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H U N T '8
M E R C H A N T8’
&
3We«ftIg
M A G A Z I N E ,’
§kw i|r#ire*,
RÆPRESENTINQ THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED* STATES
YOL 44.
NEW YORK, JANUARY 29, 1887.
fftuattt&rt.
Ifitxaticial.
• A M E R IC A N
Bank Note Company,
7 8 TO 8 6 T R IN IT Y PL A C E ,
NEW YORK.
Bu.lneiui Founded 1796.
Incorporated nndcr Lair, of State of New York, 1858.
Reorganized 1879.
E ngravers and P rinters op
BONDS, PO STA G E & REVEN UE S TA M P S ,
L E G A L T E N D E R A N D N A T IO N A L B A N K
N O TE S of the U N IT E D S T A T E S ; and fof
Foreign Governments.
i
ENGRAVING AND PRINTING,
Sa n k n o t e s , s h a r e c e r t i f i c a t e s , b o n d s
FOR GOVERNMENTS AND CORPORATIONS,
DRAFTS, CHECKS, BILLS OF EXCHANGE,
STAMPS, Ac., In the finest and most artistic style
FROM STEEL PLATES,
mth SPECIAL SAFEGUARDS to PRETEST COUSTERFEITOHL
Special papers manufactured exclusively for
use of the Company*
S A F E T Y C O LO R S .
S A F E T Y PAPERS*
Ifiturojcial.
G eo. K . Sistare’s Sons,
D IA M O N D S .
A lfred H . Smith & C o .,
IM PORTERS,
182 Broadway, Cor. John Street.
16 Sc 18 Itroad Street, N ew Y o r k ,
121 Soutk T h ird Street, P h ila d e lp h ia.
Connected by Private W ire with main omoe. New
York.
DEALERS IN
F IR S T -C L A S S IN V E S T M E N T S .
Buy and sell on Commission, fo r cash or on margin
^ s e c urities dealt in at the New York Stock E x
Juterest allowed on daily balances.
A ll deposits subject to check at sight.
Particular attention to orders by mail or telegram
D ouglas & Jones,
S O L ID
S IL V E R .
GORHAM
M ’l ’g C o .,
Broadway and Nineteenth Street,
Work Executed In Fireproof BuildInga.
>
AND 9 MAIDEN LANE.
LITHOGRAPHIC AND TYPE PRINTING.
7 2 B roa d w a y,
* 1 3 N ew S tre e t.
(Members o f the N. Y . Stock Exohange.)
Buy and sell Stocks and Bonds fo r cash or on raarf l c f f e a t allowed on deposits. Correspondence
’ * . JOHN F. DOUGLAS,
O f the late firm o f Lawson. Douglas & Co.
- n . q _ W IL L A R D H. jd N E R
Late o f W.S.LawBon & Co.. Member N. Y.Stock Exch
t j.
A . L. H artridge,
RAILWAY TICKETS OF IMPROVED S T T L d t
Show Cards, Labels, Calendars.
BLANK BOOKS OF
VICE-PRESIDENTS 1
JL MACDONOUGH,
A. D. SHEPARD,
j
W. M. SM Il.LIE,
TOURO ROBERTSON.
THEO. H. FREELAND, Sect’yand Tre M .
M averick N ational Bank
B O §T O N ,
C A P IT A L ,
SU R P L U S,
.
.
.
.
SA V A N N A H , G A .,
EVERY DESCRIPTION
A LBER T G. GOODALL, President
.
.
M ASS.
.
.
$ 4 0 0 ,0 0 0
$ 4 0 0 ,0 0 0
Accounts o f Banks, Bankers and Corporations
solicited.
Our facilities for COLLECTIONS are excellent
and we re-discount for banks when balances war
rant it.
Boston Is a reserve city, and balances with ns from
banks (not located In other reserve cities) count as a
reserve.
W e draw our own exchange on London and the
Continent, and make Cable transfers and place
money by telegraph throughout the United Btates
and Canada.*
Government Bonds bought and sold, and exchanges
In Washington made for banks without extra charge
W e have a market fo r prime flrst-class Investment
Securities, and invite proposals from States, Coun
ties and Cities, when Issuing bonds.
L W e do a general banking business, and invite cor
respondence.
,
ASA P . P O T T E R , President.
AOS. W • W O R K , Cashier.
F loyd-Jones & R obison,
R A N K E R S AND B R O K E R S ,
No. 2 E xch an ge Court, N ew Y o r k .
Stocks, Bonds and U. 8. Government Securities
Bought and Sold on Commission.
Wm . C. F l o y d -J ones ,
W i l l i a m R obison
_______ Members New York Stock Exchange.
J. A . K ohn & C o .,
B A N K E R S AND B R O K E R S ,
(M il l s B u il d in g ), 19 B R O A D 8 T ., N . Y .
Members o f the New York Stock Exchange.
Execute orders on commission fo r B o n d s , S t o c k s
and F o r e i g n E x c h a n g e .
D e a l e r s In flr s t - c la s s I n v e s t m e n t S e c u r it ie s ,
Particular attention given to investments fo r Cap
italists, Trust Funds and Institutions.
S. M. R o b e r t s ,
Roberts
BROKER.
Lansdale Boardman,
& Schwarz,
(HULLS B U IL D IN G ,)
S E C U R IT IE S .
W e make a specialty o f the buying, selling and
placing o f first mortgage bonds o f railroads, water
ev^r7flfteen^lnSte°a?8fUrnl3hed by prlVate tlck9r
Chrystie & Janney,
bankers
,
Nog. 23 A 25 Naggan St., N ew Y o r k .
Receive deposits and consignments o f Bullion.
Deal in investment Securities and Foreign E xchange and invite correspondence.
InvtT tm e^Secnritfes . ^ 61110 lniormatlon regarding
H . L. H orton
& C o .,
5 4 and 5 6 B R O A D W A Y , N ew Y o rk .
BARTH OLOM EW HOUSE, Ì T AMnAW
BARTHOLOM EW LANE¡ J LONDON.
S p e c ia l A t t e n t io n G iv e n t o A m e r ic a n
S e c u r it ie s ,
Solicit Accounts and Orders fo r the Purchase
Sale o f Bonds, Shares, Ac., Ac,, on Commission,
New York, Boston, Chicago, London or Paris,
Interest allowed on deposits subject to drafts
sight.
Members o f the New York and Boston Stock
changes and o f the New York and Chicago Produce
Exchanges.
Private wires to Chicago, St. Paul, Boston, Hart
ford, Buffalo and Utica.
H . B. H ollins & C o .,
H enry S. Ives & C o .,
18 W A L L and 3 NASSAU S T R E E T S ,
NEW YO RK.
BANKERS,
No. 25
NASSAU S T ., N E W Y O R K .
P. 0 . BOX 1,438.
Transact a general banking business, including the
purchase and sale o f securities listed at the New
York Stock Exchange, or in the open market.
Receive deposits subject to check at sight and
allow interest on daily balances.
Government, State, County, City and Railroad
N E W Y O R K , 80 BROADWAY A 5 NEW ST.
bonds constantly on hand fo r sale or exchange, and
T R O Y , N. Y . , No. 17 FIRST STREET.
particular attention given to the subject o f invest
Stock Exch. membership: private wire} all fmaiiti^«, ments fo r institutions and trust funds.,
S E C U R IT Y
B R O K E R .
andURonds sells on commission all classes o f Stocks
N egotlites loans on marketable securities, v
works, gas works and other flrst-class corporations.
W e solicit correspondence.
72 GroadiVay,
STO CK
P a u l Sc h w a r z .
IN V E S T M E N T
W . P. W ig h t & C o .,
STOCK BRO KERS*
Stocks, Bonds and Miscellaneous Securities bought
and sold for cash or on margin.
W .P . W ig h t ,
J .B .C r e ig h t o n .
Memb. N .Y. Stock Exch.
a . B. Cl a f l i n , Spcc’l
NO. 1,127.
BANKERS
T r a n s a c t a G e n e r a l B a n k in g B u s in e s s .
DEALERS IN GOVERNMENT, MUNICIPAL AND
R A IL R O A D SECURITIES.
DEMAND DEPOSIT ACCOUNTS RECEIVED,
INTEREST A LLOW ED ON D A IL Y BALANCES
Wa l s t o n
h
. sh o w n .
fkiu >.
H jbkbjckt P . B kow n .
a . b u ow n.
W aiston H . Brow n & Bros
BANKERS,
NO. 2 0 NASSAU S T R E B T ,
NEW YO RK ,
THE CHRONICLE.
U
[Vol. XLIV.
ÿanîuers and Jlraxtrers of jfforjeign %xtiuxuQt.
Drexel, M organ & C o ., August Belm ont 8c C o .,
WALL STREET, CORNER OF BROAD,
NEW WORK.
BAN K ER 8,
12 P in e Street,
N o.
ISSUE TRAV E LER S’ CREDITS, available In all
parts o f the W orld, through
THE
IN V E S T M E N T CO.
o f Philadelphia.
Drexel,Harjes & Co Messrs. N. M. Rothschild de Sone, Louden. 3 1 0
Drexel & Co.,
CHESTNUT
STREET.
™
d e Rothschild Bros., Parle. „
Capital, 8 2 ,0 0 0 ,0 0 0 Full paid.
“
M. A. de Rothschild de Sone, Frank«
Oor. o f Gth A Chestnut Sts. 81 Boulevard Hausamann,
Buys and sells Bills o f Exchange, drawing on
tort o\m.
Baring Bros. A Co., London, also on Paris and
P A R IS .
P H IL A D E L P H IA
S. M. de Rothschild, Esq., Ylenna.
DOMESTICI AND FOREIGN BANKERS.
Deposita received subject to Draft. Securities
bought and sold on commission. Interest allowed on
Deposits. Foreign Exchange. Commercial Credits.
Cable Transfers.
Circular Letters for Travelers,
available in all parts o f the w orld..
A ttorneys
and
A g ents
op
Bfeaara. J . 8. M O RG AN
Berlin»
AND THEIR CORRESPONDENTS.
A cts as Financial A gent in the negotiating and
Draw Bills o f Exchange on, and make Cable Trans marketing o f Securities. Deals In Bonds—Corpora
fers to, England, France and Germany.____________ tion, Railroad, State, Municipal, Ac Executes orders
on commission In Bonds, Stocks, &c Collects interest
and dividends. Receives money on deposit, allow
ing interest. A s desirable investments offer, will
issue Its Debenture Bonds, secured by its capital and
assets.
-------BANKERS
& CO.,
Vo. 22 OLD BROAD STREET, LONDON.
Brow n Brothers 8c C o .,
Philadelphia,
New Y ork ,
Boston,
AND
A L E X A N D E R H R O W N & SONS
BALTIM ORE.
Members o f New York, Philadelphia and Baltimore
Stock Exchanges.
Execute orders for all investment securities. Buy
and sell Bills o f Exchange on Great Britain and
Ireland, France, Germany, Belgium, Holland,
Switzerland, Norway, Denmark, Sweden,
Australia. St. Thomas, St. Croix and
British W est Indies.
Ieeue Com m ercial A T r a v e le r s ’ C red its
IN STERLING,
J . 8c W . Seligman 8c C o.
N o. 23
BROAD STR EET,
New Y o r k .
Issue Letters o f Credit fo r Travelers
On SELIGMAN BROTHERS, London.
SELIGMAN FRERES & CIE, Paris.
SELIGMAN & 8TETTHE1MER, Frankfurt.
ALSBERG, GOLDBERG A CO., Amsterdam.
A LTM AN & STETTHKIMER Berlin,
Payable in any part o f Europe, Asia, A frica, Aus
tralia and America.
„ .
Draw Bills o f Exchange and make Telegraphic
Transfers o f Money on Europe and California.
ALEXANDER BARING.
J. K e n n e d y T od .
Member N. Y. Stock Exch’ge
H. o . Northcote .
J. K ennedy T o d 8c C o .,
No. 68 TVILLIAM STREET,
BANKERS.
J
MARCUAKD, K RAU SS dc CO., I p a r t s
HOTT1NOUER Ac CO.,
>r A a iB .
S 3 NASSAU S T R E E T .
BILLS OF EXCHANGE ON
SM ITH,
PAYNE
BANKERS, LONDON
M ANCHESTER
& COUNTY B A N K ,
“ LIMITED,”
MANCHESTER, P A Y A B L E IN LONDON
ULSTER
B A N K IN G
C O M PAN Y,
BELFAST, IR ELA N D ;
AND ON THE
N AT IO N A L
BANK
OF
SCOTLAND,
EDINBURGH
AND BRANCHES;
ALSO,
CABLE TRANSFERS AND LETTERS OF CREDIT.
J ohn
M
John
Ac S M I T H ’ S,
8c
unroe
C O ..
N o. 32 Nassau Street, New Y o ik .
N o. 4 P ost Office Square, B oston.
Issue Circular Letters o f Credit for Travelers’ Use
Cr e d it s Ope n e d
and
P a y m e n t s Ma d e
by
Ca b l e .
Schulz 8c R uckgaber,
RANKERS
M W IL L IA M STR E E T, N E W YO RK
CORRESPONDENTS OV THE
In tern ation al B a n k o f London
(L im ited ), L on don .
M essrs. J o h n Berenberg, GosslerAcCo.
H a m b u rg .
Messrs. M arcn ard , K ra u ss Ac C o., Paris
Commercial and Travelers’ Credits.
Bills o f Kxcbange.
Cable Transfers.
U nger, Smithers 8c C o .,
AND
BROKERS,
Members o f the New York Stock Exchange
D i a l e r s in F oreig n Ex c h a n g e , Go ve r n m e n t
AND OTHER INVESTMENT BONDS.
STERLING LOANS A SPECIALTY.
4 4 W a ll St. and 62 Greene St. N. Y,
Buy and sell on commission, for Investment or on
Kargin, all securities dealt in at the New York Stock
xonanga.
C an adian H a n k o f C om m erce
CAPITAL, »0,000,000.
SURPLUS, »1,000,000.
J. U. GOADBY & ALEX. LAIRD,
AGENT8^
IS E X C H A N G E P L A C E , N E W Y O R K
BU Y AND SELL STERLING EXCHANGE, CABLE
TRANSFERS, ETC.
BSUES COMMERCIAL CREDITS. A V A IL A B L E
IN A L L PA R TS OF T H E W ORLD.
FOREION
STR EET,
NEW YORK,
BAN K ERS.
BUY AND D R A W BILLS OF EXCHANGE,
MAKE CABLE TRANSFERS, ISSUE T R A V E L .
BBS’ CREDITS.
ISSUE COMMERCIAL CREDITS, A V A IL A B L E
IN A L L PA RT S OF TH E W ORLD, ON
Messrs. C. J. Hambro & Son. London.
g a n îu e * s
Spencer
a n d
jÇ tn fc je ts .
Trask 8c C o .,
JESITP, P A T O N dc CO .,
B A N K E R S & BR OK ER S
52 W illia m Street, N ew Y o r k .
16 and 18 Broad Street, N. V
Accounts and Agency o f Bulks, Corporations
firms and individuals received upon favorable terms
Dividends and interest collected and remitted.
A ct as agents for corporations in paying coupons
and dividends; also as transfer agents.
Bonds, stocks and securities bought and sold on
commission, at the Stock Exchange or elsewhere.
Sterling Exchange and Cable Transfers bought and
sold.
DRAW OH
TH E UNION BANK OF LONDON
BRITISH LINEN CO. BANK, LONDON AND
SCOTLAND.
G eo . Co p p e l l .
T h os . M a it l a n d .
G e r a l d L. H o y t , Member N. Y. Stock Kxch.
M aitland, Phelps 8c C o .,
R A N K E R S
P aris H ouse—M U N R O E Ac CO.
BANKERS
Paton 8c C o .,
SUCCESSORS TO
Abroad against Cash or Satisfactory
Guaranty o f Re-payment,
E x ch an ge ou L o n d o n , P aris, B erlin
and Zu rich .
Heidelbach,
Ickelheimer & Co.,
29 W IL L IA M
Cor. Exchange Place,
A ct as Agents fo r Banks, Bankers and Railroad
Available In any part o f the world, in Fr a n c s for
use In Martinique and Guadeloupe, and In dollar* for Companies.
Issue commercial credits, also foreign and domestic
use In this oountry, Canada, Mexico and West Indies.
Make telegraphic transfers o f money between this travelers’ letters o f credit in pounds sterling A dollars.
country, Europe and British and Danish West In
Oiler Investm ent Securities.
dies. Make collections o f drafts drawn abroad on all
Buy and sell bonds, stocks an d securities Id all Am
points in the United States and Canada, and of
grafts drawn In the United States on foreign coun- erican, Canadian, British and Dutch markets on com
mission. Collect dividends, coupons and foreign and
^ Their London house, Messrs, BROWN, SHIPLEY Inland Drafts.
Sell Bills o f Exchange on
A CO., receive accounts o f American banks, firms
and Individuals upon favorable teams._________ _____
M ELYILLE, EVANS & CO.,i I O v , )ON
C . J. H A M ItltO Ac S O N ,
$LON D ON .
J. 8c J. Stuart 8c C o .,
W ILLIAM BROCKIE, President.
W H ARTON B AR K E R , V ice-P esident.
H ENRY M. H OYT, J r ., Treasurer.
E TH ELBERT W ATTS, Secretary
Board o f Directors—William Brockie, George 8.
Pepper, Morton McMichael, Wharton Barker, Henry
C. Gibson, T. W istar Brown, William Potter.
Advisory Committee o f Stockholders.—George M.
Troutman, Gustavus English, Isaac H. Clothier,
William Pepper, M. D., Thomas Dolan, John G,
Reading, Joseph E. Gillingham, John Wanamaker
Henry E. Smith, Charles B. Wright, Henry Lewis,
Craige Lipplncott,Hamilton Disston, Clay ton French .
Francis Rawle.
Transact a General Banking Business,
Direct Private Wires to each office and to
PHILADELPHIA.
BOSTON,
WORCESTER.
J. C . W a lcott 8c C o .,
BANKERS AND BROKERS,
N o. 2 4 P in e Street, New Y o r k ;
AND
COMMISSION
Albany, N. Y .
Providence, R. I
Saratoga.
Transact a General Banking Business
MERCHANTS,
Stocka and Bonds bought and sold on Commission,
Orders received in Mining Stocks, and in Unlisted
Securities. Collections made and loans negotiated.
New Y ork.
Dividends and interest collected.
Deposits received subject to Draft.
BILLS OF EXCHANGE, LETTERS OF CREDIT,
TELEGRAPH IC TRANSFERS OF MONEY ON Interest allowed. Investment securities a specialty
W e issue a Financial Report weekfy.
LONDON, P ARIS. MEXICO. CUBA, & c„ &c.
Jos. O. W a lc o tt ,
(Mem bers o f the New York
Fr a n k F. D ic k in so n , J
Stock Exchange
22
Sc 2 4 E xch an ge Place,
K idder, Peabody 8c C o .,
FOREION BANKERS,
1 Nassau Street, New York,
113 Devonshire Street, Boston.
ATTORNEYS AND AGENTS OF
Messrs. BARING BROS. & CO., London
C O M M E R C IA L
C R E D IT S ,
W illiam T . M eredith,
48
W ALL
STREET,
(Bank o f New York Building).
Bonds and Stocks bought and sold at the New
York Stock Exchange.
BONDS AND INVESTMENT SECURITIES FOB
SALE
L . C. L a t h r o p . Osc a r b . Sm it h .
j ,H .O l ip h a n t
Lathrop, Smith & Oliphant,
Circular Credits for Travelers.
BANKERS AND BROKERS,
Ga b l e T r a n s f e r s a n d R il l s o f E x c h a n g e
G r e a t B r it a in a n d t h e Co n tin e n t .
KOUNTZE
on
BROTH ERS,
BANKERS,
120 B r o a d w a y , Equitable Building, New York
L E T T E R S OF C R E D IT AND
C I R C U L A R N O TES
Issued for the use o f travelers in all parts o f the
world. Bills drawn on the Union Bank o f London.
Telegraphic transfers made to London and to various
places in the United States. Deposits received sub
ject to check at sight, and interest allowed on bal
ances. Government and other bonds and Investment
securities bought and sold on commission.
37 BROAD ST., NEW YO RK,
6 PACIFIC AVE., CHICAGO.
Members New York Stock Exchange, New York
Cotton Exchange, and Board o f Trade. Chicago,
Stewart B rown ’ s Sons,
STOCK
BROKERS,
6 4 B roa d w a y & 19 N ew St.« New York
Jan u ary
ffl
THE CHRONICLE.
29, 1887,]
¿Bankers aud gygkjers in
^o vh (&itg»
F. C. H o l l in s . B. H . E m erson ,
F. E. T row bridge,
T aintor & H olt,
B AN KER AND BROKER,
BANKERS,
N o». 3 & 5 B road |or 2 » W a ll Street».
No. 11 W a ll St.y Cor. N ew , N ew Y o r k .
(B r a n c h Office , 290 B r o a d w a y .)
TRANSACT a GENERAL BANKING business.
DEPOSITS received and INTEREST allowed on
balances.
Buy and sell GOVERNMENT. MUNICIPAL and
RAILROAD Securities.
Private telegraph wires to ProvldeHce and Boston.
Member o f the New York Stock Exchange. D1
rector o f Merchants’ Exchange National Bank,
American Savings Bank, American Safe Deposit
Company. &c., Ac.
Securities bought and sold on commission, for
cash or on margin. All Inquiries gratuitously res
ponded to. Correspondence solicited.
JAMES WHITEDY,
H. CRUGBR O A I1 1T ,
MAYNARD C. EYRE.
H e n r y H. D o dg e , Washington, D. 0.
W m . R. T r a v e r s , Special Partner.
No. 64 B R O A D W A Y , N E W
Frank C . H ollins & C o .,
YORK..
AND
246 C LARK STREET. CHICAGO, 1L
A lb e r t
17 Years’ Membership New Vork Stock Exchange.
Members Philadelphia Stock Exchange.
[ESTABLISHED 1882],
BANKERS AND BROKERS,
51 & 58 New Street and 42 Broadway.
UROKBR IN A L L KINDS
Carolin & C ox,
NO. 55 B RO AD W A Y,
Branch Office, 815 Madison A v., cor. 42d St„ New York
Deposits received subject to check at sight, and
Interest allowed on dally balances. A ll Stocks and
Securities dealt in at the New York Stock Exchange
bought and sold on Commission, for Cash or upon
Margin.___________________ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Alexander Campbell & Co.,
bankers and brokers,
17 NASSAU S T R E E T , N E W Y O R K .
J a m e s T . Clo sson ..
J o h n B. D um ont
H u m an Cl a r k , Special Partner.
Closson & D u m on t,
BANKERS AND BROKERS.
N o. 4 0 W a ll S t r e e t , N ew Y o r k .
BANKERS AND BROKERS,
No». 16 A 18 B road Street, New Y o r k .
All stocks and securities dealt In at the New York
Stock Exchange bought and sold on commission, fo r
cash or on margin. Deposits received and interest
allowed on balances._________ _____________ _
Buy and sell on commission, fo r investment or on
margin, all securities dealt In at tue N. Y. Stock Bxch.
Ro ber t J. K im b a l l .
A l f r e d B. L o u n s b e r y
A . D utenhofer,
’. H . D ic k in s o n ,
E d w a r d P. A l l in g
Member N. Y. Stock Exchange.
BROKER
AND
D ickinson & A ilin g ,
Edward L. Oppenheim.
B anker» A O om m lm lon Stoek Broker»
Dealer in Miscellaneous Securities,
(ANKERS
AND
BROKERS,
N o. 30 P in e Street, New Y o rk .
Buy and sell at N. Y. Stock Exchange, fo r IN.
VESTMENT or on MARGIN, all classes o f Stocks
*nd Bonds, and allow Interest on deposits, subject to
meek at sight.___________________ _____________ _
C . J. T u rn er,
MILLS BUILDING (8d Floor.)
Rooms 25 & 26.
35 W A L L STREET.
STATE AND CITY BONDS OF GEORGIA, ALSO
SECURITIES OF TH E CENTRAL R R. A BANKIN G C O .O F GEORGIA A SPECIALTY.
Investors wishing to buy or sell are invited to caU
or correspond. Prompt and personal attention given
to all orders.
(18 Years’ Membership In the N.Y. Stook Exohange)
G ilm an, Son & C o .,
B A N K E R AND B R O K E R ,
16 A 18 BROAD ST., NEW YORK.
BANKERS,
N o. 6 2 G E D A R S T R E E T .
Transaots a general Banking business, including the
purchase and sale o f stocks and bonds fo r casn or on
margin.
_______ ____ _______________ ________ __
In addltion fco a General Banking Business, Buy
«ad Seil Government Bonds and Investment Securl-
John H . Davis & C o .,
J
BANKERS AND BROKERS,
Malcolm Ca m p b e l l , Member o f N. \ . Stook Exch
NO. 10 W A L L S T ., N E W Y O R K .
Fred. H . Smith,
Orders fo r Stocks and Bonds executed at all
Exchanges.
.
, . ., . ....
Especial attention given to supplying high-class
BANKER & BROKER,
IN V E S T M E N T S E C U R IT IE S .
B R O A D W A Y ,
NEW YORK.
CITY RAILROAD STOCKS & BONDS
JOHN HOWARD LATHAM, FREDERICK W , PERRY
Member o f N. Y . Stock Exchange.
T. H . Latham & C o .,
^
UNITED BANK BUILDING,
NO. 2 W A L L S T R E E T , N E W Y O R K
c G Co.
Ch a s . J. T o w n sen d ,
La n s in g C. W a s h b u r n
Member N.Y. Stock Exchange.
'„
.
jn o . P. T o w n se n d , Special Partner.
Stocks and Bonds Bought and Sold on Commission
for cash or on margin.
Special attention given to Unlisted Secnrttles.
Deposits received subject to Cheok at Sight.
Correspondence Solicited.
145
See Quotations o f City Railroads In this paper.
Twenty years’ experience In Railroad Bonds. Paa
ties desiring to buy or sell Unourrent Bonds will
please communicate.
, T . ____. . ___ . „„
Stocks bought In Fractional Lots or otherwise
either for Cash or on Margin.
F. H . Sm it h , 1 Members Consolidated Stock and
S. W . Sm it h . * Petroleum Exchange, New York
BANKERS AND BROKERS,
No. 6 W a ll Street, N ew Y o r k .
H . L . Grant,
N o.
BOUGHT AND SOLD,
N o. 2 0 B R O A D S T ., N E W Y O R K .
T ow nsen d & Washburn
OF INVES ME«*
BONDS, MISCELLANEOUS SECURITIES
AND DEFAULTED BONDS
CORRESPONDENCE SOLICITED.________
R. J. K im ball & C o .,
91 L e o n a r d St r e e t .
_________ W alter Del. Mar
c h a r l e s E. Co x
Wm . V. CAROLIN,
Member N. Y . Stock Exchange.
P earce,
1 6 Sc 18 B R O A D S T .,
BANKERS AND BROKERS,
E. L. O ppenheim & C o .,
o ffic e ,
11 W A L L STREET, NEW YO R K ,
M ill» B u ild in g, 35 W a ll St., N ew Y o rk
A u st in G . G o r h a m .
Ch a s . W . T u r n e r ,
C h a s . C. N o b l e .
M em b er N. Y . S tock E xo h
BROKERS,
Members N. Y . Stoek Exohange.
G orham , Turner & C o .,
<180 Fifth A ve., New York.
BRANCH 0FTICE8 j 5539 xbth St., Washington, D. C
Bny and sell on commission all elasses o f Railroad
Securities; also Grain and Provisions.
Private Telegraph wires to Philadelphia, Wllmlng.
ton, Baltimore. Washington, Bridgeport, New Haver
Boston and P ittsburg.______________________ ______
Branch
BANKERS AND
GILES E. TAINTOR.
GEO. H . HOLT.
G. D. L’H P IL IE R .________________
Prince & W h itely,
I.H . W a g g o n e h
b
3N3o .
a
18
n
k
e
r
s
,!
W A L L
ST R E E T !,
N ew Y o rk .'
UTransact a General Bulking Business, ‘ ^ d l n *
the purchase and sale o f STOCKS and BONDS for
cash or on margin.
Buy and Sell In vestm en t Securities,
A. M. K id d e r . W a y l a n b T r a s k . H . J. M orse .
W . C. H il l
City. County, State, Railroad.Distriet o f Columbia
Bonds and Foreign Exchange, and all Securities
listed in N. Y . Stock Exchange.
J. L. R obertson,
BOND AND STO CK B R O K E R ,
Dealer in Investment Securities,
No. 7 NAßSAU STREET,
(C on tin en tal National Bank Building,
W o o d , Huestis & C o.
31 PINE STREET, NEW YORK,
B A N K E R S AND B R O K E R S .
SUCCESSORS TO
WOOD
&
D A V IS .
Execute orders in a ll' securities listed at the New
York 8tock Exchange. For Sale :
_____„
Fir s t -Cl a s s r a il r o a d f ir s t M o r t g a g e b o n d s
GEORGE C. WOOD. C .H . HUESTIS. L. M. SWAN
H am ilton & Bishop,
BANKERS AND BROKERS.
.
N o. 35 P IN E S T R E E T , N E W Y O R K
(Members New York Stock Exchange.)
Accounts o f Banks, Bankers and others received.
Interest allowed on balances. A strictly Commission
Business in the purchase and sale o f stocks and bonds,
Private Telegraph W ire to Albany tTroy .Syracuse.
Rochester, Utica, Buffalo, Cleveland and Chicago.
Draw on City Bank o f London in amounts to suit.
Special attention given to Securities fo r investment,
W . H . G oadby & C o.
BANKERS AND BROKERS,
N o . 24 B R O A D
S T R E E T .
N s w lY e ik .
J S o o d ti*
J V Ich eita n
& ¿ 0 *1
BANKERS,
58 Broadway, cor. Exchange Place, N. Y
Branch Office, 241 La Salle St», Chicago,
N ew Y o r k . ______________
R olston & Bass,
NO. 20 BROAD STREET, NEW YORK,
STOCKS, BONDS
AND M ISC ELLAN EO U S S E C U R IT IE S
Correspondence » o l i c l t e d L ^ cheerfully fttrnlghed.
W m . H . R o lsto n .
W . A l e x , b a s s , Jr.
TRANSACT a g e n e r a l b a n k i n g b u s i n b s &j Member N. Y . Stock Exoh ge.____________ ________ _
INCLUDING t h e p u r c h a s e a n d s a l e o f
STOCKS AND BONDS FOR CASH OR ON M AROIN BUY a n d s e l l i n v e s t m e n t s e c u r i
t ie s .
INTEREST ALLOW ED ON DEPOSITS
SUBJECT TO CHECK A T S I G H -
Simon Borg & C o .,
D. A . BOODT.
Reu ben
0 . W . McLELLAN.
l e l a n p .____________ ___
No. 17
NASSAU
S T ., N E W Y O R K
DEALERS IN A L L KIND 8 OF
Railroad and Investment Securities!
V
BANKERS.
UNITED B AN K BUILDING.
W a ll Street, corner B roa d w a y.
STOCKS, BONDS <£ COMMERCIAL PAPER
Stocks and Bonds bought and gold on commission
at Mew York Steck Exchange. Advances made on
f o liu m » Tuumr and other
So u t h e r n Se c u r it ie s
a
Sp e c ia l t y .
H ow ard Lapsley & C o .,
BANKERS AND BROKERS,
74 B R O A D W A Y n n d 9 N E W S T R E E T ,
Now Y o rk ,
THE CHRONICLE,
iv
%U%KXZ&tt
Set.
T H E IN T E R E S T ON T H E F O L L O W *
-L ing bonds 1b payable at the banking bouse o f
Messrs. Winslow, Lanier & Co., corner o f Nassau and
Cedar Streets, New York City, on and after February
1,1887:—
Columbus & Toledo Railroad Company
First Mortgage 7s.
Gibson County, Indiana,
Court House 6s.
Lawrence Railroad Company
First Mortgage 7s.
Lawrenceburg, Indiana,
Municipal 7s.
Marietta, Ohio,
Mar. ana'Cln. Aid 8s.
New York Locom otive Works, o f Rome, N. Y.>
First M ortgsge 6s.
Pittsburg Fort Wayne & Chicago Railway Company
First Mortgage 7s, Series B.
Second Mortgage 7s, Set les H.
Randolph County, Indiana,
Gravel Road 6s.
Rock Island, Illinois,
W ater Works 5s.
St. Paul & Northern Pacific Railway Company
General Mortgage 6s.
General Mortgage 6s, registered quarterly.
Oakland, Indiana,
Town 6s.
FEB. 10.
FEB.
Howard County, Indiana,
Gravel Road 6s.
FEB.
Centreville, Indiana,
Town 6s.
FEB.
Hamilton County, Indiana,
Gravel Road 6s.
FEB.
Klrklln, Indiana,
School 7s.
FEB.
Benton County, Indiana,
Gravel Road 6s.
FEB.
Galllpolis, Ohio,
Municipal 8s.
12.
15.
A
IN SU RAN C E CO M PAN Y,
42 WALL STREET, NEW YORK.
ASSETS!
United States Securities............................ $177,330 00
Bank Stocks o f New York City Banks.... 111,535 00
City and other Stocks and Bonds, Loans
and Cash in Banks.................................... 339,403 43
Premium Notes, Cash Premiums, Re-in
surance and other Claims........................ 65,220 75
Total Assets January 1,1887
........ $693,489 18
W . IRVIN G COMBS, President.
H e n r y D. K in g , Sec. W a in w r ig h t H a r d ie ,V.P.
IBS’” This Company Issues Certificates o f Insurance,
losses payable in LONDON, at its Bankers, Messrs.
BROWN, SH IPLEY & CO,
M ISSISSIPPI & TENNESSEE BAILB0AD COMPANY.
N ew
R
25.
PITTSBU RG
FIR S T
MORTGAGE COUPONS maturing February
1st will be paid on and after that date at the Union
Trust Company o f this city.
(Signed)
FRED. A . BROWN^Treasurer.
F IC E OF P U L L M A N ’ S P A L A C E
OFCAR
COMPANY, CHICAGO, Jan. 10,1887.
Notire is hereby given that the 15 year 8 per cent
Debenture Bonds, 3d Series, o f this Company, issued
Feb. 15,1872, and maturing Feb. 15,1887, or which
there is outstanding $445,000, will be paid with inter
est to date o f pnyment on and after this date on
presentation at the office o f the karmers’ Loan &
Trust Company, No. 20 William Street, New York.
Interest on said bonds will cease Feb. 15,1887.
GEO. M. PULLMAN,
P resident.
F IC E OF P U L L M A N ’ S P A L A C E
O FCAR
COMPANY, CHICAGO, Jan. 20,1886.
DIVIDEND No. 80.
The usual QUARTERLY DIVIDEND o f TW O (2)
PE R CENT on the capital stock o f this company
from net earnings, has been declared, payable Feb.
15, to stockholders o f record at close o f business
Feb. 1,1887. Transfer books close Feb. 1 and re
open Feb. 16,1887.
_______________A . S. W EIN 8HBIM ER, Secretary.
President Miss. & Tenn. RR. Co.
Y o r k , January 27.1887. ___________________
e o r g a n iz a t io n
of
the
Ph il a d e l
p h ia &
r e a d in g -r a il r o a d
com
p a n y AND A F F IL IA T E D COMPANIES.
Creditors and shareholders are requested to de
posit General Mortgage Bonds with Messrs. Drexel
& Co., and other securities with Messrs. Brown
Brothers & Co., under the terms o f the agreement
o f March 22, 1880, as modified by the plan o f re
organization o f December 14,1886, copies o f which
can be had upon application at the respective bank
ing houses o f th e depositories, and at the Guaran
tee Trust and Safe Deposit Company.
General Mortgage bondholders on depositing
their bonds will receive from Drexel & Co. en
graved certificates now negotiable at the Stock
Exchange and the interest now due under the
plan.
For all other securities Temporary receipts w
be issued by Brown Brothers & Co., exchanges
fo r enuraved certificates (as soon as they can
prepared), to be made negotiable at the Stock
change, entitling the holder to the new securl
after reorganization.
The cash subscription will be called fo r in instal
ments o f twenty-five per cent each and thirty days’
notice by advertisement will be given prior to each
call
Creditors and shareholders are given until March 1,
1887, to accept the provisions of this plan.
In case a reorganization without foreclosure can
not be effected, then all parties who have failed to
deposit under the plan by March 1, 1887, will be ex
cluded from dll participation in the reorganization
by foreclosure, which tif there be sufficient deposits
to satisfy the Trustees), will then be brought about
immediately, and for the benefit of those only who have,
deposited.
JOHN B. GARRETT,
______________ Chairman Reconstruction Trustees.
CONSOLI-
T H E N ATIO N A L SH O E A L E A T H E R
D ATED MINING CO.
T H E REG U LA R DIVIDEND No. 14 OF FIVE
Cents per Share $13,750), has been declared to the
Stockholders o f this Company, payable on Feb. 10th,
at the Farmers’ Loan & Trust Co. Transfer books
clos on Jan. Sist, reopening Feb. lltli.
Ne w Y o r k , Jan. 13th. 1887.
__________________ R. V .M ARTIN SEN , Treasurer.
BANK, Ne w Y o r k , January 28, 1887.—Henry
M. Knapp having resigned the Cashiership o f this
Bank, to engage in more active business, Augustus
M. Scriba, late National Bank Examiner fo r this
city, has been appointed to fill the vacancy; both
resignation and appointment to take effect February
1 st, proximo.
JOHN M. CRANE,
President.
jTIOIiORADO
CENTRAL
U
Th e
lake
hhore
&
Mic h ig a n
SOUTHERN R A ILW A Y CO,
T r e a s u r e r ’ s Office ,
;
Gr a n d Ce n t r a l D epot ,
>
Ne w Y o r k , Dec. 30,1886. )
TH E BOARD OF DIRECTORS o f this company
have this day declared a dividend o f TWO Per Cent
upon its capital stock, payable at this office on Tues
day, the FIFTEEN TH D A Y OF FE BR U AR Y next.
Thd transfer books will be closed at 3 o ’clock P. M.
on Saturday, the 16th day o f January next, and will
be reopened on the morning o f Friday, the 18th day
o f February next. E. D. WORCESTER, Treasurer.
T H E M IC H IG A N C E N T R A L R A I L A
ROAD COMPANY.
T r e a s u r e r ’ s Office ,
)
G r a n d Ce n t r a l D e po t .
>
Ne w Y o r k , Dec. 30,1886. S
TH E BOARD OF DIRECTORS o f this company
have this day declared a dividend o f TWO per cent
upon its capital stock, payable on TU ESDAY, the
loth day o f February next at this office.
The transfer books will be closed at 3 P. M . on
Saturday, the 15th January, and will be reopened on
the morning o f Friday, the 18th day o f February next
__________________ HENRY P R A T T , Treasurer.
F H E C AN A D A SOUTHERN R A IL W A Y CO.
T r e a s u r e r ’ s Offic e ,
)
¡ b a n d Ce n t r a l D epot ,
>
N e w Y o r k , Dec. 30,1886. )
T H E BOARD OF DIRECTORS o f this company
have this day declared a dividend o f ONE AND
ONK-QUARTKR Per Cent, upon its capital stock,
payable on TUESDA Y, the fifteenth day o f February
next, at this office.
The transfer books will be closed at 8 P. M. on
Saturday, the 15th January, and will be reopened on
the morning o f Friday, the 18th day o f February n ext.
_______________ H EN RY PR A TT. A cting Treasurer.
THE
A
ST.
PAUL
M IN N E A P O L IS A
MANITOBA R A IL W A Y COMPANY,
No. 63 W il l ia m St ., N e w Y o r k , Jan. 14,1887.
The usual quarterly dividend o f ONE AND ONEH A L F PE R CENT on the capital stock o f this com
pany has been declared, payable at this office on
and after Feb. 1,1887, to stockholders o f record on
that date.
The transfer books will be closed at 8 o’clock P.
M., Jan. 20, and will be re-opened at 10 o ’clock A.
M „ Feb. 2. _
E DW ARD T. NICHOLS,
Assistant Secretary.
Shenandoah Valley R R ,
COMMERCIAL MUTUAL
E. H. HARRIMAN,
N e w Y o r k , January 29,1887.
T> OCHESTER
M A R IN E AND IN L A N D IN SU R AN C E
16.
28.
3 fia a ttc ia l.
f in a n c ia l.
A meeting o f the holders o f the Consolidated
Mortgage Bonds, Series “ A ” and “ B,” o f the Mis
sissippi & Tennessee Railroad Co. will be held at No.
17 Wall Street, New York, on February 7,1887, at 3
P. M.
A statement o f the financial condition o f the Com
pany and its necessities will be laid before the meet
ing.
All holders o f the bonds are requested to attend
the meeting and to communicate with the under
signed as soon as possible.
11.
[VOL. XTiTy,
Holders o f the FIRST MORTGAGE BONDS who
wish to secure their rights under the mortgage are
requested to deposit their bonds with the Central
Trust Company, o f New York, on or before the 21st
day o f February next, in accordance with the pro
visions o f the bondholders’ agreement dated Jan. 18.
1887.
Only bondholders so depositing are entitled to
participate in any o f the benefits resulting from the
aotion o f the committee.
The near approach o f the end o f the foreclosure
proceedings necessitates prompt action upon the
part o f bondholders.
Copies o f the agreement or further information
may be had on application to the Central Trust Com
pany, or to any member o f the committee.
GEORGE C. WOOD,
Of W ood, Huestis & Co.,
31 Pine St., New York.
CHARLES L. LAM BERTON,
16 Exchange Place, New York.
JOSEPH LEE DOM,
007 Walnut St., Philadelphia.
HORACE M. BARNS,
Bristol,.Rhode Island.
F R A N K C. H OLLINS,
O f Frank C. Hollins & Co.,
11 Wall St., New York.
W IL L IA M A . R EAD,
O f Vermilye & Co.,
16 & 18 Nassau St., New York
Committee o f First Mortgage Bondholders.
TO THE BONDHOLDERS
OF THE
Lake
E r ie 8c W e s te r n
R ailw ay C o.
The holders o f the first m ortgage bonds o f the
Lafayette Bloom ington & Muncie, the Lake Erie &
W estern and the Sandusky Extension Divisions o f
the Lake Erie & W estern Railway Company are
hereby notified to present their bonds at the office
o f the Central Trust Company on January 25,1887,
at which time the principal o f each o f such bonds,
together with the coupons past due on the same and
interest ou such past-due coupons to the abovementioned date, will be paid by the purchaser.
______________________ SAM’ L, THOM AS.
Investment Bonds.
W e offer, and very strongly recommend, a small
amount o f the)
First Mortgage Five Per Cent Fifty
Year Bonds
OF THE
special Jinuestmjetits.
Columbus H ocking Valley A T oledo.
Toledo & Ohio Central.
K anaw ha & Ohio.
East Tennessee Va. & G eorgia.
Am erican Speaking Telephone.
Sonthern Telegraph.
Bought
and
Sold
by
J. S. Stanton,
16 and 18 B R O A D S T R E E T .
T r u s t C o .’s S to c k s .
A L L OF TH E
M ew Y o r k
AND
B r o o k ly n Companies’
BOUGHT AND SOLD B Y
W M .
C.
96
N O Y E S ,
B ro a d w a y .
See my quotations o f Trust and Telegraph Stocks
n Daily Indicator and Saturday’s Evening Post.
MINNEAPOLIS & PACIFIC B ’Y CO.
Issued at $15,000 per mile upon 218 miles o f com
pleted road, northwest from Minneapolis; -well lo
cated, well built and well managed.
This is a choice investment at present price.
Bonds will soon be listed.
Circulars and full particulars furnished.
J O H N I I . D A V IS & CO.,
IQ W a l l Street, M ew Y o r k .
Investment Securities
BOUGHT AND
SOLD.
W ANTED:
Toledo Ann Arbor & North Michigan lsts.
Southern Central lsts.
Middletown Unionville & W ater Gap 5s.
Indianapolis & Vincennes lsts and 2ds.
Scioto Vaiiey Bonds, all issues.
A L B E R T E . H A C H F IE L D ,
___________________ N o. 5 ifl P in e Street.
H ir a m D e w in g . Cl a r k D e w in g . F. t . B ontecou
(Member o f New York Stock Exchange.)
H . D ew in g 8c Son,
B A N K E R S AM D B R O K E R S ,
No. 18 W a ll Street, N ew Y o r k ,
Stocks and Bonds Bought and Sold on Commission
Particular attention given to information regard
Gas, Insurance, Banks, City R ailroads, ing investment securities.
A c . Send fo r list published Mondays.
Iowa Loan & Trust Co. 6 per cent Debentures
J . P . WIN THIN GUAM, 3 6 Pine St. N. Y • bought and sold.
THE CHRONICLE.
January 29, 1887.]
I t t s t t t ft t t c je .
%usnxnutz.
S T AT E M E 1STT
or
OFFICE OF THE
The Mutual Life Insurance Company of New York,
RICHARD A, McCURDY, President.
A T L A N T I C
F o r the y ea r en d in g D ecem ber S la t, 1886.
ASSETS...................................: ..................................... J.... $ 1 1 4 ,1 8 1 ,9 6 3 .* 4 .
Insurance and. .A.n.unity A oooun t.
Mutual Insurance C o .,
NEW YORK, January 24,1887.
The Trustees, In conformity to the Charter o;
the Company, submit the following Statement
of its affairs on the 31st December, 1886:
Premiums on Marine Risks from
lot January, 1886, to 31st
Deoember, 1 8 8 6 . . . . . . . . . .. . . . . $3,809,250 53
Premiums on Policies not marked
ofl 1st January, 1886............... 1,426,049 46
No.
Amount.
No.
Policies and Annuities in
force, Jan. 1st, 1886.... 120,952
Risks Assumed.............. 18,673
$868,981,441 86
56,882,718 92
Policies and Annuities in
force, Jan. 1st, 1887 ... 129,927
9,698
Risks Terminated..........
$393,809,202 88
82,004,957 40
189,625
$425,814,160 28
189,625
$425,814,160 28
D r,
R evenue
To Balance from last account....
“ Premiums..........................
“ Interest and Rents..................
$99,865,644 11
15,634,720 66
5,502,466 01
Cr,
A coou n ti
By Paid to Policy-Holders:
Endowments & Pur
chased Insurances $4,908,729 61
Dividends & Annui
ties ... ................. 2,727,454 18
Deceased Lives...... 5,492,920 00
-------------------- $18,129,108 74
*» Other Disbursements:
^CommutaUons^ i $1.733.632 88
277,169 85
Taxes......................
Total Marine Prem ium s..... $5,235,299 99
Premiums marked ofl from 1st
January, 1886, to 31st Deoem
ber, 1886................................... $3,817,699 86
Losses paid during the same
period........................................$2,206,588 68
Returns of Premiums and Ex
penses.........................
Amount.
Ex^ n8eS.........................................8,101,410 69
u Premium on Stocks and Bonds
Purchased....................................
52,56614
“ Balance to new account......... 104,719,784 81
$841,378 15
$121,002,820 78
$121,002,820 78
The Company has the following Assets, via.:
Cr.
B a la n c e S h e e t.
D r,
United States and State of New
York Stock, City, Bank and
By Bonds Secured by Mortgageson
$9,382,375 00 To Reserve for policies in force
other Stocks....................
Real Estate..............................$50,118,949 66
and for risks terminated..... $108,460,120 25
“ United States and other Bonds.. 42,071,641 00
Loans secured by Stocks and
“ Premiums received in advance
78,274 84
“
Loans
on Collaterals...... ........... ®'^,917 25
5,643,568 15
otherwise.........................................
707,100 00 “ Surplus at four per cent........
“ Real Estate................................. 10,591,286 82
Real Estate and Claims due the
“ Cash in Banks and Trust Companies at interest.................... 2,306,203 08
Company, estimated at.................
501,64781
“ Interest accrued....................... 1,160,870 65
Premium Notes and Bills Re
“ Premiums deferred and in tran................................ 1,565,117 28
ceivable............. ..............
1,568,134 20
“ Sundries......................................
188,978 00
285,254 68
Cash in Bank.......................
$114,181,968
24
$114,181,963 24
Am ount.... . . . . . . . . . . . . . .....$12,444,511 69
SIX PER CENT INTEREST on the outstand
ing oertifloates of profits will be paid to the
holders thereof, or their legal representatives
on and after Tuesday, the 1st of February next
THE OUTSTANDING CERTIFICATES of
the issue of 1882 will be redeemed and paid to
the holders thereof, or their legal representa
tives, on and after Tuesday, the 1st of February
next, from which date all interest thereon wil
cease. The oertifloates to be produced at the
time of payment and canceled.
A DIVIDEND OF FORTY PER CENT is
declared on the net earned premiums of the
Company, for the year ending 31st December;
1886, for which oertifloates will be issued on
and after Tuesday, the 3d of May next.
By order of the Board,
J . H , C H A P M A N , Secretary.
I have carefully exam.ned the fo r e g o .«. statement and f i n d « * ^ “ ^ h e c o r r ^
From the Surplus above stated a dividend will be apportioned as usual.
New Y o r k , January 20,1887.
__________ _
BOARD
Samuel E. Sproulls,
L ucius R obinson,
Samuel D . Babcock,
G eorge S. C oe,
J ohn E. D evelin ,
Seymour L. H usted,
R ichard A . M cC urdy,
J ames C. H olden.
H ermann C. von P ost,
OF1 T R U S T E E S .
A lexander H. R ice ,
F. R atchford Starr ,
Frederick H. C ossitt,
L ewis M ay ,
O liver H arriman ,
H enry W. Smith ,
J ohn H . S herwood,
R obert O lyphant ,
G eorge F . B aker ,
J os. T hompson,
D udley O lcott ,
Frederic C romwell,
J ulien T . D avies,
R obert S ewell,
S. V an R ensselaer C ruger,
C harles R . H enderson,
G eorge B liss,
R ufus W. P eckham ,
ffitmticiul.
Staten Island Securities
40
A S P E C IA L T Y .
TRU STEES:
J. D. Jones,
W. H. H. Moore,
A. A. Raven,
James Low,
Wm. Sturgis,
Benjamin H. Field,
Josiah O. Low,
Edmund W. Corlies,
Robert B. Mintum,
Wflliam Degroot,
Horace Gray,
William E. Dodge,
William H. Haoy,
0. A. Hand,
John D. Hewlett,
William H. Webb,
Charles P. Burdett,
Henry E. Hawley,
Adolph Lemoyne,
William D. Morgan,
Charles H. Marshall,
Frederick H. Cossitt,
William Bryce,
John Elliott,
James G. De Forest,
Charles D. Leverioh,
John L. Riker,
N. Denton Smith,
George Bliss,
Isaac Bell,
Edward Floyd-Jon es,
Anson W. Hard,
Thomas Maitland,
John Edgar Johnson,
Ira Bursley,
James A. Hewlett,
George H. Macy.
Railroad Co. & Amusement Co. Stocks.
GUO. B . R I P L E Y ,
6 6 B roa d w a y, R o o m 8 .
Indiana B loom ington & Western
FIRSTS, SECONDS AND EASTERN DIVISION
BONDS,
Pending the action o f the New York Stock Ex
change on the application to list the Trust Company*8 certificates, and fo r the accommodation of
security holders, the time fo r depositing the above
named securities’with the Central Trust Company
is hereby extended until Saturday, Jan. 29, 1887.
A fte r that date bonds will not be received except on
the payment o f such penalty as the committee shall
impose.
_
,
A large m ajority o f the bonds o f each class are
now on deposit, and the com m ittee will proceed
with the execution o f the plan without delaying for
further deposits.
.
INCOME BONDS must be deposited on or before
STOCK must assent and pay first installment of
assessment, 3ha per cent, Feb. 1, and second install
ment, 3 * per cent, March 2 .^ ^ c , MpBELIj>
Secretary o f tne Committee.
JOHN D. JONES, President.
W. H. H. MOORE, Vice-President.
A. A. RAVEN, 2d Vioe-Pree’t.
J. H obart H errick ,
W m. P. D ixon ,
R obert A . G ranniss,
N icholas C. M iller ,
H enry H . R ogers,
J no. W. A uchincloss,
B. W . V an V oorhis,
T heodore M orford,
W illiam B abcock.
R . T . W ilson & C o .,
BANKERS AND COMMISSION MERCHANTS,
2 E xch an ge C ourt, N ew Y o r k .
THE
e q u it a b l e
B oston ,
B u il d in g ,
>
January 25,1887. >
CHEYENNE & NORTHERN
RAILWAY COMPANY
OFFERS FOR SALE
$ 1 6 0 ,0 0 0 L a ra m ie C ounty 6 p er
Cent B o n d s ,
VOTED IN AID OF ITS RAILROAD,
Dated January la t, 1 887,
REDEEMABLE A T A N Y TIME NOT LESS TH A N
FIFTEEN. NOB MORE T H A N T H IR T Y ,
YEARS FROM D A T E OF BONDS.
Interest payable December 30th o f each year at the
office o f the Union Trust Co. in New York.
Sealed Proposals should be sent to GARDIN ER
M LANE, Assistant to President, Equitable Build
ing Boston, marked “ Proposals fo r Laramie County
Bonds,” and will be received up to and including
February 10th, 1887, on the evening o f which day
they will be opened. . . . .
.
An option will be given to the purchaser on $240,000 bonds, the balance o f the issue authorized, which
will be ready fo r delivery, it is expected, some time
during the coming year.
The company reserves the right to refuse any and
all bids. A circular containing fa ll information
about these bonds will be furnished on application.
Cheyenne & Northern Railway Co.,
By H EN RY M CFARLAND,
Treasurer.
THE CHRONICLE.
TJ
IV ol. XXIV.
Itistirattcc.
Q u s n tM itz .
T H IR T Y -N IN T H AN N U AL STATEMENT
TWENTY-SEVENTH ANNUAL STATEMENT
Penn
" W
_ A - S
E E
I
3Ñ T G r T
O U S T
M utual Life Insurance C o .,
OF P H IL A D E L P H IA .
Net Assets, January 1 ,18S6............................$9,737,91537
Receipts during the yea r:
L IF E
IN S U R A N C E
COM PANY.
For premiums................ $2.062,973 56
F or interest, &c............. 650,625 25
------------------ 2,718,598 81
_
DISBURSEMENTS.
W .
yY .
B R E W E R ,
J r .s
P r e s id e n t.
$12,451,514 IS
8
Claims by Death.....................$632,948 00
Matured Endowments.......... 00,615 00
Surrendered Policies............. 173,547 30
Cash and Note D ividends.... 400.014 98
Re-insurance...........................
4,804 27
Total Paid Policy H old
ers........................$ 1 ,28 3 ,9 2 9 55
ASSETS.
Net Afsets, December 31,1885................. $7,391,515 01
u . S. and N. Y. City Stocks $059,703 12
Bonds and Mortgages, be
For Premiums............................$1,508,09870
ing first liens on real es
For Interest, Kents, & c......
107,117 81
tate ................................. 6,377,398 67
------------------ 1,915,816 51 Real Estate.......................... 130,216 57
Cash on hand and in Banks
$9,310,302 15 and Trust Co...... .............
