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HUNT'S MERCHANTS' MAGAZINE.
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES.
VOL.
SATURDAY, JUNE
60.
%Itie
NO.
28. 1890.
1,806.
Contrasted with the week of 1889 the current returns record
an increase of O'S per cent in the total, the loss at New York
(^hxoxxiclt.
l>eiag 5-3 per cent, and the gain in the total for all other cities
10-7 per cent.' The heaviest losses recorded this week are at
Des Moines, 12 per cent, and Topeka, 8'9 per cent. As nsnal.
Terms of Snbscription— Payable In Adrance
there are some clearing houses wliich exhibit heavy percentFor One Year (inoludini; postage)
$10 20
For Six Months
do.
6 10
ages of gain over a year ago, and in this particular Buffalo
European Subacrlption (iuoludlne postage)
11 50
leads with 162'1 per cent, and is followed by Uuluth, 1 18; Fort
European Subscription Six Months (Including postage).
G 75
Worth, 109-2; Tacoma, 89-8; Sioux City, 88; Lexington, 782;
Annual Bubsorlptfon In London (Including postage)
£2 8s.
Washington, 61-7; Denver, 528; Grand Rapids, 51-8; Detroit,
Six Mos.
do.
do.
do.
£108.
These prices include the Investors' Supplement, of 150 pages, 48-8, and Dallas, 46*5 per cent. Moreover, the present total
Issued onco iu two months, and furnished without extra charge to exceeds that for the similar week in any year back to and
sabscribers of the Chkonicle.
including 1882.
A file cover Is furnished at 50 cents; postage on tlie same is 18
cents. Volumes bound for subscribers at $1 00.
IfMli MnMna Jvfu SI.
ITmIi Mnd-g Jrtnt 14
Bubacriptions will be continued until definitely ordered stopped. The
publishcra c.innot bo responsible for remittances unless made by drafts
or Tost Office money orders.
IMO.
P.Omt
1820.
P.Omt.
Terms of Adrertlginir.
—5-8 T70.488,e76
688,882,848 7a8,7«S.,890
48»
Advertisements ordered for less than one month, in the Comhercial New York
A Financial Chronicle, are published at 25 cents per lino each inser- !iale$ofl9E0,7l8j
thara.l
-SS-7)
IStockt
(1,478.083)
(1.358.781)! (-28.,
tion. When orders are detiuitely given for one mouth or longer, a lib(S18,«XII
baltt.)
I8'i«,6a0) (—42-01
iOotton
(682.800 ,(+171-4^
eral discount is allowed, and the '^et pricea may be obtained on applicaInukeU.) (87,316.750
(66.281.4871 1—48 8, (»<>.2«2.16«), (-847^
ieratn
(IKt8,0O0l
I>Mi.)
(2.IM9,U00) 1-87-8,
tion at the office. The lowest rates on permanent cards defluitely or(PtUroltum
(lJJ«,000)i (-»8
dered for one year are 8 cents per lino each Insertion, malting .$58 for
•9.787.880
—10 118314,838 +16-6
e7.708.S«a
one inch space one year. Space is measured in agate tyi)o— 14 lines to Boston
6.86«.«00
4,»«1.I00
*»7
Hnrtfonl
New Haren....
Ijondon Aseata
BDWARD8 &
Smith, 1 Drapers' Gardens, £. C, will take sub
soriptions and advertisements and supply single copies of the paper at
Messrs.
Ig. each.
WILLIAM B. DANAJOHN O. FLOYD.
TPIIiLIAm B. DANA dc
10% William Street,
Sprtnfraeld
NEW YORK.
POST Office Box 958
1,107.IM7
6»1.(UU
bowel
Bedford.
New
New
Total
England.
Philadelphia
PIttsburK
Bal'lmore
Huffalo
The following table, made up by telegraph, etc., indicates
that the total bank clearings of all the clearing houses of
the United States for the week ending to-day, June 28, have
been (1,106.601,284, against $1,132,389,980 last week and
$1,134,605,948 the corresponding week last year.
Wanhlngton
SyracupB
WilmtnKton, Del..
Kochester*
Total MIddleT.,
ChlcajTO
Cincinnati
Milwaukee....
Yorlc
Weik StuKflj Junt
1890.
2H.
1889.
Ptr Cent.
— 10-8
—C5
ludlanapolls...
Peoria
Urand Haplds..
$S39,u8a,&86
100,048,362
-5-7
+21-4
Total all cities, S days.,
AUoltles, 1 day
$912,6l;V,046
$939,136,947
195,469,001
-29
198,814,638
-1-08
St.
11,106.601,284
1,134,605,948
Total
The
all oltlea for
week..
121,42(1.387
full details of clearings for the
-6
9
-10-2
-I-420
+13 2
+14-6
week covered by the
above statement will be given next Saturday. We cannot, of
course, furnish them to-day, bank clearings being made up by
the various clearing houses at noon on Saturday, and hence in
the above the last twenty-four hours of the week have to be
!n all cases estimated, as we go to press Friday night. Below
are our usual detailed figures for the previous week, that is
covering the returns for the period ending with Saturday
nooB June 21, with the comparative totals in 1889.
Concurrent with a less active stock specidation the exchanges
at New York exhibit a decrease from the week ending June
14 of eighty and a half millions of dollars. The Boston total
also exhibits a decline of a little over sixteen millions. Aside
from these two
7T.6S8,»<6
16,640.083
1I..)«».27
13.sV5.mi
7.«lW,154
l,81Ua!8i
Toledo*
Total Middle Western
—
San Frandsoo...
Ii<>8 AnKeles
Tacoma
-HO
1325,016'
-I-7-8
1,
—4-0
-6-8
i32r.4«il
881.1871
Lake
City'..
11,688,816
i-S6-7
-(Hi-8
14.788,105
18.090,4231
1,8«5AU
-|-lr2-l
l,l<S,4t)l)
+*!
7
4-0-7
l.SUe.l'TB
106,116.437
48-0
US
-fSS-1
-flH-O
«.07<,>56
-(-4"-»
B.887.K8.1'
4.(«68.7'S
2.2'<1.6au
-(-283
4.835,826
*,884,«0U
1,808.712
1,TU0,V88
781,286
2.1S7,e«^
1.686,4t«
800,088
-20
-t-«8-0
i,7i»,fci'i:
1.80J,tiU4
6«6,«2u
-f21-«
-t5I-8
l,81ll,<<5«l
-I-
117,486,1881
17408,161
16.570,073
618.63 i
-8-8
87U,a<)l
4Hl,tflM
-(-b8-8
-fI-8
1,831,1188
8.818,818
8,845448
•t-12-2
S.808.V26
8.77;f,73«
4.50 i ,344
-1-5
S,I62.U07
i,iso,a«o
1,328.558
6U8.SSV
458, W74
-f62-3
4-113-0
Joseph...,
WIehlta
Sioux City....
Des Moines..
Lincoln
Topeka.
Total Other Western..
I«nls
New Orleans
St.
2,407,': 72
1,«16.439
828,638
802.370
677.668
B«U,74«
380.641
Memphis..,.
Richmond
QalTeaton
Ghattaaooca
Birmingham
N«»hTllle»
Total goatbam...
Total aU
650.318
622,071
908,530
^**
4« T
+»(
+17»«
+T6
-)-21-6
•fl8-7
-t-88-0
-12
—8-8
6.87S381
6,203396
1,480348
1384.408
806387!
»<o,ig«
esi.68t
010,300
308,1441
•H&-8
37,171.174
-2-8
44r4
24.501388
03».0M
1.788,10«
S,1«H,80«
0,424,413
i.eaojtiu
2,0(6.788
-f-8-8
72I.;U
77VJ2S
«4e,a«8
wr,a3»
-1-108-2
2SU,78il
-iw
«80.oao
640,860
-H8-4
+43-2
4«:{
4.578,818
••,S07,«S«
a88,68«
674,000
•17,802
2,230,728
S8-1
-8-1
8,787,026
4.«18,748l
21,646,40*
S,8»a48()
888,877
Ji9t*
18,6101881
34,736,680
Dallas
Fort Worth
Norfolk
Lexington..., »
678,316
868.415
20,96a.»6
LoalsTllle
41«1>
136)371
3.716.826
4.861,140
4.8IU,VOU
Uolath
+2-S
4-0
—
•,183,4»4
1,015,678
4,288,6110
DeoTer
-t*4
4I8-J
81.068,038
12.827,500
6.Ini,T04
28-
600. I<<
15,V30,8-.iO
4-14-7
-!«
4 14 8
1.4433IB
121,45e,30«
City..
St.
107,748,0881
ll.VlL.'tOo
4,867,astl
6,2 IS. •50
(I.U«II,1W
Minneapolis..
Omaha
7*3,6 <1
1.408,164
12.»».8.0
-1-S
Paul
808.6211
64,467,
17,578,653
Kansas
86.066
1*«»,787.
7.V
86.16-4,468
17,802,660
Total Paotao..
758.0fl8|
126,374317
Seattle*
Salt
191,8781
-H8-0
2,014,187
Portland'
1380,227
-H>-6
+6-»
114,a3S,7«V
2,027.177
68,4ai,6«
818,807
^1
4lU
+i»e
7,122,477
7.670.468
T4-»
1,714364
2.478368
+16-8
8163*1
4Br«
1,128,170
785,010
670.188
401.470
4-irO
7BO.0O»,
783,834
2,264.864
-r»
42B-S
+•!!•
4«*-«
i4,S87,0U
41318.846
48,007,808
4lt«
1.1S2.238,»48
1.U8J62J63
4-0-8 1.826367.618
_±16*
the gains and losses at the various
442.357.101
OaCatdr New Tnrk.
clearing houses about balance each other.
• Mot lB«la««d to MtaU.
cities
-H9-3
—4-4
7«,l«u
6J!4a,M6
$791,260,259
Baltimore
Chicago
St. Louis
New Orleans
108.810,670
74.117*71
2,ut*4.auo
Seven cities, B days
Other cities, S days
PbllMIelphia
109.878.798
ClSTeland
$611,977,694
81,073,518
63,804,288
11,461,013
60,921,000
16,074,334
4,776,838
Beaton
720J&V
M7,80J
Columbas
»516.061,233
80,644,405
69,425,677
10,294,873
72,293,000
17,066,340
6,474,825
,
1,748.61<
1.084,4 4
l.l»7.43a
l.vei,H^8
1,176.011
S38.4ftb
<
Ltetroit
CLEAKINGa.
iZetWfu ^v TeleyrapK
2.087,048
1,IU>,48>
I.273,t!W
1,1]|8,»7M
VTorcester
Portland
I
Co., PnblUtaera,
CLEARING HOUSE RETURNS.
Hew
5306300
I'rovldence....
the inch.
S8».638.7a7
njpn
4Se.sw.aoa
Tm
aHE CHKOKIGLE
886
planters
THE FINANCIAL SITUATION.
Tou
may understand
better the correctness
L.
of our
suggestion.
With these new supplies of currency almost in sight,
As the first of July approaches, the tendency of
preparations
The
upwards.
naturally
one
sees good reason for the moderate effect on money
very
money is
made by the banks and other financial institutions for lenders of the more urgent present demand. It is not
the payment of interest and dividends, even were there unlikely that next week the irregularity may be
no other cause, would, in the present position of our greater, but it must be soon over. Money on call as
for it is not the wants of represented by bankers' balances has loaned this week
reserves, have that effect
;
—
banks have
nearly all at 10 and at 3 per cent, averaging about 5 per cent.
to supply
upon New York at this period. Renewals were also made at the same figure, and
Just now, however, we are losing money in other ways banks and trust companies continued to make 5 per
We are exporting gold, and though not in large cent their minimum. For time loans the demand has
also.
amounts at present, yet with our surplus reserve only been good, while the supply of funds has not been
this city alone that our
near-by
a
cities
little in
call
excess of 6 million dollars, every shipment
is
very
liberal.
Government has again been draw- b^ per cent
ing on the banks, and this week the net amount 6 per cent
Then
felt.
too the
Rates are 5 per cent for sixty days,
ninety days to four months, and
for
for five, six and seven months on
Exchange collateral.
A loan has
Stock
good
stocks
first-class dividend paying
these influences we add the current business demand been made on
which is more urgent than a year ago and which has in this week at b\ per cent for six months, and a
past weeks had some influence in keeping the currency transactioii is recorded on ordinary mixed security at
Commercial paper is
flow from the interior to this center smaller than it 6^ per cent for the same time.
was last year, it is not diificult to account for any in good supply, but the demand is light, some of the
increase of activity in money which is noticed. Indeed, city banks usually in the market being out, and their
the surprise is rather that the disturbance has been so places not being taken by out-of-town buyers. Rates
slight; in fact it would be more marked were it not for are 5@5i per cent for sixty to ninety-day endorsed hills
the general belief that stringency now must be very receivable, 5^@6 per cent for four months' acceptances,
temporary and that after the first of July, Government and 6@7 per cent for good single names having from
taken
is
in excess of the takings last
week.
If
to
disbursements will be large, letting out not only the
Treasury accumulations of the last three months, but
also previous accumulations, not to speak of the new
issues of currency soon to follow.
There has been no settlement as yet of the silver
entanglement in Congress, though material progress
has been made towards that end. After a struggle, the
four to six months to run.
in London has continued to show
In the open market sixty to ninety
day bank bills are now quoted at 3^ to 3|- per cent, and
the Bank of England minimum was advanced on
Thursday to 4 per cent from 3 per cent, at which
Berlin and Frankfort
it had stood since April 17.
House of Representatives has voted separately against have been a fraction lower than last week, the^
free coinage, has disagreed to all the other Senate open market rate being reported at 3f per cent,
amendments, and requested a conference of the two while the Paris rate remains at 2| per cent. The
Houses on the bill and amendments, it would be idle Bank of England stock of bullion is low for this
now to speculate with regard to the nature or the period of the year, while the jirospective drains are
effect of the final action.
There is one conclusion large hence the necessity of protecting it. This week
about which we have little doubt, and that is that the there has been an increase of bullion by the Bank, the
Conference Committee will agree, and that* they will amount reported being £113,000 a private cable to us
agree on a measure which will become a law.
As each states that this was the result of an import from Portuof these legislative bodies has passed the provi- gal and Australia of £134,000, of an export to Portugal
sion making it obligatory
upon the Treasurer and Germany of £97,000, and of arrivals from the
±0 " cover into the Treasury as a miscellane- interior of Great Britain of £76,000.
" ous receipt " (and therefore disburse) the amount
Our foreign exchange market was dull and heavy
The money market
increased activity.
;
;
of the
deem
deposits
made by National
Banks
to
re-
their circulating notes, that feature will evidently
he in the conference report. The balance of this fund
in the Treasury was reported on June 1st at $58,431,165.
On July 1st it will most likely be a little less.
Whatever may be the amount, this provision of the Silver
put it all afloat and of course it will be in addition to the new silver issues which the other sections of
hill will
the law will provide. So if silver inflationists do not hereafter find a basket full of currency left at their doors
every night, the disappointment cannot be charged to
any lack in the quantity of currency in the country j»er
<;apita, hvit must be because that method of measurejnent which they so constantly use does not mean just
•what they interpret it to mean.
Our experience would
seem
to teach us that inflation
instead of
week under review. As the week advanced
the market gradually grew more active and after
Wednesday was firm for short bills and cables, though
easier for long sterling in anticipation of the change
Last Saturday
in the Bank of England minimum.
Brown Brothers & Co. reduced the rates for long and
On Monday the
short to 4 85^ and 4 88 respectively.
Bank of Montreal posted 4 85i^ for long and 4 88^ for
short, while Kidder, Peabody & Co. and the Bank of
British North America maintained 4 86 for the former
and 4 88^ for the latter. On Tuesday all the drawers
posted 4 85^ for sixty day and 4 88^ for sight, and on
Thursday all except Brown Brothers & Co. reduced
Commercial bills are lower
the long rate to .4 85.
discounts in London,
dearer
of
feel
the
effect
they
early in the
making the and
poor richer, works so that only " to him that hath " is
given, and he gets an abundance, but " from him that
•" hath not
" it appears to take away even that which
he hath. Perhaps by-and-by, when the price of farm
Habor goes up while the price of wheat continues to
be
governed by the Liverpool quotation, our farmers and
of
also
a
little
against grain shipments.
heimer
France
&
Co.
will
better
supply
of
draf
s
Messrs. Heidelbach, Ickel-
ship
$500,000
gold
to
This gold
by the steamer sailing to-day.
goes out under much the same circumstances as that
No more gold will be sent
sent to Germany last week.
forward at present, if for no other reason because no
f
JoNE
THE CHRONICLE.
28, 16S0.]
more gold bars
Mint
tion of the
shipment, or in
will be exolianged for
examina-
the annual
fact for any other purpose until
completed, which will not be until
is
The condition of dur foreign trade for
May has been made public this week by the Bureau of
Statistics.
We give the following summary prepared
after July 1.
in our usual form.
rORClON TBADI MOVIHCNT Of TBI D.<<naD ssATU-COOOi onltuil.)
k
.
GOLD.
MCBCHAirDIHI.
Ten
Mat.
Exctu
BxtorU. TmvorU.
of
SxporU
8990
JtUj..
Aug
..
*»!*..
Oct
.
63.068
3.343
«i4.9Se{
S3.II8S
11810
«8,740 '^9,079
58,895 31,719
59,888 37.003
63,22.-) 11,989
63,269
7,218
67.170
3,45«
71.808 •8,406
70,143 •l'i.eoo\
Feb...
97,828
93.T11
9«,901
T5.212
»0.477
March
J'i.eso
April
63.4M
...
Hot...
Deo....
Jan....
Mar
.
»T,453
.
f
%
ri.787| •19,639
%
32.S88'
39.735;
Bx-
porti.
porU.
t
i
835,
498'
«.407
797
0/
ImporU.
3.28;
42(.
890
a.283
678
313
1.774
1.806
1,057
1,478
1,622
t
+4.447
78
8417
281
4.229
2,814
4.I37I
1,198
1.170
1.487
1,052
288
t
1,701
1,528
'ijBii
+ 1.430
481
478
t
3,824
992
598
308
i
3,822,
3447
3,806
3,122
185
+674
+8
parU
»
881
•»,70l
1.890'
1.231
1.064'
-J.tai
4,398
1,498
2,670,
1,405
1,243
1,742
1.228
1,079
1491
il,859
1,574
1,898
3.679
1.931
1,085
•J.181
+ 1,013',33.879 ^0.136 13.743
9,«2fl41.821lt3-,*.195 33.482 17,280 16.202
9,709 43,841 13.»22 !i8.410 •^3.677 14.488 11.080
37 ,138 4'.t.40S 9.061 33.324 '.14,549 16,278 8.271
Total S04.883 713.878 90,807 1«,630 13.643
88-8i(
89
1134' 683.822
8r-8^ 631. 3281661.037
86S7
8386
84
10.212
•
668.225 631.087
6i3,«18 581,224 4!*,394 Z0.481 34.372 +14,091 «7.857 16,871 10.883
8aLl6»3.707 328.gU 163482 '^6.4621 7.738 18,72« 36,131 15.847 1 4.4*0
Excess of imports.
*
It will
Exceas^of exports.
I
movement has
bo noticed that the silver
resulted just as
we indicated
Irom an examination
of the
it
would two weeks since
New York
figures.
An
important step has been taken this week towards
improving the railroad situation west of Chicago. It
will be remembered that passenger affairs were comFreight matters repletely adjusted a short time ago.
mained as before, but the action taken at a meeting of
,..
trunk
line
representatives about a
month ago
last year,
But more remarkable
than either of these are the exhibits made by Tarious
other, roads
their returns for the
in
month
of
May$
which shows $408,i)39
incres.se in gross earnings, but a loss of $12,711 in th*
net.
Perhaps it will be said that the Pennsylvania ii
Tliere
is
the
Penn.sylrania,
its policy of making extensive
and renewals and charging the cost to expenseti
But take the Union Pacific. That
being well known.
road, in its preliminary statement for May, shows almost
nine hundred thousand dollars gain ($899,fi46) in gross,
which in amount excels the best record for gain by the
Union Pacific or any other company, being larger even
than the very large gain for the same month reported
hardly a fair illustration,
B-XC*M
porU.
poru.
igan Central, with gross tdl(),i>00 better than
has increased net only $6<i,000.
repairs
SILTIB.
Im-
Im.
887
in
re-
by the Atchison ; but with this increase of about tOOO.r
000 in gross, the net of the Union Pacific has beea.
added to in amount of only $23,760. Or take the Norfolk & Western, which has added $11Q,260 to its great
receipts, but only 112,381 to the net. Or the Northern
Central, which, with gross enlarged $36,534, has, because of heavier expenses, suffered a diminution of
$43,807 in the net. Then we have the Mexican Central
which for April loses. $108,118 in- net, with a loss of
The Chesapeake & Ohio for
only $12,406 in the gross.
May shows $166,996 gain in gross, and but $6,393 in net.
Of course there are other roads which make very
much better comparisons. Conspicuous among these is
the Cleveland Cincinnati Chicago & St. Louis, which
on gross earnings for May increased $93,000, has actually reduced expenses, giving a gain in net earningiB
The Philadelphia & Readfor the month of $103,055.
ing for May gains $110,662 in gross and $31,184 innet;
in the New York & New England has increased gross
settlement
a
facilitate
expected
to
Northwest
was
the
$39,909 and net $33,155; the Fort Scott & Memphis
This expectation seems gains $52,643 and $9,862 respectively; and the Cleveof rates west from Chicago.
storing rates on
now
in a
fair
from the seaboard to points
traffic
way
to be
realized.
The
question has
been in the hands of a committee of the Western roads
for some time, and this committee it is reported has
agreed upon a plan for an advance over the existing
tarifEs, which plan is to be submitted at a meeting of
the Western managers next Wednesday. The propo-^i.tion is to restore rates from Chicago to Missouri River
points to the old basis of 75 cents per 100 lbs. on first
land i& Canton, with $14,209 gain in gross, has $7,913
The Baltimore & Ohio Southwesterlr
increase in net.
for April has reduced expenses in the face of improved
gross earnings, so that its net of $58,316 for 1890 comThe Cleveland 4
pares with only $33,990 in 1889.
Marietta for the same month has added $6,010 to its
and $2,002 to its net. The Columbus Hocking
& Toledo also has a very good statement fo»
It is April, having gained $95,463 in gross and $68,354
.class freight, the present rate being 60 cents.
also proposed to recommend that the 30-cent scale in net; equally good is the return of the Alton & Terr^
originating Uaute, with $25,303 increase in gross and $22,681 in
traffic
"from Chicago to St. Paul on
Chicago be canceled, and that a 40 net.
of
east
cent rate be applied on both local and through shipWe have referred above to the slight loss in the net
ments. If, as seems likely, these recommendations earnings of the Pennsylvania Eastern lines for the
ahall be adopted, the situation as to Western rates will month of May.
The Western lines make a somewhat
gross
Valley
be better than it has been for a long time past. As to better exhibit, there being a surplus above the liabilities
the difficulty between the trunk lines east from Chicago, for the month in 1890 of $9,183, against a deficit in
on dressed beef, &c., one or two further slight cuts May, 1889, of $81,330. The gross earnings of the
were made early in the week, but otherwise there were system have been increasing in a really marvellous way
no important developments until yesterday, when the for a good many years past, and even the net does not
matter was brought to the attention of the trunk line make a very bad comparison if one goes far enough
presidents, who, after consideration, referred the question to the Central Traffic Association with a
recommen-
dation to restore rates.
Quite a good
many
returns of gross and net earnings
for recent periods have been received this week, and
the one prominent feature disclosed is a great and general increase in expenses.
The
fact is well illustrated in
Here
back.
is
LINKS KAvr or
PrrrsDOBO.
onr usual
ISM.
May.
•
table.
188*.
t
1888.
t
1887.
t
OrOH eamlnfnt
6,708,033
6,294.810
6.027,780
Operatic expanMM.:
3.820.oe8| 8.3W.168
3,31S,B74
4,886.040
8.023,448
1,806.868
1,713.788
1341.602
Net earning..
l,882.iM7
WeKtem Hum
+0.188
Result.
1,801.180
-81.SS0J
1,814.318
+0.844' -19B.7f>»
1,7X3.480
M8*.
•
uas.
