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:
Jj>3
AND
HUNT'S
fj
MERCHANTS*
-
■
MAGAZINE,
^ Wfffcla gU w * p a ye r,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
VOL
26.
SATURDAY. FEBRUARY 16, 187a
C ONTENTS.
THE CHRONICLE.
Western Investments and Life In¬
surance.
Production and Movement of the
Precious Metals.....
155
Latest Monetary and Commercial
151
Papal Conclaves—The Election of
a Pope
152
Engraving and
Printing.
153
English News....
Cothmerdal
Public 98. Private
and
Miscellaneous
157
159
News
THE BANKERS* GAZETTE.
I Quotations of Stocks and Bonds. 153
i Investments, and State, City and
Money Market, U. S. Securities,
Railway Stocks, Gold Market,
Foreign Exchange, N. Y. City
j
Banks, National Banks, etc..... 160 |
164
Corporation Finances....
167 I Dry Goods
Cotton
1S7
172
Braadstaffa
178
178
J Imports and Exports
<$!)* Financial
<£tjronule.
Chronicle is issued
The Commercial
and
day morning, with the latest
TERMS OF
news up
an
Satur¬
to midnight of Friday.
SUBSCRIPTION-PAYABLE IN ADVANCE!
For One Year, (includingpostage)...
$10 20.
Annual subscription in London
Six mos.
do do
£2 5s.
For Six Months
6 10.
(Including postage)
in respect to interest. Admirers of Chicago were fond
of saying, as a proof of that city’s vitality, that after the
fire scarcely any interruption of interest npon the loans ,
made there
by Hartford was experienced; and it is now
peculiarly interesting to be informed, in an official way,
jnst what has been the experience of the companies with
Western loans.
The report
before ns passes rather slightly the matter
municipal bonds, saying simply that “ the Connecti¬
cut companies have been in general quite fortunate in
this class of investments ; very few of the n have failedto pay interest promptly.”
Those which have failed, or,
for any reason are in question, the investigators “ marked
down to their true market value,” and they found that*
with a few unimportant exceptions, the companies them¬
selves had valued them correctly.
Upon real estate
securities they are more minute.
The following tible
explains itself at a glance, the date hein ; Dec 31,
of
THE COMMERCIAL TIMES.
Commercial Epitome
do
..
-1 6s.
Subscriptions will be continued until ordered stopped by a toritten order, or
at the publication office. The Publishers cannot be responsible for Remittances
unless made by Drafts or Post-Office Money Orders.
me:
No. of
London Office.
The London office of the Chronicle is at No. 5 Austin Friars, Old Broad
Street, where subscriptions will be taken at the prices above named.
given, as all advertisers must have equal opportunities. Special Notices in
Banking and Financial column 60 cents per line, each insertion.
dana,
JOHN e. floyd, jr.
1
f
WILLIAM B. DANA A 00., Publishers,
79 A 81 William Street, NEW YORK.
Posy Office Box 4,592.
A neat file-cover is furnished at 50 cents;
cents.
Volumes bound for subscribers at $1 50.
postage on the
same
Name of
Company.
Mortgage
Aggregate
Average
Loans.
amount.
amount.
JStna
Advertisements.
Transient advertisements are published at 25 cents per line for each insertion,
but when definite orders are given for five, or more, insertions, a liberal dis¬
count is made. No promise of continuous publication in the best place can be
•
william b.
NO. 6S0.
is 18
1ST* For a complete set of the Commercial and Financial Chronicle—
July, 1865, to dale—or of Hunt’s Merchants’ Maoaxixs, 1839 to 1871, inquire
at the office.
$9,743,007
5,831,670
27,815,839
568,503
Charter Oak
Connecticut Mutual
Connecticut General
Continental
110
821,710
Hartford Life and Annuity.....
153
763,746
Phoenix
5,195,955
Travelers’
2,239,727
Total
$53,480,760
$1,682
15,820:
14,254
8,893
7,470
4,991
2,711
8,683;
$4,690
Adding the real estate owned, the total is $61,575,825;
and
as
about 50 millions—about one-half the entire
assets—are invested in the
tJk The Business Department of the Chrontcln is represented among
Financial Interests in New York City by Mr. Fred. W. Jones.
WESTERN INVESTMENTS AND LIFE INSURANCE.
The
West, the examiners devoted
their attention most particularly to the matter of Westera mortgages.
Having caused examinations and
appraisals to be made, as tests, of a large amount of
property, includin; loans which have been considered
doubtful, they became satisfied that the farm loans are
good, as a rule, having been made on improved lands,
on a margin of at least 50 per cent, buildings excluded.
As the companies, exclusive of the Charter Oak, have
about 14 millions loaned in Chicago, and as values
there have been as largely inflated, and consequently
have suffere 1 as mnch shrinkage, as anywhere, the com¬
mission deemed it safe to take that city as the test,
although they also visited several other cities. The
Connecticut Mutual has loaned cnly on city property;
the AClna, only on improved farms; the other companies
have loaned upon both. The result is found to he satis¬
special commission appointed, a year ago, by the
Legislature of Connecticut to investigate the life insur¬
ance companies of that State—all located in Hartford—
have jnst made their report, which has several features
of peculiar interest at the present time. After an exam¬
ination which they affirm has been rigid and exhaustive,
they report the six companies not now in trouble as
thoroughly sound and entitled to entire confidence. The
original insurance act of this State, date 1853, while
permitting investment in any stocks issued under the
laws of the State and at par in this city at time of pur¬
chase, prohibited investments outside the State, except
by mortgage upon property lying within fifty miles of
this city. Connecticut and New Jersey made no each factory on the whole.
In some cases the property
restriction, and the result has been that the life insurance taken in satisfaction will not repay the loans; in others,
companies of those States have been large lenders in the it will more than do so. The largest piece in default
West, both on mortgages and on municipal bonds, and which is mentioned is 302 acres, just within St. Louis,
kave enjoyed a material advantage over companies here “ perhaps the best land in the county,” and, although
THE
152
[VOL. XXVI.
CHRONICLE
is able to carry it agement of his private affairs.K In cannot be denied that much
indefinitely, and will probably suffer little,-if any, loss:
by
The tendency is toward lower rates than the 8 to 10 per [ignorant or reckless agent*, and frequently, years ago/upon
cent interest contracted for; hence “mortgagers who think • unilI,pr07ed lands remote
or
the present market value not much in excess of the amount
PAPAL CONCLAVES—THE ELECTION OF A POPE.
of the loan, offer the companies the option either to
reduce the rate or to take the property.” Reductions
In a few days, the Cardinals of the Catholic Church
have been made in many instances, and the examiners
who may happen to be in Rome will meet, in what in
assume that borrowers who have
kept up .payments ecclesiastical parlance is called Conclave, and proceed, in
during the last three years will now make every exertion
to retain their property; in short, the examiners believe accordance
to
that our insurance companies will in the end sustain no f°rms> Lo elect a new
net loss upon real estate in the West.” They present the
session,
following interesting table, which they think will
*n
attention of the entire civilized world; but of the doings
ably surprise persons who have not examined the facts of that body the outside public are little likely to
of this subject of Western loans:
Net gains
Net losses
know anything, until their work is completed and the
sales
Total
Commenced
new Pope is elected.
property
petty
loaning
of
by
by
outstanding
It is not wonderful that a large amount of ignorance
the
Company.
foreclos'e. foreclos'e,
1,1877.
lf 1877.
West.
$3,75? should prevail regarding the Conclave—the means and
$
$9,173,562
1867
$13,333,353
iBtn&
537,740
846,593
1867
method by which a new Pope is manufactured. ThirtyConn. General..
5,391
27,330,819
41,906,609
1853
Conn. Mutual..,
two years have all but elapsed since the last Pope was
424,499
779,105
1869
Hartf. L. & A...
6,000
6,453,638
9,207,764
1851
elected; and, of course, during that whole period, the
Phoenix
2,216,477.
2,696,595
1866
Travelers1
machinery of the Conclave has not been in motion. A
$9,148
$6/09
$46,136,936
$68,770 019
Total
few words, therefore, descriptive and explanatory of this
This, of course, is the result only as to property electoral college, as it may be called, will not, we trust,
actually sold, and does not touch that taken and still be without interest.
held. Still, it is suggestive and interesting, and goes to
The word Conclave is applied equally to the apartments
hint how miserably foolish the West will be—as a mat in which the Cardinals meet for the special purpose of
ter of expediency only, aside from that of honesty and
electing a new Pope, and to the assembly itself, convened
public morality—if it insists upon jeopardizing its grow¬
ing interests by rushing into the financial pit opened by ^
PurPose*
the Bland bill, sacrificing the dollar in order to “save” ^or
not now
worth the loan, the company
ZT,.S*
from Eet'lementB Mll'oad8-”
with prescribed rules and long-established
I
I
Pope fill the Chair of St. Peter
I ren(3ered vacant by the death of Pius the Ninth. While
agree-1 sessi°n> that sacred body will occupy much of the
“
on
amount
Name
in
Amount
taken
loaned to
Jan*
071
sales
pr
taken
Jan.
.
..
..
..
.
.
.,
Until 1455, there was no stated place
^at
me£ting
Cardinals in Conclave. Between
conjectural ten cents.
that <*ate and 1823> tbe Conclave was held in the Vatican
Upon the difficult subject of making valuations when P^ace* Since 1823 Papal elections have been held in
property is depressed, the commission clearly understand
T>a^ace
Qinrinal. The Quirinal, which is now
the rule that, practically, a given piece of property I occupied by the King of Italy, will not^ in the present
deserves
higher rating, in the hands of a strong holder instance, at least, be at the service of the Cardinals,
and for bis purposes, than if held by a weak one. Their -Affcer the death of the Pope, the custom^ hitherto, has
observations
worth quoting, and to the last sentence been to allow ten days for the obsequies, and for. the
should be added the remark that the insurance companies I arrival of the absent Cardinals. When the prescribed
employed their own special loan agents, and that ^me ^as elapsed,, the Cardinals, with their attaches or
the
of their loans has been due to the care used servants Conclavists as they are generally called pro¬
in placing them:
'
ceed t0 one tte churches in Rome, St. Peter’s or St.
great diversity of opinion in regard to the safety of I Sylvester’s, aod attend the mass of the Holy Ghost.
I
a
a
are
have
success
There is a
Western loans.
u
On the one hand it is claimed that the percentreal estate loans in the West has been much less
Afterwards the Cardinals
and the Conclavists proceed
,• *
n ^
. , . ,
also I solemnly to the building m which the Conclave is to
been an(j take the apartments assigned them. Each Cardinal has
smaller than upon any other kind of investments in any section
, ,.
.....
,
.
„ _ .. .
of the country.
On the other hand, there are many who enter- I allotted to him a little chamber Or cell, as it is
tain exactly the opposite opinion in regard to this matter. It is called, for the accommodation of himself and his attend,
n •
j .1
.' e
e •not an easy thing, as we have discovered, to determine the facts
\
,
this point, or precisely the rules which should govern in valu- I auts; and over each Cell IS affixed the coat
arms
ing real estate owned by or mortgaged to our life insurance com- | occupant. About three hours after sunset the signal bell
panies. It is obvious to everybody that the criteria of inflation .
r
a
must nnt be accepted on the one hand, nor the criteria of panic 113 rung for the third time, and all persons not
apd long-continued depression on the other. It is also clear that to the Conclave are excluded.
All the• entrances
except
values based upon the product of forced sales ought not to be
. .r
q
taken
the measure of value of property upon which there has I one are then walled up,
SO also. &VQ
default in interest, and which may not be exposed to except so much as is necessary for air and light. The
been
pWprf double-locked and strietlv
special shrinkage. No doubt that during the inflation period
f l
real estate sold at prices largely above its real value for J GXCepteu entrance 13 ClOSeo, uoUDie iOCKeci ana Strictly
actual use, and it is just as certain that since the panic the depre-1 guarded
Ingress is permitted only to Cardinals who
ciation has been too much, and greater perhaps than upon any ,
arrived latP. and egress is allowed onlv in the case
other kind of property.
The shrinkage of real estate, in a large ^ave arrivea late, a a
s ail wea Qniy in tile case
numberof cases, has equalled the margin of fifty per cent obtained of serious illness. 'The object aimed at by this arrangement is t0 PreVent communication with the outside world,
large number of loans the margin now in excess of the shrinkage | This laudable object has not always been gained. Bolts
varies from ten to thirty per cent.
It must be borne in mind
^ bars and stone walls have failed sometimes to accom^
that tbs farm loans are made upon improved lands, exclusive of
;
the buildings thereon, and upon a margin of fifty to seventy per | plish their purpose; and on more than Jone, occasion the
ant, and that city loans are made upon improved property upon w
ill3 of tho Cardinals h*ve been determined
i
must be taken into account in determining the increase or by influence from without.
By a^decree of Gregory
ordained that if the Cardinals did not come
decrease of values; that is lo say, we must discriminate between x u
properties and eections that are improving, and those which, for
*
V .T > .<
•
any reason, are standing still or retiogradiag; and we must to an agreement within three days, they should, for the
apply the same general common-sense rules in judging; of the
t five days following, be allowed only One dish at
J
present and prospective values of the real-estate securities held |
tl V-v. +•
by our insurance companies as an individual would , in the man- noon and another in the evening. If at the expiration
acre
of loss on
the same kind of loans in the East, and it is
claimed by the same parties that the percentage of loss has
than upon
on
as
eo
,
•
.
be held
generally
of of its
belonging
the Windows
February
THE CHRONICLE.
16,1878.1
153
present, as every one is required to vote. If any
still be disagreed, they
one has acquired two-thirds of the ballots, the folded
were to be allowed thereafter only bread, wine and
ends are opened to see whether such Cardinal has not
water. In 1351, this regimen was greatly modified by
voted for himself, such a vote being disallowed.
If no
a decree of Clement the
Sixth. The presumption is
has attained the required majority, the Conclave
that the Cardinals, when in Conclave, for some centuries
proceeds in the afternoon session to try the process
past, have not been uncomfortable in the matter of diet. called
acceding. According to this process, each Cardinal
In early times, the right of electing the Bishop of
Rome was vested in the clergy and people. In course may give a supplementary vote to any one who received
In this case it is com¬
votes from others than himself.
of time, however, the people ceased to take part directly
in the election; and the duty of electing a Pope devolved, petent to any one not to vote. If the supplementary
of the five
dinals
days, they should
one
the morning, do not make
up the requisite two-thirds, the papers are burned; and
was
the balloting is resumed next day.
As soon as the
the elect on was not valid without its consent. In this,
doubtless, we have the origin of the right conceded to requisite majority is obtained, the papers .are carefully
examined to see that no one has voted twice for the same
France, Spain and Austria, and claimed by Italy and
Portugal, and later by Germany, of vetoing or exclu¬ person, and I hat the mottoes used by the Cardinals in
the afternoon are the same as those used by them in the
ding some particular candidate. In the eleventh cen¬
morning. The recipient of the highest vote is then
tury the right of election was vested in the Cardinals
declared duly elected. The newly elected Pope, if he
By a decree of Pope Nicholas the Second, it was or¬
dained that the right to elect a Pope should henceforth accepts, is then invested with the pontifical robes; the
Cardinals pay him homage; and,from a re-opened balcony
belong to the Cardinal Bishops, and that the other Cardi¬
nals, the clergy and the people should merely approve. window, the glad annoui cement s made to the assembled
multitude without, that a Pope has been elected. In this
It was ordained further, by a decree of Alexander the
announcement is generally included the name which the
Third, in 1179, that while the right belonged exclusive¬
new Pope has been pleased to choose.
This done, the
with
votes, added to those taken in
Cardinals, the concurrence of two-thirds of the Conclave is ended.
Conclave was necessary to constitute an election, and
It is understood that the approaching Conclave will be
that the assent of the clergy and people was no longer
held in the
of the Vatican, and that the announce¬
necessary.
At the Council of Lyons, held in 1274 ment of thepalace
election will be made to the people from the
under the auspices of Pope Gregory the Tenth, a con¬
stitution was promulgated, prescribing the forms to be balcony of that building. Many candidates have been
observed in such elections, and ordering that they be mentioned, but no one can tell who shall be the next
held in conclavi clauso,so as to shut out secular influence. occupant of the traditional chair of St. Peter. How
On these three instruments rests the authority of the long the Conclave will continue in session must equally
ly
•
tative body. It
always claimed by the supreme secular power thaf
popular consent, on some represe
to the
Conclave; and in them are to be found all
the laws which
be left to time for solution.
It results, from what we
have said, that we shall be justified in discrediting any
regulate its proceedings. Originally it was not neces¬
rumor which may reach us
from Rome as to the pro¬
sary that a candidate for the Papal chair should be a
Cardinal; but it has gradually become the eustom, and ceedings of ^that body, when in session. We can have
no authoritative report of the proceedings, until the
may now be regarded as an established law, that the Pope
work is done.
shall be selected from the list of what are called Car¬
dinal
Bishops.
choice to their
order.
It is
a
settled principle that
PUBLIC VS. PRIVATE ENGRAVING AND PRINTING.
Pope can appoint his successor. It is also admitted
In the hands of the House Committee on Banking and
by the Church that every Cardinal has a right to be
present in Conclave, and that he is not disqualified for Currency is a bill which, if the importance of proposed
taking his place by Papal censure, suspension, interdict measures availed to regulate their treatment, would
before this have engaged earnest attention, This bill
or excommunication.
There are three ways by which a choice may be was introduced, December 5, by Mr. Potter of this State,
arrived at. The mind of the assembled Cardinals may and, although comprising only three short sections, its
be expressed and their decision given by what in ecclesi¬ passage would be an enormous gain to all legitimate
astical language they call—inspiration, or compromise or interests. It proposes to return to the old and approved
ballot. If the Cardinals should come to a spontaneous plan of having all the work of engraving and printing
agreement, it is by inspiration; and examples of such done by private contract, under advertisement for pro¬
spontaneous agreement were not uncommon in the posals, no party to execute more than a single printing
earlier years of Papal history, although there has been upon any issue of bonds or notes, but the face and the
no such
example in modern times. When the Cardinals backs to be executed separately, and the sealing and
fail to come to an agreement, and delegate to a select recording only by the Treasury Department; the Bureau
number of their body, with or without conditions, of Engraving and Printing to be reduced to a size and
authority to choose a Pope, it is called an election by expenditure strictly commensurate with this last-named
compromise. In this manner was elected Pope Clement work, and the surplus machinery to be sold, the dies and
the Fifth. Election by ballot, however, is the method plates used for national bank notes to be returned to the
generally followed. When it is agreed to proceed by Comptroller, who is, by law, their custodian. The pas¬
ballot, each Cardinal, after morning mass, and when the sage of this excellent bill, whether at present attainable
Conclave is assembled in the chapel or balloting-room, or not, would simply restore the old plan, best in reason
deposits in a chalice, on the altar, a square piece of and thoroughly justified by experience, to which nobody
paper, so folded at the corners as to conceal the voter’s dreamed of objecting until the political almshouse, known
name, but showing in the centre the name of the per¬ as the Bureau of Engraving and Printing, arose:
This is not a new subject in these columns, because
son voted for.
Three Cardinals are then appointed
as scrutatores, who*examine the ballots in turn.
The the* sense of duty will not let it rest. Although we
number of ballots must agree with the number of Car¬ could fill several pages with a concise and consistent
no
1
In other words, the electors confine their
own
THE CHRONICLE
154
concerning the growth and workings
organization, we have not the space, and must
refer the reader to previous articles, July 7 and September 22, 1877, in the last of which we gave a detailed
sketch of the rise of the Bureau, from a merely permis”
sive clause in the loan act of July 11, 1862, down through
the successive enlargements by which it has succeeded
in appropriating all the public work excepting the
postal and a few issues of revenue stamps. If space
were abundant, we should reprint this sketch, but we
can only refer the reader to it.
The question offered by this bill is, whether it is wise
statement of facts
of this
[Tou mi
inquired into—even the aggregate being not exactly
known, large but indefinite amounts having been lost
or destroyed—is the most dangerous, in essence, which
could be devised, and requires, as the prime condition of
reasonable safety, the highest safeguards which ingennity can supply. What are those safeguards? Obviously, not the probability that some one person will be
careful and incorruptib’e, but that several persons, separate and independent will not come in*o collusion; not
the probability (for illustration) that one acoountant
will add a column correctly, but that two or
three independent ones will eliminate all chance
to perpetuate the Bureau machinery.
The present of error. Commercial business everywhere proceeds
Chief,” Mr. Edward McPherson, argues to the com- upon this rule, aiming to guard against dishonesty
mittee that a final answer ought to be reached, and that by making it impossible for one to steal without getting
Originally, one bank-note company
will probably accept the result, “ will cease their impor- printed the face of notes, another the backs, a third the
tunities and will leave the Bureau to its proper devel- tint; the Treasury department finished by putting on
opment as a necessary, organized branch of the admin-1 the red seal. Could precaution go further, could reason
Mr. McPherson’s eulogy of the Bureau and experience be better followed, could human nature
istration.”
is quite too florid to be sound; perfection, such as be more accurately considered and its weaknesses be
he describes, does not take root in* civil service more wisely guarded than by th s simple plan ? At
to day anywhere, and least of all in this country ; Washington, on the contrary, one concern, under one set
and, without impeaching his sincerity—for he is new in of employes governed by one chief, all the work done
the place—it goes a great ways in answer to his argu* I under one roof, produce the indistinguishable bits of
ment to merely remark that his salary as chief is $4,500 piper which pass as money and bonds.
Sheets may be
a year.
Between the government and the bank-note lost or stolen; sheets of one denomination may be sub¬
companies the case is simply that the acts wl ich forcibly stitute 1 for those of a larger; or issues may be “ unacturned all the circulating notes from State-bank issues counted for.” A joint Congressional committee in 1869
into one uniform currency furni hed by the government, said that “ the existence and redemption of a considerasucceeded by the withdrawal to Washington of the ble number or duplicated notes and coupons” gave them
manufacture of that substituted currency, are a grievous much anxiety; that “the duplications are original;”
oppression of the companies, and much may be said that coupons might be finished and put out without
against the right of government to thus slaughter an bonds; that of the 1864 7-30s a considerable number
industry of slow growth which has performed its work have been duplicated originally, “ and it is impossible to
bo well as to command orders from other nations.
Still, know certainly whether these duplicates are mere innowe do not dwell on this point, because it is not the cent mistakes or are fraudulent”—and more to the same
largest one at issue ; and such is the importance of purport. Every safeguard except individual honesty is
having the work executed in the best and safest manner flung away as soon as the plan of separate printing is
that it would be better to remedy the wrong inflicted on abandoned, no security being possible beyond the
the companies by an annual gift of money than to employ integrity and care of the employes for the time being. >
them to do government work, if such employment were
Next there is the objection of increased cost. We
otherwise undesirable. Is it otherwise undesirable, or have not space to go into the figures in detail, but it
not ?
If the question is exclusively one of undoing an wa* clearly shown that the work done by the Bureau
.admitted wrong, the cheapest way is to measure the for the year ending June 30, 1873, costing $1,365,000,
wrong and pay for it in money; if it is a question of could all have been done at contract prices in New York
expediency about the work, then it should be decided as for $950,000; in January, 1875, the companies offered
Buch.
to do for the latter sum what cost the government the
First, what are the objections to the Bureau work? former ; in 1874 and ’75, it was proved that the work of
Taking these, not in the order in which they arej.the previous four years would have cost, by contract
usually named (for the Bureau always puts the mat- prices, $1,300,000 less than was paid to support the
ter of cost first) the first objection is, that it is Bureau.
Upon the matter of cost, the Bureau has laid
conspicuously and essentially unsafe. We assume the great stress, and it has constantly presented figures
prime importance of perfect and impregnable safety which seemed to prove the superior economy of its work,
in respect to excessive, duplicate or surreptitious But notoriously there is no problem in business more
issues, and the care of plates, as admitted, for it would be difficult than to determine how much a particular piece
idle to talk on the general subject to anybody who fails of work actually costs, charging to it its just proportion
to appreciate this point.
A system of issue like that of of every item of expenditure in the business; inability or
the Bank of Eng and, no note ever going out a second neglect to solve this problem has caused innumerable
time, offers the least opportunity for irregularity; a sys- undertakings which produce loss instead of profit, and
tern of < onvertible issues, frequently going or liable to has brought many a firm and corporation to insolvency,
go to bank for payment in coin, stands next in r, spect to The Bureau “ makes up ” its estimates. For example, it
freedom from risk; the old American system of multiple omits to take account of rent, although it occupies a
issues by independent State banks, nominally convert-1 large part of the Treasury buildings^ driving other work
ible, although infrequently converted, stands next; the to other buildings, apd producing a constant pressure
existing system of multiple issues of bonds, of govern* for new construction, an instance of this being the
ment notes not redeemable in coin, of bank notes uni- plea we cited April 29, 1876, which urged enlargeform in pattern and challenging no scrutiny, of enorment of the Treasury building, “ because the Print- -mouB paper issues under slender regulation and little * ing Bureau takes up so much roomit omits to charge
if the
answer
is
now
affirmative the bank-note companies others to help him.
j
Ff^mUBX 1#. 187&
gas,~h&ving been in the. habit (speaking in the legal
sense) of stealing its gas from the Treasury Depart¬
ment; it does not take account of waste in useless
machinery, fruitless experiments, worthless patents pur¬
chased, or in the process of acquiring the present skill of
which it loudly boasts; it does not charge, or charge
adequately, the cost of machinery, and all which goes
by the name of “ plant ” in the English corporate phra¬
seology, nor does it—probably—take fully in account
the salaries of officials; it omits the waste by injudi¬
cious purchases cf materials, Secretary Sherman’s com¬
mittee, for example, finding on hand, last spring, large
quantities of special sizes of paper, now useless, as * ell
as partly printed and useless issues; and so on.
Noth¬
ing is easier tha^ to make figures seem to sustain a given
conclusion, and the explanation of the Bureau’s estimates
is simply that they are fallacious; this committee say that
•
*
155
crowded with useless employes, who had not even room
to stand upright and sometimes slept for lack of work;
that the management was incompetent and wasteful,
the purchases loose and extravagant, the “ fibre paper”
useless, and the estimates of cost deceiving; they urged
that it could never be otherwise, in the nature of things,
and, while suggesting some minor reforms, advised the
abolition of the Bureau and the return to the contract
how¬
force
and some other minor changes, but in September he
called for bids for printing notes; the companies
put in very low bids, but the Bureau underbid them
by figures demonstrably below actual cost of presswork and ink, covering this loss under the unspecific
appropriations made for its support. The Treasury
thus itself became a bidder, and then made a con¬
“the effect ha* been to deceive the Secretary and the tract with itself, at an inevitable loss, for the sake of
public, and, under the pretense of economy in print¬ economy I
The improvement in management, if any has been
ing the public securities, to add largely to their real
made since the committee’s report, must necessarily be
cost.”
The next objection is, that the Bureau is and inevitably spasmodic and temporary, because the causes which
Why is the
must be, practically an instrument to debase the public made the demoralization are constant.
service, adding to the cumbrousness of the governmental Bureau continued, somebody asks, if all said about the
machine and lessening its efficiency. What is there to¬ subject is trqe ? This is the explanation: the one reason
for the existence of the Bureau—although it is precisely
day which government does well ? What is there it does}
and does not do ill ? Even the postal service could be the reason wk?Qh ought to be conclusive against it—is
politically good; the Bureau is a political almshouse. In
more effectively performed by private persons, but that
stands on a footing of its own, and is justified on other the existing habit of things, Congressmen find what
they consider a necessity for having some place to stow
grounds than remunerative rates.
The reasons for returning to the contract system are their personal and party dependents; the Bureau is that
stated by reversing these objections. That it is the safest place, and thus far the determining consideration has
possible one admits no dispute, and it has been thoroughly been, “ Where shall we put these people if we abolish
Bureau ?” The question is itself a degrading one^ tested, 650 millions of government securities having been the
and a proof of the depth and virulence of the disease
printed and delivered during the 50 years ending with
in our civil service.
Are the American people willing
1862, and 10,000 millions from the beginning of the war
to the end of 1874, all without a dollar of loss.
As to to perpetuate the enormous mischiefs, the cost, danger^
and corruption of this thing, in order to continue an
quality of work, Mr. McPherson’s eulogy of the Bureau
for its “ greater artistic skill than has ever been placed almshouse which it would be cheaper to maintain openly,
in a special marble building, if it must exist at all ? Do
upon like issues by a contractor ” may fairly be left
to stand opposed to the reputation the New York com¬ we really mean anything when we talk of political
panies have won throughout the world. The point of regeneration and civil-service reform ? If we do, when
comparative cost lias already been considered. Great will there ever be a better time than now to begin, and
stress is laid upon that of convenience, but Mr. Mc¬ a better place to begin it ? The passage of Mr. Potter’s
Pherson’s plea about “ exposing the government to all bill would be a victory for everything which has any
the dangers, inconveniences, annoyances, and costliness real justification for its own existence.
incident to the execution of this vastly important
work by a combination of private corporations,” is met
by simply citing the fact that the work was thus done
PRODUCTION AND MOVEMENT OP THE PRECIOUS METALS.
for over half a century without experiencing either loss,
There still continues to be a little uncertainty-each year
danger, or inconvenience.
These considerations have been urged before. Secre¬ as to the annual silver product of the United States,
tary Chase repeatedly declared in favor of the old sys¬ growing out of the difference between the statement
tem.
In 1869, Senator Edmunds’ joint Congressional issued
by Mr. Valentine, of Wells, Fargo & Co., and
committee reported in favor of returning to it, after full that prepared by Dr. Linderman, Director of the Mint.
investigation, and the Treasury report of that year took Dr. Linderman, in his report to Congress the 1st of
the same ground; in 1874, the banks and financial December,
gave his totals for the fiscal year ending June
mem
of the large cities, representing 700 millions
30, 1877, at $84,050,000, of which £45,100,000 were gold
capital, petitioned for the old system, on the and $38,950,000 silver. It is impossible to state with
score of
safety. Buf, says Mr. McPherson, that was any degree of accuracy how long this large rate of
long ago, before the Bureau had reached its present production will be maintained. A gradual increase
P®*?ecti°D, and “ the advocates of the bill in question may be expected in Montana and Arizona, and there
admit that the administration of the Bureau is
accept¬ is nothing to indicate a decrease in any bullion-pro¬
able to all and is not
open to criticism on the part of ducing State or Territory, except in the State of
any.” How recently did this become true ? The report Nevada, and that depends upon contingencies which
of a friendly committee
appointed by Mr. Sherman, con¬ to a great extent must be a matter of conjecture
sisting, not of theorists nor of editors, but of govern- only.
,®®nt
The details of this result are given in the report, as.
employes (this report dated only June 10 last an 1
quoted by us July 7), declared that the Bureau was follows:
^
system as the only thorough one. Mr. Sherman,
ever, went no further than the reduction of the
0
7
8
1
1
7
8
1
5
6
THE CHRONICLE
156
IN TH* UNITED STATS?,
PRODUCTION OP GOLD AMD SILVER
—X—
State
or
Silver.
Gold.
Territory.
1876-7.
Total,
Total,
1876-7.
1875-S.
Nevada
3,‘200,000
1,500,000
850,000
3,000,000
309,000
Montana
Idaho
Utah
Colorado
Arizona
750,000
2:0.009
5.075,000
4,5CO,C0)
500,000
503,000
100,000
50.000
175 COO
1,000,000
300,000
2,000,000
Oregon
Washington
Dakota
Superior
3,930,000
1,75 ,0CO
4,230,000
2.038,009
5,425/00
7,500 000
809,000
675,000
5,850,000
7,292,000
1,540,000
840,000
1,100,000
859/00
1,50 \000
2.000,0:0
300,003
25,000
50,000
1,000,000
269,500
75,000
150,090
150,000
313,0(0
33,950,009
84.050,000
85,330,000
210/00
200,030
....
50,000
100,030
50,000
Virginia
100,000
100,000
North Carolina
Georgia
100/00
25^00
Other sources
45,100,000
Total
foregoing statement, it will be seen, is for the fiscal
year closing with June 30, and is now the only compila¬
tion made by the Government. Bringing forward, there¬
fore, our usual table of the production of the precious
metals since 1860, and adding to it the figures for this
year, we have the following result:—
The
Yew.
British
Year.
-
'
T-aVa
Products,
including
Total.
Silver.
Gold.
Gold.
Year.
Total.
Silver.
'
$
$
150,000 46,150,000
2,000,000 45,000,000
1862.. 39,200,000 4,500,000 43,700,000v
1863.. 40,000,000 8,500,000 48,500,000
1864.. 46,100,000 11,000,000 57,100,000
$
1880.. 46,000,000
1861.. 43,000,000
1865..
11,250,000 64,475,000
1866..
10,000,000 63,500,000
13,500,000 65,225,090
12,000,000 69,000,000
53,225,000
63,500,000
1867.. 61,725,000
1868.. 48,000,000
$
49,500,000
1870.. 50,000,000
1871.. 43,500,000
1872.. 36,000,000
1873.. 86,000,000
$
13,OOO.OCO
16,000,000
22,000,000
25,750,000
35,750,000
1674.. 42,177,092 30,251,114
1875.. 42,000,000 85,703,413
1876.. 46.850.000J 88.500,000
1869..
$
62,500,000
66,000,000
65,500,000
61,750,000
71,750,000
72,428,206
77,703,413
85,350.000
45,100,000 38,950,000 84,050,090
1377..
and
Mexico.
$54,000,000
58/84,000
62,236,950
72,258,693
74,401,045
80,889,057
90.875,113
....
98,421,754
1877..;
This indicates
$1,080,000
2.100,000
2/59,000
3,450/00
3,800.0.0
Total.
Silver.
Gold.
$17,320,000
$33,75^,000
$5\150,900
84,393,000
; 8,109,395
39,206,553
38,466,488
34.968,194
42,886.935
44,880,223
65/84,000
€0,351,824
70,139,860
71,9 5,610
.
19,286,000
19,924,429
5.100,000
5,040 000
27,483,302
29,699,122
3:,6 5.239
£9/92,924
5.085,250
45,846,109
-
7
For
surprising to find how widely the error prevails
production of silver is limitless, and has been
within a few years indefinitely extended. Out of this
idea, perhaps, has grown the false impression that the
fall in the market value of that metal is due to the
"Our annual statement of p ecious metals produced in the
States and Territories we t of the M ssouri River, inc uding
British Columbia and the west coast of Mexico, during 1877,
shows an aggregate yield of $98,421,751, being an excess of
$7,54' ,581 over 1876—the greatest previous annual yield in. the
history of the country. Arizona, Colorado, Idaho, Nevada, New
Mexico, Oregon, Utah and Washington increase; British Colum¬
bia, California, Mexico and Montana decrease ; but it is possible
the falling off in Montana is more apparent than real.
In our
statement for 1876 Dakota (Black Hil:s) was not mentioned.
It
appears herein credited with $1,500,000 gold; but the estimate is
uncertain, as $950,000 is the total amount carried out by all
express
companies and mail.
The amount named
as
follows
as
:
Exported.
Total •
Exports,
Imported. lesslmpt’s.
Total
Domestic.
Foreign.
Exported.
$632,2 44/65
217,112,606
$56,143,260
Gold bullion
867,103
$6 38,437,7 25 $180,2.1/17 $508,228,118
2>,2 5/73 194,204,236
21-, 479,709
gold
$349,40 i,C7!
$56,510,363
$905,917,434 $203,487,' 80 $702,430,354
45.986,583
200,692,821
9 ,997 266
l:;7,9:3,849
1.255,719
201,948,540
* 216,679,404
$93,272,985
Gold coin...
Total
Silver coin
..
Silver bullion
Total silver
gold and
silver
*3,766/44
190,36’, 199
$339,932,889 $120,804,946
219,127,143
*1,096,086,475 *1 <9,763,348 $1,2^5,849 *18 $324,29 ?,02b $921,557,797
COIN AND
BULLION STATISTICS.
Dr. Linderman made the
stock of
1C9.217.605
11/87,341
following estimate of the
gold and silver coin and bullion in the United.