137,631 52
Loans on Collaterals..........
170,197 29
DISBURSEMENTS.
Agents’ Balances...........
38,183 89
^----------------- $7,813,631 36
Claims by Death........................ $518,18051
Add excess o f market value
Matured and Discounted
o f Stocks over cost.......... 167,516 58
Endowments.......... -— .. 152,718 83
Interest accrued.................
63,930 t'8
Cash Dividends,Keturn Pre
Interest due and unpaid...
12,802 25
miums and surrendered
Deferred and Unpaid Pre
P o lic ie s .................................. 135,63385
miums, less 20 per ce n t..
211,63673
1,513 99
A nnuities......................
Gross Assets, December 31,1880........ 8,269,613 60
R eceipts During lHe Y ear 188(1 : .
L IA B IL IT IE S .
Total Paid Policy Hold
Reserve by N. Y. Standard
Department valuation... .$7,219,901 00
Claims in course o f Adjust
15,121 53
T axes............................
Commuted Commissions...
65,199 13
m e n t .................................
67,169 99
Matured Endowments not
Ftoflt and Loss....................
13,343 12
yet culled fo r ....................
1.805 20
Dividends to Stockholders.
8,590 75
Premiums
paid
in
advance
6,810 60
Expenses : Kent, Commis
Unpaid Dividends to Stock
sions, Salaries, Postage,
528 50
holders...... ....................
Advertising, Medical Ex
Salaries, Kent, &c..............
2,011 68
aminations, Ac ..............
262,793 02
1,190,730 79 Surplus as regards Policy
H o ld e r s .... ....................
981,290 63
■------------------- $8,269,013 60
N et Assets, December 31,1886.................$7,813,631 30
ers.................... 8 1 .1 1 1 .3 8 3 21
Number o f Policies in fo rce ................
16,501
Total amount Insured........................ $36,571,831
3,266
Policies issued in 1885.........................
Amount o f Insurance In 1880...... ...$7,128,139
W . H AXTU N , Vice-President and Secretary.
E. S. FRENCH, Sup't o f Agencies.
CYRUS MUNN, Assistant Secretary.
I. C. PIERSON, Actuary.
B. W . M cCREADY, M.D., Medical Examiner.
FOSTER & THOMSON, Attorneys.
BO ARD OF D IRECTO R S:
W . A . Brewer, Jr„
W m . Haxtun,
Roland G. Mitchell,
George N. Lawrence,
L evi P. Morton,
Abiel A. Low.
Gustav Schwab,
I Merritt Trimble,
I Geo ge A. Robbins, '
James B. Johnston,
I Thomas Hope,
I John H .Sherw ood,
James Thomson,
I Wilson G. Hunt,
I Chas. H. Ludington,
I Robert Bowne,
Payne Pettebone,
Francis Speir,
David Tnomson,
Frederic R. Coudert,
I Nathaniel L. McCready,
I George Newbold,
Benjamin Haxtun,
Edwin H. Mead,
I Henry F. Hitch,
Charles P. Britton,
Francis G. Adams,
I Benj. W. McCready, M.D.
Taxes and Legal Expenses..
Salaries. Medical Fees and
Office Expenses....... ............
Comm sslons to Agents and
rents......................................
Agency and other expenses..
Advertising, Printing and
Supplies................................
Fire Insurance and Office
Furniture.............................
58,267 87
112,034 53
203,637 44
92,730 78
19,175 99
2,564 15
1,772,346 31
Net Assets January 1,1887................$10,979,167 87
ASSETS.
City Loans, Railroad and W ater Bonds,
Bank and other Stocks................. ........ $5,36,- ,466 25
Mortgages and Ground Rents................. 3,000,450 no
Premium Notes, secured by Policies,&c.
630,,450 03
652, 036 24
Loans on Collaterals, &c.........................
H om e Office, and Real Estate bought to
841 ,606 39
secure Loans..........................................
183,149 97
Cash In Trust Companies and on h and..
Net Ledger Assets a sabove..$10,9 7 9 ,1 9 7 87
Net Deferred and unreported Premiums
Interest due and accrued, &e.................
Market Value o f Stocks, Bonds, He.,
uud Real Estate over cost....................
219,573 60
00,839 39
463,534 75
Gross Assets, J an, 1, ’ 8 7 __ $1 1 ,4 2 2 ,9 1 5 91
L IA B IL IT IE S .
Losses reported hut not due $43,337 07
Reserve at 4 per cent, to Re
insure Risks............................. 9,490,50100
Surpl us on Li Ie-rate Endow
ment and unreported Poli
cies. & c..................................... 240,15153
Surplus, 4 per cent basis.......1,048,626 01
------------------ 11,422,615 61
Surplus at 4)4 per cent.,Penn
sylvania Standard................ $2,287,427 01
(Estimai ed).
EDW ARD M. NEEDLES, President.
H . S. STEPHENS, Vice-President.
H ENRY C. BROWN. Secretary and Treasurer.
JESSE J. BAR K E R , Actuary.
J o h n G. M oore ,
w
. k . K itc h e n .
G. B. Schlbt
M oore & Schley,
BANKERS AND BROKERS,
THE NEW COMBINATION POLICY
OF THE
‘W a s l i i n g ’ton.
L ife
OF
In su ra n ce
NEW
Com pany
YORK
Affords ample protection for the fam ily o f the Insured fo r twenty years, with annual dividends at the
end o f the first and each subsequent year, payable In cash or applied to augment the policy, at the option
o f the insured.
It enables the insurant to secure to him self a competence fo r old age, being the full amount named
in the policy, together with all accumulated dividends.
Upon the com pletion o f the period, and simultaneously with the payment o f the Capital Sum, the
Insured Is also at once the possessor o f full paid-up, non-participating insurance fo r one-hal c o f the Capital
Svjn, which Is an estate in reversion, without further cost, and payable at death.
It Guarantees
in strong and explicit terms advantages not found in the policy o f any other company.
Suppose the amount o f tue policy to be $ 3 0 , OOO,
I t Gu a r a n t e e s —
The payment o f $ 3 0 ,0 0 0 , and all accumulated dividends, should the insured die within the period.
Of 20 years.
It Gu a r a n t e e sThe payment o f $ 3 0 ,0 0 0 , together with all accumulated dividends, if the insured survive the
period.
I t Gu a r a n t e e s — .
The payment to the insured o f the full sum o f all cash dividends to its credit, if desired, should the
policy be surrendered before the expiration o f the term.
- It guarantees—
To the policy holder who survives the 20-years’ period a paid-up life policy fo r $ 1 5 ,0 0 0 «
Annual Cash Dividends.
Under the combination policy o f TH E W ASHINGTON, the insured secures more protection than by
any speculative scheme o f insurance ever devised, by as much as the accumulated dividends would
increase the amount o f the policy.
Contrasted with the policy o f any company whose dividends are deferred 5 years, 10 years, 15 years,
•Or more, during which the insured risks the entire loss o f the surplus earnings o f his premiums, and mag
nifies the hazards o f his Insurance, this policy o f THE WASHINGTON is not only intrinsically more
valuable, but is incomparably superior in the measure o f the security it affords.
The Ideal Contract.
A s an endowment, the Combination Policy, being a positive contract, is better fo r the insured than
any policy ever before issued. As an Endowment and L ife Insurance Policy combined, it is the ‘ ‘ I d e a l ”
Co n t r a c t ; and is superior to a “ Tontine,” or “ Distribution,” or "D e fe rre d Dividend Policy,” by as
much as a definite is always superior to an .indefinite contract.
26 B R O A D S T R E E T , N E W
YORK.
B r a n c h O f f ic e s :
72 Wall St., N. Y.
114 So. Third St., Phila.
Connected with
I. A. E v a n s & Co., Boston.
Co rson & M a c a r t n e y , Washington, D.C.
E. L. B r e w st e r & C o„ Chicago.
H u b b a r d & F a r m e r , Hartford.
Private Wire Connections.
Bay and sell Stocks, Bonds and Miscellaneous
Securities oiwNew York Exchanges; also Grain and
Provisions on Chicago Board o f Trade,
H o t e ls .
Fifth A venue
HOTEL,
M adison S qu are,
N EW YORK,
The Largest Best Appointed and Most Liberally
Managed H otel In the City, with the Most Central
and Delightful Location.
’
HITCHCOCK. DARLING & CO.
Bible H otel,
AM STERD AM .
Beautifully situated in the centre o f the city, Close
to the .Railway Station and the Exchange. First
rate cooking. Excellent wines. Moderate prices.
W . P. W ER KE R , Manager.
M assasoit
House,
Its Liberal Conditions.
S P R IN G F IE L D , MASS.
Protected by the unique non-forfeitable dividend system o f TH E W ASHINGTON, with annual cash
dividends, with provisions fo r surrender more liberal than the non-forfeiture law o f the State provides,
and with privileges o f residence and travel unrestricted; with all these benefits united in the Co m b in a
t io n I oMC Y of T he W a s h in g t o n , it is confidently recommended to the public as the nearest approach
$9 a perfect life insurance contract ever devised,
TH E BEST APPOIN TED HOUSE IN WESTERN
N EW ENGLAND.
Convenient fo r the tourist or business man. Near
Union Depot.
___ _ T„ K
W . H , CHAPIN.
W i i k l g
r e p r e s e n t in g
the
in d u s t r ia l
YOL. 44
and
§ k w s j ja p i r ,
c o m m e r c ia l
in t e r e s t s o p t h e
SATURDAY, JANUARY 29, 1887.
THE CHRONICLE.
Great Britain in 1886............. 137
Railroad Earnings..................... 140
T h e Financial Situation.......... 130
Imports and Exports for De
Treasury Cash Changes and
cember and for Six and
Currency Increase ............. 132
Twelve Months Ending De
Inier-State Commerce and
cember 31,1886................... 140
Centralization....................... 133
Growth of the Coal Industry. 131 Monetary and Commercial
English News........................ 140
Features o f Our Foreign Trade 1 3 5
Commercial and Miscellaneous
Cotton Supply and Consump
News...........................
140
tion in Europe..................... 137
Clearing-House Returns......... 129
T h e
and
© h r o r a c le .
F in a n c ia l C h r o n ic l e is published in
New York every Saturday morning.
[Entered at the Post Office, New York, N.Y., as second olass mail matter.]
Terms o f Subscription—Payable in Advance :
For One Year (including postage)........................................$ 10 20
For Six Months
do
............................- ...........
6 10
European Subscription (including postage)....................... 11 28
Annual subscription in London (including postage)........ *2 7s,
Six Mos.
do
do
do
........ * 1 8s.
These prices include the I n v e s t o r s ’ S u p p l e m e n t , issued once in two
months, and furnished without extra oharge to subscribers of the
Chronicle.
Subscriptions will be continued until definitely ordered stopped. The
publishers cannot be responsible for remittances unless made by Drafts
or Post Office Money Orders.
W I L L I A M B . D A N A & Co., Pu blish ers
WILLIAM B. DANA.
79 & 81 W illia m Street, N E W Y O ltlv.
JOHN G. i'LOYD.
P o st Oe e ic e B o x 958 .
C L E A R IN G H O U S E R E T U R N S .
The bank exchanges for the week ended January 22 make a
favorable exhibit, and in the aggregate record a gain over the
preceding week of $23,833,670. The greater portion of this
increase is at New York, and is due to a little more activity
in speculative circles. At Boston, where a small excess over
last week is shown, speculative dealings have fallen off. In
the remainder of the country the total o f clearings differs
very little from that for the week ended January 15, but is
nevertheless pretty large and quite satisfactory. Labor
troubles are again a source of some disturbance in this city,
the strike which began with the coal handlers and the ’long
shoremen employed by the Old Dominion Line having ex
tended until now some thousands of men are lying idle.
Through the courtesy of the mana
the clearing house at
St. Paul, we now include and shall continue to give the
returns from that city. *
Instituting comparison with the corresponding period of
1886, we find that New York exhibits a loss of 6-4 per centt
As a result of this, the aggregate for the whole country
records a decrease of 0'4 per cent, notwithstanding the fact
that outside of New York there is an increase of 14-8 per cent.
The decline at New York, however, is more than accounted
for by the falling off, compared with last year, in stock trans
actions, Many cities continue to show phenomenal gains over
1886, prominent among which are Indianapolis 106’1 per cen t;
Peoria 73'4; Omaha 61; St. Joseph 53-5, and Kansas City 52'6
Per cent.
^ew York Stock Exchange share dealings for the week
reach a market value of $117,220,000, against $168,959,000 a
year ago. Making our usual deduction of two and a-half
fines these values from the "New York totals, there remains
2)699,783 and $299,910,830 respectively in the two years
cribableto other business, or an increase of 27’6 per cent.
1887.
states.
NO. 1,127.
Week Unding Jan. 22.
C O N T E N T S .
The Com m ercial
u n it e d
188«.
Per Cent.
Week Ending Jan. 15.
PerCint
1887.
$654,516,860
+0-3
(2,546,483) (-8-3)
(368,900) (+1T3)
(41,967,000) (-37-7)
(39,341,000) ,- 2 5 0 )
(1,652,774)
(326,100)
(82,999,433;
(28,969,000)
(—18-3)
(—15-5)
(+ 0-1 )
(-25-3)
—0-3
+ 10-2
-2 -7
t 82
•+1T7
+4-6
H-4-6
4-12-3
$82,376,607
4,580,300
2,164,951
1,420,952
1,050,248
039,628
946,123
585,889
—3-2
-7 -8
+ 22-0
+19-8
—T4
+73
-t-14-3
+21-5
New Y ork ..............
Sale* of—
( Stock».. ..»hare*.)
( Cotton.... bales.)
(d ra in .. .bushels)
( Petroleum..bbU.)
$675,749,783
(2,334,445'
(410,600.1
(26,120,600)
(29,150.000)
B o sto n ...................
Providence............
H artford................
New H aven...........
P ortla n d ...............
W orcester...........
Springfield...........
L o w e ll..................
$82,572,813
4,899,700
1,732,087
1,350,111
067,402
692,024
069,510
525,675
$82,868,606
4,446,600
1,770,054
1,256,247
865,740
854,116
829,942
467,907
$722,808,330
—6 4
Total N. England
$03,010,221
$93,490,112
4-05
$94,079,698
- 2‘S
Philadelphia.........
Pittsburg...............
Baltimore.............
$65,838,210
10,271,275
14,714,581
$53,527,614
8,128,804
10,643,80«
423-0
4-26 3
4-38-2
$57,247,827
9,258,907
13,490,962
+6-4
426-1
49-8
Total M id d le....
$90,824,075
$72,300,347
4-25-6
$79,997,696
489
C hicago................
Cincinnati.............
Milwaukee............
Detroit...................
Indianapolis...... .
Cleveland..............
Columbus..............
Peoria....................
Omaha...................
Minneapolis..........
Denver..................
St. Paul .............. ;
$48,422,367
10,436,750
4,133,158
3.452,124
2,814,502
8,247,488
1,017,549
996,285
4,455,777
2,774,410
4,032,016
3,030,004
4-9 2
$44,359,017
8,524,400 4-22-4
4-5-5
3,917,449
2,821,070 4-22 3
1,365,479 4-106-1
2,275,445 4-42-7
1,387,652 4-38-2
574,675 4-73-4
2,766,96b 4-61-0
2,421,279 4-14-6
2,890,881 4-395
2,392,654 4-26-9
$49,330,493
11,588,850
4,194,114
3,952,819
8,583,518
3,184,423
2,070,737
1,024,992
4,767,283
3,493,915
4,074,454
8,384,501
411-3
4-82-9
483-5
440-8
4141-0
433-2
4-80-2
474-6
4499
439 6
439-5
435-4
Total W estern ...
$80,718,430
$75,697,547
4-18-5
$94,720,099
424-3
St L ouis................
8t. Joseph...........
New Orleans.........
Louisville..............
Kansas City..........
Memphis ..............
Galveston..............
$16,563,120
1,506,034
11,683,355
4,781,477
6,095,840
3,561,616
1,691,599
$16,041,902
982,031
9,920,000
4,365,232
4,584,765
1,834,128
1,412,560
4-3-a
4-53-5
4-17-8
4 9-5
4-52 6
4-39-7
4-19-8
$16,641,527
1,174,647
13,090,240
5,2a6,733
6,870,155
2,526.949
1,508,114
411-5
431-9
430-0
4 8 ’5
475-6
448-3
—6-S
Total Southern..
$45,783,050
$39,140,618
417-0
$47,098,365
424-6
San Francisco......
$12,171,698
$8,940,066
436-1
$14,420,778
481-7
Total a l l'......... $1,008,167,166 $1,011.853,020
Outside New York ' $382,417,383 $289.514,69u
4-14-8
—0-4
$084,833,496
43-0
$330,316,636j
+120
The returns o f exchanges for the five days, as received by
telegraph this evening, exhibit a decrease in the aggregate
from the total for the similar period of last week of $16,103,025. This decline is, however, due to the falling off outside of
New York, for that city records a gain over a week ago of
$12,110,516. Contrasted with the five days of 1886 Boston
alone shows any loss, the gain in the whole country reaching
11’6 per cent.
Five Days Ending Jan. 28.
Per Cent.
1880.
New York............ $591,830,609 $532,157,300 ¿ 411:1
Sales of Stock (ska.;
(1,712,680;
(1,662,876) (43-0)
- 0-6
Boston.................
03,834.698
83,087,082
Philadelphia.. ....
45,439,316
38,245,817* 418-8
9,877,178
Baltimore............
8,523,203 415-9
+6-1
30,750,000
Chicago................
34,038,000
49-0
St. Louis..............
11,973,820
3,043,442
49-1
7,883,203
New Orléans.......
8,050,828
Total.............. $767,738,071 $098,008,641 410 2
60,090,021 428-4
Balance, Country*
77,182,019
Total all........ $844,920,990 *758,698,002 411-0
Outside New Tors *253,690,381 ♦224,541,296 + i 2
1887.
* Estimated on the basis oi.the last weekly returns.
5 D’ys End1g Jan. 21.;
1857.
$579,120,093
(1,880,709)
69,445,203
55,9*4,065
12,641,988
40,454,000
14,033,886
10,050,141
Percent
-« it
(-6-3)
40-6424-4
441-9
456
$782,269,436
78,754,579
43-0
432-7
—1-8
431-1
$861,024,015
*2*1,908,922
40-5
4-16-1
130
THE CHRONICLE.
[V ol. XLT7,
on that day, the cable reporting panicky markets in con
sequence of what subsequently proved to be a sensational
Money has continued to tend towards low er rates. F or article in one of the London papers representing war as
bankers’ balances at the Stock Exchange the range has imminent. The next day came a contradiction of these
been from 5 per cent to fla t ; but as the last-named quota reports and positive assurances o f peaceful intentions on
tion was made because o f the entire absence o f demand the part of the suggested belligerents; so the expected
after the inquiry for the day^had been satisfied, the lowest arbitrage inquiry was not apparent and the tone of our
quotation fo r the week may be recorded at 2^ per cent, exchange market was consequently easier. It was then
and the average at 4 per cent. Renewals rule at 4 £ per noticeable that the current demand was chiefly for long
cent, and banks are satisfied if on call they get 5 per cent. sterling, the low rates for discounts in London mak
Loans for four months are made at 4J per cent on prime ing purchases o f this class more desirable than
stock collateral, and at 5 per cent for the same time where short,
and
that
there
was
a
fair
supply
the security is not quite so good. Commercial paper is o f bankers’ sight bills and cable transfers. On the follow
in abundant supply and some very acceptable names ing day short sterling was reduced half a cent, but on
are offering. The demand from our city banks is Thursday there was an advance in both long and short,
not urgent, mainly for the reason that the inquiry from and yesterday there was some irregularity, one house
their regular customers is active enough to absorb their marking up the rates half a cent more.
These later
balances to better advantage. Out-of-town institutions movements were in part the effect o f the partial interrup
are in the market selecting the best grades of paper, and, tion of our foreign commerce by the general strike of
as usual, taking the lead among the buyers. The rates ’longshoremen. Bills which had been bought for delivery
now quoted are 5 per cent for the best sixty to ninety during this month could not be surrendered, for the reason
days endorsed bills receivable; 5 to 6 per cent for com that goods shipped to the seaboard by the Old Dominion
mission house names having four months to run, and 6 to line could not be handled. Furthermore, nearly all the
per cent for good single name paper maturing in four steamship lines in the city and vicinity were unable to
obtain coal through the refusal o f the coal handlers to
to six months.
A t present all signs point towards increasing ease. move it. The market was only indifferently supplied with
A t this period of the year it is natural for money to flow to commercial sterling when this new trouble came, and the
tfhiw cen tre; the exception is in years when general business check to the offerings through the embargo on shipments
is expanding materially, and the current is each season in some measure real, but largely anticipated, naturally
more or less free as enterprise is more or less active. That affected rates. A t the same time there was a renewal of
the current is freer now is because the expansion in busi demand from the arbitrage houses. A s to the perma
ness has for the time being been arrested. In fact, every nent influences affecting the future o f exchange, we would
influence at the moment tends to the accumulation o f funds refer our readers to an article this week on a subsequent
in our banks, and of all the influences probably the Inter- page respecting our foreign commerce.
The tendency towards increased quietness in trade cir
State Commerce bill is the most important. It puts such
a degree o f uncertainty about every industry that timidity cles, which we have noted for several weeks, has this week
and caution rule the day. Besides we show in another article continued, and perhaps become a little more distinct
how much more currency there is in active use now than Confidence in the future is very bright, but a much more
there was a few months ago; and as there is so much cautious spirit is everywhere manifested. W e see evi
more of it, until there is more rather than less for it to do dences o f this in various departments; and even in the
iron and steel industries, where extreme buoyancy has
what can we expect but low rates?
The cable reports discounts in the open market, London been such a marked characteristic, a more conservative
o f 60-day to three months’ bills, at 3 @ 3 £ per cent, with the feeling is reported, the danger o f a large foreign influx of
Bank minimum unchanged at 5 per cent. Banking circles such articles under the high prices prevailing, and the
here, in view of the very large gain in bullion by the Bank, partial lull in demand, inducing manufacturers to proceed
anticipated that the official rate would be lowered; but the with greater care. Still, the inclination to go slowly
neglect to do so is undoubtedly fully justified by the condi for the time being, is as perceptible elsewhere as in the
tion of the gold supply. W e showed last week Great iron trade, and in illustration we may call attention to
Britain’s gold movement for 29 years, in the first 19 of the quieter feeling in the dry goods trade. It is of course
which the country accumulated, and apparently needed not difficult to account for this temporary hesitancy
for its internal business and manufacture, £86,026,061 of in mercantile affairs. Congress is always a disturbing
fresh supply, whereas in the last ten years, in the place of factor, and seems especially so this session. There are
again, it lost £8,365,424 net. The Bank itself is now well-grounded fears o f the effects o f the Inter State Com
strong, but these figures show that it is at the expense of merce bill should it become a law— not so much upon the
the interior supplies, and we fancy it may be its purpose railroads, but upon the commerce o f the country as an un
to make the gold movement tend towards London settling agency, overthrowing all existing arrangements.
this spring, instead of, as was the case last spring, towards Finally there is the senseless spirit displayed b y labor, as
Paris. B y private cable to us we learn that o f the gain in evidenced in the coal handlers’ strike, and the boycott
bullion by the Bank, which was £800,000 this week, o f the Old Dominion Steamship Line and the consequent
£470,000 o f it came from the interior o f Great Britain ordering out o f all the ’longshoremen in the vicinity of
and £380,000 came from abroad, principally from E gypt; New Y ork. The effect of such a policy is that because of
some trifling dispute with an unimportant body of men, a
there was also an export o f £50,000 to the Cape.
Foreign exchange has been irregular this week but whole army o f laborers is put into enforced idleness,
with an upward tendency, the chief influence exerted without sense or reason, and the entire trade and com
being a demand to remit for stocks sold, here for European merce " o f large sections o f the country deranged and
account. On Monday there was a rise o f one cent per upset. In such an unwarranted struggle there can be no
pound sterling compared with the rate ruling last week, but doubt as to who will triumph. In the meantime, how
this advance was in part induced by the anticipation o f a ever, business suffers, and labor loses part of its income.
large inquiry resulting from sales by the arbitrage houses ' W e may say that so far as railroad earnings are a guide
THE FINANCIAL SITUATION
January
131
THE CHRONICLE.
29, 18&7.J
to the business condition, the outlook still remains en
couraging, our statement of 38 roads, on another page, for
the 3d week o f January showing a gain o f 14 per cent.
W ith the issue this week of the December statement o f
both the Erie and the Pennsylvania, we are in position to
make up the results for the calendar year on those roads.
On neither road is the December gain as large as that for
the earlier months o f the year, but it was hardly to be
expected that it would be, considering that we are
comparing with a period of 1885 when the good effects
of the trunk-line settlement had already made themselves
felt; moreover, the cost of operating is larger now, owing
to the higher prices prevailing for railroad material. F or
the full year, however, the gains in both gross and net
results are very heavy.
W e have thought it desirable to
bring forward again our table of the comparative earn,
ings of leading trunk lines in the two years, adding the
figures o f Erie and Pennsylvania, and also in a separate
line at the end the Delaware Lackawanna & Western^
which latter, though chiefly a coal road, is yet a trunk
line, and affected by trunk-line conditions.
large, amounting altogether to $465,949, so that the ad
ditional gain in 1886, though slight, is quite satisfactory.
The gross on the Eastern lines are larger than in D ecem
ber o f any previous year, while the net are the largest
since 1879. F or the twelve months o f course both gross
and net have been exceeded in other years, but it is grati
fying to note that the gain over 1885 in the net o f the
Eastern system reaches $1,624,213, while in addition there
was an improvement in the results o f the W estern system
to amount of $1,152,711, making a total gain over the
previous year o f more than 2 f million dollars. A s in this
previous year the Pennsylvania had a surplus of $701,274
above all its charges and five per cent dividends, it fo l
lows that for 1886 a much larger surplus will be
shown.
The stock market has developed no new features this
week, the course o f prices being irregular, but having on
the whole a downward tendency. On Monday there was
a sharp break on very war-like accounts from Europe, fo l
lowed on Tuesday by an equally sharp recovery when it
was seen that these rumors were groundless. The strike
o f the ’longshoremen and the continuation of the coal
Net Earnings.
Gross Earnings.
handlers’ strike, also unfavorably affected the market.
1885.
Increase.
1880.
1885. [Increase.
1880.
Apart from these circumstances, there have been no new
»
$
»
$
$
$
Pennsylvania........ 50,379,068 45,615,027 4,764,041 17,759,482 16,135,269 1,624,213 influences at work.
The chief element of disturbance is
Erie......................... 23,008,507 19,559,052 3,443,455 0,283,835 4,920,788 1,303,047
Money is easy and rail
New York Central. 32,651,015 24,495,873 8,155,142 12,729,592 7,974,377 4,755,215 the Inter-State Commerce bill.
Lake Sh.&Mich.So. 15,826,616 14,133,506 1,693,110 0,117,481 4,845,969 1,271,512 road earnings are good, but with the uncertainties con •
1,207,209
3,900,000
2,092,791
klich.C’n.& Can.So. 12,850,000 10,707,394 1,542,606
979,420 nected with that measure hanging over the market,
816,939 2,461,591 1,482,171
♦Clev.Col. C.&Ind. 7,328,384 6,411,445
T o t a l ............... 141337590 120922297! 20,415,293 49,251,981 38.051,365 11,200,610 investors and the public are indisposed to do much either
Del. Lack. A W est. 32,842,865 31,091,677| 1,251,188 7,388,432 7,871,105 1 —482,673
in the way o f buying or selling. So for the moment the
Grand to ta l.... 173680455 152013914121,666,481 50,64O,413[45,922,47o!lO,717,913
attitude is a waiting one. W h ile there is little outside
* Including the Indianapolis & St. Louis and the Cincinnati & Springfield.
support there appears also to be little clique support, and
W e may be pardoned for calling attention to the magni prices consequently are left pretty much to follow their
tude of the operations of these lines, the aggregate gros8 own course.
earnings reaching over 141 millions without the Lacka.
The following statement, made up from returns c o l
wanna, and 173£ millions with it, and the net 5 6 f millions lected by us, shows the week’s receipts and shipments of
with the Lackawanna and 49£ millions without it. The gold and currency by the New Y ork banks.
seven roads have again over 1885 of 2 I f million dollars in
the case of the gross and nearly lO f million dollars in the
Received by
Shipped by
N et Interior
W eek ending January 28,1887.
N. T . Banks. V. I . Banks.
M ovem ent.
case o f the net. A s the W est Shore is embraced in the
12,421,000
$332,000 Gain. $2,089,000
1886 results, but not in the 1885 results, we may add, say
Gold......................................................
4 millions to the gross in the latter year to cover tha*
12,421,000
2332,000 Gain.. $2,089,000
Total gold and legal tenders......
road; even then, however, a gain o f 1 7 f millions would
The above shows the actual changes in the bank hold •
remain. In the case o f the net, as we have before said, an
allowance for the W est Shore could only diminish the ings of gold and currency caused by this movement to and
total of 1885, and consequently make the gain fo r 1886 from the interior. In addition to that movement the
even larger than the $10,700,000 increase actually shown banks have gained $500,000 through the operations
the Sub-.Treasury.
A dding
this item to the
In this increase, moreover, the result on the W estern lines o f
above,
we
have
the
following,
which
should indicate
of the Pennsylvania is not included, no figures of gross or
the
total
gain
to
the
New
Y
ork
Clearing
House banks
net being furnished for those lines, but simply the surplus
of
gold
and
currency
fo
r
the
week
covered
by the bank
or deficit above liabilities, which latter item shows a gain
statement
to
be
issued
to-day.
It
is
always
to
be
remembered,
for 1886 o f $1,152,711. A dd in g this on, the total im
provement in net would be nearly 12 million dollars. W e however, that the bank statement is a statement o f average»
give below our usual statement for the Pennsylvania, for the week, whereas the figures below should reflect the
extending the comparison back to 1881— both for Decem actual change in the condition o f the banks as between
Friday o f last week and Friday of this week.
ber and the twelve months.
L o r i s Ba s t of
P lTTSBUBG.
1886.
1866.
1884.
1883.
1882.
1881.
December.
$
$
$
$
$
$
Gross earnings...... 4,428,216 4,046,682 3,769,328 3,840,510 4,157,109 3,731,751
Operat’g expenses. 3,030,034 2,687,481 2,673,098 2,057,282 2,972,316 2,528,559
Net earnings...
W estern lines........
1,398,182 1,369,201 1,096,230 1,183,228 1,184,853 1,203,192
+87,282 +72,217 —130,761 —298,134 —16,984 —91,070
W eek ending January 28,1887.
Inte Bankt. Gut o f Batiks. N et Change in
Bank Holdings.
B inke* Interior Movement, as above
$2,421.000
7,000,000
$339,000
6,500,000
Gain .$2,089,000
Gain..
509,000
Total gold and legal te n d e rs....
19.421,000
$6,832,000
Gain. 12,589,000
The Bank o f England reports a gain of £800,000 bullion
for
the week. This represents £330,000 net received from
tan. 1 to Dec. 31.
Gross earnings...... 50,379,068 45,615,027 48,566,911 51,083,244 49,079,823 44,124,178 abroad and £470,000 from the interior.
The Bank of
Operat’g expenses. 32,619,586 29,479,758 30,527,009 31,747,143 30,647,399 26,709,805
France lost 875,000 francs gold and gained 3,250,000
Net earnings... 17,759,482 16,135,269 18,039,902 19,330,101 18,432,427 17,414,373
Western Unes........ +59,737 ¿-1092,974 —861,892 +812,669 +1891,300 +2648,338 francs silver, and the Bank of Germany, since the last
.__Result................ 17.819,219 15,042,295 17,178,010 20,148,770 30,820,727 20.062,711 report, gained 14,820,000 marks.
The following indicates
It appears from this that the g a m i n December, 1885, the amount o f bullion ia the principal European banks^ this
on the Pennsylvania system east and west, had been very week and at the corresponding date last year.
R esu lt. . . . . . . . . .
1,435,464 1,431,418
965,469
885,094 1,107,809 1,111,522
132
THE CHRONICLE.
Jan. 27, 1887.
Gold.
Silver.
Jan. 28.1836.
Gold.
Silver.
£
£
£
A
Bank of England. . . . . . . . 20,833,231
21,868.438
Bank of France . . . . . . . . . 48.697,166 45.515,616 46,088,843 13.334 998
Bank of Germany........... 18,652,82016,541,180 17,793,160 15,778.840
Total this w eek. . . . . . . . . . 88,183,217 62,05C,796 85,750,441 59.113,833
Total previous w e e k ___ 87,025,487'61.578.419 84.432,542 58,845,890
( V ol. XL1V.
tions. This is clearly shown in the following comparative
figures for 1886.
United Slates Treasury
Cash Movements.
January 1,
1686.
July 1,
1886.
I January i,
|
1887.
Gold net holdings................... $147,991,803 $156,793,749 $170,912,413
Silver net, less coinage, &c.*.
72,533,725 77,673,8 lGj 39,835,682
U. S. notes, net holdings......
27,941,200
22,868,317: 23,169,326
Bank notes.............................
1,838,898
194,014
227,065
Fractional silver.....................
27,796,430
28,904,682) 25,660,935
The Assay Office paid $275,613 through the Sub-Treas
4Sd.f>7«lfli2^0 «ft* ,101
Total.................................. $27£. 107.061
ury during the week for domestic bullion, and the As*
g r ' ’ — 7— ” — ’—
Of which represented by
sistant Treasurer received the following from the Cus*
funds against national bank
tom House.
notes t...................................
50,129,550
66,853,419 97,416,426
Consisting of—
Late.
Outlet.
Gold.
Jan.
“
“
“
«
**
21.
22.
24
25.
26.
27.
Total.
*191,315
150.976
391,330
1,005,036
642,358
293,024
24
13
80
87
80
31
$2,677,042 15
XT. 8.
Notes.
$3,000 i $42,000
1,000
40,000
500
59,000
9,000
123,000
1,500
69,000
3,000
41,000
$18,000
Gold
Oertiflc’s.
Silver Cer
tificates.
$100,000
62,000
249,000
758,003
482,000
172,000
$46,000
48,000
87,000
114,000
89,000
76,000
$374,000 $1,823,000
$460,000
Included in the above payments were $6,000 in silver
coin, chiefly standard dollars.
T R E A S U R Y C ASH CH AN GES A N D C U R R E N C Y
IN CREASE.
A study o f the Treasury figures for 1886 and o f the
changes in the active circulation during the same time,
brings out some extremely interesting facts. "We say
interesting, because they not only show what has passed,
but help to explain the present monetary situation, while
shedding no little light on an important condition o f the
money market during com ing months.
Our Treasury is a complex affair under present meth
ods. The monthly record o f its payments, receipts and
cash holdings covers not only the legitimate transactions of
the Government, but divers other funds and movements
Its participation in the banking business brings into its vault^
large trusts which have no relation whatever to its ordinary
revenues and expenditures. There is a redemption fund, a
retiring fund, a liquidating fund— each distinct and inviol*
able, for the Government is simply trustee, and it is question’
able whether even Congress itself has any power over the
disbursement except in pursuance o f the purposes for
which the moneys are deposited. So too our silver coinage is really an outside affair, but it becomes interwoven
and mixed up in the Treasury accounts because o f the
devices required (no easy job) to get and keep the dollars
or their representatives out. Then besides that, is the
management o f the legal-tender circulation', a sort of wheel
within a wheel. Altogether the Treasurer and his chief,
the Secretary— responsible as they are to Congress and
the people, not only for the honest performance o f the
routine work, but for such management as will turn dead
into live assets and keep the money market undisturbed
while preserving intact trust funds— hold a position by no
means enviable.
Total net cash................... $227,977,511 $219,581,159 $162,388,995
Decrease in Treasury cash...
8,396.352| 57,192,164
* Not oounting silver bullion , which until coined is merely mercliandisc, but allowing for new silver dollars coined, which for the first
six months amounted to $15,463,525 and for the year (1886)
to $31,423,886.
t After allowing for National Bank Notes In process of redemption.
It scarcely needs to be stated that the foregoing is not
intended to indicate the Treasury holdings of cash. W e
have prepared the statement in the form given, first, to
furnish a measure of the disbursements of the Govern
ment over and above its receipts, and then to use the
results as a help in determining the remarkable changes
which have taken place in the active currency o f the coun
try during the year. The exact truth presented by the
above final totals is, that for the six months ending with
January 1, 1887, under the management of the Treasury,
$57,192,164, and for the year ending on that day $65,588,.
516 more cash was put into the channels of commerce
than the Government income took out of commerce duriner
the same period. W e are speaking now of the ordinary
operations of the Department, outside and apart from its
banking functions. Tnere was of course concurrently, as
will be seen, an increase in the trust f unds ; but that
does not affect the conclusion at all, for the truth is,
those funds and the money covering them, should always
have been kept and been reported as a sep irate matter
wholly, for the Treasury has no ownership in them. They
are as distinct from the moneys o f the Department as
would be accumulations o f currency in a State sub-treas
ury under a State banking law to redeem the notes of
State banks.
But as remarked above the foregoing figures were pre^
pared not alone for the purpose of showing the Government
disbursements for the periods named; we had another and
more important object in view, and that was to use them
as a preliminary to determining the changes in active cur ■
rency in the country during 1886. These currency changes
have been quite marvellous and unique.
They give
to the year a very striking division.
This same
feature is also noticeable in other of the year’s
happenings, for current events have in more ways
than one separated the twelve months into two nearly
equal and well defined periods. The table given above is a
marked illustration, the outward movement of currency to
July 1st being so very trifling compared with the same
movement from July to January. Furthermore, in the
first six months we exported ¡$¡34,349,628 of gold n e t ; in
the second six months we imported $34,775,493 of gold net.
In the first six months extreme ease characterized money,
bankers’ balances at the Stock Exchange touching (and a
good part of the business being done at) 1 and 1^- per
cent every week ; the last six months activity was the
feature, full 6 per cent being obtained at bank all the time
and for a good part of the period money was stringent and
high.
But it was not the burdensomeness o f the duties, or lack
o f appreciation oa the part o f a captious public, that we
had in mind. W e have referred to these different kinds of
work and of cash and o f funds more as introductory to and
in explanation of an analysis o f the changes in the Treas
ury cash which we had prepared.
Oar desire was to
draw attention, not so much to the nature o f the work
which the Secretary and the Treasurer had throw n upon
them, as to the fact that in managing the Govern
ment money bags they had succeeded marvelously well
These singular contrasts distinguish the year. But
under these very adverse circumstances, in conforming
among them all the most significant arises out o f the
their results to a popular wish to get out the accumula
changes referred to in the active currency of the countr). .
J a n u a r y 29, 1887.]
THE CHRONICLE.
133
regulate commerce * * * among the several States.”
But it is only by a convenient fiction that this clause is
made the justification o f such an act as that just passed.
N ot Jefferson only, but Hamilton himself, would have
held his breath and turned pale with surprise at such an
extension o f the doctrine o f “ implied powers.”
One
j_OSS AND GAIN OF CURRENCY IN TIIE HANDS OF THE PEOPLE.
hundred years ago “ dbmmerce ” signified traffic by water
ways; certainly it meant no more, when preceding the
¿.elite Currency From, Jan. 1, ’86, From July 1, ’86, Total from Jan. 1
to Jan. 1, ’87. ’86, to Jan. 1, ’ 87. words “ among the several States,” than that Congress
to July 1, ’86.
Changes.
might override and annul- any law by which one State
Gain or loss from
Treasury oper
should attempt to exclude the products o f another State,
ations*............ Loss. $8,327,517 Gain.$26,629,157 Gam.$18,301,640
or to burden them with taxation upon entry. A n d even
Net imports or
425,865 if we admit that since transportation by rail is commerce,
exports gold.. Loss. 34,349,628 Gain. 34,775,493 Gain.
1
G o ld p r o d u c
in the modern sense of the word, and therefore subject to
tion f ............. Gain. 11,500,000 Gain. ll,500,000IGain. 23,000,000
regulation, we are yet very far from reaching a justifica
N a tion a l Bank
notes retired.. Loss. 8,381,609 Loss. 12,204,774¡Loss. 20,586,383
tion o f such legislation as that o f the Inter-State Com
Total............ Loss. $39,558,754 Gain.$60.699,876 lGain.$21,141,122 merce bill.
W h at has the regulation of commerce to do
* New silver dollar coinage included.
with
the
rates
at which carriers shall transport passengers
t Estimating the production according to the Mint figures (not vet
made up) at $34,000,000 and deducting $11,152,120 given by Mr. Kim
and
freight
?
W ou ld Congress be justified in passing a
ball, Director of the Mint, as used in the arts in 1885.
This statement shows that from (1) the operations of bill that the Fail River Line— which does an Inter-State
the United States Treasury and the coinage of silver d ol business, should not charge more for carrying persons and
lars, (2) the imports and exports o f gold, (3) gold produc goods from Newport to New Y ork than from Fall River
tion, (4) the retiring o f National Bank notes— that from to New Y o r k ? Or could it lawfully insist, and enforce
these four sources and operations the people or the chan its decree, that the fare from New Y ork to Jersey C ity ,
nels of commerce in the Jirst six months o f 1886 lost a net by ferry, should be reasonable ? Or could it impose a
of $39,558,754 of different kinds o f currency, whileduring penalty against American ocean steamers— if we had any
the second six months the channels o f commerce gained — for charging more for carrying a bushel o f wheat to
$60,699,876. In other words, on the first o f January, Queenstown than to Liverpool ? Or could it make two
1887, there was $60,699,876 more o f currency in active rival steamboat lines, which after a war o f rates upon the
use than there was on the first o f July, 1886. W e have business between New Y o rk and L ong Branch had agreed
only one single sentence to add. W h y is it if prosperity, to pool their earnings, pay $5,000 a day for every day they
as so many Congressmen think, is dependent upon the acted under such an agreement ? Possibly each one o f
amount of currency afloat, that business is not much more these questions would be answered in the affirmative b y
active now than it was on the first o f July instead of Mr. Cullom, Mr. Crisp and Judge Reagan, though to most
persons the propositions will seem a reductio ad absurdum.
being less active ?
For certainly either o f the cases mentioned is more truly
IN T E R -S T A T E COMM ERCE A N D C E N T R A L “ commerce ” in the sense intended by the framers o f the
IZATIO N .
Constitution than is carriage by rail, and the “ regulation’
During the discussion in Congress o f the Inter-State suggested is identical with that attempted by the InterCommerce bill we only criticised one provision. The State Commerce bill.
omission to notice other features o f that very peculiar
N ot all things that are lawful are expedient. Suppos
piece of legislation was only because the long-and-short- ing the right of Congress to pass this bill to be fairly es
haul clause was pre-eminently bad, delegating a power tablished, has the last word been spoken ? Grant that
which, if executed, would prove prohibitory instead o f in there are great evils which exist and which must continue
furtherance of Inter-State commerce. There is much else unless this bill were to become a law, what has become o f
in the measure which it would be instructive to consider the spirit which denounced and resisted the Alien and
but it is only in a general way that we purpose to look at Sedition laws ? W ou ld Jackson have had the support o f
it to-day.
the people in his war against the Bank— the right to
Is it not a remarkable illustration o f the progress o f charter which had been fully maintained by the Supreme
constitutional development in the United States, that the Court— if they had not shared his fears a3 to the centralizing
Inter-State Commerce bill has passed both branches o f tendency o f the institution ? Consider the long war over
Congress without the whisper o f a protest against it on internal improvements, which began with a conservative
account o f its centralizing tendency ? N o one however, doubt as to the power of Congress to construct “ the
be he an advocate or an opponent o f the bill, will venture Cumberland r o a d ” through a State. N ot only nullifica
to deny that it asserts and puts in active operation the tion and secession, but the slavery question, the public
sovereign power of a sovereign nation in reference to a lands question, the tariff, and innumerable minor issues,
matter which more nearly concerns the daily life o f the have been battled over from the first day o f the govern
individual citizen than does any other subject acted upon ment until now, the party which wrote “ progress ” upon
by Congress since the close of the war. Moreover, it its banner,— sometimes bearing one party name, sometimes
creates a commission with powers not only greater than, another,— being constantly opposed by those who exalted
hut radically different from, those now exercised by any the power of the State and decried the power of the
officer, department, bureau, or commission— powers which nation, because they dreaded the extinction o f local inde
belong only to a centralized government, whether they be pendence by a central government. T o this act, which,
considered in respect o f the summary process authorized, except possibly in time o f war, has never been approached
or of the pow er of inquisition b y which the facts whereon in respect of centralizing tendency, not a breath of ob
to base the process are to be obtained, or o f the strictly jection on this score is heard.
The more it is examined the more thorough-going it will
“ paternal” character of "the object at which the bill aims.
W e may go even further back than this. The Con appear. B y the Inter-State bill the Government lays its
W e have brought these changes together in the following,
under a corresponding division o f the months. The first
item, “ the gain or loss from Treasury operations,” is
obtained of course by deducting from the final totals, in
the foregoing table, the gain for the six and twelve months
in the “ funds against national bank notes.”
stitution dpes indeed give to Congress
the right “ to hand upon hundreds of corporations which derive their
134
THE CHRONICLE.
existence from State charter's, and which, in other days,
the States would have upheld in a contest against the
power of the “ Federal” Government, simply because they
were chartered by the State and therefore exempt from
“ Federal” interference. It imposes upon those corpora
tions duties which they are not required by their charters
to perform. It establishes rules to which they must c o n
form under penalty, in one case "of ceasing to do the busi
ness which they were created to do. It enjoins upon
them the making o f reports in which the most secret acts
o f the private lives o f these “ artificial persons” are to be
exposed to public scrutiny. It places them under the
almost absolute control o f a national commission, endowed
with summary powers, and possessing authority even to
prescribe a system o f bookkeeping to which all common
carriers brought under the provisions o f the act must
conform. The findings of this commission are to be prima
faeie evidence o f the facts which it may allege in support
o f any proceedings instituted by it before the Circuit
Court; and the decrees o f the court are to be enforced
and are not to be stayed b y an appeal to the Supreme
Court.
These are some o f the stringent provisions o f the bill.
"We allude to them at this time not for the purpose o f dis
cussing the wisdom o f the object which the bill seeks to
accomplish, but to draw attention to the measure as an
extraordinary departure from the system heretofore
employed by the National Government in its dealings with
persons and corporations. B y the National Bank law the
institutions under it are subjected to certain restrictions;
but not only are the rules designed quite as much for the
safety of the banks themselves as for the protection o f the
people, but they are accompanied by the grant of valuable
privileges. The Inter-State bill is wholly restrictive. It
is “ thou shalt” and “ thou shalt not.” It has nothing
whatever to offer to the railroads in compensation for la y
ing them under such disciplinary law as is provided for
no similar corporations in the world. In brief, the General
Government undertakes to protect the people against the
railroads by requiring them to perform every act relating
to traffic which crosses a State line according to hard and
fast rules prescribed by this act, and to be under the con
stant tutelage in relation to all their business, local as well
as inter-State, of a commission. For, although the New
Y o rk Central road— for example— does an inter-State
business only in connection with other roads, it must
exhibit all its accounts to, and open all its books to the
inspection of the commission. This is paternalism in an
extreme form. It can only be a step in the direction o f
assuming extensive powers over other branches o f com
merce, and it opens the way for complete centralization of
the Government. Can any one doubt that it will lead to
a more prominent participation in national politics b y the
railroad companies, or that the challenge to measure forces
will be accepted by the largest and most highly organized
possessors o f combined wealth in the country?
G R O W T H OF TH E GOAL IN D U S T R Y .
The UnitedJStates has fo r some years been the second
largest coal producing country, Great Britain o f course
standing first, but until lately our output has been so far
behind that of the United K ingdom that, to attempt
to institute any comparison seemed decidedly pre
sumptuous. Now, however, we are gaining so steadily
and so rapidly upon Great Britain that our product, like
that of Great Britain’s, reaches very large aggregates, and
with the present ratio o f growth continued, it is only a
question of time when we shall mine more coal even than
the United Kingdom , and consequently occupy the firs \
[VOL. XL1V,
position among the producers o f this prime article of
necessity.
It is a common error to suppose that the extent of this
industry is measured by the quantity o f anthracite mined •
The error is perhaps natural, and arises out of the fact
that in various ways greater prominence is given to that
variety than to soft or bituminous coal. In the first place,
a number o f leading transportation companies, upon whose
welfare and success large investment interests are depend
ent, have a coal traffic made up almost entirely o f anthra.
cite, and the fluctuations in the value o f their securities
are largely influenced by the circumstances and conditions
affecting the anthracite industry. In the second place,
statistics with regard to the latter, in official and reason
ably complete form, are regularly issued and commented
on, while such statistics as are published with regard to
bituminous coal are all unofficial and usually fragmentary,
imperfect and quite indefinite. Finally, it is the hard coal
that is in general family use.
Considering this misapprehension as to the importance
o f the anthracite production, it is not surprising that the
prevailing ideas as to the growth o f the coal industry
should be equally at variance with the facts. W e not
infrequently hear the remark that, considering the devel
opment of manufacturing industries, our coal output
(meaning the anthracite variety) shows marvelously little
extension, The truth is, that anthracite coal offers no
guide whatever to our manufacturing or general industrial
growth. It is the output of soft coal, rather, that must be
examined to that end. The reasons for this are obvious.
The anthracite fields are limited, practically none existing
outside of Pennsylvania, while bituminous coal is found
almost everywhere, and readily available for local uses.
It follows, therefore, that at all interior points, and points
remote from the anthracite fields— wherever manufactur
in g is carried on— it is the soft coal that plays the most
important part. In this respect, indeed, bituminous coal
is equally important with the hard coal, even in Pennsyl.
vania, being chiefly used in factories because obtainable
more cheaply, though in recent periods both kinds have
been superseded in certain districts by natural gas as a
fuel. Owing to the abundance and wide distri bution of
the bituminous fields, the production of the soft coal is
increasing in a marvelous way. H ardly a day passes but
that some new mine, previously untouched, is opened in
response to the demands of internal trade and commerce,
and in this way States which form erly hardly had a record
in the coal trade have risen to the importance of large
producers.
It is greatly to be regretted in view o f the extension of
the production of soft coal, that definite and authentic in
formation in reference to it is not obtainable, but with
mining thus carried on everywhere and by everybody the
difficulties in the way o f collecting exact data are evi
dently very great.
By consulting, however, the best
anthorities, we are in a position, if not to furnish precise
figures, at least to afford a pretty accurate idea of the
relative changes from year to year, and for a series of
years. Mr. Frederick E. Saward, the editor of the Coal
Trade Journal, publishes an annual, in which, among
other things, he gives estimates of the production of coal
for each State and Territory, and his figures are probably
as nearly correct and as reliable as any that are furnished.
In the case of anthracite, we have the official statement
issued this»week by Mr. John H. Jones, the accountant of
the companies, and which has led us to make the present e x
amination into the subject. Using the statistics of these
two authorities therefore we can indicate quite closely the
course o f production in recent periods. A s Mr. Saward a
135
THE CHRONICLE
J a n t j a b t 2 0 , 1 8 8 ?,]
W ith reference to the anthracite trade, though we have
the statistics in the usual form, we have not left ourselves
room to refer to them with any great detail. The output
for 1886 was greater than ever before, but the gain on the
previous year was only half a million tons, and prices were
unsatisfactory. In the early months, with no agreement
for restriction amobg the companies, production ran
greatly in excess o f that fo r the same months o f
1885, and prices, low at the outset, kept steadily
declining. A fter the agreement in March some im prove
ment in prices took place, but it required time to
recover the early decline, and it was not till September or
October that the improvement was material or the advance
firmly established. The net result o f the year’s business
Production is, that the average for the twelve months was the lowest
in Great
realized for any year since 1879. In the following we give
Britain.
the average on the Delaware Lackawanna & W estern
Tons.
110,431,192
146,818,623 fo r 1886 (all sizes o f coal), as compared with similar
151,184,300 figures for previous years taken from the Engineering
156,499,977
It will be seen that as against $2 95
163,737,827 and Mining Journal.
160,757,779
in
1886,
the
average
for
1885 was $3 21, for 1884 $3 63,
159,351,418
annual covering the late year has not yet been published,
to make the table below complete we have made a rough
estimate o f our own on the bituminous production fo r the
late year 1886; though entirely arbitrary, the estimate is
yet based on an observance o f the course o f affairs in that
year, both as regards the activity o f general business and
the extension o f coal mining. W e have added in the
same table a column to show the production o f the U nited
Kingdom at the same periods, thus enabling us to c o n
trast the position o f the tw o countries in that regard *
The output for 1886 is estimated, like that o f bituminous
coal in the United States. The figures are all expressed
in long or gross tons, that is in tons o f 2,240 lbs.
Production in United States.
Years.
Anthra
cite.
Tons.
16,182,191
23,437,242
28.500.023
29,120,092
81.793.024
30,756,995
81,623,529
........................................................ . 32,186,362
Bitumi
nous.
Tons.
16,681,499
41,761,160
47,621,911
57,729,544
65,082,360
68,786,067
70,601,024
*75,000,000
Total.
Tons.
32,863,690
65,198,402
76,121,934
86,849,636
93,875,384
99,543,062
102,224,553
107,136,362 +159.000,000
* Estimated.
1 Estimated on the basis of a reoent article in the
London Times, which stated that the production would probably show
some reduction on the output for 1885.
A glance at the above suffices to show how misleading
the statistics o f anthracite taken alone are as reflecting
either our industrial growth or the development o f coal
mining. In 1881 the output o f hard coal was somewhat
over 28} million tons; in 1886 it was about 32} millions,
an increase in the five years of less than 3£ million tons
In the same time the production of bituminous coal
increased from 47£ million tons to 75 million tons, or 27£
million tons. That is to say, in quantity the increase in
bituminous has been over seven times as great as that in
anthracite. I f we extend the comparison further back
the contrast is even more striking. In 1870 the amounts
produced for the two kinds were about alike— a little over
16 million tons for each. From this common basis o f 16
millions the anthracite had risen in 1886 to 32 millions
and the bituminous to 75 millions. Taking the two kinds
together our total production in 1886 reached over 107
million tons, against less than 33 millions in 1870 and only
a little over 65 millions in 1880. In the last six years,
therefore, the United States has added 42 million tons to
its annual coal production, against only 32 million tons in
the preceding ten years. The growth in manufacturing and
general industry that this enlarged production o f coal
represents, we need not stop to discuss.
Comparing now with the figures for Great Britain, we
find that while there has been increase there as well ag
here, we have steadily gained on the United Kingdom ,
especially in the later years. F or illustration, if we com
pare with 1870, the United States shows a gain o f 74 mil
lions and Great Britain a gain o f 48 millions; if with 1830
the United States has a gain of 42 millions and Great
Britain only 12 millions, and if with 1881 Great Britain
has an increase of less than 5 million tons and the United
States an increase o f fully 31 millions. In 1870 our pro
duction of 33 millions compared with 110 } millions for
Great Britain; in 1886 the United States had 107 millions
against Great Britain’s 159 millions. Notwithstanding the
marvellous gains we have made, however, it will be seen
that we are still some 52 million tons behind the United
Kingdom. It should be remembered, however, that our
production is mainly for internal and domestic use, while
a large part o f Great Britain’s is for foreign and outside
use, a good deal o f coal being exported, and the large
merchant marine which the United Kingdom has also
consuming considerable amounts.
and for 1883 $3 75.
