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HUNT’S
industrial and
REPRESENTING the
MAGAZINE,
§kw:spapn,
commercial interests of the united states.
MERCHANTS’
NO. 1,197.
SATURDAY, JUNE 2, 1888.
VOL. 46
Week Ending May
Week End’g
26.
May 19.
CONTENTS.
THE
Clearing House Returns
Financial Situation
Circulation in tlie United
The
States
Erie’s Needs
New
and Conditions
.
689
690
692
693
Florida Bankers’
Book Notices
Monetary
and
Association. 695
Commercial
English News
Commercial and Miscellaneous
News
Railroad Arrangements. 694
THE BANKERS’ GAZETTE.
Money Market, Foreign Ex¬
change, U. States Securities,
State and Railroad Bonds
695
Sales of—
(Cotton
(Grain
698
Prices of Active Bonds at N. Y.
Stock Exchange, and Range
since January 1, 1888
Prices of ..Inactive Bonds
Local Securities
Chronicle.
(1,251,235)
shares.)
hales.)
bushels.)
bbls.)
(Stocks
(Petroleum
(246,600)
(55.358,225)
(10,410,000)
Drapers’ Gardens, E. C., who
subscriptions and advertisements and supply single copies of
at Is. each.
WILLIAM B. DANA.
JOHN G. FLOYD.
90,790,227
195,787,807
—52
98,324,977
-1S-0
Philadelphia
59,296,244
Pittsburg
Baltimore
57,043,391
10,200,109
+2-9
+1-0
64.031,337
10,177,2*8
10,276,280
12,412,850
—17-2
12,450,083
-0-2
—72
-8-0
79,999,075
80,310,350
—0*4
86,664.048
-2-4
+10-2
62,685,693
+7*0
—11*4
-13-9
10, v 57,150
-18-5
—1*4
-5*3
Total New England...
62,394,430
9,101,600
3.757,341
4,169.473
Detroit
1,869,902
Indianapolis
Cleveland
Columbus
2,940,173
1,838,421
1,242,792
Peoria
Omaha
8,902,805
3,511,741
2,075.136
3.580,435
Minneapolis
Denver
8t. Paul
011,805
778,858
1,457,855
330,111
Grand Rapids
Wichita
cent;
Galveston, 28*9; Baltimore, 17*2; San Francisco, 17; Indian,
apolis, 16*8, and Milwaukee, 13*9 per cent.
Important gains
are recorded at Norfolk, 32*8 ; Springfield, 32*2 ; Detroit, 27*4;
Rapids, 26*9, and Omaha, 18*8 per cent.
New York Stock Exchange share transactions for the week
cover a market value of $65,062,000 against $76,982,000 for
the like period of 1887.
If, therefore, we deduct two-and-ahalf times these values from the New York totals, there re¬
Grand
other business $401,107,067
$415,389,524 respectively in the two years, or a loss of 3#4
and
per cent.
3,344,275
2,191,023
3,080,540
481,94*.
+4*4
+0-8
-5 3
—1-4
3,802,393
—23
+,n-o
+0 8
—3*0
+8-2
+4-8
+9-7
-4-6
—17*9
047,231
788,487
+19-4
2,233,372
339,753
—820
+0*5
16,103.101
1 <571.350
7,223,000
5,710,423
9.005,647
1,922,420
+7-0
-8‘4
+0-6
+190
+8-3
+10*1
+14*7
-23 9
459,715
—42*5
+32 8
073,842
+24*9
+1*7
629,9s8
808,534
474,254
33,008,968
40,789,793
-68
43,389,504
15,339,822
—170
17,580,674
+6*7
Galveston
Norfolk
Total Southern
-2-8
—4*1
-141
City
+0*9
+18-3
3,483,015
2,002,402
+2H-9
2,231,031
5,439,570
4,944,490
8.151,871
1,223,592
+1-3
+15-8
—9*7
+8 0
+18-8
+5 0
1,150.801
3,285,851
—09
2,022,060
1.233,720
3.900,333
—10-3
2,049,371
17,455,795
5,278,578
Not included in
—
-0-2
3,654,105
3,886,742
1,971,979
3,096,229
14,995,720
Memphis...
*
10'0
10
106,205,637
7,003.639
1.323,890
060,882
12,728,032
York
+27-4
+0*1
Louisville
Outside New
55,135,903
10,572,200
4,806.390
3,272,708
2,248,516
2,97 J,348
97,574,092
1,180,271
6,030,000
Total all
+32-2
103,492,833
St. Louis
St. Joseph....
New Orleans
Kansas
+o-5
—8-1
—280
T^p^lra*
wiU take
the paper
-0-5
-2-4
847,014
2,025,480
Dill nth
Total Western
+3 5
1,458,275
1,159,494
10,426,551
Milwaukee
RETURNS.
For the week ending May 26 all but seven of the thirtyseven cities included in our statement report smaller clearings
than a week ago, and in the aggregate of all the decline from
May 19 reaches $40,286,502.
The falling off at New York
comes in the face of a little more activity in stock speculation.
On the Boston Stock Exchange there has been an apparent ab¬
sence of interest.
The dealings in stocks for the six days ag¬
gregated less than 80,000 shares against about 200,000 for the
same period last year.
While crop reports have been more
satisfactory of late, the temperature continues low for the
season, and everything is backward.
Contrasted with the same week of 1887, a majority
of the reporting cities exhibit
some decrease. In the
country as a whole, however, the decline is only 5*2
of New York reaches 1*4 per
per cent, and outside
represent clearings due to
-20*8
(—19*4)
521,285
CLEARING HOUSE
mains to
85,898,381
4,226,800
—0"4
—0-0
Total Middle
of note are at Duluth, 28 per
(+2P1)
(-52*7)
(+95*7)
-4-14-7
WILLIAU «. DANA & Co., Publishers,
102 William Street, NEW YORK.
Post Office box 958.
The losses worthy
(13,552,000)
(157,000)
(59.559.300)
(18,228,000)
807,637
843,584
558,202
San Francisco
cent.
(1,057.179)
(-10-7)
(820,000) (-69-9)
(37,812,050) (+46-4)
920,382
1,115,143
Springfield
Lowell..
$1 00.
& Smith, 1
-21-0
(-46-9)
835,4^4
London Agents:
Messrs Edwards
(1,400,490)
578,841,204
890,092
Subscription—Payable in Advance :
For One Year (including postage)
$10 20
For Six Months
do.
6 10
European Subscription (including postage)
II
28
Annual subscription in London (including postage).
£2 7s.
Six Mos.
do
do
do
£1 8s.
These prices inolude the Investors’ Supplement, of 120 pages
Issued once in two months, and furnished without extra charge to
subscribers of the Chronicle.
Subscriptions will be continued until definitely ordered stopped. The
publishers cannot be responsible for remittances unless made by drafts
or Post Office Money Orders.
A file cover is furnished at 50 cents; postage on the same is 18
for subscribers at
-73
607,844,524
80,379,107
4,374,600
1,451,847
1,13J,771
Boston
Providence
Hartford
New Haven
Portland
Worcester
Terms of
Volumes bound
P. Cent.
*
84,876,600
4,904,100
1,521,013
1,2:37,1.39
950,039
1,011,009
1,175,103
049,314
Chicago
Cincinnati
cents.
1888.
P. Cent.
I
f
563,767,007
New York.
697
702
703
and Stock8
700
704
Range in Prices at the New
and Railroad News 705
York Stock Exchange
701 Investment
Commercial Times
709
f
1887.
1888.
CHRONICLE.
888,786,202
937,652.448
-5 2
929.072,704
-15*9
325,019,135
329,807,924
—1*4
350,231,500
-5-d
totals.
telegraphic returns of exchanges for the five days
below. The figures in gen¬
eral cover only four business days in consequence of the
observance of Decoration Day, and compare with a like
number of days in 1887. In comparison with the sim¬
ilar period
of last year the aggregate for the seven
cities records a loss of 12*4 per cent. The estimate for the
week ended June 2, based on these telegraphic figures, points
to a decrease from the week of 1887 of at out 11*6 per cent.
Messrs. R. G. Dun & Co. report the number of failures for the
week ended to-night (June 1) as 205 (186 in the United States
and 19 in Canada), against 225 last week and 150 for the same
Our usual
have been
received and are given
time a year ago.
Week Ending June
Returns
1887.
1888.
of Stock (shares)....
Boston
Philadelphia
Chicago
4,502,828
New Orleans
1888.
P. Cent.
1
5,393^787
—15*4
-7*4
404,837,955
(904,004) (-21*5)
-til
07,507,372
+4*1
60,119,150
-9*3
9,180,247
+14*0
52,838,000
—12*7
12,853 130
+18*9
5,590,910
—1P0
448,338,519
(875,595) (-12*8)
—13*0
02,728,574
—18-4
53,795,630
11,431,103
50,025,000
14,481,772
-23-1
-11*2
—21*3
Total, 5 days
506,803,130
040,794,385
—12*4
062,482,770
-4*9
Estimated 1 day
140,128,209
103,050,252
-141
135,368,298
-0*0
700,991,399
809,850,037
—12*7
797,851,008
-6*3
100,247,109
103,139,471
-2*8
91,084,130
-5*0
807,238,508
912,990,108
—11*6
838,935,204
-52
Total fall week...
Balance
.
Country*
Total week, all
♦
399,018,898
(703,126)
54,207,003
43,922,311
6,790,488
44,943,000
11,393,602
Baltimore.,
P. Cent.
$
$
New York
Sales
Week End'g May 20
2.
by Telegraph.
Fop
the full week ba
n
last- we ek’s return*
THE
690
CHRONICLE.
[Vol. XL’VI.
countries, it would decrease customs revenues,
meet
render Russia less
able
to
interest
the two
THE FINANCIAL
SITUATION.
and
Hence the unwillingness to continue
change in the money market this obligations.
the negotiation.
The cable reports discounts of sixty day
week.
At the moment the conditions seem to favor
to three months’ bank bills in London at Jf@lf per
continued large reserves by the banks at this centre. The
Government, to be sure, is purchasing very few bonds, cent, while the Bank minimum remains at 3 percent. This
easier rate is undoubtedly due to the stronger position of
although it takes all that are offered within its limit and
the Bank of England; the Bank gained £448,000 bullion this
all that it is needful to take in the present plethoric
condition of money; but from the West and South the week, but a special cable to us reports that very little of it
was received from foreign
sources, £291,000 having been
return flow
of currency is still large—nearly suffi
There has been no
supply what the Government is drawing out of
the banks because of the
surplus revenues. On the
other hand, the drain by reason of gold exports has
ceased for the time being, and just now it looks as if we
might not send much more gold to Europe the present
season.
We referred to the influence on foreign exchange
of the Reading loan last week, and now we have news of
the placing in London of the $15,000,000
percents of
the Canadian Pacific Railway at 95 (dealings being reported
by cable at 4 per cent advance), and though we hear of no
arrangements completed as yet for drawing against the loan
we understand that tho
arrangements will be made soon^
and that the drawings are likely to be gradual.
Alto,
gether, therefore, notwithstanding our merchandise
exports are small and our imports free, there seems to be
in pr
bills sufficient to supply the requirements of
the exchange market and check the shipment to Europe
of any considerable amounts of gold.
With that drain
stayed, and with business dull and speculation dead so as to
put out of use the vast amount of currency afloat, there
would appear to be no special reason why our banks
should not continue to hold a large reserve, even though
bond puicbasee remain small.
During the past week call loans as represented by bank¬
ers’ balances have continued to be made at 2 and 1 per cent
as the extremes, wi h the average at H per cent, at which
renewals have also been made. Banks and trust companies
are a little lower in their rates than a week ago; they are
loaning on call now at 2 per cent. Time loans on prime
collateral, which includes a small proportion of pood
mixed, are quoted at 3 and 4 per cent for sixty and ninety
days and four months, and at 3£ to 5 for from four to six
months, the rates being governed more by the character
of the security offered than by the duration of the loan
Large lenders are not anxious to make engagements longer
than for four moiv hs, not because of any present prospect,
of dear mcney, but bf cause they donot want to tie up thenfunds for so long a time as the remainder of the year
or even for the late fall months.
Commercial paper is in
fair demand, and as in the case of time loans on stock
collateral, long dates are not desired. Tue supply is
moderate, and rates are 4@4 £ per cent for sixty to ninety
day endorse d bills receivable; 4^@5^- for four months
acceptances; and 5@6£ for good single names having from
cient to
“principally bought” and £157,000 having been received
Tbe open market rate
from the interior of Great Britain.
at Paris is 2£ per cent, at Berlin it is 1£ and at Frankfort
it is 1J- per cent.
Tne Bank of France lost this week
£760,000 gold arid the Bank of Germany gained about
£1,194,000.
foreign exchange market has been dull all the
week, gradually becoming easier, and on Thursday the
tone was quoted as heavy and it so continued yesterday.
The demand is very light, the most urgent inquiry having
been satisfied by last week’s export of gold to London,
and the offerings are more liberal from various quarters.
The heavy tone the last two days has been due to the
expectation that drafts against the Canadian Pacific
Railway loan for $15,000,000 referred to above would in
part at least be speedily offered in our market, while
before these are absorbed it is almost certain that there
will be drawings against, loans already negotiated or offer¬
ings of bills which have bien recently withheld. That no
more gold will be sent
to Europe immediately is certain,
for none can be shipped to London except at a greater
loss than attended the movement io that centre last week
and there are no orders for shipment to Germany, the7'
demands from Berlin having for ti e present been satisfied.
There has been - further improvement in the crop con¬
dition nearly all over the country.
Spring wheat is doing
very well, while the promise for oats and grass is un¬
usually good. Some little uneasiness has been felt as to
the effects on corn of heavy rains out West last Sunday
and Monday, but it is not believed that any serious
damage has been done. It is more likely that the effect
in the end will be beneficial, except where the rain3 have
caused floods or washouts, for, the trouble last year, and
also this year until recently, was a lack of moisture. Now
the ground is in a condition which would make a recur*
reDce of dry weather much les3 harmful than it was last
season.
In the caee of winter wheat, no further change
is to be noted ; that crop will be short.
Cotton is now
developing favorably.
The action of the Burlington & Northern this week on
the question of rates between Chicago and Sr. Paul and
Minneapolis was rather unexpected, but is perhaps not as
important as it seems. It is received in some quarters as
the first step in another rate war, an erroneous conclusion
we
should think, and this whether or not other roads
four to six months to run.
Though the Northern’s
No event of general interest has transpired affecting decide to quote the sime rates.
new tariff does cut down rates on some classes of business,
European money markets during the week. We referred
It would be more
in our last to a report by cable that a French syndicate of it is not a reduction in its entirety.
Our
negotiating with Russia for a loan of proper to term it a refusal to order an advance. A few
words of explanation will make this clear. After the settle.-£44,000,000, and that £15,000,000 of the amount had
been advanced.
That was an important statement if true, mi nt of the late rate war, a new tariff was agreed upon,
But cn the
but now a cable report says that the French syndicate has which ha3 been in force since then.
abandoned the project on “account of the news of Ger- 10th of May a very stringent law went into effect in Iowa,
many’s tariff reprisals.” As we understand the situation under which rates must be adjusted strictly on a dis¬
The roads were accordingly obliged to re¬
referred to by that statement, it is about as follows : tance basis.
Russia imposed heavy duties on goods imported from arrange existing tariffs, and ibis of course had to be done
Germany, and in return Germany responded by heavily either by reducing local rates or raising through rates. The
taxing articles from Russia. As this taxation would former alternative being out of the question, nothing
naturally have a tendency to restrict commerce between remained but to adopt the latter. Hence a new tariff of
bankers
was
“
.
THE
J June 2,1883.]
the California
higher basis was prepared, and this was to go
effect June 4. The Burlington gave its assent to the
rates on a
into
the
reserved the right to accept less than the rates
quoted on shipments coming through from New York. It
was finally determined that all the lines might avail of this
right, and certain fixed charges were agreed upon which
through business.
made a vigorous protest
against the policy proposed, claiming that it was unfair
They
and detrimental to the interests of that city.
insisted that the charge between New York and St. Paul
roads might accept on such
Chicago merchants, however,
less than the sum of the local rates between
New York and Chicago; and Chicago and St. Paul.
To the
ordinary mind it seems that so long as the total charge ■
to St. Paul be greater, no substantial injustice is done
Chicago merchants and business men. But the latter
think differently, and they threatened—a threat by the
must be not
might
properly disregard—to invoke the aid of the Inter-State
law.
Influenced by this protest, or taking advantage of
it, the Burlington & Northern now refuses to adopt the
new schedule, and announces another to take its place on
the same da'e.
It is not clear yet how far the other roads
will
see
fit to follow the Northern, but one thing it is very
that except in case of
a few special classes of freight the action of the Northern
simply amounts to an announcement that it will continue
present rates, rather than make the advance proposed for
next Monday.
This is clearly shown in the following,
giving the rates per 100 lb3. under the ex'sting tariff, the
important to bear in mind, namely
new
tariff which it had
tariff
now to
been agreed to adopt, and the
be put in force
i
1
o
■
j 3
by the Northern.
-1
5
•10
30
20
12 ha
(50
50
35
25
Hurl, tfc North, rate. i -10
33
20
18
17
1 21-2
Rate ]>ro]»os-
<1
A
!
1 7^2
18
17 ^
D
E
i
10 !
1
12
JO
K
10
B
c
i
15
13
10
15
14
13
1
1
ones
that the
gains come from nearly all sections
Another point to be borne in mind is
that in a great many cases the present gains follow gains
in 1887.
Thus last year our April exhibit covered 59
companies, with increased net by every leading group of
roads, the aggregate increase reaching §1,813,625, or 20
per cent.
The weekly reports of gross earnings also
continue generally satisfactory.
The latest returns cover
the third week of May, and for that period, according to
our statement on another page, the result on 74 roads is a
gain of about 3 per cent over the same week in 1S87,
which is the more important that it follows an increase of
19 11 per cent (66 roads) last year.
The stcck market has been dull and depressed.
Re¬
ports of earnings continue very good, as pointed out
above, and the crop situation has improved, but there
8
favorable in their nature.
the continued weakness of the Gould properties,
have been other factors not
Tbu3
the
so
knowledge of a default on Kansas & Texas bonds the
June, and the weakness of St. Paul, Rick Island,
1st of
like New
and spec¬
ulators from buying for an aivance.
St. Paul has been
hammered both on the report of the liquidation of several
pools in the stock and unofficial statements of
heavy losses in net earnings.
Rock Island was sold
and the grangers generally, and also specialties
York & New England, have deterred investors
down
and
on rumors
in
the
of
a
case
reduction in the rate of dividends,
the Missouri Pacific rumor
of
had it that the dividend was
must
i
i r»o
Present rate
f
Southern, and the Kentucky Central are
which show diminished net. It will be
of the country.
the
which the railroads under the circumstances
only
observed
plan, but
way
691
CHRONICLE.
be
Northern
to be passed
admitted that the action
this week,
rates, makes
tain than it
altogether.
It
of the Burlington &
in announcing a nsw schedule
of
the outlook in that section a little more uncer¬
was last week.
It is rather unfortunate that
disturbing fac.
repeatedly pointed out in these columns, there
t,his road should continue such a constant
(A, B, C, D and E) and tor. As
the fifth class—these comprising the bulky and more was no occasion for building the line in the first place,
important items of freight—the Northern simply con¬ and it is an aggravation of the original offense to allow it
tinues the existing rates, though on the four highest to continue in its present course.
Reading has also been
classes it makes greater or smaller reductions.
Of course, less strong, but that is explained by the disappointment
its action is none the less to be regretted on that account, felt at the company’s not having saved the 12 millions of
but at any rate and whatever the course of the other first preference fives as expected.
New York & New
lines, it does not mean a return to the figures prevailing England has been adversely affected by the somewhat
during the late war, when the first-class rate got down to unfavorable report of earnings for the quarter ended
March 31. There have been no further shipments of gold,
below 20 cents.
There is a gratifying improvement in the character of and money has continued easy, but the bond purchases
the reports of net earnings coming to hand.
It will be by the Government have been very small.
The following statement, made up from returns collected
that
remembered
for March, owing to an exceptional com¬
bination of adverse circumstances, the showing was the by us, shows the week’s receipts and shipments of cur¬
poorest seen in years. Enough returns have thus far been rency and gold by the New York banks.
received for April to indicate that the comparison for that
Net Interior
Received by
Shipped by
Week ending June 1,1888.
month will be decidedly better, while if the present prom¬
Movement.
N. Y. Banks. V. F. Banks.
Gain.
ise is maintained in the case of the roads still to come in,
$2,00 ),C0l)
$702,000
$3,782,000
Gain.
41,000
41,000
Gold
the net this year in the aggregate will be found to be
G
liu.
$792,000
$3,031,000
{3,823,000
Total gold and le>;al tenders....
heavier than in the same month last year—that is, there
will be an improvement over that year.
The above indicates the actual changes in the bank
We referred last
week to the good exhibit of the Pennsylvania; this holdings of currency and gold caused by this movement
week
we
have
an
unusually large number of to and from the interior. In addition to that movement
returns from
other companies, and the most of them the banks have lost $3,500,000 through the operations
show augmented net earnings.
The Erie, the Northern of the Sub-Treasury.
Pacific, the East Tennessee, the Norfolk & Western, the
Net Change in
Into Banks. Out of
Week ending June 1, 1888.
Bank Holdings.
Canadian Pacific, the Allegheny Aralley, the Carolina
Gain. 13,031,010
702.000
Central, the Denver & Rio Grande Western, the Memphis Banks’ Interior Moromont, as above $3,823,000
0,8 ,000 Loss. 3,500,0'. 0
3.300,000
Sab-Treasury operations
& Charleston, the Philadelphia & Reading, the Louisville
Loss.
$469,OCO
7,592,00b
47,123,000
Total gold and tecal tenders
New Orleans & Texas, the Rome Wa>rcown & OgaensTne following table shows the amount of bullion in
burg, and the Seaboard & Roanoke, all report gains over
the principal European banks this week and at the cor¬
last year, while the Louisville & Nashville, the Ontario &
Western, responding date last year.
Western, the OhiohkjMississippi, the Pitcsburg
Thus
on
all the lettered classes
...
692
THE
Miy 81. 1888.
Banks of
Gold.
France
Germany
Aust^Hung’y
Netherlands..
....
Nat .Belgium
National Italy
May 1, 1888.
Total.
Gold.
Silver.
Total.
£
£
£
£
£
20.803.873
20,263.273
44.078.208 48,540,731
32,518,000 10,259,000
5,901,000 14.907,000
5.474.000 8,293,000
2,872,000 1,436,000
0.978,000 1,118,000
[VOL. XLVI.
June 2,1887.
Silver.
£
England.
CHRONLCLE.
93.218.999
48,777,000
20,928,000
13,707.000
4,308,000
8,090.000
23,561,022
48,009,581
24,148,200
0,753.000
4,900.000
2 504,000
7,001,000
1888.
In
23,501,022
-
40,971,688 94.981,209
10,099,800 40 247,000
14,101,000
8,258.000
1,252,000
1,118,000
20,914,000
13.158,000
3,756,000
8,119,000
$
Go’.d coin and bullion.
213,239,994
-
Silver dollars.
41,729,462
Silver bullion
Fractional silver
STATES.
Legal tenders.
"We have received several
gave
inquiries respecting the figures
two weeks since, showing the circulation in the
United States in
1879
and in
1888.
As
we
have
Total.
$
498,129,415
711,369,409
252,520,328
294,249,790
$
9’937’412
National bank notes..
we
of
People.
■
Tot. this week 118,744.541 93,013.731
209,358,272:110,877,403 87,859.488 204,736,891
Tot.preT.wMc. 117,904,950 09,882,145 207.787,1011110,925,204 87,729,706 204,054.970
CIRCULATION IN THE UNITED
In Hands
Treasury.
Total
These details
not
for
9,937,442
25,750,228
50,549,651
76,299,882
5,942,191
252,430,074
258,372,268
28,491,614
318,189,102]
346,681,016
325,090,934
1,371,818,873l
1,696,909,807
all taken from official
are
documents, those
January, 1879, being made
up from the Government
correspondents, and as we reports of that year, and for
May 1, 1888, from the Treasury
notice a criticism this week in the
Tribune, which shows a exhibits of that date.
They show the same facts we
total misapprehension of the method in which the statement
pointed out two weeks since—an increase of over GOO
was
prepared, it appears desirable that we should give the millions in the
currency of the country since we entered
results a little more in detail.
This is important too,
upon specie payments and 544 miUions increase in the
because so much error prevails on the
subject, and such hands of the people since that date. This is a
correct
inaccurate assertions are constantly made both in and
out statement of the relative
currency situation.
of Congress with
regard to the matter.
There is one class of letters we have received which
The Tribune states that our
figures “ include all coin and perhaps we ought to notice. We refer to the
request
paper lying unused in the Treasury,” and are therefore made
for information regarding
11
“ the $94,852,724 legal
misleading.” We gave the statement in three forms—
tenders held by the Government for the
redemption of
first (in detail), the entire circulation in the
country; second, “the national bank note3 in
process
of
being retired.”
what part of the
aggregate was mthe Treasury; and, third? The
only
which
is
reply
it
necessary
to
make
is, that there
what part was out, or in the hands of the
people. In the is not any such amount of
legal tenders in the Treasury,
former of the last two we of course included all coin held
and we cannot conceive how the
thought continues to find
by the Government, uncovered by outstanding certificates
currency among people who can read. The Secretary
but we did not include
any paper so held except national issues
every month Treasury statements which show all the
bank notes and legal tenders.
No silver certificates, no
facts, and no one need be ignorant of the true condition who
gold certificates, no legal tender certificates in Government does not want to be.
On the 1st of May the total
gross
vaults were included, for
they can have no legal existence amount of legal tenders in Government
Sub-Treasuries all
except when they are out of the Treasury. They are over the
country was so reported at only $39,046,614; of
all of them creatures of
statutes, which have given them life this amount $10,555,000 were held
against the same
only when circulating in the channels of commerce as amount of certificates
issued by the Government and in
representatives of the real thing, gold, silver, legal tenders. circulation
in lieu of the notes
themselves; hence there
When they return to the
Treasury they cease to be a part remained in the
Treasury at that date a net of only
of the circulation, and the
gold, silver and legal tenders $28,491,614, which, as stated,
distributed over
were
they covered are released.
the country in the various Sub-Treasuries for the
trans
Hence in making a total of the circulation in the
country, action of Government business.
the simplest form and therefore the form in which error
can be most
easily detected, is to give the entire coin gold
found time to
all
answer
our
“
“
ERIE'S NEEDS AND CONDITION
and silver in the United States and leave out all
kinds of
certificates.
That
was
therefore
method in the statement
that
and
our
reason
for
using that
of-aggregates; but in the division
made between the amount in Government
vaults
in the hands of the
people, we gave only the net
we
holdings by the people and by the Treasury of gold and
silver.
But
as we
the
wish to make this matter
so
clear
that
a
A few weeks ago an
absurd rumor found currency
receiver was to be appointed for- the Erie
was a
ened
good enough story for
timid souls.
a
that
property.
It
day, and no doubt fright¬
But no one who knows
anything
about the present management of the
road, and the careful
some
and business-like
way
in which its affairs are administered
thought.
Since then, however, a
wayfaring man, however innocent, may not err, we gave the rumor a
give the statement in extenso. There is an immaterial number of income and financial statements have been is¬
change in the totals, mainly due to our including, as in sued, which not only prove its baselessness, but also givethe Treasury, instead of in the hands of the
evidence of the very
promising condition of the property.
people, about
The
statements
which
we have reference to are the com¬
5^ millions of bank notes, which were at the redeeming
agency in Washington (Treasurer’s office), on May 1st, in pany’s monthly returns of earnings and expenses, the
quarterly exhibit of income to the New York State Rail¬
process of redemption.
road Commission, and the balance sheet made
at the
January 1, 1879.
same time,
reflecting the financial condition of the road on
1879.
In Hand8 of
March
In Treasury.
31.
These exhibits of earnings are in
Total.
nothing so
People.
surprising as in showing how well the company’s traffic and
$
$
*
income have kept up to the
large totals of the year pre¬
Gold coin and bullion.
114,193,359
164,116,767
278,310,126
ceding.
SUver dollars
16,291,469
6,204,081
22,495,550
The latest exhibit issued, as well as that
covering the
Silver bullion
9,121,417
9,121,417 most recent
period,
is
the
statement
of
earnings and ex¬
Fractional silver
6,048,194
64,972,968
71,021,162
penses for the month of April made public this week.
National bank notes
8,467,442
315,324,232i
323,791,674 The
company has been very prompt in furnishing this
Legal tenders
69,582,505
277,098,511
346,681,016
statement, which brings information of its affairs down
Total
223.70 4.38(5
827,716,559
1,051.420,945 to the 1st of
May. We find that during April there were-.
..
—
THE
June 2, 1683.]
69a
CHRONICLE.
slight gains over 1887 in both gross and net, not. tutes the poorest part of the year, the proportion of the
withstanding that the totals last year had been very heavy. year’s fixed charges is not earned in this period—in other
In fact, there has been continuous improvement during words, there is always a deficiency below the amount
But it will be
the last three years.
Thus for April, 188S, the total of needful to meet charges in that quarter.
the net (after deducting amount due leased roads operated observed from the above that under the steady increase
in earnings, this deficit has been very greatly reduced in
on a percentage basis) was $532,747, against $508,248 in
Thus in 1884 it
1887, §466,933 in 1886, and §263,013 in 1885, being an recent years, till now it is quite small.
increase since the latter year of nearly a hundred per amounted to no less than §826,165 ; in 1885 this was re¬
cent.
Nor is the improvement confined to a single month. duced to $745,608, in 1886 to $401,872, in 1887 to §213,It is hardly less noteworthy in the results for the seven 180, and now in 1888 it is only §151,811, being an im¬
months of the fiscal year from Oct. 1 to April 30, only that in provement in this quarter, in four years, of nearly a mil¬
the case of the net the total this year is not quite so heavy lion dollars.
If now we combine these figures for the quarter ended
as it was last year.
Here is a comparison for five years?
both for April and the seven months.
We have deducted March 31 with those for the previous quarter ended Decem¬
the proportions due the leased roads, both in gross and ber 31, we get the results for the first half of the company’s
net earnings, so as to permit of an accurate comparison fiscal year.
Owing to a falling olf in net in the December
with the earlier years when the figures were made up on quarter—due entirely to an augmentation in expenses—
the net for the half year is a little less than in 1886 87,
that basis.
but otherwise the comparison presents the same general
1885.
1887.
1886.
1884.
1889.
April.
characteristics as already noted.
It is particularly to be
further
$
Gross
earnings*
Operating expenses & taxes.
1,928,278
1,395,531
532,747
Net earnings
Oct. 1 to
$
$
1,409,012
1,727,434
1,359,874
1,741,356
1,274,423
1,199,999
1.334,909
508,248
460,933
269,013
392,465
$
1.808,122
$
April 30.
14,002,405 13,549,298 12,383,727 10,800,182 12,702,276
Operating expenses & taxes. 10,158,051 9,668,000 8,962,802 8,300,550 10,000.401
Gross
earnings*
3,*44,354
Net earnings
•After deducting
.basis.
3,830,038
3,420,925
2,505,020
2,701,875
proportion due leased roads operated on a percentage
observed that while in 1883-4, in 1884-5
showed net earnings insufficient to meet the
proportion of annual charges, in 1886-7 and again in the
current fiscal year there was a surplus above charges. The
deficiency in 1883-4 was $681,884; the surplus in 1887-8
is $232,743, and that indicates the extent of the differ¬
ence.
present management have been spending liberally
repairs, renewals and betterments, as is apparent to
Annexed is the statement.
The
for
the road in the changed condition
the seven months of the current
fiscal year expenses increased nearly half a million dollars
over the same period in
the year preceding. Yet the
company gained nearly as much in gross earnings, and
thus the falling off in net has been trifling, the amount of
any one travelling over
of the property, and in
and in 1885-6
the half year
Six Months ended March 31.
N. Y. L. Erie
1885-6.
1884-5.
1883-4.
1887-8.
1886-7.
Gross earns*....
$
12,074,120
11,081,170
10.642.372
1
9,397,170
Op.ex., excl.tax
8,570,914
8,111,005
7,504,203
0.981,31a
*
10,974,842
8,491,092
Net earnings*.
3,503,212
420,435
3,569,211
Other income...
3,138,109
438,455
2,415,858
459,343
2,482,850
481,278
Tot.net income.
3,923,047
2,875,201
2,904.128
Int., taxes, &c..
4,019,539
3,756,123
3,570,624
3,090,904
3,771,872
3,488,935
3,046,Ola
Remainder.
+232.743
+203,416
-195,248
-613,734
-081,884
& Western-.
..
$
450,328
$
Less proportion due leased roads operated on a percentage basis,
standing at $3,844,354, and in 1886-7
In brief, then, it appears that notwithstanding a less
at $3,880,638.
To get an idea of the great improvement
that has taken place in recent years one must go back to satisfactory condition of general trade, unusually severe
1885, just before the West Shore settlement. As com- winter weather, and some other influences of an adverse
pared with that year gross earnings have increased character, the Erie’s net results on current operations have
$3,136,223, and net $1,338,728. In 1885 the net was thus far in the fiscal year been only a trifle less favorable
only $2,505,626; now, as already stated, it is §3,844,354. than in the corresponding period of the previous year,
The quarterly returns to the New York State Railroad when the showing was so exceptionally good.
There is one other point to be considered, and that
Commissioh of course show the same general results, but
are somewhat more comprehensive; they give us, besides
relates to the financial condition of the property.
The
the net in 1887-8
*
figures of earnings and expenses, the miscePaneous company is makiDg important additions and
income, and a^o the charges—in other words, furnish a ments, aside from those charged to operating
the
improve¬
accounts,
It is import¬
require the outlay of new capital.
statements do not bring the information down to so late ant, therefore, to see the effect of such opera*ions on the
a date as the monthly returns
already quoted, but being company’s total of current liaoilities. In the balance
fuller it will be interesting to present a summary of them sheet of March 31 and that for September 30, the end of
also.
Accordingly, we have prepared the following com¬ the last fiscal year, we have the means for a study of the
condition in that respect. It appears that as between
parison of the figures for the q iarter ended March 31.
those dates about the only change of importance is an
Three M tilths ended March 31.
•N. Y. L. Erie
increase of §1,420,000 in the item of loans and bills
1880.
1385.
1387.
1884.
& West£rx.
1883.
8
?
*
$
payable, in part offset by a decrease of about $500,000
4.255,59°
4,870,311
5,412,055
4,559,140
Gross earns*
5,551,729
due companies and individuals on open accounts.
The
3,3->7,748
3,974,602
3,914,770
3,630,729
4,013,542
Op.ex.,excl. tax
exhibit of current results.
complete
These quarterly
and these
...
867,84-c
151,290
155,081
1,497,885
167,040
1,245,582
165,739
To .net income
1,093,209
1,663.525
1.411,321
1,019,13
Int.,
1,815,079
1,878,705
1,813.193
1,764,740
1,703.800
-151,811
—213,180
—401,372
—745,601
-820,165
Net earning-*
Other income..
taxes,
&c.
Remainder
Less
...
1,533.187
584,544
293,151
877,605
proportion due leased roads operated on a percentage basis.
This shows
even
more
strikingly than the statements
already given the great improvement in results that has
total of floating liabilities March 31, 1888, includ¬
ing $1,220,180 of interest accrued but not due, was
$6 459,606, which compares with $5,624,196 on Septem¬
ber 30, 1887.
The offsets against this debt on March 31*
consisting of bills receivable, cash and amounts due on
gross
open accounts, were
debt down to about
$3,442,744, bringing the net floating
The stock of
$ 1; 128,218, but that of
three million dollars.
supplies on hand was
cannot be regarded as an available cash item.
The
gross and net earnings are the largest of any of the years
given, and the latter have increased from only §584,544 company also held a large amount of contingent assets,
in 1884 to $1,538,187 in 1888.
As the quarter in ques¬ whose precise value cannot be determined, and some of
tion comprises the winter months, and therefore consti¬ which at least it could not realize on at present; thus
been established
under the present management.
Both
materials and
course
694
THE
CHRONICLE,
[Tor. XLVI,
$2,214,683 of advances to the Chicago & Atlan¬ millions of common- and 8 millions of preferred, besides
tic, $2,038,225 of advances to the N. Y. L. E. & W. Coal some 70 millions of mortgage bonds to which voting power
But the Atchison has just completed its Chicago
& HR. Co. and $1,410,912 of advances to other compa* attaches.
line and a New York line would naturally be next in
nies, and sundries, making together $5,663,820.
Clearly, therefore, neither current liabilities nor the order. Besides, as is knowD, the Atchison property is
debt situation nor the company’s earnings afford any basis owned largely in Boston, and it would no doubt please
for unfavorable rumors.
One difficulty, however, the some of the Massachusetts friends of the enterprise to pos¬
management have to contend with, and that is the absence sess a line extending all the way to the Pacific Coast.
That was the first sensation.
The next involved the
of any provision for further capital requirements.
The
property has been greatly improved, and is yielding, as we name of the Pennsylvania, and must needs be greater
have seen, excellent results.
Rut as in the case of all than the first. If the Atchison was negotiating for the
other railroads in this country, money is needed from year purchase of one road, clearly the Pennsylvania must buy
to year to provide additional facilities and bring the two.
Sure enough, the announcement stated that the
property up to the highest standard of efficiency. Part of managers were out West to arrange for the acquisition of
there
are
expenditures for this purpose are charged to ordinary the Burlington & Quincy and the Union Pacific. The
operating expenses, but there are other items that cannot stock of the Union Pacific, though selling considerably
be so charged on account of their magnitude.
In the higher than that of the Erie, is not quite so large in
case of some of the leased and auxiliary lines the company
amount—only a little over 60 millions. Tue Burlington
has it within i;s power to issue more bonds and provide & Quincy stock is not quite 76^ millions ; to be sure^
for its needs in that way.
Thus it is just announced that it sells at a premium, but what company could better afford
when the $2,000,000 of 7 per cent bonds on the Jeffeison to pay a premium than the Pennsylvania ?
Of course
branch mature next January, they will be replaced by a with both the Burlington & Quincy and the Union Pacific
in its possession, the Pennsylvania would still fall a great
new mortgage for $2,800,000 at 5 per cent, the company
having, according to the financial editor of the Tribune> many miles short of reaching San Francisco (though
already arranged with Drexel, Morgan & Co. for placing reaching Portland, Oregon), but the Central Pacific could
The total interest will remain the be acquired later on—at a price we are sure Mr. Hunting
the new issue.
same
as
before, namely $140,000 per annum, and the ton would be willing to sell.
Then there is another aspect of the matter.
At present
$800,OOu of additional bonds will go to pay for the cost
of double tracking that branch, the work now being under our stock market is in a very distressed condition.
For
In the case of its own needs, however, the company is months speculation has been languishing, and now it
way.
not in position to raise money in this way.
But, as stated) almost seems to be permanently dead. If the Atchison
the work of construction and improvement must go on and the Pennsylvania should step in and engage in a
all the same, and the question arises How shall the company contest to gain a controlling interest, the one in the Erie
acquire the necessary funds? Of course, it can use the and the other in the Union Pacific and the Burlington &
surplus earnings remaining above fixed charges, but that Quinsy (the purchase would have to be effected in the
hardly yields a sufficient amount, the surplus for the late open market of course), and if at the same time the New
fiscal year having been $601,799.
President King alluded York & New England should, as has recently been stated,
to this difficulty in the last annual report. After remarking seek to buy up New York Mew Haven & Hartford—what
that the expendiiures for improvement during the late a revivifying effect all this would have upon stock specu¬
The displacement of investments to be caused by
year had been as large as the resources at the command lation.
of the Company warranted, he went on to say that it was “ a the application of the accumulated surplus in the United
“question of pressing and paramount importance as to States Treasury in the purchase of bonds, would be as
“the best methods of meeting from time to time the nothing compared with this struggle for the possession of
“necessities of the company,” a floating debt being several hundred millions of leading speculative stocks.
undesirable and therefore to be avoided.
