The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
HUNT’S
MERCHANTS’
^
W iife lÿ
R E P R E SE N TIN G . T H E IN D U S T R IA L
VOL 46.
AND
MAGAZINE,
Ü iW iijr a jfn ,
C O M M E R C IA L IN T E R E S T S
OF
THE
U N IT E D
N E W YO R K , JUNE 2, 1688.
fin a n c ia l.
NO. 1.19T.
If i riandai.
fin a n c ia l.
A M E R IC A N
B a n k N o te C om pany,'
Harriman
DIAMONDS.
78 TO 86 TRINITY PLACE,
N E W YORK.
Incorporated under Laws of State of NewYork, 1858.
Reorganized 1879.
Engravers and Printers of
DONDS, POSTACE & REVENUE STAM PS,
LEGAL TENDER AND NATIONAL BANK !
MOTES o f th e UNITED ST A TE S; and fo r ,
Foreign G overnm ents.
ENGRAVING AND PRINTING,
Ba n e n o t e s , s h a r e c e r t i f i c a t e s , b o n d s
F o r g o v e r n m e n t s a n d c o r p o r a t io n s ,
D R A F T S , CHECK S, BELLS O F E X C H A N G E ,
.STAM PS, A c ., In the finest and most artistic style
FROM STEE L PLATES,
With SPECIAL SAFEGUARDS to PREVENT COUNTERFEITING.
Special papers manufactured exclusively for
use of the Company*
SAFETY COLORS.
SAFETY PAPERS.
W ork Executed In Fireproof Buildings.
Co.
E Q U IT A B L E B U IL D IN G .
120 B roa d w a y.
IM PORTERS,
182 Broadway, Cor. John Street.
&
W m. m . H a r r im a n ,
;
Nicholas Fish ,
v
Oliver Ha r r im a n , J r .
j
BANKERS AND BROKERS,
Alfred H . Smith & C o.,
Business Founded 1 7 9 6 .
STATE
Hamilton & Bishop,
BANKERS AND BROKERS,
N o. 9 6
SOLID SILVER.
G O R H A M M ’t’g C o.,
BRO AD W AY, NEW
YORK.
(Members New York Stock Exchange.)
Accounts o f Ranks, Bankers and others received.
Interest allowed on balances. A strictly commission
business in the purchase and sale o f Stocks and
Bonds.
Private telegraph wire to Albany, Troy, Syracuse
Rochester, Utica, Buffalo, Cleveland and Chicago.
Draw on City Bank o f London in amounts to salt.
Special attention given to Securities for investment
Broadway and Nineteenth Street,
R. B. Dodson,
AND 9 MAIDEN LANE.
LITHOGRAPHIC AND TYPE PRINTING.
■ R A IL W A Y T IC K E T S O F IM P R O V E D S T Y L E S .
Show Cards, Labels, Calendars.
BLANK BOOKS OF EVERY DESCRIPTION
JAMES MACDONOUGH, President
AUG. D. SHEPARD,
j __ „
TOURO ROBERTSON, j Vice-Presidents.
THEO. H. FREELAND, Sec’y and Treas.
JNO. E. CURRIER, Ass’t Sec’y.
Maverick National Bank
BOSTON,
C A P IT A L ,
SU RPLU S,
MASS.
-
$ 4 0 0 ,0 0 0
$ 6 0 0 ,0 0 0
Accounts of Banks, Bankers and Corporations
«ollcited.
Our facilities for COLLECTIONS are excellent
und we re-discount for banks when balances war*
rant It.
Boston Is a reserve city, and balances with us from
banks (not located In other reserve oities) count as a
reserve.
We draw our own exchange on London and the
Continent, and make Cable transfers and place
money by telegraph throughout the United ¡states
and Canada.
Government Bonds bought and sold, and exchanges
to Washington made for banks without extra charge.
We have a market for prime first-class Investment
Securities, and invite proposals from States, Coun
ties and Cities, when issuing bonds.
We do a general banking business, and Invite cor
respondence.
BHfr-
ASA P . P O T T E R , President.
I JOS. W . W O R K , Cashier.
W . P. W ight & Co.,
7 2 B roadw ay,
STOCK B R O K E R S .
Stocks, Bends and Miscellaneous Securities
bought and sold for cash or on margin.
„ WT p. W ight ,
Memb.N.Y.Stock. Exch.
j . b . Creighton ,
A. B. Claflin , S p ed.
B A N K E R S AND B R O K E R S ,
Johnson
& Boardman,
NEW Y O R K , 18 W ALL STREET.
T R O Y , N. Y ., No. 17 FIRST STREET.
Stock Exch. membership; private wire; all facilities.
with
Established 1854.
Incorporated 1882
FAHNESTOCK & 00.,
2 W all Street.
Lombard Investment Co.,
INVESTMENT
150 B R O A D W A Y , N E W Y O R K .
Guaranteed Six Per Cent m ortgages
R ichard D. Fisher .
CAPITAL (FULLY PAID) .................. $1,000,000
TOTAL VALUE OF GUARANTY .... 2,400,000
Trustees and Investors generally are requested
to call and examine these securities, or send for
pamphlet giving full information.
BONDS.
W m. Checklet Sh a w .
Fisher & Shaw,
IN VESTM EN T
B AN K ER S,
Members Baltimore Stock Exchange.
Manhattan Tiust
C o.,
No. 10 W ALL ST., NEW YORK.
C A P I T A L ,.................................6 1 ,0 0 0 ,0 0 0
DIRECTORS:
Ft. Ormond French, N. Y. H. W. Cannon, N. Y.
R. J. Cross, N. Y.
John R. Ford, N. Y.
H. L. Higginson, Boston. T Jeff. Coolidge, Jr., Bos.
Aug. Belmont, Jr., N. Y. James O. Sheldon, N.Y.
E. D. Randolph, N. Y.
A. S. Rosenbaum, N. Y.
C. F. Livermore. N. Y.
Wm. Dowd, N. Y.
C. 0. Baldwin, N. Y.
Sam’l R, Shipley, Phila.
Chas. F. Tag, N. Y.
R. T, Wilson, N. Y.
Henry Field, Chicago
John I. Waterbury, N. Y.
FRANCIS ORMOND FRENCH, President.
JOHN I. WATERBURY, Vice-President.
Authorized t » accept and execute Trusts of every de
scription.
Trustee for investment and management of real and
personal estate.
Deposits at interest subject to check through the Clear
ing House.
Registrar and Transfer Agent.
Davison Brown .
Geo. A lexander Brown ,
B A L T IM O R E , M D .
' Henry S. Redmond,
4 4 & 46 Broadway, N.Y.
IN V E S T M E N T
S E C U R IT IE S .
Railroad, Municipal, Water Works and Street
Railway Bonds. List of desirable investments sen
monthly upon application.
Douglas & Jones,
(Members of the New York Stock Exchange.)
7 2 Broadway and 11 New Street, N. I
Buy and sell Stocks, Bonds and Oil, for cash or
margin. Interest allowed on deposits. Correspou
ence solicited.
INVESTMENTS A S P E C IA L T Y .
Stewart Brown ’ s Sons,
J ohn f . D ouglas .
W il lard h . J ones ,
Members New York Stock Exchange,
Xuc. LATHROP. OSCAR B. SMITH. J. H.OLIPHANT
STO CK B R O K E R S ,
Lathrop, Smith & Oliphant,
64 B roa d w a y A 19 N ew St.« N ew York.
w. h . Dickinson ,
Ed w a r d
Member N. Y. Stock Exchange.
p.
A lling
Dickinson & Ailing,
BANKERS
AND
¡BROKER
No. 3 0 P in e Street, N ew Y o r k .
Buy and sell at N.Y. Stock Exchange, for
INVESTMENT OR ON MARGIN,
all classes o f Stocks and Bonds, and allow Interest
on_deposit, subject to check at sight.
BANKERS AND BROKERS,
37 BROAD STREET, NEW Y O R K ,
Members New York Stock Exchange, New York
Cotton Exchange, and Board of Trade Chicago.
R. T . Wilson & C o.,
BANKERS AND COMMISSION MERCHANTS
2 E x ch an ge Court, N ew Yorhv
THE CHRONICLE.
\1
[Voi. XLVI,
^tth txs auijft Sxnmtxa of 'gox&iQU 'gxtimuQz.
THE
Drexel, Morgan & C o., August Belmont & C o., I N V E S T M E N T C O .
BANKERS,
WALL STREET, CORNER OF BROAD,
No. 3 6 W A L L ST R E E T,
NEW YORK.
o f Philadelphia.
A
C
gents and
Drexel & Co.,
Drexel,Harjes
& Co
Cor.of 5th& Chestnut Sts., 31 Boulevard Haussmann
orrespondents of the
M essrs. R O T H SC H IL D ,
London, P a ris, F ra n k fort and Vienna.
310 C H E S T N U T
STREET
Capital, 8 4 ,0 0 0 ,0 0 0 . F a ll Paid.
Issue Circular Credits for travelers, available in
CONDUCTS A GENERAL BANKING BUSINESS.
all parts of the world.
Allows interest on cash deposits, subject to check
ALSO COMMERCIAL CREDITS.
DOMESTIC A N D FOREIGN BAN KERS.
or on certificates.
Draw Bills o f Exchange and make Cable Transfers
Buys and sells Bills o f Exchange, drawing o h
Deposits received subject to Draft. Securities to Europe, West Indies, Mexico and California.
Baring
Bros. & Co., London; Perier Freres et Cie.,
bought and sold on commission. Interest allowed
Paris ; Mendelssohn & Co., Berlin, and on Paul
on Deposits. Foreign Exchange. Commercial Cred
Mendelssohn-Bartholdy,
Hamburg.
its. Cable Transfers. Circular Letters for Travel
Negotiates Securities, Railroad, State, Municipal,
ers, available in all parts o f the world.
etc.
Offers for sale first-class Investment Securities.
A ttorneys an d agen ts of
FOR TRAVELERS
WILLIAM BROCKIE, President.
M essrs. J . S. M O RG AN & CO.,
HENBY C. GIBSON, Vice-President.
AND BILLS OF EXCHANGE ON
HENRY M. HOYT, JR., Treasurer.
No. 22 OLD BROAD STREET, LONDON.
ETHELBERT WATTS, Secretary.
Board
of Directors:—William Brockie, George 8.
MESSRS. BARING BROTHERS & CO., Pepper, Morton
McMichael, Wharton Barker, Henry
C.
Gibson,
T. Wistar Brown, Isaac H. Clothier.
LONDON.
Advisory Committee o f Stockholders—William
Potter, George M. Troutman, William Pepper.M.D..
NEW YORK, PHILADELPHIA, BOSTON, AND
and principal Continental cities.'
Thomas Dolan, John G. Beading, Joseph E. Gilling
ham, John Wanamaker, Henry E. Smith, Craige
A L E X A N D E R B R O W N & SONS,
Lippincott, Hamilton Disston, Clayton French,
BALTIMORE,
William Wood. Walter Garrett, John Harrison.
Members o f New York, Philadelphia and Baltimore
Edward H. Coates.
Stock Exchanges.
Execute orders for all Investment Securities. Re
1 NASSAU S T R E E T ,| N .Y .
ceive accounts o f Banks, Bankers, Corporations and
KOUNTZE B R O TH E R S,
Firms, on favorable terms. Buy and sell Bills o f
Exchange on Great Britain and Ireland, France, A gents an d A ttorneys of Ba bing Bbos . & Co
BANKERS,
Germany, Belgium, Holland, Switzerland, Norway,
Denmark, Sweden, Australia, St. Thomas, St. Croix
120 B r o a d w a y , Equitable Building, NewYork.
and British West Indies. Issue Commercial and
L E T T E R S OF C R E D IT AN D
Travelers’ Credits in sterling, available in any part
C IR C U L A R NOTES
o f the world, in F bancs for use in Martinique and
Gaudaloupe, and in Dollars for use in this country,
SUCCESSORS TO
Issued for the use o f travelers in all parts o f the
Canada, Mexico and West Indies.
world. Bills drawn on the Union Bank o f London.
Make telegraphic transfers o f money betweenthis
Telegraphic transfers made to London and to
JESU P , P A T O N A CO.,
country, Europe, and British and Danish. West
various places in the United States. Deposits re
Indies. Make collections o f drafts drawn abroad on
ceived, subject to check at sight, and interest
5 2 W illia m Street N ew Y o r k .
all points in United States and Canada, and o f drafts
allowed on balances. Government and other bonds
Accounts and Agency of Banks, Corporations, and investment securities bought and sold on com
drawn in the United States on foreign countries.
Their London house, Messrs. BROWN, SHIPLEY firms and individuals received upon favorable terms. mission.
Dividends and interest collected and remitted.
& CO., receive accounts o f American banks, firms
Act as agents for corporations in paying coupons
and individuals upon favorable terms.
and dividends; also as transfer agents.
BROWN, SHIPLEY & CO., Liverpool.
Bonds, Stocks and Securities bought and sold on
BROWN, SHIPLEY & CO., London.
^ fin a n c ia l.
commission, at the Stock Exchange or elsewhere.
U.S. Government Financial Agents In England.
Sterling Exchange and Cable Transfers bought
and sold.
DRAW on !
Conrad N. J ordan
F. B lankenhorn .
President.
Cashier.
"HE UNION BANK OF LONDON,
Charles J. c a n d a ,
H. a . Sm ith ,
BRITISH LINEN CO. BANK, LONDON AND
Vice-Pres’t.
Assistant Cashier
33 NASSAU S T R E E T .
SCOTLAND.
P H IL A D E L P H IA [
P A R IS .
LETTERS OF CREDIT
BroWn Brothers & C o.,
Kidder, Peabody & C o.,
John Paton & C o.,
J. & J.
Stuart & C o,,
BILLS OF EXCHANGE ON
SM IT H , PAYNE & SMITH)«,
BANKERS, LONDON;
M ANCHESTER
B A N K IN G
COM PANY,
BELFAST, IRELAND,
AND ON THE
N A T IO N A L
BANK
OP SCOTLAND,
EDINBURGH AND BRANCHES;
ALSO,
CABLE TRANSFERS & LETTERS OF CREDIT.
J ohn
[. & W . Seligman& C o,,
& C O UN TY B A N K ,
“ LIMITED,”
MANCHESTER, PAYABLE IN LONDON;
U L ST E R
The Western National Bank
M unroe &
C o.,
J N o. 32 N assau Street, JNew Y o r k .
N o. 4 P o st Office Square, B o sto n .
Issue Circular Letters o f Credit for Travelers’ Use
Abroad against Cash or Satisfactory
Guaranty o f Re-payment.
NO. 2 3
BANKERS,
BROAD STR EET,
N ew Y o rk .
Issue Letters of Credit for Travelers
On SELIGMAN BROTHERS, London.
SELIGMAN FRERES & CIE„ Paris.
SELIGMAN & STETTHEIMER, Frankfurt.
ALSBERG, GOLDBERG & CO., Amsterdam.
ALTMAN & STETTHEIMER, Berlin.
Payable in any part o f Europe, Asia, Africa,
Australia and America.
Draw Bills o f Exchange and make Telegraphic
Transfers of Money on Europe and California.
J. K ennedy T od .
H. 0. Northcote.
A lexander b a r in g ,
Member N.Y. Stock Exch’ge.
J. Kennedy T od & C o.,
NO. 63 WILLIAM ^STREET,
BANKERS.
Act as Agents for Banks, Bankers and Railroad
Companies.
■'
Issue commercial credits,also foreign and domestic
travelers’ letters of credit in pounds sterling and
Credits Opened and Pa ym en is m a d e b y Ca b l e . dollars.
E x eh a n g e on L o n d o n , P a ris, B e r lin ,
Z u r ic h a n d St. G all.
P a ris H ou se—M U N K O E & CO.
Schulz & Ruckgaber,
BAN K ERS,
29 W IL L IA M
S T R E E T , NEW
Offer In v estm en t Securities.
Buy and sell Bonds, Stocks and Securities in all
American, Canadian, British and Dutch markets on
commission. Collect dividends, coupons and for
eign and inland drafts.
Sell Bills o f Exchange on
YORK,
Correspondents o f the
In tern ation al B an k o f London (Limited),
London.
M essrs. John Berenberg, G ossler & Co.,
H am burg.
M essrs. M arcnard, K ra u s s & Co., P aris.
Commercial and Travelers’ Credits.
Bills o f Exchange.
Cable Transfers.
M ARCU ARD , K R A U SS <& C O .,lP A R ls
HOTTINGUER <fc CO.,
Geo. Coppell .
Thos. Ma it l a n d .
Gerald L. H o yt , Meinber N. Y. Stock Exch.j
Maitland, Phelps & C o .,
B A N
AND
THE NEW YORK
Produce Exchange Bank,
C A P IT A L , 8 1 ,0 0 0 ,fiOO.
K E R S
COMMISSION
22
MERCHANTS,
& 2 4 E x ch an ge P lace.
New Y ork .
Transacts a general hanking business.
BILLS OF EXCHANGE, LETTERS OF CREDIT,
Receives accounts o f banks, hankers and corpora
TELEGRAPHIC TRANSFERS OF MONEY ON
tions upon favorable terms.
LONDON, PARIS, MEXICO, CUBA, &o., &o.
Issues certificates o f deposit hearing interest.
Canadian B a n k o f Commerce,
Solicits mercantile and personal accounts.
c a p it a l , f6,ooo ooo.
Surplus , $500 ooo.
Bills o f exchange drawn on, and cable transfers
J. H. OOADBY & A L E X . LAIRD,
made througn, The City Bank, Limited, London.
AGENTS,
Circular letters of credit issued for travelers’ use
10 E X C H A N G E P L A C E , N E W Y O R K
in foreign countries ; also commercial credits.
BUY AND SELL STERLING EXCHANGE, CABLB
Apcounts of foreign hankers received and col
TRANSFERS, ETC.
lections in the United States made on favorable ISSUES COMMERCIAL CREDITS, AVAILABLE
IN
ALL
PARTS OF THE WORLD.;
terms
OF THE
C IT Y OF NEW Y O R K .
C A P IT A L ,
...................................
8 3 ,5 0 0 ,0 0 0
New Y ork , May 14,1887.
This Bank is now opened for business. Accounts
respectfully solicited. The usual banking facilities
extended to customers.
Orders for purchase or sale of securities will
receive careful attention.
Foreign Exchange bought and sold. Facilities tot
keeping accounts in Sterling Exchange, subject to
draft in kind, will be afforded. The methods of re
ceiving such deposits and making payment against
them will be subject to arrangement.
DRAW ON
THE NATIONAL PROVINCIAL BANK )
L ondon.
OF ENGLAND (Limited,)
THE UNION BANK OF LONDON (L’d),
HEINE & CO., P a ris.
F ran k fort-on JOHANN GOLD & SOEHNE,
Main.
S. BLEICHROEDER, Berlin.
DEUTSCH SCHWEIZERISCHE CRED- ) g . G a ll.
IT BANK,
)
*
P . B L A N K E N H O R N , C ashier.
The Finance Company
OF P E N N SYLVAN IA.
Charter pe r p e t u a l .
A u th orized Capital, - - - -
8 5 ,0 0 0 ,0 0 0
131 TO 141 SOUTH FOURTH STREET
(B ullitt bu il din g ),
P H IL A D E L P H IA .
G eneral B anking Business con du cted .
State, M unicipal and R a ilro a d Securitiesnegotiated.
DIRECTORS*
Wharton Barker,
Charlemagne Tower, Jr.
John H. Converse,
T. Morris Perot,
George DeB. Keim,
George W. Blabon,
James Dougherty,
Philip C. Garrett,
Simon B. Fleisher,
Isaac R. Childs,
WHARTON BARKER, President.
CHARLEMAGNE TOWER, JR., Vice-President.
SIMON A. STERN, Treasurer;__
RUSSELL STUKGiS HUBBARD, Secretary.
Bank o f Buffalo,
BUFFALO, N. Y.
3. S. J ewett , Pres’t. W m. C. Cornwell . Cash’r.
E ipital.... 8 3 0 0 ,0 0 0 I Surplus......8 2 5 0 ,0 0 »
rhis Bank has superior facilities for making Coi
tion s in and out o f the city on the most liberal
rms, and with careful attention to the best interts o f its correspondents.
.
__
. „
Correspondents :—Importers’ & Traders’ Na
mal Bank and Chemical National Bank, New
ark; Merchants’ Loan & Trust .Co., Chicago
alon Bank of London, London.!
J une 2/1888,]
THE CHRONICLE
.
jg a w & r c s
a n a
Geo. K. Sistare’s Sons,
g r c b e r a
fa t
fje n r
DEALERS IN
Buy and sell on Commission, for cash or on margin,
all securities dealt in at the New York stock Ex
change.
Interest allowed on daily balances.
All deposits subject to check at sight.
Particular attention to orders by mail or telegram
BANKERS,
N o, 11 W a ll St., Cor. N ew , N ew York;,
TRANSACT a GENERAL BANKING business.
DEPOSITS received and INTEREST allowed on
balances.
Buy and sell GOVERNMENT, MUNICIPAL and
RAILROAD Securities.
Private telegraph wires to Providence and Boston
GILES E. TAINTOR,
GEO. H. HOLT
G. D. L’HUILIER.
BANKERS.
Accounts of Corporations and Individuals received
upon Liberal Terms. Securities Bought and Sold on
Commission.
N o. 7 NASSAU S T ., N E W Y O R K ,
BROKERS AND DEALERS IN
IN VESTM EN T
BONUS,
STATE, MUNICIPAL AND APPROVED
„
ROAD BONDS.
Correspondence Solicited .
RATT
H e n r y G. Campbell , ) Members N. Y. Stock
J •HORDEN HARRIMAN, j
Exchange.
H . G. Campbell & C o.,
Clark Dewing.
H. Dewing & Son,
BANKERS AND BROKERS,
B A N K E R S AND B R O K E R S ,
N o. 18 W a ll Street, N ew Y o r k .
Branch Office, 91 L eonard Street ,
Stocks and bonds bought and sold on commission.
Particular attention given to information regard
ing Investment Securities.
Iowa Loan & Trust Co. 6 per cent Debentures
bought and sold.
Green & Bateman,
Stocks, Bonds and Cotton.
A . Dutenhofer,
Dealer
in
Miscellaneous
BAN KERS,
18
W ALL
STREET,
NEW
YORK.
E sta b lish ed 1 8 6 5 .
MEMBERS OF NEW YORK STOCK EXCHANGE.
Allow interest on deposits subject to sight check.
Buy and sell on commission stocks and bonds either
for cash or on margin, and deal in
ch as . d . Ma r v in ,]
W. M, K idder .
Securities
35 W ADI, STREET.
STATE AND CITY BONDS OF GEORGIA also
SECURITIES OF THE CENTRAL R R .& B a n k ®
ING CO. OF GEORGIA, A SPECIALTY:
Investors wishing to buy or sell are invited to call
or correspond. Prompt and personal attention
given to all orders.
Howard Lapsley & C o.,
BANKERS AND BROKERS,
7 3 B R O A D W A Y and 9 NEW STREET,
N ew Y o r k .
M a h e tta n
& C o**
BANKERS,
5 7 B r o a d w a y , opp. E x ch an ge P la c e , N. Y .
, TRANSACT a GENERAL BANKING BUSI
NESS, INCLUDING THE PURCHASE AND SAT m
OF STOCKS AND BONDS FOR CASH OR ON
MARGIN. BUY AND SELL INVESTMENT SE
CURITIES. INTEREST ALLOWED ON DEPOS
ITS, SUBJECT TO CHECK AT SIGHT.
P. O. Box 44?.
D. A. BOODT.
C. W. McL ellan .
R euben L elant).
H en ry T. Boody .
Spedai attention given to investments. Intere«
allowed on deposits, subject to check at sight.
W . H . Goadby & Co.>
BANKERS AND BROKERS,
No. 3 4
BBOAfi
STR EET,
N ew Y o r k .
BANKERS AND BROKERS,
N o. 6 W a ll Street, N ew Y o r k .
Stocks and Bonds Bought and Sold on Commission •
for cash or on margin.
Special attention given to Unlisted Securities.
Deposits recelvsd, subject to Check at sigR*-.
__________ Correspondence solicited.
Receive deposits subject to check at sight and
allow interest on balances.
Deal in Railroad bonds, State, County and Muni
cipal Securities.
Give special attention to consignments o f Bullion
and make liberal advances on same when desired.
Simon Borg & C o.,
N o. 3 6 NASSAU S T ., N E W Y O R K ,
8. Y oung, J r .,
Member N.Y. Stock Exchange.
w
. S. Nelson
Young & Nelson,
BANKERS AND BROKERS,
36 W all Street. New York.
All stocks and securities dealt in at the New York
Stock Exchange bought and sold on commission, for
cash or on margin. Deposits received and interest
allowed on balances.
W ood, Huestis & C o.,
MILLS BUILDING (3d Floor,)
Rooms 25*26.
Townsend & Washburn,
S outhern Secu rities a Spe c ia l t y .
A. M. Kidder ,
H. J. Morse ,
o n
chas . j . T ownsend .
Lansing C, W ashbubn
Member N.Y. Stock Exchange.
Jno. P. T ownsend , Special Partner.
DEALERS IN ALL KINDS OF
Investment Securities.
BROKER,
1Members of the New Yolk
'
Stock Exchange.
Office of the Pneumatic Steering Gear A Mfg.Oo
Railroad and Investment Securities
BANKERS,
78 & 80 B r o a d w a y , N ew Y o r k ,
Transact a General Banking Business.
Interest allowed on Deposits.
Stocks and Bonds bought and sold on Commission.
CoUectlons made and loans negotiated.
Dividends and Interest collected.
Deposits received subject to Draft.
Interest allowed. Investment securities a specialty
We issue a Financial Report weekly.
BANKERS,
6 W a l l Street, N ew Y o r k ,
YORK
DiEWi:tS<ir rr
61 & 63 N ew Street an d 4 3 B ro a d w a y
BANKERS AND BROKERS,
N o. 3 4 P in e Street, N ew Y o r k .
Chrystie & Janney,
(Member o f N.Y. Stock Exchange.)
[ESTABLISHED 1862],
J. C. W alcott & C o.,
B A N K E R S AND B R O K E R S ,
NEW
E. L. Oppenheim & Co.,
Solicit Accounts and Order for the Purchase and
Sale of Bonds, Shares, &c., Ac., on Commission, In
York, Boston, Chicago, London or Paris,
Interest allowed on deposits subject to drafts at
sight.
Members of the New York and Boston Stock Ex
changes and of the New York and Chicago Produce
Exchanges.
Private wires to Chicago, St. Paul, Boston, Hart
ford, Buffalo and Utica.
9 N ew S tr e e t an d 7 4 B r o a d w a y ,
Wa lt er Del Ma r .
NEW YO R K .
75 Old B roa d Street, E . C ., BONBON,
R obert D. f a r l s b .
J. S. Farlee & Brother,
Members o f the New York Stock Exchange and of
the Philadelphia Stock Exchange.
R obert J . K im ball .
A lfred B. I jounsberry ,
E d w a r d L. Oppenheim .
63
Special Attention Given to American
Securities.
Transact a General Banking Business,
BANKERS,
CEDAB STR EET.
J. S. F arle e.
[Established In 1865.]
BANKERS AND BROKERS,
1 6 dc 18 B roa d Street, N ew Y o r k ,
BARTHOLOMEW HOUSE, ) T „ „ „ „ „
BARTHOLOMEW T. Aww] j LONDON.
Sons,
Gilman, Son & C o.,
No.
© itg .
5 4 and 56 B RO ADW AY, New York.
BETS
3 8 NASSAU ST R E E T , N EW Y O R K .
BANKERS.
D e a le r s In U nited S ta tes B o n d s a n d O th er
D e s ir a b le S e c u r itie s .
Deposit accounts received and interest allowed on
oaiances.
MEMBERS N. V. STOCK EXCHANGE.’
Walston H. Brown & Bros
R . J. Kimball & C o.,
&
H
H. L. Horton & C o.,
In addition to a General Banking Business, Buy
and Sell Government Bonds and Investment Seourt
ties.
W alston H. Brown .
Fred , a . Brow n .
H erbert P. Brown .
N o. 3 0 NASSAU S T R E E T ,
NEW YORK.
o k
T ra n s a ct a G en era l B a n k in g B u sin ess.
DEALERS IN GOVERNMENT, MUNICIPAL AND
RAILROAD SECURITIES.
DEMAND DEPOSIT ACCOUNTS RECEIVED.
INTEREST ALLOWED ON DAILY BALANCES
Harvey Fisk
Taintor & H olt,
^
H . B. Hollins & C o.,
1 6 & 18 B roa d Street, N ew Y o r k ,
BANKERS,
131 South T h ird Street, P h ila d e lp h ia ,
Connected by Private Wire with main office, New IS W A L L an d 3 NASSAU ST
York.
NEW YO R K .
FIR ST-CLASS IN VESTM EN TS,
fit
31 PINE STREET, NEW YORK,
B AN K ER S ANB B R O K ER S,
SUCCESSORS TO
W O O D &. D A V IS.
Execute orders In all securities listed at the New
York Stock Exchange. For Sale:
F irst -Class Rail r o a d f ir s t Mortgage Bonds .
GEORGE C. WOOD. C.H. HUESTIS. L.M.SWAN*
C, J. Turner & Son,
BANKEBS
ANB
BROKERS,
16 & 18 BROAD STREET, NEW YORK.
Transact a general banking business, Including
the purchase and sale of stocks and bonds for cash
or on margin, at the New York Stock Exchange.
BANKERS,
John H . Davis & Co.*
UNITED BAN K BUILDING,
W a ll Street, corner B r o a d w a y .
N o. 1 0 W A L L S T ., N E W Y O R K .
STOCKS, BONDS <Ë COM M ERCIAL P APE R .
Stocks and bonds bought and sold on commission
ct New York Stock Exchange. Advances*made on
business paper and]other securities.
BANKERS AND BROKERS,
Orders for Stocks and Bonds executed at ak
Exchanges.
Especial attention given to supplying high-class
IN V E S T M E N T S E C U R IT IE S .
[VOL, X L V i .
TH E CHRONICLE^
iv
U c v e iß t i.
CAIiADIAN.
Bank o f Montreal.
[E STA B LISH E D 181 8.]
F O R E IO N .
Heinemann & C o.,
THE
62 Gresham House, E. C„
Railway Share Trust Co,
LONDON.
(LIMITED),
Solicit accounts and agencies of Banks, Railw ys
C A P ITA L, P aid In - - 8 1 2 ,0 0 0 ,0 0 0
SU RPLU S - 8 6 ,0 0 0 ,0 0 0 G old
NO. 4
e o n . Sir DONALD A. SMITH, President.
W. J. BUCHANAN, General Managei
BANK
BUILDINGS
LONDON, ENGLAND.
N E W YOBK OFFICE:
S o s . 5 9 & 61 W A L L I S T B E E T ,’
WALTER WATSON,>V„entaA le x ’ r L ang ,
) r.sdh^fll
Capital P aid Up, £ 9 7 1 ,3 6 0 Sterling.
Corporations, Firms and Individuals upon
favorable terms; also orders for the pur*
chase and sale of Bonds, Shares, Ac., Ac. on
the Stock Exchange.
Interest allowed on Deposits, subject to 60-days
Sight drafts, at Bank of England rate, and
one per cent below that rate subject to
demaud drafts.
N e g o tia te Bailway, State and City Loans.
Bny and seU Sterling and Continental Exchange
This Company undertakes the business of Trustee
and Cable Transfers; grant Commercial and Travel■ers’ Credits, available in any part o f the World; to Loans of approved Railways, negotiates and
issue drafts on, and mate collections in, Chicago issues Loans on the London Market, acts as Agent for
mnd throughout the Dominion of Canada.
Railways and other Corporations, either in the mat
L o n d o n Office, N o, 2 2 A b cb u rcli Lan e.
ter o f payments of Interest on Loans, Dividends on
or Registration of Stocks in London, or otherwise.
Imperial Bank of Canada.
C A P I T A L , (paid up)^ ’ Q S o’ ÎÎÎÎo
SURPLUS
5 5 0 ,0 0 0
•H S. HOWLAND, Pres’t. T. R. MERRITT, Y.-P.
D. R. WILKIE, Cashier.
H E A D O F F IC E , T O R O N T O .
r B ranches in On tario .—Essex Centre, Fergus,
•Galt, Ingersoll, Niagara Falls, Port Colborne, St.
^Catharines, St. Thomas, Toronto (Yonge St. Br.),
^ B ranches inSNorthwest—W innipeg, Brandon,
-Calgary.
.
Agents in London :
Agents in New York :
Lloyd’s Barnett’s & Bos- b a n k oe Montreal .
anquet’s Bank, limited. I
Collections promptly made in any part of Canada.
D r a w e r s o f S te r lin g E x ch a n g e .
The Merchants’ Bank
OF
CANADA.
Capital, Paid I p . ■ ■ ■ $5,799,200
¿Reserve,
. < - • • • • ■
1,700,000
HEAD
O F F IC E , M O N T R E A L .
GEORGE HAGUE. General Manager.
JOHN GAULT, Branch Superintendent.
B AN KERS :
¡LONDON, ENG.—The Clydesdale Bank (Lhnited.)
NEW YORK—The Bank o f New York, N. B. A . ^
- A general Banking business transacted. Letters
•of Credit issued, available in China, Japan and
•other foreign countries,
OF TH E
a n k
OF
B ritish N orth A merica.
C A P IT A L ................................... $ 1 ,0 0 0 ,0 0 0
ASSETS, $20,115,023 49.
American Railway Shares,
Blake, Boissevam & C o.,
N o. 5 2 W A L L S T R E E T .
F. H . Smith,
LONDON, E N G LA N D .
N e g o tia te Railway, State and City loans.
E x e cu te orders for Bonds, Shares, etc., on Com
mission, and transact a general Banking and
Commission Business.
S p e cia l atten tion given to the execution of
orders for Securities on the New York, Lon
don and Amsterdam Exchanges, in corres
pondence with
BLAKE
BROTHERS
&
CO.,
Buy and sell Sterling Exchange and Cable Trans
fers. Issue demand drafts on Scotland and Deland,
also on Canada, British Columbia and San Fran-
5 Nassau Street, N ew Y o r k ,
28 State Street. B o sto n , M ass,
ClC I R C U L A R N O T E S issued in.Pounds Ster
ne •available in all parts o f thew orld. t O iriM F R U I A L C R E D I T S IS S U E D for use in
Europe^ China, Japan, East and West Indies and
'the Brazils, River Plate, &c.
Bills collected and other banking business trans-
AND
aCted’
P H IL A D E L P H IA .
Incorporated Third Mo., 22d, 1865.
(CHARTER PERPETUAL.)
INSURES LIVES, GRANTS ANNUITIES, RE*
CEIVES MONEY ON DEPOSIT, returnable on de
mand, or on which interest is »'lowed, and is emixiwered bylaw to act as EXECUTOR, ADMINISTRA
TOR, TRUSTEE, GUARDIAN, ASSIGNEE, COM
MITTEE, RECEIVER, AGENT, etc., for the faithR E G IS T R A T IO N OF
lul performance of which its capital and surplus
fund furnish ample security.
Ail trust funds and investments are kept separate
and apart from the assets of the company.
THE ENGLISH ASSOCIATION OF AMERICAN
The income of parties residing abroad carefully
BOND AND SHAREHOLDERS (LIMITED) will BOllected and duly remitted.
obtain registration of American Railway shares
SAM’L R. SHIPLEY, President.
(now passing about on blank transfers) in the name
T. WISTAR BROWN, Vice-President.
ASA S. WING. Vice-President and Actuary
o f the Association, securing to th„e .
J” ?®r rf„un1
voting power, prompt payment of dividends m Lon
don and collection of rights,
For shares registered in its name the Association
THE
will issue, free of charge, certificates countersigned
by the London and Westminster Bank (Limited), F ID E L IT Y & C A SU A L T Y CO.
against the shares lodged with the Bank. Jlhe^cerOF N E W Y O R K ,
tiflcates have dividend coupons attached, payable in
London. The charge for registering shares in the
N os. 2 1 4 & 2 1 6 B r o a d w a y .
name of the Association is 3d. per share. If insured, CAPITAL, $250,000.
ASSETS, about $650,000
6d. per share, out a> d home (including registration),
Issues SURETY BONDS, guaranteeing the fidelity
the market value not exceeding £12 per share, 9d.
of
persons
In
positions
of
trust,
such as employes o f
per share up to £25 per share.
,. „ ,
The Association will also obtain registration in Railroads, Banks, etc.; also Administrators, Guarowners’ names, and collect the dividends by power
o f attorney. Full particulars may ba obtained at dlfssueestCA C C ID E N T P O L IC IE S , containing all
the offices of the Association.
.
mAlsoPLATEe GLASS and BOILER POLICIES o f
1
SAMUEL POPE, Q. C., Chairman.
JOSEPH PRICE, Managing Director.
a^fgents will appreciate the advantage of dealing
F. P. BAXTER. Secretary.
with a company which does more than one line or
5 Great Winchester Street, London, E. C.
The Association acts as Transfer Agents in Lon business.
OFFICERS:
don for American Railway Companies, ^ c o n ju n c
tion with the London agents of the Mercantile WM.M.RlcilATinS.Prest. Geo.F.Sew ard ,V.-Prest.
John M. Crane , Sec.
ro bt .J. H ildas , A ss. Sec.
Trust Company of New York as Registrars.
DIRECTORS:
Agents in the United States,
Geo S. Coe.
A. B. Hull,
A. S. Barnes,
POOR & GREENOUGH. 36 Wall St., N.Y.
J.S.T.Stranahan,H. A.Huribut, J.G.McCullough,
A. B. Orr,
J. D.Vermilye, T. S. Moore,
G. G. Williams, John L. Biker, J. Rogers Maxwell,
Wm. M. Richards, ■
Geo. F. Seward.
H ENRY H AGUE,
1 Agents.
JOHN B . H A R R IS , JB.. J B
B
OF
Cable Address—P A W , London .
N e w Y o r k A gen cy, N o. 61 W a ll Street.
AGENCY
T H E
Provident Life & Trust Co
D. A. M cTAVISH,) Aeents.
H. STIKEMAN,. J
A D O L P H BO ISSE V A IN & CO.
A m s t e r d a m , H o lla n d .
The Bank of Australasia.
BANKER
N o. 2 0
BROAD
&
BROKER,
S T ., N E W
YORK.
S p e c u la tiv e A c co u n ts S o lic it e d .
Orders received in Stocks for large or small
amounts, either for cash or on margin.
Particular attention given to investments.■
Ail issues of bonds, either in default or other
wise, carefully quoted.
TWENTY YEARS’ EXPERIENCE.
F H. Smith , ) Members Consolidated Btook and
8." W. Smith . » Petroleum Exchange, New York.
E.
S. B a i l e y ,
51« P IN E S T R E E T .
DEALINGS IN
i n s u r a n c e
A
s t o c k s
S P E C IA L T Y .
Cash paid at once for the above securities; or they
will be sold on commission at seller’s option.
(Incorporated by Royal Charter, 1835.)
4 T h readneedle Street, London«
F O R E IG N .
THE
Anglo-Californian Bank
°
(LIMITED)
LO N D O N , Head Office, 3 Angel Court.
SA N F R A N C IS C O Office, 200 Sanseme St.
N E W Y O B K Correspondents,
y J, & W. Seligman & Co
B O S T O N Correspondes, Massachusetts N. Bk,
$ 6 ,0 0 0 ,0 0 0
A u th orized C apital,
i,so o ;o o o
P a id -u p C apital, *
- 5 0 0 ,0 0 0
R eserve F u n d , - |
Paid-up C ap ita l,......................£1’aSo’nnn
Reserve Fund, - - - - - - 800,000
Reserve Liability of Proprietors
under the Charter - - - - 1,800,000
Letters of Credit and Drafts issued on any of the
numerous branches of the Bank throughout Aus
tralia and New Zealand.
Bills negotiated or sent for collection.
Telegraphic transfers made.
, ,
_ .
Deposits received in London at interest for fixed
periods, on terms whioh mav be ascertained on ap
plication.
PRIDEAUX SELBY, Secretary.
H ong Kong & Shanghai
B A N K IN G
C O R P O R A T IO N .
I K fu^
Reserve Liability of Proprietors............... 7,500,000
The
Corporation grant Drafts, issue Letters of
Transact a general banking business. Issue Com
for use of Travellers, and negotiate or collect
mercial Credits and Bills o f Exchange,available in all Creditpayable
at Bombay, Calcutta, Singapore,
marts o f the world. Collections and orders for Bonds. Bills
Saigon,
Manila, Hong Kong, Foochow, Amoy,
Stocks, etc., executed upon the most favorable terms Ningpo, Shanghai,
Hankow, Yokohama, Hiogo, San
FRED’K F. LOW,
1 Managers
Francisco anfl London,
IGNATZ STEINHART, 5Mana=er?A
.
M
.
T
O
W
N
S
E N D , A gen t, SO iW all St.
P.:N,:LILENTHAL, Cash
_
^
rI
Tames D . Simons,
(Formerly SIMONS & CHEW•)
BANKER
& BROKER,
2 E x ch a n g e C ou rt <& 5 2 B r o a d w a y , N. Y
All Securities dealt in at N. Y. Stock Exchange
bougn and sold for Cash or on Margin. Speoial atten
tion given investments. Correspondence solicited.
MemberN. Y. Stock Exchange.
Member N. Y. Produce Exchange._______________
STOCKS and BONDS
A t Auction.
The Undersigned hold REGULAR AUCTION
BALES, of all classes of
STOCKS
AND
BONDS,
ON
WEDNESDAYS AND SATURDAYS.
A D R IA N H . M U L L E R & SON,
NO. 1 PINE STREET, NEW YORK.
THE CHRONICLE.
J u n e 2, 1888.]
Iftwaujctal.
jPtxatuciaX.
R. A . Lancaster & C o.,
JARYIS-CONKLIN
MORTGAGE TRUST 00., No.gtO WBANKERS,
A LL STR EET,
K AN SAS C IT Y , M O.
NEW
YORK.
DEALERS in
Capital and Surplus P aid Up, $ 1 ,1 4 0 ,0 0 0
This Company offers for sale at par and
accrued interest its
INVESTMENT and MISCELLANEOUS
SECURITIES.
southern Securities a Specialty.
S IX P E R CENT D E B E N T U R E S ,
payablo half-yearly at the office of THS MER
CANTILE TRUST CO., NEW YORK. These
Debentures run for Ten years, but with the
option of redemption at the end of Five years
S I X PER CENT
They are direct obligations of the Company
and are further secured by an equal amount of
Beal Estate Mortgages on improved and pro
INCOME SECURITIES.
ductive Real Estate worth from three to live
times the amount of the mortgages, held by THE
MERCANTILE TRUST CO., which under special Band Debentures, G uaranteed Farm and
Articles of Agreement acts as Trustee lor the
City M ortgages, and Sch ool Bonds.
holders of the "Debentures. They are issued in
denominations of $500, $1,000 and $5,000
These Debentures are a very desirable class NEW ENGLAND LOAN & TRUST CO.,
Of investments for Estates and Trust Fundsand for individuals and corporations desiring
1 6 0 B roa d w a y, New Y o rk .
mn exceedingly safe investment, with a com,
paratively high rate of interest.
M o r t g a g e s o n R e a l E sta te in Kansas City
S.
and improved farms in Kansas and Missouri,
E
X
P
E
R
T A C C O U N TA N T ,
at not to exceed 40 per cent of the value, are
also offered investors.
ROOM 519, WELLES BUILDING, 18 BROADWAY.
J.
ADVISORY BOARD OF DIRECTORS:
LOGAN C. MURRAY, President United States
National Bank.
JOHN P. TOWNSEND, Vice-President Bowery
Savings Bsnk.
EVAN THOMAS, o f EVAN THOMAS & CO.,
Produce Exchange.
JOHN A. McCALL, Comptroller Equitable Life
Assurance Society.
COL. A. HARTSUFF, Surgeon U.S.A., Fort Ham
ilton, New York.
THOS. CLARK, Jr , late President American Ex
change Insurance Company, 239 Broadway.
Write for further information and references
to any one of the company’s offices at
K A N S A S C I T Y M O .,
N E W Y O R K , 239 Broadway;
LO N D O N , E N G L A N D . 95 Gresham St.
L . F. Menage , T hos. L o w r y , h . G. Menage ,
Pres’t. A. J. D ean ,
Sec. & Treas.
Viee-Prest’s.
F u ll P aid Capital,
A u th orized Capital, N orth w estern
L oan
-
.
- $ 5 0 0 ,0 0 0
- $ 2 ,0 o 0 ,0 0 0
G u a ra n ty
C om p a n y ,
Minneapolis , Minn .
DIRECTORS:
Thos. Lowry,
Wm. H. Eustis, fC. H. Pettit,
Loren Fletcher, John S.Pilisbury L. F. Menage,
ClintonMorrison H. E. Fletcher, A. J. Dean,
W.D.Washburn, Philip H. Neher, Joseph Dean,
Gep.A.Pillsbury, is. W. Herrick, [Hen’y G.Menage
This company guarantees 6 per cent G old
B onds and short-time business paper.
The company guarantees nothing that is not amply
and specially collateraled.
Patties desiring safe and very desirable securities
Will find it to their interest to call on or address
N E H E R & C A R P E N T E R , B a n k e rs ,
and Eastern Managers for the Company, at 170
Broadway, New York, or 5 First Street, Troy, N. Y.
Wells,
Railway, Mercantile and Stock accounts investi
gated. Accounts of Estates adjusted.
THE WESTERN
FARM MORTGAGE
L aw ren ce,
TRUST CO.,
K ansas,
C a p i t a l , ............................ $ 1 ,0 0 0 0 0 0
7 P e r C ent G u a ra n te e d M o rt a g e s.
6 P e r Cent G old D e b en tu res.
S. O. T hAcher, Pres. Nat. Bank, Lawrence, Kan.,
Brest.; G. W. E. Griffith , Prest. Merchants’ Nat.
Bank, Lawrence, Kan., General Manager.
F. M. P erkins , 1st Vice-Prest.-, M. V. B. Bull , 2d
Vice-Prest.; L. H. P erkins , Secretary.
40 & 42 Wall St., N.Y. C**y, W m.T. P ratt , Man’r.
Albany, N.Y., M.V.B.B ull & <o., M’rs N.Y.&N.E.
Write for full information,
L. H. PERKINS, Sec., Lawrence, Kansas.
G% GUARANTEED.
W e Invite persons wishing investments absolutely
safe to examine the securities of the
AMERICAN INVESTMENT CO.
Assets O ctober 1, 1 887, $ 1 ,8 8 3 ,9 0 9 .
All loans and debentures fully guaranteed. Full
Information given by
A .L .O R M S B Y , H . E. SIMMONS, V .P rest’ s,
1 5 0 Nassau Street, New Y o rk .
]■ L. Robertson,
BO N D AND STO CK B R O K E R
Dealer in Investment Securities,
No. 7 NASSAU STREET,
(Continental National Bank Building,)
IWxsr V n r l r .
Capital Su bscribed..................... $ 2 ,0 0 0 ,0 0 0
P aid in (Cash)
........................ 1 ,0 0 0 ,0 0 0
J. S. ALEXANDER, Pres.
Correspondence invited.
H . L. Grant,
N A T IO N A L
BAN K S
N o,
145 B R O A D W A Y ,
NEW YORK.
CITY RAILROAD STOCKS & BONDS
BOUSHT AND SOLD.
See Quotations of City RaUrosAg ip t.tq« paper.
A t a C h a r g e o f $5 p e r A n n u m .
GREEN
& CUNNINGHAM,
R e a l E s ta te B r o k e r s
1405 F STREET, WASHINGTON, D. C.
Reference: Hon. A. u. W ym a n , Jix-TreMwsr
U S., Omaha, Neb.
MERCHANTS’ NATIONAL B AN E ,
R IC H M O N D , V IR G IN IA .