AVERAGE! TEARLT PRICES FOR WYOMING COALS (ALL SIZES) F. O. B.
NEW YORK HARBOR.
Year.
........
1874........
Year.
P rice.
$5
4
5
3
4
5
35
53
29
80
81
09
1880.............
P rice.
Year.
P rice.
$ .. .
3 09
2 70
3 46
2 33
3 61
1881.........................
1882...........................
1883...........................
1884 ........................
1885...........................
1886........ ..................
«3
3
3
3
77
76
75
63
8 21
2 95
There is, however, one satisfactory feature connected
with the year’s affairs, and that is that stocks at tidewater
were gradually worked down, so that on December 31,
1886, they stood at only 372,282 tons, against 754,545
tons on December 31,1885, and 874,681 tons on December
31, 1884__ being in fact the lowest at that date for
years. It follows that the increase in consumption wag
greater than indicated by the increase in output. W e
bring out that fact in the table below, according to which
the amount o f coal gone into consumption or out of sight
in the twelve months of 1886 was 774,960 tons more than
in 1885, and 1,887,981 tons more than in 1884. The fall
ing off in December is o f no particular significance, as the
increase in 1885 had been so large— that indeed having
been a striking characteristic o f the reports in all the
closing months of that year.
Jam. 1 to Dec. 81.
December.
Anthracite Coal.
1886.
1885.
1884.
1886.
1885.
1884.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons:
Stock beginning
748,830
874,681
754,545
712,392
670,403
393,202
o f period...........
P rodu ction........... 2,811,350 2,996,825 2,669,438 32,136,362 31,623,529 80,756,995
S upply............ 3,204,552 3,667.228 3,381,830 32,890,907 32,498,210 31,505,320
874,681
754,545
372,282
874,681
754,545
372,282
St’k end o f period
C onsum ption. 2,832,270 2,912,683 2,507,149 32,518,625 31.743,665 30,630,644
It would appear, though, that the larger consumption
and production represents mainly a growth o f the interior
and W estern trade. Mr. Jones gives an item called
« Eastern competitive tonnage,” which he defines as “ in“ eluding all coal which fo r final consumption or in tran« sit, reaches any point on Hudson River or the Bay of
n New Y ork, or which passes out o f the capes of the Delaa ware.” This item we compare below for a series of
years.
1982. ,
1883.
1884.
1885.
1886.
Tons.
Eastern com petitive tonnage 12,042,48( 11,956,58' 12,009,855 13,148,185 12,018,764
There are only trifling differences here in the totals for
the last three years, indicating that the increase in con
sumption did not occur in this Eastern competitive ton
nage. A s compared with 1883, this tonnage actually
shows a falling off of 1,105,705 tons, while total production
136
THE CHRONICLE
increased 343,338 tons. A s there is some interest attachin g
to the proportions mined by the various companies, we an.
nex the following table, showing the amount for each
company. The most prominent feature of course is the
great extension of production by the Pennsylvania R ail'
road, which has not failed to show an increase in any re
cent year, and which against a total o f only 1,864,031
tons in 1880, had a total o f 3,478,885 tons in 1886.
Actual Production.
Phlla. & Reading*.
Lehigh Valley......
Del. Lack. & West.
Del. & Hudson......
Pennsylvania RII.
P en n a .Coal. .. ...
E rie.........................
1880.
1885.
1884.
1883.
1882.
1881.
Tons.
Torn. ■
Tons. -
Tons.
Tom.
Tom.
12,232,401
0,271,778
5,079,122
3,512,971
2,773,418
1,541,145
882,104
11,211,165
5,933,739
4,688,717
3,203,108
2,332,973
1,409,820
330,510
11,025,800
5,721,800
4,388,909
3,211,406
2,211,303
1,475,380
465.230
11,090,488
0,184,450
5,172,023
8,480,087
8,478,885
1,808,179
781,049
11,080,780
0,107,445
4,987,834
3,301,873
3,803,085
1,500,086
051,220
11,168,920
6,933,255
5,204,302
8.302,670
3,109,287
1,897,940
523,540
Total................. 32,130,302 31,023,529 80,700,995 31,793,024 29,120,092 28,500,023
Stock at tide-water
at end o f year....I
872,282
754,545
874,081
748,330
562.116
467.024
I n clu d in g C entral o f N ew J e rs e y .
F E A T U R E S OF OUR F O R E IG N TR AD E.
The statement of our foreign trade for the calendar
year 1886, has been issued this week by Mr. Switzler of
the Bureau of Statistics, and the results it discloses are
pot altogether satisfactory.
The December exhibit is
favorable, the merchandise exports having increased eleven
million dollars on 1885, and reaching a total of 85 1-3 million
dollars, while the balance in our favor on the merchan
dise movement amounts to 29 million dollars, against
only 22 millions in December 1885. But with regard
to the results for that month, the fact cannot be over,
looked that we have had both heavier balances and much
heavier export totals in the same month o f other years,
and as for the 11 millions increase on 1885, larger cotton
shipments account for almost the whole o f it.
It is with reference to the showing for the year, how, ever, that we wish particularly to speak. W e have lat
terly been shipping freely o f both cotton and wheat, and
yet the total increase in the export values for the twelve
months of 1886, as compared with the twelve months of
1885, is only 25 million dollars. A s against this gain in
the exports, the import values show an augmentation o f
over 75£ million dollars, so that the net result o f the m er
chandise movement is that we are 50 million dollars worse
off than in 1885. W e think most persons will be sur
prised to find how small this balance really is. It is less
than 50 million dollars— in exact figures $49,872,456— or
not one-half of that of the previous year. It is customary
. to allow ten millions a month, or say 100 million dollars a
year, to cover our indebtedness to the outside world for
interest, freight, undervaluation of imports, and other items.
On that basis, taking the trade o f 1886 by itself, we have
fallen far short of settling our indebtedness. A s is known,
we sent out large amounts of gold the first half of the year,
but got it all back again in the second half, the imports o f
that metal for the twelve months exceeding the exports by
$425,865. Of silver, however, we exported net $10,219,.
122, and adding this to the merchandise exportp, the total
excess of exports for 1886 would be about 60 millions,
which consequently would still leave say 40 millions of the
100 millions to be settled for in some other way.
H ow this has been settled cannot of course be stated posi
tively. A s purchases of our securities on foreign ac
count were one o f the features o f the year, the presump,
tion is that a part was settled in that way. V ery likely
also a balance due us from 1885 served in some measure to
liquidate our indebtedness in the early months o f 1886. In
1885 our balance on merchandise was $100,381,125, to
which the net silver exports added $15,507,824 more,
making $115,888,949 together, against which the net gold
[V ol. XL IV,
imports were only $12,228,104, leaving a net excess of ex.
ports on gold, silver and merchandise o f $103 ,660 845W ithout doubt we sent out securities in considerable
amounts that year, too, and especially during the last six
months of the year. The W est Shore & New Y ork Cen.
tral settlement was in part at least shared in by London,
and during the subsequent rise in our market the foreign
demand for our best stocks and bond3 was active. To be
sure, there were quite free exports o f gold from New
Y ork in the first quarter o f the late year, which would
naturally be taken as evidence o f an adverse condition of
trade ; but very easy money here with high rates in Lon
don and the special requirements for the French loan, had
much to do with that movement. In the following, the
movements o f gold, silver and merchandise are shown in.
dependently for each quarter o f 1886 and 1885. The
figures for the years preceding 1885, can be found in the
C hronicle of January 30, 1886, page 144.
Merchandise.
[Three ciphers (,000)
omitted.]
First Quarter—
Exports ...........................
I m p o r ts ....,.....................
Difference....................
Second. Quarter—
1886.
«
168,586
104,140
1885.
S
185,871
137,226
104,025
164,450
150,465
143,797
Difference ...................
—425
+0,608
E x p o r t s ............................
Im ports.............................
158,050
109,605
137,863
150,225
Difference......................
—11,015| —12,362|
E xports.... ........................
Im ports............................
227,628 214,051
105,162] 150,022
Fourth Quarter—
Difference.....................
Total for Year—
E x p o its.............................
Im ports.............................
Difference......................
Gold.
Silver.
1880.
1885.
s
s
18,157
3,633
| 1880.
3,915
6,719
20,587
802
6,740
3,561
+19,725 +1,717
923
20,769
0,618
4,339
688,250
587,809
+49,872 +100,S81
1
41,281
41,707
-
8,673
5,079
+2,279 +2,994
2,307
12,040
+02,466 +57,429 —25,846 —9,073
713,289
603,417
8,914
3,480
+2,185 +5,434
1,841
4,309
—8,929 —2,408
$
7,855
3,933
+3,323 +3,932
3,294
1,577
1,014
10,543
1885.
S
7,253
3,930
—554 +48,0401 +14,024 —1,804
E x p o r t s ...........................
Im ports.............................
Third Quarter—
1
11,417
23,045
7,423
4,991
7,839
4,681
+2,432 +3,158
27,040
10,821
33,281
17,773
—12,228 +10,219^+15,508
Note .—Plus sign. (+) indicates excess of exports, and minus sign (—)
excess of imports.
This statement discloses the fact that in 1886 there
was really only one quarter— the last— when the mer
chandise movement was in our favor. In 1885 there had
been only one when it was not in our favor. The reasoh
for the change is the large increase in the imports, while
the improvement in exports was slight. The exports,
indeed, though larger than in 1885, are with that excep
tion the smallest of any calendar year since 1S77. The
balance on the exports, contrasts even more unfavorably
with previous years. W e had a smaller balance in 1882,
but that was exceptional— our exports then had con
tracted, while the imports were larger than ever. Aside
from that year, however, one has to go way back to 1875
to find so poor a result as in the late year. I f we compare the exports with those fo r 1880, when the total was
at its highest, we find a decline of over 176 million dol*
lars. Everybody knows o f course, that in the interval
there Las been a heavy contraction in the breadstuffs, pro
visions and cotton exports, the decline being the result
either of lower prices, or of diminished shipments, or of
both combined. The follow ing table shows in compact
form the changes in these leading staples during the last
six years and also the changes in miscellaneous exports
and in total exports and imports.
1886.
Cotton.........
Br’dst’ffs, &c
P r’ vis’ns, &c
Petrol’m.&e.
$
215,207,281
148,122,020
86,044,251
47,016,775
1885.
1881.
8
$
184,386,313 221,593,089
129,690,137 147,813,403
93,559,510 96,449,142
49,244,759 49,108,511
1883.
1882.
1881.
$
224,078,602
172,692,180
114,228,956
47,761,626
$
224,640,091
182,678,865
96,934,423
44,623,074
s
222,136,337
224,124,833
133,332,417
48,556,103
T otU ........ 496,390,327 456,880,725 514,904,l,4o 559,361,364 548,876,453 638,149,689
Oth.articles. 316,899,339 231,369,073 ]234,402,283|235,847,952 .219,105,493 205,399,438
Tot. exports. 713,289,666 688,249,798 749,366,428; 795,209,316 767,981,946 833,549,127
Im ports....... 603,417,210 587,868,673 629,261,860j687,066,216 752,843,507 670,209,448
Balance......
49,872,456 100,381,125 120,104,56a|108,143,100 15,138,439 163,339,679
W e may say with reference to the decrease in cotton
as compared with all previous years except 1835, that
s ascribable entirely to lower prices, the exports o f that
staple in pounds for the last six years having been—
1886.
1883.
1894.
1S83.
1882.
1881.
„ 230,471,057 1,772,829,275 2,081,857,633 2,142,396,419 1,992,386,750 1,963,415,938
__that is to say, the 1886 cotton shipments were the
heaviest of them all. W ith reference to the falling off in
petroleum, too, (as compared with the previous year), that
likewise is attributable to lower prices, as the exports for
1836 stand at 579,673,341 gallons, against 563,086,619
gallons for 1885.
But the most striking feature which the figures further
above bring out, is that in the late year there was a nota
ble falling off in other articles o f export, amounting to
about 14^- million dollars, or more than 6 per cent. The
falling off can not have occurred in tobacco, for the
exports of that, staple had a money value o f $29,971,527 in the eleven months ended N ovem ber 30,
1886, against $27,390,843 in the same period of
1885, and to the extent o f this difference the decrease
on the miscellaneous items would be still further en
larged. The figures with regard to these miscellaneous
articles for the full year have not yet been published, but
examining the statement for the eleven months, it is seen
that there has been a decrease through almost the whole
list, though o f course an occasional increase is met with
here and there. This general decline is significant. The
miscellaneous articles comprise a host of minor items of
all kinds and descriptions. On many o f them quantities
are not given, but there is no reason to suppose that the
decline is the result o f lower values. On the contrary, all
indications support the idea that it is the result of higher
values, which have thus barred us out of the foieign
markets. A t a time when the trade balance is small and
imports increasing, this is a suggestive feature.
COTTON
SUPPLY
A N D C O N SU M PT IO N
EU RO PE .
IN
By cable to-day we have the particulars of Mr. Ellison’s
annual cotton review for 1886. The actual results during
the calendar year are seen in the follow ing summary in
bales o f 400 pounds each.
SPINNERS’ TAKINGS, CONSUMPTION AND STOCKS IN 1888.
In 400 lb. Bales.
Total.
Gt. Britain. Continent.
130,000
3,736,000
264.000
3,344,000
400,000
7,080 000
Supply........ ................................... . 3.872.000
Consumption.......................... .......... 3.682.000
3.608.000
3.432.000
7.480.000
7.114.000
Stocks January 1, 1887...................
190,000
176,000
366,000
Weekly consumption........................
70.800
66,000
138,800
Stocks January 1,1886....................
Takings..................................... .........
The foregoing shows the total consumption o f G-reat
Britain to be 3,682,000 bales of 400 pounds each, and of
the Continent 3,432,000 bales o f like weights, an increase
over 1885 in the former of 335,000 bales and in the latter
of 151,000 bales. During the twelve months the visible
supply increased about 166,000 bales of ordinary weights
while spinners’ stocks have been reduced 34,000 bales of
400 pounds each. F or comparison we have prepared the
following figures of takings, consumption and stocks for
previous years, and to complete the statement have added
this year’s results.
Bales o f
400 Lbs.
Great Britain.
1 8 8 6 ...........
1885................
1884................
1883................
1882............ .
1881................
1880................
Spin’rs’
Stock Takings.
Jan. 1.
Con Spin’rs’ Weekly
ConSupply. sumption. Stock
Dec. 31. sumpt’n
136,000 3,738,000 3,872,000
247,000 3,236,000 3,483,000
145,000 3,768,000 3,913,000
67,000 3,822,000 3,889,000
152,000 3,568;60O^3,72O,6Ot
117,000 3,633,500 3,750,500
70,000'3.478.600 3.548.600
137
THE CHRONICLE.
J a n u a r y 29, 1887. J
3,682,000
3,347,000
3,666,000
3,744,000
3,653,600
3,598.500
3.431.600
190,000
136,000
247,000
145,000
67,000
152,000
11 7.000
70,800
64,365
7 0 /0 0
72,000
70,260
69,200
6=1.990
Spin’rs'
Slock Takings.
Jan. 1
Bales o f
400 Lbs.
Spin’rs’ Weekly
Con
Supply. sumption- Stock
ConDec. 81. sumpt’n
Continent.
1886................
1885............... .
1884................
1883................
1882................
1881................
1880................
264,000
308,000
368,000
140,000
234,000
101,000
81,000
3,344,000
3,237,000
3,281,000
3,639,000
3,1£9*,000
3,140,000
2,799,000
3,608,000
3,545,000
3,649,000
3,779,010
3,373,000
3,241,000
2,885,000
3,432,000
3,231,000
3,311,000
3,411,000
3,2 >3,000
3,007,000
2,779,000
176,000
264,000
308,000
368,000
140,000
234,000
101,000
66,000
62,500
64,250
65,600
62,175
57,634
53,442
All Europe.
1886................
1885................
1834................
1883................
1882................
1881................
1880................
400,000 7,080,000
555,000 6,473,000
513,000 7,049,000
207,000 7,461,000
386,000)6,707,600
218.000 6,773,500
151,000 6,277,600
7,480,000
7,028,000
7,562,000
7,668,000
7,093,600
6,991,500
6,428,600
7,114,000
6,628.000
7,007,000
7,155,000
6,886,600
6,605,50c
6,210,600
366,000
400,000
555,000
513,000
207,000
386,000
218.000
136,800
126,865
134,750
137,600
132,435
126,834
119,362
The cable also brings us Mr. Ellison’s estimate o f supply
and consumption for the season ending October 1. H e
estimates that the supply from America will reach 4,300,000
bales o f ordinary weights, and places the imports from
India at 1,500,000 bales, from E gpyt 420,000 bales, and
from sundries 400,000 bales, making a total from all
sources o f 6,620,000 bales o f ordinary weights. A ccord*
ing to Mr. Ellison these would equal 7,254,000 bales o f
400 lbs. each. The consumption for the season is placed at
72.000 bales of 400 lbs. each per week in Great Britain
and 66,000 bales of like weights on the Continent, or a total
o f 138,000 bales per week, and 7,176,000 bales for the
twelve months in the whole o f Europe. Mr. Ellison adds,
however, that, owing to the superior quality o f the A m eri
can crop, possibly only 136,000 bales per week will be con
sumed. In this latter case the consumption for the
twelve months would be only 7,072,000 bales of 400 lbs.
Under these circumstances he estimates that stocks on the
first of October, 1887, will be either 78,000 bales or
182.000 bales in excess of sam ejim e last year, the form er
if consumption reaches 138,000 bales per week and the
latter if only 136,000 bales are required. The conclusion
in the circular is that as supply and demand so nearly
balance, violent fluctuations in price are not to be expected.
Mr. Ellison’s results for the three months since October
1 have also been received, but, owing to the crowded con
dition of our columns, we are unable to give them in our
usual form.
In December consumption continued at
72.000 bales o f 400 lbs. each per week in Great Britain
and 66,000 bales on ihe Continent, against 68,0Q0 bales
and 64,000 bales respectively in December o f 1885.
G R E A T B R IT A IN I N 1886.
[Communicated hy our London, correspondent.]
No comparison other than favorable can be drawn between
the year just concluded and its predecessor. This is mainly
true, it may be claimed with some show of reason, be
cause 1885 was such an unsatisfactory year. But granting
that, and granting that it has, to a certain extent, been a
period of deferred hopes, it has nevertheless recorded a dis
tinct move towards revival which looks now as if it might
acquire greater and decided force during coming months.
But 1886 was not without its drawbacks. The “ eternal
Eastern question” has forced itself to the front at more than
one inopportune moment. Spasms of political excitement
have not been infrequent. The distrust of Russian aggran
dizement has been as strong as ever, and we have at the same
time had alarming rumors as to the relations of Continental
political parties generally, but more particularly as affecting
Germany and Russia and Germany and France. Naturally
this political anxiety has had a restrictive influence upon
trade development, but it has mainly affected Continental
centres. With us the cry of “ wolf ” has been raised so often
that it has come to be regarded with something akin to con
tempt. W e have, in a measure at least, lulled ourselves into
a state of indifference, the trading community paying very
little attention to these alarming reports, conducting their
operations as though peace were permanently secured. So far all
has been right, but the position of course contains an element of
danger, as there is the possibility of a rude awakening.
138
THE CHRONICLE.
The fluctuations and marked ¿decline in silver were also a
disturbing influence, but the recovery and present steadiness in
the value has afforded the needed relief. The decline was almost
uninterrupted until August, touching 42d. per ounce August
3d, at which price it stood until August 10th, when it began
to advance again, being on that day quoted at an eighth ad.
vance (42^). From that time the improvement continued,
slowly at first, but afterwards more rapidly and with
wide fluctuations.
On August 10th the new advance
as stated began, but on the 26th b f the month the quota
tion had only reached 42%d. ; on September 5 it reached 43d.
In this connection it should be mentioned that the Treasury
minute with reference to the appointment of the Royal
Silver Commission was dated September 6, and that about that
date was placed on the table of the House of Commons.
September 7 the price of silver had risen to 43}£d., and on Sep
tember 9 to 47d., reacting to 48% September 12 and then
again rising until it touched 47d. on the 19th o f November.
Since then the quotation has fluctuated somewhat, but much
less widely, closing the year at 46%d, The monthly price O f
silver in London for three years was as follows.
1886.
1885.
S ilv e r .
J a n ........
F e b ........
March ...
April . . . .
M a y .......
June.......
J u ly .......
A u g .......
S e p t.......
O c t ........
N o v ........
D e o ........
High. Low. Aver. High. Low. Aver.
d.
d.
d.
4671# 46%
47
46161(. 46k! 4618,«
46% 461
46%
463s
46Hia 46
46
44% 457m
4538 44U16 44%
44% 42% 43 Hi c
42 Be 42
426.6
45
42 »a 431316
45 78 44% 453.6
451616 4616sl,
47
4638 45
45U i 6
d.
50
49%
493i6
4978
50
49%
49»i6
493,6
4838
47018
47%
47%
d.
493a
48%
49
4878
48 7e
49
49%
487i6
47%
47%
47*16
4678
d.
49%
49%
49h6
49%
497,6
49»i6
49*16
48 ^i6
47%
477i6
477J6
47%
50
l467a
48%
For year. 47
42
456le
d.
d.
d.
50% 50%
51
5130 51
51%
51% 501116 50%
51
50% 50%
501516 50% 50%
50%
501316
5016J6
507s 5011,6 50%
50% 50% 50%
501316 50% 50%
50% 507,6 50%
50716 49lli0 50
49% 49% 49%
These drawbacks were more or less an interference with the
developing activity during past months; but now it must be
admitted that the prospect is bright. As is usual with all recent
important trade revivals, the start and the direction came from
America. As in New York so in London, the signs of improve
ment were heralded by an increase in Stock Exchange specula
tion, and in fact, though speculation during the year has been
very strongly defined, it has been mainly restricted to Stock
Exchange circles. Time bargains in produce and metals have
also been larger than they were, but not by any means equally
expanded. Eliminating the questionable gains through specu
lation, there is still an appreciable residuum which demon
strates reviving prosperity. In the Clearing House returns
there is a gain of over £100,000,000 after allowing for Stock
Exchange settling days. In the goods traffic of the leading
railroads an increase has of late been seen over last year, in
spite of lower tariffs. The Board of Trade returns also dis
close a stronger tendency. But one interpretation can be placed
upon these facts, and that favorable to the condition of trade.
The directions in which an improvement in actual business
has taken place are not far to seek.
Thus, notwithstanding
the silver market has been unsettled, our trade with the East
has developed. Both India and China have been taking freely
our cotton goods ; in fact, in the matter of yarns and textile
fabrics, linen yarn is the only article which sbows a falling off
in the aggregate shipments compared with the previous year.
More remunerative prices would no doubt have been accept
able, but it is something to know that we have achieved what
we have done in the face of the political anxieties so fre
quently asserting themselves and the fluctuations in silver.
The following table shows the exports of cotton, jute, linen and
woolen yarns and manufactures during the past three years.
Q u a n t it ie s .
1884.
1885.
1886.
Cotton yarn............... lbs.
270,904,600
245,809,900
254.346.100
Piece goods........ yds. 4,417,280,000 4,374,516,500 4,850,030,200
Jute yam ....................lbs.
27.266.200
30,702,800
30,717,000
Piece goods.........yds.
215,078,500
242,846,700
216.182.100
Linen yarn.................lbs.
19,533,700
16,600,200
15,890,900
Piece good s......yds.
155,317,000
149,468,600
163,773,200
Woolen yarn...............lbs.
39,272,100
43.491,600
45,627,100
Woolen fabrics.......... yds.
86,830,500
95.393.200
89,779,700
Worsted fabrics......yds.
157,888,100
167,687,100
160,167,500
V alu es.
Cotton y a r n ....... ......... £
Piece goods................
Jute yarn........................
Piece goods.........
Linen yarn ............. .
Piece goods...............
Woolen yarn.................. .
Woolen fabrics............. .
Worsted fabrics...............
13,813,078
51,665,623
316,526
2,459,998
1,135,737
4,362,486
3,890,425
9,769,202
6,880,963
The aggregate value of the shipments of yarns and textile
fabrics during the year was £105,344,587, against £101,879,297
in 1885 and £109,864,416 in 1884.
The hardware industries were dull all the earlier part of
the year. There was a hope that we were on the eve of better
times, and that the improvement in America would soon be
reflected here. But it was some time before animation mani
fested itself in this department. The restoration of confidence
proved to be a difficult process, and it was not until after the
first of July that perceptible progress could be reported.
Scotch pig iron is now rather dearer than last year, but in
manufactured descriptions there is still a decline varying from
5s. to 15s. per ton. Copper also is £1 to £2 per ton lower; but
in tin there is a recovery of from £7 to £8 per ton. However,
the feeling of despondency has now given way to one of
great hopefulness, based on an actual increase of trade with
all parts of the world; in fact, competent authorities now
maintain that the iron trade has not shown such a healthy
condition for the past five or six years as is now observable.
The annexed statement gives the exports of iron and steel
from Great Britain.
1884.
High. Low. Aver.
11,865,294
48,276,855
272,027
1,904,360
986,538
4,043,791
4,382,898
8,907,320
6,536,310
11,488,803
50,170,634
273,591
1,807,335
935,083
4,156,850
4,406,676
9,155,491
6,943,261
[ V ol . X L 1 V .
1886........................
1885........................
1884........................
1883........................
1882........................
1881........................
1880........................
1879........................
1878........................
1877........................
1876........................
1875........................
1874........................
1873........................
Pig Iron.
Hails.
Other
Descriptions.
Tons.
1.044,257
960,931
1,269,576
1,564,048
1,758,072
1,480,196
1,632,343
1,223,436
924,646
881,442
910,905
947,827
776,116
1,142,065
Tons.
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
Tons.
1,605,289
1,455,475
1,497,439
1,508,095
1,658,531
1,517,458
1,466,055
1,196,170
933,193
965,285
899,809
963,498
621,741
1,030,734
Total.
Tons.
3,389,197
3,130,682
3,496,991
4,043,308
4,353,552
3,820,315
3,792,993
2,883,484
2,296,860
2,346,370
2,224,470
2,457,306
2,487,522
2,957,813
A review of other trades would bring out results quite
similar, The opening months of the year were characterized
by sluggishness, whereas towards the close the improving
tendency has been steadily gaining in intensity. The an
nexed official statistics regarding the exports and imports
show reduced totals in 1886 under 1884 and 1885, but this is
in a great measure due to lower prices current, and, in the
case o f the imports, to the considerable reduction in our pay
ments for food.
E xports.
1884.
1885.
Home products..............
Reshipment of imports..
£
223,025,242
62,942,341
£
213,044,500
58,359,194
£
212,363,995
56,107,671
Total exports...............
1886.
295,967,583
271,403,694
268,471,666
Total merchandise........
389,774,549
370,404,314
349,381,087
Excess imports...........
93,806,966
99,000,620
80,909,42'
I m por ts.
The Bank of England rate of discount has ranged during
the year from 2 to 5 per cent, averaging for the twelve months
8 05 per cent. The year opened at 4 per cent, at which figure
it had stood since the 17th of December, 1885, but was changed
to 8 per cent on January 21. This reduction was in part due
to the low rate (2 per cent) which was ruling for discounts in
the open market at London; but other conditions were favor
able for the change, as, for instance, the bullion held by the
Bank had increased materially, and, furthermore, New York
exchange had reached a point which indicated that gold would
soon be moving and the Bank’s bullion further augmented
from that source. On February 17 there was another decline,
this time to 2 per cent, and for similar reasons. At that point
it stood for 78 days (until May 6), although there was a drain
from the Bank almost all the time to the Continent, which
became freer towards the latter part o f the period. On May 6
there was an advance to 3 per cent that stopped the outflow;
but the open market responded but slightly and very briefly,
being reported at only 1% per cent May 19 and 1% per cent
June 2. Consequently on June 10 the rate was again put down
and this time to 2% per cent, the London open market rate
reported June 16 being 1 per cent; but notwithstanding
the lower rate the Bank’s bullion increased, though in
good part by supplies from Australia and the interior. This
continued until August 26; then, exchange having risen in
New York tfl a point which made it profitable to ship gold to
America and considerable amounts going out, the rate was
raised to 8% per cent. Under the same influence it was
raised to 4 per cent October 21, and again to 5 per cent Decem
ber 16, at which point it now remains. The following state-
T H E
BASK OF ENGLAND KATE OF INTEREST.
Rate
per
cent.]
For
Rate
per
cent.
Year.
1884.
168 days Jan. 1 to Feb. 7.
175 days Feb. 7 to Mar. 13.
23 days Mar. 13 to Apr. 2.
Apr. 2 to June 19.
366 days Juno 19 to Oot. 9.
Oct. 9 to Oct. 29.
Oot. 29 to Nov. 5.
13 days Nov. 5 to Deo. 31.
3
35
days
3 *a
Year’s average....
70 days
3
2*9 112 days
1885.
7 days
3
42 days Jan. 1 to Jan. 29.
4
86 days |Jan. 29 to Mar. 19.
5
Mar. 19 to May 7.
3*48 3€5 days |May 7 to May 14.
|May 14 to May 28.
[May 28 to Nov. 12.
30 days |Noy. 12 to Deo. 17.
5
24 days Deo. 17 to Deo. 31.
6
14 days
5
Year’s average....
14 days
4
147 days
3
1886.
28 days
4
108 days Jan. I t o Jan. 21.
5
Jan. 21 to Feb. 17.
4-15 365 days Feb. 17 to May 6.
May 6 to June 10.
June 10 to Aug. 26.
24 days Aug. 26 to Oct. 21.
5
21 days Oct. 21 to Dec. 16.
4
14 days Deo. 16 to Deo. 31.
3Hl
71 days
3
Year’s average—
4
126 days
349 14 days
95 days
3
1880.
fan 1 to June 17. 3
jure 17 to Deo. 9. 2ifl
pec. 9 to Deo. 81.
Tear's average.... 2-76
For
38 days
3
349 35 days
20 days
3
219 78 days
2
112 days
20 days
3
4
7 days
56 days
5
Average Per Cent.
Amount.
^jgnt shows the dates of the changes in the Bank rate for
geven years, together with the length of time each rate con
tinued and the average for the year.
Year.
139
C H R O N IC L E .
Date.
Three
Months.
£
£
2,195,000
February.............. 1,595,000 960,000
March (1st issue). 1,025,000 730,000
2 195 OOO
1.20OÌ0OO 800,000
Jline (1st issue)... 696,000 995,000
790,000
1,905,000
Do
(2d issue).
July..................... 1,480,000 680,000
1,040,000
991,000
September...........
Ootober................. 905,000 1,000,000
November........... 1,475,000 805,000
D ecem ber........... 1,446,000 540,000
Six
Months.
Three
Months.
Six
Months.
£
Q,
l
1
1
0
1
l
1
2
2
3
£
8.
d.
18 11
7
8
12
4-8
9
O O
7 719
9
2-8
1 9
6*144
4
10 9*16
449
9
17 4*128
8.
d.
1 18
2 0
71*
0
2 7
949
1
1 15
1 9 7*6
1 19 9
13 11*04
15 10*7
3 8 11
17 1*316
21,8
22,0
22,3
22,7
22,9
22,6
22,5
22,4
22,5
22,4
21,9
21,7
21,4
21,4
21,0
19,7
19,8
19,6
19,7
20,2
20,5
21,0
21,3
21,1
21,1
21,1
21,5
21,5
21,4
21,7
21,3
21,4
21,2
21,4
21,4
21,2
20,5
20,2
20,1
20,0
19,8
20,0
20,1
20,1
20,0
20,1
19,9
19,1
18,8
Reservt
Note
and G
1 Other.
j.Gov’t.
NoteCii
lation
“ 27.. 23,9
Feb. 3.. 24,4
“ 10.. 23,8
“ 17.. 23,5
“ 24.. 23,4
Mar. 3.. 23,9
“ 10.. 23,6
“ 17.. 23,6
" 24.. 23,7
“ 31.. 24,4
Apr. 7.. 24,9
“ 14.. 24,7
“ 21.. 24,7
“ 28.. 24,6
May 5.. 25,0
“ 12.. 24,8
“ 19.. 24,5
'• 26.. 24,4
June 2.. 24,9
“ 9.. 24,6
“ 16.. 25,5
“ 23.. 24,3
“ 30.. 25,2
July 7.. 25,5
“ 14.. 25,3
" 21.. 25,3
“ 28.. 25,3
Aug. 4 .. 25,8
“ 11.. 25,4
“ 18.. 25,1
“ 25.. 24,8
8ept. 1.. 25,0
a 8.. 24,8
“ 15.. 24,5
“ 22.. 24,4
“ 29.. 25; l
Oct. 6.. 25,5
“ 13.. 25,4
“ 20.. 25,1
“ 27.. 24,8
Nov. 3.. 25,1
“ 10.. 24,8
“ 17.. 24,5
“ 24.. 24,2
bee. 1.. 24,3
“ 8.. 24jl
“ 15.. 24,0
“ 22.. 24,2
“ 29.. 24,4
Bullion
! both I
j partmei
The fresh capital creations for the year may be roughly esti
mated at £100,000,000, or fully £30,000,000 more than last year.
13.
Like 1885,1886 has been distinguished by the number of pri
17.
2-96 366 days vate firms which have turned their businesses into public com
28.
18.
panies, the most notable instance being that of Messrs. Arthur
25.
29 days
5
6.
49 days Guinness & Co. A feature of the year has been the rush for
4
31.
349 49 days the Australian gold mines, a closer acquaintance with which
3
7 days
Year’s average—
219 14 days will probably disclose a great diversity of results. The com
2
168 days
1882.
35 days pany promoter has been well to the front during the year,,
3
Jan. 1 to Jan. 30.
14 days and is understood to have reaped a golden harvest out of the
4
.Tan. 30 to Feb. 23.
Feb. 23 to Mar. 9.
2-92 365 days gullibility of the public. According to Messrs. Spackman &
Mar. 9 to Mar. 23.
Mar. 23 to Aug. 17.
Sons’ annual statement the principal new companies brought
Aug. 17 to Sept. 14.
21 days ont during the past year show a nominal capital of £70,938,4
Sept. 14 to Deo. 31.
27 days
3
78 days 200, being £50,560,850 more than in 1885. But this is alto
2
Year’s average—
35 days
3
24a 77 days gether exclusive of borrowings on acoount of home corpora
1883.
34a 56 days tions, the colonies or foreign governments. The latter appli
Jan. 1 to Jan. 24.
56 days
4
Jan. 24 to Feb. 14.
15 days cations have been about the average and have been well
5
Feb. 14 to Feb. 28.
Feb. 28 to May 10.
received. An Argentine 5 per cent loan for £4,000,000 was
3 05 365 days
May 10 to Sept. 13.
placed in January at 80, and in the following month a Bra
Sept. 13 to Sept. 27.
Sept. 27 to Deo. 31.
zilian 5 per cent loan for £6,000,000 was successfully launched
Year’s average___ 3-57 365 days
at 95. In March the balance of £1,933,600 of the 6 per cent
loan of £4,098,306 of the city of Buenos Ayres was issued at
It will be noticed that the average this year is the highest 88 per cent, and in May the province of Entre Rios brought
of the last three years, and yet the Bank bullion at the close out a 6 per cent of £800,000 at 91%. The Norwegian loan for
of the year (December 29) is down to £18,800,000. In the fol £1,700,000 at 98 on a 3% per cent stock appeared in July, and
lowing we give the situation o f the Bank of England each the Chilian conversion scheme, whereby the old 5 and 6
week of 1886 with the Bank and market rates o f discount at per cents were reissued in a 4% per cent stock
the same dates.
for £6,200,000 at 98% per cent, was arranged in
November.
Paris has witnessed the introduction of a
BANK OF ENGLAND IN 1886 .—[00,0008 Om itted.]
Portuguese 5 per cent loan at 88% per cent and a French 3
fl 1 CO D eposits.
§
per cent loan for £20,000,000 at about 80, the latter being sub
Securities. O P
à
0 •
a, ifiQ 3o3
scribed about twenty times over. Russia has made repeated
«
öS,]*
O
1886.
efforts to increase her indebtedness both at Berlin and Paris,
ä
¡3
g
1
p
O
à ” « but without success. Colonial and Indian borrowings this
«
P-«
year have hardly been so numerous or important as they were
£
Pr.ct. Pr.ct.
£
£
£
£
£
£
in 1885, but they still form a financial feature worthy o f
2%
4
10,7
17,9 22,3
27,8
Jan. 6.. 24,9 19,9
5,1
214-39 special notice, and that they have not been altogether insig
11,6
4
17,2
20,8
27,3
4,3
“ 13.. 24,6 20,4
3
12,4
20,9
15,9
27,6
l 7a
3,6
nificant is clear from the annexed list.
.
•• 20.. 24,3 20,9
1881.
Tati. 1 to Jan.
Tati. 13 to Feb.
F«h. 17 to Apr.
Anr. 28 to Aug.
afie. 18 to Aug.
Ane. 25 to Oot.
Oct
6 to Deo.
13,6
15,0 20,6
4,2 27,0
13,3
20,4
13,7
4,0 25,4
14,2
20,1
13,7
25,4
4,6
14,9
13,7 20,0
24,1
6,2
15,3
19,9
13,7
23,1
7,6
14,4
14,3
20,8
8,2 22,8
14,6
20,5
14,5
8/7 22,5
14,5
14,5
24,5
25,4
9,7
14,5
14,5
24,5
24,2
10,8
13,7
24,5
14,5
11,3 23,1
12,8
14,5 21,6
7,6 23,5
12,7
14,5 20,4
22,9
7,0
12,4
14,5
20,8
22,7
7,2
12,4
20,6
14,5
7,4 22.4
21,2
11,7
14,5
7,0
22,7
10,7
20,9
5,9 2*2,6 14,8
11,0
21,4
14,8
7,2
22,1
10,9
21,2
14,8
6J5 22,6
10,6
14,8 21,1
6,2
22,5
11,3
14,5 20,8
5,8
23,1
14,5 20,7
11,7
6,0 23,2
12,4
14,5 20,8
23,2
6/7
11,8
22,7
145
8,3 23,0
11,3
16,2
22,2
25,8
5,9
11,5
15,9 19,9
4,2
25,1
11,5
19,9
15,5
4,0
24D
19,5
11,9
14,8
3,6 24,6
11,4
14,8
19,8
24,7
3,3
19,9
11,7
24,4 14,1
3,3
19,5
12,3
14,0
3,7 24,1
14,0
12,2
23,9
19,6
3,8
12,1
13,8
19,8
3,2 24,2
19,2
12,1
12,7
2,4 23,2
19,3
12,6
23,2
12,3
2,5
12,3 19,5
12,7
22,9
3,1
22,9
11,8
12,3
3,2 25,4
10,7
15,9 23,1
4,5 27,4
19,4
10,6
24,6
15,9
3,5
14,0
19,7 10,7
3,0 23,6
10,9
13,4
19,6
2,9 23,2
10,4
23,7
14,0 20,1
3,1
10,9
19,4
14,3
3,1 23,7
11,2
18,9
3,3 23,0 14,0
18,7 11,6
13,3
3,1 22,7
11,3
18,8
22,6
13,1
2,9
11,6
18,8
12,6
2,8 22,5
19,6 11,6
13,1
3,0 23,5
20,3 10,6
3,9 22,3 13,1
13,1 23,0 110,1
4,3 24,1
3
îas-ïa
3
1*2
3
138- la
2
114
2
15s
2
1=8
2
1°8
2
1%
2
lia
2
lia
2
l 1^
2
1%
2 il%-78
2
214
3
2I3
3
214
3
1%
3
1®8
3
II3
II4
3
1
2
2*3 l-h a
2*a 1-118
2ia
78
2*2 lis-Vt
213 1*8
213 lie
2ia lSg-%
2ia 1%
213 23g
3ia 2«8-%
3ia 214
313 214
3ia 213
313 213
313 28s
3*2 23s
313 2 78
4
319
4
314
4
318-58
4
314
4
M's
4
278
4
318
4
3*8
5
418
5
418
413
5
The following shows the various allotments o f the Treasury
bills during the year.
Description.
Mini-'Avemmo
Date. Rate Amount Amount mum rate o f
P. C. requir’d offered. P. C. allotm’t .
Jan. 12 6
City o f Auckland..................
Jan. 20 5
Otago Harbor Board.............
South Waimakariri, Canter
bury, N. Z ........................... •.. Jan. 21 5
W ellington Harbor Board....... Feb. 2 4«
Victorian..................................... Feb. 2 4
Melbourne Tramways T r u s t .. Feb. 4
Southern Mahratta R ailw ay... Jan. 20
Do
Do
D o ...... Feb. 23 4
Timaru Harbor Board.............. Mch. 1
City o f Melbourne..................... Mch. 10
Queensland G ov’t Inscribed
Mch. 11
Stock...................................
Apr. 10
Canadian Pacific Railway.,
South Australian Government Apr. 80
May
India Governm ent..............
City o f Collingwood, Melbo’ne May 13
June 28
Borough o f Invercargill.. ..
July 12
Tasmanian....................... .
July 16
New South W ales...............
July 21
British G u ia n a ...................
Aug.
City o f F itz r o y ...................
Aug. 18
Palmerston, North, N. Z ...
Oct. 14
New Zealand........................
£
25.000
150.000
£
£. s. d.
Ill 1 10
107 8 0
104 to 110
104 103 1 2
9710 106 9 0
102
104 107 16 8
£
137,600 108
763.000 101
57,200
21.000
857.500
50.000
1.500.000 10,826,800
500.000 1,641,600
250.000 94
1.200.000
1,200,000 4.800.000 104*0
579.000 102 105 18
100.000
415,900 103 104 0
150.000
105 7
1.500.000 3.920.000 103
4,191,500 6.000,000 104
09 9 S
1,332,400 2,711,500 99
87 4 2
6 ,000,000 15.790.000 86
139,100 103 105 18 3
40.000
150,800 98 101 10 9
70.000
99 17 11
1,000,000 2.092.000 99
95 8 3
5.500.000 17.586.000 94
90 2 3
250.000 97
250.000
218.500 103 105 19 5
60.000
40,400 98
98 to 104
50,000
97 5 0
[1,567,800 2.094.000 97
The situation of the Bank of France as to its stock of gold
and silver, according to the last returns of each month of
1884,1885 and 1886, may be seen .in the following, stated in
pounds sterling :
GOLD AND SILVER IN BANK OF FRANCE.— f00,0 00 8 Om itted.]
1886. Gold.
£
Jan. 28 46.1
Feb. 25 47.6
Mar 25 50.6
April 29 52.1
May 27 55.7
June 24 55,4
July 29 54.3
Aug. 26 54.6
Sept. 30 54.7
Oct. 28 53.6
Nov. 25 52.4
Dec. 30 49.6
Silv’r Total
£
£
43.3 89,4
43.7 91.3
44.1 94,7
44.8 96.9
45.3 101,0
45.1 100,5
45.1 99.4
45.3 99.9
45.5 100,2
45.6 99,2
45.6 98,0
45.8 95.4
1885. Gold.
£
Jan. 29 40.0
Feb. 26 40.1
Mar. 26 40.4
April 30 42.1
May 28 43,6
June 25 46.0
July 30 46.3
Aug. 27 46.8
Sept. 24 47.0
Oct. 26 45.9
Nov. 26 46.5
Dec. 31 46.3
Silv’r Total 1884. Gold.
£
£
£
41.1 81,1 Jan. 31 88,1
41.6 81.7 Feb. 28 39,5
42.4 82.8 Mar. 27 40.2
42.5 84,0 April 24 40.1
. 42,9 86.5 May 29 41.4
’ 43,3 89,3 June 26 41.8
43.3 89.6 July 81 41.8
44.1 90,9 Ang. 28 42.3
44.2 91.2 Sept. 25 42.5
43,8 89.7 Oct. 30 42.2
43.7 90.2 Nov. 29 41.3
43.4 89.7 Dec. 25 40.6
Silv’r Total
£
£
39,7 77.9
40.0 79.5
40.1 80.3
40.1 80,2
40.5 81.9
40.6 82.4
40.6 82.4
41.1 83.4
41.1 83.6
41.1 83,3
41.2 82.5
41.3 81.9
THE CHRONICLE.
140
IM P O R T S A N D E X P O R T S FO R D ECEM BER
A N D FOR TH E S I X A N D T W E L V E M O N TH S
E N D IN G D ECEM BER 31, 1886.
[V ol . XLF?
R A IL R O A D
EAR N IN G S.
For the third week of January the ratio of gain is not as
great as for the second week, owing simply to the fact that in
The Bureau of Statistics has issued its detailed statement this second week last year earnings had been greatly reduced
of the foreign commerce of the country for the month of by bad weather. Of the 38 roads reporting for the third week
December, and the six and twelve months ended with Decem
6 show a decrease and 32 an increase; the ratio of gain is 13*77
ber 31, 1880.
per cent.
MERCHANDISE.
For the
For the 12
For the 6
month o f Months ended Months ended
December.
Dee. 31.
Dec. 31.
T886.—Exports—Domestic.......
Foreign. . . . . .
Total................... .
Imports..........................
Excess of exports over imports
Excess of imports over exports
1885.—Exports—Domestic.......
Foreign........
T ota l.......................
Imports..........................
Excess of exports over imports
Excess of imports over exports
$699,405,683
13,883,983
$713,289,61 6
663,117,210
$49,872,456
$83,991,724
1,312,695
$89,304.419
58,266,129
$29,038,290
$378,911.74«
6,767.046
$385,678,792
334,827,598
$50,851,194
$73,067,237
1,206,479
$74,273,716
52,211,520
$42,062,196
$345,470,592 $673,593,506
14,656,232
6,443,364
$351,9 L3,956 $68*,2 49 , 798
306,846,524 587.868.673
$45,067,432 j$100,381,125
GOLD AND SILVER—COIN AND BULLION.
$299,517
1886. —Exports—Gold—Dom...
3 884
Foreign
$303,491
Total........
Silver—Dora.... $1,776,551
1.696.183
Foreign.
Total........ $3,472,740
Total exp orts........... $3,776,141
$12,045,434
1,633,901
Total........................... $13,679,338
Excess of exports over imports $ .................
9,903,197
Excess of imports over exports
$852,517
1885.—Exports—Gold—Dom ...
Foreign
937,457
$1,789,974
Silver—Dom... $1,860,95'
1,312,727
Foreign
Total........... $3,203,68:
Total exports............. $4,993,657
Imports—G o ld ............. $5,620,191
Sliver............
1,531,079
$7,151,270
Excess of exports over imports $ ..................
Excess of imports over exports
2,157,613
$2,506,612 $32,389,509
30,482
8,892,767
$2,537,094 $41,281,276
$7,703,218 $16,252,3 17
0,332,6 3«
10,787.943
$ 1 4 ,0 :0 ,9 1 4 $27,010,290
$16,578,008 $68,321,566
$37,312,587 $11,707,141
9,330,443
16,821,163
$16,643,030 $58,528,309
$ .................
$9,793,257
30,065,022
$2,884,169
$4,371,726
1,323,840
7,015,481
$4,208,009 $11,417,207
$10,613,922 $21,992,328
5,897,921
11,288.214
$16,511,843 $33,280,542
$20,719,552 $44,697,749
$16,348,795 $23,645,311
10,359,582
17,772,718
$26,708,377 $41,418,029
$ ..................
$3.279,720
5,988,525
TOTAL MERCHANDISE AND COIN AND BULLION.
1836.—Exports—Domestic. ...
Foreign........
Total...................
Imports..........................
Excess of exports over imports
Excess of imports over exports
1885.—Exports—Domestio___
Foreign........
Total...................
Imports..........................
Excess of exports over imports
Excess of lmpotta over exports
$96.067,792
3,012,768
$39,080,500
69,945,467
$19,135,093
$389,126,576
13,130,224
$402,256,900
381,470,62»
$20,780,172
$748,046,539
33,564,693
$7*1,611,233
721,915,519
$69,665,713
$75,780,710 $358,968,683 $699,957,560
3,486,633
13,665.125
32,989,987
$79,267,373 $37 ¡¿,633,^08 $732,947,547
59,362,790 333,554,901 629,286.702
$i9,904,&a3 $39,076,907 ^$103,660,845
IMPORTS AND EXPOUTS BY PRINCIPAL CUSTOMS DISTRICTS.
d is
t r ic t s a n d
P o rts.
D e c e m b e r , 1886.
12 months ending
December 81.
Imports. Exports.
1886.
12 months ending
December 31.
Increase.
1887.
1886.
$
27,286
13,971
128,000
29,226
33,784
327,000
17,807
54,456
52,158
45,155
6,549
126,320
6,164
14,074
14,273
10,872
47,53 4
25, (0 7
36,167
293,825
27,339
92,675
30,330
13,576
9,593
19,429
62,686
113,768
16,239
22,330
35,369
89,577
17,356
19,601
98,091
30,667
5,372
9,088
$
26.627
10,122
104,000
24,037
87,117
349,625
18,570
46.400
46,540
34,520
5.096
97,177
4,936
13,935
12,442
5,736
49,074
20.928
36,534
24IL290
29,193
72,260
23,535
9.953
8,847
18,024
51,111
112.167
13,680
15,243
28,398
64,465
13,182
13,408
85,967
21,890
2,906
1,893
Total (38 roads)........ 2,022,754
Net increase (13-77 p. ot.)
............
1,777,832
............
Buf. Koch. & Pittsburg ..
Cairo Vin. & Cliio..______
Canadian Pacific.............
Chicago & Atlantic..........
Chicago & East. Illinois..
Chic. Mil. & St. P au l.......
Chicago & West M ich___
Cincinnati Ham. & Day..
(in. Ind, St. L. & C..........
Cincinnati Wash. & Balt.
Col. & Cin. Midland.........
Denver & Rio Grande__
D ps Moines & Fr. Dodge.
Det. Lansing & Northern.
Evansville & Terre IT__
Ft. Worth & Denv. City..
Indiana Bloom. & West..
Lake Eric & Western.......
Louisville & Nashville ...
Louisv. Now Alb. & Chic.
Mexican Central..............
Milwaukee L. S. & West..
Milwaukee & Northern..
N. Y. City & Northern ...
N. Y. Ont. & Western___
Norfolk & Western..........
Peoria Dec. & Evansville
8t. Jos. & Grand Island..
St. Louis Ark. & Texas ..
St. Louis San Fran___
St. Paul & Duluth...........
Toledo & Ohio Central...
Wabash St. L. & Pacific..
Minn. St. Croix & Wis..
Wisconsin & Minnesota
Decrease.
$
$ ~
639
3,849
25,000
5,189
3,333
[22,625
763
........
8,056
5,618
10,6 15
1,453
29,143
1,228
135
1,831
5,136
.......
4,139
1,540
367
44,535
1,854
20,415
6,795
3,623
746
1,405
11,575
1,601
2,559
7,087
6,971
25,112
4,174
6,193
12,124
2,466
7,195
275,404
244,9221
30,482
...........
For the second week complete reports show a gain on 57
roads of $652,812, equivalent to 29‘41 per cent.
2d week o f January.
Increase.
1886.
1887.
$
$
Prev’ly rep’ted (41 roads) 2,064,974 1,596,447
31,402
20,639
32,631
56[223
Cin. N. O. & Texas P ac...
27,729
16,592
Alabama Great So.......
10,535
16,300
10,437
Vicksburg & Meridian..
9, «02
Vicksburg Shrev. & Pac.
9,785
7,563
63,941
East Tcnn. Va. & Ga......
94,799
39,107
35,154
Flint <&Pere Marquette..
Ft. Worth & Denv. City..
6,899
6,545
Grand Trunk of Canada..
268,239
240,324
Houston & Texas Cent...
64,807
47,589
Marquette Hough. & On.
5,605
4.562
37,822
Memphis & Charleston...
25,240
21,861
St. L. Alt. <&T. H..............
18.544
Branches........ . .............
19,291
13,061
Wabash St. Louis & Pac.
96,989
70,488
$
469,072
10,763
23,592
11,137
2,872,209 2,219,457
653,357
652,812
Total (57 roads)........
Net increase (29*41 p. ct).
I m por ts .
Customs
3d week o f January.
Decrease.
835
2 222
30Ì858
3,953
354
27,915
17,218
1,043
12,582
3.317
6,230
26,501
$
543
. ......
...........
.. . . .. . .
545
p lD u e ta r ö l © o m m c r c ta l
1885.
$
$
S
Baltimore.Md.
890.409 5,311.001 11,785,11 S 11.193.695
Boston, Mass. 8.1'80,840 5,560.23» 60.343,362 8,576,300
Buffalo Ck.N.Y
505,232
24.377 6,143,514 5,200,75;
Chanipl’n, N. Y
188,055
70,4*0 3,147,475 2,453,336
Charlest’n. S.C
70,904 4,348,594
032,804
500,235
943,619
.Chicago. Ill—
11,159.078 0,825,285
229,292
Cincinnai i, 0.*
2,208,178 1,671.335
216,655
352.381 2,519,040 2.108.461
Detroit, M ich.
4,835
387
Duluth, Minn.
69,393
136,207
80,893 3,538,958
iGalvest’n, Tex
658,182 1,086,445
*0,020
M il w’kee.W is.
510,392
579,270
Minn’s’aJMinn
182,327
72,570 1,250,809
887,047
2,473
45,283
Mobile, A la ...
62,526
486,111
New Orl’ns.La 1,113.870 15,765,952 8,760,550 3,949,087
New York.N. Y 37.802.289 28,531,192 437,402.207 3f 7.204,810
341,2 St
403 8,097.698 3,173,470
Niagara, N.Y..
26,966 4,014,267
Norfolk, V a ...
80,075
183,350
1,400
Oregon. Oreg..
112,807
169,348
132,94:1
286,594
111,303 2,578,840 1.820,020
Oswega’ie.N. Y
824,098
10,244 4.877,463 5.479,975
Oswego. N.Y..
Philadel’a, Pa. 3,139.952 2.932.898 87,997.005 £3,861,756
Portland, Me..
69.820
820,802 2,625,999 1.452.210
San Fran., Cal. 3,570,942 3,227,482 39,580.466 34.044.807
93.427 4,724,269
Savannah, Ga.
35\433
513,290
22-,053
St. Louis,Mo.*
2.979,337 2,088,957
410,159 r 157,101 5,592,140 5,747,721
Vermont,, V t ..
12.569
WUlamette.Or
820,913
357,719
288,343
81,440 1.518,846
Wthui’g’n, N.C
199,941
121.463
Yorktòwn, Va.
25,242 1,237,76-1
99,897
120,442
$
E n g lis h
$
46.S10.3S8 34,748.264
58,627.02* 54,521,579
424,262
323,909
1,621,5» L 1,444,361
17,410,236 15,158,619
1,950,154 1,681,309
F in a n c ia l
London.
