bonds issued b y this city are exem pt from ta x a ­
tion.
T O T A L D E B T —The subjoined statement shows Scranton’ s indebt
edness on the dates mentioned.
1891.
1892.
*July, 1894. Jan. 1,’ 94.
$605,000
$516,500
$528,500
T otal bonded debt.........$528,500
175,129
119,247
None.
Floating d e b t ................ 259,056
Total m unicip. debt.$787,556
Less sinking funds, &e.. 242,215

$647,747
146,912

$60^,000
158,017

$691,629
226,254

Net debt....................$545,341

$500,835

$446,983

$465,375

* The total bonded debt as given above fo r July, 1894, does not in­
clude the bridge bonds fo r $250,000, w hich were issued this year.

Cable Address :

"114 CORTLANDT.”

“ R u d é r a t io n , N. Y„

Haight & Freese,
BANKERS
53

&

BROADW AY,

BROKERS
NEW

YORK.

LOANS.

When Due.

R a il r o a d A i d B o n d s ;

6s, J&J, $14,300.............1895-1898
(Part due yearly on July 1.)
6s, J&J, $ 1 4 5 ,7 0 0 .....July 1 ,1 8 9 9
6s, J&J, 333,600...........1900-1912
(Part due semi-an.on J an. l& J u ly l )
Interest is payable in New York.
Total debt July 1 ,1 8 9 4 .. $493,600

Title Guarantee & Trust
Company
OF

CHICAGO,

92, » 4 & 9 6 WASHINGTON 1STREET.

S T O C K S , B O N D S A N D G R A IN

C a p ita l, p a id -u p .................

Bought and Sold at 1-16 Commission.
Special attention given to out-of-town ae
count«.

Undivided earning«, including

TRANSACT A GENERAL BANKING AND STOCK
EXCHANGE BUSINESS.

GUARANTEES TITLES TO REAL ESTATE.
M A K E S ABSTRACTS OF TITLE.
Offers Investors In real estate securities
protection afforded by no ether system of
doing business.
Is authorized by law to act as Registrar of Stock*
and Bonds, Executor, Receiver and Trustee for
Estates, Syndicates, Individuals and Corporations.
Trust moneys and trust securities kept separate
from the assets of the Company.

INVESTMENT BONDS.
Accounts of Banks, Bankers and Individuals
received on favorable terms.
BAN K REFERENCE) FURNISHED
Uptown Office, 1132 Broadway.

CHOICE

NEW IMPORTATIONS,

L A T E L Y SELECTED ABROAD B Y

J.

W.

8 1 , 6 0 0 ,0 0 0

surplus.............................• • •
• • ......

83 9,00 0

Deposited w ith State Auditor. .

8 0 0 ,0 0 0

CORRESPONDENCE SOLICITED.

BOUTON,

OFFICERS:
GWYNN GARNETT, President.
B o o k s e lle r , P u b lis h e r an d I m p o r te r ,
A. H. SELLERS, Vice-President.
8 W E S T 2 8 T i l ST., JV. Y.
ARCHIBALD A. STEWART, Secretary.
CHAS. R. LARRABBB. Treasurer.
N O W B E A D Y F O B INSPECTION.
FRANK B. SELLERS, Trust Officer.
A su p e rb c o lle c t io n o f S ta n d a rd and M is­
DIRECTORS:
c e lla n e o u s B a r e an d C u r io u s B o o k s , b e in g
Gwynn Garnett.
Ohas. W¿Drew,
m o stly se le c tio n s fr o m p r iv a t e l ib r a r ie s
W. D. Kerfoot,
John P. Wilson,
r e c e n tly d isp e rse d .
Horace G. Chase,
Bdson Keith,
John G. Shortall,
Geo. M. Bogue.
*** A catalogue is now in preparation and will be sent
John DeKoven,
A. H. Sellers.
to any address on application.
Samuel B. Chase,
A ls o a ll th e n e w F re n ch N o v e ls an d F in e
COUNSEL:
A r t P u b lic a t io n s , and
W. 0. Goudy,
Jehn P. Wilson,
A. W. Green
A. M. Pence.
FBENCH CALENDARS FOB 189 5 .