Collections made on all Southern joints on best
terms; prompt returns.
JOHN P. BRANCH, President.
Jo sn 'F. Glenn , Cash, F red , r . scott, Vice-Pres
COUPONS
AND*
D IVID EN D S.
JUNE 1,1888.
Cleveland & Pittsburg RR. Co.
JUNE 10,1883.
Colorado Central Consolidated Mining Co.,
JUNE 12,1888.
Standard Consolidated Mining Co.
W M . C. N O Y E S ,
A. A. ALEXANDER, Cash’r.
'COLLECTIONS AND INVESTMENTS MADE,
FO L LO W IN G
Dividends are payable at the Farmers’ Loan &,
Trust Company, 20 & 22 William Street, on and.
after June 1,1888.
Alliance Water Company.
Chicago Burlington & Northern RR. (6 per cent
Debentures).
Connellsville Water Co.
Central Park North & East River RR.
Columbia Gas Light Co.
Chicago Wilmington & Vermillion Coal Co.
Cape Fear & Yadkin Valley RR. (1st Mortgage,
Series A.)
Evansville City (School Coupons.)
Fergus Falls Water Co.
Greenbush Water Works Co.
Galena (111.) Water Works Co.
Mobile & Ohio RR. Co. (1st Mort. 6 per cent,},
Mobile & Ohio RR. Car Trust, Series A.
Mobile & Ohio RR. Car Trust, Series B,
Mobile & Ohio RR. Car Trust, Series C.
Mobile & Ohio RR. Car Trust, Series G.
Paducah Gas Light Co.
Sheldon Axle Co.
Waterloo Gas Light Co.
Walnut Grove Water Storage Co.
Western Equipment & Car Co. Bonds.
Hutchinson Water, Light & Telephone Co..
96 B R O A D W A Y ,
DEALER IN ALL
Mew York.
SAN AN TO NIO , T E X A S .
OFFICES i
WE SOLICIT THE AGENCY
THE
Texas National Bank,
GUARANTEED FARM MORTGAGES.
New York, 208 Broadway I Phila., cor. 4th&Chestnut
Boston. 23 Court St.
I Kansas City, 7th& Del.Sts
T H E IN TE R E ST ON TH E FOLLOWINGS
X Bonds is payable at the hanking house o f
Messrs. WINSLOW, LANIER & CO., No. 17 Nassau.
Street, New York City, on. an d after June 1,1888:
Allen County, Ind.—
Gravel Road 6s.
Benton County, Ind.—
Gravel Road 6s.
Cincinnati Richmond & Ft. Wayne RR. C o .First Mortgage 7s.
Grant County, Ina.—
Gravel Road 6s.
Howard County, Ind.—
Gravel Road, 0s.
Called Bonds, Nos. 1—6 incl., Series No. 1*
Darby Gravel Road. Interest ceases June 1.
Marion County. Ind.—
County 4)£s.
Pittsburg Fort Wayne & Chicago RR. Co.—
. First Mortgage 7s, Series "F .”
Second Mortgage 7s, Series “ M.”
Pueblo, Col.—
Bridge 0s.
Levee 6s.
Sewer 6s.
St. Charles- Street R ’y Co. of New Orleans—
First Mortgage 6s.
„
JUNE 2.
Wabash County, Ind.—
Gravel Road 6s.
JUNE 4.
Blackford County, Ind.—
Gravel Road os.
Wabash County, Ind.—
Gravel Road 6s.
JUNE 5.
Randolph County, Ind.—
Gravel Road 6s.
White County, Ind.—
Gravel Road 6s.
JUNE 11.
Randolph County, Ind.—
Gravel Road 0s.
Warrick County, Ind.—
Funding 0s.
Principal Bonds Nos. 100 to 115 inclusive.’
JUNE 12.
Tippecanoe County, Ind.—
Court House 5s.
JUNE 15.
Columbia City, In d .Municipal 6s.
JUNE 25.
Wabash County, Ind.—
Gravel Road 6s.
JUNE 30.
Miami Countv. Ind.—
Gravel Road 0s.
Rolston & Bass,
Correspondence solicited.
Quotations cheerfully furnished.
W m . II. Rolstok ,
w. A le x . Bass , J r .
Member N.Y. Stock Exch’ge.
Bearing 0 per cent, running ten years and based
exclusively upon Western Farm Mortgages, held In
trust-by the American Loan & Trust Company, o f
New York, for the benefit of the bondholders. Their
safety, time to run and rate of interest make them
the most desirable investment now offered. Also,
IfitmtuciaX.
NO. 20 BROAD STREET, NEW YORK.
STOCKS, BONDS,
AND M ISC ELLAN EO U S S E C U R IT IE S
E Q U IT A B L E
M o rtg a g e C om pany.
D E B E N T U R E S ,
▼
AND
B ro o k ly n
T R U S T COM PANIES’ STOCKS».
Also, all the Stocks Guaranteed by the
D EL A. L A C K . & W E S T , ind the
L A K E SH O RE & M ICH . SO U T H E R #
R A IL R O A D COMPANIES,
THE
-1-
M ID D L E S E X B A N K IN G
C O ,,
MIDDLETOWN, CONN.
Capital Stock, Paid up, - • - - $ 6 6 0 ,0 0 0
S I X P E R CENT F IR S T M O RTGA GE
D EBENTURE BONDS
and Mortgage Notes. Guaranteed Interest payable
at National Bank o f the Republic, N. Y. Chartered
1872. Under same supervision as Savings Banks.
The amount o f outstanding obligations limited by
statute.
Offices—Boston, 54 Equitable Building; New York.
11 Wall St.; Philadelphia, 613 Walnut St, •
THE CHRONICLE.
VI
ffitmttjcial.
SEATTLE LAKE SHORE & EASTERN
R A ILW A Y COMPANY.
4 5 T ea rs F irst M ortgage 6 Per Cent
G old B o n d s.
NO COMPULSORY DRAWING.
In terest P ayable F eb ru a ry and August, at
the Agency o f the Company in the
City o f New Y ork .
These bonds are secured by first mortgage to the
Union Trust Company o f New York, upon the valu
able terminals o f the Company in the City o f
Seattle. Washington Territory, and on the complet
ed and fully equipped road, in full operation, ex
tending eastward to the great coal mines o f the
Seattle Coal & Iron Company, a distance, including
main line and branches, o f 44‘5 miles. The road is
■Standard gauge, built in a thoroughly first-class
manner, and laid with extra heavy steel rails o f the
best make.
,
Another division o f 40 miles o f the main line,
passing through to important coal fields and reach
ing the extraordinary deposits o f Bessemer ores in
¿he Snoqualmie Pass o f the Cascade Range, is in
course of construction.
A branch o f about 100 miles, connecting the main
line with the Canadian Pacific Railway near its
western terminus, is also under contract and 14
miles o f this branch, to Snohomish City, will be in
•operation about June 1st. This branch, when com
pleted, will connect the Canadian Pacific with the
railway system o f the United States on the Pacific
Coast and will become, immediately upon its open
ing, one of the most profitable lines in the country.
The road to the coal mines has been completed
and in. operation since April 16, and already the
timber and miscellaneous freight and passenger
traffic has developed to such an extent that the
road is earning largely in excess o f the interest on
its bonds.
Although the coal mines are not yet fully devel
oped, they will furnish a carriage to the road dur
ing the current calendar year o f 150,000 tons, and
thereafter will furnish at least 300,000 tons an
nually, making the present operated division one of
the most productive roads in the whole list o f
American railways. The extensions o f main line
and branch above-mentioned will be almost equally
productive.
We offer a limited amount o f the above-men
tioned bonds at 95 and accrued interest, and
recommend them as a safe investment.
Prospectus and map will be mailed upon request.
JA M E SO N , S M IT H & C O TTIN G ,
2 3 Broad. S t., N .T . City.
June 1,1888.
THE GENERAL CONSOLIDATED
T O MORTGAGE
BONDHOLDERS OF THE
Missouri Kansas
& Texas Railroad Co.
New Y ork , May 28,1888.
In anticipation o f default in the payment o f inter
est due June 1,188-i, on the above-mentioned bonds,
the undersigned have been requested by the hold
ers o f a large amount of bonds to act as a commit
tee for the protection o f the interest o f the bond
holders.
' Those who desire to co-operate should send their
names, addresses and the amount o f bonds they
represent to any member o f the Committee. Prompt
action is important.
EDWARD D. ADAMS,
Winslow, Lanier & Co., 17 Nassau St.
W ILLIAM L. BULL,
Edwart Sweet & Co., 38 Broad St.
WILLIAM WHITEWRIGHT,
Union Trust Company, 71 Broadway.
WILLIAM MERTENS,
L. von Hoffman & Co., 50 Wall St.
WILLIAM E. STRONG,
Work, Strong & Co., 36 Broad St.
T H E INVESTORS
AGENCY.
M. L. SCUDDER, JR., PROPRIETOR,
240 LA SALLE ST., CHICAGO, ILL.
fin a n c ia l.
JfiwatuctaX.
A CH O ICE! A N D SAFE! IN V E S T M E N T ,
R E O R G ANIM ATION
Stock of the Petersburg Granite
Quarrying Company.
OF THE
Capital Stock, 15,000 Shares .(Unassessable)j Par
Value, $150,000.
The property o f this Company, together with the
quarry leased by it from the State Central Lunatic
Asylum, is located near Petersburg, Va. The
granite o f these quarries is of superior quality for
all purposes, and owing to the superior shipping
facilities enjoyed by the Company, it is in a posi
tion to compete for business with any quarry in the
country. Further information may be obtained,
and applications for purchase of the balance of the
treasury stock made, at the office of
STEW ART
B R O W N ’ S SONS,
6 4 B r o a d w a y , N .Y .
W ASTED:
New York & Rockaway Beach Stock.
Atchison & Pike’s Peak 6s (Cen. Branch Union
Pacific).
Columbus & Toledo 2d 7s, 1900.
B U Y AMD SELL :
Scioto Valley Bonds and Stock.
Texas & Pacific Scrip, all issues.
New Orleans City Bonds.
G . W . DOUGHERTY,
Member N.Y. Stock Exchange,
M ills B uilding .
15 B roa d S t., N .Y .
TO THE HOLDERS OF THE
CONSOLIDATED MORTGAGE BONDS
OF THE
Mississippi Sc Tennessee
Railroad Co.
The Mississippi & Tennessee Railroad Company is
now prepared to issue its new Four Per Cent Gold
Bonds o f 1952, in exchange for the consolidated
mortgage bonds, series “ A ” and “ B,” on the follow
ing basis:
$1,160 in new Four Per Cent Bonds, carrying in
terest from December 1st, 1887, for each series"‘A ”
bond o f $1,000 with coupon due April 1, 1888, and
thereafter attached.
$1,100 in new Four Per Cent Bonds, carrying inter
est from December 1st, 1887, for each series “ B”
bond o f $1,000 with coupon due July 1, 1888, and
thereafter attached.
The new bonds will he issued in denominations of
$1,000 and fractional amounts will be adjusted in
cash.
Coupons due Oct. 1st, 1887, and prior thereto, on
series “A ” bonds, coupons due Jan. 1st, 1888, and
prior thereto on series “ B” bonds, will be paid
in cash to those making the exchange. Arrange
ments have been made whereby those desiring to do
so can dispose o f their new Four Per Gent Bonds at
par, ex June 1888 coupons.
Time for making exchange is limited to June
30th, 1888.
Additional information as to details can be ob
tained from the Secretary of the Company, No. 216
Broadway, New York.
By order o f the Board of Directors.
A . G. HACKSTAFF,
Secretary Mississippi & Tennessee RR. Co.
TO THE BOND AND STOCK HOLDERS OF
THE
RAILROADS ESPECIALLY.
The
VICKSBURG & MERIDIAN RAILROAD
COMPANY.
Sugar Refineries
Company.
STOCK
BOUGHT
AND
SOLD.
JAM ES H A Y E M E Y E R ,
Aldrich Court, 45 Broadway, N. Y.
Staten Island Securities
A S P E C IA L T Y .
Gas. Railroad and Electrle Light Co.
Stocks.
GRÒ. B . R I P L E Y ,
66 BroaiwtL Boom 8*
m
Chesapeake & Ohio R’y Co.
23 W a l l Street ,
)
New Y o rk , May 9,1888. $
Holders representing a total o f about 90 per cent
of the stock and bonds of the CHESAPEAKE &
OHIO RAILW AY CO. affected by the plan of reor
ganization having accepted the provisions of the
reorganization agreement dated Feb. 7,1888, notice
is hereby given to holders of outstanding securities
that the same may still be deposited with DREXEL,
MORGAN & CO., 23 Wall Street. New York, on
payment of the penalties specified in our circular o f
April 4,1888, copies o f which may be obtained on
application.
The privilege o f depositing securities, as above,
will be terminated by the committee in its discre
tion, without further notice, and after such ter
mination no deposits will be received.
Notice is also given that the third instalment of
25 per cent of the assessment on all classes of stock
deposited under said agreement is called, and will be
payable at the office of Drexel, Morgan & Co. on
June 4, 1888. Depositors are requested to present
their reorganization receipts that such payment
when made, may he indorsed thereon.]
D R E X E L , M O R G A N & CO.,
D epositaries.
C. H. COSTER, )
R. J. CROSS,
> Committee.
A. J. THOMAS.)
OFFICE
OF
COLORADO
MIDLAND
RAILW AY COMPANY,
62 Ced a r Street ,
New Y o r k , May 29,1888.
Coupons due June 1st, prox., from the First Mort
gage Bonds o f the above Company will be paid
and after that date at the Central Trust Company
New York.
C. E. NOBLE, Treasurer.
SERIES “ A” AND “ B .”
Reports Concerning Affairs ot Corporations
Large Library Railroad Documents,
Competent Experts
Confidential Reports,
Moderate Charges.
Send for circular.
[VCL. X L V I.
The undersigned Committee, appointed at the
Stockholders’ meeting of this Company for the pur
pose o f reorganizing the financial affairs of the com
pany, hereby give notice that a modified plan has
been perfected and is now on file with the Farmers’
Loan & Trust Company, as also the agreement to
be executed by the respective bond and stock hold
ers in relation thereto.
The Farmers’ Loan & Trust Company is now pre
pared to receive the bonds, shares, &c., under the
terms o f said plan and agreement and issue proper
certificates therefor.
The right to deposit securities for participation in
the reorganization will expire on June 15.
Under the terms of the decree o f foreclosure the
road is to be advertised for sale after June 6.
Copies o f the plan and agreement can be had of
the Trust Company, of any member of the Commit
tee, and o f the Secretary.
JAMES G. K. DUER, James J. King’s Sons, 53
William Street, New York.
RUSH C. HAWKINS, Tribune Building, New
York.
GEORGE ARENTS, Arents & Young, Drexel
Building, New York.
E p W A R D R . BACON, 2 Wall Street. New York.
LUTTGEN, August Belmont & Co.,
36 Wall Street, New York.
Dated New Y ork , May 21,1888.
D. GRAFF, Secretary,
54 W all St., New York.
____ ________ _
. New Y ork , June 1st, 1888.
M R . JAMES RASCOVAR HAS TH IS
-1TJ day been admitted a member o f our firm.
..
.
FRAN K, KIERNAN & CO.
Abbey & Imbrie,
18 YESEY STREET, NEW Y O R K .
FINE FISHING TACKLE.
Send us 10 cents to prepay postage on Catalogue.
Fifth Avenue Hotel,
M a d iso n Square, N E W Y O R K »
The largest, best appointed and most liberally
managed hotel in the city, with the most central
and delightful location.
HITCHCOCK, DARLING & CO.
Bible Hotel,
AM STERD AM , HOLLAND.
Beautifully situated in the centre of the city, oIom
to the Railway Station and the Exchange. First,
rate cooking. Excellent wines. Moderate prioes.
W. P. WERKER, Manager.
M assasoit
H ouse,
S P R IN G F IE L D , M ASS.
THE BEST APPOINTED HOUSE IN WESTERN
NEW ENGLAND.
Convenient for the tourist or business man. Near
Union Depot.
W . H . CHAPIN.
Spencer Trask & C o.,
B A N K E R S <k B R O K E R S ,
16 and 18 Broad Street, N. V.
Albany, N .Y .
Providence, R L
Saratoga.
Transact a General Banking Business,
Special attention given to Investment
Securities.
Direct Private Wires to each office and to
PHILADELPHIA,
_
,
SBOSTON,
j i\V
WORCESTER.
HUNT’S
MERCHANTS’
^
R E P R E S E N T IN G
TH E
YO L . 46
IN D U S T R IA L
W ff& I i}
AND
MAGAZINE,
H it t r js p a p e » :,
C O M M E R C IA L
IN T E R E S T S O F
U N IT E D
SA TU R D A Y, JUNE 2, 1888.
CON T J N TS
THE CHRONICLE.
Clearing House Returns.......... 689
Florida Bankers’ Association. 695
The Financial Situation............. 690 Book Notices.............................. 695
Circulation in the United
Monetary and Commercial
States...................................... 692
English News...................... . 697
Erie’s Needs and Conditions .. 693 Commercial and Miscellaneous
New Railroad Arrangements. 694
News..........................................698
THE BANKERS’ GAZETTE.
Money Market, Foreign E x
Prices of Active Bonds at N. Y.
change, U. States Securities,
Stock Exchange, and Range
State and Railroad Bonds
since January 1 ,1 88 8 .......... 702
and Stocks............................. 700 Prices of Inactive Bonds........ 703
Range in Prices at the New
Local Securities.......................... 704
York Stock Exchange___. . . 701 Investment and Railroad News 705
Commercial Times......................709
3 £ h e
© îm r a x t le .
Terms of Subscription—Payable in Advance:
For One Year (including postage).......................................*10 20
For Six Months
do.
........................
6 10
European Subscription (including p o s t a g e ) * . I ” ” " ] n 28
Annual subscription in London (including postage).. . . . . A2 7s.
BixMos.
do
do
do
........ a i 8s.
Thttte prices include the I nvestors’ Supplement , of 120 pages
issued once In two months, and furnished without extra charge to
subscribers of the Chronicle .
6
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
cents, volumes bound for subscribers at $1 00.
London A g en ts:
Messrs. E dwards & Smith , 1 Drapers’ Gardens, E. C., who wUl take
subscriptions and advertisements and supply single copies of the naoer
at Is. each.
*
william b . dasa . i
D A N A & C o., P u b lish ers,
JOHN G. flotd . )
1 0 2 W illia m Street, N E W Y O K K .
f
P ost Office b o x 958.
C L E A R IN G H O U S E R E T U R N S .
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 a g .
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 o f 1887, a majority
o f the reporting cities exhibit some decrease, In the
country as a whole, however, the decline is only 5*2
per cent, and outside o f New York reaches 1*4 per
cent. The losses worthy o f note are at Duluth, 28 per c e n t;
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.
Grand Rapids, 26-9, and Omaha, 18-8 per cent.
New York Stock Exchange share transactions for the week
cover a market value o f $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
mains to represent clearings due to other business $401,107,067
and $415,389,524 respectively in the two years, or a loss of 3*4
per cent.
i
THE
NO. 1,197.
Week Ending May 26.
1888.
New York.
Sales of—
Boston.........
Providence..
Hartford__
New Haven.
Portland....
Worcester...
Springfield...
Lowell.........
Total New England.
Philadelphia.
Pittsburg.....
Baltimore....
Total Middle.
Chicago..........
Cincinnati......
Milwaukee....
Detroit...........
Indianapolis..,
Cleveland.......
Columbus.......
P eoria..........
Omaha...........
Minneapolis...
Denver...........
St. Paul..........
Grand Rapids.
Wichita..........
Duluth..........
Topeka*.........
Total Western.
.
STATES
1887,
$
563,767,067
Week End’g May 19.
P . Cent
%
607,844,524
.) (1,251,235)
(1,400,490)
.)
(246,8001
(820,600
) (55.358,225) (37,812,650)
.) (16,416,000) (18,552,000)
.
80,379,107
85,898,381
.
4,874,600
4,226,800
1,451,847
1,458,275
1,131,771
1,159,494
890,092
835,4H4
926,382
807,637
1,115,143
843,584
521,285
558,262
90,790,227
195,787,867
59,296,244
10,426,551
10,276,280
57,043,391
10,260,109
12,412,850
79,999,075
80,310,350
62,394,436
9,161,600
3,757,341
4,169,473
1,869,962
2,940,173
1,838,421
1,242,792
3,902,805
3,511,741
2,075,130
8,580,435
611,805
778,858
1,457.855
330,111
55,135,903
10,572,200
4,366.390
3,272,768
2,248,516
2,971,348
2,049,371
1,150.801
3.285,851
3,344,275
2,191,023
3,630,540
481,940
847,614
2,025,486
1886.
P. Cent,
$
578,841,204
—7-3
—21-0
(—10-7) (1,057,179) (-46-9)
(—69-9)
(157,600) (-52*7)
(+46-4) (59,559.300) (+95-7)
(+21-1) (18,228,000) (-19*4)
—6-4
84,876,600 -20-8
+85
4,904,100
—0-2
—0-5
1,521,613
—0-9
—2-4
1,237,139
+1-3
+0-5
«50,039 +15-8
+14-7
1,011,009
+6-9
+32*2
1,175,163 +18-3
—6-6
649,314
—2-8
—5-2
96,324,877 —18-6
+2-9
84,031,337
—0*2
+1-6
10,177,228
—7-2
—17-2
12,456,083
—8*6
—0*4 86,664,648
—2*4
+13-2
62,085,693
+7*0
—11-4
10,*57,150 -13*5
—13-9
3,654,165
—1*4
+27-4
8,886,742
—5*3
—16-8
1,971,979
+4*4
—1-0
3,096,229
+0*8
—10-3
2,022,060
—9*7
+80
1,233,726
+4*8
+18-8
3,900,333
+9*7
+50
3,483,615
—4*1
—53
2,602,462
-4*6
—1-4
3,802,393 —17*9
+2«-9
647,231 +19*4
—8-1
788.487
+7*6
—28-0
2,233,372 -3 2 0
339,753
103,492,833
97,574,092
+6*1
106,205,687
+0*5
14,995,720
1,180,271
6,086,000
5,278,578
7,903,639
1,323,890
660.882
629,988
17,455,795
2,231,631
5,439,576
4,944,490
8.151,871
1,223,592
868,534
474,254
—141
—2-3
+11-0
+68
—3-0
+8-2
—239
+328
18,163,101
1,571.356
7,223,000
5.710,423
9,005,047
1,922,420
459,715
673,842
-8*4
+0*5
+19*0
+2*8
+10*1
+14*7
—42«
+24*9
Total Southern........
38,008,968
40,789,793
-6-8
43,389,564
+1*7
San Francisco.............
12,728,032
15,339,822
—170
17,586,074
+6*7
Total a ll.................
888,786,202 937,652,448
Outside New Y ork.... 1 825,019,135 329.807,924
* Not included in totals.
—52
—1-4
929,072,704
350,231,500
—15*9
-5*8
St. Louis......
St. Joseph....
New Orleans.
Louisville....
Kansas City..
Memphis... .
Galveston....
Norfolk.........
Our usual telegraphic returns o f exchanges for the five days
have been received and are given 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 o f 12 *4 per cent. The estimate for the
week ended June 2, based on these telegraphic figures, points
to a decrease from the week o f 1887 o f about 11-6 per cent,
Messrs. R. G. Dun & Co. report the number o f 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 «a™*»
time a year ago.
Returns by Telegraph.
Week Ending June 9.
1888,
New Y ork .....................
Bales of Stock (shares)....
Boston...........................
Philadelphia..................
Baltimore.....................
Chicago..........................
St. L o u is .....................
New Orleans..................
8
399,013,898
(763,126)
54^207,003
43,922,311
6,790,488
44,943,000
11,393,002
4,562,828
Total, 5 days............
Estimated 1 day .......
566,863,130
140,128,269
Total full week... .
Balance Country*..... .
706,991,399
100,247,169
Total week, all.........
807,238,568
n last
1887.
P. Cent.
Week End’g May 28
1888.
P. Cent.
8
448,338,519 —11*0 404*827,955
-7-4
(875,595) (-12*8)
(904,004) (-21-5)
02,728,574 —13*0 67,567,372
—6*1
63,795,630 —18*4 50,119,150
+4-1
11,431,103 —23*1
9,186,247
—9-3
50,025,000 -11*2
52,338,000 +140
14,481,772 —21*3 12,853,130 -12-7
5,393,787 —16*4
5,590,916 +18-0
646,794,385 —12*4 662,482,770
163,058,252 —14*1 135,368,298
-6-6
809,850,637 —12*7 797,851,068
-5 -3
103,139,471
—2*8
91,084,136
-6-0
912,990,108 —11*6 838,935,204
5*2
we ek’g ret urna
[VOL. XLVI.
THE CHRONICLE.
690
the two countries, it would decrease customs revenues,
and
T H E F IN A N C IA L S IT U A T IO N .
There has been no change in the money market this
-week.
A t the moment the conditions
render
Russia
obligations.
seem to favor
Hence
the negotiation.
less
the
able
to
meet
interest
to
continue
unwillingness
The cable reports discounts of sixty day
to three months’ bank bills in London at l f @ l f
per
Government, to be sure, is purchasing very few bonds,
cent, while the Bank minimum remains at 3 percent.
Thia
although it takes all that are offered within its limit and
easier rate is undoubtedly due to the stronger position of
cbhtinued large reserves by the banks at this centre.
The
a ll that it is needful to take in the present plethoric the Bank of England; the Bank gained £4 4 8 ,0 0 0 bullion this
week, but a special cable to us reports that very little of i t
condition of money; but from the W e s t and South the
return flow of currency is still large— nearly suffi was received from foreign sources, £ 2 9 1 ,0 0 0 having been
“principally bought” and £1 5 7 ,0 0 0 having been received
cient to supply what the Government is drawing out of
the banks because of
the
surplus revenues.
from the interior of Great Britain.
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
it is I f
of the Reading loan last week, and now we have news of
week,
per cents of
the Canadian Pacific Railway at 95 (dealings being reported
The demand is very light, the most urgent inquiry having
arrangements completed as yet for drawing against the loan
we understand that the arrangements will be made soon;
gether,
therefore,
notwithstanding
our
A lto
merchandise
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
exports are small and our imports free, there seems to be
in prospect bills sufficient to supply the requirements o f
the exchange market and check the shipment to Europe
of any considerable amounts of gold.
W ith 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 purchases 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, wiih the average at 1^- 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
proportion
includes a small
of
good
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 months, not because of any present prospect
of dear mcney, but because they do not want to tie up their
funds 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.
The supply is
moderate, and rates are 4@4-^ per cent for sixty to ninety
day endorsed bills receivable; 4 ^ @ 5 £
for four months
acceptances; and 5@6^- for good single names having from
four to six months to run.
N o event of general interest has transpired affecting
European money markets during the week.
W e referred
in our last to a report by cable that a French syndicate of
bankers was
negotiating with
Russia
£ 4 4 ,0 0 0 ,0 0 0 , and that £ 1 5 ,000,000
been advanced.
for
a
loan of
of the amount had
That was an important statement if true,
but now a cable report says that the French syndicate has
abandoned the project on “ account of the news of Ger“ many’s tariff reprisals.”
A s we understand the situation
referred to by that statement, it is about as follows :
Russia imposed heavy duties on goods imported from
Germany, and in return Germany responded by heavily
taxing
articles from Russia.
As
this taxation would
naturally have a tendency to restrict commerce between
gradually becoming easier, and on Thursday the-
tone was quoted as heavy and it so continued yesterday.
by cable at 4 per cent advance), and though we hear of no
and that the drawings are likely to be gradual.
The Bank of France lost this week
£1,194,000.
Our foreign exchange market has been dull all the
W e referred to the influence on foreign exchange
the placing in London of the $15,000,000
per cent.
£ 7 6 0 ,0 0 0 gold and the Bank of Germany gained about
might not send much more gold to Europe the present
season.
The open market rato
at Paris is 2£ per cent, at Berlin it is 1^ and at Frankfort
that
drafts
against the Canadian
Railway loan for $15,000,000
Pacific
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 been 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 to that centre last week
and there are no orders for shipment to Germany, the’’
demands from Berlin having for the 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 W est last Sunday
and Monday, but
it is not
damage has been done.
believed
that any serious
It is more likely that the effect
in the end will be beneficial, except where the rains have
caused floods or washouts, for the trouble last year, and
also this year until recently, was a lack of moisture.
N ow
the ground is in a condition which would make a recur*
rence of dry weather much less harmful than it was last
season.
In the case 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 St. 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
decide to quote the same rates.
Though the Northern’s
new tariff does cut down rates on some classes of business,
it is not a reduction in its entirety.
It would be more
proper to term it a refusal to order an advance.
A few
words of explanation will make this clear. A fter the settle
ment of the late rate war, a new tariff was agreed upon,
which
has been
in
force
since
then.
But
on
the
10 th of May a very stringent law went into effect in Iowa,.,
under which rates must be adjusted strictly on a dis
tance basis.
The roads were accordingly obliged to re
arrange existing tarifftí, and this of course had to be done
either by reducing local rates or raising through rates. The
former alternative being out of the question, nothing
remained but to adopt the latter.
Hence a new tariff oi.
THE CHRONICLE.’
| J une 2 , 1888,]
691
rates on a higher basis was prepared, and this was to go
the California Southern, and the Kentucky Central are
into effect June 4.
the only ones which show diminished net.
The Burlington gave its assent to the
It will be
plan, but reserved the right to accept less than the rates
observed that the gains come from nearly all sections
■quoted on shipments coming through from New York.
of the country.
It
Another point to be borne in mind is
was finally determined that all the lines might avail of this
that in a great many cases the present gains follow gains
right, and certain fixed charges were agreed upon which
in 1887.
the roads might accept on such through business.
companies, with increased net by every leading group of
Chicago merchants, however, made a vigorous protest
Thus last year our April exhibit covered 59
roads, the aggregate increase reaching $1,813,625, or 20
against the policy proposed, claiming that it was unfair
per cent.
and detrimental to the interests of that city.
continue generally satisfactory.
They
insisted that the charge between New Y o rk and St. Paul
The weekly reports of gross earniDgs also
The latest returns cover
the third week of May, and for that period, according to
must be not less than the sum of the local rates between
our statement on another page, the result on 74 roads is a
To the gain of about 3 per cent over the same week in 1887,
ordinary mind it seems that so long as the total charge which is the more important that it follows an increase of
N ew Y o rk and Chicago, and Chicago and St. Paul.
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
19 11 per cent (66 roads) last year.
The stcck market has been dull and depressed.
ports of
R e
earnings continue very good, as pointed out
way which the railroads under the circumstances might
above, and the crop situation has improved, but there
properly disregard— to invoke the aid of the Inter-State
have been other factors not so favorable in their nature.
law.
Influenced by this protest, or taking advantage of
Thus the continued weakness of the Gould properties,
it, the Burlington & Northern now refuses to adopt the
the knowledge of a default on Kansas & Texas bonds the
new schedule, and announces another to take its place on
1st of June, and the weakness of St. Paul, Rock Island,
the same dat e.
and the grangers generally, and also specialties like N ew
It is not clear yet how far the other roads
will see fit to follow the Northern, but one thing it is very
Y ork & New England, have deterred investors and spec
important to bear in mind, namely that except in case of ulators from buying for an advance.
St. Paul has been
a few special classes of freight the action of the Northern hammered both on the report of the liquidation of several
simply amounts to an announcement that it will continue
pools
present rates, rather than make the advance proposed for
heavy losses in net earnings.
next Monday.
down on rumors of a reduction in the rate of dividends,
This is clearly shown in the following,
in
the
stock
and
unofficial
Rock
statements
of
Island was sold
giving the rates per 100 lbs. under the existing tariff, the
and
new tariff which it had been agreed to adopt, and the
had it that the dividend was to be passed altogether.
tariff now to be put in force by the Northern.
must be admitted that the action of the Burlington &
P resent rate............
Hate propospd........
Hurl. & N ortIi.rate.
1
2
3
4
50
60
40
40
50
33
30
35
26
20
25
IS
A
5
12ia
17
12^2
17^2
18
17ia
B
C
D
E
15
16
15
13
14
13
10
12
10
8
10
8
in
the
case
of
the
Missouri
Pacific
rumor
It
Northern this week, in announcing a new schedule of
rates, makes the outlook in that section a little more uncer
tain than it was last week.
It is rather unfortunate that
this road should continue such a constant disturbing fac
Thus on all the lettered classes (A , B, C, D and E) and
the fifth class— these comprising the bulky and more
tor.
A s repeatedly pointed out in these columns, there
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,
¡ess 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.
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
below 20 cents.
March 31. There have been no further shipments of gold,
New York*&
New
the quarter ended
There is a gratifying improvement in the character of and money has continued easy, but the bond purchases
It will be by the Government have been very small.
the reports of net earnings coming to hand.
remembered that for March, owing to an exceptional com
The following statement, made up from returns collected
bination of adverse circumstances, the showing was the
by us, shows the week’s receipts and shipments of cur
poorest seen in years.
rency and gold by the New Y ork banks.
Enough returns have thus far been
received for April to indicate that the comparison for that
month will be decidedly better, while if the present prom
Week ending June 1,1888.
ise is maintained in the case of the roads still to come in,
Received by
Shipped by
IV. Y. Ranks. N. Y. Banks.
Net Interior
Movement.
year in the aggregate will be found to be
$3,783,000
41,000
$792,000
Gk)ld
.............................
.....................
Gain. $2,990,000
Gain.
41,000
heavier than in the same month last year— that is, there
Total sold and legal tenders....
$3,823,000
$792,000
Gain. $3,031,000
the net this
will be an improvement over that year.
week
week
to the
we
good
have
returns from
other
exhibit of
an
The above indicates the actual changes in the bank
this holdings of currency and gold caused by this movement
number of to and from the interior. In addition to that movement
the Pennsylvania;
unusually
companies, and
show augmented net earnings.
W e referred last
large
the most of them
The Erie, the Northern
the banks have lost $3,500,000
through the operations
of the Sub-Treasury.
Pacific, the East Tennessee, the Norfolk & Western, the
Canadian
Pacific, the
Allegheny Valley, the Carolina
Central, the Denver & Rib Grande Western, the Memphis
Week ending June 1, 1888.
Banks’ Interior Movement, as abo ve
$3,823,000
3,300,000
792.000
6,8 X,000
Gain. $3,031,000
Loss. 3,500,000
Total gold and legal tenders....
$7,123,000
7,592,000
Loss.
& Charleston, the Philadelphia & Reading, the Louisville
New Orleans & Texas, the Rome Watertown & Ogdens-
Into Banks. Out of Banks. Net Change in
Bank Holdings.
$469,000
burg, and the Seaboard & Roanoke, all report gains over
The following table shows the amount of bullion in
last year, while the Louisville & Nashville, the Ontario &
the principal European banks this week and at the cor
Western, the Ohio^&’Mississippi, the Pittsburg J& Western,
responding date last year.
692
Banks of
Stance....... .
Germany ....
Aust.-Hung’y
Netherlands..
Nat .Belgium
National Italy
THE
May 31.1888.
Gold.
Silver.
£
£
20,263.273
44,678.268 48,540,731
32,518,000 16.259.000
5.961.000 14.967.000
5.474.000 8.293.000
2.872.000 1.436.000
6.978.000 1.118.000
CH R O N ICLE
June 2,1887.
Total.
Silver.
Gold.
£
£
£
£
20,263,273 23,561,622
23,561,622
93,218,999 48,009,581 46,971,688 94,981,269
48.777.000 24,148,200 16,098,800 40.247.000
20.928.000 6.753.000 14,161,000 20.914.000
13.767.000 4.900.000 8.258.000 13.158.000
4.308.000 2.504.000 1.252.000 3.756.000
8.096.000 7.001.000 1.118.000 8.119.000
THE
U N IT E D
STATES.
W e have received several inquiries respecting the figures
we gave two weeks since, showing the circulation in the
United States in
1879 and in 1888.
X L V I.
Hay 1,1888.
Total.
Tot. this week 118,744.541 90,613,731 209,358,2721116,877,403 87,859,488 204,736,891
Tot.prev.w’k. 117,904,956 89,882,145 207.787,1011116,925,204 87,729,766 204,654,970
C IR C U L A T IO N I N
[V ol.
A s we have not
1888.
In Hands o f
People.
In Treasury.
Total.
9
213,239,994
9
498,129,415
9
711,369,40»«
Silver dollars..........
41,729,462
252,520,328
294,249,790-
Silver bullion........
9,937,442
Gold coin and bullion.
9,937,442:
Fractional silver........
25,750,228
50,549,654
76,299,882
National bank notes..
5,942,194
252,430,074
258,372,26»
318,189,4021
346,681,016:
Legal tenders. . . . . ___
28,491,614
T otal.....................
325,090,934)
1,371,818,8731 1,696,909,80T
These details are all taken from official documents, those
for January, 1879, being made up from the Government
found time to answer all our 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 609'
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,
because so much error prevails on the subject, and such
inaccurate assertions are constantly made both in and out
of Congress with regard to the matter.
hands of the people since that date.
This is a correct
statement of the relative currency situation.
There is one class of letters we have received which
The Tribune states that our figures “ include all coin and
“ paper lying unused in the Treasury,” and are therefore
u misleading.”
upon specie payments and 544 millions increase in the
W e gave the statement in three forms—
first (in detail), the entire circulation in the country; second,
what part of the aggregate was in the Treasury; and, third
perhaps we ought to notice.
We
refer to the request
made for information regarding “ the $94,852,724 legal
“ tenders held by the Government for the redemption of
“ the national bank notes in process of being retired.”
The only reply which it is 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. N o 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, were distributed over
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
E R IN S N E E D S A N D
and silver in the United States and leave out all kinds of
certificates.
That was therefore our reason for using that
C O N D IT IO N .
A few weeks ago an absurd rumor found currency that
It
method in the statement of aggregates; but in the division a receiver was to be appointed for the Erie property.
that we made between the amount in Government vaults was a good enough story for a day, and no doubt fright
But no one who knows anything
and in the hands of the people, we gave only the net ened some timid souls.
holdings by the people and by the Treasury of gold and about the present management of the road, and the careful
But as we wish to make this matter so clear that and business-like way in which its affairs are administered
silver.
the wayfaring man, however innocent, umay not err, we
gave the rumor a thought.
give the statement in extenso.
There is an immaterial
number of income and financial statements have been is
Since then, however, a.
change in the totals, mainly due to our including, as in
sued, which not only prove its baselessness, but also give
the Treasury, instead of in the hands of the people, about evidence of the very promising condition of the property.
5-| millions of bank notes, which were at the redeeming The statements which we have reference to are the com
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 Y o rk State Bail-
process of redemption.
road Commission, and the balance sheet made at the
January 1,1879.
1879.
In Treasury.
In Hands o f
People.
same time, reflecting the financial condition of the road on.
Total.
March 31.
These exhibits of earnings are in nothing so
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.
9
114,193,359
9
164,116,767
9
278,310,126
Silver 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
ceding.
Fractional silver........
6,048,194
64,972,968
71,021,162
penses for the month of A pril made public this week.
National bank notes..
8,467,442
315,324,232
323,791,674
The company has been very prompt in furnishing this-
Legal tenders............
69,582,505
277,098,511
346,681,016
Total......................
223,704.386
827,716,559
1,051,420,945
statement, which brings information of its affairs down
to the 1st of May.
W e And that during April there were^
J une 2, 1883.]
i H E CHRONICLE.
further slight gains over 1887 in both gross and net, not
withstanding that the totals last year had been very heavy.
In fact, there has been continuous improvement during
the last thrbe years.
Thus for April, 1888, the total of
the net (after deducting amount due leased roads operated
on a percentage basis) Was $532 ,747 , against $508,248 in
1887, $466,933 in 1886, and $263,013 in 1885, being an
increase since the latter year of nearly a hundred per
cent.
Nor is the improvement confined to a single month.
the case of the net the total this year is not quite so heavy
Here is a comparison for five years
W e have deducted
the proportions due the leased roads, both in gross and
uet earnings, so as to permit of an accurate comparison
with the earlier years when the figures were made up on
that basis.
April.
1888.
1887.
1886.
in earnings, this deficit has been very greatly reduced, in
recent years, till now it is quite small.
Thus in 1884 it
180, and now in 1888 it is only $151,811, being an improvement in this quarter, in four years, of nearly a m il
lion dollars.
I f now we combine these figures for the quarter ended
March 31 with those for the previous quarter ended Decem
ber 31, we get the results for the first half of the company’s
fiscal year.
Owing to a falling off in net in the December
the net for the half year is a little less than in 1886 87,
but otherwise the comparison presents the same general
characteristics as already noted.
It is particularly to be
observed that while in 1883-4, in 1884 -5 and in 1 8 8 5 -6
the half year showed net earnings insufficient to meet the
proportion of annual charges, in 1886-7 and again in the
i/iupoiMuu uue leased roaas operated on a perce:
The present management have been spending liberally
for repairs, renewals and betterments, as is apparent to
any one travelling over the road in the changed condition
of the property, and in the seven months of the current
.fiscal year expenses increased nearly half a million dollars
over the same period in the year preceding.
Y e t the
company gained nearly as much in gross earnings, and
thus the falling off in net has been trifling, the amount of
the net in 1887—8 standing at $3,844,354, and in 1886—7
at $3,880,638. To get an idea of the great improvement
that has taken place in recent years one must go back to
1885, just before the W est Shore settlement.
pared with that year
gross earnings
$3,136,223, and net $1,338,728.
In
have
A s comincreased
1885 the net was
only $2,505,626; now, as already stated, it is $3,844,354.
The quarterly returns to the New Y ork State Railroad
Commission of course show the same general results, but
are somewhat more comprehensive; they give us, besides
the figures of earnings and expenses, the miscellaneous
income, and also the charges— in other words, furnish a
•complete
exhibit of
current results.
These quarterly
statements do not bring the information down to so late
a date as the monthly returns already quoted, but being
fuller it will be interesting to p-esent a summary of them
also.
But it will be
observed from the above that under the steady increase
quarter— due entirely to an augmentation in expenses__
1885.
1884.
$
3
$
$
3
Gross earnings*................... 1,928,278
1,741,356 1,469,012
Operating expenses & taxes. 1,395,531 1,859,874 1,274,423 1,199,999 1,727,434
1.334,969
Net earnings.................
532,747 508,248
466,933
269,013 392,465
Oct. 1 to April 30.
Gross earnings*............
14,002,405
12,383,727 10,866,182
Operating expenses & taxes.] 10,158,051 9,668,660 8,962,802 8,360,556 12,702,276
10,000,401
Net earnings................... | 3,844,354 8,880,638 3,420,925
2,505,626. 2,701,875
basis.
words, there is always a deficiency below the amount
needful to meet charges in that quarter.
duced to $745,608, in 1886 to $401,872, in 1887 to $ 2 13 ,.
months of the fiscal year from Oct. 1 to April 30, only that in
both for April and the seven months.
tutes the poorest part of the year, the proportion of the
year’s fixed charges is not earned in this period— in other
amounted to no less than $826,165 ; in 1885 this was re-
It is hardly less noteworthy in the results for the seven
as it was last year.
693
Accordingly, we have prepared the following com
parison of the figures for the q mrter ended March 31.
N. Y. Jj. Erie
& W estern .
Three itenths ended March 31.
enee.
Annexed is the statement.
Six Months ended March 31.
N. Y. n. Erie
& W estern .
1887-8.
1886-7.
1885-6.
Gross earns*....
Op.ex., excl.tax
$
12,074,126
8,570,914
$
11,681,176
8,111,665
$
10,642,372
7,504,203
9,397,170
6.981.S12
10,974,842
8,491,992
Net earnings*.
Other income...
3,503,212
420,435
8,569,211
450,328
3,138,169
438,455
2,415,858
459,343
2,482,850
481,278
Tot.net income.
Int., taxes, &c..
3,923,647
3,690,904
4,019,539
3.756,123
3,576,624
3,771,872
2,875,201
3,488,935
2,964,128
3,646,012
1884-5.
8
1883-4.
3
Remainder. ..
+232,7431
+263,416
—195.248
—618,734
—681,884
Less proportion due leased roads operated on a percentage basis,
In brief, then, it appears that notwithstanding a less
satisfactory condition of general trade, unusually severe
winter weather, and some other influences of an adverse
character, the Erie’s net results on current operations have
thus far in the fiscal year been only a trifle less favorable
than in the corresponding period of the previous year,
when the showing was so exceptionally good.
There is one other point to be considered, and that
relates to the financial condition of the property.
The
company is makiDg important additions and improve
ments, aside from those charged to operating accounts,
and these require the outlay of new capital.
It is im port
ant, therefore, to see the effect of such opera'ions on th e
company’s total of
current liaoilities.
In the balance
sheet of March 31 and that for September 30, the end of
the last fiscal year, we have the means for a study of the
condition in that respect.
It appears that as between
those dates about the only change of importance is an
1888.
1887.
1886.
1885.
1884.
increase of $1,420,000 in the item of loans and bills
Gross earns* ...
Op.ex.,excl. tax
$
5,551,729
4,013,542
$
5,412,655
3,914,770
4,876,311
3,630,729
7s
4.255,590
3,387,748
payable, in part offset by a decrease of about $ 5 00 ,000
Net earnings*.
Other income..
1,538,187
155,081
3
4,559,146
8,974,602
1,497,885
167,640
1,245,582
165,739
867,842
151,296
To .net income
Int., taxes, &c.
1,693,268
1,815,079
584,544
293,151
1,665.525
1,878,705
1.411,321
1,813,193
1,019,131,764,746
_Remainder...
877,695
1,703,860
—151,811
—213,180
—401.872 __—745,608
—828,165
-----F----- « ¿'Ciueubiftge oasis.
Both
gross and net earnings are the largest of any of the years
given, and the latter have increased from only $584 544
in 1884 to $1,538,187 in 1888.
A s the quarter in ques
tion comprises the winter months, and therefore consti-
The
ing $1,220,180 of interest accrued but not due, was
$ 6 :4 59,606, 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
This shows even more strikingly than the statements
already given the great improvement in results that has
been established under the present management.
due companies and individuals on open accounts.
gross total of floating liabilities March 31, 1888, includ
open accounts, were $3,442,744, bringing the net floating
debt down to about three million dollars.
The stock o f
materials and supplies on hand was $1,128,218, but that o f
course cannot be regarded as an available cash item.
The
company also held a large amount of contingent assets,
whose precise value cannot be determined, and some o f
which at least it could not realize on at present- thus
TH E CHRONICLE.
694
[VOL. X L V I ,
there are $2,214,683 of advances to the Chicago & A tlan millions of common and 8 millions of preferred, beside»
tic, $2,038,225 of advances to the N . Y . L . E. & W . Coal some 70 millions of mortgage bonds to which voting power
& RR Co. and $1,410,912
of advances to other compa’
attaches.
But the Atchison has just completed its Chicago
line and a New Y o rk 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 known, 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
some of the Massachusetts friends of the enterprise to pos
unfavorable rumors.
One
difficulty,
however, the
management have to contend with, and that is the absence
of any provision for further capital requirements.
sess a line extending all the way to the Pacific Coast.
That was the first sensation.
The
The next involved the
property has been greatly improved, and is yielding, as we name of the Pennsylvania, and must needs be greater
have seen, excellent results. But as in the case of all than the first. I f 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
and bring the two. t Sure enough, the announcement stated that the
property up to the highest standard of efficiency. Part of managers were out W e st to arrange for the acquisition of
the expenditures for this purpose are charged to ordinary the Burlington & Quincy and the Union Pacific. The
to year to provide additional facilities
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.
has it within its power to issue more bonds and provide
& Quincy stock is not quite 76^- millions ; to be sure?
for its needs in that way.