4,955,987 5.11*2,091
2,4:46,081 2.170.0S1 Silver, per oz..............d.
16,994,100 15.878,542 -unsois for m on ey... . . .
72,447 Consols for accou nt.....
862,009 1.279,834
2,614,550 3,114,457 Fr’ch rentes (in Paris) fr
81,355,870 71,202.389 a. 8. 4%s of 1891..........
118.112.831 331,257.464 0. 8. 4s of 1907.............
66,715
57,8 iO Canadian P a c ific ...... .
15,205.920 10,341.749 Ohio. Mil. & St. P au l....
1,527,117 1,471,558 Srie, common stock__
1,651.106 1,593,408
1,787,470 1.447,347 (llinols Central.......... .
33,659,574 37,332,900 Pennsylvania................
2,563,623 4,100,285 Philadelphia & Reading
36,050,108 32,851,285 New York Centra].........
21,604,832 18,072,651
1,734,7141
6,466,9121
6,951,103
6,084,5911
1,407,403
4,876,694
4,358,771
1,653,007
;t t a r X e ii-i* e r O a o ie .
The daily closing quotations for securities, &c., at Jjondoi
are reported by cable as follows for the week ending Jan. 28:
Sat.
Mon.
Tues.
47
10013lfl
100%
81*12%
112%
130%
67%
91%
S3%
137 %
57%
SO
115%
47
100%6
1009,6
80 20
113
131
6 '%
91%
33
136%
56%
19%
115%
471 iß
100 '16
iOOlln
80-37%
113
131
67%
91
32%
13«%
56%
19%
115
Wed.
Thurs.
471 le 47I16
10013lfi IOOU16
100% 100%
80 60 80*17%
112% 112%
131%
13%
67% x65%
90%
90%
32%
32%
136% 136%
57%
56%
20
19%
115%
114%
Fri.
47%
IcOiSja
100
80*20
112%
130%
64%
89%
31%
136%
56%
18%
114%_
(iomrojetxial atxÄ IP isceltam otts
I m p o r t s a n d E x p o r t s f o r t h e W e e k . —T h e imports of last
week, compared with those of the preceding week, show
a decrease in both dry goods a n d general m e r c h a n d i s e .
Remaining in warehouse December 31,1885......................... $32,205,918 The total imports we.*e $7,731,569, against $9,076,518 the
Remaining in warehouse December 31, ISSO............... .......$31,956,499
preceding week and $8,593,054 tw >weeks previous. The ex
' * Interior pcrts to which merchandise can be transported without ports for t h e week ended Jan. 2 >amounted to $5,486,569 a g a i n s t
$6,£6 1,634 last v. eek and $5,982,469 two weeks previous. The
Appraisements under act of Jane 10,1880.
Totals, (ineluding all
: oth ’r Dists.) 56,866,129[85,304,410 663,417,210 687,368,673 713,289,686 688,249,793
THE CHRONICLE.
29, 18S7.j
January
following are the imports at New York for the week ending
(for dry goods) Jan. 2), and for She week ending (for general
merchandise) Jan. 21; also, totals since the beginning of the
Amt week in January:
For Week.
1884.
1886.
1887.
Dry G oods......
Gen'l mer’dlse..
$2,126,768
4,530,105
$1,866,468
3,564,500
$1.998,817
4,508,726
$2,878,141
4,853,419
$6,636,8/3
$5,430,977
$6,497,543
$7,731,560
$7.533.486
16,917,249
$6,902.813
13,637,154
$6,608.836
16,476,781
$8,547,305
16,868,827
Since Jan. 1.
Dry Goods........
Gen’l mer’dise..
Total 3 weeks..
1885.
$24.450.735 $20.439,967 $23.085.617 $25,406,132
The following is a statement of the exports (exclusive of
sp :cie) from the port of New York to foreign ports for the
weak ending Jan. 25 and from January 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1884.
For the w eek...
Prev. reported..
Total 3 weeks..
$4,937,625
12,430,360
1887.
1886.
1885.
$6,883,762
15,704,392
Ranking and U in anelai.
THE REPORT UPON THE
OREGON R A I L W A Y AND N A V IG A T IO N C O M PAN Y
Br
FOREIGN IMPORTS AT NEW YORK.
$5,452,601
12,066.588
$5,486.569
12,244,103
$17,367,985 $22,588,154 $17,319,189 $17,730,672
341
a D ir e c t o r o f t h e N o r t h e r n P a c if ic R R ., u p o n w h ic h t h e At
TACK UPON THE O. R. & N. PROPERTY IN THE “ EVENING POST” OR
F r i d a y , J a n . 2 1 st , w a s B a s e d , a n d a R e v ie w o f t h e S a m e l i t
P r e s id e n t E l ij a h S m it h , o f t h e O. R. & N., a r e a s f o l l o w s :
To the President and Directors o f the Northern Pacific Railroad:
I beg to ca ll your attention to the annual stated Report of the O r e g o n
R a i l w a y & N a v ig a t io n Co . for the years 1881, 188?, 1884, 1885^
and 1886. By carefully scrutinizing them you can get light that
will be of service in estimating the value of the property aud its earn;
ing power. Page 33, Report of June 30, 1881, stated co s t:
Original purchase of Oregon Steam Nav. Stock................ $7.364,676 72
Oregon S. S. Franchise..................... - .................................. L170,079 §X
Operated 1nes constructed— ................................... ...........
Equipment.....................................- ....................................... 1,331,238 bo
$10,321,273
As per the R 'port of June 30,1832, page 7 :
Cost completed section of main line, the Dalles to Walla
Walla, 157 miles................................. .............................. $3,857,001
Average oostper mile, $24.566-59.
2,261,663
The Dalles to the Cascades. 46 miles................................
Average co t per mile, $19,164,43.
1,119,197
Tlio Cascades to Portland, 40 miles..................................
Average cost per mile, $27,979-93.
91
96
87
26
Total cost of completed main line, 213 miles............... $7,237,763 09
The following table shows the exports and imports of specie
Average cost per mil *, $29,7o3'53.
at the port of New York for the week ending Jan. 22, and
It Is a fair presumption that the cost of construction of tho above p or
since Jan. 1, 1887, and for the corresponding periods in
tion of the company’s line was as expensive at least as the balance o f
1686 and 1885:
BXPORT8 AND IMPORTS OF SPECIE AT NEW YORK.
Gold.
Imports.
Exports.
Since Jan. 1-
Week.
$11,788
Week.
Since Jan.l.
1,600
25,655
South America..........
All other oountries...
5,000
278,656
41,458
$ ........ $1,578,107
231,600
99 ¿,589
259,580
174,750
230,918
949
13,127
23,865
120
120
Total 1887..........
Total 1886..........
Total 1885..........
$15,100
537,153
545,664
$360,557
1,623,447
937,185
$419,597 $3,086,128
32,079
595,821
368,436
855,000
$157,500
19,142
1,800
12,053
1311,000
49.742
4.000
12,053
750
6,350
7.000
$190,245
362,207
183,800
$390,145
1,190,285
905,757
Great Britain............
$3,500
West Indies...............
Silver.
Great Britain............
Franoe.............. .
Germany......... . . . . .
West Indies...............
Hexloo........................
South A m e rica .......
All other oountries.. •
Total 1887..........
Total 1886..........
Total 1885..........
$........
$ ........
1,225
16.550
5,797
6,744
1,225
44,409
ty >03
25,301
$30,316
16,895
4,425
$76,938
35,3 j7
61,780
its lines. On page 9 of the report of 1 8 8 2 , Mr. V il l a r d says: “ The
commanding position of this line is unique. There is no othor like it in
the United States, representing as it does the western end of the great
new transcontinental line, and tho only practicable outlet to the Pacific
Ocean of all the vast region between California and Nevada on the south
British Columbia on the north, and Idaho on the east.”
O n p a ge 13 ho states that in 1830, and ’81 and ’82 he had put into
the liue 67,100 lineal feet of bridging.
In the same report, on page 23, he states as follows: “ As a rule all
sea-going vessols, starting from Portland, Including our steamships,
have to lightor a part of their cargo down the Columbia during the sea
son of low water, which ooours in the fall, the busiest part of tho year.
This involves considerable expense and loss of time, and is a most seri
ous impediment to the growth of the commerce of the Columbia.”
In the annual report of June 30,1834, Mr. Smith says, page 8 : “ Tliegeneral condition of track, buildings and bridges is excellent, except
on a portion of the main line whloh was originally purchased from the
O r e g o n S t e a m N a v ig a t io n C o m p a n y ; tho track and bridges
require renewal. About two thousand tons of rails are on hand and
paid l'or, for this purpose; one hundred and ten miles of track between
Wallula and a point near Celilo have been relaid with steel during the
year.”
Yet the most critical examination cf the report cannot find one dollar
of the vast amount required for these renewals or for ties charged to
operating expenses.
On page 21 is given cost of Maintenance of Way and Bu'ldings. I need
call your attention to but cost of maintaining bridges and inclines,
$4*,913 21; aud yet two years previous, on the part of the line then
constructed, Mr. Villard says he had put 67,250 lineal feet of biidging.
On the same page Maintenance of Oars, Steamers and Boats axe
stated at an absurdly low figure.
. , ,
• ".
...
A n d on page 18, *91.000 is charged to income for depreciation of
steamers, giving to the report an appearance of fairness, but all tho
more misleading, as the amount was absurdly small.
In the Report of June. 1885, on page 8. Mr. Smith says nineteen miles
steel rails were laid daring the yea-. Bridges were renewed and repaired
din in'- tho year at a cost of $152.115 24. On page 2o you will And this
last item charged direct to Construction. Examine the Cost of Main
tenance, see page 23. Vou will fail to And $1 lor costs of rails and ties
Of the above imports for the week in 1887, $59,347 were
American gold coin and $6 8.27 American silver coin.
Of
the exports during the same time $6,600 were American
gold coin.
—Farm mortgage loans on a conservative basis, at 6 per
cent interest on a moderate valuation of the property, is the
feature of the loan business of Messrs. C. E. & C. M. Anthony,
at Peoria, Illinois. This firm has charge of the Illinois busi
ness of the Connecticut Mutual Life Insurance Co. of Hart
ford.
146th Call for U. S. Bonds.—The Treasury Department
has issued this call under date of January 22, 1887, by which
$13,887,000 of three per cents will be retired March 1. The °^Examine the Co3t of Maintenance of Cars, Steamers and Boats. You
Bonds are numbered as follows :
will And them absurdly small.
__
*50—Original No. 28 to original No. 46, both inclusive.
$100—Original No. 3 75 to original No. 532, both inclusive.
$500—Original No. 163 to original No. 215, both inclusive.
$1,000—Original No. 1,321 to original No. 2,016, both inclusive.
$10,000 -Original No. 3,959, to original No. 5,315, both inclusive.
Unlisted Securities.—Quotations from both Exchanges:
SEC U RITIE S.-
Bank.* Mer.Tel.ifcv ab. Co
Ist mort....................... .
Bul.
70
100
ILO
li
Ï5
45
81
24
•2
15
15
25
Preferred'
2 5 >2
East & W est R R. of A la
E;üson E lectric Light,___ 160
Pref........
Georgia Pac.—S tock ........ 25
Ist 6s ........
103
2cis......
61
-Keeiy M otor.......................
S E C U R IT IE S .
2a
10
8*2
47
83*2
2(3
6
M exican N a t io n a l..........
N. Y . City & N orthern ....
N. Y. W. SU.& B.—StocK.
North. Pac.—Div. bon d s..
N orth R iv . Cons.—S crip ..
Pensacola & A tla n tic___
[Postal Tel. & Cable Co . . .
26 *2 ¡Rome & Decatur, 1st M ..
¡St. Louis Ft. s . & W icli..
30
'St. Paul E.«fe Gr. Tr., 1st 6a
jTol. A . A. & N. M ..........
63
Utah Central.—1st, 6s___
21 *2
■11*2
1st m ort....................... .
9
In com es.......... ............1 .
100 4
Bid.
3
10
37 ^
50
5
39
22
17
1*4
96
5
5*4
14
19
86
so
86
6*4
100
ÏÛ
100
80
95
50
A u c tio n S ales.—The Auction Sales will be found on page 150.
Ask
8
120
106*2 107*2 Mich. <& Ohio—1st M. bds.
78*2 80
Cliio. <&A tlantic.—B en ef.
Ciiic.&Inil. Coal R ’yU o.,..
P r e f ..................
CU6-1.& 0 ., ser
serio
yiHcinnati &
ringfielü.
Ist Drei____
2d p ref............... ä............
Ask.
90
35
87
73
105
110
5
16
In the stated Annual Report of June 30,1886, on page 7, Mr. Smith
says 714 miles were in operation.___
,, . ___ __
On page 8. ho says the crop of 188o was a large one, both m acreage
and yield. Further in he says: “ Your Directors have considered it
advisable to follow the cut rates only to a point where it might fairly be
considered as paving.”
.
, _
.
On page 9 be states the expense of a spooial or extra character which
should be considered as looking at tho result of this year s work as fol
lows, with others:
SnowBiockade................. — ................................................. J9
Rail R en ew a ls, re p la cin g iron with steel..................................
««« i i
Tie Renewals................................ -..........................................
og.HJJ n
7 1 4 m iles op era ted . Is n o t th e annu al co st o f re n e w a l o f ties in e x c e ss o f
the a m ou nt w h ic h is here sta ted a t so e x t r a o r d in a r y '!
Steel rail ren ew a l is ilb-.ral fo r th e on e yea r.
.
.
.
Examine the latest inventory of Equipment published, page 24, A n n u al
Report of June 30, 1885. No sensible railroad man would value.it at
ov* r half the cost as stated, $2,753,2ol 52, on page 16, same report* oi
$2 7 9 8 .4 8 2 49, as ou ptge 10 of the Annual Report of June 30, 1886.
We ail know engines and cars will wear out and be destroyed by acci
dent yet, singular to relate, I do not Aud wh re Such things occurred
on this road for years ; certainly no charge is made to Operating Ex
penses for replacing those worn out or destroyed
Ou page 10 he says the boats on the River and Sound Division have
received heavv repairs aud are in good condition.
Is this to l A re the River Steamers which form the great majority in
g >od con liti.ou 1
. , ,,
.
. „
, . „
T h e b est e x p o s i ion o f this peauliar m o d e o f b o o k k e e p in g is fu rn isn e a
b y ta k in g th o e - s t o f co n stru ctio n o f th e 2 43 m iles o f m tin lin e a s
stated b y Mr. V il l a r d as $ 2 9 ,7 8 3 0 3 p e r m ile, au d co n ir a s tin g it w ith
tne p resen t ca p ita liz ttio a p e r m ile, less th e va lu e o f steam ers as th e y
n o w ex ist. I t w ill sn ow th e resu lt o f ch a r g in g to co n stru c tio n f o r a
series o f yea rs w h a t should h a v e b e e n ch a rg e d to o p e ra tin g e x p e n se s
a u d o f p a y in g d i id en d s n o t earned.
!H E CHRONICLE.
142
gatxMus anil fjfittattcial.
On same page he says the work of replacing wooden bridges over the
Walla Walla, Unatilla, Jno. Davis and Des Chutes rivers has been vig
orously pushed, the masonry has been nearly finished, the iron has
been shipped, and the new bridges will be in place within six months.
During the coming year we shall nave to renew a portion of the trestling
between Portland and the Dalles, and one or two large trestles between
Dalles Junction and Riparia. Some of this trestling will be filled,
and in filling where it is possible the line will be relocated, materially
improving the alignment and reducing the expense of repairing here
after; ana there are three more bridges that should be replaced with
iron—Sandy River, Tanner Creek and Eagle Creek. Would not the
leasing of this road be swallowing a camel, while we strain at a gnat in
the matter of building a bridge for our own line at a cost of $400,000,
or furnishing necessary equipment to operate our road 1
On page 33 the earnings for freight by the Railroad are stated as
•0229 per ton per mile, and passengers per mile -0327.
On page 25 the freight earnings of the Railroad Division
are stated as.....................................................................$3,068,702 47
And passengers as................................................................. $619,134 27
Your Company received for passengers ’0316, on freight ’01669. It is
perfectly safe to assume that from the date your Cascade Division is
opened you will not be able to charge more per mile than you received
the past year on the rest of your line. It is also perfectly safe to assume
thaf, with perfect harmony in the management of the two Companies,
and with the most generous forbearance on your part, that from the
date the Cascade Division is opened the O r e g o n R a i l w a y a n d
N a v ig a t io n C o m p a n y will not be able to charge a greater rate than
you do for the same haul. Reduce the rate the present year from
•0229 to ’01669 per ton per mile, and you take off on that one item
over $330,000 from their earnings.
Please bear in mind that in this case a reduction in gross earnings is
substantially a reduction of the same amount in net earnings.
What I have called your attention to are facts, as appear in their
reports. Can any Company, with safety, lease a read where the annual
reports on which we have to rely are so misleading ?
In your individual business would you assume responsibility amount
ing to millions based on reports and statements that, when you come to
examine them, were not reliable i Would you say you knew nothing
about such matters, and be content to take any man’s opinion that it
was wise for you to assume such an obligation 1 Would you not criticise
every item in any statement put forth by the Company, and if your atten
tion was called to gross inaccuracies, would you not question if there
were not others you cannot see i
I have heard it stated that we could operate the road at less cost. Is
it possible, when, as is evident, a respectable portion of the cost of oper
ation is now charged to construction account ?
When your Cascade Division is opened, will it not take materially from
the tonnage of the O r e g o n R a i l w a y & N a v ig a t io n C o m p a n y 1
Will merchandise go by the way of Portland, with its barren harbor and
100 miles of river navigation, with the expense of lighterage, detention,
&c., as mentioned by Mr . V i l l a r d , or will it go by a shorter route
direct to some port on the Sound, Tacoma, if you please, where ships can
arrive and depart at will?
In leasing this property, you would follow in the footsteps of M r . V i l
l a r d , who first purchased the franchise for river navigation, and the
boats at an expense of over $7,000,000, and then deliberately destroyed
them by building a road to take their trade; only you do so with the
knowledge that there is another outlet to the Pacific other than Portland,
which M r . V il l a r d did not know.
I f peace is to be had only at an expense of $800,000 a year, a31 firmly
believe, and at an increasing cost as years go by, I do not want it.
Five years will not roll by before this same region, now occupied exclu
sively by the O r e g o n R a i l w a y & N a v ig a t io n C o m p a n y will
be drained by other and competing companies, and instead of .0229 per
ton will be fortunate if it gets ’0166 per ton, and that on a divided ton
nage.
I f the U n io n P a c if ic lease the O r e g o n R a i l w a y & N a v i g a
t io n C o m p a n y , they get it by assuming its debts, and a dividend on
its stock. The very weight of its obligation will naturally make them
anxious to do fairly with us, but if not, we will be in a position to com
pete with them.
I do not here speak of my objections to a lease jointly and severally,
as the value and earning power of the property is a sufficient bar.
The Burlington Cedar Rapids & Northern Railroad, of about the age of
the O r e g o n R a i l w a y & N a v ig a t io n C o m p a n y , and within 18
months, will tap the N o r t h e r n P a c if ic at Bismarck, occupying a
territory that sooner or later will be competitive with the Black Hills and
Dakota branches. By their last annual report that company received
•010416 per ton per mile on freight hauled, and made a fair showing
simply because they have a good equipment for a new road, and a debt
of $15,000 per mile at 5 per cent and $5,500 stock per mile issued,—say
a capitalization of $20,500 per mile.
If you fear competition, and, to avoid it, wish to assume obligations,
this is the property that has present and mture value, gives you connec
tion with Eastern lines at Cedar Rapids and Burlington and Clinton, and
at half the cost per mile. Reduce the earnings of the O r e g o n R a il
way
& N a v ig a t io n C o m p a n y to ’010416, the same rate per ton per
mile as received by this company last year, you will have the freight
earnings alone of the O r e g o n R a i l w a y & N a v ig a t io n C o m p a n y
reduced by the sum of $1,672,911 86.
The increased to mage of territory now tributary to the O r e g o n
R a i l w a y & N a v ig a t io n C o m p a n y will be more than taken by the
N o r t h e r n P a c if ic and other competing lines.
[Y ol, XL1V.
autl Ifitiatitml.
Although it does not specifically appear under operating expenses
neither does it under construction, and it would have been as reason!
able to presume one as to assert the other, when an inquiry at the office
of the company would have shown the amounts and where they appear
in the statement.
THE CRITICISM ON THE COST OF MAINTAINING BRIDGES AND INCLINES.
That the expense, $43,918 24, is inadequate to maintain 67,200 feet
of bridging constructed two years before shows an ignorance of
railroad operation, as the timber of which these bridges or trestles
are constructed lasts from four to ten years, and 1here should for the
first four years be comparatively little expense for maintenance. The
67,200 feet is very largely trestling and small water-way covers and
not bridges.
MAINTENANCE OF CARS, STEAMERS AND BOATS FOR 1883-4 ARE CRITI
CISED AS ABSURDLY LOW.
The amount was $166,146 56 for all divisions, and for the railroad
division was $92,376 56 for 1,388 cars of all classes, or $66 55 per car_
Four-fifths (4-5) of the equipment was from six months to two years old,
and had not begun to show wear. A comparison of the N. P. RR. charge
for maintenance in 1884 shows 9,718 cars, with cost $589,517 31, or
$60 66 per car, or $5 89 per car less than the average cost on this road>
and this in view of the fact that at least 1,796 cars were shown as on
hand in 1880, and were therefore over four years old and required a far
higher ratio of repairs than the recently built cars of theO. R. & N*
Company. Again, in 1880, we find the total cost of maintenance of cars
of all classes on the Northern Pacific road was, for 1,796 cars, $79,883 26
or $44 47 per car, which would be $22 08 per car less than our average,
with nearly the same equipment.
RENEWAL AND REPAIRS OF BRIDGES.
The statement on page 8 of 1885 report, that bridges were renewed
and repaired in 1884-5 to the amount of $152,115 24, was an error. It
should have been construction expenditure amounted to that sum. Of
this there was expended on—
Construction bridges, Baker City Line.................................... $138,865 71
Construction bridges, Col. & Palouse Branch................
6,971 86
Material for new bridges, on Portland and Dalles Branch,
6,277 77
not charged when line was opened............... ..................
THE MAINTENANCE OF BRIDGES
00
H
00
during the year amounted to $39,859 76 as shown on page 23, and was
the average amount expended for that purpose in previous years.
RAIL AND TIE RENEWALS FOR 1885.
These appear under the head Maintenance of Road, as heretofore ex
plained, and were as follow s :
Rail renewals
....................................................................... $51,842 64
Tie renewals................................................................................. 6,649 28
MAINTENANCE OF CARS, STEAMERS, &C., 1884-5.
This account for the railroad division, which is stated as absurdly
small, shows an average expenditure per car of $48 23, and the report
of 1886 shows an average expenditure of $83 83 per car, making the
average for the two years $66 05 per car. For these same periods the
Northern Paciflo Railroad shows an average per car in 1884-5, $60, and
in 1885-6, $63 23, making the average for the two years $6161, or $4 44
per car lower than the O. R. & N. Company. In the cost of maintenance
of cars on the Northern Pacific Railroad are indued items of r e p a ir s
of C a r Sh o p s a n d S h e d s and C a r R e n t a l s , which are carried
in O. R. & N. Company’s statement under head of M a in t e n a n c e B u i l d
in g s and C a r M il e a g e respectively. Deducting these items, to ena
ble a proper comparison to be made, and the average of the Northern
Pacific Railroad for Mantenance of Cars would be :
1884- 5 .....................................................................................$55 89 per oar
1885- 6 ..................................................................................... 58 53 per car
making the average for the two years $57 21, or $8 84 less per car than
average of the O. R & N. Co. These items of comparison could be car
ried to the maintenance of Motive Power with equal effect, but there is
no desire on our part to show anything except the unjustness of the
criticism and the superficial examination upon which it is based.
STEEL RAILS AND TIE RENEWALS, 1885-6,
appear as separate items. This was done not because it was the first
showing on such expenses, but for the added information which these
accounts afforded to the Stockholders, as forming two of the principal
J o h n U. B r o o k m a n ,
items of maintenance of way. Such expenses appear in operating
expenses, as they always have done, but under three heads:
R E V I E W OF R E P O R T OF JT. U. B R O O K M A N
Road,
)
TO THE
Tie Renewals, >Instead of Road,
Rail
renewals,!
P r e s id e n t a n d D ir e c t o r s o f t h e N o r t h e r n P a c if ic R a il r o a d .
as heretofore. As further information on this subject, there is given
The statement of the property accounts are as given in our statements, below a comparison of the cost of maintenance of road, including all
but I would add that the sum of $10,321,273*91 includes not only the renewals, and of entire maintenance of way, between the O. R. & N.
river and ocean steamers, barges, and wharf boats, but in addition and N. P. RR. for the five years ended in 1886.
thereto:
The total miles of railroad in operation in 1885 and 1886 and the
The Caseaaes Railroad, 6 miles long, with its equipment.
cost of maintenance were:
The Dalles & Celilo R. R., 13 miles long.
o. R. & n . co.
Six-sevenths (6-7ths) of Walla Walla & C. R., 36 miles long, with its
Cost per mile.
Expended for
equipment.
Main, w ay
Maintenance
Miles
Maintaining
5601-10,000 of the property of the Willamette Locks Company.
way, bridges Maint’ng bridges <£
oper
Years.
road and
The wharves at Astoria, Portland, Cascades, Dalles, and other points
andbuild'ngs. road.
build'ngs.
ated.
track.
—over 1,000 acres of land at the Cascades; about 450 acres of land at
$159,390
65
$350
25
$483 00
$115,582
57
East and South Portland, and various other properties and rights 1882............. 330
676 94
270,373 39 590 52
235,852 49
8 3 ............. 399’4
acquired in the purchase of the steamship and steamboat companies’ 18
1,070
40
899
41
384,319
72
457,385
47
1884............. 427’3
stock.
795 38
522,807 49 707 48
465,026 73
1885............. 657’3
STEEL RAILS AND TIES LAID IN 1883-4:
844
86
675
93
483,021
27
603,737
61
714-6
1886 ............
which it is in lirectly claimed were charged to construction.
NORTHERN PACIFIC RR.
The cost of steel rails and ties in 1883-4 were charged to operating
88, 952,919 56 $980 16 $1,195 63
8 2 ............. 797
expenses under the head of maintenance of road, and the expense of 18
931 00
1,101,627 62, 1.393,711 06 735 89
1883............. 1,497
each w as:
651 74
1884............. 2,546-8 1,252,609 78 1,659,855 09 491 83
510 94
1,183,475 80 1,363,195 97 . 443 58
1885............ 2,668
Rails...................................................................... .......................$76,242 69
477 63
1,341,495 38 *■ 394 14
T ie s ............................................................................................... 7,690 55 1886............. 2,808-3 1,106,875 91
THE CHRONICLE.
J anu ary 29, 1887.]
g a tx M tiô
a tx Ä
g a tx M tifl
Ifitm iX J C ia X .
which shows that not only has the O. R. & N. Company expended more
per mile in keeping up the condition of the roadbed, track, buildings
and bridges, but for the last three years it has expended more per mile
On its road and track alone than the N. P. HR. has for its entire main
tenance of way, bridges and buildings. If anything is wanted to more
clearly demonstrate the lack of knowledge or fairness in the prepara
tion of this report, it is only necessary to say that nearly one-fourth the
mileage of the N. P. R. R. is over fourteen years old; that the repairs
are or should be on this portion much larger than the O. R. & N. Com
pany line, whose average age is now only four years; that while the re
newals of the O. R. & N. Company show:
1886.
1884.
1885.
714-6
427-3
657-3
Mileage.
$123,909 46
»76,242 69
$51,842 64
Rails...
53,893 11
7,690 55
6,649 28
Ties___
143
a tx Ä
S fiir n t t jc is t l»
F IR S T M O R T G A G E 6 P E R CENT 3 0 -T E A R BONDS
OF
KALAMAZOO
THE
STREET
^ ' K a la m a z o o ,
RAILWAY
C O ,,
M ichigan.
Interest May 1 and N ot . 1, at the Central Trust Co.,
NEW
YORK.
The Company has. been in operation two years, and by its annual
report published Jau. 12, 1886, shows net earnings of $11,953*30 for
the previous eighteen months, leaving a surplus of $2,953*30 over and
above all charges and Interest on the bonds.
The Company, through its Secretary, reports May 12,1886, that the
THE N. P. RK. SHOW.
earnings for January, February, March and April are 68 per cent more
2,546-8
«
2-668
2,808-3
Mileage...........................
T ie s ................................$141,599 31
$75,537 25
$152,750 00 than the corresponding months last year, which is sufficient to payKails........................... .
56,294 59
55,421 76
18,472 14
or about half the expenditure of money for Rail Renewals, with about interest on the bonds and a dividend on the stock.
We know of no better investment in the market.
four times the mileage.
REPLACING CARS DESTROYED OR WORN OUT.
PRICE PAR AND INTEREST.
All cars or engines destroyed, worn out, or damaged by accident, are
G R IS W O L D & G IL L E T T
rebuilt and charged to operating expenses. It is not customary to make
special accounts of such items, and the cost appears each year under
NO. 3 WALL STREET, NEW YORK.
head of Maintenance, Cars
RIVER BOATS—ARE THEY IN GOOD CONDITION 1
They are; also the Sound boats and ocean steamers, and they have
all received those usual and regular repairs that keep them so.
CAPITALIZATION PER MILE.
We will, as suggested, take the capitalization per mile as it now ex
ists, but instead of deducting the present value of the steamers, river
and Sound boats, the Cascades Railroad, the property of the Willamette
Locks Company, the docks and valuable waterfront property at Astoria
and Portland, the lands at East and South Portland and Cascades,
nearly 100,000 acres of land in Palouse County and Powder River Val
ley, the Hotel Block, Portland, the quarry of building stone near Port
land and various other properties and assets valuable in them
selves for their earning capacity and the future advantage to the com
pany in acquiring and holding business; we will throw them in and take
the entire capitalization as it stands, as applying only to the railroad
line, say 742-1 miles at the par value of the stock and bonds—$37,835,
000—$50,983 per mile, and compare it with the N. P. R. R. Co n st r u c
t io n A c c o u n t only per mile, as shown in their annual report of
1886, which shows a cost per mile of $74,303, or $23,320 per mile more
than the O. R. & N. Company.
W E O F F E R A T 1 0 6 AND IN T E R E S T T H E B A L A N C E
UNSOLD OF T H E F IR S T M O R T G A G E
6 P E R CEN T GOLD BONDS
OF THE
FORT
O. R. & N. N. P. R. R.
•01669
... -0229
Freight........................ ...................................
•0316
.. -0327
Passenger........................................................
The assumption that the earnings per ton per mile on the Cascade
division of your road will not be more than your main line shows a
lack of appreciation of how your business is conducted. Earnings of
•01669 per ton per mile fo r . a line of 2,000 miles long is a large rate,
say $333 80 per oar of ten tons, but for a 200-mile line over the moun
tains on heavy grades and with expensive terminal charges $33 38 per
car is a lower rate than you can maintain, and will be in many instances
with the light traffic of the road in such a country, and the heavy train
expense due to the small number of oars in each train, less than cost.
It must also be borne in mind if your local rates are reduced to the
point you suggest, '01669 per ton per mile, it will probably affect your
through rates and certainly your average rate, and the average per ton
per mile for your entire road would not be *01669 as you fanoy, but
about *0117, or nearly 30 per oent less. Your local rates are the same,
in some instances (to your interior Montana points) relatively hia-her
than ours. On this basis the effect of opening your Cascade Division,
with its consequent reductions in rate carried throughout your line, as
they must be when once started, would be (without increase of busi
ness) a reduction in your freight earnings of say 30 per cent of $8,189,614 62—$2,456,884 38 per annum. To regain this only as you operate
for about 50 per cent you must get new business amounting to $4,913,768 76 per annum—over 60 per cent of your present freight earnings.
Of course I do not think this reasoning correct or proper, but it brings
a fair deduction from the premises and assumptions started with.
A number of things are stated as facts taken from the reports in a way
meant to be misleading. In nearly every instance the facts are either
misstated, garbled, or assumed to be wrong, or evidences of things unseen, without seemingly considering the matter worth even the super
ficial examination which would have afforded the positive informa i
tion.
The accounts and books of this company were offered for examination
before this report was made, and the assurance was given that all ques
tions relating to the property, its earnings, conditions, construction, or
financial condition would be answered, and any explanations or detail
given that would be required.
No such questions were asked, although many of the inaccuracies of
the report oould have been corrected by such questions.
E l ij a h S m it h , President O. R. & N. Co.
United States Government and other desirable
S E C U R I T I E S
FOR
I N V E S T O R S .
All stocks and bonds listed on the New York Stock Exchange bought
nd sold on commission for casb.
Deposit accounts received and interest allowed on monthly balances
eot to draft at sight.
I ARTE Y
FISK
& SONS,
28 N assau S treet , N e w Y ork .
& YAM RUREJV R R I D G E CO*
THESE BONDS ARE GUARANTEED PRINCIPAL AND INTEREST
BY THE
ST. LOUIS & SAN FRANCISCO B AIL ROAD CO.,
W H O S E 1ST P R E F E R R E D STOCK IS SE L L IN G A T 1 1 6
G R IS W O L D & G IL L E T T ,
NO. 3 WALL STREET, NEW YORK.
GRAPE
CREEK
COAE
O f D a n v ille ,
EARNINGS PER MILE.
Relative to the receipts per ton per mile:
S M IT H
F IR S T
COMPANY,
111.
M O R T G A G E 6 P E R C EN T S IN K IN G
BONDS, D U E 1 9 1 6 .
FUND
IN T E R E S T P A Y A B L E A P R I L AN D O C T O B E R ,
AT TH E FARM ERS
LOAN AN D T R U S T
CO., N. Y ., T R U S T E E S .
These bonds are a first and only lien upon one of the most valuable
and well-established coal properties in the State of Illinois, consisting
of over 2 ,0 0 0 acres of coal laud, 1 2 2 houses, a well-stocked store,
ample farm buildings, and all the machinery, plant and appliances—on
which there is no indebtedness whatever except this issue of bonds.
Of this issue $ 1 2 5 ,0 0 0 are setaside and held iu trust by the Farmers
Loan & Trust Company, of New York, and cannot be used for any
other purpose than for buying more coal lauds, building more houses
and making additional permanent improvements to the property
9 3 0 0 ,0 0 0 of these bonds have already been sold, and are held for
investment by some of the most conservative investors in this oity
State, and throughout New England, including many of the leading
Sayings Banks, Bank Presidents and Trustees.
A sinking fund is provided in the mortgage for the payment to the
Farmers’ Loan & Trust Company of $ 2 0 ,0 0 0 per annum, beginning
April 1,1891, for the redemption at par of that amount of bonds each
year, until the entire issue is redeemed and canceled.
T h e rental fro m the houses and the profits fro m the store,
screenings and the farm s w ill m ore th an pay the Interest
o n the entire Issue [of bonds w ith o u t tou ch in g th e profits
fro m th sales ot coal.
F o r the tw o years and [eleven m onths] ending A p ril 1 ,
1 8 8 6 , the com pany earned $ 1 6 9 ,4 6 2 and 5 1 -1 0 0 , or nearly
6 per cent on $ 1 ,0 0 0 ,0 0 0 , an d w ith the addition al plan t to
be p a t upon th is property it sh ou ld earn 6 per cent o n
$ 2 ,0 0 0 ,0 0 0 , w h ile the Interest charges are on ly $ 3 0 ,0 0 0
yearly.
We offer a limited amount of these bonds to investors that are seeking
safe securities for investment, and we look upon them, at the price
offered, as the most profitable investment in the market, paying the
investor about. 6 1 -2 per cent interest.
Price, 9 5 and accrued interest.
G R IS W O L D
&
G IL L E T T ,
N o, 3 W a ll Street, N ew Y o r k .
THE CHRONICLE.
144
D I V I D E N D S .
H e following dividend« have recently been announced:
Name o f Company.
Per
Ceni.
When
Payable.
Books Closed,
(Days inclusive.)
R a ilro ad s.
2*0 P.» t Feb. 1 to Feb. 11
New York Prov. & Boston (quar.)
Feb.
Feoria & Bureau V a lley.............. 4 & ex
B an ks.
Feb.
1
Coin Exchange............................... 5
In su ran ce.
Feb.
1
6
Broadway.......................................
M is c e lla n e o u s .
Feb. 15
t
U n ite d S la tes Expres s .................................................
I'JOU XLTV,
Sixty Days.
Demand,
January 28.
4 85
4 88*â
Prtmebankers’aterllng bills on London...
........
Prime com m ercial....... ........................ — 4 83*2® 4 84
........
Documentary com m ercial.......................... 4 83 @ 4 83*01
22*i 5 203g@5 20
Paris (fran cs)............................................. 5 23*«@5
40 840*16 14C8i «®4014
Amsterdam (guilders). . . . . . -----.................
947«®95
I 95*a®&5%
Frankfort or Bremen (reionmarks)...........
Coins.—The following are quotations in gold for various coins r
Sovereigns............$4 84 @$4 87
N a p oleon s........ 3 84 @ 3 88
X X Retchmarks. 4 74 @ 4 76
X Guilders........... 3 96 © 4 00
Hpan’hDoubloons.15 60 @15 75
Mex. Doubloons.-15 55 @15 65
par @ *4 prem
Fine'gold b a rs....
103 8 103*2
Fine silver bars
Dimes & *« dimes. — 99*2® par.
Silver 4*8 and *08. — 99
Five f r a n c s . . . . . . — 93 © — 95
Mexican dollars.. — 8» *2® — 81
Do uncoinmere’l . — 79*2 8 — 80**
Peruvian sols---- - — 74 @ — 75
English silv er. . . . 4 79 @ 4 84
U. S.trade dollars
81 ® . . . .
U. S. silver dollars— 903*® lo o
United States Bonds.—Government bonds have been only
W A L L STREET, F R ID A Y , January 28, 1 8 8 7 —5 P. M.»
moderately active, and in the earlier part of the week were
^ttie Money Market and Financial Situation.—The quite dull. The 4s and 4$s, to which the business has been
■week has been unsatisfactory upon the whole, notwithstanding confined, have been strong, while the others are not much
changed The Treasury Department has issued the 146th call
the better tone in the stoc market to-day.
The Inter-State Commerce bill and the other uncertainties for bonds, retiring $13,857,000 of the 3 per cents on March 1.
attendant upon the possible action of Congress were sufficient to
Jan. Jan. 1 Jan. Jan,
1Interest Jan. Jan.
put a check on business, and added to these we have had the
28.
27.
26.
25.
24.
\Periods. 2 2 .
war rumors from London and the strikes here of the coal and
*lin
*110V
‘
1103s
1103a
...re£*,Q. -Mar. *110*4,
freight handlers, which have all had their influence in weigh 4*ss, 1891
1103s 110*41 110*4 110*8
.cuup.jQ. -Mar. *110*4
4*s8,1891
___ .,'128*41 128*3 128*«
128*4
..reg.Q. -Jan. *127 7a
ing down the markets. Fortunately, the matters referred to 4s, 1907...
*12838 128*8, H2S*4 1283»
-Jan.
*127
-e
coup.jQ.
4b. 1907 ..
*100
’ 100 ‘ 100 *100
*100
*
1
0
0
1
are most of them likely to be of temporary duration, and when 38. olitimi U. 8. ...reg. Q. -Feb.
*1 25 7s *125 V *125% *12578
6s, ciir’cy, ’95. ..reg.J: & J. *125 V ,
removed in the near future, will leave trade free to resume its 6s,
*12858*
12858‘ *128*3' *128®8
ciir’cy, ’96. ...reg.'J. & J. * 1 2 8 V ;
*131*4 *13138
68, cur'o.v, ’97. ...reg.lJ. ife J *13138) 134 *13136*13138,
natural course.
*134
*134
I*134 1*134
1*134
)
6s, curYv. ’98. ...reg.JJ. & J.
*13638*13638 *136*4 *1368»
The course of foreign exchange during the next few months 6a. cur’cÿ, ’99. ...reg. J. & J. !*L3658
* This 1« the price bid at the morning board ; no sale was made.
will greatly depend on the movement of securities between out
market and London. There is much wheat yet to go forward,
State and Railroad Bonds.— State bonds have had a fair
and the present stoppage by the ’longshoremen’s strike cannot business, the transactions covering a large number of classes.
last long, so that the prospect seems good that we shall not The only special activity has been in Virginia deferred bonds,
and they have been irregular and close to-day at 14$ bid. Louis
export any considerable amount of gold unless American secu iana consol 4s close at 80$ bid ; Tennessee settlement 3s at 78$.
rities are sent home through fear of the imminence of war in
Railroad bonds have been rather unsettled in sympathy with
the stock market, and the tendency of prices has been down
Europe, or tor other sufficient causes
The open market rates for call loans during the week on ward though there has been nothing like a decided decline.
The continued firmness of a few classes has imparted a somewhat
stock and bond collaterals have ranged from 2$ to 5 per cent irregular tone, however, and the changes for the week are not
the usual rate to stock brokers being 3@5 per cent; to-day the important except in a few cases. The most conspicuous fo i
rates were 2$@4per cent. Prime commercial paper is quoted weakness have been Hocking Valley 5s, Denver & Rio Grande
4s Ft. Worth & Denver l ’sts, Erie 2ds, Texas & Pacifac bonds,
at'5@5$ per cent.
&?. There has been no special cause for weakness in the bond
The Bank of England weekly statement on Thursday showed market, butas usual it shows A tendency to follow the coursé
a gain in specie of £800,000, and the percentage of reserve to
of stocks.
liabilities was 46-97, against41-73 last week; the discount rate
Railroad and Miscellaneous Stocks.— Various unsettling
remains unchanged at 5 per cent. The Bank of France lost influences have been at work in the stock market during the
past week, and as a consequence prices have been rather weak
8 7 5 ,0 0 0 francs in gold and gained 8,250,000 francs in silver.
The New York Clearing House banks, in their statement of and the tendency downward. The fear c f war in Europe
caused active Loudon selling at one time and the extensive
J an u ary 2 2 , showed an increase in surplus reserve of $184,575,
strike among the coal handlers and ’longshoremen in this city
the total surplus being $18,796,875, against $18,611,800 the and vicinity occasions some uneasiness. Added to these, the
Inter-State Commerce bill was introduced as a factor by the
previous week.
The following table shows the changes from the previous bears, and increased the distxust.
The most decided weakness was on Monday, when our mar
Week and a comparison with the two preceding years in the
ket was somewhat unsettled by free sales from London, induced
Averages of the New York Clearing House banks:
by the rumors of probable war in Europe; the inclination to
sell caused quite a sharp break in prices, which continued all
1885
1886.
Dt
ffer’ncesfr’m
1887.
Jan. 24.
day and left the market several points lower than on Saturday.
Previous Week. Jan. 23.
Jan. 22.
On Tuesday, however, there was a reversal of the bear feeling,
Loans and dis. $351,448,200 Ino .*3,380,500 $338,697,700 $294,917,000 London having recovered from its scare, and our market
98,284,300 99,909.300
89,798,500 lu e. 1,710,500
Specie............
11,275,000 opened at an advance, the improvement continuing till nearly
9,690,400
6,800
7,865.400 Deo.
Circulation...
Net deposits.. 380.060,900 Ino. 5,873,300 389.832.700 351.749,900 all of the previous decline had been recovered. Since then,
57.600 34,237,600 40.141,200
24,013,100 Deo.
Legal tenders.
however, the principal feature has been dillness, and thé
Legal reserve *95,015.225 Inc .*1,468.325 $97,458,175 $87,937,475 market has been generally weak, owing to a lack of confidence
Reserve held. 113,811,600 Ino. 1,652,900 132.571.700 140,050,500
and an indisposition to operate in view of the unsettling con
Surplus.......... $13,796,375 Inc. $184,575 $35,113,525 $52,113,025 ditions mentioned above.
J
There have been fewer special features than of late, and
Exchange.—Sterling exchange has been quite strong during the market has generally fluctuated more uniformly, though
the past week, though somewhat irregular at times. The trans there have been some exceptions to this. New England has
actions in our stock market for foreign account have been a shown exceptional strength, and records an advance for the
leading influence, and the heavy sales in this connection on week. There is nothing new in regard to it, but the old
story of the formation of a through line from New York tq
^Monday caused an advance of one cent in the posted rates, and Boston is revived. The Southern stocks, especially Richmond
they have been pretty firmly maintained since. The posted Terminal and Norfolk & Western preferred, have been quite
weak, and the former has been somewhat less active than of
rates to-day are 4 85 and 4 83$.
To-day the rates on actual business were as follows, v iz .: late. The coal stocks have been active, especially Reading,
Bankers’ 60 days’ sterling, 4 84 J@ 4 84$; demand, 4 87$@4 88. which has shown the most weakness. Jersey Central bad a
Cables, 4 S8$@4 88$.
Commercial bills were 4 83@4 83$; sharp advance last Saturday, but. has since been weak, though
_
Continental bills were: Francs, 5 22$(5)5 23$and 5 20@5 20$; showing less decline than the others.
The Gould stocks have been a feature, being also weak.
reichmarks, 94$@95 and 95$@95$; guilders, 40@40$ and 40$
Union Pacific had a spurt of activity on Wednesday, when it
@40$.
The following were the rates of domestic exchange on sharply declined and as sharply recovered, though falling off
New York at the under-mentioned cities to-day: Savannah, again since in sympathy with the rest of the market. Lake
buying par, selling $ @ $ premium; Charleston buying $ dis Shore and Canada Southern also show a decline.
To-day there was much strength in the morning, and prices
count @ par; selling $ @ $ premium; New Orleans, commer
cial, par; bank, $1 prem.; St. Louis, par; Chicago, 40@50c. disc. generally advanced 1 percent or more; in the afternoon busi
ness was very dull, but most of the advance was maintained.
The rates of leading bankers are as follows :
iJTHE CHRONICLE.
J a n u a r y 29, 1887.1
115
PRICES OF STOCKS AT N. Y. STOCK EXCHANGE FOR WEEK ENDING J A N . 2 8 , AND SINCE JAN. 1, 1S87.
HIGHEST AND LOWEST PRICES.
STOCKS.
Saturday,
Jan. 22.
Monday,
Jan. 24.
Tuesday, ! Wednesday, Thursday,
Jan. 25.
Jan. 26.
Jnn. 27.
Friday,
Jan. 28.
Sales | Range since Jan. 1,1887.
of the ------;----------
Shares.
Lowest.
I Highest.
A c t iv e R K . S t o c k s ,
Atlantic & Pacific...................
11% 11% 11 *8 1 1%
1 1 % 1 1 % ' 11 %
12% Jan. 3
Canadian Pacific.................... t64% 66
63
64
63% 63 %| 63%
68% Jan. 13
Canada Southern............... .
59% 59 3^ 55
59%i
55% 57 r
56%
63%
Jan. 3
Central of Now Jersey...........
66% 68% 6 5 % 6 8 %
65% 66% I 66
68% Jan. 22
Central Pacific......................... * 3 8 3 9 %
35% 3'
*36 ........
43%
Jan.
3
Chesapeake & Ohio.................
*8% 9
‘ 8% 9
9
9
9% Jan. 8
DO
1st pref.
16
16
16% 16% *16
17
16*2 I6I2I
17
Jan.
13
Do
2d pref.
10
10
10
10
9%
9%
11% Jan. 20
Chicago Burlington & Quincy. 138% i.38% 137 138
138 1381.
138% Jan. 25
Chicago Milwaukee & St.Paul.
88% 89 %!
87% 88% ! 87% 88% 133,990 I 87% Jan! 2-1 91 Jan. m
. Do
pref.
117% 117%!'
117% 117%
711 117% Jau. 8 118% Jan. 17
Chicago & Northwestern......
111% 112%
iii
i i i % 1.11% 112% 19,673 111 Jau. 27 115 Jan. 3
, Do
pref.
139% 139%
139 140 *138% 139%
427
139 Jan. 12 140% J»u. 5
Chicago Rock Island & Pacific.
125 125%
'124% 126
125% 125%
1,142 125 Jan. 24 126% Jan. 6
Chicago St. Louis & Pittsburg.
*15% 17%
*15
17% 17
17%
400 16% Jan. 8 18% Jan. 11
_ .
Do
pref.
35% 37
35
35
36% 38
2,190 35 Jan. 27 40% Jan. 15
Chicago St. Paul Min. & Oin..
47% 48%
47
47% 47% 48% 27,065 47 Jan. 27 51 % Jan. 7
_
Do
pref.
107% 107%
106% 10678 107% 107%
1,760 106% Jan. 27 109% Jan.
ClevelandC ol.Cin. & Indianap.
61% 62
60% 61% 60% 60% 3,182 60% Jan. 27 65% Jan.
Columbus Hocking Ya!.& Tol.
36
36%|
34% 35% 85% 86% 36,009 34 Jan, ¡¿2 39% Jau.
Delaware Lackawanna &Wes •
. » » - j iUU-oi 134% 136%
134% 135
184% 13d% 157,765 133 Jan. -5 138 Jan.
Denver & Rio G., assessm’t pd S*26
27
25
26% 25% 25%
26% 26% 24% 25
1,545 24%'Jan. 28 23% Jau.
■
Do
pref. 61% 62% 56% 60%
60% 61%
59% 60% 59
60% 13,482 56% Jan. 24 6 6 Jan.
East Tennessee Ya. & Go. R’y. 14
14% 13% 14
13% 14%
13% 14% 14
14
5,222 13% Jau. 24 17 Jan.
Do
1st pref. 75
75% 72
75
73
3,796> 72 Jan. 24 82% Jau. 13
_
Do
2d pref. 25% 25% 25
25%
4,987 24% Jau. 25 32 Jau. 3
Evansville & Terre Haute__
87% 88
87% 87%
87%
810> 86% Jan. 6 1 89 Jan. 3
Green Bay Winona & St. Paul. *12% ........ *11% 13%|
300> 12 Jan. 28 13% Jau. 3
Houston & Texas Central............................. ’ 40
43
1 42 Jan. 11 45 Jau. 3
Illinois Central........................ 134% 134% 133 133%|
133% 133%
132% Jan. 7 135 Jau. 28
TudianaBioomingt’n & West’n 17
17
16% 16%
16
16
14% Jan. 28 17% Jan. 14
Lake Shore & Mich. Southern. 93% 94% 91
93%
91% 92%
91 Jan. 24 96% Jau. 14
Lon" Island..... .................
95 95
94
94%
93
Jau. 15 95 Jan. 4
Louisville & Nashville............ 63% 64% 60% 63%
61% 62% 67,577 60% Jau. 24 67% Jan. 3
Louis. New Alb. & Chicago.
2,700
58
Jau. 22 65% Jan. 3
Manhattan Elevated, consol.
Jan.
158% Jan. 3
Memphis & Charleston...........
51
Jau.
27 63% Jan. 7
Michigan Central..............
86 %
86 Jan. 27 93% Jan. 3
Mil. Lake Shore & West..........
66% Jau. 6 70% Jan. 21
Do
pref. i
98 Jan. 4 100% Jan. 21
Minneapolis & St. Louis........ I *18%
18 Jan. 25 20 Jan 3
,,,
Do
pref.
42% Jau. 5 45% Jan. 13
Missouri Kansas & Texas.......
28%
Jan. 20 33 % Jan. 3
Missouri Pacific......................
__
Jan. 26 109% Jan. 3
I
Mobile & Ohio..................
635
15%
Jan.
_. 19% Jan. 8
N ashv. Chattanooga&S t. Louis
81% 82
3,300 81% Jan. 28 88% Jan. 3
New York Central & Hudson.
111
% 112% 21,178)111% Jan. 5 114% Jan. 17
Now York Chic. & St. Louis...
9% Jan
15 Jan. 15
• Do
pref.
20% Jan.
28 Jan. 13
New York Lake Erie & West’n
30% Jan,
31%
34% Jan. 3
Do
pref.
68 %
68 I 3,2101 67% Jau.
73% Jan. 3
New York & New England...
56%
57% 107,795 51 Jan.
57% Jan. 26
New Ycra Ontario & West___
17%
17%
4,740
17
Jan.
20%
Jan. 3
New York Susq, & Western...
11% 2,373 11% Jau.
11 %
12% Jan. 20
■' . Do
pref.
32%
32
%l
4,213
31%
Jan.
34%
Jau, 20
Norfolk & Western................
18%
18%| 2,595 18 Jan.
23% Jau. 3
• Do
pref.
48
47%
26,331
45%
Jan.
54
Jau.
13
Northern Pacific..................
26%
26% 6,430 26% Jau.
28 Jan. 3
j , , Do
pref.
58
I
22,349
57%
Jau.
61%
Jan.
3
Ohio & Mississippi..................
2£
24% 25
10,580] 24% Jan.
29% Jau. 3
Ohio Southern..........................
20 19 Jan.
21
Jan.
14
Oregon & Trans-Conti neu tai." 30
31%|
30% "3i% 32,070 29% Jan.
34% Jan. 3
Peoria Decatur & Kvaasville. 35
35%
33% 34
13,285 30% Jau.
35% Jan. 20
Philadelphia & Reading.____
39% 40%
37% 38%: ¡67,9551 30 Jan.
42% Jan. 20
Richmond & Alleg., receipts..
8% 8%| 1,050
10% Jan. 5
Riohm’d &West P’nt Terminal "45%
42% 45%' 97,141 40
53
Jan, 17
• Do
pref 82%
79% 80%
3.442
75
Jan
11
87%
Jan. 17
Rome Watertown A Ogdensb’g 93
87
87
757 87 Jan 28 95 Jan. 17
St. Louis <fe San Francisco___
30% 30%|
750 30 Jan 27 33 Jau. 17
Do
pref..
_____
65
*63% 65
6434 64%
1,800 63 Jan « 67% Jan. 15
Do
1st pref xll2% 113%
*111 113
112
112
605 112 Jan 2&)ll7%Jan. 8
St. Paul & Duluth__
1 59% 59%
58
58
*58
59
2,150 55% Jan
61% Jan, 20
Do
pref............. 108 109%
108% 108% 108% 108%!
3101107
Jan
108% Jan. 4
St. Paul Minueap. <fc Manitoba 114% 114%
114% 115' 114 114
620(113% Jan
117 Jau. 3
Southern Pacific C o ...............
200 35 Jan
36% Jan. 10
Texas & Pacific, 1st ass. paid.
"22% “2 3 " "22% "23%' 28,875 22% Jan
26% Jau. 13
Union Pacific...........................
56
56%
L08.640
55%
Jan
62 Jan. 3
Wab. St. L. & P.,P. Com. repts.
14% 153
14% 14% 14% 14%' 5.443 13% Jan
19 Jan. 3
Do
pref.
27% 28'
26% 27
26%
27
5,562
26%
Jan
35
Jan. 3
m is c e lla n e o u s S t o c k s .
Colorado Coal <fc Iron...........
36% 38
36
38
36% 37% 36% 37
10,695
36
Jan
24
40%
Jan. 3
Consolidated Gas Co..........
83% 85% 84
85% 84
84% 84% 85% 20,170 79 Jau. 7 8614 Jan. 15
Delnware & Hudson Canal...