1876, based upon Jhe estimate of the
States June 30,
previous year, domestic production, and difference be¬
tween importation and exportation
during the fiscal
year ended that date, and fixed the amount at $181,678,000, of which $30,113,000 wTere silver.
Taking the above amount as a basis for an estimate of the
canied by stock
in this country, June 30, 1877, we have :
other conveyances is conjecture.
If the Comstock mines yield as
much in 1878 as during the present year, the aggregate product
of silver and gold will approximate one hundred millions of
dolla s.
Amount of gold
Add the product
$151,58),C00
41,000,000
coin and bullion on hand Jane 80, 1876
of the mines during the past fiscal year, about..
26,845,604
Importations
1221,810,604
Total
STATEMENT OF TH
METALS PRODUCED IN
AND TERRITORIES WEST OF THE MISSOURI RIVER, INCLUDING
BRITISH
AMOUNT OF PRECIOUS
THE 8TATES
MEXICO AND
COLUMBIA, DURING THE YEAR 1877.
Deduct
And
exportations
probable amount used in the arts and manufactures
Leaves
Gold Dust Gold Dast
and
and Bullion
States ar.d
Territories.
by other
by express. convey ’ces. by express.
California....
Nevada
$14,512,123
462/66
993,331
Oregon
Washington...
Idaho
Montana
Utah
Colorado
New Mexico..
Arizona
Dakota.
Mexico
Brit. Columbia
Total
u
Silver
Bullion
Bullion
$725,606
$1,202,751
83/4
1,140,610
1.814,214
81,680
1
550/66
72,144
1,16)527
$24,671,400
202,295
436,277
316,499
180,< 00
1,832,495
1,439,961
6,5 3,515
3,197,831
73 840
506 549
1/64,411
•*
3,499
1,759,206
10 0,686
340,212
52,600,214
$ 9/91/09
11,653
$1,853,931
statement for
*
2
644,912
8,113,755
7,913,549
$192,720,230
gold coin and bullion in the country June
the amount of
1877.
and bullion June 30, 1876,
was.... :
38,000,000
14,486,991
•
Importations
"$82,599,991
Gives
Deduct exportations
And probable amount
Leaves
as
30,
$30,113,000
1
Adding the production of the past fiscal year
3 9/0
2,383.62*
1,500,0:0
1,432,! 92
1.771,190
a
used in the arts and manufactures
net balance of
$29,464,3'>3'
3,000,00J— 82,464,363
*...
$50,135,628
June 30,
and an in¬
the stock of silver coin and bullion in the country
total of gold and silver of $242,855,858,
for the year of $61,177,858.
\
1877, of
crease
a
$98,421/54
1876 the amounts credited to British
Columbia and west coast of Mexico were inadvertently carried
into the totals credited to the United States. Deducting amounts
from the sources named, the results are as follows:
our
2,500,000— 29,090,374
:....
The estimated amount-of silver coin
$18,174,716
51/80/90
1,191, 97
•
2,861
net balance of
$26,590,374
92 226
3,151,2*7
950.09)
a
as
Total.
by freight.
198 665
8.: 84
171,091
18 *,4 1
9,110
91 109
Ores and
Base Bullion
$1,734,236
6,597 580
44 3.0,044
~
flood
pouring out of our silver mines. This error is one of
much importance, because it leads to the adoption of
inadequate and delusive measures of relief. For instance,
some of the advocates of the Bland silver bill favor it,
under the claim that it will raise the price of silver by
making a market for the surplus production. When they
learn, therefore, that there is, through the demonetiza¬
tion of silver in Europe, an accumulated supply threat
ening that market compared with which this surplus is
as nothing, they begin to see that the origin of the evil
is not in over-produciion, and that the remedy, to be of
any service, must be an international one.
The totals of the large table below give the result of
an export of domestic and foreign gold and silver since
1860 of $1,245,c49,723, and an import of $324,292,026,
Total
1877, Mr. Valentine’s report has the following :—
703 433
87,219/59
95,811,582
-
receive much attention.
*
that the
total
production of the mines of the
United States since January 1, 1860, of 1811,877,092
gold and $328,804,527 silver.
Mr. Valentine, of Wells, Fargo & Co., issues figures
for the calendar year, and from his position and the care
used in the compilation of his statement his figures
a
Lead.
It is
811,877.092 328,804,527 1140,684,619
Total since 1860
Net Product of the Uoit°d States and Territories
west of the Missouri River.
Columbia
$15,000,090 $1,000,000 $16,000,000 $18,077,500
18,OCO,OCO 26,000,000 44,000,000 41,725,000
California
[VOL. XXVL
■
-
■
—>
*
from the
formed a
co partnership under the firm name of Trask & Francis, and will
continue the business as heretofore at thtir old offices, No. 7
—We notice the withdrawal of Mr. George F. Stone
firm of Trask & Stone. The remaining members have
New street.•'
4
:
.' ;'
*
' ' "
February
jfoteat IHonttars
157
THE CHRONICLE
16, 1878.]
and (Jiammerc'tal (ffitglts!) Neto*
are now &b
under:
*
SXCH1N6B AT LONDON AND ON LONDON
RATES OF
AT LATEST
,-t'/
DATES*
Percent. I
2
Bank rate.
Open-market rates:
30 and eOdiys’bills...
EXCHANGE AT LONDON—
FEBRUARY 1.
1
EXCHANGE ON LONDON.
Open-market rates:
4months1 bank bills
6 months* bank bills
1%@1%
4 and 6 months’trade bills. * @2%
!
1%@1%
Percent.
1%@1%
are the rates of interest now allowed
stock banks and discount houses for deposits:
The
joint
|
f
1%@1% J
3 months’bills
«-
exceedingly quiet, and the quotations
whole the market has been
following
'
BATS.
TLM5.
ON—
LATEST
TIME.
BATE.
DATE.
short.
Amsterdam... 3 months.
44
Amsterdam..
■
12,1%@12.2 %
12.3%@12.4%
25.32Ha25.37H
20.51 @20.58
25.15 @25.25
short.
Paris... T
3 months. 25.30 $25.25
12 05 @12.10
Vienna
44
20.51 @20.58
Berlin
44
*20.54 @20.58
Frankfort
44
26 @26%
St. Petersburg
44
Antwerp
Hamburg
«<
4%
....
short
1.
1.
1.
3 mos.
short.
25.13
20.30
25.16
1.
1,
Feb. 1.
Jan. 25.
3 mos.
118.50
•
•
•
Feb.
Feb.
Feb.
•
•
Feb.
90 days.
3 months.
T.Uhnn'
Vi lan
.
44
Genoa.
44
Naples
Madrid
New York
Biode Janelrc
Pernambuco...
44
•
....
Valparaiso
Bombay
•
•
•
•
•
•
51% @52 '
2?.72%@2?.?7*
2r.72H@27.77*
27.7*2 H@-7.77H
47% @17%
•
•
•
•
• •
•*••••
30 days.
44
Calcutta
Hong Kong...
Shanghai
•
•
•
«
)s. 8 11-16(7.
Is. 8 11-16(2.
•
•
•
....
•
•
•
Feb.
•
•’
•
•
*
$0.39
20.C9
25%
47%@47%
rift/H*
12.12
1.
Feb.
•
•
•
•
•
•
,
Feb.
1.
short.
27.25
....
Jan. 21.
Feb. 1.
Jan.« 4.
Dec. 27.
Dec. 26.
Jaii*~
Jan. 30.
Jan. 2«.
Jan. 26.
*
3 mos.
60 days.
90 days.
44
6 mos.
44
48*39 .*
4.63
54%
24%
41%@41%
is. 9' 1-16d.
Is. 9d.
38. 11 %<*.
58. 5%(f.
London, Saturday, February 2, 1878.
The directors of the Bank of England have this week decided
reducing their minimum rate of discount to 2 per cent. For
the open market has been working very consid¬
erably under the Bank of England, and it was clear that the only
objection to a reduction in the official quotation would arise out
of political causes.
As regards the supply of mercantile paper,
the complaints of scarcity are still very great, and, in the present
condition of our trade, there is certainly no prospect of any
immediate increase. The political situation is too grave to admit
of merchants extending their trade, the most judicious policy for
the country to pursue being still a waiting one.
Financial
schemes are almost altogether in abeyance, and it is, of course,
impossible for any loan, except it be of domestic or colonial
interest, and, in addition, of a very sound character, to be intro¬
duced with success. There seems, in fact, to be a disposition to
do as little as possible. The credit given by wholesale to retail
houses has, for some time past, been much curtailed, and, con¬
sequently, there is very little present hope of the trade of the
country becomiug inflated. This is, undoubtedly, a satisfactory
state of things, because, if it curtails trade, there is much less
risk, and those who are suffering now are those who have hith¬
erto enjoyed more credit than was judicious.
The banks have
lately become very particular, and one result has been that, in
spite of a diminished business, the net profits, owing to the
paucity of bad debts, show an increase over 1876. Such a condi¬
tion of things having been established, it is more than probable
upon
some
that
the
time past
no
inclination will be shown for
which have been
some
time to
come
to relax
adopted. If the banks and dis¬
count houses find that it pays to be cautious, if merchants dis¬
cover that the same sort of policy is profitable, and if the general
public have, by this time, arrived at the conclusion that to prac¬
tice economy and
^thrift is not only easy but remunerative, the
country at large will be slow to depart from a policy which has
certainly accomplished great things. Certain interests will
necessarily suffer; but, taken as a whole, the position is a satis¬
factory one, and is one also calculated to promote confidence and
to lead to a healthy development of our commerce, as soon as the
Eastern difficulty has been brought to a favorable issue.
The supply of gold held by the Bank continues to increase.
The exports from still. exceed the imports into the country; but
gold has been returning of late in considerable quantities from
provincial circulation, and the total supply of gold in the Bank,
which at the commencement of the year was £24,386,794, is now
£34,868,885, showing an increase of about half a million sterling.
The reserve has increased from £12,052,914 to £12,981,690 ; and
the proportion of reserve to liabilitiesfrom about 40 to 44$
per
cent. r* Other securities, ” which on the 9th of January amounted
to £17,625,966, are now £17,872,367, showing a slight increase.
The total at the commencement of the year was £20,511,344; but
that total was due to temporary loans at the close of the year,
which form no basis for comparison.
There has during the week been a little extra demand for
money, arising out of the Stock Exchange settlement; but as a
measures
Percent.
1
Joint-stock banks
Discount houses at call
Discount houses with 7 days’ notice
Discount houses with 14 days’ notice
1
134
1%
Clearing-house returns for the 28 days ended January 30
amounted to £380,476,000, against £397,209,000 last year.
Annexed is a statement showing the present position of the
Bank of England, the Bank rate of discount, the price of Consols,
the average quotation for English wheat, the price of Middling
Upland cotton, of No. 40’s Mule twist, fair second quality, and
the Bankers’ Clearing House return, compared with the four
previous years:
The
1876.
1877.
£
£
£
£
27,1S5,9S0
27,592,885
4,8i7,lo5
27,210,371
17,719.293
18,897/453
16,981,323
26,370,505
4.220,734
18,261,250
13,569,597
17,352,252
18,402,766
13,*87,224
17,703,170
25,146,245
16,367,876
17,732,317
25,134,4*25
16,202,509
17,872.367
11,253,259
9,849,520
10,169,471
14,057,356
12,981,690
22,303,025 21,220,025
22,355,451
26,650,211
24,868,885
13T5.
1574.
£
Circulation—excluding
bank post bills
26.000,930
Public deposits
6,081,1C9
Other deposits
Government securities.
Other securities
Reserve of notes and
coin..
Coin & bullion in both
departments
Proportion of
5,126,610
1878.
-
3,679,555
reserve
to liabilities
Bank-rate
Consols
LFrom our own correspondent]
*
by the
*
•
•
•
iti#
•
3 p. c.
3% p. c.
92%
...
•
•
4 p. c.
•
*
44*55
2 p. c.
•
2 p. c.
35%
92%
94%
95%
52s. 3d.
518. !0d.
44s. 2d.
43s. Od.
English wheat,av. price 63s. 9d.
6 13-lCd.
Mid. Upland eb'ton...
6%d.
6%d.
6%d.
7%d.
No. 40’smule twist,fair
1°.
Is. Od.
2d quality
10%d.
U%d.
llHd.
Clearing House return. 136,258,000 149,620,0C0 125,440,000 103,786,000 77,208,000
Gold has been in moderate demand for
exportation, and a few
been
Bank;
parcels have
withdrawn from the
bat the supply
held by that institution is still increasing, owing to the diminish¬
ing home requirements for coin. The silver market has been
firm.
The prospect of a largely-diminished export from the
United States has tended to raise prices ; but any important
upward movement has been checked by the limited demand on
Indian account. * There has, however, been some inquiry from
Spain. The following prices of bullion are from Messrs. Pixley
& Abell’s circular:
d.
s.
gold.
standard.
d.
s.
77 9H@
Bar Gold, fine
Bar Gold, reflnable
per oz.
per oz.
standard.
77 11%@
....
Spanish Doubloons
per oz.,
nominal. 74 3 @
....
South American Doabloons. ......*
United States Gold Coin
German gold coin
8ILVEK.
Bar Silver, fire
Bar Silver, con’ng
Mexicsn Dol ars
peroz.
76 3%@
.
....
....
....
d.
last price.
d.
@54
@ 54%
53%
51%
52%
@
—
peroz.
....
@
—peroz
@
....
....
....
Discount, 3 per cent.
Quicksilver. JB7 5s.
following
73 9 @
76 3%@
*
per oz.,
Spanish Dollars (Carolus).*.
Five Franc Pieces
The
peroz.
—peroz.
per oz., nearest.
..per oz., nearest.
5 grs. Gold.
....
the current rates of discount at the leading
are
cities abroad:
Bank
Open
rate.
mark’t.
p. c.
p. c.
1I
2
| Vienna and Trieste...
1%
1 Madrid,Cadiz and Bar3
2%
4
| celona
2H
Lisbon and Oporto..,.
4
2%
4
2%@?H 1 St. Petersburg.
i New York.
4
2%
Paris
Amsterdam
Berlin
Hamburg
Frankfort
Leipzig
Genoa
Geneva
Brussels
1
...
5
3
4%
2H
2%
3
| Calcutta
1
Copenhagen
Bank
Open
rate,
mark’t.
p. c.
p. c.
4% 4%@4%
6
6
6
...
6@7
5
4%
5%(®7
6
5%@6 5% @6
delay occasioned in making public the terms of an armis¬
tice, and the uncertainties that have existed with regard to a
The
localization of the war, have materially checked business on
Stock Exchange; but the public have been sanguine about
the
the
prices have had an upward tendency. Russian stocks
have risen in value, the 1873 loan having been dealt in at 85J
which is an improvement of more than 15 per cent compared
with the lowest point of last year.
It is regarded as doubtful,
however, if that quotation will be maintained when the financial
situation can be more calmly looked into, and when the Russian
Government shall ask of Europe a large loan.
As regards
American stocks, a dull tone prevailed when it became knowR
that the House of Representatives had passed the Silver bill; but
as there is no belief in the United States Government departing
future and
present reputation of paying the national obligations
there has been a better feeling, and the market closes
from their
in coin,
with steadiness.
Another week has
elapsed, and the signing of an armistice is
only a report, on which no reliance can be placed. The
Sultan has, we are told, begged of the Czar to bring the war to a
still
speedy termination, and end the appalling suffering which now
exists; but the Russian Government shows no sign of alleviating
THE CHRONICLE.
15S
great distress which prevails. Loud as was a section of the
Liberal party in condemning the Bulgarian atrocities, not a word
fi uttered by them against Russian procrastination, which is pro.
ducing the greatest misery that can be imagined. Were Turkey
not crushed, the case would be different, but Turkey in Europe
is now pretty well an extinct power, and there is certainly no
need for so much shuffling diplomacy to train a few military
advantages over a people who are beaten, and who have no power
or inclination to make further resistance.
The month’s delay in
the
arranging the broad terms of a settlement has produced great
suffering, and has also compelled Europe to regard Russia with a
great deal of suspicion. There appears, however, to be no doubt
that the Government demand for a credit of £6,000,000 will be
sanctioned by a large Parliamentary majority,tsome say of 120.
The Manchester Guardian says that the new Swiss tariff, which
received the approval of the Federal Council on the 13th ult.,
raises the import duties upon most descriptions of cotton fabrics.
The change will probably affect the manufactures of Alsace more
than those of this country, but it will be of interest to English
readers to know the extent of this retrograde movement on the
part of a nation from which better things might have been
expected. The following table shows the new and old rates of
duty:
Per 100 kilos.
,
Old rat*.
New rate.
Francs.
Francs.
,
4
Cotton yarn, grey
4
Cotton yarn, bleached
Cotton yarn, grey doubled
Cotton yarn, colored
Cotton goods averaging less than 40 threads per square
4
millimetre
Cotton goods averaging more than 40 threads per square
millimetre
4
Muslins
Woven colored goods
Prints
4
Velvets, damasks, piques, Ac
In this connection it may be
prints of excellent quality
moderate prices.
are
at very
to
to
6
8
8
10
7
7
7
7
10
to 16
..•
16
to 16
16
16
to 16
15
15 to 20
30
85
20
worth while to state that Austrian
now being offered in Manchester
(Tol. XXVI.
powers is obyiously favorable to the ambitions pretensions of Rus¬
sia, but at the same time there is the risk of serious danger to
tbe whole of Europe. The state of Europe is, in fact, deplorable,
and divided councils will not
improbably bring about eventually
catastrophe unless 'the present reticence gives place at once to
open and reasonable diplomacy. Doubtful as the future may be,
it is quite fair to conclude that the pursuance of a cautious poli¬
cy in the wheat trade is still the best course to pursue. With
the return of peace our prospective supplies would be very largely
augmented, and the probability is that with fair average harvest
prospects, present prices wonld not be maintained.
The following figures show the imports and exports of tereal
produce into and from the United Kingdom since harvest, viz.:
from the 1st of September to the close of last week, compared
with the corresponding periods in the three previous years:
a
mpoBts.
1877-8.
_
Wheat
cwt. 25,716,476
Barley
6,703,129
5,133,756
876,052
1,759,840
12,086,434
3,431,505
Oats
Peas
Beans....
Indian Com..
Flour.
.
1876-7.
15.755,905
6,249,471
4,678,060
610.481
1,929,763
14,328.109
2,548,768
1874-5.
1875-6-
26,717,349
4,751,249
4,506,329
710.009
1,604,864
8,778,785
2,844,389
16,816,868
7,881,268
4,049,487
877,862
1,083,586
5,318,742
3,299,756
XXFOBTS.
Wheat
....CWt.
Barley
Oats
Peas
Beans
Indian Gorn
Flour
883,722
588,128
96,618
141,397
28,057
11.958
10,678
116,923
146,677
59,547
12.550
10,296
46,850
22,097
64,621
12,590
15.470
223,114
17,040
51,020
10,946
10,277
1,048
4.754
14,303-
32,836
83,158
9,391
During the week ended January 26, the sales of English
in the 150 principal markets of England and Wales
amounted to 44,186 quarters, against 43,458 quarters last year:
while in the whole J kingdom it is estimated that they were
nearly 177,000 quarters, against 174,000 quarters. Since harvest,
the deliveries in the 150 principal markets have reached a total
of 977,442 quarters, against 1,072,331 quarters; and in the whole
kingdom it is computed that they have been 3,900,000 quarters,
against 4,290,000 quarters in the corresponding period of last
Without reckoning the supplies furnished ex-granary, it
year.
is estimated that the following quantities of wheat and flour
have been placed upon the British markets since harvest:
wheat
the week has been exceedingly
quiet, and in the absence of any desire on the part either of
buyers or sellers to operate, the amount of business transacted
1877-8.
1876-7.
1875-6.
1874-5.
has been small, that is to say, it has been restricted to actual
requirements. These, of course, are not small, but buyers evince Imports of wheat
25,716,476 15,755,905 26,717,319 16,816,3*8
Imuorts of flour.....
3,431,505
2,548,768
2,844,389
3,299,766
no disposition to accumulate a stock, while, on the other hand,
Sales of home-grown produce
16,943,500 19,301,000 18,423,000 24,421,000
holders are, perhaps, somewhat more inclined to realize. This,
Total
45,091,481 87,605,673 47,983,733 44,537,134
in fact, is the state of the trade, not only in this country, but
Exports of wheat and flour
910.819
585,163
106,009
174,555
throughout the greaterj>art of the world. Doubtful and per¬
45,180.662 37,020,505 47.877,729 44,862,679
Result
plexing as is the political situation, it is yet somewhat sanguinely, Aver, price of Eng. wheat for season 55s. lOd. 48a. 6d.
46a. 6d.
44a. lid.
if not too much so, believed that in spite of diplomatic delays,
which experience of Russian diplomacy might lead the country to
BasIIeli market Reporti-Per Cable.
expect, peace is not far distant. The powers at present neutral
Thedaily closing quotations in the markets of London and Liver¬
are by no means anxious to commit themselves to a policy which
would almost inevitably lead to a conflagration in Europe, and pool for the past week have been reported by cable, aa shown in
this is one reason why a hope of peace is entertained. At the the following summary:
same time, Russian silence and the interests of
the neutral
London Money and Stock Market.—The bullion in the Bank
of
England has decreased £195,000 during the week.:
powers seem in variance, and are a well-grounded cause for the
anxieties and perplexities which prevail. Again, peace seems
Thur.
Frl.
Wed.
Tues.
Mon.
Bat.
95 5-16
95 7-16
95 11-16 95 7-16 95 3-16 95 7-1ft
assured when we bear in mind that the military organization
95 5-16
95 7-16
95 11-16 95 7-16 95 8-16 95 7-16
accot
106*
106*
of Turkey has, since the surrender of Plevna, and the (7.8.68 (5-20s) 1887.... 106
10**
106*
1087,'
106 '
105*
108
108*
xl05*
108*
108*
....108
0. 8.10-408
105
105
1(5
capture of Osman Pasha, completely broken down, and 5s of 1881
104*
105*
.104*
104*
xi03
102*
104
104*
104*
104*
it is thus obvious that the question of peace is not so much one New 4748
between Russia and Turkey, but as between Russia and Europe
Liverpool Cotton Market.—See special report of cotton,
in general.
Russia may not, perhaps, desire a complete solution
Liverpool Breadstufis Market.—
of the Eastern difficulty.
Her government makes war on small
Frl.
Thur.
Wed.
Tues.
Mon.
sat.
pretexts, and a cause for further aggres3ion may not improbably
0.
d.
s.
d.
s. d.
8.
s.
d
d.
s. d.
29 ft
29 0
89 0
be left for the present Czar’s successor, should the opportunity Flour (extra State)
29 0
$bbl 29 6 29 6
10 4
10 2
10 2
10 3
10 3
present itself. During the past week, Turkey, even through her Wheat (R. W. spring).*ctl 10 3
113
11 0
11 0
11 0
(Red winter)
44 11 0 11 0
12 3
12 2
12 3
12 2
3
12
white)..
(Av. Cal.
44 12 3
Saltan, has expressed a desire for a speedy termination to tbe
13 6
12 6
12 6
13 6
12.
7
(C. White club)... 14 12 7
27 3
27 0
27 0
37 0
war, not only because she is powerless, but also for humanity’s Corn (new W. mix.) $ quar. 27 0
27 0
36 6
36 6
36 6
36 6
36 6
sake. Russia, however, prevaricates, and, at tjie same time, Peas (Canadian) V quarter. 86 6
et.—
pursues her military advantages—a policy which can scarcely
Liverpool Provision« Market.—
commend itself to the Western powers, when the war was
Frl.
Thor.
Tues.
Wed.
Mon.
Bat.
s.
d.
s. d.
a. d.
s. d.
s. d.
undertaken for benevolent purposes. It is quite possible that
s. d.
65 0
84 U
81 0
83 0
83 0
88 0
deef (prime mess) $ tc.
the trade in cereal produce are correct in believing in peace. Tbe
55 0
55 0
65 0
75 0
55 0
Pork (W1
(W’t. mess)....$ bbl 55 0
29 6
29 6
29 6
29 6
29 6
Stock Exchange has the same opinion, but what is to be the Bacon (I’g cl. m.)
W cwt 29 6
89 0
39 0
33 9
89 9
39 6
Lard (American).... 44 89 0
69 0
68 0
66 0
endurance of the peace when the probability seems to be that it Caeese(Am. fine).... 41 - 66 0
66 0
66 0
will be very much of the nature of a compromise ? Until the real
\ '
Liverpool Produce Market.—
terms are known, the position of Europe' in the future i8
Frl.
Tnur.
Wed.
Mon. t Tues.
Bat.
s. d.
extremely doubtful; and it may happen that in the place of a weak
e. d.
s. d.
s. d.
8. d.
a d.
5 8
5 3
5 3
5 6
Turkey, whose chief fanlt was misgovernment, there will be a Rosin (common)... 0 cwt.. 5 6 205 06
10 0
10 0
10
0
10
0
(flne)
44
10 0
10*
formidablo power, which will be a threat for many years to come Petroleum(reflned).... W sal
10*
10*
10*
10*
11
7*
?*
7*
7*
(spirits).....
”
7*
to Germany and Austria, and especially to the latter power. The
40 ft
40 6
40 6
40 6
Tallowfpriine City)..W cwt. 40 8 40 6
25 0
35 0
25 0
25 0
want of harmony in this country and between the European Spirits turpentine
44 25 0 25 0
The trade for wheat during
t
44
,
.
44
44
"
-
4.
44
*
February
London Product
Oijspot, V cwt
33
75 0
35 0
46 0
33
75 0
85 0
46 0
5
• tun. .75 0 0
“ % 0 C
ton 45 10 0
““
Wed.
d.
£
£. 8. d. £ a. d.
9 10 0 9 10 0
49 0
43 0
d.
a.
IAn*'dc*ke(obl).V tt. 9 10 0
Uaieed (Cal.) # quar. 43 0
8n»ar<No.l3D’chstd)
Sperm oil
Whale oil.
Legal Tender Notes.—
and Oil
Market*.—
Taes.
Mon.
gat.
£
9
6
0
0
0
£
d.
0
0
0
9
9 10
50
33
6
0
0
0
43
75 0
85 0
26 15
75
0
35 0
26 15
8.
d.
9 10
50
0
0
£
s.
10
49
Deposited in Treasury under act of June 20,
Frl.
Thnr.
23
75
1.4 1887766.’.
imports last
and general
merchandise.
The total imports were $3,849,682, against
f6,923,815 the preceding week and $4,298,575 two weeks pre¬
vious/ The exports for the week ended Feb. 12 amounted to
$6,949,877, against $6,424,239 last week and $7,032,948 the pre¬
vious week. The exports of cotton for the week ending Feb. 13
were 9,528 bales, against 11,672 bales the week before. The fol¬
lowing are the imports at New York tor week ending (for dry
goods) Feb 7. and for the week ending (for general mer¬
Imports and Exports for the Week.—The
week showed a decrease in both dry goods
chandise) Feb. 8:
1875.
Drygoods
Total for the week.
Previously reported....
Since Jan. 1
$4,425,267
2.785,45 1
$2,010,752
2,50a,131
$1,958,119
$6,601,928
1,891,563
$5,210,516
$1,570,686
31,457,274
29,578.279
f8 849.6S2
31,761,632
$38,366,560
$35,667,792
$84,149,165
"$31,404,163
27,554,431
In our report of the dry goods trade will be found the imports
of dry goods for one week later.
The following is a statement of the exports (exclusive of specie)
from the port of New York to foreign ports for the week ending
Feb. 12:
*
EXPORTS FROM NEW
Y#RK FOR THE WEEK.
1875.
1873.
Fbr the week
$4,882,576
$4,557,375
Previously reported....
24,423.475
$26,806,051
Since Jan. 1
25,000,937
29,912,598
$6,949,877
30,399,860
$49,528, 312
$33 890,437
$37,549,737
parison of the total since Jan. 1,
totals for several previous years:
Feb. 5—Str. France
Havre
of specie from the port of
9, 1878, and also a com¬
1878, with the corresponding
Amor, gold bars..
$13,000
..Amer. gold coin..
10,000
Amer. silver bars.
7—Schr. Joseph Oakes..:.. Puerto Cabello
7—Str. Adriatic
Liverpool.
9—Str. City of
9—Str. W eser
1878.
1877.
$4,977.8*9
The following will show the exports
New York for the week ending Feb.
Feb.
Feb.
Feb.
Feb.
,
New York...Liverpool
Bremen
Southampton
19,000
Amer. silver bars.
93,500
77,000
Amer. silver bars.
Amer. silver bars.
80 000
Mex. gold coin...
20,500
$263,000
Total for the week
1,551,446
Previously reported
Total since Jan. 1, 1878
Same time In—
•
$l,883.6t5 11871
3,203.04011870
12,253.33* I 1869
4,657.9*211868
9,604,804 11867
1875
1874
1873
been
$5,484,427
4,850,860
6,139,171
9,657,651
4,015 813
3,765,901
;
imports of specie at this port during the same periods have
as
follows:
Feb.
Str. City of New York... Liverpool
Feb. 5—Str. Bermuda
St. Thomas
Feb. C—Brig Emily
Belize...
Feb. 7—Str.
Havana
Niagara
Feb. 7—Str. Andes
$488,500
Amer. gold
2,536
/mer. silver
Amer. gold
•
802
gold.
Foreigu gold
•
Amer. silver
Foreign silver..
Amer. gold
..
Foreign gold
Gold dust
Gold bars
.Hamburg
Amer. silver
Foreign * liver....
Pert-au-Prince:.. Amer. silver
Feb. 8—Str. Claribel
Total for the week
Previously reported
..
,
2,720
5,161
Amer. silver
Amer.
Aspinwall
Feb. 7—Str. Gellerl
,
$1,817,446
..
1,775,0431 1866
1872
The
.
Same time in-
(
6,00)
2,076
2,627
910
3,089
5,873
1,516
1,8:0
30
600
$518,280
,
........
2.283,082
$4,801,362
Total since Jan. 1,1878
8ame time in—
1877.
....
.
$1,884,11:
' 488,126
1875
158.191
855,631
147/242
252,526
Same time in—
1871...
1870
1869
1868
18t»7
171,000 *
Philadelphia
c.
11.9^7,204
3,150,604
80,650.712
3,938.256
1,385,767
4,914,000
141,000
Miscellaneous
Total
.:
..-
Treasury Movements.— :
Balance in Treasury—Coin
,
Currency
Currency held for redemotion of frac¬
tional currency....
Com certificates outstanding
11,828,585
•
1,396,51$
32.056,224
fc5*,240
£2,889,576
1.745,640
691,863
1,07 2,800
8,244,000
4,881,CQ0
7,824,000
621,285
319,*19,599 370,340,385 340,647,690
1,412,120
1,4*2,120
1,432,120
72,000
Chicago
11,780,870
67,500
351,340,288 319,943,776 349,110,444
973,000
.
Cincinnati
Jan.
_
7,837,000
Boston
Dec.
198,000
9,235,000
1,018.000
46,000
157,0 0
927,000
61,000
165,000
3,408,000
3,522,000
4,171,000
$17,340,000
$17,222^000
$18,029,000
183,970,214 139,518,405 126,882,9*9
3,170,490
5,498,844
8,816,896
9,806,002
34,39i ,400
10,000,000
83,424,900
10,000,000
42,733,800
We
the interest of holders of the Penn Avenue
bonds, Pittsburg, and for the credit of that city, that City Coun¬
cils there, on Monday, decided, by a vote of 39 to 16, to strike out
from appending ordinance a proposed appropriation for the pay¬
ment of the current year’s interest on said bonds, it having been
previously agreed between prominent representatives of the
bondholders and the city authorities that bonds of a temporary
loan would be accepted for the la9t year’s interest.
This very
liberal offer Laving been signally rejected by a vote of 16 to 39,
nothing is left the creditors of that city of smirched credit but an
appeal to law, which, it is supposed, will at once follow. Mr.
Whelen, of this city, who largely represents creditors in this
city, has been unremitting in his efforts to produce better results.”
St* Paul & Pacific Railroad.—A despatch from St. Paul,
Feb. 12, says it is announced to-day that the purchase of the 8t.
Paul & Pacific Railroad from Dutch bondholders by St. Paul
and Canadian capitalists, negotiations for which have been pend¬
ing for some time, is completed, The purchase includes twothirds of the bonds, which aggregate $24,000,000. /The Sr. Paul
purchasers are Norman W. Kittson and James J. Hill. The road
is now operated by Horace Thompson, Edmund Rice and John S.
Kennedy, as Trustees for the bondholders, who will continue to
The
manage it for a few weeks, until foreclosure is completed.
first result of the change will be the completion of lines to
Pembina and Alexandria, which will be built during the coming
summer; the former to connect with a road to be built by Ciiiadian parties, to connect with the Canada Pacific, opening a route
from St. Paul to the fertile regions of Manitoba.
West Wisconsin.—The sale of the property and franchises of
this company is to take place, in pursuance of the decree of fore¬
closure, on the 1st day of March, 1878.
—An American Almanac for 1878.—We take pleasure in
noticing the publication of this work by the American News
Company, Mr. A. R. Spofford, the Librarian of Congress, being
its editor.
There is probably no man in the United States whose
location and daily business give him greater facilities for com¬
piling such a work than Mr. Spofford, and from the appearance
of the present volume, replete with statistics—political, financial,
commercial and general—we conclude that he has fully availed
himself of his opportunities.
We believe in statistics, and to all
parties who are inquiring (in a better spirit than that of Pilate)
what is truth,” we heartily commend this book.
—The New York Life Insurance Company—one of the three
great life companies of this city, and among the first of the
country—publishes itB annual statement in our columns to-day.
The company had a searching examination made by the Insur¬
ance Department in 1877, and received a highly commendatory
report from the Examiners. It appears from' the present state¬
ment that during the t ast year, pre-eminent for depression in
business, this company’s net receipts were $7,(67,156, and its
total disbursements, including $2,421,874 dividends, &c., to policy
holders, were $5,945,149, showing a clear surplus on the year of
$1,722,007. The cash assets, January 1,1878, amount to $34,957,250, against $32,730,888 on January 1, 1877. Messrs. Morris
Franklin and William H. Beers are the well known executive
officers of this corporation, under whose management it has grown
regret to learn, for
187&
*$8,:6),782
3,838,146
amount of greenbacks outstanding..
National Bink Circulation.—
New circulation issued
Circulation retired
Total circulation outstanding—Currency...
Gold
Notes received for redemption from—
New York
Ndv.
Pittsburg City Bonds*—The Philadelphia Ledger says: •*
YORK YOB THE WEEK.
1876.
1877.
FOREIGN IMPORTS AT NEW
1874
Total now on deposit, Including liquidating
banks
Retired under act of January 14, 1875
Total retired under that act to date
Total
0
35 0
26 15
dtommercial anir ittteceUaiteons Nrros.
General merchandise...
159
THE CHRONICLE.
16, 1878.]
2,886,973
1.780.440
280.937
“
to its
present position.
Banque Centrale Anversoise, of Antwerp, has, by unani¬
of its stockholders, been thoroughly reconstructed,
The transactions for the week at the. Sub-Treasury have been and now, with a fully paid-up capital of nine million francs, is in
a condition to transact a general banking business under better
as follows:
Paymehts.Receipts. auspices than ever before.
A most conservative board of direc¬
Gold
Gold.
Customs.
Currency.
Currency.
tors,
composed
the
first and most influential gentleof
some
of
Feb. 9......
$287,110 22
$421,000
$343,725 73 $429,739 40 $418,118 99
11
500 000
536,518 08
527,041 «5
550,735 82 1,491,>27 44 ^men in commercial and financial circles, has been elected;
3 5,313 81 'amoDgBt them
410.777 96
439,966 58
448,000
547,556 11
we name Messrs. Louis 0. Lemme, Nottebohm
253,965 88
885,613 99 Dhanis, of Michels Loss, Van der Becke, and Maguinay.