Tne hope w£S How the market would revive, and what unspeakable joy
expressed that with increasing revenues some plan of it would bring to the hearts of our stock brokers.
relief would be discovered.
According to the New York Sun, however, all these
rumors grew out of the formation of a new fast freight
NEW RAILROAD ARRANGEMENTS.
line.
Tne Sun’s statement of the matter is that this new
A feature in late railway gossip has been the publication freight line is to be known as- the Inter-State Dispatch,
of statements purporting to give the details of various that it is to extend from ccean to ocean and embrace a
grand schemes and projects for uniting under one man¬ great many branch and collateral lines, that the Atchison
agement, by purchase or other mode of absorption, certain and the Erie are the principals in it, and that the action
large Western and Pacific systems with some of our promi on the part of these roads will doubtless prompt the
nent Eastern trunk-lines, the object being apparently the Pennsylvania to make similar arrangements with the Bur¬
formation of gigantic confederations of roads extending lington & Quincy and the Union Pacific.
In the form as
stated
there
seems
to
be
from ocean to ocean under a single control.
hardly more basis for this state¬
Our readers
is
ment
than
there
for
the
rumors first mentioned, and
can judge from our remarks
below what basis there is for
the schemes as reported, and we refer to tie matter partly we have the
authority of Vice President Felton
of
the
Erie for denying it.
on that account and partly because there have been devel¬
Of course, on its
face
the
report looks very plausible.
It seems
opments within a d*y or two which suggest the probable
to
with
origin of the reports.
agree
the general
tendency of the
The first statement bearing upon the subject came two times.
Everywhere, -there is a disposition to simplify
methods and processes.
or three weeks ago when the announcement was made that
Railroads are no longer content
the managers of the Atchison were negotiating for the to bill freight simply to points on their own lines.
They
aim
to
reach
every
point
in
the
entire
railroad
system
of
purebase and control of the Erie. Of course, such an
undertaking would have its difficulties. The stock of the country, and even in foreign countries. Besides, the
the Erie is distributed in small amounts all over the Atchison having just opened its Chicago line, it is natural
United States and Great Britain, and there is over 77 that it should wish to make arrangements for shipping
the
‘
June 2,
1888.]
freight through to New York,
would be the best means to attain
and a fast freight line
that end.
make it
would take
moment’s consideration however serves to
clear that neither the Erie nor the Atchison
It
or could take any such step as suggested.
A
would be
against the interests of both companies to make an
arrangement of that kind.
Fast freight lines
operation has hitherto
been restricted
to the districts either east or west
of leading Western points, like Chicago and St. Louis.
There are no freight lines operating all the way between
the Atlantic and Pacific, though by the joint use of any
eastern and a connecting western line there is no difficulty
in sending freight through to the Pacific.
It is to the
mutual advantage of all the roads to continue this arrange¬
ment.
Under it every Western road gets freight impar¬
tially; except in occasional instances, from every Eastern
road, the desire expressed by the shipper being the usual
guide, while all the Western roads serve as feeders to each
and all the Eastei n systems.
Should the Erie and the
Atchison inaugurate a through freight dispatch, the result
would be to antagonize all the other feeders of both
systems. It seems, however, that a new freight line has
been formed, to be composed of the Fitchburg, the E ie
and the Nickel Plate, but that its province will not
extend further West than Chicago. In that case of
course there would be no antagonism or conflict with
enough, but their
common
are
695
THE CHRONICLE
existing organizations. It is not improbable, though,
this new freight concern will operate in very close
nection with the Atchison, as the Atchison and the
97
pref..
Do
57*4
48 V
Canadian Pacitic
Canada Southern
Cr. Iowa, 2d ass.
Ohio
Do
lstpref..
Do
2dpref..
Chicago & Alton.....
Do
pref..
135V
13S
161
160
3074 112*8
142 V 145
105*8 114V
pref..
Cicv.Col.Cin. A 1 ml..
Bankers’
Clew A l>iitsb.,guar..
Col. Ilock. Val. A Tol.
DanlmrvA Norwalk.
Del. Lack. A Western
Den. A Rio Grande...
2 l
51 V
127 V 132
20 V
134
53 4
474
20
20
10 V
94
594 61 4
24 *•>
21
39 V
28
9
iov
19 V
IS
pref..
A Ff. 1). pf.
•
Harlem
pref.
Cent...
Illinois Central
Do I/sed Line ip.c
225
225
225
225
12
14
1174 123
Tml. Bl. A West
Kingston A Pembr’kc
Lake Erie A West’ll..
posed of the banks and bankers of the State of Florida, was
recently organized, and a copy of its constitution and
is now before us.
The object, of course, as in all such cases?
by-laws
ad¬
97
98 V
10V
134
37 *0
15 V
46
33
144
424
pref..
Lake Shore
904
Long Island
Louisville A Nasliv..
Louisv. N. Alb. A Ch..
534
Manhattan, consol...
Manhattan Beach Co.
Mar.Donah. A Ou.pf.
iov
91
36
89
90
55
Memphis A Charles..
154
Mexican Central
774
Michigan Central
58
88 V
pref..
Do
54
l1 V
11*4
69V
9V
Minneapolis A St. L..
94 V
93 V
60 4
38
97
12
HO
57
15 V
824
59
91
9V
174
15 V
83 V
9 V
142 V
110
78 V
75
105V 108
pref..
Do
34
6
51
158
19
51 V
D. Moines
E. Tenu. Ya. A Ga. Ry
Do
lstpref.
Do
2d pref.
Ft. Worth A Denv. C.
Green B. Win. A St. P..
Do
pref.
Association.—This association, com¬
76
158
Milw. L. Sh. A West..
Florida
76
24
4 V
46V
Do
Do
33
Mo. Kans. A Texas...
Missouri Pacific
Mobile A Ohio
Morris A Essex
Nash. Cliatt. A St. L..
N. Y. Cent. A Hud. R.
144
16V
61V 69*s
2$ 4
32
1064 107
23*4 2S*8
54
61
35*4 44V
219 V 221
20
20
Do
pref..
Y. A New England
Y. N. H. A Harif’rd
Y. A Northern pf
Y. Out. A West
Y. Susq. A West...
..
15 V
84
29
pref..
Do
37
46
Norfolk A Western...
pref..
Northern Pacitic
Do
pref..
Ohio A Mississippi..
Oregon Short Line..
Oregon A Trans-Con.
Peo. Decat. A E’xille.
Pliihi. A Reading
Do
22 V
49 V
19
21
224
Richmond A West Pf.
pref..
Do.
Rome Water A Ogd.
St. L. Alton A T. If...
St. Louis Ark. A Tex.
St. L. A S. Francisco.
pref..
Do
Do
1st pref..
St. 1*. A Duluth
South Carolina
Texas A Pacific
Do
9V
31V
19V
49 V
26 V
54 V
22 V
25*3
264
50
58 V
98V 303 4
100
305
8V
8V
28 V
23
19V 22 V
pref..
Paul Minn. A Man.
Do
St.
17 V
22 V
IS
04 V
59 V
153 V 155
166
166
214 26 V
67
63
894 92
41
364
12
14V
32 4
284
6f>4 69
112 V 3 344
Pittsb. F. W.AC., guar.
Rensselaer A Sar
1 1
14
31
3 1
V 42
105‘V 1104
Cin. Ham. A Dayton.
Cin. Wash. A Balt....
Do
Hons. A Tex.
42w
93 V
90
88
76 V
65 4
117
108
.
depot at
terminals are on the same tracks. It is also to be remem¬
bered that the Erie Express, which was sold to Wells
Fargo & Co., operates on the Atchison lines.
1254
89*4
pref..
Chic. A Roch Island..
Chic. St. L. A Pittsb..
Do
pref..
Chic. St F. Minn. A O.
Do
pref..
con*
3*s
Quiney.'xll2
404
ill
Do
that
84V
324
3V
24
Do
Do
N.
N.
N.
N.
N.
2
5
.
pref..
Chic. A Tnd.Coal Ry pf
Chic. Mil. A St. Paul.
Do
pref..
Chic. A Northwest...
53*s
IV
Ches. A
Chic. Burl. &
Chic. A Bast
N. Y. Lake Erie A W.
O
2
81
34
pd..
Centralot N. Jersey..
Central Pacitic
97
6 04
Hiqh.
Loir.
Loir.
Atchison Top. AS.Fe.
Ailantic A Pacitic
Boat. & N.Y. Air L.,pf.
Buff. Roch. A Pittsb..
Erie
Chicago, and the freight
enter the same passenger
MISCELLANEOUS STOCKS.
Railroads.
Hiqh.
Chic. A St. Louis..
86V 904 N.Y.Do
lstpref..
»V
8
Do
2d pref..
98
93
N. Y. Lack. A West...
40
35
RAILROAD AND
Railroads.
new.
Union Pacilie
Utica A Black River.
Wab. St. L. A Pae....
121V
58 V
124 V
12 V
15 V
pref..
234
144
30
Do
West. X. Y. A
524
Penn
Wheeling A L. E..j f.
.
x31
l IV
564
Express.
Adams
American
110
143
109
United States
x7l
110
74 4
1324 139V
Wells, Fargo A Co
Coal and Mining.
Cameron Iron A Coal.
Colorado Coal A Trou
Colum. A Ilock. Coal.
20
20
33 V
20
20 V
io v
10
10
Consolidation Coal...
Ilomestako Mining...
Marshall Con. Coal..
New Central Coal ...
Ontario Silver Min..
28V
10
Quicksilver Mining..
344
2 >V
Do
pref..
Tenn. Coal A Tron
Wliitebreast Fuel Co.
Consolidated <las Co.
Del. A Hudson Canal.
1IV
12 G
114
30
10
35
284
964
30 V
70 4
73 V
32 V
73 V
75 4
1074 1104
53 V
97
52
93
Oregon rmprov. Co..
Oregon R’v A
21
964
Various.
Ain.Cot ton Oil Trust.
Amor. Tel. A Cable...
384
23 V
Nav.Co.
32
Pacitic Mail
V
384
95
90
82 V
904
142 V 1474
78 V
74 V
Philadelphia Co
Pipe Line CertiMeat’s
Pullman Palace Car.
Western Union Tel...
promote the welfare and usefulness of the banks, to
J
their common interests, to secure uniformity of action
are
The daily posted rates for sterling exchange in May
on important questions affecting commercial usage and the
given below, it being understool that bankers’actual rates
customs and laws of the State, and to bring the members to¬
are usually a fraction below the prices posted:
gether in friendly intercourse. The association meets a want
BANKERS’ STERLING EXCHANGE (POSTED KVTES) FOP. MAY, 1883.
which must have been felt for some time past, and therefore
De¬
60
De¬
60
De¬
60
mand.
May
mand.
days.
May.
lias a very promising prospect before it, for nowhere is organi_
days.
mand.
May.
days.
4 90
zation and united action so desirable as among those control,
25.... 4 87 V
8.
4 80V-7 4 88V-9 13....
1
4 90
26.... 4 87 V
4 89V
1 87
14....
4
88V-9
4
86V-7
2.1!!
moneyed
interest
community.
ling the
of a
Nr. H. G. Gar¬
27
4 SbV-7 4 89-V
4 86 V-7 4 8*V-9 15....
4 90
28.... I s-v
rett, the cashier of the Citizens’ National Bank of Orlando,
16.... 4 86V-7 4 80-V
89
4
87
4
4...
4 90
29.... 4 87 V
4 89V
17.... 4 87
89
4
1
87
is the Secretary and Treasurer of the Association, and the
5....
lloli (lay....
4 89 V
1 30....
18.... 4 87
S.
6....
4 90
31—• 4 87 V
4 89 V
19.... 4 87
other officers are as follows : President, James M. Schu¬
4
89-V
1
87
7....
s.
20....
4
89-V
87
8....
4 88 V
macher, Pres. 1st Nat. Bank of Florida, Jacksonville; First
S7-V 4 R9V-0 | First 4 80 V
21....
4 89 V
9.... 4 87
4 90
4 -7 V
4 90
1
High
4
87V
22....
4
89V
Vice-President, \V. J. Winegar, Pres. 1st Nat. Bank of Palatka; 10... 4 87
4 88 V
6V
Low 4
4 90
4 87 V
23....
4
V
89
l 87
tl...
1 90
Last 4 87 V
4 K7V
Second Vice-President, F. P. Forster, Cashier 1st Nat. Bank
!4
90
24...
4
89
V
4 87
12...
of Sanford; Third Vice-President, T. C. Taliaferro, Cashier
is to
vance
..
»
~
m
4
<±
*■
1st Nat. Bank of Tampa.
Executive Committee—J. L.
Mar¬
Jacksonville;
vin, Manager, Ambler, Marvin & Stockton,
E. P. Dismukes, Vice-Pres. Merchants' National Bank of
Ocala; W« J. Robinsor, of H. F. Dutton & Co., Gainesville.
REVIEW
PRICES IN MAY—
GOVERNMENT BONDS AND
FOREIGN EXCHANGE.
OF
STOCKS,
Hook Jlolices.
Histo ry of
Hopkins University,
This is
on
a
Edward W.
Shinn, and
Co-operation in the United States. By
Amos O. Warner. Charles Howard
Bemis, Albert Shaw,
Dani<4 It. Randall,
work of
of the Johns
540; Svo.
Published under the auspices
Baltimore, 1838 ; pp.
decided value. Co-oporation
been many statements of
which there have
is a subject
opinion, but
of actual practice. While we do not fully
agree with the authors of this book in their estimate of the
The range of Government bonds sold at the Stock Exchange
possibilities of the system, we congratulate them on the
in May was as follows:
impartial manner in which they have presented the facts.
very
GOVERNMENT BONDS.
4V, 1891,
reg.
_
Opening.. xl00*4
Highest.. 10718
Lowest...
106 V
Closing...
107 V
*
1907, 6s. Cur.,
*98 rei7.
coup.
12(5*3
*12814
*128*3
127*8
126 V
*128
128
127 V
4V, 1891, 4v, 1907, 4s,
conn.
not.
10810
12(54
127*4
108*8
127 V
107*4
107*4
12(5*4
Prices bid—no sales during the
6s, Cur.
’99 req.
*1304
*130*3
*130
*1J0
month.
following table shows the highest and lowest
prices of railway and miscellaneous stocks at the N. Y.
Stock Exchange during the month of May, 1888.
The
few accounts
Holyoake
done for America what George Jacob
England. The field of investigation in America w^as
more difficult, the result no less creditable.
Co-operation is the attempt to do without the
employer. The business may be managed by the
in which case it is—or ought to be—called distributive
co-operation; or it may be managed by the
which case it is called productive co-operation. Profit-sharing,
or distribution of a part of the surplus among the employees*
They have
d d for
capitalist
purchasers,
employees, in
696
is often
fflE
CHRONICLE
though not always connected with co-operation of
[Vol. XL'VT.
and for sale of
products. This is the rock on which so
many
enterprises have been wrecked. Stockholders do not
always
Distributive co-operation was the first to be developed. The
choose well or pay adequately; but laborers are still
more
story of the success of the Rochdale Pioneers in England, certain to fail in these
respects.
When
the labor unions have
and of the many co-operative stores which followed them, is
learned to choose their leaders
wisely, then we may expect to
well known. The American experiments in this line have not
see good results from the election of
managers by employees.
been so successful. They were tried on a
large scale in the LTntil then we must be prepared to meet the same
irresponsi¬
years 1874-78, chiefly in New England, by an organization
bility and incapacity in the latter case which we see in theknown as Sovereigns of Industry, and founded with this
former.
special purpose in view. Its enterprises were numbered by
Efforts have been made to secure the
advantages of co~
the hundred. But its downfall in the years 1878 and 1879 was
operation, without its disadvantages, by a system of profitso complete that
very few traces of the order are left.
It sharing. The results
of these experiences are conflicting. At
was, as Dr. Bemis says, an industry managed by the votes of the
Pillsbury
Mills, in Minneapolis, it has been a decided suc¬
a democracy,
by far the larger part of which had contributed cess. At Peace Dale, R.
I., it has been kept in force fo^ .some
nothing to the capital stock. No adequate attempt was made time, but in the
majority of years there lias been no profit to>
to secure responsibility.
There were false notions of econ¬ divide. At the Brewster
carriage works, sixteen .years ago
omy. The largest store of the order—that at Springfield, it met with most
discouraging failure after three years trial.
Mass.—paid its manager a salary of $1,000, and this was criti¬ Most of the other
large enterprises of the sort have been too
cised as too high. Under such
circumstances, incapacity and recent to form the basis of any positive conclusion.
dishonesty wrecked many of the projects, and those which
Taking successes and failures together, the results can
survived generally abandoned their
co-operative character* hardly be said to be favorable to
co-operation as a system.
A similar history attended most of the
attempts at co-oper " Almost everything depends on the men themselves. If
they
ative on the part of the
Grangers in the West and South, have experience and
responsibility
all
may go well; but these
though of late there have been instances of
the second class.
marked
suc¬
cess, especially in Kansas and in Texas.
A more fruitful field of
activity
was
found in co-operative
banking and loan associations. The building societies of
Philadelphia have had quite a remarkable history, which
might advantageously have been treated at greater length*
Nor is this business confined to
any one locality.
There were
in 1886
forty co-operative banks in Massachusetts, with 14,805
$3,229,000 assets. Another specially successful
members and
form
of
co-operation has been established in the creamery
most successful form of all, it
may be remarked,
is probably one which is not mentioned in the
work before us,
business. The
manufacturers’ mutual insurance
companies. This is
serious omission, and seems to indicate that the
most
a
authors did
not
recognize the true character of these undertakings.
Productive co-operation is of
comparatively recent develop¬
ment.
The gross product of
co-operative industries in New
England probably amounts to about
a
million dollars
a
not the
men in whose behalf the
system is invoked. The
authors of this book omit all consideration of
manufacturers’
insurance companies, and the omission is
are
that
probably based
ground.
on
They
are looking for a system which will put
the man who has not
capital more nearly on a level with the
man who has. We fear that
they will have to seek a
longtime.
The present system of property-rights exercises a sort of natural’
selection; rough, and in individual instances unjust, but on
the whole effective. So far as
co-operation educated the work¬
men to take
advantage of this system of natural selection—in
other words to
money—it has proved a success. But so far
attempted to transfer the control of industry from those
who have property to those who have
not, it has generally
failed. Nor is it likely that any
legislative safeguards, how¬
ever well
devised, can prevent such failure.
as
save
it has
Taxation—Its
“
Scienza
Principles ‘and
delle
Finanze”
University of Pavia.
year.
A number of boot and shoe factories on the
co-operative plan
are now in successful
operation. Similar instances of success
White; pp. 213.
1888.
There
are
of
Methods.
Translated
from
Dr.
tlie-
Lui<fl Cossa, Professor in tlie;
introduction and notes by Horace
With an
New York and London: G. P. Putnam’s Sons.
two classes of writers
taxation.
One set start,
mingled with much more frequent failures, are reported from from the
theoretical side and applies standards of abstract
other parts of the country. Of
all the cases of success, that of
justice—usually rather difficult to reduce to practice. Of this
the coopers in
Minneapolis was perhaps the most conspicuous. kind is Adam Smith’s first
principles, that * ‘taxation should.
After one or two futile efforts the first
concern of
lasting be proportionate to ability; that is to the revenue which each
success was established in
1874.
Its by-laws are drawn man
enjoys under the protection of the State”—three distinct
with no little skill. After the
payment of 5 per cent interest standards, each one of which has some
justification, but which
annually, any surplus profit yet remaining is divided into two produce
great confusion when they are jumbled together.
parts, according as it is due to ordinary or to outside business. The
other set of writers start from the
practical side, being,
In the former case, it is divided
among the operatives in pro¬ guided largely
by difficulties of assessment and collection.
portion to the wages earned ; in the latter case, among the
They believe to a greater or less extent in Colbert’s definition
stockholders (who are also
operatives) in proportion to their that “taxation is the art of so
plucking the goose as to secure
holdings. Losses are adjusted in the same way. The plan the
largest
amount of feathers with the least amount of
seems to have worked well.
Eight other shops of the same squealing.” Prof. Cossa
belongs to the former class; Mr^
sort have been established,
employing in all some 500 men.
Horace White, his editor, on the whole to the latter. In some
What, it may be asked, has been the reason for this success ?
respects this is not a bad combination;' but for ourselves, we
The answer is partly to be found in the
character of the men should have been
glad to have more of White in proportion to
who started it, and
partly [in the peculiar conditions of the Cossa. It was a serious
mistake, from the American reader’s
business. It is a simple one, where it is
easy to hold each point of view, for the editor to
put his own contributions in
man responsible for his work
; where, also, there is an imme¬ small
type.
diate and obvious connection between the
faithfulness of the
The book, as thus made up, consists of a clear and remark¬
individual and the success of the
enterprise. It does not ap_ ably concise account of the sources of
public income, their
pear that it requires managing ability of a
very high order. relations to one another and to general
business;
a discussion
The barrels are made under contract with
particular mills ; of the principles on which they are justified, which is not
the incidental sources of gain referred to in
the by-laws are always so clear, and
which often conspicuously fails when
due to appreciation of real estate or success of
outside specu¬ applied to conditions in
America; and finally, a series of notes
lations. The very fact that the gains can be thus
divided into by Mr. White on such matters as taxation of
mortgages or
ordinary and extraordinary ones shows how simple and
corporations, which are always valuable as far as they go, but
straightforward is the usual course of the business.
Every¬ which are often rather fragmentary.
thing is favorable for the co-operator. The visible advan¬
Taxes are first distinguished from fees
(such as court costs
tages of faithfulness are at a maximum. The necessity for or
postage stamps) which are paid for special services, and in
organizing power or speculative foresight is at a minimum.
a rough
way, at any rate, based on expense incurred.
They
Just as far as the former set of
on
•
influences overbalances the
latter, co-operation is likely to prove successful.
business becomes more complicated, the
advantages
and the
disadvantages greater.
But
grow
as
less
There is less visible connection
between the faithfulness of the individual workman
and the
aggregate profit to be divided ; more necessity for
securing
first-rate business ability at the head both for
organization
are
then
property,
divided
real
into
direct
taxes
on
returns
from
personal, or on transfers of property;
indirect
taxes
on
consumption;
and
direct
taxes
on persons based on income or
property. Cossa's comparison
between direct and indirect taxes is on the whole
good; only
he does not note the different forms which the diffusion of
an indirect tax
takes, according as an industry is wholly com-or
.
June 2,
THE
18E8.J
697
CHRONICLE
ners at Grafton, Mass.:
“ The development of the manufac¬
petitive or largely monopolized. If we tax an industry where ture is the only means of encouraging the production of su¬
competition has reduced profits to a minimum, the producer
perior flax. The market must be created for the farmer or he
cannot pay the tax and continue in the business at the old
will not attempt the growth of a crop requiring care and
rates; he must increase the price, and if he cannot find a
skill. The manufacture of linen can best be encouraged by the
withdraw
industry
market for goods at the increased price he must
from the business. If, on the other hand, we tax an
which from location,
reason,
patents, large plants, or any
has been enjoying
other
monopoly profits, such a concern
retain as nearly as possible the old volume
of business; only a small part of the tax will be shifted upon
the consumers, and little or none of the plant will bo thrown
will usually try to
,
introduction of the
raw
material,whether dressed or undressed,
will in
adds
free of duty ; and with this development the farmer
time find a profitable market open to him.” The author
“
The Western farmer does not raise flax for fibre because
has
market for it, the
no
he
few flax mills being all in a narrow
the Eastern seaboard ; and the fate of the Ameri¬
and the Willimantic Linen Company, and
out of use.
other concerns of large capital, which failed in an attempt to
A more serious omission, at least as affecting American
manufacture linens, largely on account of their inability to get
practice, is th’’s. Prof. Cossa does not realize the increasing
difficulty of taxing persons, and the increased necessity of cheap raw material, is a sufficient warning to any but the
boldest not to establish any more linen mills here.
* * *
taxing things or acts. This is the fundamental difficuly in
In spite of the present duty the linen industry of America,
applying most of the standards of abstract justice. It seems
having an invested capital of $10,000,000, imports annually
just that persons should contribute to the support of the
Government in proportion to their abilities. Practically it is nearly $2,000,000 worth of the raw material, and from that
source the surplus in the Treasury was increased by over
in the highest degree unjust, because such a requirement
will be so generally evaded. Bad men will evade it by false $150,000 in 1887 ; and yet the production of American fibre is
Instead of manufacturing our own
returns ; shrewd men will avoid it by cunningly devised sys¬ steadily falling off.
linen goods, we are importing
over $15,000,000 worth
tems of ownership ; it will simply bear on the small minority
How much of this could be manufactured in
who cannot or will not take advantage of these means—usu¬ per annum.
this country, if the manufacturers could import their raw
ally those who can least afford to bear the burden. In the
material of every kind free of duty, may be left for future
Special cases taken up by Mr. White, he fully appreciates the
determination. With the present duty on raw flax, however,
force of this difficulty. What he perhaps fails to see is, that
it is idle to expect the manufacturer to risk his capital in an
it is so universally present as to make many of Cossa’s stand¬
ards inapplicable. As a practical basis of tax laws, Colbert’s enterprise where so many wealthy corporations have failed.”
standard is better than Adam Smith’s.
The attempt to secure
efficiency of taxation, by laying burdens which shall not be
evaded or unfairly shifted, produces a fuller measure of jus¬
tice than can be reached by crude attempts at equality. The
latter
ends.
produces such confusion as to defeat its own
indicate a true ideal; as a practical guide it is
course
It may
misleading.
Flax
Culture
M., with
United States. By Edmund A. Whitman, A.
introduction by J. R. Leeson; pp. 102; 8vo. Boston:
in the
an
Rand, Avery & Co.
Under the title of Flax Culture,
Mr. Edmund A. Whitman o ’
outline of the history and present
condition of the flax industry in the United States, and from
the facts thus presented seeks to show why the Mills bill is
wise in placing flax on the free list.
The facts as stated by
him are as follows ; Before the invention of the cotton gin
and the cheap manufacture of cotton goods, flax-raising in
the United States was an important industry, and millions of
yards of linen—the Census of 1810 says 21,211,262 yards for
that year—were made in families alone.
With the introduc¬
tion of the cotton gin the raising of flax dwindled gradually
to almost nothing.
In 1850 we produced 7,709,676 pounds, in
1860 4,720,145 pounds, in 1880, under a high tariff, 1,565,546
pounds, or one-third of what was raised in 1860 when flax
entered free.
The war gave only a temporary stimulus to
and
production,
to-day we are raising, according to the Tariff
Commission report, 8,000,000 bushels of flaxseed, but are
burning or otherwise destroying the flax. We produce almost
no first class fibre, and yet there is a duty of $20 per ton on
undressed fibre and $40 on dressed or hackled flax.
Under present conditions, flax culture requires too great
care and skill, too much time and disagreeable manual labor,
to be profitably carried on here.
The briefest mention of the
processes through which flax must be carried to be of the first
quality will show why our farmers see no money it. It re¬
quires moist, loamy soil, and must be unceasingly tended
while growing. To preserve the fibre, the plant at the proper
time must be pulled up by the roots, and the seeds carefully
removed by “rippling.” Then, in order to loosen the fibre
from the pith, “retting” or “rotting” in pure water for a
certain length of time is necessary.
The pith has next to be
the Boston Bar
gives
an
“ scutching,” and the fibre combed free
from tow and chaff by “ hackling. ”
“ All of these
operations are done by hand, and unless many conditions are
fulfilled the fibre is worthless for fine linen. France and Bel¬
gium produce flax of the finest quality and Russia the largest
amount of it—250,000 tons (valued at $50,000,000) out of a total
for Europe of 487,675 tons. Even a much higher tariff than the
present, it is claimed, would be of no avail in leading Ameri¬
removed
by
employing high-priced labor to its production.
Mr. Whitman cites the testimony before the Tariff Com¬
mission of Messrs. Finlayson, Bousfiell & Co., flax spin¬
can
compass on
can
^Xonetavirt (Commercial guQlislt JJcms
[From our own
correspondent.]
London, May 19, 1888.
Last
in the Bank rate, the rate for
market suddenly declined from
week, after the advance
three months’
bills in the open
2% to 2 per cent, remaining at the latter figure till yesterday.
To-day bills have been negotiated at 2% per cent.
Shortmoney has been in demand, especially since the publication on
Thursday of the Bank return, which showed that the directors
had taken steps, either by selling securities or borrowing on
them at the Stock Exchange, to strengthen the position of the
Bank and to deplete the floating supply of cash.
Another reason for
the demand for money was the
falling due on Tuesday last of calls of various recent issues,,
including 30 per cent on nearly a million of City of Rome
bonds, 20 per cent on three-quarters of a million Manila
debentures and 25 per cent on half a million Natal Gov"
On Wednesday there wasa call of 27 per
ernment bonds.
cent in respect of nearly a million Bass & Co.’s debentures,
and on Friday an instalment of 11 per cent on the India
3 per cent loan of £7,000,000 fell due.
The reaction in
the discount market also led to a fall in Continental rates of
exchange and there have been two small withdrawals of gold
from the Bank of England.
Just £150,000 was added to the
reserve in consequence of a return of notes from internal
circulation, and the influx on balance up to Wednesday
last of £100,000 in gold from abroad.
The main feature in
the return, however, is a decrease in “ other deposits,” Avhich
shows a decline of about £1,500,000, all of which may be
considered to be bankers’ money.
The advance of the Bank
rate to 3 per cent has so far failed to accomplish the pu rpose
for which it was resorted to, and it remains to be seen whether
the steps taken to bring up open market rates closer to the
official minimum will adequately strengthen the Bank.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,.
compared with the last three years :
Circulation
Public deposits
Other deposits
Government
securities
Other securities
of notes and coin
bullion
Reserve to liabilities
Reserve
Coin and
Bank rate
Consols
Clearing-House return
)rice
or
a
1888.
1887.
1880.
1885.
£
£
£
£
24,508,305 24,563,905 24,575,040 24,405,685
7,278,137
7,824,505
4,773,812
5,920,300
23,773.229 20,073,897 22,138.352 27,320,306
17,055,147 15,276,307 14,833,498 14,007,134
19,173.940 18,802,289 21,422,'-09 21.010,143
11,358.908 14,044,928 11,007,073 10.000,530
19,667,273 23,401,833 19,892,713 20,023,006
50% p.c.
38 p.c.
37% p. c.
47% p. c.
3 p. c.
2 D. c.
2% p.C.
8 p. c.
101 13-10 09% p, c.
103%
101%
157,80 7,000 133,070,000 131,123,000 125,252,000,
•• •
week has been a further collapse in the
of silver, which has now declined to 41?4'd. per ounce,
farthing below the previous lowest quotation ever
A feature of the
farmers
Linen Company
THE
698
CHRONICLE.!
[Vol. XLVI-
•touched, and that, too, though this is only the beginning of J Supplies available for consumption (exclusive of
the slack season in our trade relations with India.
When in September 1):
1835-6.
1887-8.
1886-7.
the autumn of 1880 421. was momentarily touched, the slack Imports of wheat.cwt. 31,463.136 35,936,374 33.833.232
Imports of flour
13,014,739 12,571,786
9,982.240
season was about over.
It is feared that there may be a still Bales of home-grown. 29,707,651 25,654,763 32,811,305
further decline, and one reason for the belief is that the
Total
73,185,529 74,162,933 76,711,813
„trade balance of India is so materially different from what it
1S88.
18S7.
was a
year ago.
Reckoning merchandise, bullion and council
imports and merchandise and bullion in the ex¬
ports, the balance of trade in favor of India for 11 months of
the fiscal year to the end of February, 1887, was about the
equivalent of £2,900,000.
For the corresponding eleven
months to February, 1888, the balance of trade against India
exceeded £4,100,000.
When not long ago the Indian budget
-was announced, it was calculated that its requirements could
be met by drafts at the average of Is. 4/gd., India bills
have this week been negotiated at under Is. 4d. per rupee.
Hence there is likely to be an important additional loss in the
Indian budget figures.
bills in the
Messrs.
Pixley & Abell write as follows on the state of the
3.867—Thlie
Aver,
price wheat
EuKli«b
Gold.—Tliore lias not boon much demand for "old in the open market,
and some amount has been stmt o the. Hank of England. Then; is now
a small demand for India,
.£ 1.35,000 h is been paid into the H ink a id
£30,000 withdrawn. Arrivals: £00,ooo from China. .£15,000 from the
West Indies, £ to.OOO from New York and £ *,000 from River Plate;
total, £120.ooo. £30,000 lias gone to Bombay.
Silver.—With weaker exchanges, and some fairly largo arrivals, silver
gave way, until yesterday the arrival, e < Chile mail, was placed ar. 42d.
The quotation to-day is lf7sl.. the lowest on record.
Arrivals have
been: From New York, £12,000; Wtot Indies, £13,000, and Chile,
£51,000; total. £76,000.
£111 OOO has gone to Bombay.
Mexican Dollars, —Mexican dollars have advanced to 41 :Ud., there
having been a good inquiry ; but there is no price quoted to-ilav. .£ 45,OoO arrived from the West Indies and £30,500 has been shipped to
•China and the Straits.
Owing to the holidays this has been a slack week in com¬
loan issues. The new stamp duty on company reg¬
came into force on the royal assent being given
to the budget, and now new schemes have to pay a duty of
2s. per cent on the capital.
The meaning of this may best be
gathered from the three examples given of old and new fees
•on capitals registered, viz.:
pany and
istrations
New Registration
Old Registration
Capital Registcred.
Fees,-
Fees.
£50,000
£1,000.000
£3,000,000
£50
£1,000
£3,000
£16 5s. Od.
£73 15s. Od.
£173 15s. Od.
give the example of £3,000,000 capital, as in the las^
*six weeks about half a dozen companies have been registered
are
The London Stock
Exchange Committee has assented to
the popular demand for an official department for the regis¬
tration of American shares, and the matter has been referred
to a sub-committee, to report on the organization of such a
department. It is expected that the various United States
railroads whose securities
are
listed here will
come
into any
officially organized scheme, not only in the matter of regis
tration business, but also for securing prompt diffusion of in¬
formation, revenue and traffic returns, &c.
Mark Lane markets have been adversely affected by reports
as to the condition of the American crops,
and prices have
hardened, though buyers a^e indisposed to follow the market
except for immediate requirements. Speculators are point¬
ing to the probability of increased shipments from Russia.
The further decline in the value of the rupee is also likely to
lead to increased shipments from India.
Since the beginning
of April the Gazette average imperial price per quarter has
risen from 30s. to 31s. 5d.
There has been a distinct improve¬
ment in the weather, a succession of easterly winds having
been followed by two days of much required rainfall, followed
by a decidedly higher range of temperature and sunshine.
It is noticeable that of the wheat and flour at the present time
afloat for the United Kingdom, only 1,170,000 quarters, out of
a total of 2,255,000
quarters, are from the United States,
whereas last yen* out of 2,025,000 quarters 1.203,000 quarters
were American, and in 1886 the breadstuffs afloat from the
United States were 1,905,000 quarters out of 2,370,000 quarters
The following shows the imports of cereal produce into the
United Kingdom during the past thirty-seven days of
the season and the average price realized, compared with the
last three
seasons:
IMPORTS.
1887-8.
Wheat
Barley
Oats
Peas
Beans
Indian corn...
■Floor
%
1885-6.
1834-5.
..cwt. 31.163.136
1 1,0 Ml.635
35,036,374
36,180,120
10,707,755
2.336,332
1,855.502
15,303,15 >
9,513,605
33.888,232
8,570.066
7,147,893
1,761.302
1,785,992
20.269,147
12.571,7; 6
1.491,030
2,289,009
21,397,573
9,082,286
1,377,423
2,300,692
17,822,271
..
13,014,739
13.448.817
12,322,616
8.707,236
12,363,208
81,117~402
1886.
Od.
33s.
31s. lid.
tlar««o-Per Cable.
Financial
London.
Sat.
Silver, per oz
d.
Consols,new 234 per cts.
993lfl
do
for account
Fr’ch rentes (in Paris) fr.
U. S. 4*es of 1891
U. 8. 4s of 1907
Canadian Pacific
Chic. Mil. <fc St. Paul....
Erie common stock
Illinois Central
417a
99 4
109 4
1304
Wed.
4U ho
993, k
4113,0
4U3,o
41U,g
99o1(j
993,6
9 >7,o
997,0 x98H1(j
999,6 x9Si3,ft
•
1304
594
584
OrT's
68 4
674
2 44
122*0
53 4
25
122 kj
534
314
214
122
53 4
30 4
108
304
108
107=4
Fri.
42
82-77*0 82 0 >
109 4
1094
130 4
130 4
59 4
594
684
684
214
244
10 14
1094
13<>4
60
Pennsylvania
New York Central
Tues.
993,n
997,0
82-624 8 2-SO
82-90
Thurs.
Mon.
83-00
1094
1304
59
67 4
214
122
1214
122
534
53*3
30*2
1074
304
534
304
107*2
107-4
(goittiimxtal and ^miscellaneous items
following national banks have been
organized since last advices :
National Banks.—The
First National Bank of St. Ignlce, Mich.. Capital, $50,000*
O. W. Johnson, President; Edward L.
Durgin, Cashier.
First National Bank of Snohomish, Wash ngton Territory.
JacobFurtli, President; Victor Hugo Smith,
Capital, $50,000.
Cashier.
First National Bank of Dighton, Kansas;
J. W. Rush,
3,989—The
Capital, $50,000.
President; Orson A. Kinney, Jr., Cashier.
Preble County National Bank of Eaton, Ohio.
$50,000.
Andrew llie&tand, President;
J. W. Acton,
Imports and Exports for the Week.—The
Capital,
Cashier.
imports of last
week, compared with those of the preceding week, show an
increase in dry goods and a decrease in general merchandise.
The total imports were $9,136,602, against $8,555,583 the pre¬
ceding week and $8,257,394 two weeks previous. The exports
for the week ended May 29 amounted to $5*645,192, against
$5,165,510 last week anil $6,673,413 two weeks previous. The
following are the imports at New York for the week end¬
ing (for dry goods) May 24 and for the week ending (for
general merchandise) May 25; also, totals since the beginning
of the first week in
January
:
FOREIGN IMPORTS AT
For
1885.
Week.
Dry Goods
Gen’l mer’dise..
Total
Since Jan. 1.
Dry Goods
Gen’l mer’dise..
$1,173.54 6!
$6,240,334] $8,7.4.785
$40,983,482
111,969,265
$49,255,917
129,777,654
our
1888.
|
1887.
$1,729,355
6,995,430
5,066,788!
Total 2 L weeks. $152,952,747 $179/
In
NEW YORK.
1886.
|
5,908,844!
$2,222,082
6,914,520
$7,149,0071
$9,136,602
$1,150,163
$51,798,7971 $56,625,062
140,086,198' 140,426,938
33,001 $191,834,995 $197,052,000
im¬
report of the dry goods trade will be found the
ports of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 29, 1888, and from January 1 to date:
.
EXPORTS FROM NEW YORK.
For the week..,,
Prev. reported..
Total 21 weeks.
1888.
1887.
1885.
1886.
$5,436,259
128,992.90
$6,134,666
113.668,06c
$4,896,092
116,62#,380
$5,645,192
114,889,605
*134,429,195 $119,802,720 i 121,522,427 $120,534,797
The following table shows the exports and imports of specie
at the port of New York for the week ending May 26, and
since January 1, 1888, and for the corresponding periods in
1887 and 1886.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Gold.
Week
Great Britain
France
$1,527,022
Total 1888
Total 1887........
Total 1886
$2,946,062
Week.
Since Jan.l.
$1,768
2,606,506
9
17,500
Germany
West Indies
Mexico
South America
All other countries...
‘Since Jan.l-
917,499
3.02 4,653
3,527,901
753,2u3
4,921,312
52,12!)
4,040
170.493
59.100
114,719
317,633
1,923
150,410
$5,363,978 $11,815,127
8,850
5.297,526
$5.8,361
$4,109,113
2,814.274! 27,554,827
24,582
252,604
9,833
272
•
244.647
4,e83,S21
2,704,024
Imports.