101% 102% 102% 102% 101% 102% 102 102% 9,798 101% Jau. 4 104% Jan. 15
Oregon Improvement Co..
42
42
525 40 Jan. 24 47 Jau. 13
Oregon Railway A Nav. Co
"97% "99% 98% '99% 97% "98%
16,300 97% Jau. 22 104% Jan. 3
Pacific M a il..........................
50% 51% 50% 51% 50
50% 50% 50% 16,385 48% Jau, 8 53% Jan. 21
Philadelphia Co.,Nat. G as....
109 109
112 . 112
___________
110% 110% ''110 113
410109 .Jan. 25 114% Jan. 20
Pullman Palace Car Co..........
i *146 147
146 146% *145% 147
146% 146%
Western Union Telegraph___
72
73% 71% 73% 71% 72
71% 72% 73,928 71 Jau. 24 76 Jan, B
E x p r e s s S to c k s .
Adams...................................... 141 141
141% 141% *141 143% *141 144
286 139% Jan. 4 142 Jan. 25
American.............................. ” 109 109
108 109% 110 110 ¡*107% 110
240 107 Jan. 5 110 Jan. 25
United States.............. ............
62% 64%
*62
64
62% 64% 64
64
157 62% Jan. 22 64% Jau. 11
Wells, Fargo & Co................... |*126 130 ¡*126 130
128 128 127% 127% 128 128
129% Jan.
I n a c t iv e S to c k s .
Atchison Topeka (fe Santa Fe.......................
97% 97%
97
97
510
98% Jan. 8
Buffalo Roch. A Pittsburg___ *34 ........
34% 34% 34% 34% 34
34
33% 33% *34
35%
580
35% Jan. 12
15
15
15
Central Iowa........................... 15
15
*14
14% *14
*13% 15
15
15
525
15% Jan. 10
Chicago & Alton..... ..................................
................. 143 143
143 143
143% 143%
107
144
Jan. “8
Cinoin. Iud. Sr. Louis & Chic .................
98
98
100
98% Jan. 20
Cincinnati Wash. & Baltimore." *5% 6% *5% 6]
*5% 6%
*5%
6
7
Jan.
13
Do
vref. 10 10
9
91
9% .9%
8%
9
9
1 ,0 1 0
10% Jan. 14
Denv. w Rio Grande Western. *21% 23
21% 21%
20
20
140
23%
Jan.
13
Morris & Cssex........................ 140% 140%
Í4Ó% 140%'
246
26 140% Jan. ö
New York La -k. & Western.. ’ 106 107
106 106
105% ÍÓ5%
Í0 5 % Í0 5%
277
11 107 Jan. 21
-Pitts. Fort Wayne & Chie...... 145% 148
147 147
144
148 Jan, 22
Quicksilver Mining Co., pref. 32
32% 31% 81%
32% 32%
*31
33
V3 Í” "33'
700
33% Jan. T2
St. Louis Alt. & Terre Haute..
*33 34
33
33
33
33
*31 ~ ‘ 34% *30
35
*30
35
200
35 Jan. 20
Toledo & Ohio Central, pref.. 5 8 ' 58% 57
57%
57
57% 58
58
57% 57% *57 .......•,
1,074
58% Jan. 15
Cameron Coal.......................... 45% 46% 43
45%
43% 44% 44
46% 47
49% 46% 48% 20,145
49% Jan.» 27
New York & Perry Coal........
70
70% 69
70%
70
70% 70% 70% 70% 70% 70
70%
3,670
70% Jan. 26
50% 51% 48
50%
Tennessee Coal & Iron...........
48
49% 49
49% 48% 48% 48% 49%
8,490
54% Jan. 14
V a r io u s S t o c k s , & c. (Uni isted.)
Amor. Cotton Oil Trust.......... 62% 63
62% 63%
62% 62%
62% 63%
8,326 61 Jan.
64% Jan. >3
Pine Line Certificates............. 71
71% 70% 71%
69% 70%
69% 70% 8,754,00a 68% Jan.
72% Jan. l l
St. Louis Ark. & Texas...........
25
25
24
24
24
24
22 % 22 %
680 22% Jan.
26 Jan. 10
Do
1st mort.. 100% 100% 100 100
99% 100
100% 100% 133.000 99% Jan.
1005s Jan. 8
_ _ Do
2d mort , *55% 55% 54% 55% 54% 54%
54
54 183.000 54 Jan.
563g Jan. ;8
Bake Erie & West., 2d ass. ud 25% 25% 24% 24%
24
25
*24
25% . 925 22% Jan.
26% Jan,, 20
Do
pref. when iss
60% 62
59
62
59% 60%
6,520 52 Jan.
59% 60%
63%
Jan. 20
Kingston & Pembroke...........
39% 40 I 37% 39%
38% 38%
5,758 37 Jan.
37
38%
413s Jan. 17
* These are the prices hid and asked; no sale was made at the Board.
t Lower price is ex-dividend.
rVOL. X L I V .
THE CHRONICLE.
146
PRICES OF ACTIYE BONDS AT N. Y. STOCK EXCHANGE ON FRIDAY, AND RANGE SINCE JAN. 1, 1887.
Closing.
Käme o f Bond.
Ja n . 28 Jan. 21
Range since Jan. 1.
Lowest.
Highest.
Closing.
Käme o f Bond.
Jan. 28 1Jan. 21
Range since Jan. 1.
Lowest.
Highest.
Jan. 133 Jan.
Minn. A St. L.—1st, 7s, 1 927.... 133 b. 131 b. 132
27 >ab. 26% Jan. 29*8 Jan.
Jan. 90 Jan.
Atl. & Pac.—W. D. too., 6s, 1910 27 ^
Imp. A Equip.—6s, 1 9 2 2 ...... 90 a. 90 a. 89%
86% Jan. 90 Jan.
%
87%
97 Jan. 100% Jan.
98*2
99%
Guar., 4b, 1937.......... ¿"V A aq 86
Mo.
K.ATex.—Con.,
6s,
1920...
Jan. 106 Jan.
85% Jan. 87% Jan.
Can. South —1st guar., 5b, 1908 05% 10578 105%
Consol., 5s, 1 9 2 0 ................... 85 b. 86*2 112
943sb. 93% Jan. 95*2 Jan.
Jan. 113% Jan.
2d, 5b, 1913............................ 94
Consol., 7s, 1904-5-6................ 113% 113
89 Jan. 90*2 Jan.
89*8
109%
Jan. 110 ¿an.
109
b
.
............
Cen. Iowa—1st, 7 b, '99, coup, ofl 89ia
Mobile
A
Ohio—New,
6s,
1927
..
109*3
Jan.
108%
Jan.
109
b.
108ia
106 b. 106 b.
Central of N. J.—lBt, 7b, 1890..
1st, Extension, 6s, 1927..
Jan. 110*9 Jan.
65 Jam
62%
¿an.
60%b.
62*2b.
Consol. 7b, 1899, assent........... 109 bl 109%' 107%
lstpref. debentures, 7 s ..........
b. 109 Jan. 110 Jau.
Jan.
Convert. 7s, 1902, assent........ 109 b 10913
2d pref. debentures, 7 s .......... 33 b. 38 a. 36 ¿an. 36
107*2 ¿an.
105%
Jan.
107
b.
105
»s
33
b.
32
a.
Adjust. 7 b, 1903.. ..WB.
3d pref. debentures, 7 s ..........
86*g Jan.
85%b.
83%
Jan.
85
b
Convert, deb. 6s, 1908..
4th pref. debentures, 7 s ........
Jan. 110*2 Jan.
84 %b. 84% Jan. 85% Jam
85
Le'h & W.B. ,oon.7s, 1909,as’nt 11031b I l l b. 110
Mutual Un. Tele.—S. f., 6s, 1911 ...............
99 Jan. 102 Jan.
101
105% Jan. 106% Jam
Am. Dock & Imp., 5s, 1921. .. 102
N.Y.
Central—Extend., 5s. 1893,106 b. 106
110 b.
134% Jam
Ches. A O.—Pur. m. fund 6s, ’98
N.Y.C. A H .—1st, op., 76,1903 134% 134 b. 133% Jan. 109*2
76% Jan. 81 ’ ¿an.
80
Jam
108% Jan.
6s, gold, ser. B.1908, coup, ofl 79
Debenture,
5s,
1904.............
110
a.
109*2
75% Jan.
73%
Jan.
75
a
75
133 Jan,
132
Jan.
Exten. coup., 4b, 1986...........
N.Y.A
Har.—1st,
cou.,
7s,
1900
131%b.
132
b.
32
Jan.
29%
Jan.
31
85 ¿an. 97% Jam
6b, currency, 1918.................. 29*2
N.Y.Chie.ASt.L.—1st, 6s, 1921.. 95%
96*2
97% Jan. 98% Jan.
98%
¿an.
Mort. 6s, 1911.................. . . . .
2d mort., 6s, 1923................... 91
92 D. 70 ¿an. 93
Jan. 105% Jan.
65% ¿an. 69% ¿am
Ches. O. & So. W.—5-6s, 1911.... 104 1 104i9b. 103%
N.Y.
City
A
No.—Gen.,
6s,
1910.
«
5
^
115*s Jan.
115
Jan.
115
115*2
123
Jam
l2
l%
Jan,
Chicago & Alton—1st, 7s, 1893.
N.Y. Elevated—1st, 7s, 1906.... 121%b. 121%b.
Jan. 105*2 Jan.
Jam
Chic.Bur. & N o r .-1st, 5s, 1926. 105 *a 105 b. 104*2
N. Y. Lack. A W.—1st, 6s, 1921. 128 a. 125*2b. 125% Jan. 126%
106*2
Jan.
1Ò6
Jan.
106*2
106*2
110
Jam
109%
Jan.
Chic. Burl. A Q.—Deb. 5s, 1913
Construction, 5s, 1923........... HO
IllO
98%b. 98% Jan. 99 ¿an.
Jan. 110 Jam
Denver Divio., 4b, 1922......... .
N. Y. Ont. A W.—1st. 6s. 1914.. 108 b. 109 %b. 107
92%
¿an.
91%
Jan.
b.
92
a.
90
Plato 4s, 1921............... .
N.Y.Sus. AW.—1st, 6s, ’ 11, cp.ofl
98*2 Jan. 99*2 ¿an.
99
99
•.. 71 %a. 71 Jan. 71% Jan.
Chic. & Ind. Coal R., 1st, 5s, ’36 120
Debenture, 6s, 1897, coup, ofl
122*2 Jan.
120*9
Jan,
122
b.
114
¿an.
112
Jan.
112
b.
112
b.
Ch.Mil.& St.P—1st, I. A M.7S,’ 97
Midland of N. ¿.—1st, 6s. 1910
128 %b 128 Jan. 130 Jan.
83% Jam
78% Jan.
82%
Consol. 7 b, 1905..................... 129*a
N. O. Paolfle—1st, 6s, 1920........ 78%
116*2
Jan.
115*2
Jan.
116%
115%
116%
Jan.
115%
Jan.
116
116
1st, So. Min. Div.—6b, 1910...
North. Pacific—1st, coup., 6s, ’21
b. 108 b. 106% Jan. 109 Jan.
Jan. 107% Jan.
1st, Chi. & Pao.W.Div—5s, '21 107
Gen’l, 2d, coup., 1933............. 104%b. 107% 103%
106% Jan.
106*ab.
105
*ab.
105*9
Jan.
107%
Jam
106*3
Jan.
107%b.
107
b.
Wls. & Min. Div.—5b, 1921.... 102 *ab.
James R. Yal. - 1st, 6s, 1936..
103 b. IÓ3 Jan. 103% ¿an.
b. 104%b. 04 Jan. 105 Jan.
Terminal 5b, 1914...........
142 Jan. I . . Pac.Ter.Co.—1st, 6s, 1933... 104
140
Jan.
140*2b.
140
b.
119%
¿an.
118%
Jan.
b.
118%b.
118
Chic. A N. W.—ConBOl. 7b, 1915
Ohio A Miss.—ConsoL, 7s, 1898.
b. 131 b. 132 Jan. 133 Jan.
..1 1 8 b. 118 Jan. 119 Jam
Gold, 7s, 1902.......................... 131
2d, consol., 7s, 1911................
120 Jan.
117*2
Jan.
118
b.
118
b.
111
Jam
109
¿an.
a.
I
l
l
a.
i
l
l
'
Stoking fund 6b, 1929............ 108
Springfield Div.—7s, 19 0 5 ---108 Jan. 109*2 Jan.
Stoking fund 5b, 1929............. 108 %b. 108*9b.
1st, general, 5s, 1932.............. ............ 90 b. 103 Jan. 107% ¿an.
110 Jan.
108%
Jan.
108
*ab.
103
104%b.
Sinking fund dehent. 5s, 1933
Ohio Southern—1st, 6s, 19 2 1...
Jan. 108*2 ¿an.
40 Jan. 47% Jan.
45
25-year debent. 5s, 1909....... 107 *ab. 107% 107%
2d, Inc., 6s, 1921...................... 41%
% 121% Jan. 122% Jan.
92% ¿an. 94% Jan.
94%
Cb. St.P..M.A O.—Consol. 6s. ’30 121 % 121
Oregon Impr. Co.—1st, 6s, 1910 92%
127*3
Jan.
126
Jan.
126
*ab.
108 Jan. 109% Jam
109
b.
109
b.
St. Paul & S. C.—1st, 6s, 1919 126*sb.
Ore.
R.
A
Nav.
Co.—1st,
6s,
1909
98% Jan. 101 ¿an.
Jan. 106 ¿an.
Ch.St.L.A Pitts.—1st, con. 5s, ’32 101 b. 101 b. 107
Consol., 5s, 1925...................... 104 b. 105% 104%
Jan. 109 Jan.
I07%a.
101 Jan. 102% Jam
C. 0. C. & Ind.—Gen. 6b, 1934 .. 107 b. 102
Oregon A Transoon.—6s, 1922.. 101%b. 102
102*3
¿an.
100*9
Jan.
%
102
%
114
Jan. 114 Jam
113
%b.
114
a.
Col. Coal & Iron—let, 6s, 1900.. 84%
Peo. Deo. A Evans.—1st, 6s, ’ 20.
83% Jan. 88% Jan.
85%
82 b. 85 a. 81% Jan. 85 Jan.
Col. H. Yal. A ToL—Con. 5s, ’31
Income, 6s, 1920...................... 107%b.
91 ¿an.
80
Jan.
88%a
81
110
Jan. 110% Jan.
108
b.
Gen. gold, 6s, 1904........
Evansv.Div— 1st, 6s, 1920...
Jan. 120 Jan.
82 b. 85 a. 79% Jan. 84% Jan.
Denver A Rio Gr.—1st, 7s, 1900 119 b. 11913b 119*2
Income, 6s, 1920............
80 ¿an.
76%
Jan.
79%
78
66%
¿an. 71% Jan.
1st con. 4s, 1936 .....................
Rich A All.—1st, 7s, 1920. tr. rec 66%b. 69
b. 81 a 80 Jan. 81% ¿an.
113 Jan. 113*2 ¿an.
Den. A R. Gr. W.—1st, 6s, 1911. 77
Richm. A Dan.—Cons., 6s, 1915 113%a. 113 b. 107
78 Jan.
76
Jan.
75
b.
77
Jan. 107 Jan.
107
114
a.
Assented.............................--Debenture, 6s, 1927 ............ 106 a. 106 a.
78 Jan. 80 Jan.
Den. So. Pk. A Pac.—1st, 7s, ’05 75 b. 80
Debenture, assented............. ......... . 115%b,
Det. Mac. A Mar.—1st, 6s, 1921 50*9b.
Rooh. A Pitts.—1st, 6s, 1921.
51 %b. 51 Jan. 53 ¿an.
............. 108 b. 108 Jan. 108 Jan.
Land grant 3%s, 1911.............
Consol., 6s, 1922..................
¿an. 110% Jan.
Income 7s, 1921....................... 99
Rome W. A Ogd.—1st, 7s, 1891. 110 b. 110 b 110
99%
¿an.
98% ¿an.
99*8
103% 102% Jan. 103% Jan.
E. Ten.V. A G. Ry.—Con.,5s, ’56
Consol., extend., 5s, 1922....... 103
108
¿an.
105
Jan.
10719a.
107
b
102
Jan. 107 ¿am
Eliz. Lex. A B. Sandy—6b, 1902.
Income, 7s, 1932.................... 104
Jan.
107%’ ’ 106% Jan. 107% Jan.
Erie—1st. consol, gold, 7s, 1920 135% 135 b.| 134% Jan. 136
St Jo. AGd.Isl.—1st, 6s, 1925 107
113*2 Jan.
113*9
Jan.
113*ab.
114
b.
71%
Jan. 73% Jan.
b.
72
b.
Long Dock, 7s, 18 9 3 .............
2d, income, 5s, 1925............. 70
117 b 115 ¿an. 118 Jan.
114 ¿an.
Con. 68,1935....................... 118
St. L. Alt. A T.H —1st, 7s, 1894. ........... 112 %b. 114 Jan.
100
Jan.
96
Jan.
97%
98*8
113 b . ........
N.Y.L.E. AW—2d con. 6s, ex o
2d, M., pref., 7s, 1894............. 106
90*2 ¿an. 92% Jan.
108 ¿an.
107%
¿an.
b.
107%b.
Funded coupon, 5s, 1969. .
2d., M., mo., 7s, 1894........... .
90 b 88% ¿an. 90% Jan.
35 Jan. 38 Jan.
Ft. W. ADenv. C. -1st, 6s, 1921 89%
Dividend bus, 6s, 1894........... 35 b.l 37
115 Jan.
113%
Jan.
114
b.
114%
Gal.Har.A San. Ant.—1st, 6b, ’10 109 b. 110 a
St. L. A Ir. Mt.—1st, 7s, 1892...
I l l "¿ a n .
113 ¿an. 114% Jam
2d M., 7s, 1 9 0 5 ....................... 110*9a. 110*ab. 110*2 ¿an.
2d mort., 7s, 1897................... 113 %b. 113%b.
¿an.
99 Jan.
95
Jan.
98
a.
West. Division—1st, 5s, 1931. 100 a. 100 a 99*2 ¿an. 100*8
Gen. Ry. A land gr., 5s, 1931.
92*8 Jan.
Jan. 115% Jan.
2d, 6s, 1931........................... 91%b. 91%b. 92*8 ¿an.
St. L. A San Fr.—6s., Cl. A,1906 115%b. 115 b. 115%
Jan.
116 Jan.
114%
Jan.
114%
116
Gr’n B. W. A St. P.—1st, 6s, ex cp. 99 b. 100 b. 99 Jan. 100
6s, Class B, 1906..................... 1“ «
38% Jan. 40% Jan.
114% 114% Jan. 115% Jan..
2d Income 8s, 1911.................. 38 b. 39%b. 120%
6s, Class C, 1906..................... 1**5%
¿an. 122% Jan.
109% Jan. 111 Jam
111
Gulf Col.ASan.Fe—1st,7s, 1909 121*9 121
Gen’l mort, 6s, 1931.............. HO
103 Jan.
101*9
Jan.
102*8b.
102*ab.
Jan.
Gold, 6s, 1923.................... .
So. Pao., Mo.—1st, 6s, 1888... 101 % 101 %b. 101% Jan. 104%
Jan.
109
b.
110% Jan. 110*8 Jam
Henderson Br.Co.—1st, 6s, 1931 109 *ab. 109 *8b. 108% ¿an. 109%
St. Paul M. A M.—1st, 7s, 1909.
114
Jan.
112%
Jan.
114
a.
113
120
Jan.
120 a. 119 Jan.
H.ATex.C.—IstM. L. 7s, cou. ofl
2d, 6s, 1909..............................
119 Jan. 120 Jan.
119
1st, West. D., 7s, 1891, cou. off. 108 %b. 108 b. 108 Jan. 110 ¿an.
1st cons., 6s, 1933.................. 119
113
b.
109
b.
100
Jan.
96
Jan.
1st,Waco A N. 7s, 1903, cou. ofl
Shenandoah Yal.- 1st, 7s, 1909 98 b. 98
Jan.
43 a. 39% Jan. 43 ¿an.
2d, consol. M. L. 8s, 1912....... 92*ab. 96 b. 95 Jan. 97*2
Gen’l m ort, 6s, 1921...............
72 Jan.
69
Jan.
68*ab.
68
b.
107%
Jan.
Jan.
Gen. mort. 6s, 1921.................
So. Carolina—1st. 6s, 1620........ 107 %a, 107% 107%
Jan.
82 a 80 Jan. 80 ¿an.
Ind.Bl. AW.—lst,pref.,7s, 1900 121 b, 119*2b. 119*2 Jan. 119*2
2d, 6s, 1931.............................. 80 a. 29
96*2 Jan.
91*2
¿an.
95
%b,
96%b.
28%
¿an.
a. 28% Jan.
1st, 5-6s, 1909..........................
Ino., 6s. 1931..........- ............ . 28 a
Jan. 86 Jan.
2d, 5-6b, 1909........................... 83 b. 84 b. 77*2
So. Pao., Cal.—1st, 6s, 1905-12.. 111 b. 112%b. 111% Jan. 112% Jam
95
Jan.
91
¿an.
93%b
95
Eastern Division—6s, 1921...
So. Pao., Ari.—1st, 6s, 1809-10.. 110 b. 110 b.
30% ¿an. 34% Jan.
33 %b 33%
¿an.
Income, 6s, 1921................
So.Pac., N. M —1st, 6s, 1911. .. 105%b. 105 %b. 105% Jan. 106%
38 Jan. 38 Jan.
64 Jan.
59% ¿an.
62%
Ind. D. A Spr—Ino. 1906, tr. rec.. 37*2b,
Tex. A Pao.—Inc. A Id gr, 7s, ’15 62%
117 ¿an. 117 Jan.
74%
Jan.
67%
Jan.
72%
Int. A Gt. Nor.—1st, 6s, gold,’ 19 117 b 117
68%
Rio Grande Div.—6s, 1930 —
93 Jan. 94% Jan.
94
67 Jan. 69% Jan.
68%
Coupon, 6s, 1909..................... 93
Gen. mort. A term., 6s, 1905..
65 ¿an. 65 Jan.
104
a.
Kent. Centr.—Stamped 4s, 1911 68 a 67
100
Tex. A N. O.—Sab. Div., 6s,1912
95% Jan. 100 Jan.
95
90 b. 91 Jan. 92 ¿an.
Knoxv. A O.—1st, 6s, gold, 1925 95*2
Tol. A.A. A N. M.—1st, 6s, 1924. 89
110 Jan. 112*8 Jan.
112
100 b. 103 ¿an. 103 Jam
Lake Erie A W.—1st, 6s, 1919 ..
Tol.A.A. A Gr.Tr.—1st, 6s, 1921 104
62
Jan.
40
Jon.
104 Jan. 109 Jam
Income, 7s, 1899.....................
Tol. Peor. A West—1st, 7s, ’17 -{108 b. 109
113%b 111*9 Jan. 114% Jan.
99
95 Jan. 99% Jan.
Lafay. Bl. A M.—1st. 6s, 1919..
Tol. A Ohio Cent.—1st, 5s, 1935 96%
87
Jan.
68%
Jan.
Jan.
Income, 7s, 1899— i .............
Union Pacific—1st, 6s, 1896-9.. 114% 114% 114 Jan. 115
121*2 Jan. 121*2 Jan.
¿an. 102% Jan.
102
%b.
102
102
%b
Long Island—1st, 7s, 1898........
Land grant, 7s, 1887-9............
114%
¿an.
114%
Jan.
113%b.
115
118%
Jan.
1st, consol., 5s, 1931..............
Sinking fund, 8s, 1893........... 118 b 118%b. 118% Jan. 114% Jan.
Jan.
113%b. 112% Jan.
Lou. A Nash.—Consol., 7s, 1898 119 b. 120 b 119 ¿an. 120
Kan.
Pacific—1st,
6s,
1895—
106
Jan.
105
¿an.
105%
112
Jan.
105*9
111% Jan.
N. O. A Mobile—1st, 6s, 1930.
1st, 6s, 1896.......................... 111 % 112
93% Jan.
114%b. 114 Jan. 115 Jan.
2d, 6s, 1930........................... 93 b. 93 b 90% Jan. 115
Denver Div.—6s, 1899......... 115
Jan.
115
Jan.
114
b.
114
b
Jan.
E. H. A N.—1st, 6e, 1919........
1st consol, 6s, 1 9 1 9 ........... 105% 106% 105% ¿an. 107
108% Jan.
General, 6s, 1930..................... 107*ab. 108 b 107 J an. 106*2
107% 106% Jan. 107% Jan.
Oregon Sh. Line -1st, 6s, ’22.. 107
96%b. 97 Jan. 99 Jan.
Trust Bonds, 6s, 1922............. 106*2 106% 104*2 Jan. 98 Jan.
90
b.
Virginia
Mid.—Inc.,
6s,
1927....
Jan.
97 b 98 ¿an.
55 a. 49 Jan. 60 Jan.
10-40, 6b, 1924.......................
Wab. St.L. A Pac. - Gen., 6s, ’20 49%
Jan
92 Jan. 94 Jan.
Lou. N. A. A Ch.—1st, 6s, 1910. 109% 108 *ab, 109 ¿an. 110*2
Chicago Divison—5s, 1910— 91%b 93%
95*2 Jan. 96*2 Jan.
Consol., gold, 6s, 1916............ 96 a 96
86
%b
87 b. 85% Jan. 85% Jan.
Wabash—Mortgage, 7s, 1909..
102
Jan.
101
Jan.
Jan.
Mem. A Ch’lston—6s, gold, 1924
Tol. A Wab.—1st, ext., 7s, ’90 111%D 112%b. 110% Jan. 113%
Mich. Central—1st, con., 7s, ’02 129 b. 128 b. 127% Jan. 129 Jan.
109% 106 Jan. 111% Jan.
110
1st,
St.
L.Div.,
7s,
1889.......
110
b.
Jam
1st, consol., 5s, 1 9 0 2 ............. 110 b.
2d, extended, 7s, 1893......... 99% 102%b. 99 ¿an. 103%
¿an.
95% Jan.
Miss’riPac.—1st, cons., 6s,1920 116 b. 115*9b. 114% Jan. 115%
Con., conv., 7s, 1907........... 84 h « 2 b, 90 Jan. 112% Jan.
123% Jan.
109 Jan.
Lll%b,
8d,7s, 1 9 0 6 ............................. 120 b. 122 b. 122 Jan. 105
111
b.
Great
West.—1st,
7s,
1888—
Pac. of Mo.—1st, 6s, 1888....... 104% 104*9b 104*9 Jan. 110 Jan.
2d, 7s, 1893........................... 99% 103 b 99 Jan. 103% Jan.
Jan.
2d mort., 7s, 1891................ 108*ab. 108 b, 109 ¿an.
St.L.K.C. AN.—R.eAr.,78,’95. 110% 110%b 110 ¿an. 112 Jan.
Jan.
102% Jan. 103% Jam
Mil. Lk.Sb. A W —1st, 6s. 1921. 120% 120% 119*9 Jan. 121*9
102% 103
114 Jan. 117 Jan. West Shore—Guar., 4s
Michigan Div.—1st, 6s, 1924.. I15%b. 116
IN A C T IV E BONDS.
Ill.Cen.—(Con.)—G’ld,3%s,1951. 97 b. 98 %b. 98 Jan. 99% Jan.
107%
Jan.
106%
Jan.
107%
107%
iBurl. C. Rap. A N. 1st, 5s, 1906.
C. St. L . A N . O.—Gold,5s,1951 114 b. 115 b. 115 Jan. 116 Jan.
101%a. 101% ¿an. 103% Jan.
Consol. A col. tr., 5s, 1 9 3 4 .... 102
Lake Sh.—Con.coup., is, 7s,1900 127%a. 125 b. 126 Jan. 128 Jam
115%
Jan.
114
Jan.
115
Jam
114
b.
Central Pacific—gold 6s, 1895-8
Con. coup., 2d, 7s, 1903.......... 122%t>. 123% 122% Jan. 12378
113 b. 112 Jan. 112 Jam
117 Jan. 119 Jam
San Joaquin Br. 6b, 1900........
Metro. Elevated.—1st, 6s, 1908. 119 b. 119
103%
Jan.
102%
Jan.
110%
Jam
103%
104
b.
10978
Jan.
Land grant 6s. 1890..............
2d, 6s. 1899............................. 109 %b. 110
Jan.
104 Jan.
Ohio. A E. 111.—1st, B. f. 6s, 1907 115 b. 116 a. 115% Jan. 116
Mil. A Nor.—lgt, M. L., 6s, 1910 105 a. 103%b. 104 Jan. 103 Jam
116
¿an.
114
Jan.
114
b.
114%
¿an.
101
Consol. 6s, 1934................
1st, on exten., 6s, 1913........... 102 b. 103
Jan.
Chi. R. I. A Pac.—6s, coup. 1917. 131% 132 b. 130 Jam 135
115 a.
Morgan’s L. A T.—1st, 6s, 1920.
109% 109% Jan. 110% Jan.
Exten. A col. 5s, 1934............. 110
1st, 7s, 1918.............................
110
Jan.
133 a. 129% Jan. 129% Jam
Del. A Hud. Can.—1st, 7s, 1891 108 b. 109% 109% Jan. 118% Jam
128%b.
Nash. Ch. A St. L.—1st, 7s, 1913
113% Jan.
116% Jan.
117
Coupon 7s, 1 8 9 4 .................
Norfolk A W.—Gen’l, 6s, 1931.. 112 b. 112 b. 112 Jan. 114% Jam
118%a. 116 Jan. 118% Jan.
115*88. 114% Jan.
Evans. AT. H.—1st cons. 6s, '21
115
a.
New River—1st, 6s, 1932........ I
111
Jan.
110
Jan.
Mount Vernon—1st, 6s, 1923.
101 %b.
Imp. A extension, 6s, 1934— |101%b.
108 Jan. 108% Jan.
HI. Central—1st, gold. 4s, 1951 108 a. 108
Noth- The letter “ b’’ indicates price bid, and “ a’’ price asked; all other prices and the range are from actual sales.
J a n u a r y 29, 1887.]
THE CHRONICLE.
New York City Banks.—The following statement show» the
condition o f the Associated Banks of New York City for the
week ending January 29, 1886:
Average A m ount o f—
Bank»,
Loan* and
Diecounts.
New Y o r k . . . . .
Manhattan Co . . . .
Merchants’ . . . . . . .
Mechanics’ . . . . . . .
America . . . . . . . . . .
P henix....... . . . . . . .
C ity ...................
Tradesmen’s . .
F u lto n . . . . . . . . . . . .
C hem ical......... .
Merchants’ E xch,
Gallatin N ation al.,
Butchers’ A Drov..
M echanics’ A T r..
G reenw ich.............
Leather M anu frs,
Seventh W a r d ....
State o f N . Y .......
Amerlo’n E xoh ’ge.
C om m erce. . . . . . . .
B roa d w a y. . . . . . . .
M erca n tile.... . . . .
P a cific. . . . . . . . . . . .
R e p u b lic. . . . . . . . . .
Chatham . . . . . . . . .
Peoples’. ................
North A m e r ic a . . .
H a n ov er___ . . . . . .
Irv in g.............
Citizens’ . . . . . . . . . .
Nassau . . . . . . . . . . . .
M a rk et...................
St. N io h o la s .........
Shoe A L ea th er..
Corn E x ch a n g e . . .
C o n tin e n ta l.......
O rien tal.................
Im porters’* Trad.
Park ............. .
North R iv e r ....,
East R iv e r............
Fourth N a tion a l..
Central N ational..
Seoond N ation a l..
Ninth N a tion a l...
First N a tio n a l....
Third N a tio n a l. . .
N. Y . N at. E x c h ..
B ow ery ............ .
N. Y . C ou n ty____
German-Am eric’n.
Chase N a tion a l...
Fifth A ven u e.......
G e rman E xoh’nge.
Germ ania...............
United States.......
L in co ln . . . . . . . . . . . .
G a r fie ld ...............
F ifth N a tion a l....
B’k o f the Metrop..
W est Side.............
Seaboard................
Sixth N ational___
10.690.000
9.635.000
6.431.000
8,590 000
11.686,800
3.082.000
7.598.300
2.493.500
1.293.600
18.878.900
3.661.200
5.963.400
1.787.600
1.576.000
1.068.600
3.357.200
1.198.200
3.800.300
15.647.000
17,360.830
6.642.400
7.079.100
2.283.400
7.687.700
4.718.500
1.996.900
2.788.100
10.S71.700
3.046.000
2.700.300
2.493.900
2.985.300
2.056.700
3.461.000
5.961.200
4.631.900
2.116.100
19.140,200
20.174.500
1.954.000
1.232.900
17.126.900
7.917.000
3.246.000
5.441.100
2 1.332.900
5,282,50f
1.373.100
2.393.400
2.052.100
2.701.500
4.025,600
3.368.500
2.439.700
2.506.700
4.836.700
2.269.200
1.667.400
1.418.900
3.664.500
1.814.400
2.157.500
1.796.400
Specie.
Legal
Tendere.
S
S
N et D epeeitt
other
than Ü. 8.
1.870.000
785.000
3.163.000
375.000
1,828,400
714.600
2.142.000
695.000
1.666,100
575.100
768.000
44.000
5.598.600
419.000
349.100
197.300
619.900
129.000
7.166.900 1.777.000
893.000
178.200
619.500
696.600
536.000
67,700
90,000
226.000
120.400
131.300
633.300
218.200
319.200
82.300
690.100
325.900
5.159.000 1.206.000
2.093.600 1,055,800
1,000.100
389.200
1.574.700
414.900
777.600
138.500
1.911.800
431.900
1.005.000
389.200
265.600
122.500
444.000
241.200
2.832.600
454.200
585.600
193.000
926.300
143.100
397.700
337.200
589.900
134,700
347.000
75.300
764.000
352.000
691.100
240.000
1.254.000
468.000
883.000
380.000
5.392.800
928.000
5.385.700 1,464,000
150.000
151.000
288.400
118.900
5.925.800 1.074,300
2.275.000
908.000
881.000
182.000
1.609.000
343.100
5,318,500
611.200
1.626.000
269,200
272.60(
142.500
386.200
839.900
629.400
81,900
463.700
111,800
1.104.900
277.900
713.400
140.000
280,000
380.000
125.700
394.900
1.180.600
129.900
626.500
146.000
473.100
147.500
313.900
171.100
1,290,300
199,400
292.600
265,800
423.200
171.900
404.100
106.000
„
Circula•
Uon,
$
9.900.000
11.056.000
7.026.000
8.273.000
10.837,100
3.033.000
11,086,300
2.076.000
1.689.000
22.989.200
4.198.000
4.763.300
1.934.800
1.805.000
1.087.200
2.786.800
1.216.700
3.939.800
15.815.000
11.720.200
5.312.400
7.797.500
2.865.100
8.300.800
5.149.100
2.484.200
3.352.300
12,104,300
3.069.000
3.251.900
3.191.000
2.526.300
1.885.300
3.910.000
5.108.800
5.669.700
2.370.100
22.356.600
24.878.200
2.033.000
1.160.000
20.040.600
9.326.000
4.152.000
6.339.000
22,080,500
6.006.000
1.280.400
2.728.600
2.767.200
2.559,000
5.239.300
3.431.400
3.053.300
2.786.800
4.900.900
2.837.400
2.008.400
1.627.800
4.963.600
2.114.500
2.214.800
2.095.400
Total.............. 351,418,200 89,798,600 24,013,100 380,060,90t
45,000
46,000
263,000
80*000
103.900
608,100
222.900
" 2,600
536,500
44,000
982,700
45.000
44,800
317,200
45,000
180,000
160,800
45,000
446,900
438,600
49,500
980,900
45,000
224,600
360.000
45.000
44.000
46 000
264.800
2ÖL2ÖÖ
221.800
180.000
45ÌÒ0Ó
45.000
44,400
45.000
133,200
46,000
180,000
7,865,400
The following are totals for several weeks past:
1887.
Loan*.
Specie.
L. Tendert.
Deposit*.
Circulation A gg, Clear’gs
S
8
8
$
t
$
Jan. 8 348.479,300 85.509,200 21,812.200 370.138.900 7,896,800 808,769,162
" 15 348,067,700 88,088,000 24,070,700 374,187,800 7,872,200 664,516,859
“ 22 361,448,200 89,798,600 24,013,100 380.060.900 7,866.400Ì 675,749,782
RAILROAD EARNINGS.
The latest railroad earnings and the totals from Jan. 1 to
latest date are given below. The statement includes the gross
Roads.
Latest Earnings Reported.
Week or Mo
Buff.N.Y.A Phil. 2d wk Jan
Buff. Roch.&Pitt 3d wk Jan
Bur.Ced.R.ANo. 1st wk Jan
Cairo Y. & Ohio. 3d wk Jan
Canadian Pacific 3d wk Jan
Central Iow a... 2d wk Jan
Chic. & Atlantic 3d wk Jan
Chic. A East. 111. 3d wk Jan
Chic. Mil. & St.P. 3d wk Jan
Chic. A W. Mich. 3d wk Jan
Cin. Ham. A D. 3d wk Jan
Cin.Ind.St.Ii.AC. 3d wk Jan
Cm. N. O. AT.P. 2d wk Jan
Ala. Gt. South. 2d wk Jan
N. Ori. A N. E. 2d wk Jan
Vioksb. A Mer. 2d wk Jan
Vicks. 8h. AP. 2d wk Jan
Erlanger Syst. 2dw k Jan
Cin.Rich.AFt.W. 2d wk Jan
Cin.Wash. A Balt 3d wk Jan
Clev.AkronACoi 2d wk Jan
Col. A Cin. Mid. 3d wk Jan
Denv. A Rio Gr. 3d wk Jan
Des. Mo. A Ft.D. 3d wk Jan
Det.Lans’gA No. 3d wk Jan
E.Tenn.Va.AGa. 2d wk Jan
Evans. AInd’plis 3d wk Jan
Evansv. A T. H. 3d wk Jan
Flint A P. Marq. 2d wk Jan
FtW.ADen.City 3d wk Jan
Gr. Rap. A Ind.. 2d wk Jan
Grand Trunk... Wk.Jan.15
Hous.ATex.Cent 2d wk Jan
Hid. Bloom. A W. 3d wk Jan
K.C.Ft.8. AGulf. 1st wk Jan
Kan. C. 8p. A M. 1st wk Jan
Kan. C. Cl. A Sp. 1st wk Jan
LakeE. A West. 3d wk Jan
lon g Island.......3d wk JaD
Louis.Ev.ASt.L. |2 wks Jan
Louisv.A Nashv. 3d wk Jan
Lou.N.Al.AChic. 3d wk Jan
Mar.Hough.A Q.|2d wk Jan
1887.
1886.
Jan. 1 to Latest Date.
1887.
$
$
9
40,200
31,600
79.000
27,266
26,627
80,285
47,030
34,148
47,030
13,971
10,122
41.000
128,000 103,000
434,000
31,402
20,639
51,863
29,226
81,964
24,037
33,784
37,117
108,955
327,000 349,625 1,018,000
17.807
18,570
52,409
54,456
46,400
151,787
52,158
46,540
152,208
56,223
32.631
102,496
27,729
16,592
51,183
16,300
10,535
27,359
10,437
9,602
19,475
9,785
7,563
18,221
120,474
76,923
218,734
6,132
5,598
12,205
45,155
34,520
128,389
7.988
7,094
16,416
6,549
5,096
18,590
126,320
97,177
361,358
6,164
4,936
18,939
14,074
13,939
44,305
94,799
63,941
181,217
5,327
12,018
14,273
12,442
39,087
39,107
35,154
76,691
10,872
5,736
27,190
31,886
26,902
62,945
268,239 240,324
550,348
64.807
47,589
110,818
47.534
49,074
143,638
45.535
37,427
45,535
31,390
19,735
31,390
2,011
12,680
2,680
25,067
20,928
75,582
36,167
36,534
120,701
-29.082
26,660
29,082
293,825 249,290i
816,140
27,339
29,193
85,504
5.605
4,562
10.4611
1886.
71,100
79,881
34,148
23,744
327,000
39,399
72,111
99,072
988,458
55,329
139,202
133,480
76,756
35,926
21,304
21,134
15,499
170,619
10,181
96,947
14,778
14,829
275,334
13,036
41,986
141,894
33,039
68,264
18.659
50,624
484,566
99,398
125,819
37,427
19,735
2,011
54,443
117,468
26.660
673,545
77,219
7,742
R oads.
147
Latest Earnings Reported.
Week or Mo,
1887.
Memphis &Chas. 2d wk Jan
37,822
‘ Mexican Cent’l. 3d wk Jan
92,675
Mll.L.Sh.A West. 3d wk Jan
30.330
Milwaukee & No 3d wk Jan
13.576
Minn. ANo. West. 2d wk Jan
13,668
Miss. A T en n ... 2dwk Jan
9.807
N. Y. City A No. Wk JanJ22
9,593
6N.Y. Ont. A W. 3d wk Jan
19,429
Norfolk A West. 3d wk Jan
62,686
Northern Pacific 3d wk Jan 113,768
Peoria Deo. AEv. 3d wk Jan
16,239
St. Jo. A Gd. Isl. 3d wk Jan
22.330
St.L.AltonAT.H. 2d wk Jan
21,861
Branches........ 2dwk Jan
19,291
St. L. Ark.ATex. 3d wk Jan
35,369
St.L.&San.Fran. 3d wk Jan
89.577
8t.Paul A Duluth 3d wk Jan
17,356
Tol. A Ohio Cent. 3d wk Jan
19,601
d Wab.St.L. AP. 3d wk Jan
98,091
Wisconsin Cent’l 3d wk JaD . 30,667
Min. St.C.A W. 3d wk Jan
5,372
Wis. & Minn.. 3d wk Jan
9,088,
Jan. 1 to Latest Date,
1886.
1887.
1886.
9
25,240
72,260
23,535
9,953
2,788
$
74,300
283,900
89.385
40,533
25,846
16,968
28,174
58,014
195,276
367,669
46,513
63,875
44,347
31,214
104,675
237,801
72,039
55,981
276,967
,76,129
15,522
28,329
$
56,211
206,994
62,585
27,655
8,847
18,024
51,111
112,167
13,680
15,243
18,544
13,061
28,398
64,465
13,182
13,408
85,967
21,890
2,906
l,893i
5,78a
25,60354,072
147,950
329,692
31,566
' 36,867
38,176
23,735
83,194
174,941
39,546
35,402
225,724
59,320
6,912
5,849
* Mexican currency
b Figures of earnings for last year have been adjusted so as to make
basis of comparison the same as this year.
d Including only 1,136 miles of road in both years.
R oads.
Latest Earnings Reported.
Week or Mo
1886.
1885.
Jan. 1 to Latest Date.
1886.
1885.
§
$
Ateh. T. A 8. F. November. 1,719,355 1,603,413 14,459,378114,318,024
Balt. A Potomac December. 109,608 107,846 1,335,844
------~
1,323,093
Cal. Southern... December.
90.408
740,698
(Camden A AU December.
29,597
28,219
561,347
599,091
Cp.F’rAYad.Val December.
20,817
17,865
226,700
205,968
Ohesap. A Ohio. December. 339,300 314,195 4,095,167 3,361,234
Eliz.Lex.AB.S. December
79,000
57,732
935,683
706,467
Ohes. O. A 8. W. December. 165,500 147,586 1,711,950 1,571,155
Chicago A Alton 4th wkDeo 159,214 158,860 8,035,826 7,993,170
Chic. Burl. A Q. November. 2,256,340 2,318,053 24,359,977 24,228,452
Chic. A Northw. 4th wk Deo 611,100 601,200 25,296,293 24,301,058
Ch.8t.P.Min. AO. 4 th wkDeo 154,900 130,800 6,152,116 5,814,810
Cin. J. A Mack. . November.
16,009
12,019
165,432
118,202
Clev. A Canton. December.
29,196
26,483
356,916
291,315
Clev.Col.C. A Ind November. 333,621 329,395 3,761,157 3,323,751
Col. Hock.V.AT. December. 243,557 209,416 2.452.027 2,311,004
Danbury A Nor. December.
17,311
16,693
236,035
224,870
Denv. A R. G. W. December.
90,500
74,238 1,051,900 1,021,089
Det.B.CityAAlp. November.
28,807
217,480
Fla.Ry.ANav.Co December. 122,022 112,415
Georgia Pacific.. December.
96.409
79,344
845,526
674,306
Gulf Col. AS. Fe. December. 234,689 200,732 2.288.028 1,849,429
HI.Cent. (111.ASo) December 1,081,761 1,126,461110,745,226 10,942,928
Cedar FAMin. December
12,447
15,454
171,573
140,177
Dub. ASioux 0. December.
79.743
87,367
948,322
911,631
Ia. Falls A S.C. December.
59,054
57,860
635,303
626,528
Tot. Iowa lines December. 151,244 160,681 1,755,197 1,678,336
Total all lines. December. 1,233,005 1,287,141 12,500,424 12,621,264
Ind. Deo. A 8pr. December.
55,374
43,328
451,901
387,991
Jack.Tam.AK.W November.
37,946
10,471
244,492
96,339
LehighA Hudson December.
20.743
19,319
217,134
180,748
L. Rk. A Ft.Smith November. 104,638
88,108
626,8251
541,469
L.Rk.M.R ATex November.
54,894
57,159
343,897
311,300
Louisv.N.O. AT. November. 241,502 212,046 1,531,407 1,146,592
Lykens Valley. November.
60,465
70,308
694,459
732,927
Manhattan E l... December. 690,000 630,000
*Mex.N.,all lines December. 150,105 129,665 1,729,113 l,5Ïi',5*5Ï
Mich. A Ohio... December.
20,332
21,867
224,064
190,308
Minn’ap. ASt.L. November. 161,854 171,555 1,400,436 1,584,264
a Mobile A Ohio. December. 306,686 306,124 2,086,486 2,206,546
Nash. Ch. ASt.L. December. 229,946 193,327 2,400,771 2,134.527
UN.Y.C.AH.R... December. 2,945,063 2,310,184 32,651,015 24,495,873
cN.Y.L.ErieAW December. 1,582,598 1,505,885 18,712,428 16,045,373
N. Y. Pa. A O. December. 591,986 539,709 6,308,938 5,167,177
N.Y. A New Eng December. 320,786 309,179 3,957,598 3,446,093
N.Y.Susq.AWest December. 112,545
86,405 1,129,440 1,092,355
Northern Cent’l. December. 457,809 507,699 5,474,617 5,490,922
Ohio A Miss....... 1st wkDec
83,348
89,493 3,614,262 3,456,204
Ohio Southern.. December.
32,839
53,084
508,758
479,035
Oregon Imp. Co. November. 286,289 235,307 2,735,013 2,653,766
Oreg.R. AN. Co. December. 401,500 492,450 5,344,000 5,102,738
Oreg. Short Line November. 160,320 177,800 1,778,606 1,677,725
Pennsylvania... December. 4,428,216 4,046,682 50,379,068 45,615,027
Phila. A Erie___ November. 338,027 309,4071 3,407,310 3,012,825
Phila. A Reading November. 3,001,522 2,666,450 27,934,875 26,638,014
Do C. A Iron November. 1,887,462 1,605,748 14,501,154 14,615,568
Rlohm’d ADanv. December. 335,464 348,132 4,055,504 3,971,630
Va.Midl’d Div. December. 121,729 124,160 1,550,651 1,556,632
So. Car. Div.. December.
64.420
76,349
776,451
810,906
Col.AGr.Div.. December.
54,188
75,734
599,649
696,653
West.No.C.Div December.
40.420
39,574
529,041
476,650
Wash.O. A W.. December.
9,940
7,726
tRome W. A Ogd. November. 249,606 166,519 2,456,199 1,585,547
St.P.Min.A Man. December. 687,030 686,850 7,393,884 7,521,138
Scioto V alley... November.
61,536
52,742
622,198
Shenandoah Vai November.
71,053
57,765
686,340
636,779
South Carolina.. November. 113,609 113,119 1,022,638 1,029,331
Bo.Pao.Comp’y Gal.Har.A8.A. November. 211,975 343,935 2,352,793 2,866,367
G.W.Tex.&P.. November.
4,684
8,235
42,489
Louis’a West. November.
57,359
64,238
578,627
548,671
Morgan’s LAT November. 398,558 465,353 3,658,143 3,683,382
N.Y7T. AMex. November.
15,796
24,751
144,785
Tex. A N. orl. November.
94,917
91,990
896,014
892,232
Tot. At.System November. 783,290 998,502 7,672,825 8,221,776
Tot. Pao. Sys.. November. 2,041,719 1,715,519 21,284,274 19,631,129
Total of a ll.... November. 2,825,009 2,714,021 28,957,097 27,852,902
Staten Isl’dR.Tr December.
44,592
799,521
41,637
669,624
Summit Branch. November. 117,067 110,395
628,718 1,285,507
Texas A Pacific. December. 769,237 699,237 6,059,370 5,672,484
Pol. A. A. AN. M. December.
41,353
29,319
Union Pacific... November. 2,351,431 2,382,206 24,260,254 23,371,557
Valley of Ohio.. December.
53,179
49,665
614,755
569,192
( West Jersey... December.
83,5 69
86,865 1,352,460 1,286,013
a For purposes of comparison, St. Louis A Cairo, now operated by
the Mobile A Ohio, is included in both years from and after July 1.
e Not including earnings o f New York Pennsylvania A Ohio.
ITIncluding West Shore in 1886.
* Mexican currency.
t And Branches.
THE CHRONICLE.
148
Q uv z & t m z u l
Itttjcllifljencje.
The I nvestors ’ S upplement contains a complete exhibit of
the Funded Debt o f States and Cities and o f the Sioclts and
Bonds o f Railroads and other Companies. It is published
on the last Saturday o f every other month—viz., February,
A pril, June, August, October and December, and is f u r
nished without extra charge to all Regular subscribers of the
OPERATIONS
C hronicle . E xtra copies are sold to subscribers o f the
Operations—
C hronicle at 50 cents each, and to others at f 1 per copy.
l?asfengers carried..
ANNUAL REPORTS.
Fitchburg Railroad.
(For the year ending Sept. 30,1886.)
At the annual meeting, held in Boston, there was practically
tjio opposition to the consolidation with the Troy & Greenfield
R. K., which was confirmed. The Boston papers say that the
consolidated road will start off owning 165 miles of read (leav
ing out of account 12 miles of the Lancaster & Sterling
Branch, which is of no present value). Upon this there will
be a debt of $10,140,600 and a capital stock of $12,048,000.
Total stock and debt $22,188,600, or about $135,000 per mile.
The price to be paid for the Troy & Boston, 35 miles in
length, is $3,000,000 in bonrls and $1,333,000 in preferred
stocK, or «qual to some $125,000 per mile.”
The annual report is just issued. It states that the past year
showed the largest gross earnings of any in the history of the
company, but the low rate at which the freight through the
tunnel was carried, rendered large profits impossible. In
probability the prices at which the foreign business must be
carried will continue low ; therefore efforts must be made to
reduce the cost of transportation to a minimum, and develop,
by every means, the local traffic. To meet the first require
ment the track and rolling stock must be kept at a high
standard.
The increase o f traffic has been so large that the board
authorized the purchase of a tract of land on Blackstone
Street, in the City of Worcester, which cost $106,892. Upon
this a brick freight house is being erected.
There has been a large increase of unfunded debt, which is
accounted for by the expenditure of $483,219 for construction
purposes, and an increase in cash assets of $517,801. The
report says : “ The burden of carrying the B>ston terminal
increases with the growth of business. There is at all times
a large balance of money due from connections and customers
for charges and advances on freight from the West, while at
the same time the roads west of us require us to advance such
charges before we can collect in Boston. This fact renders it
necessary that we have a large working capital.”
Statistics for four years are as follows:
AND FISCAL RESULTS—LESSEE’S REPORT.
Total gross cam ’s
Operating expenses.
I,*, 00.954
1,306,067
1,490,307
1,114,764
1,372,648
921,685
1.478,331
1,011,144
Net earnings.......
394,887
375,543
450,963
467,187
1885-86.
1882-83.
1884-85.
1883-84.
229
189
228
Total miles operated..
189
Operations—
4,130.395
3.791,035
3,542 936
Passengers carried... 3,158,643
Passenger mileage... 50,607,619 54.622,010 53,418,653 61,073,787
1-75 cts.
1-83 cts.
Kate për pa sa.p. Luile. 1-77 cts.
1'65 cts.
2,509,131
2,158,283
Frejght(tom-) moved. 2,031,122
2,112,155
Fr’ght (tons) mileage 153,865,420 163,056,402 161,905,750 195,113,082
1 0 7 cts.
Ratep. ton p. mile... 1-19 cts.
l -06 cts.
1 0 9 cts.
Earnings—
$
$
$
$
1,072,289
901,753
979,205
Passenger..................
897,222
2,078,446
1,712,162
Freight....................... 1,835,422
1,775,248
144,554
128,752
Mail, express, »fee___
121,156
126,034
Total gross earns.
Operating expenses..
Tuxts ........................
2,858,678
2,045,547
142,394
2,798,157
1,979,609
151,796
2,820,119
2,009,863
137,0.7
3,295,289
2,408,965
150,700
Total expenses......
Net earnings.............
2,187,941
2,131,405
666,752
670,737
INCOME ACCOUNT.
1882-83.
1883-84.
$
$
666,752
670,737
58,500
107,000
2,146 960
673,159
2,559,665
735,624
1884-85.
$
673,159
71,130
1885-86
$
735,624
104,253
777,737
725,252
744,289
839,877
230,164
177,500
51,225
297,000
(6)
246,809
200,000
12,332
272,250
(5^)
252,581
220,688
256,480
260,763
247.500
(5)
264,331
(5)
Total income........
Disbursements—
Rentals p a id ............
Interest on debt.......
Other interest..........
‘jOividehds.................
Rat e of dividend. . . .
XLIV.
1882*63.
1883-84.
1884-8*5. 1885-86.
316,963
323,201
308,615
317,485
Passenger mileage...
18,585,282 18.741,460 19,165,187 19.023,841
Av. rate p. pass. p.m.
2-448 cts. 2-425 cts.
2-187 cts. 2-243 cts.
Freight (tons)mbved.
1,191,083 1,144,510
1,200,910 1,198,668
Freight (tons) mil’« . . I l l , 810,4.81 104,209,720 107,920,692 111,851,653
0-730 cts.
92 cts.
0-843 cts.
Av. rate p. tou p. m. . H 0-979 cts.
$
$
Earnings—
$ __
. ? ___
419.105
426,698
Passenger..................
454.980
454,518
787,7 *O
885,720
Freight..................... 1,094,462
878,459
165,823
165,913
151,512
157,330
Mall, express, &c__
OPERATIONS AND FISCAL RESULTS,
RFReceipts—
Net earnings............
Premiums and rents
ol.
The coal tonnage decreased in 1886, 60,012 tons ; but the
revenue from this class of traffic increased $14,522, the result
of much better rates. The decrease in the coal tonnage was
caused by the comparatively small percentage allowed this
road in the so-called “ coal-pool ” at St. Louis.
