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HUNT'S MERCHANTS' MAGAZINE.
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
VOL.
SATURDAY, JANUARY
50.
25.
NO.
1890.
1,283.
—
lessened volume of stock speculation being about thirty-two
lialf millions.
In Boston also the operations in share
and a
Terms of Subscription— Payable
in Advance:
$10 20
For One Year (including postage)
For Six Months
do.
Eiiropeaii 8ub.scriptlon (includlni; postage)
European Subscription Six Months (iucludlng postage).
Annual Subscription in London (including postage)
do.
Six Moa.
do.
do.
6 10
11 50
(i 75
£2
89.
£198.
These prices include the Inve9tok.s' Soppi-e.ment, of 150 pages,
issued once in two months, and furnished without extra charge to
subscribers of the Chronicle.
A file cover is furnished at 50 cents: postage on the same la 18
cents. Volumes bound for subscribers at $1 00.
Subscriptions will be continued until detinitely ordered stopped. The
publisUers cannot be responsible for remittances unless made by drafts
or Post Otiico money orders.
properties were less than in the previous week. New York
exchanges for the week, aside from those due to share dealings, are $368,107,904, against $.570,048,654 for the week ending January 11.
Instituting comparison with the corresponding week of last
year, we find.that there is an excess in the aggregate for the
whole country of 09 per cent, but New York records a de-
crease of 3 per cent. Losses are reported at thirteen cities,
the most important declines being at Los Angeles, 40-4 per
cent; San Francisco, 17"6, and Duluth, 17'4 per cent. Ilost
prominent in percentage of increase this week are Fort
Worth, 1101 per cent; Dallas, 824; Columbus, 659; Tacoma,
58'4; Lincoln, 55'7; and Sioux City, 53*1 per cent.
Week Ending Jamuiry
W«Jc End'g Jan.
18.
Terms of Advertising.
Advertisements ordered for loss than one month, in the Commercial
Financial Cheonicle, are published at 25 cents per line each inserWhen orders are definitely given for one month or longer, a liberal discount is allowed, and the net prices may be obtained on appiic.a^
tion at the office. The lowest rates on permanent cards detinitely ordered for one year are 8 cents per line each insertion, making $58 for
one inch space one year. Space is measured in agate type 14 lines to
1690.
1889.
P.Cmt.
1890.
IX.
P.Omt.
<fe
tion.
—
the inch.
New York
Sales
Edwards
Bcriptions
Is. each.
Smith,
<fe
1
(
1
^
(I,:! 82,998)
(-13-7)
leM.wK))
I48f,0<i0)
(-t61-6)
(Grain
{Petroleum
Inuhels.)
(Z4.0««.082.
bbls.)
(3,4:<2,1j00)
(19,5(M.9S0i
(15,009,000)
(t230,
(-71 -I)
98,601,140
-1-16
100,419,602
5.M«,lcni
2,S95,I03
l,363,9i0
1,463.7.19
1,12V!,209
'WIIiIilAM B. 1»ANA & Co., Piibllsbcru,
10* William Street, NEW YOKK.
LoweM
p^g^ OFFICE BoX 958
table,
made up by
total
of all the
Ending Jetnuary
1880.
New York
$583,270,176
1889.
73,071, 458
73,520,878
l2,bTo.S19
-0-1
-(-23-»
l«,tf4",749
-t-ltf-B
l,103,^20
-f28 5
Boston
79,169,01.S
Philadelphia
Baltimore
64,722,463
11,666,012
52,310.065
18.122,080
14,046,096
«803,305,905
118,784,298
$761,402,703
104,218,763
-mi
$919,090,203
183,411,216
$^•66,621,466
+ 6-2
159,125,890
-H8-5
Chicago
Bt. Louis
Kew Orleans
Seven cities, 5 days
Other cities, 5 days
all cities, 5
days..
AU cities, Iday
Total
all cities for
week...
$1,104,601,419
$1,024,747,056
-f.S-4
-1-7
811,0t)6
-1-15-8
106,»62,173
101,65i,144
-t-5-S
104,914,903
-|-7'9
67,7iM,6«8
la.8«7.550
6,467,a78
83.315, 159
I2,035,t50
&,Ul4,20i!
470
4g*0
414-7
«,8ll,U7>)
5,06ii,107
4.607,410
4,015.534
2.0.5,0^8
69.815.295
14^018.450
5,498,109
5,o7»,898
4.ea8.31>8
488-B
481-8
45-6
t).')7,4;0
3,442,300
2,479,116
1,279,';74
7>!4,S»3
8.a-i5.«18
l,4a8,40i!
831,775
hi
-10-4
1,429M3
-4-14-7
872,108
48-6
4112
93,808,704
-I-8-7
108,623.419
17,732.813
745,750
425,00u
-17-8
—
^^700,021
40-4
-i*»«
1,489,921
7bo.BI 1
1,740,001
1,018,107
H-78-8
-18-8
17,«60,6S3
4«-0
9,498,287
4,H2<,976
4.2a».045
4,810,607
4,4»4,107
47*8
423-8
4S-S
4se-4
416-0
-19-1
440-0
874,473
Seattle*
18,903,083
8,878.079
Minneapolis
4,;>K»,W)6
gt Paul
4.21.1*4^
4,Ou4.2i4
8,610,278
4,Ur2.223
8,728.05«
3,871,464
4,)«0«,0ll
b,()20,0>rt)
Duluth
8t. Joseph
Wichita
l.»'.5,ie88
2,1!71,»?3
1,v09,S<j8
1,732,870
702,052
1,4W>,944
1,8!1C.,40»
BlonxatT
7I>8,013
693. t&«
Des Moines
7«0,a74
500.481
020,08'.)
lilDcoIn
5a8.b4S
Topeka
35»,i>«6
866,415
424,085
Total Other Western..
Louis
New Orleans
LoaisvUje
St.
Memphis
Richmond
86.154,978
4U0
lb,li33,977
13.a)7.7i'l
-»89
S».177,07a
10,886.448
7,»S7,i8»
2,9«7,V07
2,410,010
1,5B2,6B»
-i-81-l
5421.388
4a?o
8,8^2,498
-r28-9
8,949.tX)6
7bS.»7a
724.944
892,230
+13
-f»»-4
•Nnt Included
In totals.
t?f:f
41-4
948.042
648,480
49,479,00s
I,t48,50!,965 1,138.944.208
4,S2.T«).OHI
}:aS:2ii
-IT,
578,941
59,409,626
418-8
418-8
-3-8
4»»-7
-)-Ib-i
•l-iio-i
8lW,M3
V^rk
414-S
+7
1,528,293
683,477
8,019,438
Total SontberD
^^
•i-129
],429.!I05
]/eilngton*
861.163
B<W,BS4
42«,»17
19,593,089
Dallas
Blrmlnnham*
l,U«»,81i«
80,178,597
OaiveatoQ
New
-4-4
+Do-7
—
153
82,289,428
8,718,a!)8
Norfolk
Nashville*
767,*<7
-t-53'i
-H-8
445-«
2S,125,SS0
2,4tl,4b8
l,8«i,7b»
Oatside
-68
i4,eos,4ee
444,205
mn.oni
all
-(20-1
2,b37,50O
2,107,182
1,390,697
Total
7r»4
—11
103,618.883
San Frnnctsoo
Los Angeles
-fl6-9
+ 23-4
I
432-4
-1-38-9
-tfl2-7
6,1113,249
15,720,728
Tlie full details of clearings for the week covered by the
above statement will be given next Saturday. We cannot, or
course, furnish them to-day, bank clearings being made up by
the various clearing houses at noon on Saturday, and hence in
the above the last twenty-four hours of the week have to be
in all cases estimated, as we go to press Friday night. Below
are our usual detailed figures for the previous week, that is
covering the returns for the period ending with Saturday
noon January 18, with the comparative totals in 1889.
The total for all the Clearing Houses exhibits a loss from
the week ending January 11 of a little more than forty mUl
ions of dollars, the falling off at New York mainly due to a
—
-80
-H7-7
-I-3-6
-^8
790.993
6.97o,8;««
-I-21-4
4-10-9
44-8
—171
69,456,148
15,321,207
16,096,911
1,510,534
901,972
709,183
6,302,674
15.516,174
I,3U8,3I1
739,a6l
]
Total Middle Western
$046,681,948
80,562,080
63,296,583
10,515,477
44,453,000
15,508,442
1), 386,195
411'0
118,573,968
Grand Rapids
4a>«
—13'^
-i-i-s
Peoria
25.
-m»
+81
8sa.lu7
429,438
4(!4,7l!B
Buffalo"
(-03-^
l,*li!,^9('
-ts-e
7a».5f4
WilmlngiOD, Del
(-20«
-I-14-7
112,748.859
Indianapolia
Wtr}t
— 1-8
—36
i-9-1
l,SSli,»79
l.!i72.477
1.1I33.894
650,000
478,105
Total Middle
clearing houses of the United States for the week ending today, January 35, have been $1,104,501,419 against |1,143,Cincinnati
501,985, last week and $1,034,747,056 the corresponding week Mtlwtiukoe....
Detroit
last year.
Cleveland
Clbarixos.
+2
2.485.265
114,728,266
telegraph, etc. (as fally
bank clearings
5,640,1100
101,859,034
5,«34,900
2,923,128
1,798,982
l,331,*8n
1,0I7,»28
-flBO
-10-5
-1-3
Pitt»burK
explained on this page in our issue of October 26 and previous
.
1,191.477
New Bedford
Total New England...
nuini)ers), indicates that the
Total
(1,598,167)
(846,500)
(15,412,7»8)
14,3J2,000)
(1,193,848)
Drapers' Gardens, E. C, will talce sub
single copies of the paper at
CLEARING HOUSE RETURNS.
The following
742,143,654
bnles.)
....
and advertisements and supply
-wrrnnf n t>a»i
mHN cG. FLOTD.
Fin^
JOHN
-8-0
of—
lOotton
liOndon Asenta:
Messrs.
709,772,904
724.073,920
40«.17e.»72
4801
68.618,885
40-9 1,18S,MO,300
*»•
4<n8S'i««''
41M
4W
^11-0
THE CHRONICLE.
IIB
[Vol. L.
its face, and then on that as a basis issue a £1 note
That is the way
interchangeable with a gold pound.
we do it, but that kind of bi-metallism has not taken
on
THE FINANCIAL SITUATION.
The money market has had
a softening tendency
all
to the
through the week. This is due in some measure
from
dull stock market and comparatively slack demand
on
disbursements
that quarter, but mainly to the large
the
by
purchases
bond
account of interest payments and
Treasury Department since the first of January ; even
th^ past week there has been paid through the Assistant
Treasurer's office of this city $5,666,703 for bond
very deep root in England as yet. At Paris the discount rate in the open market is 3 per cent, and at
Berlin and Frankfort it is 3i per cent.
Our
foreign exchange market was dull and quiet early
in the week, the opening being rather heavy.
much
The
last
on
Thursday the sixty-day rate which had been up to that
is time posted at a range of 4-82^ to 4-83 was marked up
purchases. The interior movement of currency, too,
now setting towards New York, and there is likewise a to 4-83 by all, and yesterday the leading drawer further
in trade circles. advanced both long and short one-half cent, to 4-83^
little quieter feeling just at present
Altogether there seems to be substantial and abundant and 4 -871 respectively. The arbitrage houses have not
done anything of sufficient importance to affect rates.
reason for the easier rates for money prevailing.
balbankers'
by
represented
After the dinner of the Commonwealth Club last
So far as call money is
the
cent,
per
and
evening an interesting currency discussion was
been
6
3
Tuesday
have
ances the extremes
Banks
cent.
per
about
4
The literary entertainment appointed for the
being
started.
week
the
average for
at
call
on
money
out
an elaborate paper by Mr. John Jay Knox,
putting
4i
occasion
was
are
companies
trust
and
per cent as a minimum.
large
amounts from many
institutions at rates that
Time money
local
is
oifering in
and some out-of-town
seem almost incredible when
compared with so recent a date as December 24th ; ninetyday money is offered at 3 per cent, four months money
at 4 per cent and six months at 4^ per cent, on prime
collateral, and at ^ of 1 per cent higher than above
quotations loans may be negotiated on securities much
below "first class" as rated by conservative lenders, so
eager are they to get their money out. In the commercial paper market a demand has sprung up from every
quarter not equaled in many weeks and good names are
sought after. Quotations are 5 per cent for sixty to
ninety-day endorsed
'
bills receivable,
5i@6
few days, however, sterling has been
President of the
Bank
firmer
;
of the Eepublic, in explanation
which he has prepared for a new bank note
system, the bill having recently been introduced into
the Senate with some slight modifications by Senator
Sherman. Mr. Knox not only brought out the points
of his own measure with facts to prove its feasibility,
but demonstrated clearly how pressing the need was
After the reading
for speedy action by Congress.
of the bill
of
this
paper,
the
President
the
of
club
called
upon Mr. George S. Ooe, who enlivened the members and guests with some extremely interesting
suggestions put in an earnest, agreeable way on
Mr. Coe, as all are
the general subject of currency.
per cent for aware, is not only a close student of finance, but a
Besides,
months acceptances, and 5^ to 6^ for single practical banker of large experience.
no one knows better than he how to adjust economic
names having from four to six months to run.
The London money market has been easier this week. principles to business methods, or perhaps we should
The official minimum of the Bank of England still re- say how completely in currency matters they do adjust
mains at 6 per cent, but discounts of sixty to ninety themselves when left free to act. In his remarks Tuesday bank bills in the open market, London, were re- day evening he deprecated, therefore, too much inter-
four
;
The flow of gold ference on the part of the Government. It was not in
ported yesterday at 4f @4i per cent.
from the interior of Great Britain to the Bank con- opposition to Mr. Knox's ideas that he spoke ; his words
tinues, but notwithstanding the 6 per cent rate, there were the expression of a similar desire that a safe and
sound bank currency system should be devised. But
is as yet almost nothing coming from outside sources.
This week the Bank is reported to have gained £583,- he evidently thought that in that work the whole provGovernment was " to register, restrain and
"verify." There were other speakers, Mr. Cannon,
market
and
the
residue
bought
in
the
open
President of the Chase National Bank, and Hon. Ellis
part was
France.
Such
drain
from
import
from
a
an
was
H. Eoberts, our excellent Assistant Treasurer, being
the interior, if kept up, must harm trade. But there among the number. We refer to the matter here beseems at the moment no other supply at hand for re- cause of the usefulness of these off-hand discussions
plenishing the exhausted reserves of the Bank, This on currency questions subjects which need discussion
situation has given a kind of plausibility to the rumor more than all others.
Activity still constitutes the leading characteristic of
that the Bank of England was about to issue £1 notes
based on silver, and there has been no little spent on our industries. Of course, some branches of trade are
This is particularly
cable dispatches this week by the press in attempts to an exception to the general rule.
It seems to us that true of the anthracite coal trade, and dealers in goods
corroborate or disprove the report.
000, but according to a special cable to us £508,000
came from the interior, and of the remaining £74,000,
ince of the
—
We do adapted chiefly for winter wear also complain of
the whole statement is highly improbable.
issue
of
notes;
refer
to
the
£1
such
an
issue poor busimess.
In the West .the continued low price of
xiot
has long been under consideration, and no doubt grain and farm products forms a rather unsatisfactory
But that the Govem- feature in the situation, though part compensation for
will some day be carried out.
the
increased
quantity
in
ment
has
actually
determined
to
propose and issue of this
furnished
is
_
,
that denomination of notes on silver, because the
is
short of gold, sounds pretty weak.
How
the
Bank which last
Bank the farmer
would gain anything by spending its gold in buying
silver to issue these notes upon has not been disclosed.
It may be that some think the Bank of England will
issue one of the "in God we trust" kind of things like
our standard dollar
that is, get up a silver pound
vorth three-quarters of a gold pound and put our motto
;
season's
to
excellent
dispose
of.
yield
.
But
has
all
left
these
drawbacks appear of very minor importance when
the great and increasing activity in trade as a whole is
The railroads are nearly all reporting a
considered.
larger volume of traffic than ever before, and at some
points there is such a congestion of freight that for the
time being the roads are unable to take care of it.
Januaet
and
usual
THE
26, 1890.J
CHROISaCLE.
have to submit to a transfer of some of the
through traffic to other and competitive rail
routes.
That
is
the real secret of the large
movement
Shippers are
of freight via the Lake Superior roads.
sending their goods that way, hoping to get quicker and
more expeditious service, the Chicago east-bound lines
being so crowded with business. In the iron and steel
industries there
is
for the
moment a
quieter feeling, but
both consumption and production are on a prodigious
scale.
This is well illustrated by the figures for 1889,
issued this week by Mr. James M. Swank, the general
LiNU lisT or
117
I8H).
PiTTsonBa.
Decimbtr.
•'
Op«rmt'K •xpsntei.
MM.eM
N«t tamlntfa...
l.««t.23S
arowwunloM.
WMtorn
Reiult
Jan. 1
S,ttl8,2.1«j
+ 17l,«l>;
llnoa
I
4,>08.0SS
1,<;8S,V81|
4.8«9.Ut
8.6II.0M
4.42S.3IS
1I.030.0M
4.0M,<tt«
3,7MJM
2.087,41)1
i.878,oae
l.Si-H.lbie
l,:iM.«OI
-It.lll
-t-111,417
-1S.634
1.170,130
1,4«3,»18
lji8]i,«»7
1.0II«,M»
-1«0,T«I
1,431,418
IM6.4W
to Dtc. 31.
Qrou earnliMia..
. .
81JSU.I4S SS.lU.07t> 63,871.918 SO.yiV.OOT 49,^18,027 4" ,6««.»H
Opemt'g ezp«iues. 41.0'W.80S SU.RIl.tW
Nttt earntojci.
WattarnllDM
.
aoXlT.IMO I8,i40.9«5 18.S8>.7«8 17,7M.tm>l«.13e.Ml ih.l»»jM»
f 1(MI2.817 -i;0,14S '^1S;8,4S!} -H«».7l;8'-10tM.I>74
-»IM»
21.S10.4StI 1 8,(i7C.7-K) i8.)W8.iei;i7,aHS.2;o ia.n4<.tM 17.I78,01»
and Steel Association. We expect
Some other favorable returns have been received.
more at length another week, The Chicago & Northwest reports a gain of $242,337
but will say here that with an increase of 17 per cent gross for December. The Qhesapeake & Ohio for the
over the production of 1888 (up to that time the largest same month gains $126,000 gross and $80,000 net,
in our history) stocks at the end of the year are actu- while the Richmond & Danville system (whole eight
manager
of the Iron
to refer to these figures
ually smaller than at the beginning.
roads), gains $143,000 gross, $71,000
The Pennsylvania December statement
The
net.
EaSfe
Tennessee has only just furnished the November
It shows a figures, but they are very favorable, showing net of
striking evidence of the activity of trade.
gain over the same month of the preceding year of no $257,737 for 1889, against $181,149 for 18^8, and the
less than 1687,182.
Of course, the Pennsylvania is a increase being over 40 per cent. For the five months
large system, and changes on it are apt to be in propor- of the fiscal year from July 1 to November 30 the imtion to its size.
Yet, as an industrial fact, the extent provement is also more than 40 per cent, tlie liet fot
of the gain is noteworthy in itself; and furthermore it 1889 being $lr2d9,34l, against |S57,1S9 for 18&6.
is quite a remarkable circumstance that a corporation
The railroad situation in the Soilthwest, aS far as
of this magnitude should be able to make an augmen- concerns the roads which have been beset by financial
tation in gross receipts of
full
14
per cent, difficulties, is undergoing i gl^dual and decided clearfor that is the percentage of increase for Decem- ing up.
The reorganization of the Atchison is
ber.
There have been several other recent months with thorough and complete. In the Missouri Kansas St
correspondingly large gains. Thu^ in November the Texas case an early settlement also seems in prospect^
amount was $031,946, in October $711,614 and in for the King- Adams plan has this week been withAugust $603,025. And these figures it should be re- drawn, which leaves the field in possession of the 01-
membered cover merely the
also affords
cott committee, who will presumably thus be able to
and the roads carry their scheme through. In addition, a plan of redirectly operated with it, not those controlled and sepa- organization has been submitted for the St. Louis Arrately reported on.
There is no other system in the kansas & Texas. The plan is published in full in a
country that can show such heavy additions to its subsequent part of this paper. Some criticisms have
receipts as the Pennsylvania has made for the months been made upon it, but the committee has evimentioned not even the Northern Pacific, which has dently attempted to
fairly.
all
interests
tre^t
reported some very large gains. Only a short while ago From
standpoint,
economic
aij^. financial
an
it was thought remarkable for the gross earnings of the the question of most importance is as to whether the
Pennsylvania to reach five million dollars in a single basis of obligatory charges has been placed low enough
month. Now the totals are running close to 5J mil- to guard against future embarrassment.
Under the
lions, and there were at least two months in 1889 when old conditions, the company had to meet about a milthe aggregate was nearly
millions.
In net results the lion dollars a year for interest on the first mortgage
returns are no less satisfactory.
With $687,182 in. bonds (6 per cent on $16,409,000), besides a considercrease in gross for December, the increase in expenses able amount for interest on floating debt and car trust
has been only $218,790, leaving an improvement in net 'payments.
Under the reorganization proposed, the
of $468,392.
At the same time there was an improve- floating debt and the car trusts will both be taken up,
ment in net results on the Western lines to the amount and the full obligatory interest on the new firsts will
of $191,404, making a total improvement of $659,796— be only $800,000
4 per cent on an authorized issue of
all for December.
20 million dollars. A company which cams $3,901,When we consider the results for the calendar year, 645 gross, as the Arkansas & Texas did in 1889, ought
we find them nothing less than remarkable. The com. to have no difficulty in meeting an annual charge of
pany suffered heavy losses last June from the floods— $800,000.
$1,149,382 in gross and $804,662 in net.
The stock market shows both increased activity and
Yet in the
face of that fact, gross receipts for the twelve months increased strength.
The outside public has not made
of 1889 are 3^ million dollars and net over 1^ million its appearance as yet, but stocks are in strong hands,
dollars in excess of those for 1888.
The Western lines and it is comparatively easy to advance at least the
have done better to the extent of $1,262,962 net, so specialties, and these have been the prominent feature of
that the total improvement in net reaches about 2^ late.
The Gould party are apparently showing a more
million dollars. There have been years when the West- decided attitude than for a long time past, and their
ern lines have had larger net than for 1889, but the stocks are being held with a firm hand Missouri
net of the combined system has never previously been Pacific in particular, which has easily been a leader ia
exceeded.
The following is a comparison extending the week's movements. With easie*- money of course
back to 1884. It will be observed that while, as com- the conditions are nearly all favorable to a rise.
pared with 1888, the improvement in net results for the
The following statement, made up from returns
twelve months is 2| million dollars, as compare4 with collected by us, shows the week's receipts and shipments
burg and Erie
so-called lines east of Pitts-
— meaning the
main
line
—
—
—
such a year as 1885 the gaio
i?
nearly 6^ millions,
of curreucy and gold by the
New York
banks.
THE CHRONICLK
Il8
M,
fVttk nuMfiff Jan.
Ftceived
1890.
OnmnoT..
Gold
Total
(rnid
and
leffal
tendeni..
With the Sub-Treasury
Week ending Jan.
SMfpti bv
I>v
N. r. Bankt
84, 1890.
Banks Interior MoTement, as above
Bab-Treasnry operations
Total gold and legal tenders.
tr.
Net Interior
Movement.
T. Bankt.
|S,18H,000
800,000
*9S5,000
100,000
18.698.000
tl. 055.000
Qaln.
Oaln.
|:!,24!l.000
400.000
Oaln. K.tiiS.ooo
operations, the result
is
:
January
or in part of foreign silver bullion or foreign
"silver
coins,"
or
"bars
resulting
from melted
Moreover, by
Net Change in
Bank Boldlngt
13.698,000
le.soo.ooo
tl.OBS.OM
Gain (2,613,000
Sec. 10, the silver bullion received is subject
IS.400,000
Gain. 3,100,0(0
$14,455,000
Qaln. (8,743,OC0
"requirements of existing law and the regulations of
" the Mint service governing the methods of receipt "
a provision which would appear to authorize regulations
strict enough to follow up and detect violations of law
in respect to the kind of bullion offered for deposit.
This liability, therefore, of being detected and rejected,
attaching to imports, would interfere materially with the
desire, and therefore with attempts, to bring foreign sil-
>g0. 198.000
I
Janunn,
23, 1880.
£
"whole
OutofBanke.
24, 1889.
Btmkitt
saver.
Even now what is claimed to be an accurate
account of American and foreign gold and silver
imports is kept. Besides, the law as proposed is
very explicit in excluding " deposits consisting in
lowed.
Into Banke.
Bullion holdings of European banks.
Osld.
[Vol. L.
Total
Oold.
£
£
Buland
19.8I0.SS8
Trance
60,159.000; 49.660,000
19.240,328
99.819.000
a«nnan;*....
A«ut.-HunK'7
ii4.83S,8«7| 12,419,33.')
37,258.000
,5.435,000 16,248,000
e,o«s.ooo 5,827.000
21,683,000
Stiver.
£
lotal.
£
21.232,892
21.2.32,892
40,107,000 49,106,000
29,929,333 14,064 667
89.813,000
44,894,000
21,379,000
5,819,000 15.560,001
6,09O,00Q 7.434,00C
"or
refined
foreign
silver
coins."
"to the
Such silver after rejection at the Mint might
no market whatever in the United States and the
Tot. this week 107,671,995 86,572,333 193,144.328 104,721,225 88,3.».667 183.066 802
owner might be forced to return it to London. That
Tot.preT.w*k. lCll,237,019 85.418.667 lfci;6iS5T088 103,684.449187,935,000 191,510,449
would be a contingency the fear of which, as we look
* The division (hetween gold and silver) given In our table of coin and
bnUion In ilie Bank of Oermany and tUe Bank of Belgium is made from at it, must prevent any considerable movement from
the best estimati we are able to obtain; In neither case Is It claimed to
be accurate, as those banks make no distinctiou in their weekly reports, countries other than near-by producers, such as Mexico
merely reiiurtiug the total gold and silver, but we believe the division
w« make Is a close approxiination.
or Canada. The former country particularly could get a
Note.— We ecei ve the foregoing results weekly by cable, and while not
all of the date given at the head of the columo, they are the returns
considerable portion of its product into the United
Issued nearest to that date— that Is, the latest reported tlgures.
States at practically no greater expense, and much of it
at less expense, than the owner would be put to in makMR. WINDOM'S
SILVER BILL.
ing the same progress towards the London market via
We have received from Mr. Leech, Director of the any other route. Hence, if his metal is denied deposit at
Mint, the text of the bill prepared by Secretary the Mint, he has lost nothing, for Europe is still open
Windom, and which will be presented to Congress, to him at the same .cost from the mine as if he had
embodying the silver measure proposed in his annual sought London originally.
We eliminate consequently from our estimate of
report.
There are some important modifications in the
plan as now worked out which make it necessary to amounts that will, under the bill as now framed, be
qualify the objections we raised to the scheme in its offered at the Mint for deposit (1) all of the old stock
original form.
It was a " free " market for silver which of silver which, under the original proposition, would
Mr. Windom suggested in his report. It is a market have been received there, and (2) probably three-quarrestricted to " the product of the mines of the United ters of the current annual production other than the
" States, or of ores smelted or refined in the United yield of our own mines. The remaining quarter of the
" States," for which the bill provides.
production would perhaps slip in here from Mexico
Beyond a doubt, any form of silver currency is harm- and other neighboring countries, in bullion without
ful and dangerous so long as other nations keep silver detection, or in ores for smelting, the latter being a
Omitting,
under a ban. No one has expressed that belief more form permissible under the proposed bill.
unequivocally than Mr. Windom.
His report to Con- then, the portions of the world's market supply thus
gress set out clearly and forcibly the disturbing influ- shut out, what may we estimate would be the annual
ence of the existing coinage law, and the present propo- quantity left to be offered for deposit with our Mint ?
sition comes up therefore simply as an exchange for A substantial difficulty one meets in answering that
something the Secretary believes to be worse. A choice question with accuracy is ignorance with regard to what
of evils is the alternative presented, but unfortunately it the product is to be under the operation of the new
is a choice of evils in which the public cannot say it will law.
We publish to-day on a subsequent page Mr.
" Mandatory purchases by the Govern- Valentine's returns as to the silver production in the
take neither.
" ment of stated quantities of silver and mandatory United States and Mexico during the last year', and
''coinage " are the requirement of the present law, and together the two countries report an increase over his
the belief is quite general, and not without reason, that figures for 1888 of \1\ million dollars.
Now, the
another law providing for a larger coinage or a larger avowed object of Mr. Windom's measure is to raise the
use of silver in some form is sure to be enacted during price of silver bullion, and it undoubtedly will do so
the current year.
We state these facts because they for a time. The problem of the careful student or
express the animus and origin of the Secretary's pro- statesman is then, if during the past year, with no
posal, and no one who ignores them can fairly or intel- special inducement for adding to production, this large
ligently judge the scheme he has evolved.
increase has been secured, how much more silver, under
First, then, what is the scope of the plan as now pre- the stimulus of a better price, can be produced in future
sented ? We have already remarked that the bill does years ?
Heretofore the claim has been made that the
not propose a " free " market for silver, as the original increase would be very small, and possibly that may
plan did, but a market restricted to "the product of still be the view of those who are wedded to the idea
"the mines of the United States, or of ores smelted or that something special must be done for silver. But
"refined in the United States." Question has been looking at the rapidity of the annual development durraised whether the Government can keep its takings ing late years, and further noting the fact just referred
within the limits of this restriction. All we can say on to, that in 1889 the United States added nearly llf
that point is, that bullion which comes into the country million dollars (nearly 9 million ounces) to its product
in the regular way could, we should presume, be fol- and Mexico over 5^ million dollars (say, 5 million
Netherlands..
Nat.ReIirlnm*
»337,000
1,418,000
10.888.000
4.2SS.0OO
i
NEW
2,543,000
1,271,001'
12,544,000
3,M4.O00
ver here.
find
\
jAlfUARY
ounces) to
25, If to.
its
THE CHRONICLE
.
supply, are we not forced to assume
iu
any dispassionate and unprejudiced discussion of this
subject that the annual addition of new supply to the
market will be a very material item ?
But for this occasion, leaving that point with, the
simple suggestion already made, look at the situation
In 1888, according to the Mint
as it stands to-day.
returns, the United States produced 45,780,000 ounces
of silver of a coining value of
119
keep up this agitation and secure an abGovernment of enough of the current
supply to put up price in the London market, such
men after snch expenditure of time and money are not
going to neglect any little effort like shaking the tree
when they see the apple ripe and ready to fall into thoir
liave spent, to
sorption by our
—
hands.
There is another method of working out the amount
Assuming of the deposits at the Mint as a result of this law, one
made up for 1889 which Mr. Windom adopted in his report when discusa-
159,195,000.
when the Government estimate is
the Director of the Mint will find as large an increase in ing the effect of free coinage.
He assumed the world's
production as Mr. Valentine has found (the Govern- total annual supply of new silver at 142 million standthat
ment estimates have grown
as fast
and generally faster ard dollars, took out from that supply the ordinary
United annual requirements, and only found an amount left
ounces. over for the United States Mint market of 51 million
than Mr. Valentine's), the yield of silver in the
States during 1889 will have been 54^ million
Suppose also it be assumed that our Mint will
.from Mexico and other near-by sources, of
receive
ore
for
smelting (the silver in the ore so received in 1888 was
15,684,093) and of foreign bullion quietly slipped in
over our border, enough to bring up the total addition
out of the foreign production to 15 million ounces, and
make the aggregate for our mints in the first year (on
the supposition that there is no addition to home production during that twelve months) 69J million
Going a single step further, we
ounces.
silver as
lent
now
ruling in
find
with
London the New York equiva-
per ounce would be
say 98 cents.
Ilence the
dollars,
or 39,445,312
method appears
ounces.
The
defect
in
that
Granting that to-day's
supply and demand at 44d. per ounce in London are
correctly stated, to-morrow's supply and demand at a
higher price may not be otherwise, during the first
month of the operation of the bill silver would rise to its
old equivalent, or rather to one dollar for 412*5 grains,
the limit the law is to put on Mint purchases.
Indeed there is not even plausible ground for assuming
that the price named, or even one-half _the advance'
that price indicates, would not restrict demand, increase
supply from the mines, and dislodge a very large amount
to us obvious.
;
In estimating the amount of
which a higher value would put afloat, it must
silver advances in London (that is to say two cents in be remembered, as we said on a former occasion, that it is
New York) would on the same quantity give the owners now 16 years since silver was virtually demonetized, and
$l,395,000*more money for their metal and would give that this long depreciation has disturbed the old idea
the country that amount more of silver circulation.
of its value to such an extent that nothing but a union
Most likely some reader would suggest here that we of the great commercial nations of the world could
have not deducted anything for use in the United bring back the old faith. Feeling confident that the
The value of rise could be but temporary, owners would hasten to seize
States in manufactures and iu the arts.
silver so used in 1888 was made up for that year by the the opportunity and dispose of the stock which this
Mint bureau at 7,908,148 standard dollars. Conse- artificial market had unduly valued.
quently, if any one sees fit to deduct the whole amount
We may assume then that we have correctly set out
taken for industrial purposes in 1888, according to the the minimum amount of deposits our United States
official report he would only have to subtract about Mint would receive during the first year the proposed
6f million ounces from the total of 69,750,000 law was in operation. The course of supply and deounces given above.
But we have not taken that item mand and price after that is to some extent a matter of
out for the simple reason that the whole silver-mining conjecture. From one conclusion there is no escape
industry of this country, and in fact of the world, the arrangement could be but temporary, and the
would after the passage of this bill be inter- greater the success at first, the more mischievous would
ested
having
much of the metal be the final discomfiture. It is an artificial method for
in
just as
turned into our mints as possible.
In fact, the sole advancing the price of silver, and the break in price
object of the law is to raise the price of bullion in would be inevitable as soon as the artificial control of
London by keeping away from that market, through the markets of the world was lost. The collapse might
absorption by the Government of the United States come either (1) when the stimulus to price had brought
of as large a part as practicable of the annual supply. out more supply of silver than the foreign markets could
addition to our silver currency on that basis would be
the
first
year 168,355,000, and every penny per ounce
of the old stock of silver.
old stock
:
—
we may be permitted
to apply readily absorb, or (2) when our current deposits of
product of silver exceeded the capacity of the country to absorb the
our neighbors would gravitate towards New York and notes, or (3) when from gold exports, or from the increasSan Francisco. Some would come here from near-by ing stock of silver at the Mint, or from any other canse,
countries and would be "spotted" and rejected by the the notes became discredited.
However reached, the
Mint officers. Hence to keep the above aggregate within drop in value would be as radical as an exploded corner
the most moderate limits we have only assumed that in in any other merchandise ; only with this difference
Intuitively therefore
a mental
if
process to a metal
—the
silver
twelve months 15 million outside, or foreign,
ounces would secure deposit through ores smelted (a
the stronger the support the more severe would be the
process allowed) and
For these reasons we fail to see any suflScient advantage to be gained by adopting Mr. Windom's proposal.
the
first
through bullion surreptitiously
slipped in. More foreign metal than that will no doubt
seek entrance at the Mint, and being rejected will
serve to keep a foreign stock on hand for the supply
of manufacturers.
Our mine owners will see to that,
for they are clever enough not to allow any American
silver to go in that direction.
Men who have worked
as they have worked, and spent the money they must
reaction.
The alternative presented of a still larger coinage than
we now have is of course the inducement for the suggestion.
But
the present
than that
is
not far better to leave the authors of
it
in full control of the ship, rather
of sound principle should help steer it
dilemma
men
upon the rocks
?
THE CHRONICLE.
120
FALLING OFF IN PUBLIC LAND SALES.
Circumstances have tended to diminish the takings
[Vol. L,
supply of public lands available for Eettlement has been
greatly diminished in recent years, and in some sectioQtf
entirely exhausted.
Hence the latest
In making up our present statement of land ssA^'
Btatistics bearing on the matter show a marked falling we have followed the same policy pursued in other
off, the disposals being on a smaller scale than for years, namely that of taking only the disposals for cash
many years past. The figures we refer to cover the Gov- and under the homestead and timber culture lawtf.
ernment fiscal year, and therefore come down to June The purpose of course is to show the quantity of land
of pxiblic lands in
recent periods.
It is only
30, 1889.
within a comparatively short time actually or presumably entered for settlement or cultivation, and to this end swamp lands patented to the
that this information has been available.
prevailed
falf we examine into the conditions which
during the twelve months ended last June, we shall find
.
them not
altogether favorable to
sections of country.
As
States and lands certified to the railroads are exclddfed'
from the calculation, since the transfer in those casfeSJ
the opening up of new does not involve ocdupation and settlement.
Made up
far as the agricultural situ-
in this way, the aggregate disposals for the twelVfe
concerned, that has not been particularly encour- months ending June 30, 1889, reach 12,461,604 acrfe^,
aging for a long while, for the farmer has not becTi able or almost one-quarter less than in the twelve months'
In.
to get very remunerative prices for his produce. In the preceding, when 16,319,076 acres were disposed of.
year under review, however, there were some specially 1886-7 the amount was 17,406,058 acres and iu 1885-6
ation
is
deterrent features. Both the yield of winter wheat and of
spring wheat was cut short in 1888, and in certain sections of the Northwest, where wheat is the principal
18,309,942 acres, from which it is apparent that th^
decline has been in progress for some years, though at
crop raised, the effect was quite disastrous, especially
in the case of such districts as had suffered in a similar
way the season before. Such experience on newly-
The 1889
would hardly act as an inducement to the
opening up of further^areas for the time being, and in
point of fact some of the settlers are known to have
felt quite discouraged.
The yield of corn and oats in
the United States in the same year (1888) was much
more satisfactory, but unfortunately this was attended
by steadily declining prices, culminating in 1889 in
extraordinarily low figures.
settled land
The
operation of
causes like these
is
not always
first
Perhaps, however, the
most potent cause has been the check to new railroad
building that occurred during 1888.
The railroad is
the pioneer of progress, and if land is not made accessible by these highways, it is in many cases altogether
unavailable.
For eighteen months or more, the work
of adding further mileage has been prosecuted on a
very restricted scale. Such new mileage as has been
built has been almost entirely to complete existing lines
on systems. Scarcely any long lines or extensions through
new and undeveloped districts have been constructed in
But
total
in fact the lowest since 1881,
is
only 8,379,518 acres were sold, and
when
from which there
was a jump the very next year to 12,526,262 acres.
The following shows the disposals for the last five yeatB,
under each one of the three great divisions that is,
the entries for cash, and those under the homestea.d
—
and timber culture
Ytar ending
</ti-n<
laws.
PDBLIC lASD BALES.
1889.
SO.
Acres.
Sales for cash
meBtead entries
8,881.305
H
Timber-culture eD tries.
tangible or direct, but there can be no doubt of their
exerting considerable influence.
the extent of falling off was comparatively small.
Total
.
8.039,230
2,551.069
1888.
Acres.
f,«07.l55
e,e76,61B
8,735,803
1887.
18S6.
Acres.
Acres.
6,587.910
7,69J,350
f!,7*,49g
9145.1.35
4,224,398
5,391,309
1885.
Acres.
3,912,450
7,415,888
4.755,005
12.4fll,«0ti 16,310,071) 17.400.6S8'l8,:i<)'.948 16,083,341
That the reduction has followed from general rather
than local causes, appears very clearly when we arrange
the sales so as to show the disposals in the separate States
and Territories.
In such a comparison, very few of the
decided falling
In 1888 there were two States which had over 2^ mil-
political divisions fail to indicate a very
off.
lion
acres
had over
is
1-^
each,
and
and Territories which
For 1889 the highest total
five States
million acres.
If million acres, and even in the case of those divilarge totals there is, in the
sions never conspicuous for
majority of instances, a decline, and this whether
we
mileage of this latter character consider the Southern States, the Northwestern States
that has the most effect in adding to the settled area of or the Southwestern.
the country, and thus the fact that there had been a
In some parts of the country, however, the takings
this time.
it is
change in that respect would naturally be reflected in are
the land
sales.
During the years of active construction which culminated in 1888, it was precisely^the new extensions that
were most prominent ; railroad managers were anxious
to occupy additional territory and to enlarge their sys.
tems, and they were willing to take the necessary risks
new sources of income. During the last
two years both circumstances and the roads' necessities
have forbidden such a course. In our article on the
of finding
large, even if not of the proportions of former
and in those cases the effect of the addition of sd
much new territory to the settled area and the influx
of new settlers must continue to be a very important
influence in stimulating trade and business generaEy.
Southwestern and Northwestern sections are the ones
which remain unusually prominent in this respect.
Thus in Dakota the disposals were 1,663,070 acres, and
This seems small alongside
in Kansas 1,276,424 acres.
the aggregate of 6,689,595 acres reported by the former
'in 1883 and the aggregate of 5,541,251 acres reported
by the latter in 1886, and yet the 1889 addition represtill
years,
land sales a year ago, we pointed out how these sales and
the new railroad construction had in a measure pro.
gressed together, the disposals iu the newer districts sents a quite considerable area.
A total of If million
being heaviest where the largest amount of new track acres is equivalent to about 2,600 square miles, which
had been laid. In this particular, therefore, there wag is about 25 per cent more than the entire area of Delaa marked difference between 1888-9 and the years ware. Besides Dakota with 1,603,070 acres, Colorado
immediately preceding.
It will be remembered that and Nebraska have closely similar totals at 1,026,881 and
immigration likewise fell off during 1888-9, the arrivals 1,636,687 acres respectively. In the Indian Territory,
being about 100,000 less than in the previous twelve which appears for the first time in the compilation, the
months, and doubtless some of the causes for this were takings were 905,544 acres. If we take Kansas, Nebraska
the same as in the case of the land sales. Finally, the Dakota, Colorado, and the Indian Territory, together, w«
I
January
,
THE CHUONICLR
25, ISflO.I
121
taye 7,108,606 acres out of the 12,461,604 acres dis- ernment disposed of for cash and under the timber culposed of in the whole 28 States and territories in which ture and homestead laws no less than 136,550,477 acres,
This shows that that covering an area about as large as the New England and
public land sales are reported.
favored in that Middle States, with Indiana added.
unusually
still
is
country
In Dakota alon«
part of the
particular. In the Southwestern section alone, compris- the disposals were 31,827,915 acres, with 18,297,351
ing Missouri, Kansas, Colorado, the Indian Territory, acres by Nebraska, 6,535,917 acres by Minnesota, &c.
and New Mexico, the disposals aggregate 4,179,473 The Northwestern States altogether have 64,024,896
acres, which is larger than the combined area of Con- acres, which is more than the area of New York, PennIn the Northwestern sylvania and Delaware. Among the Southwestern States
necticut and Rhode Island.
.States, comprising Dakota, Nebraska, Minnesota, Wis- Kansas stands first with 19,389,112 acres, Colorado
consin, Iowa, Wyoming, and Montana, the disposals second with 10,007,625, and 33,948,104 acres altogether
aggregate 4,220,415 acres, and thus here, too, we have are reported from that section, which exceeds the area
In the Pacific States the sales reach
an area larger than that of Connecticut and Rhode of New York,
months.
within
the
twelve
added
of
acres,
which California is to bo credited
combined,
21,922,574
Island
the
most
of
States
and
far
the
that
by
acres,
Washington with 5,227,228 acres,
stated
with
8,367,551
have
We
There and Oregon with 3,940,507 acres. Even in the Southern
territories show less disposals than in 1887-8.
It
are, however, a few exceptions, and of these two or States 14,642,181 acres have been disposed of.
three are significant as reflecting the tendency towards should be remembered, too, that in addition to the
development manifested in a very important section cf sales by the Government, the railroads have sold conThus in Washington Territority, as siderable quantities of land, though this item is no
the country.
Altogether, we see in
against sales of 520,820 acres in 1888, the amount in longer so important as it was.
1889 was 822,853 acres. Oregon, too, reports a slight the opening up and settlement of new lands one reason
namely, 527,886 acres for 1889, against for the growing expansion of all our industries, and the
increase
The increase in both these in- steadily enlarging volume of consumption and profor 1888.
acres
508,449
stances is in harmony with the known growth and pro- duction.
—
gress of the
North
Pacific Coast section.
The
other
In California
the sales were 1,003,161 acres, but in 1888 they had
been 1,687,064 acres, showing a considerable contraction.
For the Pacific States as a whole (California,
Pacific States generally record decreases.
GOLD AND SILVER PRODUCTION IN
AND SINCE
1889
1851.
Mr. Valentine, of Messrs. Wells, Fargo & Co., has issued
week his very useful annual statement of gold,
Oregon, "Washington, Idaho, Nevada, Utah and Arisilver,
lead and copper production in the States and
In
the Southern
zona) the total is 2,889,020 acres.
west of the Missouri River.
For several
Territories
Mississippi,
Louisiana,
Alabama,
States Arkansas,
he
has
supplemented
these United
States
years
falling
marked
off,
and
the
there
is
very
Florida
a
and
1889 sales for the whole five States were only 1,017,825 figures by giving a similar statement with regard to
The following table furnishes a comparison of gold and silver for Mexico. Consequently we have
acres.
the yearly sales since 1882 in each State and terrritory. to-day the silver and gold mining results of these two
Every one
DIBrOSALS OF PUBLia LAKD3 FOR CASH AND nSDER THE HOMESTEAD ASD important producers for the year 1889.
TIMBEB CULTURE LAWS BY FISCAL TEAKS FROM JULY 1,
will study this information closely, and especially the
1882. TO JUKE 30, 1889.
part relating to the yield of silver, for the output of
the white metal shows a most wonderful development.
Stattf*
this
—
<t
Ter't.
Ala
Arlzo'a.
Arkans.
Callfor.
Color*.
Dakota.
Florida.
Idaho...
—
1883.
Acres.
338,093
S7,4S8
460,166
7C4,271
410,9:9
6,689,595
434,74"
282,640
lo^
Indiana
Ind.Ter
57
Illinois..
Kansas.
C,308
S08,H6o
liOuls'a.
487,59.1
Hlch'gD
Minn'ta
MoDtan.
320,537
1,302,969
516,511
23d.089
246,468
Kebraa..
1,315,104
MIss'pi..
Sllsj'rl..
^
,
1884.
1885.
1886.
Acres.
Acres.
191,476
141,393
Acres.
221.013
160.07B
244,203
27«,801
588,982
411,6.i5
370.762
!!97,834
854,193
1.876,808
1,687,064
1,003,161
386,003
49,485
316.9^2
935,416
616,467
6,069,307
609,054
269,451
6,587
40
238
885,193
620,614
273,tn3
If 87.
Acres.
604.852
152,688
1889.
Acres.
238,126
128,531
552,699
1,854.348
2.526,699
2,029,113
1.626.881
3,744,186
2-8,031
3,006,449
816,258
8.068,760
1,698.323
1,863,070
884,903
6.645
862,450
4,257
220,363
8,M4
250,693
27,600
85,500
878,587
8,508
132
4
198
128,090
287.848
906,514
121
39
2,832.401
159,590
5,511,261
8,719,441
141,756
1('4,329
i'37,87B
81,773
606,101
850,312
134,522
670,677
239,624
403.582
418,802
279,994
318.601
2.615,101
3,616,706
111.00(1
411,539
127,779
264,576
283,974
3,037,71)
154,812
321,731
131,841
188.149
191,4I!6
1,636,087
150,867
188,475
240
240
456,451
608,4411
141,388
438.436
191,335
520,820
4,090
8.487
3,631
8,411
248,836
216,876
162,506
201,450
140,220
Oblo....
209
65
Oregon.
Dtah...
499,770
535.949
407,88*
111,714
120.866
Wash. T
763,778
916. 12t
167,730
480,181
WlBoon.
454,002
18r,409
2«3,67i
166,171
6»S,7»'
C5S,80:
<?r.tot.. 18.830,<65 1H,V33,-21 i8.0H.S,S41
117,811
2,136,198
3,355
M. Hex.
837,546
452,775
1,276,484
468,419
654,155
177,460
823,800
Nevada.
495,816
191,836
473.044
2,568,530
607.433
218,606
225,882
253,465
2,513,620
8,698
Wr^mg.
1888.
Acres.
532,663
864.620
848,030
2,S56
301,658
138,120
627.886
131,146
822,853
11B.283
888.081
242.141
238,101
l8.:lOfl.B48 n.40>1.65>-
16.31 8.071
12 461.604
We
should add, however, that Mr. Valentine's comUnited States have always been based
pilations for the
upon the
transportation
into the
now
but
the
mining
districts have,
Mr. Valentine
says, in-
creased the difficulty of verifying the reports from several
important
Montana
may
;
localities, especially
from Colorado and
yet the aggregate result as shown, he thinks,
relied
on with reasonable confidence as
approximately correct, though he at the same time
asserts that statistics gathered in this w.iy are liable to
The total for each State (including
be exaggerated.
be
arrivals
from
British
Columbia and west coast of
silver, lead and copper) is
Mexico, and covering gold,
We give for comparison similar figures of
Mr, Valentine's for previous years,
as follows.
PRODUCT OF GOLD, SILVER, LEAD ASD COPPER.
States and Territories.
Callfomla
ICevada
,
In considering the effects on trade and industry, of Oregon
Wasblngton
opening up of new sections of country, it is not AJaska
Idaho
Montana
Utah
1886.
,
,
Colorado
.
1888,
1889.
$
s
$
13.662,923
12,063,468 12,842,757
10,232,45.'»
12,.305,b03 11,908,901
703,'2I7
950,000
160,000
609,000
78.\3ei
217,000
845,tOO
S,^> 5.100 17,344,600
31,720,923
32,376,000
7,657,241 9,830,013
25.f'00,<i0(
New Mexico
do not come immediately upon the sale of the land, but Aiizona
they are cumulative and show steadily enlarging results Dakota
Mexico(W.C'8tSt'te8)
with each succeeding year. During the nine years from British Columbia ..
Total
the Ist of July, 1880, to the 1st of July, 1889, the Gov-
1887.
14,690,3P5
9,169,920
164,694
414,975
7,733,500
20,840,000
8,631,59?
this
alone the sales for 1889, but those also for the years
preceding, that should be regarded. For the benefits
movement,
greater facilities afforded by the extension of railroads
8,821,871
6,103,378
2.856,687
2,108,694
742,845
8,240.001.
25,483,275
7,637,730
23,293,000
4,229,231
5,771,550
3,05H,605
762,035
556,154
701,5t)ti
124,111.
8a'',oo(i
26,7!
5,.')
OO 2'',074.8S8
l,l9fi,'>23
3,937,677
5,«O3,027
3,407,177
512,283
479,400
442,16A
3,C00.279
5,123,86-'
2,94:<.932
103,011,76l'l04,645,959 114,341,592 127677836
THE CHRONICLE.
122
The
gross yield for 1889,
shown above, segregated,
is
(25 83-100)
Hl-Vitim
(51 15-100)
?t'70!7e3
$127,677 836
Total
All these figures include, as stated, "British Colum" bia and receipts by express from the west coast States
"of Mexico." Deducting these we have left for the
United States production
years
" States and
in the
Territories
and
$51,200,000
at
$38,900,000
re-
$90,100,000; which is
31 million dollars larger than Mr. Valentine's estimate
an evident error. The latest years' Mint estimates,
however, are of a very different character; they are not
guesses, but made up from the best data the Mint is
spectively,
approximately as follows,
oiid
BUver
those
[Vol. L.
a
or
of
total
—
They are maximum
able to obtain.
figures, as
seen, but are mado, after diligent investigation
we have
and on
returns that ought to be approximately correct.
Mr. Valentine likewise gives the Mexican production.
Missouri Kiver," for the twelve years The results in 1889 for that country show a similar
amounts.
following
the
since 1877,
This is in great
rapid expansion in the yield of silver.
the liberal and
Valentine
to
Mr.
attributed
by
measure
Gold.
Silver.
"T^est of
the
Copper.
Lead.
$
3,452,<i00
1878.
1879.
1880.
1881.