Exports.
Silver.
Week.
Great Britain
France
| since Jan.
$87.3 0
14,600
West Indies
Mexico
South America
All other countries...
Total 1888.
Total 1887
Total 1886
1.
Week.
24,744
39,967
3b7,754
200
20,027
$146,671
$4,961,050
$45,225
228,581!
178,506
4.463,904
4,934.212
Since Jan. 1
2
$4,198.3'0
209,709
19,368
125,882
Germany
1886-7.
1334-5.
36.180,420
12,363,298
32,573,075
daily closing quotations for securities, &c., at London,
reported by cable as follows for the week ending June 1:
We
with that amount.
5d
on
The
Philadelphia & Reading.
bullion market:
31s.
week.
stocks
43,798
1,227
3.190
42,6 DM
4
110,589
52,925
137,706
7,473
10,896
534,619
$854,220
962,34 #j
68 4.842
June 2,
THE
1888. J
Of the above imports for
gold coin,
the we°k in 18S8, $56,062 were Ameri¬
Minneapolis & St. Louis.—This company
on its interest obligations, and it is said that
shortly be issued defining its future pirns.
1888
1887.
$3,045,047 $2,663,321
1,342,155
Operating expenses. 1,519,481
$906,514
580,078
$•'99,855
$1,321,166
$416,436
399,684
$333,798
Gross earnings
Net earnings....
Int., taxes A
$261,480
$179,759
Interest and taxes
$28,089
234,513
151,6bT
$2,226
1887.
1888.
315,326
$354,974
293,928
$57,433
$61,046
$372,760
92,888
86,380
$35,454
$25,286
..
It will be seen that the
roads was $768,017, from
“
aggregate surplus
which deducting
of the first four
the deficit of
the net surplus
Oil
Trust ” have been placed in the “Unlisted Department ” of the*
New York Stock Exchange, and dealings are now permitted,
R. J. Kimball & Co. made the application and furnished the
following statement: Certificates outstanding, about $90,000,000 ; number of stockholders, about 800.
Transfer office, 26
Broadway.
Dividends at the rate of 12 per cent per annum,
p iyable quarterly, March, June, September and December.
The books are now closed until June 15 for a dividend of 3 per
cent.
Texas & Pacific.—The bondholders’ committee of the Texas
& Pacific Railway Company give notice that on and after June
6 the Central Trust Company will deliver to holders of their
trust receipts issued against the deposit of income and land
grant mortgage bonds and Bcrip the new securities to which
$35,454
on
the Western
North Carolina, leaves
$732,562.”
Standard Oil.—The certificates of the “ Standard
on
RAILROAD CO.
Gross earnings
$95,410
Deficit
$52,298].
April 30.
151,670
Gross earnings.....
Expenses
combined
Dec. 1 to
165,969
Western North Carolina.
April,
.
1886-87.
1887-88.
$136,SOS
Balance
Philadelphia & Reading.—The gross and net earnings for
April, and for the fiscal years 1886-7 and 1S87-8 have been
as below given.
The net earnings of both companies aggre¬
gated $1,001,115 in April, 1888, against $948,817 in
1887; in the year 1887-8 they were $2,552,929, against
$4,044,670 in 1886-7: [In the Chronicle of May 26, on
page 666, it was stated that the April e irnings of the
companies showed an increase over last year of $151,182. This
was furnished by telegraph from officials, but there was an
error of about $100,000, the actual increase in net being, as
—
$153,893
$302,780
of the leasing,
s
1887.
Net earnings....
165,971
Grtenrillex
$388,406
261,617
rentals
401,636
1888.
303,044
Int., taxes A
566,057
$16,751 def. $67,838
-Columb. d
$605,825
has
the Pennsylvania
monthly
fixed
the amount of rental which is to be paid to the plaintiff com¬
pany. They aver that their rental is to be 40 per cent of the
gross earnings on the leased line, which n rented for ninety nine years. They claim arrearages of $308,280 since the date
1887
$407,432
Operating expenses.
Gross earnings
New Castle & Beaver Valley.—This railroad company
begun an action against the Fort Wayne and
railroad companies to compel the latter to show
statements of gross earnings,on which they claim is to be
April.
$586,367
rentals
$121,355
241,596
second default, which cannot
1888
913,734
$523,097
of Work, Strong & Co. Those
requested to send addresses and
amount of bonds they represent to any of the committee.
The interest maturing June 1 amounts to $775,420, mainly
The responsibility
on the general mortgage sixes and fives.
of default is placed on the Missouri Pacific Company, which
is in possession of the Missouri Kansas & Texa*.
As to the
prospect of a receivership, Mr. S erne said that it was
substantially agreed that n ither the Missouri Pacific nor the
new Missouri Kansas & Texas management would apply for
one, pending the investigation that lias been agreed upon.
No
bondholder, it is claimed, will be in a position to ask a receiv¬
,
939,19S
r-CharioVe C.df Augusta.—>.
1887.
1888.
Co., and William L. Strong
who desire to co-operate are
will be seen,
$1,525,565
Surplus
defaulted to day
a statement will
payment of interest due June 1, 1888, on the general consoli¬
dated mortgage bonds, the following gentlemen were requested
to act as a committee for the protection of the bondholders’
interests : Edward D. Adams of Winslow, Lanier & Co.; Wil¬
liam L. Bull of Edward Sweet & Co.; William Whitewright
of Union Trust Co.; William Mertens of L. von Hoffmann &
ership until there has been a
occur before December 1.
1887.
1888.
Texas.—In anticipation of default in the
Missouri Kansas &
—Virginia Midland.-
-Richmond <£■ Danville.-
and $44,028 American silver coin. Of the ex¬
ports during the same time, $82,303 were American gold coin,
and $11,863 were American silver coin.
can
699
CHRONICLE
$8,177,218
$1,833,320 $1,751,844 $7,164,881
4,385,332
4,216,620
the entire system,
they are entitled.
—Attention is
of Baltimore, in
called to the card of
Messrs. Fisher &
Shaw,
to-day’s Chronicle. This firm deals in mu¬
nicipal and other investment bonds, and gives special atten¬
tion to Southern securities. They invite correspondence with
parties desiring to have orders executed on the Baltimore;
Stock Exchange.
Granite Quarry¬
represented in this
should have stated
Virginia is leased
completed to
—Referring to our notice of the Petersburg
ing Company in the Chronicle last week,
city by Messrs. Stewart Brown’s So’is, we
that the property of the Commonwealth of
by the Petersburg, and that a railroad is now
the
quarries.
Dodson, with
has had a
bonds, having been
COAL & IRON CO.
is making
-—Dec. 1 lo April 30.
April.
1887-88.
1886-87.
specialty of dealings in strictly invc stment bonds.
1888.
1887.
$>,986,451
—Messrs. Jameson, Smith & Cot'ing give notice that they
Gross earnings
$1,217,994 $1,204,577 $1,4S6,311
Operating expenses... 1,099,568
1,170,328 4,712,930 5,902,381 have advanced the price of the Seattle L ike Shore & Eastern
The particulars concerning these
Net earnings
$118,126
$34,249 l’ss$226,619
$S4,070 bonds to 95be and interest.
bonds will
found in the advertising columns of the Chron¬
Railroads in New York State.—The returns of the fol¬ icle and a map in the Investors Supplement.
lowing roads for the quarter ending March 31 have been
—The at ention of investors is called to the special list of
filed at Albany as follow s:
securities presented in to-day’s Chronicle by the
investment
Fitchburg.—
s—X. V. if: Xew England.—.
ico'’
well known house of Messrs. S. A. Kean & Co., of this city
Operating expenses...
Net earnings.
837,276
950,630
$914,568 $2,779,549
$882,690
.
»
,
$3,960,598
—Attention is
called to the card
of Mr. R. B.
Fahnestock & Co No. 2 Wall Sireet. Mr. Dodson
long experience in handling investment
with some of the best houses of Wall Street, and he
,
a
1000
Gross earnincrs
Operating expenses
Net earnings
^
7T.
,
$1,156,932 $1.1392276
790,760
958,491
$333,736
$318,516
$201,333
,1,317
Other income..
Gross income
Fixed charges
Delie it
$1,159,824
823,196
$335,05 1
396,289
$61,235
14,004
18,760
$362,521
400,133
$220,093
$37,912
$71,758
291,851
Richmond & West Point Terminal.—At Richmond, Va.,
May 31. a general meeting of the stockholders
niond & West Pont Terminal R ul way Company was held.
of the R ch-
in
aggregate of p-eferred and common stock represented
and by proxy was 392.651 shares, divided as follows :
Majority, repres mted by E Award Lauterbich, George F. Stone
and T L. Logan, 298,006 shares ; minority, represented by
Isaac L. Rice and William Libby, 94,615 shades. Tne stock
holders calling the meeting therefore failed in securing a suf¬
ficient number to change the present management. A long
scries of interrogatories as to the general management of the
The
person
affairs of the company was submitted
the answers of the management were
by the minority, and
nude in detail to the
dereliction on the part of the
board of director-.
Mr. John H. Inman was elected President for the remainder
of the unexpired Term
Tiie minority voted for Mr. F. P.
Clarke. Me.-srs. W. S. Ch sholm, of Georgia, and John C. Cal¬
houn, of New York, were elected to fill vacancies in the board
of directors.
Mr. John H. Inman r^ad his report for the feven months—
October, '87, to April 30, ’t8—which contains the statement of
earnings, expenses and charges for that period as follows :
charges of mismanagement or
and
Chicago.
sold this week at
& Son Houle.
:
$5,000 Del. A Raritan Canal&
A Anib’y
('amd’n
Trans.
Co.6s. (tbijsol
Loan
’80.10211
Auction Sales.—The following were
auction by Messrs. Adrian H. Muller
Shares.
i
100 U. S. Fire Insura* ee
Co.. 14 2‘-j
Bk.l3S:U '
Bk142*2
36 Ainer'ii Exc\'e Nat’l
33 Merchant's Nut’l
3 Wash'mvGe’got’n Rll.Co.400
11 Cent’I N.J. Land Imp.Co
17q
NoteCo.. .$29 75 p. sli.
$8 p sli.
Raide Tube Co
100 Am.Bk.
60
60 Nassau GasL. C<>.ofBkln 103rU
48 Bto klyn Gas Light Co..103
1 Metro’]) ( bisL.Co.ot'Bkln. 80G
11 Citi/.'ns‘<lasL.Co.ofBklu. 55°8
Jio m/s.
$5,000 P't Huron
Kit. Co
$10,000
7s. 1899.104
Grand Belt Copper
Co. Is! M. 6s. 1991 .... 10
$900 Nassau Gas L’thtCo. of
Bkln. 5verip.
97
$3,000 Bullalo City 7s, Park,
1925
J 5912 A int.
$1,000 M. Louis Go. 6s, Park,
1905
$ 5,000 Co].AInil'ii’]*. Cen.RR.
Co. 40-y’r 7s, s. f 1904.125
ISauMug autl
JOE
A Xorthw’n
1st .M.
120 A int.
Financial.
INVESTMENTS.
WE OFFER
4s & 6s,
ItliGl.sTLULO Is.
CIT V OF OOLI MHUS, OHM),
W«*ONS lCItKT, K.
CITY 0»r TOI.I OO, OHIO, 4s.
CITY OF SIOUX FALLS.
ri)Y OF Sioux CITV. IOWA,
C»T « OF LEAVEN WORTH, k
NO*TIl CHICAGO STREET
DAKOTA, 7s.
6s.
-VN., 6s.
RAILWAY 5s,
COUNTY OF LICK I vC. OHIO, 6s.
COUNT* OF CO RAN CHE, KAN., 6 s,
FOR FULL PARTICULARS AND PRICK APPLY TO
iV CO ,
S. A. KEAX
United Bank Building, cor. Broadway cV: Wall St.
700
THE
CHRONICLE.
The rates of
3P*e gtrafim' Cfejette.
Per
Gent.
When
Prime bankers’ sterling
Prime commercial
Books Closed,
{Day8 inclusive.)
Payable.
Railroad*.
Boston & Alb,my
Little Miami (quar.)
Old Colony
2
2
June
June
3%
Philadelphia Wilmington & Balt.
3
July
July
30 June 2 to
11 June 1 to June 11
2 June 1 to
2 June 16 to
1%
June
15
Jii
Isc'llaueous.
Delaware <fe Hudson Canal
May 30 to June 15
WALL STREET, FRIDAY, June 1, 188S-5
P.
Al.
The
Money Market and Financial Situation.—The
week has been broken by the occurrence of a close
holiday on
Wednesday, and business has not shown much animation.
The Government bond purchases by the
Treasury have
dwindled down to insignificant amounts, and the
public will be
anxious to know what policy is to be
pursued hereafter
the
late
and
summer
autumn
demand for money
sue a
bolder
adjourns ?
months, when the mercantile
largely increases. Will the Secretary pur¬
policy and pay a higher premium after Congress
Railroad
on
London..
Demand.
4 87%
4 90
^
4 85%@4 853*
4 85% ^4 853i
5 1938&5 18%
5 18%®5 174
403] s® 405 jo
4038 940%
95-s d>
95%
95%®95%
United States Bonds.—The Government bond market has
been almost at a standstill, only one transaction
having been
made at the Stock Exchange, and the purchases
by the Secre¬
the Treasury having been insignificant. Prices
have been firm, however, and are unchanged from a week
ago, except for those which are now quoted ex-dividend.
Below is a table showing the amounts offered and purchased
each day this week, together with the range of prices :
tary
of
4% Per Cents due 1891.
Offerings.
Purch'e'i.
$
$
Saturday
40,000
1,000
108
100.350
250
108
The
.
212.000
758,350
..
1,250
108
Prices paid.
$
50
96,050
Holi
Thursday...
Friday
Offt rings, j Purch'es.
$
350,000
50,000
...
Tuesday....
Total.
4 Per Cents due 1907.
Prices paid.
127
110,000
191,000
day
54,200
800,200
1,251,450
50
closing prices at the N. Y. Board have been
as
,
127
follows:
was
status of railroad business in the
and
bills
Documentary commercial
building in the far West and
exceedingly active at that time, and roads west
of the Missouri must have
profited by it very decidedly. Could
we obtain the
gross and net earnings of Missouri Pacific, Iron
Mountain and M. K. & T., much
light might be thrown on the
follows:
Sixty Days.
.
Wedn’sday.
heavy traffic of 1887.
are as
Paris (francs)
Amsterdam (guilders)
Frankfort or Bremen (reichmarks)
during
Railroad earnings have kept up
remarkably well for the first
four months of the year in most sections of the
country, but
there is probably some apprehension that
earnings will show a
decrease later on when they come to be
compared with the
Southwest
leading bankers
June 1
DIVIDEN DS<
The following dividends have recently been announced:
Name of Company.
fVor., XLVI
some
light also
on
the
country served by those roads,
for the Missouri Pacific
causes
fltock fluctuations.
Pertinent to this subject
week the usual monthly
of railroad earnings, we have this
and quarterly returns from two of
the companies whose stocks have been
prominent at the Board
—Reading and New York & New England—and this informa¬
tion is of peculiar interest at a time when the stocks are the
subject of so much comment. The Reading statement for
April was much better than expected, and showed an increase
over last
year; N. Y. & New England for the quarter ending
April 30 shows a decrease of only $23,322 as compared with
the same quarter of 1887, and the deficit after
paying interest
and all charges is $61,234,
against $37,912 last year.
The open market rates for call loans
during the week on
stock and bond collaterals have ranged
from 1 to 2 per cent,
and to-day the rates were 1@1£
per cent.
Prime commercial
paper is quoted at 4 @5 per cent.
The Bank of England
weekly statement on Thursday showed
a gain in
specie of £448,000, and the percentage of reserve
to liabilities was 39 83, against 38*76 last
week; the discount
rate remains unchanged at 3
per cent.
The Bank of France
lost 19,000,000 francs in
gold and gained 3,350,000 francs in
silver.
The
Interest
Periods
May
May
May
26.
28.
May
29.
30.
4%s, 1891
*107
*107
4%s, 1891
4s, 1907
*108% *108%
4s,
6s,
6s,
6s,
6s,
6s,
*
reg. ►.-Mar. *197
coup. L.-Mar. *103%
reg. Q t.-Jan. *127%
1907
coup. [.-Jan. *127%
A J. *121
cur’oy,’95
reg.
cur’cy,’96
reg. J A J. *123
cur’cy,’97....reg. J & J. *125
cur’cy, ’98—reg. J A J. *128
cur’cy,’99
reg. lJ A J. 1*130
.
.
.
.
.
This is the
*127% *127%
*121
*123
*125
*128
1*130
*121
*123
*125
*128
*L30
price bid at the morning board;
no
•
h
0
Hi
p
sale
31.
June
1.
*107 "
108% *xl07
*x26% *126%
*127% *127%
*107
;
*127-** *127%
May
was
*121
*123
'xl8%
*x21%
*125
*L28
*130
*x24
*x27
*x29
made.
State and Railroad Bonds.— State bonds have been mod¬
erately active, with the business divided up among a number
of different issues, none of which have shown any special
activity.
Prices generally have been firm.
The business in railroad bonds has been dull, and the
market without features of special importance.
Prices have
been rather unsettled, in sympathy with stocks,
lat¬
though
terly showing a little more firmness in the general list. As a
rule the changes are unimportant, and the fluctuations have
been very limited in most cases. Erie 2ds, Fort Worth & Denv.
lsts, Tex. & Pac. old incomes and Missouri Kan. & Tex. 5s and
6s have been somewhat weak at times, while South Carolina
2ds had a sharp advance, and a few others have been strong.
Railroad and Miscellaneous Stocks.—The business of the
week was interrupted on Wednesday by the observance of a
close holiday (Decoration Day), and on the other days trans¬
actions have been limited in amount,
except in the case of a
few special stocks.
The fluctuations of the market have
following table shows the changes from the previous
a
comparison with the two preceding years in the
hinged largely upon speculative rumors, as there have been
averages of the New York Clearing House banks:
few developments of fact, and the bearish sentiment has had
week and
the best of it.
1888.
May 26.
Diffr’nc's fr’m
Prev. Week.
$
Capital
Surplus..
$
60.762.700
1887.
May 28.
$
1886.
May 29
$
50.381,500:
Loans and disc’ts. 363.816.600 Inc.
2,078,200 364,463.500 341,540.500
9*',525,WOO! Inc 1,035,800 73,755,600 69,516.800
7,732.100 Dec.
156.300
8.266,000
7.851,700
393 953.6o0 Inc. 2,533,400 371,460.800
365,242.000
36,257,000, Inc.
186,700 24.889.200 35,624.300
Specie
Circulation
Net deposits
Legal tenders
Legal
98.488,400 Inc.
633,350
126,782.900 Inc. 1,222,500
reserve
Reserve held
Surplus
reaerve...
|
28,294,500; Inc.
589,150
92.865.200
91,310,500
98,644,800 105,141,10 J
5,779,600
13,830,600
Exchange.—The sterling exchange market has been only
a brisk de¬
moderately active during the past week, though
mand existed for
a short time.
Commercial bills have been
very scarce, and this w^as the principal factor in keeping the
market firm and rates unchanged.
Posted rates are the same
as a week
ago, viz.: 4 87£ and 4 90.
Gold shipments seem to
have ceased for the time
being, as no further exports have
been made this week.
Bankers are also looking lor some of
the Reading loan bills to come on the market.
To-day the rates on actual business were as follows, viz. :
days’ sterling, 4 86J@4 86f; demand, 4 89£@4 89£.
Cables, 4 89^ @4 89|.
Commercial bills were 4 85£@4 86.
Continental bills were: Francs, 5 19| and 5 17£;
reicnmarKs,
95£@95f and 95|; guilders, 4C^@40f and 40£@40f.
The following were the rates of domestic
exchange on
New York at the under-mentioned cities
to-day: Savannah,
buying par; selling
premium;
Charleston, buying £
premium; selling £ premium; New Orleans, commercial, 75c.
premium; bank, $1 premium; St. Louis, 75@90c. premium;
Chicago, 60c. premium.
Bankers’ 60
Rumors have
prevailed of a probable reduction
some of the granger roads and Missouri Pacific,
and further rate troubles have been reported from Chicago.
The failure of the Treasury Department to purchase
anything
more than very
small amounts of bonds has also been a
in dividends
by
disap¬
pointment recently, for although money continues easy enough,
it was believed that the displacement of large investment
holdings, through the purchase of Government bonds, would
have stimulated sharply the demand for other securities.
The features nave been Missouri Pacific, New
England,
Reading and St. Paul, all of which have been active, wreak and
unsettled. Missouri Pacific has had another of its spasmodic
movements, and again immediately following Mr. Gould’s de¬
parture from the city. There is little satisfaction in trying to
explain the fluctuations of this stock; we merely record the
fact that it has declined from 76J to 69f, with only a small re¬
action from the lowest point.
It is important, however, in
having helped to unsettle the market (as on many previous oc¬
casions) at a time when it was little prepared to resist the
effect of such a decline.
New England has been another
disturbing feature,
declining over 3
points
under
the bearish influence exerted
against it. In this case,
also, there is no sufficient reason made public for the
break, and no new development in regard to the property,
except a small increase in the floating debt.
The decline in
Reading, too, is not only without special reason, but occurs in
the face of the successful loan negotiation, and the April
statement of earnings, which was exceptionally good.
St. Paul is still the prominent stock among the grangers,
and has had considerable activity, being still weak, on the
belief that the net earnings have declined considerably under
the cutting in Western freight rates, and also affected by the
latest aggressive movement by Chicago Burlington & Northern*
June 3,
THE CHRONICLE
1888.]
STOCKS—PRICES AT N.Y. STOCK EXCHANGE FOR WEEK
HIGHEST AND
STOCKS.
Active 11R« Stocks*
Atlantic & Pacific.....
Canadian Pacitic
Canada Southern
Central of New Jersey
Central Pacitic
812
*8
48 "%
49%
82^
30ia
821^
3012
Create AOUo-™.™.
2d pref..
Do
& Quincy.
Chicago Milwaukee & St. Paul.
Chicago Burlington
Do
pref.
-
Chicag) & Northwestern—
Chicago Rock Island
& Pacitic.
Chicago St. Louis & Pittsburg.
pref.
Do
Cleveland Col.Cin.& Indianap.
Columbus Hocking Val. &Tol.
Delaware Lackawanna & West
Denver & Rio G., assessing pd.
pref.
East Tennessee Ya. & Ga. R’y.
Do
1st pref.
Do
2d pref..
Do
4834
8212
Missouri Kansas & Texas
Missouri Pacitic
Mobile & Ohio
Nashv. Chattanooga* St. Louis
New York Central & Hudson.
New York Chic. & St. Louis...
Do
1st pref.
Do
2d pref..
New York Lake Erie & West’n
Do
pref.
New York & New England....
New York Ontario & West....
New York Susq. & Western...
Do
pref.
Norfolk* Western
Do
pref
...
Northern Pacitio
Do
pref
Ohio & Mississippi
Oregon & Trans-Continental..
Peoria Decatur & Evansville.
Philadelphia & Reading
Richmond* West P’tTerminal
pref.
*8
8%
5734
57%
48%
48 7s
82%
8314
30
30
*134
*3%
*1%
*3%
*3
‘3
*30
36
3312
36x4
144
107
*11
*30
36
*46%,
46 3i
19
*19
14334
14212 «42i2 ‘143
10818 1053a 108
*11
1212
12
108
*11
*31
33
37
108
108
'4714 48
*19
22
1283s 129
19
12%
33%
36%
*46*' *47%
20
18
*17
*17
*47%
49
*4712
*47%
912
912
63
‘60
22%
223*
11%
11%
13
73
76%
75
75
13
*65
*28%
24%
54%
37%
*15%
*8%
*29%
*17
46%
22 7a
49%
*20%
23%
*18%
60%
67
30
24%
55%
39
16%
9
30%
18
47
23
22%
24
19
62
23
64
64
9%
9%
60%
23
22
223a
*59
21
*85
*29*’ 30*' *28% *29%
28
9
9
9
9
II8I4 118 in
*10i2 12
11734 11734
*10
11%
*32% 35
14% 1434
43%
43%
90%
913a
*91
54
*32
93
54%
13
73
10
*55
60
*86
6%
90
6%
*88%
*5%
89%
91%
77%
77%
1178
693a
*8
*75
76
65
65
28%
23%
28%
24%
55%
38%
54
373a
*15%
8%
29 %
29%
"17
18
22%
*18
59%
22%
63%
89%
*64
*28
23 7a
16%'
8%
46%
54%
36%
15%
8%
‘29
‘16
46%
12%
70%
10
76
67
29%
24%
54%
383a
15%
8%
29%
18
46%
23
49%
*49% 5*6%
20%
23%
19
19
22%
23%
19
18
19
603a
22%
63%
593s
2134
60%
22%
63%
64
91
29
91%!
‘89
‘28
Do
new.
Wabash St. L. * Pacitic
Do
pref
Wheeling & Lake Erio, pref..
Miscellaneous* Stocks.
Colorado Coal * Iron
Consolidated Gas Co
Delaware & Hudson Canal....
Oregon Improvement Co
Philadelphia
74
193s
25
53%
*12%
23%
53
*52
55
12%
34%
73%
74
233s
19%
54%
14
233a
*109
72
*135
*138
*221
*11
23
pref...
Louis Alt. & Terre Haute
Louis Ark. & Texas
South Carolina
Columbus * Hocking Coal....
New Central Coal
225
13
23
*9
11
*35%
36
....
..
12
12
*20
*9
22
11
Tennessee Coal * Iron
25%
various Stocks, *c. (Uni isted.)
wmer- Cotton Oil Trust
ripe Line Certificates ♦
are
the prices
*221
*11
23
*9
35
*36
.
Bt.
These
91
*85
89%
78%
142
109% 109%
72
132% 132%
*8
75
105
*14
*64
*28
55
35%
*15%
*8%
29
17
225
13
40
90
78%
60
91
50%
19%
23%
18%
60%
*16%
45%
12%
in
75
55
101
52
32%
141
110
50
63
28
24,400
29
18
46
4,250
22%
14,020
18
18
64
59%
22%
64%
60% 251,990
23%: 13,085
683
64%
90
90
90
610
19%
53%
20%
*12%
13%
23%
23%
410
200
*51%
52%
590
33%
72
72
94
32%
73
138
146% 147
74% 75%
140% 141 %
72%
138
71%
138
72
86
*135 "
72
86
138
*40
41
90
90
*89%
*2%
*4%
*14%
90%
3%
5%
14%
2%
4%
14%
!
71%'
*132
30%
85%
12
*221
63
Apr.
*9
36%
*36
40
♦34%
39%
20%
*9
11
26
25%
26%
*25%
26%
31
30%
31%
85%
31%
85
31%
86%
31%
87%
6
82%
12
►
bid and asked; no sale was made at the Board.
*9
12
32%
85%
48
12
21
Apr.
73
37
Apr. 30
Jan.
9
May
4
Jan.
9
Jan. 10
Apr. 27
2
3
Jan. 27
Jan. 30
29% Jan.
9
65% Jan. 10
46
Apr. 30
18%
9%
33%
19%
Jan.
9
Apr. 26
Jan. 30
Apr. 30
49% May 1
26% May 4
51% May 7
Jan.
26% May
23
Jan.
67% Feb.
26% May
69% Feb.
25
92
31
7
11
18
3
23
Apr. 27
36% Jan.
5
73% Jan. 30
Jan. 16
Jan.
3
Jan. 28
Jan. 23
May
1
22% May 10
58% Jan.
3
Jan.
3
Mar. 27' 16
Mar. 24! 30
44% Jan.
6
to!
1,010
70
86
May 1
57% Apr. 30
1
'215
10%
36
40
200
129
*3*50
300
267
8
20
*9
12
*25%
27
1,040
33
28,845
82%
f Prices from both Exchanges.
Jan.
Mar.
Jan.
Mar.
Mar.
Mar.
22; 13
Mar. 21
Apr. 20
4
May 14
25% May
5! 155
24% Apr.
25
Feb. 10
16% Apr. 23
Mar.
Mar.
74% Apr.
7
3 142% May 23
Jan. 16
4 223
Apr.
7% Apr.
17
10
Apr. 24
May
43% Jan. 30
94% Jan. 26
9
4% Jan.
6% Feb. 24
13% Mar, 26
9
33
35
11
Jan. 23
Apr. 26
99% Feb. 20
140% Feb. 10
13% Mar.
Jan.
145
110%
75%
139%
75
Jan.
Apr.
25 135
Jan.
200 40
Mar.
100 89% Mar.
50
2 % May
4% Apr.
500,
*19
32%
77%
2
I
60 137
Apr. 12
125 106% Mar. 22
393 67
Jam
4
50 128
Jan. 19
225
154% 154%
153%
*
20%
Mar. 27
10
11
*9
*35
*19
‘9
*19
225
13
2
2
2
24
1135
221
*10
1
Jan. 30
30% Apr. 2 38% Feb. 17
8451 68% Mar. 29 78 Jan. 18
1,230 103
Jan. 3 112 Jan. 30
210 45
Mar. 29 55% Apr. 26
1,185; 84% Apr. 2 97 May 2
3,760 1 28% Apr. 2 38% May
1
90
May 19 106% Feb. 15
1,641 135% Apr. 3 147% May 25
23,721 70% Apr.
2 79% Feb. 24
94
33
110
May
400'
93
141
Mar. 31
Apr. 3
Mar. 31
Mar. 27
Apr. 2
19% May lo
71,868
108% 108%
53
53%
32%
26
15% Mar. 24
Apr.
Jan.
6
82% Feb. 13
4,130
54
Jan. 20
9% Apr. 30
18% Apr. 30
18% Jan.
5
89% Jan.
3
13% Jan. 27
170 105% Apr.
3 116
125 43
Mar. 29 62%
410 89
Mar. 29 105
31
94
Apr. 2! 114%
450 20
Mar. 22 28%
101
33%
9
22
22
10
28
Apr. 2
19
55
*5*3*5
*100% 102
24%
52
Apr.
2
Mar. 31
Apr.
51% Apr.
237
53
Apr. 30
May 1
Jan.
9
Jan. 10
Mar. 27 80
5
Mar. 27 104% Jan.
22% Mar.
Mar.
53
29% Mar.
14% Mar.
7% Mar.
41%
19%
42%
17%
17%
15%
300
54%
12%
88% Jan. 10
Jan.
3
Apr. 2 80 Jan. 9
1,306 102% Apr. 2 108% Apr. 30
100 12% Mar. 31
17% Jan. 27
100
515
320
200
8%
40%
*14%
71
66,030
16
Feb. 23
65
Mar. 22
6% Mar. 29
**2*0*6
22%
109% 109% *109
*71
132
6,772
76,595
9,528
102
84
3% Mar. 28
50%
74
138
225
13
33% Jan. 10
5% Feb.
4
10
Jan. 24
7% Feb.
7
130% Jan. 27
78
Feb. 24
117
Apr. 27
112% Apr. 30
145% Feb.
1
114% Jan. 27
14% Jan. 10
38% Jan.
6
24% May 14
Mar. 23
11
11
Apr. 19
69% May 29
1,110
36%
40%
*221
*10
84% May 21
2
150
572
*50
101
Mar. 22
17% Apr.
15
21%
23
55
83
28% *28
28%
66
66
66%
112% 112% *112% 113%
72%
153% 153%
35
39
12
Mar. 26
50
23
10%
1
10% Jan. 10
62% Jan.
3
9
56% Jan.
26% June 1 46%
125
7% Mar. 20 11%
400,114
Mar. 5 123
150| 9% Mar. 28 14
27% Jan. 16 37%
**2*0*6 12% Mar. 22 16
1,950 40% Apr. 2 47%
23,596 85% Apr. 2 95%
48 87% Apr.
2 93%
20,241 50% Apr. 2 64%
30
Apr. 18 39
i*,9*20 83% Apr. 3 98
690 72
Apr. 2 87%
21%
49%
86%
2%
4%
Apr. 3
6
Feb.
Apr. 2
Apr. 2
Mar. 26
2,800
105%
14%
66%
29%
23% 24%
29
49%
19%
64
90
*28
66
11%
69%
76%
105%
14%
66%
29%
24%
56%
37%
16%
8%
46%
23%
22%
*17%
59%
22%
290
705
100
*5
46%
*22%
*91
14%
154% 154% ‘153%
Quicksilver Mining Co
*
*55
147% 147%
75
75%
138
87
28
22%
!
N. Y. New Haven & Hart
Ohio Southern
Oregon Short Line
Pitts. Ft. Wayne & Cliio
Co.
29
17
12%
*24%
86%
200
7%
55%
45 %
73%
26%
3% May
3
1% Mar. 26
87
60
146% 146%
74% 75%
__
Bt.
23%
55%
35%
*15%
*8%
54
72
500
5,993 111
61
*30
92
79
74
£403% 08%
*53
54
94
94
,
Qf
*14
*64
*28
14%
24%
34
73
73
72% 72%
87
87
86% 86%
•136
138
*135
138
Chicago & East. Illinois
*40% 41%
*40% 44
*90
90%
90% *90
Do
pref
*2%
Cincinnati Wash. & Baltimore.
4
*3
3%
Do
*5
4%
4%
5%
pref.
*14%
105%
54%
31%
136
30%
*59
*22
40
73% 73%
109% 109% 109%
53%' '52% 53%
93
93%
93%
32% 32%
33 |
Inactive Stocks.
American Tel. * Cable Co
Atchison Top. * Santa Fe
Chicago & Alton
Mexican Central
Morris * Essex
*8
*75
54%
*12%
*23%
*138
3,600
26%
28%
12%
19%
34%
73%
109% 109%
71% 71%
1.34
61
21
88
71
10
19%
52
142
83
*2
111
11%
23%
51
|
142
110
72
140
2%
69%
23%
53
109% 109% 109%
*53% 54 j *52%
93%
94% 94%
3234
33% 33%
*90
i *90% 92
92
147% 147% 147% 147%
76
75
74% 75%
Co., Nat. Gas
Pullman Palace Car Co
Western Union Telegraph....
Express Stocks.
Adams
*138
American
United States
Wells, Fargo * Co
23%
24%
20%
6,100
82%
*12
105% 105%
*14% 15
105i2l05i2
1412 1412
8%
57%
48%
*30
*1
31
Highest.
Lowest.
57%
48%
*8%
9%
119
118% 118% *118
10% 10% *10% 12
*32% 35
*14
*14
15
14%
42% 42%
42% 43
91% 91%
90% 91%
*91% 93% *91% 93%
52% 53%
53% 54
*32
*90
79
*55
40
*12
11%
7Oi0
*8
Week,
Shares.
June 1
112%
112%
65% 66% 149,437 65% May 28
67%
4,774:107% June
108% ! 107% 108
1
20,535! 102% Apr. 2
108% 108% 108% 109
*143
143
1171138
144% 143
Apr. 3
106
106
107
106
3,444 103% Apr. 2
*10
I 11% Apr. 4
11%
*30
32
29% Mar. 31
35% 36
2,570 32% Apr. 2 42 Apr. 30
34% 35%
10 102% Apr.
3 110% May 1
46
400 42% Apr.
46
*46
47%
2 53% Feb. 16
600 17
*19
20
Mar. 21 25% Jan.
*18% 20
9
127%12838 127% 128% 38,276 123% Apr. 3 133% Jan. 30
Jan.
6
15% Apr.
2 23
Jan. 28
44
Mar. 24 55
*47%
1,000
9%
9%
9%
8% Mar. 22 10% Jan. 12
9%
60%
*22
8%
58%
48%
82%
*3
112
66
108
10
29
*28
*28
29
66
66
66 7a 66%
66% 66%
Do
pref.
Do
1st pref. *112
112% 111% 112% 112% 112%
Bt Paul * Duluth
50
50
54% 54%
Do
*100
100% i’oo’* ioo**
101% 100
pref
102
‘101
102
Bt Paul Minneap. & Manitoba. 102
102
j 102
24%
19%
53%
127a
>23%
"52%
*8
*58%
48%
82%
*30%
60
*20
Rome Watertown &Ogdensb’g
Bt, Louis & San Francisco
June l.
*912
46%
22 7s
49%
50%
20%
Friday,
May 31.
5914
*8
*75
105% 105%
*14% 15
Thursday,
Range Since Jan. 1,1888.
*3%
144
107
*17
May 30.
*2
128% 128%
12778 1283s
*87*" **9*i*'
pref
Minneapolis & St. Louis
Do
pref
Do
48%
8218
812
113% 11234 11318 112% 113%
66% 67%
6514 6614
65% 673s
IO8I2 1083a 109
10912 10912 108
108%
108
108% 10734 1083s 108
Evansville & Terre Haute
31
30
Fort Worth & Denver City....
10
*9
Green Bay Winona & St. Paul.
*119
119%
Illinois Central
*10% 11%
Ind. Bloom. & West
*32% 35
Kingston & Pembroke
*14% 15
Lake Erie & Western
43% 43%
.Do
pref
90% 91%
Lake Shore & Mich. Southern.
*92
93%
Long Island
55
54
Louisville & Nashville...:
Louis. New Alb. & Chicago...
Manhattan Elevated,consol.. ‘**9*1% *93*’
78% 78%
Michigan Central.
MIL Lake Shore & West
Do
58
113
3612
& Om...
Chicago St. Paul Min.
*8
58
Sales
of the
LOWEST PRICES.
Tuesday.
May 29.
Monday,
May 28.
Saturday,
May 26.
ENDING JUNE 1, AND SINCE JAN. 1, 1888.
13% Jam 12
38% Jan. 10
41
May
4
1678 Jam 16
9% Jam 27
Jam
9
14% Jao. 24
32% Jam 30
30
34% Jam 17
Mar.
100
ACUTE BONDS AT N. Y.
BONDS—LATEST PRICES OP
Railroad Bond*.
20
1910
27% Jan.
Apr.
19
20%
b.
Atl. & Pac.—W. D. Inc., 6a,
83%
83%b
Guar., 4a, 1937
i-Vona 108 b. 108
Can. South.—let guar., 5a,
92%
92
2d, 5a, 1913
107 b. 106%b.
Central of N. J.—let, 7e,
120 a. 119 b.
Consol. 7a, 1899 —
120%b.
Convert. 7a, 1902
105 b.
Convert, deb. 6s, 1908
104%
105%
Generalmort., 58,1987......
112%t>. 114%b.
Len, & W.B.,con.7a, 1909,as’nt
b.
May
108% May
94% Jah.
89% Mar.
104% Feb. 108% Jan.
May
111% Jan. 119
Jan. 123% Apr.
115
1908
1890..
84
Jan.
Mar.
80
105
Feb.
Jan.
102
98
112% Apr.
101% Jan.
113% Jan.
115%b.
114%b. 113% Apr.
100
102 %b.
Apr.
1(*2 b. 102 b. 101% Apr.
Mort. 6a, 1936• - - - •
113 a. 110 b. 105% Feb.
Chea. & O.—Pur. m. fund 6a, ’98
66
b. 62% Mar.
6a, gold, aer. B,1908, coup, oil CO
62
66 b.
Apr.
Exten. coup., 4a, 1986
17
b. 17 b.
16% Apr.
6e, currency, 1918
102%
102%b. 90% Jan.
Mort. 68,1911
----105 b. 103% Mar.
Ches. O. & So. W.—5*6a, 1911...
100 %b. 101
b. 98
Apr.
Chlc.Bur. & Nor.—lat, 5a, 1926.
1133 b. 132%b. 129% Jan.
Chic. Burl. & Q.—Con. 7a, 1903. 1106 b. 106 b. 104
May
Debenture 5a, 1913 —
1 94 a. 94 a. 91 Mar.
Denver Divia., 4a, 1922
113
Jan.
>115%
115%
Chic. & East. Til -Con. 6a, 1934
96
97 %1).
Apr.
Chic. & Ind. Coal R., let, 5a, ’36 | 98 %b.
17
b. 118 b. 114% Jan.
Ch.Mil.<k St.P—lst,I.*feM.7a,’97 120%b. 127
123% Jan.
Consol. 7a, 1905
114 a. ,110% Apr.
!ll2
let, So. Min. Di v— 6a, 1910....
105
101% Jau.