•
4.178.680
MW,4«
•,7a^8ra;
t,6M474
1.47t.T««
tfSijmt
-«».»17l -874.188
1.861.810' 1.240.786'
LOSLIU
the case of the semi-annual statements of the Lake Shore Jan. 1 In May 31.
and the Michigan Central, which we review at length GroMeamlii««
in a separate
article
on subsequent pages.
The Lake
8«,7^^6a8 84,078.818 «.77T,8a* 81,468.888118,014,088 17.683,066
Operat'K expetues. 18,887,842 18,420,834 16,868,681 14.<86.04s'l*.6Ot,678'll.»7S^
Net earning...
Shore, with gross earnings increased 11,079.071, has
aided only $104,512
to its net earnings,
and the Mich-
Wettem
linen
Reeult
'
~6i818^40l' 6.810,416
7,819,188
7.843.604: 74*1,282
7im,084
+«4,60e
-2S2,S6S> —188,076
+264.448 -868.708 -862.273
7.883.874
7.881.24li 8.9864471 7.477.3721 6.966.806' 4.968,148
THE
888
CHROJNIOLE.
[Vol. L,
& NorthBullion holdings of European banks.
have turned out mateJunt 20, 1890.
Junf 27, 1889.
Banks 0/
rially heavier than the estimate made at the time of
Gold.
saver.
TotaL
Gold.
Silver.
Jotai,
the annual meeting, when preliminary figures for the
£~
£
£
£
£
S
As England
21.672.906'
21,672,906 23,936,573
23,936,57»
fiscal year ending May 31, 1890, were submitted.
52.667.000 50,978,000 103,845,000 45,867,000 50,090,000 95.967,000
France
the audited results are never ready till about twenty-five Germany
29,383,834 14,896,606 44,090,000 30,360,667 15.180.333 45,541,000
days after the close of the month, we thought it would Aast.-Hung'y. 4,999.000 16,334.000 21,333,00(1 6,444,000 15.898,000 21,142,000
8.111.000 6,670,000 10,681,000
Nettaerlands...
6,515.000^ 6,690,000 12,205,000
be interesting to our readers to have the company's Nat. Belgium. 2,844,000 1,422,000 4,266,000 2,779,000 1,390,000 4,169,000
estimate for May, and we accordingly gave the totals Tot. this week 116.887,240 89,000,688 208,587,90« 113.902,240 89,048,333 202,950,573
Tot, prey. W'k.lll6.913.775'89,08t,000 205,997,775 1 13,840,892,89,612.000 203,452,892
in our issue of June 14 and again in the issue of June
81. From the latter the figures were copied into other
SCOPE OF
SUGAR TRUST
papers, and as the audited totals appeared a few days TffB
DECISION.
subsequently and differed from ours, it seemed as if
The Sugar Trust decision, handed down this week
our statement had been unauthorized. To show that
by
the Court of Appeals,, is an important adjudication
with
the
estimate
made
in
agree
precisely
our figures
the company's annual return, we have prepared the in many ways ; and yet its effect as a solution of the
following, giving the figures by months and the total social problem which the formation of trusts has raised
may obviously be over-estimated. ^It is of some importfor the twelve months.
ance to the individual corporation whose charter is
CHICAGO & KORTnWESTERN.
The audited
gross earnings of the Chicago
•western for the
month
May
of
THE
Ttar end.
1889 90.
$
1888-89.
2,061,054
July
2,267,573
Angust
2,575,104
September 2,535,590
October... 2,979,807
November 2,513,452
2,286,974
2,149,607
2,293,291
2,714,274
May 31.
June
$
Year end.
1889-90.
Hay 31.
$
December. 2,182,964
January.. 1,837,673
February. 1,790,914
March
2,972,:.'65
April
2,283)424
May
Total
1888-89.
$
1,940,627
1,613,245
1,.'J60,879
1,910,316
2,208,926
2,219,418
1,803,414
1,837,250
2,144,942
27,122,791
25,692,258
It has also a decided importance in its influence upon the Trust of which it was a member. But
most of all, it is important because of the clearness with
dissolved.
which the opinion
of the
Court defines the limit of cor-
porate powers in the matter of combinations and consolidations.
It
would be hasty, however,
to
assume
that this decision will put an end to organizations hav-
For May the figures are just as we published them^
and for the twelve months the total agrees with that ing much the same scope as the Sugar Trust.
Most of our readers are aware that the parties to this
reported by the company and printed by us in the
proceeding
were the Attorney-General of the State ae
Chronicle of June 7, page 800. But the actual gross
earnings are now reported $2,299,654, instead of the plaintiff and the North Eiver Sugar Refining Company
$2,219,418 estimated, making the increase as compared as defendant, and that the judgment sought was corpo•with May, 1889, $154,712, instead of only $74,476.
Of rate death. Judge Finch, who delivered the opinion of
course, the gross for the fiscal year will in the com- the Court, stated that to secure the purpose for which
pany's annual report also be larger to the same extent. the action was brought, the Attorney-General must show
The St. Paul & Omaha figures of gross for May have some sin on the part of the corporation accused which
likewise been published this week, and show $33,216 has produced or tends to produce injury to the public;
that the transgression must not be merely formal or
gain.
The stock market has been dull and somewhat irreg- incidental, but material and serious, and such as to
On the facts as
ular, but with on the whole a firm tone.
Silver legis- harm or menace the public welfare.
corporation
had, by
Court
found
that
the
admitted
Ihe
lation has assumed a more favorable phase; on the other
integral
part
and
action,
become
an
voluntary
its
own
hand, there have been some disturbing elements, 'such as
the further shipments of gold and the Illinois Central element of a combination which possessed over it an
Strike.
The half yearly statements of the Vanderbilt absolute control, and dictated the extent and manner
roads did not exert any special influence on speculation, and terms of its entire business activity; that the defendand the Sugar Trust decision had a much less serious ant's stock was in the central association, or " Board
effect than might have been anticipated, having been of Trustees," certificates carrying a proportionate interin part discounted. Accounts with regard to the est being issued by this Board to the said stockholders;
growing crops have continued quite generally favorable. that the Refining Company relinquished its power to pay
At a meeting of the sales agents of the anthracite coal dividends, obligated itself to pay over all its earnings to
roads this week it was agreed to make an advance in this " master whose servant It became," and made itself
the schedule prices of coal. The rumor of the resigna- liable to be mortgaged, not for its own benefit alone
tion of President Corbin, of the Eeading, is confirmed. but to supply this Board with funds in pursuit of the
The resignation has been accepted, and General Man- purposes of the Trust. In all of these particulars the
Court holds th^t the corporation was doing the public
ager McLeod elected to succeed him.
The following statement, made up from returns col- an injury; that in avoiding the State law, which compels
lected by us, shows the week's receipts and shipments reservation of corporate rights, it had proved unfaithful to its charter; that there can be no partnership of
of currency and gold by the New York banks.
separate and independent corporations, directly or indiIttceivedbj/
Wetk Sndino Junt 27. 1890.
Shipped by
Net Intirior
no substantial
rectly, through the medium of a Trust
X.r. Bankt. W.F.BanfM.
Movement.
the statutory
disregard
consolidations which avoid and
Caimacy
$3,000,000 $1,416,000 Gain. $1,584,000
Ooia
eoo,ooo
300,000 Gain.
restraints.
200,000 provisions and
Total ROW and le((Rl tenders.... $3,600,000 $1,716,000 Gain. $1,784,000
On its face this decision would seem, from this recital
With the Sub-Treasury operations and the gold exports of findings and conclusions, to be broad enough to put
the result is as below.
an end to the whole Trust family. No doubt it effectually disposes of every organization formed on the
Jnfo
Outo/
Wuk BnHinQ Jwu 27, 1890.
Net Clitn'oe (n
lines which the Sugar Trust was formed on; and
Bankt.
Bankt.
Bonfc HolMnoi.
Banks Interior Movement, as atwTe $3,soo,obo $1,716,000 Gain. $l,78t,000 no doubt too, if our various legislatures had the virtue
—
Bab-Treas. oper. and nold exports..
Total gold and legal tenders ...
10,100,000
13,000,000] Loss
2,900,000
$13,600,000 $14,710,000 Loss $1,116,000
any issue of stock in excess of the true
value of the plant, and to require periodical statements
to prohibit
June
THE CHRONICLEL
28, 18«0.J
of the condition and finances of every chartered
com-
pany, there would be an end to the worst if not to the
Permitonly real evils connected with combinations.
ting any board of trustees or directors to issue stock in
unlimited quantities and to carry on their proceedings
wholly in secret, only invites wrong practices and ensures
losses not to the organizers
but to innocent parties.
It
serves no useful purpose, however, to declaim against
combinations.
public need.
As we have often shown, they are a
They permit economies which can be
secured in no other way, and are an important agent in
the lower prices for commodities and freight charges
which now
That the Court takes the same
prevail.
view, even the Sugar Trust decision shows, for in kill-
ing this Trust
it is
a
889
For the Vanderbilt
in general.
lines are
no more dia-
tinguished in this respect than the other leading tran8>
portation systems operating in the territory between the
lakes and the seaboard.
At
more significance attaches to the
circumstance of larger earnings in the case of the Lake
Shore than in the case of most of the trunk lines. The
Lake Shore was paralleled a few years ago by the Nickel
Plate from Buffalo to Chicago, and though the Nickel
Plate is now controlled by the Lake Shore the earnings
and accounts are kept entirely separate and distinct.
This is different from the practice with the New York
Central and West Shore, «ince the amalgamation being
Mississippi and the great
the same time a
little
complete in that instance the reports of earnings give
for both companies.
The Nickel Plate may be regarded as having dcTeloped very little traffic which the Lake Shore would
not have secured in any event, and hence to show the
natural growth of business over a term of years it is
necessary to take the combined earnings of the two
companies and compare the result with that on the
Lake Shore alone before the existence of the Nickel
method that has been annulled, the aggregate
and not a principle. The Sugar organization would
have been effectual if the machinery of the separate corporations had been preserved; even had the directors
bought outright the stock and property of these corporations the transfer would have been absolute.
This raises the question as to the status now of the
property supposed to be held by the Sugar Trust. The
Judge in his opinion remarks that " the action which
" placed the stock (of the defendant) in the hands of
" the Board of Trustees shows that no sale was intended
"but simply a transfer in trust." In speaking thus of
the stock the Judge would seem to imply that he
referred to the status of the whole property; for he
adds that the mortgage clause further proves his
conclusion, as it authorizes the supposed buyers to put
a mortgage on the property, and " no absolute owner
"requires any permission whatever to mortgage his
"property." These expressions may be held to be
mere dictum and not necessary to a decision of the
But they appear to open a wide field for discuscase.
sion as to the distribution of the assets which pass into
the hands of* Mr. Gray, the receiver of the defendant
corporation.
And yet we assume the outcome of it all
must be that the property of these individual corporations is the property of the Trust to be distributed
under the deed of trust to the substituted scrip-holders.
The
Plate.
latter
now
earns in excess of five million
If
we assume that earnings for
dollars gross a year.
the current six months will reach $2,500,000, that
amount combined with the $9,908,767 for the Lake
Shore would give say $12,400,000 together, as against
the $9,797,649 earned by the Lake Shore in 1873 when
it was not obliged to share its traffic with the Nickel
On
Plate.
that basis therefore
—there
—and
it is
the only fair
been very decided
growth and progress. And the growth is really greater
than the figures indicate, for in 1873 values were on an
inflated basis, and though rates on the Lake Shore at
that time were by no means high, yet they are materially
lower now, so that it takes a very much larger amount
of traffic to produce a given amount of earnings.
basis
of
comparison
has
As regards the increase over the year preceding, that
we have seen, is very heavy, reaching $1,079,071, or
12 "22 per cent. The Michigan Central also has a very
large increase, namely $610,000, though the ratio of
"We hope that the organization will be speedily changed improvement is somewhat less than for the Lake Shore,
into a stock company and that the injunction which being not quite 10 per cent.
Together the two systems
as
prevents that being done will be dissolved without may be said to have gained roughly $1,700,000, or say
different course helps to harm innocent at the rate of 3^ million dollars a year.
delay.
For the other
holders' interests without serving any good purpose, trunk lines we have as yet only the results for the five
A
public or private, so far as we can see.
months ending with May, but improved receipts arc the
feature in each and every case the gains being proportionately eten much heavier in some instances than
for the Lake Shore and the Michigan Central. On the
—
PROSPERITY OF THE VANDERBILT
ROADS.
For the
first
time in seventeen years
so-called Pennsylvania lines east of Pittsburg
is it
possible to
gross earnings for the
five
months
of 1890
&
Erie,
show an
of the Lake Shore & increase over the corresponding period in 1889 of
Michigan Southern for the January to June period are $2,713,290, or a little over llj per cent. The New
larger than ever before in the company's history.
In York Central in the same time gained $1,056,152, or
1873 the company earned $9,797,649 gross in the first six about 7i per cent. The Erie for four months ending
months. That has ever since been the banner record. April 30 has gained $1,098,125, or 14J per cent, and the
Until the jjresent year the amount stood unequaled for Baltimore & Ohio for five months has gained 1,380,208,
Thus the two comthat half-year period. The nearest approach to it was or nearly 17 per cent (16-91).
made in 1883, but even then the total fell nearly $600,- panies last named the Erie and the Baltimore &
000 short of the 1873 figure. Now, however, we have for Ohio have larger percentages of improvement than
1890 aggregate gross earnings of $9,908,767, which any others, and the Baltimore & Ohio in particular has
represents an improvement of $1,079,071 over the year a very heavy ratio of gain. Even in amount of inpreceding (1889), and is $111,118 in excess of the very crease, the latter it seems likely when the returns for
the full half year are made up, will be excelled only by
heavy earnings of 1873.
These facts deserve prominence because they illus- the Pennsylvania, though it is possible that the Erie
But, though the
trate strikingly the large and increasing business which may also run slightly ahead of it.
all the Vanderbilt trunk lines are enjoying. They serve percentage of addition varies for the different comalso to emphasize the prosperity of trunk-liue interests panies, the most important point is that one and all are
say that the gross earnings
—
—
TBE CHRONICLE.
890
[VcL. L.
months. There is a degree of fairness in
increasing their earnings and thus sharing in the pre- the last six
earnings are made in that period.
heaviest
this, as the
vailing prosperity for that class of roads.
however,
that the first six months
Notwithstanding,
to
The conditions ot course were nearly all favorable
half
of
the year, the Lake Shore
poorer
the
has
constitute
there
good returns. During the last two mouths
2
earned
-65 per cent on its stock,
months
in
six
through
those
east-bound
been some demoralization in rates on
2 '37 per cent for the first six
with
compares
portion
which
than
a
more
but this has not affected
freight,
west-bound business being entirely undis- months of 1889. The following is a summary of the
earnings, expenses, charges, &c., for the
jiurbed, and on the whole, rates, though low, have been Lake Shore's
months
of the last twenty years.
one,
first
six
mild
was
a
winter
The
maintained.
well
fairly
;of
the
traffic,
and no traffic was lost or extra expenses incurred
because of snows or ice. The demand for coal of course
was restricted (and most of the trunk line roads carry
quite considerable amounts of coal), but the demand
was
in the year before
also restricted
LAKE SHOHE
Jan.
1 to
June
.t
Net.
Interest,
Earnings.
Bentals.
Operat'.n^
Oross
30.
MICHIGAN SOnTHERN.
Enrnin^g. Ezpensrs
t
t
and in the same
rent indications indeed the coal traffic in 1890 must
have been more satisfactory with some of the roads than
I
etc.
t
4,618,994
t
2,600,618
1,066,000
5,668,817
2,795,362
1,020.000
»,797,649
6,947,819
2,849,830
1,327,000
8,651,504
5,610,238
8,041,266
1,504,000,
6,930,427
5,689,507!
1,330,920
6,887,300
4,681,144
4,788,120'
2,206,166
1,405,000; (lef.74,08»
1,380,000;
836,166
6;461,187
1,673,017
l,S87,8>;o|
385,247
6,696,092
4,169,573
2,426,519
1,369,000,
1,067,619
6,932,292
7,019,fll2
way, so in the comparison of the two years that circumstance is not especially important. Judging from cur-
Surplus.
|
a»i4 Tax:s.
1,494,618
l,775,8e2
1,823,830
1,6S7,26»
Trade and business of course were on a
quite generally larger than ever
scale
large
very
and this was a circumstance of decided advanlaefore
Besides that, there was a heavy
tage to the roads.
4,335,218'
2,697,074
1,377,3001
1,219,774
9,072,993
4,683,784
4,389,209
1,375,000|
3,014,209
8,954,920
5,885,164
8,669,762
1,362,000^
7,952,721
9,219,171
5,869,676
2,693,045
1,618,949
2,307,702
1,078,098
5,722,937
8,499,204
1.749.408
1,746,801
7.320,365
4,491,290
2,729/)75
1,8130.385
868,740
of agricultural products, as the result of last
6.48r.060
4,588,116
l,93i!,728
<lef.34,190
6,933,682
4,485,985
1,899,538
2,447,697'
1.856.490
season's excellent crops
8,044,330
5,088,138
3,576,198
1,830,000
the same, and also
8,667,889
5,384,222
3,283,667
that of 1889.
—
—
movement
and a good foreign demand for
a heavy movement of provisions and
8,839,698
5,944,721
2,884,9761
1,711,025^
691,207
1,740.198
1,479,300
1,178,360
9,908,7671
6,919,280
2,989,487]
l,680,0:)o'
1,309,487
1,804.307
j
live stock.
be observed that we have confined ourselves
The Michigan Central also, though paying only 2
chiefly to a study of the changes in gross earnings^ per cent, has earned over
2^ per cent. The Canada
since it is the gross earnings that afford the best guide Southern scarcely ever earns the dividend in full in
As far the first six months, but this year the deficit is hardly
of the growth and prosperity of the carriers.
as the net earnings are concerned, the increase is small more than nominal, being only $6,500.
We annex the
With a following to show the combined earnings of Michigan
considering the great expansion of the gross.
growing volume of traffic and with rates tending down- Central and Canada Southern for the first six month*
wards we naturally look for heavier expenses, but the of each year since 1880.
augmentation in the expense account of the different
It will
very
much
roads
is
would
call for.
are taking
make
MICHIGAN CENTRAL AND CANADA SOUTHERN.
greater than such conditions alone
Evidently the managers of the roads
advantage of the existing prosperity to
very extensive renewals and repairs
—and better-
ments and improvements generally on a very large
Net
Gross
and
Exptnses Earnings
Earnini;8
BentaU.
and Taxet.
J'ne 30.
to
scale.
ll,0'/9,071 increase in
gross earnings for the six months, has
512 to
its
added only $104,-
net earnings, the rest of the amount being
consumed by augmented expenses. The Michigan Central
has enlarged
its
net
only $66,000,
expenses taking
«
9
*
t
1,044,000
1,192,000
4,089,000
2,417,000
4,378,000
4,47B,000
1,780,000
1,095,000
.
6,740,000
4,691,000
6,603,600
4,216,500
1,387,000: 1,280,000
939,000
107,000
df 233,000
1,210,000|
3,886,000
.
5,436,000
3,952,000
1,484,000' 1,290,' 00
.
6,361,000
4,511,000
1,850.000; 1,278,000
.
6,536,000
4,726,000
1,810,000
6,233,000
f,813,000
4,424,000
1.859 000
.
4,973,000
1,373,000
688,000
1,240,000 df 145,000
l,087,000j 1,320,000
.
Southern..
Ceinral.
6,168,000
6,668,000
2,149,000
Mich iQan Canada
$
6,606,000
.
To
T.I
Surplus.
.
1880
1881
1882
1883
1884.
1885
1888
1887
1888
1889
1890
.
The Lake Shore, with
Interest
Operatintj
Jan. 1
1,260,000
1,260,000
628,000
313,000
36,867
71,338
1»4,000|
674,000
146,360
404,000
650,000
649,000
053,000
893,000
39I.OO0I
472,OOo|
47,640
170,000
159,000
156,000
181,000
4.968,000
$544,000 more than in the corresponding period last
And the same policy is observable as regards
There is one other important Western Vanderbilt
The system whose results deserve mention. We refer to
the roads not under Vacderbilt management.
Pennsylvania, for instance, with gross added to in the Cleveland Cincinnati Chicago & St. Louis.
This
.
1.875.000
1,222,000
year.
amount
31),
of
$2,713,290
(five
months
May company
ending
reports only $275,572 gain in net.
Even
the
is
now earning
dollars gross a year.
at the rate of twelve million
But another circumstance lends
There is a marked contrast beexpenses on it and on the other
Baltimore & Ohio, which has done relatively much better interest to its exhibit.
than the others, has enlarged its net but $515,000 on tween the course of
Whatever may be Western Vanderbilt roads. We have not the results
a gain of $1,380,000 in the gross.
said of the policy or wisdom of making such extensive for the six months, but the following is an exhibit for
improvements and betterments, rather than giving the five months.
stockholders the benefit in extra dividends, there can
CLEVELAND CINCINNATI CHICAGO * ST. LOUIS.
Increase.
1889.
1890.
be no doubt that the value of the property, and conJanuai-y 1 to 2tay 31.
sequently the stockholders' interest in the same,
is
en-
hanced thereby. Shareholders may not get the return
expected, but at least the intrinsic value of their
shares is greater than it was before.
With net earnings increased but slightly, we need
hardly say that dividends on the Vanderbilt roads were
not changed at the meetings this week, the Michigan
Central and the Lake Shore making the usual 2 per
cent semi-annual declarations and the Canada Southern
the usual 1^ per cent.
Extra dividends, therefore, this
year, as in other years, will depend upon the results for
Gross earnings
Operating expenses
$5,195,346
3,381,136
$4,869,750
3,369,755
$325,596
11,381
Net earnings
$1,814,210
1,331,305
.$1,499,995
$314,215
1,372,320
—41,015
$482,903
$127,675
$355,230
Interest, taxes, rentals, &c..
Balance
Thus while the Lake Shore and the
M
ichigan Cen-
both increased their expenses almost as much as the
gross, this road has managed to do a larger business at
but a trifling increase in cost. In other words, while
gross earnings have been enlarged $325,596, net has
tral
been enlarged nearly as much, or $314,215.
JUKZ
THE CHRONICLR
28, 1890. J
891
"Every rate-war
his less favored competitor.
" among the carriers reduces the value of articles which
" have been previously purchased and transported, and
The question of the division of competitive traffic " its progress is marked by speculation in all directions
betwetn carriers is commonly supposed to bo purely " at the expense of legitimate business enterprise."
one in which the carriers themselves, and they alone, " Contracts are everywhere made in which the trsnsare interested.
But while it is true that the matter is " portation charge is a factor, and where unexpected
of vital concern to our great transportation systems and " changes in rates prodnce injurious results,
Manntheir owners, it may well be doubted whether in a " facturers, miners, merchants and consumers of all
larger sense the mercantile community and the general " classes of industrial products are involved in a toMpublic have not the most to gain from such an arrange- " ing sea of uncertainty unless the rates of transportament. We have referred to the subject many times " tion can be relied upon as a constant element in the
before,, but the fact that there is now a measure before "cost."
What the public really needs, iEr. Walker
PROMOTING THE STABILITY OF TRANSPORTATION CHARGES.
of
the United States Senate which proposes to give legal says, is the maintenance of efficient, safe and responsisanction to the idea, and furthermore the apparent ble transportation service, with rates properly adjusted
modification of public opinion as to the advisability of as between competitive points of production and con-
—the
sumption, and free from individual discrimination. He
all this gives also directs attention to another fact well worth recordnew interest to tlie matter, and makes desirable a dis- ing, namely that complaints concerning rates before
cussion and presentation of its various phases.
the Inter-State Commerce Commission and other
What is the object of the apportionment of traffic, authorities which have jurisdiction of the subject a»e
such a step
pboling?
more common but
What
—
pleasing term,
less
other purpose has
And
if
that be
inimical to public interests?
nient of advantage
it
to
it
its
universally founded
upon a comparison of
rates,
Is it
but the mainte- almost never upon a claim that the rate of
object,
is it
at all
-
'
'
'
and
•
tends to benefit the general mercantile
the different pooling organizations,
notwithstanding
the pooling ari'angement, havei deprived that argument
of all force.
