Full text of Commercial and Financial Chronicle : July 1, 1893, Vol. 57, No. 1462

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MAGAZINE,

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REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED. STATES,
Watered eoeording to Act of Oongrew, in the year 1893, by W m. B. D ae a * Go,, In the offloe of the Librarian of Congress, W JSblngton, D. C,

SATURDAY, JULY 1, 1893.

YOL. 57.

Week Ending Jum 24.

e C lir o u ic le .

1893.
S ew Y o r k ..
Sale* e f —

Terns of Subscription—Payable in Advance:
F or One T e a r ............... ......................................................... — $10 00
F or S ir Month*.........................................................................
6 00
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European 3abseriptlon S ir Months 'Including postage).
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A nnual Subacriptiou tu L ondon (tnctndlng postage)....JE 2 10s,
Six Mos.
do.
do.
do,
.. *1 10».
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8 cent*.

f

(Stocks...*

( G r o i n ....

B o s t o n ................. .

Prortdaae®,....,..
H a rtfo rd ..... . . . . .

Sew Ha^eo.......
Springhead .... . . . .
W o r c e s t e r ,... . . . . .

lew Badford...........
rail Rirar*.. . . . . .......
Total Hew England.

Terms of Advertising—-(Per inch space).

O n e t im e ...,....... ................. $ 3 SO|Three Mouth* (IS time* (.,$ 2 5 0 0
One Month
<t tim es).. 11 0 0 i S i*M onth*
<20 •• ( . . 4 3 0 0
T w o Months
(8 ** i. 18 0 0 1Tw elve Month* t32 ** ) .. 58 00
{The above terms for one month and upward are fo r standing cards.)

Total Middle.

MUwaafcaa.....
Detroit.............

Messrs. EnWAkiM A S w it b , 1 Drapers' Gardens, E. 0 „ will take sub­
scriptions and a4vertUetm«nu, and supply single copies o f the paper
a t Is. each.
I.
( t V I U U D I 11. D A N A A C » .» P ti b l U l i r r s ,
TOU“
“ ***•*
109 m illiU B s tre e t, N E W l O t t k .
JOHN 0. tU iTD,
I
Po*T O m i t B o x #38.

T h e fo l l o w i n g t a b le , m a d e tip b y te le g r a p h , e t c ., in d ic a te s
t h a t th e to ta l b a n k c le a r in g * o f a ll t h e c le a r in g h o u se * o f tb e
U n it e d S ta tes f o r th e w e e k e n d in g t o -d a y , J u ly 1. h a v e
b e e n f t , 043.407,331, a g a in s t $ 3 # !,7 2 !,0 .3
la st w e e k an d
$1,176,076 ,343 th e c o r r e s p o n d in g w e e k o f bust y e a r .
Wi*k Kntllm July t.
1882.
1 60S,380.789
e t.9 t8 .r u
S7.7i».:t.H
10,536,291

W»w Tork................- ....... —
B *. ton.........................
Fftiladaiphia*^ww,*«**,*
Brntaaror*................. ...
C h te»xo................... ........... .
S t boat*— . . . _______ _____
* « w Orte»o» ... . ..............

m .J T sm i
50.236.RF0
11,066,376
e i.u o .i7 o
35.434,3H
5,395,833

atvnn d t t t t s » » y » ........
Other Bltiee, S .t«»»...............

tM»,5S*,723
I S tA lM M

»7i«..i-H.97t
119,783,1*7

Totel m otttee, * 4«y»— .
All atfiiee, 1 day

I87t.007.01*
313.400^13

•906,171.4A1
289,901,902

T ou t etlettJoe toe week—

f 1,043.407,331

*1.170,076.6*8

18.178,183
4,500,204

CRpraiand,... .
Colanaoo*.......
P<wna........
CInmd Rapid*..
Sweinaw..

A fcm n... . . . . . . . .

Spnaadeid. 0 ...
Bay d t /* .......
Canton*......^
Total Middle We*tern.

CLEARING HOUSE RETURNS.

18*3.

{700,971)

(32,873,800)

90,799,429
5,067,200
1,695,031
1 >88.652
1,156,808
662,793

P*r Cmt

Portland..

K
T
Taco

City.

Lo* Aa#*l«*..
Ileleoa.. .......
Great rail*.....*
S tow Fall*-....,
Spokane*...* ...
AI0oq»««itMS*..
Total Fact00..

Sanaa* C ity ..........
Mimteapoli*.,........
O m a h a ................
f t . Paul.......... .
Deover..**.. . ... ......
Duluth............ .
it, Joaeph.. . . . . . ......
3ioex City.................
D«* Moloea.......
Lincoln............ .....
Wichita.............. .
-7 -3 Topeka-. . . . . . . . . . . . . .
—14*9 Fremont..... . . . . ......
Hu chlnmn . . . . . . . . . .
••
-8 -7 HMttag**.......
Bprtnsdeld Mo.*......
-20*2
Total Other We*tena-.
-1 T 4 St. Lout*-........ .
-2 9
—37*6
-12*8
+ ro
-17-7
-19*5
+18 9

Hew Or)east*....... ........

1893,

! Week End?9 J u n e 17.

(P. Cent

K‘ 80.6

1893.

P. Cent.

619,509,550

—8 4

f l, 026,737) { - 2 5 8)| {1,048.621)
(15,811,763) +110 6) (37,309.876)

(-38 8)
(-3 + )

-5*8?

93,337.335

5,5*97.000
1.604.925
1*398 962
1,276.882
1,399 526
1 ,M 102
950 035

350.608

&»6,&S9

103^68,288

107,148,985

- 2 -7

-6-1
+5-0
-O'T
-9 4

+ 1*
—3 8*

75.174.S53
6.828,000
2.054,122

-14*1
+23*0

m .:
1,496.573

+22*8
+20*7

—30 0
—7-0

1,397,070
670,799
477.199
1.029,365

-3 1

00,622,329

819.659

-

2*8

+U *4

m
+ 9-5

74,243,231

15,304.413

11.037,143
7,450,680
1,883.688
1,444,013
895,084
1.03&229
222,300
114,402,780

Binghamton,....

London Agents:

O ttu n tsa

566,202,079

Philadelphia.
Pitubontw-gw*.
Baltimora.....
BaflUo......... *
Wa#hiu«icm..
i.yraea»«.,
W ilm io rto a .....

Return* btt TtUeravh,

NO. 1462.

78,801.980

90.790.007
2&85L800

i-.216.Al5

8.498,413
0.490,717
3,717,000
1,772.-829

11,768,400
5,287, *17

2,9)7.500
L*60,858

854,186
25M&4
376.60)
1713*7

181,881
2553370

150,197
114,494,4*2

-

400,931
3*3,1-90
253.309
138,720

-d o l

+J1S
-3 7
+6 7

+ 11-1
-1 0 *
+H-6

-4 0
-1 3 2

-2 5 c
—246
—102
—17 0

—210
—13 0
dU
—13 9

- 3 6-2

J

1

135.885,707

-1 6 7

11,224,772
1,421,529
1,222,7-12
715,931

11,786.202
1.024,537
1,739-234

—4*4
-2 8 l
-31 7
—19 2

914890
205.000

S5&
236,903
1*2.700

+30 *
t3 «
-1 3 5
+1«

1£.003,017

-S-4

e m .u i

144,907

*Si8
47.322,091
8,738,049

4,05c,60S

885.067
693,023

? «

S,«52,3dl

5.W06.206

ijm jm

5,1*4.420
M e 9 .ft 3

-1 0 b

jn

4,032,653

1, 500,000

6*9.037
762.943

347,214
471.770
iQl&sr

04.2*1
70,00*
SS.I0* ,
459,369

815,008
666,7)1
716.833
356.022
107,170
86,000

U2.703.052

81 ,020,:

U ,284,850
5.240.327
6.501,090

k

& bs

1>70!814

*822.819
* 8

383,407
805.00 ■
190.UOO
*298,755
116,190

IS

182,648
438.573
90,721

21,3yd.37Js
9,003,988
5.750.327
6,991,344
4-752.803
5,227,705
2.038,076
1.800.000
665,423
849,073
444.797
480.580
856,233

i,ii:
64.677

33,060,872
21,152,373
6,714.110

21,781,663
6,980,779

n

ssss

+10 2
+2 3
—2*0

- 1 7 "J

-5*9

+2*4
-23*8

^83
+16*5
-f-10-9

+5*5

- 2 3 ’9
15,007,437
1,697.155
1.300.000
800,i>00
009,637

636,6+1

7,037,708
T h e fu ll d e ta ils o f c le a r in g s f o r th e w e e k c o v e r e d b y tb e Loniarll to................. 5,331.941
1. 934,388
■
a b o v e sta te m e n t w i l l b e g iv e n n e x t S a tu r d a y . W e c a n n o t o f fialreetoo-...
1,111.562
1,833,042
Houston...........
2.182.647
c o u r s e fu rn is h th e m t o -d a y , b a n k c le a r in g s b e in g m a d e tip b y Memphis-............. .
wsfam
2.298,718
2,100.000'
t h e v a r io u s c le a r in g h o u se s a t n o o n o n S a t u r d a y , a n d b e n c e in R ich m on d .............
1,569.017
814,038
N aehriile................
1,065.493
t h e a b o v e th e last t w e n t y -fo u r h o u r s o f t b e w e e k h a v e to ne Savannah .... ..... ...
l*
Atlanta
.........
..........
in n il c a s e . » -u m u te d . as w e g o to p ress F r id a y n ig h t.
750,000
Cbarlestem.. . . . . . . . . . . .
03-4617 !
W e g iv e b e lo w o u r u su al d e ta ile d fig u r e s t o r th e p re v io u s Della*............
8e0,5O9
N
orfolk
..................
w e e k , c o v e t i n g th e r e tu rn s f o r th e p e r io d e n d in g w ith S a tu r ­
308,378
383,080
Warn. . . . . . . . . . . — ....
560,000
d a y n o o n , J u n e 24. as w e ll as th e c o m p a r a t iv e to ta ls in 1302. Fort W orth..............
542,673
BirmJnjfhaiti............
.
T h e r e has b e e n a fa llin g o f f fr o m tb e p r e v io u s w e e k in tb e
432,372
274,061
Chattanooga . . . . . . . . .
a g g r e g a t e o f e x c h a n g e * o f n e a r ly s i x t y - f o u r m illio n s o f JacksonrlUe* . . . . . . . .
61,4D
8.5-8I
*7.037,534
d o lla r s , m o st o f w i ic h is at N e w Y o r k , a n d d u e in p o r t to tbe
Total Southern,....
d e c lin e in a p e o n fa rio n at th e S to c k E x c h a n g e . C o n tra ste d
991,721,008 1.065,889.383
Total * !L ...... ....
w it h th e c o r r e s p o n d in g p e rio d o f 1893 a il b u t t w e n t y -th r e e o f
'425,&10,Oi» ''466,106/770
Outside Hew York.
th e c itie s r e co r d loanee, a n d in th e a g g r e g a te f o r t h e w h o le
10,713.240
10.656.099
c o u n t r y th e re is a fa llin g o f f o f 7 '0 p er c e n t , T h e m o st M o n t r e a l. . . . . . . — . . ..
0,805,350
5 884.299
Toronto ..........................
935.241
1,039,455
im p o r ta n t p e r c e n t a g e o f d e c r e a s e th is w e e k h a s been at Halifax .......................
750.000
M e m p h is, 6,', 3; N a sh v ille , 48*1; L in c o ln , 47*9: F r e m o n t . 40 1. Hamilton .......... .
16,687,0141
18,7.18,840
Total
Canada.
......
a n d S io u x C ity , 40. In r a tio o f g a in H o u s to n le a d s w ith 64-9
* Hot Included In totals.
1*8r c e n t a n d is fo llo w e d b y D u lu th . 54-7 p e r c e n t .

-e -2

-s s -t
—18-7

10.022,918
5,731.177
992,037
694,755
18,041.4 87

-

2*8

—34*4
-3 6 0
+43*6

+2l*S

-10*7
—5*3

THE CHRONICLE

2
THE

SW £

CITY

See p a g e s 3 3 , 3 4 , 3 5 , 36 and 37 foi our State »nd City
Department.
All advertisements with relation to State and City Bonds
•ill likewise be found on the same and following pages.

THE FINANCIAL SITUATION.
The order in India suspending free coinage of Silver,
and the stringency in our money market, have occupied
public attention this week almost to the exclusion of
other events. We have written on a subsequent page
with regard to the action in India and its influence
upon affairs in this country; it is not needful to add
anything further on that subject here. The monetary
situation increased in severity until Thursday, when a
syndicate of the leading down-town banks eased
the strain by taking out six millions of loan certi­
ficates and loaning the funds on the Stock Exchange,
so as to meet the emergency.
Rates had opened
on the day mentioned at 51 per cent and ad­
vanced within a short time to 74 per cent— speedily
however falling to 6 per cent, on the offers of several
millions by the syndicate of banks referred to, and oa
the report of the arrangement they had made. The
special causes for the greater activity were the prepara­
tions for the first of July payments and the fact that
the borrowing was not for one day only but until Mon­
day, and in many cases until Wednesday, as Tuesday
is the Fourth of July holiday. The panicky condi­
tion of silver was also an adverse influence in the
money market, as it added to the excitement and
helped to disturb confidence, and so favored the plans
of those who were engineering the squeeze for the pur­
pose of depressing prices on the Stock Exchange.
Yesterday, though rates again touched quite high
figures, the tone continued to improve, aided in part
by reports that Congress was to be convened in extra
session on August 7, which reports were subsequently
confirmed.
A very bright spot in the situation is the exceedingly
encouraging reports of railroad earnings that are being
received from all parts of the country.
It is not
merely that very satisfactory gains in gross earnings
are shown hut that net earnings also record very grat­
ifying improvement, a point having evidently at length
been reached where augmented expenses no longer
consume the entire improvement in gross income. In
some cases, indeed, it is being found possible to reduce
expenses in the face of rising gross receipts. The
Pennsylvania is a conspicuous instance of the latter
kind, reporting for May an increase of no less than
$760,003 in gross earnings (Eastern and Western lines
combined), and at the same time a saving in expenses
of $178,535, so that altogether there is an improvement
in the net for the month of $938,538.
Some
very gratifying exhibits have also come from other
parts of the country. We review the May returns at
length further on in this article, and therefore will
say here only that the Burlington & Quincy for that
month has *467,867 increase in gross and $335,522 in ­
crease in net; the St. Paul, $288,675 increase in gross
and $165,617 increase in n et; the Wabash, $155,535
increase in gross and $96,097 increase in n et; the
Norfolk & Western, $159,565 increase in gross and
171,703 increase in net. .
A number of other bright features are to be noted.
Thus tho accounts regarding the growing corn

[VOL. LVII

crop— a crop which is perhaps of more importance in
the agricultural world than any other— are very favora­
ble, the reports all agreeing that the crop has made
very fine progress in recent weeks, and that the condi­
tion and promise now are greatly in advance of a year
ago, when, as will be remembered, the yield was poor. As
regards wheat the situation has not changed and
aggregate production will be much below the heavy
total of last year; but that is of little consequence
in view'of the large supplies left over from last season,
and which supplies have been an important factor in
the great decline in the price of wheat that has oc­
curred, (tight money of course being the immediate
cause of the decline), the quotation here in New Y ork
touching 68| cents a bushel yesterday. Later on,
when the financial situation improves, the changed rela­
tions of supply and demand under this year’ s r e ­
duced yield will no doubt be reflected in better prices
again. Among other favorable events o f the week may
be noted the further increase in the Treasury gold hold­
ings, which, according to the latest official statement,
now amount to $95,581,349 against only $89,589,363 on
the 8th of Jime, and the advance in coal prices by the
anthracite coal companies.
The money market this week, as noted above, has
been stringent. On Monday money on call, represented
by bankers’ balances, loaned at 40 per cent in the
morning and at 4 in the afternoon, when a supply came
in from foreign bankers. On the following day the
highest rate was 30 per cent, and there was less activ­
ity, with the lowest rate 7 per cent. On Wednesday
the demand was not urgent in the morning, but in the
afternoon the rate was advanced'to 60 per cent and
the last loan of the day was at 50 per cent, the market
being influenced by a calling in of loans by some of the
banks and by the closiog out of collateral on contracts.
On Thursday there was an early demand fo r
money, which
gradually
carried the rate up
to 3-16 of 1 per cent and interest, equal to about 74 per
cent per annum, but the taking out of $6,000,000 loan
certificates at the Clearing House by prominent down­
town banks and the loaning of large sums of money by
commission houses, together with the Anticipation by
some of the railroad corporations of the interest due
July 1, served to break down the rate to 6 per cent, and
although there was a subsequent reaction to 15, the
market closed at 6 per cent. Yesterday as high as 50
per cent was paid at one time, but some loans were
made as low as 12 per cent, the close being at 15 per
cent. The range for the week was between 74 and 4 per
cent and the average probably about 15 per cent, large
amounts being loaned very near the highest rate on
Thursday. Renewals were from 12 to 15 per cent,
and while banks and trust companies
quoted
6 as the nominal
rate,
some of the
banks
sent their money into the Stock Exchange in or­
der to get the high rates current there. The market
for time money was very stringent and what little was
offered was at or about call money rates for high grade
collateral. The quotations were, for 30 days, 6 per cent
and 1 per cent commission, and for 60 days, 6 per cent
and 2 per cent commission, and none was offered for
longer dates. The supply was meagre and chiefly
from private sources.
Business in commercial
paper was stagnant.
The demand
was urgent
and makers
of
paper
were
willing
to
pay
whatever figures were demanded, but the transac­
tions were few. Bates were nominally 8 to 12 per
cent for the very best names. Up to the close of b u si­

Jcnv 1, 1893,1

THE CHRONICLE,

ness yesterday the New Y ork Clearing House hud is
sued altogether $17,230,000 of loan certificates, and
<750,000 more have been applied for and will he issued
to-day, making the grand aggregate 117,980,000. The
Boston, Baltimore and New Orleans clearing houses
have also issued certificates this week. The movement
of currency to the interior has in a great measure sub­
sided, but the inquiry for money at Chicago was so groat
on Thursday that there was full employment for all the
funds that could be obtained.
The fall in silver in London, which carried the price
to thirty pence per onnce on Thursday, had a disturb­
ing effect abroad upon what are there known as silver
stocks, and the whole market was more or less de­
ranged. The settlement in London passed off satisfac­
torily, but there was apparently no disposition to
trade, and on Thursday the market was affected by the
rumor of the failure of a silver house in Paris. The
cable reports discounts of CO to 90 day bank bills in
London H a t 1| per cent. The open market rate at
Paris is 2 } per cent, at Berlin it is 3# per cent and at
Frankfort 3J per cent. According to our special cable
from London the Bank of England tbiB week gained
£511,000 bullion and it now holds £30,119,008. Our
correspondent further advises U3 that this gain wai
due to imports of £485,000 (£300,000 from Brazil,
£126,000 from Egypt, £33,000 from Portugal aud
£20,000 from other sources), exports of £157,000
(£57,000 to Russia and £100,000 to the United States),
and receipts of £186,000 from the interior of Great
Britain.
Our foreiga exchange market has been unsettled
again this week by active money. That this was the
chief controlling influence was shown every day when
the market grew firmer as money became easier. One
feature of the market is that offerings o f loau bills are
not large, neither is the demaud for sterling loans
urgent. The reasons assigned for the light offerings
are that in the p.esent unsettled condition of the
market bankers do not care to draw heavily ; in some
cases the collateral offered is not acceptable, and the
market being dominated entirely by the rates for
money it is too uncertain for extended operations.
The small inquiry is explainable by the fact that
as borrowers buy long sterling and repay the
loan with short bills, the difference between the
two, by the time the loan matures may, by reason
of a relaxation in the money rate, become so
great as to make the interest on the money obtained
from the loan very high. The market for exchange
wa3 demoralized on Monday by the high rates for
money, and close quotations were difficult to make.
On the following day the market was unsettled, and
grain bills were offered in fair volume, but bankers
coadd not obtain concessions from the shippers, the
latter claiming that the influences at work among the
bankers to stimulate a rally in sterling and the pros­
pects of easier money should bring about higher rates
when the bills are ready for delivery. The volume of
transactions was limited, and quotations for actual
business were on a wider range than usual. Toward
the close of the day the market grow stronger as
money became easier, and on Wednesday the tone
was firm until the afternoon, when a 60 per cent
rate for money made the exchange market weak
at the close.
On the following day the market
was again demoralized by the high rates for money,
and quotations for actual business were so very wide
hat bankers did not care to make transactions. A

8

few sold some bills and used the proceeds iu the cal
loan branch of the money market. In the afternoon
the easier rates for money made the tone of exchange
firmer. Yesterday the market was somewhat better
but still unsettled.
Compared with Friday of last
week the market opened lower on Monday; Brown
Bros, posted 4 83| or long and 4 85-1) for short, a
reduction of half a cent, and they further reduced to
4 82| for the former and 4 84^- for the latter; Baring,
Magoun & Co. opened-at one cent aud a half decline
for both; the Bank of British North America started
off at a reduction of half a cent for both, and
further
reduced half
a c e n t; the Bank of
Montreal opened at a reduction of half a cent
and the Canadian Bank of Commerce reduced one
cent. No change was made by any of the drawers on
Tuesday. On Wednesday Baring, Magoun & Co. re­
duced half a cent and on Thursday Brown Bros, made
a reduction in the afternoon to 4 82 for long and 4 84
for short, while the Canadian Bank of Commerce re­
duced to 4 82| for the former and 4 844 for the latter.
Yesterday the Bank of British North America reduced
to the same figures. The market closed unsettled at
4 82 to 4 83 for 60-day and 4 84 to 4 85 for sight.
Quotations for actual business were 4 804 to 4 81 for
long, 4 824 to 4 83 for short, 4 83 to 4 83£ for cable
transfers and 4 79J to 4 80 for both prime and docu­
mentary commercial bills. A cable dispatch from.
London yesterday stated that £45,000 in sovereigns
had beeu shipped to New York by the steamer sailing
that day from Southampton.
The Pennsylvania statement of earnings for May is
one of the best monthly exhibits ever made by that
company. In some of the earlier months the returns
showed very heavy losses in earnings, in part on ac­
count of the severity of the w in ter; the report for
May shows that when the road once gets on the way to
improved results, the gains are apt to be of
even more striking magnitude than the previous
losses.
On tho Hues east of
Pittsburg
aud
Erie an increase of <382,042 in gross earnings
for the month is reported, aud a decrease of
#153,509 in expenses, thus making a gain in net of
#535,551 ; on the lines west of Pittsburg and Erie the
result 13 much the same, there being an increase of
#377,061 in gross earnings, a decrease of #25,026 in
expenses and an increase of #402,987 in net. A lto­
gether, therefore, there has been an increase in
net for the month of #938,538. The gain has
sufficed to wipe out a very considerable portion of the
preceding loss, and for the five months to May 31 the
decrease in net for the Eastern lines is only #288,456,
and for the Western lines #365,185. The following
gives the result for the Eastern lines for a series of
years past.
n r s x * KAffT o r
P ir r a n ira e .

:
f

m x

a fa r
i
l
l
G ross earn in gs. . . . . 6,061,2$?
O perat’g expense#. 3.860,603
N *t U k r a in e ,,,

s,a oo,8 fti

\

1802,

*

1861.

t

1890.

1869.

$

f

1*88,
1

5,079,245
4,014,112

5,886.362 5.703.033 5,294,810 5,027,760
3,888.870 3,820,086 3,399,152 3.313,974

i.o a s .ia a

1,718,3SZj 1,882,847

1,895,658

1,713,786

Jan. 1 U)

3 1. 1
O reW w r a l l w o ........38,103,935 37.103.617 26,034,76a 28.788,50; 24,073,218 22,777.803
O p e r a !‘g e x p e n s e s . 20.607,308 19.408.601 18.3S4,22«! 18.867,341 16,129,621 15,656,581

n e t e tr o m m .

7 .405,557

7 .a » t .o t 3

7,650,5341 7.910,166

7,613,504 7.121,223

Besides the lines directly operated, the Pennsylvania
controls some others which are not included in the
figures above. The Northern Central is one of these,
aad shows for May very similar results to the Pennsyl­
vania itself, there being a gain, of $59,304 in gross earn)

4

THE CHROJNICLE.

ings, a decrease of $38,199 in expenses and an increase
o f $97,503 in net earnings.
With few exceptions, all the returns of net earnings
for May received this week are very good. We have
already alluded to a few of these above, namely the
Burlington & Quincy with $467,8G7 increase in gross
and $335,521 increase in net, the St. Taul with
$288,675 increase in gross and $165,617 increase in net,
the Norfolk & Western with $159,565 increase in
gross and $71,703 increase in net, and the Wabash with
$155,535 increase in gross and $96,097 increase in net.
In addition to these the Cleveland Cincinnati Chicago
& St. Louis has $87,400 increase in gross and $59,370
increase in net, the Chesapeake & Ohio $118,665 in­
crease in gross and $44,559 in net, and the Central of
New Jersey $117,183 and $27,459 increase respectively.
The Rio Grande Western reports net of $77,331 in
1893 against $75,171 in 1892, the Buffalo Rochester &
Pittsburg $100,461 against $67,186, the Iowa Central
$50,081 against $11,762, the Denver & Rio Grande
$302,818 against $261,189, the Southern Pacific
(Atlantic system) $242,705 against $111,896, the Chicago
Burlington & Northern $82,967 against $37,230, the
N orfolk Southern $17,439 against $16,153, and the West­
ern Maryland $29,949 against $27,271. The Phila­
delphia & Reading has an increase in gross, but aug­
mented expenses have reduced the net; the Railroad
Company shows gross of $1,914,059 against $1,829,209,
and net of $752,061 against $810,832. In the case of
the Coal & Iron Company the Lehigh Valley coal oper­
ations are evidently now included for both years, and
gross receipts are $3,669,347 against $3,541,537, and net
receipts show a deficit below expenses of $132,724 in 1893
against a profit in 1892 of $20,265; a foot-note, how­
ever, makes it apparent that the comparison in the
latter case is more favorable than appears by the face of
the figures, it being stated that $217,518 was credited
to the expense accounts in May, 1892, for a special
item; eliminating this, the loss of $132,723 from min­
ing the present year would compare with a loss of $197,253 in May, 1892, thus showing an improvement. The
Lehigh Valley statement, as usual, indicates a gain in
both gross and net— $145,467 in the former and $104,553 in the latter, the statement being for April. The
Erie in its May return shows $115,951 decrease in
gross and $52,309 decrease in net, and the Canadian
Pacific has lost $91,399 in net for the month. The
Kansas City Fort Scott & Memphis reports net of $57,106, against $67,445.
Messrs. R. G. Dun & Co. have issued their statement
of failures for the quarter ending June 30 and for the
first six months o f the current calendar year. The
period has been such a trying one to bankers and mer­
chants, and failures have been of such frequent occur­
rence and of such large magnitude, that no one can
have had any doubt as to what the record when made
up would disclose. The figures, however, serve to show
in a graphic way the severity and extent o f the crisis
through which our financial and industrial interests
aro now passing. According to the tabulations of
Messrs. Dun & Co. the liabilities o f the failed concerns
for the three months ending June 30 have reached
the very large aggregate of $121,532,539, which
compares with an aggregate of only $22,989,331 in
the corresponding quarter of last year. In number
the failures are 3,199 for the three months of 1893,
against 2,119 in the three months of 1892,and the fact that
on this basis the difference between the two years is not
so great, indicates how prominent the large insolvencies

[v o l . LVir,

have been in 1893. For the half-year the liabilitiesfoot up $168,920,839 in 1893, against $62,273,680 in
1892 and $92,416,267 in 1891, the number of failures
being 6,401 against 5,503 in 1892 and 6,074 in 1891Here again the relatively small increase in numbers is
evidence of the prominence of the large failures. In
the following table we give the failures for each of the
two quarters back to 1885.
,----- First Quarter.------%
Number
Am ount o f
Tears—
Failures.
Liabilities.
$46,121,051
1885................. ....... 3,658
29,681,726
1886................. ....... 3,203
1887................. ....... 3,007
32,161,762
1888................. ....... 2,948
38.884,789
42,972,516
1889................. ....... 3,311
37.852,968
1890.................
42,167,631
1891................. ....... 3,545
39,284,349
1892................. ....... 3,384
47,338,300
1893.................

-— Second Quarter-— s
Number
Am ount o f
Failures.
Liabilities.
2,346
$28,601,304
1,953
20,752,734
1,905
22,976,330
2,241
29,229,370
2,292
22,856,337
2,162
27,466,416
2,529
50,248,636
2,119
22.989,331
3,199
121,582,539

A feature of the statement for the half-year is the
rnagn-t
of the failures in the West. Thus in Chicago
the liabilities of the insolvents for the six months of
this year are $14,903,130 against only $2,502,747 in the
six months of last year; in Iowa, $12,302,227 against
$907,722; in Minnesota, $11,087,480 against $2,638,197; in Ohio (outside of Cincinnati), $6,669,048
against $2,242,033; in Wisconsin, $6,447,702 against
$1,423,544; in Arkansas, $3,492,291 against $687,961;
and in Tennessee, $5,143,370 against $1,630,591. These
figures of course simply confirm the daily reports,
but they indicate clearly how great has been the strain
to which mercantile and financial interests have been
subjected in the interior sections of the country, hith­
erto the strongholds of the adherents of silver, but
where on account of these severe trials a change of sen­
timent in favor of the repeal of the Silver Law is now in
progress.
The following statement, made up from returns col­
lected by us, shows the week’ s receipts and shipments
of currency and gold by the New Y ork banks.
Received by Shipped by
N.T. Ranks- N. F. Banks.

Week JBndino June 30,1893.

Net Interitr
Movement,

$2,052,000 *3 604,000 Loss.$l,552.000
409,000
2,308,000 Loss. 1,899,000

Gold..................................................
Total gold and legal tenders__

$2,461,000

$5,912,000 Loss.f3,451,000'

W ith the Sub-Treasury operations the result is as
follows.
Into
Banks.

Week ending June 30, 1893.

Out of
Banks.

Net Change in
Bank Holdings,

Banks'interior movement, as above *2,461,000 $5,912,000 Loss.$3,451,000
18,100,000 17,500,000 Gain. 600,000
Total gold and legal tenders...... $20,561,000 $23,412,000 Loss.$2,851,000

The following table indicates the amount of bullion
in the principal European banks this week and at th e
corresponding date last year.
June 29, 1893.

Bank of
Gold.

Silver.

June 30, 1892.
Total.

Gold.

Silver.
Total.
X
X
X
X
30,119.008 27,818,647
27.818.647
119.865.628 03,403,018 51.897.000 115,360.618
43.532.000 30.722,250 12,240,750 48,903,090
27.888.000 5.918.000 10.576.000 22,494,000'
9.953.000 8.213.000 7.136.000 10.349.000
4.197.000 2,900 000 1.450.000 4,350.000
14.509.000 7.596.000 5,125,030 12.721.000
Tot. this week 155,341.021 94,722,015 250.063.638 147,031,515 94.424.750 242.050,265
Tot. pre-v. w’k 155.002.876 94,667.892 249.030,708 U8.535,689 94,321 250 212,850,939
X
X
Bngland........ 30,119,008
France.......... 68,028,613 61.237,015
Germany *— 32.649.000 10.883.000
A.ust.-Hung’y 10.412.000 17.470.000
Netherlands.. 2.819.000 7.134.000
NaLBelglum* 2.798.000 1.399.000
Spain............
7.916.000 0,593,000

•The division (between gold and sliver) given In our table o l coin an d
bullion In the Bank o f Germany and the Bank o f Belgium Is made from
Hie best estimate we are able to obtain; In neither oase Is It olaimed t o
be aoonrate, as those banks make no distinction In their weekly return s
merely reporting the total gold and silver, but w e beUeve the division
we make Is a oloee approxim ation.
N otb .—We reoelve the foregoing results w eekly b y cable, and w hile
no* *11 o f the date given at the head o f the oolum n, they are the re
t u n s 1 isued nearest to that d a t e -t h a t 1s, the latest reported llgureg

I

J uly 1, 1883. |

THE CHRONICLE.

SILVER AS AFFECTED B Y THE NEW
ORDER IN INDIA.
The announcement this week o f the closing of the
mints of India to private coinage marks an event which
in its effect upon the world’ s currency and its com ­
merce can scarcely be over-estimated. It has the ap­
pearance of a bold step, when we consider the position
in which it leaves India’ s trade, a step which may in­
volve serious consequences to that country; but when
we consider the position to which silver had sunk, the
inevitable future of that metal, and the growing em­
barrassment to India’s finances of which the loss of
value was the cause, no one can say it was not a need­
ful and a wise step.
As to the bearing of the event upon affairs in the
United States, the results promise to be scarcely less
influential. So far as silver producers may suffer,
they have no one to blame but themselves. They have
thrown away their opportunity; indeed, the policy
they have forced upon the country has contributed
more largely to place the metal in its present position
than all other acts since Germany demonetized silver.
The disaster they invited and now have met is only an­
other illustration of sowing the wind and reaping the
whirl-wind. Silver could and would have been reinstated
in the world’s currency had the United States left Europe
to itself to struggle with the dilemma it originated.
Instead of that, a course was adopted by us that has
furthered the efforts o f one nation after another to for­
tify its gold position at our expense, until to-day, hav­
ing thus helped every other Government safely out of
the mire, we stand alone with our millions upon mil­
lions of this largely depreciated metal stacked up in
our Treasury vaults, a jest to the whole world.
The action which Great Britain has now taken has
for a considerable period seemed to us inevitable. It
was only a short time ago that we wrote very fully on
the prospect and effects o f the suspension o f free coin­
age and the adoption of a gold currency in India. Our
readers no doubt remember the occasion. It was while
the Brussels Congress was in session and at the time
when the Government of Great Britain announced the
appointment of the committee of which Lord Herschell
was chairman. We studied the subject very carefully
at that time and treated it quite elaborately in three
articles ( s e e C n R O .v i c L E 1892, November 19 and 26, pages
828 and 877, also December 10, page 956), which
we think will be found interesting and timely
reading now.
Furthermore, as those articles were
written when the London press was ridiculing the sug­
gested suspension in India of free mintage and the pro­
posed adoption of a gold currency, and while also it
was assuming to prove the folly and impracticability
o f either step, we will be excused if we express a little
satisfaction in our presentation o f the case, showing,
as we at that time did, the ease with which the trans­
ition from silver to gold could be accomplished. In
the United States there are three phases of the event
that will be chiefly studied.
Probably the point o f first interest is the effect of the
suspension of free coinage on the price of bullion.
This we refer to as of first interest, because the result
on value has a bearing on every branch of the subject.
Besides, as we look at it, the permanent action in this
particular is not likely to be nearly as extreme as most
writers appear to think. O f course just now no one
wants silver at any price; that situation is the product
of a panicky feeling, not of legitimate influences. The

5

prevailing argument at the moment is that as India
under free coinage has taken an average annually of
about forty to fifty millions of silver during late years, '
and as hereafter, with the mints closed to the public,
that consumption must stop, the removal of so large a
demand will make the metal almost worthless. This
conclusion cannot be supported. No-doubt India’s de­
mand for a few years will lessen. There has been a special
inducement for pushing silver into India o f late. W e refer
to the well-known fact of the wide difference between
the market value of silver and gold, which has given a
high premium to the exporter of commodities from that
country. This has led to large merchandise shipments
from India and to the consequent absorption of large
amounts of silver which have no doubt for the time be­
ing been so abundant as to over-stock that country, that
is to say, to cause the recent supply to be in excess of the
currency and hoarding requirements. Further evi­
dence of the correctness of this presumption is found
in the following statement, which gives the gross silver
imports into India, the coinage there and the net un­
coined balance each five years since 1858, to which we
have added the last year, 1892-93. We cannot carry
our compilation further back than 1858, as the record
was not kept.
IN D IA 'S S K I S IL V E R

IM PO RTS, C O IN A G E , E T C .— F IV F .-V E A R P E R IO D S.

Teart Ending
March 31.
1859-62. Are year*..........
1963-67. •• ••
1868-72, " «
1878-77. •* ••
1878 82,
•* "
1883-87,
•• “
1888-92,
*' "

S et Silrer
lmportw.
Coinage.
£45,509,318
£43,034,652
63,057,450 51,713,222
28,975,368 19,402,467
16.607,397 20,069,758
35,788,395 40.OS4.013
39,853,159 30.868.192
52,610,626 46,682,398

Vneomed
Balance.
£3,474.666
11,344,228
9,572,901
13,462,361
14,295,618
8.984,967
5,928.228

ToUl 35 year*................ £282,401.713
1892 93,088 ye*r..............
12,963,569

£250.854,702
'7,000,000

£31,547,011
5,863.569

Total 36 yean ................ £295,265,282

£257,854,702

£37,410,580

* Coinage In 1892-93 eatloialed at £7,000,000, about the game a« in

1891-92 .
I

Coinage In exoee* o f Import*.

No one, we think, can study the foregoing brief com ­
pilation without coming to the conclusion that India’s
absorption of silver has of late years been excessive.
From 1868 to 1877 the India trade was most of the time
ba<l; and besides that, from 1860 to 1867 there had
been very largo silver imports, due to the high prices
of India’s commodities, resulting chiefly from our war
and the consequent blockade of the Southern ports.
For these two reasons the imports of silver from 1868
to 1877 were abnormally small and do not represent the
average or ordinary requirements. But beginning with
the next five years, 1878-82, we find a turn in the
movement, with an increase in its volume each succeed­
ing similar period. These larger imports, as will be
seen, have continued now for about sixteen years, with­
out interruption, leaving the conclusion a reasonable
one, that they have not only been forced by the condi­
tions o f the trade already referred to, but have been
excessive and not wholly absorbed. Still it is note­
worthy that the total silver imported from Mhrch, 1887,
to March, 1892, was not quite as large as the total in
the years from 1863 to 1867, which latter movement
covered however a very prosperous period in India
and also included the period of our war.
Now it must be borne in mind that the cessation
of private coinage does not mean the loss of the
existing partiality on the part of the producers or
the stoppage of the demand for silver in India, nor
the stoppage of silver imports nor the cessation
of rupee coinage. I f such results were to occur
the entire annual balance due India on its foreign trade,

6

THE CHRONICLE.

which has heretofore been settled in silver and gold,
would have to be paid in gold and the hoarding pro­
pensity of the ryots would be wholly turned upon
gold. A change which wrought results of that char­
acter, we need hardly say, would put the financial
centres of Europe into a distressing plight. No such
adventure can be contemplated by Great Britain or
by the Government of India. On the contrary we may
assume that so far as possible the purpose and practice
of the authorities in control will aim to keep the
movement of silver and its coinage much the same
in the future as it has been in the p a s t; and
this appears to be needful as well as practicable since
all Europeau authorities assert that the rupee has not
depreciated in the interior but that the coin is still
current at its old value measured in wages and com­
modities, and is in demaud to the same extent as ever.
But we need not pursue this thought further to-day,
as we have developed the idea fully in the articles already
mentioned.
We may summarize here however the
reasons for the conclusion the above facts authorize,
which conclusion is that although the inquiry from
India for silver bullion will continue, it is fair to
suppose that for a time at least it will be less than
of late. This temporary falling oil in the demand
seems evident— (1) because the movement hereafter
will be a natural movement and not, as during late
years, stimulated by the benefit the exporter of produce
lias derived from the depreciation of silver; (2) because
at present, as we have seen above, silver is in over­
supply in India, the unnatural stimulus referred to
having induced larger imports of that metal than have
been absorbed; and (3) for the reason that since the
advantage to the exporter of merchandise will, under
the new arrangement, no longer exist, India’ s mer­
chandise exports, it may be assumed, will decrease,
and consequently that country will have a smaller
trade balance than of late to be liquidated with gold
and silver.
This last thought brings before us the feature of the
case which will be of most interest to our own people.
W ith the cessation of free coinage in India, that country
loses the position which has been claimed for it, of be­
ing able to under-sell the United States, and therefore to
depreciate our products in the markets of the world.
The facts supporting this view are worth repeating,
though well known to our readers. As the silver rupee
had not lost any portion of its gold value in the
wheat, cotton and other producing districts o f India,
the exporter of those commodities has hitherto been
able to buy silver bullion in London, take it to Bom­
bay and turn it through the Mint into rupees there,
and with the rupees pay for his wheat, cotton, &c.,
shipped to London.
This permitted the India
producer to market his goods at a price as
much lower than in 1873 as silver had depreciated
and yet to get the same number of rupees (that is the
same price) that he received anterior to the date
named. Granting that the rupee has not depreciated,
this conclusion it will be observed is absolutely correct,
and if correct, or as far a3 it has hitherto been correct,
the American grower has been disadvantaged to just
the extent the India seller has been favored. With the
cessation of free coinage the whole of this difference is
wiped out and the Indian and American producer are
put upon exactly the same footing. It is highly satis­
factory to know that as a consequence, with the price at
London unchanged, cotton and wheat must hereafter
be higher in America or lower in India.

|VOL. LX 11,

Auocher and very important circumstance which re­
sults from the change in the condition of the markets
just mentioned is that this change annihilates the only
a-gument the silver party in this country ever had
which h .d any plausibility whatever. Indeed the
foregoing are the facts with which the silver coterie
has in the past been able to influence and to hold
among their followers so large a portion of the farming
population. The argument too was easily made to
wear a specious look. As this unfavorable condition of
American products resulted from the depreciation of
silver, what could be more natural than that the way
out of the fix was to be found through free coinage o r
other silver legislation. W ith a like purpose also the
wheat exports of India have always been exaggerated
and made to appear as if they were the cau e, and the
only cause, for the low prices for that cereal that our
farmers were receiving. All this has been changed,
or at least the conditions which gave currency to the
argument cited have ceased to exist, under the order of
the British Government stopping the free coinage of
silver in India.
What then is the situation which silver and the silver
currency question holds to-day? A ll must admit that
bimetalism is no longer within reach; the whole trend
of events has been against the double standard ever
since Germany deserted it, and now with India’ s mints
closed to silver, even its stoutest advocate will see that
the last chance of the re-instatement of the metal in its
old position has gone. Equally impracticable has it
become for the Government to keep gold and silver at
a parity if the purchases under the 1890 law are con­
tinued; no matter how high our credit may stand, we
should fail in any effort to borrow money for that pur­
pose, for the attempt would betaken as evidence of na­
tional dementia; so the sooner that system too is
relegated to a limbo for dead hopes the better will it be
for the country and for the discarded metal. The only
policy which the facts favor is to leave silver wholly to
natural influences, and the quicker that is done the
quicker will the stability of the market be restored and
its real position known. We have shown on previous
occasions that even at 38d. per ounce the evidence in­
dicated that the world’s product would not increase;
with price ruling below that figure, more mines will
shut down, supply and demand be adjusted, and the
industry become profitable again.
That is a rough
road to travel, but it has become now the only and in­
evitable one for the silver producer to take.

THE HALF-YEARLY STATEMENTS OF THE
LAKE SHORE AND THE MICHIGAN
CENTRAL.
Perhaps the most striking feature in the half-yearly
return of the Lake Shore, submitted last week, is the
heavy increase shown in the gross earnings of the sys­
tem. This increase is the more noteworthy because it
follows an equally large increase last year. A t that
time the gain seemed perfectly natural and was sus­
ceptible of an easy explanation. The cereal crops of
1891 had been unprecedented in extent, and a heavy
European demand for the same followed, giving the
roads a large grain traffic in the early part of 1892, and
stimulating industrial activity in the favored sections of
the country. But the 1892 grain crops proved much
smaller than those of 1891, and the export demand
also was smaller, while at the same time prices
during 1893 dropped to very low figures, so that alto­
gether the situation in that respect in the first six months

Lxi±i l HKOJNKOLE.

July 1. lsss.j

of this year was Hardly as favorable as in the first half
of 1892, even though the break in prices led to very
extensive baying of wheat for foreign and domestic
account and consequently to heavy shipments over the
railroadsAside from the influence of the crop movement, the
ordinary conditions of course were not very satisfactory,
the financial disturbances and mercantile failures
necessarily having had an unsettling effect on general
business; we are not sure either that the iron ore ship­
ments over the road equaled those of last year. Nevvertheless the gross earnings of the Lake Shore, after
having increased $1,128,609 in the six months of 1892,
increased 81,005,344 more in the six months of 1893,
making for the two years an increase o f close on to 2^
million dollars. We think the further addition the
present year, in view of the conditions prevailing, was
quite unexpected, and it deserves to be noted that the ex­
hibit for the quarter ending March 31 hardly encouraged
expectations o f large improvement, as the changes
for that quarter had been comparatively slight, compris­
ing only a small increase in either gross or net. More­
over, the Michigan Central in its half yearly statement
makes a totally different showing from that of the Lake
Shore, reporting, instead of a large increase like the
Lake Shore, a small decrease.
The explanation of the Lake Shore’s exceptionally
favorable results must no doubt be sought in the indus­
trial development o f the country at large and in the
growth in manufacturing and industrial activity o f the
sections traversed by the system’s lines. We have many
times in the past pointed out how steadily and largely
the classes o f traffic which reflect development of that
kind had expanded in recent years and how very much
less dependent than formerly the road is on the purely
agricultural tonnage, this latter forming a constantly
decreasing proportion of the whole. Population is all
the time increasing, and with it the consumptive re
quirements of the people, and where a road is well loca­
ted, as is the Lake Shore, and well managed, as the
Lake Shore is also, the fact is certain to be reflected in
its traffic and income. The Michigan Central of course
is no less well managed, but the character o f the coun
try through which its lines run is somewhat different—
agricultural interests predominating more largely,
and manufacturing being much less prominent.
Another circumstance no doubt helps to explain
the Lake Shore’s gain, and that is the extra
passenger traffic arising from the W orld’s Fair at
Chicago. The Fair o f course has been open only
since the 1st of May, and at first travel (except on
the opening days) was comparatively light; bat latterly
it has been increasing quite rapidly. As there was no
Fair last year, any gain from that source couuts of
course as that much increase. The fact that practically
the whole o f the gain in earnings for the six months
was made in the last quarter would seem to favor the
conclusion that the Fair was the chief factor in it.
Examination and reflection, however, make it evident
that the influence of that factor may be over-estimated.
T o show the results separately for each of the two
quarters we have prepared the following statement, the
comparison going back to 1890.
1890.
1891.
1892.
1993.
ffuarttr fittin g Uarrh 31.
I
•
9
Ofw$ tarn I tig*.................... 5,693.709 5*528.062 4.750,632 4. 905*897

3.34U.023
Xet eamJn**........
1,550,035 1,462,397 1.410.604
(juarirr rw ting Jnnt 30.
Gross e a rn in g * ..................6.050.201 5.150.894 4,799.415
Oper expen?** ao«i tax?*.4,139,442 3,352.125 3.266.991

Oyer.

»u>l tax**. 4.1 43,764

4.065,765

.................1,910,759

1.7S9.469

1,530,431

3,385,180
1,82**,717
5,017.951
3,573,319

1, 444,574

7

Comparing simply this year’s figures with last year’ s
we see that gross in the first quarter increased only
$165,737, or from $5,528,062 to $5,693,799, while in
the second quarter there was an increase of $899,607,
or from $5,150,594 to $6,050,201. Extending the ex­
amination a little further it is found that last year
there had been a very much heavier gain in the first
quarter than in the second; in fact, aggregate gross for
this second quarter last year was but little larger than
the gross for the corresponding quarter two years be­
fore.
In brief then, for the second quarter the
gain in 1893 comes after only a small gain in the
years immediately preceding, whereas in the first quar­
ter the gain came after quite heavy gains— a factor
which necessarily affects the comparison.
It is
well to remember, too, that the volume of the
grain movement in the two quarters the present
year differed greatly; in the first quarter the movement
was much below the exceptional movement of 1892; in
the second quarter, with the break in prices, a part of
the loss we should judge must have been recovered. If,
therefore, extra passenger traffic arising from the
World’s Fair has played part in swelling the earning3
of the Lake Shore, it is evident that the increase in
gross receipts cannot be ascribed entirely to that circnmstance, since some other influences also have been
operative in bringing about the improvement. We
now give the results on the Lake Shore for the full six
months in each year back to 1870.
LAKH SHORE Jt MICHIGAN SOUTHERN.

Jm n.

) to / t t r i i SO.

Grot*
E a rn in g * .

•

1971
1872
1871
187$
1871
1878
18T7
187*
1878
1880
1881

.................................
......... ...........................

18*7

.............................

1841

.............................

1*81

IMS
iaw

..................

l i t * ................... *
1889
18$?'
.
i» l
la w
1889*

....... ....

.................

.................................

7,019.818
8.164.17V
9.797.6*0
8.661,604
8,980,487
6.887.300
6.461.167
tjm jm
6.907,29?
t ,i*T2,#US
9.964.996
7.962.721
9,110.171
7.210,365
6.487.664
6.93*.6tr2
B.644.3S6
8.667 ,**9
8 0*9.690
#A>23.SS0
9.660.047
10.678.656
11*741*000

S e t,

O p era tin g
E r p tn ttt
T a xt*

E a rn in g * .

and

am i

S u riilu i.

R ental*.

•
4,518.994
6,668,817
6.947.819
5,610.238
6*580,507
4.681,144
4.788.120
4,109,573
4.335.218
* ,• 0 .7 8 4

M W ja*

5.359,676
5,722.967
4.491,290
4.588,116
4
5.008.138
5.3*4 222
5,914,79!
6.968.559
6,609,009
7.417.890
0,283.806

4

In d rftt

•

*
2,600.618
*.795,362
2,849,880
3.041,366
1,330,920
2.206,150
1,673,047
2.486.519
2.597.074
4.38-'.209
3,669,762
2.593.045
3.496.20*
2.729.076
1,899.538
2.447.097
3.576,198
».283.667
2.884.975
2,965,291
2.941.038
3.200,766
X.400.794

*
1.006,000

e

1,494,618
1.775,362
1,622.830
1.537,266
def.7 4 .0 0 0
820.156
285.247
1.0*37.519
1.219,774
3,014,209
2,307,762
ljO Td.008
1,746,801
868,740
1.850,335
1,933,728 def.3 4 ,1 9 0
591.207
1.856.190
1,740.198
1.8S0.00O
1.479,300
1,504,307
1.173.350
1,711,026
1.278.365
1,686.926
1,261,038
1,68*3.000
1,580,766
1.680.000
1.78".794
1.680.000
1.090,000
1,327,000
1,504,000
1.405.000
1.380,000
1,387,800
1.369.000
1,377,300
1,376,000
1,362,000
1.516.949
1,749,403

* KmruSU for Jnuts partly *«l!m ated.

The foregoing reflects very striking growth in
gross since 1885, the year of the West Shore settle­
ment. In net the improvement has been much smaller,
and the total for 1893 is by no means the largest made.
In fact net was somewhat larger in 1887 than in the
present year, though the gross then was over three
million dollars less. But in the Lake Shore case such
a falling off baa less significance than in the case of
most other roads, since the company has for many years
made large capital outlays and paid for tlem out of
earnings, charging them directly to expenses. Moreover,
in the present year the charges of that description
would appear to have been larger even than usual, as a
foot note to the table tells us that expenses include not
only all expenditures for betterments but also about
$750,000 charged off against open accounts brought
forward from 1892. Notwithstanding these heavy out lays, net earniDgs for the six months were equal to 3'60
per cent on the stock; and the second half-year usually
shows better results than the first half.

THE CHRONICLE.

8

On the Michigan Central, growth has been slower ;
nevertheless, with the exception of last year, the 1893
gross is the best ever made. Here are the results back
to 1880.
MICH IGAN CEN T RAL AN D CAN AD A SOUTHERN.
I n te r e s t
Jan. 1
O p tr a tin g |
G ross
and
to
E a rn in g s B x v * n m | E a r n in g ,
J 'n s 30.
R en ta ls.
a n d T axes, j

1 080 . .
1081.
1 0 0 2 ...
1 0 0 3 ...
1084
1 0 0 5 ...
3 08 0...
1 0 0 7 ...
I 8 6 0 ...
1009...
1 0 9 0 ...
1 6 0 1 ...
1092..
3 0 9 3 * ..

$
6,500,000
6.160,000
6,568.000
6,740,000
5.603.500
4,973,000
5.430,000
6,361,000
6,635,000
6.233.000
6.843,000
6,965,000
7.642.000
7,660,000

S urp lu s.

7b
To
M ich ig a n C a n a d a
C e n ira l. S o u th ern .

*
*
»
*
4,080,000: 2,417.000 1.044,000 1,373,000
588.000
4,878,0001 1.780.000 1.192.000
4,473,000' 1,095.000 1.240.000 d f 145,000
930,000
4,591,000 j 2.149.000 1.210.000
4.216,500! 1,387,000 1,280,000
107.000
3.860,000: 1,087,000 1.320.000 <lf 233,000
3.052,000 1,481.000 1.290.000
194,000
4 ,611,0001 1.860.000 1,276.000
574,000
4.725.000 1,810,000 1.260.000
550,000
540,000
4.424,000! 1,809,000 1,260,000
4,968,000' 1,875,000 1.222.000
653,000
600,000
6,1SS.000| 1,830,000 1.230,000
710,000
5.732.0001 1.010.000 1.200,000
6.785,000* 1.766.000 1,200.000
565,000

%

i

626.000
71,383

318,000
35,007

146,360
404,000
391,000
393,000
472,000
443.000
626,000
403.000

47,640
170,000
109,000
156.000
181.000
157,000
184,000
162.000

[V ol. l v i i .

V a rio u s .

V a rio u s .

Low. High.
Low. High
Am. Cotton Oil Co___
Manhattan B each ...
4
5
33
33
71% Nat. Cord. new certs.
9%
17%
Do
p ref..
63
50
53
Do
p re f.. 40
54
American Diet. T el..
77% 93
•Am. 8ugar Refln.Co.
•National Lead C o ...
27
33
p re f..
65%
72%
*Do
p re f..
77
88% * Do
Amer. Tel. A C able...
85
National L in se e d .... 19%
22%
31
National Starch M fg.
7%
10%
•Amor. Tob. Co..........
53% 67
84
88
1st p ref...................
60
60
Do
p ref..
Brnnswlok Co...........
4
5%
2d p ref.............. . . . 25
62
Chicago Gas Comp’y.
65% 74% North American C o ..
7%
9%
Citizens' Gae(Bklyn.) 105% 106% Oregon Im provem ’ t.
10
10
Consolidated Gas Co. 119
130% Pacific Mail................
17% 20%
55% 64%
Dls. A Cat. Feed. Co.
15% 24% •Pipe Line T rust.......
10«% Pullman Palace Cari 164 174%
E<lison El. 111. C o .... 104
65% 75% Silver Bullion certs.. 62
General Elec trio.......
83%
88
U. S. Rubber Co........
34% 45
Do
pref.
88
41
41
Int. fo n d , A In su l...
Do
pref.
70
81%
18
Laclede Gas, St. L ...
15
Western Union T el.. 79% 84%
Do
p re f..
55% 59%
* Unlisted.

* Results for June partly estimated.

t E x dividend and rights.

J E x rights.

The range of Government bonds sold at th e Stock Exchange
in June was as follows:
RANGE OF GOVERNMENT BONDS IN JUNE.

4 s, 1907,
4 s, 1907,
4%*, 1801,
reg., exl.'W2 p.c.
reg.
coup.
110%
99%
111%
99%
110%
111%
96
110
110
Lowest.
96
Closing.
110%
110
• Prices bid—no sales during the month.

6s, c. ’98, 6s, e. ’ 99.
reg.
reg.
*111 %
*113%
*111%
*113%
*109
*111
*109
*111

The falling off from last year in the gross is slight—
The following highest and lowest prices are from actual
being only $92,000— and follows a gain in 1892 of sales at the New York Stock Exchange:
RANGE OF STATE BONDS IN JUNE.
$677,000. Increased expenditures are a feature, as
Low. H igh.
Low. High'
So. Car. non-fund. 6s
1%
2
with the Lake Shore, and the net for 1893 is smaller Alabama, Class A . . . . 100 100
Class C . . . ..............
9 1% 94% Tenn. new settle. 6s. 102% 102%
Currency fund. 4s.
91
91
3 s ...............................
than for other recent years.
70
71%
Ark.7s,L.R.P.B.AN.O.

REVIEW OF PRICES IN JUNE—
STOCKS, GOVERNMENT BONDS
AND FOREIGN EXCHANGE.

RAILROAD AND MISCELLANEOUS STOCKS.

High.
26%
3%
76%
75
33%
78%
51%
110
26
20%
141
88%
62
96%
70%
117%
108%
140
74
41%
116
42%
87
152%
22
69
123%
149%
14%
49%
6
9
19%
%
15
4
137
59%
117
7%
13
3
93%
86
6 7s
2U*
18%
71%
125
100%
683s
22
19
18
20%
133%
8
98
12%
31%
12%
21%
37%
20%
148%
85
104%
*06
15%
65^
29%

R a ilr o a d * .
N. Y. Lack. <te W est..
N. Y. Lake Erie A W.
Do
pref.
N. Y. A New England
N. Y. N. H. & H art..
N. Y. A Northern pf.
N. Y. Ont. A W e st....
‘ N. Y. Pa. A Ohio p f.
N. Y. Susq. A W est...
Do
p re f..
Norfolk A Southern..
Norfolk A W estern...
Do
p ref..
Northern Pacific.......
Do
p ref..
Ohio A M ississippi...
Oreg. Ry. A Nav.......
Oreg. Sh. L. A U. N ..
Peo. Decat. A E ’ ville.
P* oria A E a ste rn ....
Phila. A Read...........
P. C. C. A St. L ..........
Do
p ref..
Pittsb. Ft. W. A Chic.
Do do special
Pitts. A W. pf. tr. reo.
Rensselaer A 8ara...
Richmond Terminal.
Do
trust i ects.
Do
p ref..
Do
truf-trects.
Rio Grande West. pf.
Rome Water A O g d ..
St. Louis Southw.......
Do
p ref..
8thPaul Minn. A Man.
St, Paul A Duluth___
Do
p re f..
Southern Pacific C o..
Texas A Pacific.........
Tol. Ann A. A No. M.
Tol. A Ohio Central..
Do
pref.
*Tol. St, L. A K. C.pf.
Union Pacino............
Union Pac. D. A G ...
Wabash.......................
Do
p re f..
Wheel. A L. E rie.........
Do
pref.
Wisconsin Cent. C o..
E xpress,
Adams.........................
American....................
United States............
Wells, Fargo A Co___
C oal & M in in g .
Ameri auC oal..........
Col. C, A I. D evelop..
Col. Fuel A I r o n .......
Do
do
pref.
Col. A Hock. C. A I ..
Consolidation C oal..
Homestako M ining..
Maryland Coal pref..
Ontario Silver Min'g.
Pennsylvania Coal..
Quicksilver p re f.......
Tenn. Coal A Iron___
Ho
pref.

14

Va. 6s, def. tr. rec’ts.

4

4

BANKERS’ STERLING EXCHANGE (POSTED RATES) FOR JUNE, 1893.