37,248,137
37,032,8.57
4.185,769
5,742,390
6.361,902
8,00S,155
8,163,550
6, '31,091
1882.,
1883.,
1884.,
S,56.',t'91
1885.
1888.
9.185,192
9,631,073
11,263,630
14,593,323
1887.,
1888.,
1889.
89=1
000
1,195 000
4,055 .0 47
5,683 .921
6,086 ,252
7,83S, 036
9.27«! ,755
10.362, 746
18,281 ,490
14,793, 763
38,033,055
42,987,613
48,133,0a9
42,975,101
43.529,!'25
44,516,.')99
52,136,8S1
50,833,881
53,152,747
64,808,637
37,576.030
31,470,262
32,r„')9,007
30,653,959
29.(1 11,318
27,810,6^0
25,183,^67
2H, 393,756
29,561,424
32,ft00,0«7
29,987,702
32,527,661
friendly policy of the federal government of Mexico,
which has afforded enterprises of the kind every reason-
The
able encouragement.
Cold.
Mexico's Production.
1886-l>-87
That the reader may have in connection with Mr.
Valentine's figures the Government estimates for both
silver and gold, we have prepared from the Mint report
the following. For the earlier years given no comparison between the results of the two authorities can be
made; the trade during that period unquestionably
accepted Mr. Valentine as the better authority. For
the more recent years the Mint estimates have been
Still, in view of the wide differfavored and followed.
ences which even now occur some years between the two
compilations, it is proper to add that while the Government believes its method, based on coinage and deposits
©f bullion at the mints, is complete and accurate, Mr.
Valentine thinks his method (for the reason already
mentioned) affords estimates of production more likely
to contain errors
on the side of exaggeration than on
It is only proper to make
the side of undervaluation.
these statements because the actual production of gold
and
all
has become so import ant an inquiry now that
are interested in determining the real annual
silver
who
supply of the world should know that the aggregates as
made up by our Mint are a maximum of production,
The subjoined compilation gives the
not a minimum.
Mint's estimated production of both gold and silver each
year since 1877 in ounces ; also the commercial and
coining value of the silver.
1887-1888
1888-18i)9
$11,589,000
Total
1887 the production in 1888
The
larger.
Ounceg.
Fine
Oommerciul
Coining
Oimeef.
Value.
Value.
$
1878.
1879.
2,476,800
1,881,787
1,741.50<
1,678,612
1,572,187
1,451,250
1,489,950
1,538,325
1,693,125
1,596,375
1,604,811
1880.,
1881.,
1882..
1883..
1884..
1885..
1886..
1887..
1888.,
As an
51,200,000
,960.000
38,900,000
,550,000
36,000,000
,320,000
34,700,000 33,,260,000
32,500,000'36,,200,000
30,000,00035,,730,000
30,800,000 37,,800,000
31,800,000139, 910,(JOO
35,000,000!39, 440,000
33,000,000|41,260,000
33,175,000145,,780,000
illustration of the
two
results of these
given,
40,270,000
35,430,000
34.720,000
37,850,000
41,120,000
39,660,000
42,070,000
42,500,000
39,230,000
40,410,000
43,020,000
32,750,000
31,140,000
35,138,000
35,647,000
34,112.000
34,600.000
34.912,000
40,706,1
3=>,943,00O
41,746,000
Oil
$374,145,000
$385.734,00O.
is
only a
is
about one million dollars
is
(each colony being stated sep-
Durina
1851 to 1888.
Estimated
Value.
Oi.
625,026
85.295
481,648
55,010,938 280,043,782
9,845,907' 3(),470,C09
5,607,142; 19.684,997
235,845
4.873
Value.
Quantity.
£
Oi.
Victoria
N. So.Wales.
Queensland..
S. Australia*
W. Australia
Totai since IKSU
1888.
925,251
19.492
Batli,
£
Ot.
2,600,104
308,821
1,686,750
60,000
Value.
£
55,633,959 222,548,8369,1131,202! 36,779,190
6,088,785 21,310,747
66,160
200,000
16,';6S
a
Quantity
252.a03|
54,873
891,411
219,498
Total of Aua-.
tralia
71,963,427 281,844,616
89,610
4,760,835
147,154
201,219
801,066
2,081,866532,889^
11,421,817 44,843,633.
1.499,556
5.709,055
83,618,133 328,720.11 ^
70,701,700 277083,'i81
l,f84,71S
493,279
11,2k 0,598 44,048,567
1,2:8,727
•
...
82,418,677 323,011,060
Nonhern Territory.
returns of gold in 1888 indicate that production
Including
The
Even Vichas made progress in almost every colony.
45,200,000
40,800,000 toria, where for years it has been uninterruptedly
39,200,000
To
.declining, did a little better in 1888 than in 1887.
43,000,000
46,800,000
show the
46,200,000.
for a series of years,
48,800,000
51,600,000
51,000,000
53,350,000
59,195,000
authorities for the earlier years
reports for
1878 a gold production of $37,576,030 and for 1879 a
production of $31,470,362, a total for the two years
whereas the Mint, as above, gives
of $69,046,292
;
full report
Colon]/.
relative situation in the
whole of Australasia
we have made up the following
statement from previous reports sent us by Mr. Hayter.
I'BODUCT OF GOLD IN AUSTKALiSIAN COLO-NIBS.
VUtoria.
wide difference between the
we would note that Mr. Valentine
30,.=>25,000
arately in ounces and values) is as given below.
PEODUCT OF GOLD IN ACSTKAULSIAN COLONIES.
tralasia
Yaltie.
29,569,0(10
3 1,69 -,000
33,i26,0ii0
Total of Ans
Silver.
Gold.
Fine
2H.f;06,OO0
27,742,000
30,247,000
30.266,000
an increase of $5,794,000, or over 16 percent. Adding
this to the excess in the United States noted above
makes the total of silver for 1889 in these two countriesabout 17i million dollars larger than in 1888.
For Australia we have not obtained the figures for
They are small anyway. The gold prosilver as yet.
duction, however, for 1888 we have just received from.
Mr. Hayter, the Government Statist. The total exhibCompared with
its a fair increase over all recent years.
Tasmania....
ProductXT. S.
25.12.'i.(i00
26.800 000
29,234 000
20 329,000
larger than a year ago, but of silver there
little
New Zealand
ion
Total.
$25,584,OOa
output of gold
It will be observed that the
very
totals for
Silver.
1,013.000
937,000
956,000
1,055,000
914,000
1,026,000
1,047,000
1,031,000
1,040,00(
1885-1886
million dollars.
The
$24,837,000
$747,0C0
881,0«O
942,< 00
1877-1878
1878-1879
1879-1880
1880-1P81
1881-1882
The foregoing shows for 1889 the largest production
of both gold and silver of any of the last nine years, 1882-lt'83
1883-188 4
and for silver the increase, compared with 1888, is over 1884-1885
114^
prospects for the future, the
same authority thinks, are very bright.
Mexico since 1876-77 are as follows:
£
8.694,144
1S88
1883
1884
1885
S.114,473
g.940.878
8,240,1»:8
New So.
Queene-
Tasma-
New
ir«f!Xu»-
Wales.
lanA.
trolia.
nia.
Zeatand.
tralatia.
£
£
£
£
£
491,796
465,249
390,229
787,125
714,848
1,077,316
2,660,784
2,471,004
383.088
874,638
411,324
1.088,893
1888
1887....
1888
2.600.104
808,821
1.685.7£0
1,193.493
1,490,780
'So.
Aui-
61,877
62,943
80,893
72.373
103,918
144,410
2^6,160
188,702
178,9j6
160,404
168,427
119,126
163,88-i
147,154
«84.9il
973.774
922,948
£
6,108,615
6,665.988
5,746,256
6,563,785
6,342,382
5.480,680
801,066! 5,709,0i8
920,738
890.376
799,370
Includes in 1888 Wsslern Australia and the Northern Territory
Januaey
THE CHRONICLE.
25, 1880.J
These totals wear a very hopeful look. The product
in 1888 comes very close up to 1884, and with that
If we examine
exception passes every year since 188.J.
123
WOBLD'8 glLVBB PRODUOnOH.
2
Uezlco.
1
United
Silver.
3
Germany.
States.
AU
4
5
other
the details, the results look almost equally progressive.
There was one 1851.
have already referred to Victoria.
18^2
year, 1853, whenthatcolony was credited with 3,150,021 1x53.
1854.
ounces, valued at about 12^ million pounds sterling. Ifc55.
But from those high figures the decline was rapid, and Total
yet even in 1875 the product was 1,095,787 ounces 185«.
1857.
(valued at £4,383,148), and in 1883 it was 898,53,5 1853.
1850.
It would seem as if 1800.
ounces, valued at £3,594,144.
10.330
10.330
10,340
10.330
10,330
.
after such a history modern appliances and modern
machinery ought to bring the product up again to
fuller figures, and perhaps the 1888 increase, though
small,
affords
promise
a
that
such
to
is
be
the
event.
is
For 1887— answer to interrogatories:
" (6). In 1887 the weight of gold from the mines received at
" the Mint in St. Petersburg was 30,232-868 kilograms, valued
"
at 26,082,513 roubles, 51 copecks."
For 1888— answer to interrogatories:
" (6). The amount in kilograms and value of the gold received
" from the mines at the Mint of St. Petersburg during the
" calendar year 1888 was pure gold 33,052-876 kilograms of 37,599,661-58 roubles in value."
:'
We
assume from the foregoing that the whole production passes through the Mint at St. Petersburg.
On that assumption the production for the two years
would be as follows
:
In 1S87 the 30.232-868 kilos
* would equal In ounces
roublest would equal
Reduced to steilinp; a,XA-m would equal
In 1888 tlie 32.0 )2-8i6kllo.'',* would equal in ounces
Or the 2 1,469,776 roublest would equal
Reduced to sterling at4-84 would e.,ual
1,066,431
$20,250.6!»2
Or the 26.032 513I3
*
I
51-5:
4,011,322
10,330! 4,041,322
103,306 4,011.322
20.661 4,041.322
30,991 4,041,322
Total 66-60
1861.
1S63.
1863.
1861.
1S6S.
1,756,191
2,272,727
2,324,380
1866
1867
1868
1869
1870
2,066,116
2,7b9,256
2,47g.33u
2.479,339
3,305,785
1871
1872
1873
1874
1875
4,752,066
5,940,083
7,3a«,361
7,706,611
6,549,5S7
8,016,52i>
8,223,140
9,339,050
8,429,752
8,099,174
..J
8,884,298
9,669,421
9,545.868
10,082,64.=!
10,661,157
may
revision, but will,
some
require
we think, prove
slight
to be a pretty close
With these data we bring down and
give at the end of this article the compilation for gold
approximation.
which we have for so many years continued, to and
including 1888. While a line for 1889 has been
added,
of
course
for
that
year
the
mainly estimates, or a repetition of
figures
are
the results for
1888.
With regard
to silver,
it is
39,454^955
3,'S15,on8
8,121.784
8.121,784
3.25.-S.M18
439.431
5.^5.121
5.55.124
55.^,124
:*,5ir>,oo>.
15,00"
8,-214.780
3,515,008
8,132.115
8,142,445
2,775,620 17,575,040
40,732,888
3,.^
555,124
655,124
613,100
613,190
3.462.893
3,462.893
613,190' 3,462,894
613,190 9,462,803
613,190 3,462,80j
8,734,579
9,251,108
10,077,554
10,594,083
10,646,736
3,065,950 17,314,415
49,303,060
791
69,190,170
5,222,231
5.222,231
1,241,€03
3,924.041
3,924,041
15,139,941
5,'2.!2,231
1,241,603
1,241,603
1,241,603
4,0-24,041
4,124,041
4.124.041
17,874,239
18,294,486
17,137,462
6,208,015 20,120,205
84,774,088
4,200,001
4 300,000
4,300,000
4,400,000
17,983,571
18,701,878
20,061,801
19,253,769
19,458,827
6,323,485 21,400,000
95.462,846
4,400,000
4,400,000
4.500.000
4,600,000
4,700,000
50,743,009
21,760,289
21,903,546
23,076,720
24,211,116
5,222.231
5,222,231
4.678,860
5,092,959
5,131,811
5.191.116
5.537,190
6,040.083
6,059,711
6,109.298
6,548,554
6,864,876
,or,8
791.0.58
71)1,053
7^'1,0.58
791.058
1,-'41,R03
1,088,182
1,185.779
1,291,140
1,337,901
1,420,463
1,418,628
1,631,157
1,748,380
1,845,521
1,985,083
Total 81-85 49,813,389 31,62-2,522
1886
1887
1888
1839
2,197,190; 10,279,090
439.43-.
439.43.^
3,955,290 18,997,440
Total 76-80 42,107,645 25.631,736
1831
1832
1883
1884
1885
3,235,8lH
7,890,991
7,890,991
7,800,991
7.(< 00,091
7,890,991
11,280.183
12,003,323
11,693,406
11,093,406
12,519,862
Total 71-75 32,334,711 26,111,155
1876
1877
1878
1879
1830
3.255.81H
3.255,818
3,255,818
3,799.4*8
3,799,488
3.799,488
3,799,488
3,769,488
Total 66-70 13,119,835 23,117,605
4,200,0"
4,750,000
4,800,000
5,000,000
21,308,264
24,966,734
26,437,395
5,000," 00| .30,010,535
Column ].— From the report of the Director of the Mint.
Column 2.— From Soetbeer's Materlallen, etc., for 1831
clusive.
16.3-27,958
8,628,769 22,600,000 111,694,680
10.537,190 7,047,934 1,973.140
11,021,174 7.148.760' 1,993,8001
12,230.372 7.'213.223; 1,993,8001
14,606,405 8,410,330i 1,993,8001
For subsequeut years from Wells, Fargo
to 1877, in-
& Co.'s statomeats.
Column 3.— From Soetbeer's Materlallen, etc.
Column 4.— Includes South America, Europe other than Oerminy,
etc., mude up from 1851 to l't70 from Soetbeer's Materlallen for
;
the later years In part from Mint report, but mainly other sources.
WORLD'S GOLD PBODDCTIOH.
Gold.
1
2
Produc-
Producti'n'
tion in
Australia.
the production of gold in other counthe aggregate as we make it up is only 3^^ million
This
4,623,521
4,62i,521
4,623,521
4,623.521
4,623,521
439.438
419,438
1,130,631
$21,469,776
*i,435,902
to
sterling.
4,245,273
4.245,273
4,215.273
4.245,273
4,245,273
7,608,280 21,220,365
£4,1S4,028
According to the above, the ounces would average in
value $18-99, or just about the London price— 77s. 9^.
pounds
175,818 20,206,610
413,223
929.752
A rouble = $(J'7779.
tries,
-I
10,330
A kllOKrara = 2-20462 lbs., or abont 2 1-5 pounds.
With regard
4,185,405
4,185.405
4,185,405
4, 1 85,40
4,18 ),40
51,050 20,927,025
Total 61-65
one other large producer of gold. We refer
to Russia.
Although we have made attempts to obtain
the returns of production from that Government we
have not been successful. In the report, however, just
presented to Congress by Mr. Leech, Director of the
Mint, we find a series of answers by the Mint officials
at St. Petersburg to interrogatories submitted by our
Government respecting the gold production of that
country in 1887 and in 1888, among which the following are given:
There
M
£.
We
ToUL
oountrtea.
impossible to get
correct
data for the Central and South American States.
The
reports received from those governments are mostly
exaggerated. This seems to be evident from the imports
in
States.
£
£
1851
1852
1853
1854
1855
United
3
Produc-
4
5
Productl'n
tlon in
)u Other
Rui-sia.
Countries.
Total
Production
in World.
i
I
;
£
£
3,315,035
1,.500,000
12,543,2.58 12,3;i6.«94i 3,07J,134
13,269,711 13,429,7^.2 3.'.;92.0a3
10.020,705 12,39t<,694| .3,591,466
1,50,1,000
1,780,388 11,363,636
3,709,790
12,097,649 11,363,636
1,.' 00,000
1,500,000
1.500,000
17,959,050
29,514,086
31.491,556
27,508,886
28,671,075
Total '51-55. 49,711,711 60,950,412 16,982,518! 7,500,000 135,144,641
1856
1^57
18f8...
18.50
1860
[13,053,984 11,363,636:
I12,19R,.507 11,363,636
11.729,866 10,330,578
10,908,978 10.330,578
10,626,192 9,504,132
3,723,736
3,899,401
1,500,000
3,847,6")5
1,500,000
3,461,240
3,354,824
1,500,.
Total '56-60. 58,520,527 52,892,560 18,288,666
1861
18H2
1863
1864
1866
10,9H5,858 8,884..298;
11,274,079 8,099,174'
11, -304, 192 8,'26 1,463
9,956,192 9,521,793;
10,204,178 10,996,900'
10,458,794 11,053,719
10.024,946 10,085,942
10,481,873 9,917,35.51
9,8'28,93 10,227,272'
8,584,263 8,264,463
1.5()0,(.r00
00
29,646„356
28,959,544
27.103.100
26,200.796
24,984,948
7,500,000 137,190,753
3,-27o,021
1,7.10,000
3,285,777
3.282,871
3,144,105
3,514,980
1,750,000
1,750,000
1,750,000
1,750,000
24,845,177
24,409,030
24,801,526
24,375,090
26,496,058
8,750,000 124,726,881
Total '61-66. 63,674,499 45,789,8'28; 16,532,754
1866
1867
1868
1869
1870
1,500,(KX)
3,732,733
3,710,465
3,849,266
4,563,401
4,864,590
2.0O0.000
2,000,000
27,243,246
26,421,353
2,000,000! 26,218,294
2,000,000
2,000,000
26,817,610
23,713,316
Total '66-70. 49,371,813 30,148,751120,720,4551 10,000,000 130,243,810
8,057,851 6,400,373' 2,000,000
7.887.8101 5,192,090 2,000,00..
4,.554,632 2,000,000
4,561,830; 2,000,000
4,489,070 2,000.000
25,342.129
24,118.957
23,036,493
21,734,489
21,835,885
Europe and the United States from those countries.
We can see no evidence that those countries produce
what is commonly credited to them, for if they do, it
1871.
1872.
1S73.
1874.
1875.
goes out of sight absolutely and is no part of the world's
available annual supply.
We revise the figures of all
countries for 1888 in the following statement and add a
Total "71-75. 41,517,872 40,25 2,068 24, 197,995 10,000,000 115,987,933
into
line for 1889, estimating as
same as
the United States and Mexico.
last
year
all
except
9,683,<)0.5
9,039,057
8.31-0,828
7.275,138
6.938,944
8,101,033
7,947,521
8,257,851
,
1876
1877
6,150, 442
5,563, 783
1878........
5.99i»,
1870
1880
5,919, 198
Totfll' 7fi-80.
105
8,-209, 361
2,000,000
21,637,702
22,494,586
21,842,209
2,000," 00
6,8ii9,835; 5,932,1-20, 2,200,000
21,211,316
8,860,950' 4.620,310!
9,2i»7,521; 5.828.231'
8,057,851: 6,783,253
8,889,83.V 5,919,506
2n.R82.s89 30
95-.9!»'2
2,000,000
2,0 O.OOO
•20,733,539
27.815.470 10 20O.00O't07 924.351
THE CHRONICLE.
12J
Go'.d.
1
Profl no-
m
tion
Anstialia.
Prortuctl'n
lo
United
3
Produo-
4
5
Product.'n
Total
Prortuillon
in World.
ilon In
In
Oiber
States.
Russia.
£
£
£
0,257,121
6,611,570
6.198,H47
5,783.121
5,047.737
4.931,391
2.500,000
2,500.000
4.8?ft.733
2,50O.OiiO
1S),73S,363
18.786.7''5
t'.363,636
4,507,914
5,233,169
2,5"
0.000
2,500,000
19,117.809
iy,8-. 9,202
Total '81-85. 20.341,70? 31,528,925 24,537,944 12,500,000
97,928,577
1881..
1882..
1883..
1884..
1885 ..
ti,10f».«15
65.928
5.746,259
5,5b3,7e6
5,<
0,57u,248
Countries.
St,
;c
4.239,256
4,184.0 j8
4.435.9P2
1886...
1887...
1888...
1880...
2.050.00(1
2.700.000
3.50O.000
£
20,416,428
19,462.993
19.182,729
20.499296
4,435.';02 3,500.00(1 21.015.825
NOTK.— Tiie pioductliin of Q^ueu.^l•«u(l fur the years 1851 to 1877
Inclusive («10.299.-86) wa-i siien.as a single item at the close of 1877.
We have, however, divided It equally among the years named, adding
to each of those years' production £381.477.
THE BUSINESS OF
1889
IN ENGLAND.
The year 1889 has been one of the best in ^the history of
Great Britain. Certainly it has been more prosperous than
any since 1873. From the very beginning to the very end
trade has steadily improved, the improvement being transmitted from those industries already active to those which had
previously not felt the revival.
The demand for labor has gone on increasing, and wages
have risen very generally and considerably. The London
Clearing-House returns show that the clearings were the largest of any year in the history of the country, amounting to
£7,618,766,000, being an increase of about 9 per cent on the
year before and about 20 per cent on 1887. Again, the traffic
returns of seventeen of our principal railway companies show
an increase of about 5]>^ per cent over an increase in 1888 of
less than 2J^ per cent, which itself was an increase of about
IJ^ per cent over the receipts of 1886. 2» The Board of Trade
returns show an increase of lOJ^ per cent in the imports and
of 6 per cent in the exports. All the statistics, in short, combine to prove what has been stated above, that the year has
been one of the most prosperous in our history, and at the
close the prospect for the following twelve months is better
than in any year for a long time past.
The improvement had made considerable^rogress in 1888.
It has been much more rapid and much more general in 1889_
and it has, indeed, extended to the Continent, and to most
parts of the world. Throughout the year we have been free
from the war alarms that were so frequent for a considerable
time previously. The conviction early gained grotmd that
peace was assured for some time to come, and business men
all over Europe were therefore able to give their undivided
attention to their own concerns, and to enter with more confidence than before into new engagements.
In spite of the great expansion in trade there has been
exceedingly little speculation. During the past few months'
indeed, the price of pig iron has been greatly advanced by
somewhat reckless gambling, but outside iron and perhaps
shipbuilding there is exceedingly little speculation, and
trade, consequently, is as soimd as it ever has been.
In no
way
is this
more
clearly proved than
by the fact that prices
tVOL.
li.
by steel. In 1875 only IOJ4 per cent of the ships
on the Clyde was of steel. Last year as much as 97 per
cent was of steel, and as has been the case for many years
past there was again last year a falling off in the construction
of sailing vessels and a large increase in steam vessels.
The activity of the shipbuilding trade largely accounts for
the extraordinary demand for iron and coal
but all our
domestic industries liave been highly prosperous, and therefore
have much augmented their demands for the same commodities
and likewise there has been a very considerable demand
for South America, more particularly for the Argentine Republic, for railway materials of all kinds, and Germany and Holland
have taken a larger quantity of our pig iron. The coal trade
had already been 'highly prosperous in 1888, and the'activity
in shipbuilding began in the latter part of 1887, but the iroti
trade remained depressed until nearly half of the past year
was gone. The consumption, it is true, was very large, yet
little attention was paid to that fact, even by those engaged in
the trade, and the price remained exceedingly low until the
beginning of the summer. All at once it was noticed that
the stock of iron in the North of England had run unusually
low, that the accumulation of the preceding two or three
years had entirely disappeared, and then the price quite sud.
denly advanced. The rise was slower to come in Scotland,
but when it began it was aided by a brisk speculation, and the
displaced
built
;
;
was carried up to about 63 shillings a ton. Then there
was a sharp fall, which before the year ended was fol
lowed by another recovery.
There appears to be reason for thinking that we shall see a
further improvement in the price of iron. Undoubtedly the
worst feature is the large part that is being played by speculation.
But as the consumption of iron is very large, and as
wages have risen both in the iron trade and in the coal trade
it would seem as if the present price of the metal were
hardly excessive, and that if the existing demand is wel'
maintained there might be a further advance in value. The
ordere for new shipping are coming in freely, and the activity
price
in the shipbuilding yards
is therefore likely to continue; but'
the most careful observers are beginning to fear that ship"
building is being overdone, as it was in 1883 and 1888, and
must lead to another depression. That, however, will not
come for a good while yet, and in the meantime the prices of
both iron and coal seem likely to rise. As the following
figures will show, the export demand for iron has not been
very large, the increase in South American, German and'
Belgian exports having been counterbalanced by the small
American demand.
EXPORTS OF IRON AND STEEL FROM GREAT BRITAIN.
18=9
1888
1887
1886
1885
1884
1883
1882
1881
1880
1879
1878
1877
1876
1875
1874
1873
Pig Iron.
Ralls.
Tons.
1,190,224
1091,9:9
1,03(^,319
1,158,174
1.044,257
960,931
1,269,576
1,564,048
1,758,072
1,480,196
1,632,343
1,223.436
Tona.
1.020,002
1,011,779
739,651
714,276
728,540
971,165
936,949
820,671
693,696
463,878
441,384
497,924
414,556
545,981
782,665
785,014
Other
Descriptions.
Tons.
1,9(. 6,245
1.910.242
1.973,075
1,6(15,289
1,455.475
1,4 97.439
1,508,095
1,658,531
1,517,458
1,466,055
1,196,170
933,193
Total.
Tons.
4,188,388
3,966,663
4,143,028
3,389,197
3,130,683
3,496,991
4,043,308
4,353,352
3,820,315
3,792,993
2,883,484
2,296,860
2,346,370
2,224,470
2,457,306
2,487,523
2,957.813
have risen but slightly, notwithstanding the great increase in
the volume of business and the very marked rise in wages.
With the exception of iron, which was quoted at the begin924,646
ning of the year at about 41s. 6d. per ton (Scotch pig) and
965,2f.5
881,442
899,809
910,905
closed at about C5s. per ton—a rise of over 50 per cent, of coal,
963,498
947,827
of a few other minerals, coffee, silk and wool, the advances
621,741
776,116
1,030,734
1,142,065
in price have been quite trifling. In some cases, indeed,
notably copper, there has been a decline; and, speaking gener.
Other mineral industries likewise have been prosperous, but
ally, articles of food are cheaper now than they were at the not to the same extent.
In copper, however, there has been a
beginning of the year. This absence of speculation proves marvelous recovery from the coUapse occasioned by the breakthat the trade improvement is a natural result of economic down of the Paris Syndicate. The difficulties of the Syndicauses, and is being conducted with great prudence and Ciite already great towards the close of 1888 rapidly increased
caution, which gives ground for the hope that it will be main- at the beginning of 1889. Negotiations had been going on for
tained for a longer time than any recent revival.
months previously with great capitalists in London and with'
Shipbuilding has again been the most active of all our in- the copper producing companies, with the object of forming a
dustries.
Leaving out of account a few imimportant ports at great copper trust which should come to the relief of the
which the tonnage built is very small, the new ships of the Paris Syndicate. Tlie negotiations resulted in nothing, howpast year have an aggregate toimage of 1,273,000 tons. In ever, and the accumulation of stocks in Paris became so great
1883, until now the year of largest construction in the history that the failure of the Syndicate was seen to be inevitable.
of the country, the new ships measured 1,250,000 tons. The Its final breakdown was caused by a run on the deposits of
British Government and British ship-owners were of course
the Comptou" d'Escompte, which, with the suicide of the Manthe largest customers of the shipbuilders, but the orders on aging Director, led to the failitre of that great institution.
foreign account were very numerous. Fourteen of the largest The price of copper fell almost instantly from about £78 per
vessels built on the Cljde were for Germany, six were for ton to about £35 per ton. 'Very soon, however, it began to
Portugal, five for Spain and two for France.
It is notewor- advance, and it was not long under £40 per ton.
Then the
thy, too, that in shipbuilding iron now has been almost entirely consvmiption increased so rapidly that before the end of the
Januaby
THE riHRONlCLE
26, 1880.J
year the price had risen to £50 per ton, and the consumption
12.5
further advance.
In Octoljer of 1888 the miners of YorkLancashire and the Midland coimties of England obAll the other industries of the country have been prosperous tained a rise of 10 per cent after a strike of a few days. In
with the exception of cotlon. During 1887 and 1888 the ex- the spring of last year they demanded another rise of the
ports of cotton piece goods to India and the other countries of same proportion, and without the slightest opposition they
the Far East were very large, and last year the markets were again successful. In the same way, in Wales and Scotthere became glutted. Still the manufacture went on on as land the miners everywhere obtained advances, but they have
large a scale as ever, and as our manufacturers failed early in been less successful in their efforts to limit the working day to
the year to provide themselves with a sufficient supply of eight hours. For months past they have been agitating with
American raw cotton, a comer was attempted in the beginning that in view, but nowhere have the men ventured to strike,
of the summer which ran up the price of tlie raw material and at present it looks as if they were limiting their activity
unduly. An effort to restrict production was made without to parliamentary agitation. In the iron trade, too, there have
effect in May, but some months later an agreement was en- been large advances of w^es given, and indeed one may t&j
tered into amongst the principal manufacturers to work half there is scarcely an industry in the country in which wages
time for a month, and other manufacturers were afterwards are not higher than they were at the beginning of 1839. The
obliged to follow the example. In the end the corner itself most remarkable strike of the year was tliat of the dock
failed, but the industry was seriously injured.
Meantime the men in London. They were quite unorganized, had no
over-supply in India has not yet been consumed. It is said leaders of their own, and no fund to depend upon
that the native dealers have combined to restrict tlieir pur- while out of work. It seemed to most observers, therechases, in the hope of compelling a very large reduction in fore, that they could not maintain a strike for a fortnight,
price.
But, on the other hand, as India is at present exceed- and that consequently if the dock companies were resolute
ingly prosperous, the hope is generally entertained that the ex- they must faU. But from the very first the sympathies of the
isting depression will ba short-lived. The quantities and
public were with the dockers, subscriptions flowed in more
values of textile exports for the last three years are given in freely than anybody thought possible, and in the end the men
the following table:
gained every one of their demands. The only strikes tliat have
been decidedly unsuccessful are those of the seamen at our
Ykab's Exponrg.
1887.
1888.
1839.
principal ports and the gas men in Manchester and South Lonqdastitii:b.
don. In nearly every other case some concession has been
16 still
shire,
increasing.
Cotton yara
Piece goods
Jute yarn
Piece goods
Linen yarn
Piece goods
Woolen yarn
Woolen faliripB.
Worsted fabiicK
..lbs.
231,02R,OO0
yds. 4,9114,012,000
.11)8.
23,568,.'500
•yds.
244,177,700
16,380,900
163,930,200
40,153,100
95,715,200
161,420,300
-lbs.
yds.
..lbs.
...
.yds.
.yds.
VALDES.
255,846,100
5,038,307,700
26,332,800
231,510,800
14,710.500
176,717,800
11,379,325
5l,742,3«-.i
227,412
2,058,265
939,763
4,208,821
3,969,616
9,847,936
6,946.344
Woolen fabrics
Worsted fabrics
From
the above
87,261,400
148,180,500
&
s.
Jute yarn
Piece goods
Linen yarn
Piece goods
Woolen yarn
4-.',630,500
11,657,189
52,682,558
272,813
2,080,700
887,383
4,199.840
4,051,980
8,300,S4l
7,711,861
252,356.900
5,001,386,200
34, '34,300
13,949,300
1PO,6(U.400
45,058,900
69,187.110
171,583,900
£
11,711,160
51,390,252
409,969
2,731,212
839,07.'>
4,31?, 164
4,341,597
6,5-'4.156
10,642,355
will be seen that while the exports of cot"
goods and of linen yarns and woolen fabrics suffered some falling off in 1839, compared with 1888, the
exports of all the other articles exhibit a handsome increase,
which in the case of worsted fabrics amounted to nearly 16
per cent.
ton
made
to the men.
Our foreign trade has
J264,772.:-00
it
yam and piece
The general improvement
year.
Tlie
stated, has not taken as
much
of our goods as tlie year before, but elsewhere as a rule there
has been a steady increase in the purchases of all our customThe United States have taken more tin plates than in
Gfermany and Holland have been much
the year before
larger purchased of pig iron, and South Amerir^i, more
especially the Argentine Republic, has been a better customer
for rails and railway machinery. Bat, speaking broadly, the
improvement has not been marked so much by a great
increase in the demands of anyone foreign country as by a
general augmentation in the demands of our various customers.
For example, other countries, that is, those countries
whose imports of British goods are not important enough to
be individually enumerated, bought from us coal and coke
amounting to about half a million tons more than the year
before. In the same way other countries took more cotton
and jute goods; also more worsted fabrics and more railroad
iron.
The complete trade figures for three years are as below.
ers.
;
in trade has benefitted our farmers
There are still complaints that the loss of capital
during the long years of depression has prevented most of the
farmers from taking full advantage of the present good times,
and of course the low prices of grain are likewise unfavorable
Exports.
to them. Still, it is imquestionable that the prosperity of all Homo products
Re-8liipment of imports.
other classes has greatly increased the demand for agricultural
Total exports
produce also that the fall in rents and in agricultural wages
iMroKTS.
materially.
steadily increased all through the
Far East, as already
1389.
1883.
•248,091,959: '233,733,937
1887.
61,(139,775'
64,613,447
221,414,188
59,318,975
313,031,734
293,347,381
280,763,161
•427,210,830 •380,582,026
361,935,011
83,234,642
81,171,850
;
have now made it pos.sible for the farmers to work their lands
profitably, and lastly, that the prices of animal food and animal products of all kinds are good, while the past harvest is
proved by the official returns to have been better than at the
time was generally believed.
The yield of wheat appears
to have been just about the average, or thirty bushels to the
acre, which is about \% bushels above the yield of 1888. In
oats the yield was about 2 bushels per acre above the yield of
1888, and there was at the same time a small increase in the
area planted. In England the yield of barley was about \)4
bushels below that of the previous year, but in the rest of the
United Kingdom the barley crop was good. Altogether the
position of our farmers has decidedly improved during the
past year, and as all other classes are so much better off, it is
to be expected that the status of the agricultural
further improve in the
new
community
The landowners
however, have not as yet benefitted much from the general
improvement. Their rents have fallen heavily, while most of
them are encumbered, and have to pay as much interest out
of a smaller income as they had formerly to pay out of a larger
return. It is true that they do not find it as diflicult as they
did to let their lands, but in other resjiects they are in an emwill
still
year.
barrassed position.
The
rise in wages, which began in 1883, became very genduring the past year. All branches of the engineering
trades have been granting advances again and again without
open dispute. In the coal trade there has likewise been a
eral
Total mcrcUandlEe.
Exoessof imp, overexp.
114,170,090
These totals are exclusive of the exports an 1 imports by the Parcel
Post. In ibe year 188rj the value of such exports whh Jtii;)2.;iO'j and in
1889 *88H.938, while such imports in 1888 were valued at iS368,776
and in 1889 at £374,612.
*
The new loans and companies actually offered for subscripLondon market last year exceeded in the amount
of capital asked for those of any previous year. In 1888 the
number of companies registered was larger because the
Chancellor of the Exchequer that year raised the duty payable upon registration, and promoters hurried to register
before the change came into effect; but not half the compa-
tion in the
were brought out in 1888. Last year the
asked for amoimted to about 182^^ millions sterl-
nies so registered
total capital
159^ millions sterling in 1888. The largest
of capital asked for in a single year previously was in
1880, when the aggregate amounted to 180 millions sterling.
It is true that a considerable proportion of the new loans
ing, against
amount
consisted of conversion loans. Leaving out of account the
completion of the conversion of consols, which is not reckoned in the figures given above, Russia, Brazil and
the Argentine Republic converted parts of their debts.
Still the new applications for loans and company capital
The fresh Argentine borrowings exceeded ten millions sterling. Mexico, Brazil and Chili
borrowed likewise. Railway enterprises represented about 24
millions sterling of capital, about 4 millions of which were for
were of enormous magnitude.
THE CHRONICLE.
126
United States railways, about llj^ millions for South
America, Central America and Mexico, and about 61.^ jnlllionB
for India and the colonies. Over 70 mining companies were
brought out, with capitals aggregating over 4 millions sterling.
But it was in trust, investment and brewing companies
that the greatest activity was manifested. These companies
applied to the London market during the year for an aggregate capital of about 60 millions sterling. How far the applications were successful it is impossible to say. The practice
of underwriting is now so general that nearly always a compsmj can be floated in some way or other. The subscription
of such a vast amount, so many enj;erprises being foreign,
gave foreign countries, of course, an enormous command over
the London money market.
The dealings in the shares of new companies, as well as in
those of companies brought out there during the year or two
immediately preceding, were on a very large scale, and the
year consequently w£is a busy and prosperous one for members of the Stock Exchange. Upon the whole, too, it was
fairly prosperous for speculators, though in some dii-ections
the losses have been heavy. Consols were lower at the end of
the year than at the beginning, and so for special reasons were
Argentine and BraziUan securities; but in almost every other
department of the Stock Exchange there was a rise, and in
some cases a very considerable one. In British railway stocks
the improvement was very remarkable.
Colonial railway
jfuaranteed debenture and preference stocks were also higher,
and American railroad securities generally advanced. In the
American market, however, the dealings were not large.
European holders for the greater part of the year were sellers,
the buyers for the most part being American, and the upward
movement, therefore, was due rather to American than to
European action. In South African gold and land shares the
year 1889 continued the wild speculation of 1888, which was
carried on vigorously during the early months, but later there
was a heavy and in many cases disastrous fall. Towards the
end of the year, however, there was a partial recovery, and at
is that the recovery will make consideraThere appears to be no doubt that the South
present the prospect
ble progress.
African gold fields are among the richest in the world, and
that they are also very extensive; and though the amount of
gold yet shipped from South Africa is not sufficient to affect
the money market, the output proves that gold can be
procured in paying quantities,— at all events in certain
districts.
The vast issues of new loans and new companies so many
years in succession led to the expectation at the beginning of
1889 that the money market would be strained and difficult.
It has been easier than the most sanguine anticipated.
The
Bank
England rate of discount was at the opening 5 per
by three successive steps it had fallen on the last
day of January to 3 per cent, where it remained imtil the middle of April. Then it was reduced to 2}^ per cent, and was
not raised again to 3 per cent tUl the 7th of August. Thus
from the end of January to the beginning of August the rate
was never higher than 3 per cent. At the end of August it
was raised to 4 per cent, and at the end of December to 5 per
of
cent, but
cent,
remaining at the latter quotation until the next to the
last
day of the year, when it was raised to 6 per cent, a point
which it had not attained before since January, 1883, the time
of the failure of the Union Generale in Paris.
The following table shows the Bank of England rate of interest for the past eight years
:
BANK OF ENGLASD RATE OF 1NTEEK8T.
Rate tf umber
per of days.
Year.
Year.
cent.
1882.
1 to Jan. SO.
Jan.
Jan. 30 to Feb. 23.
Feb. 23 to Mar. 9.
Mar. 9 to Mar. 23.
Mar. 23 to Aug. 17.
Aug. 17 to Sept. 14.
Sept. 14 to Dec. 31.
5
6
5
4
3
4
5
1884.
to Feb.
30 days Jan. 1
21 days Feb. 7
11 days Slar. J3
14
147
28
lOS
—
days
days
days
days
Apr.
2
June 19
Oct.
9
Oct. 29
Nov.
5
to Mar.
to Apr.
to June
to Out.
to Oct.
to Nov.
to Dec.
Tear's average.... 4-15- 365 days
7.
13
2.
19.
9.
Ratf.
Number
per
of days.
3
33
35
20
78
112
20
7
56
3k
3
f.'^
9.
29. 3
4
31. 5
5.
Year'sarerage
1883.
Jan.
1 to Jan.
Jan. 24 to Feb.
Feb. 14 to Feb.
Feb. 28 to May
24 days
4
21 days
1885.
H^a
14 days Jan.
1 to Jan.
3
71 days Jan. 29 to Mar.
May 10 to Sept. 13. 4
126 days Mar. 19 to May
Sept. 13 to Sept. 27. 3*3
14 days May 7 to May
Sept. 27 10 Dec. 31
3
95 davt May
to May
.
May 28 to Nov.
Year's average
3 57 ifii days Nov. 12 to Deo.
U
1
Rate Number
2-»« 360 days
1383.
14 dayf Jan.
1 1.) Jan. 1 ?. 4
Jan. 12 to Jan. 19. 31s
2-92 365 days Jan. 19 to Feb. IC. 3
Feb. 16 to Mar. 15. 21s
Mar. 15 to May 10.
21 days .May 10 to June 7.
27 days jJune 7 to Aug. 9.
1886.
Jan.
1 to Jan. 21. 4
Jan. 21 to Feb. 17. 3
Feb. 17 to May 6. 2
May 6 to June 10. 3
June 10
Aug. 26
Aug. 26
to
to Oct. 21.
Oct. 21 to Dec. 16.
Deo. 16 to Dec. 31.
Mar.
Mar.
Apl.
ApL
Aug.
Sept.
3»2
4
5
7.
a^
14. a
28. 2i«
12. 2
17. 3
3
21s
of days.
12
7
28
28
56
23
03
35
days
days
days
days
days
days
days
days Aug. 9 to Sept. 13, 3
day s
days Sept. 13 to Oct. 4. 4
21 days
days Oct.
4 to Dec. 31. 5
88 days
days
days
Year's average.
330 306 days
days
3-05 365 days
Year's average
Jan.
Feb.
78
35
77
56
56
15
1887.
1 to Feb.
3 5
3 to Mar. 10. 4
10 to Mar. 24 3l2
24 to Apl. 14 3
14 to Apl. i8. 2I9
28ioAug. 4. 2
4 to Sept. 1 3
1 to Deo. 31
4
1889.
1 to Jan. 10.
10 to Jan. 24.
34 days Jan 24 to Jan. 31.
35 days Tan. 31 to Apl. 18.
14 days Apr. 18 to Aug. 8.
21 days, Aug. 8 to Aug. 29.
14 days Aug. 29 to S( p. 2H.
98 days Sept. 26 to Dec. 30.
28 days Deo. 30 to Deo. 31.
121 days
Year's average
Jan.
Jan.
5
4
31a
3
21a
3
4
5
days
days
days
days
days
days
days
days
2 days
9
14
7
77
112
vl
28
95
3-56 365 days
3-34 365 days
Year's average
Among the most noteworthy
events of the year as affecting
was the collapse of the Panama Canal Company. Even before the close of 1888 it was evident to all careful observers that this company must make default before
very long, and, in fact, it failed early in January. But though
nearly a million of small investors scattered over France and
some of the neighboring countries were interested and suffered
from the loss of income, the effect upon the Paris money market and the Paris Bourse was scarely perceptible. Two months
later thera followed the break-down of the copper corner and
the failure of the Societe des Metaux and the Comptoir d'Escompte. There was a run not only upon the last-named bank
but on one or two other deposit banks in Paris for some days,
and serious fears were entertained for the safety of the Paris
market. But the Bank of France and the leading Paris bankers came forward with an advance of six millions sterling and
confidence was at once restored. As usually happens after a
crisis of the fcind, gold began to flow to Paris in very large
quantities, and since then the Bank of France has increased its
stock of the metal by nearly 10,i^ millions sterling. It now
holds not far short of 51 milUons sterUng, the largest accumufinancial interests
lation of the metal in the world, except in the Treasury of the
States.
The success of the Exhibition undoubtedly
helped largely in this influx of gold into Paris, but as the metal
was obtained to a very large extent from the United States
and from neighboring continental countries the London
money market did not feel the drain.
The situation of the Bank of France, as to its stock of gold
and silver, a(3cording to the last returns of each month of
United
1887, 1888
and
i889,
was
GOLD AND BILVEB
IN
as follows, stated in pounds sterling:
BANK OF FRANCE. -[OO.OOOS Omitted.]
Gold. SUv'r Total
1889.
£
£
Gold. SIlT'r Total
£
£
Jan. 30 40,0
Feb. 28 40,4
49,2
89,2 Jan.
4»,8
89,7
Feb.
Mar.
Mar.
2>^
40,5
49,4
89,9
April 2S
49,5
80,0 April
May
SI
40,5
41,3
June
2'
50,0
91,3
May
45,9
50,t
90,0
June
July 25
Aug.
Sept. 26
49,3
50,1
99,4 July
63,2
50,4
103,6
52,9
50,5
103,4 Sept.
Oct. 31
Not. 28
Dec. 28
61,7
50.2
101,9 Oct.
51,5
50,0
101,5
Not.
49,9
100.8
Deo.
Aug.
23
29
26
31
2i
26
SO
27
26
29
27
Gold
~£
£
£
43,9
47,4
91,8 Jan. 27i 48,0
44,7
92,5
44,7
47,8
47,9
44,7
47,9
41,8
48,5
44,6
44,4
Sll,-'r
£
Tit'l
~S
48,0
45,6
45.S
94,2
24
47,7
4«,0
47,5
4S,S
93,7
»S,8
48,0
48,9
31
92,6 April 28
93,3 May 27
93,5 June 24
48.4
48,9
47,3
48,8
93,8 July 28
18,2
47,3
43,8
42,H
49,2
93,0
25; 48,1
47,7
49,2
92,0 Sept. 29
47,1
47.7
40,9
49,1
90,0 Oct.
27
45,8
47,5
i-S.3
40,7
49,3
45,4
44,6
931
49.4
00,0 Nov. 24
90,0 Dec. 29
47,7
40,6
47,7
y^
92,6
Feb
Mar
Aug.
94,7
94,9
65,7
i6,6
9&.8
94,8
summer advanced
the wild and reckless speculation
in the Argentine Republic brought about the crisis which careful observers had been expecting.
The premium on gold,
which had been rising for some time, advanced from (50 to 80
per cent very quickly, then rose rapidly to 100 per cent and
the
finally
ers
undertook to furnish
lai'ge supplies of gold.
therefore, the withdrawals of gold
29. 5
19. 4
per
Year.
1885.
Deo. 17 to Deo. 31. 4
Year's average
I.
advanced to as much as 140 per cent. The Argentine
Government made matters worse by interference with the
Bourse and by unwise legislation. And it was naturally
davfl
days
gold would be exported to Buenos Ayres in im(lays feared that
days mense quantities. At the same time Brazil began to raise
days
large sums in Europe, and a group of London and Paris bankdays
days
days
5
24.
14.
28.
10.
Rate Number
per of days.
cent
Year.
As
ceut.
(Vou
In September,
from the Bank of England
began to cause uneasiness, and in October the withdrawals bethat an advance of the Bank rate to 6 per cent was
generally looked for. Unexpectedly, however, Messrs. Rothschild and Messrs. Barin;; Bros, brought two millions sterling
ilt>-i da\ 8
35 days of the metal from New York, St. Petersbui-g, Amsterdam and
29 days
49 days
49 days
;
came such
jANnABT
THE CHRONICLE
25. ISbO.J
and ease was restored. The outside market rate fell
away, but the Bank of England rate was malntaineil at 5 per
Again, however, in the middle of December gold withcent.
drawals became large, and just before the close of the year the
Bank of England was compelled to raise its rate to 6 jxr
cent. Wo append the following table, made up from the oflicial weekly statements of the Bank of England, and showing
its position as regards bullion, reserve, deposits, &c., on each
Thursday of the year:
BANK Of E.NOLAND IN 1839.— [00,0008 ODiltted."
Brussels,
5i2
fl 3a a
1^ lis
»" a
SQ
9
1889.
S
Jan. 2.
"
9.
" 16.
" 23.
" 30.
Feb. 6.
13.
" 20.
" 27.
Mar. 6.
" 13.
" 20.
" 27.
'•
24.5
24.2
23,8
23,4
23.3
2a,5
23,2
23,0
23,0
2;<.4
"
1.
8.
23,1
23,1
23,7
24,5
24,4
24,«
24.3
24,7
24,6
"
15.
24 ,«
"
"
22
24.3
24,3
24,7
24,6
24.4
24,7
Apr.
3.
' 10.
"
"
May
17.
24.
29.
June 5.
" 12.
"
19
•'
26.
July 3.
" 10.
" 17.
" 24.
" 31.
Aug. 7.
" 14.
21.
28.
Sept. 4.
''
II.
" 18.
" 25.
Oct. 2.
•'
"
"
"
••
9.
16.
23.
" 30.
Nov. 6.
"
"
"
Deo.
"
"
"
13.
20.
27.
4.
11.
18.
24.
2."i,5
25,4
25,3
2,M
25,."^
25,5
25,3
24,9
24,8
25,0
24,7
24,6
24,5
25,7
25,2
24,!>
24,6
21,5
24,6
24,3
24,0
23,8
24,3
23,9
23,9
24,4
Deposrrs.
a
a
£
£
19,4
20,5
20,8
21,2
21,6
22.0
21,7
6,4
«,5
5,4
4,9
6,4
8.4
9,4
21,
21,7
22,0
22,2
2-.',4
22,7
22,6
22,6
22,4
22,3
22,1
21,9
22,8
23,2
23,2
22,6
22,9
23,6
23,9
23,7
23,0
22.8
2^.6
21,5
20,9
20,9
10,0
10,6
10,5
11.1
12,6
12.4
12,4
9.3
9,4
9,5
9.1
8.4
lc>,3
10.4
10,2
9,6
9,3
10,2
10,5
9,3
7,0
6,1
5,4
.'',4
19,0
4,5
3,4
4,1
4,6
4,6
4,1
5.0
5,2
4,6
4,4
4,1
4,0
4,1
4,1
4,2
5,4
6.0
4,4
4,3
5,4
17,8
6,'J
21.1
20,9
20,8
20,9
20,8
20,7
19,7
19,6
19,8
20,1
20,4
20,3
20,0
19,8
20,2
20,0
19.6
5
o
£
30,5
25,4
28,0
2.i,4
24,s
22,5
23,3
23,0
23,3
24,0
25,0
23,8
24,2
24,1
25,1
24,7
23,8
25,8
24.4
28,2
25,1
25,3
24,8
24,6
24,9
24,5
25,1
28,0
20,6
30,7
27,9
27,3
28.2
25,4
25,4
24,3
24,8
24,1
24,0
26,0
26,6
2a,4
2fi,2
25,4
25,6
245
23,8
22.8
26,6
26,0
24.1
22,6
Sbcuritibs.
V
£
£
•5
t4
lrt,-2
14,6
•JO.O
13 >« 2l8
14,6
20.3
14,5
14,5
19,9
21,7
21,7
22,8
23,6
23,8
24,0
24.5
25.0
21,9
22.2
21.1
23,1
21,3
14,0
14,5
14,7
1«,0
1«,0
16,0
16,0
18.0
16,1
IH.O
16.0
16,0
15,0
15.0
15,0
14,8
18,7
19.7
20,2
19,2
17,8
17,6
15,4
14,9
14,8
14,6
14,6
14,6
15,1
17,7
17.4
16,3
15,6
15,8
15,6
15,1
14,9
15,6
15,8
15,8
15.3
2.j,9
22,4
22,2
22,1
22,2
22.6
22,4
23,2
20,7
20,4
20,3
2C,0
20.5
20,5
19.9
20,9
21,0
20,7
2U,6
20,8
23,8
20.7
20,0
20,2
19.7
20,0
19,0
19,9
19,1
21,4
20.4
20.3
21,7
its
13
14,8
15,1
14,9
14,8
15,3
15,5
15,2
14,3
14,4
14,0
14.2
13,7
13,5
14,5
15,1
15,2
14,1
14,5
15,4
15,4
14,4
13,8
13,7
13,7
12,3
11,6
11,9
11.6
12,3
12.1
12,4
12,5
2%
2
2%
2\
2«8
2%
2%
2l'>„
278
2I3
1%
1%
t2»s
19l«
lis
1
1%
10,5
11,1
11.7
12,1
11,9
12,0
12,0
12.6
11,9
12.0
11,2
9.6
16,«
1%
1%
1?I8
l»l(l
1%
1%
23,8
2%
2%
2'8
3^
3-„
3%
3%
3%
313,„
419
418
4i6
3%
31a
3%
3%
£1.5,500,000,
on the 20th of May, and closed at £9,600,000 on the 24th of
December, this being the lowest figure of the year.
The movements of gold were on a larger scale during the
past year than in 1888, when they were larger than for many
years previously. The total imports amounted in round
figures to ITJa millions sterling, and the total exports to 15 millions sterling, leaving a net import of about 2}>^ millions sterling.