636,404 61
766,938 83
13.....,
212,000
It is
14
29 ,000
46 ,907 80
531,216 68
443,541 33
513,101 71
hardly
to
any
further
particulars
necessary
mention
to
commend
48i,632
74
342,000
3t>6,315 89
619.777 96
210,622 74
this financial institution to the favorable attent.on of merchants
TottL
j
having business dealings in the city of Antwerp.
Balance, Feb. 8
—The success of the scheme for funding the securities of the
105,141,008 64 85,145,977 42
Balance.Feb. 15........ 104,734,131 90 34,543,763 62
Canada Southern Railway Company having been assured by the
From the Comptroller of the Currency, Hon. John Jay Knox, deposit of more than three-fourths of the outstanding bonds,
we have the
following statement of the currency movements and holders who have not yet converted their bonds into debenture
certificates, countersigned by the Union Trust Company, are noti¬
Treasury balances for two months past:
U.8. Bonds held as security from Nat. B'ks.—
fied that it is necessary to make such conversion without further
Jan.
Dec.
Nov.
Bonds for circulation deposited
$4,768,500 $2,391,000 $1,878,100 delay, in order to secure the delivery to them of the new guar¬
1.763,6'!0 anteed bonds in the month of March. Information furnished
1,834,' 00
"opds tor circulation withdrawn
2,686,850
Total held for circulation
S4),130,550 846,187,550 346 3 2,050
Bonds held as security for deposits
18,498,000 and exchange effected at the office of the company.
18,988,000
14,373,000
1873
1872
.....
as
u
64
•6
(6
•
■ • ••
’
181,6:9
—The
mous consent
THE
160
The range
ftcuftte.
<&l)e Bankers’
No National Banks
CHRONICLE
organized during the past week.
*
Per
Cent.
Company.
When
Payable
Books Closed.
iDays inclusive.)
Railroads.
3#
$4
$2
Chicago & Alton, pref. and com
Chic. Bnr. A Quincy
Det. Lansing *te North, prtf
Insurance.
On
5
Sterling Fire
Miscellaneous.
United States Rolling Stock
Varch
March
Feb.
2#
* Feb. 22 to Mar. 4.
15 Feb. 24 10 Mar. 19
to Feb. 20
»
f\ib.Jt6
1
.
,,,,
*
Feb.
•
1.
1
Feb.
8.
Feb.
15.
105#
108#
104#
103#
106#
xl05#
104#
x!02#
i
.
FRIDAY, FEBRUARY 15, 1878-5 P.
M.
Money Market and Financial Situation.—The
financial situation remains essentially unchanged.
Business is
still exceedingly dull and prices in the stock market generally
show a decline. The slow progress on the Silver bill is rather a
source of regret than otherwise, as business men find nothing so
hard to deal with as uncertainty.
It seems to be considered in
Tlie
,
Coupon.
88,693,350
67,686,250
211,217,050
21,691,800
52,011,050
286,043 550
78,877,700
13,921,200
Closing prices of securities in London have been as follows:
dem.
March
Feb. 1
Amount
-Range since Jao. 1,1878
Lowest
Highest.
Registered.
7 107# Jan. 26 $194,043,000
83, 1881
coup. 195# Feb.
3 103# Feb. 15
49,217,000
63, 5-208, 1865, new..coup. 102# Jan.
6 106
Feb.
Jan. 11
99,400,150
•3, 5-20s, 1867
coup. 105
2 109# Jan. 25
15,773,500
63, 5-20s, 1868
coup. 106# Jan.
8 108# Jan 26 142,555.250
5s, 10-40s
.coup. 107# Feb.
5s, funded, 1881.... coup. 103# Feb. -1 106# Jan. 24 222,396,800
7 104# Jan. 11 121,122.300
coup. 102# Feb.
4#s, 1891
9
61,078,800
4«, 1907
coup. 101# Jan. 26 102# Jan.
8 120# Jan. 16
64,623,512
6s, Currency
reg. 118# Jan.
f
The following dividends have recently been announced:
of
in prices since Jan. 1, 1878. and the amount of each
class of bonds outstanding Feb. 1,1878, were as follows:
DIVIDENDS.
Name
[VOL. XXVI.
U. S. 6s, 5-20s, 1867.......
U. S. 5s. 10-40s
5s of 1881
New 4# per cents
State
106#
109#
105#
104#
Railroad
and
|
r-Range since Jan. 1, 1878.Highest.
Lowest.
I 105#
xl05#
! 104#
’x!02#
107# Jan. 23
109# Jan. 26
106# Jan. 15
105# Jan. 24
Jan. 2
Feb. 15
Jan. 30
Feb. 15
Bonds.—In State bonds there have
been sales of about $45,000 Alabama, class A, at 42£@42|.
There
have been sales during the week of about $150,000 Louisiana
consols at 84 to 85, on a home investment demand.
The feeling
in Virginia consols is more hopeful, with adioms demand.
Railroad bonds are in very fair demand at prices generally
quarters that Mr. Belmont’s letter on the silver question
suggested an idea, which if not actually new, has not pre¬
Southern railroad bonds Lav* lately been stronger, and
viously been made much of, and that is substantially—that the steady.
law of 1873, demonetizing silver, is in the nature of a contract there is more confidence in the ability of the now solvent rail
with United Sates bondholders, and as to them <?an not consti¬ roads to pay their interest regularly hereafter.
tutionally be repealed. We have previously been inclined to
Messrs. A. H. Muller & Son sold ut auction:
take this view of it, and to place the matter briefly and precisely
some
has
the events have occurred, we would state it as follows: 1. The
United States Government, under a law of 1870, issued bonds
own choice
in 1873, the Government
payable at its
either in gold
or
silver. 2. Afterward,
passed a law, after "ong discussion and
full deliberation, cancelling its right to pay in silver and stating
plainly that it would exercise i s option reserved by the law of
1870, and pay only in gold. 3. On the strength of this law,
which was a public and formal notice, to be taken in connection
with the law of 1870, United States bonds have teen sold and
re-sold. 4. 'J he laws of 1870 and 1873 form a contract with
bondholders, and the Supreme Court of the United States must
necessarily hold that that contract cannot be abrogated by re-mone¬
tizing silver.
The money market continues to work easily, and call loans are
freely made at 4 per cent on Government bonds, and 4(26 per
cent on stock collaterals.
Prime commercial paper sells readily
at 5 to 6 per cent, with exceptions in very choice paper as low as
41 per cent.
The Bank of England statement on Thursday showed a loss
of £195,000 in specie, but the percentage of reserve to liabilities
was increased to 46 13-16, from 46^ the previous week, and the
discount rate was left unchanged at 2 per cent. The Bank of
France lost 3,800,000 francs m specie.
The last statement of the New York City Clearing-House
banks, issued February 9, showed a decrease of $1,021,125 in the
excess above their 25 per cent legal reserve, the whole of such
excess being $14,095,650, against $16,616,775 the previous week.
The following table shows the changes from the previous
week and a comparison with the two preceding years :
,
1878.
Feb. 2.
Loans and die. $211,275,500
Specie
Circulation....
Feb. 9.
‘
1876.
Feb. 12.
$2t3,05 ,300 Inc. £1,781,800 8256,817,100 5 260,556,710
31,230,000 32.146,900 Inc . 916,900 35,616,600 24.501,600
19,761,300
19,637,100
210,301,700 21t.7H.000
Legal tenders.
37,362,200
31,877,0:0
United States Ronds.—In
Net deposits..
Differences.
1877.
Feb. 0
71,200
15.635,400
Inc.. 1,411,300
Dec. 2,455,200
Dec.
232,035,100
43,786,700
17,293,500
225,558,500
47,895,600
government securities there has
week, for the first time since
been considerable activity, and this
the opening of the year, we notice
financial corporations, in addition
moderate investors.
One of the
a
demand from
some
of the
to the steady demand from
prominent dealers in bonds
roughly estimated to-day that about $5,000,000 of governments
had been taken out of this market within a week past by sub¬
stantial purchasers, and that the foreign bankers had not sold more
than about $2,000,000 bonds here
estimate given last week by some
during the same time. In an
of the principal foreign bank¬
ers, they express the opinion that in the three months of the
silver discussion in Congress—from November 1 to February 1—
about $60,000,000 bonds bad been returned here from Europe,
mostly of the fives and four-and-a-half per cent bonds, and of the
called five-twen t ies. One house had bought in $25,000,000, another,
$16,000,000, and another $2,000,000,and we are inclined to believe
that $50,000,000 would cover the net amount of bonds imported
SHARES.
SHARES.
as
118
i5 Bank of Commerce
50 Bank of America
133#
J06 N. J. RR. & Tr’sp. Co.ll7#@tlH#
34
150
100
SO
40
100
40
80
St. Nicholas Fire Ins
Citizens’ Nat. Bank
100
Tradesmen’s Nat. Bank
118#
New York Gaslight
121#
Mech. & Traders” Nat. B’k...l02#
U. S. Trust Co....
•
326
155#
Rutgers Fire Ins
2 Clinton Hall Asso
50
103#
10 Home Ins
The
5
20
20
13
2
49
Park Fire Ins
110#
Republic Fire Ins
;.
...
Second Av. RR
Grocers’ Bank
65
64
73
Metrop. Gaslight Co., B’xlyn. 71
Arctic Fire Ins. (assessment
not paid)—
£0 Metropolitan Ins
160 Firemen’s Fund Ins
71
81
50
BONDS.
$4,000 Second Av. RR. consolid.
mort. 7s,
due 1883..'
89#
following were also sold at auction
BONDS*
SHARES.
20 Nat. Bank of the Republic .. 84
40 Nat. Butch. & Drovers’ B’k.. 91
bonds.
$22,000 City of San Francisco 7s,
gold,due 1896, Dupont st.,
$6,000 City of Cincinnati (O.) Cs,
gold, due 1906.. 93 and int.
10,000 City of New Brunswick
(N. J.) 7s, due 1897.. 104 and
int.
..100 and int.
Closing prices of leading State and Railroad Bonds for three
and the range since Jan. 1,1878, have been as follows;
weeks past,
Feb.
1.
States.
*81#
Louisiana consols
*105
*17
39
Tennessee 6s, old
*67
Virginia 6s, consol
do
do 2d series... *40
Missouri 6s,
*89 or ’90
North Carolina 6s,
old
District of Columbia, 3-65s 1924 *77#
Feb.
8.
83#
♦106
-7#
*33
*b7
*41
*76#
Feb.
15.
r-Range since Jan. 1,1878.—*
Lowest.
Highest.
~
*16#
*36#
8 85
Feb. 11
7 106
Feb. 6
17
Feb. 14 17# Feb. 8
Feb. 1
33# Jan. 4 39
*67
*40
77
76# Jan.
80# Jan.
♦105# 104# Jan.
84#
5
80
Jan. 29
Railroads.
Central of N. J. 1st consol.
Central Pacific 1st, 6s, gold ...
Chic. Burl. A Quincy consol. 7e
Chic. & Northwest’n, cp., gold
Chic. M. & St. P. cons. s. fd, 7s
Chic. R. I. & Pac. 6s, 1917
..
65#
104#
*93#
107
112
Lake Sh. A Mich.So.lst cons.cp *109
Erie 1st, 7s,
extended
67# *66# 64# Jan. 29 6S# Feb. 5
104# ♦104# 103# Jan. 15 105# Jan. 29
♦109# *109# 109
93# *93# 91#
*92
92# 91#
*107# 107# 106
*112
*109
*109#
110
109
Michigan Central, consol. 7s... *105# *106# *106# 105#
Morris A Essex, 1st mort
N. Y. Cen. & Hud. 1st, conp...
Ohio & Miss., cons. sink, fund
Pittsb. Ft. Wayne A Chic. 1st
8t. Louis A Iron Mt.. 1st mort
Union Pacific 1st, 6s, gold
do
*
This
sinking fund....
is
♦117
119
*97#
*118
*x3#
104#
*95#
*116# *116
118
*97#
113
*96
115#
118
97#
Jan.
Feb.
5
Jan. 5 107U Feb. 9
Jan. 71112# Feb. 4
Jan. 10 110
Feb. 9
Jan. 5 107 Jan. 19
Jan. 5 117*# Feb. 5
Jan. 7 119# Feb. 5
Feb. 2 100# Jan. 30
Feb. 8 118# Jan. 15
Feb. '8 106# Jan. 24
*117# 118
103#
103#
104# 104# 103# Jan.
96# 93# Jan.
*95#
118
2 110
Jan. 14 93# Feb. 2
Jan. 5 93# Jan. 29
r/
7
105# Feb. 5
96# Feb. 13
the price Did; no sale was made at the Board.
Railroad
and
Stocks.—The stock market
of dull business, and the parties who
speculative stocks are obliged to sustain
Miscellaneous
has shown another week
loaded
up wi<h
prices whenever weakness is developed.
We may repeat the
opinion previously expressed that, so far as earnings are con¬
cerned, we see nothing particularly weak in the railroad situa¬
tion, provided the trunk lines maintain fair rates until the open¬
ing of naviga ion, and after that such rates as are reasonable for
the summer ^season.
But whatever compact the officers may
in the three months over and above the amount sent abroad.
agree upon, can hardly have a permanent influence in supporting
the market unless some adequate penalty can be enforced in case
Closing prices at the Board have been as follows :
of a violatioa of the agreement.
A chain is only as strong aB its
Feb. Feb.
Feb.
Feb.
Feb. Feb.
Int. period.
weakest link, and so long as any—even the* most insignificant
18.
14.
15.
9.
11.
12.
•6,1881
reg..Jan. & July. 105# 105# 106
105# 100# 106
links—of the various trunk lines has the power to di rupt all their
to, 1881
coup..Ian. & July. 105# *105# 105# 105# *105# 106#
to, 5-20s, 1865, n. i...reg.. Jan. A July.*102# 103 *102# 103# 103# 103tf transportation agreements, it is plain that there must be a point
We trust that a remedy
to, 5*208,1865,n.i..coup..Jan. A July. 102 i 102# 103
103# 103# 103# of inherent weakness in the situation.
to,6-20B, 1867.
reg.. Jan. A July. 105# *105# 105# 105 <
105# *105# for this may eventually be discovered.
Last we^k, in our article
to, 5-aOs, 1867
coup..Jan. A July. 106# 105# 105# 105# 105# 105# on railroad
earnings, a statement was given purporting to show
•», 5-208, 1868.
reg..Jan. A July.*108# *108# *108# 108# *10814 *108V4
the monthly net earnings of the Wabash road for 1877.
The
to, 5-208,1868
conp..Jan. A July.*103# 108# *103# *108# 108# 109
to, MMOa
reg..Mar. A Sept. 104# 104# 104# 104# 105
105# figures were altogether erroneous, but Were sent in from a re¬
5a, 10-408
coup..Mar. A Sept. 107# 10 # 107# *107# 107# 107#
spectable banking house, and when senV back for verification
5s, funded, 1881
reg..Quar.— Feb. 103# 104 *104
104# *104# 101
were again alleged to be correct.
It turns out that they were
104
5s, funded, 1881... coup. .Quar.—Feb. 103# 104
104
104# 104#
intended for the gross * earnings of the Atlantic Mississippi &
4H§, 1891
reg.. Quar.—Mar. 103# *103# 103# *103# 103# xl02#
4#s, 1891
..coup.. mar.—Mar. 108# 103# 103#' 103# 103# 103#
Ohio Railroad. The Illinois Central annual report, on another
101
4s, registered, 1907
juar.— Jan. 101
101
101
101# 101
iuar.— Jan. 102 *102 *102
The new rates on west¬
4s, coupon, 1907
102# 102# *102# page, presents a favorable exhibit.
to, Currency, 1S95-99 reg,.-Jfan. A July.
*118
118# 118# 119 # bound freight, in the reduction just adopted, are as follows, in
•This is the price bid; no sat* was made at the Board.
cents, per 100 pounds:
’
....
are
--
.
TRE CHRuNICLR
1878. j
February 16,
2d
1st
class.
40
Rochester.,
43
49
39
41
48
55
5?
60
71
78
58
00
70
71
Columbus.
Indianapolis.
75
86
06
St. Louis
Total sales of the week
N. Y.
Cent.
Lake West’n
St.
west. Shore. Union. Paul.
12
13
14
15...
.
20,400
..
14,009
9,000 21,530
...
.......
16,900
16,200
0,700
33
39
40
46
47
50
60
66
.
26
81
S2
37
38
40
49
54
in leading1 stocks were as follows
North9..
11..
3d
4th
class. class.
25
20
23
30
class.
30
35
17,210
9,470
6,400
4,43)
3,100
11,020
5,000
3,500
5,900
4,700
19,150
3,900
3,825
4,700
Del. L.
ft W.
Erie.
5,500
2,109
4,400 17,450
1,920 28,210
1,947 16,000
315 27,740
900 36,400
700
400
600
161
*—-—Latest
earnings reported.
Kansas Pacific
1st week of Feb*
1st week of Feb.
Missouri Pacific.
.Month of Jan...
Mo. Kansas ft Texas .Month of Jan...
Pad. ft Memphis
3d week of Jan..
St. Jos. ft Western... Month of Jan...
S1.L. A.ftT.H.(brchsj. 1st week of Feb.
St. L. L Mt. ft South. 1st week of Feb.
St L. K. C. ft North’n. 1st week of Feb.
St L. ft S. Francisco 1st week of Feb.
St L. &S. E’n(StL.div.) Month of Jan
“
(Ken.div.).. Month of Jan*..
“
(Tenn.div.). .Month of Jan...
Tol.Peoria ft Warsaw. 1st week of Feb.
Wabash
1st week of Feb.
Michigan Central...
.
..
Del. ft
Hud.
1,760
3,810
4,500
3,500
100
—
■
——
■■
.1878.
..
$47,543
/•
Jan. 1 to latestdate.
. ,.
* 1878.
1877.
?
$47,552 $246,183 $227,792
114,440
669,897
573,493
265,903
294,8ll*
965,903
176,019
294,811
217,029
8.960
1377.
237.032
r
45JJ01
8,347
+96,000
58,900
18,549
49,235
23,402
12,497
85,960
82,705
8,357
28,280
8,937
116,709
43,539
21,948
47,339
29,837
13,445
19,963
.62,971
217,029
11,001
45,802
48,189
485,4(0
323,189
116,091
49,235
23,402
237,082
9,609
29,280
60,367
493,912
288,686
122,435
47,839
29,837
13,445
98,538
13,497
166,426
478.214
373,496
s
-
t Country partly flooded.
I’li© Gold Market.—The
gold premium has rule! a little
stronger, as the period approaches for the vote on the Si ver
bill, and closed to-day at 1021. On gold loans the terms were 4,
Total
77,GOO 18,040 45.995 21,000 11,591 131,801
1,900 20,950 3,
and 3£ per cent for carrying, and loans were also made flat.
Whole stock
151,081 494,665 337,874 153.992 894 283 524,000 780,000 200,000
Silver is reported to-day as 53£d. per oz. in London.
The total number of shares of stock outstanding is given in
The range of gold and clearings and balances were as follows:
the last line, for the purpose of comparison.
Gold
Bala ncea
Quoti itions,
The daily highest and lowest urices have been as follows:
Low.
.
.
5,400
700
1,500
100
8,650
3,700
....
°
Feb. 11.
ll
Feb.
Feb. 13.
17* IVi
Central of NJ
“
104
86*
68*
Chic, ft North.
88*
do
pref. 53*
Chic. Burl.&Q
C. Mil. & St. P.
do
pref.
C. K. I. ft Tac.
Del.ftH. Canal
Del. L. ft West
Brie
Han. ft St. Jos
do
pref.
111. Central...
Lake Shore...
88*
47*
49
9
11
35
76
61
Michigan Cent
MorrlsftBs8ez
N.Y.Cen.&H.R
Ohio ft Miss...
Pacific Mall...
60*
Panama
Tuesday, Wednea’y, Thursday,
Monday,
Saturday,
Feb. 9.
73*
104*
8*
33*
*131
Wabash, stock
Union Pacific.
West. Un. Tel.
Adams Exp...
American Ex.
United States.
16x 17
16* 16*
16*
104*101* 103*104* 108*
86* 36* 36* 37*
87*
68k
68* 63*
68* 68*
83* 33* 83* 84*
59* 60*
60* 6*
93* 98*
98* 99
48
47
48*
4'.*
49
49*
47*
47*
9
9*
9*
11
10*
10*
35
25*
25*
24* 24* 24*
75* |6
75* 75* x73
60* 61* 61
61*
61*
59
60*
60* 60*
78
72
72* 72*
105* 103* 105
104* 101* 104*
8
8*
7* 7*
1% _8tf
33*
23*
23* 23*
22*
18*
104*
87*
63*
84*
85*
ll*
99 3
48*
9
11
73
61*
60*
72*
104*
.
—
13* 15*
67* 68
76* 76*
103 103*
49
49
49* 49*
Wells.Fargo.. *34*
...
Quicksilver....
‘128
15* i** #15*
67* 67*
67* 67*
75* 76*
75* •6
103
103
103
103
491
*49
49* #48* 49*
,84*
85
*
49
49
84*
Si*
follows:
8
.
in
—
...
Wells, Faigo & Co
Quicksilver
do
pref
......
38
7
Feb.
Jan.Jan.
Jan.
Feb.
63* Jan.
Jan.
2,510 21* Jan.
63
Jan.
75*
108*
8*
23*
Jan.
Jan.
Jan.
Jan.
Jan.
5 125
14* Jan.
64* Jan.
45,995 75* Feb.
69
78* Jan.
98
103* Feb.
.
50 112
1,170
Jan.
170{-47* Jan.
441
68
700
46
-
50
Jan.
82* Jan.
15* .Tan.
29* Feb.
....
SO
Jan.
Jan.
37*
118*
42*
130
59*
73"
56
91
84*
105
43* 60*
36
59*
49* Feb.
87* Jan.
2, 81
90
18
9, 13
24
45
Feb.
31* Jan.
29
19*
The latest railroad earnings, and the totals from Jan. 1 to latest
dates, are given below. ' The statement includes the gross earn¬
ings of all railroads from which returns can be obtained. The
columns under the heading “ Jan, 1 to latest date” furnish the
gross earnings from Jan.1, to, and including, the period mentioned
in the second column.
r-
Latest earnings reported
1877.
Chic. Bnrl. ft Quincy,.Month of Dec... $962,148
Louisv. ft Nashville...Month of Dec...
540,000
Mobile ft Ohio
Month of Dec...
315,000
Nashv.Chatt. ft St.L..Month of Dec...
168,064
New Jersey Midland..Month of Dec...
50/53
Pad. ft Elizabethan. ..Month of Dec...
30,898
Phila. ft Erie
Month of Dec...
257,742
Phila. ft Reading—.Month of Dec... 2,099,871
>
>
1876.
Friday,
15...
“
Current week.
Previous week..
Jan. 1 to date
103
.
.
The
101* 102* 102* $79,449,000 $
$
89,58),000
996,000 1,114,538
101* 101* 10-K 108
102* 101* 102* 102*
following
are quotations
$4 84 @ $4 89
Sovereigns
Napoleons...
8 86
4 72
8 00
in gold for various coins:
3 60
XX Reichmarks....
4 78
X Guilders
@ 4 10
Spanish Doubloons. 15 70 Q 16 00
Mexican Doubloons 15 50 @ 15 70
Fine silver bare
116 @
117*
Fine gold bare
par@*prcm.
.
Dimes ft half dimes.
—
Large silver, *s &*s
—
96*4$
96* @
Five francs..
— 90
@
— 98
Mexican dollars.
@
English silver
4 75 @
Prussian silv. thalers — 65 @
Trade dollars.
— 96*7$
@
@
97
97
— 98
— 94
4 65
— 70
— 97
—
—
Exchange.—Foreign Exchange has been fairly active, but
on
hardly bear an advance. On actual business to-day rates were
about 4 81|@4.82 for bankers' 60 days sterling and 4.84 for de¬
17* Jan.
1,2:8
289
Jan.
13...
14...
Jan. 1,
40* 73*
15
43*
37* 69*
82* 105*
25* 74*
30* 77
4* 15
7
15*
17
33*
40* 79
45
73*
35* 74*
51* 92*
85* 109*
8* 11*
12* 26*
Jan.
Jan.
Jan.
Jan.
Wednesday, **
Thursday, M
102
17*
6
94
11
Jan.
Gold.
High CI08. Clearings.
Currency.
101* 102 101* $11,511,000 $1,457,500 $1,487,825
101* 101* 102 103
13,164,000 1,474,00* 1,506,670
102
108
102
108
11,190,000 1,341,429 1,266,778
102
101
103* 102*
13,085,000 1,616,438 1,648,992
1 ,002,000 1,919,191 1,960,318
102* 102* 102* 102*
108* 108* 107* 103*
15,483,000 1,478,700 1,512,718
Op’n
Saturday, Feb. 9...
Monday,
“ ll...
Tuesday.
“
12...
advance in bankers’ rates to-day business was checked.. The
bond importers have been only moderate purchasers, and as
there is a fair supply of commercial bills coming in prices would
15
Low. High
12* Jan.
27
77-
15*
67*
76*
101*
4J*
49*
Whole
year 1877.
Jan.
10
135
....
Jan.
61*
100*
52*
52*
5,342 58* Jan.
3,948 70* Feb.
11,591 103* Feb.
3,350
125
prices since
18*
104*
89*
73*
Delaware ft Hudson Canal
20,950 45 Jan.
Delaware Lack. ft Western..... 181,800 46* Jan.
Erie
;.
1.900 7* Jan.
Hannibal ft St. Joseph
1,575 10* Feb.
do
do
2.900 22* Jan.
pref
Illinois Central
3,325 72* Feb.
Lake Shore
73 040 59* Jan.
Morris ft Ersex
N. Y. Central ft Hudson River..
Ohio & Mississippi
Pacific Mail....
Panama
Wabash stock
Union Pacific
Western Union Telegraph
Adams Express
American Express United States Express
..
422
3,144 181$ Jen.
2,810 102 Jan.
Chicago Burl. ft Quincy........
21,000 86 Jan.
Chicago Mil. ft St. Panl
do
do
8,320 €8* Jan.
pref...
77,600 28* Feb.
•Chicago ft Northwestern
do
do
pref... 40,455 59* Feb.
3,548 98* Jan.
Chicago Rock Island ft Pacific..
Michigan Central
59* 60
70* 72
104*105
7* 8
22
23*
..
Sales 1
ofw’k. /—Jan. 1, 1878, to date.Shares
Lowest.
Highest,
Central of New Jersey
73*
61*
i«“ 15* 15* 15*
67* 67* *67* 67*
67*
73* 75*
75* 75* 75*
101* 101* 101* 101* 101*
•48* ....
48* 43*
43*
49
49
•49* 49*
84* 84* 84* 81* 84*
17
li
17*
17*
•29
«29
Total sales this week, and the range
were as
«’• 9*
sr P
73
71* 71*
104* 104*
8
S*
•22*
18
17
17* 18
do
*28
pref. "28
....
*28* .... •23
‘23*
*23
80*
30*
This is the price bid and asked : no sale was made at the Board.
1877.
44
59* 59*
23*
423
16
S3* 35*
61*
99* 99*
46* 46*
_
24*
P
T
16* 16*
‘M
63* 6S*
37* 87*
68* 68*
81* 83*
6t
«1*
98* 99
45* 46*
46* 47*
9* »*
10* 10*
28 *“24
72* 72*
61* 61*
69
S*
-.1*
16* 16*
87*
8S
1!*
>?* ii*
Feb. 13.
101*104*
104
it*
Friday,
Feb. 14.
Jan. 1 to latest date.
1877.
1876.
$826,120 $12379,202 $12093,950
49\05l 5,664,700 5.154,9*2
3 9,608 1,990.823 2,099,312
139,237 1,749,2:8 1.697,917
53,417
685,087
668,915
an
mand.
In domestic bills the following were rates on New York to
at the undermentioned cities : Savannah, buying par, selling
day
1-8
premium; Charleston, scarce, 3-16 premium, 1 premium;
Boston, 25c. discount; New Orleans, commercial
bank par;
St. Louis, par, and Chicago, 50 discount.
Quotations for foreign exchange are as follows :
-Feb. 15.-
Prime bankers* sterling bills on London....
Good bankers’ and prince commercial
Good commercial
Documentary commercial
Paris (francs)
Antwerp (francs)
Swiss (francs)
Amsterdam (guilders)....
-..
Hamburg (reichmarks)
Frankfort (reichmarks)
Bremen (reichmarks)
Berlin (reichmarks)
Boston
b^nks for
Bank*.—The following
series of weeks past:
3
days.
days.
@4.84*
@4.84
4.81*@4.82*
4.81 ,@4.82
5.20 @5.16*
5.20 @5.16*
5.20 @5.16*
4G & 40*
4.84
4.83
@4.82*
@4.82
@4.80*
@4.80
.21*@5.18*
.?3*@5.18*
.23*@5.18*
39*@ 39*
94*@ 94*
94*@ 94*
94*@ 94*
94*@ 94*
are
95
95
95
95
t95*
95*
@
95*
@95*
the totals of the Boston
a
Specie. L. Tenders. Deposits. Circulation. Agg. Clear.
I
$
9
$
$
48.339.800 23.987.700
47,046,262
2,119,003
5,427,100
2,210,600
48.427.800 24,037,000
50,592,119
5,505,000
44,510,414
43.770.800 23.949.300
2.459.600
5.947.800
49,711,719
61,011,800 24,157,000
2.601.400
6.226.800
2,927,300
6,180,600 51,703,4C0 24.286.800 61,259,798
2.868.500
6,074.800
50.902.500 24,431,500 : 50,687,149
47,123,549
2,815,200
6,668,200- 61,377,300 24.819.700
50,673,000 24.410.200
42,835,086
2.811.500
5.601.500
3,0 *,200
47,997.363
5.647.500
50,1)8,800 24 637,200
49.745.500 24.561.400 45,502,579
2,940,830
5.590.500
46,873,410
50,211,100 21,550,003
2935.600
5,755,400
3,347,900 6,043,700 50,615,tOO 24.336.400 89,552.908
Loans.
1877.
Oct. 15..
Oct. 22..
Oct 29..
Nov. 5..
Nov. 12.
Nov. 19.
Nov. 26.
Dec. 3..
De.\ 10.
Dec. 17.
Dec. 21.
Dec. 31.
1878.
Jan. 7..
Jan. 14.
Jan. 21.
Jan. 28.
Feb. 4..
Feb.11.
60
.82
.81
.79
79
S
127.402.700
126,852,800
126,497,500
127.388.100
129.127.700
129,*08,300
129.445.100
128,034,700
127.951.900
127.699.700
12 V 30,400
127.723.900
129,026,800
4.293.400
131.015,000
5.100,700
130,875,000
129,032,100
127,596,300
126,920,500
5.366.400
5,47 ,0C0
5,130,3 0
5.624.800
5,074,400
3.982.800
3.719.800
3,680/00
5,381,800
3,192,700
'
52,767^000
24.766.800
58,119,105
24,8*0,900
51 453.371
50,000,000 24.823.200
48,8:33,900 24,626.600
48,752 800 24.759.300
49,004,000 25,069,000
51,206,347
41,295,873
39,446,181
61,483,400
44,371,064
.
St Joseph ft Western Month of
St Panl ft 8. City.
Month of
Sioux City&St.Paul. .Month of
Union Pacific.
Month of
Dec...
Dec...
Dec...
Dec...
53,819
46.695
33,797
935.*52
1878.
298,292
1,319,964
38,993
40,444
24,312
518,S81
459,955
574.772
544,881
342,692
359,132
990.946 12,473,202 1?,888 859
1877.
Atch. Top. ft S. Fe.. .Month of Jan-.. $171,0)0 $134,864
Bur. C. Rap. ft North.1st week of Feb.
34,412
14.598
Cairo ft St Louis....,3d week of Jan..
8,218
5,0l3
CentralPacific.. .....Month of Jan... 1,125,000 1,170,615
Chicago ft Alton...... .Month of Jan... 316.711
351,608
Chic. MU. ft St. panl...1st week of Feb.
138,000
96,551
Clev.Mt. Y. ft D.,ftc. .Month of- Jan...
29,156
26,444
Dakota Southern
.Month of Jan...
14,534
8,497
Denv. ft Rio Grande...Month of Jan...
43.270
60,014
Grand Trunk....... ..W’kend. Feb. 2.
185,374
178,871
Great Western...
W’kend. Feb. 1.
90,658
79,576
Hannibal ft St Jo... 1st week of Feb.
25,000
26,935
...
Illinois Ceut.(IH.line.) Month of Jan...
444,751
Indianan. BL ft W....Month of Jan...
120,318
Ini. ft GL Northern.. Month of Jan... *184,834
*
Heavy rains duriog part of the month.
3,172,992 3,352,979
867,401
92,163
114,013
1878.
$171,000
1877.
$134,864
199,824
S3,562
12.453
7,993
1,125,000 1,170,615
316,711
8*1,608
894,000
472,104
26.424
*9,156
14.534
8,497
43,270
60,014
744.9.0
854,113
298.376
474,437
140,160
142,257
444,751
267,401
120.313
92,163
134,881
174,013
.
Philadelphia Banks...The totals of the Philadelphia banks
follows:
Loans.
Specie. L. Tenders. Deposits. Circu’ation. Agg. Clear.
are as
1877.
Oct. 15..
Oct. 22..
Oct. 29..
Nov. 5..
Nov. 12.
Nov. 19.
Nov. 26.
Dec. 3
Dec. 10.
Dec. 17.
Dec. 24.
Dec. 31.
1878.
Jan. 7..
Jan. 14.
Jan. 21.
Jan. 28.
Feb. 4..
Feb. 11.
..
9
61,013,149
60,812,307
60,731.184
60,22V 36
59,943.506
59,6*9.038
59,150 819
59,096,735
59,413,288
59,670,494
I
9
1,294,076.12,957,296
1,287,578 12,971,540
1,351,001 13,143,714
1,432,897
1.489,492
1.412,582
1,410,424
1,335.604
1,318.366
1,319,259
1,314,285
33,274,543
13,677,990
13,649,674
13,637,169
18,883,237
13,492.620
13,187,539
12.938,822
1,517,841
13,335,831
59,585,451
1,789,288
1,890,177
13,2 H),655
59.737,838
69,127,790
68,724,420
58,698,371
2,014,689
2,073,102
2,129,848
2,225,090
50,466,806
53,566,926
59.409,567
13,861.352
12,941,827
12.980,413
13,319,458
13,182,576
«
$
47,768,873 -10,605,836
47/50,675 10,*9),169
48.047,366 10,628,601
47,635,097 10,623,795
47,901,443 10,657,276
48,267,785 10,616,728
47,818,9 7 10,713,565
47,852,227 10,702,400
47,633,389 10,7H,713
48,746,387 10,779,195
46,402,873 10,848,315
46,162,612 10,868,105
47,247,944 10*921,256
47,1.,7,084 10,910.839
47,014,740 10,975,584
46,418,848 10,990,448
46,832,315 10,995,361
45,734,847 10,988.741
$
87,829,614
33,624,456
33,937,479
85,944,866
81,617,928
34,941,082
33,674,910
28,274,528
87,540,759
32,691,359
85,t32,847
28,454,192
37,829,846
86,360,675
89,839,558
29,473,861
29,507,210
28,580,806
THE CHRONICLE
162
Hew York City
BOSTON, PHILADELPHIA, Etc.-Continued.
Banks.—The foliowin at statement shows the
condition of the Associated Banks of New York Gity for the
ending at the commencement of business on Feb. 9. 1878:
[YOL. XXVI
week
Bid. Ask.
SXCUBITEXS.
Bid. Ask.
SECURITIES.
—AVERAGE AMOUNT OW
Loans and
Discounts.
Capital.
Banks
Circula¬
tion.
Legal
Net
Specie. Tenders. Deposits.
Ogdensb.&L.ChamplTn, pref. 104)4
Portland Saco A Portsmouth
nau»ua, common
"a
....