The following table shows the highest and lowest
prices of railway and miscellaneous stocks at the N. Y .
Stock Exchange during the month of June, 1893.
Low.
R a ilr o a d s .
Atchison Top. AS.Fe.
19%
2
Atlantic A Pacific___
67
Baltimore A Ohio___
Do Benef.Int.ctfs.
75
Buff. Rocb. & P .
31
75%
Canadian P a cific ...,.
Canada Southern....... x48%
Central o f N. Jersey..
99%
Central Pacific..........
22
15%
Ches. AO..Vot.Tr.cert.
Chicago A A lton....... 138%
Chic. Burl. A Quincy.
82%
Chio. A East 111.........
60
Do
p ref..
92
Chic. MIL A St. Paul.
65
Do
p ref.. 1X3
Chic. A N orthw est... 100%
Do
p ref.. 137
Chic. A Rock Island.. X f6
Chic. 6t. P. Minn. A O.
35
Do
pref.. x !0 5 %
Cl. Cin. Cliio. A St. L.
39
Do
pref.
83
Cleve. A Pittsburg .. 146
Col. Hock. Val. A T o l.
19
Do
p ref..
60
Delaware A Hudson. 119
Del. Lack. A Western 137%
Den. A R io Grande...
10%
Do
pref..........
35
Dea Moines A Ft. D ..
6
•D ul.8.8. A A tl.......
5%
* Do
p ref..
16
E.Tenn.Va. A Ga. Ry.
%
iBt p ie f....................
10
2d p ref..... ...............
3%
Evansv. A Terre H .. 134
Flint A Pere M arq.pf
59%
Great North’ n, prer.. 106
Gr.B.W .ASt.P.tr.reo.
6%
Do pref. tr. rec.
11
Houston A Tex. Cen.
3
Illinois Central..........
87%
Do
leased lines
86
Iow a Central..............
6
Do
p re f..
18*3
Lake Erie A West’n ..
16
Do
p ref..
69
Lake Shore................. x l l 9 7a
Long Island...............
94
Louisville A Naakv..
61%
Lon. Ev. A St. L ..........
21%
Iou isv. N. Alb. A Ch. .
14*8
Do
trustrects.
14%
Lou, Bt. L. A T e x a s..
19%
Manhattan con sol.... 119%
Mexican Ceniral.......
7%
Michigan Central___
94
Minn, a St. L.tr.r*cts.
10
Pref. trust r celpts
29
Mo. Kan. A T e x a s...
11
Do
p ref..........
18%
Missouri Paoifio.........
30
Mobile A Ohio........ .
18
Morris A Essex.......... 141%
Nash. Cbatt. A St. L.
83
N. Y. Gent. A Hud. R. 199%
Do
rikhta. •00%
N. Y. Ohio. A St. Louie
12%
Do
1st pref.
57
Do
2d pref.
23

14

The daily posted rates for 60 days and demand sterling
exchange in June are given below, it being understood
ihat bankers’ actual rates are usually a fraction below the
prices posted.
June.
i....
2 .. ..
3 .. ..
4___
5 .. ..
6 .. ..
7 .. ..
8 .. ..
9 ....
1 0 ....
LI___
1 2 ...

60
days.
4 87
4 87-%
4 87-%
..........S.
4 87-8
4 87-8
86%-7%
4 86%-7
4 86-%
4 86-%

D e­
mand.

June

4 90-% 1 3 ...
4 90 % 1 4 ...
4 90 % 1 5 ...
............. 1 6 ...
4 90-% 1 7 ...
4 90
1 8 ...
4 89-90 1 9 ...
8 8 V 8 9 2 0 ...
4 88-% 2 1 ...
4 88-% 2 2 ...
2 3 ...
4 8B-% 2 4 ...

60
days.

De­
mand.

4 86
4 86
4 85-6%
4 84%-6
84%-5%
..........8
4 84-5%
4 83-84
4 82%-4
83%-4%
4 84-85
4 84-5

4 88
4 88
4 87-38
86%-7%
4 86%-7

60
days.

June.
2 5 ....
2 6 ....
2 7 ....
2 8 ....
2 9 ....
3 0 ....

4
4
4
4
4

.„ .S
82%-4
82%-4
82%-4
82-3
82-3

D e­

mand.
4
4
4
4
4

84%-6
84% 6
84%-6
84 5
84-5

Loir. High.
112
112
4 86-87
15% 18%
4 85-86
33
38%
4 84%-S Open. 4 87
4 90-%
19% 24%
85%-6% High.. 4 83
4 90%
202% 210
4 86-87 Low .. 4 82
4 84
14%
12
4 86-%
4 86-7
L a s t.. 4 82-3 4 84-5
13% 15%
%
%
12
14%
Stock Exchange Clearing-House Transactions.—The
53
57
subjoined statement includes the transactions o f the Stock
50
50
7
Exchange Clearing-House from June 19 down to and includ­
6%
24
20
ing Friday, June 30; also the aggregates for June in 1893
U 2% 14
31% 36% and 1892.
14% 15
STOCK EXCHANGE CLEARING HOUSE TRANSACTIONS.
57
57%
.— Shares, both sides.—» -------- Balances, one side.------- - Sheets.
12
12
Cleared, Total Value. Shares. Value Shares. Oash.Glear*d
8% 12
Month—
$
$
$
7
7
Tune, 1892. 16.684.000 1,041,048,200
1,598.750
94.566,700 1.433.971
5.885
12% 18% J u n e , 1893. 17,190,700 1,010, *00,000
1,682,000
90,200,000 1,789,800
0,395
14
15
/— Shares, both sides.—n '------- Balances, one side.--------. Sheets
50
56
Cleared. Total Value.
145
151%
Shares. Value Shares. Gash. Cleat'’ d.
$
135
135
$
$
86,300 4.200,000 63,400
33
37% June 19.. 930,000 50,500,000
305
“ 2 0 .. 486,000 26,000,000
63,200 3.200,000 50,300
165
165
257
“ 2 1 .. 502,400 30,400,000
60,700 3,400,000 51,800
3%
262
%
“ 2 2 .. 578,800 35.100,000
60,400 3.500.000 49,000
2%
274
%
“ 2 3 .. 471,700 25,300,000
50,100 2,700,000 36,600
15% 18%
261
17
lh%
59% 59% Tot. w it..2.968.900 167,300.000 320,700 17,000.000 250,100 1,359
WHa8tyr3,390,200 224,225,600 348,500 22,303,900 274,100 1,350
105% 110
5
6% June26._ 813,300 48,500,000
86.400 4,800,000 100,200
296
9% 12%
“ 2 7 .. 944,800 57,700,000
93,500 5,300,000 86,500
298
105
110
“ 2 8 .. 922,200 60,200,000
74.600 4.600,000 96,700
297
30
35
“ 2 9 .. 983,000 58,900,000
92,500 5,000,000 149,500
305
100
102%
“ 3 0 .. 9G6.200 58,300,000
94,000 5,400,000 81,800
293
26% 28%
5%
7% Tot. w b .. 4.629.500 283.600.000 441,000 25.100.000 514,700 1.489
7% 12% Wklaatyr2,525,800 170,192,600 286,700 18,782,600 189,200 1,197
39% 45
The stocks cleared now are American Cotton Oil common,
73
74
14
15
American Sugar common, Atchison, Chicago Burlington &
23% 30% Quincy, Chicago Gas, Chicago Milwaukee & St. Paul com­
7
10%
7%
8% mon, Chicago Rock Island & Pacific, Delaware Lackawanna
15% 17% & Western, Distilling & Cattle Feeding, General Electric,
12
16% Louisville & Nashville, Manhattan, Missouri Pacific, Na­
44% 52%
tional Cordage common, New York
New England, New
7
9

&

140
105
51
142

146%
115
58
147

87
87
12
15%
36% 46
80
80
7%
9%
27
27
12
12
60
60
10
16
260 295
17
17
12
18
70% 75

York Lake Erie & Western, Northern Pacific preferred,
National Lead common Philadelphia & Reading, Union
Pacific and Western Union.

[F rom our ow n correspondent.]

London, Saturday, June 17. 1893.
The directors of the Bank of England on Thursdav lowered
their rate of discount to 2 per cent, the figure at which it
stood before the bank failures in Australia began. During
the past four weeks the Bank has received in gold, chiefly
from New Yrork, more than five millions sterling. The stockof

%

J cly 1, 1893.]

9

THE CHRONICLE.

metal now is somewhat over £29,396,000, an amount larger and a-half sterling, in the hope that the exchange may thereby
than has been held by the Bank for the past thirteen years. be improved.
During the week also a considerable amount o f coin and notes
The fall in the value of money, the settlement of the Argen­
has come back from Scotland, Ireland and the English prov­ tine debt and the arrangement with Greece seemed likely
inces, and the reserve, therefore, is well over l i ) l £ millions sterl­ early in the week to stimulate business upon the Stock
ing, which is the largest reserve held since 1879, the year that Exchange; hut the speculative movement has again fallen off
followed the failure of the City of Glasgow Bank. The xeserve and markets are very quiet. A t the fortnightly settlement
is somewhat larger now than it was at any time immediately which began on Monday morning and ended on Wednesday
after the Baring crisis. As business is very quiet, without evening, Stock Exchange borrowers were able to obtain all
new enterprise, and as distrust has somewhat abated, a re­ the money they wanted at from 2 to
per cent, and the
duction of the rate of discount was inevitable. Indeed, in carrying-over rates within the House were exceedingly light.
the open market on Wednesday bills were being discounted at During the past month, in short, the speculative account open
11* per cent and even less. Since the change took place the for the rise has been so much reduced that there was very
joint-stock banks have lowered the rate they allow on de­ little requirement for money. For a while there was a rather
posits to 1 per cent, and the discount houses and bill-brokers wild speculation in rupee paper, stimulated by rumors that
have reduced their rates to ?* per cent for money at call, and the Indian Government would adopt measures to raise the
1 per cent for money at notice. Unless there is an accident, value of the rupee. But although spasmodic efforts have
it seems probable, therefore, that we shall have several been made to keep up the speculation this week, it has fallen
months of very abundant and cheap money. It is to be away and everywhere operators are waiting upon events.
noted, however, that the Austrian demand for gold has British Government securities. Indian Government securities,
sprung up again; but the Austro-Hungarian Government can Colonial Government securities and British railway stocks are
be counted upon to do nothing that will disturb the markets. all well supported, and especially the latter are decidedly
The India Council on Wednesday sold the full amount of higher on the week. But in other departments there has been
80 lakhs of rupee# in bills and telegraphic transfers offered for scarcely anything doing. On Monday and Tuesday some
tender at rate# averaging a little more than Is, 2Jjd. per ru­ powerful operators seemed inclined to buy American securi­
pee for bill# and about Is. 2 15-16d. per rupee for transfers. ties largely, but the reported runs upon banks in the West
The silver market, likewise, is steady at 36l jd. per ounce. checked the movement, and the announcement on Friday
But the demand both for silver and for drafts is likely to fail morning that the New York Associated Banka had decided
off now, as the active export season in India is coming rapidly upon issuing Clearing House Certificates had a depressing
to an end, and the value of money there is declining. The effect, and the general feeling to wait and watch was accentu­
Bank of Bengal ha# this week reduced its rate of discount ated. Even in the Argentine department there has been very
from 8 per cent to 6 per cent. The Bank of Bombay has little speculation except Id the bonds of the Funding Loan,
which have risen about 5 during the week. Other South
made no change, but is expected to put down its rate very American securities have been rather neglected, ao have in­
soon.
ternational securities generally and Colonial securities other
On Monday the Rothschild Committee received a telegram tlian Government stocks.
The following return showB the position of the Bank o f
from the new Argentine Finance Minister, accepting the
Ongland, the Bank rate of discount, the price of consols, & z , ,
counter proposal for the settlement of the debt made by the simpered with the last three years:
Committee. A meeting of bondholders has been called for
lotfi
1898.
1892.
1801
June U .
June 16,
Jun e 17,
J un e 18 .
Monday next, and no doubt is entertained that the settlement
A.
£
£
£
agreed upon between the Committee and the Government | c t r e a lh t io n ................. . . . . . . . . . . 20.249,080 25,887.110 24,858.3 60 21.439.020
7,084 015
0
.
00
,*
m
7,557,058
1
Pu
blic
*
*
*»»v*«.
wilt be approved. It remains then for the Argentine Con­
................ 31," 13,675
$0,358,129
34,930,239
Other 4«j»ostts.
20,687*913
gress to confirm it. In substance the settlement it as follows: i C k fw r n B W t w e m t H u
11.255.020
s u m ,§ «5
15,605.577
20.018.780
30.559,104 23.180,050
The July coupons are to be paid as they have been since the ’ O ther » « e o r t t l a * *
19.435.897
17.*11,820
13,470,434
Baring crisis, but immediately afterwards the new plan is to i H a m , . . ................ ..
28,878,030

G oto » q <2 h a llto n .. . . . . . .

27,814,057

21,400,054

1

The arrangement with the Greek Government for funding
the coupons ha# also been completed. For 2 1j' years -the
coupons are to bo paid in bonds specially secured upon rev­
enues to be collected in gold and created anew. At the end
of the 2t§ years it Is hoped that the Government will bo able
to resume cash payments In full. The arrangement is re­
garded here as the best possible under the circumstances, for
Greece is insolvent, and it I# useless, therefore, to ask her to
pay money <he has not got. During the 2*.j years she en­
gages ty reduce the excessive paper money by nearly a million

i

i

17
come into operation. For the five years following the Argen­ Prop, ata*&Ui t o tUbiUtlfetv pof e i. 40 13-16
40 1-10
39 3-18
2
3*
3
tine Government is to pay. to ao agent appointed by the bond 1 Burnt A M . , . .................... ,pet cen t. &%*
05 1-16
07 3-10
99
00 11-18
1 O m m i* f%' per c e n t .... ..............
holders, £1,565,000 annually, and this sum is to be distributed j C1« £ « b* H tm m return#
138,000,000
** 10L£Z8«90© 132,536.000
in the following way. The interest on the Funding Loan is to j * J u n e IS.
be 5 per cent instead of 8 per cent, on the loan of '88 1 per
Messrs. Fixley & Abell write as follows under date of
cent instead of 5 per cent, on the bonds handed over to the
June 15:
Wafer-works Company also 4 per cent instead of 5 j>er cent,
Gold—There is now
slight demand for eoM. :loft It ia unliknlv
and on the other loan# 60 per cent of the full interest. In the that any more bar, will lit - i-n( to the B ark o f Koidand. £ 1 .118.000
ha* been so d to tin Bank daring the week, and £190,000 has Been
sixth year the whole amount due in the way of interest from wiEhdt i r p . * 100.000 eoiuir to Coiistafttioonlo and £ ,0 ,o o o lii Russia.
A rrivals: .'rw York. a .MiO.000 ; Chill. .£2,000; C ap e,£ 8 2 .0 0 0 ; Cal­
the Argentine Government is to be pai 1 to the same agent. cutta,
£5,tK>u: Went Indie-, £ 4 2 ,0 0 0 : total, £031,000. Shipments to
The Funding Loan and the ’86 loan are to receive the full in­ BdNhhar, June 15. i 1 5 .COC,
Silver—A fter v . ik in ln g to 38ttd.. silver im proved with firmer In ­
terest they are entitled to in that year,—that is, 6 per cent and dian rx eb a iices and increased d em and,ood 38%d. has now been offered
0 per cent, re#peetiveJy—whde the other loan# receive only for next Indian mail. A rriv als: Sew York. £ 9 7 ,0 0 0 ; Chill, £ 5 0 .0 0 0 ;
West iodic*. £ 1 0 ,0 0 0 : total, £lf>7,o00. Shipments: Bom bay. June 9,
the 4 per cent and 69 per cent, which they are to get during jl402.200 : Calcutta, .Inne 9. £ 1 5 ,0 0 0 : Bombay. June 15, £251.500.
Mexican D ollars—There is good demand for these coin at Id. under
the preceding five years. The difference is to be applied to nara
: ,-ippUi--, however, have been rather limited. Arrivals from New
paying in full the I per cent per annum deducted during the York. 1 7,000 : West Indie*. 43.000. Shipments, to Colombo, June 9,
£43,600.
five years from the '86 coupons, and if anything then remains
Tho following shows the imports o f cereal produce into the
it is to be applied to making up, as far a» it will go, the 1 per United Kingdom during the first forty-one weeks of the
cent per annum deducted for the five years from the Funding season compared with previous seasons :
taro am
coupons. The settlement is generally approved by opinion
1890-91.
1889-90
1892-93.
1891-92.
here. Messrs. J, S. Morgan & Co., it will be seen, have »ue- Im pottsnf wheat, ow t.47,388.772
52,090.950 44,325,589 43,201,515
.
13,693.492 14,986,998 14,572.070 12.904.204
ceeded in maintaining the principle for which they have been s it t e r
9,719.209
Out*..........
10,658.1*8 11.430,215 11,916.635
contending all through the crisis, namely, that the interest on [>,.«, .......................... 1,‘<<>5,420
1,503,4 37
2.259.120
1,607,375
2,656,444
B
eans...
..................
3.355,960
3.170,936
2.453,732
the *86 loan, which is specially secured on the Customs rev­ Indian co rn ................. 24.892,331 22,015,030 22.407,011 31,957,005
enue, is not to be cut down. True, 1 per cent per annum is n oO T ......................... 16,358,936 15,707,839 13,037,393 13,952,345
Supplies available for consumption (exclusive of stocks on
to be deducted f»r the next five years, but then that amount
September 1):
is to be repaid in the sixth year.

1892-93.
1891-92.
1890-91.
1889-90.
Wheat.................. OWt.47,338,772 52.090,950 44,325,539 43,201,515
Imports o f flour.........16,358.936 15,707,839 13,037,893 13,952,345
tale* o f hom e-growtt.22.449,760 26,616,220 30,711,503 40 ,2—o,000
........ 80,197.408 94.415,009 88.074,550
1891-92.
1890-91.
1892-93.
40s. 2d.
30s. 5d.
aver, price wheat we«k,27s. 4rt,
3
48 . 4d.
34s.
5d.
Average price, season. .26s. 9<1*
Total.

97,378,860
1889-90.
32a. 8 d .
30a. 4 d .

The following shows the quantities of wheat, flour and
naize afloat to the United Kingdom:
T h itw e k

Wheat..................... qrs. 3,528,000
*toar, epnal
ro nr* . 311,000
-..'ir s . 411,000

L a s t w eek ,

3.480.000
381,000
457,000

1892.

2,556,000
261,000
455,000

1891.
2.839,000
273.000
444.000

THE CHllOKICLE.

10

[VOL, LVII.

By Messrs. R, V, Harnett & Co,:
m i B l l .i i F lu u u c l& t d k a r ite i* — t*er C a b in .
Bonds.
Shares.
The daily closing quotations for securities, &c., at London
51 Mutual Real Estate C o ... 3% $ 12,000 J effersonvi 11c Mad. &
ere . ported bv cable as follows for the week ending June 30: 25 Market & Fulton Nat. Bk.228
[ml. RR. ist 7s. 1906, A & a 112
London,

Mon,

Sal,

Fact.

37%
35
H iw i, per
37 ^
R.aew, 2 % per ota.9813IG 98**16
At) for a c c o u n t......
98i3ie 981*1*
rentes its Far$s)lr.197‘9 2 ^ 98*05 98*00 '
O. &- 4a o f 1907..........
78%
78%
Q*na4t&tt P a c ific .......... ; SO
Ob 1c. Mh . & et. P aul. . . . 70
69 J4
69%
92*4
92
rninok C e n t r a l....-.--.. 93%
12f.3i 126%
127
Lake S h ore,*......... .
67%
67*8
LotiJavflio & N ashville..
59
00h
61s
ft ft-x ic t m C e n t r a l 4 s .........
106% 105%
X Y. >VnTr.ii .v Hudson. 306
17*4
1” hi
%. Y. Lake Erie & West’ll 17%
93
92 hi
do
2d e o n s ........ 03%
23%
Horfolk & Western, prof. 24%
23’ e
31%
34%
Morthera PacTBo p rof... 35
52
51%
Pennsylvania. . . . . . . . . . . . 51%
7%
6%
Philadelphia & Bea&lnc.
6%
27%
26%
Onion P a cific... . . . . . . . . . 28 7g
17
17%
Wkbaah p i e f ... . . . . . . . . . 17Lj

Thurt.

F n.

SlU
34
98frin 9s! Ip,
98 'h fl 9 8 D „
97-82% 97-72%

30%
98%
98%
97-60

Wed,

78%
69%
92^4
127
07%
56%
105%
17%
03%
23%
34%
52%
7%
2714
17%

78%
63%
90*3
1233s
60%
53ia
10 ' l l
16%
92*4
22%
3214
52
7%
25%
16 L3

77%
67%
90%
127
65%
53%
103%
l6H
92*s
22%
32%
52
7%
25%
16%

i I U s c c U a u c 0 ix s l l c v c s

ttm u m c r c ta l a n d

I m p o s t s a n d E x p o r t s f o r t h e W e e k .— The following are
the imports at New York for the week ending for dry goods
June 22 and for the week ending for general merchandise
June 23 ; also totals since the beginning of the first week in
January.
FOREIGN" IMPORTS AT NEW YORK.

For Week.

|

1890.

|

Dry G oods.......
Gen’l mer’&ise.

$3,686,909
8,200,893!

T o ta l..........
Since Jan. 1.
Dry G oods.......
Gen’l mer’dise:

$11,887,802
*74,741,837
184,194,749

1892.

1891.

1893,

$1,813,509
7,833,812

$1,871,210
10,783,178

$8,613,298

$9,647,351

$12 654,388

$57,911,516
203,142,641

$59,378,397
214,935,944

$71,514,704
246,872,852

$1,690,914
6,922,384

Total 25 weeks. *258,936,586 $261,054,157 $274,314,311 $318,387,556

The imports of dry goods for one week later will be found
in our report of the dry goods trade.
The following is a statement , of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending June 3? and from January X to date:
EXPORTS FROM NEW YORK FOR THE WEEK!,

Bonds.
$124,000 Monterey & Mex.
Gulf RR. 1st 5s, 1938. Nov.
1, 1891, coupons attached. 32

$30,000 South B ’klyn D ock &
W. H Co. 1st 6s. 1899. Mar
1 , 1891. coupons attached,
retire, fee o f $5 per bond
51
u n p a id .............................. .

— Mr. Dwight O. Clapp, Jr., member of the firm of Clapp &
Co., has been elected a member of the N Y. Cotton Exchange.
Mr. W. O. Clapp, the senior of the same firm, has boon a
member of the Chicago Board of Trade since its organization
in 1859.
fa t ife lu g

a n cl

g iu a iic t a l.

T H E C A N A D I A N ISA k li O F C O M M E R C E .
R E PO RT OF THE PROCEEDINGS A T TH E ANNUAL MEETING
OF THE SHAREHOLDERS JUNE 20TH, 1803.
The annual m eeting of the Shareholders o f the Canadian B ank of
Commerce was held in the banking-house in Toronto on Tuesday, 20th
June, at 12 o’clock. Among those present w ere:-M essrs. George A.
Cox, John X. Davidson, W. B, Hamilton, John Hoskin, Q, C., LL. D ,,
R obert Kllgour, Matthew L eggat (Hamilton), James GTathern {Mon­
treal), Robert Stuart (Chicago), Frederick Wyld, H enry B eatty,
Edward Martin, Q. C. (Hamilton), Hon. A. M. Ross, Samuel Nordlieinier, John Nleol, Thomas Walmsley, John Seott, George R obinson,
J. B. Folingghy, Philip B rowne, R. H. Temple, and others.
On m otion, ‘the President, M r . G eorge A. C ox, was requested to
take the chair, and M r . J. H. P l u m m e r , the Assistant G eneral Man­
ager, was appointed to act as Secretary.
T t was m oved by M e . W. B. H a m ilto n , secou tied by M r . R. K il g o r e ,
that Messrs. Philip Browne and R. PI, Temple act as scrutineers.
Carried.
T he P resident called upon the Secretary to read the Annual R eport
of the D irectors, as follow s:—
REPORT.
The Directors beg to present to the Shareholders the twenty-sixth
Annual Report, covering the year ending 31st May, 1893, together with
the usual Statements o f Assets and Liabilities:
The balance at credit of Profit and Loss A ccou nt brought
forward from last year is......................................................... $19,549 19
The net profits for the year ending 31st M ay, after provid ­
ing for all bad and doubtful debts, am ounted t o ............... 536,511 93
$556,061 12

1890.

1891.

1892.

1893.

$6,607,684
159,056,713

$7,921,470
161,490,641

$7,149,187
191,320,417

$7,515,959
161,453,128

Which has been appropriated as follow s:—
Dividends Nos. 51 and 52, at 7 per cent per annum ............$420,000 00
Transferred to Rest Account.............- ....................- .................. 100,000 00
W ritten off B ank premises and furniture................................
12,500 00
Balance carried forw ard ..............................................................
23,501 12

Total 25 weeks, $165,664,402 $160,412,111 $198,469,604 $168,969,087

$5 56,0 6 1 1 2

F or the w eek.,
Frev. reported.

The following table shows the exports and imports of specie
at the port of New York for the week ending June 34 and since
January 1, 1898, and for the corresponding periods in 1892
and 1891:
EXPORTS AND IMPOSTS OF SPECIE AT NEW YORK.

Gold.

Exports.
Week.

Great B r it a in ........

|Si nee Jan. 1.

Imports.
Week.

Since Jan. 1.

$ ............

■West Indies...............
M e x ic o ........................
South America..........
A ll other countries..

$8,290 $16,639,747
17,990,102
25,453,100
250
6,435.868
13,488
4,500
1,127,170
1,013,020

2,700
1,211
22,920
1,565

$2,125
4,129,600
478,610
110,649
36,170
538,987
48,682

T otal 1893..........
T otal 1392..........
Total 1891..........

813,040 $68,072,475
5,282,500 39,639,192
5,351,«92 68,296,721

$28,396
94,118
16,898

$5,344,853
6,262,133
1,697,766

Silver.

Exports.
Week.

G reat Britain............1
F ra n ce ............... . . . . J
G erm any...................
W est Inches.. . . . . . . . .

Since Jan 1,

Son ill A m erica. . . ___
A ll other countries..

$484,709 $13,204,611
____ .
132,198
1,100
187,300
600
341,142
660
500
38,033
34.094

Total 1893..........
Total 1892..........
Total 1 8 9 1 .......

$436,909 $13,938,038
157,475 11,031,206
253.212
7,223,104

Imports.
Week,
$ ............

7,200

Since Jan, 1.
?787,440
31,573
726,628
434,134
81,295

$7,200 $2,061 070
81,826
790,821
43,029
84-3,379

Of the above imports for the week in 1893’ $37,921 were
American gold coin. Of the exports during the same time
$1,750 were American gold coin and $500 were American
silver coin.
Auction Sales—Among other securities the following, not
regularly dealt in at the Board, were recently sold at
auction.
By Messrs. Adrian H. Muller & Son :
shares.
Shares.
40 Long 1*1. Batik o f B 'lyn .125
6 Bank o f the State o f K.Y .112
16 Chicopee Nat. Bank o f
Bonds.
Springfield. Mass.......... 50
$7,000 Keane Heights Hotel
33 WiireSat.B'K.W'ro.Mass. 90
Co. 6s, 1899, F & A ............... 83%
12 .Vlonson Nut. Bank, Mon$1,500 Ohio tnd. & West. KR.
soa, Mas*.......... ............ 141
1st 5s, Jan., 1891, coupons
50 U. 8. Fire Ins. C o . . . . ___100
o n ...................... ..............$ i o i lot
35 Till fed Aye. Kit. C o..........180
$500 O. I ml. & West. P.E, 2d
20 Thurber-Whyl. Co pref_. 3 3 ^
5s. Jan.. 1891, coupons o a .,$ 1 0
200 B'ljru City KK.Co.U-rliv.)199% $3,000 B'way & 7th Ave. RR.
100 b on g Island Traction Co. 26%
5s. 1901,- J& D..................... 104
20 Globe f i r e ran. Co.......... 68% $2,000 Terraeiti Phosphate
10 Park Fire Ins Co. (75 p.
Co. 1st 6s, 1911, F&A.
c. paid in liquidation).. 8
Aug., 1893, coop m s o n __ 20

The usual careful re-valuation o f the entire assets of the bank has
been made, and all bad and doubtful debts have been amply provided
for.
The various branches, agencies and departments of the bank have
been inspected during the year.
Tw o additional branches have been opened—W innipeg and Toronto
Junction. A part from New York and Montreal, our branches, as the
shareholders knoyv, have hitherto all been in the provin ce o f Ontario.
We- have deferred opening in W innipeg owing to the fluctuating char­
acter o f the prosperity o f the Northwest until the last year or tw o,
but tile growing interests o f our customers rendered it necessary
that w e should not delay longer. W e have secured the services o f one
of the m ost experienced bankers in the Northwest, who had form erly
been a member of our staff, and with the business already obtained
from outside sources, added to that which com es to us through our
Ontario connections, we have no doubt o f our ability to build up a safe
and reasonably profitable business.
H aving suffered inconvenience at Ottawa for some years ow ing to
our inability to rent premises suitable fo r ourbusiness, we h ave during
the year purchased the building lately owned b y La Banque Nationale.
Tile board are o f opinion that the time has dome when the establish­
ment of a superannuation fund for the em ployees of the bank is desir­
able, To effect this a m odification o f By-Law No. 8 is necessary, also a
resolution respecting the contribution to be m ade to the fu nd by the
bank. While submitting these, the hoard think it well to ask the
shareholders to revise and consolidate the w hole o f the by-laws, in
order that some slight changes required to bring them into accord with
the present Bank A ct m ay be inaffe.
The directors have again pleasure in recording their appreciation of
the efficiency and seal with which their respective duties have been
perform ed by the officers o f the bank.
GEO. A. COX, President.
The Report, h a v i n g been r o a d , T h e P r e s i d e n t s a i d :
The statement now submitted for your approval exhibits another
year’s steady growth, represented by total Assets o f $28,912,387 35.
as compared w ith $27,203,545 a l, an increase for the year oi
$1,643,84184,
The Profi t a nd Loss account shows a result v ery similar to that o f the
previous year, the paym ents of tw o half-yearly dividends amounting
to $-430,000, the addition o f $100,000 to the R est m aking it now
81,100,000, and $13,500 written off Bank Premises, a return o f very
nearly 9 per cent to our Shareholders, which I am sure must be re­
garded by them its quite satisfactory.
We hear around its expressions of disappointm ent at the profits
arising from business and the general state o f business affairs; ave are
apt, however, to forget that while the unfortunate are generally ready
enough to complain, the fortunate are not always anxious to reveal
their affairs to the public. Again, I am afraid it is true that our ex­
pectation o f what fortune should do fo r us is always pitched too high,
in the Bank we see the balance sheets of very m any different kinds of
business, «ud of many different men in the same kind of business; a,
very trifling m inority m ay have fallen behind in capital daring the past
year, but we have remarked m ore than once at the board table that at
no time in recent years has the im provement in capital, as shown by
the surplus in the customers’ balance sheets, been so general. I t is
true that in m any cases the gains are not large, but this is healthy and
natural, and certainly affords no ground fo r general complaint. A part
from those who have only done m oderately well, w e are in a position
to know that- in many o f the m ost im portant business industries profits
have been made-which are n ot only large but are as large as the m ost
sanguine could desire, and we think it doubtful if ever before in Can­
ada so many different classes of the m anufacturing industries were at
the same time so prosperous. This has been largely brought about by
consolidation and Cite econom ies in capital, cost o f m anufacture and
distribution w hich arise therefrom.

J uly 1, lt>»3. |

THE CHRONICLE.:

When we regard. Toronto alone, we are aware that some have suf­
fered from the overbuilding and speculation in unimproved real estate,
in very m uch the same w ay as persons who, w ithout experience and
without sufficient capital, rush into m ercantile or m anufacturing life
and m eet with disaster and loss.
F or the period o f ten years ending with 1S91 the population of
Toronto, including the addition o f three small suburbs, increased from
77,03-4 to 188,914", or 145 per cent. This remarkable growth means
that the business and dwelling-house accom m odation had to be in­
creased nearly one and a-half times in that brief period to receive over
1O0.O00 additional p eople It cannot be a m atter o f surprise that the
increase in the value o f land and in the demand for houses consequent
upon this rapid rrhwth in population should have unduly stimulated
specu 1atmn.'and should have drawn into land transactions many per­
sons Inexperienced in that business. We are now passing through a
period o f liquidation which naturally follow s an era o f such unprece­
dented activity; im aginary profits are being abandoned, and many
properties a re 'p a -sin g into the hands o f persons able and anxious
to b u v them at fair prices. The depression is gradually passing away.
We find in the causes o f the recent rapid growth the best guarantees of
the citv's future. II is the m etropolis o f one o f the t o a s t and largest
agricultural dffti lets on the Continent, and is the second c ity in Can­
ada, and must share in the general progress o f Ontario and of the
Dom inion, There does not seem to have been at any tim e an exagger­
ation o f values o f well-located central properties but a steady and
warranted Increase. Tills is true, if tested according to the values in
other cities o f similar size, or according to sales and ground rentals re­
cently m ade on K ing and Yong e streets.
The latter attest that the values o f choice properties in this city are
higher to-day than ever before.
Perhaps one o f the most unfortunate results o f this overbuilding is
the entirely erroneous im pression that has been conveyed to the outside
world. Many persons are under the impression that St has been so farreaching as to seriously affect some o f our loan companies. I am not in
st position to speak fo r all our companies*, but I imagine the experience
o f others is very much the same, anti having a .-amt at the bod fd o f three
institutions—a life com pany, a trust com pany and a loan company—
whose aggregate loons in the city o f T oronto amount to over ‘0 $,000**
00f>. I :un able to say from my ow n personal knowledge that the nggreafe tosses o f these three* com panies e x u n d ia f over the last tea years,
a vo n ot reached $10,000 during the w hole o f that tune, and I am
equally *nte tftht they would n«t t o d a y pay $50,000 to be indemnified
against: loss. It it tru e that the loans o f these com panies are roc. lined
to im proved business and fw fd tiitia l properties in desirable localities;
the low er rate o f interest at which m oney cun bow be boirqwe/l on
choice Toronto properties makes these seetirlfics worth considerably
m ore at the present time than their face faitie. I ought, perhaps, to
add that I do not m ake these remarks becuoao o f any interest the
bank !im to. real estate
but because 1 think to justice ha#
been Clone to Toront o to this conueetiou which m ay rafted on mum o f
our dhancial 1««U tut Ions As far m the batik is eoscerned vra have
bmt% steadily opposed to eueh baalne**, and w e have succeeded in. keep­
ing our book* m .tr o f liMn*actk*a§ re sting #?* feat ©date.
Your directors think the tim e 1ins now come when a goponanuittlou
fund should be established to the Interest of the staff, and a rejoin into
will fe# submitted fo ry m ir approval authorizing the mm o ! sfDbooo a
year to tor set a.*hie for that purputo, About fifteen >eittm ago :* go iran
ice fund wa# established, to which earl* w ^m iterof the staff dratrihuted
a certain pert'Ullage o f his salary for a certain period o f time, and out
o f this fund ail Urnmi'S lor dfttnleari«il* or error-- were paid, m e ex­
ceedingly small i]i?tuau i upon this fund not only reflect* very groat
credit upon too integrity u sd ©ffieitmry o f ou t staff, but ba# leu to t i t
accuim uatlob o f the natsUfOfiie cu pita I o f over 7100*000, it N *i«*w the
*le»lr# o f fli*jstaff tout the turjdn® in till* fwtnl stotold be used to< *>tmcc*
tins with the pfwjw**ed *np«faiffl{wtfem fund. T h« Interest earuiiig#
from this tourae, tin? uiiausl 0o&tiiimMoii» by the* bank, and a small
per evil rage o f the salary o f each memo* t o f the
will rapidly
agcmnuluto a filial that wtH make a hned*0i»o pfwvbiHft fo r our stair
m they become', from old age o r otlierw 1**\ Incajme 11«ted for work.
The number o f the -toff at present s*
ami bring to the main \ouiijg
toes* w»* m m 1airly toututne that It will \& at
fifteen years Cm?fore
any upgradable- tusnutnd will be made «p*»t* the fund, and by tills time
it will nave $M»utrit4 haadsotttc prop#rtbto*.
1 w ill not ester Into any further details mith regard to this, am m f re­
mark* are already too long, hut If any fttmrcbobfer would like fui ther
explanation* a* to thhi or a* to any oilier matt r, we shall be glad to
answer any question*.
I now beg to move the a d o p tio n o f this n port, which will f»«* «#*c*mdrd
by the vice-preudent, and, before »u smutting ft 10 the meeting, 1 will
m h the g tm r a l m anager to favor 11a with fit* usual annual addre**,
which Is looked forward to with *0 much Intel oat.
The vice-pro-Id* ut briefly seconded the rotolutioo, and the general
manager* >lr, B. E. V a IKBB* then »{Mike m fo llo w * ;
GENB EAL MANAGKE'B ADDRESS.
Y ou will have learned from the report o f the d rectors, now before
you, thM we have experienced our usual prosperity d o r ng th** past
y m t. During the first butf o f our banking raur Use profit* were much
•finalhp* than usual, ow ing to the ©t#y condition o f th** m osey market*
teferred to- to ray remark# mt tin- l&tt meettog o f *l»areh*dder*. The la d
half, howwv wr, quite mrale up for this. I would Uke again, as I did a
'
pttyp«>rt..ion* o f mw m l ■
capital and ilto mod*
tlimk %thm irats
paid ■
wtnatittf than Chat paid bjt aovorfti 0Ui* r hailki f % Slave
acrvemwdo*-«* toftdo i« liiriter ttsturis oti capital and t e
mm ■ m l tban
have
tho eswijorifiif o f the
; ..
an.k». in Uatsiida wfi a# ftgftfez
yet been pu biff bed.
i>121*081T8.
Gar dtpos*It* hit vci now’ tor v om i ytsar* pa«t *1n1W!a a hmaid
tc In­
cre-a»o, Tlti<myear tdtor 1save prmvtlmilly rvaelHol elff lit#eti tisi
ns of
d o l t o , o r a Imn t 6 IN4 millton b tore fit 11:1n t* yciir ug* A |pernRtl1 |e§4 U•reiit.
It 1# true, lb iso in tii-f* tWii 1 rtetis yeAte, but qlllitm i■uitSifr mfcitry. Wu
have duriric•the p m t f m r ref *i*ml a Itirre amottp| o f dep NpNSi
o f mat rniiwi!fftugneia1 to p mat tli
m i betfae tt.j id t»y »o n |0Ej i. m 1ks.
STATE OF T E AD E.
I f w® cornsId er the m ud itton o f b a iln ^ u In Can ft*la II* ;1 1
toere
hi- no t rmien gvoimd
mspkifiuE. In particular nes.o f ' si111 riiere
d.tete
in d oiih tb-* m uch tsm«1 « f innrroven**’ nt and In tlSC•Nt»rt.l!SWi
Umm
generally mre not mt well a* we could wWk. But
it® !ffie
t o .fflv
■ay In
m the ftlitto;i i r^ttirri f roni our funning: in Ontari*
fanuittg, to la the h<aatne s*: we►rid we Jsave at lea il
ffiiotoiitly•allceraifled liiter««-t-s “0 av old ttic to■ n m ei -oh# o r tw o ),{(;fftrl©* ' th*? bad
u Thi©p:rolfta
cto|M o f onet o r tw o iewaiiittoe, -bStmumt th# jicaen : r*f
,© 0f the
i w hej carry *m the diet Pnidm
o f the w ho;Uwsshs cli
country are
** tli©
tte- Wtm% tli®v tdimlid be, we ;n\0 -toldL Th.
of to
m ore to be 1
re©*dti]
1 Itocti
t wan hnpM that 1
isur©
Umufntixmrm m r y thopk eo pci*g on the!one {land n;id tlie *ilh
the past
ot CteOpermi b»u a-* t*
d p n xm . hrought- a bunt. du i& ■
%Hl ill
year pr *** oit. tli« otiher, vroabi
CO;
i%fair fetm
th*
the dtetflbtitlon ftl gm m . W|i
Hftittxfaetrtx*# vho •1|fBretr{, an
well m who i*5*100J<»bbei*-h. ate sufferiug to tikew ha t fro m t he"dinftp!
log pmymmitm thie sprtn m by the huhrohant* arnfl iff
t®Cpei% i Ei. the
Norftt'west *>nd B ritish 0 d iiiiditla .
The vrdifioto o f iwicsltiesm-t Imwever, ta doubtless a n
thian eve•r b efor©,: arid, an1 we hftit& sai.q, m inplnl nt sregarding pr**fits! r-0 jfur from
imdc,
srenerai. lx1 rno»t lihe® *1<t 'nmnnfartni re fair nm:
liar bee
miib
and In sora
mdm
troll fit fty1deed. I'tif rtu; nut - fi
•rtby
ln*f, ow in g to tlie nusi'idy -tteriiim lit tin?, price o f w hiCfti
not
exception.
The wide-:MitaBe o f
him'*-* nnd o ili#r articles* marmf?tet tired t*•* aid
the farmer 1in hin operatl*rfti * trow th# prepn ratio] o f the grOUIid t0 the

t

11

thrashing o f his grain, constitute such an im portant share of our manu­
factures, that we have regarded the extent to which the farmer buvs
and pays for such goods as fair evidence fo r or against his prosperity
Quoting from sales and collections running into several millions of dol­
lars, we find that in Ontario farm ers paid their paper without renewal
to the extent of over ninety-six p er cent. In the North-West, where the
year is admitted to be unfavorable, and where renewals are alwavs requit ed m ore or less, the paym ents were under sixty per cent.
E X P O R T TR AD E AND LUMBER.
It has been the habit to treat w ith good-natured contempt the pros­
p ect o f Canada ever having an export trade to any extent in articles of
its own m anufacture, but how ever slow the grow th m ay be, it has in
certain lines o f m anufacture, quite passed the initial stages, and’we
are already doing in these goods a great and increasingly important
trade in m any different countries o f the world.
When we turn to what is still our greatest m anufactured export
lumber and tim ber, we have this year m the m ain a very satisfactory
state o f affairs to report.
The winter has been favorable in some sections, unfavorable in others
for operations in l he woods, and the cost of supplies and labor has been
higher, so that 011 the whole the cost o f the product will be greater than
la>t year. On the other hand, the advance in price w ill v ery much
m ore than offset this. Many of our customers have already contracted
for the whole o f their summer’s output ; and unless financial troubles in
the United States interfere ver, seriously with consumption, a very
m uch larger amount of m oney than usual w ill be returned to us for
lumber alone.
The cut of saw-logs in the Ottawa District, and the stock held over
from last season, arc about the same as last season, but owing to the
handsome advance in price the yield in m oney will be materially larger.
Indeed the output as a whole is said never to have been sold to yield a
higher price. The amount o f squared white pine timber is about the
same as last season, while the waney timber is about doubled. A t the
moment the m arket is verv dull and the outlook a c t so bright as for
lumber. The market for deals, however, is all that could b o desired.
The conditions both as to lumber and timber in other districts are n o t .
materially different, except that, apart from saw-logs cut in Canada by
Michigan firms to be sawn In Michigan, a considerable quantity o f sawlogs token out by Canadian firms have been sold in M ichigan instead of
being sawn into lum ber in Canada as heretofore. It is to be hoped that
before very king the demand from the east and better railroad facilities
will make it more profitable to cut all these logs in Canada, instead of
towing them across Lake Michigan. Perhaps, indeed, the scarcity o f
white pine lum ber may have the effect o f .removing the duty w ithm th e
next vear o r t wo.
ACR {CULTURAL INTERESTS;
If we turn to t!»«* agricultural interests of Ontario, whether the farm­
er* com plain or not,, wo enn find little that is not satisfactory,
Evers >ear 1- a banner yea r in cheese, because thus far the trade has
stead 1h nierca-ed. The figures we quote are fo r Canada as a whole, but
m yet m***t o f the cheese Is made in Ontario, The great grow th In this
industry may be best shown by quoting the money value o f the yearly
export* ut intervals o f ten > cars, adding the year ju st past. The cheese
year I* made t o close 31st March.
I860..
$13,675
1870.
674,486
J 880,
3,893,366
IgffO.
9,372,212
1893.
13,687,851
The past year has been favorable to m anufacturers and middlemen
alike. The average price was slightly
than in the previous year,
but the > h*ld v.a.- la rger amt th is m ore than m ade up any lo ss in p rice .

The foreign market fur clieene is, as far as we know , almost unlimited,
and with in*.* low price o f wheat, and the growing uncertainty as to the
# verag- price o f wheat even over a series of years, we are glad to notice
that every season new districts are beginning to produce cheese. The
eofiitfig year, owing to these facts and the favorable weather fo r grass,
promt** * a large increase.

.

porter a business free from abnormal risks, the grazier obtains pretty
lair rrmtlte and the volume o f business steadily increases. For the
moment the drovers and shippers hold back until the difficulties atteiidteg *he scheduling o f Cunadlan cattle in Great Britain arc removed.
Fortunately our cattle are free from disease, but It is well to remember
with reference to cattle, cheese, apples, or any o f our products, nuiituf.n tow *1 or auin-imifaetured, that \vc create our foreign trade with diffi­
culty to; cause we are tt small body of people, and therefore we cannot
afford to send obroad- anything but our best. Wherever Canadian,
product* are known, s p e c ia lly to the United States and Great Britain,
they Maud for ex ».-«*!fence. Let us at all hazards m aintain the standard.
A h *m instance o f the growth o f th*; cattle trade, at one o f our branch*?#
In the finest part o; Ontario our business with drovers has increased
♦even fold in m x years, by a steady annual growth.
We have lost ft large part o f our trade in low grade horses through
the McKinley tariff and the conversion to electricity o f horse car lines.
But >"fr high gTiuie b o n e* mil as well or better than ever, ami certain
classes « r draught hora*?.* are in demand fo r Great Britain. It is our
ow n fault If we d o not, by ele voting the standard, maintain and increase
this fmpwrtaot branch o f business.
ITiefi year lately farmers have fattened more hogs, but this last year
him demoiistrated more clearly than ever that we quite under-value our
m in m itf in this direction. The supply in the farmers' hands was
eagerly purchased at high prices, and the business was profitable to
our tew packers, y et the’whole trade la a bagatelle a n compared w ith
what it, might be.
The egg trad*' is in a peculiar condition. The exports o f 1887 to 1890,
inclodvV , averaged thirteen to fourteen m illion dozen fo r each year.
The seasoii o f 1891 and 1892 fell to eight million dozen for each year.
A small profit was m ode during the past season, hu^ tin? price- to the
farm er was nh o u r two cent - per do/.en IMh t half b*-ford the M cKinley
tariff. Our eggs gu to Great Britain In perfect condition'. There is no
difficult. In that direction. On the other hand, extraordinary prices
Siave been paid in New York—high enough to enable ns to pay the duty
and still reap la rge profits if our eggs had not already gone to another
destination. The situation may please the Western farmer in the
: Butted
«, but it is certainly hard on the Eastern consumer.
When the M cKinley tariff was Imposed, we feared the results to the
Quebec farmer, i n the matter o f hay, perhaps, more l ban to a uy tiling else,
but we iM--e.»b-dhited. The export business to Great Britain is already
Import,*nt. aud, :»r the inointuit, although w o have* had a spring un­
usually' favorable to hay, the demand from Great Britain is very great,
price” being ,»* high a- *.5 per ton, with many mapiirios for Ontario
tiny. Fruit continues tu be an im portant element in the products o f
tilt Ontario firm er. Tin* apple crop h?T year was large, and the
fanm-r was well puUl for them, but- the shippers* again lost money
•r -,-ij-j* ■' -■ r■•' - i * o Bntam. I * : - I" •
1,-,l. i -1:11, notwlflistondtog the fact, that only apples o f the best qualify cun be ex­
ported prof! abi;. . m !1- farmers m-glcct their orchards and allow th©
m ilt to deteriorate In size and quality.
1
refer to the grain crops la st. The price o f wheat was, of course, quite
miraU-Tuetorv. The *>nturi<» fanner caunot raise wheat at these prices,
but ft is quite* clear that In- does not need to ruffe much wheat. From
every part o f Ontario our manager- make pretty much the same re­
port. The fanciers have m ore than off-set- the low price for grain by the
high prices foi r b n -t ,nd hog*. Or, we are fold that the farmers,
owing to the low prices o f wheat, are year alter yesr turning their at­
tention m ore to dairying, eaftJe-gra&fng, ffttleuiug hogs, or'.frill t. grow­
ing. k i i i a w m i e iIda that in many conn iff* rim farmers are still
' iiofdiirgiast* year’ s wheat, and in -"tm? localities two or three years

12

[V ol. LVII.

THE CHRONICLE

w ith the decline in prices, and tlie large stocks at hom e and abroad,
! have created an enormous gap between exports and im ports, which
| quite apart from the return o f Am erican securities and the distrust as
, to the parity of gold and silver being maintained, was a sufficient cause
i for large exports o f gold. The silver situation, however, outweighs all
l else in importance. " During the existence of the Bland A ct, that is,
i from 1878 to to 1S90, m any tilings helped to avert disaster follow in g
the coinage o f silver. Gold cam e into the country from abroad to a
very largo extent. The revenue from the high tariff enabled the G ov­
ernm ent to reduce the n ation al debt at a p ace unheard o f in the finan­
cial history of the world. This caused the retirement, o f over $200,000,000 of National Bank currency, tho bonds on which it was based
being called in or sold by the bank* because of the high premium.
The last-lew months has been a period o f unusual anxiety through­ This contraction and the rapid gro wth o f the country easily made■a
out the financial world, o u r business interests are now so large that place for silver or silver paper, created at the rate o f only $2,000,000
we cannot watch unconcerned the troubles o f other countries. Even per month. B ut now- the country is required to absorb tw ice as m uch,
if caim an hud no business connection with these countries, or so little and all tho fortunate circumstances which helped to avert disaster
■j. to make their troubles o f small direct interest to us, we m ust in these under the Bland A ct have disappeared. Gold is not com ing in, but
tiiiie. nt rapidly elm urine conditions ho always on the alert to gm spthe steadily going abroad. The charges o f the Federal Government, what
lessons to be learned from every panic or financial collapse. IVe are with pension bills, public works, etc., have reached a billion dollars tor
\erv apt b> think that hnmnn nature am ong civilized nations is pretty the present Congress. The tariff and other taxes no longer m eet the
much the same everywhere—that motives and conclusions, based upon charges They have fallen on a bad year of exports, and failing to act
the tame condition's, will not be very different iu ffiflureut countries, quickly enough in repealing the Sherman silver-purchase bill, specula­
tion in every'direction has collapsed, and worse than this, very m any
solvent business men are unable to have their natural and m oderate
wants supplied. Within the last week or so tw o New York papers have
structures o f credit; find when failure enables us tn view the m o d e of tried to obtain a vote of Congressmen and Senators as to the repeal o f
these ruined structures, we are not astonished at the. collapse, but that the silver bill. I f we are to be influenced by their reports the repeal is
such structures should have imposed upon the confidence o f prudent nearly certain, b et us hope so. It is humiliating to see a great n ation
people I do not wish to he misunderstood, how ever, regarding our floundering in such a rheas when nothing but the simplest com m on
ow n country. We have in tile past made serious mistakes, and while sense is necessary. Yet it is a m atter of votes, and w e can have no cer­
thes,. will probable not he repeated In the future, we tuny full into tainty until tlie repeal is actually accomplished.
. . .
error iu new directions. Something, h ow ever,in our northern blood
Meantime, we should b e thankful that matters m ove along quietly m
seems to keep us front getting altogether out o f sound condition. Per­ Canada, and that, apparently, we can abide the issue, whatever it m ay
haps the comparative slowness o f our progress and the labor and be. We have ha d a close m oney m arket, sharply follow in g a period o f
patience necessary to cut'll step forward have been o f benefit to us, al­ great ease. A collapse in local stock speculation occurred, and w as
though these are with the m ajority reasons for complaint. Perhaps, perfectly natural. Those who w ere hurt blam ed the banks, but this is
indeed, a nation o f grumblers who do not take too loseate a view or nothing'new-. It was doubtless well that speculation was eheckea at
their prosperity, is a safer iieJdfor investment by the foreign capitalists that time and not allowed to run a few m onths longer. Booking
than those El dorados where he hopes to lend his principal safely anu around us, while every caution is necessary w e do n ot see anything in
to obtain highrntes o f interest at the same time.
the outlook which is not hopeful for Canada. It w ill be strange if,
In Italy we have seen almost a complete failure o f tlie entire banking when the dust has blown away, British investors do not see in our
system, the gravest evils being temporarily averted by amalgamating steadiness and sound financial position good reason to invest in this
several large, hanks into one stupendous whole. In Rom e a real estate country some o f that constantly-increasing incom e w hich in the past
speculation o f extraordinary magnitude, to which we have before re­ has flowed so easily to the southern half o f the world.
ferred, came to its natural end some time ago, and it now appears as 11
The m otion for tho adoption o f the report was then put and carried.
this real estate building and speculating had been largely aided b y tlie
banks, who also assisted equally wild ventures o f other kinds. Tlie
TH E CANADIAN B A N K OF COMMERCE.
country which, having almost no manufactures or diversified industries,
bad little basis fo r much sound banking, now finds itself overloaded
GEKEEiX. STATEMENT 31st MAY, 1893.
with irredeemable paper money, the security for which is admitted to
L iabilities.
be unsalable real estate to a very large extent.
In Australia the collapse has been almost as complete. Offering Notes of the Bank in circulation........................................ $2,708,167 00
higher rates o f interest than other countries could a fiord, they attracted Deposits not bearing interest...................$2,801,827 97
both from abroad and from their own people an amount o f money to Deposits bearing Interest, including inthe banks iu the shape o f short and time deposits, the magnitude of
terest accrued to d ate.............................. 15,164,372 21
which has aiv, uysbeena matter o f ext erne, surprise to Canadians. It is
■
----- ---------------- 17,966,200 18
not astou idling now to learn that it was as freely lent as it was obtained, Balances due to other Banks in Canada— ..................
6,197 38
and that the inducement to lend has often been the high rates paid by Balances due to Foreign Correspondents........................
__ 6,358 40
The borrow er rather than good and easily-liquidated security. Tills is Balances due to Agents in Great B ritain.......... , ...........
891,249 20
not the time, however, to make unkind criticisms-regarding our Austra­ Unclaimed D ividends.............................................................
659 07
lian cousins. It is rather a time to express our gratification that cer­ Dividend No. 52, p ayable-let Ju ne......................... - ........
210,000 00
tain groat Australian banks, evidently managed bn sound principles, Capital paid u p ............. .....................- ........$6,000,000 00
survfved tlie terrible strain. W hat we wish to draw your attention to B e s t ............ ............................................... - 1,100,000 00
is the difference in the nature o f the banking o f Canada and in tliesa Balance o f Profit and Loss A ccount car­
countries. To begin with, our deposits are almost entirely from our
ried forw ard..... ........................................
2 3 ,561 12
own people. Therefore, distrust o f Canadian banks as a Whole must
--------------------7,123,561 12
arise from within, which is to the last degree improbable. Again, in­
stead of having large creditors abroad our banks invest part o f their
$28,912,387 35
reserves in the United Suites in a shape available for liquidation on
Assets.
short notice. While this is sometimes the cause of com plaint by bor­
rowers, who think m oney might be cheaper if this w ere kept at home, Specie....... ......................................................... $431,707 16
bankers know that- it is bur chief source o f supply and strength in times Dom inion N otes............................................— 656,362 25
when additional money is needed in Canada.
------------------ $1,088,069 41
But the main feature in our banking as com paredwith these countries Deposit w ith Dom inion Governm ent for security of
rests upon the nature o - the advances made to the borrow ing public.
Note circulation......................... .......................................
1 4 3 ,3 9 1 9 0
The prudent Canadian hanker has long since learned that lie m ay lend Notes o f and Cheques on other B anks..............................
759,592 67
ro a manuiaetttver to aid him in bringing his goods to m arket, but that Balances due b y other Banks In Canada.........................
93,988 79
he must not lend him to build his factory; that he may lend the flour B aian cesdu ebyA gen tsofth eB aiikin th eU m tedS tates.
2,436,889 79
miller or lumberman to make his flour or lumber, but he must not lend British and Canadian Government Securities, Muni­
money to help him build a mill. Many loans in Canada are of
cipal and other Stocks and B onds....................................
2,097,196 84
course not. in this happy shape, but tlie p oint is that they are recognized Call Loans on Stocks and Bonds.........................................
942,060 35
as departures from sound hanking, and are not accepted as satisfactory
business. We argue that as a bank’s liabilities are practically oil de­
$7,561,189 75
mand or short notice, its loans should, as far as possible, represent
$892,912 48
Transactions which in the natural course o f things wall be liquidated in Time Loans on Stocks and B on d s......................................
Other current Loans and D iscounts.................................. 19,382,738 18
the current year or season.
143,227 61
There, is another comparison which m ay be made between Canadian Overdue Debts (loss fully provided f o r )...........................
17,340 27
and Australian banks, which will illustrate the difference m the char- B eal E state (other than Bank prem ises)..........................
14 0,05 413
aei er o f the discount- business very clearly. In both countries the banks M ortgages...................................... ..........................................
704,496 51
issue note circulation and have about the same privileges. In A us­ Bank Premises and Furniture.......................................... .
70,428 42
tralia, it is true, gold circulates to some extent, but not enough to in­ Other Assets..... ................. ................. .............. .................
terfere with the value o f my illustration. Now, calculating roughly, the
' $28,912,387 35
volume o f banknotes in circulation in the two countries will depend
on the character o f the discounts. I f loans are m ade against fixed
propel Jy and are renewed over and over again, no note circulation will
be ereat*<1, but If loans are made to prepare and m ove merchandise to
^ x n h iU Q
a tid ^ fin a n c ia l.
market,-a certain amount Of circulation will arise from each transac­
tion, whether it be in paying for labor, paying farmers for their prod­
ucts, or in the m any other form s in which actual cash is necessary.
Now, wlili loans and -ecurilms in Australia o f about $700,000,000, the
S p e n c e r
T r a s k ; &
G o .,
circulation, is only about. $23,000,000, the ratio being about 3kj. per
BANKERS,
cent, while in Canada, with loans and securities at 31st December,
1692, of about $250,000,000 and circulation o f about $36,000,000, the 1 0 W a l l S t ., N e w Y o r k .
1 6 C o n g r e s s S t ., H o s t o a
ratio is over 14 per cent. There may. o f course, be other local reasons
A lb a n y .
P r o v id e n c e .
why our circulation is larger proportionately than theirs, but,.in the
m ain,the reason assigned is, I think, correct. Australia has fe w manuMemberslofINew York and Boston Stock Exohangea
fa»*ture nut many different kinds o f imlusliies, and tho basis for real
m eroiim ilc banking is much smaller than the volum e o f loans which
the bank.- have attempted to carry.
But 1 must not be understood as criticising loans on real estate.
L imUt proper conditions there can surely be no safer business. The
S a m u e l
D .
D a v is
&
C o .,
point I* that, in Canada- w e have realized that land hanking and mer­
est utile banking are tw o very different things, and we m ercantile bank­
BANKERS AND D E ALERS IN INVESTMENT SECURITIES.
ers. therefore, leavens strictly as possible to the loan companies the
be-i i o f carrying the fixed p roperty o f the country on w hich money
N O . 4 4 W A 1 Ci S T ., N E W Y O R K .
is borrowed. It is their business to be experts in such values, not ours.
We are, however, much more interested in the situation in the United
SA M U E L D . D A Y I S ,
CH AS. B . V A N N O ST B A N D .
States than in Australia or Italy, and while the National Banks, like
Member N Y . Stock Exchange.
ourselves, have no pow er to loan on real estate, it is to be feared that
ow ing to the practice o f borrowing m oney on accom m odation paper
through brokers, and the practice o f borrowers keeping several bank
accounts, m uch paper is held by banks which represents speculations in
THE MERCANTILE NATIONAL BANK.
real estate, tn industrial companies the stocks o f which have not been,
OF T H E C IT Y OF N E W V O S S ,
absorbed by investors, and many other transactions w hich do not come
under the head o f sound m ercantile banking. The great cotton and
H o. 191 B ro a d w a y .
wheat crops o f 1891, exported.m ainly in 1892, doubtless gave a tre­
1 000 000
m endous impetus to the imports o f the latter part o f 1892 and the
further aggravated b y the M cKinley tariff, WILLIAM P, ST. JOHN, President. |FREDERICK B. SCHBNCR, Caihiei.
under the operation o f which certain changes w ere deferred until 1893,
JAMM3 T LOTT, Assistant Cashier.
and large im ports are, o f course, being made In advance o f these
changes, The much smaller cotton-and smaller cereal crops o f 1892,
A C C O U N TS S O L IC IT E D .

crons Ilf wheat. This wmv be a very foolish thing- for u fanner to do,
lmt let ua hear In mind that he is financially able to do it. From the
earn? comities wo have the inform ation—in fact, there are very few exvent Ions throughout Ontario—that the deposits in banks are increasing,
that fanners' notes for implements are promptly paid, that lie does not
want to borrow from the banks, and is m eeting the interest, and to
some extent reducing the principal, on his m ortgages; also that there
is no demand for m ortgage loans, and that upon mort gages subject to
repayment many good'farm ers are demanding a reduction tn the rate
o f interest.
TH E FINANCIAL SITUATION.

