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ittancM
AND
HUNT'S
X
MAGAZINE,
MERCHANTS*
INTERESTS OP THE UNITED STATES.
REPRESENTING THE INDUSTRIAL AND COMMERCIAL
[Entered, according to act of Congress, in the year 1881, by Wm. B. Dana & Co., in the office
of the Librarian of Congress, Washington, D. C.l
NO
SATURDAY, FEBRUARY 2(3, 1881.
VOL. 32.
THE
|
City Government With No Responsibility
219
THE
221
betta
Monetary
and
Commercial
English News
222
Commercial and Miscellaneous
News
224
GAZETTE.
l Quotations of Stocks and Bonds 228
I Investments, and State, City
I
and Corporation Finances. .. 229
225
THE
I
The Greek Question and Gam-
BANKERS’
Money Market. U. S. Securities, Railway Stocks, Foreign
Exchauge, Now York City
Banks, etc
fifth section
CHRONICLE.
The Financial Situation
217 I
The Banks Reducing Circula|
tion
:
218 I
|
COMMERCIAL
Cotton
not
239
240
as
of
as a measure
serious
embarrassment
to
institutions
all
required to conform to it; and while the act is yet
unsigned and therefore inoperative, they are apparently
determined
of
to
withdraw
their
section
retire
bonds and
their
complained of is
which repeals the fourth section of the act
one
1874 and re-enacts sections 5,159 and 5,160 of
Revised Statutes.
This section in substance provides
notes.
the
JJlxe Oiro nixie.
only
ductive
the
TIMES.
233 I Breadstutts
233 | Dry Goods
Commercial Epitome
of self-preservation. The
of the Funding act is regarded by bankers
a coercive measure, but one that may be pro¬
ing operations, but
CONTENTS.
818.
The
clause
of
five
(we quote from the remarks of Comptroller Knox before
The Commercial and Financial Chronicle is issued every Satur¬
Committee), “that if a bank has too
day morning, with the latest news up to midnight of Friday.
much circulation, it shall keep it; if it lias too little, it
[Entered at the Post Office at New York, N. Y., as second-class shall not increase it, unless it shall deposit bonds which are
mail matter.]
almost certain to be worth less than par. It subjects banks
TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE:
to certain loss, and requires them to continue to submit
For One Year (including postage)
1
$10 20.
For 8ix Months
do
6 10.
to the less when they might, at times, retrieve or diminish
Annual subscription in London (including postage)
£2 7s.
Six
do
do
do
1 8s.
it by depositing lawful money in the Treasury, and again
Subscriptions will be continued until ordered stopped by a written
order, or at the publication office. The Publishers cannot be responsible comirg into possession of their own bonds, if the market
for Remittances unless made by Drafts or Post-Office Money Orders.
Advertisements.
price should be sufficient to justify a sale.”
Transient advertisements are published at 25 cents per line for each
Of course, this retiring of currency has not been confined
insertion, but when definite orders are given for five, or more, insertions,
liberal discount is made. Special Notices in Banking and Financial
to the institutions in this city, but is general.
The reports
column 00 cents per line, each insertion.
London and Liverpool Offices.
from Washington show that about $6,000,000 in legal
The office of the Chronicle in London is at No. 74 Old Broad St reet
the Senate Finance
mos.
a
and in
Liverpool, at No. 5 Brown’s Buildings, where subscriptions and
regular rates, and single copies of
advertisements will be taken at the
the paper supplied at Is. each.
william B.
L.
JOHN G. FLOYD, JR.
__
I
WILLIAM B. DANA & 00., Publishers,
79 & 81 William Street, NEW YORK.
)
DANA,
i
Post Office Box 4592.
A neat file cover is furnished at 50 cents; postage on the same is
complete set of
1865, to date-
The
.
Wall
FINANCIAL
Street
markets
SITUATION
have been in
very
forwarded direct to that
and circulation withdrawn
of
since
last week
department.
the 1st of
January to the
the present with*
(that is before
commenced), the following is given, exhibit¬
ing the classes of bonds held by the Treasurer as security
at the respective dates, and the amount of outstanding
drawals had
circulation.
a
been
To show the extent to which bonds had been substituted
close
17 cents. Volumes bound for subscribers at $1 20. A
the Commercial and Financial Chronicle—July,
can be obtained at the office.
THE
tenders have
i
January 1.
February 19.
Differences.
during the past week. This has 6s of 1880 and ’81..
$50,719,750 $50,111,850 Decrease $607,000
158,330,550 164,797,850 Increase 6,467,300
any speculative
manipulation of 5s of 1881
4*28 of 1891
34,677,550 Decrease 2,032,900
36,710,450
stocks, nor from anything that has occurred to make 4s of 1907
110,043.800 105,300,800 Decrease 4,743,000
investors and speculators less confident in the values Currency 6s
103,000*
3,916,000 Decrease
4,019,000
of railroad properties.
Total.
$359,823,550 $358,804,050 Net dec. $1,019,500
It has arisen solely from a tem¬
Circulation.
$343,219,913 $342,923,512 Decrease $296,401
porary scarcity of loanable funds caused by the national
The movement noted in this table was, as stated, not
banks taking advantage of the incomplete Funding act
and pursuing the only course now open to them, of pre¬ stimulated by the fear that the Funding act would unfav¬
paring to retire their circulation under the law of 1874 orably affect the banks, but it was due almost wholly to a
before it is repealed by the completion and signing of the desire to make a profit by a perfectly legitimate transac¬
tion in the exchange of bonds bearing high prices for
bill pending in the House of Representatives.
Since Saturday the national institutions in this city and others ruling at low figures, and this speculation is what
in the interior, through their correspondents here, have the fifth section was intended to prevent.
It was on Saturday last that the present movement began
deposited with the Assistant Treasurer $13,033,315 in
coin and nctes for the purpose of withdrawing the bonds by the withdrawal of $1,864,000 gold from the banks and
on
deposit with the Treasurer as security for circulation. its deposit in the Sub-Treasury. This naturally attracted
This 1 as not been done for the purpose or with the object attention, but had no special influence upon the market
of en barrassing the Government in the proposed refund¬ that day.
On Monday there was a further sum of
unsettled
resulted
condition
not
from
THE CHRONICLE.
218
[Vol. XXXII.
——■>
same purpose, and as the
become general, stocks wero
'$2/272,000 deposited for the
movement
threatened
unfavorably affected.
Washington for
to
appeals sent to
that
action
would counteract the
In
some
response to
effect of these
withdrawals, Mr. Sherman issued a call for
S-3,000,000 5’s of 1881 for the sinking fund, giving three
months' notice, which will expire on May 21.
Tuesday
a
was
holiday. 1 On Wednesday a further deposit of
$3,8.88,700 cash was made with the Assistant ’flvasurer,
and such a demand for money arose as to advance the rate
to -g- of one per cent commission and interest.
Then
another appeal was
sent to
Washington, but the
response was not received until about eleven o’clock
on
Thursday, when the market was in a greatly
unsettled
condition, verging upon a panic.
The
Secretary of the Treasury announced that the department
would redeem, with interest to the date of presentation,
the bonds embraced within the call issued on Monday
-above referred to.
The effect of this news was decided,
and prices quickly rebounded.
In the afternoon money
again became exceedingly stringent, and stocks yielded to
the pressure of one per cent commission and interest, and
were only kept from a break by the report,
subsequently
•confirmed, that the Secretary of the Treasury would buy
bonds either with his surplus revenue or with the cash
•deposited with the Department for the purpose of with¬
drawing circulation. Yesterday, in pursuance of this
policy, he issued an order directing the Assistant Treas¬
urer to buy not exceeding $10,000,000 of uncalled 5 and
6 per cent bonds, at not exceeding par and accrued interest
to date of purchase.
In accordance with this order, the
Assistant Treasurer purchased $3,687,300 bonds, and,
temporarily at least, checked the panic which had set in.
Still it seems to us clear that something more will have to be
done by the Treasury Department before permanent relief
is secured; for the situation is a critical one and demands
prompt and decisive action.
The cable reports a gain of £667,000 bullion by the
Bank of England for the week, and £68,000 more on
balance on Thursday, making the increase since the mid¬
dle of January about £3,665,000.
The proportion of
reserve to liabilities now stands at 49
J per cent, against
46 15-16 last week.
The following shows the amount of
bullion in each of the principal European banks this week,
•and at the corresponding period last year.
February 24, 1831.
•
Bank of England
Bank of Frauce
Bank of
Germany
February 25, 1880.
Gold.
Silver.
Gold.
Silver.
£
£
£
£
27,670,584
28,383.282
21,055,152 43,637,030 31,260,765 50,482,480
0,198,783 10,410,067
9,719,333 19,438,067
Total tills week
58,833,510 68,056,007 60,372.380
58,050,377 67,878,517 68,705,423
The above gold ami silver division of tin* stock of
Bank of Germany is merely popular estimate, as the Bank
no information on that point.
Total previous week
60,921,156
69,938.515
coin of the
itself gives
The
operations of the Sub-Treasury this week include
deposit of gold and United States notes by the banks
dor the purposes above noted.
The receipts from customs
have been large, amounting to over $3,000,000.
From
Saturday to Thursday, inclusive, the net gain by the
Treasury was $14,510,642. To this should be added the
gain of $609,438 on Friday last, making the total for the
week $15,120,080, which is a loss to the banks. Yesterday
the
there
was a
further gain
bv the Treasury of $2,584,453.
In view of these
facts, and considering also that the cur¬
rency movement between banks of this city and those in
the interior has been
York,
to-day.
a
fallen
to
light, with the balance against New
very unfavorable return may be looked for
The rates of exchange at St. Louis have
75 cents and at Chicago to 25®50 cents
i
■
.I'-
■w*'
.1
per $1,000 discount,
abnormal condition of
probably in consequence of the
our
money market
The receipts of
currency by the leading banks of this city, during the
week, amounted to $501,400, and the shipments to
$1,140,000, making the net loss $638,600.
Foreign exchange was unsettled by the activity in
money.
The rates were at first firm, by reason of the
scarcity of bills, speculation in exportable products having
carried prices so high as to check the outward movement.
On Thursday there was a sharp fall in sterling, and some
few bills were privately sold considerably below the
quoted rates. The movement of securities is now this
way for the principal stocks and bonds, although some
Erie and other low-priced properties are going out.
The
following shows the. relative prices in New York and London of the principal securities.
r
F,b. 21.
Feb. .22.
i
|
Lo?u?’n| X.Y.
Lond'n
price*.* prices.
U.S.4s.c.
113-58
US.5s,c.
100-60
40-Si
Erie
2d
con.
100>4
|
40
101-40 !
Feb. 24.
X.Y.
Lond'n
>»
X.Y.
ei
rr}
113%
112-62
113
113T.
U2H
100-46
100*4
<5913
47%
160-70
100%
47%
89%
129*4
100-34
101-53
100K
49*4
100%
144%
60%
49-67
100%
48-65
| 132
133-6.8
132
1330S
N. Y. C..
149-66 1 143
149 14
143^
14765
72
Exch’ge,
cables.
Lond'n
11322
130*65
35-lOlj
X.Y.
100-44
111. Cent.
Reading
Feb. 25.
prices.* prices. prices * prices. prices.* prices.
| 113%
i
Feb. 23.
34-811
71
t
33 201
100-70
99
13305
128
148-81
145%
33*561
64
;
4‘87%
*
4-87
4-8014
4-86.
*
Expressed in their New York equivalent.
+ Reading on basis of $50, par value.
Note.—The New York equivalent is based upon the
cable transfers, which ordinarily covers nearly ail
interest, insurance and commissions.
THE BANKS REDUCING
It is lamentable to
see
highest rate for
charges, such as
CIRCULATION.
what crude notions
are
finding
expression just now respecting the power of legislation over
capital. A bank, because it does not elect to take the cir¬
culation or buy the bonds provided for by the
Refunding
bill, is charged with opposing the measure, and therefore
threatened, as if it were a naughty child to be punished or
a mule to be driven.
It would-be every bit as reasonable
to charge a man with a bad spirit for
jumping out of a
second-story window when his house is on fire. Self-'
preservation forces him to it. Capital acts under precisely
the same impulse, only with this difference, which must
not be forgotten, that to it, doubt is
danger. It does not
wait for the flame, but is off at the first smell of smoke.
It is not wise, therefore, to misapprehend the nature of
this present movement among the banks, for the situation
is really extremely critical.
Some of our contemporaries,
taking a very superficial view, try to think that these
institutions are running away from a profit; that they are
giving up their circulation to frighten, and thus to affect
the action of Congress.
Rather a low motive and quite an
unsafe and risky operation, to attribute to some of our
most intelligent and
conservative bank officers. But
granting they are capable of such a miserable subterfuge, it
is wholly impossible to adopt that theoiy, for there is a
clear and unmistakable cause which is forcing their action.
The truth is they are simply getting their necks out of the
noose which Congress has thrown
about them, before it
tightens so that they cannot. We have quoted in a previous
column the remarks of Comptroller Knox before the Sen¬
ate Committee as- to the effect and operation of the fifth
section, and we last week stated, in view of the possibility
of its passage, that it “ would disturb the whole financial
machinery of the country.” This any legislator ought
to have been able to see, for there is nothing
surprising in
the action of the banks except that more have not already
taken action.
And if the proposed measure is actually
passed, every bank officer that knows his duty to his trust,
“
will
dent
see
that his circulation is all retired before the Presi¬
signs the bill.
THE CHRONICLE.
26, 1881.]
Only look for one moment at the position in which this
vast amount of capital will be left by the law.
First,
so far as it has gone
to secure circulation, it is tied
the
yr.
•o
y
Averag
2
<5
all volition is taken away from it. This under the
circumstances is enough of itself to make it necessary to
pack up and leave. Legislation cannot chain capital; the
very effort to do so destroys confidence and then it dis¬
appears. Shut the door of retreat and it will be fright¬
ened at once. Sometimes the hope of an extremely large
profit will induce it to run risks. But when legislation
a*
#
reduces the
so
so
up;
minimum it must'grant the max¬
imum
means perfect freedom and absolute
confidence in the future as well as the present.
This is
such an elementary principle that it ought to be unneces¬
sary to state it.
In this case, what promised return is offered the banking
capital of the country if it will allow itself to be locked up
in the government's tight box ?
The only promise
extended is the possibility of an insignificant profit in
one direction with the almost
absolute^certainty of loss in
profit to
of safety, which
a
CC
so
00
tf
00
00
the following statement of the profits on circulation
(under the National Banking system) on deposit of bonds
bearing interest at 4 per cent, o£ per cent, and 3 per cent,
gave
the circulation received
value of
being equal to 90
6 per
cent.
7 per
cent.
8 per
cent.
as
9 per
cent.
10 per 11 per
cent.
cent.
1-49
1-00
•89
1-35
•85
•G3
1-21
•71
•10
•91
•41
•36
1*00
*56
These
figures reach a more favorable result than is
actually realized in the experience of the banks, for the
Comptroller, preferring to be on the safe side, has omitted
from his statement expenses and losses which circulation
entails.
This is evident from the fact
that
some
of
our
largest banks have long since voluntarily given up their
circulation, and a great many of them have taken out
much less than their capital entitles them to hold.
But
passing that point, and even admitting that there is a profit
of one per cent still left on circulation taken out on a
three per cent bond, the question recurs, what is the bank
called upon to give in return for that
advantage. In the
first place it is required to buy at par one hundred thou¬
sand dollars of three per cents, redeemable
for every ninety per cent of circulation it
in five years,
has out. In
the present state of the money markets of the world we
may admit that these bonds will float at par, and yet every
must
acknowledge that even that is not absolutely
certain; the bank officer, however, when he continues his
circulation, accepts that uncertainty.
Again, the opinion is quite general in the best-informed
financial circles, that no reasonable hope can be enter¬
tained of the three per cents
continuing at par for any
considerable time.
AVe have discussed this question of the
prevailing rate of interest now and in the future, so
often and so
lately that it is not necessary to
repeat here the reasons for this belief. It is flattering to
our national
vanity to talk about our Government bonds
being as good or better than English consols. But there
one
are
tries
such
to
as
reasons
marked
any
distinctions between the Two
o'
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With the
light the above sheds on this question, it would
for any one to claim that our threeper cents are in ordinary times to rule at par.
At all'
events, it is sufficient for this discussion to say that, in the
opinion of some of our most intelligent bank officers, the 3
per cents five years hence are more likely to rule belew 90
than above it.
And yet this Refunding law compels every
bank that has any circulation outstanding at the time of
its passage to buy at par and substitute for
any maturing;
bonds these 3 per cent bonds, and takes away from the
bank all right to recall the bonds until it has returned
the circulation issued upon them; that is, the banks
may
see the market
going against them on the bonds, yet they
cannot get control of them, or in
any way sell them.
Nor is this all; the very same section of the
proposed!
law requires every national institution—whether it wants
circulation or not—to invest one-third of its capital in these
be rather presumptuous
3 per
Furthermore—and this we consider the most
important consideration of all—the banks can feel no
security with regard to legislation for the future, and yet
Congress will have all of them which possess outstanding
currency entirely in its power, for they cannot go out of
the national system until they can secure a return of their
capital.
Such is the position that the banks find themselves in
cents.
to-day.
coun¬
capital and uses for capital, that for obvious
such comparison is out of the question. For
however the benefit of those who dwell
©
|-s
CO
so
CO
1*16
.
March
00
V-
Cl
1-42
1*64
1-14
Cf
00
~
co
4 per cent bonds at 12
1-60
per cent premium
34 per cent bonds at par 1-79
3 per cent bonds at par. J 1-29
cc
July June May April
00
X
per cent
bonds, with the rates for bank loans
5 per
cent.
of the par
specified.
cc
October. Septmbr
c
.4
Mr. Knox in his interview before the Senate
another.
219
*
for
Decmbr.
February
CITY
GOVERNMENT
WITH
NO
RESPONSE
BILITY.
In
constantly on
returning to the discussion of the subject of street
have prepared the following table, which cleaning in this city, which has more than once been
shows that even consols
averaged but very little brought up in these columns, we desire to say to our
above 90, until the plethora of
money became universal, friends outside the metropolis, by way of preface, that we
consequent upon the business stagnation following our do not give space to this as
being a topic of local concern*
panic in 1873.
or even in obedience to the
this
point,
so
we
very
natural trait un human
na.
.
THE
220
CHRONICLE.
6781
grievance that comes near to one’s self
seem of great importance.
It is true that those who do
not have to pass through New York streets got no feeling
sense of their filth abominations, but the obstructions of
dirt and snow are a serious drag and a tax upon com¬
merce.
New York is the port of entrance and exit for
the great part of the country’s foreign commerce, and in
her prosperity every portion of the country is interested;
in fact there is no part of the United States which in a
real sense so much belongs to the whole country as does
the small section forming the metropolis of New York.
This is a fact not often thought of, and probably still more
seldom realized, but it is a fact nevertheless, and its conse¬
quence is that the whole country is virtually in partner¬
ship with this city and is concerned in its government.
Moreover—and this is perhaps the crowning considera¬
tion, for while bad incidents are but temporary, a bad
system tends to become rooted—good and practical govern¬
ment here is of general importance, because where wealth
is concentrated political corruption entrenches itself and
becomes a breeding-place from which it spreads elsewhere.
Hence it is of general concern that public attention should
be fixed upon the results worked out here under the sys¬
tem of no-head, no-responsibility, no-action government,
which is effective for scarely anything beyond spending
the money.
Is is important that the underlying vice
which results in such a miserable failure of representative
government should be rightly understood and justly
appreciated; that it be known, if it is true—as we consider
the truth to be—that this city does not misgovern itself,
and does not govern itself at all.
Instead of ridiculing the
city, and representing it as so wicked that it is restrained
from destruction only by the virtue of the State at large,
public opinion should concentrate itself upon—and therefore
against—the system, which, in obedience to a sort of semi¬
political law that the whole is greater than any of the parts
and should govern them, imposes upon this city a scheme
of government arranged 150 miles away, and arranged
primarily upon the “ non-partisan” basis, the first proposi¬
tion to be put into effect being that neither political party
must get more than its fair share of the spoils.
“We have made these prefatory observations longer than
was intended, but we want this underlying system under¬
stood; we want it judged by its results; and we want it
held responsible for those results by public opinion.
Returning to the matter of non-cleaning the streets, the
Herald has procured some strikingly suggestive figures
showing anew the fact almost invariably found in bad
government, that the worse and the more inefficient public
administration gets, the more money is paid for it.
A
year ago—it is usually the case—the street-cleaning people
were asking for more money; tugs, scows, and so on, were
indispensable. So $21,000 was paid during the first
quarter for new tugs, scows, etc.; $89 000 during the
second ; about $20,000 and $5,000 during the other
quarters; yet for all items except towing and the hire of
scows the expenditure was greater in the second than in
the first, half of the year, and, on the contrary, the num¬
ber of cartloads taken away was 50,268 less in the second
than in the first; in the first six months, 540,049 cartloads
were removed, and in the second six months
483,781
cartloads.
Also, $8,255 more was paid to laborers dur¬
ing the second than during the first six months. This
was in the department of carts and labor, and thus over
$7,000 less work was performed for $8,255 more cost,
with nearly $100,000 more of tugs and scows than were
in possession at first.
This is only one illustration of the fact that under misgovernment the less you get the more you pay; or, as it
ture
which makes
a
[Vot* xxxn.
might be stated, the
the less
get—the
each other.
Carrying on the examination, repairs to dumps, stable
expenses, horse feeding, carriage hire, and other items,
consistently show increase as the work accomplished de¬
creases.
The following figures put the whole matter very
clearly.
less work and the
more you pay
No. loads
Year.
1873
1874
1875
Miles
street
ashes.
cleaned.
1,147,000
11,000
12,000
9,447
1,085,000
1,132,000
1,102,368
1,023,827
1879
1880
of
garbage and
1,030,000
1,031,000
1,011,000
1877
1878
you
cost act and react upon
more
••
•
11,283
7,082
11,761
14,926
5.763
«
Cost per
mile.
$98-00
6400
80*56
6400
10300
37-95
42-48
140-54
Cost per
load in
cenis.
93
80
77
Total Cost.
$1,079,000
829,000
801,000
726,000
729,000
674,200
633,915
809,913
7H5
67i5
6512
5712
6545
It is
beyond the need of argument that the lack of funds
the obstacle, and cannot be.
It is impossible to
satisfy the expensive demands of incapacity and extrava¬
gance ; and so long as the money consumed is not directed
to the work, five or ten times the present appropriations
would not be enough.
It is stated that in Providence
and San Francisco street cleaning has been undertaken on
contract, on guaranty, the contractor receiving nothing
but the stuff removed.
Seventeen years ago, as we read
in an article published at that time, the dirt and stuff re¬
moved paid all the cost of removing in London, and
Edinburgh paid $10,000 only per year, while New York
was paying
(on the basis of actual figures for a short term)
at the rate of $676,000 yearly.
But Mr. Thomas N. Carr,
then Superintendent of Sanitary Inspection, in a letter
addressed to the Mayor in December, 1863, said that a
prominent contractor had recently offered, under bonds,
to clean New York free of charge.
That intelligent and responsible parties might make and
carry out such an offer with profit to themselves is not
hard to believe, for there is great actual value in this stuff
which is such a nuisance while here, a nuisance after it is
dumped into the harbor, and still a nuisance after it is
brought back by the tides upon the beaches at summer
But as we are in the habit of skimming and
resorts.
squandering things rather than utilizing them fully in this
at present over-abundant country, putting the street dejecta
to service may be still too far advanced for even a scheme
of reform ; we must not dare talk of too much lest we
is not
defeat all.
So let it be understood that New York is will-
ing to pay liberally for clean streets, if it can get them.
There is no material and practical obstacle.
Direct upon
the work a small part of the ingenuity, method, energy,
and faithfulness which alone produce success in private
enterprise, and the matter will be done ; it is not done
now, because the rain is the only laborer that works with¬
out pay, and, when the rain does not fall heavily, the work
of street-cleaning will not do itself.
There is nobody to do anything—except to spend every
dollar of the money—and nobody to look to.
Probably
Captain Williams could and would do this work if he had
at once the power, the money and the solo responsibility;
so could the Mayor, and so would he; so could anybody.
But there is nobody.
As well expect to find the author of
a Wall street stock-jobbing rumor, as to put fiDger on any
individual to whom we can say, without his being able
to
disprove it readily from the statute books, you
are
the
man.
Under
such
a
scheme
as
this,
business would ' go to wreck
within
single year. There is no organization—rather,
there is nothing but organization; there is neither head,
hands, nor accountability; there is only an automatic, self¬
winding piece of involved machinery, which keeps up a
jiggling motion but never moves, and which has a powerthe
strongest
a
private
THE CHRONrcr.E,
February 26, 1881. J
digestive apparatus for public money. And the worst
fact is, that the present system of out-of-town government
will never give us anything better.
It does not feel the
need of doing so; its precedents and instincts oppose doing
go; its assumed interests forbid doing so.
This power of
government from a distance is not one of the just powers
ful
which
are
derived from the consent of the
governed.
The
fruitless.
no
If
221
such united
such
agreement be arrived at, if there be
determination, it will leave matters worse
no
than it found them.
war;
undoubtedly drift into
for the popular sentiment is such that no ministry
would be safe for
tinuance of peace.
to
Greece will
an
hour that would counsel
War
once
the
con¬
declared, it would be hard
predict the end.
It
is undeniable that this want of concert among the
city of New York objects to being governed by the cities of
Albany and Buffalo, and by all the villages which lie Powers has been the cause of keeping alive this present
between, but thus far the objection has not been made ferment in the East. Had the so-called European concert
effectual. The first step is, doubtless, to get the fact really remained a little longer than it did, and had the same
understood and
efforts been made in favor of Greece which
recognized.
were
made in
favor of
THE GREEK
Our
latest
news
QUESTION AND GAMBETTA.
from the
European centres does not
East and from the great
the prospect of a
speedy and satisfactory settlement of the Greek question.
While arrangements are being made, at the request of the
Sultan, to bring about a European understanding, by a
sort of informal conference of the representatives of the
Great Powers at Constantinople, Greece is arming and
calling out her reserves.
It is quite manifest that the Greeks do not expect much
from this fresh pour-par levs of the Powers.
Nor do we
think they judge wrongly.
In the first place, it is well
known that while the Sultan and his advisers are willing to
make concessions for the sake of peace, they are not will¬
ing to comply unqualifiedly with the requirements of the
Greek Government.
In the second place, the Powers
seem
somewhat tired and irritated by Greek persist¬
ence; and their present action, whatever it may amount to,
has been prompted much less by a desire to do justice to
Greece, than for the purpose of getting rid of an unpleas¬
ant difficulty and to prevent, if possible, an
appeal to
arms which
might have disastrous and far-reaching con¬
sequences.
It cannot be pleasing to the Greeks to be
shut out of this new conference; nor can we imagine that
it will be agreeable to them to submit to the decisions of a
body of men in whose deliberations they were not per¬
mitted to take part.
encourage
Montenegro, the Greek question would long since
have been settled.
Even had France and England con¬
tinued to act together, sufficient pressure might have
been brought to bear upon both Turkey and Greece to
effect a compromise, if not to bring about an amicable
and satisfactory settlement.
We have already, on more
than one occasion, in these columns, shown that Greece
has been badly used in the whole of these recent transac¬
tions which have grown out of the late Russo-Turkish war,
and that she had a right to expect better things at the
hands of both England and France.
The conduct of
England is less difficult to understand than that of FranceEnglish sympathy for the Greeks is certainly much
less enthusiastic than it
was
fifty years ago; but
it cannot be said that the English Government and
people feel cold or indifferent toward the Greeks. It was
not until the concert of the Powers
even
until the French fleet
was
discontinued her efforts in the
broken up—not
recalled—that England
cause
was
of the Greeks.
Mr.
Gladstone’s
sympathy has always been more or less pro¬
nounced; and we are hardly permitted to doubt that, had
it not been for the occupation which he has found in Irish
affairs, the settlement of the Greek difficulty would have
received a large amount of his attention. Most undoubt¬
edly the Irish have come in the way of the Greeks.
The conduct cf France, however, in the matter of the
Greeks, is, to
large extent, inexplicable.
It par¬
takes largely of the character of a mystery.
Certainly
the Greeks at one time found encouragement in France.
On the occasion of King George’s visit to the Capitals and
Courts of the West, Gambetta assured him that, when the
time came, Greece would not find him wanting in sympathy
or on the
Both Waddington and Freycinet
wrong side.
friends of the Greeks.
were
The changes, however,
in the French Foreign Office have been painfully and mys¬
teriously frequent. From some strange cause, the present
occupant of the office, M. St. Hilaire, is pronouncedly antiGreek, at least to the extent of discouraging her present
pretentions. It is difficult to gather from the surface of
things whether or no St. Hilaire is faithfully reflecting the
will of Gambetta.
That he is opposing Gambetta in the
matter of Greece can hardly be believed.
If, therefore,
the present policy of France in regard to Greece is Gambetta’s policy, we may rest assured it is a policy of tempo¬
rary convenience.
When the time comes, all other things
being favorable, he will not be wanting. He cannot afford
to attend to Greece at the expense of Gambetta.
After
the approaching elections he may find himself in a new
role—a role in which he will be less fettered, and, in con¬
sequence, more able to consult, and yield to, the mind of
France, in a matter of foreign policy.
a
According to latest accounts the Sultan is willing to
hand over to the Greeks the whole of Thessaly and a por¬
tion of Epirus, but not so much of Epirus as shall include
Larissa and Janina.
What the Greeks want, what they
have always demanded, and what the Berlin Congress and
the Berlin Treaty encouraged them to expect, was such an
addition of territory as should include Larissa and
Janina, thus giving them a new boundary line, running in
a
slightly northwestern direction from! the northern
extremity of the Gulf of Yolo to the Adriatic, and
extending the Greek seaboard on the mainland as far
north as the northern extremity of the Island of Corfu.
If the Turks will not yield, and if the Greeks will not
accept a compromise, it is impossible to see how any good
can come from the
present effort at mediation. At a
special conference held already since the Berlin Congress,
the Powers defined their meaning of the words of the
treaty in favor of the Greek interpretation. It will be
somewhat awkward now if they should go back upon
themselves; but we may rest assured that in the present
state of public feeling in Europe they will feel themselves
justified in getting out of the difficulty in the easiest way,
and with the least responsibility possible.
The one thing
which is needed in the premises is a thorough understand¬
No one knows better than Gambetta that the French
ing among the Powers. If they can only agree upon a people have a warm side to the Greeks. But for England
course of policy and resolve to act
unitedly in the enforce¬ and France Grecian independence might have been long
ment of their will upon both
Turkey and Greece, this new deferred, if not rendered impossible. It was the French
effort at bringing about a satisfactory settlement of this and English fleets that fought and won for them the bat¬
still remaining question of the East,
may not be wholly tle of Navarino in the latter part of 1827; and it was a
(CHRONICLE.
THE
tLiXdmJ
fV0L. XXXII.
body of French troops which, under General Maison, in the total reserve ; but as the liabilities of the Bank have been
•the following year, occupied the Morea and the Cyclades considerably augmented, the proportion of reserve to liabilities
has risen from 44‘43 per cent to only 43 per cent. The direc¬
and thus made Grecian
possibility. Like
real live, parental intcr-
independence
the
a
tors
of the
England have, however, large
Bank of
of
sums
English, the French have a
money at their disposal, and they will continue to increase
•est in the Greeks; and if Gambetta should, as now seems until the dividends are paid in April next.
The money market throughout the week lias been very
probable, become Prime Minister of the French republic^
and should reveal his sympathy for and his desire to help quiet, and it closes with an easy appearance at the following
quotations:
Greece, he would not call upon France in vain.
Per coif.
Open market rates—
Percent.
4 months’ bank bills
3:*sft;34
34
It will be well, however, both for the Greeks and the Bank rate
3r,sa)34
6 months’ bank bills
Open-market rates—
4 6c 0 months’ trade bills. 34 @4
4 3-4
30 ami (50 «lay.s’ bills
Turks, if tl le present attempt at bringing about an arrange¬
3 months’ bills
34@3a8
ment between
them, should, in spite of discouraging
The rates of interest allowed by the joint-stock banks and
appearances, result in success.
Subsequent movements, discount houses for deposits are as follows :
Per cent.
probably already determined upon, will thus be rendered .Toint-stoek banks
24
.unnecessary.
Discount houses at call
do
with 7 or 14
HXouctavi}y(r0mmcvcialguoU5Tt Jjlcius
RATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
J£X C11A X (i e A T LONDON—Feb. 12. |
EXCJIA XGE OX L OX I) 0 V.
!
On
Time.
—
Pate.
Latest
Date.
i
Time.
Pate.
1
Amsterdam
Amsterdam
Antwerp
Short.
.
3
.
unis.
ti
....
Hamburg
*4
...
Berlin
Frankfort...
H
Copenhagen.
ii
44
ft*
-St. Peters’ bg.
Paris
Paris
Short.
3 mos.
Vienna
Madrid
•Cadiz
Genoa
44
Naples
4 4
“
44
44
Lisbon
Alexandria..’
New York...
12*24 @12*34 ‘Feb.
@12*54 1 i
12
Short.
12*12
25*60
20*64
20*61
20*64
18*40
12
12
Short.
12
4ft
25*39
20*48
20*43
There has been very
\
little demand for gold for exportation
during the week. A few parcels of sovereigns have been sent
away, but gold lias been received from Paris in moderate
quantities and has been sent into the Bank. Silver has im¬
proved iii value, as there is a belief that it will be more wanted
before long for coinage purposes. The market for Mexican
dollars has also been firm. The following quotations for bul¬
lion are from Messrs. Pixley & Abell’s circular :
12 5
@25*65
@20 69
@20*69
@20*69
@13*45
iFeb.
j
Feb.
Feb.
20*43
“
[Feb. 12
24*4 @244
i
25*324 @28*424 Feb.' 12 Short.
25*55
L2*00
gold, line
gold, contain’# 20 dwts. silver
Spanish doubloons
Bar
Bar
South American doubloons
United States gold coin
German gold coin
25*33
524 @524
....
per oz.
per oz.
per oz.
per oz.
here.
76*
per oz.
iFeb.
12
Short.
,
3
mos.
jFeb. 12
i
Feb.
Feb.
(Feb.
iFeb.
Feb.
Feb.
113*65
Bar silver, line
Bar silver, contain'#
Cake silver
Mexican dollars
Chilian dollars
_
25*55
25*55
••
9
3 mos.
Short.
12 4 mos.
4
12
44
12
“
12
12
per oz.
5
p-s.
gold
O
34®
standard 514
d.
@
standard 514 @
per oz.
per oz.
per oz
Quicksilver, £7 Os. Od.
96-4
4 *2
Is. 77sd.
Is. 74d.
3s. 8*4d.
5s. 2d.
per oz.
d.
75
d.
SILVER.
jFeb. 12
|
s.
77 9 @
77 104®
@
-74 O
73 9
@
staudard.
standard.
per oz., none
@25*624'
@12*05
4 / J4@474
47 4 ft- 47 4
25*95 @26*00
25*95 @2600
..
(!.
s.
GOLD
4ft
24
3
.
days’ notice
55
504
@>
@
Discount, 3 per cent.
present position of the
‘Calcutta
Bank of England, the Bank rate of discount, the price of con¬
Hong Kong..
the average quotation for English wheat, the price of
sols,
•fihansrliai....
middling upland cotton, of No. 40 mule twist, fair second
[ From our own correspondent. I
quality, and the Bankers Clearing House return compared
London, Saturday, February 12, 1881.
with the three previous years.
Not much change has taken place in the value of money
18S1.
1878.
1880.
1879.
during the past week, but the tendency has been towards Circulation, excluding
£
£
£
£
bank post bills
somewhat easier quotations. Gold continues to be received
25,895.520 20,771,335 30,426,730 26,583,700
Public deposits
5,972,569 7,431,561
5,697,255
8,618,112
from various quarters, though chiefly from Paris, and the Other deposits
24,981,851 26,951,064 28,505,430 22,262,850
Governni’t securities. 14,351,714 16,181,713 14,672,591
15,199,089
position of the Bank of England has further improved. The Other securities
22,214,935 18,091,595 24,042,532 17,784,769
mercantile inquiry for money is very moderate, and there is Res've of notes & coin. 15,231,064 16,542,770 15,636,628 13,225,642
Coin and- bullion in
less activity in the demand for strictly financial purposes; but
both departments
26,120,534 28,314,105 31,063,358 24,809,342
Bombay
....
....
60days
44
..
..
Is. 74d.
Is. 74d.
....
....
*
Annexed is
a
statement showing the
..
have been in circulation that the directors of the
Bank of France will advance their rate before long, the down¬
as
rumors
ward movement in the
quotations in this country is partially
checked.- The rate for three months’ bills is
cent, and the tendency is towards lower
now
3% to 3?s per
quotations.