93
Old Colony....
aa
a
93)4
•
•
•
a a a
78
1
••
79
90
95
S
8
t
$
39,000
600 8.544.200
8.785.200 2.636.200
92
"SH
do
7,500 Vermontpreferred
794.100
5,059,900
6.363.700
829,000
15
97
A Canada
120,800 Vermont A Massachusetts... 112
116
J
7,?7».3t>0 2.175.400 1,291,900 7.748.800
50
738.200 4,91»,500
168,600 Worcester A Nashua
53>,500
6.436.600
lf,4
133,00)
613.800 4.524.600
4,5'8,600 1.283.400
78
76
1,100
PHILADELPHIA.
8.160.400 2,073,900 1,031,600 7,061,900
112
H4«
8TATK AND CITY BONDS.
258,500
513,000
2,6C0.OOO
613,000 2,83 ,000
VOJ uvuty wuy«|
102
Penna.
5s,
g’d,
lnt.,reg.
or
cp.
4,128,000
do
1st m. 6s, cp., ’96. 102
City...
1,000,000 4.357.400 1,352 300 1,4'0,000
do
5s, cur.,re*
774,700
305,600
204.400 2,016,100
99
100
do
1st m. 7s. *97
Tradesmen’s
1,000,000 8.292.600
do
5s, new. reg., 1892-1902 im ill
83
rn Penn. HR. 6s, :898...
81
529.800
1.472.100
266,100
Fulton.
600,000 1,629,3(0
105)4
do
68,10-15, reg., WJ*’82- 105
do
6s
80
P.B.,’96.
113
830.0 0 10.213.200 1.666.200 2,137,000 10.828,4u0
Chemical....
do
6a. 15 25, reg., 1882-V2. 112
CANAL BONDS.
624,600
421,800
434.900
2.596.800
Merchants’ Exch. 1,003.000
8,159, <00
do
6s. In. Plane, reg.,1879
.tr. <
45,800 Philadelphia, 5s reg
536,500
295.600 2.114.400
Gallatin National 1,5 0,000
8.404.700
i«tf 108
do
272,000
6s, old, reg.
• •
80,000
228,000
111,000
Butchers’A Drov.
600.000 1,363,000
114
J04)4 105
do 6s, n., rg., prior to’95
990.000
ls>8,0G0
238,000
12,COO
Mechanics’ & Tr.
600,000 1,523,000
105
do
114
RR., Tg.,f9‘ 104
do 6s,n.,rg., 895A over
2,700
161.400
63\700
808,600
Greenwich
2 0.000
ao
91
conv., g., rg.,^ 06
345.500
511.100
234,900 Allegheny county 5i, coup...
89
2.332.400
do
Leather Mannftrs.
600,000 2,431,000
87)4
gold,
’W....
Allegheny City Is, reg
do cons. m.7s,rg ,191! 75
90
140.600
36,500 Pittsburg 4s,coup.,
897.200
121,300
927,800
Seventh Ward....
800,000
1913......
45 000
tr.
445.700
166.500
1.4'3,300
do
5s, reg. A cp., 1913. 81
State of N. York.
800,000 1,49 i,700
59
00
100
234,000
do
6s, gold reg ......
9,373,* 00
American Exch'e. 5,ooo,u00 11,394,000 2,2u7,roo 1,476,000
91
90
105
do
7s,
w’t’rln.rg.&o.
1.339.100
2,074,300
6.409.700
1,452,100
Commerce
5,000,000 13.299.200
64
2d m. 6s, 190
do
59
100
,io 7s, itr.imp.. reg-,’38-36*
896,000
3.531.200
897,000
267,000
55
do
Broadway
1,000,000 4,75( >,800
68, boat A car, 1913
N. Jersey 6s. reg. and coup...
696.200
3,2^7,3'K)
160,400
302.500
do
Mercantile
1,* 00 000 8.478.600
7s, boat A car. 19 5 mt 52
do
exempt, rg. A coup.
80
42,200
661,000 2,282, *00
422.700 2,15\200
Pacific..
Camden County 6s, coup
450.000 Camden City 6s, coupon
294,400
291.100 1.772.900
Republic
1 500,000 8.167.900
BALTIMORE.
415.100
do
397,0G0
427,000
3.266.500
7s, reg. A coup.
Chatham
450,000 3,*25 200
4
)
9
0
1
6s, coupon
0.400
169.500
ryland 6s, defense, J.A«
1,040,100
5,400 Delaware
1,227,(00
People’s
412,500
do
114
68, exempt, 1887
Harrisburg City 6s, coupon..
458,0.0
1.628,000
100,600
North America...
700,000 1,72 ',500
do
112
6», 1890. quarterly.,
RAILROAD STOCKS.
4V6.700
460.600
3,Sr2.200
480,3.0
Hanover
1,000,000 4,455 400
do
100
5s, quarterly.
20
18
A Atlantic
894,000
71,400 Camden
124.600
1.954.200
1.934.400
Itlmore 6s, >S31, quarterly.
4
Irving..
500,000
)
0
1
30 1
28
do
do
pref
do
111
1,265,000
10,358,000
1,038.000
2,250,000
14,109,000
J.&J
6s,
:8S6,
8
Metropolitan
8,000,000
7
Catawlssa
do
193.100
428.300 1.800.100
6s, 189.', quarterly...
65,000
Citizens’
112*
600,000 1.732.400
30
do
30)4
pref
do
114
6s, park, 1890, Q.—M.
3,900
239.200
1.951.600
33
74.800
Nassau
do
new pref
1,000 000 2,033,800
115
do
6s, 1893, M. A S
809.100 Delaware a Bound Brook....
159.600
891.600 1.815.900
Market
1,0 0,000 2,672,180
do
117
6s,exempt,*33,M.AS.
East Pennsylvania
492 6C0
803.200
75.800
151.600
St. Nicholas
1,000,000 2, 07,000
do
115
1900, J. A J.
~22
21
Eimlra
A
Williamsport
304,000
427,000
2,9 6,000
373,nOD
Shoe and Leather. 1.000,n00 3,627,800
115
do
1902, J.A J. .......
40
pref.. 85
do
do
505,900
189,000
4,700 Har.
Corn Exchange... 1,( 00.000
2.950.200
1.830.500
rfolk water, 8s
115
P. Mt. Joy A Lancaster. 53
RAILROAD
STOCKS.
Par.
316.000
1,478,000
776,600 Huntingdon A Broad Top...
52.300
Continental
1,250,(00 2.712 100
3)4
30.300
190,000
6
lco^soo
£2)4
Oriental
300 000
l,2u6,700
do
do pref.
do
Wash. Branch.100
271*800 Lehigh Valley
812,000 2,057.000
38)4
2.«*li,000
253,000
Marine
400 000
do
Parkersb’g
Br.,50
45
42
Importers’&Trad. l,f00,000 15,64 ,700 1,13'VHOO 3,284,700 16,860 000 1,115,600 Little Schuylkill.... ....
13M 14)4
48
47
540,000 lilnehlll
Park
2,000.000 13.153.500 1,802,400 2,036,900 15.301.400
47)4
Valley. ..
121 500
670.200
526.900
305,500 Neaquehonlng
Mech. Bkg. Ass’n.
18,400
23
500,000
95
95)4
Norristown
105.500
485.200
Grocers’
594,000
6,000
300,000
15
14
Northern Pacific, pref...
RAILROAD B»ND8.
147.300
12,700
637,700
37
North River
40 ,('00
825,100
North Pennsylvania ....
A Ohio 6s, 1880, J.AJ.... 100)4
167,700"
East E ver
98,200 Pennsylvania
350,000
715, 00
7,500
532,400
29)4 29)4
105
do
6s, 1885, A.AO.
8*4
54.300
51,200
457.900
Mannf’rs’ & Mer.
1< 0,0 0
463,500
Philadelphia A Erie....
r.
Va. 8d m..guar.,’85,JAJ 95
15
14&
Pulladeiphla
A
Read
ng
Fourth National.. 3,750.< 00 13.887.900 1,127,800 1,790,600 11,591,300 1,045,800
b.A Conneirsv.'»8,’98,JAJ 98
130
Philadelphia A Trenton
Central National.. 2,000,000
7,113,000
275,000 1,181,000 5,so:,< 00 1,439,000 Ph
Northern Central 6s, ’85, JAJ 102)4
63
A
la.Wllmlog.
Baltimore
646,000
265,000 Pittsburg Tltusv. A Bull....
Second National..
300.000
do
2,0*2,000
2,286,000
68,1900, A.AO. 100
0fc
do 63, gld, 1900, J.AJ. 88
5Q5,200 United N. J. Companies...... 118 llb)4
Ninth National...
439.900 2.841.600
159,800
750,000 3.351.200
ueu.
Ohio
68,1st m.,’90.M.A 8. 99
450,000 West Chester consol, pref....
First National....
774.400
8,019,>00
500,0 0 7,104 000 1.825.100
W. Md. 6s, 1st m., gr.,’90,J.AJ: 100
784,700 West Jersey
Third National... 1,00 >.000
643,700 5,831,990
641.500
6.205.200
98
do
1st m., 890, J. A J...
CANAL STOCKS.
1 035,900
136.300
268,400
300.000
122.600
724,300
N. Y. Nat. Exch..
do 2dm.,guar., J.A J.... 101
Chesapeake
A
Delaware
229,000
225,000
1.151.400
856,000
3,000
45
do
Bowery National. 250,000
2d mM pref
New York County
331,000
180,000 Delaware Division
1,226,000
do 2d m.,gr. by W.Oo.JAJ 104
200.0 0 1,051,500
IT*
Lehigh Navigation
do 6s. 3d in., guar., J.A J. 100
277,500
German American 1,000,000 2,220,900
242.100 1.945.700
55
50
Moms
78
Mar. A Cin. 7s, ’92, F. A A
125
121
do
pref
28
do
2d, M. A N
Total
66,385,200 243,057,300 32,146,900 34,877,000 211,713,000 19,687,100 Pennsylvania
11
do
8s, 3d. J.AJ
Schuylkill Navigation..
(Jnlon RR. 1st, guar.,J. A J.. 112
The deviations from returns of previous week are as follows :
do
*8
pref...
do
Can on endorsed. iooh
Loans
Inc. $I,7S1,800 | Net Deposits
Inc., $1,411,300 Susquehanna
MISCELLANEOUS.
si?,
8,000,000
New York
Manhattan Co... 2,<>50,0.0
Merchants’
3,000,000
Mechanics’
2,000.000
Union
1,200,000
America
8,000,000
Phoenix
1,000,000
•
•
• •
....
•
•
• a
♦
•
•
•
a
(T*
•
•
•
....
...
•
....
•
••
•
a • • a
VJ
....
•
a a
s
-
a a a
a a a
a
•
4
....
•
•as
....
•
.
• • •
••
-
....
•
•
•
•
•1
•
•
•
• at
•
•
•
«•••
a •
•
•
*
a a
•
•
•
...
....
*
.
*
*
.
«•••
•Si
•
..
•
a a
•
•
•
•
••
• •
*
...
•
•
•
a
,
916,900 Circulation
Specie
Inc.
Legal Tenders
Dec. 2,485,200 j
The following are the totals for a series of
Loans.
*
1877.
$
.
Aug.25.
Sept. 1..
Sept. 8..
Sept. 15.
Sept. 22.
Sept. 29.
Oct.
Oct.
Oct.
Oct.
6...
13..
20..
27.
Nov. 3
Nov. 10.
.
Nov. 17.
Nov. 14.
Dec.
Dec.
Dec.
Dec.
Dec.
Specie.
l..
8..
15.
22.
29.
1878.
Jan. 5..
Jan. 12.
Jan. 19.
Jan. 26.
Feb. 2..
Feb, 9..
L. Tenders.
t
244.890.600
24 (,77*,“*03
243.920.800
243,795,* >00
243,976.401
241.847.800
238,470,900
218,2:9,000
238.183.800
236.287.400
236.216.600
235/63,800
236.803.300
235.329.899
14,250,000 50,789,000
16,0(0,100 48,130,8)0
1P,°6L600 45,3)3,900
19,913,000 44,045,900
19.274.700 42.454.400
16,652.300 41,975, MX)
16.551.700 41,402,000
17,0 (0,300 40,3 6,8)0
10,515.909 35,949,300
233,429 600
239.173.900
18,324,000
18,995,030 38,478,700
19,566,800 37,562,903
19,674,600 36,067,5)0
22,122,4jO 85,300,503
239.256.400
23*,936,300
236.931,21)0
235.404.300
241,2 5,501
243,057,800
25.207.500
27,091,200
28.477.500
3 >,193,630
31,230,000
32,146,900
238,578^00
237,5 >4,000
239.764,201
17,322.403
15,935,900
18,764,500
19,45 »,800
19,7'»7,8)0
Dec.
-
weeks past:
Deposits. Circulation. Agg. Clear.
$
$
15,5'5,590
15.383.300
15,568,403
15.577.100
16.596.100
15,724,400
15,991,200
16,081,000
16.230.300
16,726,000
17.156.800
17,720,2. >0
17,841,900
18,103,500
18.110.300
196,9 2 8>0 18.208,:.00
195.896.400 18,676,700
194.842.500 1 '.>.293,90)
197,711,800 19.667.800
420,915,000
400.793,928
897,270,3,<5
379 235,693
405,* >32,278
419,366.185
42^,8 8,637
435,.
249
473,165,840
4)7,337,453
458.025,653
358,005,167
231.981.500
412,729,867
403,^12,6:8
408,472.874
34,«T4,000 203,666,000
37,189,300 205,972,300
87,2)1,203 207.171.200
37,862,200 210,301,703
34,877,006 211,713,000
401,930 936
4:7,l»4,418
369.512,964
488,942,229
426,9:35,792
4 2,404,648
324,336,660
19.787.100
19,861.600
19.841.800
Camden AAmboy 6s,coup,’83 102
do
6s, coup., ’8S
mort. 6s, ’89
do
Cam. A Atl. 1st m. 7s, g.,1903
do
21 m., 7s. cur., ’8C 98
Bid. Ask.
do
new
7s,
{900
Chicago sewerage7s..
do
Municipals
3
)
113)4
no*
i*
"
Boston as Albany 7a
115*4 11«
6a
do
106
Boston A Lowell 7s
109*
Boston A Maine 7a
Burl. A Mo., land grant 7s.... 110)4
do
Neb. 8a, 1894
109*
do
Neb. 8a, 188) ...
Conn. A Pasanmpalc, U, 1897.
....
81
12
107
....
30
AtchRon A Topeka
Boston A Albany
Boston A Lowell
Boston A Maine
Boston A Providence
10)4
122
108
Burlington A Mo. In Neb
Cheshire preferred
Cin. Sandusky A Clev...
60)4
.
Connecticut River
..X
Eastern (Mass.).
Eastern (New Hampshire)...
Owden*hnr<r a » av# rh.8«
..
m
.
2dm.
7b’,’65..
2dm. 7s, N7.
A Xenia, 1st m. 7s,1 w
Dayton A Mich. 1st m. 7s, ’81.
do
2d m. 7s, ’84.
do
3d m. 7s, ’83.
100)4 Dayton A West. 1st m., *81.. .t
do
1st m., 1905
110
do
1st m. 6s, *.905
Cm.
A
Laf.
1st
m. 7s
35
do
(I.AC.) 1st m. 7s,*88
Little Miami 6s,’83
Cln. Ham. A Dayton stock*..
Columbus A Xenia stock
ton A Michigan stock....
Ill
scrip...
f
-
a *
.
....
112
do
.
8. p.c.
rt#
111
115
104)4
87
50
112)4 ils
107
109
cons.m.6‘,rg., 1985 92
.
10494
1*8
110
93
st’k, guar
«...
LOUISVILLE.
oulsvllle 7s
6s, ’82 to *87
+
6s, *97 to ’9H
water 6s,’87 to *89
water stock 6s,’97.t
wharf6s....
..t
spec’l tax 6s of ’89. t
eff. M.AI.istm. (IaM) 7b,’f
do
2dm., 7s
.do
1st m., 7s, 1906....f
onlsv. C. A Lex. 1st m. 7s,*97.
ex pa^t-due c upons
t 102)4
do
do
do
do
do
do
.
.
Loals.AFr’k.,Loui8V.ln,6s,’8! 100
118
.
•
•
• •
...
34m
....
128
jm
100
100
100
100
100
100
100
»•••
'■
81
104)4
103)4
100)4
92)4 Lonlsv. A Nashville—
Leb Br. 6s, *86
t 99
1 st m. Leb. Br. Ex.,7s,*80-55.+ 99
Perkiomen 1st m. 8s. coup.,.
do
68, ’33...+ 98)4
Phila. A Erie 1st m.6s, cp.,’8i i02
ios)4 Lou.ln.
Consol. 1st m. 7s, ’36
104
95
97
102)4 103)4 Jefferson Mad. A Ind.
Louisville A Nashville
do
do
’4
i 112* 113
do
2d m., 7s, r;
do
deben., cp.
do
ST, LOUIS.
do
cp.
63
do
St. Louis 6s, lo g
t 103 J0SK
•crip, 1832.
107
water 6*, gold..... f 100
do
do
100
do
do
do
new.f 100
100)4
bridge appr.. g. es
ioo)* 10094
d*
106
renewal, gold, 6s.110-'
ao
48
50
no
ao conv.is.rg.acp.iBW
sewer, g. 6s, ’9 -2-8. 105)4
29
do
St. Louis Co. new park,g.6a.t
7s, coup, off, *93J 24
do
cur. 78
t
do scrip, t8&2
j *40
45
St. LJk San F. RR. bds, ser’s A
do
do
do B
do *
do
do C
• *
•
.
5*
.
'-Mrdensn. A. L. Chamnlafn
do
uoium.
97
•
2«
H2
105
Fitchburg UR, fe
Fttchbnrg
127
Manchester A Lawrence
do
7s*..........,. 114
San. City Top. 6 w., 7s, 1st
92*. 92)4 Nashua A Lowell
New York A New England.
.J: do
no
7s, inc.. 70 1I
Eastern, Mass..8X8, new.
55*4 Northern of New Hampshire 80
Hartford A Erie 7s, new
125
VH Norwich A Worcester
...
do
.
*9974
L 9% Conn. A Passumpslc
104
do
do
do
<
110)4 Concord
....
do
82*
T
14
7*308
t
South. RR. 7*80s.t
do
77
4 9)4
5
104
do
__
*
t
7s
104
90)4 97
90>t 97
.
,Oil Creek 1st m. 7s, coup.,*82
CINCINNATI,
©jLN N AljL .I#
Cincinnati[68
6s
il6)4 116)4 Little Miami stock
2 100
108
104)4
STOCKS*
Portland 6a
Atch. A Tcpeka 1st m.7s
CO
do
landgrant7a
do
2d 7s..
do
land Inc. 8a.. 101)4 108
110
111
•
Vermont A Mass. KB., 6s,....
....
65
100
.
do
do
do
13)4
..
103)4 104)4
6s, reg.
do
...
Hamilton Co.
•
i04
..
do
do
•
103
95
102
90
2d m. 7s, gold, ’95
3d m. cons. 7s, V5*
IthacaA Athens 1st g d. 7s.,*9 ) 100
Junction 1st mort. 07, *82....
do
2d mort. 6s, 19J0
L. Sup. A Miss., 1st mM 7s, g.
do
do
•
People’s Gas
do
do
do
do
•
106
do
do
.... ««.««.»««'
114)4
•
104
107
do
do
0S
Omaha A 8. Webern, 8s ...
Pueblo A Ark. Valley, ?S
Kutland 88,1st mort
Venn’t C. 1st m., 7s
Vermont* Canada, new 8s..
•
>•
10^4
Connecting 6s, 1900-1904
Dsn. H. A Wilks., 1st., 7s, ’37*.
Delaware mort., 6s, various..
Del. A Bound Br., 1st, 7s.tr*
East Penn. 1st mort. 7s, *88 ..
Ei.A W’maport, 1st m„ 7s, ’80.
Old Colony, 7s
BOSTON.
,
Burlington Co. 6s.’97. 100
Catawlssa 1st, 7 s, conv., ’32...
378,019,773
19.761.300 340,214,147
19.687.100 344,105,462
Bid. Ask.
38
104
105
93
Cam. A
r
Maine 6a
New Hampshire 6s
Vermont 6s
Massachnsetts 5s, gold
Boston 6a, currency
do ; 5s, gold
80k
m iio
19.793, 0)
sxouniTins.
Baltimore Gas certificates... 105
108
2dm. 68.’8).. 103
3d m. 6s, ’37.. 92)4
do
do
POTATIONS IS BIMTON. PHILADELPHIA AND OTHER CITIES.
sbcukitiks.
RAILROAD BONDS.
Allegheny Val.,7 8-lOa, 1898... 105
do
7s, E. ext.,19l(
37
do
inc. 7s, end., ’94
Belvidere Dela. 1st m., 6s, con 103
....
213,028,500
209.459,700
210.574.100
208.562.400
206.724.100
200.711.200
197.853.400
197,171,6 K)
195,561.503
39,235,100 19 (,848.700
39.531.900 192.364.900
38.503.400 1 >3,557,300
39.382.900 196.501.500
39,949. 00 193.234.900
49,579,800 196.961.500
34,612,000
74,200
*
In default of Interest.
•
•••
t And interest.
bonds in nkw yokk.
Brices represent the per cent value, whatever the parII
mag la
QUOTATIONS of STOCKS ANL)
8. active Bonds and Railroad Stocks are Quoted on a previous page.
—T
IT.
'
■
'
-
Bends*
Alabama 5a, 1883.
do
6a, 1886.
40
40
40
40
8a. 1886.
8a, 1888
8a, M. A E.
RR.
8s,Ala.ACh.K
*
1898
7a, Miss. O.
A R. R
7a,Ark.Cent.KB...
Connecticut 6a...
Georgia 6a
7a, new bonds....
do
endorsed. ...
7a,gold bonds...
7s,
do
do
[lllnols fa, coupon, 1879...
do
War loan..
Kentucky 6a.
Louisiana 6s
*
7a, Penitentiary
68, levee
•
■
•••
•
small
80
*
•••
•••
.
...
•
•
....
I
To
do
do
18a8
1889 or *9
do
• •
• •
-
.
s
96*
1(6
104
...
•
•
•
•
£6-
Un.,due 189^.
Ponding, due 1894-6...
San. & St. Jos., due 1886.
urrlum or
•
.
•
•
•
•
•
• •
84*
1
•••
« •
•
102
105
•
105*
....
105*
.•••
lOo*
108* 109
103
S’
iie
110
116
A. A
do
1868.•••.••
qo
v
,
do
6a
...
Funding act, 1866
LandC., 1S89, J. A J....
[AndC., 1889, A. A O...
la of 1888......... .. ...
Ron-fundable bonds ..
mnessee 6s, old
do
6a, new
do
6s. new series.
,
ff c
r
»
t
f
Dubuque A Sioux City,1st m.
do
do
2d dlv
Cedar F. A Minn., 1st mort..’
Indlanap. Bl. * W., 1st mort...
f
r
_
....
56*
4*
4 *
77*
77
8“
•
•
•
•
•
•
• •
15
„
Indlanap. Cln. A Laf
Joliet A Chicago
Long Island
•
•
•
•• •
•
•
•
nileeel’ous Stocks.
Atlantic*Pac.Tel.....
•••
a
Canton Com Baltimore.... le
CenLN.J.Landft Im. Co.
25
IT
Quincy ft Warsaw 8s
.
104
85
17
110^
1-9
106
lo4
_
105
108*
108
100
\(W4
108* 110
109* no
109* no
96* 97*
96*
i07
•
•
•
*
•
• •
.
•
•••
Columbia, 8. C., as..
Columbus, Ga., 7s, bonds
Lynchburg 6s
Macon bonds, 7s
68* Memphis bonds C
93
78
60
do
bonds A ft B
do
end., M. ft C.
6s
Mobile
(coups, on)
do 8s (coups, on)
do
68, funded
Montgomery, new 5s
do
new 8s
111
u
Norfolk 6s
do
lT 101*
22
ml
90
50
Connecticut Western lst7s.... 10
Dan. Urb. Bl. ft P. 1st m. 7s, g. 20
Denver Pac., 1st m.7s, ld.gr.Ar. 44
Denver ft Rio Grande 7s, gold. *45
Des Moines ft Ft. Dodge 1st 7s. 10
Detroit ft Bay City 8s, end... *f 70
10
Dutchess ft Columbia 7s...
97
Erie ft Pittsburgh 1st 7s. ..
55
25
25
50
£2
•
•
-•
ft
«
•
•
•
20
100*
103
78
»•
s
'
•
•• •
♦ •
•
•
•
••
.
do
•
•
•••
Alton ft T. Hm lat mort.. . 105
2d mort., pref.. 83*
do
do
2d mort. inc’me
Belleville ft 8.I11.R. 1st m. 8s
64*
j 28
....
2dm..
H*• JUrn A19UU « A«
•••
12
12
'
do
|r
do
do
do
do
do
do
do
do
W. D..
Bur. Dlv.
2d mort..
consol. 7s
26
26
70
do 2dm. 7a
Mo. KA Tex. 1st 7s, g., l904-’06
do
2d m. income...
N. J. Midland 1st 7s, gold
do
2d 7s
ST. Y. Elevated RR., 1st m
N. Y. ft Osw. Mid. 1st
do
2d 7s, 1895..
do recelv’s ctfs. (labor)
do
do
(other; I
t And accrued
•
Interest,
Price nominal.
4
41
6
20
2
80
5
—
27
24
wharf
47
59
56
50
38
57
50
45
SO
43
71
43
99
,
87
95
90
90
65
80
50
50
95
65
102
111
113,
104*
90
100
95
95
68
83
•
• e
38
33
85
20
20
39
59
1
• •
•
••
90
85
87
42
36
33
87
•
68
97
65
80
75
lmp’ts, 7-30
••
••*
• • •
-»
57
95
4
90
95
102
100
88
38
107
102
60
70
75
85
45
45
7
Ala. ft Chatt. 1st m. 8s, end
do Rec’ver’s Ceit’s(var.Nos) 20
82
79
Atlantic ft Gulf, consol
40
do
end. Savan’h.
do
stock
•••ft
do
do
guar...
40
35
Carolina Central 1st m. 6s, g..
11
101X
Central Georgia consol, m. 7s
50
42
do
stock
71
Charlotte Col. ft A. 1st M. 7s.. 67
do
stock
do
101
100
Cheraw ft Darlington 6a
83 •
East Tenn. ft Georgia 6s
?. 80
90
East Tenn. ft Va. 6s end. Tenn 85
E. Tenn. Va. ft Ga. 1st m. 7s... 97* **
48
40
do
stock
do
104
ICO
Georgia RR.7s
66
02
do
stock....
87
Greenville ft Col. 7s, 1st mort.
40
34
do
7s. guar..
•••■
-
105
•
85
• •
•
33
49
Wllm*ton, N.C., 6s, gold) coup
do
8s, gold) on.
75
85
m., 7s..
••••
SO
80
30
70
97
90
44
RAILROADS.
80
con.
74*
85
100
70
91
...
do
8s.
Richmond 6s
Savannah 7s, old. .....
do
7s, new
25
22
55
7s, equip...
ft Crawfordsv., 7«.. ioo
do
RK
Petersburg 6s
100«
,
55
80
80
20
20
74
25
*90
•60
88
85
3d
82
Nashville 6s, old
do
6s, new
New Orleans prem. 5s
do
consol. 68
do
railroad, 6s
uo*
U o
w
104
32
• •
58
~
V
Charleston stock 6s
Charleston. 8. C.. 7s, F. L. bds.
.2d m. Inc. 7s.
do
do
Evansville
Augusta, Ga., Ts, bonds
•
31
(/Stock Exchanoe Prices.)
Boston H. * Erie, lit m..
^°L
guar. ...
Bur. C. BA North., 1st 5s..
Chess. * Ohio <>* 1st m... i 22
comp
?!
65
00
7a, gold, 1892-1910. J.ftJt|
7s, gold. 1904 .J.&J ..t in*
10s, pension, 1894.. J.ftJf 106*
CITIES.
65
110
112
llu
no
00
68
40
Class B
do
do
Atlanta. Ga., Ts
do
8s
do
waterworks
40
10i$
1032
Chic ft Mien. L. 3h. 1st 8s. *89. t76
Chic, ft S’thwestern 7s, guar.. 95
Cln. Lafayette ft Chic., 1st m.. 70
Col. ft Hock V. 1st 7s, 89 years, 101
do
1st 7s, 10 years. 100
_
do
do
•••
Railroad Bonds,
ax
.....
„
lio
110
115
105
111
113
111
102
110
100*
102*
Chicago ft Iowa R. 8s8s.
100
American Central 8s
20
Chicago Clinton ft Dab. 8s
Chic, ft Can. South \ st m. g. 7s. 10
40
Chic, ft East. 111. 1st mort., 6s
111
do
few
i«o
••
Ontario Silver Mining....
do
-M
..
• •
—
...
Illinois Grand Trunk....
Chic. Dnb. ft Minn. 8s
Peoria ft Hannibal R.
87M
do
do
.
..
95
50
22
16
*«i
42
70
Class C 41
98
Georgia 6s, 1878-’89
55
South Carolina new consoL 6a.
LOG
Texas 6s, 1892 ...
M.ftSt! no
do
107
no
_
Maryland Coal
Pennsylvania Coal
Spring Mountain Coal.... 85
Mariposa L. A M. Co
vc do v
do
pref.
m
6s, 2dm.
do
20
J04* !94*
Southern Securities.
(Brokers' Quotations.)
STATES.
Alabama new consols, Class A
...
Telegraph...
Coal..
Oonsolldat’n Coal of Md. 1
Cumberland Coal * Iron.
equipment bonds,
Jersey Southern lstm. 7s
do
do consol. 7s
(. Y. Central 6s, 1883
.
Dixon Peoria* Han. 8s.
O. O. ft Fox R. Valley 8s
•
21
.
Am. District
Cons, morl...
reg., 2d....
91
74
g.
Canada Southern, 1st m. cjup. 64
64
do
do reg....
63
Deb. certs
Central Pacific, 7s, gold, conv. 100
Central of Iowa 1st m. 7s, gold. 30
6
JIU 7s
(O
Chesapeake ft 0.2d m„ gold
Keokuk ft St. Paul 8s
* 101
California Pac. RR., 7s, gold.
Carthage ft Bur. 8s
103*
-
•
•
do
108
109
110
112
_
•••
•
Cons, coup.,2d..
is
5thS.,doSs
.
105* 106
107
104
Rlv., land in. 7s...t 109K
110
3d S., do 8a...f
1...T
109
4th S., do 8 j..
,
do
sink. fund...
South. Cent, of N. Y. 7a, guar.
Southern Minn. 1st mort. 8a...
do
7s. 1st
So. Pac. of Cal., lat “A” 6s, g..
Tol. Can.-8o. ft Det 1st 7s, g.
114
Union ft Logansport 7s
102
Union Pacific, So. branch, 6s,g
107* West Wisconsin 7s, gold
108
Wisconsin Cent., 1st, 7s
• ft • •
• ••«
•
do
113
112
64
*JJJ., 1st 5s,new,1906
109*
do
6th 8., do 8s
Cairo ft Fulton, 1st 7s, gold. .!
^
Sandusky Mans, ft Newark 7s.
108* Sioux City ft Pacific 6s
107* South Side, L, 1., 1st m. bonds.
mort*...
!•••
•
Long Island City....... ......+
Newark City 7s long
io7
do
Water is,long... ! 112*
Oswego 7s
102
Poughkeepsie Water
-169
Rochester C. Water bds., 1903 HI
Toledo 8s. 1889-*94
110
Toledo 7-30s.
100
Yonkers Water, due 1908
109
RAILROADS.
Atchison ft Nebraska, 8 p. c...
Atchison ft P. Peak. 6s. gold.. 30
Boston ft N. Y. Air Line, 1st m 101
„
112*
104
t 105
Indianapolis 7-308
Bur. ft Mo.
do
do
do
do
bds., 8s, 4th series
Rome W’town ft Og.lstm.con.
St. L. ft I. Mt. (Ark. Br.) 7s, g.
St. L. ft San F., 2d m., class ft.
do
do
class B.
«»«
do
do
class C.
South
Pacific
80
Railroad,1st m
St. L. ft So’eastern 1st 7a, gold.
St. Louis Vandalla ft T. H. 1st.
I 82
do
2d, guar
Evansville Hen. ft Nashv. 7s... 40
65
•50
•05* Evansville, T. H. ft Chic. 7s. g. •80
85
Flint ft Pere M. 8s,Land grant.
106
do
6s, 1887
Fort W., Jackson ft Sag. 8a, *89 CO
103*
33*
97
do
6s, real estate...
Grand R.& Ind. lat 1ij!gn gn I 92
72
84
do
6s, subscription, 103*
do
ist7i,l. g., notgu. 82
118
50
do ft Hudson, 1st m., coup
2*f
ist ex 1. g. 7s. 42
do
90
.do
lstm.,reg.. in
Grand River Valley fti.isfm*. t85
66
Hudson B. 7s, 2d m., si., 1885
Houston ft Gt. North. 1st 7s, g.
142
120
119*
85
Harlem, 1st mort. 7s,coup...
S3
Hons, ft Texas C. 1st 7s. gold
119*
05
do
do
7s, reg
.60
consol, bds
do
102*1
103*
70
North Missouri, 1st
* 96 v*7 Indlanapoll ft St. Louis 1st 7s
72
Ohio ft Miss., consol, sink. fd‘
95* 96* indlanap. ft Vlncen. 1st 7s, gr..
do
consolidated...
W* 52* International vTexas) 1st g....,
....
25
do
• 2d do
lnt. H. ft G. N. conv. 8s
20
*
88
6°
‘ lat Spring. dlvJ.
Iowa Falls ft Sioux C. 1st 7s... t«0
Pacific Railroads—
*
Jackson Lana, ft Sag. 8s,lst m t91* 93*
105
96
Central Pacific gold bonds,
86
Sal. Allegan, ft g7r. 8s, gr... 92*
do San Joaquin branch
*90
k4* Salamazoo ft South H. 8s, gr.. t60 ioo
do Cal. ft Oregon 1st .
Kansas City ft Cameron 10a... t95
do Bt<ite Aid bonds....
KansasPac.7stg.,ext.MftN,’99 48* to
*96
do Land Grant bonds..
65
do 7a, g., I’d gr.-JftJ.’SO 60
102
Western Pacific bonds. ...
20
do 7s, gH do MftS,*86 15
105
Union Pacific, 1st mort. b’da
do 6s,gOld,J.ftD„l896
70* 72
do
Land grants, 7s.
94
do is, do F.ft Am 1895. 93
90*
do
Sinking fund...
33
do 7s, Leaven. brM *96.. 28
99
"5* Pacific R. of Mo., 1st mort...
14
do Incomes, No. li
12
8<
2d mort
do *
mi
do
do
No. 16
12
do
Income, 7a. ’
do
Stock
7* 8
121
52
Keokuk ft Des Moines 1st 7a... 50
72
do
funded lnt. 8s 65
117*!
Pitts. Ft. W. ft Chic., lstm..
20
113
Lake Sup. ft Miss, ist Ts, gold. 16
22*
d<>
do
2dm..
25
Leav. Law. ft Gal. 1st m., 10s.. 23
3d m.. 104
do
do
95
Long Island RR., 1st mort. ... 90 106
Cleve. ft Pitts., consol., bJ. .
Locust, ft Nashv. cons. m. 7s. 105
105*
do
4th mort..
89
do
2dm.. 7s,g.. t5
S3*
Col. Chic, ft Ind. Cm 1st mort 32
Michigan Air Line 8a, 1890....+ 91* 92
43
do
do
2d mort
40
Montclair ft G. L.ist «s
Rome Watert’n ft Og.,con. 1st
Louisville A Nashville....
Missouri Kansas A Texas.
“l*
New Jersey Southern
New York Elevated RR.. 00
N. Y. New Haven A Hart. 157
Ohio A Mississippi, pref
Pitta. Ft. W. A Ch., guar.. "87*
do
do
special.
Rensselaer A Saratoga .
Rome Watertown * Og.
St. Louis Alton *T.H....
do
do
pref. 10*
Belleville* Bo. Ill.,pref.