INVESTMENT SECURITIES.

C & p ital.

-

$ ,

,

! S u r p lu s F u n d , - $ 1 ,0 0 0 ,0 0 1 1

THE CHRONICLE

JfLY 1, 1893. J

The fpatikers7 <£a*£tte.
D I V I D E N D S .
Per
Cent.

i f a m t o f C om pany.

R a ilr o a d * .
“Canadian Pacific...........................
Chic. St. Pan! Minn. & Ohio pf...
•Cleve. C tcn. Chic. & St. L. co m ..
D elaware Lack. & Wear. (Quar.).
LHtleSohoylktll Nav. E R A C o a l.
P aterion St Hudson......................
Paterson A Karnapo.___________
P e te rsb u rg ...................................
Pitts, f t . W . A C. special (%i»ar.)<
“
regular (quar.)■
TUctaioml A Feterabuig------—
sh ore L in*......................................
V erm ont V alley............................
H a tilt*.
B edford, B rook lyn ........................
East R iver National....................
E leventh Ward .............................
Fourth National............................
Irrtog National..............................
Kins*’ County. Brooklyn.............
Leather ManufaetBrer*' Nat.......
.Long- Islan d...................... ............
Mercantile National.....................
S a m o a National. B rooklyn...... i
National, B roadw ay...... ..............!
Oriental.............................. ............
St. Nicholas B ank.........................
Second Manorial............................
Seventh N ational...........................
Southern N ations!........ ................*
Tradesm en's National...................
U nited State* National fituarq.J
T r u s t C o m p a n ie s ,
B rooklyn, Brooklyn o isa r ) . . . . . . :
Long i d ’d L. A r.. B'fefyn (quar, .1
* * t » .e l l a « < - » n * .
American T obacco pf. iquar.l. ,
**
" com (quar.),,.
Brooklyn Traction i»ref............... j
Cl&&m II. B.
fo lia r ,j...........

When
Payable.

17 July
20 July

2H
3%
I 1*
14i
3>*
4
4
3
13*
1%
3ie
4
3

t

31*
4
3%

Books Closed.
(B a y s inclusive.)

Differ en’sfrom
Prev, week.

1892.
Jime 25.

1891.
June 27.

$
*
$
60,422,700
60.372.700
71.594.800
65.260.700
405.986.100 Dee. 4.714.300 495,230.900
5,553,400 Deo.
97.100
5,616,000
398.064.100 Dec.8,472,300 538,4 88,600
65,923,200 Dee.2,295.200 95.597.100
39.074.800 D ee.3,117,700 58.897.100
104.998,000 Deo.5.412.900 154,494,200
99,516,025 ,Dec.2,118,075 1134,622,150

*
60,772,700
64.736,200
389,930,300
3,533.300
402.036.000
67,845,600
51,075,000
118,920,600
100.509.000

5,481,97olDee.S,294,825' 19,872,050

18,411,600

June

S irplu e reserve.

Foreign Exchange.—The rates of exchange have varied
from day to day with the stringency in money. There
has frequently been only a nominal market, so little business
was doing. The supply of commercial bills is moderate. Im­
ports of gold, though apparently warranted by the low rates
at times, were imprac ticable on such a temporary and abnormal
depression. To-day the actual rates of exchange are: Bankers’
sixty days sterling, 4 80>£@4 SI; demand, 4 82bf@4 83; cables,
4 S3@4 m i i .
Posted rates of leading bankers are as follows:

jJuiy
July
lu lr

1 Ja n e 23
1 June 28
1 June 28

June 30.
1 June 23 to July 2
1 June 24 to June 30
1 July 16 to Aug.
20 July 10 to July
15 July 6 to July
to
1 July 12 to Any.
15 J u ly 6 to July
15 July * to July
20 July 1 t
July

1
20
16
1
16
9
20

* Correction.

W ILL '*TltLET. FKJDA V. JUSE 30. 1.SB3-3 P. 31.
The Money Market and Financial Situation.—'The dis­
tent*! and dfprfeaifm i>revidrti*ily existing were aggravated tills
week by the extraorainary rates for money and by the newthat India had Misjiended silver coinage for indi vidual ac­
count. Tit •etringoncy in money won believed to be caused
mainly hv the preparation* for July payment* of interest and
dividend.-., and easier rates are looked for next week. On
Thursday -i-vera] of tin- hanks took bold measures to break
the extravagant prices for ioans by taking out a large amount
of Clearing-House certificates, and then offering monev
freely to stock broken, and this had the desired effect of re­
ducing call money to 3 per cent before the clone of business
that day. Today loan* on stocks run over till Monday,
and rates were high, but there was much less pressure*.
It is very difficult to estimate precisely what will be the
effect of the suspension of silver coinage for private account
by the Indian Government, but certainly it looks like the
beginning of the end so far as the use of silver as full legal
tender money goes. The “ pegging" of the value of the silver
rupee at a certain price for exchange is suggestive to us at
least, for it points out a difference between silver already
coined and outstanding and the unlimited and unknowable
rush of silver for coinage in the future. Thus with the United
States the question of protecting and sustaining on some basis
th e silver a n d s ilv e r n otes a lr e a d y o u t s t a n d in g is q u ite differ­
ent in it-* scope and bearing from the question of sustaining
a n e v e r g r o w in g mo.-* o f s liv e r or s ilv e r n o te s in th e future.
On Thursday the price of silver bullion certificates at the
•Stock 1*.vehange declined to 62, but there was a sharp re­
action to-day and they dosed at the highest price—69.
There are
out returns of railroad earning* for
May published this w« k, and the Pennsylvania Railroad,
Chicago Burlington A: Quincy, Norfolk & Western and St,
Paul roads ore among tf *.e1 showing- the largest net earnings,
while the Reading state! >nt does not compare favorably with
Stay, 1892.
One. result of the re eat financial distrust has been tin?
strengthening of -Having banks' balances in all parts of the
country, and this ha often been demo by the sale of GoverniHont hoods. i)tm fej ding house reporta transactions in tlieso
bonds (buying and iciliDg) approaching $10,000,000 in the
month of June.
The open market rate* for call loans during the week on
•took and bond collaterals have ranged from 4 to 74 per
cent, the average being 15 per cent. To-day rates on call
were 12 to 50 per cent. Commercial paper is quoted at 8 to 12
p, c. for the very best grades.
The Bank of England weekly statement on Thursday showed
t *304

1893.
June 24.

Aug 17
July 20

S3?

1st prof, folia?.)__!

i

House banks has been discontinued for the present, and will
not again be issued so long as there are any loan certificates '
outstanding. The totals, however, are furnished as usual,
and tbe figures for last Saturday (June 24> as compared with
those o f the preceding S*aturday, show a decrease in the re­
serve held of $5,412,900, leaving a surplus over the required
reserve of $5,481,975, against $8,776,800 the previous week :

r » p it » l..................
nrptns............... .
D i m * and diso’ts
C irculation.........
Net deposits........
s p e o le ..................
Legal tenders___
B saerve held___
Lsgal reserve___

"
itl j>ref. itj.iar.r. ..
O cseral E!,-* trie ootli. {qaur ; .
'Nat, Bice Mill. oref. [(tBitr.i . . . . . r
* Kh Isi.Perk UVuee ef.tfjmvr?..[
**
“
com fonan
tVestinghiMi-. L'cc. A M’ f g , p r ..1

■

IB

and

----

- M<e o f

reierve to liabilities was 50*87, against 50*12 last week: the
discount rate remains unchanged at 2J£ per cent. The Bank
of France shows an increase of 930,OOO franca in gold and
2,000,000 francs in silver.

The detailed statement of the condition at the Clearing-

Sixty Days.

Demand.

Prime banker**sterling bill* on L on d on .. 4 82 ® 4 83 4 84 ® 4 85
Prime e e m m e r e ia ....................................... 4 7 9 ‘*a»4 SO
Doottmentary com m ercial............................4 7.-**4®4 SO
Parle banker* (fra n c*!.................. ............... *5 2 4 % » S 23% 5 2 l% ® 5 21»*
Amsterdam (guilder*) banker*...................
39 *s "
39 \ a 3 s %
Frankfort or Bremenlrelchmarkaib'nkersl 94 a y 4 '-a
95*8995%

United States Bonds.—Quotations are as follows:
(

f
1
Interest June June
Per M s 24.
26-

June
27.

June
2s.

2 * . ....................... reg, Q.-Moh. • 9(1 • 96 * 96
96
4«, 1907........ ....r e g . q .-J a n , *109 *109 ‘ L09 *109
49,190 7....... ...c o o p . q .-J u n . *110 *110 *110 * 110
e a r'ey /9 5 ....re*r, / . & J. *103 *103 *103 *103
6 '. c«r*..*j*,*!<0___rev. J. * J. *10.*> *105 n o 5
*105
*107 ‘ 107 *107
IS', o«r'cv,*97___rev J. A J. *107
tK eur'c/y,‘98—
& J, i 09 *109 '1 0 9 MOO
fl*. oar’oj*.’9 9 -----r e g j . * J , j * l l l
*111
111 • i n
TW*t* u io price Bid at m e m orning ooard : no sate w*o

June
29.
*96
*109
J10
*103
*105
*107
*109
*111
made

June
30.
* 96
*109
•no
*103
*105
*107
‘ 109
•11!

Coins.—Following are current quotations in gold for coins
S ov ereig n *.......... ? 4 8b
-Of4 90 F ln e e tlv cr b a rs.. - 63 a — 70
Nai'w.ooK*........... 3 85
9 3 90 F lv e fia n o s ............— 90 » — 95
X X ftei«fttnark*. 4 74
o 4 78 .M exican d olla rs.. — 5 6 « — 60
25 P c e t a a ___ .. 4 75 a 4 83
Do unooimnaro’l ------- ® — —
Span. D ou bloon *.IS 55
» 1 5 75 Peruvian, t o la ..... — 59 9 — 61
Max, D ou bloon*. 16 55
o l 5 75 EnglleU silv e r ___ 4 80 a 4 80
Pine gold b a r * ... par » q prem .lO.S, tra d e d ollar* — 60 » — —

The following were the rates of domestic, exchange on New
York at the under-mentioned cities to-day: Savannah, buying
y t discount, selling par @ % premium ; Charleston, buying
par, selling l* premium; New Orleans, bank, $1 50 premium
commercial $2 00 premium; St, Louis, 50c. per $1,000 dis-,
count; Chicago, par.

Government, State and Railroad Bonds.—There have been
some considerable sales of <Government bonds, coming mostly
out of the .-tarings banks and going to the national banks to be
used us a basis for circulation. U, S. 2 per cents sold below
par.
The oniv wile of State bonds was $10,000 Ark. 7s, L. R, P.
IS. & N. O., at 14.
Railroad bonds have been a trifle more active at lower
. The Atchison firsts and seconds have yielded under
the money pressure and close at 771* ami 42J£ respectively, 2
per cent' interest coming off the firsts to-morrow. Rock
e held their price remarkably well on consid­
erable tran eetions and close at DSLs'. Most of the .other
popular bonds have been pressed down more or less by the
high rates for money and the general heaviness in financial
cirri'.*-, and it has been hard to sell anything whatever the
current price might be.
Rai iroad and M1wel 1ancons Stocks.—The. stock market has
shown rather more business at the low prices ruling. Prices
have been governed more by the money pressure and the
general outlook than by any estimate of values pertaining to
the different stocks, and in a few* cases the fail in silver and
closing of mines has caused a further decline in such stocks
Denver & Rio Grande preferred and Union Pacific. But
the whole transportation of silver ores is a relatively small
item and limited to a few* roads. There is little to be said of
particular stocks in such a market. Most of the dividend
payers are keeping up their summer dividends, and Amer­
ican Tobacco advanced on the declaration of its 3 per cent on
the common, which had been considered doubtful, and closes at
05: (ten-nil Electric also declared its 2 per cent quarterly divi­
dend, but rose only to 70J^. Among the unlisted stocks Sugar
lias been the most active, closing at 83;?4, after selling to-day*
a! 79, and lead has also sold freely, closing at 29^. The
whole market was fairly active and strong this afternoon, on
a report that Congress would be called to meet early in.
August, _

THE CHRONICLE,

14

N E W YORK STOCK EXCH ANGE - A C T I V E

S T O C K S f o r week ending J U N E

[VOL, LVII,

30,

HIGH EST AND LOWEST PRICES.
Saturday,
June 24.

Monday,
June 26.

Tuesday.
June 27.

Wednesday,
June 28.

Thursday,
June 29.

STOCKS.

Friday,
June 30.

an d since J A N .
Sales
o f the
Week,
Shares.

1, 1893.

Range o f sales In 1893.
Lowest.

A c tiv e I t R . S to c k s .

Highest.

58,421 1978 June 29 36% Jan.
20% 22% Atchison Top. & Santa F e ...
21% 22%
2 2 1. 23%
19% 21%
2
*2%
610
2
2
2 Atlantic & Paoiflo................. .
2 June 29
•2%
5% Apr.
1,254 67 June
73
72% 72%
72
72
73 Baltimore <fe Ohio...................
731, 73%
97% Jan.
*75%
1,717
73%
May 17 90% Jan.
7038
76
70%
*75%
75%
75=b
76% Canadian Paoiflo....................
3,202 x48% June 30 58% Jan.
50%
50
49% 49% x48% 49 Canada Southern...................
50
50>
50
50%
102 103% Central o f New Jersey...........
100 104%
8,421 99% June 29 132% Jan.
104 105
103 104
99% 100
167a 17% Chesapeake A O., vot. tr. cert. 20,258 15% June 26 26 Apr.
15% 16>
16% 17% 17% 17%
10
17
*130
30 138% June 28 145% Feb.
142
138%
138%
*138
142
140
138 142 *138
Chicago A A lt o n ......................
84% 86% 83% 85%
82=4 84% 83% 85=4 Chicago Burlington & Quincy. 64,405 81% May 13 10378 Jan.
160
60
60 June 29 72% Jan.
*59% 62%
60
Chloago & Eastern Illinois... .
241 92 June 29 105 Jan.
*92 ~ 95
92
92
Do
pref.
198,875
66
67s
67%
66%
65
June 29 83% Jan.
65
66=8
66=8 68=8 06
68=4 Chicago M ilw aukee* St. Paul.
2,152 113 June 30 126 Jan.
116 116
115% 115% 114% 115
113% 113% 113 113%
Do
pref.
10,639 00% June 29 116% Feb.
103% 104
103% 104% 102 104
100% 10 2 % 102 103%
138 138
44 137 June 22 146 Jan.
136 138 *136 138
pref.
135% 136% -135 138 !
DO
51,166 66 June 29 89% Jan.
698i 71%
6 8 % 68=8 70%
68% 70=h xG6
36% 37%
7,720 35 June 29 58% Feb.
39
37% 38%
37
30% 38
35
37
1,123 xl05% Jun e30 121 Feb.
114 116
115% 115% *113 110
110 1 12 x 105% 105%
pref.
Do
39% 40%
5.454 35 May 5 60% Jan.
39
40
39% 40%
40
40%
39
40
t .L ...
e. Cir
40 85 M ay 29 9834 Jan.
86
86
pref.
Do
20% 20%
1.455 19 June 29 32% Jan.
20% 20 % 19% 19%
19
19=4 20% 20%
dsTol.
*00
72
19 60 June 27 73% Jan.
60
62
pref.
Do
121% 121% 120
5,669 119 June 29 139 Jan.
120 1 2 1 % 119% 119% 119 120% 119% 1197e
144% 147
144
43,471 134% May 13 156% Jan.
114% 119'-% 146% 148% 144=6 146%
147%
*1 3 8 14%
‘ 12 % 13%
2,400 1 0 % June 29 18% Jan.
n % 1 2 % 10 % 10 % 10 % 10 %
*47
48%
46% 47
45% 45%
39% 44%
37%
9,301 35 June 29 57% Jan.
35
pref.
36% 39
Do
•%
%
•%
=
*%
•%
=s
*%
<fe Ga.......
=8
*%
%
=8
5% Feb.
% June 5
•10
20
*10
10
*10
20
*10
20
12
12
10
’ T i o 10 June 3 35% Feb.
20
1st pref.
Do
*3
4%
*3
4
*3
*3
4
4
3
332
3
2% June 7 11% Feb.
2=4
2%
2d pref.
Do
•133% 135
134 134
134 135 *134 135
500 131 May 5 152 Jan.
134% 134% *133 135
113 113
110 112 *109 110 *109% 111
no
106 108
no
1,338 106 June 29 142% Feb.
91
91
89% 89% 89
89%
89
*89% 91
835 87% June 3 104 Jan.
89
*6
7
6%
6
*6
6
7
6 June 27 11 Jan.
*6
6 % *6
6%
200
19% 19%
19
19
19% 19%
18*, 20
18% 1S% *18
•20
710 18% Juue 27 37 Jan.
pref.
Do
17% 17%
16% 16%
16% 16%
16
16% *16
1,000 16 June 29 25% Jan.
17
s Erie
*70
71
69
70
69% 69% *09
71
70
1,210 67% May 15 82 Jan.
69=4 69% *68
pref.
Do
123% 12 38 122% 1231 122=8 121
122 123% 121=6 122 x l l 9 7el2 0
5,880 118% May 16 134% Apr.
*97 100
*97% 100
*95 100
*95 100
94
94
95
96
400 94 Juue 29 118% Jan.
66
66 %
61=8 66%
64% 05%
62=1 64%
34,082 6 i% J u n e 2 77% Jan.
63 7e 65%
•16
17
16
16%
15% 16% 14=8 15
14% 15=4
2,004 14 May 4 27 Jan.
*........ 16
16
16 *
16 *
10 *
16
19% June 5 27% Jan.
126% 128
1261 124 126% 123 125
120 125%
119% 123
12,359 115 M ay 5 174% Jan.
*95
98
94
95
94
95
94
95
94% 94%
90
90
1,304 94 Juue 26 108% Apr.
*11
12% * 10 % 12
10% 10%
10
10
10% 10=6 10
10
700 10 May 15 19% Jan.
*29
35
*28
35
30
*27
30
33
*26
*28
35
33
100 29 Juue 12 49 Jan.
Do
p ref., tr. rects
12
12 % 118 118
11
11
11
11
11
11
11
11
1,330 11 June 2 16 Jan.
ourl ]
as <fe T e x a s ___
*20% 2 0 8
19% 20
19% 19%
19*3 20
18% 19
19
19
1,510
Do
pref.
18% Juue 29 28% Jan.
33% 33%
30% 321
30
30% 32
33
30% 32%
31% 3 3 %
33,596 30 June 27 60 Jan.
*18% 20
*18
21
19% 19% *18
20
20
18
*18
18%
400 16 May 10j 3 5 78Jan.
*83
90
83
83
*80
90
*81
90
-80
90
*80 .........
100 .83 Juue 26! 90 Apr.
102 102
100%
100% 102% 100% 101% 100% 101
99=4 10L
5,981 98 May 15 111% Jan.
13
13%
12%
M3
13% 13%
13
13%
12*8 12=6
4,140
1 2 % June 2^ 20 Jan.
57
58
58
58
57*4 57% *57%
58% 58% *55
58%
Do
748 57 June 24 '8 Jan.
I stp r e f.
23
25%
24
23
24
23%
23
23
*24
26%
2,233
Do
2d
pref.
23
June 24 41 Apr.
17% 17=8 16% 17a
16% 17*8 16% 17%
15% 16%
1578 16%
>& West’n 18,011 15% Juue 29 2608 Jan.
37
3o
37
35
33
33
*33% 35
310 33 June 29 58 Jan.
Do
pref.
20
19% 20
21%
20%
20
20% 20%
19=4 20% 20% 2 1 %
13,585 19% June 16 52% Jan.
*200 210
202% June 14 262% Jan.
12% 12% *12
16
*12
*12
15
15
12
12
*12
16
200 10% May 5 38 Jan.
14% 14%
14
1308 14% 13% 14%
11%
133i 14%
5,680
13% June 29 19% Jan.
12*3 12%
12% 12%
12% 12% M2
13
12
12%
12%, 12=4
1,315 12 June 29 213s Jan.
*53
57
*53
57
*53
57
*54
57
*53
57
*53
57
Do
pref.
53
June 5 73% Jan.
7
7
oik <S
20
9% Jan.
6% June 5
23% 2 3 8
22% 23
*20
21=8 20
22
Do
20
June 30 39% Jan.
pref.
1,430
*13
13%
13% 13*8 13% 13%
12% 13%
12% 12% tl2% 1 2 %
12%
June
30
2,340
18%
Feb.
31
34%
33
34%
32% 34
31% 33=a 31% 32% +3230 33%
Do
pref. 26,040 31% June 29 50% Feb.
*15
16% *15
16
*14
10
*13
16
*14
16
14%
June
7
25
Feb.
•25
40
*27% 40
*25
40
*25
40
40
40
*25
25 M ay -6 49 Jan.
*60
70
57% 57%
57
57
*55
05
*55
65
*55
84%
Jan.
50
M
ay
15
225
*12
13
*
12
12
12
11%
100 12 June 26 25 Jan.
*101. 11
*10
11
9%
9% 10
9=4
9%
8=4
10
10
1,100
8% June 29 18% Jan.
13
13% 13% 14%
13% 15%
137e 14%
14%
1378
14%
14%
82,751 13 June 24 53% Jan.
-ii
15
1 3 8 138 *14
15
*14
15
*14
15
*14
5
14
J udo 7 21% Jan.
*51
53
5 0 8 5 0 8 *50
52
*50
52
50
50
*49
52
Do
pref.
205 49% May 18 62 Jan.
2
1%
1%
18
1
i%
i%
i%
78
1%
11 %
3%
A
^
Ter’],t
r
.
rects.
14,179
■'7eJ
u n e 8 |l 12 Feb.
18
IS
16% 16%
18
18
*15% 18
DO
pref., tr. rects.
225 15% June 8 ||43 Feb.
*158 18
*15% 18
*15% 18
16
Mar.
16 22 Jan.
5b
58
*66
58
*56
o»
Do
pref.
60 Mar. 17 6 2 % Jan.
*5
6
*5
6
5
6
5
5
6
*5
6
.0ui8
250
5
June
28
7% Jan.
10
10
*9% 10%
*9% 10%
9%
9=4
9%
9%
9=4
934
Do
720
9% Juue 29 15 Jan.
pref.
*33
35
33
35
*33
35
30
30
30
30
32
*28
200 30 June 28 47% Jan.
100% 102% 100 103 *101 103
100
LOO
99
99
100 100
Do
pref.
259 100 May 5 108 Jan.
•109 111
106 108
105 105
107
L07 *104 107
105 105
235 105 June 271116% Feb.
27
27%
27% 27%
27% 27%
27% 27% *27
27%
27
27%
2,850, 26% June23| 35% Jan.
7%
*68
0%
6%
6%
6
6%
6%
5%
6%
6
5% June 29 11 Jan.
4,805
12
12%
11
11%
n % 11% *10% 12
11% 11% 10
10%
1,225' 7% May 29! 40% Jan.
*39
50
45
45
*39
45
*39
45
*39
45
50
40
May 15 50 Jan.
'7 3
80
*73
80
73
73
*73
80
*73
SO *
80
Do
pref.
1 0 0 73 June 2 7 1 85 Jan.
27
28%
25% 26%
25
267g 24
26%
23% 25
24%
25%
23%
June
2 9! 42% Jan.
25,088
* 8%
9%
*8%
9%
v8%
7
9%
8
8%
8
*7%
8%
1,000 ’ 7 J u n e 2 8 l 18% Jan.
*8
8%
77e
8%
* / 78
8 *4
8
8
8
7
7
8
8
8
1,062
7%
June
2 12% Feb.
17
17
16% 17
16% 17
15% 16
15=6 16%
15% 16%
Do
4,480 15% June 3 26% Feb.
pref.
1 4 8 14 8 *13
14% “ 13
14%
13
14
12
13%
12% 13%
eling
23% Jan.
10%
May
4
1,346
47% 49% *46
49
50% 50%
44% 46%
44% 45% *43
45%
Do
pref.
1,102 43% May 5 67% Jan.
'8
10
77e
8%
8%
7%
7
7^8
7
.7 %
8
r lBuuiiBui om u ira n jo... . . . . . .
7 June 29 15% Jan.
1,075
m is c e lla n e o u s S to ck s .
35% 35%
33
35
353e 34% 3514 34% 35
35
33% 35 American Cotton Oil C o.........
69
9,280 30 May 5 1 51% Mar.
69
08
681, 68%
*€61# 68
65% 68%
68
68
Do
pref
597 68 May 5 84 Feb.
81
81%
77% 81
77%
78i4
7708
803e
78%
84%
Am.
Sugar
Ref.
C
o
...................
62 May 5 134% Feb.
159,727
81
81%
78
801, 78%
78
77
78
82% 82%
Do
pref.
4,025
56% 57 %! 57
68 May 5 104% Jan.
57
53%
55
62
65%
65
67
American
Tobacco
C
o
............
10,625
-83% 86%! 84
53%
June 2 7 1 2 1 Jan.
81
*82% 86
*83
88
88
85
85%
Do
pref.
255 84 Juue 12 110% Jan.
67% 69%
6«i
68
66%
6608 68%
65%
67
69%
€6%
Chloago
Gas
Co.,
trust
rec’ts.
67,396
*13
15
59 May 5 1 94% Jan.
14
11
12%
12
13
1334 133* Colorado Coal & Iron D evel..
*4L
42
580 12 June 23 25% Feb.
40
40
41
41
381# 391# 36% 37
37
37 Oolorado Fuel A Iron ..........
126 126
970 36% June 29 72 Feb.
125 125
122 122
120‘s 1241* 119 121% 121 123 Consolidated
Gas Co...............
2.549 112 May 5 144 Jan.
24%
2 2 8 23%i 23
24
23
23^4
22
23
Tm.
22% 23% |Distilling & Cattle Feed’g Co. 2 7,382 13 May 22 66% Jan,
6 9 8 71
6'IT
0*4 6514 693s 66^8 69%
65% 693s 68% 70% General Electric Co
1L7.860
58 May 5 114% Jan.
11% 12
10% 11%
1 0 % 11
10% 10%
9% 10%
9% 10% National Cordage Co., n e w !!’ 9,^47
40
40
4
9% May 13||L47 Feb.
40i*
•10
40%
39
40
*35
42
*37
42
Do
pref.
31
740 39 May 13 118% Jan.
31%
30«8 307
301# 3158 28% 31
27
29% 28% 30
National Lead C o.................. 24,155 26 May 5 52% Jan.
68
68
0*
68
68
68 i 67% 67
67
66 66
,
Do
pref.
2,286 65% June 29 96 Jan.
8%
8%- 8%
8%
8 >8 8=s
8
8%
8
8%
8% 'North Amerioan Co.................
*10
17
4,942
*12
7% Juue 29 11% Mar.
18 , *10
20
-10
20
*10
20
*10
20
I
Oregon
Im
provem
ent
Co
.
>7% 18 - 17*# i s | 1 7 * 18%
10 June 23 21% Feb.
18
18
17% 17%
17% 18% IPacific M a il........................
57 .......
5,130 17% May 4 27% Jan.
56%
567e 56% '5 7
*57
55% 5 6 %iPlpe Line C ertificates..........
90,00u 52% Jan. la 70% Apr.
168
168%
169
166 167
167% 168
164 165% 164 165 Pullman Palace Car C o..........
1,778 161 June 29 206 Apr.
77
78% :
78
68% 73
62
65
67
69
ISllver
Bullion
Certificates___
605,000
1 5 8 158
62 June 29 84% Jan.
15
15%l
15%
1278 1378 12
13% 13% 16% Tennessee Coal & T ron ..........
8,877 12 June 29 37% Jan.
...................
Do
pref.
" 3 8 " '39%
38
70%
June 6 102 Jan.
38
37
38
36
34%
*35
40 United States Rubber C o.......
82% 82%
81% 82%' 8106 83% 79% 37
i',900 33 May 11 60% Apr.
82
79%
79% 82% Western Union Telegraph . ..
71.5*?0 "9% June 29 im
Jan.
* Those are bid and asked; no sale made
t E x rights.
x Ex div.
11 Old certs.
t First inst ilment pai l.
h ______
228 238
•2
28
•74
75
•76% 78
50% 50%
1047a 105%
16
17
•138 142
8 6 8 87%
•60
63
•82
96
677e 68%
116% 1168
104% 104%
•137 138
71% 72
39% 39%
•114 116
40% 40%

t.

,

,

________

16
29
24
16
16
21
Q
1
21
25
23
23
23
1
20
23
9
3
23
30
19
17
27
27
21
23
4
3
3
12
7
25
25
16
14
IS
8
21
21
14
16
13
8
14
16
25
16
21
5
18
25
17
23
5
25
24
17
18
24
20
23
23
10
23
14
6
1
25
23
16
21
25
24
24
3
6
25
28
18
18
18
30
14
16
19
31
17
7
27
16
9
7
17
17
23
3
14
1

3
3
21
7
14
20
3
16
10
20
21
20
24
9
3
4
12
18
12
3i
18
2q

JCLV

THE CHRONICLE,

1. 1SU3.J

SEW

15

fO R K ST O C K E X C H A N G E P R IC E S (C o u t in u e it )-I ? W C T /F B STO C K S.

In a c h y b S tocks .
v Indi'-ates unlisted.

June 30,

j Range (sales/ in 1393. ;

Bid. : Ask.1 Xotretl.

No price F rid ay : lab-** price tbl* week.

8t. Louie A lton A t H. p r e f ...l0 0
165% Feb.

(Range (sales) m 1893.

Bid.

Ash.

140
14

155 150% Mar. 150% Mai
25
14 May
14 May
6%
8 May
17 Jan,
82 3 line 82 June

Lowest*

Highest.

Toledo St. 1- A- Kansas Oily ‘ ___
102% Jan. Virginia M idland.........................100
41% Jau.
J ll* e e J la iie o t f» S t o c k s .
a j Jau. Adams E xpress............................100 1145%
140 June
_
50
52
86% Jan. American Bank Note Co Y ..............
63 Jan. American E xpress...................... 100 108 112 105 June
29 Ti Jan. Ainer. Telegraph A C able.........100
81
80 May
4X2
6 *-3 4 J une
167** Jan. Brunswick Company.................. 100
..... . 80 May
8% Jau. Chic. June. B y . & Stock Yard
Preferred...........................
21 Mar
9334 Jan.
too 106 Mar,
11% Jan. Citizens' Gas o f B rooklyn........ 100
82 Jau. •
80 3 une
8
23 Jan.
; 7=8
7% May
........ 180 Fc-b.
77% Jan. Commercial C a b le ...
24
29
26 May
104 107 100 June
14%'Jan, |
29% Jan.
41 June
i .........
: i5%
14is May
7% Mar
55
81 Feb.
59
55% June
20
25 Jan.
14,% Jau. . Lehigh A* Wilkesharre Coal 15 .
Maryland o a !...........................
. . . . . 22 -Mar.
28 Apr.
97 May
::::::
27 .Mar.
. . . . . . . . . . . 89 Mav
1 ......... 62
49 Jan.
61 Mar
20 bi
10.1 Mar.
19"% June
».
7
io
7% June
105 May National Siarcb Mfg. Co.
7
9
8 .May
. . . . . 10 June
: 10
16 Apr.
»,:2eo ....... 260 June
32% Mar
103 Mar. P. LorUluxtl Co p rof..............
114 Jan. Postal Telegraph—Cable * ..
82 Feb.
60 Feb. Pullman Palace Car rights.
13% May
V
2
2%
2 Mar.
»% Jau.
,
156 Feb.
12 Mar,
> ...... .....
•I •% Apr.
SI May
50
60
170 Feb. V. 8. Express— . . . . .
51 June
; 78
69 May
112% Jan. r - Kubb,-r preferred
37% H it Well*. Fargo Express .
! s '4 3
liO J in .

160

Jan.

120% Feb.
92% Feb.
9% Apr.
108 Jan.
93% Jan.
109 Jan.
I l l 1* Jan,
29% Jan.
165 Mar,
31 Jan.
131 Feb.
71 Jan.
26 Jan.
74% Feb.
25 Jan.
29 Apr.
106% Jan.
100% Jan.
69% Jan.
41 Jan,
34% Jan
11% Jan.
19 Apr.
300 Mar
83%
16%
3%
| 20
13%
70%
99
150

Bid. [ A«k.

SE 0C R ITIE 9.

BONDS J C X E

Bid, j Ask.

30.

SECURITIES.

Bid.

. . . . . . 105 i;S ew York.™6#. t o m .
100 i
S.C. (cout-1—Brown coh8ol.6s.lS93 100
.1906 ........ 1H7 . jNorth Carolina*—€ 1*i» ! d .......... JA-J
30
Tenne.— e -6?, o ld .........1892-1898
62
Class It, 5 « .
10 .
Compromise, 3-4-5-tIs.......... 1!U2
! F n n d t e ^ a t l........
..........1900
72
1802 1896
15
New settlcuient, 6 * .............. 1013 100
n iit in i t i w a t n i 4 * ,.......... 1020. .....J , 94 :j New bonds, J&J ..
2
7 ; Chatham K K ........
5
i
Axfc&kdU,—fa . funu, I re: 1s - p.i-U hh»
'
5
s
..............................................
1913
95
1
-i i. N on -H ou n d 100 160 i Special tax, t i m e 1......................
2%
3 * ........
1913
67
1
Virginia—Cs,
o
l
d
.............................
i
l
o
B5
j
102
I
Consolidated
4
m
,,,
7*. ArkanwM Central k k ............
:> 6 t „ . . . . . . . ___. . . . , . . .............1 8 1 9 . . . . . J 125 | 6s, Consolidated bon ds.................
lg m l» l» n a -7 » .c v n s ................. 1914 10a i .
DO
97 -•Bln*!* Island—0#, m>o *.18934894 10O I
Stamped 4s...................... ..............
I t>8, consolidated, 2d aeries, recta.
M is-oun -F un d . .........19 * 1 1-05 1CM) l....... !1 Rmith Carolina—«u, 1rtan-lm*d.l k :§81 I k - '*2%
6», deferred Fat ree't*. stamped.
* i r w Y o r k C i t j R an k S t a t e m e n t f o r th e w e e k e n d in g J a m
JO, $893. Is as fo t lm v ..
li e o m i t tw o c ip h e r s i00) in a ll ern es.
BANSftunifudipi

Feb,
May
Feb.
Feb.
Feb.
Jan.
Jan.
Apr.

i Actual sale

SEW YORK STOCK EXCHANGE I’RICES.— STATS
S E tn 'R lT fE S .

June 30.

I nactite Stocks .
U Indicates unlisted.

H ig h e s t .

H a tlr o a d N to ck s,
.■'185 ISO Jan,
Albany & -ii •
:tuP i............. 100;
Belleville A
Hi. p ref.........100! 135
! 98 M ay
Boston A' -N. Y. A ir I,me p re f..l0 ti
26
Brooklyn Elevated * ..........1 00'
33 j 30 M.tv
Buffalo Rortieater A Pittsburg. 100; 31
81
*3 i 78 May
40
57 May
Burl. CYdjtf'Kopkt* & N o r ..... .100
.100
I
.
22
Centra? P acitic............. ........... •
Clevelarul A F itfs b a r c .. . . —
.Ml 145
4
9
S M ay
B es Moine? & Fori B od^e-. . . -.HH)
15
22 Kelt.
30
P referred.................................
5%
June
n%
.100
Da!,nth <*». sh ore A A tia otic Ii
20
Preferred *’ ............................. 1nO i »
17
FHnt .V Perc M anpictie...........
..................... 6fiie j u t e
.100 11III'
6
G eorgia VneMi: f ------- . . . . . . .
3
Oii June
........
Gr. Bay Win. & St P t r .r e c ... .100 ; i
11 June
Houston A I%xa£'
ti'ai......... 1O' - .................... I 3 June
U llnols i.'ectra! leased lines___ 100; ....................I 80 June
SO-., i i
it
May
Kanawha &: M ichigan................ HH)
Keokuk & lies Molnee .............. 100
. 16
Mar
10
Preferred-..................................100
L»ut,s\ Evansv. A St. L C ons.lO o ....... ...... .1 StJi J ob ©
Preferred................................... 100 .......... .......... 47% Feb.
........ilu o
Mur.
Mahoning C oal............................ 50 90
105
105 May
P r e fe rr e d ................................. So 05
4 t
M exican N ational....................... 100 ........
0% I t
10 May
M ioueapolls * 81 I.. tr, ree’ ts.100
33
: So May
Preferred tr. ree l* .................. 100 26
Morn.- & E ssex ........................... 50 .................... 1t l * t June
112 Mar.
B . V. Lack. A W estern...............100;
97
50 June
Norfolk A Southern.................... 100 49
4
May
4
8
P eon * A Eastern........................ 100
Pitts. Pt. Wayne A C h icago___100 14 4 . .. . 145 June
s o May
Pitts. A W a r . rti p? .................. SO 32% SO
Rensselaer * Saratoga... . . ------M O ' HJi .........|l6S June
tog ■105% June
Rom e Wm.ee OgdetMHlRth,... 100
35 I 80 Mat
8 t Laid. Urott w Ter H ule. iOu 25

(% I n d ic a t e s a c t u a l s a l e s J

Cupitvl Surplu*. Lmm*. i efpeett. |I,egait. ]Deposits.

$
-i
]
»♦
f
« *
n,fcr*j> 1,770.0!
Bnik «! New Y»rk. 2/>00,0 f
12.^77.0- l.*«3.(>:
M»ah**t*tt Co. ,...... %®$osiy
H4.*,3
1! etchant.’ .............. ‘i,min,€h 1,81 %-M a,277,4
2,120,71 S, 174,0? 701,0*
M «benlC«-..............
2,®7.t> 14*459,1! 1,4 40,71
« .* ***.."
1
470.0;
P b «a U ................
4i0M ayiMfOi
a t y ...............
x,eo#.oi S,*3S,7| l* ,ss# r6; e.04$,il
750,0! 205,01 .2,;»a,A|
TtmrnmmM'M. «,•
589.41
100,0'
7
2
1,4
j3.asc.o
CiwmftmL. . . . . . . . . .
4w
M0,0t
Mmttftmim' I s c f e 'r
i» c o !
4 03.fi
iJEObtl
Gftli-tt tin
.,: 1*000,0‘
744,71
boo
,
m
t iiy n 1a88T,$!
twt0*W ■
408.01 4* 1.1
217/
2,51 »,0
172,0! 2/400,5*
Gfwmwlch... ......i! §*Kf,0:
i$f,a|
Lmtilfflr ibrntficT s
aoo.oi #78,91 3-,l#L§
300,0;
252J j
vm M
a,305/i|
8t*t* of New York. %100,0!
57.51
10V755,01 l.Ol.l.o!
Exeh’,ie*..-i 5,000,0l
11 5.
— .. — 5,000,Ot
1,010,3?
l»0r.#»6f 1,014,11
f
1,1$ -M
Metenisttife.
IsiK 1 ?
422,7
FeciSe__ . . . --------451Mb $ OWfH.i'-'
Beimbftg,, .«**- *;*■*.. i l^oCbo! M »M
1,821.1 f
HftktbMmt. . ... .
440,0)
t * ,U v ! #2lk0!
3/5,01
lOO.it
VmtpW* aw—W
W
W•****W
7C»'>,o>
N#rt:& Ammim. ....
e a a j:
1,895.1 i 15'OKMl 3,0 ‘7.:-.
B»m»* m »*«.. .... . -». 371.7|
1 |ff,Of

$
8
!
040.0 .si.mkh 0
2.4HO.0 13,578.0
|§a f f j
0,284.2
POJ.O! 0 244.0
1.87P.0 lS.Tar.J
J '4 ,«
3f22»i.O
18,380.3
301,5. 2,4€E0
2 j/953,0
PfSJt 3 002, S
574,3! 4,501,5
$01,11 1JW3.8
2, Hfl5 0
iltk f! 1, ? 38,4
3,532.8
184,11 1,73-VI
ti
4**441 2
l,24i,t.'| 13.131.0
71,003,8
4?%a .4»$90,8
f.t'Jt rtf $„a#»7 3
h )r»
D
a
20,434/’
a
588,81 it,
;
41%#! 4,74-5.3
1.2'2/4 t4 ftl»-Ss 0
$1 %®f1 £ 3 4 V *:

107
105
75

New York City, Boston and Philadelphia Batiks:
Ba **fc. | Surpim, j Ltr-in*. \ Spwle. ' tdptt*. |Skpmii*. * Olrc’Pn CUaHntH.
Y ork
415,001,0 70,*'■ *7.1 33.M4.0 446,124,5
u k y v s ,.. I
SttWs S.«s.
70.156.1 5H,6Ss,P,441,4 11,2
- 10 .. ,1 3 a .o r ,5 414,400/2: 09,529. a 19,0733 416,9 U ,«
** 17... siS3.017,Si * l« .700,4 6M I8.4 42,198,6 100,588,4
.132,017,5
405,*0*0.1
“ U .
65.928.2 39,074,8 398,084,1
C otton .
X to* i o ,... ; 84,848,91 i t»,74t,4;: 0,309,6 4,038.3 198,W .,
“ IT... ! 04,642,9 148^76,9! 0.485,2. 0.035.2; 127.045/
** u
j 84,04*91140,476,9 8,577,4 6,884.5 124,072,
!»:«# 10... I 35,7Kl,7 108,831,0
*• 17,., ! :tS,793,7l 102,843,0
i 35,793.7' 22,944,0.

27.031.0
25.405.0
*14,800,0

* If*# wmtt § m €lphirf aft them Jtgurm.
l l « Itosft ■*4 m Ui Other katnlt#/*

$

3,020,7
5,57'',.5
5.813.5
.5,850,5
3.553.4
.120,4
8.009.4
8.131.0

M :!

00,799,4

100,210,0 3.580.0 08,952.5
I 00,554,0 3.501.0 71,103,7
! 08,018/) 3.080.0 88,533,2

tlududing, tor Boston and Pktia

Risrellaueotis and Unlisted Bonds.— Stock Ex. prices.
Cti, Jun.tk H. Yd*.-^
Ctsonuio Fuel—<Jeo
•
CffliMt!*o Cvst—C«>n'
. ...
n.«iy. c . W aL Wit **.
» t,
eo&, Ut
E
»•«'
1*11$mt» Klee, 111, Co
Equijatita <*, .t ) V

m ri»,

>
■

7lirteelliMie*ia«i Bond*.
iPeople*« G-m A C,i Ht g. Oa.!
• Co., Chicago . . J / d
! 101 a.
Pl«»8. Valiev Coal—1st g. 0s.j
; Rrm'tet 4 tlan/ile—l- t g. 6aj
.
•
.
'
:
.
7 f b, ■
na-jf.-Si#
(We^rorti Union Teloit.—»< ,i 102 b.
lit a / WUoeL L .E /: tbCoM - 1st g 5si 73 a.
83
I.- h IU f.ed Bond*,
i
*106 n.i tJUa., «fe Viijfea,-—Coiisol. 5«, g.l
t 0#
Vicka. 3c Merld 1st 0s ...... j
AtluD'a .ft Chari— lei 7, .... 114 b.
tir* 6«.{
•CamMtook Tunnel—in*. 4s,-j 72 fif
fOeo. Pan—1st 0s it. c its .......1 87 b.
»€5«, st : 106 be 2d uirtrt. iueorne
i Cow-sol. 5%, cr. <'/-•-.............j 30 b.
78/1*101 w,|! Income 5s. etis ..................i 11 %b.
e r a C od. 7 g,i .......
100 b.) M
FtsDea1*14; **« **pr) « ashed. * Latest ptim tliio woe*
-

%1
t , 8# ..-i

2f|wmu.
M.#f*#f & Fitifoft*-.Y
4fW M
M®,%\ 4.L* l,1 HeWIteii Imu 'I 1
et, jKidholifAMjeU.-Ftiuin.Car 1*
Shew* A L*at
Mutual Luwts Tak*;
CWit K%f!, *!>£*; .e,,
Nation*!
?tt*rt,vt ill
I
t n ,€HWlHtt»6tAi-A*.. . ...
HortUtrmternTolej
-......
4$t*
Ffewrla W *l«r C*j. 1mmmt®f#* 4k Trod** JljipM H l f f i 9) J40J*|
P % r k ...........
ItDrtlfc—
Ort.
’p/0. J
250,0
Mmt B-iitm
144,$i %0$-7.7}
20# 0! 2-13122/4s 16.$rt9,r| %mm \1 f#4/i{ 13 hi0,3
F ttflltll 5?
*- *a
Bank Stuck List.— Latest prict i o f b a n k stoclta th is w e e k
trt.W>,0f tn*d,i'
OMUZftl M
...
7t*“ 3.0
J
f
.* 3t*0»-W| $34,7 f 8,Ov:7,©| saV/>
734!o| 5,077,0 ~BANKS. {Bhl , |Ask.
BANKS. |Bid. ASk. ; BANKS, Bid. Ask
B»iiith N it fe O S A l*|, 150,01 t ^ l
$.066*3? 433/1
829,0 li a:i-* 5
¥ IF«|
.«**#
80o.0| 7*23#,0| 20*502,3 1.455,2 2,837.1! 17/701,& AiM rtea...... 200 I«t# iGtdtatlxt.__ _
.....
S .y . Co’B.ty|d05
305
,rM'>0/V| 2-3»/*f $-8l4#jSi 1,107,5} '283,-ii 6/230.0 i Am, K s t it., „„ .- lUH Cart? eld -.....
Third S¥*fcidWbIe.
NY.Vut.EA 120
... »
.
S®. V. Niti MXiA&ZS0&( 300,0!
19K8| M P X il
124
W).l| v-JtVl
1
Ninth. .....
Bowory......
>German Am. n& 125
sa*/.o| 3,205/1 Broad w’aF •*■: --**0 1*202%
tk»
/
3M,0!
.....
#48,41 2,000,0!' 6 1 ,." ;
19 tn Ward..
Ex...
tf#w IrWk
t■
200,0: 8&0.81 3, lt*a, 11 7m M
87,4! 3-553,8 BttteliA*«fcDr.i 180 UO0 '.Cernmnia.,.. 3 25
■X. America. ; s C ‘ ” 5 '
750/)
317,#! 2,501*7| 311,8* 3*55.8} 2/490,8 Central .......
Oriental .... 237 247
„ (135 /ireenwlob .. 150
500/1* l,2 »* 7 f 10,088/?!
„
CTft»m
1*062, tj 13/J4 5.0 Clia*e......... ; 150
i Hanover. . 328 MO :Raclflo....... 105
FIi-ft A veian#..
\ 2^2,0^ 984,81 8,4.81,71
6,157,8 5 Chxitlukm..... .... too
Park... .....
305
lino. River,.
300,0
500/21 2,858*1 f iu.?,a| 004,?*! 3,224,0 CUemieal.... 400?0 4800 I ta, A Trad’s' i l l tm
Q-mmsm
..
Reople'a ... 199“ .....
200,«
560,21 2.&1&41 332/1} $54M 3.295,9 CitT,. . . . . . . . . 400 i
iOienix — 115 130
Irving.
150 i 80
800,0
54 3,51 4,882,H! i tmmm
/rwince Ex. ..... - ....
471,51 .5,805,4 CtUftfeBs*...... s130 {185
235
$00,0
438,81 8,268,8!
175
070,8! 1,203./| 6,39 M Columbia__ 276
Republic....
150
|Lincoln
......
200/j
8.201,6 C o m m e r c e ... J tH i"
4 »L l! 4,# 14,01 1, 4
Seaboard... i W
___
iv.a
318.55 1*801,0'
2.040,0 Ocmtineatal .1
.....
Ftltft Xmm ml . ... { f*K\0
240
.Second
.-}184 18larket& Pul
300,0
Ban* fA £b» Mzif&p'
5,«00,0
Seventh ... .30
m .s
855/0
705,91 6.0«",-r> Cora Exeli , 230 1275
200,0
200,2 3,399,0
138
175
,shoe*!fe Le’tli
y*rt*M*.ws»w.-.-e.4i
413,0}
vm M 2 820.0
.... - ..
5IM/G
234,2
58$,#! 017,0}
2,784/?
Bm&mttI
I
2»« mi. Niche as. 130 ......
Ksmi R iver..'HO •171 ;Mercantile
1 .8 7 4 ,0
2*N>,0
BUth National,..,..
276,0j 1&2/1
350,01 1,711,0
1S2% Southern... . ...a. 115
....
2 ith W ard,.. 2<o
8.808,5 Fifth A re,... 200 o!
W**Um Kaikmai..; ,100.0
380,2} 8,525,6 2,172,51 #37,2
6Mer<sb,to Ex, 125 137 iSuu-eoX,N.Y. ...... :15
Br'kijTi.: mm.0
842,-4 f 4,877,* 1/1.60,8} 237,8 4.848,0 F ilth ......... ...
.....
) Metropolia,. 450 4?6 |Tfiird. .....
2.2x53,9 Flrtt............ 250 o /
l82/>; 2,353/*
rradeam’u’a
■ ..
285,5
300.2
&#*aJfMteiiaL,; ,000,0
■20
Oil’ll States T o
F1r»t N., S, 1. 110 ....... Murray Hill
urn L12%
Total-........
-)8 e ,4 9 8 ,7 ;h j» 4 ,» l414,08O,a!89.a89.»i48.»l9:t.oUlS>25,8 14tb Street.. 1175
i Western
160
\
W
^
-JM«
......
...
. 1190% i \ow York... ..... **37
•BOTB.—No detsBed ita emtnt hss heeh issoed *m<» Jane 10.

THE CHRONICLE.

16

[VOL. h\ I [.

BOSTON. PHILADELPHIA AND BALTIMORE STOCK BXCHAN9ES.
Sales
o f the
Week,
Shares.

a llu r e P r i c e s — n o t P e r C e n t u m P r i c e s1..
A c t iv e S t o c k s .

f Indicates unlisted.
Atoh. T. A 8 . Fe (Boston). 109
Atlantic A Pao.
•*
100
Baltimore A Ohio (B all.). 100
1 st preferred
“
100
2d preferred
“
100
Baltim ore Trao’ n.f 1'hil.). 25
Boston A Albany i Boston). 100
Boston A Low ell
“
100
Boston A Maine
"
100;
Central o f Mass.
"
100
Preferred
“
100
Ohle.Bur.AQuln.
“
100
Ohio. Mil. & St. P. (P h il.). 100
Ohio. A W .M ich .(B oston).100
Cleve. A Canton
“
100
P re fe rre d ....
••
100
Fltohbnrg pref.
“
100
Hunt. A fir. Top. (Phila ) . 50
Preferred
“
50
Lehigh V alley
“
50
Mats i Central (Boston). 100
Metropolitan Trac.f P h il).100
M eiloan Cent’lf.B osfonj.100
N. Y. A N. Eng.
••
100
P referred ....
“
100
Northern Central (B alt.). 50
Northern P aoW ofPAifaJ.100
Preferred
“
100
Old C o lo n y .... (B oston ).100
Pennsylvania.. (P hila .). 50
Philadel. A Erie.
“
50
Phila. A Reading
“
50
Philadelphia Trao. “
50
Summit Branoh (B oston). 50
Onion Paoltlo
“
100
United Cos. o f N. J. (Phila.) 100
WesternN. Y. APafPAi/o.). 100
M i s c e ll a n e o u s S t o c k s .
Am.Suif'rHetln.'; (B o sto n )....
P r e fe r r e d ......
“
100
B ell T eleph one..
25
Boat. A Montana
Butte A B oston..
25
25
Calumet A Heela
Canton Co........... (Balt.).lOO
Consolidated Gas
“
100
Erie Telephone (B oston). 100
General Electric.. “
100
Preferred.......... "
100
Lamson Store 8er. "
50
Lehl’ h CoalAN av ' Phil.) 50
N .Eng.TelephonefBosl’nJIOO
North A m erican. (P hil.). 100
W eatE n dL an d.. (Bost’n )___
• Bid and asked prices;

Saturday,
June 2 *.
2 2 78 23%
*2 %
2%

M onday,
June 26.
22%
’ .............

75

22%
2%

75

Tuesday,
June 27.
22% 23
........
2%
......... 75

21 % 22 %
2*4 2*4
74% 74%

*72

i ’2’6* " " "
’ .............. 120
21% 21%
21% 21%
201
204
200
202 202 %
205 205
205 205
181 184
184 19-t
’......... 185 ' ........ 185
........
160
158
158 160
158 161
13
13% *13
*13
14
*13% . . . .
*13% .
'......

12*6

120

22

22

86 % 87%
68%
68
*4
*14
81
*35
50
40%
100 %
7%
20
60
69%
*13
34%
183%
50%
'........
69,6
27%

' 222 %

4%

85
86%
66 % 67%

84%

*3%
*14
*14
80
80%
80
80%
81
*35
*35
50
50
50%
50
50
40% 41
41%
41
41%
►120 __
120
100 % 100% i ’o’6 % 100% 103
7%
7%
7%
7%
7%
2 0 % 21
20
20 %
20
60
58
60
*55
60
*68 ......
69% *68
13% 13%
13% *13% 13%
* 33
34
33% 34
34%
183% 182% 183% 181% 182
50% 50% 50% 50%
50%
26%
27
26%
7
7%
7%
6U lt
92
92
91% 92
6
6
6
25% 26%
26
28
26%
*222%
'2 2 2 % ........
‘ 4%
4%
*4%
4%

77%
77% 81
81
81%
81
78
80
80% 80%
190 191
182 185
182
20 %
21
21
21
21
7
7
7
6%
6%
287% 289% *280 289% 285
'.........
54%
54% 55
55% 55%
40
42% 42%
43% 44
69%
70% 71
67%
65%
*92
87% 89
15%
15% 16
15% 15%
49%
50%
50
50%
50
56
55
*8%
” 8%
8%
8
9
13
*13 .........
13% 13%
no sale was made.

In a c t i v e 8 t o c k s .

Prices o f June 30.
A tlanta & Charlotte (Ra/L).100
Boaton <fe Providence (Boston!. 100
Camden A A tantio pf. (Phila.). 50
Catawiasa...................
“
50
lat preferred.........
“
50
2d p referred ... . . . .
11
50
Cantral Ohio.............. (Ball.). 50
CbarL CoL & Augusta
“
100
Connecticut <fc Pass. (Boston). 100
Connecticut R iv e r...
“
100
D olawareABound Br.(PAiia.).100
Flint & Pere M a rq ... (Boston). 100
Preferred.................
“
lo o
Har.Porte.MLJoyifeL. (Phila.). 50
Kan. C*y Ft. 8. & Mem. (Boston). 100
P referred.................
“
100
K . City Mem. & B irm .
“
100
Little Schuylkill....... (Phila.). 50
Manchester <fe L aw .. (Boston). 100
Maryland Central___
(Balt.) 50
Mine H ill <fe S. Haven (Phila.). 50
Neaquehoning Val___
“
50
Northern N. H ............(Boston). 100
North Pennsylvania. (Phila.). 50
Oregon Short L in e ...(Boston). 100
Pennsylvania <fc N .W . (Phila.) 50
Rutland.................... (Boston). 100
Preferred.................
100
Seaboard <feRoanoke. (Balt.) lo o
1st preferred.......... ,
*•
lo o
West E nd..................... (Boston). 50
Preferred.....................
“
50
West Jersey................. (Phila.). 50
West Jersey & A llan.
“
50
Western M aryland..
(Balt.). 50
Wilm. Col. & Augusta
“
100
Wllmingt’uA Weldon
“
100
Wisconsin C entral... (Boston). 100
Preferred.....................
“ 100
W oro’st.Nash.JcRoch.
**
100

86%

66% 68%

Bid.

Ask.
87

Friday,
June 30.

W ednesday, Thursday,
June 28.
June 29.

835g 85%
6 6 *e 67%

75
120
200
160
.......

82%

84%

3*«

* 3 % .......

*81
35** 35**
50% 50%
40
407e
0.20
124
102 % 102 %
6%
7%
20*4 2 0 %
53
CO
*69
70
12 % 1 2 %
32
33%
181** 181**
50** 50%

*8*1 “ *8*i’

3*9

7
7%
91*4 91%
*5
5%
24*8 25%
222 * * ..............
*4*s 4*8

39%

40*4

120 120
100*8 101

5%
5
191% 20
50
50
*69% 70
12*4 1230
31% 32%
180 182
50% 50%
7
7%
90
91
5%
5%
23% 24%

773q 80*4
78** 80%
82
79
77*8
80*8 77
81%
187** 193
184% 186
188
18
19%
20
20
20%
6
6**
6 *s
7
6%
289% 289** 289% 280 280
70
70
70
55
54%
54% 54%
41
41%
42% 40% 41
65% 6 8 %
6
8
%
6
6
%
69%
89
89
89
89
16
16
16
16
16
50
50
50
50
50
55
55
56
56
7%
8
8*4
8
"8**4
124i 12 %
13
11% 12%

In a c t i v e s t o c k s .

Westing. E lectric___(Boston). 50

Bid.
22is

20%
2
*70
*130
*115
21
200
183
158
*12
66%
4
13%
x79
*35
50%
40
♦
100
5%
20
50
*69
12 %
32%
180
50%
7%
91
24%
*222
*4 %
79
186
17%
6
280
*60
54%
41
68
*____
* 49%

Ask.

*8*4
12

R ange of sales In 1893.
Lowest.

22%
2
74

4%

200

4

36% Jan.
4*4 Jan.
97% Jan.
135 Feb.
122 Jan.
29% Jan.
227 Feb.
200 Feb.
178 Jan.
22% Feb.
62% Feb.
103% Jan.
83% Jan.
49% Feb.
6 Feb.
19% Feb.
95 Feb.
40% Jan.
56 Jan.
62 Jan.
130 Feb.
150% Jan.
13 Jan.
52 Jan.
102 Jan.
70% Jan.
18% Feb.
50% Feb.
221 Feb.
55% Jan.
35 Jan.
267s Jan.
142% Feb.
9% Apr.
42% Jan.
232% Mar.
7% Jan.
May 31

27,923 69 M ay 5 134%
1,418 70 May 5 104%
186
459 180 M ay 13 212
3,124 17% Juue 30 34%
18%
6
1,600
6 June 7 12
280
116 280 June 16 320
70
65 M ay 22 72%
54%
1,336 54 June 8 65
41
158 40 June 27 50%
70
6,247 60 May 5 114%
183 80 M ay 29 119
16
414 15% Jan. 3 26%
534 49% June 27 54%
49 %
56
4 55 Mar. 8 61%
1,730
H%
7% June 29 11%
12*8
2,650 11% June 29 18
83%

B onds.

