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HUNT’S
MERCHANTS’
MAGAZINE,
INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATE&
[Entered according to act of Congress, in tlio year 1SSS, by Wn. B. Dana & Co., in tlio oilico of tile Librarian of Congress, Washington, D. CJ '
REPRESENTING
VOL.
THE
included in this statement
CONTENTS.
THE CHRONICLE.
Clearing-House Returns
103
Net Earnings for December,
and the Year 1884
201
General Gordon’s Death
202
1884.
TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE
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subscriptions and advertisements will be taken at the regular rates,
at B 15,
Excliango
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Lowell
Total N. England
Philade'phiu
Pittsburg
Buildings.
WILLIAM
Providence...
Hartford
Offices in .England.
The office of the Commercial and Financial Chronicle in London
is with Messrs. Edwards & kmith, 1 Drapers’ Gardens, E. C.. where
.
Boston
by
Volumes bound for subscribers at $1 00.
and single copies of rim paper supplied at Is. each.
The office of the Chronicle in Liverpool Is
of—
(Stocks....shares.)
(Cotton
hales.)
(Grain.. .bushels)
(Petroleum, .bbls.)
B. DANA.
JOHN O. FLOYD.
) WILLIAM
}
)
79
B. DANA & Co., PubliftUer*,
81 William Street, NEW YORK.
Post Office Box 958.
Baltimore
Total Middle....
Chicago
CLEARING HOUSE RETURNS.
the
present statement of clearings attention is first
attracted by the almost universal increase recorded by the
figures for this week over those of last week; in the aggregate
this increase reaches $110,093,964.
During the same week of
1884 the total also increased, but only to the extent of
$6,264,237. The exhibit now made is, therefore, more favor¬
able than that of January 31, although somewhat less satis¬
factory than for several preceding periods. There are only
four cities which show any falling off in percentage from last
week when compared with a year ago, and the number which
exhibit exchanges in excess of 1S84 now reaches thirteen,
against only five on January 31. The Western section records
a decline from last year of only 2*4 per cent, .against a loss of
24*7 per cent the preceding week.
This is due first and
mainly to an increase in volume this year of $10,000,009, but
in part also to a decrease last year of $6,000,000.
The New
England section falls only 0*1 per cent behind a year ago, and
the other divisions show gains over a week ago.
The exchanges at the twenty-seven cities embraced in our
table reach a total of $747,704,532, against $1,042,729,698 for
the corresponding week in 1884, or a loss of 28*3 per cent.
January 31 the decrease reached 38*5 per cent, and for the
previous six days was 27*7 per cent. We began our record of
exchanges with the week ending September 27, and including
that statement twenty weeks have elapsed, during which time
the total clearings reach an aggregate of $15,154,537,681 this
year against $20,753,161,447 for the same period in the pre¬
ceding year, or a lo§s of 27*0 per cent.
Share transactions on the New York Stock Exchange
1885.
Per Cent.
PerCent
§500,880,(501
$770,256,008
-35-6
$421,422,796
-45*4
(1,077,550)
(308,000)
(31,885,0001
(33,301,000)
(2,617,570)
(343,200)
(81,002,000)
(40,778,000)
(-32-1)
(1,369,971)
(509,500)
(30,323,000)
(01,057,000)
(-40-0)
(+43-0)
(+14-4)
(+19)
$63,21.5,010
$02,485,345
4,014,900
-13-8
1,785,380
1,080,680
871,173
+2-0
+1-2
Sales
6 10
:
Annual subscription in London (including postage)
Sixmos.
do
do
do
These
New York
$10 20
(including postage)
For Six Mouths
:
Week Ending Jan. 31.
7.
Week Enditig February
1885.
In
market value of $96,504,000
3pxe Chronicle.
\ Entered at the Post Office, New York, N. Y., as second-class mail matter. 1
cents.
cover a
this year, against $184,280,000 a year ago, and if double these
totals are deducted from the New York figures, the exchanges
having other origin appear to be $307,872,601 and $410,696,008
respectively,
or a decline of 25 per cent.
and Commercial
Monetary
Outside of New York the week's exchanges are $246,823,931
English News
203
Commercial and Miscellaneous
News
205 against $263,473,690 a year ago, or a decrease of 6*3 per cent,
against a falling off January 31 of 18*5 per cent. For the
twenty weeks ended with February 7 the total reaches
$4,944,705,140, against $5,608,119,524 for the corresponding
Commercial and Financial Chronicle is 'published in
period of 1883-84, or a decline of 11*8 per cent.
New York every Saturday morning.
The Financial Situation
194
A Strong
Showing by New
York Central Railroad
197
Tontine Life Insurance
19S
Railroad Earnings for Janu¬
ary
199
The
NO. 1,025.
SATURDAY, FEBRUARY 14, 1885.
40.
Cincinnati
Mil waukee
Detroit
iDdianapoIis
Cleveland
Columbus
3,078,000
1,072,S74
1,108,200
881,501
078,735
081,022
306,487
Total Western...
St. Louis
Louisville
Kansas
City
Memphis
Total Southern..
San Francisco
Total all
As
+1-2
$55,195,027
3,502,800
1,402,800
997,508
089,855
—0*3
+29
770,794
—11*5
435,747
$72,613,188
$43,107,100
0,150,403
12,070,823
$01,400,500
$42,057,751
8,806,250
*
-7-6
-193
-121
-41
-27-2
003,049
—15*0
624,138
-6-9
-9-0
410,705
+2-5
$72,700,602
-01
$63,480,102
-8-7
$53,097,085
-20-1
-259
8,154,074
-24-5
11,892,393
+1'5
$36,684,068
6,161,634
10,090,072
$74,015,052
-171
$53,5-11,774
-27-8
$45,207,197
0,307,900
3,234,740
2,487,207
1,504,098
-5-8
-20-4
•
-50*0
-133
1,871,115
-2*5
1,036,350
014,035
+30-5
+7-4
$30,103,068
7,694,700
3,481,773
2,178,152
1,133,S;18
1,488,770
1,272,850
099,548
$04,123,252
$05,713,041
-24
$54,052,100
-247
$15,864,303
-7*4
+25-7
+35-7
+139
$12,000,007
570,517
0,037,832
4,009,061
3,030,6-40
1,511,502
—100
10,400,401
5,472,158
3,770,095
1,913,983
$17,130,094
808,205
14,463,374
4,351,084
2,785,075
1,079,501
$37,087,495
$41,284,083
-8-0
$32,751,640
-152
$10,090,490
$0,720,052
+101
$11,756,048
+1P7
$747,704,532 $1,042,729,008
-283
$037,010,568
-38'5
4,450,508
2,077,074
1,300,401
1,824,289
1,352,123
491,405
St. Joseph
New Orleans
(—28*5)
(-18-2)
659,634
082,100
Peoria
(-10-1)
-63
+37-7
+7-7
—92
-434
27-0
-
-155
—14-7
-89
-178
-9*1
+16-8
-26*2
—32'9
-253
—10-5
+25-2
+0+
anticipated, the telegraphic returns for the five days from
the cities outside of
New York do not make
so
favorable
a
comparison with last year as that recorded last Friday. Still
the falling off is not so great as was expected after the unusually severe weather which has prevailed in all sections during
New York exhibits an
the period covered by the figures.
improvement and Baltimore an increase over 1334.
Five
Days Ending Feb. 13.
1885.
New York
Sales of Stock (shs.)
Boston
Philadelphia
Baltimore
St. Louis
1884.
$434,743,030
(1,644,080)
48,032,349
32,873,805
9,882,135
10,050,450
$631,374,348
(1,722,509)
53,858,671
42,829,304
9,527,187
13,050,009
$530,182,429
$751,245,609
Per Cent.
-31M
(-46)
10-8
Five
D’us End’gFeb. 0.
1885.
$-121,003,028
(1,401,174)
PerCent
-38-3
(-27-0)
-20-7
+3-7
52,918,381
30,822,563
9,000,002
-22-0
13,245,072
-9-8
28-6
$533,897,440
-338
—
-232
-
+09
-2*8
THE CHRONICLE.
191
THE FINANCIAL SITUATION.
"Wall
Street has continued
industrial
condition
which
have commented
connection with
reflect the improved
has been apparent since the offer
to
began. We do not mean that the commercial
outlook has suddenly and in a marked degree changed,
nor do we make any prophecy w’itli regard to the future ;
we simply record the fact that for over two months now
not only has a better feeling prevailed, but a fairly steady,
though somewhat fitful, recovery has been in progress ;
and to-day, notwithstanding the storms, the cold, the
blockades of recent weeks, and the uncertainties
snow’
involved in a radical change of administration, more
markets are reporting better business doing than has been
the case at any other period since the election.
This is
not so clearly reflected in the tables of exchanges vre
publish, for, though useful, they are a very imperfect
guide in marking the variations in strictly business trans¬
actions; especially is that true at times of extremely low
prices, of speculative inactivity, and of a great lack of
enterprise, when there can be no steady movement kin
other operations, that is, in those that are not directly connected with trade movements.
the
upon so often.
This point has a special
the discussions of this week respecting
by the Assistant Treasurer on Monday and
by the representatives of the Clearing-
to pay
the acceptance
House Banks of
December
[Vol. XL.
a
round amount
of silver certificates in
part settlement of the debit balance of that day.
Undue
importance has been attached to this incident. It was a
special transaction by no means establishing a precedent
or a
policy. The banks require certificates for their cus¬
tomers and are constantly procuring them for business
purposes in this case they were paid and taken under an
arrangement where they were wanted. We refer to the
matter simply to say, tha.t an event of that description is of
little importance just now, for in the present condition
of our foreign trade a sudden change to a silver
basis is not at all likely.
If a precedent, it would be con¬
sidered positively dangerous, for the very safety of such
payments, which our larger export and diminished import
trade perhaps temporarily insures, would permit and inspire
confidence certain
a
to make
the disaster when it comes
developments. In illustration of
continuing favorable nature of our foreign commerce,
That such is the case finds illustration to-day on a subse¬ we have this week the breadstuffs and provisions export
quent page, where we give most positive evidence of a real figures for January, and have prepared the following com¬
recovery in progress and of an industrial condition radically parative statement, which makes clear not only the actual
improving. We refer to our monthly table of earnings but relative movement.
for January, covering 70 lines and 51,000 miles of road, EXPORTS OF BREADSTUFFS AND PROVISIONS FOR JANUARY AND FOR
SEVEN MONTHS.
or
1882-83.
1883-84.
1884-85.
pretty nearly one-half the mileage of the whole country,
Exports
which shows an increase in gross over the same month of
from U. S
January. 7 Months. January. 7 Months. January. 7 Months.
last year of $825,000—an increase that is not local and
Quantities.
7,005,296 82,631,372
5,040,839 45,175,618
.bu. 10,402,190 01,729,312
special, but widespread and we might almost say general. Wheat.
5,469,473
935,4S8
849,666
5,312,263
5,876,902
Flour... bbls.
1,126,921
This, too, is not a sudden spurt; it is a progressive devel¬ Tot. in bush. 15,473,334 88,175,401 8,804,966 69,080,802 11,214,983 107,246,987
opment, the loss through tke latter half of 1884 being
$
$
$
$
Values.
f
$
Wh’t & flour 14,015,083 81,844,091 10.25S.316 79,290.799 12,909,110 125,371,430
very heavy, and culminating in November with a decrease
7,377,330
2,892,796
1,665,143 17,671,099
Corn &meal.
3,538,463 11,484,027
of $1,810,553.
619,585
19,379
But in December the change began, that Itye
2,413,896
1,684,539
15S.757
117,130
month showing a good many-gains, though the balance was Oats & oat100,716
8,407
707,404
mean
1,395,702
142,361
178,596
189,022
5,8-83
still on the wrong side, the aggregate loss being reduced, Barley
216,454
297,694
00,449
9,073
however, to the small sum of $36,8S8. And now for Jan¬ Total breadstutls, value 17,838,951 96,700,713 12,285,020 100.299.632 15,833,577 133,658.133
uary we have, as said, an actual increase of $825,000, Provisions.. 11,965,498 63,982,000 9,091,877 71,147,565 10,978,823 57,205,058
although the month was very stormy, more so than a year Total pro¬
and
visions
ago, while the rate pools have been decidedly unsettled. breadstuffs.. 29,824,419 100.689,319 21,376.903 171.417,217 23,814.402 190,803,191
Oatmeal not stated prior to July 1, 1883.
Furthermore, since February came in, the reports of earn¬
A feature in the above of no little significance in its
ings have shown even better results.
These are very gratifying facts and afford a sub¬ bearing on railroad earnings, is the very large increase
stantial basis for a new hope. The reader should recall to this year in quantities of breadstuffs &c. shipped, so much
mind in the same connection the total figures of the crops larger than the mere values would indicate, since prices
raised last summer, which we gave a week ago; also the are so very much lower.
Thus of -wheat this January the
active marketing which the arrivals of grain at Western exports were about 151- million bushels against about 8-2cities have shown was in progress; also the fact that the sur¬ million bushels last January,, and the corn reaches over
plus of the corn crop has scarcely begun to move yet, tbc G J million bushels against 2 } million bushels, or a total of
movement of that grain still being smaller than at the same wheat and corn this year in January of 22,352,000
time last year.
The change in the earnings, therefore, is bushels against last year’s' total for the same month
not apparently a change which is to last for a month or of 11,415,942 bushels, showing the remarkable increase
two only, but one with a promise that the improvement of about 11 million bushels in these two articles in one
As bearing on our foreign trade balance for
has a degree of permanency and is likely to continue, month.
unless values and confidence are again disturbed by some January, it will be seen that the month’s values of all the
unexpected event or disclosure. In the same line of favor¬ articles given are this year about Sf million dollars larger
able indications is the New York Central report for the than a year ago.
This gives us further proof of the fact
the
that
last quarter of the old year, commented upon in a subse¬
country could get all the coin it wanted for cur¬
quent column, for it is a result reached under so many' rency purposes, and that coin gold, if it were not engaged
adverse circumstances that the figures were a genuine sur¬ in the folly of forcing the circulation of silver dollars.
There is nothing new this week respecting the probable
prise. They certainly afford evidence of great vitality in
that property, and more than fully justify the suggestion action of Congress on the silver coinage question. Of course
we made in this column October 25th
(page 4 IS), whether each day’s delay now is quite discouraging, as only about
Nevertheless there
New York Central, selling “at 8G@87 (as it then was) two weeks more of the session remain.
are men in and out of Congress of large political influence
would not bear investigation.”
Another feature that gives to the situation no little at work on the members, so there is still hope that they
strength considering the great defect in our currency system, may be induced to grant the relief needed. The idea now
is the conservative condition of our foreign trade, which we is that the arrangement most likely'to succeed, is a provij
more
extreme in
■
*
its first
February 14,
THE
18t5.]
CHRONICLE.
195
leaving the coinage discretionary with the President. others increased from 584,24G tons to G23,697 tons, leaving
But it is of very little importance what method is adopted the net loss in traffic 111,000 tons.
That is, the loss on
so long as the end
sales
was
much
heavier
than
in
desired is reached. It seems unac¬
transportation.
The fol¬
countable that any intelligent man should need urging; lowing are the gross and net receipts and balance on stock
for whatever views may be held as to silver currency
for seven years.
sion
no one can
at least fail to
see
that when silver becomes the
Gross
Years.
Net
Expenses.
*
Interest,
Balance.
basis, the severest contraction the country has ever experi¬
Receipts.
Earnings.
Rentals, dr.
enced will be felt; for with that event gold at once passes 1S78
$9,590,864
$6,416,690
$3,174,176
$3,231,767 def. $57,591
1879
7.435,033
9,972,049
2,517,016
3,147,659 def. 630,043
out of circulation and becomes simply merchandise again. 1880
12,524,549
7,913,507
4,611,042
8,259,619
1,351,423
14,929,007
9,481,729
5,447,278
3,344,813
2,102,465
Hence the dreams of those who think that a depreciated 1881
1S82
15,573,927
10,422,324
5.151,603
3,313,402
1,838,201
12,456,174
17,8 42,499
currency is synonymous with wild speculation and inflated 1883
5,386,325
3,390,483
1,995,842
188*
10.379.021
11,549,S71
4.829.150
3,341,056
1,488,094
values just because they were concurrent during the war and
The falling off in gross, it will be seen, was
down to 1873, are sure to prove mere visions, wholly base¬
nearly a
million
and
a
half
less. That peculiar lunacy which possessed men then, could
dollars, against which there was a reduc¬
in
tion
never
return again during this generation, even if the
expenses of somewhat over $900,000, making the loss
in
net
same currency conditions prevailed.
$557,175. Of this decrease in net, $17G,395 would
But in this case the
situation is totally different; for our currency in swinging appear to have occurred in operating the leased lines of
away from its present gold basis would suddenly drop railroad, for these are reported as showing a loss to the
down to the lower one of silver, and at once demonetize company (above rentals, &c.) of $174,490 in 1884, while
gold, causing a contraction which in its results promises to in 1883 they had netted a profit of $1,905. Net earnings
and balance remaining for stock were smaller than in
any
prove positively appalling to all who are burdened with
debt, or who are carrying large amounts of property or of year since 1880, but the gross receipts are smaller only
than
securities.
Since
'Wednesday night the tendency of t4ie Wall
Street markets
seems
to
have become less favorable.
The
those of 1883.
The bulk of the decrease in both
gross and net undoubtedly occurs in coal, for besides a
diminished output the company must have realized lower
strong and the feeling quite confident, and prices. As bearing on this point we have succeeded in
yet there appears to be more of a disposition to await obtaining from the company’s officials the details of the
events in the political world.
The advance early in the gross receipts, and give them below in comparison with
tone is still
week
led
by the first-class investment properties, Lacka¬
wanna, the Vanderbilt stocks, and the grangers being the
more
conspicuous. The improved condition of the coal
trade accounts in part for the rise in the first-mentioned
stock, though undoubtedly manipulation, added to the
oversold condition of the market, has been the leading
influence in putting up all prices. As to the coal trade, the
severity of the weather has been in its favor, while the revival
of manufactures stimulated by the low prices for coal has
aided in absorbing not only the current but also the accu¬
mulated supply, so that it is now reported that the com¬
panies contemplate working full time this month. Without
doubt the allotment system being practiced this year, is a
much wiser arrangement, if lived up to, than the old plan,
as it enables
the companies to work their mines more
economically, and if business fulfils its present promise of
improvement, the outlook for the coal properties is cer¬
tainly more favorable.
Delaware c£ Hudson Canal Company has issued a brief
statement of the results of its operations for the year
1884.
As expected, it is not so satisfactory as that of the
year preceding.
The company is both a producer and
carrier of coal, and considering the depressed condition of
these industries during the twelve months, it may be said
to have done quite well.
It reports a balance above operat¬
ing expenses and all charges for the year of §1,488,094,
which is calculated as being equal to nearly 7 per cent—
G 5-G per cent is the figure given—on the average amount
of stock outstanding, the stock having been increased 31millions, to 231- millions, by the retirement of an equal
amount of bonds.- In 1883 the sum remaining for the
stock was equal to nearly 10 per cent.
As the capital
is comparatively small, a falling off of a few hundred
thousand dollars in net reduces materially the percentage
In any diminution in the output
earned on the shares.
of coal the company loses mostly in a double way,
first on the sales of the coal itself, and secondly in the
loss of tonnage over its railroad lines.
We notice, how¬
ever, that while the tonnage produced by its own mines
fell off from 3,512,972 tons in 1883, to 3,362,G79 tons in
1884, or alpout 150,000 tons, the tonnage transported for
was
previous
years.
Years.
From
From Coal.
Total.
Miscellaneous.
Railroads.
1870
$3,152,839
$6,403,907
7,402,544
8,940,554
9,141,389
9,827,874
S,360,525
18S0
1881
1882
1883
1884
Thus
against
$9,972,049
12,524,549
14,929,007
15,573,927
17,842,499
16,379,021
$415,303
418,569
577,613
496,868
598,982
4.673,436
5,404,840
5,935,670
7,417,643
7,199,862
818.634
total decrease of $1,463,478 in receipts,
the item of coal shows a falling off of $1,467,349.
The
railroad lines show a diminution of only $217,781, and
miscellaneous receipts an increase of $221,652.
The
growth in the business of the railroads is a feature of
the statement.
As stories derogatory to the company’s
financial condition have found currency, it may be well
to say that wdiilc the total of its demand liabilities (in¬
cluding interest and dividends payable in • January) on
December 31, 1884, was only $778,073, it had $1,122,64S
of cash on Hand, $1,701,164 of bills and accounts receiv¬
able, $G98,12G of advances on coal, $3,223,451 of mar¬
ketable stocks, $148,G08 of bonds, and coal valued at
a
$892,804.
Chicago Milwaukee cC* St. Paul has not participated in the
present week’s rise to the same extent as other stocks.
Perhaps one reason for this is, that the synopsis of the
company's report for the year 1884, which has been fur¬
nished the press, is in some respects disappointing.
It
shows that the company earned the 7 per cent dividend on
the stock, but that the margin above the requirement for
the samo was quite small—$453,901.
A much larger
amount had been expected.
How the different items for
1884 compare with previous years is shown in the follow¬
ing.
■
Gross
Net
Operating
Mileage,
Year.
end of near Earnings. Expenses. Earnings.
1879....
2,359
1880
3,775
..
1881....
1882....
1883....
1884....
*
4,217
4,520
4,700
4,804
$
10,012, S20
$
5,473,795
$
Interest
Divi¬
Paid.
dends
$
$
4,539,025 2,357,407 1,783,819
5,343,693 2,918,384 1,942.237
0,707,530 4,127,889 2,moi?
13,080,119 7,742,426
17,025,401 10,317,931
20,386,726 12,1S6,073 8,200,653 4,780,053
|23,659,823 13,778,038 9,881,785 5,373,925
! 23,470,90S j 13,859,628 9,611,370 5,918,008
*Balance.
.
2,701,088
3.321,107
3,321,167
$
460,806
807,370
1,004,833
1.243,425
1,351,400
453,901
Including miscellaneous income, which in 1879 amounted to $69,1880 to $324,298; in 1881 to $635,b08; in 1882 to $623,813; in
067 ; in
1883 to
$164,';07 and in 1884 to $82,bOG.
wt__,
:•!
Hence the
so
smaller
preceding. In fact, the surplus has not
surplus in 1884 was nearly $900,000
than in the year
been
rVoL. XL,
THE CHRONICLE.
196
since 1879. Yet the business
has been quite satisfactory. The increase
small in any year
of
the road
in
expenses
this
is received with some disfavor, but in
is not very important, only $81,590. The
Week Ending Feb.
Gold
Total gold and
$1,006,000
legal tenders
Movement.
N.T. Batiks.
$1,060,000
f!nrrnnfty
Net Interior
Shipped by
Received by
N.T. Banks.
13, 1885.
$394,000
120,000
Gain..
Loss..
$672,000
120,000
$514,000
Gain..
$552,000
actual changes in the bank
The above shows the
hbldings
gold and currency caused by this movement to and from
receipts is also small—$188,825—and these the interior. In addition to that movement, the banks have
two together involve a reduction in net earnings of only lost $2,000,000 through
the operations of the Sub-Treas¬
$270,415. But this becomes important when taken in ury. Adding that item to the above, we have the following,
connection with an increase of $544,683 in the interest which should indicate the total loss to the New York
charges. It is these interest charges that constitute the Clearing House banks of gold and currency for the
road’s greatest burden.
The amount needed for that week covered by the bank statement to be issued to-day.
purpose in the late year was close to six million dol¬
Net Change in
Into Banks. Out of Banks
Week Ending Feb. 13, 1885.
Bank Holdings.
lars—$5,918,608. It cannot be said to have reached its
Gain.
$552,000
1514,000
maximum either, as the new bonds put out in 1S84 cannot Banks’ Interior Movement, as above $1,060,000
Loss.
2,000,000
2,000,000
have counted in full in the interest account.
It is in view 8ub-Trea3ury operations, net
Loss. $1,448,000
$2,514,000
$1,066,000
Total gold and legal tenders
of that fact particularly that the small margin of $453,901
The recent movement in 4 per cent bonds at advancing
is disappointing,
though such an increase in interest
figures is now explained by the purchase for the Pacific
charges as occurred in 1884 is not to be expected in the
railroad sinking funds by the Treasury Department of
present year.
What makes St, Paul stock peculiarly about
$5,000,000 of these securities. This will account
assailable is that its total is small, and any reduc¬
for last week’s gain in gold by the New York banks,
tion
in
revenue
possesses great
importance there¬
fore.
Thus
loss of a million
net means a $2,400,000 of these bonds having been delivered at the
a
The remain¬
loss of over 3 per cent on the $30,904,261 common Sub-Treasury and paid for with gold notes.
der of the bonds were said to have been purchased in
stock outstanding.
On a road like the Pennsylvania
Boston this week and settlement will probably be made
or New York Central it
means only a little over one per
cent.
Further, the St. Paul is a one-crop road—that is, it through the Sub-Treasury at that point.
amount
of
loss in gross
•
-
largely dependent upon the outturn of spring wheat in*
the Northwest.
The splendid yield of that species of
wheat in the late season has proved a great blessing to
the road. In the same way, any disaster to the-wheat crop
in that section would have important adverse effects
upon the revenues of the company.
But that relates
wholly to the future, and no crop failure is yet in pros¬
For the present, it is sufficient to know that
pect.
earnings are increasing over a year ago, January show¬
ing a gain of $50,905, and the 1st week of February a
gain of $67,39S.
The foreign exchange market has been moderately
active this week, but while rates have fluctuated the de¬
mand has not been urgent.
The reduction in the price of
money in the open market in London has tended to lessen
the inquiry for investment, and this has been further re¬
duced by the belief which prevailed that the prospect of
Congress suspending silver coinage was more favorable
than it has been, while the reported opinion of President
Cleveland on the subject gives encouragement to the idea
that in any event the evil may be for a time averted, or at
least limited in its effects by a wise administration of our
finances.
The demand from importers is light and it will
most likely so continue, as importations of goods remain
That the natural tendency of the market is toward
small.
lower figures, needs no argument.
Exchange is sustained
by abnormal conditions and exceptional demands, and if
these cease we could look for a very decided and more or
less permanent fall in rates.
is
Bankers’ balances have been in little better demand this
England minimum rate
The reduction in the Bank of
sharply criticised by one of the London
financial journals, for the reason that the 5" per cent rate
had failed to do more than draw gold from the interior,
comparatively little coming from abroad, and it was urged
that it would have«. been better to have maintained the
rate rather than hazard the condition of the Bank by
of discount
was
conformed
however, that
reducing it, although the lower rate more nearly
the open market.
the reduction of the rate has
It appears,
to that of
the Bank
to
lessened the power of
draw funds from abroad, although existing
not
conditions may have favored it. Last week
of the gain of bullion by the Bank came
this week £251,000 out of the
tained from this source,
nearly two-thirds
from abroad and
£446,000 increase was ob¬
£195,000 coming from the interior.
gain of £605,000 from abroad in three Weeks under
cent rate. The price of money m the open market
has been steady this week at about 3 J per cent.
The
Bank of France reports a decrease of 262,500 francs gold
and an increase of 712,500 francs silver,' and the Bank of
Germany since the last return gained 0,482.000 marks.
Tiie following indicates the amount of bullion in the
principal European banks this week and at the corre¬
sponding date last year.
This is
a
a
4 per
February 12, 1885.
Silver.
Gold.
February 14, 1884.
Gold.
Silver.
£
&
%
£
Bank of
England
Bank of Franco
Bank of
Germany
Total this week
Total previous
week
....
£
22,991,956
21,907,108
40,074,502 41,250,196
6,995,500 20,936,050
38.874.330 39,945,809
70,001,953 02,242,840
09,545,365 01,909.722
08,475,194 63,027,059
M,754.915 02,717.337
7,693,750 23,081,2.50
week, causing the rates to range between 1 and 2d per
The Assay Office paid $213,758 for domestic bullion
cent, but this has no particular significance except so far
during the week, and the Assistant Treasurer received
as it reflects a more active speculation in stocks.
There the following from the Custom House.
good inquiry for commercial paper, but as the supply
are well maintained.
The snow blockade
in the West has interfered with the movement of prod¬
uce, and consequently of money between the distributing
centres and interior points, but no material change has
occurred in the rates of exchange on this city.
The fol¬
lowing statement made up from returns collected by us
exhibits the week’s receipts and shipments of gold and
currency by the New York banks.
is
is
a
limited, rates
Consisting of—
Duties.
Date.
,
Gold.
JJ. s.
Gold
Silver Cer¬
Notes.
Certified-
tificates.
6.
$332,200 51
$11,000
$127,000
$35,000
7.
418.922 93
4,000
121,000
“
9.
099,383 70
3,000
$159,000
173,000
141,000
“
10.
2,000
322,000
152,000
“
11.
70,000
07,000
«
12
310,236 05
221,376 24
410,102 25
340,000
333,000
82,000
121,000
209,000
Fob.
“
Total
$2,942,277 31
2,000
2,000
59,00(
$24.on*i $1,068.0(1
80,000
263.000
$1,070,000
*
$778,000
THE
14, 1885.]
February
197H
CHRONICLE.
basis now—that
is, whatever loss has taken place in the
net earnings, is covered by the diminished call for divi¬
The importance of the reduction in expenses, lies
New York Central has furnished the public an agreeable dends.
STROMG SHOWING BY NEW YORK
CENTRAL RAILROAD.
A
in the fact that the
policy of retrenchment and economy
that has brought it about, must be expected to continue.
It will be interesting here to see how the late period com
pared to see the road make a very poor showing as a pares with other three-months periods, so we give below
result, and fail to earn its dividend even on the reduced the figures for all the quarters since returns have been
basis of 6 per cent per annum.
Instead of that, the state¬ made in this form.
ment just made up for the quarter ended December 31, 1884
Interest,
Operating
Gross'
Net
Profit.
Quarter Ended.
Expenses Earnings. Rentals,
—the first quarter of the new fiscal year—discloses that net
Earnings.
& Taxes.*
<Scc.
earnings were sufficient not only to meet the regular 1^- per
$
$
*
$
$
cent dividend, but leave a small nominal surplus beside.
Dec. 31,1883
7,914,128
4,681,799
3,232,329
1,395,000
1.837,329
Mar. 31.1884
1,395,000
0,710,591
4,218,893
2,491,098
1,096,098
The full significance of this showing can only be under¬
2,128,813
June 30, 1884
6,301,071
1,395,000
4,232,258
733,813
surprise this week. There had been so much said about
the competition of West Shore, and the generally bad
condition of traffic and business, that everybody was pre¬
stood
when
we
remember the' unfavorable conditions it
Competition with West Shore has been in pro¬
gress for over a year, but it was not till October last, that
How actively
the contest broke out in all its bitterness.
the strife has waged since—particularly on passenger bust
4,710,303
7,102,879
6,810,170
Sept. 30, 1884
31,1884
Dec.
3,933,080
2,440,510
2,877,084
1,445,596
1,500,000
1,000,920
1,377,084
covers.
ness—no
one
alive to the
news
of the
day,#need be told.
being the first month of the quarter, the destruc¬
tive warfare may be said to have extended substantially
through the whole three months, and the exhibit therefore
may be accepted as showing what the Central can do for
its stockholders under the worst kind of competition with
its parallel rival.
But more than that. This quarter also
embraces -the time of the Presidential canvass, when our
industries seemed to be under the ban of inactivity and
all mercantile transactions, except the most necessary,
were arrested.
No other proof of the effects of this em¬
bargo on business is needed than the railroad returns
October
month
the
for
of
various sections
November from
country—that of the Pennsylvania being a fair
sample—which we have from time to time reviewed. More¬
over, during the entire quarter, through freight rates were
of the
demoralized and the volume of traffic small.
Yet in this
trying period of low rates, poor business, trade embargo
and bitter strife, the Central has managed to earn sufficient
for an increased interest requirement (increased because
of the addition to the debt through the issue of new deben¬
ture bonds), and also its 1J per cent dividend. One cannot
help believing that this argues great inherent strength in
the
property.
Of
course
it will be claimed that the three months ended
December 31 constitute the best quarter
of the company’s
be admitted that this is usually the case,
and the quarter just preceding being
always very profitable.
But it is quite possible
that
under such exceptional circumstances as have
prevailed, it may not be distinguished the present fiscal
For instance, in the current
year in the same way.
quarter (ending March 31) there is no presidential con
It may
yean
that quarter
test to retard
business, while
on
the other hand the volume
east-bound
through freight from Chicago is proving
very heavy—so-much so that rates are being firmly main¬
tained at full figures.
These are favoring conditions that
did not exist during the previous three months.
Besides,
great economy is being practiced now in the expense ac¬
count, the present satisfactory showing being largely due
to that cause.
It is not to be supposed that the company
maintained its total of gross earnings in the face of all the
adverse influences at work.
On the contrary, as compared
with the corresponding period in 1883 gross earnings actu¬
ally fell off over $1,100,000, but this was met by a reduc¬
tion of nearly $750,000 in expenses, reducing the loss in
o::
net
to
little
months of
1883, however, the company paid a dividend of 2 percent,
and on that 2 per cent basis the surplus remaining beyond
a
the dividend
over
was
$350,000.
about the
same
In the
as on
same
the
*
All taxes, except taxes on
earnings and capital.
be noted
that in gross
It should
results the quarter
ended December 31 was not as good as that ended Sep¬
tember 30. In net results, however, it was better than the
preceding quarter, for though gross fell off $352,000, ex¬
penses were cut down $783,000, leaving the net earnings
$431,000 greater. It is because of this circumstance, and
this circumstance alone, that the company is able to show
the dividend earned in full, whereas in the previous quar¬
ter it had to report a deficiency of $340,000 beyond the
amount necessary to meet it.
It should be noted, too, that
in the quarter ended March 31, 1884—which compares with
the current quarter—the gross earnings were only $100,000
less than those now given. Yet that was a very bad period
for trunk line business. It would seem that, barring losses
by the weather, the present quarter must be better. G-rain
and provisions tonnage certainly is much heavier. In that
case, with the reduction in expenses in progress, there
would be no reason why the dividend should not be earned
in that quarter also.
As to the other six months of the
year, they are somewhat remote, and further developments
in the business situation must be awaited, but doubtles s
they may be trusted to give a good account of themselves
As required by the Railroad Commissioners, the com¬
pany also furnishes a balance sheet—of date December 31,
1884—which is no less satisfactory than the statement of
earnings. We find that the company had at that date no
less than $2,371,755 cash on hand—an exceptionally large
Then there was due it on current accounts by
amount.
agents and others $3,890,816, making a total of available
cash assets of $0,268,571.
As against this, its demand
liabilities are comprised in $3,970,382 due for wages and
supplies and to other roads, and $1,573,028 due for inter¬
est and dividends unpaid, an i for interest accrued, or
$5,549,410 altogether.
Tnat is. the cash assets were
$719,101 more than sufficient to take care of the whole of
the demand liabilities.
no
allowance is made for
the dividend
paid January 1-5, 1885, but even after taking
net debt is only about $600,000.
It is undoubtedly true that about six months ago the
company’s position in this respect was the reverse of satis¬
factory, but since the sale of tho debenture bonds a great
change has taken place. To indicate this, we give the fol¬
lowing table of the state of its accounts at intervals of
that into account the
three months since
December, 1883.
Floating Liabilities.
Date.
Funded
Debt.
Interest
Accrued,
<Scc.
Dec.
31,1833.
*
*
50,208,873
•7,500
*7,184
♦6,853
921,555
1,521,500
Mar. 31, 1884.
50,208,873
J’ne 30, 1384.
50,206,553
Sept.30,1884.
50,000.553
50.000,553
Dec. 31. 1384.
*
per cent
In this
+
Accrued interest not Drought
Including u 83,000.000 loan.
Dividends
Unpaiil.
1
40,257
43,728
45,393
51,522
51,522
into accounts
Wages,
Supplies,
Due
Other
Total.
Roads.
Ac.
*
2,802,503
2.010,747
$
4,757,55
*
1,841,285
2,990,792
1,739,99 i
954,599
1,713,022
tO,035,051
1,757,833
2,203,300
urtor to Sept. 30, 1364.
5,054,451
7,827,291
3,085,311
5,549,410
a
CHRONICLE.
THE
198
there
Offsets to Floating Debt.
Date.
on
Hand.
*
31,1883
31,1884
June 30,1884
Sept. 30,1884
Dec. 31,1884
Dec.
$
295,117
270,369
1,250,076
1,491,221
2,371,755
Due by
Agent?, See.
t
*
2,489,363
2,428,282
2,447,339
3,728,180
2,784,480
2,698,650
3,699,415
5,219,401
6,268,571
1,973,070
2,955,801
4,127,876
Surp. 1,534,090
Surp. 719,161
no
difference—the total
sum
insured is the
same,
Total.
t
be
the surplus the premiums earn and the gains from
lapsed policies which accrue.
Does not that, therefore,
1,383,392
3,896,816
1,383,362
seem to reduce the question wholly to one for the assured to
Of course it is quite another matter if any of
Here we see that against $2,371,755 cash now, the com¬ determine ?
pany held only $295,117 a year ago.
The changes in the the companies do not conduct this kind of insurance hongross and net totals of the floating debt are very interest¬ estly—that is, if they retain an undue share of the earnings
ing. Both amounts ran up heavily between December, on the premiums paid, and thereby obtain an “ almost
1883, and June, 1884—the gross from $4,757,550 to limitless expense fund.” That would be an abuse of the
$7,827,291, and the net from $1,973,070 to $4,127,876. system, and not the fulfilling of the obligation entered
Now, instead of over four millions debt net, we have, into, which is to allot to the survivors of the pool at the
as
already stated, a net surplus of $719,161—a differ¬ end of the term all the surplus etc. the company would
ence
of nearly five million dollars.
The surplus was have given each of the assured at death under the non-for.
feiture system.
•even greater in September, it will be seen, but that was
But it is claimed that this Tontine business is a kind of
mainly because then the amount of accrued interest was
$600,000 less. As bearing upon this accrued interest, if gambling, and therefore iniquitous and vicious. What
should be said that prior to September 30, 1884, the com¬ has been saM, shows plainly enough that this remark at
pany took no account of it whatever.
"With that included least does not apply to the company; for so far as the com¬
•all through the year, the comparison with the earlier dates pany is concerned, this new business can have in it no
would be even more favorable than the above figures indi¬ special element of chance, since it is both in amount and
cate, for the amount of such accrued interest embracod in the absolute feature of the agreement just the same
in the return for December 31, 1884, is $1,514,527. obligation as any ordinary life insurance policy.
That is
Another thing that tends to improve the comparison is to say, it is a promise to pay a certain sum of money
the fact that the dividend which the company had to and all the earnings on premiums received and the gains
meet
fifteen days after each of the above dates, from lapsed policies to some one at a certain time. The
and which dividend is not allowed for,
is only company, if it faithfully lives up to its agreement, pays
Mar.
'
1,824,569
1,824,569
1,824,569
Cash.
can
and the incidental liabilities under the policy are
precisely the same; the dissimilarity consists solely in
the time when, and the parties to whom, the company
Net Debt.
Supplies
[Vol. XL.
pays
H per cent now, against 2 per cent previous to out to the assured no more and no less under the one sys¬
September. The one-half per cent difference makes a tem than under the other, only it pays a portion of it to
difference of'$447,141 in favor of the present time. other people.
Of course, therefore, it is in no sense gamb¬
Altogether, the company’s finances seem to be in excellent ling on the part of the company. This is an important
shape now. In reference to the supplies On hand (which fact to be remembered. For the public would be very
much disturbed, and reasonably so too, if it thought the
we do not count as an offset, but merely give as a matter
of information) it will be seen that the amounts are only large majority of our life companies were engaged in any
twice changed in all the periods given.
The reason is, kind of game of hazard.
With regard to the assured the question is a different
that the company makes up that item only once a year—
at the time of the annual report—probably because it ono, and yet in a sense, is not all insurance, so far as the
entails a great deal of work to determine the exact amount. premium payer is concerned, a game of chance ?