It is
expected, however, that the return of an easy money market
will have the effect of fostering speculation, though it must be
admitted that politics—domestic, colonial aud foreign—exercise*
a very quieting influence upon the Stock
Exchange. The
present week has been remarkable for the inactivity which has
prevailed. The settlement on the Stock Exchange has been
comparatively limited, accounts having been curtailed in every
direction. In most instances, prices have somewhat declined,
but cheap money is obviously a bar of some strength to
depression. Politics, in fact, seem to counteract the beneficial
influence which should result from the easy facilities which
exist for obtaining money on reasonable terms.
The changes in this week’s Bank return are rather import¬
ant. There is an increase of nearly £2,000,000 in the Treasury
balance, which is due to the rapid payment of the taxes which
were due on the 1st of January last.
Mr. Gladstone is to be
Proportion of assets
to liabilities
Bank rate
Consols
Eng. wheat, av. price.
Mid. Upland cotton...
No. 40 Mule twist...
44*97
34 p. c.
984
49*82
3 p. c.
984
43*11
3 p. c.
964
46*82
2 p. c.
95=44.
51s. 5d.
38s. Id.
5Jir,d.
64d.
lO^d.
Is.
84d.
lOd.
Clear’g-hoiise return. 97,886,000 92,811.000 76,S35,000 80,035,000
The following are the current rates of discount at the principal foreign centres :
Panic
Open
Oven
42s. 7d.
65ad.
41s. 2d.
74d.
Panic
rale.
Pr. cl.
34
Amsterdam
Brussels
Genoa
Berlin
Frankfort
Hamburg
Vienna
rate.
Pr. ct.
mnrtc ei
Pr. ct.
3
34
4
4
4
4
4
34
2-4
34
34
24
234
24
334
St. Petersburg...
Geneva
...
Madrid. Cadiz &
Barcelona
Lisbon & Oporto.
Copen hagen
6
4
Pr. ct.
6
5
4
4 @5
5 .
3 4 @4
New York
Calcutta
marled.
5
34
4@5
4
during the greater part of the week has been
has become colder within the last
two days, and there has been a sharp frost to-day.
There are
floods in many parts of the country, but only in a few cases
have they been serious. The trade for wheat during the week
has been decidedly quiet, and, in order to effect sales, holders
have had to accept rather less money. The quantity of English
congratulated on the fact that he is in command of £2,200,000 wheat arriving at market is very moderate, and a large propor¬
tion of it is of poor quality. Stocks of foreign produce in
more than his predecessor had at this time last year ; but, at
the same time, Mr. Gladstone has proposed, and Parliament granary are small, but millers still prefer to buy from hand to
has consented to an income tax of 6d. in the pound, which the mouth. The Continental markets are reported quiet, without
tax-paver will want to see reduced before very long. There is much change in prices. The supplies offering are about equiva¬
lent to the wants of buyers.
no doubt of the fact that the national finances are in a more
During the week ended February 7 the sales of home-grown
prosperous condition, and hopes are very naturally entertained
that the additional penny of income tax which was imposed wheat in the 150 principal markets of England and Wales
last session will be remitted before long. Our expenses, how¬ amounted to 30,559 quarters, against 37,315 quarters last year
and <53,738 quarters in 1879, while it is computed that they were
ever, are great, owing to the war at the Cape, and to other
in the whole kingdom 122,250 quarters, against 150,000 quar¬
causes : but Mr. Gladstone will no doubt be anxious to reduce a
tax which, only a few years ago, he thought lie saw his way to ters and 255,000 quarters in the two preceding seasons, respec¬
abolish. Tin* Bank return shows an increase of £1,084,772 in tively. Since harvest the sales in the 150 principal markers have
The weather
boisterous and wet; but it
THE
26, 1881.J
February
CHRONICLE.
920,535 quarters, against 731,973 quarters last season and
1,307,CSS quarters in 1878-9; while it is estimated that they have
been in the whole kingdom 3,682,240 quarters, against 2,964,-
been
223
if that be
possible. Now that the excitement of the week is=
abating, and that Parliament is likely to make more rapid and
satisfactory progress, the country will be again more able to
000 quarters in 1S79-S0 and 5,231,000 quarters
in 1S7S-9. devote its attention to commerce, and in this it will be aided
by
Without reckoning the supplies of produce furnished ex-granary a
continuance of an easy money market. Besides, the Irish:
at the commencement of the season, it is estimated that the
agitation business was for a time very materially interfered
following quantities of wheat and Hour have been placed on the with
by the heavy snowstorm, for which a country like this is
British markets since harvest. The visible supply of wheat in
never prepared, and which causes the most serious inconven¬
the United States is also given:
iences and delay. The weather is now no hindrance to busi¬
1380-1.
1379-80.
1878-9.
1877-3.
ness, and as the Parliamentary crisis has come and gone, never
Imports of wheat.cwt.27,007,825 30,958,005 22,049,009 27,354,591
3,538,870
5,408,900
Imports of flour
0,070,751
3,842,048 probably to return in so serious a form, more confidence is*
Sales of liomc-grown
produce
15,950,400 12,8 13,200 22,600,000 18,300,200 likely to be shown, both in commercial and financial circles.
The following are the present quotations for money :
Total
49,040,979 49,210,711 48,835,079 49,556,842
Deduct
exports
wheat and Hour
or
Result
637,403
510,173
933,957
973,960
48,353,540
48,604,538
47,910,122
48,582,882
Av’ge price of English
47s. 5d.
42s. 8d.
40s. 8d.
bush.23,000,000
29,593,720
The
following return show's the extent of the imports and
exports of grain &c., into and from the United Kingdom
during the first twenty-four weeks of the season, compared with
the corresponding period in the three previous seasons:
IMPORTS.
1879-30.
1878-79.
1377-78.
30,958.005
22,049,609
27.35 1,594
7,005,130
8,174,197
5,117,204
1,201,205
1.091,078
15,570,003
0,070,754
7,097,701
1,108,828
1,390,974
6.2 10,559
5,7 i 3,818
7,2 i 3,721
5,51 9.975
914.201
1,882.982
10,301,717
821.030
595.870
13.309.5 / 1
5,403,910
3,538,87O
Wheat
cwt.27,007,825
Barley
Oats
Peas
Beans
Indian
corn
15,378.222
3,8 i2 048
EXPORTS.
Wheat
cwt.
Barley
Oats
Peas
Beans
Indian
Flour
.
corn
,
023,700
18,529
311,59 7
487,015
41.709
73,217
18,702
20,139
471,709
59.128
150,700
03.757
'
834,048
951,054
i 1.820
08.329
30,0'
45,0.53
48.571
9,022
3,050
02,058
151,*90
51,202
22,900
41.309
13,104
10,720
discount houses for
deposits
by the joint-stock banks and
follows :
are as
Per cent.
•
A
Joint-stock banks
Discount houses at call
Do
with 7
2^
2*3
or
14 days’ notice
3
The
vious years :
1881.
Public
deposits
deposits
0,000,070
24,895,400
Govermn’t securities. 14,353,300
Other
1879.
1330.
£
Circulation, exclud¬
ing Bank post bills. 20,312.905
Other securities
21,208,232
Res’ve of notes & coin 14,140,292
Coin and bullion in
both departments.. 25,459,197
'
£
27,335,805
4,081,85 4
1878.
£
£
31,450.470
15,827,487
23,988,089
13,947,891
27,100,235
4,758.947
22,777,387
15,199,08917,705,36012,837,004
28,233,292
30,404,361
25,003,399'
27,832,0 40
10,804,788
18,001,381
7
5.915,039
24,025,308
15.4 41,017
reserve
44-43
to liabilities
Bank rate..*
3^2 p.
Consols
c.
3 p. c.
93*8
9818
42s. Od.
45s. 3d.
10*8
11 i«d.
3 p. e.
96 q
33s. 4d.
-8 led.
2 p. c.
95*8
Contrary to expectation, the money market has assumed a
somewhat easier appearance, though no very important change
has taken place in the rates of discount. The Bank minimum
71 i0d.
6i«(l.
Sisfi.
6T]6d.
Clearing-House ret’n. 144,600,000 119,391,000 111,110,000 115,022,000
remains at 3/£ per cent, and in the outside market choice three
months’ bills are taken somewhat below that price. It would
there has been very
Eng. wheat,
av. price
No. 40 mule twist
Mid. Upland cotton
51s. lid.
lOd.
..
Very little gold has been sent abroad during the week, and
little demand for silver. Prices have had,
seem, therefore, that the discount houses were premature last in
consequence, a downward tendency. In Mexican dollars,
week in giving a higher rate of interest for deposits, and had
there has been no material change. India Council bills were sold
deceived themselves, to some extent, as regards the impending
on Wednesday at Is. 7 9-16d., showing a slight improvement.
scarcity of money. During the past week, a moderate quan¬ The following prices of bullion are from Messrs, Pixley &
tity of gold has been received from Paris, and as there is Abell’s circular:
scarcely any export inquiry, the Bank of England has gained a
gold.
s.
d.
x.
d.
7t
considerable sum. The supply of gold now held by that establish¬ Bar gold, tine
per oz. standard. 77 9
Bar gold, containing 20 dwts. silver, per oz. standard.
77 10^ a>
ment amounts to £25,459,107, which compares with £23,213,292
73 10 rl)
Spanish doubloons
per oz.
last year ; while the total reserve is £14,146,292, against £15,- South American doubloons
per oz.
573 9 ®
United States gold coin...,
.per oz., none here.
827,4S7 in 1879. The proportion of reserve to liabilities is at German gold eoin
per oz.
r, '0 3 x4 w
d.
d.
SILVER.
the satisfactory point of 44^2 per cent, which is considerably
Bar silver,tine
51* 1G 'it
peroz.
standard.
above the recognized minimum of 33 per cent. It would appear,
Bar silver.contaih’g 5 grs.gold
per oz. standard. oiDie®
554$ ®
per oz.
therefore, that there is not much reason for believing in Cake silver
50 (3
Mexican dollars
tv
per oz.
higher rates of discount. The mercantile demand for accom¬ Chilian dollars
'it)
per oz.
Quicksilver, £0 15s. Od.
Discount, 3 per cent.
modation is still very limited, and there does not seem to be a
Tenders for £1,476,009 Treasury bills were opened at the
prospect of any increase in it. Trade has not relapsed, but it
is by no means
Bank
of England yesterday, the whole of which was allotted in
extending itself rapidly, and its present condi¬
tion, though not discouraging, is a cause for some disappoint¬ three months’ bills at £99 5s., which is equivalent to a discount
ment. As regards financial operations, there has of late been of three per cent per annum.
It is expected that the Govern¬
much less activity. The speculation on the Stock Exchange ment will soon be able to dispense with these loans ; indeed, it
has dwindled down to comparatively small proportions, aud is believed that, finding their balances increasing, in consequence
only a few public companies, chiefly mines, have been intro¬ of the increase of revenue, they have had the bills allotted to
duced to public notice. Probably the agitation in Ireland and themselves. This accounts for the low rate of interest, which
the anxiety which is felt with regard
to the future of domestic is much lower than the discount market. The Treasury
politics have checked business in most directions; but the balance is now £6,666,070, against £4,681,854 last year, or aa
money market is easy, and though the course is not yet quite increase of about £2,000,000. Mr. Gladstone, however, is enjoy¬
clear as to the success of the Government in allaying Irish ing the fruits of an income tax of 6d. in the pound sterling,
discontent, yet there js no reason to believe that the agitation which is yielding just now a substantial sum. It is to be hoped
will assume proportions calculated to occasion
any very unusual that in a few weeks, when he will introduce his financial pro¬
alarm. Government seem to have taken very great precau¬ posals, he will see his way to reduce taxation, and especially
tions, and, no doubt, if the Land Bill shall prove to be the com¬ the income tax, which is now a heavy burden.
The following are the current rates of discount at the prin¬
prehensive document which is necessary, the disloyal in Ireland
will have
ultimately to give way to the force of well-considered cipal foreign centres :
BanJi
Park
opinion, even of their own countrymen. Mr. Bright seems to
Open
Open
market.
rate.
rate.
market.
be satisfied with the measure which is to be
Pr. ct.
Pr. et.
Pr. ct.
J,r. et.
brought forward,
St. Petersburg
014
and if that be the
Paris
0
3*8
3kj
case, it is likely to effect a very radical
5
3
4
Geneva
Amsterdam...
24i
3 >4
change. Mr. Bright has consented to remain in the Cabinet, Brussels
Madrid. -Cadiz &
3l2
5
.
■.
.
....
...
.
-
and to agree to the Coercion Bill, on condition of a Land
lieform Bill being brought in, and the Government have, no
floubr, inserted clauses
which shall
satisfy Irish public opinion,
•
following statement shows the present, position of the
England, the Bank rate of discount, the price of consols,,
the average quotation for English wheat, the price of
middling
upland cotton, and of No. 40 mule twist, fair 2d quality, and the
Bankers’ Clearing House return, compared with the three pre¬
Bank of
Proportion of
London, Saturday, February 5, 1881.
Per ceni.
4 months’ bank bills
3*8®33*
0 mouths’ bank bills
•>. 3>h®3'78
4
0 months’ trade bills. 3*,4a’4
3%S312
The rates of interest allowed
20,004,110
Open-market rates—
3*{s£ 3 Q
53s. 8d
Visible supply of wheat
Flour
Open-market rates—
30 aud 00 days’ bills
3 months’ bills
wheat for season (qr.)
in the U. 8
Per cent.
O1**
Bank rate
Genoa
Berlin
Frankfort
Hamburg
Vienna
4
4
4
4
4
Barcelona
Lisbon A* Oporto.
3Q
3%
3 *4
Copenhagen
:di
3*4
New York
Calcutta
4
5
31:»d l
4
514
3
k,
220
THE
CHRONICLE.
[Vot* XXXII.
which makes a grievance that comes near to one’s self might be stated,
seem of great importance.
It is true that those who do less work and the
ture
through New York streets get no feeling
sense of their filth abominations, but the obstructions of
dirt and snow are a serious drag and a tax upon com¬
merce.
New York is the port of entrance and exit for
the great part of the country’s foreign commerce, and in
her prosperity every portion of the country is interested;
in fact there is no part of the United States which in a
real sense so much belongs to the whole country as does
the small section forming the metropolis of New York.
This is a fact not often thought of, and probably still more
seldom realized, but it is a fact nevertheless, and its conse¬
quence is that the whole country is virtually in partner¬
ship with this city and is concerned in its government.
Moreover—and this is perhaps the crowning considera¬
tion, ior while bad incidents are but temporary, a bad
system tends to become rooted—good and practical govern¬
ment here is of general importance, because where wealth
is concentrated political corruption entrenches itself and
becomes a breeding-place from which it spreads elsewhere.
Hence it is of general concern that public attention should
be fixed upon the results worked out here under the sys¬
tem of no-head, no-responsibility, no-action government,
which is effective for scarely anything beyond spending
the money.
It is important that the underlying vice
which results in such a miserable failure of representative
government should be rightly understood and justly
appreciated; that it be known, if it is true—as we consider
the truth to be—that this city does not misgovern itself,
and does not govern itself at all.
Instead of ridiculing the
city, and representing it as so wicked that it is restrained
from destruction only by the virtue of the State at large,
public opinion should concentrate itself upon—and therefore
against—the system, which, in obedience to a sort of semi¬
political law that the whole is greater than any of the parts
and should govern them, imposes upon this city a scheme
of government arranged 150 miles away, and arranged
primarily upon the “ non-partisan” basis, the first proposi¬
tion to be put into effect being that neither political party
must get more than its fair share of the spoils.
We have made these prefatory observations longer than
was intended, but we want this underlying system under¬
stood; we want it judged by its results; and we want it
held responsible for those results by public opinion.
Returning to the matter of non-cleaning the streets, the
Herald has procured some strikingly suggestive figures
showing anew the fact almost invariably found in bad
government, that the worse and the more inefficient public
administration gets, the more money is paid for it. A
year ago—it is usually the case—the street-cleaning people
were asking for more money; tugs, scows, and so on, were
indispensable. So $21,000 was paid during the first
quarter for new tugs, scows, etc.; $89 000 during the
second ; about $20,000 and $5,000 during the other
quarters; yet for all items except towing and the hire of
scows the expenditure was greater in the second than in
the first half of the year, and, on the contrary, the num¬
ber of cartloads taken away was 56,268 less in the second
than in the first; in the first six months, 540,049 cartloads
were removed, and in the second six months 483,781
cartloads. Also, $8,255 more was paid to laborers dur¬
ing the second than during the first six months. This
was in the department of carts and labor, and thus over
$7,000 less work was performed for $8,255 more cost,
with nearly $100,000 more of tugs and scows than were
in possession at first.
This is only one illustration of the fact that under mis.government the less you get the more you pay; or, as it
not have to pass
the
more you pay the less you get—the
cost act and react upon each other.'
more
the examination, repairs to dumps, stable
expenses, horse feeding, carriage hire, and other items,
consistently show increase as the work accomplished de¬
creases.
The following figures put the whole matter very
Carrying
on
clearly.
No. loads
garbage and
Year.
1873
1874
1875
1876
1877
1878
1879
1880
Miles of
street
Cost per
mile.
ashes.
cleaned.
1,147,000
1,030,000
1,031,000
1,011,000
1,085,000
1,132,000
1,102,368
1,023,827
11,000
$98 OO
12,000
6400
9,447
11,283
7,082
11,761
14,926
80*56
5,763
6400
10300
37-95
42-48
140-54
Cost per
load in
cents.
93
80
77
7145
67i5
6513
57 ^
6545
Total Cost.
$1,079,000
829,000
801,000
726,000
729,000
674,200
633,915
809,913
beyond the need of argument that the lack of funds
is not the obstacle, and cannot be.
It is impossible to
satisfy the expensive demands of incapacity and extrava¬
It is
is not directed
appropriations
would not be enough.
It is stated that in Providence
and San Francisco street cleaning has been undertaken on
contract, on guaranty, the contractor receiving nothing
but the stuff removed.
Seventeen years ago, as we read
in an article published at that time, the dirt and stuff re¬
moved paid all the cost of removing in London, and
Edinburgh, paid $10,000 only per year, while New York
was paying
(on the basis of actual figures for a short term)
at the rate of $676,000 yearly.
But Mr. Thomas N. Carr,
then Superintendent of Sanitary Inspection, in a letter
addressed to the Mayor in December, 1863, said that a
prominent contractor had recently offered, under bonds,
gance ;
to the
and
so
long
work, five
to clean New
or
the money consumed
ten times the present
as
York free of
charge.
intelligent and responsible parties might make and
carry out such an offer with profit to themselves is not
hard to believe, for there is great actual value, in this stuff
which is such a nuisance while here, a nuisance after it is
dumped into the harbor, and still a nuisance after it is
brought back by the tides upon the beaches at summer
resorts.
But as we are in the habit of skimming and
squandering things rather than utilizing them fully in this
at present over-abundant country, putting the street dejecta
to service may be still too far advanced for even a scheme
of reform ; we must not dare talk of too much lest we
That
defeat all.
So let it be understood that New
York is will¬
ing to pay liberally for clean streets, if it can get them.
There is no material and practical obstacle.
Direct upon
the work a small part of the ingenuity, method, energy,
and faithfulness which alone produce success in private
enterprise, and the matter will be done ; it is not done
now, because the rain is the only laborer that works with¬
and, when the rain does not fall heavily, the work
street-cleaning will not do itself.
There is nobody to do anything—except to spend every
dollar of the money—and nobody to look to.
Probably
Captain Williams could and would do this work if he had
at once the power, the money and the sole responsibility;
so could the Mayor, and so would he; so could anybody.
But there is nobody.
As well expect to find the author of
a Wall street stock-jobbing rumor, as to put finger on any
individual to whom we can say, without hi3 being able
to disprove it readily from the statute books, you
the ' man.
a
scheme as this,
are
Under such
the strongest private business would go to wreck
within a single year.
There is no organization—rather,
there is nothing but organization; there is neither head,
hands, nor accountability; there is only an automatic, self¬
winding piece of involved machinery, which keeps up a
jiggling motion but never moves, and which has a power-
out pay,
of
February 26, 1881.J
digestive apparatus for public money. And the worst
fact is, that the present system of out-of-town government
will never give us anything better.
It does not feel the
need of doing so; its precedents and instincts oppose doing
so; its assumed interests forbid doing so.
This power of
government from a distance is not one of the just powers
which are derived from the consent of the governed.
The
city of New York objects to being governed by the cities of
Albany and Buffalo, and by all the villages which lie
between, but thus far the objection has not been made
effectual.
The first step is, doubtless, to get the fact really
understood and recognized..
ful
'
221
THE OHRONrcrE.
fruitless.
If
no
such agreement
be arrived at, if there be
determination, it will leave matters worse
than it found them.
Greece will undoubtedly drift into
war; for the popular sentiment is such that no ministry
would be safe for an hour that would counsel the con¬
no
such united
tinuance of peace.
to
War once declared, it would be hard
predict the end.
It is undeniable that this want of concert among
Powers has been the
ferment in the East.
remained
a
efforts been
the
of keeping alive this present
Had the: so-called European concert
cause
longer than it did, and had the same
made in favor of Greece which were made in
little
Montenegro, the Greek question would long since
Even had France and England con¬
been settled.
favor of
QUESTION AND GAMBETTA.
THE GREEK
Our
latest
news
from the East and from the great
European centres does not encourage the prospect of a
speedy and satisfactory settlement of the Greek question.
While arrangements are being made, at the request of the
Sultan, to bring about a European understanding, by a
sort of informal conference of the representatives of the
Great Powers at
Constantinople, Greece is arming and
calling out her reserves.
It is quite manifest that the Greeks do not expect much
from this fresh pour-parlers of the Powers.
Nor do we
think they judge wrongly.
In the first place, it is well
known that while the Sultan and his advisers are willing to
make concessions for the sake of peace, they are not will¬
ing to comply unqualifiedly with the requirements of the
Greek Government.
In the second place, the Powers
somewhat tired and irritated by Greek persist¬
seem
ence; and their present action, whatever it may amount to,
has been prompted much less by a desire to do justice to
Greece, than for the purpose of getting rid of an unpleas¬
ant difficulty and to prevent, if possible, an appeal to
arms which might have disastrous and far-reaching con¬
sequences.
It cannot be pleasing to the Greeks to be
shut out of this new conference; nor can we imagine that
it will be agreeable to them to submit to the decisions of a
body of men in whose deliberations they were not per¬
mitted to take part.
‘
According to latest accounts the Sultan is willing to
hand over to the Greeks the whole of Thessaly and a por¬
tion of Epirus, but not so much of Epirus as shall include
Larissa and Janina.
What the Greeks want, what they
have always demanded, and what the Berlin Congress and
the Berlin Treaty encouraged them to expect, was such an
addition of territory as should include Larissa and
Janina, thus giving them a new boundary line, running in
a slightly northwestern
direction from the northern
extremity of the Gulf of Yolo to the Adriatic, and
extending the Greek seaboard on the mainland as far
north as the northern extremity of the Island of Corfu.
If the Turks will not yield, and if the Greeks will not
accept a compromise, it is impossible to see how any good
can come from
the present effort at mediation. At a
special conference held already since the Berlin Congress,
the Powers defined their meaning of the words of the
treaty in favor of the Greek interpretation. It will be
somewhat awkward now if they should go back upon
themselves; but we may rest assured that in the present
state of public feeling in Europe they will feel themselves
justified in getting out of the difficulty in the easiest way,
and with the least responsibility possible.
The one thing
which is needed in the premises is a thorough understand¬
ing among the Powers. If they can only agree upon a
course of policy and resolve to act unitedly in the enforce¬
ment of their will upon both Turkey and Greece, this new
effort at bringing about a satisfactory settlement of this
still • remaining question of the East, may not be wholly
have
together, sufficient pressure might have
been brought to bear upon both Turkey and Greece to
effect a compromise, if not to bring about an amicable
and satisfactory settlement.
We have already, on more
than one occasion, in these columns, shown that Greece
has been badly used in the whole of these recent transac¬
tions which have grown out of the late Russo-Turkish war,
and that she had a right to expect better things at the
hands of both England and France.
The conduct of
England is less difficult to understand than that of France.
English sympathy for the Greeks is certainly much
less enthusiastic than it
was
fifty years ago; but
it cannot be said that the English Government and
people feel cold or indifferent toward the Greeks. It was
tinued
to
act
of the Powers was broken up—not
even until the French fleet was recalled—that England
discontinued her efforts in the cause of the Greeks.
Mr.
not until the concert
sympathy has always been more or less pro¬
nounced; and we are hardly permitted to doubt that, had
it not been for the occupation which he has found in Irish
affairs, the settlement of the Greek difficulty would have
received a large amount of his attention.
Most undoubt¬
edly the Irish have come in the way of the Greeks.
The conduct cf France, however, in the matter of the
Greeks, is, to a large extent, inexplicable.
It par¬
takes largely of the character of a mystery.
Certainly
the Greeks at one time found encouragement in France.
On the occasion of King George’s visit to the Capitals and
Courts of the West, Gambetta assured him that, when the
time came, Greece would not find him wanting in sympathy
or on the wrong side.
Both Waddington and Freycinet
the Greeks. The changes, however,
were friends of
in the French Foreign Office have been painfully and mys¬
teriously frequent. From some strange cause, the present
occupant of the office, M. St. Hilaire, is pronouncedly antiGreek, at least to the extent of discouraging her present
pretentions. It is difficult to gather from the surface of
things whether or no St. Hilaire is faithfully reflecting the
will of Gambetta.
That he is opposing Gambetta in the
matter of Greece can hardly be believed.
If, therefore,
the present policy of France in regard to Greece is Gambetta’s policy, we may rest assured it is a policy of tempo¬
When the time comes, all other things
rary convenience.
being favorable, he will not be wanting. He cannot afford
to attend to Greece at the expense of Gambetta.
After
the approaching elections he may find himself in a new
role—a role in which he will be less fettered, and, in con¬
sequence, more able to consult, and yield to, the mind of
France, in a matter of foreign policy.
No one knows better than Gambetta that the French
people have a warm side to the Greeks. But for England
and France Grecian independence might have been long
deferred, if not rendered impossible. It was the French
and English fleets that fought and won for them the bat¬
tle of Navarino in the latter part of 1827; and it was &
Gladstone’s
CHRONICLE.
THE
fV0L. XXXII.
; but as the liabilities of the Bank have been
body of French troops which, under General Maison, in
■the following year, occupied the Morea and the Cyclades considerably augmented, the proportion of reserve to liabilities
has risen from 44’43.per cent to only 43 per cent. The direc¬
^and thus made Grecian independence a possibility.
Like tors of the Bank of England have, however, large sums of
the English, the French have a real live, parental inter¬
money at their disposal, and they will continue to increase
est in the Greeks; and if Gambetta should, as now seems until the dividends are paid in April next.
The money market throughout the week has been very
probable, become Prime Minister of the French republic
and should reveal his sympathy for and his desire to help quiet, and it closes with an easy appearance at the following
quotations:
Greece, he would not call upon France in vain.
Per cent.
Percent.
Open market rates—
"4 months’ bank bills
3‘3rt®3*2
3*2
It will be well, however, both for the Greeks and the Bank rate
3r,s®3%
0 months’ bank bills
Open-market rates—
4 & 0 mouths’ trade bills. 334 54
30 ami OO days’ bills
3%®33s
Turks, if the present attempt at bringing about an arrange¬
3'months’ bills
ment between
them, should, in spite of discouraging
The rates of interest allowed by the joint-stock banks and
discount
houses for deposits are as follows :
appearances, result in success.
Subsequent movements,
Per cent.
probably already determined upon, will thus be rendered Joint-stock banks
2*2
the total
Discount houses at call
do
with 7 or 14 days’
unnecessary.
Hl0uetary£ (Commercial guglislx Ucxus
RATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
EXCHANGE AT LONDON—Feb. 12.
Pate.
Time.
On —
Amsterdam
Amsterdam
Antwerp
.
.
Short.
3 mos.
tt
ft
...
tt
Berlin
Frankfort...
Copenhagen.
■St. Peters'bg.
Paris
Paris
L2-2*2
12 5
2560
20-64
20-64
20-64
18-40
....
Hamburg
««
it
it
Short.
Madrid
•Cadiz
Genoa
4<
Naples
it
-52069
20-69
-520-69
-513-45
-5
it
25-95
25"95
tt
-526-00
-526-00
Calcutta
....
Pate.
Short.
12-12
12 Short.
u
jFeb. 12
tt
Feb. 12
“
Feb. 12
25-39
20-48
20-48
20-48
Feb.
60days
ti
....
Houg Kong..
....
....
'
12
Short.
2533
Feb.
12
Short.
113-65
Feb.
'Feb.
12
12
3 mos.
25 *55
25-55
Is. 7%1.
Is. 75sd.
“
....
jFeb.
9 3 mos.
12 Short.
12 4 mos.
8.
fine
contain’g 20 dwts. silver
peroz.
..
per oz.
Spanish doubloons
South American doubloons
United States gold coin
German gold coin
jFeb.
iFeb.
12
12
12
(Feb.
“
«
tt
Bar silver, fine
.
Bar silver, contain’g 5 grs.
Cake silver
Mexican dollars
Chilian dollars
4
96^8
4 82
ls/778d.
Is. 77nd.
3s. 8%d.
5s. 2d.
London, Saturday, February 12, 1881.
change has taken place in the value of money
during the past week, but the tendency has been towards
■somewhat easier quotations. Gold continues to be received
from various quarters, though chiefly from Paris, and the
position of the Bank of England has further improved. The
mercantile inquiry for money is very moderate, and there is
less activity in the demand for strictly financial purposes; but
Not much
rumors
Bar gold,
Bar gold,
per oz., none
-
here.
®
have been in circulation that the directors of the
Annexed is
Bank of
a
d.
standard 51*2 ®
standard 517h ®
peroz. 55‘Jig®
per oz. 50% ®
per oz
Discount, 3 per cent.
Quicksilver, £7 Os. Od.
tl.
d.
peroz.
per oz.
'
8.
76 3%®
peroz.
gold
(1.
standard. 77 9 -5 ......
standard. 77 10*2® ......
per oz. 74 O ® 75 O
peroz. 73 9 ®
silver.
[ From our owu correspondent. 1
-as
little demand for gold for exportation
during the week. A few parcels of sovereigns have been sent
away, but gold has been received from Paris in moderate
quantities and has been sent into the Bank. Silver has im¬
proved in value, as there is a belief that it will be more wanted
before long for coinage purposes. The market for Mexican
dollars has also been firm. The following quotations for bul¬
lion are from Messrs. Pixley & Abell’s circular :
GOLD
Feb.
Feb.
Feb.
•fihau ffbai....
12
52*8 552%
New York...
Bombay
Time.
2*2
3
notice
There has been very
-525-62Lj|
512-05
47%®47*8
47*2 0-47%
it
Lisbon
Alexandria..
SI2-3*2
-®12-5*2
®25"65
EXGUAXGE OX LOXDOX,
Latest
Date.
245s ®24*2
25-32*2 52S"42 V Feb.
3 mos. 25"55
12-00
Vienna
reserve
statement showing the
®
present position of the
the price of con¬
England, the Bank rate of discount,
English wheat, the price of
40 mule twist, fair second
quality, and the Bankers Clearing House return compared
sols, the average quotation for
middling upland cotton, of No.
with the three
previous years.
18S1.
&
Circulation, excluding
bank post bills
25,895,520
Public deposits
Other deposits
Governm’t securities.
Other securities
Res’ve of notes it com.
Coin and bullion in
both departments ..
Proportion of assets
to liabilities
1880.
£
1879.
1878.
£
£
26,771,335 30,426,730 26,583,700
22,214,935
5,697,255
22,262,850
15,199,089
17,784,769
26,126,584
28,314,105 31,063,353 24,809,342
8,618,112
24 981,851
14,351,714
5,972,569
26,951,664
16,181,713
7,431,561
28,505,430
14,672,591
18,091,595 24,042,532
15,231,064,16,542,770 15,636,628 13,225,642
44*97
49-82
46-82
43-11
3 p. c.
2 p. c.
3*2 p. c.
3 p. c.
long, the down¬ Bank rate
96%
95%d.
98%
98*3
Consols
ward movement in the quotations in this country is partially
51s. 5d.
38s. Id.
41s. 2d.
42s. 7d.
Eng. wheat, av. price.
5%6d.
6*8d.
658»1.
71*3d.
checked. The rate for three months’ bills is now 3)4 to 3% per Mid. Upland cotton...
8*2d.
lOd.
lO^td.
Is.
No. 40 Mule twist...
cent, and the tendency is towards lower quotations. It is Clear’g-liouse return. 97,886,000 92,811.000 76,335,000 86,085,000
The following are the current rates of discount at the princiexpected, however, that the return of an easy money market
will have the effect of fostering speculation, though it must be
pal foreign centres :
Panic
Open
Panic
Open
admitted that politics—domestic, colonial and foreign—exercise
market.
rate.
m nrket
rate.
Pr. ct.
Pr. ct.
Pr. ct.
Pr. ct.
a very quieting influence upon the Stock
Exchange. The
6
St. Petersburg..;
6
3*8
5
Geneva
4
258
3
present week lias been remarkable for the inactivity which has Amsterdam
Bank.of France will advance their rate before
..-l
•
..
3%
Madrid, Cadiz &
3*2
4 55
prevailed. The settlement on the Stock Exchange has been Brussels
Barcelona
4
4
3*2
Genoa
5
Lisbon & Oporto.
5
2*2
4
comparatively limited, accounts having been curtailed in every Berlin
3*2
2 34
4
Copenhagen
3 *2 5 A
Frankfort-—
4® 5
direction. In most instances, prices have somewhat declined, Hamburg
New York
4
234
Calcutta
4
4
334
but cheap money is obviously a bar of some strength to Vienna.
The weather during the greater part of the week has been
depression. Politics, in fact, seem to counteract the beneficial
boisterous
and wet; but it has become colder within the last
influence which should result from the easy facilities which
two days, and there has been a sharp frost to-day.
There are
exist for obtaining money on reasonable terms.
The changes in this week’s Bank return are rather import¬ floods in many parts of the country, but only in a few cases
ant. There is an increase of nearly £2,000,000 in the Treasury have they been serious. The trade for wheat during the week
balance, which is due to the rapid payment of the taxes which has been decidedly quiet, and, in order to effect sales, holders
were due on the 1st of January last.
Mr. Gladstone is to be have had to accept rather less money. The quantity of English
•congratulated on the fact that he is in command of £2,200,000 wheat arriving at market is very moderate, and a large propor¬
tion of it is of poor quality. Stocks of foreign produce .in
more than his predecessor had at this time last year ; but, at
the same time, Mr. Gladstone has proposed, and Parliament granary are small, but millers still prefer to buy from hand' to
has consented to an income tax. of 6d. in the pound, which the mouth. The Continental markets are reported quiet, without
tax-paver will want to see reduced before very long. There is much change in prices. The supplies offering are about equiva¬
—■—
no
,
doubt of the fact that the national finances are
in
a more
prosperous condition, and hopes are very naturally entertained
that the additional penny of income tax which was imposed
last session will be
remitted before long.
Our expenses, how¬
great, owing to the war at the Cape, and to other
but Mr. Gladstone will no doubt be anxious to reduce a
tax wdiich, only a few years ago, he thought he saw his way to
abolish. The Bank return shows an increase of £1,084,772 in
ever, are
causes ;
lent to the wants
of buyers.
ended February 7 the sales of home-grown
principal markets of England and Wales
amounted to 30,559 quarters, against 37,315 quarters last year
and 63,738 quarters in 1879, while it is computed that they were
in the whole kingdom 122,250 quarters, against 150,000 quar¬
ters and 255,000 quarters in the two preceding seasons, respec¬
tively. Since harvest the sales in the 150 principal markers have
During the week
wheat in the 150
February
THE
26, 1881.].
CHRONICLE.
quarters, against 731,973 quarters last season and
1,307,6SS quarters in 1878-9; while it is estimated that they have
been in the whole kingdom 3,682,240 quarters, against 2,964,000 quarters in 1879-80 and 5,231,000 quarters
in 1878-9.
Without reckoning the supplies of produce furnished ex-granary
at the commencement of the season, it is estimated that the
been 920,535
223
if that be
possible. Now that the excitement of the week is=
abating, and that Parliament is likely to make more rapid and
satisfactory progress, the country will be again more able to
devote its attention to commerce, and in this it will be aided by
a continuance
of an easy money market. Besides, the Irish;
agitation business was for a time very materially interfered
following quantities of wheat and flour have been placed on the with by the heavy snowstorm, for which a country like this is.
British markets since harvest. The visible supply of wheat in never
prepared, and which causes the most serious inconven¬
the United States is also given:
iences and delay. The weather is now no hindrance to busi¬
1877-8.
1880-1.
1870-80.
1878-0.
ness, and as the Parliamentary crisis has come and gone, never
Imports of wheat.cwt.27,007,825 30,058,005 22,049.009 27,354,594
3,842,048
Imports of Hour
5,403,000
3,538,870
0,07(3,751
probably to return in so serious a form, more confidence is.