Bt.L.LM. * Southern.... *6*
SAL. K. C. A North’n.pref
Terre Haute * lnd’polls..
United N.J.B. A CK..... ••*
Warren..........
•
• • •
85
76
«
in
Harlem
new bds
IT
„
1 Pacific
75
o A Alton.
100
do
pref
32
Col. CIn. A 1
A Pittsburg, guar.. 70*
tile. * I Cent
2*
ue A Sioux City. .
56
.
do
94
10.4
98
90
Marietta ft Cln. 1st
<Hcb. Cent., consol. 7s, 1902 . 106*
do
lstm.8s. 882,s.f. HI*
taUroad Stocks.
•
do
Buffalo ft Erie, new bonds...
Buffalo ft State Line 7s.. .
Kalamazoo ft W. Pigeon, 1st
Det. Mon. & Tol.,1st 7s, 1906.
Lake Shore Dlv. bonds....
do
Cons. coup.. 1st.
do
Cons, reg., 1st.,
....
....
S5*
*
2d mort...
do
Lake Shore—
Mich S. & N.Ind.. S.F., 7 p.c.
Cleve. * Tol. sinking fund
88
do
new bonds....
b7
Cleve. P’ville * Ash., old bds
86*
o
40
.
1st reflat’d.
6o
.
35
30
30
30
67
Rap. A Northern.
1st coup.
2*
36*
35*
strict of Columbia 3.65s.
do
' small.,
do
registered
....I
do , *
endorsed
2d mort., 7s, 1879
3d do
7s, 1883
4th do
7s, 1830
5th do
7s, 1888
7s, cons., mort., g’d
r
■?
1
*
do
do
bds*.
1916..:
t
ft
40
32
irglnla to, old
Is, new bonds, 1866
ls| do
1861
to, consol, bonds
to, ex matured coup. ..
to,consol.,2d series....
Is, deferred bonds
<>d
8d
do
do
...
do
do
;..
do
do Long Dock bonds ..
Buff. NTT * B. 1st.m.,
Han. ft St. Jo., 8s, conv. mort.
Illinois Central—
105
104
109
106
ll
30
30
30
40
6s.‘
1891
do coup. 7s. 1894
+.
Hartford 6s, various
96*
ao
1885-98
do
„
88* Bur. C. R.
Erie, 1st mort., extended
•V
t
7«, long
94k
94*
do
'
+ 109
1110
Elisabeth City, 1880-95
80
reg. 7,1894
do
Albany & Susq. 1st bonds...
9*
Detroit Water Works 7a
94«
_
do
do
do
12
12
1106
7s, water
do 7s, river improvem’t 1106
Cleveland
,4e
_
7s, of 1871...
.
Rena. * Saratoga.
*
*
|
1100
1100
Chicago <s, long dates
do
7s, sewerage
do
1st con. guar.
Del. A Hudson Canal, 1st m./S*
_
2*
Ho6a,lMl
April A Oct.........
*
100
116
105
t 111
le
Oswego ft Rome 7s, guar .... 91
•80
Peoria Pekin ft J. 1st mort
Peoria ft Rock 1.7s, gold...... 15
Port Huron ft L. M. Ts, g. end. 13
Pullman Palace Car Co. stock.
.
Buffalo Water, long
95
1nt eons, eua'*
•
•"‘■BT'gSfc::::
Class 8
do
lode island
>nth Carolina
Jan. * July
•
2
*
7s, conv.
do
do
a*
gew bonds, J. ft J--...
do
A. A U....
103
.
....
10*
80
.
18
18
70 *
70
51
51
i'Sn"
do
..
..A.AO...
do coup, off, J. « J.
do
do off, A. ft o
Funding afttf 1866
lOJk
90
Morris * Essex, 1st. m
104
2d mort. .... 103«
do
do
bonds, 1900....
75
construction,
do
....
16%
16*
to,old.J-A «£;••*••• •••
S.C-RR
consol, sink, f d
do
• •
•
jrth Carolina—
93
2dm
.do
•
.
.
n
S*
(Brokers^uctationsO
103)4 A!bany, N. YM 6s, long
C. * M..
2d mort
S. F.t 109*_
167
do *_ Western,
consol, m.2dbonds
Del. Lack.
m...
le, Canal Loan, 1878 —
Is, gold, reg.... 188.....
I§. do coup..!887....
do loan... 1888....
do ..1891....
do
do . 1892 —
do
do
.1898....
do
93
no
„
York State—
to.
to
to.
m2
C. C. C. A Ind’s 1st m. 7s,
QO 1837. 103* 105*
do
95*
Peninsula 1st mort.,conv...
Chic. * Milwaukee, 1st mort !05*
Winona * St. Peters, 1st m..
....
106
73
Miscellaneous List.
Bid. As 4.
North. Pac. 1st m. gld. 7 3-UK,
Omaha ft Southwestern RR. 8s
...
72
_
*10514
mi
92
76
56
43
••
•
•
105’*
ioo
convert...
dp ex mat. ft Nov.,’n,con.
Illinois ft So. Iowa, 1st mort 100
73
do
ex coupon
41
Han. ft Cent. Missouri, lstm
Pekin Llnc’ln ft Dec’t’r.lst m
116*
iOO* Western Union Tel., 19U0,coup
99
do
do
reg.... 107
N. Western sink, fund 107*i
109
lnt. bonds, 1«8
do
consol, bds 108
do
dD
....
1st m.,
con.
75
60*
do
ext’n bds.. 10e*
do
do
i'
1st mort... 107
do
do
do
do
cp.gld.bds
do
do
reg. do
100
Iowa Midland, 1st mort. 8s..
106
Galena * Chicago Extended.
107
25
•
La C. D.
lstm., I.&M.D
1st m., I. * D..
lstm., H.* D,
1st m.,
Ex ft Nov.,*77, coup,
equip’t bonds,
et>h
con. conv....
do
do
do
do
do
do
do
100*
IV*
a<l noon
do Ex. Nov.,T8,ft prev’s
Great Western, 1st m., 1888.. 118
99*
do
ex coupon . „
2d mort., *93. 80
do
do Ex ft Nov.,’77,coup. mi
Quincy ft Toledo, 1st m., •*).. 80
110
•
do
do
do
do
do
do
do
Chic. *
do
do
110
10796
107*
i D V III*
A mXJ
Ch. Mil. * St. P. ist
m. OP,
8stPJ>.
2d m. 7 310, do
do
do
1st 7s, gd., R.D
do
do
1st 7s £
do
do
do
,
105* 108
104
100
100
100
56
56
£0
56
•
do
112)4
Lehigh * Wilkes B.con.guar
Am. Dock * Improve, bonds
••
•
do
do
100
107
81
.......
100
103
do
il
•
•
8s, do 1875 • ••• 66
8b, of 1910
7a, consolidated *84*
7a,
•
do
it
•■ouurrins.
,
T*
• •
•
•
108
8s, do
“SrfcflK:::::::
7s. 1890...
nr
• ••
■
6a, floating debt
do
do
do
do
do
do
qu
do
e
• •
•
• • •
6a,‘new...
do
do
•••
I
Bid.
BUCUKITISS.
100
ToL ft Wabash, ex coupon
do
lstm.St.L. dlv. 89
ex-matured coup.
do
Jhlcago * Alton 1st mort....
105
do
^ income. ..
Joliet A Chicago, 1st m
a
89
La. A Mo., 1st m., guar....
106*
St.L.Jack.* Chlc.,lst m....
Chic. Bur. * Q. 8 p. c., 1st m.
do
ao consol, m. 7s
do
5s sink’g f *d. A.&O
Chic., Rk. Isl. * Pac. do
S. F. Inc. 6s, *95
do
6s, 1917, coupon,
do
6s. 1917, regut’'
Central of N. J., 1st m., new.,
do
do
lstconsol....
•*«
•
.
0am
'
•
•• •
•
lTT
_
I
>
Ask.
Bid.
!•••
23
3
3
3
3
do 7<*»L. R. A Ft. 8. lai
do 7s Memphis A L.R.
K K.P.
B. 4NX)
so 7s, L.
do
m. . —_ —
i
■
-
BUCCTBITIKS.
....
5
20
21
Arkansas 6a,funded
do
do
•
.
♦ » -
8a of 18*5
8a of
!■—
■
State
do
do
do
do
do
do
-
Bid. Ask.
iBOUBTnM.
163
THE CHRONICLE.
16, 1878.J
February
Macon ft Augusta bonds....
do
2d endorsed,
do
stock....
>•*•
92
90
74
6
80
97
87
Memphis ft Charleston 1st 7a..
do
do
2d 7s...
stock..
Memphis ft Little Rock 1st m.
Mississippi Central 1st m 7s...
do
2d m. oa
Mont, ft Eufaula lat 8s, g., end
Mobile ft Ohio sterling 8s. ...
do
do ex cert. 6s
do
8s, Interest
do
2d mort. 8s
N. Orleans ft Jacks. 1st m. 8s.
Certificate, 2d mortg. 8s
Nashville Chat, ft 8LL. 7s....
Nashville ft Decatur, 1st 7s....
Norfolk ft Petersburg 1st m.8s
do 7s
do
do
2d m. 8s
Northeastern, S. C., 1st m. 8s..
do
2d m. 8s..
..
28
40
40
94
90
94
94
88
80
• ••e
85
84
26
•
95
75*
46
23
98
ft Poto. 6s
104
do mort. 7s 100
Rich, ft Danr. 1st consol. 6s... 71 *
ioo
Southwest RR., Ge ieonv.7s,’86 96
85
S. Carolina BE. 1st m. 7s,...... 75
87
do
7s, 1992.........
25
do
7s, non mort..
do
•
• ••
•
•••
•
42* Savannah ft Char. 1st M*. 7s...V 20
10
Charleston ft Savan’h 6s, end 20
97
24
West Alabama 2d m.8s, guar
l*
iftft
If*
7
5
85
• ••
95
90
104
4ths,8s.. 16
Klchm’d ft Petersb’g 1st m. 7s. 104
Rich. Fre*ksb’g
*
106
100
91
95
90
2ds,6s>.
8ds,8s...
do
do
8
83
100
91
82
45
45
58*
ibis
Orange ft Alexandria, lsts, 6s.
do
«5j*
79
do
lstm.8«
......
PAST DUE COUPONS.
Tennessee State coupons....
South Carolina consol
Virginia coupons
do
consoi. coup
Memphis City Coupons
•Price urainsi
97
20
40
so
••ft
25
25
102
102
80
*
•••
67* 69
80
40
THE
161
[Vol. XXVI,
CHRONICLE.
passing through Oilman, which should properly go to
Chicago.
“Finally, in regard to the competition of several years past be-*
tween water communication from Chicago eastw&rdand the trunk
railways—which latter determined at one time to take the traffic
from Illinois to the seaboard regardless of cost or profit—it is
well settled that the inter-State railways have played a losing
the traffic
3 nuestments
AND
STATE, CITY
AND CORPORATION
FINANCES.
Saturday
subscribers of the
sold at the
The Investors’ Supplement is published on the last
of each month, and furnished to all regular
Chronicle.
No single copies of the Supplement are
office, as only a sufficient number is printed to
subscribers. One number of the Supplement, however,
supply regular
that for
January, is bound up
and
can
be
with The Financial Review
purchased in that shape.
ANNUAL
Illinois Central
(Annual),
REPORTS.
communication, the facili¬
improved that the
than
that
of the railways
the tolls
game. During eight months of water
ties for taking freight by water are so much
actual cost of water transportation to the seaboard is less
half the actual cost of rail transportation. It is admitted
the outlays made to increase the carrying capacity
have been improvident; and since the reduction of
upon
the Erie Canal, by the State of New York, cheap water commu¬
nication is so firmly established that the effort to
rail during the summer months has failed, as
Railroad Company.
take freight by
indicated by the
reports of several of the leading railways. Durirg the contest,
freight was carried in large volume at about half the actual
expense incurred. It can hardly be expected that the public will
loan more money to renew this contest, which has so seriously
{For the year ending December 31, 1877.)
disturbed the value of railway properties. Chicago is, and must
of th9 directors to the shareholders furnishes the continue to be, the great inland port. The tonnage of vessels
following: “ The directors have the pleasure to report a much going in and out of Chicago last year was 6,585,415 tons. With
improved result for the year 1877, chiefly owing to greater three millions of population in Illinois, and three or four millions
economy in expenditures.
The details of operation, elsewhere in the States west and north of it, its location as the nearest out¬
given, show net earnings for last year, $2,546,561, an increase let to surplus products of that large population establishes it
over the net of 1876 of $401,785.
Owing to the exceptionally
permanently as second only to New York in its importance as a
mild and rainy weather prolonged into midwinter, rendering the commercial centre.
highways impapsable, the traffic of 1877 did not have the benefit
“Your directors have had the pleasure to elect Mr. William K.
of the large harvest. The corn crop in Illinois alone is estimated Ackerman to the
Presidency of this company, a position which
at 270,000,000 bushels, and the wheat crop at 32,500,0JO bushels.
he has earned by twenty-five years of faithful service.”
The greater part of this still remains to make traffic in some form
OPERATION EXPENSES.
RECEIPTS PROM OPERATION.
for th3 railways.
$149,595
Freight
$3,032,326 Salaries
.......
109,842
“At the suggestion of the foreign delegates, the dividend dates Passengers
1.037,590 General expenses
35,397
Mail
96,137 Claims and damages
were changed from February and August to March and Septem¬
512,095
112,934 Stai ion expenses
Express
ber, in order to avoid danger of error in estimating net traffic for Sleeping cars.
:
746,388
21,835 Train expenses
68,883 Maintenance of structures and
each half of the fiscal year.
The net receipts for 1877, from Rent of property
120,118
..
property
100,781
traffic and lands, amounted to $2,654,697. Out of this sum were Kent of track
4,3 >9 Maintenance of equipment... 56s,994
Storage and dockage.
651,052
paid two dividends, each of two per cent, $1,160,000, and the Switching.... ...'
21,999 Maintenance of way
interest on the funded debt, $582,990, leaving balance of $911,706. Train news agency..
„
56,184
3,055 Telegraph expenses
Sleeping car expenses. ......
86,781
Deduct the sum disbursed for permanent expenditures in Illinois,
155,434
$4,522,291 Miscellaneous expenses
$73,603, and the amount used to establish the Insurance Fund, Net earnings over C.B.& Q.
399,700
43,476
$48,000, and there remains a balance unapplied December 31, Net earnings overT.P.&W.
4,440
1877, of $790,103. It will thus be seen that the balance brought Cairo Wharf boat
52,577
forward from the year’s income corresponds, nearly, to a third Inter-State transfer.
104,219
Earnings over other lines..
dividend. During the year, $154,000 bonds have been paid,
Total earnings in Illinois. $5,126,705
reducing the funded debt of the company to $10rf#)8,000.
“In July last this company assumed temporal^ charge of the Leased lines in Iowa—
Dubuque & Sioux City...
821.412
line formerly known as the Gilman Clinton & Springfield Rail¬
Iowa Falls & Sioux City..
441 934
Cedar Falls & Minnesota.
149,792
road, with the understanding that the entire receipts should, for
the balance of the year, be laid out upon the property.
The new
Total
$6,639,845
Total
$3,122,443
company which has since succeeded to the possession of that
Leaving net earnings from operation of road
$3,517,402
property, is known as the ** Chicago & Springfield Railroad Com¬ Deduct Charter tax paid State of Illinois
$316,351
tax
Deduct
pany,” and from it the Illinois Central Company has now taken
paid Stale of Iowa
06,575
...
687,913—
970,840
the lease of the above mentioned line. The consideration for its Deduct rent of leased lines
control, practically made permanent, is $1,600,000 Illinois Central
Net amount
$2,546,561
6 per cenr. currency bonds, to be issued in the course of the next
GENERAL BALANCE SHEET, DEC. 31, 1877.
month, secured by a mortgage on the 112 miles of road between Permanent expenditures, Illiuois
$34,000,030
Gilman and Springfield.
This mortgage, m de by the Chicago Permanent expenditures, Iowa
860,773—$34,860,773
411,662
& Springfield Railroad Company, admits of the issue, from time Workii g stock of supplies
First mortgage bonds Chicago St. Louis & New Orleans RR.
to time, of $400,000, additional bonds, to be used as may be
Co., Tenu. Div. ($638,000) '
Cost $542,300
found necessary in improvement of that line. This lease is pur¬ N. O. Jackson & North. RR. coup, bonds, at par. $570,000
742,300
300,000 —200,103— 5,063,994
suant to recommendations of the foreign delegates, and ensures a Against which is borrowed
Investments,
New
Orleans
line
valuable feeder to the traffic of the main line.
596,145
Cash assets
441,160
“The final decree of the Court confirming the consolidated mort¬ Miscellaneous assets
The report
—
gage
bondholders in possession of the New Orleans line, was
entered in November last, and the final transfer by the receiver
to the purchasers was made on the 31st December.
The transfer
of the Tennessee division necessitated payment in full of the
debt to the State.
Since 1st January the entire line, extending
from New Orleans to the Ohio River, has been under the control
of Mr. James C. Clarke, our Vice President.
Mr. Clarke has
made repairs to the plant, bridges and other structures, and has
re-laid nearly 200 miles of the track; 10,000 tons of steel rails
will be laid the coming spring. It is proposed to extend the line
21 miles up the Ohio River, to a point opposite the Illinois Cen¬
tral freight depot, by the 1st August next.
The money derived
from the traffic of the road has been used, under the orders of the
Court, partly in paying local debts and partly in improvement of
the property. This company has advanced, for like necessary
purposes, about $1,000,000, against which it holds $1,138,000 of
well-secured bonds of the Southern Company, of lien prior to
that of our previous investment. Our company will also hold
nearly three-quarters of the capital stock of the new Southern
Consolidated Company. The traffic, even during this transition
period of 1877, has shown a decided gain, and our deliveries of
freight at Cairo, destined to the South, increased nearly 50 per
cent beyond those cf 1876
*
“In Iowa the indications of public sentiment toward railways
are more favorable.
The effect of injudicious legislation on the
interests of the State has been so severely felt by the people that
there is a probability of repeal of the unwise and restrictive laws
which crippled the railways of the State and forbade further
investment of capital.
The directors regret not being able to ad¬
vise any result to their efforts to reach a definite settlement with
the owners of the Iowa line, whose demands have been greater
than the board could justly meet.
•‘For many years we have had close relations with the Toledo
Peoria & Warsaw Railway, on which foreclosure proceedings are
now in progress. The managers of that property evidently desire
to consolidate it with the Wabash Railway.
I bis is in conflict
with our interests, and we are endeavoring to retain our share of
$42,115^036
$29,000,000
Sh res
Funded Debt— r
. *
Six per cent currency redemption bonds of 1890......
Six per cent sterling bonds of 1895, £500,000
Five per cent sterling bands of 1905, £i00,000
.
Sterling Sinking Fund Fives
December 31, 1876
Less paid in 1877
.>
Seven Per Cent Construction
December 31, 1876.
Less paid In 1877
Balance for 18/7....
$2,500 009
2,500,000
1,000,000
Outstanding—
= $4,598,000
18,800 =
94,009-4,501,000
Bonds Outstanding—
£919,600
$64,0C0
60,000
4,0CC— 10,508,000
790,103
—
1,816,933
Surplus
$42J 15^036
The following
above account:
furnish
some
interesting details of items in the
v
.
CASH
i
ASSETS.
$807,388
Assets, New York office
275,538- $531,850
513,050
448,754—
64,295
Less liabilities
Chicago office
Less liabilities,..........
Assets.
.
/ :
INVESTMENTS
~$596J45
-NEW ORLEANS LINE.
Chic. St. Louis & New Orleans 2d mortgage bonds, $4,942,COO
Cash Advanced—foreclosure and other expenditures, to be
in bonds and shares
refunded
$4,918,522
;
.
^?
150,472
$5,062,994
•
SURPLUS.
Balance as per
last annual report
Reduction on $61,COO, Gil. Clin. & Spring. RR. Co. bonds
Deduct, pursuant to recommendation of foreign dele¬
gates—a like amount being deducted, frqm Perma¬
nent
Expenditures, Illinois, leaving the cost
at $34,9 0,009: . .
railroad in Illinois, as shown,
Balance...................
The
year:
,.
.
1877.
ACCOUNT,
.
.
/
.
■
2,816,675.
,.*..$1,616,933
following shows the application of income
••
e
13,000-$4,633,608
of the
..............
INCOME
$4,646,608
J
in the past
?T’V" -
^ v y-
•*
v
February 16,
-*«• *1 * '
«•“>' - * -
•
i.->
• '
*
I
-
'
y a.**>v ■
-...>^1:., •
165
THE CHRONICLE.
1878.]
of railway in 1877 ........... $2,546,561
-.
108,135—$2,654,697
Carrency redemp. bond coupon?, April and Oct. $150,000
sterile a six p. c. bond conpons, April and Oct..
150,COO
Ster. five p. c. e. f. bond coup’?, April and Oct.. 2-31,350
Ster. five p. c. bond coupons, June and Dec
50,000
Prem. on s*er. exeh., to pay coup’s in London..
4,640— 582,990
Liabilities, or Total of Investment.
Net receipts from operation
Land Office receipts ...
1677.
Dividend of September, 1877
Dividend of February,
580,000
.....
580,000-1,160,000 - 1,142,990
Balance income
*
Constrnction expenses, as per abstract “F”.
Set apart to establish insurance fund
Balance to General Account...;
LAND DEPARTMENT.
"
The trustees’ report
is as follows:
annual report it was shown that the
tion bonds outstanding was
■. .
During the year there were redeemed
By our last
Leaving a balance
. ...
outstanding of
—
• -
•
$1,000
contracts
surplus of bills receivable over construction bonds
of land remaining unsold.
above that the company’s
With 236,2:0'£,3 acres
5-31,708
$527,708
.
which, after maintaining
Cost of
Total
Perman’t
Liabilit’s. Property.
Floating.
Funded.
$
$
$
$
$
1,814,000
964,(XX
85',000
54,275.500 82,740,680 It,598,820 i0,246,50S 158,861,508 145,309,575
281
23219
269
20,2*0
2,700
149
149
13,119
3,000
10,000
Berkeley Br.*
20,887,370 19,418,7*21
Cal. Pacific..
12.000,0C0 7,008,000 1.879,570
43
43
14,043
L.A. &S.D.*
14,000
53.503
136.800
53,508
Northern*
62,242
21,050
280,756
265,726
280,756
15.030
S. Pab. & T
248 378
609,341
347,ifc*4 1,100,34Stock. & Cop.
4,800
500,000
469,457
545,402
3,814
Los A. & Ind...
256,588
285,00
101,899
112,861
16,207
Mendocino
96,154
378,98
424,126
66,429
Mont. & Sal. V.
115,867
v
241,830
560,C6
584,693
36,093
Nevada County.
47,600
241,000
257,030
2,788,143
3,092,014
No. Pac. Coast.
2,017,114
1,074,900
92,496
92,196
43.820
8,676
S. Raf. & S.Q.
<o,ooc
251,169
265,652
40,652
225,000
Pittsburg
1,689,780 1,528,200
83,000
233,^80
Sac. & Placerv.
976,000
400,000
20,317
3,770,317 3,671,681
S. F. &7fo Psc.
3,750,000
288,833
312,423
27,289
149 000
16,134
S. L.O.&S.M.V.
120,000
543,978
536,445
76.SS9
141,034
Santa Cruz
201,555
125,000
asi,8:9
321,435
176.662
138,642
15,925
S. Cruz & Feit’n
769,533
7:9,460
1,567
100 COO
687,833
So. Pac. Coast.
534,472 68,464,017 66,551,482
South’n Pacfic. 56,763,900 29,523,000 1,839,64
877,296
1,03*2,602
Stock. ft Visaba
961,000
71,802
385,177
447,0:0
38,073
Vac. V. & C. L
243,957
50,000
115,001
91,964
89,516
5,173
4,566
Visalia
82,025
'
1,8&,000
California Nor.
Central Pacific.
Amador Br.*.
*
•
-
.
.
*
.
•
•
•
•
*
•
•
-
t,
« •
•
•
.
,
It will be seen
original construction
debt of $17,000,000 is all paid except four bonds. The lands
continue to yield a revenue.
In these unsettled times, there are few railroad corporations
their property, paying cut of their net
semi-annual dividends,
carry forward a surplus of nearly $800,000—that, too, after
charging the expenditures on permanent improvement account as
revenue
her
o
Receipts.
Stock.
•
$64,000
60,003
outstanding of
All
Capital
•••««•
amonnt of construc¬
redemption of which there are bills receivable and
donated lands and town lots sold and hot collected
Which shows a
$911,706
W,103— 911,706
For the
for
$73,603
48 000
Indebtedness.
Railroads.
operating expenses.
The Railroads of California.
.
.
.
,
111,838,728 121,675,680 20,579,277 11,821,186 265,914,871 247,148,872
Total
their interest obligations and two
.
asterisk (*), aggregating 136*27
to the Central Pacific Company. They are new
constructions with unsettled accounts.
Not including these
roads, the total length of all the lines completed on June 30,1377,
was 2,543*64 mileB, and their cost $246,814,135, or $97,031 87 per
The railroads marked with an
miles, belong
30,1877.)
mile.
This cost varies from $120,671 10 in the Central Pacific to
of the Commissioners of Transportation* $10,225 32 in the Visalia. The cost of the California Pacific was
recently transmitted to the Legislature, furnishes a series of very $118,810 10 per mile, aud the cost of the Southern Pacific $93,valuable statistics relating to the railroads of California; and 477 93 per mile.
from this document the following summaries of the most impor¬
St. Louis Yandalia & Terre Haute Railroad.
tant information contained*therein have been arranged.
MILEAGE AND EQUIPMENT.
(For the year ending October 31, 1877.)
The total length of the California system of railroads completed
This road is leased to the Terre Haute & Indianapolis at 30 per
and in operation June 30, 1877, was 2,639 91 miles, of which cent of its
gross earnings. The Directors’ report of operations
2,434*86 miles were broad (4 ft. 84 in.) gauge, and 195*05 miles during thq fiscal year ending October 3lst, 1877, furnishes the
narrow (3 ft.) gauge lines.
Deducting from the total that part of following:
,
the Central Pacific beyond the State line (593 37 miles), the total
Earnings of the road.
$1,118,470
length of railroad within the State was 2,041*54 milee. Steel Deduct amount paid on division of earnings with Indian¬
rail was in use to the extent of 666*95 miles—within the State
apolis & St. Louis RR
$7?,?C8
11,445— 66,262
58424 miles aad without the State 82*71 miles. In connection Less amount received on division with other companies
with and in continuance of the railroads, there were also operated Total earnings on which rental is to be computed
$1,052,207
815,661
75*44 miles of steam ferry lines. The total length of sidings Thirty percent of the preceding amount, being rental, is.
159
bends
auxiliary to the main road, was 286 42 miles, of which 55*77 Add interest on cl y of Greenvill
miles lay beyond the State line. The equipment of these lines
Total revenue
$315,822
consisted of: locomotive engines, 333; passenger cars, 384;
The year’s charges against this sum were :
express and baggage cars, 72; freight cars, 6,207; and other
Interest on 1st mortgage bonds
$132,930
cars (construction, &c.), 1,131.
“
2d
182,000
(For the year ending June
The first annual report
*
.
—
e
“
OPERATING ACCOUNTS.
Excluding portions of lines recently completed, or for other
reasons not operated, the length of roads woiked for revenue in
1876-77 was 2,533*35 miles.
Ou this extent of open roads the
$22,901,575, and the operating ex¬
penses to $11,428,360, leaving the earnings applicable to interest
gross
earnings amounted to
and dividends
further detail:
The following is the statement in *
$11,473,215.
Interest
Operating Accounts!
on
Length
oper’d.
Gross
...
Gross
$
$
32,58:
26*5o
36,066
California Northern
Central Pacific (incl’g leasee)... t,298*24 16,517,8:3 7,543,082
Amador Branch
27*07
Berkeley Branch
3*15
.
Los Angeles & S Diego.. 20*9North’n(16*10m.,not op.) 43 79
San Pablo & Tulare (not oper.)
113*23
11*99
16*67
3*50
18 50
£2*64
79*75
3*50
1,326,632
17,999
31.947
10,798
106,*,72
92,453
£89,670
878,606
12,971
37,5i5
12,543
67,999
46,9:0
215,311
5*33
49*48
72*00
10*75
21*16
9*00
Sacramento ft Placerville
San Francisco & North Pac’fic.
S. Luis Obispo ft 8. Maria Val..
Santa Cruz.
Santa Crnz ft Felton
South Pacific Coast (no returns)
Southern Pacific
......
...
34,287
176,59
467,502
4',537
48,980
58,73'j
.*
Other
general expenses
Leavir g a deficit for the year, and advanced by the lessee,
Add deficit to November 1, 1876, as shown by last report
Total
550.666
23,000
*’*1,209
Deficit.
38,273
45.50
74,369
27^2*21
L066
122,t98
220,103
18,90o
31,273
29,863
53.396
247,379
22,634
17.767
23,873
33,266
262,087
$298,022
deficit, November 1,1817
Of this deficit, a3 stated in the last annual report, $201,000 are
composed of interest paid in 1874 on the income bonds, since
exchanged for preferred stock.
The following statement will show the earnings in detail com¬
pared with last year:
EAI. KINGS.
From
From
From
From
From
heights
...
passengers
express..
mails
—
1877.
1876.
Increase.
$6-0,612
$618,626
$21,936
399,783
31,203
72,753
30,300
907
37.532
35,221
1,355
$1,086,246
$32,223
$1,118,470
$
27,248
372,539
1,355
miscellaneous.
Decrease.
the local
$34,980, or
iD the foreign
The increase in the freight earniDgs was wholly in
business, the increase in this direction haviDg been
11 32-100 per cent; there having been a decrease
or
competitive freight of $12,993, or 4 2-10 per cent. The increase
freight earnings was not commensurate with the
in the local
largely-augmented ton mileage, amounting to 23 87-100 per cent,
although it was about equal to the increase in the local tonnage;
40,666 this latter having been 41,920 tons, or 11 24-100 per cent. The large
addition to the local ton mileage, without a corresponding increase
56 447
6,500 in the earniDgs therefrom, indicates that the average local rate
’l?‘,!82 must have been considerably reduced ; this reduction was 13 63100 per cent.
The unwise and long-continued competition daring
1,451,331 the greater portion of the fiscal year, between more or less all
28,000 the East and West railroad lines, was the chief cause of the
decline in the local freight rates; for, although the so-called
cutting of rates is ostensibly on what is known as the through
.
250,554
*
2,533 35 22,901,575 11,428,360 11,473,215 5,906,157
$9,04023 $4,507 22 $4,53101
d
* Not including $778,554 paid to leased
i 35,935
of
...
<32
71195 3,580,414 2,090,302 1,490,112
32 518
10,194
32*66
43,712
6,707
7,7*6
30*00
14,423
Stockton* Visalia...;
Vaca Valley & C ear Lake
Visalia (no returns)
.
448,026
5,028
*
''
Pittsburg
:
2,366
2,487—$351,757
Legal expenses
....
Monterey ft Salinas Valley.
Total....
$
$
600
3,480
*196,217 3,446,068
£0,250
3,0C0
6 2 24 '
California Pacific
Stockton ft Copperopolis. ...
Lob Angeles & Independence...
Mendocino.
Nevada County
North Pacific Coast
San Rafael & S. Quentin.
Net
Earnings Exp’nses Revenue.
Mile?.
-
Bonds
and
Debt.
of line*
RAILROAD8.
31,971
Taxes..
lines.
business, it always atfects more or
rates besides.
The average rate on
lesB unfavorably the local
the competitive business was
reduced from 9 47-100 mills per ton per
mile, in 1876, to 8 85400
redaction of 6 2-10 mills per ton per mile, or
The Central Pacific paid "two dividends, each of 4 per cent in 6 55-100 per cent. This great evil of excessive competition among
gold, amounting in the aggregate to $4,342,040. •
the leacing railroads of the country is one, however, that seems
inherent in the present morale of the system of conducting their
COST OF RAILROAD PROPERTY.
mills, in 1877, a
_
The cost of these railroads and the sources whence the means
derived, as exhibited in the general balance sheet to June
80, 1877, are shown in the following analysis of the accounts
returned by the companies severally:
were
•I-'!.-
business; and arises not so much from the lack of aggregate
business as from the necessities of particular -companies over¬
loaded with excessive debts or capitals, mainly the former,
find it imperative,
in order to preserve their
which,
credit, to persistently
'}"Hm
THE CHRONICLE
166
endeavor by the secret lowering of rates to
their legitimate share, based on advantages
business offering.
The coal business of the road continues to
obtain more than
of location, of the
IVol. XXVL
the counsel for the plaintiffs, and Senator Stanley Mathews for
the defendants.
The suit was set down for November last, but
had to be postponed, owing to the inability of counsel to be
show a satisfactory present.
The direct suit of Mr. Brown, a bondholder in New York,
development. The total tons carried in 1877 were 252,986, against
against
the Pennsylvania Railroad, has been appealed, as we
223,860 in 1876. The revenue, however, from this business
understand,
to the General Term of the New York Supreme
increased in a greater proportion, owing to the fact of better rates
Court, and will shortly come up for argument.
therefor having been obtained.
The coal revenue in 1877 was $121,507, and in 1876, $103,106.
Framingham k Lowell.—-At the annual meeting in South
The following statement will show the comparative expenses
Framingham, Mass., last week, the directors reported a plan for
of the lessee during the fiscal years 1876 and 1877:
the settlement of the floating debt, and the stockholders voted to
xxpxnsxs.
accept it. This debt consists of $210,000 in notes, and a balance
Increase. Decrease.
1877.
1876.
of $345,479 due the Boston Clinton Fitchburg & New Bedford
$42,986
$20*,ltf6
$
$245,153
Company, lessee of the road. The lessee agrees to accept for this
3,709
191,535
195,245
Motive power
claim $175,000 in stock of the company, and the holders of the
231.675
53,878
340,554
Maintenance of w-y
72,363
82,658
10,292
Maintenance of cars....
notes agree to take an equal amount of stock.
To carry out the
565
23,953
24,518
agreement,stockholders are asked to surrender four-fifths of their
.
.
..
.
.
..
$814,682
$845,140
stock.
$30,458
The result to the lessee in the operating of your
the year was as follows:
Total expenses, as above stated
t
Percentage (70) of earnings allowed in the lease for expenses
road during
$845,140
736,545
$108,595
71,22'J
Less for 1877
Loss for 1876
$37,366
Increase
This sum is more than covered
maintenance of way, which include
by the increased expenees^of
the expenditures for better¬
ments, amounting to $60,640.
There were issued to the lessee during the last fiscal year $98,000 of preferred stock, on account of betterments and additions
made to the road prior to November 1, 1375. There are still due
on
$1,018 17. The remainder of the floating liabili¬
payable in cash, as follows:
this account,
ties
are
$24,733 84
91,000 00
4,865 00
Bills payable
Coupons due November 1, 1377
Coupons due prior and not presented
Due T. H. & 1. RR. Co. for old right of way claims paid.
Due T. H. & I. RR. Co. eu lease account
...
8,988 25
66,637 69
$191,224 28
Total
No expenditures have been made during the year for additional
construction and equipment. The payments appearing as addi¬
tional charges on this account were in settlement of claims
incurred prior to 1875. The betterments made to the road since
have been included as part of the expenses in operating same, as
before stated.
GENERAL ACCOUNT, OCTOBER 31ST, 1877.
,
"
Dr.
Cost of road and
...
.
b
t
Cash
Income account ba lance
don stock
1,544,700
1,899,000
2,600,000
Preferred stock
First mortgage bonds
Second mortgage bonds
Bills payable
Coupons past due, not presented
24,738
4.S65
91,000
1,018
Coupons due
DueT. H. & I. RR. Co. for construction
Due T. H. & I. RR. Co. for right of way claims paid
Due T. H. & I. RR. Co. for rent account
3,9^8
66 637
$8,619,258
GENERAL INVESTMENT
•
:
conditioned to pay to the appellants
either of them legally represent in the
tween the amount which they would
and those whom they or
appeal, the difference be¬
respectively receive from
proceeds of the sale, in case the disputed coupons of 1874 are
on this appeal disallowed as a part of the mortgage debt, and
the amount they will receive, if the mortgage property shall be
the
sold and distributed under the decree as it stands/'
In the case of Merlan and others, a similar order has
with a bond in the penal sum of $150,000.