Few
individuals comparatively would take out a policy in a life
TONTINE LIFE INSURANCE.
company if they were certain they should live to three score
What Mr. Greene, President of the Connecticut Life, years and ten, for in case their lives are so prolonged, they
They simply insure against the
writes about life insurance the public is glad to read. He lose considerable money.
is a positive man, and in expressing his opinions is pretty chance of death, and for that purpose are willing to risk the
sure to be bold, rigorous and aggressive.
A few years ago possible payment of a greater sum than they may finally
his company was attacked because during the great depres¬ receive. Furthermore, if the assured lives, he pays—under
sion in values from 1873 to 1878 it was found necessary for the ordinary system, just as surely as he does in case he dies
the company to take in on foreclosure a very considerable under the Tontine system—money which goes to other
amount of real estate. The situation was a little embarrass¬ families and not his own; hence life insurance becomes not
ing on its face, for an insurance clientage is largely a product the paying of a certain premium for an insurance “ of
of faith, and the suspicion suggested could only be disproved one’s own family,” but a mutual undertaking whereby
wholly by the event ; but instead of buying up his oppo¬ each contributor, in consideration of the chance of death?
nents, as under such circumstances many men in the pro¬ shares in the common risk of insuring one another; so
fession would have done, he so adroitly and pluckily man¬ there seems to be nothing distinctive in this simple fact
aged the controversy as to convince the public that not that all the earnings in the Tontine system on one’s premium
only were his loans judiciously placed but that the real payments, &c.,do not go to one’s own family. Then again, ad¬
ditional light on this point, is obtained when we remember
estate acquired, would be a source of strength, not of weak
that the situation of the assured under the Tontine system
ness.
And so it has proved.
This year Mr. Greene, in an equally vigorous manner, is almost precisely what it used to be under the old for¬
We are not arguing here with regard to
takes hold of what is called Tontine Insurance, and in feiture system.
the
relative
merits
of the two, but simply recalling the
unmistakable terms expresses his disapproval of it and his
unwillingness to engage in it. We do not, however, under¬ fact that there is nothing so very new in certain features
stand him to claim that such business of itself weakens the of the Tontine business, and that the gambling objection
companies practicing it. That proposition could not, we urged must most certainly not be adopted in its fuller.
think, be sustained. Tontine risks are certainly just as sense.
But as a question affecting solely the interests of the
capable of exact determination and of honest treatment as
any other. In fact, so far as the receipts and assets of the applicant’s family; probably very few would claim that
the Tontine plan was the more desirable.
In fact, that
company are concerned, if the business is fairly managed,
*
February
THE CHRONICLE
14, 1835.]
199
regards the crops, the volume of wheat moving
to have been heavier in nearly all sections of the
adoption of the non-forfeiture feature. It is just as Mr.
West and Northwest, though the largest measure of gain
Greene says, only a few years ago if a man was forced to
from this source has accrued to the roads carrying spring
give up his insurance, he could get no value or consider¬
wheat. In corn, there was on the whole a smaller volume than
ation whatever for his premiums paid and for the contri¬
butions to the reserve he had thus made.
This became so in 18S4, but some points report increased receipts—notably
St. Louis. Chicago roads were the chief sufferers from the
plainly unjust that the reform was adopted, and since
loss.
In reference to cotton, the arrivals at the Southern
then companies have vied with one another in devising
novel and attractive ways of enforcing and effecting it. outports show a somewhat larger aggregate than a year
Now comes in this modification providing under the ago, when the total was quite small, but in Texas a fur¬
Tontine arrangement that the applicant may volun¬ ther falling off has occurred—the receipts at Galveston
tarily surrender the privilege and transfer to a having been smaller even than in January, 1882, following
the exceptionally poor crop of the season of 1SS1.
pool or association of which he is a member all
Altogether, then, there was but little specially favorable
gains that may result from such surrenders by those
the pool ; that is, the company does not by the to large earnings, while on the other hand there were
n
change go back to the old plan, for it does not many circumstances at work tending to lessen the totals.
This state of affairs gives to the exhibit of $825,000 increase
recover in any degree the power to dispose of these gains,
its peculiar significance, for it would seem to afford indi¬
since the individual insured, on taking out his policy, vir¬
cations that we have arrived at that period where changes
tually names as his legatees to that extent, the associa¬
tion to which he thus belongs.
Hence the weakness of or are likely to be in the direction of better rather than poorer
results.
It in no wise affects the argument that January
objection to the new system, so far as any exists, lies not
That is
in any possible harm the company can suffer, nor yet in earnings last year were not particularly good.
understood. Moreover, they wmre not particularly bad,
the mere renunciation by the assured, which is wholly
voluntary and may eventuate to his benefit, but in the either, except in special instances, the 51 roads then re¬
inducement held out to the applicant in time of prosperity porting having a decrease in the insignificant sum of only
The main point is, that railroad earnings, so far
to make the renunciation which the attractiveness of a $30,000.
as they are to hand, offer strong evidence confirmatory of
possibly greater gain presents. Of course we write on the
the popular notion that with the settlement of the Presi¬
supposition that the business is as well guarded as other
dential canvass a turn in the tide had occurred, and
life contracts are and that it is managed as honestly.
that the future could be looked forward to with greater
issue has been
decided most positively by the
As
general
seems
1
confidence.
RAILROAD EARNINGS FOR
JANUARY.
conspicuous feature of the January exhibit of earn¬
ings is its improved character over all other recent
Not since last May have we had a showing that
months.
can compare with it
in this repect. Instead of the de¬
crease to which we had almost become accustomed, the
The
roads reporting this time shows an in¬
and in quite respectable amount too—$825,000.
aggregate of the
crease,
Of
course
in the
case
of individual roads and sections,
ceased to appear, but they have greatly
lessened both in number and amount, and so far from
losses have not
majority of the whole as heretofore, they
largely exceeded by the roads showing an improve¬
constituting
are
a
ment.
especially gratifying is
that the conditions existing were by no means of a par¬
ticularly favorable nature. In the first place, in special
industries the adverse effects following the panic of May
last have not yet passed away.
The moderate revival
that characterizes general business has not extended to
We may cite for illustration the lumber industry
these.
of Michigan and the continued decline of the earnings of
the roads in that territory.
Then there were in January,
1885, five Sundays, whereas in January, 1884, there had
been only four; in other words, in 1884 there was one
more full working day than in the present year.
Further,
the weather was worse this year, in the latter half of the
month, severe snow storms seriously impeding the opera¬
What makes the better returns
tions of the
roads, and in some cases altogether inter,
There may be temporary set-backs,
occasioned
by such weather as we have experienced the current week
in the West, but at least the tendency towards a better
state of things is sufficiently manifest.
This is clearly
demonstrated in the fact that while in October we had a
loss of $1,450,000 (on the roads reporting), and in Novem¬
ber a loss of $1,800,000, in December the loss was but
$37,000, and in January there is now, as stated, the gain
of $825,000.
The improvement is general, too, pretty
nearly the whole country sharing in it, for otherwise we
would not have such widely separated roads as the Central
Pacific and the Louisville & Nashville, as well as minor
everywhere, recording gains of considerable amount.
Analyzing the roads by sections, it will be seen from the do
tailed table further on, that Northwestern roads again make
a pretty good
showing. The Milwaukee & St. Paul gains
$51,0 0 0, raising its total to $ 1,518,0 0 0, against only$990,848
in 1881.
The Northwest and Omaha havo losses, but
they are small. It is again asked why the St. Paul should
show an increase, while the Northwest has a decrease,
and we may repeat that the augmentation in the move¬
ment of spring wheat redounds very much more largely
to the benefit of the former than the latter, and that on
the other hand the Northwest is greatly affected by the
movement of corn, which this year was considerably les3
at Chicago than a year ago.
Besides, the Northwest
gained more in 1884 than did the St. Paul. Other roads
in that district must also have suffered from the smaller
corn movement—the Burlington
Cedar Rapids & North¬
for instance, though it has a small gain, and the
ern,
Central Iowa and the Des Moines & Fort Dodge.
A
roads
rupting transportation. In the previous year there was
delay by snow blockades at the beginning of the month, great part of the decrease on the Central Iowa, though,
but it was apparently much less important and certainly is doubtless to be ascribed to the interruptions from snow
In contradistinction to these, such roads as the
less prolonged than the trouble that occurred in the and ice.
present year. The influence of this circumstance can St. Paul & Duluth and the St. Paul Minneapolis & Manitoba
be- readily discerned, for while in the first two weeks of —like the Milwaukee & St. Paul, only more so no doubt—
pretty general gain in derived great advantages from the free and exceptionally
earnings, in the last two weeks the character of the re¬ large movement of spring wheat through that territory.
Evidence of this we have not only in the gain in receipts of
turns changed, and decreases became the rule.
the month there
was
this year a
THE
r2oo
CHRONICLE
wheat at
Chicago—almost entirely in the spring variety—
more strikingly in the figures for Duluth, where
despite the disadvantages under which that port labors
during the winter months, we have a total for the five
weeks ended January 31 of 1,161,143 bushels, whereas in
the corresponding period of the preceding year the receipts
had been only 125,195 bushels.
The Northern Pacific
hut even
must
also have
shared in this increased
movement of
wheat, but early in the month its through connections were
broken at the western end by reason of snow blockades on
the Oregon Navigation lines, and the result is that the road
has a loss of $58,011 for the month.
The following table
will show the movement of all kinds of grain at the eight
any indication of the course of
Trunk of Canada, and that
FLOUR AND GRAIN
Flour,
(bbls.)
very large in ratio or amount) after a heavy falling
off in 1884.
In the earlier weeks of the month there was
an
tributable in
degree no doubt to the bad weather
prevailed. The falling off in earnings is almost en¬
tirely in passenger receipts, as might be expected from the
(bush.)
Oats,
(bush.)
5,773,282 2,605,910
0,761,809 2,0-41,407
Darle]i,
(bush.)
Kite,
(bush.)
Chicago—
419,553
312,550
2,537,376
1,534,990
Milwaukee—
1885
1884
360,878
278,007
1,278,904
775,180
52,190
72,740
St. Louis—
1885
1884
106,758
1U9.518
1,041,660
3,308.129
407,051
2,010,178
10,350
781,459
10,479
896,000
987)992
53)412
9,704
13.023
603,717
444.957
377,227
305,905
69,697
79,184
117,026
167,980
1,035,719
529,529
116,602
259,051
558,280
599,414
29,010
305,918
17,450
32,990
52,882
-
Detroit—
1885
1884
Cleveland1885
1884
*
Peoria—
1885
1884
Total of all—
1885
1884
1883
In
402
690
329,817
476,017
8
313
127,240
16 78°
9,850
1
3,930
59
56)033
14,945
12,809
185,900
90,816
114,500
184,626
72,800
25,200
7,000
61,010
19,052
500
4,900
4,825
27,750
1,000,375
1,309,210
835,825
84,000
42,800
47.990
Duluth—
1885
1884
53,700
666,093
82,510
1,161,143
125,195
war
between
In the
roads
the trunk lines
following
reporting.
we
741,211
862,904
7,617,909
4,260,165
4,880,670
on
11,096,123
4,039,388
11.582.400
10,112,478
2,078,051
4.145.133
220,607
1,384,518
431,863
3,450,386
1,761,982
397,176
larger totals than in 1884. In corn all had smaller totals
except St. Louis and Detroit. In the other grains the
changes are less important, except that in barley the move¬
ment has been much heavier than in 1884, the receipts at
Chicago of that cereal having risen from 529,529 bushels
to 1,035,719 bushels.
The gain in corn and wheat at St.
Louis and Detroit was, of course, a favoring circumstance
to the roads chiefly affected, and one of the satisfactory
features in the present exhibit of earnings is that the dis¬
trict between the lakes and the Ohio gives a better account of
itself than for a long time past.
Quite a good many of the
roads in this territory report very satisfactory gains—as
note the returns of the Cincinnati Indianapolis St. Louis &
Chicago, the Cincinnati Washington & Baltimore, the
Evansville & Terre Haute, and the Lake Erie & Western—
while those that show a decline, report losses mostly
only nominal in amount, like the Chicago & Eastern
Illinois, the Illinois Central main line, and the Indiana
Bloomington & Western. It is true that all these roads
lost heavily a year ago, so that some recovery now may seem
only natural, and yet that has not been the experience in
previous months, where large further losses this year in
addition to those in the previous year have been of frequent
occurrence, so that in this respect the January exhibit
marks a distinct change.
We have even this time an example of a road that sus¬
tains a pretty heavy falling off the present year, after a
large decline in the year preceding—we mean the St.
Louis Alton & Terre Haute; but here the state of trunk¬
line business no doubt is responsible for the poor showing
made, for the Alton & Terre Haute forms part of a trunk
line to St. Louis, and is largely dependent upon the con¬
As illustrating, the decline, we
dition of that business.
may say that as against earnings of $132,000 in January,
1883, the road earns this year but $95,000. The only
other road in our list that can fairly be taken as^affording
that class of business.
give the earnings and mileage of all
GROSS EARNINGS AND MILEAGE IN JANUARY.
1884.
1885.
$
Bost. IIoo8.Tuu.& W..
Burl. Ced. Rap.
No.
Canadian Pacific
261,000
110,918
1,449,785
250,621
1,617.000
288,177
52,728
Chesapeake & Ohio..
Eliz.Lex.& Big San.
Clics. Ohio & So. W...
Chicago & Alton
Chic, vt Eastern ill
Chic. Milw. & St. Paul.
Chicago & Northwest.
Chic. St. P.Miun. &0.
‘Clue. & West Mich..;
Cin. Ind. St. L. «&Ch..
Cin. N O. & Tex. Pac.
Alabama Gt. South.
N. O. & North East.
Vicksb & Meridian
Vicksb. Sh. & Pac..
Cin. Wash. & Balt
Cleve. Akron & Col
Denv. <te Rio Grande.
Des Moines & Ft. 1)...
Detroit Lans’g & No..
Evansv.tVr T. Haute
Flint
Pere Marq...
Fla. R’y & Nav. Co...
Ft. Worth & Denver..
tGrand Trunk of Can.
Gr. Bay Win. & St. P.
Gulf Col. & Santa Fe.
IU. Cent. (Ill. Div.)...
Do
(So. Div.)...
201,647
104,791
29,901
488,500
396,700
101,300
198.036
Long Island
1,165,735
'
15,720
318,800
72,605
135,611
1,039.317
20,080
199,976
69,705
179,228
121,369
207,640
128,330
230,464
46,215
556,092
79,801
45,109
4,804
3.84 3
1,318
4,760
3,761
1,307
110
2,773
225
534
955
711
402
634
389
2-2
220
387
35‘2
225
534
955
402
684
389
282
200
387
352
2,065
2,065
135
480
528
373
502
240
135
886
389
528
373
502
240
2,453
2,449
—1,111
+ 5,699
+ 16,451
-19,401
3,406
—1,690
—3,993
+ 8,366
+ 16,318
21‘2
128
251
774
363
291
3:3
353
274
294
195
133
182
801
225
212
128
254
774
363
294
313
353
236
294
195
-31
+58,059
-27,212
—349
+ 18,34'
+ 55,431
+ 5,319
+20,580
+ 14.823
+126.41 *
—4,360
+ 118,824
+2,900
+ 28,412
+ 0,961
+ 17,444
213,020
56,254
614,103
87,260
36,973
502
139
398
847
251
139
398
847
251
2,918
—46,0*2
51,798
57,574
502
143
260
146
361
498
17,071
+ 8,836
114,986
39,009
133,331
3,003
1,317
—42,100
+ 4,293
—2,632
—39,994
—8,< 49
30,109
138,414
488,531
338,041
131,512
198,685
500
2,802
—1.273
—
24,896
1,931
500
-9,485
4- lb,47 8
4-18,981
—1,043
+ 17,U8
1.153.615
2,794
+ 10,003
+ 229
-j-18,838
92,198
88
824
413
342
336
296
196
144
170
281
144
4-30,109
26,184
85,854
83
988
413
342
336
296
196
144
73
281
144
1.317
143
260
146
361
486
110
—16.390
44,165
186,449
92,332
‘Lake Erie <fe Western
Mexican Central
Milw. L. Sh. & West..
Mobile <fc Ohio
N. Y. Out. & West’ll..
Norfolk <fc Western...
Shenandoah Valley.
Northern Pacific
Ohio Central
Ohio Southern
Peoria Dec.6iEvansv.
Rich. & Danville.....
Char. Col. & Aug—
Columbia &Gr’v...
„
21,460
95,310
57,117
78,154
15 ,43 l
-4,318
V>09
—1
31,562
399,SS6
68,783
53,001
144,349
96,491
22,26 i
1,113,621
-91
4-50,905
145,651
155,651
31,791
390,401
25,211
—25,273
4-197,215
4-7,556
4* 5,3 4 0
4-8,861
—22,255
350.609
65,929
170,318
182,809
88,313
35,738
43,323
12,483
.
1884.
1885.
$
4-6 380
4-9,856
4" 13 l ,< K 0
1,467,095
l,502,-» 1 8
54,719
42,280
Kentucky Central....
Marq. Hough. & On.
104,694
666,042
125,424
125,333
1,518,000
1,498,100
334,700
49,539
200,427
Do
(Iowa lines)
Tud. Bloom. <fc West...
*Kau. C. Ft. 8. & Gull
*Kan. C. Sp. & Mem..
Louisville & Nashv...
47,338
113.555
614.387
..
-10,039
—5b,011
-7.456
+ 8,136
—461
1,236
578
72.343
60,528
106,004
64,732
266,889
65,376
56,616
46,051
107,115
34,911
29,2! 2
84.651
68,200
114,443
65,525
34,905
319,926
71,494
449,307
69,882
15,760
1,251,083
117,835
1,397
1,327
—6,601
+ 8.290
735
61
735
61
+58.481
—15,557
3,549
3,647
441
441
Total (70 roads).. 17,798.036 16,972,869
+ 825,167
Georgia Pacific
Virginia Midland
West. No. Carolina.
..
Rochester & Pittsb...
St.L. A.&T.H. m.line.
Do do (branches).
St. Louis Ft.S. & Wicli.
St. Louis & Sail Frau..
St. Paul & Duluth
St. Paul Minn. & Man.
Texas & St. Louis
Tol.Aiin A.&N. Mich.
Wab. St. Loui-» & Pac.
Wisconsin Central....
*
25,8 42
213,863
85,645
Central Pacilic
Increase or
Decrease.
$
32,222
223,719
392,0 JO
Central Town,
Mileage.
Earnings.
Road.
.
933,094
wheat, therefore, all ports, with two exceptions, had
some
Gross
Wheat,
(bush.)
in the later weeks is at¬
that
Name of
1885
1884
Toledo—
1885
1884
the diminution
and
increase
FOR FIVE WEEKS ENDED JANUARY 31-
Corn,
trunk- line traffic, is the Grand
also has a decrease (though
not
leading primary markets of the West.
RECEIPTS OP
[VOL. XL,
64.271
325,653
80,491
95,042
57,119
33,215
315,933
79,860
466,125
03,281
24,050
1,309,564
102,338
+58,764
+ 15,118
+ 15/97
+ 14,476
—
138
160
742
22.5
51,485*49,579
Only throe weeks of January in each year.
31.
1 For four weeks ended January
The
roads
in
the
above
exhibit
that
are
chiefly
distinguished for their poor ^returns are those in
Michigan and those in Texas. The falling off in Michi¬
gan is the result of the depression in the iron and lumber
industries, and the decrease in Texas is the result of suc¬
cessive bad crops of cotton in that State.
Of the latter
class of roads, the Gulf Colorado & Santa Fe is the principal
one in our list, and that reports earnings of but $92,332 in
1885, against $138,414 in 1884, and $173,034 in 1883, a cona
traction of nearly one-half. Railroads and business in Texas?
as in most other Southern States, are so much dependent
upon the outturn of cotton, that a poor yield of the staple
for’ one or two years produces quite unfavorable results.
February
THE
14, 1885.]
201
CHRONICLE.
nent to ask whether this improvement is likely to extend
the States where cotton is only
to net results or whether, as was too frequently the case in
a small factor or none at all, the returns are quite good.
previous years, increased expenses will consume it all,
The Kansas City Fort Scott & Gulf roads (between
and more too.
It is early yet to have any authentic
Kansas City and Memphis) report large gains.
The St. knowledge on this point for January, but we have many
Louis & San Francisco and St. Louis Fort Scott &
returns for the month of December, which being the latest
Wichita, on the other hand, show diminished receipts,
to hand should offer a very reliable guide in the matter.
but these are roads that gained quite heavily all through
And here the evidences of a marked change in the railroad
the early part of the previous year, at a time when other
situation are no less patent than in the case of gross earn¬
sections of the country were reporting losses.
The same
ings, for the returns show that retrenchment and economy
may be said of the Chicago & Alton, which connects with
are being extensively practiced and that this is having the
the Southwest at Kansas City and St. Louis, and has
natural effect of reducing expenses and increasing net
fallen behind $122,255—less than 4 per cent. *
earnings.
Apart from the roads in Texas, Southern roads nearly
Assuming a continuance of this policy (and there is no
everywhere give evidences of improvement. In fact, as a
reason to doubt that it will continue) we find two factors
class, these do better this time'than those of any other sec¬
working together in producing a larger measure of net
tion.
The Louisville & Nashville gains $126,000, while in
income applicable to interest and dividend payments—first
the previous year it had lost only $79,000, and many roads
an increase
in gross receipts and secondly a decrease in
have an increase in addition to one in 1884.
The Illinois
the expense account.
As- regards gross earnings, it is
Central delivered less cotton at New Orleans than a year
not justifiable perhaps to expect, except in the case of
ago, yet its Southern Division has augmented receipts of
special roads and sections, any decided or sustained upward
$58,659, oi' 17 per cent. This Southern Division, of
movement, because the situation is hardly sufficiently set¬
course, has a larger mileage this year, but the two new
tled for that yet, but the figures for December and Jan¬
branches added earned only $30,000 together.
An idea
uary would seem to show that the decline in the previous
of what this road has lost through the opening of com¬
year had been so pronounced that a further fall now in any
peting lines is afforded by the fact that while it carried considerable amount is not in prospect. But at any rate
23,678 bales of cotton to New Orleans during the month? smaller
To the
north of Texas, in
expenses are
assured.
The policy of retrench¬
Mississippi Valley or Louisville New Orleans & Texas
ment is forced upon the roads, and has only recently been
road, recently opened, carried 19,329 bales, and the New
introduced on many of them.
Besides, it takes time for
Orleans & Northeastern, which is in the second year of its
measures of economy to work out full results.
So it
operation, carried 14,427 bales. As to other Southern would seem not
improbable that the efforts everywhere
roads, the Mobile & Ohio, the Chesapeake & Ohio lines,
cut down expenses will bear fruit later on in
Florida Navigation, the Norfolk & Western, making to
the
and
.the
Richmond
& Danville roads, all
do reports of reductions, even where none have been shown
better than a year ago.
The Shenandoah Valley sustains yet. The movement for some time to come will of neces¬
sity be a progressive one. On some roads it will probably
a decrease, but the case of this road is exceptional, and
be interrupted temporarily by snows, ice, and generthe depression in the mining industries along its line no
severe winter weather, but the tendency towards
doubt explains the falling off.
To show the influence of ally
smaller expenses will remain and will demonstrate its
the cotton movement upon Southern roads, we give the
the
drawback is removed.
the reduction in
how general the
movement is, can be seen in the returns given further
below for some of the leading representative roads
for the month of December.
For Instance, the Louis¬
ville & Nashville gained only $19,000 for the month
in gross,
but over $114,000 in net ; that is, a
larger business was done at $95,000 less expense. The
Union Pacific, with $10,000 increase in gross, has over
$303,000 increase in net, the result of a reduction in
expenses in the large sum of $294,000.
The Erie, though
it lost $253,000 in gross, reports a gain of $124,000 in net;
reason, expenses were reduced $377,000.
The case of the
New York & New England is exceptional, since in the
previous year items were included in expenses not properly
chargeable thereto, but the fact that on a gain of only
$24,000 in gross earnings, a deficiency of $115,000 in net
has been turned into a surplus of $51,000, is worthy of
The Norfolk & Western, with
mention all the same.
$14,000 increase in gross, has $29,000 increase in net;
the Northern Central, with $33,000 gain in gross, has
$70,000 gain in net; the Cin. Ind. St. Louis & Chic., with
$26,000 increased gross, has $36,000 increased net; the
Northern Pacific, though it lost $98,000 in gross, actually
increased its net $12,000.
Even the Philadelphia & Read¬
ing has decreased expenses and increased net. Central
Pacific is one of the roads that has not yet effected much
saving in expenses, and some minor roads also lag behind
in this respect, but these may soon be expected to fol¬
presence
the moment this
following table of the receipts of the staple at all the
What an important circumstance
leading outports. It will be noticed that Norfolk had a
expenses already has become, and also
smaller movement, but that Galveston, as already stated,
experienced the most marked decline. Its total for the
only 32,990 bales, against 51,288 bales in 1884
and 104,498 bales in 1883.
New Orleans shows a slight
improvement over 1884, but an analysis of the sources of
receipts discloses that the cotton coming from Texas has
again undergone considerable contraction, for the Morgan
road delivered only 4,171 bales against 13,218 in 1884, and
the Texas & Pacific only 9,686 bales, against 25,606 bales
RECEIPTS OF COTTON AT SOUTHERN TORTS IN JANUARY, 1985, 1884,
has
month is
18S3 AND 1882.
Ports.
bales.
Galveston
Indianola, &e
New Orleans
Mobile
Savannah
1882.
51,288
104,498
385
909
173,775
22,735
4,568
47,507
276,138
45,422
38,855
1,643
125,198
22,360
3,595
68,126
1884.
32,990
407
183,631
29,435
12,922
52,690
Florida....
1883.
1885.
2,197
60,953
360
756
492
Charleston
Port Royal, &c
32,808
31,685
1,615
Wilmington
7,42?
1,461
55,049
18,857
568
3,330
67,792
14,903
79,614
16,734
4,008
13,404
6,946
58,888
24,392
429,268
423,851
661,569
400,878
Brunswick, &c
Morehead City, &c..
Norfolk
West Point,
Total
&c
829
NET EARNINGS FOR
6,538
.
48,665 1
3,558
13,551
33,103
DECEMBER AND THE
YEAR 1884.
call attention to the distinctive
of railroad earnings now coming in,
bn another article we
feature of the returns
namely the tendency towards improved totals.
satisfactory of course as far as it goes, and yet it
That is
is perti¬
low in the
wake of the otb'"'a
THE CHRONICLE
202
[VOL, XL(
1
For the year, we
have of course few roads that make a
satisfactory showing.. On the contrary, many make a very
poor showing, as a result either of diminished gross earn¬
ings or increased expenses (it was only in the later months
that expenses were reduced), or both combined.
As to
the influences at work
we
the most of them
outlined in
in the issue
were
can
not
particularize here, but
our
review of earnmgs
of
January 17. Central and Union Pacific
did worst of all, snows, ice, floods, cuts in rates, and bad
business, having all combined to reduce their income. The
trunk lines have fared
no
December.
!
'
Jan. 1 to Dec. 31.
Name.
Gross
Operating
Earnitigs. Expenses. Earnings.
Philadelphia & Readme*—
1S!"4
Net
$
$
Gross
Net
| Earnings.
Earnings.
393,478
810,4SS
?
$
(
*
921,012 23,861,0 "1 11 R67.144
885,557 34.30 *,199 L4,594.425
2 .315 563
1883
;
Phila.jt Read. Coal x lion—
1.391.551
2297,04:
1,413,086
18^4
1883
Rome Wat. &
1 "84
1.074,821
1.124.370
df.49,555
16.400 972
1,110,456
1,216,566 df 106,110
17,079 486
Ogdensburg
138 095
1883
Union Paciiic—
1884
1883
Utah Central—
131,9 ;9
85,145
79,317
2,332,1»8
2,322,392
1,157,209
1,451,190
76.320
93,110
44,012
48,158
83,130
76,466
80,283
1884
1883
West Jorsey—
1884
better—as witness the exhibits
89.120
1,727,6+3
59,950
612,017
52,682 i 1,673,43"
421,041
|
1,174.0 :9! 25,791,198 11.776.740
S;i,202j
-
28,710,139 13,658,456
31,708
1.038.uns
478,733
45,312
1,174,736
691,450
2.S 17
1,319,64"
503,305
df. 13.654!
!.2i7.’-54
441,897
of the Erie and the
Name.
November.
Jan. 1 t.o Nov. 30.
Pennsylvania. Southern roads have
*
East. Illinois—
*
•I
also pretty generally fallen behind.
*
Among these the Chicago.&
•1884
135 400
08,03 ■.*
66,7.18
IS$.*
149,908
09,173
80,735
Louisville k Nashville, the East Tennessee, the Cnes- Galveston liar. & San. An.1884
299,159
143,736
150,373
2,619 439
773,342
1883
apeake & Ohio, the Norfolk & Western, and the Mobile &
278,761
191,165
87,596 | 3,276,880 1,232,037
Louisiana Western1884...
54.525
.Ohio are conspicuous.
2?,412
32,113
424,756
183.778
Philadelphia & Reading, under the
1.883
55,745
29,128
26,617
517,502
235,554
Texas & New Orleans—
depression in the coal trade, has a strikingly bad exhibit.
1884.
4 1,074!
81,457
'42,783
776,389
29+831
1883
108,192
51.0J3
51,059
1,070,994
560,063
Western lines have done relatively much better than Wabash St Lou’s A Pac.—
3884
15 247,997 2,802,893
those of other sections.
The Burlington Cedar Rapids &
13-3
5,390,175 3.210,116
t
operations of Central of New Jersey after Jane 1 of both years
Northern and Des Moines & Fort Dodge, botli have mod¬ but Embracing
not prior to that in either year.
erate gains.
The Northern Pacific is to be singled out for
GENERAL GORDON'S DEATH.
its exceptionally favorable showing, but this is in
good
There seems to be no longer much reason to doubt that
part the result of an increase in mileage. New York &
New England net are better because under the receiver General Gordon, who has so long and so honorably occu¬
some of the unprofitable traffic has been
lopped off, and pied public attention, lias come to a cruel and untimely
end.
What was dreaded from the very first by many has
a general system of economy introduced.
The following
come to
will show the results on all roads that have as
pass, and come to pass in a manner and in circum¬
yet fur¬
stances
such
as
have justified the fears of those who took
nished returns for publication.
the least hopeful view of his mission.- This is not the
GROSS AND NET EARNINGS TO LATEST DATES.
place for a eulogy of General Gordon; and it is the
December
Jan. 1 to Dec. 31.
less necessary, since his death now fills the world with
NAME.
Or
Net
Gross
Net
Operating
Earnings. Expenses. Earnings. Earnings- Earningr.
regret, just as his heroic life has long commanded
*
Burl. Cedar Rap. & North.—
*
*
*
universal admiration.
However men may view the
*
1884
184.314
288,451
101,137
2.796.459
878.090
20 L,207
1883..
183,551
77,050
2,840,772
878,595
policy of which General Gordon has been the victim,
Canadian Paciiic—
■’
'
*
oss
...■
1884
1883
521,552
85U.237
1,687,502
1,508,458
1,256,485
1,279,189
308.912
300,335
05.534
171,3L5
5,750.521
1,191,891
there
411,077 22.160.107
589.209 24,744,420
0,170,710
a
9,173,821
204.040
21 i ,4i2
101.272
94,9 3
3,-38,606
3,900,793
1.075,885
1,353,299
44.914
40.5(5
20.040
70+027
10,955.
713,103
2*8,05 ?
214.32 7
100,144
38 134
1,374.045
1,322,431
339,951
308,022
2,434,780
2,482,821
908,923
312,669
331,230
02,627
101.000
94,798
Central Pacific2884
1883
Chesapeake & Ohio—
1884
18S3
Elizab. Lex. A Big Sandy—
1884
1883
Ches. Ohio A South West.—
1884
1883
Cin. lnd. St. Louis & Chic.—
1884
1883
Connotton Valley—
2834*.
1883
Des Moines A Ft. Dodge—
1884
1883
EastTcnn. Va. & Georgia—
1881
1883
Fort Worth A Denver—
1884
1883
51,530
133.278
120,211
97.141
203.093
177,395
29,07;
120.892
70,501
137,320
4o,075
22,711
25,951
19.732
2.979
21,273
4,07.-'
29,135
31,710
23.147
6.288
11,150
354,029
20,500
1884
1883
243,549
130,430
131,396
3,993,022
4,144,271
1,482,901
25.684
12,399
20,813
13,785
11,083
459,047
388,123
210,361
66.730
58,55 3
53.600
i3.ro
18,771
022,107
838,975
318,485
39,784
70.512
36,614
30,047
39,898
30,877
589.071
245.582
54,822
50,229
38.034
10.188
368.271
42,528
13,701
416,58t
98,177
1.292.127
1.272,924
685,373
780,495
600.749
492,429
13.602,46’
14,170,24b
5,737.542
284.637
289,240
140,907
143.730
129.248
159,998
2.100,412
2,200,042
580.777
761,499
112,753
84,759'
94,171
2.358.082
j
2,328,894
1,015,739
1,058,292
350.343!
20.303.320
4.972,578
239,050
215,422
188,030
51,020
330,002 df 115,180-
3,240,972
3,027,257
733,401
511,470
247,055
131,488
110,705
115.507
2,711,104
80,059
2,812,770
1.194,246
1,302,416
3,137;
9, no;
67,524
Little Rock Mo. It. & Tex.—
1884
3883
Louisville A Nashville—
1884
1883
Mobile & Ohio—
1884
1883
Nashy. Chatt. & St. Louis—
1884
1883
197.512
N. Y. Lako Erie A West*18+4
1883
209,999
1.570.385
1,823,5158
N. Y. & New England1884
1883
Norfolk Jt Western—
1884
1883
Shenandoah Vailey—
1884
1883
Northern Central1884
1883
Northern Paciiic—
341,934
246,373
82,490
Little Rock A Fort Smith-
SI,9.24
378,803
374,94
Kentucky Central—
1684
3833
88-S.S70
232,854
'■
115,328
1,220,042
1,597,220
1,709,370
353,744
557,839
225,296
•
25.523
5.372,030
220,3421 23.888,705 7,288,179
-
I
!
53,883
50,746
03,359
54,249
412 269
409,1.2
353,049
389,771
1H84
758.229
+417.721
340 508
188,3
850,184
+527,6.9
3«8/l)3d
228,102
184,404
43,698
2(1,478
211,022
59,850
3.769,328
3,840,510
2,073.098
2.057.2 >2
281,124
129,103
257.06
81,9+1
219.402
3,000,140
1.458.081
37.904
4.108.843
1.48S.0-0
Oregon Improvem’t Co.—
1881
1883
Penn, otli lines east
burg A Erie)—
01
3884..
1883
Philadelphia &
18S4
1883
*
851,411
742 37.-:
129.356
192.258
89.220i
5,521.87-
2,053.485
19,381 j
0,085,131
2,250,526
12.013.305
it), 149.1L0
5,372.056
3,432,592
i
'
i
Pitts¬
■
3,371,500
792.830
-4,009,00.
1,322,227
j
Erie—
1.006 230 48 506.911 18.039 902
1,183,228 51.083.244 19.330. lul
Including OS per cent of earnings and entire working expenses of the‘Now
York Penney I v n :i & Ohio it It. for t he whole of this year and alter May lin 1383.
* Not
including taxes and rentals in December.
can
place
be
no
doubt that the world will honor him with
its heroes, and that in his own country and
among his own people he will be remembered as one of
the many illustrious men who have adorned British
annals, and who to maintain British prestige and British
honor have willingly made of their lives a sacrifice.
It is hardly necessary to repeat the circumstances in
among
which General Gordon went out to Khartoum.
It
was on
Saturday, January 19, 1884, that the British nation
learned that Gordon had left for the Soudan, u to report
on
the military situation there, to provide in the best
manner
possible for the safety of the European population
of Khartoum and of the Egyptian garrisons throughout
the country, as well as for the evacuation of the Soudan,
with the exception of the seaboard.”
Hicks Pasha’s
column had just been annihilated ; and in general estima¬
tion the glory of Tel-el-Kebir had been tarnished.
Gen¬
eral Gordon had been spoken of as a possible saviour ; but
it soon became known he was under contract to the
King
of the Belgians to go to Central Africa to join H. M.
Stanley. It is no exaggeration to say that generally it
was a
glad surprise when it was known that the Govern¬
ment had secured his services, and that, soldier-like, he
was off to his destined
post. There were those, however,
and we were of the number, who thought that too much
was expected
of the General; that, able as he was, it was
not to he thought he could work miracles.
It was true
that Gordon had accomplished almost impossible things in
China, and that formerly in the Soudan he had really
worked wonders.
But there was something in the
present situation in the Soudan which, as it did not
exist, did not militate against him in China., and
which, as it did not exist, did not militate against
him in his former experience in the Soudan. In both cases
he was fighting with patriots and for their native rulers.
CHRONICLE.
THE
14, 1885.]
February
and it was
believe,
by
himself,
that on
overlooked, we'
General Gordon
this his last expedition he was to light not with patriots
blit against them, and not in the interest of native but ofL
foreign rulers. It was soon found that General Gordon’s
name had not the magic power which it had on the for¬
It
was
overlooked by the British Government,
203
| From our own correspondent. 1
London, Saturday, Jan. 31, 1885,
reduction of 1 per cent in the Bank rate, namely,
from 5 to 4 per cent, there has been nothing of interest to
notice either commercially or financially during the week
Reports from all the leading trade and manufacturing centres
differ very slightly, if indeed at all, from those previously
received. There is the same painful iteration in the complaints
mer occasion, and Khartoum, which received him on his
arrival so gladly, soon became his prison. "What has since respecting the slackness of work, and it is but poor comfort to
followed it is unnecessary to repeat.
As Gordon could know that affairs can hardly go worse, or that when things
neither deliver the garrisons nor deliver himself, it became are at their worst they must begin to mend. Some disquieting
the duty of the British Government to undertake the now reports have been circulated about Mincing Lane, but it does
not appear that conditions there have undergone further
more difficult and double task by other and more natural
deterioration lately. True, a firm in the rice trade has been
means.
Whether the relief of Gordon and the accomplishment comp lied to make a composition, the liabilities being placed
of the work in which he had failed was undertaken with at £70,000, but the matter was privately arranged, and it
sufficient promptitude and in the proper way, we are con¬ merely shows that the period for compositions has not
tent to leave to" the British people themselves to decide. yet terminated.
Mincing and Mark Lanes must remain
Mr. Gladstone will undoubtedly be taken to task by his weak spots so long as values of produce keep as low as they
political opponents, and it may be difficult for have been for some time past. Wool is showing more steadi¬
him
to
resist
the
tempest of popular indignation
which the death of Gordon has created.
It is not at all
many of Mr. Gladstone’s former
known to be lukewarm may demand
impossible that
who
friends
another
leader, and thus introduce division into the Liberal ranks.
are now
Certain
that the Conservatives have found their
it is
opportunity, and it is evident from the announcement of
they mean to turn it to the
Gladstone’s administration
may have been eminently wise and noble in principle and
Sir Stafford Northcote that
best possible account.
Mr.
purpose ; but it is undeniable that it has been unfortunate,
in many respects unsuccessful, both at home and abroad,
and that under it British prestige has suffered as it has
not suffered
in many
Beyond
a
probably because stocks are light, but cotton is still a very
quiet market. When the expected recovery in trade will take
place is very doubtful, but there are indications that it will be
gradual, and therefore all the more likely to be permanent.
It was rather encouraging to notice the traffic returns of the
leading English railways published for this week. A further
falling off in the aggregate was certainly shown, but the ratio
of decrease was much less than has been the case recently.
It is, of course, absurd to attempt to argue from the returns
of one week, but a continuance of such statements for two or
three weeks would be hailed as a happy augury.