The Burlington
Thus it is just announced that it sells at a premium, but what company could better afford
to pay a premium than the Pennsylvania ? Of course
when the $2,000,000 of 7 per cent bonds on the Jefferson
branch mature next January, they will be replaced by a with both the Burlington & Quincy and the Union Pacific
new mortgage for $2,800,000 at 5 per cent, the company in its possession, the Pennsylvania would still fall a great
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
remain the be acquired later on— at a price we are sure Mr. Hunting
same as before, namely $140,000 per annum, and the ton would be willing to sell.
Then there is another aspect of the matter. A t present
$ 8 0 0 ,000 of additional bonds will go to pay for the cost
of double tracking that branch, the work now beiDg under our stock market is in a very distressed condition. For
the
new
way.
issue.
The total
interest
will
In the case of its own needs, however, the company is months speculation has been languishing, and now it
But, as stated? almost seems to be permanently dead. I f the Atchison
not in position to raise money in this way.
the work of construction and improvement must go on and the Pennsylvania should step in and engage in* a
contest to gain a controlling interest, the one in the E rie
all the same, and the question arises How shall the company
acquire the necessary funds?
Of course, it can use the and the other in the Union Pacific and the Burlington &
Quincy (the purchase would have to be effected in the
surplus earnings remaining above fixed charges, but that
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.
York & New England should, as has recently been stated,
President King alluded
to this difficulty in the last annual report.
A fter remarking
seek to buy up N ew Y o rk New Haven & Hartford— what
that the expenditures for improvement during the late a revivifying effect all this would have upon stock specu
year had been as large as the resources at the command lation. The displacement of investments to be caused by
of the Company warranted, he went on to say that it was “ a the application of the accumulated surplus in the United
11 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
several hundred millions of leading speculative stocks.
the company,”
a
floating debt being
undesirable and therefore to be avoided.
The hope was
expressed that with increasing revenues some plan of
How the market would revive, and what unspeakable joy
it would bring to the hearts of our stock brokers.
According to the New Y o rk Sun, however, all these
relief would be discovered.
rumors grew out of the formation of a new fast freight
N E W R A IL R O A D A R R A N G E M E N T S .
line.
The 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 ocean 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.
from ocean to ocean under a single control.
stated there seems to be hardly more basis for this state
Our readers
In the form as
can judge from our remarks below what basis there is for
ment than there is for the rumors first mentioned, and
the schemes as reported, and we refer to the matter partly
we
have
the
authority
of
V ice
President
Felton
Of course, on its
on that account and partly because there have been devel of the Erie for denying it.
face
the
report
looks
very
plausible.
It seems
opments within a day or two which suggest the probable
to
agree
with
the
general
tendency
of
the
origin of the reports.
The first statement bearing upon the subject came two
times.
Everywhere, there is a disposition
to
simplify
or three weeks ago when the announcement was made that
methods and processes.
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
Of course, such an aim to reach every point in the entire railroad system of
undertaking would have its difficulties. The stock of the country, and even in foreign countries. Besides, tho
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
purchase and control of the Erie.
THE CHRONICLE
June 2, 1888.]
freight
through to New
York, and a fast freight line
695
RAILROAD AND MISCELLANEOUS STOCKS.
R ailro ad s .
L ow. High.
R ailroads .
would be the best means to attain that end.
L ow. H ig h .
Atchison Top. & 8. Fe.
86% 90 % N.Y.Chic. & St. Louis..
14% 16%
Atlantic & Pacific . ..
8
9%
Do
1st pref..
64% 69%
Bost. & N. Y. Air L., pi.
98
98
Do
2d pref..
28% 32
35
40
N. Y. Lack. & West... 106% 107
clear that neither the Erie nor the Atchison would take Buff. Roch. &Pittsb..
Do
pref..
97
97% N. Y. Lake Erie & W.
23% 28%
57% 60%
Do
pref..
54
61
or. could take any such step as suggested. It would be Canadian Pacific.......
Canada Southern.......
48% 53% N. Y. & New England
35% 447s
2
2
N. Y. N. H. & H artfrd 219% 221
against the interests of both companies to make an Ct. Iowa, 2d ass. pd ..
Centralof N. Jersey..
81
84% N. Y. & Northern p f..
20
20
30
32% N. Y. Ont. & West.. . .
15 % 17%
arrangement
of
that
kind.
Fast
freight
lines Central Pacific..........
1%
2
Ches. & Ohio............ *
N. Y. Susq. & W est...
8%
9%
Do 1st pref..
3%
5
31%
are common enough, but their operation has hitherto
Do
pref..
29
Do2d pref..
2%
3% Norfolk & Western...
17
19%
been restricted to the districts either east or west Chicago & Alton....... 135% 138
Do
pref..
46
49%
Do
pref.. 160 161
Northern Pacific.......
22% 26%
of leading W estern points, like Chicago and St. Louis. Chic. Burl. & Quincy.Jxll2 125%
Do
pref..
49% 54%
Chic. & East 111.........
40% 42% Ohio & Mississippi..
19
22%
There are no freight lines operating all the way between
Do
pref..
8U% 93% Oregon Short Line..
21
25%
Chic.& Ind.CoalRy.pf 88
90
2284 26%
Oregon & Trans-Con.
the Atlantic and Pacific, though by the joint use of any Chic. MU. & St. Paul. 65%
76% Peo. Decat. & E’ ville.
22%
18
Do
pref.. 108 117
PhUa. & Reading___
59% 64%
eastern and a connecting western line there is no difficulty Chic. & Northwest... 107% 112% Pittsb.F.W.&C., guar. 153%
155
Do
pref.. 142% 145
Rensselaer & Sar....... 166 166
in sending freight through to the Pacific. It is to the Chic. & Rock Island.. 105% 114% Richmond
& West Pt.
21% 26%
St. L. &Pittsb..
14
14
Do.
pref..
63
67
mutual advantage of all the roads to continue this arrange Chic.
Do
pref..
31
33
Rome Water & Ogd.
89% 92
St. P. Minn. & 0 .
31% 42
St. L. Alton & T. H ... 36 % 41
ment. Under it every Western road gets freight impar Chic.
Do
pref.. 105% 110% St. Louis Ark. & Tex.
12
14%
Ham. & Dayton.
76
76
St. L. & S. Francisco.
28% 32%
tially, except in occasional instances, from every Eastern Cin.
Cin. Wash. & Balt.. . .
2%
3%
Do
pref..
65% 69
Do
pref..
4%
6
Do
1st pref.. 112% 114%
road, the desire expressed by the shipper being the usual
Clev. Col. Cin. & Ind..
46 % 51
St. P. & Duluth........
50
58%
Do
pref..
98% 103%
guide, while all the Western roads serve as feeders to each Clev. & Pittsb., guar.. 158 158
Col. Hock. Val. & Tol.
19
22
St. Paul Minn. & Man. 100 105
87s
8%
and all the Eastern systems. Should the Erie and the Danbury & Norwalk. 51% 51% South Carolina..........
Del. Lack. & Western 127% 132
Texas & Pacific........
23 28%
18% 20%
Do
new.
19% 22%
Atchison inaugurate a through freight dispatch, the result Den. & Rio Grande...
Do
pref..
47% 53% Union Pacific............
52% 58%
20
would be to antagonize all the other feeders of both D. Moines & Ft. D. pf. 20
Utica & Black River. 124% 124%
E. Tenn. Va. & Ga. Ry
9% 10% Wab. St.L. & Pac. . . .
12% 15%
systems. It seems, however, that a new freight line has
Do
1st pref. 59% 64%
Do
pref..
23% 30
Do
2d pref. 21
24% West. N. Y. & Penn..
14% 14%
been formed, to be composed of the Fitchburg, the E .ie Ft. Worth & Denv. C. 28
39% Wheeling & L. E ..pf. x51
56%
Green B. Win. & St. P..
9
10%
E xp r e ss .
and the Nickel Plate, but that its province will not
Do
pref.
18
19% Adams.......................... 140 143
Harlem...................... 225 225
American..... ..............
109 110
extend further W e st than Chicago. In that case of
Do
pref. 225 225
United States............ x71
74%
Hous. & Tex. Cent...
12
14
Wells, Fargo & Co
132% l3 9 %
course there would be no antagonism or conflict with Illinois C en tra l....... 117% 123
Co al and M ining .
Do L’sedLine4p.c 97
98% Cameron Iron <fcCoal. 2 0 .
20
existing organizations. It is not improbable, though, that Ind.
Bl. & West..........
10% 13% Colorado Coal & Iron
33% 38%
Kingston & Pembr’ke 33
37%
Colum.
&
Hock.
Goal.
20
23%
this new freight concern will operate in very close con' Lake Erie & West’n ..
14% 15% Consolidation Coal...
20% 21
Do
pref..
42% 46
Homestake Mining...
10% 11%
nection with the AtchisoD, as the Atchison and the Erie Lake
Shore................
90% 94% MarshaU Con. Coal..
10 12%
Long Island...........
91
93% New Central Coal .. .
10 11%
enter the same passenger depot at Chicago, and the freight LouisvUle
& Nashv..
53% 60% Ontario SUver Min..
28% 30
38
QuicksUver Mining..
10
10
terminals are on the same tracks. It is also to be remem Louisv. N. Alb. & Ch.. 36
Manhattan, consol...
89
97
Do
pref..
34% 35
Tenn. Coal & Iron___
25% 28%
bered that the Erie Express, which was sold to W ells Manhattan Beach Co. 10% 12
Mar.Housh. & On.pf.
90
90
Whitebreast Fuel Co.
96% 96%
Memphis & Charles..
55
57
V arious .
Fargo & Co., operates on the Atchison lines. '
Mexican Central.......
15% 15% Am.Cotton Oil Trust.
30% 32%
77% 82% Am er. Tel. & Cable... 70 % 73 %
Michigan Central___
58
59
Consolidated Gas Co.
73% 75%
F l o r id a B a n k e r s ’ A s s o c ia t io n .— This association, com Milw. L. Sh. & West..
Do
pref..
88% 91
Del. & Hudson Canal. 107% 110%
posed of the banks and bankers of the State of Florida, was Minneapolis & St. L ..
5%
9% Oregon Iinprov. Co..
52
53%
Do
p ref..
11% 17% Oresron R’y&Nav. Co.
97
recently organized, and a copy o f its constitution and by-laws Mo. Kans. & Texas... 11% 15% Pacific MaU............... 93
32% 38%
Missouri
Pacific........
693s
83%
Philadelphia
Co........
90
95
is now before us. The object, o f course, as in all such cases»
MobUe & Ohio...........
9%
9% Pipe Line Certiflcat’s 82% 90%
is to promote the welfare and usefulness o f the banks, to ad Morris & Essex.......... 140 142% Pullman Palace Car. 1423s 147%
Nash. Chatt. & St. L ..
75
78%
Western Union T el...
74% 78%
vance their common interests, to secure uniformity of action N. Y. Cent. & Hud. R . 1053s 108
A moment’s consideration
however serves to make it
on important questions affecting commercial usage and the
customs and laws o f the State, and to bring the members to
gether in friendly intercourse. The association meets a want
w hich must have been felt for some time past, and therefore
has a very promising prospect before it, for nowhere is organi
zation and united action so desirable as among those control,
ling the moneyed interest of a community. Mr. H. G. Gar
rett, the cashier of the Citizens’ National Bank of Orlando,
is the Secretary and Treasurer o f the Association, and the
other officers are as fo llo w s: President, James M. Schu
macher, Pres. 1st Nat. Bank of Florida, Jacksonville; First
Vice-President, W . J. Winegar, Pres. 1st Nat. Bank o f Palatka;
Second Vice-President, F. P. Forster, Cashier 1st Nat. Bank
o f Sanford; Third Vice-President, T. C. Taliaferro, Cashier
1st Nat. Bank of Tampa. Executive Committee—J, L. Mar
vin, Manager, Ambler, Marvin & Stockton, Jacksonville;
E. P. Dismukes, Vice-Pres. Merchants’ National Bank of
O cala; W . J. Robinson, of H. F. Dutton & Co., Gainesville.
The daily posted rates for sterling exchange in May are
given below, it being understooi that bankers’ actual rates
are usually a fraction below the prices posted:
R E V IE W
This is a work of decided value. Co-oparation is a subject
on which there have been many statements o f opinion, but
very few accounts of actual practice. While we do not fu lly
agree with the authors of this book in their estimate of the
possibilities of the system, we congratulate them on the
impartial manner in which they have presented the facts.
They have done for America what George Jacob Holyoake
did for England. The field of investigation in America was
more difficult, the result no less creditable.
Co-operation is the attempt to do without the capitalist
employer. The business may be managed by the purchasers,
in which case it is—or ought to be—called distributive
co-operation; or it may be managed by the employees, in
which case it is called productive co-operation. Profit-sharing,
or distribution of a part of the surplus among the employees»
OF
P R IC E S
IN
M A Y — STOCKS,
GOVERNM ENT BONDS AN D
F O R E IG N E X C H A N G E .
The range of Government bonds sold at the Stock Exchange
in May was as follows:
GOVERNMENT BONDS.
4%s, 1891, 4%s, 1891, 4 s, 1907, 4 s, 1907, 6s. Our.,
reg.
coup.
reg.
COUP.
’98 reg.
Opening.. xl06%
107 34
126%
126%
*128%
Highest.. 107%
108%
127%
127%
*128%
Lowest... 106%
107%
126%
*128
126%
Closing... 107%
103%
127%
127%
*128
6s, Our.
’99 reg.
*130%
*130%
*130
*130
* Prices bid—no sales during the month.
The 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.
BANKERS’ STERLING EXCHANGE (POSTED RATES) FOR MAY, 1883.
60
days.
May.
D e
mand.
4 86%-7 4 8S%-9
4 86%-7 4 88%-9
4 86%-7 4 88%-9
4 87
4 89
4 87
4 89
........ h.
4 87
4 89-%
i 87
4 89-%
4 87
4 89%
4 89%
4 87
l 87
4 89 >a
4 89%
12... 1 87
1 ....
2 ....
3 ....
4 ....
5 ....
6 ....
7 ....
8__
9 ....
10....
11...
May.
60
days.
De
mand.
1 3 .... ........ S.
1 4 .... 4 87
4 89%
1 5 .... 4 S6%-7 4 89-%
1 6 .... 4 86%-7 4 89-%
1 7 .... 4 87
4 89%
1 8 .... 4 87
4 89%
1 9 .... 4 87
4 89%
2 0 .... ....... s.
21___i 4S7-% 4 89%-0
2 2 .... 4 87% 4 90
2 3 .... 4 87% j4 90
24__ |4 87% 14 90
May
2 5 ....
2 6 ....
2 7 ....
2 8 ....
2 9 ....
30___
3 1 ....
60
days.
4 87%
4 87%
.......S.
De
mand.
4 90
4 90
4 &7% 4 90
4 87% 4 90
. Holi
4 87% 4 90 "
First 4 8«% 4 88%
Hlgu 4 e7% 4 90
Low. 4 »>6% 4 88%
Last 4 87% 4 90
N o t ic e s .
By Edward W.
Bemis, Albert Shaw, Amos G. Warner, Charles Howard Shinn, and
Daniel R. Randall. Published under the auspices of the Johns
Hopkins University, Baltimore, 1888 ; pp. 540 ; 8vo.
H isto r y op Co-operation in the U nited States .
696
THE
CHRONICLE.
[V ol. XL'VI.
is often though not always connected with co-operation of and for sale of products. This is the rock on which so m any
the second class.
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 employeesr
been so successful. They were tried on a large scale in the Until 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 the
known as Sovereigns o f 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. Air
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 for some
nothing to the capital stock. No adequate attempt was made time, but in the majority o f years there has 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 o f 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 character1 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 o f 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 marked suc are not the men in whose behalf the system is invoked. The
cess, especially in Kansas and in Texas.
authors of this book omit all consideration o f manufacturers*
A more fruitful field of activity was found in co-operative insurance companies, and the omission is probably based on
banking and loan associations. The building societies of that ground. They are looking for a system which will put
Philadelphia have had quite a remarkable history, which the man who has not capital more nearly on a level with the
might advantageously have been treated at greater length* man who has. W e fear that they will have to seek a longtime.
Nor is this business confined to any one locality. There were The present system of property-rights exercises a sort of natural
in 1886 forty co-operative banks in Massachusetts, with 14,805 selection; rough, and in individual instances unjust, but on
members and $3,229,000 assets. Another specially successful the whole effective. So far as co-operation educated the work
form o f co-operation has been established in the creamery men to take advantage of this system of natural selection—in
business. The most successful form of all, it may be remarked, other words to save money—it has proved a success. But so far
is probably one which is not mentioned in the work before us, as it has attempted to transfer the control of industry from those,
manufacturers’ mutual insurance companies. This is a most who have property to those who have not, it has generallyserious omission, and seems to indicate that the authors did failed. Nor is it likely that any legislative safeguards, how
not recognize the true character of these undertakings.
ever well devised, can prevent such failure.
Productive co-operation is o f comparatively recent develop
n —I ts - P rinciples and M ethods .
Translated from thement. The gross product of co-operative industries in New T a xa t“ioScienza
delle Finanze ” of Dr. Luigi Cossa, Professor In theUniversity of Pavla. With an introduction and notes by Horace
England probably amounts to about a million dollars a year.
White; pp. 213. New York and London: G. P. Putnam’s Sons.
A number of boot and shoe factories on the co-operative plan
1888.
are now in successful operation. Similar instances o f success
There are two classes o f writers on taxation. One set startmingled with much more frequent failures, are reported from from the theoretical side and applies standards of abstractother parts o f 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
A fter 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 o f 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. th e plan the largest amount o f feathers with the least amount o f
seems to have worked well. Eight other shops o f 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 someWhat, it may be asked, has been the reason for this success ? respects this is not a bad combination; but for ourselves, weThe answer is partly to be found in the character o f the men should have been glad to have more o f White in proportion towho started it, and partly [in the peculiar conditions o f 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 o f 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 o f the
The book, as thus made up, consists of a clear and remark
individual and the success o f the enterprise. It does not ap_ ably concise account of the sources o f public income, theirpear 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 ; o f 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 w hen
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 o f 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 coststages 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 o f influences overbalances the are then divided into direct taxes on returns from,
latter, co-operation is likely to prove successful. But as property, real or personal, or on transfeis of property;business becomes more complicated, the advantages grow less indirect taxes
on
consumption;
and
direct
taxes
and the disadvantages greater. There is less visible connection on persons based on income or property. Cossa’s comparison
between the faithfulness of the individual workman and the between direct and indirect taxes is on the whole good; only
aggregate profit to be divided; more necessity for securing |he does not note the different forms which the diffusion of
first-rate business ability at the head both for organization an indirect tax takes, according as an industry is wholly com*
J unk 2, 1868.J
THE
CH R0N1CLF.
petitive or largely monopolized. I f we tax an industry where
competition has reduced profits to a minimum, the producer
cannot pay the tax and continue in the business at the old
rates; he must increase the price, and if he cannot find a
market for goods at the increased price he must withdraw
from the business. If, on the other hand, we tax an industry
which from location, patents, large plants, or any other
reason, has been enjoying monopoly profits, such a concern
will usually try to retain as nearly as possible the old volume
o f business; only a small part o f the tax will be shifted upon
the consumers, and little or none of the plant will be thrown
out of use.
A more serious omission, at least as affecting American
practice, is this. Prof. Cossa does not realize the increasing
difficulty of taxing persons, and the increased necessity of
taxing things or acts. This is the fundamental difficuly in
applying most of the standards.of abstract justice. It seems
just that persons should contribute to the support of the
Government in proportion to their abilities. Practically it is
in the highest degree unjust, because such a requirement
.will be so generally evaded. Bad men will evade it by false
returns ;. shrewd men will avoid it by cunningly devised sys
tems of ownership; it will simply bear on the small minority
who cannot or will not take advantage of these means—usu
ally those who can least afford to bear the burden. In the
special cases taken up by Mr. White, he fully appreciates the
force of this difficulty. What he perhaps fails to see is, that
it is so universally present as to make many of Cossa’s stand
ards inapplicable. As a practical basis of tax laws, Colbert’s
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 course produces such confusion as to defeat its own
ends. It may indicate a true ideal; as a practical guide it is
misleading.
FLAX, £ !ui/i'T7EE IN THE U n ited States . By Edmund A. Whitman, A.
M., with an introduction by J. R. Leeson; pp. 102: 8vo. Boston:
Rand, Avery & Co.
697
ners at Grafton, Mass.: “ The development of the manufac
ture is the only means of encouraging the production of su
perior flax. The market must be created for the farmer or he
will not attempt the growth of a crop requiring care and
skill. The manufacture o f linen can best be encouraged by the
introduction of the raw material, whether dressed or undressed,.
free of duty ; and with this development the farmer will in
time find a profitable market open to him.” The author adds“ The Western farmer does not raise flax for fibre because he
has no market for it, the few flax mills being all in a narrow
compass on the Eastern seaboard ; and the fate o f the Ameri
can Linen Company and the Willimantic Linen Company, and
other concerns o f large capital, which failed in an attempt to
manufacture linens, largely on account o f their inability to get
cheap raw material, is a sufficient warning to any but the
boldest not to establish any more linen mills here. * . * *
In spite o f the present duty the linen industry of America,
having an invested capital o f $10,000,000, imports annually
nearly $2,000,000 worth o f the raw material, and from that
source the surplus in the Treasury was increased by over
$150,000 in 1887; and yet the production of American fibre is
steadily falling off. Instead of manufacturing our own
linen goods, we are importing over $15,000,000 worth
per annum. How much of this could be manufactured in
this country, if the manufacturers could import their raw
material of every kind free o f duty, may 1ft left for future
determination. W ith the present duty on raw flax, however,
it is idle to expect the manufacturer to risk his capital in an
enterprise where so many wealthy corporations have failed.’*Ip u ttje la r ijf
U tera s
[Prom our own correspondent.!
L ondon, May 19, 1888.
Last week, after the advance in the Bank rate, the rate for
three months’ bills in the open market suddenly declined from
2% to 2 per cent, remaining at the latter figure till yesterday.
To-day bills have been negotiated at 2% per cent. Short
money 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 o f 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 o f various recent issues,
including 30 per cent on nearly a million o f City of Rome
bonds, 20 per cent on three-quarters o f a million Manila
debentures and 25 per cent on half a million Natal Gov"
ernment bonds. On Wednesday there wasa call of 27 per
cent in respect of nearly a million Bass & Co.’s debentures,
and on Friday an instalment o f 11 per cent on the Indin
3 per cent loan of £7,000,000 fell due.
The reaction in
the discount market also led to a fall in Continental rates o f
exchange and there have been two small withdrawals o f gold
from the Bank of England. Just £150,000 was added to the
reserve in consequence o f a return o f 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,” which*
shows a decline o f about £1,500,000, all o f 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 purpose
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 o f the Bank ot
England, the Bank rate of discount, the price of consols, & c.,
compared with the last three years :
Under the title of Flax Culture, Mr. Edmund A. Whitman of
the Boston Bar gives an outline o f the history and present
condition o f 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 follow s: Before the invention of the cotton gin
and the cheap manufacture o f 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. W ith the introduc
tion o f 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
production, and to-day we are raising, according to the Tariff
Commission report, 8,000,000 bushels o f flaxseed, but are
burning or otherwise destroying the flax. W e produce almost
no first class fibre, and yet there is a duty o f $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 mannal labor,
to be profitably carried on here. The briefest mention o f the
processes through which flax must be carried to be o f 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
1888.
1887.
1886.
1885.
certain length of time is necessary. The pith has next to be
£
£
£
£
removed by “ scutching,” and the fibre combed free Circulation................... .................. 84,508,305 24,566,905 24,575,040 24,465,685
Public
deposits..........................
.
5,926,396 4,773,842 7,278,137 7,824,595from tow and chaff by “ hackling. ” “ All of these
Other deposits................................. 28,778,229 26,073,897
27,326,366
operations are done by hand, and unless many conditions are Government securities................... 17,055,147 15,276,367 22,138,352
14,833,468 14,097,134
fulfilled the fibre is worthless for fine linen. France and Bel Other securities............................... 19,173.940 18,802,289 21,422,809 21,016,143
gium produce flax of the finest quality and Russia the largest Reserve of notes and coin............. 11,858.968 14,644,928 11,067,673 16,660,530
Coin and bullion.............................. 19,667,273 23,461,838 19,892,713 26,623,606.
amount of it—250,000 tons (valued at $50,000,000) out of a total Reserve to liabilities......................
38 p.c. 47*6 p. e. 37% p. c. 50% p.b.
3 p. o.
2 p.c.
for Europe of 487,675 tons. Even a much higher tariff than the Bank rate........................................
3 p. c.
2*6 P- C
Consols............................................
101*6
101 13-16 99*6 P. 0.
present, it is claimed, would be o f no avail in leading Ameri Clearing-House return................... 157,86 7,000 103*6
183,676,000 131,123,000 125,252,000i
can farmers employing high-priced labor to its production.
A feature of the week has been a further collapse in th i
Mr. Whitman cites the testimony before the Tariff Com price of silver, which has now declined to 41
per ounce,
mission o f Messrs. Finlayson, Bousfield & Co., flax spin or a farthing below the previous lowest quotation ever
TH E CHRONICLE. !
698
[ V ol,
XLYI-
touched, and that, too, though this is only the beginning of T Supplies available for consumption (exclusive of stocks on
September 1):
the slack season in our trade relations with India. When in j
1884-5.
1885-6.
--------1886-7.
1887-8.
33,888,232 36,180,429
the autumn of 1886 42d. was momentarily touched, the slack Imports of wheat.cwt. 31,463,136 35,936,374
9,982,246 12,363,298
Imports of Hour........ 13,014,739 12,571,786
season was about over. It is feared that there may be a still Sales of home-grown. 29,707,654 25,651,763 32,841,365 32,573,875
further decline, and one reason for the belief is that the
Total...................... 73,185,529 74,162,933 76,711,843 81,117,402
trade balance of India is so materially different from what it
1888.
1887.
1886.
Aver,
price w heat.................week. 31s. 5d..
33s. 6d.
31s. l i d .
was a year ago. Reckoning merchandise, bullion and council
bills in the imports and merchandise and bullion in the ex
filHglhh F i n a n c i a l T l a r P e r Gable*
ports, the balance of trade in fa v o r o f India for 11 months of
The daily closing quotations for securities, &c., at London,
the fiscal year to the end of February, 1887, was about the are reported by cable as follows for the week ending June 1:
equivalent of £2,900,000. For the corresponding eleven
Wed. Thurs. F ri.
Mon.
Tues.
Sat.
London.
months to February, 1888, the balance of trade against India
exceeded £4,100,000. W hen not long ago the Indian budget Silver, per o z ............... d. 4 1 78 4 l l * i e 411316 411318 4 U 3 16 42
99^10
9 9 7 i6 X 9 8 1 1 i6
° ib
was announced, it was calculated that its requirements could Consols, new 2% per cts. 9999 3qi e 99 99^°1i b8 99 99 7i6
9 0 718
9 9 « i 6 x 9 8 -* -^ is
do fo r account........
be met by drafts at the average, o f Is. 4%d., India bills Fr’eh rentes (in Paris) fr. 82-90 82-6212 82-80 82-7712 82-65 83-00
10941 10944 10944 1094i 10944
S. 4*28 o f 1891........... 109
have this week been negotiated at under Is. 4d. per rupee. üü.. S.
4s o f 1907............... 1304i 13041 1304t 1304i 13044 130x4
5958
59
5938
5912
5878
Hence there is likely -to be an important additional loss in the Canadian P acific............ 60
683s
67%
6 8 x4
6818
6 7 38
Chic. Mil. & St. Paul —
6 8 78
2438
24%
2 4 78
24%
2478
Indian budget figures.
Erie com m on stock ........ 25
122
121% 122
Illinois Central................ 12 212 12212 122
5338
533s
Messrs. Pixley & Abell write as follows on the state of the Pennsylvania.................. 535s
5 3 12
534i
5 3 12
3038
3058
3012
30^2
Philadelphia & Reading. 3188
305s
bullion m arket:
10778 107 % 10712
IO734 108
New York Central........... 108
Gold.—'There lias not been much demand for gold in the open market,
and some amount has been sent o the Bank of England. There is now
a small demand for India. £ 135,000 has been paid into the Bink a id
.£30,000 withdrawn. Arrivals: £60,000 from China, £15,000 from the
West Indies, £ t5,000 from New York and £9,000 from River Plate;
total, £129.000. £ 30,000 has gone to Bombay.
. .
Silver.—With weaker exchanges, and some fairly large arrivals, silver
¿gave wav, until yesterday the arrival, e* Chile mail, was placed at. 4Ld.
__is im
41A
7gd.,
lowest on record. A rrivals
have
_ to-dw
The quotation
1rT''* thefibfi
Arrivals
have
b e e n : From N ew York, £ 1 2 ,0 0 0 ; W est Indies, £13,000, and Chile,
£ 5 1 ,0 0 0 ; total, £76,000. £ 1 1 4 000 has gone to Bombay.
M exican Dollars.—Mexican dollars have advanced to -41%d., there
R aving been a good inquiry ; hut there is no price quoted to-day.
OÖ0 arrived from the West Indies and £3 9,50 0 has been shipped to
<{)hma and the Straits.
©tfmmjetxial and iHisrrliaineans
s
National B anks.—The following national banks have been
organized since last advices :
3 «86—The First National Bank of St. Ignace, Mich. Capital, $50,000 *
O. W. Johnson, President; Edward L. Durgin, Cashier.
3 887—The First National Bank of Snohomish, Wash ngton Territory.
Capital, $50,000. Jacob Fur th, President; Victor Hugo Smith,
3 «88—The First National Bank of Dighton, Kansas. Capital, $50,000.
J. W. Rush, President; Orson A. Kinney, Jr., Cashier.
3 «89—The Preble County National Bank of Eaton, Ohio. Capital,
$50,000. Andrew Hiestand, President; J. W. Acton, Cashier,
Owing to the holidays this has been a slack week in com
I mports and E xports for the W eek .—The imports of last
pany and loan issues. The new stamp duty on company reg week, compared with those o f the preceding week, show att
istrations came into force on the royal assent being given increase in dry goods and a decrease m general merchandise.
to the budget, and now new schemes have to pay a duty of The total imports were $9,186,602, against $8,555,533 the pre
ceding week and $8,257,304 two weeks previous. The exports
Ss. per cent on the capital. The meaning o f this may best be for the week ended May 29 amounted to $5,645,192, against
gathered from the three examples given of old and new fees $5,165,510 last week and $6,673,413 two weeks previous. The
following are the imports at New York for the week end
o n capitals registered, v iz.:
New Registration ing (for dry goods) May 24 and for the week ending (for
Capital RegOld Registration
general merchandise) May 25; also, totals since the beginning
Fees.
islered.
Fees.
of the first week in January:
£50
£50,000....................
£16 5s. Od.
£1,000,000...................
£73 15s, Od.
£ 3 ,0 0 0 ,0 0 0 ............................... £173 15s.0d.
£1,000
£3,000
W e give the example of £3,000,000 capital, as in the las*
« ix weeks about half a dozen companies have been registered
w ith that amount.
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
i o 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
Oration business, but also for securing prompt diffusion of in
form ation, revenue and traffic returns, &c.
Mark Lane markets have been adversely affected by reports
-äs to the condition of the American crops, and prices have
hardened, though buyers.are 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 o f the rupee is also likely to
lead to increased shipments from India. Since the beginning
o f April the Gazette average imperial price per quarter has
arisen from 303. 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
b y a decidedly higher range of temperature and sunshine.
I t 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 year 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.
1886-7.
1885-6.
Wheat.................. cwt. 31,463,136 35,936,374 33,888,232
Barley......................
14,086.63513,448,817 8,570,066
7,147,898
Oats............................. 10,707,755 9,513,605
Peas............................. 2,336,332 1,761.302
1,491,030
B e a n s .................
1,855,502 1,785,992
2,289,009
Indian co m ................. 15,303,155 20,269,147 21,397,573
F lou r............................. 13,014,739 12,571,786
9,982,286
1884-5.
36,180,429
12,322,616
8,707,236
1,377,423
2,360,692
17,822,271
12,363,298
FOREIGN IMPORTS AT NEW YORK.
Dry Goods........
Gen’l mePdise.
Total..........
Since Jan. 1.
Dry Goods..-__
Gen’l mer’dise.
1888.
1887.
1886.
1885.
For Week.
$1,173,546
5,066,788
$1,729,355!
C,995.430
$1,150,1631
5,998,844)
$2,222,082
6,914,520
$6,240,334
3,724,785
$7,149,007)
$9,136,602
$40,983,482 $49,255,947 $51,798,797 $56,625,062
1.11,969,265 129,777,654 140,086,198 140,426,938
Total 2 L weeks $152,952,747 $179,033,601 $191,884,995 $197,052,000
In our report of the dry goods trade will be found the im ports of dry goods for one week later.
The following is a statement of the exports (exclusive o f
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.
1888.
1887.
1886.
$5,645,192
$4,896,092
$6,134,666
$5,436,259
For the week....
Prev. reported.. 128,992,90c 113.668,061- 116,626,380 114,889,605
Total 21 weeks. £134,429,165 $119,802,726 $121,522,427 $120,534,797
±J10 I O I i O W i n g IctU lC ÖUU W Ö tuo
UO oa-l-VA
w
1885.
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.
Im ports.
Exports.
Cold.
Week.
\Sin ce J a n .l
Great Britain.........
France.....................
Germany.................
; West Indies............
Mexico.......- ..........South America.......
ah other countries.
$1,527,022 $2,946,062
17,500
3,527,901
3,024,653
4,921,312
753,203
Total 1888...... .
Total 1887..----
$5,363,978 $11,845,127
5,297,526
8,850
2,814.274 27,554,827
114,719
317,633
59,100
Great Britain.............
F r a n ce ....................
West Indies— .........
South America...........
All other countries...
Total 1888... . . . .
Total 1887. . . . . . .
Total 1886.........
Week.
$1,768
2,606,506
917,499
252,604
9,833
170,493
150,410
$.
52,129
272
4,040
1,923
$58,364 $4,109,113
4,683,821
244,647
2,704,024
24,582
Im ports.
Exports.
Silver.
Since Jan. 1.
Week.
Since Jan. 1.
$87.300 $4,198.3‘ 0
209,709
14,600
19,368
125,882
24,744
Week.
\Since Jan. 1
43,798
1,227
39,967
367,754
"2 0 0
$146,671 $4,961,050
4,463,904
228,581
4,934.212
178,506
$45,225
43,190
42,615
20,027
$12
110,589
52,925
137,706
7,473
10,896
534,619
$854,220
962,346
684.842
THE CHRONICLE.
J une 2, 1588. j
699
I— Richmond-di Danville.— . ,— Virginia Midland.— *
Of the above imports for the wepk in 1888, $56,062 were Ameri
1888.
1887.
1888
1887.
can gold coin, and $44,028 American silver coin. Of the ex Gross earnings........ $3,045,047
$2,663,321
$996,514
$399,855
ports during the same time, $82,303 were American gold coin, Operating expenses. 1,519,481 1,342,155
580,078
566,057"
and $11,363 were American silver coin.
Net earnings.... $1,525,565 $1,321,166
Int., taxes & rentals
939,198
913,734
Minneapolis & St. Louis.—This company defaulted to day
on its interest obligations, and it is said that a statement will
shortly be issued defining its future pirns.
Missouri Eansas & Texas.—In anticipation of default in the
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.; W il
liam L. Bull of Edward Sweet & Co.; William Whitewright
o f Union Trust Co.; William Mertens of L. von Hoffmann &
Co., and William L. Strong of Work, Strong & Co. Those
who desire to co-operate are 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
on the general mortgage sixes and fives. The responsibility
o f default is placed on the Missouri Pacific Company, which
is in possession of the Missouri Kansas & Texas. As to the
prospect of a receivership, Mr. Sterne said that it was
substantially agreed that neither the Missouri Pacific nor the
new Missouri Kansas & Texas management would apply for
one, pending the investigation that has been agreed upon. No
bondholder, it is claimed, will be in a posi tion to ask a receiv
ership until there has been a second default, which cannot
occur before December 1.
New Castle & Beaver Talley.—This railroad company has
begun an action against the Fort Wayne and the Pennsylvania
railroad companies to compel the latter to show monthly
statements of gross earnings,on which they claim is to be 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 is rented for ninetynine years. They claim arrearages of $308,280 since the date
o f the leasing.
$416,436
399,684
$333,798401,636-
. Surplus..............
$586,367
$407,432
$16,751 def.$67,838r—Charlotte O.d Augusta.—> -—Columb. £ Greenville.—.
1888.
1887.
1888.
1887.
Gross earnings........ $605,825
$523,097
$121,355 $388,406
Operating expenses.
303,044
261,617
241,596 . 234,513
Net earnings.... $302,780
Int., taxes & rentals 165,971
Balance........... 1.
$261,480
165,969
$179,759
151,670
$136,808
$95,410
Western North Carolina.
$153,893
151,667
$28,089
1888.
Gross earnings.......................................................$372,760
Expenses..................... ............................................ 315,326
Interest and taxes ........................ ............... ........
$57,433
92,888
$2,22$
1887.
$354,974
293,926
.
Deficit........................ .................. ................ $35,454
$61,046
86,380$25,286*
“ It will be seen that the aggregate surplus of the first four
roads was $768,017, from which deducting the deficit of
$85,454 on the Western North Carolina, leaves the net surplus*
on the entire system, $732,562.”
Standard O il.—The certificates of the tf Standard 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 thefollowing statement: Certificates outstanding, about $90,000,000 ; number of stockholders, about 800. Transfer office, 26Broadway. Dividends at the rate of 12 per cent per annum,
payable quarterly, March, June, September and December^
The books are now closed until June 15 for a dividend of 3 per
cent.
Texas & P acific.—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 o f income and land
P hiladelphia & Beading.—The gross and net earnings for grant mortgage bonds and scrip the new securities to which
April, and for the fiscal years 1886-7 and 1887-8 have been they are entitled.
as below given. The net earnings of both companies aggre
gated $1,001,115 in April, 1888, against $948,817 in April,
—Attention is called to the card of Messrs. Fisher & Shaw,
1887; in tbe year 1887-8 they were $2,552,929, against of Baltimore, in to-day’s Chronicle. This firm deals in mu
$4,044,670 in 1886-7: [In the Chronicle o f May 26, on nicipal and other investment bonds, and gives special atten
page 666, it was stated that the April earnings of the combined tion to Southern securities. They invite correspondence withcompanies showed an increase over last year of $151,182. This parties desiring to have orders executed on the Baltimore
was furnished by telegraph from officials, but there was an Stock Exchange.
error o f about $100,000, the actual increase in net being, as
—Referring to our notice o f the Petersburg Granite Quarry
w ill be seen, $52,298].
ing Company in the Chronicle last week, represented in this
RAILROAD CO.
city by Messrs. Stewart Brown’s Sons, we should have stated
,-----------April.---------> .— Dec. 1 to A pril 30.-------, that the property of the Commonwealth of Virginia is leased
1888.
1887.
1887-88.
1886-87.
Gross earnings............$1,833,320 $1,751,844= $7,164,881 $8,177,218 by the Petersburg, and that a railroad is now completed to*
Operating expenses...
950,630
837,276 4,385,332 4,216,620 the quarries.
—Attention is called to the card of Mr. R. B. Dodson, with
Net earnings........ $882,690
$914,568 $2,779,549 $3,960,598
Fahnestock & Co., No. 2 Wall Street. Mr. Dodson has bad a*
COAL & IRON CO.
long experience in handling investment bonds, having been,
t----------- A pril.-------- » /— Dec. 1 to A pril 30.---- . with some of the best houses of Wall Street, and he is making,
1888.
1887.
1887-88. - 1886-87.
a specialty of dealings in strictly investment bonds.
Gross earnings........... $1,217,994 $1,204,577 $4,486,311 $5,986,451
—Messrs. Jameson, Smith & Cotting give notice that th ey
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
Net earnings........ $118,426
$34,249 l’ss$226,619
$84,070 bonds to 95 and interest. The particulars concerning these
B ailroads in New York State.—The returns of the fo l bonds will be found in the advertising columns of the Chron
lowing roads for the quarter ending March 31 have been icle and a map in the I nvestors’ S upplement.
filed at Albany as follows:
—The attention of investors is called to the special list o f
<—N. Y. <&New England.^. s—Fitchburg.—. investment securities presented in to-day’s Chronicle by the
1888
is 8 7
1888
well known house of Messrs. S. A. Kean & Co., of this city
Gross earnings.......... .................$1,156,932 $1,139,276
$1,159^824
Operating expenses................
823,196
790,760
958,491 and Chicago.
A uction Sales.—The following were sold this week at
. Net earnings........................ $333,736
$348,516
$201,333
Other income.
..................
1,317
14,004
18,760 auction by Messrs. Adrian H. Muller & S on :
Gross income.......................
Fixed charges.................. .........
$335,054
396,289
$362,521
400,433
$220,093
291,851
Deficit...................................
$61,235
$37,912
$71,758
Bichm ond & West P oin t Term inal.—At Richmond, Va,,
May 31, a general meeting of the stockholders of the R ;chmond & West Po nt Terminal Railway Company was held.
The aggregate of preferred and common stock represented in
person and by proxy was 392,651 shares, divided as follow s:
Majority, represented by Edward Lauterbach, George F. Stone
and T L. Logan, 298,006 shares ; minority, represented by
Isaac L. Rice and William Libby, 94,645 shares. The stock
holders calling the meeting therefore failed in securing a suf
ficient number to change the present management. A long
series of interrogatories as to the general management of the
affairs of the company was submitted by the minority, and
the answers of the management were made in detail to the
charges of mismanagement or dereliction on the part of the
board of director.-*.
Mr. John H. Inman was elected President for the remainder
o f the unexpired term, The minority voted for Mr. F. P.
Clarke. Messrs. W. S. Chisholm, of Georgia, and John C. Cal
houn, of New York, were elected to fill vacancies in the board
of directors.
Mr. John H. Inman read his report for the seven months—
October, ’87, to April 30, ’88—which contains the statement of
earnings, expenses and charges for that period as follows ;
1
Shares.
100 U. S. Firelnsurance C o..14212
36 Amer’n Exc’geNat’l Bk.138%
33 Merchant’s Nat’l B k .......142*2
3 Wash’n&Ge’get’nRR.Co.400
11 Cent’ l N.J. Land Imp.Co. 17*4
100 Am. Bk. Note C o... $29 75p.sh.
60 Eagle Tube Co........... $8 p sh.
60 Nassail GasL. Co.of Bkln. 103 %
48 Brooklyn Gas Light Co.. 103
1 Metro’n GasL.Co.of Bkln. 80*2
14 Citiz’ns’GasL.Co.of Bkln. 555i
Bonds.
$3,000 Col.&Ind’n’p. Cen.RR.
Co. 40-y’r 7s, s. f. 1904.125
Bonds.
$5,000 Del. & Raritan Canal &
Camd’n & Amb’y Trans*.
Co.6s. Consol Loan ’8 3 .1021#
$5,000 P’t Huron & Northw’n
RR. Co. 1st M. 7s, 1899.104
$10,000 Grand Belt Copper
Co. 1st M. 6s. 1894....... 10
$900 Nassau Gas Light Co. of
Bkln. 5% Scrip............. 97
$3,000 Buffalo City 7s, Park,
1 9 2 5 ........... .
159*2 «feint.
$1,000 8t. Louis Co. 6s, Park,
1905.......................120 <fe int^
gatxMag aixtl ^financial.
JUNE
IN VESTM EN TS.
W E OFFER
C I T V O F C O L U M B U S , O H IO , 4 s Sc 6 s ,
W o O N S O C K W T , f t . I . , K U G IS T U U E O 4 s ,
C I T Y O « 1 T O L E D O , O H IO , 4 s.
C I T Y O F S IO U X F A L L S , D A K O T A , 7s.
C U T O F S IO U X C I T Y , I O W A , 6s.
C « T * O F L E A V E N W O R T H , Iv A INI., 6 s .
> 0 « T H C H IC A G O S T R E E T R A I L W A Y 5s.
C O U N T Y O F L I C K I N G , O H IO , 6 s.
C O U N T Y O F C O R A N C H E , K A N ., 6 s.
FOR FULL PARTICULARS AND PRICE APPLY TO
S. A . K E A N
&
CO.,
United B ank B uilding, cor. B ro a d w a y & W a ll S t.
THE
700
CHRONICLE.
rVoL. X L Y I
The rates of leading bankers are as follows :
llx je
^ K n k t x s 7 (g a z e tte .
June 1 .
D IV ID E N D S )
The following dividends have recently been announced :
When
Per
Cent. Payable.
Name o f Company.
R a ilr o a d s .
Boston & Albany............................
Little Miami (quar.)..... .................
Old Colony................ ..................
Philadelphia Wilmington &Balt.
JTl i s c e l l a n e o u s .
Delaware & Hudson Canal............
2
2
Books Closed,
(Bays inclusive.)
3*3
3
June 30 June 2 to -----------June 11 June 1 to June 11
July
2 June 1 t o ------------July
2 June 16 to — — —
1*3
June 15 May 30 to June 15
W A L L ST R E E T . F R ID A Y , Jun e 1, 1 8 8 8 - 5 P. M.
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 during
the late summer and autumn months, when the mercantile
demand for money largely increases. Will the Secretary pur
sue a bolder policy and pay a higher premium after Congress
adjourns ?
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
heavy traffic of 1887. Railroad building in the far West and
Southwest was exceedingly active at that time, and roads west
o f 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
status of railroad business in the country served by those roads,
and some light also on the causes for the Missouri Pacific
stock fluctuations.
Pertinent to this subject of railroad earnings, we have this
week the usual monthly 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 following table shows the changes from the previous
week and a comparison with the two preceding years in the
averages of the New York Clearing House banks: .
The
Money
1888.
May 26.
.Loans and diso’ts.
Specie....................
Circulation...........
Net deposits.........
Legal tenders.......
Legal reserve.......
Reserve held........
Surplus reserve...
$
60,762,700
50.381,500
363.846.600
9 “ ,525,900
7,732.100
393.953.600
36,257,000
98.488,400
126,782,900
Diffr’ nc’s fr ’ m
Prev. Week.
9
Inc. 2,078,200
Inc 1,035,800
Dec. 156,300
Inc. 2,533,400
Ino. 186,700
Inc. 633,350
Ino. 1,222,500
28,294,500 Inc.
589,150
1887.
May 28.
1886.
May 29
$
$
364,463,500
73,755,600
8,266,000
371,460,800
24.889.200
92.865.200
98,644,800
341,540,500
69,516.800
7,851,700
365,242,000
35,624.300
91,310,500
105,141,10 J
5,779,600 13,830,600
Exchange.—The sterling exchange market has been only
moderately active during the past week, though a brisk de
mand existed for a short time.
Commercial bills have been
very scarce, and this was the principal factor in keeping the
market firm and rates unchanged.
Posted rates are the same
as a week ago, v iz .: 4 874 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 for some of
the Reading loan bills to come on the market.
To-day the rates on actual business were as follows, v iz .:
Bankers’ 60 days’ sterling, 4 864@4 8 6 f; demand, 4 89$ @ 4 894.
•Cables, 4 894 @ * 89f.
Commercial bills were 4 85$@4 86.
Continental bills were: Francs, 519$ and 5 174; reichmarxs,
•95$@95$ and 95$; guilders, 40$ @40$ and 404@40$.
The following were the rates of domestic exchange on
New York at the under-mentioned cities to-day: Savannah,
buying par; selling $ @ J premium; Charleston, buying 4
premium; selling $ premium; New Orleans, commercial, 75c.
premium; bank, $1 premium; St. Louis, 75@90c. premium;
Chicago, 60c. premium.
Sixty Days.
Demand.
Prime bankers’ sterling bills on London..
4 87*3
4 90
Prime commercial............. .