A notice from the committee, of which Mr. Hays is
is published in our advertising columns.
been made
chairman,
Pacific Railroads.—Topeka, Kan., Feb. 14.—A telegram was
received here from Washington to day to the effect that Judge
Dillon has declined to render a decision in the pro rata case of
the Kansas Pacific against the Union Pacific Railroad Company,
in the United States Circuit Court for the District of Nebraska,
for the reason that the Kansas Pacific has dismissed the action,
thus leaving
the latter where it was seven years ago.
Pennsylvania Railroad.—No action has been taken by the
Pennsylvania Railroad in regard to the declaring of a dividend.
The meeting that would have been called to take action in the
matter should have met within
and that time
Gross
earnings.
Expenses.
$1,733,672
1,777,933
$2,394,422
2,100,775
1878
1877
Inc.
$293,647
13 98
Per cent
Dec.
*$44,311
2*49
Gross
earnings
Expenses
Net
earnings
1877.
1876.
Full year.
11 months.
$3*5,266
208,057
259,877
$308,140
$108,469
$65,889
$112,097
1875.
11 months.
-
$816,527
*
Total.
$949,934
663,977
196,042
•
$28^956
Philadelphia and Erie.—The following is from the annual
report for lo77:
$3,172,990
2,049,627
Gross earnings
Gross expenses
....$1,123,363
Net earnings
NEWS.
Boston and Albany.—The following statement is made of the
comparative earnings and expenses for lour months ending
January 31
appealed from, upon Hays, Pierson and Du Puy
filing in this Court a bond payable to the United States in the
penal sum of $75,000, with security to be approved by this Court,
„
Cr.
Common stock
Instalment pa
$8,317,869
2,000
650
tion of the decree
the first ten days of the month,
having elapsed, there will be no action taken for
815 this quarter, the dividend thus being passed.—Philadelphia Even¬
298,02 2 ing Telegraph.
.
Peoria
k
Island.—The
following
is
made
of
Rock
statement
$8,619,258
the earnings of this road for the period of the receivership, from
$2,376,9r0
6,365—$2,383,315 February 1, 1875, to November 30, 1877 :
equipment
City of Greenville bonds
Due by (/'lark County
Mobile k Ohio.—The United States Supreme Court has re¬
cently made the following order" in the case of Ketchum and
others against Duncan, on the motion to rescind the order sus¬
pending the operation of the supersedeas in the caoe :
“It is ordered that the Circuit Court proceed with the execu¬
Decreased expenses compared with 1876, $138,818; decreased
number of passengers, 198,384; loss by July riots, $51,271. Busi¬
ness has been of a favorable character, and showe an increase as
The meeting of stockholders
adjourned
after
board
managers
until May 16th next,
electing
of
Net.
$660,750 in order to pass upon the question of payment of interest on $2,322,792 400,000 preferred stock held by the Pennsylvania Railroad Com¬
pany. Interest upon this stock was paid at 8 per cent up to and
Inc. $337,958
104*69 including January, 1875, but it is now claimed that holders of it
are not entitled to dividends when they are not earned.
The increase io gross earnings and decrease in expenses has
more than doubled the net earnings of the four months em¬
braced in the report.
Chicago k Iowa.—This road, ‘extending from Aurora to
Foreston, Ill., 80 miles, is advertised to be sold under foreclosure
on the 9th of March next, in the suit of John N.
Denison and
John W. Brooks.
Chicago k Southwestern.—It is reported that the Sheriff of
Buchanan County has sold this road to Mrs. Johanna Berg for
$10,000, the purchaser to assume all liabilities to the amount of
*1 ,376,250, many of the chiet claimants being residents of Platte
and Buchanan counties, Kansas.
compared with the previous .year.
Philadelphia k Reading.—The following has been published
December, the first month of the new fiscal year of this com*
for
pany :
GROSS
RECEIPTS.
Dec. 1877.
$l,2u6 434
16,144
Railroad traffic
Canal truffle
Steam colliers
63,604
Richmond coal barges
17,821
Total Railroad Co
Reading Coal & Iron Co
Total of all
...
.......
Dec. 1878.
$793,106
7,887
40,281
5,057
$1,304,003
795,868
$846,813
$2,099,873
$1,319,965
478,651
TONNAGE AND PA88XNOXBS.
418,033
Wabash k Michigan.—An important transfer Tons of coal on railroad
289.666
Tods of merchandise
of railroad interests occurred at South Bend, Ind., in the delivery
533.860
Passengers carried
30,512
and possession of this road, with all rolling stock and appurte¬ Coal transported by steam colliers
47,843
TONS
or
COAL
MINED.
nances, to the Lake Shore and ^Michigan Southern Railroad Com¬
198,411
361,889
pany. Tbis line extends from Gosben south to Anderson, a dis¬ By Coal & Iron Co
66,938
By
tenants
.\....
tance of 128 miles, crossing the Baltimore & Ohio at Mitford,
twelve miles south of Goshen, and the Pittsburg Fort Wayne
285,350
Total mined.*.
'.4..
k Chicago at Warsaw.
Utah Northern (N. G.)—This road is to be sold by a master in
Columbus Chicago k Indiana Central.—The loDg-pending chancery, March 20th, at the suit of the Union Trust Company
fult between this company and the Pennsylvania Railroad.it is of New York, and it is reported that it will probably be bought
understood, will come on at the February term of the United by Mr. Jay Gould in the interest of the Union Pacific road. It is
Cincinnali
..
..
States Circuit Court at
Indianapolis.
Secretary Evarts is
one
of
now
in
operation from Ogden, Utah, to Franklin, Idaho,
80 miles.
February
167
THE CHRONICLE
16, 1878.]
OOTTON.
Commercial gtimes.
Friday, P. M„ February
Thr Movement of the Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening (Feb. 15), the total receipts have reached 120,090
COMMERCIAL EPITOME.
Friday Night,
The adoption
of
a
Feb. 15,1878.
lower schedule of rates of freight by the
great trunk railways from this city to the Western towns anc
cities, after a prolonged and somewhat violent contest, has pro
moted the opening of spring trade in that direction, there having
bales, against 137,138 bales last week, 159,186 bales the previous
week, and 164,059 bales three weeks since, making the total re¬
ceipts since the 1st of September, 1877, 3,374,969 bales, against
3,407,924 bales for the same period of 1876-7, showing a decrease
since Sept. 1, 1877, of 32,955 bales. The details of the receipts
for this week (as per telegraph) and for the corresponding weeks
of five previous years are as follows :
already been considerable business with the South. Still, fail
ores and defalcations continue numerous, and creditB are so close-
Receipts this week at—
ly scanned as to keep the volume of trade comparatively small,
and manufacturers and traders find their chief advantage over
Kobilo
recent seasons
in the apparently firm basis upon which prices
the lower cost of production and of doing business, l
successful season will now be promoted by the action of Con
rest, and
the Silver bill and the proposed revision of the tariff,
and by favorable spring weather.
gross upon
Pork has been
Government was
active, and it was reported that the British
the principal buyer. There was a good busi¬
more
1878.
New Orleans
•
• • •
t
•••
•
•
•
•
1817.
48,730
13,014
•• ••••
Charleston
Port Royal, Ac
Savannah. Ac
Galveston
Indlanoia, Ac
Tennessee, Ac.........
Florida.....
North Carolina.
Norfolk
City Point, Ac
1875.
1876.
1874.
1878.
44,937
9,924
9,730
9,150
30,696
9,683
5,387
2,271
13,058
9,425
190
SIS
189
4
f 8,410
4,514
9,290
8,569
16,804
10,749
17,291
11,193
95
103
410
294
1,020
7,627
30,474
11,879
7,882
48,459
10,674
4,900
11,912
'
12,733
46,948
6,977
}
13,171
10,861
12,955
13,123
7,518
468
435
402
676
237
516
2,393
7,351
1,272
2,615
14,129
1,727
8,918
2,955
7,104
1,138
11,659
2,108
10,819
723
669
428
1,019
477
8,534
Total this week
120,090 120,720 110,576
96,950 117,346 109,153
to-day at $11 25<a$ll 50 for mess, and $3 75@$9 25 for
Total since Sept. 1.,.. 3,374,969 3,407,924 3,295,251 2,836,183 2,943,619 2,610,530
extra prime; and 1,500 bbls. mess sold for April at $11 40@
$11 55. Lard has been quite active on the spot, but without
The exports for the week ending this evening reach a total of
buoyancy in prices; and only a moderate business to-day at 101,898 bales, of which 58,115 were to Great Britain, 15,149 to
$7 60@$7 65 for prime city and Western, the latter closing for France, and 28,634 to rest of the Continent, while the stocks as
future delivery at $7 65@$7 674 f°r March, and $7 75@$7 774 for made up this evening are now 915,791 bales.
Below are the
stocks and exports for the week, and also for the corresponding
April. Bacon is firmer, and there have of late been free sales
ness
long and short clear together at 5fc. at the Wee
and 584c. for March delivery here.
Cut meats also show
greatly improved demand, and pickled rib bellies are higher i
6|@6fc. for medium and light weight,?. Beef is quiet. Butt<
las rather improved, but cheese remained dull. Tallow wi
active, 7f@7fc. for prime to choice.
In coffees there has been a better movement ,and prices have
assumed more firmness, until the close, when a falling off an
demands caused some decline; fair to prime cargoes of Rio
quoted 14f@l7fc., gold. Stock here in first hands of 80,427 bags.
Rice has sold in a fair jobbing way. Foreign molasses has re¬
mained at a standstill; New Orleans has been fairly active, at
25@50c. for common to fancy. Refined sugars have sold moder¬
ately; standard crushed quoted at 91@10c. Raw grades have
latterly shown easiness, owing to slow sales; fair to good
refining Cuba, quoted at ?4@74c.
of Western
Hhds.
Receipts since February 1, 1878..., 11,631
15,754
21,215
4,345
Stock Februai y 18,1876.,
Boxes.
7,078
4,803
3,837
8,044
5,9^8
Bags.
Melado.
67.487
32,285
58,499
41,274
16,781
19
48
67
•
•
•
•
778
week of last
season:
Exported to
Week ending
Feb. 15.,
Great
Britain.
New Orleans*....
Mobile
Charleston
24,408
France
Galvestont
New York
Norfolk.
3,343
4,655
6,685
7,719
7,287
4.019
Other ports?
Total this week..
58,115
Same
Conti¬
this
week
nent.
week.
1877.
Stock.
1878.
1877.
•
-r r
875
390
5,921
1,279
2,412
1,609
7,287
10,436
9,528
14,574
4,019
£9,741 387,435 316,868
'7,527 65,231 65,729
4,752 64,111 46,997
14,065 100,180 50,821
8,462 69,174 77.822
6,559 149,324 281,411
10,008 25,366 15,165
8,240 55,000 87,000
101,898
99,354 915,791 891,814
•
•
•
•
•
•
44,639
7,438
5,447
3,991
12,795
....
Savannah, Ac....
Total
•
•
200
....
....
•
15,149
• •
5,447
7,334
a
28,634
Total since Sept. 1 1,226,417 364,593 363,552 1,954,562 2,106,541
....
A«io Orleans.—Oar telegram to-night from New Orleans snows that (besides
above exports; the amount of cottoa on shipboard and engaged for shipment at
that port is as follows: For Liverpool, 48,500 Dales; for Havre, S7.750 bales; for
the Continent, 59,500 bales; for coastwise ports, 3,250 bales; which, If deducted from
the stock, would leave 239,500 bales representing the Quantity at the lantUng and in
presses unsold or awaiting orders.
t Galveston.—Our Galveston telegram shows (besides above exports) on shlp-
thai P°rt» not cleared: For Liverpool, 16,410 bales; for other foreign,
68
*
for coastwise ports, 8i9 bales;
which. If deducted from the stock,
would leave remaining 49,601 bales.
t
Th?.5xP°,n®thlR week under the head of “other ports’* Include, from Baltl-
bales to Liverpool; from Boston, 1,091 bales to Liverpool; from Phila¬
delphia, 800 bales to Liverpool; from Wilmington, 1,159 bales to Liverpool.
more, 966
freights a fair business has transpired, with rates, as
From the foregoing statement It will be seen that, compared
rule, about steady. To-day, rates were more steady and busi¬ with the corresponding week of last season, there is an increan
Grain to Liverpool by steam, 9|@10d; flour by jn the exports this w:eek of 5,544 bales, while the stocks to-night
ness moderate.
are 23,977 bales more than
they were at this time a year ago.
sail, 2s 3d; do., by sail to London, 2s 14d@2s 3d; grain to Bristol The
following is our usual table showing the movement of cotton
by steam, lOd; do. by sail, 5s 4|d per qr; do. to Cork for orders, at all the ports from Sept. 1 to Feb. 8, the latest mail dates:
5s 6d; do. to Naples, 5s 74d; refined petroleum direct to United
uonns
EXPORTED SINCE SEPT. 1 TO—
Kingdom ports, 3s 74d@3s 9d; crude do. to Havre, 3s 6d.
CoastSINCE SEPT. 1.
PORTS.
wise
Stock
The market for tobacco has been more active, the sales of
Other
Great
France
Total. Ports.
forei’n
Britain
1877.
1876.
Kentucky for the week aggregating 900 hhdB., of which 850 were
for export and only 50 fox home consumption. The sales included N. Orleans. 1,030,554 900,473 892,701 212,010 134,008 733,719 133,589 883,854
324,548 315,654 67,990 17,430 13,339 98,759 161,260 67,000
750 hhds. at New Orleans to come forward to this market. Prices Mobile
In
ocean
a
386,461
83,787'
56,158
103,871
63,503
426,355
202,959
58,001
quoted at 3@4c., and leaf at5@12c. Charlest’n* 430,817 428,883 109,415 31,062
94,386
70,619 210,096 202,693
Savannah..
The movement in seed leaf, although not large, amounting to
77,416
6,894 141,593 149,274
Galveston*. 331,712 450,934 110,404 24,295
only 663 cases for the week, was more general, and included 100 New York.. 65,390 100,300 170,460 3,788 93,174 197,423
150,538
cases sundries at 4@18c.; 200 cases, crop of i876, New England,
11,040
Florida.....
11,040
18,173
6,970
N. Carolina 115,465 108,990
23,441
18,897 48,618 60,474
1,780
8@22c.; 36 cases, crop of 1874, N. E., on private terms; 75 cases,
Norfolk*..
1,075 1,803 108,161 257,489 25,675
889,417 455,731 105,236
crop of 1876, Pennsylvania, 10@30c.; 56 cases, crop of 1876, Ohio,
45,000
Other ports
81,706 95,818
10,519 106,337
89,474
on private
terms; 146 cases, crop of 1874-5, do., 64c.; and 40 cases,
Tot this yr. 8,254,879
1168,302 349,444 334,918 1852,664 1079,690 914,322
£fop of 1876, Wisconsin, 8c. There has been a fair business in
3,287,204 1441,870|313,571 254,746 2010,187 985,803 893,429
Spanish tobacco, sales embracing 140 bales Yara I. and II. cat, Tot. last yr.
the
head
of
Charleston
is included Port Royal, Ac.; under the head of
Under
on private terms, and 700 bales Havana, 80c.@$l 10.
ffalveston is Included Indlanoia, Ac.; under the head of Norfolk is included City
^ Spirits turpentine at one time was quite active and firm at 33(3) Point Ac.
These mail returns do not correspond precisely with the total of
83JC., but the close is quiet at 83c., with the tone barely steady.
the telegraphic figures, because in preparing them it is always
RoBins have been very quiet, and quotations are somewhat lower,
neceusary to incorporate every correction made at the ports.
f 1 55@$1 60 for common to good strained. Petroleum has
Th^re has been a sharp decline in cotton during the week,
remained quiet, but about steady, at 74c. for crude, in bulk, and amounting, at times, to almost a panic. Quotation* were marked
124c. for refined, in bbls. Ingot copper qnoted at 17|@17f c.; down l-16c. on Saturday and Tuesday, and £c. on Wednesday, to
10 13-16 \ for middling uplands, at which figme there was a bet-_
Bales of 200,000 lbs. Lake, on private terms.
Whiskey is more ter feeling, prices yesterday being quite firm. To-day, Jhow w
active and firmer at $1 09@$1 094, lax paid, both Houses* of ever the market was again flat; and, at the weekly revision of
quotations, strict lovf middling was reduced l-16c., and atri t
Congress having voted against reducing the excise.
are
scarcely
so
firm; lugs
are
.
...
.
■
•
*
•
•
•
•
•
•
.. .
«
•
*•*
•
• »
2
,
'
0
.
.0
.
0
0
3
.
2
0
4
.
2
005
7.4
1
5
0
.
3
.
7
0
.
9
0
7
.
2
0045.113,*500.
THE CHRONICLE.
168
good ordin¬
ary, and low middling were redu ed £c.; stained, l-16c. lower
for middling and £c. lower for other grades.
For future delivery,
there was an important decline in prices, with something of a
panicky feeing on Tuesday and Wednesday. From the close on
Friday last to the lowest figures on Wednesday, prices fell off 35
to 40 points for the more active months, followed on Wednesday
afternoon and Thursday morning with a recovery of 7 to 10 points,
caused by a demand to cover contracts. The speculation has turned
wholly on the course of European politics. All other considera¬
ordinary 3-16c., while ordinary, good ordinary, strict
bales.
cts.
bales.
els.
l.iOO
1C* 99
li*» 0
n*oi
1,800
1,800
2,300
11*05
11*06
11*07
!i*C8
700
11 09
tions were lost sight of. The impression that Great Britain will
be drawn ino active hostilities against Russia has generally pre¬
vailed on our Cotton Exchange.
To-day, the advices by cable
regarded as very threatening, and Liverpool reported lower
prices, under which tl:e improvement of yesterday was not only
wholly lost, but a further material decline took plac\ There
was, however, les3 pressure to sell apparent than on Wednesday.
The total sales for forward delivery tor the week are 388,000
bales, including — free on board. For immediate delivery the total
sales foot up this week 4,431 bales, including 415 for export,
3,969 for consumption, 47 for speculation, and
in transit.
Of the above,
bales were to arrive. The following tables
show the official quotations and sales for each day of the past
were
3120.
week:
8 7-16
8 7-16
9%
9%
Middling
Good Middling
1>%
Strict Good Middl’g 11 11-16
12
3-16
Middling Fair....
52 11-16
Fair
8 9-:6
8 7-16
8 7-16
9%
9%
9%
9%
l&M .81-..
10 7-16
Low Middling
Strict Low Mlddl’g !0X
8 9-16
9%
9%
10 7-16
10 1-16
10 7-16
’0 1-16
10 7-16
10%
10SK
10%
11
11
11%
11%
9%
10^-16
10 8-16
10 9-16
10 9-:6
Il*u2
4.S00.
11*03
11*04
11*03
...11*17
1,70)
3,800
ik-,6
10%
11%
a%
10%
11%
11%
8 9-16
9%
10*3-16
11*10
....11*11
1,600
1,700:
2,000
11*13
2.6i»
11*14
UC0
11*15
2,600
11*16
800
...11*17
100
11*13
1,600
11*20
8'JO
200
100
...11 21
11*22
11*23
10 9-16
'
10%
11%
11%
1.000
2,5'JO
100
100
rti.
8%
8%
9 :-l6
9 3-16
9 9-16
9 7-16
10
Good
Middling
Strict Good Middl’g 11%
12%
Middling Fair
Fair
12%
10 15-16 11 1-16
11 5-16 11 7-16
a%
12
12%
!2
12%
12%
12%
Til.
12%
112%
12*
Fri.
Til.
Fri.
Til.
Frl.
11*
12%
11%
11%
11%
11%
9 9-16
10%
10%
10%
10%
10 13-16 10 11-16 10 13-16
10%
10 15—16 1C 13-16 10 15-16 10 13-16 11 1-16
U 5-16 11 £-16 11 5-16 11 3-16 11 7-16
Middling
9*3-16
V Q>. 8%
8 15-16
Strict Ordinary
9 5-16
Good Ordinary
Strict Good Ord’ry. 9%
Low Middling
1U%
Strict Low Mlddrg 10 9-16
10 13-16
Middling
11 8-16
Good Middling
Strict Good Mfddl’g 11%
8%
8%
8 15-16
9 5-16
8%
9 3-16
9*
9 3-15
9%
U'%
9%
10%
ll'%
8%
8%
8%
8%
8%
9 5-16
9 1-16
9 *.-16
10
9 1-16
9 7-16
!0
The
Fri.
9 5-16
9%
Middling Fair
12
Fair
12%
1*2%
1,009.
11*24
500
200
8JU
700
100
11*26
U*27
11 23
1,600
11*29
1132
11*33
11 35
,...11*38
300
200..
1,100
11*23
600
11*29
1,000
,...11*80
1.400
....11*31
600..
1,800.
11*32
11*33
11*84
200.
11*36
£00.i.........11*41
3U0
11*44
For
100
*200
800
,
..11*47
11*48
.11*49
11*07
11*03
11*09
1,100..,.
1,200
.11*10
I
|
Fri.
inner.
10 95
Frl.
Feb. 9. Feb.ll. Feb.12. Feb.13. Feb.ll. Feb.15.
8 7-16
9 3-16
9 11-16
8 7-16
9 8-16
9 11-16
Good Ordinary
Strict Good Ordinary
Low Middling
10%
10%
Middling
8%
9%
8%
8*
9
10*3-16
11
9%
10 1-16
MARKET AND SALES.
1,200 total Oct.
For November.
100
11*70
100 total Nov.
11*19
April
May .'.
Joiy
August
September....
10*51.
11*01
11*15
11*23
11*40
11*47
11*05
11*19
11*32
11*44
11*51
11 57
11*31
11*12
10*93
11*00
11-C0
..
..
10*86
10*85
11*03
11*20
11*33
11*40
11*46
11*20
11*08
U*;3
a*v5
11*08
10*94
70*96
10*95
1123
’0-9)
Dull.
Dull,
10*90
10*93
102
102
102
4*79%
4-79%
4*73%
The Visible
11*10
11-22
•
11 *35
a* o
10*92
10*81
10*84
10'bO
r
Quiet.
Dull.
Closed—
Tues.
Wed.
Lower. Panicky.
10*76
10*62
13*84
10-70
10-81
10*97
Mon.
Sat.
102
4*79
Thurs.
Higher.
Spot Market
Saturday..
Monday...
Tuesday
Wednesday
Thursday..
Quiet, lower
Friday
Dull
.
port.
ConSpec- Tran¬ Total.
sit.
sump. ulat’n
215
859
Ex¬
Closed.
weak
»
•
-
200
Dull, lower
Dull, lower
Stealy.uuch.qu-*.
...
...
415 l
.
For forward delivery,
FUTURES.
47
607
1,278
601
2-1
832
430
3,959
....
....
•
•
•• •
.
.
•
•
•
•
s • •
....
•
•
•
47
• •
....
the sales (including
erles.
28,300
34,630
88,100
801
221
832
430
78,800
75,000
4,431
333,000
2,900
—
83.600
.
free on board)
have reached during the week 383,000 bales (all middling or on
the basis of middling), and the following is a statement of the
sales and prices:
bales.
cts.
cts
bales.
bales.
cts.
For February,
11*08
500
11*02
..
0
0
7
.
1
...1-VW
3,*00
bale*.
cts.
11 03
H*C6
400.
2,200
...10*67
2,HD
10*56
800
11*07
....11*04
2.700.
3.5C0
100
:0*59
...
0
0
5
.11*05
10*69
ICOs.n. 1 th. 10*59
4,300
too
ll*C7
...1C* 10 114 500 total March.
2.300
100SJl. lath. 10*ST
11*08
...
0
0
5.2
5'.>0
lGTO
S.IOJ
..
0
0
For
5
11*09
60>
April
600
IC*65
530
.10*74
....11*10
8.600
2.200..
...1C*73
100 B.n
1* 2
'■
11*11
.10*75
..
0
0
5
.
3
A)
1
.1C*74
4.200
100 a.n. 14 h. 10*72
11*12
800
.10-76
...100
0
0
7.
1
4.400
a.n. lttb. 10*15
.11*13
800..,...;.. .10*,7
1,93).
6,30)
10 75
*00
.10*78
3,910
.11* 14
1.700
300
If 77
2,000
3
S
jO
5C0
.10* 9
11-15
...10*73
3,600
10* «8
300
200
.10*3J
11*16
3.5'0
8,300
...10*79
10*33
500
4.0
.It
*81
11*17
4.800
...11
1.9.0
*80
100.
...1/31
10*82
.^00
:o*?8
11*19
4,(00
1,6 »
100 t.n. 12th 1C *85
6 6C0..,
1.’* 33
11*29
1,700
....If 81
5,300
200
10*86
10*84
...1 *85
4,10*
8.20t»
5)0 t.n
.10*68
.10*85
!
3.700
2,700..........
112,303 total April.
....10*36
.....10*38
.1C* 84 1
10*37
3.2(0
S.4J0
100.•»...*••«.I-* ^ 1
For May.
.10*37
....10
8S
8.8:0
1,UW
200
:
10*92
200
.1G*86
.10*33
4,800
10*58
1,800
5 100
If 39
.It *87
2,100
,...lf.*w
19*9?
590
1,’0>
.ie 90
1. 2 H)
6.41)0
...10*91
5,!00
600
.10
91
;00
1,400
total Feb.
.If 10
.V“92
l.fOO
....10*94
1.5C0
1.8 0..
10*91
.10*-3
l.MH
2 500
....l«*35
5900....
For March.
2.H 0
2>9
500
1,8:0
..10*59
10-95
.10* 3
2. 09...
....10*37
1. 00
1,101
1 *60
1,000
It * 4
<1.500
.10*971 3.000
....10*93
2,f.00
10*61
400
0* 5
.v>;s
....10*99
I
2,700
8,900
.11/62
900
1,*01
.1 -96
.10*99
1,500
....11*00
4,000
500
...,1C*63
2,800
.’0*47
.11*03 1 1,000
7,100
....11*01
5.800
2J3U0..
lfM
.10*98
.11*01 ! 4,400
2,500
....11*02
4,500
.
.
..
..
.
.
...
.
.
..
10*71
10** 5
10*75
10*60
Steadier.
Steady.
Steady.
1)2%
102%
10*97
11*09
11*15
11*21
10*58
10*79
10*63“
4 79
4*79
10*91
11*04
11*12
11*17
10*92
10*75
10*63
10*71
102%
4*79%
by cable and
of last Saturday, but the totals for Great Britain and the afloat
for the Continent are this week’s returns, and consequently
brought down to Thursday evening; hence, to .make the totals the
complete figures for to-night (Feb. 15). we add 7he item of exports
from the United States, including in it the exports of Friday
only:
1878.
1877.
558,000
816,000
12,259
12,253
32,750
570,250
179,250
878,750
174,000
8tock at Havre
-
1876.
1875.
843,000
68,000
773,000
131,250
911,000
202,750
11,000
S04,250
118,750
10,250
70,250
10,750
38,250
47,000
12,500
4,500
12,000
Stock at Marseilles
4,750
3,500
5,250
Stock at Barcelona
Stock at Hamburg
31,500
7,503
65,500
13,000
65,000
18,000
Stock at Bremen
34,000
42,750
12,503
Stock at Amsterdam
67,500
43,030
15,000
13,030
Stock at other continental ports..
30,750
11,000
7,250
7,750
Total continental ports.,
313,750
392,750
415,5C0
324,250
Total European stocks
884,000
1,271,500
133,000
618,000
55,000
891,814
96,290
6,000
1,326,500
113,000
543,003
60,030
1,228,500
223,000
511,000
664,831
635,219
130,510
3,071,604
3.051,570
10,500
5,500
10,500
91,000
629,000
35,COO
915,791
136,470
19,003
Europe....
American cotton afloat for Europe
India cotton afloat for
Egypt, Brazil, &c.,afloat for E’rope
Stock In U. S. interior ports
United States exports to-day
Total visible supply..
.
2,710,261
.baies.2,710,261
Of the above, the totals or American and
-
123,189
21,000
2,462,104
2,259,070
2,035,729
296,000
32.750
359,000
68,000
£55,000
131.250
92.750
133,000
55,000
113,000
60,000
550,000
303,000
618,0U0
891,814
96,290
Total American
bales.2,552,261
East Indian, Brazil, dtc*
163,000
Liverpool stock
12,250
56,750
91,000
London stock
Continental stocks
Lidia afloat for Europe
Egypt, Brazil, &c.,afloat.
35,000
••
2,£98.229
418,00fr
129,000
511,GOO885,219
130,51(1
12,000
395,000
257.000
629,OGO
915,791
136,470
19,000
Continental stocks
American afloat to Europe
United States stock....... .....
United States interior stocks
United States expoits to-day
12,000
other descriptions are es follows
American—
Liverpool stock
123,189
21,000
58,000
6,000
•
484,000
223,000
543,000
864,881
192,500
195.250
223,000
58,000
.
.
...
..
..
13oO
8,500
10*53
10*61
10*78
Delly
Sales.
300
400
600
700
5UQ
400
1,278
....
Fri.
Lower.
The continental stocks are’ the figures
8tock at Rotterdam
TRANSIT.
:
lo*69
10-76
10*90
11*43
11*13
11*22
11*27
11*13
10*81
16*73
10*76
Supply of Cotton, as made up
telegraph, is as follows.
Stock at Antwerp
SALES OF SPOT AND
Sept.
*45 pdto exeh. ICO Feb. for June.
Depressed: Lower.
Total Great Britain stock
Th.
10*?8
10*95
11*10
MIDDLING UPLANDS—-AMKBIOAN CLASSIFICATION.
Stock at London
Mon. Tnes Wed.
September.
For October.
303
1C-71
iOO
1C*75
200
10*84
500
iroa
STAINED.
Sat.
11*51
600 total
For August.
100
11*11
400
1L*12
700
11*18
500
11*14
201)
11* 15
11*17
20)
400.
..11*18
July.
11*89
11*50
£00
For
100
ICO
400
11*45
1L600 total July.
11*41
11*45
200
16,100 total Aug.
11*39
,,11*40
.11*33
.....
700
800.
ICO
900
......
300
200
800
200
200
12%
12%
12%
12%
12%
11*53
UU0
600
11-27
..11*28
11*2*
11*30
11*31
11*35
11*85
11*37
following will show the closing prices bid for future de¬
livery, and the tone of the market, at three o’clock P. M. on the
Gold
Exchange
10 11-16 10%
10 13-16 10 13-16 10 13-16 10 15-16 10 15-16 10 15-16 10 15-16
11 3-16 11 3-16 a 3-’. 6 11 5-16 11 5-16 11 5-16 11 5-15
11%
il%
11% * a%
11%
11%
11%
12
12
12
12%
12%
12%
12%
12%
11*19
11*20
11*22
200'.
11*24
11*25
11*26
800.
20
100
400
6<K»
300
700
The
12%
12%
10%
10%
1,400
1,200
5H.0
2.000
following exchanges have been made during the waek
Transl. orders.
10
9%
1C%
10 11-16 10%
1(U
10 9-.6 10%
11*17
11*13
pi to ex h. 3C0 March for April.
pd to exch. 500 March for April.
10 15-16
11 5-16
11% '
8%
800
600
11*01
200
10*11-16
8%
2,6 JO
11*01
11*02
11*03
June
8%
9 1-16
9 7-15
11*21
11*22
11*24
11*25
11*26
11*14
u*2i
11*24
li*2S
several dates named:
Feb.13.
8%
100
HO
11*15
11*16
48,100 total Jane.
-.4
Feb.14. Feb.!5. Feb.14. Feb.15. Feb.ll. Feb.15. Feb.14. Feb.15.
Ordinary
11*20
11*13
vor June.
2 100
1K0
9%
Til.
11*18
500
11*32
11*38
Tnes Wed. Tnes Wed. Tnes Wed. Tnes Wed.
Feb 12. Feb.13. Feb.12. Feb.13. Feb.12. Feb.13. Feb.! 2
300
2,(00
cts.
SOD
mo
400
11*16
.....11*17
hi* 12
bales.
cts.
11*11
11*13
11*14
11*15
1,100
71,300 total May.
*13
10%
11%
11%
...11*11
ll*24
11*25
11*26
11*27
11*28
1,106
1,8 JO
8 9-16
9%
11*10
609
bales.
400
100
200
ICO
600...
4,(00
11*12
2,yC0
10 3-16
10 9-16
1,110
11-08
11*09
SOO
400
a ’.3-16 a 13-16 11 13-16 11 13-16
11 11-1C 11 11-16
12 S-lfc 12 3-16 12 8-16 12 5-16 12 5-16 12 5-16 12 5-16
12 11-lt 12 11-16 12 ll-H 12 13-16 12 13-16 12 13-16 12 13-16
8%
8%
8%
Ordinary
V n>.
8 15-16
8 15-16 9 1-16
Strict Ordinary
9 5-16
9
7-16
9
5-16
9
7-16
Good Ordinary
10
9%
Strict Good Ord’ry. 10
9%
10%
Low Middling
10%
10%
m.
Strict Low Middl’g 10 11-16 10 9-16 10 11-16 10 9-16
.
7i>i
1,400
TEXAS.
N. ORLEANS.
ALABAMA.
Sat. Mon. Sat. Mon. Sat. Mon. Sat. lion.
Feb. 9. Feb.ll. Feb. 9. Feb.ll. Feo. 9. Feb.ll. Feb. 9. Feb.ll.
Ordinary .....?) lb.
Strict Ordinary
Good Ordinary
Strict Good Oi d’ry.
Total
2,503
2, 00
UPLANDS.
|Vol. XXVI.
....
.
..
..
.
.
359,fOO
609,503
792,500
.2,352,261
*2,462,104
2,259,070
962,500
2,085,729
Total visible supply... .bales. 2.710,261
Price Mid. Uplands. Liverpool... 6%d.
8,071.604
6 11-ltid.
3 051,570
6 5-16d.
7%@7%cL
Total East India, Ac....
Total American
.
to-night
1877,
These figures indicate a decrease in the cotton in sight
of 381,313 bales as compared with the same date of
a
decrease of 341,309 bales as compared with the corresponding
date of 1878, and a decrease of 287,968 bales as
with 1875.
;
[ y
.
10*55
'
2,998,*29
*At the Interior Ports the
and shipments for the week,
compared
movement—that is the receipt#
and stock to-night, and for th#
=-V'\ $•?■rfV:: i
FEBRUARY
corresponding week of 1877—is Bet oat
in detail in the following
statement:
Week ending
Feb. 15, 1878
Receipts. Shipments.
2.531
6,312
10,584
1,322
12,619
1,189
19,430
26,826
136,470
16,987
19,491
96,290
253
1,500
303
950
3,045
6,518
4,737
6,706
2,007
4,250
10,331
6,662
403
5,163
79
849
875
316
1,955
1,758
11,883
2,930
1,590
1,175
2,555
Memphis, Tenn....
Nashville, Tenn...
11,098
1,691
Total, old porta.
Jefferson,
Tex.(^)-
Shreveport, La
Vicksburg,Miss....
Columbus, Miss...
Bofaula, Als
Griffin, Ga
Atlanta, Ga
Rome, Ga.....
Charlotte,N.C. ....
St. Louis, Mo
{Hnr.lnnati, O*......
Receipts. Shipments.
1877
S ock
12,844
1,077
7?5
869
Dallas, Texas......
Feb. 16,
.11,971
9,614
7,251
5,793
3,946
50,128
7,587
Ala..
Montgomery,
Selma, Ala.
Stock.
Week ending
19,491
18,186
6,688
15,072
5,793
64,923
3,674
1,737
1,853
1,582
2,795
Augusta, Ga
Columbus, Ga
Macon, Ga
875
.