The imports from Russia and Holland largely increased, those
from China decreased, but the exports to South Africa exceeded
the imports from that region by about half a million sterling.
In the first quarter of the year the price of silver was very
steady, ranging between i'i%d. and 42%d. per oz., the demand
being chiefly for India and Japan. For the following four
months the price was lower than in the first quarter, but at
the end of July an upward movement began, which went on
till the end of November, when the highest point was touched
(4i%d. per oz.). The chief demand all through the year wa.s
for India, the shipments tliither having exceeded those of the
previous year by 2i^ milUons sterling value. And the India
Council drawings also exceeded those of the previous year by
about two millions sterling value. The remittances, therefore,
to India in Council drafts and silver bullion exceeded those of
the previous year in sterling value about 4},^ millions,
showing how active the India demand has been. There
was also a very good demand throughout the year for
the
Briti-h
Mint,
purchases during
being generally estimated that its
the year have exceeded IX miUious
it
d.
Jan
Feb
March
1888.
...
April ....
May
June
Aver.
d.
1887.
d.
42',8
42%
'43,8
443,8 44%
43i3,8 44
43
42 >«
43%
42 7g
42%
41%
42
42
42%
42%
43%
427,8
423,,
4218
43%
44
Deo
43%
441,8
427,
427, 43%
427, 43
42»,8 42%
For year.
44%
41l»,8l433,8
44*18
41%
8«Pt
Oct
Nov
12%
42»i8
43ig
j
47%
4'2'll8
44%
44%
Aug
»2i,e
4218
Low. Aver.
'
d.
d.
rf.
42««
42*18
4214
443,8
433^
43ie
July
Hl^
High. Low. Aver.
d.
42'1,8 42%
4-2%
42 >«
42% 42I4
42>,8 421.8
42 14 41li,8
423,,
42Si8 42
42»4
42' lit 4-2%
431a 42%
43%
44%
d.
d.
1
46% <*»h
46«i, 4»:ili,
44»,; 45%
43>4 43»i«
437 , 43»„
433
8
43%
44%
14',, 437,
44II,,
44>4
451,, 447,8 44%
45 >«
411»,8
421,8
43%
447j
437g
44%
!43lS,8 43i:,8 43l»,,
I43<,8
i
jl5%
43 S„447,,
47%
433,8 I44>1,«
J
The development of our foreign trade, already referred
is well 8hown*by the following comparisons:
1888.
1889.
2>a
4»4
43e
?''«
12,4
10,3
maximum,
High. Low.
3»,8
278
The amount of bullion held by the Bank of England rose
from £19,400,000 on the 4th of January, with many fluctuations, to £33,900,000 on the 26th of June.
Then, with several
fluctuations also, it continued to fall till the 24th of December,
when it touched the lowest figures, £17,800,000, The reserve,
beginning at £11,100,000. reached
IS'O.
Pr.Ct. Pr.rt.
S.
11,1
12,5
13,2
14.5
14,5
14,5
15,5
15.5
15,5
15.7
While the price of silver was rising there wai even a more remarkable advance in Mexican dollars. At one time thoee
coins were nearly 3 f>er cent aljove their intrinsic value as
metal. The highest price for Mexican dollars was 44 '/gd. on
Nov. 25 and the lowest 41i^d. on April 13. In the table below
will be found a valuable comparison of the highest, lowest and
average price of silver for each of the twelve months of 1887,
I8S8 and 1889.
SiLVEB.
2^,3
20,5
20.2
14.5
17,2
After Mr. Windom's plan was made known, large
shipments of silver from the United States took place, and
there was a decline in price t<) about 43;^d. per oz. Since
then, however, there has been a recovery to 44}^d. per oz.
sterling.
Si'*=
«s
o
127
Imposts.
January
February
March
£
£
34.802,988
29,532,77632,590,821
3,222,786
2,799,101
3,635,062
32.098,6<I3
5,126,8.56
39,370,775
30,478,854
30.700,412
30,006,140
28.414,372
35,022,135
35,223,935
37,940,625
4,431,662
1.184,839
i»2,311,877
Jlllv
38,225,883
37,225,549
34,802,137
29,294,015
35,873,247
AuKUKt
32,ii0.',(l2o
September....
October
3x. 195, 166
April
May
June
November.
...
December
33,382,561
41,303,409
38,267,934
12 months.. 427,585,442
383,950.802
1888.
1889.
Exports.
January
February
March
April
May
June
.July
August
September
...
October
November
December
£
£
20,479,341
18,609,284
21,381,427
19,569,647
20,335,738
18.012,506
22,050,379
21,326.007
19,637,384
23,000,638
22,18H,255
20,903,353
18,583,671
18,992,423
19,047,307
17,775,474
19,276,225
12 months.. 248.978,897
Eixports of foreign and
19,04 :;,845
<
February....
March
At>rU
May
£
6,731, :"i3
7
June
4,.'507,T02
July
6.178,635
AUifUi't
4272.745
September..
Ootibrr
3.004.076
Novemb<-r.
6,2H0,80j
5,807,854
.
December...
12 months..
6,54.'>,747
04.939,775
[From
otir
14-.59
3-89
16-82
17-48
9-08
17-25
Difference.
965
-86
10-51
Perot.
£
+
1,895,670
383,139
2,334,120
1,794,173
1,059,513
430.339
l,2HS,20l
138.248
33,724
2,107.132
2,386,575
2,089,144
—
+
+
+
—
2i>,893,506
+
+
+
+
+
+ 14,443,955
10-20
2-02
12-25
10-09
5-50
2-26
6-ao
-65
-17
10-08
12-05
1110
6-15
olonial produ e were as follows
Difference.
Perot
1888.
£
5,614,558
5,408,311
6,003,975
5,573.827
9-36
9-41
1115
1597
2,^95,888
4.968,189
3,173.031
6,079,474
+40,634,610
+
234,534,912
Perot,
•
5,166,83.5
32 7,30 J
20,762,178
21,187,759
19.603,060
19,79M,680
18,814,209
18S9.
E.X PORTS.
January
Difference.
£
38,025,774
to,
3,963,925
5,299,291
5,254,503
5,100.207
7,147,199
5,320,113
8.511,391
6,t6«.555
4,662.541
6,h65,419
4,797,520
5,138,752
£
+
+
+
+
—
—
332.756
41-65
2-25
14-26
9-29
5-81
15-27
5-11
1,291.810
1.658.465
35 57
+
+
+
680.328
493,28?
669,102
11-59
10-28
13 02
897,140
1-40
1,650,633
119,020
749,472
473.620
415,662
—
8I2,.111
64,042.629
own correspondent
•23-26
J
London, Saturday, January
11, 1890.
At the beginning" of the week there was much uneasiness
in the money market. Rumors were circulating that a large
amount of gold was almost immediately to be withdrawn
from the Bank of England for Buenos Ayres, and that the
Directors of the Bank of England would consequently raise
So serious
their rate of discount on Thursday to 7 per cent.
in fact did the position appear that the Directors of the Bank
of France offered a loan of a couple of millions sterling to the
Bank of England. The offer was declined. The loan clearly
would not permanently have strengthened the Bank of England.
But it would have encouraged the speculation tor
money which has been going on so long would
therefore have lowered rates, and probably have rau*d a
renewed gold drain. The offer, however, somewhat reassured
the fall in
the market, and when on Thursday the Directors of the Bank
of England decided not to raise their rate ^there was a still
better feeling.
IHE CHRONICLE.
12S
[Vol. L.
Unfortunately the rate of discount in the open maiket does therefore, buying silver very freely, and they are also buying
not rise. The quotation is about i% per cent, but business is India council bills and telegraphic transfers. The Indian dedone lower. Indeed, some bills have been taken this week as mand is likely to continue for a couple of months, and the
low as 43^ per. cent but the rate of interest is well main- probability, therefore, appears to be that there will be a
tained. Previous to the end of the year the outside market further advance in silver.
The state of the money market has stopped all speculative
borrowed from the Bank of England altogether about 7>^ millions sterling. And the loans for the most part fell due on bnsiness on the Stock Exchange. The American market beMonday and Tuesday of this week. On the latter day the sides has been depressed by the telegrams from New York
Bank of England paid for the Government the interest on the announcing that the interest on the 1st income bonds of the
national debt, amounting to about 4J^ millions sterling. Philadelphia & Reading RR. Co. is not to be paid. It is unThis enabled the outside market to repay to the Bank some- derstood that Messrs. Morgan & Co., Messrs. Brown, Shipley &
what over 4}4 millions sterling, leaving nearly 3 millions ster- Co. and Messrs. Baring Brothers have addressed strong remonling still due. The loans to this latter amount have been strances to the directors of the company against their reported
renewed for a week at 7 per cent, as much as 8 per cent being decision, and there are hopes entertained that those remoncharged in some cases where unusually large amoimts were strances may avail. Meanwhile the incident has undoubtedly
increased the feeling here of dissatisfaction and distrust rerequired.
At the same time, while the whole of the interest on the specting the management of American railroad companies.
national debt was paid back to the Bank of England, the de- The bonds were brought out here only a couple of years ago at
poedts of the joint-stock and private banks at the Bank of 85. They have been largely bought by investors, and as so
England appear to have been reduced during the week over many of the greatest houses in New York and London were
3)^ millions sterling. This may be due either to the very interested in the reorganization of the company, it was
large receipts of revenue during the week, or to Ihe^ receipts thought that good management was assured, and that the inof revenue combined with borrowing by the Bank of England terest of investors would be f idly protected.
The announcement that the Metropolitan Railway Company
in the open market. To enable it to pay the interest on the
national debt the Government would seem to have borrowed would pay a dividend for the past half-year at the rate of 2%
from the Bank of England about .2)^ millions sterling, thus per cent, when 3 per cent was expected, caused a fall of 4 in
paying about 2 millions out of its own deposits at the Bank of the stock of the company and depressed all British railway
JBnglind. Yet these deposits have risen during the -neek stocks. The market was already sensitive on accovmt of the
about ^181,000. It would seem from this that the receipts of monetary uneasiness. The market for international securities
revenue during the week exceeded 3 millions sterling, but it is also Weak and dull. Although the Berlin Bourse has got
safely through the December liquidation, it is felt that the
is probable that the Government in fact borrowed more than
2^ millions sterling from the Bank, while the Bank, on the new year has inherited very great difficulties from the old,
Other hand, pledged consols in tlie outside market as a security and that from time to time fears of a crisis will revive. Then,
for loans raised there, with the object of reducing the supply of again, it is nnderstood that the French Government once more
money. At all events the situation now is that the outside refuses its assent to the conversion of the Egyptian Prefermarket owes the Bank of England about 3 millions sterling, ence Debt, and the ministerial crisis in Spain is causing much
that it has had to repay to that institution the whole of the apprehension. Senor Sagasta, the late Prime Minister, has
interest on the national debt, and that besides its unemployed done his utmost to bring about a reconciliation with the
funds have diminished over 2}4 millions sterling. The prob- dissentient Liberals, but has failed. He is now endeavorability seems to be that the supply in the outside market will ing to reconstruct his Cabinet.
But there is little hope
now decrease rapidly, and that thus the Bank of England will that he will be able to carry on the Government. A
dissentient Liberal administration would inspire no configet control of the market.
Owing to the very full employment of the working classes dence, and a return of the Conservatives to power, it is
and the rise in wages, there is a marked.increase going on in feared, would provoke a Republican rising. The revolution in
the consumption of articles subject to custom and excise Brazil has greatly encouraged the Republican party in Spain,
4uties. The Board of Trade returns issued this week show a and the position is everywhere felt to be critical. The serious
large increase in the quantities of spirits, wine, tobacco and Dlness of the young King has also added to the general untea taken out of ,the customs warehouses for consumption. easiness. Lastly, the Russian Government has addressed a
Therefore, both customs and excise are likely to be much protest to the other Powers against the new Bulgarian loan,
more productive during the next three pionths than they have on the gi-ound, firstly, that the Russian Government has a
been for a long time past. At the same time the present quar- prior claim upon Bulgaria for the cost of the Russian occupater yields a far larger proportion of the revenue than any other tion of the principality, and, secondly, that the loan violates
three months of the year, for the bulk of the income tax is that provision of the Berlin Treaty which recognized the
then collected. In ordinary years the collection of the suzerainty of Turkey over Eastern Roumelia. The protest is
revenue gives the Bank of England control of the outside not likely to be followed by action, but it cau3?s disquietude,
market early in February. It seems likely to get control this as it is a departure from the non-intervention policy pursued
year almost immediately. It ought to be able to retain that by Russia in Bulgaria fcr the past three years. Over and
control until the middle of March. If it acts judiciously, above aU this, the news fro:u Brazil continues to be very untherefore, it will be able to make the 6 per cent rate effect- satisfactory, and the crisis in the Argentine Republic is dragive for at least two months, and then, not only will gold ging slowly along. The dispute between this country and
shipments be stopped, but a large amount of gold ought to be Portugal has depressed Portuguese stocks, but although some
attracted to this country. In the second half of March the of our newspapers are indulging in undignified swagger, noGoverment expenditure usually exceeds its receipts very con- body believes that there will be a rupture. In the departsiderably. There will probably, therefore, be a decline in ments of the Stock Exchange other than those mentioned
rates then which may continue until thcmiddle of April; but there is little to call for comment.
by that time the outflow of coin and notes to the provincial
Trade continues exceedingly good. The deamess of money
circulation, to Scotland and Ireland, will begin and will con- 'tends to check speculation, but as yet it has had no effect upon
tinue until the end of May. For five months to come, there- bona fide trade, though it is feared that it may have if it lasta
fore, with the exception of four or five weeks, rates of interest much longer.
Meantime prices are fairly well maintained.
and discount appear likely to be higher here than they have
The weather has once more become very mild, which is
been for many years.
checking the demand for wheat. There is, however, little or
The price of silver has again risen this week to44%d.,the no alteration in quotations.
rise being almost entirely due to the demand for India.
Messrs. Pixley & Abell write as follow;3 on the state of the
This
is the season of greatest activity in the Indian export
trade, bullion market:
and just now that trade is unusually prosperous. On ThursGold— There has heen a fair demand for gold during fie week, and all
day the Bank of Bengal raised its rate of discount from 6 per open mark) t anlrals have readily found purchwers. There h;ive been
cent to 8 per cent, evidence that the Calcutta market is becom- no movements of bullion In or out Muce tlie new year, excepting iioO,ing stringent. The Bank of Bombay on the same day raised 000 taken for Lisbon today. Arrivals: From Natal. * 22,000 China,
;
;
its rate
from 7 per cent
also to 8 per cent.
In consequence,
the Indian banks in London are desirous of obtaining means
ot lending and disoounting more freely in India. They are,
£43,000; New Zealand, £25,000; Chile, £1,000; West Indies, £24,000;
total, £115,000. Bhipmeuts per P. & O. steamer to Calcutta, £2,500.
Silver— For a few days after our last circular sliver remained very
steady at I't'td., and the supply; per Chilian mall, -was eold at this rate
Jakuaby
When
THE
2B, ttfiO.l
chronict;e.
the result of the Council sales, on Wednesday, beoaiue known, a
rise took place to 44«]ad.; and to-<1oy 44%rt. Is quoted. Arrivals: From
York, £140,000; Cllle, £30,000; West Indies, £4,000; total.
Now
£174,000.
Sbipmc'Dts per P.
Mexican Dollars-Mejican
may
be called 43 ".i nearest.
The quotatiors
&
O. steamer to Calcutta, £10,000.
dollars liave met with no attention, but
£6,CC0 came from tlie West Indies.
tor bullion are reported as follows:
Jan.
London Standard.
Jan.
e.
d.
t.
ex
Bar gold, fine.. ..01. 77
Bar gold, contaln'g
77 ICM
aOdwts.sllver.oi.
Span. doubloons .oe.
S.
rates for
d.
77
9ii
BarsIlTsr
os.
Bar silver, oontain-
77 lOX
iDKfigrfl. gold. ox.
Cake silver
Mexican dolii
monev have been
Open market
Bank
London
Dec.
••
"
•*
d.
47 9-18
43
oz.
43M
ot'
as follows;
Interest allowed
for deposits by
raiew.
Trade Bill:
Billt.
SX
3W
SX
3X
1
3
10
4
4
3
3
3
3
8X-fX
4
1J4-1H
4
4W4)i
3X-3J4
S«
8i4
The Bank rate
of discount and open market rates at the chie
Continental cities now and for the previous three weeks hav
been as follows:
January
January 3.
10.
December 27.
December
20.
Bates of
Intorest at
Bank
Open
3
5
6
S
Parts
Berlin
Frankfort
Hamburg
Amsterdam
BrnaaeU
Madrid
Vienna
4
St. Petersburg.
Copenhagen....
3
S
B
6
4
4X
S«
2X
S«
iiX
....
Opefi
Bank
iiats.
Open
Market
Bank
Vark<t
2 15-16
3
3
4«
4X
5
3
B
S
6
Bank
Market Rate.
Itate.
*H
4?«
B
S
B
SX
2X
SX
4
1
S«
8X
B
4
4
B
t%
iH
3«
8X
Open
Rate. \Markel
U
m
s
4M
«x
S«
SX
iH
2X
4
4
B
4
4
B
*K
6
t>H
6
»x
8X
BX
4
4
4
4
4
S
FVoh rentes
6
4
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &e.,
compared with the last tliree years:
(In Paris) fr.
1890.
1889.
1868.
£
£
£
£
84,516,068
24,179,075
24.283,875
24,456.160
Government
securities
6,283.405
6,463,418
26,437.189
6,391,290
4,826,502
25,104,439
23,817,045
17,160,888
20,482,158
17,202,873
18,997,610
18,847.946
12,491,280
12,326,985
20,470,965
20,109,360
17,066,104
other securities
Keeerve
Coin and bullion
Prop, assets to
Bank
23,132,718
P,829,313
18,145,378
liabilities
rate
.
so«
.per cent.
per cent.
Consols
Olearlng-Honse retnm
S8X
6
97 1-16
40X
8X
4
1
889-90.
,.OTt. 21,1!>1,T28
Barley.,
Oats....
Peas...,
7.427.1 9 J
6,2ti0..'iti2
604,'2li
16,831,805
10,883,485
19,C89,645
107
129
787„
107
697s
122>a
71
7S%
26''8
103 >«
M
62%
76%
0:1
Northern Paclllc, prcf..
fennsylvunla
Phila<lclplila & Reading.
Union Pucitlo
75>2
5478
Wabasb, pref
32%
18;it
07^1
5478
18%
67%
32 >4
3,331,822
10,416.115
6,'.;51,859
1888-9.
23.wl8.P09
8.8f7.649
6, H 3,401
70^,821
1.009.644
1887-8.
18.103,237
7,230,(i48
6,24 t 506
1,304.813
B70.147
8,197,554
6,630,219
8.nfl,7:'7
5,741,850
rti.
44»„
97»„
44%
»7«i«
»77,,
»7»„
97%
128%
128%
70%
70'8
7k %
%
103 >9
2,1 O'ins
* Western, pref.
89
71'.i
nkwt.
»7%
87 9-i% 87'8)i% 89-07%
l(i7
107
106 'a
12'5
107%
128%
77%
78
107%
89 >4
H'J't
71%
10H%
109%
103%
27
103 '4
103%
6-.i7g
•.27,
63
122>t <
107%:'
80%
70%
109%
71
2-%
75%
7«%
76%
54 7g
19
55
55
67%
32%
19 '8
68%
10%
68%
33%
33
,,,
70%
122%
107%
123
I
27%
103%,,
63%,
76>i
8ft
.-
10%t>i-
«8V
33%.
^ommcvcirtl and BKiscellancuns '^evog^
—
National Banes.
The following national banks have
recently been organized:
4,203- The First National Bank of Cheballa, Washington. Capltat
$50,000. Noab B. Coffman, President; Joseph Y. ColTman
Cashier.
Ilazleton National Bank, Pa. Capital, $100,000. William
Klsucr, President; Erastus 8. Doud, CaHhlcr.
4.2C5— The Fl^^t Nailunal Bank of Delta, Pa. Caiiltal. $10,000. Cll««.
R. McC<ink.-y, President; L. K. Stubbs, Cashier.
4,206-TtaHBi'kerClty National Bank, Oregon. Capital. $75,000. Bedji"
l.ouibaid, Jr., Prchldin'; Chas. W. Jao'ec, CaJ-bUr.
4,"07—The Yaidltv National Bank. Pa. Capital, $; 0,000. ThoB. tt"
Knowlef, President; Joi-ob II. Taylor, Ca«i>Ier.
,
4,206—The Glbbs National Hank of IluntsvlUe, Texas. Capital, $54,000. W. 8. Gililis, President; G. A. Wynn*, Cashier.
4,209—The Merrhante' Nailonal Bauk or Sioux Clly, Iowa. Capital,
$10,1.000. Eugene W. Rico, Presldout; Gooi ge P. Day. Cashier.
4,210—The Firht National Bank of Wyniore, Nclirafka. Capital, $50,000. John H. Reynolds, Presldert: Lake Br denthal. Cashier.
4,211- The Ami-terrtam National Bank, New York. Cnpllal, $200,000.
8t( phen Sanford, President; Martin Van Burcn, Ciu>hiiT.
4,212—The Utizens' National Bank of Johnstown, Pa. Capital. $100,000. ALdrew J. Haws, Pnsident; George K. Linton, Cashier.
4,204—The
,
—
IsfpORTs AND Exports for the Week. The imports of last
week, compared with those of the preceding week, show a
decrease
in both dry goods ancl general
merchandise.
The total imports -were 18.419,776, against $11,915,760 the
preceding week and $7,309,042 two weeks previous. The
exports for the week ended Jan. 21 amounted to $7,450,393,
against $7,659,386 last week and $4,230,179 two weeks previous.
The following are the imports at New York for the week
ending (for dry goods) Jan. 16 and for the week ending (for
general raerchandisel Jan. 17; also totals since the beginning
of the first week in January.
FOREIGN mPORTS AT KKW YORK.
,.
For Week.
1888.
1887.
Dry Goods
1890.
1889.
$2,878,141
4,853,419
$3,383,561
7,282,444
$2,628,133
6,533,432
13,689.437
4,730,329
S8
6
Since Jan.
Dry Goods
$7,731,500
$10,666,005
$9,161,565
$ 8,419,766
$8,547,305
16,858,8^7
S9,701,900
19.810,283
»9,5fi6,914
20.721,50»1
$9,916,182
$25,406,132
$29,012,183
1.
,
Qen'l mer'dlse..
Total,
3 weeks..
l«8€-7.
17.362.934
9.292,412
6,184,598
17,728,31:6
$30,288,3201 $27,644,568
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for th«
week ending January 21 and from January 1 to date:
EXPORTS FROM NEW VORK FOR TUB WEEK.
1889.
1888.
1887.
1S90.
PTbr. reported..
12,244,103
ll,ti30,64Z
$6,618,725
13,995,024
total, 3 weeks..
$17,730,672
$18,591,224
$20 614,340
,«5 ,4 86,569
$6,960,582
7.450.393
$19,345,958
11,889,565
The following table shows the exports and imports of specie
at the port of New York for the week ending January 18 and
since January 1, 1890, and for the corresponding periods ia
1889 and 1888:
BXPORTS Ain> IMPORTS Or SPECIB AT HEW TORK.
85.'i.9»l
Importi.
Bxportt.
910,90Z
8,292.012
5,5t4,8l»
Sold.
Week.
Since Jan.X.
Week,
Situe Jinn.!
$6,986
areat Britain
Prance
$102,290
$102,29»
251
51,908
14,390
14,709
17.307
84,229
$131,640
167.11b
$255,831
491,528
149,741
Germany
1):
1H89-C0.
1888-9.
1887 8.
Importsofwheat.cwt. 21,191.728 23,!>18,809 IP, 103.287
Imports of dour
6,2.J1.889
5,741, h50
6,650,219
Bales of home-grown. 19,U24.6.>1 13,297,911 15,7<;«,a25
Total
46,471,248
18f^9-9''.
Aver, price wheat week. 3'
s.
eeason.SOs.
Od.
Od.
42,958,573
1888 9.
3<>s.
4d.
32e.
tid.
The following shows the quantities
maize afloat to the United Kingdom:
TMf irefk
Lam iceek.
Wheat
qrs. 1,762,500
Flour, equal to qrs.
i 08 (100
Ualze
»7»,a
077j,
8785
109 >«
98«
Supplies available for consumption (exclusive of stocks on
vtht- at
70%
97»i8
977,,
87 -si's
149,811,000 145,116,000' 117.266,000 105.734,00 n
WlMat..
Av. price
78<<g
Weei.
44%
1887.
The following shews the imports of cereal produce into the
United Kingdom during the first eighteen weeks of the season compared with previous seasons:
September
107
129
Tutt.
44 >a
Mexican Central 48
71»g
N.Y. Ontml & Hudson. ion '4
N.Y. Lake Erl,- i Wesfn 27
^)r the week....
Beans..
Indian corn...
rioup
(I7'> 18
97 >i
f7-58
Jfon.
44%
122 ifl
107 la
89 '4
71 «
109 >4
27 >e
Total
26,618.873
44
nilnnis Central
123
Luke Slioro
10T«
8939
1 oulsvil c & Nashville..
Qen'l mer'dlse.
circulation
Public deposits
other deposits
gat.
D. 8. 4>s8of 1891
U. 8. 4b of 1907
Canadian Pacltlo
Chlo. Mil.
8t. Paul....
do.
Norfiilk
a
»%* - m* -14 4.5 4 66 1 «tb
3X3 - SX4 - 8««1X' 3«<s)x»<a4x
«9 3H* - 8X® - 4 a4H 4 eik 4 <34X
S«S4 3Mt4 4 «4X 4 e4X4 ®4X
S%„i |4X®1<>< 4 ®4X4Me4X
turn - -Ma
4^@
'XO -'^X* -<'<a — 4«<e8j4M«6
B
e:
Jan.
—
2.
Joint
Three
Four
Six
Six
Stock At 7(0 14
Thru four
Months Montha\ Months Months Uonths\ifont}ts Banks. Call. Davs
IS
EC
••
Jan.
0.
d.
«.
B Am.doublooDB.oi.
The
Jan.
London Standard.
Lmulon,
per o«
...d.
Con801s,new 2H perots.
do
for account
Silver,
A
BiLVsa.
GOLD.
129
urs.
341,0U0
10,519,791
1887
3l8.
30a.
of
8.
3d.
Od.
188f-7.
17.362,«31
5.564,818
13,449,224
36.376,976
1886-7.
35s.
31s.
4
tfexloo
jonth America
Ul other countries..
Total 1890
Total 1889
Total 1888
$36,500
.
9(),595
.
39,316
$153,561
322,497
159,443
100-
50,344
'
wheat, flour and
V07,Ci00
1(12.000
345,500
237,500
405,000
Week.
aineeJan.l.
$690,925 $1,624,143
14,000
3,C0«
West Indies
Total lt90
Total 1889
Week.
aineeJan-J.
$04,757
$64,757
"0,233
26,613
2,377
15,097
12,180
"i'.iVo
13,644
$e99,925
340,451
$1,(^39.623
$^,a.954
660,185
52,233
B4.1.^2
771 il7-
4ouih America
411 other countries,..
Enicltsh Financial narkelfi— Per Cable.
The daily closing quotations for securities, &c., at London
are reported by cable as follows for the week ending Jan. 24:
Ifnporti.
Mxporlt.
miter.
Qreat Britain
1889.
2,198.500
'io'.ooo
.
lOd
18S8.
1,415,500
201.O(0
1,U97,.')00
89,920
1,500
55,155
$26,500
West Indies
1,320
14ii>'5
$114,430
70,977
87.473
THE CHRONICLE.
130
Of the above imports for the week in 1890 14,141 were
American gold coin and $6,.'515 American silver coin. Of
the exjjorts during the same time $36,500 were American
fVoL. L.
Mew lurk
City Bank statement for the week ending Jan
as follows. We omit two ciphers (00) in all oases.
18, 1890, is
Banks.
(00< omitted.)
gold coin.
—The Union Discount Company,
of London, present in today's issue of the Chronicle a statement of their accounts,
as standing; on the books December 31, 1889, the figures being
converted into dollars and cents. The statement shows a very
prosperous condition of aflfairs. This company keep a standing card in the Chronicle columns, in which is quoted rates
allowed for money. The company discounts approved bank
and mercantile acceptances, receives money on deposit at
rates advertised from time to time in the London, Paris and
Berlin papers, and grants loans on approved negotiable securi-
Sank of New York...
ifanhatun Co
of Buffalo, at Buffalo, N. Y., has issued a very
neatly prepared " Table of Holiday Dates" for 1890, showing
when paper maturing on holidays is payable.
—Central Railroad of New Jersey
100-year 5 per cent gold
bonds are offered at 111}^, and accrued interest by Messrs.
Winslow, Lanier
Co. and the First National Bank.
&
—
Balances.
SeeeipH.
Vaie.
Paymenlt.
S
Jan. 18
'•
3,423,105
4,610,362
2,628.675
2,366. 46H
1,960,635
19,415,250
17,665,938
« 21
« 22
" 23
" 24
Total
.
Ourreney.
S
9
6.906.937
3,458.687
2.296.121
2,005,662
2,100,305
2,647,538
20
Coin Cert't
Coin.
161,697,:95
161,7.39,457
161,861.322
161,927,921
161,957,995
2,>>76,492 161,991,008
...,
9
9,807,391
8,590.400
8,052,896
7,647,370
7,631.835
7,497,102
,.,.
6,-i20,356
6,345,286
6,418,052
—
Anction Sales. The following were recently sold at auction
by Messrs. Adrian H. Muller & Son:
Sfiarfe.
1
Bank Stock
BANKS.
Bid.
America
List
Bid.
Am. Exch...
Aabniy Park ...
Bowery
265
l«t
inn
German Am. 12e
German Ex. 250
27ft
Germauia
Chase
260
270
145
Sio
Hud Hiver.. 148
Ira. i&Trart'a' 560
Irrins:.
Broadway...
W!
US
•iw*
IS'E
Bntcha'&U,-.
Central
143
Chatham
HIS.
Chemical
4200 4800
City
4i)5
Citizens'
18^
210
<;ommerce... 200
Commercial.. 102
Continental !33
C«m JBxch...
lUO
Madison Sq..
1(12
185
210
112
137
Manhattan...
Market* Ful
Mechanics'..
M'chs'iTrs'.
11th Ward... H9
Fifth
2-i6
Fifth Are.... 1100
Merch'ls Ex.
Metropolitan
,
16.-.
Fourth
eniatln
102
265
IllO
21C
215
6>il
160
121
10
I
Metropolis..
2000
14th Street..
B70
200
Mercantile... 210
Mercliauts*..
'.,!40
Mt. Morris
170
I
BANKS.
Bid
364
Murray HUl 275
Nassau
160
New York. 248
.
Ask.
N.Y. Coanty. 450
N.Y.Nat.Ex. 135
Ninth
157
155
N. America..
132
1H(I
North River. 145
360
187
leather Mis' 240
Lincoln
200
East Klver.. lb6
First
130
Greenwich..
HaiiOver
Columbia
Ask,
400
Garfield
Oriental
21.S
Pacific
Park
175
255
People's
23ll
Phentx
Produce Ex.
Republic
Seaboard
Second
Seventh
140
110
180
135
325
130
Sboe<&Leath. 155
Sixth
2.10
St. Nicholas. 125
State of N.Y. 111
Third
130
Tradesmen's. IH3
United St'es. 215
Western
West
Br'dway
&
7UiAv.--8t'k.. 23(1
Ist mort., 58, 1904
105
2d mort., 5s, 1914
101
B'way Surface b'ds...l924 105
Bouilsgliar.. 5s, 1905..
90
Brooklyn City— Stock...
UA
Ist mort., 5s, 1902
loa
Bkiyu. CrosHtown— Swok. 195
1st mort.. 7s. 1908
108
Bnshw'k Av.(BklyB)-8t'k 140
07',
Side... 225
Central Crosstown— Si'k,. 140
1st mort., 6s, 1922
118
Cent. Pk.N.it K.Kiv.— Stk. 114
Consols. 7«, 1902
118
Ohrist'ph'r&lOtli St-Stk. 135
Bonds, 7s, 1898
110
J>TT Dk.E. B.& Bat'y—Stk 136
r«l mort., 78. 1893
106
30
D. D. E.B. & B.— Scrip 68.. 100
1151s Elghth-Av.— Stock.
180
232
106
106
108
93
160
106
200
110
143
143
121
117
121
140
113
140
1U3
I
Scrip, 68, 1914
42d
I
I
I
I
& Gr'nd St. P'ry— Stk.]
Ist mort., 78, 1893
42d St Manh.db St.N.AVe.
Ist moi t, 6e, 1910
2d mort., income, 6s
HoastW.St.* P.F'y— Stk.
1st mort, 7s, 1894
Nlntli
I
Ave
Second Ave.— Stock
1st mort, 5s, 1910
Sixih Ave.— Stool'.
.
1st mort., 7s, lt90
.Third Ave.— Stock..
.
I
...
Bonds. 6s, 1937
Twenty-tblrd St— Stock..
Ist mort, 7s, 1893
1
tJ'M.O
»3tl.fl
9,806,4
2,b62,3
438,6
6,968,2
1,569.5
030,f-
693.8
4,3084
792,2
499.8
3;iil,8
4,843,8
2.098.1
3.302,0
1.257.3
2,569.1
1.362,2
2,699,4
14,431,0
11.933,3
4,799,6
8.314,2
2,998,5
12,705,0
6,931,9
3,048,3
6.177,7
15,010,1
3,129,0
3,212,2
3,366,7
4,353,7
1,966,3
3,797.0
5.342,8
5,127,2
2,208,0
22,618,1
23,411,6
2,211,3
1,643,0
17,930'9
8,567,0
5,024,0
6,834,8
21,788.4
7,762,0
1,379,7
2,796,4
2,906,5
2,741,8
11,996,6
4,397,4
3,471,4
3,030,4
6,496,6
2,884,8
3,625,6
1,944,0
6,252,0
2,333,0
3,774,0
2,180,0
11,078,4
4,209,0
300.0
600,0
1,000.0
300,0
200.0
200,0
600,0
300,0
6,052,8
130,3
1,372,6
287,7
214,4
11B,7
21,3.^0.8
&
areenwich
Leather Manafaot'rs.
Seventh National
New
York...
1,200,0
5,000,0
6,000,0
1,000.0
1,000,0
422,7
1,600,0
Oommeroe
Broadway
ICeroantlle
PmUIo
Repnblto
Ohatham
450,0
200,0
700,0
Peoples'
yoith America.
aanover.
1,000,0
500,0
600,0
600.0
(rvliig
Cntiiens'
tfarket A Fulton
Nicholas
4hoe & Leather
Corn Exchange
750,0
600,0
600,0
St.
1,000,0
1,000,0
300,0
1.500.0
2,000,0
[JoDtlnentaL
Jrientai
Importers' <& Traders
Park
North River
Ea-t River
Fourth National
240,0
260,0
,.,.
Seccid N %tiont.l
Ninth -National
?irs. National
Third National
S. Y. Nat'l Sxohangb
Sowery
.'Jew
York County
filth Avenue
3erman Exchange.
9ermanla
United States
Unooln
nfth National
Sank of the Uetrop
West Side
Seaboard
Sixth National
W#»«fAm National
First Natlonal,B'klyn
Total
750,0
5:iO,0
1,010,0
300.0
250.0
200,C
760,0
600,0
100,0
200,0
200,0
600,0
300,0
200,0
150,0
300,0
200,0
600,0
200,0
661,6
>>0,7
477,5
1,631,6
3,281, •)
1,045,9
801,8
375,2
889,2
024,0
2Sn,3
499.4
1.293,9
280,3
402.3
195,8
697.5
2U6.0
246.3
1,1?.0.9
277.0
3B4.9
4,528,7
2,197.0
99,3
132,8
1,54.3,1
563,7
255,6
319,4
6,107,8
307,4
138,4
4)7.2
289.6
231.8
752,9
737,8
468,7
394,5
498.9
258.9
296.;
27,i,0
612,3
231,5
145.8
89,6
258.0
718,9
150
117
108
2.010.0
2,008.0
1,437.7
1.312.0
1.958,1
3.371.3
5.631.2
2,017,5
2,723,0
1,270.7
3,042.3
1.328.2
3.493.2
16.899.0
17.324.9
6.78T.3
7.6t3,9
2.911.9
11,829,2
6.645.0
2,298.3
4.527.8
13.320.U
2,981.0
2,899.4
2,«o3.8
3,969,4
2,0'2,7
3,190,0
6,187,0
4.398,2
2.160.0
21,673,0
19,868,4
1,970,4
1,302,2
17,637,4
7,715,0
4,150.0
6,165,6
22.023,9
416,9
351.8
181,3
3.320,0
2,235,o
974,8
1,621.2
442,4
2,889.5
H21,2
375.6
6Sg.2
4.289,8
B16,i
725,0
260,4
931.6
231,8
364,0
704,0
741.4
195,9
4,558,8
4,694,0
107,2
246,4
3,299,1
1,602,0
1,209,0
1,31.%2
4.538,2
6,975,''
1.413,1
1,383,0
2,493.2
2.560,0
2,907.8
10,023,6
4,155,8
2,860,2
2!692,4
4,618,3
2,782,9
287,5
586,0
610,0
453,2
2,305,4
900,4
204,6
191,4
1,217.2
2.99.i.4
S24.0
336.2
876,3
373,0
395,0
375,0
2,655,8
838,0
1,674,5
4,294.7
2,243,7
3,072,0
1.962,1
11.165.4
3,933,0
l'J4.0
].';2,B
4.^2,9
5(1^.0
237.7
124,8
636.0
13.5,0
239.8
25,9
322.4
48>*,0
1,485.0
285,5
817,4
310.4
325,6
615.4
125.5
509.8
598.0
215.6
197,9
403,6
165,2
66,3
378,0
270,0
625,1
.391.4
1,491.7
1,027,1
125,9
174,6
1,402,3
692,0
44,0
4BR.9
1,198.7
689 8
128,5
2*1,0
143,0
15».3
961.6
170,4
740,6
331,1
10T,5
233,3
422,0
250,6
460,0
234,0
606,0
140,0
619.U
290,5
61.062,7 57,710,6 403,561,4 82,387,0 30,458,5 420,257,6
..
Capital &
Survlut.
Banks.
3,200,0
2,000,0
300,0
3,600.0
300,0
.
Loam.
Specie.
DevoHtt.-' "i'-c'i'n Clearinst.
Letalt.
$
a. York.*
Deo, 21.... 118,604.8 392,544.3 76.786,7 26,'201,1
••
28 .. 118.604,8 391,761,8 7,';,6-;0,7, 26.141,1
118.604.8
399,689,:<l77.427.6 26.741,5
Jan. 4...
"
11.... 118,604.8 400,347.0 80,682.8 29.021,6
"
18 .
118,773,2 403,861,4|»2,387,O 30,468 5
$
398.376,3 3,<;48,5 703.928.8
398,720.5:3,731,3 6J5,992,9
40».6.52.4'3.7.38,5 776,068,8
414.754,8 .3,743.4 742,143,6
420,257,6 3,741J,6 709,772,9
Boston."
Jan.
4...
"
"
11....
18....
PhilB
4
...
"
11
...
"
18....
.Tan.
65,544 9 151,051,9
65,544.9 132.166.6
65,544,9 163,790,2
i
I
6.446. 1 132,161,5 2.544.4 124.196.2
9.379.0, 5,599,!9 132,837,8 2,535.5 101.353.0
9,019,4| 5,577,15 132,742,6 2,535,6 100,419,6
8,895.9
•
35,132,3
35,132,3
35,132.3
93,109,0
63,274.0
9.3,478,0
2t,314,0
24,819,0
26,126'0
-l
91,999.0 2,136.0 70,831,8
91.6(1.0 2,137,0 69,456,1
93,281.0 2 137,01 73,071,4
lncladln«. tor Boston
and Phila-
—
^The Liverpool and London and Globe Insurance Company
publish to-day the yearly statement of their United States
branch for the year 1889, showing the large assets of
$7,.337,156 31— an increase of over $.500,000 over the preceding year all invested in United States Government
bonds, State and city bonds, and real estate. Notwithstanding the extraordinary list of conflagrations during the
past year, such as Seattle, Spokane Falls, Lynn and Boston, in
all of which the Liverpool and London and Globe Insurance
Company were largely interested, it wiU be observed that the
surplus of income over expenditures is $413,696 77.
—
—A
114
140
38
limited amount of the bonds of the Louisville Southern
Eailroid Company are offered by Messrs. Alley, Dowd & Co.
and others in to-day's Chronicle.
See advertisement elsewhere.
87 >i
City Railroad Securities— Brokers' Quotations.
Bl'ckerSt & FuLK-Stk. 28
Ist mort. 78., 1 dOO
114
5M,U
1,000,0, 2,342.8
10.640,0
10.208,0
7,441,7
7.970.0
10,102,7
4,504,0
10.280,6
2.176,8
25,624,7
• We t»nit Vwo ciphers in alt these
figures.
de ohla, the item " due to other baoKs."
—Latest prices this week.
BANKS.
Asll
207
l,782,i>
6B0,0
92O.0
639.0
857.0
664.5
2»1,0
•2,089,1
Batchers' ft Drovers'
Kechanlcs'
Traders
Dtpatitr.
11,170,0
9,637,0
7,173,4
9,113.0
10.203.7
1.688.7
1,309.1
8-3.S
1.773,0
219.0
Jarfleld
Sharef.
20 Manhattan Life Ins. Co. .467
50 N.Y. & Harlem RE. 00111..25213
10 Clinton Fire iDfur Co... 90
10 National Bk. of Deposit.. Ill's
460 Citizens' Nat. B»nk.l82-ia3i4
5 U. 8. Transportation Co.. $5
75 Butch. &DroTer6'Nat.Bk 193%
Bonil8.
25 Peter Ciioper Fire Ids Co.162
$5,000 Des Moines & Ft.D.EE.
5 Manhattan Life Ins. Co. .475
Istmort.int. def. 2i3s,lHo5 53H!
40 Greenwich Insurance Co.200
$15,000 City Eailway Im60 Continental Insur. Co
229>j
provement Co. 68, 1909 80&lnt.
1 Alliance Ins. Assoclation.lOO
$24,000 United New Jersey
160 Home Fire lB8HranccCo.l36»4
RR. &Can. Cp.6s.gol 1,1801.123%
25 Long Island Loan&Tr.Cn.l71ia $1,000 Bleecftr St. & Fulton
9 Merchants' Exc. Nat. tk.l26
Ferry RE 0o.7s, 1900.1 oSa^tlnt.
11 Bank of America
211 ^s $1.00j Hudson County, N. J.
5 Nat, Shoe & Leather Bk.-ieoia
7s, 1894
109%&lnt.
10 American loan & Tr. Co.118
$870Com'w'lthIns. Co.scilp $300
38 Tradesmen's Nat. Bank.. 94^4 $453 Mutual Insurance Co.
150 National Park Bank
275
scrip, 1887 and 188S
59
35 Hanover Natiui al B'k. 350-1
$11 Prudential Ins. To. scrip. $1
331., Second AvenueRR. Co.lPSis $15,100 Drv D,ickE.Bwav&
18 Bank of the State of N.Y. 112
Battery ER Co. 6p.c. sciip.102
lOOMerch'tB'Nat. Bk. of N.Y.163
$2,000 Consumers' Coal Co.
31 Bank of N. Y N. B. A. ...249
68, 1907
$20
50 St. Nicholas Nat. Bank. 129
*
1,000,0
Sterman- American.
vhase National
1
LejaU.
»
Tradesmen's
Ohemical
Merchants' Exoh'nge
9allalin National
Central Xatiocal......
6,136,102
6,159,151
6,2 42,242
Spicie.
9
Oity
ifeohanlos'
Saesau
United States Snb-Treasnry. The following table shows
the receipts and payments at the Sub-Treasury in this city, as
well as the balances in the same, for each day of the week.
Loam
$
Amerloa
Phenlx
Imerioan Exchange..
—The Bank
Surpltu.
t
2.000,0
2.050.0
2,000.0
2,000.0
3.000.0
1.000.0
if erchants'
Itateot
ties.
OavUaL
Spencer Trask &
Co.,
BANKERS.
N08. 16 and 18 Broad Street,
ALBANY, N. Y.: SARATOGA. N. Y:
New Tork
CItr.
PROVIDB.NCB, R. L:
TRANSACT A GENER.ALi BANKING BUSINESS.
Siieclal
All cliisses of SccuritipJi Bought and Sold on Commls.sion
attention (riven to Investment Securities. Direct wire 10 each oBico
and to Philadelpliia. Boston and Chicago.
SPECIAL. NOTICES.
ty"CITr BONBS AND OTHER FIBST-CL.ASS INVESTments adapted for savings' banks, trust funds, and careful investments
are made a prominent specialty in the business of
Keters Blake Bros. & Co., Bankers, of New York and Boston. See
caid In the columns of the Cubonicls.
of individuals
January
THE CHRONICLE.
USO]
25,
ghe
gawkjers' da^jette.
Continental bills were: Francs, !i ZlJi'Hi 22^ and
reichmarks, 94^(d94?^ and 95^95>i.
The rates of leading bankers are as follows
4 81^.
18%®5 19%;
5
DIVIDBNDSi
The
follo-wlnsr
Otympany.
Per
When
Cent
Puyable.
Book! Cloned,
{D'jye inclu»ive.)
Mahoiiini< Coal (;oniinon
Sandusky ManatteUl & Newoi'k...
BHIlkM.
Exchantte
German American
Paclflo (quar. )
3
On dcm.
1
3>s
Feb.
Feb.
Feb.
sm
5
3
2
Feb.
Feb.
Fob.
6
Jan.
2^
4 to Feb. 14
1 Jan. 2« to Feb. 2
1 Jan. 10 to Fell. 1
1 Jan. 23 to Jan. 31
1 Jan. 27 to Fco. 2
1 Jan. 22 to Jan. 31
par,
2Sc.
1'4
2
Kew Lnplnnd Telephone .t Teleg. $125
Oregon Improvement common..
1
Pennsylvania Coal
Pullman Palace Car
(guar.)
.
4
2
Jan.
Feb.
Feb.
Feb.
Feb.
31 Jan.
15 Feb.
3 Jan.
1 Jan.
15 Feb.
22 to Jan. 31
1
to Feb. 14
23 to Feb. 3
24 to Feb. 1
2 to Feb. 16
95lh
;
Coins.— Following are quotations in gold for various coins:
'
Brunswic k
n>t
40^
94''g
selling h^'a^ premium
New Orleans, commercial,
premium; bank, $1 premium; St. Louis, "750. premium;
— 97>s» — 98>«
—94 » — 95
— 76>3<> — 77>a
—76 » — 77
— 71'«» —73
Peruvliin sols
English sliver.... 4 80 » 4 Wi
U.S. trade dollar* - 76 » — 78
$4 8^ '3$4 88
Napoleons
2 i'Ji '3 3 89
X X Reichmarks. 4 74 9 4 78
4 82 « 4 87
25 Pesetas
Span. Doubloons. 15 50 915 70
Mei. Douliloons.lS 85 ®15 6
par %3i„prem.
Fine gold bars.
Sovereigns
Consolidation Coal (Md.)
40>s
Chicago, par.
20
Ivil0i*ellaiieoiiit.
94 87%
The following were the rates of domestic exchange on New
York at the under-mentioned cities tf)-day: Savannah, buyini;
Fire luHuraiico.
Peter Cooper
(t;iillders)
Frankfort or Bremen (roichmarks)
14 Feb.
Demand.
Sixty T>ay».
24.
Prime bankers' sterling bills on London. 4 83 94 83>i 4 87
Prime conimerclaV
4 81 »4
Doonmeiit ary commercial
4 80^94 81
Paris (francs)
5 20
b
Amsterdam
HnllrnndM*
Atlanta & West Point
Lake Erie A Western pref
Com
January
dividends have recently been annoanoed
Name of
131
Fine silver bars..
Five francs
Mexican dollars..
Do uncommero'l
WALL, HTREET, FRIDAY, Jan. 'J4. l»»0-3 f. M.
United states Bonds. —The market for governments has
The Money Market and Financial Situation.—The been dull during the week, and on the announcement that Mr.
Windom would cease purchasing fours for the present, the
week has shown more animation at the Stocli Exchange, and ?rice of those bonds fell off and they are quoted to-day at
tone in the market generally.
look at three leading points which go far towards
directing the tendency of stock operations as well as the purchase of securities for investment, we find, first, that the money
If
we
market is fairly easy, with no prospect of any scarcity of funds
in the immediate future; secondly, that current railroad earnings are keeping up remarkably well, while the net receipts
for the year 1889, as they are daily coming in, show results
that are in striking contrast to the poor returns of 1888; thirdly,
the position of leading stock operators and capitalists, so far as
known, is almost universally on the side of higher prices. Another point is, that the weak specialties selling at high
figures, which are always dangerous even in a healthy market,
have been to a great extent weeded out, and no longer hang
over the list threatening at any time to drop heavily and carry
down
everything with them.
The
24V.
a,4)etter
The statement
&
for this
*H Per
CmU
week
as follows:
is
diM 18M.
4 Per
0/«rin««. Parch't: Prlcn vaiA.
Batordaj
»81C.15o
178,750
. .
Monday
(»4S,000
t9S
104H
104«
2,060,000
830,000
US
ua
204,800
23,200
376,600
288,500
101«
t04M
tl,3W,70J»l ,85^700
10«H
.
..
The closing
/View »a44.
tft48.000
Wedn'sday.
Total.
Am IM7.
OeoU
Of«rin«>. Purek'M.
104«
Thursday...
Friday
Taeaday....
U4,.q)0
104»i
prices at the N. Y.
Interest
Jan.
Periods
18.
t9.843
00nt 1.478.000
Board have been as follows
Jan.
Jan.
Jan
Jan,
20.
21.
22.
23.
Jan,
24.
I
Q.-Mch. -10412 «104i2 lOm 104i« '1041a' loZv
...coup. Q.-Mcli. *101i2*104ia 1041a *10tia •lOlia '1041a
*126
1243. '124!%
12514 '125
..reg. Q. -Jan •126
poup.j(J.-Jan. '126 ,'126
48,1907...
1251a 125 •124\^ '124^
'116
•116
*116
•116
1*116
116
..reg.
J.
&
J.
cur'cy,
95..
6s,
•118
118 1*118 l*118
6s, cur'cy, 96.. ..reg. J. & J. 118 1*118
'120
,•120
*120
1*120
•120
120
'J.
<Se
J.
cur'cv.
97..
..reg.
6s,
•123
123 ,*123 1*123
63, eur'cj 98.. ..reg J J. A J, *123 ,*123
•125
*125
*125
1*125
*125
125
..reg.
J.
&
J.
69, cur'cy, 93..
» ThLs 13 tbe price bid at tne morning board
no aau was made.
1891
4ifld. 1891
1907
48,
...reg.
4123,
The foregoing are certainly elements of strength, although
it should be remembered tliat they cannot by themselvee infuse life into the market or give assurance of a large and
rapid advance in stocks. We may also add that this week
hsB furnished one more excellent feature in the withdrawal
by the Treasury amounted to
total purchases
$2,828,700.
.
I
i
,
'
of the M. K.
T. 7 per cent bondholders' plan, leaving the
field to the Olcott Committee with every prospect of a speedy
Texas Railroad snould
settlement. The St. Louis Arkansas
also be removed soon from the list of embarrassed properties
as a good plan has been brought forward with a large support
assured to it from the jtart. Witli the resuscitation of these two
great roads of the Southwest, following immediately on the
wonderful reorganization of the Atchison, the whole situation
in that quarter would be cleared up, and the disastrous effects
of the over-building of railroads there in 1886-88 would probably be tided over forever.
The open market rates for call loans during the week on
stock and bond collaterals have ranged from 3 to 6 per cent,
with 4 per cent as a fair average; to-day the rates were 3® 3}^
per cent. Prime commercial paper is quoted at 5@6 per cent.