4 85%®4 85%
Documentary commercial.......... ............. 4 85*2 ®4 85%
Paris (francs)..................... ............. ........ 5 193805 18% 5 18%®5 17%
Amsterdam (guilders)................................ 40316® 406 ig
4038 0401*
Frankfort or Bremen (reichmarks). . . ___
95*a 0 95%
95%®957s
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
tary of 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 priees :
4)4 Per Cents due 1891.
4 Per Cents due 1907.
Offerings. Purch’e i. Prices paid. 0 firings. Purch’es. Prices paid.
Saturday...
Monday......
Tuesday....
Wedn’sday.
Thursday...
Friday.......
Total. . ..
$
850,000
50.000
46.000
100;350
212.000
758,350
$
1,000
1G8
............Holi
250
108
1,250
$
96,050
1)0,000
191,000
$
127
50
127
54,200
800,200
1,251,450
108
50
The closing prices at the N. Y. Board have been as follow s:
Interest May
Periods 26.
May
28.
May
29.
May
30.
May
31.
June
1.
*107 *107
4*as, 1891........... reg. Q.-Mar. *107 *107 *107
4%s, 1891........ coup. Ö.-Mar. *10818 *io«% *108% ;
108% *xl07
*x265s *126%
4s, 1907...............reg. (5.-Jan. *12758 *1275g *1275a «
*1275s *12758
4s, 1907............coup. Q.-Jan. *12758 *1275s *127% o
68, cur’cy ,’95___reg. J. & J. *121 *121 *121
Q> *121 *xl8%
P
*123 *x21%
6s, cuPcy, ’96___reg. J. & J. *123 *123 *123
6s, cur’c y ,’9 7 ....reg . J. & J. *125 *125 *125
*125 *x24
*128 *x27
6s, cur’cy, ’9 8 __ reg. J. <fe J. *128 *128 '128
*130 *x29
6s, cur’ey,’99___reg. [J. & J. 1*130 1*130 *130
* TMs is the price bid at the morning board: no sale was 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, though lat
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
hinged largely upon speculative rumors, as there have been
few developments of fact, and the bearish sentiment has had
the best of it. Rumors have prevailed of a probable reduction
in dividends by 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 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 have been Missouri Pacific, New England,
Reading and St. Paul, all of which have been active, weak 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 76$ to 69$, 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*
THE CHRONICLE.
J une 3, 1888. J
701
STOCKS—PRICE!* AT N .Y . STOCK EXCHANGE FOR W EEK ENDING J U N E 1 , AND SINCE JAN. 1, 1888.
HIGHEST AND LOWEST PRICES.
STOCKS.
Saturday,
May 26.
Monday,
May 28.
May 29.
A c t iv e K It. S t o c k s .
*8
8%
8%
*8
8%
Atlantic & Pacific....................
8
58
58
57% 57%
Canadian Pacific.. ..............................
Canada Southern.....................
4=8*4 49% 48% 48% 48% 48%
Central of New Jersey............ 82% 82% 82% 82% 82% 83%
30
30
Central Pacific..... .................... 30% 30%
*1% ...
* 1 % ............
Chesapeake & Ohio.........................................
*3% ...
*3 % ........
Do
1st pref.........................
*3 ...
”3 ........
Do
2dj)ref..........................
Chicago Burlington & Quincy. 113 113% 112% 113% 112% 113%
Chicago Milwaukee & St. Pam. 65 % 67 % 65% 66% 66% 67%
Do
pref. 109% 109 *2 108 108% 108% 109
Chicago & Northwestern........ 108 108 \ 107% 108% 108 108%
Do
pref. 142% 142% T43 143% 144 144
Chicago Rock Island & Pacific. 108 1081« 105% 108
107 107
*11
12% *11
Chicago St. Louis & Pittsburg. *11
12
12%
*30
33% *30
Do
pref. *31
33
33%
36
36%
Chicago St. Paul Min. & Om... 36% 37
36
36%
.Do
pref. 108 108
46% 46% *46
Cleveland CoL Cin. & Indianap. *47 % 48
47%
19
19
Columbus Hocking Val. &Tol. *19
22
*19
20
127% 128% 128% 128%
Delaware Lackawanna & West 128% 129
*17 ........ *17 ...
Denver&RioG.,assessm’tpd. *17
18
*4 7 % ........ *47% ...
Do
pref. *47% 49
East Tennessee Va. & Ga. R’y.
9% 9*2 *9% 10
9% 9%
59% 60
Do
1st pref. *60
63
60% 60%
23
Do
2d pref.. 22% 22% *22
22
22%
Evansville & Terre Haute..........................
Port Worth & Denver City___ 30
31
29
30
28% 29%
Green Bay Winona & St. Paul.
*9
10
9
9
9
9
Illinois Central.......................... *119 119% 118% 118% 117% 117%
*10
11 %
Ind. Bloom. & West................ *10*2 11% * 10 % 12
*32% 35
Kingston & Pembroke............. *32% 35
*32% 35
*14
15
Lake Erie & Western............... *14% 15
14% 14%
Do
pref...........
43*2 43% 43% 43% 43% 43%
Lake Shore & Mich. Southern. 90% 91% 90% 90% 90% 91%
Long Island............................ *92 93%
91
91
*91
93
Louisville & Nashville............ 54 55
53% 53% 54
54%
Louis. New Alb. & Chicago.
*32
40
*32
40
90
91
Manhattan Elevated, consol.. *91% 93
89% 91%
Michigan Central.....................
78% 78% 77% 77% 77% 77%
MiL Lake Shore & West.
*55
60
*55
60
Do
pref
*87
91
*86
90
*86
90
Minneapolis & St. Louis.
*5
8
6%
6%
Do
pref
11% 11%
*12 ......
11% 13
Missouri Kansas & Texas....... 13
13
11 % 12 %
Missouri Pacific....................... 73
76%
70% 73
69% 70%
Mobile & Ohio............. ............
*8
10
*8
10
*75
76
Nashv. Chattanooga&St.Louis 75
75
*75
76
New York Central & Hudson. 105% 105% 105% 105% 105% 105%
14% 14% *14% 15
' New York Chic. & St. Louis... *14% 15
65
65
Do
1st pref. *65
67
*64
67
„
Do
2d pref.. *28% 30
28% 28% *28
29%
23% 24% 23% 24%
New York Lake Erie &West’n 24% 24%
_
Do
pref. 54% 55%
54
55% 54% 54%
37% 38% 36% 38%
New York & New England___ 3 7 % 39
New York Ontario & W e s t.... *15% 1 6 % *15% 16% 15% 15%
New York Susq. <&Western...
*8 % 9
8%
8%
8% 8%
„
Do
pref. *29% 30%
29% 29% *29
29%
N orfolk * Western.................. *17
18
*17
18
*16
18
„
Do
p ref.
46% 47
46% 46% 46% 46%
Northern Pacific............ ...........
22%
23 22% 23
Do
pref............. .1 49% 50% 49% 49% 49% 50%
Ohio <&Mississippi.................. *20% 20% *20
2 0 % 19
19 s22% 23% 22% ■23%
Oregon & Trans-Continental.. 23% 24
*18
19
Peoria Decatur <fe Evansville. *18 % 19
18
19
Philadelphia <& Reading........
60% 62
59% 60% 59% 60%
Richmond<fcWestP’tTerminal 22% 23
2 2 % 2 2 % 2 1 % 22%
_
Do
pref. 64
64
63% 63% 63% 64
Rome Watertown (feOgdensb’g
89% 91% *89
91
St. Louis <&San Francisco.
*28
29
*28
29
*28
29
Do
pref. 66 % 6 6 % 66
66
66% 66%
_ Do
1st pref. 112 112%
112 % 112%
St. Paul <fe Duluth............
50
50
_ Do
pref...........
00 101%
100 100
St. Paul Minneap. & Manitoba. 102 102
102 102 *101 102
Texas <fePacific........................
24% 24% 23% 23% 23% 23%
Do
new................ ! 19% 20% 19% 19% 19% 19%
Union Pacific...............
53% 55
53% 54% 54% 54%
Wabash St.L. & P a cific...!!!!!
12% 12% *12% 14
*1 2 % 14%
__ Do
pref..........
23% 25
23% 23% *23% 24%
Wheeling <feLake Erie, pref.. *52% 53
*52
53
51
52
M is c e lla n e o u s S t o c k s .
Colorado Coal & Iron............
34% 34% 33% 34
Consolidated Gas Co___
74
74
73% 73% 73% 73%
Delaware <fe Hudson Canal___ 109% 109% 109% 109% 109% 109%
Oregon Improvement Co
53% 54
*52% 53% *52% 53%
Oregon Railway & Nav. Co
94% 94% 93% 93% 93
93%
Pacific Mail...............
33% 33% 32% 33
32% 32%
Philadelphia Co., N at‘Gas
90
92 I *90% 92
Pullman Palace Car Co..........
47% 147% 147% 147%l 146% 146%
Western Union Telegraph
75
76
74% 75% 74% 75%
E x p ress S tock s.
..............................
142 *138 142 *138 142
American
...............
*109 n o
109% 109%' 109% 109%
United States...............j 72
72
72
71% 71% 72
Wells, Fargo <fe Co.......... *135 140
134 136
132% 132%
In a c tiv e S tock s.
I
American Tel. & Cable Co....... 72% 72% 73
73
Atchison Top. & Santa Fe.......
87
87
86% 86% 86% 86%
Chicago & Alton....................... 135 138 *136 138
138 138
Chicago <feEast. Illinois..........
40% 44
*40% 41% 40% 40%
Do
pref..........
90
90%' *90
90% 90
90
Cincinnati Wash. & Baltimore.
*3
4
*2 %
2%
2%
3%
Do
pref.
*5
5%
4% 4%
4% 4%
Mexican Central.............
*14% 14%
Morris & Essex...............
N. Y. New Haven & H art"!!!. *221 225 *221 225 *221 225
Ohio Southern................ .
*11
13
*11
13
*10
13
Oregon Short Line......... ÜÜ! 23
23
23
23
Pitts. Ft. Wayne &Chio.......... 154% 154% 153%
153% 153%
Quicksilver Mining Co . . . . .
*9 1 1
*9
10 %
11
*9
35
35
t D?.
Pref......... *35% 36
*35
36%
f t . Louis Alt. & Terre H a u te ....................... *36
39
*36
40
Jjt. Louis Ark. & T e x a s ..........
1*2
12
12
12
South Carolina.............
Columbus & Hocking Coài * *20 " *22"" *19
20% *19
20%
New Central Coal __ __ ,
*9
11
*9
11
12
*9
Tennessee Coal & Iron. . . . . . ! ’ 25 % 26
25% 26% *25% 26%
V a r io u s S t o c k s , A c . (Unlisted.)
Amer. Cotton Oil T rust____ _ 30% 31
30% 31% 31% 31%
Pipe Line Certificates 1 . . . . ..
85% 87% 85
86% 85% S6
These are the prices bid and asked; no sale was made at the Board.
May 30.
Thursday,
May 31.
Sales
of the
Week,
Shares.
Friday,
June 1.
*8
8%
*58% 58%
48% 48%
82% 82%
*30% 31
*2
2%
*3%
*3
112 i"l2%
66
67%
108 108%
108% 108%
*143 144%
106 107
*8
57%
48%
82%
*30
*1
8%
57%
48%
83
30%
........
Range Since Jan. 1,1888.
Lowest.
Highest.
3 10% Jan. 10
6 62% Jan. 3
2 56% Jan. 9
3,600 73% Apr. 2 84% May 21
200 26% Mar. 26 33% Jan. 10
1 Mar. 26
5% Feb. 4
3% May
10 Jan. 24
*2 ........
1% Mar. 26
7% Feb. 7
I l l 1 1 2 % 5,993 111 June
130% Jan. 27
65% 66% 149,437 65% May 28 78 Feb. 24
107% 108
4,774 107% June jig 117 Apr. 27
108% 109
20,535 102% Apr.
112% Apr. 30
143 143
117 138 Apr.
145% Feb. 1
106 106
3,444 103% Apr.
114% Jan. 27
11% Apr.
14% Jan. 10
*30
32
29% Mar. 31 38% Jan. 6
34% 3558 35% 36
2,570 32% Apr.
42 Apr. 30
10 102% Apr.
110% May 1
*46
4712 46
46
400 42% Apr.
53% Feb. 10
*19
20
*18% 20
600 17 Mar. 21 2578 Jan. 9
127% 12833 127% 128% 38,276 123% Apr.
133% Jan. 30
15% Aj>r.
23 Jan. 6
*4 7 % ___
44 Mar. 24 55 Jan. 28
9%
911
9% 9%
1,000
8% Mar. 22 1078 Jan. 12
*59
61
*59
61
290 55 Mar. 22 65 Feb. 23
21
21
*22
22%
705 17% Apr.
24% May 14
*85
88
87
87
100 84 Mar, 22 88% Jan. 10
28
28
26% 28
2,800 26% June
46% Jan. 3
*8% 9*2
125
7% Mar. 20 11% Apr. 30
118% 118% *118 119
400 114 Mar.
123 May 1
10% 10%' *10% 12
150
9% Mar. 28 14 Jan. 20
*32% 35
27% Jan, 16 37% May 1
*14
15
*14
14%
200 12% Mar. 22 16 Jan. 30
42% 43
42% 42%
1,950 40% Apr.
47% Apr. 30
91% 91% 90% 91% 23,596 85% Apr.
95% Jan. 9
*91% 93% *91% 93%
48 87% Apr.
93% May 4
53% 54
52% 53% 20,241 50% Apr.
64% Jan. 9
*32
40
*30
40
30 Apr. 18 39 Jan. IO
*90
92
89% 90
Ì!Ò20 83% Apr.
98 Apr. 27
79
79
78% 78%
690 72 Apr.
87% Jan. 9
*55
60
*55
60
50 Mar. 27 80 Jan. 10
*88% 91
*85
91
83 Mar. 27 104% Jan. 5
*5%
*5 ........
15
3% Mar. 28
9 78 Apr. 30
*12
150 11 Mar. 23 18% Apr. 30
11% 12% 11% 12% 6,772 11 Apr. 19 18% Jan. 5
69% 71
69% 70% 76,595 69% May 29 89% Jan. 3
*8
10
*8
10
6% Mar. 29 13% Jan. 27
*75
76% 75
75
200 71 Apr.
80 Jan. 9
105% 105% 105 105%
1,306 102% Apr.
108% Apr. 30
*14
14% *14
14%
.100 12% Mar. 31 17% Jan. 27
*64
66% *64
66%
110 63 Apr.
73 Jan. 27
*28
29% *28
29%
50 28 Mar. 31 37 Jan. 30
23% 24% 23% 24% 24,400 22% Mar. 9 29% Jan. 9
55% 56% 55
55
1,110 53 Mar. 22 65% Jan. 10
35% 37% 35% 36% 66,030 29% Mar. 22 46 Apr. 30
*15% 16%| *15% 16
100 1478 Mar. 10 18% Jan. 9
*8% 8% *8% 8%
515
7% Mar. 28
9% Apr. 26
29
29
29
29
320 26 Apr. 2 33% Jan. 30
17
17
*16% 18
200 15% Mar. 24 19% Apr. 30
46% 46% 45% 46
4,250 41% Mar. 31 4978 May 1
*22% 23% 21% 21%
572 1978 Apr. 3 26% May 4
49% 50% 49% 50%
9,528 42% Mar. 31 54% May 7
19% 19%
300 17% Mar. 27 25 Jan. 31
22% 23% 22% 22% .4,020 17% Apr. 2 26% May 7
*17% 18% 18
18
610 15% Apr.
23 Jan. 11
59% 60% 59% 60% 2
51% Apr.
67% Feb. 18
22% 23
22% 23%!
19 Apr.
26% May 3
64
64
64% 64%
683 55 Jan.
69% Feb. 23
90
90
90
90
237 82% Feb. 13 92 Apr. 27
*28
28% *28
28%
24 Mar. 27 36% Jan. 5
66
66% 66
66
535 63 Apr. 2 73% Jan. 30
112% 112% *112% 113%
170 105% Apr. 3 116 Jan. 16
.......1 *50
53
125 43 Mar. 29 62% Jan. 3
101 101
410 89 Mar. 29 105 Jan. 28
*101 102 i*100% 102
31 94 Apr. 2 114% Jan. 23
450 20 Mar. 22 28% May 1
19% 20% 4,130 19% May 10 22% May 10
54
54% 533s 54
" .,868 48 Apr. 2 58% Jan. 3
12% 12% *12% 13%'
410 12 Mar. 27 16 Jan. 3
*24% 24% 23% 23%
200 21 Mar. 24 30 May 1
52
52
*51% 52%
590 44% Jan. 3 57% Apr. 30
33%
74
74
72
xlOS% 08% 108%
*53
54
53
94
94
94
32% 32 s4 32%
*91
93 1
147% 147%' 146%
75
75% 74%
33%
72
108%
5338
94
33
141
109%
*71
*132
141%
110
71%!
138
141 1140%
109% 109
73
71%
138 ,*132
400 30% Apr.
845 68% Mar.
1,230 103 Jan.
210 45 Mar.
1,185 84% Apr.
3,760 28% Apr.
90 May
147
1,641 135% Apr.
75% 2
70% Apr.
72% 72% 72
.......1 86
*........ 138
135
*40
*89%
*2%
*4%
*14% 14% *14%
72
86
138
41
90%
3%
5%
14%
*221
*10
225
225
13
*153% .
*9
*221
154%
*9
*34%
39%
12
7% Apr.
500 55% Feb.
6,100 45% Apr.
154%
10%
36
40
* ___
8
*19
20
*9
12
*25% 27
60137 Apr.
125 106% Mar.
3931 67 Jan.
50 128 Jan.
38% Feb. 17
78 Jan. 18
Jan. 30
55% Apr. 26
97 May 2
38% May 1
106% Feb. 15
147% May 25
79% Feb. 24
112
12 145 Jan. 23
2 2 lll0 % Apr. 26
4 1 75% Apr. 24
19 139% May 7
640 70 Jan.
75 Feb. 10
1,010 86 Apr.
99% Feb. 20
25 l3 5 Jan.
140% Feb. 10
200 40 Mar.
4 3 % Jan. 30
100 89% Mar.
94% Jan. 26
4% Jan. 9
50 2% May
500 4% Apr.
6% Feb. 24
.......1 13% Mar.
16% Apr. 23
135 Jan. 3,142% May 23
223 Jan. 16
215 Jan.
10 Mar.
13 Apr. 20
200 13% Mar.
25% May 4
129 151 Jan.
155 May 14
9 Mar.
13% Jan. 12
350 33 Mar.
38% Jan. 10
oOO 35 Mar.
41 May 4
267 11 Apr.
16% Jan. 16
7% Apr.
9% Jan. 27
17 Mar.
30 Jan. 9
10 Mar.
14% Jan. 24
1,040 24% Apr.
32% Jan. 30
2
31% 32% 323s 33
82% 85% 77% 82% 7,7
t Prices from both Exchanges.
74% Apr.
5 100
I! THE CHRONICLE,
702
[VOL. XLVI,
B O N D S-LA TE ST PRICES OP ACTIVE BONDS AT N. V. STOCK EXCHANGE, AND RANGE SINCE JAN. 1, 1880
Closing.
Range since Jan. 1.
Closing.
Railroad Bonds.
June 1 B ay 25
Lowest.
Railroad Bonds.
Highest,
June 1 May 25
Range since Jan. 1.
Lowest.
Highest.
118% May 121% Apr.
Mil. Lk.Sh. & W.—1st, 6s, 1921.
118%b. 113% Mar 117% Jan.
Ashland Div.—1st, 6s, 1925...
I
l
l
105% Jan. I l l Mar.
108
Milw. & Nor.—M. L., 6s. 1910..
108
104% Jan. 108% Feb.
Extension, 1st, 6s, 1913. . . . . 105
100
b.
102 Feb. 110 Jan..
9038b.
Minn. A St. L.—1st, 7s, 1927....
50% May 59 Feb.
Imp. & Equip.—6s, 1922........
6¿%
64
60 Mar. 73% Jan.
Mo. K.&Tex.—Con., 6s, 1920...
56 b. 50% Mar. 63% Jan.
Consol., 5s, 1 9 2 0 ................... 55
98%
90
Mar. 106% Jan.
96
Consol., 7s, 1904-5-6.......... . . . .
113% 108% Jan. 116 Jan.
Mobile A Ohio—New, 6s, 1927 ..
105% Jan. 105% Jan.
1st, Extension, Bs, 1927.........
1st pref. debentures, 7 s .......... 47 b. 48 b. 43 Mar. 51 Feb.
93%
93
84% Jan. 93% Feb.
Mutual Dn. Tele.—S. f., 6s, 1911
Nash. Ch. A St. L.—1st, 7s, 1913 130 b. 129%b. 128% Jan. 130% Mar.
103 May. 106% Mar.
N.Y. Central—Extend., 5s, 1893 104%b. 104
134 b. 132% Jan. 135 Feb.
N.Y.C.&H.—1st, cp., 7s, 1903 135
Debenture, 5s, 1904_______ 110%b. 110 b. 103% Apr. 111 Feb.
127% May 133 Jan.
N.Y.&Har.—1st, 7s, 1900....... 128 b. 128
90%
86% Jan. 90% M ay
N.Y.Chic.&St.L.—1st, 4s, 1937.. S0%
N.Y. Elevated—1st. 7s, 1906.... 1L7 b. 116%b. 114 Mar. 117% Jan.
N. Y. Lack. & W.—1st, 6s, 1921. 131%b. 131 %b. 127 Jan. 130% May
Construction, 5s, 1923............ 110%b. 110%b. 107% Jan. 110% M ay
N. Y. & Nor.—1st, 5s, 1927....... 107% 107 %b. 102% Jan. 108 M ay
N. Y. Ont. A W.—1st. 6s. 1914.. 112%b. 113% 109 Jan. 114% M ay
92%b. 90 Mar. 93 Jan.
N.Y.Sus.&W.—1st ref., 5s, 1937. 92
Midland of N. J.—1st, 6s. 1910 113% 112 b. 109 Apr. 114 Mar.
81 %a. 75 Mar. 83% Apr.
N. O. Pacific—1st, 6s, 1920........
Norfolk & West. - Gen., 6s, 1931 118 b. 117%b. 112% Jan. 118 Mar.
North. Pacific—1st, coup., 6s, ’ 21 119 b. 118% 115% Jan. 118% M ay
Gen’l, 2d, coup., 1933........ . 106% 106% 102 Jan. 106% M ay
92%
89% May 93 M ay
Gen’l 3d, coup. 6s, 1937......... 89%
103%b. 99% Jan. 105 May
N. Pac. Ter.Co.—1st, 6s, 1933... 105
Ohio & Miss.—ConsoL, 7s, 1898. 118%a. 117 b. 114% Jan. 117% Ma y
117
116 Apr. 118% Mar
2d, consol., 7s, 1911................
105 %b. 99% Jan. 106% M ay
Ohio Southern—1st, 6s, 1 9 2 1 ... 102
37
35
29 Mar. 40 Apr.
2d, Inc., 6s, 1921......................
70 Mar. 76 Jan.
Omaha & St. L.—1st, 4s, 1937.. 71 %b. 72%
104%
100%b.
94%
Jan. 105 M ay
Oregon Impr. Co.—1st, 6s, 1910
Ore. R. &Nav. Co.—1st, 6s, 1909 112 a. 113 a. 108% Ftb. 113 M ay
103%
101%
96% Jan. 104 M ay
Consol., 5s, 1925......................
93 Jan. 99% Apr.
Oregon A Transoon.—6s, 1922.. 97 b. 99
Peo. Dec. & Evans.—1st, 6s. '20. I l l b. 110 b. L06 Jan. 110 M ay
102 Mar. 107 M ay
Evansv. Div— 1st, 6s, 1920... 108 a. 107
68%b. 72
69 May 75 % A pr.
2d mort., 5s, 1927
52 %b. 51 Apr. 59% Jan.
Rich & All.—1st, 7s, 1920, tr. rec 54
115%
a. 115% 109 Jan, 115% M ay
Richm. & Dan.—Cons., 6s, 1915
Roeh. & Pitts.—1st, 6s, 1921... 118 b. 118 b. 116 Mar. 118 Feb.
Consol., 6s, 1922...................... 113%b. 116 b. 113 Jan. 1 1 7 % M ay
Rome W. <& Ogd.—1st, 7s, 1891. 107%b. 110%b. 107 Jan. 110% May
Consol., extend., 5s, 1922...... 105%b. 105% 100% Apr. 105% M ay
St. Jo. &Gd.Isl.—1st, 6s, 1925 . 102 % 103%b. 98 Jan. 103% M ay
39%b. 40 May 41 Jan.
2d, income, 5s, 1925...............
St. L. Alt.& T.H.—1st, 7s, 1894. 114%b Il4% b. 112% Feb. 114% M ay
no a. 108 Feb. 110% Jan.
2d, M., pref., 7s, 1894.......... ..
101%b. 103 Jan. 105 Apr.
2d., M.,inc., 7s, 1 8 9 4 ............
Dividend bds, 6s, 18 9 4..____ 39 a. 32 b. 35 Apr. 40 May
99%b. 98 Jan. 104% Feb.
St. L. Ark. A Tex.—1st, 6s, 1936
38 b. 38 Mar. 48% Jan.
2d, 6s, 1936............................. 37
109
b. 106% Mar. 111% Jan.
109
St. L. & Ir. Mt.—1st, 7s, 1892...
106 b. 105% May 112 Jan.
2d mort., 7s, 1897___________ 105
104
b. 103% Apr. 105% Jan.
104
Cairo & Fulton—1st, 7s, 1891
82
80 Apr. 92% Jan.
Gen. Ry. & land gr., 5s, 1931. 80
116
113% Jan. 118 Jan.
St. L. & San Fr.—6s., Cl. A ,1906
6s, Class B, 1906...................... 115 b 116 b 115% Jan. 118% Jan.
114 Jan. 118 Jan.
6s, Class C, 1906____ . . . . . . . . 115 b
116%b. 112% Jan. 117 M ay
Gen’l mort., 6s, 1931..... ........ 117
103%b.
103%b
100%
Jan. 104% May
Gen’l mort., 5s, 1931.......... .
So. Pac., Mo.—1st, 6s, 1888... 10¿%b 102% 100 Jan. 102% M ay
115
b.
112 Jan. 114% May
St. Paul M. & M.—1st, 7s, 1900
2d, 6s, 1909............................... li8 % b . 116%b. 116 Apr. 118% Jan.
117%b.
114 Mar. 117% M ay
1st cons., 6s, 1933 . . . . . . . . . . . . 118 b.
97%b. 96% Apr. 98 M ay
Do
reduced to 4%s.. 97%
863a
80 Mar. 86% May
Montana Ext. 1st, 4s, 1937... 84%
90 Jan. 95 Apr.
Shenandoah Val.—1st, 7s, 1909.
30%b. 3o%b. 29 Apr. 36% Jan.
Gen’l mort., 6s, 1921..........
So. Carolina—1st, 6s, 1620........ l u i b. 100%b. 97 Jau. 102% Feb.
87 M ay
69 jan.
2d, 6s, 1931............................... 85
Inc., 6s. 1931........................... 12 b. 13 b. 13 Apr. 18% Jan.
114%b. 111% Apr. 116 Mar.
So. Pac., Cal.—1st, 6s, 1905-12..
107 b. 105% Jan. 108% Mar.
So. Pac., N. M.—1st, 6s, 1911. ..
46%
41 Apr. 51% Jan.
Tex. & Pac.—Inc. & Id gr, 7s, ’15 44
7o38a. 65 Mar. 73% Apr.
Rio Grande Div.—6s, 1930—
59 Apr. 64 Apr.
Gen. mort. &term., 6s, 1905..
85 Jau. 104 May*
98%
ToL A.A. & N. M.—1st, 6s, 1924 99
ToLA.A. & Gr.Tr.—1st, 6s, 1921 106 b. 105 b. 101 Jan. 107% M ay
99
%b.
99%b.
93
Jan. 100 May
Tol. A Ohio Cent.—1st, 5s, 1935
91% Jan. 94 Feb.
Tol.St.L.& Kan. C.—1st,6s, 1916 87 b.
116%b.
114
Jan. 116% M ay
Union Pacific—1st, 6s, 1899---Land grant, 7s, 1887-9.......... 101%b. 101 %b. 100% Apr. 104% Mar.
121
120%b.
113%
Apr. 121% M ay
Sinking fund, 8s, 1893..........
Kan. Pacific—1st, 6s, 1895---- I l l b. 111 b. 109% Feb. 112% Jan.
112
b.
109%
Feb. 112 M ay
109
b.
1st, 6s, 1 8 9 6 .......................
112% May 116 Apr.
Denver Div.—6s, 1 8 9 9 ...... 11234b.
110% M ay
101%
Jan.
109
b.
109
a.
1st consol, 6s, 1 9 1 9 ---- . . . .
108
100 Feb. 109 M ay
Oregon Sh. Line -1st, 6s, ’22.. 108
79%b.
78 Jan. 82 Feb.
Virginia Mid.—Gen. m., 5s, 1936 80
37 Apr. 47 Jan.
Wab. St.L. & Pac.-G en., 6s, ’ 20
93 Jan. 98% Feb.
Chicago Divison—5s, 1910..
84 Feb. 90 Jan.
Wabash—Mortgage, 7s, 1909
Tol. & Wab.—1st, ext., 7s, ’ 90 110%b. Il0% b. 107 Apr. 109 Jan.
1st, St. L.Div.. 7s, 1889___ 169%b 110 b. 107% Apr. 110 M ay
2d, extended, 7s, 1893........ 85 b 85 b. 85 Apr. 91 Feb.
83 Jan. 88% Feb.
Con., conv., 7s, 1907..........
Great West.—1st, 7s, 1888... 110 b, no b. 105% Apr. 111 M ay
2d, 7s, 1893........................ . 85 b, 85 b. 82 Apr. 90 Jan.
West Shore—Guar., 4 s ...
103% 10338 •I 99% Jan. 103% May
Wheel. & Lake E.—1st, 5s, 1926! 99%a 99 b. 94% Jan. 100% May
19 Apr. 27% Jan.
Atl. & Pac.—W. D. ino., 6s, 1910 20 b. 20 %
84 May
80 Jan.
Guar., 4s, 1937.......... ¿"V a n « 83 %b. 83% 105
Mar. 108% May
Can. South.—1st guar., 5b, 1903 108 b. 108
94%
Jan.
8934
Mar.
92%
92
2d, 5 b, 1913............
Central of N. J.—1st, 7 b, 1890.. 107 b. 10632b. 1041% Feb. 108% Jan.
119
May
111%
Jan.
120
a.
119
b.
Coneol.78,1899.......................
115 Jan. 123% Apr.
Convert. 7s, 1 9 0 2 ............. . 1201ab.
J04
Apr.
102
Feb.
105
b.
Convert, deb. 6s, 1 9 0 8 ..........
98 Jan. 105% May
Generalmort., 5b, 1987.. ---• 10514 10413
114%
Feb.
11234b.
112%
Apr.
11434b
te n , & W.B.,con.7s, 1909,as nt
101% Jan. 107% May
Ana. Dock & Imp., 5s, 1921.. 106 b.
116
May
113%
Jan.
115
%b.
Central Pacific—gold 6s, 1898.
11413b 113% Apr. 115% Feb.
San Joaquin Br. 6s. 1900.---103%
Jan.
100
Apr.
10213b.
Land grant 6s. 1890...............
Mort. 6s, 1 9 3 6 ........... — -- 102 b. 102 b. 101% Apr. 104% Mar.
I
I
434
Feb.
Ches. & O.—Pur. m. fund 6s, ’98 113 a. 110 b. IO534 Feb.
66 b. 6234 Mar. 70% Feb.
6s, gold, ser. B.1908, coup, ofl
70%
Feb.
66 b. 62 Apr.
Exten. coup., 4s, 1986---------- 66
6s, currency, 1 9 1 8 .........- ....... 17 b. 17 b. 1658 Apr. 28 Feb.
102%
May
102%
10213b. 90% Jan.
Mort. 6 b, 1911...........
105 b. 103% Mar. 108% Jan.
Ches. O. &Bo. W.—5-6s, 1 9 1 1...
Chlc.Bur. & Nor.—1st, 5s, 1926. lOOltb. 101 b. 98 Apr. 103 Jan.
Chic. Burl. & Q.—Con. 7b, 1903. 133 b. 13214b. 129% Jan. 133 Apr.
Debenture 5s, 1913 ............... - 106 b. 106 b. 104 May 107% Feb.
94 a. 94 a. 91 Mar. 9 5 Jan.
DenverDivis., 4s, 1922... ;Chic. & East. 111.—Con. 6s, 1934 I I 513 11578 113 Jan. 117% Feb.
Chic. & Ind. Coal R., 1st, 5b, ’36 98 lib. 9713b, 96 Apr. 100% May
©h.MU.& St.P—lst,I.& M .7s,’ 97 117 b, 118 b. 114% Jan. 119 Apr.
123% Jan. 128 May
Consol. 7s, 1 9 0 5 . . . . . . . . . .. . . . . 126i2b, 127
114 a 110% Apr. 114 Feb.
1st, So. Min. Div.—6 b, 1910... 112
101% Jan. 105% May
104%
105
le t, Chi. & Pac.W.Div—5s, ’ 21
10213 100 Jan. 104 May
Wifl. & Min. Div.—5s, 19 2 1... .
100 Jan. 102% May
102
%a
Ternoinal 5s, 1914. — -----. . . .
14013b 139% Jan. 143 Jan.
Chic. & N. W.—Consol. 7s, 1915 141
12813a.
128% Jan. 132% May
132
b
Gold, 7s, 19 0 2................... . . . .
118% Apr. 121 Feb.
Sinking fund 6s, 1 9 2 9 ..... — 119 b.
106
Apr. I l l Feb.
108
b.
108
Sinking fund 5s, 1929----------107 May. I l l Apr.
Sinking fund debent. 5s, 1933 109 b. 10.1
104
May. 106% Apr.
105
b.
105i8b
25-year debent. 5s, 1 9 0 9 ......
91% Mar. 97% May
Extension 4s, 1926.................. 1-6 b.
130%
Apr. 133% Feb.
13314b.
132%
Chi. R. I. & Pac.—6s, coup. 1917.
104 Mar. 108 May
Exten. & col. 5s, 1934.......... . 107% 108
119%
Jan. 123% May
122%b
Ch. 8t.P.,M.& O.—Consol. 6s. ’ 30 120
Oh.St.L.& Pitts.—1st,con. 5s,’32 97 b. 97 b 97 May 100% Jan.
123
Jan. 129 Feb.
133 a
C. C. C. & Ind.—ConsoL 7s, 1914
112%b 107% Jan. 113 May
Gen. 6b, 1 9 3 4 ..........................
Col. Coal & Iron—1st, 6s, 1900.. 105 b, 104%b 100 Jan. 106 May
63 Mar. 73% Jan.
Col. H. Val. & Tol.—Con. 5 b, ’31 6S%b. 70
Gen. gold, 6s, 1904.................. 67 b. 70 b 63 Mar. 75 Jan.
118% May 12134 Mar.
Denver & Rio Gr.—1st, 7s, 1900 119 b. 119
75 Mar. 79% Jan.
78
1st con. 4s, 1936 . . . . ----------- 78%
Den. & R. Gr. W .- ls t , 6 b, 1911 71 b. 71 %b 71 Jan. 73 Feb.
63 b 63 b 60 Mar. 68% Jan.
Assented.................................
Den. So. Pk. & Pac.—1st, 7s, ’05 7613a. 76%a. 76% May 81 Apr.
Det.Mac.&M.—Ld.gr.3%s,1911 34 a. 34%a, 34 May 43 Jan.
95% Jan. 103 Apr.
£ . Ten.Y.& G. B y.-C on.,5s, ’56 102 % 102 %
96 Mar. 104 Jan.
Eliz. Lex. & B. Sandy—6s, 1902. 9913a. 99%
E rie- let. consol, gold, 7s, 1920 13413b. 13478 132% Mar. 137% Feb.
I l l b. 114 b I l l Jan. 115 Apr.
Long Dock. 7s, 1893 . . . .
118
IL6 1 115 Apr. 118 Mar.
Con. 6s, 1935..............
93 May 9978 Jan.
N.Y.L.E.&W—2d con. 6s, 1969 93
97%
77% Apr. 89% May
83
87%
Ft. W. &Denv. C. -1 s t, 6s, 1921
107 ¡ 101% Feb. 106% May
Gal.Har.& San. Ant.—1st, 6s,’ 10 106
98 Apr. 105% Jan.
100
108
1
2d M., 7s, 1905 ........................
90%b. 90 Mar. 92% Jan.
West. Division—let, 5s, 1931.
3
¿13b
25 Apr. 38 Apr.
36
Or’nB.W.&St.P.—2dino.8s,1911
Gulf Col.&San.Fe—1st,7s, 1909 12178 L21%b. 119 Jan. 122% May.
94% Apr. 97% Feb.
94%b
95
Gold, 6s, 1923.. ........................
Henderson Br.Co.—1st. 6s, 1931 109 b 110%a 107% Mar. 110 Jan.
I
119
120%a l l Mar. 119 May
H . & Tex. C.—1st M. L. 7s........
112 Feb. 117% May
1st, West. D., 7s, 1891.............. 117%
112 Apr. 114 Feb.
1st,Waco &N. 7s, 1903............. 110 a
105 b 102 Feb. 108% Jan,
2d, consol. M. L. 8s, 1 9 1 2 .....
Gen. mort. 6s, 1921, tr. rec... 65 b 68%a. 65 Jan. 69 Feb.
Ind.Bl. & W.—1st,pref.,7s, 1900 112%b 113%b 110 May 112% Jan.
1st, 5-6s, 1909, tr. r e c ........... 79 b, 81%b 80 May 89% Jan.
65 Feb. 71% Jan.
2d, 5-6s, 1909, tr. rec..... .......
68
East. Div.—6s, 1921, tr. rec..
81 b 80 May 88 Feb.
Income, 6s, 1921, tr. rec....... 15 b, 21 1 15 Mar. 21 May.
98% May. 111% Jan.
Int. & Gt.Nor.—1st, 6s, gold,’ 19 104 b. 104%
Coupon, 6s, 1909..................... 68 a 70 i 61 Apr. 77 Jan.
69 J an. 75 Jan.
72 b 72%
Kent. Centr.—Gold 4s, 1987—
89% Jan. 98 Apr.
Knoxv. & 0 .—1st, 6s, gold, 1925 98 a 98
L. Erie & W.—1st g., 5s, 1937 .. 107% 108 i 101% Jan. 110 May.
lAkeSh.-Con.coup., 1st, 7s,1900 127 b 126 b, 125 Feb. 127% May
Con. coup., 2d, 7s, 1903.......... 12334 126 b 122% Jan. 126% May.
Long Island—1st, 7s, 1898........ L2o%b 120%b 119% May. 122 Apr.
Jan. 114 May
114%b i l l
1st, consol., 5s, 1931...............
Lou. & Nash.—Consol., 7s, 1898 117%b, 118% 116% Apr. 123 Feb.
N. O. & Mobile—1st, 6s, 1930. 114 b. 114%b 108% Jan. 114% Apr.
2d, 6s, 1930........................... 98 b, 99 b 96% Jan. 100 May
E. H. & N.—1st, 6s, 1 9 1 9 ...... 113 b 116 b, 114 Feb. 115 Apr.
General, 6s, 1930..................... 111% 114 b, 109% Jan. 115 May
Trust Bonds, 6s, 1922............. 109% 110 %b 106% Mar. 110% May
104 Feb. 104 Fea.
10-40, 6s, 1924........................
100%b 99% Mar 10238 Apr.
50-year 5s, 1937.......... i.......... 101
10734 Apr. 114 May
114
Lou. N. A. & Ch.—1st, 6s, 1910. 114
87% Apr. 93 Jan.
92
Consol., gold, 6s, 1916...........
92%
Mem. & Ch’lston—6s, gold, 1924 100 b, 103%b. 100 Jan. 105 May
Metro. Elevated.—1st, 6s, 1908. 113
115 b. 108% Mar. 117 May
2d, 6s, 1899........ ................ 104%b. 104 %b. 108 Jan. 107% Apr.
Mich. Central—1st, con., 7s, ’02 126
127 b. t26 May. 130 Feb.
Consol. 5s, 1902.......... .......... 108 b 108 b. 107% May. 110% Jan.
Miss’riPac.—1st, cons., 6s,1920 108% 107 b. 107 Mar. 113% Jan.
8d,7s, 1906............................ 117 a 117 a. 115 Jan. 118 Feb.
Pac. of Mo.—1st, 6s, 1888... 102 % 102 % 100% Feb. 103% Jan.
2d mort., 7s, 1891............. 107%b 108 b. 104 Jan. 108 May
jjfOiE—The letter “ b” indicates prioe bid, and “ a’ 1prioe aslced ; all oche • pripes a ad Due range a '6 from actual sales.
S T A T E BONDS.
SECURITIES.
Alabama Class A 3 to 5 . . . .. 1906
Class B, 5s.......... ...............1 9 0 6
Class C, 4s........ .................... 1906
6s, 10-20................................ 1900
Arkansas—6s, funded.. 1899-1900
7s, Little Rock & Fort Smith, iss.
7s, Memphis & Little Rock, iss..
7s, Arkansas Central R R ............
Georgia—7s, gold.................... 1890
Louisiana—7s, c o n s ............... 1914
Stamped, 4s............... .
Mich lean—7s......... ..................1890
Bid.
Ask
105 106
109
100
103%
11
7
10
10
12
105 108
106
90% 92
105 I...
SECURITIES.
Bid.
Missouri—6s.......due 1889 or 1890
Asylum or University, due 1892
Funding....................... 1894-1895
New York—6s, loan.................1892
6s> loan...... ...........
.il8 9 3
North Carolina—6s, old........... J&J
Funding act.......................... 1900
New bends, J. & J ___1892-1898
Chatham R R ................................
Special tax, Class 1.....................
Consolidated 4s.................... 1910
6s............................................ 1019
103
104
107
109
110
36
10
20
Ask.
SECURITIES.
Bid.
Rhode Island—6s, cou.. 1893-1894 108
3%
South Carolina—6s-, non-fund. 1888
Brown consolidated 6s.......1893 106
62
Tennessee—6s, o ld ...... 1892-1898
71%
Compromise, 3-4-n-6s..........1912
New settlement—6s............. 1913 105
38
97
5s.........................................1913
70%
3s.........................................1913
48
8
70
6s, consolidated bonds................
9
50
6s, consolidated, 2d series..........
93% 94%
8
6s, deferred, trust rec..................
120 12 i
4
109
64
73
108
100
71%:
TH E
J une 2, 1888.]
CHRONICLE.
703
BONDS— STOCK EXCHANGE QUOTATIONS ON FRIDAY OF INACTIVE RAILROAD BONDS.
SECURITIES.
Bid.
Ask.
SECURITIES.
Bid.
Ask.
SECURITIES.
Bid.
Ask.
Pacific RR«.—Central P a cificErie—1st, extended, 7 s .......1 8 9 7 118%
Railroad Bonds.
Gold bonds, 6s..............1 8 9 5 115%
2d, extended, 5 s ...................1919 116
{Stock Exchange Prices.)
3d, extended, 4%s ................1923 108% 112
Gold bonds, 6s..................1896 115%
Atoll. Top. & San. Fe-4% 8 ...1920
4th, extended. 5s...................1920 115 116%
Gold bonds, 6s.................. 1897 115%
Sinking fund, 6s ...................1911
132
1st, cons., fd. coup., 7s.......1920
CaL & Oregon—Ser. B., 6.1892 104%
Collâteral Trust, 5s......... ...1937
West. Pacific—Bonds. 6s__ 1899 114
Reorg., 1st lien, 6s............... 1908
8534
Beecn Creek—1st gold, 4s...... 1936
B. N. Y. & E.—1st, 78.......... 1916 T38
No. Railway (Cal.)—1st, 6s. 1907 114
Balt. & Onio—1st6s, ParkB ..1919 *115
South.Pac.,Ariz.—1st 6s,1909-10 107
N. Y. L. E. & W —Col.tr., 6sl922
5s, gold............2....................1925 *107
88
Funded coup., 5s.................. 1969
Union Pac.—1st, 6s............. 1896 115
Bost. H. Tun. & W.—Deb. 5s.. .1913 98% 99
90
108
1st, 6s................................1897 115%
Buff. & S. W.—Mortg. 6 s ....1908
BrooklynElev.—1st, G., 6 s ...1924
90
1st, 6s................................ 1898 116 117
Evan. & T. H.—1st, cons., 68.1921 118 m
2d, 3-5s.................................. 1915 ' 85
Mt. Vernon—1st, 6s.......... ..1923
CoL Trust, 6 s . . . . . . . . ____ 1908 104
Bnrl. Ce. Rap. & No.—1st, 5s. 1906 102-%
82% Evans. & Indian.—1st, con s...1926 103% n o
CoL Trust, 5s..................... 1907 *94
Consol. <fc col. tr, 5 s ............ 1934 70
104
Eureka SpriDgs R’y, 1st, 6s, g.1933 ICO
C. Br. U. P.—F. c., 7 s ......189
Registered.................................
Atch. CoL & Pac.—1st, 6s. 1905 103
Fl’t & P. Marq.—Mortg., 6 s... 1920 119
Minn. & St. L.—1st 7s, gu . .1927
100
'1
01
97
103
Grand
Rap.
<
fe
Ind.—Gen.
5s..1924
Atch.
J.
Co.
&
W.—1st,
6s.
1905
Iowa C. & West.- 1 s t 7 s .... 1909
95%
108
Green B. W. & St. P.—1st, 6s. 1911 101
Ut. So.—Gen., 7 s ............. 1909
Ced. Rap. L F. & N., 1st 6s. 1920
120
92
118
97%
Extern,
1st,
7s
...............1909
Han.
&
St.
Jos.—Cons.,
6s.....
1911
1st 5s...................................1921
80
Missouri Pac.—Trust, g.. 5 s..1917
Houston & Tex. Cent, lstm 1. t ree 113% 114
Central Iowa—1st, 7s, Tr. Recl899 75
113%
West Div. 7s, tr. rec..... ..........
Verd’s V. Ind. & W., 1st, 5s. 1926
East’nD iv., 1st, 6s............1 9 1 2
105
2d m. 8s M. 1. tr. rec.......... ..
Ler. & C’yVal.A. L., 1st,58.1926
Illinois Division—1st 6s.......1912
70
Hous. E. & W. Tex—1st, 7 s ...1898
St. Louis & San Francisco—
Cons, gold bonds, 6s ............ 1924
Illinois Central
1st, 6s, Pierce C. & O____ 1919 105
C ant. RR. & Banking Co., Ga.—
105
Equipment, 7 s .................. 1895 T08%
ist, gold, 4s. 1951.......................
Collateral gold, 5s................ 1937 100 100 %
1st, gold, 3%s........................ 1951 94% 95%
1st, trust, gold, 5 s ...,'___1987 1 97 100
Cbes. & O.—6s, gold, ser. A . . . 1908 105
102
Springf. Div.—Coup.,..6s, . 1898
Kan. City & S.—1st, 6s, g.1916
Coupons off.___1............ . 1908 105
105
Middle Div.—Reg., 5 s ........ 1921 111
Ft. 8. & V.B. Bg.—1st, 68.1910
Ches. O. & So. West.—2d 6 s... 1911 68
St. L. K.&So.Wn.—1st, 68.1916
C. St. L. & N. O.—Ten. 1., 7s. 1897
Chicago & Alton—1st, 7s....... 1893 114 115
120
Tex. & Pac. ,E. Div.—1st, 6s 1905 109%
1st, consol., 7 s ...................1897
Sinking fund, 6s.................... 1903 122 % 123%
92% 92%
2d, 6s...................................1907 117
1st, gold, 5s........................ 2000
Louis. & Mo. River—1st 7s. .1900 120
38% 39%
Gold, 5s, coupon............... 1951
2d, income. 5s............. ....2 c 0 0
2d 7s.......... .........................1900 116
Registered........................