23% Perkiomen, 1st ser., 5s. 1918, Q—J
Pnila.&Erie gen. M. 5g.,1920, A&O
Gen. m ort., 4 g .......... 1920, A&O
Phila & Read, new 4 g „ 1958, J&J
1st pref. incom e, 5 g, 1958, Feb 1
2d pref. incom e, 5 g, 1958, Feb. 1
3d pref. incom e, 5 g , 1958.Feb. 1
2d, 7s............................ 1893, A&O
991*2
Consol, m ort. 7 s.........1911, J&D
99ta
Consol, m ort. 6 g .........1911, J&D
Im provem entM . 6 g ., 1897, A&O
Con.M .,5 g.,stam ped,1922, M&N
Phil. Read. & N. E. 4 s .............1942
93
Incom es, series a .................. 1952
Incom es, series B .................. 1952
Phil. Wilm. & Balt., 43.1917, A&O
Pitts. C. & St. L ., 7 s ....1 900, F&A
P o’keepsie Bridge, 6 g .1936, F&A
Schuyl.R.E.Side,1st 5 g.1935, J&D
80
8t«u ben.& In d.,lstm .,5s.l914, J&J
United N. J., 6 g ............ 1894, A&O
Warren & Frank.,1st,7s,1896,F&A

A t,T op.Ps°F. 1So-yr°4 g°,1989, J&J
75
40
2d 2% -4s,g., Class A ..1989, A&O
21
Burl. & Mo. R iver Exempt 6s,J&J i l l 2
53
Non-exem pt 6s............1918, J&J
50
Plain 48......................... 1910, J&J
54
Chic. Burl. & Nor. 1st 5,1926, A&O
99
2d mort. 6s ................. 1918, J&D
Debenture 6s..............1896, J&D
Chic. Burl.&Quincy 4 s ..1922,F&A
86is
Iow a Division 4s....... 1919, A&O
87
10
Chic.&W.Mich. gen. 5s, 1921, J&D
50
59
Consol, o f Vermont, 58.1913, J&J
Current River, 1st, 5s..1927, A&O
Det. Lans.& N or’n M. 7s. 1907, J&J
Eastern 1st m ort 6 g ...!906 ,M & S : 112 %
J ree.Elk. &M. V .,lst, 68.1933, A&O
64
Unstamped 1st, 6s ___1933, A&O
!K.C. C.& Spring.,1st,5g.,1925,A&O
K C. F .S .& M . con. 6s, 1928, M&N
66
K.C. Mem. & B ir.,1st,5s,1927, M&S
51%
K.
C. St. Jo. &C. B., 7 s.. 1907, J&J
L. R ock & Ft. 8., 1st, 7s.. 1905, J&J
90
80% Louis.,Ev.&St.L.,1st,6g.l926, A&O
11 | 2m., 5— 6 g .............. 1936, A&O
50
Mar. H. & Out., 6s ......1925, A&O
3%
Extern 6s ...................1923, J&D
M exican Central, 4 g. ..1911, J&J
50
53
1st consol.incom es, 3 g, non-cum.
10
2d consol, incomes, 3s, non-cum.
50*4 51
N. Y. & N.Eng,, 1st, 7s, 1905, J&J ;110
76
1st mort. 6s .................1905, J&J |100
55
2d mort. 6s................1902, F&A j 93%
18
Ogden. &L.C., Con.6s . ..1920,A&O
16
Inc. 6s..................................... 1920
Rutland, 1st, 6s ..........1902, M&N
2d, 5s........................ 1898 ,F&A
7%
7%
A H e g ^ fv ^ y -^ L ^ ^ J A J
.'108
Atlantic City 1st 5s, g., 1919, MAN 100 lO lia
MISCELLANEOUS.
Belvidere Bel., 1st, 6s .. 1902, JA B
A lloaez Mining.........(Boston). 25
•40
•50
Catawiasa, M., 7s......... ly o o , F&A
Atlantic Mining.........
«•
25
7
7*4 Cleariield & Jeff., lBt, Os. 1927, JAJ 118
City i ’assenger R R ... (Balt.). 25
Connecting, 6s.........1900-01, M&S
B ay State Gas............ (Boston). 50 " 6%
B el. & B 'd B r’k, 1st, 7 s .1905, F&A 124
Boaton Land..............
10
4
Esaton& Am . lstM .,5s,1920,M &N
107
Centennial M ining...
«
10
3%
Elmir. & Wilm., 1st, 6s. 1910, J&J. i l l "
F ort Wayne Electric^
“
25
Hunt.
&
fir’d
Top,Con.
5s.’95,AAO
10
0
%
Franklin Mining.......
“
25
9% Lehigh Nav. 4 %b...........1914, Q—J IO6C2 106%
9*4
Frenchm’n’sB a y L ’ nil
“
5
3
2d 6s, gold................... 1897, J&D
107
H aron Mining............
••
25
General m ort. 4%s, g .1924,Q—F
102is
I lino Is Steel ................
•* 100
Lehigh Valley, 1st 6 s ...1898, J&B 108
Kearsarge M in in g ....
••
25
5%
2d 7s............................. 1910, M&8
13081
Morris Canal guar. 4 . (Phila.). 100 77
Consol. 6.......................1923, J&B
126is
Preferred guar. 10.
“
100
190
North Penn. 1st, 7s___ 1896, M&N
108
Osceola Mining.......... (Boston). 25
24% 25*4
Gen. M. 7s............................. 1903,J&J
Pullman Palace C ar..
“
100 165 167
Pennsylvania gen. 6s, r.,1910, Var
Q iin oy Mining...........
*•
25 105 107
Consol. 6s, c
............ 1905, Var
118
Tamarack M ining___
••
25 138 140
Consol. 5e, r ...........................1919,Var
113%
Thom.Europ.E.Weldlf
u
100
Coliat. Tr. 4% g ...........1913 j &b
United Gas Impt.
(P h il,)...___
5 8 % .........
. & N. Y. Canal,Ts’.V. 1906’, J&D
W ater P ow er.............. (Boston). 100
W ........
& N, Y. Ca.. con, A&05S.1939,
? Unlisted.
$ And accrued Interest, _ . Last price this -week

Highest.

48,6*6 197q June 29
380
2 June 30
8 68 June 6
135 Feb. 13
120
122 Jan. 18
21
1,036 19% June 5
3 a l 200 June 29
201
184
25 170 May 10
536 158 June 26
158
14
205 13 June 24
46 Jan. 3
24.529 81% May 13
68% 28,700 65% June 29
20 28 May 29
4
100
3% June 13
50 13 M ay 11
13%
375 79 June 30
79
160 33% Feb. 21
432 49 Feb. 21
50%
40% 11,055 39% June 23
122
72 120 M ay 1
101
4.794 93 June 2
6%
3,680
5 June 29
2 i%
1,837 19% June 16
54
526 50 June 29
26 67% June 8
70
12%
1,685 12% June 28
33% 12,475 31 % June 29
181
89 180 June 29
50%
6,142 50 June 2
26
24 May 12
6% June 23
7°16 56,719
91%
378 90 June 20
250
5% June 29
25%
6,418 23% June 29

. B o n d s .—B a lt im o r e .
A tlanta&Charl., Is t7 s , 1907, J&J
Incom e 6s................... 1900, A&O
Baltimore Belt, 1st, 5 s .1990, M&N
Baltimore & Ohio 4g ., 1935, A&O
Pitts. & Conn., 5 g ...l9 2 5 , F&A
Staten Island, 2d, 5 g.1926, J&J
Bal.&Ohio S. W .,lst,4% g.l99 0, J&.T
CapeF.&Yad.,Ser.A.,6g.l9L6, J&D
Series B., 6 g ................1916, J&B
Series C., 6 g ................1916, J&D
Cent. Ohio, 4% g .............1930, M&S
Chari. Col.&Aug. 1st 7s. 1895, J&J
Ga. Car. & Nor. 1 st 5 g . . 1929, J&J
North, Cent. 6 s................1900, J&J
6s.................................... 1904, J&J
Series A , 5e.................. 1926, J&J
4 % s ............................... 1925, A&O
Piedm.& Cum., 1st, 5 g .1911, F&A
Pitts. & Connells. 1st 7s. 1898, J&J
Virginia M id., 1st 6 s .-.1906, M&S
2d Series, 6s..................1911 M&S
3d Series, 6 s................1916, M&S
4th Series, 3-4-58....... 1921, M&S
5th Series, 5 s.............. 1926, M&S
West Va. C. & P. 1st, 6 g.191'1, J&J
Wert’L N.C. Consol. 6 g.1914, J&J
Wilm. Col. & A ug., 6 s .. 1910, J&D

Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Apr.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.

16
14
27
13
18
24
6
6
26
14
14
21
23
3
3
3
6
12
9
27
6
28
16
17
13
23
6
<t
6
27
16
2
8
12
27
13
24
6
1S»
27
IB
17
21
18
10
16
16
18
20
2
20
23
4

S id. Ask.
10131
113
101

66*8
29ifl
19%
14%

66 %
29%
19%
14%

114
101 %
96 %

115

99

i'06%
108 108
102

115
101

98
101
105% 107
88
90

88

113
113%

97

110% 110%

106

106 %

MISCELLANEOUS.

Baltimore—City H all6s. 1900, Q—J
F nn din g6s................... 1900, Q—J
W est Maryl’d R R . 6 s.. 1902, J&J
W ater 5 s..... .............. 1916, M&N
Funding 5 s..................1916, M&N
Exchange 3% s.............1930, J&J
Virginia (State) 3s,n ew . 1932, J&J
Chesapeake Oas, 6 s....... 1900, J&B
Consol. Gas, 6s................ 1910, J&B
5 s .................................... 1939, J&J
Eonitablo Gas. 6 s___ 1913. A&O

109

98%
6 6 % 67%
104 104%
112
100
105%

106%

THE CHRONICLE.

J uly 1, 1893.]
XEW

17

1’ O fl K S T O C K E X C H A N G E P R I C E S ( C o n t i n n e d .) — A C T iT ^ E B O N D S J U N E 3 0 , A N D F O R Y E A R 1 8 9 3 ,
L , , IClot’ nt) Range (sales) in 1893

RaiLSOAD iS D MlSCKL. BOOTS. Inter1*!, P ric e -------_---------------------------'PerM il. JuneiiO
Lowest.
Highest,

Railkoad a s p M iscel . B o s p s .!In ter'st 1° lp r ic e
\PeHod.\J uncZO

Range (sales) in 1893,

Lowest, I Highest
Amer. Cotton Oil, deb., 8 g.1900 Q— F
103 M ay 114% Jan.
Pao o f Mo.—Sd 6 kt«n .5s.l938 J & J 104
104 June 108 % Jan,
At l'op.Asi.F. - iO O ~rr.,*g.l989 J A J
76% June 83% Feb.
Mobile A Ohio—New, 6 g ..l9 2 7 1 J & D 108
109 June 115 % Apr
2d 2% -te, e., Cl. " A ” . ...1 9 8 9 a it O
10% June 57% Jau.
General mortgage, 4s...193 8(M & B] S3
55 May
63 Jan.
100-year In co m e ,5 a ..— 1989- Sept,
50 May
57 Jan.
Kaah. C h .& 8 t.L .—1 st,7 s.l9 1 3 iJ & J;126
121% June 130 Jan,
AC. <s P a c .-G u a r , 4. g .„ .l 9 3 7 > ...........
64 June 71% Jan.
Con., 5 g ........................... 1928>A & 0 102
101% May 105 Feb,
W.D. ln e .,6 e ..................... 1910 J A .
5 M ay
11% Jan.
N.Y.Cent.—Debt E xt., 4s. 1905 M & X 99
99 June 103 Mar.
BrooW’ n K ievat*< tlst,6,g.l924 A As O 114 a. 114 M ar 120% Mar.
1st, oounon,7B................. 1903.J & J il2 3
121% June 124 Feb.
Cart, rvruUi.—1st gaar.. 5* 1908 J A J 105
1105 Jan. 107% Feb.
D eben„D S.oonp„ 1SS4..1904IM & 8 1 0 5
106 Mar. 108% Jan,
2d,Se................
1913 M A S 99
99 June 103% Jan.
H. Y. A Harlem—7s. rest. 1900 M & N 120
115 May 119% Feb.
Cent. Ga.—8. AW. lste o n .5 s.’ 29>........... 7 48 b. 50 May
70% Jan.
R. W. A Ogd.—Con., 5 s,. 1922 A & O 110%b. 110 June 115 Feb.
Central of N. J .—Cons., ? e . 1899, Q - J - l' l'l % b . 113% a nr. 116 Mar. N. Y, Chle. A St. L.—4 g .. .1937 A A Oj 93%
92% June 99% Feb.
Consol., 7*........................1902 M A .V ........... 5118 51ay 122 Feb.
N, Y. Elevated—7s.............. 1906 J A J 109% 109% June 111% Jan.
General mortgage, S * ..1 9 8 7 J A- J 110% 108% Jau. 112% Apr.
N. Y. L a ck A W.—1st, 6 s.. 1921 J & J.124 b. 123% June 131 Feb.
Leh.A W .B ., eon ..?*,u p d .1900 Q—M !104%b, 104 May 110 Jan.
Construotlon, 5 s.............. 1923 F & A 107 b. 107 June 114 Jan.
do. m ortgage, 5s_____1912 M A HI 96 a. 95 Jau. 100 Apr.
N.Y.L.E.AW'.—Ist,eon.,7g.l920 M A 8* 128%b. 128 June
“
139% Jan.
A m .D o c k A Imp., 5s-----1921 J A J*il08% a. 103% Jan. 109% Feb.
Long r>oekConsoi.,6g. ..1935 A & 0 *122 b. 122 Jan. i125 Feb.
CentralPacific—G o ld ,6 s..1898 J & J lo7% b. 108 Mar. 109% Jan.
2d c o n s o l, 6 g .............. ..1 969 J & Dj 89
8 8 % J u n e ll0 5 Feb,
Cbea. A Ohio—M ori., 6 2 .19 1! A a- o i 12 t>. 114% May 118 Feb.
» . Y. O. A W .-R e L 4s, g.,1992 M A 8; 81
SO J u n e ' 8 6 % Feb.
1st eon#oi.,5 g .......... ....1 9 3 9 5 1 A A l o o
97 June 106 Feb.
Consol. 1st, 5 g ................ 1939 J & D 102 b. 102 June :108% Jan.
S e c . 4%8, B...................... 1992 >1 A 8 76
76 June 85% Feb.
N Y.Sas.AW. -1 s t r e f.,5 g . 1937 J & J 100 b. 103% June .107% Mar.
B.AA.1Hv, ,1 st eon. .2 -4 g. 19 89 J & J 1 79
77% June 82% Feb. i Midland o l K. J., 6 g ___1910 A & O illS a 112% June 120% Mar.
do 2<t eon,, 4 « . . . 1989 J A J 77
77 Jan.
80 Feb.
Horf. A W.—100-year. 5 g.1990 J A J ............ 81% Slay
90 Jan.
CMc, B a r lS Q ,-G a n .,7 e .l 8 0 3 J A J 116 b, 117% Star. 121% Apr.
Md.AWash. D lT .-lst,5 g.1941 J A J *84 a. 83 June 91 Jan.
i'ebeature.fte...................1913 M A .V 9ft a. 97 June 102% Jan.
Nortb.Pae.—ls t.o o n p „6 g .l9 2 1 . T A J 114
114
June
>118
Feb.
Convertible 5*.................. 1903 M A S 97%
97% June 108% Jan.
General, 2d, conp,, 6 g.,19 33 A A O 109 b. 109 J u n o T lS Feb.
Denver D i v i s i o n s .......1822 F A A 83 U. 88 June 94% Jan.
G eueral,3d, ctmp., 6 g .,1 9 3 7 J A D 98%
98%
June
108
Feb,
A'ebraska Extension, 4s. 1927 Si & N 83«eb. 83% June 88% Jan.
Coneol. tu o rt.,5 g .............1989 J & D 61
58 May I 74 Feb.
Chic. At E. III.—le t,* .!.,6 ». 1907 J & l.
111% June 116 Apr.
Col. tr. gold notes, 6 s ... 1898 M & Hi 9.
93 J u n e : 93 Juno
C<ra*ol.,6g........................1934 A & O
118 May 123% Mar.
Cble. A H. P .- l s t , 5 g ...l9 4 0 A A U 68
66 J uue 80% Feb.
General consol. 1 st,5 s ..1937 M & H 9S a. 95 June 103 Apr.
North. Pae. A Mon. —6 g . . .1938 M A 8 79 a. 79% May 1 89% Feb.
C hicago A Erie—-1st, 4-5 g.1982 SI A N 95%
95 May 103% Feb.
North. Pac. Ter. Co.—6 g . . 1933 J A J 97
97 June 104 Feb.
Income, 5 s________
1982 O e fb 'r '3 5 a. 33 May
44% Jan.
Ohio A M l*a .-C on s.s.f„7 s. 1898
A j;*1 0 7 b. 108% June 112 Feb.
Cble. Gas L. A 0 ,—1st, 5 g . 1937 J A J , 81 b. , 83 June 92% Feb.
ConsoL, 7 e.........................1898
A J -107 b. 107% June 110% Mar.
Chic.M il. A 8 t.P .—C on .7 s,1905 J & J.124 b. 125 Feb. 1129 Apr.
Ohio Southern—1st, 6 g ...l9 2 1 J A 1) 105
105 June 109 Jan.
1st, Southwest Dsr., 6 « .1909,1 ,v J 114 a.! 109% June >111% Apr.
General morL, 4 g . ......1 9 2 1 M A N 50
50 June 64 Jan.
1 s t,bo.M in. D ir., 6 # ....1 9 1 0 J * J l l U » b i l l
May 116% Feb
Omaha A 8t. Louis—4 g . .,1937 J A J
60 Feb.
68 Jan.
l*t,C h .A F * e .W .D !r„S ».W 2 I J A J 109 b. 108% Jan. 112 May
Oreeon Imp, Co. - I s t ,6 g .l 9 1 0 J A D 95 %b. 96 June 105 Feb.
Chic. * M o ,R lv ,D tv .,5 « .l9 2 6 ;J * J l............ 102% Jan. 105 Apr.
Constd.. 5 g .......................1939 A A O 47%
46 June 67 Feb.
WU. * M ina. Div., 5 *..1 921 J A J i ............ >10S Jan. 108 Apr.
Ore.R.A N a v .C o .-ls t ,6 g .l9 0 9 J A J 108% 108 Jan. 112 Mar.
Term inal, 5 (t...................1914 j a J>............105% Jan. l o o June
Consol.,5 g .........................1925 ,J A D 87%n, 86% June 94% Feb.
G e n . s e r i e s A .. .1989 J A J, 92 a.' 90% Jan. I 95 Apr.
Pennsylvania—^4s, it.........1943
1943 M A N 102%a
M il-ANor,—1 s t ,e o n ..6*. 1913 J A D T 0 3 % b .U O June 115 Feb.
Fa, Co.—4%
cou p on ___1921 J A J il0 7
106 Jan. 110% Apr.
C b le .A S .W .-C o n s o l.,7 s ..1915, o - F !■»«
130 June 138 Jau.
Peo. Deo. A Evanav.—6 g .,1 9 2 0 J A J *103 b 100% May 104 Alar.
C 0 B j»n ,g 0 ld ,7 s...............1902 j A Ii llti% b. U 9 June ‘ 123 Mar.
Evansville Dlv., 8 g ...,1 9 2 0 M A 8 9'
95 June 105 Feb.
Sinking fo o d , 6*...............I f A i 0 *109 b. U 0 % May 115 Feb.
2d m o rt-.ftr..................... 1926 M A N 65 a. 65 Apr.
72 Feb.
2!“ ^ ° *
1920 A a 01106 1.-106 Apr. 100 Jau.
I blla. A ReaiL—Gen., 4 g.1958 J A J 6 6 %
65% June 85% Jan.
Sinking fund dei,«i,.,5*. IbJ.i >1 a N il03% b.jl06% j i t . >112 Feb
1st pref. Income, 5 g .......1958
Feb.
29%
29 June 70% Jan.
25-year debenture, 5 . . . 1909 M A N 101% 100 Jan-. 106% Mar.
2d pref. Income, S g .......1958
Feb,
19%
19 Juno 70 Jan.
Extension, 4s...............1 9 2 6 F * A 93%a. 93% Jm ,.
98 Jan.
3d prel. Income, 5 g . , . . . 1958 Feb.
14%
13 June 62% Jan.
C M 8 .F g p .jM t.Loots 5 g.l»28|M A 8 99 a. 95 Jam- 100 Msr.
Pittsburg A Western—4 g.1917 J A J 85 a. 81 Jan.
88 Apr.
C W e.B .I.A F ac.—6s.opup.181 < j A J 113 a 120 Jan. 125 J.ui.
Rich A Danv.—C on .,6
g.,1 9 1 6 J A J 107%b. 103 Jan, I l l
_____
Feb.
E x te n sio n sa d c o l.,5 s ... 1934 j a J 3*%
97% June 101% Feb.
C onsoL ,5g........................1936 A A 0 *74 a. 67 Jan.
78% Mar.
....... 1931 M A 8; 9l*»a. 90% May
97% Feb
Rich.AW,P. Per.-Trust,6g. 1897 SF A A t 53 b. 154% June 83% Feb.
Chic. St. F. M. A O .—« # . . . . 1830 j * 0 1 1 3
U S June 12.1 Mar.
Con. 1st A cot. tr u * t,ftg .l9 !4 :M A 8 1 2 6
24% June 52 Feb.
a m t e a t f A 0 a s E O E r - - » ...l 9 l ''j A j
a, 86% June 92% Apr.
R loG . Western—1 st,4 g . . 1939 J A J"
7 o June > 78 Feb.
C. C. C. A I . - c o n s .;!..7 g.lt< !4 j A o *120 h. 119 Ma> 110 May
»t. Jo. A Gr. Island—6 g . . 1925 M A N!............ 83 June 96 Jan.
st L A Iron Mt. let ext. 3s.’07 F A A U 0t% 100% May 103% Jan.
? 3,‘ J * J ............ 114
122% Feb.
O.C,C.A8t,L— P eo.A K .4a.1940 A A O 60 ».! 86 M n
79 Jan.
2d, 7 g ................................ 1897 M A N il02% b. 102% June 109 Apr.
I p o o tb f.* * .........- ............ 1990 April. UJ a, 18 May
26% alflkSI,
Cairo Ark. A Texas. 7 g . . 1897i.I A D 99%b. 99 June >104% Alar.
.........1900 F A A 10»%b. 100% Jm,. 106 Jan.
G »o. K’ y A la n d g r..S g .. 193! A A Ol 81
80 June ! 90% Jan.
OoL Miiilimd—Con., I * ...iy -4 o f & \
50** ! 5 o u Juti.
67 i . -8LL. ASan F r . - 6 g .,C l.B . 1906 M A N U 2 a. 109 May 114% Apr.
O olB ,V m L A T o L -L in .!k g A M rM % t 66
™
85 Ji»n~; 94% J
Jan. , 6
Class C.............. .... 1906;' M A h i ............ 103 Juno 114% Apr.
t M w A e * . . * ............ i . i w i j & u -80
93 June 98 Apr. | General inert., 6 * ....... ..1931 .1 A J *105 b. 106% Jan. ■*”
■
111% Apr.
Denver A Kto G.—1st. 7 a . 1900 it & N 114 i,. 14% M*y HO Apr.
HL I.SO.W est.- 1 s t , 4 e ,g .. 1989 M A N 59
58 June 68 Apr.
ls t e o n s c l .,4 « .................. iw j « j A J 7o
“ 9 June 88 % Feb. : 2 d ,4 «,g .,In com e ........1 9 6 9 : J A J* *21 b.i 21 June 28% Feb.
D e t B. c ity A Alpena—6 < 10! >.j A J * 63 b.} 65 Jan.
74 Jau.
a.p.M .A M .-D itk. E x., 6 g .lU K ) M A N H 3 % b. 113 June 119% Apr.
I let. Mar. A M .-L h g r a n ls . 19 U
A o ; so
! 2 0 June 4 0 Jab.
le t coasoL, 6 g ................ 1933 J
' 118% 118 May 123 % Mar,
I ----D a i Bo. 6b. A AEb—5 g . . . , 1937 J A J 95 b 97 Jan. 103 Apr.
do
reduced to 4 % g .. J
102% a.ll00 Jau. 103% Apr.
L.Tetm V A G .—Co b ., 5 *. l t o e - x A N 00
' 89 June 94 Apr.
Montana Extension, 4 g ,lu 3 7 !J
90
"
a,
87
June
91
Jan.
.. .1 < ...1 9 2 5 J A J 95 b,10O Jau. 104% Feb.
Sen A. A Aran. P .- l s t ,t ig . ltfli; J
'68 b. 70 May | 76 Mar.
Ells. hex. A 81* 8*0 * g. 1902 M a p *02
03 Jill) 101 Feb. | 1st,
,.,..,1 9 2 6 | J
63 b. 66 Jan.
76 M ar.
i t W, A D eny. City—6 k , .1921 j a j >; «,;j
»-* Ju ne 101 Apr.
Seattle 1.0.A R .—U t.gu. 6.1931 F
,
80 ft. 79 June 92% Jan.
U.tiH .A 8.A r,.-M .A F .l> .i#t,5 g. M a S> 94
94 May i 97% Feb.
eve'ty C«rp |N.Cord.) 1st eon.6s|M A N 90 a. I 70 •May 99 Apr.
Han. A 8 t. J o e .-C o n k . 6 ..1 8 U >M A 8 ,1 U % ». U 3 % Mm * ,117% Feb.
8«.C » r.—1st. 0 g .,ex c o u p .1820 ............ 105 a. >105
lIon j.A r e x .C .-G e a . « s .g 13J1 a a o
,j.) J ,,,;, i 70 Jan. >B6, P ec., Art*.—# g . . „ . 1909-10 J & J! 98 b.j 97 -May 106 Feb.
Apr. 100% Jan,
UUnoi* Central—4 g ....... ..1 952 a A 0**100 b. 100% Jan
10S Mar.
8n .P a cific,C a l,- # g . . . . 1905-12 a A o -IF J13 May 115 Feb,
lC t A G t S o .—U W bg.iK x.,18 ia M A ,N 106% , tOP JuS ,113 Apr. , 1st, consol., gold. 8 x _____ 193s A A O s 94 b.l ill
Apr.
87% Jan.
2d 4%-S*.........................IOt/U M A S' 63
i 63 Jan I 72% Feb.
80. Paul#®, N. M.—« g .........1911.1 A J 103 b.103
May 105% Feb.
Io w » Central—1st, 5 g ....... 1936 J A f, 74 b.; 78 Jtin
90 Feb,
ie
i.n
.i’-i.
A
lty
.—T
en.D
.,ls:..i;g
A
*
U
'
76
:r
May
95 Feb.
Kt-ntaokyCentral—* g . . . . l.y«- v >j * j 85%b. 84 Jan.
87 Apr.
Btrm .IR v., 6 g .....................1917 J * J *00 b
June j 95% Jan.
K ing*C o, E i —le t, 5 g .„ .1 0 2 5 j * j 05 b. 99% J,«n. 103% Feb,
Tex.
A
Pac.—1st,
6
g
-------,..,2
0
0
0
J
A
D
err
09
J
uno
i
81 Jan,
L ad ed * Ga»—1st, 5 g ........ 1918! y . y
7%a., 77 Jim
87% J aii.
2d, SiiBttme, 5 g ................. 2000 March. 1 7 %
17 Juno I 29% Jan,
L a k * J 5 W e A « « » L - i * " " l 9 3 7 J 'A J- H i t s 108% Jan. 113 Fell. >ToLA. A. A H .
6
g
-----1924i
M
A
N
*93
ft
103
Jan
!
'108%
______
Jan.
___
L. Shore—Ona, ep.> 1st, 7 s . iS oo ij A J n o b 117 Jan* 110 Jan.
Toi. A Ohio OeoS,—6 g .........1935 J A JilOO b. 102% May 10» Apr,
Coaeol. c o a p .,2 4 ,7 * ....... 1903 j A D U S a. 119 June 122% J an.
Tnl. Pec. A West.- 4 g .........191 7 .1 A J 75 b. 76 May j 81 Jan.
Long Is! d —1st, wm., 5 g ,.1 9 3 1 y _ J
n * % Feb, !11«% BVlv
T o l.8t . l - A Kan. C , ~ 6 g . . 1916 J A D ............| 53
June: 9 0 % Jan.
General m ortgage,4 g .. 193S J a I>
*.....................
* 04 b. 83- Jutm
: 96 Ha.
Oaltm Pacific—6 g ........ ....1 8 9 9 .1 A J ,*108 1). 109 Jan. 110% Jan.
Louis, A Maoh,—Cons., fS.lSips \ 4 O 107 ». 108 JtiQe 113 Jan.
9tn H optoad . 8*............... 1893 51 A 8 101% 101
Mar, j J05% Feb.
N.O. A Mob. 1st, 6 g ....... 1930 j a J U *8 b. 110 J an . 123% Apr.
Ccllat. trust 4 % .................1918 .M A N *,( >
I 60 Ju ne: 73% Jan,
do,
2 d ,t ig ------- 103o J A j i m b. 103 June 1 »
Feb.
Golu 6a ool. trust n ote*.1894 F A A 95
I 94% June 102% Jan.
General, 6 g .......................1930 J & i > n r i &.j 115 J a i # 119% Apr.
Kan. P ac.-D en .D tr.-e * .1 8 9 9 M A S 109%b. 109% May 113% Apr.
Unified, 4 g .................., . . | 940 J A J: M'lHdU 80% Jon. ! 83% Feb.
le le o n so i.,8 * ................1919 M * H 101% 103% June 112% Apr.
>'a»h.Fl.A8b. —lstg td .5 g . J7 R * a . m b. 9*^ Jua«; 101 Mar.
Oregon Short Lltie—6 * .. 1922 F A A 9 7 %
“ .linn'
'"*■*
•.'7%
109 Jan,
Louis. H. A. ACh.—1st, Ss.lOU i j a j ‘ itid b. 10* Mar. I l l
Jan. ; Or.S.I..AUt1IxN.—Ood.5 g. 1919 A A Ol 05%
65% June 80% Jan.
C oneol.,6
„ i » l e a a O HM> a.,! 0S June 109 Jan,
D.P.Den.A G ulf con. fi g.1939 J A D| 60%
60
June
75% Jan.
Louie, 81. L. A Tea:**—6 g . 1917 F A- a ;*
sui 86 June i 08% Jan.
Onion Elevated—6 g . . ___1937 M A S 109% 1109% June 117% Apr.
M«Wo. Elevated—1st, 6 g .i a o s J * J *110 b. n n Jau* 118% Feb.
Virginia Mid.—Gen. tu.,5», 1936 M A N .......... . 77 Jan. j 86 Apr.
2d, e»........................ 1899 M A- S .103 b. 103 June 108% Feb.
do
etauipod guar. M A N; 80 a.i 70 Ju n e! 86 Apr.
M ich.Cent.—1st,c o n ..7 s.. 190-2 « a N 115
117 J IXfi€ 122% Apr,
Wabash—1st. 9 g .......... ....1 9 3 0 M A N : 90%
98% June 106% Apr.
ConsoL, 5s — .............. 1802 >| ,v. S i.
101% Slay 106% Apr.
2d m ortgage, 5 g ............1939. f A Aj 70%
69 J u n e! 8 2 % Jau.
M ilJUkeBh. A W .-le t .6 g .1 9 S l M ,v N l i b ■» 122% May 127% Jsn.
Debent, M,, series B ........ 1939 J A J 24 b
25 June 39 Jan.
Extea. A Im p,, 5 g ........ 1928 1 *
A 1 0 % b . 104 Mar, 100% Jan.
West sh o re -G u a r., 4 s .........2361 J A J 100
99% Apr. 103% Feb.
M , K, A T .—le t 4c, g ......... 1890 J A D 77% > 76 June : 82% .Feb,
West, N, Y. A Fa, —1st, 5 g. 1937 J A J 102h a. 102 Jan.
*
*105
" " Feb.
2*1- 4 « ,J ...V .............. ....1 9 9 0 r * A 40
! 39 June ! 50% Jan.
9d a io n .,3 * ..5 « c .............. 1927 A A O 20V ., 22% Juno 33 Jan,
Mo, P acific—1st, eon., 8 g .1920 M A N 101 b. 101 June 113 Mar.
W «*t.Un. T «L—Col. tr.,5 *.1938 J A J 103
102% Juno 106 Jan.
3d, 7 s— .........
1906 M A N 105 b. 103 June 115% Apt.
Wis,Cent, Co.—1st, 5 g...... 1937 J A J, 81%a. 83 Juno I 9 2 % Jan .
P ac.O fM o.—1st, M .,,4 g .1938 F A A 98%
98% Apr. 102 Jan.
Incom e, ft g ...................... 1 9 3 7 _____. . . 20
20* J u n o 1 35 Feb.
Ntyrt;,—Mb ’>Indlcat':, price Ouf; ** a " price t-ui.v •I S ttu- Rail,; •Is made up trim, actual sale* only, * Latest p rice this week. ( Trust recta.

15

SECDBITIES.

Railroad Bond*.
( » e e k gjst&nngt PrU ts.)
A labam a Mid,—1st, g... guar.. 1028
A.T.A-*- F .-C o ' MM. 1 s t , 1 93«
24 ,4s, Class B ..............*....... 19*9
Atientlr A D »n r .—1st g.. 6s 1917
AW, A P a c.—2d W, D... giL 6 i,. 1007
B a lt A Ohio—Ins, 6*, Park B 1919
. f . * Q i d ................................... IS
9 price Frbis.v; these *ra the

Bid.

Ask. •!

SECURITIES.

B. A O .— ions, mort., gold.5s.1988
W*. Va. A P lu s.—1st, *., 5 s..1890
B. A O. 8. W.. 1st, fc., t S s .s .l990
*80
5a.*..1919
85 ij Honoxts River,
997s[! OentTOhio Ba©r.—l « f , 1 ^ .1 9 3 0
MCsM {Jh.Juno.
, 1930
Boat. H. Tun. <fe W.—Deb. 53.1913
Brooklyn Elevatod—2r!, 3-53. 10 i 5
Brunswick «fc W'n—Ial. «c*
1938
Boil, B o h. A Pitta.—OeAn*53.1037
latest anotauons m ade uiie week.

Bid,

.......
97

Ask.

SECURITIES.

Bid.

Aek.

B.
R .A P .-R o c h .
P., 1st, 89.1921123
Rocli. A Pitta.—Cons. 1st, 6s. 1922
Burl Ced. Bap. ASO .—1st, 58,1906 100
Consol, A collat. tru st,5 s... 1934 ......... 95
i o i % ! Minn. A St, L.—1st, 7s. g u ..l9 2 7
____ "
Iowa C. A West.—1at, 7 s.. .1 9 0 9 io b
Ced. Rap. 1. F. A ST., 1st. 6S.1920 io o
1st,
5s..................................1921
90
bo"
C.
Oblo—Col. ACin.M .I ;,t,4 %4.1939
¥ 2“
iob 1Gent. « B . A Bank.—Onl. g,ft«,1937

N EW Y O RK STOCK E XC H AN G E
SECURITIES.

Bid.

P R I C E S .—IN A C T IV E

i 11.A T.II.—Mb Vernon 1st 6 b .1923
Sul. Co. Br. 1st, g.» 5s..........1930
■ Ev.&Riek.—Istgen.5s,g.gu .l931
j Evans. A Indian,— 1st, cons. .1926
i Flint A F. Marq.—M ort., 6s. -1 9 2 0
1st eon. gold, 5s.....................1939
; Port Huron—1st, 5 s ............. 1939
*100
Fla. Cen A Pen.—I s t g . 5s—-1 9 1 8
......
1st con. g , 5 s ........................ 1943
C. & O. D iv - e x f - g. 5 s.......1918 107
Pt Worth A R, G.—1st g., 5 s..1928
West. Paolflo—Bonus, fa s -.. 1899 108%
Gal,
Bar. A San A n t —1st, 6 s .1910
; No. Railway (Cal.)—le t , 68-1907
Gal. H. AS. A —2d m ort., 7 s ..1905
*94
95
M ex. & Pae. Div,, 2d 6a ....1 9 3 1
O je 3° £ °O.Lp9ar" M. fund, 63.1898 107 1 1 0 %
Ga. Car. A N or.—1st, gu. 5s,g.1929
6s, gold, series A . . . . . . . ....... 1908 112 115
Ga. 80. A Fla.—1st, g. 69.........1927
Craig Talley—1st, e., 5 s_ -...1940
Grand
Rap. A Ind.—Gen. 5 9 -1 9 2 4
Warm Spr. V a l - 1st, g. 5 9 -lg A l
G. B. W. A St. P.—2d Inc. tr. reels
0 les. O. & So. W est—1st 6 b, g-1911 *105
Housatonie—Cons, gold 5s— 1937
76
2d 6s .................................. 1911
N .H aven A D erby, Cons.5s..l918
Oli. V .-G e n .co n .1st,gu,g,5s.1938
Hous. A T . C.—W aco A N.7S..1903
0 licago & A lto n -8 . F., 6s. ..1908 115
l s t g., 5s (int. gtd»................1937
Louis. A Mo. River—1st, 7S.1900
Cons. g. 6s (Int. g t d ) ...——.1912
2i\ 7g
............
1 900
Debent, 6s, prin. A int. gtd.1897
1
0
0
‘s
102
Bt. L. Jacks. A CMC,—i f t , 78.1894
Debent. 4s, prin. A int. gtd.1897
MJes.R. Bridge—1st, 9. t , 6 b.1912
Illinois Central—1st, g., 4s ...1 9 5 1
Chic. Burl. A N or.—1 st,5 s . - . 1926 "9 9 ”
1st, gold, 3 % s ........................ 1951
Debenture 6 s .......... , .......-- 1 8 9 6
Cairo Bridge—4 s ................... 1950
Ohio. Burling. & Q .-5 a , s. f -1 9 0 1 101 %
S prin gt Dfv.—Coup., 6s-----1898
Iow a Div.—Sink, fund, 5S -1 919
Middle D iv.—Reg., 5s..........1921
91
Sinking fund, 4 s..................1019 *89
C. St, L. A N. O,—Ten. I., 79.1897
Plain, 4s....... ............ . . . . ----- 19*1
1st, consol., 7s.................... 1897
Chic & Indiana Coal—1st 5s. 1036
2d, 6s................................... 1907
116
Chi. MU. & St. P —1st, 8a,P .D . 1898
Gold, os, c o u p o n ................1951
116
2d, 7 S-lOs, P. D ................... 1898
Meinp, Div., 1st g. 4 s.......1951
1st, 7s, $ g ., R .D ...................1902 120
Dub.
A S . C.—2d Div., 7 s .-1 8 9 4
119
1st, I. & Ml, 7 s...................... 1897
Ced. Falls A Minn,—1st, 78-1907
1st, I. & D .,7 s ...................... 1899 115
Xnd.
D.
A Spr.—1st 7s, ex. ep.1906
120
1st ,C. A M ., 7 s------- ----------- 1903
Ind.D.&W.—1st 5s, g - t r .r e c - 1947
1st, I. A D. Extension, 78. ..1908 116
2d,
5e,
gold, trust receipts.. 1948
113
109
let, La C. & Dav,, 5 s............ 1919
Inc. M. bonds, trust receipts —
1st. H. & D., 7 s.....................1910 121
Ind. Ills. A Iowa,—1st, g, 4 s..1939
104
1st, H. & D ., 5a .. . . . . . - . . . - 1 9 1 0
Int,.AG. N’n—3 st,6s,g................1919
Chicago A Pacific D iv., fas..1910 112
Kings Co.- F.Ei. .1st ,5,g. ,gu. A. 1929
Mineral P oint Div. 5s.......... 1910
Lake Erie A West.—2d g., o s .1941
C. A E. Sup. Div., 5s............ 1921
L, S. A M . So.—B.AE.—N e w 7 s .’98
Fargo & South., 6s, ASSU...1924
Det. M. A T.—1st, 78.............1906
Iu e/eon v . Bink. fund, 5 s— 1916
Lake Shore—Div. bonds, 7 s .1899
Dakota A G t. South., 5 s . . . .1916 104 107
Kal. All. A G. R.—1st gu. 5S.1938
D#MU. A Nor. main line—6a... 1910 105% 110
Mahon’g Coal R R .—1st, 03,1934
104
Ohio. AN. W.—30 year deh. 03,1921
LekigkV-N .Y.—1st gu.g.4% s.l940
Eseanaba A I,. S. 1st, 6s-----1901
Lehigh V.Term.—1st gu, os,g. 1941
Des M. & Minn.—1st, 7e— 1907
1 Jtchf. Car. A West.—1st 6s, g . 1916
Iow a Midland—1st, 83......... 1900
Long
Island—1st, 7 s ................1898
Peninsula—1st, eonv., 7 s .-1 8 9 8
N. Y. A R ’ w a y B —1st,g .58.1927
Ohio. & Milwaukee—1st, 7 s .1898
2d
m ortg - m e ............... ...1 9 2 7
Win. & St. P.—2(1, 7s............ 1907
N.V.AMan. Beach.- 1st, 7s, 1897
MU. & Mad.—1st, 6s............1905
N.Y.
K.&M.B.—1st eon. 5s,g. 1935
Ott. 0. F. & St. I'.—1st, 5 s .-1909
B rookl’n&Montauk— 1st,6s. 1911
Northern 111.—1st, 5 s.........1910
Ca.Peo. &St.L.—Con.lst,g.5d.l93B
1st, 5 s ..................................1911
95
Louis.Evans. A St. L.—Con.5s.1939
O.R.I.&P.-D.M.& F. D. 1st 43.1905
Louis. A Nash.—Cecil. Br. 7 s..1907
1st, 2% s............................... 1905
E. ri. A Nash.—1st 6s, g .— 1919
Extension, 4s................... ,190o
Pensacola Division, 6s ........ 1920
100
Keokuk & Des M.—1st, 5 8 -1 9 2 3
Bt. Louis Division, 1st, 6 s ...1921
Chicago & St. Louis—1st, 63-1915
2d, 3s....................................1980
m ’
Ohio. St. P. & Minn.—1st, 63— 1918 119
Deb. Branch Extension .. .1893
Bt. Paul AS. C.—1st, 6s....... 1919 *117
Nashv.
A Decatur—1st, 73—1900
0 do. A W. Ind.—1st, s. i - 6s. 1919
S. f .,6s.—S. A N. A la.............1910
General mortgage, 6 s .......... 1932
10-40,
gold,
6s...................... 1924
Chlm-AWest Mich.—5 s ,......... 1921
5 0 -year 5s, g ,,........................1937
ffimTiam, A D .—Con. s. f,, 78.1905
Pens.
A
A
t
.1st, 6s, g o ld ... 1921
2d, gold, 4% 3—...................... 1937
Collat. trust, 5s, g .......... ...1 9 3 1
Gin. D. & Ir'n —let, gu, os, g. 1941 94
Lou.N.Alb.&Ck,—Gen.m.g.Bs.1940
Olev. Ak. A Col,—Eq. A 2d 6 s.l930
Manhattan R y.—Cons. 4s.......1990
O.C.C. A Bt. L - Cairo div.—4s, 1939
8t.Lou.Div.—lsteol.ts’t4s,g.l990
Manito.S. W.Coloniza’n—5s ,g. 1934
91
89
Memphis & Chari,—6s, gold. .1924
Bprtng.SCol.Div.—1st,g. 4s. 1940
1st con. Tenn lien, 7s.......... 1915
W hiteW .Val.Div—1st,g. 4s. 1940
Cin.Wab.AM.Div.—1st,gels. 1991 93%
Mexican Cent. Consol.—4s, g,1911
1st, cons, incom e 3s, g........ 1939
Oin. I. Bt. L. A C —lat.g.,43.1936
M exican National—1st, g., 6 s.1927
C on sol, 6s............... - .........1920
2d, income, 6s, “ A” ..............191*
Cin.8au.ACl.—Con.lat,g.5s, 1928
2d, incom e, 6s, “ B ” ............ 1917
Ol-Col. O n , A Ind.—1st, 7a,s.f.l899
Michigan Central—6s..............1909
Consol, sink, fund, 7s.......... 1914
Coupon, 03.............................. 1931
Oleve. A Mali. V .—Gold, 5 s—.1938
M ortgage 4 s ........................... 1940
C olum bia* Green.—1st, 6 8 ... 1916
2d, 6s....................................... 1926
Bat.C.&Strgjh,—Ist,3s,g,gtt.l9l9
B il. Lack. A W —More. 7 s ..-1 9 0 7
Mii. L, S.AW.—Oonv. deb., 5s, 1907
Syra. Bing. A H .T .—1st, 76.1905
Mich. D iv., 1st, 6s................. 1924
128
Morris A Essex—1st, 7s-----1914
Ashland Division—1st, 6s —1925
Bonds, 7 s....................... ....1 900 109
Incom es......................................
78 o f 1871........................... 1901
117% Minn. A St. L .~ 1st, g. 7s.........1927
1st, con., guar., 7 s ............1915 *131
Iow a E xtension, 1st, 7s.......1909
Del. A Hud. Can.—Coupon 7s,1894 102
2d mortg., 7s..........................1891
Pa, Div., coup,, 7s................ 1917
Southwest Ext.—1st, 7s.......1910
Albany & Susq,—1st, gu.,7s 1906
Paciiie E xt.—1st, 6 s ............1921
123
l i t , cons., guar., 6 s „ ____3 006 114
Irnpr. A equipment, 6s........ 1922
Kens, A Bar. 1st, coup., 7s.1921 139 142
Minn. A Pae.—1st mortg., o s .1936
Denver City Cable—1st, 63—.1908
Minn.Si .P.AS.S.M—1st e.g. 43.1938
38
, Denv. Tramway—Cons. 63, g.1910
M o.K.AT.—K.C.AP,, lst,4s,g,1 990
Metropol. Ky.—Ist.gu. g.6.3.1911
Dai. A Waco—1st, as, g u ..-1 9 4 0
DeiiV, A R. G.— Imp., g - 5 3 .-1 0 2 8
70
Missouri Pacific —Trust'5 s ... 1917
Dulutli A Iron Range—1st 53,1937
1st c o ll-5 s , g ........................1920
98
E .T enn , Va, A Ga,—1st, 7s,—1900 107*
8t L.AI. M.-AAteBr.,1st,73.1895
Divisional os.......................... 1930 '104
Mobile A Ohio—1st ext., 6 s ...192'
1st e x t.,gold, 5 s ................... 1937 *40
St. L. & Cairo—4s, guar.......1931
£ q , a Im p - g .,5 s....................1938
Morgan’s La. & T ,—lat, 6 s ....1920
Mobile A Birin,—1st, g., 59-1937
1st, 7s......................................1918
Alabama Central—1st 6 e ... 1918
Nash. Chat, A 81.1,.—2d, 6S..1901
Brie—1st, extended, 7s.......... 1897 108 110
N. O. A. No. L -P r. 1., g., 68-191 5
2d, extended, os.................... 1919 ’i l l
116
N. Y. Central.—Deb. g. 4S ....190 5
3d, extended, 4% s................. 1923 100 101
N. J. June—Guar. 1st, 4 s . ..1980
4th, extended, 5s...................1920
110
Beech Creek—1st, gold, 4 s ..1936
5th, extended, 4s...................1928
10 1 %
Osw. A Koine.—2d, 5s, g.,gu.l915
1st, con.,
I’ d, 7 s .............. 1920
Utica A 111. Riv. -4s, g., gu.1922
Reorg., 1st lien, 6s................ 1908
25. Y. N. H. A H ,—1st, re* 48.1903
B. N. Y, & E .—1st. 7 s .......... 1916
N. Y . A Northern—1st, g 5»_1927
N .Y . L. E. A W
2d, 4 s...........................
1927
Funded coup, ,5 s ................... 1969
N. Y. Susq. A West.—2d, 4%S-X937
Buff, A 6. W .--Mortg. 6 s . ...1908
Gen. mort., 5s, g ................. 1940
Jefferson—1st, gu, g. 5 s ___ 1-909 100
N. Y. Tex. A Mex.—lst,4s,gu.X9l2
Coal A P.it.—6s.......'.............. 1922
North’ n Pacific—Divid’d scrip ext
Eureka Springs—1st, g., 6 s ... 1033
James River Val.—1st, 6 s ...1936
Evans. A T.H1—1st,cons.,6s. .1921
Spokane A Pal.—1st, 6s.......1936
1st, general, g., 58 ............... 1942 100
Bt.Panl A N. P.—Geu., O s-1923
& B.~Cliat.R.NC.jgtd-g-1937 j
of K, J.—Com*, dob,, 6s. 1908 .........115
a 1Faeific—Gold bd3,6s, 1895 j 105
105%
d^on ds, 6 b.......................i m
IOC
bub jo 7 m »L Br:. 6 r / . : : : : : : : i f o o | ‘ io 9

No 'rice Friday; these are the latest quotations made this weak.

BONDS—f Continued J JVNJS S O .

Bid.

SECURITIES.

C. K
Ceiu
Cent
G>
G

K

[V o l . L Y II.

THE CHRONICLE.

18

K .,r . t t U

Ask. ■

SECURITIES.

Bid.

A sl

Northern P acific—( Continued.)
112
Helena ARedM’n—ls t ,g -6 s .l9 3 7
100
79%
DulufkAManitoba— lst,g.6sl93S *75
95
9o
Dul.AMan Dak.Div.—1st6s. 1937
111
Cceur
d’Alene—1st,
6s,
g
o
ld
.1916
1 13 %;
Gen. 1st, g—6s ..................... 1938
90
Cent. Washington—I8 t,g -6 s.l9 3 8
95*1
98
N orfolk & Sonth’n—1st, 5 s ,g .l9 il
Norfolk A West.—General, 6S.1931
New Elver, 1st, 6s ................1932
*64
65
Im p. A E xt., 6 s.......................1934
*99
Adjustm ent M - 7 s ................1924
99*
Equipment, 5s,....................... 1908
87
Clinch Val. 1 st 5s..................1957
RoanokeASo.—1st, gu. 5s. g.1922
7S "
Scioto Val. A N. E.—1 st,4s,.1990 75
Ohio A Miss—2d consol. 7s. —1911
20
Spring.Div.—1st 7s...............1905
113
General 5s.......... - ........... — 1932 *85
Ohio River R R .—1st, 5s.......... 1936
105
Gen. g .,5 s ...............................193
Oregon A Calilor.—1st, 5s, g . 1927
100 %
Ores. R y& N av.—C ol.tr. g..5s.l919
93
Pan. Sink.F’ d Subsidy—6s, g. 1910
*70%
Penn.-P.C.CASfeL.Cn.g.4%8A1940
10 1 %
107
101
Do
do
Series B .........
94
P .C .A 8.L .-lst,c.,7s................ 1900
100
Pitts. Ft. W. A C.—1st, 7 s.-1 9 1 2
2d, 7 s .................................. 1912
129
3d, 7s.................................... 1912
Clev, A p:— Cons., s. f d „ 7 s .1900
111 %
Gen. 4%s, g - “ A” ............. 1942
Ch.St.L. AP.— 1st,con.5s,g... 1932
U5*
St. L .V .& T . H.—1 st,6 s-7 S .1 8 9 7
2d, 7s.................................... 1898
100
2d, gu a r- 7s.........................1898
101 %
G d.R.AI.Ext,—lst,4% s,G .g.l941
P eo.A E .-Ind,B .A W .-lst,pf.7s.l900 *107
Ohio fnd,AW.—lstp r e f.o s .,1 9 3 8
Peoria & Pek. Union—1st, 6s . 1921
82%
2d m ortg - 4% s....................... 1921
Pitts. Cleve. A Tol.—1st, 6s.-1 9 2 2
Pitts. A L, Er.—2d g. 5s, “ A ” .1928
90
Pitts. Mo. K. A Y — 1st 6s.......1932
too
Pitts. Painsv. A F .—1st, 5 s .-1 9 1 6
Pitts. Shen. & L. E .—Ist,g .,o s.l9 4 0
Pitts. A W e s t —M. 5s, g 1891-1911 *83
125
Pitts.Y” gst’nAA.—1st, 5s,con.1927
Pres. A Ariz. Gent.—1st, 6s, g.1916
110
LOO
2d incom e 6s .......................... 1916
85
Rich. A D an v.—D ebenture6s. 1927
106
Equip. M. s. f - g - 5s............ 1909’
too
ill
Atl. A C har—1st, p r e f- 7 s ..l 897
100
do.
Incom e, 6s___ 1900 *95
55
Wash.O.AW.—lst,4s,gu.ey.,1924
37%
100 u o
R ioG r. Juno.—1st, gu,, g - 5S.1938
86
102
Rio Grande So.—1st, g - 5 s . . . 1940
St. Jos. A Gr. Is.—2d in c .........1925
Kan. C. & Om aha^-lst, 5 s ..l9 2 7
70“
St. L. A. A T.H—2d pref. 7 s .. 1894
103
2d m .inc. 7s............................1894 98
109
Dividend bon ds..................... 1894:
105 110
Bellev. A So. III.—1st, 8s. . .1896
110
Bellev. A Car.—1st, 6s......... 1923
Chi. St.L. APad.—lst.gd.g. 5 s 1917 101
84
St. Louis So.—1st, gd, g. 43.1931
do
2d in com e,5 s.1931
L10
Car. A Shawt.—1st g. 4 s___1932
St. L. A S. F.—2d 6s, g - cl. A . 1906
100
E q u ip -7 s -----*_____
1895
102
General 5s....................
1931
1st, trust, gold, 5s..................1987
70
Consol, guar., 4 s ..... ............. 1990 *60%
Kan. City & S.—1st, 6s, g - .1 9 1 6
Ft. S. A V. B .B g . -1 s t, 6 3 .- 1 9 1 0 104 106
Kansas Midland—1st, 4s, g.1937
St. Paul A Duluth—1st, 5s___ 1931
2d mortgage 5s.......................1917 103
St. Paul Minn A M.—1st, 7 3 -1 9 0 9 111
2 d m o r t -6s ............................. 1909 '116
Minneap. Union—1st, 6s___1922 '116
Mont. Cen.—1st, g u a r- 6S..193* 112
1st guar, g, 5 s..... ...................1937
102
112
East. M inn- 1st div. 1st o s .1908
102 %
99
Sau Fran. & N. P.—1st, g - os.1919
South Carolina—2d, 6 s..........1931
105
104
Incom e, 6s. —. .......................1931 *98
'114
80. Pae. Coast—1st, guar., 4s. 1937
38
rer.E R .A s’ u of S t.L .-lst,4% s.l9 39
i'o T
Texas Central—1st, s. f - 7s. -1 9 0 9
I05is
lstm ortga g e, 7 s....................1911
105
Texas A N ew Orleans—1st,7S.1905
Sabme Division, 1st, 6s ....... 1912
Third Avenue (N.Y).—I s t 5 s , 1937
111
100
Tol. A. A. A Cad.— 63................ 1917
119
95 105
Toledo A , A . A G’d T r.—g. 63.1921 *30
Tol. A . A, A Me. Pi,—6s........... 1919
Tol. A, A. A N. M.—5a, g........ 1940
28
T.AO.C.—K an.A M - M ort. is.1 9 9 0
72%
Ulster A Del.—1 st, con.,6,,5s. 1928
90
Union Pacific—1st, 6a.............. 1896 106
70 % 1st, 6s ..............
1897 * 106%
99 100
1st, 6s , .................................... 1898 107
Collateral Trust, 6s...............1908
Collateral Trust, 5s...............1907
85
Kansas Pacific—1st 6s, g . .. 1895 103
1st, 6s, g ................
1S96 101
110
C. Br. V. P,—F. 0., 7 s ... — .1895
Atck, Coi. A P ac.—1st, 6s ... 1905
70%
100% Atek. J. Co. A W.—1st, 6s—.1905
80
100
U .P. Lin. A Col.—lst,g .,5 s. 1918 *76
102
Oreg.S.L.A U.N.,col. trst-os. 1919 •99% 101
105
Utah A North.—1st, 7s........ 1908
Gold, 5s................................ 1926
104
Utah Southern—G en - 7 s . ..1909
102
107
Extern, 1st, 7 s....................1909
98
*78
80
Valley R’y Co. of O.—Con. 6s. 1921
80
Wabash—Debenture, Ser. A - 1939
” 9 5"
No. Missouri—1st, 7s..........1895
2 % 105
68 % St.L.K .C.AN—R.E.&RR.7S.1895 10
102 105
St.CharlesBr’ge—1st,6s.. .1908
West. Va. C. A Pitts.—1st, 6 s .1911
. S3
Wheel.AL.E.—1st. 5s, g o ld ... 1926
.'115
Extension A Imp, g - 5s.......1930
98%
o e l l a q e o m & P n l i s t e d B o m U ~ 8e e 3ri page p ^ e e d in g

THE CHRONICLE.

J uly l. isya.j

J u u s s ln u n l

19
Latest Earning* Reported.

Hoads ,

Week or Ho

AJCD

Railroad Intelligence.

1893.

1892.

Jan. 1 to Latest Date,
1893.

1892.