Moreover, this tendency towards lower
rates has become so manifest and is so generally recognized now that it hardly seems worth while to adduce
any evidence in support of it.
accept
it
as a fact therefore that the
aim
of
railroad managers in advocating pools or a division of
itself is
unreasonable.
not rather au ele-
public interests, and this not
community, but also because it operates t6 place railroad affairs on a more secure and less fluctuating basis,
adding to the desirability of investments in that form
of property and alio .ving of a more reliable and more
efficient service.
There was a time when those hostile
to railroad corporations contended that pooling was
simply an arrangement for maintaining high and extortfonate charges, and fleecing and plundering helpless
shippers and an unwilling public.
But the steady and
large decline in rates which has been in progress year
by year and is still in progress, and the intense rivalry
and competition which was maintained by members of
We may
;
'
nance of rates?
alone because
*
suggestion not meeting with such
universal antagonism as a few years ago
or to use the
'
or
But why cannot rates bo maintained without pooling
some other scheme for the apportionment of traffic?
Why
is
not a simple agreement to observe
The answer is very easy.
tariff
ules aifficient?
sched-
With
rates
on a like basis for all competitors, the stronger lines,
having the best facilities and able to render the most
expeditious service, or those having the shortest route,
would carry off nearly all the business. Other conditions
-
being the same, a shipper naturally prefers the route
which offers the most advantages in point of time, efficBut such a situation leaves little
iency and reliability.
or
no
traffic for
the weaker and inferior lines, and hence
these latter observe an agreed schedule of rates only to
and traffic becoming a diminishing
assurance that this loss will be
With
tlo
quantity.
made good to them in some way, it is natural that they
should become restive, and when all other measures fail
should cut rates and practice iiTegularities, or break
away altogether from the agreement with competing
find their earnings
lines.
It is to
overcome
this disposition,
we might almost
say necessity, on the part of the weaker lines to obtain
It removes the
business, that the pool is intended.
not to charge high or excessive rates, but sim- temptation to underbid or make concessions, for under
to maintain reasonably fair and stable rates. And the pooling arrangement a certain amount or proporthat being the case, the only point as far as mercantile tion of the traffic is allotted them, and this is
circles are concerned is whether the community is best guaranteed to them in any event.
If they fall short
served by regular and even rates or by wide and fluctu- of their allotment, it does not matter, since the differtraffic is
jfly
That the general range of industries must
from transportatiou rates so low as not to allow
the carrier a profit on the operation, is too evident to
need demonstration. For the railroad industry is such
a: large one, and it is so closely connected with other
leading industries, that an injury to it is necessarily an
Entirely apart from that, howinjury to the others.
astic advocates of the pooling idea.
ever, constant variations in rates are a source of great
gers also
made up
them.
Of
course, the plan
ating ones.
ence
suffer
the stronger lines because it
deprives them of the advantages which accrue to them
embarrassment and loss to merchants and shippers.
They inject an element of doubt and insecurity into all
business transactions.
Mr. Walker, the Chairman of
the Inter-State Railway Association, made an argument
the present month before the Senate Committee on
Inter-State Commerce which stated the situation in
that regard with great clearness and force.
Every variation in the tariff, Mr. Walker points out,
bestows an advantage upon some shipper at the exj)ense
•
"
in
a
is
to be
sense
unfair
to
by reason of their strength and
agers of
these lines
is
to
know
this,
suiieriority.
The man-
and that accounts for
the fact that such managers are scarcely ever enthusi-
But
these
mana-
know
that their weaker rivals are in the field:
and cannot be got rid of hence that provision must be
made for them, unless indeed conquest, through
—
absorption or consolidation, be intended.
The
trans-
action is likened by Chairman Walker to a " purchase
of peace," and so it is a purchase of peace; but it is s
peace in the interest of the general community.
The pool, therefore, is not free from objection, but
it is the only device which railroad managers have yet
fonnd to answer the requirements of the case. It wa«<
-
THE CHRONICLK
892:
[Vol. L.
least such privilege would be of very great benefit in
it was so
reaching settlements and in maintaining them after
something
default
of
in
simply
but
largely practiced,
bett«r.
The very stringent provisions of the Inter- they are reached. Furthermore, divisions or apporState act making pools unlawful has consequently had tionments of traffic made under the encouragement and
marked effects. The law came into force in April, by the authority of law, would be on an entirely differ-
not because
it
met with general favor that
During 1888, as will be remembered, railroad ent basis from the old form of arrangements of that
reached a state of demoralization worse than any kind, so that arguments as to the non-success of the
That situation did not follow one would hardly apply to the other. Under the old
in our railroad history.
from the enactment of the Inter-State law. The sur- scheme, if a member, after having given his assent to
1887.
affairs
roundings were such that a disturbance was certain in
Much unnecessary new mileage had
any event.
parallel and competing lines greatly
and
built,
been
Concurrently there came a shortage of the
multiplied.
crops, so that altogether affairs were in a very bad shape.
But it was just at such a time that the need for a pool-
the compact, refused to be bound by
ing arrangement was specially urgent. At that juncture the roads were deprived by the law against pooling
of the only feasible plan they had had for settling their
diflficulties.
Hence, it is not wonderful that they were
against secret rebates and other irregularities which
Tiew that the prohibition against pooling is a prohibition against the old form of pooling that of the earnings and not against the apportionment or division of
is it
way
it,
there was no
of enforcing the responsibility against him,
and
there was always a fear that courts might not sustain
agreements for the division of
traffic
or earnings.
This
objection would be removed under a statutory regulation.
Moreover, there are
now
stringent
provisions
the old pool organizations found
it difficult to contend
which practices were not placed under the
ban of the law till the enactment of the Inter-State
statute.
In other words, the efficiency and value of
completely at sea for a loHg time.
It is true that out of the demoralization then prevail- the pooling idea could only now be developed and
ing, there came the presidents' and bankers' agree- satisfactorily tested.
In the form proposed there would appear to be no
ment, which served to ensure for 1889 a period of peace
as effective as any previously reached, and this may be objection whatever to the principle. Existing provisions
taken by some as indicating that pools are not neces- of law give the Inter-State Commerce Commission
sary after all.
But we must not forget that the situa- ample powers to prevent high or extortionate transportion was peculiar at that time.
The war of rates had tation charges, so that there would be no danger to fear
been continued so long that not alone the weaker, but on that score. But, as we pointed out at the time the
also the stronger, lines were in danger of insolvency if it proposition first came up for discussion a few weeks ago,
Tvas carried any further.
Something had to be done, the new measure is very carefully drawn, and the powers
and done very quickly, to avoid such a contingency. granted are hedged about with special safeguards. The
Both the weaker and the stronger lines were forced to bill provides that agreements to apportion traffic shall be
the conclusion that anything was better than taking lawful, but (1) carriers are not to be relieved from any
business at a loss, and with stockholders and strong other provisions of the Inter-State law; (2) the jurisdicbanking interests urging that view of the case an tion of the Commission and the courts shall not be affectagreement to advance rates was the natural outcome. ed by the amendment; (3) the amendment shall not be
Moreover, it was then supposed that some way could be construed to permit the diversion of traffic routed or
found for apportioning traffic between competing roads, consigned by a shipper over any specified line; (4) a
and a provision was
inserted in the agreement copy of the pooling agreement must be filed with the
intended to ensure to each road its proper share of the Inter-State Commissioners, who shall have power to
traffic.
But it has been found very difficult to give modify or annul the samt.
Under these circumstances and with these limitations,
effect to that provision.
Chairman Walker takes the
—
—
But many railroad managers differed with him
in this respect, and not being desirous of violating the
law, that part of the agreement has counted for little.
traffic.
This inability to make a division of traffic caused
considerable discontent, but large crops and an active
state of trade have served to counterbalance the ill
effects of that circumstance to some extent.
As it is,
there has been considerable trouble from time to time,
though it has been localized and confined within a
limited area as a rule.
We may refer to the difficulties on freight rates between Chicago and St. Paul,
against, but
not wise for Congress to legalize contracts provid-
ing for a division of competitive traffic?
THE PROPOSED VIRGINIA DEBT
SETTLEMENT.
The entire public will hail with satisfaction the new
movement to adjust Virginia's debt. For, while the
State on the one hand, and her creditors on the other, are
primarily the parties interested, the matter
lias
a mucli
wider bearing. For years the old Commonwealth has
been in default on her obligations, her financial health
shattered, her credit impaired.
That is a condition no
American citizen can view with indifference, and it is a
condition we are all interested ip seeing removed, the
between Chicago and Kansas City, md between Chicago more so as Virginia's credit formerly stood very high.
and Omaha, which are even yet unsettled, and to the
There have been many attempts to settle the Virginia
great and general passenger war in the West which
debt, as our readers are well aware, but the present
prevailed till a week or so ago. With this the situation movement marks an altogether new departure. In many
while traffic is large and growing, what guaranty is essential particulars it differs widely from any previous
there that the old troubles in their worst form will not similar effort.
The Council of Foreign Bondholdrecur when the tendency of traffic, under a crop failure ers in London, which has so long been the champion
or poor business, shall be in the opposite direction.
We have no idea that pooling, even if sanctioned by
law, will altogether avoid rate disturbances in the
and representative of the bondholders, retires froni
the field and is superseded by an entirely new
committee, composed of gentlemen distinguished in the
future.
There were disagreements under the old pool- financial world, and who will seek to bring about aa
ing arrangements, and doubtless there will be
some understanding between the State and her creditors,
under any new application of the principle. But at and prepare a plan satisfactory and equitable to both
JUNZ
28,
\fW,]
THE CHRONICLE
893
interests.
In a measure the change follows from the Frederic P. Olcott, Charles D. Dickey, Jr., William L.
requirement imposed on the Commission appointed by Bull, Hugh R. Garden, Henry Budge, of New York,
the Legislature of the State, which Commission, before and John Gill, of Baltimore. Most ofxtheM gentle*
it is allowed to consider any proposition emanating men have been very successful in reorganizing various
from the bondholders, must have assurance that the railroad properties, and the work and talent required
proposition
if
accepted by the State will be carried out
by the bondholders.
Such a guarantee the Council of
Bondholders could not have given. In part also the
change follows because it was natural and inevitable,
since a new bondholders' committee, and especially a
committee of the character and standing of that now
selected, would obviously be in better position to deal
not greatly dissimilar from that in the
question is to fix a limit of in«
tere^ charges well within the ability of the State to
in this case is
other cases.
The main
If concessions to that end are necessary by the
bondholders, they should be freely and cheerfully made.
bear.
The committee,
State's
go carefully into the
and income, and in
be guided by the results of
of course, will
resources, taxes, expenses
with the State authorities.
preparing their plan will
The new committee proposes in the first place to that investigation.
establish harmonious relations between the State and
But perhaps the main and most noteworthy feature
the bondholders, and in this way facilitate a settlement. of the present movement is found in the requirement
Heretofore there has been considerable ill feeling that having agreed upon a plan, the bondholders' combetween the two interests. The Council of Foreign mittee, before submitting it to the bondholders, must
Bondholders pushed the case of the bondholders with first get for it the unanimous approval of an Advisory
great zeal.
The legal contest which has been waged, Board, composed of the following eminent gentlemen :
and the various phases of it, are familiar to all. The Ex-President Grover Cleveland, ex-Secretary of State
Council gained many legal victories, but they were Thomas F. Bayard, ex-Minister to England Edward J,
barren victories. After each advantage obtained the Phelps, President George S. Coe of the American
State fought the bondholders with greater vigor and Exchange Bank, and President George G. Williams of
determination than before, and sought by every means the Chemical Bank. The character of these gentlewithin its power to defeat and circumvent them. Thus men is a guarantee that entire justice to all interests
tlie efiEorts of the creditors were not only fruitless but, will be done.
The bondholders, on the one hand, will
•worst of all, tendsd further to antagonize public senti- have the assurance that their rights will be proment in the State. It was natural that the bondholders tected to the fullest extent possible under existing
should oppose the Riddleberger plan, for they had circumstances, while the people of the State, on the
had no voice in its preparation and there was a mani- other hand, will have the assurance that their interests
fest indifference to their wishes and desires.
On the will be equally well guarded. Thus the Advisory Comother hand, it was to the interest of bondholders to mittee gives additional strength and confidence to the
reach a settlement, even if to attain that end very movement. But as a further safeguard bondholdimportant concessions on their part had to be made. ers will have the right of objecting to the plan, even if
Instead of that, however, under the policy pursued the approved by the Advisory Board, and should a majority
bondholders and the State were steadily drifting further of any issue of bonds oppose the plan then it cannot be
apart, notwithstanding the many and the various consummated as to that issue.
When the bondholders
conferences
had between representatives of the receive their new securities they are to pay 3^ per cent
two interests.
The new movement, therefore, is in cash on the par value of the same to cover the expenses
decidedly welcome, and from its nature and constitu- of the bondholders' committee.
tion is very much more promising than any that has
Thus the movement starts under very favorable
preceded it.
auspices and with powerful backing and support.
It
The better class of the people of the State have is to be earnestly hoped that it will succeed. The time
always been solicitous for a settlement of the question is particularly opportune. Any one who has had occaand a rehabilitation of the State's finances. This ele- sion to consult financial interests in Great Britain
ment is now more solicitous than ever in that regard. will recall how frequently Virginia's debt is referred to
At the same time, the State has been unfortunate as a stain upon American credit. It is to be rememfrom the first in having among its population such a bered that the position of Virginia is exceptional
large number of ignorant blacks, who know nothing even
among the Southern States.
With her
and care less about financial honesty, and to whom credit
restored
she would at once take rank
appeals to protect the honor and fame of the State are with the rest.
Not only that, but with the
in vain.
It is evident, too, from the address of the debt
question settled, Virginia will be able
to
new bondholders' committee (we give the address command increased amounts of capital for the developin full in another part of our present issue, and ment of her great natural resources, and that is what
deserving of
is
very
careful
it
study)
that she needs more than anything else. There is at present
some of the earlier plans of settlement imposed considerable activity in the unfolding of her mineral
burdens upon the State which the State was not able wealth, and with all checks on the flow of capital reto bear, making default inevitable and leading to much moved, great prosperity ought to be in store for the
of the subsequent trouble.
Of ceurse the new move- State and her people. As for the bondholder, anyment will carefully guard that point. That is as essen- thing is better than carrying a losing investment and
tial as the restoration of amicable relations between the further antagonizing public sentiment.
opposing parties. As a first evidence of good faith
pending suits against the State have been withdrawn,
and already the new movement is finding considerable
favor both with the press and the people.
In formulating a plan of settlement, we may rest
IMPORTS AND EXPORTS FOR MAY.
The Bureau of Statistics has issued its detailed statement of
the foreign commerce of the country for the month of
assured the committee will treat the matter simply as a May, 1800 and 1889, and for the five and eleven months
business proposition.
The committee is composed of ending Hay 31, 1890, and 1889. as follows:
THE CHRONICLE.
894
HBHOHANOIBB.
For
the
month- of
but the stringency has exceeded
For the 5
Months ended
May
May.
31.
^58,474,662 $334,296,749
'
978,341
4,963,699
Foreign.,
Total...
..>..^<,, *57,453,003 $389,260,448
f
*
70,143,16U 335,693,251
Imports
$3,567,197
Xxoess of exports orer Intports
£xoeas ol Imports orer exports $12,690,157
$90,806,835
1889.- -Exports— Domestic. .... $51,186,834 $308,045,290 $683,102,925
979.14 5
5,370,991
11,0:10,879
Foreign
694,ia3,804
683,922,461
$10,211,343
Total
L... *52.165.S79 $313,416,281
68,734,872 331,129,917
Imports,
Excess of exports oyer Imports
Excess of Imports over export8'$16,568.893 S17,713,636
GOLD AND BILYBS—COIK AHO BDLUON.
X890, -Exports—Gold— Dom. ..
$273,725
$1,734,351
Foreign
14,895
2,705,107
Total
$288,620
$4,429,458
SliTer— Dora
$50,765
$7,795,736
Foreign.
1.346.881
4,834,752
Tetal
$1,397,646 $12,630,488
$1,686,266 $17,039,946
Total exports
».
Imports— Gold
$280,902
$4,914,957
tBUver
3,579,536
8,827,482
$3,860,438
Total
t$13,742,439
$3,317,507
Excess of exports over imports
Excess of imports over exports $2,174,172
1889.— Exports— Gold— Dom. $12,781,131 $19,356,404
4,332,515
Foreign
663,902
•
$13,445,033 $23,688,919
Total
Silver— Dom... $2,885,695 $10,870,524
it
5,363,681
Foreign
1,607,039
Total
$4,492,734 $16,234,205
$17,937,767 $39,923,124
Total exports
«.
$753,^94
$3,706,412
Imports— Gold
Sliver
1,936,729
7.530,670
Total
$2,690,t23 $11,237,082
Excess of exports over Imports $15,247,144 $28,686,042
$10,004,716
3,5 38,409
$13,543,125
$22,132,216
11,746,736
$33,878,952
$47,422,077
$12,530,462
20 ,136,4 23
$32,666,885
$14,755,192
'
$37,263,60*
4,557,807
$41,821,411
$23,304,045
10,177,700
$33,481,745
$75,303,156
$9,626,193
17,280,133
$26,906,326
$18,396,830
.
;
MEBCHANDISB AND COIN AND BULLIOSI.
1890.— Exports- Domestic
$56,799,152 $343,816,836 $825,363,571
2,340,117
26,741,449
12,503,558
$59,139,269 $356,3-20,3»4 $852,105,020
Imports
74,003,598 349.435,690 746.542.993
Excess of exports over Imports
$6,884,704 $105,562,027
Excess of Imports over exports $14,864,329
Foreign
Total
1889.— Exports— Domestic
$66,853,660 $338,272,213 $743,670,574
3.250,086
25,766,386
15,067,187
$70,103,746 $363,339,405 $769,436,960
Imports
71.425,495 342.366,999 '10,828,787
Excess of exports over imports
$10,972,406 $58,608,173
Excess of Imports over exports $1,321,749
Foreign...
Total
,.
IMPORTS AND BXPOKTS Br PRINCIPAL CUSTOMS DISTRICTS.
EXPORTS.
IMPORTS.
Odstohs DII.
zkicts and
FOBTS.
MAT,
Champl'n.N.T
Charlest'n, S.C
Chicago, 111....
Cincinnati. O.*
Detroit, Mich.
Duluth, Minn.
GalTeat'n.
Tei
Mllw'kee.Wis.
Minn^s'a.Minn
Jttoblle, Ala...
New
Orl'ns.La
NewYork.N.Y
11 month* ending
Mayil.
Import*.
BaItlmor«,Md.
Boat. & Charlest'wn.Mass
BnlTaloCi.N.Y
1890.
Export*.
11
months ending
May
31.
1890.
t
5,871,883
12,060,477
5,638.346
48.545
71.785
149.345
163,883
66,195.500
419,414
274.674
295,738
143,57a
157,373
3,052.836
28.187,978
t5,«18
187,677
10.860
5.220.8(11
3379.906
623,835
12.470,708
1,999,019
2,871,853
23.551
396,428
687,045
1.072,977
106.393
13,813,741
466.650,447
3.89»,046
76.502
306,989
1.499,789
8.726,125
48,17d,88S
584.012
2,845,934
368,175
44,701,638
442,883
6,412,259
873.85S
137,061
13,609,893
all
anticipation.
L,
This is
shown very clearly by the fact that on Wednesday, the first
For the 11
Monlh» ended day of the fortnightly settlement on the Stock Exchange,
May 31,
bankers began by askin.g only fromSJ^ to 8 per cent for loans,
$793,326,639 but very quickly the rate rose to 3}4 per cent, and there .was
11,456,301
large borrowing at the Bank' of England. During the two foV
$804,682,943
71 3,87^,1 08 lowing days the pressure continued,' and the rate of discount
1890.— Exports— Domestic
TOTAL.
VOU
69.279,007
48,868,374
81,627.702 66.243,878 61,286,098
463,876
6,363,0S0
375,532
3 033,018
1,470,121
1.456.009
658,534 13.647,778 13,763,440
18,813,446
8,151,006
1,753.470
2,188,074
2,824,020
6,460,909
6,410,486
01,836
1,530,892
975,038
897,361 24,402.836 13,573,705
613.818
84.012
36,648
84Q.625
1.372,602
1,017,017
121,927
3,312,'2B1
3,184,7»2
13.002,894 106,043,901 81,063.787
433.695,200 319,992,870 895,497,306
4,204.802
+77,r"
+5.S,76l
180,640 14.170,075 13,689,380
114,411
1,409,935
1,783,184
1,881.080
2,168,083
1,208,7B4
4,133,138
1,159,588
1,748,447
43,293.985 34,788.993 87,456,143
767,302
3,978,437
3,310.908
8,570.aS9
493,43<1
239,408
335,290
45,148.012 34,611,585 35,482,573
373,377 80,419,487 17,479.024
6,280,843
1,911,843
1,748,577
1,111.72»
3,252,005
4,813,247
153.400
6,830,484
5.597,897
open market advanced to 2% per cent.
The stringency was increased by temporary
in the
causes. On the
30th the Egyptian 4i^. per cent loan is to be paid off. It has
been decided not to convert that debt, but to redeem it altogether. The conversion of the preference debt, however, wiU
not be completed till some time later, and Messrs. Rothschilds
in consequence have been calling in money they had lent to
the stock markets to prepare for the redemption of the loan.
The India Council, too, has been calling in money, whilqi sohm
of the joint-stock banks have already given notice that ihey
will require re-payment, at the next settlement, of loans now
The advance in rates has stopped the French
and German demand for gold,, but the Portuguese demand
still continues, and this week there has been a shipment to
Egypt of £300,000. Further sums are likely to follow, as the
Egyptian Government is raising here for irrigation purposes
fresh money amounting to £1,300,000.
The passage of the silver bill by the House of Represent*:
tives caused an advance in tlie price of silver to 49d. per oz. at
the beginning of the week but the report of the Senate Committee recommending material amendments to the bill led tO'
a fall to 47J^d. per oz. The fear that legislation may be deoutstanding.
;
layed,
if
not altogether prevented, this session has not only
silver market, but has caused a large decUne in.
weakened the
all silver securities.
The stock markets have all been very flat this week, there
being a sharp reaction in every department. The chief cause
Many members of the Stock Exis the monetary stringency.
change having been called upon to repay loans found it ex*
tremely difficult to obtain the accommodation they required.
On Wednesday, as already stated, the rate rose to 3}{ per cent,
but on Thursday and Friday from 4 to 5 per cent was freelj
offered in several instances. It is feared that the settlement
at the end of the month may be more difficult still, as the
joint-stock banks will then be calling in money, and it is uncertain whether Messrs. Rothschilds will be in a position to advance again to the market the couple of millions now withdrawn. The depressing influence of the money stringency
was increased by the resignation of Seiior Uribuiu, the late
Finance Minister of the Argentine Republic; by the fear that
the silver bill may be delayed if not altogether defeated; and
by the failure of Mr. Mocatta, a young member of the Stock
Exchange, who had speculated in American railroad securities
very recklessly. Last autumn he had bought 15,000 or 30,000
shares, and the other members of the Stock Exchange compelled him to close his account but they enabled him to do
so without bankruptcy. When it was found this week that
he had speculated even more largely than before, in spite of
the warning that had been given him, they refused to carry
over his account, and he has in consequence been declared
.
;
bankrupt. The knowledge that so large an account will have
to be liquidated naturally depressed all prices.
OBwega'ie.N.Y
284.1(19
For the moment operators in the American department are
.Oswego, N.Y..
204,9Si9
Phlladel'a, Pa.
3,843.7-2
•discouraged. The public still holds aloof, and the
much
Portland, Me..
83,79Bt. Louis, Mo.*
money prospect is uncertain. The expectation is general,
San Diego.Cal.
16.7J8
San rran„Cal.
2.793,1H0
however, that there will be a recovery next month, for everySavannati, Ga.
BO 1.333
'Vermont, Vt..
1»3,&02
body recognizes that the conditions have greatly improved of
Willamette.Or
430.102
Wlljnrg'n,N.C
International securities shared in the depression, even
.137,518
late.
Egyptian stocks falling sharply. It is understood that the
(InI Totals,
cluding all
accounts of several large German operators are being carried
oth'r Diata.) 70,143,160
683,933,461 804,682,943 691.133,804
Bemainlng in warehouse May 31, 1889
$36767481 here in London, and the rise in the value of money has
Bemalnlng in warehouse May3l, 1890
36,595',510 therefore adversely affected the Berlin Bourse.