Apparently
we are now arriving at a time when a final solution of the
Egyptian muddle may again be attempted, and when there
ness,
generations. It is unprofitable to will be some chance of a revival of trade with that quarter.
speculate, where the probable results are so numerous and The cheapness of money also should foster a development of
so liable to be complicated.
If, however, the thought any legitimate enterprise which may be attempted.
should take a firm hold of the British people that Mr.
After being kept at 5 per cent for nearly three months, the
Gladstone, through his policy of indecision and delay, has Bank of England directors have reduced the rate to 4 per cent.
made himself responsible for the loss of Gordon, it will be
It was on Nov. G the rate was fixed at 5 per cent and on Thurs¬
the less difficult for Conservative eloquence to convince
them that he is responsible for many other things besides day la9t, January 29, it was lowered to its present figure. The
movement in November was due to the desire to check the
—for a home policy which has begotten a species of
efliux of gold from here to America, and to attract supplies
anarchy, for a colonial policy which for a time threatened from other
quarters. The movement was certainly effective
the disintegration of the empire, and for a foreign policy
in stopping the export of gold and in strengthening the Bank’s
which has brought about almost unparalleled national
position, but it was singularly ineffective in drawing supplies
humiliation.
However the approaching Parliamentary conflict may
end—whether the Conservatives shall or shall not be able
to carry a vote of want of confidence
whether Mr. Gladstone or Sir Stafford
in the Government,
Northcote, the Mar¬
quis of Ilartington or the Marquis of Salisbury shall hold
the reins of power—there is one result which is certain to
flow from Gordon’s unhappy death.
The war in the Sou¬
dan will be prosecuted with ten-fold more energy; nor
will there be any cessation of hostilities until the power of
British arms is established throughout the Soudan, until
British vengeance has exhausted itself, and until the Mahdi
has atoned by his own death for the death of Gordon,
Stewart, Earle, Burnaby, and the othdr brave men who
have perished in this hitherto luckless war.
i^Umjetartjf ©omracvcial guglislx Hews
gold is now £22,243,000; then it
£19,298,000; so that in the interim the supply has increased
by nearly £3,000,000, but the bulk of this increase is from coin
recovered from general circulation. The reserve of notes and
coin on Nov. 5 was £9,517,000; now it is £13,933,000—a gain of
£4,421,000. It will thus be seen that the Bank of England’s
position has considerably improved, and as there is no foreign
inquiry for gold and money is easy in all the leading Conti¬
nental centres as well as in America, the directors were quite
right in pursuing the policy they had adopted. Money will
probably remain quiet for some time to come. The jointstock banks and discount houses have reduced their rates of
allowance on deposits % per cent, and the former are now giv¬
ing 3 per cent for money at notice ; the latter 3 per cent for
money at call and 3]£ per cent if with notice.
The following are the present prices for money.
The stock of
from abroad.
was
BATES OF EXCHANGE AT LONDON AND ON LONDON
Lmion
On—
Bate.
Time.
EXCHANGE ON LONDON
Latest
Date.
Time.
Hamburg..
Short.
3 runs.
•
4
.
if
Berlin
Frankfort...
44
Vienna
41
Trieste
44
Antwerp
St. Petersb’g
Paris
Paris
Rate.
29
Short.
Jan.
@20-71,
Jan.
Jan.
@20*71
@12-5212 Jan.
12*50
@12*5212
29 3
29
29
1110s
44
Short,
29
4
4
20-50
20-5012
20-50
12-38
44
25-35
253,«
25*0712®-'5*7 2*2 Jan.
44
468ig@4fi&irt
403lh@ lUOjQ
44
Cadiz
1210
Jan.
29 3
29
1110s.
44
25-32
25*40
47*50
*
.
Constant’ple
dem’nd
Bombay
.
m
m
.
....
Calcutta
Na.w York...
L
>g Kong.
^bni.
8.
.
44
....
....
Is.
Is.
71;(,(!.
7ii(,d.
......
Jan.
“
@20*70~
20-66
20 67
20-67
12*50
25*5614@25*6iJ4 Jan. 29 Short.
Jan. 29 3 mop.
245g@2434
Checks 2:5*3 lJ4@25*3614' Jan. 23 Checks
3 mo s. 25-51 J4®25*5014
Genoa
Madrid
Jan.
44
44
Lisbon
Alexandria
12134 -®12-234
12 334 @1*2*4 *4
Jan.
29 3
Jan.
30 tel. tafs
Jan.
Jan.
Jan.
30
I.T-ir*
in os.
44
30 Cables.
30 4 mos.
4
•
110*37
Is. 6 I5jr,d
Is. 631 pod.
4*87
3s.
0%d.
1
1U.
24; 5
2;5
9, 5
“
lfl'
5
“
23
5
30
4
“
Trade Bills.
Bank Bills.
Joint
si
3
.
Dec.
Amsterdam.
Amsterdam.
for deposits by
I
AT LATEST DATES.
EXCHANGE AT LONDON-Jan. 30.
Interest allowed
Open market rates.
Four
Three
Six
Four
Three
Six
Months Months Months Months Months Months
474®
4763
334(91
-
-
3
-
4
@
3U®
3%@
SH®
3)63
—
-AH®
3>s3
~
i'm
A'A4
376®
—
4
3
-
4 l4®
—
3'4®
-
—
-
3K>3
3H3
~
-
-
~
-
At 7 to 14
Stock
Banks. CaU. Days.
-
-
-
AM® ~
-4)63 3J434 <3% 34
3% 337$
®
Disc't H*se
3)4®*
476'34 U
3HWA
3763356
3H
3%
3:Y
3*
3H
3
4
474-474
4!«-474
374 3)4-3*
374 3)4-354
3>i 3H-3H
3
374-374
4
following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols
and other items, compared with previous years:
The
-
Circulation including
Bank post bills
Public deposits
1885.
£
1834.
£
1833.
&
1882.
£
24,055,570 24,752,405 25,105.075 25 317,205
5,092,880
0,387,707
4.071,790 5,173,075
Other deposits
2 i,622,056 23,775,073 22,238,075 21,063,665
Go vernm’t securities. 13,053,605 14,454,835 11,885,107 12.511.939
Other securities
21,142,431 21.127,357 10,00 5,870 25.763,851
9,175,182
Res’ve of notes & coin 13,938,306 12,508,623 12,700,071
and bullion in
both departments..
Coin
22,243,930 21,601,028 22,116,046 18,772,387
THE CHRONICLE.
204
[Vol. XL.
will be brought before Parliament in the
Proport’n of reserve
47%
31*8 financial statement of the Chancellor of the Exchequer.
45-28
to liabilities
4p.
C.
6
p. r.
The heaviness noticed in the graifi trade last week has been
4
p.
e.
3
p.
c.
Bank rate
10218d.
9934d
991516
101%d.
Consols
more
clearly defined. Dealings in wheat have been very mod¬
46s. 3d
40s. 4d.
34s. lid.
38s. Od.
Eng. wheat, av. price
5%1.
5%1.
5%rt.
Oi^d. erate and prices have tended in favor of buyers, frequently to
Mia. Upland cotton..
95sd.
9%d.
9\d.
10% d.
No. 40 mule twist....
the extent of one shilling per quarter.
The hollowness of the
Clearing-House ret’n. 86,784,000 128,339,000 132,105,000 161,307,000
recent improvement is thus shown.
Certainly the full advance
The Bank rate of discount and open market rates at the
has not been lost, but it is gradually dwindling away and
chief Continental cities now and for the previous three weeks
threatens to entirely disappear. The statistical jiosition remains
have been as follows:
much about the same, but the change from cold to mild
January 8.
January
15.
January
22.
weather is an element of depression which cannot be ignored,
January 28.
Hates of
and must be taken into account when calculating the probable
Bank
Open
Bank
Open
Interest at
Bank
Open
Bank
Open
Market
Rate.
Market
future of the trade.
Continued restriction of dealings seems
Rate.
Market
Rate.
Rate. Market
3
There
is just at present no enterprise in the
foreshadowed.
28
3
m
3
2%
3
2%
Paris
3
4
4
38
4
38
4
trade. Transactions are merely from hand-to-mouth, with an
Berlin...
3
4
4
38
4
38
4
38
Frankfort
almost entire absence of any disposition to purchase cargoes
3
4
4
38
3
4
3
4
Hamburg
2U
3
3
for arrival.
The average price of English wheat for the sea¬
28
3
2-8
3
28
Amsterdam
4
38
4
38
4
3
38
4
8
Brussels
son is slightly^ above the lowest points, but only very slightly,
48
48
48
48
48
48
48
Madrid
48
4
and that is about all that can be said for it; and it is still 7s.
4
3H
4
4
38
38
4
Vienna
3
6
6
6
6
6
6
8d. per quarter lower than the average for the corresponding
6
St. Petersburg..
5
5
5
5
5
5
5
5
Copenhagen
period of the previous season. The prices then were consid¬
ered unremunerative. What must they be now? The farmer
In reference to the state of the bullion market, Messrs. Pixley
can only wait patiently and hope for better times; but it must
.
& Abell observe:
be they are a long time coming, and “ hope deferred maketh
Gold—There being no demand for abroad, gold continues to flow into
the Bank, the amount purchased since our last being £204,000. Sover¬
the heart sick.” Any immediate change in the character of
eigns to the value of £10,00!) have been taken out for transmission
the trade is not foreshadowed.
to South America. The arrivals comprise £59,270 from China, £25,980
from Australia, £31,000 from West Indies—£ 119,250.
The extent of the sales of home-grown wheat, barley and
Silver—Bar silver has continued to recede in price, owing principally
to the further reduction in the Indian exchanges; and the rate which we
oats in the leading markets of England and Wales during the
quoted in our last circular ns 493±d is to-day only 49%!. per oz. There
first twenty-one weeks of the season, together with the average
is an entire absence of any Continental demand, and there has, therefore,
been no inquiry, excepting for India. The India Council have notified
prices realized, compared with the previous season, are shown
an increase of 5 Lakhs in their drawings for next week, making the total
to be tendered for, 40 Lakhs. We have received during the week £26,680
in the following statement:
from Brazil, £52,000 from Chile, £10,000 from Central America, £5 1,6(0
SALES.
from New- York and £35,000 from West Indies—£178,280. The P. & O.
the Cortes the matter
£
&
£
£
1882.
1883.
1884,
1885.
steamers have taken £ 184,900 to India.
Mexican dollars have also declined. A considerable amount
to band during the week—£106,000 by the,
steamer
has come
and £10,000
French
by the West India mail steamer. For the former consignment, 48%!.
was obtained, but for the latter 48d was the highest bid, and they were
Bold at that figure. The P. & O. steamer has taken £25,140 to China
Wheat
qrs.
1883-4.
1882-3.
1,365,559
1,091,026
133,698
108,S.G1
112,246
Oats
AVERAGE TRICES.
and the Straits.
The
1884-5,
quotations for bullion are
Price of Gold.
Jan. 29.
d.
8.
gold, flne.. oz.
Bar gold, contain’g.
77
20 dwts. silver.oz.
77
Bar
Span, doubloons, oz.
S-Am.doubloons.oz.
9
Jan. 22.
8.
77
reported as follows:
Price of
Silver.
s.
Bar silver. flne..oz.
'498
49]*
silver,containing 5 grs. gold..oz.
108
...
77
108
49*
508
538
538
488
Cake silver
oz.
Mexican dols...oz.
48
currently reported at the fortnightly Stock Exchange
settlement just concluded that some scandalous disclosures,
after the style of the absconded. Mr. Blackway, were likely to
be made. Happily the reports turn out to be exaggerated, but
for all that they are not entirely destitute of truth. It appears
that a member of the House was acting as authorized clerk to
another member, who, through mental affliction, was unable
to attend to his business.
Taking advantage of his position,
the clerico-member has been speculating rather wildly, and
was
20 9
19 8
1832-3.
17,3 30,730
following return shows the extent
47- 0
33 9
20 8
the totals for
1883-4.
1884-5.
Wheat
cwt. 19,688,789
Barley
9,12 2,472
4,743,841
1881-2.
16,8 L7,000
of the imports of
1882-3.
1883-4.
1881-2.
24,869,120 27,837,962 25,909,729
9,105,911
8,496,799
6,105,363
5,637,005
910,520
786,641
1,563,041
1,226.143
7,938,629 11,946,868
6,332,162
6,455,411
6,309,895 4,125,933
929,206
849,960
8 SO,633
698,374
5,287,962 10,211,908
6,515,274 3,121,310
Supplies of wheat and flour available for
weeks, stocks Sept. 1 not being included:
1834-5.
1883-4.
Imports of wheat, cwt.19,688,789 24,869,120
Imports of flour.
6,382,162 6,455,411
consumption in twenty-
Oats
Peas
Beans
Indian corn
Flour
Sales
agents for the Cabinet have succeeded in placing
the balance of the Jamaica 4 per cent loan, £53,000 of the
loan having been disposed of in the colony and £130,000 in
this country. The prices ranged from the minimum of 97}^
to £100 Is. 6d.
The government of Jamaica has promised
to introduce an act for the conversion of its debenture debts
into inscribed stock. It will be remembered that the first
tenders amounted to only £11,300.
At a meeting of the creditors of Messrs. Baggallays and
Spence the statement of accounts presented showed liabilities
amounting to £121,0G3, with assets £131,306, the estimated
surplus being £10,243. A composition of 15s. in the £ pay¬
able in fourteen days was unanimously accepted.
The Foreign Office notify that the declaration recently signed
at Madrid in reference to the commercial modus vivendi be¬
tween Great Britain and Spain will follow the same course as
that prescribed by the protocol on the 1st December, 1883;
that is to say, that a bill will shortly be presented to the Span¬
ish Cortes authorizing the placing of British commerce on the
footing of the most favorable nation as soon as the British
Parliament shall have authorized the raising of the lower half
of the alcoholic scale by four degrees. Should this bill pass
34 3
produce into the United Kingdom during the first
twenty-one weeks of the season, the sales and average prices of
home-grown produce for the same period, and other item3, com¬
pared with last season:
IMPORTS.
unsound mind.
The Crown
41 2
40 O
#33 0
1881-2.
8. d.
cereal
one
now
d.
8.
19,587,234
1884-5.
cwt. 20,303,368
Wheat
is non est, sundry securities also being at the same
non sunt.
Unfortunately scandals of this description are not
uncommon with us; but the peculiarity in this case is the com¬
plication that is likely to ensue in settling the liabilities, con¬
sidering the delinquent was the representative of a man of
just
19 5
d.
Converting the quarters of wheat into cwts.,
the whole kingdom are estimated as follows:
The
It
s.
4
32
1832-3.
1833-4.
d.
31 3
Barley
Oats
d.
Bar
...
nerqr.
Wheat
Jan. 22.
d.
d.
9
Jan. 29.
970,212
129,315
1,098,010
1,335,870
2,233,055
2,235,112
Barley
1831-2.
18S4-5.
1,415,901
of
home-grown
20,308,368 19,587,234
produce
46,379,319
Total
Av’ge price of
English
wheat for season.qrs.
32s. 6d.
Visible supply of wheat
in the U. S
hush.42,800,000
Supply of wheat and
flour afloat to U. K.
17,350,730 16,817,000
45,351,039
40s. 01.
41s. 2d.
47s. Od.
35,009,000 20,600,000 18,000,000
50,911,765 51,704,016
•
2,491,000
qrs
1881-2.
1882-3.
27,837,962 25,909,729
6,515,274 3,124,310
,
2,065,000
2,300,000
2,429,000
following shows the quantities of wheat, flour and In¬
dian corn on passage to the United Kingdom, with the addi¬
tion of the quantities advised by cable from America :
At present.
1883.
Last week.
Last year.
Wheat.
qrs. 2,175,000
1,827,000
2,095,000
2,236,000
Flour
216,000
220,000
238.000
282,000
Iudian com
320,000
200,000
169,000
136,000
The
According to the agricultural returns the aggregate wheat crop
England and Wales for the past year was 77,867,000 bushels, at
an estimated average rate of 29*85 bushels per acre, or 1*19 bush¬
els above the estimated ordinary yearly average yield. For
Scotland the estimated total produce amounts to 2,348,000 bush¬
of
bushels
els, at an average rate of 34*17 bushels per acre, or 1*48
above the estimated ordinary average yield. The total for
Great Britain is thus 80,215,000 bushels, the estimated average
rate
being 29*96
bushels per acre, or 1*19 bushels per acre
'
February
above the
THE CHRONICLE
14, 1885 ]
normal standard of production.
205
FOREIGN IMPORTS AT NEW
Barley turns out
YORK.
For Week.
1882.
1883.
1884.
slightly above the average, the total yield being 73,912,000
1885.
bushels, or 0*06 of a bushel above the average. The estimated Dry goods
$2,851,939
$1,911,340
$3,411,427
$1,938,866
6,874,377
6,607,970
5,518,702
3,892,203
average yield per acre of the oats crop falls short of that of Gen’lmer’dise..
Total...
ordinary years by 1*51 bushels, the rate of the product in
$9,726,316 $10,019,397
$7,460,042
$5,831,069
Since Jan. 1.
Great Britain being only 37*52 bushels per acre, with an aggre¬
$18,196,759
Dry goods
$16,756,739 $15,510,230 $ 12,747,666
37,539,138
36,321,780
34,204.313
28,429,280
gate production of 109,397,000 bushels, of which 36,713,000 Gen’l mer’dise..
bushels were grown in Scotland at an average yield per acre Total 6 weeks.. $55,735,897 $53,078,519 $19,714,543
$41,176,946
of 35*10 bushels, or 0*73 of a bushel per acre below the estima¬
In our report of the dry goods trade will be found the im¬
ted ordinary production. Potatoes give 6*62 tons per acre, an ports of dry goods for one week later.
The following is a statement of the exports (exclusive of
excess of average of 0*51 of a ton, the gross production being
specie)
from the port of New York to foreign ports for the
3,743,000 tons, or 15 per cent above the average. It appears from
week ending Feb. 10, 1885, and from January 1 to date:
the returns that the gross produce in 1884, as compared with
EXPORTS FROM NEW YORK FOR THE WEEK.
the estimated ordinary yearly average of the last decennial
1882.
1884.
1883.
1885.
period, shows in cereal crops an estimated decrese in wheat of
the
week...
For
$5,820,543
$5,733,340
$6,425,435
$6,157,092
7,756,000 bushels, or nearly 9 per cent, the diminution in the
Prev. reported..
32,855,573
31,073,326
36,047.931
36,135,073
extent grown in 1881 from the average of the ten years
Total 6 weeks..
$38,676,121 $42,205,023 $36,846,666 $42,560,528
having been not less than 380,700 acres. For barlej^ there
The following table shows the exports and imports of specie
appears to be 8,889,000 bushels less, or nearly 11 per cent,
the material factor being here likewise the very considerable at the port of New York for the week ending Feb. 7, and
since January 1, 1885, and for the corresponding periods in
decrease in the acreage under this grain. In oats, on the other
1884 and 1883:
hand, notwithstanding the diminished rate of yield in the
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
present year, we find the total produce in 1881 has exceeded
Exports.
Imports.
that of the yearly average of the period referred to by 1,385,Gold.
Week.
Since Jan.l.
Week.
Since Jan. 1.
000 bushels, or about 1 per cent, the area sown having been
$
$..
$
$4,500
greater by 117,700 acres. For peas, the diminution in the es¬ Great Britain
France
338,618
684,416
timated total production, as compared with the period in ques¬
242,239
1,011.760
Germany
Indies
130,622
14,210
420,362
1,639,559
tion, would appear to be 2,103,000 bushels, the decrease in West
Mexico
527
6,493
beans being 2,939,000 bushels. In the other crops for 1884, South America
47,364
12,131
61,500
All other countries...
13.914
2,603
similarly compared, there is an estimated increase of 490,000
Total 1885
$607,725 $1,913,263
tons in potatoes, while turnips and mangold have decreased by
$420,362 $1,769,503
Total 1884
91,134
26,62 L
30,500
81,567
4,565,000 and .1,295,000 tons respectively.
Total 1883
18,633
424,765
12,865
34,150
3.012—The
-
English Market lleports—Per Cable.
The daily closing quotations for securities, &c., at
and for breadstuffs and provisions at Liverpool, are
by cable
as
follows for the week ending Feb. 13
London.
Sat.
Silver; per oz
Consois for money
d.
Consols for account
Fr’oh rentes (in Paris) fr
U. S. 4*as of 1891
U. 8. 4s of 1907
Canadian Pacific
CMc. Mil. & St. Paul....
Erie, common stock....
Illinois Central
,
49*0
993s
999Ifi
80*05
4930
4930
99°18
999,6
99 3*
80*65
125*4
39 ^
763*
128*4
1267q
5210
8*8
PMladolphiaA Reading
Liverpool.
Tue8.
11
1153a
125is
39 q
75*2
12 \
52*2
Pennsylvania
New York Central
Mon.
903*
8*4
91*4
Sat.
Mon.
d.
Tuts.
1
8
1
3
9
7
9
7
9
0
6
0
3
O
4
58
Z3
86
37
61
9
0
6
0
4
58
33
86
37
60
9
0
6
0
3
6
4
58
33
56
37
60
7
9
7
7
G
4
58
33
86
37
61
O
i
8.
3
0
8.
©mumctcial anti UXisccllaucaus
National Banks.—The
been organized:
Fri.
7
9
7
7
6
i
61
Thurs.
1
8
1
3
9
/ 7
8.
Wed.
8.
10
7
6
d.
9
9
0
6
0
3
0
IXcxus
following national banks have lately
Exchange National Bank of Little Rock, Ark. Capital,
WVP. Homan, President. J. S Pollock, Cashier.
Grand Forks National Bank, Grand Forks, Dak. Capital
$50,000. Michael L. McCormack, President.
Win. O. Mill*
cahy. Cashier.
First National Bank of Arapahoe, Nebraska. Capital,
$50,000. John W. Tomblin, President. Dexter M. Tombliu,
Cashier
Old National Bank of Centralia, III. Capital, $30,000.
Edwin S. Condit, President. Ferdinand Rolil, Cashier. The
above takes the place of the First Nat. Bank of Centralia, Ill.
By Act of Congress, approved Dee. 18, 1834, the title of the Hills¬
borough National Bank, Ohio (No. 787), lias been changed to the First
National Bank of Hillsborough, to take effect Jan. 27, ls8 *>.
The. title of “ The National Bank of Bloomington ” has been changed
to “The First National Bank of Bloomington,” Illinois, to take effect
February 11,1885.
Imports and Exports for the Week.—The imports of last
with those of the preceding week, show
a
decrease in both dry goods and general merchandise.
The total imports were $5,831,069, against $7,419,703 the pre¬
ceding week and $5,430,977 two weeks previous. The exports
for the week ended Feb. 10 amounted to $6,425,455, against
$7,153,161 last week and $6,883,762 two weeks previous. The
following are the imports at New York for the week ending
(for dry goods) Feb. 5 and for the week ending (for general
merchandise) Feb. 6; also totals since the beginning of the
first week in January:
iffiSSE
$457,150
22,858
$1,680,410
46,903
21,254
16,374
21,254
2,177
7,554
2,136
46,448
$1,773,428
$11,867
$109,584
1.884,601
1,539,530
133,894
618,797
49,048
264,535
4,235
4,252
$501,262
188,800
128.000
$
$
36,877
26,259
Of the above imports
American gold coin and
for the week in 1885, $16,957 were
$4,544 American silver coin. Of the
exports during the same time, $234 were American gold coin.
Bonds Held by National Banks.—The following interest¬
ing statement, furnished by the Comptroller of tlie Currency,
shows the amount of each class of bonds held against national
bank circulation and to secure public moneys in national bank
depositories on Feb. 1.
We gave the statement for Jan. 1
in Chronicle of Jan. 10, page 52, and by referring to that the
changes made during the month can be seen.
77. S. Bonds Held Feb.
1
8
1
3
9
$100,000.
week, compared
Total 1885
Total 1884
Total 1883
99*8
99*4
7
9
7
7
6
i
Ohs^RA. Am. ohoioe
49316
8
1
3
9
Wheat, No. 1, wli.
Spring, No. 2, n.
Winter, South, n
9 8
7 1
7 3
6 11
5 0
4 9*a
59 0
33 0
86
0
37 0
61
O
493,6
995,6
999,0
d.
9
d.
9
7
49&16
999l6
10
10
9 8
“
7
1
Winter, West., n “
7 2
“
Cal., No. 1
6 11
“
Cal., No. 2
Com, mix., old
“
4 9*2
Corn, mix., new..
“
Pork, West. mess..# bbl 58 0
32 3
Bacon, long clear
Beef, pr. mess, new,$ to 86 0
Lard, prime West. # c wt 36 9
Fri.
d.
9
9
“
“
Thurs.
10
10
8.
:
193*
80*87*2 81*02*2 81*32*2 81*15
x 114*2 11430
11550
115*a
125 14
125 *a
12530
12530
39*a
39'a
39*4
3950
76
76*4
765s
75*8
12*a
12»0
1250
1278
128
x 125*4 1253*
1283*
53
52*a
5250
8*8
83*
830
8*8
91
9278
9478
9378
9
d.
London,
reported
Wed.
99
Flour (ex. State).100 lb. 10
s.
Silver.
Great Britain
France
German
West Indies
Mexico
South America
All other countries...
Description of Bonds.
Public
Deposits
Currency 6s
Bank
Circulation.
in Banks.
3s, Act July 12, 1882....
1,1885, to Secure—
$7,633,000“
120,000
Total Held.
$146,715,650
3,520,000
$154,348,650
3,640,000
1,766,500
7,095,500
49,186,550
117,860,400
50,953,050
124,955,900
$16,615,000
$317,282,600
$333,897,600
5 per
cents
*a per cents
4 per cents
4
5s, ext. at 3*a
6s, ext. at 3*a
Total
U. S. Sub-Treasury.—The following table shows the receipts
and payments at the Sub-Treasury in this city, as well as the
balances in the same, for each day of the past week :
Balances.
Dale.
Receipts.
$
1.287,725 25
2,030,223 01
Payments.
$
Coin.
$
$
37 129,645,915 23 21,279,132
29 129.980,507 59 21,875,492
13 130,474,336 41 22.129,570
68 130,43 2.275 66 22,348.233
62 130,791.448 82 22,374,176
31 131,014.164 40 22,453,482
13]
950,451 86
1,182,093 68
816,299 44
951,514
1,099,300
813,8 4 1
773,899
796,977
544,277
Total...
7,858,590 66
4.979.810 40
Feb.
“
“
“
“
“
7.
9.
10.
11.
12
1,561,797 42
Currency.
.
—The Bankers’ Almanac and Register for 1885 has
34
70
17
10
00
55
just
appeared, being the thirty-fifth issue of this standard publica¬
tion.
In addition to the usual lists of banks and bankers there
is also given a list of insolvent national banks, with the date
of the appointment of a receiver and dividends paid, also the
interest laws, laws of grace, statutes of limitation, insolvent
and assignment laws, &c.
Homans Publishing Company, 251
Broadway.
—The Homestake Mining Company announces its seventyeighth dividend, $31,250 for the month of January, payable
at the company’s office, San Francisco,[or at the Transfer
Agency of Messrs. Lounsberyfc& Co.^y
,
THE CHRONICLE
206
Insurance Company—Extracts from the
Thirty-ninth Annual Report to the Members of the
Connecticut Mutual Life Insurance Company.—
In the thirty-niuth year of its business the Connecticut Mutual Life
Insurance Company received for premiums $4,707,437 42; for interest,
$2,257,767 83; for rents, $519,461 74; balance of profit and loss,
$17,347 91; a total income of $7,502,014 90.
Of this sum it has paid to the beneficiaries of its members for death
losses and matured endowments, $3,542,223 18. It has returned to its
members as surplus, $1,153,608 28; for lapsed and surrendered policies,
$816,475 17. It has paid as expenses of management, $653,269 05; for
A Prosperous
taxes, $334,270 05.
It has carried to its net assets, $1,002,169 17.
The amount which the company now has at risk
thirty-nine years of business the company has
received from its
members, in premiums, $137,558,478 17; it has received for interest on
its invested funds, and rents, $46,721,016 14, and profit and loss,
This money has been used
follows:
Paid for death looses and
$54,021,457 23
endowments
41,500,603 60
16,731,189 86
15,262,768 87
Surplus returued to policy holders
Allowed upon
lapsed and surrendered policies
Expenses
5,191,64126
52,217,750 49
Taxes...
Held in “ net assets” for reserve, &q
Such exhibits furnish the
$184,925,411 31
yearly growing proof that prudently man¬
aged life insurance has done and can do all that its promoters claim, to
wit, furnish indubitable protection to the family against the money loss
that comes in the death of its head.
MORTALITY FOR
1884.
mortality experience of the year has been favorablo.
*
*
*
In view of the probable development of cholera in foreign countries and
the consequent exposure of our own, it is a satisfaction to recall that
our insurances are mainly upon the lives of persons living in our own
Northern States, and that our risk of exceptional loss is therefore a
The
minimum.
EXPENSES.
*
x
*
The ratio of expenses
per cent.
*
*
*
of management to receipts is but 87
PROFIT AND LOSS.
Tho real estate sold in 1884
realized
a
During 1884 $2,165,549 87 of real estate loans were paid, and $5,212,made, making a net increase of the amount so invested, of
612 19 were
$3,047,062 32.
THE TOTAL INVESTMENT
net profit of $40,454 60,
leaving the balance of profit and loss for the year, $17,347 91.
615 83.
*
*
aggregated $489,633 10. Some o*
comprising a part only of the property tak^n under
any one foreclosure, in which case, no matter how favorable the sale,
nothing has been credited to profit and loss; no matter Low valuable
the sale may have shown the remainder to be, that remainder is called
worth only tho balance of the debt, and no other value will be claimed
The sales of real estate in 1834
In the last 10 or 12 years
We have cases where the entire cost of the prop¬
erty has been repaid by partial sales; but we carry iuto our account no
value whatever for tho remaining property, leaving the question of
profit and I033 to be determined by actual sale.
But the sales in 1884, which closed out tho entire properties covered
by the foreclosures, were for $395,131 15, the properties having cost
us $354,676 55.
These properties were appraised for the Insurance
Commissioner of this State in 1879 at only $268,823 74, or $85,352 81
less than they cost, and $126,307 21 less than they sold for.
Up to Jan. 1,1885, out of real estate taken under foreclosure, during
the last great depression, wo liavo closed out entire properties costing
$3,270,620 45 for $3,697,237 36, a net profit of $426,616 91; these
properties, by the Commissioners’ valuation in 1879, were appraised at
$2,768,218 81, which was $502,401 64 less than their cost, and
$929,020 55 less than they sold for.
Thus does tho evidence accumulate from year to jTear, that, while a
period of depression and bankruptcy may compel a lender to foreclose
and hold a good deal more real estate than ho cares for, yet, if it has
been well selected, the value is there nevertheless, and will re-appear in
prices when normal conditions are restored; and that to take an
appraisal of real estate when there is no market as a true valuation to
he submitted to until the property is sold, instead of taking its costas
the average standard, is to take a false basis and to do a gross injustice
to a corporation which lias to make a public exhibit of its affairs, and
Buffer in credit from an attempt to have such a valuation forced upon it
when there is not the slightest prospect of its having to go into liquida¬
tion.
property so appraised at
an
advance which has wiped out nearly two-thirds of the gross
then found. The question for the future may be fairly put in
shrinkage
this way:
If by the sale of property costing $3,270,000 wc have recouped not only
a net profit of $426,000, but $920,000 from a total shrinkage of about
$1,500,000, what may reasonably bo expected from the sale of tlm
remaining $11,756,000 as against the remaining $600,000 of shrinkage
found six years ago? Apparently there is no ground for apprehension.
Wo refer to these matters in so much of detail
because, during all
the credit ef the company lias been, and still is, so persist¬
ently attacked by certain interested parties, on account of its real
estate, insisting that tho shrinkage by appraisal in 1870 was a loss
actually made, and that it was fatal. The tine character of these
attacks is made verj* clear by the facts, which time is revealing.
Earning, as wc do, an interest rate which is entirely adequate to every
condition of our business, we arc in the strongest possible position to
these years,
there has been a very great and
probably permanent decline in the rate of interest on standard securi¬
ties. The ability to earn surplus, without risking the principal, is there¬
fore seriously and permanently diminished. IIo is no true friend to life
insurance who tries to disguise or ignore this fact, or who refers to the
dividends of the past as a precedent for the future.
But during the past year or more we have been slowly improving our
interest rate a little, and, while xve do not know how long we can hold
that improvement, and offer no assurances in that direction, except
we snail do the best wc can, our directors have thought it right to
that
give
our members the benefit of that gain, and the scale of dividend in tho *
current year is therefore a little better than that of the last. We shall
not hesitate to reduce
the scale when the earnings are smaller.
TIIE INSURANCE BUSINESS.
duty of the writer of this report to place the
before its members, he has always endeavored to
faithfully and frankly present not only tho facts which they were
entitled to know respecting their own business, by figures and state¬
ments which were true as to every detail, but also a true picture of the
condition and drift of affairs. He feels this to be both proper and neces¬
sary, because life insurance is a comparatively new part of the social
machinery; it has a single but a very large ana very important function
to perform, the exact nature of which ought to be kept steadily in view,
and by which its every method and every result ought to bo strictly
judged, and in the end will bo. He desires to here plainly review some
of the results which are now being almost exclusively sought, and tho
methods by which they are sought, to help, if it may be, to a better
Ever since it has been the
affairs of this company
understanding ,of the matter, and also to define clearly to you and to
the public the views which govern our action; more especially because
our position and condition and the course pursued by this company have
all been, for at least seven or eight years, the objects of most bitter, per¬
sistent assault by many other companies, through the use directly and
by their agents, of defamatory articles, false statements, false criticisms,
and uujust criticisms suppressing the truth, which have been published
from month to mouth all these years by certain journals and sold to
companies for this purpose, as one of these journals boasts, “by
the ton.”
LIFE INSURANCE.
these were of parcels
We have sold about one-fourth of the
aggregating
$4,624,231 27, and the purchase of securities aud making loans aggre¬
gating $6,064,847 10, giving a net Increase of investments of $1,440,-
these
REAL ESTATE SALES.
■for it until it is sold.
OPERATIONS OF TnE YEAR
resulted in the sale of securities and payment of loans
.
is $152,230,685. Its
SUMMARY OF RESULTS.
as
LOANS ON REAL ESTATE.
SURFLUS EARNED.
824 57.
$645,917, a grand total of $184,925,411 31.
hold, and we shall hold, otir real estate until it is demanded at fair
prices. There is no reason for apprehension and no need for hurry.
*
present liability on account of this risk is $49,303,203 34, computed by
a higher standard than is used by any other company.
Its present
resources against this liability are $53,430,032 91, leaving a clear
surplus over all liability, by the strictest test of solvency, of $4,121,-
In its
[VOL. XU
single function, tho distribution among the heads
incurred by each family iu the death of its head,
so that the loss falls, not on the helpless family, but is divided among
those who are still spared to their own. That is all life insurance can
do; it divides the loss of one family among the heads of many families,
each of which must, in its turn, sutler a like loss, to be divided, when it
The obligatioiuof a man to make
comes, in like manner among others.
this arrangement for so sharing tho losses of other families while he
lives, that his own famil}’s losl will be borne by others when he dies,
lies in this, that only so can he make instant and constant provision for
their protection against that loss of which they run daily risk; and
having created his family, having called them into being and made
them helpless, and subjected them to this risk, he is bound to give them
instant and constant protection to the full extent of his ability and their
Life insurance has a
of families of the loss
necessity.
Obviously this is not a transaction for one’s own benefit; it is wholly
for one’s family; and one is called to do it wholly by his duty to them,
which he can discharge in no other way. The necessity is imperative ;
the motive is of the A'ery highest.
Obviously, too, the spirit of this transaction demands two essential
things; certainly that the agreement made can be, and, humanly
speaking, will be, carried out; certainly also that one’s own family will
get all the protection ono has paid for, and that, in no contingency, will
they bo robbed of it for the enrichment of some one else who has not
paid for it and has no interest in it. In those two certainties lies the
whole gist of legitimate life iusurance and of its honest, consistent
admjuistration.
The first certainty can
be had, and can be had only, in a well-managed
which gives an absolute contract for a certain amount, based
premium to be paid in advance, which provides, not only for
the present mortality, but for that of advancing age and for expenses,
and makes a prudent estimate of future interest.
The second certainty can be had where the contract provides that in
case one can no longer go on paying premiums, his coutiibution to the
company’s reserve (which contribution the company no longer needs
becau3 6 it no longer carries his risk) shall not bo forfeited to the other
members who do go on,'but‘shall secure to his family as much paid-up
company
upon a
#
ought to buy.
a man aged 35 takes our present life policy for $10,000*
with an annual premium of $263 50, and pays for ten years; this pre¬
mium, besides paying his annual share of the losses and expenses, has
also contributed to the reserve fund tho sum of $1,460 10, against his
future greater share in tho losses, because of his own great risk of dying
as ho grows older; if now he is compelled to droD his insurance, tho
company no longer needs that sum, because it will not have his future
and greater risk; it required that sum only because it had agreed to
bear his future aud greater risk. For this reserve he would, with us, at
insurance as it
For
example,
February 14,
once
THE CHRONICLE
1885.] 3
receive paid-up insurance
for, at least, $2,520; (if there were sur¬
plus to his credit he would receive more.) If he paid for 20 years and
had to stop, he would have contributed to the reserve $3 ,275 80, for
which he would have, at least, $1,860 paid-up insurance.
The equity of this is too obvious for a word, and by so much as he is
unable to pay his premiums does his family more urgently need the pro¬
tection of that paid-up insurance, which Ills money has paid for.
And 25 years ago it was the crying reproach against life insurance
th at if a man had to give up his insurance he could get no value or con¬
sideration for his contribution to the reserve, but it and auy surplus
on his premiums were all forfeited to the company and divided
the moro fortuuate, and his family lost the protection ho had
paid for. So plain was the wrong and injustice of this thing that the
pressure of public opinion compelled the companies to so reform their
practices as to do partial justice at least, and they began to vie with
each other in the effort to produce novel and attractive non-forfeiture
features. Non-forfeiture was the universal catch-word.
earned
among
TIIE
INIQUITOUS TONTINE.
presently occurred, to some companies which were not making
good dividends, and not likely to do so for a good while, to found a
scheme for attracting business on these very forfeitures; to get a man
to insure in the hope of shaving these forfeitures. The scheme i3 called
Tontine, and is this: The men who enter into it in any one year are put
in a “class” by themselves; the Tontino period is fixed,say, at 20
years; each man is to pay his premium in full, leaving in the pool all
the surplus his premium may earn for the 20 j'ears; if a man dies during
the period, having kept his policy in force, the face of his policy will be
paid, but the surplus his premiums have earned meantime is loat to him
and his beneficiaries; it stays in the pool; but if he fails for any reason
to pay his premium, no matter why, no matter how long he has paid nor
how largo his contribution to reserve or surplus, the whole is forfeited
to the pool; he loses what he has paid, and his family lose the paid-up
nsurance they need, and are rightfully entitled to, and which he has
paid for. And the only inducement to him to expose himself to the
clear loss of so much money, and his family to the loss of the protection
he has actually paid for, and was bound by every honest motive to see
secured to them, is the hope that he will not forfeit, but that others will,
and that when the end of the Tontine period comes he will be one of
those that remain to divide up the profits from the losses of other men
and of other men’s families. He is asked to put his own family’s protec¬
tion at great hazard on the chance that ho may personally profit by the
loss of their paid-up insurance by other families.
But carry the exhibition of this Tontine principle a littlo further, from
the individual to the mass; take an illustration which is now being
more than paralelled yearly by more than one company doing this busi¬
ness.