The balance due by the les-ee was increased from $464,843
on October 31, 1885, to $540.066 on October 31, 1886. From
this there was payable on November 1, 1886, the sum of $91,000 for interest on the second mortgage bonds, leaving a
net balance of $449,066 due by lessee October 31, 1886.
The comparative statement for four years is as follows:
AND
WLnil v a n d
[V
INCOME ACCOUNT ST. LOUIS VANDALIA & TERRE HAUTE COMPANY.
1882-83.
$
510,286
1883-84.
$
447,092
1884-85.
$
411,794
1885-86.
$
443,499
General expenses...
314,930
65,987
2,080
314,930
46,359
794
314,930
49,894
563
314,930
55,123
638
Tot. dishurs’m’ts
Balance, surplus*...
382,997
127,. 89
362,083
85,009
365,387
46,407
370,691
72,808
Receipts—
Rental,30p.e. ear’gs.
Disbursements—
‘ T h e logs to the leasee on tlie four years’ operations was as follows:
1882-83, $115.399; 1883-84, $71,549; 1884-85, profit, $39,169;
1885-86, profit, $23,686.
GENERAL INVESTM ENT N E W S.
Atchison Topeka & Santa F e -C h ica g o Santa Fe & Cal
ifornia.—Messrs. Baring Bros. & Co. of London, Kidder, Pea
body & Co., of Boston and New York, and Messrs. Lee, Higginson & Co., of Boston, offered for subscription on Monday, Jan.
24, $15,000,000 first mortgage 5 per cent 50-year gold bonds of
thè Chicago Santa Fe & California Railway Company of
Illinois and Iowa, principal and interest guaranteed by the
Atchison Topeka & Santa Fe Company. The subscription
price was 107*4 in London and 104 flat in Boston and New
York. The Chicago Santa Fe & California is the name of
the Atchison company’s Chicago extension, covering a dis
tance of 450 miles, and constituting the shortest railroad line
between Chicago and Kansas City. The bonds will be a first
mortgage on all except 90 miles of existing road, on which
there is a lien of $1,500,000. A like amount of new bonds will
be placed with the Boston Safe Deposit & Trust Company,
trustee under the mortgage, to redeem the same.
—One of the last moves of this company is the purchase of
the St. Louis Kansas City & Colorado Railroad, about 50 miles
of which has been built and runs from St. Louis to Union,
The new road will parallel, at a reasonable distance, the Mis
souri Pacific Railroad, and when finished will be a lively com
petitor for business. From St. Louis eastward its connection,
as reported, will be the Toledo St. L. & Kansas City, which
was built as a narrow-gauge road, but is being rapidly changed
to standard gauge. At Toledo this road connects with the
Lake Shore, the Canada Southern, and with lake traffic, and
at Halgate, 40 miles from Toledo, with the Baltimore & Ohio.
A tlantic & P a c ific —All but $500,000 of the Atlantic &
Pacific 6s have now been deposited for conversion into the new
fours, guaranteed jointly by the Atchison and St. Louis & San
Francisco. The plan has been a quick success.
Central Pacific.—Mr. C. P. Huntington is now reported as
stating that the amount of Central Pacific stock outstanding,
he thinks, is about $60,000,000, and not $100,000,000. The
stock to be used to pay for the Oregon & California road is,
he thinks, partly included in the $60,000,000, and partly m
stock issued above that amount.
Cincinnati, Hamilton & Dayton.—The directors of the
C. H. & D. RR. Co. held their regular quarterly meeting
and declared a two-per cent quarterly dividend, under the
subjoined statement for the nine months ending December 31,
1886. The dividend is payable February 1:
781,574
sur.58,303_ Burnings.....................................................- ............................$2,309,022
Operating expenses. .............................................
St. Louis Yandalia & Terre Haute Railroad.
Interest on bonds, &c.,.........................................
« i ’o - i
Taxesj................................................................................. liJ L - 1,950,901
(F orth eyea r ending October 31, 1886.)
Total disbursem’ts
755,889
balance..................... surp.21,848
731,391
def.6,lS9
720,769
sur.23,520
The report of this company is always of interest, since the
road foims part of the Pennsylvania route to St. Louis.
The local tonnage of the company decreased 23,714 tons
compared with 1885, cue to the falling off in the traffic in
coal, grain and live stock; but the effect of this decrease in
tonnage was offset by an increase in the average haul of local
freight, which resulted in an increase in the local ton mileage
o f this class of freight. The through tonnage increased 3 38100 per cent; this, with a slight increase in ton mileage and an
increase of 9 20-100 per cent in the average rate received on
through business, produced an increase of $58,222 in the earn
ings lrom through or competitive freight tr* ffic.
Net income nine months........................................................
Less dividends................................................ ................-----
$ if n ’on'r>
1*0’uw
Surplus..................................................................................
$218.1-0
Columbus & Hocking V a l l e y —President Shaw of this
company received from Judge Bu>ke in Cleveland
$47,000 in*cash, $622,000 of 5 per cent bonds and $200,000 or
old preferred stock, which was part of $600,000 authorized sev
eral years ago but never issued; this stock will be canceled.
Judge Burke states in regard to this transaction that bonds
were placed in his hands to be used as collateral security to
enable the company to get through its embarrassment cause
rHE CHRONICLE.:
J a n u a r y 29, 1887. J
by the long strike and to carry an indebtedness caused by
making improvements. Finally he agreed to turn over the
bonds to President Shaw, provided he would give security
for payment of the debts due to the Snow Fork & Cleveland
Coal Company, the Continental Coal Company, Mr. Hickox
and himself. Mr. Shaw agreed to the proposition, obligated
himself for the indebtedness, and the bonds were turned over.
The full amount of these claims is stated in round figures at
$1,015,000, and they remain yet to be adjusted.
Delaware Lackawanna & Western.—The following report
for the year ending Dec. 31 was submitted to the directors on
Jan. 28, which we compare with previous years. The operat
ing expenses include amounts spent for betterments—$104,029
in 1886, $443,182 in 1885, $885,033 in 1884 and $1,072,816 in 1883:
1883.
1884.
1886.
1885.
$
$
$
$
Gross rec’ts, all sources. 32,819.606 31.311,992 31,091,677 32,342,865
Operating expenses___ 24,165.864 23,393,180 23,663.7 >4 25,118,462
Net receipts.................. 8.653,742 7,918,812 7,427,923 7,224,403
INCOME ACCOUNT.
Net receipts................... 8,653,742
Interest and rentals___ 4.946,943
Balance, surplus.......... U,706,799
Dividends..................... 2,096,000
Rate of dividends.......
8
Balance after divid’ds. 1,610,799
7,918,813
5,113.322
2,805,490
2.096,000
8
709,490
7,427,923
5,187.089
2,240,834
1,965,000
7*3
275,834
7,224,403
5,186,711
2,037,692
1,834,000
7
203,692
The report shows that 7‘77 per cent was earned on the stock
in 1886, against 8‘55 per cent in 1885. The gain in trunk line
freights was more than offset by the less on coal traffic.
Eastern (Mass.)—The plaintiff in the suit brought by M. M.
Cunniff against the Eastern Railroad Company to prevent the
exchange of preferred stock for bonds has withdrawn the
suit, and the preferred stock is ready for distribution.
Memphis & Charleston.—The gross and net earnings for
November, and for five months of the fiscal year, have been
as follows:
/--------December.--------- >
188«.
1885.
Gross earnings............. $177,797
$158,934
Operating expenses___ 142,510
99,237
Net earnings..........
$35,287
$59,697
Netearnings........... $228,950
$173,487
C am eron C o a l C o m p a n y .— Capital stock, $3,000.000.
W h e e l in g & L a k e E r ie R a i l w a y . —First mortgage bonds
issued for the purpose of purchasing additional equipment and
miking necessary improvements, $3.600,000.
S t . L ouis A r k a n s a s & T e x a s R a i l w a y .— Central Trust
Company first mortgage bond certificates. $9,529,000, and sec
ond mortgage bond certificates, $9,555,000.
New York Susquehanna & Western.—The following is a
statement of the gross hnd net earnings of this road as spe
cially obtained by the C h r o n ic l e .
.-------- December.---------- , ,------------ Year.---------1986.
1985.
1886.
1885. ■
$112,545 ($86,495 $1,129,440 $1,092,355
55,587
50,295
637,662
587,411
Gross earnings.............
Operating expenses.......
Net earnings...........
$56,958
$36,110
$491,778
$504,914
Northern Central.—The comparative statement of gross
earnings and expenses for December and the year is as follows:
.------December.-------- > ,------------ Year.------------- ,
1886.
1885.
1886.
1885.
Gross earnings................ $457,«09 $507,699 $',474,617 $3,490,922
Operating expenses........ 294,304 286,445 3,542,667
3,235.618
Netearnings..............$163,504 $221,253 $1,931,949 $2,235,308
Northern Pacific.—The directors of the Northern Pacific
met this week without taking any action on the proposition to
lease the Oregon Navigation. The directors voted to invest $100,000 in seed wheat for the benefit of the farmers of Dakota west
of the Missouri and 80 miles east of that river. Hail storms and
drought destroyed the wheat crop in that section, and without
such assistance as the Northern Pacific has decided to give
them, the farmers would find themselves in a bad position. In
i return for the seed wheat the farmers will give bushel for
bushel out of the crop grown the coming season. This action
of the company is practical as well as benevolent.
Oregon Short Line.—The statement of earnings and ex
penses for November and since Jan. 1 is as below :
/------- November.------- , ,—-11 mos. to Nov.80.-—s
,—July 1 to Dec. 31.—.
1886.
1885.
1886.
1885.
1886.
1885.
$177.799 $1,778,696 $1,677,755
$819,632
$728,525 Gross earnings............... $160,320
Operating
expenses.......
109,C09
129,324
1,303,530
i
,
149,658
537, '79
477,> 67
$312,453
$250,558
Memphis & L ittle Rock.—The United States Supreme
Court has rendered a decision in the case of the Memphis &
Little Rock Railroad Company, as reorganized, against the
trustees.
The State of Arkansas had a lien on the road
and obtained a decree in the Circuit Court. The trustees
paid the claim to prevent a forced sale, and then brought suit
against the company to be subrogated to the lien of the State.
The company resisted the claim on the ground that the
$2,600,000 bonds to secure which the mortgage was executed
were void under the Constitution. The decision sustains the
decree of the court below so far as it upholds the validity of
the bonds and the right of the trustees to be subrogated, but
reverses it for error on other grounds.
Mexican Central.—The approximate figures for December
and the year 1886 make this comparison with 1885 :
/--------December.-------- .
19-6.
188'.
Gross earnings.......£436,7- 0
$346,697
Operating expenses 207,750
173,210
149
Netearnings............. $51,310
$18,475
$175,075
$528,066
Pennsylvania Railroad.—The gross and net earnings for
December and the year are compiled for the C h r o n ic l e below1.
In December, 1886, there was an increase of $381,534 in gross
earnings and an increase of $38,981 in net, compared with Dec.-,
’85. Since Jan. 1 gross earnings show an increase of $4.761,048
and net an increase of $1,624.213, compared with the yea'r
1885. On the lines west of Pittsburg & Erie the net result,
after payment of all charges, shows a loss of $84,935 in
December, 1886, compared with December, 1885. Sirice Jari.
1 the net result shows a gain of $1,152,711 compared with the
same period of 1885.
LINES EAST OP PITTSBURG AND ERIE.
/------ Gross Earnings.------ > ,------ Yet Earnings.----- *■»
1886.
1885.
1886.
1885f.b
Jan. 1 to June 30.$23,250,164 $21,319,593
$ 7 / 69,624 $6.519.859
July...................... 4,356,«77
3.683,105
1,580,«2 3 1,160.049
4,585.390
3.936.306
1,90 i,015 1,649,012
,--------------Year.---------------, August.................
September............ 4,«74,052
4,‘’70,628
1,816.535 1 / 9 4.05,1
18*6.
1885.
O
ctober...............
4,737.351
4.359,174
1,
*62,748 1,939,-13
$3,853,425
$'»,'59,561 November...........
4,
4~,218
3,971.539
1,52
,721
1,610,285
2, >51,774
2,033,10) D ecem ber..........
4,428,216
4,046,682
1,398,1811,359,200
$1,40',651
$1,520,461
Total year......... $50,379,068 $13,6¡5,027 $17,759,481 $16,135,269
New York L ike Erie & W eitern.—The g>o3s eirningsof
months in 1885-8 and 1886-7 were as below: The gross earn
ings include 68 per cent of the earnings of the New York
Pennsylvania & Ohio, leased line, the other 32 per cent of the
earnings of that line being paid as rental. The net earnings
are correct as showing the actual results to the New York
Lake Erie & Western.
,------Gross earnings.------ ,
1886.
1885.
October..... ...................$2.234,859 $1,«80,61.8
November..................... 2,048.512
1,912,526
December..................... 1,985,149
1,872,887
LINES WEST OP PITTSBURG & ERIE.
Net surplus or deficit after payment o f charges.
1886.
1885.
biff, in 1886.
Jan. 1 to June 30. Def. $650,198
Def. $987,0^0 Gain. $336,892
July...................... Sur. 236.321 Def.
37,108 Gain.
273,429
A u gust............... Sur.
69,671 Def.
130,061 Gaia.
190,732
September.......... Sur.
82,423
Def
90,226 Gain.
172,619
O ctober............... Sur. 256,8»2
Sur.
147,926 Gain.
128.416
2 7 /9 6
Def.
48,532 Gaio.
75,928
,------Yet Earnings.------ , November........... Sur.
December............ Sur.
37,282
Sur.
72,217 Loss.
34,935
1886.
1885.
$777,813
$¡74,410
Total year........ Sur, $59,737 Def. $1,092,974 Gain. $1,152,7 i l
634,615
609,974
559,741
515,360
Peoria Decatur & Evansville.—Following is a statement of
the gross and net earnings of this road as specially obtaiped
New York & New England.—The gross and netearnings by by the C h r o n ic l e :
,----- November.---- /—Jan. 1 to Nor. 30.—,
months for the fiscal years 1885-86 and 1836-87 are as below:
1886.
1885.
1886.
1885
Total 3 months... $6,268,520 $5,766,061 $1,972.169 $1,799,744
/—Gross Earnings.—„
1886.
1885.
O ctob er........................ $381,180 $339,963
November........................ 347,703 308,210
December........................ 320,786 309,175
,— Yet Earnings.— ,
1886
1885.
$158,509 $150,705
139,730 122,639
97,637
67,958
Gross earnings.................. $ -4,130
Operating expenses..........
30,990
$■ 4,-302
32,935
$73«,792
361, «36
$674.642
372,13/
Net earnings............... $33,131
$31,277
3$375,356
$302,505
Richmond & W est P oint Terminal.—Application has been
Total three months .$1,049,669 $957,348
$393,876 $141,352 made to the Stock Exchange to list the $16,000,000 of new
Richmond Terminal stock issued for the following purposes :
New York Stock Exchange.—The Governing Committee 1st, in payment for 65,000 shares of the first preferred
of the Stock Exchange has listed the following new securities: stock of the East Tennessee; 21, for the acquisition of 25,000
E ast T ennessee V ir g in ia & G e o r g ia R a il r o a d .— $1,595,000
shares of the capital stock of the Richmond & Danville Co. in
additional 5 per cent gold bonds, making the total amount order to complete the ownership of all of the stock of that
outstanding $12,770,000.
company, and 3d, for the purchase of $625,000 income bo .da
Il lin o is C e n t r a l R a il r o a d .—Additional capital stock, and 15,000 shares of the capital stock of the Washington
$1,000,000, making total share capital $30,000,000.
Ohio & Western Railroad, being all of the our stand in ' securi
U nion P a c if ic R a i l w a y .— Collateral trust 5 per cent bonds ties of that company, excepting the first mortgage bonds
$1,016,000 replaced on the list, they haviag been sold by the
St. Joseph & St. Louis.—A suit for $400,000 damages for
company; total amount to date, $5,583,000.
C h ic a g o M i l w a u k e e & S t . P a u l R a il r o a d .—Additional alleged breach of contract and for rental claimed under the
Chicago & Pacific Western Division 5 per cent bonds on 21 lease to Wabash, has been filed in the Circuit Court at St.
miles of new road, $420,000; total amount outstanding, $21,- Louis by the St. Joseph & St. Louis Railway Company against
the St. Louis Iron Mountain & Southern and the Missouri
100, 000 .
N o r f o l k & W e stern R a i l r o a d —Additional improvement Pacific railroad companies.
St. Louis F ort Scott & W ichita.—Mr. J. H Richards, Viceand extension 6 per cent bonds, $400,000, being part of an
authorized issue of $1,000,000; total amount now listed $3.300,- President and General Manager of the St. Louis Fort Scott &
000; also, $203,000 general mortgage 6 per cent bonds, making Wichita Railroad Company, has been appointed receiver of
the total amount outstanding $6,902,000.
1that road by Judge Brewer.
150
THE CHRONICLE.
[YOU
XLIY.
Schuylkill Navigation.—A bill in equity has been filed in features which as presented by this old and conservative com
the United States Circuit Court at Philadelphia asking for the pany is worthy of the reader’s attention.
—The thirty-ninth annual report of the Penn Mutual Life
appointment of receivers for the Schuylkill Navigation Com
pany. one of the Reading Railroad Company’s leased proper Insurance Company of Philadelphia is published in another
ties. The request was granted, and Mr. Frederic Fraley, column. The close of the year shows a prosperous condition,
President of the company, and Mr. William M. Tilghman the net assets having increased nearly a million dollars. The
were appointed receivers. The suit is an amicable one among company issued during the year 1886,4,569 new policies, insur
the loanholders of the Schuylkill Navigation Company, the ing risks amounting to $11,469,510. The trustees of the Penn
nominal defendant, for the purpose of protecting the various Mutual, whose names are published in the report, are among
interests of that corporation, pending the reorganization of the strongest and most respected in Philadelphia.
the Reading Railroad Company, and has in view also the pre—The Delaware Mutual Safety Insurance Co. of Philadel
vention of the threatened abrogation of the canal lease by the phia publishes its annual statement to-day in the C h ron icle .
existing authorities of the railroad,
lie board of directors have declared on the year’s business
Shenandoah Talley.—A report at some length has been «, cash dividend of ten per cent, and a scrip dividend of thirty
issued to the first mortgage bondholders by their committee, per cent, the latter to bear interest at six per cent. This
o f which Mr. Geo. C. W ood, 81 Pine Street, is chairman. This speaks well for the year 1886, and an examination of the fig
report refers to the claim that $1,560,000 of unissued first ures in the report is invited. The New York office of the
mortgage bonds were deposited with the trustee of the general company is at 75 Beaver Street, under the management of Mr.
mortgage as security for that mortgage. The committee ", Raymond Smith.
states that “ on Dec. 20th, 1886, at the sitting of the Court at
—The annual statement o f the Union Mutual Life Insur
Roanoke, your chairman and counsel of the committee being ance Company, of Portland, Maine, shows a gain in every
present, the Master announced his findings and presented his department of its business—in assets, surplus, premium
report, which was read and examined by the counsel of the income, new policies issued, number of policies and amount
several interests, but the report has not yet been formally filed o f insurance in force. The office of the company in New
o f record. The Master in his report finds substantially in our York is at 96 Broadway. This company does business under
favor: First, that the first mortgage is a lien upon the entire the Maine non-forfeiture law, which law is particularly favorrailroad property and branches constructed between Hagers able to the insured.
town, Md., and Roanoke, Va., in length 255 miles; secondly,
—The holders of the Mississippi & Tennessee Railroad Com
that the $1,560,000 of bonds claimed to be held for the benefit pany’s consolidated mortgage series A and B bonds will find
o f the general or second mortgage are invalid, and that the m the C h r o n ic l e a call for a meeting at No. 17 Wall Street
valid outstanding first mortgage bonds are limited to $2,270,- on Feb. 7, 1887, at 3 P. M., at which meeting a statement of
000, and interest due thereon of $301,850, as of the date of the financial condition and the necessities of the company will
Sept. 24th, 1886; thirdly, that the car trust, equipment and be presented.
locomotive contracts have priority of lien over mortgage
—Attention is called to the card of the well-known house
indebtedness to the amount of $779,436 of the date of Sept
26th, 1886. While this equipment debt is declared a prior lien, of Messrs.’ H. L. Horton & Co., of this city, in to-day’s C h ro n i
it is no longer a practical question, as it is estimated the equip c l e . This firm has lately opened a branch in London, where
ment is worth the unpaid balance of $779,486, and it is neces it will execute all English or Continental orders for American
sary to the operation of the road. The Master reports receiv securities. The facilities of Messrs. Horton & Co. are of the
er’s certificates outstanding of that date $300,000; and since best, having private wires to most of the leading cities of this
the finding of his report there have been authorized by the country.
—The card of Messrs/.Harvey Fisk & Sons will be found as
Court additional certificates in amount $100,000, the proceeds to
be applied to the purchase of steel rails, &c. The Master reports usual under the head of Banking and Financial. This firm
general mortgage bonds outstanding in amount $4,118,000; offers from time to time some choice investments in the wav
interest due as of April 1st, 1886, $359,460. Upon suggestion of city bonds, in addition to their regular business at the Stock
in open court, and with consent of all the counsel, the Court Exchange in railroad securities, Government bonds, and other
—Hon. Henry E. Blair presiding—assigned March 1st, 1887, as first-class investments. There are few firms in the city that
the day for argument upon the report.” Bondholders are give more attention to procuring full and satisfactory informa
called on to deposit their bonds with the Central Trust Com tion about the bonds which they deal in.
__The Manufacturers' Review and Industrial Record,
pany.
Shenango & Alleghany,—This railroad was announced for published at Nos. 320 and 322 Broadway, New York, is the
sale this week, but as the lowest prioe asked by the trustees— pioneer of textile publications in this country, and in opening
$625,000—was not offered, the sale was postponed for sixty its twentieth annual volume, has adopted a new form and dress,
with marked improvements, which will certainly meet with ap
days.
Texas & Pacific.—Mr. Samuel Dickson, of Philadelphia, proval from its friends and patrons. Under the management of
who is representing the trustees of the first mortgage bonds Mr. H. L. Congdon, its present editor and proprietor, the Record
of the Texas & Pacific Railroad, has filed a petition in the has made a rapid advance and is now among the foremost of
United States Circuit Court asking that the receivers of said all publications representing the manufacturing interests.
road should pay the interest secured by said mortgage. It is
Auction Sales.—The following were sold at auction lately
understood that the proceedings in the present case are of an by Messrs. Adrian H. Muller & S on :
amicable nature and that they were approved by the Commit
Shelves»
I
Shaves,
103 Leather Man. Nat. Bank.204*3 | 11 Am. Bk. Note Co. .$38*3 J>; fjh.
tee of Reorganization.
—The Atlantic Mutual Insurance Company (Marine) pub
lishes its annual statement for 1886. The Atlantic declares
its usual 6 per cent interest on outstanding scrip ; the
certificates of 1882 will be paid off on and after Feb. 1; the
dividend on net earned premiums of 1886 is 40 per cent. The
Atlantic dividends have been more regular and certain for
some years past than New York Central or Pennsylvania rail
road dividends. The assets are now $12,414,511.
—The forty-fourth annual report of the Mutual Life Insur
anee Company, of New York, shows a further remarkable
growth in business. The new business transacted in 1886 ag
gregated. $56,832,718, some $10,288,724 more than in 1885. The
total insurance now in force is $393,809,202. The assets of the
Mutual Life invested in real estate mortgages, Government
bonds, and other first class securities amount to $114,181,963;
this is an increase for the year of $5,272,996, and the surplus
fund during the twelve months advanced from $5,012,633 to
$5,648,568, a gain of $680,985. The amount paid to policy
holders in 1886 was $13,129,108, and the amount of premiums
received aggregated $15,634,720. This company is the largest
life insurance company in the world, and has paid $243,000,000
to its policy-holders in the 44 years of its existence. The com
pany, which grew up under the fostering care of Mr. Winston
and Mr. McCurdy, is now conducted by the latter as its chief
executive officer, and the general policy of its management
has not been changed.
—The twenty-seventh annual statement of the Washington
Life Insurance Co. will be found to-day in the C h r o n ic l e .
The figures presented show that the company increased its
business in 1886 and issued 3,266 policies, insuring $7,428,439 ;
the net assets Dec. 31 were $7,813,681, and surplus as to
policy holders, $981,290. Attention is called to “ the new com
bination plan,” which guarantees the insured the full amount
of his policy with accumulated dividends either at death or at
the end of 20 years and in addition paid-up insurance for onehalf of the amount of the policy. The plan presents some new
156 Pennsylvania Coal Co ..270*4
2 Clinton Hall Association.$61
100 U. 8. Mortgage Co. (20
percent paid).............$1,500
25 Corn Exchange Bank — 100*4
I Membership Certificate
N. Y. Maritime Asso’n,
2d series, sub. to lease.$15
3 N. Y. Produce Ex. B k ...ll8
1 N. Y. Produce Ex. Sale
Deposit & Storage C o..$46
10 Sandy Hook, Quarantine
and City Island Tel.......117
500 McCulloch Copper and
Gold Min. Co. of N. C.. $7
100 Boston Hartford & Erie
RR Co., stamped........ $50
10 National Park Bank.......171 *s
6 Seventh Ward Nat. B k ..118*3
20 Firemen’s Ins. Co.......... .106*4
38 Met.Nat.Bk.(45 p. c. pd.). 35
82 N. Y. & Texas Land Co.. 170
25 Peter Cooper Fire l'ns.Co.172
lOPhenix lir e Ins. Co. of
Brooklyn........................ 150
6 Standard Fire Ins. Co---- 114
20 South. & Atlan. Tel. Co.. 65*4
23 Cent. N. J. Land Imp. Co. 14*3
70 Bk. of New York N.B.A..210
10 Williamsburg G. Lt. Co.. 130
14 Continental Nat. Bk.......121
27 Imp. & Traders’ Nat. Bk.315*3
I I Met.Nat.Bk.(45 p. c. pd.). 33%
18 Nat. Bk. of the Republic.135*4
30 Home Ins. Co..................150
200 Equitable Gas Light Co.
of New York.................. 115%
70 North River Fire Ins. Co.114
10 Sterling Fire Ins. Co . . . . 73*4
30 Knickerbocker Ice C o...102*4
25 Brusir Electric Illumin
ating Co. of New York. 104
2 St. Nicholas Bank........... 120
13 Imp. & Traders’ Nat. Bk.315*4
10 Brook. & N. Y. Ferry Co. 166
16 Farmers’ L. & Trust Co..45l*s
25 N.Y. Bowery Fire lns.Co.158
200 Gold and Stock Tel. Co.. 92
Qß RahAnn.lr Ar WÜP/1Y Oo___1ÖO
2 National City Bank........ 318*3
10 Mechanics’ Nat. Bk........ 167
24 Manhattan Company Bk.l61*4
200 Am. Finance Co.. -ll*so. p. sh.
10 Mineral Range RR. C o... 138
Bonds.
$3,000 Missouri State 6s, due
1887 and 1889......................102%
$10,000 Chicago St. Paul &
.
Minn. 1st 6s, due 1918....... 126%
$14,000 Pittsburg Ft. Wayne
& Chicago 3d 7s, incomes,___
reg., due 1 9 1 2 ...-............... 137*4
$3,000 Newport &Wickford
1st 7s, due 1892........... ,...107
$15,000 New Orleans Mobile
& Texas 8s, incomes, May,
1875, coupons on.................$22
$7,500 Mobile City Compr... 72*8
$1,000 Sandusky Mansfield &
New. consol. 7s, due 1902.-123*4
$500 Metropolitan Gas Light
Co. 6s, due 1901.................121*4
$300 Commercial Mutual
Ins. Co. scrip of 1 8 7 7 ...... 73
$50 N.J.Land Imp. Co.sorip.$850ioo
$2,000 Third Ave. RR. 7s,
due 1890................... 107% & tut.
$10,000 Third Ave. RR.Co.7s,
reg., due 1890.106%-107*4 &mt.
$295 Mutual Fire Ins. Co.
scrip of 1886.......................
$19,000 Brooklyn City Per
manent Water Loan 6s, due ..
1899..........................128% A****$1,000 Transit RR. Co. (State
of Minnesota) 1st 7s, due
1883, Oct., ’ 80, coupon on .$l?
$2,500 N. Y. & Lack. Coal
Co. 1st 6s............- .......... - v “ 34
$1,000 New York Rutland &
Montreal 1st 6s, consol.
gold bond, due 1913........... $1*
$13,000 Cincinnati City 7®io„ . .
per cents, duel9 J2— 135 & u*t.
New Orleans Pacific Land
Grant scrip for 40 bonds,
l a c -c A A n o r nOTìf. i l i v i i ì f ì T l i l . - .
O
THE CHRONICLE.
J a n u a r y 29, 1887.]
3P*je
151
COTTON.
jin x e s *
P. M., Jan. 28,1887.
as indicated by our telegrams
COMMERCIAL EPITOME.
from the South to-night, is given below. For the week ending
this evening (Jan. 28), the total receipts have reached 132 531
F r id a y N igh t , Jan. 28,1887.
bales, against 155,884 bales last week 142,915 bales the previous
The variable and often conflicting political advices by cable week and 159,044 bales three weeks since ; making the total
from Europe have greatly unsettled speculative values during receipts since the 1st of September, 1886,4.346,172 baJos.against
the past week, and seem finally to have put a check upon 4,113,246 bales for the feme period of 18P5-86, showing an in
crease since September 1, 1886, of 232,926 bales.
speculative activity. A t the same time the strike of the ’long5
Receipts at—
Sal.
Mon. Tues.
Wed. Thurs. Fri,
shoremen has seriously embarrassed the export trade, delay
Total.
ing the clearance of steamships for Europe, and retarding to Galveston.........
981 2,935 1,967 2,739
957
8C6 10,385
....
ig
Indianola, Ao.
some extent local trade and manufactures. The fulminations
from Washington against Canada in regard to the dispute over New Orleans... 6,673 8,389 15,778 6,650 7,498 4,923 49,911
r Mobile...............
217
921
233 1,146 2,757
6,377
the fisheries question excite no uneasiness and very little Florida............. ...... 1,103
....
....
....
607
607
attention, being generally regarded as “ buncombe.”
Savannah......... 2,264 2,682 2,500 2,517 2,042 2,860
14,865
d
Bransw’k, Ac.
....
The speculation in lard has relapsed into dulness, and
....
....
__
1,078
1,078
„ Charleston.......
643
887
870
891 1,378
later prices have been drooping and unsettled, but showing
733
5,402
Pt Royal, Ao.
....
....
....
....
297
more activity and steadiness to-day. Business in lard on the
297
e W ilmington....
411
337
591
86
377
349
2,151
spot has been kept within narrow limits, and there is very
....
....
y
Moreh’dC.Ao.
38
38
little change to note in values, closing at 6*70c. for prime City,r, Norfolk............. 1,433 2,230 1,232 1,959 2,432 1,892
11,178
q
West Point, Ao
77
fi’S i^fi’SSc. for prime to choice Western, 7*20c. for refined to
279
528
952
537 8,723 11,096
New York........
1,985
285 1,732 1,809
218 1,314
the Continent and 7*30 c. for refined to South America.
7,343
F r id a y ,
T he M ovem ent o f th e Cro p,
Boston..............
Baltimore. . . . . .
Philadelp’a, Ao.
DAILY CLOSING PRICES OF LARD FUTURES.
Saturd’y. Mond’y. Tuesd’y. Wedns’y. Thur8d’
Feb. delivery.. 6-84
6-86
6-80
6*79
6*78
March “
.. 6*88
6'92
6-86
6*84
6*83
April
“
.. 6*95
6*95
6*93
6*91
6*90
May
“
.. 7-02
7*05
6*99
6*97
6*97
June
“
.. 7 ‘09
7-12
7*06
7*05
7*04
6*78
6*84
6- 90
6 97
7-
There has been at the West an active speculation in pork,
but in this market only a moderate trade at $12 75 for new
mess, $11@$11 25 for extra prime and $14 75@$15 75 for clear,
Cutmeats were active and dearer, but closed dull; piokled bel
lies 7@7J^c., hams 9%@ 10c. and shoulders 5%@6o.; smoked
hams 10% @ llc. and shoulders 6% @ 7o. Beef is dull at $7 50
@$8 for extra mess and $S 50@$9 for packet per bbl. and $15
@$17 for India mess per tierce; beef hams are firmer at $20@
$20 50 per bbl. Tallow is dearer but less active at 4%c
Stearine is firm at 7% c. and oleomargerine is quoted at 6^ c
Butter is in moderate demand at 20@30c. for creamery.
Cheese is firm at 12@18%c. for State factory full cream and
for skims. The following is a comparative sum
mary of aggregate exports from November 1 to January 22:
352
370
••••
....
1,120
113
1,744
114
1,431
594
2,439
3,430
40
6,306
3,430
2,067
8
43
Totals this week 15,149 21,241 27,353 19,275 17,227 82,286 132,531
ui uumpanMuu, we give m e iouowing taoie snowing the week’s
04 receipts, the total since Sept. 1,1886, and the stock to-night
total
and the same items for the corresponding periods of last year*
Receipts to
Jan. 28.
1886-87.
This Since Sep.
Week. 1,1386.
1885-86.
This Since Sep.
Week. 1,1885.
Galveston..
10,385 641,074 13,394 590,776
........
Ind’nola,Ac
781
New Orleans 49,911 1,372,143 51,135 1,338,537
Mobile..........
6,377 187,651 13,057 202,212
Florida........
607
20,520
630
40,877
Savannah. .. 14,865 712,165 18,058 646,082
Br’sw’k, Ao
1,078
25,255
195
13,259
Charleston ..
5,402 349,062
6,127 401,124
Pt.Royal.Ao
297
14,873
503
9,804
Wilmington .
2,151 126,586
1,923
83,688
M’head C.,Ao
38
3,559
15
4,584
Norfolk........ 11,178 443,842 12,121 409,620
1886-7.
1885-6.
W.Point, Ao. 11,096 263,096
4,616 206,241
Pork........................ lbs. 11,817.800
11,635,800
Ino.
182,000 New Y ork ...
7,343
68,302
2,647
45,001
Bacon, &c.................... 129,843,412
125,429,278
Ino. 4,414,134 B oston........
6,306
56,976
5,262
63,665
Lard............................. 100,658,010
70,237,652
Ino. 30,420,358
3,430
37,624
3,000
31,608
The Cincinnati Price Current of yesterday says: “ Packing returns Baltimore...
2,067
indicate a total of 215,000 hogs handled for the week in the West Philadel’a,Ao
23,444
2,121
25,387
against 255,000 last week, and 285,000 for corresponding time last year.Total............ 1132,531 4,346,172 134,804 4,113.246
Total from Nov. 1 to date 5,165,000 hogs, against 5,355,000 a year ago
a decrease now of 190,000 hogs.
Stock.
1887.
1886.
79,554
71,389
392,785
29,304
69,857
387,963
57,671
1,140
90,376
31,123
655
6,437
73,099
30
11,SIR
25,721
9,326
245,637
9,271
18,552
14,601
46,682
6,452
273,246
6.310
32,178
25,187
932,823^1.083.239
'in order that comparison may be made with other veara w a
The speculation in Rio coffee has been fairly active, but at give below the totals at leading ports for six seasons.
variable and somewhat irregular prices, there being some ap Receipts at—
1887.
1886.
1885.
1884.
1883.
1882.
pearance of a “ corner” on contracts for early delivery; but
Galvest’n.Ao.
10,385
13,394
4,02() 12,451
22,347
to-day the movement relapsed into dulness, an early improve
11,424
New Orleans.
49,911
51,135
28,611
42,017
63,650 25,099
ment being lost, closing with sellers at 13*20c, for Feb. and Mobile..........
6,377
13,057
2,92£
6,401
12,063
4,972
13*10@18*15c. for the more distant options, and fair cargoes Savannah ... 14,865 18,058
6,45£
10,556
19,021
10,562
5,699
6,630
on the spot quoted at 147sc., with business in the mild grades Charl’st’n, Ao
5,788
7,296
14,537
3,436
2,189
1,938
1,112
1,349
very dull. Raw sugars have sold to a moderate extent, but Wilm’gt’n,Ao
5,255
3*578
Norfolk.........
11,178
12,121
9,571
14,784
15,915
17,949
close dull at 4 9-16c. for fair refining Cuba and 5^@15 3-6c. for W. Point, Ao. 11,096
4,616
3,124
4,410
3,685
1,679
standard centrifugal; a cargo of Iloilo sold yesterday at 4 l-16c. All others .. .
20,831
13,855
13,681
12,846
12,800
Refined sugars are very firmly held. Molasses has been quiet
13,392
and closes nearly nominal at 20)£ @ 20J£c. for 50 deg. test. Tot. this w’k. 132,531 134,804 75,295 112,110 171,316
95,057
Teas are quieter but well held.
Kentucky tobacco has been dull, and sales for the week are Since Sept. 1. 1346,172 4113,246 4126,992 13981,316 4319,947 3787,538
only 225 hhds., of which 175 for export, at unchanged prices.
Seed leaf also ruled quieter, but sales for the week are 1,950
&c
cases, as follows: 300 cases 1881 to 1883 crops, Pennsylvania,
Lrt,S for j-be week ending this evening reach a total
ll/^ @ 1 3 c.;'300 cases 1884. crop, do. private terms; 400 cases of 174,753 bales, of which 119,134 were to Great Britain 11 198
1885 crop, do., ll@ 15c.; 150 cases 1885 crop, do. Havana. 10@ to France and 44,421 to the rest of the Continent. Below are
15c.; 300 cases 1885 crop, Wisconsin Havana, 4@9*^c.; 300 the exports for the week and since September 1, 1886.
cases 1885 crop, Little Dutch, 8^ @ 10c.; 100 cases 1884 crop,
Week Ending Jan. 28.
From Sept. 1,1888, to Jan. 2 8 ,1 8 8 7 .
State Havana, private terms, and 100 cases 1885 crop, do. do.,
E xported to—
E xported to —
Eocporte
9@15c.; also, 350 bales Havana at 60c.@$l 05, and 150 bales
G reat [
Conti- Total Great
from —
C ontiSumatra at $1 20@$1 50.
B rit’n. Trance nen^m w eek. B ritain France
Toted.
newt.
Spirits turpentine declined to 38^c. but recovered and was
22,682
751
23,433i 230,238 26,981
quoted at 39c. to-day. Rosins are in fair demand at $102%@ Galveston.
67,881 825,050
New Orleans.. 20,105 7,746 12,646 40,497 436,249 271,676
213,730 921,655
$110 for common to good strained, and tar at $2. The specu M
obile.............
7,501
7,501
24,642
lation in crude petroleum certificates has been dull, and lat Florida.............
24,643
terly prices are drooping, closing this afternoon at 70@70Vc. S avannah...:.. 10,749 1,201 21,104 33,054
221,613 16,247 180,802 418,753
In metals, block tin has been the chief ooject of speculation, Charleston....
5,200
5,200
81,501 88,044 111,674 231,219
selling largely to-day at 22‘50c. for Feb. and 22*60c. for W ilm ington... 9,853
9,653
90,823
6,310
6,418 103,551
March. Copper sold at £39 10s. for Chili bars for April, and N o rfo lk ............ 24,978
24,978 245,589
1,937 247,526
Lake on the spot is quoted at l l ^ c ., but efforts to stimulate West Point,&c 7,549
7,549
66,542 2,150
8,406
77,098
the market by reducing production at the West have little New Y ork....... 10,488 1,500 3,412 15,398 285,868 32,736 132,668 451,273
Boston.............
2,600
effect.
2,600
74,587
1,195
75,783
1,340 2,652
65,127
5,132
Wools are less buoyant, and hops are dull and drooping, B altim ore.......1 1,312
15,428
85,681
719
2,238
27,172 ......
2,493
owing to a contest in which the brewers are engaged. Ocean P h ila d elp ’a, A c 1,519
29,665
Total............. 119,134 13,198 44,421 174,753 1,849,951 899,276
freights are very dull as a result of pending strikes, and rates
742,666 2,891,893
are wholly unsettled,
•
-j Total 1885-88 68,976 11,464 34,202 114,642
1,878,823 267,364
864,185!2.510.872
THE CHRONICLE.
152 'I
[V ol. XLIV.
Ia addition to above exports, our telegrams to-night also give
ns the following amounts of cotton on shipboard, not cleared,
at the ports named. We add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale
& Lambert. 24 Beaver Street.
On Shipboard, not cleared—fo r
Jan. 28, AT—
Other Coast
Oreal
Britain. France. Foreign wise.
New Orleans___
M obile..............
Cuarleston . . . . .
Savannah.........
G alvesto n.........
Norfolk . . . . . . . .
New Y o rk ... . . .
Ofcber porta.......
45,088 27,727 24,241
11,000 None. None.
4,200
2,5 <0
3,500
4,7« 0
2,300
2,700
2,495 14,854
2,228
1,940
8,067 None.
5,8(0
2,800 None.
2,000
7,o00 None.
5,980
500
1,000
1,100
2,904
7C0
None.
None.
Total.
103,036
11,500
11,2(0
10,800
22,431
10,707
8,600
9,000
32,383 35,022 57,735 12,181 187,324
33,371 42,172 22,202 204,830
107,085
Total 1886 .......
Total 18 8 6 ....... 86,676 18,770 1 40,297 14,800 160,543
Total 1887.......
878,409
724,914
>CD
a
>
H
I*
The speculation in cotton for future delivery at this market
opened on Saturday at advancing prices, due to the smaller
stocks in American markets, smaller receipts at the ports and
some orders from the South which met with very indifferent
sellers. A further advance on Monday was turned to a decline
under the influence of the disturbing political intelligence
from Europe, accompanied by great depression in the princi
pal stock markets. There was a partial recovery on Tuesday,
■with more activity to the speculation, but a relapse into dul.
ness on Wednesday from the lack of demand. Yesterday the
notices for delivery came cut pretty freely and were thrown
upon the market, causing some depression, followed by a par
tial recovery on free luying for April, May and June.
To-day there was a more decided and general decline than has
been quoted in some time, caused by the free receipts at the
interior towns, the unfavorable foreign advices and the “ bulls”
losing confidence, resulting in a free selling movement and
an easy closing. Cotton on the spot has been very dull, and
the clearances from this port are reduced by the strike of the
’longshoremen. To-day the market was weak, but without
quotable decline; middling uplands 9*^c.
T h e total sales for forward aelivery tor the week are 439,000
bales. For immediate delivery the total sales foot up this week
1,463 bales, including 356 for export, 1,107 for consumption,
—- for speculation and — in transit. Of the above, — bales
were to arrive. The following are the official quotations fer
each day of the past week.
63»
6\
Ordln’y.$B> 6 *
Strict Orci.. 73,a 13,6 73,a
Good Ord.. 8*0
»18
818
Str. G’d Ord 89] a 8*16 8*16
9
9
Low Midd’g 9
Str.L’w Mid 9&16 96ia 9Bia
9*2
Middling... 9*2
9*3
9%
93»
Good Mid.. 93»
10
10
Btr.G’dMid 10
Midd’KFair 111 38 103s 1' 3a
11
11
Fair......... . 11
l i e d T h . F r i.
Ordin y.$k>
Strict Ord..
Good Ord..
Str. G’d Ord
Low Midd’g
Str.L’w Mia
Middling...
Good Mid..
Btr G’d Mid
Midd’g Fair
Fair...........
615]6 61&16
738
730
8Bia 8 ']«
83»
83»
93,a 93,e
933
9*a
9Ule 91*16
9>bI6 9iBit
103ie 103]«
ll» is 1(9,6
113,6 113,«
W ed T li .
616,6 616,6
738
7*9
86,6 f6,6
83»
8%
93,6 9310
9*2
9*2
91*16 9*1,6
9*b16 9*6,0
103,6 10816
10»,6 109,6
11S]6 113,6
F r i. W e d T h , F r i.
6iBie 6*Bia
73a
73a
8Bia 8Bia
83»
8%
93,6 93,6
933
93«
9**16 911,6
91B]e 9**>ib
10316 103,6
109la 1091q
11«,« 113,6
63»
6U>i« 615ie 6*Bie 8Ib16
63»
73a
73 a 73, a 73a
73s
738
8*8
8*8
85,a 6Bi« 8bJ6 8Bid
83»
83»
83»
89 6 8®16 83»
9
9
93,6 *'3»6 93]« 9:', «
933
9*«
9*2
9516 HBie 9*3
9*3
9*2
9*3
9* lie 91*16 9*3,6 9**16
*•3»
9*k
9>b, k 9 lo16 9*°X6 9 ,0if
9%
103,6 1 3,6 103,6 1031B
10
10
10
H 38 K.Sg 1038 H.9,rt
10®]6 10®i'e
il
11
111
i n v In s 6 1IIS]« ¡113,6
63»
8*8
8®16
9
STAINED.
Sat.
..«pib. 09] a
Good Ordinary...
Strict Good Ordinary....
734
. . . . . . . §h s
Low Middling....
Middling... .......... ........... .......... 1 8lbia
JTlon T u ea W e d
6®16 6®I6
7*4 1 734
81,6 1 th e
8*°16 8*o»b
6®16
7*4
81,6
8*b,6
615,6
730
8bX6
83»
93,6
9*3
9**16
9*6,6
1<J3,6
109,6
IIS,«
6*5,0
73a
85,e
8%
93,0
93«
9*1,6
9*6,6
IO3,«
109,«
113x6
T li .
F r»,
tí»,«
7*4
8*16
8*5,6
6®ie
7*4
8*,o
S*°16
c«5
co HbO
5
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MARKET AND SALES.
I
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TEXAS.
NEW ORLEANS.
UPLANDS.
Sat. M o n T u e t Sat. M o n T u ea Sat. 31 o il T u e «
Jan. 22 lo
Jan. 28.
cC
CCO
coco
I»
I •:
I'
The total sales and future deliveries each day during th* Includes sales in September, 1886, lor September, 42,900; Septem
week are indicated in the following statement, For tne con
for October, 287,200.; September-November, for November,
venience of the reader we also add a column which shows at a ber-Oetober,
441,700; September-December, for December, 765,100.
glance how the market closed on same days,
py * yye nave muinaea in tne aoove table, ana snail continue each
SALES OF SPOT AND TRANSIT.
SPOT MARKET
CLOSED.
B a t..
M on .
Tuea.
Wed .
Thürs
F r i..
Quiet and steady
Steady................
Quiet and steady
Quiet and steady
Quiet and steady
iiasy....................
Total.
Ex- \Coti- 1Spec- Tranport. sump\ul't'n tit. Total.
. . . j 157¡ ....
...J 226 . . . .
....1
S8 . . . .
....1 1.551 . ...
356] 188 . . . .
•— I **83¡ •—
356] 1,107) . . . .
__
__
....
157
226
98
155
544
283
FUTURES.
Salee.
53.5C0
89,500
73,600
36,500
68,900
117,000
1,463 439,000
Deliveries;
....
....
....
....
....
....
The daily deliveries given above are actually delivered the day
previous to that on whien t.uey are reported.
T he Sales and P r ic e s of F utures are shown by the follow
ing comprehensive table.
week to give, the average price of futures each day for each month, it
will be found under each day following the abbreviation “ Aver.” The
average for each month for the week is also given at bottom of table.
Transferable Orders—Saturday, 9'45c.; Monday 9-40o.; Tuesday,
9-45c.; Wednesday, 9'45o.; Thursday, 9'40o.; Friday, 9'35c
The following exchanges have been made during the w eek:
•42 pd. to exch. 100 Nov. for July,
•48 pd. to exi li. 1,000 Feb. for July,
•10 pd. to exch. 100 Apr. for May.
•30 pd. to exch. 1,500 Mar. for June.
•21 pd. to exch. 1,000 Feb. for Apr.
•47 pd. to exch. 50C Feb. for July,
•39 pd. to exch. 100 Nov. for July,
•30 pd. to exch. 2,500 Feb. for May
•10 pd. to exch. 1,200 Mar. for Ap r.
•10 pd. to exch. 500 Feb. for Mar.
¿52 pd. to exch, 500 Feb. for Aug.
■40 pd, toexoli. 2,900 Feb. for June
•31 pd. to exch. 700 Feb. for May.
•10 pd. to exch. 500 Feb. for Mar.
•21 pd. to exch. 800 Feb. for Apr.
•10 pd. to exch. 300 Apr. for May.
•20 pd. to exch. 300 Mar for May.
•30 pd. to exch. 600 Feb. for Mar.
•21 pd. to exch. 100 Feb. for May.
•22 pd. to exch. 300 May for Aug.
•29 pd. to exch. 300 Feb. for May.
•28 pd, to exch, 100 Feb, for May•
J an u a r y 29, 1887.]
Su p p l y
THE CHRONICLE.
of
153
Cotton to n ig h t, as made up bv cable
The above totals show that the old' iu terioT stock T h a va
and telegraph, is as follow s. The Continental stocks, as well as
during the week 15,509 bales and are to night 131 248
th ^ e for Great Britain and the afloat, are this week’a reTur “
and consequently all the European figures are brought down bales less than at the same period last year. The receipts at
to Thursday evening. But to make the totals the comnlete the same towns have been 20,976 bales m o r e than t h e ^ m e
eek last year, and since September 1 the receipts at all fLa
iJf n-1 28j’ -we add the item o f exports from towns are 54,677 bales m o r e than for the same time inl885-86
the United States, including in it the exports o f Friday only.
Quotations for M iddling Cotton a t O ther Ma r k e t s __
1887
1886.
1885.
1884.
Stock at L iverpool........ bales. 831.000 Cl 8.000 823.000
798,01m in « « 0 tjf*a6 b.®iow w e give the closing quotations o f m iddling
Stock at L o n d o n ...............
11 000
15.000
41.000
61,000
Total Great Britain stock . 812,000
Stock at H a m b u r g .............
3,400
Stock at B r e m e n ...............
20,500
Stock at Amsterdam . . . . . . . . . .
25.000
Stock at Rotterdam . . . . . . . . . . .
400
Stock at A n t w e r p .............]
900
Btook at Havre...................
211,000
Btook at Marseilles___] ” 1
3.000
Stock at B arcelon a ........ ""** 46.000
Btook at Genoa................... **”
4 000
Btook at Trieste.............
10.000
633.000
4.300
35,500
29.000
300
1,700
141.000
4.000
43.000
864.000
7.000
44,900
53.000
800
859.000
3,700
67,300
53,006
600
3,800
161.000
Total Continental stocks.
1,100
210.000
4.000
41.000
4.000
7.000
10.000
3.000
324,200
273,800
372,800
r .,Tota].Ear°Pean stocks ....1,166,200 906.800 1.236 890
India cotton afloat for Europe. 130,000
93,000
39000
Amer’n oott’n afloat for E u /p e 636]000 454 000 552,000
‘
Egypt, Brazil, Ao.,aflt for E’r’pe 41,000
41 000
60.000
Stock In United States ports .. 932,823 1,083,239 885,457
Stock In U. 8. interior towns.. 313,271 441,514 266,591
United States exports to-day..
33,529 ‘ 27,118
19.000
Ä
f ü
: -
Jan.
142,000
15,000
56.800
93,000
41,000
224.000
41.000
98.830
39.000
60.000
236.000
01.000
87,400
161.000
58,000
Ea,8t5j n<ito, A c......... 472,200 347.800 462,800 603 400
Total American.................. 2,780,623 2,701.871 2.536,048 2,778,010
lpply - r — -3.252.823 3,049,671 3^)59*848 i J s T H o
Upl.f V
Liverpool....
5d
rik 4
Price Mid. Upl., New York....
dC .
93* 0. 113$ , • g f c
arloft Mid,
imports into Continental ports this w eek have been
oj,UOU bales.
C° tt0n markets for « S
CLOSING QUOTATIONS FOR MIDDLING COTTON ON__
Satur.
Mon.
Tuet.
9
9
9
91!«
9
9
9
»h e
9
9
9
9*1«
9k
9 14
914
9k
9k
98s
815ia
81*16
9k
9
918
9k
Wednet.
9
9
9
9>ia
9ie
9i8
9>e
913
914
914
914
9%
9%
9k
9*4093a 9k<®9k 9k® 9k
98«
9k
9k
|1516
8i»ie
9
Ik
16
9
81618
9ie
9
5 "“
Thur»,
9
9
9
»»is
9k
98(6
9k
9k
9k*9k
9k
9
9
Vi" Vi"
9
9
F r i.
9
8iBie
9
ö l 16
9k
» 316
9k
9%
9k »9k
9k
9
9
81616
9k
9
E ^ teS The fiCi Ual “ 0vem ®nii each week from t h f p i
Th figu 5®8 do, not include overland receipts nor
Southern consum ption; they are simply a statement o f the
* h tS yfim0n emen<l fr01? tbe Plantations of that part of the crop
which finally reaches the market through the outports
Week
Ending—
-2.730,623 2.701,871 2,596,043 2,773.010
L iverpool s to c k . . . . . . . . . . . . . . . 190.000
Londonstook... . . . . . . . . . . . . ] ”
11.000
Continental stocks.
100.200
India afloat for Europe
130.000
Egypt, Brazil, <teo., afloat..” ] ’. 41.000
28
^
R eceipts from the P lantations.—The following table
Vl8lbi 68 ap p ly ............ 3,252,823 3 jJ49,6 t T 3,053,843 3 391 410
Ä
Week ending
Galveston...
New Orleans
6,000 M ob ile.......
52.000 Savannah...
11.000 Charleston. .
7,000 Wilmington..
N orfolk ......
365,400 Boston..........
Baltimore....
1 224 400 Philadelphia.
161 000 Augusta.......
™
1,000 Memphis . . . .
572,000
58,000 St. Louis.......
1,060,563 Cincinnati...
271,447 Louisville___
34,000
° l w v a » - h0 totals of American and other description s are as f olio ws:
Liverpool stook............... bales 611,000 476,000 599.000 562,000
Continental s t o c k s ......... . . . 224,000 217 000 274.000 278,OC0
American afloat for Europe... 636,000 454*900 552.000 572,030
United States stock.................. 932,823 1 083 239 835,457 1,060,563
United S tates in te r io r s t o c k s .. 313.271
414 514 266,591 271,447
United S ta tes e x p o r t s t o - d a y ..