The decline
" Interior porta to which merchandise can
be transported without
in international st*cks, however, will probably prove only
appraisement, under act of June 10, 1880.
V t Incomplete iu the aoseaoe of law providing the means of oolleotlug
there is a very strong speculative spirit in
the statistics of exports to adjaKieut foreign territory by railroad cars temporary, for
.»nd other land vehicles.
Paris, and the great financial houses on the Continent as well
as in London are engaged in a multitude of operations which
make it necessary for them to support the market. Home
Niagara, N.Y..
Jjorfolli, Va...
A)regon. Greg..
'
'..'.'.'.
[From our own correspondent,]
London, Saturday, June 14, 1890.
In consequence of the smallness of the Bank of England's
reserve, the continuous gold shipments, and the absorption of
^the outside market's supply by the issue of Treasury bills, it
Was expected that money would this week be scarce and dear;
The Parliamentary
railway stocks also have given way.
Committee has decided in favor of tlie four bills referred to
it asking authority to divide the ordinary railway stocks;
but in the condition of the money market the report failed to
•
support prices,
The resignation of Seiior Uriburu, the Argentine Finance
Minister, has made an exceedingly bad impression here. He
THE
JtJNE 28, ,880. J
CHlW)NlCLBi.
89c-
was called to office only a couple of months ago by the influence of tho groat European financial houses interested in
Argentine «ecurities, and it was understood that the President
had pledged himself to support the Minister and carry out
The following return shows the position of the Bank ot
Bank rate of 'discount, the price of oonsoU, &a.
compared with the last three years:
.the
recommendations of the financial houses. A loan to the
^j:gentine Government was practically agreed ujjon, but the
aronUtlon
financial houses insisted as a condition that the Directors of
OthWdetKHilM
UuTvrunieot leourlUof
Bank should
jthe National
having abused their
be removed, as they are accused of
Sofur Uriburu recommended
position.
that this should be done, and he was supported by all his colleagues, but the President refused his assent, and the Minister
resigned. For.the moment, at all events, then, the attempt to
root out corruption has failed, and there are fears that not
'only may the financial crisis become more severe, but that it
may
be ajjgravated by politic?. 1 disturbances.
The Egyptian loan for the conversion of tho preference debt,
the redemption of the 4'-^ per cent debt and supplying the
Egyptian Oovernment with £1,300,000 for irrigation purposes
apd commutations of pensions, was brought out yesterday in
London, Paris, Berlin and Amsterdam.
The preference
d^bt amounts in round figuras to 23J^ millions sterling, and
the
new
loan
is
for £39,400,000.
The cash subscriptions
asketl
f*f, therefore, are somewhat under 1}4 millions sterling.
In
•London alone applications amounted to 20 millions. A deposit
of 10 per cent was required to be made with the applications.
Therefore, the deposits altogether amounted to about two
millions sterling, which helps to account for the extreme
stringency of tho money market on Thursday. Upon tho Continent the loan was an equally brilliant success.
The Committee of Inquiry appointed some time ago to
Samuel AUsop & Sons, the second
^rgest of our brewery companies, reported on Thursday at a
Elogland, the
iH>i.
PnMICdeptwIta
.s
Oth«ra«uurttl«a
Kuaenre
Colaaiul balllan
t
u.!>1».iai
«6.1«,J<M
M.ua.UT
LA.S05.5T7
is.ni 1,001
ta,7HJWl
2l.n:>7,:lin
Z2.IM.IA)
i».<i»;.4M
IM.iVw.s:!
14,M2,3<I1
41 13-10
Bankratt
p«rc.-t.
3
OTS-I*
121 .VW.UUO
Omaob
Claartni-Uoiua rat uro*
Th^ comparison
SI.'JHS.tft*.)
»H
U4AM.00.
1
R^O.
.'»<,
Kebrimry
Ma»ch
3u,i40.;<:ii
143,-
Dijfertiut.
'lO
April
."JS.c-io.'jr.;
I-,
:i7. •.•:.-.. T-r.
May
3:j,:iii,(ki-i
3l,><3r,,tiH
174,034,403
178,6ai,7U4
1889.
5 montlu. .
;ii,.j..
1890.
«
EXPOBTO.
.lamiary
—
..
-
that the price obtained by the vendors was too high
and that the excess ought to be refunded.
amendment was carried unanimously. As a natural con-
The
one-third,
sequence there has been a sharp fall in the stock.
The Board of Trade returns for May are satisfactory, showing a decided improvement upon the preceding four months
of the year. It is true there is a falling off of 1}^ millions
sterhng in the value of the imports, but that is entirely due to
a decrease in the imports of cotton and wool. It is to be
recollected, however, that the receipts of both cotton and
wool in the second half of last year were exceptionally large,
and it is not surprising therefore that there should be a decrease
now when the old crops are nearly exhausted. In the exports
of British and Irish produce and manufactures there is an
increase in the value of over 2J^ millions sterling, or more
than 12^ per cent. There is a very marked increase in the
exports of cotton manufactures, sliowing that it is not to any
depression in trade that the smaller imports of the raw
materials are due. The increased purchases by China are
very remarkable.
Iron and steel, too, liave been exported in much larger quantities, the fall in prices having
apparently stimulated the foreign demand. The evidence
afforded by the Board of Trade returns is supported by
the railway traffic returns and by all the other available
evidence.
*"
The only department of our trade, indeed, which is now in
an unsatisfactory stat», is shipping. Freights have fallen until they are no longer remunerative.
At a meeting of the
-Peninsular & Oriental Steamship Company this week the
Chairman stated that the freights to India and China are so
low that the company is unable to carry cotton goods, and the
tendency to lay up siiips in dock idle is increasing. As a
natural consequence new orders for ships have ceased. Many
^hip-building yards have executed the orders they had in
thand, and are becoming idle. On the other hand the consumption of copper continues upon an extraordinary scale.
There has beeti a further rise in the price this week to over
£59 a ton, and at one time copper-mining shares were almost
as high as during the Paris syndicate operations. For instance Rio Tinto shares at the beginning of the week were as
high as 24.
The wheat market ontiaues withoat change.
•
-
«•»
2-5«
PtrOt,
IHffrnnct.
S.
'Jl,5M(i,7r)i!
20,.M!7,037
1,000,715
'21,084,'22H
18.«70.3.'S2
•J
Marcli.
April
i;<),007,0j-.;
2I,ir>!).l!»0
20,3l4,3t;7
May
10,1(34,715
2'_>,!)40,77»
20,421.394
5 inohths.... 106,033,148
100,712,988
,
516
ii:t )i7ii
5,310,160
(
5-27
Exports of foreign and colonial produce were as follows
1890.
1889.
4,779,951
5,369,507
6.327,102
4,839,746
6,476.915
April
May
Smontlis....
je
—
—
+
—
—
—
5,(!14,.')r>s
5,iO.S.3ll
6,0*)3.975
5,573,826
6,731,537
27,813,221
Per Ot'
IHfftrtnce.
«
i
Exports.
January
February
March
29,332,208
—
— HS9
8.34.607
0^2
3SJ*04
323,1^7
714,081
254,622
5-8»
12'«1
S-Tg
-•-
—
—
—
5-18
1,518.987
cereal produce into the
during the first forty weeks of the seasoB
The following shows the imports of
Peas
Beans
efifect
-
4,.377,231
February
recommends
the
lii.'i.O.'*;*
i,.',7.">,543
1,41)4,403
£
Barley
Oats
by about
93,533
l,32i;«»4
—
SI.oih.hW
.
Out the company, to make allotments as it pleased. It also
declares the working expenses to be unduly heavy, and
to
:
£.
.laimury
pompared with previous seasons:
An amendment was moved
t
MM
of import trade is given below
IS 90.
lMroltT8.
ift.tts.tu
i:).iM..'ns
»l,;flo.uu«
ct.
Prup. ttu«U to lUliUltioK.por
general meeting of the shareholders. It exonerates Messrs.
AIlsop from the charges of fraud and misrepresentation
brought against them, but it condemns them for having
allgwed th? Lpndpn and Westminster Bank, which brought
economy.
u.aum
».Xili,i7i
.investigate the affairs of
strict
IMS.
ia«t,
£
n,<nri.tni
l.'ni,StO
United Kingdom
IMPOBTS.
1889-90.
Wheat
:
cwt. 41,012,308
12.691.117
..
9,427,516
1,461.180
2,554,703
Indian corn;.......-.. 31,096,652
Flour
13.555.201
1888-89.
47,676,495
15,767.399
11,750,907
1.947,556
2,59o.901
22,490,090
11,018,091
Supplies available for consumption
September
1887-88.
34.540,500
1886-87.
39,232,918
14.161,024
12,258,859 10,500.672
2,484.180
1,953.088
•2,lAr>,ll3
1,957,751
17,18.5.171 32,033,304
14,715,364 13,443,701
(exclusive of stocks on
1.5,915,418
1):
1889-90.
1887-88.
34,510,500
14,715,364
32,828,103
1886-87.
34,232,91S
13,443.701
27,599,345
Total
93,973,709 88,507,747 82,083,967
1889-90.
1888-89.
1887-88.
389. 9<L
Sis. 8d.
Aver, price wheat week.32a. lOd.
31s. Od.
30s. Sd.
At. price wheat season. 30s. 3d.
80,275,964
trnportsof whoat.cwt.41.OI2.308
IniportB <if flour
13,555.201
Sales ot home-grown. 39,4(06,200
The following shows the
1888-89.
47,676,495
ll.ols.091
29,813,161
1886-87.
3Ss. 4<1.
32s. lOd.
quantities of wheat, flour
and
maize afloat to the United Kingdom:
Thit tcetk.
...qr8.2,478,500
Wheat
Flour, equal to ars. 243,000
qrs. 629,000
Maize
EnsllMli irinanclal
Latt tcek.
1889.
2,501..'>00
1.347..'JOO
1888.
3,335,&0(»
287.000
630.000
237,o00
437,500
415.000
236.0M
markets— Per Cable.
London,
The
daily closing i]uotations for securities. Sec., at
are reported by cable as follows for the week
June 27
endinj;
:
London.
8at.
Wta.
Tims.
Tktart.l
47.<)g
47'»
d. *7H
47%
JUver, peros
OGHm »6»j, 96»„
Oonsola.new 2\ perota. 97
96M,«|
071.
account.
oeiiu
96<,«
for
do
91-8:
Kr-oh rentes (In Paris) fr. 91-77«« 91-52«9 91-77 >» 91-85
D. 8. 4'48of 1891
0. B. 4s of 1907
Canadian Paelfio
'Tilo. Mil.
St. Paul...
A
105
124
I
84«a
77«6
119%
nilnots Central
114»9
l.oul8\-llle& Nashville.. 903»
794
.Mexican Central 4b
N.T. Oentral & HuiUon. 112=9
N.Y. Lake Erie & Wesfu 27«4
2.1 onus
106%
do.
64>4
Norfolk A Wesrem, pref
84>4
Northern I'acillo, pref
54Be
Pennsylvania
Philadelphia A ReadinK.
66 »9
nnlonPaclflc
3i>4
Wabash, uref
Lake Bhorc
i
j
.
.
Cil^ommercial
105
124
84
77>«
105
;124'4
83%
I
77
120
114>4
,130
114>g
90%
90>s
T9'4
79
112<9
112
271«
il
106 "4
Il0.i
63%
i
84 >9
;
54 >a
22%
66 19
31 >s
f
[
63%
83%
54\4
32'8
66^4
31-4
105
124
47%
06%
i
\ 91-87%
106
134
81%
8S
76%
110%
114ig
9m
79
11-2
27%
106 >4
04^
84 >4
Fri.
76'*
110%
113%
90
.
"o's
tiimi
•26 %
106
631*
8S>»
06'a
54%
23<|
66%
32 >i
31)«
54^
23%
mi& W^isctllamatxs ;2Teurs
Imports and Exports for the Week.—The imiwrts of
week, «ompareil with thoBe of the preceding we •.<. show
an increase in dry gootls and a decrease in general merchandise.
The total imports were §9,915.533, against $10,914.'J1.'5 the
Tlie
preceding week and §0,277,28.3 two weeks previous.
exports for the week ended June 24 amountea to $6,l50,2Sd,
?7,687.5'2')
$.5,347,636
two
weeks
previous.
against
last week and
last
THE CHRONICLE.
89fi
are the imports at New York for the week
dry goods) June 19 and for the week endin? (for
general merchandise) June 20 also totals since the beginning
of the first week in January.
rOBEIOH DCPOBTS AT FEW TOKK.
The following
ending
(for
;
Dry Goods
Gen'lmer'dise..
Total
Since Jan.
$1,703,344
6,627,941
$1,648,816
7,557,466
1890.
1889.
1888.
1887.
For Week.
$1,381,424
8,526,546
$3,132,000
6,783,583
$9,915,533
$9,206,282
$8,333,285
$9,907,970
$58,310,890
168,237,032
$62,656,466
168,385,852
$66,582,250
1.
Dry Goods
Gen'lmer'dise..
$73,261,573
176,375,795| 181,096,253
Total 25 weeks. $226,547,922 $231,242,318 $242,958,045 $254,357,826
In our report of the dry goods trade wiU be found the
iniporta of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending June 34 and from January 1 to date
:
BXPOBTS FBOM
NEW TOBK FOB THB WEEE.
For the week.
Prev. reported
—
Auction Sales. The following were recently sold at auction
by Messrs. Adrian H. Muller & Son
:
Bonds.
Shares,
100 aevel'd & Pitts. BR. Oo.l56% $10,000 City of New York 69,
133i4&int.
Dock, 1905, M&N
15 Bank of the RepubUc. .190
$4,000 Osage Co., Kan., 7s,
2 Mechanics' B'k'gAs.^o'n.$l
(Issued
JAJ..IO8I11
Co.
to
RR.)
1899,
3 G't WcRt'n Marine Ins.
$2,000 Detroit Monroe & ToL
(in liquldat'n) 73% pd.$4
RR. 1st, 78, 190H. F&A
131
68 Union Nat. B'k of N. Y. (in
liquldat'n) 179% pd
$500 Rockaway RR. let, 7s,
2%
107
1901, A&O
90 Fulton Nat.B'kofN.Y. (in
$3,500 Eastern RR. 69, 1906,12714
llquid.afn) 175% paid... 2%
$10,000 State of Tenn. 6». '92lOStuyvcsantSafeDcp. Co. 99
'98, July, '76, coup. ou.69ia-70
4980
1 Chemical Nat. Bk
xl20ie $5,000 State of Tenn. 68, new
100 2d Ave. RR
serica funding. 1914, Jan.,
30 H.B. Claflin Co., Istpref.,
105
1876, coupons on
90
60% paid
95
$2,000 McLcansboro, Hamil27 Bowery Fire Ins. Co
ton Co., 111., 78, (St. L. A
10 Eagle Fire Co. of N.Y....249
Boutheast'n BR.) July, '88,
10 Am. Loan & Trust Co.... 118^4
300
coupons on
$.395 per bond
11 Lincoln Nat. Bank
x217
$210 (Commercial Mutual Ins.
25 Bank of America
Co. Scrip, 1876
62
200 Richmond Co. BR ..$12 50 lot
4Bk. of N.Y., N. B. A....X24516 $39,000 Lack. & Southwest'n
x306J2
RB. 1st, 5s, 1926. July, '90,
3 Nat. Park Bank
10
coupons on
24 Christopher* 108t.R'y..l55'4
25 Central Park N. &E. Riv.ll8i8 $13.000 80. Carolina B'y 68,
13
Income. 1931
170 Brooklyn City RR. Co. .175
50 Standard Gas-L't Co., pf. 89>2 $30,000 Lack & Pittsb'g Car
200ia
50HoUand Trust Co
Trust 6s, Feb.. '88, coup, on 10
Bonds.
$8,000 Roch. Homellaville &
Lack. R'y Div. & T 1928,
$2,000 Ohio & Miss. BR. 78,
Cons.. 1898. J&J
117
J&J. July, '88, coupons on. 5
$1,000 North Mo. RR. (West
$10,000 Lack. & Southw. B'y
Branch) let, 7a. 1895, JiSJ.llOU
Ist. 5s, 192 J, J&J. July,'90,
11
coupons on
$2,000 State of N.C. 48, J&J. 99ifl
. .
. .
$1,949,982
$6.150 258
f 6,382,780 159,382,743
157,lit6,639
4,855,1 64
$5,485,153
139,140,989
1890
1889.
1888.
1887.
[Vol. h.
,
Total 25 weeha $144,626,142 $141,237.94 4 $164,332,725 $ 163,286,897
,
The following table shows the exports and imports of specie
at the port of New York for the week ending June 3t and
«ince January 1, 1890, and for the corresponding periods in
1889 and 1888:
EXPOBTS AND IMPOBT8 OV SPECIE AT NEW TOBK.
Imports.
ExjJorts.
aoid.
Week.
South America
other countries..
Total 1890
Total 1889
Total 1888
$1,276,135
5,502,564
564,559
Since,Tan. 1
$156,979
$69,863
5.000
2.272,835
2,080,092
1,600
1.157,923
113,225
$l,266;i35
10,000
AU
Week.
Since Jan.l.
•Great Britain
2,.'>05.288
9,760
890.066
143.997
8,792
85.785
346,576
$14,043
202,990
4,350
$4,137,493
3,627,303
4,281,447
'91,706
'2.583
$3,700,538
37,794,160
14,913,776
—
&
Messrs. Drexel, Morgan
Co. invite subscriptions for
$6,000,000 of the new 4 per cent gold debenture bonds of the
New York Central
Hudson Kiver R.B. Co. at 102 and
accrued interest. These bonds are a part of an authorized
issue of $15,000,000 which will mature on June 1, 1905. The
proceeds of the entire issue will be used exclusively for the
purchase of additional equipment and for construction, including additional approaches to and enlargement of the New
York City terminals, as well as the new terminals at Buffalo.
Should the company execute any mortgage upon its property
and franchise before the maturity of the d-benture bonds,
they are to be specifically provided for in such mortgage.
&
Week.
Great Britain
France
$106,000
255,400
Since Jan.
Week.
1.
COFFIIV
Since JaH.l.
$201,960
$8,626,356
281,075
1,351
West Indies
Mexico
South America
37,538
22,612
168,063
6,H00
3.679
5,396
7,344
$9,138,644
9,548,670
5,534,030
$224,979
All other countries.
Total 1890.
Total 1839.
Total 1888.
$421,400
392,275
121,710
2.891
751
439,990
213,245
348.3 i2
A STAMTOW,
BANKERS,
$1,467,906
Oermany
financial.
gattliltig mxCi
Imports.
Sxportt.
Silver,
NElXr YORK:
T3 Broadway.
LONDON
4T Old Broad Street.
129.334
425,460
WE OFFER FOB SALE
$3,025,608
782.524
990.005
«3, 000, 000
High-class Mimicipal, Railroad and Corporation Gold Bonds,
At prices yielding investors annually from 258 to 7is per eont.
DIVIDENDS!
The following dividends have recently been announced
Full particulars on application.
Name of Company.
Per
When
Books Closed,
Cent.
Payable.
(Days inclusive
COFFIN & STANTON,
72 BROADWAY.
)
Rnllroads
Canada Southern
Chic. Rock Island & Pae. (quar.)
Delaware Lack. &West. (quar.)..
Lake Shore & Michigan Southern
Jlichlpan Central
Na.sb. Chatt. & St. Louis (quar.)..
Kew London Northern (quar.) ...
Pennsylvania k Northwestern...
St. Paul & Northern Pac. (quar.)
1»4
1
1^
2
2
m
1%
213
I'a
Vermont Valley
Worcester Nashua & Rochester.
3
Chase National
5
Bank*.
Chatham National
3
Columbia
3
3
Continental National
East River National
3
4
Eleventh Ward
4
25
First National (quar.)
Fourth N atlonal
31a
Leather Manufacturers' Nat
Mechanics' National
Mechanics' tfe Traders'
Morcan tile National
Merchants' ExchauRC National..
Mount Morris
National Bank of the Republic
Kational Broadway
National Butchers' & Drovers'.
Kational C'itizona'
Ninth National
North River
Oriental
People's.
Ph<Bnlx National
Balnt Nicholas
Second National
Seventh National
Sixth National
United States National (quar.)...
Fire Innurauce.
5
4
5
3
3
3
4
8
4
3I2
312
4
5
5
3
3
5
3
4
2
Niagara
miKcellancons.
Cent. & 80. Am. Telegraph (quar.)
Fifth Avenue Safe Deposit ...
Franklin Trust
Illinois Steel
Mexican Telegraph
Tennessee Coal
&
(quar.)
Iron, pret.
July
July
JiUy
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
JiUy
July
July
July
July
July
July
July
July
July
July
July
July
July
July
2 to Aug. 3
1 to July 29
3 to July 21
2 to Aug. 3
2 to Aug. 3
15 July 6 to July 16
2 June 23 to July 3
1
June 25
1
June 25
June 28
$3.50,000
to
15 July 11 to Jvily 15
1 June 22 to JiSy
1
3 June 24 to
1
to June 30
to June 30
1
22 to July
7 July 1 to July
1 Jiuie
1
June 25
June 25
1 June 28
1 June 22
1
June 21
June 25
to
6
June 30
to June 30
to June 30
to July
4
to June
to J une
30
30
9 June 28 to July
8
1
1
1
1
June 22
June 22
KANSAS CITY, IVIISSOIJRI,
NEW 4s, SI7E 1910.
to
to
June 30
June 30
to
to
to
to
to
June
June
June
June
June
FOR SALE BY
HENRY CLEWS & CO., NEW YORK,
—AND
W. J. HAYES & SONS, CEEYELAND &, BOSTON.
ly Price and particulars on application.
Spencer Trask &
1
Jime
1 June
1 June
1 June
1 June
1
r
1 July
1
25
24
22
27
24
-
30
30
30
30
30
27 to July
to July
June 26
1\
2
3
$3
4
July
July
July
Aug.
July
Aug.
Co.,
BANKERS.
N08, 16 and 18 Broad Street, Nenr York City.
ALBANY. N. Y.: SARATOGA. N. Y: PROVIDKVCE. R. I.:
TRANSACT A GENER.VI.
B.VNKI.VG BUSINESS.
All classes of Seoarities Bought and Sold on Commission. Speoltl
att«ntion given to nvestment Securities. Direct wire u> each otB(o
aad to Philadelpliia Boston and Chicago.
1:
SPECIAL. NOTICES.
July
2I3
.
August 1 July
August 1 July
20 July
August 1 Duly
August 1 July
July
7 June 25
1 June 23
15 July 1
1 July
6
12 June 25
ij
to
to
to
to
to
^P"CITY BOND.S AND
OTHER
FIRST-CLASS INVEST-
July 15
July 2
meats adapted
Aug. 1
July 15
of individuals are made a prominent specialty In the business of
Messrs. Blikb Bao3. & Co., B inkers, of New York and Bojton. Sea
—
1
for savings' banks, trust funds,
card in the columns of the Chronicle.
and careful investments
THE CHRONICLR
Jcn<E 29, 1890.]
%hz gaukers'
697
Coins.— Following are quotations in gold for various coins:
f4 00 «$4 94 Pino illrer bar*.. 1 04 • 1 06
daxette.
BovcrelKn*
Napoleons
17* For cUvidendi, lee previout page.
—04
8 88 • 3 93 Flvsfraoo*
X X Kelohmarka. 4 77 « 4 83 Maxloan dollan.. — 80
25 Peiiela*
4 78 • 4 83
Do uucoiuiaoro't 79
Siian. l)i>uhloon«.15 65 915 75
Peruvian (Ola
74
Hex. Doubloon*. IS 55 915 70 KasllaU silver.... 4 8«
nnk cold ban.
par 9>upreiu.'U.8. tradadollam — 79
•
•
•
•
•
—
—
WAIiL 8TKEET. FRIDAY, JUNK 'i7, 1M90-S P. M
The Money Market and Financial Sitnatlon. —The week
been rather quiet, but variable and irregular in the phases
presented at the Stoclt Exchange. The matters of more general importance have included the advance in tlie Bank of
England rate to 4 per cent the rejection by the House of
Bepresentatives of the Senate bill for free coinage, thus placing the House in the position of being the conservative body
rather than the Senate the decision against the Sugar Trust
by the New York Court of Appeals the strike on the Illinois
Central Kailroad and, lastly, the prospect that the Chicago
Gas dividend will be paid, since the dismissal to-day of the
Charlton suit and discharge of the receiver.