Pennsylvania RR.—
Bt. L. Jacbs.& Chic.—1st, 7s. 1894 114 115
Dub. & 8. C.—2d Div., 7s ...1894 112
Pa. Co.’s guar. 4%s, 1st cp .. 1921 108%
1st, guar. (564), 7 s........1 8 9 4 114
75
108%
Ced. FaUs & Minn.—1st, 78.1907 60
Pa. Co.’s 4%s, reg........ ........ 1921
2d mortg. (360), 7s............ 1898 115
Pitts. C.&St.L.—1st,cp.,7s. 1900 Î Û T
Indian ap. D. & Spr.—
2d, guar. (188), 7s..............1898 115
1st, 7s, ex. fund, coupon___1906 102%
Pitts. Ft. W. & C —1st, 7 s ...1912 143
Miss. R. Bridge—1st, s.f. 68.1912 107
90
Ind. Dec. & West.—M. 5 s.___ 1947
2d, 7s.........................
1912 139
Chic. Burling. & Q.—5s, s. f. ..1901 107
70
3d, 7s.............................. ...1912 131%
Iow aD iv.—Sink, fund, 5s.. 1919
2d M. ino. 5s..................
1948
99
Lake Shore & Mich. So.—
Clev. & P.—Cons., s. fd., 7s. 1900 125% 126%
Sinking fund, 4 s ............... 1919
4th, sink, fd., 6s........ .....1 8 9 2 108%
Cleve. P. & A.—7 s ............... 1892 110 %
Plain, 4*............
1921
92^ 92%
Buff. & Er.—New bonds, 7s.1898 120% 122
St. L. V. & T.H.—1st, g., 78.1897 116 117
Nebraska Extension 4s....... 1927
Kal. & W. Pigeon—1st, 7 s... 1890 T06
2d, 7s...................................1898
Chic. Burl. & No.—Deb. 6 s .... 1896
2d, guar., 7 s . .. .____ ......1 8 9 8
Det. M. & T.—1st. 7s........... 1906 128 % 129
Chic. Rock Isl. & Pac.—
Lake Shore—Div. bonds, 7s. 1899 121 % 123
Pine Creek Railway—6s of 1932
Des Moines & Ft. D.—1st,4s. 1905 85% 87
76%
Consol., reg., 1st, 7 s ........ 1900 124% 125% Pitts. & Western—1st, g., 4 s..1917
lst,2 % s.......... ....................1905
Pitts. Cleve. & T o l—1st,6 s ... 1922
Consol., reg., 2d, 7 s ..........1903 ........ 123
Extension, 4 s ..... , .............1905 *84%
105%
108
106
Mahon’g. Coal RR.—1st, 58.1934
Pitts. Junction—1st, 6s.......1 9 2 2
Keok. & Des M.—1st, 5 s __ 1923
Long Island RR.—
Pitts. McK. & Y.—1st, 6s___.1932 115
Chic. M.& St.P.—1st, 8s, P. D.1898 127% 130
Pitts. Y. & Ash.—1st 5s......... 1927
N. Y. & M. Beach—1st, 7s.. 1897
2d, 7 3-1 Os, P. D ...................1898 117
N. Y. B. & M. B.—1st, g., 5s. 1935
Rochester & Pittsburg—
1st, 7b, $ g., R. D .................1902 127% 129
100
115
Buff.Roch.&Pitts.—Gen., 5S.1937
Louisv. & Nashv.—
1st, La Crosse Division, 7s.. 1893
Cecilian Branch—7s............ 1907 105%
Rich. &Danv.—Debenture 68.1927
1st, I. &D., 7s.....................18 9 9 119%
102
84%
Pensacola Div.—6s........ ..1920
Debenture, ex coupon.............
1st, C. & M., 7s......................1903 127% 129
83
St. Louis Div.—1st, 6 s ........ 1921 114
ConsoL mort., gold, 5s........ 1936
1st, 7s, I. & D. Ext...............1908 126
1980 56
2d, 3 s..........
Atl. & Char.—1st, pr., 7s___1897
1st, S. W. Div., 6s.......... . .1909 115
Nashv. & Decitur—1st, 7s.. 1900 117
1st, 5s, Là C. & D a v ............1919 105
Incom es___ ____________ 1900
89
1st, H. & D., 7 s .................... 1910 123% 124%
S. & N. Ala.—S. f., 6s ...........1910
Rich. & W. Pt. Ter’l. Trust6s..1897
San Ant.& Arans.—1st,6s,’85-1916
1st, H. & D., 5s..................... 1910 101% 103%
Louisv. C. & L.—6 s ............1931
91
Pens. & At.—1st, 6s, gold.. 1921 92
1st, 6s, 1886.........- . . ............ 1926
Chicago & Pacific Div., 6 s..1910 120 % 1 2 0
Lou. N. O. & T e x —1st,4 s .... 1934 87
Chic. & Mo. Riv. Div., 5s . ..1926 100 101
Scioto Val.—1st, cons., 7s.......1910
40
60
Coupons off..............................
2d mort., 5s.......................1 9 3 4
Mineral Point Div., 5s........ 1910 100
Mexican Cent.—New, ass., 4 s.1911
St L.&I.M.—Ark. Br., 1st, 78.1895 104
C. & L. Sup. Div., 5s............ 1921 TOO
24
Fargo & South., 6s, Assu.. .1924
Cairo Ark. & T .—1st, 7s___1897 lc4%
Income,' 3s........... ............,..1911
97
Michigan Cent.—6 s . . . ............ 1909 120 122
Inc. conv. sink, fund 5s....... 1916
St. L. Alton & Ter. Haute—
113
96
Coupon, 5s . . . . .. . . . . . . . . .. . . 1 9 3 1
Dakota & Gt. South., 5s.......1916
Bellev. & So. HI.—1st, 8s. ..1896
113
Registered, 5s.......................1931
Chicago & Northwestern—
Bellev. & Car.—1st, 6 s ____ 1923
90
fiscanaba & L. S.—1st, 6 s ... 1901 112
Jack. Lan. & Sag.—6s ......1 8 9 1 104 106% St. Louis & Chic.—1st, con. 6s. 1927
116
Des M. & Minn.—1st, 7 s ___1907 126%
St.
P.Minn.& M.—Dak. E it.,6s. 19 L7
Milw. Lake S. & West.—
88 %
Conv. deb., 5s........ ...... i ___ 1907
Iowa Midland—1st, 8 s _____ 1900
Min’s Un.—1st, 6s............ ...1922
115
112%
Michigan Div.—1st, 6s........ 1924
Peninsula—1st, conv., 7s___1898 126
Mont. Cen.—1st, guar,, 6 s..1937
92
Chic. & Milwaukee—1st, 7s. 1898 120%
Minn.&St. L.—I’a Ex.—1st,7s.1909
St. Paul & Duluth—1st, 5s__ 1931 110
100
Win. & St. P.—2d, 7s............1907 128%
2d mortg., 7 s . . . . . . . ------- ...1891
Sodus Bay & So.—1st, 5s, g ...l9 2 4
Southwest Ext.—1st, 7s ....19 1 0
Mil. & Mad.—1st, 6 s..........1905 112
Tex. Central—1st, s. f., 7 s ___1909 ‘ 45
Pacific Ext.—1st, 6 s ............ 1921
Ott. C. F. & St. P .- ls t , 5 s ..1909
1st mortg. 7s ......................... 1911 45
100
Minn. & Pac.—1st mortg. 5 s..1936
Northern HI.—1st, 5 ............ 1910 107 lo8
Tex. & N. O.—1st, 7s............... 1905 T15 117
122%
Minn. & N. W.—1st, 5s, gold ..1934
CL Col. Cin. & Ind.—1st, 7s, s.f.’99
Sabine Division, 1st, 6s....... 1912 101
89
Consol, sink, fd., 7 s ..............1914
Minn. S.Ste.M.&Atl.—1st,5s.. 1926
Tol. Peoria & W.—1st 7s, Tr. rec...
105%
Chic. St. Paul M. & O.—
Mo. K. & T.—Cons.,2d, inc___1911
Valley R’y Co. of O.—Con. 6s. 1921
107% Virginia Midland.-Inc., 6 s...1927
Chic. 8. P. & Minn.—1st, 6s. 1918 122 %
H. & Cent. Mo.—1st, 7s.......1890
No. Wisconsin—1st, 6s........ 1930
Mobile & Ohio—Col. tr., 6s ...1892 99
Wab. St. L.& Pac.—Gen. 6s, Tr. rec. 41
72
84
84%
St. Paul & 8. C.—1st, 6s ....19 1 9 *128% . . . . . .
Chicago Div, ,5s, Trust r e c .......
St. L. & Cairo—4s, guar...... 1931
Chic. & E. in.—1st, s. f., cur.. 1907 11d%I116
Morgan’s La. & T.—1st, 6s___1920 3.08*
Havana Div., 6 s ..................1910
Gen. con., 1st, 5s..............1937 95% 95%
Indianapolis Div.—6s.......... 1921
1st, 7 s ................................... 1918 120 122 "
105%
Nash. Chat. & St. L.—2d, 6s.. 1901 T09
Chic. & W. Ind.—1st, s.f., 6s.. 1919 *112
Detroit Div.—6s, tr. r e c ___1921
General mortgage, 6 . . . . ___ 1932 ‘ 115 117
N. J. June.—Guar. 1st, 48....... 1986 103 i b i "
Cairo Div.—5 s ..............
1931
83
Chic. & St. Louis—1st, 6s.___ 1915
Wabash. M., 7s, Trust r e c ..........
Registered certificates.......... .
90%
95
Cin. I.St.L.& Chic.—1st,g.,4s .1936
Toledo & Wab.—1st ext., Tr. rec.
N. Y. P. & O.—Prior hen, 6s ..1895
48% 50
90
92%
Registered..................................
St. Louis Div., 7s, 'trust rec...
N. Y. & Northern.—2d, 4s___1927
85
2d M. ext., 7s, Trust rec...........
Cin. Jack.&Mac.—1st,g.,5s...1936 91% 92% N. Y. & New Eng.—1st, 7 s ....1905
12
Equip, bonds......................1883
Cleveland & Canton—1st, 5s..1917 94% 9b
1st, 6 s .................................... 1905
80
CoL & Green.—1st, 6 s .............1916 100
N.Y. Susq.&West—Deb. 6 s ...1897
Consol, couv. 7s, Trust r e c ....
90
2d, 6s......................................1926 *70
93
2d, 4 % s ................................ 1937 *70
Gt. West.—1st. 7s, Trust rec . . . .
94 N. Y. N. H. & H.—1st, reg. 48.1903 103
85
Col. & Cin. Midland—1st, 6 s ..1914
2d, 7s, Trust rec........................
Cœur d’Alene, 1st, 6s, gold ... 1916
N. Y. Tex. &Mex.—1st, 4 s....1912
Quin. & Tol.—1st, 7 s......1 8 9 0
DeL Lack. & West.—
Northern Pac.—
Han. & Naples—1st, 7s___190a
Convertible 7s.......................1892 108%
Dividend scrip................... ..........
111. & So. Iowa—1st, ex. 6s 1912
140
Mortgage, 7 s ......................... 1907
111%
St.L.K.C.&N.—R.E.& RR.7a.’95
Dividend extended.......................
Byra. Bing. & N. Y.—1st, 7s. 1906 i.32%
James River Val.—1st, 6s. .1936 104
Clarinda Br.—6s............. 191t
10o%
Morris & Essex—1st, 7s.......1914 141 141% Spokane & Pal.—1st, 6s-----1936
St.Charles Br’ge—lst,6s.l908 ’103% 104%
2d, 7s.......... ....................... 1891 109%
St. Paul & N. P.—Gen., 6s.. 1923 ÏÏ5* 118
No. Missouri—1st, 7s........ 1895 115 __
"Rpcriflt.prpH
Bonds, 7s............................ 1900 120
98% 99%
West.N. Y. & Pa.—1st, 5s ....19 3 7
7s of 1871...........................1901 T23 125
40
Helena & Red M’n—1st,g‘ ,6s. 1937
2dm . gold 3 -5 s ..................1927
1st, con., guar., 7 s ............ 1915 T36
Dul. & Manitoba—1st, g. 6s.1936 102
Warren & Frank—1st 7 s ...1896 114
101 % West. Va. C. & Pitts.—1st, 6s. .1911 106% 106%
DeL & Hud. Canal—1st, 7 s ... 1891 110%
Do Dakota Div.—1st. 6s. 1937
1st, ext., 7s.................
1891 T07
Hel. B.Val. & Butte, 1st, 6s.l937
West. Union Tel.—Coup. 7s.. .1900 116
Coupon, 7s,............................ 1894 113%
Drummond & P’ bg.—1st, 5s 1937
N. W. Telegraph—7 s ............... 1904 100 ---- —
Registered, 7s.................... 1894 113%
Helena & No.—1st, g’ d, 58.1937
Market St. Cable Ry., 1st, 68.1913
86 “
Pa. Div., coup., 7s,».......... ..1917 T42
La M. & Mo. Riv.—1st, 5s 1937
Man hat. Beach Imp. Co.—7s. 1909
142% N. O. & No. E.—Pr. 1., g., 6s ..1915
Registered.......... ....................
103%
Am. Water Works Co.. 1st. 6s.1907
99 105
Albany & Susque.—1st, 7s.. 1888 103% 103% New Or. <fc Gulf—1st, 6s........ 1926
Tenn. Coal Iron & Railway—
1st, cons., guar., 7 s .......... 1906 130 131
Norf. <fc W —New Riv.—1st,68.1932 T12
Tenn. Div., 1st, 6s............... 1917
84
Registered...............................
87 “
Imp. & Ext., 6s........... ......1 9 3 4 107 108
Bir. Div.—1st con. 6s........... 1917
1st, cons., guar., 6 s .......... 1906 123
Adjustment M., 7s................ 1924 107%
Col. & Hook. Coal & I.—6s, g.,1917
121 % Ogd. & Lake Ch.—1st, 6 s .......1920
Registered...............................
96%
Georgia Co., N. C.—5s........ ,.1937
Beits. & Sar.—1st, coup., 78.1921 142%
118%
Ohio & Miss.—Cons., s. f., 7 s..1898
Registered..................................
Springfield Div.—1st, 7s___1905 106%
In com e B on d s.
Det. Bay C. & A lp .- 1st, 6 ___ 1913 107% 108%
General 5s..............................1932 r 94
(Interestpayable i j earned.)
Duluth & Iron Rauge—1st, 5s. 1937 92 H 93
Ohio Cent.—1st Ter. Tr., 6 s... 1920
Atl. & Pac.—Cen. D iv ........... 1922
Dul. So. Sh. & A t l.-5 s .......... 1937
86
Min. Div.—1st, 6 s ................. 1921
Ind.Dec.& West, in co m e ...............
E. Tenn. Va. & Ga.—1st, 7s. ..1900 120 125
Ohio River RR.—1st, 5s .....1 9 3 6
Mil. Lake Sh. & W.—Income..........
Divisional 5s...............
1930
Oregon & Cal.—1st, 5 s ............ 1927
Mobile & Ohio—2dpref. deben___
29
27
E.& W.of Ala.—1st,cons. 6s,g.,1926
Panama—Sink, fd., sub., 6 s...1910
3d pref. debentures.....................
25
27
BUs. C. & N.—S.f., deb., 6s. ..1921
Peoria & Pek U’n—1st, 6 s ....1921 107
4th pref. debentures.....................
23%
1st mortg., 6 s ........................1920
72 N.Y. L. E. & West.—Inc., 6s..1977
2d M., 4 % s ............................ 1921
* No price Friday; these are latest quotations made this week.
704
THE CHRONICLE.
[VOL, XLV1;
New York City Bank Statement for the week ending May
■36,1888, is as follows. We omit two ciphers (00) in dll cases.
SECURITIES.
Bid. Ask.
SECURITIES.
Bid. A sk.
RjJhflhgtoH & Broad Top 16
16% Perkiomeh—1st, 6s,cp.’87
100
Preferred.................
39% Penn. & N.Y. Can.—7 s,’ 96
BANK'S.
Capital. Surplus. Loans. Specie. Legáis. Deposits. Lehigh Valley
52% 52% Phila. & Erie 1st M., 7s. 115
(00* omitted.)
102 *«
Little Sohuylkill...........
63%
Phil. A R.—1st M „ 6s.__ 122
Minehill & 8. Haven___
«4
2d, 7s, o. A r. 1893........ 111
$
$
V alley...
53%
Cons., 7s, coup., 1911..
Bank of New Y ork ... 2.090.0 1.549.9 11,200,0 2 400,0 1,060,0 11.340.0 Nesquehoning
131%
N
orthern
Central___
>
.
..
Cons., 6s, g., 1.R.C.1911
Manhattan Co........... 2.060.0 1,112,7
8,602,0 3.768.0
481.0 10.616.0 North P enn sylvania"". 80% 83
Imp., 6s, g., coup., 1897 120
Merchants’ . . . . . . . . . . . 2 , 000,0
790.0 6,9fc8,0 3.730.0
909.0 9.940.1 New York Phil. & N orf..
Gen., 6s, g., coup., 1908 115%
Mechanics’................. 2, 000,0 1,574,2 8,64 5,0 1.460.0
908.0
7.653.0 Pennsylvania........... ..
62% *52% Gen., 7s, coup., 1908___ 119 115%
America..................... 3.000. 1.814.9
119%
0
11.433.1 3.222.6
645.6 11.324.1 Phil. A Erie.............. I” "
28
Phenix........................ 1.000.
Income, 7s, coup., 1896 82
83
0
517.5
8.632.0
3.187.0 Phlla. & Reading. . . . . . . . .
758.0
219.0
29%
City............................. 1,000,0 2.279.0 9.520.4 8.328.1
Cons. 5s, 1st ser., 1922. 98% 99
973.0 15.825,3 Sunbury & L ew iston..... _____ 30
49
Tradesmen’s............... 1,000,0
75
Cons. 5s, 2d ser.,c., 1933 73
233.7 2.754.6
210,9
2.593.7 United Co’s of N. J........ .
499,9
213%
Chemical......... ........
Debenture coup., 1893.
300.0 5.557.0 18.440.1 7.827.0
896.8 21.657.2 West J e r s e y ........
"rio"
Merchants’ Exch’nge
Deferred
incomes,
c
p
...
20
141.0
600.0
3,342 0
629.8
365.2
3.844.0
R AILROAD BONDS.*
Gallatin N ational....
Phil. W. & Balt.—Tr. e.,4s 101% 101%
1,0C0,0 1.209.0 4.607.4 1,607,9
e53,7 4.703.2 AUegh.
Val.—7 3-1 Oa. ’86 115
Butchers’ & Drovers1.
Warren & Frank.—1st. 7s
117
282,2 2.186.7
300.0
655.4
131.1 2,444,5
7s, E. ext., 1910...........
Mechanics’ A Traders
122
West
Jersey—1st M., 7s.. Ï 2Ï
200.0
138.5 2.011.0
121.0
405 0 2.427.0
Ino. 7s, end., coup., ’94.
Greenwich.......... .......
W. Jersey A Atl.—1st, 6s
106%
200,0
76.9 1.173.3
115.8
105.3 1.120.7 Bells
Gap—Cons.,
6s........
109%
Leather Manufaot’rs.
518.3
600,0
3.211.8
2.767.4 Cam. & A m t.—M., 6s, ’89 102 %
765.6
233.1
B A L T IM O R E .
Seventh National......
300.0
83.9
1,257,1
674.8
1.547.5 Camden & Atl.—1st M., 7s 111
84,7
RAILROAD STOCKS.!
State of New Y ork... 1, 200,0
472.3
3.750.8
257.2
343.3
3,024,9
Baltimore A O h io.........
American Exchange.. 5,0U0,0 1.465.6 14.275.0 4,093 0 2.324.0 14,812,0 Catawissa—M. 7s, 1900 122 124
Clearfield & Jeff— 1st, 6s 112
1st pref..........................
Commerce.................. 5.000. 3.214.9
0
17.650.1 4.280.5 1.498.3 14,403,9 Col.
A Cin. Mid.—1st, 6s.
92
2d prof...........................
116
Broadway................... 1.000 .0 1.546.7
5.164.7
321.9 4.657.4 Connectlng—6s
970.1
121
Central O h io........... ......... 48
50
Mercantile....... .
563.2 7.459.0 1.949.0
1,000,0
864.8 8.252.4 Delaware -M ort., 6s
Preferred.......................
50
Pacific................ ........
300.3 2.318.4
422,7
776.6 . 376,6 3.163.8 Del.&Bd.B.—1st, 7s. 1905 118
131
Northern Central.............
83
Republic.................... 1.500.0
772.3 9.039.3 1.637.5
631.2 8,961,7 Elmira A Will’ m.—Jst, 6s 121
Wiim’gton Col. A Aug’sta
114
C hatham ..................
491.1 4.385.1 1.020.5
450.0
459.7 4.873.1 Harris. P. M’t J. & L.—4s
RAILR O A D B O tlnh
Peoples’......................
217.7
200.0
1.833.1
516.3
129.8 2.708.0 Hnnt’n A B. T.—1st, 7s.. 104
Atlanta <fe Char.—1st, 7s. 121
North A m erica........
321.6 2.353.9
700.0
373.8 3.821.3
829.7
2d
mortg.,
7s..............
111
Income, 6s ....................
101
Hanover..................... 1, 000,0
969.1 12,768,8 2,876,8
970.9 13.757.3
Consol. M „ 5s___
102
Baltimore A Ohio—4 s .... 101% 101*4
Irving.........................
263.4 2.824.0
500.0
200.2
720.6
3.033.0 Leh.V.—lst,ös,C.<ftR.,'»!5 121
Cape Fear A Yad.—1st, 6s 98 Hi 90
Citizens’ .....................
365,9
600.0
2.514.4
240.0 2.972.6
628.3
2d, 7s, reg.,1910.......... 140
Cent. Ohio—6s, 1890........ 104
Nassau.......................
163.7 2.444.6
500.0
493.9 2.989.0
298.7
Cons. 6s, C.& R., 1923.. 13-2
Char. Col. A Aug.—1st, 7s 112
Market & Pulton......
623.0 4,259 6
750.0
277.8 4.080.1 North Penn.—1st M., 7s. §117
912.5
Cm. Wash. & Bait.—lsts. 99%
St. Nicholas...............
212.8
500.0
1.732.0
297.2
106.1 1.556.1 N.Y. Phil. &Norf —1st; 6s 98%
2ds, 5s........... . ....... . . . . . .
Shoe A L e a th e r......
237.1 3.108.0
500.0
676.0
319.0 3.417.0
Income, 6s .................
3d8, 3s..................... .
*37%
Corn Exchange......... 1, 000,0 1.071.8 6.746.2 1,045,4
265.0 6.283.2
iso" 130% 1st Inc., 5s, 1931......... 15
Continental................ 1 , 000,0
283.1 4.463.0
887.8
887.9 5.489.3 Pexm.-Gen.,6s,ooup.l91Ö
121%
Cons.,
6s,
coup...1905..
Seab’d&Ro’n’ke—5s,
1926
Oriental.....................
110%
336.7 2.090.0
300.0
351.8 2.050.0
134.6
Cons., 5s, coup...1919.
iUnion (endCanton), 6s ...
Importers’ & Traders’ 1.600.0 3.678.1 19.995.5 4.223.2 2.021.4 23,084,2
4%s, Trust Loan______
West. Md., 3d guar., 6s.. {119 Í 2Ó "
Park............................ 2,000,0 1.799.0 17,364,3 2.040.7 3,729,9 21,396 2
Norm R iver..............
101.5 1.975.4
240.0
212.9 2.249.6
126.9
' Ex-dividend. + Per share. { Last price this week.
Past River.................
121.2
250.0
1.828.6
274.9
114.9 1.484.1
Fourth N ational...... 3.200.0 1.395.1 17.074.6 2.956.7 1,65 ,7 17,258,7
New York Local Securities.
Central National....... 2, 000,0
567.5 6.950.0
804.0 1.114.0 7.365.0
Bank Stock List.
Seoond National........
194.5 3.531.0
300.0
805.0
318.0 4.293.0
Ninth National..........
750.0
263.7 4.314.4 1.521.6
508,5 5.223.1
Pirst National...........
BANKS.
Rid. Ask.
BANKS.
500.0 5.611.1 21.714.6 4.306.3 1,310,2 20.446.4
Bid.
BANKS.
Bid. Ask
Third National.......... 1.900.0
214.7 4.720.1
859.2
482.4 4.828.6
116.7
N . Y . Nat’l Exchange
300.0
1.482.8
288,8
Sew Y o r k .. 218
138,3
1.371.3 America___ 174% 175% Gallatin___ 215
Bowery.......................
363.3 2.381.2
138*4 Garfield....... 270
250.0
475.4
N.Y. County 200
143.8 2.383.0 Am. E x ch ...
67.0 2.276.0
New York County....
200.0
760.0
126
N.Y. Nat.Ex
155.0 2.993.5 Ashnry Park 100 110 Germ’nA m .. 115
German-Ameriean....
195.8 2,650,9:
750.0
Germania... 200
435.4
Ninth........... 132 140
138.5 2.389.9 Broadway... 260
Chase National..........
496.1 7.467.2 1.409.7
500.0
Greenwich.. 120
N. America. 135
620.0 7.619.6 3utchs’ & Dr 170 175
Fi^th Avenue............
638.4 3.776.6
100.0
Hanover___ 190
92,3
886.7
North R iv'r.
3.848.4 Central........ 124 130
German Exchange...
200,0
362.5 2.626.7
Im.&Trad’s’ 345 355
109.2
Oriental____ 188
425.2 3.146.4 C ha se........ 235
Germania...................
351.9 2.312.7
200,0
I r v in g ........ 150
173.2
168
889.6 2.814.1 Chatham.... 230
P a c ific ..___
United States.............
500.0
499,7
3.924.3
971.6
Park........... 164 172
92,2 4.072.3 Chemical___ 3400 3800 Leather Mf s’ 199
Lincoln.......................
164.6 2.539.1
300.0
Manhattan.. 161 167
610.2
163.3 3.074.3 Citizens’ ___ 140
People’s . __ 185
G arfield...............
200.0
203.1 2.312.8
Market........ 170
612.0
P h e n ix ...... 134 iSS"
226.3 2.836.4 City.............. 320
Fifth National...........
237,3 1.500.6
150.0
Mechanics’ . 160
426.0
170 Republic__ 144 150
182.8
1.791.2 Commerce .. 169% 170
411,5 3.564.7
Bank of the Metrop..
300.0
126
M’chs’&Trs’ 165
St.Nicholas. 111 116
986.7
347,9 4.476.7 Continental.
200.0
W est Side...................
185,0
Mercantile.. 145
1,991,6
879,2
Seventh...... 120 130
204.3 2.245.9 Corn Exch... 203 206
130.2 2.011.3
Seaboard....................
500.0
Meronants ’ . 139 143
377.9
Seoond......... 300
328.3 2,726,6 Bast River.. 130
200.0
Sixth National...........
70.1
M’ roh’ts’Ex. 118 120
1.810.4
Shoe&Leath 144 150
580.1
165,0 2 , 201,0 11th W ard.. 140
Western National___ 3.500.0
170.9 9.365.8 1,931,6 1.088.4 9.037.3 Pifth A v e ... 800
Metropolit’n 10% 12% StateofN.Y. 112 120
First . . . . . . . . 2000
Metropolis... 235
tradesmen’ b 105
F ourth........ 133 138 Nassau. ... . 153
United s t’es 210
T ota l.............. . 160,762,7160,381,5;363,846,6 90,525,9;36,257,0 393,953,
Boston Banks.—Following are the totals of the Boston banks
Loans.
Specie.
L. T’nders. Deposits.* Circula’n. Agg.Cl’nga
$
$
$
$
$
$
May21 411,877,300 10,710,200 3,140.200 113.013.400 6.315,600 88.749.784
” 19 142.447,500 11.(89,600 3,171,500 113,931,600 6.150,700 84,876,600
r.** 26 143.74^,000 11,239,300 3,308,100 115,218,500 6,2ol,900 80,379,107
1888
P h ilad elp h ia Banks.—The totals have been as follows :
1888.
Loans.
May 12......
“ 19......
« 26......
$
89.655.100
89,562,400
89,201.600
Lawful Mon’y Deposits.*
$
25.354,700
26,266,200
26,811,000
$
89.028.300
90,384,800
90.621.300
Circula’n Agg.Cl’ngS
$
2,723,360
2,725,200
2,719,040
s
56,241,805
64,031,337
59,296,214
«Including the item “ due to other hanks.”
Quotations in Boston, P h ilad elp h ia and B a ltim ore:
Following are quotations of active stocks and bonds. A full
list is given in the Chronicle the third Saturday of each month
s e c u r it ie s .
Bid. ABk
Gas and City Railroad Stocks and Bonds,
GAS COMPANIES.
Brooklyn Gas-Light........
Citizens’ Gas-Light . . . . . . .
Bonds, 5s........... .
Consolidated Gas .............
Jersey City A H oboken...
Metropolitan—B onds.......
Mutual (N. Y .) ________ _
Bonds, 6s____ . . . . . . . . . .
Nassan (B k ly n .).............
S c rip ...,______ ________
Bid. Ask.
103
54
100
72
165
114
90
100
100
97
GAS COMPANIES
105 People’ s (Bklyn.)___. . . . . .
56 Williamsburg. . . . . . . . . . . . .
103
Bonds, 6s . . . . . . . . . . . . . . . .
72% Metropolitan (Bklyn.)___
Municipal—Bonds, 7 s .....
Fulton Municipal ...........
92
Bonds, 6s..... ........... ..
102
Equitable...........................
105
Bonds, 6s ..... ............
100
Bid.
71
120
106
80
105
133
105
105
110
A sk
78
123
111
82
110
135
109
110
113
[City HR. Quotations by H. L. Gb ant, Broker, 145 Broadway.}
B ’cker St.«fc Fuit .F.—Stk. 26
1st mort., 7s, 1900 . . . . . 111
ar’dway & 7th A v.—St'k.. 160
1st mort., 5s, 19 04....... 102
2d mort., 5s, 1914.......... 103
B’way Surface bds„.1924 85
Bonds gnar., 5s, 1905 ... 85
Brooklyn City—Stock.___ 112
lstm ort., 5s, 1902 ........ 106
Bklyn. Crosstown—Stock. 212
1st mort., 7s, 1888 . . . . . . 100
Bushw’k A v. (Bkln)—St’k 140
Central Crosstown—S tk., 150
lstm ort., 6s, 1922 . . . . . . 116
Cent. Pk. N. A E. R iv.-S tk 81
Consol., 7s, 1902 . . . . . . . . 116
Ohrlst’ph' r&10th St—Stk. 120
Bonds, 7s, 1898............. 111
Dry Dk. E.B.& Bat’y—Stk 146
1st mort., 7s, 1893........ 107%
28
112%
180
104
104
100
95
115
110
225
D. D. E. B. A B.—Scrip, 6s 104 [107
Eighth A v.—Stock........... 150 155
Scrip, 6s, 1914.............. 105 107%
42d A Gr’nd St. F ’rv—Stk 210 220
1st mort.. 7s. 1893....... 110 112
42d St. Manh. A St. N.Ave 32
38
1st mort., 6s, 1910........ 108% 109%
2d mort., income, 6s....... 50
56
¿oust. W .St.&P.F’ v—Stk. 165
1st mort., 7s, 1894........ 110 112
75
Second Av.—Stock........... 106 107%
1st mort., 5s, 1 9 1 0 ........ 103 105
Sixth A v.—Stock . . . . . . .. 160 170
1st mort.,7s, 1890 . . . . . . 106 110
Third A v.—S tock............. 218 220
Bonds. 7s, 1890..... ....... 101 [102
Twenty-third St.—Stock.. 220 220
1st mort., 7s> 1893 ........ 110 112
SECURITIES.
Bid. Ask.
150
160
Atch. A T ’p’a.—(Cont’d)—
120
B O STO N .
Plain, Ö8________ ____
90*4
83
RAILROAD PTOCKS.t
Mortgage, 5 s................. 102 %
118
Atchison <fc T opeka........
86*e 86%
Trust, 6s___. . . . ____....
107
200
125
Boston & A lb a n y .........
Burl. & Mo. R. in Neb.—
113
Boston A Lowell.............. «164 165
Exempt, 6 s .................... 116
150
Boston A Maine . . . . . . . . . . 210ia
Non exempt, 6 s . ........ 105%
109
Boston & P rovidence.... i ....... 285
Land grant, 7s................ 111%
40 California South.—1st, 6s. 114
California Southern____
Central of Massachusetts 20*' 21% Income, 6s......................
Unlisted Securities.—Quotations from both Exchanges:
89
41
Preferred.......................
Consol, ol Vermont—5s.. 88
87
ÏÏ5* Eastern,Mass.—6a, new..
Cheshire, pref..............
SECURITIES.
Bid. Ask.
SECURITIES.
Bid. Ask
126
Chic. Burl. A North’n ....
K. C. Port Scott <ft G.—7s n r *
’ SÓ" Kans. City Law.& So.—6s 113
Chicago & West. M ich ...
Am. Bank Note Co.......
Mexican National tr. rec. 6*4 7%
30
Cleveland A C anton.......
K.C. Memph. A Birm—5s 94*4 95
Atoh. & Pike’s P’k, 1st 6s 100
1st mortgage, tr. r e c ....
39%
P referred............'------Kan. Cit. St. Jo.&C.B.—7s 120
Brooklyn Elev’d—stock..
New 1st 6s ........ .
99 101
Detroit Lansing A North.
K. City Sp’d <fc Mem.—6s 113 113% Brooklyn A Montauk__ 60
2
N .Y . W .S .& Buff...........
3
Preferred.......................
K.C. Clint. A Spring!.—5s 96
N. Y . A Green’d Lake, 1st 25
Pref................................. 100
124
Eastern........ ....................
Little B. A Ft. S.—7s.......
5
2d mort........ .
........
5%
4
California Pacific.............
&
110
Preferred.......................
Louiav.Ev.&St.L.—1st, 6s
N .Y Mutual T e l............ 90%
50
Chic. Burl. A No.—Stock. 44
105
90
Fitohburg, pref..... ..........
2dm ort.,2-6s.... ......... i ........ 55
13
6
Ohesap. <te Ohio—Receipts
N. Y . A Northern........... 10
42»; Mar. H. A Ont.—1908, 6s, I 100
Flint A Pere Marquette. 40
22
8 % Pref................................. 20
1st pref—Receipts.......
7
Preferred....................... 103 %
1923, 6s.......................... 96*4 97
2d pref—Receipts...........
7*4 New Jersey A N. Y.—1st. 100
Bans. City Clint. & Spr’g.
Mexican Central—4 s ...... I 66
N. J. Southern............ . ..
66% Chic. A Atl.—Ben,, tr. rec. " 3 % 5
%
Kan. City Ft. S. A G u lf.. Í . . . . 76
income.......................... Í 19% 20
Ocean Steam.Co.,lst guar. 103
35
Chic. Gas T r u s t ..............
Preferred....................... {126%
N Y. A N. Eng.—1st, 7s..|
3
123% Den. A Rio Gr. W .—St’k.
11% Pensacola A Atlantic___
K . C. Memph. & Birin. ..
lstm ort., es..................
Port Royal & Aug.—1st... 100
Dul. S. Shore A At.— Stk.
115
7
Kan. C. Spring!. A Mem.
2d mort., 6 s ........ ......I 103% 104%
Incomes.......................... 35
26
Pref...............................
Little Rock A Ft. Smith..
Ogdens. & L.C.—Cons., 6s
20 Rich. York Riv. & Ches.J »0
East A W est RR. of Ala.
99
Louisville Evans. & St. L.
Rutland—5s ........... .........
94*4
15 St. Joseph A Grand I s l... 11
Georgia Pao.—S tock ...... 12
Preferred....................
Southern Kansas—5s.....| 99 100
St. Louis A Chicago......
1st 6s........... . . . . . . . . . . . . . 108 109
Maine Central...................
Texas Division—5s.......
Pref........ ........................
46%
95
2d8................ -............... . 46
Mexican Central........ .
14ia 14
incomes.........................
100
Henderson Bridge—St’k.
95
St. PaulE.& G r,T r.,lst6s 93
96
N .Y. A N. Eng., pref....... 112 115
Wiscon. Cent.—1st M., 5s
3 Tol. A. A. A N. M ich ......
Kanawha A O h io ......---90
N orthern......................... {141
Income 5 s ....................
Toledo. A Ohio Central___ 20 .
1st pref_____ _________
Norwich & Worcester___
P ref............................ .
P H IL A D E L P H IA .
2d p r e f ................ ...
35
166 RAILROAD STOCKS. 1
O ldOolonv. ...................
1st 6s............ — ............ 65
Toledo Peoria [<& W est... 16
Vermont & Mass.. . .........
Bell’s Gap........................
1st. 4s............................ 72%
44% Kan. City A Omaha_____
-7% 9
Wisconsin Central..........
17
17*4 Camden <a Atlantic, pref. { 40
1st m o rt........................ 81
83
Vicksb. A Meridian—1st. 90
Preferred..... ................. : l 36
Delaware <fe Bound brook 160
Ksely M otor................... j 3
2d mort............................ 40
BONDS.
East Pennsylvania.......... 63
54% Lehigh & Wilkes. Coal... 15
17%
Incomes........ .
6% 7%
Atoh. & Topeka—1st, 7s. 1201« 121
Elmira & Williamsport.. 44
Mahoning Coal R R ........... 37
40
Stock, pref......................
% 1%
Coll. Trust. 5s................ 95ia 95*4
Preferred.......................
64
P ref............................... 88
95
Western mat. Bank........ 94
Mex. Nat.Construct’nCo. 21
25
West N. Car.—Con. M___
85
»Ex-dividend.
t Per share.
{ Last price this week.
J u n e 2, 1888.J
THE
R oads.
AND
R a ilr o a d
CHEONICLE,'ll
70S'
Latest Earnings Reported.
Week or Mo
%u
1888.
1887.
Jan. I to Jjatest JJttte.
1888.
1887-
$
S
Long Island.......May
277,889 254,707 1,047,831
995,35«
Louis.Ev. &St.L. 3d wk May
20,312
18,793
Louisv.&Nashv. 3d wkMay 280,510 289,045 5,926^809 5,752912 r
The I nvestors’ Supplement, a 'pamphlet o f 132 pages Lou.N.A. & Chic. 3d wk May
41,961
742,682
42,132
770,719
contains extended tables o f the F un d ed Debt o f States and Louisv.N.O. &T. 3d wkMay
920,481
36,935
771,06«’
25,358
VaUey.. April
348,464
70,742
53,272
191,604
Cities and o f the Stocks and Bonds o f R ailroads and other Lykens
Mar. Col. & N o.. March
21,886
6,656
4,267
11,480'
Companies. I t is published on the last Saturday o f every Memphis &Chas. 3d wk May
27,664
635,496
26,724
611,143
other month—viz. , January, M arch, M ay, July, Septem ‘ Mexican Cent.. 3d wk May
89,106
86,215 2,286,609 1,832,230
Guad’jara Br.. 3d wk May
5,936
ber and November, and is fu rn ish ed w ithout extra charge
Tampico Div. March..
29',22'i
13,193
' ‘ è ‘,733
16, Ì2 0
to all regular subscribers o f the Chronicle. E x tra copies *Mex. N. (aUlns) April........ 161,933
738,454
155,126
592,885
are sold to subscribers o f the Chronicle at 50 cents each ‘ MexicanRaUwy WkMay 12
71,500
77,000 1,462,834 1,3C ? ,866and to others at $1 p er copy.
1 MU.L.Sh.&West. 3d wkMay
54,735
789,763
70,715
978.244MUwaukee&No. 3d wkMay
365,087
18.495
16,925
346,138
Minneap.& St. L. April.......
118,650 133,067
414,645
516,349
MobUe & Ohio .. AprU
169,174 154,407
RAILROAD EARNINGS.
785.422
780,38®Nash. Ch. &St.L. AprU.......
232,263 222,720 1,009,037
960,008
NatchezJac.&C April.......
10,261
51,589
10,536
52,965"
Gross Earnings to Latest Dates.— The latest railroad earn New
Brunswick. March___
74.495
175,603
67,588
161,962-'
ings and the totals from Jan. 1 to latest date are given below N.Y. Cen. &H.R. A prU ..... 2,748,77712,901,740 10,901,573 10,991,091
for all the railroad companies whose reports can be obtained N.Y. L. E. & W.. April___ 2,112,656 2,048,997 8,181,538 7,982,027"
N.Y.&NewEng. April____
410,325 411,351 1,567,257 1,563,752N.Y.&Northem 3d wkMay
Latest Earnings Reported.
11,949
11,555
Jan. 1 to Latest Date.
N.Y. Ont. & W ... 3d wk May
R o ads .
557.423
32,677
492Ì71®
27,995
N.Y.
PhUa.&N’k
A
pril...
1888.
49,620
175,961
1887.
1888.
41,877
161,384=
1887.
N.Y. Sus. & W ... IApril.......
106,381 107,171
448,926
402,64®
Norfolk & West. 3d wkMay
94,057
$
77,573 1,846,631 1,451,36®
$
N’theastm (S.C.) March
Allegheny Val. . AprU___
163,519 163,606
66,964
194,577
55,594
634,854
168,251
618,856 NorthernCent’l.
Atch. T. & S. Fe, March... 1,233,238 1,762,628 3,373,844 4,311,683
April..
486,614 513,560 1,819,887 2,031.519Atlanta & Char. March...
Northern Pacific 3d wk May 319,784 225,347 5,239,621 3,913,781
111,342 111,971
360,762
340,287
Atlanta &W.Pt.. April___
74,669
29,406
31,373
76,523 1,379,231 l,516,89h
146,372
136,143 Ohio & Miss....... 3d wkMay
Atlantic & P a c.. 3d wk May
8,291
64,272
137,412
68,317 1,042,715 1,107,840 Ohio River....... 3d wkM ay
7,399
94,77®
B.&O.East. Lines April
Ohio
Southern.
AprU.
.
.
.
36,751
1,182,461 1,215,221
198,100
45,090
195,950
Western Lines. AprU
Omaha & St. L .. March.. . .
32,589
371,229 363.952
95,178
Total............ April
Oregon Imp. Co. February.. 384,745 232590
727,624
1,553,690 1,579,173
495,941
Balt. & Potomac April
Oreg. R.&N.Co. March.......• 558,733 457,103 1,276,578
123,009 115,712
480,176
972,202
453,922 Pennsylvania...
Beech Creek... April
April..
4,650,045 4,342,834 17,750,040 16,593,82686,172
338,333
75,068
240,595
Buft.Roch.& Pitt 3dwkMay
PeoriaDec.&Ev.
2d
wk
Apr
11,3751
13,173
33,938
42,112
694,059
726,885
Bur.C.Rap.&No, 3d wk May
42,243
53,790
959,776 1,089,464 Phila. & Erie. . . . April........ 329,481 314,531 1,102,323 1,158,380
Cairo V. & Chic. 3d wk May
Read’g. April........ 1,833,320 1,751,844 5,449,225 6,600,50®
14,145
16,837
259,658
264,763 PhUa..&
CaL Southern... 3d wk May
Coal & Iron Co. AprU........ 1,217,994 1,204,578 2,912,909 4,643,928
35,532
30,560
742,683
604,179
iCamden & Atl’c April
Tot.bothCo’8..
April........ 3,051,314 2,956,42
39,965
8,362,125 11,244,433
41,949
139,672
132,401 Pitts. & West’m . 3d
Canadian Pacific 3d wk May 192.000 208,000 4,277,308 3,346,793
wk May
36,902
662,730
34,280
725,771
Cp.F’r &Yad. Val April
P’rtRoyal&Aug.
March......
39,467
22,104
114,877
43,508
110,514
18,929
105,034
86,617 Pt.R ’al& W.Car. M arch.....
Carolina Cent... April,
37,542
34,107
30,904
104,179
92,08®
32,903
184,138
173,554
Cen.RR.&Bg.Co. April
46,641
470,622 386.349 2,312,615 1,972,935 Rich. &AUegh’y. AprU........
175,367
46,005
170,016
Central Iow a__ 3d wk May
R&W.P.Ter.Co—
27,299
26,910
506,217
Central of N. J .. AprU........ 1,006,326 987.349 3,730,301
Rich. ifeDanv. 3d wkMay
89,525
79,27
1,877,138 1,622,76V
Central Pacific. February.. 1,091,243 717,233 2,185,294 3,373',843
Va. Mid. D iv.. 3d wk May
36,825
35,550
643,807
572,2531,519,403
Central o f S. C. March.......
C.
C.
&
A.
Div.
3d
wk
May
13,800
9,519
13.175
361,088
315,885
7,839
31,650
24,147
Charlest’n &Sav March.......
Cel. & Gr. Div. 3d wk May
7,300
60,417
6,600
250,337
215,053
48,599
169,098
149,375
Cheraw & Dari. March.......
West. N. C. Div 3d wk May
15,075
6,954
15.175
254,404
256,201.
7,141
24,490
23,740
Ches. O. &S. W .. April____
W. O. & W.Div. 3d wk May
2,550
2,600
138,578 127,364
40,743
36,11®
615,729
549,969
Eliz.Lex.&B.S M arch.....
Ash.
&Sp.
Div.
3d
wkMay
1,800
75,634
1,000
39,774
16,85®
81,638
237,933
226,709
Ches. & Lenoir.. M arch.....
Total aU---- 3d wk May 166,875
153,375 3,363,085 2,016,227“
7,368
5,653
23,232
17,766
Chic. & Atlantic. 3d wk May
Rome W. & O g .. AprU........ 251,507 237,986
46,953
939,673
878,32332.733
809,529
791,656
Chic. Burl. &No. March.......
32,085
V3,323 282,398
33,536
729,335
752.09R
347,282
621,503 TTSt.L.Alt. &T.H. 3d wk May
Chic. Burl. & Q.. March....... 1,211,188 2,952,682
Branches........3d wkMay
19,410
15,796
337,33®
342,356
4,569,<01 6,785,302
Chic. & East. 111. 3d wk May
St.L.
Ark.
&
Tex.
3d
wk
May
47,517
39,271
45,197
771,130949,538
42,984
754.398
734,606
Chic. & Ind. Coal 3d wk May
St.L.&SanFran. 3d wkMay
88,300 101,738 1,917,901 2,065.177
8,320
7,390
193,990
140,018
Chic. MU. & St.P. 3d wk May 372.000 411,037 7,923,500
26,736
32,190
460,11®
425,572
8,426,380 St.Paul&Duluth 3d wkMay 810,359
Chic. & N’thw’n. AprU....... 1,954,885 1,839,334
686,658 2,584,524 2,260,521
7,100,199 7,531,470 St.P.Min. &Man. April........
Chic. & Oh. Riv. A p r il.....
S.Ant.&Ar.Pass.
3d
wkMay
21,975
4,294
338,681
4,503
14,504
22,109
Chic. St.P. &K.C. April.......
52,706
67, i l l
172,711
178’,ib a
158,888
86,385
596,901
350,377 Scioto VaUey— March____
Chic. St.P.M.&0. AprU.......
57,868
496,246 540, J75 1,760,402 1,860,402 Seab’rd & Roan. April........
228,213
49,698
192.456
Chic. & W. Mich. 3d wk May
65,000
ShenandoahVal. April........
28,161
65,088
244,562
250,789.
28,281
509,890
512.294
Cin.Ind.St.L.&C. April.. ..
South Carolina.. AprU.......
76,294
201,751 202,743
74,791
458,992
401,59®*
821,941
850.294 So.
Cin.Jack. &Mac. 3d wk May
Pacific Co.—
9,722
7.733
171,140
151,091
Cin.N. O. &T. P. 3d wk May
Gal.Har.&S.A.
M
arch
.....