101%
1st, Chi. & Pac.W.Div—5a, ’21
Jan.
100
1(2%
Wis. &Min. Div.-5a, 1921....
Jau.
102 %a. 100
5a,
Terminal
1914
I4 0%b. 139% Jan.
141
Chic. & N. W.—Consol. 7a, 1915 1*8
%a. 132 b. 128% Jan.
Gold, 7s, 1902
119
b.
118% Apr.
Sinking fund 6a, 1929
Apr.
108 b. 108 b. 106
Sinking fund 5a, 1929
109
b. 10 ♦ b. 107
May.
Sinking fund debent. 5a, 1933
104
Apr.
105% May
114% Feb.
_
107% May
116
May
115% Feb.
103% Jan.
104% Mar.
114% Feb.
70% Feb.
70% Feb.
........
28
Feb.
10234 May
108% Jan.
Apr.
107% Feb.
193
........
105% May
May
102% May
104
Jan.
146
132% May
121
Ill
Ill
Feb.
108
123%
100%
129
113
106
May
May
Feb.
Apr.
105 b. 10518b.’
May. 106% Apr.
97% May
v 6
b.
91% Mar.
130% Apr. 133% Feb.
133%b. 132»4
Mar.
104
108
122%b. 119% Jan.
120
b.
97
b.
97
1-3
a
May
97
123
68
72
98
61
70
a.
b.
72%
Jan.
89% Jan.
a. 101% Jan.
Feb.
l). 125
b. 122% Jau.
Kent. Centr.—Gold 4s, 1987
a.
98
Knoxv. AO.—1st, 6a, gold, 1925
10s
L. Erie A W.—lat g., 5a, 1937 .. 107%
LakeSh.—Con.coup., 1st, 7a, 1900 127 b. 126
126
123%
Con. coup., 2d, 7s, 1903
May
Jan.
137% Feb.
115
Aj r.
Mar.
99% Jen.
89% May
106% May
105%
92%
38
122%
Jau.
Jau.
Apr.
110
119
Jan.
May.
97% Feb.
May
117% May
Feb.
114
108% Jan,
Feb.
69
112% Jan.
89% Jan.
71% Jan.
88
Feb.
21
May.
111% Jan.
77
Jan.
75
Jan.
98
Apr.
69
110
2d, 6a, 1930
E. H. A N—1st, 6a, 1919
General, 6a, 1930
Trust Bonds, 6a, 1922
98
113
111
b. 96%
b. 114
114
b. 109%
11034b IO634
104
100%b. 99%
Ill
b. 107%
8734
9.%
b.
99
b 116
%
109%
10-40, 6a, 1924
101
50-3 ear 5s, 1937
Lou. N. A. A Ch. —1st, 6a, 1910. 1114
Consol., gold, 6a, 1916
| 92
Mem. A Ch’laton—6a, gold, 1924 jlOO
Metro. Elevated.—lat, 6a, 1908 113
b. 103%’b.
100
|U7
Pac. of Mo.—1st, 6s, 1888
2d mort., 7s. 1891
i 107 %b.
a
|lo*%
117
a.
102^
108
b.j 10 i
BTote—The letter “ b” indicates prioe bid, and
Apr.
115
May
Lit
93
105
Jan.
Mar.
Jan.
108
Jan.
105
2d mort., 7a, 1897
Cairo A Fulton—lat, 7a, 1891 104
80
Gen. Ry. A land gr., 5a, 1931.
St. L. A San Fr - 6a., Cl. A,1906
6a, Claaa B, 1906
6s, Claaa C, 1906
Gen’l mort., 6a, 1931
Gen’l mort., 5s, 1931
So. Pac., Mo.—lat, 6a, 1888...
Sfc. Paul M. A M.—let, 7a, 1900
2d, 6a, 1909
let cons., 6a, 1933
Do
reduced to 4 %s..
Montana Ext. 1st, 4s, 1937...
Shenandoah Val.—1st, 7a, 1909.
Gen’l mort., 6s, 1921...
So. Carolina—lat, 6a, 1620
2d, 6a, 1931
Inc., 6e. 1931
So. Pac., Cal.—lat, 6s, 1905-12..
So. Pac., N. M.—lat, 6s, 1911. ..
Tex. A Pac.—Inc. A Id gr, 7a, ’15
Rio Grande Div.—6s, 1930
May
Jan.
May
May
Apr.
Feb.
Jan.
Jan.
Ft b.
Jan.
May
Bid.
Alabama Class A
Class B, 5a
Class C, 4s,
3 to 5
1(9
1906i
1900
Arkansas—6s, funded.. 1899-1900
7a, Little Rock & Fort Smith, iss.
7a, Memphis & Little Rock, iss..
7a, Arkansas Cential RR
Georgia—7s, gold
1890
•flohliran—7s
;
11
j
1890>
105
106
90%
105
i
12
108
>
92
I
6s, loan
110% May
108
93
114
116
116
*1*1*5* *b*.
115
117
b.
Apr.
>114
Jan.
ilfisj b*. >112%
Jam
Mar.
83S4 Apr.
118
Mar.
118% May
IO634 May
93
May
105
May
117 % May
118% Mar
1C 6% May
40
Apr.
76
Jan.
105
May
113
May
104
May
99 34 Apr.
110
May
107
May
:lu5% May
b. 103%
80
113%
b. 1153s
May
114% May
Apr.
Jan.
Jan.
Jan.
103i2b. >103%b. 1003a Jan.
Jan.
10^%b. 104% :100
115 b. 112
Jan.
i*i*8%b. Hl6%b. 116 Apr.
7534 Apr.
59% Jan.
115% May
1! 8
Feb.
117%
lit 34
10534
103%
May
41
Jan.
May
May
May
114% May
110% Jan.
105
Apr.
40
May
104% Fel3L
48% Jan.
111% Jan.
112
Jan.
105% Jan.
92% Jan.
Jan.
118
118% Jan.
118
117
Jan.
May
104% May
102% May
114% May
118% Jan.
117 %b. 114 Mar. *117% May
98
May
97%b. ; 96% Apr.
j 86% ! 80 Mar. 86% May
118 b. j
97S4 !
8414
’
90
*3*0 Lb", 1 * *3" %b. | 29
lol
85
12
!. 69
Jan.
13
Apr.
% Apr.
b. 105% Jan.
108% Mar.
*
1*3 ”b.
97
114%b.
107
44
41
j> 46%
|
i
Apr.
Jan.
116
11 l
7o3aa.
69
Apr.
36% Jan.
it234 Feb.
87
May
1834 Jan.
b. 100 %b.
b.
95
Jan.
65
59
85
9a%
105
I) 101
99 %b.
93
Mar.
Apr. ; 51% Jan.
Mar. ! 73% Apr.
Apr. i 64 Apr.
Jan.
Jan.
Jail.
May
104
ilOTL May
>100
94
91% Jan.
May
Feb.
Jan. !l 16% May
100% Apr. >104% Mar.
121
113% Apr. ,121% May
111
b. 111. b. It9% Fen. i 112% Jau.
May
b. 109% Feb. 1112
109
b. 112
Apr.
112% May ! 116
11234b.
110% May
109
a. i*o*i* b. 10134 J an.
Pacific—1st, 6s, 1895
114
101 Lb.
'
1109
May
I 82
Feb.
i 47
Jan.
98% Feb..
90
Jan.
>109
Jan.
,110
91
May
Feb.
88% Feb.
>111 May
! 90
Jan.
1U3% May
! 100% May
i
it one r.tagj a e fro u accaal sales.
BONDS.
Bid.
1892
...1893
...1900
2-1898
Chatham RR.
Special tax, Class 1.
90% May
117% Jan.
130% May
lat, 6s, 1896
Denver Div.—6a, 1899
lat consol, 6a, 1919
100
Feb.
It'S
108
Oregon Sli. Line -lat, 6s, ’22..
78
Jan.
80
79 %b.
Virginia Mid.—Gen. m., 5s, 1936
i
37
Apr.
Wall. St.L. A Pac."- Gen., 6s, '20
I 9i
Jan.
Chicago Divison—5s, 1910
I 84
Feb.
Wabash—Mortgage, 7s, 1909..
Apr.
Tol. A Wab.—1st, ext., 7s, ’SO 11014 b. 110%b. 107
I). '107% Apr.
1( 9%b. 110
1st, St. L.Div.. 7s, 1889
85 ■ b.
85 b. > 85
Apr.
2d, extended, 7s, 1893
! 83 Jan.
jCou., conv., 7a, 1907
iio"b. i*fo *i*>* 105% Apr.
Great West.—1st, 7a, 1888
2d, 7a, 1893...
| 85 b. 85 b. 82 Apr.
1033a j 99% Jan.
West Shore—Guar., 4s
' 103%
94 % Jan.
99
b.
Wheel. A Like E.—1st, 5s, 1926 99 La.
due 1889 or 1890:
1892!
1894-1895|
New York—6s, loan
!
Kan.
Asylum or University, due
Funding
100
103%
10
10
1914,
{Missouri—6a
b.
b. 104
82
1921 106 b.
1935 OOUb.
h7
b.
Tol.St.LA Kan. C.—1st,6s, 19U
110 Lb.
Union Pacific —1st, 6s, 1899
lUl Lb.
Laud grant, 7s, 1887-9
12034 b.
Sinking fund, 8s, 1893
Tol.A.A. A Gr.Tr.—lat, 6s,
Tol. A Ohio Cent.—1st, 5a,
SECURITIES.
Ask.
106
105
1906
1906
6a, 10-20
Louieiana—7s, cons
Stamped, 4s
[
|
Gen. mort. A term., 6a, 1905..
Tol. A.A. A N. M.—lat, 6s, 1924
“a” price asked; all octie.- price 1 a
STATE
SECURITIES.
Feb.
50% May
.
II034 May
104
Fee.
102% Apr.
Feb.
Mar
Apr.
Apr.
b. 102
;
leb.
115
9038b. 100
1927
J4b. ;llO%b. 107
Ogd.—1st, 7s, 1891.
105%b. 105%
10 0% Apr.
Conaol., extend., 5a, 1922
10.314b. ; 98
lo2%
Jan.
St Jo. AGd.Ial.—1st, 6a, 1925
39 %b.
40
May
2d, income, 5a, 1925
Il4.%b. 112% Feb.
114
St. L. Alt.A T.H.—lat, 7s, 1894.
110 a. : 108
Feb.
2d, M., pref., 7s, 1894
101%!). >103
Jan.
2d., M., lnc., 7a, 1894
32 b. ! 35
39 a.
Apr.
Dividend bda, 6a, 1894
99 %b. ! 98
Jan.
St. L. Ark. A Tex.—1st, 6a, 1936
33 b. I 38
*37**1)'.
Mar.
2d, 6a, 1936
109
b. 109 b. !100% Mar.
St. L. A Ir. Mt.—lat,7a, 1892...
106 b.
May
Apr.
May
11813b. 113% Mar
Hi
105% Jan.
108
104Si Jan.
RomeW. A
Apr.
100
117
107%
May. 130
May. 110%
Mar. 113%
118
Jan.
115
100% Feb. 103%
115 b. 108%
|l< 4%b. 104 34b. 103
2d, 6a, 1899
127 b. «26
Mich. Central—1st, con., 7a. .’0* 126
Consol. 5s, 1902
|i08 b. 103 b. 10 7%
107
b. 107
Misa’ri Pac.—lat, cons., 6a,1920 ilOSL
Sd,7a, 1906
Jan.
Feb.
Jau.
Mar.
12134 Apr.
1173a Jam
HI
Mar.
108% Feb.
110
Jan.
59
Feb.
73% Jam.
63% Jam
106% Jam
116
Jam
105% Jan.
51
Feb.
93% Feb.
130% Mar.
106% Mar.
135
Feb.
111
Feb.
133
Jan.
'
127% May
126% May.
........
Highest.
118% May
■
May.
12o%b. I20%b. 119% May. 122
Long Island—1st, 7a, 1898
Jau. 114
114 %b. til
lat, consol., 5s, 1931
116% Apr. 1*3
Lou. A Nash.—Consol., 7a, 1898 117%b. 11S%
N. O. A Mobile—lat, 6a, 1930. 114 b. 114%b. 108% Jan. 111%
Lowest.
Imp. A Equip.—6a, 1922
64
60
Mar.
6s, 1920...
56 b.
50% Mar.
Consol., 5a, 1920
98 %
90
Mar.
Consol., 7s, 1904-5-6
113%
108% Jan.
A
Mobile
Ohio—New, 6s, 1927 ..
105% Jan.
let, Extension, 6a, 1927
43
Mar.
47
b. *48 **b*.
latpref. debentures, 7a
93 %
93
84% Jan.
Mutual Un. Tele.—S. f., 6a, 1911
130 b. 129i4b. 128% Jan.
Nash. Ch. A St. L.—lat, 7a, 1913
104
! 103
May;
N.Y. Central—Extend., 5a, 1893 104^b.
134
b. 132% Jun.
135
N.Y.C. AH.-lat, cp., 7a, 1903
110%b. 110 b. 1103% Apr.
Debenture, 5a, 1904
128
1127% May
N.Y.AHar.—lat, 7a, 1900.... 1*8 b.
90% j 90ia I 86% Jan.
N.Y.Chio.ASt.L.—lat. 4a, 1937.
11634b. >114. Mar.
1L7
b.
N.Y. Elevated—lat. 7s, 1906...
>131 H*b. 127
Jan.
N. Y. Lack. A W.—lat, 6s, 1921 131%b.
110%b. 110%b. 107% Jan.
Construction, 5a, 1923
|107Lb. 10238 Jan.
N. Y. A Nor.-1st, 5a, 1927.... 107%
>11312
109
Jan.
N. Y. Out. A W.—lat. 6a. 1914. 112%b.
92%b. i 90
92
Mar.
N.Y.Sua.AW.—lat ref., 5s, 1937
112
b.
109
Apr.
Midland of N. J.—lat, 6a. 1910 II314
81% a. ! 75
Mar.
N. O. Pacific—lat, 6s, 1920. ...
i 11712*). 112% Jan.
Norfolk A West. - Gen., 6a, 1931 il8”b.
115% Jail.
North.Pacific—1st,coup.,6a, ’21 119 b. >118%
10614
102
Jan.
1065s
Gen’l, 2d, coup.. 1933
92%
89%
89% May
Gtn’13d, coup. 6a. 1937.
103129. 99% Jan.
105
N. Pac.Ter.Co.—lat, 6a, 1933..
>117 b. 111% Jan.
Ohio A Miaa.—Conaol., 7a, 1898 118 La.
116
A pr.
! 117
2d, conaol., 7a, 1911
>105 Sib. 99% Jan.
Ohio Southern—lat, 6s, 1921. . i02""
35
a. ! 37
29
Mar.
2d,inc., 6a, 1921
3V1 ar.
70
7134b. i 72%
Omaha A St. L.—1st, 4a, 1937.
94% Jan.
10u%b. jl04-J4
Oregon Impr. Co.—lat, 6s, 1910 112 a. A13 a.
10834 Ft b.
Ore. R. ANav.Co.—lat, 6a, 1909
10114 j 103 %
96% Jan.
Consol., 5a, 1925
>
99
b.
97
Jan.
93
Oregon A Tranaoon.—6s, 1922.. Ill
b.
110
106
Jan.
b.
Peo. Dec. A Evans.—lat, 6a. ’20.
!
102
Mar.
108 a. 107
Evanav. Div—lat, 6s, 1920...
69
68%b. i "‘‘2
May
2d mort., 5s, 1927
I 52 %b. 51
54
Apr.
Rich A All.—lat, 7a, 1920, tr. rec
115%
Jan.
109
Riclirn. A Dan.—Cone., 6a, 1915 115%a.
118 b. 116
Mar.
Roch. A Pitts.—lat, 6a, 1921... 118 b.
Jan.
113%b. >116 b. 113
Consol., 6a, 1922
107
Jan.
Apr.
118
June 1 May 2b
since Jan. 1.
Mo. K. A Tex.—Con.,
Feb.
68% Jan.
81
Apr.
43
Jan.
103
104
Range
Extension, lat, 6s, 1913
Minn. A St. L.—let, 7a,
73
Apr.
a.
Jau.
Feb.
May
73% Jau.
Jan.
75
121% Mar.
79% Jan.
........
^
Feb.
114
Jau.
C. C. C. & Ind.—Consol. 7a, 1
112%b. 107% Jan.
Gen. 6a, 1934
Jan.
105
b. 104%b. 100
Col. Coal & Iron—1st, 6a, 1900..
63
Mar.
Col. H. Val. & Tol.—Con. 5a, ’31 63 34b. 70
63
Mar.
67
b.
70 b.
Gen. gold, 6a, 1904
118% May
llfk b. 119
Denver & Rio Gr.—let, 7a, 19C
75
Mar.
78
7.5%
lat con. 4a, 1936
Jan.
b. 71 %b. 71
Den. & R. Gr. W.- let, 6a, 1911. 71
60
Mar.
63 b
b.
63
Assented
76% May
Den. So. Pk. & Pac.—let, 7a, ’05 76%a. 76%a.
Det.Mac.&M.—Ld.gr.3%s,1911 34 a. 34%a. 34 May
95% Jan.
102%
£.Ten.V.& G. Ry.—Con.,5a, ’56 1<>2%
96
Mar.
Eliz. Lex. & B. Sandy—6a, 1902. 99 %a. 99%
132% Mar.
Erie- lat. consol, gold, 7e, 1920 I34%b. 134%
Jan.
b. 114 b. Ill
Ill
Long Dock, 7a, 1893
118
a. 1 16
a 115
Apr.
Con. 6a, 1935
93
93
May
97%
N.Y.L.E.&W—2d con. 6s, 1
77% Apr.
87%
Ft. W. ADenv. C. -1st, 6a, 1921 83
106 b. 107 a 101% Feb.
Gal.Har.A San. Ant.—lat, 6e
98
100 b. 108 a.
Apr.
2d M., 7a, 1905
90
Mar.
90 %b.
West. Division—lat, 5a, 1931.
Apr.
Gr'n B. W.&St. P.—2dinc.8a, 1911 3*%b. 36 a. 25
Jan.
121%b. 119
Gulf Col.A8an.Fe—1st,7a, 1909 121%
94% Apr.
94%b. 95
Gold, 6a, 1923
Henderson Br.Co.—lat. 6a, 1931 109 b. 110%a. 107% Mar.
Mar.
119
120%a. 111
H. A Tex. C.—lat M. L. 7a
112
Feb.
117%
let, West. D., 78,1891
112
110
a.
Apr.
lat,Waco A N. 7a, 1903
*1*05 b. 102 Feb.
2d, consol. M. L. 8a, 1912
*65 b. 68 %a. 65 Jail.
Gen. mort. 6a, 1921, tr. rec..
May
Ind.Bl. A W.—lat,pret.,7a, 1900 112 %b. 113%b. 110
80
79 u.
May
81 %b
1st, 5-6e, 1909, tr. rec
Feb.
68 a. 65
2d, 5-6a, 1909, tr. rec
80
*1
b.
May
East. Div.—6s, 1921, tr. reo..
15
Mar.
15 b.
21
a.
Income, 6s, 1921, tr. rec
98% May.
Int. A Gt.Nor.—lat, 6a,gold,’19 104 b. 104%
Coupon, 6a, 1909
Jan.
95
117% Feb.
100% May
119
Apr.
128
May
........
25-year debent. 5a, 1909..
Extension 4a, 1926
Chi. R. I. & Pac.—6s, coup. 1917.
Exten. & col. 5a, 1934
Ch. 8t.P.,M.<fe O.—Consol. 6a
Ch.St.L.A Pitta.—1 at,con. 5a, ’32
Jan.
103
Closing.
Mil. Lk.Sh. A W.—lat, 6a, 1921.
Ashland Div.—lat,6a, 1925...
Milw. A Nor.—M. L., 6a. 1910.. 108
105
3 04
106
Dock & Imp., 5a, 1921. ..
Central Pacific—gold 6a, 1898..
San Joaquin Br. 6a, 1900
Land grant 6a. 1890
Am.
Railroad Bond*.
Highest.
Lowest.
25
June 1 May
RANGE SINCE JAN. 1, 1888
STOCK EXCHANGE, AND
1.
Range since Jan.
Closing.
[VOL. XL\I.
THE CHRONICLE.
702
,
,
Rhode Island—6s, cou.. 1893-1894
South Carolina—6s, non-fund. 1883
'Brown consolidated 6s..;i.. 1893
103
104
107
109
110
36
10
20
Bid.
Ask.
Tennessee—6s, old
1892-1893
1912
Compromise. 3-4-5-6s
38
1913
1913
1913
New settlement—6s
os
3s
Virginia—6s, old
9
...i»io
...11)19!
93%
120
108
3%
106
62
Hs, deferred, trust ree
4
4-
109
64
71% 73.
108
105
100
97
70%
48
70
6s, consolidated bonds
6s, consolidated, 2d series
Ask.
50
71%
JUNE 2,
QUOTATIONS ON EKIUAT OP INACTIVE RUUSOVII
BONUS-STOCK EXCHANGE
BONUS.
Bid.
SECURITIES.
Ask.
Bid.
SECURITIES.
Ask.
Bid.
SECURITIES.
703
CHRONICLE
1HE
1888.J
Ask.
Pacific RR1*.—Central Pacific—
118%
Gold bonds, 6s
116
1895 115%
112
Gold bonds, 6s
)! 108%
1896 115 hi
0
Gold bonds, 6s
,116%
1897 115%
) 115
1
132
Cal. A Oregon—Scr. B., 6 1892 *104%
) *
7
1st, cons., fd. coup., 7e
1899:A 114
West. Pacific—Bonds. 6s
i
P
85%
Reorg., 1st lien, 6s
No. Railway (Cal.)—1st, 6s 1907 114
5 *138
1 *1 15
B. N. Y. A E.— 1st, 7s
>
South.Pac.,Ariz.—1st (.'8,1909-10 107
i *107
8*8
Union Pac.— 1st, 6s
1896; 115
1
98% 99
115%
90
1st,
6s
j
1897
108
1 *
ii’6*‘
118
1st, 6s
1898 116 117
90
S r 85
Evan.
Col. Trust, 6s
1908 104
Mt.
b*10‘2%
116
Col.
5!
103%
Trust,
5s
1907 *94
82
100
C. Br. U. P.—F. c.,7s
1895 104
103
A tell. Col. A Pae.—1st, 6s. 1905
>
119
J\
103
ioo *
! 97
Atch. J. Co. A IV.—1st, 68.1905 101
Grand Rap. A Tnd.—Gen. 5s..]
)
95%
Ur. So.—Gen., 7s
1909
i*08** Green B. W. A St. P.—1st, 6s 1911 ! 101 120
)
92 !
Exten., 1st, 7s
1909
971a Han. A St. Jos.—(’ona., 6s
1911 118
L
! 113% 114
Missouri Pac.—Trust, g.. 5s. 19’.7
c
Houston
A
Tex.
Cent
lstm
1.1
rec
|
)|i 75
00
113%
Vcrd’s V. Ind. A W., 1 -t., 5s. l‘‘2b
West Div. 7s, tr. rec
Ler. A C’y Val A L.,lst,5s.l926
| 105
!
2d m. 8s M. 1. tr. rec
7
)
Railroad Bonds.
'
(Slock Exchange Prices.)
Atoh. Top. A San. Fe—4%s ...1
—
....
58, void
Cost. H. Tun.
& W.—Deli
Brooklyn Elev.- 1st,
G.,
......
Burl. Ce. Rap. A No.Consol. A col. tr, 5s..
Ij 70
Registered
......
Iowa C.
A West.- 1st 7s...
’
Collateral gold, 5s
Ches. A O.—6s, gold, ser.
Coupons off
If
1£
Ga.—
If
A... 1 f
If
100%
100
105
105
68
114
West.—2d 6s...It
Chicago A Alton—1st, 7s
If
If
Sinking fund, 6s
Louis. A Mo. River—1st 7s..If
ekes. O. & So.
.
1
1951
1898
1921 ,yi*ii*‘
i”HI
1„78.1897
1951
Registered
115
Dub. A 8. C.—2d Div., 7s ...1894
Ced. Falls A Minn.—1st, 78.1907
1
1
115
115
j
1
_
1st, 7s, ex. fund, coupon....1900
rnd. Dec. A West.-M. 5s
1947
1948
2d M. inc. 5s
) 99
Lake Shore A Mich. So.—
!
Cleve. P. A A.—7s
1892
92
Buff. A Er.—New bonds, 7s. 1898
92%
Kal. A W.Pigeon—1st, 7s... 1890
Det. M. A T.—1st. 7s
1906
87 ;
85
Lake Shore—Div. bonds, 7s. 1899
1
1900
Consol., reg., 1st, 7s
*84%!
Consol., reg., 2d, 7s
1903
107
Chic. Burling. & Q.—5s, 8. f. ..1901
Iowa Div.-Sink. fund, 5s.. 1919 .*
Sinking fund, 4s
1919
1921
Plain, 4‘'
Nebraska Extension 4s
1927
Cldc. Burl. A No.- Deb. 6s....1896
Chic. Rock Isl. A Pac.—
Bee Moines A Ft. D.—1st,4s.1905
1st, 2%s
1905
Extension, 4s
1905
! 166
Keok. A Des M.—1st, 5s
1923 !
Cldc. M.A St.P.—let, 8s, P. D.1898 !1 127%’130
*
%j
Mahon’g. Coal
’
|
Fargo A South., 6s, Assn ...1924
Inc. conv. sink, fund 5s
Dakota A Gt. South., 5s
1916
1916
Chicago A Northwestern—
fiecanaba A L. 8.—1st, 6s... 1901
DesM. A Minn.—1st, 7s ....1907
Iowa Midland—1st, 8s
1900
Peninsula—1st, conv., 7 s
1898
Chic. A Milwaukee—1st, 7s. 1898
Win. A St. P.—2d, 7s
1907
Mil. A Mad.—1st, 6s
1905
Ott. C. F. A St. P.-lst, 5s.. 1909
1
--
1
J 97
i
?
96
112
126%
1
•
Iu7
|j
'
I
.
Debenture, ex coupon
Consol, mort., gold, 5s
1936
1
Atl. A Char.—l3t, pr., 7s
189
1891
!
*1
I08
122%'j
CL Col. Cin. A Ind.—1st, 7s, s.f.’99
J!
Consol, sink, fd., 7s
1914
Chic. St. Paul M. A O.—
Chic. 8. P. A Minn.—1st, 6s.1918 *122
Mobile A Ohio—Col. tr.
No. Wisconsin—1st, 6s
1930,
8t. Paul A S. C.—1st, 6s ....1919 *123%
Chic. A E. Ill.—1st, s. f., cur..1907 110%, 116
Gen. con., 1st, 5s
1937! 95%:
95%: 95%
95 | 1st, 7s
Chic. A W. Ind. —1st, s.f., 6s.. 1919 *112 J
Nash. Chat. A
General mortgage, 6
1932 *115 117
N.J. June.—G
Chic. A St. Louif,—1st, 6s
Registered certificates.
I
1915:
li
95
Cin. I.St.L.A
Cin. Jack. A Mac.—1st.g.,5s...1936
>
92% N. Y. A New Eng.—1st,
i;
95
1st.
1st, 6s
Cleveland A Canton—1st, 5a..1917!
Col. A Green.—1st, 6s
1916 *100
6e
1926
*70
Col. A Cin. Midland—1st, 6s..1914
1 91
Cteur d’Alene, 1st, 6s, gold. ..1916
'
*>eL Lack. A West.—
j
Convertible 7s
1892 108%!
Mortgage, 7s
1907
1140
-
Byra. Bing. A N.Y.- lst,7s.l90G 132%'
1914 141
Morris A Essex—1st, 7s
2d, 7s
Bonds, 7s
1891
|N. Y. P. A O.—Prior lien, 6s .
;N. Y. A Northern.—2d, 4s
91%’
94%:
-
-
N. Y. Susq. A West.—Deb.
2d, 4%s
|
7s
1895'
1927;
1905;
19051
1905
6s... 1897
1937,
N. Y. N. H. A II—1st, reg.
N. Y. Tex. A Mex.-lat, 4s
Northern Pac.—
141%
109%!.... !l
1900*120
1986,
4s. 1903
1901 *123
'
Dividend scrip
Dividend extended
.lames River Val.—1st, 6s. .1936
Spokane A Pal.—1st, 6s
1936
St. Paul A N. P.—Gen., 6s.. 1923
125
let,
cons., guar.,
6s
1906
Registered
Kens. A Sar.—lsr, coup.,7s. 1921
Registered
Det. Bay C. A Alp.-1st, 6.... 1913
123
i.42%
Adjustment M., 7s
1934
1924
......
104
K
88%
70
1
Tol. Peoria A W.—1st 7s, Tr. rec...
Valley R’.v Co. of O.—Cou. 68.1921
107
107%;!Virginia Midland. - Inc., 6s... 1927
Ij
No price Friday;
1937
made this week.
Tr. rec.
Chicago Div, ,5s, Trust rec
Havana Div., 6s
1910
Indianapolis Div.—6s
1921
Detroit Div.—6s, tr. rec
1921
Cairo Div.—5s...
1931
Wab. St. L.A Pac.—Gen. 6s,
*7*2
122
104
1U3
Wabash. M., 7s, Trust rec
Toledo A Wab.—1st ext.,Tr. rec.
Si. Louis Div., 7s, trust ice..
2d M. ext., 7s, Trust rec
-----
48%; cO
Is83
Equip, bonds
;
Consol, conv. 7s, Trust rec..,.
Gt. West.—1st, 7s, Trust rec
2d, 7s, Trust rec
*70
103
117
105%
41
84
84%
105%
83
9u%
90
92%
85
19
80
90
85
93
1890
Quin. A Tol.—1st, 7s
Hau. A Naples— 1st, 7s
190s
1912
11158
St.L.K.C.AN.--R.E.A RR.7s.’95
Clariuda Br.-6s
191
100%:
8t.Charles Br’ge— 1st,6s. 1908 *103% 104%
118
No. Missouri—1st, 7s
1895 115
!
98% 99%
West.N. Y. A Pa. —1st, 5s
lt>37
Ill. A So. Iowa—lst.ex.Os
104
115
2d
102
m.
40
1927
gold 3-5s
Frank—1st 7s...1896 114
101% West. Va. C. A Pit s.- 1st, 6s.. 1911 *106% 106%
iWest. Union Tel.—Coup. 7s.. .1900 116
:N. W. Telegraph—7s
1904 100
Market St. Cable Ry., 1st, (-8.1913
86
Mauliat. Beach Imp. Co.—7s. 1909
Warren A
■
■
99
105
112
107
108
107%
......
1927
these are latest quotations
il*2%
89
1
j Oregon A Cal.—1st, 5s
Panama—Sink. Id., sub., 6s...1910
Peoria A Pek U’n—1st, 6s....1921
2d M., 4%s
1921
Divisional 5s
6s.. 1937
1931 110
St. Paul A Duluth—1st, 5s
Sodus Bay A So.—1st, 5s, g...l924
45
Tex. Central—1st, s. f., 7s
1909
45
l6t inortg. 78
1911 *115
Tex. A N. O.—1st, 7s
1905
Sahine Division, 1st, 6s
1912 101
100
1905 1*0*638
94
1930
E.& W.of Ala.— 1 st,cons. 6s,g., 1926
ElU. C. A N.-S.f., deb., 6a. ..1921
%Bt inortg.. 6s
1920
Range—1st, 5s. 1937
90
116
*
ij Springfield Div.—1st, 7s
Ga.—1st, 7s... 1900
Duluth A Iron
guLSo.Sh.
A Atl.-5s
E. Tenn. Va. A
It 4%
1922
Min’s U11.—1st, 6s
Mont. Cm.-1st. guar.,
115
92
100
12.% IjOgd. A Lake Ch.-lst, 6s
1920
ifOhio A Miss.—Cons., s. f., 7s..1898
107% 108% j
1932
General 5s
92 4
93
; Ohio Cent.—1st T«-r. Tr., 6s... 1920
86
i
Min. Div.—1st, 6s
1921
125
Ohio River RR.— 1st, 5s
120
1936
60
104
Coupons off
....
-.
7s
St L. A I. M.—Ark. Br., 1st, 7s. 1895
24
Cairo Ark. A T.—1st, 7s
1897
122
St. L. Alton A Ter. Haute—
113
Bcllev. A So. 111.—1st, 8s. ..1896
113
Bellev. A Car.—1st, 6s
1923
106% 8t. Louis A Cliic.—1st, con.6s.lo27
8t. B.Miun A M.—Dak.Ext.,6s. 1917
Registered
Imp. A Ext., 6s
91
40
7s™*.*.’!”.*1917
Registered
1926
1910
...1912
Helena A Red M’n—1 st,g.,6s.l937
Dul. A Manitoba—1st, g. 6s.1936
1st, con., guar., 7s
1915 *136
Do Dakota Div.—lsr,. 6s.1937
DeL A Hud. Canal—1st, 7a... 1891 110% ....
Hel. B.Val. A Butte, 1st, Os.1937
1st, ext., 7s
1891 *107 1
Drummond AP’bg —1st, 5s 1937
Coupon, 7s,
1894 ilo%i
Helena A No.—1st, g’d, 5s.1937
1894< 113%
Registered, 7s
/
La M. A Mo. Riv.—lsr, 5s
1937
Pa. Div., coup.,
*142
1142% N. O. A No. E.—Pr. 1., g., 6s ..1915
Registered
1926
Albany A Basque.—1st, 7s.. 1888 103% 103% New Or. A Gulf— 1st, 6s
1st. cons., guar., 7s
1906 130 131 1 Norf. A W.—New Riv.-lst,6s.l932
7s of 1871
89
1st, 6s, 1886
1910
1921
1936
1934
1926
1911
1890
99
1892
1931
1920 108
1918 120
19181
109
1901
Southwest Ext.—let, 7s
83
;Rich. A W. Pt. Ter’l. Trust6s.. 1897
Scioto Val.—1st, cons.,
1909
I
84%
San Ant.A Arans. —1st,6s,'85-1910
120
*
100
1900
Incomes
A
1907
1924
"1!
1
Chic.—1st,g.,4s .1936
Registered
I
*
.1931
.1931
1891
Conv. deb.. 5s
l
n
120%'
128%'
112
||
|
!iijMilw. Lake 8.AASag.—6s
West.—
Jack. Lan.
\
126
1934
1911
.1911
.1909
*76%
108
115
6s.l927
:
R7
Lou. N. O. <5
2d mort.,
143
—
Rich. ADany.—Deben ure
........
Chic. & Mo. Riv. Div., 5a ...1926
Mineral Point Div., 5s
1910 100
C. A L. Sup. Div., 5s
1921 *100
108%
118
Buff.Roch.APirts.—Gen , 5s.l937
i
,
100
108%
..1921
128% 1129
121 %l 123
1 1 ine Creek Railway*— 6s of 1932
124% 125% j] ‘itts. A Wcste n—1st, g., 4s.. 1917
itts. Cleve. A Tol.— 1st, 6s. ..1922
:.....;i23 jij itts.
10 a *2
1922
Junction—1st, 6s
II itts. McK. A Y— 1st, 6s
1932
r itts. Y. Ai Ash.—1st 5s
1927
1
lochestor A Pittsburg—
2d, 7 3-1 Os, P. D
1898 117 | 129
let,7e,$g., R. D
1902 127% 115 ! N. Y. B. A M. B.-lst,g., 58.1935
..I
jLouisv. A Nasliv.—
I
let, La Crosse Division, 7s.. 1893
Cecilian Branch—7s
1907; loo ~
1899 119%' i29
1st, 1. A D., 7s
.....1920 1D2
ji Pensacola Div.—fcs
let, C. A M., 7s
1903 127%
;
1921
Ij) St. Louis Div.—1st, 6s
let, 7e, I. AD. Ext
1908 126
2d, 3s
1980! 56
let, 8. W. Div., 6s
1909 *115
jiij Nasliv. A Decutur— 1st, 7s.. 1900
let, 5s, La C. A Dav
1919 105 j
let, H. A D., 7s
1910 123% lt4%;i
.1931
let, H. & D., 5s
1910 *101 58 103%
1921 .* 921
Chicago A Pacific Div., 6s..1910 12l3fc'123 j
1934 ,* 87
101
92%
39%
Cons., s. fd., 7s.lo00 125% 126%
1892 103%i
4th, siuk. fd., 6s
117
St. L. V. AT.H.-lst, g., 7s. 1*97 ‘116
2d, 7s
1898
2d, guar., 7s
1898
120%'122
RR.—1st, 5s.l934
103
102
105
1912 139
1912 131%
Clev. A P.
%!
i
70
IbO
109%
92%:
38%
1st op.. 1921
2d, 7s
3d, 7s
110%
*
97
Pitts. C. ASt.L.—lst,cp..7s. 1900
Pitts. Ft. W. A C.—1st, 7s... 1912
90
•
..
Pa. Co.’s guar. 4%s,
Pa.
4 %s, reg
75
102%
!1
| 107
10,8%
St. L. K.ASo.Wn. —1st. 6h.1916
Tex. A Pac.,E.Div.- 1st, 6s 1905
1st, gold, 5s
‘. 000
2d. income. 5s
2c00
*ii2
60
105
1st, 6s, Pierce C. A 0
1919
1895
Equipment, 7s
1st, tru-t, g'dd, 5s
1987
Kan. City A 8.— 1st, 6s, g.1916
Ft. S. A V. B. Bg.—1st, 6s. 1910
i’2’0**
1897
1907 117"
1st, consol., 7s
2d, 6s
Gold, 5s, coupon
116
| 114
114
1
Middle Div.-Reg., 5s
C. St. L. A N. O.—Ten.
i
115
120
St. L. Jacks. A Chie.lst, guar. (564), 7
Springf. Div.—Coup.,..6s,
!
St. Louis A San Fraucisco—
95 %
94%
1st, gold, 3%s
1
;
105
ist, gold, 4s. 1951
.
122% 123%
1
I
"id'
7s... 1898 j*
Hous. E. A W. Tex—1st,
Illinois Central¬
:
Illinois Division—1st 6s
Cons, cold bonds, 6s
Cent. RR. A Banking Co.,
1*0*7* ’
118%'
| Am. Water
Railway—
6s
Bir. Div.—1st con. 6s
Col. A Hock. Coal A I.—6s,
Georgia Co., N. C.— 5s
1917
1917
g..l9L7
84
3d pref. debentures
4th pref. debentures
N. Y. L. E. A West.—Inc., 6s.. 1977
87
*96%
1937
Income Rond*.
(Interest pay able if tamed.)
Atl. A Pac.—Cen. Div
1922
Ind.Dee.A West, income
Mil. Lake Sh. A W.—Income
Mobile A Ohio—2d pref. deben
*7*2
103%
Works Co.. 1st. 6s. 1907
Tenn. Coal Irou A
Tenn. Div., 1st,
27
29
25
27
23%
CHRONICLE
fHE
704
Bank Statement for the week ending May
We omit two ciphers (00) in all cases.
New York City
26,1888, is
a9
I
[VOL. XLVk
SECURITIES.
Bid.
Ask.
SECURITIES.
Huntington & Broad Top
16
1634
Lehigh Valley
Little Schuylkill
6234
63*2
52 V
Minehill A S. Haven
64
Perkiomen—1 st, es.cp.’H'*
Penn. AN. Y. Can.—7s,’ 96
Phila. A Erie 1st M., 7s.
Phil. A R.-lst M., 6s....
Nesquehoning Valley....
Northern Central....’.
North Pennsylvania
53*o
follows.
Preferred
Banks.
Capital. Surplus.
Loans.
Specie.
Legals.
Deposits.
$*
$
$
$
(00» omitted.)
$
$
Bank of New York...
Manhattan Co
Merchants’
Mechaulcs’
America
2,000,0
2,060,0
2,000,0
2,003,0
3,000,0
1,000,0
1,000,0
1,030,0
1.549.9
1.112,7
11,200,0
790,0
6,9 .-8.0
1,574,2
1.814.9
8,645,0
11,43^,1
8,602,0
2
400,0
645.6
9.940.1
7,653,0
11.324.1
219,0
3,187,0
973.0
210,9
896 8
16.825,3
3.6 42,0
2,279,0
233.7
9.520.4
2.754.6
300.0
600,0
6,557,0
18.440.1
Gallatin National
l.OCO.O
1,209,0
8.328.1
499,9
7,827,"
365.2
1,607,9
Butchers’ A Drovers’.