In summing up the notable events we ought also to include
the new departure, already fully undertaken, for the adjustIiaa
— M>s
— 8S
— 80%
—
4 88
—
United States Bonds. Oovemment^, though firm early in
the week, were somewhat dull later, tho (iiiotalion for the 4»
being sli^flitly reduced
The 8ale.M to tlie Treasury were only
of which $71. .500 were fours.
The statement for this week is as follows
$401,.'5.50,
;
;
;
;
4MP«rO«nt*«iMl8M.
...
tS.MO
isjoo
108
61.700
1,800
IMt.890
61.700
rs
Tuwdar....
Wtdn'sdaf.
1. 900
108
M«.830
S.00)
B.00O
tatordar
Monday
« Par OlMta
PriMi raid.
Offinit.
Total.
The
.
..
t.<tS».0(IO
nit'
tI0.4V>
IM.4S0
108
10.000
U.I
8.500
10.000
SMO
103
S.M0
M.IOO
U>
\»
M.IOO
ISt
t7I»0
rriMo
IS*
Ttaandar..
rndaj
M* I9in.
Oftrlmft. Pare*'*. friem
1338.0
1«>
closing prices at the N. Y. Board have been as follows
i
ment
of the Virginia State debt. This project, commenced
Tinder the most favorable auspices, ought to be successful, and
if it is so, it will remove a financial cloud from one of the
greatest States of the South and leave an opportunity for its
more rapid development.
The issue of the Vanderbilt trunk-line statements always
marks a point at the close of the half-year, and although
those given out this week were remarkably good, the stocks
did not advance, but rather weakened, as the good showing
had been discounted, or else there had been a vague expectation of increased dividends, which there was really no reason
to look for at this period.
The open market rates for call loans during the week on
stock and bond collaterals have ranged from 3 to 10 per cent,
with 5 per cent as a fair average. Prime commercial paper
is quoted at 5]4@6 p. c.
The Bank of England weekly statement on Thursday showed
a gain in specie of £113,000, and the percentage of reserve to
liabilities was 36'83, against 39'81 last week; the discount rate
was raised to 4 per cent. The Bank of France gained 1,975,000 francs in gold and lost 1,625,000 francs in silver.
The New York Clearing House banks in their statement of
June 21 showed a decrease in the surplus reserve of $842,975,
the total surplus being $6,144,935, against $6,987,900 the
previous week.
The following table shows the changes from the previous
week, and a comparison with the two proceeding years in the
averages of the New York Clearing House banks :
1890.
June
21.
60,812,700
60,526,500
Loans and dl8C*t« 395.518,500
Circulation
3,771,200
403,837.100
Het deposits.
75.398.800
Specie
l«gal tenders. . .
31,705,400
Beaerve held
107,104,200
100,959,275
I«gal reserve
Differen'sfnm
1889.
Prer. week.
June 22.
Capital
Burpliis
.
I
1888.
June
00, 762,700
55, 093.500
Inc.
403.700
Inc.
26,100,
3, 9H8.70O
96!),700 442, 170,400
Dec
Dec
Dec.
839,100
246,300^
-110,
829.000
73, 923.100
45, ,841,000
Dec, 1,085.400 119 ,703.100
Doc
242,425 110, 542,600
23.
60.762.700
50,381,500
373,807.509
7,513,500
406,540.800
91,009,600
38.195,000
129.204.600
lol.63J.2J0
InlertMl
Period$
June June
2L
.Teg. Q.-Mch. 103
103
4«8S, 1891
103
coup (X-Meh. 'lO.'l
4'fM. 1891
49, 1907..
rcK. Cj.-Jan . 121>D 121>2
coup. (J.-Jan. 122 >a '122>s
4«. 1907
reg.ij.
113
J. 113
68, cur'ov.'OS
J. 116
116
68, oiir'cy.'OO. ...reg.'J.
'118
(is, our"cv,'97
reg.lJ.
J.
118
reg. J.
121
69, cur* ;; ,'98
J, 121
'124
reg. J.
e», cnr'jy,'9?
J, '124
&
A
A
*
A
*
This
is
tbe price bid at tbe
June
June
Jane
24.
25.
20.
27.
'103
"103
103
'103
*103
'loa
'103
23.
103
12mi
Jims
1211a •:21''b!*121»#
•122 "ai
-113
116
118
121
118
121
1*118
'121
nai
124
'124
1*124
1*124
I
I
1^2's*l'22% 122H
113 |'113 ril3
116 -116 Mie
I
I
'llg
momlns board no «ate was mala.
;
—
State and Kailroad Bonds. The pending arrangements
looking to an adjustment of the Virginia debt have caused
activity in that State's bonds, and the transactions in the disputed issues of North and South Carolina were also at advancing prices. The sales of the week were as follows: $423,500
Virginia 6.-) deferred trust receipts at 9 to ll?s; $45,000.
North Carolina special tax trust receipts at 6 to 7)^
$30,000
South Carolina 6s, noivfuad, at 4i^ $62,000 Oeorgia Ts, g^ld,
at 102 .1 102^ $51,000 Tenn. settlement 89 at75>i-X. and $18,000 settlement 69 at 109}^.
Railroad bonds increa.sed in strength from day to day on
limited dealings until Thursday, when there was more business doing, better distributed, though prices were irregular.
The features were Atcliison and Te.tas Pacific incomes. Milwaukee Lake Shore & Western ext. 58, Reading issues and L.
N. Alb. & Ch. consols, the latter being quite active on Thursday, advancing to lOS-T^, and closing at 108 toKiay. To-day
Tex Ists were acCol. H. V. & Tol. gen. 6s and Lou. St. L.
tive at higher figures, with considerable demand for M. K.
;
;
;
&
T.
new
&
4s.
Railroad and MIscellaneons Stocks.—The market this
week has been irregular with the tendency up to Thursday
towards strength, in spite of the temporary set-back caused by
the Sugar Trust decision. On Thursday, Iiowever, owing to
the advance in the Bank of England rate and some selling on
London account, the bears improved thvir opportunity, and in
the absence of much demand for stocks were enabled to turn
prices downward. Atchison and Mo. Pac. have been strong
renewed
the
week
on
the
and active most of
kind probably
some
alliance
of
an
rumors
of
Reading
has
also
been
an agreement as to traflSc.
active and advancing (particularly on Wednesday, on which
day it reached 47). This activity is said tc- be on buyingby
inside parties, and on the news that Mr. Oorbin was to resign
there was also considerable buying for Lonthe presidency
don account. The stock closed to-day at 45'"8, against 44%
All the coalers wer e infiuenced by the decision to
last week.
raise coal prices and limit the July production to 3,250,000
tons. Chicago Gas advanced to 57Jg to-day, closing at 57^4;
week, and to-day particularly so on
it has been active all
—
;
Hnrplus reserve.
6,144,925 Dec.
842,975'
9,a20,S0oi 27.569.400
—
Foreign Exchange. Exchange has been dull all the
week, with demand bills and cables steady in tone, but long
bills weak, owing to higher rates for money in London and
the raising of the Bank of England rate to 4 per cent on
Thursday. The gold shipments since last Saturday have been
$504,000. Posted rates for sterling are 4 SoJ^ and 4 88}.^, and
actual rates are: Bankers' 60 days' sterling, 4 84(34 84}^, de-
mand, 4 87;!^@4 881^; cables, 4 88^4 88}^,
The following were the rates of domestic exchange on New
York at the under-mentioned cities to-day: Savannah, buying
premium; New Orleans, commercial, 25c.
premium; bank, $1 premium; Charleston, buying par, selling
J^@i^ premium; St. Louis, 75c. per $1,000 premium; Chicago,
par® 25c. per $1,000 premium.
The posted rates of leading bankers for foreign exchange are
par, selling
%@H
as follows
June
27.
Demand.
Sixty Dayt.
4 88>9
Prime bankers' sterling bills on London.
4 85>9
4 83 «4 83>4
Prime commercial
4 825t*4 83
Documentary commercial
Paris (francs)
Amsterdam
(irullders)
Prankf ort or Bremen (reichmarbs)
618^ta5
18»8l5
403|,»40>4
95 »95»e
le^aS
1556
40%d'40'i«
|96^»95'8
the announcement that the receiver had been discharged and
soon.
probably
be
paid
would
the dividend
tliat
Mexican Central was quite active on Tuesday, and rose
to 281^, and though transactions since have been very
small, It closes at 26X- The stat«ment of the Vanderbilt
lines, pubUshed this week, were favoratile, and the usual
August dividends were declared, but the stocks fell off.
To-day little business was transacted, barring the Chicago
Gas dealings, and the close was very weak.
The Sugar Trust decision handed down Tuesday seemed to
have been pretty well discounted so far as the fluctuations of
tliat stock were concerned; indeed, it is openly charged that
the heavy selling of Monday was due to " previous information." On Wednesday the transactions were much smaller
than before and have decreased since. The highest price was
741^ on Tuesday (after the decision had been received, it being raistmderstood at first). Closing price to-day, "Oi^, against
763^ last week. Other Trust stocks neglected, with closing
prices as follows: Am. Cotton Oil, 29/^; Pipe Lines, SO'^; L«ad,
19; Distilling Co., 45^^.
Sales of bullion certs, were on Saturdav, $40,000 at ia5^'al'/:
Mondav, $105,000 at 1041.^^*3.^: Tuesdav, $6^,000 at 104»i
104ig: Thursday. $110,000 at 104j|
:a \4; Wednesday, $50,000 at
(gl06; Friday, $10,000 at 104^; total, $377,000, at 104»i(i IWJ**
THE CHRONICLR
898
8T0CK8-PKICES AT
N. Y.
[Vol. L.
STOCK EXCHANGE FOR WEEK ENDINB .TUVE
AND SINCE
27,
HIGHEST AND LOWEST PRICES
STOCKS.
Saturday,
June
BR.
Active
21.
Stacks.
Atchlaou Top. & Santa Fe....
Atlantic A- Paciflc
Caua<llnn Paciflc
*7
823|
58
Canada SontUem
Monday,
June 23.
Tuesday,
44% 46^
45''8
7%
46%
7%
82
8214
58I4
62'4
7%
7%
758
82%
June
82
5S
24.
46%
*6%
4714
7I4
81% 82
58% 58%
53%
57%
124% 124% 124
5S
125
Wednesday,
June 25.
124% 124 124%
35
34'8 •34
34
*23i8
23 14 23 14 •23
23%
23
23
Ohesancake &0.— Vot.Tr.ccrt.
•63
63%
63%
*63
61
63%
63%
64
do 1st pref..
Do
•43
•42% 45
43%
42% 43
do 2dpref... •4212 433j
Do
•131
131
135
131
135
135
135
131
ChlcaKO & Alton
•14% 14% 14% 14% M414 14%
15
15
Chic. & Atl. Benef Tr. Reo.
105i«
•105%
122
•34
Central of New Jersey
Central Paciflc
.
.
.
pref .
.
ChlcaeoMilwaukee&St. Paul.
Do
Chicago
pref.
&
Northwestern
pref.
Do
Chlcairo Rock Island & Paciflc.
St. Louis & PittsburK-
Ohlcaco
Bo
Obicaeo
St.
Paul
•45
B""®'-
pref.
&
Cleve, Cinoin. Chic.
74
St. L...
Do
34
-45
48
pref.
•45
48
32%
34%
33% 33%
Mm. & Om.
Do
34
106%
105% 105% 105% 105%
105'a
•39% 40M 4014 4II4 41% 41% 41% 41%
88%
88%
87
88%
88%
86
87
86
7414 75%
75
75% 75% 75%
7415 75%
II9I4
II914
119
118
llOk
119%
118 iiy'3
IIII4 111 111%
11018 110% 110 110% 111
143% 143%
143 143 •143% 144
92% 92% 92%
91% 92% 92
91=8 92>j
•16%
17
17
171-2
17
17
17%
•161a
CbicaKo Buriinston & Quiucy.
Cbieai^ A Eastern Illinois.
Do
35%
23%
100
100
74 14
73
99% 99%
54
54
53% 53%
'9%
IOI4
34
74%
99% 99% 100
100
-ii
24% 23% 24
34% 2514 25 14 25%
I67I4 168
167% 168% 169 I6914 169% 170
Delaware & Hudson
Delaware Laclrawanna&West 144=8 144''9 14414145% 144% 14514 145 145%
•17% I8I4 17-% 17% 17% 17% '17% 18
Denver & Rio Grande
ColtunbusHoclringVa). &Tol.
Do
pref.
East Tennessee Va.
Do
Do
& Ga
•78
1st i>ref
2d pref.
Evansville
•9%
•76
80
115
& Terre Haute
8214
<3roat Nortbern, pref
115%
Illinois Central
Iowa Central
•gifi
•9% 10 14
-77
80
'115
124
1014
•77
78%
124
•82
81% 83
117% 116
82>9
1171^
11
79
26
124
83
118
•9
10
10
*28% 30
•28% 30
19
19
18% 19
65% 66 14 •6579 06%
II7I4
•9
1014
•8
11
-6%
714
5678
124% 124
124
57:^
125
33% 33%
33% 33%
23% 23%
•63
•48
131
7I4
79% 80%
80% 81%
57% 58
64
2314
2314
63
63
43% •42% 43%
131
135
•1414 14%
105 105 14
133
14% 14%
103% 105%
41
"87
40% 40%
86% 89
73% 74%
41
89
74% 73%
118%
11014110%
118
11878 119
110% 111
143
144% •142% 144
01% 92% 91% 91%
17%
16% 16% 17
47% 47%
48
32 14 32%
......
33
100
99
74%
7379
9973
74%
53
53
9979
•99% lOOM
27i|
25% 26% 26
169% 16978 168 169%
144%
145
14514
144%
17% 17% 17% 17%
^
53% 33%
•0%
"78
9%
1014
'78
79
9%
79
'9
*8
10
10
•28% 30
•28% 30
18% 18%
•18% 19'4
Lake Erie & Western
•65% 66% *Li3% 66I4
66 14
66% 66% 66
nref
Do
110%
111
110%
111%
111%
110%
111%111%
111%
111%
111%11114
Lake Shore & Mich. Southern.
92% 92%
94
9214 9214 "92% 9314
91% 94
•Oa
"92% 94
Long Island
88I4
88 14
87%
89
87%
88%
88
88%
88%
88
88%
87%
LoujSTilleA Nashville
^41
'41
•41
43
•40
•41
45
45
•42% 45
45
45
Louis. New Alb. & Chicago
108
108
109%
103%
110
109%
109%
108%
14
109%
109
Manhattan Elevated, coiiso!.. 110 111%
Do
•28% 30
•28% 30
•18% 1S% 18% 18%
pref.
.
.
20% 27
100% 100% 101 101
94
& West. •91 94 •91
115
•
pref II414 II414 113
Do
'6%
•6% 8
Minneapolis & St. Louis
•18
20
20
pref. *16
Do
19% 19% 19% 19%
Mb. K. & Tex., all ass'nt paid
74
X7214 73%
73
Missouri Pacific
•17
17
18
17
Mobile &Obio
103 104
Nashv.Chattanooga& St. Louis 103 104
109
109
109%
109%
Yorlj
Central
Hudson.
&
New
Hew York Chic. &St. Louis... •17% 17% •16% 17
72
72
Istpref. •72% 73%
Do
'38% 40
40
Do
2d pref. •39
26I4
26%
26%
26%
Few York Lake Erie &West'n
27
Mexican Central
Michigan Central
HUwaukee Lake 8h.
26% 28%
27
•91% 95
94
115
114
113
6%
•16
pref.
. .
•7%
*32
'22
pref
,
82
82%
Peoria Decatur & Evansville.
Phila.&Rcad.Vot. Trust. Cert
•20
Plttsb.
•37
44
& West., pref.. tr. certs
31
"22
pref
-20
•49
Rio Grande Western
pref
Borne Watertown & Osdensb' a 110
8t. Louis Alton & T. H pref. 125
•13
8t. L. Ark. & Tex., trust rec.
8t. Louis & San Frauolsco
*61i4
pref
Ist pref
8t Paul & Duluth, com
Do
•37
Tol.
&
Paciflc
Ann Arbor&N.
. .
M
Union Pacilic
Union Paciflc Denver
Wabash
Do
94
114%
"6%
17 14
20
73 14
16%
16%
73
73
40
40
26% 26%
26% 26%
•65
•85
47%
67
I9I4
7278
36%
81%
82 14
•7%
'32
33
24
63
*22
62
8
33
24
62
36%
82%
24% 24%
36I4
8178
36%
81% 82%
24% 24%
36
7%
•32
•22
•62
46
47 '4
46% 47%
21%
44%
'20
44
38I4
•35
47
•20
4478
39
22% 2278
83% 84%
2278
•20
23
501^ 30%
aiO 115
125
•12% 1314 12% 14
36
32% 32% •33
•61
63
63% 63
96
98
14
64
96
38
47
40
23
•20
23
50
*il2" 115
125
51
115
47%
21%
23%
84% 84%
23 14
84% 84%
•20
23
47 14
48
21% •20
44% 45 14 45
38% 38% 36
22
21
'49% 51
112 113
125
•13
14
25% 26%
26%
•65
67
47
19
•7%
8
•32
•22
33
24
62
45% 47
•36
39
& Gulf.
pref.
pref.
Wisconsin Central Co
27^8
28I4
I
. .
.
84
22
•21% 23
'125
125
96
28% 28%
30
30%
55%| 5473
82%! •8214
51%[ 51%
i
3II4
IOOI4I
4678J
30%
30%
57
82%
5214
96
96
46
46%
43% 42% 4278 42% 42%
89 14 897e
894 90
88% 89%'
206% 205 205
206 206
105% IO514 104% 104% 104% 104%
09
75% 70% 72% 70% 74%:
49% 49% 49% 49% 49% 50
19%
•49
xll3%113%*
43
•205
.
pref.
Texas A Paciflc Land Trust..
Western Union Telegraph
ese are the prices bid
I
20
:
21
20% 20% '20
21
84
84% 84% 84%
no sale made at the Board.
84% 84%
and aaked;
30% Jan. 13 50% May 15
4% Feb. 27 9% May 15
71% Mar. 19 83% May 26
4,900| 52% Feb. 27 61% June 10
940 113% Feb. 4 128% May 14
546 30 Mar. 27 36% May 17
630 22% Feb. 24 27% Jan. 2
166 58 Mar. 1 66% May 7
800 37% Feb. 21 45% Jan. 9
129
2,400
6%
2,083 101%
4,420 26%
1,200 70
70,180 66%
1,503 112%
5,O00;iO7
310 140
6 135 Jan. 24
I514 June 16
Mar.
Feb. 28
Feb. 21
Feb. 3
Feb. 3
Mar.
Al>r.
Feb.
Feb.
Feb.
111% May 10
42
89
88%
13%.Ian. 16 I8I4
43% Jan. 13 53
14,888|
4;
103
June 24
May
79% May
9 123% May
21 117 May
5 148
May
19 08% Jan.
4
13
26
26
26
6
4
Feb. 26
Feb. 26
500 31 Mar. 6 3678 May 10
92 Feb. 10 10079 Mav 10
9,495 66% Fob. 21i 80i4JuuelO
1,415 96
Feb. 17:101
May 12
10,067 18% Jan. 13 27% June 27
2,155 147 Jan. 2 175
May 14
29,618 xl34%Apr. 2:14878 May 19
483 14% Apr. l\ 20i4May 15
927 43 Mar. 26 36% May 15
235
8% Apr. 14 11% Mav 21
67 Jan. 6 81 May 21
410 20i4Jan. 20 2714 May 21
1,533 96 Jan. 17 127 June 27
1,227 71 Feb 19 86 June 10
620 114 Feb. 20 120 Jiin. 31
6 Feb. 19 I214 Mav 12
22% Mar. 4 33% Mav 12
1,041 17
Feb. 28 1979 May 15
1,870 62 Mar. 1 68 Jan. 31
4,310 104% Jan. 13 114% June 5
223 86 Miir. 5 94 June 25
37,155 82i4Fcb. 24 92% May 5
33 June 2 54% Mar. 10 «
1,390 100 Jan. 14 117 May 18
10,055 1779 Feb. is; 31% June 4.
1,110 92 Mar. 4il04%June 8
410 917e Mar. 3:104 Jan. 23
100 108 Apr. " 117 Jan. 23
5% Mar. 7 8 May 3
100 12 Jan. 3 20 May 9
390
9% Apr. 23 20% June 25
33,860 69% Apr. 11 79 '1 May 10
2.T
13 Jan. 7 18% May 20
-102 Jan. 6 105 Apr. 23
June 3 "
1,86.5 100
Fob. 19 111
360 16 Feb. 24 18^4 Jan. 27
155 70 Jan. 7; 75 May 5
100 36 Feb. 21' 42% May 5
7,210 23% Apr. 12i 29% May 19
59 Mar. 31 69% .May 23
13.950 4314 Jan. 7\ 5214 May 16
244%Jan. 10|270 June 16
2,380 17i4Mar. 11 22% May 20
6% Mar. 251 9 May 10
14 27 Feb. 27 34% May 12
19% Mar. 28' 247h May 6
1,136 59% Apr. 14 66% May 20
6,895 30 Jan. 13 3<)%JunelO
4,714 71% Mar. 19 96 May 19
430 19i4Apr. 11 25% June 6
200 13% Apr. 17 24 June 6
200 97% Apr. 11 108% Apr. 24
2,4SSI 43
Feb. 2S, 56 Jan. 2
June 10
30,685: 33% Jan. 8 53
100 16% Jan. 17 24 May 3
92435 35% Jan. 13, 48% May 19
200 35 Apr. 21 41 May 12
23,193 20 Feb. 21 2814 May 21
1,400 76 Jan. 18 87% May 21
500' 15% Feb. 27 2473 May 10
^
?
1
•
.
312 40 Mar. 3. 53% May 14
100 104 Feb. I7.IIOI4 Junel2
113 Jan. 7l30i4Mayl3
173 12% May 6: 1479 May 9
16 Jan. 11' 36% Mav 15
36% Jan. 27j 67 May 15
87% Feb. III103I4 Miiy 24
31% Jan. 18, 38% June 16
40 82% Jan. 18 97% June 23
13;
100
I
1,000 110 Apr.
3,100 2i)%Mar.
4,035' 19% Apr.
2,500 30% Jan.
18.610 61% Apr.
1,606 3373 June
2,220 12 Feb.
3,745 25 Apr
3,234 30i4Jan.
2,243 67 Feb.
12 115 Jan. 9
5 374 Apr. 22
4;
24% May 20
42% June 13
7
6879 Jan. 28
12
38% May 8
13 May 12
31% May 14
42% May 19
24 79% May 19
28% 2,27i: 27% June 23 36% Jan. Itt
28% 28% •28% 2914' 27
3014 30%
30% 30% 3014 3014I 1.730 24 Feb. 21 34% May 19
55% 56% 53% 56%: 53% 5773 103,670 41% Mar. 13 65 May 15
3,100 68 Feb. 20 85% June 9
83% 82% •3214 82%:
51% 51% 1,970' 3014 Jan. 2 54% June 6
53
52
52
52
31I4
31% 2,820, 15 Jan. 10 32% June 13
32
32% 31
31%
1,222 !I2 Jan. 2 107 >4 May 16
9.9% 9978 100% 100% 100 101 14
45% 45% 4.750: 3614 Mar. 4 48% May 24
46
46
46
46
IIOI4IIOI4
300 92% Feb. 1 119 May 21
'110
113
110 113
3,810 13 Apr. 14 28% M^y 14
21 22%: 22 24
22
23
16
19% 20
19% 20%! 18% 19% 26,907 16% Feb. 21: 24% May 12
120 43% Mar. 12 54 May
49
49
49
50% 50%' '48
44% 4,685 36% Feb. 27I 46% May 28
42% 43
43% 43%l 43
21
87% 8914: 86I4 87% 741,000 79% Apr. 8:108% Jan. 27
887e 89%
1,605 187 Feb. 28 209 June
207% 209
207 207
208 208
25
107 Apr.
104% 104% 386.000 97 % Jan.