878
2,143
1,693
1.706
8,470
4,914
6,387
Total, new ports
30,618
Total, all...
50,093
169
THE CHRONICLE.
10, 1878.]
4.752
30,877
4,485
1,605
2,940
2,607
763
731
282
365
613
671
493
107
199
235
1,894
4,156
6,014
4,393
7.538
6,514
3,827
291
790
113
723
516
781
5,476
397
3,510
2,116
1,530
2,860
168
914
1,154
3,487
1,6,2
190
843
536
7,331
7,575
5*151
32,288
18,C75
30,820
32,105
78,687
39, GO;)
6,63?
7,430
93,633
57,703 231,103
1,274
47,307
51,596 174,977
Mobile, Alabama.—Two days of the week have been showery,
but the remaining five days have been pleasant.
The thermo*
meter has ranged from 34 to 68, averaging 49.
The rainfall haa
reached fifty-six hundredths of an inch.
p,
Montgomery, Alabama.—The weather during the week has
cloudy and wet, with rain on three days. Roads -tire bad.
Average thermometer, 47 ; highest 68, and lowest 29. The rain¬
fall is thirty-two hundredths of an nch.
Selma, Alabama.—We have had rain on two days anl a killing
frost on one night during the past week.
Madison, Florida.—It has rained on three days during the
week, the rainfall reaching one and forty-five hundredths inches.
The thermometer has averaged 50, the highest being 60 and the
lowest 40.
Planting is making good progress.
Macon, Georgia—Rain has fallen here on one day this week.
The thermometer has averaged 49, the extremes being 26 and 67.
Atlanta, Georgia.—It has rained steadily two days and has
been misty one day, the rainfall reaching one inch and fortyThe thermometer has averaged 39, the
three hundredths.
highest being 59 and the lowest 25.
Columbus, Georgia.—The earlier part of the week the weather
was clear and pleasant, but it has been showery two days the
latter portion, the rainfall reaching twenty-six hundredths of an
been
,
inch.
The thermometer has averaged 45.
Savannah, Georgia.—We have
rest of the week has been
from 31 to 69,
hundredths of
cloudy.
averaging 52.
had rain 9tl four days and the
The thermometer has ranged
The rainfall has been seventy-four
interior stocks have
an inch.
7,340 bales, and are to-night 40,180
Augusta,
Georgia.—The
earlier part of the week the weather
bales more than at the same period last year. The receipt? at the
was clear and pleasant, but the latter part has been rainy and
same towns have been 2,403 bales more than the same week laBt
cold, rain having fallen steadily two days, the rainfall reaching
year.
thirty-two hundredths of an inch. The thermometer has aver¬
Weather Reports and Our New York Correspondents.— aged 46, the extremes being 29 and 63.
Planters are sending 5
We received last week a communication signed by quite a num¬ cotton to market freely.
Charleston, South Carolina.—It has been showery four days of
ber of New York cotton firms, requesting that certain additions
the week, with a rainfall of eighty-nine hundredths of an inch.
be made to our weather reports.
All the suggestions contained The thermometer has averaged 51, ranging fr )in 32 to 65.
in the letter are desirable improvements, and we shall endeavor,
The following statement we have also received by telegraph,
showing
the height of the rivers at the points named at 3 o’clock
in some form, to incorporate the desired facts into our report as
Feb. 14. We give last year’s figures (Feb. 15, 1877) for com¬
soon as we can make the necessary arrangements.
The above
totals show that tbe old
decreased during the week
.
Telegraph.—The weather the past
week has been seasonable.
More or less rain has fallen almost
Weather Reports by
parison:
-Feb. 15, 77.—*
Feet.
Inch.
7
11
3
18
6
7
16
10
Feb. 14. ’78.Feet.
Inch.
6
5
13
21
Memphis
Above low-water mark
everywhere, and at some points, particularly at Memphis, the Nashville
4
20
Above low-water mark
roads are said to be very bad. In the Southwest, crop prepara,
3
•6
6
26
33
tions are making good progress.
New Orleans reported below high-water mark of 1871 until
Galveston, Texas.—It has rained hard one day, but the rest of
Sept.
9, 1874, when the zero of gauge was changed to high-water
the week has been pleasant.
Ploughing and other farm prepara mark of April 15 and 16, 1874, which is 6-10ths of a foot abovo
tions are proceeding actively.
Average thermometer 54, highest 1871, or 16 feet above low-water mark at that point.
The rainfall has reached one inch and fifty
67 and lowest 38.
Comparative Port Receipts and Daily
hundredths.
lndianola, Texas.—We have had a shower on one day, tbe
earlier part of the week, the rainfall reaching seventy-five hun¬
dredths of an inch, but the latter portion has been clear and
pleasant. Planters are at work. The thermometer has ranged
from 44 to 73, averaging 58.
Corsicana, Texas.—There has been no rainfall here, the weather
having been pleasant all the week. We have had killing frosts
on two nights.
Farm work is progressing. The thermometer has
Averaged 46, ranging from 27 to 72.
jDallas, Texas.—No rain has fallen this week, but we have had
two hard frosts, with ice.
The weather has been pleasant, and
planting preparations are active.
Small grains promising.
Average thermometer 45, highest 73 and lowest 28.
Brenham, Texas.—There have been two day.s of hard rain
here, but as the week closes an improvement has taken place in
the weather.
Ploughing is progressing everywhere. Average
thermometer 57, highest 75 and lowest 40. We have had a rain¬
fall of two and eighty hundredths inches.
New Orleans, Louisiana.—It has rained on three days during
the week, the rainfall reaching one inch and fifty-five hun¬
dredths. The thermometer has averaged 40.
Shreveport, Louisiana.—We have had cloudy weather this
week, with a rainfall of sixty o e hundredths ot an inch. The
thermometer has ranged from 66 to 28, averaging 47.
Vicksburg, Mississippi.—The thermometer has averaged 48
during the week, the extremes being 32 and 64. It has rained on
four days, the rainfall reaching eighty-three hundredths of an
inch.
\
Crop Movement.—
comparison of the port movement by weeks is not accurate,
the weeks ih 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 con¬
stantly have before him the data for seeing the exact relative
movement for the years named.
First we give the receipts at
each port each day of the week ending to-night.
A
as
PORT RECEIPTS PROM
SATURDAY, FEB.
Char¬ Savan¬
Mo¬
Or¬
week.
leans
Saturday
3,054
13,552
Monday
Wil¬
Gal¬
New
Days of
9, ’78, TO FRIDAY, FEB. 15, ’78.
leston
bile.
3,442
2,6.7
1,547
4,109
nah.
2,055
2,811
ves¬
Nor¬
ming¬
All
ton.
folk.
ton.
others
2,556
1,639
Total.
1,138
284
1,954
15,100
1,159
2S5
1,833
26,965
2,520
23,264
8,254
4,931
2,153
2,603
1,586
1,204
13
Wednesday., 11,833
358
1,236
2,302
1,661
956
181
1,548
20,0.5
Thursday....
6,45S
1,09'
1,831
1,327
1,413
1,336
172
1,088
14,800
Friday
5,579
1,914
841
1,930
540
1,598
172
7,302
19,886
9,150 13,058
9,425
7,351
Tuesday
'
....
48,730 15,014
Total
The movement
follows
1,107 16,255 120,090
each month since September 1 has been as
:
Monthly
Receipts.
September
Tear beginning
1877.
1876.
93,491
578,533
872,493
900,119
238,863
675,260
901,392
787,769
September 1.
1875.
1874.
1873.
1872.
169,077
610,316
740,116
821,177
134 376
115,255
184,744
444,003
538,963
355,323
Columbus, Mississippi—We have had a rainfall during the October........
580,153
676,295
576,103
week of twenty-four hundredths of an inch.
November
524.975
811,668
759,036
Little Rock, Arkansas.—Monday last was the only clear day of December
637,067
569,430
the week. The weather during the balance of the week has January
702,163
689 610
444,052
500,680
been damp and disagreeable, with slight rain on Saturday and
Jan. 31.. 13,089,246 3,101,969 2,977,753 2,550,727 2,560,517 2,253,305
Tuesday. Average thermometer 45, highest 72 and lowest 22. Total,
Percentage <f total port
61*71
The rainfall has been twenty hundredths of an inch.
67-31
71*05
L 72-94
7682
receipts Jan 31
has
on
four
Nashville, Tennessee.—It
rained
days this week,
This statement shows that up to February 1 the receipts at the
the rainfall reaching sixty nine hundredths of. aa inch. The
thermometer has ranged from 33 to 52, averaging 43.
ports this year were 12,723 bales less than in 1876 and 111,498
Memphis, Tennessee.—We have had rain on five days of the bales more than at the same time in 1875. By adding to the
week, the rainfall reaching one inch and forty one hundredth
above totals to February 1 the daily receipts since that time*
And the
remalniDg two days have b :en cloudy. The roads are
Almost impassable
Average thermometer, 42; highest, 53, and we shall be able to reach an exact comparison of the movement
■
.
,
lowest, 30.
for the different vears.
THE CHRONICLE
170
[Vol. XXYL
"
8,089,246
23,495
BeeeiptsFeb. 1
19,795
Receipts Feb. 2
8.
Receipts Feb. 8
35,541
Receipts Feb. 4
20,000
Receipts Feb. fi
22,343
Receipts Feb. 6
Receipts Feb. 7
16,653
22,806
Receipts Feb. 8
15,100
Receipts Feb. 9
S.
Receipts Feb. 10
26,965
Receipts Feb. 11
23,264
Receipts Fib. 12
20,075
Receipts Feb. 13
14,500
Receipts Feb. 14
19,£6
Receipts Feb. 15
1876.
*,550,727
11,093
2,560,5:7
17,152
15,618
85,391
24,172
8.
17.084
16,721
22,631
28,732
25,353
17,146
19,637
25,768
19,076
21,174
14,337
15,507
23,482
18,911
22,487
28,011
-
Total Feb.15.
2,977,753
20,601
20,117
25,716
3,101,969
23,463
Total Jan. 31...
8.
:
3,394,825
3,374,969
84 07
Per ct. of total pc irt receipts
23,511
S9,6U
17,3 0
2,177,286
7736
20.376
13,997
16,900
2,517,892
2,822,401
6896
74 19
7942
This statement shows that the receipts since Sept. 1 up to
to-night are still 19,856 bales less than they were to the same
day of the month hi 1877, and 132,653 bales more than they
were to the same day of the month in 1876.
We add to the last
table the percentages of total port receipts which had been
received February 15 in each of the years named.
Bombay SHIPMENTS.—According to our cable despatch received
to-day .there have been 3,000 bales shipped from Bombay to Great
the past week, and 5,000 bales to the Continent: while
the receipts at Bombay during this week have been 27,000 bales.
The movement since the 1st of January is as follows. These are
the figures of W. Nicol & Co., of Bombay, and are brought
down to Thursday, Feb. 14:
Britain
Great
ConBritain, tinent.
5,000
27,000
12,000
3,000
15,COO
5,000
Total.
Great
Britain,
Continent
8,000
42,000
17,001
23,000
56,000
43,000
67.000
43,000
45,000
,—Receipts.—*
This
Total.
.
week.
95,000
99,000
83,000
27,000
24.0T0
27,000
8ince
Jan. 1.
173,750
128,0O0
129,000
From the foregoing it would appear that, compared with last
year, there has been a decrease of 34,000 bales in the week’s ship¬
ments from Bombay to Europe, and that the total movement
since January 1 shows a decrease in shipments of 4.000 bales,
compared witn the corresponding period of 1877.
61,270
59,160
'
.
60,870
59,910
Average
of 900 lbs.
per week.
2,679,420
57,950
5,530
66.510
...
*,490,4 0
....
45,140
47,890
'
Consumption of the. Continent.—In our Autumn Annual for
we estimated the surplus in the hands of fc* pinners at
65,231,000 lbs., or 163,000 bales of 400 lbs. This figure was, at
the time, by many thought to be rather excessive, the estimates
of most of our correspondents ranging from 125,000 to 150,000
1876
bales.
It is clear, however, from w at has since transpired, that
the estimate of 163,000 bales was quite low enough.
* * * *
It is assumed on all sides that this surplus has disappeared, and
that spinners nowliold only ordinary working stocks. If so, the
actual consumption in 1877 consisted of 2,180,450 bales taken
from the ports, and the above-mentioned surplus taken out of
The details are as follows
:
✓;
From the
Bales.
ports.
American
Brazilian
.
107,650
East Indian
.
780,170
39.820
39.820
2,180 450
.
.
169 560
.
Total
2,350,010
45,192
45,193
.
*
Average per week
In our Annual Report,
the surplus in the han^s
steady at 10$@l0£c. for standard qualities,
jobbing demand, but rather le3s inquiry for round
parcels. Butts have been in active demand since our last, aud
sales are large, chiefly to arrive, of 18,000 bales, mostly for
November, December and January shipment, at 2 11-16 32£c.,
closes
lbs.
436
365
195
350
170
381
166,7s0
166,7s0
Egyptian
Smyrna, &c
Wes-t Indian, &c
Totsl
Oat of stock
Average
weight.
1,0*1,370
65,650
.
-
1
449,677,320
10 832,250
92, 95,050
37,6 7,600
6,769,400
297,344,770
410-4
40J
894 896.290
410
410
410
410
662,722,790
67,828,500
18,513,900
published in October last, we estimated
of Continental spinners at the end of
September at 5,368,000 lbs. The deliveries in the last three
months of 1877 amounted to 533,170 bales, weighing 223,669,810
lbs., which, plus the surplus on hand at the close of December,
would give 229,037,310 lbs. as the weight of cotton consumed in
the last quarter of the year.
The particulars are as follows :
Average
From the
American
Bales.
ports.
Biazilian
Egyptian
Smyrna, &c
West luaia, Ac
1*6
110,639,360
3,865,950
67,810
i 4,C20
595
350
40,346.950
8,407,000
154,050
10,100
170
381
633,170
13,420
419 5
400
223,669,310
5,368,000
546 590
419
229,037,310
42,045
419
17,618,230
..
Total
Total..
Lbs.
436
*
Out of stock
weight.
253,760
:8 430
*
East India
Gunny Bags, Bagging, Etc.—Bagging has been in more de¬
mand during the past week, and considerable sales are reported
of lots, and the aggregate figures up to 5,000(5)6,000 rolls here
and in Boston, mostly for speculative purposes, at 10@10$c.
The market
with a fair
8,18». 40
3,015 970
3,1**5,323
3,115,374
...
stock.
r-Shipm’ts thlfl week—, ^-Shipments since Jan. 1.—,
1872
1871
1870
1*69
1868
59,510
1877.
1376
•1675
1874.
1873.
1875.
8.
8,242,311
week.
14,317
22,236
8.
Total in bales
Average
per
21.336
S.
24,471
8.
of 400 lbs.
As compared with 1876, the consumption of 1877 shows &
decrease of 1,760 bales of 400 lbs. each per week, or 2f per cent,
against an inciease of 2,110 bale >, or 8} per cent in 1876 oyer
36.822
8.
29,647
24,479
11,948
20,474
27,55?
21,661
17,658
15,578
16,994
16,817
14,124
15,019
27,614
18,047
8.
8.
27,461
17,644
19,011
14,612
18,097
15,601
15,706
2,2“ 8,305
17,999
8.
8.
20,332
26,011
14,452
20,181
19,055
16,269
Total in bales
1872-73.
1873-74
1874-75.
1875-76.
1376-77.
1877-78.
Average per week
In bales of 400 lbs
1,717,000
58,693,050
:.
each, the average weekly consumption is
44,045, against the estimate of 48,000 lor the last three months
of 1876—a reduction of about
per cent.
In our October
Annual, we estimated the consuming power of the Continent at
gold cash, and also some fair parcels as far forward as March, 50,2 4 bales of 400 lbs. each per week. The quantity of cotton
duriDg the last three months of 1877 was, therefore, over
April and May shipment. Prices for futures are now quoted at spun
12 per cent., or 6,000 bales per week below a full rate of con-.
2f@2£c , gold, according to position. Spot demand is fair aud
sumption.
parcels are moving at 2 15-16@3c. currency.
Imports, Deliveries and Stocks for Europe in 1877 and 1876.—
Ellison & Co.’s Annual Review of the Cotton Trade
The following is a statement of the total import into Europe in
FOR 1877.—We have received this week Messrs. Ellison & Co.’s 1876 and 1877.
The continental imports are those received direct
from
the
of growth ; figures in 1,00J of bales.
countries
very valuable cotton review for the year ending with December
1877.
U. 8. Brazil. Egypt. Smy. W. I.
E. L Total.
31, 1877. Our space is so limited to-day that we have to confine Great Britain
60
624
8,007
316
292
1
3,198
ourselves to the fol'owing extracts:
Continent
895
123
101
26
475
47
1,672
Weight of Imports, Deliveries, dec., in Great Britain.—The
Total
420
102
86
997
4,870
2,902
363
18*»6 '
following is an account of the weight of each description of
2,074
333
831
1
69
776
3,583
cotton imported, exported and consumed in 1877, and the quan¬ Great Britain
Continent
1,102
81
167
37
451
1,938
100
tities left in the ports at the end of the year :
,
....
Export.
Consumption,
870.125.200
10,179,600
194,710,300
50,772,200
2,017.950
38,316,100
11,400
9,272,900
96,900,800
1,306,213,790
165,291,350
Import.
Ids.
American
Brazil
874,938,640
52,148,250
173,74U,003
Egyptian
Turkey, Ac
Peruvian. W.
East Indian
417,000
I., Ac.
St’kDcc.31.
lbs.
Total
93,086,000
5,174,400
56,310,800
41,800
5-,572,6^0
168.588.200
414 2t>0
8,147,600
8,010 700
131,525.640
16,766,460
1,237,378,500
174,890,160
Decrease
Recapitulation—The entire movement for the
the following statement:
Av.
Bales.
Stock in the ports 1st January.
Stock held by spinners 1st January
Import during the year
.
588,000
.
185,100
8,198,090
.
Supply
.
Export in 1877.
.
.
Stock in the ports 31st December
Stock held by spinners 31st December.
.
..
year
is shown in
lbs.
410-7
413*9
408*1
Lbs.
241.494,223
76.477,000
1,306,213 790
...
Bales.
•
Lbs.
436
108
83
1,105
5,125
1,977
1,180
312
103
301
171
2
104
51
61
502
894
3,145
2,513
Total
3,157
415
472
108 112
(Inc.)
1,398
5,658
Decrease
175
4
'36
29
291
533
The stocks in the
low*:
428*4
886,811,510
Total
1
Bales.
1876.
3.084,9 0
1,274,376,750
18J4.:..
*,*28.130
1,266 129,-50 I 1889
1871
.
3 lit,'<81
Lbs.
1,175.345,250
1,2* 5,455.250
1,071,7 .9,7 0
9 >9.019,050
E. I. Total.
325
2,945
180
2.180
4U
110,003
cjnsumption
651
*,982
Total
1876.
Great Britain
'
1877.
Great Britain
Continent
1,237,373,500
230
40
165,291 350
174,3 0,160
47,130,000
4C6*9
20
same years were as
107
8780
432*5
.
1
156
437,423
403,180
.
78
5,521
66
l,6?4,lt5,010
409 6
3,020,540
consumption
The following is a comparative statement of the
of cotton in Great B. itain for the past ten years :
50
1,227
1,031
409*0
Total
274
101
1C6
(Inc.)
U. S. Brazil. Egypt Smy. W. I.
345
280
J,95l
1
43
1877.
Great Britain
3,971,090
‘
Home
498
consumption daring the
follows, also in 1,000 of bales :
Continent
Weight.
.
413
The deliveries for
Continent
Total
3,176
lbs.
.
.
8
ports on the 31st December compare as fol17. S. Brazil. Egypt. Smy. W. I.
213
187
31
10
95
2
400
41
97
Great Britain
Continent
274
207
73
17
105
7
15
Total
-.81
90
112
15
;...
E. I. Total.
46
403
34
251
8
18
10
1
28
80
654
15
11
121
66
588
323
26
187
911
107
257
..
..
(Inc.)
Decrease
81
49
15
7
2
Requirements of Europe for 1878.—The consumption
was11,237,373,500 lbs or nearly
1873
8,203,710
1,246,149,910 | 1868
996,197,100 3
per cent less tha j in 1876, in which year 1,274,376,750 lbs. were
In order to give a correct comparison of the amount of cotton used, and fully 5 per cent less than a full rate of consumption,
consumed, we have reduced the bales to the uniform weight of which is at least 1,303,000,000 lbs. The present rate of con¬
40<Hb8. each, as foljows:
sumption is, probably, not larger than the average for last year,
...
.
2,797,093
2,628,460
Probable
of cotton in Great Britain in 1877
,
THE CHkONICLK
February 10, 1878.J
171
23,795.000 lb . per week, or 59.487 bales of 400 lbs. each. At uations, and it is not unlikely that the difference between
there are no indications of any recovery of the the highest and lowest quotations for the year will, as in the past
ground lost last year, but, as stocks and prices are low, and as three years, exceed Id. per lb., and perhaps l£d.; the extreme
(owing to the reduction which has a ready taken p’ace) the range being 1 7 16d. in 1877, 1 3 16d. in 1876, and 1 5-lfid. in
demand is more likely to increase than to diminish, we shall 1875. The lowest prices will probably be witnessed during the
probably be within the mark, if we estimate the equipments for first half of the year ; but that they will sink to the lowest
the new Year at the same as the actual consumption in lb76, say, touched in 1877 and 1876 is doubtful, unless the peace
negotia¬
tions now going on fail to accomplish the end
in round numbers, 1,275.000,000 lbs.
they have in view.
The machin ry in existence on the continent is capable of spin¬ Our impression is that the efforts of the diplomatists will be suc¬
ning 1,044,460,000 lbs. of cotton per annum, or 2,611,150 bales of cessful, and that in a short time Europe will be tranquil ; but we
400 lbs., equal to 50,214 bales per week. The average rate of do not anticipate that sudden outburst of commercial activity
consumption during the past three mo ths has been over 16 per which seems to be expected in some quarters. Eventually trade
cent short of this.
It i-4 scarcely lik ly that so small an average will improve, and the cotton industry will partake of the general
will be maintained for long.
There are, indeed, signs of revival amelioration ; but as the supply of cotton during the early part
in various directions. We should say, therefore, that a moderate of the year will, if the American and Indian movements
confirm
estimate of therequi emerns for the continent would be 970,000.- our estimates, be on a liberal scale, it may be that
prices will not
000 lbs. (agairnt the estim&’ed actual consumption of 963,7^2,780 gain much. It is true that we commence the year with 247,000
lbs. in 1877), rr about 7 per cent below the full working power bales less in the ports, and 240,000 less at the mills than at tire
of the machinery in existence.
opening of 1377; but, unless the revival in business be such as to
The loll wing, therefore, is what we consider a minimum esti¬ compel spinners to depart from the hand-to-mouth
policy which
for mouths past has neutralized the so called
mate of the requirements of Europe for 1878 :
strong statistical
Lbs.
Percent.
Bales.
Per week.
position, it is not likely that we shall witness any serious
;.... 1,275.0 0,070
Great Britain
56 3
8,187.5 0 of 400 lbs.
6 000 advance in prices.
Continent
970,000,000
43 7
2,425,000 of 400 lbs.
4$600
But if the demand for yams and manufactures should
develop
Total
2,845,000,000
100 0
5,612,500 of 400 lbA
107,920 to such an extent as to bring the rate of consumption up to the
Prospects of Supply for 1878.—In the autunn we esti ra‘edthe full capabilities of the machinery in existence, and at the same
incoming American crop at 4,500,000 ba es. At the time, and lime cause spinners to replenish their exhausted stocks, then 4n
throughout th* months of October and November, that figure was important rise in prices would be inevitable. In another portion
considered rather a full onj, and many trustworthy Southern of our report we sho w that the spindles in existence in Europe
firms thought that 4,250,000 bales would not be exceeded.
Si ce are capable of using 2,347,960,000 lbs. of cottou per annum. This
then, with iargely-increa-ed receipts, a great change has taken rate of consumption compares as follows with our estimated
place in pub ic o inio i < n th s point, and the es imate of 4,500,000 supply :
Bales of
bales is • ow regarded as rather a minimum figure.
Experience
Lbs.
400 lbs.
shows that even so late in these son as January, estimates of the Consumption
'.
2,34?,930,000
5.869,900
2,207,560,000
crop are lia le to differ gr. atly from the eventual yield. At the Supply
5,518,900
moment it look* as if the crop would be nearer the total of the
Deficit
140,400,000
351,000
season before la^t than las season, that is, nearer 4,700,000 than
Such a rate of consumption, however, is impossible, unless the
4,500.000, though it would n t be at all surprising if the lat er American
figures were not exceeded. Bu as we had rather be a little over the abovecrop considerably exceeds 4,700,000 bales, especially as
figures do not allow for any addition to the meagre
tha < un er t‘ie actual yield, we shall calculate upon 4,700,000
stocks now held at the mills.
With reference to stocks t the
bales. Of this total, American spinners wil. take 1,500 000, leav¬
mills,
however,
we would point out the very important circum¬
ing 3,200,000 bales for shipment to Europe. Of these 3,200,000 stance that the facilities now
afforded by high-class merchants to
bales, 1,099,000 were shippe i to the end of December, leaving
spinners
for
covering
their
contracts
by purchases of cotton, for
2,101,000 for shipment du i g the remainder of the season—that forward
shipment
or
delivery,
renders
it unnecessary for con¬
is, to August 31 1878. These 2,101,000 bales, and the 603,000
sumers to hold the large stocks which were
afloat a- the end of December, or
formerly indispen¬
total of 2,704,000, will arrive
sable.
In this way the present deficit in this invisible
in Europe 1 y about the end o September.
supply is
The import of new shorn of much of
the strength it would have had in former times.
crop cotton betw en the end of Sepi>mbjr and the close of Dec¬
Taking a broad view of the question of. supply and demand,
ember, 1878, we e timate at 600,000 bales, against 496,000 in
the position of cotton is
unquestionably one of considerable
1877, and 619,000 i. 1876. These 600,000 biles, added to th^
provided, of course, that what may be termed the war
probable imp rt in ihe first nine months, make a total <>f 3,304,- strength,
brake on the wheels of trade be removed by the conclusion of
000 ba es »s the import of American in 1878—say, in round num¬
peace on a permanent basis.
But if, unfortunately, toe present
bers, 3,300,000 bales.
In our October Annual.we calculated upon increased shipments peace negotiations should come to nothing, the entire situation
would be changed, as the cotton requirements of tha world
from India amounting to 300,000 bales. Many authorities thought
this figure too large by at least 100,000 bales, and th re are some might not exceed those of last year—namely, 2,200,096,000 lbs,,
in which case our estimated supply
of 2,207,560,000 lbs. would
who still think so. At the moment the estimates vary between
more than meet the wants of consumers.
150,C00 and 300,000 bales—let us say 235,000 bales ; but as there
Ia another
are 66,000 bales less afloat than there were at the
beginning of tion to the portion of our report we have drawn special atten¬
unsatisfactory—not to say disastrous—results of the
1877, the increased import would be only 159,000 bales, which,
This ruinous state of
added to last year’s figures (' 97,000), would give 1,156,000 bales year’s business in the Oldham district.
things
was
unquestionably
largely
owing
to the bad state of
—io round numbers let us say 1.160,000 bale*—as the probable
trade which affected the cotton industry in
general, but not a
import into Europe in 1878. From Egypt it is thought that the little of the mischief
was due to the scarcity and
relatively high
imports will not exceed 400 000 bales, against 42 ’,000 bales last
of Surats and the grades of American below Midd ing,
year, and from Smyrna, &c., 90,000, against 102,000.
The Brazil prices
which form th^ staple consumption of the Oldham district.
In
supply is not exp cted to exceed 300,000 bales, against 363.000 18
8, however, there will be a largely-increased supply of East
last year. From Peru, the West Indies, &c., we may get 80,000,
Indian and low American; and from this circumstance alone,
against 86,000
A recapitulation of these figurrs gives the following as the whatever may be the general course of trade, we expect that the
balance sheet* of the Oldham mills will compare very
estimated supply for 1878 compared with the actual imports in
favorably
with those of 1877.
the previous three years :
say
the moment
'
1878.
American
Brazilian...
1877.
3,300.000
30 ,000
400,100
Egyptian...
Smyrna. &c
2,902,000
3,175.000
3 >3,000
413,000
2 836.000
540 000
420,000 1
102,000 r
8i,U)j
699,000
472,000
997,000
107,000
l,2:7,0u0
1543,000
4,870, COO
5,521,000
5.525,000
10,009
West Indian, &c....
80,000
East Indian
1,1 o.uoo
Total.....
A Olttl.
••
The
lows :
•* f • • •
•
•
•
5,330,000
OjUwjUUv
weight of import of each description
Bales.
American
Brazilian
Egyptian
Smyrna
f.
estimate
Average.
as
fol¬
375
5,330,0.0
411*4
2,2j7,560,0OJ
4 6
165
595
350
170
We have
already estimated the minimum requirements of
Europe at 2,245,000,000 lbs., so that, even with an American crop
of 4,700,(0Q bales, there is a deficit of
37,440,000 lbs., or 93,600
bales of 400 lbs. each. There is, besides, a
reduction|of 257,000 bales
in the stocks in the ports
In the quantity held
by
and a decrease of at least 240,000 bales
spinners—making a total deficit of about
590,000 bales.
Probable Course of Prices.—With a supply of cotton based
upon liberal estimates, but nevertheless about 2,000 bales
per week less than what may be taken as a minimum Tate
of
consumption, we expect that the average price of
middling uplands will be somewhat higher in 1878 than
it was in 1877.
There will, of coarse, be numerous
Jfi act¬
The Exports
decrease,
of
Cotton from New York this week
show
a
compared with last week, the total reaching 9,528
bales, against 11,672 bales last week. Below we give our usual
table showing the exports of cotton from New York, and their
direction, for each of the last four weeks; also the total exports
and direction since Sept. 1, 1877; and in the last column the total
for the
as
same
neriod of the previous year:
Exports of Cotton(bales) from New ¥ork>lne«8evt.l| 1877
Same
WZXK BNDIK8
89,000
l.loO.oOO
90,000'
West Indian
East Indian
we
134.000
Lbs.
1,43!),8.0,W0
49 5 u,000
233,000,001
31,5t>0,000
18.630,0
43t>,i6d,000
3,300.000
300,000
400,000
Total
1975.
1876.
Total
SXPOBTSD TO
Uverpool
Other British Ports.
Total to Gt. Britain
Jan.
23.
Jan.
30.
6.
7,187
6,506
10,967
7,187
298
•
Total French
• •
• • • •
Other ports
5a?
Total to IT. Europe.
587
•
Grand Total....
•
6,506
to
date.
176,594
*
•
•
•
•
•
368
200
3,873
5,144
• •
•
*317
11,8:8
2,773
2,148
1,293
10.132
2,226
1,589
1,609
24,783
12,960
•
• •
•
••a
•
• • •
•
•••
•
6.5C6
•
100
287
•• a
8,072
•
5,U4
337
• •••
•
8,988
•
•
•
200
•
•
115
•
868
e a
•
7,113
226,416
•
»•
'
178,179
• •
•
219,273
7,719
• ••
•
year.
10,967
•••
• •
8paln, See.,
7,719
•
298
Hamburg
Total
Feb.
13.
1,535
Havre
Other French ports
Bremen and Hanover
Feb.
period
prev’ua
• • •
•
11,672
•
•
•
•
•>1
•
•
• •
200
••
9,523
900
206.950
244,720
24th, from Savannah, was in collision is
evening of the 25th, with bark T*ee Zusters
Breidablik, bark (Nor.), Nielson, at Dunkirk, Jan. 25th from Savannah, loat
Princeton, ship, at Liverpool Jan.
New York, Boston
following are the receipts of cotton at
The
the river Mersey,
an- hor and chain.
Caspian, bark (of Liverpool),
1
BEOS’T 8 FROM
Sept. 1.
the
This Since
week. Sept.i
This Since
week. Sept.1.
This Since
week. Sept.1.
Since
This
week.
BALTIMORE.
PHILADELP’IA
BOSTON.
HEW YORK.
[VOfc. XXVI.
CHRONICLE-
THTF.
172
Cook, at Havre Jan. 25th from Savannah, took
ground off the entrance to former port Jan. 25th. and was obliged
fathoms ch tin and take the assistance of a
driving ashore, in consequence of the heavy
to sup her anchor and 30
steamer in order to avoid
gale p-evailing.
f
for Philadelphia, which weak ashore on
Matompkin Island, Va.,*has been got off and was towed to Philadelphia,
Feb. 12th, after dis harging part of her cargo into a lighter by steam tug
North America. The schr. Caance arrived at the De aware Breakwater
on the 11th with cotton from the bark.
C. C. Colson, brig, from Mobile for Amsterdam, was condemned and sold at
St. Thomas Jan. 28th. hull and materials realizing some $1,000.
Thomas G. Smith, schr. (of Philadelphia), Corson, from Georgetown, S. C.,
for New York, went ashore at Shark River, one mi*e and a hvIf south
of Asbury Park, N. J., at 3 o’clock morning of Feb. 10.
She left
Georgetown Jan. 31; experienced rough weather. The captain says a
vessel crossed the bow of the schooner at 12:30 o’clock morning of 10th,
doiBg her slight damage. Soon after this they saw a light to the north¬
west, and euppoeing it to be a steamer they headed in that direction,
but :oon struck the beach. The captain supposed they were 20 miles
atsea when the vessel struck.
The light they saw proved to be a light
cartied by a patrolman on the beach.
The vessel lies well up on the
beach in good condition.
The schr. is owned by L. Mathews of Phila¬
delphia, and is insured. The cargo was consigned to E. B. Hulbut, of
No. 85 south street, New York. A later advice says she lies in about
Jennie Sweeney, from Galveston
New Orleans..
Tex**
Savannah
Mobile
Florida
B’th Carolina
CTth Carolina.
107,675
1,690
3,252
48,382
6,624
111,331
1,242 24,692
•
....
•
•
North’rn Ports
€69
Tennessee, &c
6,(F5
5,181
87,858
41,192
132,349
11,889
70,485
273
2,766
IS,253
619,108
176
1,234
249
2,568
Virginia
Foreign
Total this year
,
1,222
16,358
,, ,
625
....
.
....
....
....
«...
1,972 47,9.0
1,642 63,31.8
2,262 66,960
....
....
....
•
•
..
474
922
£61
....
•
....
....
....
—
2,186 40,5211
14,147 199.818
•
32,156
•
•
4,926
22,354
2,166 39,934 j
7,403 219,472
•
13.C93
16,380
•
....
2,^66
42,957
•
...
...
3,220 109,517
"
2,916 87,749
News.—The exports of cotton from the
paBt week, as per latent mail returns, have
Shipping
States the
...
•
....
...
....
•
....
911
285
732,738
29,702
Total last year.
9,064
3.047
...
United
reached
concerned, these
So far as the Southern ports are
reported by telegraph, and published in
Friday. With regard to New York, we
Include the manifests of all vessels cleared up to Wednesday
night of this week.
Total bales.
New York—-To Liverpool, per steamers City of New York, 1,037 —
Montana, 1,668 ...Parthia. 872
La Place, 1,176 — per ships
115,392 bales.
the same exports
THE Chronicle last
are
Carteshurn, 2,041.
Lake Superior, 625
.
To Havre, per steamer A. Strong, 200
To Hamburg, per steamer Frisia, 317
To Antwerp, per bark Pacific. 1,252...
To Christiana, per bark Im>a, 40
...
Orleans—To Liverpool, per steamers Ptolemy, 2 601—Caradoc,
2,450
Leverrier, 2/200 . per ships Portlaw, 4,740
Rosie
New
Welt, 5 291.
Linguist, 5,985
.
To Havre, per ship Screamer, 4,751
To Rouen, per bark Luisa, 276.