&
;
—
State and Railroad Bonds. In the early part of the week
business in State bonds was only moderate, out towards the
close became more active at advancing prices. The Louisiana
issues h^ve been higher in the New Orleans market, and the
advance was reflected here, the sales of Louisiana consols 43
being $47,000 at 95i^a98>.i; the other sales were North Car.
special tax, class "B,''' at9i|;$15,000special tax trust rec, 9J^§
9U, and $3,000 consol 48 at 96>^; $233,400 Tenne.-see settlement 3s at T2%(a^U]i, and $1,000 5s at 103 $35,000 Georgia
gold 78 atl01%'sl01i^; $96,000 South Carolina 63 non-fundable at 5ca 5^.
Railroad bonds liave been active and strong all the week, the
Mil. L. S. & W. extension 5s. which reached
The Bank of England weekly statement on Thursday showed features being
O. generals were up to 65J^, on the report
the M.
again in specie of £582,000, and the percentage of reserve to 105J^;interest
cash; Hocking Valwill hereafter be paid
that
liabilities was 39-91, against 35'39 last week; the discount rate
the M. K. & T. issues, and the C. & O. consols. Texas
remains unchanged at 6 per cent. The Bank of France gained ley 53,
St. L. A. & T. Haute
Pac. consols also active and strong.
1,765,000 francs in gold and 1,450,000 francs in silver.
dividend bonds sold at 55, an advance of 5 per cent over last
The New York Clearing House banks in their statement of sale (Jan.
13).
January 18 showed an increase in the surplus reserve of
Railroad and Miscellaneong Stocks.—Stocks this week
$1,765,435, the total surplus being $7,781,125, against $6,015,700
the previotisweek.
have been more active, and the tone has gradually pained
The following table shows the changes from the previous strength from day to day, due in a measure to the elimmatioa
week and a comparison with tlie two preceding years in the of the bear element from the market, and to the greater confidence of the bull side. The most prominent feature has
averages of the New York Clearing House banks
been Missouri Pacific, which has advanced on a pretty large
business, and closes at 15\i, against 72 J^ last Friday. The cov1888.
1890.
riflr'ne'* fr'm
1889.
Jan. 21.
Jan. 18.
Prev Week.
Jan. 19.
ering of shorts and the support of the Gould contingent are
assigned as the causes of the activity. Lackawanna and Read$
ing were next in importance, the support being strong at
Capital
61.062,700
60,762,700
;
&
m
&
:
Surplus
Loans and
,
disc'ts.
Circulation
Net deposits
Specie
I«gal tenders
&
.
Reserve held
Legal reserve
Surplus reserve
prices, and Reading particularly was a feattire
On Thursday there was some anito-day, selling up to 39%'.
U. N. and
mation in Or. Trans. -Cont., Oregon Short Line
Un. Pac. all at advancing prices. The business in the grangers
and Vanderbilts has been only moderate, but prices keep up,
and most of these stocks close higher than a week ago. ColIron among the specialties advanced to 49 Jg
oraeo Coal
to-day on active buying, and the market throughout was
about the best we have had this year.
The Trust stocks early in the week were without animation,
but later shared in the activity of tho general market. Lead
is particularly strong, and has risen to 2\}4, from 20 J£ last
Friday. Sugar reacted on Thursday, but closes to-day at 58}^.
advancing
57.710,500
52,402,600
403.561.400 Inc .3,214.400 389,325,500 354,767,900
7,604,400
3,749,600 Inc
6,200
4.824,300|
420,25'',500 Inc .5,502,700 416,837.800 375,048.500
82.387.000 Ine .1,704,2001 85,668,700, 80,110,100
30,458,500 Inc. 1,436,900 36,570,3001 34,566,500
'112,845,500 Inc 2,781, 100'l22,239,000 114,676,600
1105,064,375 Inc .1,375,6751104,209,4501 93,762,125
.
.
.
&
7,781, 125:inc.l,76;,425l 18,029,5501 20,914,475
—
Forelffn Exchange. Business has been dull the past week,
but the tone is firm, and on Thursday leading bankers who
had been quoting 60-day bills at 4 83i^ advanced their posted
rate to 4 83. To-day there was more inquiry and better business,
and the same drawers advanced rates to 4 83}^ and 4 b7i^.
To-day the rates on actual business were as follows,
Tiz.
Bankers' 60 days' sterling, 4 S2^; demand, 4 86Ji@
4 86}^, Cables 4 863^@4 87. Commercial bills were 4 81®
Pipe Line certificates have been very active, but ^fhursday
and to-day business was much smaller, though prices were
Cotton oil has been weak at times, and closer.
steady.
:
-'
at 28K.
THE CHRONICLE.
132
STOCKS-PRICES AT
N. T.
BTOCKa
RR.
ActlT«
STOCK EXCHANGE FOB WEEK ENDING JASTUARY
HIGHEST AND LOWEST PRICES
Monday,
Jan. 20
Tuesday.
Wednesday.
Thursday,
Jan. 21.
Jan. 22.
Jan. 23.
SO's
30%
31
514
•41s
*76i8
Saturday,
Jan. 18.
Stocks.
Atclilsoii Top. cV- Sauta Fc.
Atlniitk'ii^ Piiclfto
3058
..
•4^
Tola 7()i!t
5412 5518
Caiinda Boiitlicm
•1211a 1221-2
Ceuli'ttl of New Jersey
34«i 34%
Ceutrnl Pacific
26I4 26I4
Cbesapeoke &0.— Vot.Tr.cert,
65 14 65 14
do l8t pref
Do
do 2dprcf.
441a 44 12
Do
Cbica^ Biirlimrion & Qiiinoy. 105%] 06-%
321a 32 12
CbioaKO A £a:itcru Illinois..
HI
81
prof.
Do
6818 68I2
ChlouKO Milwaukee & Bu 1*30!.
114 114
prel
Do
109% 109''8
CSiloaKO & Northwestern
pref 141 141
Do
CMoado Rock Island &Paclilc. 9518 90
17
CUcaso St. Louis & PiitsljurK. *16
Canadian
I'aciflc
Do
46% 47
prei.
Cbloaeo
-94
pref.
&
Cleve. Clncln. CWc.
St. L...
Do
pref.
OoloiubusHoclrinKVal. &T0I.
Delawore Lackawanna <feWes\
DeBv. Tex. <k Ft. W., Vot. cert.
East Tennessee Va. <fe Ga
Do
Do
Istpret.
2d pref
niinols Central
I^keErle AWestem
Do
Lake
oref
& Micb. Southern
Slioro
Lonitlsiand
& Nashville
Now Alb. & Chicago
Ix)ulsvHIe
lx)uls.
Manbat.an Elevated,
MichiKan Central
Jtilwaukee Lake 8h.
<t
•SSia
10018
. .
contiol.
94
& West.
*95
Vief
'114
Do
Missouri Kansas
Hi^souri Paciflc
Mobile ikObio
Texas
34
98
40
100%
94
116
lOia lOifi
7214 725?
141a 1412
pref.
New York & New Eneland.
New York Outaiio & West
New York SusqueUan. & W est.
Do
prel.
Norfolk & Western
Do
Northern Pacific
Ohio
44=8
19
•7I0
•2913
2214
*60%
pref
Do
-30ie
7314
*21l4
5114
*33i2
pref
Mississippi
Oreiron Sb. L. &Utab North.
Oregon & Trans-Continental..
<t
Peoria Decatur & EvansvlUe
Pbila.& Head. Vot. Trust. Cert.
17
36I4
Biohmondi&WestP't Terini u a
20'8
Do
76
1C7
pref.
RomcWatertown&Ocdensb'*;
SL Louis
Do
<Si
Ban Francisco
*I618
*37ia
....
pref.
Do
85
Istpref.
& Duluth
Do
pref
Bt. PaulMinnap. & Manitoba.
Southern Pacific Co
Texas & Pacific
Union Pacific
Wabash St. Louis & Pacific.
St.
Paul
3lia
8218
20=8
pref.
8
31
22 14
61 12
27 14
3219
*89
Navigation Co
100
Pacific Mail
&
193
Iron
85%
do
pref
Western Union Telegraph
Trimt Slocks,
(LTnllstetl.).
American Cotton
Oil Trust.
...,...?"
Distillers'
& Cattle !'. Trust
National Lead Trust..
Pipe Lin? Certificates j.
Bugar KefineriesCo
American
,
[
luacllve StuckM.
American Telegraph
Chicago
Cln.
V\
<fe
ash.
Do
31
4%
& Cable.
Alton
& Bait.—Trust rec.
31%
1%
76
55% 56
121% 12a
'3414
64 14 64 14
64
31%
75%
76I4
56I4
56
65
122%
34%
26%
64
64
44% 4414 4414
44% 44% •44
106% 107% 106% 1071, 107 107
33
81
33
81
*3l
84
33
84
69
34
•84
*38
101
40
40
44
101
101
101
•41
'100
9514
95% 95% 95%
100% IOII4 102% 103
115% 115% 116 116% '115%
9% 1018 10% 10% IOI4
7218 73%
r3% 74% 73%
14% 15% 15% 15% 15%
94
102
102
"100
103
'100
•96
72
8
31
•21% 22
•7% 8
•29% 31
21%
22
•60% 611a •60% 61%
2II4
3014
2II4
30% 31%
73% 74%
•2114
2134
51
51
34
18
34%
51%
34% 35
18
I714
36-8
2116
36% 36%
20% 21
76% •76% 77
39
94
32
107
107
16% 16%
3714
•80
3714
02
51
18 14
7%
9
9
70
70
21% 21%
119% 119%
18% 18%
66 14
107
107
16% 16%
38
•80
38
95
2078
20% 21
65% 66%
104% 105%
•89
45
43
101% 101
95% 96
117
117
10%
74%
17%
103
102
•7%
7%
•29% 31
92
100
193
8OI4
31
^
Aiieuu u.i, lut j,n.
.
b.u
103
106%
17%
70%
39
26%
63%
45%
19%
8
31
30% 31 14
73% 74%
21% 21%
30%
74%
21%
53%
35%
3II4
19
38
21
19
5I14
54
35
35%
18
18
•77
78
108
107
75
21%
54%
36%
38%
21%
77% 77%
108
108
18
16% 16% •16
38
38
37% 37%
95
90% 95
30
2i%
2114
I314
1314
27%
32%
69%
33%
27% •27% 27%
32% 32% 32%
I314
28
28
70
34%
44% 46
4414 44%
95% 95%
'149
46
-00
'100
37%
192
47
92
I314
70
34%
40%
44% 44%
95% 96%
46
33
85
1501-.
100% 100
38
192
85
192
86
38I4
193
35
2914
25% 26%
39% 39%
38%
108
84%
35
32% 33%
69% 69%
34
85
-130
•2%
156
83%
32
27
84St
34
28
39% 39%
2014 20%
153
156
152
114% II414 115
115%
87
85% 86% 87%
140
138 139
138
86I4
135
•130
135
34%
.Shares.
32%
4% 5%
75% 75%
55% 55%
44% 45%
18% 18%
7%
f
31% 31%
2II4
2114
61% 61%
31% 32
74% 75%
53%
36%
19%
38%
21% 21%
78I4
78
108
16%
150% 151
151
47
94
100% 100% '100 101
.38% 38%
38% 39
192 192
191% 192
85% 86
85% 86
106 14 IO6I4 10:! 109
84% 85
84% 85
•90
'150
'85
130
314
•2%
314
•2%
5%
•5
5%
•5
94
32% 33%
28I4
32% 33%
2rii4
155
115% 116
87% 87
138
138
7%
•21
1.1.U
22
ccketli
714
20
7%
7M
21% *20
no sale made at
itie
70
34%
46% 47%
47% 49%
97 14
97 14
150% 151%
46% 46%
93
94
101
39
101
39%
191% 191%
85% 85%
112%
84% 85
110
•32% 34
155
116
87
142
,
156
116
86
1*138
142
Board,
7,941 36%
1,778 189
6,800 83
885 101
14,607 83
40
296
33S
228
153
115
87% 88
138 142
•514
21%
755 43%
250 92
100 100
32
•5
7
21
7
21
6%
21
5%
5%
250
'240
•6%
37%
3'7%
7
22
7
22
Prloas from both Exchanges,
Jan.
Jan.
2% Jan.
200
6%J^n.
100 37 Jan.
6 Jan.
8,238
1,250
1 n.
divide
ul.
20%
Jan.
rtr\\
J.TI
2
9
9
4
3
11
4
4
'i
6
4
21
23
24
»
4
8
4.
6
13
2»
20
24
8
15
24.
24
23
23
23
4
23
22
23
24
4
6
22
4
24
13
4
9
24
18
4
4
24
24
2
39 14 Jan.
2
96% Jan. 8
34% Jan. 13
85
115
Jan.
Jan.
35% Jan.
22% Jan.
68% Jan.
16% Jan,
33
13%
29%
34%
70
36%
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
7
9
3
6
3
8
8
13
9
24
13
10
47% Jan. 13
49% Jan. 24
97% Jan. 22
153 14 Jan. 10
47% Jan. 21
94
101
Jan. 23
Jan. 24
39% Jan. 24
193
89
Jan. 16
Jan. 7
112% Jan. 24
85%
Jan.'
8
37 Jan. 13
;i
20 32i4Jan. 4
2- 39% Jan. 21
15 22 Jan. 4
2
lOj
107% u an. 20
59%
4 116
6 88
7 139
133
3
4
37% Jan. 24
19% Jan. 24
39% Jan. 422 14 Jan. 4
78% Jan. S
108 Jan. 23
16% Jan. 4
II314 Jan.
Jan.
Jan.
84
135
414 Jan.
Jan.
620| 15
Jan.
Jan.
125' 244% Jan.
O
x Ex
22 14 Jaji.
56 Jan.
9155
2,055 102
4501 10
250
7
38
6%
21%
5,
5%
18%
18%i 17
102% 102% 102%
16
16% 16%
Jan.
Jan.
Jan.
72% Jan.
98% Jan.
23% Jan.
138% Jan.
36% Jan.
9% Jan.
70 Jaiu
21% Jan.
119% Jan.
19% Jan.
67 14 Jan.
105% Jan.
91% Jan.
87% Jan.
46 Jan.
103% Jan.
96 Jan.
104 Jan.
117 Jan.
11% Jan.
75% Jan.
17% Jan.
103 Jan.
107% Jan.
17% Jan.
71% Jan.
38% Jan.
27% Jan.
6414 Jan.
45% Jan.
20I4 Jan.
7% Jan.
31% Jan.
2214 Jan.
62 14 Jan.
31% Jan.
75% Jan.
.Tan.
152
1201 85
130
5%
49
34
97
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
.Tan.
3
10
IS
23
111% Jan. 24
14314 Jan. 3
98% Jan. 4
17% Jan. 2
Jan.
Jan.
Jan.
3714 Jan.
90 Jan.
32 Jan.
83 Jan.
15,652 42 14
28,506 3914
6,822 1-2
1,581 147
152
115
5%|
115
1,000 xlll%Jan.
3.600 32% Jan.
9,375 20% Jan.
36,282 65% Jan.
50ti 16% Jan.
3,030 31% Jan.
1,100 12% Jan.
5.8ii5 27% Jan.
4,940 3014 Jan.
1,205 67% Jan.
8,900 32% Jan.
2.400
•85% 87
86% 86% •85% 87
'130 135
135
135 Hi5
•2% 314 •2% 3^
•2% 3I4
714
105
16
2714
•152
115
Jan.
Jan.
56I4 Jan.
127% Jan.
35 Jan.
27% Jan.
65% Jan.
15% Jan.
107% Jan.
35 Jan.
87 Jan.
71 Jan.
.Ian.
27% 28% 62,257 25% Jan.
39% 39% 39% 3y% 1,083 39% Jan.
21% 33,364' 19% Jan
20% 21% 21
107% 106 107% 105% 106%>,vj.' oo 102% Jan,
56% 55% 56% 55 14 56% 106,263: 50 Jan.
27%
314I
135
76
126
250
705
272
625
200
33
28% 29
K3% 34%
5
73% Jan.
20% Jan.
50% Jan.
33% Jan.
16% Jan.
35% Jan.
20% Jan.
1,325
95
70
34
1890.
33% Jan.
4314 Jan.
1 8% Jan.
7% Jan.
30 Jan.
39% 39%
20% 20%
156
86%
•46
92
15,46-.i
37% 37%
32
1,
77%
255
400
122 21 14 -lan.
100 60% Jan.
4.028 30 Jan.
108
18
13% 13%
46% 47%
46% 48%
97% 97%
46% 47%
44% 47
97
97%
810 60
19,075
4,470
13,266
2214
1,1C0
54
7,215
37% 41,711
19%
1,315
39% 218,864
22
1890.
Highest.
I.K)west.
24,464
64 14
64
1,
Range Since Jan.
30% Jan.
150
4% Jan.
2,915 75 Jan.
14,475 53 Jan.
I2214 122-a
2,358 120 Jan.
710 33I4 Jan.
34% 34%
26% 26% 6,268 26 Jan.
64% 64%
995 64 Jan.
44
44% 1,449 43% Jan.
6,98b 105% Jan.
107 107%
34
34
1,310 32 Jan.
85
85
655 80% Jan.
68% 69% 74,072 67% Jan.
114% 114% 1,415 113% Jan.
110% 111% 7,552 109% Jan.
•141
142
255 140% Jan.
96 14 97% 36,774 94% Jan.
16 17% 1,410 15% Jan.
46% 47
2,254 43% Jan.
33% 33%
900 32% Jan.
95% 96%
120 90 Jan.
7214 72% 10,853 69% Jan.
98
98
2,216 97 Jan.
22% 23% 18,201 18% Jan.
136% 137% 106,543 134% Jan.
35% 35% 6,085 33% Jan.
9% 9%
265
9 Jan.
70
70
420 67 Jan.
21
21% 1,884 2014 Jan.
•118% 119%
91 117% Jan.
18% 18% 5,824 17% Jan.
66I4 66% 26,927 62% Jan.
105 105% 13,140 104% Jan.
89 91
670 88% Jan.
84% 84% 13,076 x84%Jan.
44% 46
2,535 37 Jan.
101% 103% 1,570 100 Jan.
96
96
4,920 93% Jan.
103 104
1,545 98% Jan.
116 117
521 115% Jan.
10% 10% 5,604 9 Jan.
74% 75% 123,163 71% Jan.
17% 17% 7,853 13 Jan.
101 103
200 102 Jan.
lu7% 107% 3,105 IO6I4 Jan.
17
I714
1,400 16% Jan.
7014 7014
410 70 Jan.
38I4 39
20v 38I4 Jan.
26% 27% 14,975 26 Jan.
3114
13%
2M%
34%
JAN.
Week,
21% 2214
67% 67%
33%
69%
AND SINCE
Sales
of the
Friday,
Jan. 24.
21% 21%
66% 67%
13%
28%
33%
69%
34%
47% 47% x46% 46%
•89
92
101
84% 56
106
84
70
34
150% 150%
2714
39=8
2018
•153
^^^
114
tSS
-iss
21%
13
35
39%
20%
21
13
35
71
Land Trust"
117
•21% 21%
6II4 61%
31% 31%
3112
I314
2Tii
32ia
16
107
84
& Texas.
Pacillo
96
21% 22
60% 61%
66% 67
16
pref.— Trust rec.
*..-•.
101%
IOI4 10%
74% 75%
I714 17%
15
15
16
16
15% 15% 16%
102% 102% 102% 102% 102% 102%! 102% 102% 102%
Denver ik Rio Grande.
•16
17
16
16
17
17
16
16
16
New York New Hav. & Hart' 247
247 •245 250
246% 216%! 246% 246% '246
Quicksilver Mining Co
6%
7%
•6% 7% •6
•6
6%
7
7
"
uo
„._!'».
preK
•36
37
37
37
38
•36
37% •36% 38
Bt. Louis Ark.
Texas &
91
43
103% 103% 104
66% 67
16% I6I4
31% 32 14
I6I4
Columbus & Hocking Coal
Commercial Cable Co.
yol
67
x84% 84%
36% 37% 37I4 38%
20% 21% 20% 21 14
•76% 78
72
136% 137%
34% 35%
*70'4
•7I2
*29ia
96%
98% 98%
22% 23I4
IO6I3 1061a
-1613 17%
18
18
34
87
•32% 34
33
98
5II4
3414
108
5%
•34 14
2614
l'.'2i4
34%
26% 26%
34% 34%
26I4 26%
31 14
•4%
76
20 14
20
lOl'slOSia 105% 107% 106% IO8I4 107
53% 5618 51% 53% 53
55% 5414
KxprcBS Stock*.
Adams
United State.'*
Wells. Fargo & Co
*32i3
*94
104
81
Kcceipts'
.
514
76
56
122
67% 68% 68% 68% 68 14
68% 69I4
11314 113% 1141411414 II414II4I4 114 114%
10978 110% 110% 110% 110% 111
111 IIII4
'141
I4II4 141 14 142 142
143
141 141
95% 96I4 95% 96I4 96% 97
941a 05 la
•17
*15
16% 17%
17% 17% 17%
161a
47 14 47I4
46 14 47
4714 47I4
46% 46%
73% 73%
38% 38%
Pullman Palace Car Co
Do
641a
44I2
105% 10618
32I2
32
8OI3 soli
641a
441a
73 Of
22
44% 45%
44%
95%
150%
44% 45%
pref.
Tennessee Coal
26% 26%
3014
68% 69
33% 3412
Oregon Improvement Co
&
•33% 3414
311s
Colorado Coal & Iron
44I3
Consolidated Gas Co
95 14
Delaware & Hudson Canal... *149i4
Ore«on R'y
55 la 55%
122
121
55
120
31%
106% 106% 106% 106% 106%
17% 17% 1714 17% 17
•701.1 70%
71
70% 70% •70
38I4 38% •38
•37 12 39
•38
39
26I4
2tii4
26% 2614 26% 26%
26%
60
64
64
60
62% 62% 63 14
45% 45
44% 4413 45% 45
45% 44%
lU
18% 18% 18% 19
18%
18% 19
65% 66%
*16
3II4
12'8
Wabash, new
Wabash, preferred
Wheeling <s Lake Erie
Do
do
prof.
Wisconsin Central Co
niKcellaiu-oiiH Stocks.
Chicago Gas Trust
Do
•4%
76
24,
8218
•83
83
83
xlUialllis 111% 111% 111% 111% 111% 111% 111% 111% '111% 112
33% 34
33% 33% 33% 33% 32% 33% 33
33% 33% 34%
.
Do
514
76''8
101i« lOOifl
Naahv.CbattanoogaiS.- St. Louis 102 103
New York Central & Hudson IO6I2 106ii
Kew York Cblc. & St. Ixiuis.. *16% 1714
Istpret
70ii
•Do
70
Do
2d pref *38
39
•2618
Erie
West'n
&
Mew York Lake
26%
Do
31
32% 33 14 32% 32%
97
95% 95% '95
7II2
70%
71% 72% 7214 72% 71% 72%
<j7ifl
981*
97% 97% 97% 98
971a 97%
2018 20 la
2014
20% 21% 2114 22%
20
135% 136 135% 136
136% 136% 136% 137%
3314 33%
34
34% 34
34%
3318 33%
9I4
•914
"914
9
9%
914
9%
9%
•68
*68
70
70
70
70
70
70
2OI4 2OI4 •20% 21%
21
21
21%
211*,
11812 1181a llgiallOia '118% 119
119% 119%
18
ISifi
18% lyie 18% 19% 18% 18%
65
65% 67 14 66% 6714 66% 67%
651a
IO414 10415 IO414 101% 104% 105
104% 105%
*89
89
89% •89
90
90
90
90
86% se'e 86I3 86% 86% 86% 86% 87
*32i8
& Om..
Paul Mln.
St.
Do
[Vol. I*
61
Jan.
80% Jan.
4 135
3
Jan. 22
Jan. 22
Jan. 24
Jan. 20
8
Jan. 24
3I4 Jan.
6I4 Jan.
13
14
10' 18% Jan 23
17 103 Jan. 8
20 17 Jan. e
10 217 Jan. 18
6!
3i
21
181
6
2I
7% Jan. 4
Jan. 4
7% Jan. 8
39
23
Jan. 10
Jan. 20
January
mE CHRONICLE.
25, 1(90.1
INACTITE i$TOCKS—<{notatioo8
Bid.
Ask.
Bid.
I
continned.
(*
Ask.
Bid.
A8lc.
133
Indicates actual sales.)
Bid.
J
I
I
BoIl.&So.Ill.pf
90
B.&N.Y..\.r..J)f
101
Buff.R.iPitff.i
22
I
•J
77
30
9
G.BayW.i8t.Pi
Hous.diTcx.C. *
&
20
10
50
prct.
V
I
30
do
!
Keok.
do.
10
'ObloSoiitbern.t
do
BONDS - LA^TEST PRICES OF ACTIVE BO.NDS AT
& Pac— W.
D.
Inc., Os,
12
72
1910
iircf.
N. T.
Jtange «ince Jan.
13
14- Jan.
12
731-2 Jan,
10712 Jan
ODSbJan.
103 14 Jan.
122 Jan.
115 Jan.
Leh.&W.15..con.78,1909,a3'nt 115 b.
100 b.
do. Mortgage, 5a, 1912
108
>2a.
107 13 .Ian.
Am. Dock (K imp., 58, 1921 ...
lia^b. 112 Jan.
Central Pacillo-Gold (j8, 1898.. 114
102
102
'4b.
h.
'4
101% Jan.
Land grant lis, 1890
IO8I2 Jan.
114 Jan.
IO212 Jan.
1987
Mortgage 59, 1939
Ches. ii Ohio.— -Mort.
Ist consol. 53, 1939
Ill
lllifl
117
I1512 Jan.
IOOI4 Jan.
110 Jan.
120 Jan.
Chic. Burl. & Q.-Con. 7, 1903.. 12(ii2b.!l27
104 b.^ia^'s 104 14 Jan.
Debenture 53, 1913
93%b.l 9414b 941.2 Jan.
Denver Division, 4s, 1922
92 '4b 92 Jan.
Nebraska Extension 4s, 1927. 93
Chic. & E. 111.— lat, 8. f., (is, 1907 118 b.'ns b. 118 Jan.
120 b. 120 b. 120 Jan.
Consol. tis, 1934
98 b. 97 Jan.
General consol. Ist, 03, 1937.. 9812
1st, g,.5s,1937 93=8b.! 94 b. 9034 Jan.
Chic. Gas. I.. &
Chic. Mil. <t St. P.— Con. 7s, 1905 126i3b.:125i3
_
1245k Jan.
1137g Jan.
1st, SoutUwcatDlv.— (is,1909. 114 b. llS'e
___
__.
1st, 60. Min. Div.— (is, 1910 ..114i2b. 113%b. 113
Jan.
105ia Jan,
Ist, Ch.& Pac. W.IMt.— 3s,192ltl06%b.'
Chle. &Mo.Kiv. L«v.— 5s,192G 102 b.'102 b.' 10214 Jan.
1102 b. 103
Jan.
Wis. & Minn. Div.— 53, 1921.. '103
Il03%b.i
il04 Jan.
Terminal 58,1914
Chic. <feN. W.— Consol. 7s, 1915. 144i8b.'142i8b.!l43 Jan.
12«34b.|l27'eb.il26i2 Jan.
Gold, 78,1902
IllSiab. 115i3b.ill5i2 Jan.
Sinking fund (is, 1929
'lOSiab.'lOH b.llOSi* Jan.
Binkiug fluid 5s, 1929
Sinkiuglunddcbeut. 58, 1933:111 b. lioiab.'iog Jan.
25-year debenture OS, 1909...' 10(i b. 105 b. 105% Jan.
98i4
98
Extentlou 48, 192(i
96 Jan.
Chic.Pco.&St. !>.— Gld.5s,1928' 91isb eiiab.l..
Chic.K.I.&Pac- «s,coup.,1917,130 b.ll30 b. I2914 Jan,
I10518 il05
104 12 Jan.
Extension & col. 53, 1934
Chic.8t.P.M.&0.-Con.t>8,1930 120 b. 120 b. 121 Jan.
lOlifib.
l3t,eon.53,1932
lOOiflb.
Pitt.—
011.St.L.&
100 Jau.
95
94 Jan.
Cleve. (StCantou- Ist, 5s, 1917. 96
O.C.C.&l.— Consol. 78, 1914. .'130 b. 130 b.
••
^116 b.'ll8i2 II8I2 Jan.
General Us, 1934
•
105
Col. Coal & Iron— 1st 6a, 1900. .'106
103% Jau,
75
Col.H.Vai. &T0I.—Con.58, 1931 78%
74 Jan.
76%
.,
75
General gold, 6s, 1904
75 Jan.
* Denver & fiio Gr.— lat, 7s,
b. II8I2 Jan.
U8
1900l
-'
78 a.j 77
7612 Jan.
Ist consol. -Is, 1936
•
9712b, 98
Denv. &H.G.W.— lsc,C8,Tr.roc.
Jan.
Det. B. C. & Alp.— l8t.g.,«s, 1913! - .^ . - 101 a.' 100 Jan.
-^t.Mac.&M.- I.d.gr.3i2S,191ll 35 b.' 36 a. 36 Jan.
••Dul.&IronRauge- I8t,5s,1937il01
llol b. 101
Jan.
©ul. 80.8b. & Atl.— g., 58, 1937. 92 b.' 93 a. 92 Jan.
E. Tenn. V. & U.— Con., 5s, 1956^0413 I104ia IO313 Jan.
-Elix. Lex. & Big San.- 6s, 1902.102 b, 103%
103 Jan.
•
Brie— 1st, consol. gold, 79, 1920 139 a. 137% 13718 Jau.
Il08%b, 108% IO8I2 Jan.
longDock, 7s, 1893
Consol. 63, 1935
H21 b. 120 Jan.
N.Y.L.E.&W.— 2d con. 6s, 1969, 10114 101
100 12 Jan.
1st, 6s, 1921 IO479
Ft. W. & Denv.
10413 104 Jan.
Gal H.&SanAnt.— W.Div.l8t,59i 93%
93 b. 9.'«i2 Jan.
OulfCol.&8an.Fe— lat,7s,1909 II712
114-^. Jan.
7oi2i>,
Gold,6s,1923
_.
74% Jan.
Han. A: St. J09.— Cons. 68, 1911.'119isb.'l20
120 Jan.
Int. & Gt. No.— Ist, 63, gold, 1919 110
lloisb. L09i4Jan.
Coupon,63, 1909
7413
7314b. 7314 Jan.
Kentucky Cent.—Gold 4, 1987.. 84ia
85 a. 84 Jan.
KinKsCo,El.— l8t,8er.A,58,1925 104%b. 104 b. 104
Jan.
_ _
K.UOXV. A; O.— 1st, 6s, gold, 1925' 108 "3
10734b. Ida's Jau.
I* Erie & West.— Ist, g., 5s, 1937 no's
llO'ab.llOia Jan.
iiakeSborc.-Con.ci>.,l8t,7s,1900 125 a. 125'2a. 124 Jau.
Conaol. coup., 2u, 7s, 1903
'124 148.' 123% Jau.
Long Island— 1st, iJon., 58, 19311
117'4 |116 Jan.
General niort., -13, 1938
98 b. 971.2b.' 9-1.2 Jan.
louisv.&Nashv.- Con.,7s,1898 118i2b.lll8 b.'n5 Jan.
J(. O. & Mob.— l9t,6s, 1930... '115iab.'116
I11514 Jan.
2d, 68, 1939
do.
106 b. 106
106 Jan.
E. H. & N.— Ist, 68, 1919
!113%b. 113 b.'ll3 Jau.
General, 6s, 1930
[113% |112i2b.|ll3 Jau.
Trust Bouds, 63, 1922
IllO b.'lOOis Jan.
S0-year58, 1937
Il07 a.'lOSi^ Jau.
'106
Oollat. trust 58, 1031
1105% |l04%.Tau.
liouis. N. A. &Cb.— 1st, 6s, lOlOillO b. 116
II4I2 Jau.
Consol.. gold, 68, 1916
103% IO312 103 Jan.
Louis. Boutli., 1st g.08..1917il03i2b.!lC2-.b. 102 Jau.
17
touis.St.I..&Tex.,lstg.(js.l917:101
tg.(
IOOI3 il00'4Jau.
•Mem. & CUar.- 6s, gold, 1924.
102 b.l
Metro. Elevated— Ist, (is, 1908..1 112% 112%b.'H2i3Jan.
2d, 63, 1899
107%b 106 b.'lOO Jan.
Mich. Ceur.— 1st, con., 78, 1902. 127 b.'126iab.tl26 Jau.
Cou.sol.. OS, 1902
Ill a.
Mil.Lako8h.,S£W.— l8t,6s, 192l'122i2b.ll2'ii«b. 123 Jan.
Couv. debenture, 53, 1907
lOiiab.llOS'* 101% Jan,
Exten.d; Imp. s.f.,5a, 1929. ..'105
104'2
101
Jan.
Milw. AtKorth.— M. L.,68, 1910.|110 b.'l'.O'SH IIOI3 Jan.
1st, Con., 6a, 1913
'108 b.'108%b. 10834 Jau.
Ches. O.
&
80. W.-tJs,
115
Jan.
10213b.
6s,
1911..
1911
117
a.
100%
lOOTs
111
Jan.
94% Jan.
127 Jan.
114 Jan.
114i<!Jan.
10634 Jan.
102 14 Jan.
103 Jan.
105 Jan.
144 Jan.
127^8 Jan.
116 Jan.
lOSTf, Jan.
110% Jan.
1(M)
I
'
106i2Jan.
98Vi Jan.
i
I
130
10512
122
101 18
90 '4
I
77i8Jan.
98 Jan.
100 Jan.
38 Jan.
.
.
Jan.
Jan.
Jan.
Jan.
Jan.
lie's Jan.
106 Jan.
78% Jau.
76% Jau.
II8I2 Jan.
'
.
Jan.
lOlUJan.
112 Jan.
127 Jan.
105 Jau.
95 Jan.
93 Jan.
118 Jan.
121i2Jaa.
b.
C—
'
101
Jan.
Jan.
Jan.
Jan.
Jau.
108% Jan.
120 Jan.
101=8 Jan.
10513 Jan.
93% Jau.
11713 Jan.
7-1 la Jan.
120 Jan.
112 Jau.
7413 Jau.
85 Jan.
105 Jan.
10!)
Jan.
11 1
Jan.
126 Jan.
124 13 Jan.
11714 Jan.
99 Jan.
119 Jan.
116 Jan.
108 Jan.
114 Jan.
114 Jau.
no's Jan.
106 Jan.
10iii4 Jan.
116 Jan.
104 Jan.
104 Jau.
101 Jan.
14
93
105
Iu4
13S
'
1
C—
1
1
1
'
1
1
'
.
il3' Jan!
107
128
Jan.
Jan.
1
Mluu. & 6f. Ixmis— Ist, 7s, 1927 10 mb. 103H)b.i.
Mo. I'acitlc— l.st, con., 6s, 1920.1111 b. IIOI3 1093a Jan.
3d, 78, 1906
115 b.
1141* Jan.
rac. of Mo.— l8t, ext., 4s, 1938 100 b. 9914
98% Jau.
2d mort., 78, 1891
10112a. 101'4 Jan.
Mo. Kan. & Tex.— Con., Os, 19201 74ia
73"4
-lis Jau
Consol., .5b. 1920
74 b. 63
61 13 Jan
123V Jan.
'104% Jan.
1o5'4 Jan.
|110% Jan.
109 Jan.
i'li" Jan;
114% Jan.
100
1
I
1
HoTB.— The letter "b"
Inlioates prloa bid,
13
I
Ricli.&All.tr.r.
!Bio Or. West
do
prcf.
8t.L.Alt4T.H
t
do.
I
Pitts. It. W.&C, 18412
Hpecial.'
do.
Pitts. <tW.tr.re* 2(i'4
17 >2
155
I
and "a" prloo
1
Jan.
101 12 Jan.
73i3.Tan.
65 '4 Jan.
prcf.
'8cutb Ciiroliiin
Tol. <t O. Cent.
do.
1
jiref.
'Utlca&Bl.Bl¥
2fi>4
Va. Midland..,
STOCK E.VCIIANQB, ANB RANGE SINCE JAN.
Eange
Olonno.
/an. 2
Bighest.
110>4Jan.
luort., 53,
60
5
11
;250
i6Hi
1.
12412 Jan.
112 Jan.
General
60
.1.
Railroad Bokss.
Lowtst.
Jan.
7312a. 72
Jan.
Guar., 48, 1937
IO7I4
10716b.
107
1908
Jan.
5a,
Csa Boutli.—1st guar.,
99 14
9818
9714 Jan.
2d, 58, 1913
Central of N. J.— Ist, 7b, 1890 .. loaMb. lOoHib 102% Jan.
121>«
121 Jan
Conaol. 7s, 1899
124 19 Jan.
124>2b.
Convoit. 7s, 1902
Atl.
prcf.
Pitts. AW.prefi
:>5
llBeniiH. itH;im.'*18i
llBenuH.
SiHara
!
;N.V. I.aik.
107 "s
!.
MorrlH&KKHCX 'ITiO il50
M.Y.&Ilarlem 207
2(1 »s
Mex. Central..
iiref.]
do.
'
Jan. 24' Jan. 17
24
68
Mem. & Ch'st'n
I
Cloiing.
•
Bid.
II
MorKan'8 L.iT 123
9
17
8
iiref.
Mllw. & Nortli.
Minn. <tSf. L.
21
prcf.
8
<t Wi
N.Y. ,N. II. A: H.i 246
id" ;N.Y.&Nor.pf.|
04
Ohio lud.&W'n
do
jiref.l
1
9
16'8 Jollot&Cliio..
Keok. & West.!
DcB M.
Mar.H.&Oufn
4U
4%
50ifl
BAlLltOAl> BOMDS.
<S[
Kings. APeuib
Maliuu'g C. R'y
98
Iowa Cent
'
KloUr.
7
25
25
do.
lll.C.leasedl'g.
Col.&Or'uv.i>f.'
do.
li)
21>9l
Flii.C.&PeiilD.
do. 2d pref.
Ch.&Altou,pf.!
CU&PiUs.ifu..!
Den.
prcf.
do.
Ell».Lex.&B.S
20
lU
7«J9
do.
i.ref
Biirl.C.R.diNo.l
Cedar F. dcMJ
D.
Auk.
I
I
DeaM. &Ft.
Alb'ny ASnsn J
Mo. K.
It
T.— Jon., 7«, 1904-.5-0. 113
Mobile & Ohio—New, 6«. 1927..
JUM. 17
General luort., 48, 1938
053g
Mutual Un, Tel.— S. f,, 6a, 1911. 101 b.
Naab. Ch. & St. L.— Ist, 78, 1913 13213b.
Oonsol. .5a, 1928
108 b.
N. Y. Central— Extend., 5b, 1893|103%
N. Y.C. 4 II.— Ist, op., 78, 1903 130»9b.
Debenture, 5s, 1004
N.Y. 4 Har.— 1st, 78,reg.l900
N. Y. Chlo. &8t. L.— l8t,4«, 1937 96I3
N. Y. Elevated— 1st, 7s, 1906... 114'9b
N. Y. Lack. & W.— Ist, 6a, 1921. 131 b.
a.
i32''4b.
67 '4 Jan.
101 Jan.
132 '4 Jan.
108%
106% Jan.
116
61
Midland of N. J.— Ist, 68, 1910
North. Pac— 1st, coup., 68, 1921 114
113 b.
General, 2d, coup., 1933
113iab.
General, 3d, coup. 68, 1937
No. Pao. Ter. Co.— Ist, 6s, 1933. 107 b.
Ohio Ind. & West.— 1st, 58, rec. S3 b.
Ohio & Mi3S.— Consol., 78, 1898.
Ohio fioutucrn— Ist, 6s, 1921 ... 108 b.
62 b.
2d, iueomc, 63, 1921
. .
Omaha* St. L.— Ist,
74'8b.
4s, 1937..
Oregon Imp. Co.— 1st, Cs, 1910. 103
Ore. R. &Nav. Co.— 1st, 63, l909lJl'-i%a,
1103
Consol., 53, 1925
Oregon &. Transcoii'l— Os, 1922. 104%
Penn. Co.—4133, coupon, 1921 .109
Peo.Deo. & Evans.— l8t,6s, 192o'101
"'"
Evansv. Div.- Ist, 63, 1920... 10219
69
2d mort., 5s. 1927
Phila. ii Kead,-Gon. 4s, 1958..
87
1st pref, income 53, 1958
71
2d ijrof. income 53, 1938
60%
42
3d prof. Income 5s, 1958
PittsD. & West.— 1st, g., 48, 1917 SO b.
Rich. & AH,— 1st, 78, Drexel cert. 69
2d mort., 63, 1916, Drexeloert. 39 »8
Rich. <& Dauv.— Cou., 63, 1915 .. 11513b.
Consol. gold, 5s, 1936
89%
Jan.
Jan.
Jan.
101 Jan.
133 Jan.
1<I8% Jan.
103% Jan.
130 >2 Jan.
HI Jan.
127',j Jaa.
eu>3 Jan.
115 Jan.
133 >s Jan.
I 111
!i53H
Ill
J»-i.
124 >sb. 126 Jan.
94%
93i3Jan.
b.
114'4b.
II318
IIOI3
82%
107
85
74
HI Jan.
I3313 Jan.
112 Jan. 11131s Jan.
97ieJan.
08(4 Jan.
115 Jan. |lie>«Jan.
113% Jan. 1I1413JSB.
112»8JBn. ,113ig Jan.
110 Jan. 1111 Jan.
106 Jan. 10713 Jan.
8214 Jan.
81 Jan.
115 Jan. :115 Jan.
1 08
Jan. 109 Jan.
65 Jan.
65 Jan.
73I3 Jan.
10113 Jan.
11234a,illoi3 Jan.
I02i-2b.'102'4 Jan.
104 14 10334 Jau.
109 a. 108% Jan.
100 b. 101 Jan.
lOHs Jan.
68 b. ia9 Jan.
85 '4
85 Jan.
6933
68 Jan.
49
48 Jan.
40 b. 40I9 Jan.
81
80% Jan.
68ia
6813 Jan.
38%
38 Jan.
II6I3
115i3Jan.
74%
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
101 13 Jan.
102% Jan.
70 Jan.
87 Jan.
80 "a Jan.
64% Jan.
49 Jan.
8219 Jan.
69 Jan.
39 °g Jan.
11613 Jan.
9014 Jan.
102% Jan.
80 Jan.
10-1
Jan.
IllOisJan.
105 Jan.
IIOI3 Jan.
Ill Jan.
102%
{
.
10.3
113
103
105
109
88 '3 .Ian.
88%
101 b. 100 Jan.
78
78 Jan.
10414b 104 Jan.
1
Rlch.& W.l'.Ter.—Trust 6s, 1897! lOlia
Cou. 1st & col. trust, 58, 1914
Rome Wat. & Ogd.— lat, 78, 1891 11438U.
Consol,, extended, 53, 1923. ..IHO b.
St- Jos. &Gr.IsL— 1st, 63, 1923.1105 b.
St. L. Alt. &, T.
113
Ul
128
10912b. 110
Jan.
104'2b.!104% Jan
Jan.
a.;llo%b,'jll Jau,
H,— Ist, 7s, 1894'llOiab.|llO%i..illoia
'112
2d, mort, pref., 7s, 1894
2d, mort., income, 78, 1891... 1108 a. 105iab.'
St.L.Ara.&Tex.— lst,63,excoup.l 89%
90
8838 Jan,
2d, 68,1936
26'2b. •27'fl
24>sJau.
St. L. & Iron Mt.— 1st, 78, 1892. 'loeivb-'lOOHb. 106
Jan.
2d mort., 7s, 1897
1109 b. 109
108% Jau.
01
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
89% Jan.
113 Jan.
11314 Jan.
1 13
Jan.
112 Jan.
I
20
1
Cairo & Fultou— Ist, 7s, 181)1. 101 b.
CalroArk. (feTe.'c.- l3t,73,1897 lOS'Bb.
Gen. U'y & land gr., 5s, 1931. 88I3
St. L. & Sau Fr.—63, CL A, 1996 112%
112i2b.
68, Class B, 1906
6s, Clasa C, 1908
Ill2%
General mort., 6s, 1931
1110
General mort.,
53,
1931
101
103
89
1 12
112
112
112
loo's Jan.
Jan.
88 Jan.
112% Jan.
113 Jan.
112% Jan.
110 Jan.
1
S.P.M.&M.-Dak.Ext., 63,1910 117
b.
I
'llSiab. 118
Ist consol., 6s, 1933
iio
reduced to4i33...|l01%D. 101
Collateral trust, 5s, 1898
1102 b. 102
115% Jan. 1120
D.
b.
101% Jan.
b.
8914 Jan.
85 Jan.
86 Jan.
1
1
116
I
I
aal tha riaia ara from actual salea>
io-i'ii
Jan."
100)4 Jan.
100 Jan.
92 Jan.
3978 Jan.
11071s Jan.
no's Jan.
10314 Jan.
7618 Jan.
101 Jan.
111 Jan.
1 la'i Jan.
112 Jan.
Jan.
1 1 1
113% Jan.
Jan.
1 15
1
1
116
87
J.tn.
Jan.
103% Jan.
85%
Jan.
.43% Jan.
I
I
1
I
I
Jan.
Jan.
Jan.
Jan.
,10713 Jan.
I
1
.^an.
96
9
107
ftOH.
1
1
Jan.
I.
101 13 Jau.
86I3 Jan.
MoutuuaExt. Ist, 13, 1937 ...I 88ia
7
8anA.&Arau.l'.— ]st,g.,6s,1916'
85 13a. 85 Jan.
85i3t).
1st, gold, 63 1926
86
85% Jan.
6hen.Val.-lst,7s, 1909,Tr. rec'lie
116 a. 11 3% Jan.
48iab. 48 Jan.
General 6.S, 1921, Trust rec. . 50is
So. Car.— 1st, 63, 1920, ex coup. 96'3b. 9613 b. 96
Jan.
7I9 Jan.
8 b.
Income, 6s, 1931
7 b106i«b. 107 Jan.
80. Pac., Adz.— l8t,6a, 1909-10.1107
So, Pac, Cat.- 1st, 6.S, 1905-12. .'116 a. 114°sb
!lOl b.ioi
Ist, consol,, gold, ^i, 1938
101% Jan.
So. Pac, N. M.— Ist, 63, 1911 ...|107 b.'
107 Jan.
99 13
Tenn. C. I. & By.—Ten. D., Ist, Os lOOia
07 Jan.
99 13
Birm. Div., 1st, 6.3, 1917
I0014
OS's Jan
OOTsO, 90i'8 Jan.
Tex. & Pac— Ist, gold, 53, 2000I 31ia
39is
2d, gold, income. Ss. 2000
3814 Jau.
38%
106i«b. 105 Jau.
Tol. A. A. & N. M.— 1st, 6s, 1921 I'J'Sa
Tol.A.A.&{}r. Tr.— Ist.Os, 1921 1()7 b. 107 b. 110'4 Jau.
Tol. AOhioCout.- Ist, 33, 1935;i02isb.!103i4
102 Jan.
Tol. Peo. A West.-l8t,-ls, 1917.. 76 b. 76 b. 76
Jan.
Tol.8t.L.&Kan.C.— l8t,63,1916'l01
lOO^a
99 Jan.
UnionPaciilo—l«t,6s, 1899. ...'Ill b.'ll 514b, 111 Jan.
Siukin.gfund. 88, 1893
111512b. 11512b. 115i4Jau.
KausasPacittc- 1st, 6s, IS'JS.'lllOsb. Ulisb. Ill's .Ian.
Jau.
Ist, 6a, 1896
illl b. 110%b. 110
ill4 b. 113 b. 113 Jan.
Denver Div.—6s, 1899
IMiSgJau.
oousol.,
1115
lllSeb.
1919
1st
6a.
115^8
114 Jan.
Orcg. SbortLluc— lst,6s, 1922 116
Vlrgiiila Mid.—Gen. in., ,53, 1936' 86
87 a. 86 Jan.
Wa'iash-lst, gold, 59, 1939.... Il02'8
103% 102 Jan.
85
SoU
83% Jan.
2d mort,. gold. 58, 1939
do.
Feb.,'90,coup,8t'p'd.| 84 b. 83i.2b. 82'4Jan.
Dubout. M., series A. 1939... 75 b.'
6013
50 J.in.
series B, 1939... 52
do
llOlHb. 104=8 IO414 Jan.
Weat Shore— Guar., 43
West, N. Y. & Pa.- 1st, 5, 1937.1 93iab,| 0312b- 92i4Jan.
30 a, 29 Jan.
3039
2d mort., 3g., 5«o., 1927
ilOOiiiJan.
West. Uu. Tcl.—Col. tr,, 59, 1938 101 b- 102
Jan.
b. 105
b.
103
Wheel. A Lake E.— 1st. 5s. 1920 98
98
OOJgJan.
Wl8. Cent. Co.-l8t.g., 58,1937.1 98i4
61)14
Jan.
C8I3
6<
Income. 59. 1937
a$lttd; ail othar prloaj
108
109
101 13
104
b. 102'''g
b.
b.
b.
HighttU
•
103 '4 b. 103 14 Jan.
129 b, I3OI3 Jan.
ConB-jructlon, 5s, 1923
N. Y. Ont. & W.— l8t, 6.S, 1914.. 113 b. llJ'^b.
K. Y. Sus. & W.— 1st rof ., 38, 1937 981«b. 97 b.
1800.
tlnct Jan. 1.
Loual.
110% Jau.
110% Jan.
112'4
&.
1,
I
Jan.
Jan.
Jan.
.3013 Jan.
10 J Is Jan.
S3
105
04
10513 .Tan.
99 Jan.
C9
Jan.
THE CHRONICLR
134
LVOL. L,
BONDS-STOCK EXCHANUE l|D0TATI0X8 ON FRIDAY OP TUE LESS ACTIVE RAILROAD BONDS
Bid.
SECURITIEa.
E. Teun. Va.
Railroad Itonds.
Atl.
& Poo.—-.id W.
Bait.
R., 63.. 1917
Daiiv.— l8t
<«:
D.,(n>-«6,.1907
& Ohio— l8t, 63, Park B.1919
1925
198S
58, gold
Cons, mort., Kold, Bs
Beech Creek- 1st,
.1936
W.—Deb. 58.1913
(told, 48.
. .
Boat. H. Tim. &
Brooklyn Elev.— 1st,
g., 68... 1924
1915
1937
Union El., l8t, guar., 68
Brunswick & West.- lst,g.,48.1938
2d, 3-5s
Bnfl. Koch.
*
Pitt*.- Gen., 58.1937
1921
& Pitt-s.— Ist, 68
Consolidat'dl8t,68.1922
do
Burt Ced.Kai>.& No.— Ist, 58.1906
Boch.
Consol. &collat. trust, 58. ..1934
Minn.
Iowa
&
St.
L.— Ist,
78,
gu..l927
& West.— l8t, 78. .1909
Rap. I. P. & N., Ist, 68.1920
C.
. .
Ced.
Ist 58
1921
Central Ohio Reor.— ist, 4128 1930
Cent. BE. & Bank.— Col.g.,58. 1937
Sav.& West.- Istcon. k.,58,.1929
Cent, of N. J.—Conr. deb., 68.1908
Central Pacific— Gold bd8.,6s.l895
Gold bonds, 68
1896
Gold bonds, 68
1897
Ban Joaquin Br., 68
1900
Cal. & Oregon— Ser. B, 6s. . .1892
Mort. K., (Tuar. 58
1939
West. Paciflc— Bonds, 6s. . . .1899
No. EaUway (Cal.)- 1st, 6s. 1907
Ches. & O.— Pur. M. fund, 68.1898
'.
Bid
& Ga.— (Continued)-
1937
1938
90
g., 5b.. 1937
121
1211a
Alabama Central— Ist 68... 1918
110
1897
Erie— l8t, pvtended, 78..