Sales of home-grown
likely to be shown, both in commercial and financial circles.
13,360,200
produce
15,956,400 12,813,200 22.666,600
The following are the present quotations for money :
Total
40,210,711 43,835,079 49,556,842
49,040,979
Deduct
exports
wheat and iiuur
Result
637,463
546,173
938,957
973,960
43,353,516
48,661,538
47,916,122
48,582,832
Av’ge price of English
wheat for season (qr.)
42s. 8d.
Visible supply of wheat
in the U. 8
bush.23,000,000
47s. 5d.
29,593,726
40s. Sd.
1879-30.
1878-79.
1377-78.
Wheat
cwt.27,007,825
30,958,605
22,649,609
27,351,594
Barley
7,065,136
8,174,197
6.216,559
7,213,721
Oats
Peas
Beans .1
Indian corn
Flour
5,117,264
1,261,205
7,097,701
1,168,828
1,390,971
5,713,818
821.086
595.870
13.369,571
3,538,870
5,579.975
914.201
1.882.982
13,378.222
3,812 048
6,076,751
10,361,717
5,403,916
EXPORTS.
cwt.
Barley
Oats
Peas
Beans
Indian
Flour
:
corn
G23.706
437,015
.
.
3^®30>
'l 3 1‘2
4 months’ bank bills
6 months’ bank bills
4 & 6 months’ trade bills.
Per cent.
3^8®33*
334®378
3;Ua,4
3 a8
The rates of interest allowed
20,604,116
IMPORTS.
1.091,678
15,570,003
Open-market rates—
30 and 60 days’ bills..
Open-market rates—
53s. 8d
following return shows the extent of the imports and
exports of grain &c., into and from the United Kingdom
during the first twenty-four weeks of the season, compared with
the corresponding period in the three previous seasons:
1880-81.
Bank rate....
3 months’ bills
The
Wheat
Per cent.
30>
of
discount houses for
by the joint-stock banks and
deposits are as follows : *
Per cent.
Joint-stock banks
Discount houses at call
Do
with 7
891,643
951,054
18,329
11.820
68,329
30,073
311,59 7
45,653
41,709
18,702
156,760
73,217
20,139
471,701)
48,571
9,022
3,650
151,*90
62,058
13,104
10,720
63.757
59,128
41,309
22,906
51,202
London, Saturday, February 5, 1881.
28a
:..
or
14 days’ notice
3
following statement shows the present position of the
England, the Bank rate of discount, the price of consols >.
the average quotation for English wheat, the price of middling*
upland cotton, and of No. 40 mule twist, fair 2d quality, and the
Bankers’ Clearing House return, compared with the three pre¬
Bank of
vious years :
1881.
exclud-£
in<: Bank post bills. 26,312,905
1880.
1879.
1878.
£
a
27,385,805
4,681,854
27,832,640
£
31,156.470
27,166,235
4,758.947
22,777,387
15,199,089*
17,765,36(4
Goverum’t securities.
14,353,300
Other securities
Res’ve of notes & coin
Coin and bullion in
both departments..
Proportion of reserve
21,208,232
16,804,788
18,061,381
5.915,039
29,025,368
15,441,017
23,988,089
14,146,292
15,827,487
13,947,891
12,837,664
25,459,197
28,233,292
30,401,361
25,003,399*
Public deposits
Other deposits....
to
...
6,600,070
24,895,406
44*43
3^ p. e.
9Sr,8
liabilities
Bank rate
Consols
3 p. e.
3 p. c.
98*8
96*4
2 p. c.
C5-V-
33s. 4d.
51s. lid.
45s. 3d.
Contrary to expectation, the money market has assumed a Eng. wheat, av. price
42s. Od.
104.
8x*2d.
lUsdi
lO^e
somewhat easier appearance, though no very important change No. 40 mule twist
6ie(t.
5xsd.
Mid. Upland cotton
7116(1.
O^sd.
has taken place in the rates of discount. The Bank minimum Clearing-House ret’n. 144,606,000 149,391,000 111,116,000 115,022,000
remains at 3/£ per cent, and in the outside market choice three
Very little gold has been sent abroad during the week, and
months’ bills are taken somewhat below that price. It would there has been
very little demand for silver.
Prices have had,,
seem, therefore, that the discount houses were premature last in consequence, a downward tendency.
In Mexican dollars,
week in giving a higher rate of interest for deposits, and had there has been no material change. India Council bills were sold
deceived themselves, to some extent, as regards the intending on
Wednesday at Is. 7 9-16d., showing a slight improvement.
scarcity of money. During the past week, a moderate quan¬ The following prices of bullion are from Messrs. Pixley &
tity of gold has been received from Paris, and as there is Abell’s circular:
/
GOLD.
S.
Ct.
d.
S.
scarcely any export inquiry, the Bank of England has gained a
considerable sum. The supply of gold now held by that establish¬ Bar gold, fine...
per oz. standard. 77 9 7b
Bar gold, containing 20 dwts. silver, per oz. standard. 77 lO^j 7b
ment amounts to £25,459,107, which compares with £28,213,292 Spanish doubloons
per oz. 73 10 7b
per oz.
73 9 7b
last year ; while the total reserve is £14,146,292, against £15,- South American doubloons
United States gold coin
.per oz., none here
7b
per oz. 76 3X472>
827,487 in 1S79. The proportion of reserve to liabilities is at German gold coin
silver.
(f.
d.
the satisfactory point of 44^2 per cent, which is considerably
Bar silver,tine
per oz. standard.
5is16 7b
above the recognized minimum of 33 per cent. It would appear, Bar
silver.contain’g 5 grs.gold
per oz. standard. '51lli6®
Cake silver
\...
per oz.
55^ 7b
therefore, that there is not much reason for believing in Mexican
per oz.
dollars
50x8 7b
per oz
7b
higher rates of discount. The mercantile demand for accom¬ Chilian dollars
Quicksilver, £6 15s. Od.
Discount, 3 per cent.
^
modation is still very limited, and there does not seem to be a
Tenders
for
£1,476,000 Treasury bills were opened at the
prospect of any increase in it. Trade has not relapsed, but it
is by no means extending itself rapidly, and its present condi¬ Bank of England yesterday, the whole of which was allotted in
tion, though not discouraging, is a cause for some disappoint¬ three months’ bills at £99 5s., which is equivalent to a discount
As regards financial operations, there has of late been of three per cent per annum.
ment.
It is expected that the Govern¬
much less activity. The speculation on the Stock Exchange ment will soon be able to dispense with these loans ; indeed, it.
has dwindled down to comparatively small proportions, and is believed that, finding their balances increasing, in consequenceonly a few public companies, chiefly mines, have been intro¬ of the increase of revenue, they have had the bills allotted to
duced to public notice. Probably the agitation in Ireland and themselves. This accounts for the low rate of interest, which
the anxiety which is felt with regard to the future of domestic is much lower than the discount market. The Treasury
politics have checked business in most directions; but the balance is now £6,666,070, against £4,681,854 last year, or an
money market is easy, and though, the course is not yet quite increase of about £2,000,000. Mr. Gladstone, however, is enjoy¬
clear as to the success of the Government in allaying Irish ing the fruits of an income tax of 6d. in the pound sterling,
discontent, yet there is no reason to believe that the agitation which is yielding just now a substantial sum. It is to be hoped
will assume proportions calculated to occasion any very unusual that in a few weeks, when he will introduce his financial pro¬
alarm. Government seem to have taken very great precau¬ posals, he will see his way to reduce taxation, and especially
tions, and, no doubt, if the Land Bill shall prove to be the com¬ the income tax, which is now a heavy burden.
The following are the current rates of discount at the prin¬
prehensive document which is necessary, the disloyal in Ireland
will have ultimately to give way to the force of well-considered cipal foreign centres:
BrnUc
Open
Bank
Open
opinion, even of their own countrymen. Mr. Bright seems to
market.
rate.
market.
rate.
Pr. ct.
be satisfied with the measure which is to be brought forward,
Pr. ct.
Pr. ct.
Pr. et.
614
6
St. Petersburg
3*8
3L]
and if that be the case, it is likely to effect a very radical Paris...
5
4
Geneva
3
Amsterdam...
Madrid, Cadiz &
3*4
3^
change. Mr. Bright has consented to remain in the Cabinet, Brussels
5
4
Barcelona....
4
3*3
Genoa
and to agree to the Coercion Bill, on condition of a Land Berlin
514
Lisbon & Oporto.
4
318
d
31*
4
314
Copenhagen... 3 (V 4
Reform Bill being brought in, and the Government have, no Frankfort.,..
TbtS
New York
314
4
Hamburg
4 ~
Calcutta
334
4
doubt, inserted clauses which shall satisfy Irish public opinion, Vienna
•
The
Circulation,
^
28?
;
..
....
,
-
..
...
..
.
..
...
..
...
>
...
.
.
...
;>
...
.-.
...
„
[VOU XXXII.
1HE CHRONICLE.
of wheat in the 150 principal markets
have been 889,976 quarters, against 694,658 quarters in 1880 and
1,243,950 quarters in 1879; the estimate for the whole king¬
dom being 3,560,000 quarters, against 2,814,600 quarters last
season and 4,976,000 quarters in 1878-9.
Without reckoning
the supplies of produce furnished ex-granary at the com¬
mencement of the season, it is estimated that the following
AT NEW YORK FOR THE WEEK.
FOREIGN IMPORTS
Since harvest the sales
* 1881.
1880.
1879.
1878.
Dry Goods
$2,587,526^ $2,155,705
3,868,857
4,658,280
$2,868,726
$3,056,963
Total week
Prov. reported..
$6,456,383
37,815,377
$6,813,985
37,747,233
$9,273,000
60,361,918
$8,820,900
42,472,529
Total s’ce Jan. 1.
$44,271,760
$44,561,218
General mdse...
5,763,937
6,404,274
$69,634,918 $51,293,429
The following is a statement of the exports (exclusive of
quantities of wheat and flour have been placed on the British specie) from the port of New York to foreign ports for the
markets since harvest. The visible supply in the United States week ending February 22:
is also
given:
Imports of wheat.cwt 25,750,295
Imports of flour
5,739,504
Sales of home-grown
15,393,500
produce
,
1879-80.
1878-79.
1877-78.
30,253,239
21,809,497
26,180,473
5,282,403
3,397,344
12,196,500
21,561,700
3,017,984
.
of
Deduct
exports
wheat and flour
Result
Av’gc price of
497,320
,.46,197,268
47,234,882
English
45,928,635 47,176,902
$52,446,926 $47,936,051
$43,353,331 $57,593,033
EXPORTS AND
following return shows the
exports of grain, &c., into and from
The
extent of the imports and
the United Kingdom during
twenty-three weeks of the season, compared with
corresponding period in the three previous seasons :
the first
the
IMPORTS.
cwt.25,750,295
Barley
6,923,881
7,989,323
cwt.
Wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
6,075,855
imports of specie
February 19.
Silver.
Silver.
$
$392,985
$23,816
12,850
Germany
West Indies
Mexico
South America
All other countries..
14,385
24,087
38,263
25,942
3,100
5,957
$223,040
$91,392
$105,835
Total
178.952
7,005,981
Ot the above imports $22,737 were American gold coin and
6,936,906
5,647,470 5,386,137
1.163,640
812,197
895,498 $31,926 American silver coin.
1,302,987
178,149
583,498
The movement from January 1 to date in 1881 includes the
9,978,673 12,872,681 12,808,168
export
of $115,960 gold and $1,610,570 silver, and the
5,282,463
3,397,344 3,617,984
of $4,708,687 gold and $510,853 silver.
EXPORTS.
The totals at New
440,235
857,884
917,810 York from January 1 to date in the present and several previous
623,470
10,440
67,532
14,83i
28,925 years have been as follows:
317,122
43,497
48,181
60,460
41,449
72,087
8,693
12,743
Imports.
Year.
Exports.
Imports.
Year.
Exports.
16,230
3,619
10,305
18,242
154,088
446,286
144,736
49,755 1881
$575,969
$6,359,835
$1,726,530 $5,219,540 1876
62,621
57,085
42,022
22,245 1880
1,331,828
1,293,708 1875..... 13,567,041
1,202.602
5,093,183
1,229,992
1,037,153
15,188,576
5,739,564
Oats....
Peas
Beans
Indian corn
Flour
YORK.
Gold.
Gold.
Franco
1879-SO.
1878-79.
1877-78.
30,253,239 21,869,497 26,480,473
1880-81.
Wheat
Great Britain
50,861,424
Imports at New York.
Exports from New York.
“...bush.28,400,000 30,750,000
States
IMPORTS OF SPECIE AT. NEW
following table shows the exports and
port of New York for the week ending
The
at the
53s. 9d.
40s. 9d.
47s. 6d.
42s. 8d.
wheat for season (qr).
Visible supply in Unit’d
940,055
899,906
686,091
$6,728,609
$6,147,484
41,603,566 ' 42,210,850
45,133,038
Totals’ce Jan. 1.
1881
$6,382,485
$7,313,838
For the week....
Prev. reported..
40,883,359 47,732,202 46,828,541- 48,116,957
Total
1879
1878.
18,018,500
WEEK.
1830
NEW YORK FOR THE
EXLPORTS FROM
1880-81.
import
,
*.
Ileport*—Per Cable.
Easlitili market
daily closing quotations in the markets of London and
Liverpool for the past week, as reported by cable, are shown in
The
2,416,220
1879
1878
1877
2.034,901
2,186,334
1874
5,641,371
2,895,274 1873
2,324,063 1872
11,163,574
2,810.367
2.0)9,505
BANKING! AND
918,037
203,725
275.013
FINANCIAL.
the following summary:
Market.—The bullion in the Bank of
England increased £667,000 during the week. During the
same time the specie in the Bank of France increased 4,462,000
London
Money and Stock
francs in silver and 2,670.000
Sat.
Feb.
19.
Silver, per oz
d 52*4
Consols" for money
99316
Consols for account.... 99516
Fr’ch rentes (in Paris)fr.8400
1033a
U. 8. 5s of 1881
114%
U. 8. 4Ljs of 1891
11658
U. 8. 4s of 1907
51%
Erie, common stock
133
Illinois Central
673i
Pennsylvania
Philadelphia^ Reading. 35*8
154
New York Central
.
Mon.
21.
Tues.
Feb.
22.
5214
52%
99316
99316
99316
83*95
103 %
111**
116%
50%
99318
•IO314
11413
II6I4
....
67%
35%
153%
66%
34%
152
Flour (ex. 8tate).100 lb.12
Wheat, No. 1, wh.
Spring, No. 2...
Winter,West.,n.
Cal. white
“
“
“
“
9
9
9
9
5
Tues.
Mon.
Sat.
d.
6
2
1
3
2
3
“
Corn,mix., W.new
Pork, West. mess.. Wbbl.65 0
Bacon, long clear, cwt...43 0
Beef, pr. mess,new,#tc.75 O
Lard, prime West. Wcwt.53 6
Cheese. Am. choice “ 63 O
8.
d.
12
9
9
9
9
5
65
42
75
53
68
Liverpool Cotton Market.—See
6
2
1
3
2
3
O
6
O
0
O
d.
12 6
8.
9
9
9
9
5
65
42
75
53
68
2
1
3
2
3
0
6
0
O
0
Wed.
8.
d.
12 6
9 2
9 1
9 3
2
9
5 4
65 O
41 6
75 0
53 O
68 0
52%
99516
9951b
99516
99316
103
114%
116%
497s
135%
66%
34%
6713
35%
15313
Fri.
Feb.
25.
5213
84-1213
10318
H4I3
II6I3
50%
Markets.-
*
8.
52516
99516
9951B
138
137
138
Thurs.
Feb.
24.
Wed.
Feb.
23.
84 0213 84-15
Liverpool Breadstuff's and Provisions
<
the CREDIT
LYONNAIS have decided to double the
capital of the Company by the creation of
200,000 new shares to be issued at $150.
The par value being $100, the premium thus
francs in gold.
Feb.
152
50%
Board
already existing
;
*•
$10,000,000
the Reserve Fund
6,000,000
of
Making a total Reserve
of
Capital Stock will consist, consequently,
shares
on which $50 has been paid up, say
400,000
The entire
136
of
$16,000,000
20,000,000
66%
Making an available
15i
-
special report on cotton.
must be added the $50 per share not
representing a supplementary guarantee of
FISK.
called Up,
$20,000,000
HATCH,
A
BANKERS,
AND
DEALERS
IN GOVERNMENT
And other desirable
■■
BONDS,
Investment Securities,
No. 5 Nassau Street,
New York.
all issues of Government Bonds, in large or small amounts,
current market prices, and will bo pleased to furnish information in
Buy and sell
at
matters connected
with investments in
Government
Bonds.
Commercial audJUtsceXlaueotts Uems.
Organized.—The following-named national
organized this week :
2,506—The National Exchange Bank of Lynchburg, Va. Authorized
capital, $100,000; paid-in capital, $95,500. James Frankliu,
$36,000,000
capital of
To which
Fri.
Thurs.
8.
d.
8.
d.
12 6
12 6
2
9
9 2
9
1
9
1
9 3
9 3
9
1
9 2
5 3
5 4%
65 0
65 0
41 0
41 6
75 O
75 O
52 9
52 9
68 0
68 0
reference to all
National Banks
the 7 th lust.
Directors of
of
accruing will amount to
Which will he carried to
....
103%
114%
116%
“ Messager de Paris’’ of
From tlie
The
We are
prepared to give information
Securities
in regard to first-class
Railway
and to execute orders for the same.
marketable Stocks and Bonds on commission, at the
in the open market.
Receive accounts of Banks, Bankers, Merchants and others, and allow
President; C'amillua Christian, Cashier.
Imports and Exports for the Week.—The imports of last interest on daily balances; and for those keeping accounts with us vre
week, compared with those of the preceding week, show collect U. S. coupons and registered interest, and other coupons, divi¬
an - increase in
both dry goods and general merchandise. dends, «fec., and credit without charge.
igp3 We give special attention to orders from Banks, Bankers, Institu¬
The total imports were $8,820,900, against $6,228,763 the pre¬
tions and investors out of the city, by mall or Telegraph, to buy or
ceding week and $5,259,194 two weeks previous. The exports
for the week ended Feb. 22 amounted to $6,728,609, against sell Government Bond*, State and Railroad Bond*, Bank
$7,399,102 last week and $8,302,132 two weeks previous. The Stocks, Railroad Stock*, aud other securities.
We have issued tho Eighth Edition of “ Memoranda Conoorning Gov following are the imports at New York for the week ending
ernment
Bonds,” copies of which can be had on application.
(for dry goods) Feb. 17 and for the week ending (for general
bank
Buy and sell all
was
merchandise) Feb. 18:
Stock Exchange or
,
FISK & HATCH.
February
THE
26, 1881.]
On the 21st Secretary Sherman issued the 101st call for bonds
for the sinking funds. The bonds named are the 5 per cent
bonds of the funded loan of 1881. The bonds are as follows,
and the principal and accrued interest will be paid at the Sub-
£hc %mxhzxsf (i alette.
>VW"
DIVIDENDS.
The following dividends have
Name
'recently been announced:
of Company.
Railroad* :
Delaware & Bound Brook (quar.).
*
Per
Cent.
When
Books Closed.
Payable.
(Days inclusive.)
11-2
Fob. 21
Note.—The announcement of a dividend on Flint & Fere Marquette
stock, in the Chronicle of February 12, was premature, the directors
not having passed upon it as yet.
FRIDAY,
FEBRUARY
35, 1SS1-5
225
CHRONICLE.
P. M.
The Money Market and Financial Situation.—It is diffi¬
cult to do full justice to the monetary situation this week. The
stock market to-day was in a condition of panic, and the extreme
decline in prices at the time of greatest depiession was worse
than at any period since the stock panic of November, 1879.
The new*funding bill, which passed the Senate and has gone
back to the House of Representatives, not only compels the banks
to take the new 3 per cent bonds on certain terms, but it also
Treasury, in New York, on and after May 21, 1881, and in¬
terest will cease on that day :
Coupon bonds: $50, No. 27,001 to No. 2S,115, both iuclueivo; $100,
$500, No. 49,()01 to No. 54,703, both inclusive; $1,000, No. 293,801 to No. 310,855, both inclusive.
Total coupon bonds, $8,337,300.
Registered bonds: $50, No. 2,744 to No. 2,778, both inclusive; $100,
No. 17,175 to No. 17,301, both inclusive; $500, No. 9,049 to No. 9,141,
both inclusive; $1,000, No. 32,732 to No. 33,080, both inclusive; $5,000,
No. 13,461 to No. 13,720, bo1h inclusive; $10,000. No. 30,054 to No.
31.350, both inclusive; $20,000, No. 1,(>14 to No. 1,658, both inclusive;
$50,000, No. 3,031 to No. 3,217, both inclusive.
Total registered
bonds, $16,062,700. Aggregate, $25,000,000.
The bonds described above are those last dated and numbered,
No. 30,001 to No. 39,901, both inclusive;
required by section 3 of the act of July 14, 1870.
as
Many of the
bonds originally included in the above numbers have been
redeemed or canceled, leaving outstanding the amount above
stated.
The above call was followed by this;
“
Washington, Feb. 2t.
The Department will redeem the bonds embraced within the onerepeals that provision of the existing law which permitted
national banks to withdraw their bonds deposited at Washing¬ hundred-and-first call upon their presentation at this Department (Wash¬
ington), with interest to date of presentation.
ton as security for circulation, by depositing there instead a
John Sherman, Secretary."
sufficient amount of specie or greenbacks to redeem their
The above was followed, Feb. 25tli, by this order from Secre¬
notes as fast as presented.
This latter provision of the
bill is to take effect immediately on its becoming a law, tary Sherman to Assistant Treasurer Hillhouse in New York:
"You are authorized to purcha-e for Sinking Fund hot exceeding
and it is on this point that the banks have taken alarm
$10,000,000 5 or 6 per cent uucalled bonds of 1881 at par and accruing
and have hastened to make deposits of specie and legal tenders, interest to date of payment.
(Signed)
John Sherman, Secretary."
before the bill should pass the House and be signed by the Presi¬
The closing prices at the New York Board have been as follows
dent, as in that case a bank would have no way of getting its
Feb.
Feb.
Feb.
Feb.
Feb.
Interest Feb.
bonds out of deposit except by gathering up slowly its notes as
23.
24.
25.
22.
19.
21.
Periods.
they could be got in. The total deposits at the New York SubTreasury, including to-day, amount to $13,033,315, with $679,500 6s, 1881..
101
101*4 101
reg. J. & J. *1017* *101%
more in checks to come in to-morrow—this includes only five
101% *101
*1005$
J. <fc J. *1017a *101%
6s, 1881..
100 34
101
100*8 1003s *100
reg. Q.-Feb.
business days beginning with February 19. Great pressure was 5s, 1881..
*100!$ 10038 1003s
100%
Q.-Feb. 101
5s, 1881
brought to Dear on Secretary Sherman to do something for the 4I$8,
11138 *111
11078
reg. q.-Mar. 11138 lllLj
1891
of
the
relief
market, and on Monday the 21st inst. he issued a 4L>s. 1891.
'11238 1123a 111%
Q.-Mar. 112% 11238
1133e 1134 112%
11378 1131$
call for $25,000,000 bonds for the sinking fund, to be redeemed is, 1907..
reg. Q.-Jau.
113»$ 11270 11238
Q.-Jan. 1137e 113 7s a
on the 21st of May.
It • was obvious that this would give no 4s, 1907.. 189 5..coup.
*124
*125
*120
*125
reg. J. & J. *126
6s, cur’cy,
*125
*124
*120
speedy relief, and on Thursday the 24th he gave notice that 6a, cur’cy, 1896.. reg. J. & J. *127 *125
*120
*125
*124
bonds mentioned in that call would be redeemed. immediately on 6s, cur’cy, 1897.. reg. J. & J. *127 *125
“
"
,
•
.
..
•H
r*
O
.
Sresentation
Washington. toEven
wastotoopurchase
slow*, andfor
to-day
[r. Shermanat telegraphed
Newthis
York,
the
or six per cent bonds of 1881, not
21st inst., to an amount not over
$10,000,000, at par and accrued interest. As soon as this was
known bonds began to come in, and during the day $3,687,300
was disbursed in payment for bonds so purchased.
The relief
from this source, however, was scarcely felt by stock-borrowers
in the call loan market.
The money market beggars description, and, growing more
sinking fund,
any
of the five
embraced in his call
of
stringent all the week, the culiiiinating point was reached to-day,
when stock-brokers paid as high as 1 per cent a day commission
to get loaDs, in addition to thelegal rate of 6 per cent per annum;
indeed, it was reported that 1% per cent a day was spasmodically
bid at one time. In the last hour of business % to 1 per cent a
day was paid, though some exceptional loans were made at plain
6 per cent.
For the wreek, on all classes of business, we quote
from 3 per cent on Government bonds to 6 per cent plus 1 per
cent a day on stocks. Commercial paper nominal at 5@5% per
cent.
We cannot regard it as the
stances connected with this
least of the unfortunate circum¬
monetary spasm that appeal is
again made to the “Papa” Government at Washington to keep
the money market easy, encouraging again the idea among
bankers, merchants and speculators that it is the province of
the Secretary of the Treasury to regulate the New York money
market. In the present case, however, it must be admitted that
there is
more
than
poetical justice in demanding relief from the
*125
6e, cur’cy, 1898..reg. J. & J. *127
*125
6a, cur’cy. 1899.. reg. J. & J. *127
*
This is the price bid at the morning board; no
*125
*125
*124
*124
*120
*120
sale was made.
State and Railroad Bonds.—There was a eomi
nparatively
la at 60 this
small business in State bonds; Louisiana consols sol(
afternoon. Railroad bonds showed a considerable decline on
some of the speculative issues.
Erie 2d consols sold down to
95%, Kansas & Texas seconds to 7S@79, Lake Erie & Western
incomes to 7.5, Kansas Pacific consols to 102. The investment
bonds were not pressed for sale, and shewed little change.
Messrs. A. H. Muller & Son sold the following at auction :
Bonds.
Bonds.
$54,000 State of Tennessee 5s
of various issues to rail¬
road and turnpike com¬
panies. (Interest paid to
July 1, 1875)
42 0431$
70,000 State of Tennessee 6s.
(Interest paid to July 1,
1875)
£85,000 Mexican
52^0521$
Gov’t de¬
bentures.
(To be sold at
rate of $5 to the £). .231s©24
$5,000 N. Y. County accumu- s
lateddeot7p. c. bond, due
Nov. 1. ’88, (int. included) 116*4
10.000 Mil. L. Shore & West¬
ern
Railway 1st, 7s. 1905.1065$
$1,500 Mayflower
Consoli¬
dated Gold & Silver Min.
Co., 1st mort. bonds
50
Shares.
1,060 Pennsylvania Coal.240©241
5 Brooklyn Life, $100... 142
14 Metropolitan Gaslight .147
100 Manhattan Gas. ..189©190
100Manhattan Gaslight. ...1955$
10 Am. Exch. Fire Ins
111
75
66 Lenox Fire Ins
130 Brooklyn City RR
160!$
100 Cent.Pk. N.AE.Riv.RR.105%
98 N. Y. Loan & Imp. Co.. 102
2,875 Mayflower Consol. Gold
& Silv.Min.(per8hare) 35
.
stock market
throughout the week. Prices of
fancy stocks, as well as the dividend-paving list, were ruling at
about the highest prices ever made.
The situation was delicate
at best, and, after the telegraph consolidation, it was doubted
whether the great operators would attempt to pushup the whole
market still further. Just at this time the money market became
stringent to a degree not known since the panic of 1873, and
stocks, after wavering for a little time, broke badly to-day, and
declined pell mell during the closing hour of business. The
printed list of sales at the New York Stock Exchange “ from 2%
r. M. to the close of business ” presented such a volume of trans¬
Railroad and Miscellaneous Stocks—The
has been feverish and unsettled
Treasury, as the wnole flurry has been produced by the action
of Congress in its threatened legislation.
The Bank of England on Thursday showed a gain for the
week of £667,000 in specie, and the percentage of reserve to lia¬
bilities is 49% per cent, against 46 15-16 last week; the discount
rate remains at 3 per cent. The Bank of France shows an increase
of 2,670,000 francs in gold and 4.462,000 francs in silver.
The last statement of the New York City Clearing House banks
issued February 19, showed a decrease of $2,558,250 in the sur¬
plus above legal reserve, the total surplus being $3,807,275, actions at panic-stricken prices as has not been matched since
November, 1879—even if it was in that memorable decline.
against $6,365,525 the previous week.
The following table shows the changes from the previous week Indeed, there are about one-third more of light speculative
stocks on the list now than at that time. - The highest
and a comparison with the two preceding years:
and lowest prices on each day of the week are given in
1879/
1880.
1881.
Differences fr*m
the table below, and to-day the lowest prices were gener¬
Feb. 21.
Feb. 21.
Feb. 19.
previous week.
ally made toward the close. Western Union Telegraph was
Loans and dis. $320,807,300 Inc .$3,668,200 $290,091,200 $244,007,000 conspicuous for a decline to 99, closing at 104; Union. Pacific
17.931.300 fell to 105/6, closing at 108 ; Canada Southern declined to 66,
59.887.200
Specie
63,849,600 Dec. 1,951,000
19,335,900
92.800
21.282.200
Circulation...
18.259.500 Doc.
Net deposits
206,200 271,601,000 216,382,600 closing at 70 ; Wabash common to 39, closing at 40% ; Wabash
307,718,100 Dec.
45,377,000 preferred to 77, closing at 82 ; St. Paul common to 101%, closing
15,503,500
658,800
14,887,200 Dec.
Legal tenders.
Deo.
$51,550 $67,900,250 $54,095,650 at 103 ; New Jersey Central to 96%, closing at 99% ; Reading
Legal reserve. $76,929,525
63.308.300 to 50, closing at that; Central Pacific to 80/6. closing at that;
Reserve held.
75,392,700
80,736,800 Dec. 2,609,800
Ohio & Mississippi to 36%, closing.at 37% ; St. Louis & Iron
$9,212,650 Mountain to 52%,
$7,492,450
Surplus.......
$3,807,275 Doc.$2,558,250
closing at 54; Missouri Kansas & Texas to
United States Bonds.—Government bonds have been influ¬ 39%, closing at 39%; Ontario & Western to 30%, closing at
enced to some extent by the money pressure, and have
fallen off 31% ; Northern Pacific preferred to 66%, closing at that; Pacific
about 1% per cent in the prices of the 4 per cents.
The fate of Mail to 48%, closing at 49% ; Erie to 43%, closing at 44% ;
the funding bill is yet uncertain, although its extraordinary in¬ Lake Shore to 118, closing at 120; Michigan Central to 108,
fluence already exerted in Wall Street, before it lias even become closing at 111. In nearly every case the lowest prices were made
a law, must
surpass the fondest hopes of its most earnest advo¬ in the last five minutes before three o’clock, with a sharp upward
turn on the closing sales.
cates.
.
THE CHRONICLE.
226
Aside from the features above noticed, the important events in
were the issue of the annual statements of the Del. &
Hudson Canal and the Del. Lack. & West. Railroad, showing a
the week
large improvement in the business of 1S80 over that of 1879.
Messrs. Gould and Dillon were elected directors of the Del. Lack.
The purchase of a controlling interest in the stock of
the Phila. Wil. & Baltimore mad by parties in the Balt. & Ohio
and X. J. Central interest was also an important transaction.
& West.
impeded
Railroad traffic in the Northwest has been seriously
by the heavy snows throughout January and February, and it is
reported that expenses have been very heavy.
The daily highest and lowest prices have been as follows:
Frb. 21.
Feb. 19.
71
70*i
Am. Dial. Tel.
Airier. Un.Tel.
Canada Sout h.
7%% 79
H7;-4
110
90
24
Ches.& Ohio..
Do lstprf.
Do 2d p’rf.. 25%
144
Chic. & Alton. 144
173
Chic. Bur.A Q. 171
35
25
141
171
26
144
‘.71
171
103
88%: 84
24%; 23
35% 1 85
80%
234
21%
3(5%
*....
*
110
(58
(50
SOU
*2
353. *33
8.3
23%
Illinois Cen. (III.). January...
477,799
87
8>t% 87% 88
254 22% 24
214 *34
102%
107%
i:04 105% 109%
125% 120 4 121% 114% 123
Col.Chic.AI.C.
Del.A H.Canal
Del.Lack. AW.
DenverA H.G.
Han.ASt. Jo..
Do
pref
Hous.ATex.C.
89
Ml
90% 89
25% 26
24% 25%
109% 112% 409
111
124% 127%|123,
104% 103U 1(4
57%
50% 60
104
106% 104%,
70% 73% 7o
Illinois Cent.. 133
134% 13294
70
Int.A Cit.Nor.. 70
69%
126
106
133
70
tA
sJ
O
pH
•
*
These
are
.
•
•
•
•
•
•
5594
101
os H
12994
63
534
127
88%
3794
12*4
794
115%
110% 118% 113
117% 108
114% 1174 113
22
22
19
2294 22
114%
22%
43% 45% 39% 44
120
121% 120% 120% 118
81
89
81% 85% 74
454
48
121
8(5
144
149% 140
146%
120
125
120
125% 120
12394
48
49% 40-94 49% 4394 4794
SO
87
89
87% 82% 87
3494 37% 334 30% 30% -54%
44% 40% 42
4694 42
444
71% 75% 08% 74
664 70%
30*4 31% 2594 30% 25% 29%
42
43% 41% 434 30% 42%
100% 100% 10594 105->4 104 V 106%
55
59% 53% 57
48% 54
1459k
220
72
67
00
43
115
71
48
122
122
126%
63%
(50
45
65
96
58
•
0:.»-4
97
7%
44-94
oc
*95
55
03%
444
654
68%
44
117
50
41
115
65%
42
110
58%
61
524
44
44
42
63% 63%
63
90
49
9*5
58
59%
42%
03%
90
54%
50% 55*4
117% 121% 105% 117%
115)4 122
45
47% 39
4094 49
-594
884 91% 87% 8994 77
8S4
113
!
99
1
13
115% 116%
1164
121%
489-4
90
110%
the prices bid and asked:
no
sale
was
made at the Board.
Total sales of
and the range
to
date,
leading stocks for the week ending Thursday,
in prices for the year 1880 and from Jan. 1, 1881,
were as
follows:
Sales of
Week',
Shares.
Canada 8 outhern....
Central < f N.-J
Chicago A Alton
Chic. Burl. A Quincy
Chic. MU. A St.P...
Do
do pref.
Chic. A North w
do pref.
Do
Chic. Rock I. A Pac...
Chic. St. P. M. AO..
Do
pref.
Col. Chic. A Ind.Cent.
Del. A Hudson Canal
Del. Lack. A Western
Hannibal A St. Jo...
Do
do pref.
Illinois Central
Lake Erie A Western
Lake Shore
Louisville A Nashv..
Manhattan
72,12.9
131,120
430
2.452
Range since Jan. 1 188 1.Lowest.
00
13 4
103
120,785 101%
1,030 117
87,015 117
3,040 132%
5,800 130
41
13,4 10
91
7,000
10.790
19%
48.585
89^8
137,745 107
44 3*
57,805
10,977
99
8,970 124
10.080
38%
148,300 118
79
38,375
324
05,040
Michigan Central.... 44,050 108
Mi88ouriKan. A Tex.
01.400
3938
N.Y. Cent. A Hud.Riv
73,090 110
N.Y. Lake E. A West. 212,400
433*
Do
do pref.
82 hi
5,200
Northern Pacific
51,075
32%
Do
00,055
04*8
pref.
36%
Ohio A Mississippi..
33,025
Pacific Mail
204,525
45%
50
Phila. A Reading
131,141
St.L.Iron Mt. ASoutli.
52,505
52*8
8t. L. A San Francisco
42
800
....
Do
Do
1st
Onion Pacific
pref.
pref.
1,380
815
170,270
Wab. St. L. A Pacific
50.420
Do
do pref.
Western Union Tel..
73,700
03.735
Feb. 25
4
Feb. 25
Feb. 25
Feb. 25
Feb. 25
Feb. 25
Feb. 25
Feb. 25
Feb. 25
Feb. 25
4
Jan.
4
Jan.
4
Jan.
4
Jan.
Feb. 25
4
Jan.
4
Jan.
Feb. 25
Feb. 25
Jan. 18
Feb. 25
Feb. 25
Feb. 25
Feb. 25
Feb. 25
Jan. 13
Jan. 25
4
Jan.
4
Jan.
Feb. 25
4
Jail.
Feb. 25
4
Jan.
Feb. 25
Feb. 25
Feb. 25
Feb. 25
82% Jail.
01
90
105%
39
77
80% Jan.
Railroad
90
112
150
1880.
40
45
99%
7 113
20
66%
17
99
19
S7*s
17 104
Jan. 14
Feb. 17
Jan.
5
182% Jan.
12444 Jan.
132
130
Range for
gear
Low.