349,305
252,353
62,569
698,24®
938,970
56,979 1,307,170 1,202,982
■Ala. Gt. South. 3d wk May
Louis’a West.. March.......
90,150
66,374
24,436
227,424
181,365
25,241
580,848
555,411
N. Orl. & N .E . 3d wk May
Morgan’s
L&T.
March.......
480,947
331,723
11,573
1,371,440
997,9548,921
322,303
250,615
Vicksb. & Mer. 3d wk May
N. Y. T. & Mex. March.......
7,750
12,061
5,843
23,437
31,87®
7,939
180,903
197,389
Vicks. Sh. & P. 3d wk May
Tex. &N.O rl.. M a rch ..... 137,685 102,896
6,079
340,251
266,987
7,234
189,296
193,130
Erlanger Syst. 3d wk May 110,500 106,314
Atlan’c system March....... 1,065,836 765,407 2,901,518 2,176,42®
2,580,519
2,399,526
Cin.Rich. &Ft. W. 3d wkMay
Pacific system March....... 2,827,054 2,270,408 7,700,927 5,602,092
7,336
7,393
154,822
149,111
Cin. SeL&Mob.. AprU.......
Total of aU.. March
3,892,890 3,035,814 10,602,446 7,778,5157,726
6,071
35,310
32,059 Spar.
Cin. & Spring’d. AprU........
Un. &Col. March.......
9,667
5,445
88,058
29,551
20,550
90,613
358,581
344,488
Cin. Wash. &Balt. 3d wk May
StatenIs.Rap.Tr AprU........
53,994
52,450
35,408
181.332
178,015
34,857
774,475
784,033
Cley. Akron &CoJ 2d wk May
Summit
Branch.
A
p
r
il___’
102,692
12,745
101,458
479,298
363,74®
11,053
211,862
191,036
d e v . & Canton AprU........
83,104 2,273,081 2,116,369
31,843
32.952
115,701
111,072 Texas & Pacific. 3dw kM av 106,656
Clev.Col.C.&Ind April.-.___ 301,520 317,389 1,282,776
11,568
8,596
226,697
187,881
1,321,049 Tol.A.A.&N.M’h 3d wk May
Whole system, April........ ! 540,285 551,824 2,261,062 2,297,491
Tol. &Ohio Cent. !3d wkiMay
19,106
16,565
434,866
366,476
d e v . & Marietta 3d wk May
Toi. P. & W est.. 3d wk May
19,546
21,306
337,391?
4,948
326,216
5,129
101,926
118,746
Coeur d’Alene March.......
Union Pacific.. . March....... 2,513,108 2,571,365 6,158,878 5,984,632
31,101
Color. Midland.. 3d wk May
VaUey of Ohio.. .April........
54,038
52,156
201,373
198,08®
37,347
466,682
Col. & Cin. M id. 3d wk May
Wab.
Western__3d wkMay
102,426 113,867 1,940,460 2,210,774
6,568
4,295
112,471
112,977
Col. Hock.V. <feT, 3d wk May
Wab., E. of Miss M arch..... 500,623 595,164 1,385,277 1,517,149
66,391
52,263
992,565
1,052,481
C.&Hock.C.&. I, March....... 118,442
Western of Ala.. April........
29,406
31,372
165,515
154,677"349,846
Denv. & Rio Gr 3d wkMay 150.000 142,300 2,645,684
52,600
47,500 1,039,529
935,378
2,679,355 W estN .Y.& Pa. 3d wkMay
Denv. & R. G. W. 3d wk May
iWest
Jersey_
_
AprU..........
114,901
100,372
22,275
387,543
355.457
15,275
449,305
348,916
Den. Tex.&Gulf. March.......
52,297
30,328
21,230
171,682
109,093
14,873
65,787
43.835 W.V.Cen.&Pitts. A prU ......
Det.Bay C.&Alp, 2d wk May
&L. E. 3d wk May
16,567
11.980
9,704
337,801
272,67®
9,913
157,607
141,645 Wheeling
Det.Lans’g& No. 3d wkMay
WU. Col. & Aug lMarch___
75,857
65,617
16,279
236,715
205,054
22,237
346,955
411,424
Duluth S.S.&Atl. 3d wk May
67,276
54.981 1,279,533 1,208,64®
27,193
35,070
373,927
308,700 (»Wisconsin Cen l3d wk May
E;Tenn. Va.&Ga. 3dw k May
93,146
84,498 2,075,032 1,844,329
Evans. & Ind’plis 3d wk May
1
And
branches.
*
Mexican
currency.
4,375
4.383
82,280
84,721
Evansv. & T. H. 3dwk May
14,900
17,063
308,361
302,618
IFIncluding Indianapolis & St. Louis.
Flint & P. Marq. 3d wk May
50,852
51,689
967,775
966,662
a AU lines included.
Fla. R.&Nav.Co. 3d wk May
20,989
18,959
432,489
425.599
tFt.W.&Den.Cty lstwkMay
16,798
t Construction earnings in April $731, against $13,361 last year.
14,012
276,678
206,209
Georgia Pacific. 2d wk May
25,789
20,715
454,200
386,155
Gr.Rap. &Ind... 3d wk May
Latest Gross Earnings by Weeks.—The latest weekly
41,300
41,880
813,182
816,628
Other lines__ 3d wk May
3,751
3,358
74,227
51,869 earnings in the foregoing table are separately summed up
Grand Trunk... WkMay 26 357,761 369,659 6,436,384
7,063,256
Ho us.&Tex. Cen 2d wk May
50,598
33,135
765.916
794,742 as follow s:
Humest’n &Shen A prU ......
9,500
10,494
45,661
47,131
Bl.Cen. (IlL&So) April........ 859,196 793,761 3,571,382 3,544,112
Our final statement of earnings for the third week of May.
CedarF.&Mm. April........
6,635
10,046
25,732
36,031 covers 74 roads, and shows a gain of $110,371, or 2-90 percent,
Dub. &Sioux C. AprU____
67,455
59,729
271,468
246,478
Ia. Falls &S. C. A p r il.......
50,743
43,778
243,142
196.688 over the corresponding week last year:
Ind. Bloom. &W. 4th wk Jan
52,042
58,962
187,365
202.600
Ind. Dec. & Spr. AprU........
24,408
26,671
102,035
135,808
Ind. & St. Louis. 3d wk May
32,085
33,536
3d week o f May.
1888.
1887.
729,335
Increase. Decrease.
752,092
Jack. T. & K. W. February.
57,947
53,912
107,196
111,488
Kanawha& Ohio lstwkMay
3,418
3,216
84,770
41,769
9
K . C.Ft.S.&Mem. 2d wk May
70,572
84,570 1,469,612 1,667,063 Prev’ly report’d (25roads) 1,808,360 1 , 7 0 256| 199,316
99,212.
Kan. C. Cl. & Sp. 2d wk May
3,900
3,300
64,272
68,3171
87,683
92,175 Atlantic & P a cific.........
4,045
Kentucky Cent. AprU........
68,737
Burl.
C.
R.
&
Northern...
77,399
42,243
289,124
53,790
286,049
11,547
Keokuk & West. 3d wkMay
4,362
5,678
14,145
16,837
116,739
115,908 Cairo Vin. & Chic.............
2,692*
Kingst’n & Pern. 3d wk May
3.526
3,470
35,532
62,729
30,560
49,022 California Southern........
Knoxv. & O hio. April........
36,757
29,439
192,000
160,434
139.892 Canadian Pacific........._...
208,000
16,00®
Lake E. & West. 3d wk Mayi
36,499
35,668
27,299
696.917
738,748 Central of Iowa ....... .
26.910
Lehigh & Hud.. AprU........ I
19,924
20,269
67,650
45,197
42,984
81,987 Chicago & East. Ills . . . . . .
Leh &WilB.Coal April .
I 689,500 698,696
Chicago
&
West
M
ich..
.
.
.
28,161
28,281
12®
L. Rock & Mem 3d wk May I
9,917
11,249
9,722
283.2351 303.990 Cincinnati Jack. & Mack.
7,733
1,989
TH E CHRONICLE.
706
3d week o f May.
d n . N. O. & Texas Pac. -Alabama Gt. Southern..
New Orleans & N. E —
Vicksburg & Meridian..
Vicksburg ShreV. & Pac.
C ib. Rich. & F. W ............
Cih. Wash. &. Balt...........
Cleveland & Marietta.......
■Cól. & Gin. Midland.........
Col. Mock. Val. * Tol.......
Denver & R. GrandeWest.
Duluth S. S. & A tlantic...
Ràst Tenn. Va. & Ga........
Evansville & Indianap...
Evansville & T. H ...........
Flint; & Pere Marquette..
Florida Ry. & Nav...........
Grand Rapids & Ind........
Otber lines....................
*Grand Trunk of Canada.
Keokuk & Western...........
Kingston & Pembroke...
Lake Erie & W estern___
Little Rock & Memphis...
Louisv Evans. & St. L ...
Louisville & Nashville__
Memphis & Charleston...
Norfolk & Western...........
Ohio ¿ Mississippi...........
Ohio R irer........................
Richmond & Danville---Virginia Mid. D iv___...
Char. C. & A. D iv..........
Cól'. & Gr. D iv................
West North Car. D iv__
Wash. O. & W. D iv........
Ash. & Spar. D iv...........
iSt. L. Alt.&T. H.,M. Lines
8t. L. A lt.* T.H..branches
"Tol. Peoria & Western__
Total (74 roads).............
JSTet increase i2'90p. c )...
[V ol. XLVL
i
1888.
$
62,569
24,4 6
11,573
5.843
6,079
7,336
3?,408
4,«48
6,568
66,391
22.275
27,193
93,146
4,375
14,900
50,852
20,989
41,300
3,751
341,796
4,362
3,52ri
36,499
9,917
20.312
280,510
27,664
.94,057
74,669
8,291
89,525
3 «,825
13,800
7,300
15,075
2,55C
1,80C
32,085
19,411
19,546
1887.
$
56,979
25,241
8,921
7,939
7,234
7,393
34,857
5,129
4,295
52,263
15,275
35,070
84,498
4,383
17,063
51,689
18,959
41,880
3,358
35«,782
5,678
3,470
35,668
11,249
18,793
289,045
26,724
77,573
76,5ü3
7,399
79,275
35,550
13,175
6,600
15,175
2,600
1,000
33,536
15,796
21,306
3,919,382 3,809,011
Increase.
$
5,590
2,652
551
2,273
14,128
7,000
8,648
.
2,030
____
393
56
831
1,519
940
16,484
........
892
10,250
1,275
625
700
r_____
800
3,614
............
290,130
110,371
Decrease.
$
805
2,096
1,155
57
181
7,877
8
2,163
\ 837
580
13,986
1,316
1,332
8,535
1,854
100
50
1,451
1,760
179,759
* For week ending May 19.
f including Indianapolis & 8t. Louis.
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,
but not kept standing from week to week. The first state
month and fiscal t e a r .
,-------- A vril.-------- .
1888.
1887.
-July 1 to A pril 30.1887-8.
1886-7,
Roads.
East Tenn. Va. & Ga Gross. 416,674 362,766 4,737.914 3,987 763
51.439 1,709,926 1,493 ,862
N et... 140,873
29.439
413,366
335 ,689
36,757
‘ Knoxville & Ohio .Gross.
4,928
153,824
130, 998
N et...
17,718
Louisv. & N ashv.... Gross. 1,204,415 1, 177,743 13,677.127 12,565, 754
362,013 385,056 5,092,627 5,022 440
N et...
Memp. & Charleston .Gross. 120,967 117.293 1,531,549 1,376 361
18,244
430,246
444, 024
19,132
N et...
Northern Pacific__ .Gross. 1,444,868 1 121,005 12,698,902 10,591 129
N et... 627,449 539,643 5,362,022 4,992 ,530
Ohio & Mississippi.. .Gross. 270,079 300.294 3,395,545 3,394 ,349
98,764 1,106,832 1,151 ,618
56,638
N et...
.......... .
Pittsburg & W est... .Gross., 153,168 175,139 1,674.647
39,797
40,305
462,057
............
N et...
,------- A pril.-----f—O c. 1 to A pril 30.-%
1888.
1887.
1887-8.
1886-7.
Roads.
$
$
N. Y. L. E. & W est...Gross. 2,112,656 2,048.997 15,354,592 14,869,671
Net... 717,125 689,123 5,196,541 5,201,011
Net less rentals. 532,747 508,248 3,844,354 3,880,638
859,112
731,915
N.Y. Ont. & Western.Gross. 131,992 118,268
12,483
15,435
75,183
65,866
Net...
Rome Wat. & Ogden.Gross. 251,507 237,986 1,799,067 1,660,566
715,302
99,650
93,578
750,688
Net...
,---------April.------- ■>r-Dec. 1 to A pril 30.-%
1888.
1887.
1887-8.
1886-7.
$
$
Roads.
$
$
7,161,881
8,177,219
1,833,320
1,751,844
Phila. & Reading....Gross.
Net... 882,689 914,568 2,779,548 3,960,599
Coal & Iron Co.......Gross. 1,217,994 1,204,578 4,486,331 5,986,453
84,071
34,250 df. 228,618
Net... 118,426
Total both Cos.......Gross. 3 051,314 2,956,422 11,651,213 14,163,671
Net... 1,001,115 948,817 2,552,929 4,044,670
r-M ar. 1 to Apr. 30.-%
-----1887.
188sfPríZ’ 1887.
1888.
Road.
$
$
$
101,554
57,868
49,698
118,776
Seaboard & Roanoke.Gross.
22,943
20,609
44,110
43,179
Net...
* Included in East Tennessee.
ANNUAL REPORTS.
Pacific Mail Steamship Company.
ment includes all roads for the latest month and from Janu
( F or the yea r ending A p r il 30,1888.^
a ry 1, 1888; following that we give the totals for the fiscal
The report of Mr. George J. Gould, President, states that
year on those companies whose fiscal year does not correspond
the results of the company’s business for the fiscal year end
w ith the calendar year.
ing April 30, 1888, are gratifying, as evidencing a decided
improvement over those of the preceding year, and in view of
MONTH AND CALENDAR TEAR.
.—Jan. 1 to k wril 30.—\ the continuance of competition in various forms on all of its
,-------- Apri
lines. “ For, in considering the net earnings o f $440,428, it
1887.
1888.
1887.
1888.
must be borne in mind that they remain after the sum of
$ ...
$
$
Roads.
$
634,854
618,856 $326,047 has been expended for extraordinary repairs on the
Allegheny Y alley___Gross. 163,519 163,606
261,935
218,247
63,343
72,640
steamships “ City of Peking” and “ Colima”—work which
N et...
516,541 was necessary and which resulted in putting those vessels in
630,913
•California Southern.. Gross. 158,314 132,460
254,094 first-class condition. Notwithstanding these heavy expendi
181,773
62,159
33,507
Net...
Canadian Pacific.......Gross 1,034,586 850,399 3,642,308 2,723,793 tures, the net results are earnings o f about 2% per cent, in the
487,878
236,453
N et... 249,679 232,456
face of very adverse circumstances. These circumstances
173,554
32,903
184,138
34,107
Carolina Central ....G ross.
60,077
56,743 have been—a continuance of the rate war overland, practically
1,028
4,015
N et...
302,441 up to the end of 1887—the opposition of a Spanish-American
387,455
75,619
D enver* R. G.West’n. Gross. 103,043
75,980
26,212
9,379
65,613 line on the West Coast of Central America and Mexico for
N et...
E. Tenn. Ya. & G a .. .Gross. 416,674 362,766 1,793,299 1,595,918 the same period, and the opposition of the steamers of the
594,123
433,461 Canadian Pacific Railway Company on the Trans-Pacific Line,
51,439
N et... 140,873
160,434
139,892 which still exists.
29,439
36,757
‘ Knoxville & Ohio.Gross.
66,915
4,928
56,488
17,718
N et...
“ The gradual raising of rates between New York and San
77,400
289,891
286,050 Francisco overland during the past few months has been
69,504
Kentucky Central...Gross.
29,703
94,181
23,360
98,496
Net...
been availed of by this company to similarly increase its rev
Louisv. & N ashv___Gross. 1,204,415 1,177,743 5,052,829 4,903,047 enues from that traffic via the Isthmus of Panama. By vig
362,013 385,056 1,571,808 1,793,420
N et...
809,419
690,087 orously meeting the operations o f thé Spanish-American
Louis. N. Orl. & Tex Gross. 159,774 124,942
12,444
212,505
24,360
194,014 steamers in Central America and Mexico, that opposition has
N et...
548.141
526,731 been removed and its vessels have been driven off the coast—
Memp. & Charleston .Gross. 120,967 117.293
86,403
18,244
19,132
131,573 not, however, without some temporary loss of earnings in that
Net ..
N.Y. L. Erie & We st.. Gross. 2,112,656 2,018,997 8,181,538 7,982,027 quarter. On the trans-Pacific line, the company has to face
N et... 717,125 689,123 2,676,174 2,609,719 the competition of steamers indirectly sustained by the heavy
Net less rentals................ 532,747 508,248 1,974,643 1,908,469
governmental subsidies granted to the Canadian Pacific Rail
462,398
404,806
N.Y. Ontario & West.Gross. 131,992 118,268
*
*
*
*
20,169
12,483
15,435
Net ..
29,362 way Company.”
“ There is no question in the minds of the managers that its
Norfolk & Western...Gross. 396,512 322,671 1,544,423 1,223,770
610,569
Net .. 139,284 124,213
488,676 fair share of the trans-Pacific business can be retained by the
Northern Pacific.......Gross. 1,444,868 1,121,005 4,291,736 3,248,833 company, but only through the employment of adequate ton
N et... 627,449 539,643 1,230,436 1,022,404 nage on that route to replace its present steamers.
To that
Ohio & Mississippi...Gross. 270,079 300.294 1,158,504 1,297,238 end tenders have been solicited from the most prominent
98,764
282,193
56,688
N et...
425,468 builders on both sides of the Atlantic for two steel steamers
Philadelphia* Erie.Gross. 329,481 314,531 1,102,323 1,158,380 of the most improved type, to be equipped with triple expan
145,085 124,927
403,458
484,272
Net..
sion engines, water ballast, electric lights and ocher modern
Phila. & Reading— Gross. 1,833.320 1,751,844 5,449,225 6,600,505 appliances. This will, of course, entail the outlay of a con
1,985,916
3,292,307
Net... 882,689 914,568
Coal & Iron Co.......Gross. 1,217,994 1,204,578 2,912,909 4,643,928 siderable sum, to provide which, without imposing too great
118,426
34,250 df.180,415
105,721 a burden on the resources of the company, is engaging the
Net .
*
*
*
*
Total both C os.......Gross 3,051,314 2,956,422 8,362,135 11,244,433 serious consideration of the managers.”
Net.. 1,001,115 948,817 1,805,501 3,398,026
“ As this report is being prepared we are advised of the strand
555,804
622,929 ing of the steamship City of Para on Old Providence Island,
153,168 175,139
Pittsburg & W est... .Gross
142,402
40,305
133,850 West Indu s.
39,797
Net..
*
* Outside of this unfortunate occurrence
939,673
878,323 the company has met with no losses during the year, has no
251,507 237,986
Rom e W’town & Ogd. Gross
347,559
93,578
331,196
99,650
Net..
bonded or floating indebtedness (except for current expenses),
228.213
49,698
192,456
57,868
Reah’r d * Roanoke..Gross
83,976
63,864 and has set apart $100,000 as an insurance, or reserve fund, to
20,609
22,943
Net..
provide against just such mishaps as that to the City of Para,
,---------March.-------- » r—Jan. 1 to March 31-%
referred to above.”
1888.
1887.
1888.
1887.
The present report, like that o f last year, contains no bal
Road.
$
$
$
$
642,334 685,724 1,739,848 1,762,896 ance sheet of assets and liabilities.
Clev. Col. Cin. & Ind.Gross
The earnings and expenses for three years were as follows:
424,683
Net..
185,050 257,490
555,285
TH E CHRONICLE*
i f J u n e 2, 1888.1
EARNINGS.
1885-86
Atlantic Line..............
$957,810
1,603,536
Panama Line.........
Trane-Pacific Line............
1,534,272
166,414
Australian Line...............................
Anstralian and N. Zeal, subsidies.
48,788
Cent. Am. and Mexican subsidies.
101,000
Hawaiian Government subsidy..
2,667
Interest and divs. on investments
21,253
Miscellaneous.......................
44,198
1886-87.
$766,080
1.368,882
1,282,317
1887-88.
$807,011
1,778,275
1,334,384
101,334
101,633
70,904
43,854
16,712
40,532
Total........................................... $4,479,939 $3,633,371 $4,078,547
EXPENSES.
Atlantic Line............. ...
Panama Line.................
Trans-Pacific Line.. . . . . .
Australian Line...............
Agencies..........................
Miscellaneous expenses.
....
T o t a l..................a........ .........
Net earnings____ ______
1885-86.
$608,065
1,080,241
714,100
149,490
457,367
170,191
1886-87.
$690,166
1,357,949
682,821
1887-88.
$602,170
1,421,307
714,189
435,838
171,064
406,751
493,702
$3,179,454 $3,337,838 $3,638,119
$1,300,485
$295,533
$440,428
The following were the proportionate earnings of the sev
eral lines from freight and passengers in 1887-8 :
Atlantic Line..................................
Panama Line.................................
Trans Pacific Line.........................
Total.........................
Passengers.
$142,840
364,926
698,169
$1,205,935
Freight.
$664,171
1,413,348
636,216
Total.
$807,011
1,778,275
1,334,384
$2,713,735 $3,919,670
St. Lonis Alton & Terre Haute.
(F or the yea r ending December 31, 1887.)
The annual report for 1887 gives the earnings of the main
line and Alton Branch, 193 miles (leased), as follow s:
From—
Freight.,........................................
Passengers........ ............................
Mail........................
Express...........................................
Miscellaneous.......................
1885.
$835,012
316,899
23,293
33,534
60,972
T o t a l........ I....... ..................... $1,269,712
1886.
$850,079
331,178
22,850
37,637
36,601
$1,278,345
1887.
$1,002,977
401,221
20,510
37,828
45,788
$1,508,324
The gross earnings of the branches and leased lines operated
"by the company and known as the “ Cairo Short Line ” aggre
gate for the year $962,480, 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 c e n t; for taxes,
3 per cen t; for rent of leased roads, 26 6-10 per cent, leaving
as net profit, 19 3-10 per cent, or $185,518.
CAIRO SHORT LINE DIVISION.
The earnings, expenses and rentals were as follow s:
1885.
Gross earnings........... ..................... $766,316
Operating expenses and taxes....... 397,347
1886.
$303,990
408,895
1887.
$962,480
521,079
707
Boston Concord
& Montreal.
(F o r the yea r ending M arch 31, 1888. ^
At the annual meeting of the stockholders of the Boston
Concord & Montreal Railroad, held at Plymouth, N. H., th e
report of the directors was_ presented and contained the fol
lowing :
“ A t the last annual meeting of the stockholders resolution»
were unanimously adopted approving the action then taken,
by the directors to obtain possession and control of our road
and other property. W e 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 meeting we ascer
tained that the Boston & Maine Railroad had obtained from
the Boston 8c Lowell Railroad full possession and control of
our railroad property.” ‘ * * * “ Proper legal proceeding»
have been instituted to dispossess the Boston & Maine Rail
road of its unlawful control of our property.” * * “ Before
the completion o f the evidence the Boston & Maine and Bos
ton & Lowell railroads concluded an agreement with us,
which provided, among other things, that those corporation»
should, in all respects and without delay, put our road into a
safe and proper condition.” * * * “ They also agreed that
the suit how pending in the United States Court should be
at once remanded to the Supreme Court o f 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 o f the Boston Concord & Montreal
shows the follow in g:
RECEIPTS.
Balance from last year................................................................... $65,592
Rent from Boston & Lowell March 3 1 ,18 8 8 .............................. 279,500
2,500
Rent from Boston & Lowell on account of organization............
Interest....................................... 1...................................................
576
Total receipts.......................................................................... $348,168
EXPENDITURES.
Paid coupons, interest, & c ............
$223,070
Preferred stock dividends...............................................................
37,347
Pemigewasset Valley dividends...................................................... 30,204
Sundry expenses...............................................................................
5,149
Balance....... ..................
52,398
Total expenditures.................................................................. $348,168
Denver Texas & Fort Worth.
(F o r the yea r ending December 31, 1887. ^
Net earnings.............................. $368,968
$441,401
Mr. Sidney Dillon, President of this new road, which form »
$395,094
Rent lea 3ed roads............................. 203,381
214,482
255,883 part of the important through route between Denver and.
$180,612
$185,518 Galveston and New Orleans, via Fort Worth, has just issuedNet revenue......................... ....$ 1 6 5 ,5 8 7
The sources of net revenue as divided up among the several the first report to stockholders, at follows :
“ Under date of May 10, 1887, your company executed adivisions were as follows :
contract with the Colorado & Texas Railway Construction
Irom —
1886.
1887.
Belleville Branch, separate earnings................... $53,621
$41,495 Company, a corporation duly organized under the laws of tjie
Same, contributed by leased lines.......................
59,649
64,888 State of Iowa, whereby the said Construction Company
Leased roads after deducting expenses and
agreed to build and equip your line of railroad and telegraph
ren ts.....................................................
67,34179,135
from Pueblo, Colorado, to the Texas State Line, at a point of
Total.................................................................. $180,612
$185,518 connection with the Fort W orth and Denver City Railway,
Of the Chic. St. L^uis & Paducah Railway, the report says : and also to construct and equip branches to the different coal
“ The proposed extension of the St. Louis Southern Rail properties and from Trinidad to Long’s Canyon, in all about
road, or Marion Division, referred to in our last annual report, 275 m iles; and your company agreed to pay for the same
Is now well under way, and will be completed in the fall of $19,000 per mile in first mortgage bonds and $20,000 per mile
1888. It is being built by the Chicago St. Louis & Paducah in capital stock for each mile of road so constructed and
•Railway Company, and extends from Marion in Williamson equipped.
“ By a modification of said contracts, however, authorized b y
County, III., to the Ohio River at Metropolis, thence up the
river to the village of Brooklyn, Massac County, III., opposite your board of directors under date of June 2, 1887, your com
to the city of Paducah, Ky. Trains will b8 transferred be pany, in conjunction with the Denver Texas & Gulf Railroad
tween Brooklyn and Paducah by ferry. The length of this Company and the Fort Worth & Denver City Railroad Com
new road will be about fifty-four miles, and when completed pany, entered into a contract Jby-which they as reed to lay a.
and connected with our present system will form the only third rail upon the narrow gauge track of the Denver & Rioand most direct line from Paducah to Chicago, St. Louis, the Grande Railroad Company between Trinidad, Walsenburg andi
Pueblo, which obviated the necessity o f the construction of
West and Northwest.”
During the year 1886 the company was obliged to borrow about 105 miles of the main line.
“ The construction of the remaining portion of the line under
money to pay the arrears of interest which the New York
Court of Appeals finally decided must be paid on the first contract was rapidly pushed by the construction company,
mortgage bonds belonging to its sinking fund. It paid $75,- and on the 14th day of March, near Folsom, New Mexico, the
000 of that loan during the year 1887, leaving $50,000 still last rail was laid and the last spike driven, c’osing the gap
and completing the connection between the cities of Denver
unpaid.
•
The general results of the year for the St. Louis Alton & and Fort W oith ©ne year and two months ahead of contract
Terre Haute Company are compiled for the Chronicle as time, and making a through standard gauge line composed of:
follow s:
'he Denver Texas & Gulf Rail
GENERAL FINANCIAL RESULTS,
road,
,
1884.
1885.
1886.
1887.
he Denver Texas & Fort Worth ( <, Pan Handle Route.”
Receipts—
$
$
$
$
Railroad,
450,000
Prom-rent of main line....... . 450,000
450,000
450,000
Rental 3 mos. of 1882 & int . 12,867
he Fort W orth & Denver City
165,587
Branches, net over rentals. . 131,018
180,613
185,520
Railway.
5,617
7,726
Prom interest, &c............... .
2,437
2,555
05 miles of main line and 51 of branches, which ha3 been
623,313
Total receipts................ . 599,504
633,168
637,957
pened for business with most gratifying results, as by our
Deduct—
teamship connections and shorter rail haul it offers m or»
469,000
469,000
469.000
Interest on funded debt___ . 469,000
ratoa than it» nomnetitors on all merchandise from
9,903
9,383
Main line expenses............. . 10,444
10,670
23.062
3,070
36,790
Bills payable i etired, &e__
78.9-8 the Eastei n seaboard.
3,760
60,340
4,560
31,581
New equip. & betterments. .
“ Through passenger trains were put upon the line on the 9th
576,800
588.962 day of April, and through freight trains on the 1st day o f
505,725
Total deductions......... . 487,074
117,588
56,368
48,995 April, and the reports already received indicate that the
Balance.......................... . 112.429
172,788
61,710
Dividends on pref. stock... . I l l 078
prospect for business is very flattering. The branches to the
sur. 1,351 def. 55,200 def. 5,342 sur. 48,995 Walsenburg and Long’s Canyon coal mines are also in opera-
708
THE
CHRONICLE.
tion, and the shipments from them ir dicate a very large busi
ness in that commodity.
“ The future prospects for business over your road must be
«considered remarkably good, as it opens up and connects for
business two very productive portions of territory, each of
which desires the products and commodities of the other, and
o f which both supply and demand are practically unlimited.
; 1This is particularly the case with regard to the transporta
tion of the coal and ores of Colorado and the Territories of the
Northwest, which will be carried South and exchanged for the
valuable lumber, cattle and fruits o f the Southwest, which
•are greatly needed in the North.
*•* One very important effect of the completion of your com
pany’s roaa and the opening of the through “ Pan Handle
itoute,” is an entirely new routing of all freight from the
«tidewater points to the State of Colorado and the Territories of
'Utah, Wyoming, Montana and New Mexico, which must hereafter be supplied by this route, as it requires only 1,300 miles
o f rail haul as against 2,200 miles by the old routes, and the
result of this is already seen in ( he amount o f business leaving
■eastern ports by steamer, via New Orleans and Galveston, for
all interior and Northwestern points reached by our line and
■connections.
• “ The passenger and tourist business of the road, going North
in summer and South in winter, will also be very large and
produce a very handsome revenue.
** -All rates adopted by the company into the interior were
■based upon our short mileage, and must give Colorado a great
■impetus, and make it a distributing point for a territory at
¿east 500 miles in diameter.
“ W e firmly believe that the opening of this short route from
Denver to tidewater will build up a manufacturing and com
mercial centre in Colorado, the same as has been built at Pitts
burg Chicago St. Louis & Kansas City.
” Colorado has superior advantages to most o f those places, as
it has the raw material for almost everything needed in all
manufactures where iron, steel, lead, tin, zinc and coal are
the principal factors.
u In constructing the line so rapidly there was necessarily a
■great deal of work upon buildings, coal chutes, permanent
bridges, stock yards, & c„ which could not be completed at the
time the track was connected, but this is now being raoidlv
■done.
J
The road has been very substantially built; the work from
Trinidad west and south o f the Sierra Grande, 100 miles, is
v eiy heavy; especially is this the case with rock work and
bridging, but this has been made so by the determination of
you r company to hold to a one per cent grade.
.
the Raton Mountains,where we rise to an elevation
o f 6,300 feet over tbis portion of the road, the work and
scenery are equal to those o f any mountain road in that
country, and this is the only line which crosses this range on
-O low a grade.
[V ol.
X LY I,
without lecognition. Mr. Greenough intimated that the
present directors had declared a dividend of only four per cent
in order to postpone the return of the common and second
preferred stock to the control of the property, an event that
will occur when the full dividend of five per cent has been de
clared two years in succession. He encouraged the hope that
five per cent woul 1 be declared this year and next. He also
hinted that the company will make a new issue of improve
ment and equipment bonds, the proceeds to be used mainly in
replacing 220 miles o f iron rails with steel, in order to leave
the net earnings applicable to dividends.
Fitchburg— Troy & Boston.—An interesting opinion hag
been delivered by the General Term of the Supreme Court iu
Albany in-the suit of Tillinghast vs. The Troy & Boston Rail
road. This_ decision is to be hailed with satisfaction as one
more point in favor of security-holders against an attempt at
compulsion.
-En action to foreclose was begun in April, 1887, by Charles
W . Tillinghast, one of the trustees, as plaintiff. Answers to
the complaint were interposed by John B. Gale, the other
trustee under the mortgage, and by James R. Plum, as repre
sentative of a syndicate o f bondholders holding over $500,000
of bonds, who were opposed to the foreclosure on the ground
that it was an attempt to shake them cut of their 7 per cent
securities and compel them to accept in place thereof 4 per
cent bonds.
A motion to stay the prosecution of the fore
closure suit was argued before Judge Ingalls of the Supreme
Court in Troy in October, 1887, and it was denied. The.
defendants, Gale and Plum, appealed to the General Term,
and the decision in their favor was handed down May 18.
The opinion was written by Justice Learned, and he remarks
among other things:
the moving parties that the Troy & Boston Railroad
directors have entered into an agreement with the
Company, of consolidation into a new company by
+v^name °* th® last-named company; that as part of that agreement. tne new_ company is to issue $l,5oo,OOO bonds at 4 per cent for
«5
JionS5 9f the Troy &Boston, secured by the mortgage
m . r •> 1874. This appears in the articles of agreement. And
Bodies
that this foreclosure is a scheme by which
J S t r * 618 ° i r e bonds secured by the mortgage of September 7,1874,
new 4 per cent bonds of the new Fitchburg Railroad Company. * * *
are to be deprived of the value of their long investment at 7 per cent
ana are to be compelled to receive cash for their bonds, or at most the
new 4 per cent bonds of the new Fitchburg Railroad Company.
vff state of affaiis, what is fair and just as between those
Dondholders (holding m the aggregate $69,000) who desire to have a fore
closure and those (holding in the aggregate $500,000) who do not?
^ e a n y .it those who desire a foreclosure shall receive all, which they can
optam Dy a foreclosure, without delay or expense, they cannot complain.
jj: tne rroy & Boston Railroad Company shall pay in full these bondnoiders, who wish their bonds to be paid, then the foreclosure ought not
10 ii>rSc.9?d a? ai9st the wish of those interested in the remaining bonds.
though the Troy & Boston Railroad Company do not pay these
Donanolders, yet if others who are co-beneficiaries with them in the
mortgage are willing to pay them, why should not this be allowed? Such
persons make this payment, not as intruders or volunteers forcing them
selves m where they have no rights, but as co-beneficiaries in the mort
gage trust to protect their interests. And when they make this payment
they clearly ^should succeed to the rights of the persons whom they
«in
virtue of agreement executed by your board dated Feb.
I5th, 1887, providing for an exchange of stock of the two connectiDg companies for the stock of your company, the entire
a®it appears that these bonds are above par, and as it is well
a7
es§ days a 7 per cent bond, running thirty-six years,
-management of the through line is placed in the hands of vour
oi a solvent railroad must be above par, it does not need much argu
-Officers and directors.
“ On the 1st of October last, Mr. C. F. Meek, o f Des Moines,
Towa, was appointed General Manager o f the through line,
Denver to Fort Worth, with headquarters at Denver, and has
'£ajled to his aid an efficient staff of officers who are now
operating the road, and devoting themselves to the organiza
tion o f the line and 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 they predict a good pajing
4)usine&Si
“ A ll o f which is respectfully submitted. By order of the
Board of Di-ectors.
[Signed.]
“ S id n e y D il l o n , President.”
GENERAL INVESTMENT NEWS.
Canadian Pacific.—The $15,000,000 50-year
per cent
■land grant loan has been successfully placed by the B «rings
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 interest at
per cent, to constitute 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
fo r 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 proceeds o f the new issue
■or Cleveland & Mahoning bonds are to be used in doubleiir&Gkiog the road between Cleveland and Youngstown.
East Tennessee V irgin ia & Georgia.—Mr. John Greenough
o f the firm of Poor & Greenough, recently addressed a meet
in g of common and first preferred stockholders in London.
He spoke as the representative of the minority interest and
mentioned the fact that the fortunes o f the company are die
■fated by the owners of $6,500,000 first preferred stock, and
¿¡hat the $45,000,000 of common and second preferred was
ment to show that there must be some other motive in beginning this
ioreelosure than that of collecting the money secured by the bonds.
-Luis is not the first instance in which a re-organization of a railroad
company has been attempted by the process of forcing first mortgage
DonanoidCTs against their will to accept a new security at a less interest,
in e stockholders who hold a few bonds can afford the loss of interest on
tnese bonds when they consider the gain to their stock. The difference
between 4 per cent and 7 per cent would make, in this instance, $45,OOO a year.
*
*
*•
’
a Prior mortgagee is attempting to foreclose, there is little
aouDt that a subsequent mortgagee may redeem and be subrogated,
iiiere is no distinction in equity between that case and a case where
tnere are two mortgagees of equal priority and one proceeds to foreclose
to tne injury of the other. For the right comes from the interest in the
mortgaged property and the necessity of paying the debt to avoid injury.
Hence we think that to protect themselves Messrs. Plum 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 thtir bonds. * * *
ln j5.i6 Jtewabove expressed we think that Messrs. Plum and. Gale were
entitled to the relief they nought. They must give public notice of tbeir
readiness to pay in a manner to be prescribed. Ii they shall do this
then plaintiff’ s proceedings must be stayed; and also stayed 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 $l,O0O, 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
amounts will be adjusted in cash. Coupons due Oct. 1, 1887,
and prior thereto, on series “ A ” bonds, coupons due Jan. 1,
1888, and prior thereto, ou series “ B ” bonds, will be paid in
cash to those making the exchange. Arrangements bave been
made whereby these desiiing to do so can dispose of their new
four per cent bonds at par, ex June, 1888, coupons. Time for
making exchange is limited to June 30, 1888. Further in
formation will be givt n by tbe Secretary, Mr. A. G. Hacketaff,
216 Broadway, N. Y.
g « “ For ol/ar railroad news seep age 699.
J u n e 2, 1888.]
THE CH R O N IC LE '
709
C o m m e r c ia l ^ im e c
COTTON.
_
F riday , P. M., June 1, 1888
° ? the.Crop , as indicated by our te le g S n *
from the Southi to-night, is given below. For the week eld in g
|f e eve™ ? I V t t e total receipts have reached 22,556
F r id a y N ig h t , June 1, 1888.
A close holiday on Wednesday and preparations for its bales,agamst 23^601 baies last week, 29,065 bales the previous
week and 36,2*3 bales three weeks since, making the total
observance in the customary manner, were important obstacles
to the progress of regular trade during the past week, even if [ 5,175,88/ bales for the same period of 1886-7, showing an in
the active season had not about come to an end. Continuous crease since September 1, 1887, of 191,424 bales.
COMMERCI AL
f
EPI TOME.
rains, although attended by warmer weather, also contributed
to dulness. 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 decline.
Mr. William H. Trafton, the oldest attache of the commercial
press of New York and a worthy man, died on Wednesday.
Lard on the spot has been very dull, and prices declined, but
the close, though still quiet,is somewhat steadier, at 8*15@8‘20c.
for prime city, 8'65@8*70c. 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 o f swine at Western markets
increased and promised a larger production; but to-day there
was a smart recovery.
DAILY CLOSING PRICES OP LARD FUTURES.
y. Mond'y Tuesday. Wednsd’y. Thursd’y. Friday.
Saturday.
Jana delivery_____
July d e liv ery......
Aug. delivery. -* ....
Sept, delivery.....
Oct. d e livery......
r>
¡8-70
f l
8-71
8-74
g-76
8-76
r - v . -------~ v' v'
|g|
8-61
8-62
8 64
8-67
8-66
_
ggg
®
861
8-65
3
2
|
g-55
8-55
8-58
8-61
g62
8 62
8-65
8-67
864
W
8 ’6 0
8 67
Receipts at- -
14
i
___
- -
I February . . . I l-i5 e
Mar^h *
i , .is .
Anril ..........
| P ........ -‘...1 1 1 5 c
Raw sugars, though not active, ruled about steady and toay the sales included Centrifugal at 3 ^ c., o and f for 96
t 4‘ itieSi 6_q^ °ted ° ^ a '’ |utJ Paid—and Trinidad, 88 deg. test
t 4 11-16c., duty paid. Refined sugars are without change*
classes declined to W c . for 50 deg. test, with more d o S g
* * * , The tea 6aIe «
K
Th “ £
S
Jiiuuou were
w e r e 9xaw
W
pas«.,month
»
y
, “ 7“ hhds. for export, and the stocks h a v e
rgely increased, but prices are well maintained-lues 41//®
— crop, Pennsylvania Havana, 9 ® li^ c !- 150la s ts 1886
op, ®tftte Havana, 6@ 18c.; 150 cases 1886 crop, Wisconsin
avana, 5@10c.: 100 cases 1886 crop, New England Hav*™
@30c., and 3do cases 1886 'c h s f lt a t S , g S u c .. S so 500
les Havana, 60c. @ $110, and 250 bales Sumatra, $125® $i 75c
On
the Metal
Metal ^
Exchan
hnunin
.1
.
On the
c h a n g«re
e b
s inou
e s shoc.
^s k
been'siow
a n l. *pricS
To;day ^ a i t s tin declined sharply selling
19 20c. on the spot and 19-10c. for June. Ingot copper h it
m firm, closing with sales of Lake at 16-60c for jS n t and
III
lead *ia3 been duI1 latterly, and to-day w ls
®apeT h«4-0? ^ ‘ ° a the sp°u Domestic spelter is dull at
,
r
r e more active, but tterms
erm «
1J0n markets aare
__
a
Du private,
DriVflitft. ATI fl OTA Kol lOTTO/1
_ A some
kept
and are believed to be at
further
rection in values; m the meantime, measures to reduce Droction make some progress.
uce propirits turpentine has been more active, but closed auiet at
90^1 ^ S1f 8 have 8180 8old fairly> but were quiet to-day at
f° r ° ° mmo.n t0 good strained. Crude petrol^im
tificates were drooping, and to-day broke down to 771/ c
sing at 77^@ 77^c., under reports o f an increased produc“ool has been fairly active at 30c. for Ohio X fleece and
18c. for new spring clip Texas. Ocean freights ha™ b S n
e active in the matter of grain shipments hut nt inw
s, including to-day Glasgow at 2d., and Antwerp at 3/d
bush., and Barcelona at 2s. per quarter.
'
Tues.
Wed.
Thurs.
Fri.
644
Totati
36
1,485
52
211
297
232
42
4,137] 5,41o[ 3.606| 3,573
1,233“
6,464
152
168
3,398
2932,997
80
329
4
1,960
1,539
804
321
2,831
228
76
3,006l~22ls56
For comparison we give the following table showing the week’s
atal receipts, the total since September 1, 1887, anti the stock
3-night, com D ared w i t h Inat v OQV
’
sto ck
1887-88.
This Since Sep.
Week. 1,1887.
0
n %Mocha
o c h a eat
atm2
2 v S ? ^ 8 The als0
b™ught in
ful1Rio
Pricesmcludng
23J£@23c.
speculation
options
has
atnaoCfclVei. ^ at vanable and unsettled values, closing toay somewhat irregular,
asIUI1UW8
follows; :
S
--<7»— — 9 withBsellers
w io io ao
S ? ....................1SctobeF......................... 11-300.
mT --:................ 13 55c. November....... ll-1 5 e
- ............. 12-65c. I D e ce m b e r .....Il-i5 c:
eptember.......... ll-8 0 c. J January.. . . . . .l l 'i S c .
Mon.
132
Totals
this week!
week 2,-24
otalsthis
Pork has been quiet; mess $14 00@$15 25 for old and newextra prime, $13® $13 25; clear, $16 25@$17 75. Cutmeats
have been steady though inactive; pickled bellies, 7J£@7Vc.shoulders, 7% @ 7% e., and hams, lR S ll^ 'c.; smoked shoulders’
8%c., and hams, 12^@12% c. Beef is dull at $7@$7 50 for
extra mess and $8@$8 50 for packet per bbl.; India mess
quoted at $12@$14 per tierce; beef hams steadv at $15 50@$16
per bbl. Tallow firmer at 4@4 l-16c. Stearine is quoted at
l l @ l l ^ c . Oleomargarine is quiet at 8 ^ @ 8 ^ c . Butter has
declined sharply, but (closes steady at 16® 19c. for creamery
and 12@ 14c. for Western factory. Cheese is lower at 7\i@ 81^c
for new State factory.
X2
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
111'TIA
Sat.
Galveston........
Indianola, &c.
New Orleans...
M obile.............
Florida........ .
Savannah ........
Brunsw’k,<fcc.
Charleston.......
Port Royal,&c
Wilmington. ...
Wash’gton,&c
N orfolk______
West Point, &c
New Y ork........
Boa» o n .............
Baltimore........
Philadelphia, &c
1886-87.
Stock.
This Since Sep. \
1887
Week. 1,1886*. 1 1888.
1,233
651,517
281
6,464
152
168
3.398
293
2,997
80
329
4
1,960
1,539
804
2,831
228
76
1,720,656
203,518
24,305
855,668
75,265
408,652
15,853
167,718
4,929
476,241
513,398
91.755
87,467
44,361
26,008
2,634
465
3
994
1
421
400
56
7
194
110
690
740
236
367
705,937
6,748
1,714,368 119,159 103,869
212,709
9,966
927
23,162
794,144
13,419
3,661
31,730
364,771
5,363
1,200
19,172
76
400
134,303
2,522
1,709
3,834
529,613
16,259
3,412
323,790
3,008
95,739 189,937 195,306
103,743
10,000
4,500
63,518
10,844
4,786
54,354
12,534
19,500
7,599 5,175,897 398,261 346,018
22,556 5,367,311
w ^ o i io u u may ue maae With nthp-r i
give below the totals at leading ports for six seasons.'
Receipts at—
Galveston....
New Orleans.
Mobile..........
Savannah ...
Charlest’n,&e
Wilm’gt’n, &c
Norfolk.......
W t Point, &c
All others___
1888.
1887.
I 1886.
1,233 •
281
6,464
2,634
152
465
3,398
994
3,077
821
333
63
1,960
194
1,539
110
4,400
2,037
1885.
f 1884.
955
7,390
350
1,946
487
265
2,681
626
5,137
535
2,418
282
992
1,232
15
1,535
176
5,399
[ 1883.
5,261
7,341
558
1,952
554
32T
4,060»
849
4,554
Tot. this week
22,556
7,599
19,837
3,917
12,584
25,459
Since Sept. 1 . 5367,311 5175,887
5185,176 47°5
4
,278)4764.246 5847,sa^
The e x p ^ a fnr
West.Pointbloludes ä ty
of 34,005^bales, of whfch 26 S ^ w e r e
a totaI
to France and 6,718 to the r a t of T h T rl / ? reaÌ B” taia ^67
theexpwtsfor the Æ
Î Î 2
«•
Week Ending June 1,
Exports
fron*’
Great
Conti- Total
Brit’n. ^.France nent. |Week,
Galveston ...
New Orleans.
7,405
Mobile..........
.......
Florida........
Savannah*...
Charleston...
Wilmington „
Norfolk........
West Point,&c 2,347
New York.... 10,847
767
Boston........
2,989
Baltimore ....
Philadelp’a’&c 8,872j
Total
26,520
767
6,804
30!
442
4,008
70
2,198
0,718
l,515l
From Sept. 1,1887, to June 1, 1889
Great
France
Total;
nent.
4,024 81,973 318,883»
291,574 416,716
.......
62,483
....
8,446
12,480 240,898 440,230
25,839 186,186 282,662
6,395 89,722 121,903.
223,35'
4,139 227,493
1,109 225,977
15.022
37,832 208,500 785,490
3,059
2,578 205,455
3,198 103,602 3,405 40,973
152,980
2,872 51,608
....... 1 5,493 57,101
34,005 S
380,539! 1,338,788 4
4,287,323
8.349 2
470,893 1,182.608 4
7,907
THE
p 710
CHRONICLE
[V ol. X LV L
In addition to above exports, our telegrams to-night also give
US the following amounts of cotton on shipboard, not cleared,
»at the ports named. W e add similar figures for New York,
'’Which, are prepared for our special use by Messrs# Carey* xale
Lambert, 24 Beaver Street.