Sreat Nortli’ n—
St, P. M. & M, M ay......
970,408 794,003 4,684,523 4,644,453
East, of Ifflmi M ay----74,096
83,232
368,710
373,068
Montana Cent M ay___
100,989 114,934
485,012
471,967
Tot. system. M ay___
The I s t t e s t o r s ’ S o t f l e m h h t , a pam phlet o f 1 5 0 pages
1,145,494 992,169 5,538,276 5,489,488
Gr. P.Wal. & Br. A pril___
1,611
1,72
7,023
7,185
contains extended tables o f the Stocks and Bonds o f R a il G nll & CMoago M a y......
3,636
3,03:
17,325
15,23-4
430
618
roads, and other Companies, with remarks and statistics con­ HartATlUe........ A p r il....
4,991
4,565
Hoos.Tun.&Vm. A pril___
3,120
3,084
11,373
11,012
cerning the income, financial status, etc,, o f each Company. Hnmest’n&SheD May.......
8,500
8,890
54,562
59,434
Hutch.ASomu'/i p ril___
5,098
4,524
21,726
18,512
It is published on the last Saturday o f every other month— Illinois Central. A
M ay....... 1,716,745 1,458,353 7,925,663 7,510,322
v iz,, January, March, M a y, July, September and November, Ind.Deo.ife West. M ay.......
30,263
175,863
189,661
In.&Gt. North’n 3d wk J'ne
58,135 1,923,213 1,578,555
and i s furnished without extra charge to all regular sub­ Unteroc. (H ex.) Wk.Juiielo
39,350 1.003.969
868,845
Iowa Central. 3d wk J ’ne
38.369
865,961
scribers o f the C h b o y i o l e .
815,601
Iron Ballw ay.
May
2,994
17,467
13,284
The General Quotations o f Stocks and Bonds, occupying Kanawha JrMiell 3d wk J’ne
7.271
164,767
172,519
Kan C. Cl. & Sp. 3(1 w k J'ne
4,632
164,813
144,145
six pages o f the C h r o n i c l e , are published on the t h i r d K.C.F.S.ifeMoxn. 3d wk J ’ne
80,690 2,320,273 2,273,982
K.C..Meru.d-Bir. ■id w k J’ ne
17,698
S a t u r d a y o f each month.
517,005
499.508
K. C. Pitts. <fe G. May..........
3,946
39.550
21,139
Kan.C. Snb.Beh M a y ..........
4,108
82,857
20,517
Katl.C. Wy.AN W M a y ..........
24,329
140,393
137,906
K e o k u k * W est. 3d wk J'ne
R A IL R O A D E A R N IN G S .
5.753
172,131
177,197
L.
K r le A 'l
Ha
. ,fe
So.
y ..........
6,294
34,050
32,969
L.
Erie
<
fc
West.
3d
wk
J’
ne
60,490
Latest Earning» Reported
/o n . 1 to CahMl -Daia.
1,695,243 1,511,558
Lehigh * H u d.. May
Bo am .
39,275
224,536
155,894
Lons Island
3d wk J ’ne
112,891 1,747,011 1,718,118
1893.
1892.
1892.
1892,
Louis. A- M o.R lt M aroli,..
38,61
98.771
106,730
Lotus.Ev..yst.I., 3d wk J ’ne
s
#
i
f
25.977
888.747
589,185
Adliomiiiete, *,., ApiII. » ..{
57,640
394,41 A 10,153,8X1 9,636,387
12.231
12,280
55,265 Lotilsv.AN'ashv. 3d wk J’ ue
Ailmbrny V m . fM ar. ...___ j 240,8*7 215,358 1.083.058 1.00 >,us.t l.ouL..V. A .l <'!i jud wk J'tie
07,874 1,484.330 1,403,684
A U & T .& 8. Fe' '36 Wfe r u e 750,03# 706,15# 18*20 *,57« 10.788.818 IsltJ.st. !..5.T ex ju tw k J* uej
11,433
204,381
268,729
B%* l*. A 8&a F.|F4 w l JTie' 157.839 170,001 4 ,0 1 1,#49 3*718,080 M.*c.! n ,fe Hiriu. M ay___ __
7,059
23,273
31,911
G o t M id la n d .. Itn wl* Aj»rl
90.7*5
632,665'
06 0,130 Mancht-9 JiAuir.jApril........ j
56.00 *
5,72 1
889
4,556
eo~,780 876,241 22.270,4*34 20.1O7,60§ Maoist ifttte. .....IM ay. . . . . . . |
t o cal. , . Cifl wfc « ©
15,921
58,158
66,503
M iautaAOlmr.-i A p r il.,,...I
252,97 •> Mi-aipUls.vChas. ! wk J ’ue|
57 ,-#20
5-1,436
263,302
20,519
699,721
638,228
A tla n ta & f l o r 'a >05 - . . . . . . j
3,90*2
115,8 28 3,843,838 3,596,582
33,225
31,355 ;M<-Ale»tt G«tlt.;.-d wk J ’ ne!
B .A O .fca ltIi8 «» >L*y,
. C l»58#.N10 1,015,407 7,517*306 7.734.510 Mexican Inter'i jPeiiroary .j
116,856
377,918
247,279
W ebern Ltoe* Mar, - ___J 50#. 63 S i i i A m 2,573*042 2,187.-16 tMax.. National. 3d wk J 't«
73,395 2,107,377 1,858,907
T o t a l . M a y . . . . . . . . 2,097,154 2*050,$66 10,090.3*8 10,20 >392 IMexican R 'w aj hVK J’ne 17
37,253 1,155,515 1,503,996
Bsl.AO«8otitltw JSd wk
40,134
34,339
802,260
43,162 I ,l# # .i5 7 i c e * , ; y> Milwaukee At Ho]3d wk .i’nej
741,307
BatlofeHasa*»«!§' A p ril,. . . . .
1.06:
10,813
6,928
1.853
13,360
6,614 Mineral Ranse ' May.......... j
54,281
Blr. Jc A U toU e.. ‘ May. . . . . . . j
136.576
2*801
3(Sfr>9
14,812
092,612
16.750 Mitmeat*.J.-.8t.J. i.M.t’r ........ .!
729,082
Blr.BR A Teaa.B| A |»ri!.......
Hi.P. A8.S.M .j3d wk J’ ue
16,001
10.069
9*2,132
59,173 1,390,112 1,286,804
72,-'92 M.
BrooSclya K l^ r.. S o wk 4 *b ©
3-i.tH 1
947.409
185,703 4.141,120 3,891,988
33,393
805.093 M o.K au.4:T ox..jad wk J'ne:
Mo. Pae.Ai t'uiM|.id wk J’ ne
B a C R o c L .A F I y :3d w it JTi*C
436,919 12,028,700 11,637,342
89,338
89.417 1,500,286'
B orX M ta p . A S 3«.i vs- k J’ m72 .9-7
4.895
73,730 1.798,M 6 1,91*,.V-tJ Mobtie .t Birin. ( 1tiiwk May
©iffiilta A A H ., |A m i l . . , , . „
51.3501
170.3101
263,460 1,102.502 1,401,964
&S.977
160,176 Mobile ,v t >hi'. ! M ay..........
O iB adlauP aeH ic'*u%wk J'xie
38,284
-131,223
8,827,124! 9,24 A,2 11 Mout.iv Mex.Uli May...........
318,984
t. ;May. .........
Osur.CoiaiJiACri. f A p r i L . . :
418,116 2,075,100 2,081,163
15, *8 8
12 , 10 4 NUAb.CU.dt
Car. MMiaati... jM av, . . . . . .
21,010
21.977
21.881 N. Jersey A.V. V : March......
65,768
64,012
C oatralof B, J „.. I i» v t . . . . . . ..2*13,1*70'1,148^787 5 ,8 1 6,A70( 5 ,5 3 2,29 9 HewOrLdtRo’ n .. 3d wk J'nei
61,382
______I
. .
1.7;(7
66,617
May
................. 3,643,403 18,473.508 17,633,810
,15 l,3H 6T,l73,27hl 4,118,2981 -C235.tt72 N Y.> ..VH.il
4.001,613
x . v . i„ k A-vy May
Oa&tr&iofi. C ..{ a t»r1i
,
39,4491
B7
'■'£>01,6152, (517,566 11.819,674 12,050,474
Cbsr.Gs.ACHU* ■May - . , . . y
9.125
9 ,A4.
584.050: 57U.JJ1 2,320,776;
82,731
. ts4 N .Y .Pa.*O W o. i A p ril.
242,007
$8 *828 | 203.790
C liaffeil‘ »& 8(ir |A pri 1. . . . . . ]
258.800 S. Y.ScS .B o k .. ’ M arch... ,1 . . .
1,440,105 1,360.887
diar,S«Ba. A N o. (May.
f t8 2 i i
73,037
63.252 N.V.A North'll M a y ......... :
9,153!|
237,0841
35
45,286
_______
196,873
C ti'arqua Lake.|A 0f i t . ;
4 ,f 92j
91
16.347
73.2 n r 1,669,163 1,463,600
1 1*938 S. Y. tint, a tv. (84 wk J'ne;
4,4Bb f
j* tv. (May.
GbMsmw.AI>ari.
109
4,823:
37*076
607,482
5 , S80 |
15i,5U i
-----------635,072
29.028 N.Y
C%o*. & OlitO .,.
193*3441 190.203 j 4,672.974 l.JCi,.W3 N'e: t. A sooth’ ii M I V ...........J 16
40,003]
186,077!
180,696
Che#, (1, A, 8, W
181*319 107.092 !
082,433
160,515 4,833,790! 4,341.674
#7 ».710 S orfolk 4t West Mil wk J 'n e’ 169
Chic, Bur. A No
1
1
,010,001
S
’
t)ir,l»t'n
|8.C.
A
p
ril........
1
62
221,0011
152,752
02,017
27
■
,(562
271,868
S i 9,89#
-------Clile. Bur, A Q
,2110312,2 822- 91 15,083.329 1 1,1* 10,544 Nortli’n* euirin M ay............I Olt
550, m l! 2,341,445 2,763,309
Chlr.A E<«#t. c
wk J*mi 98,283' ' #6 807 i SN’112,008 1,791,044 N ortbem i’acHi :3 d w k M n v U s
308,3711 7,0-10,040 7,743,842
C W « « » A Erie. !.4g»rti___
Wl*. t t . U w * •ill wk May
225.5511 236.746 j 078, Ufa
1015,62*5
86
90,683, 1,843,353 1,971,813
Chie. (At.
N.ih.v tv’.uant lid wk J ’ !.e 479
r.m -srM j rm"
105*17 f 1,97 M 53 2,136,33$
,0«5 11,177,099 12,212,519
Cli.J. H .4 1 \ V,1Aprils
03,-4 I f i
921.291
310,117; 1,734,005! 1,638,576
02.5,920 Ohio A Miss---- M-.iv.......... i 326
Clii&Mu.A m .r . mq w k j'm '! 017 J R m B*, 4*8t>3 14*579,1 ; o 13,9$9.242 Oiitit H itter..... 3d w k J ’ ne]
17
-15,070
*
360.531
294,896
CTitt:. A OLte Rlr. 3*1 Wk J*Q«i
Ohio sotsliiant. May...........
I.Ahll
41
42,632
292,322;
261,581
1*442
Ofeif, A 3t*tltw* j> M ay .____ .j '!%,$ 1$ s
Ooiabd
A
81.
I..
A
p
ril.........j
-to
3J.100
35,700 I I ,1431,740 1 1 (Raii.USS
195.826;
188,080
ChtoJfca-Aft L t |8t
J'ae;1
l!
:
22,303:
I 023*200
330
3 0 5 ,3 3 6 1,159,750, 1,104,408
671.170 Oresoo Itop.l o A p ril........
Chic. K ’ k L A P , , [M ay*,...... [t.€tOr7h7 l,tL$0 " ' “
20
71,925
132,828 i
6,610.698 i'itd. l eti o.y A hi M ay_____ j
Cliie.SLP.M.AO [Mftjr*. . . . . . | 6 3 7^ ^ 3 .V
ten s. 51it!Vd. M ay______
17.
69,765
171.4**
02,243!
! 3*21***980 » , ’i lb .4 T *
Chic, A W. 31loft VM%w t
3 i , .15*3
;
#60. h49 P«lto*ylvai»li«.. M a t ......... !®,061,287 5,679.213 26,102,95527,107,617
3-3,731
| 901,751
Cfa, €*«„ A Fort*.J A ia y,...,.. I
10,212;
16,639
405,831; 378,653
5*080
214*142
26.263 l ’ e o (l.i S>('(■.,tc i:. V iid w k J ’uu
€ t». JMsk A Mac .
w it J ’ ael
33,81,3
53,160,’
193,787
102,172
l 322.392
Stttj.J 17 !’cter«httrs....... A pril........ ;
1.2,24# I
d a .N .O . AT. p. 13*1 wg JTiel
7*2,498 : 1,9:79*185 1*923,483 Palis. A Brie.. A p ril.........! 130,407 100,795! 1,483,661 1,467,690
AiaXH. i o o t li -Ifd w i 4 'Be j. 30,017
8,950,187: 8,807,232
20*3 38
921,099
803,54® Pllllii. .V IL-ad’ t M in...........1,014,050 1,820,200
3». OH. A N. K 13d w i 2
Coal A ir.Co.r M ay.......... 3.069,3*7 3,511,53,* 17.920,531 10,232,876
2 8 ,2 2 0
20,575
081..’rt’ l
5t>i4948
AJa. A VloRab j;3d wk J ’ ftel
Total ttotbCoA M as...........5,3*3, lOU 5.370,717 20,57. ,767 10,100,108
270,00®
9,043
7,981
230*439
Bb, <&F .{3d wit J^nej
Ixtblsh Valley - A p r i l . . .
1,452.123 1,306,860; 5,041,072 5,334,772
8,614
230,915
23S*,8*i4
Brian ger §y *t •M Wfe
146 ,08 0
2,830
16,342
10,793
01
1 3 3 4 0 2 t 3,045*030 3,S1o ,H 1 PiU*,M«r..fe<’n May.........
Cltia. North«','i ■M a y ,,....
Plttsli.-u.A L.E M ay........
140,813
84,620;
151,013!
7,713
7.
#31
26,8301
l
,*M
j22,528
/i m
Cta. Fort*. A. S’ , May, . . . . . J
154,013 113,609
588,430
021,200
90,459 PUtab. A West M ay........
20,323
Col. A Matin?. M ay............
P m -, t i..v tdl M a y ........
242,724
317,562!
55.1971
5*495
74,000'
1,102
1,1 #7
5,780
ei&v.AkroOACo
Pitts. Pa. A k , M ay........
32,053
120,4521
121,155
29 ,7s3:
455,91 H
21,1431
20.141
423,208
€ 2* ?. C&a, a So
Total system... 3d wk J ’ n
67,707
•10,318: 1,201,-02 1,001,267
85.000
272,885
Oi.l* 7 r
209,890
CL Cfn, Cfe. &B.U .
535,205
k d*Del 285,100 292*829 6 , 3 0 1.03 0.149,312 PHI. Yuan tr.ifeA May.........
527,847:
15~.8l.i- 140,940
Peo. A KaaCis. 3d wk j '««•!
88,514
110,143,
11,937,
i i ,0 i 3 j
34,212
32*005
770,912
797.910 Pt. Hovsl a 4u« (A pril....... .(
101,877
Cl®?, A Marietta 34 wk Mays:
17,197!
120,2 4
10,327!
149,463 Pt. Hoy,k W .i.ii ,1A p ril____ .
6*834
6,332
103,813
Col. Newt), A L
111,004
18,192;
Quim-y
o
ofeK.t.
108,353
May
.1
20,547
17.244
25,794
8 .8 4 9
Col h . v . a Ti»i.
U ,103,720 i,O50,6txi;
- . . . . . . 243*309 282,987 j l,8 2 2 ,«« * 1,273,'Jlu Kicti..v. Dan. sysJ .'loreti..
OaUiturr&eeAU
250,262
267,228
02,611
it r mA 12,29#
l5*30f*
301,980 Rich. Pr’k»li..kPe April .. . I 6 S ,430
313,707
116,124
f
Colusa A L a k e ..
119,528
32,177
32,047
t _____
2,121:
1*992
#,4.52 Rich, .y Petetsb. April . . . . .,1
-9»7#6f
267,840
Como*
... IMure
284,498
11,325
1OC20
- 97,742] ■93,154!
264*46 ■ • 256,378. R too r . syutb’n 3<l wk J ’no!
Carre.at Htror,
60,100
54,000: 1,033,274 1,116,092
- !
3,1.801 . 83*010
S i,334 Rio Ur. W esfn. . J i wk J ’ He
Douv, a Hio Or
31,254
9,248 - 37,678
'k J'Ri'l 175*204?||•171,5001 4,0*1,14$] 3,951,-13 ■" is. ioseoiii A if. A p ril. . . . . . j 10,397
29,050
D m , M. No. A 33
1.,: April..........I
8.102
29,555
7.U37
%Wpdlf-3j
15:0318 das
153,904]
059,395
ItetJBayC- & A i |»
*28,270
20,380
744,271
S
t
L.
A
.
*
T
.
H.
3d
wk
J
’ne!
152,013
42* 3<K*I
30,106;
Sf. 0.592
12,336
B et, Lao.s-'jfA N0
i,-6 2
2,3591
11,768
530,1S9 St»L.KonVWc8o.‘ .May. ......... j
22,337]
550,877'
B ain thS.;w A ,u:
09,128 2,321.13s 1,859,243
82,000
51,193
950,973 8 iJ...8outbw ’rtj.:2ii wk J ’ ne.
052,5371
608,838
Baiuth .3
669,0-4
157,710
:Afc
19,102 St. Paul,k Xiui’ tli M ay..........
■
25,107
* 1.011
2,185
3£.Tttfm_ Va. A tin
2,578
365
310
*Mmd 1 k .J*ne
93,9 19
1*8,79 L 2,673,0541 2,Si S.201 Sanderay.ife Ten. M ay........... |
333,944
m gla.JoLA
340,533
18,462
17,374!
933,257 b.Fniii.ife.s.i'ae. istw k J'ne
301,5016
7 6 ,1 5 4
187,008
By an.a A 1aft' p
Say.
A
:o.
.V
Mon.
C
a
y
...........
i
30,330!
219,881
43,691;
K
169.1051
157,273
6,874
§tl7V
896,947
8*2,977
Byaas, A tip,?
7Or0#8f
51,319 Bav.ila.ifc West.. March........{ 284,30-'! 233.34 1
1,975 i
3.3741
13,398
14,401
6,000'
0,37O|
MtWMTr A I a .
0r9,5#5!
565,075 SU vet ton. ....... :M ay...........
26,514 J
157,805
196,159.
Fitch htirg. . . . . .
30,742
5,'407 ‘21 1 1 2,232,9*3 Sioux C it y * No. May............! 33,970
SC9,ll*8f
>4*§S
67,302
95,967
Flint A F.M#.r*i
, 3*1
15,000
13,000
1,3 ;i -,925 Soot U Bound___M ay............. i
..
570,256
690,365
89.500
F lorcaoe.____ _ April . . . . 92,529
15,740 aom bC oroliuu-. M ay______ i
1ALS46I
as,229|
4,703
• 5,003
538
039
FLO .sC A Feiili:1' May.........
Son th.v S or. Car,! April..........j
124,7 ml H i
Ft, W A tit'* Hr ( M a y * ,..,,.!
31
147,988 So. Pari tic C o .30,2 81,
102.085;
1,741.557
1,850,088]
496,439
0 «o r0 a E li,__ . A p ii t ......
Gal.Hur.ife 9.A May............; 350,885 338,037
400,5 Ur
105,01*3
415,052
477,010
Lnut&'a West. .(M a y ........
84.8.80
51.339
0 a . C ar'ia A No t A a r i l . . . . . . ;
73,077
30,122s
10,5.11
167,556;
43 0.160 345,848 2,196,850 1,993,550
0 eo„ B#, .A S*io. . , M a y .,.* ..,!
Morgan’aLifcT. M.tv. . . . . .
348,031'
58,473
04*700!
81,453
0 «c*r£'f-t '?i .v c -: r|A I*f ll. . . . . . j
3iS :A !§
92,010
20,571
10,247
IS.Y.l'.ifc.Mev. May
1,1 fit j
15,21*1
4*ltS>
061,342
780,113
155.723! 127,030
B r.ftap.Atnd . , 3*1 wk TT.iH
T k i .& X . O rl.. M a y .........
-47,21547,967 1 ,Q0 i *3,*t0 : 1,112,10 1
>y 4,944,421
_ , ...........
. . J M i P 5,
V Mso,
MM
Clin It, A f C-W. 3d w k 3'n.pi
May.
.... , 1.043,433 903,642
8,6151
221,33$
A tU n tiests.'f. _
8*000:
-Tt
111,714
Other
,. ,'3t1 w k l*ii€j
102,3 17
Pacillo system A p ril........ 2,860,460 2.798,947 10,575,179 10,307,784
4*080
49*44
14,348,663**®
Total alt line-, . 3(1 w k JT'-fieTotal or ail.. A pril........ ;3,900,204 3,7.52,620 14,989,844
80 ,71 ■*! 01,8.17 1,418,638. 1,115,202
t r s i s f l l o u ; y . . a # 3 ob *v24: 395,487! 314,256
CpaatDivtCai.t l April .. . 000,158! 301,390 3,335,411 2,970,100
Sou. Dir, (Cal.)
Chic A Hr I ■w M aaalOj
1,535,671 1,709,333
621,317
726,498!
.Det,Clr.O.-ft M ■WkJunHQ
496,4 l i
Arizona D lv ,. i p. r t l ....... ! 183,328! 1113,164
46 4 . » 2 j:
2 i.iI o !
332,070
349.5271
87.015'
80,952
G .B a rW t -« r .p M arch,, ,.J
b - tv Me t .Id v . IApril
121,342

J

MSy.1:::;::!

¥4

W

TH E CHRONICLE.

20
Latest Jiamtnos Rejyorled.
Week or J/o] 1892-3. I 1891-2.

Jan. 1 to Latest Dale.
1892*3.

$
7 ,5 5 7
7.722f
Spar. Un. A Col.. April........
37,3 08
7 1 ,5 0 2
7 1,2 60
Staten Isl. R. T. A pril.........
2 4 8 ,26 9
1,857
1,891
StonyCl.ACM t.. A pril.........
6,274
Summit Branch.! May........... lll,0 1 9 i 1 2 2 .94 0
5 4 1 .74 0
103,744i
92,9 08
L jk en s Valley May...........
456 ,83 2
215 ,84 7
2 14 .76 2
T o l’l both Oo*f May--------9 9 8 ,56 9
9 6 ,4 1 3 3 ,0 4 0 .9 2 "
97,231
T exas A Pacific. 3d wk J’ nc
3,201
3.898
T©x.8.ValAN.W M ay..........I
22.C79
19,655
26,.*>77
T o l. A. A. A N.M. 2d wk Apr.
339,004
37,208
3 4 768
Tol.AOhioCente 2d wk JTie
891,959
1*.22"
20.110
437.874
Tol. P. A W est.. 13d wk J ’ ne
36,9 19
T ol.S t. L .A K . C . 3d wk J'ue . 3 1 ,5 0 0
8 18.820
2,177
2
.058
Tol. ASo. Haven April........
6.641
31,7 29
3 3 ,2 8 8
Ulster A D el.. - April........ j
1 03 ,50 6
Union Pacific— |
Or.S.L. A U.N. A pril........ ! 6 1 5 .12 9 5 53,237
941.167
3 0 4 ,51 8
3 24,512
Or.Ry. A N.Co. April........
173,99V
422,292 4 1 7 ,4 4 3
U .P a o .D .& G . April........
809.102
19,000
29.5 00
St.Jo.AGd.l8l. 3d wk J ’ ne
577,33*
A ll other lines, jA p ril........ l .604.091 1.709,966
,550,594
Tot.U.P 8j 8.1April......... 3, ,030,88 3,0 8 3,88 5
,889,49"
7 7,8 79
85.746
CentB r.A L.L. A p ril.......
382,687
8 6 .6 2 0 1 221,244
87.160
Montana U u.. April
2,102
7,210)
Lea v. Top. AS. A p ril..
8,94'
2,834
3 .39H
Man.Al.A Bur. A p ril..
13,183
Gr’ud total ] April.. . . 3 , 154,815 3,2 1 8,24 2
,393,872
16,698
14,8 50
Vermont Valley March.......
41,298
W abash............. 3d wk J’ne 2 7 2 ,00 0 267 ,00 0
,120,062
8 ,1 2 9
5,994
W ab. Che a. A W. May...........
38,636
125,878
A pril........
1 22,926
W est Jersey.
451,468
89,4 86
W.V.Cen.A Pitts May........... ! 105,494
455.608
25,114
3 6 ,5 8 0
West Va.A Pitta. March.......;
81,974
100 .61 4
82,985
West. Maryland. M ay........
453,270
78.600
68,000
West. N.Y. & Pa 3d wk J ’ue
.696,105
2 7 .9 6 0
32,3 30
Wheel. A L. Erie 3d wk J’ nel
714,79.
1,799
2.533
WU.Chad.ACon. April......... 1
8 .0 0 1
53,8 93
68,968
Wil. Col. A A tie April....... .
247,373
6 ,600
W rieh ta v.A T en March.......
6,205

3 6 ,4 1 0

245,769
5,799
546 .29 8
4 1 1 .28 6

957.5*3
2 ,8 0 5,92 2
18,297
2 *0 ,2 6 5
778 ,48 8
451 .45 7
9 04 .36 6
7 .837
1 01,157

Latest Gross Earnings by ITeeks.—The latest weekly
earnings in the foregoing table are separately summed up as
follows:
Our statement of earnings for the third week of June covers
75 roads and shows a gain of 1 06 per cent.

Atch. Top. A Sail. Fe Sys*
8t. Louia A San Fr. Sys.
Balt. A Ohio Southwest.
B rooklyn E levated..........
Buffalo Roch. A P itw b’g.
Burl. Ced. Rap. A North.
Canadian P acific----------Chesapeake & Ohio........
Chicago & East. Illinois.
Chicago Great Western..
Chicago Milw. & St. Paul.
Chicago A Ohio R iv e r...
Chic. Peoria A St. Louis.
Chicago A West Michigan
Cin. Jackson A Mackinaw
Cin. N.O. A Tex. Pac.5 rda
Clev. Cm. Chic. A St. L ..
Peoria A E astern ........
Cleveland A M arietta...
CoL Shawnee A Hocking.
Current R iver............... ..
De< yer A Rio G rande...
De rolt Lansing A North.
Di .uth S. S. A A tlantic...
E:»*t. Tenn. Va. A Ga ...
E ' m sv. A Indianapolis..
!£•> ansv. A Richinoud___
Evansv. A Terre Haute.
Flint A Pere Marquette..
Grand Rapids A Indiana.
Cincinnati R. A Ft. W ..
Other lines.................
In tem ’l A Gt. Nortli’n .. .
Iow a Central...............
Kanawna A Michigan.
Kan. City Clin. A Spring.
Kan. City Ft. 8. A M em ..
Kansas C. Mem. A Birm.
Keokuk A W estern.........
Lake Erie A Western___
L ong Island....................
Louisv. Evansv. A St. L
Louisville A N ashville..
Louis. N. Albany A Chic.
Memphis A Charleston
M exican cen tra l..............
M exican National......BT
M exican R a ilw a y !..........
Milwaukee A Northern..
Minn. St. P. A S. S. M ....
Mo. Kansas A T exas____
Mo. Pacific A Iron Mt___
New Orleans A SouthTi.
N. Y. Ontario A Western
Norfolk A W estern....M l
Northern Pacific....... \
Wisconsin C en tral... 5
Ohio R iver.................... .
Peoria Dec. A E v an sv...
Pittsburg A Western.......
Rio Grande Southern___
R io Grande Western____
St. Joseph A Gd. Island..
8t. Louis Alton A T. H ..
St. Louis A Southwest’ n.
Texas A Pacific..........

1893.
$
750,948
157,1*39
49,434
34,914
09,338
72,*87
433,000
193,343
98,283
79,946
617,372
1,553
23,799
34,592
12,248
146,980
285,110
34,212
6.831
12.298
2,585
175,200
21,159
52.967
93.919
6,874
3,374
26,544
57,557
47.215
8,615
4,*89
71,840
39,087
5,889
4,614
68,208
16,0*5
6,327
67,978
113,169
35,003
381,270
73,002
19,572
151,584
74.175
51,500
36,509
77,269
207,199
421,709
2,3 15
81.805
169,014
479,690
17,225
19^242
67,767
10,828
50,100
19.000
28,270
82.000
97,231

1892.
7IM.15S
43,162
33,393
59.417
73,730
416,000
190,293
86,897
105, L77
613,863
1,442
22,393
33,731
11.456
133,162
292,829
32.005
6,332
15,30=.
3,180
171,500
22,337
51,193
98,791
6,171
1.975
22,799
47,758
47.967
8,905
4,944
58,135
38.369
7.271
4,632
80,690
17.698
5,752
60,490
112,891
25,977
399,415
67,874
20,539
145,828
73,395
57,258
34,389
59,473
185,703
436,949
1,757
73,226
160,515
575,065
15,079
15,656
46,316
14,325
54,000
29,500
26,380
69,126
96.413

Toledo Peoria A W est'n..
Toledo St. L. A Kan.City.
Wabash..............................
Western N. Y. A P en n ...
Wheeling A Lake Erie ..

1893.

1892.

$
20.110
31,500
272,000
78.600
32,330

$
18,227
30,919
267,000
68.000
27.960

7,096,885 7,022,525
Net increase (1-06 p. o.).
* Includes Colorado Midland for both years,
t Week ending June 17.

Increase.

Decrease.

*
1,883
5.000
10,600
4,370
305,382
74,360

5,419

231,022

For the 9econd week of June our final statement covers 83
roads, and shows 1-49 per cent gain in the aggregate.

1892.
Increase. Decrease
1893.
2tl week o f June.
2.0 4 1,13 3
1 ,2 0 7 ,9 0 *>
$
$
$
$
1,6 9 8,22 6
180.036
Previously rep’d i75 r'dsl 7,132,917 6,918.935
394,018
550 ,54 0
21,143
20,147
996
Oleve.
Akron
&
Columb.
6 ,7 6 0,02 4
4,003
2,410
1,593
Evansv. & R ichm ond---12,060,369
37,576
39,350
1,774
403 ,61 9 lnterooeanic (M e x .r .. ..
16,y54
18,137
1,L83
Kan.
City
Mem.
&
Birm.
359,711
Northern P acific.......... >
13,666
508,714
607,299
98,585
W isconsin C entral... S
12,537
16,462
17,374
912
12,656.946 San Fran. & No. Paeiflo.
40,709
7,623,652
7,737,769
396,607
282,490
6,1 0 8.23 5
114,117
Netlucrease 11-49 p. o.l
28,995
............
............
425 ,47 1
1Week ending June 10.
433 ,65 2
64,557
3 70,746
Net Earnings Monthly to Latest Dates.—The table fol­
1 ,5 2 3,66 2
6 44.972 lowing shows the net earnings reported this week. A full
9,498 detailed statement, including all roads from which monthly
2 98.830

* Includes Colorado Midland in 1893 and 1892 both for the week and
tlio year to date.
a Figures cover only that part o f mileage located In South Carolina.
6 Earnings given are on whole Jacksonville Southeastern System.
« The business o f the Lehigh Valley and Lehigh & Wilkesbarre de­
partm ent s is Included in 1893. d Iuoludea earnings from ferries, etc.,
not given separately. JM exican currency, e ToL Col. <fc Cin. included
for the week and since .Tan. 1 in both years, f Includes only half of
lines in which Union Pacific has a half interest

3d week o f June.

3d week o f June.

1891-2. -

[VOL. LYIl.

Increase.
$
44,790
6,272
1,521
9,921
17,000
3,050
11,386
3,509
111
1,406
861
792
13,818
2,207
502
3,700
1,774
703
1,399
3,745
9,799

13,705
718
............
575
7,488
278
9,026
5,128
**5,756
780
2,120
17.79B
21,496
558
8,579
8,499

Decrease
$
12,225

743

25,231

7,719
3,007
595
1,178
4,872

752
290
55
"1*382
18
12,482
1,673

18,14*5
967
5,758

15,240
............
95,375

2,146
3,586
21,449

1,890
12,872
818

3,496
3,900
10,500

returns can be obtained, is given once a month in these
columns, and the latest statement of this kind will be found
in the Chronicle of June 17. The next will appear in the
issue of July 33.

-----y e t Earnings.----- Gross Earnings.—
1892-3.
1891-2.
1892-3.
1891-2.
Roads.
$
$
as
$
Buff. R. & P itts..b .-.M a v
307,951
268,592
100,461
67,186
Jan. 1 to May 3 1 .... 1,352,365
1,251,382 384,730
353,150
July 1 to May 3 1 .... 3,050,606
2,745,018
877,618
840,224
Canadian P a cific.a ..M a y 1,605,542 1,702,624
509,585
600,984
Jan. 1 to May 3 1 .... 7,569,124 8,029,211 2,346,943 2,651,333
Cent, of New Jersey aM ay 1,263,970 1,146,787
495,304
467,845
Jan. 1 to May 3 1 ___ 5,816,570 5,532,299 2,139,135 2,255,197
Ohesapeake & Ohio, a May
863,120
744,455
201,733
157,175
Jan. 1 to May 3 1 .... 4,106,329
3,742,7 j 5 1,185,664
806,182
July 1 to May 3 1 ....1 0 ,2 3 4 .2 4 3
9,815,791 3,242,355 2,393.485
Chic. Bur. & N or...b .M a y
224,001
152,752
82,967
37,230
Jan. 1 to May 3 1 ___ 1.010,061
813.899
361.702
263.054
Chic.Burl. & Quin..bM ay 3,290,842 2,822,975 1,109,384
773,883
Jan. 1 to May 3 1 ....1 5 ,6 8 3 ,3 2 9 14,910,544 4,751,302 4,658,234
Chie.M.&St. P a u l..a lla y 2,540,294 2,251,619
739,107
573,490
Jan. 1 to May 3 L ....12,607,936 12,145,697 3,629,158 3,608,737
July l t o May 31. ...31,227,076 29,698,730 10,482,865 10,667,635
Clev.Cin.C. & St. L .a.M ay 1,184,755 1,097,354
308,600
249,230
Jan. l t o May 31___ 5,464,331 5,596,936 "1,250,035
---- *1,397,449
----~
July l t o May 3 1 ....1 3 ,4 6 0 ,9 5 2 13,341,993 3,366,825 3,776,472
Current R iver........... May
12,839
18,445 def. 1,214
5,994
Jan. 1 to May 3 1
75,321
75,154
25,939
15,709
July 1 to May 3 1
185,706
65,321
162,425
67.445
Den. & R. G ran oe.b.M ay
757,717
302,819
685,495
261,190
Jan. 1 to May 3 1 ___ 3,561,245 3 ,4 3 7 ,2 4 3 1,462,212 1,392,311
July 1 to May 3 1 ___ 8,570,457 8,055,663 3,719,555 3,393,514
Iowa Central.........b .M a y
155,147
11,762
123,508
50,081
Jan. 1 to May 3 1 ___
749,356
165,764
197,210
7 ^ 3 ,61 3
July 1 to M ay 3 1 ___ 1,797,341 1,749,732
512,241
510,498
Kan. C.Clin. & 8 p r...M a y
30,028
11,655
27,206
9,025
Jan. 1 to M ay 31. . .
150,359
60,222
43,185
129,879
July 1 to M ay 3 1 ___
324,333
116,139
291,045
89,386
Kan. C. Ft. S .& M ..a .M a y
374,734
57,106
374,333
67.445
Jan. 1 to May 31 -.... 2,104,566 2,037,967
437,442
513,759
July 1 to May 3 1 ___ 4,779,652 4,619,242 1,293,202 1,276,836
Kan.C. M em .& B ..a .M a y
71,862
81,211 def.13,966
1,538
Jan. 1 to May 3 1 ....
467,498
446,802
75.464
57,279
July 1 to M ay 3 1 .... 1,089,163 1,096,332
185,293
219,739
Louisv. & h 'a sh v .b .. May 1,761,613 1,707,678
511,059
560,011
Jan. 1 to May 3 1 .... 9,004,867 8,458,352 3,019,771 2,832,478
July 1 to May 3 1 ....2 0 ,6 8 9 ,7 9 6 19,519,525 7,531,093 6,844,945
M o.P ac.& Iron M .b.. Apr. 2,074.397 1,958,429
245,609
344.024
Jan. 1 to Apr. 3 0 .... 8,642,388 8,421,957 1,796,876 1,919,096
N .Y .L .E .* W estern. eM ay 2,501,615 2,617,566 *.'43,694
*896,002
Jan. 1 to May 31 ....1 1 ,8 1 9 ,6 7 4 12,050,474 ‘ 3,713,966 *3,687,998
Got. 1 to May 3 1 ....1 9 ,7 0 0 ,5 4 7 20,250,206 *6,447,879 *6,400,417
Norfolk & South’n ___May
46,426
40 002
17,439
16,15 3
Jan. 1 to M ay 3 1 ....
186,077
180,696
62,308
68,l i b
Norfolk & W estern.aM ay
929,117
769,552
277,727
206.024
Jan. 1 to M ay 3 1 .... 4,247,426 3,803,075 1,093,749 1,021,627
Northern C entral.b..M ay
610,295
550,991
217,677
120,174
Jan. 1 to M ay 3 1 .... 2,841,445 2,763,309
815,667
733,799
Penn, (east P. & R .)..M a y 6,061,287 5,679,245 2,200,634 1,665,133
Jan. 1 to May 3 1 ....2 8 ,1 0 2 ,9 5 5 27,102,617 7,405,557 7,694,013
Lines w est P. & E ..M a y
l u c . 377,961
In c
402,987
Jan. 1 to May 31----I n o . 129,630
D e c!
365,187
Phila. & R ead in g ....M ay 1,914,059 1,829,209
752,061
810,832
Jan. 1 to May 3 1 . . . . 8 ,950,187 8,867,232 3 ,014,833 3,739,917
D ec. 1 to M ay 3 1 . . . . 10,918,554 10,748,754 3,931,768 4,6471602
C o a l* Iron Co....... M ay 3,669,347 3,541,537 df.132,724
20,265
Jan. 1 to M ay 31..17,920,581 10,232,876 df.299,501 def.29,044
Deo. 1 to May 31. .21,238,317 12,134,242 df.200,197
35,433
Total both Co’s ....M a y 5,583,406 5,370,747
619,338
831,096
Jan. 1 to M ay 3 1 .2 6 ,8 7 0 ,7 6 7 19,100,108 2,715,334 3,710,873
Dee. 1 to May 31 ..32,156,870 22,882,996 3,731,571 4,683,035
Lehigh V alley....... A p r. 1,452,428 1,306,960
343,012
447,565
Jan. 1 to A pr. 3 0 .. 5,641,672 5,334,772 1,530,872
885,752
D oc. 1 to Apr. 3 0 .. 7,402,227 6,945,007 2,120,345 1,286,684
R io Grande West. b ... M ay
214,102
217,895
77,331
75,171
Jan. 1 to M ay 31___
891,674
967,092
283,486
302,405

July lto May 31.... 2,277,124 2,413,127

809,841

892,267

THE CHRONICLE.

Jcly 1. 1993.]

— Grass Earnings .— ------ Xet Earnings____
1892-3.
1891-2.
1892-3.
1891-2.
Roads.
«
$
$
$
^Southern Paeiflo Co.—
338,037
58,192
36,576
Gal. H .A 8. Aut. . bMay
350.985
449.L75
293,303
Jan. 1 to May 3 1 . 1,850,089 1,741,557
73,077
36,72 4
23,756
Louisiana West... bMay
84,880
415,032
220,023
138,287
Jan. 1 to May 3 1 ..
477.010
73,402
345,849
5,638
Mean's La. & T... bMay
430.160
416,043
296,417
Jan. 1 to May 3 1 .. 3,198,650 1,903,550
16,247
4.810
def.
1,852
H.Y.Tex. A M
b..May
20,571
81.453
21,338
9,173
Jan. 1 to May 3 1 ..
92,016
127.030
73.076
50,089
Texas A JT. O .b ..M ay
155,723
661,342
367,865
260,640
Jan. 1 to May 3 1 ..
796,113
9
03
,6
:2
242,705
111,896
Tot. Atlantic »vs.bMay 1,045,433
Jan. 1 to May 31
5,460,099 4.944,421 1,437,920 1,045,731
239,877
955,369
143,780
"Wabash, b................... May 1.110.003
Jan. 1 to May 3 1 .... 5,322.962 5,359,035 1.082.400 1.053,126
Jaly 1 to Slay 31. ..13,009.347 13,266,305 3.111.216 3.254.750
29,949
27,271
82,935
Western Maryland.. May
100.614
370.748
110.406
123,176
Jan. I to May 3 1 .. ..
453,270
589.045
214,165
154.705
Oet. 1 to May 3 1 .. ..
739.682
104.749
280.825
104.706
WesLN.Y.A Penu .bM ay
320.441
132.308
432.657
Jan. 1 to May 3 1 .. .. 1,490,005 1,316.362
Jaly 1 to Slay 3 1 .. .. 3,398,141 3,303,968 1,107,795 1,086,927
a Set earnlnxs here (tlren are after deducting taxes.
Set Damme* here #iven are before deduction taxee.

b

r Set eariiing* here elven are after dednettns taxes on property.

• Alter deduction proportion due ruads operated on a pereentane
basis, net in May. 1893, was 8610,385. asainst »o96,977 In '8 u 2 : for
flte months to Slav 31. »'2.6«7.077, against #2,670.469, and October 1
to May 31, *4,678.793. against #4.6e5,945.

Interest Charges and Surplus.—The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus or deficit
above or below those charges.

21

INCOME ACCOCNT.
1890.
$

1891.
$
926,830

1892.
$
1,382,256

919.210
7,620

1,167,481
214,775

Deduct—
Interest on b on d s............
....... 197,998
203.362
225.434
Rental P MoK. A Y. RR
469.027
466.923
H alf profit P. McK. A Y. RR., paid
L. S. A M. So....................................
....... 106,135
6,821
75.124
,..16^)212,250 (6%)240.000(10%) 400,000
Total..
Surplus...

....... 945,011
.......
2,278

Herring-Hall-Marvin Company.

BALANCE SHEET MAY 15, 1893.

Resources.
Cash on baud....................................................................................
$38,9S1
Bills receivaole on bund................................................................
68,923
Safes per Inventory........................................................................
187,512
Time locks per inventory..............................................................
3,075
Tools and machinery......................................................................
364.685
Real estate—buildings...................................................................
65,715
Materials—Iron, steel, castings, cement, paint, fuel and
cartage plant....................................................................
219,472
Herring factory—tools, machluery and material..................
307,223
Marvin factory—tools, machinery and m aterial...................
286.436
Myers A Smith faetory—too's. machinery and material.......
36,718
Branch houses—safes, accounts, fixtures aud samples........
404.192
Accounts receivable ....... . ............................................................
204,075
Good will aud patent account...................................................... 1,296,025
Liabilities.
Capital stock—preferred.......................................... *1,800.000
common........................................... 1,500,000

$3,483,038

$3,300,000
12,798
26.192
By profit aud loss, net gain after paying 3 pref. dividends.
144.048

Summary purchase account.........................................................

Accounts payable ... .................... ............................................. .

Inter'!, rentals. #e.— — Sal. o f S et Earns. —
$3,483,038
PROFIT AND LOSS ACCOUNTS.
18923.
1891-2.
1892 3.
1891-2.
Rent account.................................................................................... $120,921
s
8
Advertising a ccoun t.......................................................................
3.462
815.075
279.384 def.41.212 Commission
830.000
a ccou n t......................................................................
10S.379
4.150.000 4.075.376
601.302
582.958 Insurance account...........................................................................
14,731
230.142
84.285
19.088 Stamp account, postage............................ .......... ........................
224.315
2,860
2,426.319 2.496.491
940.477 1.279.983 Dividend account. 3 p r e f e r r e d dividends paid........................
103,000
6.691 def.7.905
def.697 To profit and loss, net gain after paying three preferred
6,691
dividends o f 2 p ercen t o a ch ou preferred stock ...............
1(4.04 8
73.b09 def.8.288 def.6.164
73.609
226.605
78,246
32.585
224 5 73
$502,404
809,617
2.413.275 2,583.867 1.306.211)
account...................................
$455,426
13.638 del. 1,983 def.4.613 Safe
13.638
lime lock account......................................
30,725
150.022 def.33.883 def.BO.636 Cash
150.022
dlsc.Mint account..................................................................
5,*81
89.457 def.32.807 del. 22.012 < artage iUnt. taken from material account ........................
89.911
2,679
1.002.667 1.016.936
290.537
259,900 R e p a ir a c c o u n t..............................................................................
8,291
39.107
37.351 def.53.073 def.35.816
402.865 of.236.275 df.182.917
421.586
Dividends declared June 1 ,1 8 9 3 —
on preferred stock. • per cen t................................ $36,000
On common aioek. I per cent— ...................... ....... 60,000
A N N U A L REPORTS.
to surplus fund ....................................... 43,048— $144,048

Roads.
Chic.Burl. A Quincy May
Jan. 1 to May 31 . . .
Cie».CIn.Chlc.A8t.L..May
July 1 to May 31 . . .
Current River.......... May
July 1 to May 3 1 .. ..
Denver A Rio U r....M as
July 1 to May 3 1 ....
Kan. C. CUn. A 8pr..May
July 1 to Slay 3 1 .. ..
Kan. 0. Ft. 8. A M. May
July 1 to Slay 31 . . .
Kan. C. Me:u. A Blr.May
Jaly 1 to May 31___

I

l

l

$502,404

Transferred

I’ ittsbnrg & hake Erie Railroad.
( F o r the y e a r end ing December 31, 18Sri.J
The President's report for 1893 says :
*‘ 0o May 26, 1892, your board authorized the purchase of a
half interest in the Pittsburg Chutters Sc Yougbiogheny Rail­
road, and the negotiation of a contract with the Pennsylvania
Company, who also purchased a half interest, for the opera­
tion of that road for joint account. The purchase amounted to
$151,849. This contract and purchase of stock and bonds
secures permanent access* by your company to the large coal
field lying southwest of Chartiers station, in the valley of
Chartiers Creek. A land company, styled the Pittsburg Com­
pany, are promoting a manufacturing town named Ellwood,
about three miles east of your road, aod have constructed a
railroad therefrom to the Beaver River, opposite your station
of West Ellwood. The board, believing a connection with
that rood and town valuable to your interests, have approved
a contract for the joint construction of a bridge across Beaver
River to make a connection with the Ellwood Railroad. Thu
company is to advance the entire amount required for the
superstructure, and has expended $40,900 upon the work to
date. A new branch line, named the PuUburg Sc Moon Run
Railroad, lias been built from your road at Groveton, to the
Mansfield coal measures, about six miles long, which promises
to add materially to your coal traffic. The improvements in
progress at the data of the last report on the P. & L. E. Roll
are coraoleted. The Ohio River crossing, between Phillipsburg and fVaver, 148 miles, is the only part of the road still
operated with a single track."
We began tbs year with a balance applicable to construction
outlays o f ....... ..................
139,579
1,000 second mortgage bonds were sold, yielding
with premium .................................. ........................8 i.0 i2 .5 0 0
Less paid loan from L t . 4 1 1 9, Ry. Co...................
759,090 292.500
Making total available for construction t o t the y e a r ......f 3 12.07 9
70,778

The construction charge*have been....... ......................................

Leaving balance applicable for eonstruotlon for the year
1893...............................................................................................8261.303

Earnings anil charges for three years were as follows ;
faksi.no* axii xxi-xNSia.

l$ » o .
E a r n in ga f r o m ~
•
P(M«(pin^r$............... ........................ . 514,445
Freight ............................................. .3,403.180
Mall, express, A c .............. —.......... .
92.962

1891.
$
544,840
3,131.324
81,042

1892.
•
556,512
3,719,833
73,981

Total earning*........................... .4,010,587
Operating
mod t a x e s ... .3,062,098

3,757,206
2,830,376

4,3.50,120
2.967.*70

947.399

926.830

7637

7533

1,382,256
68'22

Net earnin g,............................... .
f St teat o f expense* to earnings. .

GENERAL IN VESTM EN T NEW S.
Baltimore A Ohio.—The votiug trust created June. 1890, on
*9,750 shares of Baltimore ■£ Ohio Railroad stock expires to­
day, The trust included the Garrett holdings, amounting to
over 60,000 shares, aud the stock purchased from the city of
Baltimore.
Brooklyn Bath & West End.—At Albany the Stata Rail­
road Commission has approved of the increase of the capital
stock of the Brooklyn Bith Sc W e s t End Railroad Company
from $600,000 to $1 ,0 0 0 ,0 0 0 , the increase to be used for better­
ments.
Called Bonds.—The following bonds have been called for
payment; ibe numbers, etc., may be learned at the office of
the companies:
B u r l i n g t o n & M is s o u r i R i v e r RR —Eight-four consoli­
dated 6 per cent bonds due 1918 for $1,000 eacu and 19 for $8U0
each have been called for payment July 1 .
R e p u b l ic a n Va l l e y . —Eleven 6 per cent bonds due July 1,
1919, for $1,000 each and 5 for $3 >0 each nave been called for
payment July 1 .
Central of Georgia.—At Savannah, Ga., June 26, the hear­
ing in the consolidated cases of the Central Railroad litiga­
tion opened before Justice Howell E. Jackson, of the United
States Supreme Court, and Judge Speer, sitting as circuit
judges. Attorneys from New York for the Farmers’ Loan &
Trust Company. Central Trust Company Reorganization Com­
mittee, Borg <S Co., and Brown & Sms, of Baltimore, were
present. Altogether fifty two attorneys actively engaged in
the case were present. The validity of the endorsement of
the Central of Georgia guarantee on the Micon & Northern
bonds was first taken up, aud then as to ill >guarantee of the
Savannah & Western bonds and the Chattanooga Rome &
Columbus. Justice Jackson decided the Central was liable
for all bonds of these roads upon widen it had placed its
guarantee.
On the question of the liability of the Southwestern under
the tripartite mortgage, Justice Jackson decided that the tri­
partite bond mortgage to the Farmers’ Loan & Trust Com­
pany of New York covers the Central’s leasehold interest in
the’Southwestern Railway. The Court directs the sale of the
Central, including its leaseholds, to pay this tripartite mort­
gage. The Southwestern Railway has permission to pay
one-third of this debt, or it must be sold to pay the one-third
principal and interest. The Central, from Savannah to
Atlanta, is to be sold to pay the other two-thinls. If it fails,
the Southwestern Railway is responsible for the whole debt.

22

THE CHRONICLE.

fVOL. LVII,

The tripartite has a primary lien on the Central. Other bonds way to Columbus will be completed by September 1; rails are
have a second lien. Justice Jackson announced that the now being laid.
Central road would be advertised for sixty days in Savannah,
Louisville Bridge—At Louisville, June 27, a new corpora­
Atlanta, New York, and other cities, beginning Dec. 1. He
was formed for the purpose of compfiting and operating
hoped that those principally interested would by that time tion
agree on a reorganization plan to prevent the sale. The sale the new bridge at Jeffersonville. Samuel A. Miller was
elected President and Joseph W. Htiffaker Secretary. The
of the roads will be on Jan. 31 next.
The Court ranked the tripartite mortgage as a first lien and corporation known as the Louisville & Jeffersonville Bridge
Company
up $500,000 stock. $1,000,000 bonds and $300,$8,000,000 outstanding bonds of the $13,000,000 five per cent 000 worth took
real estate, and gave in return $1,800,000 4 ^ per
mortgage as a second lien only on the assets of the Central. cent bondsof
$525,000 cash. The cash is to be used in com­
Taxes due cities and counties will rank as first mortgage. pleting the and
bridge by December 3t. Tne new company will
The receiver was ordered to give up all leased lines not earn­
issue $100,000 capital stock and $5,000,000 4V£ per cent gold
ing more than operating expenses.
bonds, and it is reported that 'he Big Four has agreed
On the 29th the question of requiring the Georgia Central 50-year
to cake tne c unrolling interest The Big Four and two other
to pay rentals to the four leased lines, the Southwestern, the roads
are said to have contracted to use the bridge and
Augusta & Savannah, the Mobile & Girard and the Milledge- terminals.
vtlle & Eastern, came up. Justice Jackson issued an order
directing that these roads could take on the accouut of rentals
National Cordage.—Certificates of stock of the National
all net earnings not in excess of the agreed rentals, and if they Cordage Company, both comino 1 and oreferred, may be dsdid not desire to do so, and specify it within thircy days, he posited with the United States Trust Company at once and
ordered the receiver to turn their property back over to them. receipts will be given for the same, o it the first suoscription
During the hearing Justice Jackson said it was to be re­ for new preferred stock need no: be paid until July 10. These
gretted the Hollins reorganization plan had failed, as he receipts will be placed upon the unlisted department of the
thought, not as a judge, hut as a business man, it was the Stock Exchange as soon as possible.
best thing for all the security helders and for the propertv.
The business of the Cordage Company, now iu the hands of
—Regarding the Hollins plan of reorganization a state­ receivers, is proceeding in the usutl manner, the amount of
ment will probably be shortly issued. Owing to the large rope and twine so far manufactured this month being 12.993,amounts of securities which have not been deposited, the car­ 000 pounds, and all has been sold at a satisfactory profit.
rying through of the plan would have involved a large under­ These figures apply to the New York mills only, and are
writing fund, which in the present condition of the money thought by the receivers to be in excess ot the business of a
market would require a greater expense to raise than the year ago.
profits to the committee from the reorganization would war­
New York Stock Exchange—New Securities Listed.—The
rant. This, in view of the further fact that the plan was based Governing Committee of the New York Stock Exchange has
on information concerning the property and its earnings added to the list for dealings the following :
which have since proven fallacious, has made the committee
C h i c a g o B u r l in g t o n & Q u i n c y R .u t R >a d — 4 5,8 77.0 0 3 a d d itio n a l
not indisposed to abandon the plan,
c a p ita l s to c k , m a k in g th e to ta l a m o u n t lis te d * 3 3.262,70 0; a ls o * 6 ,The Georgia Central directors have appointed Capt. Evan P, 177,0 0 0 a d d itio n a l c o n s o lid a te d m o r tg a g e s e v e n p e r c e n t bonds’,
Howell, Col. C. H. Phinizy and Receiver H. M. Comer a com­ m a k in g th e to ta l a m o u n t lis t e d * 2 4 ,17 7 ,0 0 0 .
d o Mi d l a n d R a i l w a y — 333,000 a d d itio n a l m o r tg a g e f o u r
mittee to go to New York and arrange for the floating debt p eCr ocleonrt afifty
- y e a r g o ld b o n d s, m a k in g th e to t a l lis te d * 4 ,8 8 5 ,0 0 0 .
which falls due July 1.
E dison* E lectric I lluminating Com pany — *750 .0 0 0 additional
Chicago Milwaukee & St. Paul—Milwaukee & North c a p ita l s to c k , m altin g th e t o t a l a m o u n t lis t e d $7,923,0 0 0.
K . n a w h a & M i c h i g a n R a i l w a y — * 1,000.000 a d d itio n a l fo u r p e r
ern.—After Saturday, July 1, the Milwaukee & Northern Road
h u n d re d -y e a r g u a r a n te e d g o ld b o n d s, m a k in g th e to t a l
will cease to exist as such, and will become a division of the ca emnot u no nt elis te
d *2.340 ,0 00 .
Chicago Milwaukee & St. Paul system. This step is in pursu
L o u i s v i l l e & N a s h v i l l e R a i l r o a d — * 1,79 9 ,0 0 0 a d d it io n a l u n ifie d
ance of arrangements for the absorption of the road and fifty - y e a r fo u r p e r c e n t g o ld co u p o n bo n d s an d r e g is te re d b o n d s intoproperty by the St. Paul Company, action upon which was w h ic h t h e y m a v be c o n v e r te d , m a k in g th e to ta l a m o u n t lis t e d $ 12 ,taken by the Milwaukee & Northern Directors at a recent 14,0 0 0 , o f w h ic h * 1 7 ,0 0 0 h a v e b e e n c a n c e le d , le a v in g * 12 ,7 9 7 ,0 0 0 .
e R a i l w a y .— * 2,500 ,0 0 0 f ir s t m o r tg a g e fo u r p e r
meeting. The sale must be ratified by stockholders at the c eMn to 1h0a0w-yke a&r gMu aa lr aonnte
e d g o ld b o n d s o f 1 9 9 1 .
meeting of companies in the fall.
New Y ork C entral
H u d s o n R i v e r R a i l r o a d .— S u b s c rip tio n
r
e
c
e
ip
t
s
fo
r
*8
,94
2.8
0
0
f o r a d d itio n a l c a u it a l s to c k . T h e s e w ill b e
Consolidated Traction Co.—This company of Jersey City
k
n
o
w
n
as
“
S
u
b
sc
rip
tio
n
r
e
c
e ip ts , fir s t in s ta lm e n t p a id .”
has mortgaged its existing and proposed street railway lines
W e s t v r n R a i l r o a d .- * 5 ,O O o ,oo O a d d it io n a l p r e fe r r e d
in Jersey City to the Manhattan Trust Company of New s toNcokr, fmoalkkin&g tb
e to ta l a m o u n t lis te d * 4 8 ,0 0 \0C0. T h e C o m m itte e o n
York for $15,000,000. The Traction Company owns the S to c k L i s t is e m p o w e r e d to ad d *5,0 0 0,00 0 fiv e p e r c e n t 10 0 -y e a r m o r t­
Jersey City & Bergen Railway Company, and is seeking g a g e g o ld bo n d s o f 1 9 9 0 a s issu e d .
the right to make large extensions.
N o r t h e r n P a c i f i c R a i l r o a d . - * 6 ,750 ,0 0 0 s i x p e r c e n t g o ld co lla te r a l tr u s t n o te s o f 18 9 8 ; p e n d iu g th e is s u a n c e o f th e e n g r a v e d
Detroit Lansing & Northern —This railroad, belonging to tr u s t n o te s “ in te r im c e r t if ic a t e s ” a r e a g o o d d e liv e r y .
that group of Western roads financiered by Mr. Chas. MerP e n n s y l v a n i a R a i i r o a d .— $ 1,6 75 ,0 0 0 fir s t m o r tg a g e 4 p e r c e n t r e a l
riam and associates of Boston, will make default on its July e s ta te p u roh a ee m o n e y g o ld bo n d s; a ls o $.1,000,000 c o n s o lid a te d m o r t­
g
a
c e n t co u p o n g o ld b o n d s. T h e C o m m itte e on S to c k L ist is
interest. Mr. Merriam, the Treasurer, publishes the following e mgpeo4w Jin* 3 2 .4 78 .0 0 0 b o n d s p r e v io u s ly is s u e d , w h e n in
notice:
& fo r m a tioe rne da stotoadn du mthbee rs
o u ts ta n d in g h a s b e e n r e c e iv e d .
“ E x p en d itu res fo r n ew fr e ig h t h ou se in co n n e ctio n w ith our new
term in als at D etroit an d fo r o th er n ew con stru ction , and settlem ent o f
co n tr a c to rs suit against the G ran d R ap id s L a n sin g & D etroit R ailroad
C om pany, together w ith in creased op e ra tin g exp en ses b y reason o f the
unusual s everity o f the w in ter, has resu lted iu a sm all floa tin g debt and
1n', s ttself w ithout fun ds to m eet the cou p on s due July 1. i
• f th e D e tro it L ansin g & N orthern R ailroa d C om p a n y 7 per cen t
S
i 1™ 1* * L a ° e*n* R ailroa d C om p any 5 p er cent, b on d s; Saginaw
V
C om p any 6 p er ce n t bonds.
A n ticip a tin g a better
*?£ Jlle. last six m onths o f the yea r, p a rties in terested in the road
«oa<ry. f °
c o l,I><ln!i at their fa ce upon p resen tation at rite
in® ton 8trte ets?B os?on ?Dy TrUSt CoiDI’a "y< co rn e r o f C ourt and AVat-h-

General Electric.—This company has declared its regular
2 per cent quarterly dividend, payable August 2. The com­
pany submits the following statement for the four months
ending May 1, 1893, showing that the net profits of the
$1,391,729; net profit for June (partly estima­
ted) $.j60,000 ; total $1,751,729; less five months’ accrued
interest on debentures $208,333, total $1,548,396,-"Less 5
months accrued dividends on preferred stock, 7 per cent,
$1~4,013, and 5 months accrued dividends on common stock
at 8 per cent, $1,014,180, total $1,138,193. Net surplus for 5
0Thro a'?d abope accrued interest and dividends,
$405,208, The above profits are exclusive of all license and
royalty stocks and other securities received since January 31
llie operations of the two companies under the consolidated
management commenced on June 1, 1892. For the first
twenty-six days of June the output of the factories and tlie
business of the company were about 15 per cent more than
net profit?016 tJenot*ln 18®3, w‘ tb a corresponding increase in
Kanawha & Michigan—Toledo & Ohio Central.—The exoV’thePs f 6 £ aDa" ha & Michigan Road, 30 miles,to the mouth
of theGauley River,W estY irgmia.has been completed, as isalso
the bridge built by the Chesapeake & Ohio to connect the two
roads, and tm July 1 the centract for interchange of traffic
goes into effect. The- statement of enrnin„a „„.t

ioii from Ridge­

R ichmond & Danvili e R a il r o a d .— E ngraved re o r g a n iz a tio n ce rtifi­
ca tes of denosir issued b y M essrs. Drexel. M organ & C o., an d co u n te r­
sig n e d b y th e C entral T rust C o m p a n y ,tfo r 5 p . o c o n so i, m o rt. b o n d s
8;r. LOUIS A Man F rancisco R a i l w a y — * 2 ,6 8 4 .5 0 0 a d d itio n a l c o n ­
s o lid a te d m o rtg a g e 4 p e r ce n t gu a ra n te e d g o ld b on d s, m a k io g th e t o ta l
a m ou n t listed * 1 4 ,2 9 4 ,5 0 0 .
s
U n i t e d S t a t e s L e a t h e r C o m p a n y . - $ 6,000,000 s i x p e r c e n t s in k ­
in g fu n d g o ld d e b e n tu r e bo n d s o f 1 9 1 3 .
U l s t e r & D e l a w a r e R a i l r o a d — * 334.00 0 a d d itio n a l f ir s t e o n so lim o r tg a g e o p e r c e n t g o ld b o n d s, m a k in g th e to t a l lis t e d $ 1,8 52,0 0 0 .