Highest
Jan.
Jan.
147*2 Jan.
High.
813s
90*4
159*2
183*2
1143*
124*8
130
140%
142
51
Jan. 20 100*2 204
Jau. 22
109*2 Jan. 24
277s Jan. 31
9*2 25*8
114
Feb. 17
60
92%
128*4 Feb. 18 08*2 110*4
00*4 Feb. 24 2278 507a
110
Jan. 10 63% 105
138
Feb. 11
99*2 12738
8
59*2 Feb.
20*4 423*
139 5g
1353* Jan. 20 95
174
943* Feb. 18 77
40*2 Feb. 14 21
57*2
120% Jan. 20 75
130*8
50*8 Feb. 17 28*8 49%
3 122
155
Jan.
1553fi
51*8
5278 Jan. 15 30
95
Jan. 10 47
93*2
30
473b Feb. 17 20
77*8 Feb. 18 393e 07*2
40 34 Feb. 14
23
44*2
62*4 Feb. 18 27*2 62
19
73*2 Feb.
13*2 72 3g
00*2 Feb. 18 34*2 00
51
Jan. 11
25*4 48
Jan. 11
71
33
05
102
Jau. 28 00
100
124 7« Feb. 14
so
1133*
513s Feb. 17 20*2 48
94
Jau. 17
51*4 883a
3 120*2 Jan. 29
77*2 116*2
122,073
19.240
(Iowa) January...
Indiana Bl. A W. .2d wk Feb.
Iud. Dec. A Sp... January...
Iu.r. A Gt. North..2 l wk Feb.
Iowa Central
January...
K. 0. Ft. S.A Gulf.2d wk Jan.
Lake Erie A West.2d wk Feb.
Little Rk. A Ft. S. January...
Louisa. A Mo. R.. January...
Louisv.. A Nashv.2d wk Feb.
Memo. A Chari...‘2d wk Feb.
1,32c, 114
032,703
595,175
41,741
03, *02
212,337
538,854
259.501
407,449
127,184
4 77.799
.....
285.069
27,003
18.403
00,109
52,918
18.221
17,407
49,800
31,500
00.169
55,800
47,200
141,00 )
32,388
27,938
3,877
Mini*. A St. Louis.3d wk Jail.
Mo. Kan. A Texas.3d wk Jan.
Mobile A Ohio.'...January...
Nashv. Cli.A St.L. January...
N. Y. A N. Engl’d.3d wk Jan.
Northern Central. January...
Northern Pacific .3d wk Feb.
4,170
12,o90
72,459
218,243
8,458
81,020
250,110
178.143
42.505
380,150
205.033
.
37,899
334,494
19,315
0,593
27,501
5,207
10,129
7,974
21,809
14,810
149,100
41,700
Ogd. A L. Champ. 1st wk Feb.
Pad.AElizabetht.lst wk Feb,
Peoria Dec. A Ev.2cl wk Feb.
Sc.L.Alt.AT.H. ..‘2d wk Feb.
0,849
5,203
23,782
12,030
..
(brchs).2d wk Feb.
St.L. IronMt.AS.2d wk Feb.
St. L. A S in Frau.3d wk Feb.
5,598
177.025
1880.
Atl. A Char.Air-L November. $100,772
Atl. Miss. A Ohio. December.. 181,740
December.. 218,009
Ches. A Ohio
Chic. Burl. A Q... November. 1,510,480
Cin. Ham. A Day .December..
228,807
78,357
Denv.S.P’kA Pac. December..
35,073
Det. Lans. A No.. 4th wk Nov
December.. 231,056
Eastern
December.. 151,414
Georgia
18,011
Kans.C.Law. A So. 2d wk Nov.
34,202
Marq. H. A Ont’n .November.
N.Y. L. Erie AW .December.. 1,726,788
N. Y. Cent. A Hud November. 3,047,541
407,449
127,184
130,010
....
....
230,712
.......
32,727
81,540
1 12,259
49,800
31,500
949,715
184,916
27,780
28,550
233,097
250,110
55,800
47,200
1.181,900
107,473
27.192
30,008
210,423
218,243
178,143
129,049
205.633-
120,014
334.494
139,538
30,795
43,749
25,281
380,150
180,237
30,109
52,531
58,317
110,847
144.480
132,879
98.174
875.080
81,504
820,470
51,315
339,992
339,230
28.822
5,159
320,102
238,306
210,408
1879.
$84,871
203,329
179,101
1.214,528
1,414,486
31,402
37.I\Minu.AMan.2d wk Feb.
Scioto Valley
3d wk Feb.
Wal. St.L. A Pac.2d wk Feb.
454,790
40.279
...
1879.
1880.
$080,482
1,749,010.
1,930,539
$843,795
2.004,194
2,074,308
1,327,080 16,015,078 13,341,548
204,429
13G.004
1,708.756
902,745
27,122
217,894
1,090,315
997,507
042,138
781,500
422.991
150,174
10,701
29,183
538,569
1,398,245 19,489,306 16,509,120
2,801,835 30,772,015 26,521,210
.December.. 3.547,823 3,453,925 41,200,068 34,020,270
Pennsylvania
304,050 3,727,734 3,091,808
Pliiladel. A Erie. .December.. 281,919
10,321
9.904
Ports.Gt.F.ACon .December..
32,974
555,775
45,700
590,113
St.PauJ A Duluth .December..
390.000
4,515,000
South. Pac. of Cal .November
December.. 1,809.853 1,059,150 25,494.100 20,009,015
Union Pacific
28,713
17,729 1,004,040
702,500
Wisconsin Cent. December..
...
..
Exchange.—The foreign exchange market has been com¬
pletely demoralized by the stringencym money, and business was
almost at a standstill. Sales of sterling bills were made at very
low prices early in the day, and later on 4 7J@4 80 was the price
on sales of bankers’ prime 00-days’ bills, and 4 8L@4 82 for de¬
mand, with cables about Y point .higher. Bankers twice re¬
duced their posted rates, which at the close were as below :
The following were the rates for domestic exchange on New
York at the undermentioned cities to-day.: Savannah, buying,
Ys premium, selling, %@% prem. ; Charleston, buying, % prem.;
selling, Y prem.; New Orleans commercial, 200 discount, bank
nominal; St. Louis, 75 discount; Chicago, 50(0)75 discount,
and Boston, 2s. to 50c. dis.
Quotations for foreign exchange are as follows:
Demand.
Sixty Days.
Feb. 25.
Prime bankers’ sterling
Prime commercial
bills on London.
Documentary' commercial
Paris (francs)
Amsterdam (guilders)
Frankfort
-
478
39%a)
93% d)
93% 2>
(reieliniarks)
Bremen (reiehmarks)
U. S.
-2)4 81*2
4 77 @4 80
4 70 2)4 78
5 27% @5 25
40
94%
94*2
4
4
4
5
80 @4
79 @4
78
@4
25 @5
39 %@
94 %@
94 *2 @
84
81
80
22*2
40*4
95
93
Sub-Treasury.—The following table shows the receipts
this city, as well as the
the past week:
and payments at the Sub-Treasury in
balances in the same, for each day of
Ralane.es.
Receipts.
Feb.
19...
“
21...
22
“
“
.
“
“
Total
23.!!
24...
25...
Payments.
$
$
492,564 78 70,395,505
802,525 91 79,100,161
3,241,300 84
.Washington’s Birthday
905,700 85 85.038,221
7,449.585 01
559.803 92 89.908,733
3,917.582 29
$
2,562,840 12
3,013,055 50
1,029,201 99
20.785.023 70
3.089.917 45
Currency.
Coin.
79
72
*
1,290,241
122,073
130,029
40,309
174,300
101,830
135,530
103,141
80.218
53 500
Memp. Pad. A No.2d wk Feb.
Do
21,907
102,270
1 57,041
104,594
110,708
23,387
195,007
23,470
40.279
31,519
100.085-
.
Earnings.—The latest railroad earnings and the
are given below.
The state¬
ment includes the gross earnings of all railroads from which
returns can be obtained.
The columns under the heading
totals from Jan. 1 to latest dates
Do
1034
no
ns)
44% 42% 444
Ohio AMiss... 43
Do
1064 J 069$
pref. 100% no
59
Pacific Mail... 58% 61
60%
•
08%
43
102% 89
54% 00 4 47%
1034 104% 1('0*4 103% SIS)
07
(59% 70
6894 70
123
131% ! 20%
!30% 132
09% 69% (58% 03% *05
55
5(544 50% 55% 50
12(5-94 1 29*4 125 129% 118
92
94% aS 4 91-4 79
37% 39% 304 394 30
9
13
13% 11-94 12%
.
.
105Vi
lOI
59>i
105%
< i-%
56
57
5(5%
Lake Erie AW. 55
Lake Shore.... 127% 130% 127*4 129
92
91
S>4
94
1 ouisv.ANash
39
Manhattan....
40% 38
39*4
13
Mar.AC.lst pf. 12% 13
1394
8
8
8
Do
2d nrf.
8%
120
120%
Met. Elevated 120% 121
U6
Mich.Central
117% 116% 117%
MobileAOhio. 23H 23% 22% 23
Mo.Kans. AT. 46% 48
46% 47-94
122
Mor.A Essex.. 121% 1*2% 122
86
Nash.Ch.AStL
93%
92% 88
N.Y.C. A H. H. 147% 149% 146% US
N.Y. Elevated 126% 1 26% 1254 12(1
19
N.Y.L.E. A W. 48
49% 4H
90
Do
pref. 89
894 89-94
N.Y.Ont. A W. 30% 38% 30% 38
46%
Northern Pac. 44% 46% 45
Do
pref. 72% 75% 72% 75
Ohio Central.. 30% 32% 314 32*4
*....
Panama
Phil. A Itead’K 69% 73% 70
47
49% 47
8t.L.A.A T.H.
Do
pref. 125% 126% 126%
St.L.I.M. A So. 62% 64-54 62%
45
8t.L.A S.Fran.
65
Do
pref.
Do 1st prf. 97% 9U4 90
56
59
Tex.A Pacific. 57
Union Pacific. 120
123*4 119%
Wab.St.L.AP. 47% 49% 4794
Do
pref. 88
90% 88%
West. Un.Tel. 115% 117% 1115%
Vo
0(54
S)1
81
455.220
50,948
210,189
18,779
112,021
204,923
97,910
27,1.84
94,491
139% 132% 138
134
134% 130
58
55
56% OS)
103%
34.819
45.909
530,98-8
Grand Trunk. Wk.end.Feb. 19
Gr’t Western.Wk.end.Feb. IS
HannibalASt. Jo.2d wk Feb.
Iloust. A Texas C.2d wk Feb.
125
138
134
102
427,280
8,09.3
25,544
884
23%
107%
1224
Clev. C. C. A I.
105%
82.148
7,129
25,548
141
130
01
47
105
4 1
01,778
29.210
31.596
101% 110%
117
1214
4-)/4
15,480
24,807
140
131
58
40
104
(51%
47
15,529
East Tenn.V.A G.2d wk Feb.
Flint A Pere Mar. 1st wk Feb.
Gal.liar.A San A.4th wk Jan
prel'. 14’.% 142% 439*4
13(5
C.K.l.AP.new 135
135%
58>4
Ch.St.J/.AN.O. 60*4 63
45>4
Ch.St.P.M.,VO 46% 48
Do
prof. 105 105% 10.(94
139%
136
11,215
4,958
10,001
110% 113% 108% 112
123- 124
121% 122
120*4 129
130
125
Do
30,003.
155,097
12,080
Chic.M.&St.P. 112% 11114 112% 113%
Do
prof. ♦.... 12(94124*4 124
Chic. AN. W.. 127% 131
12-i% 130
:i7
44,091
171,400
30,398
100.355
DubiHpieAS.City.2d wk Feb.
1(58
:C3
109
12,240
155,097
10,74 1.
15,220
171,400
72,108
0,039
2594 25-94 24% 24%
134
134
141%: 138
13 s
! 109
...
.
DesM.AFt.Dodi:e.4th wk Jan
30
25->4
171
...
22%
8094
S>0% 101-W
1084
/—Latest earnings reported
* r—Jan. 1 to latest date
1881.
1880.
if
1881.
1880.
Week or Mo
$55,401
Ala.Gt.. Southern. January
$50,991
$50,99)
$55,401
90.000
151,000
90,000Atcli. Top. A S. F 1st wk ,1 an.
151,000
25,215
35,375
200,789'
222,029
Bur.C.Rap.ANo.. 2d wk F 0I).
0.490
35.110
50,846
Cairo A St. Louis. 2d wk F cb.
7,157
1,498,000 1,,200,014 1,198.000 1.200,014
Central Pacific,.. January
71 1,510
780.002
130,590
Chicago A Alton 2d wk Fcb. 113,302
1- 1,772
2 l .7 10
113,513
29,571
Chic. A Fast. III.. 2d wk F cb.
183,751
Chic. Mil. A St. P. 3d wk F eb. 200,000
1,531.000 1,304,137
Chic. A Northw...January... 1 222.250 1,154,032 1,222,250 1,151,032
108.430
147,487
20.320
22.804
Chic. St. P. Min & 0.2il wk Fob.
127,317
19.447
132,990
9,000
St.PaulA S.CitjV.M wk Feb.
8(5
70
77
68%
78% 78%' 75% 77
82% 85-94! 80% 8394
100
Feb. 25.
70
70%
78
24>4 24%
36
‘15%
*25
2(5
35%
09
71
71%
78
earnings from Jan. 1
period mentioned in the second column-
“Jan. 1 to latest date” furnish the gross
to, and including, the
Chic. A \V. Mich..3(1wk .Tan.
Cin. Ind.St. L. AC. January...
Cin. Sand. A CIev.3d wk Jan.
Cin. A Springf. ..‘2d wk Feb.
Clev. Col.Cin. A 1.2d wk Feb.
Clev. Mt.V. A Del.‘2d wk Feb.
Denver A Rio Gr 3d wk Feb.
Friday,
Wednesd. I Thursday,
Feb. 23.
Frb. 24.
70«
84% 86
105% 107%
889„ 90%
Sl->4
Cent.of N. J.. lot)
Cent. Pacific.. SSI
Vues day,
Frb. 22.
Monday.
Saturday,
[Vol. XXXII.
$
4,029,795 30
3,097,074 36
10
21
3,869,739 08
91,570.528 42
3,879,603 70
3,950,945 40
,
THE CHRONICLE.
F&iiiVAitt 20, 1861. J
City Banks.—The following statement shows the
New York
condition of the Associated Banks of New York City for
week
ending at the commencement of business
Quotations in Boston, Philadelphia and Baltimore.
the
February 19
on
Banks.
Capital.
Loam and
221575..330108649
2,000,000
Union
America
Phoenix.
1,200,000
3,000,000
2,050,000
2,000,000
2,000,000
Tradesmen’s
Fulton
Chemical.
Merch’nts’ Exch.
Gallatin Nation’l
8.410.001
6.U4S.5H0
7.338.500
1.960,000
1, LI 7.800
1,073,600
7.780.000
4,093.400
8.004.400
3,841,000
1,397.000
1,000,000
1,000,000
10.103,400
1,000,000
600,000
3.037,200
1,803,100
300,000
12.620.900
4,508.800
4.651.200
State of N. York.
American Exch..
Commerce
1,000,000
1,000,000
300,000
200,000
200,000
600,000
300,000
800,000
5,000,000
5,000,000
j4.040.u00
Broadway..
1,000,000
5,613.400
4,019,600
2.491.100
5.696,10C
3.103.900
Butchers’&Drov.
Mechanics’ & Tr.
Greenwich
Leather Man’f’rs
Seventh Ward...
Mercantile
1,000,000
Pacific
422,700
Republic
1,500,000
Chatham
450,000
412,500
700,000
People’s
North America..
Hanover
Citizens’
Nassau
Market
St. Nicholas
Shoe & Leather..
Exchange..
Continental
Oriental
12.713.000
600,000
1,000,000
500,000
500,000
500,000
1,000,000
1,000,000
2.034.50C
2.090.400
2.784,10G
Park
Mech. Bkg. Ass’n
North River
Bast River
Fourth National.
Central Nat
Second Nation’l.
Ninth National..
First National..
Third National..
N. Y. Nat. Excli..
Bowery National
N. York County..
Germ’n Americ’n
Chase National..
Fifth Avenue....
German Exch.
3,200,000
2,000,000
300,000
750,000
500,000
1,000,000
300,000
250,000
200,000
750,000
300,000
100,000
'
Germania
Total
902,000;
1.004,700
2.733.900
900.800
174.000
3L.700
310,000
122.000
539.600
1,005.100
1,071,400
23.000
52.200
19.417.20C
4.289.900
24.200
158.60C
133.600
626.700
9,236,000
2,950.000
1,368,000
863.000
847.200
5.720.300
16.633.600
7.283.700
1.395.100
1.655.900
1.154.600
2.500.100
2.558.800
7.018.200
2.641.800
12.442,000
2.057,700
2,735,000
2.246.700
1.373.60C
782.300
953,600
817.300
19.483,400
9,181.000
3.450.000
6,274,500
1.100.100
1.407,100
1.525.900
2.194.300
4.754.400
1.877.300
1.171.600
1.220.600
72.600
68,700
69,100
7.202,000
Specie
Legal tenders
1,951,000 I Circulation
658.30C i
Dec.
Dec.
Loans.
1880
$
Specie.
L. Tenders.
$
Deposits.
$
$
Sept. 18....314.123.500
“
“
“
Jan.
4,600
8....304,030,200 61.948,900
13,817,400
15,036,100
06,484,100 10,395,600
29.... 310,682,200 60,264,100 17,287,900
Feb.
316,092.900 07,003.700 15,997,500
12.. ..317,139,100 07,800,600 15,540,000
320,807,300 65,849,000 14.887.200
as
45,000
41,900
221,500
810,000
1,287.000
45,000
90,000
450,000
782.000
265.100
222,200
Dec.
0..
“
13..
“
20..
“
27
1881.
.
Jan.
Loans.
$
151,583,100
151.433.200
153.031,000
149.148.400
147,934,000
:
92,800
City Clearing
19.344.500 623,375,655
18.882.500 573,355,801
18.636.700 705.598,706
18.573.700 651,169.020
17.029,100 693.917.360
18,700,600 872,895,695
18,040.500 785.361,021
18,091,800 866,893,048
18.708.700 896,540.451
18,730,400
868,076.513
18,600.2001072,080.747
18,471,400 1155,094,082
1«,485,200 940,101.842
in a-ta
18.474.400 974,074.998
18.431.400 804,522,749
18.408.200 817,931,113
*nn
140.803.400
3..
10..
147.744.500
148.283.200
17.. 150.394.400
24.. 150,034,300
31.. 152,018,200
.**
"
“
Feb.
$
ti-j
rmo
Deposits.* Circulation. Agg. Clear.
7..
151.919.800
14..
21..
152.104.500
6,750,930
7.150.100
7,507,000
7,469,T>00
7,741,400
7.848.100
7,776,000
152.499.800
7,267,700
$
3,012,300
3,430.000
3.306,700
3,132,000
3.174.400
3.467.100
87,917,400
30.569.200
30,616.400
30.628.700
30,56.0,200
30,043,700
30,720,900
3,812,000
3.709.300
3.745.300
3.753.400
90,217,000
93,014,800
30,715,300
30,004,600
30,623,800
80,688.600
3,809,(/00
3,390,800
97.502.100
07,418.700
30,727,500
30.583.700
2.835.100
2.549.400
97.127.100
97.219.100
31.197.200
30.785.700
95/903,800
97.430.300
are as
“
Dec.
”
“
..
29
0
13
20.
27
..
..
..
icqi
Jan.
;;
3
10....„...
.
.
.
.
“
24
31
Feb. 7
*•
14
.
“
u
21...
Deposits.
74.961.122
75,082,036
73,012,770
72.940.463
72,892,910
$
19,822,930
19,440,299
17.962,749
10,164.055
10.171.020
10.500,461
$
66,532.670
60.632,402
64,819.921
01,280.872
00.700.950
61,249.901
72.302.901
72,429.057
'72,722,820
72,500.007
73.107.S79
74.409.273
74,037,16-1
18,704.848
19.307,800
20.342.042
20,075,040
20.345.753
20.340,524
20,031.407
.
.
75,335,210
20,499,087
75,082,818
Lowell
Maine.
Providence
119*
110
125
so*
Conncllctlcut River
Conn, to Passumpslc
.
Eastern (Mass.)
Eastern (New Hampshire)...
73%
20%
100
159
160
85
80
142%
Marq
3!
91
common.
05
Iowa Fall 3 to Sioux Cl'y
R.C. Law. to Southern.Ex.R
Little Rock to Fort Smith
Manchester to Lawrence....
Mar. Hough;* O.it
62 %
...
02%
142
54
England...
Hampshire
do
107%
100
32%
32
...
I
29
130
01
24
do
do
24%
Penna. 5s, g’d, intMreg. or cp
do
5s, cur., reg
do
58, reg., 1882-1892
do
5s, new, reg., 1892-190;
do
68,10-15, reg.,ls77-’82.
Philadelphia, 5s
80,240.704
78.970,058
59,092,909
81.409.543
85,208.919
84,494,917
89,188,828
78,576,830
80,193,075
77,501,141
85,747,528
Agg. Clear.
$
12.24l.12L
48.741.664
12,192,735
12,196.038
12.202,775
12,221,825
12,123,788
59,498,059
40,572.862
40.440,050
64.160.360
04.344,188
05,506,215
05,340,431
65.273,525
65,808.364
67,436,318
12,122.597
12,187.128
12,193.537
12,160.558
12,122,237
12,136.113
12,150.740
40,431.284
67 222,443
50,728,704
51.952.921
46.098.832
52,415,259
47,581,826
67,381,557
12,099,714
51,259,010
44.275.141
RAILROAD STOCKS.f
Buffalo Pitti. & Weatern—
do
pref.
19%
Camden * Atlantic
ao
do
pref
Catawlssa
20
pref
52
30
31
18%
pref
Delaware* Bound Brook....I....
East Pennsylvania
new
51%
Ehrilra * Williamsport
do
do
pref..
Har. P. Mt. Joy to Lancaster.
Huntingdon* Broad Top...
do
do pref.
Lehigh Valley
Little Schuylkill....,
40,040,969
Jilnehlll
9
14
04%
33
33%
33l0
72%:..:
..
37
Delaware Division
46%
170
13%
14
Allegheny VaL, 7 3-10s, 1896... 120
do
7s, E. ext., 1910
do
Inc. 7s, end.. ’94
35%
Belvldere Dela. 1st m.,6s,1902.
123
RAILROAD BONDS.
2d m. 6s. ’85..
8dm. 68, ’87..
io’y
Camden &Amboy 6stcoup,’83
do
6s, coup., ’89
110*
do
mort. 6s. ’89
115%
Cam. * Atl. 1st ra. 7s. g., 1393
do
2d m. car. 78, Ie7s.. ICG
Cam. & Burlington Co. 6s,’97.
Catawlssa lst.Ts, conv., ’82...
do
chat, m., 10s, *88
.
.
t Per share.
do
6s, 1902, J. * J
f*H, 19(6, new
Norfolk water, 8s
107
K9
108
100
108
lil
119
119
122
121
122
122
108
120%
122
124
120
124
do
RAILROAD
*0
pref...
6s, exempt, 1887
RAILROAD STOCKS.
CANAL STOCKS.
Morns
do
pref
do
Par.
Balt.* Ohio
100
do
1st prtf
do
2d pref
do
Wash. Branch. 100
do
Parkersb’g Br..50
Northern Central..
50
Western Maryland
.. .50
....50
40%; Central Ohio
64 i Plttsourg * Conneil8Vtlle..50
Chesapeake * Delaware
Lehigh Navigation
Maryland Cs, defense, J.& J...
50
Phlla.Wllining. & Baltimore,
at. Paul* Duluth ILK. Com
do
do
pref.
183
United N. J. Companies
West Chester consol, pref....
31
West Jersey
In default.
100
Chesap. & Dela. 1st 6s, rg.,*8<j 90
Delaware Division 6s, cp.,78.
Lehigh Navlga. m.,68, reg.,*84
do
mort. RR., rg ,’97 115
do m. conv. g.f reg.,’94 110%
111
do mort. gold, ’97
do cons. m.78,rg.,1911 110%
Morris, boat loan, reg., 1885..
100
Pennsylvania 6s, coup., ’.910..
Schuylk. Nav.lst rn.6s.rg.,’97. 82
do
2d m. 6s, reg., 1907
do 6s, hoat*car,rg.,19!3 60
do 7s, boatAcar.rg.,1915 62
Susquehanna 6s, coup.. 19;8 .*
do
6s, 1890, quarterly..
do
5s, quarterly
Baltimore 6s, 1S34, quarterly.
do
68,‘.856, J.& J
58%;
00
do
6s, 1890, quarterly
do
fls, park, 1890,Q.—M.
60 I
do
6s, 1893, M.*S
do
64%:
6s,exempt,’9&,M.*S.
do
0s, 1900, Q —J
59%
52%
58%
Norristown
North Pennsylvania.
*
116
Western Penn. RR. 6s,cp.*sM. 115
do
68, P. 6.,’96.
BALTIMORE.
Nesquehonlng Valley
do
do
90
CANAL BONDS.
6s,n.,rg.,prlorto'95
6s,n.,rg.,1895* over
4s, various
do
iuY
99
123
lstm.78,’99
cons. 0s, 1909
W. Jersey to Ati. 1st m. Ss, cp. 106% i'10
reg
6s, old, reg
Pennsylvania
Schuylkill Navigation
96
in.,6s,g.,1905 102%
1. gr., 78 1915
do
do
!
6s, In. Plane, reg.,1879
Rio Grande DiV..
cons.
100
West Jersey 6s, deb., coup.,’80
do
1st m. 6s, cp., '96. 118
117
68,15-25. reg.,l882-’92. 104%
do
do
7s, It. C., 1893*
7s, coup, off, ’93
do
Inc.*
Union * Tltusv. 1st m. 7s, ’90.
United N.J. cons. m. 6s,’94..
Warren to F. 1st m.7s, ’96
West Chester cons. 7s, ’91
51
pref
PHILADELPHIA.
do
do
do
do
127
Syra.Gen.* Corny,l6t,7s,1905
Texas * Pac. 1st m ,6s, g.,1905 108%
.1120
Wisconsin Central
do
do
97
1.23
Shamokln V.& Pottsv.7s, 1901 114
Steubenv. * Ind. 1st, 6s, 1884.
Stony Creek 1st m. 7s 1907....
Snub. Haz. * W.,lst m.,5s,*2L
Sunbury & Erie 1st m. 7s, ’97..
pref..
Vermont * Massachusetts..
Worcester* Nashua
uv
)
116%
61
Phll.&R.Coal&Ir’n deb.7s.92*
do
deb. 7s. cps.ofl
do mort., 7s. 1892-3
Phlla. Wllm. * Balt. 6s, ’84....
Pltts.Cln.&St. L. 7e, cou.,1900 121%
do
121%
do
7s, reg., 19U0
do
Norwich * Worcester
do
,....
108
120
117
ao conv.
& Oat., pref...
Nahsua* Lowell
New York * New
Northern of New
117%
do
cons. ra. 6b, rg., 1903.
do
cons. m. 6s, cp., 1905.
Penn. Co ,6s. reg
108%
Perklomen 1st in. 6s,coup.,’9i
Phlla. * Erie 1st m. 6s, cp.,’8l ibo
118
do
2d m. 7s,cp.,’98 117
Phlla. Newt’n * N.Y.. 1st m.
Phil.* R. 1st m. 6s,ex. due 1910 ii5
do
do
1?10
do
2d m., 78, cp..98. 181
do
cons. m..78,cp., 1911 123
do
do
1 eg., 1911 123%
do cons.m.6»,g.iRt;i9ll
do lmp.m.,6*,g,« C. 1897
do gen. m. 61. g..C,U0*
00%
70
73
do lu. m., 7s,coup.,1896.
do dib. couo , 1*93*....
c jup. off, lfc93.
co
do
do Ecrip, 1892
37%
pref
Fort Scott* Gulf, pref
Mar. Iloagh.
117
!Pa.&N.Y.C.* RK.7s,1896....
*70
65
x72
Chl \ to W. Michigan
Cln. Sandusky to Olev
Concord
do
#
109
Cheshire preferred
Flint to Pere
do
•
.
Philadelphia* Trenton
Philadelphia banks
Circulation.
$
'07
...
#
Susquehanna
L. Tenders.
Loans.
$
•
x
84.070,865
follows
1880.
Nov. 22
Topeka
Albany
Pennsylvania
Philadelphia* Erie
Pnlladeiphla * Reading
•Including the Item “ due to other banks.”
I’hiladelph ia Banks.—The totals of the
122%
....
to
Atchison
Boston to
Boston &
Boston to
Boston to
73,S44,364
$
99.550.300
98.371.300
97,342,800
91,059,500
89.S43.900
7s 1900
new
I
do
1906
m. 6s, cp.. 1910
133)* 133% Pennsylv.,gen.
do
gen. m. 6s, eg., 1910.
STOCKS.
Rutland, pref erred
Revere Beach * Lynn
18.420.200 1179,878,986
18,425,000 1179,899.303
18,345,500 1224,948,182
302.512,300 18,330,700 955,459,473
307,097,200 18.303,300 1042,395:915
307,924,300 18,352,300 947,812,074
307.718,100 18,259,5001105,462,825
L. Tenders.
S
Specie.
7,902,300
7.515.100
0,915,000
0,604,900
6.108,600
6.102.100
Vermont to Canada, new 8s..
•
154,800
Boston Banks.—The following are the totals of the Boston
banks for a series of weeks past:
1880.
Nov. 22..
“
29..
•
xl28
Old Colony
Portland Saco * Portsmouth
Pullman Palace Car
x 130%
285,787,700
292,370,800
298,931,900
05,402,500
...
Ggdensb. & L. Champlain
$200,200
Dec.
m
180,000
follows
Dee.
Ask.
..
Fitchburg
180.000
1,089,200
Circulation. Agg. Clear
$
66.517.300 13,517.700 298,929,700
05,147,600 13,197,200 294,806,900
Oct.
2....309,323,600 65,256,300 13,046,300 295,611,400
9....313,521,200 60.992.200 12,629,000 301,013,000
16....315,811,900 67,364,300 23,035.000 302.566.900
23 ...317,043,300 65,013.900 13,159,300 300,831,000
30
317,880,200 66,372,400 13,010,700 302,582,100
Nov. 0....324,370.200 00,691.700 11,989,600 807,796,700
13....324,970,000 64.955.400 12,474,900 307.708.200
20
315.334,000 63,830,000 12.078,900 295,871,400
60,177,900 12,098,200 289,527,100
Dec.
4... .305,701,100 54,534,600 12,036,700 276,132,700
11....293,959,200 53,933.200 12,579,900 260,385,200
1ft
nnn
f.r. a-v?
OQQ
iqqiui nil
non nnn
18....293,372,000
13.318,400 207,629,900
55.677,800
24....292.417,900 51,086.000 13,300,900 207,008,000
31 ...297,756,700 58,047,900 12,796,000 272,460,900
“
CataWisea,
6a, 1900-1904
Itch. & Tcpeka 1st m.7s
120% 121% Connecting
Chartlers Val.,lst m.7s.C.,1901
do
land gra
120
Delaware
mort..
6s, various..
do
2(178....
135
Del. & Bound Br., 1st, 78.1900
do
'
land Inc. 8s..
East Penn. 1st mort. 7s, ’88
Boston & Maine 7s
ooeton a Albany 7s
127
127% ! E1.& W’inaport, 1st m., 7s,’80.
do
5s, perp
do
6s
! HarrlBburg 1st morL 6s, ’83...
Boston & Lowell 7s
123
120
! H. & B. T. 1st m. 7s, gold, ’90.
do
6s
do
1st m. 7s, Li. g.’89
Boston & Providence 7s
do
2d m. 7s, gold, ’95.
Burl, * Mo., land grant 7s
i 17 117%
do
2d
m. f .'.scrip g.,7s
do
Nebr. 6s
Ex
do
3d ra. cons. 7s, 95*.
Nebr. 6s
do
I Ithaca* Athens 1st g d, 7s.,’90
Conn, to Passumpslc, 7s, 1391.
I Junction 1st mort. 6s, ’82
Kastern, Mass., 4^8, new. ... 1055*
I
do
2d mort. 6s, 1900
Fitchburg RR.f 6s
7«
Lehlgli Valley, lst,6s,cp., 1898
do
do
do reg., 1893...
Fort Scott & Gulf 7s
do 21 m. 7s, reg., 1910..
Hartford & Erie 7s.
'55%
do
con. m., 6s,rg.,1923
K. Llty Lawrence to So. 43... 104% 105
do
do
6s,cp.,19/3
Sum. City. St. Jo. to C. 14.7s. . 120%
i
Little
.!!!
Little R’k & Ft. Smith, 7s,lst 113%
Schuylkill, 1st m. 7s,’82
; North. Penn. 1st in. 6s, cp., 85.
New York & New Eng. 7a
do
2d ra. 7s,cp., ’96
New Mexico & So. Pac. 73...
do gen. m. 7s, cp., 1903.
*07
Ogdensburg to Lake C11.6 i...
do
Old Colony, 7b
gen. m. 7s, reg., 1903
....
do new loan 6s,reg....
Old Colony, 6s
Oil
Creek
1st m. 7s, coup.,'*82.
Pueblo & Ark. Valley, 7s
U7
Rutland 6s,1st inort
jrittsb. Tltusv.* B.,7s,cp.,’96
99% ioo*
do
Vermont to Mass. UR., 6s
Scrip
STATE AND CITY BONDS.
The following are the totals of the New York
House Banks’ returns for a series of weeks past:
“
3.900
427.600
443.800
60.875,200 320,807,309 65.649,600) 14.887,290 307,718.100 13,259,500
The deviations from returns of previous week are
Inc. $3,668,200 | Net deposits.
“
45.000
265,000
1.725.800
3.722.000
23.058,500
21,809.10C
Loans and discounts
“
791.100
423,000
780,S00
99.200
39.200
45,000
5,400
7.811.900
355.000
381.100
74.500
161.000
1.144.600
1,117,160
450,000
22.000
200,000
178,700
4.049,300
2.514.400
194.300
1.103.700
1.770.100
895.000
18.348.80(1
200,000
2.455.900
4.308.300
1.189,600
395.600
ail.400
252.000
1.121.800
3.862,300
1.670.700
38.300
585.000
430,000
4,051,300
3.553.000
3.441.700
1.466.300
260.000
543.000
2,700
463,400
11.423.000
10,335.800
3.939.400
04.400
94.800
99,000
255.000
101,000
249,800
305.200
21.283,100 5.094,500
18.420,2001 4,071,700
217.800
1.016,000
21.400
332.500
987.400
8.88.400
41.500
..
114.000
211,200
148.900
78.500
137.800
558,000
432.800
4(59,300
149.500
229.200
206.900
110.800
122.50U
179,000
3.594.700
Bid
8EOURITIR8.
....
247,300
229.900
1.727.700
791,000
1.481.200
300.700
133,000
457.100
212.900
767.000
262.000
1.881.300
3.674.000
3,911,30C
7.158.10C
1.935.300
3.265.000
Y.Ybo
267,000
100.600
495.000
385.200
44,500
648.100
773.000
19,400
563.400
147.400
795,000
2.704.000
5,111,400
1.475.600
1.922.100
400
2,745.000
116.000
807.200
167.500
313,000
1,267,100
413.100
3,210.000
271.300
360,000
1.308.700
13,421,400
3.834.600
1.0W8.600
3.295.200
952.00G
853.900
6.440.900
6,605.000
'4,048,200
6,421.000
3,897,000
12,170,900
340.500
851.800
430.900
495,000
101.700
302.300
401.700
tion.
8.090.000
5.35(5,400
172,000
60.500
1.604.500
905.000
3,000.000
400,000
1,500,000
2,000,000
500,000
240,000
250,000
59.000
140,000!
500,000
300,000
Marine
Importers’ & Tr..
285,000
148.600
365.100
290.600
4,083,200
Circula
*
171.400
705.300
1,360,200
1.263.900
1,901.000
3,916,000
409.100
263.600
3,364,500
518.200
13.180.900
other
than U. S.
«
400,000
456.800
2.593.600
7.309.600
2,829,000
1,000,000
Irving
Metropolitan....
Tenders.
$
*
$
New York
Manhattan Co...
Merchants
Mechanics’.
Net dept's
Legal
Specie.
discounts.
“
Ask.
BOSTON.
Average amount of
Corn
Bid
SECURITIES.
1881:
City
227
190
118
117
175
7
48
10
48
10
191%
11
40
13%
49
20
BONDS.