Suppose a Tontino Campany takes 10,000 new insurers in a year,
all aged 30, each insured for $5,000 in a 20-year peiioa “ class;” that
would give $50,000,000 of new insurance. Judging from knowm facts
it is fair to assume that in 20 years’ time 45 per cent of this business
wTould lapse, and that the lapsed policies would have been in force, on the
average, for at least five years. The contributions to the reserve from
these policies wo Id, therefore, be about $1,032,975; the surplus earned
by the premiums upon them ought to be at least $500,000 more; say, in
all, $1,532,000, which ought to give to the families of those men who
lapsed over $4,000,000 of fully paid-up insurance. Imagine this thing
repeated year by year. Millions of dollars of paid-up protection to
needy families yearly swept into the Tontino pool that the money which
paid for it may bo divided among the lucky! It is a tempting game,
207
with its uncertain amount and its uncertainty of short duration, hold¬
ing out the hope of getting much for little, more than one pays for
something for nothing; the other the Tontine scheme, the hopo of win¬
ning some one’s money. So adroitlj' has Tontino been presented to
men’s imaginations by “estimates” which do not appear in the policy,
so closely connected with a legitimate thing aud jret so apparently full
of rich speculative possibilities, that it has won its way with peculiar
facility. No doubt that at least four-fifths of the new business written
in tho last ten j'ears by the “regular” companies has been taken upon
some of the many guises of Tontine.
Aud one aftor another of the com¬
panies that in former j'ears sought public favor by professing to do full
equity to tlie unfortunate, lias ioined tho number of those who, under
the names of Tontine, Semi-Tontine, Distribution Policies, <fcc., allure
meu to tlie feast of fat things taken from these same unfortunates, even
at the risk of beiug wholly or partlj' plucked, themselves and their
families, until the companies that have not adopted some phase or
other of this speculation in the forfeiture of protection to widows and
orphans, can be counted almost outlie fingers of one hand.
TONTINE
But it
but bow cruel!
IT IS PURE
GAMBLING.
gambled for is the losses of families. The utter iuconslst.
ency of all this with the true spirit and the only proper function of life
insurance does not need definition; if life insurance is right, this is abom¬
inably wrong. Life insurance is protection to tlie family; this is gamb.
ling with that protection. Life insurance is financial safety to the
family; this is gambling with that safety. Life insurance means an
uubrokenhome, family union, and comfort; this gambles the protection
of one’s own home, the safety, peace, and comfort of his family, against
the chance that he may share the profits seized from other homes broken
by death and despoied of tlieir rightful protection by the gambler’s
The thing
chance.
Rightful protection, for, ho it distinctly understood, when a man
family are, by natural right, just as much entitled
to the protection which his contribution to the reserve fund can still
give, and in the same form, to the extent that that contribution can
give it, as they are to the protection which it would havo given under
the original policy had it been kept in force. And, beyond a proper
surrender charge, there is no consideration of equity to other members,
no necessity of the compauy, no condition or exigency of the business,
which, in the slightest degree, even suggests tliatif one cannot continue
bis policy for the full amount bis family should therefore lose its pro¬
tection for such amount as liis contribution to the reserve will still pay
for. Aud it is this protection which is lost, and which is tlie thing
lapses bis policy his
EXPENSE.
And there is, moreover, one peculiar feature of this speculation that
makes it very fascinating to those managers of companies who think
that the success of a mutual life insurance company is principally evi?
it can write; that
prosperifj' lies iu assuming obligations, regardless of conditions. That
feature is this: It furnishes an almost limitless expense fund. The
accumulations of the surplus earned for many j'ears and the forfeitures
piling up duriug those years are all held as part of the general surplus,
and funds of the company; tliej’ are at tlie absolute control and disposal
of the company; it can use them for any purpose. When tho end of tlie
Tontine or Semi-Tontine period is reached, the Tontine policy holder who
has paid through is notified that his share in the pool of his class is so
much. lie is not told, nor can he, even by legal process, compel the
managers to tell (as several futile attempts have proved), how much tho
whole pool is, nor how it is made up, wliat forfeitures went into it, nor
how much surplus, nor how anjr part of either accumulation or distri¬
bution was calculated; lie can compel no accounting whatever, and
must be content with such portion of the “ blind pool” as is assigned
him. The official control over tlie funds so accumulated is absolute aud
wholly irresponsible. It is perfectly easy to use any part of it for
expenses, for no one can bo called to account therefor; and no matter
how much is spent that wajyit affects no policy holder unfavorably at
present, because all dividends are postponed manj' years; and mean¬
time bis paj'ments are, therefore, not affected by any expenditures,
deuced and measured bj' tlie amount of new business
however great.
And now, in point
of fact, at a time when, in every other business,
is a condition of success, when the companies were never in so
good a condition to be indifferent to the amount of new business, there
was never such a struggle for new business, nor at such a cost, nor by
such demoralizing methods of competition, in all of which the Tontine
companies are, far and awaj', tho leaders. High salaries to anj' one who
can sell their speculative insurance, high commissions, which are divi;
economy
and the new insurer iu whatever proportion may
in, all are adding greatly to
the general cost of life insurance, and drawing from legitimate work
those agents who find it, for tho time being, easier to sell a speculation
than simple, plain life insurance.
One company, which has recently adopted a form of Semi-Tontine, has
raised its commissions for that particular kind of business; and tlie Ton¬
tine companies generally paj’ a larger commission for that kind than for
dod between tlie agent
bo needed to induce the new man to come
non-Tontine business.
companies may well consider that tlie more of this business they
larger their field from which to gather forfeitures, and the more
indifferent they are to the cost and character of the business, the more
numerous those forfeitures are likely to be; and the profit of the game
These
can
do the
of tlie dividend pre¬
being incurred,
on their number, while the postponement
vents any present practical disclosure of the expense
depends
But all the more is tho true purpose
of life insurance defeated.
TRUE INSURANCE.
Against this form of depraved insurance and the tremendous power it
for the time being, of tempting the speculative element in
men, and of using unlimited money to accomplish its success, we taka
our unalterable stand on two simple propositions :
First.— We will offer to the public only that which wo know truly and
possesses,
need of those who run the daily risk of being
whom, in our churches, we pray God to “ da,
fend and provide for;” a policy so based in prudence that it. is sure to be
paid, and so absolutely secured to those who need its benefit, aud whom
it ought in equity to protect, that it cannot bo diverted from them ta
fully answers tlie highest
left widows aud orphans,
any on©
else.
Second.— We know upon what terms wo can
take new business, so that
tlie cost of the insurance of our present members,
The business we can get on a certain commission,
basis is worth gettiug, because it will tend t > improve the vitality and
gambled for, in the Tontine pooh
siiglitly reduce the ratio of general expenses, and so rather diminish
If, then, life insurance be a high and imperative duty to one’s family than
increase tlie cost of your insurance. Beyond that basis tlie cost
or other dependents, this is a crime against them; a wTanton, selfish*
will be increased beyond the value of the effect on mortality, or on gen¬
cruel trilling with their future welfaro; changing life insu ranco from a
eral expenses. And wo have no fund from forfeitures to enable us to go
beneficent plan for so distributing death losses that each family is cer¬
beyond that basis.
tainly protected from their financial effect into a device for winning
So far as we may be regarded merclj' as competitors for public patron¬
profits, on a gambler’s chance, out of a loss of protection by the most
age, we frankly admit that our position in this matter has cut us off from
needy.
a great deal of new business,
And this fact is actively used against us
Life insurance is a wholly unselfish thing. It can be effectually done
hy those who have had the new business largely to themselves, as if it
only iu a wholly unselfish way. One can seek liis own interest therein
were a cause both of financial weakness and of increased cost of insap.
only at the expense of liis family. Ilo cannot undertake to save himself
Both points aro vdiolly false. This or any other properly organ¬
ance.
from the full necessary cost of true insurance without just so far
ized companj' can cease doing new business entirely and go on to take
making it doubtful that his family will have any protection at all.
care of its old business until it pays its last policy .without the sligbest det¬
SPECULATIVE INSURANCE.
revival of business began in 1879 two speculations
held the field in life insurance—the one, assessment insurance,
Ever since the
ave
jt shall not add to
who are our first care.
riment to its
meet all its maturing obli¬
Were it not so, tlie whole business cf life insurance
financial strength, its ability to
gations at all times.
THE CHRONICLE.
208
highly dangerous.
■would be
And such a course would
give insurance to
possible rate.
But we are not doing business for the personal profltof stockholders oJ
of the managers, but as a service to those who need pure insurance at a
true and proper cost. We have some 63,000 policies in force; if we had
but a tenth part as many we should have enough for a stable business*
satisfactory in its results to members. We are in a condition of mag
nilicent financial strenth. We are upon the most conservative basis Of
any company in the country. We need no new business to give or to
increase our true strength; we can go without it for many years with¬
out in the least hazarding the fulfillment of our proper function, to give
sound, pure insurance at its lowest practicable cost.
Therefore, while we shall do what we can consistently to lead people
to avail themselves of the facilities we offer for the complete protection
of their families, we believe we aie rendering the best possible service
to our present members, to those who may become members, and ulti
mately to the whole public, by refusing to lower our standard or to
those who were in at the cheapest
strugglefor new business on any other than fairly advantageous terms,
to wit, at a cost which does not exceed its worth for legitimate purposes
whatever it may be worth to make forfeitures from.
Therefore we are con! ent to see business which we cannot take with¬
out great and undue cost to you, or greater injustice to needy families,
go el cwheie. YYe bide our time, until speculation and extreme competiton in life insurance have borne the invariable fruits of speculation
and extreme competition; for it is not for our own sakes, but that fami¬
lies may be as effectually and economically protected as possible, that
we ask men to insure here, and we ask them to do it not for their own
sakes, but with an eye single to the welfare of their families when they
*
are
dead.
And, meanwhile, knowing that no interest of yours will suffer in the
slightest degree, we can calmly see others assume greater obligations,
on a less conservative basis, with less certain resources.
The race is not
always to the swift.
When wo ask men to insure here, wo a'-k them to put into our hands
the future of their families after they are dead. That is the highest sec¬
ular trust men can take. Only as we try to do all things pertaining
thereto in that point of view, do we dare take the responsibility of that
request.
A REQUEST
_
TO OUR MEMBERS.
with our views of the matter we wish
You can, with little effort and without loss to yourselves in any
way, influence men to insure here with you; you can materially aid the
growth of this company by influencing now business, which shall cost it
very little, and which will therefore tend constantly to reduce the cost
And to our members who agree
to say:
of insurance to all.
Respectfully submitted,
Jacob L. Greene, President.
Missouri State Bonds.—The National Bank of Commerce
advertises to purchase the coupons of the
Hannibal & St. Joseph Railroad issue.
Missouri State bonds,
Ohio Central.—Ting railroad will be sold in Toledo, Ohio,
April 15, at noon, under a decree of foreclosure granted by the
United States Circuit Court. The sale will include the line
from Toledo to Corning, with the branch to Columbus, about
200 miles of road, with all the equipments and other property,
but does not include the River Division. The property will be
sold in one lot, and for not less than $1,000,000, and the pur¬
chaser must deposit at the time of sale $50,000 in cash or
$200,000 in bonds.
Sonthern Pacific.—A comparative statement of the earn¬
ings for the past two years, in round figures, is subjoined :
/
Gross
1883.
Earnings.
,
Northern Division ..$1,282,512
Southern Division
3,880,665
Arizona Division
2,4 45,429
New Mexico Divis’n
790,0C0
$1,450,000
3,220,060
1,610,000
690,060
$8,396,006
payments
$7,170,000
..
.
Total
Total interest
Earn'gs Over Op. Exp.—,
1683.
1884.
1884.
$623,642 * $620,000
1.789.942
1,1-0, <00
1,421,954
969.000
420,118
350,000
$4,258,656
$3,110,00),
$2,433,300 $2,433,300
The same causes which combined to cut down the earnings
of other Pacific roads affected this road, though not to so great
an extent.
January, 1885, shows an improvement over last
year.
The above does not include land sales of the Southern
Pacific of California, about $1,000,000. The proceeds of land
sales are used to redeem first mortgage bonds, and $2,650,000
have been so redeemed to date, which, together with the
bonds, land notes and cash on hand, reduces thd amount to
about $32,000 per mile outstanding, with only a small portion
of the land grant disposed of.
The above roads, except the Northern Division, were leased
[VOL. XL.
This foreshadows (and it is confirmed by the recent action1
of the Southern Development Company in uniting the lines
between New Orleans and El Paso) a consolidation under one
management and ownership of all the roads between New
Orleans and San Francisco, so as to form one continuous main
line via Houston, El Paso and Los Angeles.
The Houston &
Texas Central is not included in the arrangement. Possessing
steamer lines to this city, such a gigantic combination would
result in a great corporation.
Doubtless the desire to econo¬
mize as much as possible the operation of the several links
underlies tins important step. The public and shippers will be
benefitted in having a single administration to deal with in
place of many.
Summit Branch.—The following is a
earnings in the past two years :
preliminary statement
of the
receipts
Total operating expenses
$1,885,022
6,248
Dividend tax L. V. RR
Net earainga
Bonded interest
*.
Balance
Add dividend.tax L. V. RR.,
NT
(Viif
Loss in
received
$1,278,486
$256,912
91,000
$240,361
$165,912
from
7,060
RR
operating L. V. RR
Surplus for year
Sinking fund
Balance
......
$240,364
$172,972
135,261
66,981
$105,103
61,8L7
$105,990
46,182
$43,286
$59,808
“The company had Jan. 1, 1884,
surplus of $175,000 in round numbers. x\dd to
this the surplus for 1884, $105,003, and there would appear a
total surplus Jan. 1, 1885, of $280,003, less the appropriation
of $61,817 to the sinking fund, or $218,186 available for divi¬
dends.
The appropriation to the sinking fund is understood
to be bonds purchased, and it appears by the reduction of the
item of bonded interest for the year that the bonded indebt¬
edness has been reduced.
While there appears a sufficient
surplus to pay one or more respectable dividends, and, while
the holders of 40,000 shares of stocks hereabout would be
glad to learn that dividends had been resumed, there is no
certain indication that one will be paid.
The directors met
last Saturday, and voted to carry the balance of $150,000 above
the profit and loss.
However, the money is there, and Penn¬
sylvania railroad people, who control it, might, perhaps, be
persuaded to make a division. It rests with them to decide
whether or when a dividend shall be paid.”
The Boston Herald says:
an
available
—The New York Life Insurance Company publishes
Chronicle to-day its fortieth annual report.
This
in the
report
shov\s, briefly, that in the dull year of 1884 the company had
a total income of over $14,200,000, and made payments to policy
holders of nearly $7,000,000. The interest income was over 5
per cent on average assets, nearly 6 per cent on average reserve
fund, and over $700,000 in excess of losses by death. The
market value of securities is over $1,400,000 in excess of their
cost; due and unpaid interest on bond and mortgage only
$294,540, or less than one half of one per cent of total assets.
The liabilities, both actual and contingent, being provided for,
there was a divisible surplus for other than Tontine policies
of oyer $4,000,000, on a 4 per cent reserye.
During the year
there was an increase of $3,740,000 in assets, and over
$30,000,000 of insurance in force.
Among the elements which this company claims have con¬
tributed to its prosperity is stated first: “ A liberal contract,
free from burdensome conditions, under which the policy
might become void or become the subject of expensive litiga¬
tion. As long ago as 1850 the company expunged from its
policies the clause making them void in case of self-destruc¬
tion. In 1860 it originated and introduced 'non-forfeiture
policies, in the face of great opposition from other companies.
In 1865 it originated the custom of attaching to every policy a
copy of the application upon which it is issued.
The applica¬
tion and policy together constituting the contract, both should
be in the hands of the insured.
Each of these three reforms
has been the subject of discussion in State Legislatures since
they were adopted by the New York Life, but only the second
has been enacted into law.
As very few companies have fol¬
lowed the New York Life in the third, and none in the first,
the insuring public have recognized the greater value of its
contracts.”
Auction Sales.—The following, seldom or never
Stock Exchange, were sold at auction this week
Adrian H. Muller & Sdn.
for a rental sufficient to pay fixed
liabilities, with the right reserved to the lessor company, in
the event that it at any time desires to establish a through
100
140
10
17
10
10
further period of ten years
line between San Francisco and New Orleans in connection with
the other portions of the route, that such lease may he assumed
by the Southern Pacific system, without, however, relieving
the present lessee of its responsibilities in case of default by
the new lessee.
The bondholders of the Southern
Pacific of California have
thus not merely the obligation of that company
on
and the lien
security for the prompt payment
their interest, but also the pledge of the Central Pacific Rail¬
its road and land grant as
of
road Co.
$1,535,399
$1,275,486
3,000
$324,014
83,650
Total expenses
to and operated by the Central Pacific, and earnings included
in its reports. It is understood the lease of the California road
south of Goshen (except as to the Colorado Division, which has
been leased to the Atlantic & Pacific Co.) lias been renewed for
a
1883.
1884.
Total
Shares.
U. S. Trust Co
Brooklyn Trust Co
Union Ferry Co
Shares.
463-460
202*3
144
2d Aveuuo RR. Co
182*4
Am. Steam Boiler Ins. Co. 103*8
Real Estate Exeh. & Auc¬
tion Room, Limited
100*4
So Nat. Investment *fc Devel¬
opment
ton, D.
sold at the
by Messrs.
Co. of Washing¬
C
100
350 Snsquehanua & Wyoin’g
Valley RR. & Coal Co.$7 p. a.
10 KaLliow Mining Co..Lot, $2
50 Fuel-Sav’gFur’ee Co.Lot. $3
ICO Rutherford Gold Co.. 1 .ot, $2
100 Ocoee Mining Co
Lot, $2
40 David’s Typogr’h Co.Lot, $100
1,500 N. Y.& Austin Silv’r
Min’g Co.df Nevada.Lot, $5 50
Bonds.
$4,000 Louisiana 6s, due 1893 54*4
$2,000 Louisiana6s.due 1910 50*3
$4,000 No. Car. 6s, due 1884. 31%
$2,000 No. Car. 6s, due 1889. 31%
1,500 No. Car. 6s, due 1889. 12
1,000 No. Car. 6s, due 1893. 12
$5,000 Vicksb’g Shrevesp’t &
Pa'dttc RR., 1st
40
$3,000 Vicksb’g Shrevep’rt &
Pacific RR., incomes
3
$2,000 No Am. Constr’tion &
Improvein’t Co. of N. Y.
Spec’l Water W’ks Loan,
1st 5s, due 1914...
4£*
,
.
.
February
"
..a
5*he junkers’ (gazette.
DIVIDENDS.
The following dividends
have recently been
Per
cent.
Name of Company.
Railroads.
Cleveland & Pitrs.
guar,
Kan. City Fori Scott
(quar.)
..
Gulf pref.
Do
com.
do
Mobile & Monlgomery
North Pennsylvania (quar.)
Ullscellaneous.
Adams Express (quar,)
NEW
YORK,
and
.
1%
4
2%
2%
2
FRIDAY,
announced:
When
Books Closed.
Payable.
(Days inclusive.)
March 2 Feb. 11 to March 1
16 Feb. 11 to Feb. 14
Feb.
16 Feb. 11 to Feb. 14
Feb.
Feb.
Feb.
•March
o
Feb. 15 to March 2
FEB. 13, 1SS5.-5 F. M.
and Financial Situation.—The wheat
exported in the month of January were about double
the quantity exported in January, 1884.
This is a substantial
improvement, and an improvement of precisely the kind that is
wanted; there can be no better guarantee of returning pros¬
perity than a heavy export movement of domestic products to
foreign countries, as this not only brings gold into the country,
but also ensures a large freight movement on the railroads and
a legitimate trade at the Produce Exchanges.
In December the
so-called trade balance was largely in favor of the United
States, and with heavy shipments of grain and other.products,
and a large decline in the imports of merchandise, there is every
reason to suppose that the balance will continue in our favor.
At the Stock Exchange there has been a nearer approach to
buoyancy than at any other time this year ; and even if the
movement was partly fictitious, or the result of manipulations,
there was still a degree of satisfaction in knowing that prices
could advance under any influence whatever, after so long a
period of unmitigated heaviness.
The statement of railroad earnings for January on another
page should be carefully examined, as it presents many fea¬
The reports of net earnings for December
tures of interest.
and for the year 1884 are also worthy of particular attention .
the railroads have now reached a point where it may be assumed
that they are stretching every nerve to economize on their
expenses, and their reports for December ana for subsequent
months ought to show about the best they can do in a reduction
of the cost of operating.
’Rates for call loans during the week on stock and bond colterals have ranged at }@2 per cent and to-day at 1@1} per
cent.
Prime commercial paper is quoted at 4@5 per cent.
The Bank of England weekly statement on Thursday showed
again in specie of £446,000, and the percentage of reserve to
liabilities was 46}, against 46} last week; the discount rate
remains at 4 per cent.
The Bank of France lost 262,500 francs
in gold and gained 712,500 francs in silver.
The New York Clearing House banks, in their statement of
Feb. 7, showed an increase in surplus reserve of $1,114,150,
the total surplus being $54,985,125, against $53,870,975 the
previous week.
The following table shows the changes from the previous
week and a, comparison with the two preceding years in the
averages of the New York Clearing House banks.
The Money Market
corn
209
THE CHRONICLE.
14, 1885.J
The
posted rates of leading bankers are as follows :
Sixty Days Demand.
February 13.
Coins.—The following are
coins
5 20
40%
95%
40%
945g
~
87%
4
4 94
4 82
4 61>2
5 22*s
Prime bankers'sterling bills on London
Prime commercial ...."1
Documentarv commercial
Paris (francs)
Amsterdam (guilders)
.
Frankfort or Bremen freichmarksl
quotations in gold for various
:
$4 84
3 85
Sovereigns
Napoleons
X X Reielimarks. 4 74
X Guilders
3 06
Silver %s and %s.
Five francs
Mexican dollars..
ft$4 87
ft 3 00
ft
ft
4 78
4 00
Span'll Doubloons.15 75 ft 15 90
Mex. Doubloons.. 15 55
ft 15 65
1 06% ft 1 07V
F ne silver bars
Fine gold bars
par ft % prein. I
Dim
% dimes. — 99% ft par
..
Do uncommere’l.
Peruvian soles....
—
99% ft
—
92
par.
94
84%
—
—
ft
83% ft
*-3 ft.
—
—
—
77
—
7S
—
ft
—
ft 4 84
87 ft — —
99% ft par.
4 78
English silver
U. 8. trade dollars
U. 8. silver dollars
—
—
government bond market is
special interest, the transactions during the
United States Bonds.—The
without features of
past week having been light,
The
though prices continue strong.
follows:
closing prices at the N. Y. Board have been as
Interest
Periods.
Feb.
7.
Q.-Mar.
*111 %
reg.
Q.-Jan.
coup.
reg.
Q.-Jan.
*122
*122
*101
4%s, 1891
reg.
4%s, 1891
coup.
4s. 1907
4s, 1907..
Q.-Mar. ni258
3s, option U. 8
Q.-Feb.
63, our’ey, '95—reg. J. & J. *125
Ga,cur’ey, ’96...ireg. J. A J. *127
63,cur'cy, ’97
reg. J.
Os.cur’cy, '98 — reg. J.
Gs.our’cv. '99.. .rec. .r.
*
This is the price
Fib.
9.
Feb.
Feb.
10.
11.
Feb.
12.
1115* *111% Ills* *111%
112% *1 125* *1125a *11 258
*122% *122% *122% *122%
122% 122% *122% 122%
101%
*101% 101% 102
*125
*127
*127
*129
*129
A J. *129
*
1 3 2 lo *132% *132
A J. *132%
a .1. *133% *133% *133% *134
*125
*125
*127
*129
bid at the morning board; no
*125
*127
*129
*132
*134
Feb.
13.
*11158
*112%
*122%
122%
*101
*125
*127
*129
*132
*133%
sale was made.
Bonds.—State bonds have not sold
the
total transactions at the Board for
actively as of late,
the week being $61,500 Tennessee compromise bonds at 50}50}-51; $1,000 Missouri 6s, 1889-90, at 107}; $1,000 Missouri 6s,
1888, at 104}; $12,000 Virginia 6s deferred at 5-5}-6}; $41,000
North Carolina, special tax, at 4J—5-4J—4}; $10,000 do. consol.
State
and Railroad
so
4s at 84.
The railroad bond market
has been active and very strong,
activity as well as the improvement being well distributed
the list, and many classes having made substantial moves
toward better prices.
West Shore 5s were advanced sharply
on Wednesday and
Thursday on large transactions, touching
37}, but have since re-acted and close at 35}, against 34}
last Friday.
Erie 2ds have also been quite active and irregu¬
lar, closing to-day at 54, against 53} last Friday. The New York
the
over
Monday un¬
down to 78,
quickly recovered and close at 86, against 89} last week.
Chic. & St. Louis lsts had a speculative break on
der an extraordinary bear attack and were sold
but
Atlantic & Pacific incomes close at 17}, against 16};
Pacificist consols close at 96}, against 92; do. 3d
Missouri
morb at
102}, against 99}; Missouri Kansas & Texas consol 7s at 101},
against 100; do. general 6s at 66}, against 63; do. general 5s
at 52}, against 50}; Chesapeake & Ohio series B at 73,
against 71; do. currency bonds at 25}, against 23}; Canada
Southern 2ds at 73}, against 69; Chicago Burlington & Quincy
debenture 5s at 99, against 97}; International & Great Northern
coupon 6s at 68}, against 66}.
Railroad and Miscellaneous Stocks.—More activity and
animation has been exhibited in the stock market during the
past week than has been apparent for some time past. The tone
was at times
quite buoyant, prices advancing sharply, and the
re-actions were not of sufficient importance to prevent a decided
improvement in values as the net result of the week’s business.
This advance has been effected without important news or
1883.
1884.
developments of a character to influence the market, and there
1885.
Differ'nces fr'm
Feb. 10.
Feb. 9.
Previous Week.
Feb. 7.
has, no doubt, been some manipulation in certain stocks, which
was made possible by the large short interest.
Still, notwith¬
Inc.
$321,491,200
$900,700
$341,919,100
Loans and die. $294,617,400
78.235.800
62,402,500 standing this speculative movement, there are signs of an im¬
105,398.200 hie. 3,666,200
Specie
16,463,700
207,200
14,511,900
Circulation...
11,078,100 Dee.
proved feeling in regard to financial affairs, and an increasing
Netdeposits.. 354,418,700 Ine, 2,075,400 361,395,600 311.110,400 outside demand for investment is reported by commission houses,
21,794,800
33,207,500
38,191,6)0 Dec., 2,033,200
Legal tenders.
the truth of which would seem to be borne out by the more
Legal reserve $88,601,075 Inc. $518,850 $90,348,900 $77,777,600
84,197,300 widely distributed demand for bonds and investment stocks.
143,589,800 hie. 1.633,000 111,443,300
Reserve held.
At the close of last week the report that Mr. Fink’s resignation
$6,419,700
$54,985,125 Inc.$1,114,150 $21,094,400
Surplus
as pool commissioner was not accepted had a good elfect on the
Exchange.—The inquiry for sterling exchange has been light general market, and Southern stocks were advanced on favora¬
during the past week, though rates have been steady. The ble reports and the stoppage of the war between Louisville &
posted rates were reduced } cent on Tuesday, but on Wednes¬ Nashville and East Tennessee interests.
The Vanderbilt stocks have been conspicuous in the advance,
day former rates were restored, the reduction having slightly
the improvement being variously attributed to short covering,
stimulated the demand.
To-day the rates on actual business were as follows, viz. : to Vanderbilt buying, and again to a rumor that the trouble be¬
Bankers’60 days’sterling, 4 83}@4 83}; demand, 4 86}@4 86}. tween New York Central and West Shore would shortly termi¬
Cables, 4 87. Commercial bills were 4 81}@4 81}. Continen¬ nate.
On the other hand, the severe weather at the West has seri¬
tal bills were : Francs, 5 22}@5 23} and 5 20@5 20}; reichmarks, 94}@94} and 95@95}; guilders, 40@40 1-16 and 40}@. ously interrupted railroad transportation, and the St. Paul re¬
port for 1884, made public this week, was somewhat disap¬
40}.
The following were the rates of domestic exchange on New pointing, and caused that stock to lag a little behind the general
York at the under-mentioned cities to-day : Savannah, buying market in the advance.
To-day there was considerable strength at the morning
} discount, selling } discount @ par; Charleston, buying par
Board,
but afterwards the tone weakened and prices closed at or
(g)} premium, selling} premium; Boston, 5@25 premium; New
near the lowest of the day, Western Union and St. Paul being
Orleans, commercial, 100 premium ; bank 200 premium ; St.
about the weakest stocks.
Louis, 50 premium; Chicago, 25 discount.
THE CHRONICLE,
210
NEW YORK STOCK EXCHANGE PRICES
[VOL. XL.
FOR WEEK ENDING FEB. 13, AND SINCE JAN. 1, ISS3.
•
STOCKS.
Saturday,
Feb.
Tuesday,
Monday
7.
Feb.
LOWEST
AND
HIGHEST
Sales of
the Week
Wednesday,
Thursday,
Friday,
Feb. 11.
Feb. 12.
Fob. 13.
Feb. 10..
9.
PRICES.
(Shares).
RAILROADS.
124
Burlington Cod. itapids it No..
Canadian Pacific...”
Canada Southern
Cedar Falls & Minnesota
Central of New Jersey
Central Paeilic
-
Chesapeake & Ohio
lstpref....
Do
*oo
......
90 34
Chicago & Alton
Chicago Burlington it Quincy.
Chicago Milwaukee it St. Paul
Do
prof.
Chicago it N orthwestern
pref.
Do
Chicago Kock Island it Pacilio
Chicago St. Louis it Pittsburg.
Do
pref.
Chicago St. Paul Minn. & Oin.
Do •
pref.
Cleveland Col. Cin. & Indianap.
‘
*00
70
38*2
......
30
*9 *4
30 k12
1
30
38%
23 %
*5 %
39%
29%
37%
73:,4
*9*4
29
*
5 *2
11
......
*10
11 %
*0
S
132 k* 132 k*
120% 121 %
75%
|
'
‘
38%
29 34
*0
8
j 20% 1.22
74*8
75
95%
Dubuque & Sioux City
01
04
3%
5%
East Tennessee Va. it Ga
04*8
8
8
11
8
1
Do
pref.
33 %
Evansville it Terre Haute
*2
3*2
%
Green Bay Winona it St. Paul.
TT^vlom
20
20 1
Houston it Texas Central
*124*2 125
Illinois Central
1 In
lp.nsp.d lino 4 p. c.t.
3%
*5 **4
40
(i
40
*234
10
39
29%
0 *4
11%
0
31%
0 *4
11%
74*4 75%
105% 100*2
1
38*2
31*2
38*2
31*2
11*2
37*2
30*2 !
0%
n ! *10
38*2 !
30*4
30
30%
+0*2
0
38
30
*5 *2
11%
8
*34 *2
35
95%
8
8
3%
0*4
3%
90*8
7*2
97%
8*4
0*2
......
3%
3%
0
0 %
41%
3%
0*8
44
*42%
*2*2
3*2
*2*2
0
40
.....
97%
7%
1
74-8
90%
97%
*7
05
8
05
3-’8
3%
0
0
72%
20-8
......
97%
7 *2
418,321
7 *2
805
150
3%
3%
5%
48
0%
49
*2*2
3*-.
T
Indiana Bloomingt'n it West’ll
Lake Erie it Western
Lako Shore
Long Island
Louisville it Nashville
Louisville New Albany & Chic.
Manhattan Elevated, consol...
Manhattan Beach Co
12-8
127a
12 %
12 34
0S
70
20 '4
22
73%
62%
68%
24%
19%
73%
33
*37
58
Memphis it Charleston
M At.ropol i ta ti E1 evat.ed
Michigan Central
24
*17
125*4 125 *2
*13
12*2
59
125% 125%
14
14
04*2
13%
02%
70
70
09%
25*2
19*2
74
20%
20*2
74*8
25%
13%
05
70
20%
12*2
12%
13
13*2
%
09%
25:J0
62%
01%
09 %
20
20
20
73*4
74
14
*34
*98
00
3d
oi)
*97
*58
00 *2
23
*17
24
13*4
1234
61
30
*17
125% 120
20
*17
20
120
13*2
13%
05*8
09%
09%
25%
74*8
............
13
01*2
70
13
04*2
70
25%
03*2
26%
25%
22
22
74*2
74*8
22
74*8
......
......
34
*98
02
SO
Oi)
*98
01 %
23
125% 120
*13*4
13*2
03%
+20
21*4
74*2
74
14'
30
20
120
01
100
......
32
*98
01
34
02
124
90
57
37
34
100
01
Highest.
Feb. 9 129
Jan.
5 90%
Feb.
4 05
Jan. 17
44%
Jan. 17
Feb.
3
20% Jan. 31
4!
Jan. 3
32% Feb. 11
10
11
Feb/10
31% Jan. 20
20k> Jan. 31
5% Jan.
7
Fell.
pref.
Minneapolis & St. Louis.
I)o
pref..
Missouri Kansas it Texas
Missouri Pacific
Mobile it Ohio
Morris it Essex
Nashv.Chattanooga & St.Louis
New York Central it Hudson..
New York Chic, it St. Louis
...
Do
prof.
Row York Lack. & Western
...
New York Lake Erie it West’n
I)o
pref
New York it New England
....
New York Now Haven it Hart.
New York Ontario it Western.
ll7b
28
15 %
30 %
*8
11 78
28
t
10*8 !
903i 1
9
*ii%
11*4
H*2
*28
28
28
ir>34
95 7e
16*8
9(0*4
*8*2
9*4
120
120 1*110
1
30
37 *2 *30*2
88 k, 89*2
88%
5
5
5
9
*7%
*734'
*85
87
87
120
37*4
15%
10%
97*8
90
>8
120
*30
89*4
0
9
87
12
28
10
90
120
37
120
37
88%
90%
5
8
8
8
Do
Northern Pacific
Do
Ohio Central
Ohio it Mississippi
Ohio Southern
Philadelphia it Heading
Pittsburg Ft. Wayne it Chic...
Rensselaer it Saratoga
Rich. & Alleg., stock trust ctfs.
Richmond it Danville
Riclim’d it West P’nt Terminal
Rochester it Pittsburg
Rome Watertown it. Ogdensb’g
St. Louis Alton it Torre Haute
Do
pref.
8t. Louis it San Francisco
Do
pref..
Do
1st pref.
..
MISCELLANEOUS.
American Tel. & Cable Co
Bankers’it Merchants’Tel...
Colorado Coal it Iron
Delaware it Hudson Canal
Mutual Union Telegraph
New York it Texas Land Co...
Oregon Improvement Co
Oregon Railway it Nav. Co
Pullman Palace Car Co
Quicksilver Mining Co
Do
“
pref....
Western Union Telegraph
EXPRESS.
Adams
American
Wells, Fargo it Co
INACTIVE STOCKS.
Atchison
93
91%
4%
93%
91*2
4%
8
8
80%
>'4 *2
*8
*85
8
12%
12
12%
12*2
87
12%
10
1034
10*2
107s
10*2
17*4
17
“ 17%
10*2
17
10 '8
10 '8
-
......
......
......
.
*10%
11*2
.
22
22
io-*8
1034
39 %
......
1 *2!
10
11*4
11*4
1
4,800
2,150
1,050
22
10%
39*8
39*2
1 *2
17 ;,8
39*4
1%
17*4
40%
1 *2
17*2
80
*88
12%
48%
*4%
22 34
2 '8
19
22
80
20
37 34
40
17
41*2
1%
17
17
22 %
10*->
41*4
10*2
40*4
1%
1%
1%
15'a
15%
*12 %
13*4
*10
,
13 V
13*4
10*2
13*8
10%
122
138
15%
13*4
13*4
17
12%
13
13%
17*2
122
120
120
......
......
13%
13%
17*2
*13%
17*2
87
Jau.
21 70*8 Jan. 12
Jan. 14i
1,050
182,438
3,800
39,081
1,505
55
Jan.
0
2% Jan. 15
4% Jan. 23
37% Jan. 10
97%
10
05
Feb’, li
Jan. 15
Feb. 12
3% Fell. 9
0*8 Feb. 10
3
Jan.
9% Jan. 7
59% Jan. 19
02
22
11 %
65
Jan.
2
Jan. 10
13% Feb. 12!
05 'a Feb. 12
70
Feb.
7i
20% Fob. 10
3,400
93.% jau 30
2,173
90
54
9,119
200
Jan.
Jan
Jan.
2
5
Fob.
7j
74*2 Feb. 11
14% Jau. 28
30
04
47
21*2
‘3%
47
21*2
2%
......
......
......
*2%
......
......
21*2
3
17
17
20*2
20%
38*2
38
38
......
82*4
83%
83*2
......
......
21*->
20%
37*2
82*4
20%
*2%
3
......
.
......
Feb.
Feb'.
7
11
23*2
10%
39%
1 '*0
23*2
10%
40%
1%
80
80 *2
87*2
88%
88%
88*4
88
13*8
13
13
13 k,
49*2
*4%
50*2
4%
51%
12%
40%
13*4
51
13
49-‘a
13*4
50%
5
5
*4*2
5
12
12
12
12
55
*3
55
7
55
*3
55
0
9*2
75 %
*3
9%
72 ^
9%
74*4
9*2
73
9*2
74*4
9*8
7 3 *2
*11
New York Elevated
Ohio it Mississippi, prof
South Carolina Railroad
are
11*4 Feb.
7kjJan.
9%
75%
......
......
......
2%
......
87%
12%
13
50*i
4%
49
4%
......
y3
9%
70*4
74%
87%
11%
0
9%
1 7., Ton
1 o
21.
A. 7^ Ton
07
n 14
Ton
350
4,150
32,033
3,000
1,400
000
105
‘if
23**o
Jan. 29
15
Jail. 17
30*o Jan. 29
9%
75
n
11%
.
70*8
0;
Vi!
*14;
i i i
......
2834
65*8
111
0
*25% 33
01 % 02*4
111
*3
135
*90
51
*100
135
92
51
110
......
27*2
......
27*->
*
rfl 3/
i,.
111*2 112*4
......
28*2
05*2
.
-
31
05 k,
-
.
.
28*2
28
65*2
05*2
Fii;),
217,735
705
155
1*4 Jan. 10
15% Feb. 12
l%Jau.
2i
19
Jan. 14
Jan.
7
10*2 Feb.
15*4 Jan.
9
10
9
112
112
112% 112% *112*4 113
111*2 111*2
02
33
02%
>132
136
*90*4
*49
108
91*2
52
108
*25*2
02%
*132
*20
32
03%
136
35
02*8
*132
03%
130
32
+25*2
01%
*25*2
03 ’a
*132
59%
Jan.
Jan.
45% Jail.
4
Feb.
136
*132
91% *90
91
*90*2 91*2 *90*2 91*2
52
51*2 51*2 *50
51*2 52
*108
110
*108
110
*108
110
52*2
*103
3
425
51
3
54% Jan.
2,225
18,418
8
2r320
1,130
Jan. 27
Jan. 10
Jan.
3
213,035
20
87
40
25
52*2
110
*%
2
*120
135
*
%
1 *2
......
......
......
......
>
*2
i *2
.
*120
*
*2
1 *2
*%
......
*120
_
135
.'.
......
1*2
22*2
4
JL
if cl 11.
*■%
1 h,
*120
_
30
Jan. 30
53 *2 Jan.
2
130
87 *8
48
104 *s
loo
40
...
...
......
6
0
17
17
40
the prices bid and asked; no sale was made at the Board.
|
28%
11%
71
17*2
1
J-
184
16%
3<
4
*
(j
18%
12%
14
42
27
37%
57%
1
4%
25%
2l
2l
10%
5l
7
34%
17%
60%
Jan. 12
Jan.
9
4
84%
19%
9
32
28
49
1
7
67
8
1 n
•^1
icV»i%
73
Jau. 10
61%
12734
17*2
114
1 7
X
*
3o
O
122*2 170
m
o-'4
wcf -jj
60% 112
31
90
O (
>8
117
Jan.