Mechanics’ <ft Traders
Greenwich
Leather Manufaot’rs.
Seventh National
State of New York...
300,0
200,0
200,0
600,0
300,0
1,200,0
6,0‘0,0
City
American Exchange..
Commerce
105.3
233.1
14,275,0
674.8
343.3
4,093 0
84,7
257.2
2,324,0
14 812,0
3.214.9
1.546.7
17.650.1
4.280.5
663.2
5.164.7
7,45^,0
300.3
772.3
2.318.4
9,039,3
4,385, l
1.833.1
2.853.9
12,768,8
1.173.3
3.211.8
1.257.1
472.3
1.465.6
3.750.8
450,0
491.1
200,0
7U0.0
1,000,0
500,0
600,0
217.7
North America
Hanover
Irving
Citizens’
Nassau
321.6
969.1
203.4
500,0
750,0
Market <fc Fulton
St. Nicholas
600,0
500,0
Shoe A Leather
Corn Exchange
Continental
Oriental
1,000,0
1,000,0
Importers’ & Traders’
1,500,0
2,000,0
300,0
Park
North River
East River
Fourth National
Central National
Seoond National
Ninth National
First National
4,463,0
2,090.0
887.8
134.6
3.678.1
4.223.2
2,040,7
Fi4th Avenue
3,531,0
4.314.4
21.714.6
482.4
138,3
4.828.6
1.482.8
2.381.2
475.4
143.8
2.383.0
2,276,0
760,0
155,0
2.993.5
2.650.9
7.467.2
435.4
138.5
620,0
2.389.9
2.626.7
2.312.7
3.924.3
2,539,1
2.312.8
1.500.6
3.564.7
1,991,6
2,011,3
1.810.4
9.365.8
92,3
425.2
389.6
92,2
3.848.4
362.5
886.7
109.2
173.2
971.6
610.2
612,0
426,0
226.3
182.8
347,9
204.3
328.3
165,0
1,088,4
200,0
70,1
150,0
300,0
200,0
60,762,7 50.381,5
1,310,2
20.446.4
1.409.7
3.776.6
170.9
3,500,0
508,5
4.720.1
600,0
200,0
114.9
1,65 ,7
1,114,0
318,0
116,7
363.3
67,0
195.8
496.1
638.4
164.6
203.1
237.3
411,5
185,0
130.2
300,0
212.9
214.7
351.9
499,7
500.0
3,729,9
1.521.6
4.306.3
859.2
288,8
6.611.1
200,0
200,0
German Exchange...
126.9
274.9
4,080,1
1,556.1.
3,417,0
6.283.2
5.489.3
2,050,0
23,084,2
21,396 2
2.249.6
1.484.1
17,258,7
7,365,0
4,293,0
5.223.1
106,1
19.995.5
804,0
805,0
200,0
750,0
500,0
100,0
2,989,0
277.8
255,0
887.9
351.8
2,02' ,4
2.956.7
New York County....
German-American
Chase National
240,0
493.9
1,045,4
6,950.0
Boweiy
3,033,0
2.972.6
200.2
0,746,2
3,200,0 1.395.1
567.5
2,000,0
»
13.757.3
319,0
17.074,5
300,0
250,0
373.8
970.9
676,0
17,364,3
1.975.4
1.328.6
194.5
263.7
129.8
3.10s,0
1,799,0
101.5
121.2
1,000,0
Total
2.444.6
321.9
864.8
376.6
631.2
459.7
1.687.5
1,020,5
616.3
829.7
2,876,8
720.6
628.3
298.7
912.5
297.2
4,259 6
1,732,0
300,0
750,0
600,0
Germania
United States
Lincoln
Garfield
Fifth National
Bank of theMetrop..
West bide
Seaboard
Sixth National
Western National....
2.514.4
14,403,9
4.657.4
8.252.4
3.163.8
8,961,7
4.873.1
2.703,0
3,82’,3
1,493,3
1,949.0
776.6
623,0
212.8
237.1
1,071,8
283.1
336.7
240,0
250,0
Third National
N. Y. Nat l Exchange
2,824,0
365,9
163.7
970.1
1.547.5
3,024.9
1.371.3
7.619.6
163.3
986.7
879.2
377.9
580,1
1,951,6
363,846,6190,525,9,36.257,0
3.146.4
2.814.1
4,072,3
3,074,3
2.836.4
1.791.2
4.476.7
2.245.9
2,726,6
2,201,0
9,037,3
393,953,
1888
$
$
L. T’nders.
May2l 411,877,300 10,710.200
19 142.447,500 ll.( 89,600
L“ 26 143.74) ,000 11,239,300
“
Deposits.*
$
$
3.140.200 113.013.400
3,171,500 113,931,600
3.308,1Oo 115,218,500
1888.
May 12...
“
“
19...
26...
Lawful
Mon’y
89.665,100
89,562,400
89,201.600
26,266,200
26,811,000
$
6.315.600
6.160,700
$
88.749.78i
84.876.60j
6,2ol,900
80,379,107
Cons. «s. C.& R., 192S.
North Penn.—1st M., 7s.
N.Y. Phil. ANorf —1st, 6s
Deposits.*
Circula’n
$
$
89.028,300
2,723,360
90,384,800
2,725,200
90,621,300
2,719,040
Agg.CFngs
56,241,805
64,031,337
59,296,244
Quotations in Boston, Philadelphia and Baltimore:
Following are quotations of active stocks and bonds. A full
list is given in the Chronicle the third Saturday of each month
Bid.
BOSTON.
RAILROAD STOCKS.t
86 *e
Atchison A Topeka
Rpston A Albany
v 164
Boston A Lowell
210*3
Boston A Maine
Boston A Providence.... §
California Southern
20
Central of Massachusetts
Atch. & T’p’a.—(Cont’d)—
main, 5b
x
‘*89*
Preferred
Fans. City Clint.
Kan. City Ft. 8.
Preferred
& Spr’g.
<fe Gulf..
K. C. Memph. & Birm.
40
103 H
§
....
14 *a
14
115
166
17
Wisconsin CeLtral
"ii*4
! 36
Preferred
BONDS.
Atoh. A Topeka— 1st, 7s.
Coll. Tmut 5«
»Ex-dividend.
120H 121
95 *2
95*4
t Per share.
114
88
Eastern,Mass.— 6», new..
K. C. Fort Scott A G.—7s
ii6**
,
89
87
126
*
Ex-dividend.
94*4
95
120
113
96
110
105
65
**97*"
66
66 *4
20
« 19*4
:i123*4
7s..
1115
Southern Kansas—6s
Texas Division—5s
Incomes
Wiscon. Cent.—1st M., 5s
Income os
PUi 1j A DELPHI A.
RAILROAD STOCKS. 1
Bell’s Gap
Camden <* At antic,pref.
Delaware & Bound brook
East Pennsylvania
Elmira & Williamsport..
Preferred
i Last price this week.
99
,100
I
95
96
90
106*9
...
90
100
48
116
50
83
114
BON l»H.
132
j
§117
98*o
130
101
101 Vj 1013*
Ohio—4s
Cape Fear A 5 ad. - 1st, 6s
Cent Ohio—6s, 1890
...
Char. Col. A
Aug.—1st, 7s
98*5
104
112
99
.
....
113
99*a
C\n. Wash. A Bait.—lsts.
■
73
38.
2ds, 5s
15
1st Inc., 5s, 1931
Seab’d& Ro’n’ke—5s, 1926 i
1
Union (end Canton), 6s...
West, Md., 3d guar., 6s.. 2119
L30*o
121*4
...
..
121
110 *2
120
i Last price this week.
+ Per share,
New York Local Securities.
Bank Stock List.
] Ask.
174*oil75*o
America
Am. Rxoh
.
.
100
260
Butchs’dfc Di 170
Central
124
235
Chase
230
Chatham
Asbnry Park
3400
140
320
Citizen ft*
City
Commerce
BANKS.
Bid.
BANKS.
169*4
..
138*4
110
Gallatin
GAS
....
..
175
130
3800
1*70
Mechanics’
M’chs’&Trs’
Mercantile..
Merenants*.
M’rch’ts’Ex.
-
Metropolit’n
Metropolis...
Nassau.
City
Brooklyn Gas-Light
Citizens’ Gas-Lignt
Bonds, 5s
Consolidated Gas
Jersey City & Hoboken...
Bonds, 6s
(Bklyn.)
Sorip
Nassau
....
215
270
115
200
120
190
345
150
199
161
170
160
155
145
139
118
Ask.
103
54
100
72
165
114
90
100
100
97
355
167
Bklyn. Crosstown—Stook.
1st mort., 7s, 1888
Consol., 7s, 1902
Ohrist’phr&lOth St—Stk.
Bonds, 7s, 1898
Dry Dk. E.B.& Bat’y—Stk
1st mort., 7s, 1893
Atch. A
Elev’d—stock..
No.—Stock.
Ohio—Receipts
Chic. Burl. <fc
2d l'ref Receipt* __
Chic. A Atl.—Ben., tr. rec,
ChlO Da5* Trust,
Den. <fc Rio Or. W.—St’k.
Dul. S. Shore <ft At.— Stk.
East A West RR.
Georgia
1st 6s
of Ala.
Pao.—Stock
2ds
Henderson Bridge—St’k.
Kanawha A Ohio
132
135
140
126
...
...
St.Nicholas.
Seventh......
143
120
12*3
10H
235
153
Seoond
Shoe&Leath
Stateof N.Y.
Tradesmen’s
Tnited St’es
-*••••
145
1*8*8
ibB
172
164
186
134
144
111
120
300
144
112
105
210
138
150
116
130
150
120
GAS COMPANIES.
71
73123
111
People’s (Bklyn.)
102
106
100
Equitable
Bonds, 6s
180
104
104
100
95
115
110
225
212
100
140
150
116
81
116
120
111
146
Ask
Bid.
150
160
120
83
118
125
113
150
107 *a 109
106
110
Broker, 145 Broadway.]
42d St. Manh. A St. N.Ave
1st mort., 6s, 1910
2d mort., income, 6s
fonst. W.St.&P. F’y-Stk.
1st mort., 7s, 1894
Slnth Ave
Second Av.—Stock
1st mort., 5s, 1910
Sixth Av.—Stock
1st mort., 7s, 1890
Third Av.—Stock
Bonds, 7s, 1890
Twenty-third st.—stock..
1st mort., 7s, 1893
SECURITIES.
30
35
Mexican National tr. rec.
1st mortgage, tr. rec—
New 1st 6s
N.Y. W.S.& Buff
N. Y. A Green’d Luke, 1st
5*s
2d mort
107*1
220
112
38
32
108*2 109**
56
50
165
112
110
75
107**,
106
■
•••M
103
105
160
106
220
170
110
220
102
226
110
112
218
10L
both Exchanges:
Ask.
38
107
155
6s 104
160
Eighth Av.—Stock
105
Scrip, 6s, 1914
42d A Gr’nd St. F’rv—Stk 210
110
1st mort., 7s, 1893
D. D. E. B. <fe B.—scrip,
Bid.
60
100
82
110
135
109
110
118
Bid. Ask
7^4
6 34
39*2
101
99
3
2
2d
•••••«
8
6
90*2
N. Y Mutual Tel
13
10
N. Y. A Northern
22
20
Pref
7
New Jersey & N. Y.—1st. 100N. J. Southern
5
3 *s
105
35
Ocean Steam.Co.,1st guar. 103
3
*10
11*2 Pensacola A Atlantic....
100
Port Royal & Aug.—1st...
7
6
35
Incomes
26
23
90
Rich. York Riv. A Ches..
20
11
St. Joseph A Grand Isl...
15
12
109
\St. -L,ouis & Chicago
108
4
Pref
46
46*s
••••••
St. Paul E.& Gr. Tr., 1st 6s 93
100
25
Tol. A. A. A N. Mich
3
Toledo A Ohio Central.... 20
7
35
:--5
Pref....
16
Toledo Peoria
West...
65
72*2
1st. 4s
9
7*2
90
Vicksb. & Meridian—1st.
81
83
40
2d mort
3
6*2 **7*V»
Incomes
15
1*7* *2
1*4
34
37
40
Stock, pref
96
94
Western Nat. Bank
88
85
West N. Car.—Con. M
21
25
44
6
■
50
*8*2
V
"7»
1*4“
6"
......
*
.
1st pref
2d prnf
1 «t, 6r
Kan. City &
1st mort
226
120
Williamsburg
106
Bonds, 6s
72*a Metropolitan (Bklyn.)— 80
105
Municipal—Bonds, 7s
133
Fulton Municipal
105
92
Bonds, 6s
112*a
4
Chesap. A
Etepublio
105
56
103
28
Pike’s P’k, 1st 6s 10J
Brooklyn A Montauk....
218
200
Pnenix
170
Unlisted Securities.—Quotations from
SECURITIES.
"Jew York
ST.Y. Countv
ST. Y. Nat.Ex
'finth
S. America.
'forth Riv*r.
Iriental
Pacific
Park.........
People’s.
Ask
Bid.
..
[Clity HR. Quotations by H. L. Grant,
’okerBt.&Fult.F.—Stk. 26
111
1st mort., 7s, 1900
•r’dway A 7th Av.—St’k.. 160
102
1st mort., 5s, 1904
103
2d mort., 6s, 1914
B’way Snrface bds...l924 85
Bonds guar., 5s. 1905 ... 85
112
Brooklyn City—Stock
106
1st mort., 5s, 1902
B
Bushw’k Av. (Bkln)—St’k
Central Crosstown—Stk..
1st mort.. 6s, 1922
Cent. Pk. N.& E. Riv.-Stk
BANKS.
Railroad Stocks and Bonds.
Bid.
COMPANIES.
Ask.
Bid.
Garfield
Gerrn’n Am..
Germania.
Greenwich..
Elanover....
I m.<fc Trad’s’
I rving
Leather Mf ft’
Manhattan..
Market
126
Continental.
206
Corn Exch... 203
130
11th Ward.. 140
Fifth Ave... 800
2000
Pirat
138
133
Fourth
Brooklyn
113*8
117
122
121
fis
Baltimore
103
Inco.ne, 6s
113
103*2 104tj
I 99
Ogdens. & L.C.—Cons., 6s §
Rutland—5s
9434
il4l
Norwich & Worcester....
105*4
111*9
Consol, of Vermont—5s..
Mexican Central—4s
income
N Y.A N. Eng.—1st,
1st mort., 6s
2d mort.. 6s.
7 6
12
112
116
—
§120*2
Kan. C. Spnngf. <fe Mem.
Little Bock & Ft. Smith..
Louisville Evans. & St. L.
Preferred
Old Colonv
Vermont & Mass
107
Louisv.Ev.ASt.L.—1st, 6s
2d mort., 2-6s..,.
§
Mar. H. <fc Ont.—1908, 6s, 100
9 534
1923,6s
90
42
..
Maine Central
Mexican Central
N.Y. <fc N. Eng., pref
Northern
Mortgage, 5s
i
Trust, 6s
Kans. City Law.& So.—6s
K.C. Memph. & Birm—5s
Kan. Cit. St. Jo.&C. B.—7s
K. City Sp’d <k Mem.—6s
K.C. Clint. A Spring!.—5s
Little R. A Ft. 8.—7 s
124
Preferred
90 34
102*9
Exempt, 6s
Non exempt. 6s
285
Land grant, 7s
40
California South.—1st, 6s.
21*4
income, 6s
North.
Fitchburg, pref
Flint A Pere Marquette.
Ask.
Burl. & Mo. R. in Neb.—
115
52
Chicago & West. Mich...
Cl eveland A Canton
Preferred
Detroit Lansing <fc
Preferred
Eastern
86*3
200
166
41
Preferred
Cheshire, pref
Ohio. Burl. «fe North’ll....
Bid.
SECURITIES.
Ask
1 ne.omo,
121
140
Penn.-Gen.,6s,coup.l910
Cons., 6s, coup...1905..
Cons., 5s, coup
1919.
4 *qs, Trust Loan
20
Atlanta A Char.—1st, 7s.
102
2d, 7s, reg.,1910
75
99
Wilm’gton Col. A Aug’sta
RAILROAD
Leh. V.—lBt,68,C.<ftK.,,Wfr
73
2 50
Pieferred
Northern Central
104
111
Mutual (N. Y.)
“due to other hanks.”
securities.
92
121
118
131
121
Del.cfeBd.B.—1st, 78.1905
SQ
101*4 10H*
Baltimore & Ohio
1st pref..
2d pref
124
112
Elmira A Will’m.—1st, 6s
Harris. P. M’t J. & L.—4s
Hunt’n <ft B. T.—1st, 7s
2d mortg., 7s
...
Consol. M’, 5 s
1 ]Ql.
82*4
98*4
RAILROAD STOCKS.t
122
6s
119
1896
BA LTTOTORE.
111
Delaware -Mort., 6s
,
_.
102*0
Metropolitan—Bonds
$
25.354,700
"Including the item
109 *2
Circula’n. Agg.Cl’nge
Philadelphia Banks.—The totals have been as follows :
Loans.
23
Catawissa—M. 7s, 1900.
Clearfield A Jeff.—1st, 6s
Col. & Cin. Mid.—1st, 6s.
Boston Banks.—Following are the totals of the Boston banks
Specie.
......
......
Inc. 7s, end., coup., ’94.
Bells Gap—Cons.. 6s
Cam. A Amb.—M., 6s, ’89
Camden A At 1.—1st M., 7 s
131*,,
******
Cons. 5s, lstser., 1922.
Cons. 5s, 2d ser.,0.,1933
Debenture coup., 1893.
Deferred incomes, cp...
Phil. W. A Balt.—Tr. c..4s
Warren A Frank.—1st,7s
West Jersey—1st M., 7s..
W. Jersey A Atl.—1st, 6s
......
115
7s, E. ext., 1910
Connecting
Income,'7H, rCrmp
2i3*o
60
""***•“
122
111
Gen., 7s, conp., 1908
30
49
Sunbury A Lewiston
Gas and
Loans.
52*o
28
Allegh.Val.-7 3-1 Os. ’86
115.8
765.6
76.9
618.3
83.9
405 0
62*4
29 7e
4.703.2
2,444.5
2,427,0
1.120.7
2.767.4
-
Pennsylvania
100
102 34
Imp.,'6s,g.,'coup., 1897 1*20
1 1 R lo
80*o
Phil. A Erie
Phila. A Reading
3,844,0
655.4
121,0
Chatham
Peoples’
629.8
653.7
181,1
83
Ask*
il5
2d, 7s, c. <fc r. 1893
Onna., 7«, ennp1911
Cons., 6s, g., I.R.C.19li
.....
New York Phil. & Norf..
United Co’s of N. J
West Jersey
RAILROAD BONDS.
2.186.7
2,011,0
Republic
Mercantile
2.593.7
21.657.2
282/2
138.5
5,000,0
1,000.0
1,000,0
422,7
1,600,0
Broadway
3,342 0
4.607.4
141,0
909,0
908,0
481,0
517.5
Tradesmen’s
Chemical
Merchants’ Exch’nge
11,340,0
10,616,0
3,768,0
3,730,0
1,460,0
3.222.6
758.0
Phenix
1,060,0
3b°a
Bid.
...
...
.....
Omaha
Lehigh & Wilkes. Coal...
Mahoning Coal KB
Mex. Nat.Construct’n
Co.
*2<r
June 2,
THE
1888.J
CHRONICLE.
Latest
Itnxeslmjetil
B.&OEastLine
Roads.
gaxltmd Intelligence,
Investors’ Supplement, a pamphlet of 132 pages,
contains extended tables of the Funded Debt of States and
Cities and of the Stocks and Bonds of Railroads and other
Companies. It is published on the last Saturday of every
ether month—viz., January, March, May, July, Septem¬
ber and November, and is furnished without extra charge
to all regular subscribers of the Chronicle.
Extra copies
are sold to subscribers of the Chronicle 'at 50 cents each,
and to others at $1 per copy.
The
C.&Hock
raiLroad earnings"
Jan. 1 to Latest Date.
roads.
Week or Mo
$
163,519
Allegheny Val. . April
Atch. T. & 8. Fe. March
Atlanta & Char. |March
Atlanta & W. Pt.. April
Atlantic & Pac.. :3d wk
1888.
111,342:
May
29,406
64,272!
..
Carolina Cent... I April...
Cen.RR.&Bg.Co. April
Central Iowa— |3d wk May
Central of N. J.. April
Central Pacific | February.
.
Central of S. C. March
Charlest’n & Sav March
Cheraw &Darl.!March
Ches.O. &S. W.. April
Eliz. Lex. & B. S March....
Ches. & Lenoir.. March
Chic. & Atlantic.13d wk May
Chic. Burl. & No. March...
Chic. Burl. & Q
March...
Chic. & East. Ill. 3d wk Ma.\
Chic. & Iud. Coal 3d wk May
Chic. Mil. & St.P. 3d wk May
Chic. & N’tkw’n. j April
Chic. & Oh. Riv. April.
.
Chic.St.P. &K.C.IApril
Chio. St.P.M.&O. April
Chic. & W. Micli. 3d wk May
Cin.Ind.St.L.&C.|April..
..
Cin. Jack. & Mac. 3d wk May
Cin. N. O. & T. P. 3d wk May
Ala. Gt. South. ;3d wk
N. Orl. & N. E !3d wk
Vicksb. & Mer.;3d wk
Vicks. 8h. & P.\3d wk
May
May
May
Maj
ErlangerSyst i3dwkMay
Cln.Rich.&Ft. W'. 3d wk May
Cin. Sel. &Mob.. April
Cin. & Spring’d.! April
Cin.Wash.&BaltJ3d wk May
Clev.Akron&CoJ .2d wk May
Clev. & Canton 'April
Clev. Col. C.& Ind April
Whole system. j A pril
Clev. & Marietta 3d wk May
Coeur d’Alene
March
Color. Midland.. 3d wk May
Col. & Cin. Mid 3d wk May
CoLHock.V. tfcT. 3d wkMay
I. March
Denv. & Rio Gr 3d wk May
Denv. <fc R. G. W. 3d wk May
Den. Tex.&Gulf. March
■
.
DetBay C.&Alp. 2d wk May
DetLans’g&No. 3d wkMay
Duluth 8.S.&Atl. 3d wkMay
E.Tenn. Va.&Ga. 3dwk May
Evans.& Ind’plis 3d wk May
Evansv. & T. H. 3d wk May
Hint & P. Marq. 3d wk May
Ha.R.&Nav.Co. 3d wkMay
tPt.W.&Den.Cty IstwkMay
Georgia Pacific 2d wk May
Gr. Rap. & Ind... 3d wk May
Other lines— 3d wk May
Grand Trunk... WkMay26
Hous.&Tex.Cen. 2d wk May
Humest’n&Slien April.....
DhCen. (Ill.&So) April
CedarF.&Min. April.....
Dub.&SiouxC. April
Ia. Falls &S. C. April
.
Ind. Bloom. &W. 4th wk Jan
Ind. Dec. & Spr. April
Ind. & St. Louis. 3d wk May
Jack. T. & K. W. February.
Kanawha&Ohio IstwkMay
K-C.Ft.S.&Mem. 2d wk May
2d wk May
Kentucky Cent. April
Keokuk & West. 3d wk May
Alngst’n
& Pern. 3d wk May
Anoxv. & Ohio April
.
tc?
& West 3d wk May
Lehigh <fc Hud..
Leh&WilB.Coal
—•
April
4 pril
.
.
Rook A Mem J3d wk May
1888.
i
1887.
i
$
634,8541
618,856
3,373,841! 4,311,683
360,762
111,971,
146,372
31,373
68,317 j 1,042,715
340,287
136,143
1,107,840
1,182,461-1,215,221
371,229
363,952:
1,553,690 1,579,173
April
123,009
115,7121
480,176
453,922
86,172
33,938
42,243
75,068!
338,333
240,595
42,112 i
694,059
959,776
259,658
742,683
Buft.Roeh.& Pitt 3d wk May
Bur.C.Rap.& No. ;3d wk May
14,145
Cairo V. & Chic, ,3d wk May
35,532
Cal. Southern... 3d wk May
39,965
tCamden & Atl’c April
Canadian Pacific 3d wk May •192,000
^an. C. Cl. & 8p
$
163.606
1,233,238:1,762,628
Western Lines. April
Total
April
Balt. <fc Potomac! April
Beech Creek—j April
Cp.F’r&Yad.Val April
1887.
53,790!
16.837 j
30,560!
139,672
41,949j
208,000 4,277,3"8
22,104
18,9291
105,034
184.138
34,107
32,903:
386,349! 2,312,61='
470,622
26,910
27,299
506,217
1,006,326 987,349: 3,730,301
1,091,243
717,233 2,185,294
31,650
9,519
7,839
60,417
48,599
169,098
24,490
6,954
7,141
127,364
615,729
138,578
75,634
237,933
81,638
7,368
5,653
23,232
809,529
32,733
46,953
347,282
73,323
282,398
1,211,188 2,952,682 4,569,< 01
754.398
45,197' ' 42.984
193,990
7,390
8,320:
372,000
411,037 7,923,500
1,954,885 1,839,334 7,100,199
4,2941
4,503
14,504
596,901
86,385
172,711!
496,246! 540,175 1,760,402
509,890
28,161
28,281
821,941
202,743
201,751
9,722
171,140
7,733
56,979 1,307,170
62,569
580,848
25,241
24,436;
322,303
8,921
11,573;
180,903
5,843
7,939
6,079
“189,296
7,234
110.500
106,314 2,580,519
154,822
7,393
7,336
35,310
7,726
6,071
358,581
88,058
90,613
35.408
774,475
34,857
11,053
211,862
12,745
115,701
31,843
32,952
301,520! 317,389 1,282,776
540,285; 551,824 2,261,062
101,926
5,129
4.948|
726,885
1,089,464
264,763
604,179
132,401
3,346,793
86,617
173,554
1,972,935
3,373,843
1,519,403
24,147
149,375
23,740
549,969
226,709
17,76 6
791,656
621,503
6,785,302
734,606
140,018
8,426,380
7,531,470
22,109
350,377
1,860,402
512.294
850.294
151,091
1,202,982
555,411
250,615
197,389
193,130
2,399,526
149,111
32,059
344,488
784,033
191,036
111,072
1,321,049
2,297,491
118,746
31,101!
37,347’
•6,568;
66.3911
118,442.
150,000!
22,275:
21,230i
9,7041
16,279
27,193
93,146
4,375
14,900
50,852
4,295
52,263
9,913
22,237
35,070
84,498
2,075,032
4,383
17,063;
51,6891
14,012!
25,789
41,300
20,715;
41,880
50,598
9,500
859,196
6.635
67,455
50,743
52,042
24.408
32,085
57,947
3,418
70,572
3,900
68,737
2,645,684
449,305
65,787
157,607
346,955
373,927
14,873
20,989
16.798
3,751
357,761
466,682
112,471
992,565
18,959
3,358'
82,280
308,361
967,775
432,489
276,678
451,200
813.182
74,227
369,6591 6,436,384
765.916
33,135
45,661
10,494
793,761 3,571,382
10.046
59.729
43,778
58,962
26,671
33,536
53,912
3,216
84,570
3.300
77,399
25,732
271,468
243,142
187,365
102,"35
729,335
107,196
84,770
1,469,612
87,683
4,362
5,678)
3.526
36,757
36,499
3,470
29,439!
35,668
289,124
116,739
62,729
160,434
696.917
19,924
20,2691
67,650
689.500
698,696
9,917
11.249
277,889
3d
3d
3d
3d
230,510
41,961
wk May
wk May
wk May
wk May
3d wk May
^Mexican Cent
3d wk May
Guad’jara Br.. 3d wk May
Tampico Div. March
*Mex. N. (all Ins) April
*MexicanRailwy Wk May 12
Mil. L.Sh.& West 3d wk May
Milwaukee & No. 3d wk May
.
Minneap.& St. L. April
Mobile & Ohio
April
Nash. Ch. &St.L. April
Natchez Jac.&C April
283.235
New
N.Y.
N.Y.
N.Y.
Cen. &H.R.
L.E. & W..
& Now Eng.
N. Y. <fc Northern
N.Y\ Out. & W...
N.Y. Phila.&N’k
N.Yr.Sus. & W...
Norfolk & West
N’tkeastm (S.C.)
Northern Cent’l.
April
April
April
3d wk
May
3d wk
May
April
April
3d wk May
March
April
Northern Pacific 3d wk May
Ohio &Miss
3d wk May
Ohio River
3d wk May
Ohio Southern. April
Omaha tfc St. L.. March
112,977
1,052,481
2,679,355
348,916
43.835
141,645
411,424
308,700
1,844,329
84,721
302,618
966,662
425.599
206,209
386,155
816,628
51,869
7,063,256
794,742
47,131
3,544,112
36,031
246,478
196.688
202.600
135,808
752,092
286,049
115,908
49,022
139.892
738,748
81,987
303.990
$
995,350*
18,793;
289,045 5,926,809
5,758,912'
742,682
770,719
25,358!
920,481
53,2721
348,464
771,060191,604
4.267!
21,886
635.496
11,480
611,143
86,215! 2,286,609
1,832,230
155,126
_
29,221
16,120
738,454
592,885
1,3 C * ,866
77,000!
70,715!
16,925 j
133,067!
789,763
978.244
305,087
346,138
414,045;
785,422
516,349-
169,174
232,263
222,720; 1,009,037
780,386
960,008
410,325;
411,351
1,567,257
1,563,752
557,423
492,716
175,961
448,926
402.646
154,407 j
51,589’
52,96510,261
10,536:
175,603
161,962
74.495
67,588
2,748,777 2,901,740 10,901,573 10,991,091
2,112,656 2,048,997 8,181,538 7,982,027
11,949-
11,555
32,677
27,995
41,877;
49,620
106,381
107,171
94,057
77,573
60,964
55,594
513,560
486,614
319,784
74,609
8,291
36,751
32.589
161,384
1,846,631' 1,451,369
194,577!
1,819.887
168,251
2,031.519
225,347! 5,239,621 3,913,781
76.5231 1,379,231
137,412
7,399;
198,100
45,090|
1,516,891
94,776
195,950
95,178
232,590!
.
Pt. R’alifc W.Car.
Rich. & Allegh’y.
R&W.P.Ter. CoRicli. & Danv.
Va. Mid. Div..
C. C. & A. Div.
Col. & Gr. Div.
West, N. C. Div
W. O. & W.Div.
March
37,542
30,904
104,179
92,080
April
46,641
40,005’
175,367;
170,016
1,622,767
572,253
wk May
wk May
wk May
wk May
wk May
wk May
wk May
Ash.&Sp. Div.
Total all.... 3d wk May
Rome W. & Og.. April
USt.L.Alt. &T.H. 3d wk May
Branches
3d wkMay
St.L. Ark. & Tex. 3d wk May
St, L. & San Fran. 3d wk May
St.Paul& Duluth 3d wk May
St.P.Min.&Man.
S. Ant. &Ar. Pass.
Scioto Valley....
Seab’rd & Roan.
Shenandoah Val.
South Carolina..
So. Pacific Co.—
Gal.Har.&S.A.
3d
3d
3d
3d
3d
3d
3d
April
3d wk May
March
April
April
April
89,525
79,275
1,877,138
36,825
13,800
7,300
15,075
2,550
1,800
166,875
251,507
32,085
19,410
35,550
643,807
361,088
47,517
88,300
26,736
810,359
21,975
52,706
57,868
65,000
13,1751
6,600.
15,175
2,600
33,536;
15,796!
49,698
65,088
252,353
66,374
331,723
12,061
102,896
Wab., E. of Miss March
Western of Ala.. April
WestN. Y.&Pa. 3d wk May
jWest Jersey.... April
W.V.Cen.&Pitts. April
Wheeling & L. E. 3d wk May
Wil. Col. & Aug March
aWisconsin Cen ,3d wk May
256,201
752,092
337,338
771,130
2,065.177
460,119
2,260,521
178,102
192.456
250,789
938.970
227,424
698,240
181,365
997,954
31,879’
1,371,440
23,437
340,251
2,901,518
2,270,408 7,700,927
3,035,814 10,602,446
765.407
401,590
266,987
2,176,422
5,602,092
7,778,515
5,445
29,551
20,550
52,450
181.332
178,015
363,748
101,458
479,298
83,104
8,596
16,565
21,306
2,273,081
226,697
434,866
326,216
6,158,878
201,373
2,571,365
52,156
113,867
595,164
29,406
31,372
165,515
52,600
47,500
100,372
1,039,529
114,901
52,297
16,567
75,857
67,276
215,053
228,213
244,562
458,992
54,038
102,426
500,623
J And branches.
If Including Indianapolis & St.
a
729,335
342,356
949,538
101,738’ 1,917,901
32,190
425,572
686,658; 2,584,524
338.681
i
158,888
67,111
March
349,305
Louis’a West.. March
90,150
480,947
Morgan’s L&T. March
7,750
N. Y. T. & Mex. March
Tex. &N. Orl.. March
137,685
Atlan’c system March
1,065,836
Pacific system March
2,827,054
Total of all.. March
3,892,890
9,667
Spar. Un. &Col. March
53,994
Staten Is. Rap. Tr April
Summit Branch. April
102,692
106,656
Texas & Pacific. 3d wk May
Tol.A. A.& N.M’h 3d wk May
11,568
Tol. & Ohio Cent. 3d wk.May
19,106
Tol. P. & West.. 3d wk May
19,546
Union Pacific... March
2,513,108
May
315,885
40,743
39,774
39,271
74,791
Wal). Western... 3d wk
250,337
‘254,404
36,11516,856
153,3751 3,363,085 2,016,227
878,323
939,673'
237,986;
1,000
76,294
30,328
11.980
65,617
54.981
1,940,460
1,385,277
387,543
171.682
337,801
236,715
1,279,533
2,116,369
187,881
366,476
337,391
5,984,632
198,083
2,210,774
1,517,149
154,677
935,378
355.457
109,093
272,673
205,054
1,208,648
* Mexican currency.
Louis.
All lines included.
t Construction
earnings in April $731, against
$13,361 last year.
Earnings by Weeks.—The latest weekly
earnings in the foregoing table are separately summed up
Gross
Latest
as
follows:
earnings for the third week of May
roads, and shows a gain of $110,371, or 2*90 per cent,
corresponding week last year:
Our final statement of
covers
over
74
the
3d week
of May.
1888.
$
41,769
92,175
1887.
1,047,831
‘’5,733!
161,933
71,500
54,735
18.495
[
495,941
727,624
384,745
Oregon Imp. Co February..
972,202
457,103 1,276,578
558,733
Oreg. R. &N. Co. March
Pennsylvania... April
4,650,045 4,342,834117,750,040 16,593,826
PeoriaDec.&Ev. 2d wk Apr
13,173
11,375'
!
Phi la. & Erie
329,4811 314,531! 1,102,323 1,158,380
April
Phi la. & Read’g. April
1,833,320 1,751,844 5,449.225 6,600,505
Coal & Iron Co. April
1,217,994! 1,204,578 2,912.909 4,643,928
Tot. both Co’s.. April
2,956,4221 8,362,125 11,244,433
3,051,314 2,956,422
725,771
662.730'
Pitts. & West’rn. 3d wk May
34,280
36,902
110,514
43,508
114,877;
39,467
P’rtRoyal A Aug. March
111,488
1,667,063
$
$
26,724;
118,650,
Brunswick. March.....
1888.
42,132'
36.935
70,742
6,656
27,664
89.106
5,936
13,193
April..
1887.
254,707
20,312
March
Valley of Ohio.. April
349,846
142,300
15,275
Louis.Ev. <fcSfc.L,
Louisv.&Nashv
Lou.N.A. & Chic.
Loui8V. N.O. &T.
Lykens Valley..
Mar. Col. & No..
Memphis ifcClias.
May
..
Gross Earnings to Latest Dates.—The latest railroad earn¬
ings and the totals from Jan. 1 to latest date are given below
for all the railroad companies whose reports can be obtained
Earnings Reported.
1888.
*
Long Island
Jan. 1 to Liuuntt Uau.
Earnings Reported.
Week or Mo
AND
Latest
705
Atlantic <fc Pacific
Burl. C. R. & Northern
Cairo Vin. & Chic.
California Southern...
....
Canadian Pacific
Central of Iowa
Chicago <fc East. Ills...
Chicago & West Mich..
Cincinnati Jack. & Mac
1,808.360
64,272
42,243
14,145
1887.
$
1,70 ■’,256
Increase.
$
199,316
68,317
........
53,790
........
16.837
30,560
4,972
35.532
192,000
208,000
27,299
26.910
389
45,197
28.161
9,722
42,984
2,213
28.281
7,733
Decrease.
i,989
99,212
4,045>
11,547
2,692
16,odd
120
CHRONICLE,
THE
706
[Vol. XL'VI.
4
MONTH AND FISCAL YEAR.
1887.
1888.
3d week of May.
2 4.4
0
11,573
5.843
0,079
7.330
3 ,408
4,,,48
0,508
60,391
22.275
27.193
93,140
4,375
14.900
50,«52
20,989
41,300
3,751
Evansville & Indianap...
Evansville A T. II
Flint A Perc Marquette..
Florida Ry. & Nav
<Jrand Rapids 6c Ind
Other lines
•Grand Trunk of Canada.
Keokuk 6c Western
Louisvil <* A Nashville—
.Memphis & Charleston..
2*0,510
-
551
2.273
14,128
7,000
18,959
41,880
2,030
3.358
393
m
m
m
m
10,250
l,27n
•
For week
t Including
N. Y. Out. 6c Western.Gross
Net...
8,535
892
Rome Wat. 6c
1,854
Phila. A
1,000
800
39,410
19,540
3,014
3,919,382
3,809,011
290,130
i,45i
“i*, 7*6*6
Coal A Iron Co
Total hotli Cos
1883.
CALENDAR TEAR.
April
,
1888.
Allegheny Valley —Gross.
Net...
$
103,519
72,010
California Southern.. Gross.
158,314
Roads.
3
Net...
3,507
Gross 1,034,586
Net...
219,079
Carolina Central—Gross.
34,107
Net...
4,015
103,043
20,212
410,074
110,873
•Knoxville A Ohio.Gross.
30,757
Net...
R.G.Wcst’n. Gross.
Net...
E. Tenn. Va. A
Ga ...Gross.
17,718
09,504
23,300
Net...
Kentucky Central...Gross.
Net...
/—J (tM
1887.
362.013
•
1 tO
April
1888.
s
1887.
$
$
$
103,000
634,854
201,935
G30.913
618,850
218,247
181,773
254,094
3,042,308
487,878
2,723,793
01,313
132,100
02,159
850,399
232,450
32,903
1,028
75,619
9,379
302,700
51,439
29,439
4,923
184,138
00,077
387,455
516,511
230,453
173,554
50,743
302,141
75,980
1,793,299
65,013
1,59 r’,918
594,123
100,434
00,915
139,892
50,488
133,101
280,050
98,496
77,100
289.891
29,703
94,181
5,052,829
4,903,047
1,571,808
1,793,420
124.942
809,419
090,087
1,204,415 1,177,743
Louisv. A Nasliv —Gross.
Net...
385,070
Gross.
159,774
24,300
12,444
212,505
194,014
Memp. A Charleston
.Gross.
120,907
19,132
117.293
548.141
18,244
80,403
N.Y. L. Erie A West.
.Gross. 2,112,050 2,018,997
8,181,538
2,076,1/4
1,974,043
520,731
lolpj 4 3
7,982,027
Louis. N. Orl. A Tex
Net...
Net
..
2,009,719
1,908,109
717,125
089,123
532,747
508,248
131,992
118,268
12,483
390,512
139,281
15,435
402,398
20,109
404,800
29,302
322.071
1,544,423
1,223,770
Net
124,213
G ross. 1,444,803 1 ,121,005
010,5c 9
488,070
Net...