Balt. * Ohio 6s, 1885,A.*0.... 109
N. W. Va. 3d m.,guar.,’85,J*J 106
Plttsb.* ConnelTsv.7s,’98^J*J 122
Northern Central 6s. ’85, J&J 108
do
6s. 1900, A.AO. 116
do 6s,gld,1900, J.&J. 114
116%
Cen. Ohio 6s, l8tm.,’90.M.&8: 116
W. Md. 6s, 1st m.,gr.,’90lJ.*J. 117
do
1st m.,\890, J. * J.... 113
do 2d in.,gnar., J.&J....'117
2d m.,pref
do
'103 U0%
do 2d m.,gr.by W.Co.J&J Ill
do 6s, 3d in., guar.,
83
J.toJ. l;8
121
120
Mar. & Cln. 7s, ’92, F. & A
83%
do
2d, M. * N
do
8s,3d, J. * J...... 44%
Union RR. 1st, guar., J. & J.. lift
do
Canton endorsed. 115
sg
U. 8,
CHRONICLE.
THE
228
QUOTATIONS OF STOCKS AND BONDS IN NEW YORK.
Bonds and active Railroad Stocks are quoted on a previous page. Prices represent the per cent value, whatever the par may be
STATE
Bid.
SECURITIES.
Alabama—Class A,2to 5...
Class A, 2 to 5, small
Class B, 5s
Class C, 2 to 5
Ts
7s, Miss. O. A R. R. RR...
7s, Arkansas Central RR.
Connecticut—tis
Georgia—tis
7s, new
7s, endorsed
7s, gold
Louisiana—7s, consolidated
1890
Mlssouri-^tis, due 1882
• •••
100
110
110
115
tf t
.
.
Am.
Railroad Stocks.
{Active previously quoted.)
Albany L Susquehanna....
Atchison Top. A Santa Fe.
Boston A N. Y. Air L., pref.
Buffalo Pitts- A West
Burl. Cedar Rapids A No...
Cedar Falls A Minnesota...
Central Iowa
do
1st pref
do
2d pref
Chicago A Alton,pref
Cin. Ind. 8t. L. A Chic
Ctn. 8andusky A Cleveland
Clev.- A Pittsburg, guar....
Danbury A Norwalk
Dubuque A Sioux City
Frankfort A Kokomo
Harlem
Ind Bloom. A Western
Keokuk A Des Moines
do
do
Dref.
Louisiana A Mo. River
Louisv. N. Alb. A Chicago..
Manhattan Beuch Co
Chic. A Pac. div., 6s,1910..
Chic. A Northw.—Sink. f’d.
Int. bonds
Consol, bonds
Extension bonds
1st mortgage
ISC
$50*
Coupon gold bonds
Registered gold bonds.
Sinking fund
$34
$"5
Missouri Pacific
N. Y. New Haven A Hartf.
N. Y. Ontario A West.,pref.
Peoria Decatur A Evansv..
Pitts. Ft. W. A Chic., guar.
Pitts. Titusville A Buffalo..
do
do
pref.
Rensselaer A Saratoga
Rome Watertown A Ogd...
St. Paul A Duluth
pref.
178
37*
33*
132
$3)
$39%
St. Paul Minn. A Man
Terre Haute A Indianapolis
$92
Adams Express
American Express
United States Express
120
00
Hiscellaneous Srks.
132
Wells, Fargo A Co
American Coal
Atlantic A Pacific Telegr..
Boston Land Co
Canton Co., Baltimore
Caribou Consol. Mining
Central Arizona Mining—
Central N. J.Land Imp
Climax Mining
Colorado Coal A Iron
Consolidation Coal of Md..
Cumberland A Elk Lick Coal
Deadwood Mining
Excelsior Mining
Homestake Mining
Jerome Park Imp. Co
La Plata Mining
Leadville Mining
Little Pittsburg Mining ...
Mariposa L’d A Mining Co..
do
do
pref.
Maryland Coal
Iowa Midland, 1st m., 8s..
Galena A Chicago, exten.
Peninsula, 1st m., conv...
Chic. A Mil., 1st
Winona A St. P., 1st m. ..
do
2dm....
C. C. C. A Ind’s—1st, 7s, s. f.
Consol, mortgage
C. St.L.A N. O.- Ten. lien 7s
1st con. 7s
•
C. St. P. Minn.A O’aCons.tis.
Ch.St.P.A Min.,1st 00918
N.Wisc.. 1st M., 0s., 1930..
8t. P.A Sioux C.lst 0s.1919
Del. Lack. A W.— 2d mort.
7s, convertible
Mortgage 7s. 1907..........
es
55
52*
do
55“
$S
Railroad Bonds.
Stock Exchange lYices.
Bait. AO.—lsttis,Prk.b.l919
Bost. H. A Erie—1st m
Bur. Ced.R.A North.—lst,5s
Minn.A St. L., 1st, 7s, guar
7s
C.Rap. Ia. Falls A N,lst 0s
Central Iowa, 1st m.7s, 1899
Ohesap.A O.—Pur. m’y fund
8s, gold, series B, int. def.
tis, currency, int. deferred
Chicago A Alton—1st mort.
Iowa City A West’n.lst
Income
Sinking fund
Joliet A Chicago, 1st m...
Lotis’a A Mo.,1st m„ guar
do
2d 7s, 1900.
£t. L. Jack. A Chic.. 1st m.
do
do
do
1st guar. (504) 7s.’94
2d M. (300) 7s. 1898
2d guar. (188) 7s,’98
Mi88.Riv.Bridge,lst,8.f,tis
Chic. Bur. A Q.—8 p.c., 1st m
Consol, mort., 7s
5s, sinking fund
Chic. Rk. I.A P.—tis, cp.,1917
tis, 1917, registered
Keok.A Des M., 1st, g., 5s.
Central of N. J.—1st m., ’90
'
no
111
lstm., 7s, reg—
N‘. Y. Elevated—1st, 7s. 1900
N.Y.Pa.AO..prior lien tis,'95
109*
*124*
*
124*
122
*101*
*i:o‘
120
*121
2112
111
121*
103* 100*
*11U
Central Pacific—Gold bds.
*105
San Joaquin Branch—
Cal. A Oregon, 1st
8tate Aid bonds
Land grant bonds
Western Pacific bonds..
South Pac. of Cal.—1st m.
Union Pacific—1st mort
Land grants, 7s
110* 112
A N. Y., 1st, 7s
2d mort...
bonds, 1900
115
*127
120
*134
135
*]If*
-111*
$45%
$41
Albany A
Susqueh., 1st m
110
2d mort
do
do
1st con., guar 124’
*132
Rens.A Saratoga, 1st,coup
1st, reg.
do
Grande—lst,1000
110*
A Pac.,1st 7s,1905
105* 105*
127
127*
108* no
Deny. A R.
1st cons. 7s.
do
$4*
Den. 8. P.
$4
$5
$27
1910
Erie—1st mort., extended.
2d mortg., ext’n 5s. 1919.
3d mortgage, 7s. 1883... .
4th mort. Ext., 5s. 1920...
oth mortgage, 7s. 1888
gold 7s, 1920.:
1st cons,
Long
114
107*
113
10
1st m., 1910
95
N.Y.L.E.AW., new 2d tis..
do 1st, con., f, cp.,7s *126
do
13L*
130*
*119
Dock bonds
130
’
128*
90%
2d,con.,f.cp.,5s.0s
111%
Jos.—8s, conv
no
Hous. A Tex. C.—1st, m. 1 .,7s
*...
1st mort., West. Div., 7s.,
1st mort., Waco A N., 7a.
t".‘.
2d C., Main line, 8s
*122
2d Waco A N.,8s
*09
63% 54%
Inc. and ind’y, 7s
08
Ill.Cent.—Dub.ASioux C.lst
Dub. A Sioux C., 2d div...
107
Cedar F. A Minn., 1st m.. *113
119
107
Ind. Bl’m A W.—1st, pref.7s
113
1st mort., 7s, 1900
70 ‘
2d mort., 1909
105
*81% 82
Ind’s Decatur A 8p’d 1st 7s
109
50 } 51
Int. A Gt North. 1st 0s,gld.
121* L. Shore—M.S.A N.I., s.f.,7s 109
103
105*
Cleve. A Tol., sink. fund.. *110
109*
*113
do
new bonds.
116%
Cleve. P’ville A Ash., 7s
M22
Buffalo A Erie, new bds...
*107
Buffalo A State Line, 7s.. *101*
103*
117
Kal’zoo A W. Pigeon, 1st.
Det.Mon. A T., 1st, 7s.’19O0
4110”
Lake 8hore Div. bonds... 124
do
cons, coup., 1st
Han. A St.
do
do
do
127
123
124’
125
104*
1st.
cons, reg.,
cons, coup., 2d
cons. reg.. 2d .
±127
112*
iii*
127 ‘
*105
iio*
-
132
*130,
113
*—
101%
---
101
120
H8
*109
*106
*
62
64
02
01
....
...
....
«
•
•
•
•
•
•
•
480
477
Stock
Preferred stock
( alv. Hous.A H.—7s, gld,’71
114* H4*
114*
1
*.... 124
1124
*100*
.
.
a
1
1
.
Income,“A ”
“B”
do
Stock
I. J .8outh .—1 nt .guar, ,0s,’99,
St.L. Va.AT.H., 1st g.7s,r97
do
2d 7s, 1898
2d gtd.78, ’98
do
Rome Wat. A Og.—Con. 1st
St. Ii. A Iron Mount’n—1st m
2d mortgage
80
97
...
STATES.
o.Carolina^-Con., 0s (goo
f
Consol, conv., 7s
Gt, Western, 1st m., ex cp
do 2d m.,7s.’93,ex cp
•
•
•
RAILROADS.
Hl% Atlantic A Gulf-^Consol..
115
•
•
109
4109% 110
•
•
50
100
109
10S
105*
108
99
100
105
119
iio
t
.
....
7s, >90,ex cp.
....
111. A So. Ia., 1st m.7s,ex cp
Hannibal A Naples, 1st <s
St.L. K.C. A N.R. E.A R.,7s
Omaha Div., 1st mort., 7s
Georgia—0s
E.Tenn.A Va.—6s,end.Tenn
E. Tenn. Ya. A Ga.—1st, 7s.
Stock
0s
109%
111*
t
mortgage, 7s.....
Stock..:
East Tenn. A
Stock
Mem phis A
2d. 7s
Stock
_
Cha’ston—1st,7s
...
...
_
Mississippi Cent.— •stm. 7s
2d mort., 8s
•. .
Miss. A Tenn.—1st m., Ss, A
1st mortgage, 8s, B
N. O. A Jacks.—1st m., 8s..
Certificate, 2d mort., 8s..
Norfolk A Petersb.—1st, 8s
1st mortgage, 7s
2d mortgage, 8s
Northeast., S. C.—1st m., 8s
2d mortgage, 8s
Rich.A Dan.—1st ccnsol-, 08
4117**
102
Ga.—Conv ,7s, ’80
Southw.
Clarinda b..0s, 1919
Stock
«t«•••••***«•*••••
102* 104
123* S. Carolina RR.- ist m., 7s
Stock, assessmt. paid ...
West. Un. Tel.—1900, coup. 118
118
7s, 1902, non-enjo ued ...
1900, registered
Non-mortg. bonds
Spring. Yry W. Works-1
107* 107* West Ala.—1st mor!., 8s...
2d mort.. 8s, gua .•
INCOME BONDS.
Western N. C.—1st m., 7s..
100
102
Central of N. J.—1908..
....
....
....
•
•
100
15
92*
102
20
94
112
110
110
108* 109
103
102
40
142
102
100
102
100
-113
107
Stock.
2d
iii"
t
53
+109
....
•
104
105
no
118
120
102
108
115
118
52
30
no" Virginia coupons
do
consol, coupons...
92' (
....
quotations made this week.
51
53*
113
92'*
88
80
78
18
17
me 13
34
82
100
90
50
45
10
15
97
95
00
57
31
33*
1C6
104
Fast-due Coupons.—
109"
....
....
Equipment bonds, 7s, 18®
100
68
90
102
Brown cons
’exas—tis, 1892
M.AS.
7s, gold, 1892-1910 .. J.A J.
7s, gold, 1904
J.A J
109*’
....
•
30
91
84
122
112
92
72
115
107
91
90
04
{Brokers' Quotations.)
f
114
115
....
•
30*
••4
97
109
•
2d..
do
•
do IstTr’tCo.ctfs.ass.
do 2d
do
ass
do 1st
do
suppl
•
93
si"
87
2d mortgage
it. Jo. A Western stock.
Pennsylvania RR—
138
Pitts.Ft.W.A Chic., 1st m.
do
do
2d m.. 130
128
do
do
3d m.. 4121
5.... 127
Cleve.A Pitts., consol., s.f.
do
4th mort...
Col. Chic. A I. C., 1st con..
do
2d con...
St.L.—1st, 7s
2d mort.
iOng Islar
2d mortgage,
do
lidlandof N. J.—1st, new.
103“
’95
Consol. 6s.
Income and land gr’t. reg.
1st Rio Gr. Div., 0s, 1930.
1st, 7s. Id. gr., not guar...
1st, ex. 1. gr.,7s
J ndianapolis A
2d mortgage
.
«
•
Boston Hartf. A
111
104
*
103
do 1 st 6s.Peirce,CAO
do Kquipm’t 7s,
South Pac. cf Mo.—1st m. 4:105
107
Texas A Pac.—1st, 0s, 1905.
4100
1905
* No price to-day; these are latest
•
•
50
40
40
•
,
rt
•
{Brokers' Quotations.)
RAILROADS.
2>k
IX
E.—Stock.
90
80
102* Chic.ACan.80.—1st m.,g.,7s
108
100
Chic. A E. Ill.—S. F.c’y 1907
100* Chic.A Southwest.—7s, guar +121 124
Cin. Lafayette A Ch.—1st m
Cin.A Spr.—1st, C.C.C.AI.,7s 115* 120
113*
1st m.jg’d L.8. AM. S.,7s. 115
Erie A Pittsburg—1st m.,7s +100
112
107
Con. mortgage, 7s
90
7s,
equipment
110
108*
Flint A Pere M.—8s, I’d gr’t
105
Kansas Pac.~
105
1st 6s, 1895
113
1st 6s. 1890
108
Denver Div.,0s,assd,’99
115
1st cons. 0s, 1919
Mo. Pac.1st cons. 0s,192O. *100*
ids"
Pacific RR. of Mo.—1st m.
*115
2d mortgage
103
St.L. A S.F.,2d 0s.cla88 A.
84
85%
do
3-0s, class C.
87
87%
do
3-6s. class B.
Q. A Tol., 1st,
#
•
84
463*
St.L.I.M.AS.—1st 7s,prf
2d 0s, int., accum’lative..
....
[127
•
•
•
Miscellaneous List.
1?4
**-°
Income
80*
Belleville A So. Ill., 1st m.
St. P. M. A Manit’a—1st, 7s. 110*
100%
2d mort., 0s, 1909
4106
Dakota Ex. 6s, 1910
109*
98%
Wab.St.L. AP.,gen.,0sl92O..
A
do Chic.div.,5e,1910...
103*
no*
do Hav. Div., 0s, 1910.
no
do T.P.AW.,lst7s,1917 4117*
Wab. RR.—Mortg. 7s of ’79.
4....
T.AWab., 1st ext.7s
1st St. L. div.7s,ex mat.cp. 4110
4....
122
2d mortgage ext., ex coup
131
‘
5-7s.
do
do
small
Peoria Dec A E’ville—Incs.
Evansv. div. Inc. 1920 ...
102*
•
»
45
35
35
Ogdb’gAL.Champ. inc. 1920
118
*H9*
*H0
ac.
•
•
80*
N.O.Mob. ATex.deb.se.,1930
Ohio Central—Inc., 1920..
133
133
R2
•
N.Y.LakeE.AW.Inc. 08.1977
*131* 132* N.Y.Pa-AO.,1st inc.
do
Louisv. A Nash.—Cons.m.,7s *121
t And accrued interest
118
....
...
*105%
2d mort. ,7s, gold....
....
111
Cecilian Branch, 7s*.
N.O. A Mob.,1st0s. T930.. *101
...
do
Sand’y Div.,inc.l920
Laf. Bl.A Mun.—Inc. 7,1899
MobileA O.—1st pref. deben
2d pref. debentures
Sd
do
4th
do
no
Cairo Ark. A T., 1st mort. 4109*
115
St. L. Alton A T. H— 1st m.
4109*
2d mortgage, pref....
*123* 123*
*
123*
_
•Prioes nominal,
*109%
108* 110* *
Arkansas Br., 1st mort
Cairo A Fulton, 1st mort.
109
E. H. A Nash., 1st 0s, 1919
103
Gen. mort
0s, 1930
1st consolidated
*115
Nashv. A Decatur, 1st, 7s.
do
assented. 117"
L. Erie A West.-lst 0s, 1919 100* 103
Convertible
.iioo
Ilf 117*
do • Sand’y Div..0s,1919
do
assented...
.109*
110
103
Laf. Bl.AMun—1st 0s. 1919
Adjustment, 1903
Manhattan Beach Co. 7s, ’99 *9
Lehigh AW.B., con., g’d..
no
N.Y. A Man. Beac 1 lst7s,’97;*lC0
do
assent’d 109*
123
4 m. Drv>V 4 Tmnr. hrmrtn. )130
Marietta A Cin.—l«t mort.
119
...
Sinking fund
Registered, 8s
Collateral Trust, 0s....
1U5
Gal. Har’g A 8. Ant’o. 1st tis
1st La Grange Ex .0s,1910
*102*
2d mortgage, 7s. 1005. .
100*
107*
C.St.P.A M’s L. Gr.,ln.6s,’98
f
Cnic.A East’n Ill., Inc.,1907. $100*
77
Ind’s Bl. A W’n—Inc., 1919..
04
458
Ind’s Dec. A Sp’d, 2d Inc...
95
92
105% Int. A Gt. Northern—2d Inc
100
91
79% Leh. A Wilkes B.Coal—1888
75
Lake Erie A W’n—Inc.7s.’99
t
Buff. N.Y.A E,
$01*
$5*
24*
$2*
1*
112
109
109
65
91
127
....
«
illi*]
15*
*
498
64
80
Chic.St.L.AN.O.—2d m. 1907
104* Col.Chic.AInd.C.,inc.7s,1890
97
Cent. Iowa coup, debt certs.
HO
Nevada Central—1st m. tis.
N. Pac. bond cert. 0s, 1921..
Ohio A Miss.—Consol, s. f’d
Consolidated
2d consolidated
1st m., Springfield div —
Ohio Cent., 1st m., 0s, 1920
do 1st Ter’l Tr.,0s,1920
Panama 8. F. Sub’y 08,1910
Peoria Dec. A E’ville. 1st 0s
Evansv. div.,1st 0s, 1920..
Pacific Railroads—
*103
58*
102
125
104
94%
do
,
’
6s, 1887
....
08, real estate
0s, subscription
N.Y.C. AHud.,lst m., cp.
do
1st m., reg
Huds. R., 7s, 2d m., s.f.,’85
Canada South., 1st, int. g.
Harlem, 1st m., 7s, coup.,
1st mortgage, 1891
do
extended
Coup., 78,’94 *118*|
do
do
Reg. 7s, *94.
*123
1st Pa. div., coup., 7s, 1917
do
reg., 7s. 1917 .
$4*
14
pref
lto
-
54
54
51
51
51
30
30
80
112
82
’80
AND BONDS.
H. A Cent. Mo., 1st., 1890.
Mobile A Ohio-New m., 0s.
Nash. Chat. A St. L.—1st 7s
N. Y. Central-0s, 1883
113"
.
....
Mo.k.AT—Cons.ass..l9O4-0 105%
2d mortgage, inc., 1911....
79*
130
Morris A Essex, 1st m
do
do
do
do
do
t
0s, 1909
constructs
*.... 123
7s of 1871.
1st con.,g’d.. *123
100*
lOtifc
Del.AIIud.Canal—lstm.,’84
$43?i
New Central Coal
$28
K.Y.AStraitsvillcCoalAIron
30
N.Y. A Texas Land, limited
Ontario Silver Mining
$35%
Oregon Railway A Nav. Co. i 180
Pullman Palace Car
$144*
3llver Cliff Mining
St&ndara Cons. Gold Mining
Stormont Silver Mining....
Sutro Tunnel
8yr. Bit gh.
120
Montauk Gas Coal
Quicksilver
..
108’ *
registered..
do
Memphis A Charleston
do
C. A M.f 1903
7s71.«
$44
STOCKS
Metropollt’n Elev—1st,1908
Metropol. Elev.—2d 0s. 1899
Mich. Cent.—Cons., 7s, 1902
1st mort., 8s, 1882, s. f
Equipment bonds
•
135
08
80
101
110
Mar.ACin.—1st mort., steri.
Dock&Imp.,assented
m.,
0
8
8
8
85
81*
...
23*
Con. sinking fund, 1905... + 123
104
2d mortgage. 1884
.122
1st m.,
D.Ext.,1908
109*
3.-west div., 1st 0s, 1909. 4107
497
1st 5s, LaC. A Dav., 1919.
100* 107*
1st So. Minn. div. tis, 1910.
110
110*
Istm., H. AD.. 7s. 1910..
1C8
$19*
....
0
0
....
1st m., 7s. f g’ld,K.D.,1902 4123
.1124
1st m.. La C. Div., 1803....
120
1st m., I. A M\ 1807
4127
«st m., I. A D., 1899
120
123
1st
150
842
$00
....
20%
•
MISCELLANEOUS
r
r
4*
*'
Non-fundablc
Tennessee—tis, old
08, new
0s, new series
Virgina—tis, old
0s, new, 1800
..
0s, new, 1807
?.
0s, consol, bonds
tis, ex matured coupon....
0s, consol., 2d series
0s, deferred
D. of Columbia—3*65s, 1024.
Registered
Funding 5s, 1890
do
registered
20*
....
Chlc.Mil.A 8t.P.-lst.8s,P.D 4133
2d mort., 7 3-10, P.D.,1898 t!23
118
08, Act Mar. 23, 1860.)
.
....
12*
12*
lt.
f
120~
Rhode Island—tis,coup.’93-0
South Carolina-
....
.
.
AND
.
'
•
f
.
60*
-
-
•
•
32
120
120
90
90
Ask.
Bid.
SECURITIES.
.
105
'No. Car. RR., J. A J
do
A.A O
do
107 *
coup, off, J. A J.
do
109
113
coup, off, A.AO.
109
113
Funding act, 1800
do
1808
112
i
115
New bonds, J. A J
do
107
A.AO
109*
Chatham RR
107* 110
109
Special tax, class 1
class 2
do
109
class 3
100
do
118
Consol. 4s, 1910
Small
119
1*0
Ohio—tis, 1881
82
0s. 1880
|t.
*
N. Carolina.—Continued
Ask.
Bid.
SECURITIES.
103*
’83
...
RAILROAD
do
or
tis, due 1888
tis, due 1887
tis, due 1888
tis, due 1880 or ’00
Asylum or Unlv., due ’02.
Funding, 1804-05
Hannibal A St. Jo., 1880..
do
do
1887..
New York—tis, gold, reg.,’87
0s, gold, coup., 1887
tis, loan, 1888
0s, do 1801
.
0s, do 1802
1803
tis. do
01*
North Carolinar—08, old.JAJ
....
104* *
109
102
118
Michigan—tis, 1883
75
BONDS.
Ask.
Bid.
SECURITIES.
Ask.
....
tie, 10-20s
Arkansas—tis, funded
7s, L. Rock A Ft. Scott iss.
7s, Memp. A L. Rock RR .
7s, L. R P. B. A N. O. RR.
„
fVot. XXXII.
115* 118
95
114
85
no
102
112
107
102
39
105
no
130
9
.
.
114
111
108
40
108
111
117
no
117
108
114
109
115
103
104
HO
124
115
...
...
127
105* 107
106
115
105
25
107
55
117
117
105
I No quotation today; latest sale this
•
•
•
118
no
30
109
02
118
118
100
week
229
THE CHRONICLE.
1881.]
February 26,
not sufficient to pay
luxjoesttwjeuls
During 1880 the fixed
the fixed charges.
charges for interest upon the bonded debt, including the
Springfield Division bonds outstanding, amounted to $889,630,
AND
Tne net earnings were $1,256,709. Showing the surplus earn¬
STATE, CITf AND CORPORATION FINANCES.
ings over the fixed charges (exclusive of interest on debentures)*
to have been $367,079, notwithstanding the amount ($531,236)»
The Investors’ Supplement contains a complete exhibit of the charged during the year for the improvement of the property;
Funded Debt of States and Cities and of the Stocks and Bonds
During the past year the petition of George Henry War¬
of Railroads and other Companies. It in published on the last ren, Edward H. Green and others, holders of preferred stocky
to have such stock declared a prior lien on the property of the
Saturday of every other month—viz., February, April, June, road in advance of the second consolidated mortgage, and the
August, October and December, and is furnished without extra accumulation of interest, at the stipulated rate of seven per
charge to dll regular subscribers of the Chronicle. Single copies cent per annum upon such preferred stock, paid before any
further payments of second consolidated mortgage interest,
are sold at $2 per copy.
was fully argued before His Honor Judge Drummond,
at
Chicago, and decided by him in favor of the claim of the pri¬
ANNUAL REPORT*.
ority of the second consolidated mortgage, and against the
preferred stockholders. An appeal has been taken from chia
Illinois Central.
decision to the Supreme Court of the United States, at Wash¬
(For the year ending December 31,1880.
ington City, where the matter in controversy will be finally dis¬
The report of the board of directors, issued in advance of posed of, it is supposed, in about two years. The total amount
the complete annual report, was published in the Chronicle of of preferred stock is $4,030,000.
The accumulated interest
February 5, 1881, on page 155. The figures from the report thus claimed amounts to more than $1,800,000. This large
amount claimed by the preferred stockholders makes the ques¬
three previous years, make the following tion of their priority over the second consolidated mortgage
exhibit:
bondholders, if deciaed adversely to the latter, one of great im¬
ROAD AND EQUIPMENT.
portance to the company, and one which may involve the com¬
1880.
1879.
1878.
1877.
pany in serious financial
difficulty. And this contingency*
1,320 while not
1,286
1.107
1,255
Total road operated.
as probable, in view of Judge Drummond’s
regarded
213
203
203
203
Locomotives
very carefully considered opinion, is, nevertheless, among the189
175
173
173
Pas8.,inail & cxp.cars
5,368 possibilities of the future, without reference to which it would
5,155
4,894
5,269
Freight care
21
21
20
be unwise to take any decided action in formulating a pro¬
20
All other care
gramme for the extrication of the company from its embar¬
OPERATIONS ANI) FISCAL RESULTS.
“
1880.
1879.
1878.
1877.
Operations—
1,71i,398
1,807,744
1,725,236
2,753,544
46,076,845 43,849,207 44,586,972 63,306,528
1,803,044
2,067,832
2,324,485
2,703,582
Fr’glit (tns) mileage. 249,345,941 300,345,691 335,470.860 381,288,482
1-83 cts.
1-52 cts.
1*54 cts.
1-64 cts.
Av. rate p. tn p. mile.
a
$
$
$
Earnings—
1,591,429
1,368,526
1,388,240
1,440,974
Passenger
5,883,123
5,116,962
5,021,377
4,555,406
Freight
847,575
763,695
730,590
686,940
Mail, express, &c...
Passengers carried..
Passenger mileage..
Freight (tns) moved.
Total gross
$
$
751,833
Operating expenses-
Mamt’ncc of way,&c.
Maint’nce of equip..
753,196
605,726
1,517,917
290,442
Transportat’n exp’ns
Miscellaneous*
3,165,918
Total
Net
7,140,207
6,683,320
earn’gs
3,517,402
earnings
P.c. of op.
*
One-half of gross earnings over
included here as expenses.
8,322,127
$
902,207
532,811
1,544,545
285,905
706,106
519,877
1,558,332
257,105
1,845,359
3,116,459
4,023,748
3,041,470
4,207,763
3,690,287
4,631,840
43*64
41-95
44-34
47-37
ex.to e’ngs
7,249,183
$
658,709
284,013
Toledo Peoria & Warsaw road are
INCOME ACCOUNT.
1878.
1877.
Receipts—
$
4,207,763
108,135
102,321
113,461
112,000
165,551
3,625,537
4,164,074
4,423,545
4,909.391
$
$
615,830
708.702
672,600
3,517,402
Miscellaneous
Total income
Disbursements—
Rent’ls pd. on la. lines
Interest on debt
Taxes..;.
Dividends...
$
$
4,023,748
68,040
72,286
$
•
Net earnings
Interest
1880.
1879.
$
616,330
669,350
392,190
$
587,913
582,990
382,927
4,631,840
rassments.
MI also add that the
suit brought bv F. P. Dimpfel and
others, to cancel the sale of the Springfield Division, has been,
appealed to the Supreme Court of the United States, and is
is involved
there pending, and thus the additional possibility
of the loss of this valuable branch, with the liability
of being
subjected to an account for rents and profits, and of disburse¬
ments for repairs and improvements covering the period of
occupation.”
The condition of the floating debt, unpaid coupons, &e., fe
shown
as
follows:
Obligations unpaid Dec. 31,1879.
Claims anterior to Nov. 18, 1876, and since audited :
Taxes...
$447,973$21,499
3,576
60,000—
Sundry claims
Liverpool London & Globe Insurance Co.
85,€7B
$533,050
Less amounts collected in
748
final settlements.
$532,301
Of which has been
199,935<
paid.
Leaving unpaid Dec.
$332,365
31,1880
$1,401,736, to
collected la
which only. $333,debenture bonds of the
May 1, 1883, to the amount of
$140,000. upon which eight coupons are due and unpaid to the amount
of $39,200.
Of the sinking fund for the first mortgage bonds, the annual payments
18,1876,
The floating debt as recognized due Nov.
was
which should be added amounts since audited, less amouuts
final settlements, $162,470, making $1,576,206, of
365 remain unpaid. There are also outstanding
company, unsecured, which will mature
Receiver says exists
the trustees under
the first mortgage, and the Union Trust Company—the latter as Special
1,740,000
1,740,000
1,160,000
Trustee of the sinking fund then created; and while the payment of
Construction in Illi¬
these annual contributions is not secured by any lien under the firsts
842,323
386,016
38,728
73,604
nois during year..
mortgage, the liability of the company for the same is not to be over^
41,944
Miscellaneous
48,000
looked in any final adjustment of the company’s debts.
The first mortgage coupons due in 1880 were paid: the second mort¬
4,407,750
3,806,341
3,498,542
Total disbursem’ts.
2,835,434
gage coupons due Oct. 1,1879, were paid April 1,1880; the coupon*
501,641
617,204
665,532
790,103
due April 1,1880, were paid at maturity; the coupons due April 1,.
Balance, surplus....
1877, were paid Nov. 1,1880; tho coupons due Oct. 1,1880, were paid
GENERAL BALANCE AT CLOSE OF EACH FISCAL YEAR.
Nov. 1,1880; the first mortgage Springfield Division coupons of May 1.
1880.
1879.
1878.
1877.
1877, were paid Nov. 1,1880; the coupons due Nov. 1, 1877, were paid
Nov. 1,1880; the first coupons due Nov. 1,1880, were paid at maturity..
Assets—
The interest on tho Western Division bonds, income Western Division
33,956,782 34,040,853 bonds and funded debt bonds, was paid at maturity.
34,860,773
33,913,173
The amount due and unpaid Dec. 31, 1880, for coupons and for oink¬
Springfield Division.
1,600,000 1,600,000 1,600,000
200,000 ing funds on mortgage bonds was as follows:
200,000
Middle Division.....
*2,668,000 Four coupons on second mortgage bonds
$536,480
Stocks owned.
)
ftoti
6,745,943 $$ 16,631,522
6,319,927
Five coupons on Springfield division bonds
348,075
Bonds owned
$ 5,«u.>,2y4
479,269 Four appropriations to sinking fund of first mortgage bonds
303,866
429,109
144,000
Materials, fuel, &c..
411,663
119,503 Bight appropriations to sinking funds of second mortgage
240,717
Assets in Chicago...
64,296
669,484
395,011
1,740,000
444.125
to which are now
$144,000 in arrears, the
under a contract made in 1872 between the company,
^equipment? *ing!:}
*
•
Assets in New York.
Assets in Ins. fund
531,850
Miscellaneous assets.
441,160
579,481
53,728
882,154
45,143
862,764
24,656
132,000
bonds
l$l, 100,555
EARNINGS AND EXPENSES OF
42,115,036
Total
Liabilities—
Stock, common
Bonds (see Sup’m’t).
Insurance fund
Liabilit’s Chic, office.
Miscell. liabilities...
$
29,000.000
10,508,000
Bal. surplus account.
Bal. income account.
1,816,933
790,103
Total liabilities....
42,115,036
*
43,010,892 43.819,254 46,666,444
$
$
$
29,<)00,000 29,000,000 29,000,000
11,997,000 12,100,000 12,004,000
24,656
53,728
45,143
117,229
66,700 shares Chicago St.
504,536
1,455,634
504,53*6
222 212
\ +*
2,072,839 5
qQI-’nflQ
43,010,892 43,819,254 46,666,444
Louis & N. O. R. R. Co. at 40 per cent,
Louis & New Orleans R.
$5,061,000 second mortgage bonds.
t The net income of 1880 and previous y ears is absorbed in an “ Invest¬
ment fund,” the credit to that fund being $5,395,089, as above.
t $1,600,000
R. at par, and
first mortgage bonds Chicago St.
Ohio &
to the
fiays:.
Earnings—
From passengers
From
From express
From mail
freight
obtained.
1878.
$885,831
1,980,497
101,775-
“In 1876 and 1877 net earnings of the entire road were
1880.
1879.
$1,139,360
77,878
$929,681
2,284.023
117,438
73,742
$3,015,982
$3,404,885
$4,279,33*
2,909,673
153,94T
76,343
345,890
Total earnings
$2,799,567
Operating expenses, less
1,908,099
transfers as above
$3440,124
$3,933,443
2,084,926
2,694,465
$891,467
$1,055,197
$1,238,978-
.
Net
earnings
EXPEN8ES OF SPRINGFIELD
1878.
Mr. King
in 1878,1879 and 1880*
264,761
EARNINGS AND
1880.)
King, Jr., the Receiver, has made his annual report
Court, from which the following is
expenses
246,415
Less transfers.
Mississippi Railway.
(For the year ending Dec. 31,
Mr. John
The earnings and operating
for the main line, were :
MAIN LINE.
Gross
earnings
Expenses
Deficit
$337,268
364,188
1880.
$362,115
$442,867
365,894
(
425,136
$3,778 Profit..$17,73i
main line and Louisville branch
$26,920
The amounts charged upon the
DIVISION.
1879.
*
THE
230
OHIUXNICLE.
[Yol. XXXIL
for the improvement of the road during the year’were as fol¬
lows : For rails, §386,161 ; total for all improvements, $474,084.
And upon the Springfield Division : For rails, $42,840 ; for all
improvements, $57,152 ; making in the aggregate the sum of
would have been
income account for 1879 and 1880
Balance
1,147,322
59,591
030,043
Total
Disburse m e n ts—
Coal on hand Jan. 1
0,743,010
$
0,818,887
7,985,118
$
impolitic, if not illegal, to divide moneys, even
though the earnings of the company seemed to justify such a
course.
To know that such deficit is now fully made up, and
that the property of the company is in the best condition in
every department, must be alike gratifying to stockholders and
$531,236.
At the close of the year about five miles of old iron remained managers, and enables the latter to state that a resumption of
dividends can now be justified with reasonable grounds for a
on the main line, which will be replaced with steel rail at an
belief in their regular continuance.
early day.
“To correct a general, but unfounded, belief that t.lie debt of
Delaware Lackawanna & Western.
the company has been increased about $5,000,000 since the sus¬
{For the year ending Dec. 31, 1880.)
pension of dividends, your managers take this opportunity to
This prominent company issues no annual reports. It is a state that the $5,000,000 loan (known as bonds of 1917) was
very close corporation, and the only information made public is made for the purpose of retiring the iloating debt and other
the brief statement below, and—later in the year—the report to inatiring obligations of the company.”
The statistics of income and financial condition for four years,
the Pennsylvania State Auditor, as required by law. At the
annual meeting of stockholders held this week, the following compiled in the usual complete form for the Chronicle, make
managers wTere elected to serve for the ensuing year : William the following exhibit:
INCOME ACCOUNT.
E. Dodge, Moses Taylor, George Bulkley, John I. Blair, George
1877.
1878.
-1879.
1880.
Bliss, Percy R. Pyne, William Walter Phelps, Wilson G. Hunt,
$
$
Ttcecipts—
$
$
Benjamin G. Clarke, E. W. Holbrook, E. S. Higgins, Jay Gould, Sales of eoal
4,038,872 5,229,200 5,701,477 7,210,524
Canal
tolls
44,313
Sidney Dillon, Russell Sage. Messrs. S. B. Chittenden. A. L.