On Shipboard, not cleared—fo r
June 1, AT—
Other CoastGreat
Britain. France. Foreign wise.
Total.
Leaving
Stock.
New Orleans....
.Mobile........
«Charleston.......
Savannah _____
Galveston........
Norfolk.............
New Y o rk ........
Other ports.......
10,427
Non 6.
None.
None.
None.
2,000
9,500
9,000
5,071
None.
None.
None.
None.
None.
650
None
5,633
None.
1,400
None.
None.
None.
5,950
1,000
2,519
None.
900
1,200
None.
5,000
None.
None.
23,6c0
None.
2,300
1,200
None
7,000
16,100
10,000
95,509
9,966
3,063
12,219
5,174
9,259
173,837
28,984
Total 1888........
30,927
5,721
13 983
9,619
60,250
338,011
None,
2,369
2,550
8,400
1,187
2,571
7,369
55,936
338,649
452,319
Total 1887........
Total 1886........
3,632
42.596
The speculation in cotton for future delivery at this marke,
the past week bss been interrupted by a close holiday (Decora
tion Day on Wednesday) and was dull generally, the fluctua
tions in prices being quite unimportant. There were no ac
tive influences at work. The weather cleared up in the South
west, giving a favorable appearance to crop prospects; foreign
advices were without spirit, while stocks in Southern markets
as well as current receipts continued to show an excess over
last year. Some decline in prices of domestic cotton goods
was also reported. Bet these influences, unfavorable to a
rise, if not to the maintenance of current values, were coun
terbalanced bv the smaller visible supply in the markets of
the world and the repeated reports that current consumption
exceeds last year. A large business for home consumption,
late on Friday, and reported on Saturday, caused some ad
vance, which was lost on Monday, while business on Tuesday
was very diill. 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 business was very dull. Cotton on the spot
has met with a fair demand for home consumption, and on
Thursday a large business was reported for export. To-day
the market was firm at 10c. for middling uplands.
T h e total sales for forward delivery for the week are 102,400
bales. For immediate delivery the total sales foot up this week
8,571 bales, including 5,283 for export, 8,338 for consumption,
—- for speculation and — in transit. Of the above — bales
were to arrive. The following are the official quotations for
each day of the past week—May 26 to June 1.
S a t. M on .| T u esjW ed | T b . [ F r i .
UPLANDS.
Ordinary...............................$U>.
Strict Ordinary...........................
Good O rdinary...........................
Strict Good Ordinary................
Low M iddling...........................
Strict Low M iddling..................
Middling.......................................
Good M iddling............................
Strict Good Middling..................
Middling F a ir .............................
F air...............................................
GULF.
Ordinary..........................
Stdct Ordinary............................
Good Ordinary...........................
Strict Good O rdinary................
Low Middling...............................
Strict Low Middling....................
Middling .................................... .
Good Middling............................
Strict Good M iddling................
Middling F a ir............. ..............
F a ir.............................................
STAINED.
Good Ordinary....................$ lb.
Strict Good Ordinary..................
Low Middling...............................
Middling .....................................
714
734
714
7%
7H
7%
S^ie 811X6 8U16
93i6
93ie
93ie
in
0
9®i6 99^6 9916
91316 913j6 913i6 ts
p<
10
10
10
e>
s
10^4 IOI4 1034
109.6 10016 109, 6
1015.6 101&16 10151ft
ll®ie 119i6 n 9ie
j S a t. M o n T u e s W e d
73a
778
813le
95i 6
91Ii 6
73s
73s*
77s
7 7s
8i3ie
n
0
2
»
4
91516 91616 915i6
1038
103s
10U,6
m ie
lliiie
Tues W ed
S
t16
77
e
778
7316
7 7s
9%
9»8
958
¿13,6 813i6 813,6
73s
73s
813,e
95, s
91I16 911)6
7316
714
7%
811,6
93.6
99.6
913.6
10
1034
109.6
1015.6
118.6
F r i.
7 78
813ie
95}6
10^ 1013
1030 103s
101116 lOUie
H h e lU m
l l i i i c H ilm
Sat. M o n
714
7%
su m
9316
99.6
913.6
10
1034
108,6
1015,6
11916
Tb.
W
0
£
<4
MARKET AND SALES.
77s
813.6
95,6 95.6
91Ì16 911.6
915ie 915.6
1038 1030
103a 103s
lOUie 1011,6
lU ie 11 he
m i l « 1111,6
Tb.
F r i.
7316 73,e
778
7 78
81316 813,6
95g
9°8
w .
1S; :
® 1i
O
Ui! *_
:
:
:
;
!
P
( s:
® 1:
a *'
CO
Id
o g <00050
The total sales and future deliveries each day during the
-qco GO
5CO o
week are indicated in the following statement. For the con
‘ Includes sales in September, 1887, for September, 258,200; Sept
venience o f the reader we also add a column which shows at a
ember October, for October, 5*0,200; Septemuer-November, for N o
glance how the market closed on same days.
vember, 481,600; September-Deeember, for December, 1,027,400; September-January, for January, 2,256,600; September-February, for Feb
ruary, 1,501,700; September-March, for March, 3,112,100; SeptemberSPOT MARKET
Deliv April, for April, 2,095,700.
Ex Con Spec- Tran
jgp*
have Included in the above table, and shall eontinne each
CLOSED.
port. sum e u l’t’ n sit. Total. Sales. eries.
week to give, the average price of futures each day for each month. I t
will
be
found
under each day following the abbreviation “ Aver ” T ie
■
u
1,777
16,500
1,777
"Sat .. Steady.
.... average for each month for the week is also given at bottom of table.
472 24,000
200 •272
Mon . Steady.
Transferable
Orders—Saturday, 9*95c.; Monday, 9-95o.; Tuesday»
19,200
482
.
.
.
.
482
Tues. Steady.
9 -95o.; Wednesday,------- ; Thursday,9‘95o.; Friday, lO’OOo.
Holi
........
Wed
....
2%800
5,293
5,033 260
ThursFirm ...
The following exchanges have been made during the week ;
547 16,900
....
547 . r—’ ....
F ri... F in n ...
TO pd. to exch. 2C0 June for July. T6 nd. to exch.3,^00 June for Au;
•09
pd, to ex ch. 1,100 June for July. -08 p d to exch.300 June ror July.
....
.... 8,571 102,400
5,233 3,338 . . . .
Total. . . .
*1 8 pd. toexeh. 1,200 Junefor Aug. '07 pd. to exch. 6 >0 June for July.
•08 pd. to exch. 100 July for Aug.
T5 pd. to exi h. 2,700 June for Aug
The dally deliveries given above are actually delivered the day •32 pd. to exch. 500 Deo. for Sept. ‘08 pd. to exch. 2,200 July for Au,
previous to that on which they are reported.
SALES OP SPOT AND TRANSIT,
T he V isible Supply of Cotton to-night, as made up by cabl
Prices of Futures are shown by the follow- and telegraph, is as follows. The Continental stocks, as well a
those for Great Britain and the afloat^ are this week’s return
ang,comprehensive table :
T he Sales and
THE CHRONICLE
J une 2, 1888.J
711
and consequently all the European figures are brought down bales more than at the same period last vear. The receipts at
to Thursday evening. But to make the totals the complete the same towns have been 1,326 bales'wore than the same
figures for to-night (June 1), we add the item o f exports from week last year, and since September 1 the receipts at all th0
the United States, including in it the exports of Friday only.
towns are 87,140 bales more than for the same time in 1886-7
1888.
Stock at Liverpool.......... bales *782,000
21,000
Stock at London.......................
1887.
924,000
30,300
1886.
654,000
15,000
Total Great Britain stock. 803,000
4,000
Stock at Hamburg..... ..............
37,^00
Stock at Bremen.......................
15,000
Stock at Amsterdam................
400
Stock at Rotterdam................
700
Stock at Antwerp.....................
Stock at H avre........................ 169,000
4,000
Stock at Marseilles..................
72,000
Stock at Barcelona..................
5,000
Stock at G enoa.........................
7,000
Stock at Trieste...............t .......
954,300
. 3,500
49,400
31,000
200
1,200
248,000
3,000
50,000
8,000
11,000
669,000 1,003,000
5,600
5,300
43,200
50,000
27,000
46,000
300
500
800
800
167,000 186,000
6,000
4,000
64,000
63,000
9,000
7,000
11,000
6,000
Tota] Continental stocks.........
314,800
405,300
333,900
1885.
977,000
26,000
368,600
Total European stocks___1 ,117,800 1,359,600 1,002,900 1,3 71,600
India cotton afloat for Europe. 176,000 329,000 291,000 218,000
Amer, cott’n afloat for Eur’pe. 139,000
55,000 202,000
98,000
42,000
40,000
16,000
Egypt» Brazil ,&e. ,aflt for E’f ’pe
2,000
398,261
508,255
Stock in United states ports..
346,018
427,341
38,322 126,737
Stock in U. 8. interior towns.. 100,330
46,713
3,821
782
4,345
2,200
United States exports to-day.
Q u o t a t io n s
for
M id d l in g C o tto n
at
O t h e r M a r k e t s .—
In the table below we give the closing quotations o f middling
cotton at Southern and other principal cotton markets for each,
day of the past week:
Week ending
June 1.
Galveston ...
New Orleans.
M ob ile........
Savannah .. .
Charleston ..
Wilmington.
Norfolk........
B oston........
Baltimore ...
Philadelphia
Augusta.......
Memphis . . . .
St. Louis.......
Cincinnati...
Louisville.. .
CLOSING QUOTATIONS FOR MIDDLING COTTON ON—
Satur.
9*3
9%
9016
9%
91316
10*8
10
10*4
9<5s
9®i6
9^16
9%
Mon.
9*2
9%
9*2
5
l lia
93s
913le
10*8
10
10*4
958
99ie
9%
10
Tues.
9*2
Wednes.
9*2
9*2
9%
9*2
9^8
9%
93s
ö li, 6
10*8
10
10*4
95s
9 »10
93i6
9%
9 78
95a
9»ie
Thürs.
Fri.
S ie
9*2
938
9*2
9iii< r
9%
»Jl8
SI1!«
93s
9%
10*8
10
10*4
10*8
10
10*4
95s
95s
9016
9»16
90,6
9%
9 78
9^6
9 7s
Total visible supply.......... 1,977,736 2,168,722 2,150,713 2,165,854
R eceipts from the P lantations. —-The following table
Of the above, the totals of American and other descriptions are as folio w s: indicates
the actual movement each week from the planta
Amet man—
The figures do not include overland receipts nor
Liverpool sto ck ............... bales *557,000 686,000 490.000 733.000 tions.
Continental stocks.................... 18' »,000 263,000 236.000 259.000 Southern consumption; they are simply a statement o f the
55,000 202.000
American afloat for Europe... 139,000
9 8,000
United States stock.................. 398,261 346,018 508,255 427,341 weekly movement from the plantations o f that part of the crop
United States interior stocks.. 100,330
38,322 126,737
46,713 which finally reaches the market through the outports.
United States e x p ir e to-day..
4,345
782
3,821
2,200
Total American.................. 1,378,936 1,389,122 1,566,813 1,566,254
Hast Ind ian, Brasil, <£c.—
Liverpool stock......................... 225.000 238,000 164,000 244,000
21,000
30.300
15,000
26,000
London sto ck ...........................
Continental stocks.......... .
134,800 142,300
97,900 109,600
India afloat for Europe........
176,000 329,000 291,000 218,000
Egypt, Brazil, &c., afloat.........
42,000
40,000
16,000
2,000
Total East India, &o.......... 583,800 779,600 5 c 3,900 999,600
Total American.................. 1,378,936 1,389,122 1,566,813 1,556,254
Total visible su p p ly ..........1,977.736 2,168,722 2,150,713 2,165,854
Price Mid. Upl., L iverpool.....
5%d.
5 7ad.
5*8(1.
5 *518cl,
Price Mid. Upl., New Y o rk ....
10c.
11716c.
9*40.
10%c.
* Stock corrected by addition of 29,086 bales, o f which 27,923 bales
were American.
Week
Apr. 27.......
May 4.........
“ 11.......
“ 18........
" 2 5 ......
June 1........
Receipts at the Ports. Si’fc at Interior Towns. Rec'pts from Plant’ns.
1880. 1887. 1888. 1880. 1887. 1 1888. 1880. 1887. 1888.
40,309
39,150
34,754
29,447
22,790
19 837
15,141
13,077
12,660
10,026
9,765
7.599
30,041 242.113
32,603 221,127
36,223 200,050
29.065; 174,490
23.001 150,692
22.550 189 811
90,981 199,870 11,086
80,506 172,287 18,104
72,510 145,074 13,683
64,808 131,277 3,887
58,588 117.812 4.980
53.813 107,448 2,9’«
5,016 13,2352,002 5,0209,0102,984 15,2683,485 10,166
2 844 12.15
The above statement shows—1. That the total receipts from
the plantations since September 1, 1887, are 5,450,923 bales l
in 1886-7 were 5,181,660 bales ; in 1885-6 were 5,309,167 bales.
2.—That, although the receipts at the outports the past week:
were 22,556 bales, the actual movement from plantations w a»
only 12,156 bales, the balance being taken from the stocks at
the 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.
3
A mount of Cotton in Sight J une 1.—In the table below
we give the receipts from plantations in another form, and add’
to them the net overland movement to M*y 1, and also thetakings by Southern spinners to the same date, so as to give
substantially the amount o f cotton now in sight.
ISP“ The imports into Continental ports this week have been
40,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 190,986 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 o f 188,118 bales as
compared with 1885.
A t t h e I n t e r io r T o w n s 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,
1887-88. 1886-87, 11885-86. |1884-85.
ponding period of 1886-87—is set out in detail in the following
statement.
Receipts at the ports to June 1. 5,367,311 5,175,8875,185,176.4,705,278
Interior stocks on June 1 in
e tS ls fe
QŒ
B'' M© Et*-t p O © 4 p s» p ® rS-o s» £.0
© £■<
PJ“ ë-eiB S-ogi
QD C
OD
P
-dWpcrç
I pBœ
o - s+p EBo*®
H. w wjpr
2 H" hS _ 00
§
®Vi 3v*So
{h *^ Ö
a.
:
- s îzî•
: S3r r.. . mm
0 9
P
E:
«I g g : t l f i
ö S S:® ® £ ®
f B fe s f
M L_l>
— O'*
®®®
fcCCWOiWO'O
tO • Mtf*>
CO M MtO
tOO*X>COM , M05O
COtO05tOCOtOO
COOI00<1CO00. COO COCOrf*COto X ^ CO00-si
0
3
tOfcOCSMMCÖM
U>03O.COJJ»CO<1
S°S" S S-
m
com»-*or
excess of September 1 ........
C0CJ1 M
M
05 M M
CO—tOOrOMOtCOOCO MOi*^<!OOiO»CC
m <jch
MXCOXM^Vl'Vl o o»
V'co05
<iQCQC05CCM
OMCfc005C
«OOrf^05CO
O«C
OXOiM
05XG
G0xtC<lX<lG
0O
*gC0M
M05
M
83,612
5,7'3!
123,99l|
34,725
Tot. receipts from plantat’ns 5,450,923 5,181,600 5,309,167 4,740,004
Net overland to May 1............. 895,530 750,799 742,113! 578,718
Southern consumpt’n to May 1 377,000 331,000 279,000 239,009
Total in sight June 1............. 6,723,453 6,263,159 6,330,2-0 5,557,722^
gl
Northern spinners’ takings to
1
1
June I ........................... . . . . 1,617,939 1,482,187 1,615,289 1,264,289
It will be seen by the above that the increase in amount In sight t o
night, as compared with last year, is 459,991 bales, the increase a »
compared with 1885-6 is 393,173 bales and the increase over 1884-5
is 1,165,731 bales.
W e a t h e r R e p o r ts b y T e l e g r a p h . — Our telegraphic
advices from the South to-night indicate that in general the
weather has been quite favorable andjjthat cotton is deve’oping
well. There are some complaints from Texas that the fields
are becoming grassy, owing to the rains, but otherwise the
. £
crop is promising.
O O. Ül to to to
eco : CJ> • Olio
<K0 U K (9 O
srTS
i
ttalveston, Texas.—It has rained hard rn three days of the
a®$
X O*O X CO
«ta®.
en-aï
to<i
cct—
coo-ato-i
HOC tOCJKJO
eoxuo. o m . -q wi-*wkO(OHtaoi<i-iao
week, the rainfall reaching three inches and forty-five
»
M
M
hundredths. The thermometer has ranged from 75 to 95,
O
H fcO H • oo
averaging 84. May rainfall seven inches and one hundredth.
l-SK) H
tOOOMWMtC© S?»!
CO Ic m mI - q c c o ■ MocboVjoosMbo
M
Palestine, Texas,—There have been showers on two days
?
M MHOIOUK]
CO CCiiOAM0C00^C5<l!. COfc9<101H*©0000 8
t£
o COO. OC5C3 OI O WìOCO. U>-4 <131DUOhP.H Hif
of the week, the rainfall reaching thirty-five hundredths of
an inch. Crops are somewhat grassy from recent rains, but
other* isee good. W ork has been resumed. Average ther
S 83
W
Ol-J
•
mometer 74, highest 88 and lowest 60. During tbe month o f
» £
coM
c. bo•
; M1
u*; ;• mobO <1
i*!
*
>
•
H
M
!
OI- OOlOW-l-q
Ml-Cì. CD,, ili. COlfk
lfkbSl-‘ rf^.
May the rainfall reached ten inches and fitty-four hundredths.
Huntsville, Texas.—W e have hard rain on three days o f
t
the week, the rainfall reaching one inch and ninety-eight
**
hundredths. Crops continue promising, but are getting
na
H o o e o ik i
' -JWCU05b3l-‘C0''-'O,0'-‘ 00WQ0<»<le
grassy and need work, which the rains prevent. A s the00»
MOOMWCOH
C0C50Di8.'»0<Müt<00DCMCK-3OCJKD05<i cowco<j i-*o<if>-œo -4M^ Oto-i c
05
week closes there is a favorable change in the weather. The
thermometer has averaged 77, the highest being 92 and the
S *41lowest 61. Rainfall during the month of May nine inchesCO1 • CObO
sr?
M : 0500 bi C
boi ; -jtocn<i
?r »' S
and eighteen hundredths.
coot;
moico^ oo ;
w> ■ ii-cr.tc-a
<Ob9> MOWMtO-iC
Dallas, Texas.—The weather seems now to have cleared off,
there having been only one shower during the week to the
MO
H
; MH
CO
extent of fifty-five hundredths of an if cb. A continuation
HOt
tot-*
0500! 'bOWtOOttObO'i».
of dry weather is needed to permit of work. The damage
CO00 tO050 COCO O m ! 05O COCOMco yi
co ft"
CBOOCnCCM—O5CQO00. bOM<118. to COCO00
done by the rains has been greatly exaggerated. The ther
* The figures for Louisville in both years are **net.”
mometer has averaged 74 and ranged from 56 to 91. D uring
The above totals show that the old interior stocks have tbe 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.
CO^ I^'IHOO
COfO05M<01r- 05
MS
-oo»
. Ci
712
THE
CHRONICLE.
San A ntonio, Texas.—W e 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
week, interrupting much needed work as grass is growing
fast. Otherwise crop prospects continue good. The rainfall
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.
Columbia, Texas.—It has rained splendidly on two days
o f the week, the rainfall reaching three inches and fiftyeight hundredths. At last we have enough rain and crops of
«11 sorts are very promising. The thermometer has averaged
76, the highest being 90 and the lowest 62. During the month
o f May the rainfall reached five inches and fifty-five hun
dredths.
Cuero, Texas.—Crops continue splendid, but there are some
•complaints of grass. Rain has fallen on two days of the w^ek
to the extent of three inches and twenty-six hundredths. The
thermometer has averaged 81, ranging from 69 to 92. Rain
fall for the month of May three inches and ninety hun
dredths.
Brenham, Texas.—Dry weather is badly Deeded as crops
«re getting in the grass. Otherwise no harm has been done.
Rain has fallen on four days of the week, to the extent of one
in ch and forty-four hundredths. Average thermometer 77.
higher 92, lowest 61. Month’s rainfall nine inches and seven
hundredths.
Belton, Texas.—It has rained hard on three days of the
-week. The constant rains prevent the harvesting of small
grains as well as all other field work, and the grass is growing
fast. Though no material damage has been done, dry weather
is needed. Average thermometer 70, highest 93 and lowest
74. During the month of May the rainfall reached ten inches
. and fifty-four hundredths.
Weatherford, Texas.—There has been one light shower
during the week, the rainfall reaching one hundredth of an
'inch. Crops are very promising. The small grain harvest is
«bout beginning. The thermometer has averaged 73, the
highest being 92 and the lowest 53. Rainfall during the month
-■of May six inches and seven hundredths.
N ew Orleans, L ouisiana.—W e have had rain on five days
o f the week, the rainfall reaching inch and forty-three hun
dredths. The thermometer has averaged 78.
Shreveport, L ouisiana.—Rainfall for the week one inch
and twenty-one hundredths. The thermometer has ranged
from 62 to 90, averaging 74.
Columbus, M ississippi.—It has rained on two days of the
"week, the reinfall reaching ninety-nine hundredths of an
- inch. Average thermometer 74, highest 90 and lowest 58.
Rainfall during May two inches and fifty hundredths.
Leland, M ississippi.—W e have had rain on four days of
the week, the rainfall reaching one inch and ninety-eight
-.hundredths. The thermometer has averaged 68*4, the highest
being 84 and the lowest 44.
Greenville, M ississippi.—W e have had rain on three days
o f the week, the rainfall reaching two inches and thirty-four
^hundredths. The thermometer has ranged from 65 to 87.
Clarksdale, M ississippi.—It has rained on three days of the
Jweek, The plant is making rapid growth under the influence
o f warm and favorable weather.
Vicksburg, M ississippi.—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.
M eridian, M ississippi.—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 B ock, A rkansas.—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
.«rop prospects in every county in the State. The thermometer
has averaged 72, ranging from 60 to 86.
Helena, A rkansas.—It has been showery on three days of
the week. Rains have improved crops, the rainfall reaching
.one inch and fifty-one hundredths. The thermometer has
jranged from 62 to 86, averaging 70.
Memphis, Tennessee.—The rain which has fallen on three
«¿ays 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
a g e d 73 and ranged from 60 to 88.
Nashville, Tennessee.—W e have had rain on four days of
..the week, the rainfall reaching twenty-nine hundredths of an
.in ch. The thermometer has ranged from 53 to 88, averaging 68.
Mobile, A labam a.—It has been showery on one day of the
week and has rained severely on one day, the rainfall reach„in g one inch and thirty hundredths. The crop is developing
very promisingly. The thermometer has averaged 75, the
-highest being 84 and the lowest 63. Rainfall during the month
o f M a y six inches and fifteen hundredths.
Montgomery, Alabam a.—Rain has fallen on four days of
, th e week, the rainfall reaching one inch and thirty-nine
hundredths. The weather has been clear and dry since yes
terday and crops look promising. Average thermometer 78,
..highest 92 and lowest 64. Rainfall for May five inches and
.nineteen, hundredths.
[ V o l . XLYI.
Selma, Alabam a.—It has rained on four days of the week,
the rainfall reaching two inches and forty hundredths. The
thermometer has averaged 75, the highest being 86 and the
lowest 64.
Auburn, Alabama. — W e had a severe loial thunder
storm on the 30th, the rainfall reaching two inches and thir
teen hundredths. The thermometer has averaged 75*8, rang
ing from 66 to 83*5.
M adison, Florida.—It has rained on one day of the week,
the rainfall reaching one inch. The thermometer has ranged
from 65 to 91, averaging 71.
Columbus, Georgia.—Rainfall for the week one inch and
ninety-one hundredths on two days. Average thermometer
79, highest 89, lowest 69.
Savannah, Georgia.—W e 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.—W e 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 is
not as good as last year, but recent rains have been beneficial
and growth is progressing favorably. Average thermometer
78, highest 94, lowest 64. May rainfall four inches and fiftynine hundredths.
Atlanta, Georgia.—Telegram not received.
Charleston, South Carolina.—Rain has fallen on three
days o f the week, the rainfall reaching twenty-two hun
dredths of an inch. The thermometer has ranged from 69 to
87, averaging 77.
Stateburg, South Carolina.—Rain has fallen on one day to
the extent of twenty-nine hundredths o f an inch. Average
thermometer 75*7, highest 88, lowest 60.
Columbia, South Carolina.—W e have had rain on two
days of the week, the rainfall reaching twenty hundredths of
an inch. The thermometer has averaged 78, the highest being
94 and the lowest 63.
Wilson, North Carolina.—There has been rain on three
days of the week, the rainfall reaching one inch and ninety
hundredths. The thermometer has averaged 81, ranging from
68 to 93.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3
o’clock May 31, 1888, and June 2, 1887.
May 31, '88. June 2, ’ 87.
Feet. inch. Feet. Inch.
13
0
9
8
12
O
14
6
11
5
4
1
32
3
15
3
Miss ing.
23
9
New Orleans.......
Memphis............
Nashville............
Shreveport.........
Yicfcsburg..........
J u t e B u t t s , B a g g in g , & c . —There has been only a moder
ate inquiry for bagging since our last, and the market is
quiet. Prices are quoted at 6@63^e. for
lbs.. 6^ @ 6% c.
for 1% lbs., 6%@ 7c. for 2 lbs. and 73^’@ 7% c. for standard
grades. Some small sales are reported of jute butts for
present wants, and paper grades are held at 1^@115-16c.
and bagging qualities at 2@ 2 ^ c.
India Cotton Movement from all P orts.—The receipts
and shipments o f cotton at Bombay have been as follows for
the week and year, bringing the figures down to May 31.
BOMBAY RECEIPTS AND SHIPMENTS FOR POOR YEARS,
Shipmentt this week. Shipments Since Jan. 1.
Fear Great Conti
Great Conti
Total.
B rit’n. nent. Total. Britain nent.
1888
1887
1886
1885
13.000
20.000
27.000
15.000
18,000
58.000
33.000
51.000
31.000
7 p ,000
60.000
66,000
172.000
295.000
248.000
179.000
493.000
569.000
516.000
396.000
Shipments fo r the week.
Great
Britain.
Conti
nent.
Total.
6,000
10,000
Calcutta—
1888......... '
1887.........
4,000
Madras—
1888........
18 8 7........
All others—
1888........
1887.........
Total all—
1888........
1887........
......
6,000
665.000
864.000
764.000
575.000
40.000 1.136.000
60.000 1.273.000
74.000 1.179.000
58.000 864,000
Shipments since January 1.
Great
Britain. Continent.
......
4,000
Receipts.
This
Since
Week. Jan. 1.
10,000
Total.
25,000
80,000
63,000
101,000
88,000
181,000
7,000
4,000
2,000
2,600
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 from
the ports other than Bombay is 10,000 bales less than the same
week last y e p . For the whole o f India, therefore, the total
shipments since January 1, 1888, and for the corresponding
periods of the two previous years, are ias follows :
EXPORTS TO EUROPE PROM AIT. INDIA.
Shipments
to all Europe
from—
1888.
This
week.
B om bay....... . 31,000
All other ports.
Total..........
31,000
Since
Jan. 1.
1887.
This
week.
665.000 78.000
126.000 10.000
Since
Jan. 1.
1886.
This
week.
Since "
Jan. 1.
864.000 60,000
217.000
2,000
764.000
108.000
791,000 88,000 1,081,000 62,000
872,000
J une 2, 1888. j
THE 0H K O N I0E E .
Manchester Market.—Our report received by cable to-night
from Manchester states that the market is steady for both
yarns and sheetings. W e give the prices for to-day below,
and leave those for previous weeks of this and last year
for com parison:
1888.
32s Cop.
Twist.
Ap. 27
May 4
“ 11
« 18
“ 25
June 1
d.
d.
7916,®83]6
7lli6®8i4
711i6@8J4
7U i 6@834
7Hie®8^4
7Hie'®8:14
1887.
8*4 lbs.
Shirtings.
s.
5
5
5
5
5
5
d. s.
7 ®7
7*3@7
7*2@7
7 ifi@7
7 3a@7
7 Ia@7
d.
0
1
1
1
1
1
OotVn
Mid. 32s Cop.
JJpld8 Twist.
d.
53s
d.
d. s.
7516®7151s 5
7Bi 6®71B16 5
5?16 7Bi6@7iB16 5
538 75i 6®71516 5
538 75i 6®71516 5
533 7B16®71516 5
8J4 lbs.
Shirtings.
OotVn
Mid.
Vpldt
d.
9
9
9
8
8
8
d.
5%
5U16
5%
513ic
5% «
5 78
s. d.
®6 lOJg
®6 lOifl
® 6 10^2
® 6 10
@ 610
@ 610
D omestic Exports op Cotton Manufactures.—Through
the courtesy of Mr. W . F. Switzler, Chief o f the Bureau o f
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 :
*
713
that of April, which to a certain degree hindered thedevplnrvmAntof the cotton plants. Water, without being abundant is vet
considered sufficient Very few places compfain of a lack o f i f
Estimates on the amount of land under cotton vary according to th«
person and the locality. Some persons-and they are ia tte mlioritv
bflieve it is equal to that of 1887; others declare it mo e o r &
i,ahaH 0 c ithat^ ye^r a/ ° and sti11 ^ e r s (these are in the minoritvi
bebeve -les?
\n18.87' Ashmouni and Bamfiffi are the varietiei
most cultivated. They have been replaced to a certain extent however
pX
S
moM
S T ear™ “ “ d “
ha™
pl“ ted >“
ssp arjaswfcsir
and are in a satisfactory condition. Thus far we have M ceweif no aot? ’
plaint of cold weather in April. With a few exeer^o™
was called for. Water is now sufficient, though it was lacking for some
™ i a m ^ he neiStborhood of Menouf’ because of tte cleanlig of the
canals. Even now it would seem that the water sendee therf is no?
satisfactory. As m the case of Garbhih, our corre^ D dentsexnresa
different opinions upon the cotton acreage. Some declare it as great t s
some greater and others less than, In 1887. Most of th e^ ln d ^ s
sown with Ashmouni, Samieh and Mit-aflfl. This last V a lit y oc?uni^
m several localities a quarter of the acreage. A certaffi amo^St ^f
white cotton is raised in the Birkebel-Sab and Melig districts amoun,i 01
E g i/otm .-In Fayoum the vegetation is excellent, and the temperature
good. No complaints thus far. Planting, which began about March 1^
was only recently completed. All this time has been requfred for p^ n t’ing, m consequence of the 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
“ ™ cotto1 than it did in 1887. The province is especially i S t e d t o
the officers m charge of the distribution of the water supplw The ffinds
of cotton sown are those peculiar to this province
6 nmas
from u PPer E?ypt is still wanting, but several
circumstances winch have occurred this year lead us to believe that thA
^ e r e n t provinces of Upper Egypt w il/b e fol^ d to have s l C mom
cotton than last year, and that the acreage will exceed the official statement of 1887. which was in the aggregate 20,433 feddans?
^
General Observations.--We have little to add to the foregoing The
impressions which we gather from the reports are as follows : Planting
for the most part, took place at the usual time, or somewhat earUerthau
common, and only m a few cases was later. The plants came u n w ^ f
and at first were favored by warm weather, but latterly thSr develop
ment has been more or less mterfered with by cold, i f the bad wentbS
continues, it is feared that damage may be done, especially in the north
ern part of Lower Egypt. The water supply is everywhere suffi^bm*
and m some places abundant. At present it is more satisfactory than
last year. The acreage m some parts of Lower Egypt is probablvI lituS
greater than in 1887, but we are unable to a scerta in p osi^ ely a b ou tit
There is no doubt,, however, that Fayoum, which according to official
aata planted only 47 625 feddans in 1887, is cultivating much mom
cotton this season. We think it probable that Upper Egypt has^isn
sown more. White and Gallini have been planted in almost th e ^ s ^ e
proportions as m former years, while Ashmouni and Bamieh are s o ^ S
what less cultivated in Menoufieh, Galioubi6h and in a section of S
bi^h, having been replaced by the new cotton called Mit-afifi. On the whof«
wAQ^ atT ^?,uld be extremeiy satisfaetory if it were not fo rth lb a d
weather which has prevailed of late. We ought, moreover to add t w
locusts have appeared m the province of Charki6h. Fortunatev thev
have done no damage, and we hope that-thanks to the meaeures^aken
by
Government-the danger of injury from them has been averted®11
A lexandria , April 30,1888.
avertea.
, ?• S. Heavy rains have been falling in Egypt for four davs and tt ia
feared they may have done a little damage on late-sown lands ’
“ 413
A lexandria , May 4 , 1888.
duua-
Quantities of Manufactures of Cot Month ending 'Apr. 30 10 mos. ending Apr. 30.
ton (colored and uncolored)
exported to—
1888.
1887
1887-8.
1886-7,
Xl-C
JLl OUU IICUIUU. . . . V
225,514
769,056 8,691,248 8,683,352
Other countries in Europe__
343,321
101,796 3,147,167 3,529,403
British North America.........
204,307
201,944
996,385 1,400,898
Mexico....................................
1,494,827
750,898 13,572,017 9,761,030
Central American States and
British Honduras...............
434,823
524,164 6,049,976 5,436,524
West Indies............................
1,737,585 1,179,493 14,111,344 15,952,807
Argentine Republic...............
150,438
122,045 5,276,913 11,197.441
B razil.......... .........................
823,4(7
770,622 5.522,210 6,773,333
United States o f Colombia...
431,008
627,462 4,194,014 4,922,969
Other countries in S. America
1.229,319 1,699,304 22,601,768 22,016,326
China......................................
3,995,069 7,323,640 41,197,321 69,573,908
Other countries in Asia and
Oceanica................. ......... .
1,328,318
392,432 7,926,834 6,969,136
Africa.....................................
2,992,289
48,743 7,254,764 6,974,248
Other countries................. .’
373,270
185,428 4,845,430 4,416,862
Total yards o f above......
15.1H3.505 14.696,027 145,387,441] 177,607.746
Total values o f above........
$1,018,159
$941,462 $9,616,836 $11,497,030
Value per yard................ ........
$‘0671
$*0641
$*0664
. $'0647
Values of other Manufacture
Cotton exported to—
$
$
$
$
Great Britain and Ireland......
48,196
30,337
414,375
250,565
Germany................... ...............
1,966
2,471
16,9*5
24,024
Prance................................,>:;j
2,510
6,408
800
Other countries in Europe..'.!!
3,331
2,719
26,390
9,914
British North America.............
47.506
63,426
296,587
433,334
Mexico.......................... ............
13,708
11,721
120,548
99,606
Central American States ¿ British
Honduras....................................
2,159
2,245
59,972
24.783
West Indies............. .
7,519
6,416
66,282
74,885
United States of C olom bia!!!!!!!!’.
5,042
13,285
65,470
103,732
Other countries in So. America....
5,041
4,657
67,135
62,806
Asia and Oceanica...............
29,021
19,230
225,491
231,155
Africa........................ ...............’ **"
499
4,301
1,548
N e w Y o r k C o t t o n E x c h a n g e — E ig h t e e n t h A n n u a l
Other countries.......... ........!!!!!!!',
4,719
12,987
45,436
73,550
— # --------M e e t in g .— The New York Cotton Exchange held its eigh
Total value o f other manufac
tures o f...... V.............................
170,718
169,993 1,415,330 1,390,702 teenth annual meeting on Tuesday, May 29. The reports of
Aggregate value o f alj cotton goods 1,188,877 1,111,455
11,032,166 12,887,732
------- - —
n u m uui correspond
ent at Alexandria Report No. 18 of the Produce Association o
that city, giving a resume of reports received by it in April
W e have translated the report, and give it below.
the various committees were presented by President Charles
D. Miller, who made a brief speech. As communicated the
reports were substantially as follows:
The Executive Committee reports that all the offices in our bniidm«.
are leased on satisfactory terms. The total rent received^
’
“
« < 1 50, expense of running the bufidin|,Ce^ 8S “ 2 ^ id
JB^hera. Several districts of this province were nhla
arwxr
$3,745 68 has been expended in repairs and necessary changes A
great deal of work has been done in the offices, leaving but
it
done during the coming year.
8
10
i i ^ e^ ^ ance Commiite report a satisfactory condition o f the finances
Also that a, very systematic method of keeping the accounts
Exchange has recently been adopted. * ‘
‘
Delivery Committee report that the working of the I n s p e c t io n ^ ™ «
has been satisfactory. * * - A statistician for the ExchanSfbiS
April been generally considered sufficient. The acreage fnde? S
i« been appointed and it is expected that the Exchange w m fb ta m
eanal, or slightly superior, to that of 1887, according to
exclusive, prompt and trustworthy information of the m ovem ent
of the crop
* * * The volume of business done in the E i c h S
shows an mcreae over that of the previous year. Transaction?^W
ton for future delivery: 1888, 28,924,400 bales: 1887 2Sft7Qsnn1i „ i
1886,
in actual eotton: J888 325 9 1T
bales; 1887, 244,997 bales; 1886, 285,327 bales; besides i» f f i r g e S m l
of bales mspected and delivered on contract. *
*
* in sn cct^ 1
Inspection Bureau Sept. 1st, 1887, to May 1st, 1888, 220,941 baleZ
certificates have been issued during the same petiodl
cien t; in places abundant. It is commonly believed that®1} ^ ^ ™ ^ « ™
Twenty-six memberships have changed hands by transfer" 2 5 «c-or
members have been admitted during the year, making the S
n u iS
of memberships at present 454, against 454 last year? the number of
sates?
*****
s f e K i s f i i ® : pla<;6'but•
“I® anaafmous on Hub potat/M th oSe eiSoitlSiZ'
and he believes that a little more cotton was sown this vaimCrops are confined to Ashmouni and a litftA t ? .... ai. . year than last.
except 111the mt-
M d b ^eS , S e S Ie<‘ 42' tl“ d” <” " ,,6' 12' h611*
Q<S1?oreii0rCv.?i
trustees of the gratuity fund shows- Asseto « « v
887 49, of which $47,000 is loaned on real estate, $17,772 49 ondenomt
™
Yoik ,L lie insurance & Trust Company Liabihties^ *9Pi 75
$ icf6 0?44 8
Ualrep0rtBh0WS a talance on April 30,8 l l 88,^of
The receipts a^d expenses o f the Exchange for the ens«i«<r
d f f i t ? f $!?435UOW8: ReceiptS* ^30»265: Expenses7$31)7^0ifleavhig^a
The estimated receipts and expenses for running the buildinc- fnr th«
that these be fixed at $60 for the coming year.
^ QUea>ana
The Treasurer’s report showed receipts for the. eleven
i a axn^ u mg balance on hand May 26, 1887 ($3,725 11) of
l o f ’i s s s f l f w f i m u !“
delayed either by the laclf o f J o t i » 8?.,1«,11®1’ w lule. 111 others it was
mperatureof March wac r l r j S h & S t f & X ,
’ 118,508 a l! leaT“ g a batalce April
S m ppiNG N e w s .— The exports of cotton from the United
oo7 J. i Pas4 w®efe> 38 Per latest mail returns, have reached
kq
58,227 bales. So far as the Southern ports are concerned these
are the same exoorts reported bv telegraph and Published in
the CHRONiCLE last Friday. With regard to New York w e
include the manifests of all vessels cleared up to Thursday
TH E CHRONICLE.
714
1
3
[Y ol.
«
Total bale*.
W e d n e s ., M a y 30 , T h u r s ., M a y 3 1 .
2Je w Y ork —T o Liverpool, per steamers A driatic, 1 ,0 7 5 ....Alas
ka, 2 ,3 9 L ... City ot Chicago, l , 9 i 9 ---- E gypt, 2,2 32----- Eu
Open High Low. Otos Open High Low. Clos.
clid, 628
Umbria, 4 --------------------------------------------------- - - • 8,319
d.
d.
d.
d.
d.
d.
d.
T o Hull, per steamer Martello. 2 ,5 2 8 ........................................... 2,528
71Î
T o Havre, per steamer La Bretagne, 7 1 4 ........... .......................
5 24 5 24 5 24 5 24 5 25 5 21 525
200 June.......... 5 24
T o Bremen, per steamers Fulda, 1 0 0 ....T r a v e , 100..._.
796 June-July.. 5 24 5 24 5 24 5 24 5 24 5 25 5 24 5 25
T o Hamburg, per steamers Hammonia, 7 0 0 -----Moravia, 96 .
8 July-Auk .. 525 5 25 5 25 5 25 5 25 5 25 5 25 5 25
T o Amsterdam, per steamer Schiedam, 8 . . . . . . . . . . . . . . . . . . . . . .
Aus.-Sept. 5 24 524 5 24 5 24 5 24 5 24 5 24 5 24
T o Antwerp, per steamers De Ruyter, 1 9 8 — W estem land,
946 September. 524 5 24 5 24 5 24 5 24 5 24 5 24 5 24
748 ........................... .......................................................................
350
T oS tettin , per steamer Gothia, 3 5 0 .....................................
8ept.-Oct . 514 514 5 14 514 5 15 515 515 5 15
653
T o Barcelona, per steamer Alesia, 6 5 3 ........................................
510 510 510 5 10
53 Oct.-Nov.. 5 09 509 5 09 5 09
T o Marseilles, per steamer Alesia, 5 3 ..........................................
955 Nov.-Dec.. 5 08 5 08 5 08 5 08 5 08 5 09 5 08 509
T o Genoa, per <-teamer A lex a n d ria ,' 5 5 ................. ................. 5 08 5 08 5 08 5 08
100 Dec.-Jan..
T o Windsor, N. S., per schooner Christina M oore, 1 0 0 ..........
3STb w Orleans —To Liverpool, per steamers Caribbean. 2,366----Carolina, 4 .2 3 2 ....Floridian, 4 ,8 2 3 ........................................... 11,421
T o Havre, per steamer Le Chatelier, 4 ,2 8 3 ................................. 4,283
T o Bremen, per steamer Ocean K ing, 4 ,4 0 8 ............................... 4,408
620
T o Hamburg, per steam er S ta g ,6 2 o .............. .............. . . . . . . . . .
C harleston —To Barcelona, per barks India, 2,260— Josehna,
F r id a y , P.
XLYL
. F r i ., J u n e 1 ,
Open High Low. Clos.
d.
d.
d.
5 25
5 25
5 25
5 24
5 24
515
510
5 08
508
5 25
5 25
5 23
524
524
515
5 10
5 08
5 08
5 25
5 25
5 25
5 24
524
515
510
6 08
5 08
d.
5 25
525
5 25
5 24
52 4
515
510
6 0S
5 OS
B R E A D S T U F F S .
N e w p o r t N ew s —T o Liverpool, per steam er------ --------- 9 8 2 ...
.B alt im o r e —'To Liverpool, per steamers Mentmore, 9 7 0 — Beruvian, 2 ,0 31............................ H tl&Y&ä........................
. T o Bremen, per steamer America, 2 ,1 6 4 ....................................
T o A ntwerp, per steamer Kipon City, 300 ....... ...............- - ---B oston —To Liverpool, per steamers Atlas, 7 3 8 — B om an, 2,574
—
...........
■ . . . Venetian, 2,882 .............. - ............
P h ila d e l ph ia —To Antw erp, per steamer Vaderland, 2 0 2 ...........
4,030
982
3,001
2,164
300
6,194
202
53,227
Total.
Cotton freights the past week have been as follows ;
Satur.
Wednes. Thurs.
Tues.
Mon.
Liverpool, steam d.
116®564 h 6®564
%6
....
....
....
Do
sail...d.
%
Havre, steam— c.
%
*4
—
....
....
Do
sail.........e.
932
Bremen, steam . c.
932
932
....
....
....
Do
sail.......c.
Hamburg, steam e.
932
932
932
....
___
....
Do
sail...c.
25*
25*
25*
Amst’d’m, steam, c.
....
....
....
Do via Leith, et.
Reval, steam — d. 21128X164 211281164 21128i164
—
Do sail......... d.
316
Barcelona,steam d.
316
s18
316
Genoa, steam. . . d.
316
®16
^32
732
Trieste, steam .. .d.
7 32
3 32
Antwerp, steam d.
33 2
3 32
:
:
J
1
\
. >>
m
3
o
w
;
:
j
;
•
l ia®5e4
Fri.
B64
....
—
*4
%
....
'' ®32
....
932
....
....
*32
—
25*
....
....
....
932
25*
2*1Î81164 21128U64
316
816
316
73 2
732
33 2
3 32
3JS
Mon. Tues.
Sat.
93%
95
92%
92%
94%
95%
93
94
95%
93%
91%
95%
96
96%
98%
100% 100%
. 02
A Cl AW IMO.
L i v e r p o o l . —By
cable from Liverpool we have the followin ? statement of the week’s sales, stocks, «fee., at that port.
December delivery...
May 11.
May 18.
June 1.
May 25.
M., June 1,1888.
The flour market has been drooping all the week in sym pathy with the course of wheat ; but as offerings increased
and prices weakened the transactions were on a more liberalscale. The receipts of flour by lake at Buffalo in May were
570,000 bb’ s,, the largest on record. To-day the market was
very quiet.
The wheat market has sharply declined, an important break
in values taking place on Tuesday 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
contributed to the depression. The receipts of grain by lake
at Buffalo in May amounted to 11,200,000 bushels. The lower
prices on the spot led to a greatly increased business for ex
port, mainly to the Continent, but England sharing to some
extent. To-day there was a good deal of speculative man
ipulation between this market aDd the West, and the close
was irregular, the distant options showing some advance.
Wed.
W
o
¡3>
Thurs. F ri.
9 1%
91%
92
92%
92%,
92%
93%
92%
95%,
95%
99% 1 00
Indian corn has also declined. %The higher prices seem t e
45.000 have brought out supplies that were greatly in excess of the
28,000
3,000
2,000
1,000
anticipations of the bulls, and the wants of the market do
35.000
23,000
14,000 not seem to have been so large as was anticipated. The decline
11.000
15,000
15,000
767,000 *782.000 led to some export, but the local trade continued dull. To
554,000 *57 ,000 day futures were more active, and closed dearer, and the spot58,000
45,000
40,000 market more active, but at low prices.
29,000
119,000 1« 3,000
DAILY CLOSING PRICES OP NO. 2 MIXED CORN.
35,000
56,000
Wed. Thurs. F ri.
Mon. Tues.
Sat.
62%.
61%
62
62%
63
correction, of which 27,923
ow ■ 61%
62%.
61%
62%
62%
62
63%.
62
62%
62%
£
63%.
62%
62
The tone of the Liverpool market for spots and futures each
62%
6¿%
•<
66,000
7.000
4.000
46,000
9,000
18,000
780,000
Of which American—Estim’d 564,000
32,000
18,000
125,000
62,000
Of which American............ .
* Actual count—29,086 bales added as
Bales American.
Sales of the week............. bates
Of which exporters took—
Of which speculators took...
48.000
4.000
3.000
36.000
8,000
13,000
773,000
558,000
54,000
41,000
10 \ 000
47,000
cl iy of the week ending June 1 and the daily closing prices
Saturday Monday. Tuesday. Wednes. Thursday. Friday.
Spot.
i Market, ( Very qui’t Small
inquiry.
12:30 P.M. J
Mid.Upl’ds.
Mid. Ori’ns.
5%
5716
5,000
20Ö
Spec. & exp.
Futures.
Quiet at
1-64
Market, ?
12:30 P.M. J decline.
Market, ?
4 p. m. \
Steady.
5%
5716
10,000
1,000
5%
5716
10,000
3,000
9,000
3,000
Quiet at
1-64 ad
vance.
Steady.
Quiet.
Steady.
Very
steady.
5%
57ie
8,000
500
Qniet.