’s
iïz s s r . r r 1
IN T E R N A T IO N A E

w e b s t m r

Unabridged.

..

D IC T IO N A R Y .

Standard o f nearly all o f the Schoolbooks.
Standard o f U.S. G overnm ent P rin tin g Office.
Standard o f U . S. Supreme Court.
T h e O n e G r e a t S ta n d a rd A u t h o r it y ,
so writes Justice Brewer.

WEBSTER’S
1 T R A IO A
IN E N T N L
, DICTIONARY




G . & C . M E R R I A M C O.,
Publishers,
Springfield, Mass., U.S.A.
(53F“ Send for free prospee- !
tus containing specimen pages, ;
etc. Do not buy cheap re-,
prints of old editions.

Sinking fu n d ..................... $71,486
Net debt July 1 ,1 8 9 4 —
422,114
T ax valuation, rea l........ 3,270,100
T ax valuation, personal. 1,485,000
Total valuation 1894___ 4.755,100
Assessment is ^ actual value.
State ta x (per $1,000 )........... .$390
County ta x (per $1,000)......... 18-00
P opulation 1890 w a s.......... 23,96i

CHICAGO.

CH ICAG O .

M IS C ELLA N EO U S .
Long distance Telephone :

Douglas County, Kan.— A report from Frank Brooks,
clerk, gives the following data concerning the finances of
Douglas County on July 1, 1894.
County seat is Lawrence.

Loeb

&

Gatzert,

MORTGAGE BANKERS,
125 L A S A L L E S T R E E T , CHICAGO.
First Mortgages fo r sale In large and small amount*
netting investors 6,544 and 6 per cent, secured by
improved and income-bearing Chicago city property.

Principal and Interest payable i n G old .
CORRESPONDENCE SOLICITED.
A. O. SLAUGHTER, Member N. Y. Stock Exchange
WM. V. BAKER, Member Chicago Stock Exchange

A. O. Slaughter & Co.,
BANKERS,
1 1 5 -1 1 7 L A S A L L E S T B E E T ,

C H IC A G O , IL L S .
O k te a g a S e c u r i t ie s B o u g h t a n d S o ld .

Jamieson & Co,,
S T O C K S —B O N D S ,
Members New York and Chicago Stock Exchange*

187 DEABBOBN STBEET,
Chicago, Ills .
Private wire to New York and Philadelphia.

BONDS

YIELDING AN INCOME OF

4%

TO

CITY, MASON, LEWIS A
COUNTY
171 LASALLE
SCHOOL SEND FOB LISTS.

SECU RE

6%

CO., Bankers
STREET,

CHICAGO.

BANK VAULTS.

A. G. Becker & Co.,
(INCORPORATED)

SUCCESSORS TO

HERMAN

SCHAFFNER

& CO.

C O M M ER C IA L P A P ER ,
154 La Salle Street,

- Chicago, 111.

6 % and 7% Gold MortwaKes.
Interest Allowed from Date o f Receipt o f Money

E. S. D R E Y E R & CO .,

Mortgage Bankers,

-

C H IC A G O , I L L

First Mortgage Loans on Improved Productive
Real Estate Centrally Located.
30 Y e a r s B u sin ess W it h o u t L oss to I n v e st o r s .
Address all communications to Eastern Office

A ster Building, 9 Pine StreetdNew Y o r k

GENUINE
WELDED CHROME STEEL AND IRON
a Round and Flat Bars and 5-ply Plates and Anmd
FOR SAFES, VAULTS, Ac.
Cannot be Sawed. Cut, or Drilled, and positives
Burglar-Proof.
CH R OM E STEEL W O R K S,
Sole «»n*f><w«lT>t.heTT.S.

R R n O K T .V W

"

Y

Arch’d. J . C. Anderson,
P U B L IC ACCOUN TAN T,
1 2 7 W a te r Street*
NEW Y 0 » R

26-90