Nor,hern Pacific.—The “ Interim Certificates ’*for the newcollateral trust notes, pending the issuance of the engraved
notes, were listed this week on the New York Stock Exchange.
The notes will be issued in coupon form of $1,000 each and
may be exchanged for registered notes; they are payable May
1, 1898, carrying 6 per cent interest, payable May and Novem­
ber. The full text of the indenture securing the notes was
published in the Chronicle issue of June 17th. Stockholders
of record June 30th are offered the privilege of subscription at
»o and accrued interest from May 1. The nctes have been
underwritten subject to the stockholders’ right of subscription.
Philadelphia & Reading.—In Philadelphia, on the 26th,
President Joseph S. Harris testified before George L. Craw­
ford, Master in the Reading receivership. Mr. Harris esti­
mated that the earnings have not been sufficient to pay the
interest on the general mortgage bonds due on July 1. He
also estimated that the operating expenses and interest down
to and including that of the general mortgages for the six
months beginning July 1 next would be earned. Mr. Harris
Sn1
e
°f tbe coal and coal accounts aggregates $10,00,000, all of which is pledged for $3,500,000. The company
)iooucts, he continued, 15,000,000 tons of coal annually and
keeps 1,250,000 tons in stock. The latter is stored at Perth
Amboy Port Reading. South Plainfield, Buffalo, Chicago,
Milwaukee, and sevetal other ports in the Eastern States. He
a . said that the purchase of coal from other companies was
desirab e and profitable. The advantages of the Lehigh Val­
ley lease were explained. President Harris said that the cer­
tificate's were wanted to pay for materials and supplies, conttacted for by the receivers, and for taxes and other claims
which have prior lien on the property of the company.

,

23

THE CHRONICLE

J r t r 1, I888.J

On the i-Sth tie hearing before Mr, Crawford was continued'
on tin? application to issue $3,742,968 of receivers* certificates.
The production of the Lehigh Valley lease was demanded in
order to consider an item o f $83 000 for rental due July 1, but
the item was wi hdrawn from the application, Mr. Dickson
gave the f Slowing statement of the Lehigh Valley’s business
since the Reading receivership:
February net earnings, $862,000: charges, $565,000; loss,
$2*>3.0t»; .March net earnings, $394,000; charges. $765,000; gain,
$29to00. April net earnings, $447,000; charges. $565,000; loss,
$11$.dm). M,y was about e v e n , and June will show a profit.
This shows an apparent loss of $146,000. Mr. Dick-on slid, in a
business <?.t ftS.OOo.OOh, and the receivers are confident that this
will be more than made up by the value of the connections.
Regardic g figures given at the last hearing by President
Harris, Mr. Dickson said that they were the results of six
months since Dec, 1, when the business of the Lehigh Valley
was disturbed and expenses increased by reason ot work in
completing a new line from Waverly to Buffalo. Increased
profits through the Lehigh Valley, he continued, are probable,
and the laying off of tne construction force has added to the
income.
The bearing was concluded with arguments by counseL
representing the different classes of bonduold-r=. The Master
will mate his report to the United States Circuit Court next
week, probably on Monday.
A Montreal report says that the Grand Trunk Kail way has a
new connection for fast freight to New York, by virtue of an
alhanee with the Reading Road. Hereafter the Chicago &
Grand Trunk will have right of way over the Lehigh Valley
direct to New York, thus increasing us traffic facilities. The
alliance goes into effect August t.
It is stated that arrangements have been made for the
underwrit ng of $1,000,000 of the $3,000,000 Speyer loan due
July 1, and it is undetstood that $2,000,000 has been ex­
tended. Default will be made on the general mortgage in­
terest July t,
—The statement of earnings for May and for the first six
months of the fiscal year shows {he following:

.l^epouts an d
UNI TED S T A T E S

Boctiraetxls.

LEATHER

COMPANY.

APPLICATION TO THE NEW YTORK STOCK EXCHANGE.

New Y ork, June 21. 1893.
The United States Leather Company—a corporation duly
organized on the 25th day of February, 1893, under the laws of
the State of New Jersey, with a present capital stock of §120,000,000, of which $60,000,000 is preferred stock and $60,000,000
is common stock, and having its principal office in the city of
Jersey City, in the State of New Jersey, and its business office
outride of" the said State of New Jersey at Nos. 28 and 28
Ferry Street, in the city of New York—hereby makes applica­
tion "for the listing of §6,000,000, at par value, of its Sinking
Fund Gold Debentures on the New York Stock Exchange. A
brief description of the Debenture is as follows;
Authorized issue, §10,000,000 Six per Gent Gold Debentures,
bearing date May 1, 1893; maturing May 1, 1913; the par
value of each debenture $1,000 ; and one issue, numbered
from 1 to 10,000 inclusive. The rate of interest is six per
cent per annum, payable semi-annually on the first days of
November and Maf ia each year, at the office of the United
States Leather Company, in the city of New York. The
Central Trust Company of New York is the R-gisirar of the
debentures : privilege of registration is given, and provision
is made for the relemption of four per centum of the par
value of the debentures before the first day of August in each
year. This -unking fund clause is endorsed upon the deben­
tures, and in substance is as follows t
The company shall, on or before August 1 in each year, pur­
chase and deliver to the Trustee for cancellation an amount of
the debentures eoua! to four per centum in par value of the
total debentures issued, provided that they cm be purchased
at less than 110 per cent and accrued interest. In any case of
inability to purchase all or any portion, the company shall de­
If«w 31
31
.----------- M ay.------------ ,------- tHe. t to May
posit with the Trustee such amount as shall be necessary to
1693.
1*91-32.
189 •93. fully satisfy said sinking fund; and the Trustee shall draw by
1892.
f
*
8
k M U M D O n ****'*—
*
lot, and duly advertise such drawing, and the debentures so
G ro»» receipt* . . . . . . . . . 1.829,209 1,01 4*050 I0.744.7fi4 10.914,6.14
6,080,785 drawn shall be paid at 110 per cent and interest, on the first
0 ,| !)1 ,U ;
ex|«5a*e»___ _— 1,0 IS,374 1,161.00$
day of November following.
8io.w;tt
4,647.002
3.931,769
7& % m i
S e t ea rth e n *..........
ihe following provisions also are endorsed upon the deben­
269.795
27,373
72,483
©titer e e l receipts........
23 V * 90
tures, and making a part of tne conditions thereof:
In ease the United States Leather Company shall at any
4,30i .684 j
333,204
824,7*4
4,485284®
T o ta l.........................
Dvfuet—
time hereafter execute any mortgage upon its property or
6 4.307 I
80,312
Forman* 4 trapcoTem’ n
8 ,1 14
650,000
3,755*046
3.900,0'>0 franchb * to secure the payment of any bonds or debentures
823,811
P rop on 'n year'* c&’ges
hereafter bailed, the debentures of this issue shall be specif­
3,.84 4,357 3,964,367 i ic illy and equally secured by such mortgage, pro rata with
6 3 J ,i» »
838,000
T ota l........ ......... . . . .
337.197 *11 other bonds or debentures secured thereby.
204,249
174.944
3 orpin* ......... ................
1,0 (1.495
No bond, no debenture, other than these of this issue, and
Coal. A lao.v Co.*—
3,8 *1.53 7 3,669,347 X2.194.342 21,234,317 no mortgage, shall t*e at any time made, assumed or guaran­
H im$: f* w ip u
21,231.047
Operating r i p e a*-* — 3.4.13,217 #,802.071 11.498,330
teed by the United States Leather Company, or by any com­
HfeS»asralag:i,
7,230 pany a majority of the stock of which will be owned or con537,906
108,320 f i t 132,724
, trolled by the United States Leather Company, without the
. . . . . ».**
Cohtoiy Improvement*
77,143
1.8*1,515 1consent of the holders of record of 80 percent of the Preferred
44 4.811
te'-V?
17.011
-67.821
PurniAit’l ICDpmvoffTU
10,913
m ro m
60,000
398,000
4 >3,000 Stock of the United States Leather Company then out­
P rop on ’ n year** eVrge*
standing,
•
>'00.472
86,000
615,428
T o ta l................... .
1S8.058
The principal and interest of the debenture-! is payable m
608.198 gold c«*in, and the form of the same is hereto annexed.
47.738
200,724
382.508
Deficit..................... .
P. A K xstt C. A f. O
A printed copy of the by-laws of the company is herewith
362*5m
200,724
608* 190
1 : ; u- •; \ i
.
47.788
237*497 submitted. One of the clauses of which, referring to the
Stu-piru ot Kailroatl Co 204/140
1.74,044
1,0*1,639
annual report with a view to the inform ition of the stock­
Sal* hoik tM p M kk*. »r.lS8.S13 <3c f.25,7SO stir.678,960 d*«l 370,990 holders, is &» follows:
■d Lett Hh A W
* Jfi/t*,—The »B*t#e*s o f the Lettish Valley
■Section 4, “ it ■'hall be the duty of the Board of Directors to
Garre departasrskIs 1. ! r,eluded in the y e a r 189 i
! in II: iV 1892.
present at each annual meeting of the stockholders a full and
—Toe result of the operation of the Lehigh Valley Railroad dear st item-nt of the business and affairs of the company.
for the month of April and five month* ending April 80,
The following are the present officers and directors of the
ls63, is as folio
CO at in . :c. iitletn, Thomas E. Procter, B >st m. Mass.; First
—— — A pr-tt,— —

R eceipt*.,,
Ex petite*.
TEarsthg*

18»2.

1*93.

,

. 91,au0.9<!0 $ 1.452.429
m 3 ; hh
t .o o i.M n
1343.012

*443

a * , 324
$2*120,3-H

St.; LOII.I» k San Francis*:o.—At St. L o o k , June S3, Judge
Wit* ItQW decs\4m4 %bo ca»e o>f the Stato of Missouri against the
& Si\U F t ao'.iaco CV>ru(«iny in favor of thedcfendatit.
St. t
Tlw actic(U VPftSi to reev e r $700,Ckmi interest and principal
alteged |if> h*1 «Hue■ from the d.-fenduit as the successor
of th0 **S«30fhiWi Branch" of the Pacific Railroad Company,
on a Kiiarmmmm <if lhe latter to re-{ ■ay to the State $300,W) advan*-id toif it*i mMi■truction.
S e a t t l e L a k e Shore A Eastern—Northern P a c i f i c — At
Seattle, Wash,, June 37, Judge Hanford placed the Seattle
Like Shore & Eastern Railway la the hand* of a receiver,
Thoms* Re* v. a Brown waa appointed, The receivership was
granted on the petition of Thomas Earl and Angus Macintosh,
stockholder, of the road, against the corooration, its trustees,
and the Northern Pacific Railway Company, to enjoin the
f urther operation of the first-named corporation rail way by
the latter under a traffic contract, and for the appointment of
a receiver and an accounting of the dealings o f said corpora­
tions with each other. The Court holds that the traffic con­
tract » illegal. The road has been operated by the Northern
Pacific for about two years, that company owning a majority
of th e stock. The action now taken in the court, is by minori­
ty stockholders.
' For coiiiinBalion of Investment Kewi #**« p&srr 2 i

Vice-President, Mark Hoyt, Brooklyn, N. Y .; Second Vicepresident J a m - U - r t o n . Buffalo, N. Y.; Third Vice-Presi­
dent Edward R. Ladew. New York City; Secretary, Josiah T.
Tubby, Brooklyn, N. Y.; Treasurer, James R. Plum, New
York City. Dir®ct‘>r?t—ThoiQ^s E. Pnjetor, .Mark Hoyt, J&iiigh
Horton. George A. Vail, Norm m Schultz, E lward K. L-uiew,
James It. Plum, Patrick C. Costello, Jerry Crary, Lewis H,
rim t e m , Nehimth W, Rice, Joseph H. Ladew, L orm ; R,
Gal,. Charles G, Rico, Henry B Vaughan, Lyman I. Rhoads.
Gordon B. Horton. Simu-d P. Dtvidge, Walter G, Garntt.
William H. Humphrey, A. Augustus llealy, Charles H. Lee,
Darnel T, Steven-. Charles M. Vail, Frank H. Goodyear,
Edward O. Hoyt, James H. Proctor,
.
, .

The United States L ather Company commenced its busi­
ness, namely, the manufacture ani sale of leather, lumber
and t> iting'on the 2d day of May, 1893, and to tlm end it has
acquired tannery plants, properties, hark, bark lands, hid®
leather and other properties incident to and coanected with
the business of manufacturing leather, lumber and belting, as
going concerns, with the good will of the same, the title to
wldtdi has been taken in part directly by the L ruled States
Leather Company and in part through the ownership of the
capital stocks of other companies which had directly acquired
imrehase‘ o£ these properties and capital stocksh the
United States Leather Company has issued iw o wn
to
the amount of $3 0 ,0 0 0 ,0 0 0 and upwards, of which one-hair is
preferred stock and one-half is cooitnoti stock.
In the manner indicated, the United States Leather Com­
pany has acquired properties as follows:

m in

24

THE CHRONICLE.

1. Tannery plants, with their equipment, as shown in
Schedule A hereto attached.
2. Bark lands and bark contracts, as shown in Schedule B
hereto attached.
3. Bark, as shown in Schedule C hereto attached.
4. Hides and betterments, as shown in Schedule D hereto
attached.
5. Manufactured leather, as shown in Schedule E hereto
attached.
The purchase price of the tannery plants (including shops,
stores, storehouses, tenement houses, tools, machinery, etc.),
was determined upon the basis of $2 per hide annual tanBing
capacity of each plant, said annual tanning capacity being
based upon the cubic contents of the vats, 1,250 cubic feet of
vat capacity being equivalent to 1.000 hides annual capacity,
and aggregates the sum of $17,115,654 and upwards.
The purchase price of the bark lands and bark contracts
was determined at $4 per cord of bark on such lands in fee,
and bark on tree at $2 50 per cord, this being their cash
market value, and aggregates the sum of $19,006,000 and up­
wards.
The purchase price of bark in the yards was determined at
$7 50 per cord for hemlock and proportionate price for oak,
being the fair market value, and aggregates with other per­
sonal property acquired by the company, the sum of $5,493,814 and upwards.
The purchase price of hides and betterments was determ­
ined on a basis of cost for the hides, being their market value
in cash, and a conservative estimate of value of improve­
ments thereon in the process of tanning, and aggregates the
sum of $17,236,665 and upwards.
The purchase price of the sides of leather was determined on
a basis of market value less a commission of four per cent,
and aggregates the sum of $3,853,963 and upwards.
The aggregate of these purchases is the sum of $62,700,096
and upwards, on account of which preferred stock of the
company has been issued at its par value, to amount of over
$40,000,000, and in addition thereto one share of common
stock for each share of preferred stock so issued has been
paid for the good-will of the business of the various concerns
from whom these properties have been purchased.
For the purpose of determining the amount to be paid for
the several properties respectively upon the basis of the fixed
purchase price as hereinbefore stated, committees were ap­
pointed by the Board of Directors, who made an examina­
tion of the properties, and having before them the fixed
price per unit reported to the company the total amount that
should be paid for the several properties.
In regard to bark lands and bark contracts, where it was
impracticable at once to determine the actual amount of bark
or bark lands, forty per cent of the purchase price as estima­
ted was and still is withheld by the company, pending the ex­
pert examination required to determine the actual price to be
paid.
In regard to hides in process of tanning, ten per cent of the
purchase price for the hides and betterments for which bills
of sale were given was and still is withheld by the company
pending the completion of the manufacture of the same into
leather, at which time the actual number and value of such
hides can be determined.
In addition to the properties above-mentioned as acquired
by the company, the proceeds of the sale of $6,000,000 of the
debentures have been received into the treasury of the com­
pany.
In the acquisition of the real estate, local counsel selected
or approved by the general counsel of the company, Messrs.
Beaman & Atterbury, have certified that the title is good
and free of debt or encumbrance, and in all cases the same
has been acquired in fee, except the properties situate in the
State of Pennsylvania. In the latter case the title of the
tannery plants, tools, bark lands, bark contracts and bark
situated in the State of Pennsylvania, have been directly ac­
quired by and conveyed and transferred to corporations organixed under the laws of the State of Pennsylvania, and are
now held by them in fee.
These Pennsyivania corporations are three in number, know
a8i 1l t E£ Tann' ne Company, the Penn Tanning Company
sm onnrmni°n Tanning Company, each with a capital stock c
$10 ,000,000. The capital stock of these corporations, so far a
issued, except only a few shares held by directors of the r(
spective companies, is owned by the United States Leathe
L/ompany.
These Pennsylvania corporations, besides owning the propei
ties, are actually engaged in the manufacture of leather ui
Company^18 entered hUo with the United States Leathe

[VOL. LV1I.

ciates to furnish working capital for the company. A
printed prospectus is issued by the bankers above named, and
a copy of the amended certificate of organization of the com­
pany is hereto attached and referred to.
The formation and organization of the United States
Leather Company has been conducted under the supervision
and direction of Mr. Charles C. Beaman, of the firm of
Evarts, Choate & Beaman, and 51r. Charles L. Atter­
bury, of the firm of Betts, Atterbury, Hyde & Betts,
and a copy of their letter certifying to the regu­
larity of the formation and organization of the company and
the validity of the issue of the debentures is hereto annexed
and referred to.
An examination has been made by Messrs. Alexander &
Green, of counsel for the bankers purchasing the debentures,
and a copy of their opinion is hereto annexed and referred to.
THE UNITED STATES LEATHER CO.,
B y M a r k H o y t , F ir s t V ice-P resid en t.

The Committee recommended that the above-described
$6,060,000 6 per cent Sinking Fund Gold Debentures of 1913,
Nos. 1 to 6000 inclusive, be admitted to the list.
Adopted, by Governing Committee June 28, 1893.
Railroad Construction.—In an article on new railroads
built in the United States during the first half of this year, the
current number of the R ailroad G a zette says: “ The total. 896
miles, is nearly 400 miles less than the mileage built in the first
half of 1892, and is less than for the first half of any year for
a dozen years at least.” * * * “ Unless some special im­
petus is given to railroad construction work in the next few
months—and certainly present financial conditions give no
reason to expect any improvement early enough to affect
railroad building this year—the amount of track laid in 1893
will be less than for any year for the last ten years, As has
been the case for four or five years, the majority of the new
mileage consists of short lines built to meet well-defined needs,
such as developing valuable mineral or other natural resources
and securing traffic to old established lines. A very con­
siderable proportion of the track laid in the first six months
has been finishing work on lines on which most of the work
was done in 1892.
Richmond Terminal.—Practically all the securities of the
Richmond & Danville and Georgia Pacific securities were de­
posited June 27 at the expiration of the limit of time fixed
for receiving them. Further deposits may be made up to
July 8th on payment of penalties of one per cent on stock
and two per cent on bonds. The Reorganization certificates
for Richmond & Danville consol, fives were listed this week
on the Stock Exchange. East Tennessee, Columbia & Green­
ville, Charlotte Columbia & Augusta and Louisville Southern
securities may be deposited up to July 8th without penalty.
United States Leather.—The six per cent sinking fund
gold debentures of the United States Leather Company were
listed this week on the New York Stock Exchange. The ap­
plication to list gives the facts concerning the organization of
this company, its capitalization, property, &c., and will be
found at length on a following page.
Wabash.—The directors of the Wabash Railway have de­
clared 3 per cent on $3,500,000 debenture A bonds, payable
July 1. The surplus after interest will be about *25,000.
Wabash interest payments due July 1 amount to over $400,000, the money for which has already been deposited with the
trust companies.

—Messrs. Harvey Fisk & Sons, of 24 Nassau Street, have
issued a stirring circular under date of June 30th, 1893,
directing attention to the need of immediately repealing the
Silver Act of 1890, and calling on every officer of financial
institutions, every merchant, every business and professional
man, and every workingman, to telegraph or write to the
President of the United States “ and demand that without
another day’s delay he shall exercise the right given him and
immediately convene Congress in extra session.”
The Messrs. Fisk have been doing a very large business in
Government bonds lately, and have sold heavily to national
banks for increase in circulation.
—The 26th annual meeting of the Canadian Bank of Com­
merce was held at Toronto on Tuesday, the 20th ult. The
annual statement shows another year of growth, the assets
now being $28,912,387 as compared with $27,263,545 a year
ago, an increase of $1,648,841. The profits for the year were
Pf3i1Ltanniug p,roPertip“ owned b7 the United States Leathe 8536,000, out of which dividends aggregating 7 per cent were
,i pPa“ y ^ a h o v e .mdicated were purchased from Thoma paid on the $6,000,000 capital stock and $100,000 carried to
LFei?Ct0Ik Nr' Y ' ^
& Co> Horton- Crearv & Co., Fayei the rest account.
p ii a.tt?.er * Ladew, Hoyt Bros., H. G. Lapham & Co., P. C
The remarks of President Cox and of Mr. B. E. Walker, the
Costello & Co., A. Healv & Sons, James Horton & Co., am
constituting the principal and best-known manufac General Manager, are given at length on other pages in this
turers of sole leather in the L cited States. And in all case* issue of the C h r o n i c l e , and present a comprehensive review of
in making the purchase, the company has at the same Um commercial and financial affairs, both at home and abroad.
Mr. A\alker refers to the difference in the banking system in
concerns ^ e° od'wU1 of the b“ S'ness of the vendors as goiu Australia as compared with Canada, and points out several
by which the condition of the Canadian banks is
hfY? T i ? of 510,000,000 of debentures of the company ha features
made more sound. He expresses the conviction that foreign
autl,° nzed- ■ . br".'f description of which is give, investors must see in the steadiness and sound financial posi­
above, and of this issue $6,000,000 has been sol,
tion of Canada good reason to invest in that country some of
to
Messrs.
Heidelbach, .Ickelheimer
& Co. an,
that income w liich, .in the past, has flowed so easily to the
-Baring, Magoun & Co., for themselves and their a:so southern
half of the world,

THE CHRONICLE.

J cxy 1, 1893. J

g h e

(C o m m e r c ia l

COMMERCIAL

g im c s .

EPITOME.
F rida r NiOHT, J udo 30, 1893.

The quietness ordinarily prevailing in commercial circles at
the close of the first half of the year is at present more marked
because of a continuation of the financial disturbances. In
the general merchandise markets only positively seasonable
commodities are handled, and for many articles negotiations
have become practically suspended. Free selling-out by hold­
ers of wheat, supplemented by very promising advices re­
specting condition of growing crop, served to depress values
to an unusually low leveL Other grains have al-o declined
under the influence of improved crop conditions, but all de­
scriptions useful for cattle feed secured fair attention from
exporters. The foreign demand made place for considerable,
but of late shippers have been compelled to curtail their pur­
chases in consequence of difficulty experienced in obtaining
freight accommodation. Flour secured an increased demand
from West Indies. Cured meats continue scarce and costly,
which serves to restrict demand principally to the medium
qualities. A feature of the current week was the closing down
of Western iron and silver mines in consequence of unremunerative production.
Lard on the spot has further declined, and at the lower
prices business has increased somewhat. The close was easy
at 8 J-£c. for prime City, 9’TOc. for prime Western and 10 25c.
for refined for the Continent, The speculation in lard for
future delivery at this market has been dull and prices have
declined under an increased movement of swine at the West
and, owing to the depression in financial circles, closes easy.
D A IL T CLOSIXO PRICK S O F L A R D F C T C R E S .

Bat.
June delivery .............a. 9 95
July aeUverv............... ..e . 9 95
September deUverv___ o. 1 0 5 5

Mon.
9-90
9-90
10 50

Tut*.
9'85
9-80
10-13

Wed.
9-83
9-85
10-50

Thors.
Fri.
U-75 9 7 "
9-75 9-65
10 50 10 15

Pork has sold very slowly and values have been lowered,
closing at $19a$i9 50 for mess, $2 >0$£U 50 for family and $20
<3$21 50 for short clear. Cutmeats have met with a limited
inquiry, bnt values hold steady, closing at 13c. for pickled
bellies, W d 12 lbs average, 8 <0 »t*c. for pickled shoul­
ders and 12}^iai8c. for pickled hams. Beef is dull and
unchanged at $7 50^18 for extra mew. $9 <*$10 for packet.
$10(2$13 for family and $150$17 for extra India mess. Beef
hams are quiet and tteady at $17 250117 50. Tallow has been
quiet, but at the close was firmer in response to stronger
foreign advices, at 4 ll-16(0411 c. Lard stearine is dull and
easier at 12c. in hhda. and ten. Oleo stearine is dull and easy
at 8 c. Cotton-seed oil has been in better demand and the
close was firmer at
39c. for prime crude and 49'j-i43c.
for prime yellow. Butter has advanced, but the clow- was
dull at 17®22c. for creamery. Cheese is dull and easy at 7' {
for State factory, full cream. 1Fresh eggs are firmer at
15(3 IS'qc. for Western.
Coffee has sold very slowly hut remained under good con­
trol and was for a time held somewhat firmer. Rio quoted at
18tic. for No. 7, good Cucuta at SOaaOWc. and interior
Padang 23ia38t^c. Contracts were for a time dull under
liquidating sates, but a subsequent effort to cover short en­
gagements created a slightly reactionary tone, with the close
showing a continued steady feeling.
The following are the final asking prices:
J o l y . . „ ............ lVSOe. I O ct.................... 15-SOe. I J a n ................1 5 25c.
A m t.................. 15 85c. N ov................... 15‘35c. F ob...................... ..........
»opt..............15 bOc. I Doc............. l i t h e . |
Raw sugars have found only moderate attention and some­
what uncertain value, but were well held and former rates
generally asked. Centrifugal quoted at 4 7-18c. for 95 deg. test,
and muscovado at 3 13-15c. for 99-deg. test. Refined sugtrs
sold slowly with only few fluctuations in price; granulated
quoted at 5%c. Other staple groceries neglected and values
uncertain.
Kentucky tobacco has been in light request, but values are
without change and firm. Seed leaf tobacco was in slow de­
mand but steady. Sales for the week were 955 cases, as fol­
lows : 100 cases 1891 crop. State Havana, 18320c.; 120 cases
1891 crop. Wisconsin Havana, x'jOllc.: 50 cases 1890 crop,
Wisconsin Havana, 1 4 0 1 8 c.: go cases 1891 crop, Dutch, 12 <J
18c.; 200 cases 1891 crop, Ohio. 8 ^|lllc.; 200 cases 1891 crop,
Zimmer's. 114 13c.; 50 cases 1891 crop. New England Havana.
2-V350c.; “5 cases 1891 crop, Pennsylvania Havana. 18W'330c.;
100 cases 1891 crop. Pennsvlvaoia seed leaf. ll'314c.; 900
bales Havana, 70c.<8$1 10 : 350 bales Sumatra, $2 50,a$U0.
The market for Straits tin lias been quiet and prices have
made a decided decline under the pressure of large supplies.
The close was ea-y with sellers at 19 25c. Sales for the week
were 280 tons. Ingot copper was lower during the week but
to-day then- was an advance, and the close was steady at
10 60c. for Lake. Lead has further declined but the close
was steady a’ a slight recovery from bottom prices, at 3 5 >c. for
domestic. Pig iron wasdulland unchanged at$12 75 <*$15 50.
Refined petroleum is dull and easier at 515c. in bbl*., 2 65c.
in bulk and 5-85c. in ca*es; crude in bbls. is lower. W ash ­
ington closing quiet at 4'85c. in bbls. and 2'35c. in bulk; naph
tha SV^c. Cru le certificates have declined, closing easy at
asked. Spirits turpentine has been dull and the close
was easier at 291, <*298^c. Rosins have been more active for
the low grades at lower prices, closing at $1 17i,'0$l 2 2 >-i
for common anil good strained. Wool is steady at the de­
cline. Hops are dull but steady.

25
C O T T O

N

.

i g h t , June 30, 1893,
as indicated by our telegrams
from the South to-night is given below. For the week ending
ibis evening the total receipts have reached 19,938 bales’,
igainst 23,096 bales last week and 20,876 bales the previous
week, making the total receipts since the 1 st of Sept., 1892,
1,994,312 bales, against 7,049,323 bales for the same period of
1891 -2 , showing a decrease since Sep, 1,1892, of 2,055,011 bales.

F

T

h k

M

o v e m e n t o f t h e

R eceipts at—

Savannah.........
rfrunaw’k, Ac.
Charleston.......
P t Royal, Ac.
Wilmington___
Wash’ton, Ac.
Norfolk.............
West Point...
N’port N., Ac.

r o p

,

rues.

M on.

Sat.
Ill

El Paso, Ao ..
New Orleans...
Mobile...............

C

......

N

r id a y

FA urs.

Wed.

370

40

61

534

650
42

1,650

F ri.

Total.

254
392
3,074

8fiQ
392
7,562
83
2,724

654

1,000
41

189

l,09d

919

33

......

.......

28

459

.......

......

......

......

6

27

6

4

......

......

107

190

......

......

......

.......

10

9

7

3

9

......

......

......

......

......

......

563
16

654
7

31

748
25

......

989
135

......

......

......

......

14
31
101

3,002
214
101

Boston............ .
Baltimore........
Phlladelph'a Ac

1,468

128

283

2,525
248
1,840

Tot'ls this week

3.184

19,938

......

144
3.426

120

539

300

170
248
6S7

2,904

1,817

2.948

5,629

448

26

......

......

340
38

The following shows the week’s total receipts, the total since
Sept. 1, 1892, and the stock to-night, compared with last year.
Receipt* to
June 30.

1892-93.

Stock .

1891-92.

This Sines Bep.
Week. 1,18 9 2 .

T/ii*
Week

8ince 8ep.

1,18 9 1.

1893.

1892.

Norfolk ”. . .
West Point
N*p*tN..Ac
New Y o rk ...
B oston........
Baltimore ..
PtUiadcL.Ac.

869 1,036,642
392
56,038
7,562 1,561,209
83 167.87:.;
29,128
2,724 772.558
140.265
310 281,782
427
38 158,704
755
3,002 281,221
214 193.898
21.232
101
......
47,375
2,523 118,100
248
64.531
63,574
1,840

1,345 1,137,560
43.399
114
5,629 2,466,138
233 264,255
24,776
1,102 1,014.295
197 169,093
268 461,505
1,530
275 160,851
2,342
832 513,256
1,253 334.1X0
46,085
97
89.132
43
2.901 136.571
91,677
912
85.756
1,273

......

.......

174.721
4,500
8.415
8.420

329,890
5,300
8,220
8,100

T o u t . .......

19 938 4,994.312

16.471 7,049.323

382,550

545,931

Galveston. .
New Orleans
Mobile..........
Savannah ...
Charleston..
Wilmington.

24,235

19,761

103,382
6,997

107,728
10,531

20,380

16,317

16,339

20,568

3.466

10,652

11,6X4
81

6,755
2,106

In order that comparison may o« made with other yeais, we
give below the totals at leading ports for six seasons.
Receipt* at—

1892. | 1891

1893.

1890.

1.459
5.629
233
1,102
268
275
832
1,350
5,32S|

836
4,212
31%
2.762
0 8
47
1 194
776
2.643

631
615
13
81
37

All o th e r s...

1.281
7,582
83
2,724
340
38
3,002
315
4,813

T ot till, wk.

19,938

16,474|

13,423

Gelvea’n.Ac
New Orleans
Mobil#-........
Sarennuh ..
Char-ton,Ac
Wilm’ ton.Ac

Norfolk.......
W. Point,Ac.

1889.

1888.

22
75
807

78
1,026
31
156
12
12
56
31
1,075

239
2,024
310
720
123
89
531
941
1,433

2.281

2,477

6,410

since 8ept. 1 4994.312 70i9.323t680l.992i5780,227 5490.138 5441,909

The exports for the week ending this evening reach a total
of 24,458 bales, of which 15.086 were to Great Britain, 609
to France and 8.763 to the rest of the Continent. Below are
theexports for the week and sinoe September 1, 1892.
E xp or**
h em —
G a l v e s t o n .....
V e ls s c o . A c —
N ew O rle a n s
M o b ile A P e n
H a van n a h ........
B r u n s w ic k -----C h a r le s to n —
W ilm in g t o n
N o r fo lk
W e s t P o in t.
N ’ p*t N ew *. A c
N ew Y o r k .

From S ep t. 1. 1892, to J u n e 3 0 .1 8 9 3
B c p a r tc l tu —

W eek Brvii no J u n e 3 0,
E x t o r t #d t o —
G re a t
O rit'n . F ra n ce

......

,, ,,
.............

C ond i­
tio n !.

T o ta l
W e*k .

...
300

6.321

850
6,323

................
......
................
......
100

100

......
.....
6,783

166

1,528

452,608 133,748
17,869
556,163 332,199
43,694
...............
61,711 24,727
67,776
2 ,i 8g
7,91X1
80,694
74.102
101.807
...............
62.236
1<>.8»2
430,618 30,780
209.666
82.706 10,747
16,721

C o n ti­
n e n t.

T o ta l.

769.066
172.712
32.767
50,036
366,870 1,255,232
44,096
400
357,499
271,061
80,755
20,499
212,601
118.007
132,031
67.929
132,062
. 30.185
50,936
7,700
10,892
642,669
181,235
216,197
6.841
113.461 207,004
17,137
416

B a ltim ore..
t*btla4*»Ip'a,Ac

673

..........

13,58 >
1,719
1,714
67*

T o t a l... M e . . .

15,064

609

8,763

21.458 2.255,133 542,687 1.380,083 4,177,803

T o t a l. 1801 -02.

31.400

7.3fi«

14,382

63 4*9 3 300.655 685.332 l 790.388 5 706.405

6 .3 ? 2
1.719

423

G rea t
B r it a in . F rance

THE CHRONICLE.

2H

in addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
oleared, at the ports named. We add similar figures for
New York, which are prepared for our special use by Messrs
Oarey, Yale & Lambert, 24 Beaver Street.
On Shipboard, not cleared—fo r
June 30 at—

Other Coast­
Great
B ritain. France. Foreign wise.

[V O L .

LV1I,

T h e S a l e s a n d P r ic e s o f F u t u r e s a r e s h o w n b y

th e

Leaving
Stock.

Total.

New O rleans...
Galvocton........
Savannah.........
Charleston.......
M ob ile..............
N orfolk ............
New York........
Other port*___

7.286
None.
None.
None.
None.
2.500
6,200
5,000

3,789
None.
None.
None.
None.
None.
400
None.

3,951
None.
3.500
None.
None.
1.500
8.000
2,000

514
1,256
400
800
None.
1,000
None.
None.

15,540
1,256
3,900
800
None.
5.000
14,600
7.000

87.842
22,979
16.480
15.539
6,997
6,614
160.121
17,882

Total 1 8 9 3 ...

20,986

4,189

18,931

3,970

48.090

334,454

Total 18 92...
Total 1891...

18,732
16,002

1,614
3,563

14.730
•1,750

1,288
5,565

36.364
29,880

509,567
256,923

Speculation in cotton for future delivery at this market has
been of very irregular character. Operators have felt con­
siderable perplexity regarding the growing crop, and were
also in doubt as to the probable influence upon Manchester
trade of the stopppge of silver coinage by the Government of
India, and, awaiting further developments, the tendency has
been to handle certificates with caution. On Saturday business
opened with free offerings and a drop of Gpoints, but that was
regained through the efforts of a local short interest to cover
and secure profits with the close of the week. During Monday
several ffciciuations took place, finally resulting in a very
small net gain in price and very similar conditions prevailed
on Tuesday and Wednesday, resulting in another small ad­
vance, the slightly uppish inclination of the two sessions
being traceable to a good impression regarding the chances
for foreign demand. Yt sterday, however, the market made
a sharp break of 10 points, with practically no recovery, in
consequence, mainly, of a stringent money market. The
weakness was increased somewhat by greater pressure to sell
cotton from both Southern and local holders. To-day there
has been a recovery of about 8 points with no well-developed
stimulating influence, except the timidity of local short!.
Cotton on the spot sold slowly and was offered with some
freedom at lower rates, closing at 7%c. for middling uplands.
The total sales for forward delivery for the week are 526,100
bales. For immediate delivery the total sales foot up this week
9.620 bales, including 900 for export, 1,684 for consumption,
56 for speculation and 7,000 on contract. The following are
the official quotations for each day of the past week—
June 24 to June 30.
UPLANDS.

M o n T u e s YVed T h .

S a t.

F rI.

5*9
5 78
6k
71,8
77,6
711,6
7 7e
S ’ l6
8%
813,6 83,
91$

O rdinary.....................................
Strict Ordinary...........................
G ood Ordinary...........................
Strict Good O rdin ary...............
Low Middling.............................
Strict Low Middling..................
Middling......................................
Good M iddling...........................
Strict Good M idd lin g...............
Middling Fair.............................
.Fair..............................................

5k
6
6 7s
73ie
7»ie
7t316
8
8°16
8*9
87s
914

5916
513,6
6 i3ie
7k
7k
7*
71516
8*4
S 'l6
8b 16
93,6

GULF.

S a t.

M o i l T u e s YVed T h .

59,8
b io ,«
613,6
719
7k,
7k
715,6
8k
8 ’ ,8
813,6
93,8

59,6
51o,«
61-16
7%
7k
7k
710,6
8k

5k
5 ‘k
6k
V ie
77,fl
711,e
7k
83ia
83s
8k
9k
F rt

Ordinary......................................
Strict Ordinary..........................
Good Ordinary...........................
Strict Good O rdinary...............
Low M iddling.............................
Strict L ow Middling.................
M iddling......................................
Good Middling............................
Strict G ood M iddling...............
Middling Fair.............................
Fair...............................................

5 78
6*4
7*8
7716
71-16
8>,«
H3
8die
8%
9hj
9*9

513,6 01316 513,6 5%
63,8 63,6 6,tie
7
71,8 71,6
73s
7%
738
75is
73,
7k
7k
8
8
8
715,8
83,6 8316 83,6
8%
8k
Sk
8k
8 U „ 811,6 811,6
91,8 9*16 91,6 9
938
9’ ,«
97,6

5k
6%
7
75,6
711,8
715)6
8k
87,e
6=8
9
9k

STAINED.

S a t.

M o il T u e s W e d

T il.

F r i.

G ood O rdinary...........................
Strict Good O rdin ary...............
Low Middling..............................
M iddling......................................

5^
5k
6*8
70,6

5
5»s
6k
71,6

5
5k
6*3
77,6

51,6
5rii6
69,6
7%

51,6
511,6
69,8
7k

51,8
5n 18
6»ie
7k

MARKET AND SALES.

The total sales of cotton on the spot and for future delivery
each day during the week are indicated in the following
statement. For the convenience of the reader we also add
a column which shows at a glance how the market closed or
same davs.

MARKET
CLOSED.

SALES OF SPOT AND CONTRACT.

SPOT

Sat’d a y .
Monday
Tuesday
Wed’day
Thur’d’ y
F riday..
T otal.

Q u iet................
Quiet at i , 6 dec.
Q u ie t................
steady ..............
Steady at i lft do
D u ll...................

E x­
port.

Con- Spec- Con­
tump. uVVn tract. 1 otal.
186
179
183
225
715
176

900! 1,064

600
300

Sales oj
Futuret

....

800
6,100

186
779
28-3
281
1,815
6,276

66,500
80,100
120,900
97,900
90,500
70,200

56

7.000

9.620

526,100

56

100

The following exchanges nave been made during the wee a :
•23 pd. to exch. 400 July for Sept.
'31 pd. to exch. 300 Aug. for Deo.
15 pd. to exch. 400 July for Aug. •14 pd. to exch. 200 June for A ug.
•13 pd. to exch. 900 July for Aug.
•40 pd. to exch. 100 Aug;, for Jan.
•17 pd. to exch. 1,400 Aug. for Oct.
55 pd. to exch. LOO July for Jan.
03 pd. to exch. 500 Aug. for Sept. •41 pd. to exch. 100 July for Nov.
10 pd. to exch. 200 Sept, for Oct.
•25 pd. to exch. 200 Aug. for Nov.
•47 pd. to exch. 1,500 July for Deo. •12 pd. to exch. 100 July for Aug.
•14 pd. to exch. 2,600 July for Aug. •16 pd. to exch. 300 Nov. for Jan.
09 pd. to exch. 100 Aug. for Sept. •02 pd.to exch. 100 July s.n.for reg.
•08 pd. to exch. 400 D ec. for Jan.
15 pd. to exch. 200 Nov. for Jan.
The V i s i b l e S u p p l y o f C o t t o n to-night, as m a d e up b y cable
and telegraph is as follows. The Continental stocks, as well bb

those for Great Britain and the afloat are this week’,- returns,
and consequently all the European figures are brought d o w n
to Thursday evening. But to make the totals the complete
figures for t.v-nujhr 'June 30). we ad ’ the item of exports from
the United States, including in it the exports of Friday only.

THE CHKOIsHCLE.

JCLT 1, 1893.]

1893.
1892.
1891.
1,416,000 L,590,000 .,154,000
9,000
6,000
16,000

1890.
876,000
12,000

T otal Great B ritain s to ck . 1,422.000 1,599,000 t,170.000
16.000
Btook at H am burg....................
-1.500
4.700
151,000 138,000 112,000
S to o l at Bremen............ ..........
18.000
26.000
23,000
Stock at Amsterdam................
200
200
400
Stock at Rotterdam .................
10.O00
8.000
8.000
Stock at A ntw erp......................
385,000 424,000 242.000
S tock at H a v re..........................
7,000
10,000
9,000
Stock at M arseilles...................
Block at B arcelona................... 103,000
98,000 105,000
18,000
9,000
22.000
S tock at Qruo-a................ .........
26.000
42,000
40,000
Stock at T rieste.........................

888.000
4,100
89,000
7,000
200
6,000
169,000
4.000
76,000
8.000
6,000

Stock at L iv e r p o o l.. .
6 took at L on d on ........

Total Continental stock s.......

738.200

786.700

553,100

369,300

T ot*l European s t o c k s ....
In d la oou on afloat fo r Europe.
A ster, eott'n afloat tor Europe.
Egypt, Brarli, Ac, .aB! fo r E’r'pe
Stock is United State* ports ...
Stock in 0 . 8. interior to w n s..
Uni ted States export* to-day.

108,000
106.000
35.000
3*2,550
13 >.393
2,190

153,000
90,000
26,000
545.931
182,624
8.240

130,000
85,000
22,000
286.803
103.375
2,126

160.000
27,000
10,000
116775
18,845
3.106

Total visible su pply.......... 2,929.333 3,373.501 2,352.6011,593.026
Of r heabove.t he to tala o f American and other dascriptio as areas follow s:
iS I fK B l1,170.000 1,368.000 919,000 515.000
608.000 580,000 380.000 2 50.000
85,000
90,000
Amertoaa t float fo r E u ro p e ... 106.000
27,000
38 2,'>50 515.931 254,803 116.775
V ailed State* in te rio rsto ck s.. 133,393 382,624 103.575
13.846
2,190
2,120
V itted States ex port* to-d ay.
8,246
3,106
Matt Ind ian, B rasil, d e,—
Liverpool stock................... .
London stock .............................

T otal E ast India, A c ..
Total A m erican...........

2,405.133 2,774,801 1,776,501
246,000
6.0O0
129.200
108.000
35,000

960.726

215.000
16.000
173,100
130,000
22,000

331.000
12,000
119.300
160,000
10.000

524,200 598.700 576,100
2,405,133 2 774,801 1,776,504

632,300
960,726

222.000
9,000
146,700
155,000
26.000

QUOTATIONS FOB MIDDLING! COTTON AT OTHER MARKETS,—
B e lo w w e g iv e c lo s in g q u o ta tio n s o f m id d lin g c o t t o n a t S o u t h ­
ern a n d o t h e r o r in c ip a l c o t t o n m a r k e ts f o r e a e o d a y o t h e w e e k ,
Week ending
June 30,

A T t h e I n t e r i o r T o w n s t n e m o v e m e n t — t h a t is t h e r e c e ip t s
f o r t h e w e e k , a n d s in c e S e p t e m b e r 1, t h e s h ip m e n t s f o r th e
w eek a n d t h e s t o c k s t o -n ig h t , a n d t h e s a m e it e m s f o r the
o o r re s p o n d in g p e r io d o f 1891-82— is s e t o a t in d e t a il in the
f o 't o w in g s t a t e m e n t.

5
*

#*
p

u
1turn

*
*

**

m
**1a

; -

r

(W

-.

gt*-XX«t
8 ?!

»©**■>*
*-* Mi*
; ©e* #.*
* C5C *2K*5-

jl © r

—A

##X

te l

-1

Wedne.s.

Tiiurs.

Fri.

7ia
7*9
7=8
7=8
7%
7=8
7=a
71=18
8
S3s
7%
7i*ie
7“ ts
7 u8
gls
8

7H
71,
7%
7=8
7X(
7=8
7%
7 « ia
8
8%
7Uxs
7^8
7=8
7*e
8%
S

7%
7%
7*8
7=8
. 7\
7»8
7%
71*18
S
8k
79,.< «58
7k»
7»ie
7%
8%
8

1H
7%

7%
7^
8L
8 '-e

Receipt* at the Ports, IsVkat Interior Town*. Itee'vttlrom Pi ant'tu.
18H.

1S&2. 1 IS03.

mjmt
S0J*i>*5
27,303
20,621
16.112
13 423

36.977
31144
*0.526 i
25.491 ]
19.643
16.*74!

c

'

r - , S

VljM»*h«r rontea, & c ............... ...
Total gro** overland....... .......
Deduct shipments—
Overland to N. Y .,B o sto n , A c ..
Between Interior t o w n * ............
Inland, Ac., from S o u th ....... ..

"a y S

: -i v - • £ c* KOOOVXU

y O llu c ^ c
a>
b V .; 7 « 3 s * L « o o
to
V
gTSOl l|
lr-ss
s * §w;■ -1
£S
§2
.: c s.—- j « ..:
* » c : ic o B ^ -a K y
V
K
x
c
c
w
,
c
?
a
y
> y C M- i A O
t
* Louisville figure* '* net *' la
year*.
* ThH vcnrX figure* estimated,
1 stock corrected.
T h e a b o v e i-it in s h o w th a t th e in t e r io r s t o c k s h a v e d ecreased
d u r in g th e w e e k 15,339 b a le s a n d a r e t o -n ig h t 47 ,23! ba les
Um th a n a t t h e s a m e p e r io d la st y e a r . T h e r e e lp t s a t all th e
tow n s h a v e b e e n 3,519 b a les m o r e th a n th e sa m e w e e k la st
y e a r an d s in c e S e p t. 1 t h e y a r e 1,191,317 b a le s Lest th a n f o r th e
• m e tim e in 1891-92.

25,062 9,313
19.825 13.904
18,807 11,338
11,552
8,629 6,956
5,190 4,509

1893.

ft»$20
1.487
141
4
2,801
1,028
623

Since
Sept. L
409,247
200,624
138,731
14,074
123,806
108.080
161.014

11,602 1,214.396

1891-92.
Week.
7,112
969
**189
1,293
661
913

Sines
Sept. 1,
669.183
347,452
162,175
S7.753
203,831
158,234
160,908

11,140 1,739.636

4,013
12
357

293,580
23,014
71,727

5,129
201
3,346

405,139
61,719
99,965

Total to be d edu cted................

4,962

389,321

8,676

566.823

Leaving total net overland *..

6.620

826.075

2,464 1,172.813

T h e fo r e g o in g s h o w s th a t th e w e e k ’s n e t o v e r la n d m o v e m e n t
this y e a r h a s b e e n 8,820 b a les, a g a in s t 3,401 baleB f o r t h e
w eek in 1892, a n d th a t f o r th e s e a s o n t o d a te th e a g g r e g a t e n e t
o v e r la n d e x h ib it s a d e c r e a s e fr o m a y e a r a g o o f 846,733 b a le s.
1892-93.
In Sight and Spinner»’
Takings.

*

1892.

15,351
19,386
14,787
12,898
6,669
6.458

O v e r l a n d M o v e m e n t f o r t h e W e e k a n d s in c e S e p t , l . —
W e g iv e b e lo w a s ta te m e n t s h o w in g th e o v e r la n d m o v e m e n t
fo r th e w e e k a n d s in c e S e p te m b e r 1. A s th e le t u r n s r e a c h u s
b y te le g r a p h la te F r id a y n ig h t it is im p o s s ib le t o e n t e r so
la rg ely in t o d e ta il as in, o u r r e g u la r m o n t h ly r e p o r t , b u t all
the p r in c ip a l m a tt e r s o f in te r e s t a r e g iv e n .
T h is w e e k ly
p u b lic a tio n is o f c o u r s e s u p p le m e n ta r y to th e m o r e e x te n d e d
m o n th ly sta te m e n ts . T h e r e su lts f o r th e w e e k e n d in g J u n e 30
*n d s in c e S e p t. 1 in th e la s t t w o y e a r s a r e as f o l l o w s :

via i/>ui*vilie...............................

r

1891.

T h e a b o v e s t a t e m e n t s h o w s : 1 .— T h a t th e to ta l r e c e ip t s fr o m
th e p la n ta tio n s s in c e S e p t. 1 in 1892-93 a r e 5,001,071 b a le s : in
1891-92 w e r e 7,178,018 b a le s: in 1890-91 w e r e 8,950,997 ba les.
2 .— T h a t, a lt h o u g h th e r e ce ip ts a t th e o u t p o r t s th e p a st w e e k
w ere 19.989 tytUss, th e a c tu a l m o v e m e n t fr o m p la n ta tio n s w a s
o n ly 4,390 b a le s, th e b a la n c e b e in g ta k e n fr o m th e s to c k s a t
the in t e r io r t o w n s . L a s t y e a r th e r e c e ip t s f r o m th e p la n ta tio n s
fo r t h e w e e k w e r e 8,438 b a les a n d f o r 1891 t h e y w e r e
*,190 hales.

-a -ic a u -s .B y -iffii:e f —
*$<I

1801. | 1892. 1 1893.

25.389 151.932345,202' 213,479
25,686 140.322 430,5831261,857
26.^>6 127,906 218,864 187,899
80,976 ISO.OSffSOt,022 166,002
23.096 110,540 193,908j150,762
19,9*9'103,675' 182,08*! 135,393

Shkppea—Vi* sit. L o u l* ........................... ..
VI* C airo............. .........................
VI* Hannibal..............................

g: iT©

7%
7\
71,
7=8
7 7e
8
8%
7»m
7^13
7918
7te
8%
8

T h e c lo s in g q u o ta tio n s t o -d a y (F r id a y ) a t o t h e r im p o r ta n t
S o u th e r n m a r k e ts w e r e aa f o l l o w s :
A tla n ta..........................I Little R o o k . . . .
7% N ewberry_____
6ti
Columbus, G a .
7 As i M ontgom ery. .
7 h s R aleig h ..............
7%
Oolurn bus, Mist
" !s : N ash ville........
7% S e lm a ................
7«s
Sufaula............
7M I N a toh es..........
7318 S h r e v e p o r t ....
6 T*
R e o e ip t b F r o m t h e P l a n t a t i o n s .— T h e f o l l o w i n g ta b le
in d ic a te s t h e a c t u a l m o v e m e n t e a c h w e e k f r o m t h e p la n t a t io n s ,
T h e fig u r e s d o n o t I n c lu d e o v e r la n d r e c e ip t s n o r S o u t h e r n
B on e u m p tio n ; t h e y a r e s im p ly a s t a t e m e n t o f t h e w e e k ly
m o v e m e n t f r o m t h e p la n ta tio n s o f th a t p a r t o f t h e c r o p w h ic h
fin a lly r e a c h e s t h e m a r k e t t h r o u g h th e o u t p o r t s .

JV«fc.

I s ll?

0B*-*© UI <&♦*«©»«»©©>©
« « » *|* y-t'M j *

© « : « > © © t ? <S* e - M &}’ «5g © * > C S l i M V f f i # - #> --* c

®: *-»w;
©t 16#*5
111 ©$»<»*
«#•«•*

Toes.

7%
7L,
75s
7%
7\
7%
7=8
S
8
8%
7\
7\
7\
71,
S's
Si*

1692-93.

* *-* a-

0 « « * S»*| 15-— -J&ttOCI

Won.

75b 9
7»1S
7*18
7=8
7%
7%
7%
8
S
8%
7%

June 30.

£
1
f
p . p
&■ *454j*«e r- j s
c- v e •«-t&m & —2 2 2 g | |
I g Vi ©
h b h h V h h 'h-W *x© »© s» V % «b © Is #.
*•© x 4* « * A|(Ps«C«J# *:•X <1*>-1x j #•-■» © <6X W-wj s b ' i f f y i ! i
1 ©*4*m© m m
<t ■»f*m -#© ©
}A j

3
H £ * '1,
° m ** *’**•• ~ » © © ©
>'=»©•
a,-4*s»-i{.»*«,

CLOSING QUOTATIONS FOE MIDDLING COTTON ON—
Satur.

»* lv ssw m ...
New Orleans
Mobile___ __
S avannah...
C harleston..
Wilmington,
N orfolk..___
B oston. . . . . .
B altim ore...
Philadelphia
Augusta. . ..
Memphis___
St L om e___
H ouston----Cincinnati. .
Louisville...

May 2a......
Total visible su pply......... . 2.929.333 3.373,501 2,352.60* 1,593.028 Jan® 2 .,.,.
e ......
Price M id. U p!., L iverp ool________________
*>,«4. *d .
i*,*d. UL.d.
Price Mid. Upi.. New Y ork---------------7 T«C.
T V :.
12 .
** 16 ....
*» 2JJ ....
O T T h e im p o r ts in t o C o n t in e n ta l p o r t s th e p a st w e e k h a v e
**■ m
b e e n 37,000 bale*.
T h e a b o v e fig u r e s in d ic a t e a d e c r e a s e in th e c o t t o n in s ig h t
t o -n ig h t o f 444.107 bale# as c o m p a r e d w it h th e s a m e d a te
o f 1892, a n in c r e a s e o f 376,729 b a le s a s c o m p a r e d w it h th e
c o r n s {x ir u lin g d a te o f 1881 a n d a n i n c r e a s e o f 1,318,307 b a le s
a s c o m p a r e d w it h 1890

27

Receipt* at port* to June 80..
Wet overland to June 30,
Southern consum ption to June S

Week,

Since
Sept. 1.

1891-92.
Week.

Since
Sept. l .

19,938 4,994,312,, 10,474 7,049.323
6.620 826.073: 2.464 1,172,813
7,000 006,000; 7,000i 567,000

Total m arketed.........................| 33,558
33.558 6,420,387’ 25,938 8,789,138
6,759 *11,284 120.695
15,369
Interior stock* In e x cess.......
Came in to sight during week.
Total In eight June 3 0 ............

18,189

............ 1 14,654
.............
6,433.146
........ 8,915,831

a.. —. 1,652,023! .........12,113,018
North’ n spinners tak’g »to J 'n e 3 0
* D ecrease d aring week.
I t w ill b e seen b y th e a b o v e th a t th ere h a s c o m e in t o s ig h t
d u r in g th e w e e k 18,189 b a les, a g a in s t 14,654 bales f o r t h e
sa m e w e e k o f 1892, a n d th a t th e d ecrea se in a m o u n t in s ig h ,
t o -n ig h t as c o m p a r e d w it h la st y e a r is 2,483,685 bale3.

28

THE CHRONICLE.