Quiet.
Steady.
Steady.
Quiet.
5%
5716
8,000
1,000
Steady.
DAILY CLOSING PRICES OP NO. 2 MIXED OATS.
Quiet and
firm.
Moderate
demand.
5%
57lS
CSF* The price» are given in pence and 6-Lths thus
(4 1 itAA
S a t ., M a y 2 6 .
Open High Low. Clot
M a y .... ...
May-June..
Jnne-July.
July-Aug...
Ang.-Sept..
September
Sept .-Oct...
Oct.-N ov...
Nov.-Dee
a.
5 24
5 24
5 24
5 24
5 24
5 24
614
5 09
5 07
<L
5 24
5 24
5 24
5 24
5 24
5 24
514
5 09
507
a.
5 24
5 24
5 24
5 24
5 24
5 24
514
6 09
5 67
d.
524
5 24
5 24
5 24
5 24
5 24
6 14
5 09
5 07
M o n ., M a y 2 8 .
Quiet.
4 63 means
T u e «., M a y 2 9 .
Open High Low. Clos. Open High Low. Clos
d.
d.
d.
d.
d.
d.
d.
d.
524
524
5 24
5 25
5 24
5 24
5 14
£ 08
5 07
5 24
5 24
6 24
5 25
5 24
5 24
5 14
5 09
5 07
5 24
524
5 24
5 24
5 23
5 23
514
5C8
507
5 24
524
5 24
524
5 23
5 23
514
5 09
5 07
Sat.
Jane delivery................. . 38%
July delivery.................... 38%
August delivery............... 34%
September delivery.... .. 33%
Mon.
38%
38%
34%
33%
Tues.
38%
38%
34%
33%
Wed.
uj
Thurs,
33
38%
34
33%
P ri.
38%
385s
34%
33 %
The following are the closing quotations:
FLOUR.
The opening, nignest, lowest ana ciosmg prices ui lu iuim ¡u
Liverpool for each day of the week are given below. These
irices are on the basis of Uplands, Low Middling clause, unless
otherwise stated.
E ? . , ■ ... J K M
Oats have favored buyers in sympathy with corn and the
general check to speculation, but the decline is less important^
To-day the market was generally better.
5 23
5 23
5 23
5 24
5 28
5 23
513
6 09
5 07
5 24
5 24
5 24
5 24
5 23
5 23
514
5 09
507
523
5 23
5 23
5 24
523
5 23
513
5 09
6 07
5 24
5 24
5 24
524
5 23
6 23
5 14
5 09
507
Fine............... « bbl. $2 30®$3 00 South’n com. extras.. $3 40® 3 65>
Superfine . . . . . . . . . . . .
Spring wheat extras.
Minn, clear and stra’t.
Winter shipp’g extras.
Winter X X a n d X X X .
Patents..................... .
Southern su p ers......
2 70®
3 20®
3 85®
3 25®
3 65®
4 65®
315®
3 20 Southern bakers’ and
family b ra n d s...... 3 75®
3 40
4 75 Rye flour, superfine.. 3 40®
lin e ..........
2 40®
3 50
4 75 Corn meal—
Western, A c .... . . . . 3 3 0 ®
5 20
Brandyw ine.......» 3 50®
3 30
W heatSpring, per hush...
Spring No. 2 . . . .. . .
Red winter No. 2 ...
Red winter..............
W hite.......... .........
Corn—West’n mixed.
West’n mixed No. 2.
Steamer No. 2 .......
Western y ellow ....
Southern white—
88
90
92
88
88
62
63
62
63
64
R yeState & Pa., $ bush. 69 ® 74
95
Oats—M ix e d ......... 37%® 41
91
W h ite.................... 43 ® 46
93
No. 2 m ix e d ........ 38 ® 39
95
No. 2 white............. 44 ® 4 5
99
_
64% Baripy—
Canada No. 1 ................ ® . . . .
64
Two-rowed State.. . . . . ® . —
63
Six-rowed State— — ® -----65
Malt—State, 4-rowed. 97 ®1 00
68
State, 2-rowed....... 90 ® 94
4 75
3 65
2 65
____
3 50
3 55
GRAIN.
The movement of breadstuffs to market is indicated in thestatement below, prepared by us from the figures of the New
York Produce Exchange. W e first give the receipts at West
ern lake and river ports, arranged so as to present the com
parative movement for the week ^eding May 26, 1888, and
sine« August, for each of the last three years:
THE CHKONIOLE
J üne 2, 1888.]
Receipts at—
«Chicago.......
Milwaukee...
Toledo........
"Cleveland...
St. Louis......
Peoria.........
Minneapolis.
Oats.
Barley.
Rye.
Corn.
Wheat.
Flour.
Bbls.imbs Bush. 60 lbs Bush.56 lbs Bush. 32 lbs Bush.48 lbs Bu. 56 lbs
68,218
22,062
135,727 1,972,670 1,606,701
161,098
35.000
12,770
9,710
18,440
144,629
31,549
2,222
62,848
1,400
15,527
2,912
23.936
55,253
4,737
23,837
4,200
15,450
45,366
14,175
234
50.205
7,290
252.910
213.680
3,042
225
74.206
16,750
184,100
329,000
3,600
21.950
6,050
3.Î90
78,590
49,753
539,790
103.542
39,681
276,908 1,084,467 2,530.401 2,287,227
Tot.wk. ’88.
128,320
21,000
240.313 2,524,075 1,567,963 1,852,739
Same wk.’87.
176,631
34,726
Same wk.’86.
157,014 1,257,388 1,391,873 2,356,379
Since Aug. 1.
97,502,347
73,423,066
64,331,216
22,305,456
1,881,677
1887-8....... 10.363,772
1838-7*......
9.274,048 78,823.617 72.580.606 56,592,634 20,937.403 1,871,259
1885-6*......
7,182,727 52,614,050 79,969,343 52,295,698 19.833,982 2,720,719
* Include one week extra.
The rail and lake shipments from Western L ike and river
ports for last four weeks were:
Week
ending—
M ay 2 6 ,’88.
M ay 19,’ 88.
May 12, ’88.
May 5 ,’88.
Flour
bbls.
431,049
526,7?.4
442,600
444.479
Barley,
Wheat,
Corn,
Oats,
bush.
bush.
bush.
bush.
48,879
2,329,047 1,448,455 1,566,802
85,902
2,037,799 1,564,735 1,452,698
981.161 2,091,386 1,492,219 109.266
2.347,579 4,386,708 1,956,026 113,584
Tot. 4 w k s..1,844,882 7,695,586 9,491.284 6,467,745
4 wks 1887.1,454,078 9,526,240 6,560,494 4,464,773
Bye,
bush.
26,671
36,432
80,291
52,463
357,631 195.857
221,016 53,133
The receipts of flour and grain at the seaboard ports for the
iveek ended May 26, 1888, follow :
Flour,
bbls.
At—
New York........ 125,587
Boston.............. 60,717
Montreal........
14,922
Philadelphia... 12,612
Baltimore........ 64,238
Bichmond. . . . .
3,530
Norfolk. V a ....
4,410
New Orleans... 12,733
Oats, Barley,
bush.
bush.
444,100
163,405
25,571
360
73,148
30,228
4.011
4,296
21,762
Wheat,
Corn,
bush.
bush.
631,300 387,006
1,670 143,360
13,458, 55,083
5,288
77,889
64,630 162,843
3;960
6,956
4,271
1,574 200,962
Total week. 298,752 721,930 1.038,350
dor. week ’87.. 278,117 2,,599,685 1,027,538
766,521
504,251
360
8,479
R ye,
bush.
500
4,200
4,700
29,100
The exports from the several seaboard ports for the week
•ending May 26, 1888, are shown in the annexed statement:
Exports
from —
New York
Boston...
Portland.
Montreal
PhUadel.
Baltim’re
N. Orl’n s.
N. New s.
Kichm’d .
Wheat.
Corn.
Bush.
226,226
4,640
Bush.
183,887
24,624
Bbls.
47,838
40,183
106,958
120,58,9
61,200
25.714
146,943
4,303
17,786
36,026
750
94 6
3,000
Flour.
Tot. w’k. 399,024! 501,757
•S’me time
1887. .. 2,212,97l| 683,682
Oats.
Rye.
Peas.
Bush.
1,435
Bush.
Bush.
2.448
16,996
17,323
150,832
1,435
206,20o|
21,328
36,767
81,221
130,847
The visible supply of grain, comprising the stocks in granary
«at the principal points of accumulation at lake and seaboard
ports, and in transit by water, May 26, 1838:
In store at—
New York............
Do afloat........
A lb a n y.................
Buffalo............. .
"Chicago...............
Milwaukee..........
D u lu th ...............
T ole d o..................
D etroit.................
O sw ego..............
Bt. L o in s.............
Cincinnati............
Boston..................
T o ro n to .............
Montreal.......... .
Philadelphia.......
P eoria.................
Indianapolis........
Kansas City........
Baltim ore............
Minneapolis. . . . . .
■St. Paul................
Oh Mississippi___
O n Lakes.............
On canal & river.
Wheat,
bush.
1,548.986
222,800
678,191
4,721.111
1 ,666,886
6,106,345
565|699
333,440
40.000
410,925
14,000
21,815
65,218
261,991
115,602
1,276
31,913
44,881
422,264
6,708/483
265,000
Gom,
Oats,
bush.
bush.
533,040 375,809
47,600 163,300
45,100
63,700
199,219 161,424
4.249,056 1,620,165
4,226
5,690
192,006
1,990
119,512
18Ì238
22,122
34,979
20,000
359,393 154,824
18,000
58.000
47,791
77,292
17,731
5,884
15,137
■ 95,531
98,493
74,472 330,693
102,837
96,827
34,045
37,666
189,747
11,408
53,730
1,767,629 1,146,441
1,648,000
697,200
Tot. May 2 6 ,’88. 27,662.465
Tot. May 1 9 .’88. 29,022,228
Tot. May 28,'87.. 43.212,520
Tot. May 29,’ 86*. 34,888.596
Tot. May 30/85*. 36,733,759
Rye,
bush.
9 227
8,000
48,100
26,419
27,206
33,393
972
1,265
3,281
7,000
915
3,905
Barley,
bush.
9,048
3,000
60,705
73,448
37,711
559
90,000
8,123
32,000
465
60,810
1,201
34,371
2,069
1,423
206,123
261,640
277,276
274,o75
222,986
378,495
483,588
212,565
321.227
308,376
73,100
770,253
827,500
8.268,360 5,002,811
6,960,049 4,518,697
13.073,611 3,750,268
7,914,951 1,919,850
5,533,977 2,565,590
* Minneapolis and St. Paul not included.
According to Beerbohm’s London cablegram, the amount of
wheat and corn on passage at the dates mentioned stood as
follows:
Orain'on Passage.
To United Kingdom .. qrg.
To Continent.................. .
Week ending May 31.
Wheat.
2.490,000
538,000
Corn.
393,000
35,000
Week ending May 23.
Wheat.
2,295,000
419,000
Corn.
369,000
57,000
Total quarters............
3,028,000 428,000 2,714.000 426,000
Equal in bushels........ .... 24.224.000 3.424.000 21.712.000 3,408:000
Same week in 1887.. bush. 19.752.000 3.624.000 18.976.000 3.080.000
715
The exports of wheat from India for the week, year and.
season are as below:
Exports o f Wheat from India.
To United Kingdom.............
To Continent.........................
Total................................
Week end'g Week end'g April 1 to
May 19.
May 26.
May 26.
500.000
640.000
2.840.000
4.280.000
1,820,000 1,140,000
7,120,000
1,140,000
680,000
THE DRY GOODS TRADE.
New Y o r k , Friday P. M., June 1, 1888.
The feature of the past week in dry goods circles was a su c
cession of trade sales of flannels which were held on the 29th
and 81st of May, and on the date o f the present review of the
market. As anticipated these sales, which have become o f
annual recurrence, attracted a great many buyers to this city,
and while their operations were mainly confined to the auction
rooms there was a freer demand for some descriptions o f
goods at first hands. About 21,000 cases of wool flannels,
amounting to nearly four millions of dollars, were disposed o f
at public sale, and the goods were widely distributed among
buyers for all sections of the country. The prices obtained
w /re on the average about *1% Per cent lower than were
realized at the trade sales of 1887, but wool has declined in
price since that time to such an extent that the outcome o f
the recent sales is considered satisfactory. There was a con
tinuation of the large business in printing cloths reported o f
late, and some heavy sales of bleached cottons, low-grade
ticks, &c., were effected by means o f time inducements or
price concessions, and the tone of the cotton goods market at
the close of the week was firmer than for some time past,
nearly all accumulations having already passed into the
channels of distribution. The jobbing trade was quiet owing
protracted rainy weather and the attention bestowed by many
buyers on the auction sales alluded to above.
Domestic Cotton Goods.—The exports of cotton goods
from this port for the week ending May 29 were 4,469 pack
ages, valued at $259,574. These shipments include 1,781 to
China, 1,311 to British East Indies, 497 to South America, 350
to Aden, 242 to the West Indies, 117 to Europe, 82 to Mexico,
66 to Central America, and 23 to all other countries. Since
the 1st of January the exports aggregate 68,979 packages,
valued at $4,174,999 Of this total Cnina has had 29,243 pack
ages, valued at $1,482,775 and 12,527 packages, valued at $847,627 have gone to Sm th America. For the similar period o f
1887 the exports to all ports were 87,041 packages, valued
at $5,085,745; of which 48,598 packages, valued at $2,279,434
went to China, and 15,814 packages, valued at $1,137,093, to
South America. To the same tims in 1886 the total shipments
reached 87,938 packages, and in 1885 were 69,720 packages.
There was a more active demand for seme descriptions o f
staple cotton goods at first hands resultiug in a fair aggregate
business. Bleached cottons were in better request and large
blocks were closed out by means of time concessions. Brown
cottons were in steady demand, and there was a fair move
ment in wide sheetings, cotton flannels, corset jeans, satteen3
and flat-fold cambrice, all of which remain Arm at current
quotations. Dmims and fine ticks are steadily held, but
low grade ticks, cheviots and other colored cottons are
somewhat unsettled, and in buyers’ favor. Print cloths
continued in active demand and very firm on the basis
o f 3%c. for 61x64s, at which figures manufacturers were
very reluctant sellers at the close o f the week. Stocks last
Saturday and for the three previous years were as follow s:
1888.
Stock o f Print Cloth»—
May 26.
Held by Providence m anufrs..
3,000
Fall River manufacturers... 10,000
Providence speculators........
None
Outside speculators (est).......
6,000
Total stock (pieces)............
19,000
1887.
1886.
1885.
May 28. May 29.
May 3 0 .
116,000
71,000 443,000
237,000
83,000
377,000
50,000 156,000 324,000
50,000
30,000 300,000
453,000
340,000 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 W oolen Goods.—As above noted the absorbing
feature of interest in woolen goo is circles was the trade sales
of flannels, and but little business of importance was done in
other woolen fabrics. Agents continued to make steady de
liveries of men’s-wear woolens, as cassimeres, suitings, over
coatings, &c., in execution o f back orders, but new business
was restricted in volume. Cloakings continued in light and
irregular demand and Jersey cloths and stockinets were less
active than of late. Kentucky jeans, doeskins and satinets
were more or less sluggish in first hands, but desirable makes
are steadily held because of the moderate stocks on hand.
Dress goods were in irregular demand, but some pretty good
orders for makes specially adapted for the fall trade were
placed with the commission houses for later delivery. Flan
nels ruled quiet in first hands owing to the auction sales re
ported above, and blankets were in moderate demand.
Foreign Dry Goods.—The situation in the market for im
ported goods has not materially changed. The demand for
consumption has been seriously checked by protracted rainy
weather, and there wa3 consequently a very light call for
reassortments at the hands of importers and jobbors. The
auction rooms were more freely supplied with ribbons and.
millinery goods than for some time past, and their sales was
attended with fairly satisfactory results, but no other import
ant sales of foreign goods were held during the week.
THE CHRONICLE.
716
grast ©smpatxies.
Union Trust Company
OF N E W Y O R K .
7 8 Broadway, cor. Rector St., N.T,
$ 1 , 0 0 0 ,0 0 0
C A P IT A L ,
SU RPLU S, -
3 ,0 0 0 ,0 0 0
Authorized to act as Executor, Administrator,
Guardian, Receiver, or Trustee, and is
A LEGAL DEPOSITORY FOR MONEY.
Accepts the transfer agency and registry o f stocks,
and acts as Trustee of mortgages o f corporations.
Allows interest on deposits, which may he made
at any time, and withdrawn on five days’ notice,
with interest for the whole time they remain with
the company..
For the convenience o f depositors this company
also opens current accounts subject, in accordance
with its rules, to check at sight, and allows interest
upon the resulting daily balances. Such checks pass
through the Clearing House.
TRUSTEES:
Win. Whitewright,
James M. McLean,
H enryA . Kent,
Ambrose C. Kingsland,]
R. T. Wilson,
James H. <'gilvie,
Wm, F. Russell,
S. T. Fairchild,
C. D. Wood,
I. H.Frothingham,
James N. Platt,
George A. Jarvis,
D. C. Hays
C. Vanderbilt,
Wm. Alex. Duer,
A. A. Low,
Charles H. Leland,
G. G. Williams,
Edward King,
R. G. Remsen.
E. B. Wesley,
Edward Schell,
D. H. McAlpin,
Amasa J. Parker,
George B. Carhart,
Samuel F. Barger.
Chauncey M. Depew,
Geo. C. Magoun,
H.VanRennsel’r Kennedy, W. Emlen Roosevelt.;
EXECUTIVE COMMITTEE:
Wm. Whitewright,
G. G. Williams,
James McLean,
E. B. Wesley,
Geo. C. Magoun,
C. D. Wood,
D. C. Hays,
A. C. Kingsland.
EDWARD KING, President.
JAMES M. MCLEAN, First Vice-Pres’t.
JAMES H. OGILVIE, Second Vice-Pres’t.
A. O. RONALDSON, Secretary.
A. W. KELLEY, Assistant Secretary.
United States Trust Co.
OF NEW YORK,
NO. 49 WALL STREET.
C A P I T A L A N D S U R P L U S , - $ 7 ,0 0 0 ,0 0 0
This company is a legal depository for moneys
paid into court, and is authorized to act as guardian
or trustee.
INTEREST ALLOWED ON DEPOSITS,
which may be made at any time and withdrawn
after five days’ notice, and will be entitled to inter
est for the whole time they may remain with the
company.
Executors, administrators, or trustees o f 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. STEWART, President,
GEORGE BLISS, Vice-President,
JAMES S. CLARK, Second Vice-Pres’t.
TRUSTEES
H. E. Lawrence,
Isaac N.Phelps,
Erastus Corning,
S. B. Chittenden,
JohnH. Rhoades,
Anson P. Stokes,
Wm. Libbey.
John C. Brown,
Edward Cooper,
W.B’y’rdCutting
Chas. S. Smith,
Wm.Rockefeller,
R o b t . B . M i o t u r n , Alex. E. Orr,
Geo. H. Warren, Wm.H.Macy.Jr.,
George Bliss,
Charles E. Bill,
Wm. D. Sloane.
HENRY L. THORNELL, Secretary.
LOUIS G. HAMPTON, Assistant Secretary.
Wilson G. Hunt,
Clinton Gilbert,
Daniel D. Lord,
Samuel Sloan,
James Low,
Wm.W.Phelps,
D. Willis James,
John J, Astor,
John A. Stewart,
C ap ital,
F u lly
P a id , - - - - $ 1 ,0 0 0 ,0 0 0
THIS COMPANY TRANSACTS A GENERAL
LOAN, TRUST & FINANCIAL BUSINESS.
Receives money on Deposit, subject to check, and
allows interest on balances.
All Checks pass through the Clearing House.
Makes Investments o f Money, acts as Executor
Administrator. Guardian, Trustee, etc.
Also, as Registrar and Transfer Agent.
An authorized Depository for Court and County
Treasurers’ Funds.
O. D. BALDWIN, President.
GEO. A. EVANS, Vice-President.
J. S. THURSTON, Sec. & Treas.
D ir e c t o r s :
John L. Macaulay.
Rowland N. Hazard,
George S. Hart,
Alexander G. Black,
Wallace C. Andrews,
John I. Blair,
William P. Anderson,
Jules Aldige,
John D. Kimmey,
John Ross,
Charles Parsons,
George A. Evans.
Granville P. Hawes.
James S. Thurston,
Benjamin F. Tracy,
John S. Silver,
Thos. F. Goodrich,
Payson Merrill,
Herman Clark,
Thomas C. Platt,
John P. Townsend,
O. D. Baldwin.
Metropolitan Trust C o.,
37 W a ll Street, N ew Y o r k .
P A I D -U P C A P IT A L , - - $ 1 ,0 0 0 ,0 0 0
¿Designated as a legal depository by order o f
Supreme Court. Receive deposits o f money on
interest, act as fiscal or transfer agent, or trustee
for corporations, and accept and execute any legal
trusts from persons or corporations, on as favorable
termslas other similar companies.
THOMAS HILLHOUSE, President,
FREDERIC D. TAPPEN, Vice-President,
CHARLES M. JESUP, Secretary.
ÿvcnUjtxs
grast Compatîtes.
atnl grakers.
The Brooklyn Trust C o., Brewster, Cobb
Cor. o f Montague and Clinton Sts.,Brooklyn, N.Y.
C A P I T A L (all in U. S. Bonds) - $ 1 ,0 0 0 ,0 0 0
& Estabrook,
This company is authorized by special charter to
act as receiver, trustee, guardian, executor or administrstor.
It can act as agent in the sale or management of
real estate, collect interest or dividends, receive re
gistry and transfer books, or make purchase and sale
o f Government and other securities.
Religious and charitable institutions, and persons
unaccustomed to the transaction of business, will
find this Company a safe and convenient depository
for money, RIPLEY ROPES, President.
EDMUND W.CORLIES, Vice-Pres’t.
TRUSTEES.
BANKERS,
NO. 35
CONGRESS S T R E E T «
BO STO N.
«EMBERS OF THE NEW YORK AND
BOSTON STOCK EXCHANGES.
ALSO,
Sealers In M u n ic ip a l, State, R a ilro a d
an d U n ited States R o n d s.
Joslah O. Low, E. F. Knowlton, H’y K. Sheldon,
Alex. M. White, John T. Martin, C. D. Wood,
A. A. Low,
Fred. Cromwell, Wm.H.Male,
Alex. McCue,
John P. Rolfe. Ripley Ropes,
Mich’’ Chauncey, E. W. Corlies.
Abram B. Baylis,
Wm. B. Kendall, H. E. Pterrepont, H. W, Maxwell,
J a m b s Ross C u r r a n , Secretary.
F r e d e r i c k C. C o l t o n . Asst. Sec’y.
Irving A . Evans & C o.,
American Association
«EMBERS OF BOSTON, NEW YORK AND
PHILADELPHIA STOCK EXCHANGES.
OF
PUBLIC ACCOUNTANTS.
I n c o r p o r a t e d A u g u st 2 0 , 1 8 8 7 , U nder th e
L a w s a n d S ta tu tes o f th e S ta te o f
N ew Y o r k .
The business and objects of this Society are to
associate into a Society or Guild, the best and
most capable P u b l i c A c c o u n t a n t s practicing in
the United States, and through such Association to
elevate the profession of Public Accountants, as a
whole, and demonstrate their usefulness by compel
ling an examination as to fitness, and the observ
ance o f strict rules of conduct as a condition of
membership.
O F F IC E R S :
P re sid e n t—JAMES YALDEN, New York.
V ic e -P r e s .—JOHN HEINS, Philadelphia.
S e c.—JAMES T. ANYON, New York.
T r e a s .—WM. H. VEYSEY, New York.
C O U N C IL .
James T. Anyon, N. Y. Mark C. Mirick, N. Y.
Louis M. Bergtheil, N.Y. Rodney McLaughlin, Bost.
William Calhoun, N.Y. C. H. W. Sibley, N.Y.
George H. Church, N.Y. William H. Veysey. N.Y.
John Heins,Philadelphia. Walter H .P. Yeysey, N.Y.
James Yalden, N.Y.
BANKERS AND BROKERS,
N o. 53 S T A T E S T R E E T ,
ROSTON.
Itoek s a n d R o n d s B o u g h t a n d Sold
In a ll M ark ets.
lO S H U A W lL B O U R ,
CHAR LES H . SHELDON, JR
B e n j a m in A . J a c k s o n , W il l ia m B in n s t , J r .
Wilbour, Jackson & C o,,
BANKERS AND BROKERS,
N o. 5 2 W E Y R O S S E T S T R E E T ,
P R O V ID E N C E , R . I .
Dealers In Commercial Paper, Government ajk&
Other first-class Bonds and Securities and Foreign
Exchange.
Private telegraph wire to New York and Boston.
Rea Bros. Sc C o.,
BANKERS AND BROKERS,
AND DEALERS IN FOREIGN EXCHANGE;
125 W o o d Street, Pittsburg, P a
FELLOWS OF ÏH E ASSOCIATION.
James T. Anyon, Louis M. Bergtheil. Thomas
Bagot, James Cox, William Calhoun, George H.
Church, C.W. Haskins, R. F. Munro, Mark C. Mirick,
C. H. W . Sibley, Henry M. Tate, Wi'liam H.Veysey,
Walter H. P. Veysey, James Yalden, New York;
Richard F. Stevens, Jersey City, N. J.; Horace D.
Bradbury, Rodney McLaughlin, Henry A. Piper,
Boston, Mass.; John W. Francis, John Heins, Henry
Kelly, Philadelphia, Pa.; Eric M. Noble, WashingJ
ton, D. C.
MEMBERS
New fork and Philadelphia Stock Exchanges.
Pittsburg Petroleum, Stock and Metal Exchange.
Private wires to New York, Boston, Philadelphia.
Baltimore and Washington.
Offices ot th e A s s o c ia tio n , N o. 1 2 0 B r o a d
w a y , R o o m 5 1 (6th F lo o r), N ew Y o r k C ity
BANKERS AND BROKERS,
N o. 1 3 9 S ou th F o u r th S t., P h ila d e lp h ia .
Railroad, Municipal and other desirable Invest
ment Securities for sale.
Transact a general banking business. Allow inter
est on deposits.
Members of the Philadelphia and New York Stock
Exchanges, and connected by private wire with New
York.
A . L. Hartridge
SAVAN NAH, « A .,
SECURITY BROKER.
Buys and sells, on commission all classes of Stocks
sad Bonds
Negotiates loans on marketable securities.
New York Quotatians furnished by private ticker
every fifteen minutes.
American Loan & Trust Co.,
113 BROADWAY, NEW YORK.
[V ol. XLVI,
E. W . Clark & C o.,
W m . G. Hopper & C o.,
BANKERS AND BROKERS,
28
ATLANTA.
Humphreys Castleman,
BROKER AND DEALER IN ALL KINDS OF
SECURITIES.
Bonds and Stocks bought or sold on commission
Georgia and Alat ama Securities specially dealt in.
Correspondents —Tobey A Kirk and A.Dutenhofer
New York.
References—Atlanta National Bank, Atlanta, Ga.
and Fourth National Bank. New York,____________ f
W ilson, Colston & C o.,
S o u t h T h ir ]d S t r e e t ,
P H IL A D E L P H IA .
Direct IPrivate Wire and Long Distance lélephom
to H a r r i s , F u l l e r & B i c k l e y , New York.
PITTSR U R G H ,
E S T A B L IS H E D
PA.
1 8 71 .
Whitney Sc Stephenson,
BANKERS AND BROKERS,
N o. 57 F O U R T H A V E N U E .
Oldest Pittsburgh members N.Y. Stock Exchange.
BANKERS AND BROKERS,
(Memb
of Baltimore Stock Exchange),
B A L T IM O R E .
(INVESTMENT and SOUTHERN SECURITIES
a specialty.)
Correspondence solicited and information fur
nished.
N, Y. Correspondents—M c K i m B r o t h e r s & Co.
W m . F a ir l b y I
H . B . M OREHEAD.
H . B. Morehead & C o.,
STOCK, BOND AND NOTE BROKERS,
N o. 51 W e i t TlHrd Street,
T H O M A S B R A N C H & CO.,
CINCINNATI, OHIO
BANKERS AND COMMISSION MERCHANTS,
R IC H M O N D , V IR G IN IA .
Circulars and information on funding the debts of
Virginia and North Carolina free of cost; one-eighth
per cent charged for funding. Southern Railroad
and State and City Bonds bought and sold.
Robert Garrett Sc Sons,
BANKERS,
N o.
7
SOUTH
W. Harris & C o .,
C H IC A G O au d B O S T O N .
nnniriC o f Counties, Cities, Ac., of high grade a
BUiNUo specialty. S end f o r D e s c r ip tiv e L la te.
C. W . Branch Sc C o.,
BANKERS AND BROKERS
HTRBET,
B A L T IM O R E ,
TRANSACT A GENERAL DOMESTIC
FOREIGN BANKING BUSINESS.
N.
St a t e
b a n k
b u il d in g
R IC H M O N D ,
AND
VA.
Private wires connecting with Washington, Baltr
m o re Philadelphia and New York',
—1 '
THE CH RONICLE
J une 2,1888. J
% U 8U XnU £& .
____ gttguyattjcje.______
t&ottou.
The United States Life
Insurance Co.
Brinckerhoff, Turner
& C o.,
IN T H E C IT Y O F N E W
OFFICE. OFiTHE
(O R G AN IZED
261, 262
A
T
L
A
N
T
I
C
IN 1850.)
& 263 Broadway, New York.
r a l e ig h
,
Sec.
W m. T.
A .W h e e l w r ig h t ,
Total Marine Prem ium s^.... $5,060,569 22
Premiums marked <\ft from 1st
January, 1887, to ' 1st Decem
ber, 1887................................... $3,672 331 21
Losses paid during the same
p e r i o d ............. . . . . . . . . . . . . . $1,599,468 25
Returns of Premiums and Ex
p e n s e s .............. . . . . . . . . . . . .
Asst. Sec.
Actuary.
St a n d e n ,
IN C R E A S E I N A S S E T S O V E R
-
-
-
I n c r e a s e in N e w B u s in e s s ,
-
-
-
I n c r e a s e o p B u s in e s s in F o r c e , -
NEW YORK, January 24,1888
The Trustees, In conform ity to the Charter oi
the Company, submit the follow ing Statement
o f Its affairs on the 31st of December, 1887 .
Premiums on Marine Risks from
1st January, 1887, to 31st
Decem ber, 1 8 8 7 ............... $3,642.969 09
Premiums on Policies not marked
oft 1st January, 1887 . . . . . ^ • 1,417.600 13
YORK.
GEO. H. BURFORD, President.
C. P. F
Mutual Insurance C o.,
$ 1 6 0 ,0 0 0
4 0 p e r cen t.
$ 2 ,4 0 0 ,0 0 0
POLICIES INCONTESTABLE,
CLAIMS PAID PROMPTLY.
TEN DAYS’ GRACE.
ABSOLUTE SECURITY.
T h e m ost lib e r a l an d e q u ita b le c o n tr a c t
c o n siste n t w ith r e co g n iz e d b u sin e ss p r in
c ip le s.
A A. RAVEN, 2d Vice-President.
N o. 1 0 9 D u an e Street.
Crenshaw & Wisner,
16 & 18 E x ch an ge P lace, N ew YorM ,
COMMISSION M E R C H A N T S,
Members of the Cotton, Coffee and Produoe Bxch’e
THE
Al l
hay
CRENSHAW
CO.,
RICH M OND, VA.
Standard Brands of Flour for Shipment to W ar*
Climates always on hand.
EQUITABLE LIFE
O RIEN T, L . 1.
SULPHUR
J A N . 1, 1S S 8.
H. Y. W emnh Secretar
S. N. Stebbins Actuary.
—
—
— ■— —
—
—
WELDED CHROME STEEL AND IRON
in Round and Flat Bars, and 5-ply Plates and Angle
FOR SAFES, VAULTS, & C .
Cannot be Sawed, Cut or Drilled, and positively
Burglar-Proof.
C H R O M E ST E E L W O R K S ,
C ir c u l a r s
F r ee.
B R O O K L Y N , N. Y .
ESTABLISHED 1855.
Eugene R . Cole,
S T A T IO N E R
AN D P R I N T E R .
Supplies Banks, Bankers, Stock Brokers and Corpo
rations with complete outfits of Account Books and
Stationery
Iar- New concerns organizing will have their order»
promptly executed.
No. 1 W IL L IA M
STR EET,
MINES
COMPANY
OF V IR G IN IA .
ASSURANCE SOCIETY.
T R U S T S ES :
W. H. H. MOORE, Vice-President.
U N IT E D ST A T E S B U N T IN G OO.
A full supply, all Widths and Colors, always in stook-
Standard Superphosphates.
SECURE BA N K VAULTS.
JOHN D. JONES, President.
And all kinds of
COTON CANVAS FELTING DUCK,
CAR
COVERING, BAGGING, RAVENS DUCK, SAIL
TWINES, &C., “ ONTARIO” SEAMLESS
BAGS, “ AWNING STRIPES.”
Also, Agents
ORIENT 6HJAN0 MANUFACT’G C 0„
M ANHATTAN
Charles P. Burdett,
Henry E. Hawley,
Chas. H. Marshall,
James G. De Forest,
Charles D. Lev er ich,
John L.Riker,
George Bliss,
Anson W. Hard,
N. Denton Smith)
Isaac Bell,
Edward' Floyd-Jones,
Thomas Maitland,
Ira BursAey,
James A. H ewlett,
George H. Macy,
Lawrence Turnure.
C O T T O N SA IL D U C R
THE
The Company has the follow ing Assets« vis.:
Asseta_____ . . . .... ....... .
$84,378,904 85
United States and State of New
Liabilities, 4 per cent.............
66,274,650 00
York Stock, City, Bank and
Other S to ck s..... . . . . . . . . . . . . . . . $8,622,565 00 Surplus.................................. . $18,104,254 85
Loans secured by Stocks and
o th e r w is e ...!..... . . . . . . . . . . . . . 1,559,100 00 New Assurance.......................... $138,023,105 00
Real Estate and Claims due the
Outstanding Assurance........... $483,029,562 00
Company, estimated a t ........
474,439 88 Paid Policy-Holders in 1887.. $10,062,509 81
Premium Notes and Bills Re
Paid Policy-Holders since or
c e iv a b le ........ ...............
1,362,986 07
ganization...............................$106,610,293 34
Cash in B a n k .....................
218,192 40
Total Income............................. $23,240,849 29
Amount.........................$ 1 2 ,2 3 7 ,2 8 3 35 Premium In com e................... $19,115,775 47
$8,868,432 09
Increase in Assets...................
SIX PER CENT INTEREST on the outstand Assets to liabilities.................... 127*2 per cent
ing certificates of profits w ill be paid to tie
holders thereof, or their legal representatives,
on and after Tuesday, the 7th o f February next. L IF E INSURANCE COM PANY,
THE OUTSTANDING CERTIFICATES oi
156 AND 158 BROADWAY, NEW YORK.
the issue of 1883 w ill be redeemed and paid to
Organized A. D. 1850.
TO JANUARV 1, 1887.
the holders thereof, or their legal representa
Premiums received................................... $31,748,116
tives, on and after Tuesday,the 7th of February Claims paid to policy-holders, returned
premiums, dividends, etc.................
24,966,759
next, from which date all interest thereon w ill Assets.............................
................... . 11,310,058
DESCRIPTION—One of the oldest, strongest, best.
cease. The certificates to be produced at the
POLICIES—Incontestable, non-forfeitable, defin
time of payment and canceled.
ite cash surrender values.
RATES—Safe, low, and participating or not, as
A DIVIDEND OF FORTY PER CENT is
declared on the net earned premiums of the desired.
RISKS careful and selected.
PROMPT, liberal dealing.
Company, for the year ending 31st December,
General Agents and Canvassers wanted in desir
1887, for which certificates w ill be issued on able territory, to whom permanent employment and
liberal compensation will be given. Address,
and after Tuesday, the 1st of May next.
JAMES M. MCLEAN, President.
By order of the Board,
J. L. Halsey, 1st V.-Pres. H. B. Stokes, 2d V.-Pres.
J. D. Jones,
W. H. H. Moore,
A. A. Raven,
James Low,
Wm. Sturgis,
Benjamin H. Field,
Josiah O. Low,
Edmund W. Corlies,
Robert B. Minturn,
William Degroot,
H orace Gray,
William E. Dodge,
John Elliott,
C. A. Hand,
John D. Hewlett,
William H. Webb,
Manufacturers and Dealers in
AGENCY 07
GOOD AGENTS, desiring to represent the Com
pany, are invited to address J . S . G A F F N E Y ,
Superintendent of Agencies, at Home Office.
$7s8,&46 38
J . H . C H A P M A N , S ecreta ry.
vii
High Grade Pyrites free from Arseni«.
Bliss, Fabjran & C o .,
New York, Boston, Philadelphia,
SELLING AG E N T S FO R L E A D IN G B R A N D S
B R O W N & B L E A C H E D S H IR T IN G S
AND S H E E T IN G S ,
PR IN TS, DEN IM S, TICKS, DUCKS, &C
T o w e ls,Q u ilts, W h ite G oods & H osiery
Drills, Sheetings, Ac, for Export Trade.
JOHN L . BULLARD.
HENRY H . WHEELER.
Bullard & Wheeler,
COTTON COMMISSION MERCHANTS,
NEW YORK.
A IS O ,
B A G G IN G
AN D
IR O N
T IE S ,
[(FOR BALING COTTON).
Advances made on Cotton consignments and spe
cial attention given to purchase and sale o f
FUTURE CONTRACTS OF COTTON.
JOHN
H.
C L ISB Y A
CO.,
COTTON BUYERS,
MONTGOM ERY, ALA.
P u r ch ase On l y
j#
m »
o n
Or ders fo r a
C o m m is s io n .
O M L Y
Direct Line to France.
GENERAL TRANSATLANTIC CO.
Betw een N E W Y O R K an d H A V R E
From Pier (new) 42, North River, foot of Morton St.
LA CHAMPAGNE, Boyer.......... Sat., June 2, noon.
LA GASCOGNE. Santelli..........Sat.. Ju eO. 5 A.M.
LA NORMANDIE, de Kersablec.... June 16,10 A.M.
Travelers by this line avoid both transit by English
railway and the disoomforta of crossing the Channe
in a small boat.
P r ic e of P a s s a g e (including wine):—^
T o H avreFirst cabin, $100 and $80 i second cabin, $60; steer
age, $22—including wine, bedding and utensils. Re
turn tickets at much reduced rates. Checks onBanque
Transatlantique, Havre and Paris.in amount to suit.
Special T r a in fro m H a v re to Parle
The Compagnie Generale Transatlantique delivers
at its office in New York special train tiokets from
Havre to Paris. Baggage checked through to Paris
without examination at Havre, provided passengers
have the same delivered at the Company’s dock in
New York, Pier 42 North River, foot of Morton St.
U least two hours before the departure of a steamer
LOUIS D E B E B IA N , A gen t,
No. 3 R o w lin g Green.
IJOSEPHGllion's
STEEL PENS
GOLD MEDAL PARIS E X P O S ITIO N -I8 7 b J
1 T H E MOST PERFECT OF PEN g 1
IH E CHRONICLE.
¥ÍÍÍ
pUscellaneotts
O P 0tt0tt.
© 0 ÎÏ0 U .
Woodward
Walter T. Hatch.
Henry P. Hatch.
Arthur M. Hatch.
Stillman,
&
MERCHANTS,
frost Building, 16 & 18 Exchange Place,
NEW
INMAN, S W A N N & Co
YORK.
COTTON
M ERCHANTS,
S P E C IA L A T T E N T I O N T O O R D E R S F O R C O N T R A C T S
F u t u r e D e l iv e r y
of
Cotton .
Y ork..
Aew
@OTTON. ALL GRADES, 8UITABLE TO WANTS
on
T erms
to
Williams, Black
f^ANKF/RH
1
and
Su it .
&
Co.,
COMMISSION MERCHANTS,
W IL L IA M
STR EET,
COMMISSION
C O T T O N
ORDERS EXECUTED IN
¿SEW YORK, CHICAGO, NEW OR
LEANS, ST. LOUIS, LIVERPOOL,
HAVRE, &c.
4
L E H M A N BROS.,
&
St e r n
Co.,
Now Orleans, La.
C
o
t t o
n
Co.,
kMontgomery, Ala.
..Le h m a n , D u r r
F
a c t o r s
AND
COMMISSION M E R C H A N T S ,
No. 40 EXCHANGE PLACE,
MEMBERS OF THE COTTON, COFFEE AND
PRODUCE e x c h a n g e s .
U p -t o w n Office . No. 351 B r o a d w a y .
N ew Y o rk .
Orders executed at the Cotton Exchanges In New
York and Liverpool, and advances made on Cotton
•nd other produce consigned to us, or to our corres
pondents in Liverpool: Messrs. L. Rosenheim A
Sons and A. Stem & Co.; in London, Messrs. B.
Newgass & Co.
G. Schroeder
&
Co.,
Successors to WARE A SCHROEDER,
C O M M IS S IO N
M ERCHANTS,
Cotton Exchange Building,
NEW YO R K .
Orders for future delivery of Cotton executed in
New York and Liverpool; also for Grain and Pro
visions in New York and Chicago.
B. F. B A B C O C K & CO.
COMMISSION MERCHANTS,
IT W a te r Street, L IV E R P O O L ,
Receive consignments of Cotton and oilier Produce,
and execute orders at the Exchanges in Liverpool.
Represented in New York at the office of
SAM’L D. BABCOCK
32 Nassau Street, New York.
Geo. W. Baily
&
GOTTON E X C H A N G E B U IL D IN G ,
N ew Y o rk .
Special attention to orders for contracts for future
delivery of cotton.
Gwathmey & Bloss,
MERCHANTS,
No. 133 PEARL ST„ NEW ¿YORK.
G R A IN
AND
at the NEW YORK PRODUCE EXCHANGE and
the CHICAGO BOARD Ob TRADE.
Correspondents
Messrs. Smith, Edwards & Co., Cotton Brokers,
Liverpool.
Jas. Lea McLean, New Orleans.
Hubbard, Price & Co.,
Price, Reid
NORPOLK
Co.,
&
YA.
Cotton Brokers & Commission Merchants
140, 142 & 146 BROADWAY^
FRANCIS M. JENCKS
Geo rg e H . V ose,
President.
Secretary.
Bethlehem Iron Comp’y
40 and 42 W all Street,
N ew Y o r k .
Dennis Perkins & Co.,
COTTON BROKERS,
Liberal advances made on Cotton consignments.
125 P earl Street, N ew Y o r k .
Special attention given to the sale of cotton to ar
rive or in transit for both foreign and domestic mar
Orders for Spot Cotton and Futures promptly
ket». Orders for Future Contracts executed in New executed.
Y ork and Liverpool.
Robert Tannahill & Co.,
BAGGING.
W A H R E N , JONES A
«R A T Z
ST . LO U IS, M o .
Cotton Commission Merchants,
M a n u fa c tu re rs
of
P u re
im p o r t e r s
Cotton E xch an ge B u ild in g , N ew Y o r k .
IR O N
SPECIAL ATTENTION GIVEN TO THE PUR
CHASE AND SALE OF COTTON FOR FUTURE
DELIVERY IN NEY^ YORK AND LIVERPOOL.
Ju te
B a g g in g .
or
CO TTO N
T IR S .
North British
Ins. Co.
Mohr, Hanemann& Co., 6c Me cantile
OF
COTTON E X C H A N G E
B U IL D IN G ,
New York.
RONDON AND E D IN B U R G H .
U. S. Branch Statement Jan. 1, 1888.
Invested and Cash Fire Assets.......
Orders for FUTURE DELIVERY OF COTTON
LIABILITIES.
executed in New York, New Orleans and Liverpool; Reserve for Unearned Premiums..
Reserve for Unpaid Losses...........
All other Liabilities.......................
also for Coffee in New York.
$3,347,833 81
1.314,448 81
151,267 39
3.548 33
Net S u r p lu s ................................. 1 ,8 7 8 ,5fe9 3 8
$3,347,833 81
U. S. B r a n c h O ffice , 54 W il l ia m St r e e t , N. Y .
SAM. P. BLADGEN, Manager.
JAS. F. DUDLEY, Assistant Manager.
W. A. FRANCIS, 2d Assistant Manager.
Cotton Commission Merchants,
NO. 116 CHESTNUT STREET,
P H IL A D E L P H IA .
NO. 42 MAIN STREET,
N O R FO LK , Y A .
SPINNERS ORDERS SOLICITED.
Geo.H.McFadden& Bro.
COTTON
MERCHANTS,
Phenix Insurance Co.
OF
Office, 195 Broadway, New York City.
ARTHUR B. GRAVES, Vice-President.
GEORGE INGRAHAM, 2d Vice-President.
PHILANDER SHAW, Secretary.
CHARLES C. LITTLE Assist. Secretary
JOHN H. DOUGHERTY, Assist. Seo’y.
L iv e r p o o l Co r r e sp o n d e n t s ,
COMMISSION MERCHANTS,
COTTON EXCH AN GE, NEW Y O R K , and
N O R FO LK , Y A .
C otton. Coffee, G rain, P rovision s,
sto ck s and P etroleu m .
Orders executed in New York. Chioago and Liv
erpool. Ail grades of cotton suitable to sninners’
wants offered on favorable terms.
BROOKLYN,
CASH CAPITAL................................$1,000,000
G E O R G E P . S H E L D O N , President.
P H I L A D E L P H IA .
Rountree & Co.,
334 P E A R L S T R E E T , N E W Y O R K .
T O S U P P L Y IN C R E A S IN G D E M A N D ,
N E W S A F E S A R E B E IN G A D D E D .
M a n h atta n B u ild in g ,
AND
New York mid Liverpool; also for Gral and Pro»
COTTON BROKERS,
THE OFFICES HAVE BEEN NEWLY
FURNISHED WITH EVERY IMPROVEMENT.
1 1 7 P e a r l S t., M e w V o r k ,
P R E D E R IC Z E R E G A 4c CO.
Geo. Copeland & Co.,
O F F E R S V N E Q U A L E D S E C U R IT Y ,
P R O V IS IO N S
Orders for future delivery of Cotton executed in
visions in New York and Chioago.
OF N E W Y O R K
at Uie NEW YORK COFFEE EXCHANGE, and
Co., Edward H.Coates & Co,,
COMMISSION MERCHANTS,
COMMISSION
C O F F E E
COFFEE,
STOCKS, P E T R O L E U M ,
He h m a n ,
MERCHANTS
8 South W illia m S t., N ew Y o r k .
EXECUTE ORDERS FOR FUTÛREiDELIVERY
*t the NEW YORK, LIVERPOOL AND NEW OR
LEANS COTTON EXCHANGES. Also orders for
G R A IN ,
P R O V IS IO N S ,
YORK.
\
r m r n n 5 1 3 * C h u rc h S tre e t, N . Y .
O f f ic e s
8 0 8 C h a p e i S t„ N e w H a v e n
Personal attention given at the EXCHANGES to
the purchase and sale of STOCKS and BONDS for
cash or on margin.
DEPOSITS RECEIVED—subject to oheck at sight
—-with Interest upon balances.
Special attention paid to INVESTMENTS and
accounts of COUNTRY BANKERS.
Henry Hentz 5c Co.,
NEW YORK.
COTTON,
BANKERS,
14 NASSAU STREET, NEW
The Safe Deposit Co.
OF SPINNERS.
Of f e r e d
W. T. Hatch & Sons,
r k a w rrr
b r a n c h
&OANS MADE ON ACCEPTABLE SECURITIES.
for
fJ u n e 2, 1888’
C ommercial
A
ssu ran ce
C o .,
U nion
l im it e d
OF LONDON.
Office. Cor, Pine t& W f'iam Sts.,
,
ZV JT.
@FedFRASER