1919
2d, extemlc<l, 58
1923
85
88
3d, extended. 4 las
1920
OS's 99
4th, extended, 5s
111
1928
5th, extended, 48
86
1920
l8t, cons., fd. coup., 7b
108 IO8I2
1908
Reorg., Ist lien, 68
1916
B. N. Y. & E.— 1st, 7s
98
N.Y. L. E. & W.—Col. tr.,6B.1922
114
Fimded coup. 58
1969
114 118
Income, 63
1977
97
Buff. & S. W.— Moitg. 68.
.1908
Jefferson Ist, gu. g. 5s
1909
112»2
Eureka Springs E'y— lBt,6B.g.l933
90
Evan. & T. H.— Ist, cons., 68.1921
Mt. Vernon— 1st 6s
1923
Evans. & Indian.— Ist, cons.. 1926
1st ext.. gold.
(S'orf: Fxi'hntKie I'rirrgJ
Atlantic
SECURITIES.
Ask.
981a 101
I
!
,
. .
—
Flint & P. Marq.—Mort., 6b. .1920
IOII9 101 la
1939
let con. gold, 5s
98 101
Fla. Cen. APcn.— Istg. 58.. ..1918
120
Gal. Har. & San Ant.— 1st, 68.1910
I tola
1905
2d mort., 78
lllia
1927
Ga. So. & Fla.-lst, g. 68
.
.
Cent.Wa.shingtoii— l8t,g.,6s.l938 106
Norfolk & Western—
193l| 1181a
General, 6s
1932: 11718 118
New River, l8t, 68
193'l| lllia
Imp. AExt., Os
1924i 112
Adlustmcut M., 78
1908
Equipment, 58
ClinchVal.D.—l8t,equip. 53.1957 "ggia 100
Ogd. & Lake Ch.— Ist con. 6s. 1920 103
OhioInd.&West.— Ist pref.5s,1938
55
1938
Eeori'aii. r< c, 2d, 53
Ohio & Miss.— Cons., S.F., 7s. .1898 114=8 115,r
1911 1211a
2d consol. 7s
1905 11138
Spriugflcld Div.- I8t7s
1932
General jjs
1936 100
Ohio River RE.— 1st, 58
1937
90
General mort., gold, 58
1921
65
OhioSo.—Ge2. m., g., 4s
Oregon & CaUtomla— 1st, 58.1927
I
114
119
117
109 14
115
102
139
105
139
871a
.
113
88
"giia
107
11618 117'
110
121
102
Ask.
Bid.
Northern Pacific— (Continued)—
Coeur d' Alcnc,«en. Ist, g.,65 1938
91
94
88
5.S
Kq. & Imp., g., 5s
Mobile & Binn.— Ist,
SECURITIES.
Ask.
115
109
122
105
Pennsylvania EE.—
Pitts. C. & St.L.— 1st,
Pitts. Ft.
W. &
cp., 7s.
1900
C— l8t, 78... 1912
143I2
1912 140
2d, 78
1912
3d, 78
Clev. & P.— Cons., a. fd., 78.1900 125I2
18921 103
4th, sink, fund, 6s
103
96
95
100
95
& Ind.— Gen. 58.. 1924
811a
Green B. W. & St. P.— Ist 6b.. 1911
16
100
subs,
paid
Income,
1st
2d
102\ lOSia Housatouic— Cons, gold 5s.... 1937 106
St.L. V.
(Jrand Rap.
&T.
H.— 1st, gu., 78.1897!
1141a 120
1898
2d, 7s
2d, guar., 73
112
144
1898! 108
Peoria & Pek. Uion— Ist, 68 ..1921 115
67
1921
70
mortg.,
2d
412S
llOHi
Cous.5s..l918
N. Haven & Derby,
1932
Pvne Creek Railway— 6s
H0US.& Tex.C— 1st, ni. 1. 78.Tr.rec. II5I2 116
Tol.—
Pitts.
Cleve.
&
Ist,
68...
1922,
11218 II314
116
West Div. 7a,Tru8t receipt8.1891
Pitts. Junction— 1st 6s
1922;
1901 1051a
l8tWaco& Nor.— 7s
66, gold, series A
1908 II7I8 1191a
Pitts. Mc. K. & Y.-lst 6s
1932 115
Ches. O. & So. West.- 2d, 6s.. 1911
79
2dm.8s.M. I. Trust receipts. 1913 "74 120
Pitts. Painsv. & F.— 1st, 5s... 1916:
971a
76
Chicago & Alton— Ist, 78
Gen. mort.6s,TTU8t receipts. 1925
1893 \0»h 111
1927
Pitts.
Y.
Ash.—
1st,
58
&
123
107
Sinking fund, 6s
minolB Central— Ist, g., 48 ...1951
1903
'8
9II2 Presc't & Ariz. Cent. Ist, 6s,g.l916
90
louis. & Mo. River— 1st, 73.1900 I2012
1951
iBt, gold, 3133
1916
2d income, 6s
2d, 78
Gold 48
1952 101
1900 118Ja 123
Rich. & Danv.— Debenture 68. 1927 100 la
fit L. Jacks. & 01)10.-181,78.1894 112
Sprlngf. Div.— Oiip., 68....1898 111
1909
M.S.
58
Equip.
f.,g..
115
1st, guar. (564), 78
ifiddle Div.—Beg., 5s
1921
1894 112
Atl. & Char.— 1st, pief., 78. .1897
2d mort. (360), 78
C. St. L.&N. O.—Ten. 1., 7b. 1897 117
1898 113
106
1900
6s....
117
Income,
do.
2d, guar. (188), 7s
119
1st, consol., 7s
1897
1898 113
7212
72
Mi88.K. Bridge— Ist, s. f., 6s.l912 1051a
Rio Grande West.- Gold, 4s. 1939
2d, 6b
1907 117
30
1925
2d
inc
Chic. Burl. & Nor.— Deb. 63. ..1896
St. Job. & Gr. Is.Gold, 58, coupon
1951 II414
85
.Chic. Burling. & Q.— 53. 8. f.. 1901 107
Kan. C. & Omaha— 1st, 53.. 1927
98
Merap Div., 1st g. 4b
1951
Iowa DlT.—Sink, fund, 5s.. 1919
St. Louis Alton & Terre Haute—
Dub. & S.
2d Div., 78 . .1894 1071a 109
59
1894 53
Sinking fund, 4s
Dividend bonds
70
Ced. FallB&Minn.- l8t,78..1907
1919
Plain, 4s
92 13 Ind.Bloom.<SiW.— 1st, pref. 78.1900 117
Bellev. & So. 111.— 1st, 88... 1896 117
91
1921
Chicago Milwaukee & St. Paul1923 105
BeUev. & Car.— 1st, 6s
102
Ind. D. & Spr.— Ist 7s, ex. op. 1906
l8t,8s, P.D
Chl.St.L.&Pad.— l3t,gd.g.5s 1917 101
Ind. Dec. & West.—M. 58
1898
1947
82
85
2d, 7 3-108, P.D
St. Louis 80.— 1st, gd. g. 48.1931
35
2d M., Inc. 53
1898 II7I2
1948
l8t, 7s, $ g., B.
do
2d income, 5s. 1931' 40
85
87
Iowa Central— Ist gold, 58
1902 123
1938
84
Ist, La Crosse Division, 78.1893 110% 112
Car. &8hawt.— Istg. 4B....1932;
Kan. C.Wyan.&N.W.— l8t,5B.1938
Ist, I. & M.,7s
St Louis&Chlc— Ist, con. 68.1927!
1897 116 II712 L. Sh. & M. So.—C. P.&A.— 78.1892 107 109
l8t, I. & D.,7s
123
St. L. & I. M.— Ark. Br.,lst,78.1895! 106 la
Buff. & Er.—New bonds, 78.1898 121
1899 116 120
l8t, C. &M., 78
St. Louis & San Francisco
Det. M. &T.— 1st, 78
1903 124 126
1906 132 136
1st, 1. & D. Extension, 78. . 1908 124=8
1st, 6s, P. C. &
1919:
Lake Shore—Div. bonds, 78.1899 123 125
Ist, Southwest Div., 6b
Equipment, 7s
1895 101 la
1909 114 115
Mahon'g Coal ER.— 1st, 5s. 1934
Ist, La C. & Dav., 58
91
1st, trust, gold, 53
1987
1919 103
Lltehf. Car.& West.— Ist 68. g.l9ie
98
Ist, H. & D., 78
Kan. City & 8.— 1st, 6s, g...l916' 94 100
1910 123 124' Long Island— Ist, 7s
1898
Ist, H. & D., 58
102
100
1st,
I910I
Ft.
S.
&
V.
B.
Bg.—
68
.
"a
N.Y.
1910
& E'way B.— 1st, g. 58.1927
Chicago & Paciflo Div., 68. .1910 II6I4 119
St. L. K. &80. Wn.— 1st, 6s.
1916:
2dmortg., inc
31
1927
Mineral Point Dl v. Ss. . . . 1910 103
Kansas Mid'd. 1st, g. 43. 1937
N. Y. & M. Beach— 1st, 78. .1897
C. &L. Sup. Div., 58
St. Paul & Duluth— lst,5s. ...1931 110
N. Y. B. & M. B.— 1st, g., 58.1935
1921 103 >i. ibf
IO312
J Fargo & South., 6s, Assn. ..1924 112
2d mortgage 5s
1917!
Brooklyn & Mont.— Ist, 68.-1911
Inc. conv. sink, fund, 5s
St. Paul Minn & M.— 1st, 78. .1909: lllia 1121a
1916 921a
Ist, 58
1911
Dakota & Gt. South., 5s. . . 1916 98
119
.... .
1909
2d mort., 69
Smlthtown&Pt.Jeff.— l3t,7s 1901
Gen. mort. e. 4s, ser. A
Minneap. Union— 1st, Os
1922
Louisville & Nash ville—
1989 951-2 96
43hlcago & Northwestern—
114
Mont. Cen.— 1st, guar., 6s. .1937!
Cecil.Branch, 78
1141a
1907 1071a 110
Esc. &L. S.— 1st, 6s
East. Minn., 1st div. 1st 5s. 19081 101
Pensacola Division, 6s
1901 115
1920 109 la
DcsM. & Minn.— Ist, 7s.... 1907
San Fran. & N. P.— 1st, g., .5s.l919
St. Louis Division, let, 68... 1921 115
Iowa Midland— 1st, 8s
Sodus Bay & So.— 1st, 58, g. .1924
105
1900
2d, 3s
1980 65
Peninsula— Ist, com-., 7s... 1898 120
Nashv. & Decatur— Ist, 78. .1900 1181a 120 ij South Carolina 2d, 6s
1931]
Ohlc. & Milwaukee— 1st, 73.1898
120
80. Pac. ("oast— Ist, guar., 4s. 1937
S. &N. Ala.—8. f., 68
1910
Win. & St. P.-2d, 78
50
Texas Central— 1st, s. f., 7s. ..1909 47
1907 130
10-40, gold, 6s
1924 104
Mil. & Mad.— l8t, 6s
46
1911
Ist morti?age, 7s
55
1905 116
109
Pens. & At.— 1st, 6s, gold. ..1921 107
Ott. C. F. & St. P.-l8t, 5s.. 1909 1081a
Texas & New Orleans— l8t,7s. 1905
Nash. Flor. & 8. Ist gu. 5s., 1937 102
Northern III.— 1st, 58
Sabine Division, 1st, 6s
1912 105
1910 108
Lou. N. O. & Tex.— l8t. Is.... 1934
90
.Chicago Rock Wand & Pacific—
Tex. & Pac., E. Div.— 1st, 6s. 1905 108
40
2d mort., 58
1934
Des Moines <t Ft. D.— Ist, 49.1905 82
1917! 106
106 i*
Tol. A. A. & Cad. —6s
Mexican National— Ist, g., 6s. 1927 96
98
l8t.2i2S
1919!
55
1905 53
Tol. A. A. &Mt. Pi.—6s
2d, income, 6s, "A"
1917 5714 58
Extension, 4s
1905 81
Union
Paciflo
2d, income, 68, "B"
15
17
1917
Keokuk & Des M.-lst,5s..l923 102 14 105 Michigan Central— 68
l8t,63
1896 111 IIIH
1909
Uc. & St. Louis-lst, 6s
1915
1st, 68
1897! II214
Coupon, 5s
1931 1131..1
Chic. St. P. & Kan. City— 5s.. 1936
II4I4
1st, 68
102%
1898: 114
Jack. Lan. & Sag.— 6s
1891
Minn & N. W.-lst, g., 5s. .1934
Collateral Trust, 6s
1908! 104
Milw.L.8.&W.—Ext. &Imp.,58.'29 104^8 105 14
CWc. St. P. & Minn.-lBt, 68. ..1918
94
125
Collateral Trust, 58
1 907
Ashland Division— 1st, 6s .1925 119 121
No. Wisconsin— 1st, 68
1930
Collateral Trust, 4123
1918
99
Incomes
104 107
8t. Paul &S.
Ist, 68
1919 126 126
C. Br. U. P.—F. c., 7s
1895
Minn.&St.L.— raEx., Ist, 7s. 1909 85 12
CWc. & W. Ind.— Ist, s. f., 68.1919 1131a
96 13
Atch.
Col.
«Tac.—
1st, 6s.. .1905
2d mortg., 7s
6212
50
1891
General mortgage, 6s
11812
1 932
96
Atch. J. Co. & W.— 1st, 68.. .1905
Southwest Ext.— 1st, 78
78
1910 74
D.-Con.
""!;•
8.
f.,
124
'^
78.1905
Utah Southern— Gen., 78 ..1909 1131a 113%
Pacific Ext.— 1st, 68
1921
60
70
*T?..
2d, gold, 4J23
1937 90 100
Exten., 1st, 7s
Impr. & equipment, 6s.
1909 1121a 113
1922
70
Cln. I. St. L.& Chic.-l8t,g.,48.1936
100
U. P. Lin. & Col.— Ist,g.,5s.l918| 101
Minn. & Pac— 1st mortg., 58.1936
Consol., 63
1920
Minn.S. Ste. M. & Atl.— Ist, 58.1926
Utah&North.— 1st, 7s,
1908 110
^/.•'a?}!-*Mac.-i8t,"g".;"5s:i936
65
Gold, 58
Mobile & Ohio- 1st ext., 68.. .1927
1926
116
OiXol. Cm. & Ind.— ist, 78,8.f.l899
120 12
Villley R'y Co. of O.— Con. 68.1921:
Ist pref. debentures
1041a
73
Consol. sink, fund, 7s
1914
St. L. & Cairo
Wabash
4s, guar
1931
77 la
CIcvc. & Mah. V.-Goia, 5s." 1938 107
Morgan's La. & T.— 1st, 6s.. ,.1920 II412 115
1939
75
Deb.
mort., series "A"
«o Orado Midland-lst, g., 6s.l936
1st, 78
Deb. mort., series "B"
1939 52
1.1918 127
a>liimbia & Green.- 1st, 63. .. 1916 ibo'
Nash. Chat. & St. L.— 2d, 6s.. 1901 110
Wabash St. Louis & Pacific
2d, 6s
1926 80
New Orleans & Gulf— Ist, 6s 1926
St.L.K.C.*N.— R.E.iRR.7s.l895 111% 112
Col. & an. Midland—ist, "68.1914
N. O. &. No. E.-Pr. 1., g., 68.. 1915
110
St.CUarles Br'ge— lst,6s. 1 908 107
.Bel. Lack. & W.-Convcrt. 7s,1892 ibe"
N. J. Junction— Guar. 1st, 4s 1986
1895 II4I4 11438
No. Missouri— 1st, 78
Mortgage 78
1907 136
N. Y. N. H. & H.— Ist, reg. 48.1903
Va.
C. & Pitts.— 1st, 68.1911
West.
Syra. Biu;^. & N. Y.-lst, 7s.l906 ISSia
N. Y. & Northern— Ist, g., 5s 1927 111
.lliHeeliaiieous Kouds.
Morris & Essex— Ist, 78
1914 146 146 1«
2d, 4s
58''8 Ain. Water W. Co.— 1st 6s. ... 1 907
1927
2d, 78
1891 1071a 107»e N.Y.Ont.&W.— Con. 1st, g. 5s. 1939
1907
Istcon., gold, 5s
98
Bonds. 7s
:::i9oo
N. Y. Susq. & West.— Deb. 68.1897
Boston Un. Ga.s— Tr. cer. 5s. .1939 109
7»of 1871
1901 i"20
^2d, 4ias
Cahaba Coal Min.— 1st g. 7s. .1907 95
....1937
lat, con., guar., 78
1915 140
Y. Tex. & Mex.-l8t, 4s....l9i2
Col. & Hock. Coal&L— Us,g..l917! 103
JJel.&Hud. Canal— Ist, 7s... 1891 103 ifi IO314 N.
Northiun Pacific
Consol'n Coal— Convert. 6.*... 1897
Ist, extension, 78
1891 lOOia
Dividend
scrip ext
Equitable G. & F.— Ist 6s
1905
100
103
Coupon, 78
1894 1141a
James
Elver Val.— Ist, (is.. .1936 IO6I4 110
Hackensack Water— 1st, 5s. .1926 104 lOOifl
?a- -Ulv- coup., 78
1917 145
Spokano&Pal.—
Bridge—
1st,
Henderson
1st
Os..
g.
63.1931;
1936
111
110
Albany & Susq.- ist, gu.,78.1906
133
St. Paul & N. P.— Gen., 0s..l923 121'
1901'
Iron Steamboat Co. 68
1 St, cons., guar., 6h
l90Ht 122
123
HelonaAKcdM'n- Ist.g., 6a 1937 100
Laclede Gas, St. L., 1st, g...58.1919! 83=8 85
Rene. & Sar.— 1st, coup., 7s.l92] 147
DulutliAMauitoba— ist,K.()sl9.W 106 108
9714
People's Gas & Coke ( 1 st g.6s,1904
Denv. & E. O.— Iiup.,g., 5.«...192sl 821a
Dul.AMaii.Dak.Div.— I8t6s.l9371 105 106 la
Co., Chicago
)2dc.6s,1904
•~ Tenn. Va. A Ga.— 1st, 78...1900i 118 la 120
North. Pac. & Mon.— 1st, 68.1938
Philadelphia
Co.—
Ist
s. f. 6s. 1898'
lOOVj
Divisional .58
1930! 108
Cojur d'Alcne- Ist, 6s, goldl91<j ibg'
West. Tel.. Union— Coup. 73.. 1900 115 1120
.
.•
C—
•
.
D
j
:
.
. .
. .
—
. .
.
.
&
:
.
C—
:
—
i
. .
—
"No price
l"riday; these are the latest quotations
made
this week.
Jascakv
BE CHRONICLE.
25, IcVO,]
135
Qaotatloug in Boston, Philadelphia and Baiiimorp.
Following are quotations of active stocks and bonds, A full
lilt is Riven in the Chboniclb the third Saturday of each month
8KCURIT1K8.
8R01JRITIK8.
HOSTON.
RAfLKOAD STOt'KS.
Atchison A lopeka
BOMtou
BoBtou
BOBton
HnnilnKtoD
I
t
I
* Alliiiliy
J.iiwcU
& Maine
l216
'
A
IS^t
29'
Preferrml
ANorth'n...
Woat. Mich
Burl.
Chlo.
It
Olex-elanil
A
Phil.
sunbury
FilchbiirB, pref
Flint* Pore Mariiliette
'....
Preft-neil
87'»
2i
& Mem.
K. O. Mcmph. A Blrm....
IOIl^H^^lleEvan». A St. li.
71
c. Ft. Scott
3434
S4>4
Bonds.
A Topekar— Gen., 4s 82 Is
4334
Income, os
A Mo. K. In Heu.119-%
£xenipt,6s
109»<
Non exempt, ds
80
Plain !«. liUa
Ohic. Burl A Nortli. st Ss.
2d 63, " 18
,1
ChioA West Mich. gen.Bs ' 92'.i
4}onaol. of Vepiiontr— RB..I 87 "s
Current Riv.-l8f,Ss.l927 '100
Dot. Lann. A No.-M. 78. *10i»,
Eaetem.MasB.— 6s, new..' 124
Freom.Elk.AM v.— Ist.Os *123
82 .
54
101
58, '18
DefeiTed Incomes, coup
Phll.W. A Bait.— Tr. c, 48
10
,
'
100
111=4
132
lOi
lOIH
13
102 >«
ilOHi
West Chest'r— Con.78,'9l
99
We^t Jersey— lat M., ?e..
99 "t
w. Jerser A Atl.— lai, 68
IXIUi.HV.Bv.*Sl.L.— l8t,6s 199
•West Penn.— Bs. 1893 ....
76
2dmort.,2.68
Pittsburg Br..ea
Mar. H. A Ont.— 1926, 68. *104
BAL.TIMOKE.
'lOOla
RAILROAD STOCKS t
1923,6s
69 >2 Baltimore A Ohio
Mexican Cen —48., 1911.. 09
SB's
3«
1st con, lnc.,38, 1939
lat pref...
2d con. Inc 89, 1S39 ...' iO^i 22
2d pref
S. Y. A N. Eng.-lst, 78. *•-"-- 127
Central Ohio
i06'4
126
107^4
iio
'
P6
125
112
48
I
,
'ne'e
Istmort.., 68....
Preferred
106 107
2d molt., 6s
Charl. Col.
Augusta....
2d mort., scaled, Ss ....'103
Western Maryland
iwli
Ogdens. & L. C..—Cons.. 6s'
BONDS.
Rutlanrt-IH, 6s, ) 902... .|' 112 113
Atlanta
Char.— Ist, 78.
99=4 100
2d, .^.s, 1898
Income, 68
—'
Wlscim. Cent— 1st
Bait. A Ohio— 48, 1935..
971a 98
A
RAILROAD
A
1
66
Cent.
PBIL.ADELPHIA.
RAILROAD STOCKS
Bell's Gap
Camden A Atlantic, pref.
£ast Pennsylvania
Elmlra A Williamaport...
Cin. Wash.
2d, 68
Ang
A
120
102
103 >4
— Ist, 78
i09'4 109 Hi
Bait.— Ists.
99
67
35
ist Inc., 58, 1931
Seab'dARo'u'ke— 5a, 1926
West Md., 3d
Preferred
99 Hi
13=4
Wil. Col.&Aug.,68.;flln
•
Last price this week.
and Brooklyn Gas Securities— Brokers' Quotations.
N.
GAS COMPANIES.
Bid. Ask.
GAS COMPANIES.
Bid. Ask
,
|
Brooklyn Gss-Liglit
1(19
111
Citizens' Gas- Light
Bonds, 5s
67
lllO
70
103
98
Consolidated Gas
97
Jersey City A Hoboken.. 180
Metropolj tan- Bonds
116
Mutual (N. Y.)
107
Bonds, 68
100
Nasaau (Brooklyn)
116
...'
Scrip
100
'-,
war.
Bid.
Ask
42
44
18
12
90
Char. Air Line
Ist, 7s, 1907
-..._
California Pacific
1st mort.. 4H?s
Cta.A Atl.— Benertc.tr.rec.
Cincinnati A t^pringf
Comatock Tunnel
lstlucome4s
A
Imp..
do. Tru steed stock
DIt tillers' A Cattle F. Tr.
Dnl. B. shore a At
sik.
Pref
esorgia Pao.— Stock
IstBs
Consol. 6b
Income 5s
Gt Nfrrhern
(25 p. o. pd)
A o'le
Kanawha A Ohio
IlL Coal
40
93
I'iO
loo
120
loa
&
Cili.
Dcceiiib'r
.
»
197,268
9.257
7.933
8,790
381.906
$
2,169,489
98,170
1,015,410-
93,871
121, 85f.
10,.554
Asliv.A Spartan. Decenib'r
121,225
1 14,13»492,044
Atch. T. & >•. Fe.. iid wk Jan.
935,100
786,602
19,08"
.33,112
Hall owned .. 2(1 wk Jan.
40,614
6.'5,Oa*
511,132 415,018
Total system 2tl wk Jan.
975,775
851,64T140.839
119,322 1,366,418 1,196,01»Atlanta Sc I'har. November.
^8,(!97
43,069
Atlanta & W.Pt. Dcceiub'r
462,484
39,200
21 281
Atl. A- Danville. Decemb'r.
Pac. 2d wk Jan.
34,401
62.441
Atlantic
73,080
122,43ft
B.&O.East Lines Decemb'r l,r)'20,754 1,314,001 17,311,976 15,437 ,36&
495,529 451,325 5,1(0,509 4,711,908^
Western Lines Decemb'r
Decemb'r 2,llG,28:^ 1,705,326 22,412.48.3 20,156,274
•Total
BaJ.iO.Southw. 2U wk Jan
Bait. A Poiom:«' November.
Decemb'r.
Beecli Creek
Bir.8elma&N.O. Decemb'r
8uft.Koch.A
Burl.
Burl,
I'ili
3dwkJan.
& Nortbw. Decemb'r
41,493
152,871
78.307
3,180
24,214
4,538
5,825
38,588
204,000
39,618
141.062
85.115
2,903
41,410
4,717
5,970
36,906
89.891)
79,296
1,.'>00,253
1,426,900.
80t).14l
913,334
25,076
71,533
64,657
58,958
699.356
427.000
22358
124,23a,
55,868
cfe Western Decemb'r
54,312Camden & Atl. November.
660,730193,0<l0
Canadian Pacific 2d wk Jan.
408.00O
35,1)35
28.910
Cp.FTAYad.Val Decemb'r.
398,41.
328,19»
82,-258
90,752
Cent. Br. U. P.. November.
753,197
830.35'2
Cen.KK.A Bk.Co November. 828,974 797,399 7,18.>,250 6,64'2,540,
Central of N. J. November. 1,172,311 1,174.5;>7 12,385,78 12,200,261
Central Pacific November. 1,278,395 1,381,562 14,486,944 14,56,->,916
10,598
8.915
Central of H.C.. November.
94,751
94,338.
72,751
Centr'l Vermont WkJan.18
68,093
225,717
199,643
57,4tiS
8.'235
I
November.
549.083
Charlest'u A Sav
503,139
81,7()(i
89.774
Cliar.Col. & AuK. Decemb'r
888,825
913,757
3-.;,iKi(i
15.632
284,182
Chat.R'me&Col. Decemb'r
8,064
Clieraw. A Darl November.
7,770
78,190
74,474
204.57;".
2d wk Jan. 133,211 101.843
rfChes. & Olilo
189,005
183.117 2,1'.>5.777 2,000,616.
187,779
Ches. O. & 8. W Decemb'r.
50,400
58.(>74
47i">,547
Cheshire
Septemb'r.
438.470
7.046
0.9t)5
H7.23>Ones. A Ix^noir November.
71,915
38,349
Chic. & Atlantic. 2d wk Jan.
47,598
90,969
7<i,698
193,73..'
£38.367 1,821.812 1,842,920
Chic. Burl. & No November.
__ 24,296,2^2(l 2],C.21.494
Chic. Burl. & Q. November. 2,3.'3,59ll 2,230,839
007,728i b..>71,(i2(ll 5.347,223
(i43.98M
Lines contrTti November.
!l2.'-?0
49,558,
Chic. A Ea-st. Ill
48,331
105,031
wk Jan.
Chic. Mil. ASt.F.
wk Jan. 307.000 347.872 1.234.(1011 1,111.104
Chic. AN'thw'n. Decemb'r. 2,182,904 1,940,627 26,185.2M0 25.832.974
0,95'Chic. A Oh. Kiv Decemb'r
7.703
3.75^,i
63.46»
311.3-29
Chic.Pco.&St.L. October. ..
41,541
29,091
258,77»
Chic.St.L.APitt. October,
U50,-i30
591,968 4,815,196 4,470,826
Chic.St.P.* K.C. 'Jd wk Jan.
43.646
151,746
73,489
78,976
60s,93.
Chtc.St.P. M. AO. November
61 ,,,790 5,839,105 5,958.744
Chic. & W. Mich 2d wk Jan.
19.549
20.387
39.396
39.228
5.2831
Clii. Ga. A Ports. Decemb'r
4.807
64.232
65,191
Cin. Jack. A Mac 2d wk Jan
9,589
9,8041
19,993
20.590
68,()10
150.112
133,832
Cin. N. O. & T. P. 2d wk Jan.
78,300
6.'>.9]6
73,292
38,878
Ala.Gt.South. 2d wk Jan
36,053
24,'2O0
21.644'
43.666
N. Orl. & N. E. 2d wk Jan.
40.695
28,7'28
12.155
24,341
Ala. & Vicksb. 2d wk Jan.
14,792
26,281
20,031
13,909
10,052;
Vlcks. 8h. A P. 2d wk Jan.
32-2,079
Erlanger Sysl. 2d wk Jiin. 170.0""
U7,914(
284,715
101,697
Cin. Sel. A Mob. Decemb'r
11,003
17,32i:
123,489
-"
44
528,8 49
487,411
Cin.Wab.AMich. Decemb'r
40,009!
•27,838
23,316
Clev.AkrouACol 2d wk Jan.
14,917
11,740|
Clev. & Canton.. November.
44,'i5("
406,079
346,983
25.373
413,656
381.111
CI.Cin.Ch.AS.L. 2d wk Jan. 209.85i
198,163
-256,573
2'2,485
286,4 (i
Clev. & Marlettti Decemb'r
20,905
Color. Midland. 2d wk Jan.
30.700
58.484
52.756
29,635
Col. A Greenv .. Decemb'r
7'J9,68l
615,626
79,300
71.939
15.0,(0
12.334
Col. & Ciu. Mid.. 2d wk Jan.
8,797
6.16
Col. Hock. V.&T. Decemb'r.
131,996 220.503 2,509. 18 2,«»3,»7a
26,810
21,78&
Colusa & Lake. Decemb'r
1,529
1,932
116.527
52,687
Covlng.&Mac'u. Decemb'r
16,186
7,853
4:^4,003
494,754
Day.Ft.W.ACh.. Decemb'r.
40,74,6
40,770
402,500
398,000
Deny. & Rio Gr. 3d wk Jan. 137,500 127,000
9;>4.660
75,74o
911,244
Den. Leadv.&G.^Novembcr.
95,312
Den.Tex.A F.W.lDecemb'r
245,055 226.005 2.471,955 2,009.863
14,780
11.668
7.690
7,763
Det.Bay C.& Alp '2d n k Jan.
29.-240
31,831
15,498
14.775
Dct.Laiis'g&No 2d wk Jan.
5'>,518l
35,072
23.392
17.076
Duiuth S.S.A Atl 'id wk Jan.
263,444'
217,468
130.521
1 12,667
K.Teuu.\'a.&Ga.,2d wk Jan.
919,158
87,232
752,897;
69.389
EUz.Lox.&B.8...!November.
254,610
3011.186
7 388
7,239
Evaus.Alud'plis Uh wkDee'
900,.195i
854,517
22,725
20,318;
Evanav. & T. U.!4th wkDec'
Fltchbiirg
November. 551,7991 497,039 6,438,827, 5,101.28i.
!,».-'54l'
85,048;.
40.573
Flint. A P. Marq. 2d wk Jan.
46,700
5J,30O
57,2501
2o,889
24,9281
Flor. Cent.* P. 2d wk Jan.
-25.959
27,978
2,350
FtMad.&N'w'n Decemb'r
2,831i
283,7i>ll
246.920
21,683
•26.193;
Ft.W.CIu. &L.. November.
.
M
M
78
123
112
95
122
103
121
110
.
lat 58...
SECURITIES.
Bid.
L.N.A.AC.-C.AI.DIv.,
.
St Louis
A
Tex..
3'Q
24
70
.
60"^
25
01
4»,
30
Scioto Val. lat, 78,Tr.
2d, 78,
Ha
28
20
66
30
103
5=.
f4Hl
Pref
St.PanlK.AGr.Tr..lBt68 102
1
.
1-25
34
8
64
2
5
25
7
18
5
£0
33
120
23
.
AW—
75
33
UeriphisA Cha'st consols 114
Mex. Nai.Oonstruct'nCo. 21
Mlchlgin A Ohio
Mt Des.4 East 8h. Ld.Co. •75
N. J. Southern
N. O. Pac. Laiid Grant...
Newp. N. A Miss. Val
1
N. V. V.-.S.A Buff
16c.
19c. N. Y. A Oreen'd Lake, Ist
,S1
S3
3d mort
46
47 Hi N.Y. Loan A Impr
N. Pac. P. d'Orellle Dlv.
39>4 40'4
Mis ouri oivis'Oti
7
North Rlv.Oons. Co.aorip.
J7
20
O.I.
Ist acc.intcert
11
13
2d ace. int. cert
111
Ocean 8S. Co. 1st, guar.
81
82
Pensacola A Atlautio. ..
27
29
Postal Telegraph— Cable.
4»<? 47Hi St. Louis A Chicago
28''8
Ask.
_
35 Hi Newb. Dutch. A Conn
I
Keely Motor
Lebigh A wilk«ii.(to»l."
A Mem,
120
34 H)
8
28"4
I
1st pref
1st 6s
Little B.
77
I120
llOS
1
18>al LoilBT.
10
88
117
Brooklyn Blev'a— stock.. 37
A
(;'>n.
120
108 Hi
102
102
I
Bonds, 6s
Metropulitan(Brooklyn)..
Mnnicipal— Bonds, 7s.
Fiiltftn Municipal
Bonds, 6a
Equitable
Bunds, 6s
Stock Exchange- Unlisted Securities.
8BCCRITIE8.
Am. Bank Note Co
Am. Pig I' on Stor'ge
Am. Caltlo Trust
People's (Brooklyn^
Williamsburg
.
1
,
New York
Continental
Aiinistou
200,632
9,929
14,0^8
Dalt..
1888-«k
.
Per share.
Brunswick Co
AUexbeny Val.. November.
Annlston «S:Atl. Decemb'r
.
guar., 68.
Y.
Atl.
Xoted
. .
104 >4
101)
3d, Xt
39
(o
1889^90.
.
Ohio— 6s, 1890...
Char. Col. A
Jan. 1
.
11
Cape Fear A Yan.--l8t,6s 103 '( 106
67
1888-9,
.
100
I
Income, 58
1889-90.
.*.-
108 14
A
t
111
107'.
K. City Clin. & 8pr'd.-5s *
Little R.
Ft. Sm.— 78...I
WeekorMo
4ie^a
120
llSHi
104 '»
K»n.Clt.Mt.Jo.AC.B.— 78
M
h
Pitts. Cin.
122.,
,
40^
^15
lOl'j
Saturday of everts
Ij
lYsii
Phlla. A Krie—con. 68...'
General raortg. 4a
Philadel. A Read.-ltt, Bs
2d. 78, C. A R., 1893
Cons., 78, coup., 1911.
Cons., 6s, g., I.R.C.1911
Imp., Ba, g., coup., 1897.
Cons. 5s., Ist ser., 192*2.
A St. L.—7s,cp.
Schuyl. R. E. 8.— 1st, 58..
Steuben. A Ind.lstm. 5a
United N. J.— o. 4.1, 1923
Warren A Frank.— lat 7s
Latest Saminif$ Reported.
ROAD8.
lUB
H*
.
llo"!!
A Blrm—S» "122
140
136
117
131
la*t
RAILROAD EARNINGS.
>«
'
.
*l-0
104
US'*
1983..
Trust Loan
Perkiomen— 1st se.
'
K. C. Ft. Scott A Mem.,68
K. C. Ft. Scott A Qlf.— 7s
1910
A R.,
published on the
all regular subscribers of the Chiiosicle.
Extra copit*
are sold to subscribers of the Chromclb ut 50 centi tiuh^
and to others at f 1 per copy.
The General Quotations of Stocks and Bonds, occvpyiHff,
six pages of the Chhoniclb, are now published on thm
third Saturday of each month.
101
104
IIH
139
2d series 58, 1918
Penn. A N.Y.Can.-5»,'39 *ll6>a
Burl.
Mempb.
133 Hi
116
117
120
121
Cona., 5s, coup., 1919...
4^.28,
Atoh.
K.C.
114<«
Bs.
A Amboy.— M. 6&.
Cona. 68, C.
l-.'3
Os
37
109 Is
North Penn.— lat M.. 7s.
General mort. 7s, 1903.
N.Y. Phll.ANort-l8t,88
Income. 6s
Penn.— Gen. 6a, coup.1910 *1"0
Cona. 68, coup., 1905 ... 121
70
Ist,
eo
44
78, 1900...
A Jeff.- Ist,
2d, 7s, ree.,
180
Preferred
Unstamped
3G
102
It is
month—viz., January, March, May, July, keptembev'
and November, and is furnUhed without extra charge t»
HO", 110=4
Leh.V.— lat, 6a,C.AR.,'98
pref..
Wisconsin Central
3-108,'8«
Easton
A Mass
Vermont
AUegh. Val.— 7
Elniira A Wllm.— Ist, Os..
Harris. P. M't J.AL.-48.
Hunt'nA B. T.— l8t,78..
2d mortK., 78
ConaoL M., ««
40
Ports..
other
59>ii
Del.ABd.B.-lst,7s, 1906.
175
A
Atlantlo
Clearfield
Lake Cham.. "'eu
Portland Saco
Companies.
61 '(
228
West Jersey
West Jersey A
I%« Investors' Sopplemknt, a pamphlet of 150 pagtt^
contains extended tables of the Funded Debt of Sta!e» anA
Cities and of the Stocks and Bonds of Kailroadt and olhew
68'-.
i
A Worcester
Summit Branch
Lewiston...
Catawlasa— M.
lb*
Ogden.Hb. A
Old
Did Colony
C.
A
Inc. 7s, end. coup.,*94..
18'
Nortliern
Norwich
,
JCrle
Con iiert ng — 6s
Preferred
A New Kng.,
ii4>4
Belved. Dela.— Cons. 48..
Bella Gap— iHt M., Ts
Maine Central
Manchtster A Lawrence.
Mexican Central
N. Y.
70'«
70
PO
RAILROAD BONDS.
!I4
63
70
'70 '4
United CD's of N.J
28
1S3
160
Connectlcnt A Pasaunip.. 11*
'220
Connecticut River
Eastern
ISO
Preturred
ISaHi
Kan.
A
30
7
2,Ti
*
Oaiilon
ProfuiTeiL
Concoirt
62 3,
ScliuylklU
40
10
43:'.,
ert
MlnehlU * H. Haven
Nesqnehiming Valley
Northern Central
Norih Pennsylvania
Pennsylvania
14
I
Prefer'
17
r.iihlKh Viilley
l.ittki
lev*....
208
261 263
'
BMtnn A Provtilenoe
CalKoriiia Huntliem
Oeiitrol uf Masaacliusetts
CSilc.
3l\
31'<l
I
AKD
A Ik
Bin.
Broad Tup
<t
Iwujesttttjent
Toiedo Peoria A \^est...
Utah Central.— Ist 68
West. N Car.— Con.Ba
P.-vcifio Dcceiub'r.
G». ER. A B. Co. November.
Geo. So. AFIa.. Decemb'r.
Qt. Kap. A Ind.. 2d wk Jan.
Uln.R.& Ft. W. 2-1 wk .Jan.
Qeorglrt
rec.)
Trust receipts...'
14=4
94'
'
190.881'
133,516' 1,497,759 1.304.635
1,458,832 1,381 ,«57
334,5121
12.770
105,900
103,-229!
45,5
30,886
6.127
31,293
6,703
'7,
61.855
12.549'
66,481
13.IM4
THE CHRONIOLE.
136
Latett
Bourn,
Week or
Xamingt Baported.
M
Jan.
Latat Eamitigt
1 to Latest Date.
1889-flO.
1888-9.
188f-90.
r^^ot. L.
Keportett.
Jan. 1
U>
Latett Date.
BOASB.
WetkorM'A 1889-DO.
1888-9.
1888-9.
1889-30.
1888-9.
I
S„,„l
*
91,333
83,849
143.000
16.501
4,457
21,633
8,397
16.277
$
114,075
1,190,934 1,442,673
Summit Branch. ]Deoemh'r
5,349
5,159
921,183 1,012.212
82,731
Lyknns Valley;Dcceml)'r.|
610,159 Texas .fe Paeilic
667,282
248,616
267.466
131,238
i2d wk Jan.!
120,902 Tnl.A A .teN. M. 3d wk Jan.;
148,965
45.597
14.927
54,889
36,063 Tol. Cot. &Cin..|2dwk Jan.l
37.404
7,670
3,773
8,480
41,895 Tol.A Ohio Cent, :3d wk Jan.
43,121
54.573
59.2 9
19,550,
8,6;!4l
1.153,063 l,040,3-'7 Ti»'..&O.Cen.Ex.iDecemb'r
88,269
115,303
Novoinbor.
Housatoiiic
135.713 Tol. P. & West.. |2dwk Jan.
158,305
32,000
32,017
15,022
Humesl'nA!<Ueii l)cceiii))'r.
47,345
83,631
27,1.50
14.590
Ul.Ceu.dll.ArSo. IJeccmlir. 1,376,514 1,169,8^>6 14,151.851 11,822,477 Tol. St. I.. & K.C. '3d wk Jan.
95,371
95,702
27,683,848
8,080
23.285,474
8,570
2.723,240
Decemb'r.
2,889,408
CeauiF.&Miu.
Union Pacltto. ..November.
1,742,398
Dub. &Sio'xC. Dc«cmb'r. 191.347 152,13H 1,804,82!
Total systcmt., Nnvoml)er.!3,728,491 3,583,140 36.159,540 35,805,048
1,837,709 Valley of Ohio.. November.!
569,732
53,71)0
587,955
52,300
lowu lilies.... Decemb'r. 199,017 1(>0,215 1,913,627 13,6l
0,245 Vermont VallevlNovomber.
167,212
175,677
14.902
13,243
Total all.... Decomb'r. 1,576,461 1,330,071 16,052,375
334,249
392,622
1.824,673
45,339
39,941
2,149.261
148.361
184,501
Ina.Dpc.i-Wost. Deccnib'r.
Virginia Mldl'd. Deeemb'r.
403,261
74,625
492,280
125.280
Interoc'iiic (M.'C) Decemb'r
Waoash
2d wk Jan. 261,991 204,165
54.938 Wa3h.O.& West .peeemb'r.
63,317
30,oo9
119.106
33,20-.:
123.867
9.893
8,984
Iowa CVutral... 2dwkJiiu.
60,127
40,659
4,50o
461,562
561.637
3,008
51.159
62.076
IronEiiilwav... Deoemb'r.
Western of Ala. Deeemb'r
387,524 West. N.Y. & Pa. 2d wk Jan.
469.945
111.400
37,608
56,332
111,000
55,800
58,000
J'k'uv.T.&K.\V(/ November.
9,626
10,443
663,974
4,977
5.208
867,128
63,030
72,002
KanawhaJt Ohio 2a wk Jan.
West. N. Car'l'a. Deeemb'r.
3,989
4.942
1,459,187
4,942
3,9?!)
1,423,170
Kan.C.Cl.ASp latwkJan.
'November. 102,695 101.012
Jersey
75,815 West
84,625
661.697
75,815
739,947
84,025
60,493
68.059
K.C.F.S. cStMem. IstwkJau.
W. V.Cen.&Pltts. Deeemb'r
3\.'-!83
49,219
35,190
54,450
15,632
17,179
K.C.Mcm.iBlr. ItnwkDco
L.E. 3d wk Jan.
&
Wheeling
4;J6,37t
294.'y9i
32,622
722,442
46,800
800,667
78.133
92,483
K.C. Wv. &N.\V Deoemb'r.
Wil. Col. & Aug., November.
1,042,680
1,063,334
87.194
145,147
87,489
212,137
49.564
74,000
KentuAy Cent. Deoemb'r.
wk Jan.
11.804 Wisconsin Cent.! 3d
12,470
6.207
80,886
6,324
5'2"^
7.368
Keokuk & West. 2(1 wk Jan.
Deeemb'r
182,914 Wrightsv.&Ten,
170,036
2.3o0
2,554
Kmgst'uitPem. IstwkDec
459,087
531,033
b Includes the Memphis division In 1889.
43,780
53,163
{ Mexican curreney.
Knoxv. A Ohio. November.
/Includes
62.513
61,282
Earnings of entire system, including all road operated.
5,772
4,900
L. Erie All. & So Deoouib'r
80,937 JFl. Worth & D.C. for first three mouths in both vears. y Main Lino ouly.
94,469
46,36o
41.90?
L. Erie & West. 2d wk Jan.
251.218
272,850
21,289
22,436
I«bich& Hud.. Decoiiib'r
'26,173
31.634
For the third week of January the gain reaches 9 -58 per
15,817
12.808
L. Rock & Mem. 2d wk Jan.
cent on 16 roads, that being all that have made returns as yet
Lons I.sUiml.... Decemb'r. 230,015 216.20o 3,485.370 3,414,780
418,393
423,577
42,629
37,530
lA. li Mo. Kivcr. November.
90,732 1,030.693 1,028,851
87,485
lrf)ui8.Ev.&St.L. Decemb'r.
DeereoM.
Inereane.
1889.
604,275
639,603
1890.
Sd week of Jan'iary.
Louisv.&Nasbv. 2ilwk Jan. 358,555 317,985
06,976
67,954
34,383
34,917
Louis. N. A & CU. 2d wk Jan.
172,935
251,133
55,002
81,426
Loulsv.N.O. iteT. 3d\vK Jan.
17,198
41,410
24.214
•Buffalo Roch. & Pitts
34,744
Lou. St.I-.ik Tex. Deoemb'r
4,661
68,093
72,754
27,000
35,150
Centrivl Vermont
Deoemb'r
Soutb'n.
Louisv.
49.128
r2
36,295
347,8
41,209
397,000
36.295
41,209
Chicago Mil. & St. Paul..
Memphis iSiCUas IstwkJan.
10.500
127.000
193,406 Denver & Rio Grande
226,757
137.500
97,182
IMexican Cent... 2d wk Jan. 127,493
26,424
116,920 Louisville N. O. & Texas.
55.00:
146,121
81,426
5 1,465
77,803
iMex. National 2a wk Jan.
14.381
37,233
3,893,868
4,133,145
51.614
59,632
West.
Sh.
&
69,365
Milwaukee
L.
Wk
Dee.28
U'way
{Mexican
4,016
103,332
18,184
152.596
22.200
37,233
51,614
Milwaukee &Norihem..
Mil.r,.81i. & West 3d wk Jan.
24,368
51,552
283,074
62,40U
238.7C6
18,184
22.200
PaciHc
INortheru
&
No
wk
Jan.
3d
Milwaukee
2,559
37,141
99,564 Pittsburg & Western
109,369
34,585
8,568
9,415
Mineral Range.. Deoemb'r.
7,595
1,354.560
96,005
1,464,157
103,600
110,427
Francisco.
142,550
San
Deeomb'r
St.Loul3&
ifeSt.L.
Miuneap.
1.053
4,13
5.190
93,442 1,630,726 1.102,499
177,354
Seattle L. 8. & Eastern..
M.St. P. i: 8.S.M. Deoemb'r
1.577
14,027
16.504
796,971 574,801 7,008,517 6,320,953 Toledo inn. A.& No. Mich.
Mo. Kan. & Tex. Deoemb'r
2.083
19,550
312,498 3,049,383 2,600.282 Toledo & Ohio Central
21,633
321.751
Mobile & Ohio .. Deoemb'r
12,560;
717.951
14,590
697,795
27.150
62,874
73,686
Kan.City.
&
Union.
November.
L.
To.edo St.
Montana
1.547
15,632
17,179
309,265 285,125 3,505,725 3,123.280 Wheeling & Lake Erie.
Nash.Cb.&St.l,. Deoemb'r.
24,436
203,212 Wisconsin Central
204,670
49,564
21,495
74,000
24,443
N. Jersey & N.Y. October.
169,98.)
182,06b
21,888
22,029
New Orl. & Uulf Deoemb'r
44,183
159,961|
1,325,255 1,209,117
Total (16 roads)
N. Y. C. & H. R. Dccemb'r. 2,981,531 3,000,831 36,056,598 35,283.584
115.838'
N.Y. L. E. & W. November. 2,479,171 ,250,298 25,324.162 24,867.5.50
Net increase (9 58 p. c.)5,694,26ii
6,062,272
492,637
609,990
Ohio
November.
iN. Y. Pa. &
* EarnlnitB diminished hv reason of a strike at the oompauy'a mlaea.
N. Y. & N. EnK November. 49 1 ,348 439,547 5,177,237 4,910,196
556,782
598,635
40,177
42,801
N. Y. &North'u. Deoemb'r.
t Snow interrupted traffic.
45,155
25,79a
50,904
23,03
N. Y. Out. & W. 2d wk Jan.
1,322,208
126,600
1,278,228
133,345
For the second week of Januiry the gain is 14-91 per cent
N.Y. Susq. & W.. November.
203,330
249,522
107,704
125,704
iNorfoik & West. 2d wk Jan.
on 79 roads.
550,980
553,558
50,951
59,490
H'theast'n (8. C.) November.
528,151 488,114 5,509,731 5,703,857
.'Korth'n Central. November.
Deereate.
769,201
1889.
751,018
1890.
Hortheru Piicitlc 3d wk Jan. 238,706 263,074
2 I week "f January.
8,11"
23,135
18.704
11,313
Ogd.&LakcCh Wk Jan.ll
1,489,97.118,656
1,434,167
129,888
Ohio Ind. & W.. Deeemb'r
21,805
151.850
163,959 Prev'lyreport'd (15 roads) 1,258,533 1,128,538
153,229
74,794
84,307
2d wk Jan.
Ohio & Mi.ss
188,912 Atch. Top. & 8. Fe lines
'20,538
218,753
17,383
Ohio & Northw.. Deoemb'r
110,138
8,039
381,906
920
10,901
821
492,044
Col. & Maysv. Decomb'r.
fully coutvolled
27,950
62.441
19,040 Atlantic & Pacific
22,511
11,412
9,523
34,461
2dwkJan.
OhioRivor
1,845
560,344 Bait. & Ohio South w
39,648
50,511
522,038
41.696
41,493
Ohio Soutliern.. Deoemb'r.
11,000
4,063
193.000
6.246
2,133
204,000
3,23
Obio Val. of Ky. 2d wk Jan.
(Janadiaii Pacific
427.710 'Central Vermont
6,646
63,694
45.373
524,889
59,323
70,340
Omaha & St. 1.. Deoemb'r
33,401
101,84a
135,244
Oregou Imp. Co. November. 434,901 419,181 4,020,077 4,520,469 Chesapeake & Ohio
9,249
38.349
47,598
Oreg. R. & N. Co. November. 579,339 615,273 5,634,564 5,834,203 Chicago & Atlantic
1,227
49.558
4S.331
Ore.S.L.&Ut.N. November. 586,525 537,668 5,958,939 5.195,869 Chicaeo & East. Illinois
29,943
43,546
73,489
Peun.sylvauia .. Deoemb'r. 5,495,204 4,808,082 61,514,445 58,172,078 Chicago St. P. & K. City.
710.228
20.387
22,430
24,989
728,337
19.549
l"eonaDec.&Ev. 4thwkDec
Chicago & West Michigan.
215
379.213 Cincinnati Jack. & Mack.
429,123
9.804
32,810
36,371
November.
9.589
Petersburg
22,165
147,914
412,193 412,333 4,322,310 4,115,877 Cin.N.O. &T.Pao. (5 roads)
170,079
Fhila. & Erie... November.
3,177
11,740
19,020,310 19,099,081 Cleveland Akron & Col ..
14,917
Pbila. & Read'g. November.
11,689
114.511 1,286,188 1,104.952 Cleve. Ciu. Chic. & St. L
188.163
1 15,874
209,852
Fittsb. & West'D November.
1,065
452,795
438,840 Colorado Midland
29.635
3r,'226
14,283
Pitts.Clev.i&T. November.
30.700
2,630
248,970 Col. & Cin. Midland
263,502
6,167
20,897
27,817
Pltt».Puin.&F. November.
8.797
73
111.431 Detroit Bav C. & Alpena.
37,144
107,932
7,690
34,585
Total system 3d wk Jan.
7,763
723
292,103 Detroit Lans. & North.
288,912
14,775
32,963
24,091
13.498
PtKoyal i: Aug.iNovember.
6,316
325,268
294,107 Duluth S. S. & Atlantic.
41,780
39,370
17.076
23.392
Pt.Roy.A; W.Car.jNovember.
108,501 East Tennessee Va. & Ga.