39,100
41,025
42,810
28,900
80,140
91,408
93,510
Dennis and William Ryle retired, and their places are taken by Miscellaneous profits
Coal on hand (Dee. 31)
0" 2,785
341,030
535,204
727,283
Jay Gould, Sidney Dillon and Russell Sage. The statement of Railroad earnings in Penn. 248,275
398,219
595,003
501,948
operations for the past year gave the following comparative Interest on investments... 294,312
341,781
320,035
312,243
'
:
Differences.
1879.
1880.
increase.
$19,050,469
$21,257,891
$2,207,422
1,176,238
393,713
*777,525
$20,226,703
$21,650,601
$1,429,896
Transportation and coal.... $15,598,498
Miscellaneous
817,757
$15,437,060
*$161,438
316,073
*501,684
Earnings.Transportation and coal
Miscellaneous..:
Total
Expenses.
098,758
2,077,370
Coal transportation, Ac...
488,073
Canal freight and expenses
759,349
Railroad freight, Ac
422,740
Interest
1,157.352
Mining coal
Taxes and miscellaneous.
Loss on leased railroads...
$
341,030
2,201,228
018,252
820,438
528,532
1,340,950
8,948,327
$
073,051
535,264
3,003,893
041,951
933,708
830,427
3,171,309
1,343,973
300,578
14,042
534,025
400,883
005,307
498,502
1,234,449
350,916
310,059
0,743,040
0,818.887
7,985,118
590,827
801,300
700,939
Balance
Total
$16,416,256
$15,753,133
*$603,122
$3,810,451
$5,903,471
$2,093,020
Balance, net earnings...
Deduct interest and rentals,
including payments due
Assets—
3,624,430
3,627,381
2,951
$186,021
$2,276,089
$2,090,068
$26,200,000
5,887,100
$26,200,000
Profit for year
Capital stock
*
:
Decrease.
The following shows the gross
pany proper,
'
*$209,200
5,677,900
and net receipts of the
com¬
including the aggregate coal sales, for fourteen
years:
Gross
Year 8.
1800-7.
1867-8..
.
1868-9.
.$11,902,571
.
.
1869-70
1871
....
1872.
1873
Xet
receipts.
.
.
.
...
.
....
.
earnings.
$804,696
12,141,209
14,924,010
20,011,300
17,086,100
1,654,763
1,759,595
2,164,019
21,660,013
25,334,989
1,295,488
5,331,310
1,118,911
Gross
Years.
1874
1875
1876
1877
1878
1879
1880
..
...$22,741,521 $5,743,750
..
...
..
...
..
..
Xet
earnings.
receipts.
...
...
..
...
..
...
27,014,846
17,447,916
14,871,311
7,102,183
4,001,801
14,454,405
20,226,708
21,656,004
3,018,129
2,479,197
3,810,451
5,903,471"
$
$
0,339,210 0,339,210
Railroad and equipment.. 0,209,981 0,190,700 0,220,009
Real estate
8,022,913 8,043,783 8,795,057
Mines and fixtures
2,079,901 2,079,077 2,099,590
Coal-yard, barges, Ac
897,287
877,784
720,487
Lack. & Susquehanna RR. 1,021,153 1,022,293 '1,022,293
New York A Canada RR.. 3,597,087 3,597,074 3,597,074
305,991
Cherry Val. & Sharon RR.
314,871
300,000
Coal on hand Dec. 31
072,785
341,030
535,204
Advances to leased lines..
385,374
439,020
308,773
on
Advances
coal royalties
581,289
017,240
005,320
Miscellaneous assets
4,438,512 4,295,445 4,480,701
Telegraph, and Car Co
09,410
09,410
09,410
958,007
Supplies on hand
1,089,853
878,000
Cash and lulls receivable.. 1,920,694 2,314,208 3,140,110
Profit and less
199,600
587,185 1,203,720
Total assets.
38,714,292 39,010,000 40,981,301
Liabilities—
$
$
$
Stock
20,000,000 20,000,000 20,000,000
Ronds
17,010,500 18,333,000 19,837,000
Miscellaneous accounts... 1,703,792 1,277,000 1,144,301
Profit and loss
Delaware & Hudson Canal.
Tons.
Coal mined and sold for account of tlie oompany
2,074,704
372,880
Transported for other parties
Total
“
$
0,339,210
Total liabilities
(For the year ending Dec. 31, 1880.)
The annual report of the President has just been published
and supplies the following information :
$
0,339,210
0,414,759
8,840,316
2,713,957
740,791
1,022,938
3,597,074
300,000
727,283
008,894
013,181
*4,294,706
09,409
902,130
3,785,056
41,041,614
$
20,000,000
19,837,000
1,003,827
200,786
38,714,292 39,010,000 40,981,301 41,041,014
*
These miscellaneous assets include the following: Boston Hartford &
Erie 1,400 bonds, $780,727; Jefferson RR. bonds (108), $80,710; Albany
<fc Susquehanna consols (275), $275,000; Delaware A Hudson Canal Co.,
1891 bonds (963), $962,773; sundry assets, $375,881. Stocks as fol¬
lows: 8,540 shares Albany A Susquehanna, $854,000; 8,241 shares
Rensselaer &
Saratoga, $822,137; sundry stocks, $131,477.
GENERAL
INVESTMENT
.
NEWS.
3,047,504
The result of the business for the year,
$1,351,422, or a fraction
stock, may be regarded
8,948,327
GENERAL BALANCE AT CLOSE OF EACH FISCAL YEAR.
Canal, Ac
January 1
Bonds
1,351,429
Total..
showing
a
profit of
6% per cent upon the capital
as satisfactory, especially when it is
considered. that in the early part of the year the price of coal
was not remunerative, and only became so after the
general
adoption, in March, of the * restrictive policy’ in production.
After this, the buyers of coal, accustomed to the low prices
caused by years of unhealthy competition, and lacking faith in
the continuance of harmonious action on the part of the pro¬
ducers, took coal only as necessity compelled them. As a con¬
sequence of such action, the mines, for the greater part of the
year, were worked on half-time ; the old accumulations of coal
were exhausted, and the
year closed upon bare markets. In
addition to the above, the business of this company was seri¬
ously affected by a continued drouth, which compelled a long
suspension of business on the canal, and reduced our trans¬
portation to an extent of not less than 250,000 tons of business
over
In
Baltimore & Ohio—Pennsylvania—Northern Central.—
Baltimore, Feb. 24, John K. Cowran, attorney for the Balti¬
& Ohio Railroad
Company, entered suits in the Superior
against the Northern Central (or the Pennsylvania) Rail¬
road for $1,000,000 damages. The suits were brought in conse¬
quence of the detention of the Baltimore & Ohio trains in Phil¬
more
Court
adelphia during December and January.
Brooklyn Elevated.—The holders of the bonds and the scrip
bonds of the Brooklyn Elevated Railroad Company met Wednes¬
day at No. 48 Wall Street, to act upon some plan for the reor¬
ganization of the company. A committee of seven was ap¬
pointed, consisting of Conrad N. Jordan, F. E. Bedell, Edward
Lauterbacli, Robert E. Deyo, William Straus, J. J. McCook and
M. F. Reading, to complete the plan and to confer with any
committee that might be chosen by the stockholders. The
Tribune reports that the plan of reorganization provides for an
and the profits thereon.
assessment of 20 per cent on the bonds and stock of the com¬
It is gratifying to be able to state that 4 the leased lines ’
pany. This assessment is to be repaid as follows : To the bond¬
have become self-supporting, and that their collateral advan¬ holders in Receivers’
certificates, to the scrip bondholders in
tages, as avenues for the distribution of our coal, are annu¬ income bonds, to holders of engraved stock one-half in certifi¬
ally increasing.
It is now safe to assert that the possession of cates and one-half in income bonds, and to the scrip stock¬
these lines has strengthened the position of the
company to an holders in income bonds. Under this plan the creditors of the
extent that fully justifies the policy that led to their
acquisition. company are treated as holders of scrip stock, and they are to
The disastrous results which followed the plan called *
Foreclosure
open receive new stock in satisfaction of their claims.
competition ’ (but which really means wanton wraste and destruc¬ proceedings were begun Wednesday, and permission was ob¬
tion) led to the adoption of the * restrictive policy’that was tained to issue $2,500,000 Receivers’ certificates at
par to com¬
foreshadowed in our report of 1879. The producers of coal no
plete the road. The assessment proposed in the scheme of
longer differ upon the question of ‘over-production.’ ” * * * reorganization is expected to produce about $1,500,000, so that
“The managers are aware that the long suspension of divi¬ the full amount of certificates authorized
by the Court may not
dends has caused great hardship in many instances, and that be issued. The debt and stock of the
company are stated to
those who have loyally retained their stock
through the long be: Bonds, $1,078,000; scrip bonds, $225,00*0 ; stock, about
period of depression would have b^en gratified by a dividend $1,500,000, and scrip stock, about $2,000,000. The Receivers*
from the profits now reported. This course, however, did not certificates will be
replaced in time by first mortgage bonds, and
consist with their convictions of duty. It must be remembered it is estimated
by friends of the company that the interest
that the disastrous condition of the coal interest from the later
charges will not then exceed $210,000.
months of 1876 to the close of 1879 left the
A new board of directors has been chosen, consisting of
capital of the com¬
pany impaired. Until such impairment was made good, it Abram S. Hewitt, Robert Bliss, Jacob Scholle, Simon Schaffer,
“
'
February 2G,
THE
1881. J
CHRONICLE
231
stockholders in the Chicago Burlington & Quincy and Atchison
Sigmund Spingarn, James M. Thorburn, Edward Lauterbaeh, Topeka & Santa Fe railroads, and is virtually to be the Pacific
Robert E. Deyo and William C. Gulliver. These, except Mr. extension of the Chicago Burlington & Quincy, which now
extends to Indianola, Nebraska, within a few hundred miles of
Keeler, are new members of the board.
—At the meeting of stockholders on Thursday, Mr. Lauter¬ Dc nver. The Denver Western & Pacific will extend from Denver
baeh reported that the scheme of the bondholders had been due west through Colorado to Salt Lake City or Ogden, Utah.'
modified in two particulars. The contract with far. Floyd-Jones
Elizabeth City (N. J.'—A suit brought by Mr.^ Garret E.
had been so arranged that it would not appear with the scheme Wiuants against the Mayor and Common Council
of Elizabeth was
of reorganization ? also, the laborers and other small creditors tried on Saturday,
in the Hudson County Circuit Court, at Jersey
would be paid olf and not mentioned in the call for assessments.
City, before Judge Knapp. The suit was to recover unpaid
The proposition for an assessment of 20 per cent, the bond¬ interest upon $101,000 of the bonds of the city, held by Mr.
holders to receive Receiver’s certificates for the amount, and Winants. No interest had been paid upon the bonds since
holders of bond scrip to receive income bonds, was so modified October, 1878. It was claimed
by the city that Mr. Smith, act¬
that holders of bond scrip will receive one-half in income bonds
ing President of the Common Council, was not authorized to
and one-half in certificates. The other modification is that sign the bonds while acting Mayor, and that the issue was
stock scrip holders will receive tliree-fourths in income bonds
illegal, as the city had no right to issue the bonds signed by
and one-fourth in Receiver’s certificates,and unsecured creditors Mr. Winants. Judge
Knapp decided that the bonds were issued
will receive stock of the reorganized company. Mr. Cullen in a
legal manner, and rendered judgment in favor of Mr.
offered a resolution, which was adopted, for the appointment of Winants for the amount claimed,
$14,130.—Philadelphia
a committee of five, to be instructed to adopt the plan of reor¬
Ledger.
ganization and carry it out. The committee appointed by the
Kansas City Fort ^eott & Gulf.—The Parsons branch of
bondholders was named.
this railroad has be on completed from Cherokee, through
California Southern.—A circular has been issued by Mr. Parsons to a connection with the Kansas City Lawrence &
Thomas Nickerson, Treasurer of this new company in Boston. Southern Kansas Railroad, to Cherryvale.
The following are extracts :
Lehigh Coal k Navigation Company.—At the annual meet¬
“Parties largely interested in the Atlantic & Pacific Railroad Com¬
ing in Philadelphia, Feb. 21, the following resolution was
pany have organized the California Southern Railroad Company, for the
purpose of building a standard-gauge railroad and telegraph line from
adopted;
Charles T. Bauerdorf, Edward S. Keeler, John T. Hannemann,
,
the port of San Diego to a connection with the Atlantic A Pacific Rail¬
in California. The construction of this line will enable San Diego
to at once assume the position for which it possesses unequalcd natural
road
“
Whereas. It appears from the report .iust read
holds 13.900 shares of its own capital stock; and,
advantages, that of the Pacific Ocean terminus for the Southern system
Whereas, It is in the opinion of this meeting desirable that the float¬
ing debt of the company should he retired by the sale of this stock;
of trans-continental roads. * *
“To secure the construction of 1liis
road, the citizens of San Diego
have, with great liberality, donated to the company a considerable land
subsidy, valued at $1,000,000, and including two tracts of land for
terminal facilities—one of 200 acres and one of 00 acres—at different
portions of the harbor, and comprising the best commercial water front
on the Bay.
* k *
The San Diego Land & Town Company lias been formed with a
capital stock of $1,500,000, divided into 15,000 shares of a par value of
$100 each.” * * * “ The California Southern Railroad Company will
issue upon its line bonds limited to the amount of $25,000 per mile of
constructed road, running forty years, bearing interest at 6 per cent
per annum, payable semi-annually, secured bj' a lirst mortgage upon all
the property and franchises of the company, and stock at the rate of
$25,000 per mile.
“The company offers, in connection with this subscription to its stock,
$2,088,000 of these first-mortgage bonds, at the rate of $18,000 per
mile, to cover the estimated cost of the lirst one hundred and sixteen
miles of its road, reserving in the treasury of the company bonds at the
rate of $7,000 per mile. There will also remain unsubscribed for an
amount of capital stock equal to $7,000 per mile, which, together with
the reserved bonds of their proceeds, will be issued as the company may
direct, in paying the interest upon bonds, should there be any deficiency
in the net earnings during construction and early operation, and in the
construction and improvement of terminal facilities and further devel¬
opment of the road, as the necessities of traffic may demand. Each
subscriber of $1,100 will receive ten shares of the par value of $100
each of the capital stock of the California Southern Railroad Company,
$1,000 in the said bonds in the same company,and one share of the capital
stock of the San Diego Land & Town Company, promptly delivered, and
two additional shares of the last-named stock when, the same shall he
received by the railroad company in exchange for that part of its land
subsidies now held in trust for its benelit. The stock of bot-li companies
to be issued under this circular will be fully paid.
All subscriptions
must be made in sums of $1,100, or multiples thereof.”
*
*
*
“
Central Pacific.—Messrs. Fisk & Hatch, 5 Nassau Street,
an elaborate circuit’, showing with much detail the
have issed
earnings, expenses, etc., of this company for more than ten
past. This statement is intended to correct the unfavor¬
able impression which might be created by the attacks of
Auditor French upon the company, and all parties interested
in the stock or bonds would do well to get a copy.
—The House Committee on Pacific Railroads has adopted the
following resolution :
years
Whereas, The Attorney General has commenced proceedings against
compliance with what
time will not admit of
Congressional action at this session on the recommendation of the
Auditor of Railroad Accounts; therefore be it
Resolved, That it is the sense of this committee that for the present no
the Central Pacific Railroad Company to compel a
is known as the “Thurman Act,” and inasmuch as
action he taken.
Columbus Chicago & Indiana Central.—The Auditor of the
Pittsburg Cincinnati & St. Louis Railroad has filed at Indianap¬
olis a statement of the earnings and expenses of this road for
December. The earnings were $410,089 ; expenses, $392,861 ;
net earnings, $17f273.
Denver & Rio Grande.—The official report of the Auditor
of the Denver & Rio Grande Railway for 1880 shows the fol
lowing:
EXPENSES.
EARNINGS.
Conducting transporta¬
Freight—
$2,238,053
Ordinary
Government
79,941
Contractors
93,459
Total
freight
Passenger—
Ordinary
U. S. troops
Expresses
$924,348
20,982
92,817
23,048
U. S. mail
Total passenger
Mi sec 'Ian eo us—
Sundry
$2,411,457
sources
$1,000,897
5,712
tion
Motive power
Maintenance of cars....
Maintenance of way....
General expenses
$407,200
527,300
Ill,500
007,173
54,424
that the company
therefore
Resolved, That the incoming board of managers be and are hereby
requested, at sueli time and in such manner as they may approve, to
"
offer to the stockholders the said 18,900 shares of stock, at not less
than their par value, for the purpose of paying off the entire floating
debt of the company.”
Lehigh & Wilkesbarre Coal Company.—Notice is given to
Iloneybrook Coal Company bonds, due March
1, 1881, the payment of which was assumed by the Lehigh &
Wilkesbarre Coal Company, that the same will now be paid.
Long Island Railroad Company.—In a letter dated New
York, February 12, 1881, which is printed for. circulation, Mr.
Austin Corbin, the President and Receiver, says: “ All the
rolling stock is now being thoroughly overhauled and put in
order, and we have already contracted for steel rails to re-lay
the entire track between Pearsalls and Babylon. We shall
also relay that between Babylon and Patehogue, and extend
the South Side Road (with steel rails) along the South Shore
to some point on the Sag Harbor Road, so that from Long
Island City over this line we shall have a first-class road, and
on this will be as good an equipment as
on any road leaving
New York City.”
Louisville & Nashville—Nashville Chattanooga & St.
Louis.—At a special meeting of the directors of the Louisville
& Nashville Company a resolution was adopted denying offi¬
cially the truth of the published statement that a lease of the
Chattanooga Road, with a guaranteed dividend or otherwise,
or a consolidation of the two companies, had ever been dis¬
cussed, or that negotiations for a settlement with the minority
stockholders of the Chattanooga Company had ever been
sanctioned by the board. A prominent officer of the Louisville
& Nashville Company said emphatically that there was not the
slightest foundation^ fact for any of the rumors.
Marietta & Cincinnati.—In Cincinnati, Feb. 17, at the an¬
nual meeting of stockholders, Mr. John King, Jr., presented a
report of the condition of the road, and the result of operations
in the 14 months from Nov. 1, 1879, to Dec. 31, 1880.
The
gross earnings in the two months from Nov. 1 to Dec. 31, 1S79,
were $345,915, and from Dec. 31,1819. to Dec. 31,1S80, $2,101,719, making total gross earnings for the 14 months $2,44/,634,
derived from the following sources: Passengers, $482,333;
freight, $1,794,742; mail, $67,492; express, $84,693; telegraph,
5511,432; miscellaneous, $7,540; total, $2,447,634. Expenses:
Machinery department, $597,761; road department, maintenance
of way and structures, $324,988; steel and iron rails, $380,706;
tlie holders of the
joint‘fixtures and angle plates, $25,411; lumber, spikes and
track material, $54,537; cross-ties, $66,227; total, $860,872.
Transportation department, $471,638; mileage of cars, $65,546;
total, $537,185. Telegraph department, $38,457. General ex¬
penses, $85,224. Total, $2,119,501. Net earnings over expenses,
$328,133. In the account of expenses the amounts paid for
taxes, for rent of leased roads, for rent of tracks from the Indi¬
anapolis Cincinnati & Lafayette Company, and for rent of land
leased at Cincinnati, are not
follows: Taxes,
included.
These expenses were as
$82,813; rent of Cincinnati & Baltimore Rail¬
road, $184,020; less amount received from the Cincinnati &
Springfield Railroad for use of the Cincinnati & Baltimore Rail¬
Total operating ex¬
road, $40,846; total, $143,174. Rent of Baltimore Short Line
$1,707,605 Railroad, $228,526; rent of Indianapolis Cincinnati & Lafayette
penses
Net earnings
$1,710,461 tracks, $7,495; rent of depots and grounds leased at Cincinnati,
$40,666; coupons of the Scioto & Hocking Valley Railroad
Gross earnings, 1879... $903,022
(Portsmouth branch), $31,645; rent of land elsewhere than Cin¬
Expenses, 1879
594,740 cinnati
upon the line of road, and miscellaneous, $4,192; total, *
$538,512, showing a deficit of $210,379. The bonded debt of the
is enormous. The arrearages on account of interest
— Chicago
Denver
Burlington
during the receivership are as follows: Coupons—six first mort¬
Quincy.—The 'Chicago Tribune reports Mr. J. S. Crook, gage at $122,500, total $735,000; seven second mortgage at $87,President, and H. Milner, Chief Engineer, of this railroad, as 500, total $612,500; eight third mortgage at $120,000, total
purchasing supplies for the construction of the road, and says $960,000; seven fourth ‘mortgage at $160,000, total $1,120,000;
that this line is being built by Boston capitalists, who are large grand total, $3,427,500.
Gross
$3,478,000
Western <fc Pacific
can,ings
Net
earnings
$308,875
company
THE CHRONICLE.
232
The report of the Receiver of the Marietta & Cincinnati Rail¬
road gives the following information:
Gross earnings for 14 months ending Dec. 31, 1880..... $2,447,631 70
Expenses for'14 months ending Dec. 31, 188u
2,119,501 02
[You XXXII.
of friends of the New Jersey Central, the Reading & the Balti¬
The Baltimore & Ohio has withdrawn its sup¬
more & Ohio.
port to the amendment of the Delaware Western R. R. charter
legislature. The purchase has been made by
of John W. Garrett and Robert Garrett
syndicate
composed
Earnings more than expenses
$328,133 68
of the Baltimore & Ohio Railroad Company ; G. G. Haven of the
Taxes
$82,813 31
Rent C. & B. Railroad
113,174 05
New Jersey Central; Jay Gould, Sidney Dillon, Solon Humph¬
Rent B. Short Line Railroad
228,526 50
reys, Russell Sage, Drexel & Co., of Philadelphia ; August
Rent I. C & L. tracks..
7,495 00
Belmont & Co., and John Jacob Astor of New York. The sale
Ront_.depoi s, <fcc
4o,666 88
of the stock was made by Nathaniel Thayer of Boston, and
Ooupons Scioto & H. Valley RR
31,645 00
Miscellaneous
4,192 11—
538,512 85 some of his friends. The amount purchased by the syndicate
is about $6,000,000, out of a total amount outstanding of
•Showing a deficit of
$210,379 17
Past due coupons unpaid
3,427,500 00 $11,572,750. The price paid is understood to hare been $70
At the annual meeting in Cincinnati of the stockholders of for each share, equivalent to 140 in the New York market.
in the Delaware
a
7*42
Board of Directors
re-elected, except that Tlieo. Cook was chosen in place of
the Marietta & Cincinnati Railroad, the old
were
L&rz Anderson and W. W. Peabody in place of Thomas Whittridge, of Baltimore. The Board organized by re-electing the
following officers: John Waddle, President; Charles F. Low,
Auditor; W. E. Jones, Registrar. At the close a meeting of
the stockholders of the Cincinnati & Baltimore (leased to the
Marietta & Cincinnati) was held. The old Board of Directors
was chosen, except that W. W. Peabody was elected instead of
John Donnell Smith, of Baltimore, and R. A. Holden instead of
N. L. Anderson. The old officers were re-elected—W. T. McClintock, President; Charles F. Low, Secretary; and W. E.
Jones, Registrar. In both of the above boards Cincinnatians
have been elected to replace Baltimoreans, on account of the
difficulty of obtaining quorums at directory meetings which has
existed.
Milwaukee Lake Shore & Western.—The annual report of
this railroad shows the gross earnings to be $427,751 ; net earn¬
ings, $105,878 ; interest-bearing indebtedness, $2,078,000.
Nashville Chattanooga & St. Louis.—The following state¬
The stock is to be delivered some time between March 1 and 15.
Mr. George G. Haven said: “The Philadelphia Wilmington &
Baltimore Road will be run hereafter as an independent road,
to the Baltimore & Ohio and to the Pennsylvania
The Baltimore & Ohio Road has made a contract
with the Jersey Central to construct a new depot in New York,
in order to prepare for their heavy Eastern traffic, which will
come into New York over the Philadelphia & Reading, the
Bound Brook & the Jersey Central.” ,
equally
open
railways.
Sioux City & Pacific.—It is announced by a dispatch to the
Chicago Inter-Ocean that this company will this season
extend the main line in Nebraska 110 miles, to Fort Nio¬
brara.
This will give the road the nearest terminus to the
Black Hills.
Union Pacific—Kansas Central.—It is reported that the
Kansas Central has passed into the control of Union Pacific.
The Kansas Central extends from Leavenworth west to Garri¬
son, 119 miles.
It is supposed the new management will extend
it westward to Clay Centre, to form a junction with the Junc¬
City & Fort Kearney branch, which will carry it about forty
beyond the present terminus.
fiscal
Western Union Telegraph.—The Western Union stockhold¬
January.
Seven Months.
ers on Feb. 19 cast 325,973 votes in favor of increasing the
Gross earnings
$178,143
$1,202,886
758,431 capital stock from $41,073,410 to $80,000,000. Mr. Williams,
Expenses
137,929
who has instituted a suit to prevent the consolidation, voted
Net earnings
$444,455 100 shares in the
$40,214
negative. A certificate of increase was filed
and
Interest
taxes
273,724
39,410
in the County Clerk’s office. This document recites the fact
$170,730 that notice of an intention to increase the stock was published
Surplus
$803
in newspapers, states that the written consent of the holders of
$65,993
Improvement account, Northwestern Division
Real estate
15,642
three-fourths of the company’s stock gave their consent to the
Hew engines
27,036
Hew cars
97,960—
206,632 increase, and then says : “The notice aforesaid is given, and
this certificate is filed because of questions that have been made
Excess of expenses seven months
$35,901 as to whether the articles of association under which said com¬
The working expenses were
per cent of gross earnings pany is organized have provided for the increase aforesaid, and
for January and 63 05 per cent for the seven months. The to exclude all possible pretext for doubt respecting the same.
surplus over interest and taxes for the seven months was But said company also claims that said articles do provide for
-equivalent to 2*49 per cent on the stock, but this surplus has such increase, and that it has already been authorized and
been more than absorbed by the improvements of road and made.” A copy of the certificate was sent to Albany to be
•equipments. In view of the active operations in the stock and filed in the office of the Secretary of State.
the rumors circulated about this company, there are suggesr
—In the suit of William S. Williams against the Western
tions that this exhibit is made designedly unfavorable.
Union Telegraph Company and its directors and the Union
Northern Central.—The annual report’will be published in Trust Company, to restrain by injunction the increase of the
the Chronicle as soon as issued. The gross earnings for 1880 capital stock of the former company Judge Sedgwick granted
an order for the examination before trial of the Western Union
were $5,050,387, an increase of $942,438 over those of 1879. The
operating expenses were $3,255,268, leaving $1,795,118 as net Company by its President, Dr. Norvin Green, and of the Union
earnings, an increase of $549,111, or 44*07 cent over 1879. There Trust Company by its President, Edward King, and of the
defendants, Edwin D. Morgan and others, directors.
was an additional net income of $248,515 from various sources,
Ex-Judge John K. Porter, on behalf of the defendants,
making the total net receipts $2,043,634, of which there was a
balance of $625,843, after paying interest, rentals, &c.
opposed the examination and asked that the order granting it
Northern Pacific—Oregon Railway & Navigation.—The be vacated. After argument Judge Sedgwick adjourned the
examination to consider whether or not it was a proper case for
Philadelphia Inquirer says : “ It is claimed by officers of the such relief.
Oregon Railway & Navigation Company that the friends of
—The Compagnie Francaise du Telegraphe de Paris a New
that company have secured control of the Northern Pacific
Railroad. A fund of $8,000,000 was raised a short time ago lor York, commonly known as the French cable company, began a
suit in the United States Circuit Court against the American
the purpose of securing control of the property.
The largest
subscribers were Henry Villard, President of the Oregon Rail¬ Union, Atlantic and Pacific, and Western Union Telegraph
way & Navigation Company; William Endicott, Jr., of Boston, Companies, and the Union Trust Company, and Judge Blatchford
a temporary injunction, stopping until tlie further
ana George il. Pullman.
The reason for seeking to control the ordergranted
of the Court the doing of any act whatever by any of the
Northern Pacific is said to be the probability of that company’s
defendants looking to the completion of the arrangements for
building a line along the Columbia River practically parallel consolidation.
The general features of the cause of action by
with the line of the Oregon Company. It is now the intention
of this company to make the connection between the two roads the French company against the defendant, the American
at Ainsworth, and thus to avoid the building of a rival line. No Union Company, are similar to those in the recent action by the
^Direct United States Cable Company against the Atlantic and
changes in the present management of the Northern Pacific Pacific
Company and the other defendants named.
have been made yet, and it is said to be probable that none will
Winona & St. Peter.—A deed for 70,000 acres of land, here¬
be made until the annual meeting in September. It is under¬
stood that President Billings, of the Northern Pacific, has taken tofore in controversy between the Winona & St. Peter and the
St. Paul & Sioux City roads, has been delivered by the Gover¬
xio part in the movement, but that he has not disposed of his
interest. It is claimed by officers of the Oregon Railway & nor to the Hon. Thomas Wilson as attorney for the Winona
Navigation Company that the change of ownership will hasten & St. Peter Company.
jrather than delay the completion of the road.”
—We learn from the Messager de Paris of the 7th inst.
Petersburg.—This railroad is to be sold at Petersburg, Ya.,
that the Credit Lyonnais of that city, which has ,also an
April 20, under a decree of foreclosure under the mortgage of
March 1, 1872, by order of the United States Circuit Court. important branch in New York, has decided to double the
The sale will include the entire road from Petersburg, Va., to capital stock of the company, from $18,000,000 to $36,000,000,
Weldon, N. C.t 64 miles, with the franchises and all property by the issuing of 200,000 shares additional. This increase of
of the company, and is made subject to the prior mortgage for capital will, no doubt, enable this well-known institution to
increase its already large facilities for doing a still more exten¬
^500,000.
Philadelphia & Reading.—Mr. Gowen and the McCalmonts * sive business in its department of finance. A full exhibit of the
.have each issued circulars to stockholders, asking for proxies change will be found in our banking and financial column.
nt the coming meeting on March 14.
It is not yet a foregone
—Parties desiring to form a connection with an old member
conclusion that the McCalmonts will control the election.
of the New York Stock Exchange will notice a card in our
Philadelphia Wilmington & Baltimore.—The announce¬ advertising columns, signed “ B. C.” This party would nego¬
ment is made that a controlling interest in the Philadelphia tiate with satisfactory private parties desiring to establish a
Wilmington & Baltimore Railroad has been sold to a syndicate New York banking and brokerage business about May 1.
published for January and the
year, from July 1 to January 31 ;
ment is
seven
months of the
tion
miles
*
February 26,
CHRONICLE.
THE
1881»]
233
OOTTON.
Jhe Commercial jinxes.
Friday, P. M., February 25, 1881.
The Movement
COMMERCIAL EPITOME.
Friday Night,
Tlie
February 25, 1881.
spring trade makes slow progress.
Southwest and the
snow
from the South
of the
Crop,
indicated by our telegrams
as
to-night, is given below.
,
For the week ending
this evening (Feb. 25), the total receipts have reached 138,359
far bales,
against 146,539 bales last week, 133,723 bales the previous
The flocTds in the
storms in the Northwest have
so
interrupted transportation as to cause general delays, which
begin to have an unfavorable effect upon prices, and declines week and 147,129 bales three weeks since; making the total
have occurred in grades of merchandise which were supposed
receipts since the 1st of September, 1880, 4,535,165 bales, against
to be in the strongest position.
The flurry in the money market,
growing out of the contest in Congress over the Funding Act of 4,201,820 bales for the same period of 1879-80, showing an increase
1881, has also been a disturbing influence, though without any since
September 1, 1880, of 333,345 bales.
very important effect in mercantile circles. The weather here
is very fair for the season, and there are now no serious
Mon.
Sat.
Tues.
Wed.
Thuvs.
Fri.
Total.
obstructions from snow and ice in our streets and harbor.
The provision market has encountered active influences,
and the whole weight has been toward lower prices. France
has taken steps to curtail and in a measure prohibit the
Receipts at—
Galveston
2,734
Indianola, Ac.
New Orleans...
....
3,932
2,113
....
5,584 10,763
3,490
1,593
5,154
2,645
2,612
....
3,379
249
9,801 11,739
2,022
1,552
46,950
10,578
....
3,906
17,415
249
....
importation of American hog products, owing to the many dis¬ Mobile
991
927
late. Germany i3 also Florida
167
167
close the market was Savannah
2,999
2,530
2,523
2,592
2,127
2,684 15,505
greatly effected by the scarcity of, and high rates for, loanable
84
Brunsw’k, Ac.
: 84
funds. To-day old mess pork was quoted on the spot at $15 25, Charleston
1,442
1,917
1,494
1,188
1,597
3,149 10,787
and new at $16 12}£; for future delivery April quoted $15 60@
Ft. Royal, &c.
1,277
1,277
$15 90; May, $15 90@$16 bid and asked. Lard was a trifle Wilmington
47
386
412
236
569
1,650
steadier early in the day, but at the close the feeling was
Moreh’d C.,&c
491
491
irregular; prime Western sold on the spot at 10 52/^c.; Febru¬ Norfolk
2,144
1,762 2.768 2,065
1,733 12,171
1,699
ary options at 10'47/^c., March, 10’45(u)10‘47/£c.; April, 10‘50@
7,195
City Point,Ac.
7,195
10*52>£c.; May, 10*52^@10-57^@10*55c.; June, 10'55@10‘60@ New York
794
835
141
616
909
2,920
6,215
10‘57^c.; seller six months, 10‘47^c.; seller year, 10*12/£c.; Boston
4G4
558
946
716
1,387
1,463
5,534
refined to the Continent, 10 70c. Bacon was quiet here at 8^c.
Baltimore
102
97
199
for long, 8/4c. for short clear, and 8%c. for half-and-half; sales
80
7
329
646
830
Philadelp'a,
Ac.
1,892
of the latter in the West at 7*80@7‘85c.
Cut meats were about
steady. Dressed hogs quoted at 7%@8c. for city. Beef firm Totals this week 17,936 26,277 15,760 16,373 22,963| 38,550 138,359
and moderately active; extra India city quoted at $20@$23.
Beef hams very firm at $21@$23. Butter unchanged. Cheese
For comparison, we give the following table showing the
more active and steady at 12@13%c. for prime to fancy factory.
week’s total receipts, the total since September 1, 1880, and the
The latest advices (16th instant) in reference to pork paekingfin
the West state the number packed from Nov. 1 to that date, stocks to-night and the same items for the corresponding periods
6,879,436 hogs, against 6,340,425 to the same date last year.
Rio coffee has been dull and without marked change, fair of last year:
cargoes being quoted for some days at 12%c., closing steady at
Slock.
1880-81.
1879-80.
that figure ; mild grades have been moderately active, at prices
Receipts to
Since Sep.
This
Since Sep.
This
Feb. 25.
showing no material change, if any, from those current for
1880.
1881.
Wcelc.
Week.
1, 1880.
1, 1879.
some weeks past; the sales have included 8,000 mats Java,
2,500 bags Maracaibo and 1,327 bags Costa Rica. New Orleans Galveston
17,415
9,760
529,085
411,000 104,384 70,644
molasses has advanced to 55c. for choice, and fancy lots have
249
52
13,804
Indianola, Ac..
7,368
even been quoted as high as 58c., owing to the scarcity of that
New Orleans
46,950 1,164,821 45,186 1,241,517 288,104 345,114
grade ; but foreign* has remained dull and wholly nominal at Mobile
10,578
324,596
4,831
322,553 47,213 51,382
unchanged quotations. Rice has been fairly active and steady. Florida
167
206
19,135
19,510
5,086
Tea has sold at steady prices for green and Japan, but at some
Savannah
15,505
745,811
12,550
676,984
86,624
60,458
decline for Oolong, with most of the business at the auction
29
84
4,748
3,531
Bruuswiek, Ac.
sales. Raw sugar has been moderately active and about steady
10,787
535,859
5,330 411,095 65,116 47,724
at 7%@7%c. for fair to good refining, but, at the close, at least Charleston
Poll; Royal, Ac.
45,523
28,534
1,277
1,424
2,743
4,614
l-16c. under these prices is quoted. A feature'of to-day’s
630
107,600
72,491
1,659
6,961
5,447
Wilmington
business was the sale of 2,000 hogsheads centrifugal, at 5c. for
477
M’head City, Ac
491
24,311
25,481
95 degrees test, cost and freight.
Norfolk
eased lots received in that country of
loud in its complaints. Toward the
....
....
•
•
•
•
....
....
....
....
•
•
•
•
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
.
......
•
.
.
«*
,
Hhds.
Receipts since Feb. 1,1881
39,479
Sales since Feb. 1, 1881
Stock Feb. 23, 1881
Btock Feb. 25, 1880
30,872
29.990
Boxes.
6,941
2,228
Bags.
Melado.
299,065
30
252,536
1,277
1,001,110
1,549
590,573
38,172
3-16c. for granulated, 9^c. for
Refined has declined to 9
crushed and 9%@9^c. for powdered, with only a fair business
at the lower prices.
The market has been fairlv active for Kentutky tobacco at
about steady prices. Sales for the week are 600 hhds., of which
100 for home consumption and 500 for export.