33,529
2 7 ]ll8
19,030
34,000
Ä
day o f ?he p S w e e k
Dec. 24
81
Jan. 7
14
31
28
P
Receipt» at the Porte. St’k at Interior Towns. Rec’ptsfrom Planine
1884-85 1885-8611886-8711884-8511885-8611886-S7
1884-85] 1885-86 1886-87
207,893 240,lö6[283,045 363,520,53!,319 483,534
207,517 280,216 305,026
1Ü4.073 189,852 236,018|349,438 543,557 443,505
140,043 212,090 246,049
138,994 140,8291159,044(320,785 520.581 423,252
105,891 123.833 138,781
130,951 108,488i142.015,304,859 518,993 3S9,745¡ n 5,’o25,r 95,:92o|l09 408
93,911 110,310,155,884 298,080 493,250 360,428 87.183 89 307 182 M 7
ìm ia i 100R01 ADA
__ I
I W,WW' AO"'lUU'
75.295 134,804 182,531 280.8~2i476.342 351.861' 68.087(17.306 1 17 ,40 4
f .T b® ab+° I e statement, s h o w s - l. That the total receipts from
^ f c * atl° ns ,8ince September 1, 1886, w ere4,649 478 balesm218That ^ ?f?nt’ 5l 3vl38
-S\in 1884‘ 85 w ere 4,390’649 bales’
w ere^3^*U
rf ce?pts at the outports the past w eek
Onl v m 4(11 ft!® !’ f t t Ct,ual mu07.ement from plantations w as
1 ’ ft® balance being taken from the stocks at
ft® r tifrl° r fcowns- T-ast year the receipts from the plantations
The above figures indicate an i n c r e a s e in the cotton in sight
i 2’oolght . 203,152 hales as compared with the same date of 58 087 b K . e W6e ^
117,898 baleS a ud f0 r 1885 th®y w e r®
1886, an i n c r e a s e o f 193,975 bales as compared with the corres
ponding date o f 1885 and a d e c r e a s e o f 128,587 bales as
A mount of C otton in Sight J an . 2 8 .-I n the table below
compared with 1884
we give the receipts from plantations in another form , and add
f„ Af t THE i uTERi OR Town8 the movement—that is the receipts ( o t f t em k h a nel overlarid movement to Jan. 1, and also the
n S9ytbern. spinners to the same date, so as to give
lot the week and since Sept. 1 , the shipments for the week, and
the stocks to-night, and the same items for the corresponding substantially the amount o f cotton now in sight.
period o f 1885-86 is set out in detail in the follow ing statement.
1886-87.
1885-86. I 1884-85. I 1883-34.
Receipts at the ports to Jan. 28 4,346,172
4,113,246.4,126,99
2'3,981,316
Interior stocks on Jan. 28 In
excess of September 1 ___
303,301 460,492 263,657 230,598
„T ot. receipts from planta’tns 4,649,473 4,573,738 4,390,6 19 4,231,914
Net overland to Jan. 1 ...........
513,742 525,092 358,048 382,415
Southern consumpt’n to Jan.'l 150,000 _131,0C0|
115,000; 123,000
Total in sight Jan. 28........... 5.313,215 5,229,830 4,863,637¡4,737,329
f i l l »If I F g i g l S i ï I s i î I g prtt>
S i s i f i
“
I S ' S I ^ i f l N s s ’l l g s a p
I
5.5
“ ®fo
» .-.
q * S ” ® ® i^ ® ® 5iB o0 -?
O»
3 - ®- - Ô3
>E
•th*- Ir fn
.
■* rt-LjX
--2h ® : ^ . Q&
Öririw r 2 a ; . • ss,
o ai 9 p . p a ; p ; • ,
H hJW- Op?<JOSO
8» . Q
MOS
' - “ - '0 0 --"CO (fi
P s r- o J. MIft.
WOOjOí MOí-*
w j cs
a>
w —CS
O 9 P
H W
M -o o
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soit».
M 9.
5"; L<
M
» o S S Î S mSS® S S'm'S 5 g g * S
M
t9O O Ci.CO—
•
w j
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oí o» i-
C5CS© p
03 ca
Sì
«< 03
«0 I V i w o m
co I eoa#.Qota M W
ri O enri ao^ t
05 ! M
I ri : rii®.?0 Wto•
! to Ii arioto
wVièo to!
oooo5#k'
w I tOMCC00O3-<ì
COCO
s
Ss
?rS s
Sen o» o> cs o I § 5
ODri Mto*. toll co ! ' S
o j c ü i o S oîô; I to jp
o u i® o t* s u ffl So
5^r i
ri ^ M to Sk«
a o o e E a c S î a S S ! ^ ' 6'0'- ’ - » s >
MaOK.Cowcn^.aowo.ggggggPOM I i f
H o e # k M (.o
1
y
w' JO»00 0.00*1
odS
“
OHCnMCOtOCO
fi ! -4
CO A
2 - ^ ®^ ^
■■0a*«iO !!c* to jalo
21 V) j CJ»CHM03 CJ»M*
M I o I <i h . i o ® c '
•sIM jU m M O M
m
S o 'ï
<1 O 03 C04;0 CJI A
I o ! 'Îol-T-* ÎDOO<>î
b e 8een b y
6 a b o v e th a t th e
to-n igh t, as co m p a re d w ith la st y e a r,
as com p a red w ith 1884-85 Is 419 518
1883-84 Is 575,886 b ales.
O ^ ^ MM Os—
J vl h, ]£. ^ M fc . 7
u;pp_xœo.
^SR
oo c; oi oo to - j o
» M i-* h->
ri oo I
M •
Northern spinners’ takings to
Jan. 28.............................. . 1,088.23011,151,0991 889.88;
8H
O 0 - . . 1 O ' O ' ^ M w M » v< a C JlfB -n
to co w o ¡o. le- -4 X o o 00 x w S “ S
JOi ÎÛCOÛÛ
— ^ 7^-03
or if*
is W
(0
®» • a.
O j tow
P
ìj
05 0 CSX© cnJqooSS
K) bOCH<1 M CH«Q tfc»
M^lj—OJOt3 *-sM
OQ0CJOM*Olle
to wooodccp
o>îaVj mo
AO j
-co a u o co w o ce a -iM »
S3
P ! ri.ri
« I
~ :
M
i ri ^ taot a Meo toco a
toto
MACO
«► -to
I
t t r i a O M M ^ V m cn K M w w a V oo ';
to O Ö o —ot — Ol MMQOO m m
. I -A ~.
■MODO
a rgi c^o J
rdo
00 i M O o o u - j 'a H Q
O i gCO
gMg S
r i i rii0 ririp p w a co ; m m S a S o i «
2 § ® o I h « “ 'm S S ¡ «OjotacoMcoóo !
ri i w o o o a i - 2 r i r i ë w !
T lä Qye^
»
**>mstock.
5 o
975.791
in cre a se In a m o u n t In
is 83,385 b ales, th e increase
h a i«« ¿ , 6
w ba ln creae®
bales a n d th e In crease over
W e a t h e r R ep o r ts b y T e l e g r a p h .— Our telegrams frbni
th® bouth to-night indicate a continuation of rather mild
weather during the week, with rain in most sections. A t a
few points the rainfall has been somewhat heavy and had
interrupted to some extent the marketing of cotton.
hav® bad rain on two days of th6
week, the ramtall reaching seven hundredths of an inch. The
lowest°46eter baS averaged 57> the highest being 67 and the
^Palestine, Texas.—It has rained on one day of the week’
the rainfall reaching six hundredths o f an inch. The thermometer has ranged from 32 to 74, averaging 55,
Aew Orleans, Louisiana.— W e have had rain on two days
of the week the rainfall reaching two inches and seven hun
dredths. The thermometer has averaged 60.
Shreveport, Louisiana.—Rainfall for the week fifty-one
72"^dei o « St M?“
' Avera*e ‘ tormometer 54, L J h £ t
r t P S S 6«? ' Mississippi-— W e have had rain on three days of
tbe ramta11 reaching one inch and eight hundredths.
?he lowest S eter haS averaged 46’ the highest being 60 and
Leiand, Mississippi.—Uzinttil for the week one inch and
r a n g ^ froL 2^ t o e74
‘ ^
thermometer hasa™raged 57-9^
Greenville, Mississippi. — Telegram not received,
,J-'lar!isdale, Mississippi.—The early part of the week we
nfeisfiit ° nThne dayr iiUt the, latter portion has been clear and
S H E ?* A
Ti f 1^ 1. reached one inch and thirty-six hun
dredths. About all the crop has been secured. Contracts
154
THE CHRONICLE
[V ol. XLTV,
! OOOP
oooo
qqqq
OiCI^CO
1
According to the foregoing, Bombay appears to snow a
with labor for the coming year are now being made. In conse
quence of considerably increased immigration wages are going de :rease compared with last year in the week’s receipts of
to be lower this season. Average thermometer 46 4, highest 5,00C bales, and an increase in shipments of 12,000 bales, and
the shipments since Jan. 1 show an increase of 31,000 bales.
78 and lowest 24.
The movement at Calcutta, Madras and other India ports for
Meridian, Mississippi.—Telegram not received
Vicksburg, Mississippi.—It has rained constantly one day the last reported week and since the 1st of January, for two
of the week, the rainfall reaching one inch and forty-three years, has been as follows. “ Other ports” cover Ceylon,
hundredths. The thermometer has averaged 57, ranging from Tuticorin, Kurrachee and Coconada.
88 to 80.
.
*
n ,,
Shipments for the week. ' Shipments since January 1.
Qloster, Mississippi.—It has rained on two days o f the
Great
Conti
Great
week, the rainfall reaching two inches and eighty hundredths
Total.
Britain. Continent. Total.
Britain. nent.
Contracts for the coming year are now being made at about
last year’s rates. The thermometer has averaged 57, the Calcutta—
2,000
8,000
3.000
1,000
10,000
highest being 75 and the lowest 88.
2,000
1887........
3,000
7.000
2.000
1,000
10,000
1,000
1886........
Helena, Arkansas.—It has rained heavily (accompanied by
tfadras—
thunder) on three days and the remainder of the week has
2.000
500
2,000
500
1887........
been pleasant. The rainfall reached three inches and nine
1,000
1,000
teen hundredths. Farmers are preparing for the next crop. 411 others—
4.000
5,000
2,000
1,000
9,000
2,000
1887........
There will probably be more land planted in cotton than last
2.000
7,500
2,500
9,500
2,500
1886........
year. The thermometer has averaged 50.
Memphis, lennessee.—It has rained on three days of the Total a l l 6,000
15,000
21,000
5.500
1,000
4.500
1887........
week, the rainfall reaching three inches and thirteen hun
5,000
4.500 1 15,500
1,000
20,500
3.500
1886........
dredths. Six thousand bales burnt cotton have been deducted
from stock this week. The thermometer has averaged 50,
The above totals for the week show that the movement from
ranging from 81 to 72.
the ports other than Bombay is 1,000 bales more than same
Nashville, Tennessee.—"We have had rain on five days of week last year. For the whole of India, therefore, the total
the week, the rainfall reaching two inches and fifty-one hun shipments since January 1, 1887, and for the corresponding
dredths. The thermometer has ranged from 28 to 69, aver periods of the two previous years, are as follows:
aging 44.
EXPORTS TO EUROPE PROM ALL INDIA.
Mobile, Alabama.—It has been showery on four days of the
1885.
1886.
1887.
week, and has rained severely on two days, the rainfall reach
Shipments
ing one inch and sixteen hundredths. Average thermometer
This
Since
Since
This
Since
This
to all Europe
week.
Jan. 1.
week.
58, highest 66 and lowest 81.
Jan. 1.
J a n .1.
week.
from—
Montgomery, Alabama.—W e have had rain on three days
6,000
52,000
48,000
83.000 19,000
of the week, the rainfall reaching one inch and thirty-four Bombay. . . . . . . 31,000
4,000
4,500
20,500
14,600
21.000
5,500
hundredths. The thermometer has averaged 58, the highest I ll other ports.
72,500 10,000
62,600
being 71 and the lowest 28.
Total......... 36,500 104,000 23,500
Selma, Alabama.—It has rained on one day of the week, the
A lexa n d r ia R eceipts and S hipments .— Through arrange
rainfall reaching two inches and twenty hundredths. The
ments we have made with Messrs. Davies, Benacm & Co., of
thermometer has averaged 50, ranging from 80 to 69.
Auburn, Alabama.—It was showery on three days in the Liverpool and Alexandria, we now receive a weekly cable of
early part of the week, but the latter portion has been clear the movements of cotton at Alexandria, Egypt. The following
and pleasant. The rainfall reached one inch and eighty-three are the receipts and shipments for the past week and for the
hunare iths. The thermometer has ranged from 27 to 67, aver corresponding week of tne previous two years.
aging 50*8.
Aletandrta, Egypt,
1884-85.
1885-86.
1886-87.
Birmingham, Alabama.—There have been heavy rains on
Jan. 26.
two days, and the remainder of the week clear and pleasant.
(cantars*)—
Madison, Florida.—There has been rain en two days of Reoelpts This
135,000
50,000
55,000
w eek ....
2,758,000
the week, the rainfall reaching one inch and twenty-five hun
2,428,000
2,467,000
Slnoe Sept. 1
dredths. The thermometer has averaged 50, the highest being
Since
This
This Since
This Since
78 and the lowest 80.
week. Sept. 1. week. Sept. 1. week. Sept. 1.
Macon , Georgia.—W e have had rain on one day of the week.
Columbus, Georgia.—There has been! rain on one of the Exports (bales)—
7.000 189,000 7.000 168,000 11,000 229,000
To L iverpool,...
week, the rainfall reaching one inch and eighty-one hun
3.000 91,000 5.000 95,000 5,000 96,000
To Continent...
dredths. The thermometer has ranged from 28 to 58, averag
280,000 12,000 263,000 16,000 325,000
10,000
Total Europe.
ing 44.
Savannah, Georgia.—There has been no rain all the week.
* A oantar 1b 98 lbs.
Averaging thermometer 54, highest 70 and lowest 82.
This statement shows that the receipts for the week ending
Augusta, Georgia.—W e had rain on two days in the Jan. 26 were 55,000 cantars, and the shipments to all Europe
early part of the week, but the latter portion has been clear 10,000 bales.
and pleasant. The rainfall reached sixty-seven hundredths of
Manchester M arket . —Our report received by cable to-night
an inch, The thermometer has averaged 57, the highest being from Manchester, states that the market for yams is dull but
74 and the lowest 28.
steady, and shirtings are steady. W e give the prices for to-day
Albany, Georgia.—There has been rain on one day, the re below, and leave those for previous weeks or this and last
mainder of the week being pleasant. The rainfall reached one year for comparison:
inch and thirty-five hundredths. Contracts with labor for the
1885-86.
coming season are now being made at about last year’s rates.
1886-87.
The thermometer has ranged from 31 to 74, averaging 54.
Oott’n
Oott’ n
814 lbs.
Mid
8 >4 lbs.
32« Cop.
Charleston, South Carolina.—It has rained on one day of
Mid. 32« Cop.
Shirtings. lipidi
lwist.
Shirtings.
Twist.
lipids
the week, the rainfall reaching fifty-four hundredths of an
inch. Average thermometer 53, highest 69, lowest 84.
d.
d. s, d. s. d.
d.
d.
d.
d. 8. d. s. d
Stateburg, South Carolina.—With the exception of rain on N’ V.26 73s
5 7is9 6 7i* 5*1« 7% ®8l4 5 8 ®7 I»* 514
®8
one day, the weather has been pleasant during the week. The Deo. 3 751B—7l6ie 5 8 « 6 8
518 73« ®8i« 5 8 ®7 li* 5»i«
5 71*97 1
8*16
5 8 ®6 9
5*4 71« ®8
« 10 738 ®8
rainfall reached twenty-six hundredths of an inch. The ther
5
« i7 738 ®8
5 8 »6 9
SH 738 ®77s 5 7i*®7 1
mometer has averaged 52'5, the highest being 65 and the low
5
514 TH ® 7% » 71*97 1
« 24 76i«—7l5jg 5 8 ® 6 10
41&1S
5
71*97
1
est 27.
7*8
®7®s
76^-715,«
5
8
®6
10
514
« 31
5
® 7 lli« 5 7 i*9 7 1
'5 8 ®6 10
6Bie
Wilson, North Carolina.—It has rained on one day of the Jan. 7 7&ia—
511«
®75s
5
71*97
1
75,.—
715
i
«I5
9
i*
9
6
lo
i*
514
7*16
«• 14
week, the rainfall reaching twenty hundredths of an inch.
5*16
« 21 7*4 ® 77s 15 91*96 10 1* 5316 7*18 ®7®8 5 7 i*9 7 1
5
The thermometer has averaged 51, ranging from 24 to 74.
5
7i*97
1
®7<*ie
17
5316
Iß
91*
*6
10»*
“ 2* 7 ^ ®778
The following statement we have also received by telegraph,
E u r o p e a n S u p p l y an d C o nsum ption .— By cable we have
showing the height of the rivers at the points named at 3 o’clock
to-day received the substance of Mr. Ellison’s annual first of
Jan. 27, 1887, and Jan. 28, 1886.
Jan. 27, ’87. Jan. 28, ’86- January cotton review, and it will be found in our editorial
columns, including also his estimates for the whole season.
Feet. Inch. Feet. Inch.
J ute, B utts, B agging, &c.—N o change has taken place in
2
4
8
8
New Orleans. ........A b o v e low-water mark.
12
4
8
19
Memphis........
the bagging market, and but little business is being done.
27
6
2
Nashville.......
21
Some few small orders are in hand, but buyers are not taking
3
0
6
Shreveport...
13
any large supplies. Prices are easy and orders can be filled at
Vicksburg___ ............Above low-water mark.
10
2
1
25
« @ W c for I K lb., 6 K S 6 K c . for 1 % lb., 7@7Kc. for 2 lb.
I n d ia Cotton Movement from a l l P orts . —The receipts and 7%@8c. for standard grades. There has been rather more
and shipments of cotton at Bombay have been as follows foi demand for butts, and the market is steady. Some d,ow
the week and year, bringing the figures down to Jan. 27.
bales have been placed at i%c. for paper grades and 8@ W>.
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR YEARS.
for bagging qualities, and these figures are quoted at tne
close.
,
Shipments Since Jem. 1.
Shipments this week
Receipts.
Shipping N e w s . —The exports of cotton from the United
This
Great Conti
Tear Great 1OontiTotal.
Year.
states the past week, as per latest mail returns, have reached
Week.
Bril’n.l nent. Total. Britain nent.
151,338 bales. So far as the Southern ports are concerned, these
83.000
166,000 are the same exports reported by telegraph, and published in
1887 9.000 22,000 31.000 17.000 66,000
52.000
140.000
1886 ........ lv*,000 19.000 10.000 42.000
With regard to N ew York w
48.000
1885 2.000 4,000 6.000 11,000 37.000
85,000 the C hronicle last Friday.
1884 7.000136.000 23.000 53,000 72.000 125,000
193.000 include the manifests of all vessels cleared up to Thursday«
THE CHRONICLE.
J an u a r y 29, 1887.J
Total bales.
New Y ork —To Liverpool, per steamers Acadia, 1,350....
Alaska, 2,215 . . . . Archimedes, 511 . . . . Bessel, 920 ....
Britannic, 2,903__ City of Berlin, 1,362___Umbria, 325.. 9,486
800
To Hull, per steamers Kovno, 2 >0___Lepanto, 600...............
To Leith, per steamer Crystal, 200...........................................
200
To Havre, per steamer La Champagne, 1,5 00 ........ .
1,500
To Bremen, per steamer Trave, 1,12 L....................................... 1,121
087
To Hamburg, per steamer Suevia, 6 8 7 ...................................
To Amsterdam, per steamer Zaandam, 4 0 ................................
40
To Antwerp, per steamer Westernland, 1,434 .....................
1,434
To Genoa, per steamers Bolivia, 113__ Independente, 1 7 ...
130
New Orleans—To Liverpool, per steamers Albula, 2 ,793....
Asturiano, 3,000___Bernard Hall, 4,790....California,
2,900___Carmona, 8,385...Cam Marth, 2,0JO...Federico,
5,257___Muroiano, 4 ,700___Plato, 2,232___ Saturnina,
5,400___Yucatan, 3,156___per ship Ryerson, 3,900.......... 48,513
To Havre, per steamer Ganges, 6,450___per ship Strnan,
5,024....p e r bark Patagonia, 4,070................................... 15,544
To Bremen, per steamers Angerton, 6,912___Belair, 3,344__ 10,256
To Barcelona, per steamer Hernan Cortes, 4,238__ per bark
Habana, 934........................................................................
5,172
Savannah—To Bremen, per steamers Cyanus, 4,575___Strath
more, 5,923___________________________________________ 10,498
To Barcelona, per steamer Vindobala, 4,550........................... 4,550
B runswick —To Liverpool, per steamer Lord Derby, 4,150........ 4,150
Charleston—To Havre, per bark Mercur, 1,S50......................... 1,850
To Barcelona, per brig Chili, 510...............................................
510
Galveston—To Havre, per bark Johanne, 1,540........................ 1,540
To Bremen, per steamers Charrington, 4,470___Duchess,
4,790___Maritana, 4,560___ per bark Sif, 1 ,5 5 1 .............. 15,371
To Vera Cruz, per steamer Harlan, 561....................................
561
Norfolk —To Liverpool, per ship Lizzie Wright, 2,818__ per
bark Maiden City. 2 ,9 58 .......................................................... 5,776
West Point—To Liverpool, per ship Alice M. Minotte. 3,7 35 .... 3,735
Newport News —To Liverpool, p e r---------------- , 1,374............. . 1,374
Baltimore—To Havre, per steamer Lord War wiok, 2,102........... 2,102
To Antwerp, per steamer New Guinea, 1 ,1 0 0 ...... ................ 1,100
B oston—To Liverpool, per steamer Istrian, 1,594........................ 1,594
P hiladelphia —To Liverpool, per steamer Lord Gough, 1,744.. 1,744
Total____ . . . . . . . . . . . . . . . . . . . . . . .
------------ ------- -- 151,338
„1
The particulars of these shipments, arranged in our
155
Ja n . 7.
Sales of the w eek ........b a les.
Of which exporters took . . . .
Of which speculators took..
Sales American. . . . . . . . . . . . . . . .
Actual e x p o r t ............. . . . .
Forwarded................................
Total 8took—Estimated...........
Of which American—Estim’-d
Total Import of the w eek.......
Of which American. . . . . . . . .
Amount afloat................ .
Of which Am erican.............
51,000
4,000
3,000
33,000
4,000
34,000
728,000
534,000
138,000
107,000
308,000
290,000
Ja n . 14
Ja n . 21.
65,000
7,000
4,000
44,000
10,000
24,000
766,000
578,000
127,000
113,000
288,000
261,000
Total...
57,000
4.000
5,000
42,000
7,000
29,000
831,000
641,000
93.000
77,000
306,000
256,000
The tone of the Liverpool market for spots and futures each
day of the week ending Jah. 28, and the daily closing prices
of spot cotton, have been as follows:
Saturday Monday. Tuesday.
Spot.
Wednes. Thursd’y.
F rid a y.
M arket,
12:30 P.M.
Small
nqulry.
Small
inquiry.
Moderate
demand.
Freely
offered.
Upl’ds___
Mid.OrTneu
Mid. Sales
Spec. & exp •
53je
5®18
7,000
500
53is
53,6
10,000
1,000
16
8®16
7,000
500
53ie
55,6
8,000
500
53,6
»»IS
8,000
500
Quiet.
Quiet at
1-64 de
cline.
Steady at
1-64 de
cline.
Quiet.
Quiet.
Steady.
Barely
steady.
Quiet and
steady.
Steady.
Quiet.
Futures.
M arket,
12:30p .m.
;
Quiet.
M arket,
5 P. M.
Quiet
kb
In buyers’ In buyers’
favor.
favor.
RR18
5B,e
8,000
1,000
The opening, highest, lowest and closing prices of futures for
Liverpool for each day of the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unless
otherwise stated.
„
Tlle Prtcz* are given in pence and 6U hs,
i 63-64 d „ and 5 01 means 5 l-64rf.
Amsterd.
Genoa
Hull
Bran, and
and
Sat., Jan. 2 2 .
Mon., Jan . 2A .
Live r and
and Ant Barce Vera
pool. Ltilh. Havre. Harnb. werp. lona. Cruz. Total.
9,486 I,o00 1,500 1,808 1,474
130 15,398
Opsn High Low. Clot. Opsn High Low. Olot.
48,513 ........ 15,514 10,256
5,172
79,485
........ ..................... le ,498
4,550
4.
15,048
d.
d.
d.
d.
d.
d.
d.
4,150
4,150 January.. .. 511 511 511 511 511 511 511 5 11
........ i,85o ........
510
2,360 Jan.-Feb.... 511 511 511 511 510 511 510 511
........ 1,540 15,371
561 17,472 Feb.-March 511 511
511 511 510 511 510 5 11
5,776
.........
5,776
3,735
____
3.735 Mar.-April.. 513 5 12 512 512 511 513 5 11 512
1,374
513
513
Aprll-May..
513 513 513 513 513 513
..........
1 ,3 7 4
2,102 ........ 1,100
........
3,202 May-June '. 515 5 15 515 515 515 515 515 515
1,594
........
1,594 June-July.. 517 517 517 5 17 516 517 516 5 17
1,744
.........
1,744 J u ly-A u g... 519 5 19 519 519 518 519 518 519
76,372 1,000 22,536 37,933 2,574 10,232
691 151,338 Aug.-Sept.. 5 20 5 20 5 20 5 20 5 20 5 20 520 520
form, are as follow s:
New York.
N. Orleans.
Savannah..
Brunswick
Charleston.
Galveston.
Norfolk__
West Point
Newport N.
Baltimore.
Boston . . . .
PhUadel’ia.
Ja n . 28.
50,000
3,000
2,000
37,000
8,000
31,000
820,000
624,000
138,000
114,000
244,000
220,000
thu s:
4 63 means
T oes., Jan. 2 3 .
Opsn High Low. Clot
d.
a.
d.
d.
511
511
511
512
0 13
515
517
519
5 21
511
511
5 11
512
513
515
517
519
5 21
5 11
511
511
5U
513
018
010
0 17
019
511
O il
5 12 512
515
517
019
521
0 21
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing data down to the
latest dates:
Wednes., Jan .2 6 .
G a l v e st o n — F or Liverpool—Jan . 2 1 —Bark Roma, 1 .9 5 5 ___ Jan . 2 2 -
Opsn High Low. Olot. Opsn High Low. Olot. Open High Low. Olot
Steamers Boston City, 5,928; Victoria, 5,565; Bark Herbert,
4,190
Jan. 26—Steamer Fairfield, 5,042.
Fer Havre—Jan. 21—Brig Alohonsine, 751.
N e w O r l e a n s —For Liverpool-Jan. 22—Steamers Espanol, 2,600;
Europeau, 6,049....Jan. 21—Steamer Statesman, 3,045.
For H avre-Jan. 26—Bark Sarah, 3,85i>.
For Bremen—Jan. 22—Steamer Elmfleld, 5,276.
For Antwerp-Jan. 25—Steamer Prinz Friedrich Karl, 2,100.
For Barcelona—Jan. 26—Baik Josefa Formosa, 900.
For Genoa-Jan. 21—Steamer Iniziativa, 4,161,
M obile —For Liverpool—Jan. 24—Steamer Heliades, 7,501.
Savannah—For Liverpool—Jan. 25—Bark Mercia, 2,353___Jan. 2 7 Steamer Nor. oik, 2,796.
For H avie-Jau, 27-Steamer Karin, 1,201.
For Antwerp—Jan. 22—Steamer Marion, 5,762.
For Barcelona—Jan. 22—Steamer J. M. Lockwood, 4,650.
C h a r l e s t o n —For Bremen—Jan. 24—Steamer Cosmopolitan, 3,700.
Wilmington—For Liverpool—Jan. 21—Steamer Beechville, 4,804___
Jan. 22—Steamer Roseville, 4,849.
N o r f o l k — For Liverpool—Jan. 21 -Steamer Hugo, 5,930....Jan. 2 2 Steamer Florence, 5,332; Ship Senator, 5,417.
Boston—l o r Liverpool—Jan. 20—Steamer Kansas, 2,006....Jan. 2 1 Steamer Samaria, 591.
BALTIMOKE-For Liverpool—Jan. 20—Steamer Mentmore, 1,312.
For Bremen- Jan. z6—Steamer Rhein. 500.
For Rotterdam-Jan. IS—Steamer Cerdic, 472.
P hiladelphia —For Liverpool—J an. 25—Steamer British King, 1,519,
For Antwerp—Jan. 25—Steamer Switzerland, 719.
Ootton freights the past week have been as follows:
*
Satur.
Mon.
lues.
Wednes. Thurs.
Fri
Liverpool, steam d. ll6423li8 n 6423128 318
31S
316
^16
Do
sail...®.
....
Havre, steam ... c. %®1332 %® is32 3g® 13s2 %®13g2
7ls
716
Do sail........ e.
Bremen, steam , e.
716
7ie
7ie
7IS
716
716
Do
s a il___c.
...
Hamburg, steam, c.
716
7ie
716
716
716
716
Do
sa il......
•••a
Amst’d’m, steam c.
50*
50*
50*
50*
50*
50‘
Do via Leith.d.
__
«.«.a,.
13«4
1364
Beval, Bteam__ d. %®B16 % ®6,6 %®6,6 %®®16 %®6,e % ® 6i 6
Do s a il.... . d
....
Barcelona,stearnd.
%
%
%
%
%
%
15ti
Genoa,steam___d. 1B.4
1564®% 16r4® % l®64® % lBfl4®%
Trieste, steam... d. 1 932
982
932
*82
*32
®32
Antwerp, steain.d.j fc32®1%4l &3a®u 64 632®llfc4 532® n e4 632®U64 S32®1164
* Per 100 lbs.
L iv e r p o o l .— By cable from Liverpool we have the following
Statement of the week’s sales, stocks, «fee., at that port,
a id previous weeks for comparison,
We
January....
Jan-Feb.....
Feb.-March
Mar.-Apr ..
Apr.-May..
May-June..
June-July..
July-Aug ..
Aug.-Sept..
Thurs., Jan. 2 7 .
F ri., Jan. 2 8 , K)
d.
d.
d.
d
d.
510
510
510
Oil
512
514
616
518
5 20
010
510
510
511
512
514
5 16
518
5 20
510
510
510
511
512
514
5 16
018
0 20
d.
d.
010
510
510
Oil
512
514
5 16
518
5 20
0 10
0 10
510
511
512
514
516
518
5 20
d.
d.
d.
5 10
510
510
Oil
512
514
016
518
0 20
510
5 10
510
511
512
514
016
518
5 20
d.
510
510
010
511
012
014
516
518
520
510
0 09
0 09
0 10
512
514
0 16
5 18
520
510
5 09
5 09
510
5 12
514
516
518
520
5 09
5 00
5 09
510
511
013
5-15
517
519
d.
509
509
5 09
510
511
013
510
517
0 19
B R E A D S T U F F S .
Friday . P. M., January 28,1887.
The flour market, in sympathy with wheat, showed"
a much better tone early in the week, and an increased
volume of business, with prices favoring sellers, yet making
no decided advance; but on Tuesday became dull and unset*
tied, continuing so until to-day, when the market, though
still inactive, showed a steadier tone.
The speculation in wheat was, throughout Saturday and
early on Monday strongly toward a higher range of valuess
The news from Europe was warlike, and the foreign market,
firmer; the movement of the crop at the West was less liberal,
reports from California said the recent rains had been in
adequate, and in the Northwest it was declared that recent
warm rains had cleared the wheat fields of snow, exposing
the plant to being winter killed. On Tuesday, however, the
more peaceful aspect of European politics caused a
sharp decline, and on Wednesday the strike of the
’longshoremen began to embarrass the trade for export;
an influence which was exerted with still greater force on
Thursday, causing a further decline. To-day there was a dull,
weak market, but a steady closing.
DAILY CLOSING PRICES
February d e liv e r y .........
March delivery...................
April delivery..................
May delivery................. .
June delivery...................
July delivery.....................
August delivery ...............
September delivery...........
Sat.
92%
94
95%
96%
97%
97%
98%
99%
NO. 2 RED WINTER WHEAT.
Mon.
94
95%
96%
97%
98%
98%
99%
100%
Tue».
92%
93%
94%
96%
96%
97%
97%
99
Wed.
92%
93%
94%
96%
96%
97%
97%
98%
Thurs.
91%
93
94%
95%
96%
96%
97%
98%
BH
91%
92%
9378
95%
95%
96%
96%
98
Indian corn has continued to sympathize in a measure with
wheat. Yesterday’s decline led to increased activity in the
speculation. To-day the market was less depressed.
THE CHRONICLE.
156
DAILY CLOSING FRIOKS OK SO. 2 MIXED COBS.
Sat.
48%
49%
Mon.
49
49%
Tues.
48%
49%
Wed.
47%
49%
Thurs.
47%
48%
Fri.
47%
43*8
Ap li d e liv e ry .........
50%
May d e liv e ry ..... . ...,
June delivery...... ......................
50%
-
50%
50%
.
4*9%
50%
49%
50%
Wed. Thurs.
Tues.
35%
36
35
35%
36
35%
66
36
36%
36%
36%
36%
.................................
FW.
35%
35%
....
36%
36%
Oats,
Corn,
Wheat,
bush.
bush.
bush.
In store at—
282,833
38,035
T oled o.... . . . . . . . 4,172,646
22,500
Do afloat.........
17,953
182,193
D e troit...... . . . . . 2,600,421
105.000
160,000
Oswego...............
St. Louis............. 4,095,937 3,233,755 551.527
55,000 134,000
74,000
C in cin n a ti. . . . . . .
206,152 392,736
373,024
Boston .............
15,73 4
146,267
T o r o n t o ....... . . .
67,623
61.103
283,953
Montreal. . . . . . . .
109,843
749,280
657.246
Philadelphia. . . . .
273,156 962,459
12,189
Peoria......... .
170.150 338,272
128,870
Indianapolis. . . . .
10,809
307,959
237.068
Kansas C ity ......
355,104
455,234
Baltimore. . . . . . . .
Do afloat........
Minneapolis. . . . . . 7,354,570
........
730,000
St. Paul.......... .
On Mississippi...
On lakes..............
54,200
On canal & river.
Oats have been dull, irregular and unsetled, but tc-day
showed more general steadiness.
DAILY CLOSING PRICES OP NO. 2 OATS.
it on.
36%
36%
36%
36%
3(1%
Sal.
February delivery........... 36
March delivery.................... 36%
April delivery................. 36%
Mav delivery...................... 30%
June delivery__^ .......... . 36%
Rye is dull. Buckwheat nearly nominal. Barley has been
more freely offered, causing increased activity, but at easier
prices. There is a fair business going in barley malt.
The following are the closing quotations :
nixju
THE
i
GRAIN.
Oats—M ixed........
White........................
Spring,per bush.
82 ® 98
No. 2 mixed............
Spring No. 2. new
91 fc 02
No. 2 white ............
Red winter, No. 2
92 ® 93
Barley—Canada........
Si ® 96
Rad w in ter........
Western.... .............
White...................
82 © 95
Two-rowed State...
Com—West, mixed
44 © 49
Six-rowed State.....
West. mix. No. 2.
47%# 46%
Malt—
West, w h ite ......
46 ® 50
State,
6-rowed........
West, yellow.......
45 ® 49%
State, 2-rowod........
White Southern..
50 © 54
Western.....
.............
Yellow Southern.
47 © 60
Peas—Canada............
Rye—
Buckwheat................
state & Pa., $ bush. 56 © 58
34% *
37 % »
35% ®
%*
t>s ©
60 f»
CO ©
64 ©
77
68
75
64
53
©
®
©
®
©
37%
41%
36%
39%
78
68
62
68
85
72
83
66
54
Ths movement of breadstufts to market is indicated in tf e
statements 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 comparativ© movement for the week ending Jan, 22, 1887, and since
July 24, for each of the last three years:_____________________
Chicago........
Milwaukee...
T oled o..........
D etroit........
C leveland...
St. Louis. ...
Peoria..-.-.......
Duluth.........
480,552
21.423
51,108
28,374
32,283
48,653
5.357.509 62.012,639 48.386,731 96.972,640 15,450,641
4.220.117 42,111.550 47,267,093 32,319,068 13,867,156
5.521.152 77,088.365 1 47.030.217 1 32.735.548 11,132.063
1,387,219
2,126,088
8,461.828
650,248
187.583j
440,210
125,710,
187,583, 1,319,143
Same wk.’8-'.
Same wk.’85.
1886-7.. ...
1885-0........
1884-5........
Rye.
Barley. |
jjbhi.196 lös Bush.HOlbs1Hush.50 lbs Hush .32 lbs Hush. 48 lbs Hush .56 V
7,980
319.083
647,382
007,100
191,008
120,486!
5,320
43,550
19,080
171,440
38.078¡
521
8,135
5,301
37,017
47,400
0.621
21,809
22,490
61,379
90,276
3,810
5,400
18,000
23,000
41,500
4.188
6,050
58.800
157,915
719,390
88,458
10,000
8,5.11
15,000
181,900
128,850
13,500
liSlol
fcTot. wk. ’87.
Since July 24
Oats.
Com.
Wheat.
Flour.
1,580,416
1.289,842
2,028,287
1,070.598
699,098
701,962
The receipts of flour aud grain at the seaboard ports for the
week ended Jan. 22, ld87, follow:
Corn,
bush.
98,764
116,100
Oats, Barley,
bush.
bush.
288.120 41,104
1,612
79,739
Ryi'
bush’
4,400
1,093
86,069
243.360
27,857
1,60,543
3,300
77,255 31,800
22,503
13,052
..........
30,577
2,400
2,836
Flour,
At—
hbls.
Mew Y o r k .......113,033
26,899
Boston....
Portland . .. ..
Montres ' . . . . . .
Philadelphia.. .
Baltim ore......
Richmond........
New Orleans...
Wheat,
bush.
257,400
22,556
Total w eek... 230,549
dor. week ’86.. 163,353
857,303 632,702
118*016 ,431,065
Corn.
Wheat.
514,346 74,516
530,071 126,300
10,729
8,230
Flour.
Oats.
Rye.
Peas.
Bush.
3,136
Bush.
4,000
Bush.
2,328
6,352
9,900
4,000
. 18,580
Bush.
892,753
47,181
26,669
Bush.
385,561
Bbls.
109,620
17,202
3,575
227,014
211,500
44,831
157,100
453,240
146,331
1 1,1 21
Tot. w’k 1,449,948 1,142,232
S’me time
205,107
3,136
82,359
50,249
Mew York
Boston...
PortlandMontreal.
Pniladel.
Baltim’r<
N. Orl’ns.
Riehm’nd
1886.
420,891 1,209,489
AUU TAKMk/tV
63,535
54
20,42
--- X----------O ----- --------
»J
*
at the principal points of accumulation at lake and seaboar d
ports, andin transit by rail and water, J an. 22, 1887 :
Corn,
Oats,
Wheat,
bush.
bush.
bush.
934.692
3,409,904
9,282.771
27,500
25,000
858.000
37,700 112,100
11,022
4,811
160,673
3,002,466
Chicago................ 13,402.168 5,725.515 1,008,733
128,400 1.143,504
Do afloat......
1,476
Milwaukee........... 3,454,491
Do afloat.......
Duluth.................. 9,910,122
141,000
Do afloat......
In store at—
Mew Y ork . . . . . . . .
Do a floa t......
A lb a n y ...... . . . . .
Barley,
bush.
134
16,800
43,149
23,000
1,033
4,249
21,676
14,639
668,100
74,569
28.000
71,734
178,540
51,162
... .
16,711
987
8,038
8,916
DRY GOODS T R A D E .
New Y ork , Friday, P. M „ Jan. 28, 1887.
There was a fairly active undertone in the dry goods trade
the past week, and a moderately good business was done by
commission houses, importers and leading jobbers, but there
was some irregularity in the demand. Domestic clothing
woolens were more or less quiet in first hands because of two
large offerings through the auction rooms, which caused many
buyers to pause in their operations. Staple and patterned
cotton goods were distributed in liberal quantities by the mill
agents, and there was considerable improvement in the de
mand for certain imported fabrics. Business in jobbing
circles was only moderate as regards the sale of assorted par
cels, but a good package trade in prints, domestics and some
kinds of department goods was done by a few of the large
jobbers. An auction sale of heavy woolen goods held by
order of the selling agents of the Merchants Woolen Co. and
Norfolk Woolen Mills was not a success, a considerable por
tion of the offerings having been passed while the majority of
the goods sold brought very low prices, owing to their some
what undesirable character.
A subsequent sale o f fine
worsteds and woolens was attended with much better results,
the goods having been well adapted to the present require
ments of the trade. Labor troubles are again causing some
uneasiness among merchants, but in other respects the out
look is considered favorable and a good healthy spring trade
in dry goods is generally anticipated.
D om estic C otton G o o d s —The ex ports of cotton goods from
this port for the week ending Jan. 25 were 2,526 packages,
including 991 to Chili, 310 to Venezuela, 232 to China, 220 to
United States of Colombia, 110 to Argentine Republic, 137 to
Central America, 103 to Uruguay, &c. Brown, bleached and
colored cottons were fairly active in first hands, and the tone
of the market has tended upwards, a good many makes of
fine brown sheetings, corset jeans, wide sheetings, &c., haying
been slightly advanced during the week under review.
Print cloths were more active and dearer, closing at 3J^c. for
64x64s and 3c. for 56x60s. Stocks last Saturday and tor the
three previous years were i ,8 follows:
Stock o f Print Cloths—■
Held by Providence niauufra.
Fall River manufacturers...
Providence speculators........
Outside speculators (eat).....
Jan. 22,
1887.
84.000
30.000
42.000
30.000
Total stock, (pieces)........... 186,000
The exports from the several seaboard ports for the week
ending Jan, 22, l3-<7, are shown in the annexed statement:
MxporU
from—
Rye,
bush.
51,916
Southern bakers’ a*'1
Tot Jan. 22, ’87. 61,964,59916,404,949 4.774.226 444,227 2,420,235
family br d a ..$ bbl $ 1 1 5 1 $1 50 Tot Jan. 15, *87 62.825,506 15,768,856 4,807,139 457,750 2,524,007
Rye flour, supernne.. 2 6 0 * 3 00 Tot! Jan! 23Ì >86! 55;90l\744 8.555,812 2.7M.126 756 3 j9 2.082.067
Fine......................... 2 20® 2 30 Tot Jan 24 ’85*42,576,703 5,411,463 2.291.443 506,lo9 1,725,305
Corn meal—
___ Tot! Jan! 26, ’84* 33,948,813 11,574,743 5,773,445 2,641,273 2,3o3,515
Western, A o . . . . . . . . 2 40® 2 75
Brandywine............ 2 75* 2 80
* Minneapolis and St. Paul not included.
B’Rwh’t flour, $ 100 lbs 1 80® 1 90
Fine..................V bbl. $2 30a$3 05
Superfine................... 2 45® 3 25
S pring wheat extras. 3 30® 3 50
Minn, clear and stra’t. 3 65® 4 65
Wintershtpp’gextras. 3 3 0 » 3 60
Winter X X & X X X .. 3 70 ® 4 70
Patents........ .
4 50® 5 10
Southern annera........ 3 25® 3 40
B juth’ n ootn. extras.. 3 50® 4 00
JMeeipti at—
[V ol. X LIV .
Rye,
bush.
40,305
9,000
7,500
35,253
151,613
Barisi
bush
228,872
70,000
191,650
232,H18
281,738
[12,997
319,693
Jan. 23, Jan. 24, Jan. 26.
1884.
1886.
1885.
97.000
76.000 446,000
23,000 454,000 253.000
269,000 3,25.000 266.000
75,000
30,000 300,000
398,000 1,525,000
691,000
Printed calicoes were more active and firmer, in sympathy
with print cloths, aud a fairly good business was done in
printed sateens, foulards, ginghams and woven wash fabrics»
seersuckers, lawns, scrims, table damasks, white goods, quilts,
cotton hosiery and underwear, which are firmly held by agents.
D om estic W oolen G oods .—The market for men’s-wear
woolens was unfavorably affected by two auction sales of
heavy and medium woolens and worsteds, referred to above,
nearly 20,000 pieces of goods having been submitted to public
competition. The auction sales caused a large influx of
wholesale clothiers from interior markets, but their opera
tions outside of the auction rooms were comparatively light.
New lines of heavy-weight cassimeres, suitings, worsteds,
&c., will probably be opened the coming week by the mill
agents, and a more active business in clothing woolens is
therefore expected in the near future. Kentucky jeans were
rather more active in some quarters, and the best grades have
an upward tendency. Satinents continued in fair demand
and steady in price, cloakings were lightly dealt in, but a
very fair business was done in Jersey clotbs, and there was a
good steady movement in all-wool and worsted dress goods
from agents’ bands, For flannels and blankets there was a
steady though limited call by package buyers, and prices
remain steady. Carpets were in fair request and prices are
firmly maintained by agents.
F oreign D r y G oods .—There has bean a steady though
moderate improvement in the demand for foreign fabrics at
first hands, and sales, coupled with deliveries of various
specialties in execution of back orders, reached a fair aggre
gate amount. Woven and printed dress goods were more
active in some quarters and prices of wool fabrics are firm, j
THE CHRONICLE.
29, 1887.J
January
g a t t i n i
J&pptiai JuucBtmcuts.
I t t m s t m je u t B *
Kanawha & Ohio Railroad First 6s.
Kanawha & Ohio
ferred Stocks.
Common
p X itiiu 0 .
T h e Investors’ A g e n cy ,
& Fre
2 3 4 L a Salle St., C hicago, 111.,
M. L. SCUDDER, Jr., Proprietor,]
Continental Construction Stock.
Pensacola & Atlantic Railroad Stock.
BOUGHT AND SOLD BY
T O B E Y
vn
ANSW ERS INQUIRIES CONCERNING
A m e rican Stocks a n d Securities
48 E X C H A N G E P L A C E .
Large Library o f Railroad Documents.
Competent Experts.
Confidential Reports.
Moderate Charges
P a u l L ic h t e n st e in ,
H . R. b a i .t z e r ,
D
President,
V ice President.
R. V. Ma r t in s e n ,
W . E. Ma n t iu s ,
Treasurer.
Secretary.
.
G. W. H a l l , Sup’t.
K I R K ,
&,
4 AND 6 BR O AD ST R E E T ,
g r ttc tiir o
NEW YORK.
J to lje s .
^ fin a n c ia l
B y N. W . B O W E ,
R eal Estate Auctioneer.
N o. 4 9 W A L L S T ., N E W Y O R K ,
AND
8 0 8 M O N TAG U E S T ., B R O O K L Y N .
S O U T H E R N T E L E G R A P H CO.
S E C U R IT IE S ,
Street Railroad Stocks and Bonds
AND ALL KINDS OF
BROOKLYN
S E C U R IT IE S
DEALT
IN .
BBS GAS QUOTATIONS IN THIS PAPHB.
G eo . H . P r e n tiss . W . d . P r e n t iss . W . W . W a l s h
Member N.Y.Stock Exch.
F irst Mortgage 6 P er Cent Gold Bonds
( $ 1 2 , 0 0 0 P E R M I L E ),
JACKSONVILLE TAMPA & KEY WEST
RAILWAY COMPANY.
Issue limited to $1,558,000. Principal due 1914.
Interest payable in New York January and July.
Completed Feb. 2a, 1880. Standard gauge. Steel
rails. Birst-elass equipment.
This road form s a part o f the through line from
New York to Tampa, Florida, over which the Cuban
mail is now carried. W e recommend these bonds as
secured by a large and rapidly Increasing through
and local business. Price, par and accrued interest.
Pamphlets and copies o f mortgage furnished.
R . A.
L A N C A ST E R
IO
W a ll
Sc CO»
S tre e t.
D E G H U E E ’S
TABLES
OF B O YD
VALUES,
PU BLISH ED A N D POR SALE B T j
GEO. W . D O U G H ER TY,
R o o m D, M ills B u ild in g
S pecialists in R a ilr o a d R o n d s
B uttrick & Ellim an,
18
W ALLSTREET,
NEW
YORK.
CORRESPONDENCE INVITED
Sim.ons & C hew ,
STOCK
ALL THE PROPERTY, FRANCHISES,
RIGHTS, &C.,
OF THE
AND
GAS
Commissioners’ Sale
STOCKS
BROKERS,
2 E xch an ge C ou rt & 5 2 B ro a d w a y , N. Y ;
Stocks, Bonds aud Unlted States G ovem m ei t
Securities Bought and Sold on Commission.
J A S . D . SIMONS,
B E V E R L Y CH EW .
Member N. Y. Stock Exchange.
Member N. Y. Produce Exchange.
C ahoone & W escott,
steamships.
D irect Line to France.
S T O C K S and B O N D S
A t A u ction .
Special Attention given to
ON
WEDNESDAYS AND SATU RDAYS.
W alsh & F loyd,
S T O C K
B R O K E R S ,
No. 26 BROAD STREET, NEW YORK.
-Jam es
w
. W alsh , jb „
N icoll LFl o y d * j b
Member N1Y. Stock Exchange.
BONDS OF S U R E T Y S H IP
from this Company at moderate charges.
The bonds o f this Company are accepted by the
courts o f the various States
T
The Guarantee Co*
The Undersigned hold REGULAR AUCTION
BALES of all classes of
_____________Correspondence Solicited
C A S U A L T Y CO .
Nos. 214 & 216 B R O AD W A Y , N EW YORK
Casb Capttal, $250,000, invested in U. 8. G ov’t Bonds.
$200,000 deposited with the N. Y . Ins. D e p t, fo r
the protection o f Policy-holders.
Assets, January 1st, 1886, $590,500 42.
Officials o f Banks, Railroads and Express Compa
nies. Managers,Secretaries, and Clerks o f Public Com
panies, Institutions and Commercial firms, can obtain
CASUALTY D E P A R T M E N T .
Policies issued against accidents causing death or
disabling injuries.
By virtue of the following decrees entered in totally
Full Information as to details, rates, Ac., can he
the causes cf “ William Mahone, &o., vs. The obtained at head office, or o f Company’s Agents.
a r d s , Prest. J ohn m . Cr a n e , See’» '
Southern Telegraph Company and others” and Wm. M. RKicoh
b ’ t J, H il l a s , Ass’t Secretary.
The Farmers’ Loan and Trust Company vs. _
„
DIRECTORS:
G. G. Williams, David Dows,
W . G. Low,
Same”—viz.:
J.S^.Btranahan, A . S. Barnes,
Charles Dennis.
H. A. Hurlbut,
A lex. Mitchell.
1. Decree entered in said causes in the United
J. L . Riker,
J. D. Vermilve, 8. B. Chittenden.
States Circuit Court for the Eastern District of
Geo. S. Coe.__________ Wm. M. Richards.
Virginia, on the 21st day of December, 1885;
2. Decree entered in said causes in the United Bonds o f Suretyship.
8tates Circuit Court for the Western District
NO OTHER BUSINESS.
of North Carolina, on the 4th day of Febru
ary, 1886 ;
3. Decree entered in said causes in the United
OF NORTH AMERICA.
States Circuit Court for the District of South Cash Capital.........................................................$800,000
Assets and Resources .. ................................. 830,000
Carolina, on the 4th day of February, 1886 ;
4. Decree entered in said causes in the United Deposit with insurance D epartm ent............. 24Q]ooo
President:
Vice-President:
States Circuit Court for the Middle District ef
Si r a l e x . T. Ga l t ,
H on . j a s , F eriujjr .
Alabama, on the 5th day of February, 1886
Managing D irector: E d w a r d R a w l in g s .
5. Decree entered in said causes in the United
NEW YORK OFFICE:
States Circuit Court for the Northern District
NO. I l l B R O A D W A Y .
of Georgia, on the 10th day of February, J 886;
D. J. TOMPKINS, Secretary.
The undersigned, Special Commissioner*
N e w Y o r k D ire cto rs —Joseph w. Drexel, A . L.
appointed thereby, will sell at publie auction,
in Iront of the office of the auctioneer, No. 4 Hopkins, H . Victor Newcomb, John Paton, Daniel
Torrance. Edw. F. W inslow, Erastus Wlruan. F. P .
North Eleventh Street, in the City of Rich Oicott
and J. E. Pulsford.
mond, Va.
FEBRUARY 1, 1887,
at 12 o’clock M.. ALL THE RIGHT, TITLE.
AND INTERE8T, OF EVERY KIND AND
NATURE. OF THE SOUTHERN TELEGRAPH
COMPANY in and to the line of telegraph to,
from, and between the city of Washington and
ONLY
the city of Selma, Ala., and the various branches
thereof (about 1,800 miles of poles and about
5,000 miles of wire), togetherwitli all the Lands
Properties, Franchises, Telegraph Lines, Cables
Poles, Wires, Instruments, Tools, Apparatuses,
Offices, Fixtures, Pater ts, Patent-Rights, Con
GENERAL TRANSATLANTIC CO.
tracts, Leases, Securities, Rights, Claims, In
terest, and Demands of every kind, nature, aud Betw een N E W Y O R K and I I A V R R .
description whatsoever, wherever the same may
be or however situated, now held, owned, or From Pier (new) 42, North River, fo o t o f Morton S t
L A BOURGOGNE. Franguel.. . .Sat., Jan. 29,8 A . M.
possessed by the said company.
The said telegraph line is In good condition, L A BRETAGNE, de Jousselln...Sat., Feb. 5, 2 P. lit
L A NORMANDIE, de Keraabiec.Bat, Feb. 12,8 A.M
and is now doing a good business.
Travelers by this line avoid Doth transit by Engllsn
The line will he sold subject to a traffic ar railway
and the discomforts o f crossing the Channel
rangement now existing between it and the in a small boat.
P r ic e o r P a s s a g e (including wine):—T o H a v r e Mutual Union Telegraph Company, which will
expire at the option of the purchaser upon sixty First cabin, $100 and $80; second cabin, $00: steer
age, $22—including wine, bedding and utensils. R * .
days’ notice.
very reduced rates. Checks on Banque
T er m s o f S a l e : Ten per cent of purchase- turn tickets
money in cash and a sufficient sum in addition Transatlant .e, Havre and Paris,in amounts to suit.
to make such payment amount to $30,000; Special T ra in fro m H av re to P a rle.
the balance within thirty days after sale.
Compagnle Generale Transatlantique delivers
Any further information desired will be given atThe
its office in New York special train tickets from
by A. L. B oulwase , receiver, at Richmond, Va. Havre to Paris. Baggage checked through to Paris
without examination at Havre, provided passengers
A. L. BOULWARE,
have the same delivered at the Company’s dock in
H. B. TURNER,
New York, Pier 42 North River, fo o t o f Morton St.,
„ „
Commissioners.
at least two hours before the departure o f a steamer.
N. W. B owe , Auctioneer.
LOUIS D E B E B IA N , Agent,
N o. 3 B o w lin s Green.
18 W a ll S treet, N e w Y o r k ,
Execute Orders lu all Securities Listed on
NEW YORK STOCK EXCHANGE.
Government & other Investment Bonds
(C o m p a ttie g .
F ID E L IT Y &
G eo. H . Prentiss & C o .,
GAS
COLORADO CENTRAL
Consolidated
Mining
Co.,
Ö
STO CKS
AMD
BONDS,
A D R I A N H . M U L L E R & SON,
No. 12 PINE STREET, NEW YORK.
(e q u i t a b l e
b u il d in g
.)
Crenshaw & W isner,
VI W A L L S T ., N E W Y O R K ,
C O M M ISSIO N
M ER CH AN TS,
Members o f the Cotton, Coffee and Produce E xch’s
agency
THE
HAXALL
op
CRENSHAW
CO.,
RICHMOND, VA.
Standard Brands o f Flour fo r Shipment to W arm
Climates always on hand.