027,449
539.043
Mississippi...Gross.
270,079
56,088
300.291
Net...
Philadelphia A Erie Gross.
329,481
311,531
145,085
124,927
Net...
Net less rentals
N.Y. Ontario A
West.Gross.
Net
Norfolk A
..
Western...Gross.
..
Northern Pacific
Ohio A
Net...
Phila. A
93.704
Reading—Gross. 1,833.320 1,751,844
Net...
8X-J.089
914,508
Gross. 1,217,994 1 204,578
Coal A Iron Co
Net.
34,250
118,420
Gross. 3,051,314 2 ,950,422
..
Total both Cos
1,001,115
153,168
Gross.
Net...
Pittsburg A West...
Net...
39,797
A Ogd.Gross
251,507
99,050
“Soab’rd A Roanoke. .Gross
57,808
22,943
Rome W’town
Net...
Net..
18 88."'
*
Road.
Clev. Col. Cin. A
5.201,011
1880-7.
$
7,10’,381 8,177,219
2,779,548 3,960,599
4.486,331 5,936,453
df. 226,018
84,071
11.051,213 14.103,071
2,552,929 4,044,670
Mar. 1 to Apr. 30.-%
$
1887.
1888.
22,943
20,009
43,179
$
-
$
101,554
44,110
Included in East Tennessee.
ANNUAL
Pacific Mail
REPORTS.
Steamship Company.
(For the year ending April 30, 1888J
The report of Mr. George J. Gould, President, states
the results of the company’s business for the fiscal year
that
end¬
30, 1888, are gratifying, as evidencing a decided
improvement over those of the preceding yrar, and in view of
the continuance of competition in various forms on all of its
“ For, in considering the net earnings of $440,428, it
lines.
must be borne in mind that they remain after the sum of
$326,047 has been expended for extraordinary repairs on the
steamships “City of Peking” end “Colima”—work which
was necessary and which resulted in putting those vessels in
first-class condition.
Notwithstanding these heavy expendi¬
tures, the net results are earnings of about 2}4 per cent, in the
face of very adverse circumstances.
These circumstances
have been—a continuance of the rate war overland, practically
up to the end of 18S7—the opposition of a Spanish-American
line on the West Coast of Central America and Mexico for
the same period, and the opposition of the steamers of the
Canadian Pacific Railway Company on the Trans-Pacific Line,
ing Aprd
MONTH AND
Denver A
1887.
1887-8.
Net...
standing from week to week. The first state¬
all roads for the latest month and from Janu¬
with the calendar year.
5,190,541
49*693
ment includes
1, 1888; following that we give the totals for the fiscal
year on those companies whose fiscal year does not correspond
$
57.803
*
ary
18867.
Seaboard A Roanoke.Gross.
110,371
April oU.->
$
$
118,770
$
Road.
Net Earnings Monthly to Latest Dates.—The tables follow¬
ing show the latest net earnings reported this week, the
returns for each road being published here as soon as received,
Canadian Pacific
Net..
882,089
914,508
Gross. 1,217,994 1,201.578
Net..
118,420
31,250
Gross 3 051,314 2,950.422
Net... 1,001,115
948,817
April.
.
»
Indianapolis A St. Louis.
i io
1887-8.
<—
1887.
$
1,833,320
1,751,844
Gross
179,759
ending May 19.
but not kept
089,123
$
Reading
462,057
/-—i/c\
2,048.997 15.354,592 14,869,671
1888.
Roads.
1,151,613
1,074.047
$
-
,
........
100
£0
33,530
15,790
21,300
Ogden Gross
Net..
025
700
1,106,832
508,243 3,344,354 3,3 ?0,638
859,112
731,915
131,992
118,268
75,183
65,866
12,483
15,135
251,507
237,930 1,799,007 1,000,566
750,088
715,302
99,050
93,578
T)"C. 1 to April 30.-%
April.
.
......
940
16,484
$
5.302,022 4,992,530
40,305
39,797
Net...
N. Y. L. E. 6c West...Gross. 2,112.050
717,125
Net...
532,747
Net less rentals.
1,332
mm
1,519
93,704
175,139
50,088
153,108
Gross.
444,024
12,69^.902 10,591,129
300.294 3,395,515 3,394,319
270,079
Roads.
831
9
79,275
35,550
13,175
0,000
15,175
2,000
Total (74 roads)
filet increase t2 90p. c)...
Gross. 1,444.868 1,121 005
Net...
027,449
539,013
lS8S.Apri1887r
50
89,525
3 *‘,825
13,800
7,300
—
“”580
1,310
Richmond 6c Danville
32,085
Pittsburg A West
335.689
130,998
430,240
18,244
19,132
Net...
837
413,300
117,293 1,531,549 1,376,361
120,967
Ohio & Mississippi...Gross.
8
$
1,201,415 1,177,743 13.077 127 12,505,754
362,013
385.050 5,092,027 5,022,410
13,986
70,523
7,359
Wash. O. 6c W. Div.’.
Ash. A 8par. Div
<St. L. Alt.AT. 11 ,M. Lines
et. L. Alt.tkT.lL.iH anchcs
Tol. Peoria 6c Western
153,821
Northern Pacific
7,877
,
74.009
8,291
2,550
1,800
4,928
2,103
94,057
15,075
17,718
Net...
8,018
Norfolk 6c Western
Ohio A Mississippi
Ohio River
Char. C. 6c A. Div
Col. 6c Gr. Div
West North Car. Div —
Net...
Memp. & Charleston. Gross.
........
3,987,703
1,493,862
*Knoxville A Ohio.Gross.
Louisv. A Nasliv ....Gross.
Net...
isi
April 30.-%
1886-7.
$
4,737,914
1,709,920
57
18,793
289,045
20,721
77,573
27,004
.......
2,090
r-Julv 1 to
1887-8.
$
362,766
51,439
29,439
East Tenn. Va. A Ga Gross.
Net...
1,155
11.249
20.312
Virginia Mid. Div
mrm
.
1887.
$
410,074
140,873
30,757
Roads.
805
2,652
April.
/
1888.
5,590
35«,782
5,678
3,470
35,008
4,302
3,5230,499
9,917
$
$
51.089
34 t 796
Kingston & Pembroke...
Lake Erie A Western
Little Rock & Memphis...
Louisv Evans. A St. I/...
Decrease.
$
56,979
25,241
8,921
7,939
7,234
7,393
34,857
5,129
4,295
52.203
15,275
35,070
84,498
4,383
17.003
$
02,569
Cin, N. O. A Texas Pac...
AlabamaGt. Southern..
New Orleans A N. E
Vicksburg & Meridian..
Vicksburg Slirev. A Pac.
Cin. Rich. &F.W
Cin. Wash. A. Balt
Cleveland & Marietta
Col. & Cin. Midiai d
Col. Hock. Val. & Tol
Denver A R. Grande West
Dulutli 8. 8. 6c Atlantic...
East Teirn. Va. A Ga.
Increase.
Ind.Gross
Net...
948,817
175,139
40,305
237,986
93,578
which still exists.
“
The gradual raising of rates between New York and San
Francisco overland during the past few months has been
been availed of by this company to similarly increase its rev¬
from that traffic via the Isthmus of Panama. By vig¬
orously meeting the operations of the Spanish-American
steamers in Central America and Mexico, that opposition has
been removed and its vessels have been driven eff the coast—
enues
without some temporary loss of earnings in that
On the trans-Pacific line, the company has to face
the competition of steamers indirectlv sustained by the heavy
governmental subsidies granted to the Canadian Pacific Rail*
wav Company.”
*
*
*
*
There is no question in the minds of the managers that its
fair share of the trans-Pacific business can be retained by the
company, but only through the employment of adequate ton¬
To that
nage on that route to replace its present steamers.
end tenders have bpen solicited from the most prominent
builders on both sides of the Atlantic for two steel steamers
of the most improved type, to be equipped with triple expan¬
sion engines, water ballast, electric lights and other modern
appliances. Tnis will, of course, entail the outlay of a con¬
siderable sum, to provide which, without imposing too great
a burden
on the resource of the company, is engaging the
serious consideration of the managers.”
*
*
*
*
“As this report is being prepared we are advised of the strand¬
ing of the steamship City of Para on Old Providence Island,
West Indus.
*
*
Outside of this unfortunate occurrence
the company has met with no losses during the year, has no
bonded or floating indebtedness (except for current expenses),
and has set apart $100,000 as an insurance, or reserve fund, to
provide against just such mishaps as that to the City of Para,
not, however,
quarter.
“
4,291,736 3,248,833
1,230,430 1,022,40 l
1,158,504 1,297,238
425,408
282,193
1,102,323 1,158,380
484,272
403,458
5,449,225 0,090,505
1,985,916 3,292,307
2,912,909 4,043,928
df.180.115
105,721
8,302.135 11.244,433
1,805,501 3,398,020
G-2,929
555,801
133,850
142,402
878,323
939,673
317,559
331,190
49.098
228 213
192.456
20,009
83,976
03,804
""1887. '
1888.
1887.
$
$
$
042,334
685,724
1.739.848
1,702,896
185,050
257.490
424,083
555,285
referred to above.”
The
present report, like that
of last year, contains no
sheet of assets and liabilities.
The earnings and expenses for three years were
bal¬
ance
as
follows:
Boston Concord & Montreal.
E ASKINGS.
Atlantic Line
poT Aina
Line....
1887-88.
1885-66
1886-87.
$766,080
$807,011
I,o03,5oo
1,368,882
1,778,275
1,282,317
1,334,384
101,334
101,633
70,904
43,854
40,532
1,534,2/2
166,414
48,788
Cent. Am. and Mexican subsidies.
101,000
2,667
Hawaiian Government subsidy..
Interest and divs. on investments
21,253
Miscellaneous
44,198
Trans-Pacific Line.................
Australian Line
Australian and N. Zeal, subsidies.
16,712
$4,479,939 $3,633,371 $4,078,547
Total
EXPENSES.
Atlantic Line..
Panama Line
Trans Pacific Line
1865-86.
1886-87.
1887-88.
$608,065
1,080,241
714,100
$690,166
1,357,949
682,S21
$602,170
1,421,307
714,189
406.751
493,701
149,490
457,367
170,191
Australian Line
Agencies
Miscellaneous expenses
435,838
171,064
$3,179,454 $3,337,838 $3,638,119
$295,533
$440,428
$1,300,485
Total
Net earnings
the proportionate earnings of the sev¬
freight and passengers in 1887-8 :
The following were
eral lines from
Trans-Pacitte Line
Total
Total.
$142,840
364,926
698,169
$664,171
1,413,348
636,216
$807,011
1,778.275
$1,205,935
$2,713,735
$3,919,670
St. Louis Alton & Terre Haute.
(For the year ending December 31, 1887.)
The annual report for 1887 gives the earnings of the main
line and Alton Branch, 193 mites (leased), as follows :
From—
1885.
1886.
1887.
Fi eight
$850,079 $1,002,977
$835,012
Passengers
316,809
331,178
401,221
Mail
23,293
22,850
20,510
Express
33,534
37,637
37,828
Miscellaneous.....
60,972
36,601
45,788
$1,269,712
Total
$1,278,345
earnings of the branches and leased lines operate d
CAIRO SHORT LINE DIVISION.
and rentals
earnings.
Operating expenses and taxes
Gross
Net
earnings
were as
$*66,316
397,347
$603,990
408.895
$962,480
521,019
$368,968
$395,094
$441,401
214,482
divided
25o,883
$180,612
$185,518
up among
the several
$165,587
Net revenue.:
The sources of net revenue as
divisions were as follows :
1886.
Irom—
Belleville Branch
separate earnings
Same, contributed by leased lints
Leased roads after deducting expenses and
rents
Total
Of the Chic. St. L uis &
1887.
finally decided must be paid on the firnt
its sinking fund. It paid $75,during the year 1887, leaving $50,000 still
Sfc. Louis Alton &
the Chronicle as
1887.
$
1886.
$
450,000
450,000
450,000
450,000
12,807
131,018
5,617
165,587
7,726
180,613
185,520
2,555
2,437
599,504
G23.313
633,168
631,957
469,000
10,444
3,0 :o
469,000
9.903
169.000.
469,000
9,383
23.062
10,670
36,790
4,560
3,760
60,340
31,581
Total deductions
487,074
112.429
Balance
■Dividends on pref. stock... .Ill 078
505,725
117,588
172,788
576,800
588.962
56,3' 8
61,710
48,995
Brandies, net
over
Horn interest, &e
rentals.
Total receipts
Deduct—
Tatcresr
on funded debt
"tain line expenses.
.
.
.
..
.
Bills payable i ei ired, Ac. .
■New equip. A betterments.
.
.
gur.
1,351 def. 55,200
576
$348,168
receipts
EXPENDITURES.
<•
$223,070
Paid coupons, interest. &c
Preferred stock dividends
37,347
30,204
Pemigewasset Valley dividends
5,140
Sundry expenses
52,398
Balance
.$348,168
expenditures
Denver Texas & Fort Worth.
(For the year ending December 31, 1887 J
Dillon, President of this new road, which forms
part of the important through route between Denver and
Galveston and New Orleans, via Fort Worth, his just issued
Mr. Sidney
the first report to stockholders, a i follows :
“Under date of May 10, 1887, your company executed a
contract with the Colorado & Texas Riilway Construction
$
.
78.0 8
def. 5,342 sur. 48,995
equip your line of railroad and telegraph
Pueblo, Colorado, to the Texas State Line, at a, point of
connection with the Fort Worth and Denver City Railway,
and also to construct and equip branches to the different coal
from
propeities and from Trinidad to Long’s Canyon, in all about
275 mile.->; and your company agreed to pay for the same
$19,000 per mile in first mortgage bonds and $20,000 per mile
in capital stock for each mile of road so constructed and
equipped.
By a modification of said contracts however, authorized by
your board of directors under date of June 2. U87, \ o lr com¬
pany, in conjunction with the Denver Texas & Gulf Railroad
Company and the Fort Worth & Denver City Railroad Com¬
“
by which they agreed to lav a
track of the Denver & Rio
pany, entered in-o a contract
third rail upon the nanow gauge
Grande Railroad Company
between Trinidad, Walsenburg and
necessity of the construction of
line.
“The construction of the remaining portion of the line under
contract was rapidly pushed by the construction company.,
and on the 14th day of March, near Folsom, New Mexico, the
last lail was laid and the last spike driven, c’osing the gap
and completing the c nnection between the cities of Denver
and Fort Wo» th one year and two months ahead of contract
time, and making a through standard gauge line composed of:
The Denver Texas & Gulf Rail- j
Pueblo, which obviated the
about 105 miles of the main
RESULTS,
1885.
$
.
Total
279,500
2,500
agreed to build and
Court of Appeals
rent of main line
Renta! 3 urns. of 1882 & int
Interest
$65,592
79,135
mortgage bouds belonging to
Receipts—
Lowell Man'll 31, 1888
Lowell on account of organization
67,341
During the year 1886 the company was obliged to borrow
money to pay the arrears of interest which the New York
From
Balance from Inst year
Kent from Boston &
Kent from Boston Sc
Company, a corporation duly organized under the laws of the
State of Iowa, whereby the said Construction Company
West and Northwest.”
1884.
RECEIPTS.
61,888
proposed extension of the St. Louis Southern Rail¬
road, or Marion Division, referred to in our last annual report,
is now well under way, and will be completed in the fall of
1888. It is being built by the Chicago St. Louis & Paducah
Railway Company, and extends from Marion in Williamson
County, III,, to the Ohio River at Metropolis, thence up the
river to the village of B ooklyn, Massac County, III., opposite
to the city of Paducah, Ky.
Trains will be transferred be¬
tween Brooklyn and Paducah by ferry.
The length of this
new road will be about fifty-four miles, and when completed
and connected with our present system will form the only
and most direct line from Paducah to Chicago, St. Louis, the
GENERAL FINANCIAL
once remanded to the Supreme Court of this State, and
that they would make no further attempt to delay a final de¬
cision by transferring any question arising in the cases to the
United States Courts, but that all litigation should be consoli¬
dated and finally submitted to the New Hampshire Supreme
Court for their decision in December next.
In consideration
of the agreements of the Boston & Maine Railroad (or Bos¬
ton & Lowell), we agreed that our application for a receiver
should be suspended.
The financial statement of the Boston Concord & Montreal
shows the following:
at
$41,495
$180,612
$185,518
Paducah Riilway, the report says :
unpaid.
The general results of the year for the
Terre Haute Company are compiled for
follows :
among
$53,621
59,6 49
“The
000 of that loan
provided,
Total
1887.
203,381
Rent leaded roads
follows:
1886.
1885.
which
should, in all respects and without
$1,508,324
hy the company and known as the “ Cairo Short Line ” aggre¬
gate for the year $902,480, an increase of $158,489 over 1886.
or 19 8-10 per cent, of which 12 5-10 per cent was earned on
the Marion Div., which was operated only one month in 1886.
The proportion of gross earnings expended for operating
expenses and improvements was 51 1-10 per cent; for taxes,
3 per cent; for rent of leased roads, 26 6-10 per cent, leaving
as net profit, 19 3-10 per cent, or $185,518.
The earnings, expenses
(For the year ending March 31, 1888.)
meeting of the stockholders of the Boston
Concord & Montreal Railroad, held at Plymouth, N. H., the
report of the directors was^ presented and contained the fol¬
lowing :
“At the last annual meeting of the stockholders resolutions'
were unanimously adopted approving the action then taken
by the directors to obtain possession and control of our road
and other property.
We were also instructed to examine
the property and ascertain if the same had been kept in good
condition and repair, and if we should find any default or
neglect in those respects we were to take such action as we
might deem best. Soon after that annual meet ng we ascer¬
tained that the Boston & Maine Railroad had obtained from
the Boston & Lowell Railroad full possession and control of
our railroad property.”
‘ * * * “ Proper legal proceedings
have been instituted to dispossess the Boston & Maine Rail¬
road of its unlawful control of our property.” * *
“Before
the completion of the evidence the Boston & Maine and Bos¬
ton & Lowell railroads concluded an agreement with us.
At the annual
other things, that those corporations
delay, put our road into a
safe and proper condition.” * * * “ They also agreed that
1,334,364 the suit now
pending in the United States Court should be
Freight.
Passengers.
Atlantic Line
Panama Line.
The gross
707
THE CHRONICLE.
Jjcira 2, 1888.1
I
road,
The Denver Texas
Railn ad,
The Fort Worth
& Fort Worth U
P
m
Handle Route.”
[
j
J
51 of branches, which has been
opened for business with most gratifying results, as by our
steamship connections and shorter rail haul itoff-rs more
favorable rates than its competitors on all merchandise from
& Denver City
Railway.
805 miles of main line and
the Eastei n
seaboard.
Through passenger trains were put upon the line on the 9th
day of April, and through freight trains on the Is* day of
April, and the reports already received indicate that th&
prospect for business is very flattering. The brant Ins to the
Walsenburg and LoDg’s Canyoa ccal mines are also in opera“
CHRONICLE.
THE
708
fVou XLVI,
Mr. Greenough intimated that the
tion, and the shipments from them ii dicate a very large busi¬ without leccgnition.
in that commodity.
present directors had declared a dividend of only four percent
“
The future prospects for business over your road must be in order to postpone the return of the common and second
considered remarkably good, as it opens up and connects for preferred stock to the control of the property, an event that
business two very productive portions of territory, each of will occur when the full dividend of five per cent has been de¬
which desires the products and commodities of the other, and clared two years in succession. He encouraged the hope that
five per cent woul i be declared this year and next. He also
of which both supply and demand are practically unlimited.
“
This is particularly the case with regard to the transporta¬ hinted that the company will make a new issue of improve¬
tion of the coal and ores of Colorado and the Territories of the ment and equipment bonds, the proceeds to be used mainly in
Northwest, which will be carried South and exchanged for the replacing 220 miles of iron rails with steel, in order to leave
valuable lumber, cattle and fruits of the Southwest, which the net earnings applicable to dividends,
are greatly needed in the North.
Fitchburg—Troy & Boston.—An interesting opinion has
“
One very important effect of the completion of your com¬ been delivered by the General Term of the Supreme
Court in
pany’s road and the opening of the through “ Pan Handle Albany in tne suit of Tillinghast vs. The Troy & Boston Rail,
Route,” is an entirely new routing of all freight from the road. This decision is to be hailed with satisfaction as one
tidewater points to the State of Colorado and the Territories of more point in favor of security-holders against an
attempt at
Utah, Wyoming, Montana and New Mexico, which must here¬ compulsion.
after be supplied by this route, as it requires only 1,300 miles
An action to foreclose w;as begun in April, 1887, by Charles
of rail haul as against 2,200 miles by the old routes, and the W.
Tillinghast, one of the trustees, as plaintiff. Answers to
result of this is already seen in 1 he amount of business leaving the
complaint were interposed by John B. Gale, the other
eastern ports by steamer, via New Orleans and Galveston, for trustee under the
mortgage, and by James R. Plum, as repre*
all interior and Northwestern points reached by our line and sentative of a
syndicate of bondholders holding over $500,000
connections.
of bonds, who were opposed to the foreclosure on the ground
“
The passenger and tourist business of the road, going North that it was an
attempt to shake them cut of their 7 per cent
in tummer and South in winter, will also be very large and securities and
compel them to accept in place thereof 4 per
produce
a very handsome revenue.
cent bonds.
A motion to stay the prosecution of the fore¬
M
All rates adopted by the company into the interior were closure suit was
argued before Judge Ingalls of the Supreme
based upon our short mileage, and must give Colorado a great Court in
Troy in October, 1887, and it was denied. The
impetus, and make it a distributing point for a territory at defendants, Gale and Plum, appealed to the General Term,
least 500 miles in diameter.
and the decision in their favor was handed down May 18.
“
We firmly believe that the opening of this short route from
The opinion was written by Justice Learned, and he remarks
Denver to tidewater will build up a manufacturing and com¬
among other things:
mercial centre in Colorado, the same as has been built at Pitts¬
It is charged by the moving parties
that the Troy & Boston Railroad
burg Chicago St. Louis & Kansas City.
Company aud its directors have entered into an agreement with the
Colorado has superior advantages to most of those places, as Fitchburg Railroad Company, of consolidation into a new compaDy by
it has the raw material for almost everything needed in all the same name of the last-named company; that as part of that agree¬
ment, the new company is to issue $1,500,000 bonds at 4 per cent for
manufactures where iron, steel, lead, tin, zinc and coal are the payment of the
bonds of the Troy & Boston, secured by the mortgage
the principal factors.
of September 7, 1874. This appears in the articles of agreement. And
these
moving parties claim that this foreclosure is a scheme by which
“In constructing the line so rapidly there was necessarily a
the holders of the bonds sec*ut ed
great deal of work upon buildings, coal chutes, permanent new 4 per cent bonds of the new by the mortgage of September 7, 1874,
Fitchburg Railroad Company. * * 1
bridges, stock yards, &c., which could not be completed at the, are to be deprived of the value of their long investment at 7 per cent
time the track was connected, but this is now t*?ing rapidly and are to be compelled to receive cash for their bonds, or at most the
new 4 per cent bonds of the new
ness
"
“
Fitchburg Railroad Company.
done.
“
The road has been very substantially built; the work from
Trinidad west and south of the Sierra Grande, 100 miles, is
very heavy; especially is this the case with rock work and
Now, in this state of aft’aiis, what is fair and just as between those
bondholders (holding in the
aggregate $69,000) who desire to have a fore¬
closure and those (holding in tho
aggregate $500,000) who do not!
Cleai ly,if those who desire a foreclosure shall receive all, which they can
obtain by a
foreclosure, without delay
expense, they cannot complain.
by the determination of If the Troy & Boston Railroad Company
shall pay lu full the?e bond¬
their
holders, who wish
bonds to be paid, then the foreclosure ought not
your company to hold to a one per cent grade.
“
to proceed against the wish of those interested in the remaining bonds.
Crossing the Raton Mountains,where we rise to an elevation
And though the Troy & Boston Railroad Company do not pay these
of 6,300 feet over this portion of the road, the work and
bondholders, jTet if others who are co beneficiaries with them in the
scenery are equal to those of any mountain road in that mortgage are willing to pay them, why should not this be allowed? Such
country, and this is the only line which crosses this range on persons make this payment, not*as intruders or volunteers forcing them¬
selves in w here they have no rights, but as co-beneticiaries in the mort¬
o low a grade.
gage trust to protect their interests. And wrhen
make this payment
“By virtue of agreement executed by your board dated Feb. they clearly should succeed to the rights of they
the persons w hom they
*
15th, 1887, providing for an exchange of stock of the two con¬ pay.
Now as it appears that these bonds are above
par, and as it is well
necting companies for the stock of your company, the entire known
that, m these days a 7
cent bond, running thirty-six years,
management of the through line is placed in the hands of your of a solvent railroad must beper
above par, it does not need much argu¬
bridging, but this has been made
so
or
„
officers and directors.
“
On the 1st of October last, Mr. C. F. Meek, of Des Moines,
Iowa,
was appointed General Manager of the through line,
Denver to Fort Worth, with headquarters at Denver, and has
called to his aid an efficient staff of officers who are now
operating the road, and devoting themselves to the organiza¬
bringing it into harmony with its connec¬
tions, and they have succeeded in giving you a through line
from all tide-water points to the interior of the
great North¬
west, and they expect, during this year, to show the capabil¬
ities of the country for local and
through trade, and from the
information they have obtained thev predict a good paying
business.
All of which is respectfully submitted.
By order of the
tion of the line and
“
Board of Di-ectors.
*
[Signed.]
GENERAL
“ Sidney Dillon, President.”
INVESTMENT NEWS.
Canadian Pacific.—The $15,000,000 50-year 3% per cent
land grant loan has been successfully placed by tne B
irings
in London at 95, and have since advanced
sharply in that
market.
These bonds are secured by a mortgage on the
lands, the interest is guaranteed by the Dominion Govern¬
ment, and the net proceeds of the land sales are to be deposited
with the Government and to bear inter est at
3^ per cent, to con¬
stitute a fund to be set apart and held by the Government for
the redemption of the bonds.
The company will now be in
possession of necessary funds to meet all requirements for
improvement of line, and for rolling stock and other facilities
for development of its
rapidly-increasing traffic, so that its
surplus earnings may in the future be devoted to payment of
dividends to the shareholders.
Cleveland & Mahoning.—The proceels of the new issue
& Mahoning bonds are to be used in doubletracking the road between Cleveland and Youngstown.
East Tennessee Virginia & Georgia.—Mr." John Greenough
of Cleveland
of the firm of Poor &
ing of
common
'He spoke ss the
Greenough, recently addressed
a meet¬
and first preferred stockholders in London.
representative of the minority interest, and
mentioned the fact that the fortune* of the company are die
by the owners of $6,500,000 first preferred stock, and
that the $45,000,000 of common and second preferred was
iated
ment to show that there must be some other motive in beginning this
foreclosure than that of
collecting the money secured by the
This is not the first instance in wnicli a
re-organlzation of a railroad
bonds.
company has been attempted by the process of forcing first mortgage
bondholders against their will to accept a new security at a less interest
The stockholders who hold a few bonds can afford the loss of interest on
these bonds when they consider the
gain to their stock. The difference
between 4 per cent aud 7 per cent w ould make,
in this instance, $45,000 a year.
s
*
*■
Where a prior mortgagee is
attempting to foreclose, there is little
doubt that a subsequent
mortgagee may redeem and be subrogated.
There is no distinction in
equity between that case and a case where
there ares two mortgagees of
equal priority and one proceeds to foreclose
to the injury of the other.
For the right comes from the iuterest in the
mortgaged property and the necessity of paying the debt to avoid injury.
Hence we think that to protect themselves Messrs. Flum and Gale and
those acting with them had a
right to offer to pay those bondholders
who were urging foreclosure and on
payment, to have tin ir bonds. * *
In the view above expressed wre think that Messrs. Flum and Gale were
entitled to the relief ihey »■ ought. They must give public notice of their
readiness to pay in a manner to be prescribed. Ii they shall do this
then plaintiff’s proceedings must be staved; aud also staved meantime.
Jefferson (New York Lake Erie & Western).—It is
stated
that Erie has arranged with Drexel, Morgan & Co. to issue
$2,800,000 5 per cent bonds in place of $2,000,000 7 per cent
bonds on the Jefferson branch, which mature Jan. 1, 1889, the
$800,000 to be used in double-tracking tbe road.
Mississippi & Tennessee.—The Secretary of this company
gives notice to the holders of the consolidated mortgage bonds)
series “A” and
B,’\that the company is now prepared to
issue its new four per cent gold bonds of 1952 in exchange
on the following basis : $1,150 in new four per cent bonds
carrying interest from Dec. 1, 1887, for each series “A” Bond
of $1,000, with coupon due April 1, 1888, and thereafter at¬
tached; $1,100 in new four per cent bonds, carrying interest
from Dec. 1, 1887, for each series “B ” bond of $1,000, with
coupon due July 1, 1888. and thereafter attached.
The new
bonds will be issued in denominations of $1,000, and fractional
amoun s will be adjusted in cash.
Coupons due Oct. 1, 1887,
and prior thereto, on series “ A” bonds, coupoLS due Jan. 1,
1888, and prior thereto, ou series “ B ” bonds, will be paid m
cash to those making the exchange. Arrangements have been
made whereby these dtshing to do so can dispose of their new
four per cent bonas at par, ex June, 1888. coupons.
Time for
making exchange is limited to June 30, 1888. Further in¬
formation will be givtn by the Secretary, Mr. A. G. Hacketau,
216 Broadway, N. Y.
I3P3 For olfitr railroad news seepage 6b9.
THE
1888.]
June 2,
CHRONICLE.'
709
COTTON.
<&0wmerrial Jimef*
COMMERCIAL
Friday. P. M., June 1, 1888.
The Movement of the Crop, as indicated by our
telegrams
from the South to-night, is given below.
For the week ending
this evening (June 1), the total receipts have reached
EPITOME.
22,556
Friday Night, June 1,1888.
holiday on Wednesday and preparations for its
observance in the customary manner, were important obstacles
to the progress of regular trade during the past week, even if
the active season had not about come to an end.
Continuous
rains, although attended by warmer weather, also contributed
to dulnes3.
A chief commercial event of the week was the
break in the bull speculation in wheat, which took place on
Tuesday. There was also general depression in prices of food
staples; yet, except as above, there was no important declinp.
Mr. William H. Trafton, the oldest attache of the commercial
bales, against 23,601 bales last week, 29,065 bales the previous
week and 36.223 bales three weeks since,
making the total
receipts since the 1st of September, 1887, 5,367,311 bales, against
5,175,887 bales for the same period of 1886-7, showing an in¬
crease since September 1, 1887, of 191,424 bales.
A close
press
of New York and a worthy man, died
Lard
the spot has been
on
was a
Wednesday.
very
smart recovery.
DAILY CLOSING PRICES OF LARD FUTURES.
Saturd’y. Mond’y Tuesd'y. TYednsd'y. Thursday. Fi'idny.
8*70
8-71
8-74
8*76
8*76
June delivery
July delivery
Aug. delivery.
Bept, delivery
...
Oct. delivery
8*61
8-02
8-61
8-67
8-66
8*59
8-59
8-01
8*65
8*64
>>
ct
©
It*
-
8*55
8-55
8-58
8-61
8*60
8*62
8 62
8 65
8-67
8 67
Galveston
Hv5o. I October
13-55c. I November
12*65c. I December
ll\-Oc. | January
11-30c. I February
ll*15c. | March
ll*15o. I April
Il*i5c.
..
..11*15c.
ll*15c.
ll*15c.
|
Raw sugars, though not active, ruled about steady, and to¬
day the sales included Centrifugal at 3%c., c. and f., for 96
Tues.c
132
421
644
Th uv8.
|
Fri.
Total.
•I
......
OQQ-
552
1,485
2,587
252
1,240
348
Mobile..........
51
52
6
32
C
5
152
166
2
1 GQ
566
405
3,398
Florida
Savannah
447
187
......
Charleston
128
Port Royal,&c
Wilmington....
Wash’gton, &e
585
......
602
398
466
.
2,997
79
1
80
47
32£
270
245
663
179
306
1,960
420
1,539
321
2,831
...
4
232
We8tPoint,&c
New York
1,000
on
197
143
168
379
388
167
99
150
713
196
439
16.
Baltimore
A
804
228
Philadelpliia,<fcc
34
Totals this week
2,-24
4,137
76
5,410
3,606
3,573
This
June 1.
Since
Week.
1,233
...
Iiiu'nola.&c
New Orleans.
Florida
...
Brunsw.,&c
Charleston
This
Stp.
.
P.Royal,&e
Wilmington
WaslTt’n.&c
Sep.
1,1886.
281
651,517
'
1888.
......
5,174
6,748
119,159
9,966
103,869
13,419
3,661
2,522j
I
2,634 1,714,308
465
212,709
3
1887
I
705,937
......
......
Stock.
Since
Week.
0,4 64 1,720,656
152
203,5 IS
163
24,305
3.398
855,068
293
75,265
2,9 ^7
408,652
Mobile
22,556
show ing the week’s
1887, and the stock
1886-87.
1, 1887.
....
3,006
vear.
1887-88.
Receipts to
228
42
For comparison we give the f ollowing table
total receipts, the total since September 1,
Savannah
293
818
20
-
297
Galveston
293
50
......
211
6,464
1
......
Norfolk
Boa*
793
1,000
to-night, compared with last
,
Wed.
New Orleans...
extra
June....
July
August
September
Mon.
Indianola,&c.
Pork has been quiet; mess $14 00@$15 25 for old and new;
prime, $13@$13 25; clear, $16 25@$17 75.
Cutmeats
have been steady though inactive; pickled bellies, 7J^@724C.;
shoulders, 73^@75gC., and hams, 11@11I4C.; smoked shoulders,
8^c., and hams, 123>^@12%c. Beef is dull at $7@$7 50 for
extra mess and $8@$S50 for packet per bbl.; Ind'a mess
quoted at $12@$14 per tierce; beef hams steady at $15 50@$!6
perbbl. Tallow firmer at 4@4 l-16c. -Stearine is quoted at
ll@ll^c. Oleomargarine is quiet at
Butter ht 8
declined sharply, but ^closes steady at 16@19c. for creamery
and 12@14c. for Western factory. Cheese is lower at
7}^@8%c.
for new State factory.
Coffee on the spot has been fairly active at very full prices.
To-day the sales of Rio included No. 9 at 14c. ard No. 3 at
16^c. The mild grades have also brought full prices, includ¬
ing Mocha at 22J4@23c. The speculation in Rio options ha9
been active, but at variable and unsettled values,
closing to¬
day somewhat irregular, with sellers as follows :
Sat.
Bruusw’k.dc.
dull, and prices declined, but
the close, though still quiet,is somewhat steadier, at8*15@8‘20c.
for prime city, 8,65@8*70;\ for prime to choice Western, 8 40c.
for refined to the Continent and 9*50c. for refined to South
America. The speculation in lard for future delivery was dull
at drooping values; receipts of swine at Western markets
increased and promised a larger production; but to-day there
on
Receipts at- -
927
23,162 1
994
80
15,853
400
794,111
31,730
304, < t i
19,172
32 4
56
134,303
7
1
421
«...■>
5,363
1,200
76
400
4
167,718
4,929
Norfolk
1,960
476,241
194
3,834
529,613
W. Point, Ac
New York....
1,539
513,398
no:
323,790
804
91.755
690
2,831
87,467|
740'
95,739
103,743
189,937
Boston
228
44,361!
236j
367!
63,518
10,844)
54,354
12,53411
4,786
19,500
398,201)
346,018
Baltimore
...
PhiTdeTa, &c
76
Totals
26,008
22,556 5,367,3
1
7,599,' 5,175,8*'7
ll|
1,709
J
j
16,259
3,412
3,0081
10,000
195,306
4,500
In order that comparison may be made with other
years, we
give below the totals at leading ports for six seasons.
Receipts at — f
1887.
1888.
Galveston....
1,233
1886.
281
1885.
955
1884.
57
1883.
535
5,201
deg. test—quoted 5^c., duty paid—and Trinidad, 88 deg. test, New Orleans.
6,464
2,634
7,390
1,365
2,418
7,341
at4 ll-16c., duty
152
465
350
56
paid. Refined sugars are without change. Mobile
282
558
Molasses declined to 19% c. for 50 deg. test, with more
994
3,398
25S
1,946
992
doing Savannah
1,952
at the reduction, but not
3,0 7
821
487
The tea sale on Thurs¬ Charle8t’n,&c
230
very active.
1,232
554
day went off at steady pricep.
333
63
Wilm’gt’n, &c
265
18
15
327
In Kentucky tobacco the sales for the
194
1,960
2,681
824
past month were 937 Norfolk
1,535
4,060
bhds., of which 660 hhds. for export, and the st^cks.-have W’j; PoijRt,
110
243
626
,,
i ..849
176
jdc
]1,539
largely increased, but prices are well‘ maintained; JUgs 41T~ ’Al^qtker».tv: j • j4,40O j.»; 2,0?7
866
>■»
5,137
5,389
-r-Lf
Ji>eedr?]eqf£has
jbeen^rather
*quidtT
22,^55^
>1 7,599
130 cafes&s opo#s: lQ0 c
19,837
-3,914 Al£,584 25,466ttifkweek
f
:
» ,v $
i3ic.^4j00 b ej R&6, *crop, <|o., 6£@12c.| 120 cA®£ 0tnpenSppt‘ IV ,53^7,^11 5175,8871
>.176 4705*279 70^24615847,58R : *
9,® 1 lUk. 1
Minay ly
Piint
PiHralCharleston, includes Port
do.. •" .1
erfo* Wisconsin 1 \yi41riingtoh includes^Ioreltfd City. Ac.j West Point include*City
A©
0c.;
Cfaaes~1886 crdp7 New
[and^ H,av4na, j * The exports for the week ending this evening reacK^a ^total
e| I188S0 drbpT iyuuuu, Ku^llC.t ale O. ,500 of 34,005 bales, of which 26,520 were to Great Britain 767
bales Hkyah*, 60cv
@|l
.l&.antj 25ff baled Sumatra* $125<&$175c. to France and 6,718 to the rest of the Continent. Below aro
bn
the^Mefal 5Exchatnge bnsinefes h4s beeh :el6wnnd prices the exports for the week and since September 1, 1887.
le[J
unsettled.. {To-jday StrAits! tin declined ishArply, selling
Week Ending June 1,
From Sept. 1,1887, to June
atl9'20c. on the spot and 19*10c. for June.
1, 18881
Ingot copper has
Exported to—
been firm,
Exported to—
Exports
closing with sales of Lake at 16-60c. for June and
Great
Conti¬ Total
Great
Jniy. Domestic lead has been dull
fron —Contilatterly, and to-day was
Brit'n. France nent.
Week. Britain. France
Total.
nent.
cneaper at 4‘023^c. on the spot. Domestic spelter is dull at
Galveston
220,889
4,024
81,973 312,883
^c.kept
Theprivate,
interior iron markets are more active, but terms New Orleans.. 7,465
are
442
7,907
700,927 231,574 410,710 1,409,217
and are believed to be at some further reMobile
uction in values
02,488
; in the meantime, measures to reduce pro62,488
Florida
miction
...
<
.
<
i
*
7c*rt!eat^7c|
.
"
■'
■"‘niSSf
,
To|.
nr
h
.
'
Am
I
-rn
"T-f
VU,
Diitch,<9^^*
....
......
make
some
3,440
progress.
turpentine has been more active, but closed quiet at
tllniai 08*ns bave also 80^ fairly, but were quiet to-day at
25 for commoQ to good strained." Crude petroleum
LrUfi
mucates were
ofi3
at
drooping, and to-day broke down
77%@77^c., under reports of
D/S?1 i?as
an
to 77-^c.,
increased produc-
beeirfairly active at 30c. for Ohio
X fleece, and
rnnro’ ;.or n®w 8Prlng clip Texas. Ocean freights have been
rafoa .act.lv® in the matter of grain shipments, but at low
d*. u’iu 'adin& t0*day Glasgow at 2d., and Antwerp at
oush., and Barcelona at 2s. per quarter.