104% 104% 104% 105
95 May 21
7114 278,931 50 Jan.
70
71
72
69
70
89 Jan. 7
6,350 43% Mar.
5014
5278
49
50
52% 50
119 J.an. 27
3 96 Mar.
104 104
23% Mav 20
300 18% Apr.
21
20%' *20
20
20% '20
May 14
87
84% 84% 8414 84%; 83% 84% 5,699 x81%Mar.
§ Prices from both Exchanges, x Ex dividend.
I
II314
•21
22
22%
2014
19% 20%| 1973 20 14
50
•48% 49% •49
50
21
1890.
I
97
111
:
32
100% 100%
Pacific Mail
115
•21% 2314
.
133
•37% 38%
115
.
Bucar Kctlncrles Co
Tennessee Coal & Iron
Do
do
_
39
•12% 13% 13
13
•33% 33% •33% 35%
•63% 64% •63% 65% •63% 65%
Edison General Electric.
Laclede Gas (St. Louis)
National Lead Trust
Oreeon Improvement Co
Pipe Line<Vrtlticatcs5
Pnllmaii Palace Car Co
Silver Bullion Oertlfloates.
24
22
103 14
43 14
50% 50% •50% 51
113 115
114 114
•94
27% 28%
miscellaneoiia Stoekx.
Amer. Cot. Oil Trust receipts. •29% 30% 30
Chicago Gas Co
55
54
53%
Citizeus' Gas Co., of Brooklyn
8214 82%
82%
Colorado Coal & Iron
•31% 5214 51%
Columbus & Hocking Coal
•30% 31
3114
Consoiidated Gas Co
100 14 100 14 IOOI4
Distilling & Cattle F. Co.
x46
46
46%
.
8
22% 22%
8314 83%
22% 23%
'
ffheellng& Lake Erie
Do
do
19%
33
24
62
45% 46%
20% 20%
45% 46%
46% 47%
21
67
48
35% 36%
81% 8178
20% 21%
84
109%
16% 16%
02%
36% 36%
'35
73%
106
72 14 72 14
'39
41
24I4
24
-22
23% 22
23% 22
22
24
23% l,*22
103% 104% 103% 104% 103% 104% 10378 104% 103
44% 43
46
45
45% 44% 45
44
105
7%
18
I914
•17% 18
103
109
4878
•7%
•32.
-22
*62
99
-16
16% 16%
26
2714
98
•6%
7%
I7I4
20
74
•72% 74
•39% 41
»65
26%
111 11
lll>4llli4 111 113
111
111% 111
111 111
3478 3514
3478 35%
35% 33% 35% 35% 34% 35J4 34% 3514
~
21% 20% 21% 20% 20%
20% 21
21
20% 2078 2079 21
4178 41%
41% 42
4178 4178
41% 4178 4178 4178 4178 4179
64% 65
64% 65
64% 65% 6478 65% 6414 6478 63% 6414
"34% 35
35
3378 34
34
34% 3414 34% 3414 34% 35
•12% 12^8 12% 1278 12% 12% 13
12% 1278
13
12% 13
2714
26% 26% 26% 26% 26% 27 14 27
26% 2714 26I4 26%
39 14 39% 39% 39% 39% 3873 39%i 3878 38''8
30
39% 39
77
77% .77
77% 76% 76%
77% 77 M 77% 77 14 7779 77
Southern Paciflc Co
Texas
109
18
94
114
7378 7414
•17
18
17% 18
•103 107
103 106
IOOI4 109% 109% 109%
97% 97%
pref.
8t Paul Minn. & Manitoba
18
10'
7%
20% 20%
•10% 17
•72% 73%
•38% 40
8
31
3614
•23%
23%
,
Do
Do
103
109
24
62% 63
22% 22%
84% 84%
Biohmond&WestP't Terminal
Do
•7%
8
35%
•23%
Ohio & Mississippi
•22
Ohio Southern
Oregon K y & NavlKation Co. 104
45
Oregon Sh. L. & Utah North.
Oregon &Tr,ins-Contineutal..
46%
Do
73% 74%
17
46% 47%
33
24
63
36
63
pref
Northern Paciflc
Do
•16
20
94
114
48% 48% 4773 48%
260 270
'262
'260 270
262
....
260 270
19% 19% 19% 19% 19% 19% •19% 20
lOH 19%
46% 47
New York & New England
New York New Hav. & Hart.
New York Ontario & West.
New York Susquehan. & West.
Do
pref.
Norfolk & Western
Do
6%
8
19% 19%
.
Do
2778 28
27% 28
100% 100% 100 100
1,
07,060
225
4,6*5
•43
'7379
1890.
Highest
Lowest.
8hares.
45% 46%
46% 47%
•6%
27.
25
•24% 25 14 25
'124 124% 12478 127
83% 83% 83".! 83% 82% 83
116 117% 116 117% 115% 115%
2514 *25
I2O14 I2014 '122
25 14
24% 23
25% 25%
53% 53%
53% 54
10^4
June
26.
100
73% 74%
73 14
7414
99% 99%
47% 47%
48
33
100
June
1.
Week,
Friday,
Thursday,
JAN.
Range Since Jan.
Sales
of the
13
25
11
11
June
THE CHRONlCLii
28, 18»0.j
INACTIVE STOCKS—yuotatio ng
Ask.
Bia.
do.
3'3
2
153
Col.AGn'ii.pf.
33
DosM.
A:
I
20
34 14
l>t
W.&8t.P.i
SHj
i-k
do.
prof.
KingH.
APnuib
35
8
I
BONUS - lAi^sr
I
I
do,
proM 50
Mah.C.R'y.pfl H4is
* Hnru.
st.UAii.iVr.H.
38
87
67 '.i
AtTop.A- 9.Fe.-100-y'r 4»,1989 87'9
1989 6738
lOO-yeai- lncome58
Atl. & i-ac.-W. D. Inc., ««, 1910 19^
81^b.
»nar.. Is, 1937
Can Boutb.-l8t guar., .59, 1908 109 '.ib.
2d, 5», 1913
99%
Ceutral of N, J.— Cous. 7», 1899. 119
Convert. 78, 1902
I1314I1.
OenernI moit.,33, 1987
a.
fceli.it W.B.. eon, 78, lOOO.as'ut 115
101 a.
do. MortKiine, 5s, 1912
Am. Dock & fiup., 09, 1921 .. llo'a
88
70%
107
7()'4
Jan.
Feb.
Jan.
.
lOl^sl),
117ii)a,
101
lOl'Vi
1st cousol. 53, 1939
& A. Ulv., 1st con., 2-4, 1989 73%
73I4
2d con., 3-4, 1989
Chcs. O. ifeSo. W.-O.s, 1911
Ill"*
Chic. Burl. & Q.-Con.7, 1903.. 129
E.
112
128
103
103
B.
b.
82% Mav
97
10014 .\pr.
115%Jnn.
'
I
Juno
Mar.
10:^7^ M,„..
118
Feb.
103%.Ian.
102 14 Jan.
103 Jan.
106 b. ilO«
Terminal 58,1914
103 Mar.
oaijb. 94 '4 May
©en. M.. 4s.. series A. ...1089 .95=^
Chic. & N. W.— Cousel. 79, 191.0. 141 >ab. 141 Hib. 141
May
12514b. 120 b. xl24%J'ue
Coupon. Kohl, 76, 1902
lie b. 116 b. 114 Apr.
Binlnnj; fund 63, 1929
107H!b. 108 b. 10614 Apr.
einkinsj fuud ,58, 1929
Sinkiuj; luiKl debciit. 3s, 1933 108 b. 109 b. 109
Jan.
25-year debenture 59, 1909... 106 b. lOoiab. 104% May
Eiteutiou 4a, 1926
101 a. lomb. 96 Jan.
Chic. Pco. & St. L.—Gld.5s, 1928 "9 b. 9918
91% Jan.
Extension &col.
os,
1934
b,
lOB
lOO"*
104 a.
Oh.8t.I-.& Pitt.— lst,cou.53,1932
Chic. St. P. M. Ji O. -Con.6s,1930 II 9»2b. llO^b.
12914 Jan
104% Jan.
100 Jan.
Xnoxv. & O — lst,6s,gold,1923
Bllz. Lex. & BigSau.- 68, 1902.
4S1
C—
3
105
.28
12
11
45
I
i310
t^H)
.1.
I'll.VlI.'ilKCNl.
Koliiiinoii M(t
tO-.W
Oiiioloilv'rMtf.
T4'
do.
pn-r.,
41
.
,
8
43
74
I
72
WelUK.&Co.B. :i40
U.S. Kipnuii..
OUmng.
1,
i
I
19Mk
Range Hmet Jan.
Jan.
I,
109 14 June
144
129
117
112
Feb.
Feb.
Apr.
Feb.
99% June
132 May
1
104i8b, 103%
KingsCo.El.—lBt.ser.A, 58,1925 104
Laclede Gas— 1st, 5s
1919 84
83%
81
I,. Erie i West.— 1st, g., 5a, 1937 11211)8, lll%b 109
tiOkeShore.-Con.ol)..lst,78,1900
124
123'4b. 123%
Consol. eoup., 2d, 7s, 1903
123
lionglsland- 1st, eon., 5s, 1931 114 b.!ll7% 114
General mort., 4s, 1938
94 b.l 94 b. 94
liOolsv. & Nashv.- Con., 79, 1898 116 b. 116 b. 115
N. O. & .Mob.— 1st, 6a, 1930... 121!llb.ll21%b.
2d, 69, 193<i
do.
112 btll2 b.
113i4b.ill3'4b.
E. H. & N.— lat, 6a, 1919
General. Os. 1930
11514b. Il5^b.
•50-year 5s, 1937
Oollat. trust 5s, 1931
105%a. 105 %n.
liOuls. N. A. &Ch.— l8t, «», 1910
118 a.
Oonsol., gold, 68, 1916
101
103
I,oui8.8t.l..&Tex.,lstg.6s.l9l7 100 4b. 101 14
Metro. Elevated- Ist, 6a, 1908.. llO's 116%b
2d, 69, 1899
106% b. 107%b,
lileb. Cent.— l8t, con., 78, 1902. 125 b. 125 %b
Consol., 58,1902
109b.
111 a.
Mll.LakeSh.&W.— l8t,69, 1921 120% 120%b
Exten. A Imp. s.t., 6s, 1929... 10314b.
MUw. ii North.— M. L., 68, 1910. 109%b. 110 b.
l9t. Con., 68, 1913
109 %b. 110 b.
102 14
1
June
Jan.
Mar,
May
Apr.
-Mar.
Jan.
May
Apr,
Feb.
Mar.
16% May
May
,89
91
May
85% June
Mar. 105 Jan.
Mar. 89 May
Apr. 112% June
Jan. 128 May
June 128 May
June 117% May
J uiio
99 Jan.
Jan.
119% Mar.
121% June
110% Feb.
116% May
116%.May
109% June
110
119
105
Fib.
107%_ Apr.
1922 109.11a 109'4
.
b. 104% Jan.
b. liJ6
St. Joa. &Or. I.3I.— 1st, 6,3, I925.|107
b. 113 b.,|lu%JaD.
St. L. Alt. AtT. II.— 1st, 7s, 1894ill2
|108%b. 105% Muy
2d, mort., pref., 79, 1894
St.L.Ark.&Tox.- ]8t,6s, fat.rec. 91 %b. Oli^j
86% Mar.
-May
2d, Os, 1936, tr. ree.,nlla89.i)d.l 28%b.i 28 b, 2.S
(104
Feb.
St. L. J: Iron Mt.— lat, 79, lS92.|103'4b.ilor)%
|U«i40. 109 b. '10«! May
2auiort.,78, 1897
l«Mt% Jan.
Cairo & Fulton— lat, 79, 1891 103i4b.^ 103%
CalroArk. &Xex.— lst,7s,1897 103%b.'104 b. 102V1 Jan
94%b. 88 Jan.
Gen. R'v Aland gi-., .")S, 1931.1 03
St. L. & San Fr—«9, CI. A, 190b 114%b.lll4%b.'ll-Ji4 Feb.
114%b.ill4%b.|l|2 .May
68, Class B, 1906,
114%b. 114%b.!ilJ May
6s, Class C, 1906
114
General mort., 08, 1931
IIO914 Feb.
118 b. 117'b l"eb.
8. P. M. & M.— Dak.Ext.,6,3, 191( 119
l-'O
119%b. 115% Jan.
let oonaol., 6.3, 1933
Do
reduced to 4 %s... 102 b 102 b. lUO Feb.
92 b. 86% Jan.
Montana Ext. lat, 49, 1987 ...\ 01%
87%
85 Jan.
San A.&Aran, P.— ]8t,g.,68,191L 88%
87 '4
«<8%
85% Jan.
lat, gold, 69 1926
Shen. Val.— l9t,79, 1909. Tr. roc. 125 %b. l25%o. 113%Jan.
58%
48 Jan.
General 6.3, 1921, Trust reo... 38
lOUUit 96 Jan.
60. Car.— lat, 69, 1920, ex eoup. 100%
12 a,
7% Jan.
Income, 6s, 1931
80. Pao., Ariz.— lat, 6a, 1909-10. I07%b. 107 b 105% Feb.
114
b.
112
Cal.—
at,
Apr.
Pac,
I
1903-12..
So.
6s,
101 b. 102
100% Apr.
1st, consol., gold, 5s, 1938
109
10s%
107
N.
M.—
lat,
Jan.
Pao.,
6s,
So.
1911 ...
Tenn. C. I. & Ry.—Ten. D., Ist, 68 96%b. 97 %b. 96% Apr.
102
102
98% Jan.
BIrm. Dlv., Ist, 6.3, 1917
9 1 Tea. 90>gJan.
Tex. A Pao.— 1st, gold, Ss, 20001 32%
42
41
37% Apr.
gold,
iucome,
200io
.38,
2d,
'&
ToL A. A. * N. M.— Ist, 6s, 1924 103%b.ll03%b. 102 .May
llO%b.l
Jan.
A.&Gr.
Tr.—
Ist,6s,
,107
Tol.A.
1921
110 8.402 Jan.
fol.* Ohio Cent.— lat, 5s, 1933
We.st.80
76
Peo.
A
"9%b.
79%b.
Jan.
Tol.
l8l,4s, 1917..
ext,.3.3,
!
Juno
May
112
.
'
iSay
llo<4.Mar.
1 22% Jan.
Mar
l<r7
1
13% Feb.
Mar
101
101% June
118
Feb.
99% June
1
June
19
114% Feb.
113% Mar
110% Apr.
1
I
May
3
17
1
1 1 1
68
80
106
113
Jtma
%
.Mar
May
June
May
Jan.
l<M%Mar.
107% Ajpr.
110% Mar.
100
Apr.
106% Mar.
74
80
May
Jnne
34% Jane
87
Jan.
80% Jan.
OS's May
49
Jan.
83
May
118% June
87 % Apr.
94 June
1936
tt.W.AOgd.— Con.,
Jan.
a.
%
107 b.;i07 b. 107 June
111!
120 a. 119
May
Consol. 6s, 1933
9h:im Mar.
104
103%
2d consol. 6s, I960
N. V. (int. A-\V.-lBt, 08, 1914.. 112
112 b. 10% Mar.
96 Mar.
98
Con.3ol. 1st, g. 59, 1939
98%
,N. Y.8iis..V:\>.— 1st rcf., 38,1937 101%
101 b. 96% Ai>r.
114%b.
1
1 3
Apr.
Mldlandof N. J.-l8t.68, 1910
OH'sb. 95
.Mar.
iNorf.A W.— 100-year 33... 1»1>0 09%
North. Pac— 1st, coup., 68, 1921 117%b. 117% ilia%JaB,
|112%b. 113 l>.,llo% Apr.
General, 2d, coup., 1933
General, 3d, coup. 63, 1937... I10%a. 108%b. 101114 Jon
North Pac.&Mon.— st, 6s, 193M 109% 10H%<>. lOlif Mar,
No. Pac. Ter. Co.— Ist, 68, 1933. 112 b 112 b.KMi Jan.
Ohio & Miaa.— Con.30l., 78, 1898. 108 b, 116
114^ Feb.
08%b. lOO'.j June
OhioSoutnern— 1st, 69, 1921 ... 107
66%b .59 Apr.
67
Gen. mort.. 4.9, 1921
78 %b. 80
Omaha & »t. L.— Ist, 4s, 193'
73% Jan.
Oiegou Imp. Co.— Ist, 6s, 1910. 103% 104
101% Jan.
111
b 111% 109 Feb,
Ore. U. & Nav. Co.— lat. 68, 1909
101%a.,l'.U%a. 101
Consol.,.5s, 1925
June
Oregon A: Transcon'l—Os, 1922. lOS^s 105%
103% Jan.
109 b.!l09 b.,lUM%Jaii.
Peun. Co.— 4%.3, coupon, 1921
107 b.'lOl Jan.
Peo.Deo. AEvana.- l8t,6.i, 1920 107%
>I0<;
Mar.
Evansv. Dlv.- Ist, 68, 1920-.. 10:i%3. 104
69%b. 69 b. 06 Mar.
2d mort.. 59, 1926
Peoiia&Enst. consol. 48,1940.. 81 b. 83%
83 June
Income, 49, 1990
38 b. 33 a. 33 June
Phlla. iV Head.- Gt!n. 49, 1958.. 85%
85%
80% Mar.
l8t pref. Income 3s, 1958 ..... 72 b. 72%b. 02
Mar.
59
2d pref. iucome 59, 1958
55%
43% Mar.
44%
3d pref.lncoiuc 5s, 1938...... 42%
36 Mar.
82%b. 82%
Pittsli. & West.— l9t, g., 49, igil
SO Feb.
Rich. A: Dauv.—Con.,63, 1915.. 117%b.
115% Jan.
5.9,
Apr.
Jan.
li7%June
1*1% Apr.
134% Apr. 139% Jan
W.-lst,C(Mi.7H,I920'137
'
Mar.
88 14 May
119 Feb.
Si's
I,.E. 6t
13% Mar
97
Long Dock. 78,1893
02% 193 a.
Klch.& W.P.Ter.—Trust 63. 1897 101% 101%
98% -Mar.
7 / .Mar.
Con. 1st & col. trust, 58, 1914 77%b.i 77%
77%
6979 Mar.
Rio G. Western— Ist, 4s.... 1939 77%
125% May
8-5
U
N.V.
Consol. gold,
106% June
108
1
128
1
108%
101% June
04%
Mar.
.
Apr.
Jan.
May
110%
lllija illo
Dob'nfre,5s,conp.,'H4,190.|
.
June
June
96%
Ulgluet.
I
.
103% June
100
100
toueel.
"
98% Mav
129% May
118Hb. 117% May
84
76% Jan. 84%
100 a. 99 Mar. 100
38>sa. 3512b. 35
Mar. 39%
10l)ii>t.. 100
May 102n8
lOOia 100 b. 92 Jan. 101
i05iab. IO6I4
103% Jan. 108
12 D. 108% Jan. 112
03'4b. 93 h. 90% Apr. Iu4
105»3
105
103% Feb. ilO
94%
93 May
95%
llOHa. 116 1). 116 June 121
118
100
Hi
32
fTTH
1
June 123% May
91 May
97 Jan.
130% Juno 135 Feb.
Deny.
1st, 68, 1921
W.
Qal H.&SuuAnt.— W.Dlv.l8t,5B
Han. i St. Jos.— Cous. 68, 1911.
1932 99'sb. 101 lob. IOO14 Apr.
IMinois Central- 4b
Inti-AGt. No.— lst,68,gold,1919 113 b. 116 b. 109>4 Jan.
87a8b. 73 >4 Jan.
<;ounon, 69, 1909, trust rec... 87
lewaCentral- Ist 38, 1938
SO^ab. 87%
85 Jan.
Kentucky Cent.— Gold 4, 1987.. iH^b. 84'e
83h Apr,
Ft.-
100
xlW
95 b.
Cleve. i Canton- l8t, 5s, 1917. 94''8
C. C. C. Ai I.— Cousol. 79. 1914.. 130 b.
General cousol. 6b, 1934
II714 Feb.
105 '4 103 Mar.
Col. Coal & Iron— 1st Os, 1900
Col.H.Val. iiTol.— Con. OS, 1931 83
85
73 Mar.
Geuerul gold, 69, 1904
85 b. 86%
73 Mar.
Denver i Rio Gr.— 1st, 7«, 1900
Istconsol. 48,1936
Det.B. C.& Alp.— l8t.B.,6s, 1913
Det. Mac. & M.— Ld.gi-.3'2S, 191 1
Dul. & Iron HaiiKe— Ist, 53, 1937
Dul. Bo. Sh.& Atl.— !?., 53, 1937.
£. Tenn. V. & G.— Con., 5s, 1936
,
44
I
113% Mar. IKi-U June
113 Jan. 118% Ai>r.
&
130iab. 131
lOHl
10
ilvBr
1
Mari 113% Jan.
Jan. 129 June
I0214 May 105"s Apr.
92''8 Feb.
9314 June
I
&Pac,— 6s,eoup.,1917
•2,-.
Hoiiieit. Mlu'tc.
t
;
108
120
I
I.
02 la
<'on!Mtl.<'o»i(>'o,
'
I
I
1
(Coal
Tt
15
I
....123 l>. 121-% May
N.Y.&iIarlom— lat.7s.n!g.,19tK)l
91%b. 93 May
iN. Y.Chlc. &8t. I,.-l9t,4«, 1937i »»
110% 113 Mar.
IN. Y. Elevatoil-l9t,7», 1906...1117
132%h. 132% Jan.
(N. Y. l4ick. A- \V.-l9t, 63, 1921.1132
I
«»b. 1 12
1 1 1
Feb
CVns.ructiou, 39, 1923
Feb.
Jan.
Jan.
Feb.
Apr.
Jan.
Apr.
May 103% Apr.
69% Mar. 73% June
67% Aiir. 77 May
General consol. l9t,us, 1937.. 98 a. 97 b. 93 Feb.
Chic. Gas. L. &C.— l.st, i;,r)s,1937 90'4ii. 9()"»H, 90^ Jan.
12459 Jan.
CUlc. Mil. & St. P.— Coil. 7s, 190.") l2S'2t'. 128 <;
Chic. H.
31
,
Iron
ins
LIH
.Vc
Bninswickt'o.
IS
Miiry'd. (•oar.
MiTiii.
iN.Ch.i8t.U-Conmn..V3, 1928 108 b. 108 b. 100% Jan. 1 1 1 Mar
102% |l01%Mny 104 >B Apr.
;N.Y.tVnfial— Extend., o»,lH9;t 102
I30'4 Jan. 133
N. Y.C.&II.— l9t,cp.,7s,19tl3;130%b,
Mar
Mav
May
95'8b. 05 b.
Denver Division, 4s, 1922
Nebraska Kxtenslon 4s, 1927. 91 »3
91% May 94i4Ai>r.
91«i
Chie.&E. 111.— lat,s.f., 68,1907 116»a 116>a llOi^June 11>*% Juii-c
U8>3b. 119Mb. 116 Apr. 121% Jan.
eonsol. OS, 1934
l8t, SouthwestDiv.— 69,1909. IKjagl). !ll(i:ilb.
l8t, So. Min. Uiv.— 68, 1910 .. 117%b. iU7'4b.
l8t,Ch.&Pac.\V.Div.— os,1921 109 b. 108-'4b.
1 03
b.
Chic. A: .Mo. Uiv. Dlv.— 5s,1920 lOS'-s
Minn. Dlv.—oa, 1921 .. 105 b. UKi
Wis.
15
..
70
S7
\Junei>) Junr-iT
99'8
72Hib,
Ainer. Kxpr.
Amer. T.
(
21'4 -Mav
110
Mar. loo
119 ij 118% May 122
124 b, 124% Jan. 128
110i4Jan. 113%
114 b. 113 Mar. 116
103 '4b. 102 May 103
llOHib. 107% Jan. llt»%
11.'.'Bb. 112
Jan. lUi-li
09 'ab.
28
190
45
AdninH Bxpr..
50
'
IRailboao and Misckl. Bomds.
8:1% .Mar.
109%
prpf.
Vii.Mlrtlond...
Uiglu^t.
34% Feb
"hi Hi"
1.
I
an
85
Cent,
Oacpti
SPOCH «^CiliN<»B. KSH BANftB 8INCB JAN.