To Bremen, per steamer Braunscheweig, 3,7?0..;.per
bonl, 4,5*8... per bark A. F. Stoneman, 3,939
To Genoa, per ship Erminia J., 985
Mobile—To Liverpool, per
ship Stam-
ships Lydia 5koefield, 4,312....Shelburne,
4,107
To Havre, per schooner Welaku, 1,429
To Amsterdam, per bark Fides, 930
■*Charleston—To Liverpool, per barks G'eoola. 1,8?0 Upland and 1 Sea
Island
Winona, 2,114 Upland and 65 Sea Island. ..Ponema,
2,135 Upland and 100 Sea Island
Eniique, 935 Upland
To Havre, per barks Nora, 1,500 Upland — Abraham Skalle, 1,150
Pelerin, 953 Upland and
Upland and 35 Sea Island....per brig Le
Island
To Antwerp, per bark
10 Sea
and
being
the same position &9 when she struck. She has filled with water
the
rice on board will probably be a total loss. The rest of the ca> go is
transferred to the wrecking schooner Sallie Merritt (which arrived at
New York Feb. 12 with part of the1 saved caigo). There is no surf
at
schooner can be easily hiulcd off when
and the water pumped out. She had 59 bales of
present, and it is thought the
the cargo is removed
cotton on board.
Liverpool, February 15—5:00 P.M.—By Cable from Liver¬
7,719
2 0 pool.—Estimated sales of the day were 8,000 bales, of which
317 1,000 bales were for export and speculation. Of to-day’s sales
1,252 6,350 bales were A merican. The weekly movement is given as
40 foliowa:
23,268
4,751
216
12,327
985
8,449
1,420
9.0
bale?.
Sales of the week
Forwarded
Sales American
of which exporters took
of which speculators took
Total stock
of which American
Total import of the week
of which American
Actual export
Amount afloat
of which American
Jan. 25.
Feb. 1.
Feb. 8.
Feb. 15.
44,000
7.000
51,000
10,000
39,000
3,000
1,000
541,000
371,000
140,000
12S,0G0
4,000
317,000
54,000
13,000
40,0(0
45,000
11,000
30,000
2,000
1,000
445,000
.
289,000
389,000
558,000
a«,ooo
76,000
65,000
371,000
58,000
46,000
5,000
Tae following table will show
3,648
Satur.
Mid. Upl’ds
@6 3-16 ..@>8 3-16 ..m
Mid.Orl’ns... ..@9 7-16 ..m 7-16 ..@3
4,000
305,000
305,000
345,000
312,000
285.000
365,000
the daily closing prices of cotton for
Mon.
Tues.
Wednes. Thnrs.
7,150
S"poL
2.000
2.000
535,000
-
107,000'
91,000
6,000
34,000
5,000
4,000
the week t
Fn.
..@6*
..@6*
3-17 ..®6X
7-16
..@6X
Matilde, 1,8C0 Upland
1,800
port in Spain, per barks Anuzona, 1,011 Upland.... Joven
Futures.
Beatriz, £03 Upland... per brig Solidad, 285 Upland
1,793
These sales are on the basis of Uplands, Low Middling clause/unless other¬
8avannah—To Liverpool, per ship Contest, 2,930 Upland and 200 S.a
wise stated.
Island...
3,130
...
Saturday.
To Havre, per bark Matilda C. Smith, 2,241 Upland and 91 Sea
Apr.-May delivery, 6 3-32d.
Maf.-Apr. delivery, 6X@3-3*d.
Island
2,338 Apr.-May delivery, 6 5-32(&Xd*
May-JuDe delivery, 6#d.
To Amsterdam, per bark Hypatia, 2.450 Upland
June-July delivery, 6 3-16@5-32d.
2 450 May-June delivery, 6 5-32d.
To Trieste, per steamer Nio, 3 S00 Upland
3,8C0
Monday.
'
Texas—To Liverp ol per steamer Athenian, 4,099 and 4 sacks Sea
Feb.-Mar. delivery, 6 3-32d.
Mar.-Apr.
delivery,
6)4d.
Island....per ship Joseph Milberry, 3,9*4.
8,037.
May-Juue delivery, 6Xd.
To Havre, per schooner H. R. Tilton, 1,836
1,836 Apr.-May. delivery, 6}£d.
Feb.-Mar. delivery, 6 l-16d.
Wilmington—To Liverpool, per brig Amanda, 1,159
1,159 May-June delivery, 6 5-32d.
Apr.-May delivery, 6 3-32d.
delivery, 6 3-!6d.
To Cork, Falmouth or Plymouth, for orders, per brig Emma, 9St..
981 June-July
Jan .-Feb. shipments, new crop, sail, June-July delivery, 6 5-32d.
Norfolk—To Liverpool, per steamer Puerto Rico, 1,925... per ships S.'
Jan. shipment, new crop, eail, 6%d.
6 5-32d.
F. Hnsey, 3.385
Nonanturn, 3,902
9,212 Mar.-Apr.
delivery,
3-32d.
6
Baltimore—To Liverpool, per steamer Scandinavian, 966
966
Tuesday.
To Bremen, per steamer Baltimore, 615
915
Jan. shipm't?, new crop, sail, 6 3-32d.
Feb.-Mar. delivery, 6 l-16d.
Boston—To Liverpool, per steamers City of Valparaiso, 1,271
Mara¬
Jan.-Feb.shipm’t, new crop, sail, 6X<h
victoria, 1,975
thon, 312
3,553 Mar.-Apr. delivery, 6 l-16d.
Mar.-Apr. delivery, 6 t-32d.
Philadelphia—To Liverpool, per steamer Sarmatian, 692
69i Apr.-May delivery, 6 l-16d.
Mar.-Apr. shipm’t, sail, 6 3-161. *
May-June delivery, 6 3-32d.
Total
115,392 Jnne-July delivery, 6^d.
To
a
.
,
..
The
«re as
particulars of these shipments, arranged in our usual form,
follows:
Liver-
pool.
New York. 7,719
N. Orleans.23,268
Mobile
8,449
Charleston. 7,150
....
Bremen
Havre & and Amster- Ant- Spanish Genoa*,
Cork. Rouen. Hamb’g. dam. werp.
port. Trieste. Total.
317
200
9,528
1,252
985
41,607
5,027 12,327
9.0
10,799
1,420
Savannah.. 3,130
Texas
8,027
Wilmingtn 1,159
Nor;oik. .. 9,212
Baltimore..
966
Boston
8,558
Philadelp’a
692
....
....
....
....
•
•
•
•
•
•
•
•
....
981
3,648
2,338
•
•
.
•
•
.
....
•
•
.
•
•
•
»
•
•
•
•
•
•
•
•
....
...
....
•
•
•
•
•
.
.
m
_
1,S09
^
•
.
915
.
.
.
.
.
f
.
.
.
....
..
....
.
.
.
....
•
•
•
•
....
•
•
•
•
.
•
•
«
•
....
....
.
3,603
....
.
.
.
....
....
981 14,469 13,559
3,052
1,796
3,‘ISO
Total ..73,85.0
Included in the above totals are, frcm New York, 40 bales to
....
14,394
U,71S
9,863
2,140
9,212
1,881
3/58
692
....
4.7S5
115,392
Christiana.
we
(Ger ), which left her wharf at Baltimore Feb. 7 for Bremen,
grounded at 3 P. M. off Fort McHenry, on account of the obstructions
Baltimore, str.
4
of numerous smaller vessels in her path near that point. The officers
saw that in order to prevent accidents she would have to be grounded,
and the latter alterr ative was preferred to the former. She was Dulled
off an hour afterwards by the ice-boat Maryland and returned to her
wharf. The Baltimore sailed again on the Sth.
from Savannah for New York, which disabled her machin¬
ery, and arrived at Fortress Monroe and was towed thence to Norfolk
reported to repair, left Fortress Monroe Feb. 8, 7 P. M., in tow. for
New York, where she arrived on the 9th.
Gulf Stream, t tr., from Wilminoton, N. C , for New Yo^k, havlrg in tow a
wrecked schooner, was towed into Fortress Monroe, Va., FeD. 12, by
steamer Wyoming, from Savannah for Philadelphia, having broken
rodder-post and cylinder-bead when thirty-five miles southeast of Cape
Gen. Barnes, str.,
Hatteras.
La Belle, rteamboat, from Shreveport for New Orleans, mnk near Norman’s
Landing, Red River, Feb. *0, and will he a t -tai lo?s. She bad a cargo
of 2,600 b*les of cotton, which wiil probaby be saved, but damaged by
:
water. Cargo insure 1 in N^w Orleans.,
George Ppabody,* ship, Clarke, at Liverpoi 1 Jan. 24 frcm New Orleans,
drifted in the Mersey and foule d t*ie lauding stage, hut was towed clear
and anchored off Traumere without aDy apparent damage.
Matura, ship (of Glasgow), at Havre Jan. 28ih, from New Oilean*, grounded
on a bank off the entrance to Havre on Jan. 25th while making for the
-
harbor, but was afterwards got off, apparently without having
taised damage.
**
.
Apr.-May delivery, 6 1-S2d.
May-June delivery, 6 1 16d.
June-July delivery, 6 3-32d.
July-Aug. delivery, 6Xd.
eus-
sail*
May-Tune delivery, 6 l-32d.
June-July delivery, 6 l-16d.
Aug.-Sept. delivery, 6 5-32d.
Thursday.
Apr.-May shipm’t, new crop, sal\ 6)4a.
May-June delivery, 6 l-16d.
Feb.-Mar. shipment, sail, 6 3 32d.
Mar.-April delivery, 6 l-32d.
July-Aug. delivery, 6 5-32d.
Feb.-Mar. delivery, 6 1-S2d.
6@l-32@6d.
Apr.-May delivery, 6 i-16&l-32d.
Mar.-Apr. delivery,
June-July delivery, 6X(&‘3-32cL
July-Aug. delivery, 6Xd.
Jan.-Feb. 'shipment, new crop, sail,
6 3-32d.
Friday.
Feb. delivery, 6d.
Feb. delivery, 6 l-32d.
Feb.-Mar. delivery, 6d.
Mar.-Apr. delivery,
give all news received to date of disasters to ves¬
sels carrying cotton from United States ports, &c.:
Below
Mar.-Apr. delivery, 6d.
--T-
1,796
2,450
*
•
1,834
«...
.
....
....
.
....
....
....
.
Wednesday.
Feb.-Mar. shipment, sail, 6Xd*
Jan.-Feb. shipments, new crop,
6 l-16d.
*
Feb. delivery, 6d.
Feb. delivery, 8 1 32d.
Feb.-Mar. delivery, fid.
July-Aug. delivery, 6 3-32d.
Jan.-Feb. shipment, new crop, sail,
8d.
6 l-32d.
Feb.-Mar. shipment,
Apr.-May delivery, 6d.
May-June delivery, 6 l-16@l-32d.
June-July delivery, 6 l-16a.
Cotton freights the past
-Liverpool.Steam.
Sail,
d.
Saturday.
—
(&X
Monday.. —&X
Tuesday. —OX
Wed’day. —OX
Thur’dy.. —OX
Friday... —OX
d.
X comp
X comp
X comp
X comp
X comp
X comp
.
sail, 6 l-16d.
week have been-Bremen.
as follows :
-Havre.Steam. Sail.
.
Steam.
c.
c.'
11-16
11—16
11-16
11-15
11-16
11 16
cp.
Cp.
cp.
cp. *»
cp.
cp.
>40 %
XO*i
XOX
X
X
X
X
X
cp.
cp.
cp.
cp.
cp
X cp.
Sail.
Hamburg-*
Steam.
Sail,
c.
c.
%
%
%
%
%
comp.
comp.
corap.
comp, j
comp.
% comp.
c.
—
—
—
—
—
BREADS TUFFS.
v Friday. P. M.. Feb. 15, 1878.
The indications that Great Britain will become involved
in active hostilities with Russia, from her relations with Turkey,
have caused an active export demand for flour, and piices of low
grades have advanced 10@25c. per bbl., while the better grades
The sales for export
have become more salable at full piices.
amount tQ about 60,000 bbls. at $5@5 25 for common extras, up
to $5 40@6 15 for good to choice.
Production has of late been
Febbuaby
CHRONICLE
THE
16, 1878. |
somewhat curtailed by the disproportionate values of flour and
wheat. In rye flour and corn meal there has been little change.
To-day, the market was very firm, but quiet.
The wheat market has been buoyant, but the views of holders
RECRIPT8 OF FLOUR AND GRAIN AT SEABOARD FORTS FGR TH*
WEEK ENDED FEB. 9, 1878, AND FROM DEC. 31 TO FEB. 9.
At-
New York
advanced
so
prices were
Baltimore
New Orleans
Dec. 31 to
Same time
Sinie time
Same time
irregular stock, and quotations are difficult to fix. The demand
has been mainly for export.
Oats have met with a moderate
demand, and there is some recovery frcm late inside prices, closing
to-day firmer, with No. 2 graded at 35£c. for mixed and 36c. for
white.
closing quotations
:
GRAIN.
« bbl.$2 75® 4 00
No. *
Wheat—No.3 spring,busti $1 21 a 1 24
,
No. 8
gaperllne State A West¬
Extra State, <&c.
Western Spring
5 15® 5 30
Sxtras.....
6 50® 8 50
City shipping extras.. ... 5 20® 6 15
City trade and family
brands
6 25® 6 50
mily brands?
Southern shipp’g extras..
Rye flour, superfine
The movement in
lows :
Oats—Mixed
White
C. meal,%i.
36
35®
41
'
,
...
499,^08
18,178
5,330,080
EXPORTS FROM NEW YORK.
*
Same
time
1877.
-1878.
For the
Since
week.
Jan. 1.
329,462
§8.946
414,586
Wheat, bus. 1,049.050
Corn, "
366,770 2,154,414 1,546,011
68,980
Rye,
84,507
u
16,584
682,211
466,377
Barley. “ . 104,939
.
.
Oats ..."
33 a
1 39
1 41
1 45
47®
61
®
55®
5S
71®
76
97
80®
63®
70
80
74®
65®
85
2 40® 2 70 | Canadian
1 00® 1 10
8 15® 3 20 i Peas—Canada.bond&free
83® 1 00
breadatuffs at this market has been as fol¬
-1878.
Since
For the
W66ka
Jan. 1.
72,762
3,170
1 35
Barley—Canada West...
6 CO® 7 00
State, 2-rowed
State, 4-rowed
5 40® 5 85
3 40® 3 90 Barley Malt—State
RECEIPTS AT HEW YORK.
Flour, bbis.
1 33 ft
1 84®
1 36®
1 36®
Southern, yellow, new..
Rye
.
Corn meal—western, Ac.
Corn meal—Br’wine. <fcc.
...
...
5 25® 5 75
Southern bakers’and fa¬
......
White
Corn—West'nmixed
Yellow Western, old
55 C5®
50® 56 40
75
^....
l i8& 1 31
Amber do
Wheat
.0 XX and XXX
do winter X and XX..
do Minnesota patents..
spring
No. 1 spring
Red Winter.
4 30® 4 90
ern
69,944
2,8 i6
996,885
4,836,031
253,214
1,720,648
61,582
223,914
183,485
356,524
20,378
,
839,671
24,711
.
151,410
5,303
' 20,936
92,770. 1,146 578
319,277 1,832,946
* 2,000'
52,533
1,150
72,36*
4,981
16,308
24,1:60
62i,315
776,316
500
54,415
The following tables show the Grain in sight
ment of Breadstuff's to the latest mail dates:
>
1877.
For the
Since
week.
Jan. 1.
*
and the
move¬
RECEIPTS AT LAKE AND RIVER PORTS FOR THE WEEK ENDING
FEB. 9,
FROM DECEMBER 3i TO FEBS 9, AND FROM
1878,
AUG.
1
TO FEB.
Wheat,
Flour,
bbis.
bush.
At—<
(196 lbs.) (60 lbs.)
Chicago.......—.... 35,506
862,848
Milwaukee....
45,245
628,104 ‘
Toledo
5fi0
62,399
Detroit.
9,055 .71,272
Cleveland
*1,275
7,600
St. Louis
' 14,317
91,782
.
Peoria...
Total
Previous week
2,750
4,493
102,733
111,91;)
1,128,193
1,075,449
Oorreap’ngweek,’77.
77,362
250,048
’76..
82,478
6)4,823
Tot Dec. 31 to Feb. 9. 661,843 6,911,069
Same time 1877
502,614 2,188,483
**
Same time 1876
538,665
Bame time 1875
496,757
Tot Aug. 1 to Feb. 9.3,535,532
Sametime 1377.
.3,145,818
Same time 1876
2,720,905
8ametime 1875......3,050,817
..
*
4, 288,033
5,095,748
5G,426,8?.0
31,533,502
42,383,038
39,676,434
9.
Com,
.
.
Oets,;
bush.
(56 lbs.)
Barley,
Rye.
bush.
(48 lbs.) (56 lbs.)
171,210
15,067
60,216
*
19,900 ’ 49,312
4,?90
64
S,936
3,600
78
2,130
3,641
850
17,500
bush.
bush.
(32 lbs.)
379,621
12.750
183,718
4,843
73,050
171,295 '
207,850
53,662
33.530
1,031,633
306,938
909,745
297,694
840,503
209,226
1,251,403
421,264
5.793,041 2,204,055
6,703,036 1,349,381
6,439,788 1,742,86*
5,881,377 1,873,054
40,888,657 14.615,612
45,357.897 12.391,171
25.754.923 16.025,09*
24,521,03) 13,596,199
16,*170
£0.203
26,100
5,230
191,919
195,749
154,757
40,939
41,755
179,837
22.768
37,928
1,160,801
327,4(2
778,834
313,58)
1,0*1,888
703,627
157,139
7,649,661
7,246,684
5,615,378
4,901.360
173.037
2,354.223
2,091.084
1,418,522
< 857,829
Estimated.
RIVER PORTS FROM DEC.
_
Tot. Dec. 31
Same time 1877
491.038
Bame time 1876.., ..r 622,211
Same time 1875
486,414
31
Flour# : Whnat, ; Corn
bbis.
bush.
bush.
to Feb. 9 619,227 5,782,083 3.5)3,75!
863,119
-
2,850,753
1,658,2^0 4,001.432
1,469,537 2,792,699
TO
FEB,. &
Cats,
Barley,
hush.
bush.
$01,126
931,228
1,0*8,429
-
49,200
15,270
8,484
168,400
1,400
493,900
329,000
53,017
601,750
.
.
.
.
63,593
50.75)
1,000^
2,800
53,500
'
16,604
18,000
"
600
6,775
15,000
77,400
1,902,113
1,888,857
1.376,697
10,127,362
6,958,7^4
8,374,337
7,397,574
Rye,
bush!
bush.
53,570
5,100
1,800
1,500
•
•
•
•
269,0:3
79,045
800.968
79,400
13,880
312,469
99,223
749,225
402,039
86^,810
22i,820
27,020
79,840
154,133
40.773
1.368,876
1,472,978
1,457,4*6
1,690,927
19,974
25,970
quiet the past week, taking into considera¬
buyers in the market and the time of year.
The Western aud Southwestern trade continued to
operate in
strict accordance with their actual requirements, because of the
prevailing uncertainty in regard to freights ; but Southern buy¬
ers—of whom there were a good many in the market—were a
little more liberal in their purchases.
The woolen-goods branch
of the trade was exceptionally quiet, and clothiers are
carrying
such large stocks of heavy clothiDg that the outlook for autumn
woolens is by no means encouraging.
Ginghams, cotton dress
goods and piques were severally in good demand by package buy¬
ers, and there was a fair movement in cotton hosiery on account of
previous orders; but all other descriptions of domestic goods
were more or less depressed, and the
dealings in foreign goods
were light and unimportant.
Despite the above condition of the
market, values remained steady and without quotable change.
Domestic Cotton Goods.—There was a very light demand
for domestics by exporters, and the shipments for the week end¬
ing Feb. 12 were only 558 packages, which were sent as follows 2
Brazil, 137 packages ; Venezuela, 109; Great Britain, 92 ; Mexi¬
co, 86; British Honduras, 70; British Australia, 24, and small
lots to other markets.
Brown sheetings and drills were in mod¬
erate request and steady, while bleached cottons and wide sheet¬
ings ruled quiet. 'Colored ducks, denims and tickings were in
fair demand by converters and the trade, and corset jeans were
moderately active.
Checks, stripes and osnaburgs continued
quiet, and cheviots were in irregular request; but cottcnades
were rather more freely taken.
Print cloths were fairly active
at 3 9-16c., cash, to 3$c., lees 1 per cent, cash, for extra 64x64s,
and 3£c., 30 days, for 56x60a. Prints were very quiet for the
time of year, and stocks are rapidly accumulating in agent’s
hands; but, as above stated, gingham3 were in good demand.
Woolen Goods.—Agents have almost completed their de¬
liveries of spring woolens to the clothing trade, and Jight-weight
cassimeres were consequently very quiet. There was some in¬
quiry for heavy cassimeres, and a lew sales were effected by
means of low prices; but transactions were light in the
aggre¬
gate. Worsted coatings were in moderate request with most
relative activity in stripes and diagonals, but cotton-warp wor¬
steds continued depressed. - Black cloths and doeskins were in
light request, and cheviot coatings were lees active.. Kentucky
jeans
Rye
bush
408.2:3
126,21<
99,206
384 539
8*,587
328,920
97,203
was
were
distributed in small lots to
a
moderate amount, as
printed satinets ; but black and mixed satinets ruled quiet.
Worsted dress goods were only in limited demand, and shawls
were lightly dealt in.
Foreign Dry Goods.—There was a comparatively light
movement in foreign goods from importers’ hands, and the job¬
bing trade was devoid of animation. Dress goods and silks were
in irregular request, and ribbons and millinery goods moved
slowly. Dress linens were more active, but housekeeping, shirt¬
ing and clothing linens were only in moderate request. White
goods, Hamburg embroideries, aud imitation laces and nets were
severally in fair demand. Men’s-wear woolens ruled quiet, and
hosiery was inactive. The offerings at auction were meagre and
unimportant, but fair average prices were realizsdfor the goods
were
\
sold.
Importations of Dry Goods.
ENTERED FOB CONSUMPTION FOR THE WEAR ENDING FEB.
-1876
Pksrs.
Miscellaneous
1,464
Total..-
dry goods.7,060
!4, 1878.
-1877
Pkes. Value.
Manufactures of wool.... 1,361
|6 >5,709
docotton..2,040
629,339
do
Silk
1,404
823,106
do
flax
1,^55
839,91 S
250,691
13,720 52,664,763
-1878-
897
Value.
$ 402,200
1,646
490,394
6)1 ’ 704,595
1,513
335,158
219,614
6,351 *2,2)2,461
Value.
Pkffs.
610
1,097
614
916
572
.
$2o?,234
348,949
4)0,308
220,332
1*1,492
- 3,8:9 $1,368,315
WITHDRAWN FROM WAREHOUSE AND THROWN IHTO TUB MARKET DURING THE
SAME PERIOD.
Manufactures of wool....
do
cotton.,
do
.«
silk......
do
'
flax.....
Miscellaneous dry goods.
548
610
m
590
801
zm.
Total.
514
$217,863
359
SO 4.788
153,757
670
175
8)3
180,671
43,691
872
33,217
420
16)
547
613
$221,561
183,700
115,896
$718,603 ’ 3,073
192,512
$833,018
$.166,087
126,063
149,133
121.580
25,245
2403: $588,108
ENTERED FOR WAREHOUSING DURING 8AMB PERIOD.
AND
~
1,144,236 .571,576
10,140
Bariey,
bush.
very
tion the number of
•
SHIPMENTS OF FLOUR AND GRAIN FROM WESTERN LAKE
10,00)
358,563
118,200
2,500
.
Oats,
bHsh.
Friday. P. M., Feb 15,1878.
when old No. 2 mixed sold freely at 59J@60c. in store;
mixed, new, at 56@56£c., afloat, and No. 3 at 49@49^c.
Supplies are light at this point, and receipts not excessive any¬
where, while the views of holders have been strengthened by the
belief that diplomatic complications, and possibly open hostilities,
may for some time to come prevent supplies from the Danube
reaching Western Europe. To-day, No. 3 mixed advanced to 50c
and there were large sales of No. 2 for Feb. at 59fc.
Rye was slightly lower early in the week, but with a fair de¬
mand prices recovered strength and the close is firm.
No. 2
Western sold at 71@72c., and State No. 1 at 74@75c., closing with
76c. reported paid for Canada in bond. Barley has been fairly
active and closes steadier, but the business has embraced much
are
Corn,
1,008,000
32,100
10 2,000
132,631 1,410.717
143,671 1,515,550
172,532160,100
Feb. 5
950,121 7,374,612
1877.....
693,371
S36,669
1876
.3,127,373 1,962,954
1875
,1,001,430 1,761,703
Business
ness,
Flour.
bush.
THE Day GOODS TRADE.
steadily advancing to the close of yesterday’s busi¬
following
,
Total
Previous week
Cor. week ’77
steamer
The
Wne*!*
bbis.
Montreal
Philadelphia
demand throughout the week, and
Indian corn was in fair
Flour,
68,172
13,463
Boston
Portland
much more rapidly than the orders of buyers
that business waB somewhat restricted. Transactions on Wed¬
nesday and Thursday embraced No. 3 Milwaukee, $1 24; No. 2
New York & Chicago spring, $1 27@1 28; No. 2 Milwaukee,
$1 30 ; No. 1 Minnesota at $1 34, and choice white at $1 43@1 45;
but the close last evening was at bids somewhat reduced. Re¬
ceipts at the Western markets continue greatly in excess of last
year, and liberal supplies are coming forward to the seaboard by
rail. To-day, the market was buoyant but not active; winter
red sold at $1 37 for No. 2 and $1 40£ for No. 1.
have
173
Manufactures of wool.... 769
do ~!
cotton.. 611
do
silk..... 167
do
6*3
flax
Miscellaneous dry goods 8,143
S3 0,255
5,38
$920,877
-
Total..*,
1S8.C16
196,597
167,532
63,477
416
316
126
479
225
1,562
$157,145
.67,635
17!,t:93
98,541
41.418
$556,6)3
£35
4)7
180
650
139
1,952
$2:6,853
111,147
175,987
151,624
40,943
$716,55$
-i-T*
V v
.
•
*.Vvf-
THE CHRONICLE
174
fYOL. XXVI.
Western
Southern Bankers.
Boston Bankers.
Bankers.
”
BANKERS,
•
MOBILE, ALABAMA.
Special attention paid to collections, with prompt
remittances at current rates of exchange on day of
_
by the Comptroller of
the Currency, Is now open for business at
ROOM No. 2, RIALTO BUILDING,
'
'
Opposite the Post Office.
’SpondenU..- German
American Bank, New
fork; Louisiana National Bank, New Orleans; Bank
131 Devonahlre St
DIREC1ORS:
Whitney.
G P. ilHOWN. firm of Brown, SteeBe A Clarke.
If. B. Tower, Marine contractor.
M. P. Springes, firm of Springer Brothers.
Edwin Bat, Agent Connecticut Life Insurance Co.
E. M. Fowl*, firm of Fowle & Carroll.
J. H. Sanborn, Merchants' Tobacco Co.
Geo. C. Band, firm of Band, Avery & Co.
J. H. Whitaker, firm of Enoch Benner & Co.
Arthur Sxwall, President Bath National Bank, Me
A. I. Benton.
The well-known character of these gentlemen Is s
guaranty of a faithful and discreet management.
Mercantile Accounts and Accounts of Banks and
Bankers received on mo-t favorable terms.
Collections made on all accessible points. Special
attention given to the sale of Sterling Bills of Ex¬
ai60 to orders for purchase or sale of Govern¬
ment Bonds and Gold, ana to collection of Coupons,
Dividends and Beglstered Interest.
Interest allowed on Deposits, according to agree¬
ment. Loans made on Merchandise, on satisfactory
margins.
The officers will give personal attention to all bus!
Dess entrusted to them, and no pains will be spared to
make any business relations with the Bank mutually
change
26 Pine
Street, New York,.
J.&rW. Seligman & Co,,
BANKERS,
59
EXCHANGE
PLACE,
CORNER BROAD STREBT, NEW
RANK OP HOUSTON,
Capital, $500,000,
CITY
Houston,
Texas.
We give special attention
sible points.
to collections on all acces¬
Dirjsotors.—Benjamin A. Botts. Pres’t: C. 8. LongW. J. Hut;hlns. F. A. Rice, C. C. Baldwin, W. B.
BENJ. A. BOTTS, Pres’t.
Botts, Robt Brewster.
B. F. WEEMS. Cashier.
'
Issue Letters of Credit for
Payable In
any part
YORK.
Travelers,
of Europe, Asia, Africa, Australia
and America.
Draw Bills of Exchange and make telegraphic trans¬
fers of money on Swope and California.
-
—-i-...—■ —
—
-
j
»
Henry S. King & Co.,
T. W. House,
BANKERS,
BANKER,
GeOeWnisBallOll&Co
Vice-Prest.
Financial.
.
Southern Securities.
Loans
Negotiated. Advances made on Securities placed In
my hands for sale at current rates.
Refbbxhoks.—Henry Talmadge A Co., and Eugene
Kelly A Co., New York; Southern Bank, Savannah, Ga
Member N. T. Stock Exchange
185,000
CORRESPONDENTS.
Nxw Yokx—Tradesmen’s National Bank.
San Francisco—Wells, Fargo & Co.’s Bank.
HUNTER,
Broker and Dealer in
THE
$250,000
-
-
....
F. J. EBERT, Pres’t.
A.J. WILLIAMS,
8. G. COLLINS, Cashier.
AND
JAMBS
-
-
Especial attention given to Collections, and R
P. 0. Box 81.
George H. Holt,
Geo. Wx. Ballou.
Capital Stock, Capital Paid-in,
mlttances promptly made. '
cope,
A. I. BENTON, President.
F. J. CHICK, Casliler.
DENVER,
-
.
Hunter,
j ames Savannah,
Georgia,
;
pleasant and profitable.
Liverpool
rf Liverpool,
Jn., Ann of Hollingsworth &
Lsowakd Whitskt,
Exchange
Bank,
COLORADO.
Thos. P. Miller & Co.,
BOSTON.
OF
JHO. W. MILL**
.
Pacific National Bank
This Bank, duly authorized
S 9. WILLIAMS,
THQS. P. MILLXB,
THE
45 Pall Mall, London, England.
41 main st., HOUSTON, Texas.
Issue CIRCULAR NOTES fret of charge, available
8 WALL
New
71 DEVONSHIRE ST.,
STREET,
Boston,
York,
Gold, Silver and Negotiable Securities.
BANKERS AND DEALERS IN
COLLECTIONS MADE
Municipal Bonds.
THR0U9H0U1
THE
CONGRESS
lioatou,
Adams
Commercial
General London and Foreign
Banking Business.
Sc CO., Liverpool.
CORRESPONDENTS,
WARD, CAMPBELL Sc CO.
Messrs.
N.K EBB,
FBXD. A. BROWN.
DALLAS,
Walston H. Brown&Bro.
TEXAS.
BANKERS,
paper.
Orders executed on Commission at
/
Brokers
Board
New York
.Moody A Jemlson.
Corresnondent
Western Bankers.
Investment Securities constantly on hand.
SPECIAL ATTENTION GIVEN TO THE NEGOTIA
TION OF
THE
Chas. A. Sweet & Co.,
R. A. Lancaster &
LONDON, Head Office, 8 Angel Court.
SAN FRANCISCO Office, 432 California St
DEALERS IN GOVERNMENT SECURITIES, Gold,
Mate, City, County and Railroad Bonds.
BANKERS,
Stackpole,
City
and
-
$6,000,000.
Paid-up and Reserve,
-
1,550,000.
general Banking business. Issue Com
available in all
parts of the world. Collections and orders for Bonds
8tocks, etc., executed upon the most favorable terms
FRED’K F. LOW,
I
merclal Credits and Bills of Exchange,
STEINHABT,|Manft«ers*
1GNATZ
P. N. L1LIENTHAL. Cashier.
Wilson, Colston & Co.,
BROKERS,
SAN FRANCISCO,
specialty.
Correspondence
and VIRGINIA SECURITIES
solicited
and
SAN
a
Information fur-
Tt Coxbhspohdxhts—McKlm Brothers A Co.
Austin,
J. Bell BROKER,
STOCK
203 WALNUT PLACE (316 WALNUT 8T.X
PHILADELPHIA.
orders in Stocks and Bonds promptly executed at
he Philadelphia and New York Boards.
LOUIS McLANE, President.
J. C. FLOOD, Vice-President. .
C. T. CHRISTENSEN, Cashier.
CORRESPONDENTS:
LONDON
The Bank of New York,N. B. A., is prepared to Issue
Telegraphic Transfers, Letters of Credit and Drafts
Bank,
WILMINGTON, N. C.
Collection! made on all parte of the United States
C.
German
Bank,
STATE Bi
(Incorporated le
LITTLE
CAPITAL (Paid-ih)
Subplus
*
Broadway, New
York.
BOSTON,
NEW YORK,
134 Pearl Btreet.
70 Start Street
Gossler &
Co.,
OOKRXSPOHDKNTS
OF
International Bank of tcambnrgand
London, (Limited.)
HOUSE
IN
EUROPE,
IOHN BERENBERG,
GOSSLER Sc CO
HAMBURG.
J. H. HAAS..
X. HKNG8TLKK.
0. F. XUXHNXMUNDT
Haar & Co.,
BANKERS AND BROKERS,
45 WALL STREET.
DEALERS IN SPECIE AND UNITED STATES
SECURITIES. Buy and sell Stocks, Bonds, and Gold
for cash or on margin.
orders for Investments.
Special attention paid to
,
_
ORDERS EXKCUTED AT THE PHILADELPHIA
AND BOSTON STOCK EXCHANGES
tTwalkrr
"j
A. K. Walkxb, Cashier.
National
First
The Nevada Bank of San Francisco.
0. F. Pxhzxl,
President.
Southern Bankers.
S. B. Bbbbubs, Pree’t.
Smith, Path* A Smiths.
Tax Bank or Nxw Yokx, N. B. A
NEW YORK
on
66
Co.,
AND BROKERS,
SOUTHERN AND MISCELLANEOUS SECURITIES
Bought and Sold on Commission.
VIRGINIA STATE AND RAILROAD SECURITIES
A Specialty.
Lean*' Negotiated.
FRANCISCO, CAL.
Capital, fully paid In coin, $10,000,006
Reserve, - -- -- -- - 2,500,000
BALTIMORE.
INVESTMENT
.
Nevada .Hank
OF
AND
A Co.
•
The
Phila. Sl Baltimore Bankers.
BANKER8
BANKERS
Transact a
BTRKE T
BOSTON,
Western
NEW TORK Agents, J. & W. Seligman
Authorized Capital,
78 DKVON8H IRE
Buy and Sell
County Bonds.
SECURITIES.
(LIMITED).
STREET, BOSTON.
Parker &
RAILROAD
Anglo-Californian Bank
BANKERS,
40 STATE
Street, New York.
Pine
34
Auctions, and Private Sale.
.
favorable terms, and doc
on
WALSTON H. BROWN.
B A
mass.
and
Receive Deposit
NEW YORK
STREET,
Dealers In Stocks, Bonds, Gold
Stock Exchange.
KING, BAILLIE
Leonard,
&
against
Collections on all Points.
STATE8 AND EUROPE.
BANKERS,
use
Execute Orders on the London
and Current Accounts
SELLS EXCHANGE ON ALL
PRINCIPAL CITIES OF THE UNITED
CREDITS for
Consignments of Merchandise.
Make
SI ATE
Brewster, Basset & Co.,
35
Grant COMMERCIAL
THE
BUYS AND
No.
of the world.
in all parts
IN
DEALER
Cashier.
H. L.
N O
ROCK, ARK.
$75,000.
25,000.
Prompt attention given to all business in our line.
N. Y. CoBBzarozDBBT, DonnelL Lawton A Co.
•
«1 4 5
Grant,
BROADWAY,
NEW
YORK.
CITY RAILROAD STOCKS A
BONDS
BOUGHT AND SOLD.
See
quotations of City Railroads
In this paper-
@FedFRASER