23,854
11,400
11,714
128,508
112,667
Prea.AiAiiz. Con. Deoemb'r.
136.521
210,703 Flint & Pore Marquette..
6.127
245,955
40.573
19,888
19,680
Quincy 0.& K.C.lDecemb'r
46.700
529,600
464,523 Florida Cent.& Peninsula.
1,961
24,928
«K.&Dau. Sys'm!2'l wk Jan. 284,050 248,525
26.889
3.407
25,59243,015 Grand Rapids & Indiana.
21.821
270,115
31,293
Eich. i Petci-sb. November.
30,886
576
103.825 120,886 1,483,506 1,366,022
6,703
Bio Gr. West. Decomb'r
6,127
Cincinnati E. &Ft.W...
147
8,400
4,200
2.619
Borne & Decatur Deeemb'r
2.472
Other lines
25,620
293,765 267,368 3,578,890 3,363,790 •Grand Trunk of Canada.
299,045
Bome W. & Ogd. Deoemb'r
324.665
25,230
19,843
69,630
42,521
10,919
58.187
Bt. Jos. & G. l.sl. 2d wk Jan.
75.106
Chicago &Gr. Trunk ..
8t.L.A.A;T.lI.B'6'2d wk Jan,
24,730
43,777
35,014
19,702
16.887
1,251
18.138
Detroit Gr. H. &Mil ..
231
et.L.Ark.&Tex, d wk Jan.
57,450
116,017 Kanawha & Ohio
81,678
145,997
5,208
4,977
8t.L.DesM.<!.:N. Deoemb'r.
6,178
61,636
52,465 Keokuk & Western
4,651
305
5.902
6,207
103,600
284.356
271,094 Lake Erie & Western
96,005
,et L.& San Fran. 3d wk Jan.
41.903
4,462
46,365
2,949
etPaul&DuI'th Deeemb'r
89,559
88,590 1,290,097 1,524,918 l,ittlc Rock & Memj-his..
1.5,817
12,868
730,009 858,129 8,833,223 9,281,834 Louisville & Nashville...
Bt P.Miu.&Man. Deoemb'r
317,985
40,570
338,555
60,167
East, of Minn. Deeemb'r
11,225
634
34.383
34,917
&Chic...
Alb.
Louisv. N.
77,839
54,642
Montana Cent. Deeemb'r
30.31
97,182
127.493
Mexican Centr.ll
32,758
18,396
B.Ant.&Ar.Pass- 2d wk Jan.
63,074
39,085 Mexican National
23.338
54,465
77,803
16,870
17,357
757,121
8. Fran.&N.Pae. 4th wk Dec
727,109 .\iilwaukee & Northern..
3.617
16,283
19,900
25,110
2,75'
18,673
204,533
126,581 Now Y'ork Out. & West...
6av. Am. *t Mou. Deccmli'f
23,036
25,793
72,8"36
59,678
470,017
Scioto Viilloy... Scptemb'r.
500.437 Norfolk & Western ..----.
107,704'
18,000
123,704
3,190
4.137
Beattle L. 8. & E. 3d wk Jan.
15,566
11,844 •Ogdensburg & Lake Ch..
3,196
8,1171
11,313
9li5,712
92,000
65,4 45
Bheuandoah Val Decomb'r
831,948
74,794'
9,513
84,307
Mississippi
121,041 123,506 1,352,609 1,269,031 Ohio &
Bouth Carolina Deeemb'r
9.523
1,889
11.412
-.
Ohio River
Bo. Pacltto Co.—
2,133
1,104
3,23"
of Kentucky.
Valley
Ohio
Gal.Ilar.&S.A November. 386,827 398.156 3,606,230 3,459 754
248.523
33,525
284,050
roads)
& Danv. (8
108,19i
Louls'a West. November.
97,375
993,592
883,328 Rich.
19.843
5,387
25,230
Gr. Island..
&
Joseph
St.
Morgan's LifcT. November. 605,416 587,008 4,797,570 4,614,0.83
19.709
5,021
24.730
Alt.&T. H. Brches.
•25,157
N.Y.r.&Mex November,
16,108
170,375
130,688 St L.
57.450
24,228
81.678
Ark. & Texas.
Tex. & N. url. November. 180,206 141,941 1.566,976 1,312,269 St. Louis
90,283
2,569
854
9.'.
Francisco.
Atlantic ays'm November. 1,285,79(1 1 .210,588:11,134,743 10,430,719 St.Louis&San
18.336
14,362
32,758
San Antonio & Ar. Pass..
Paclflc sysleuvNovcmber 2,840,237 ,930,127 31,52.',219'32.291,203
23-!
13),
11,822
143,060
Total of all jNo vomber. 4,126,053 4,170,715 42,656,991 42,721,921 Texas & Pacific
65
19.957
20,022
Toledo & Ohio Central
Bo. Poc. RR.—
1.235
15,022
16,277
Peoria & Western.
No. Div. (Cal.) November. 176,308 185,001 2,108,393 1,931,550 Toledo (cousol. system).
204,163
57,826
261.991
W^abash
491.724 521,132 5.611,393 6,122,109
Bo. Div. (Cal.) November.
Arizona Div.. 'November. 177,286 104,630 1,706,435 1,9^3,589
59,375
775.298
5,516,724 4,800,801
Total (79 roads)
82,483
New Mex.Div.Novomber.
78,584
865,523
016,725
715.923'
13,035
11,276
109,181
9J,82
Net increase (14 91 p. c).
Bpar. Uu. & Col. November.
Btatcn I. Uap.T. November.
54,470
5'2,7J1
876,489
856,889
*For week c^diEg Jan. 11
*
2,472
324,6«5
75,100
18,138
5,015
107,563
18.000
Gr.Bap.&Iiul.Other lines. .. adwk Jan.
GraudTi-nuk... W'kJan.ll
Chio &«r.Tr Wk.Tan.ll
Det.Gr.M.&M. W'lfJau.ll
Gull&lbicago. Deccmb'r.
.
2,619
299,045
58,187
16,887
6,686
89,660
14.754
|
.
.
'
(!
.
.
. .
.
.
.
. .
.
.
.
. .
li
.
.
.
.
.
838
.
.
.
.
.
.
.
.
.
I
.
I
jAWaAET
THE CHRONICLR
23, 1890.J
J37
Net Earnlnf?8 Monthly to Latest Dates.— The tables follow- sengers carried during the year was 4,698,633, an increase'o
*"
139,869.
~^
ing show the net earnings roi)orted this week, the returns for
-"«f
The capital account of the"company on November 30, 1S89,
each road being publislied here as soon as received, but not
kept standing from week to week. The figures cover the was preferred stock, $106,300; common stock, $40,385,010:
total, $40,441,310; and the landed debt was $34,818,000.
Add
latest months and the totals from January 1, and also tha
$10,000,000 loans of the Pennsylvania & New York Canal
totals for the fiscal year on those comp mies whose fiscal year
$6,000,000 Easton & Amboy loan, and ?2,023,.'>00 preferred and
consolidated stock, and 7 per cent scrip of the Morris Canal &
does not correspond with the calendar year.
Banking Company, making an additional toUl debt of $18,^Jan. X to Dee. 31 ->
December.
262,500, upon which the Lehigh Valley Railroad is obliged to
Roaffg,
1889.
1888.
1889.
1888.
Chesapeake & Ohio. Gross. 513.000 418,604 0,133.010 5,113.929 pay interest. Of the mortgage loan issued by the Pennsylvania & New York Canal & Railroad, referred to in the last
»i)4,UI3
Net...
125,000
45,000 1,504,315
July! to Dec. 31, ) Gross.
3,535,233 2,(;'J1,090 annual rei)ort of that company, $7,000,000 have Ix-en received
mouths
1,093,696
JNet. ..
013,J00 by the Lehigh Valley Railroad in settlement
for the preferrwi
Pennsylvania
Gross. 5,495.264 4,808,082 61,514,446 58,172,078 stock of that company and its
accretions, &c. Of theae,
Not... l,«tJ4,238 1,195,846 20,417,640 18.840,925
$4,000,000 bearing interest at the rate ol 5 per cent, and |8,Pres. & Ariz. Cent... Gross.
11.400
11,714
128,508
108,501
,
.
Not...
8,229
91.H33
Gross.
Net... def. 7.920
Lykens Valley
Orosa.
83,849
Not... def.5,422
Tenn. Coal & Iron Co. Not...
83,000
Feb. 1 to Dec. 31, )
^^^
11 months.
Bnmmit Branch
8,154
114.075
13,119
82,731
84,830
1,1P0,954
67,467
77,000
727,600
666,800
09,113
1,412,073
203,693
921,183 1.012,212
747 def. 20,773 def. 15,020
1889.
1888.
%
*
J?/)orf«.
Rlchm'd
,-July 1
1889.
/)fce»i6er.-
.
&
to
%
Danville. Gross.
466,091 427,431 2,671,805
Not...
228,525 205,466 1,144,917
Virginia Midland. .Gross.
184,.501
148,361 1,192,528
Net...
61,448
53,102
460,364
Char. Col. <t Aug. .Gross.
81,706
89,774
475,279
Not...
24,027
43,551
161.974
Col. &. Greenville.. Gross.
79,300
71,939
429,406
Net...
31,324
34,790
158,628
West'nK. Carolina. Gross.
72,002
63,036
427,350
Net...
21,136
99,113
6,519
Georgia PaclBc
Gross.
190,881 133,516
871,892
Net...
56,824
186,265
8,780
Wash. O. k West. .Gross.
9,893
8,984
75,491
Net...
829
2.073
21,389
Ashe v. & Spartaub G ross
10.334
8,790
66,428
Not...
J, 102
113
5,620
Total system
Gross. 1,094,988 951,832 6,210,178
Net...
425,214 354,400 2,238,298
-Ifocember-Jan 1 to
1889.
1889.
1888.
.
.
.
ItnnilK.
Clev.
Gross.
Net...
July 1 to Nov. 30, ) Gross.
5 months
J Net...
Ea8tTenn.Va.&Ga. Gross*.
Net"..
July 1 to Nov. 30, ) Gn)38*
5 mouths
{Net*..
Knoxville & Ohio. Gross.
Net...
JnlyltoNov.30, (Gross.
5 months
(Net. ..
Eliz. Ixjx. & B. Sandy .Gross.
Net...
Oregon Impr'm't Co. Gross.
Net...
Dec. 1 to Nov. 30. ) Gross.
Ore.
JNet.
e.U&UtahNo. Gross.
Net...
Net...
Gross.
Net...
Tot. U.P. syst'm. Gross.
Net...
Ore. R'y iSc Nav. Co. Gross.
Net...
St. Jo. AGi'dlsl'd. Gross.
Net...
Con.Br.<Str8'dllne8. Gross.
Net...
Montana Union... Gross.
Net...
All other lines
^sr'dsj'ntlyown'dt. Gross
Net..
total
Gross
.
,
Net...
57,028
9,760
61,.'568
17,713
53,163
21,128
69,389
28,845
454,901
115,491
JJet...
t
488,924
193,025
353,755
136,855
361,297
56,842
704.831
146,871
69,435
23,640
63,302
10.099
5,430,788
1,982,385
Nov. 30.—
1888.
684.531
173,368
338,406
92,206
637,325
141,078
3:13,361
586,525 537,668 5,958;939 5,195,869
249,190 253,329 2,668,094 2,189,365
994,660
95,312
75,740
911,244
df. 30,450 df. 31,039 df. 138,622 df. 80,695
2,207,571 2,109,832 21,415,291 21.493,319
761,641 833,703 9,043,112 8,636,379
2,889,408 2,723,240 28,285,474 27,683,848
980.381 1,055,992 11,572,584 10,745,048
579,339 615,273 5,634.564 5,851,203
217,219 230,849 1,655,850 2,233,228
129,473 128,132 1,108,434 1,046.132
310,404
53,574
45,974
378,174
9C:,752
830,352
82,258
753,197
96,176
33,157
17,370
195,847
717,951
73,686
62,874
697,795
102,622
i;424 df .18,752 df. 105,762
390,154
39,319
34,238
377,872
dcf.1,421 df.ll,051dcf.73,.501
13,132
3,728.491 3,583,110 36,159.540 35.805,048
1,282,907 1,359,135 13,728,953 13,397,988
OclolxT.
,-Jan. 1 to Oct. 31 1883.
1888.
1888.
1889.
$
$
*
$
257,555 199,532 1,687,793 1,876,490
91,109
388.121
36,332
380,818
.
noad.
Chicago &. Atlantic. Gross.
*
»
2,400,213
1,030,232
988,829
378,222
74,420
517,569 5,775,531 5,118,226
181,149 2,332,013 1,772,173
2,892,356 2,462,632
1,209,341
857,189
531,083
459,687
48,780
19,584
198,930
189.472
252,085
222,327
89,289
88,972
87,232
752,897
919,158
34,454
300,558
255,882
419,181 4,026,077 4,520,409
723,000
990,733
90,242
4,361,659 4,891,6/4
723,231 1,066,130
624.189
257,737
..
Don. Lead.ifeQunn. Gross
Grand
631, lOo
Dec. 31.1883.
$
Akron & Col
12 months
Union Paclflc—
695,000
IncludlnR results on Knoxville
Includiug Montana Union.
,
A Ohio,
ANNUAL REPORTS.
Lehigh Valley Railroad.
November 30, 1889.^
The annual report for 1888-9 includes in its statistics the
Pennsylvania & New York Canal & Railroad.
The total
fFor
the year ending
tonnage of the Lehigh Valley Railroad system (including the
Pennsylvania and New York Uanal and Railroad was 12,813,751 tons, an increase of 181.731 tons as compared with tlie
previous year, of wliich 8,!!23.594 tons were anthracite coal.
a decrease of 327,233 tons 283,444 tons bituminous coal and
coke, a dccrea.se of 63,.573 tons and miscellaneous freight
4,205,718 tons, an increase of 573,535 tons. The niunberof pas;
;
000,000 bearing interest at the rate of 4 per cent, guaranteed
principal and interest by the Lehigh Valley Railroad, were
sold during the ;year. The remaining $3,000,000 will be held
by the trustees in accordance with the provisions of the mortgage, to retire a like amount of the 7 per cent Ix)nd3 of that
company maturing $1,500,000 in 181)6 and $l,.'50O.0O() in 1906.
The Geneva Itiiaca
Sayre Railroad was sold under foreclosure of its second mortgage in August last, and was purchased by the Lehigh Valley Railroad, subject to the mortgage
of the Ithaca
Athens Railroad, for $600,000, due July Ist
next. These bonds will be paid at maturity, or exchanged for
some other security.
new organization was formed under
the title of the Geneva & Sayre Railroad. The Ithaca Auburn
Western Railroad, formerly operated by the I^ehigh Valley
Railroad as a leased line of th? Southern Central Railroad, has
during thrfpast year been sold under foreclosure. The portion
of the line between Genoa and Freeville has been abandoned,
and the portion north of Genoa, about 20 miles, will hereafter
be operated as a part of the Geneva
Sayre division of the
&
&
A
&
&
Lehigh Valley system.
The report
states that "the improvements referred to in the
annual report as under construction at the Morris Canal
Basin in Jersey City have been completed, and were in use
during the year; they are, however, inadequate to meet the
requirements of our business and must be further extended in
the near future. In addition to our terminal properties at the
Morris Canal Basin, we have acquired interests in other valuable water fronts at tidewater on New York Bay, and are.
extending our line from Rosalie through Newark to make
these properties available for our rapidly growing freight
traffic, as well as to provide additional facilities for the shipment of coal in the harbor of New York. Our midn line,
through the purchase of the Geneva Ithaca & Sayre Railroad
and the extension to tidewater as stated, now extends from
Jersey City to Geneva a distance of 97 miles from the terminus of the Lehigh Valley Railway at Buffalo. The Buffalo <fc
Geneva Railway Company has located its line between these
points, and has under contemplation its early construction.
The Geneva & Van Ettenville Railroad was organized
for the purpose of reducing the grades and shortening the
line between Geneva and Van Ettenville.
The completion of
these roads in connection with our own wiU give us a line
between Buffalo and the seaboard, with no adverse grade exceeding 31 feet per mUe, except that of the Wilkesh«rre
Mountain (which was by the mountain cut off, as stated in
last annual report, reduced from 96 to 64 feet to the mile), and
make available our lines in the city of Buffalo, and extensive
improvements and terminal facilities upon which there have
been expended several miUions of dollars."
The arrangement for supplying water to the city of Newark
last
—
referred to as follows
" An agreement, dated September 24th, 1889, was entered
between the Lehigh Valley Railroad, the East Jersey
Water Company and tlie City of Newark, N. J., to construct
from a part of the water- shed in the northern part of the State
of New Jersey, controlled by this company, to the City of
Newark, a pipe line or conduit, together with such dams,
reservoirs ana works as may be necessary, and to supply to
said city so much water as it may need and require, up to a
maximum quantity of 50,000,000 gallons per day, with the
right at any time within a stated period to exercise an option to
become the absolute owner in its own right of the said water
works, upon the payment therefor of the sum of $6,000,000, of which $4,000,000 is to be paid in cash or bonds of
the City of Newark upon the delivery of the works, and
the remaining $3,000,000, at the expiration of eleven years
from the date of the contract, during which period the East
Jersey Water Company retains the right to divert and use for
its own benefit so much of the water as the city may not during that time need for its own use, up to 27,500,000 gallons
daily.
All water conducted in excess of that amount -syill be
under the control of the Water Company. Said $3,000,000 to
be secured by the deposit, with some person or coriwrntion to
be agreed upon, of bonds of the said city of Newark in that
amount, interest upon which, however, sliall not accrue until
the e xpiration of said period of eleven years. The above option has been duly e-xercised in the manner provided for
the contract, by resolutions reci^ntly passed by the Newark
Aqueduct Board and by the Common Council of the city, certified copies of which have been served upon the Water Company. This work is now in progress, with every prospect of
is
:
into
m
being completed within the i)eriod contemplated by
tlie
con-
tract."
The operation of the
resulted as follows :
whole system for the past year have
IHE CHRONICLE
188
Eamingt —
l^om coil
From nil<oellauiou8 freight
From i)aaa> ntri^rs
From pxprevH aiiil mail
From other lt»-mii
Income from
in\
A.
$9,647,404
4,309,H!9
1,839,72H
14S,3(i7
100,762
estmenU and other souroes
1,54,'),912
$16,64!),050
Oo»tof operation, InoludinK rentals of leased
11,393,47;')
lines
$5,255,580
Net rerenue
J.
[Vol. L.
Hardenbergh, Isaac Lewis, Frederick Martin, George
W. Wingate, Henry J.
Cullen, Jr.
President Putnam's report said among other things "During the year the Union Elevated Railroad Company has completed and delivered 5"94 miles of road, making atotal mileage of 17'30 miles now operated by the Brooklyn and Union
roads as follows: Brooklyn L., 6'75 nules Union L., 10'55
miles. It is expected that the section of road on Fifth Avenue,
from Twenty-fifth Street to Thirty-sixth Street, will be completed and ready for operation by May 1, 1890 at which point
this road will connect with the Brooklyn Bath & West End
and the Prospect Park & Coney Island railroads, making
direct all-rail route from New York to Coney Island and intermediate points. The above-mentioned companies are building at Thirtieth Street and Fifth Avenue a union station, to be
completed by May 1, which will give all facilities for transferring passengers to and from our road.
" It is very gratifying to know that the earnings have been
sufficient since the completion of the various routes to pay all
fixed charges (except taxes) on the combined system. The
passengers carried from December 31 1888, to December 31,
1889, were 24,624,255: the gross earnings were $1,254,511
the operating expenses were $781,889, leaving the net earnings
$472,621.
TTie fixed charges were $4.55,319, leaving a surplus
of $17,302. Operating expenses, 62-32 per cent of receipts.
The above operating expenses do not include taxes on the
structure now in litigation."
:
;
;
Against which there has been charged
General expenses. Interest on floating debt,
:
$945,788
taxes, loss on Morris Canal, <feo
Intercston bonds (Inclnding luteitst oa guaraa.*.
2.ie8,.S7l
teed bonds and stocks)
2,018,201
Dividends on preferred and common stocks
5,132,541
leaving to be added to the credit of the
profit
$123,039
-and loss account
Lake Erie & Western.
—This company, of
whijh Mr. C.
S.
President, has just declared the policy of 4 per cent
^vidends per annum on its preferred stock, payable quarterly, and will pay the fii-st dividend of 1 per cent on Feb. 14,
proximo. Tlie company has done remarkably well since its
reorganization, and the directors make this statement " The
Board of Directors have heretofore felt that the necessities of
the property were such that it required the application of the
net earnings to its improvement and the procuring of additional equipment, but the time has now arrived when such
extraordinary expenditures are no longer required. That they
feel justifled in declaring a dividend of one per cent on the
preferred stock for the quarter ending Decembei* 31, 1889,
payable February 14, 1890, with the belief that such rate of
dividend can be maintained and gradually increased hereafter,
the property at the same time being kept up in good condition."
The company reports actual cash on hand January 15, $421,554, out of which $800,000 will be spent for new equipment.
The surplus above fixed charges for the two years and
eleven months since reorganization has been $1,487,734. Of
that amount $1,144,087 has been expended in construction for
betterments and equipment, and $200,000 was appropriated to
be spent for equipment, as stated above, leaving the amount
applicable to dividend on the preferred stock $143,647. The 1
per cent dividend declared wtU require the disbursement of
$120,000, leaving a balance on hand as of January 15 of $23,647.
In addition to the $1,344,087 of net earnings that has been appropriated for the improvement of the property, the company
has expended for the same pui-pose a considerable amount
received in the reorganization, so that the total applied to the
improvement of the road during the last three years is not far
from $1,750,000. The company has no floating debt, and its
funded debt is $6,000,000 of 5 per cent bonds.
The exhibit of earnings for two years is as follows
Brice
is
:
:
„
1888.
$2,167,789
^roBS earnings
»et earnings
,
Cnterest, taxes and rentals
..
Surplus
T»natruotion and betterments
Balance
1889.
$809,940
397,»78
$2,515,000
$1,020,000
420,000
$412,061
302,077
$600,000
440,OJ0
$109,984
$160,000
GENERAL INVESTMENT NEWS.
,
;
—
Chesapeake & Ohio Richmond
mond, Va., January 20, a meeting
&
Alleghany.
—At
Rich-
of the stockholders
and
&
Directors of the Riclimond
Alleghany and the Chesapeake
Ohio Railroad Companies was held, and the sale of the
Richmond & Alleghany to the Chesapeake
Ohio was completed.
At this meeting the execution of aU the necessary
papers was authorized and the final delivery of the property
was made. In a short time the new bonds and stock issued
by the Chesapeake & Ohio will be ready for distribution.
The deed of transfer was recorded in the Chancery Court.
The RichmoAd
Alleghany conveys to the Chesapeake
Ohio all of its property, and the consideration named in the
deed is $6,000,000 in first consolidated mortgage gold bonds of
the Chesapeake
Ohio $1,000,000 in second consolidated
mortgage gold bonds of the same company 10,000 shares of
the preferred stock, the par value of which is $1,000,000;
60,000 shares of common stock, of the par value of $6,000,000.
There are
'These securities will be disposed of as follows
$1,000,000 of the new first mortgage bonds that bear 4 per
cent from January 1, 1890, and these are to be deposited in
trust to take up and retire $847,000 of notes issued by the Purchasing Committee or by the R.
A. Company. The remaining $5,000,000 of first mortgage bonds bear 2 per cent interest
per annum till January 1, 1894, and 4 per cent afterward, and
firsts.
these will be exchanged for the $5,000,000 of old R.
The old R. & A. seconds for $4,000,000 receive for each $1,000
the sum of $250 in new second mortgage gold bonds bearing 3
per cent for the current year (1890) and 4 per cent afterward
Ohio first preferred stock (instead
also $125 in Chesapeake
'The old
of income bonds) and $625 in new common stock.
R. & A. stock of $5,000,000, having paid the 10 per cent
O. stock for 70 per cent of
assessment, receives new Ches.
its face and C.
O. first preferred stock for the assessment.
&
&
&
&
&
;
;
:
&
&A
;
&
&
&
—
Dpnver Tc\&» & Fort Worth. Union Pacific Denver &
Gnlf.—The Trust certificates of the D. T. & F. W. issued by
the Mercantile Trust Co., stamped as assenting to the agreement of consolidation, were listed this week on the New York
Stock Exchange. A meeting of the certificate holders wiUbe
held at the office of the Mercantile Trust Co. on Feb. 4 for the
Bed voting trust, representing upwards of 200,000 shares of purpose of having views expressed on the subject of the prothe company's stock, met in Boston, and a ballot for three posed consolidation, and on Feb. 20 a formal vote will be tasen
trustees was taken, electing Director B. P. Cheney and Messrs
at a meeting of the shareholders in the city of Denver. HoldLevi C. Wade and William J. Rotch. This makes the list of ers of D. T. & F. W. stock will receive share for share in the
trustees George C. Magoun, Thomas Baring, J. J. McCook, O
map showstock of the Union Pacific Denver & Gulf.
"W. Peabody, Benjamin P. Cheney, William J. Rotch and Levi ing the lines of the consolidated company will be found in
C. Wade. It is understood that the new trust agreement, be- the Investors" Supplemest, issued to-day; the aggregate
sides limiting the trust to a term of live years, will provide mileage is stated, including the Fort Worth & Denver City, as
that deposits of stock will not be binding unless 300,000 shares about 1,435 miles. The terms of agreement provide that if
are secured, and it wiU also allow six months for the puttine the Fort Worth & Denver City shall be consolidated or ac^
of the stock.
quired by the Union Pacific Denver & Gulf, the property may
Baltimore & Ohio Southwestern— Cincinnati Washington be made subject to the lien of the consolidated mortgage, the
JSaltlmore.— On the 4th inst. the pro forma board gave bonds of which in such event may be issued at the rate of
mile, and set apart to retire at par the'outstanding
place to the regular board, namely, Messrs. E. R. Bacon
and $25,000 a
H. W. Poor, of New York W. P. Harvey, Baltimore Pat. issue.
Burton and Geo. H. Hopkinson, London; Orland Smith,
Georgia Carolina & Northern. A report of the officers
W. Peabody, F. H. Abno, L. Emerson and W. T. McClintock shQwp that the bonds are all sold and the money ready to comCincinnati
and Amos Smith, of Chillicothe. Mr E r' plete the road to Atlanta. Nine hundred thousand dollars has
Bacon was chosen President and W. W. Peabody Vice-Presi- been spent on the line. The contracts for grading have all
dent The new securities are being executed "and will be been let to the Savannah River from Monroe, N. C. The headready within 30 days. To Mr. Bacon, the new President is quarters will be moved to Athens by Feb. 1.
lar^lvduethe successful reorganization of the company so
Manhattan Elerated;— Mee'ings are called of the stock<[uickly after the issuance of the plan. The company is
now
of this company and of the Metropolitan Elevated for
on a more substantial basis, with fixed charges of only $495 000 holders
Feb. 26. They are to meet for the purpose of sanctioning the
and under the receiver, although handicapped by insufficient creation
of a mortgage or pledge of the corporate property to
egmpment, the road earned in 1889 about $650,000. There are
secure a series of proposed bonds of the Manhattan Company,
f^OO.OOO to $1,000,000 at the disposal of the Board for
new limited to $40,000,000 for the present system of railroads of
equipment and betterments.
the company and of the Metropolitan Elevated Railway ComBrooklyn EleTated.— The stockholders of the Brooklyn pany, and to $600,000 a mile of double track and $300,00) a
Elevated Road have elected the following directors, of
whom mile of single track of elevated railway, constituting an exGeorge W. Wingate, Henry J. CuHen, Jr. and Frederick Marun tension of said system hereafter actually constructed or
acquired.
*2£ j*^^ °^^ Henry W. Putnam, Henry A. Putnam
' \?^<^"<'"'^ Uhlman, Edward Lauterbach, Elbert Sned1
Ml<8onri Kansas & Texas.—The important annotmcementis
«ker, Hugo Rothschild, Adolph Ladenberg, Simon
Uhlman' made by the Olcott Committee that "the committee of which
Atchison Topcka
& Santa
Pe.—Tlie subscribers to the modi
A
m
*
;
;
;
,
V^
'
W
—
Jancary
THE CHEONICJLE
25, I8t0.]
Mr. Edward King is chairman have withdrawn their plan
and at their instance, there being a doubt under the laws of
Kansas of power to give a vote to bondholders, we iiavo
agreed, instead of granting income bondholders a vote, to insert in the Secjnd Mortgage certain provisions in order to effectually insure the application of net eamiugs to payment of
interest on that mortgage."
The time for the deposit of securities with the Central Trust
of New Yorli under the reorganization agreement,
for the aci^eptance of all the rights thereunder, has been
extended to Monday, February 3, 1890, inclusive, after which
date securities will only be received "ex rights" for such limited time, and upon payment of such penalty as the com-
Company
and
139
adopted calling for the appropriation of
In accordance with tlie agreement lx.'tween theFort Wayne and the Pennsylvania companies, this amoimt
will be furnished by the Pennsylvania, which will receive from
the Fort Wayne Company an equal amount of special improvein this, the resolution
$750,000.
ment
stock.
Loais Arkansas ft Texas.-The Reorganization Com*
is a strong one, composed of the following prominent
gentlemen: Mr. F. P. Olcott, Chairman, and Messrs. 00107
Budge, Jiunes Speyer, J. Kenne<ly Tod and Edmund Smith.
The plan of reorganization lias been issued tliis week, and it
seems to liave been devised with care and with a just considSt.
mittee
'Hie
eration for the rights of all classes of security bolderB.
criticism that the first mortgage bondholders are unduly
favored seems hardly a fair one, in view of the fact that they
have given up permanently 2 per cent, per annum of their
bligatory interest, without which concession any satisfactory
reorganization could hardly be effected. The sec<jnd mortgage
bondholders ijeing assessed 5 per cent, and the sto<;kholders
assessed 10 jer cent, appear to be dealt with reasonably,
when wo consider tlie equivalent they receive for tlie a auoao
ment and the relatively low position their holdings have taken
heretofore, as judged by their market value.
BAi.TiMoitE & Ohio RR.— $2,600,000 additional five per cent codboUAs to future control of the company, it is left in the natural
dated inorttciige jfolo oouda, uiakioK total amount lifted :(ilo,li)0.0O0.
CBNTRAI, RR. of Nhw Jkhskv.— «;-»,297,000 additlouiil general mort- and legal way to the vote of a majority of the stock, common
gape live per contboudu, makiiK? the total amiuuc listed .iSJl.Mijii.OOO. and preferred, amounting to $36,500,000. There has never
DENVKiiTBXis.fc Fort Worth Railroad.— $18,000,OaO irust oertltlbeen any evidence, so far as we know, that Messrs. Qould
cates, stiunped iis-^ontod.
Louisville ,t Na.siiville Railroad.— $993,300 additional capital and Sage will hold a majority of tliis stock; on the contrary, it
making total Hated $34,106,100; also is to be remembered that before this reorganization they held
stock, to l)e added on February
f !i28,0O0 additional tlrst mortgage Hve per cent collataral trust bonds, complete control of the company througli that "voting trust"
making total amount listed *4,G67,00O,
protection for bondMiLWAUKEK Lake Shore a western Railroad.— $2.50,000 addi- which had been established as a supposed
holders, and in the new reorganization that control is actually
tional extension Improvement Ave per cent sinking fund gold bonds,
making tot^.l amount listed $2,011 OOO. Bonds amouutlng to $1.01 1,- relinquished.
OOO were listed through exchanges for debenture bonds in actordance
The plan also proposes to furnish abundant means for paying
TFlth the ruling on the cummllteo.
floating debt and putting the property in good condiNorthers Pacific & Montana R.R.- $1,123,000 additional first off
will be reduced to
mortgage six per cent gold bonds, making total amount listed $5,256,- tion, and the obligatory interest charge
$800,000 per year, while the road is now earning over $3, 900,000
000.
Oregon Short Line & Utah Northern Railway.-S384,000 con- gross. Upon the whole, there seems to be every reason why
solidated first mortitage five per cent cold bonds; also bonds to the holders of bonds and stock should deposit them speedily with
amount of $f ,793,000 bo added from time to time when Is-ued. Tne the Central Trust Company, as the limit of time expires on
Commllteo on stock List were authorized to add to list from time to
time such amounts of add tional capital stjck of this compaay on otM- February 15 proximo. It is stated officially that over ."SO per
cial notice that It has reen issued. The Increase of cap tal stock 1<
cent of the firsts, 40 per cent of the seconds and about 35 per
$2,210,960, so that the total wUl be $27,000,000, of which $1,487,300 cent of the stock have already been deposited.
The plan in
will bo immediately Usuod.
full, including the privilege offered to present holders to subWABABii Railway.- $322,000 addlt'onal first mortgage five per cent
found
on the folscribe for a block of the new bonds, will be
gold bonds, making total amount listed $22,106,000.
lowing
page.
is
It
anTrans-Continental.—
Oregon
Northern Pacillc
announced that Mr. Villard has negotiated in Europe §6,000,St. Panl Minneapolis & Manitoba.— Holders of the col000 of the new general mortgage bonds of the Northern lateral trust bonds can obtain their principal in connection
Trans-Continental Com- with the February coupon on and after February 1, at the
The Oregon
Pacific Company.
pany has also sold the Puget Sound Shore RaUroad to the offices of the company, 40 Wall Street. The interest will
Northern Pacific Company for $1,000,000 of bonds of the same cease after March 1, when the bonds are to be paid off. The
issue.
Great Northern will receive at any time these bonds in pay*
Orejron IniproTement. This company has declared a quar- ment for its preferred stock.
terly dividend of 1 per cent, payable Feb. 3 to stock of Jan. 22.
Co., of this
Scioto Yalley.— Messrs. I. B. Newcombe
The net earnings for the year ended Nov. 30, 1889, were §733,- city, purchased the Scioto Valley Railway, which was 8<dd
including
4
000.
The charges, sinking fund and dividends,
under foreclosure at Portsmouth, Ohio. It is said that they
per cent on the common stock, call for $756,000, or $33,000 propose to make it part of a large system.
The main line
three
for
the
declared
is
above the income. The dividend now
the line
from Portsmouth to Columbus brought $3,700,000
months to end Jan. 31, 1890.
from Portsmouth to Petersburg $800,000 rolling stock subject
Pennsylvania. The gross and net earnings for December, to mortgage, $65,«00 ; total $3,365,200. The sale will be conand for the years 1888 and 1889 were as lielow stated. On the firmed Feliruary 1.
lines west of Pittsburg and Erie the net results, after payment
Trust Companies in New York and Brooklyn.—The folof interest and all charges, is shown in the second taljle
lowing statements are from the reports tiled with the Banking
LINES EAST OF PITTSBURG AND ERIE.
Department at Albany:
-Ifet Eamingn.Oro88 Eaminigg.
CENTRAL TRUST OOMPABNT OF NEW YORK.
1889.
1888.
1889.
1888.
Jiesourees.
$8,410,471
$8,692,763
Jan. ltoJane30.$27,H58,205 $2S,004,237
1,-55,654 Bonds and mortgages
1,,'>98,408
4,82-.i,4I2
5,241,674
July
j'l?2'S2?
2,632,474 Sioek investments (market value)
5,993,964
2,149,423
August
5,390,939
in'SiS oiS
l»,3B^,wS
1.979,828
1.955,442
September
5,428,733
5,28.5,427
Amount loaned on collaterals.
2.140,165 Amount loaned on personal securities
1,775,245
October
5,146,158
5,857,772
S?S'SAa.
1,734,-09 Real estate (cMlmated value)
4,8ti0,8.''4
5,497,800
1,473,797
November
„ x32'?X?
l,ti64.238
1,195,846
December
5,495,264
4,808,082
Cash on hand and on deposit
^•9,.^'lS.l
240,091
Other assets
Total year
$58,172,078 t61,514,445 $18,840,925 $20,417,610
$27,339,203
Total
lines west OF riTTSBlIRO AND BRIE.
LiabUtties.
Nel surplus or delicit afterpayment of charges.
_^
XK#.<nl889 Capltalstock
1889.
1888.
•l'°29'2S?
Loss. $144.«08 Sufplnsfund
Def.
Jan. 1 to June 30.Def. $293,0S6
$437,694
^?2J'2?f
184,213 Deposits lu tiust
Gain.
July
8ur.
95,596
Sur.
279,809
,v'.,l.'„^
lS,410,3ira
282,220 General dHposfts, payable on demand
Gain.
August
Sur.
Def.
10,195
272,025
178,!i68
2«2.»27
Gain.
September
fur. 127,939
Sur.
306,907
Other liabilities.......
27l>,822
Gain.
Sur.
1-8,403
Sur.
October
359,227
$27..'i39,203
3v9,943
Sur.
Gain.
Novembe». ........ Def. 159,093
140,830
Total
$7tiO,S6a
191,404 Total amount of interest and profits received last rtx mos..
Gain.
Def.
19,711
Sur.
December
171,693
24l.J6a
Amount of interest credited di-positors, lame period.
Sur. $1,092,817
Def. $170,115
Qaln.81, 262,962 Expenses of the iustltution, same period
Total year
,S5'X5x
capital stock, same period
on
declared
Dividends
,„
ivx'SiS
Philadelphia & Reading.— The Pennsylvania Annuity & Amount of deposits on which interest is allowed
19,812,787
income
Trust Company, the Trustee under the preference
Kate of interest on same. 1 to 3 per cent.
mortgages of the Reading, has been requested by cable on beUNION TRUST COMPANT OF NEW TORK.
half of the holders in London of over one-tenth of the first
Besources.
preferred income bonds, to have the accounts of the company Bonds and mortgages
«88S,S0O.
1.460,00(>.
for the last fiscal year investigated. Howard Lewis, the ex- Stock Investments (market value)
26.J83.80S
~
pert, will examine the accounts for the Ist preference income Loaned 00 collaterals
i «ao io*
Realestate (estimated value)
iaii'itAa
bondholders.
CaBh on hand and Indeposlt
'oai'o^
mo.isi*
Pittsburg Fort Wayne & Chicago.— meeting of the board Other assets
Chicago Railroad
of Directors of the Pittsburg Fort Wayne
f35,473.68a
Total.
Company was held at the office of the executive committee in
HaWitiet.
New York, to consider the question of expenditures for the Capital stock paid
*V5?7'lSo
•^•^^•^'>"
.. ..^ ... -- v-" •-;;"
pioats.
year.
Presiundivided
improvement of the property during the current
Surplus fund nnd
lndi> Iduals, assoclationa and ooti^rip
dent Roiierts estimated the requirements for the year at $750,- Deposits In trust bydemand,
30,529.0l»
time
fixed
on
and
notice
on
tioiiH, pavable on
4tWM>Aa
000 or $350,000, and recommended that this amount be ex- Other liahiUties
mittee may prescribe.
Texas diflflThis fortunately ends the Missouri Kansas
culties, as there is no probability of any lasting disagreement
on the part of foreign holders and all parties should now
hasten to deposit their securities and finish up the reorganization as rapidly as possible.
New York Stock Exchange.— New Securities Listed.— The
Governing Committee have added to the lists for dealings the
following
&
,'">.
—
&
—
&
;
;
—
:
.
,
A
&
m
.
.
.
pended in betterments during the period named. President
Meyer, of the Fort Wayne, and the directors present concurred
Totol
.
*3»,472,6W
THE CHRONICLK
140
ffi746,700
lotal amount of Interegf. and profits reoeived last six mos.
337,951
iLiDOunt of liitofcst credited deposltora same period
97,871
-'Exppnspsot iU«li«8tltuilon same period
100,000
tierlod
same
ijDlvtdHiids declared on capital stock
25,732,813
n^Unount'/di'positsonwliioii interest la Bliowed
Ante of interest on same from I to 5 per cent.
1
,
METROPOUTAN TBDST COMPANT OF NBW rOBK.
Eesourcc*.
f381,50C
Bonds and mortRiiges
iStock Inveslments (market value)..
vAmouut loared on collatenU
Keal estate (ealiniated valutO
'.^sli on band and on deposit
2,404,708
4,6.''2,545
465,000
672,047
78,689
i<Oelier assets
Total
.
^8,554,490
.
$1,000,000
ZiabUitUt.
Sapltal stock paid in
- -.-..
urpUis fund
TiOeneral di'roslts payable on demand
Other UabUilies
KH2,3liO
6,811,230
t0,s70
.
-
.
Total.
f S,554,190
montlis
Total amount of Interest and profits received last sx
Amount of inierest credited depositors same period
.JBxpersesof thoinsiitution same period
„Plvidend8 declared on capltHl stock same period
is allowed
"Amount of diimsita on wlileli interest
li* to 3>3 per cent.
fiate of luterest on same (rom
$206,512
93.98/
.
19,30.^
30,00^
6,595,09°
4
MANHATTAN TBCBT COMPAUT OF NEW YOHK.
Liabilittei.
Rtnaurcis.
Bonds and mortgages..
'
fltoek Inveslments
Loaned on collaterals
f
J
1.491,8SO
(lEeal (State
Cash on deposit
'Cash on hand
.,
-i
Surplus fund
Undivided praflts
2,'y76,360
.
52,500
Deposits in trust.
l,39-',4.=>3
General deposits.
320,804
64,393
Other assets
Otliei liabilities.,
$5,439,391
$33,175
31,531
27,861
8.607
3,680,392
Total
$5,439,391
Total
l*roflt8 of last six
«1,000,000
79,S91
47,860
18.979
4,270.502
22,154
Capital stock ..„
$3.'5,60O
months
-
^^^nterest paid depositors
-iJExpenses
----
...--
made hy oriler of
court
o, -Total amount of 148 deposiis
Average rate of Interest, 2% per cent.
o Deposits
'
UNITBD STATES TRUST COMPANY OF
NEW
YORK,
Liabililies.
Scsourets.
$2,000,000
6,4 2.402
640,426
.32,109,020
966,6d3
.
Bonds and mortKagos..$2.314,5ro Stock..
J^tock investments ..... 9.950,089 Surplus fund
ljI»oaned on collaterals. 23,«74,567 Undivided profits.
i
Do persoual securities 3,499.508
1.000,000
.Eealestate
1,140,693
Cash ou deposit
389,153
Sundry assets
;
•
•
Total resources... .$42,168,512
.
.
Depo.sits in trust...
Sundry
liabilities.
Total
liabilities.
...$42,168,512
KNICKEEBOCKBB TRUST COMPANY OF NEW YORK.
Liabilities.
Resources.
Bonds and mortgages.. $105,500 Stock
1.313,690 Suridus fund
LCStooklnvestmems
<
Depi sitH in tru-t
ig.T.^O General deposits..
2,010 Sundry liabilities
237,948
..ijioanedoa collaterals.. 1,637,887
Xoaned on peisoniil sec.
-"Overdralta
Cash ou deposit
Cashonhand
$50^1,000
128,259
672,545
2,084.987
15,666
50,>'93
33,709
Sundry assets
I
committee of the Senate of the same Con:;res3. This measure,
commonly known as the "Outhwaite bill," is based upon two
general principles, that have been observed in all recommendations made on the subject by previous boards of Government directors. These principles are, first, that the settlen>ent of the debt should be upon a basis of greater security of
the Government, and which should be within the ability to
the company to meet; and, second, that when the settlement
should be made the present relations of the Government to
the current management of the road should cease; the United
States assuming its true function, that of a creditor of the
road, and the rdad continuing to act as a debtor, but without
those hampering influences that are now involved by the Government's quasi partnership in its business management.
•'
The Government directors do not hesitate to recommend
»
«
*
sjjeciflcally the passage of this bill.
"In the first place, it not only gives the United States a large
amoimt of additional security for the debt, but in substituting
a mortgage covering the entire property of the company for
the purely statutory lien, with all its inseparable uncertainties
and diflSculties, held by the Government upon a fragmentary
portion of the railroad, it furnishes a security far superior in
character in every respect to that now held by the Government. What the precise value of this additional security is
we do not feel called upon to decide. It is variously estimated
at from $35,000,' 00 to $70,000,000. But, whatever it is, it represents the company's entire property, and this is all the road
has to offer. It is the belief of this board that, in view of the
present condition of the company and its excellent prospects,
the proposed security is entirely adequate, and will irs ire the
payment of every doUar due the Government before the time
(fifty years) for which the mortgage is given shall have expired.
»
*
*
"The road's physical condition, which has been the
a careful personal investigation by members of
'
'
" John F. Plummee,
" Jesse Spalding,
" Geoege E. Leighton
" RuFus B. Bullock,
" James W. Savagm.
Total llabiUtles
$3,401,487
KINGS COUNTY TRUST COMPANY OF BROOICLYN.
Liabilities.
Besoureet.
Bonds and mortgages..
Stock investments
Xxianed on collaterals.
Loaned on personal securities
-i\C»shon deposit
o( Cash on hand
'^
2.381
12,666
'Other assets
Total
Profltsot 11^7
niiilxpenses
$200,500 Capital stock
100 500 Suiplus fund
1.144,720 Undivided mottts
General deposits
151,737 Oth r liabiliiies
258.460
$1,870,966
Total
weiks
Total amount of 180 deposits
mortgages pui chased...
E .Bonds and
;'V
$500,000
i5O.O0O
.
'
.
Noble, Secretary of the Interior.
—
changes, is as follows:
First mortgage bonds ($12,000,000) at 5 percent
Nun cumulative income bonds ($9,000,000) at 5 per cent
Cumulative stock ($3.000,noO) at6per cent....
Common stock
$600,000
450,000
180,000
($12,000,000)
Total charges before common stock
$1,230,000
There are some important items, such as interest on car
:
,
W.
Wisconsin Central. The lease to Northern Pacific wUl be
on the basis of 35 per cent of gross earnings as rental, but all
The Northern Pacific will gain
details are not yet perfected.
the advantage of having full control of the road and its
$1,870,965 Chicago terminals. Friends of the company make the following statement: For the first six months of tne company's
fi.929
3,742 fiscal year, beginning July 1, 1889, the gross revenues were
1,097,472 $2,515,643.
The total capitalization of the company, with the
20U,5tiO
—
" Hon. John
ll,2i:3
1,104,160
5,582
Pacific. The annual report of the Government
Railw^ay Company has just been
9,, pirectors of the Union Pacific
Xtipublished by the Secretary of the Interior. It is the first report of the' new board of Government representatives who
were appointed by President Harrison. The impoitant parts
of their report are condensed as follows
" This Board believes that it would be entirely superfluous
for it to enter upon any elaborate argument in favor of a defithe subsidy debt of this company to the
r,.p nite settlement of
' Government. The absolute necessity for such action has been
p demonstrated so clearly by previous boards of Government
! directors, by United States Eailroad Commisfioners, by ConL gressional committees, by a special commission appointed by
\. the Government to investigate the subject, and by the late
^'/president of the United States, that further discussion on this
point would be merely a waste of time and effort. It is, then,
a well-established fact that the provision made by existing
law for the extinguishment of the debt is entirely inadequate.
It is also proven beyond question that' on July 1, 1897, which
is the average date of maturity of the subsidy bonds, the Government wUl hold a claimagainstthiscompany utterly beyond
the corporation's power to pay, and utterly beyond the Govemment's power to satisfy tnrough a foreclosure of the statutory lien which it holds on a portion of the road. Such being
,,
the ca.se, the only question for consideration is simply one as
to the method of enecting a settlement.
" This question, in the opinion of the directors, has been answered thoroughly and successfully in the bill (No. 8,184) reEsrted tmanimously to the House of Representatives of the
th Congres.'s hy the Committee on Pacific Railroads, and also
reported (Senate bill No. 3,401) ia like manner by a special
Union
subject of
this board
within the last few weeks, is very satisfactory. * « *
In conclusion, we consider it entirely fitting, and part of our
duty as Government representatives, to express our confidence
in the ability, honesty and purposes of the road's present managers. During the five years that they have administered the
affairs of the company there has been "displayed by them constantly such a wisely directed energy, such' a faithful persistency in the face of the most discouraging obstacles, such an
honorable determination to place the road in its right relation
with the public and the Government, as to call forth the
warmest praise and commendation. In rescuing the Union
Pacific system from the insolvency that threatened it in 1884,
and placing it upon a sound financial basis in the face of opposition such as few railroads ever had to struggle against, the
managers have accomplished a truly Titanic task. It is earnestly hoped that Congress will supplement their work with
the legislation we have heartily recommended, and thus put
this great railway system in a position which it is entitled
under every consideration of justice and sound public policy
to occupy. Respectfully submitted,
$3,401,487
Total resouxfcs
Vol. L.
&c., which come out of
the 35 per cent of gross earnings allowed to the company
under the lease. These charges amount to about $900,000 per
annum. One-half of this sum is $450,000; add to that $300,000
as the half-year's interest on the first mortgage boniis. Total,
Thirty-five per cent of the six months' earnings
$750,000.
($2,515,643) is $880,475, so that the first half of the year wUl
show fully $130,000 earned toward the interest on the income bonds. These figures are for the last six months of the
calendar year, when traffic is the best.
trusts, rentals of controlled roads,
'
& Ohio.—The following plan of reorganization
stated has received the assent of a majority of the
security holders. The present firsts to be given a 4J^ per cent
50-year bond and $150 in preferred stock the common stock
to be assessed 5 per cent, and to receive new common, share
for share, and $200 in preferred stock. The reorganized company will be capitalized as follows $'3,000,000 first mortgage
4>^ per cent gold bonds, $1,000,000 non-cumulative 5 per cent
preferred stock and $2,000,000 common stock. The committee
having effected a change in the management of the company
now recoir mend for the Jf urther protection of the property
that the holders deposit their bonds with the Atlantic Trust
Co., 39 William St., New York, receiving therefor the negotiable receipt of the Trust Company.^
ZanesTille
it
is
;
:
January
25,
THE CHRONIC LR
1890.J
Witpovis n.n& ijocumjeuts.
ARKANSAS & TEXAS
LOUIS
ST.
WAYS
Tills
IN
RAIL-
TEXAS, AND IN ARKANSAS
AND MISSOURI.
141
The Fo:ir Per Cent 2d Mort. 100- Year Income riolrt
Cert's win be set apart for the following purposes:
For depositors of *1 6.409,000 Six Per Cent First Mortgage Gold Cerllncatcs and couimns thereon m.iturlng
on and after November 1st, 1889, on nceounl of
reduction of Intere.-,!. at .$2,>0 iter bond, about
$4,103,350 00
For assessments paid by holders of Six Per IJent Heooud
Mortgage Gold CertifliMtes. at $50 per bond, about..
820,4SO OO
For assessments paid by hol lers of $16,358,500 of common stock, at $10 i>er share, about
1,93S,860 Otf
For cash requiremeut«, about
1,441,460 0^
.
PLAN AND AGREEMENT OF KEOROANIZATION.
agreement, made this sliteenth day of Deceinhor,
eighty-nine, between P^ederick P.
OtCOTT.HENRY BUDQE, JaMES SPEYEU, JOHN KENNEDY
Tod and Edmund Smith, hereinafter called the "Committee,"
eighteen hundred and
garties of the first part,
and such of the stockholders of the
T. Louis ARKANSAS & TEXAS RAILWAY COMPANY IN TEXAS,
and su6h of the holders of the St. Louis Arkansas & TejiJas
Railway Companies in Texas and in Arkansas and Missouri Six Per Cent First Mortgage Gold Certificates and Six
Per Cent Second Mort. Gold Certiflcates, as shall become par-
agreement, parties of the second part, witnesseth:
Whereas, the St. Louis Arkansas & Texas Railway ComTexas Railway
pany in Texas and the St. Louis Arkansas
Company in Arkansas and Missouri (hereinafter called the
"Railway Companies") are now insolvent, and proceedings
are pending for the foreclosure of the first mortgages execute
»8,0OO.O0O (t^
The Five Per Cent PrMorred Stock
^
be let
apart for the following pnrposos:
Fordcpositorsof Six P. C. Second Mort. GoldCert's with
all coupons thereon, assessment paid, about
$10,400,000 00
For depositors of Hlx P. ('. First Mort. Gold Cert's on account of reiluotlon of Interest, at $200 perbond, about 3,M1.B00 OOl
For cash requirements, altoiit
'MM.'iOO 00
$20,000,00000
ties to this
&
will
The Common Stock
will
be met apairt for the
fol-
lowing puri'oses:
For depositors of said stock of tb« St
L. Ark.
A Texaa
K'y Co. In Texas, aieessm't p^ld, share tor share, aboutiilie,3S8,5po 00
.'.