...
Savannah*
....
••••••
Charleston....
......
Wilmington
..
......
....
••••••
......
Norfolk
West Point.&c
New York
Boston
Baltimore
......
767
Total
Total 1880-7...
2,872
.....
......
......
......
......
2,347
4,003
15.022
70
3,059
2,198
2,872
2,198
....
Phlladelp’a’&c
*
2,847
10,847
2,989
......
......
......
20,520
707
6,718
0,804
30
1,5\5
3,440
440,230
187,352
12,480
240,898
70,0.37
75,780
223,857
224,808
539,108
202,882
103,002
51,008
25,839
6,395
180,180
282,662
89,722
4,139
1,109
208,500
121,90S
227,496
225,977
785,490205.455
152,980
57,101
37,822
I
2,405
2,573'
46,973'
5,493
34,005 2,673,007 380,539 1.233,782,4.287,328
8.349
Includes exports from Brunswick.
2.604,984*470,293
1,132,503 4,207,780
V*. !
CHRONICLE
THE
T 710
[vol. xlvt
CE
In addition to above
exports, our telegrams
to-night also give
®
cleared,
for New York,
Carey, Yale
the following amounts of cotton on shipboard, not
>at the ports named. We add similar figures
'which are prepared for our special use by Messrs.
& Lambert. 24 Beaver Street.
tus
On
June 1, at—
Great
Britain.
JNew Orleans—
Mobile
Charleston
:
Savannah
Galveston
10,427
5,071
None.
None.
None.
None.
None.
None.
None.
None.
None.
2,(><0
P.500
Norfolk
Hew York
Other ports
0,000
30,927
'Total 1888
'Total 1887
Total 188G
France.
Other
Coast¬
Foreign
wise.
5.G33
None.
None.
900
None.
9,966
None.
1,200
None.
None.
None.
None
5,000
7,000
16,100
10,000
3,063
12,219
5,174
9,259
173,837
28,984
60,250
338,011
5,721
13 983
9,G 19
7,369 [
1,187
2,571
2.550
8.400
1
33U,64J
TJi.
Fri.
74
7*4
74
7*4
74
7*4
I 7%
811
io
9*10
9° io
91*16
.
10
Middling
!
8l4o' 811io
9*io : 9*io
99jo i 99,o
91*io! 9i*io
©
p
1104
104
109,
Middling Fair
Fair
Sat. i IHon Tues
GULF.
^ ft)
-s
I I
0
Strict Good Ordinary
Low Middling
Strict Low Middling
Oiijfl
915,0
lOig
10*8
Middling
Good Middling
8trict Good Middling
915,fi
104
10*8
10*8
10*8
w
©
Fair
Sal,
STAINED.
Jlou Tucm.
7*16
8t*,6
9^8
Middling
Middling
Low
7*16
7«,o
7^8
778
81*16
81*16
9*8
95s
6-J
13
o
CO CO 3 CO
©
CO
£>.
MM
OO
60
M
^
I ©CO’
—
>—'*£) l“‘
©
•
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I—4
M®«
O
0
Oi
Sat
..!Steady
Mon
Tues.
.
iStcudy
Steady
1
...
200
/
1T
272
482
....
....
1
1
Wed '
Tina's Firm
Fri... Film
5. <'33
Total.)
5,233 3 338 i
260
5
Iloli
day!!
....
;;;
47j
....
....
<
-T
®
The Sat es and Prices of
ing’ coinpiehensi vo table :
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'
FUTURES.
iSr/c/f
AOUltf*.
1," 77
16.500
472
482
24,000
19,200
5.293
547
8,571
Tlic daily deliveries given above are
actually
previous To that on which they are reported.
© 40
M M
©
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•
13;-:
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1 3: :
13::
s,
.
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ll:
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!
1.581,7e0; September-March, for March, 3,112,100; September*
April, for April, 2,005,700.
85f“ We have included iu the above tabl9, and shall continue
week to give, the average price of futures each day for each month. I*
will be found under each day following the abbreviation “Aver ” Tie
average for aaoh month for the week is also given at bottom of table.
Transferable Orders—Saturday, 9*95c.; Mnndav, 9'95«.; Tue8dfJ»
9 U5o.; Wednesday,
; Thursday, 9*05o.; Friday, lu*000.
ruarv.
The
16,900
....
delivered tlio da3'
Fcturv.s are shown by
SeptFeb-
ew*
2%80':>!
102,100:
Sept
.No¬
Includes ta’es in September, 1887, for September, 258,200;
eml>er October* ior October, 5'0,‘..00; Septeiin er-November, for
*
vember, 481,GOO; September-December, for December, 1.027,100;
ember-Jjinmiry, for .January, 2,256\e00; September-Pebruary, for
7ohu.
....
-1
9959
>
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TRANSIT.
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closed on same days.
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during the
the
sumpuL'Cn( 4>u7.
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The total sales and future deliveries each day
week are indicated in the following statement. For
con¬
venience of the reader we also add a column which shows at a
Ex¬
CD
cob
OD
port.
<1
®
*
MARKET AND SALES.
CLOSED.
9
CD
1
;
J
SALES OF Sl’OT AND
1•
1'
00
firOT MARKET
fe-
I 3:
c
glance how the market
o
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104
10*8
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<
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ion,,, 1011,6 10H16
Ilhc 1H16 IH10
1114. UH16 111'IH
Middling Fair
Good Ordinary
Strict Good Ordinary
91&16
81*, 6
95,«
911,6
9i°i0
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P
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Fri.
Th.
Wed
6
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101O10, 1 01°,o
S119,o Jll»je
81*16
95,6
911
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95,0
911,6
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778
7*8
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7*8
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Ordinary
Strict Ordinary
Good Ordinary
tfjg
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1109,6 1109,0
10«,6 10»io |
lOi&io 101&16 10151<;
ll»io 11*18 I 11°16
•
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9*io ! 9*16
91*1(;! 91*16
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110
9*io
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8H1G; 811,6
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10
104
104
Good Middling
Strict Good Middling.
j
P
92!
©as. a
5*
®
® ©
® M
452,319
55,936
[Mon. Tiies Wed
74
74
m
1
® •
»
® •
;
M
o® ®
<1
O
Ordinary
Strict Ordinary
Good Ordinary
Strict Good Ordinary
Low Middling
8trict Low Middling
in!
•
121*
K-® ® CD
0D ®
M*
P-
03
►
s
Some decline in prices of domestic cotton goods
reported.
Bet these influences, unfavorable to a
rise, if not to the maintenance of current values, were coun¬
terbalanced by ihe smaller visible supply in the markets of
the world and the repeated reports that current consumption
exceeds laet year. A large business for home consumption,
late ou Fri ay, and reported on Saturday, caused some ad¬
vance, which was lost on Monday, while business on Tuesday
was very dull.
Thursday there was a firmer market, due
mainly to the more active business in spot cotton. To-day
the market was firm on the revision of the statistics for
Liverpool, but bmimss was veiy dull. Cotton on the spot
has met with a fa<r demand for home consumption, and cn
Thursday a large l usingss was reported for export. To-day
the market was firm at 10c. tor middling uplands.
The total sales for forward delivery for the wreek are 102,400
bales.
For immediate delivery the total sales foot up this week
8,571 bales, including 5,233 for export, 3,338 for consumption,
for speculation and—in transit.
Of the above — bales
were to arrive.
The following aie the official quotations for
each day of the past w7eek—May 20 to June 1.
7H
8B •
.
ts:
u?
•
CD
last year.
also
.$lb.
1
cs
CD
was
Sat.
£2 •
:
I
1
I
W
continued to show an excess over
UPLANDS.
•
® ®
'
P
ao
There were no ac¬
cleared up in the South¬
west, giving a favorable appearance to crop prospects; foreign
advices were without spirit, while stocks in Southern markets
current receipts
**
*1
•
the
tion Day on Wednesday) and
tions in prices beiDg quite unimportant.
tive influences at work. The weather
as
•
o3.g-|
.*© ov,
■
a
P'k-
»
©,
on
p.
®y-fio
marke
(Decora*'
was dull generally, the fiuctua
well
p.&
1
C<»£®
P
speculation in cotton for future delivery at this
pasi week hts been interiupted by a close holiday
as
l*iM-
CO
2,300
1,200
1.000
The
p*
*—■
P—®
»
® *
CD
•
®
>—•
® ® ®
t;-®
® p,
0B -
P
CO
None.
None.
2,309
0
® ® 0B
0B
?-*• te p
©
•
Stock.
Total.
©
7*
M ® ®
D
x*
1
95.509
5,950
42.5; G
00 o
® ®
23,G*0
G50
None
None.
a&g*
® 5
o
£
Leaving
2.519
1,400
3,032
£
P S'
Shipboard, not cleared—for
SSfl
©
<
the follow¬
following exchanges have been made during
fche week:
•10 nd. to exch.3, '0 t Juno for Aug.
pd. to cxcli. 2( 0 June for Jul v.
pd. toe ch. 1,100 June for July, •08 pd to cxcli 300 June for July.
*07 pd. to e *.ch G 0 June for July.
•is pd. to cxcli. 1,200 Juuo for Aug.
15 pd. toox< h. 2,700 June for AWe*
08 pd. to c xcli. 100 July for Aug.
•08 pd. to cxcli. 2.200 Jul}7 for Au«.
•32 pd. to exch. 500 Dec. f r Sept.
The Visible Supply of Cotton to-night, as made up by
'10
•OO
cable
is as follows. The Continental stocks, as well a*
for Great Britain and the afloat- are this week’s return*
and telegraph,
those
THE CHRONICLE
consequently all the European figures are brought down
But to make the totals the complete
figures for to-night (Jane 1), we add the item of exports from
the United States, including in it the exports of Friday only,
and
to
Thursday evening.
Liverpool
Btooi at London
Ufa** at
1886.
bales *782,000
924,000
654,000
21,000
30,300
803,000
954,300
4,000
37,'00
3,500
49,400
31,000
200
1,200
24£,000
^3,000
50,000
8,000
11,000
Total Great Britain stock.
Stock at Hamburg
at
Stock at Amsterdam
Stock at Rotterdam
Stock
Bremen.!
15,000
400
700
169,000
4,000
72,000
5,000
7,000
Sfcook at Antwerp
Stock at Havre..
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
15,000
977,000
26,000
669,000 1,003,000
5,«00
43,200
27,000
300
800
167,000
6,000
64,000
9,000
11,000
333,900
405,300
314,800
Total Continental stocks
5,300
50.000
46,000
500
800
186,000
4,000
63,000
7,000
6,000
368,600
1,359,600 1,092,900 1,3 "1,600
32 *,000 291,000 218,000
139,000
Amer. cott’n afloat for Eur’pe.
55,000 202,000
98,000
Egypt,Brazil,Ac.,aflt for E’r’pe
42,000
40,000
16,000
2,000
Stocit in United estates ports.. 398,261
346,018 508,255 427,341
Stock in U. S. interior towns.. 100,330
38,'->22 126,737
46,713
United States exports to-day.
4,345
782
3,^21
2,200
Total European stocks ....1,117,800
India cotton afloattor Europe. 176,000
Total visible supply
1,977,736 2,168,722 2,150,713 2,165,854
Of tbe above, tlie totals of American and other descriptions are as follows:
Atnetican—
686,000
2"3,000
55,000
346,018
Liverpool stock
bales *557,000
Continental stocks
13'>,000
American afloat tor Europe... 139,000
United States stock
398,261
United States interior stocks.. 100,330
United States expi r.s to-day..
4,345
490,000
236,000
202,000
508,255
126,737
38, - 22
3,821
782
bales more than at the same period last year.
The receipts at
the same towns have been 1,326 bales*wore than the same
week last year, and since September 1 the receipts at all
the
towns are 87,140 bales more than for the same time in
1886-7,
1885.
1887.
1888.
7^3,000
259,000
18,000
427,341
46,713
2,200
Quotations for Middling Cotton
East Indian, Brazil, dc.—
Week ending
June 1.
Galveston
New Orleans.
...
Mobile
Savannah
Charleston
Landon stock
Continental stocks
India afloat for Europe
*
97ie
97ie
99l6
9ia
9%
9^2
9Hie
Baltimore
...
Philadelphia
Cincinnati...
Louisville
O^ie.
10
10
1014
10%
958
9i*i6
9®16
9^16
9*16
9v,16
934
934
938
934
1018
93a
9^
10%
95a
95g
9«16
9*16
9«ift
9»16
9°io
934
9*8
10
...
9»4
978
9
4
9%
Receipts from the Plantations. — The following tabte
Indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the outports.
Ending—
Receipts at the Ports. St'k
18o7.
1888.
40,309
15,111
30,641 242,113
32,603 221.127
36,223 200,050
29.005 174,496
23,001 150,092
22.550v139 8 U
13,077
12,666
42,000
40,000
16,000
2,000
“
18
29,447
10,626
O
22,790
9.705
19 8 i7
7.599
June
1
at Interior Toivns.
1886.
34,754
statement.
9Hi6
93a
4
93a
9ifl
1014
95g
30,150
The above figures indicate a decrease in the cotton in sight
to-night of 190,98(5 bales as compared with the same date of
1887, a decrease of 172.977 bales as compared with the corres¬
ponding date of 1886 and a decrease of 188,118 bales as
compared with 1885.
At the Interior Towns the movement—that is the receipts
for the week and since Sept. 1, the shipments for the weekand the stocks to-night, and the same items for the corres,
ponding period of 188(5-87—is set out in detail in the following
9iii6
9
10
11
week have been
9h16
97ie
1014
958
**
American.
9%
97ie
10
218,000
Uf The imports into Continental ports this
40,000 bales.
9V
93s
9ia
10M
95a
176,000
29,086 bales, of which 27,923 bales
91a
93s
9ia
10
26,000
109,600
1,977.736 2,168,722 2,150.713 2,105.854
57eu.
5i&i,;d.
S^d.
S^d.
10c.
ll7ibc.
lo^c.
Otic.
938
9Lj
9ia
Fri.
10^8
99i6
9^16
....
St. Louis
Thurs.
10i8
91*10
Boston
Wednes.
938
9^4
1018
15,000
97,900
291,000
Stock corrected by addition of
were
9b«
30,300
142,300
329,000
583,800 779,600 5 3,900 999,600
1,378,936 1,389,122 1,566,813 1,556,254
Total visible supply
Price Mid. Upl., Liverpool
Price Mid. Upl., New York
Tues.
93s
.
Norfolk
Augusta
Memphis
ifon.
91*16
..
Wilmington
Satur.
Apr. 27
May 4
Egypt, Brazil, &c., afloat
Total East India, &o
Total American
...
CLOSING QUOTATIONS FOR MIDDLING COTTON ON—
244,000
23^,000
Other Markets.—
day of the past week:
164,000
225.000
21,000
131,800
Liverpool stock
at
In the table below we give the closing quotations of
middling
cotton at Southern and other principal cotton markets for each
Week
1,378,936 1,389,122 1,566,813 1,566,254
Total American
711
1886.
1887.
Rec'pts from PlanVnt*
| 1888.
1880.
90,981
80,506 172. <.87
|l99>70
11,086
72,510 145,014
64,808 131,277
58,588 117.8.2
13,683
53.8'3 107
1
10
|
1887.
1889.
5,010
2,002
■
1888.J
June 2,
18,1041
•
13,235
5,020
9,010
•••••
3.887,
2,984
4.980'
3,485
15,268
10.166
2,9 0
2 844
12.15
0
The above statement shows—1. That the total receipts from
the plantations since September 1, 1887, are 5,459,923 bales;
in 1886-7 were 5,181,6G0 bales ; in 1885-6 were 5,399,167 baits..
2.—That, although the receipts at the outports the past week*
22.556 bales, the actual movement from plantations was
12,156
bales, the balance being taken from the stocks at
only
t he interior towns.
Last year the receipts from the plantations
for the same week were 2,844 bales and for 1886 they were
2,986 bales.
were
Amount of Cotton
in
Sight June 1.—In the table below
give the receipts from plantations in another form, and add
to them the net overland movement to M y 1, and also the
takings by Southern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
we
1887-88.
Receipts at the ports to.Tune 1
Interior stocks on June 1 in
excess of September 1
1886-87.
1885-86.
1884-85.
5,367,311 5,175,887 5,135,176 4,705,278
1
83,612
5,7 3
123,- 91
34,72$
Tot. receipts from plautat’ns 5,450,923 5,1 Sl,mio 5,309,167 4,740,004
Net overland to May 1
895,530! 750,799 742.113 578,71c*
Southern conaumpt’n to May 1
377,000] 331,000
821*
o
i
a>
r: 5*3^52 SV-
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becoming grassy, owing to the rains, but otherwise tbe
is promising.
balveston, Texas.—Tt has rained hard r n three days of the
week, the rt infall reaching three inches and forty-five
hundredths. The thermometer Iris ranged from 75 to 95,
averaging 84. May rainfall seven inches and one hundredth.
Palestine, Texas*—There have been showers on two days
of the week, the rainfall reaching thirty-live hundredths of
an inch.
Crops are somewhat grassy from recent rains, but
others isee good.
Work has been resumed. Average ther¬
mometer 74, highest 88 end lo* es>. CO.
During the month of
May the rainfall reached ten inches and li ty-four hundredths.
Huntsville, Texas.—We have hard rain on three days of
the week, the rainfall reaching one inch and ninety-eight
hundredths.
Crops continue promising, but are getting
grassy and need work, which the rains prevent.
As the
w'eek closes there is a favorable change in the weather.
The
thermometer has averaged 77, the highest beir g 92 and the
lowest 61. Rainfall durir g the month of May nine inches
crop
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spinners’ takings to
are
Os
CO
2 9,000
Weather Reports by Telegraph. — Our
telegraphic
advices from the South to-night indicate that in general the
weather has been quite favo able anrijjtbat cotton isdeve’oping
well. There are some complaints from Texa-* that tin fields
^;
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279,000
6,723,153 6,263, 59 6,330,2 0 5,537,722
!
'
i
1,6(7.939 1,492.187 1,615,239 1,264,283
It win be seen by the above that the increase in amount in sight to¬
night, as compared with last year, is 459.99 L bales, the iucrease as
compared with 1885-6 is 393,173 bales and the increase over 1884-5
is 1,165,731 bales.
Northern
June 1
•
»
It-
Total in sight J une
r*
and eighteen hundredths.
Dallas, Texas.—The weather seems now toll-ve cleared off,
having been only one showtr durirg tlie week to the
M
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extent of fitty-five hundredths of an i eh.
tO
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00
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of d y weather is needed to p* rmit of work.
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done by the rairs has been grea ly exaggerated.
Tne ther¬
mometer has averaged 74 - nd ranged fr, m 56 to 91.
Dur ing
The above totals show that the old interior stocks have the month of May the rainfall reached twelve inches and
decreased during the week 9,502 bales and are to-night 62,008 seventy-three hundredths.
there
£
•
M
H*
c
f*
-
•
—
*
THE
712
CHRONICLE.
[Vol. XLVI.
Antonio, Texas—We have had hard rain on four
days of the week, doing no harm but interrupting work. The
rainfall reached one inch and eighty-two hundredths. Pros¬
pects continue very fine. The thermometer has ranged from
57 to 90, averaging 74. During the month of May the rainfall
reached six inches and forty-six hundredths.
Luling, Texas.—It has rained hard on four days of the
Selma, Alabama.—It has rained on four
the rainfall reaching two inches and forty
thermometer has averaged 75, the highest
lowest 64.
reached one inch and seventy-eight hundredths.
Average
thermometer 75, highest 92 and lowest 57.
Rainfall for the
month of May five inches and sixty-one hundredths.
the rainfall reaching one inch.
from 65 to 91, averaging 71.
Gan
week, interrupting much needed work as grass is growing
fast.
Otherwise crop prospects continue good. The rainfall
Columbia, Texas.—It has
rained splendidly on two days
rainfall reaching three inches and fiftyeight hundredths. At last we have enough rain and crops of
all sorts are very promising.
The thermometer has averaged
70, the highest being 90 and the lowest 62. During the month
of May the rainfall reached five inches and fifty-five hun¬
of the week, the
dredths.
days of the week
hundredths. The
being 86 and the
— We
had a severe lo?al thunder
30th, the rainfall reaching two inches and thir¬
teen hundredths.
The thermometer has averaged 75 *8, rang¬
ing from 66 to 83*5.
Auburn, Alabama.
storm on the
Madison, Florida.—It has rained on one day of the week,
The thermometer has ranged
Columbus, Georgia.—Rainfall for the week one inch and
ninety-one hundredths on two days. Average thermometer
79, highest 89, lowest 69.
Savannah, Georgia.—We have had rain on three days of
the week, the rainfall reaching eighty-seven hundredths of an
inch. The thermo meter has ranged from 68 to 88, averaging 76.
Augusta, Georgia—We have had rain on three days in the
latter part of the week, the rainfall reaching eighty-one hun¬
dredths of an inch.
Farm work is behind, and the stand ig
CuerOj Texas.—Crops continue splendid, but there are some
not as good as last year, but recent rains have been beneficial
complaints of grass. Rain has fallen on two days of the w-^ek and
growth is progressing favorably. Average thermometer
to the extent of three inches and twenty-six hundredths. The
78,
highest
94, lowest 64. May rainfall four inches and fiftythermometer has averaged 81, ranging from 69 to 92.
Rain¬ nine hundredths.
fall for the month of May three inches and ninety hun¬
Atlanta, Georgia.—Telegram not received.
dredths.
Charleston, South Carolina.—Rain has fallen on three
Brenham, Texas.—Dry weather is badly needed as crops
of the week, the rainfall reaching twenty-two hun¬
days
are getting in the grass.
Otherwise no harm has been done. dredths
of an inch. The thermometer has ranged from 69 to
Rain has fallen on four days of the week, to the extent of one
87,
averaging
77.
inch and forty-four hundredths.
Average thermometer 77.
Stateburg,
higher 92, lowest 61. Month’s rainfall nine inches and seven the extent of South Carolina.—Rain has fallen on one day to
twenty-nine hundredths of an inch. Average
hundredths.
thermometer 75*7, highest 88, lowest 60.
Belton, Texas— It has rained hard on three days of the
Columbia, South Carolina.—We have had rain on two
week. The constant rains prevent the harvesting of small
days
of the week, the rainfall reaching twenty hundredths of
grains as well as all other field work, and the gra?s is growing an inch.
The thermometer has averaged 78, the highest being
fast. Though no material damage has been done, dry weather
94 and the lowest 63.
is needed.
Average thermometer 70, highest 93 and lowest
Wilson, North Carolina.—There has been rain on three
74. During the month of May the rainfall reached ten inches
days of the week, the rainfall reaching one inch and ninety
and fifty-four hundredths.
hundredths. The thermometer has averaged 81, ranging from
Weatherford, Texas—There has been one light shower
68 to 93.
during the week, the rainfall reaching one hundredth of an
The following statement we have also received by telegraph,
inch.
Crops are very promising. The small grain harvest is
the height of the rivers at the points named at 3
showing
about beginning. The thermometer has averaged 73, the
o’clock May 31, 1888, and June 2, 1887.
highest being 92 and the low* st 53. Rainfall during the month
of May six inches and seven hundredths.
May 31, ’88. June 2, ’87.
New Orleans, Louisiana.—We have had rain on five days
Feet. Inch. Feet. Inch.
of the week, the rainfall reaching inch and forty-three hun¬
9
8
13
O
New Orleans
dredths. The thermometer has averaged 78.
14
12
O
6
Memphis
1
11
4
5
Shreveport, Louisiana.—Rainfall for the week one inch Nashville
and twenty-one hundredths.
from 62 to 90, averaging 74.
The thermometer has ranged
Shreveport
Vicksburg
Above low-water mark
32
Miss
3
15
23
3
ing.
9
Columbus, Mississippi.—It has rained on two days of the
Jute Butts, Bagging, &c.—There has been only a moder*
week, the reinfall reaching ninety-nine hundredths of an ate
inquiry for bagging since our last, and the market is
inch. Average thermometer 74, highest 90 and lowest 58.
quiet. Prices are quoted at 6@6}^c. for 13^ lbs., 6*^@6%c.
Rainfall during May two inches and fifty hundredths.
for
lbs., 6%@7c. for 2 lbs. and 7)^@7^c. for standard
Leland, Mississippi—We have had rain on four days of
Some small sales are reported of jute butts for
grades.
the week, the rainfall reaching one inch and ninety-eight
hundredths. The thermometer has averaged 68*4, the highest present wants, and paper grades are held at 1^@1 15-16c.
and bagging qualities at 2@2J^c.
being 84 and the lowest 44.
India Cotton Movement from all Ports.—The receipts
Greenville, Mississippi.—We have had rain on three days
of the week, the rainfall reaching two inches and thirty-four and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to May 31.
hundredths. The thermometer has ranged from 65 to 87.
Clarksdale, Mississippi.—It
has rained on three days of the
week. The plant is making rapid
of warm and favorable weather.
Vicksburg, Mississippi.—There have been showers on three
days of the week, the rainfall reaching one inch and thirtyone
hundredths.
Average thermometer 79, highest 103,
lowest 63.
Meridian,
BOMBAT RECEIPTS AND SHIPMENTS FOR FOUR TEARS.
growth under the influence
Mississippi.—Rain has fallen on four days of
the week. Crops are backward on account of cold nights.
The thermometer has ranged from 60 to 86.
Little Rock, Arkansas.—Rain has fallen on three days and
the remainder of the week has been fair to clear and pleasant.
The rainfall reached two inches and twenty-three hundredths.
Delegates to the State Convention, now in session, report fine
crop prospects in every county in the State. The thermometer
has averaged 72, ranging from 60 to 86.
Helena, Arkansas.—It has been showery on three days of
the week. Rains have improved crop3, the rainfall reaching
one inch and fifty-one hundredths.
The thermometer has
ranged from 62 to 86, averaging 70.
Memphis, Tennessee.—The rain which has fallen on three
days of the week,‘.to the extent of one inch and sixty-seven
hundredths, has done much good, and crop accounts are favor¬
able. The weather is now clear. The thermometer has aver¬
aged 73 and ranged from 60 to 88.
Nashvilley Tennessee.—We have had rain on four days of
the week, the rainfall reaching twenty-nine hundredths of an
inch. The thermometer has ranged from 53 to 88, averaging 68.
Mobile, Alabama.—It has been showery on one day of the
week and has rained severely on one day, the rainfall reach¬
ing one inch and thirty hundredths.
The crop is developing
Year Great Conti¬
BriVn. nent.
1988
1887
1886
1885
'
"J
six inches and fifteen hundredths.
Montgomery, Alabama.—Rain has fallen on four days of
the week, the rainfall reaching one inch and thirty-nine
hundredths. The weather has been clear and dry since yes¬
terday end crops look promising. Average thermometer 78,
highest 92 and lowest 64. Rainfall for May five inches and
nineteen hundredths.
Britain
Conti¬
nent.
Total.
493,000
569,000
516,000
390,000
Since
Jan. 1.
This
Week.
665,000 40,000 1,136,000
864,000 60,000 1,273,000
764,000 74,000 1.179,000
575,000 58,000
864,000
■
Shipments since January
Shipments for the week.
Conti¬
nent.
Great
Britain.
Calcutta1888......
Total.
Great
Britain.
Continent.
1.
Total.
-
1887
Madras-
4,000
6,000
10,000
1888
1887
All others—
1888
m m
m
m
m
m
1887
Total all—
1888
1887
6,000
4,000
lO.OOO
25,000
80,000
63,000
101,000
88,000
181,000
7,000
4,000
2,000
2,000
9,000
6,000
15,000
15,000
14,000
15,000
29,000
30,000
47,000
99,000
79,000
118,000
126,000
217,000
The above totals for the week show that the movement
the ports other than Bombay is 10,000 bales less than the
week last year. For the whole of India, therefore, the
from
same
total
shipments since January 1, 1888, and for the corresponding
periods of the two previous years, are as follows :
EXPORTS TO EUROPE FROM ALL INDIA.
promisingly.
,of May
Great
13,000 18,000 31,000 172,000
20,000 58,000 7 *,000 295,000
27,000 33,000 60,000 249,000
15,000 51,000 66,000 179,000
The thermometer has averaged 75, the
high est being 84 and the lowest 63. Rainfall during the month
very
Total.
Receipts.
Shipments Since Jan. 1.
Shipments this week.
1888.
Shipments
to all
Europe
from—
Bombay
Since
Jan. L
864,000
217,000
60,000
2,000
764,000
108,000
88,000 1,081,000
62,000
872,000
This
week.
31,000
665,000
126,000
78,000
10,000
31,000
791,000
Since
1886.
This
week.
Jan. 1.
This
week.
All other ports.
Total
1887.
Since
Jan. 1.
1888.
June 2,
THE
j
Manchester Market.—Our
from Manchester states that
CHRONICLE
report received by cable to-night
the market is steady for both
and sheetings. We give the prices for to-day below,
and leave those for previous weeks of this and last year
yarns
for
comparison:
1888.
CotVn
8*4 lbs.
325 Cop.
Twist.
Shirtings.
d.
d.
1887.
a.
AP- 27 79.6^8^6 5
May 4 711i6®8*4 5
11 711i6®814 5
18 i7U16®8i4 5
«
5
25
5
June 1
d.
8.
7 @7
d.
0
71a®7
1
1
“
7-4a®7
7^®7
7^®7
«
1
1
1
Mid.
Uplds
32« Cop.
Twist.
d.
d.
d.
538
7&16®71516
5he 75i6®7i°i6
5716 7516@715i0
53s
75i0®7151G
53s
7516®71516
538
7510*z>71516
Domestic Exports op Cotton
GoU’n
Mid.
8 k lbs.
Shirtings.
d.
8.
5
5
5
5
5
5
9
9
9
8
8
8
Uplds
d.
5^8
8.
d.
®6 lOifj
'WG 10*2
5H16
@610*2
5%
10
@6 10
©6 10
513IC
5 '8
Manufactures.—Through
of Mr. W. F. Switzler, Chief of the Bureau of
Statistics, we have received this week a statement showing the
exports of domestic cotton manufactures for April, and
for the ten months since July 1, 1887, with like figures
for the corresponding periods of the previous year, and give
them below:
the courtesy
Quantities of Manufactures of Cot¬
ton
(colored and uncolored)
exported to—
1888.
Great Britain and Ireland....yards
Other countries in
Europe....
British North America
Mexico
Central American States and
British Honduras
West Indies
Argentine Republic
Brazil
United States of Colombia...
Other countries in S. America
China
Other countries in Asia and
Month ending’Apr. 30
“
“
“
“
“
1887
mos.
ending Apr. 30.
1887-8.
1886-7.
8,691,248
3,147.107
990,085
8,683,352
201.944
750,898
13,572,017
9,701,036
5,430,524
15,952,807
225,514
343,321
2U4.S07
769,050
101,790
1,494,827
434.823
1,137,585
150,438
823,417
431,008
1.229,319
“
10
524,164
0,049,976
1,179,493
14.111,344
122,045
770,022
027,402
1,099,304
7,322.040
5,270,913
5.522,210
4,194,014
3,529,403
1,400,398
11,197.441
0,773,333
“
“
“
3,995,009
“
“
“
1,328,318
2,992,289
373,270
392,432
“
15.ir3.505
14.098,027
145,387,441'177,007,740
$1,018,159
$941,102
$•0071
$•0641
$9,016,830 $11,497,030
$•0604
$•0047
30,337
Germany
$
48,100
1,900
France
Other countries in Europe
British North America
Mexico
2.510
3,“131
47,500
13,708
Oceanica
Africa
Other countries
Total yards of above
Total values of above
Value per yard
Values of other Manufactures
Cotton exported to—
Great Britain and Ireland
22,001,708
41,197,321
7,920,884
7,254,704
48,743
185.428
4,843,430
4,922,909
22,010,326
09,573,908
0,969,130
0,974,248
4,410,862
of
$
$
414,375
16,9 5
0,408
26,390
290,587
1*0,548
2,471
2,719
63,120
11,721
Central American States & British
Honduras
West Indies
United States of Colombia
Other countries in So. America
Asia and Oceanica
Africa
Other countries
2,159
7,519
5,04*
5,041
29,021
4,719
2,245
0,410
13,285
4,057
19,230
$
250,565
24,021
800
9.914
433,334
99,000
59.972
00,282
05,470
24.783
74,885
103,732
67,135
225,491
499
4,301
12,187
62,806
231,155
1,548
45,130
73,550
Total value of other manufac¬
tures of
170,718
109,993
1,415,330
1,390,702
Aggregate value of all cotton goods
1,188,877
1.111,455
11.032,100
12,887,732
Egyptian Cotton—We have received from our correspond¬
ent at Alexandria Report No. 18 of the Produce Association o*
that
city, giving
of reports received by it in April,
We have translated the report, and give it below.
Bihera.—Several districts of this province were able to sow cotton
earlier than usual
a resume
this year, others did so at the customary time,.and still
obliged to delay planting on account of lack of water in March.
Germination has been good, and thus far almost no replanting has been
necessary. The plants are in good condition, but it is feared that the
cold weather at the end of April may have done
damage. The water
supply, after having failed iu several localities in February and March,
in consequence of the cleaning of the canals, has
during tne month of
April been generally considered sufficient. The acreage under cation is
equal, or slightly superior, to that of 1887, according to the locality.
This province has continued to sow by preference Ashmouni cotton.
Gallini is, however, cultivated in some villages
bordering the Nile, which
others
wei e
devote to it
a
certain amount of land.
Oharkieh.—Sowing
was generally done as anticipated in this province.
The seed has sprouted well, and fields where replanting lias been neces¬
sary are extremely rare. The young plants are in good condition.
Although very favorably affected by the warm weather of March, tlieir
development was retarded to a certain extent by the cold of April.
There has been no difficulty in irrigation. Water is
everywhere suffi¬
cient; in places abundant. It is eommonly believed that this province
has sown as much land with cotton as it did last
year.
One of our cor¬
respondents speaks of 5 per cent more. The cultivation of Ashmouni
cotton continues to occupy the first
place, but a little more Bamtoli has
been planted than in 1887.
Dalcatiii6fi.—Planting took place in March and April, i. e at the time
customary in this province. The plants have come up well, and are in
good condition, although in this province, too, complaints are heard of
the temperature in
April. Almost no replanting has been necessary,
except in the northern districts. Water is everywhere sufficient, and in
places abundant.
Acreage under cotton is the same as in 1887. Our
,
Respondents
are unanimous
audhe believes that
on this point, with one exception only,
sown this year than last.
Barnieh, except in the Mituhamr district, which raises only white cotton.
Oaliou btth. Encouraged by the
good results of the early planting last
Fear, cultivators made still greater naste this season.
They have reason
to congratulate themselves
on having done so, for the
very favorable
temperature of March promoted germination and the
development of
the young
plants. Nowhere has replanting been necessary, and the
Wops
a little more cotton was
are confined to Ashmouni and a little
-
crop in all sections presents an excellent appearance,
although latterly
Water is sufficient
JJ* growth has been checked by the cold of April.
+hery^rere- ^is believed that more cotton has been sown this year
w!?*vrler®
was *aat# The cultivation of Ashmouni cotton has always
aeia the first
place in this province; but this year a considerable quantity
variety called Mit-afifi has been sown.
tfar6ie/i.—in the greater part of this province planting took place at
time* 1118 reported, however, that in certain districts It was
D*e eight or ten
days earlier than usual, while in others it was
eitaer by the lack of water or by the
necessity of waiting till
vmi^er8\m
(cl°verl was cut. The seed has germinated well, ana the
young plants look promising where
planting was not delayed. The
vemperature of March was very favorable and furthered
vegetation,
01
.“he
new
713
unlike that of April, which to a certain degree hindered tbe development
of the cotton plants. Water, w ithout being abundant, is yet
generally
considered sufficient. Very few places complain of a lack of it.
Estimates on tlie amount of land under cotton vary according to the
person and the locality.
Some persons—and they are in tlie majority—
believe it is equal to that of 1887; others declare it mo o or less in
excess of that a year ago and still others (these are in tlie
minority)
believe it less than in 1887. Ashmouni and Barnieh are tlie varieties
most cultivated. They liave been replaced to a certain extent, however,
this year by Mit-afifi. White and Gallini have been planted in the same
proportion as last year.
MtnoutMi.—Sowing was almost everywhere earlier by eight or ten
days in this province than usual. The plants have come up perfectly,
and
in
are
a
satisfactory condition. Thus far we have received
plaint of cold weather
in
April.
With
a
few exceptions
no
no com¬
replanting
called for. Water is now sufficient, though it was lacking for some
time in tlie neighborhood of Menouf because of ti e cleaning of the
canals. Even now it would seem that the water service there is not
was
satisfactory. As in the case of Garbtoh, our correspondents express
different opinions upon the cotton acreage. Some declare it as great as,
some greater and others
less .than, in 1887.
Most of the land is
sown with Ashmouni, Barnieh and Mit-aflfl.
This last quality occupies
in several localities a quarter of the acreage. A certain amount of
white cotton is raised in the Birket-el-Sab and Melig districts.
Fayoum.—In Fayoum the vegetation is excellent, and the temperature
good. No complaints thus far. Planting, which began about March 15,
was only recently completed.
All this time has been required for plant¬
ing, in consequence of tbe great increase in the cultivation of cotton.
Our correspondents estimate this increase at 30 to 60 per cent, and even
more.
It is certainly a fact, therefore, that this province has sown much
more cotton than it dirt in 1887.
The province is especially indebted to
the officers in charge of the distribution of the water supply.
The kinds
of cotton sown are those peculiar to this province.
Upper Egypt— News from Upper Egypt is still wanting, but several
circumstances which have occurred this year lead us to believe that the
different provinces of Upper Egypt will be found to have sown more
cotton than last year, and that tlie acreage will exceed tlie official state¬
ment of 1887, which was in the aggregate 20,433 feddans.
General Observations.—We have little to add to tlie foregoing. The
impressions which we gather from tlie reports are as follows : Planting,
for the most part, took place at the usual time, or somewhat earlier than
common, and only in a few cases was later. The plants came up well
and at first were favored by warm weather, but latterly tlieir develop¬
ment lias been more or less interfered with by cold,
if the bad weather
continues, it is feared that damage may lie done, especially in tlie north¬
ern part of Lower Egypt.
The water supply is everywhere sufficient,
and in some places abundant. At present it is more satisfactory than
last year. The acreage in some parts of Lower Egypt is probably a little
greater than in 1887, but we are unable to ascertain posi ively about it.
There is no doubt, however, that Fayoum, which according to official
data planted only 47.625 feddans in 1887, is cultivating much more
cotton tliis season.
We think it probable that Upper Egypt lias also
sown more.
White and Gallini have been planted in almost the same
proportions as in former years, while Ashmouni and Bamieli are some¬
what less cultivated in Menouiieh, Galioubtoli and in a section of Garbieh, having been replaced by the new cotton called Mit-afifi. On the whole
the situation would be extremely satisfactory if it were not for the bad
weather which has prevailed of late.
We ought, moreover, to add that
locusts have appeared in the province of Cliarktoli. Fortunatey they
have done no damage, and we hope that—thanks to the measures taken
by the Government - the danger of injury from them has been averted.
Alexandria, April 30. 1888.
P. 8. Heavy rains have been falling in Egypt for four days, and it la
feared they may have done a little damage on late-sown lands.
Alexandria, May 4,1888.
New
York
Cotton
Exchange—Eighteenth
Annual
Meeting.—The New York Cotton
teenth annual
meeting
the various committees
Exchange held its eigh¬
Tuesday, May 29. The reports of
were presented by President Charles
on
D. Miller, who made a brief speech '
reports were substantially as follows
As communicated, the
.
The Executive Committee reports tha>, an the offices in our building
leased on satisfactory terms. The t-0tai rent receive*) from office*
was $65,320 50, expense of
running t^e building, $47,814 82, and
$3,745 68 has been expended in repair^ ami necessary changes. A
are
great deal of work has been done in the oqficoa> leaving but little to he
done during tlie coming year.
The Finance Committe report a satisfactory oondition of the finances.
Also that a very systematic method of
keeping the accounts of the
Exchange has recently been adopted.