Jan.
Jan.
Toti
30
20
49
34
Jan. 28 125
Jan. 13t
87
137
102
Jan. 101
Jan. lOl
115
Jan. 30
03% Feb. 10;
2 135
3 93
2 52*2
2 110
78%
61*2
98
j
0«|
62
22*2 Feb. 13
1*4 Feb. 5,
50
Jan.
8,
80%
Jan.
8
Jan. 22 130
-
1 <1
Ton
If!
Ton
1Q.11I!
Jan.
TTnl'
22!
A
Ton
in
*Vli
0
23 % 24%
2
1
50
50
130
115
90
45
11
*9
21
1 5
121
122^
An
2 90
1()
10
6
28
17
......
0 *2
1334
4
on
i nn
11/1/
100
0 *2
9%
03% 100
d (lilL
50
122
135
Jan.
22*2 Feb. 13
1 *4 Feb.
5
1
19
18*2
36*a
23%
1134
53*2 Jan. 30 50*2 Feb. 11
2 112% Feb. 11
1 ^
19
O
59% Jan. 29
H 1
......
,
7 k'
17
u U
13G
92
22 kj
44
24
10*2 Jan. 27
70*4 Feb. 12
00 % Jan. 22
71
......
16
31
5
1,040 107 *2 Jan.
1
......
94%
10
8%
0*4
7i
51% Fob. 10;
5 % J an.
7j
2
14
0 *->
32 “
01*2
10
23
14%
Jan. 151
11% Feb. 13
it)
*3
*25*2
28
35
79
24
40
105
10
04%
17
0]
Ill
^
28
6% 19%
59% 10434
02
78%
22 % 51%
10
Feb. 13
*
28
64 %
8*4
14%
4%
0
*
......
3
Full 1 1 1253. .Tan
7
208 1 ‘20
119*-' 135
T «»ii
‘-*1 i 99
21 1‘4liL%Ton OlYlJ.ll
T 46%
5
2
Jau. 28
2*2 Jan. 17
61
200
48
Jan.
10
32
“
44% Jail. 19
32
19
Jau.
2
12
2,200
22% Feb. 7
425
3 *4'Jau.
2j
2% Jan. 20
1% 16%
20
24
17
2
17
Jan.
2
Jan.
14
9lU, Ton
<>
91 1., Voli 1 ()'
1 a
100
50
96
70
18
Feb.
G
1,910
20% Feb. 9
11*2 29*2
35*o Jan. 30
24 % 50
3,020
39% Jan. 8
974
70
96%
80*g Feb. 3 87 *2 Jan. 10
200* 22
32 a4
Feb.
15
7 22*2 Feb.
9
77
7
L-.
lo wn
77
If oil
7i
90
91'
2,810 79% Jan. 2 88% Feb. 10
76% 99
«<)
Ton
0.1
Ton
9<ll
93
12,020
11% Jau. 31 13*o Fob. 10
5*2 22%
0
9%
82
52
127
7 115
58
30
7i
12; 83% 122
4
8
10%
17
7*4 20 a4
14
83
94%
17*4 Jan.
41 *2 Feb.
14
19
......
54%
Till
14% Jau.
......
9%
74%
•-m
12% Jan. 22
15 *8 Jan. 21
......
54%
14% Jan.
1,800
......
80% 133%
0% 25%
8
Jan. 17
17*4 Feb. 10
175
Jan.
2 180*o Feb.
5; 175
7
10% Feb. 13 12 *2 Jau. 0!
2,200'
......
91*4
95% 119
12
17*4
......
13
Jau.
Jan.
*13
......
55*2
9
88
>10*2
......
*54
*3
*/
93% Feb.
5% Jan.
2 1 *8 Jan. 23
......
*11
JL*
3
2
2
Jan.
37*2 Feb.
7,255
......
13
Pennsylvania Coal.
Those
81*o Jan.
121
10
......
13%
49% -51%
*4 %
5
2
13
13%
......
88
rtlo Vnh
33
Jan.
7
84*o Jau. 19
4 *4 Jan.
2
1.000
500
250
330
330
200
97*8 Feb. 10
2
7
10
••••••
20*2
Virginia Midland
Warren Railroad
Canton Company
Consolidation Coal
Homestako Mining Co
New Central Coal
Ontario Silver Mining
1,250
142,93 4
12**> Jan
6
29 " Feb'. 12
17 *8 Jan. 12
12%
......
58%
51%
...
77*2
5
25
Jan. 10
14*o Jan. 22
90% Jan.
7 *8 Jan
440 114% Jan.
_
2
......
...
-
.......
17,328
15,510
5,972
2%
......
20*2
80
......
50
*22
21%
3
3
21*-'
......
*47
......
..
950
1,310
14,020
10%
15
192
22
10%
2
07%
0
0
Jau. 15
11% Jan. 3
27kjJan. 15
10*8
10%
12
90
Jan.
foots Jan °0
12%
133
20 34
373i
83*4
22*2
Danbury it Norwalk
9-
Topeka & Santa Fe..
Cincinnati Sandusky & Clove..
Columbus Chic, it ind. Centr’l
*
93
5
lo%
13
13%
13%
17%
20*4
37*2
83%
22*2
54
7
54
10
22*2
10%
120*2
37*2
-
22
77 k.
5 *4
9 *4
58%
57%
24%
37*2
40% Jan. 3
35 % Jan.
30
3
5
0% Feb. 10
11% Feb. 11 i 0*2
Jan. 28 107
Jan.
2 95
82% Jau. 22
7% Feb. 0
.....
12*4
......
22
1 *2
10*2
5 *4
10%
95%
90
80
49
51
30
Feb. 13
3 *o Jan.
2
8%
3*2
Jan 2S 185
200
100
20
51
Jan! 22 30 Jan! 14i 20
140
2,105 119% Jan. 17 12*3 Feb. 10 110
K t
Tnt;
11\
7i
8i;io Dm
70
80
550
14
11*0 Jau. 19
Feb. Ill
9
20*4
•
......
......
10*2
12*2
29
126
80*o
50
39
9*0 jail. 38
58
8
5k>j;m ‘>0
0 % 1 17
Jau 15
128
illS
Jau.
2 1132 % Feb.
1140*4
7,
115 % Jan.
2 122% Feb. 10, 107
127%
20
.
22
10 *2
1 i
—
ig’a
>17
*19
*70
18 kj
30
81 %
.
*20
10 *2
------
21
..
......
2
12 % 13 *8
13 *8 13 ’4
*1 0% 10 *2
122
122
137
137
St. Paul it Duluth
Do
pref
St. Paul M inneap. it Manitoba
Texas it New Orleans...
Texas it Pacific
Union Pacitic
Wabash St. Louis & Pacitic
Do
pref.
*35
......
12*8
10
Peoria Decatur it Evansville..
......
12*4
------
Oregon Short Line
Oregon it Trans-Continental...
*
......
1178
......
12*2
*28
10
95
*7 *2
*2
38%
1%
pref
95*2
12
......
pref
12%
29
10%
90%
10
12%
"New York Snsn. it Western
Do
pref
Norfolk & Western
12
28%
120
37
89%
*4%
0
12
28%
10 *2
96 %<
9 *2 1
High
8
Feb. 12
Milwaukee T,. Shore «t West.’rn
Do
Low.
Feb. 10
81*2 124
2 129% Feb. 10 117 il49*2
Jan.
2 112*0 Feb. 11 100*4 120%
500
7 *4 Jan.
0
2
13%
8% Jail. 10;
750
15
17*o Jan. 2 4'
Jan. 17
16*2 35
2 4 % Jan. 19 28
Feb. 10
6,000
21% 38%
O j O 3 t)
82% Jan. 2 89% Feb. 10
80% 100
800
31. Jan. 10 35
28
Feb.
7
| 69 *2
134
141
125%
Dill 31 137
Jan
3
99
99
20
Jan 27
8
15 *2
90
17
3 *2
*2 *2
3%
200
500
Lowest.
13,023
73% 280,135
70%
100
2,301 •102
|
!
94% 229,820
84%
129%
3,040 119%
111%
105
4,398
35
47
17,955
'
13n% l3o%
9534
31,405
121 % 3.22
100
30
700
7*2 !
93
95
93%
i 93%
93% 94%
129*4 1*128%
128%129% ! 128% 129% ! 129
111*2
112% j 111% 112
111*2 112*4 ! 112
*7 *2
8
*7
*7*2
8
8
8% 1
15 *2
1034
10% 10% *15*2 17 -■ *15% 17
27*2 28
27*4 27*2
20%
27*8 28
27 *2
88
89
89
89%
88*4
89*4 89%
35
2,522
12
94% 1
35
400
I
3.2i% *122
73%
j
*11
*0
11%
*0
3.22
122%
74*8 75%
100% 100*2
.
3%
32%'
10
38
*00
*38
*30
......
38*2
31*2
10*2
38*4
38%
31*2
•
i2ik,i22% <
35
137
35
137
39*4
31
6 :,4
29*2
6%
0*2
*0
1
32
10%
10'
38
11
35
Dill
>7%
3034
11
1C:*1 ! *15*2
27 %
20 7s
89
87 3i
Delaware Lackawanna A, West.
Denver & Kio Grande
......
38%
30*2
12.
105% 100 | 105
100
32 % 933«
92*2 93*4
120 % 127*3 128
128 34
103 7a 111
I 110*2 111
8
*7
i *7
8
*15%
26%
88%
33 %
5
10
124
00%
For Full
Year 1884.
Range Since Jan. 1,1835.
Fob
9!
Jan. 30
Feb
7
Feb.
j
7j
10
10*2 Jan. 31!
'g G VaIi
17
Feb.
19
7,
18
8
5
i 1
204
23
11
10
29
264
February 14,
THE CHRONICLE.
1885.] ",
211
QUOTATIONS OF STATE AND RAILROAD BONDS, FEBRCART 13, 1SS5.
STATE
SECURITIES.
Alabama—Class A, 1906.
Class B, 5s, 1906
Class C, 48,1906,
87
102
08.10-208,1900
Arkansas—6s, funded
7s. !•> Rock it Ft. S. iss.
7si Memp.it L.Rock RR
105
T
W
P
R
AV XT n
RR
7s, Miss. 0. & R. R. RR.
7s, Arkansas Cent. RR.
Georgia— 6s, 1886
'
Ask.!
Bid.
i Louisiana—7s, <sous.,1914
89
Missouri—6s, 1886
87
8
,
i
i
1 7
17
4*g
7s. 188G
10 i
103
7s, gold, 1S90
111*3
1
-----
t
24
21
9
....
!
i
.'
67
j
1
A svi’m or TTni v., due ’92
Funding, 1894-95
Hannibal it St. Jo., ’86.
107*3
110
{
6s, loan, 1891
6s, loan, 1892
6s, loau, 1893...
N. Carolina—Ss, old, J. & J.
113
115
117
30
10
6s, due 1839
19
IB
j
74
6 4
101 *3
Ex-matured coupon
84 *3
or
1890....
1
i 17
|
'
Funding act. 1900
l
Ask.j
Bid.
SECURITIES.
BONDS.
Bid.
SECURITIES.
N. Carolina—Continued—
New bonds, J.&J., ’92-8
Special tax, all classes..
‘Do
Wil.C.itBu.R.
Consol. 4s, 1910...
6s, 1919. .i
Ohio—6s, 1886
1
6s, Act Mar. 23, 1869)
i
non-fundable, 1888.)
6s, 1893
i
Brown consol’n
Tennessee—6s,
1
RAILROAD
6*. new,
old,1892-8
1892-8-1900
...
Ask.
18
4 Si
1 Tennessee—Continued—
6s, new series, 1914
1
C,mp’mls«13.4.-5.Bs, 1^912
1
Virginia—6s, old
44*3
51
now 1866
6s. consol, bonds
50V
38
38
60
6s, ex-matured coupon.
41*3
44
5*3
7
....
8 334
84 *h
109 *3 no
4
■
105*3
J
|
106*3 109
i
0,
1
44
43*3
44*3
Ask.
43*o
'
5
4*3
-
Bid.
SECURITIES.
6s, deferred
District of Columbia—
113
3-65s, 1924
Registered
......
iio
Funding 5s, 1899
BONDS.
Railroad Bonds.
(Sthck Exrhavoe Prves.)
Ala. Central-1st, Us, 1918
Alleg’y Cent.—1st, 6s, 1922
Atoh.T.& S.Fe—4
las.
1920
Sinking fund, Us, 1911.. I
Atl. & Pac.-lst, Us, 1910 j
Balt.& O.—1st, 6s, Prk.Br.1
Construction, 5s, 1923
7s'
Coupon, 5s, 1931
3d, 7s. 1912
Clev.it Pitts.—Cons.s.fd.j 123*4
Registered, 5s, 1931
Bur. C.Rap.it No.— 1st, 5s
Jack.Lan.itSag.—6s,’91. 102
4th.s.fd.,63,1892
|
------1 11*
117*4 Milw. it No.—1st, 6s, 1910
Consol., 1st, 5s, 1984...1 00
J_ j
St.L. V.ifcT.H.—1st,g.,7s •1*14*
' 94
Minn.&St.L —lst,7s,gu.! a-0 !
l
I Registered, 7s, 1894....i 1st, 6s, 1884-1913
—2d, 7s, 1898
la.City.itWest.- 1 st,7s
—1st,
Pa.Div.,
-cp.,7s, 1917; 191 ,134
2d, guar., 7s, 1898.... I
Mil.L.S.itW.—1st,6s,1921 100*8 100*3
*96
Mich,
C.Rap.I.F.itN.-lst,6s *
div.—1st,
Pitts.B.&
-107
1st, Pa. Div., reg., 1917. j
6s, !92i!
B.—1st, 6s, 1911,
]
j
120
Minn.it St.L.—lst,7s,1927 118
All). it Susq.—1st, 7s ...1*108
Pit t s. Cleve. <J:Tol.—1 st.Gs j 107*4
1st, 5s, 1921
| ...... ....
;
Bufif.N.Y.it P.—Cons., 6s! *2o J....
116V Pitts. June.—1st, 6s, 1922
Iowa Ext.—1st, 78,1909
2d, 7s. 1885
1 104*3
General, 6s, 1924
RomeW.it Og.—1st,7s,’91 *109
2d, 7s, 1891
lst.cous., guar. 7s, 1906/123 j
! 9678 97 !
Can. So.—lst.int. gua
11234l113*2! Con., 1st, ext.., os. 1922. 75
73%
1st, cons., gu., 6s, 19061
S’tliw.Ext.—1st,
7s.l910
73
74
i Rocli.it Pitt.—1st. 6s. 1921 105
Pac. Ext.—1st, 6s, 1921. 102*3!
& sar —1st, cp.,7s|
2d, 5s, 1913
!
| Rena.
90
b6%'
67
Mo.
K.&
Reg., 5s, 1913
1st, reg., 7s, 1921
T.—Gen’l,6s, 1920
Consol., 1st, 6s, 1922
63
87 | 88
Central Iowa—1st,7s, *99t "oi" •or Denv.it Rio Gr.—1st, 1900i
General, 5s, 1920
! 52*3 Rich.it Alleg.—1st,7s,1920 *98
w
48*2
10138102
98*i
Cons. 7s, 1904-5-6
Ricb.it Dan v.—Cons.,g.,6s
1st, consol., 7s, 1910
i
58
Ill. Div.—1st, 6s, 1912..
82-j:
Don.So.Pk.it Pac.—1st, 7s;
Cons. 2d, income. 1911..
Debenture 6s, 1927
39 %! 3934!
Char. Col. & Aug.—1st, 7s
Den.it RioG.West.—1st,6s
H. & Cent. Mo.—1 st, ’90
Atl.it Ch.—1st,pf.,7s, '97 "108*3
*72
50
40
Mobile & Ohio—Now 6s.. 103*4;.
Chesapeake & Ohio —
Det.Mack.itMarq.—1st, 6s
109
80
Pur. money fund, 189S.
Land grant, 3 Has, S.A...
Collater’l trust, 6s, 1892
Scioto Val.—1st, cons., 7s.
6s, gold, series A, 1908
1103»4 E.T.Va.itG.—lst,7s,1900t iio'Yil4”
1st, Extension, 6s, 1927
St. L. & Iron Mt.—1st, 7s 110*3
73
*103»4 104%
46%' 46% Morgan’s La.it T.—1st, 6s;
6s* gold, series B, 1908
2d. 7s. 1897
i3;V 1st, cons., 58,1930
HO
24 % 25 a4
90
€s, currency, 1918
Divisional 58, 19301
1st, 7s, 1918
...... 115
Arkansas Br’ch—1st, 7s 105*3 106%
92
Nasb.Chat.it St.L.—1st,7s H<1 e‘ 117 mi
Mortgage be, 1911
Cairo it Fulton—1st, 7s 104% 105
Eliz.C.&N.—S.f.,deb.,c.,6s
67* 70
Ches.O.&S.W.—M. 5-6s...
Cairo Ark. it T.—1st, 7s 102
1st, 6s, 1920
2d, 6s, 1901
118*3
87
N.
Y.
105*8'
71*a
Chicago & Alton—1st, 7s.
Eliz.Lex.it Big Sandy—6s
Gen’l r’y & 1. gr., 5s, 1931
Central—6s, 1887...
104 |10434 St.L.Alton it T.H.—lst,7s *11134
Deb. certs., ext’d 5s
Sinking fund, 6s, 1903.. *119
Erie—1st, extended, 7s... 120
121
106
La. & Mo. Riv.—1st, 7s. 117
109*8
N.Y. C.& H.—1st, cp., 7s 132*3'
2d, extended, 5s, 1919
2d, pref., 7s, 1894
132 *2'133
97
98
jl04
2d, 7s, 1900
3d, extended, 4 %s, 1923
1st, reg., 1903
2d, income, 7s. 1894
US
*112
St. L. Jack. & Chic.—1st
Deb. 5s, 1904...
IO334 104
Bellev.it So. Ill.—1st, 8s
4th, extended, 5s, 1920. 105*3 108
118
107
I
1st, guar. (564), 7s, ’94
Hud. Riv.—7s,2d, s.f., ’85 iu2*%;
St. P. Minn.it Man.—lst,7s 10934
5th, 7s, 1888
120
111
112.
2d, (360), 7s, 1898
Harlem-1st, 7s, coup... 132
1st, cons., gold, 7s, 1920 115*3 116*4
2d, Gs, 1909
1115
131*3
2d, guar. (188), 7s, ’98
Dakota Ext.—6s, 1910.. 110*4 Ill
1st, cons., id coup., 7s..
1st, 7s, reg., 1900
Miss. R.Br’ge—1st. s.f.Us
117*2
N.Y. Elev’d^-lst, 7s, 1906 117
IO334 105,
Reorg.. 1st lien, 6s, 1908
1st, consol.. Gs, 1933
Chic.Burl.it Quincy—
1st. cons., bs, reg., 1933.
Long Dock b’nds, 7s, *93 i 13 *3 i 15 *3 N.Y.P.it O.—Pr.l’n, 6s, ’95
130*3 131*4
Consol. 7b, 1903
'35“
I N.Y.C.& N.—Gen., 6s, 1910 *34
BuftVN.Y.it E.—lst.1916 124*3!
Min’s Un.—1st, 6s, 1922 i*08”
*32*3 33*3 St. P. & Dul.—1st, 5 s, 1931 102
6s, sinking fund, 1901..
N. Y. L. E.<fe W.-New2d 6 *5334'
Trust Co. receipts
1
*99”
99*4
Collat’l trust,6s,1922.
6s, debentures, 1913
N.Y. &. N. Engl’d—1st, 7s
So. Car. R’y—1st, 6s, 1920 103
1
80
la. Div.—S.fd., 5s, 1919 1U4
Buff.it S.W.—M.,6s,1908
1st, 6s, 1905
2d, 6s, 1931
80
85*3 86
94341 Ev.it T. H.—1st, cons.. Os 100 101
Sinking fund, 4s, 1919;
N.Y.C.&St.L.-lst,6s,1921
Shenand’hV.—1st,7s,1909
93 11 Mt.
51
45
Denver Div.—4s, 1922..
2d, 6s, 1923
Vern’n—1st, 6s, 1923
93
94
General, 6s, 1921
90
70
Plain 4s, 1921
i Fargo it So.—1st, 6s, 1924
35*4 *36* Tox.Cen.—1st, s.f.. 7s, 1909
N.Y.W.Sh.it Buff.—Cp.,5s
! *88
35
C R.I.A P.—6s, cp., 1917J 127*2 128 !! Fl’t&P.Marq.—M.68,1920
1st mort., 7s, 1911
Registered, os, 1931
'11534
128
*10
6s, reg., 1917
!
Gal. Har.it S.Ant.—1st, 6s
Tol. Del. & Burl.—Main,6s
102
N.Y.Susq.&W.—1st, 6s..t
Ext. it Jol.,5s, 1934
1 106*4
2d, 7s, 1905
*
102
Debenture, 6s, 1897
1st, Dayt. Div., 6s, 1910
Keok. & Des M.—1st, 5s *104*2
72*4
Midland of N.J.—1st, 6s
West. Die.—1st, 5s
1st, Ter’l trust, 6s, 1910
Central of N. J.—1st, ’90ti HO
Tex.it
N. O.—1st, 78,1905
2d, 6s. 1931
N.Y.N.H.&H.—1st, rg.,4s
60
80 j
lstcons.as8ented.1899 f! 96*31 99
Nevada Central—1st, 6s..
Sabine Div.—1st,6s, 1912
Gr’nBayW.&St.P.—1st,6s *50
101
60
101*J Va, Mid.—M. inc., 6s. 1927
108
N. Pac.—G. l.gr., 1st,
Conv., assented, 7s, 1902: 96 Hi 97*3 Gulf Col.it S. Fe—7 s, 1909' 106
cp.,6s
!
39
86*3
Adjustment, 7s, 1903...! 102*3'
Wab.St.L.itPac.—Gen’l 6s
2d, 6s. 1923
Registered, 6s, 1921
63
60
103
60
75
Conv. debent. 6s, 1908. J
Hann. & St. Jos.—8s,conv.
34 103 V N.O. Pac.—1st,6s,g.. 1920t
*3
Chic. Div.—5s, 1910
91
95
91
Leh.it W.B.—Con.g’d,as.!
116*3 117 I N orf.&W.—Gen’l/Gs, 1931
Consol. 6s, 1911
Ilav. Div.—Gs, 1910...
82
79
Houston
&
Texas
Cent.—
New
Tol. P.ifeW.—1st, 78.1917
Am.D’k&Iinp.—5s,192l!
River—1st, 6s, 1932
93 V Obio& Miss.—Consol, s.fd. 114
60
Chic.Mil.& St. Paul—
117*3
Iowa Div.—6s, 1921
1st, M. L., 7s, 18911
92
130 *41
83
j
120 !
Consolidated 7s, 1898... 115
1st, 8s, P. 1)
1
1st, Western Div.. 7s t..
81
Ind’polis Div.—6s, 1921
10834
2d consolidated 7s, 1911 108
Detroit Div.—6s, 1921..
2d, 7 3-10, P.D., 1898...! 118
119*4; 1st, Wacp No., 7st— 82 *2
*82*’j 1st, Springfield Div., 7s 1003s
1st, 7s, $ g.. R.D., 1902.;
Cairo Div.—5s, 1931
2d, consol., main line,8s.
70
66
80
Ohio Central—1st, 6s,1920'
1st, LaC. Div., 7s, 1893. iif* 117 *4
Wabash—Mort, 7s, 1909
2d, Waco & No., 8s,1915'
'
52
60
118»4- 119*2
1st, I. & M., 7s, 1897
Tol. it W.—1st, ext., 7s 106*3 108
1st, Term’l Tr., 6s, 1920
General, 6s,1921
1
1
95
98
1st, I. & D„7s, 1899....1*117*3
1st, Min’l Div., 6s. 1921
Houst.E.&W.Tex.—lst,7s!
100
1st, St. L. Div., 7s, ’89
86*3 '*8*9*
Ohio So.—1st, 6s,1921
1st, C. & M., 7s, 1903...j 124*
9134 93
2d. ext.. 7s, 1893
2d, 6s, 1913
|
30
Consol. 7s, 1905
Ill. Cen.—Spd.Div. -Cp.Us!
120
Oreg’n<t Cal.—1st,6s, 1921
Equipm’t bds, 7s, ’83.
*6*5 V *66*
70
M iddlo Div.—Reg., 5s... j
Consol, conv., 7s, 1907
1st, 7s, I.it D.Ext., 1908 H834
!
Or.itTransc’l—6s,’82-1922
77
lll*c
79
1st, S.W. Div., 6s, 1909.1 HO
C.St.L.it N.O.—Ten.l.,7s "118*3
Oregon Imp. Co.—1st, 6s.
Gt.West’n—1st, 7s, ’8b 105*3
121
L
107*3
1st, 5s, LaC.& Dav.,1919
*9I34
97
1st, consol., 7s, 189^
Oreg’n RR.it Nav.—1st, 6s
2d, 7s, 1893
lst,S.Minn.Div.,6s,1910 10934
2d, 6s, 1907
Debentures, Is, 1884...
Q.& Tol.—1st, 7s, 1890
106 a4 107*4' Panama—S.f., sub.6s.1910!*
1st, H. & D., .78,1910... 118*3
Han.it
Gold, 5s, 1951
Naples—1st, 7s
'
100
Chic.* Pac.Div.,6s,191o:
Pac. Div..0s.l910 112%
Chic.dt
96*3
8 113*8
Peoria Dec. & Ev.—1st, 6s;J
Dub. <fc S. C.—2d Div., 7s 113 1115
Ill.* So.Ia.—1st,ex.,6s
!ll6
96
Ced. F. & Minn.—1st, 7s
St. L.K.C.&N.—R.e.,7s *10*6” i*05*
lst.Chic.it P.W.,5s.l921 j 94*3 91 a4,
Evaus.Div.—1st,Gs,1920
115
Min’l Pt. Div., 5s, 1910.!
95*4 95 *3 Ind. Bl. &W.—1st pref., 7s,
98*3 100
Peoria it Pek.U’n—1st, 6s 101
Omaha Div.—1st, 7s
i
Pacific Railroads—
Clar’da Br.—6s, 1919
1st,
4-5-Gs,
1909
!
70
•'
110*3
94*4 94*3
HO!%
Central Pac.—G., 6s
2d, 4-5-68,1909
St.Chas.Bge.—1st, 6s
(*....
92
105
Terminal 5s, 1914....
115
Eastern Div., 6s, 1921..
San Joaquin Br.—6s.
No. Missouri—1st, 7s. 113
74
95
100
"97"
Chic. & Northwest.—
34
Cal.
&
Indianap.D.&Spr.—lst,7s'
100
Oregon—1st,
6s
West.Un.Tel.—1900,coup. 112%
1 2d, 5s, 1911
102
114
Sink, fund, 7s, 1885
Cal. & Or.—Ser. B, 6s. *95
1
1900, reg
Consol, bonds, 7s, 1915. ; 135*4 137 | Int.&Gt.No.—1st, 6s, gold 105
105 *3'
N.W. Telegraph—7s, 1904 100
Land grant bonds, 6s. 101*4
1
102
106
69*3'
West. Pac.—Bonds, 6s
6834 69**
Mut.Un.Tel.—S.fd,6s, 19.11
Coupon, Gs, 1909
j 102
103 | Kent’ky Cent.—M. 6s, 1911
No.R’way (Cal.)—1st, 6s 103
127
127*3
95*3
96*a
So. Pac. of Cal.
INCOME BONDS.
lst,6s
Coupon, gold, 7s, 1902..
stamped, 4 p. e., 1911
128 i LShore.-M.S.itN.I.,s.f.7s
* Interest, payable
So.Pac.of Ariz’a— 1st, 6s
Reglst’u, gold, 7s, 1902.
if earned.)
i
So. Pac.of N.Mex.-lst.Gs
Atl. & Pac.—Inc., 1910...
Cleve. & Tol.—Sink’g fd.
Sinking fund, 6s, 1929.. ! 111*2
16*3 17*4
Sink, fund, 6s, 1929, reg 1 11134 !
I
111*3 112
New bonds, 7s, 1886..
Central of N. J.—1908....
Union Pacific—1st, 6s
i
'105*8'
Cleve. P. & Ash.—7s
Sinking fund, 5s, 1929..
Land grants, 7s, ’87-89 108 j1U9
Cent.Ia.—Coup. deb. certs.
Sink, fund, 5s, 1929,162; i
90
|i05 | Buff. & Erie—New bds.
Sinking funds, 8s, ’93. 118*4 118 *3 Chic, it E. Ill.—Inc., 1907
!
9534 9634'
117*3'
Kal. it W. Pigeon—1st..
DesM.& Ft.D.—lst,inc.,6s
Sink'gfd. deb., 5s, 1933
Reg, 8s, 1893...
103
25 years deb. 5s, 1909..
96
Mack.
Det.
&
Det.M.& T.—1st,7s,1906
Collateral Trust, 6s...
Marq.—Inc.
Escanaba & L.s.—1st,6s *ii2
Lake Shore—Div. bonds
do
12*3 13
58,1907
E.T.V.&Ga.—Inc.,68,1931
111
DesM.it Min’ap.—1st,7s
Elizab. C. & Nor.—2d, inc
Consol., coup., 1st, 7s.
Kans.Pac.—1st, 6s, ’95
Iowa Midland—1st, 8s..
128
107*3 108*4 Gr.BayW.it St.P.—2d.iuc.
7*4
1st, 6s, 1896
Consol., reg., 1st, 7s...
Ind. Bl. & W.—Inc., 1919
Peninsula—1st, conv. 7s 130
Consol., coup.. 2d, 7s..
Denv.Div.6s,as’d, ’99 106 34 107
Cbic.it Milw’kee—1st,7s1 122
123
92
34
122**4
115*8
7e 93*2
15*4 25
Consol., reg., 2d, 7s
Consol., inc., 6s, 1921...
1st, consol., 6s, 1919
25
Win.it 8t. P.—1st, 7s, ’87 106
1.22
106*4
Ind’sDec.it Spr’a—2d,inc
C.Br.U.P.—F.c.,7s, ’95
125
128
Trust Co. certificates..
At.C.it P.—1st,63,1905 *85*’ **90‘*
2d, 7s. 1907
10434
1st, consol., 5s, }931
85
90
Mil.it Mad.—1st, 6s,1905
Louis. West.—1st, 6s
Leh. & Wilkesb. Coal—’88
At. J. Co.it W.—1st, 6s
Ott. C.F.A Sr. P.—1st.5s io'i7b 102
86*2 87
23
Lake E.& W.—Inc.,7s,’99 *18
Louisv. <t N.—Consol., 7s
117*3
Oreg. Short L.—1st, 6s
123
Cecilian Br’ch—7s, 1907 *80
96:q
O.C.C.&Ind’s—1st,7s,s.fd. *120
Ut. So.—Gen., 7s, 1909
Sand’ky Div.—Inc., 1920 *18
*117
122
18
76
91*3
Laf. Bl.&Mnn.—Inc.,7s,’99
N.O.<feMob.-lst,6s,1930
Extern, 1st, 7s, 1909
Consol, sink. fd„ 7s, 1914 *116
*62
93*3
Mo. Pac.—1st, cons., 6s.
Mil. L. Sh.& W.—Incomes
2d, 6s, 1930
100 ^
60
General consol., 6s, 1934 "98
*100
Mob.it
102*4
*2
3d, 7s, 1906
E.H.&N.—1st, 6s, 1919
O.—lst,prf., deben.
j
Chic.St.P.Min.it O.n.—
26
85
90
Pac. of Mo.—1st, 6s... 1O370 104
2d, pref., debentures
*
112** 112*4
Consol. 6s. 1930
90
108*3
3d, pref., debentures
2d, Ts. 1891
1
102
St. L. Div.—1st, 6s, 1921 *96
St.L.it S.F.—2d, 6s, Cl.A 101
4th, prof., debentures
C.St.PitM.—1st, 6s, 1918 118
No. Wis.—1st. 6s, 1930.
1
99*g. 99-% N.Y.Lake E.&W.—Inc. Gs
*43*3
2d, 3s, 1980
3-6s, Class C, 1906
1
St.P.& S.C.—lst.6s,19l9 117*4
t
09H
997h N.Y.P.A O.—lst.inc.ac.,7s
Nasbv. & Dec.—1st. 7s. *111
3-6s, Class B, 1906
Chic.it E.I11.—lst,8.f.,cur. 105
98
Ohio Cent.—Income, 1920 ”*4**
100*2' S.it N.Ala.—S.f.,6s, 1910 *
1st, 6s, Pierce C. & O.
|
Chic.St.L.it P.—lst.con.5s *75
Min’l Div.—Inc.,7s, 1921
Louisv. C.<t L.—6s, 1931
Equipment, 7s, 1895..
93
90
Trust bonds, 6s, 1922... *76” ”*”!
Ohio So.—2d inc., 6s, 1921 *:ii** 22"
Chic. & Atl.—1st, 6s, 1920
Gen’lmort., 6s. 1931..
1
i
64
10-40 Ah|mt. «->, 1924..
So. Pac. of Mo.—lst,6s 103*4 104
2d, 6s, 1923
Ogdens.it L.C.—Inc., 1920
Chic.it W. I mi.—1st, s.f;, 6s *100 1
82
l
L. Erie <t W.—1st. 6s, 1919
80
Tex.& Pac.—1st, 6s. 1905 106*3
PeoriaD.&Ev.—Inc., 1920 ’**2*6”
Gen’l mort., 6s, 1932
102*2 103
75
f
Evansv.Div.—Inc., 1920 *20
Sandusky Div.—6s, 1919
Consol., 6s, 1905 t
1
36
37
Col.it Green.—1st, 6s,1916 ’105 *2
*3
Peoria* Pek.Un.—Inc.,6s
80*2
Income & id. gr., reg..
I Laf.Bl.it M.—1st, 6s, 1919
Louis v.N. Alb.&C.—1st,6s
91
92
Rock.& Pittsb.—Inc., 1921 **5*6” 52%
55*3 56
Rio G.,6s, Aug.op. on..
2d, 6s, 1926
60
Col H-Val. & Tol.—1st, 5°
68'*
34
General mort., 6s, 1914.
51*3 52
Rome W. & Og.—Inc., 7s.
do ex Aug.coup.
45
50
12J
30
40
Del. L.&W.—7s.conv.,’92
Lou. N. O. it Tex.—1st. os **8*7* **2 88 I
Gen. mort. it Ter. 6s.
So.Car.Ry.—Inc., 6s, 1931
...I..
Manhat.B'ch Co.—7s,1909
Mortgage 7s, 1907
Pennsylvania HR.—
|St.L.<tI.Mt.—lst,73,pr.i.a.
96 31
no v, !«), X,. A
T. IT.—I'rtv
33
N.Y.itM. R’h—l«t.7s.’97
P.a.rin.’s vn.-'ir.4V»s 1 nt.en
Byr.Bing.it N.Y.—1st,7s 125 1 130
Del.& ilud. Canal—1st,
1st. ext., 7s, 1891
Coupon, 7s, 1894
105
,
~
.SI
..
......
.....
!
‘.*TJ
.......
,
-
j
|
♦
.
.
-
......
..
....
•
••4
—
..
..
;
......
-
-
-
.
,
....
..
..
.
...
.
.
......
..
*
.
......
...
******
‘
#
*No prices Friday; these are lates: quotations male tills week.
|
_
Uonpous oil'.
.
..
[VOL. XL.
THE CHRONICLE
212
EARNINGS.
RAILROAD
Latest
Jan. 1 to Latest Bate
Earnings Reported.
Roads.
101,791
10,015
Ala.Gt.Southern January ..
Bost. H. T. £ W. 4tli wk Jan
Bur.Ced.R.ANo. 4tli wk Jan
Canadian Pacitie l st wk Feb
9,830
77.440
53,000
31,681
09,196
93.090
24.004
Central Iowa
itliwkJan
Central Pacific.. January .. 1,647,000
91,460
1,449,785
18,101!
15.562
...
Chesap. & Ohio. 4th wk Jan
Eliz.Lex.&B.S. 4tli wk Jan
Ches. O. A S.W.. 1 tli wk Jan
Chicago A Alton 1st wk Feb
Chic. A: East. Ill. 4th wk Jan
Chic.Mil.& St.P. lstwk Fob
Chic. At Nortliw. 1st wk Feb
Ch.St.P.Min.AtO. 4th wk Jan
Chic. A: W. Mich. 3d wk Jan.
Ctn.Ind.St.L.ArC. 4th wk Jan
Cin. N. O. At T. P.J January ..
Cin.Wash.&Balt.' 1th wk Jan
Clev. Akron At Col 4th wk Jan
36,810!
134,613!
30,756;
31,414
372,000!
304,602
336,000
129,200
356,700!
111.300
15,0b9
09,251
Denver A: Rio Or.j 1st wk Feb
l)euv. & R. G. W.'January ..
Des Mo. At Ft. L>. ;4th wk Jan
280,621
Feb
155,654
10,387
96.9311
82,106
31,791
487,332
7,779
21,040
25,211
83,706
69,042
15,083
65,1 s 9
27,428
24;S9t>
56,954
66,194
144,319
28.9651
Flor.R’way At N.{4th wk Jan
Ft.Wortli At Den. January ..
Grand Trunk
.j VVk.Jan.31
22,2641
270,608!
..
6,990!
Gr.BayW.&St.P. 4th wk Jan
Gulf Col. AtSanFe January ..
Ill. Cent. (Ill.)... J J anuary...
Do
(Iowa) January...
Ind. Bloom.At W.i4tli wk Jan
K.C.Ft.B.A GulfSd wk Jan.
Kan. C. 8p. At M.;3d wk Jan.
Kentucky Cent’l 4th-wk Jan
Lake Erie At W.. 3d wk Jan.
Long Island
1st wk Feb
Louisv. A Nash v.; 1 st wk Feb
Mar.Hough.At 0.!4th wk Jan
Mexican Cent... 1 st wk
Feb
Mil.L.Sh.&West.ilst wk Feb
Mobile A Ohio
January...
..
K.O.&Northeast January
N. Y.Ont. & W.. January ..
Norfolk A West, list wk Feb
Shenandoah V. 1st wk Feb
Northern Pacific January...
lstwk Feb
Ohio Central
1st wk Jan
Ohio A Miss
January...
Ohio Southern
Peoria Dec.AEv. 4th wk Jan
Bichm’d ADanv. January
Ch. Col. A Aug. January
ColumbiaA Gr. January
Georgia Pac.. January
Va. Midland.. January
West. No. Car. January
Boch. A Pittsb’g 1st wk Feb
Bt.L.AltonAT.H. 4th wk Jan
..
9 2,3321
885,2001
104.300
50,035 j
39,810
29.0731
18.911
26,507!
44,038'
274,870!
7,280]
72,800
17,885]
207,640
54.719
128,330
59,949
10.641
556,092
19.780
885,200
104,300
51,732
198,016
133,331
95,340
57,117
194,472
260.590; 1,440,605
1,299,907
14,290
16,866
20,660
38,974
12,742
614,103
17,295
68,625
..
106,004
107.115
..
34.911
29,212
17,504
40,458
36,973
24,165
13,845
76,236
13.738
449,307
15,780
15,760
..
..
..
..
Earnings Reported.
1884.
$
20,080
241,267
85,765
179.228
35,738
121,369
265,002
68,996
6.497.900
2,008,700
Republic
5,247,400
3.318.200
1.598.900
3,024,500
7.431.900
Chatham
Peoples’.
North America
Hanover
266,889
65,376
56,646
46,052
107,115
29,212
85,704
114,443
57,119
33,215
65,525
393,207
396,162
85,232
449,307
69,882
Irving.
Citizens’
Nassau
Market
Nicholas —...
Shoe & Leather..
Corn Exchange ...
Continental
St,
Oriental
Importers’A Trad.
Paik
North River
East River
Ninth National...
First National
Third National ...