For cash requirements, about
141,500 00
$10,600,000 00
by said Railway Companies to secure issues of their first
mortgage bonds.
The assenting security holders who depooit their eecnrities
Whereas, the following, among other securities, have been and pay their respective asseesmenta, as provided in this
agreement, will receive the Reorganization CerttScates of tbe
issued and are now outstanding:
Central Trust Company of New York, and will b-; entitled, on
16,409 Six Per Cent First Mortirazc Gold Certificates
of the par amoiiut of $1,000 eacu, executed by Tlio
Central Trust Comjiany of New York, ai^aiu'tt the Six
Per Ueut First Mortgace Gold Bonda of the Railway
Couroauics held by said Trust Compauy as Trustee
(parpof eoujionH diie >Iay 1st, 1889, and all due Nov.
Ist, 1889, and thereafter unpaid)
$16,409,000
16,409 Six Per Cent Second Mortsace Gold CcrtlHcatcs
of the i)ar amount of $1,000 caen, executed by the
Mercantile Trust Company, against the Six Per Cent
Becoinl Mort. Gold Bondsof the Railway Companies
held by said Trust Co. as Trustee (no coupon paid)... $16,409,000
163,585 shares of the Capital Btook of the St Louis
00
cates
New Pour Per Cent Second Mortgage
00
& Texas Railway Company in Texas
$16,358,500 00
Whereas, the parties of the first part, as such Committee,
have been constituted the agents and trustees of such of the
holders of the above mentioned securities as shall become
Arkansas
parties of the second part hereto in the manner hereinafter
provided, for the purix)se of carrying out the following Plan
of Reorganization:
PLAN.
The
first
mortgages executed by the Railway Companies
will be foreclosed, and the railroads and properties of the
companies sold under the decrees of foreclosure.
New Railroad Companies will then be organized under the Laws of the
States of Texas, Arkansas and Missouri and such other States
as the Committee shall deem necessary to acquire the railroad
and properties purchased at such foreclosure sales, and the
new securities
It is
hereafter specified will be created.
proposed under the plan to provide for the following
CASH REQUIREMENTS.
chased, about
$2,000,000 00
To pay oir the Car Trust Certificates upon the eqliipuient
purchased, which will be subject to the now mortga-
about
$1,400,000 00
NEW SECURITIES.
Four Per Cent First Mortgage 100- Year Gold
Certifl-
.$20,000,000 OO
cates, Issue limited to
These certiflcates will carry Interest from November Ist, 1889, payable semi-annually in the City of
New York, the first coupon maturing May Ist,
1890. They will be issued by the Central Trust
strictions as the
Committee
Income
$8,000,000 00
-will
DISTRIBUTION OP
holder of the St. Louis Arkansas & Texas Railin Texas and in Arkansas and Missouri Six Per
Cent First Mortgage Gold Certificates, or Six Per Cent Second
Mortgage Gold Certificates, or of the eaid outstanding stock of
the St. Louis Arkansas & Texas Railway Company in Texas,
may become a party hereto, of the second part, and become
entitled to the benefits hereof by depositing his securities on
or before the 15th day of February, 1890, with the Central
Trust Company of New York, hereinafter called the "Trust
,'*^
Company and paying his assessments, in the roanner and
withm the times and subject to the terms and conditions proSecurities shall be deposited as
vided in this agreement.
all coupMis
maturing on and after November 1, 1889.
Six Per Cent Second Mortgage Gold Certificates, with all
coupons attached. An assessment of fifty dollars in cash on
each $1,000 Certificate must be paid to the Trust Company,
of which twenty-five dollars must be paid on deposit of the
Certificate and twenty-five dollars on or before -'^Jril 1, 1890.
Certificates for stock in the St. Louis Arkansas & Texas Railway Company in Texas duly endorsed in blank for transfer.
An assessment of ten dollars in cash on each $100 share
must be paid to the Trust Company, of which two dollais
and fifty cents must be paid on deposit of each share, and
further instalments of two dollars and fifty cents each on or
before April 1, May 1 and June 1, 1890, respecUvely.
Holders of securities not deposited under tins agreement on
enUtled
or before the 15th day of February, 1890, wiU not be
agreement or
to deposit the same or to become parties to this
its
but the Committee may
share in the benefits thereof
SLx Per Cent First Mortgage Gold Certificates, with
$lb,!>uu,000 00
NEW
as follows:
Any
follows:
non-oumuative Four Per Cent Income Bonds secured by luoitgagcs upru the railroads and property
purchased, Intlullng equipment, being at a rate not
exceeding .i>8,250 per mile, exclusive of slde-traoks.
Five Per Cent Preferred Stock (uou-cumulative)
$20,000,000 00
Stock
&
Texas Railway Company in
stock of the St. Louis Arkansas
Texas, for each block of $10,000 of such certificates or stock
deposited.
way Companies
receive from January Ist,
1891, suoh interest, payable seml-annnally, not exceeding four per cent per annum, as can be paid out
of net eamiugs of the railwa.vs during the i>rece<lIng fiscal year, after piiymeutot operating expenses,
repairs, renewals, replacements, taxes, insurance
and interest on prior liens. The issue of these certificates may bo increased ui) to $10,000,000, subject to restrictions to be provided In the mortgages
as to their issue and application of the proceeds.
They will be Issued by the Mercantile Trust Cornpan; against issues of a like aggregate amount of
Common
Convertible scrip will be issued for fractional anioulits of
Certificates to which depositors are entitled.
The right to subscribe for such of the new Four Per Cent
Four Per
First Mortgage 100- Year Gold Certificates and
Cent Second Mortgage 100- Year Gold Income Certificates, as
the Committee shall determine to sell for the purpose of providing the cash requirements under the plan, will be offered,
on terms, to be advertised, to depositors of present Six Per Cent
Second Mortgage Gold Certificates and holders of present
First.
Certiflcates (non-cumulative)
These oertlHeates
$500.
first part,
shall prescribe.
100- Year Gold
250 00
Five Per Cent Preferred Stock
200 00
For each unpaid Six Per Cent First Mortgage Gold Certificate
Coupon, due May Ist, 1889, par in cash
30 00
For each $1,000 Six Per Cent Second Mortgage Gold Certificate, with all coupons attached, and for five per cent assessment paid in cash
New Five Per Cent Preferred Stock
,....
$1,000 00
New Four Per Cent Second Mortgage 100- Year Golll Income
Certiflcates
50 00
For each $100 share of stock and for ten per cent assessment
paid in cash:
NewStook
,....,....,...„
.,
ii06 00
New Pour Per Cent Sfecoiid Mortgage 100-Yertr Gbld Income
Certiflcates
10 00
The new Four Per Cent Second Mortgage 100-Tear Gold
Income Certificates Will be in denominations of $1,000 and
New
Now, therefore, the parties of the second part do mutually
agree with each other, and with the Committee, party of the
Company of New York aKainst Issues of a like
aggregate amount of Four Per Cent First Mortgage
100- Year Gold Bonds secured by first mortgages
upon the railroads and properties purchased, ineUidlng equipment, being at a rate not exceeding
$16,500 per mile, exclusive of side tracks. Of said
certillcatcs $500,000 are to be held in reserve for a
period not exceeding 5 years, subject to such reFour Per Cent Second Mortgage
$1,030 00
,
100- Year Gold Tucome
Certlttoates
New
For improvements and betterments of the railways pur-
ges,
the completion of the organization of the new com|>anie8 and
the issue of the new securities and surrender of the Reorganization Certificates, to receive:
For each $1,000 Six Per Cent First Mort. Gold Certificate,
with coupons.maturing on and after Nov. 1st, 1889, attached:
New Four Per Cent First Mortgage 100-Year Gold Certifl-
8ECURTTIE8.
The Fonr Per Cent 1st Mort. 100- Year Gold Certtflcates will be set apart for the following purooses
For depositors of Six i>. c. 1st Mort. Gold Cert's and coupons thereon maturingouaudafterNov. 1,1889, about$16,901,270 00
To pay off car trusts, and for other cash requirements,
about
2,598,730 00
Keservo f or new eompanles' use
600,00 00
$20,000,000 00
;
m
THE CHRDOTOLE.
142
fTOL. L.
is undiscretion from time to time, by advertisement, extend the or attorneys as in its discretion it :nay see proper. It
time so limited for the acceptance of the plan and deposit of derstood that the members of the Committee and the purchaswill assume no
securities for all or any class of security holders, or may by ing Committee or Trustee upon any such sale
operaresolution do so, in particular instances, on such terms and responsibility, in connection with the purchase, for the
tion of said railroad thereafter, and the members or purchas•oonditions as it shall see lit.
The depositing security holders will receive Reorganization ers shall not be personally liable in any case for the acts of
willful
Certificates executed by the Central Trust Company of New each other, nor for their own acts, except in case of
York, in such form as the Committee shall provide, specifying malfeasance, nor for the acts of their agents or employees; and
the securities deposited and amount of assessment paid. By ihe Committee and purchasers shall be held harmless by the
incurred
the deposit of their securities and acceptance of such Reor- property purchased from any liability which may be
ganization Certificates the depositing security holders shall by them by reason of the operation or possession of said railbecome parties to this agr ement and the holders thereof by roads and property purchased and acts done pursuant to this
transfer or assigment shall acquire all rights of the depos-iting agreement.
Fourth. The Committee shall be the sole judge when or
(jecurity holders to whom such Certificates were originally
iaeued and become substituted in place of such security whether the assent of enough security holders shall have been
holders as parties to this agreement in all respects as if the obtained to warrant them in carrying out tho plan of reorganization.
If it s}iall be necessary, in the purchase of the said
Certificates had been originally issued to them.
At the time of paying instalments of a.ssessments, payable railroads, property and equipment, to raise money for the payafter deposit of the securities, as above provided, such pay- ment in cash of any part of the bid therefor, the Committee
ment will be stamped by the Trust Company upon the Reor- shall have power to raise such money or any part thereof as it
shall deem best, provided, however, that the Committee shall
ganization Certificates.
Depositing security holders who fail to pay the several in- not have any power to obligate any of the security holders or
:^alments of the assessments on their securities on or before parties hereto of the second part to or for the payment of any
the respective dates above provided will forfeit all right here- sum of money, but only the deposited securities and interests
under, and shall cease to be parties hereto or entitled to any of the parties of the second part, and the new securities to be
bensfit hereunder, and shall forfeit to the Committee their created may be used or made responsible for any loan so made.
securities deposited, together with the amounts of assessments The Committee may from time to time make contracts with
paid, and the Committee may sell or dispose of the same and syndicates, bankers and other persons, to secure by guarantee
issue a new certificate therefor to any purchaser paying the or otherwise the deposit of securities and payment of assessTinpaid instalments of the assessment, and thereupon the pro- ments as provided herein, and to obtain any sum in cash receeds of such eale or disposition shall be used for the cash re- quired, in case of a purchase of the railways and property, and
vquirements of the plan and reserve for the new companies' the cash requirements of carrying out the plan, and such sums
The Committee may, however, in its discretion, by as the Committee may deem expedient to provide for the uses
Tises.
resolution, waive any such forfeiture and accept payment of of the new companies, by sales of the new securities oir such
over-due instalments of assessments on such terms as it shall terms as the Committee may approve.
The Committee may pay the amount payable under the
deem fit.
l?he words "depositing security holders," "stockholders," or plan in cash, to the depositors of the Six Per Cent First
""holders" of Six JPor Cent First Mortgage Gold Certificates or Mortgage Gold Certificate Coupons, due May 1st, 1889, whenot Six Per Cent Second Mortgage Gold Certificates or Rcor- ever the Committee shall obtain the amount of cash required
fanization Certificates, or words equivalent thereto, shall be therefor, upon surrender to the Committe of such coupons. In
eld to include trustees, guardians, committees, agents or case the reorganization shall not have been completed or the
other persons acting in a representative or fiduciary capacity new securities be ready for delivery on or before the first day
with control over the securities. Stock Certificates or Receipts, of May, 1890, the Committee may, in its discretion, provide
for payment of the interest which would be payable on the
as the case may be, and also associations and corporations.
Second. The parties of the second part hereby approve of new Four Per Cent First Mortgage 100- Year Gold Certificates
the hereinbefore recited plan, and constitute the Committee, to which holders of Reorganization Certificates therefor are
their agents and trustees to carry out the said plan and the entitled under the plan of reorganization, upon stamping such
provisions of this agreement, hereby conferring upon the payment on their reorganization certificates, or in its discreCommittee full power to do every act necessary therefor or tion the Committee may defer such payment of interest until
thereunto pertaining, including power to declare due or the new securities shall have been created and delivered.
The Committee may also vote in person or by proxy upon
request the Trustees of the mortgages executed by the
Eadway^ Companies, or either of them, to declare due, the stock of the new companies to be formed until the same
the prmcipal of such mortgages, and to call or attend shsdl have been distributed, and it may set apart, place in
any and all meetings of stockholders or other securityhold- trust and dispose of any part of the new securities to tJe issued
ers however convened, in the name or on behalf of those as it may deem judicious for the purpose of securing the disdepositing hereunder; and to vote at such meeting either per- position thereof for the uses and purposes provided in said
sonally or by proxy. All such securities shall be deposited plan, but the Committee sbalP, at the earUest practicable time
and cash assessments paid subject to the terms and provisions after the creation of the new securities provided for in the
of this agreement, and for the use and subject to the order plan, procure the election of boards of directors of the new
4Uid control of the Committee, for the purpose of enabling it companies by the holders of the new stock issued and distribto carry out said plan and this agreement, it being agreed that uted by the Committee under the plan.
the legal title to all said securities deposited shall be vested in
The Committee may supply defects and omissions in the
the Committee. The Committee is further empowered to rep- plan necessary in its opinion to carry out properly and effectdepositing
lesent the
security-holders in any pending legal ively the general objects thereof, and may do whatever it
proceedings, and to institute, prosecute oir become parties to, shall deem expedient therefor and in the interests of the
and the Committee is hereby invested by
•and in general exercise full control over, all legal proceedings security holders
which any class of holders of securities deposited hereunder the depositing security holders with all powers belonging to
have or could have instituted or prosecuted or become parties to. them for the full control over the affairs of the existing railThird The Committee shall have power to purchase the rail- way companies, as well as of such new companies as may be
roads and property and equipment of said railway companies, or organized, until the plan of reorganization shall have been
*ny of them, at foreclosure sale of the mortgages, or either of completed it being distinctly understood that the enumerathem or other sale, and to bid and pay for such railroads, tion of specific powers shall not be construed to limit the general
property and equipment purchased such amount as may, in powers by this agreement conferred. In case it shall, in the
the judgment of the Committee, be necessary or proper for opinion of the Committee, be necessary to make any change or
the protection of the parties hereto, and to make any compro- modification of the plan or of this agreement involving the
mises or settlements and take any action or proceedings which respective amounts of the new securities to be created, or the
it may deem proper to obtain, secure and perfect the title,
rate of distribution thereof among the depositing security holdD'wnership and possession of such railroad, property and equip- ers, as stated in the plan, a copy of such change or modificament of whatever nature and wherever situated, and to use tion shall be filed with the Central Trust Company of New
and apply the securities deposited, and all rights and interests York, and notice of such fihng shall be given by advertisetherein of the parties of the second part for and in payment ment, not less than twice a week for three consecutive weeks,
of such piu-chase price, and in securing and perfecting such in at least two newspajjers published in the City of New York.
title, ownership and possession, and the said Trust Company
Any depositor not assenting to such change or modification
is authorized and directed to deliver the securities deposited may, within said time, withdraw the securities deposited by
with it hereunder, as the Committee shall direct.
him, as well as any assessments paid by him, on surThe Committee is further authorized and empowered to rendering the Reorganization Certificates issued therefor,
the
incorporation
proctire
of such railroad companies in the and paying his pro rata share of expenses incurred up to
States of Arkansas, Missouri and Texas and elsewhere, and date
but all depositors not so withdrawing their securitsach consolidations, leases and other arrangements, and pro- ties within said time shall be deemed to have assented ^o such
ceedings by, with and among such corporations so to be organ- change or modifications as filed with the Trust Compan y, and
ized, and to transfer the properties in whole or in part to said the Committee shall be fully authorized to carry the same
companies, or either of them, on such terms and as and when into effect, with all the powers provided in this agreeme_t.
to the Committee shall seem proper for the purpose of procurFifth. The Committee undertake in good faith to ex a cute
ing the creation of the new securities as provided in the here- the reorganization plan, but it is expressly understood that the
inbefore recited plan, and for the purpose of carrying into Committee assumes no responsibility for the execution thereof
effect the said plan, and this agreement or any modification or of any modification thereof. The members of the Comthereof, and the Committee shall determine the form of all mittee shall /lot be personally liable in any case for the acts of
the new securities and mortgages and the methods of creating each other, nor for their own acts, except in case of wilful
them. The Committee may, in its discretion, appoint a pur- malfe-isance, uor shall they become personally liable for the
chasing Committee or Trustee, and may procure the perform- acts of their agents or employees. In case the Committee,
Bnce of any of the matters and things aforesaid by such agents for any reason, shall determine that it has become inexpedient
—
'
—
;
—
;
;
—
January
25, 1890.]
THE CHRONICLE.
to attempt to carry into effect the plan or any modiflcation
thereof, the securities dejwsited by the parties herebj shall be
returned to them on surrender of the Certificates issued, and
also the assessments upon the securities, less their pro rata
share of the expenses paid or incurred by the Committee.
Sixth—The Committee shall keep a record of its proceedings, and any member, in case of absence, may vote by proxy
given to any" other member. Any Ihember may at any time
resign by giving notice in writing to the other members of the
Committee, and the Committee may settle all transactions
with any member who shall cease to be such, anl with the representatives of a deceased member, and may give a full relea.se
and discharge. If any vacancy occur, the Committee may fill
the same by a majority vote, and shall also have power to
increase the number of its members in the same manner. In
all cases a majority of the Committee shall constitute a
quorum, and the action of a majority of the Commi'lee shall
constitute the action of the Committee, and have the same
effect as if assented to by the full Committee. The Committee
shall be entitled to compensation for their services rendered and
to be rendered, and may appoint and employ counsel, agents
and servants, and fix the compensation for their services,
and may make such other expenditures as they shall in good
faith deem neces-sary in carrying out the plan.
Present or
future members of the Committee may be pecuniarily interested in the property or matters which are the subject of this
agreement, including the right to make contracts and to be
members of syndicates for the purposes mentioned in paragraph
fourth hereof. TUe accounts of the Committee, which ehall
include the amount of their compensation, shall be filed with
the Board or Boards of Directors of the reorganized company
or companies. Such accoimts shall be audited by the Presidents of the United States Trust Company of New York and of
Trust Company of New York, or either
the Farmers' Loan
of them, and when so audited sliall be binding and conclusive
on all parties, and the Committee shall be thereby discharged.
Seventh.— Upon the request in writing of the Committee,
the Trust Company shall issue and deliver certificates representing and entitling the holders to receive the new securities
which may be issued and used according to the plan for cash
requirements or new companies' uses, that is to say, all new
securities in excess of those which are specified in the plan
for distribution among the depositing security holders, and
also reorganization certificates representing and entitling the
holders to receive the securities, rights, benefits and advantages to which security^ holders who do not deposit their
securities and pay theu- assessments under this agreement
within the time specified by the Committee would have been
entitled to under the Plan if they had so deposited their seThe Committee
curities and paid the assessments thereon.
&
143
"gkt
([^tivamtxtmi
*gimts.
COMMERCIAL EPITOME.
Fhiday Night. January 24, 1890.
The condition of domestic trade has remained much tb«
same,
being only moderately active, notwithstanding the
weather has been more seasonable. The export
movement, however, makes a favorable exhibit. Snow has
fallen in the winter wheat belt.
Iron has been rather quiet
but the mills are reported busy on all orders. Speculation has
been without much spirit, except in cotton, which has been
active, excited, and prices decidedly higher.
Money is easier
Lard has been fairly active and firmer, though to-day there
was some weakness. Western packers selling here freely.
Western on the spot was quoted at 6-2.5® 6-27>^o., and city
still
fact that the
at 6-75c.
DAILT OLOSmO PBIOM OF IJUU> rcTcua.
Sal.
Hon.
Tvet.
Wed. Thur.
Febmary
delivery
.March rteUvery
c.
o.
o.
o.
Maydellverv
6-21
6-31
6-42
6-55
6'20
6'2.5
031
6-35
6-47
6-38
6-32
6-40
6-29
6-3!>
6-.10
fri.
6-21
6-34
«-43
B-M
6-l)3
6-03
6-M
Pork has advanced, with fair transactions, closing at $10 86
@10 75 for old mess, $11@11 50 for new, $11 50@13 25 for
clear backs, and $9 50 ^10 25 for extra prime.
Cut meats
have been firm but quiet.
To-day there were sales of
pickled hams at 8J^c.,
and at the West 400 tcs.
fresh packed shoulders at 45^c. Loose smoked shoulders were
July delivery
6'4S
6 60
quoted here at 4%® 5c.; do.hams,9J^@9J^c.; pickled shculders,
hams, 8(38i^c.; do. bellies, 5@6c. Beef has been
dull and weak at $6 50g7 for extra mess, |7 75@8 for packet.
4b4i>^c.; do.
$7
50^8
for plate
and$13@14 50
for city extra India mesB.
Oeef hams have been qtiiet and steady at $12@ 12 50 for small
lots.
Tallow has been less active, closing quiet at 4J^c.
Stearine has been duU at 6^c, for western and city. Oleomar
garine has been quoted at 5 5-16@5?^c., being higher. Butter
has been in moderate demand, closing firmer with colder and
more favorable weather and smaller receipts. Creamery 16(9
28J^c. Cheese has been in fair demand and steady at lO^lOJ^c.
for full
cream State
factory.
Coffee on the spot has most of the time been fairly active
such Reorganization Certificates and the new securities not required for exchange for Reorganization Certificates and steady, closing quiet at 17J^'§ 17J^c. for No. 7. Rio.
Mild
issued, and may use the proceeds, together with any cash in grades have been firm, with a fair demand.
The speculation
its hands, for improvements, replacements and renewals upon
in Rio options has shrunk to very small proportions, and the
the railroads and property purchased, to pay car trust claims
or liens upon the rolling stock purchased. Receivers' Certifi- fluctuations have been within narrow limits. The closing
cates and other liens and claims, Receivers' and Trustees' fees, prices show no marked change from those of a week ago,
and any other expenses of carrying ont said plan and this some options being 5 to 10 points lower, while January is 5
points higher. The receipts at Rio and Santos have been libagreement.
All the new securities and cash not required to satisfy the eral, and sterling exchange at Rio fell to 25?gd. during the
obligations and pay the expenses of the Committee and to week, though closing at 25^d. The political situation in Braprovide for the cash requirements of carrying out the plan, or zil is being watched with interest, and in the meantime the
applied by the Company for the benefit of the railways and speculation is neglected. The market closed steady with sellgroperties covered by the mortgages, shall be placed by the ers at the following prices
may
sell
:
ommittee in trust or set apart for the uses of the new companies, upon such terms and conditions as the Committee
shall determine in order to secure their application for the
benefit of the new companies as the Committee may deem best.
It is agreed that upon the issue of the new securities provided in the plan, in exchange for the reorganization certificates, any holder thereof shall be entitled to the delivery of
the new securities to which he may be entitled, in New York
or at a depository in Berlin to be designated by the Committee,
free from expense for government stamps or expense of insuring or transmitting the same, upon transmitting his reorganization certificates to the Trust Company with a request for
such delivery in Berlin, Germany. Such expense shall be
paid by the Committee as part of the expenses of reorganization; and together with all other expenses properly incurred
by and compens>(tion due, tne parties of the first part, as such
Committee, shall be payable out of the said railway properties
or the new securities to be issued therefor, and shall be a
charge upon the interests of the depositors.
Eighth. —This Agreement shall be signed by the parties of
the first part and deposited with the Central Trust Company
of New York. Any duplicate signed by the parties of the
first part shall be deemed an original.
Duplicates or copies
may also be signed by any of the parties of the second part,
and shall be taken together as one instrument and the
deposit of the securities hereunder and receipt of Reorganization Certificates shall constitute the depositors parties hereto
with the same effect as if they had affixed their hands and seals.
January
February
15950.
Marcli
13-90C.
IR-OSo.
I
I
April
16-OOc
I
July
May
16-O0o.
16-000.
I
August
September
June
IS-OOo.
16-OOe.
16-000.
Raw a'- ir has been firm with a fair business at times, but
closing qui. 't 5i^c. for fair refining and 55^c. for 98 tes.
centrifugal. j\ Mned sugar has been fairly active and firm
The tea sale went off at steady or firm prices, except for For
mosa Oolong which declined.
Kentucky tobacco has been quiet and imchaiiged with
Seed leaf has consales of 250 hhds, of which 100 for export.
tinued quiet and steady. The sales have embraced 200 cases
crop 1888, Ohio, on private terms; 150 ca-fei. crop 1888, State
Havana, at 12i^(«14c; 125 cases, crop lt<88, New England
Havana, at 15,a40c; 50 cases, crop 1888, do, seed, on private terms; 150 cases, crop 1887-8, Pennsylvania seed leaf, at
Si^fdlOc; 100 cases, crop 1888, Pennsylvania Havana, at
12%@13J^c; 100 cases, crop 1888, Wisconsin Havana, on private temis; 150 cases sundries at 5i^(a85c; also 600 bales Havana at 67i2C@$l 13; and 250 do Sumatra at |1 10^2 10.
Spirits turpentine has been dull and lower at 42@421^c.
Rosm has been quiet and the better grades closed rather weak.
Common to good strained $1 20i^l 28. Small lots sold to-day
Refined petroleum is unat |S 15 for N and 13 65 for
changed at 7J^c. in barrels and 9-70c. in cases naptha, 8-lOc.;
.
WW.
;
crude certificates have advanced and
closed at ?1 06).^a$l 06%. Wool has been quiet but firm.
Hops have been rather quiet.
On the Metal Exchange tin has been quiet, but closed
tin for Feb. sold at 30-60c. CopIn Witness Whereof, the parties of the first part firmer. Ten tons of Straits
have hereunto signed their names the day and year per has been quiet, and the January settling price for Lake
to-day was 14-40c. Lead has been quiet, but closed steady at
first above written.
8-80®3-85c. (or domestic on the spot and for January. Spelter
T. P. Olcott.
has been slow of sale and closed nominal at 5-40c. for JanuHenry Budge.
ary, the settling price for tliat option. Pig iron has been quiet
James Speyer.
and unchant;ed, No. 1 remaining at $20, while warrants
J. Kennedy Tod.
closed flat with the settling prices $18-37J^ for January and
Edmund Smith.
|19 for April. Steel rails have been quiet at $8(5.
;
crude in barrels,
7-75c.
;
THE CHRO.ViCLE.
lU
COT TON.
Friday. P. M.. January 24. 1890.
The Movement of the Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening the total receipts have reached 146,892 bales,
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
add similar figures for
New York, which are prepared for our special use by Messrs.
Carey, Yale
Lambert. 24 Beaver Street.
We
&
.
against 158,868 bales last week and 139,828 bales the previous
week, making the total receipts since the 1st of Sept., 1889,
4,808,160 bales, against 4,819,013 bales for the same period of
1888-9, showing an increase since Sept. 1, 1889, of 484,147 bales.
Sectiptfat—
Mon.
Sat.
Oalvoston
ElPaao, &0...
4,039
New
6,30!2
Orleans...
Mobile
Taei.
5,03U
1,969
Wed.
Thtirt.
1,312
2,139
Savannah
200
Galveston
Norfolk
New York
S.OOO
22,000
5,000
12,000
320
798
1,507
1,090
2,640
4,585
4,917
—
Wilmington
Wa9li'gton,&c
KorfoUi
West
Point.
..
603
1,108
604
617
550
392
393
1,221
1,904
1,772
1,286
1,031
1,001
1,571
1,107
1,631
659
433
523
393
539
462
1,053
733
323
Boston
Baltimore
654
327
8,041
1,438
4,815
403
2,.541
5,048
5.048
1,919
369
Totals this week 19,863 30.520 26,409 17.875 17,971 31.254 146.S92
For comparison we give the following table showing the
week's total receiirts, the total since September 1, 1889, and
the stock to-night, compared with last year.
1888-89.
1889-90.
JUeeipl» to
Jan. 24.
Thin
Week.
\
Since Sep.
1, 1839.
739.820
12,197
Galveston
El Paso,&o.
17,009;
2,284!
New Orleans.
58,0341, ,599,091
7,569 213,229
79o
20,795
16,354 818,791
4,917 138,750
4,539 291,515
1,728
3,119 121,150
215
3,496
8,219 336,856
8,044 269,432
1,438
39,989
4,815
65,893
2,541
43,854
5,018
46,672
1,919
39,902
.
.
MoWre
Florida
Bavaonah.
.
Bruns.a&o.
Charleston ..
P. Koyal,4c
Wilmington
.
Wasli'tn,<bo
Kortolk.
West Point.
NwptN„itc
New York.
..
Boston
Baltimore.
Pliil'del'a,
..
&o
Totals
TMt
Week.
8t-ck.
SineeSep.
1, 1888.
12,511 551.082
1,989
10,170
53,414 1,341.963
10,332 169,828
1,123
18,290
18,246 697,697
8,731
87,342
10,627 323,722
621
12,081
2,751
139,031
248
4,053
17,815 407,209
9,145 308,517
5,789
63,121
4,745
54,156
7,578
47,351
8,783
44,201
1,387
31,216
146,893 4,803.160 177,821 4.319,013|
1890.
1889.
41,355
52,403
285,384
19,525
367,474
40,467
58,693
15,103
31,404
83,819
44,369
15,286
7,115
41,639
44,604
GalT'ston. &c
New
Orleans
MoWle
Bavannali. ..
Charrot'n.&c
Wilm'gt'n.Ac
Norfolk
Wt Point, &o
AUotbers
Tot-thiswcek
1890.
1889.
1888.
1887.
4,237
134,662
9,948
7,369
17,084
6,809
219,068
12,000
22,405
22,213
681.59ll
922.737
.
1836.
1885.
19,293
58,034
7,369
16,354
4,539
3,334
8,219
9,482
20,068
14,500
55,411
10,333
18,216
11,251
2,999
17,815
14,934
32,330
8.961
21.833
4,471
12,240
8,435
3,122
5,263
10,146
12,654
10,385
49,911
6,377
11,865
5,699
2,189
11,178
11,096
20,831
13,394
51,135
13,057
18,058
6,630
1,938
12,121
4,618
13,355
4,020
28,619
2,925
6,455
5,788
1,112
9,571
3,124
13,631
146,892
177,821
90,130
132,531
134,801
73,295
4803,160 4319,013 1436,132 4346,172 4113,246 1126,992
The exports for the week ending this evening reach a total
of 131,039 bales, of which 84,733 were to Great Britain, 23,867
to France and 25,434 to the rest of the Continent. Below are
the exports for the week, and since September 1, 1889.
from—
Week Ending Jan.
Export' d to—
Great
BHVn.
Galveston
18,068
New
30.786
13.890
Orleans..
Mobile
Savannftb
France
Continent.
From Sept.
24.
Total
Week.
6,710
28,654
7.088
12,528
1,281
10,779
66.368
12.590
8,319
West
2,200
2,200
3,060
8.050
1,430
1,450
Point....
N'portNw»,&o
NewTork
735S
Boston
8,900
813
Baltlnlore......
Philadelp'a.&c
Total
Total, 1S88-S9..
......
64,738 23.867
84.3»7
1. 1889, to Jan.
Exported to—
Great
Britain. France
H91
1.789
10.457
31
8,931
895
896
273.281 S4.659
594.747 209,068
44.(89
14.3,228
8.000
1,500
231,015
19,525
25,504
46,395
54.369
None.
3,900
12.300
17,500
26,500
None.
None.
14.6.50
23,85&1
15,039
120,01
15,000
54,027
«
60,065
6,678
64,450
15,026
146,219
535,372
Total 1888...
Total 1887...
77,099
81,552
11.263
18.138
42,390
36,924
23,964
15,212
156,716
151.826
766,021
797,450-
option transactions including trading on foreign account. On
Monday there was an early advance in response to a rise of
4-64d. to 5-64d. at Liverpool, but it was partly lost owin^ to
an increase in the receipts at the ports to 31,740 bales against
27,823 bales on the same day last year and an estimate front
New Orleans that the receipts there on Tuesday would reach
18,000 bales. There was a rise of 12 to 15 points on Tuesday
in the face of a decline in Liverpool, the receipts not proving
so large as had been expected, in fact being nearly lO.OOO"
bales less than for the same day last year, and the Southern
markets firm or higher, while the spot quotations here
advanced J^c. Wednesday was an active and excited
bales,
but
reaching 207,600
day,
the option
sales
an early advance was mostly lost, heavy realizing
sales in a measure neutralizing the effect of a rise of 5-64d. to
6^64d. in Liverpool, and a decrease in the receipts at theports
There was an advance of 19 to 21 points on
to 17,875 bales.
Thursday, owing to another decided rise in Liverpool, receipts
of only 17,971 bales at the ports, advancing Southern markets
and a large demand, parity from outsiders, while Liverpool,
after selling early, became a buyer later. The total sales were
To-day there was a slight advance early, in
246,600 bales.
response to a rise in Liverpool, but large sales to realize caused
The speculaa reaction and a net decline of 11 to 13 points.
tion was still feverishly active, the sales being 258,300 bales.
middling
upCotton on the spot has been advancing steadily,
Continent.
been small.
To-day middling uplands were quoted at lie.,,
making an advance for the week of 7-16c.
The total sales for forward delivery for the week are 1,163,200
bales.
For immediate delivery the total sales foot up this week
4,117 bales, including 1,623 for export, 3,494 for consumption,
bales
in transit. Of the above
for speculation, and
were to arrive. The following are the official quotations for
each day of the past week January 13 to January 34.
—
—
UPLANDS.
Ordinary
Strict Ordinary
Good Ordinary
Strict Good Ordinary.
lib.
Low
30,826
83,595
44,018 24,246
71,926
164.844
122,444
19,876
289,919 28,761
77,088
33.939
1,300
16,811
26,1,«
81,759
20,609
86,540
1,599
86.801
1,608
lO'ifl
10',«
1012
lUis
Middling Fair
Fair
12
GULF.
Strict
Low
air
8^
She
8i»l6
859
ti^
97,8
978
10'l8
10ii,g'lO%
101B|„
11'18
ll»ie 1138
lllSj.
1134
12'4 12 ha
1078
11%
,
,
-
8''16
8%
9^8
9if>„ IOI16
10%
Middling..,
Middling
Good Middling
Strict Good Middling.
Middling Fair
nionlTaea
Sat.
.¥lb.
Ordinary
Strict Ordinary
Good Ordinary
Strict Good Ordinary.
Low Middling
8"ie
9'ie
10
10
',8
1079
lUifl
115.6
Ilia
111618
127ig
10^
lOl^lB 11
ll'.g U'4
Ill*
1118 117,g
113;,
1113,, ll'fa
123?
Wed
9%
ll'e
1239
Tb. FrI.
813
816,6
S7.«
9"i6
8I9
81618
9l3i»
10ll,e
10%
lOH
10%
11
ll'ie
inia
101,6 IOI4
U'lB 11 14
1114
IH2
Ills
111-18 ll"l*
12i«
1218
12=8
12'<16 12=8
ll'lB
11=3
I2I16
mon Taen Wed Tb.
Sat.
iS'-
lO»a
10 ij
101316 {?''-
lOHt 101,8
10=8
10H,f 10i<i«
10i5,e ll'lB
11% 1114
11»,6 lll'is
121,, 12',B
Frt.
8>4
8 1,6
8=8
9>2
9'3l«
lOifl
Ilia
H^
9%
Wed Tb.
FrI.
1880
Good Ordinary
strict Good Ordinary.
Total
Lo w
.ipib.
205,76J
98.058
196.603
143.053
1B,8;6
403.229
78.6S5
61.740
18,417
887,094 2.924,300
7^
713,(
838
B»i«
1018
M iddling
87,8
938
10',«
MABKET AND
7ihe
89i8
91a
8'i6
8iiie
9%
10!>.6 llO'lB
SPOT MARKET
CLOSED.
Sat.
.
Mon.
rues
.
Firm at
ije adv.
Quiet at !,« adv.
Steady at ig adv.
Wed Steady at
Hx1,623
I9
adv.
Thur. Firm at 1,6 adv
Fri...
Total
*
Firm
^..
Spec- TranTotal.
sump.lut't'n sit.
Oon-
I
port.
1,623
818
8%
8%
911,6 9l'i«
lOis
lOia
SALES.
SALES OF SPOT ASP TBASSIT.
97,883
1,930,509 416,363 1,105.615 3.502.484
41.603 126.1J91 1,768.471 278.737
8'.e
lO's
lO's
,
Good Middling
Strict Good Middling.
112,702 420.645
368,823 1,262.638
44.789
277,558 451,110
14,897
13-,493
Toes
7i5ie
838
914
8=16
Middling..
Middling
JTIon
7'8
9=8
LowMlddlin?
Strict
Sat.
9'',8
STAINED.
34,
—
—
Middling
Brunswick
Charleston
Wilmington...
Norfolk
600
326
None.
900
4,300
Leaifina
Stuck.
Total.
Total 1889...
we
Since Sept. 1
lixports
None.
32.100
None.
5,000
7,800
4,300
3.000
9,050
3,000
6,078
None.
None.
None.
None.
None.
Coastwise.
lands reaching lie. on Thursday, but the transactions have
In order that comparison may be made with other years,
give below the totals at leadia-? ports for si.^ seasons.
Receipts ai—
Other ports
OtKer
France. Foreign
The speculation in cotton for future delivery has been active
3,119 and excited at a sharp advance in prices due to a rapid rise in
213 Liverpool, smaller receipts at the ports and the interior towns,
8,219 advancing Southern markets and the large expansion in the
2,092
1,138
1,303
426
128
257
638
231
Phlladelpl>'a,Ac
4.917
4,539
663
215
903
N'wp'tN'B.&o.
Kew York
798
Charleston ....
lihipboard, not cleared—for
16,3.i4
479
1,089
15.865
None.
None.
.Hobi.c
2.284
53.034
7,509
503
1,355
.Vew Orleans...
17,0119
8,050
3,051
Britain.
2,500
2,2S4
6,321
8,495
1,121
2,581
Oreat
Total.
Florida
Gavaunali
Brunsw'k, &o.
Cbarloston
Port Royal.&c
On
Jan. 24, at—
Fri.
13,562 16,314
1,611 1,740 2,271
U
[Vol.
902
344
2,523
382
38i
341
114
461
291
114
461
291
2,494
4.117
PPTURKS.
Sale*.
eHet.
96.500
188,800
170,400
207,600
246.600
233,300
1.163,200
Tbe daily dallveriea given above are actually delivered tbe d*
previous to tbat on wblon tbey are reported
Januaky
25, IfQO.J
THE CmiONICLK
The Sales and Prices of FxJTUBES are shown by the
following comprehensive table:
145
The Visible Sopplt of Cotton to-night, as made up by cable
is as follows.
The Continental BtockH, as well aa
those for Great Britain and the afloat are this week's returns,
consequently
all
and
the Euroiwan figures are brought down
But to make the totals the complete
to Thursday evening.
figures for tonight (Jan. 24), we add the item of exports from
the United States, including in it the exports of Friuay only.
and telegraph,
1890.
1889.
1888.
1887.
970,000
700.000
74tl,000
li),000
5,000
30,000
631,000
11,000
Total Great Britain stock.
Stock at Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Uarcelona
Stock at (icnoa
Stock at Trieste
98B,000
2,100
143,000
7,000
711,000
2,400
776,900
5,0OO
43,500
26,000
812,000
3.400
20.500
25,000
C,000
156,000
3,000
85,000
7,000
12,000
400
500
300
900
400
900
110,000
3,000
20,000
S,000
7,000
183,000
3.000
43.000
5,000
6,000
211,000
3,000
46,000
4.000
10.000
Total Continental stocks
421.400
185.300
314,700
324,200
Stock at Urerpool
Stock at London
bales
1
4,000
23,000
300
Total European stocks.. .. 1,407,400
India cotton afloat for Europe
133,000
Amer. cott'n afloat for Europe
896,300 1,090,700 1,166,200
102,000
70,000 130,000
430.000 493.000 636,000
48,000
36.000
41,000
922.737 949.270 93-2,823
364,725 363,197 313,271
27,929
1.^,788
33.529
5^3,000
EKyi't.B''i'Z'l-*<'-.atltforl';'r'po
3'.i.0(M)
UnlU'd States ports ..
Stock In U. 8. interior towns..
United States exports to-day.
6^1. '.ill
Stoctc in
291t,877
17,034
Total visible supply
3.093.902 2,791,091 3,017,961 3.252.823
Of the above. t<ie totals of American and other descriptions are aa f ollowf
A mertcan —
bales
754.000
330.000
586,000
afloat for Europe...
5-23.000
f8l,.59l
430,000
1)22.737
41)3,000
940,-276
299.877
17,034
364.725
27,929
363,197
15,778
Liverpool stock
CJontinental stocks
American
United States s^ook
United States Interior stocks..
United States exports to-day.
Total American
BrazUf ae.
JSoMt ItiUiav,
561,000
182.000
l'26.00O
641,000
224,000
636,000
932,823
313,271
33.529
2,605,502 2,457,391 2,564,261 2,780,823
—
Liverpool stock
London stock
Continental stocks
India afloat for Europe
Egypt, Brazil, <tc., afloat
216,000
16,000
91,400
133,000
32,000
Total East India, &e.
Total American
.
.
120,000
5,000
59,300
102,000
43,000
183,000
30,000
132,700
70,000
36,000
190,000
11,000
100.-200
130,000
41,000
488.400 334..300 453,700 472,200
2,605,502 2.457,391 2,561,261 2,780,623
Total visible supply
3,093,902 2,791,691 3,017,981 3,'252,823
Price Mid. Upl., Liverpool....
SSgd.
e^d.
5^d.
54i.d
Price Mid. Upl., Now York....
lie.
IQIIhCg'sc
S'ao
The imports
into Continental ports this
week have been
89,000 bales.
The above figures indicate an increase in the cotton in sight
to-night of 303,311 bales as compared with the same date
of IWO, an increase of 75,941 bales as compared with the
corresponding date of 1883 and a decrease of 158,921 bales
as compared with 1887.
At THE Interior Towns
movement—that is
the receipts
the shipments for the
week and the stocks to-night, and the same items for the
corresponding period of 1888-80 is set out in detail in the
following statement.
for the
the
week, and since September
1,
—
r3
7-'i,c.^n»?SWa'
H
o
D
u v
ft
E: p:
•
^ H* M M
•
'
t-*
en
W
cs
I-
— to
»;^
M ^^ CO
<p
a X ^ u ;d ci to X M u tOMOL' u ce u ^
ttk
|©C«
G*
*
tfl
400 Mcli. for April.
KKj Jan. for Mch.
1 ,ot
'200
.Tan. for Feb.
Mch. for .luly.
300 Jan.
300 Jan.
for Feb.
for May.
•07 pd. to exoh. 100 Feb. for Mcli.
] 1 pd. to exch. 1,100 Mob. for May
IS pd. to exch. 300 Jan. for May.
58 pd. to exch. 1.000 Sep for July.
•04 pd. to exch. 200 Jan.s.n.for rei?.
•18 pd. to exch. 1,500 Jan. for .May.
•0(i pd. to exch. 100 Mch. tor AprU.
tCM
f^
J*
M M^
OHO <j tc a w M [j- « ;d c O X K- tc i; X c^
)t^:;iMitk.c)Mft:o3>4A
X. (0
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to
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The following exchanges have been made during the week.
1,000 Apr. for Aug.
500 Feb. for June.
.1' 'I.
MM
c:iOhD>.x*.*JGcc;*3o
J**.
O"'*™,";;^??"""*"-^' 10'63c.: Monday, 10-63C.: Tuesday,
K^Sn^'H'?'','*'
10-SOc.; Wednesday, 10-85c.; Thursday, 1105c.; Friday,
10-95c.
exch.
exch.
exch.
exch.
exch.
exch.
exch.
exch.
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MM
X Mjc
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to
to
to
to
to
to
to
Krffc
oa^i
OQOtOtO*
19 pd.
•21 pd.
•07 pd.
•09 pd.
•03 pd.
•22 pd.
•03 pd.
•V!2 pd.
10
cw
;
'ioocn<i'
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tooludes saleH in September, 1889, for September, 147.600:
Scptem^"''
8eJ'^e'"beliNovemi)e^/^r Novo^^^^^^^
""'"'" •
«^I^fur''II9"'"'A''''' ''^?-*''^'l'
«3C,20(); September-December,
for December, 957,200.
ry* We nave Included in tlic abovo table, and shall continue each
,^'*'',' "le >iveraj;o price of futures each day for c.acU month.
It
3fiV^
be found under oacli d.iy followins: the abbreviation "
" The
average for each montli tor the week is also fflvcu at bottomAver
of table.
-
t
otC'-»mcoto»ctcflsa>-'icic!©^t3CP3i^
QDOOtf^C^itOCOO
XM»0
>':
i
© o M CD X o J cc ot p M cs
O X CCM J O M #- M tl O M GC
M
Cipk
MM
W
aX
•^ <l CI*
OD
•g If^
00 Ifr.
*-
W
GCHO
:
9"
O ft
sa
aa
si
:
:
'
30
<i
MtO MM6ai».
tOj^MKMtCW
tOOttCpJMi^CftW^O
C^tCO — OlCW
t^ cn« iKCD iH- o> U CC V> «C« U O <>• 9 U« (0
COJOQDMMM
'
t
1889 flgures are for Palestine.
1
1889 fljtures are for Petersburg, V«-
Loulsvule in both years are " net."
i
This year estimated.
THE CHRONICLE.
146
The above totals show that the old interior stocks have
decreased during the week 83,097 bales, and are to-night 64,848
bales less than at the same period last year. The receipts at
the same towns have been 7,854 bales less than tlie same
-week last year, and since Sept. 1 the receipts at all the towns
axe 122,679 bales more than for the same time in 1888-89.
Quotations for Middung Cotton at Other Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week:
Jan. 24.
Satw.
Galveston...
New Orleans
Mon.
Savannata...
Charleston.
lOifl
10%
lOifi
10>4
1018
10^8
1014
ioii
lOia
101*
lOie
lOH
10%
Wilmington.
10
10
Norfolk
10%
10%
10 la
10%
lO's
10^8
1016,8
IOI4
1118
lO'.g
11%
11%
10 ',6
IOI4
1014
10 14
IOI4
10%
10%
10%
10%
Augusta ....
lOifi
lOH
Mempliis
1018
1018
10»4
9'e
1018
..
10%
10%
10»8
lO'-'flB
.
IOI2
10%
10%
10%
10%
10%di%
10%
10%
11%
101^
lO^B
Philadelpliia
Louis
Cincinnati
10%
10%
10%
10%aia
Louisville.
10%
Fn.
Thurt.
10%
10%
10%
10%
10%
lOH
lO's
10S8
Baltimore...
8t.
Wednes.
Tue>.
10
lOig
10',
Mobile
Boston
FOB MIDDLING COTTON ON —
CU)SIIIQ Q00TAT10N3
Week ending
lOifl
lO'e
104
10%
11%
10%
10%
10%
10%
10%
lOia
101,8
10%
10%
lO^s
closing quotations to-day (Friday) at other important
Southern markets were as foUows:
Rome
10%
10
Atlanta
105,8 Little Rock
10%
Montgomery .
10% Selma
Columbus, Ga. 10%
lO^
Nashville
10% Shreveport
Columbus.Miss 10
10%
Eufaula
Raleigh
10%
The
I
.
|
. . . .
I
Eeceifi'S From
indicates the actual
—
the Plantations. The following table
movement each week from the plantations.
figures do not include overland receipts nor Southern
consumption; they are simply a statement of the weekly
The
the plantations of that part of the crop which
finally reaches the market through the outports.
movement from
Week
2ndinoPeo.
Beeeiptt at th< PotU. St'k at Interior Towna. Rec'vti from Plant 'ns.
1887-88 188889 1889«1 1887-88 1888-89 1889-90 1987-83 1886-88 1381-60
202,839 254,91.1 252,256 503.6;8
••
87.... I8S,-21 240.012 248,408 493.883
15U.S08 202.924 218.610 481.804
Jan. 3
•
10..... U5.70 159,119 189,926 137.20i;
"
17
106,408 149,178 158,86!- 423.832
"
110,13(1 177,'<21 'I4fl.«92l398,ni2
24
80.
.
427,347 365,092 209,108 295,443
480,024 406,332 179,02' 272,719
41S,660 417,560 127.229 191,560
435.568 393.470 121,1311 146.027
107.C9a 359 Ml 92,0i3 120,70:3S9,«18 3 ;6.n7B 04.310 160,371
296.5311
288,848
230,868
117.736
122,418
112.951
—
The above statement shows: 1. That the total receipts from
the plantations since September 1, 1889, are 5,115,795 bales; in
1888-89 were 4,693,281 bales; in 1887-88 were 4,860,314 bales.
2.
That, although the receipts at the outports the past week
were 146,892 bales, the actual movement from plantations was
only 112,951 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 160,371 bales and for 1888 they were
64,310 bales.
—
[Vol. L.
—
Columbia, Texas. Dry weather has prevailed all the week_
The thermometer has averaged 54, the highest being 78 and
the lowest 30.
Cuero, Texas. Telegram not received.
Brenham, Texas. It has been showery on two days of theweek, the rainfall reaching nine hundredths of an inch. Thethermometer has ranged from 27 to 78, averaging 52.
Belton, Te.vas. Telegram not received.
Weatherford, Texas. Telegram nol received.
New Orleans, Louisiana. It has rained on one day of ther
—
—
—
—
—
Shreveport, Louisiana. — KainfaU
The thermometer has averaged
week.
59.
week
for the
fif ty-seven-
hundredths of an inch.
The thermometer has ranged froftx
29 to 76, averaging 50.
Columbus, Mississippi. It has rained on two days of the
week, the rainfall reaching fif ty-seven-hundredths of an inch^
—
Average thermometer
46, highest 70 and lowest 24.
Vicksburg, Mississippi.
have had rain on two days of
the week, the rainfall reaching one inch and fifty-bun dredthsAverage thermometer 54, highest 80 and lowest 36.
Leland, Mississipi^i. Telegram not received.
—We
—
—
Greenville, Missit>siiypi. Telegram not received.
Little Hook, Arkansas.
The weather during the past week
has been variable, the thermometer ranging from 26 and 70,.
and averasing 41. Rain has fallen on three days to tha extent
of one inch and fourteen hundradths.
—
—
Helena, Arkansas. There have been showers on two days ot
the week, the rainfall reaching one inch and fifty-six hundredths. Farmers have commenced preparations for the next
crop, but are hindered by too much rain. The thermometer
has averaa;ed 42-5, ranging from 30 to 70.
Memphis, Tennessee. Rain has fallen on four days of theweek, but the weather is now clear and cold. The rainfall
reached two inches and two hundredths. The river is two and.
four-tenths feet below extreme high- water mark and rising.
—
The thermometer has ranged from 27 to
—
71,
averaging
42.
Nashville, Tennessee. Rain has fallen on five days of the
week, to the extent of three inches and eight hundredths.
Average thermometer 20, highest 64 and lowest 39.
Mobile, Alabama. An inappreciable amount of rain hasfallen during the week.
The thermometer has averaged 57,
the highest being 72 and the lowest 33.
Montgomery, Alabama.
have had rain on two days of
the week, tne rainfall reaching forty-five hundredths of an
inch. The thermometer has averaged 53, ranging from 2ft)
to 75.