*
Tbe Warehouse and
*
*
Delivery Committee report that the working of th5 Inspection Bureau
has been satisfactory.
*
A statistician ,-or the Exchange has
*
*
been appointed and it is expected that tbc Exchange will obtain
exclusive, prompt and trustworthy information of the movements
of the crop
The volume ot business done in the Exchange
*
*
*
shows an increae over that of the previous year. Transactions in cot¬
ton for future delivery: 1888, 28,924,400 bales; 1887, 28,079,800 bales;
1886, 25,382,500 bait s. Transactions in actual cotton: J 888, 325,917
bales; 1887, 244,997 bales; 1886, 285,327 bales; besides a large number
of bales inspected and deliver* d on contract. *
*
*
Inspected by
Inspection Bureau Sept. 1st, 1887, to May 1st, 1888, 220,941 bales.
Amount for which certificates have been issued during the same period.
134,529 bales.
Twenty-six memberships have changed hands by transfer; 25 new
members have been admitted during the year, making the total number
of memberships at present 4 54, against 454 last year, the number of ac¬
tive members being 442, the difference, 12, being second
memberships
held by members.
The report of the trustees of the gratuity fund shows: Assets, $67,887 49, of which $47,000 is loaned on real estate, $17,772 49 on deposit
with New York Life Insurance & Trust Company.
Liabilities, $9,175.
The Treasurer’s annual report shows a balance on April 30, 1888, of
$40,606 44.
The receipts ar d expenses of the Exchange for the ensuing year are
estimated as follows: Receipts, $30,265; Expenses, $31,7*. 0; leaving a
deficit of $1,435.
Tfie estimated receipts and expenses for running the building for the
ensuing
leaving
year are as
follows: Receipts, $65,700; Expenses, $52,200;
surplus of $13,500.
In view or the satisfactory condition of the finances, the Board of
Managers recommend that there be a reduction in the annual dues, and
that these be fixed at $60 for the coming year.
a
The Treasurer’s report showed receipts for the eleven
months, including balance on hand May 26, 1887 ($3,725 11) of
$84,114 65; disbursements, $43,508 21; leaving a balance April
30, 1888, of $40,606 44.
Shipping News.—The
exports of cotton from the United
States the past week, as per latest mail returns, nave reached
53,227 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph and published
the Chronicle last
Friday.
With regard to New York
include the manifests of all vessels cleared up to
Thursday
we
[Vol. XLVI."
THE CHRONICLE.
714
Total bales.
1,075—Alas¬
2,232
Eu¬
Kew York—To Liverpool, per steamers Adriatic,
ka, 2,39L... City ot Chicago, 1,9:9
Egypt,
clid, 028
Umbria, 4
To Hull, per steamer Martello. 2,528
To Havre, per steamer La Bretagne, 714
8,319
2,528
714
To Bremen, per steamers Fulda, 100
Trave, 100...
200
To Hamburg, per steamers Hammoiiia, 700
796
Moravia, 96.
To Amsterdam, per steamer Schiedam, 8
8
To Antwerp, per steamers De Buy ter, 118
Westernland,
748...
946
To Stettin, per steamer Gothia, 350
3_y»
To Barcelona, per steamer Alesia, 653
653
To Marseilles, per steamer Alesia. 53
53
To Genoa, per cteamer Alexandria,- 55
955
To Windsor, N. 8.. pe- schooner Christina Moore, 100
100
Neav Orleans—To Liverpool, per steamers Caribbean, 2,366
To Havre, per steamer Le Chatelier. 4,283
4,283
To Bremen, per steamer Ocean King, 4,403
4,408
To Hamburg, per
barks India, 2,260—Josetiua,
Charleston—To Barcelona, per
Thurs., May 31.
Open High Lont. Clos.
Open High Low. Clos.
Frl.t June 1,
Open High Low. Clot.
d.
d.
d.
d.
d.
d.
d.
d.
524
5 25
5 25
5 25
5 25
d.
d.
d.
5 24
5 24
5 24
5 24
5 24
5 25
June-July.. 5 24
JuIj-Auk .. 5 25
Auu.-Sept.. 5 24
September. 5 24
5 24
5 24
5 24
5 24
5 25
5 24
5 25
5 25
5 25
5 25
5 25
525
5 25
5 25
5 25
5 25
5 25
5 25
5 25
5 25
5 25
5 25
5 25
524
5 24
5 24
5 24
5 24
5 21
5 24
5 24
5 24
5 24
5 24
5 24
5 24
! 5 24
5 24
5 24
5 24
5 24
5 24
5 24
524
5 24
5 14
5 14
5 14
5 14
i
5 15
5 15
515
5 15
515
5 15
5 15
Oct.-Nov...
5 0J
SOW
5 09
5 09
510
5 10
5 10
5 10
5 10
5 10
5 10
515
510
Nov.-Dec...
5 08
5 08
5 08
5 08
5 08
5 09
5 08
5 09
5 08
5 OS
5 08
508
....
....
....
5 08
5 08
SOS
5 08
508
5 08
5 08
508
Jane
8ept.-Oct
..
Dec.-Jnn...
d»
BREADSTUFFS.
620
62o
steamer Stag,
Wednes., May 30.
5
Friday, P. M„ June 1, 1888,
The flour market has been drooping all the week in sym¬
982
3,001 pathy with the course of wheat ; but as offerings increased
uvian, 2,031
To Bremen, per steamer America, 2.164.
2,164 and prices weakened the transactions were on a more liberal
To Antwerp, per steamer Ripon City, 300
300 scale. The receipts of flour by lake at Buffalo in May were
Boston—To Liverpool, per steamers Atlas, 738
Roman, 2,574
Venetian, 2,882
6,194 570,000 bb’s., the largest on record. To-day the market was
202
Philadelphia—To Antwerp, per steamer Vaderland, 202
very quiet.
Total
.'53,227
The wheat market has sharply declined, an important break
, 982...
Mentmore, 970 — Per¬
News—To Liverpool, per steamer
Newport
Baltimore—To Liverpool, per steamers
...
week have been as follows :
Cotton freights the past
HavTe, steam
|
116®5€4 *
.
*4
h
*4
c.
....
h
*4
•
sail.... ..c.
Do
Bremen, steam
sail
Do
m m
mm
c.
sail.
..c.
Amst’d’m, steam. c.
Do via Leith.d.
....
«...
2,y
25*
,
+
*
m
m
....
....
25*
25*
25'
H
....
foV
....
....
21l£S11G4 2112Sn€4
■
•
....
....
....
»
a
316
3J 6
732
332
316
316
7:t2
332
J
j
\
DAILY CLOSING
Per loo lbs.
the follow¬
Liverpool.—By cable from Liverpool we have
ing statement of the week’s sales, stocks, &c., at
We add
previous weeks for
{
1
.
*.A
^
j May 18.
May 11.
66,000 i
7,000
4,000
46,000
9,000
_*]%*’*
i May 25. ! June 1.
8.000j
13,0001
18.000
780.000
7 73,000 j
561,000
32,000
is,000
558,000!
54,000
41,000
125.000
io.ooo:
62,000
17,000;
40,000
29.0(0
Actual count—29,086 bale'* added as correction , of
bales American.
*
O' spot cotton,
12:30 p.m.
(
j
Very qui’t
follows :
as
whir h
27,923
Mid. Orl’ns.
Bales
2u0
Spec. & exp.
Moderate
demand.
5%
5%g
5,000
'
-
Small
inquiry.
5=%
MuLUpl’ds.
caw
‘57ig
8.000
s’*
88 oo
1,000
Wednes.
Quiet.
Thursd'y.
Friday.
Quiet and
Steady.
11 rm.
5%
5%
57i«
57ig
10,000
10,000
1,000
1,000
Quiet at
1
1-64
decline.
J
Market,
?
4 p. m.
\
5%
5~1«
9,000
Steady.
Quiet at
Quiet.
Quiet.
8teady,
Steady.
63-64d.. and 5 01 mean» 5 1-64(1.
Steady.
1-64 ad¬
Very
steady.
8teady.
and QLths thus:
•
92%
W
o
93
96%
93 %
96
lOO-i
100's
pj
Fri.
Thurs.
91%
92%
92 %
V1
91%
92
924
5)2%
93%
95%
95%
1 00
99%
has also declined,
corn
anticipated. Tne decline
led to some export, but the local trade continued dull. To¬
day futures Avere more active, and closed dearer, and the spot
have been so large as was
not t-ec m to
maiket more active,
but at low prices.
62
62 4
61%
62,
62%
6^4
62
have favored buyers
Thurs.
Wed.
Tucs.
62 4
62 4
62 4
62%
September deiivery..
Oats
Mon.
Sat.
63
Juno delivery
July delivery
August delivery
2 MIXED CORN.
PRICES OF NO.
DAILY CLOSING
c
:
*<
62
634
62%
634.
in sympathy with corn
and the
i3 less important,
PRICES OF NO. 2 MIXED OATS.
Tues.
Thurs.
Mon.
Wed.
Sat.
June delivery
384i
38 4
July delivery
334
344
334
38%
The following are
34 4
334
Fri.
624
62%
61%
6 L %
►~1
general check to speculation, but the dee.ine
To-day the market was generally better.
September delivery
Quiet.
38
33 %
344
334
38%
34%
33%
384
34
334
334
^
Fri.
334
the closing quotations:
Superline
Spring wheat extras.
Quiet.
Red winter No. 2...
Red winter
White
Corn— West’n mixed.
West’n mixed No. 2.
Steamer >o.2
yellow....
d.
d.
d.
d.
Western
6 23
5 24
5 23
5 24
Southern white....
| 5 24
5 24
5 24
5 24
5 23
5 24
5 23
5 24
;
5 23
5 24
5 23
5 24
;
1 21
5 24
5 24
5 24
5 23
6 23, 6 23
5 23
5 23
3 23
5 23
5 *-'3
5 24
5 24
5 24
5 24
5 24
5 24
524
5 24
5 24
5 24
5 24
5 24
5 25
5 25
5 24
5 24
Aug.-Sept..
September.
Bept.-Oct...
ft
24
5 24
5 24
5 24
5 24
5 24
5 23
5 23 :
5 24
524
5 23
5 23
5 24
5 24
5 24
5 24
5 14
5 14
5 14
5 14
5 14
5 14
5 14
5 14
513
5 14
5 13
5 14
G9
5 09
5 09
5
09
f 08
5 09
5C8
5 09
f. 09
5 09
5 09
5 09
5 0?
5 07
5S?
5 07
5 07
6 0?
5 07
5 07
5 07
507
6 07
5 0?
*•
Spring, per bush...
Spring No. 2.......
d.
July-Am;..
%
3 50
1 75
5 20
3 30
family brands
Rye Hour, superfine..
Fine
Corn meal—
Western, &c..„ ....
$3 40£ 3 65
3 753
3 403
2 403
4 75
3 65
2 65
3 303
3 50
3 55
69 ®
3743
43 3
38 3
44 3
74
41
46
39
45
®
•—
■—
3 503
Brandywine
Rye-
Wheat-
5 24
'5
3 65 3
4 65 3
3 15 3
4 75
Suuth’n com. extras..
Southern bakers’ and
GRAIN.
d.
June-July..
5 24
3 25 3
Winter XX and XXX.
Patcuts
Southern supers
5 24
5 24
May
May-June.. 5 24
5 24
3 853
«i.
d
5 24
3 20 3
clear and stra’t.
un.
5 24
d.
5 24
5 24
Low. Clot
2 70a> 33 20
40
Wintershipp’gextras.
M
d.
24
j
(L
5 24
d.
4 63 means
Open High
Open High Low. Clos.
Open High Ixtw. Clot
# bbl. $2 30 3$3 00
Fine
Tuea., May ‘29.
Mon., May 2$.
Hat., May ‘26.
Wed.
924
The higher prices seem to
have brought out suppli-s that were greatly in excess of the
anticipations of the bull-', and the wants of the market do
1,000
vance.
otherwise stated.
IF The prices are given in pence
Nov.-Dee
lues.
93%
9 4%
9 L
9 1 %
102
August delivery
opening, highest, lowest and closing prices of futures at
Liverpool for each day of the week are given below. These
prices are on the basis of Uplands, Low Middling clause, unlefcs
Oct .-Nov..
December delivery
DAILY CLOSING
The
^
September delivery
Mon.
FLOUR.
Futures.
Market,
12:30 p.m.
[^%en
Saturday Monday. Tuesday.
Spot.
Market,
have
August delivery
35,000
th&YJrf*rpool market for spots and futures each
weekem£ing June 1 and the daily closing prices
The tone of
d ty of the
95%
95 %
95%
98%
July delivery
1' 3.000
11.9,01 0
56,060;
Sat.
95
Jane delivery
Indian
45,000
28.000
2,000
3,000
3.000
1 3,0001
35,000
14,000
11,000
15,000
15,000|
7< 7,000 *782,000
5'4,000 *57 ,000
4 5,0< 0
58,000
43,000
4,000.
3,0001.
36,000,
2 RED AVINTER AVIIEAT.
PRICES OF NO.
May, ’89 delivery
i
r
I
Bales of the week..
byc8j
Of which exporters toolf'.
I
Of which speculators took...!
Bales American
Actual export
Forwarded
****
Total stock—Estimated... J‘3'*
Of which American—Estij^j !
Total import of the week
!•
Of which American..,
,
Amount afloat.
Of which American..
that port.
comparison.
depression. The receipts of g Jo by lake
at Buffalo in May amounted tc-11 200.000 bushels.
The lower
prices on the spot led to agna ii ; • - i ased business
ex¬
port, mainly to the Continent, out England sharing to some
extent.
To-day there was a good deal of speculative man¬
ipulation between this market and the West, and the close
was irregular, the distant options showing some advance.
contributed to the
932
932
>>
Reval, steam —d. 2112S11G4 2112bJ164 2112S116-4
Do
sail
d.
31G
31G
3ig
Barcelona,steam d.
316
3ig
316
Genoa, steam .. . d.
732
7;j2
732
Trieste, steam.. d.
3G2
3G2
Antwerp, steam d.
....
....
....
....
....
....
J
0;52
932
9G2
932
922
j
*32
....
....
...
.
....
....
....
•
932
c.
Hamburg, steam c.
Do
• % •
under the report of large-
shipments from India to England, such a movement
being especially favored by the current rates of exchange.
The bulls became quite demoralized, and they not only “ un¬
loaded ” with great freedom, but the bears were encouraged
to attack values with much spirit.
Supplies have come for¬
ward in large quantities, and their delivery on May contracts
BG4
....
....
....
....
taking place on Tuesday
in values
Fri.
Thurs.
■
sail...d.
I)o
t
11G®564 136»564
11G
Liverpool, steam d.
Wednes.
Tues.
Mon.
Satur.
The movement of
88
90
92
88
88
62
63
62
63
64
State A Pa., ^ hush.
Oats-Mixed
White
No. 2 mixed
No. 2 white
Barley—
Canada No. 1
Two-rowed State
Six-rowed State
®
^
Malt—State,4-rowed.
State, 2-iowed
breadstuffs to market is
97
90 3
indicated in the
the New
at West¬
the com¬
below, prepared by us from the figures of
York Produce Exchange. We first give the receipts
ern 1 vke and river ports, arranged so as to present
statement
parative movement for tho week ending May
August, for each of the last three years:
BiLce
94
26, 1888, aa<*
.
187-*
1888.]
Jcne 2,
Receipt*
The
Bye.
Barley.
Oats.
Corn.
Wheat.
Flour.
at—
135,727
144,029
15,527
23.S37
50.205
191.09S
31.549
Milwaukee...
2.912
Toledo
4.260
Detroit
Cleveland..
6t. Louis
7,290
10,750
3, 90
49,753
feoria
Dnluth
Minneapolis.
1,972,070
2,222
22.930
55.253
320,000
4.737
14,175
3,042
3,000
6,050
2,287,227
100.542
39,681
1,052,739
2,353,379
128.320
21,000
34.720
45.300
213.6S0
15,150
252.910
74.200
'
21,950
02,848
Exports of Wheat from
9,710
1,400
12,770
35.000
18,440
184,100
exports of wheat
below:
from India for the
week, year and
reason are as
Bush.32 lbs BushA8 lbs Bu. 56 lb»
BblsAWlbs Bush.M Ihf Bush.56 lbs
22.002
68,218
1,600.701
Chicane
715
THE CHRONICLE
May 26.
...bush.
To United Kingdom
To Continent
234
Week end'q TFVefr
India.
225
Total
‘
end'g April 1 to
May 26.
May 19.
680,000
610,000
2,840,000
4,2S0,00O
1,820,000
1,140.000
7,120,000
1,140,000
500.000
.
78.590
539.790
_
Tot.wk. ?88.
270,90S
1/84,407
8amewk.’S7.
6ame wk.’S6
240.313
2.524.075
157,014
1.257.3B8
2,530.40 4
1,507,963
1.391,873
176,031
THE
GOODS TRADE.
DRY
New York,
Friday r. M., June
1, 1888.
The feature of the past week in dry goods circles was
on
cession of trade sales of flannels which were
and 31st of May, and on the date of the present
a suc¬
held the 29th
Since Au<j. 1.
22,305,456 1.881,677
10.363.772 97,502,347 7.3,423,063 64.331.210
review of the
20,937.403 1.871,259
9.274.018 73,823.017 72.530.606 50,592.084
market.
As anticipated these sales, which hive become of
2,720,719
19.833,982
52.295.693
7,132,727 52,014.0501 79.009,343
1885-6*
annual recurrence, attracted a great many buyers to this city,
and while their operations were mainly confined to the auction
Include one week extra.
rooms there was a freer demand for some descriptions of
The rail and lake shipments from Western Lake and river
goods at first hands. About 21,009 cases of wool flannels,
ports for last four weeks were:
R ye,
amounting to nearly four millions of d liars, were disposed of
Burley,
Oils,
Flour
Wheat,
Corn,
Week
bush.
b ush.
at public sale, and the goods were widely distributed among
bush.
bbl.s.
bush.
bush.
ending—
4*,879 26,071
buyers for all sections of the country. The prices obtained
431,019
2,329.017
1.418,455
1,506,802
May 20, ’88.
85,902 30,432
on the average about 7T£ per cent lower than were
May 10,’88. 520.7.' I 2.037,799 1,504,735 1.452,098
109,266 80.291
981.161 2,091.380 1,492,219
May 12/88. 442,000
52,463
realized
at the trade sales of 1887, but wool has declined in
113,584
May 5/88. 414,479 2 3 47,579 4,380,708 1,950,026
price
since
that time to such an extent that the outcome of
357,631 195.857
the recent sale3 is considered satisfacory.
T a ere wa3 a con¬
Tot. 4 wks..l,S l 1.882 7,095,586 9.491.28 1 0,467,745
221,010 53,133
4 wks 1887.1,454,078 9,520,240 0.500,434 4,404,773
tinuation of the large business in printing cloths reported of
The receipts of flour and grain at the seaboard ports for the late, and some heavy sales of bleached cottons, low-grade
ticks, &c., were effected by means of time inducements or
Week ended May 26, 188$, follow:
Bye,
price concessions, and the tone of th9 cotton goods market at
Barley,
Oats,
Corn,
Wheat,
Flour,
bush.
bush.
bush.
the close of the week was firmer than for some time past,
bush.
bush.
bids.
At500
444,100
337,006
031,-00
12.5,,587
nearly all accumulations havi g already passed into the
"New York
163,405
43.300
1,070
60 ,717
channels of distribution. The j ebbing trade was quiet owing
Boston
360
25,571
55,053
13,158
IF,022
Montreal
73,143
77.889
protracted rainy weather and the attention b33towed by many
5,288
Philadelphia-.. 12,,612
4,200 buyers on the auction sales alluded to above.
30,228
162,8 13
6 4,080
61,
,238
Baltimore
4.041
6,956
3,000
3, 530
Domestic Cotton Goods.—The exDorts of cotton goods
Richmond
4,296
4,271
no
4,
Norfolk. Va
from
this port for the week ending May 29 were 4,469 pack¬
21,7 o2
200,962
1,571
12, 73 3
New Orleans...
*
w*T6
-
1
,
include 1,781 to
South
Ame-ica, 350
8,479
82 Mexico,
Since
Tha^exports from the several seaboard ports for the week
packages,
68,979
ending M»y 26, 188$, are shown in the annexed statement:
valued at $4,174,999 Of this total Caina has had 29,243 pack¬
Peas.
Erports
Oats.
Rye.
ages, valued at $1,482,775 aud 12,527 packages, valued at $847,Flour.
Corn.
Wheat. |
from—
627 have gone to Smth America.
For the similar period of
Bush.
Bush.
Bush.
Bb/s.
1887 the export? to all ports were 87.041 packages, valued
Bush.
1
2.448
1,1.35
47.S6S
183,887
226,226
New York
16,996 at $5,085,745; of which 48,59$ packages, valued at $2,279,434
40,183
2i,02 I
-1,6
Boston.
went to China, and 15,814 packiges, valued at $1,137,093, to
luj
Portland
17.323
South America. To the same tim j in 1886 the total shipments
4,303
Montreal
106,958' 12*1,589
7,786
reached 87,933 packag< s, and in 1SS5 were 69,720 packages.
Philadel
25.71 1
36,026
01,200
Baltim’i
There was a m re active demand for seine descriptions of
5
46,913
N.OiTus.
0
staple cotton goods at first hands resulting in a fair aggregate
News
business.
Bleached cottons were in better request and large
Kichm’d
3,000|
blocks were closed out by means of time concessions. Brown
36,767
1,435
Tot. w’k.
399,024, 501,7 571 150,832
cottons were in steady demand, and there was a fair move¬
13’wo time
81,221 130,847 ment in wide sheetings, cotton flannels, corset jeans, satteens
21,328
206,200!
683,632'
1337.
2,212,971
aud flat-fold cambrics, ad of which remain firm at current
The visible supply of grain, comprising the stocks in granary
quotations. D.nims and fine ticks are steadily hell, but
low grade ticks, cheviots and
other colored cottons are
at the principal points of accumulation at lake and seaboard
somewhat unsettled, and in buyers’ favor. Print cloths
ports, and in transit by water, May 26, 1888 ;
Barley,
Rye,
continued in active demand and very firm on tfce basis
Oats,
Corn,
Wheat,
bush.
bush.
bush.
lmsh.
bush.
In store at—
9,048 of 3%c. for 64xft4*>, at which figures manufacturers were
375,809
533.040
1,518,966
New York
Stocks last
very reluctant sellers at the close of the week.
8,000
163,300
47,600
222,800
Do
atloat...
721.030 1.038,350
Total week. 208. 752
<0or. week ’87.. 278, ,117 2,590,035 1,027,538
360
766.521
501,251
Bush.
valued at $259,574, These shipments
China, 1,311 to British East ladies. 497 to
to Aden, 242 to the West Indies, 117 to Europe,
to
66 to Central America, and 23 to all other countries.
the 1st of January the exports aggregite
ages,
4.700
29,100
'
1
.
.
o
7
94
]
N.
*
.
)
•
-
-
.
•
I
•;
••
*
1
-
..
9 227
.
.
Albany
678.191
Buflalo
4,721.111
1,666,886
.
.
0,100,345
.
565.699
333,440
40.000
410,925
14,000
Toledo
Detroit
Oswego
St. Louis
Cincinnati....
45,100
190,219
4,249,050 1,620,165
4,226
192,006
119,512
-Philadelphia
115,602
.
1,276
Peoria 1
31,9 43
44,881
422,26 4
6.708.4 83
Indianapolis.,
Kansas City..
Baltimore....
..
8t. Paul.
265,000
„
.
On canal & river*.•
.
1,767,629
1,6 1 ",000
33,393
37,711
73,448
972
359.393
18,000
154,824
58.000
3,281
7,000
47,791
77,202
915
5,884
95,531
17,731
15,137
98,493
3,905
1,201
330,693
34,371
1,423
96,827
37,666
2,069
20.000
261.991
.
3,000
60,705
1,265
65,218
Toronto
Montreal
5,690
1,990
48,100
26,419
27,206
18,238
34,979
1 oo
21,815
Boston
63,700
161,424
74,472
102.837
3 4,045
559
90,000
8,123
32,000
465
60,810
189.747
11,408
53,730
46,441
697,200
1 1
73,100
770,253
827,500
27,662.465 8.268,360 5 002,811
29,022.228 <>,960,049 4 518,697
43.212.520 13.073,611 3 ,750,768
7,914,951 1 919,850
3 i,888.596
36,733,759 5,533,977 2, 565,590
206,123
2(11,6 40
277,276
378.495
483,588
212,565
Saturday and for
Stock of Print
years
were1886.
the tbree previous
as follows:
1888.
1887.
1885.
Cloths—
May 26.
May 28. May 29.
Mau 30.
443,000
3,000 116,000 71,000
10,000 237,000 83,000 377,000
None
t>0,000 156,000 324,00 0
Outside speculators (est)
6,000
50,000 30,000 30u,000
Total stock (pieces)
19,000 453,000 310,000 1,444,000
Printed calicoes ruled quiet and steady and there was a
light movemont in printed sateens, lawns, batistes, ginghams,
seersuckers, white goods, &c., at unchanged prices.
Domestic Woolen Goods.—As above noted the absorbing
feature of interest in woolen goods circles was the trade sales
of flannels, and but little business of importance was done in
other woolen fabric?. Agents continued to make steady de¬
liveries of men’s-wear woolens, as cassimeres, suitings, over¬
coatings. &c., in execution of back orders, but new business
Hold by Providence manufrs..
Fall River manufacturers...
Rrovidence speculators
was restricted in volume.
Cioakings continued in light and
irregular demand and Jersey cloths and
were
active than of late.
Kentucky jeans, doe-kins and satinets
were more or.lees sluggish in first hands, but desirable make3
are stea lily held because
of the moderate stocks on
Dress goods were in invgular demand, but some
orders" for makes specially adapted for the fall trade were
stockinets
lees
hand.
pretty good
Minneapolis and St. Paul not included.
with the commission houses for later delivery. Flan¬
According to Beerbohm’s London cablegram, the amount of placed
nels iuled quiet in first hands owing to the auction sales re¬
Tyheat and
passage at the dates mentioned stood as
ported shove, and blankets were in moderate demand.
follows:
Foreign Dry Goods.—The situation in the market for im¬
Week ending May 23.
ported goods has not materially changed. The demand for
j Wed: ending Mag 31. j
consumption has been seriously checked by protracted rainy
Passage.
!
Corn.
weather, and there wTas consequently a very ligirt call for
j
The
ortments at the hands of importers and joboore.
393,000
2,295,000
369,000
2,490,000
Kingdom..qrse.i
419,000,
57,000 auction rooms were more freely supplied with ribbons and
35,ooo;
538,000
To Continent
millinery goods than for soms time pas', and their sales wai
3.029,000
428.000’ 2,711.000 420,000 attended with fairly satisfactory results but no other import¬
Total quarters
21,712.000 3,448,000
’ 2 J ,224 .000 ?,421,000
Equal in bushels
3.0.90.000 ant sales of foreign goods were held during the week.
fame week in 1887..lmsh. 19.753.000 '* 624.000
.
.
.
75
32 1.227
222,986
308,376
27 4,-
*
corn
Crain
on
on
,
Tin eat.
Corn.
Wheat.
re&ss
To United
1 8.9"0.O< ><>
THE CHRONICLE
716
Company
OF NEW YORK.
73 Broadway, cor.
CAPITAL,
-
Rector St.,N.Y,
$1,000,000
3,000,000
SURPLUS,
Authorized to act as Executor, Administrator,
Guardian, Receiver, or Trustee, and is
A LEGAL DEPOSITORY FOR MONEY.
Accepts the transfer agency and registry of
stocks,
and acts as Trustee of mortgages of corporations.
Allows interest on deposits, which may be made
at any time, and withdrawn on live days’ notice,
with interest for the whole time they remain v ith
the company..
For tne convenience of depositors this company
also opens current accounts subject, in accordance
with its rules, to check at sight, and allows interest
the resulting daily balances. Such checks pass
through the Clearing House.
TRUSTEES:
Wm. Whitewright,
James M. McLean,
Ambrose C. Kingsland,]
Henry A. Kent,
H. < 'gilvie,
James
R. T. Wilson.
S. T. Fairchild,
Wm. F. Russell,
I. H. Frothingham,
C. D. Wood,
George A. Jarvis,
James N. Platt,
C. Vanderbilt,
D. C. Hays
upon
Edward King,
E. B. Wesley,
D. H. McAlpin,
A. A. Low.
G. G. Williams,
R. G. Remsen.
Edward Schell.
Amasa J. Parker,
Wm. Whitewright,
James McLean,
Geo. C. Magoun,
D. C. Hays,
G.
E.
C.
A.
Wm. Alex. Duer,
Charles H. Leland,
G. Williams,
B. Wesley,
D. Wood,
Istrp tor.
It can act
real estate,
Secretary.
United States Trust Co.
OF NEW YORK,
No. 49 WALL STREET.
CAPITAL AND SURPLUS, - £7,000,000
•This company is a legal depository for moneys
paid into court, and is authorized to act as guardian
eompany.
Executors,administrators, or trustees of estates,
and females unaccustomed to the transaction of
business, as well as religious and benevolent institu¬
tions, will find this company a convenient deposit¬
ory for money.
JOHN A. 8TEWART, President,
GEORGE BLISS, Vice-President.
JAMES S. CLARK, Second Vice-Pres’t.
TRUSTEES
Wilson G. Hunt, II. E. Lawrence, Wm. Libbey.
Clinton Gilbert, Isaac N.Phelps, John C. Brown,
Daniel I). L< rd, ; Erastus Corning, Edward Cot per,
Samuel Sloan,
jS. B.Chittenden, W.B’y’rdCutting
Johnll.Rhoades, Chas. S. Smith,
James Low,
Wm.W.Phelps,
Anson P. Stokes, Win.Rockefeller,
D. Willis James,, Robt.B.Mir turn, Alex. E. Urr,
John J, Astor,
Geo. II. Warren, Win.H.Maev.Jr.,
John A. Stewart, George Bliss,
[Charles E. Bill,
Wm. D. Sloane.
HENRY L. THORNELL. Secretary.
LOUIS G. HAMPTON, Assistant Secretary.
THIS
COMPANY
TRANSACTS
LOAN, TRUST & FINANCIAL
A
GENERAL
BUSINESS.
C. D. Wood,
Wm.H. Male,
A. A. Low,
Fred. Cromwell,
Ripley Ropes,
Alev. McCue,
John P. Rolfe,
Abram B.Baylls,
Mich” Chauncey, E. W.Corlies.
Wm. B. Kendall. H. E.Plerrepont, H. W, Maxwell,
James Ross Curran, Secretary.
Frederick C. Colton. Aest.Sec’y
OF
the
Incorporated August 20, 1887, Under
Laws and Statutes of the State ot
New York.
Society are to
the best and
through such Association to
of Public Accountants, as a
whole, and demonstrate their usefulness by compel¬
ling an examination as to fitness, and the observ¬
of strict rules of conduct as a
membership.
OFFICERS:
ance
condition of
Presldent-JAMES YALDEN, New York.
Vice-Pres.—JOHN HEINS, Philadelphia.
Sec.-JAMES T. AN YON, New York.
Treas.—WM. H. VEYSEY, New York.
COUNCIL.
James T. Anyon, N. Y.
Louis M. Bergtheil, N.Y.
William Calhoun, N.Y".
Mark C. Mirick, N. Y.
Rodney McLaughlin, Bost.
C. H. W. Sibley, N.Y.
William H. Veysey. N.Y.
Ileins,Philadelphia. YValter II. P. Veysey. N.Y.
George H. Church, N.Y".
John
James Yalden,
N.Y.
BANKERS AND
Payeon Merrill,
Metropolitan Trust
Co.,
New York.
37 Wall Street,
PAID-UP CAPITAL, - - $1,000,000
^Designated as a legal depository by order, of
Supreme Court.
Receive deposits of money on
interest, act as fiscal or transfer agent, or trustee
for corporations, and accept and execute any legal
trusts from persons or corporat ions, on as favorable
termslas other similar companies.
THOMAS IIILLHOUSE, President,
FREDERIC I). TAPPER, Vice-President,
CHARLES M. J ESC P, Secretary.
STREET,
BOSTON,
OF
Boston, Mass.; John W.
Kelly. Philadelphia,
ton, D. C.
Francis, John Ileins, Henry
Pa.f Erie M. Noble, Washing;
Association, No. 1‘iO Broad¬
Room 51 (Gili Floor), New York City
Offices of tlie
way,
L.
A.
NEW
YORK
AND
PHILADELPHIA STOCK EXCHANGES.
Bonds Bought
ftocks and
and Sold
in all Markets.
I08HUA WlLBOUR,
CHARLES H. SHELDON, JR
BlNJAMLN A. JACKSON, WILLIAM BlNNET, JB.
Wilbour, Jackson & Co.,
BANKERS AND BROKERS,
No.
52
WEYBOSSET
STREET,
PROVIDENCE, R. I.
Dealers in Commercial Paper, Government and
other first-class Bonds and Securities and Foreign
Exchange.
Private telegraph wire to New York and Boston.
Rea Bros. &
Co.,
BANKERS AND BROKERS,
AND DEALERS IN FOREIGN
125 Wood
EXCHANGE,
Street, Pittsburg, Pa
New York and Philadelphia
8tock Exchanges.
Pittsburg Petroleum, Stock and Metal Exchange.
Private wires to New York, Boston, Philadelphia,
Baltimore and Washington.
E. W. Clark &
Co.,
HANKERS AND BROKERS,
South Fourth St.,
No. 139
Philadelphia.
Railroad, Municipal and other desirable Invest¬
ment Securities for sale.
Transact a general banking business. Allow
est on deposits.
Members of the Philadelphia and New York
Harcrictge
GA.,
Exchanges, and connected by private wire
SAVANNAH,
Inter¬
Stock
with New
York.
BROKER.
commission all classes of Stocks
8ECURITY
Buvs and sells, on
tad Bonds
Negotiates loans on marketable securities.
New York Quotatlans furnished by private
Wm. G.
ticker
fifteen minutes.
South
Third
Street,
PHILADELPHIA.
28
ATLANTA.
Humphreys' Castleman,
AND
BROKER
DEALER IN ALL KINDS
SECURITIES.
Hopper & Co.,
BANKERS AND BROKERS,
lelephon
DirectfPrivate Wire and Long Distance
to Harris,
Fuller & Bickley", New York.
OF
A.Dutenhofer
New York.
References—Atlanta National Bank, Atlanta,Ga.
York.
PA.
PITTSBURGH,
Bonds and 8tocks bought or sold on commission
Georgia aud Alai ama Securities specially dealt in.
ESTABLISHED 1871.
Whitney & Stephenson,
BANKERS AND BROKERS,
57
No.
FOURTH AVENUE.
members N.Y. Stock Exchange.
Oldest Pittsburgh
BANKERS AND BROKERS,
FAIRLEYI
WM.
U. B. MOREHEAD.
of Baltimore Stock Exchange),
(Memb
BALTIMORE.
a
(INVESTMENT and SOUTHERN SECURITIES
specialty.)
Correspondence solicited and information fur
nished.
N, Y\ Correspondents—McKim Brothers
H. B.
Morehead & Co.,
STOCK, BOND AND NOTE
No. 51 West
THOMAS BRANCH &
BANKERS
AND
COMMISSION
CO.,
RICHMOND, VIRGINIA.
one-eighth
cent charged for funding. Southern Railroad
Virginia and North Carolina free of cost;
bought and sold.
BANKERS,
7
SOUTH
CINCINNATI, OHIO
N. W.
4c., of high grade a
Descriptive List*.
BANKERS AND BROKERS
STREET,
DOMESTIC
BUSINESS.
Co.,
C. W. Branch & Co.,
8TATE BANK BUILDING
RICHMOND,
BALTIMORE,
TRANSACT
A
GENERAL
FOREIGN BANKING
Harris &
CHICAGO and BOSTON.
DflMfiC of Counties, Cities,
DUiVUo specialty. Send for
Robert Garrett 8c Sons,
No.
Third Street,
MERCHANTS,
Circulars and information on funding the debts of
per
and State and City Bonds
BROKERS*
& Co.
Benjamin F. Tracy,
Herman Clark,
Thomas C. Platt,
John P. Townsend,
O. D. Baldwin.
BROKERS,
STATE
MEMBERS
Anyon, Louis M. Bergtheil. Thomas
Bagot, James Cox, William Calhoun, George II.
Church, C.W. Haskins, R. F. Munro, Mark C. Mirick,
H. W. Sibley, Henry M. ’Pate, Wi liam II.Veysey,
Walter II. P. Veysey, James Yalden, New York;
Richard F. Stevens, Jersey City, N. J.; Horace D.
Bradbury, Rodney McLaughlin, llenry A. Piper,
BALDWIN, President.
GEO. A. EVANS, Vice-President.
J. S. THURSTON, Sec. & Treas.
John S. Silver,
Thus. K. Goodrich,
53
No.
FELLOWS OF HIE ASSOCIATION.
James T.
O. D.
Irving A. Evans & Co.,
practicing in
capable Public accountants
the United States, and
elevate the profession
Wilson, Colston & Co.,
Granville P. Hawes.
James S. Thurston,
municipal, State, Railroad
and United States Bonds.
„
Administrator, Guardian, Trustee, etc.
Also, as Registrar and Transfer Agent.
An authorized Depository for Court and
Treasurers’ Funds.
John L. Macaulay.
Rowland N. Hazard,
George S. Hart,
Alexander G. Black,
Wallace C. Andrews,
John 1. Blair,
William P. Anderson,
Jules Aldige,
John D. Kimmey,
John Ross,
Charles Parsons,
YORK AND
EXCHANGES.
ALSO,
MEMBERS
American Association
tad Fourth National Bank. New
George A. Evans
NEW
STOCK
BOSTON.
Correspondente —Tobey 4 Kirk and
DIRECTORS:
THE
OF
BOSTON
H’y K. Sheldon,
E. F. Knowlton,
John T. Martin,
JoMah 0. Low,
Alex. M. White,
STREET,
BOSTON.
MEMBERS
dealers In
TRUSTEE 8.
Receives money on Deposit, subject to check, and
allows interest on balances.
All Checks pass through the Clearing House.
Makes Investments of Money, acts as Executor
County
CONGRESS
EDMUND W.CORLIES, Vice-Pres’t.
Co.,
Capital, Fully Paid, - - - - $1,000,000
35
securities.
find this Company a safe and convenient depository
for money,
RIPLEY ROPES, President.
everv
113 BROADWAY, NEW YORK.
No.
Religious and charitable institutions, and persons
unaccustomed to the transaction of business, will
trustee.
INTEREST ALLOWED ON DEPOSITS,
whtch may be made at any time and withdrawn
after five days’ notice, and will be entit led to inter¬
est for the whole time they may remain with the
BANKERS,
of
collect interest or dividends, receive re¬
and transfer books, or make purchase and sale
agent in the sale or management
as
of Government and other
most
C. Kingsland.
American Loan & Trust
8ts.,Brooklyn, N.Y.
CAPITAL (all in U. 8. Bonds) This company is authorized by special charter to
act as receiver, trustee, guardian, executor or admin-
gistry
grnkers
Brooklyn Trust Co., Brewster, Cobb
& Estabrook,
91,000,000
Cor. of Montague and Clinton
The business and objects of this
associate into a Society or Guild,
EDWARD KING. President.
JAMES M. MCLEAN, First Vice-Pres’t.
JAMES H. OG1LVIE, Second Vice-Pres’t.
or
The
PUBLIC ACCOUNTANTS
Samuel F. Barger.
George B. Carhart,
Geo. <\ Magoun,
Chauncey M. Depew,
H.VanRennsel’r Kennedy.W. Emlen Roosevelt.!
EXECUTIVE COMMITTEE:
A. O. RONALDSON. Secretary.
A. W. KELLEY, Assistant
ankers ami
grttsl ©amp antes.
£rttst ©orapatiijes.
Union Trust
fVou XLVI,
AND
more
V 4
.
connecting with Washington,
Philadelphia and New York
—
Private wires
Balti
@FedFRASER