ORIENT GUANO MANUFACT’G CO.,
G eorge
Eustis
BANKERS,
C IN C IN N A T I
& C o .,
ORIENT, h . I.
Standard Superphosphates.
SULPHUR
MINES
COMPANY
OF VIRG IN IA.
High Grade Pyrites free from Arsenic.
THE CHRONICLE.
▼fil
[V ol. XLTV,
<
gKVLkBf gangers auà %xolitvs
P E N N S Y L V A N IA .
BANK S.
qeo.
St u r g k s . Prea’t.
F. w . Go o k in , Asst. Cash.
North-Western Nat’l Bank,
C H IC A G O , IL L IN O IS .
c a p ita l, $ 2 0 0 ,0 0 0 .
of Stow ^oxh.
Surplus», $ 5 0 ,0 0 0 .
This Bank holds In addition $1,000,000i U. 8.4 per
Cent Bonds at par,Ipledged by Its stockholders for
fine protection o f Its customers. Said bonds are
pledged as above, Instead o f being held by the Bank
as a part o f Its legal surplus, to avoid what we think
unjust and excessive local taxation. _____________
Sh e r m a n S.Je w e t t , Pres. J o s ia h J e w e tt .Y.Pres.
W il l ia m C. Co r n w e l l , Cashier.
Bank o f Buffalo,
SOUTHERN.
R ea Bros. & C o .,
W.
BAN KERS AND BROKERS.
AND D EALERS IN FOREIGN EXCHANGE.
ATLA N TA , GA;
State, City, Railroad and other Corporate Securi
ties o f Southern States wanted and fo r sale at aQ
times. Mortgage Loans on city and farm property,
two to ten years, paying six to eight per cent, fur
nished. Prom pt replies to correspondence, mail or
wire
MEMBERS
New York and Philadelphia Stock Exchanges.
Pittsburg Petroleum, Stock and Metal Exchange.
Private wires to New York, Boston, Philadelphia,
Baltimore and Washington.
Narr & Ger lach,
Texas N ational Bank,
W. T. B l a c k w e l l , Pres’t.
P. A . W i l e y , Cashier.
T h e Bank o f D urham ,
D U R H A M , N. C .,
W hitney & Stephenson,
BANKERS AND BROKERS,
Railroad, Municipal and other desirable Invest
ment Securities for sale.
Transact a general banking business. Allow Inter
est on deposits.
Members o f the Philadelphia and New York Stock
Exchanges, and connected by private wire with New
York.
Capital...................................................
Collections reoelve our special attention and are
promptly remitted for.
J . G. Fletcher, J STATE BANK, ) 0 . T. Walker,
President. ( Incorporated 1875. J
Cashier.
B. E. B u r r u s s , Pres’t.
A . K. W a l k e r , Cashier.
First N ational Bank,
W IL M IN G T O N , N. C.
OHpotlons made on all parts o f the United States.
MERCHANTS’ NATIONAL
BANK,
R IC H M O N D , V IR G IN IA .
Collections made on all Southern points on best
terms: prompt returns.
JOHN P. B K A N C i. President.
J o h n F. G l e n n , Cash. F r e d . R. Scott . Vice-Pres’t
BANKERS AND BROKERS,
(Members of Baltimore Stock Exchange),
B A L T IM O R E .
(INVESTMENT and SOUTHERN SECURITIES a
specialty.)
Correspondence solicited and inform ation fur
nished.
N. Y. Correspondents—McKim Brothers A Co.
IMPORTERS
IRO N
op
C O TT O N
T IE S.
SELLING AGENTS FOR LEAD ING BRANDS
B R O W N & B L E A C H E D SH IR T IN G S
AND SH E E T IN G S ,
PRINTS, DENIMS, TICKS, DUCKS, AO.
T o w e l*,Q u ilts,W lilte Goods dc H osiery
Drills, Sheelings, dc, for Export Trade.
SECURE BANK VAULTS.
R ob ert Garrett & Sons,
BANKERS,
N o.
7 SOUTH
STREET,
B A L T IM O R E ,
TRANSACT A GEN ERAL DOMESTIC
FOREIGN BAN KIN G BUSINESS.
AND
W ESTERN.
bankers^
C L E V E L A N D ,
CONGRESS S T R E E T ,
O H I O .
S P E C IA L TIE S:
BO STON .
TOWN, COUNTY AND CITY BONDS,
'L A K E SUPERIOR IRON MINING STOCKS,
AND STREET R A IL R O A D SECURITIES
MEMBERS OF THE NEW YORK AND
BOSTON STOCK EXCHANGES.
ESTABLISHED 1871.
ALSO ,
D e a le n In M u n icip a l, State, R a ilro ad
_______and U nited States Honda.______
P . F. Keleher & C o .,
806 OLIVE STREET, ST. LOUIS,
J o s h u a W il b o u r ,
Ch a r l e s h . Sh e l d o n , J r
B e n ja m in a . J a c k s o n , W il l ia m B in n e y , J r .
Dealers In W estern Securities.
W ilb o u r, Jackson & C o .,
Defaulted Bonds o f Missouri, Kansas and Illinois
a specialty. Good Investment Securities, paying
from four to eight per cent, fo r sale.
_________
BANKERS TANDIBROKERS,
NO. 52 W E Y R O S S E T S T R E E T ,
P R O V ID E N C E , R . I.
Dealers in Commercial Paper, Government and
Other first-class Bonds and Securities and Foreign
Exchange.
Private Telegraph W ire to New Vork and Boston.
C o .,
CHICAGO and BOSTON.
o f Counties, Cities, Ac., o f high grade a
BONDS specialty. Send f o r D e s c r i p t i v e L i s t s .
GRATZ
ST. LO UIS, M o .
Manufacturers of Pure Jute Bagging.
New York, Boston, Philadelphia,
Brewster, C ob b
H . Potter & C o .,
& Estabrook, Chas.INVESTMENT
BANKERS,
N . W . Harris &
BAG G IN G .
W A R R E N , JO N E S &
WELDED CHROME STEEL AND IRON
In Round and Flat Bars, and 6 ply Plates and Angles
FOR SAFES, VAULTS, *0.
N E W ENGLAND.
NO. 85
VA.
Private wires connecting with Washington, Baiti,
more, Philadelphia and New York.
New York correspondents, Prince A W hitely.
B l i s s , F a b y a n & C o .,
B A L T IM O R E .
G erm an N ational Bank, W ilson , C olston & C o .,
Prom pt attention given to all business In our line.
N. Y . Co r r e sp o n d e n t s .—Importers’ & Traders’
National Bank and National Bank o f the Republic.
BANKERS AND BROKERS,
St a t e B a n k B u il d in g ,
g § fc t s c je lla t t je m x s .
N o. 35 South T h ird St., P h ila d elp h ia.
L IT T L E R O C K , AR K A N SAS.
C apital (P aid I n ) .....................$ 2 0 0 ,0 0 0
C . W . Branch & C o .,
Oldest Pittsburg members N. Y . Stock Exchange.
FIRST-CLASS FACILITIES.
New York Correspondents.—The Nr tional Park Bank
________ and Seventh Ward Nation . Bank.________
HOUSTON, T E X A S.
Circulars and Information on funding the debts o f
Virginia and North Carolina free o f cost; one-eighth
per cent charged fo r funding. Southern Railroad
and State and City Bonds bought and sold.
BAN KERS AND BROKERS,
No. 57 F O U R T H A V E N U E .
E. W . Clark & C o .,
Commercial National Bank,
COMMISSION MERCHANTS
RICHM OND,
P I T T S B U R G , PA.
ESTABLISH ED 1971.
Fay Special Attention to Collections.
XL Ga r d e s ,
B. P. H il l ,
H. A . G i r a u r ,
President.
V ice-Pres’t.
Cashier.
T H O M A S B R A N C H & CO.,
BANKERS AND
R IC H M O N D , V IR G IN IA .
Canada and Europe. Liberal terms extended to ac Members o f the Philadelphia and New York Stock
counts o f bankers and merohats.
Exchanges.
Co r r e sp o n d e n t s .—New York, National Shoe &
Leather Bank; Union Bank o f London. •
___________ Cable Transfers, Bills o f Exchange and Letters o f
Credit.
j . s. A l e x a n d e r , Pres. A . A . A l e x a n d e r , Cash’r.
BAN AN TO NIO , T E X A S .
Patterson,
4 3 8 W o o d Street, Pittsburg, P a .
C A P IT A L , - - - - - - $ 3 0 0 ,0 0 0
R A N K E R S AND R R O K E R S ,
BUFFALO, N. Y.
No. 437 CHESTNUT STREET,
This bank has superior facilities for making collec
P H IL A D E L P H IA .
tions on all accessiblejpolnts In the United States,
COLLECTIONS AND INVESTMENTS MADE.
Correspondence invited.
H.
BOND AND STOCK BROKER,
SOUTHERN.
ATLANTA.
H um phreys Castleman,
BROKER AND D E A LER IN A L L KINDS OF
SECURITIES.
Bonds and Stocks bought or sold on commission
Georgia and Alabama Securities specially dealt in.
Correspondents: Tobey A Kirk and A . D utenhofer.
R eference: Atlanta National Bank, Atlanta, Ga.
and Fourth National Bank, New York.
Cannot be Sawed, Cut or Drilled, and practical!*
Burglar-Proof.
CHROME
Circulars Free.
STEEL
W ORKS,
B R O O K L Y N , N. Y .
Brinckerhoft, T urner
& C o .,
Manufacturers and Dealers in
C O T T O N S A IL D U C K
And all kinds o f
COTTON .CANVAS, FELTING DUCK, CAB
COVERING, BAGGING, R AVENS DUCK, SAIL
TW INES, AO., “ ONTARIO” SEAMLESS
BAGS, “ A W N IN G STRIPES.
Also, Agents
U N ITE D STA TE S B U N T IN G CO.
A full supply, all Widths and Colors, always in stock
N o. 1 0 9 D u an e Street.
JOSEPH Cl LLOTTS
STEEL PENS
COLDMEDALPARIS EXPOSITIOH-ISTS.
T H E HOST PEHrEOT OF P E H S J
Jan u ar y 29, 18 7. J
THE CHRONICLE.
IX
ÆatmÂiati atiÄ fforjeigti Santis anÄ Sautters.
C A N A D IA N .
F O R E IG N .
Bank o f M ontreal.
H einem ann & C o .,
Jarvis-C onklin
M ortgage Trust C o .,
62 Gresham House, E. C.,
SUCCESSOR TO
LONDON.
Jarvis, C on klin & C o .,
CAPITAL, - - - $ 1 2 ,0 0 0 ,0 0 0 G old.
SURPLUS, - - - - $ 6 ,0 0 0 ,0 0 0 G old.
C. F. 8MITHER8, President.
W. J. BUCHANAN, General Manager.
NEW YORK OFFICE:
Nos. 59 & 61 W A L L S T R E E T ,
W alte r W atson, ) .
A l e x ’r L a n g ,
J A*e=ts.
Buy and Sell Sterling Exchange, Francs and Cable
Transfer grant Commercial and Travelers’ Credits
available in any part of the World; issue drafts on,
and make Collections in, Chicago and throughout the
dominion of Canada.
H ong K on g & Shanghai
London Office, No. 22 Abch u rch Lane.
Imperial Bank o f Canada
CAPITAL (paid u p), - - $ 1 ,5 0 0 ,0 0 0
SURPLUS, - - - - - - $ 5 0 0 ,0 0 0
H. S. HOWLAND, Pres’t. D. R. WILKIE, Cashier.
H E A D OFFICE!, TO RON TO .
BRANCHES IN O N T A R IO .
Essex Centre. Niagara Falls. Toronto.
Fergus.
Port Coltrarne. Toronto, Yonge St.
Galt.
St. Catharines. Welland.
Ingersoll.
St. Thomas.
Woodstock.
BRANCHES IN NORTHW EST.
Winnipeg,
Brandon.
Calgary.
Agents in London : 1 .
. ___ ___ .
Lloyd’s,
Barnett’s & Bos- r a n k ^ o f *M o n t b k a i
anquet s Bank, limited, |B A N K OF M O N TR EAL ,
Promptest attention paid to collections payable in
any part of Canada.
Approved Canadian business paper discounted at
the Head Office on reasonable terms, and proceeds
rem itted by draft on New York.
Dealers in American Cur’y and Sterling Exchange.
M erchants’ Bank
OF
CANADA.
Capital, • • • $5,799,200 Paid Up
R e s e r v e ,............................ $1,500,000
Solicit accounts and agencies of Banks, Railways
KANSAS C IT Y , MO.
Corporations, Firms and Individuals upon
favorable terms; also orders for the pur*
chase and sale of Bonds, Shares, Ac., Ao. on
Capital P aid Up
the Stock Exchange.
8*1 , 0 6 0 ,0 0 0
Interest allowed on Deposits, subject to 00-days
sight drafts, at Bank of England rate, and S A U R E L TF. J A R V IS , Pres’ t,
one-percent below that rate subject to E D W IN E . W IL S O N , 1st Vlce-Preu’ t.
demand drafts.
H E N R Y P . M O R G AN , 2d Vice-Pres’ t.
Negotiate Railway, State and City Loans.
R O L A N D R . CO N KLIN , Scc’ y.
.
W M . F . S H E L L E Y , Treas’ r.
GEO. W . M c C R A R Y , C ounsel.
R A N K IN G C O R P O R A T IO N .
Paid-up Capital.......................................... $7,500,000
The above Company negotiates mortgages
Reserve Fund............................................ 4,500,000
Reserve for Equalization of Dividends....
500,000 on improved Real Estate worth from three to
Reserve Liability of Proprietors.............. 7,500,000 five times the amount of the loans. The
The Corporation grant Drafts, issue Letters of
Creuit for use of Travelers, and negotiate or collect Mortgages are for five years and draw six
Bills payable at Bombay, Calcutta, Singapore, and seven per cent interest.
Sal cron, Manila, Hong Kong, Foochow. Amoy.
It also offers its ten-year Debentures, draw
Shanghai, Hankow, Yokohama, Hiogo, San
r rfLaioiBuo ano .London.
ing six per cent interest, which are direct
A* M. TOWNSEND, Agent, 47 William St. obligations of the Company. They are issued
in series of $100,000 and secured by an equal
amount of First Mortgages on improved Real
Estate deposited in trust with the Mercantile
LONDON, EN G LAN D .
Trust Company of New York City. They are
Negotiate Railway, State a” d City loans.
further secured by the entire paid up capital of
Execute orders for Bonds, Shares, etc., on Com the Company, amounting to $1,000,000.
mission, and transact a general Banking and terest and principal payable at Mercantile
Commission Business.
Trust Co.
Special attention given to the execution of
Write for further information and referenoe
orders for Securities on the New York, Lon
don and Amsterdam Exchanges in correspond to our offices at Kansas City, Mo., or to
ence with
JOH N M . S H R IG L E Y , Manager,
411 W a ln u t St., P h ila d elp h ia.
B L A K E B R O T H E R S & CO.
OR TO
18 W a ll Street, N ew Y o r k ,
28 State Street, H oston , M ass,
Messrs, M O RG AN & B R E N N A N ,
Blake, Boissevain & C o .,
AND '
President, ANDREW ALLAN, Esq.
Vice-President, ROBERT ANDERSON, Esq,
A
D
O
L
P
H
B
O
IS
S E V A IN & CO
H E A D O F F IC E !, M O N T R E A L .
GEORGE HAGUE, General Manager.
________
A
m
sterdam
« H o lla n d .
W. N. ANDERSON, Assistant Gen’i Manager.
BANKERS:
LONDON, ENG.—The Clydesdale Bank (Limited.)
NEW YORK—The Bank of New York, N. B. A.
TH E
The New York Agency buys and sells Sterling Ex«hange, Cable Transfers, issues credits available In
all parts of the world ; makes collections in Canada
and elsewhere and issues drafts payable at any of
the offices of the bank in Canada. Every descrip
tion of foreign banking business undertaken.
(LIMITED).
New Y o r k A g e n c y , N o . 61 W a l l Street,
HENRY HAGUE,
) .
N o. 4 B A N K
BUILDINGS
JOHN B. HARRIS, JR., j A*fents-
AGENCY
B
a
OP
n
k
British N orth A merica,
N o . 52 W A L L S T R E E T .
Buy and sell Sterling Exchange and Cable Trans
ie». Issue demand drafts on Scotland and Ireland,
»ho on Canada, British Columbia and San Francisco.
CIRCULAR NOTES issued in Pounds Sterling
available in all parts of the world. COMMER
CIAL CREDITS ISSUED for use in Europe,
China, Japan, East and West Indies and the Brazils,
Kiver Plate, Ac.
Bills collected and other banking business trans
acted.
D. A. McTAVISH, ) .
H. 8TIKEMAN, JAgents.
F O R E IG N .
Anglo-C alifornian Bank
(LIMITED).
LONDON, Head Office, 3 Angel Court.
SAN F R A N CISCO Office, 422 California 8t.
NEW Y O R K Agents, J. & W. Seligman & Co.
Bo s t o n Corres pond’ts, Massachusetts N. Bk.
Authorized C apital, - - - $ 6 ,0 0 0 ,0 0 0
Paid-up Capital, - - - - 1 ,5 0 0 ,0 0 0
Reserve F u n d , - - - - - 4 0 0 ,0 0 0
a general banking business. Issue ComDiii« 5l ?£.edl*8a,nd 01118 o f Exchange, available in all
V16 world- Collections and orders for Bonds,
°racKs, etc„ executed upon the n. -t favorable terms’
FR kiJ’Bf F, L O ’ * ,
)
la M . I<TJLS£ATZ STBINxiARTJS*11* ^ 8-
IP. N, Li H E N T il AL^Cashlerj
Kansas Security C o .,
Railw ay Share Trust C o.
New Y ork Office 96 Broadway, cor. W all st.
STRICTLY first-class Kansas Farm Mortgages
paying an annual interest of
LONDON, ENGLAND.
Interest coupons payable at the CHASE NATIONAL BANK, New York. Send for circular.
References: Chase National Bank; Winslow, Lanier
A Co., Ac.
W. S. Grosvenor, Pres., I t?-;«
«*
J. P. Jones, Vice Pres., $Kingman, Kan.
THE
OF
Managers,
2 7 Custom H ou se Street,
Providence, R . I .
Capital P a id U p , £ 9 7 1 ,8 6 0 Sterlin g ,
Seven P er Cent Guaranteed.
This Company undertakes the business of Trustee
6 ;
to Loans of approved Railways, negotiates and
The American Investment Company, of EmIowa, with a paid-up capital of $ 6 0 0 ,issues Loans on the London Market, acts as Agent for metsburg,
000, surplus $ 7 5 ,0 0 0 , offers first Mortgage
drawing seven per cent, both Principal and
Railways and other Corporations, either in the mat Loans
Interest fully Guaranteed. Also 6 per cent 10Debenture Bonds,secured by 105per cent of first
ter of payments of Interest on Loans, Dividends on year
Mortgage loans held in trust by the Mercantile
Trust Co., N. Y . Five per cent certificates of
or Registration of Stocks in London, or otherwise.
deposit for periods under one year. Write for full
Information and references to the company at 150
Nassau 8t., N. V.
A. L . ORM SBY,
Cable Address—Pa VY, London.
Vice-President and General Manager.
Bank o f Australasia,
___(Incorporated by Royal Charter, 1835.)
4 Threadneedle St., L o n d o n , England
Paid-up Capital, - - - - - - £1,6007(550
Reserve Fund, - - - - - - - £790,000
Letters of Credit and Drafts issued on any of the
numerous branches of the Bank throughout Aus
tralia and New Zealand.
Bills negotiated or sent for collection.
Telegraphic transfers made.
Deposits received in London at interest for fixed
eriods, or for transfer to the colonies on terms
which may be ascertained on application.
PRIDEAUX SELBY. Secretary.
E.
S. B
ailey
,
5*2 P IN E S T R E E T .
D EALIN G S IN
I N S U R A N C E
STO CK S
A S P E C IA L T Y .
Cash paid at once for the above securities; or they
will be sold on commission at seller’s option.
Farm M ortgages
In Sums o f $100 and Upwards on In*
diana and Ohio Lands.
OTHING SAFER. ALWAYS PROMPTLY PAID
SEND FOR PAMPHLET.
JOS. A . M O O R E ,
84 East M arket St., In d ia n a p o lis,In d
INVEST THROUGH THE SOUND AND
R E L IA B LE
WESTERN FARM MORTGAGE CO.,
LAW RENCE, KAN.
F. M. P e r k i n s . Pres’t.
L. H. P e r k i v o , sec.
l*5|d Up Capital,
- - $ 2 5 0,0 0 0
The choicest Hirst Mortgage Farm Loans, also the
Company’s Ten Tear Debentures, based upon its
paid up capital and assets of over $650,000. No losses.
Eleven years’ experience, with absolute satisfaction
to over 1,500 investors. Send for circulars, forms and
full Information, Branch offices in N. Y. City and
Albany. New York Office 137 Broadway,
~-—
___C. C.HINE & 80N, AgentsTj
THE CHRONICLE.
Qxxi&X (ftompatxtes.
Ufaxm Ipinriflagjes.
XL!!’ .
4V o l .
% x ìx s t
C o m p a n ie s .
E Q U IT A B L E
U nion Trust Com pany U nited States Trust Co,
OF NE W YORK.
OF N E W Y O R K ,
No. 4 9 W A L L S T R E E T .
M ortgage Company.
78 Broadway, cor. S e cto r St., N. Y.
C A P IT A L , - - - - - - SU R P L U S, - - - - - - -
C A P IT A I. $ 6 0 0 ,0 0 0 .
D E B E N T U R E S
GUARANTEED FARM MORTGAGES.
O FFICES
)
REFERENCES.
New York. 20« Broadway. IFirst Nat. Bk., New York.
Boston, 23 Court St.
IBoston Nat. Bk., Boston.
Philadelphia, 1128.4th St. 7th Nat. Bk, Philadelphia
Kansas City, 7th& Bel.Sts. |Am. Nat. Bk.,Kansas City
F or rates ol interest and full information
send for pamphlet.*
a
Real Estate Mortgages on City
and Farm Property, worth two
to four times amounts o f mort
gages, interest « per cent to
7 per cent, principal and Inter
est absolutely guaranteed.- Se
curities for guaranty held by the
American Loan & Trust Com
MINNEAPOLIS. pany, o f Boston, Mass.
Send for circulars to
NORTH
WESTERN
GUARANTY
LOAN CO.,
Paid-Up Capital, NEI1ER Ac CARPENTER,
$‘. ¿00,000.
Hankers, Troy, N .Y .
Authoris'd Capital
Kastern Managers for Company
Ji¿,0 0 0 .0 0 0 .
Important Notice.
TO HOLDERS OF KANSAS REAL ESTATE
MORTGAGES:
Bend to HODGES & KNOX, TOPEKA, KANSAS,
ter Free Pamphlet containing the compiled Latin
« { Kansas relating to Real Estate Mortgages.
ü'ríist ©orneantes.
The
U nion Trust C o .,
611 AND 613 CHESTNUT STREET,
P H IL A D E L P H IA .
Authorised Capital........... ...........................
Paid-up Capital............................................... 500.000
A cts as Executor, Administrator, Assignee, etc.
and executes trusts o f every description known to
thAii trust assets kept separate from those o f the
Company.
, „ , ...
Burglar-Proof Safes to rent at $5 to $60 per annum.
Wills kept In vaults without charge.
Bonds, Stocks and other valuables taken under
guarantee.
_
.
.
, ,
Paintings, Statuary, Bronzes, etc., kept in FireProof Vaults.
. . ,
.
Money received on deposit at interest.
I AS. LONG, Pres’t. JOHN G. READING, V .-Pres’t.
M AH LON S. 8TOK Kb , Treasurer & Secretary.
1). It. PATTERSON. Trust Officer.
Dir e c t o r s .—James Long, Alfred S. Gillett, Joseph
Wright, Dr. Charles P. Turner, William S. Price,
joiinT.M onroe. W. J. Nead, Thomas R. Patton,John
JGBeading, W m. II. Lucas, D. Hayes Agnew, M. P.
Jos. 1. Keefe, Robert Patterson, Theodor C. Engel,
Jacob Nayler, Thus. G. Hood. Edward L. Perkins
William Watson, P h i l a d e l p h i a ; Samuel Riddle,
G len k id d l e , Pa.; Dr. George W. Reily, H a r r i s
b u r g , Pa.; J. Simpson Africa, HUNTINGDON; Henry
s. Eckert, R e a d in g ; Edmund S. Doty, Mif f i .in tow n ; W. W . U. Davis, D o t l e s t o w n ; R. K. Mon
aghan. W est Ch e ste r .
Authorized to act as Executor, Administrator
Guardian, Receiver, or Trustee, and is
A LEGAL DEPOSITORY FOR MONEY
A ccepts the transfer agency and registry o f stocks,
and acts as Trustee o f mortgages o f corporations.
Allows interest on deposits, which may be made at
any time, and withdrawn on five days’ notice, with
interest for the whole time they remain with the
oompany.
For the convenience o f depositors this oompany
also opens current accounts subject, in accordance
with its rules, to check at s'ght, and allows interest
upon the resulting daily balances. Such checks pass
through the Clearing House.
TRUSTEES;
Wm. W hite wrlght,
James M. McLean,
Henry A . Kent,
Ambrose C. Kingsland,
R. T. Wilson,
James H. Ogilvie,
Wm. F. Russell,
S. T. Fairchild.
C. D. W ood.
I. H . Frothingham,
James N. Platt,
George A . Jarvis,
D. C. Hays,
C. Vanderbilt,
James Forsyth,
A . A . Low,
George Cabot w ard,
G. G. Williams,
Edward King,
R. G. Rem sen,
E. B. W esley,
J. B. Johnston,
D. H. McAlpln,
Edwa
vchell,
George B Carhart,
Arnasa .<• Parker,
Henry Stokes,
Samuel F. Barger,
Robert Lenox Kennedy, Geo. C. Magoun.
EXECUTIVE COMMITTEES
Wm. W hite wrlght,
G. G. Williams,
James M. M cL ean,,
K. B. Wesley,
J.B . Johnston,
C. D . W ood,
D. C. Hays,
A . C. Kingsland.
ED W AR D KING, President,
JAMES M. M cLEAN , First Vice-Pres’t.
J AMES H. OGILVIE, Second Vice-Pres’t.
A . O. RONALDSON, Secretary.
TRUSTEES:
Josiah O. Low, ,E. F. Knowlton, H ’v K. Sheldon,
A lex. M. White, John T. Martin, C. D.JWood,
Fred. Cromwell, Wm. H. Male,
A . A. Low,
Ripley Ropes,
John P. R olfe,
Alex. McCue,
Abram B. Baylis,
Mich’l Chauncey. E. W . Corlies.
Wm. B, Kendall. H. E. Pierrepont, H. W . Maxwell,
J a m b s R oss Cu r r a n . Secretary.
F r e d e r ic k C. Colton . Asst. Sec’y.
T H E
Provident L ife& T ru st C o
OF
P H IL A D E L P H IA .
Incorporated Third Mo., 22d, 1865.
(CHARTER PE R PE TU A L.)
CA P IT A 1.................................... $ 1 ,0 0 0 ,0 0 0
A SSET S $ 1 5 ,6 2 1 ,5 3 0 63.
,.o ifYKf'iin'nH
a nwiwKi'u
\
fnl performance o f which its capital and surplus
fund furnish ample security.
All trust funds and investments are kept separate
and apart from the assets o f the company.
The income o f parties residing abroad carefully
collected and du y remitted.
SAM’li R. SH IPLEY, President.
T. W1STA.R BROWN, Vice-President.
ASA S. WING, Viee-President and Actuary. >
teU*lNTEREST ALLOW ED ON DEPOSITS, *
which may be made at any time, and withdrawn afta
five days’ notice, and will be entitled to interest foi
the whole time they may remain with the company
Executors, administrators, or trustees o f estates
and females unaccustomed to the transaction of busi
ness, as well as religious and benevolent institutions
will find this company a convenient depository foi
money.
JOHN A . STEW ART, President.
m W ILLIAM H. MACY, Vice-President
9 JAMES S. CLARK, Second Vice-Pres"
TRUSTEES:
Dan. H . Arnold, D. Willis James,]Robt.B.Minturn,
Thos. Slocomb, J oh n J .A stor,
Geo. H. Warren
Charles E. Bill, John A . Stewart, George Bliss, ’
Wilson G. Hunt, S.M.Bucki’gham, William Libbey,
Wm. H . Macy,
H. E. Lawrence, John C. Brown,
Clinton Gilbert, Isaac N. Phelps, Edward Cooper,
Daniel D. Lord, Erastus Corning, W. Bay’rdOutting
Samuel Sloan,
S. B. Chittenden, Chas. S. Smith,
James Low.
John H.Rhoades, Wm.Rockefeller,
Wm. W. Phelps, Anson P. StokesjA lex. E. Orr.
H ENRY L. THORN ELL, Secretary.
LOUIS G. H AMPTON. Assistant Secretary.
%TL&tXXVLVLtZ.
The U nited States Life
Insurance C o .
IN T H E C IT Y OF N E W Y O R K .
113 B R O A D W A Y , NEW Y O R K .
Capital, Fully P a i d .................... $ 1 ,0 0 0 ,0 0 0
261, 262 & 268 Broadway, New York.
TH IS COMPANY TRANSACTS A GEN ERAL
LOAN, TRUST AND FIN AN CIAL BUSINESS.
Receives Money on Deposit subject to check, and
allows Interest on balances.
A ll Checks pass through the Clearing-house.
MAKES INVESTMENTS OF MONEY.
ACTS AS EXECUTOR. ADMINISTRATOR,
GU ARDIAN , TRUSTEE, ETC.
ALSO, AS REG ISTR AR AND TRANSFER AGENT.
B3F" An Authorized Depository fo r Court and
C unty Treasurers’ Fund.
ROW LAND N. H A ZA R D , President.
GEORGE 8. H A R T , Vice-President.
W IL L IA M D. SNOW, Secretary.
JAMES 8. TH URSTON, Treasurer.
DIRECTORS :
G eorge H. P o tts ,
W a l l a c e C. a n d r e w s ,
J ohn L. Ma c a u l a y ,
Ir a d a v e n p o r t ,
J a m e s m . V a iin u m ,
W il l ia m d . Sn o w ,
J ohn I. B l a i r ,
J ohn D. K im m e y ,
E d w a r d F. Br o w n in g , F rk b e h ic A. p o t t s ,
R o w la n d N. H a z a r d , J ohn R oss ,
G eo rg e S. h a r t ,
A l e x a n d e r G. B l a c k ,
W m . B. D in sm o r e ,
F r a n k C. H o l l in s ,
E l ia s L e w is , j h .,
T h om a s L. W atson ,
J ule s a l d ig e ,
• E l ia s 0. B en edict ,
Stev en son b u r k e ,
W il l ia m p . A n d e r so n .
Mercantile Trust & Deposit
COMPANY,
of
B A L T IM O R E .
C a p it a l,
-
.
-
Authorized Capitai.
$ 5 0 0,0 0 0
$ 2 , 0 0 0 .0 0 0
Authorized to act as E xec -tor, Administrator,
Guardian, Receiver, or Trustee, s n j is
A LEGAL DEPOSITORY FOR MONEY.
Accepts the transfer agency and registry o f stocks
and acis as Trustee o f mortgages or corporations.
Takes charge o f property, collects and remits in
terest and income promptly, and discharges faith
fully the duties o f every trust known to the law.
Money received on deposit. All Trust Assets kept
separate from those o f the Company.
Burglar-proof Safes and Boxes (having chrome
steel doors) to rent at $10 to $100 per annum in th eir
new and elegant chrome steel FIRE AND BURG
LAR-PROO F V AU LTS, protected by improved
Time Locks.
W ills kept in vaults without charge. Bonds and
Stocks, Plate and all Valuables securely kept under
guarantee at moderate charges. Paintings, Statu
ary, Bronzes, etc., kept in flre-proof vaults.
JOHN GILL, W .W . SPENCE,
L. C. FISCHER
President.
V ice-Pres’t.
Treas. & Sec.
W. W . Spence,
Christian Devries
C.Mort’n Stewart
Robert Garrett,
Chas. D. Fisher,
Geo. P. Thomas,
O. H. Williams,
Andrew Reid,
DIRECTORS:
Louis McLane,
Robert Lehr,
W . A. Tucker,
Jas. Carey Coale,
Oliver A. Parker,
W . H.Whitridge,
J. A.Hambleton,
Thos. Deford.
John E. Hurst,
Stewart Brown,
W . H. Blackford,
E. A. Jenkins,
Bernard Cahn,
J. W lllcox Brown,
A lex. Frank,
John Gill.
(ORGANIZED IN 1860.)
G. H . BURFORD, President,
C .P .F r a l e ig h , Sec’y. A . W h e e l w r ig h t , Ass’t Seo
W m . T. St a n d e n , Actuary.
All the profits belong to the Policy-holders exclu
sively.
All Policies issued by this Company are indisput
a b l e after three years.
All Death Claims paid w it h o u t disc ou n t as soon
as satisfactory proofs have been received.
This Company issues all forms o f Insurance, In
cluding Tontine and Limited (Non-Forfeiting) Ton
tine.
One month’s grace allowed In the payment of
Premiums on Tontine Policies, and ten days’ grace
on all others, the Insurance remaining in full force
during the grace.
Absolute security, combined with the largest liber
ality, assures the popularity and success o f this com
pany.
GOOD AGENTS, desiring to represent the Company' are invited to address J. S. GAFFNEY, Super
intendent o f Agencies, at Hom e Office.
EQUITABLE
L IF E
ASSU R A N C E
SOCIETY,
120 BROADWAY, NEW YORK.
H E N R Y B . H Y D E , President.
$66,553,88750
ASSETS, JANUARY 1st, 1886..........
LIABILITIES, 4 per cent Valuation .. 52,691,14887
8URPLUS.................................................. $13,862,28913
(Surplus on N. Y . Standard 4 ^ per ceut
interest, $ 1 7 ,4 9 5 .3 2 9 ,4 0 .)
Surplus over Liabilities, on every standard of valua
tion larger than that of any other Life Assurance Goar
pany,
th w ASSURANCE in 1885..................... $96,011,378 00
Ou t s t a n d in g a s s u r a n c e .................357,838,2» w
Total paid Policy-H olders in 1885 .......... 7,188,68660
Paid Policy-Holders since Organization 88,211,175 *»
INCOME in 1885. . .................................... 16,590,05331
m u t u a iT b e n e f it
LIFE INSURANCE COMPANY,
N E W A R K , N. J .
A M /.I D O D D , - - - - -
P resident.
Assets (Market Values)...........................fn
Liabilities (4 per cent Reserve)............. 35,b57,&^ <5
Surplus (New York Standard)................
INSURES LIVES. GRANTS ANNUITIES, RE
CEIVES MONEY ON DEPOSIT, returnable on de
mand. or on which interest is allowed, and is empow
____ I_i__ ...
Capital and Surplus, - - - $6,000,000
This com pan. is a legal depository for moneys p&|<
into court, and is authorized to act as guardian ai
American Loan & Trust Co,
T h e B rooklyn Trust C o .,
Cor. o f Montague and Clinton Sts.,Brooklyn, N.Y.
This company is authorized by special charter to
act as receiver, trustee, guardian, executor or admin
istrator.
, .
It can act as agent in the sale or management of
real estate, collect interest or dividends, receive re
gistry and transfer books, or make purchase and sale
o f Government and other securities.
Religious and charitable institutions, and persons
unaccustomed to the transaction o f business, will
find this Company a safe and convenient depository
for money. KIPLEY ROPES, President.
EDMUND W.CORL1ES, Vice-Pres’t.
$ 1 ,0 0 0 ,0 0 0
| a ,0 0 0 ,0 0 0
M etropolitan Trust C o .,
Mille Building, i>5 Wall St„ New York
P A ID U P C A P IT A L , $ 1 ,0 0 0 ,0 0 0 .
Designated as a legal Depository by ‘order o f Su
preme Court. Receive deposits >f money on interest,
act as fiscal or transfer agent, or trustee for corpora
tions, and accept and execute any legal trusts from
persons or corporations on as favorable terms aa
Other similar companies.
THOMAS HILLHOUSE. President.
FREDERIC D. TAPPEN , Vice-President
W A L T E R ^ . BRITTlN . Secretary.
P o lic ie s
5,411,241 ou
A b s o lu te ly N on -F orfeitable
A lter S econ d Year.
IN ca se op l a p s e
force as long as its
the Policy is c o n t i n u e d in
value will pay fo r ; or, it Pr°"
ferred, a Paid-up policy fo r its full value is issued in
e 3A ftergthe third year Policies are incontestable ,
except as against Intentional fraud ; and all restric
tions as to travel or occupation are . -noved.
,
Ca s h l o a n s are made to the exte; . o f 50 per cen
of the reserve value, where valid assig meats oi 1»
Policies can be made as collateral secur.:y.
L osses paid immediately upon completion anaap
THE CHRONICLE
January 2d, 188t.]
gttMtcaiitftts.
g u M tc a tio tts .
[Ready February, 1887.]
NOW R E A D Y .
Financial Review.
(ANNUAL.)
YEAR
BOOK
FINANCIAL INFORMATION
FOR
Bankers,
Stock Brokers,
Merchants,
Investors.
C O N T E N T S »
Retrospect o f 1 8 8 6 .
m ercantile F a ilu r e s .
B ankin g a n d F in a n c ia l—
United States—National Bank Figures and
Currency Movements.
New York City—Bank Returns, <&o.
London—Money Market and Bank Returns.
CommercialUnited States—Foreign Commerce, Trade
Balanoe, U. S. Exports and Imports of
Leading Articles. London—Review of
yea\% Bank Returns, <feo.
The M o n e y M a r k e t—
,
Influences, and Prices of Call Loans and
Commercial Paper since 1879.
Gold a n d S i l v e r -
Production, Consumption, Exports and Im
ports of Gold and Silver in the United
States and abroad.
Foreign E x c h a n g e —
Market and Prices in New York, 1871-1886.
In vestm en ts a n d S p e c u la tio n —
Compound Interest Table, Showing Accu
mulations of Money In a Series of Years.
Table Showing the Rate Per Cent Realized
on Securities Purchased at different prices
(without regard to date of maturity.)
Stock Speculation In New York.
United States D e b t a n d S ecu rities—
Debt of the United States, 1791-1886.
Prices of U. 8. Bonds. 1860-1886.
State D e b ts a n d Secu rities—
State Debts and Immunity from Prosecution.
Prices of State Securities, 1860-1886.
R ailroads a n d th e ir S ecu rities—
Railroad Statistics of the United States
Railroad Earnings.
Prices of Railroad Bonds, 1882-1886.
The New York Stock Market, 1881-1886.
Stock Quotations N. Y. Exch., 1882-1886.
“
Boston Exch., 1886.
“
'
Phila. Exch., 1886.
“
Balt. Exch., 1886.
Price of the R eview , bound In cloth, • $2 00
To Chronicle S u b scrib ers,.................. 1 50
Railroad Securities.
J A N U A R Y , 1887.
P UBLISHERS,
79 & 81 W illia m Street, N ew Y o r k .
C hronicle V olum es
SINClS 1 8 7 0 .
Any office possessing these volumes since 1870 has
st hand for convenient reference a complete and re
liable financial history o f the period. Parties having
the more recent volumes can obtain from the pub
Ushers most o f the earlier volumes, er complete sets
«an be furnished.
CO.,
79 & 81 WILLIAM STREET,NEW YORK
B U IL D IN G ,
New York.
E x e c u t io n
to th e
OF ORDERS FOR FUTURE CONTRACTS.
Price In Red Leather Covers, • • $1 00
To Subscribers o f the Chronicle,
75
H ubbard, Price 6c C o .,
W I L L I A M B . D AN A Sc CO.,
79 & 81 WILLIAM STREET. NEW YORK-
Price, R eid 6c C o .,
Cotton E x c h a n g e , N e w Y o r k ,
AND
L ittell ’ s L iv in g A ge .
f! 1 8 8 7 T H E L IV IN G
P
AGE enters upon its fortyfourth year, having met with con
tinuous commendation and suc
cess.
NORFOLK, VA.
Cotton Brokers & Commission Merchants,
Liberal advances made on Cotton consignments.
Special attention given to the sale o f cotton to ar
rive or in transit for both foreign and domestic mar
kets. Orders for Future Contracts executed in New
York and Liverpool.
A W E E K L Y MAGAZINE,
it gives fifty -tw o numbers o f
sixty-four pages each, or more
than
TH REE AND A QU ARTER
THOUSAND
double-column octavo paces o f
reading matter yearly. It pre
sents In an Inexpensive form.
_ considering Its great amount o f
matter, with freshness, owing to Its weekly Issue,
and with a completeness nowhere else attempted.
The best Essays, Reviews. Critiotsms. Serial and
Short Stories, Sketches o f Travel and Dis
covery, Poetry, Scientific, Biographical,
Historical and Political Inform ation,
from the entire body o f Foreign
Periodical Literature.
For $10 50, T h e L iv in g A ge and any one o f the
American $4 Monthlies (or Harper’s Weekly or Bazar)
will be sent for a year, post paid; or, for $9 50, T he
L iv i n g A ge and tne St. Nicholas. Address,
Robert Tannahill 6c C o .,
Cotton Commission Merchants,
Cotton E xch an ge B u ild in g , N ew Y o rk .
Spedel attention given to the purchase and sale o f
FU TU RE CONTRACTS
la New York and Liverpool.
R . M acready 6c C o .,
COMMISSION MERCHANTS,
L T T T E L L Sc C O .. B o s t o n .
COTTON
ESTABLISHED 1855.
Eugene
{S T A T IO N E R
B.
AND P R IN T E R .
N o. 1 W I L L I A M
EXCHANGE
Cole,
Supplies Banks, Bankers, Stock Brokers and Corpo
rations with complete outfits o f A ccount Books and
Stationery
O f New concerns organizing will have their orders
promptly executed.
STREET,
(HANOVER SQUARE.)
B U IL D IN G ,
NEW YORK.
(3Cotton, Coffee, Grain and Petroleum Bought and
Sold for Cash, or carried on Margin, on the various
Exchanges In New York City.
J. C . Graham 6c C o .,
19 South W illia m St. Sc 51 Stone St.,
NEW YO RK.
COTTON.
© 0 t t 0 tt.
BUYERS FOR AMERICAN MIIXS.
j ®h n
L. B u l l a r d .
H e n r t H. W h e e l e r .
Bullard 6c W heeler,
Selma, M ontgom ery and N ew York .
CITT0N COMMISSION MERCHANTS
G w athm ey 6c Bloss,
NEW
YORK.
ALSO
B A G G IN G AND IR O N
T IE S ,
. (FOR BALIN G COTTON).
Advances made on Cotton Consignments and Special
Attention given to purchase ana sale o f FUTURE
CONTRACTS OF COTTON.
COM M ISSION
MERCHANTS,
No. 123 PEARL ST., NEW YORK.
Orders fo r future delivery o f Cotton executed In
Dennis Perkins 6c G o.,
COTTON BROKERS,
1 25 P e a r l Street, N e w Y o r k .
Orders fo r Spot Cotton and Futures promptly
executed.
New York and L iverpool; also fo r Grain and Pro!
Visions in New York and Chicago.
G.
Schroeder
6c
C o .,
Successors to W A R E & SCHROEDER,
W alter
COTTON
W IL L IA M B . DAMA & CO.,
B . DANA A
COTTON E X C H A N G E
Sp e c ia l A t t e n t io n G iv e n
OF
W IL L IA M
M ohr, H anem ann& C o .,
OF
1887.
A
Cfrcrttott.
HAND-BOOK
TUB
XI
6c F a t m a n ,
BROKERS,
53 B E A V E R S T R E E T , N E W Y O R K ,
C H A R L E S B. T A U T E R ,
COTTON MERCHANT,
COMMISSION
MERCHANTS,
Cotton Exchange Building,
NEW
YORK.
Oriers fo r future delivery o f Cotton executed in
New Tork and Liverpool ; also fo r Grain and Pro
visions In New York and Chicago.
COTTON E X C H A N G E B U IL D IN G .
Geo. H . M cFadden6c Bro.
SPEC IAL ATTENTION TO COTTON FUTURES
COTTON [MERCHANTS,
P H IL A D E L P H IA .
F. H offm ann,
COTTON BROKER AND AGENT,
38 R U E P E L A BOURSE« H A V R E .
FELLO WES, JOHNSON & TILÉST0N,
COTTON, STOCKS, BONDS, & e.,
30 WILLIAM S I REET, NEW TORK.
Orders in “Futures” executed at N Y Cotton Exch.
L iv e r p o o l Co r r e sp o n d en ts ,
F R E D E R IC Z E R E G A
JOH N
II.
Sc CO.
C L.ISB Y &
CO.,
COTTON BUYERS,
M ONTGOM ERY, A L A .
PURCHASE ONLY ON ORDERS FOB A COMMISSION
THE CHRONICLE.
X ll
(fattoti.
[J anu ary 2Ö. 1887.
HXiscellatieutts.
b o tto m
Walter T. Hatch,
Nath’l W. T. Hatch.
W ood w ard & Stillman,
W . T . H atch & Sons,
MERCHANTS,
Poet Building, 16 & 18 Exchange Place,
NEW
I N M A N , SW A N N & C o
YORK. "
B r a n c h Offices {
Chnpr^lh^ r S e w H a Vv ; n
Personal attention given at the EXCHANGES to
the purchase and sale o f STOCKS and BONDS for
cash or on margin.
DEPOSITS RECEIVED—subject to check at sight
—with interest upon balances.
Special attention paid to INVESTMENTS and
accounts o f COUNTRY BANKERS.
COTTON MERCHANTS,
Sp e c ia l A t t e n t io n to o r d e r s f o r Co n t r a c t s
f o r F u t u r e D e l iv e r y of Co tton .
N ew F o rk .
COTTON, A L L GRADES, SUITABLE TO W ANTS
OF SPINNERS
Of f e r e d o n T er m s to Su it .
Edw ard H . Coates & Co.,
H enry H en tz & C o .,
MERCHANTS,
8 South W illia m St., New Y o r k .
W illiam s, Black & C o .,
C O T T O N
at the NEW YORK, LIVERPOOL AND NEW OR
LEANS COTTON EXCHANGES. Also orders for
1 W IL L IA M
COMMISSION MERCHANTS,
Orders executed In New York, Chicago and Llv
rpool. Alt grades o f cotton suitable to spinners'
ants offered on favorable terms.
G eo. C opeland & C o .,
COTTON BROKERS,
134 P R A R L S T R E E T , N E W Y O R K .
B. F. B A B C O C K & CO.
STOCKS, P E T R O L E U M ,
ORDERS EXECUTED IN
A N D P R O V IS IO N S
COTTON EXCHANGE, NEW Y O R K , and
NORFOLK, VA.
COTTON, GRAIN. PROVISIONS,
Stocka and Petroleum.
STR EET,
CO TTO N , G R A IN ,
P R O V IS IO N S , C O F F E E ,
at the N EW YORK COFFEE EXCHANGE, and
Rountree & C o .,
NO. 116 CHESTNUT STREET,
P H IL A D E L P H IA .
NO. 49 MAIN STREET,
NORFO LK , VA.
SPINNERS’ ORDERS SOLICITED.
NEW YORK.
C O F F E E
at the NEW YORK PRODUCE EXCHANGE and
the CHICAGO BOARD OF TR AD E.
Co r r e s p o n d e n t s :
Messrs. Smith, Edwards & Co., Cotton Brokers
Liverpool.
Jas. Lea McLean, New Orleans.
Cotton Commission Merchants,
BANKERS AND COMMISSION MERCHANTS,
EXECUTE ORDERS FOR FU TU RE DELIV ER Y
G R A IN
BANKERS,
14 NASSAU STREET, NEW YORK.
LOANS M ADE ON ACCEPTABLE SECURITIES.
COMMISSION
Henry P. Hatrh
Arthur M. Hatch
NEW YORK, CHICAGO, NEW OR
LEANS, ST. LOUIS, LIVERPOOL,
_____________ HAVRE, &c.____________
Le h m a n , St e r n A Co.,
New Orleans, La.
L e h m a n , D u r r A Co
Montgomery, Ala.
L E H M A N B R O ’S,
C otton
F actors
AND
com m issi o n
m erch ants
,
No. 40 EXCHANGE PLACE,
MEMBERS OF TME COTTON, OOFFEE AND
PRODUCE EXCHANGES.
U p -to w n Office , No. 204 Ch u r c h St r e e t ,
New Y o r k .
Orders executed at the Cotton Exchanges In New
York and Liverpool, and advances made on Cotton
and other produce consigned to us, or to our corresondents in Liverpool: Messrs. L . Rosenheim A
one and A . S te rn i Co.; In London, Messrs. B.
g
NawimiM JkOo.
COMMISSION MERCHANTS,
17
W a te r
Street,
LIV E R P O O L ,
Receive consignments o f Cotton and other Produce,
and execute orders at the Exchanges In Liverpool.
Represented In New York at the office o f
SAM’L D. BABCOCK,
82 Nassau Street, New York.
Bethlehem Iron C om p ’y
40 and 42 Wall Street,
M an h attan B u ild in g ,
N ew York.
Phénix Insurance Co.
OF
BROOKLYN,
Office, 195 Broadway, New York City
Statement o f Company 1et Day o f Jan., 1886.
CASH C A P I T A L .................................... $1,000,000 0«
Reserve for unearned premiums........... 2.845,048 81
Reserve for unpaid losses................. .
844,473 02
Net surplus..................... ........................ .
714,107 43
•
$4,910,483 86
S T E P H E N C R O W E L L , President.
S tis t t t fa t ijc e .
WM. R. CROWELL, Vice-President.
P H ILAN D ER SH AW , Secretary.
GEO. H . FISKE, Assistant Secretary.
FRANCIS P. BURKE, Seo’y Local Dep’t.
(Incorporated 1 8 3 5 .)
Delaware Mutual Safety Insurance Co.
North British
O f P h ila d e lp h ia .
& M ercantile Ins. Co.
THOMAS C. HAND, President.
THOMAS C. HAND, J b ., Vice-President.
HENRY LYLBURN, Secretary.
LO N D O N AM D E D IN B U R G H .
OF
ASSETS OF THE COMPANY NOVEMBER 1, 1886.
$150,000 00
212t000 00
85.000 oo
100.000 00
100.000 00
60,uo0 00
76.000 00
25.000 00
80,500 00
q2’aaa aa
¿5.000 00
8a
__10 <,500 00
United States 4)4 Per Cent. Bonds............................. ................ ............................... $167 437 60
¡state o f -New Jersey 6 Per Cent. .Loans................................................................. .
254,400 00
City o f Philadelphia 6 Per Cent. Loans......................................................................... 112 200 00
City o f Boston 0 Per Cent* Loans.................... ................... ,„««,* ♦ ,.............. .......... l l y ooo 00
City o f St. Louis 6 Per Cent. L oa n s..................................................... ........... *......... 118*000 00
City o f Cincinnati Municipal 7 Per Cent. Loans...................... ..................................
65,000 00
City o f JNewark 4 Per Cent. Loans...................... ...................... ..................................
78,760 00
City o f Columbus, O.. o Per Cent. Loans.......................................................*..............
27,250 00
State o f Tennessee Compromise Bonds..................................................................... .
27.uK) 00
-Philadelphia Wilmington & Baltimore B it. Co. Trust Certidcates, 4 Per C ent..,
80,450 00
Pennsylvania Railroad Company Stock.............. .........................................................
29,750 00
^ merican Steamship Co. 0 Per Cent. Bonds (Pennsylvania Railroad guaranty)..
48,800 00
Loans on Bond and Mortgage, First Liens on City Properties.................................
107,500 00
8 1 ,0 3 6 ,0 0 0 P a r .
C o st, 8 1 , 0 4 5 ,1 7 5 7 5 .
M a r k e t V a lu e , $ 1 , 1 6 5 ,5 4 7 5 0
Real Estate at Philadelphia and Pittsburg...................... ..........................................
140,000 CO
9l )854 46
Bills receivable for insurances m ade............................ ........ .....................................
Balances due at Agencies—Premiums on Marine Policies—A ccrued interest
'
and other debts due the Company................................................................................
84 018 74
Scrip o f sundry Corporations (estim atedvalue)................. 1*170 00
Cash—on deposit in Banks...................................................................
$160,691 67
Loaned on Collateral..................................................................... ,7...77"'. 75 000 00
In office.............................................. .................................. .' .'.’.'.7.,.
*931 92
------------------ 236,623 69
$1,719,209 29
im. a
a -i txi
i
.
. . . . . .
,
P h il a d e l p h i a . November 10,1886.
_ . .if,,®
o f Directors have this day declared a CASH DIVIDEND o f 1 0 P E R C E N T , on the
C A PITA L blOOK and 6 PEK CENT. Interest on the SCRIP o f the Company, payable on and after the
1st o f December, proximo.
They have also declared a SCRIP DIVIDEND o f 3 0 P E R C E N T , on the EARN ED PREMIUMS fo r
the year ending October 31,1886, Certificates o f which will be issued to the parties entitled to the same,
on and after the loth o f December, proximo.
They have ordered, also, that the SCRIP CERTIFICATES OF PROFITS o f the Company, fo r the year
ending October 81,1880, be redeemed in Cash, at the office o f the Company, on and after thh 1st o f Decem
ber, proximo, all interest thereon to cease on that day.
'
THIS COMP AN Y ISSUES CERTIFICATES OF INSURANCE, payable in case o f loss at the Banking
^pEl H^^BREMEN^* HAMBUR gT
L ° nd° n' 01
00rfe3p0ndenti at AN T-
U. 8. Branch Statement Jan. 1, 1886.
Invested and Cash Fire Assets................ $3,421,870 70
LIABILITIES.:
Reserve for Unearned Prem ium s....
$1,199,247 48
Reserve fo r Unpaid Losses................
150,887 77
Other Liabilities...................................
5*1,150 38
Net Surplus....................................... 2,015)583 18
$3,421,870 70
Losses paid In U. 8. In 19 years ..$10,220,138 03
U. 8. B r a n c h O f f ic e , 54 W il l ia m St ., N. Y.
CHAS. E. WHITE, SAM. P. B LA (¿DEN,
Managers.
JAS. F. DUDLEY, Deputy Manager.
jE
Insurance Com pany
OF
HARTFORD.
Capital.......................................
Liabilities for unpaid losses
and re-insurance fu n d .......
Net Surplus....________ ___ _
$4,000,000 00
2,118,618 10
3,450,221 37
Assets J a n . 1 , 1 8 8 7 .... $ 9 ,5 6 8 .8 3 9 50
No.
68 W a l l Street, Mew Y ork .
JA S. A . A L E X A N D E R , Agent.
COM M ERCIAL
U N IO N
A s s u r a n c e Co., l im it e d .
]N e w Y o r k : O f f i c e , 7 5 B e a v e r S t r e e t .
J. RAYMOND SMITH, Airent
TNA
OF LONDON.
Office,
Cor.
Fin e <4 W illi m
street$, New
Xork.
@FedFRASER