Prices paid are
12,171
580,538
10,813
7,195
815
New York
6,215
180,403
93,222
Boston
5,534
110,864
7,572
1,894
199
20,227
30,073
932
City Point, Ac.
Baltimore
Philadelphia, Ac.
1,892
464
472,774 23,954 30,715
144,591
1,643
145,810 202,041 294,449
172,306
8,390 15,757
14,693 11,256 21,962
33,127 14,583 18,237
138,359 4,535,165 102,995 4,201,820 864.941 969,660
Total
exports for the week ending this evening reach a total
bales, of which 52,448 were to Great Britain, 14,463 to
4%@5/£c. for lugs and 5%@15c. for leaf, the higher figure for France and 20,748 to rest of the Continent, while the stocks as
choice selections. Seed leaf has continued rather slow of sale; made
up this evening are now 864,941 bales.
Below are the
still transactions of the week amount to 1,120 cases, all crop of
1879, as follows: 800 cases Pennsylvania, 12@22c.; 250 cases exports for the week and since September, 1,1880 :
New England, 13@30c., and 70 cases State, private terms. Also,
From Sept. 1, 1880, to Feb. 25,1881.
Week Ending Feb. 25,
700 bales Havana, 82c.@$l 20.
Exported to—
Exported
to—
Exports
In naval stores the interest has been limited to spirits turpen¬
from—
ContiConti- Toted
Great
Great
tine, which has advanced to 46j£46/6c.. Strained to good
France
Total.
France
Week. Britain.
nent.
BriVn.
strained rosins are dull at $1 65@$1 75. Petroleum was quiet
but steady at 9%c. for refined, in bbls. Crude certificates
897.565
58,741
3,113 17,597 207,948 30,870
lower at 88%c., selling at that price early and down to 88%c., New Orleans.. 15,351 11,988 11,255 38,594 583,269 219,930 191,314 694,513
70,188
5,769
4,725
50,943 13,476
4,725
closing at 86%c. bid. Ingot copper was fairly active at 19 %e. Mobile
Florida
@19^c. American pig iron rules firm, and No. 2 has sold
3,332
167,989 30,892 J 93,113 391,994
1,917
1,415
fairly at $22. Steel rails are in demand and firm at $60@|62 at Savannah
171,132 47,747
140,S80 359,759
1,050
7,854
5,061
1,743
Charleston*...
the mill; old iron, $28@$29 ; iron, $48 50. Wool is still dull
67,049
1,444
54,383
11,222
and very quiet. Hops receive fair export attention at steady Wilmington...
1,812 §58,171
1.006
2,850
1,006 253.509
Norfolk
rates. Tallow easy and quiet at 6%@6^c. for prime. Fish
45,4)5 278,454
10
6,176 207,834 25,205
1,714
New York
4,452
have.been more active. Clover seed firm at 8@9/4c. for new.
55,717
55,717
2,044
2 044
Ocean freight room was in better demand to-day and all Baltimore
80,392
13,432
60,960
2,298
2,298
rates can be considered steady. The supplies of tonnage are
31,902
102
31,800
4,033
4,033
Philadelp’a.Ac
rather moderate. The engagements were : Grain to Liverpool,
52,448 14,463 20,748 87,659 1,851,484 372,120 001,800 2,835,704
Total
by sail, 5d.; cotton, 3-16@Md.; grain by steam, 5%d.; cotton,
/l@9-32d.; flour, 2s. 9d. per bbl., and 20s. per ton ; bacon, 32s. Total 1879-80 58,334 22,104 29,133 109 571 1,634,560 258,714 570,199 2,463,473
6d., and cheese, 35s. Grain to London, by steam, quoted 7@
•Includes exports from Port Royal. Ac.
7Md.; pork, 4s.; beef, 6s.; do. for next week, 6s. 9d.; lard, 45s.;
In addition to above exports, our telegrams to-night also give
grain to Glasgow, by steam, quoted 5^@5Md.; do. to Bristol,
by steam, 7d.; do. to the Bristol Channel, 4s. 7^d.; do. to us the following amounts of cotton on shipboard, not cleared, at
east coast of Ireland, 4s.; do. to Cork for orders 5s. per qr.;
the ports named. We add similar figures for new York, which
residuum to Liverpool, 3s. 9d.; refined petroleum to Exeter,
4s.; do. to Belfast, 4s.; do. to the Baltic, 4s. 43^d.; case oil to are prepared for our special use by Messrs. Carey, Yale &
Lambert, 60 Beaver Street.
£ava quoted 34c.; do. to Calcutta quoted 28@30c.
The
of 87,659
a
......
......
......
......
......
•
•
M«
,
........
•
THE CHRONICLE.
2S4
Shipboard, not clearcd—for
On
Feb.
Lcaviyig
25, at—
Oreat
id,200
re
ceived.
1,200
10,250
9,900
2,550
2,500
19,906
4,530
2.300
Coast¬
wise.
Foreign
3,600
.Not
New Orleans
Mobile
Charleston
Savannah
Galveston
New York
Other ports
Other
France■
Britain.
daily market, the prices of sales for each month each day, and
the closing bids, in addition to the daily and total sales:
CJ2
.
.
.
c
^2.
X
13,239
3,000
4,479
600
None.
48,466
52,224
6-',2 30
195.811
56,459
34,100
42,154
*6,200
15,000
5,000
*
132,904
17,529
44.289
13,180
57,806
443,933
Included in this amount there are 100 bales at presses for foreigi
much depression in
n
o
o
-*
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o
o
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'if '—•
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the official
iOr- R* ^
*
i—«
Feb. 25.
Sat.
Ordin’y.^Ib
65ir,
|
Mou Tnea
85,6
8,5!6
BtrlctOrd.. 81o16
Good Ord.. 915i« 91 o 16
Btr. G’d Ord 10716 U'4g
Low Midd’g
11
11
.
103 6
11
*8
1130
Good Mid.. 124
Btr. G’d Mid 12Lj
Midd’g Fair 13 4
Fair
137h
124
j
400
;
\0
t;
1
ll
1
©
1
SI:
SO
fji
103,6
i 114
! 1130
114
;llr>8
”
,
■Z
i. 1
c
0
12 Li!
1318
1370
124
12L>
12 34
13-4
1-1*8
1330
144
l 2
:
’L2
124
12 34
133S
144
•
;
*
846
85ic,
Ordin’y.#fl>
Wed
Fri.
Middling... 11916 113,6
..
Wed
Th.
8516
84 6
124
124
134
I—1
13 7q
12L2
;
124
12 34
124
12 34
i
1378
! 13:is
14i0
133s
144
| 134b
STAINED.
Good Ordinary---.
Strict Good Ordinary
Low Middling
sat.
ICI2
c cc ^
1 ©2<
!
..N tt.
8*0
9*8
10
11
Middling
11*4
114
1234
134
'1234
134
144
1144
1
84
94
| Holi-
10
11
tlay.
!
8
9
84
94
10
11
*-•
M-o
r j 0:0
*7*7
cvic
cr x>
97s
1 2
SALES OF 8POT AND TRANSIT.
Ex-
port.
| Con-
Bat.. Steady
1,400;
.....
Hon Easy
!
Tues.
Wed
Quiet
Thors Quiet at rev. quo.
2”Oj
.
.
Fri.
.(Quiet and steady
Total
....j
Spec- Tran-
sump. uVVn\
376
5 SO
4i
i
327
44
400
1,644
2,103
sit.
Total.
2,776
....!
1,532 158,900
9 43
Iloli day.
35 L)
....
m
m
m
m
1
7-j
••••
426 1.943
....
71,100
.
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978
*
Includes for December, 1881. 500; also sales in September for Sep¬
tember, 621,400; Sept.-Oct. for Oct., 946.500; Sept.-Nov. for November,
762,100; Sept.-Dee. for December, 1,464,500; Sept.-Jau. for January
FUTURES.
...J 1,000
tl 0
£*.
o
o
11
Sales.
tc
C'Cu
I
0
0-
K-
i-i r-*
*
6
Fri.
MARKET AND SALES.
SPOT MARKET
CLOSED.
*
1
—4
I-*
0- H*
1
^
5
8
9
11
p*-C0
1 ©p
cccc
Fri.
124
Th.
r-
rc tc>
•
124
133s
144 14 4
MonTaes Wed
X
CO
1C
ti
-•
Februay.
r—’
1 2
^
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h-*
c
0
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-1
,
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133s
!
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114
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.
114
113a
11*4
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r-4 r-
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85,6
8.5,6
91,6
91,6
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104b 101,6 101,6
109,6 109,6 109,6
IllSfl
M
Cl
r- f-1
;
83,6
85ig
04g
i>l16
10l,6 101,6
109,6. 1109,6
.11*4
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h- h-
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Strict Ord.. 81516 8l6i6, 81:>i« 94g
Good Ord.. yib16' yio16 9i5ie 1046
Btr. G’d Ord lO 46 104g 10^16 10316
11
Low Midd’g 11
114
i11
Btr.L’w Mid 1138
1130 !ll 30 :115s
Good Mid
124
Btr. G’d Mid 1212
Midd’g Fair 134
Fair
!1378
Fri.
Th.
l—4
>-*
*
VI
Th.
>-•
H-
h- >-»
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1 Wed
ps
l
114
‘.124
12 34
1330
14*8
—•
►—*
'ooxft
lH-16 1113,6
ni3i« 1113,6
HI
38
*f o
cO
ft
GO
—*
Mon. Tne*
j
Xft'
r-»
t
;
© OC- 2!
a
—
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»—*
to
S5ig
8°,6
9116
91,6
! 101,6 101,6
j
109,6 | 109,6
114 j 114
^
!_■
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I ©:
:
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:
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The follow.
Sat.
a
3C
cn
e-
cc
TEXAS.
RIou Xaes
85i6 j 85iG
9bo ! 9 4 6
104 6 104c
*
|
Middling... n»i« ny;6 !
Btr.L’w Mid
Sat.
““j
-
•
past week:
NEW ORLEANS.
0—
—'
~
*
h-
quotations and sales for each day of the
UPLANDS.
‘-i
t^ftc-c
a, © jh p
ft © 0- P-
r— I—*
are
■—
c
2 -] - y
-ItC-T
22
—
M
delivery for the week are 5S 1,400
free on board. For immediate delivery
this week 6,116 bales, including 1,644 for
to arrive.
i—i
w1
H-
The total sales for forward
were
.
2c
j
quiet and unchanged, until yesterday, when the low grades of
stained were reduced
To-day the market was quiet and
unchanged.
bales
to
.
1
regained confidence from the fact that prices are comparatively
low and the consumption very large. To-day the market was
dull, and values without much change. Cotton on the spot was
—
—•
% §3
ii;
a;
w
<
—4
j
1
spring months. The depression on Saturday and Mon¬
day seemed to be caused by the comparatively full movement of
the crop and the favorable opening of the planting season ; but
during Wednesday and Thursday the operators for a rise slowly
Of the above,
v.
•
-
to
to
to
...
^ ^
rz
°
o
9
I 2?*
h-*
X
-4
for the
transit.
~
pr- cry
L
c
r.
-
7.
—
•
I
delivery on March contracts did not come freely upon
market, there was a recovery and a dearer closing, especially
export, 2,103 for consumption, 426 for speculation and 1,943 in
^9
>
fr..-
re
io
i;: r
Sh
notices for
lie total sales foot up
•
:
C \
-;
i—
hales, including
ll r— *
Cl
r-e
advices and weak Southern markets, but when it was seen that
the
P * Ve
~j
t:
Oj
or
GO
prices of cotton for future
delivery on Saturday and Wednesday of this week, the decline
for the two days amounting to 20@25 hundredths. Tuesday
was a holiday.
Wednesday was variable and closed irregular.
On Thursday the market opened depressed by dull foreign
was
—■ —- ~
y~'i~
p
rr1
'V
ports the destination of which we cannot learn.
There
0^7-5
c
a*® ®'ss
'Jl *
•
c "c y o
v.
9-
r*' —r ..
r-8
C
y.
5-® CP
00
r/2
x
X
c
rs CD
'5
—
? *
ft
2. £-3
o
fjl
® a>
3*
O
—r'
55
&
7J
M
Total
Chj co 2.
.
28.713
18,500
16,650
3,500
1,550
H
7J
E9
o
19.000
5,500
10,000
Stock.
Total.
X5xn.f i
rvoL.
Deliv¬
eries.
500
400
...
76o 1 2 1.000
527 131,100
516
93,300
400
500
700
6,116 581.400
2,500
2,588,900; January for January, 1882. 300.
Transferable Orders—Saturday, 1135; Monday. 11‘20; Tuesday,
Wednesday, 11-25; Thursday, 1130; Friday, 1130.
Short Notices for February—Wednesday, 11*20.
Short Not
The
ces
for
;
March—Friday, 11-29^11-27.
following exchanges have been made during the week:
•51
•51
•51
•51
-18
•14
pd. to excli. 500 Mar. for July.
pd. to excli. 500 Mar. for July.
pd. to exch. 100 Mar. for July.
pd. to exch. 100 Mar. for Aug.
pd. to exch. 1,000 Mar. for Apr.
pd. to excli. 200 Apr. for May.
*53 pd. to exch. 400 Mar. for July.
•44 pd. to excli. 500 Mar. for June.
•32 pd. to exch. 100 Mar. for May.
•36 pd. to exch. 1,700 Apr. for July
•27 pd. to exch. 1,300 Apr. for June
•59 pa. to exch. 200 Mar. for Aug.
•33 pd. to exch. 3,000 Mar. for May ►
•46 pd. to exch. 400 Mar. for June.
•18 pd. to exch. 300 Mar. for Apr.
•15 pd. to excli. 500 Apr. for May.
•15 pd. to exch. 100 Mar. for June.
•17 pd. to exch. 400 Mar. for Apr.
•17 pd. to excli, 200 Mar. for Apr.
•33 pd. to exch. 400 Mar. for May.
The dally deliveries given above are a anally delivered the day pro.
of Cotton, as made up by cable and
follows.
The Continental stocks are the figures
telegraph, is
The Sales and Prices of Futures are shown by the follow¬ of last Saturday, but the. totals for Great Britain and the afloat
ing comprehensive table. In this statement will be found the for the Continent are this week’s returns, and consequently
▼ious to that on which they are reported.
The Visible Supply
as
Fluruary
THE
26, 1881.]
CHRONICLE
235
=*
brought down to Thursday evening; hence, to make the totals the and shipments for the week, and stocks to-night, and for the
complete figures for to-night (Feb. 25), we add the item of exports corresponding week of 1880—is set out in detail in the
following
from the
’
only:
United States, including in it the exports of Friday
Stock at Liverpool
Stock at London
bales.
„
1881.
1880.
1879.
1878.
713,000
511,000
516,600
662,000
46,000
20,655
58,500
750,000
540,655
43,670
1,182
18,784
574,500
150,500
3,000
19,500
32,000
3,000
19,620
5,500
7,500
*
statement:
Week
-
ending Feb. 25, ’81. ! Week ending Feb. 27\ ’80.
11,500
Receipts. Shipm’ts
Total Great Britain stock
.
Stock at Havre
137,000
4,580
29,300
Stock at Marseilles
Stock at Barcelona
-
3.500
Stock at Hamburg
Stock at Bremen
20,100
Stock at Amsterdam
30.000
673,500
235,000
5,000
21,000
884
600
Stock at other conti’ntal ports.
6,910
2,417
6,000
5.500
Total continental ports....
212,354
115,675
260,230
368,500
1,080
Stock at Rotterdam
Stock at Antwerp
Total European stocks.. ..1 ,001,351
India cotton afloat for Europe. 148,000
113.763
Amer’n cotton afloat for
578,000
510.723
Stock in United States ports ..
Stock in U. B. interior ports...
31,000
861,011
161,372
United States exports to-day..
16,000
Eur’pe
Egypt,Brazil,&c.,aflt for E’r’pe
656,330
Macon, Ga
29,750
11,250
7,250
834,750 1,042,000
105,000
137,000
510,000
655,000
46,335
22,000
42,000
965,436
170,593
16,000
796,906
104.235
814,781
120.512
18,000
51,000
505,000
Continental stocks
192,000
103,000
American afloat for Europe....
United States stock
573,000
510,728
390,000
222,000
655,000
861.041
965.486
796,906
814,781
United States interior stocks..
164,372
16,000
104,285
18,000
120,512
United States exports to-day..
179,593
16,000
382,000
556,000
Liverpool stock
Liverpool stock
London stock
Continental stocks
India afloat for Europe
Egypt, Brazil, &c., afloat
Total East India, &c
Total American.
157,000
46,000
129,000
126,000
157,000
29,655
58,500
11,500
50.354
148,000.
31,000
12,675
113,763
46,335
38,250
105,000
22,000
51,500
137,000
42,000
435,354
336,128
349,750
399,000
2,371,313 2,156,807 2,186,191 2,348,293
.*
—
5^1.
7516d.
63ed.
preceding visible supply table we have heretofore only
original interior towns.
As we did not have the record of the new interior towns for the
four years, we could not make a comparison in any other way.
That difficulty no longer exists, and we therefore make the fol¬
lowing comparison, which includes the stocks at the nineteen
towns given weekly in our table of interior stocks instead of only
the old seven towns. We shall continue this double statement for
a time, but finally shall simply substitute the nineteen xnvns for
the seven towns in the preceding table.
In the
American—
Liverpool stock
Continental stocks
.bales
American afloat to Europe....
1,30.3
11,025
Total American
•
brazil, dc.—
Liverpool stock
East Indian,
London stock
Continental stocks
India afloat for Europe
Egypt, Brazil, <fcc., afloat
157,000
46,000
50,334
143,000
34,000
,
129,000
29,655
12,675
118,763
46,335
\
3
26,000
157,000
53.5C0
11,500
51,500
137,000
42,000
33,250
103,000
22,000
.
399.000
349,730
336,423
435,354
2 491,096 2,291,186 2 252,344 2,438,716
3,292
342
316
131
601
323
87 6
11,805
6,112
2,308
3,322
1,157
750
855
j
1
1,144
1,041
!
13,391
1 098
:% m 7
500
i
1 148
352
689
St. Louis, Mo
10,635
1,346
77.708
Cincinnati, O....
3.796
8,691
5,431
4,931
10.911
Rome, Ga
< charlotte, N. C..
Total,
new
ports
Total .all
*
1 469
1,640
10,23.3
3,844
!
’
42,309
3,359
l
j
34,329
34,000 119,783
j
21,600
27,700
137,379
57,919
56,471 284,15.3
(•
47,450
57,503
316,972
Actual count
The above totals show that the old interior stocks have in~
creased
during the week 5,058 bales, and are to-night 15,221
same period last year.
The receipts at
bales less than at the
same
towns have been 734 bales
more
than the
same
week
following table is
prepared for the purpose of indicating the actual movement each
week from the j)lantations. Receipts at the outports are some¬
times misleading, as they are made up more largely one year
than another, at the expense of the interior stocks. We reach,
therefore, a safer conclusion through a comparative statement
like the following. In reply to frequent inquiries we will add
that these figures, of course, do not include overland receipts or
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the out-ports.
Receipts
from
the
Plantations.—The
RECEIPTS FROM PLANTATIONS.
Receipts at the Ports.
Week
ending—
Dec. 10
«
17
44
24
44
31
7
Jan.
44
14
%
21
44
28
4
Feb.
II
....
11
»4
18
14
25
Stock at Interior Ports
’78-’79.j’79-’80
220,291 234.876 243,137
204,882 218.907 238,490
199,931 207,601 237,980
143,153 154.306 196,435
121,091 149,486 110,735
113.613 129,489 129,604
i4S,618 108.2S0 138.S79
259.129 317,468 265,270
280,957 343.503 294,224
294,281)364,926 310,015
281,634:355,943 321,225
253,647:349,859 300,509
233,236! 352,383 277M59
218.5S5 358,074 274,293
220,935361,880 273,565
214,117 357,916 282,489
190,765 345,975 279,523
182,243:327,084 278,76s
170,438 316,972 284,155
167,097 137,191 125 070
171.608 112,363 147,129
150.841 119,854 133.723
134,328 115.307 146,539
110.047 102,995 133,359
Rec'pts from Plant'ns.
’80-’81. ’78-’79.
’78-’79. ’79-80. .80-’81.
79-'80.! ‘80-’81
243,140 265,235 259,548
226,710 244,942! 267,438
213,305 229,024' 253.771
130,508 145,323' 207,645
93,104 143,402i 90,019
93,202 132,013! 106,454
133,997, 173,9711 135,813
140,997, 124,342
104,790: 108,399 156,053
127,489; I07.9131 130,757
125.809j 90,410 145,784
93,239 92,883 143,746
169,4471
The above statement shows—
1. That the total
were
2 ,491,096 2,294,186 2 ,252,344 2,438,716
2,164
3,474
19,423
9 48.3
1878-79
16,000
3,552
547
505,000
317,000
United States exports to-day..
465
450
2.673
390,000
222,000
635,000
796,906
170,438
18,000
814,781
907
500
2,898
2,073
L240
9,742
Atlanta, Ga
382,000
103,000
510,728
965,486
316,972
16,000
210,935
51,000
!
3.261 I
29,808 179,593
3,408 :
556,000
864,941
j 22,356
1,013
were
284,155
4,722
1,328
874
520
Eufaula, Ala
Griilin, Ga
1880-81
United States interior stocks..
1
22,471 164,372
7,624
1,227
1378.
United States stock
Total East India, &c
1,586
1,132
18,763
1,855
14,536
15,705
11,016 |
7,899 j
7,241
1379.
540,000
16,351
79,127
3,136
1880.
573,000
3,646
8,01 9!
3,061
118,550
14,083
2.281
8,213
961
1831.
192,000
232
2,487
279
293
The above
ncluded the interior stocks at the seven
198
1,437
593
1,173
eh**.
figures indicate an increase in the cotton in sight
to-night of 313,432 bales as compared with the same date of 1880,
an increase of 270,726 bales as compared with 1879 and an in¬
crease of 59,374 bales as compared with 1878.
1,539
2,100
8,4 LS
2,806,667 2 ,493,235 2,535,941 2,747,293
Total visible supply
Price Mid. Upl., Liverpool
864
1,746
777
924
last year.
2,371,313 2,156,807 2,186,191 2,348,293
Total American
2,484
Dallas, Texas
Jefferson, Tex...
Shreveport, La..
Vicksburg, Miss
Columbus, Mis3.
the
East Indian,Brazil, <tc.—
2,855
1,158
23,590
317,000
540,000
51,000
1,791
20.907
Total, old ports..
2,806,607 2 ,493.233 2,535,941 2,747.293
the totals of American and other descriptions are as follows:
American—
26,331
3,236
11,412
...
!
4,700
772
Selma, Ala.
Stock.
Receipts. Shipm'ts
8,401
*11,209
7,372
Montgom’rVjAla.
Total visible supply
Of the above,
4,588
2,622
Memphis, Ten 11..
35,250 'Nashville, Ten 11.
42,750
8,500
3,500
25,400
1,002
Augusta, Ga
Columbus, Ga...
Stock.
in
bales; in
receipts from the plantations since Sept. 1
4,781,234 bales; in 1879-80 were 4,511,491
4,001,350 bales.
That, although the receipts at the ont-ports the past week
13S,359 bales, the actual movement from plantations was
143,746 bales, the balance going to increase the stocks at the
interior ports. Last year the receipts from the plantations for
the same week were 92.8S3 bales and for 1879 they were 93,239
2.
were
bales.
Telegraph.—Our telegrams to-nightshow a marked improvement in the weather at most points in
the South. Very little rain has fallen, except in a few districts
Weather Reports by
and farm work is
progressing actively.
Galveston, Texas.—We have
had showers on two days the
past week, the rainfall reaching forty-seven hundredths of an
inch. Crop preparations are active.
The thermometer has
2,837,716
Total visible supply
ranged from 40 to 66, averaging 54.
2 ,926,450 2,630,614 2 ,602,094
Indianola, Texas.—We have had sprinkles on two days the
E5T* The imports into Continental ports this week have been
40,100 bales.
past week, the rainfall reaching eight hundredths of an inch^
These figures indicate an increase in the cotton in sight to¬ The weather is favorable, and plowing is progressing.
The
thermometer
has
averaged
76.
55,
ranging
from
39
to
night of 295,836 bales as compared with the same date of 1880, an
increase of 324,356 bales as compared with the corresponding date
Corsicana, Texas.—It has been showery on two days the
of 1879 and an increase of 88,734 bales as compared with 1878.
past week, the rainfall reaching fifty-four hundredths of an inch.
At tiib Interior Ports the movement—that is the receip s Farmers are very busy, and work is progressing well. We had.
Total American
THE OB RON! OLE.
238
[VOL. XXXH.
COURSE OF THE LIVERPOOL MARKET, JAN. 1 TO FEB. &
two nights and ice formed on one night, AverQuietness has been the ruling feature of the market since
age thermometer 5$> highest 77 and lowest 26.
the
close of December, as it had been during the second half fo
Dallas, Texas.—We have had no rain the past week.. Farm
that
month. There was a good demand immediately after the
work is making good progress. Average thermometer 52,
holidays, and prices gained l-16d. to %d. per Ib.r but the
highest 77 and lowest 26.
Brenham, Texas.—We have had no rain the past week. The improvement had nothing substantial behind it, and a* dimin¬
weather is cool but favorable and plowing is going on actively. ished inquiry, accompanied by an increased desire to sell, led
to a decline of %d. to %d. per lb. between the 5th and 19th
The thermometer has averaged 52, ranging from 30 to 77.
Waco, Texas.—No rain has fallen during the past week. ult. Manchester was digesting the large business done during
Farmers are plowing and making the most of the change to ;he closing months of last year; spinners were falling back
good weather. Average thermometer 52, highest 77 and lowest 29. upon their surplus stocks of the raw material; and speculators
or the rise were holding back, owing to the possibility of
New Orleans, Louisiana.—Telegram not received.
Prices, therefore, sank to
Shreveport, Louisiana.—The weather has been fair to clear materially-increased receipts.
and dry the past week. The roads are in an excellent condition. 6 9-16d. on the spot and to 6/£d. for near deliveries. These
figures looked attractive, and, with less cotton offering, a
Average thermometer 53, highest 72 and lowest 34.
Vicksburg, Mississippi.—We had rain on two days the moderate increase in the demand led to a recovery of l-16d. to
early part of the past week, but the latter portion has been clear %d. per lb. between the 19th and 25th ult. Thence to the 2nd
and pleasant.
inst., however, the tone again became weak; under the combined
influences of materially-increased American receipts, a large
Columbus, Mississippi.—It has rained on one day the
import here and a distinct loss of strength in Manchester.
past week, the rainfall reaching thirty-two hundredths of an The result was a fall of %d. per lb. There was a recovery of
inch. The thermometer has averaged 54, ranging from 45 to 64. about l-16d. in futures on the 3rd and 4th, but the improvement
Little Rock, Arkansas.—Friday, Saturday and Sunday of has since been lost along with a further fraction besides ; the
final rates showing a decline of /4d. since the 25th ult., or about
the past week were cloudy, with hard rain on Friday ; the
%d. since the end of Deceinber.
remainder of the week has been clear and pleasant. The rain¬
Compared with the quotations current at the opening of the
fall reached one inch and forty-nine hundredths. Average ther¬
year, the present rates show a decline of %d. to %d. in the
lower, and %d. to %d. in the better, grades of American, l-16d.
mometer 43, highest 71 and lowest 26.
to Y$d. in Brazils, %d. to /£d. in Egyptian and 3-16d. to 5-16d.
Nashville, Tennessee.—It has rained on three days the past
in East Indian.
week, the rainfall reaching two inches and sixty-four hundredths.
The following is an account of the principal fluctuations in
Thermometer, highest 63 and lowest 26.
the prices of middling upland on the spot and for forward
Memphis, Tennessee.— It has rained on two days the past delivery since the close of December :
week, the rainfall reaching one inch and seventy-seven hun¬
r*
Jati.- Feb.- Mar.May- June- Julydredths. About eighty-five hundredths of the crop has been
i Jutie. July. Aug.
Spot. Jan. Ftb. Mat'. Apt'.
marketed. Average thermometer 45, highest 66 and lowest 31.
G»4
634
62932 615i6
G\
Dec. 30
6^32 6l3ie 62732
62932 6lBie 7
Mobile, Alabama.—We have had light rains on two days the Jan. 5
(j2732 62732 670
Ulz
6^2
6l732 6l732 6I932 6=8
•Jan. 19
69ie 6^
past week, the rainfall reaching four hundredths of an inch; the Jan. 25
62532 62732:
6^
658
658
6Hi6 62332 63*
63s
638
61732 C1&32 658.
638
07ie
balance of the week has been pleasant. Average thermometer Feb. 8
COURSE OF THE MANCHESTER MARKET, JAN. 1 TO FEB. 8.
54, highest 68 and lowest 37.
Montgomery, Alabama.—It has been showery on one day
During the second half of December the market was quiet,
after a period of considerable activity and some advance in
the past week, the balance being pleasant. The rainfall reachec
January opened amid indications of renewed briskness,
thirty-nine hundredths of an inch. The thermometer rangec prices.
and producers asked a further advance, but buyers gave no
from 35 to 70, averaging 54.
encouragement to the views of sellers, and the market again
Selma, Alabama.—We have had no rain the past week, and became quiet. But, although the demand was considerably
short of the rate of production, both’spinners and manufacturers
the roads are drying fast.
were very firm sellers, owing to the fact that they were so
Madison, Florida.—We had rain on one day the early part
largely under contract for forward delivery that they were in a
of the past week, but the latter portion has been clear and
position to refuse any new business except upon their own
pleasant. The days have been warm but the nights have been terms. This condition of things continued during the greater
cold. We have had a frost but not a killing frost. Average
owever, with contracts running out, and a decline in the price
thermometer 61, highest 70 and lowest 52.
of cotton, there has been more disposition on the part of
Macon, Georgia.—We have had no rain the past week.
producers to meet buyers. Yarns have, therefore, given way
Farmers have accomplished much work, and much lost time has %d. to %d. per lb. and shirtings l^d. to 3d. per piece, but
been made up since the fair weather began. Weather continues without leading to any material increase in business. • The
weakness displayed by the cotton market causes buyers to
favorable. Average thermometer 51, highest 68 and lowest 30.
operate very sparingly, especially as they still hold considerable
Columbus, Georgia.—It rained lightly on one day the early forward contracts given out in the course of the closing months
part of the past week, but the latter portion has been clear and of last year. The home trade has been dull throughout the
pleasant. The rainfall reached thirty-two hundredths of an month ; the previous languor being increased no doubt by the
severe weather.
inch. Average thermometer 57, highest 67 and lowest 46.
MOVEMENTS DURING THE SEASON, OCT. 1 TO JAN. 31.
Savannah, Georgia.—It has been clear and pleasant the past
The deliveries to English and Continental spinners during
week. Average thermometer 57, highest 73 and lowest 44.
the first four months of the season compare as follows with the
Augusta, Georgia.—It has rained lightly on one day the past figures for the corresponding period of last season :
week, the rainfall reaching forty-one hundredths of an inch; the
Continent.
Great Britain.
balance of the week has been clear and pleasant. Planters are
1879-30.
1880-81.
1879-80.
1880-81.
sending their crop to market freely. The thermometer has
872,060
851,350
1,050,400
1,089,430
No. of bales..
ranged from 37 to 73, averaging 55.
437
441
449
454
Av.wght (lbs)
Charleston, South Carolina.—We have had no rain the past Tot.wglit(lbs) 494,631,220 471,629,600 375,445,350 381,040,220
Bales of 400
week. Average thermometer 56, highest 70 and lowest 44.
952,000
938,000
1,179.000
1,2^6,000
lbs
killing frosts
on
•
Sg,
*=■
Eart of January; a limited business at full rates.
Latterly,
The present rate of consumption is about 67,500 bales of 400
better inquiry
lbs.
per week in Great Britain and 53,500 per wreek on the
for bagging during the week, and although the parcels are not
Continent; against 65.500 and 52,000, respectively, last year, or
large, the business doing has given rather more steadiness to for four weeks a total for Great Britain of 270,000, against 262,the market. There have been sales to the extent of 700 rolls, 000; and for the Continent 214,000, against 203,000 bales; which,
'ftBgrades, and holders are still quoting 9%c. for 1% lbs., 9%c. added to the figures given in our last report, bring the total
i^/2 lbs. and 10%@Ilc. for standard qualities. Butts have for the four months to 1,141,000, against 1,058,000, for Great
Britain; and 903,000, against 889,000, for the Continent.
shown rather more animation, and some round lots have been
The consumption of Great Britain for the whole of last
taken. About all of the quantity received per Forest King season was 3,350,000 bales of 400 lbs.; for the last thirty-fivehas been cleared out, and it is reported that another arrival weeks it averaged 65,500 per week, or a total of 2,292,000 bales,
deducted from 3,350,000, leaves 1,058,000 for the first
is in process of negotiation.
There are reported sales of which,
seventeen-and-a-half weeks, for, as explained in our Annual
3,000 bales, for which full figures have been paid. The close
Report, the figures for last two seasons extended over fifty-twois firm, and holders are quoting 2^@2%c., as to quality.
and-a-half weeks. The total consumption of the Continent last
season was 2,725,000 bales ; for the last thirty-five weeks it was
Ellison & Co.’s Circular for February.—We have this
about 1,836,000 bales, or close upon 52,500 bales per week, and
week received Mr. Ellison’s circular dated February 8, and give leaving 889,000 bales for the first seventeen-and-a-half weeks.
On the basis of the foregoing estimates, the movements for
4t below:
Jute Butts,
Bagging, &c.—There has been
a
February 26,
THE CHRONICLE.
1881.]
the four months of this
season
and last compare as follows, in
This statement shows that the
receipts since Sept. 1 up to
to-night are now 369,114 bales more than they were to the same
day of the month in 1880 and 746,516 bales more than they were
to the same day of the month in 1879.
We add to the table
the percentages of total port
receipts which had been received to
February 25 in each of the years named.
bales of the uniform weight of 400 lbs.:
Great Britain.
1880-81.
Surplus stock, Oct. 1
Continent.
1879-80.
1880-81.
27,000
27,000
1,236,000 1,179,000
Deliveries to Jan. 31
137,000
938,000
1879-80.
94,000
952,000
Supply
1,263,000 1,206,000 1,075,000 1,046,000
Consumption, foul* months.... 1,141,000 1,058,000 903,000 889,000
Surplus stock Jan. 31
122,000
148,000
172,000
157,000
THE BUSINESS IN FUTURES.
The transactions passed through the
clearing house last year
■amounted to 9,825,000. There was, besides, a
large business
settled outside the clearing house. At New Orleans the sales
for the year amounted to 5,207,000 bales. At New York the
sales for the season, ended on the 31st
August, amounted to
33,989,000 bales. For the four months ended December 31st,
India Cotton Movement from all Port3.—The
figures which
collected for us, and forwarded
cable
are now
by
each Friday, of
shipments from Calcutta, Madras, Tuticorin, Car war, &c.*
enable us, in connection with our
previously-received report from
Bombay, to furnish our readers with a full and complete India
movement for each week.
We first give the Bombay statement
for the week and year, bringing the figures down to Feb. 24.
the
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR
Shipments this week.
Year
they reached 11,880,000 bales.
PROSPECTS.
Under this head nothing new has
transpired since the publi¬
cation of our Annual Report—a fortnight
ago. There is still the
same wide difference of
opinion in respect to the probable out¬
turn of the American
crop, and the same circumspection which
this uncertainty as to the future of
supply enforces upon oper¬
ators. Meanwhile the market continues
gradually to give way,
and the declining tendency will go on until
237
Great
BriVn.
Conti¬
Shipments since Jan. 1.
Total.
nent
YEARS.
Great
Britain
Conti¬
40,000
47.000
31.000
69.000
67,000
39,000
98,000
1881
5,000 5,000
1880 13,000 14,000 27,000
1879
12,000 12,000
1878 13,000 20.000 33,000
Total.
nent.
54,000
Receipts.
This
Week.
Since
Jan. 1.
109,000 35,000
114,000 38.000
70.000 25,000
204,000
190,000
134,000
152,000 39,00o
242,750
According to the foregoing Bombay appears to show a
compared with last year in the week’s receipts of 3,000
bales, and a decrease in shipments of 22,000 bales, and the
prices have reached
a point at which
buyers may consider it safe and wise to re-com- shipments since January 1 show an increase of 14,000 bales.
mence active operations.
This may not be far distant, but The movement at Calcutta, Madras, Tuticorin, Carwar, &c., for
there are as yet no signs of its near
approach. One thing, how¬ the same week and years has been as follows
decrease
is certain, and that is that the course of the market has
of late been much sounder and healthier than the undue
excitement which ruled during the
corresponding period of
last season, and we may, therefore, expect a better
of
ever,
things later
on
than
CALCUTTA. MADRAS. TUTICORIN. CARWAR. RANGOON AND KURRACJHBE.