N. Y. Nat, Exch..
63,281
24,050
42,280
29,901
1,309,561
102,338
15,760
43,323
12,483
1,251,083
117.895
Jan. 1 to Latest
1884.
$
Date.
1883.
17,378
13,527
December.
376,803
374,945
November.
October...
December.
December.
Memph. A Cbarl. December
Mex.Nat., NoD(/ 4tli wk Dec
Bout hern Div.
Other lines e..
Milwaukee A No December.
Minn. A St.Louis December.
Nash. Cli.A St, I December.
N.Y. A New Eng December.
N.Y.L.ErieAW.g December.
N. Y. Pa. A O. December.
299,159
278.761
37.428
197,937
3.993.622
2,619,439
216,316
191,952
4,144,275
3,276.8*0
266,337
557,839
410,382
182.313
14.132
150,749
56,229
2*840
39,025
218,970
510,031
1,828.830
2,358,082
150.700
370.300
1,502,0001
108,000]
435,000
3.306.900
2.845.900
2,555,000
2,041,400
3,233,000
4.232.700
5.239.200
1,955.000
204.200
483,000;
540.300;
332,000
533.500
378,70n
170.700
082,000
404,000
410,500]
511.100
353,300,
517,000
224,000
262,000
2 056,S00
908,000
540.000
1,578,800
521.100
30,000
212,900
5,004,200
2,109,000
0,752,000
2,171,000
4.590.500
10,850,500
3.807.800
4.403.300
1.134.700
1,927,000
394.200
2,029.800
325,000
153.400
083,800
2,792,300
1,583,500
2.793.800
2.389.700
810,800
118,000
289,000
1.700.500
1.879.200
3.591.100
1,075,900
1.418.100
1,007,000
1,107,000
2.813.500
790.100
340.200
94,800
155.200
184.500
211.500
.131,600
195.900
542.200
S
$
$
436.200
103,500
989.900
45,000
23.290,400
23,040,700
1,078,000
1,023,600
17,008,700
216.400
8,313,000
180,000
297,000
3,034.000
5.700.700
18,839,300
442.900
45,000
45,000
5.228.400
ia
1.220.900
2,010,900
2.412.700
2.837.800
4.431.900
2.955.700
2,300,300
2.359.200
4.108.900
1.827.900
900,800
1.191.800
o', 666
222,600
180,000
*45,000
180,000
45,000
178,500
134,200
4,099,900
Circulation
$
$
11,311,600 524,875,451
11,275,000 409,540,258
11,285,300 421,422,79 9
11,078,100 500,880,601
Banks.—Following are the totals of the Boston banks:
Deposits.
L. Tenders.
Specie.
Loans.
$
$
69,619,080
64,271,530
6,499,600 102,890,900 23,095,500
0,204,200 101,295,200 23,051,200
5,340,800 98,851,900 22,870,100
4,571,000
Clear’gs
Circulation Agg.
$
$
s
8,234,700
8,515.200
7,830,500
7,345,600
55,195,027
63,215,610
97,489.100 22,968,400
banka
totals of the Philadelphia
Philadelphia Banks.—The
follows:
are as
Loans.
1885.
17
Lawful Money.
$
$
72,546,283
26,539,294
26,653,905
26,895,857
26,722,202
73,514.862
72,425,350
24
31
Deposits.*
$
72,431,244
73,368,599
73,873,238
72,974,966
72,646,300
Including the item “duo to other banks.”
7....
Circulation. Agg. Clear1 gs
$
$
7,824,435
7,821,782
7,748,678
7,767,977
46,600,219
43.382,427
36,684,060
43,167,190
Securities.—Following are latest quotations
for a
| Bid.
Ask.
week
478,063
Securities.
.4 sk.
Bid.
.
-
.
......
.
......
...
May embraced only
136 miles now, but prior
including earnings of New York
New Jersey in either
year prior to June 1.
i Included in Central Pacific earnings above.
Decrease on account of snow blockade.
1 Does not include Colorado Division in October in either year.
193.300
Deposits.
...
*
540,000
L. Tenders.
....
d Corpus Cliristi to Saltillo, 397 miles; up to
236 miles, Laredo to Saltillo.
e Only
to May represented 297 miles.
g Not
Penn. A Ohio road.
h Not including Central
453.300
240,000
170.300
529.900
194.100
395.200
378,400
424,006
38,191,600 354.418,700 11,078,100
totals for several weeks past:
1,622,875
145.918
Am. Rank Note Co
7*4
2,328.894 Atlantic A Pac.—Stock—
209,999
73
i
4
West. Div., 1st mort
3,240.97;.
215,422
16
Incomes
1,262,720 1,462,925 16,541,SH 20,491,901
Cent. Div., 1st., new
530,357 5,619,866 6,861,857
452,447
Incomes
1,0 93,664
1,034,210
73,632
15 *2
67,686
Aecumul. lTmd grant
N.Y.Susq.AWesti December.
409,152 5,521,878 6,088,131
442,269
Bauk.AMerxii.Tel.—1st M
Northern Ceutr’l December.
6’*s
114,174
90,7<-0
Gen. mort
Oregon A Cal...
271,478 3,371,590 4,069,007
226,192
Bost. H. A E.—New stock
Oregon Imp. Co.
48,566.911 51,083.244
Old
Pennsylvania... December 3,769,32* 3,840.510 3.660,146 4,108,943 Bost.
5
H.T.A West.—St’k.
281.124
257,306
Plilla. A Erie
49
Debentures
30.300,199
26,603.671
2,297.643
2,315,563
Phila.A Read’g/<
Buff. N. V. A Plula
1,074,821 1.110,450 16.460,972 L7,079.486
Do
C. A Iron
30
Trust bonds, 6s
131,929 1,72 7,683 1,673,430
138,095
1^
Rome Wat, A Og.
'..
Chicago A Can. So
254.467
258,886
*14
069
23,289
18
8t. Jolinsb. A L.C.
1 st mort
1,326,90
‘
128.868
1.233,291
11
131,195
Continental Const.Imp.Co
Bontli Carolina
10 Hi
125,582 1,234,048 1,085,89 7
164,141
per cent.
Bo.Pac.Cal.,N.D. October
13,457,555
1320.823 1343,274 12,995,452
Denv.A Rio Grande—Cons
Do So. Div.i.
21 5.750
1,534,105 2,103,397
5s
168,138
Do Arizona.!,
5*2
678,151
Denv.A Rio Gr. W
75.671
579,709
68,992
Do N. Mex.i. October...
Den.
R. G. A W., 1st M.,
23,716,139
25,791.198
2,322.392
2,332,118
Union Paeitlo...|
Guar, by D. A R. G
93,470
1,038,938 1,174,736
76.320
50
Utah Central. ..!
Edison Electric Light....
1.227,654
1,319,646
83,130
75,466
H7s
West Jersey
J
Georgia Pac.—Stock
197,512
239.050
,450,500
98,485,600 41,094,700 353,726,100
99,909,300 40,141,200 351,749,900
101732000 40,224,800 352,343,300
105398200 38,191,600 354,418,700
“
*
585.900
7.981,100! 1,290,900
6.525.300 1,075,100
12,918,800
Specie.
295,337,800
294,317,000
293,746,700
294,647,400
Feb.
3*66*600
009,100!
$
“
423,000
45,000
5,400
4.220.400
1.749.900
3.395.900
2.634.500
2,048,900
2.725.700
2.110.900
2,739,000
5,938,000
3.700.500
1.922.200
17.373.100
10,199.900
1,497,000
Jan.17 146,863,800
24 140,818,000
31 140,007,800
Fob. 7 116,086,200
“
854,000
5.711.700
294,647,400 105398200
$
Jan.
6.900.900
2,836,000
303.400
Loam.
Boston
900,000
3.051,000
1.959.500
....
Unlisted
past:
555,651
772^39
24,35o
39.185
171.614
589,071
368,271
117,500!
521.500!
1,723,200!
790.900
4.491.200
9,051,300
“
$
992,2001
513.700
420.700
124.300
472.900
724,800
14,051,000
17,1949*00
503,000
5.62,000
The following are
1885.
2,432,000
2,204,200
935,000!
Fifth National....
B’k of the Motrop..
Jan 17
“
24
“
31
Fcl). 7
116,300
2,600
514,000
41,100
2,341,100
1,155,400
4,072.000
3,008,900;
Germania
United States
Lincoln
Gar Held
1885.
980,000
94 6,400
2,351,000
Fifth Avenue
German Exch’nge.
Total
194,000
1,708,300
990,700
Fourth National..
Central National..
Second National..
34,905
331,230
67,524
...
292,500
588,400
154.0O0
040,400
1.747,400
477.400
Mercantile
Pacific
74,100
159,900
419,800
331,00
1,755,600
1,737,500
19,455,900
2.876,800
3,4 77,900
193,000
123,400
55 1,800
298.1001
1,651.600
197,600
338,500
450,000
248,3 00
£00.900
5,152,000
0,341.000
5.923,000
64,732
36.973
3,996,240
76,512
54,822
j, 118,000
2,898,4 00
12,171,000
17.421.100
64.271
325,653
80,494
72,343
312,669
23.830
840.800
2.794,200
German-Americ’n.
Chase National...
3,457,653
319,708’
22,71 il
tion.
2,4 40,000
17,177,100
1,144,800
384.100
811.000*
104,555
68,625
370.079
25,951
November.
December.
November.
Circula¬
$
103,200
193,100
1,308,700
7-5,600
390,900
346,200
2,873,400
4,731.800
1,585,800
....
15,909,440
Atch. T.AS.Fe. December. 1,282,739 1,312,739 16,339,510
130,000
Atlantic A Pac. December.
23,423,313 23,939,450
Chic. Burl. A Q. November. 2,233,891 2,562,773
Clev.Col.C.A Ind
Connotton Val..
Danbury A Nor.
E.Tenn. Va. A Ga.
Gal.Har.A S.An.
Hous.E.AW.Tex
L.Rk. A Ft.Sniitli
L.Rk.M.Riv.AT.
$
216.800
14,910,800! 6,540,100
—
614,103
466,125
*
$
1,858,000
1.296,400
973.4(H)
99,584
75,348
45,109
99,0441
1883.
......
Bowery
N. Y. County
60,528
106,004
34,911
103,160
95,042
23,367
466,125
Bt.P.Min.A Man. January..
17.012
Tex.A St. Louis. 4th wk Jan
24,050
Tol. A. A. A N.M. January
43,323
42,280
Vicksb’rg A Mer. January
12,483
29,901
Vicksb.Sh.APac. January
1,309.564 1,251,083
Wab. St. L. A P. January
102,3381 117,895
Wisconsin Cent’l January
Roads.
290.413
56,856
556,09 2
52,042
46,052
..
90,490
207,640
54,719
123,330
35.738
60,528
77,274
19,246
15,720
391,600
121,369
72,343
Bt.L. & San Fran. 1st wk Feb
Bt.PaulA Dul’th 1st wk Feb
78,154
8,5 221
41*291!
16,060
179,228
..
(broils.) 4th wk Jan
Bt.L. Ft. 8. AW. 4th wk Jan
131,512
3,9.'0,300
2,004,200
Tradesmen’s
Fulton
Chemical
Merchants’ Exch.
Gallatin National..
Butchers’ A Drov„
Mechanics’ A Tr..
Greenwich
Leather Mannf’rs.
Seventh Ward
State of N. Y
Americ’n Exch’ge.
Commerce
Broadway
138,414
826,572
1,917.100
3,044.<;00
1,173,000
820,000
7,159,100 10,549,200
City
30,109
198,685
114.986
39,909
51,798
57,574
174,585
40, "65
Union
America
Plienix
92,! 98
1,404,273
826,572
131,512
Net Deposits
other
than U. S.
772,000 12,075.000
517,000 10,522.000
8,723,600
2,336,200
8.608,000
1,314,000
4,348,000
637,4 00
11,317.300
927,400
2,997,000
3,782.000
8.007,000
0,491,500
7,139,000
4.239.400
10,531,800
2,375,000
Merchants’
Mechanics’
59,248
186,449
332,164 II,406,542
21,460
9,311
92,332
138,414
..
Do
96,491
26,484
106.894
69,642
24.896
..
18.509
34,672
18,630
12.780
481,992
22,264
266,889
65,376
56,646
..
182,809
145,651
31.502
62.615
75,348
45,109
22,804
325,653
80,494
Latest
65,929
170,318
48,013
49.510
Jan
1,838,418
350,609
182,809
57,064
1.771,697
334.700
49,724;
10,420i
23,809
8,168,
14,923;
56,954
13,193
125,424
125,333
$
$
12,122,000
New York
Manhattan Co
47,388
104,6 > 4
804,630
779,000
62,015
Det.Lans’gA No.; 1st wk Feb
Dub.&SiouxCity' J anuary...
Evansv. At T. II. 11 st wk
Flint At P. Marq. 4th wk
288,177
52,728
113,555
49,539
200,427
201.647
201.617
327,645
110.918
I,854.800
Tenders.
Legal
Specie.
Discounts.
213.863
1,449.785
1,890,0001
the
25,342
85.615
37,505
137,938
Loans and
88,313
1,647,009
91,650
the
Average Amount of—
Banks.
$
104.791
32,222
223.719
485,000
$
88.313
$
1884.
1885.
1884.
1885.
Week or Mo
New York City Banks.—The following statement shows
condition of the Associated Banks of New York City for
week ending February 7, 1885:
1st mort., 6s
2d mort
Keelv Motor
i-rouisv. A N.—Adj. bonds
Mexican National
Pref
........
1st mort
92*3
42*4
7x4
64
?
2q
9h
22
Securities.
iMut.Un.—St’ck trust ctfs ! 13 78
25
!M.K.AT.—Income scrip ..
N. Y. M. Uu. Tel.—Stock.
17*4 N. Y. W. Sh. A B.—Stock.
......
74i.»
North. Pac.—Div. bonds..
02
......
North Riv. Cone.—100
p.c
......
Incomes
90
......
Js
7
50
......
33*2
......
Pensacola A Atlantic.....
1st limit
*37
31^
45
3 >2
37e
70
7 1
9%
9ca
15^8
15^8
2
4
1*2
60
19^
74*2
3
24
5
18
14
Pittsburg A Western
1st mort.
Postal Telegraph—Stock.
1st mort., 0s
Postal Tel. A Cable—Stock
Southern Tel.—1st
St. Joseph A Western
23
St. Jo. A Pac., 1st mort.
13
2d mort....'
14
Kans. A Neb., 1st mort.
51
2d mort
19*2
State of Tenn.—Set’m’t.Ss
Texas A Pac.—Scrip 1*84.
Old scrip
37
New scrip
70Tex. A St. Louis—
M. A A. Div., 1st mort..
93
Utah Central—1st mort...
......
.....
14 7g
.....
95
36
07J*
39
a
90
36
_
.
.
85
......
35
42 h
38
......
Vicksburg A Meridian...
66*4
Pref
1st mort
2d mort
Incomes
26
85
5
95
674
91
63 *a
8
1
14
February
THE CHRONICLE.
14, 1885.]
from
^tixrsstrajetit
gross
%ut&\XiQzutz.
The Investors’ Supplement contains
interruptions by floods unprecedented in Cilifomia.
being sluggish also affected the net receipts.
The
for January again shows improvement; and as the local
Wheat
AND
£^ailrxrajcl
213
traffic is well sustained the net result will be much better.
complete exhibit of the
Funded Debt ofStates and Cities and ofthe Stocks and Bonds
of Railroads and other Companies. It is published on the
last Saturday of every other month—viz., February, April,
June, August, October and December, and is furnished without extra charge to all regular subs bribers of the Chronicle.
Extra copies are sold to subscribers of the Chornicle at 50
cents each, and to others than subscribers at $1 per copy.
a
GENERAL INVESTMENT NEWS.
Boston & Maine.—The Boston & Maine
Company invites
proposals until February 18 for $600,000twenty-year 4 percent
“improvement bonds,” issued under the provisions of the lease
of the Eastern to the Boston & Maine.
The. floating debt of the company has doubtless been increased
during the
by the construction of the Oregon Division,
marketed, and other improve¬
ments begun some time since, a considerable
part of which
has since been converted into funded debt. The physical
condition of the road, always good, is reported now as fully
kept up to its standard. With only a moderate improvement
in general trade and mining, its former prosperity may be
Tegained.
Chicago Milwaukee & St. Paul.—The statement of income
for 1884 as given below is published as official, and the figures
from the report of 1888 are given for comparison.
1884.
Gross earnings
Operating expenses,
cluding taxes, Ac
Net
Bradford Ehired & Cuba.—The
year
the bonds of which have not been
1883.
Changes.
$23,470,998
$23,059,823
Dec.
$188,825
13,859,028
13,778,037
Inc.
81,591
$9,611,309
$9,881,785
Dec.
$270,416
in¬
earnings
Metropolitan Trust Com¬ Other income
82,300
104,707 Dec.
82,401
pany of New York, trustee under the first mortgage of this
Total income
$9,093,676 $10,046,492 Dec.
$352,816
road, has begun suit to foreclose, and the New York Supreme Interest on bonds
5,918,008
544,683
5,373,925 Dec.
Court has appointed a receiver pending the suit. The road is
a narrow gauge line, extending from Cuba, N. Y., on the Erie
Applicable to dividends... $3,775,068
$4,672,569 Dec. $897,501
Paid for dividends
3,321,107
3,212,895 Inc.
108,272
road, to the Pennsylvania line, 24 miles.
Buffalo New York & Philadelphia.—The committee of
Surplus
$453,901
1,459,672 Dec. $1,005,771
stockholders of the Buffalo New York •& Philadelphia Rail¬
Cincinnati Indianapolis St. Louis & Chicago.—The fol¬
road appointed to investigate the plan for the reorganization
lowing comparative statement of income account for the six
of the affairs of that company have issued the following cir¬
months ending December 31, 1883 and 1884, lias been sub¬
cular to the stockholders :
mitted to the stockholders. The conservative course pursued
Philadelphia, Pa., February 7, 1885.—We have been
by the managers of this company in paying off the floating
appointed a committee to investigate the scheme for the finan¬ debt
gives assurance of an early resumption of dividends.
cial relief of the Buffalo New York & Philadelphia Railroad
Company,- which
approval.
we
have done, and the
same
has
our
The holders oFthe
1884.
1883.
Gross earnings and miscellaneous credits
Operating expenses, taxes, bond interest, etc..
$1,359,414
1,188,171
$1,374,167
1,101,993
floating debt have agreed to extend their
Surplus
$171,243
$212,174
temporarily, pending this last appeal to stockholders to
subscribe to the general mortgage bonds ($2 50 per share of
Delaware & Hudson Canal.—A preliminary report issued
your holdings), as asked for in the circulars of December 15 by the company states that the result of the business of the
and 20, 1884. If the stockholders do not subscribe their pro company for the year ending Dec. 31, 1884, was as follows :
rata promptly, foreclosure proceedings and sale and conse¬ Coal produced at the mines of the company
3,362,679
023,697
quent sacrifice of the property is inevitable. We earnestly Transported for others
urge you to subscribe your share as per circular referred to.
Total tons...
3,986,377
The increased value of the stock will doubtless repay the The
gross receipts were
$10,379,021
subscription.
Expenses
11,549.871— $4,829,149
3,341,055
Please acknowledge receipt of this communication by mail Less taxes, interest and rentals
to the officers of the company, and sign the inclosed blank
Leaving net earnings (a fraction over 65ri per cent)
$1,488,094
indicating your willingness to subscribe to the bonds. The
“The mining of coal was suspended for 103 days during
time for making the subscription has been extended to March the
year.
Under the policy of restriction, the surplus or divi¬
1, and payment may be made any time to May 1.
dend fund has steadily increased, notwithstanding the pay¬
Respectfully,
Winthrop
Percy Smith,
ment for several years of dividends of 6 and 7 per cent per
L. H. Taylor & Co.,
annum.
This policy has been again adopted by the anthracite
N. Thouron & Co.
interests, though the method of carrying it into effect has
Committee of Stockholders assenting.
been changed. It is believed that this method, known as the
The proceeds of the assessment are to be used in paying the
per centum or allotment plan, will show decided advantages
floating debt, which amounts to about $1,500,000. There are in the economies of mining.
about 400,000 shares of capital stock, and the amount raised,
“The leased roads of the company have shared in the gen¬
should all the stockholders pay up, would be about $1,000,000. eral business
depression that marked the year, and show an
The balance it is proposed to raise by pledging the bonds of
aggregate loss of $174,489 65—a result which has its encour¬
the Union Terminal Company of Buffalo as security. These
aging feature in being relatively better than the showing of
bonds are a first lien upon valuable property in that city. As
very many railway properties.
stated in the circular, the assenting stockholders will receive
Three million five hundred thousand dollars of bonds were
in return for their subscription scrip convertible into general retired
during the year, and thirty-five thousand shares of
mortgage bonds of the company.
stock were added to the capital account.
The financial position of the company is a strong one, and
Central Pacific.—The preliminary statement (obtained by
the
telegraph in round numbers) in advance of the Treasurer’s
many stockholders who have expressed anxiety thereto,
balance sheet and profit and loss account are as follows:
owing to unfounded public statements, will find reassurance
in referring to the figures given herewith ; and in this con¬
PRELIMINARY STATEMENT FOR 18S4.
nection your managers desire you to remember, in reference
1884.
1883.
Receipts—
(Approximate.)
to dividends, that the policy of the company has been to pay
Gross earnings from roads...
*$22,166,000
$24,741,421 the dividend of
any given year out of the previous earnings.
Interest on sinking fund
335,125
373,000
loans
“
“
Reclamation from Southern Pacific for
loss on Colorado Division 1883, and
other income
Bonds redeemed from proceeds of land
sales
GENERAL BALANCE AT CLOSE OF EACH FISCAL YEAR.
1881.
j}5
249,000
7,236
1472,000
1574,000
$23,200,000
$25,000,782
ExpendituresCharged to operating expenses, rentals,
etc, (including extraordinary repairs).. $15,095,000
Gen. and miscel. expenses, taxes, etc
f 1,001,000
Interest paid
..
3,880,000
Real estate
Mines and fixtures
$15,570,000
090,397
Coal-yard, barites, Ac
Lack. A Susquehanna RR. 1,022,938
Albany A Susquehanna:.. 1,074,308
$21,239,000
$2,021,000
$20,190,801
$5,463,921
,.
Surplus
applied to reduction of debt—
Company’s siuking fund
1.079,670
3,516,591
Amoun ts
United States requirements
Land bonds redeemed
Apparent deficit on year’s business
$1,127,000
$1,088,625
(est.) 555,000
071,382
574,000
472,000
$2,154,000
$2,334,007
$133,000
Sur. $3,129,914
"Largely diminished by interruptions from washouts,
i Includes only so much of total sales as were applied during the
year.
t Includes arrears from former years adjusted.
It would thus appear that 1884 was the worst year for pro¬
fits in its career, the whole surplus having been exhausted by
expenses, taxes and the requirements of the different sinking
funds, including that of the United States. The shrinkage is
due in part to the depression in general .trade, the opening of
other trans-continenta j lines, and more especially to losses
Assets—
Canal, Ac
0,339,210
Railroad and equipment.. 0,450.258
9,027,804
2,729,311
New York A Canada RR..
3,597,074
300,000
Meehan. A Ft. Edward RR
10,146
Cherry Val. A Sharon RR.
Schen. A Meehan. RR
200,773
Coal on hand Dec. 31
345,075
Advances to leased lines..
400,015
on
coal
Advances
615,514
royalties
Miscellaneous assets
2,985,349
1882.
6,339,210
0,581,070
9,044,17'^
2,751,236
083,185
1,022,938
1,008,787
3,597,074
300,000
43,296
210,922
492,924
037.005
625,073
3,058,429
1883.
1884.
$
6,339,210
0,957,188
9,035,103
2,790,329
070,078
$
6,339.210
0,408,084
9,325,305
1,022,938
520,104
3,597,074
1,022,938
300.000
52,113
211,280
745,430
921,663
048,724
3,944,549
2,792,417
79n,779
3,597,074
300,000
51,928
211,527
892,804
1,502,789
698,125
*3,372,061
09,410
09,410
43,035
1,148,322 1,408,449
Cash and hills receivable.. 3,884,088. 2,009,203
1,400,143
3,914,976
1,011,254
2,823,813
Telegraph and Car Co
Supplies on hand
Total assets
69,410
.....40,902,484 41,087,93G 43,213,038 41,843,804
Liabilities—
$
$
Stock
20,000,000 20,000,000
Bonds
18,843,000 18,703,000
Miscellaneous accounts...
823,053
830,899
Protit and loss
1,230,431 1,488,087
Total liabilities
$
$
20,000,000 23,500,000
18,703,000 15,378,000
2,444,732
778,072
2,005,306 2,187,732
40,902,484 41,087,986 43,213,038 41,843,804
These miscellaneous assets include the following: Sundry bonds,
$148,608; 8,540 shares Albany A Susquehanna RR., $854,000; 16,077
shares Rensselaer A Saratoga RR., $1,007,70'); 0,101 shares Delaware
AHudson Canal, $616,100; sundry stocks, $145,650.
3*3 jusSMt WO
*
THE CHRONICLE.
214
Resolved, That a committee of
is published of the gross earn¬
ings of the Illinois Central Railroad for seven years past, from
which it appears that one-third of the total earnings have
come from the Southern Division.
The annual report for
1884 will shortly be published when the earnings will be given
Illinois Central.—A table
statement
81 will be
March 1.
Resolved, That this committee be
Western.—The committee ap¬
pointed by the Philadelphia holders of Erie car trust certifi¬
cates to make some arrangement with the company regarding
interest in default, have issued a report in which they say that
they have succeeded in getting from the company better
terms than were originally offered.
The proposition of the
railroad company is as follows : “ On series C, D and E, G per
cent interest : on series F and G, 5 per cent interest; no
drawings in any of the series in 1885 ; 1 per cent during 1887,
2 per cent during 1888, 2 per cent during 1880 and 1890,
and thereafter not less than 5 per cent per annum, the com¬
pany reserving the right to pay more rapidly at any time if it
is able to do so.”
In consideration of the holders authorizing
the suspension of drawings, the railroad company offered to
create for their protection a second lien of $1,500,000 on prop¬
erty believed to be of more value than the concessions; this
security to be released as soon as drawings amounting to 80
Mr. Shipley, of the commit¬
per cent shall have been paid.
tee, advises the acceptance of the proposition, and Messrs.
Clark and Allison ask the advice of holders as to what they
shall do. The circular is issued for the purpose of submitting
the question for the action of the certificate holders.
—At the company’s office, it is said, regarding the pub¬
lished statement that the amount involved in the suit of the
Buffalo & Southwestern is $345,000, that the amount is but
$45,000, being six months’ interest on $1,500,000. Officials of
the Erie company confirm the cable dispatches received from
London that the announcement has been made in that city
that the interest falling due March 1 had been provided for
New York Lake Erie &
and would be
live, including the chairman of the
the chair, none of whom are stockholders in
the Philadelphia & Reading Railroad, nor owners of any of its bonds
junior to the general mortgage bonds; and in the event of foreign hold¬
ers of the general mortgage to the amount of $1,0C0,000 expressing a
desire to join this movement, the chairman of the committee shall be
empowered to add to it two additional members.
Resolved, That the committee shall consider tbe condition of the com¬
pany, and endeavor to formulate a plan which, while properly protect¬
ing the interests of the general mortgage bondholders, shall consider the
equity of all concerned; and that it shall report for a continuation of its
action to a meeting of this body to be called by the chair not later than
meeting, be appointed by
in detail in the Chronicle.
New York Central & Hudson.—The quarterly
of this company for the three months ending Dec.
found in the editorial columns of the Chronicle.
[Vol. XL.
an
account of these expenses open to
ings on said lines.
Resolved, That the management of the Philadelphia & Readiug Rail¬
road Company are requested to furnish tlio committee hereinbefore pro¬
vided for such iu formation as they may desire.
On motion of Mr. Williams, his modifications were
to the committee for consideration. It was understood
Bartol would appoint his committee the day after the
the
purposes
shows
account for the first quarter of the current fiscal
.
1834.
—
Changes.
Dec.
$a6,O07
Dee.
88,975
Operating expenses
269,891
$169,691
269,995
$186,384
$199,695
1,102,000
$1,712,312
1,191,035
$554,185
3,528
$521,277
8,001
Inc
Dec.
$32,908
$4,533
$557,714
204,917
$529,3 8
Inc
Dee.
$28,375
410,882
$352,766
$118,455
Inc.
$234,310
Oregon Improvement Co.—This company makes
lowing statement for December, the first month of
the fol¬
its fiscal
St. Louis & San Francisco.—An
the earnings of this road for 1$84 is
Decrease.
Earnings
earnings
Operating expenses
Gross
...
Net income
Other income
...
Total
...
Interest, rentals and taxes.
Net
...
year:
Earnings
Expenses
earnings
This statement
Net
covers
.
.
1884.
1883.
$228,192
181,494
$271,478
211,022
205,935
$13,286
27.12S
$13,698
$59,856
all the company's operations,
$16,158
Philadelphia & Reading.—A meeting of general mortgage
bondholders was held in Philadelphia Feb. 11, at which Mr. II.
W. Bartol presided and explained the objections to the man¬
agers’ plan of reorganization. Among other points Mr. Bartol
Baid: “There is no promise, if the company should again go
into receivers’ hands, during the term for which they ask an
extension, that wTe shall be released from the extension and be
enabled to protect our rights. The amount put ahead of the
general mortgage, by reason of the extension of 1877, is :
General mortgage, coupon and coupon
Consolidated mortgage coupon
Receivers’ obligations and taxes
Put
on a
scrip, about
parity with general mortgage
General mortgage, 7 per cent, issued in 18-3
Amount that should have been paid sinking fund....
Total
$2,5CO/ 00
600,000
4,200,000
$7,300,000
5,009,000
6,000,000
$18,300,000
“In other words, if the interest and sinking fund had been
paid and the property sold, it would have had to sell for $49,000,000 to pay in full all of the general mortgage which was
out at the date of the extersion of 1877, while to-day, under
the actual condition of affairs, it would have to sell for over
$67,000,000 to pay us 100 cents on the dollar.”
Mr. Ellis D. Williams, representing a number of general
mortgage bondholders,presented important modifications of the
proposed plan of reorganization, and some of the most import¬
ant were that the general mortgage interest and sinking funds
should hereafter be paid in full if earned, and that stockhold¬
one half of their stock or else pay an
$5 per share, receiving for this cash assessment
scrip convertible into the consolidated 5 per cent bonds.
ers
should surrender
assessment of
proposition, E. Dunbar
resolutions, which were
unanimously adopted, after debate, without alteration :
Before any action was taken on the
Lockwood submitted the following
Whereas, Tlie plan of reorganization of the Philadelphia & Reading
Railroad, proposed by its directors, docs not, iu cur opinion, do justice
to the holders of tlic general mortgage bonds,
Net
Income from other sources
Net income
Deduct for taxes, iut. and
7,315
....
$207,010
$194,889
rentals
Balance
...
Net earnings
Interest and siuking
Differeyices
Inc. $13,415
Inc.
104
lac. $13,311
Dec.
1,190
Iuc.
$12,121
$38,549
approximate statement of
given below :
$1,687,054
2,463,036
Expenses (52 5 per ceni)
the rail¬
road, steamship and land departments.
state-
Rome Watertown & Ogdensburg.—The following
ment, made to the New Y^ork Railroad Commissioners,
Hartford.—The following is the
| the income
filed with the Railroad Commis¬ year, from Oct. 1 to Dec. 31 ;
sioners, for the quarter ending Dec. 31, 1884, which is com¬
1883.
Oct. 1 to Dec. 31
pared with the same quarter in 1883 :
$456,276
Gross
1883.
meeting.
petition of the receivers for leave t) pay out money for
beyond the mere running expenses of the road. The
petition related to accruing rentals of the railroads and canals
held by the Reading under lease, the interest on mortgage
indebtedness prior in lien to the general mortgage, the interest
on the floating debt, the sinking funds, divisional coal land
mortgages and the coupons thereon, and all rent and taxes due
Mr. Dallas says that the cases of the
or to become due.
Schuylkill Navigation Company and the Central Railroad of
New Jersey having been separately referred to him, he did not
act upon them under the present reference.
As to the several
points embraced in the petition the Master reports substan¬
tially in favor of permitting the payments or of allowing the
receivers to exe ;cise a sound discretion.
on
statement of this company as
1884.
referred
that .Mr.
—George M. Dallas, Special Master under the Reading receiv¬
ership, has filed his report in the United States Circuit Court,
i
New York New Mayen &
shall
the inspection of such as join
this movement.
Resolved, That the committee should carefully scrutinize all payments
made on loans secured by collaterals which are not covered by the gen¬
eral mortgage, and on leased lines to an amount exceeding the net earn¬
keep
promptly met.
»
and are authorized to employ coun¬
con¬
sel, and that to defray this and other necessary expenses we will
tribute $1 for each bond of our holdings, and that the committee
$2,223,908
1,575,000
funds
$348,968
Surplus for the year.,
51*5 per
preferred
This surplus exceeded that for 1883 by $220,590, or
cent.
It was sufficient to pay 7 per cent on the first
stock and leave a balance of
„
$333,968.
Union Pacific.—In reply to a resolution of
the United
States Senate calling for information, Mr. Teller, Secretary of
the Interior, made the following statement : The amount found
to be due from the Union Pacific Railway Company to the
United States on Dec. 31, 1882, was $1,727,742, made upas
follows; For the period from July-1, 1878, to Dec. 31, 1882,
$3,224,758, less balance due the company June 30, 1878,
($491,244) and balances due on Kansas Division for the years
1879 to 1882 inclusive—total, $1,497,015; balance due United
States, $1,727,742. It is not at present practicable, in the
absence of the opinion and until the final judgment of the
court shall be obtained, to reply with absolute accuracy to
that part of the resolution Which inquires what amounts have
become due from Dec. 31, 1882, to Dec. 31, 1884, according to
the rule established in a decision lately made in the Court of
Claims between the United States and said road, but the state¬
ments submitted maybe relied upon as approximately correct.
It will probably be a couple of weeks before the computations
are finished and the judgments entered on the records of the
court.
I have this morning received a communication from
the Attorney-General, from which it appears that the period
embraced in the litigation was from Feb. 1, 1876, to Dec. 31,
1882, and that the total claim of the company for transporta¬
tion of mails over the Union Pacific proper was $6,339,269. The
amount allowed by the Treasury Department for the same
service was $2,767,444.
The amount in dispute was $3,571,825.
The Court of Claims decided this question in favor of
the United States, holding as a matter of fact that the amounts
allowed by the Treasury Department were in the language of
the act of 1862, “fair and reasonable” and not in excess of the
rates paid by private parties for the same kind of service.
Another controversy ^vas as to*the deductions, to be made
from the gross earnings to ascertain the net earnings of the
Union Pacific proper under the Thurman act. The United
February 14,
1SS5.]
215
THE CHRONICLE.
aggregating $2,763,670,
31, 1882, should not be
deducted, for the reason that the outlay was for the better¬
ment and improvement of the plant.
The company insisted
that these expenditures were actually made from the earn¬
ings, and that the improvement of the plant was incidental
and not the purpose of the outlay. The Court of Claims finds
as a fact that all the items which make up the $2,763,670 were
in good faith paid out of the earnings and were necessary
expenses for operating the road and keeping the same in a
state of repair, and holds as a matter of law that the word
“necessary,” in the act of May 7, 1878, would include item3
expended by the company in keeping itself ready and able to
respond effectively to the growing demands of an ever-increas¬
ing business, and that the company is as much entitled to
State3 insisted that certain items,
between July 1, 1878, and December
deduct them under the act of 1878 as under the act of 1862,
which has already been considered by the Supreme Court in
Union Pacific Railroad Company vs. the United States (99
U. S. R., 402). * * *
When the full text of the
T^lxc © o utnt ertrial Jaimes.
COMMERCIAL
EPITOME.
Friday Night,
February 13, 1885.
severely wintry throughout the week.
There have been snowfalls as far south as the Gulf States, and
The weather has been
at the Northwest the violent storms
have blockaded the rail¬
ways. Heavy ice has also appeared in
of the smaller harbors to the northeast,
this harbor and in
and
all from the same
temporarily interfering with navigation.
some
cause,
This is greatly
adverse to the progress of trade. At the same time, also, specula¬
tion in leading staples has been comparatively sluggish. Yet it
cannot be denied that the
position of affairs, if relieved of the
incubus of the weather, shows a marked improvement. Exces
sive stocks have in some measure been reduced, the co3t o
opinion is obtained and final judg¬
rendered, the computations herewith submitted may production curtailed, the adjustment of matters to the new
require some change ; but if any, they will be of compara¬ order of things is more general, and apparently everything is in
tively small amounts, and will be adjusted in subsequent set¬ readiness whenever the elements shall permit, if no untoward
tlements.
The following statement shows the amount due event happens, for a steady progress towards a revival of our
from the company to the United States according to the rule industries and a profitable trade.
Lird futures have been moderately active at improving
laid down by the Court of Claims :
prices,
but became quieter in the past day or two. To-day
Due from Union Pacific HR. Company from July 1, 1873, to
Dec. 31, 1882
$1,727,742 the market was dull and weak, closing at7*29c. for Feb., 7‘33c.
Deduct 25 per cent of amount claimed by the compauj' for
for March, 7*39c. for April, 7*46c. for May and 7‘53c. for June.
new construction and new equipment to Dec. 31, 1881,
Spot
lard has been firmer, and prime Western brought 7*40c.,
$595,359, and 25 per cent of amount claimed for 1S82,
$95,557
690,91S but the close is at 7’15c. for prime city, 7*323^c. for prime
Western and 7*55@7,G0c. for refined for the Continent.
Pork
Balance due the Government
$1,036,824 is again firmer at $14@$14 25 for mess and $15 50@$16 for
From this should also be deducted the cheek deposited by tbo
clear.
Pickled cutmeats have continued very strong and
company in tbe United States Sub-Treasury at Boston.
fairly active at 6)4@7c. for bellies, 538'@5%e. for shoulders
Mass., in lull to Dec. 31, 1880, and which was not accepted
on those terms, but which, by cousent of tbo company, was
and 9?4@9^8C. for hams. The Cincinnati Price Current veaccepted Juue 30, 1884, and carried a3 a credit to tbe
sinking fund
69,358 ports 4,345,223 swine slaughtered at nine points thus far this
season, against 3,647,217 at the same points last season for the
Total due United States Dee. 31, 1882
$967,466 same period. Beef is firmer, and city India mess sold at $23@
Due l’or year ending Dec. 31, 1883, excluding expenditures
$24 per tee.
Tallow is firmer at 6)4c. Butter has been dull,
for new construction and new equipment
$718,814 and closes weak, tut State creamery
is still quoted at 23@36c.
Paid in full June 24, 1884
$718,814 Cheese is
very dull at 9@ 13c. for State factory.
Jhe follow¬
The expenditures for new construction and new equipment ing is a comparative summary of aggregate exports from
for the year ending Dec. 31, 1883, amounted to $203,048, 25 per October 27 to Feb. 7.
1884-5.
1893-4.
cent of which is $50,762, by which amount the Government is Pork, lbs
15,723,600
14,925,200
Tnc.
783,400
145,345,035
Inc. 19,599,006
161,914.011
overpaid for that year under the rule established by the Court Bacon, lbs
91,528,284
73,138,816
Inc. 18,389,468
of Claims. The amount due for the year ending Dec. 31,1884, Lard, lbs
Brazil coffees have been more active and the close is steady
has not been ascertained, and the annual settlement was not
made Feb. 1, 1885, as provided in the Thurman act. It has at 9J4c. for fair cargoes Rio.
Options were stronger early in
not been practicable at any time to make the annual settle¬ the week with the speculation quite brisk, but the close easier
ment by Feb. 1, as the books of the company are not closed for and sluggish, with sellers at 7*80c. for March, 7’95c. for April,
the year ending Dec. 31 until about the middle of March. 8*05c. for May and 8*20c. for June. These prices are nearly
These settlements have uniformly been made immediately 3c. per lb. below those of one year ago. Mild coffees have had
after the books were closed, and will be for the present year. a free sale.