Selma, Alabama. It has rained on two days of the week,,
the rainfall i-eaching sixty hundredths of an inch- The high
prices the past few days have, it is claimed, about exhausted
the cotton on plantations in this section. The thermometer
has ranged from 30 to 72, averaging 50.
Auburn, Alabama. Rainfall lor the week forty-one hundredths of an inch. Average thermometer 50-2, highest 72-6^
—
—We
—
—
lowest
28.
Madison. Florida.— Telegram not received.
Columbus, Georgia. Ttlegram not received.
Savannah, Georgia. The weather has been pleasant all theweek. The thermometer has ranged from 32 to 77, average 57,.
Amount of Cotton in Sight Jan. 21. In the table below
Augusta. Georgia.
weather has been clear and pleawe give the receipts from plantations in another form, and add sant, with light rain onThe
one day of the week, the precipitato them the net overland movement to Jan. 1, and also the
Average thertion reaching five-hundredths of an inch.
takings by Southern spinners to the same date, so as to give
mometer 53, highest
and lowest 30.
—
—
—
—
substantially the
amount
of cotton
now
1889-90.
77
in sight.
1888-89.
1887-88.
1886-87.
|
I
Eeceiptsattheports to Jan.24 4,803,160 4,319,013!4,486,132 4,346,172
Interior stocks on Jan. 24 in
excess of September 1
312,635 374,268 374,182 303,301
from plantat'ns 5,115,795 4,693,281 4,360,314 4,649,473
Net overland to January 1... 555,8511 5S3,833i 710,712 513,742
Southern consumpt'n to Jan. 1 228,000 225,000 205,000 150,000
Tot. receipts
Total in sight January 24.. 5,899,646 5,502,114 5,776,020,5,313,215
Northern spinners takings to
January 2.4
1,196,747 1,199,4871,284,102 1,088,230
It will be seen by the above that the increase in amount in sight
to-night, as compared with last year, is 397,532 bales, the increase as
compared with 1887-88 Is 133,620 bales and the Increase over 1886-87
Is 586,431 bales.
Weather Reports by Telegraph.— Our
telegraphic
ad-
—
Charleston, South Carolina. There has been no rain aU.
the week. The thermometer has averaged 56, ranging from
38 to 76.
Stateburg, South Carolina. There has been no rain all theweek. The thermometer has ranged from 28-5 to 74-5, aver-
—
aging
52.
—
Wilson, North Carolina. Rain has fallen on two days of
the week, to the extent of thirty-seven hundredtlis of an inch..
Average thermometer 46, highest 72, lowest 25.
The following statement we have also received by telegraphy
showing the height of the rivers at the points named at &
o'clock
January
23, 1890,
and January
<Jan. 23, '90. Jan. 24, '8».
Fftt.
New
Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above
Above
Above
Above
Above
low-water mark
low-water mark.
low-watermark.
low- water mark.
low-water mark.
from the South to-night indicate that rain has fallen in
almost all districts, hut that except in portions of Arkansas
and Tennessee the rainfall has been light.
Oalveston, Texas. It has been showery on two days of the
week, the rainfall reaching five hundredths of an inch. The
thermometer has ranged from 44 to 73, averaging 58.
Palestine. Texas. Bain has fallen on tour days of the week,
the rainfall reaching twelve hundredths of an inch. Average
India Cotton Movement
and shipments of cotton at
the week and year, bringing
BOMBAY RECEIPTS AND
thermometer
tear area'
vices
—
—
48, highest 74, lowest 22.
Huntsville, l^exas. There has been rain
—
on one day of the
week, the precipitation being twenty-seven hundredths of an
inch. The thermometer has averaged 52, the highest being 78,
and the lowest
26.
—
Dallas, Texas. We have had one shower during the week,
the rainfall reaching forty hundredths of an inch. The thermometer has averaged 49, ranging from 23 to 76.
San Antonio, Texas.— It has been showery on two days of
the week, the rainfall reaching fifteen hundredths of an inch.
The thermometer has ranged from 25 to 79, averaging 52.
JUuling, Texas.
There has been rain on one day of the week
to the extent of thirteen hunib-edths of an inch. Average
thermometer 52, highest 79 and lowest 26.
—
24, 1889.
Shifyme^bta this week.
ContiBriCn. nent.
Total.
Inch.
10
33
35
26
37
reel.
8
24
3
12
26
31
3
from all Ports.
—The
Inch.
1
3
3
8
4
2
receipt*
fo»
Bombay have been as follows
the figures down to Jan. 23.
SHIPMENTS FOR FOCR TEARS.
Shipmenie since Jan.
Great
Britain
1890 5,000 43,000 48,000 11,000
1889 5,000 20,000 25.000 18,000
1888 1,000 13,000 14,000 12,000
1887 9,000 22.000 31,000 17,000
1.
Continent.
Total.
91,000
65,000
48,000
66.000
102,000
83,000
60,000
83,000
Receipt*.
ThU
Since
Heefc.
Jan.l.
73,000
66,000
39,000
40.000
186.000
187,000
109,000
166,000
According to the foregoing, Bombay appears to show
an increase compared with last year in the week's receipts of
7,000 bales, and an increase in shipments of 33,0S0 bales, and
the shipments since Jan, 1 show an increase of 19,000 baleis.
The movement at Calcutta, Madras, and other India ports for
the last reported week and since the 1st of January, for two
"Other ports" cover Ceyloti,
yeai-s, has been as follows.
Tuticorin, Kurrachee and Coconada,
Januaey
THE CHIIONICLR
25, 18M0.J
ShipmentM tlnee January
Shipmenltfor the wetk.
Oonlitunl.
great
Britain.
Calcutta 1890....
1889....
1,000
2,000
ToUU.
iwf«i«
Brllain.
4,000
7,000
2,000
5,000
7,000
8,000
9,000
13,000
i",oo6
1,000
1,000
2,000
1,000
1,000
3,000
1,000
1,000
1,000
3,000
8,000
2,000
8,000
5,000
6,000
ur
Exports of Cotton Goods from Great Britain.— Below
we give the exports of cotton yarn, goods, &c., from Great
Britain for the month of December and for the twelve months
Total.
3,000
8,000
Kadras—
1890....
1889....
Continent.
1.
«ioce January 1 in 1899 and 1889, as compiled by u« from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.
lanutlhreod.
Cloth.
lolalafAU.
All others—
1890...
1,000
1889...,
1890
1889
!J,000
I
9,000
12,000
6,000
10,000
5,000
9,000
3,000
7,000
2,000
15,000
22,000
week show, that the movement from
other than Bombay is 4,000 bales less than the same
The above
totals for the
week last year. For the whole of India, therefore, the total
shipments since January 1, 1890, and for the corresponding
periods of the two previous years, are as follows:
Shipmenlt
toaU Europe
from—
Bombay
All other ports.
Total
ainte
Ihit
week.
Jan.
48,000
5.000
102,000
15,000
25.000
9,000
83,000
22,000
14.000
7,000
60,000
21,000
53,000
117.000
31.000
105,000
21,000
81,000
week.
1.
Since
Jan. 1.
Sitiee
week.
Jan.
1.
—
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
corresponding week of the previous two years.
January
22.
Keceipts (eantars*)
This week
Since Sept.
1889-90.
1888-89.
1887-88.
60,000
2,623.000
125,000
2,223,000
80,000
2,520,000
1
Thit
week.
Since
Sept.
1.
TMs Since
week. Sept. 1.
TIti*
Since
week.
Sent. 1.
Exports (bales)-
To Liverpool..
To Continent.
11.000 197,000 14,000 165,000
4,000 92,000 5,000 84,000
Total Europe
*
Tts.
77,631
95.767
111,179
Ubs.
97,776
99.900
101,«9*
e»,sio 1,807,908 1.266,811 287,801 230.148
306,488
800,466
11.706
4ai,4»
S8JM4
406,044
4«6,486
«e,oo9| s4,oei
April
22.886 28.682
22,906 23,689
20,622 20,«7<
7,000 189,000
5,000 106,000
15,000,289.0001 19.000 249,000 Il2,000;295,000
4tta qr.
880,96;
78.662
480,660
876,866
62.961
xoijxa
76,446
98.948
101.108
83.673
80.011
06,934
«7,»93 1,197,167 1,187,402 «I7,8« 216,891
283.629
iHa.mt
121.039
429,888
846,230
23,B3»
28.140
22,12i
28,6*>6
19,969
23,214
es,n2s
!0.03»|1,249,479
460,819
416,881
38»>179
67,469
78,162
81,868
443,063
428,080
417.946
108J5U
75.741! 77^62/
69,578' 76.990
>T,8a9
89.647
101.607
1,2%,0M 2J7,l78|2»«,l!n
892306
804.n6
3,754,544 8,741,242 682,644 680,226
1
884,923
887JB68
100.837
110,106
10I.«W
10M81
72,490
92.278
04,666
70,8ii3 1.247,042 1,297,066 226,786 235,8:i0
894,204
306.068
42.'!,44e
4a2JS27
427,762
395.834
436340
78,990
77,775
71,970
S«8.a99
Total year... 269,748 277,665 5,001.686 6,038,3081 B09,879l»16.066
Stocking and socks
Bandry article"•-
00,204
84,096
79,244
S3,247 26,010
October
November... 28,914 22,037
December... 20,308 22,1-6
Total
Yd*.
lbs.
418,390 78.441
420,462 74,190
426,906 86,170
69,265
78.2^7
68,839
.
Tot. 3d qaar.
1888.
1888.
70.697
qr.
1880.
LM.
March
May
188&
1889.
Tatal9moB.. 202,279 207,842
Alexandria Receipts and Shipments. Through arrangements we have made with Messrs. Davies, Benachi & Co., of
Alexandria, Eaypt,
1880.
Ui.
Tot.lst qaar.
Atunut
September
1888.
1888.
1
lll,M7l'
. .
July
1889.
1890.
February.
ToUl 2d
EXPOBT8 TO ETIROPB FROM ALL INDIA.
1
Lbs.
28,111
Jamury
Total all—
the ports
1880.
;
.
Total exports cotton
1,103,691
tfi»
8,167
23.696
mannfactnres
28,619
1.804.989 1,818,770
llio foregoing shows that there has been exported from the
United Kingdom during the twelve month 1 1,304,939,000 Ibe.
of manufactured cotton, against 1,318,779,000 lbs. lastyeir.or
a decrease of 13,790.000 lbs.
Domestic Exports of Cotton Mandfactcres.— Through
the courtesy of Mr. S. G. Brock, Chief of the Bureau of
Statistics, we have received this week a statement showing the
exports of domestic cotton manufactures for November, and
for eleven months ended Nov. 30, 1889, with like figures for the
corresponding periods of the previous year, and give them
below:
A cautar is 98 pounds.
This statement shows that the receipts for the week ending
Jan. 23 were 60,000 eantars and the shipments to all Europe
15,000 bales.
—
Manchester Market. Our report received by cable to-night
from Manchester states that the market is strong for both
yarns and shirtings. Merchants are not willing to pay present
prices.
We give the prices for to-day below, and leave those
for previous weeks of this and last year for comparison:
1889-90.
32» Cop.
814
SMrtingi.
Twist.
d.
Dc.20
8^6
d.
8858
" 27
Jan. 3 8l8 3858
10 8"4
®8%
I7I8I4 'S>8H
24i8ia ®878
ll».
d.
8.
d.
6 1 «7 3
... Holiilay...
6 1
3
s.
6 3
6
6
3
4
®7
a7 3
®7 3
a7 4
a.
d.
7''8
5"ifl
7''8
5-->8"
53»
51:>„
e^s
d.
8I4 lbs.
Shirtings.
d.
8.
®838 6
®8%
6
6
7i5ie«87i» 6
7Hie®8'i6 6
!715|B'a87|«!6
1
1
British Honduras
West indies
30,011.603
10,268.776
d.
Total yards of above..
0,120,314
»7
1
5:!8
II2
II2
512
S'-iR
5J3
Imiiortance ha« been received frjin the cotton districts,
to be favorable for thn plckinjr of thu
In the Br.iacli districts the cotton plants are flourishing,' and
showing bolls, but the crop la not expected to be hO early as la«t year
In parts of the Dhollera circle the cotton is forward, and in Bhownugger picking of the first sowing has commenced.
hand
7,092,350
6,816.048
ll,764.261i 10.8(i8,9<8
4,746.0>S!
2.91H.ugi
6,621,136
8.0S7.2U3I
1,805,051
3:638,824
17,207.075 IB.S21.755
6.RI 6.993
4.94U.8r'&
like date says:
Oermany
France
Other countries in Europe
British North America
Mexico
Honduras
West Indies
&
28,629
3,788,1971
6,346329
6,!.97,296
7,678.232 108.383.927 120.850.410
1576,503
$>)<3,86'
Values of other Manufactures of
Cotton exported to—
Qreat Britain ana Ireland
17.778.604, 18,437,665
t-07S8
rOTiS
I'07i6
roooa
$36,320
117.416
$362,429
$440,560
1,998
8..S23
787
12,440
16,648
62,368
81,467
16,882
641
891
88.347
24,780
7.854
7.823
8.993
13,609
26,980
16.616
6.434
6.033
6.690
28,8»9
SOS
749
862
$135,998
1800,360
$133,469
$709,972
123
3O4,0W
205,010
19,681
14,676
26.468
830.033
164,269
British
United States of Colombia
Other countries In So. America....
Asia and Oceanica
Africa
Other countries
Total value of other manufactures of
AKgregate value of all cotton goods
66.948
85,799
28,170
104,709
318.039
9.441
86,184
$1,001,707
60,474
88347
78.743
84.61*
267337
10.61T
42,620
$1,616,781
$9,373,311 $10,064.88
The Following are the Gross Receipts of Cotton
New York,
at
Boston, Philadelphia and Baltimore for the past
week, and since September
NlW TOHK.
1,
1889.
Boston.
PHILADBLPH'.*
BALTIMOBC
<i««iptl
This
Since
week. Sept.l.
in the telegraph'c
weather reports issnedattlie UcKiuninKof the weckfiom the Bengal cotton circle, with
the exccMion or tlie Beawar district, where the cotton was still arriving in small quantities only; but it miy be assumed that in theoth^r
districts of tlilsclr. le the haivos ii g of tlie cr )p was progropsing in f i.
vorable weather. The picking of the plants was general throiicbout
the Oomrawuitee circle, and excepting that the dewtall wa« insutlicient
at Barsce. accounts wi re entirely salisfactory fruiu all the districts, the
weather continuing bright, with no sign of laiu. The former favorable
reports of the Bri)ach c op were also conllrmed; the weather in the
Wartwan (lislritt of the Dhollera circle was cloudy an i unseas. nabb',
but the cotton plants were health,! ;and in the other di^triols ot the same
circle the crop was nourishing, being ready for picking in si me
Ileids at
BhownuggtT. The weather couiluucd seasnnible in the H.ibli disirict
of Dharwar, and the cotton jilauis were lluurishi.ig,
as they were also
at Bvllar.v. We learn Ironi the telegraphic summary
published to day
that puking of the Hr-t sowing had partially begun
at Bhownuggcr,
Mid In other nspects the favorable news transmitted at
the eommenoement of the week is coutiruied.
l,04a507
.
Central Amerlcaa States
4e9,t89[
390.211
442,904
Total values of above.
Value peryard
Nonewsof
to
381.910
1,805.983
82.478.719
crop.
came
562,962
976,629
Central American States and
1.235,286
21,278
where the weatlier continues
fresh advices
1888.
7,982,706
7,650.469
2.475,826' 2,184,643
784,018
963,196
8,623,640 ll,ei4,30»
630,366
f67,5SS
818,000
qualities.
The Bombay Prices Current of
North America
Mexico
1889.
916,^23
182,597
41,422
602.761
Mid.
Uplds
C7ott'n
East India Crop.—The Bombay Company's (Limited) Cotton Report, dated Bombay, Dec. 30, gives the following:
No
791,980
189.920
36.469
619.880
41-.963
Jute Butts, Bagging, &c.— Not much activity is to be reported in the bagging mai-ket, and only small orders are coming in. Prices are about as last, and sellers are quoting 6i^c.
for 1}^ lb., IXic for \% lb., 8c. for 3 lb. and 8%'c. for standard.
A little more business is being done in jute butts, and prices
arefirm at l-70@lj^o, for paper grades and 3@3i^c. for bagging
British
yards
1,832.800
8.926
538
538
®7
87 Hg'
dreat Britain and Ireland
other countries in Europe
tTov.SO. 11 mot. ending Xov. 30
1888.
1.S0.868
®7
®7
0i2»7
1889.
1,319.670
147,838
d.
1
1
s.
exported to—
Argentine Uepubllc
BrMll
:
Unread States of Colombia...
other countries in S. America
China
other crtuntrles in Asia and
Oceanica
Africa
Otlier countries
1888-89.
OotPn
Mid. 32» Cop.
Twist.
Uplds
QuantWiMo/ Manu/actures of Cot-t^onth maint
ton {colored and uncolored)
.f.
Orleans.
Texas
ja van nab
9.211
19.110
6,576
tfot>lle
161.242
8t5.S39
233,310
This
wee*.
2.008
Since
Sept. 1.
This
week.
877
87,114
Since
Sept. 1
8,506
Tkit
week.
087
....
riorida
7t8
So. Carol's.
.So.Carol'a.
1,9&4
10
yirglnlB...
644
Nortbn pta
renn., Ae..
foreign....
4316
lt9
This year
43,53-
ast year
42,834
.
Sines
Seix.1.
87.081
,
9,078
60,6
n
7,447
68,897
766
203
U,827
66.915
3,7e2
67
i.ub
3.494
1,490
45.786
3,164
4,330
37,653
265
5,000
41,860
860,093
6,417
54,847
7,643
116,916
280.701
3.6i9
66.168
3,S69
166.062
..
...
2,376
1,386
88,856
143,039
41,089
905,716
18,987
994,154
19,666
THE CHRONICLR
148
Shippikg News.— The exports of cotton from the United
States the past week, as per latest mail returns, have reached
117,700 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph and published in
the Cheoniclk last Friday. With regard to New York we
include the manifests of all vessels cleared up to Thursday.
Total IxUei.
LlverDool, per steamers Brltannto, 1,178
Hersehel, 1,282, .'..Italy, (additional) 259....Umbria, 948
5,072
....WyomlDK.1.105....
1,333
To Hull, per steamer HlDdoo, 1,333
1,450
To Leltli, per steamer Crystal, 1.450
813
To Havre, persteaiier LaBourgognc, 813
1,437
To Antwerp, per steamer De Ruyter, 1,437
252
To Copcuhagen. per steamer Ilekla. 252
100
To Genoa, per steamer Alex indrla, 100
Nbw Orleaks— To Livirpool, per steamers Ardancorracli, 2,188
....Astrontmer, 6,488 ...Belliiura, 4,6'J8....Qracla, 7,703
....India, 3,180. ...Lake Nepigon, 4.288.... Orion, 6,C17
38,.597
....Yucatan, 4,105
4,825
To Ha\Te, persliip Superb. 4,825
Harrogate, 5,608
To Bremen, per steamers Finland, 2,622
12,969
Mount Hebron, 4,739
To Barcelona, per steamer Cristobal Colon, 2,988... per bark
3,288
JcseHia, 300
1,500
To MiilagB. p^r steamer Cristobal Colon, 1,500
5,439
Galvkstos— To Liverpool, per steamer Henley, 5,439
1,774
To Bremen, per steamer Danish Printe, 1,774
Larnaca,
Savan.nah— To Bremen, per steamers Alps, 3,338
10,190
6,852
1,600
ToVenlce, per bark Led 1,1,600
0,902
Brunswick—To Liverpool, per steamer Dora, 6,902
CHAKLtSTOs—To Barcelona, per steamer Oceano, 1,950... per
2,460
brig C'asilda. 510
2.900
Norfolk— To Liverpool, per steamer Claribel, 2,900
7,046
To Bremen, per steamer Unionist, 7,046
VirginBoston— To Liverpool, per steamers Catalonia, 721
2,105
ian, 1,384
42
To Yarmouth, per steamer Dominion. 42
NessBALTI.MORE—To Liverpool, per steamers Caspian, 702
3,687
more, 621. ...Yorkshire, 2,364
1,057
To Bremen, per steamer Wes^r, 1,057
100
To Rotterdam, per tteamer Handel, 100
Philadelphia— To Liverpool, per steamer British Princess, 762
762
New York—To
—
117.700
Total
The
particulars of these shipments, arranged in our usual
pool.
and
Leith. Havre,
New
York. 5,072 2,783
N. Orleans. 38,597
Galveston..
5,439
813
100
4,788
1,600
2,460
2,900
lUD
3,687
Amount
afloat
Of which Amerioan
••>
......
7,046
......
..•
1,057
100
.«
42
10,457
61,179
7,213
11,790
6,902
2,460
9,946
2,147
4,844
2,783
5,638 33,036
1,789
Saturday Monday. Tuesday.
Spot.
U
IVIarket,
1:45
2,552.... Jan.
P.
10,000
& exp. 2,500
I
Market,
4
)
p. M.
17— Steamer
January
...
.VIoh.- April.
..
Ang.-Sept.
Jan.
21—
Cephalonia,
Jan.
21— Steamer
Man.
Wednet. TKurt
Tuet.
"16
?'ilet at
.64 decline.
10,000
2,000
Strong at
Strong at
4-64
3.61
Quiet.
&.64ad.
vanoe.
Barely
steady.
{Quiet and
steady.
advance.
Quiet.
QDlet.
»i«'
"16
»i«'
70-
70*
'
"16
"16
70*
70*
d
70*
70'
I
Ejg
d.
It.
5 51
5,"SI
5 63
6 62
6 53
5 53
5 53
5 53
555
5 66
A.
661 5 52
5 51
6 58
6 63
6 54
5 68
6 57
558
658 5 59 5i8
6 59
5 69
i.
6 50
6 52
6 52
5 63
555
6 56
5 68
5 59
6 59
iMon., J an, 20.
Toe*., J an. 31.
Open High Law. OlM. Open High Loui.
d.
d.
d.
"Z"
566 5 58 6 55 6 5B
565 5 58 6 55 6 56
5 56 556 6 56 6 63
5 67 558 6 67 6 53
6 58
5 60
6 59
6 61
5 83
5 62
5 83
6 63
6 63
5
61)
6 58
6 80
6 61
5 63
5 63
6 69
5 60
6 62
5 83
5 63
d.
d.
i.
5 53
6 55
5 53
6 53
65) 6 65
5 53
6 54
6 58
6 57
5 53
5 59
5 80
5 58
5 57
5 58
6 80
5 81
5 62
5 62
5 63
551
5 58
5 57
6 58
5 59
6 60
aio$.
i.
5 59
555
B6«
5 57
5 6b
5 80
5 61
S63
64K
Wednes,, Jau.2'2. Thur*., Jan,
'i3.
rn., Jan. 34.
Open High Low.
ClOi.
Clot.
Oven High Low. OlM.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
5 61
5 61
5 61
5 61
5 81
5 81
5 61
5 61
6 01
6 02
806
8 05
6 00
604
8 05
6 08
605
6 06
8 06
6 06
6 07
6 0S
8 09
6 03
6 03
8 03
8 01
6 01
8 01
8 02
6 03
6 05
5 63
8 01
6 01
8 01
6 02
6 03
8 04
d.
January.... 5 61
Jan.-Feb....
sei
li"eb..March 5 61
1
563
6 00
6 01
6 02
1
6 03
04
5 61
5 82
5 63
6 01
6 02
6 03
8 03
6 01
6 02
6C3
6 03
Open Higk Lma.
«0l 6 02
6 02
6 05
8 08
6 07
6 07
6 02
6 03
6 04
6 06
07
08
6 08
6 OB
Fbidat,
9„
Indirect.. d.
sail
6^
12,000
1,000
8 04
'
8 06
6 08
6 0.3
6 05
6 03
8 07
6 03
6 09
6 00
6 10
810
6 03
4.
a OS
6US
6 03
6 04
eos
405
eu5
6 08
8 03
07
8 07
807
808
8ua
608
BREADSTUFF S.
%
Eeval, steam ....d. "jj-iiaa leg^-iiajiSg^-Ugj I9g^-ii3a'i9j^.n3j'
Do
12,000
2,000
Fri.
indireot.c.
Baroelona,8team (2.
Genoa, steam .. .d.
8,000
1,000
demand.
Ohe
H
16„,
e.
Amst'd'm, steam. e.
Do
.
indirect. c.
Do via
Steady.
Mch.-April. 562
April-May.. 5 63
May-June.. 8 01
June-July.. 6 02
July- Aug .. 6 03
Aug.-Sept.. 6 OS
e.
Hamburg, steam.e.
57a
Friday.
.Moderate
7,033.
late dellv'y.d.
Do
Firm at
3.64 advance.
April-May.. 664
May-June.. 5 66
June-July.. 5 57
.
Salur.
Bremen, steam
Steady.
Sat., Jan. IS.
July.Aug
To Yarmouth— Jan. 21— Steamer Dominion, 31.
Baltimore— To Bremen- Jan. 22— Steamer Hermann. 600
To Antwerp—Jan. 14—Steamers Rialto, 295; Toledo,
Cotton freights the past week have been as follows:
sail
Thurtd'y.
WedTie*.
f^
Feb..March
To Genoa-Jan. 17-Bark Catheitnii, 230.
Charleston- To Barcelona -Jan. 18— Bark India. 2,450.
Norfolk— To Liverpool— Jan 18— Bark Abana, 3,050.
Newport Nkws— To Liverpool— Jan 11 -Steamer Sussex. 192.
Boston— To Liverpool—Jan. 14 -Steamers Norseman, 671; Palestine,
1,516
Jan. 15— Steamers Bostonian, 2,645; Lake Superior,
Do
215.000
76,000
7,000
14,000
53,000
10,000
72,000
970,000
754,000
77,000
57,000
247,000
229,000
The opening, highest, lowest and closing prices of futures at
Liverpool for each day are given below. Prices are on the
basis of Uplands, Lo w Middling clause, unless otherwise stated.
Tke pricee are given in pence and B-LtKi ihut: 5 63 meant
5 63-64d., and 6 01 means 6 l-6id.
Steamer Benvick, 8,072.
e.
Jan. 21.
57,000
3,000
6,000
44,000
7,000
93,000
975,000
764,000
117,000
93,000
196,000
180,000
23-i,000
5
Jan.-Feb....
Charlie Baker, 3.320.
Savannah- To Liverpool— Jan 18— StPamer Edenmore,
Havre, steam
12,000
2,000
5
.
To Bremen- Jan. 18— Steamer Elsie, 3,780.
To Hamburg— Jan. 17— Steamer Tentonia, 3,415.
To Antwerp— Jan. 17— Steam'r Bordeaux, l,'i41.
To Genoa-Jan. 18— Steamer Plata, 4,012.
MOBILE— To Liverpool— Jan. 18— Ship Regent, 4,518
Do
5^8
513,6
0p«n High Lovi. au»
20—
;
Liverpool, steam d.
97,000
4,000
12,000
77,000
12,000
111,000
957,000
750,000
172,000
148,000
Fully
Fully
Harden'^, malQt'ned
Qarden'g.
raaint'ned
Mld.Upl'ds.
42 117,700
8,948
Steamer Eastern Prince, 5,617.
New Orleans—To Liverpool—Jan 17—Steamer Haytien, 3,748
Jan. 18— Steamers Buenaventura, 3,800; Newton, 4,876; Northgate, 5,500
Jan. 21— Steamers Alicia,
Delambre,
To Havre— Jan. 17— Steamer Bordeaux, 4,968
Jan. 20— Steamer
Hibernia, 6,250... Jan. 21— Steamer Werneth Hall, 8,454
Michigan,
Jan. 17.
Jati. 10.
762
Galvkston-To Liverpool -Jan. 18— Steamer Soaa,
Jan.
43,000
2,000
2,000
34,000
14,000
76,000
908,000
703,000
201,000
174,000
246,000
221.000
The tone of the Liverpool market for spots and futures each
day of the week ending Jan. 24, and the daily closing prices
of spot cotton, have been as follows:
the latest dates:
22— Ship
bales
Of which exporters took
Of which speculators took. .
Sales American
Aotoal export
Forwarded
ratal stock-Estimated
Of which American— Estlm'd
Total Import of the week
OI which American
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
Jan.
week
Total.
762
Total.... 65,464
Dec. 30.
Sales of the
1:45 P. M.
6,902
X*
—
Market,
mouth.
de.
1,689
Charleston.
Norfolk...
Boston ....
Baltimore
PMladelp'a
B'loiui,
burg. Oop'n.
4,825 12,969
1,774
10,190
Savannah
Brunswick.
saving the steamer.
LrvKKPooL. By cable from Liverpool we have the following
statement of the week's sales, stocks, &c., at that port.
Futures.
R'dam,
Bremen Ant- Malaga,
d Ham- aerp <t Venice, Yar-
Hull
Liver-
Thalia, steamer (Br.), Sealey, from Savannah tor Reval. went ashore
near the latter port Jan. 16, and has Hfteon feet of water in her
forehold and tie remainder of the vessel is full. Her crew have
landed. She must discharge her cargo before she can be floated.
The Russian steamer Meteor has taken charge of the Thalia and
demands a mliiiiuuiu salvage of 25 per cent. The Lloyds representative boarded the Thalia twice, but was driven off both times
by men from the Meteor. The representative has two steamers in
the vicinity and will undertake the salvage of the Thalia. He
telegraphs that it is desirable tliat the owners of the stranded
steamer and the underwriters shall promptly Join With the American and Liverpool uud'^rwriters and autliorlze him to arrange for
the salvage of the vessel. The Russian Salvage Association has
landed 673 bales of cotton from the steamer. There are hopes of
Sales
Spec.
form, are as follows:
rvoL. L,
I
Sjg
5^g
»16
"is
^in
^i«
Trieste, steam...d. Bi8®ii32Bie8aVg4 5]5®2if^BiB®2if^Bj„a,2iei ''ie®'''64
{
Antwerp, steam d.l
ip,a
• Per 100 lbs.
Below we give all news received to date of disasters to
vessels carrying cotton from United States ports, &o.
Hampshikr, steamer (Br.) -A Are broke out in the hold of steamer
Hampshire, Kerruisn, from Savannah, at Genoa. Jan. 17. Tlie
flr.i is suf !> issert to have originated from the heating of the cargo,
and was extinguished Jan. 20; the vessel sustained no damage.
I
p. M.,
January
24, 1890.
Flour has been dull and depressed. Most grades are in burdensome supply, and it is intimated that the recent monthly
statements of the New York stock have baeu anything but
complete. Spring bakers' brands and Spring Extra No. 1, as^
well as Winter Extra No. 2 have been in rather small supply
and on Wednesday exporters bought 4,030 sacks of Spring
Wheat, bakers' brands, to arrive for the Uoited Kingdom, but
the stock of most descriptions has been excessive here, and is
reported liberal elsewhere ia this couotry. The tone haa
been so depressed that orders for Europe have in some cases
been cancelled, and the the export transactions, not only with
Europe but with the West Indies and the provinces, have
reached only a moderate aggregate. The low grades and shipping brands have latterly been almost entirely neglected. To
day the market was dull, weak and unsettled.
January
THE CHRONICLE
25, 1880.J
has flactuated within narrow limits at.one time dcand then recovering most of tha loss, though
both the export business and the speculation have been small.
There were at one time reports that winter wheat has
been injured by cold weather and the California crop by
heavy rains, but they were subsequently denied, and latterly
there has been some snow in the winter wheat area. The visible supply decreased 637,790 bushels, but this had no effect,
and a decrease in the receipts at primary markets has likewise been without material influence, causing on Thursday,
however, a fractional advance, attended with a rather better
demand from the "shoris." The exportable surplus of wheat
in this country— Atlantic and Pacific markets is estimated
at 76,000,000 bushels. Today the market was quitt {and J/fc.
to }^c. lower. Options have declined %c. during the week.
Wheat
cllninj; slightly
—
DAILT OLOSnia PUCES OV NO. Z RBD WINTBB WHEAT.
Tliurt.
Sat.
ifon.
Tue$. Wed,
8658
Febraary delivery
81
80%
o. 81)58
S6H
March
delivery
April doliver.v
May delivery
Juno dplivory
July delivery
.,
c.
o.
c.
o.
0.
87%
SS^
t<7
87 J«
S7h
86%
8S>4
87%
8738
fc7%
87^8
8;b8
86I9
87%
8758
88^8
8838
873*
8614
88
88 18
Fri.
8(i>8
8718
8758
87%
8718
BO'S
80 18
8.')
08
Corn declined slightly at one time owing to larger receipts
and more satisfactory grading here and at the West, but latterly has rallied with smaller receipts, an increasing demand
for export, and greater anxiety among shorts to cover.
To-day the market was less active for options and easier with
liberal receipts here.
There was less demand for export.
Near options are slightly lower for the week and distant
months a small fraction higher.
DAILT OliOSIMO PRICES OF NO. 2 MIXED OOBN.
iron.
8ai.
February delivery
o.
o.
o.
o.
c.
c.
March delivery
April delivtry
May delivery
June delivery
July delivery
33
3768
SS^a
38%
39
39
SSI's
39%
39%
39%
30^
39''8
Tuet.
3778
3808
39 14
39 >«
391a
Wed,
38
38=8
39 14
3908
390a
Thuri.
40%
40
Fri.
38%
37O8
3812
39
39 %
38
>«
39^8
3978
3808
40%
40%
39 08
Oats have been advancing, with a larger demand both for
the home trade and for export, as well as greater speculative
activity. The stock of No, 2 mixed here last Monday showed
a decrease within a week of 118,500 bushels, though the aggregate stock of all grades increased 1^9,000 bushels. The
advnnce was encouraged by a decrease in the receipts. On
Thursday the option sales ran up to 1,100,000 bushels, and
prices were J^c higher, No. 2 mixed being so scarce that they
sold at the same price as No 3 white, and shorts covering
freely both here and at the West, especially in the January
and February options. To-day the market was less active,
and }^c lower. Prices show a net advance for the week of
?^@94C for February and March and
%c
closing quotations for
barrels. (Corresponding grades in sacks sell
these figures):
Fine
V
bbl.
FM)nB.
$2 10»$2 30 City shipping, extra?.
2 303 2 70 Kye flour, superttne..
White
Corn-West'n mixed.
West'n mixed N0.2.
Western yellow
Western white
0.
Rye—
® 96%
Western.. !p bn
® 90
State and Jersey
SGM* 87=8 Oats-Mlxed
7« » 91
White
86 a 90
No. 2 mixed
30 9 39%
No. 2 white
37i«a 3808 Barley—
39 a 41
2-rowed State
34 a 38
4:-rowed State
Baokwheat
38
c.
Bpring, per bush...
Spring No. 2
Bed winter No. 2
Bed winter
..
83
87
a>
42
Canada
at—
Ohloago
MUwaakee...
Dolatb
MlnneapoUi.
Toledo
Detroit..
.
OleTeland.
at. Louis
Peoria
Tot.wk.
.
..
'90.
167.033
1,388.668
80,611
103,115
11,140
873,831
48,030
28.431
38.27e
80.467
2,087
3,143
e,oo5
23,351
2,525
818.E70
32.359
59.019
35,800
132,175
13,500
220,071
131, 89J
128,999
1,389,204
wk.'SS.
Since Aug, 1.
1889-90....
6,878.841
86,507,313
8.145,493
65,563,166
7S,1»8.B63
Bame
Same
mi.'bQ.
8,128.151
697,600
721.088
49339 J
736
37.178
12,411
1.457,085
459,000
23.981
8,873,150
2,161.919
1,051,818
79.851,411
61,496,201
46.lR2.0if9
46,308
220,6:5
153,000
1.422,90-)
Bulk.
490.121
126.797
30,095
Bbl*.
49.V.251
2i'357
21,458
lO'.OOO
S74
«•>•
12,001
I0S".398
467.043
297,169
75.463
23.093
3.601
N.News..
Rlohm'd
OaU.
Sv*.
Buth.
78.036
Buth.
25.337
2i',230
......
16,388
37.805
25,337
65,440
Ptai.
B\uk.
11.4.56
.
rotweek.
9'me time
312,980 1.906,476
145,546
110,216
1889...
42,417 2,201,082
112.990
1,525
48.723
The vlaible
supply; of grain, comprising the stocka in granary
iX, the principal
points of accumulation at lake and seaboard
ports, and in transit by water, Jan. 18, 1890:
Wkeat,
Oom,
OaU,
Barley
Rye,
In etore at—
biuK.
but/i,
bunk.
IntMh.
buih,
Sew York
4.886.581 1,986.281 1,279,430 139,492
135,581
l>o afloat...
472,000
49.800
25,800 132.500 253,500
Albany
51.200
40,150
47,000
30,000
Buffalo
2,735.310
13.(il7
180,365
31,493 213,663
Chicago
5.1U7.6.')9 2.241,310 1.052.409
523,835 299,106
Do afloat
106,199
69,575
125,0!)4
85,376
Hllwankne
083,041
3.637
3,470
9J.012 322,113
Do afloat
51.111
Daluth
4.390.358
377,657 354,421
Do afloat.
73,000
Toledo
928,489
136,117
26,399
19.384
2,824
Detroit
561,356
49.083 139.909
4.568
33,443
Oswego
80,000
70.000
450,000
3t, Louis
1,971,583 1.760.207 311,519
29,460
72,096
Do afloat....
142,358
Clnolnnali t
32,000
2.000
7,000
7.000 lOT.OOii
Boston
104.993
312.908 141.188
71,055
14,003
Toronto
130,015
5,«44
4,401 159,527
Montreal
213,869
19,226
140.562
17,778
74,013
PhUadelphla
373,502 1.043,215 146,994
Peoria
14,956
637.02
173,349
2i',94i
Indianapolis
171.092
79.863 222,306
700
Kansas City*
209,266
147,014
30,333
3,075
"a,a3£
Baltimore
886,494 1,038,873
59,878
34,964
UlaneapoUs
7,690,962
239,120
90,769
8t Paul.
345,000
OnHlsslsslppl...
579,004
46.515
Tot Jan.
18.'90. 32.,540.63l
Tot. Jan. 11,'90. 33,178,121
Tot Jan, 19,'89. 36,596.870
Tot. Jan. 21,'88. 42,361, '250
Tot. Jan. 22,'87. 61,931,399
*
t
11,215.887
10,833,095
13.235,099
6.677,034
16.101,919
5.039.358 1,329.503 2.183,029
4,933,269 1,280,807 2,233,234
8,J95,027 1.681.261 2.381.214
5,390,309
311,013 2.994,916
4,774,i28 44l.'.{27 2,420,235
Kansas City stocks of Deo. 28; this week's not obtainable,
Cincinnati, last week's stocks; this week's not received.
NEW YOSK.
Friday P. M., January 24, 1890.
3
109 3 20
2
2
45» 2 55
059
280*300
o.
.
and their purchases of certain specialties adapted fo r
the spring trade reached a fair aggregate amount { but the
general demand at first hands was comparatively light, jobforce,
4 35 9 4 45
56
54
28
a
It
»
29%at
0.
58
58
32
35
a 31%
30
30
a 31%
51
53
58
9
335.011
138,150
9 53
-9
55
63
70.310
2J.870
1.000
28,887
9.000
43,800
39.000
690,451
636,50t
903,420
871,172
838,858
45,761.544
16,429,351
47,045.637
BifH.
195,681
Hour.
2914
FUmr.
Whtat.
Com.
OaU.
Barley.
Kvt
BbU.imibt Bluh.eoihr Bu>h.56ii» BluKSilbt Buth.*H tbt Bu. Be as
102,019
Com,
X. Orl'nB.
Fri.
The movi«ment of breadstuffs to market is indicated in the
atatement below, prepared by us from the figures of the New
York Produce Exchange. We first give the receipts at Western lake and river ports, arranged so as to present the comparative movement for the week ending Jan. 18, 1890, and
since August 1, 1889, for each of the last three years:
Btceiptt
NowTork
Boston...
Portland.
Uontreal.
Phlladel
Baltlm're
Whtat.
As a whole, the market for dry goods was sluggish daring
29
the week under review, and the volume of business was
28
wheat flour in hardly up to expectations. Package buyers for distributing
slightly below points in the West and South were present in considerable
Buperflne
Extra, No. 2
2 609 2 95
Fine
Extra, No. 1
3 25« 3 70 Corn mealPatent, spring
473» 5 10 Western, &o ........
Patent, winter
4509 4 85 Brandywlne...
Buckwheat Flour per 100 lbs., $1 30a$l 45.
Wheat -
firparw
from—
THE DRY GOODS TRADE.
DAILT OLOSIHa PBICBS OF NO. Z MIXBD OAT',
Sal.
Xon.
Tuet.
Wed. TKur$.
28''8
February delivery
0.
28%
29
28%
29 08
March delivery
c.
2808
28%
28%
28%
2914
2ai4
2778
MaydeUveiy
c.
27%
27%
28
The following are
Tlie ezporte from the seTeral aeabo«rd porta for the week
en Ung Jan. 18, 1890, are shown in the annexed statement
May,
for
149
18,120,779
40.594,785' ie,887.3«)
41
24,750
I.ICO
120,074
43,582
4,789
8,915.0«S
8,79D.718
1,212.719
and the manufacturing trade having stocked up so freely
with staple goods towards the end of last year that they are
amply supplied for the present. There was not the slightest
tendency to speculate in any class of fabrics, but, on the contrary, wholesale buyers seemed to conduct their operations
with unusual caution.
The jobbing trade was below the
average of the past two years at a like period, save in the
case of a very few specialties, which were freely distributed.
Collections are hardly as satisfactory as could be desired,
small retailers in particular having found it dilUcult to meet
their payments at maturity becau33 of the exceptionally small
consumptive demand for heavy winter goods, arising from
unfavorable weather conditions.
Domestic Woolen Goods.—There was a slightly improved
business in heavy clothing woolens owing to the arrival in
the market of a good many out-of-town buyers, who placed
fair-sized orders for heavy fancy cassimeres, worsted suitings
and trouserings, &c. (for later delivery) at about last year's
prices.
Spring cassimeres and worsted were in light demand,
but agents continued to make fair deliveries of medium and
fine grades on account of back orders.
Overcoatings were in
irregular request, with most relative activity in cloth-faced
makes, as beavers and kerseys rough-faced goods having
been more or less quiet. Satinets were fairly active in movement, but only in moderate demand, and dealings in Kentucky jeans were light and unimportant. Wool and worsted
dress goods continued fairly active, and fancy shirting flan>
nels were in fair request, but staple flannels and blankets
ruled quiet and steady in price.
Domestic Cotton Goods. The exports of cotton goods
from this port for the week ending January 21 were 3,753
bers
—
—
THE CHRONICLE
150
liabilities.
Prices remain steady here and at the principal
sources of supply abroad.
packages, valued at $185,633, their destination being to the
points specified in the table below:
Vkw Tobk
1890.
30
..r.. ........... ....
2,371
2,371
411
300
986
400
India
Anbla
Week. Since Jan.
1.
277
54
112
China
fmportatlona or Dry Good*.
The importations of dry goods at this port for the week
ending Jan. 23, 189C and since Jan. 1 and the sjtme facta
1889.
to Jan. 21.
Week. Since Jan.
West Indies..................
Mexico
Central America
Bonth America
OUier countries. ...... .......
250
695
9
9
740
121
196
1,261
2,007
3.819
85
208
999
75
220
210
7
70
179
68
1,1P3
91
6,684
1,200
4,850
9,625
9,171
9,625
Total
4,958
7'884
14,475
13,796
g
Silk
Flax
lor
t
'S!
i
;
W
O*
^
tc
been |371,546 in 1890, against $526,182 in 1889.
The situation in the market for staple cotton goods is practically unchanged. The demand for plain and colored cottons at
first hands was strictly moderate, but the recent sharp advance in the staple has rendered holders of coatse yarn goods
Brown
in particular very firm in their views as to prices.
sheetings and drills continue well sold up. and stocks of
bleached and colored cottons are generally in good shape.
White goods continued active in movement, and there was a
o
S
00
tF^-
o<
rf^
1890.
1889.
Jan. 19.
1,000
Jan. 18.
304,000
31,000
None.
None.
Fall River manufacturers
Providence speculators
Ontside speculators (est)
None.
None.
None.
1888.
Jan. 21
28,000
8,000
15,000
2,000
1,000
53,000
i
:
i
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i
:
ir
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d
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FOKiiGN Dry Goods.— There was a meagre demaid
C0O1
wto
Ui^
»
^iuawcial.
STOCKS
b
S
5
2
g
s
co.^
toio
OtJOtolf'^l
<nrao>ci
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J. S.
rx)
tnto
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05 VI
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wrf*.
too:)
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totowoso
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K'-qtOCOtO
«Do'tO<lGD
>-'Otoc;»o
toos^oDiik
SO
AUCTION 8ALB8
hold REOULAB
of all classes of
to
<C<1
tooi-ooto
OS OS
13
It-CDOCiSO
OtO
CD
t>
00
CCOOMCO*-
to*
to
1
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to
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cooi^aM
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oa oi
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a
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CD to
cosocoos
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toc<<
-1 to *- 03
to
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if'
^ <c a
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to h- OS c;' to
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to
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CJi^ti^-^-*
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to
«; CO 'J 3; 10
cr 1- oi to 01
to CO to
CO
^
too
;?
2.
J*
fcOfcOOlr-O)
l^inattcial.
International
& Mortgage
Bank of Mexico.
NEW YORK AGENCY
IS WAI.1. STREET.
H. MVLiLiER & SON,
PINE STREET. NEW YORK.
Collections made on
terms; prompt returns.
TOHK
Or>T10]NS.
all
JOHN
F.
Boathem
points on best
P. BRANCH,.PreBldent.
A SPECIALTY.
COUNTY BONDS
IN THE
SOUTHERN STATES.
FRANCIS SMITH, CALDWELL &
U. W. ROSENBAVn,
60 EXCH4NGE; PLACE:, NEIT YORK.
Refers to allthe principal Banking and Brokerage
Correspondence solicited.
bouses.
Goodhue, C. E.
BAN ANTONIO.
\
Bramlnations, Reports and EBtimates made on
TEX., and
OONRAD N. JORDAN
MEMPHIS, TKNN.
Kniiway, municipal.
County and ^»chool BondsGeo. G.Nichols and Schuyler N. Warren,
51 Exchange Place, New York.
York.
ExciianKe and make
the Republic o<
in
nWAWT.lCH
J,
F.
CAM)A,
BLANKINHORN,
Cashier.
E. A. Bhith,
Vioe-Pres't.
Assistant GasMai<
The Western National Bank
OF THB
OF NEW YORK.
»3,300,000
CAPITAL,
Twenty-flve Tears in
the Field.
THE
Held and methods
CITY.
President.
Avenue
tiie
sell BiiiB oi
ICITY
BII1.WAUKEE, WISCONSIN
New
Buy aud
collections of drafts
CO.,
TWENTY-FOUR YEARS' EXPERIENCE.
Banii,
MEXICO
Ittcxico.
MANUFACTURING PROPERTIES.
After personal inspection of
CREDIT
AND COMMERCIAL CREDITS ON
WORKS AND
Mead's !Slate Bank, York, Neb., capital
$C00,0OO, incorporated under the laws of Nebraska,
we offer, at par and int., principal and semi-annual
COnpoDB fftd., tneir 5 per ct. debenture bonds, due
1888, secured Isy l»t mtiies., held in trust by Title
Guarantee iv TriiHC Co., '*liicn-'0. III., capital
{1,MO,000; also 6 percent Ist mtge. bonds, due 1894.
Loans limited to one-third value of improved real
estate, all payable at Mercantile National
I
ISSUE TRAVELERS' LETTERS OF
Qlenn, Cash. Frio. K. Scott, Tloe-Prat.
LOANS
MORTGAGE
AND
PUTS AND CALLS ON STOCKS AND BONDS
of
?•
1
MCOO^OCJl
RICHinOND, VIRGINIA.
EVERY WEDNESDAY.
Reliable 6 Per Cent Invetitincnts.
9I
if
COLLECTIONS AND INVESTMENTS MADE
ADRIAN
14—203 Grand
«4
t
H
;?
ootototcoo
ODO
H. B. Hollins <& Co.,
Room
^?
3 #
te
MtCXiQOOS
MERCHANTS' NATIONAL BANK,
RAILWAY, WATER
<
r s
M n
M
QD
O<lC0CDC0
CD
a
§
;?
QOOCOMOS
Correspondence invited
F.
?!
—
It-'
§
31
"fl
HGCOS-^OS
ON
W.
oo»
s|- i
S
^
CO-^tOlOO
It'
STOCKS AND BONDS
No. 1
'^s^
W Oi CO ot
O-Jlf^XM
-J to
to
SAN ANTONIO, TEXAS.
WBBKLT
i
17^
a
<! CO 0: re CO-QB
(-"CnXCOtf*
^ H
"iooTCoo-.to
u
A. A. Alexander, Cash*!
Prea.
•;?
—
(«
CD
0-4
^
Oi
Texas National Bank,
At Auction.
Tbe nnderslKned
Alexandbb,
>0
<lCJtlO*>^OS
)t-COOl
M COM to
^iwatucial.
BONDS
and
1
;
tfk.MMi-i|->
tots
to
CO
for
foreign goods at first hands, but importers continued to
charge up and make liberal deliveries of certain spring and
Bummer fabrics, hosiery, &c., on account of importation
orders. The demand by retailers was conspicuously light,
buyers of this class having shown a much greater desire to
reduce their somewhat redundant stocks than to increase their
:
b
s
1
335,000
Total stock (pieces)
to
b)
59
Vioo
tOtO-OCCCLJ
Cut^
:
^
^
X
»
CO
t)»
»
I
:
to
a
„
t-"
9r
03V
s
•iir
j
:
•
«
M M M w to
10
JiJ
1
g
;
3
OJODWOSOS
_to
H*
CPCO
*
g
i
R
;
01
CO
OD tC
taco
g
i
so
a
u
good steady business in quilts, table damasks and scrims.
Prints were in moderate request, and a liberal distribution of -J
printed cotton dres5 goods and woolen -'wash" fabrics was
made by the mill agents on account of back orders. Print M
W
cloths were in fair demand, and closed firm on the basis of
8Kc. for 64x64s, and 8 3- 16c. for 56x608, at which figures
iK
manufacturers are reluctant sellers of "futures."
1^
Block of Print Clothe—
E
§
i
i
Siii
:
00
Held by Providence manuTers.
s:
If:
to
1
If
...
..
§ S;
1 i
have
January
Cotton
Total
at
*
since
:
Ent'd
Total
256
267
3,758
1,200
From New England miU points direct.
The value of the New York exports
corresponding periods of last year are as follows
Mlsoellan
Total
via Vancouver
• Clilna,
,
for the
2,000
"iso
18
Africa
1.
339
67
123
19
1,400
[?OL, L.
Anglo-American
Mortgage & Trust Co.,
1
(Sucoesaor to
6
&7
Per
BURNHAM, TCLLKY8 * CO.)
UniAUA, NEB.
Cent Fir§t in[ortgagc§.
Accounts respeotfolly soliolted. Interest allowed
on deposits of Banlis and Bankers. The osaa
banking faollittei extended to otutomers.
Orders for purchase or sale of seoarltles
receive careful attention.
Foreign Exchange bought and sold. Facilities loi
keepln« aooonnts In Sterling Exchange, subject to
draft In kind, will be afforded. The methods of reoelTlng such deposits and making payment against
them will Iw subject to arrangement.
BILLS DRAWN ON
BAKE I
THKNATIONAL PROVINCIAL BAKK
OF ENGLAND fLimitedJ
THE UNION BANK OF LONDONICL'd. 5
1
HEINE &
JOHANN OOLL A 80EHNB,
upon application. Send for
B.
Hew
Yorl( Office, tt3 Cedar Street
J K.
BROWN,
Vloe-PreBident
lendon
C
Investors are invited to carefully examine into
our conservative methods of placing funds on Farm
and City Mortgages. Highest references furnished
circular.
wU
CO.,
Paris.
}
*^"'^lK.'-"'''
BLEICHROBDER, Berlin.
BCHWKIZBRI8CHB UNION BANK,
F.
St. Gall.
BI.ANKBNHOBN. CaaUer.
@FedFRASER