[VbL. LVII,

W e a t h e r R e p o r t s b y T e l e g r a p h .— Our telegraphic ad­ being 95 and the lowest 69. June rainfall six inches and
vices from the South this evening denote that on the whole sixty hundredths.
ontgom ery, A la b a m a .—Crops are doing much better, hav­
the conditions have been favorable during the week. In the ingM greatly
improved under the influence of the hot and dry
Southwest the weather has been dry as a rule, and elsewhere weather. This is especially true of cotton. Bolls are reported
in the cotton belt, with but few exceptions, the rainfall has in several localities and the outlook is decidedly good. Rain
been light. Excellent progress has been made in cultivation has fallen lightly on one day of the week, to the extent of
hundredths of an inch. The thermometer has averaged
and from some of the earlier sections we have reports of bolls. three
80, ranging from 69 to 91.
A further considerable fall in the Mississippi River is to be
Selma, A la b a m a .—The weather has been favorable and the
crop is improving, but it seems difficult to overcome previous
noted.
G alveston. T exas .—Dry weather has prevailed all the week. adverse circumstances. There has been rain on two days of
the past week, the rainfall being insufficient to measure. The
Average thermometer 83, highest 88 and lowest 78. During thermometer has averaged 83, ranging from 62 to 103.
the month of June the rainfall reached seven inches and fortyA uburn, A la b a m a .—Cotton is backward and somewhat in
the grass. Apples and pears have been severely blighted. Rain
five hundredths.
P alestin e, T exas .—Crops are looking well. There has been lias fallen the past week to the extent of sixty-five hun­
dredths of an inch. Average thermometer 77'4, highest 91-5,
no rain all the week. The thermometer has averaged 88. the and lowest 64.
highest being 94 and the lowest 73. Rainfallfor June four
M adison, F lo rid a .—The crop continues to do well. There
has been rain on two days of the week, the precipitation reach­
inches and twenty-six hundredths.
B u n tsville. T exas .—Good work has been done in cultivating, ing eighty hundredths of an inch. The thermometer has aver­
aged 79, the highest being 94 and the lowest 68.
but crops are not yet entirely out of the grass. Otherwise
Colum bus, G eorgia .—We have had rain on two days of the
prospects are favorable. We have had dry weather all the week, the precipitation reaching one inch and eighty-five hun­
week. The thermometer has averaged 83, ranging from 73 to dredths. The thermometer has averaged 83, ranging from 72
to 92.
94. June rainfall ten inches and forty-three hundredths.
Savannah, G eorgia .—We have had rain on three days of
D allas, T exas .—The weather has been dry all the week and
favorable to crops, which are greatly improved nearly every­ the week, the rainfall reaching sixty-nine hundredths of an
where. The thermometer has ranged from 73 to 98, averaging inch. The thermometer has ranged from 69 to 91, averag­
ing 81.
84. June rainfall three inches and seventy-five hundredths.
A u g u sta , G eorgia .—The weather has been warm and sul­
S an A n to n io , T exas .—Dry weather has prevailed all the
week. Average thermometer 85, highest 96 and lowest 74. try during the week with rain on four days, to the extent of
one inch and eighty-four hundredths. * Crop accounts are
June rainfall one inch and ninety-two hundredths.
Luting, T exas.— Crops of all sorts are as favorable as possi­ better. The plant is small throughout this section but looks
ble. There has been no rain during the week. The thermom well. Average thermometer 77, highest 93 and lowest 62.
eter has averaged 85, the highest being 100 and the lowest 70. During the month of June the rainfall was seven inches and
seventy-one hundredths.
June rainfall, fourteen hundredths of an inch.
C harleston, South C a rolin a .—There has been rain on two
Colum bia, T exa s .—Fields are nearly worked clean and the
outlook is favorable. We have had no rain the past week. days of the week, the precipitation reaching sixty-nine hun­
The thermometer has averaged 83, ranging from 70 to 94. dredths of an inch. The thermometer has averaged 79, the
highest being 94 and the lowest 68.
Month’s rainfall four inches and forty-eight hundredths.
S ta teb u rg , S ou th C a rolin a .—The weather has been favorable
Cuero, T exas .—Crops of all kinds never looked better.
Cotton bolls are abundant and about to open. No rain has and crops have improved. There has been light rain on two
fallen during the week. The thermometer has ranged from days during the week, the precipitation being five hundredths
63 to 94, averaging 78. Du rag the month of Jtine the rain­ of an inch. The thermometer has averaged 76-5, ranging
from 63 to 89.
’
8 “
fall was five inches and twelve hundredths.
W ilson , N orth C a rolin a .—We have had rain on one day of
B renham , Texas.—Crop prospects continue good. There
has been no rain this week. Average thermometer 84, the week, to the extent of four hundredths of an inch. The
highest 98 and lowest 70. During June rain fell to the extent thermometer has ranged from 64 to 84, averaging 77.
of five inches and five hundredths.
The following statement we have also received by telegraph
B elton , T ex a s .—We have had dry weather all the week. s lowing the height of the rivers at the points named at 3
The thermometer has averaged 78, the highest being 96 and o’clock June 39, 1893, and June 30, 1892.
the lowest 60. June rainfall one inch and sixty-seven hun­
June 29, ’ 93. June 30, ’ 92
dredths.
Feet.
Peel.
F o r t W orth , T exa s.— D ry weather has prevailed all the
New O rleans___
17-1
16-2
week. The thermometer has averaged 88, ranging from 78 Memphis............
16*5
24-8
to 98. During the month of June the rainfall reached two N ash v ille..........
4 0
Shreveport........
inches and twenty hundredths.
15-5
Missing.
430
46*6
W ea th erford , T exas .—Crops show favorable progress but Vicks hure..........
the weather is exceedingly hot and rain will soon be needed.
I
n
d
ia
C
o
t
t
o
n
M
o
v
e
m
e
n
t
f
r
o
m
a
l
l
F
o
r
t
s
,—
The
receipts
The thermometer has ranged from 70 to 104, averaging 87.
Rainfall for the month two inches and twenty-seven hun­ and hipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to June 29.
dredths.
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR YEARS.
New Orleans. L ou isian a .—There has been rain on two days
of the past week, the precipitation reaching thirty-three hun­
Shipments this week.
Shipments since Sept. 1.
Receipts.
dredths of an inch. Average thermometer 84.
Fear Great Conti­
Great
Conti­
This
Sine*
Shreveport, L o u isia n a .— The weather has been most favor­
Briffn. nent. Total. B ritain nent.
Total.
Week. Sept. 1.
able during the week and cotton is doing splendidly. Only
7.000 7,000 39 .000 754 .000 793.000 31.000 1.676.000
two or three days more of good weather and fields will be 92-3
91-2
12.000 12,000 68.0001803.000 871.000 35.000 1.679.000
entirely clear of grass. No rain has fallen. The thermometer 90-1
2,000 8.000 10,000 100.000 898,000 998.000 19.000 1.973.000
has averaged 83, the highest being 95 and the lowest 71.
9-90 3,000 15,000 18.000 359,00011087000 1,446,000 14.000
2.161.000
L a k e Charles, L ou isia n a .— Crops are being cleaned up rap­
idly under the influence of favorable weather. There has
According to the foregoing Bombay appears to show
from m o 99' The thermometer has averaged 82, ranging a decrease compared with last year in the week’s receipts of
4,000 bales and a decrease in shipments of 5,000 bales, and
Cclum bus, M ississippi .—Dry weather has prevailed all tl
the shipments since Sept. 1 show a decrease of 78,000 bales,
week and crops are generally clean. Rain is needed. Tl
The movement at Calcutta, Madras, and other India ports for
thermometer has ranged from 58 to 103, averaging 82
the last reported week and since the 1st of September, for two
M eridian , M ississippi .—Rain has fallen on three' days < /ears, has been as follows. “ Other ports” cover Ceylon,
the week. Cotton is grassy and late.
Tuticorin, Kurrachee and Coconada.
Leland, M ississippi .—We have had rain on two days of tb
Shipments fo r the week.
Shipments since Sept. 1.
week the precipitation reaching two inches and forty hur
r « .i3' DA7er®S? thermometer 76 6, highest 91, lowest 63.
Great
Conti­
Great
Total.
Lsittle Hoc/c, A rk a n sa s .—Telegram not received.
Britain. nent.
Total.
B ritain. Continent.
H elena, A rk a n sa s.— Crops are reported as doing well e< Calcutta—
pecially corn. At some points rain is needed. The river hi
1892-93...
11,000
43.000
54.000
fallen altogether twenty-two feet and is now twent’
1891- 9 2 ...
1,000
1,000
8,000
29.000
37.000
Madras—
six feet above low-water mark. Rain has fallen lightly o
189293 ...
10,000
6,000
16.000
two days of the week, the rainfall reaching forty hundredth
1891- 92 ...
21,000
13.000
34.000
All others—
from 66 to'93The therm° meter has averaged 78yand range
1892- 9 3 ...
2,000
4.000
6.000
26,000
53.000
79.000
1891-92...
1,000
2.000
3,000
32,000
M em phis, Tennessee .—Although no rain has fallen durin
62.000
91.000
the week the weather is now threatening. Crops are clea T >tal all—

9A8,navera^ngU78'-9The thermometer has ranSed from 63 t
Nashville, Tennessee .—Telegram not received.
M obile, A la b a m a .—The weather has been very favorah
during the week, with rain on two days, the rainfall reachin
one inch and nineteen hundredths. The crop is develonin
promisingly. The thermometer has averaged 81, the lnghei

1392-93...
1391-92...

2,000
1,000

4.000
3.000

6,000
4,000

47.000
61.000

102,000
104.000

149.000
165.000

The above totals for the week show that the movement from
the ports other than Bombay is 2,000 bales m ore than the same
week last year. For the whole of India, therefore, the total
shipments since September 1, 1892, and for the corresponding
periods of the two previous years, are as follows:

JCLT 1, 1893.]

THE CHRONICLE.

29

EX POETS TO EtJBOPE FROM ALL INDIA.

1892-93.

B om bay...........
Oi l other port*.

Thit
Keek.

1890-91.

hyTmoo^raSSfou“wSTeafller Eareau Show that this n0Tmal ratafall is

Since
Sept. 1.

This
week.

Sines
Sept. 1 ,

871.000
105.000

10.000
5,000

998.000
197.000

0,000

793.000
149.000

13.000!

942,000

16.000 1.038.000

7 .0 0 0

T otal..........

1891-92.

Since
Sept. 1.

*-*

This
week.

|£*o

Shipment*
to all Europe
pom —

1892-93.

1891-92.

1890-91

B «c«lp t» jgantara*)___
2.000
5,133.000

2,000
2,000
4,659.000
4,0*5.000
| Thi* | Since 1 ThU
Since
Thi* 1 Since
i week. ]Sept. X. Keek. Sept. I . Keek. SepL 1
:
i
E xport* (bale*)—
j
To L iv e rp o o l............ 2.000 297.000
1.000 323.000
1.000 282,004
To C ontinent....... . . . j 1.000 312,000 2.000 253,000
1.000 230.00C
Since Sept, i"

T ota l E urope.........i 3,000 609.000:

3,000*576,000!

2,000*512.000

This statement shows that the receipts for the week ending
June 23 were 2,000 cantars and the shipments to all Europe
3.000 bales.
M a n c h e s t e r M a r k e t . — Our report received by cable to-nMi t
from Manchester states that the market is quiet for both
y a m s and sheetings. The demand for India is good, but fo r
China poor. We give the prices for to-day below and leave

32# Cop.
Twist

81* IS*.
Shirting*.

6.
d.
My 26 - ................
J ’ ne &SH » 7 %
“ &:«% * 7 %
16,0''* » 7 \
*• W ’ l n t h
•* 30 07* » 7 %

*.
...
5
5
5
5
5

O otfnl
„
Mut. < 32* Qap.
VpUt*
Ttcitt.

A. *. a.
4. f d.
Holiday
. . . . 6%
3 0 ,9 7 0
4’ l« 6%
-Cst*7 11* 4% 00,
S'* * 7 4
41* es*
6% * 7 4
* Il« (ON
0< *»7 *
4 } t« :0 TS

d.
® 7%
07 h
0 7 1*
# 75*
#7 * »
S7q

Or,'.::
Mid
Vpld

BH tbs.
Shirtings.
*.
5
5
6
1
S
s

4.
2
2
2
3
2
x

*.
00
06
«0
M
*6
®e

4.
7
7
7
I
7
0

4.

a
s
4 >4
4-'.«

r**

C o t t o n C o n s u m p t io n a n d O v e r l a n d M o v e m e n t t o J u l y l.

1882-93, j 1881-82 t 1890-31
OroM overland (or Ju n o................. hales
52,134s
-tsisthi
43345
Gross overland for 10 months...................1.2U .39B 1,737,01*1,601,970
Net overland for J u n e.......... ....................
20 ,71,
2 5 ,9 4 ,
t o ,885
Net

Port reoelpt* Ifs J u n e . . . , : 93,68F o ri receipt* to |o m onths... . . . . . . . . . . . . 4.994,3 j g
u

n

e

. .......................

191,834
0 1 7 "-

5 5 ? m ckss*
54®

„

Total norm al five m onths.............. ...................... 13 59 inolles
is ^ f o l l o w s ? 893’ tbe aclual rait‘f » " for the same T exas cotton region.
................................................................
M arch...............................................................................
A p ril.................................• .............................................
M ay...................... ..................... ' ..................

i -m inches.
Ill
182
2*26
4 92

_ Total actual five m onths........................ .............. 11-5 0 il)olles.
f ,leflclt ,o f -I'OS Inches below the norm al.
1,0 a<i« l aate "se a so n in the grou n d ” this rear
h S o a t o S
® e“ abuorm a!* tlle
ot the cotton p im i
The norm al r r o w th o f the plant presents one strikine feature to w it
an enormous tap root, resem bhm ra gigantic carrot or p a r ^ n whlnfi
the plant sen d, down vertically into the ground until it finds m oisture
This tan root enables the plant to draw
f
tRe .tored up resources, and
Be1®jlies tlie t;n> root, which is the main stay o f the
pJat-i. tb«re i* a modern
grow th of lateral fringe or <mrfiiee rant*
driDL- thi plant iu
It, .
i® d “ 't 0 ? f »'=d«Uoe the assimilation o f plant food from
th, .ttmo-tdioTo and tin- surface soil. The tap root by instinct roc*
if t h c r o f o r m'*1" 1'
knowa *>»» " t h e 1season in the g ? o ^ d "
if the season is not there, then there is no tap root or there is
a yery im perfect mo. The
o f it In S
and len ith d l
i*rnumL,,tWKether UV° U lhf: exlent atKl adeci‘i«ey o f -t h e season in the
♦i
^ TiM ** >‘ i' nT1'‘ n the ground,” and consequently no tan root
I nr f J ■!*
» ,4,ri r ' V ,n,.‘ greatly dfoproporf toned developm ent of the
.-urfiii e fringe of .ateral roots. The plant is sim ply mahintr extraordiiairy effort.' to sustain itself on the heavy dews of the climate rh a

‘ V

L~93*
** generally no tap root, and where
lm iw rf*!Vt- B“ ‘ “ * « • Is an c n o n w u s de7<5op-

1892.

—Below we present a synopsis of our overland movement,
receipts, export*, spinners’ takings, & c ., for the month o f
June and for ten months of the season to July 1, for the
years 1890-9!, 1891-92 and 1895-03:

R e p o r t # in J

.................................. ........................

th

X893,

........................................

May...................................::::: III •<

15.000 1.195 OOO

A l e x a n d r i a R e c e i p t s a n d S h ip m e n t s .— Through arrangements we have made with Messrs. Davies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
■re the receipts and shipments for the past week and for the
corresponding week of the previous two years.
A lexandria. Egypt,
June 2$

February..........

1 '» P m ot Is able to withstand extrem es o f weather—
m

Z , 1f c U4t ^ f ^ t S r
W “ “ !* r00t farea ■»•«*
« «
H Up
ihle that this year's plant m ay m ake a larsre yield Tier noro
* I' ertreui-dy im probable that it will do so. u 'r.-m ,ires uniform
!* “ 't’ " ,a r a itero ‘ltt“ n o f ram a ml sunshine throughout the
grow la*. ‘ I o o i witti no atm ospheric eccnnlricities,
l w ouidhay that this year’s Texas crop requires a good rain o f at
1 T "T ",, "
“ ,'r-v
,1u-vs
B” "' «>« until the 1st of September?
A two - »-ck s djpoojttit would l>e very inartful, and a tliree woeka
fotlowUe ^
cataniro'phe. The same results w ou ld
.im L ,r .am
* ' lb.tU,,!r,
1 ','r0i>
hut is
itsit.nttaiuraent would
almost
ount toaa “mTiracle,
»o nmy
very improbable
p la n tU* ''<lu~t'XrT ® m oment the e ffeou of changes ot weather upon the
„ .T,h'’ f ™*‘ - "l.iH i I, first a square, then a bloom , then a boll and then
an open lark ot e o u o o , form s at the axils or the le a v e s -th e angle
mad.! by the Jittirti,,u o f ti1Klea f with tile t w ig—springing out between
u T h s l m t l ha* a stem, and this stem, like that o f all other fruits?
i',S I ®fm!y »tta.-h.-.l to the twig, but there is a layer o f plant tissue
n
1 " * o . for all the world like a washer between two sectlo n s o f piping or machinery—a false join t us It were.
‘ j 1’ ' l retarded by this l u e r o f tissue or natural
th 7 « r fs T t b ( " U? d T
Ki L " r Jproseat Inquiry to exam ine into
i l l ,1 J
" «a 'h *"r 111 the assimilation of plant food. Snlllceit;
t1**'^!"r l,r r* k<i the Joint , III"! that, on eh n ig es o f weatber—
*180 W«t IP |Jry. hot to enld. or
ttia
--*v.;- *«1'*»*J UJUU IUI! *’MII UUC8 111 eiUlCI*
:m> present Inquiry Is ro n e e rn e d . th e result is trie sam e.
■'

-

!

'* "i a n d t i l - b o ll o r e m b r y o f r u i t

1 7 8 ,n o

L m o ? m . 7 7 1 1 % s r *1
» » . « « « . . . J h e a iS
'r
'J 1 " " ’Ir lf 1 ""le'lfar a- fruit is conoem ed. as no germ w ill
5,093,299;5,«18,50fl
.ri-fl?" a"™” .';’ i h,' r" -‘ vain. The phenomtmoi, of ebedding nmy he
Fort- wtmM» on JFisae 30
.
rteflir
(lessirliM-d
ns
an
effort
o
f
the
plant
tow
ard*
husbanding it*
382,550! 550,130* 2P9.4T
Northorn splnnem' U klogs to July l . . . . 1,852,023 2,112.810 1.035D H strength for the production o f fruit further along on the twig o r
blBlier u p o n Ike plant, under morn favorable condition-.. This Is exSouthern spinner*1taking* to July 1
600,000
500,000 523,000 actijr wrmt It is,
Overland to Canada for 10 month* (In
t^ : * * should have uniform weather, that i», n regular and
<9uded In net overla n d )...........................
22!£5i£#^Seorr* ? * a {Vrnat on. o f wet »u<l <lry, tiioderatoly warm and
68.794;
61,38* II' i f *4S'e y
iHio*.hipe H.nd t’ Joud, with h ooiiflmioii.s sttateb o f good
Rarot North and South lu 10 month*..
17,928
30.003'
8.108 i w t m f S i T i *4V mt 1 ,ft ? rop C£l? im k'-Pt {‘leao from now on until
Stookat S orlh't} Interior market* July 1
10,16ft
« ,Pi
f*
ih ^ aj**lh i?«r too iinprobablo to he expected. And
13,1 11
3.079
® * * «8 g lef# tbiiu tttl# w ill Insure an » v e n ire yield per acre.
Came la *lght daring June .......... .
85.15.5 100.702!
110,719
1 W* »iiow4 wtiat - season in tbe ground ” and tar* root have to do
wiin a cotton crop*
Amount o f crop In night J u ly 1 , . . . . ........ 0.433.140 0,914.23 J 0,407 781
Came la right balance * ea*on ,..................................
124.475
167,754 rJw*ii*n,!'i b* f,°2T tm> *ln,} if a
cotton crop should reward the
r ,l h l* ?ar lJUt ^ have not the remote st hoi>e o f any such
Total crop... .......................... .
...... . 9.038.707 H.635.618

Expoitlin 10

A li!* ? :

01 *>*'■•*............ ..............■

493-P5:

498-981

502-36

T e x a s C o t t o n C r o p a n d '* T h e S e a s o n in t h e G r o u n d . ’ ’

—The subjoined interesting communication from a correspon­
dent in Texas was received early last week, but 0 0 account of
the pressure on our columns we were unable to make room
for it in our last issue.

E%
T J'T
rr<n
i read wlih absorbing iotf‘r»»st vimr Tunt*" ■
imi-nr
j^kak
s ?i.-l
liave
r^t*r,rt

•H«»NK,.E«fla,t »Lrday.

8»tttr«1ay.
0
and received he le y, icrdiky. * * ■ 1 , ■ , — ----- I consider it a moat ftfete* impartial and
u sefu
s eldf ofi,m
u l n« ,tW * .* m u . h ^

co m e o f th * l e t *
co n ta rtrt T
his
vrm
u , o ctea
« ? r >rlyJ ’1'’ )n
,
eon
you
i nh
iis
s y
o u lWill

anm h’ r*'fh?r

* '" ■ wb.un
in
,.our>e
th l, l h a v e co;m„ea(,.

f r''l*n''* | l‘| 0 in one sense and m y dlseorofltnre In

to em nrtde in' m
v
7 10" ’ c ° V ? n * 'nJ50rlt7 »» T e x * , is inclin ed
h a ve i??rc
™ f . ,l |JP f 1hVO1111n » 1 and Iml p c I g oes ev e n fu rth er than I
/ f.;
,0 g iv in g w eig h t »tid Stress to what m a y be very
P
7 *X M C otton
" / the c o t t o n g r o w in g
.s o n ,
problcn?: n 7 n n ^ u a M m e ?c,; W

tho » « »

« «

«,re»8nt’

iavot»oi.©re^ttit*
Tjsxas
Jete Betty. Bagging, &c.—The market for bagging has
ireen very quiet during the past week, but prices have under­
gone no change. Quotations are -i jc. for 1% lbs., 5c. for 2
ills, and 5’ jC. for standard grades. Jute butts continue in
very light request on the bafts of ! 1 16c. for paper grades and
5V #i?ic. for nagging quality.
E ast I ndia C rop P rospects . - The follow ing is from Messrs,

Gaddum. Bytbell

&,

Co.’s cotton report dated Bombay, May 26

!!u;
lfl cloudy, and in gome dintriet* rain has
failfcB* JTie&o li*?li4 #hower» will tofretn the ground arnd greatly asaist
the cullivator^ is getting their land ready fo r sowing.
F i r s t Bale op New C o t t o n .— The tirst bale of cotton of
tlie crop of 1893-94 was received at Houston, Texas, to-day
from Sun Diego, Duval County. Last year the first new bale
reached Houston on July 11 and in 1801 the earliest arrival
was on July 6, both from Dnval County,
The hxpoRTs o p C o t t o n from New York this week show a
decrease compared with last week, the total reaching 13,580
bales, against 1 5 ,3 8 3 bales last w e e k . Below we give our
usual table, showing the exports of cotton from New York,

THE CHRONICLE.

30

and the direction, for each of the last four weeks; also the
total exports and direction since Sept. 1 ,1?92, and in the last
column the total for the same period of the previous year,
■X P O H TS O P COTTON (B IL E S ) PROM N E W T O R E SINOB SEPT. 1 , 1 8 9 2 .

If’ee* E n d in g -

Same
period
previous
pear.

a7une
9.

June
16.

June
23.

June
30.

Total
since
Sept. 1.

8,652
2,827

2,123

6,539
46

3,627
2,745

352,377
78,271

416,814
91,149

T o t . to Gt . B rit ’ n . 11,479

2,125

6,585

6,372

430,618

507.963

Exported to—

Other British ports..

H a vre................... —
Other French ports..

1,463

1,633 1,167
........ |

423

30,786

35,852
650

T o t a l F ren ch ___

1,163

1,6 S3 1,167

423

30,786

36,502

B r e m e n ......................
H am bu rg...................
Other port*.................

1,759
1.855
1,250

350
575
3,729

4,057
550
1.884

3,175
747
1,550

46,828
22.836
70,566

45,566
50,236
68,079

T o t . t o No .E croff. 4,861

4,651

6,491

5,472

140,230

163,881

1,784
........

1,230
........

813
500

39,043
1,962

37.669
1,529

1,784

1,290

1,313

41,005

39,198

G rand T o ta l . . . . 17,806 10,196 15,533 13.680

642,669

747,514

Spain, Italy, A c ........
A il o th e r .....................
T otal Spain , A c ..

......
......

T h e F o l l o w in ' a a b b t h e G r o s s R e c e i p t s o p C o t t o n s t

New York, Boston, Philadelphia and Baltimore for the past
week, and since September 1, 1892.
NSW YO R K .
fr o m —
N . Orleans.I
T e x a s .........
Savannah.
M o b i le .......j
F lo r id a .....
B o. C a ro l’a.j
N o .C a ro l’ a .1
V i r g i n ia ...;
N orth n pfca
T a n n ., <fcc..|
F o r e ig n ....
T h is year
Last year .

This
w eek .
1.709
1,512
2,191
..........
.........
054
33
53
.........
.........
1.731

S in ce
Sept. 1.
378,103
272,953
249,893
9.137
66,962
17,111
30,293

B 08T0N .
Th is
w eek.

S in ce
Sept. 1.

T h is
■week.

........
.....
795
89,810
..... .......
..... . .....
.....

47,375
27,380

1,906
550
689

23.130
323,004
115.575
19,851

8,180 1,098.837

8918

571,443

10.701 1,513.060

PHILADELPHIA

5,117

.......
.......
0,165

87,342

1,057

....... .....

2,015
2,020

90,953

2,408

110,470

....

882

01,283

H a v r e , r e g . l i n e .d .
D o o u t s i d e s t r .d .
B r e m e n , s t e a m ..d .
D o v . I la m b .d .
H a m b u r g , ste a m rf.
Do
............d.
A m a ’d a m , s te a m .e .
Do
l a t e r . , c.
R e v a l, s t e a m . . . . d .
Do
....................d.

1,753

858,784

43,273 ba les. S o fa r as th e S o u th e r n p o rts a re c o n c e r n e d , these
a r e th e sa m e e x p o r t s r e p o r te d b y te le g r a p h a n d p u b lish e d in
W it h r e g a r d to N e w Y o r k w e

in c lu d e th e m a n ife sts o f a ll v essels c le a r e d u p t o T h u rsd a y .
„
_
Total oaler.
Ne w Y o r k —T o Liverpool, per steamers Italia, 930___H aller,
1,500___Runic. 1,197.................................................................
3,627
To Hull, per steamer Lydian Monarch, 2,745.........................
2,745
. To Havre, per steamer La Touralne, 423.............................
423
To Bremen, per steamers Gulf o f Mexloo, 1,875 ...,H . H.
Meier, 4 0 0 — Laughton. 40 0___Trave, 5 0 0 ..,.............
3,175
To Hamburg, per steamer Stelnhoft, 747................................
747
To Antwerp, per steamers Belgenland, 1 ,2 0 0 ....F rieslan d,
3 5 ° ............
1,550
To Genoa, per steamer Giava. 813 ................................ .........
813
To Yokohama, per steamer Hankow, 5 0 0 ................................
500
N bw Orleans —T o Liverpool, per steamer Engineer, 3,850
3,850
To Havre, per steamer Astronomer, 7 ,4 3 9 ....................
7,439
To Hamburg, per steamer Ixia, 700.......................
’
mo
T o Rotterdam, per steamer CUntonla, 1 0 0 .......................................100
To Barcelona, per steamer Conde TVilfredo, 1 ,0 0 0 ...............'
1,000
Galveston —T o Bremen, per steamers Guy Colin, 1 ,5 3 6 ...
Teutonia. 3 ,6 6 6 ........ ............................. .
.
5 202
Charleston —T o Barcelona, per steamer Swedish Priuce", 3^600 3,600
To Genoa, per steamer Swedish Prince. 500.............................
500
N orfolk —To Liverpool, per steamer Saturnlna, 1 ,866. . . .
1,866
B oston—To Liverpool, per steamers Columbian, 5 5 8 ....P a v o nla, 565— Sagamore, 1,043..... ................................................ 2 166
B altimore —To Havre, per steamer Govlno, 1,650
.............. 1*650
To Bremen, per steamer Amerloa, 456...............
.........
’ 456
To Antwerp, per steamer Otranto, 6 5 0 ......................... 650
P h ilad elph ia —To Liverpool, per steamer Indiana, 5 1 4 . 5 1 4
Total..

The particulars of these shipments, arranged in our
form, are as follows:

USUfl

JTtlam Barce<&Ant­ Iona <& Yoko­
werp.
hama. Total.
1,550
813
500 13.580
100 1,000
13,089
5,202
4,100
4.100
1 .8 6 6

.........

2,300

5,913

2,166
2,756
514

......
500

43,273

Below we add the clearances this week of vessels carrym*
cotton from United States ports, bringing our data down to
the latest dates:
K * w O rleans —To L iverp ool-Ju n * 24-Stearaor Vioaravnan r
Kt J° t H B m burg-^ an e^ ^-S team er V e l n g m i o a
*
B o s T o i ^ ^ ^ L W e r i m o r t J u m ^ 2 3 - S te a m e r

W ed n es.

T u c t.

6X2

T h u rs.

F ri.

632

“ 32

....

....

....

....

....

....

B32
*3 0

6S2
*30

632
30*

6 ,2

3a

30-

....

....

9S»

9S4

96 i

964

....

....

. . ..

....

....

___

....

....

hi

hs

....

....
25 *

25 *

25 *

25 *

25*

....

....

....

....

....

Sis

31S

31S

3ie

S18

3ie

....

. . ..

....

....

....

25*

...

B ’ lo n a , d i r e c t . . . d.\
3 ie
31S
8}0
318
732
7S2
G e n o a , s t e a m . . . d. 53 2 ® l l 64 B3 2 ® 1164 B32'2’ l l 64 B32'®1161 B32'®1164 63 5 ® l l 64
T r ie s t e , v . L o n d ’ n d . 1 3ia
310
3i e
31S
316
310
b?
A n t w e r p , s t e a m .d .
7#U
1*4
7fi4
76*
• C e n ts p e r l o t ) IDs

L i v e r p o o l .— B y c a b le fr o m L iv e r o o o l w e h a v e th e f o l l o w i n g
-ta te m e n t of th e w e e k ’s sa les, s t o c k s . & c .. a t t h a t p o r t :
June 9.

June 16.

June 23.

June 30.

100,000
84.000
tales o f the week............ bales.
44.000
54.000
1,000
Of w hich exporters to o k ___
2,000
2,000
Of whioh speculators took ..
1,000
2,000
1,000
70.000
68.000
Sales Am erican................. ........
39.000
49.000
6,000
13.000
17.000
Actual export...........................
12.000
66.000
67.000
Forwarded................. ............ .
70.000
58.000
Total stook—E stim ated....... . 1.563.000 1.520.000 1,469,000 L,416,000
Of whioh Amerioan—Estlm’ d 1.294.000 1.255.000 l,2 I l,0 0 f 1,170,000
62,000
37.000
Total Import of the w eek ------35.000
17.000
39.000
28.000
Of whioh Amerioan...............
11.000
25.000
53.000
4 mount afloat...........................
38.000
30.001
37.000
51.000
36.000
Of whioh Amerioan...............
25.00C
30.000

The tone of the Liverpool market for spots and futures each
day of the week ending June 30, and the daily closing prices
of spot cotton, have been as follows:
Saturday Monday. Tuesday. W ed n e s . T h u rsd a y, F r i d a y .

Market, ? Q uiet and H a rd en 'g . Q u iet and H a rd e n ’g. In b u y e r s ’
Steadier.
ateady.
steady.
fa v o r .
m .J

1 :4 5 r .

Mid.Upl’ds.

d '1 8

S p e c . & exp.

7 ,0 0 0
500

4 7ie

4 7ie

4'

S c y t h ia . 1 5 8 ........ J u n e 2 6 -

B altxmore - T o Havre - June 29 - Steamer Nerlto, 186
2 7 -m 14 nm erO era!r,?2 8amer AmerlCa (ad<utl° ” al>. 4 0 0 ....J u n e
P h ila d e l ph ia —To L iverp ool-J u n e 2 7 -8 te a m e r British Princess, 672.

8,000
500

1 0 ,0 0 0
500

* 7 18

10,000
500

Futures.
uiet at S teady at S teady at S teady at
Market, ? Q
3-04 d e ­ 1-04 @ 2-04 1-64 d e ­ 1-04 @ 2-04
1:45 P. M.J
clin e .
adva n ce.
clin e.
a d va n ce.
Market, ? Q uiet and
4 P. M. J s te a d y .

8tead y.

Q uiet and
s te a d y .

8 te a d y .

* 716

* 716

10,000
500

8,000
500

Q uiet.

8 te a d y a t
1-04 ad­
v a n ce.

Q uiet.

V e ry
steady.

The opening, highest, lowest and closing prices of futures
at Liverpool for each day are given below. Prices are on
the basis of Uplands, Low Middling clause, unless otherwise
stated:
W The prices are given in pence and QUhs.
4 83-64d. and 5 01 means 5 1-64<J.
S a t ., J u n e 2 4 *

M o n ., J u n e 2 6 .

Thus : 4 63 m ean *

T u e a ., J u n e 2 7 .

Open High Low. Olos. Open High Low. Olos. Open High Low . Olos.
J u n e ............
J u n e-Ju ly..
Inly- A u g ...
A u g.-S ept..
S e p t.-O ct...
O ct.-N o v ....
N o v .-D e e ...
D e c.-J a n ....
Jan .-F eb—
F e b .-M c h ...

<%.
4 23
4 23
4 23
4 25
4 26
4 27
4 28
4 29
4 31
4 32

4
4
4
4
4
4
4
4
4
4

d.
24
24
24
25
20
27*
28
30
31
33

d.
4 23
4 23
4 23
4 26
4 20
4 27
428
4 29
4 31
4 32

d.
4 24
4 24
4 24
4 25
4 26
4 27
428
4 30
4 31
4 33

W e d ., J u n e 2 8 .

d.
d.
4.
d.
4 25 4 20 4 25 4 26
4 25 4 26 4 25 4 20
4 25 4 23 4 25 4 26
4 27 4 27 4 27 4 27
4 28 4 2b 4 28 4 28
4 29 4 29 4 29 4 29
4 30 4 31 4 30 4 31
4 32 4 32 4 32 4 32
4 33 4 34 4 33 4 31
4 35 4 36 4 35 4 36
T h o r s ., J u n e 2 9 .

d.
d.
4 23 4 23
4 23 4 23
4 23 1 23
4 21 4 25
4 25 1 26
4 27 4 27
4 28 4 28
4 30 4 30
4 31 4 32
4 33 4 33

d.
4 22
4 22
4 22
4 23
4 24
4 26
4 27
428
4 3)
4 31

d.
4 22
4 22
4 22
4 24
1 25
4 20
4 27
4 29
4 30
4 32

F r l., J un e 3 0 .

Open High Low. Olos. Open High Low . Olos. Opsn H igh Low . Olos.

43,273

650

M on.

231,025

S ta tes th e p a st w e e k , as p e r la te s t m a il re tu rn s, h a v e rea ch ed

Bremen
Liver­
<£ Hampool. Hull. Eavre. burg.
New Y ork. 3,627 2,745
423 3,922
N. Orleans. 3,850
7,439
700
Galveston.
........ 5.202
Oharlest’n . ......... .........
N orfolk ,...
1,866
B o ston ___ 2.166
B altim ore.
1,650
456
Phlladei’a..
514 ........
T o t a l.... 12,023 2,745 9,512 10,280

S a tu r .
L i v e r p o o l , s t e a m .<1
Do
la t e r ..d .

79,400

S h i p p i n g N e w s .— T he e x p o r t s o f c o t t o n f r o m th e U n ited

th e C h r o n i c l e la st F rid a y .

Cotton freights the past week have been as follows:

Spot.
909

1,448

Since
Sept. 1.

..... .....

0,475
13,584
01,734

11

883.206

Ba l t im o r e .

Since
T h is
S e p t. 1 . w ee k .

[V ol. LVII.

J u n e............
Ju n e-Ju ly..
Ju ly-A u g...
A u g.-8ep t..
3 e p t.-O ct...
O ct.-N o v ....
N o v .-D e o ...
D ec.-Jan—
Jan .-F eb—
Feb -M ch. .

d.
4 23
4 23
4 23
4 25
4 20
4 27
4 29
4 SO
4 32
4 33

d.
4 24
4 24
4 24
4 25
4 26
4 23
4 29
4 30
4 32
4 34

d.
4 23
4 23
4 23
4 25
4 26
4 27
4 29
4 30
4 31
4 33

d.
4 24
4 24
4 24
4 25
4 20
428
4 29
4 30
4 32
4 3.3

d.

4 20
4 20
4 20
4 21
4 23
4 24
4 25
4 27
4 2S
4 30

d.
4 20
4 20
4 20
4 22
4 23
4 24
4 26
4 27
4 29
4 30

d.
4 18
4 18
4 18
4 20
4 21
4 22
4 24
4 25
4 27
4 39

4
4
4
4
4
4
4
4
4
4

d.
19
19
19
20
21
23
21
26
27
29

d.
d.
4 20 4 20
4 19 4 21
4 19 4 21
4 20 4 22
4 21 4 23
4 23 4 25
4 24 4 20
4 20 4 28
4 27 4 29
129 4 31

d.
4 20
419
4 19
4 20
4 21
4 23
4 21
4 26
4 27
4 29

d.
4 20
4 21
4 21
4 22
4 23
4 25
4 20
4 28
4 29
4 31

B R E A D S T U F F S .
F r i d a y , June 30, 1893.

The feature of the market for wheat flour during the pist
week was a brisk trade in city mils for the West ladies ia
the fore part of the week at a shade lower prices. Otherwise
business has been very slow and values have bsen lowered
about 10c. per bbl., in sympathy with a decline in wheat. Low
grades of winter-wheat flour, however, are excepted, as they
continue in light supply and steady. Rye flour has sold
' slowly and the market is a trifle weaker. There has been a

THE CHRONICLE.

J u ly 1, 1888.]

31

fair trade in corn meal at steady prices. To-day the market E x p o r t s o p B r e a d s t c f f s f o r H a y , 1893 a n d 1893, a n d
for wheat flow was dull and unchanged.
f o k E l e v e n M o n t h s i f t h e F i s c a l T e a r 1892-93.
Immediately following our last the market for wheat fu­
tures advanced en reports of crop damage in both the spring
and winter-wh- at districts and a material reduction in the
visible supply; hut subsequently there was a sharp decline
under an active pressure to se 1, prompted by the very unset­
tled condition of affairs in financial circles, favorable crop Barley, hunk.
accounts and dull a-d weak foreign advices. In the spot Sfew York. .......
Boston*........ .
market shippers have been brisk buyers at declining prices. Philadelphia....,
The purchases yesterday included No. 2 red winter at July B altim ore,... . ..
.New Orleans......
rice f. o. b. afloat ; No. 3 spring at 6c. under July price de- Pae.
east, dists.*
vered are! No. t Northern at life, over July price'delivered. Ocher oils, dists.+
To-day the market for wheat futures was irregular. The dis­ Total, barley.
tant deliveries were stronger, but the near-by month-weak and Com, bm n.
Fork...
lower under active liquidation by “ longs." due to favorable New
Boston............ .
crop prospects and dull and weaker markets abroad. The Philadelphia.......
altim ore.,.. . . .
spot market was fairly active for export, and the sales included B•Jew
O rle a n s,....
Pac. east, diets.*
No. 2 red winter at 6,%c. to 4% c. under September f.o.b afloat Other
cos. dis?s.t
according to delivery; No. 2 hard winter at 3c. under Septem­
ber deliver. <1; No. l' Northern at 4£e. over July delivered and Total,corn... ...
No. 8 spring at 6c. under July delivered,
£ T ¥ £ l l: .hb.u:

E

bah , t

c u o in te eaioE* o r
Sat.
Jane delivery.
71%
Ju ly delivery ................. e. 713.
A ngsts d elivery ----- . . . <2. 74.
75%
September delivery.
October deli very —
77 N
-----c.
December delivery.......
c. Bl

s o . 3 rbd w is t e b w h e a t .
Thun.
Wed
Mon.
Tuts
70%
71%
70
72%
70%
70
71%
72%
72%
7
73%
74%
75%
74%
77%
7r%
76%
78%
77 H
7 -%
82%
86%
8 1%
90%

Boston...- ......
Philadelphia....

rr
6,9%
71%
74%
70%
BC Sg

Early in the week the market for Indian corn futures was a
trifle steadier, but later a frre crop movement, favorable crop
prospects, the unfavo able condition of the money marker,
together with the break its wheat caused a material decline in
Values. There has teen a moderate trade in the -pot market
at lower prices. Sbipoeis have been the principal outer-, and
the sales yesterday included No. 2 mixed at 48*-£e delivered
and 49*jc. f.o.b. afloat. The market to-day was quiet and
without change or feature of special importance. The spot
market was quiet but steady. Salts included No. 2 mixed at
4*3<c.®4tJ£c. in elevator and 4Bi*e,@4SV$e. delivered.
DAH.T CUISQtO JUttCMOf HO. 3 UiA/St, OCRS
June d elivery......... .......e.
J n i y d e l i w y ................ «.

Mat,
1 st,
4*\
49%
49”«

Mon.
48%
* -’*
.Vi—
50%

T u t*.
48%
4s%
40%
W hs

*ta .
47%
47%
43
49%

fh w t

«T%
47%
48%
49%

Tn

07%

August delivery..... . 0.
4-%
Bept»m berdel!very....... e.
4B%
Oot(»b»rdatlvery........e. #0>»
..............
40’s 49% ....
Oats were a shade higher in the fore part of the w. ek, but
then followed a decline from sympathy with the weakness
in wheat and corn and under favorable crop prospects and a
free crop movement. Tc day the market was quin but
steady,
aiar otoswo fricm or no. 3 s i r e n o at *.

gw .
30
J o se d eliv ery ... . . . .
35%
July delivery..........
Aagnst d elive ry ... ..**.**«* -3%
Beptember delivery.
32%

Man.
30
35%
33%
32%

Tuts.
35%
35%
33%
32%

Wtd
34%
34%
32%
32

Thur*
34%
34%
32%
32

tr .
34%
33%

Baltimore ..

New Orleans
Pae. east, discs.*
Other cos. discs.-)
Total* com-meai
Oat#, b u th .

.New
se w York...........
Baltimore., ..

... !

New Orleans... ;
Pac. coat, discs.*;
ithercHs.di*!*.",
Total* oats

i

New York..

PalSSelphta...
Baltimore . . .

Se w Orleans. ...~
Pae. cost, discs.*

S

mtmmd, J
ortc*

1

Philadelphia.,.,,

Baltimore.,.

New Orleans
Pae. east, disc*.
Other etuudisu.Total* rye.

New York
B oston ......
Philadelphia.
Baliim ore.,.
New Orleans
Pae. cast. dinUJ
j a m CttSkdiaia.*

fotal* w h eat.,...
New f W * . . ........

Boston

pniladeiphia,...

Rye ha* met with a very limited inquiry and prices arc a B altim ore.,..
Pae. east, discs. *i
shade lower.
jch er ca a d ia u ,*,
rtoox
Fine........™.* bbl. $ t 8 0 0 *2 15 Patent, winter______*3 5 0 » t 3 75 Tot^wheaCho or, j
B n p erftn e...................... I S O * 2 40 City ailS* extra*____ 3 3 0 » 3 90
Extra., So. 2 ......... .
2 10 0 2 5 • Rye Soar.mtoertn*.. 3 8b* 3 20 n s a u
Extra, S o. 1 . . . . . . . . . 2 3 0 * 2 75 Buckwheat flour__ _ .... m ..... B outon.......
C le a r s ,......................
8tt*J«hte....................

2 4 0 0 3 15
3 1 5 * 3 75

C om meal—
W estern,A c....... .

3 6 0 0 2 70

Patent, vprfny...... . 3 73* 4 10 Brandywine.........
275
[Wheat Bear to >*akasells at price* below tfco»e for barrel*. 1
o&u*.
Wheat—
horinx. r e rb n e a ...
Bed wmter So. 2 „
Red w inter........ .
W hite.......... ...........
0 * Vi—Mixed. * ha.
White......................
Ho. 2 m ix e d ,.......
Wo, 2 w hite............

e.
60 *
60 % »
55 m
80 *
34 n
36% 0
34% 3
39 »

c.
Cora, per hauls,—
a.
75
Weafr, m ixed . . . . . -45 *
70
Ko, 2 itfIjfed . . •** 47% #
71
Western yellow ... 47 «
71
Wcetera w hite.___ *3 *
37% Rye—
44
- W esters,per hash. 5-7 *
35%
» !* !* » n d jrre e y ..
.. 9
39
Berley—S o.2W e«fn .
*
Bone 2 tv tm d ............... *
»t» t * 5 m n l ........ . . *

mklmgQ- . . .
MMw * s .Ie#*~.
OvfiMkw#.**
Toledo------Octroi l ........
<B*v*i*ad...
it* Ikraiac.,.
T o o n * ......
Assists City,

r w .
Bhl*Am b»
mm t
U 7.U 7
**,„*.
IM Z
3U5§C«
A9«i0
tl.liO

W btat,

*w «*
U&MQ
ttea m

m /m
ItoMOj

C&m*

Oaf*.

Barter.

1

n i.m t
w m \
M 00
m $ -m
149,40 0 1
m .w z

.....

tz jm i
kJ.i.v.

71 oi

12.848.835

173.0130,281

Otasd total

58

Newport N>w*. Y a ..,..........

-*

Rye.

....... i
.............j
,f
I
5,00©!

15,n23,9I5
13,719,850
27.117.4B3

* Tala® o f ex&ewrts from Padhedistrlets for the month o f May, 1893:
Ban Franc » * » , C fttifo rn t* ,,,. |N8*JS3 { O r e g o n ,O r e g o n . . . . . . . k . . . . . . .
W liteaie■ ««. O regon .
S&fctfi#
rrT ^ Z T T

B m h M liu B m h .m ib- ■
.m j & m
2*091,215
s u a -i
i .m M l
mMe
1ASSO
m jm
i
*»***•

i3,n;7,B87

fk
50
49%
62
55

The movement of breadstuff* to market is indicated in the
statement below, prepared by tw from the figures of the New
Vork Produce Exchange. We first give the receipts at
Western lake and river porta, arranged so as to present the
comparative movement fo r the week ending June 24,1898,
and since August 1. for each of the last three rears:
IbCtiV’t s t —

8CW.S37

Philadelphia..
Baltim ore..., . , . 1
n&mmmmM. . . .
Pac. ease, dists-*
(WMUdUU.-

1,30©
70©
4,20*)
mo

1*43#

ToLwk, '•».
m tu t
$2,210
S«® * wr.Ttt.
m ^jT i
loa,y;o
2&U.179
1 m.t m j
w% m ,
1,364.43i:;
n .o n j
A v«q, 1 .
m s i . . . . OLtTBJbW n h - a t M m u t.3d i m
29*245. *6#! f j m . s s o
1 mu m , , . , .
l i.l4 t .J S 6 IkSSiATS
1
........... ;
4,437,154
M M 'M lOS;7P7r5-tl i 94.013,094 m j m .m n

ftokdt »*.*and, W*tbLnjttQ&..*

:2h,T¥i 1 T otil.**.***..............

* Yalae o f exporct from other custom* districts for the month of May. 191)3.

t550.hr> Huron, MtohUrats.***...... ....
CSilCMO. U l............................... 4S4.0U Richmond, Vt
8 519 Br*io». X'oxiw.

Onlulti.Msnri................... S . S

M l*® !. u h k i .............................

Uatlult, Michigan.......................

*24.273

191,97*

*».9W Tot*1.

TT S aC —T h i. »t»t*nsent Ujelnde* about,*6 par ,o n t OS t h e e n t ir e expo* *
rtle lw naixio.1 from »ll o o r u o f tb s ooantry.

The receipts of flour and grain at the seaboard ports to ' the
week ended June 24, 1893, follow:
/iyr,
Barley,
Flour,Wheat,
Corn,
Oats,
At—
bbti,
bush.
bash,
Sew Y o rk ...1*9,721 1,737.400 235,700
Boston.......... 45,773 307.004
203,(112
r e a l.... 13,759 453,884
338,911
Philadelphia. 56,259 232,339
207,632
Baltimore___ 90,402 237,029
233.087
R ich m on d ... 4,500
6,452
28,332
Saw Orleans. 13,902
83,600 137,501

bush.
041,550
134,695
231,501
132,054
143,639
20.498
59,751

bush.

0 ,2 0 0

8,945
12,779

Tot. w eek .. 374,411 3.089,837 1,451,155 1.123,329 27.924
Week 1892 .302,005 1,22 4.071 1,003,900 1,275,902 00,350

bush.
21,300
700

2.685
1,200

25385
3 3 ,6 7 0

Below are the rail shipments of flour aad grain from
Western lake and river ports for four years:
1892.
tree*
June 25,
2>B,3J8

505,679
634.793

573,364
999.911
1,651,689
00,510
30,532

22 4,839
33.3,549
780,33 4
6,039
19,870

177,8 40
630,118
873,903
31,129
45,197

3,315.989

1,102,631

1,811,192

Floar.........
W h e a t..., . —.trash.
Corn.......... ...............
Oats............
Barley...... ................
R y e .......... ................
T ota l..

1890,
Week
June 23.
132,353

1893.
Week
June 1 4.

33,827
31,996

1891.
Week •
June 27.
183,920

THE CHRONICLE.

32

[VOL. LVIt.

The value of the New York exports since January 1 hate
■>een $4,079,676 in 1893 against $5,743,071 in 1892.
Business in brown sheetings this week has favored fourExports
Peas.
Rye.
Oats.
yard and lighter weights more than the heavier goods, but
Flour.
Com.
Wheat.
from—
sales have been of moderate extent at the best for the home
Bush.
Bush.
Bush.
Bbts.
Bush.
Btish.
9,695 trade and still restricted for export. The volume of orders
27,530
83,236 181,772
F ew York 1,226.743 267.945
following the new range of prices in bleached shirtings has
1,000
40,468
231.209
82.649
B oston...
65,897 not reached expectations and colored cottons all round are in
39,422
16.131
553.723 232,562
Montreal
9,299
modorate request only. There have been no changes m price
P h lla d ei. 117.513 103,229
25,033
19,070
89,351
Baltlui’re 119.971 145,132
this week except to bring certain bleached goods into con­
1,112
6,511
252.934
N. Orl’ns.
formity with the level of values established by the reduction
6,313
N. News
in “ Lonsdales” and “ Fruits.” Wide sheetings, kid-finished
Portland.
Norfolk.
and other cambrics, silesias, jaconets and other linings are all
75,592 quiet, as are white goods, quilts, table damasks, &c. New fall
53,213
Tot. week 2,502.093 838,028 246,412 241,264
prints are not being ordered with any spirit, the business re­
B'me time
95,012 corded up to date for future delivery being much behind that
1392 ... 2.066.187 860.661 202,839 343,562 113.588
The visible supply of gram, comprising tne stocks in granary of last season for corresponding period. Two printing works
at the principal points of accumulation at lake and seaboard have shut down indefinitely, and others will probably adopt
the same policy within the next week or two. Ginghams are
B a rley , quiet all round at irregular declines from last season’s prices.
Oats,
Rye,
Wheat,
C om ,
bush.
bush.
bush.
bush.
bush.
In store atPrinting cloths are very dull at both Fall River and Providence
88,000
705,000
640,000
, 7,443.000
and prices are nominal on the basis of 3 3-16c. for 64 squares.
9,000
17,000
Do afloat.... 337,000

The exports from the several seaboard ports for the wee i
ending J une 24. 1893. are shown in the annexed statement:

A lban y...............

18,000
487,000
19,497,000 1,687,000
9,000
. 1.485,000
7,740.000
230.000
. 2.147,000
8,000
. 1,183,000

Buffalo............ , 1.676,000

O sw eg o.

,

661,000
2,988,000
50,000
163.000
8,000
1,000
381,000
170,000
1^0,000
. 507.000
24,000
M ontreal.
348,000
Philadelphia— . 1,002,000
23,000
97,000
P e o r ia ...............
74,000
32,000
Ind ian ap olis....
753,000
1 20,000
Kansas City___
774,000
918,000
Baltimore
37,000
MlnneapoL_____,10,189.000
292,000
168,000
On Mississippi..
1,509,000 1,483.000
On L akes...
158.000
• 2,610,000
On canal «fcri

Do afloat.
Cincinnati —

T o ta ls—

24,000
221.000
293,000
19,000
12,000
17,000

2,000
2,000
112,000
58,000
1,000
29,000
2,000

65,000

5,000

5 2.00'1
62,000
2,000

38,000

1,000
20.000
35,000
95,000

2,000
23.000
20.000
433,000
167.000
123,000
28,000
49.000
196,000
21.000
37,000
712,000

5,000
1,000
7,000
18.000
3,000

26,000

9,000

10,000
30,000

397.000
526.000
327.000
2 t3,019
621,120

415.000
427,00U
329.000
107,3 35
483,5 76

--------------------------------------------------------

June 21, 1893..63,082.000 7,325,000
June 17, 1893..66,376,000 8,165,000
Jane 25,189 2..24 ,565 .000 6,213,000
June 27 ,189 1..13 ,599 ,336 3,851,05L
June 2 i, 1890..20,174,835 14,822,663

3.114.000
3.631.000
4.132.000
3,666,243
5,050,671

43.000
7.000
57,000
5,000

T H E DRY GOODS T R A D E .
N e w Y o r k . Friday, P. M., June 30,1893.

The market at first hands has not shown any sign of im­
proving business during the past week, reports generally
pointing to an even smaller volume of sales than during the
week immediately preceding. Apart from other conditions,
this can be accounted for by the fact that jobbers have been
largely engaged with their semi-annual clearing-out sales
and stock-taking, all their anxiety beiDg in the direction of
reducing their holdings, leaving for the moment future re­
quirements unattended to in the majority of instances. In
staple domestics stocks are accumulating in many quarters,
but sellers are not pressing them on the market to any great
extent, as the reductions in price likely to effect a free move­
ment are below their present ideas. There are doubts even if
any reduction within reason would stimulate buyers much un­
der present conditions. Large jobbers have this week cut brown
bleached and colored cottons % c - to % c . per yard below previ­
ous low prices, and yet had considerable difficulty in closing
out the comparatively small quantities carried by them in the
3hape of broken stocks. The financial situation is the most
prominent factor just now, and it has acquired increased
weight the past few days, by the heavy fall in the price of
silver and its probable bad effect on the mining industries of
the West and through them on Western trade generally.
Some indications of this are seen just at the close of the week
in the shape of telegrams from San Francisco and other points
countermanding or reducing orders lately placed for fall sup­
plies. As noted above, jobbers have been engaged in making
clearance sales. By means of these a considerable quantity
of merchandise has been disposed of at irregular prices. Col­
lections are variously reported on, and so far as can be gath­
ered, retailers are paying accounts more regularly to joobers
than are many of the latter to agents and commission houses.
D o m e s t ic C o t t o n G o o d s . —The exports of cotton goods
from this port for the week ending June 27 were 2,706
packages, valued at $177,128, their destination being to'the
points specified in th« table below:
New York to J une 27.

1893.
TTfttfc. Si7ice Jan. 1.

Great Britain.......
Other E u rop ean ..
C h in a ....................

100
17

I n d ia ........................

5

A rabia...................
A frio a ....................
W est Indies...........
M ex ico...................
Central America..
South A m e rica ...
Other ooun tries...
T o ta l............................ .
China, via V ancouver.......

502
299
14
35
1,317
67
2,706
1,121

2,014
791
14,297
1,811
4,743
5,797
9,714
1,114
2.379
24,338
1,300

1893.
Slock o f Print Cloths—
June 24.
Held by Providence m anufacturers. 110,000
Fall R iver m anufacturers................. 30,000

1892.
June 25.
None.
None.

1891.
June 26 .
453,000
450,000

Total stock (p ieces) ..................... 140,000

None.

903,000

Domestic W oolens.—The condition of the market for

meD’s-wear woolens and worsteds does not improve as the
year advances, the most prominent topics in the trade just
now being the number of cancellations coming to hand and
the progress of the shutting down movement among the man­
ufacturers. All efforts to impart vigor to the demand for
new spring lines have so far met with little success, buyers
showing no disposition to commit themselves to engagements
so far ahead for anything beyond sample pieces, except in
the instance of one or two highly esteemed lines. Prices are
unstable, and although no general decline can be quoted, it
appears certain that buyers will succeed in obtaining pretty
nearly an all-round concession when the season is fairly
opened. Cloaks and shawls, flannels and blankets are inact­
ive, and in woolen and worsted dress fabrics there is little new
business doing, jobbers apparently being quite content with
the orders they have already placed until they make some
better progress with their fall trade.
F oreign Dry G oods.—In this department business has been
largely of an odd-and-end order in all seasonable goods, the
pressure to close out before the end o f the half-year being re­
sponsible for some heavy marking down of values on broken
lots. In fall lines deliveries of current importations have
been fairly free, but only a moderate volume of new orders
has come to hand.
Im portations and W a reU o u seW lth d ra w a ls o f D ry G oods.

The importations and warehouse withdrawals of dry goods
at this port for the week ending June 29, and since Jan. 1,
1893, and for the corresponding periods of last year are as
follows:
CD
3
3
s H & s
s
C ss
0
3u ^
oC+
oC6 SI
as
o
5
Z
Q
j
2
p
p
O ^
CM• g-O Si
B
p
o7
* p
P
Sr
fa
-A
"•
§: 8
s
a
h
®I
o sEf
© £
I
r

<y»m
coo«
CD >-*

I*
C #*
C
OW
ow o’#t*
too
OM-

toot

1,525
612
345
82
154
476
51

68,298
14,045

4,241
600

111,840
7.679

Total.
82,343
' F rom New England m il! points dlreot.

4.841

119,519

C l C l M CD O
to X *4 X C l
CD X M to CO

wo

CD-4

d- )U
#*00

*3 o

M O rf* W
C O C D X W tO

oo ot'tc) o ot

d* Crt O I d * CO
CD C l 0 1 - 4 - 4

# * *3 if* Q M

jt*#*MXj-

H W H O tO

O ' O t o **-* 0
W tO C SC D *
00 <1 IQ tO f

<W*CDWO
o -- M'4 4

to to to# *

OMsippi

V xtotoco
OIWMOIM

0*1
f—o<I f - i - t o CO 00

CM

MO

>-co

#* W X *4 C l

I

O -M W O

to to to#*
#*’tO©#* W

01 C l <4 0 ©
O i’tO**3 M M

tOO

o w w V oi

MOO

l-H
I <*

C l X O ' *3 Ol
W O X * 4 if*

tO O k . O # *
,m < 1 C ° m #*

03 fO

M to O l t o W
i— O ld * O Ol

*4031^i#*tfi «*■
Ol#*4*0001 £
Ol.-* *IC1C) I-

M C lO t C I O

X X

O CD O O i C l
C O - l o t *4 0

owo'Hwfe
to-oot o
W — M o o t
* 4 d* CO 31 Oi
t o M t o if* t o

hhmh
to to W CD
OlO GQDCOtO
tO Qt CD - J C l

Week. Since Jan. 1.
2,713
987
55,00 L
2,606
6.V-08
5,006
8.303
1,978
3,167
23,633
1,538

CO t o o # * to

M W C lt O ©

1892.

15
5
976

0131
CO *J W CO 00

d»#* MOWWvl
<
]©>
mci WC5MCBCO
Vco V
s ’O
M#
#* l—►
—
*WOl
*4 05
X M

I*

M to
to to
0 * 3 C D © #*
05 C l W » * W

M*-tO

00*-CDOb0
HJO»Q0Ot'"’-‘

w o i w to c i
CD 10 00 C l tO

M tO Ot tO M

CO*1® ©X^|

QOS-

CD *4 O* M 3>
0 * 4 tO O C X

ta

j
I*

*0►
—O0»#*

W Ot 0 0 0 -4
Cl to
w~*
OC1

*3

*5
X©
w
»
to
®Sg

C i M O CC ’# *

03 Oi
WOO
CD#*

M O - O-*

*4 CO CD O l tO
0 1 0 *4 0 W

C
O
S
W
5®

t o o * if* t o ’*-*

W H 'i a *

CD W W * 4 * 4

03
coo 0
0GO0000#*
© o tcoivj tjt —
wo

p to

-■
lot.
HOI
# -M
W fO
O '# *

NSDOJH'l

WW
CD 00
W #*

MWtOrf*

< 1 # * JO c o o
O ' l v M C CD
C l C l X 10 M

#* * 4 C l *1 o i
0 3 X CO O CO

00 OJ_*-W*u
C C D W tC H

05 3 1 # * M * o
to r - w x CO

O l 00*0 C D ©
O CO CO O CO
C O * 4 W ® 01

M CO tO «t*

# * CD on**-*<!
CO H* CO <J CO

<
]#*<J*otb»
(JO 00 W *1* -4

#*o OtOOCO

#* d* OtOClCO —

CO CD
OI CD

C O M # - # * *4
#*#**140 0

w x -*cio
01** #* O

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* 4 * l C 0 # * i-*
X — K3 X w
C l# * C * - * M

Ic.
~

| si
^
I

J uly 1, 1898.]

THE CHRONICLE.