Raw sugars weakened slightly, but latterly have
—The following letter was received by Secretary Teller:
been firmly held, though quiet, at 5@5)^c. for fair to good re¬
fining, and refined is quoted at 653@6;^c. for crushed. Mo¬
Union Pacific Railway Co., \
lasses is dull at 20c. for 50 degrees test Cuba muscovado* The
Boston, Feb. 9,1885.
>
The lion. II. 21. Teller, Secretary of the Interior, "Washington:
speculation in teas has shown considerable spirit; and the
sales to-day were 105,000 lbs. standard Japans at 21c. for
My Dear Sir: My attention Las been called in tbo Congressional
ment
....
an order passed in the Senate on Thursday last, 5th inst., call¬
ing upon the Secretary of the Interior, among other things, for informa¬
tion as to “whether the annual settlement was made by the Union
Pacific Railway Company Feb. 1, 1885, as provided in the Thurman
act;” I wish to say for your information that there will be no delay on
the part of this company in making the settlement referred to. When¬
ever the Department will specify the sum due in that settlement a draft
for the amouut shall bo forwarded by tbe return mail. I remain, very
truly yours,
Charles Francis Adams, Jr., President.
Record to
April and 2434c. for May.
Kentucky tobacco is in light stock and firmly held, but
business is small and prices nearly nominal; lugs,
leaf, 7@llc. Seed leaf, on the contrary, at rather easier
prices, reflects a large movement, mostly in Pennsylvania
growth. The aggregate is 3,378 cases, and the following are
the details: 1,637 cases 1883 crop Pennsylvania, 724@12c.; 200
cases 1832 crop, Pennsylvania, private terms; 325 cases 1831
crop, Pennsylvania, 5@llc.; 240 cases 1880 crop, Pennsylva¬
nia, 10;$4(fi) 12c.; 446 cases 1883 crop, Wisconsin Havana, 6@ 10@
20@35c.; 286 cases 1883 crop. State Havana 7(3) 20c.; 100 cases
1882 crop, Ohio, 8%e., and 150 cases 1883 crop, New England,
13@2234c. Also, 400 bales Havana, 80c.@$l 15, and 200 cases
—President Adams has secured the investment of all the
surplus moneys of the Union Pacific in the United States
Treasury in Government 4 per cents at a price averaging the
company less than 1217sThe purchases were made January
28 and 29, as follows: $800,000 at 121;?g, $400,000 at 12134,
$700,000 at 1217s, $500,000 at 121 15-16, a total of $2,400,000 for
Sumatra, $1 30@$1 60.
$2,924,312 50, including $1,500, or 1-16 commission. There is
Tnere was something of a flurry in crude petroleum certifi¬
now uninvested of the Union Pacific sinking funds in the
cates.
Reports of reduced production were sufficiently tan¬
hands of the Government $48,727.
gible
to
bring forward buyers to cover contracts, and prices
—On Friday afternoon, Feb. 6, the figures showing the earn¬
advanced 4@5 points; but this improvement was soon lost, and
ings for 1884 were telegraphed from Boston, and serious mis¬ the market relapsed into the stagnation which it had previ¬
takes were made in them as published in this column last week.
The corrected earnings and expenses for December, and for ously exhibited, and the close this evening is at 70 cents per bbl.
Crude in barrels quoted 6V£@6%c.; refined in barrels for
the years 1883 and 1884, were as follows :
export, 714c. and in cases 8^@10c.; naphtha, 734c. Spirits
December—
1881.
1833.
turpentine
declined a fraction, and at the decline became
Gross earning*
$2,332,118
$2,322,392 Tnc.
$9,726
Operating expenses..
1,451,190 Dec.
1,157,209
293,931 more active for speculation, selling for future delivery at
30@ 3034c., and to-day there were sales of 400 bbls. at 3034c.
for April. Rosins have been dull at
Net earnings
$1,174,908
$871,202 Inc. $303,707 for Feb. and
Year ending Dec. 31—
$1 22t£@$1 27}£ for common to good strained.
Gross earnings
$25,791,198 $2^,716,139 Dee. $2,924,941
Metals have been dull, losing such little speculative strength
14,014,458
Operating expeuses
15,057,683 Dcc. 1,043,225 as was seen
early in the week. At to-day’s Exchange, how*
ever, there was a steadier tone.
Iron steady but dull at $1634
Net earnings
$11,776,740 $13,653,456 Dec. $1,881,716
@$1G34 bid and $1734 asked. Tin quiet but strong, spot ad¬
vancing to 1734@ 17*65c., - futures 17*15@ 1734c. Tin plates
lows, to show more clearly the drift of the company’s business: steadier at $4 35@$4 50.
Copper dull at ll@ll*30c. Lsad
Spelter
Jan. 1 to June 30—
1884.
Dcc. or Inc. steady; domestic 3’60@3%c., foreign 4'30^434c.
1883.
Earnings
$11,052,793 $12,969,723 Dec. $1,916,929 easier at 4*30@438c.
Expenses.!
7,207.266
6,582,248 Inc.
625,017
Ocean freignts have been unsettled.
Grain room was fairly
active early in the week; 3%d. per bu3h. paid hence to Liver¬
Surplus
$3,845,527
$6,337,474 Dec. $2,541,947 pool and 3s. 1034d.@4s. l^d. from Baltimore to Cork for
July l to Dec. 31—
orders; but for two "days little has been done and rates are
Earnings
$14,738,4^6 $15,746,417 Dec. $1,008,010
Expenses
6,807,194
8,475,435 Dee. 1,668,241 nominal. Petroleum charters include among recent business
refined
to
Hamburg 2s., crude to Bremen 2s., cases
Surplus
$7,931,212 * $7,270,981
Tnc.
$660,230 16c. to Alicante, 27@28c. to Java and 28c. to Montevideo.
THE CHRONICLE.
216
COTTON.
Friday, P. M., February 13, 1885,
this
evening (Feb. 13), the total receipts have reached 68,621
hales, against 89.785 bales last week, 75,295 bales the previous
week and 93,911 bales three weeks since; making the total
receipts since the 1st of September, 1884,4,285,398 bales, against
4,198,718 bales for the same period of 1883-84, showing an
increase since September 1, 1884, of 86,680 bales.
Mon.
Sat.
1,372
Galveston
Indianola, &c.
....
New Orleans...
2,956
331
Mobile
Florida
195
Brunsw’k, &c.
Total.
366
6,511
143
5,394
3,973
3,932
5,453
26,622
394
289
198
150
3,676
....
....
....
1,165
1,165
388
5,897
68
68
841
6,772
323
323
1,221
....
1,742
1,699
1,191
....
1,730
Fri.
143
....
...
Charleston
557
....
4,914
2,314
....
Savannah
'
1,326
Thurs.
Wed.
Tues.
1,287
....
....
996
,
1,367
....
....
....
975
529
1,398
In addition to above exports, our telegrams to-night also give
the following amounts of cotton on shipboard, not cleared,
at the ports named.
We add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale
& Lambert, 89 Broad Street.
us
The Movement of the Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
Receipts at—
[Vol. XL.
On
Feb.
13, at—
Great
Britain.
New Orleans....
Shipboard, not cleared—for
France.
Total 1885.
Total 1884
Total 1883
Foreign
Leaving
Coast¬
wise.
Total.
Stock.
1,857
3,400
1,000
51,599
246,608
28,114
2,000
9.100
11,127
5,150
6,000
319,801
5,822
18,530
None.
None.
None.
None.
None.
None.
5,400
4,500
3,080
None.
None.
None.
1,950
1,000
764
259
None.
None.
60,027
5,822
34,460
9,280
109,589
727,013
88,546
73,770
15,875
23,315
54,586
73,399
5,218
164,225
17,133
187,617
849,323
737,726
25,390
5,850
3,000
2,600
4,119
10,868
3,200
5,000
Mobile
Charleston
Savannah
Galveston
Norfolk
New York
Other ports
Other
9,250
22,986
37,924
9,400
22,495
15,388
7,963
33,697
Probably there has not been since the organization of the
Exchange so dull a week as that now closing for the
90
93
17
504
134
61
109
Wilmington....
50
50 speculation in cotton for future delivery.
The aggregate is
Moreli’d C.,&e
Norfolk
725
747
7,532 only 147,000 bales, much less than the business of a single day
1,524
1,604
1,841 1,091
2*063 2,063 frequently amounts to. The belief that the market has been
West Point,&c
118
509
320
New York
1,259
1,205
3,771
360
recently subject to manipulation, and is still under the vig¬
219
121
699
237
208
221
Boston
1,705
orous control of a few leading houses have seemed to dis¬
Baltimore
1,600
1,600
20
219
17
4
130
48
courage general speculation, and even the regular traders
Philadelp’a, &c.
have nearly ceased their customary operations for the “turn.”
Totals this week
8,348 11,257 14,581 68,621
8,862 14,972 10,601
The Bureau report appeared on Tuesday afternoon, and, al¬
For comparison, we give the following table showing the week’s
total receipts, the total since Sept. 1,1884, and the stock to-night, though somewhat contradictory in its tenor, was regarded as
and the same items for the corresponding periods of last year. unfavorable. It caused a demand to cover contracts, and an
advance of a few points.
Stock.
But on Wednesday this was lost,
1884-85.
1883-84.
Receipts to
under
the
This
Since Sep.
Since Sep.
generally unfavorable foreign advices, not only
This
1894.
1885.
February 13
Week.
Week.
from Liverpool and Manchester, but in cheaper silver and the
1, 18S4.
1, 1883.
Galveston
30,458
59,030 confirmation of reported disasters to British arms in Egypt.
6,511
6,715
434,391
530,406
53
143
28
Ind’nola,&c
.8,177
10,156
Yesterday there was continued dulness and depression. To¬
New Orleans. 26,622 1,344,693 38,967 1,344,633
361,686
298,207
day the receipts were comparatively small and Liverpool re¬
Mobile
35,962
37,364
3,676
216,591
4,338 230,370
ported a better market, causing a demand to cover contracts
9
Florida
1,662
1,165
67,750
1,800
34,346
and a small advance in prices over yesterday, with the close
Savannah....
5,897
674,373
47,024
66,691
5,989 607,088
little changed from last Friday. Cotton on the spot has been
68
100
7,464
Br’sw’k,&c.
9,645
Charleston...
32,386
55,006 dull and nominal throughout the week. To-day the close was
6,772
485,046
381,735
6,953
30
323
140
Pt.Royal,&c
12,583
5,867
unchanged at ll%c. for middling uplands.
504
The total sales for forward delivery for the week are 147,000
8,628
91,771
86,185
1,213
2,709
Wilmington..
50
bales. For immediate delivery the total sales foot up this week
125
M’headC.,&c
9,473
11,147
Norfolk
7,532
505,566 10,526
524,840
26,515
42,811 749 bales, including 70 for export, 679 for consumption,
for speculation and — in transit.
227
2,063
W.Point,&c.
183,924
263,428
5,887
Of the above, — bales
New York...
were to arrive.
The following are the official quotations for
345.549
321,951
3,771
48,298
87,117
8,817
Pt.
Royal, &c.
....
....
....
....
....
....
....
....
....
Cotton
....
....
.
„
.
....
....
... .
....
...
.
—
Boston
Baltimore
...
1,705
1,600
70,498
16,314
219
31,538
Philadel’a.&c
Total
120,594
14,901
13,208
9,431
2,756
2,136
6,310
19,794
10,618
68,621 4,285,398 105,921 4,198.7.18
7,500
19,148
9,822
comparison may be made with other years, we
give below the totals at leading ports for six seasons.
1885.
Galvest’n.Ae.
New Oi lcans.
1884.
6,654
26,622
17,400
5,571
38,967
4,338
46,250
21,244
6,128
3,405
5,989
16,352
13,217
554
7,093
1,338
8,836
7,590
2,238
9,595
16,413
26,287
8,528
25,040
14.707
3,676
Savannah....
5,897
7,095
All others
Tot. this w'k.
68,621
105,921
5,489
72,031
16,402
9,981
46,964
7,497
15,626
8,094
1,751
991
16,966
13,362
15,543
19,109
57,779
7,323
13,847
14,902
8,185
146,130
1890.
1881.
1882.
6,743
Mobile
Charl’st’n, &c
Wilm’gt’n, Ac
Norfolk, Sea..
1883.
146.539
10,708
115,307
Since Sept. 1. 4 '85.399 4198,718 4631,945 3946,349 4396 806 4098 8 25
Galveston includes Indiauola.; Charleston includes Port Royal, &c ;
Wilmington includes Morelieaii City, Scc.; Norfolk includes West Point,&c.
The exports for the week
ending tins evening reach a total
of 84,745 bales, of which 65,434 were to Great Britain, 4,475
to France and 14,836 to the rest of the Continent, while the
stocks as made up this evening are now 836,602 bales. Below
are the exports for the week and since September 1, 1884.
Week Ending Feb. 13.
Great i
Conti¬
Brit'n.Ft'(v>ce
Galveston
New Orleans..
Mobile
1.020,
23,803
nent.
Total
Week.
1,020
3,703
6,393
4,968
......
32,569
6,393
I
Florida
Savannah
3,016
1,800
7,225
5,590
3,538
10,770
3,169
13,344
7,225
Charleston *...
2.514,
Wilmington...
1.73S
Norfolk-!
10,770
9,403
New York
Boston
Baltimore...
From Sept. I, 1884, to Feb. 13, 1885.
Exported to—
Exported to—
Exports
from—
.
Philadelp’a,Ac
Great
7,470
141,417
532,676 2j0,283
l,96o!
50
2.010
203'
1,803
2,006
287,030
266,439
81,957
99,442
280
41,200
767
280
Ordin’y $tb
878
Total
65,4341
...c..
11,699
22,259
nent.
5 .827
700
188,785
139,001
4,787
45.967
827,404 2.995,911
072,126 2,767,144
95,613
1,760
878
878
Middling... 114
Good Mid
11516
Str. G’d Mid 114
.
Midd’g Fair 1178
121s
Fair
Sat.
Mon Tues
9is
ills
114
1138
Il“l6
114
1178
114
11 34
1178
I2i8
12ia
12ia
12%
11316 ll9,6
918
94
94
94
99,6
99,ft
99,6
99,6
103s
10%
103s
10%
1038
10%
llhe
HMe
H*,fl
10%
11*16
114
1138
114
113a
114
114
114
114
119,6 11916
11%
124
12%
11%
! 124
12%
104
94
9»16
104
10%
11*1«
114
114
1191S
119,6 11*16
11%
124
1234
1134
124
12%
Frl.
Til.
Frl.
Wed
87a
87s
95,6
878
95,6
918
99-, 6
l“39
10%
94
9y18
104
10%
Low Midd’g 1^1316 101316 1013,,i 111 16
11
Srr. L’w Mid 11
11
114
11*16
11*,6 1146
114
1138
114
113h
114
114
H9l«
1
119,6
119,6
119,6
11%
124
11%
124
12%
11%
124
11%
124
12%
11%
124
12%.
Ordin’yit.
Strict Ord...
9°ifl
Good Ord.. 104
Str. G’d Ord 104
Idle
101a
U)l8
UUa
Middling... 1118
1118
Ills
Good Mid..
Str. G’d Mid 114
11316
Hr,16
ilia
11*3
1178
121a
Midd’g Fair
Fair
ll 7e
12 ^2
1178
I2ia
113s
11%
1218
12%
STAINED.
Sat.
t
12%'
Frl. Wed
11%
124
12%
Wed
Tli.
94
94
94
94
99lf5
99,«
99, e
99,6
104
10%
1038
10%
l9l«
12%
Moil Tues Wed
104
1034
11*16
114
114
Til.
104
10%
11*16
114
114
Frl.
.
Good Ordinary
Strict Good Ordinary
...
Low
..$lb.
Middling
Middling...
8ia
9;4e
84
84
84
84
84
93ig
93,6
9316
93,6
93,6
10
10
10
10
10
105a
104
104
104 ' 104
10
104
The total sales and future deliveries each day during the
are indicated in the following statement.
For the con¬
venience of the reader we also add a column which shows at a
week
glance how the market closed on
3,585
372.343
34,185
25,670
110,9^0
416
3,050
31,835
307,472
63,537
319,065
406.362
8 .375
136,677
14.040
6,375
23.927
205,714
251,995 1,020,954
14,894 112,207 1,737.066 357,932
•
Includes exports from Port Uoval, fee.
t Includes exports from West Point, Ac,
Total ISS3-R4
14,830
Mou Tues
MARKET AND SALES.
Total.
81,745 ! 1,852,444 316,063
4,475
|
Sat.
Strict Ord..
9516
95,«
9&16
9»16
Good Old.. 1018
1018
1018
103a
Str. G’d Ord 104
10ie
10ia
10%
Low Midd’g 101316 1013]^ 10i31G 11*16
11
11
Str.L’w Mid 11
lit*
same
days.
SALES OF SPOT AND TRANSIT.
SPOT MARKET
CLOSED.
Sat.. Steady
Mon
Inactive
Tues. Inactive
Wed
Steady
Thurs Quiet'
Firmer
Fri.
Fx-
>
.
Total.
Con-
Spec- Tran¬
port. sump uVVn
.
.
'
Moil Tues
Conti¬
Britain. France
31,135
3,535
171,864
140,212
49,197
Sat.
TEXAS.
NEW ORLEANS.
UPLANDS.
Feb. 7 to
Feb. 13.
836,602 1,013.548
In order that
Receipts at—
each day of the past week.
70
.
•
....
70
93
91
168
ns
....
sit.
Total.
.....
7T
138
679
....
....
....
The daily deliveries given above are actually
previous to that cn which they are reported.
FUTURES.
Sales.
Delie*
eries.
700
700
93
91
168
118
141
12,900
138
45,600
500
600
749 147,000
4,600
12 200
30,400
900
22,300
23,600
1,200
delivered the day
by the follow¬
Prices of Futures are shown
The Sales and
ing comprehensive table. In the statement will be found the
daily market, the prices of sales for each month each day, and
the closing bids, in addition to the daily and total sales.
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M W to M M
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M
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to
>—• M
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'JO#‘(»OWC:HC.MJ5l-ir.COUlO|t-X
<1 — to O' to C X -I O' W O to M X o CO W • J
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o
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:
to excli. 900 Feb. for April. | • 10 pd. to excli. 100 April for Aug
29 pd. to exch. 2,500 Mar.ior juae
to excb. r 00 April for June.
•30 pd. to exch. 100 April for July.
to exch. 500 April for May.
•40 pd. to exch. 100 April for Aug.
to exch. 100 Feb. for Mar.
•0s pd. to exch. 300 Mar. for April.
628.686
? ® v T3
x <-
r-*
Includes sales in Septenilter, 1884, for September, 158,200 ; September-October, lor October, 421,800; Septcmber-November, tor November,
582,200; September-Deeember, for December, 907,800; BcptemberJanuary, for January, 2,114,loo.
We nave included in the above table, and shall continue eaoii
weelc to Kive, the average price of futures each day for each month. It
will be found under each day .oliowing the abbreviation “ Aver.” Tbe
average for each month for
tie week is also given at bottom of table.
Transferable Orders---Saturday, lf-0a.; Monday, ll'loo.; Tuesday,
11'20c.; Wednesday, ll loo.; Thursday, Ll'loo.; Friday, ll'20c.
The following exchanges have been made during the week:
pd.
pd.
•10 pd.
•26 pd.
650,700
2,574.344 2,515,420
o
*5
*
•12
•21
-
o
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s
662,000
CjOP?*
^
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®
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452,700
234,000
47,000
^
00
-i
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o
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9
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67,000
43,000
101,686
P
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to tow O' M to to
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46,000
203,000
253,000
75,600
97,100
169.000
56,000
o
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103,700
51,000
58.000
94,000
196,000
H
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9
247,000
38,000
-
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y
9-»
158,000
408,000
925,343 1,109,709
336,911
295,001
5,800
14,600
522,000
movement—that is the receipts
the shipments for the week, and
the stocks to-night, and the same items for the corresponding
period of 1883-84—is set out in detail in the following statement.
9
'
497,000
At the Intelior Towns the
for the week and since Sept. 1,
§
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259,686
The imports into Continental ports this week have been
54,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 493,734 bales as compared with the same date of
1884, a decrease of 319,325 bales as compared with the corres¬
ponding date of 1883 and a decrease of 238,387 bales as
compared with 1882.
P
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214,000
2,,453,019 2,737,453
Total visible supply
Price,Mid. Upl., Liverpool
>—*
MM
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Total East India, Ao...
Total American
N
Mi-*
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Continental stocks
India afloat for Europe.
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Liverpool stock
London stock
MMoM
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282,100
,453,019 2,737,453 2,574,344 2,515,420
East Indian, Brazil, die.—
x
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Total American
to
MmqM
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4,200
3,040
38,000
3,500
4,330
633,000
185,000
241,605
17,300
240,117
13,300
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491,000
405.000
836,602 1,013,548
OM
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651,000
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American—
323,000
1 ©p:
151,000
4,100
43,000
8,100
2,905,719 3,309,453 3,225,044 3,144,106
and other descriptions are as follows^
Total visible supply
687,000
M M Ci
159,000
.
271,000
M — QO
1,100
.
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516
GOO
.1.313,700 1,373,000 1,243,700 1,002,686
169,000
234,000
196,000
51,000
522,000
405,000
491,000
405,000
47,000
56,000
67,000
)
46,000
925,343 1,109,709
836,602 1,013,543
295,001
336,911
241,66 5
240,117
14,000
17,300
5,800
13,300
w to
MW
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417,000
t>0
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374,700
MW
<
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7,000
5,000
53,000
12,000
7,000
47,000
2.400
39,200
16,600
1,600
6,000
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to to
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Marseilles
at Barcelona
at Genoa
at Trieste
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600
1,100
212,000
5,000
©
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43,000
Amsterdam
Rotterdam
Antwerp
to *0
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f.
70,300
57,000
1,200
3,800
203,000
M M
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46,800
961,600
4,300
38,000
19,000
743,000
3,700
.
1882.
Of the above, the totals of American
MM*o,M
%
ww
xx
956,000
7,200
tdtoOto
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to to
O
939,000
58,000
MMoM
to
MM
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Bremen....v-1
Stock iu United States por
Stock in U. S. interior tow
^
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700,000
43,000
Hamburg
Egypt,Brazil,&c.,attt for E
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886,000
75,600
to
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1884.
898,000
India cotton afloat for Europe.
i
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1885.
901,000
38,000
.
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Total European stocks
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XX
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Total Continental stocks..
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Thursday evening. But to make the totals the complete
figures for to-night (Feb. 13), we add the item of exports from
the United States, includmg in it the exports of Friday only.
to
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The Visible Supply of Cotton to-night, as made up by cable
and telegraph, is as follows. The Continental stocks, as well as
those for Great Britain and the afloat, are this week’s returns,
and consequently all the European figures are brought down
*wrH
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217
CHRONICLE
THE
14, 1885.]
February
h-
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c toxb*io O'b t
WOC2MWCXXXO'C. C2CiOiOOt
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to M M QTi M W X 02
The above totals show that the old interior stocks have
decreased during the week 15,470 bales, and are to-night 1,488
bales less than at the same period last year. The receipts at
THE CHRONICLE.
218
the same towns have been 4,417 bales more than
week last year, and since September 1 the receipts
towns are 73,133 bales
the same
at all the
less than for the same time in 1883-84.
Quotations for Middling Cotton at Other Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week.
[VOL. XL,
New Orleans, Louisiana.—We have had rain on four
of the week, the rainfall reaching one inch and sixteen
hundredths. The thermometer has averaged 53.
New Orleans,
days
hun-
Louisiana.—Another report states that snow
has fallen this week in considerable quantities at points within
100 miles of New Orleans.
A six-inch snowfall is reported at
Meridian, Miss.; two inches at Jackson, Miss.; two inches at
Natchitoches, La., and a heavy hailstorm on the Teclie.
Shreveport, Louisiana.—Rainfall for the week, seventyhundredths of an inch.
Average thermometer 41 •$>
Fri.
Thurs.
Wedncs.
Tues.
Mon.
Satur.
highest 77*6, lowest 14’6.
Vicksburg♦ Mississippi.—Telegram not received.
105a
10®8
fi-5a
lOSg
10 ">8
105a
Galveston
10 4a
10 i*
108}
Leland, Mississippi.—We had a rainfall on Monday of
10*3
10 Hi
NeW Orleans.
10*8
10*8
10*8
10*8
10*8
10^ ^
Mobile
sixty-one hundredths of an inch. Snow fell on Thursday to
105a'
10»i8
109,« •
1
lo^jfl
lOO.fl
Bavannali.
the depth of five and one-half inches. Average thermometer
10H18
101116
105g —Ujfl
10^
10&H
Charleston.
33’3, highest 77 and lowest 16.
105s
1050
losg
105a
10 5s
Wilmington..
101*16
Last week it was cloudy on Saturday and Thursday, and the
11)1*16
10i*16
iCn*i6
Norfolk
1013ig
10lai6
11 la
•1P3
lllg
114*
11*4
11*4
Boston
balance of the week clear. The thermometer ranged from 30
ilfie
ll1! 6
1U16
li fie
llfie
Baltimore—
to 72, and averaged 53.
11*8
11*8
11*8
11*8
11*8
11*8
Philadelphia.
ion '
10 45
10^
10hj
Columbus, Mississippi—It has been showery on two days
10*2
loo?
Augusta
10*8
10716
107iS
107 ;6
of the week, the rainfall reaching fourteen hundredths of an
I07lfl
Memphis
107,6
10710
107,6
1u716
107i6
St. Louis
iOhH
inch. The snowstorm this week was of wide extent and here
105a
1038
10»8
105a
10*8
105*
Cincinnati...
the snow was nine inches deep.
I0*a
105a
10
105s
105*
10®8
Louisviilo....
Little Rock, Arkansas.—The weather has been fair to clear
Receipts from the Plantations.—The following table is on four days, and cloudy during the remainder of the week,
prepared for the purpose of indicating the actual movement each with rain on two days and light snowfall last night. The
week from the plantations. Receipts at the outports are some¬ rainfall reached fifty hundredths of an inch.
The thermome¬
times misleading, as they are made up more largely one year ter has averaged 34, the highest being 68 and the lowest 7.
than another at the expense of the interior stocks.
We reach,
Helena, Arkansas.—Wo have lial rain on three days, and
therefore, a safer conclusion through a comparative statement the -remainder of the week has been cloudy. The rainfall
like the following. In reply to frequent inquiries we will add reached twenty-two hundredths of an inch.
Snow is falling
that these figures, of course, do not include overland receipts this morning. The river is twenty feet below high-water mark
and rising slowly.
or Southern consumption; they are simply a statement of the
The thermometer has averaged 36, ranging
weekly movement from the plantations of that part of the crop from 9 to 60.
which finally reaches the market through the outports.
Memphis, Tennessee.—It has rained on two days of the
RECEIPTS FROM PLANTATIONS.'
week, the rainfall reaching thirty-nine hundredths of an inch.
A light snow fell on Thursday night, which was general
Week
Receipts at the Ports. St'k at Interior Towns. Rec’pts from PlanVns. throughout this section.
Average thermometer 37, highest
CLOSING QUOTATIONS FOR
Week ending
Feb. 13.
MIDDLING COTTON
ON —
two
...
..
.
...
Ending—
Nov.
Dec.
&.V.... 255,097 242,185 284,692 275,700 371,504 207,133 271,022 237,001 322,280
5...... 247,017 265,484 276,300 291,376 380,477 310,019 202,093 277,397 325,186
If
12
I*
19
«i
262,015 281,163 289,457 299,528
258,170 247,733 258,340 336,993
251,923 201,686 207,893 379,855
224,997 140,612 154,075 333,647
175,332 90.245 033,994 380,248
26.
Jan. .2.•1
II
16
41
23
H
SO
150,300
136,400
171,316
165,868
146,130
6
Feb.
II
’82-’63. ’83-’84. ’84-’85. ’82-’83- ’83-’84. ’84-’85. ’82-’83. ’83-'84. ’84-’85.
13
110,467 130,951 307,967
104,533 93,911 350,749
112,110 75,295 347,523
111,481
5.921
H
89.785 343.581
68,621 320,796
410,240 335,451 270,167 304,932
423,577 363,866 295,635 201,064
422,310 363,520 294,785 200,419
407,974 349,488 228,789 126,270
389,898 320,785 171,983 72,169
360,715 304,859 138,109' 81,284
330,900 298,080 119,182: 74,718
299,751 280,872 168,0901 80,964
282,475 271,790 161,929: 94,202
268,009 250.045 129,342i 91,515
308,889
286,755
207,547
140,043
105,291
115,023
87,132
53.087
80,703
52,870
'
The above statement shows—1. That the total receipts from
the plantations since September 1, 1884, were 4,524.228 bales;
in 1883-84 were 4,417,631 bales; in 1882-83 were 4,912,256 bales.
2.—That, although the receipts at the outports the past week
68,621 bales, the actual movement from plantations was
52,876 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 91,515 bales and for 1883 they were
129,342 bales.
Amount of Cotton in Sight Feb. 13.—In the table below
we give the receipts from plantations in another form, and add
to tiiem the net overland movement to Feb. 1, and also the
takings by Southern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
were
! 1S81-S5. ! 1883-84. I 1882-83. j 1831-82.
Receipts at the ports L* Feb. lb q-j 35,3138
Interior stocks
oil
Fee. 13 in
4,138,718 4,631,945 3,946,318
238,830, 213,913
310,311
327,029
Tot. receipts from plnntn’tns 4,£2 1.228 4,417,031
*.42,4781 414,671
Net overland to f eini.ir.v 1...
'4,942,256
j 472,320
4,273.377
337,278
excess
of September
1
Southern consumpt’n to
Total in
Northern
Feb. 1
lll.OvU1
150,100
160,001
125,000
sight February 13.. 5,1 J 0,706 5.012,302:5,571,576 1,735,655
spinners’ takings to
IVln tim y 13
........
993,-77 1,067.059 j
1,220.054 1,185,525
"~It vvlll bcTscen by the above tmu the increase in amount in sight
o-uight, as compared with last year, is m.Hit bales, the decrease
from 1882-85 is 4.63,8 70 bales, and the increase over 1881-S2 is 3 75,051
bales.
Weather Reports by
try weather has
Telegraph.—Unusually
severe
win¬
prevailed at the South during the greater part
of the week, with snow in lower
for many a year.
It is stated
latitudes than before reported
that the snowfall reached as far
south
as w
ithin 40 miles of Mobile, as
much
as
7 inches being
64 and lowest 10.
days of
hundredths of an
the highest being
Nashville, Tennessee.—There has been rain on two
the week, the rainfall reaching forty-five
inch. The thermometer has averaged 31,
64 and the lowest 1 below zero.
Mobile, Alabama.—The early part of the week was
clear
cold,
and pleasant, but during the latter portion it has been
with rain on three days.
The rainfall reached twenty-four
hundredths of an inch.
The thermometer has averaged 46,.
ranging from 27 to 76.
Mobile, Alabama.—Another report states that in all parts
of Alabama and Mississippi there has been the heaviest snow¬
storm ever recorded.
It occurred on the 11th and 12th inst.
At Columbus, Mis^., a fall of 9 inches is reported; at Eutaw,
Ala., 8 inches; atDemopolis, the same; at Selma, 7; at Mont¬
gomery, 4; at Greenville, 5, and higher up in the hill counties
as deep as 10 inches.
The .snowstorm extended to within 40
miles north of Mobile. In many towns sleighing was enjoyed,
an amusement never before indulged in.
Montgomery, Alabama.—Yesterday’s (Thursday's)” snow¬
storm was of wide extent and here the snow was over three
inches deep.
There lias been rain on four days with a rain¬
fall of one inch.
The thermometer has ranged from 15 to 79,
averaging 43.
,
Selma, Alabama.—The snowstorm this week was of wide
extent, and here the snow was four inches deep. We have
had rain on four days, the rainfall reaching one inch and fif¬
teen hundredths.
The frost we have hid will make re-plantmg of the oats crop for some districts necessary.
Average
thermometer 43, highest 72 and lowest 15.
Auburn, Alabama.—Ice formed in this vicinity on Mon¬
day, Tuesday and Wednesday, and snow fell to the depth of
three inches on Thursday. There has been rain.on three days
of the week, with a rainfall of one inch and thirty-five hun¬
dredths. The thermometer has averaged 42, the highest being
76 and the lowest 12.
Madison, Florida.—We have had rain on two days of the
week, the rainfad reaching two inches and seventy-five hun¬
dredths.
Ice formed on one day. The thermometer ha3
averaged 50. ranging from 26 to 70.
Macon,, Georgia.—It has rained moderately on three days
of the week. The thennometer has average ! 3S, the highest
being 64 and the lowest 14.
Columbus, Georgia.—There has been three indies of snow
during the week. Rain fell on two days, the rainfall reaching
ninety-two hundredths of an inch. The thermometer has
averaged 37, ranging from 15 to 67.
Savannah, Georgia.—We have had rain on three days and
the remainder of the week has been cold. The rainfall reached
one inch and seven hundredths.
The thermometer has ranged
from 22 to 71, averaging 49,
Augusta, Georgia.—We have had heavy general rain on
three days of the week, the rainfall reaching seventy-eight
hundredths of an inch. The week closes very cold and dis¬
,
reported at Eutaw, Alabama, and 9 inches at Columbus, Mis¬
sissippi. The marketing of the crop has of course therefore
been greatly impeded.
G aecestou. 'lexas.—We have bad rain on three days of the
week, the rainfall reaching thirty-nine hundredths of
inch.
Ice fi rmed on two days.
Snow fell tlii* week in every part of
the State.
rJ he thermometer has averaged 50, the highest
agreeable. Average thermometer 42, highest 60, lowest 14. ,
being 70 and the lowest 28.
Atlanta, Georgia.—Telegram not received.
Indiauola, Texas.—There has been rain on three days of
Charleston, South Carolina.—It has rained on four days of
the week, the rainfall reaching thirty-five hundredths of an
the week, the rainfall reaching one incli and sixty-nine hun¬
inch.
Ice formed on two days, and snow fell on one. The
dredths.
The thennometer has averaged 47, ranging from 23
thermometer has averaged 49, ranging from 26 to 73.
r
to 66.
Palestine, Texas.—It has rained on one day of th6 week,
days,
Statelmrg,
South
Carolina.—It
has
rained
on
three
the rainfall reaching five hundredths of an inch. Snow fell
and the remainder .of the week lias been cloudy, ex-cept on
on two day s and ice formed on four.
The thermometer has
Tuesday, which^was [clear but with high wind, * The rainfall
ranged from 15 to 73, averaging 41,
,
,—
February
THE
14, 1885.1
CHRONICLE.
Manchester Market.—Our report received from Manchester
reached one inch and thirty-three hundredths. As the week
closes sleet is falling. Average thermometer 43*3, highest 64,
lowest 16.
to-night states that the market is easy. We give the prices for
to-day below, and leave previous weeks’ price for comparison.
Wilson, North Carolina.—We have had rain on three days of
the week, the rainfall reaching eighty-seven hundredths of an
inch. The thermometer has averaged 42, the highest being
63 and the lowest 16.
The following statement we have also received by telegraph,
1884-85.
32* Cop.
Twist.
showing the height of the rivers at the points named at 3 o’clock
February 12, 1885, and February 14, 1884.
81
Feb.
d.
Dec 12 8*2 ®
“
19 8^8 ®
26 83s (t>
“
12, ’85. Feb. 14, '84.
Jan. 2
New Orleans
Memphis
Below high-water mark
Above low-water mark.
Nashville
Above low-water mark.
Shreveport
Above low-water mark.
Vicksburg
Above low-water mark.
Feet.
2
18
15
19
37
Inch.
0
2
4
5
Feet.
3
33
40
19
40
2
“
Inch.
2
2
Cotton
re-arranged
our
Movement
India service
detailed and at the
same
all
from
16
“
23
“
30
Feb. 6
“
13
7
9
4
Conti¬
Great
Britain
Total.
This
Week.
1885 5,000 10,000 15,000 20,000 G1,000
1884
10,000 10,000 74,000 93,000
1883 5,000 19,000 24,000 52,000 100,000
1882 21.000 13,000 37,000 133.000 74,000
81,000 27,000
138,000
267 000
0
6
O
O
0
®6 10k>
#6 10
'36 10L2
7
7
7
Cotton
d.
8*e ® 9
5151G 8*3 W 9
5^8
8®8 ® 9*8
8*2 ® 9
6
8*a ® 9
6
8*9 a> 9
6
8*a ® 9
Consumption
to
d.
s.
8
®7
a.
Uplds
d.
d.
2*3
11*3
5 *$ ® 6 113}
5 7
5 7
5 10
5 10
513ia
5*3ie
a>7
®7
®7
®7
1
2*3
2*a
515l6
5
5*3®7
1
5
5
7
7
5i5i«
2*3
5*8
2*3
5l3ia
5131(S
5i&i«
1
®7
®7
578
February 1.—The
Great Britain.
Continent.
Total.
For 1884-85.
1,362,000
1,200,000
446
436
607,452,000
2,562,000
440
520,800,000 1,128,252,000
For 1883-84.
Takings by spinners.. .bales
Average weight of bales....
Takings in pounds
Since
Jan. 1.
167,000 10,000
152,000 55,000
207,000 50.000
7*s®7
7l2®7
7**®7
7^7
Takings by spinners.. .bales
Average weight of bales....
Takings in pounds
Receipts.
Total.
nent.
5
5-8
83,6® 9
51316 8.3g ® 87Q 5
6
83s ® 8‘8 5
d.
Mid.
Shirtings.
d
1
0
0
d.
OotVn
8*4 lbs.
d.
«.
8
©7
7 ®7
7 m
From Oct. 1 to Feb. 1.
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR YEARS.
Tear 6treat Conti¬
BriVn. nent.
ft—Si«in
5
5
5
TJpl Is
32* Cop.
Iwisi.
follows.
impossible to keep out of our figures, as cabled to us for the
ports other than Bombay, cargoes which proved only to be
shipments from one India port to another. The plan now
followed relieves us from the danger of this inaccuracy and
keeps the totals correct. We first give the Bombay statement
for the week and year, bringing the figures down to Feb. 12.
it
Shipments this week.\ Shipment* since Jan. 1.
5
91^6 5
tUie 5
5
83s ® 9
5
S5k>—
9
4^16— 3^16
Mid.
brings us to-day (Friday) Mr. Ellison’s cotton figures,
brought down to February 1. We also give the revised
totals for last year that comparison may be made.
Spin¬
ners’ takings in actual bales and pounds have been as
We had found
accurate.
more
«.
5
9
OotVn
8*4 lbs.
Shirtings.
9is 5
European
We have
—
d.
1883-84.
cable
to make our reports more
so as
time
Ports.
9
“
New Orleans reported below high-water mark of 1871 until
Sept. 9, 1874, when the zero of gauge was changed to highwater mark of April 15 and 16, 1874, which is 6-10tlis of a foot
above 1871, or 16 feet above low-water mark at that point.
India
219
1,304,000
1,117,000
2,421,000
430
436
433
560,711,000
487,012,000 1,047,723,000
266,000
285.000
According to the above, the average weight of the deliveries
in Great Britain is 446 pounds per bale to Feb. 1 this-season,
According to the foregoing, Bombay appears to show a
compared with last year in the week’s receipts of
13,000 bales ,and an increase in shipments of 5,000 bales, and
the shipments since January 1 shew a decrease of 86,000 bales.
The movement at Calcutta Madras and other India ports for
the last reported week and since the 1st of January, for two
years, has been as follows.
“Other ports” cover Ceylon,
against 430 pounds during the same time last season. The
Continental deliveries average 434 pounds, against 436 pounds
last year, and for the whole of Europe the deliveries average
440 pounds per bale, against 433 pounds last season.