S. Y.
linee Jan.
Lowest.
12
Central I'acllic-aold 08, 1898.. U5%b.
101 'sb.
Kand grant (is, 1890
Chcs. &"OUio.-.Mort. Us, 1911.. 116
—
Rennj).
OP ACTIFB BJSIH VT
Junt20'Jun&Z7
1913
(.'niiioron <;onl.
roiniiii>r. <;iible
155
37
180
Range
&0.
I.arl(Mlc
ifo.
I
2H'«
i>lllCB4
South Car. B'y
I
.
-wms:
rj-aa: A«k.
•
Tol.
:
L. c.
B^tLROAD ASD MUCEL. BONUS.
59,
i
15
t
K.&St.
Closing.
Debenture
if
I
——
Indicates actual sales.)
do.
prcf.:
87'il 00
-Mox. Nat. ciTt.
5>8
O^J
MUw.* North.; 00
.MorriH A Khwx;
"'
N. V.&Nor.i.f.i "27
ijo"
OliloInd.&VV'ni
«••
8»S
do. pf rort.
20
B3
Pltt». ^t.^V.*C
Pltt«.A^V.Il•.re
L.
1
Mar.H.dcOiit'n
U
iX
Ante:
tia.
14
I
1
M4
Cleaned I'R.i
KooIc.&DchM.I
i
30
102
Hons.(StTex.O.|
III.
I
5
6>4
Ft. 1).
OB.
2H)
I
4^
pref.
Pitts.itH..
C1.&
38
HO
35
6
contlnned.
II
J
Flint & P.M....'
do.
prel 100
ni.pf lao
Bos. Air Lino, pf 100
Buff.R.&l'ittH.
35
jiref.
77'9
do.
BolI.&.'?<).
28
U.&F.D
D.
Alb'ny &Su8q.' 171
Bu»l.C.K.*No.
Ced. F. & Minn.
ClihW.&B.Tstr
Bid. lAak.
I
899
103
83
78
^
& Kan.C— l8t,63.1916i
May
May
112% Mar.
107% Apr.
113
June
111
Jan.
98% May
S2% May
108
Jan.
100% Feb.
103% Jnne
May
95% May
107
|
^
Jan.
1
15
116
1
Jnne
Apr.
14% Apr.
115
June
1 20
120
Jan.
Mar.
103% June
92 June
88% Jnne
90 June
125% Jane
60% Jane
100% May
12% Jane
108 June
115
Jan.
103% Mar.
109
Jane
104% Jan.
1U3% Jan.
96% May
45% May
107% Jan.
111
108
June
June
80% May
83»(i
QSKfi
9S
97% Jane lul Jan.
116%b. 117 b.lll5 Jun. 118% Mar.
1899 ....Ill6%b.
llS^ib. 113
1112% Mar. 1 16% Feb.
Kansas PaciUo— Ist, 68, 1893 lil>8b. lll%b. 110%May 112 Jan.
ill7
.May
110%b.lllO%b.lllO Jan. 113% Mar.
lat, 6s, 1896
lllO Apr.
Denver Dlv.—6s, 1899
113 b. 113 b. 113 Jan. 117% Mar.
'129
Apr.
115% 115% 113% June 1 18 Mar.
l8t oonsol., 6s. 1919.
111% Mar.
114
ShortUne—
b. 114 U. 112% Mar. 116% Jan.
Greg.
191,68,1922
125 Apr.
Or.S.I>..i;UtahN.— Cou.59,1919 94 b. 64 b. 92% Apr.
B9%Jaa.
Il05'4 Jan.
Collateral Tru9t. g., 38, 1919
ill3%Mny
106% May 100% Apr.
Union Elevu.— Ist, gu. (Sa. 1937 107 %b.t 108
^ll3l4.May
Mo.K.&T.— New4s, when issued 80%
80%
82 June Virginia Mid.—Gen. ni., !Js, 1936 SS^a. 84''sb. 86 Mar. 88% Apr
86%b, 86% June 90 Apr.
New 2d 58, when issued
do
stamped gitai.i 86%
52
53
55^8 May
©Oflsol.. Os, 19:.;o, trust rec
86
86%
88% May Wa>ia9h— Ist, gold, 59. 1939. ...'102% 102% lOl^May 105% Apr.
€onsol., .38, 1920, trust rec
82%
82%
80% Feb. 86% Jan.
74 b. 74
2d luort., gold, 5s, 1939
76% June
Ho. Paciac— lat, con., Oa, 1920. llO^b. 11014b,
Debeut. M., series B, 1939... 50 b.' 50 b.i 47 Mar.
57 May
113 Apr.
10<i% '106
3d, 79, 1906
]l04%Jan. 106% Juno
120 Apr. IWest Shore— Guar., 49
FftC. ofMo.— l8t,ext.,48,-1938 99>4b.! Og^jb
101% Jim. iWe9t. N. Y. & 1^.— l9t, 5, 1937.|l00%b. 101%b. 92% Jan. 102% June
37%b., 29 Jan.
9d mort. ,7.3, 1891
Il02 b.ll02 b
88%
40 May
2d mort. ,3g., .390., 1927
103 Mar.
I02%b.l 99 Mar. 102% Jan.
Mobile A Ohio— New, 69. 1927.. ill3»a 1113 b,
West. Un. Tel.—Cbl.tr., 59, 1938' 102%
117 Apr.
Geneml mort., 4.3, 1938
'102% Apr. 107 June
6213
62
65% Jan. [Wheel. A I>ake E.— lat. 5». 1926 107
Mutual Un. Tel.— 8. t., 6.3, 1911.
loO b.i OS's Jan. 104% Apr.
102>4
W'ls. Cent. Co.— Ist. g., 58, 1937. 100%
103% Apr.
I.
Maah. Ch. & 8t. L.— Ist, 79, 1913'l31>flb.ll31«a
Income. 5s. 1937
57''9B. 68%».' 55% Mar.
09 Jan.
133 Jan.
"BToTE-Xlie letter "b" Indicates price bid, and "a" price aitced: all other prices aal theran|;8 are troai actaal sale; " x" ex4nterest.
10:
Fell.
Tol. St.
Jan.
Union Pacltlc— 1st,
% June
I..
Sliikini;
Os,
fund. 88, 1893
i
|
;
i
9C0
THE chronicle;
[Vol. l.
BONDS-STOCK EXCHANWE QUOTATIONS ON FRIDAY OF THE
LESS ACTIYE RAILROAD BONns^
BECUEITIES.
Bid.
Ask.
Railroad Bonds.
SECUEITIES.
E. Tenn. Va.
KxchnnQe Frieet.)
Bid
Ask.
SECUEITIES.
Bid.
Alk.
& Ga.— (Continued)-
Northern Pacific— (Continued)—
Alabama Central— 1st 6e... 1918 II6I2
Alabama Mid.— Ist, g.,68
1928
Erie— Ist, extended, 7s
1897 117
nSI'/w '""""•Kfi'i- 1 8t, g.,6s 1938 1041a
Atlantic <k Danv.— l8tK., 68.. 1917
2d, extended, 5s
1919 1151a
wS?<. Vi^*S?'°i^"-l8t.?-.6s.l 938
AtL & Pac— 2d W. D., gu. 6s,. 1907
Norfolk*
We3t.-Gencral, 68.1931 1181a i2i"
3d, extended, 413S
1923 100 la 110
Bait. & Ohio— Ist, 68, Park B.1919 118
New Eiver, Ist, 68
4th, extended, 58
1932 ll5^
1920 116 1171s
Imp. & Ext,, 6s
8,8. gold
1925 1081s ,„„,
1091c
5th, extended, 48
1934 1121a
1928 102 103
Cons, mort., gold, 58
A^ustmeutM., 78...
1988
Ist, cons., fd. coup., 7s
1924 109
*136
1920
Beech Creek— Ist, (fold, 48
137
Equipment, 5s
1936
91
Eeorg., Ist lien, 6s
1908
19O8 112
Boat. H. Tun. & W.—Deb. 58.1913 101
Clinch Val. Ist 58
1957 98
B.N.Y.&E.-l8t,78
99
1916 138
Brooklyn Elev.-lBt, g., 68.. .1924 110 llOis
N. Y. L E. & W.-Col. tr.,68.1922 111
f'5Hf,C'^-l8'<'on.68..1920
R^^r*
*
2d,3-5a
112
Ohiotnd.&We8t.-l8t pref.5s,1938
1915 861s 90
* unded coup., 58
1969 89
Bus. Eoch. & Pitts.— Gen., 58.1937 98
93
'•tc.,2d, 58
Income, 6s
1938 68
1977
oiK^7*iS?Eoch. & Pitt«.— Ist, 68
Ohio
1921 119
Miss.&
Cons., S.F., 7s. .1898 'II6I3
Buff. & 8. W.-Mortg. es.'.WigoS ibjia
do
Con6olidat'dl8t,68.1922 117
2d consol. 78
Jefferson— 1st, gu. g. Ss ...1909 106
" 1911 123
Burl Ced. Bap. & No.— 1st, 5s.l906 981a 99 J4
108
Springfield Div.— 1st 73!
Eureka
1905
Springs
E'y-l8t,6s.g.l933
Consol. & collat. trust, 58. ..1934
General
87
5s
91
Evan.
1932
t.
& H.-l8t, cons., 6s.l921 ii'f
i'oo"
Minn. & St. L.— let, 78, eu..l927 115
Ohio Elver EE.-lst,'5V.;;;
Mt.
1936 100
Vernon—
Ist
68
1923
Iowa C. & West.— 1st, 78.... 1909 90
116
General
mort.,
gold,
58..
Evans.
.1937
Indian.— 1st, cons.. 1926 110
91
&
Ced. Eap. I. F. & N., Ist, 68.1920
Ohio
So.—
90
Income, g., 6s
Flint & P. Marq.—Mort., 6s. . 1920 120
1921
70
Ist, 5s
Oregon & Calltomia— 1st, 5s 1927
1921
1st con. gold, 5s
1939 *104
Central Ohio Beor.— 1st, 4128.1930 100
Oregon Imp't-Cons., g. 5s. 1930 • 24
Fla. Cen. & Pen.-lst g. 58.. ..1918
C0I.& Cin.Mid — l8t,ex.4Jo8.1939
Oreg. Ey&Nav.-Col.tr. g..5s.l919
100
Gal. Har. & San Aut— Ist, 68.1910 102
97
Cent. BE. & Bank.— Col. g.5s 1937
Pennsylvania BE.—
94
2d mort., 78
1905
ear.&West.— Isteon.gtd.5s.l929 92I2 93^
Pltts.C. &8t.L.-lst, cp.,78.1900
981a
West.
Div., 2d 6s
115
1931
Cent, of N. J.— Conv. deb., 68. 190g 117
J*- ^- * C.-l8t;'78...1912 145
Ga. go. & Fla.-lst, g. 63
^^^^106'
1927
Central Paciflc-Gold bds, 68, 1895 111 la
2d, 78
Grand Eap. & Ind.— Gen. 5s.. 1924 95
1912 143
Gold bonds, 68
93
3d, 7s
1896 113
1912
GreeuB.
tV.
&St.
P.-lst
139
6S..1911
Gold bonds, 6s
."l897 llS'e
2d income, 1st subs, paid
^?y.: * Pj-Cons., 8. fdi; 78;i0<)9 126
127
MSan Joaquin Br., 68
1900 lllifl
4td,8ink. fund, 68
1892
Housatonic—
Cons,
gold
106
5s.
Cal. & Oregon— 8er. B. 68. .1892
1937 IO514 105%
St. L. V. & T. H.-'lst, 6n., 7s.l897
K. Haven & Derby, Cons.58..1918
115 >..•..
Mort. KoIdSs
2d. 78....
1939
102
1898
Hous.&Tex.C—
l8t,
m.
1.
7s.Tr.reo. iiais
....a
West. PaciUc—Bonds, 63... 11899 114
2d, guar., 78
1898 iio"
West Div. 7s,Trust receipt8.1891 112 "a
Ko.Bailway (Cal.)-let, 6s.l907
Peoria i pek. Unlon-lst, 6s .1921 112
Ist Waco & Kor.— 78
1901 105
oO.year 5s
2d
mortg.,
1935, 100
4iss
1921
2d m.Ss.M. 1. Trust receipts. 1913
68
Ches. & O.-Pur. M. fund, 68.1898 II412 II513
Phila. & Bead.— 3d pref. convert
Gen. mort.68,Tru8treceipts. 1925 '75
451s
gold, series A
Pine Creek Bail way-63
^,
1908 1161s 1171a nitnois Central— Ist,
1 932
g., 4s ...1951 109
iC.<S.A.Div.— 1st, con., (?., 48.1989
.....a
Pitts. Cleve. & Tol.— 1st, 68... 1922
82
84
1st, gold, 3iea
Ches. O. & So. We8t.-2d, 68 1911
1951
931a 94 13 Pitt8. Junction— Ist 6s
85
1922
ChicaKo & Alton-l8t, 78
63.. ..1898 1121a
2?;?^r'v.P'^'-Coup.,
1893 1091s
g;"8. Mc. K. & Y.-lst 6s
Middle Div.— Beg., 58
1932 iis"
Binklng fund, 68
1921 1121a
Pitts. Palnsv. & F.— Ist, 5s.. .1916
1903 120
C. St. L. & N. O.— Ten. 1., 7s. 1897
100
l-oms. & Mo. Elver- 1st, 7s.
Pitts. Y. & Ash.— Consol. 58..
1900 118% I2014
l8t,
1927
consol.,
7s
1897 'i'li' 116
*Q, 7s
Presc't & Ariz. Cent. Ist, 68,g.l916
1900 II6I4
2d.6s
95
fit. L. Jacks. &
1907
Chic.— i8t;78;i894 1091s iii"
2dincome, 68
1916
Gold, 5s, coupon
41
1951 iis"
Eich. & Dauv.—Debenture 6s.'l927 104
1894 109 la
If- ^"'i^- iP^'^^' '7s
Memp
Div., 1st g. 4s
105
14
1951
gdmort.
96
(360),78
1898 115
961s
8- ^' g- 58
1 909
Dub. & 8.
89
2d Div., 7s
2d, guar. (188), 7s
^%'^¥-/S.1894 '107
Atl.
1898 115
& Char.—1st, pref., 78. J 897 ...85 112
Ced Falls & Minn.— Ist, 78.. 1907
8213
-JPs^K- Bridg^lst, 8. f., 6s 1912 1051a
do.
Income,
68....
1900
Ind.Bloom.&W.— Ist, pref. 7s. 1900 ii'o'
1041a
Borne
Wat. & Og.-lst M., 7s. 1891
Ind. D. & Spr.— 1st 78, ex. cp.l906
1031a
St. Jos. & Or. Is.— 2d Inc
i'oo'
58,8. f.. 1901 105%
Ind. Dec. & West.—M. 58.... 1947
1925
Tn^?'S''°^-='^
50
'ind, 58.. 1919 10818
Kan. C. & Omaha— Ist, 5s. .1927
^?.,P'^r^!.°^2dM.,
inc.
5s
"35'
871s
jSinktog f und, 48
1943
1919 95 la 95% Inter. & Gt. Nor.- Coup.
& T.H-2d m. lnc.78. ' 894 1051a 89
^^^hAPlain, 4s.
6s. ..1909
87%
90
Dividend bonds ...
.1921
9118 921a
1894 50
^\^yan.<fe N.W.-lst, 58.1938
60
i^"?,!
Bellev. & 80. IU.-lst, 88..'.'x896 114
971V 100
L.
Sh. <feM. So.-C. P.&A.-7S.1892 106
107
Bellev. & Car.— 1st, 6s
I2512
1923
Buff. & Er.-New bonds, 7s. 1898
106
2d^i f 8tP-l8t,8s,P.D.1898 121
118 120
Chi St.L.&Pad.-l8t,gd.g.58l917 100
1906 130
Pef M. &T.-lst,7s
i8t,7s,$g.',B.D.:::::::::;:iiS2 126
St. Louis 80.— Ist, gd. g. 43.1031
Lake Shore— Div. bonds, 79.1890 119 133
82
Division,
120
do
78.1893
2d Income, 53. 1931 50
117% Mahon'g Coal BE.-lst, 58.1934
i2;
«'*S
181, 1. & M.,
7s
108
1897
121
Shawt-lst
4s.
g.
.1932
IJtchf.Car.&West.—
80
l8t, I. & D., 78..
Ist6s.g 1916
af?^-A
98"
St.
L. & I. M.— Ark. Br.,l3t,73.1895 10558
1899
124
Jx)ngl8lan*— 1st, 78
107
l8t,C. &M., 78
1898 il7'
::
St. Lou & 8. Fran.— Equip.,
1903 i26ia 130
7s,1895
la
101
K'w'ay
B.— 1st, g. 58.1927
^;>I- *
General53
1931 102
1st T A.-'^l^^*®"^'™' 7s.. .1908
2dmortg., Ino
1927 35"
1st, trust, gold, 5s
1041a
N. Y. & M. Beach- 1st, 7s.. 1897
1987
95
181, a. & D., 78...
iQin 127
^a"- 9'y * 8.-l8t, 68, g. 1916
N. Y. B. & M. B.-lst,g.,5s.l935
ijst H.& D.;5s...;;;
98
Is
Ft. S. & V. B Bg.-lst, 61.. .1910
100
igjg
IO414
1051a
Brooklyn
106
&
Mont.— 1st, 6s. .1911 •112
Chicago & Pacific Div., 6s::i910
a Paul
St.
& Duluth- lst,58....1931 110 114
Ist, 5.S
Mineral Point Div. 58. ... 1910 117
1911 105
2d mortgage 58
105 106
1917
8mithtown&Pt.Jeff.-lsV,7Vl901 110
C. & L. Sup. Div., 58
1051a
St. Paul Mmn & M.— Ist, 78.. 1009
102 -a
114
Louis.Evans.&St. L.— Con.5s.l939
Fargo & South., 6a, Assu 1921
89
90
2d
1924
mort,,
68
12Ha
1909
Louis.
& Nash.— Cecil. Br, 7s. 1907 106 110
1171a
"''»''• fund, 5s.... 191
Minneap.
Union— 1st, 6s. ...1922
SFi'^?"!Pensacola Division, 68
1920 111
Mont. Cen.— l3t, guar., 63. .1937 iis'"
-hJ?*^"'" * Gt- South. 58.
1916 102 13
St, Loui3 Division, let, 68.
1921 118
East. Mmn., Ist div. 1st 53 1008 100 la
113
2d, 38
AJes M. & Minn.— 1st,
1980
San Fran. & N. P.-lst, g., 58.1919 98
75
NMhv. & Decatut^lst, 7s!!l900 68
Iowa Midland-lst, 8s.7s ' 1007 125
100
Scioto Valley & N. E.-l8l,4a,1990
1191s
1900 127
S. f.,6s.-8. & N. Ala
74
80
1910 105
Shenandoah Valley— Inc., 68 1923
7s.::i898
120
10-40, gold, 6s
CwTi?^^'*',"""^1924
Sodus Bay & So.— Ist, 53, g
1924
Pens.
'1197f
At.&
Ist,
6s,
gold... 1921
fn^lsTWdV^^'^'il^? 130 134
109 1« South Carolina - 2d, 68
1 931
Nash. Flor. & S. Ist gu. 5s.,1937 ids'"
65
103 1031a: 80. Pac. Coast— Ist, guar., 4s 1937
Loulsv. South.— 1st, g. 6s .. 1917
Ott-^F''i«7«fe^^--------»9«5 117
871a
!iTexas
Central—
Ist,
109
s.
f.,
78... 1909
Lou. N. O. & Tex.-l8t, 4s. .1934
591^
90
1st mortgage, 78
1911
1081a
2dmort.,5s
45
1934 40
.Texas & New Orleans— l8t,78 1905
56
Memphis & Charl.— 63, gold"l924 107
108
Sabine Division, Ist, 6s
81
I912
1st
con.
Tenn
Extension, 4s
lien, 7s
1m15
iTex. &Pac., E. Div.— 1st, 6s. 1905 1061a
1905 81
108i»
Mexican National— 1st, g., 68 1927 122
M--i8t 5s::il2i 104 I06
93
Third Avenue (N.Yj.-lst
07
^
58, 1937 113
2d, income, 6s, "A"..
cwc^'stVi'l?*"•
114
'l917 511a 531a (Tol. A. A. & Cai.-6s „.„„,.„„,
Clty-5s..l936
1017 10414
2d, income, 68, "B"
Minn * V*w
1917
15
Tol. A. A. & Mt. Pi.-«s
17
1019
Chic fit
Michigan Central— 6s...
M-"~^*'' «•• 58- 1934
1909 1191* 121
Union Pacific— l8t, 6s
122
1896 1121a
Coupon, 5s
^PauT&V^"!ii;lt««-1918 123
'1931 110
l8t. 6s
1897 114
Mortgage4s
;i940 <loo
Ist, 68
..1898
Jack. Lan & 8ag.-68
11508 116%
1891
Collateral Tru8t, 6s
iis'
.1908 107
MU-.L. S.&W.— Jonv. deb., 5s. 1907 101%
Collateral Trust, 53....
123
.1907
^.i?d.«g^!3;fi?S^<'-^V7s:
Mich. Div.. 1st, 6s
98
1904^
Collateral Trust, 413S...
90
.1918
Ashland Division— Ist, 6s !.'l925 iis"
117
C. Br. U. P.— F. c, 73
•"&L^f:,^s*^"=--i"«"»-«-;i8: 936
.1895 ido'
991s 100
Incomes
Atch. Col. & Pac— 1st,
.1005
Minn.& St. L.— la. Ex.VlVtVfs.igbg 100 Is 103
„
9778
104
Atch. J. Co. & W.— Ist, 6s. 1905
78
CCC&'Bt*I*'"??-ri?'"'^-'5^"l936
l8t,g. 78
92
95
1927
yi-.h.'^: *.''*• L-. Cairo div.-4« iq?iq
04
100
9"'-~l8'-g-.5s.
92
• 99
1918
CLCol. Cin. & Ind ist,
2dmortg., 78
101
J{. ^¥1;*
"'l891
7s.8
57
65
f 189<t II8I4 118%
Utah&North.-l8t,7s
1908] 115
Con.sol. sink, fund, 7i^ '".8-i-i»9J
Southwest Ext.— Ist, 78.
1910 80
90
Gold, 53
125
1926
Cleve. & Mah. V.-Oold
Pacific Ext.— Ist, 6s ... '"1921
Sh" lo^a •106
90 100
Utah Southern— GenV,78".'l909' iVsii
Co orado Midland-lst,
equipment,
P'';
*
63
1922
,,.
gfis
60
Iqsfi
Exten.,
•100
1st,
7s
1900; lisiji
Colum.bia& Green.-!XV.':i9?|
Minn. & Pac— lat mortg., 58 1936
Valley E'y Co. of O.-Con. 63.192i;.104 iidi*
'103
Minn.S. Ste. M. & Atl.-l St. 58 1926
|^"»-*
*82i3
Wabash— Deb. M., series "A" 1939'
Missouri Pacific- Xruat 5s
1917
95
96
-104
No-,Mi38ouri—lstj 78^...... 18951 i'lti"'!;!!""
JlobUe & Ohio-lst ext., 68::;i927
106 112
St.L.K.C.<feN.-K.E.&EE. 78.1895
134
Ist pref. debentures
e}ra^l{ing^& N. Y.-lst ^Vioofi
IIII4
75
St.CharlesBr'ge- lst,«s...l908
isoii
2d pref. debentures.
110
45
West.
Va. C. & Pitts.- 1st, 6s. 1911 108
1431s
St. L. & Cairo—4s, guar.
.."."igsi
^^^''^
8lia
Wheel.&L.E.(W.D.)— ls,g.,58.1028 'IO714
103 105% Morgan's La. & T.-lst,
Bonds' 7s
68.. ..1920 114
1900 *120
itllMceliaiieoua Bouds
ist, 7s
78ofl87i
lots
..1001
Am. Water
r o.— Ist 6s. . 1907
Nash. Chat. & St. L.— 2d"6s""l901 127%
113
..1915
1st
con., gold, 5s
*i38
Del. & Hud. Canal-lst,
1907
. IOOI3
G'"Vl«t' 68:i926
78 ..1891 loo's idiis IJN.
Boston
Un.