33

July 1, 1893, will bear interest at the rate of 4 per cent per
annum, payable on January 1 and July 1 of each year at the
National Bank of the Republic, Boston, Mass., and tvill mature
Julv 1, 1913. The county has at present only a floating debt
ter m s of s u b sc r ip t io n .
of $34,000, and its assessed valuation in 1892 (which is onethird of actual value) was $8,500,000.
Commercial and Financial CH R ON ICLE con­
Boston, Mass.—(State a n d City Supplement, page 21.)—
The Finance Committee of the Board of Aldermen has re­
tains 4 0 to 6 4 pages
blished every week.
ported a loan bill for $3,649,500, but various items will probState and City Supplement of C H R O M C L E con­ ablv be more or less altered before the bill passes the Board
tains 1SO pages published several times each year.
and the Common Council.
Investors’ Supplement of CH R ON ICLE (a Cyclo­
Brooklyn, N. Y.—(State a n d City Supplement, page 44.)
paedia of Railroad Securities) contains 1 6 0 pages published —The Finance Committee of the Brooklyn Board of Aidermen bas granted permission to Comptroller Corwin to issue
•very other month.
_________
$1,000,000 of tax certificates. The proceeds will be used in
redeeming city bonds that mature next month.
Subscription to CHRONICLE for one year 6 1 0 .0 0 ,
Burlington, Yt.—(State and City Supplement, page
which includes every issue of both Supplements.
17.) -City Treasurer E. C. Mower writes the Chronicle that
the $20,000 of improvement bonds which were offered for sale
T h e purpose o f this Slate and City Department on June 22 have been awarded to the Burlington Trust Com­
pany at par. The loan will be dated July 1, 1893, will bear
Is to furnish our subscribers with a weekly addition to and interest
at the rate of lp » r cent per annum, payable semicontinuation of the St a t s and Cit y S upplem ent . In other annua ly on January 1 and July 1 of each year, and will ma­
words, with the new facts we shall give, the amplifications ture July 1, 1913. Principal and interest will be payable at
end corrections we shall publish, and the municipal laws we the office of the City Treasurer. The bonds are issued for
purpose of refunding the sams amount of bonds due
•hail analyse in the “ State and City Department,” we expec t the
July 1, 1898.
to bring down weekly the information contained in the
Cincinnati, Ohio.—(State and City Supplement, page
S tate and Cit y Supplem ent to as near the current date as
78.1- Proposals will be received at the office of the City Au­
possible. Hence if every Subscriber will note in his Su pple ­ ditor. D. W. Brown, until July 22, for the purchase of $100,ment on the page designated at the head of each item a 000 of work-house bonds. The bonds will bear interest at
reference to the page where the item in the C hronicle can the rate of 4 per cent per annum, payable semi-annually at
the American Exchange National Bank of New York City,
be found, he will at all times possess a complete and fresh and will mature June 1, 1923.
cyclopaedia of information respecting Municipal Debts.
Cumberland, Md.—(State and City S upplement, page 74.)
—The City Council of Cumberland recently passed an ordi­
Bond (Proposals and Negotiations.—We have re­ nance authorizing the issue of the $100,000 of water improve­
ceived through the week the following notices of I onds ment bonds which were voted by the people on May 15. The
bonds will be dated August t, 1893, will bear interest at the
recently negotiated and bonds offered and to be offered fot rate of 4 per cent per annum, payable semi-annually in gold,
ta le .
and wtU mature August 1, 1923.
Allegheny, Pa.—(State and City Supplement, page 85.)
Detroit, Mich.—(State and City Supplement, page 98.)—
—City Comptroller James Brown wo tee the Chronicle that Proposals will be received at the office of C. N. Moore, City
$.50,000 of 1 per cent renewal water bond* offered for sale on Comptroller, until July 11, for the purchase of $100,000 of
June 27 have been awarded to B. K. Jamison & Co., of Phila­ boulevard and $100,000 of park improvement bonds. The
delphia. at 101'2845. The bid* received ranged from 100-005 loans will bear interest at the rate of 4 per cent per annum,
to 101 -2845.
parable semi annually, the boulevard bonds maturing Aug. 1,
The City Comptroller also writes us that within the next 1923, and the park improvement bonds maturing Aug. 15,
ear the city proposes to issue bonds to the amount of 1923. Both principal and interest will be payable in New
1,500,000 for the extension of the water works, $600,000 forYork City. These are the last of two series, one of $500,000
street improvements, $300,000 for ths construction of sewers, of boulevard bonds and the other of $400,000 of park improve­
and $100,000 for the extension of ths electnc-light plant.
ment bonds, authorized to be issued by acts of the legislature
Anburn, N. Y.- ( S tate and City Supplement, page il.>— m May and June of 1889.
Mr. Patrick Barry, Deputy and Acting Comptroller, writes
Charles J. Siupp, City Treasurer, write* the C hronicle that no
bids were received for the $318,000 of water bonds which were the Chronicle that school bonds of this city to the amount
offered for sale on June 27. lie states that the sale has now of $450,000 will be advertised for sale next week. The bands
been postponed subject to the action of the Common Council. will hear interest at the rate of 4 per cent per annum, payable
The loan will bear interest at the rate of 8V£ per cent, payable semi-annually in New York.
J. & J., and wilijmature $15,000 yearly. 0 “in nencing 80 years Easton, Pa.—(State and City Supplement, page 67) -Bonds
from the date of issue. The present bonded debt of the city is of this city to the amount of $29,800 have been authorized for
♦448,000.
1
improvements. The loan will bear interest at the rate of 4
Austin. Tex.—(State and City S upplement, page 1 76.)- per cent per annum piyable semi-annually at the City Treas­
urer's office and will become due 30 years from date of issue.
May6r John McDonald will receive bids until August 1, 1H9 8 ,
Far R'ickawar, N. Y.—J. Jos. Mott, Village Clerk, writes
for the purchase of Austin water works and electric-light
bonds to the amount of $450,000. The securities bear 5 per the C hronicle that the $21,000 of bonds which were offered
for sale on June 20 were awarded to M-ssrs. F Kloeokner &
cent interest, payable quarterly on the first days of January, Co. of New York City at 101’875. $5,000 of the amount ia
April, July and October. They are dated August 1, 1890, issued for a fire engine and $15,000 for school-house purposes.
mature July 1, 1980, and are subject to call after June 30, The bond* bear interest at the rate of 5 per cent per annum,
1910. Both interest and principal are payable in gold at the the fire engine bonds mituring at the rate of $1,000 yearly
from date of is-ue, and the sch .ol-house bonds maturing at
National City Bank of New York. The securities are part of 1 he rate of $3,000 yearly from date of issue.
an authorized issue of $1,400,000, popularly known as the
Genesee, Wash.—Water-works bonds of this city are under
“ Austin Dam Bondi,” the proceeds of that portion of the consideration.
loan previously sold having been used for the construction of
Gloucester, Mass.—(State a n d City Supplemrnt, page25.)
the great dam across the Colorado River at Austin. The last —Edward Ddlivar, City Treasurer, writes the C hronicle that
step in the protracted litigation which has brought this bond no bids were received for the $15,000 of improvement bonds
Issue so prominently before the public was the favorable which were offered for sale on June 28. He states that the
are now held for sale. The securities are dated July 1,
opinion of the Supreme Court of Texas, delivered May 25, bonds
1893, will bear interest at the rate of 4 per cent per annum,
wherein the Supreme Court reversed the judgment of the payable semi-annually, and both principal and interest will be
Court of Appeals and affirmed that of the District Court of payable at the First National Bank, Boston, or at the City
Travis County, thereby sustaining the validity of the bonds in Treasurer's office. Payment of the loan is to be secured by a
every particular. F u rth er in form a tion in reg a rd to the m a r­ sinking fund.
Granlte Falls, Minn.—Notice was given in the Chronicle
k etin g o f the secu rities unit be fo u m l in the ad vertisem ent
of June 17 that water works extension bonds of this place to
i n this D epa rtm en t.
the amount of $9,000 were under consideration. This week
B itarla, N. Y.—An election took place in Batavia on June the City Treasurer reports the abandonment of the proposition
26 to vote on issuing $28,000 of bonds for an electric-light for the present year.
plant. City Clerk George E. Perrin writes us that a tempo­
Hagerstown, M4.—(State a n d City S upplement, page 74.)
rary loan will probably be made for the amount.
—City Collector John H. Middlekauff notifies us that he is
Belknap County, N. H.—Court House bonds of this county offering for sale $10,000 of drain and street improvement 4 per
to the amount of $30,000 were to be sold on June 22, but cent bonds. Interest on the loan is payable semi-annually
County Treasurer M M. Robertson writes the C h r o n i c l e that and the bonds are exempt from county and municipal tax­
no bids were received for the loan. The bonds are to be dated ation.

S tate

and

C ity D t f a n t m e n t ,

THE CHRONICLE.

34

Hartford Second North School District, Conn.—Mr. Frank
8. Kellogg, Chairman of the Board of Education of thi3 dis­
trict, writes ua that an issue of bonds to the amount of $137,000 is proposed, but that on account of the present condition
of the money market he cannot say just when they will be
issued. The bonds will bear interest at the rate of 4 per cent
per annum, payable semi-annually, and will mature in 30
years, with an option of call in 10 years.

[V ol. LVIL

tion, only 71 votes being cast in opposition. He states that
the bonds will not be offered for sale, but will be taken by tbo
“ Bond Commission” of the city, with the money held as a
siuking fund. The bonds bear interest at the rate of 5 per
cent per annum, payable quarterly, and mature in 30 years.
Interest and principal is payable in gold coin.

Maccliester, Ohio.—Ordinances have been passed by the
Council of the Village of Manchester authorizing the issue of
HawardeB, Iowa.—Water-works bonds of this city to the $10,000 of street and sewer bonds and $5,000 of bonds for the
purpose of erecting a hall and public offices. Both issues will
amount of $8,000 have been voted.
bear interest at the rate of 5 per cent per annum, payable semi­
Huntington, W. Va.—City Clerk J. N. Potts writes us annually, the street and sewer bonds maturing at the rate of $1,that an election which took place in Huntington on June 21 000 yearly, and the hall and public office bonds at the rate of
to vote on issuing $75,000 of street and sewer bonds, resulted $500 yearly, from September 1, 1894, to September 1, 1902.
in favor of the proposition by a very large majority. The To provide”for the payment of the principal and interest of theissue will consist of coupon bonds bearing interest at the rate bonds a tax of 6 mills will be levied.
of 6 per cent, payable annually, and will run 30 years. Both
Marathon County, Wis.—Bids will be received at the office
principal anti interest will be payable at the office of N. W.
of W. J. Gehrke, County Clerk, until July 5, for the purchase
HarriB & Co., New York.
of $74,000 of county asylum bonds. The bonds are dated
Ironwood, Mich.—Mr. Chas. W. Curran, City Comptroller, June 1, 1893, and are payable, part yearly, from June 1, 1899,
notifies the Chronicle that proposals will be received until to June 1, 1918. Interest at the rate of 5 per cent will be
July 17 for the purchase of $150,000 of public improvement payable June and December at the office of the County Treas­
bonds. The bonds are to be issued for the purpose of macad­ urer. The county’s total debt at present is $32,000 ; its as­
amizing streets and paying off a floating indebtedness of sessed valuation for 1892 was $5,600,000 ; actual value, $11,about $40,000. They will bear interest at the rate of 6 per cent 500,000.
per annum, payable semi-annually, and $20,000 of the amount
Marion, Ohio —We are informed by one of the officials of
will mature on August 1, 1899; $20,000 on August 1, 1903;
$20,000 on August 1, 1905; $20,000 on August 1, 1907; $20,000 the Board of Education of Marion that sell >ol bonds to the
on August 1, 19u9; $20,000 on August 1, 1911, and $30,000 on amount of $32,000 were sold on June 23 to a party in Detroit,
August 1, 1912. Both principal and interest will be payable Mich., for a premium of $400. Toe bonds bear interest
at the rate of 5 per cent per annum, piyable M & S . and
in New York City.
they mature at the rate of $3,000 semi-annually from March
Lincoln, R. I.—In response to our inquiry concerning the 1,1899, to September 1,1906. Principal and interest is payable
issuance of $100,000 of bonds of this town, recently voted by the at Marion.
Council, Mr. Chas. P. Moies, Town Treasurer, writes us that
Melrose, Mass.—(State and C it y Supplement , page 27.)—
the bonds will probably not be issued before January next.
Water-works extension bonds of this tow n to the amount o
Macon, Ha.—(State and City Supplement, page 167.)— $50,000 have been authorized.
City Treasurer A. R. Tinsley writes the Chronicle that the
Middletown, Conti.—(State and City Supplement, page
election which recently took place in Macon to vote on issu­
ing $200,000 of sewer bonds resulted in favor of the proposi­ 38.)—At a meeting which took place in Middletown on June

N E W LOANS.
$165,000.

SANTA

N EW LOANS.
$35,000

BONDS.

R O S A , C A L ., PO R TSM O U TH ,

Bonds For Sale.
J. L Jordan, City Clerk o f Santa Rosa, Sonom a
County, California, will re ce iv e sealed bids up to

JULY 21, 1893.
fo r th e purchase o f 200 w ater-bond s, $825 each,
bearing i per cen t per ann um —payable annually.
F ive bonds (1 series) payable each year—u ntil 1033.
B on ds issued in pursuance o f A c t o f M arch 19,1889
and supplem ental A cts, and in pursuance o f a special
election . Certified ch eck o f 10 per ce n t o f am ou n t
bid m ust accom pany bid. T h e council reserves
rig h t to r e je c t any or all bids.
R esou rces o f Santa R os a : P op u la tion 6,000; valu e
o f property 16,000,000; assessed valu e $3,800,000;
28 m iles graded streets, 16 m iles sewers; n o ln d ebt
edness o f any kind; present city le v y $7 per th o u s­
and. C h ief In d u stries: Cereals, fruits, hops, lu m ­
ber, wines, etc. For fu rth er particulars inquire o f
J. L . J o r d a n , City Clerk a t th e a b o v e address.

$ 4 5 0 ,0 0 0 .
CITY OF AUSTIN
Water-Works and Electric Ligh
5°/o Gold Bonds.
I hereby offer fo r sale 150 City o f A u stin W ate
W o r k s * E lectric L ig h t 5 per ce n t Ronds o f $ 1, 0<J
each
Principal and Interest payable in g o ld coin <
the u n ited Suites, ut the N ational City Rank o f th
City o f New York. Interest parable quarterly on th
first days o f January, April. July and O c t o b e r o f eac
year. Said bonds are dated A u gu st i, 1h» o an
80H1»10 JUly
1030, bUt are redoomttl>,e a fte r Jun
T h e fe bonds h ave been declared valid in ever
particular by tho Suprem e C ourt < f T exa s, the corn
o f last resort in said State. A co p y o f said Ronds.
p*-'PJ •'* the decision o f th e 8uprem e Court sustaii
lug th eir validity, togeth er w ith an y o th e r data d<
sired, will be furnished upon application to th
undersigned.
Rids will be received fo r all o r any portion o f the?
bonds until th o 1st day o f August, 1893. T h e rlgt
is hereby reserved to reject any and all bids
Said bonds are on deposit with th e N ational Clt
Bank o f th e City o f New York, and will b e dellvere
to purchasers through that institution.
Bids should be addressed to the undersigned t
Au stin, T exas.
*
JO HN M CDONALD,
_________________ M ayor o f th e City o f Austin, T e x a

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. BRANCH, President
JOHN F. Qunnf. Caah’r. Fbmd. R. Soott. Vloe-Pr

NEW

LOANS.

$ 100,000

O HIO. City of Montgomery, Alabama,

O f fic e o f t h e C i t y C l e r k ,
)
P o r t s m o u t h , Oh i o , Jun e 16, ie93. j
Sealed proposals will be re ce ive d at th e abovem ention ed office until T u e s d a y , . l u l y 1 8 , 1 8 9 3 ,
at 12 o ’clock M. fo r the purchase o f seven ty bonds o f
$500 each, bearing interest at the rate o f five per
ce n t per annum , payable sem i-annually (principal
and interest payable at the F ourth N ational Bank in
New Y ork City). Said bonds to be dated July 1,
1893, and redeem able in 25 years from th eir date, is­
sued fo r j^ewer purposes in pursuance o f, and by the
authority o f th e provisions o f an act o f the General
Assem bly o f th e State o f Ohio, entitled. an a ct to
authorize the Council o f th e ‘ i i y o f Port smout h,
Scioto County, to issue bonds to th e am ount o f §35,000 fo r the purpose o f constructing a sew er and
branches th e re o f in said city and to levy a ta x to pay
said bonds, passed March 1,1893, and ah ordinance o f
said city, entitled, an ordinance to provide fo r issuing
bon d s to pay the cost and expense o f the * ix th W ard
hewer. passed April 5,1893, authorizing the issue o f
said bonds, w hich will be sold to the highest and best
bidder, but in n o case fo r less than par value.
Bids should sp ecify the num bes o f bonds bid fo r.
the rate o f prem ium offered, th e am ount o f accrued
interest, and the aggregate am ount including accrued
interest aud premium w hich is offered fo r all the
bonds proposed to be purchased. T h e rig h t is re ­
served to reject any or all bids.
G iven at the City o f P ortsm outh, Ohio, th e day
and year first ab ove written.
R. M . K R IC K E R ,
City Clerk.

$380,000

City of San Diego, Cal.,

BONDS.
Sealed pro p o sa ls w ill b e r e c e iv e d at t h e office o f
R. B. Snodgrass, City Clerk o f t h e City o f M o n tg om ­
ery, A la., u n til 12 o ’ c lo c k M . Saturday, Ju ly 15thf
1893, f o r $100,000 o f F iv e per c e n t fo rty -y e a r bon d s
o f th e City o f M on tgom ery, o r an y p o r tio n t h e r e o f,
n o t less than §5,000.
Said bon d s are au th orized b y special aet o f th e L e g ­
islature o f A labam a, a p p ro v e d F eb ru ary 17th, 1893.
P rop osa ls at less th a n par w ill n o t b e co n s id e r e d .
T h e righ t to r e je c t any o r all bids is reserved.
A p p lica tio n s f o r in fo r m a tio n w ill b e ad d ressed to-

T H O M A S H. C A R R ,
Chairm an C om m itte e on F in a n ce.

$50,000

ity of Birmingham, Ala.
30-Year Gold 6s.
Principal and Interest Payable in Gold*
Price and Particulars on Application.
W rite

for

Latest

L ist

of Investments*

FUNDING BONDS.
OFFICE OF THE CITY TREASURER
o f t h e Ci t y o f S a n D i e g o , Ca l .
I, T . J. D ow ell, City Treasurer o f th e C ity o f S
Diego, hereby give n otice th a t I will re ce iv e seal
proposals at the office o f th e City T reasurer o f t
City o f San D iego, California, up to and includi
W ednesday the 5th day o f July, 1893, a t 4 o ’clc
•ooTrkn^ *a,(i
fo r the purchase o r e xch an g e
$880,000 o f tw en ty-year fu n din g bonds o f said ci
being bonds Nos. 1 to 760. b o -h inclusive, and ea
fo r th e sum o f $500. dated January 1, 1893. and be
Ing Interest at th e rate o f fo u r and o n e -h a lf per cc
per annum , payable annually a t the office o f the C
Treasurer.
A ll proposals fo r the purchase o r ex ch a n g e o f si
bonds will be opened at the office o f said City Tre,
urer on th e 5th day o f July, I mps, at 4:30 o ’ clock P.
o f said day, and n o i roposal will be accepted, eltt
fo r tho purchase o r exch an g e o f said bonds, foi
less sum than the face value o f said bon d s and t
accrued interest thereon. Bids can be subm itted l
any am ount o f said bonds to suit purchaser. A
proposal and bid fo r the purchase o r e x ch an g e
said bonds accepted by me as such T reasu rer sh
8^ . / e c t he approval o f the C o m m o n ' ouncil
tne City o f 8an D iego, w ho reserve the rig h t to reji
any and all proposals and bids fo r th e purchase
exch an g e o f said bonds.

m

T. J. DOWELL,

Mi t e H t o * " " " of‘theClt!rof 8an Dle‘[0- 011

Farson, Leach & C o .,
CHICAGO,
115 Dearborn St.

NEW Y O R K ,
2 W a ll St.

GOLD BONDS.
P ro v id e n c e , R . I . ,
.
. .
St. L o u is , M o .,
•
•
•

.
•

4s
• 4s

D u l u t l i , M i n n . , ......................................4 has

G rea t F a l l s , M o n .,
.
,
,
.6 s
S an ta B a r b a r a , C a l., .
.
.
,
5s
C la lla m C o ., W a s h .,
.
.
#
. 6s
S alt L a k e C ity Street B y . ,
.
.
6s
M e tr o p o lita n S treet B y . , D e n v e r ,
6s
T h e a b o v e are p a y a ffie ^ r ln c ip a l and interest In
W r ite f o r fu ll d e scrip tio n and p rice to

E. H.

Rollins & Sons,

N e w Y o r k C it y ,
3 3 W a l l S tr e e t

B o sto n . J l a « « .v
2 1 6 Exchuuii B ui d in g .

THE CHRONICLE.

J uly 1, 1893.]

40, the city attorney was instructed to apply to the General
Assembly for permission to issue $21,000 of water bonds and
$28,000 o f improvement bonds. The loans will bear interest
at the rate of 4 per cent oer annum, and will be issued for the
of funding the floating debt. If permission is granted
?urpose
y the General Assembly another city meeting will have to be
held to authorize the issues, and it will probably be some time
before the bonds are put on the market.

35

Treasurer, $6,000 of this amount maturing each year on May
1. 1898 and 1899; $8,000 on May 1, 1900; $9,000 on May 1 ,1901r
$10,000 each year on May 1, 1903 and 1903, and $1,000 on May
1, 1904, Principal of the bonds will be payable at the office
of the Treasurer or at its financial agency in the city of New
York.

Newton, Mass.—(S t a t e a n d C i t y S u p p l e m e n t , p a g e 28.)—
Authority has been granted this city to issue a note of $14,000
Moscow, I d a .— (S t a t e a n d C i t y S u e p l k m js n t , page 134, and for p a r k and street purposes. The loan will bear interest at
C h r o n i c l e , Vol. 56, page 1070.—City Clerk L. T. Hammond the rate of 4 per cent p e r annum, and will become due in 10
notifies the C h r o n i c l e that he will receive bids until July 3 years. City Treasurer John A. Kenrick states that the date
for the purchase of $8,000 of city bonds. The loan will be of sale has not as yet been fixed.
dated July 1, 1893, will bear interest at a rate not to exceed 0
Norfolk, Ya.—(S t a t e a n d C i t y S u p p l e m e n t , page 154.)—
per cent per annum, payable semi-annually on January 1 and
July 1 of each year, at New York, or at the office of the City Notice has been given that 8 per cent bonds of this city ma­
Treasurer, at the option of the holder, and will mature July 1, turing July 1, 1893, will be paid on that date by the City Nat,
Bank of Norfolk or by the Mercantile Trust & Deposit Co. of
1913. The city’s total debt, including this issue, is $117,000.
Baltimore. This latter company will either redeem the bonds
Nance County, Neb.—County Treasurer W. H. Clark writes or exchange them for 5 per cent 30-year city bonds.
the C h r o n i c l e that a recent vote on the question o f issuing
Norwalk, Ohio.—City Clerk F, W , Christian notifies the
$25,000 of 5 per cent court-house bonds resulted in the defeat
C h r o n i c l e that an election will take place in Norwalk on
of the proposition.
August 1 to vote on the proposition of issuing the $100,000 of
New Hampshire.—(S t a t e a n d C i t y S u p p l e m e n t , page water-works improvement bonds recently authorized by the
13.)—State Treasurer Solon A. Carter writes the C h r o n i c l e Legislature. The bonds are to bear date of September 1,
that $210,000 of New Hampshire bonds have been sold to the 1893, and will become due and payable at the rate of $4,000
Greenwich Savings Bank of New York, at prices ranging yearly from September 1, 1898, to September 1, 1922. Inter­
from 102-51 to 10t'65, the average price for the entire issue est on the loan will be payable semi-annually at the rate of 5
being 103-63, The securities are 20-year 4s and they were is­ per cent per annum, and to provide for the payment of prin­
sued for the purpose of meeting appropriations made by the cipal and interest a direct tax will be levied.
Legislature for the new State Library and for the Agricul­
Norwood, Ohio.—W. E. Wichgar, City Clerk, will receive
tural College at Durham,
bids until July 24 for the purchase of $25,000 of water-works
bonds.
It also reported that the people of Norwood will vote
New Rochelle, N. Y —(S t a t e a n d C i t y S u p p l e m e n t , page
50.)—Bids will be received by the Village Clerk of New Ro- on Julv 12 on issuing additional water bonds to the amount
coelle until July 10 for the purchase o f $75,000 of road bonds. of $50,000.
Twenty-five thousand dollars of the bonds wilt bear interest
Ottawa, 111.—(S t a t e a n d C i t y S u p p l e m e n t , page 94.)—
at the rate of 5 per cent, payable A. A O. by the Village Bonds o f this place to the amount of $60,000 will probably be
Treasurer, and will mature at the rate of $3,000 yearly from issued for water-works.
April 1, 1894, to April 1, 1898 ; and $73,009 will bear interest
tar P e r c o n t i n u a t i o n o f p r o p o s a l s a c e n e x t p a g e .
at the rate of 5 per cent payable M, & N. by the Village

FINANCIAL.

FINANCIAL.

FIN A N CIA L.

CHOICE INVESTMENTS
IN

Street Railroad and
Municipal Bonds.
PRICKS TO SUIT TUB TIMES.

INVESTMENT BONDS
F IS H E R

& ,

SHAW ,

FOR

SALE.

H AN KERS,
I aIS T S ON A P P L IC A T IO N ,!

Corrtmp^nd&tim invited.

N Iem ber, B a ltim o re S lo c k E ,c h a n g e .

Lamprecht Bros. & Co.,

B A L T IJ im iK , SID.

Ttember* o f the New

Y ork

and B o sto n

S tock E xchange**

4S W A L L S T ,, N E W Y O R K .
CLEVELAND,

BOSTON,
THE

MUNICIPAL SECURITIES

Lewis Investment Co..
DKB M O IN E S, IO W A *
CAPITAL Pa i » Up ,

DEALERS LN

*

$120,000.

C h olc* ia v M U B ca u la the m oot C «o * « n r o d t « F ie ld la the Wtmi*

£ I V P C D f * C I I T 0 a " » ° t * * < t I t * MonO I A I t f l V C n I gaga* do Improved land,
to low * on* JBagtarn Hebruka. 8*1* one Daatrabi*
B ll t e e o V e a r . ' S a e o e m fn l E x p e r ie n c e .

Send fo r P am ph let.

W. A HOTCHKISS,

GEO. H. LEWIS

Aecg Saemarr.

Proudotit.

P IT T S B U R G

Ja«. Carothers,
90 FOI B T I f A V E ., P IT T S B U R G , P A ,

Blake Brothers & Co.,
98 S T A T E S T R E E T , BOSTON.
i NASSAU S T R E E T , N E W Y O R K .

Hackett & Hoff,
9 9 n i r b l g a o S t., N l l l w a n k e e , W l « .
t in t UortJtmitm on Improved Milwaukee Real
Catata, beam * «lx end .even per (sent lntere»t
*1way* on hand. No charge to the Inventor for col­
lecting Intereet or looking after taxee and are Inaarnnc*. Abaolnta recoruy_________________________

W. J. Ha\es & Sons,
BAN KERS,

Dealers in MUNICIPAL BONDS,
Street H allw ay B on d s and o th e r high grade in ­
vestm ents.

BgjWAanc A. Jackson

311-313 RnpertorSt.^

l 0 Well Street,

Wiibour, Jackson &Co.,

? E x ch an ge I’ , “ c ^ <)1(|on

NOW Y o r k .

N. Holmes 6t Sons,

WASHINGTON.

PAPER.

REAL ESTATE AND INVESTMENTS,

B R L L IK G H A M B t V ,
BAWKRR8 AND BROKERS,
FUTURE MKTROPOLIS OF PCOIST SOUND
S O . S2 W E Y B O S .N E T S T R E E T ,
decuned to be the great Manafaetartog and Coat.
P R O V ID E N C E , R . I.
Hoard*! Center became It baa
Dealer* in Commercial Paper. Government* and
The I-argaat and Rafeet Harbor on u>e PacUTc Coen. other Br»t-cla*a Bond* and decnruiea and Foreign
The Of (Meat Area o f adjacent Agricultural land Bxchftnsa
Private telegraph wire to New Fork and Boston.
TbemoetKagnlooentFnreataof Timber India world Members o f New York and Providence Stock Kxoh
The Saeet Natural Town site and Water From
Immenae V«na o f Uio Beet Coal In tha W e « wbtob
prodaoaa a cobe aqnal to Pennarlranl* Iron, Slivarlaad, Wold aad older ore*. Retentive tiaarrte* .,f
BANKERS
Free Bandetooo for balldtog parpoeea. Valoabi. In­
formation can be bad of
P IT T SB U R G , P E A *.
F B I EA1KHAVKS L ARD C OMPA Bk.
PAIK H A VK H ,

C O M M E R C IA L

V IC IM I T T

D e a lt la by

J o s n r * W ilboub.

FAIRHAVEN,

or
ASiD

C0BBK8P01TOBNT8
Bank of Peer York, N. B. a .
Flirt Nalien*) Bank of Phlladelphl*

Cable Addrea*. - KENNETH."

Edward Morton & Co.,
53 Broadway, New York.
S p e cia ltie s j
M E N IC IP A L ,
S T R E E T R A IL W A Y BONDS

and
B A N K STOCKS.

ATLANTIC MUTUAL INS. CO. SCRIP
D e a lt fn by

AI O IIST IS FLOYD,
lir r w f

M 8" v o t e .

THE CH RO NICLE.1

36

Fayallnp, Wash.—Water-works bonds to the amount of
$60,000 are under consideration.
Peterson, Iowa.—It is reported that water-works bonds of
this place have recently been voted.
Pittsburg, Pa.—(S t a t e a n d C i t y S u p p l e m e n t , page 69.)—
City Comptroller H . J. Gourley writes the C h r o n i c l e that
the election which took place in Pittsburg on June 20 to vote
on issuing $1,500,000 of bonds for the purchase and erection
of bridges over the Monongahela River resulted in favor of
the proposition. The bonds are to bear interest at the rate of
4 per cent,
Eiee, Colo.—The people of this place are desirous of issuing
bonds Cor water-works and sewers.

[V ol. LVH.

Santa Rosa, Cal.—J. L. Jordan, City Clerk, will receive
proposals until July 21 for the purchase of $165,000 of water
bonds Interest on the loan will be payable at the rate of 4
per cent per annum and the bonds will mature at the rate of
$4,125 yearly from the first Monday in December, 1894, to the
first Monday in December, 1933. * * * An election which
took place in Santa Rosa on June 3 to vote on issuing $30,000
of bonds for the purpose of constructing a new school build­
ing resulted in favor of the proposition. The total assessed
valuation of property in the city is $3,800,000, the real value
being about $6,000,000; tax rate, $7 per $1,000. The city
has no indebtedness. The water bonds are advertised else­
where in this Department,

Roanoke, V a.— (S t a t e a n d C i t y S u p p l e m e n t , page 155.)—
Schenectady, N. ¥.—(S t a t e a n d C i t y S u p p l e m e n t , page
In response to our inquiry concerning the report that $50,000 5 4 )— H, 7V, Dennington, City Treasurer, notifies the Chron ­
of street improvement bonds of this city were under consider­ icle that be will sell at public auction on July 15 registered
ation, Mr. Cbas. W. Thomas, City Treasurer, writes us that water bonds of the city of Schenectady to the amount of
nothing definite has been decided upon. He also states that $28,000- The bonds will bear interest at the rate of 4 per cent
there is much doubt, under the present circumstances, that per annum, payable F. & A ., and $8,000 of the amount will
the freeholders will vote for an issue, and it will probably be become due on August 1, 1911, arid $10,000 in each year on
some time before it is done —if done at all,
August 1, 1912 and 1913. The city’s total bonded indebtedness
present is $368,000; sinking fund $15,234; net bonded debt
San Diego, Cal.—(S t a t e a n d C i t y S u p p l e m e n t , page 144.) at
$352,766. Assessed valu ition of property in 1892 (real estate
—Mr. T. J. Dowell, City Treasurer, will receive sealed pro­ being assessed on a basis of from one-half to two-thirds of
posals until July 5 for the purchase or exchange of $380,000 of actual value) was $9,014,394.
20-year funding bonds of San Diego. The bonds will be dated
Sharon, Pa.—(S t a t e a n d C i t y S u p p l e m e n t , page 70.)—
January 1, 1893, and bear interest at the rate of
per cent Mr. S. A. Hagen, Secretary of the borough of Sharon, writes
per annum. No proposals will be accepted either for the pur­ the C h r o n i c l e that bids will be received for the purchase of
of bonds to be issued for street purposes. The loan will
chase or exchange of these bonds for less than par and accrued $5,000
bear interest at the rate of 4 per cent per annum, payable
interest.
semi-annually in May and November of each year, and will
The total debt of the city at the present date is $437,000, of become due in 10 years from date of issue,
which $380,000 is to be refunded. The assessed valuaticn for
Hicridan, Wyo,—An election will take place in Sheridan
1892 was $15,393,378; the present population is 18,000. A n ad­ on July 11 to vote on issuing $75,000 of water-works bonds.
vertisement to be found elsewhere in this department gives full
Springfield, Minn.—Bonds of this city have been voted
particulars concerning the sale o f the new securities,
for water-works and an electric-light plant.

CHICAGO.

CHICAGO,

CHICAG O.

Jamieson & C o .,

T itle Guarantee & Trust

The

S T O C K S -B O N D S ,

Company

Equitable'! rustCompany

Members New York Stock Exchange,
Chicago Stock Exchange.

9 2 , 9 4 dfc 9 6 W A S H IN G T O N S T R E E T .

f 1 8 7 -1 8 9 D E A R B O R N S T R E E T ,

C h ic a g o , Ills.
1Private Wire to
L & 8. WORM8ER, NEW YORK.
FLOWER & CO., NEW YORK.
HUHN & GLKNDINNING PHILADELPHIA.
S pecial atten tion given to o u t-o l-te w n busi­
ness. C orresp on den ce so lic ite d .
J. B. B usies, Member New York Stock Exchange
D. M. COMTUNG8, Member Chicago Stock Exchange

Breese & Cum m ings,

OF

C H IC A G O ,

C ap ita l, p aid -up
.........§ 1 ,6 0 0 ,0 6 0
U ndivided earnings, Including
s u r p lu s ...................... .......... .
2 3 9 ,0 0 0
D e p osited w ith S tate A u d ito r. .
2 0 0 ,0 0 0
GUARANTEES TITLES TO REAL ESTATE.
MAKES ABSTRACTS OP TITLE.
Offers in v e stors in r e a l estate secu rities
p ro te ctio n afforded b y no oth er system of
doing business.
Is authorized by law to act as Registrar of Stocks
and Bonds, Executor, Receiver and Trustee for
Estates, Syndicates, Individuals and Corporations.
Trust moneys and trust securities kept separate
from the assets of the Company.
C O R R E SPO N D E N C E S O L IC IT E D .

OFFICERS:
GWYNN GARNETT, President.
A, H. SELLERS, Vice-President,
ABCHIBALD A. STEWART, Secretary.
CHICAQO
CHA8. R. LARBABEE. Treasurer.
Securinei listed in New York, Bouton or Chicago
FRANK H. SELLERS, Trust Officer.
carried on conservative margins.
DIRECTORS:
Gwynn Garnett,
Chaa. W. Drew,
W.
D.
Kerfoot,
_____
John P. Wilson,
A. O. SLAUGHTER, Member N. Y. Stock Exchange
Horace G. Chase,
Edson Keith,
WM. V. BAKER, Member Chicago Stock Exchange
John G, Shortall,
Geo. M, Bogue.
John DeKoven,
A. H. Sellers.
Samuel B. Chase,
COUNSEL:
W. C. Goudy,
John P. Wilson,
BANKKRS,
A. W. Green,
A. M. Pence,
1 1 1 -1 1 3 L A S A L L E S T R E E T ,
B A N K E R S AND B R O K E R S ,
111 A N D 113 M O N R O E S T R E E T ,

A . O . Slaughter & C o .,
C H IC A G O , IL L S ,

MANAGER WANTED.

O k le o so S e cu ritie s B ough t and S old.

Loeb & Gatzert,
H 9 I O R T G A G E B A N K E R S !}
1 * 5 L A S A L L E S T R E E T , C H IC A G C
F im Mortgages lor Bale In largo and small amount
netting Investors 6 ,6J$ and 6 per cent, secured 1
improved and Income-bearing Chicago city propert
P rin cip a l and In te re st p a y a b le in G o ld .
CORRESPONDENCE SOLICITED.

Fred. G . Frank & C o .,
LOCAL SECURITIES A SPECIALTY.
0 9 W A S H IN G T O N S T R E E T , C H IC A G O ,
Correspondence Inriled.

185 D E A R B O R N

ST*, C H IC AG O .

CAPITAL, PAID U P , -------- - - $500,000
SURPLUS,

- - - - - - - -

50,000

AUTHORIZED BY LAW TO RECEIVE and ex­
ecute trusts of every character from courts, corpora­
tions and individuals. Takes entire charge of estates,
real and personal. Acts as agent for the registra­
tion and transfer of bonds and stocks and the pay­
ment of coupons, interest and dividends. A legal
depository for court and trust funds.
INTEREST ALLOWED ON DEPOSIT'S o f money,
which may be made at anytime and with ,*rawn after
five days’ notice, or at a fixed date.
TRUST FUNDS AND TRUST INVESTMENTS
are kept separate and apart from the assets of the
company.
DIRECTORS:
AZEL F. HATCH,
CHAS. H. HULBURD,
M. W, KE RWIN,
GEO. N. CULVER,
HARRY RUBENS,
MAURICE ROSENFELD,
J. R. WALSH,
SAMUEL D. W A RD,
OTTO YOUNG.
OFFICERS:
J, R. WALSH, President,
CHAS. H. HULBURD, Vice-President.
SAMUEL D. WARD, Treasurer.
LYMAN A. WALTON. Secretary

Illinois Trust & Savings
Bank.

We wish to contract with a good, liv e m an t»
C H IC A G O , IL L .
represent ns in each large tow n and city in the C A P IT A L . AND S U R P L U S , - 8 3 * 5 0 0 ,0 0 0
United States. To buoIi we can otter a perm­
INTEREST ALLOW ED ON DEPOSITS.
anent, paying and legitimate business.
This Bank is directly under the jurisdiction and
Our Company is in the line o£ Building Loan omjervision of the State of Illinois, is a LEGAL
DEPOSITORY for Court Moneys, and is authorised
Associations, with the best features and with­ to
act as TRUSTEE. EXECUTOR, RECEIVER and
out the risks and expenses o f such. W e feel ASSIGNEE for ESTATES, INDIVIDUALS and
confident that we can afford the best and safest CORPORATIONS. OFFICERS
John J. Mitchell, President.
investments in this line ever offered. Write
John B. Drake, Vice-President.
and see,
Wm. H. Mitchell, Second Vice-President*
Wm. H. Reid, Third Vice-President
James 8 Gibbs, Cash’r. B. M. Chattell, A is’t Cash’f
DIRECTORS
John McCafTery,
John B. Drake
L. Z. Leiter,
Wm. H.Reld,
Wm. H. Mitchell,
JohnJ. Mitche
H o o u i s 6 1 6 -6 1 8 R i a l t o B u i l d i n g ,
Wm, G. Hibbard,
J, C. McMullin,
D. B.„Shipman,
J. Ogden Armour
C H IC A G O , I L L .
Frederick T, Haskell.

Chicago Co-operative
Construction Co.

THE CHRONICLE.

JT jc ly 1, 1883.J

Union City. Ind —It iareported that refunding water bonds
of this city will soon be sold.
Union Connty, N. J.—(S t a t e a n d C i t y S u p p l e m e n t , p age
63.)—It is reported that 4 per cent road construction bonds of
this countv will be issued to the amount of $50,000.
Waco, Texas.—(S t a t e a n d City S u p p l e m e n t , page 179.)—
M a y o r C . C. McCulloch writes tne C h b o n i c l e that be has not
yet*sold the $25,000 of sewer bonds of the city of Waco. He
is offering them at private sale, and states that from the
financial condition of the country at present be does not antici­
pate getting a satisfactorv price, and therefore does not expect
to make the sale soon. The bonds will bear interest at the
rate of 5 per cent per annum, payaole J. & J., and both prin­
cipal and interest will be payable in gold coin at toe office of
the Corwn Banking Company, New York. The loan will be
dated July 1, 1893, and will mature July 1, 1933. In order to
provide a sinking fund sufficient to pay the principal of the
bonds at maturity and tbe interest thereon as it accrues, there
will be levied an annual ad valorem tax of 21£ cents on the
$100 worth of property in the city, or so much thereof as may
be necessary.
, . , . .
The Mayor also states that he is authorized to borrow $30,000 on legal notes of the city.
Wake County, N. C.—County Treasurer L. O. Lougee writes
the C h h o n ic l k that this county will issue $20,000 of 5^ per
cent bonds to refund a like amount of 6 per cent bonds now
outstanding. He states that they will probably be put on the
market sometime soon after the first Monday in July, and
that there is no fear of their not selling the bonds, aa the
parties holding them now are willing to take them at par at
the above rate. Tbe loan will run 30 years but will be re­
deemable after 10 years.
Wallace, Idaho.—It is reported that bonds of this place to the
amount of $30,000 have been voted for water-works and improvemente.
Washington C. IIO h io.—(S t a t e a n d C i t y S u p p l e m e n t .
page 85.)—Add Burnett, City Clerk, writes tbe Chronicle

C H IC A G O ,

87

that the $9,850 of 6 per cent street improvement bonds offered
for sale on June 26 have been sold at par. $4,000 of the amount
being taken by the Commercial Bank and the remaining $5,850
being taken by the People’s & Drovers’ Bank, both of that city.
The bonds are dated July 1,1898, with interest payable M. & S.,
and $750 of same will become due on Sept. 1, 1894; $900 year­
ly from Sept, 1, 1895 to 1899; $1,400 on Sept. 1, 1900; $900
each year on Sept. 1, 1901 and 1902, and $1,400 on Sept, 1,
1903. Interest and principal are payable at. the Treasurer’s
office.
Whitman, Mass.—(State and City Supplement, page 82.)—
Bonds of this town to the amount of $125,000 have been au­
thorized for water-works.
Williamsbridge, N. Y. —Mr. R, Wallace, Village Clerk,
writes the C hronicle , concerning the $30,000 o f highway im­
provement bonds which were offered for sale, that, on first
advertising, the bonds were not sold, there being only one bid,
which was returned; seven days afterwards they were again
advertised, when no bids at all were received. The Village
Clerk states that they will now be offered for sale about the
second week of July. The bonds will bear 4 per cent interest
and will become due $1,000 yearly from 1908 to 1937. Interest
and principal of the loan will be provided for in the annual
tax levies.
The total bonded indebtedness of the village is $42,000 and
its assessed valuation in 1892 was $1,344,580.
W ilm in gton , B el.—(State

and

Cit y Supplement , page

72.'-Joseph K. Adams, City Treasurer, notifies the C hroni­
c l e that thi* 41
,4 t»-r cent sinking fund loan of $75,000 offered
for sale on June 28 was awarded to the Equitable Guarantee
& Tmst Company, theirs being tne only bid. The company
took bonds to the amount of $15,400 at par and $29,600 at a
premium of }4< making a total of $75,148. Interest on the
bonds is payaole A. & O., and $45,400 of the loan will ma­
ture on April 1, 1921, and $29,600 on October 1, 1921.
The City Treasurer also writes us that, he will offer for sale
thi- month a sinking fund loan of $117,500 for the redemption
of loans 21 and 22.

M IS C E L L A N E O U S.

P A C I F I C C O A S T ___

189®Geo. A. Lewis & Co., Merchants National Bank 1S5°or
neattle, Washington.
The
United
States
Life
B A N K E H *,
UNITS© STATES DEPOSITARY
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A O tiO P N T " x o i.H H T V D .
BOOKS /\ ( i n O T T N T A N T AU D ITED

TEXAS.
• P er Cent end 7 PeT Cent R et.
NO COMMISSIONS eberged borrower or lender
anil; Soane h ere proven fo o d ,

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Geo. M. Huston 6c Co.
STOCK

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TACOM A, W ASHING TOX.

OF SAM FRANCISCO, CAL.

MORTGAGE LOANS

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PAPER,

C H I C A G O , ILL..

S M IT H

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FRA% < I*

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BANKERS,
COMMERCIAL

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GEO BLOB II, B U K F O & D , i» residen t.
—----------------------*---------------------- *------------- ----- - ! C. P. FRA LEIGH. . . . . . .............
Secretary.

a p o tt a p p it c e t w u .

CORRESPONDENCE INVITED.

ug

SiOii.iM IO

DEALER*

, .

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I n

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New forme designed for books of account.

Merchants N ational Bank
T A C O M A , W A N H IN O T O N .
C0J.DBBT BANK IN TUB CITY.)

cJ tT ' « PM

Srtil_ i(o/TnTOlwn<

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B*ehonge Buildln,. W BNe Street, Boston.

* SECURE

BANK VAULTS.

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a v e n u e

P IT T 8 B O R G , FA,
H«MU«ne o r TH*

AUGUSTUS

FLOYD

INVESTMENT SECURITIES,
32 P IN E S T R E E T ,

NEW TO BK .

,

G E N U IN E

WELDED CHROME STEEL AND IKON
I m EoaDdand jna, Bars and ^ p lr Plates and Anglos

NEW V IIK K ST O C K K X C B A N G K .
i f>nnot bfl ^ “ 1. clu?f w ^IS lied .' and positively
P H IL A D E L P H IA S T O C K E X C H A N G E
BargUr-Proof.
P IT T S fH UG E i C U A I C E <3 M em bers), ,
CH ROM E STEEL W O R K S,
C H IC A G O BOA KII O P T K A O B .
! Sole Man 'f’era In the ti. S. B R O O K L Y N , N v

THE CHRONICLE

X

S rw sl

Union

Trust

tfib r o p a u te s .

Company United States Trust C o.

OF N EW F O R K ,

80 Broadway, New York.
C A P IT A L
. . . . .
$ 1 ,0 0 0 ,0 0 0
8 B B P L IJ 8 . . .
- $ 4 ,2 7 4 ,7 7 1 31
Authorised to act as Executor, Administrator,
Guardian, Receiver or Trustee, and Is
_
a T e g a l d e p o s it o r y f o r m o n e y .
Acts as Trustee of mortgages of corporations, and
tocepts the transfer agency and registry of stocks.
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
°°ForaS a convenience of depositors this company
Also opens current accounts subject, in accordance
With its rules, to oheck at sight, and allows Interest
upon the resulting daily balances. Such checks pass
through the Clearing House.
Attends specially to the MANAGEMENT OF
REAL ESTATE and to the collection and remit­
tance of rents.
It makes ample provision in Its
NEW BURGLAR, AND FIRE PROOF VAULTS
for the safe keeping o f securities placed In its cus­
tody, on whioh it oollects and remits income.
TRUSTEES.
H. Van Rennsl’r Kennedy
Wm. Whitewright,
James H, Ogilvie,
Henry A. Kent
James T. Woodward,
R. T. Wilson,
George
A, Jarvis,
Wm. F. Russell,
C. Vanderbilt,
0. D. Wood,
G. G. Williams,
James N. Platt
R. G. Remsen,
D. 0. Hays,
Edward Schell,
Wm. Alex. Duer,
Amasa J. Parker,
Charles H. Leland,
Samuel F. Barger,
Edward King,
N. B. Wesley,
Geo. C. Magoun,
W. Emlen Roosevelt,
Q. H. McAlpin,
Chauncy M. Depew.
George B. Car .iart
EXECUTIVE COMMITTEE.
Wm. Whitewright
G. G. Williams,
Edward Schell,
E. B. Wesley,
Geo. 0. Magoun,
G. D. Wood,
D. C. Hays,
James T. Woodward.
EDWARD KING, President.
CORNELIUS D. WOOD, ?
JAMES H. OGILVIE, ^Vice-Presidents
AUGUSTUS W. KELLEY, Secretary.
J. V. B. THAYER, Assistant Secretary.

45 and 47 Wail Street.
C A P IT A L

TEN

AND

SU RPLUS,

MILLION

N ew

TRUSTEES:
Anson P. Stokes, Alex. E. Orr,
George Bliss,
Wm.H. Macy.Jr.,
Wm. Libbey
Wm. D. Sloane,
John C. Brown, G. H. Schwab,
Edward Cooper, Frank Lyman,
W .B ’y'd Cutting, Geo. F. Vietor,
Chaa. S„ Smith, W. Wald. Astor,
Wm.Rockefeller, James Stillman.

York

Guaranty &

Indemnity

Co.,

69 C E D A R S T R E E T , N E W Y O R K ,
M u tu a l lif e

C A P IT A L ,
SURPLUS,

-

-

* 2 ,0 0 0 ,0 © ©
$ 1 ,0 0 0 ,0 0 0

Manhattan Trust Co.

Mississippi Valley Trust
S 03 N o rth 4 t h S tre e t,

U N IT E D

C a p ita l...............................................$ 1 ,3 0 0 ,0 0 0
UNDKH STATS;. SUPERVISION.
S 3 0 0 ,0 0 0 deposited w ith S ta te O fficer te
p ro te ct tra ct lia b ilitie s .
A GENERAL TRUST COMPANY BU8INB8S.
Allowi Interest on Deposits.
Anthorlzed to act as Breoutor, Guardian, Receiver,
Trustee, Ao. Manages Estates. Collects Rents.
Becomes Surety oh all kinds of Court Bonds.
Has Safety Deposit Vaults: a Sayings Department.
INVESTMENT BBCURtTIBS A SPECIALTY.
DIRECTORS
Charles Clark,
L.G. McNair, Chas. H. Bailey:
Thos. T. Turner, John D. Perry, Thos. 35. Tutt,
STm. F. Nolker,
John Scullin,
Geo. H. Goddard,
B. F. Hammett, James Campbell,
Bam'l M,jcennard, 8. R. Hofllnan, August Gehner,
Aug. B. Swing,
D. W. Carutb, Julius 8. Walsh,
8. R. Francis,
B, F. Hobart. Williamson Bacon,
OFFICERS
r a m s 8. W a l s h , P resident.

John D. P bbht , 1 st Vice-President.
JOHN SCDLLIN, 2d Vice-President.
Bbsckihbidgb Jones, Secretory

St.

Louis Trust C o .,

C O R N E R 4th A N D LO C U ST S T R E E T S ,

STATES

M ORTGAGE

S T . L O U IS , M IS S O U R I.
C A P IT A L ,
SU RPLU S,

TRUST

COM PANY.

BOSTON , HASS.
C a p it a l
S u r p lu s *

-

-

$ 1 ,0 0 0 ,0 0 0 0 $
5 0 0 ,0 0 0 0 0

**

T ra n sa cts o G e n e ra l

B an k in g

B u siness,

ALLOWS ENTkBSST ON DAILY BALANCES SUBJECT
TO CHECK.
TRUSTEE UNDER MORTGAGES, TRANSFER AGENT
REGISTRAR.

BOARD OF DIRECTORS.
T . J e ffe r s o n C o o lid g e , J r ., P re sid e n t,
J o h n F. A n derson,
M a r t in Brim m er*?
G eorge F . F abyan,
F r a n c is L . H Iggins© B *U
W a l t e r H u n n e w e ll, '
G e o rg e V o n L . M eyer*t
R i c h a r d O ln e y
L u c iu s M . S a r g e n t,
J o h n 1, W a t e r b u r y .
H e n ry C. W e s t o n /
T . J E F F E R S O N C O O L I D G E , J r .,
4
G E O . P . G A R D N E R , Vice-President
C. S. T U C K E R M A N , Vice-Pres, and Treasurer.

um *
Frederick L. mAmes,
John L. Bremer,
T. Jefferson Coolidge,
George P. Gardner
Henry S. Howe,
William P. Mason
Laurence Minot,
Henry R. Reed,
Nathaniel Thayer
Stephen M. Weld

P resident

B , A . P H IP P B N ,

A M E R IC A N

Secretary

LOAN

AND

B u ild in g ,

In addition to its special charter privileges, this
Company possesses all the powers of Trust Companies
under the New York Banking Laws; acts as Trustee
for Corporations, firms and individuals, as Executor
or Administrator o f estates, and is a legal depository
o f trust funds.
INTEREST ALLOWED ON DEPOSITS.
E D W IN P A C K A R D . P resid en t.
A D R I A N IS E L IN , J r .. V ice-P resid en t.
C A F I T A I .,
.
.
.
.
$ 1 ,0 0 0 ,0 0 0
GEO. R . T U R N B U L L , 3 d V ice -P re sid e n t.
H E N R Y A . M U R R A Y , T re a s . an d Sec.
Corner o f W all and Nassau Streets,
A Legal Depository for Court and Trust Funds and J . NELSON B O R L A N D , A ssist. S ecreta ry *
DIRECTORS.
General Deposits.
Samuel D. Babcock,
Augustus D. Jullliard
L ib e r a l K a te s o f In te r e st P a id on B a la n ce s. Frederic
Cromwell,
Tames N. Jarvie,
George F. Baker,
Richard A. McCurdy,
OFFICERS:
Walter R. Gillette,
Alexander E. Orr,
Robert Goelet,
Edwin Packard,
J. I. WATERBURY, President.
George Griswold Haven, Henry H. Rogers,
JOHN KEAN, JR., Vice-President.
Oliver Harriman,
Henry W. Smith,
AMOS T. FRENCH, Second Vice-President. R. Somers Hayes,
H. McK. Twombly,
Charles R. Henderson,
Frederick W. Vanderbilt,
E X E C U T IV E C O M M IT T E E ;
Adrian Iselin, Jr.,
William G. Whitney,
J.
Hood
Wright.
August Belmont,
H. L. Higginso....
H. W. Cannon,
James O. Sheldon,
EXECUTIVE COMMITTEE.
John Kean, Jr.,
R. J. Cross,
Samuel D. Babcock;
Richard A. McCurdy.
John R. Ford,
John I. Waterbury.
Freoenc Cromwell,
Edwin Packard,
George Griswold Haven, H. McK. Twombly,
Augustus D. Jullliard,
Henry H. Rogers,
Adrian Iselin, Jr.

Com pany,

OLD COLONY

DOLLARS.

This company 1b a legal depository for moneys
paid into court, and is authorized to act aa guardian,
trustee or executor.
INTEREST ALLOWED ON DEPOSITB
which may be made at any time and withdrawn after
five days’ notice, and will be entitled to interest for
the whole time they may remain with the company.
Executors, Administrators or Trustees of Estates,
Religions and Benevolent Institutions and Indi­
viduals will And this Company a convenient de­
pository for money.
JOHN A. STEWART, President.
GEORGE BLISS, Vice-President.
JAMES 8. CLARK Second Vice-Pres’t.
HENRY L. THOKNELL, Secretary.
LOUIS G. HAMPTON, Assistant Secretary,
Daniel D. Lord,
Samuel Sloan,
James Low
Wm. W. Phelps,
D. Willis James,
John A. Stewart,
Erastus Corning,
Jno. H. Rhoades,

{|VOL. LVII,

CO.

C h a rtered 1 8 7 1 .
$ 3 ,0 0 0 ,0 0 0
5 0 0 ,0 0 0

50 C E D A R S T R E E T , N E W Y O R K ,
T h is C om pany h a s a ll T ru st P o w e r s gran ted
by the B a n k in g L a w s of th e S ta te of N ew
Y o r k , to g e th e r w ith sp ecia l c h a r te r p r iv il­
eges. L o a n s M oney on B ond and M ortg a g e.
Issu es F ir s t M ortg a g e T ru st G old B onds.
A llo w s In terest on D ep osits. T a k e s en tire
c h a rg e o f E states. A cts as T ru ste e , R e g is ­
tra r, T ra n s fe r A gent. P ay s C ou p on s. E x ­
ecutes a l l tru sts.
OFFICERS;
C H A R L E S R . H E N D E R S O N ....P r e s id e n t
L U T H E R K O U N T Z E .........V ic e -P re s id e n t
G E O R G E W . Y O U N G .2d V . P r e s ’ t & T r e a s .
A R T H U R T U R N B U L L ... A ssistan t T r e a s .
W I L L I A M P . E L L I O T T ...........S e c r e t a r y
DIRECTORS:
^
Samuel D. Babcock,
William Babcock,S.Friaco. Luther Kountze,
William E. Bailey, Seattle. Charlton T. Lewis,
Charles D, Dickey, Jr.
Lewis May,
William P. Dixon,
Theodore Morford.
Robert A. Granniss,
Richard A. McCurdy,
Theodore A. Havemeyer, Robert Olyphant,
Charles R Henderson,
Edwin Packard,
JameB J. Hill, St. Paul,
William W. Richards,
Gardmer Cx. Hubbard,
James W. Seymour, Jr„
Gustav E. Kissel,
James Timpson.

S t . L ouis, M o.
C a p ita l and S u rp lu s,
.
.
$ 3 ,0 0 0 ,0 0 0
D IR E C T O R S t
John T. Davis,
Alvah Mansur,
5 ™ ‘.f1
Edward 8. Ro wse,
Sam’l W. Fordyce,
Jno. A. Scudder,
Adolphus Busch,
Edward C. Simmons,
Henry ailiiarstick,
Edwin o , Stanard,
Wm. L.Huse,
J. C. Vac Blarcom,
Obas. D. MoLure,
Edwards Whitaker.
BANKERS AND BROKERS,
TH08. H, WEST, President.
■
Stats Bank Building-,
JOHN D. FJJ.REY, Secretary.
R I C H M O N D ,
V A.
A . C. STEWART, Counsel.
Prlvat o wIres opnnecttaK with Washington,
Baltlm o r e , P n i l n d o l n h i o 'Klnn.
f u l t ______<
Executes Trusts of every description. Acts as
Registrar, Transfer Agent, etc.
.
and

C. W. Branch & Co.,

TRUST

COM PANY,

B O S T O N , M ASS.
C A P IT A L ,
$1 , 0 0 0 ,0 0 0
SURPLUS,
5 0 0 ,0 0 0
A legal depository of moneys paid into Court
and for Administrators, Executors, Guardians and
Trustees.
INTEREST ALLOWED ON DEPOSITS.’
Trustees under Mortgages, Transfer Agents and
Registrars o f Stock.
BOARD OF DIRECTORS.
John Q. Adams,
David P. Kimball,
Frederick L. Ames, •
George C. Lord,
Oliver Ames,
William Minot, Jr..
Edwin F. Atkins,
S. E. Peabody,
Isaac T. Burr,
Albert A. Pope,
Benjamin P. Cheney,
Alexander H. Rice,
C. E. Cotting,
N. W. Rice,
F. Gordon Dexter,
R. S, Robbins,
Henry D, Hyde,
W» B. Thomas.
S. ENDICOTT PEABODY, President.
N. W ORDAN, Actuary.
E. A. COFFIN, Treasure .

Knickerbocker Trust
Com pany,
3 3 4 F I F T H A V B .j C O R , 3 7 T H S T R E E T
Branch office, 18 Wall St. and 3 Nassau St.
C A P I T A L A N D S U R P L U S , - 1 ,0 0 0 ,0 0 0
DESIGNATED LEGAL DEPOSITORY.
Acts as Executor or Administrator of Estates and
as Guardian, Receiver, Registrar, Transfer and
Financial Agent for States, Cities, Towns, Railroads
and other corporations.
JOHN P. TOWNSEND, President.
CHARLES T. BARNEY, Vice-President.
JOSEPH T. BROWN, 2d Vice-President.
D IR E C T O R S *
jpsephJ3. Auerbach,
John S. Tilney,
Harry B. Hollins,
. V. Loew,
lacob Hays,
Henry F. Dimook!
Charles T. Barney,
John P. Townsend
A. Foster Higgins,
Charles F. Watson ;
Robert G. Remsen,
David H. King, Jr,
Henry W. T. Mali,.
Frederick G. Bourne
Andrew H. Sands,
Robert Maclay ’
lames H. Breslin,
C. Lawrence Perkin* "
Gen. George J. Magee,
Edward Wood,
I. Townsend Burden.
— ——
Wm. H. Be&dleston
Alfred L. White.
• Chas. R. Flint.
FRED K L. ELDRIDGB, Secretary.
J. HENRY TOWNSEND, Assist. Seiretary

"""c o n t i n e n t a l
TRUST

COM PANY,

18 W A L L S T R E E T , N. T .
C A P IT A L AN D SU R PLU S ,

-

$ 8 5 0 ,0 0 0

Otto T. B a n n a r d ,
«
W il l ia m A l e x a n d e r Sm it h ,
G ordon Ma c d o n a l d ,
Ma u r ic e S. D e c k e r , -

-

President

-

1st Vice-Pres’t
2d Vice-Pres’i

Secretary

In t e r e s t A llo w e d o n D e p o s its ,
EXECUTES A L L TR U STS.
TRUSTEES s
Gordon Norrie,
Henry M. Taber,
William H. Wisner,
Oliver Harriman, Jr.,
A. Lanfear Norrie,
Hugh N. Camp,
Thomas T. Barr,
Wm. Alexander Smith
William F. Cochran,
Robert Olyphant,
William Jay,
John C. Havemeyer,
Alfred M. Hoyt,
Otto T. Bannard,
James C. Parrish,
Robert W. De Forest
Robert S. Holt,
Glraud Foster
Gordon Macdonald
Walter Jennings.