Our
dispatch also gives the full movement for this year and last
year in bales of 400 pounds each.
decrease
Tuticorin, Kurracliee and Coconada.
Shipments for the iceek.
*
Conti¬
Great
Britain.
Calcutta—
1885
Great
Britain.
Total.
nent.
1,000
2.0C0
Shipments since January 1.
6,000
Continent.
1,000
9.800
1,700
8,000
21,000
8,500
Total.
11.500
29.500
Madras—
1884
All others—
1885
1884
2,500
5,COO
i’,500
i’,500
1,000
2,000
3,000
7,5C0
500
4,000
500
2.500
5,0C0
2,000
9.500
4,000
Total all1885
1884
3,000
1,000
4,000
6,000
19,800’
30,000
4,000
10,000
3.700
8,500
23.500
38.500
The above totals for the week show that the movement from
the ports
other than Bombay is 6,000 bales less than same
week last year.
For the whole of India, therefore, the total
shipments since January 1, .1885, and for the corresponding
periods of the two previous years, are as follows:
EXPORTS TO EUROPE
FROM ALL INDIA.
1884.
1885.
Shipments
to all Europe
from—
Bombay
All other ports.
This
iceek.
Since
Jan. 1.
15,000
4,00U
81,000
23,500
Th is
week.
1883.
This
week.
Since
Jan. 1.
24.000
152,000
52,400
Since
Jan. 1.
10,000
10,90U
167.000
38,500
11,509
1884-85.
Oct. 1 to Feb. 1.
*
Bales of 400 lbs. each,
000* omitted.
Great
Conti¬
Britaiji.
nent.
1883-84.
Total.
Great
Conti¬
Britain.
nent.
Total.
8pinners’ stock Oct 1.
89,
152,
241,
124,
401,
525,
Takings in October...
409,
233,
042,
372,
199,
571,
Total supply
Con8ump. Oct., 5 wks.
498,
300,
385,
883,
496,
600,
325,
6S5,
360,
325,
1,096,
685,
193,
717,
j
136,
337,
275,
312,
401,
649,
915,
543,
1
587,
260,
1,060,
548,
"
3pinners’ stock Nov. 1
138,
60,
Takings in November.
403,
314,
Total supply
Consump. Nov., 4 wks.
511,
374,
288,
260,
|
473,
288,
#
253,
331,
114,
415,
367,
185,
327,
746,
248,
301,
512,
549,
5S4,
288,
529,
260,
1,113
518,
433,
Consump. Dec., 4 wks.
288,
628,
260,
1,061,
548,
Spinners’ stock Jan. 1
Takings in January..
296,
376,
269,
340,
565,
716,
145,
414,
263,
403,
513,
847,
672,
i,28i,- :
539,
685,
360,
771,
325,
1,360,
085,
-116,
075,
Spinners’ stock Dec. 1
Takings in December.
Total
supply
Consump. Jan., 5 wks.
360,
609,
325,
Spinners’ stock Feb. 1
312,
28 I,
Total
A
supply
:
536,
2-9,
I
striking comparison with last year is reached by
This last statement affords a very interesting comparison of bringing together the above totals and adding the average
he total movement for the three years at all India ports.
weekly consumption up to this time for the two years:
Total
19,000
104,500
20,000
205,500
35,500
204 400
Alexandria Receipts and Shipments.—Through arrange¬
we have made with Messrs.
Davies, Benachi & Co., of
Oct. 1 to Feb. 1.
ments
-Liverpool and Alexandria,
receive a weekly cable of
the movements of cotton at Alexandria, Egypt.
The following
are the receipts and shipments for the past week and for the
corresponding week of the previous two years.
Alexandria, Egypt,
February 11.
we now
18S4-S5,
-
Receipts (cantars*)—
This week
Since Sept.
8 *,000
2,953,000
1
j
j Since !
week.\ Sept. 1.
io
1
4,000(243,000
Liverpool
To Continent
10,000
*
I This
week.
!
Since
Sept. 1.
7,000 191,000
4,000 90,000-
111,OOOj
MJ,00/354,00g!
Total Europe
!
1882-83
40,000
2,457,000
|
This
Exports (bales)—
1883-81.
j
11,000 284,000
55,000
2,081,000
This
|
Since
more
Bales of 400 lbs. each.
000* omitted.
1834-85.
;
Ureal
Conti¬
nent.
j Britain
Spinners’ stock Oct. 1.
89, 1
j
■
'
24i. :
2,-2 i,
1,401,
1,008,
1,296,
1,454,
3.062, 1
1.170.
2,406,
1.525,
3,296,
312,
284,
1.519,
Supply
Consumpt’n 13 weeks
Spinners’ stock Feb. 1
596, 1
Weekly Consumption,
8,000^186,000
65,0
137,0
05.0
137,0
In December
72,0
72,0
72,0
In January
72.0
65,0
In November
3,000| 59,000
11,000^5.000
22!,.
Conti¬
nent.
401,
1,215,
Total.
525,
2,616,
1,616, 3,141,
1.170,
446,
2
406,
675,
|
00s omitted.
To October
124,
152,
1,302,
Takings to Feb. 1.
j week. ! Sept. 1
| Ureal
j
! Britain
!
Total,
1
1833-81.
1
f
137,0
65,0
!
137,0
,
72,0
;
72,0
72,0
72,0
65,0
65,0
65,0
65,0
137,0
137,0
137,0
137,0
A. cantar is 98 lbs.
This statement shows that the receipts for the week
Feb. 11 were 85,0002cantars and the shipments to all
14,000 bales.
-
„
ending
Europe
The
foregoing shows that the weekly consumption in Europe
137,000 bales of 400 pounds each, against 137,000 bales
of the same weight at the_ corresponding time last year. The
is
THE CHRONICLE.
220
[Vol. XL.
3*2
1884-85.
1883-84.
1881-82,
1882-83.
1880-81.
1879-80.
spinners’ stocks in Great Britain and on the Continent
have increased 31,000 bales during the month, but are now Tot. Jn.31 4,137,962 3,967,666 4,267,300 3,741,549 4,025,800 3,768,011
8.
12,592
22,962
8.
21,924
13,650
Feb. I....
79,000 bales less than at the same date of last season.
22,580
18,075
11,049
30,723
2....
14,678
10,449
Agricultural Department Report on Cotton Feb. 1.—
21,769
S.
22,348
20,354
20,977
3....
15,848
27,938
Bd
15,208
10,059
19,676
The Agricultural Department issued on February 10 a report
4...,
14,439
8.
15,582
26,031
35,832
16,604
5....
9,087
on the marketing of cotton up to the 1st instant, the close of
a.
16,697
21,929
26,666
18,847
28,992
6....
the picking season, and the product compared with the pre¬
11.289
18,808
14,970
20,763
17,453
8,862
7...
vious season.
The report is as follows :
8.
23,485
23,038
12,207
S.
24,223
8...
“The February cotton report of the Department of AgricuT
34,438
40,557
13,721
13,350
17,925
9....
11,972
ture makes the proportion of the crops sent to market from
S.
12,915
19,496
17,049
18,730
10....
10,601
8.
18,057
the plantations on the 1st of February 89^ per cent of the
10,622
27,674
19,319
11....
8,348
8.
17,632
15.790
29,688
25,147
crop, leaving 10% to be marketed.
Virginia, North Carolina,
12...
11,257
Florida and Louisiana report 90 per cent, Texas and Georgia
8.
25,523
26,599
15,440
10,975
13....
14,581
91, South Carolina 92, while Mississippi returns 89 per cent,
Total
4,285,398 4,156,806 4,556,291 3,900,379 4/279,955 3,983,518
Alabama 87, and Arkansas and Tennessee 86.
“The average date of close of picking is earlier than last Percentage of total
79-66
72-86
75-69
82-61
85-69
portrec’pts Feb. 13
year by six days in Virginia, three in North Carolina, three
in South Carolina, one in Georgia, three in Mississippi, ten in
This statement shows that the receipts since Sept/1 up to
Texas, eight in Arkansas and ten in Tennessee. The date is
the same as last year in Florida and Alabama.
tonight are now 128,592 bales more than they were to the same
The averages of the dates reported are : Virginia, Decem¬ day of the month in 1884 and 270,893 bales less than they were
ber 6 ; North Carolina, November 25; South Carolina, Nov.
to the same day of the month in 1883.
We add to the table
20 ; Georgia, November 19 ; Florida, November 30 ; Alabama,
the
percentages
of
total
which
had been received
port
receipts
November 24, Mississippi, November 23; Louisiana, Novem¬
ber 28 ; Texas, November 20 ; Arkansas, December 4 ; Tennes¬ to February 13 in each of the years named.
see, November 30.
Shipping News.—The exports of cotton from the United
From the returns of product, compared with last year, an
States
the past week, as per latest mail returns, have reached
aggregate crop of about five and two-thirds millions of bales
is indicated, or about 99 per cent of the crop of last year, and
97,898 bales. So far as the Southern ports are concerned, these
but slightly differing from the indications of the December
are the same exports reported by telegraph, and published in
report. The comparison is as follows, by States : Virginia,
With regard to New York we
90; North Carolina, 101; South Carolina, 112; Georgia, 101; the Chronicle last Friday.
Florida, 102 ; Alabama, 106 ; Mississippi, 98 ; Louisiana, 97 ; include the manifests of all vessels cleared up to Thursday
Texas, 89 ; Arkansas, 99 ; Tennessee, 101. West of the Mis¬ night of this week.
Total bales.
sissippi there appears to be a reduction in product, notwith¬
New York—To Liverpool, per steamers Biela, 1,369—Celtic,
standing the increaseof acreage.”
City of Chester, 2,233
1,686
City of Richmond, 1,748
9,408
....Memuon, 1,007. ...Servia. 1,360
New York Cotton Exchange.—The renting of the offices
To Havre, per steamer Labrador, 367
367
in the new building, referred to on 31st ult., has, so far, been
To Bordeaux, per steamer Chateau Margaux, 400
400
To Bremen, per steamers Elbe, 825
Fulda, 1,186
2,011
quite satisfactory. Of the 96 rooms offered, about two-thirds
To Hamburg, per steamer Rugia, 513.
513
To Ant werp, per steamers Heimdal, 350. —Rhynland, 295
been
have
645
taken, not by the cotton trade wholly,
New Orleans—To Liverpool, per steamers Carmona, 5,650
but some also by lawyers and others. New applications
Floridian, 5,370
Haytien, 3,700
.Kepler, 3,201
Professor, 4,254
Mexico, 4,060
per barks Gloria,
are daily received, so that there is a good prospect of renting
3,110
Jane, 2,100
31,445
all the rooms.
The work of finishing the interior is progress¬
To Havre, per steamer Rouen, 5,744
per ship Esther Roy,
5,008
per bark Gregori A., 2,812
13,564
ing rapidly, a large number of hands being employed to expe¬
To Bremen, per ship Friedrich, 4,905
4,905
To
Rouen, 400..
831
Antwerp, per steamers Dracheiifels, 431
dite the same, and the whole will be completed by or before
To Genoa, per barks Maria Benvenuto, 1,636
Nuovo
the 1st of May next. The large room, thirty-five feet high,
2,056
Mondo, 420
■
Mobile—To Liverpool, per bark Sokoto, 3,021
3,021
appropriated for the use of the Cotton Exchange, furnished Charleston—To Liverpool,
per barks Brilliant, 1,743 Upland
and 390 3ea Island....Saga. M48 Upland
3,981
with a visitors’ gallery above, is much admired.
Many of the
To Bremen, per steamer Victoria, 4,374 Upland
4,374
offices on the six higher lloors have the benefit not only of
To Antwerp, per bark Minerva, 1,675 Upland
1,675
Galveston—To Bremen, per bark Diaz, 2,420
per brig
excellent light and air, but also of an extensive view.
3,445
Kjelland, 1,025
To Vera Cruz, per steamer Whitney, 270
270
Jute Butts, Bagging, &c.—There has been a good demand
Norfolk—To Liverpool, per ship Adolphus, 4,7eO—per barks
for bagging since our last and prices are a shade firmer in tone.
Queen of the Fleet, 2,567—Semantlia, 3,2-5
10,492
Boston—To Liverpool, per steamers Bavarian, 1,495
Mis¬
Buyers are taking hold rather more freely, though the lots
souri, 769
Roman, 771
3,035
To Halifax, N. S., per steamer Jesse II. Freeman, 35
;...
35
continue small, and few orders are being placed for large
To Annapolis and Digbv, N. S., per steamer Cleopatra, 39...
39
parcels. Sellers are now asking rather higher figures and Philadelphia—To Liverpool, per steamers British Crown, 494
Lord Gough, 892
1,386
sales of several hundred rolls are reported at 9c. for 1% lbs.,
Total
97,898
9%c. for V)i lbs., 10'(c. for 2 lbs. and 11c. for standard grades.
Butts are in good demand and prices are about as last reported,
The particulars of these shipments, arranged in our usual
spot parcels of paper grades finding takers at 1 11-16@1 13- 16c., form, are as follows:
Halifax,
while bagging qualities are quoted at 2@2}.<c.
To arrive, a
Havre Bremen
Annaptotal
“
“
44
44
44
44
44
i J
44
44
44
44
’
44
-
“
l!';
“
.
....
,
Liver-d Bor-d: Ham-
shade less would be accepted.
■pool,
Receipts’and Daily Crop Movement.
—A comparison of the port movement by weeks is not accurate,
as the weeks in different years do not end on the same day of
the month.
We have consequently added to our other standing
tables a daily and monthly statement, that the reader may
constantly have before him the data for seeing the exact relative
for
the years named.
movement
The movement since
September 1, 1884, and in previous years, has been as follows:
Comparative Port
Monthly
Receipts.
Year
1884-S5.
1883-31.
Beginning September 1.
1882-83.
1931-82
458,473
968,318
974,043 1,006,501
996,807 1,020,802
487,727
571,701
Sept’mb’i
429,777
October.
S53,195
326,656
313,812
315,445
9S0.5S4
1,090,335 1,046,092
Novemb’i 1,122,164 1,030,380 1,094,697
DeceinbT 1,101,211 1,059,653 1,112,536
January
475,757
487,729
Total year 4.137,962 3,967,666
Perc’tage of tot. port
receipts Jail. 31..
81-80
752,827
1880-81.
1879-80.
333,613
888,492
942,272
956,464
647,140
4,267,300 3,741,549 4,025,900 3,768,011
*
70-89
This statement shows that up to
79-27
63-53
75 34
Jan. 31 the receipts at the
ports this year were 170,296 bales more than in 1883-84 and
129,338 bales less than at the same time in 1882-83. By adding
to the above totals to January 31 the daily receipts since
shall be able to reach an exact comparison of
the movement for the different years:
that time,
!
we
dcuiix.
New York.
9,408
767
N. Orleans. 31,445 13,564
3.021
Mobile
Charleston.
3,981
Galveston
Norfolk.... 10,492
3,035
Boston
...
.
Ant-
4,905
werp.
6 45
831
4,374
i’,673
2,524
c»,
Genoa.
Vera oils' dCruz. Digby.
2,056
270
4 lo
62.768 14,331 15,248
Total.
13,344
52.801
3,021
10.030
3,715
10,492
3,109
1,386
1,3 s 6
Pliiladelp’a
Total..
bura.
3,151
2,056
270
74
Below we add the clearances this week of vessels
cotton from United States ports, bringing our data
the latest dates:
97,898
carrying
down to
Galveston—For Liverpool—Feb. 9—Bark Frank, 1,020.
New Orleans—For Liverpool—Feb. 6- Ship Aliroma, 4,280—Feb. 7—
Bark Enterprise. 900
Feb. 9—Steamer Leonora, 5,950; ship
Prince Louis, 2,420
Feb. 10—Steamer Niceto, 5,156
Feb. 12
—Siiip Charles, 5.185.
For Havre—Feb. 11—Bark Miriam, 3,70S.
For Barcelona—Feb. 7—Steamer Heruan Cortez, 3,200
Feb. 9—
Briir Alina. 700.
Mobile—For Liverpool—Feb. 7—Bark
Bark Robert A. Chapman, 3,082.
Carrier Dove, 3,311....Feb. 12-
Charleston—For Liverpool—Feb. 11—Bark Pohona, 2.544.
For Barcelona—Feb. 10-Bark Micliele Picasso, 1,500
Bark Luigi Ruggiero, 1,546.
Savann\h—For Liverpool—Feb.
Wilmington—For Liverpool—Feb 6—Bark Jafuliar,
For Amsterdam - Feb. 6—Bark Speranza, l,8l)0.
Boston—For
1,738.
Liverpool—F -b. 7—Steamer Plantain, 4,689;
Gill, 3,074.
Liverpool—Feb. 4—Steamer Iowa, 871
Bigelow, 3,007 ; bark John
Feb. 12—
11—Bark Betty, 1,998
Ship Van loo, 5,2-7.
Norfolk—For
Feb. 11-
Ship Bertie
Feb. 6—Steamer
Ceplialouia, 1,089.
For Aunanolis and Digby—Feb. 7—Steamer Cleopatra, 50.
Baltimore—For Liverpool—Feb. 9—Steamer South Cambria, 203.
For Bremen—Feb. 11—Steamer America, 1,803.
Philadelphia—For Liverpool—Feb. 10—Steamer British Prince, 280.
221
THE CHRONICLE.
14, 1886. J
February
change in prices. There has, however, been some irregularity.
high grades have been in comparatively full sup¬
Fri
ply, and the tendency of prices has been in favor of buyers,
Wednes. Thurs.
Tues.
Mon.
Satur.
causing slight concessions in prices; but for the better snip¬
Liverpool, steam d. %*%4* %®904* 4®964* %*964* %*964* %®904* ping grades, such as good No. 1, the export demand has been
Do
1 sail...d.
good, and these have had a ready sale at full prices. The
Havre, strain....c. 516“ll32* sie-^aa* 516-U32* 516-U32* 516“1132* 51Q-1132‘ market to-day is without new feature.
The wheat market has developed only a moderate degree of
Do
sail
c.
716*
716*
718*
71B*
716*
activity to the speculation in futures, and the fluctuations in
Bremen, steam..c.
716*
Do
c.
sail
prices have been within an unusually narrow range—opening
was somewhat depressed, but purchases for export, here and
5ie*
510A
516*
616*
516*
516*
Hamburg, steam.c.
the out ports, which transpired early in the week, and reported
Do
sail—c.
45*501 45® 501
to aggregate about half a million bushels, gave renewed con¬
Amst’d’m, steam.c. 45*501 45*501 45*501 45®50>
fidence
to the ‘‘bull” party, and a slight upward tendency
sail.-.c.
Do
was exhibited.
This checked the movement in wheat on the
%®932'
%®932*
%*>932*
%®932*
4o>932*
Reval, steam—d.
spot; even the local millers bought sparingly; still, although
Do
sail
c.
932*
932*
speculation became dull, no decided decline in values took
932*
932*
932*
932*
Barcelona,steam.c.
4*
4*
4*
place, and to-day with rather stronger cablegrams from Eu¬
4*
4*
4*
c.
Genoa, steam
4*
4*,
4'
rope there was a slight advance, but the movement was not
4"
4*
4*
Trieste, steam...c.
4* %®964* %*%4* active, and prices receded.
Antwerp, steam..c. %*%4* 4®964* 4®9fi4‘
the past week have been as follows:
Cotton freights
♦
....
....
....
•
....
....
....
....
....
....
....
....
....
....
....
....
....
m *
....
....
....
•••
....
....
....
....
....
....
•
• •
....
....
...,
....
....
....
....
«
•
The extreme
*
•
•
•
•
Liverpool.—By cable from Liverpool, we have the following
statement of the week’s sales, stocks, &c., at that port.
We
add previous weeks for comparison.
Actual export
Forwarded
Total stock—Estimated
Of which American—Estim’d
Total import of the week
Of which American
Amount afloat
Of which American
Feb. 13.
Feb. 6.
Jan. 30.
Jan. 23.
bales.
Sales of the week
Of which exporters took
Of which speculators took..
Sales American
33,000
3,000
4,000
51.000
3.00U
44,000
3,000
6,000
27.090
4,0 )0
25,000
741,009
537,000
76,00 >
35.000
4.051'
29 090
4,090
599,090
153.000
111,000
324,000
300,000
59,0i>0
373,000
355,000
4.000
4,009
23,000
37,000
10.009
26.000
860.00c
643,000
115,000
95,000
299,000
270.000
901,000
687,000
106,000
87,000
280,000
248,000
3,000
26,090
823,000
38,000
Liverpool market for spots and futures each
day of the week ending Feb. 13, and the daily closing prices
of spot cotton, have been as follows:
The tone of the
Market,
12:30 p.m.
^
Not much
j
doing.
In
Dull.
inquiry.
6
6
6
6
6l16
Ghe
GLfi
6>16
G^fl
6,000
8,000
7,000
8,000
7,000
6.000
500
1,090
1,000
1,000
1,500
1.000
Dull.
Futures
j
1-64 <iecline.
Market,
{
Steady.
\
1-64 ad¬
1-64 de¬
1-64 ad¬
vance.
cline.
vance.
Dull at
1-64 de¬
cline.
Steady.
Quiet
but
8teady.
Steady
Quiet at
)
12:30 p.m.
P. M.
favor.
favor.
6
Market,
5
buyers’ In buyers’
6
Spec.&exp.
.
Frxdau.
GlIfi
Mid. Upl’ds
Mid. Orl’ns.
Sales
Small
Moderate
demand.
Thursd’y.
Wednes.
Tuesday.
Saturday Monday.
Spot.
Dull at
at
-steady
Quiet
but
Arm.
NO. 2 RED WINTER WHEAT.
Thurs.
Wed.
Tues.
92
92
92
DAILY CLOSING PRICES OP
t Per 100 Lbs.
Compressed.
at
Quiet
but
firm.
steady.
The opening, highest, lowest and closing prices of futures at
Liverpool for each day of the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unless
otherwise stated.
5 62 means
Gkths, thus:
and
HCSF* The prices are f/iven in pence
5 62-64d., and 6 03 means 6 3-64d.
Mon.
91 %
89%
90%
Sat.
In elevator
...
February delivery
March delivery
April delivery
May delivery
June delivery
0*314
89%
90*8
923s
91%
93%
94%
Olig
95
89%
90%
92%
89%
90%
91
93%
94%
92
94%
Fri.
92
89%
90%
92%
92
93%
93%
94%
94%
-
-
-
•
90%
Indian corn futures opened the week dull and unsettled.
The diversion of the attention of shipp ?rs from corn to wheat
had a depressing influence.
Yet there was no itnportaut de¬
cline, and when it was seen that there were large shipping
contracts for February to be filled, there was a revival of specu¬
lation, which developed to-day into something of a “corner”
on No. 2 mixed for prompt delivery,
with prices making a
sharp advance, with a buoyant closing. White corn has be¬
exceeding scarce; as high as Goc. has been paid for
a fair movement in Western at prices in our
range.
Yellow is not much wanted.
come
Southern, with
NO. 2 MIXED CORN.
DAILY CLOSING PRICES OP
Inelwator
February delivery
March
50*4
50%
5o%
49%
404
49%
40
delivery
April delivery.”
May delivery
Jmie delivery
50
50
49%
494
49 4
48%
49
484
494
Thurs.
Fri.
50
50%
524
504
40 4
50%
494
514
494
Wed.
Tnes.
Mon.
Sat.
49
48%
484
494
48%
48*%
494
404
48%
Rye has been quiet and prices are somewhat uncertain, but
quotations are continued as nominally unchanged. Birley
has been more active at rather better prices.
Choice No. 1
Canada is not in market.
Choice G-rowed Sfcat < is scarce.
Birleymalt is quoted at G5@30c. for Western, 70@85c. for
State and 90c. @$1 for Canada per bushel.
O its have not shown much speculative interest, and, the
local trade being dull, prices were somewhat dopressed and
unsettled.
To-day, however, there was a much better market.
The early decline in oats on the spot was mostly rec ivered,
and the speculative interest was quite brisk, with No. 2 mixed
closing at 37c. for February, 36££c. for March, 3G}£ ;. for April
and 3GV£c. for May.
The purenases to-day included a large
quantity for shipment to London.
The following are closing quotations :
FLOOR.
^ bbl. $2 45® 2 35 j Southern bakers’ and
family brands
$4 80 * 5 50
Superfine
2 SO* 3 10
Sp ing wheat extras. 3 lc® 3 35 Rve flour, superfine.. 3 60* 3 85
Fine
Sat. Feb. 7.
Mon., Feb. 9.
Tues., Feb. 10.
Open High Low. Clos.
Open High Low. Clou.
<>pen. High Low. Ulon
d.
d.
d.
5 61
561
561
5 62
| 5 63
! 5 63
501
6 00
5 63
0 00
5 01
5 61
501
501
6 01
;
6 02
6
01
0 02
0 01
6 01
6 00
6 00
6 05
6 05
|
6 01
6 05
6 06
6 05
6 0 5
0 05
0
05
0 01
6 04
6 08
6 08
! e oo
6 10
6 00
6 10
0 08
0 08
0 0~>
0 08
Spring,per bush.
1
0 11
6
1
0 11
Sprlug No. 2
Feb.-March. 5 62
5 62
5 62
March-Apr. 6 01
6 0!
601
April-May..
6 05
<1 05
May- func..
6 08
6 08
Oct.-Nov..
Nov.-Dee...
d.
4
6 12
6 1:
6 12
6 12
6 12
6 14
6 12
0 14
6 11
6 15
6 15
6 15
6 15
6 15
6 17
6 16
6 17
6 15
0 15
0 15
6 15
6 10
6 20
6 20
6 20
0 20
0 18
6 IS
0 18
0 18
6 19
6 10
,
•
.
•
•
,
....
.
....
....
....
....
....
....
.
.
....
..
.
...
....
....
....
....
,
....
....
•
.
....
....
....
....
-
Dec.-Jan....
....
...
Wcilne*., Feb
.
....
"
Openl High
j
..
...
.
Fri., Feb. 13.
Low. Clos.
Open
High\Lnw.
Cuts
4.
d.
5 02
5 00
5 02
5 02
5 nO
5 n0
5 00
5 00
5 '0
5 02
5 00
5 02
5 63
5 03
5 03
5 03
5 03
0 00
5
3
6 00
6 0<
H01
0 01
0.3
6 04
0 04
0 04
0 04
0 07
0 07
0 07
0 07
0 07
0 08
0n7
0 08
0 10
0 1 )
0 10
0 10
0
10
0 12
0 l •
0 12
Chicago
d 14
0 14
0 14
0 14
0 14
0 10
0 14
0 10
Milwaukee
0 17
6 17
0 17
0 i;
0 17
0 10
0 17
0 10
Toledo
5 02
j
01
6 01
0 01
April-May..
May-June..
0 05
0 05
6 05
6 05
i
6 08
6u8
6 08
0 03
June-.i uly..
0 12
6 12
0 12
0 12
j
July-Aug...
6 15
0 15
0 15
0 1
Aug.-Sept...
Sept.-Oct.
0 IS
0 10
010
0 10
J
j
J
*
iecexpts at—
....
....
....
....
•
•
•
•
....
•
•
•
•
....
....
....
131,316
..
Cleveland.
....
....
....
....
....
....
..
..
....
Oct.- Nov....
St. Louis
..
....
Peoria
....
...
....
....
...
....
BREADSTUFFS.
Friday, P. M„ February 13, 1885.
The flour
market has
been
Si
5 >
52
55
GO
50
.
...
05
*
63
70
3G
37
37
38
53
a
Oats—Mixed
...
...
72
a
*
38%
White
No. 2 mixed
No. 2 white
Buckwheat.
Bariev—No. 1 Canada. 88
...81
No. 2 Canada
62
State, two-rowed.
70
State, six-rowed..
93
*1 03
97
a
*
53
n
53
G J
a)
a
61
ft
53
a>
...
...
...
...
...
...
41
®
ip
ft)
*
55
*
83
*
G5
*
73
93
breadstuffs to market is indicated in the
the figures of the New
Wheat.
Oats.
Corn.
lhs\
Rush.5Hlhs
441,417 j
284,0 73
1,794.117
Bush.ftO
{
Rye.
Bariey.
Rusn.32 ;tt» RnshASlt). Bmn.5* Vs
131,703
ij
38 257
4'>,050
3,0:0
5.0S8
510
21,341
90 5,122
227,1
16,110
4,100
2.854
3,414
206.785
21,120
97,487
110. ’03
77.741
23.100
6.000
13,733
2.000
28.980
313 420
1,217.880
170.703
77,192
13.203
1.100
19 640
437,800
353,003
30,030
29,500
12,547
41.500
■a
....
Duluth
week under review, and
Flour.
Bb/.s. 19016 V
Detroit
....
2 10
the receipts at Western
lake and river ports, arranged so as to present the compara¬
tive movement for the week ending Feb. 7 and since Aug. 1
tor each of the last three years:
d.
o
The movement of
92
80
n
...
State
statements below, prepare! by us from
York Produce Exchange. We first give
5 00
0 01
Dec.-Jan
White
Corn—West, mixed
Vest. mix. No. 2.
West, white
Waite Southern..
Yellow Southern.
d.
5 i 2
n\ 00
82
....
rind winter, No. 2
Red winter
5 00
i.
190*
100 lbs
i-tye—Western
d.
d.
3 30
Buckwheat Jlour per
Wheat—
0 00
d.
5 02
®
Brandywine. &e.
4 70
3 50*
3 00* 3 15
Western, &c
4 50* 5 25
4 65® 5 85
2 80
GRAIN.
!
d.
5 62
March-Apr.
Nov.-Dee...
South’ll com: extras..
2 50*
Fine
Horn meal—
4 80
3 25® 4 75
\!uy suipiiusex
5 00 •5 00
d.
5 02
d.
....
Thurs., Feb. 12.
11.
Open High Low. Clos.
February... 5 02
Feb.-March. 5 02
A XXX..
d.
0 00
5 62
6 10
Waiter XX.
Patents
d.
5 63
5 62
June-July..
July-Aug...
Aug.-Sept...
Sept.-Oct...
3 10* 3 35
d.
d.
5 62
February...
3 89®
Wintershipp’gextras.
6 00
d.
d.
5 *‘2
d.
Minn, clear and stra’t.
exceptionally quiet for the
there has been scarcely a quotable
132,000
......
Tot. wk. ’85
184,107
Same wk. ’84
143 292
Same wk. V-3
172,000
Since
1,543,034
455,092
848,590
******
*
******
3,609.275
2,005,520
1,567 238
483 877
97,577
8S1.U78
345.358
79,848
1,847,475
495,700
201.903
48,233
i
35.277.512
12,121317
3.003,139
00,240,0 i\
45,375.501
35,935.427
13 22) 1)2
5,09 s, 213
29,250 097
10,030,103
2,840.459
July 28
1
1834-5
5.801,126
1833-4
5,315..t51
80.310 917
55.267,097
1882-3
5,003.350
50,546,079
53.110.82
THE
222
CHRONICLE
the several seaboard ports for the week
1885, are shown in the annexed statement:
The exports from
ending Feb. 7
Exports
from
,
Corn.
Flour.
Oats.
Bye.
Bush.
Bush.
Bbls.
Bush.
Bush.
300,767
110,483
205,270
592,950
Wheat.
Domestic Cotton
continued
Peas.
—
New York
Boston...
80,018
59,327
32.86.8
40
Goods.—The export trade in cotton goods
fairly satisfactory, the week’s shipments from this
port having been 5,429 packages, including 4,038 to China, 272
to Argentine Republic, 203 to Brazil, 199 to Hayti, 161 to Great
Britain, 150 to Arabia, 98 to U. S. of Colombia, &c. * The com¬
Bush.
.
2,006
9,399
[Vol. XL.
mission houses experienced a steady but strictly moderate
demand for brown, bleached and colored cottons, and a fair—
though by no means active—trade in these fabrics was done
by leading jobbers. Agents’ prices for plain and colored cot¬
tons remained firm as regards the best makes, and Nashua R
13,572
182,000
118,000
15,766
565,318
43,000
and E brown sheetings were slightly advanced. Print cloths
730
44,614
376,313
2,300
were only in moderate demands but prices ruled steady on the
167,333
70,042
basis of 3?3^c. lesstl per cent for 64x64s spots, 3^0. flat for 64x64s
66,668
54,013
59,867
“contracts” and 2%c. for 56x60s. Prints have shown less an¬
Total w’k.
852,862 1,981,281 162,510
S'rne time
imation than of late, but sales coupled with deliveries on ac¬
139,567
10,626
2,734
143,637
712,905
907,605
1884.
count of recent and back orders reached a fair aggregate
The destination of these exports is a3 below.
We add the amount. Ginghams and woven wash fabrics, as chambrays,
seersuckers, jacguards, &c., continued in fair request, but less
Corresponding period of last year for comparison:
buoyant than a short time ago, and there was a steady move¬
Corn.
Wheat.
Flour.
ment in white goods, quilts and table damasks.
Exports
Domestic Woolen Goods.—Although there was no decided
1884.
1885.
1384.
1885.
1884.
1885.
far week
Week.
Week,
Week,
activity in any branch of the woolen goods market, a moder¬
Week,
Week,
Week,
toFeb. 9.
Feb. 7.
Feb. 9.
Feb. 7.
Feb. 9.
Feb. 7.
ately enlarged business was done in some descriptions. Rough¬
faced overcoatings, also low grade all-wool and cotton warp
Bush.
Bush.
Bush.
Bush.
Bbls.
Bbls
592.558
beavers, were in better demand, and considerable orders for
1,617,878
451,113
618,5
S
2
112,455
131,778
Un.King.
67,901
338,381
such fabrics were placed with agents—opening prices being
451,265
6,036
223,280
1,877
Contin’ut
250
13,925
46,403 somewhat below last year’s quotations.
12,742
9,515
S.& C. Am
Spring cassimeres
4,818
9,497
11.183
W. Indies
13,487
and worsted suitings were distributed in small parcels to a
1,600
3,815
Brit, col’s
2,G50
Portland.
Montreal.
Pliiladel..
Baltim’re
N. OtTns.
N. News.
97,370
64,662
19,606
..
and there was some inquiry for heavy
weights
for
next
fall;
but few transactions in the latter were
712,90.5
852,562
907,505 2,931,284
162.560
143,687
Total...
reported, because agents are not yet ready to show full lines
By adding this week’s movement to our previous totals we of new goods. Cloakings ruled quiet, but there was a lib¬
eral movement in Jersey cloths, leading makes of which are
have the following statement of exports tki3 season and last
sold in advance of production. Satinets were in irregular
season:
demand, and Kentucky jeans and doeskins were dull in
Corn.
Wheat.
Flow.
agents’ hands and sluggish in jobbing circles. Both wool
1883-4.
1884-5.
1883-4.
and worsted dress goods were less active, and the demand for
1884-5.
1883-4.
1884-5.
Kasports since
flannels and blankets was confined to relatively small parcels
Aug. 25, to— Aug. 25 to Auj. 27 to Aug. 25 to Aug. 27 to Aug. 25 to Aug. 27 to
Feb. 9.
'Feb. 7.
Feb. 9.
Feb. 7.
Feb.
9.
Feb. 7.
needed for immediate distribution.
Foreign Dry Goods continued in irregular demand, and
Bush.
Bush.
Bush.
Bbls.
Bush,
Bbls.
2,592,500 15,430,588 13,427,725 13,055,593 14,233,114 upon the whole quiet.
Dress goods were in steady request,
2,857,509
CJn. Kingdom
3,945,290
3,301,211
but the general demand for silks failed to realize expectations.
192,175 14,399,097
8,557,495
231,427
Continent...
831
771,813 White goods and imitation laces were in fair request by dis¬
603,944
302,620
43,234
871,825
S.&C. Am...
207,044
180,918
26,078
397,340
357,820
Weet Indies.
tributers and the manufacturing trade, but the demand for
86,928
140
41,033
8,010
319,009
318,218
Brit. Col’nles
housekeeping and tailoring linens was comparatively small,
110,925
61,124
5,577
14,559
17,199
18,278
Oth. oountr’B
and handkerchiefs were in only moderate request. Hosiery
3,811,333 29,891.343 22.026,316 17,246,903 19,355,112 and gloves were relatively quiet, most of the principal buyers
4,193,878
Total
having completed their early purchases. Hamburg embroid¬
The visible supply of grain, comprising the stocks in granary eries were in moderate request at first hands, and a large dis¬
at the principal points of accumulation at lake and seaboard tribution of these goods was made
through the auction rooms
norts, and in transit by rail and water, Feb. 7, ’85, was as follows: at prices which were seemingly satisfactory to the owners,
Barley,
Rye
Oats,
Corn,
Wheat,
judging by their willingness to sell duplicates on the basis of
bush.
bush.
bush.
bush.
bush.
In store at—
the figures obtained.
46,256
216,953
247,943
585,989
6,195,569
York
New
Do
afloat (est.)
Albany
Buffalo
48,263
64,991
1,500
7,000
1.738,000
14,977,828
Chicago
Do
afloat
142,313
7,800
Newport News...
Milwaukee
4.571,401
....
.
Duluth
...
940,938
165,Ot'O
192,625
11,700
105,000
125.000
'
722,270
362,000
22,000
132,107
105,916
104,710
17,553
o
PhUadelphia
Peoria
Indianapolis
Kansas City
Baltimore
Down Mississippi,
On rail
49,271
35,186
80.000
916,291
17,038
,
10,013
241,590
E
—
p
7,979
35,942
2,500
e-t
4,253
t?
£
2
gn
m2
2
B
o
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—
Misoel Flax. Silk. Cotro Wool Manult
379,513
2*1.515
to
M —
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315,847
88,600
5,026
3,995
19,278
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43,535,036
42,653,259
32,131,941
22,188,094
18,134,223
DRY
2,509,247
10,823
746,410
7,339,583 3,001,126
6,338.113 2,532,408
13,253,219 5,311,462
10,576.733 4,029.082
17,887,770 2,933,208
GOODS
14,500
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1,666,924
1,628,000
2,538,980
1,929,054
2,671,880
29,771
519.711
511,253
2,432,476
1,556,401
1,167,792
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TRADE.
jobbers’ hands continued slow. In wide sections
of the country the weather was very cold and stormy, stop¬
ping for days nearly all railway traffic throughout the Westconditions decidedly unfavorable for the distribution of spring
and summer goods. The re-order demand from interior mar¬
kets was consequently light, and buyers on the spot were
neither numerous nor liberally inclined.
The tone of the
woolen goods market lias slightly improved, inasmuch as
intending buyers have shown less apathy than of late, but no
material increase in the volume of business can be reported
under present circumstances. In other descriptions of foreign
and domestic goods the situation is practically unchanged,’
and though (as above stated) the demand was less active, val¬
ues are substantially unchanged and generally steady.
M
.
•
•
|
o
£
•
© •
•
^
•
©.
®:
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g. : p: s
42,900
124,262
157,696
35,200
9.605
622
2.086
during the past week a very marked re-action
from the comparative activity lately noticed in the commission
and importing branches of the dry goods trade, and the move¬
fsfpi
mm
I : Pi I
:
B
p
205.497
36.033
Friday, P. M., February 13, 1885.
There
I,
—
4-*
1,453
THE
12,850
13,476
©
260,800
846,085
5,739
85,100
575,828
265,056
Montreal
H
H
6,089
56,590
1,500
2,100
167,495
24,948
97,186
Boston
Toronto
Importations of Dry Goods.
importations of dry goods at .this port for the
ending Feb. 12, 1885, and since January 1, and the same
for the corresponding periods are as follows:
The
61,845
19.599
393,216
2,200
9,000
178,137
2,630,997
Tot. Feb. 7/85.
Tot. Jan.31/85.
Tot. Feb. 9, ’84.
Tot. Feb. 10/83.
Tot. Feb. 11/82.
1,973,694
136,831
27,347
48,000
44,000
5,000
moderate amount,
5.661,000
2,940,237
Toledo
Detroit
Oswego
St. Louis
Cincinnati
1,322
4,977
678
26
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