Shipments this week.
Year.
state
was
experienced after February last
Comparative Port Receipts
and
Daily
Crop
Great
Britain.
year.
Movement.—
1881
1,000
Conti¬
Shipments since January 1.
Great
Total.
nent.
2,000
Conti¬
nent.
Britain.
3,000
59,000
Total.
47,000
106,000
1880
11,000
6,000
17,000
comparison of the port movement by weeks is not accurate, 1879
8.000
8,000
27,000
10,000
37,000
as the weeks in different
1878
2,000
3.000
1,000
13,000
19,000
years do not end on the same day of the
32.000
month. We have consequently added to our other
The
above
totals
for
this
week
show
that
the
movement from
standing
tables a daily and monthly
statement, that the reader may theport3 other than Bombay is 3,000 bales m ore than for the
constantly have before him the data for seeing the exact relative same week last year. For the whole of India, therefore, the total
movement for the years named. The movement each month
shipments this week and since January 1,1881, and for the cor¬
aince September 1 has been as follows:
responding weeks and periods of the two previous years, are as
A
follows.
Year
Monthly
Receipts.
1880.
Sept’mb’r
458,478
968,318
Novemb’r 1,006,501
December 1,020,802
571,701
January
Ootober..
.
1879.
Beginning September 1.
1878.
333,643
888,492
942,272
956,464
647,140
1877.
283,848
98,491
689,264
578,533
779.237
822,493
900,119
689,610
893,664
618,727
EXPORTS TO EUROPE FROM ALL INDIA.
1876.
1875.
236,868
675,260
901,392
787,769
500,630
169,077
Europe
from—
610,316
740,116
821,177
637,067
Total year 4,025,800 3,763,011 3,269,740 3,089,246
3,101,969 2,977,753
Perc’tage of tot. port
75*34
receipts Jan. 31...
73-52
71 03
7682
71*05
This statement show3 that up to
1881.
Shipments
to all
Jan. 31 the receipts at the
ports this year were 252,515 bales more than in 1879-80 and
750,786 bales more than at the same time in 1878-79. By
adding
to the above totals to Jan. 31 the
daily receipts since that time, we
shall be able to reach an exact comparison of the movement for
the different years.
This
week.
Bombay
All other p’rts.
Total
Since
Jan. 1.
This
week.
27,000
5,000
109,000
3,000
106,000
8.000
215,000
Tot.Jn.31
Feb. 1
44
44
44
“
44
“
1880.
1879.
1878.
1877.
1876.
years up
S.
36,304
28,495
23,468
20,601
2....
18,075
22,580
S.
19,795
3....
20,117
21,769
20,354
23,729
S.
22,487
29,011
4k...
15,203
33,564
35,54i
S.
17,034
5....
27,938
26,031
15,582
23,999
20,000
28,732
19,076
a.....
8.
21,929
23,378
,8.
11,234
25.631
17,146
S.
24,175
S.
22,343
16,633
22,806
15,100
25,353
7....
20,332
26,011
14,452
34,476
44
8....
20,763
23,435
44
9....
18,721
4410....
17,049
19,637
25,76^
This
week.
Since
Jan. 1.
114.000
12,000
70,000
17,000
8,000
37,000
131,000
20,000
107,000
to date, at all India ports.
Alexandria Receipts and Shipments.—Through arrangements
we have made with Messrs. Davies, Benachi &
Co., of Liverpool
and Alexandria, we now receive a weekly cable of the movements,
of cotton at Alexandria, Egypt. The following are the
receipts
and shipments for the past week and for the
coiresponding week
of the previous two years.
Alexandria, Egypt,
1881.
1880.
1879.
Receipts (cantars*)—
Tliis week....
Since Sept. 1
4,025,800 3,768,011 3,269,740 3,039,246 3,101,969 2,977.752
22,962
27,000
1879.
Since
Jan. 1.
This last statement affords a very interesting comparison of the
total movement for the week ending Feb. 21, and for the three
Feb. 24.
1831.
1880.
60,000
25,000
2,490,000
3,145,000
This
week.
Since
This
week.
Sc2)t. T.
30,000
1.487,000
Since
This
week.
Sept. 1.
25,716
Since
Sept. 1.
!rpc
To Liverpool
To Continent
8.000 173,000
8,301 81,438
12.000 •231,500
3,466 138,498!
X
Total Europe
*
16,361 254,438
15,466
1
369.9981
3,000 129,000
2,000 56,500
5.000 185,500
A cantar is 98 lbs.
This statement shows that the
11....
27,674
34,438
12,915
13,057
19,174
26,965
S.
19,055
were
12....
4413....
41
U....
4415....
"
16....
29,633
17^632
22,370
£3,264
29,617
16,269
S.
25,523
8.
20,967
10,070
18,579
S.
20,075
14,800
19,836
24.479
28,391
21,048
29,593
16,652
S.
13,243
11,948
20,474
19,53')
27,614
18,047
16,948
Manchester Market.—Our report received from Manchester
to-night states that prices for twists are >6d. lower, and that
the market is inactive at the decline.
We give the prices of
to-day below, and leave previous weeks’ prices for comparisou:
33,359
8.
11,673
16,031
44
44
18....
20,037
39,774
23,239
18,058
14,386
19....
.17,936
21,991
20....
21....
22....
S.
10,663
26,277
15,760
16,873
22,903
20,960
24,159
S.
13,295
44
17....
44
44
44
44
44
44
44
44
23....
24....
25....
33.550
18,634
10,628
16,954
23,820
11,730
19,408
S.
28,476
.
20,278
8.
30,281
8.
16,474
19,420
18,071
14,837
14,650
20,245
14,219
27,656
8.
Cl ►"*
p 01 0 00 3,404,363
86-93
*
32* Cop.
Twist.
1879-80.
OotVn
8*4 lbs.
Shirtings.
8.
20,344
19,557
17,282
15,875
8,896]
were
1880-81.
16,235
12,079
7,3291
18,9651
receipts for the week ending
60,009 cantars and the shipments to all Europe
16,361 bale3.
20,184
Feb. 24
11,793
,S.
23.306
Total..... 4,535,165 4,166,051 3,788,569 3,522,230 CO
Percentage of total
P’rt rsc’Ms Feb. 25
83 29 *
85-19 1
8105 *
15,700
81-23
d.
Deo 21
“
31
Jan. 7
“
14
“
44
d.
s.
7
935^10
7
953^10
978»1034 7
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97s»8
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Fob. 4| 93b d 104* 6 97a©3
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d.
Mid.
Up (ft
d
1*3
1*2
442
6k
6k
3
638
27b
27s
27h
2"*
2V
273
61416
32* Cop.
Iwist.
d.
10
10
d.
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10k ©lO"* 7
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Shirtings.
Cott'n
Mid.
UpldB
d.
s.
9 ©8
9 ©8
0 ©8
<L
O
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3
Si*14
67&
d.
lk®8
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9
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p
The Exports op Cotton from
with last week, the total reaching G,176
hales, against 9,435 bales last week. Below we gLve our usual
table showing the exports of cotton fr mi New York, and theii
direction, for each of the last four weeks; also the total exports
and direction since Sept. 1,1889, ani in the last column the total
for the same period of the previous year:
1Ycek
Exported to—
Feb.
O
n £74.
T.l
Other British ports
Total to Great Britain
Port
Texas
period
previous
year.
Feb.
9.
Feb.
16.
Feb.
23.
Sept. 1.
3,800
8 359
702
4 4
198 694 210,423
4,152 207,834 217,129
Norfolk....
9,317
Baltimore
3,393
3,483
3,393
3,4S8
298
298
Below
260
10
25.205
17,756
200
530
260
10
25,205
17,756
203
642
84
447
114
1,414
300
22,998
15,652
5,352
19,836
12,498
2,224
1,173
114
1,714
44,002
34,558
460
953
3,206
1,413
3,206
203
►ain, Op’rto, Gibralt’r,<fce
1 other
Tc hal Spain,
«to
l
8.798
Grand Total
The Following are the receipts op
F Organs
Texas....
Savannah
j Sept. 1.
6,250 103,275
3340 73,933
3,777 189,820
Virginia..
North, pts
Tenn.. &c.
4.561
4,833 122,780
1,032 33,135
2,757 190,847
4,600
96,222
2,203
5,674
Foreign..
This
week.
i,556
1,213
2,402
Sin ce
Sept.
1.
This
week.
Since
Sept. 1.
4,105
1,556
......
Scio, steamer, before reported. A third survey was held Feb. 11 on
steamer Scio, from Galveston for Liverpool, at Savannah, leaking.
The leak had not been discovered, aud a further discharge of cargowas reeomineudei.
In all, 2,180 bales of cotton have been taken
......
Sept.
......
......
......
......
.
49,880
6,5461103.061
4,991 94,479
2,399
1.
40,801
......
588
431
15,799
17,084
2,074
76,385
••••••
.....
which
Widdrington, steamer, from Now Orleans for Hamburg,
was
sunk after a collision at Halifax, and raised, had discharged
cargo Feb. 19.
479
798 27,178
reported ashore at Port Rhyfydd. Seventy-four
saved and taken to Hollyhead on Feb. 5.
Ercole, bark, before reported. The damage at first was thought to be
not considerable, but every bale of cotton in the vessel is damaged
more or less, without doubt.
798
49,115
IS,918
-
4,141 169,567
4,614[138,535
cotton from the United
week,
as per
night of this week.
Total bales.
Liverpool, per steamers Germanic^
Havre, steam
To Glasgow, per steamer Circassia, 10
To Havre, per ship Ludwig ITolberg, 10
To Bremen, per'steamers Neckar, 350
To Hamburg, per steamer Frisia, 300
Rhein, 1,064
FEW Orleans—To Liverpool, per steamers Lina,
2,S32
per ships Stowell Brown, 4,937
barks Cosmopolita, 1,178
per
4.203
Warsaw, 3,377
Empire of Peace. 5,475
..w.Prince Charlie, 5,266
Queen of the East,
To Havrek per ships Erminia 1, 3,185....Rock
per
hark Isaac, 3,339
To Bremep, per steamer
Rita,
Caradoc, 3,900
per
4,366
City, 2,817
bark Genitori
Taraboqhia. 3,207
To Barcelpna, per bark Aretusa, 1,000....’
To Genoa* per bark Louisiana, 1,853
"Mobile—To Havre, per bark Arabia, 3,436
Charleston—To Liverpool, per barks Brimiga, 1,460 Upland
and 49S Sea Island
James Kenway, 1,545 Upland and
•
377 Sea Island
To Bremen, per bark Mozart, 1,118 Upland
To Barcelona, per brigs Audaz, 400 Upland
Upland
Marieta, 600
Pedro Turull, 257 Upland
Port Royal—To Liverpool, per steamer Alicia, 4,044 Upland
and 125 Sea Island
Savannah—To Liverpool, per bark Mark Twain, 2,930 Upland..
To Barcelona, per brig Nueva Casimira, 650 Upland
Texas—To Liverpool, per steamer Spark, 3,481
per ships
Lilly1', 2,345
Prince Patrick, 3,633
Ida
bark Christiane, 1,325
Wilmington—To Liverpool, per bark Edmund Richardson, 677.
Norfolk—To Liverpool, per ships Equator, 4,800
Riverside,
4,517
Baltimore—To Liverpool, per steamers Buenos Ayrean, (addi¬
tional) 1,786
Enrique, 1,607
Boston—To Liverpool, per steamers Bulgarian, 1,307...Iberian,
Samaria, 560
Sardinian, 591
1,030
Philadelphia—To Liverpool, per steamer Pennsylvania, 298...
San Francisco—Tc Liverpool, per ship San Joaquin, 30 (foreign)
To Bremen, per
10
10
1,414
300
sail
■
■
*
mmm
31,635
9,611
7,107
1,000
1,853
3,436
3,880
1,118
1,257
4,169
2,930
650
9,459
1,325
677
9,317
3,393
3,488
298
30
102,839
particulars of these shipments, arranged in our usual
form, are as follows;
58
*2
sail
Do
c.
6ail...d
Do
ll16
dr
Hia^
Hi'a>5s
Hi
Hi
lo
Ss
*2
®8
38
o
58
K
*2
38 !
Ha
l
S8
>>
716
c.
%
r
2
J
....
716
'
38
38
week's sales, stocks, &c., at
Feb. 4.
bales.
Sales of the week
Of which exporters took ....
Of which speculators took..
Actual export
Forwarded
Total
stock—Estimated
Of which American—Estim’d
Total import of the week
Of which American
Amount afloat
Of which American
The tone of the
Market,
12:30 p.m
\
J
Mid. Upl’ds
Mid. Orl’ns
Market,
?
5 P. M.
J
Eas’r. but
not quot’y
lower.
Easier.
»8
that port:
Feb. 18.
Feb. 25.
55,000
45,000
57,000
41,000
47,000
31.000
5,000
2,700
3,500
730
4,600
1,710
5,300
6,700
4,400
6,000
11,000
19,000
669,000
515,000
21,000
718,000
556,000
183,000
154,000
124.000
105,000
373,000
380,000
22,500
713,000
556,000
58,000
51,000
394,000
327,000
308,000
326,000
51,000
40,500
4,200
560,000
420,000
149,000
118,000
492,000
430,000
3,000
and futures each day of the
prices of spot cotton, have
Tuesday.
Wednes.
Thursday.
67ig
69is
67ie
69ie
Tending
Easier.
down.
Friday.
630;
6Hi
638
6 ^3
63s
inq,
freely
supplied,
630
C7i<>
Dull.
8,000
8,000
Spec.& exp.
1,000
500
Futures.
£
J
The actual sales of
Closed
steady
6,000
1,000
8,000
1,000
Dull
but
steady.
Steady.
8,000
1,000
Very
quiet.
8,000
2,000
Quiet but
Steady.
for the same week are given
the basis of Uplands, Low Middling clause,
futures at Liverpool
These sales are on
unless otherwise stated,
below.
716
Mod.
Sales
Market,
....
25, and the daily closing
Saturday Monday.
Spot.
Hi
56®111C
have the following
Feb. 11.
Liverpool market for spots
week ending Feb.
been as follows:
....
716
Liverpool.—By cable from Liverpool, we
38
582>lll6
716
J
38
Hi
50@11iG
•
....
....
d.
sail
12'®58
Hi
'*2
58 0>1116
*2
Amst’d’m, steam.e.
Do
sail... <2.
Baltic, steam
*
58
Hamburg, steam, d.
Do
•
*2
Sales American
The
0
c.
Bremen, steam. ,c.
5 P. M.
Total....
*2
ks
c.
732®932 732s*932 732®93S
316'®14 316® *4
3ie'S)
t
sail...<L 3J6®732 316^14
statement of the
1,094
732'®9:I2 732'®932
Liverpool, steam d.
Fri.
Thur8.
Wcdnes.
Tues.
Mon.
Satur.
Do
2,048 72,675
follows:
freights the past week have been as
Cotton
1
96
Liverpool, beforebales cotton were
(Br.), from Mobile for
City of Richmond, bark
her
80
.....
....
latest mail returns, have reached
102,839 bales. So far as the Southern portsare concerned, these
are the same exports reported by telegraph, and published ir
the Chronicle last Friday.
With regard to New York, W6
include the manifests of all vessels cleared up to Wednesday
e
before
reported, took lire in port on the 7th. Through the assistance of
the crew of the German steamer Strauss, the tire was extinguished
before much damage had beeu done.
.....
2,402
News.—The exports of
FEW York—To
Smith, at Breineu, from Charleston,
Glenisla, steamer (Br.),
Since
569
19,995
......
860,291'14,792 342,183
States the past
Liverpool, with a cargo
Feb. 16, for coal and
having become disabled. She sailed
repairs, her steering gear
again on the 17th.
Do
Shipping
at
to-
Castleton, steamer (Br.), from New Orleans for
of cotton and oilcake, put Into Halifax,
Baltimore.
Th is
week.
1,941
20,757
2,075
This year. 28.163 821,331 19,107 278,411
Last year. 27,921
United States ports, etc.;
which
Cotton at New York,
\ Philadelphia.
Boston.
......
.
8-Car’lina
N.Car’lina
1
Since
Mobile...
Florida.
vessels
out.
New York.
This
week,
1,853 102,830
Batavia, steamer, before reported, from New York for Liverpool,
lost her propeller and was towed into Fayal, cannot be repaired
the latter place, and a tug left Liverpool on Fob. L8 to tow her
that port.
September 1, 1880.
from—
2,907
Altonower, steamer, before reported in collision below New Orleans,
returned to t hat port Feb. 14. An examination proves the injuries'
to have been alight, and will need but a day or two to repair.
and Baltimore for the past week, and since
Boston, Philadelphia
300
13,087 10,9(11
give all news received to date of disasters to
we
carrying cotton from
6,176 278.454 272,649
9,-135
5.503
10
Total... 73,718
530
T otalto North. Europe
30
30
6,706
9,140
200
Hamburg
Other ports
.
S. Francisco
9,061
....
......
......
677
Other French ports
Bremen and Hanover
650
1,325
......
9,317
Philadelp’a
3,800
Total French
1,257
.«
...
......
......
1,853
6,176
51,236
3,436
6,2554,169
3,580
10,784
677
Wilmington
8,395
Havre
Royai.
Savannah..
Boston
Toted
since
10
3,880
4,169
2,930
9,459
......
......
1,000
9,641 7,107
3,436
1,118
......
......
Charleston.
Same
ending—
321
Mobile
SEPT. 1. 1SS0-
COTTON'(BILES) FROM NEW YORK SINCE
EXPORTS OF
N. Orleans.
300
Total,
Genoa.
Iona.
bury.
gow. Havre. Bremen,
10 1,414
10
pool.
4,442
31,635
New York..
Ham- Barce-
Glas-
Liver-
|
New York this week show a
decrease, as compared
55
[VoI* XXXII.
THE CHRONICLE.
238
‘
February 2G, 1881.1
THE
CHRONICLE
Saturday.
Delivery.
d."
Fob
Delivery.
Apr.-May
6i3a3
Oi:i.52
Feb.-Mar
d.
6
May-Jtme
Mar.-Apr.. ..6io32®710
June-July
Feb.-Mar
Juno-Jhly
Delivery.
Jt>
July-Aug
-6*16
61*30
Sept.-Oct
0*1 Q
May-June
Mar.-Apr.. ..6716®ia32
A p r.-M ay
.6*2
May-Juue
G*7^
Flour,
6'^
.G^j
6*4
Oct.-Nov
0*s
6*y
Apr.-May
-67lG
July-Aug
.61**3
Aug.-Sept
■
Mar.-Apr
Apr.-May
..
May-June
6*8 ® 1**2
bb'e.
(196 lbs.)
.6&S
.671(J®1332
July-Aug
6*ii
June-July
-0* ml
Oct.-Nov
.6q
June-Julv
July-Aug
Aug.-Sept. .*
.61*30
0*ig
Wheat,
bush.
(60 lbs.)
lake and river ports
Corn,
Oats,
bush.
(56 lbs.)
bush.
Barley,
Bye,
bush.
bush.
(32 lbs.) (48 lbs.) (56 lbs.}
29,094
53.600
288.276
213,500 14,937
2,7 66
52.443
75,600
12,600
20,250 28,790
3,960
No report on account of overflow of
Maumee River.
7,411
53,184
24,618
7,939
6,661
81
1,875
3,500
48,600
34,400
1,090
24,750
40,701
86,570
39.227
4,000
563
500
3,600
142,525
36,000
4.600
7,000
At—
Tuesday.
Feb
Feb.-Mar
Receipts of flour and grain at Western
ending Feb. 19, 1881
for the week
•
J uly-Aug
Sept.-Oct
G1^^15;^
(From the “ New Bork Produce Exchancre
Weekly.'’)
d.
.6*-na2
Monday.
6^8
239
Chicago
Milwaukee
Toledo
Detroit
Cleveland
8t. Louis
Peoria
Duluth
Wednesday.
Mar.-Apr
May-June
June-July
61330® *s
Mar.-Apr
.6^2
...
Feb.-Mar
.613:12
Anr.-Mav
G*16
(}
May-Juue
61732
6*s
.G5^
6*8
July-Aug
Aug.-Sept
0*iq
61*i>
May-June
6^
AM
6*8
6*8
M;ir.-Apr
Apri 1-May
May-Juue
6*8® **32
6716
July-Aug
.61*30
June-July
61*32
Wheat
Corn
Oats
The demand for flour has been
£>ast week, whether for export
slightly improved.
home
or
use,
and yet prices have
Supplies have been somewhat restricted,
•owing to the effect of
snow
storms at the West
in
1879.
1878.
888,062
863,734
bush.
5,206,673
9,802,9 72
304,154
6,373,638
17,479,326
2,948,652
1,082,335
375,675
9,694,123
10,728,170
2,629,137
1,115,683
464,997
*9,121.468
7,457,392
2,770,655
1,447,264
391,417
21,502,560
23,259,G2G
24.632,120
21,188.196
4,239,299
1,949,462
Comparative receipts (crop movement) at
Aug. 1 to Feb. 19, inclusive, for four years:
1880-81
1879-80.
1878-79.
1877-73
4,958,062
3,956,613
3,712,418
3,641,128
bush.
58.403,516
70,591,880
25,303,804
9,837,284
2,765,960
64,669.641
65.782,992
59,149,856
16,371,907
8,935,084
4 2,547,008
3,193,361
50,795,565
19,490.117
8,157,464
1,421,340
Total grain.... 166,967,444
152.324.349
145,647,478
120,690,337
Wheat
Corn
^United States for
Rye.
previous
year,
and for January, 1881,
422,400 bbls. in
January, 1880,
day the market
was
an
renewed
confidence,
of any
749,400 bbls., against
increase of 327,000 bbls.
To¬
quiet but steady.
The wheat market has been
continued demands
were
excess
for
as
action for the advance.
the
well
fairly active for export.
Continent
as
given holders
strengthened the speculative
Since the 1st of
movement has been much
January the export
larger than last year. For January,
1881, the exports from the United States
were
8,220,400 bush.,
against 5,828,400 bush, in January, 1880, an increase of 2,392,bush.; but, owing to the lower prices this season, the value
of our wheat exported as above increased
only a little more
than $800,000.
Yesterday No. 2 red winter sold at $1 18@
$1 18% on the spot and for March, $1 19%@$1
19% for April
and $1 18%@$1 19. for
May; and No. 1 white sold at
$1 15%@$1 15%, spot, $1 16% for
April and $1 15% for May.
To-day there was a hardening market, but the most important
000
transaction
Oats
Barley
1881.
Flour
•entire stock, at $1 17,
Indian corn has been in rather better demand
for export and
the coasting trade, and
bbls.
Wheat
Corn
Oats
15.132.212
7,936 124
2,418,234
Rail
....
1879.
1878.
546,661
923,237
2,236,377
5,922,479
3,940,336
1,577,230
7.322,010
1//13.457
1,071,295
364,29 4
5,100,893
1,786.497
509,349
274,323
737,980
730,424
205,054
175,652
13,534,831
11,896,969
11,553,959
-14,836,592
bush.
Total grain
1830.
same
1,252,774
Barley
Rye
814,002
3,723,535
shipments from Western lake and
’
*
7,701.155
4,719,128
1,510,233
river ports for the
weeks ended:
Flour
....bbls.
Wheat
..bush.
Corn
1881.
1880.
Week
Feb. 19.
Week
Feb. 21.
Week
Feb. 22.
Week
Feb. 23.
122,359
93,306
143,799
107,794
141,274
135,641
1,592,332
314,342
667,959
516,356
77,993
Oats
Barley
Rye
80,000 bush. No. 2 Milwaukee in store, the
was
52,606,759
•
Comparative shipments of flour and grain from the
ports from Dec. 27 to Feb. 19, inclusive, for four years:
The
have
ports from
same
-.bbls.
Flour
railroads, and holders have been encouraged by the im¬
provement in the wheat market. The exports of flour from the
time have been much in
....
blockading
•the
some
:
1880.-
Total grain
only moderately active in the
13,060
41,497
757,862
Rye
Friday, P. M., February 25, 1881.
351.316 61,438
343,801 124,617
1,221,930
Barley
BREADSTUPFS.
603,189
ports from Dec. 27 to Feb. 19, inclu¬
same
1881.
6L-® 1732
■OyJS
June-July
235,185
586,874 2,259.711
bbls.
Flour
Friday.
Feb
Feb.-Mar
...
Total receipts at
sive, for four years
Thursday.
Mar.-Apr
Juue-July
Total
116,103
Same time’80. 94,060
.
61 *32
1,433.421
1878.
558,S22
758,713
583,579
224,811
58,412
40,733
850,383
190,877
75,952
17,958
2,141,510
1.693,992
1,671,283
29,834
Total
1879.
.
75,02 i
24,15.
Rail and lake shipments from came ports for last four weeks:
Week
Flour,
Wheat,
Corn,
Oats,
Barley,
Bye,
prices have ruled slightly firmer,
ending—
bbls.
bush.
bush.
bush.
bush.
bush.
though somewhat variable, and making no important advance. Feb. 19.-.122,359
141,274
667,959
516.356
77.993 29.83 4
12... 115,389
189.745
709.352
605.930
Yesterday No. 2 mixed sold at 57%@57%c. on the spot and for Feb.
91.975 42,701
Feb.
5... 150,172
112,657
850,755
516,036
109.745 43.105
February, 56@56%c. for March and April and 54%c. for May. Jan. 29...134,758
131,591
847.489
524,986
103,304 49,180
Supplies come forward rather slowly from all quarters, but Tot., 4 wks.572.678
575,267
3,075.555 2,163,353
383,022 164,820
with the removal of the snow
735,354
5,155,076
806,626
264,032 131,162
blockades on Western railroads, 4 w’ks’80..237.580
•the arrivals at the seaboard are
Receipts of flour and grain at seaboard ports for the week
expected to increase. To-day
there was a slightly firmer
ended
Feb. 19:
Reeling.
Rye has been dull, and late prices are barely maintained.
Flour,
Oats,
Wheat,
Corn,
Barley,
Bye,
Atbbls.
bush.
bush.
bush.
bush.
bush.
Rarley has continued dull, under the extreme prices demanded
New York
142.715
317,366
393,753 646,114 67,444 13,938
by holders, and prices have become somewhat unsettled, with a Boston
41,500
43,900
229,325 69,450 15,800
1,332
Portland
24.000
downward tendency.
13,600
6,950
5,540
•4
-
Montreal
Oats have been
lacked strength.
mixed, 44%c.
The
on
following
only moderately active, and prices have
To-day the market was steadier. No. 2
the spot and 44c. for April.
are
closing quotations:
Flour.
No. 2
Grain.
ft bbl. $3 10® 3 50 I Wheat—
Winter superfine
3 85® 4 10 |
No. 2 spring
Spring superfine
3 GO® 3 85
Red winter
Bpring wheat‘extras.. 4 30® 4 GO | Red
winter, No. 2
do XX and XXX... 475 ® G 25
|
White
Winter
sliipp’g extras.
do XX and XXX...
Patents
4 40®
5 00®
650®
4 40®
City shipping extras.
Southern, bakers’ and
family brands5
South’ll ship’g extras. 4
Rye flour, superfine-. 5
Corn meal-
Westem, &c
Brandywine. Are
Buckw. 11.,p. 100 lbs.
50®
65®
25 ®
2 GO®
3 10®
1 95 a)
4
G
8
5
85
50
25
75
Corn—West, mixed
West. No. 2, new.
South, yell’w, new
South, white,new
|
Rye
C 75 I Oats—Mixed
5 35 I
White
5 50 I Barley—Canada W.
I
State, 4-rowed...
3 00 I
State, 2-rowed...
3 15
Peas—CanMa.b.Acf.
2 10 1 Buckwheat
Philadelphia
Baltimore.’.
New Orleans
Total week
Cor. week ’80
6,815
2,200
6,550
11,635
32,183
11,927
98,500
276,500
312,000
260.380
135,417
20 4
316,200
144,979
2,200
90,000
15,500
400
35,400
50J
500
5,800
55,040
762,670 1.409,757 883,344 119.044
63, om
53 4,300 1,569,834 299,806
22,120
17,110
Total
1 14
1 09
118
110
55
57
56
60
98
42
44
1 10
90
85
82
56
®1
® l
®1
®1
®
17
24
receipts at same ports from Dec. 27 to Feb. ^^inclu¬
sive, for four years:
1881.
1830.
Flour
..bbls.
1,915,329
1,312,958
1.382,567
1,273.293
Wheat
bush.
7,032.758
7,727,945
3,121,953
842.544
259,365
4,773,912
12.630,092
10,244.705
12,234,427
2,435,805
2,118,136
10,335,051
13.683,425
1.852,101
761,719
1,127,136
269,507
3 68,470
18,934,565
20,821,971
25,628,494
27,166,133
18*2
17
53
®
57x‘2
®
58
®
64
® 1,03
®
45
®
48
®1 28
®1 OO
®
92
®
On
®
57
Corn
Oats
Barley
Rye....
Total grain
....
1879.
836.415
145,747
•>
1878.
Exports from United States seaboard ports and from Montreal
for week ending Feb. 19, 1881:
bush.
bbls.
From—
Hew York
1,261
59,057
773,688
70,605
24,000
12,327
11,092
275,772
163,450
159,954
111,836
Montreal....
Philadelphia.
bush.
22,488
12,712
104,477
...—
Rye,
bush.
461.364
139,305
Included in the foregoing totals are the reports
hush, New Haven, Portland, Richmond aud Willamette, the
5,606 ' ary, 1881, being as follows:
*
Peas,
Oat 8,
bush.
Com,
Wheat,
Flour,
*
24,293
1,261
18,154
972,459
1.295,066 1,494.231
The visible supply of grain, comprising
1,307,515
Total for wTc 163.096
Bare© time’80. 99.327
Albany...
Buffalo
Milwaukee
Duluth
Toledo (12th)...
Detroit
90,379
79,221
71,761
10,927
400,563
427,759
684
45,000
18,277
325,000
54,364
182,649
92.038
410,800
500
1 6,8<jO
751
637
8,035
1,211,787
130,741
320,407
13G.979
59,411
149.700
970
16,273
87,3S0
12,419
5,000
880
Indianapolis..
Kansas City..
162,600
196,776
294,315
449,227
837,159
625.456
93,598'
4,056,435
76,669
380,000
1,526,037
Baltimore
On rail.
Canal and river..
305,274
1,328,282
43,034
16,430
700,972
692,485
730,729
797.463
765.531
15,391,993 3.433,099 3,082,724
16,097,696 3,534,647 3,197.564
16,499,062 3,443,994 3,405.281
16,724,075 3.465,926 3,538,372
16.736,480 3,450.204 3,575.172
’81 26,403,003
27,167,389
27,495.468
28,005,545
28,309.199
28,179,959
915,945
15,524,733 3,009,925 3,768,721
bushels afloat.
Including 381,823
*
9,968
308,813
43,186
2,169,454
15,878
473.500
22, ’81
37,700
1,511,362
..
Feb. 21, ’80
114,018
41,000
41.493
2,235
12,223
'
Jan.
bush.
70,000
Peoria
Tot. Feb. 19,
Feb. 12, ’81
Feb.
5, ’81
Jan. 29, ’81
373,411
Rye,
bush.
230,297
40,000
Philadelphia
““
bush.
1,205,993
Barley,
225,000
317,000
258,833
264,683
..
Montreal (12th)
11466
120,000
126,000
12,000
107,000
10.604
409,855
7,854,541 *4,917,995 1,542.496
17,865
30,917
3,188,777
5,000
1,297,000
47,453
353,227
1,944,989
8.410
6,870
1,234.751
Oswego
8t. Louis
Boston (12th)
Toronto
9.499
the stocks in granary
Oats,
bush.
Com,
Wheat,
bush.
3,210,105
29,899
accumulation at lake and seaboard
principal points of
In store at—
Hew York
Do. afloat (est.)
59,057
following statement, prepared by tlie Bureau of Statis¬
tics, will show the exports of domestic breadstuff's from the
undermentioned customs districts, during the month of January,
1881, and for the seven months ended the same, as compared
The
with the
corresponding months of the previous year:
????
b'c®.
-1<ichc_,
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^
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brands,
accumulated, especially in the lower
qualities. Ducks, denims, ticks, eottonades, &c., remain steady,
and supplies of really desirable makes are in good shape. For
white goods and quilts there has been a steady inquiry, and
prices continue firm. Print cloths were in fair demand, but
prices receded to 4/4c. for 64x64s, and 3%c. for 56x60s, closing
weak and nominal at these quotations. Prints were dull but
steady, and there was only a limited demand for printed and
woven dress goods, lawns and piques at first hands.
Ging¬
hams were in brisk request, and prices ruled very firm because
of the meagre supply.
Domestic Woolen Goods.—As a whole, the market for woolen
goods has been very quiet, but symptoms of an early improve¬
ment in the demand for men’s-wear woolens were not lacking.
Some lines of heavy-weight all-wobl and cotton-warp cassimeres
were opened by manufacturers’ agents at considerably less than
last year’s prices, and fair orders for such fabrics were placed
by the clothing trade. Heavy worsted coatings were also in
moderate request, but there was a strictly moderate demand for
light-weight woolens and worsteds, and price concessions were
not infrequently offered in order to close out round lots. Over¬
coatings and cloakings were in irregular demand, and there
was only a moderate call for satinets and Kentucky jeans.
Transactions in flannels, blankets and carpets reached a fair
aggregate amount, and such fabrics are steadily held.
dress goods were in fair request, and there was a satisfactory
movement in Shetland shawls.
Foreign Dry Goods have been a trifle more active in both
Worsted
second hands, but buyers continued to operate
tiously, because of the unfavorable state of the
Staple goods are generally steady in price, and fancy
fabrics, etc., are selling at fairly-remunerative rates.
imports of dry goods at this port since January 1 are
a
ably in excess of the corresponding time in 1880,
of foreign goods in this market need not be
during the spring season at least.
first and
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in mind the late
maintained with a degree of steadi¬
only be accounted for by the comparatively
demand, values were
which have somewhat
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volume the past
enlarged distribution of plain and colored cottons was reported
by jobbers. The best makes of brown and bleached goods are
steadily held, because of the meagre stocks in first hands; but
x:
CO
M
to
M., February 25, 1881*
Argentine Republic, 54; Mexico, 57, &c. The demand at
(by the home trade) was comparatively light, but a
fair movement on account of former orders continued, and an
.
oid
Mmo:
MCI tO M
3
658,900 1,089.021 1,449,810
67,419
935,302 2,933,960.
first hands
Cc*
C.’>
0I<J
X M ID M
piop*-o; to
348,024
535,175-
61;
b
"I —1
d 00 © d
CO 10 tO K.
144,348
been but 1,138 packages, distributed
follows: Great Britain, 326; Chili, 251; Hayti, 246; Brazil,
as
Co
<itcx
X CO C5 CD
'©mock,
87,520
41,516
dry goods was restricted in
there has been some
d© dx
168,451
smaller than of late, having
o
'IX
to
237,097
GOOD3 TRADE.
rially changed, and bearing
Cm*
M
55,12a
11,062
74,647
by weather for the most part unfavorable for the sale
spring and summer fabrics, and by the recurrence of a legal
holiday, which was generally observed in the trade. There
was a considerable influx of retail buyers in course of the week,
whose presence imparted a little more animation to the jobbing
houses, but package buyers bought sparingly, and their opera¬
tions wrere mostly confined to such goods as are required for
immediate distribution. The tone of the market has not mate¬
©M
C3
34,330
110,927
of
XX’
©©
33,445
$ 331,594
$ 675,003
127,434
week
S'
r-
20,229
115,278
Friday, P.
2
oooo
oooo
$
THE DRY
cc
x-
+
52,373
53,173
Domestic Cotton
c-f
p ;
b
St
d a
a
$
light supply of
oooo
-
-
® C6
e«s
+
\
U3
......
$
1880
y<
-
®■
12,873
$
7 months—
1881..
*
►n"5
c
2 2 oooo
e^e_
S
3>
is 9
-
:o;
•
C'C'Oc*
R.
r<r^
; 7o
n
<rt> n xx
s c oooo
® ®
C R
WiUamette.
21,454
$
Jan., 1881
Jan., 1880
= S 3 2
o
-
33 CD
E
Richmond.
$
Bushels
Value
WheatBushels
Value
Wheat flour—
Barrels
Value
Total values—
ness
•*+ r-f-
rt-
’
details for Janu¬
Rye-
o
5 *-2 3 » ‘sj
b? ©
r*<3 ©Oq
,0K5 -r qB --3 K
—
Fort-
/anrf.
from Milwaukee,
$
Barrels
Value
Oats—
Bushels
Value
~
o c c c
—
kee.
Bushels
-.
Value
$
Indian corn meal—
CO 2?
8888
New
Haven.
Milwau-
BarleyBushels
Value
Indiau corn—
Hew Orleans..
at the
fVoL. XXXII.
THE CHRONICLE.
240
cau¬
weather.
dress
The
consider¬
and scarcity
apprehended
@FedFRASER