In'^O
Gas—
Tr. cer. 5s 1939
V^i^J^^J"
1st, extension,
O.
&.
No.
U6ia
E.— Pr. 1., g 6s 1915
78
1891 1051a
Cahaba Coal Min.— Ist g. 7.s 190' 110
Coupon,
N. J. Junction-Guar. 1st,
upon, 78.
43;]
986
1894 112
125
Col. & Hock. Coal & I.— 6s, g. 1 917 102
Pa .Div. coup., 78.
H--l8t, leg. 48.1903 '105
1917 147
Consol'n Coal— Convert. 6s. 189'? 107
N V
f,
N.
Y. ?-i?109
&Northern-lst,
g., 58.1927 llOie ill'
*Ut"?on,**"'"i'-l«*-'^".78-i906 130 133
Edison Elcc III. Co.— Ist, 5s litlO
9913 lOl
^"i *8
1 a<27
68......
.1906
60
62
Equitable G. & F.— Ist 6a
121
Bens' &S»V. ^Vf1005
100
We8t.-2d;'4i^8;i93'7
*
'K-J^^^'iS78
79
Hackensack Water— Ist, 53 1926 105
1471a 149
North'n Paciflc-Di vid-d scrip
£fe^r^|?^;i^,^r8r6s^8.1921 101
ext 105
Henderson Bridge— Ist g. 63.1931 11038
103
James River Val.-lst, 63. ..1936
106% ids" Iron Steamboat Co. 6s
86
Spokane & Pal.-lst, 6s
1001
80
1936
Nation'l Starch Mfg.— 1st, 68,1920
divisional Ss
St.Paul & N. P.-Geii., 63 192? 107
"••i-x5jy 120
95 102
...1930
121
Northwesieru
Telegraph—
lyo4 103
7«,
Helcua&KedM'ni»t cxL-goldisair"'
Ist.g 63' 10^7 IO3I9 105
1937
People's
Gas it Coke t lstg.6s,1004
9213
DuluthAiMauitoba-l4tK
6819-16
...1938
Co., Chicago
_ Mohllfi A RIrm —1 „.
'?";;*Man Dak.Div.-l.:^f|;'ii^^ 111
S 2dg. 6s,1904
94
58.1937 85
105^8
Philadelphia Co.— 1st s. f. 63.1898
CcBiird'Alen
lat. na. gold. 191
(Sloth-
.
!
.
»
.
.
. .
'
'
.
.
. .
.
a—
•
. . .
.
Q—
t\
..
. .
"
. .
I
.
'
. .
I.
4S^r%~^-^«Ms:iiSi
I
:
.
,
PA
.
1
. .
—
.
:
.
.
m"
W
.
.
—
•
•
«o
price Friday; these
are tie latest quotaUon,
—
made
this
Ills.
week.
^
-^t,
TTnloTi Tel.
—7a... lS7;'i-10Oo
iY2"
June
THE CHKONICLE.
28, 1890.]
Qaotation«ln Boston, Philadelphia and Kaltlmor'*.— Below
are quotations of actiue stocks anci lK)nds not generally quoted
in N. Y. A full list ia given the 8d Saturday of each month.
8BCURITIE8.
SECURITIES.
Aik.
Bid.
Aak.
BliL
{)01
City IUllrMi4 8eeni1tle«— Brokers' Quoutions.
Drr
AtUntlo AT,, B'klyn.Sfk.lllS
Oen M.,5.,
BI'etwBLA
19(lB ..AAO 104
>ul.»'. -Hik
«6
lat mort, 7a.,190<'..JAj!ll4
Br'dvay fc 7lhAT. -Hf> 220
lat moru, 5a. 1904 .JADlOf
9d mort 5a, 1914...J AJ |1U6
R'way 1st, ^s, gu .. .' 4 10»
2nd Ss, ml. as rant, '08. B3
•rooklyn City—Stuck.... U73
1st mort, 6a. 1902 .JAJ 106
.
Kant. A Br.Top, pre! .M, 48HI 4e
II.«hlRlOoal A Na>... ..SO* BVV
Mav I.elilKli Vnllev
AO
S'-'Ki
70
70',
48S LlKle 8c:liuylklll
BO
219 Mlnihlll .t S. Haven. no, 70
Ne..4iiiie)iiiiilnK Valley ..00
to
IBS Norllie:rn Cenjral
«9
..BO
North Pennsylvania. .80 8»
"ii' Pcnnsrivi'nia
Mtt
.SO
18
PhlliMlclphia A Krte. .SO
35
3h llnlteil Co.'sof N. J. 100*'31t<i
We.>t JerK^^y
(10
AO
"4 b
West JerseyA Atlantic. 60'
Western N. Y.APenn.lOO 11 >4
BOHTON.
STOCKS,
AmAr.
P»r.
RellTcIopbonfl.lOl) 83B
t
A
A(i:h. Tojixkii
8,
Boaion
Alliniir
I
•C
Fe 100
*
KM), 318
100:*17a
Boston A Lowed
Boston it M»in»
1001
Boston A I'rovlilcnco.lOOjWtO
Callforulu Hoiithnrn.. .100
IT,
Central of MitxHaclis'tslOO
Preferred
100
.S7
Chic. Bnrl. & NortVn.lOO
Chic. & Went Mich. .100
CIn. Sanil. * ncv.,coni.R<'
W
40
.
A
Cleveland
Canton .100
Preferred
1 00
Conne<:tlcut APaosuinllH'
u
BONUS.
if
Allenh.Val., 7 310.1 ,18|)6 113
Inc.. 7s,end. coup., 1894..'
Allan. City, r.B, 19I9MANI 101
Belv. Del, I»ts,()8,.. 1902i
Catawisau, M., 78, iniK)...! 121 'ii
.
Conneelirnl Itlver
100
Detroit I.uns.
Preferred
no
<&
lit)
Nar...lOO
Eastern
Preferred
160
1S9
loi
Char.(in.AC.,hs,1947,Q-J:
100
ClearllcUlAJeir., l.t,
"ai"
10<>
ConneitInK,
Del.
A
(Is...!
BANKS.
At.Top.AS.F. Gen.4«.JAJ
Income, 5». li)89.Sentl
94
HB
lis,
lid. H.,
60't Pelklomen, Istae. 5s, '18.! 102'
10213
Pa.AN.Y.Ca. 7s,liiO(iJAD
SiU Consol. 5s, 1939...AAO iV6=<
87s Phila.AErle, Qen.Ss.nj'JO 114
86
Gen. m, 4s, ll'ZO.AAOl
Pbil.ARead.. 1st, 6s, 1910 1^1
Bur.AMo.Rlv,l.)f,7s,.18B3
Burl. * Mo. Rlv. iu >'eo-
Kxempt, «s, 1918... JAJ
Non excm. fis, 1918 J*,I
iOOH
AAO HI
Vd, 7s. 1893
Consol. 7s, 1911.. ..JAD
Con-.. Bs, )t., 1- 11..JAD
......
.:....
Vi»\
Plain i."), liilo
J4J
118
Ch.B.A.V. 1«168,102GAAO
103',
Imp., Bs, g., 1897.. AAO
adds. 1918. ..
Con.Ss, 1'.'22 stampcl) '
JAD Il>2>.j 103
1011,
Deb. 8s, 1896
JAD 102 .lOi', PhllVV.AH,ls,1917.AA() 100
Ch.AW.Mich.,gen.58,1921
M'll'ilt.'i. ('. A St .1... 7b. 1900! 119"3
Con. of Vt OS, 1913 .J AJ
87
88^.1 PoHKh.HridKC, Bs....l».1«
'J
I
,
!
Current Kivcr. lHt,.'>a.l927
Det. Lana.ANor'n, M. 7X. lli6
Xastem, Muas.. 6», 1906.. '126
Free. Kilt. A M. V...l8t,6.H
West. Penn.,
A
Kxtcn. B.«, 1 V3
Meiicau(.en.,«»,191
1
JAJ
103 Hi
100 130
100
118
50
... Char. Col. A AuKusta 100
'Western Maryland. ...50 .ishj
Ist, con. Inc., 38. 1939...
in
3s, 1939...
N. Eng.. 1st, 7s...
Istniort., Bm, 1903.
2d cons,
44
30
.
A
N. T.
124
JAJ
OKden.ALC..
2d. 58.
FAA
\S'.)H
113
100 ><
t
Camdcii*Atlautlc,])ref.60
34
Catawissa, Ist, pref.
ftO
68
Del, A Koniid Bmok,..100 172
liaet l*ennsvlranla
50 66
HuntinK'nABroailTop.,'>0
Per share.
•
120 "a
MAS
I
A
A
,
.'
ISea .'dA Ro'nke, 5s, 19-26'
173 IWest. Md., 8dnn.,0s.ll)(K)i
IWestVivCen.AP., 6S.1911 IlOKi lUO'i
»3'al Wil. Col. A Aug., Us, 1910 1 5
Last orlce this week.
t Ex-dividend.
I
.
N. T. and Brooklyn Gas Secarltles— Brokers' Quotations.
GAS COMPANIES.
GAS COMPANIES.
Aak.
Bid.
Bid.
|
I
Brooklyn Gss-Lleht
Cittsens' Gas-Light
Bonds, 5s
...
Consolidated Gas
/er.HcyCity A Koboken.
Metropolitan— Bonds
Mutual
(N. Y.)
Bonds. 6a
1'8
83
100
100
170
114
122
People's (Brooklyn)....,-. 93
.Williamsburg
131
Bonds, 68
110
Metropolitan (Brooklyn)., x 109
Miiiiiclpal— Bonds, 7a
Fulton Municipal
|140
Bonds, 68,
loo
Equitable
127
Bonds, 68
110
I
I
120
100
Scrip
New York
Aak
B5
—
CbAae
Obatbam
Obemlcal
2/6
J.'iO
4a<)c
506
170
City
OttUana'
CelambU..-. i'iS
Oommeroe... 2oe
'
113
111
145
1"S
130
115
.
......
...
Alabama
A Vicks
do.
do.
do.
do.
consols-
2d as.
.
37
92
70
42
1
180
".J
L.N. A.AChic.(C.*I.)Iat68
Loaisv. .'^t. Louis A Tex..
MeriphisACha'st conaola
M**» Nat.Oonstrnct'n flo. 24 "a
151 Mo. K. A T. new 49, W. I.. •80S
Atl,
1)11
A
Ist,
Cnar. Air Line
76, 1907
Brooklyn KleVd— atook..
O&lifomia Pai'itle
Cincinnati
A
springf
91
124
40
92
121
37
"i
...
1
•JAO
uo
ritat
FlratN.ai.
il2
ruth
I4th Street..
no
Poarth
161;
Cm.
W.
1
•53
113
N. Y. AUraendLake.lat
N.Y. Loan
A Impr
10
RIv.i. ona. On.scrii..
24V
8U',
00
28 '«
1
le-a
11
ii
A
A
Vii
ii>»
tua.
.........
130
35
.46
....
107
20
••"
Mt. Morrla.. x360
Murray HUl.l
Naasan
170
.
Paciao
Park
-•*«
670
People'!
110
KepnliUc....
191
Bmboard
....
Seeond.
rii
seTenik- ...
Sbwi-ALeMh.
1
NiclMiaa.
State itN.y.
St.
U3
Third
,
Unlt'dSbstae
Weaiera
...
Weat 8UU.
....
••
»u
IM
too 311
«:0 ..._
xlll......
110 !!•
It> Mi>
1«3
8^6
••
140
ln3
l«»
1:16
iSa
114 lU
IIS
9S ioi
2vO
108)* 100
300 •••••«
Phenix
Plodnce Ex.
128
lu
IM
North BiTcr.
Oriental
S40
1
Peoplis'.
Hanover
Irring
s'
Nassau
Market
St.
60O.O
76O.0
600,0
600,0
,
A Fulton
Nlcholaa
Shoe A Leather
Corn Exchange
ContluentaL
Ociental
Importers'
A
"Tradera'
Park
North River
East River
Fourth ationnl
First iNatiimal
Thiid National,....
N. Y. ^ at'l Kxcbange
^
N
Uonal
Genuania
Lincoln
Gnrtleld
l-lfth Na'ional
Bank of the Metrop...
West Side
Scaboaiil
Sixth National
Western Nation»l
FlT.,t National, B'klyo
I
I
•'
"
-
14...
2.861.0
10,208,5
3.l4-i.»
653,11
6,6<>6,8
3,2i<8,»
75-.
4.478,4
12,l'.t.1,8
6«o.~
3.036.2
•
•/9U.7
2 009,0
62-.'.5
2:781,7
8,7«6,H
«>3.^.5
2li8,5
73U2
2JJ.4
4.03\H
1.1»'6.1
131.1
l.('?9.3
8^2 6
•2HH
2,714,0
8.K97,9
4.453,j
I3-.3
4 .8.0
7SS.6
5-8.9
386
lU.l
3.1-<8.1
!(7I>.6
796.8
831.3
6 '2.5
"63.6
171,9
405.9
6 69
ipjii,ft
3.1
14,1863
196.8
191.2
313.1
197.6
131.9
3.884.0
8.080.1
8.811.4
44^0
s.3t4.a
5,439,8
».5»8.l
l,Mo.«
22«.0
657.6
80,078.0
8.6K2.0
30A1'
1.64V4
lO.ei'.i.i)
18,868.1*
3.jS4.it
3,188.2
-J3.0-Jj,i
2,106,4
I4''.S
2
1.9.10.1
3..'i81.1
I67.1|
I3i:0
i.a'.io,s
3,200,0
3,000.0
300.0
1.71 0,5
17.5l'3.8
3.'
0.2
4.. II
IU3,6
1.4H3.0
641.0
lil.O
7,62^0
750,0
600,0
332 2
1.0-8.O
1,13 ,0
1.094,3
4,317.5
1,123,5
17,392,8
578
7,310,0
4.M4C.O
6 018.3
21 3Ha,9
1
3»s9 5
3,21-2.4
317,9
140.3
469.7
428,3
266,4
82»,f
776,9
446.3
418,8
616,0
287,9
827,3
384.1
300.0
600.0
800,0
300,0
16O,0
300,0
300,0
6,2 .».3
l'W.7
1.376.8
3,4;o.O
2,«74.J
3.707.3
8,584.8
2St),H
4.5' 6.2
liH>.0|
8.663.0
6.1
145.6
96.4
870.6
xo;s,i
2,-/1; B.rt
iVt.S
1
.0
425.:;
liOaiu.
.
18.<.»
11-0.4
4,<>4e,6
1,325,6
642.1
8<M.B
t*B.<l
l.20|..«
2,8o3,0
3.5^7."
1,447,2
»7.«,ii
87.<."
ISi-.S
10.3' 2.1
1.851,3
786,4
4,007,0
69.I.U
233,8
101.2
S. 177,0
6.373.8
79'.8| 30.S8l.t
1.010.3
«.907.«
a..4l
l,324.S
M)6,u
3.071,"
2,677,6
8,072.9,
3,321.7
1.802.7
4.439,6
B.'i8.7
699.0
918,3
31)!'.w
3,43S,«
3.*l
60O.1
r.M.3
Ki.2
318.3
»3:.4
8n0.«
406.4
3u6.0
448,0
I01,4
3.575.1
3.119.0
6.0*3.7
8.M6.1
4,IT1.S
8.117.6
•.••0.7
3,464.0
4.U»»8,0
1.31 5.8
683
9,101,1
3,807,0
323,6
ai.7u>.4 403.837,1
LflM. UkmH'.
ar»ci4.
«
s
75 930,7 2»,1.<0.0 400. 3 7.6 3.731.8 8S3.8tT,S
7i,.SdU.6 30,316.7 40.>. 08..7 3,741.8 678.010.3
75,5iM 3U.B111.4 406,,u;4.5 .t.72.V 948.914.7
I
I
..
21....
364.8
969.5
60.812,7 60,626.5 SB') 518.3 76
...
Beaton.*
June 7....
1.359.W
•2.473,4
1-22 2
3,500,0
800,0
Vaptttu i&i
Survtut.
*
8 37
7.292..'*
4,S0V 5
300,0
119,527.,0
121,009, I
121.00U, I
14... 121,009. 1
21.... 121,339,,2
-24
3S-2.ll
l,600,f.
V,0OO,li
soao
rotal ........
York.'
33-2.0
•i78,;
3,644,11
l,l",^,l
3.664.0
16,578,0
18.360.2
S.6S0,<
2.1 '84.0
60o.r
100.C
800.0
Aven e.
German Exchange..
l,S.-«t.6
1
300.0
360;0
300,0
760,0
ork Countr....
78.
1.15'2S
1,000,0
Bowery
166.3'
1,000,0
l.OOO.O
300,0
240,0
260,0
Central Nation*!....
Second National
Ninth National
OJii.o;
6'»2,
288.1
644.1
1.416,2
286.6
419.1
1,000,0
«00,0
600,0
1.7.01
3.7.1.9
380.1
401.7
82S.3
:&.9
1C3.0
97.8
311.0
37,2
197,6
Flo.O
3,376,7
1.678.9
8e3,4
460.0
200,0
700,0
..«.
9i9.o;
5I1.J
l,02»,i'
1.087.3
I,ti04.3
S, 000,0
6.000,0
1.000,0
1,000,0
432,7
1,600.0
750.0
610.0
36i.4
MH(,7
802.6
t<e.»
134,0
118.7
443..
1,200,0
1,322.0
1,646,6
l.le7,0
3.326.
7,6I>6,0
1,489,9
294.237.
117,
300.0
200,0
200,0
600,0
300,0
•
1,720,11
3,270.1
6,387.8
2.041,3
2,852.0
i.8r^.7
2.863.7
134.7'
1,0<I0,0
North America.
Citlze
10i9IO,0
8,073,0
P2'i,4
7.037,6
8.161.0
1,878,6
2 013.6 11.4 3,:S49.BI
4, 89.0
2,309.6
9,8 U.6
1,908.9
58,3
6,156,0 22,s43,u
300.0
600,0
Chath im
•
I
1.729.81
1.418,41
7 50 J)
Broailwsy.
Mercantile
PaclHc
Republic
81
June 7
...—
1'25
A«(
(Caw York... J4«r '253
If.Y.Ooauty. 66U
N.Y..Vat.Bx.,13»
•
•
Ninth
XH >»•»«
N. America.. :»3
•*•
ilOO
Leaili»rMfa',3>S
Lincoln
260
MadlaonSq.. luO
Manhattan... 192
MarkelA Pul •rn
'iMecbanlca-.. 216
M'cbs'ATra'. 26U
Mercantile.. .216
-uer. liauU'.. 154
2,000,0
8.060.0
3,000,0
8,000.0
S.000,0
1.000,0
1,000,0
Greenwich
Lea her Manufact'rs.
Seventh National
State of New York
American Exchange..
-
103
5
imug.
399, 753,6
39:. 139,8
."lU*. 98>.»
3.1.V 14.8
395, 618.5
1
.
76,237.1) 31.951.7 404. 81H1.8 3.7 6.1 77i'.46».0
75,398.8 31,705,4 403,,837,: 3.771,2 68i<,88i,3
64.695.,4' 158, 423,7! 10.438.sl 4.031,4 135,,9'9.7'3.i9:.8 126,611,1
64.685,,4 1.-6 :m)I,> 10.40t,-J 4,181,: 134.,117-1.. 3.134.7 ll'i.S143
64,685,,4 165. 672.8 13,3,»7,8, 4.199.7 U4 .54 ,3 '3. 1,1.7 9a,787.»
Pklln.-
June
7
35.783,,7
-
14....
3J,79.i,.71
••
21...
35.793,,7
86,.307.0
97, 499.0
tiT,,811.0
mnit tmi cirhert ti, au taua
deipkia, the Item " due to other
* fV$
~
*.Indlcatea actual aales.
liA.^Ab.
I
30S
400
•
n.
Int. cert..
1
Aak.
II15
1 .J'l'l
thu week.
prices
jBid.
Jletropolltan
B
Metropolla... 460
117
Bank of Nevr York
Manhattan Co
May
»>
8
Ocean SS. Co. lat, gnar. 104
3>l
J3>a Pmisai^iw * Atlauuu
I'^O
12
PhiM'nlx, of Aril
eeorgia Pao.— Stock
10
113>«'ll*
Postal I'eiegr.ph-Oalii".! 33
lat 6a
•77 -.J
St.L. Atk.A T ,lst 4,s,W.T. « 77
2d 4s.W. L MS"!!
•J6
do.
Income 5a
22
f.all»88t.piL - 13
do. Tr.reo
HI. Coal
Coko
St. PaiUii:.A •r.tr.,lsiDa 104
Kdsly Motoi
5
3Hi
Weat... 19
Toledo Peor a
25
Lehigh* wiDrefcOoal... 23
West. N. Car.—C0B.6a ... 101
75
lattle R. A Mem. lat 5a.-. 74
221-j
7*
>
Bahks.
O.I.AW.— 1st ace.'nt-oert.
2d ace.
^U—
Pref
mnrf
Mew
40
34
lie
•dio
Msrob'taKx.
United States
•261.
Des.* East Sh. Ld.Oo. 0-75
N. 0. Pao. Laud Grant... V6
Newp. N. A Misa. V»l.... 17
N.V. Vr.S.A Buff
North
A. Imp.,
8
do. Trusteed stock
Distilling
Cattle F. Co
'4.-i^(
7*4
Dul. H. snore <b
Stk.
A
certs.,
JAJ
loraoU) <>auii staleiuenl (or tut- week ending Jans
W« omit ttno eipherM iW) in all eattl
31. 1800, is ax folln<srii.
OAMIkO.
Loamt
apool. AtnXna.
iun> nmuted.)
D ap mCfc
Chii8<'
Bit) N. Pao. P. d'Oreille rnv.
29
Mo. Dl v., 1st 6a
Do.
O.IH
Continental
Mu
'.'d
pref
It's
26
Ist income 4s
do.
do.
w
109
laf
I
German. .Vmerlc^an
Bid. Aak.
60
95
80
44
Am. Bank NnteOo
14
Am. Cattle Trust
26 <• 28
Am. Cotton Oil C«
68
68
16
Stor'ge war
Am. Pig I
Atch. A Pikes Peak, St Us.
•
8BCURITIK8.
M
Tweuiythinl St.—Htnoa.. 2iV
Im.ATrad'a'S46
.
sooo
612
Fifth
Bid. Aak.
tt
11*
WO i»r.
.
I
Oermania
270
arMDWloh... 160
HasoTar
346
Hod. HlTcr.. UO
ilib
....
1/0
160
1200
250
2U00
New
Stock Exchange— Unlisted Securities.
8BCTJRITIK8.
us
JAJ,1<>S
iThIrd Av«.-Stoek..
I SI M., 6s.
1937.
Oerman Am. 122
German Ex. 250
146
212
146
Oontlnentai
Com Kxch...
Dcposll
tfiaat Kiver..
nth Ward...
ruth AT*....
162%
.^
I
;
10>»
Nassau (Brooklyn)
I
I0«
225
lev
..2M
UBO
latuort., 7a,
I
uAitka.
SO
310
310
Commerce
100
Consol., 6k ill88...FAA '109
1 07>a Bait. A O. S. W., 4 "^s J » J
Yad., ser. A,B.s. '104»< 106>a
106 Cape F.
Cent. Ohio, 6s, 1890.
102
....
Cbar.Col.AA., 1 t,7»,lH93
Cln. Wash.
Bait., i In.. 101 i-j lOi
Nor., Is s 5s-. lOJl's;
Ga. Car
Nor'n Cent., Os, 1904.JAJ
5», Ser. A. 19-26
JAJ •
I'.ll'i
A
Inc.l!s,I920
PIIII.ADKI.PUIA.
STDCKs.
Par,
120
•104 >«
117
Sdmort., Os 1902 .FA \
2dm., scllIcil,.5»,'02.FAA
Hutland, 1 »M)s, 1902M A N
BAILROAD BONDS.
Atl. A Char., 78.I907.J AJ
Income, 0', 1900.. AAO
Bait. A O., 4s, 1935. AAO
74»<
iUi
SSSS.'Yi;- 188
140
Central
A
2d pref
Central Ohio com
75
43
3<>0
Mcldiailts" ExchanKC
Gallatin .Naliiiual
imichcr.V A Dro>ci
Mechanics'
Trailers
Ist, pref
JAD
100
-Jlo
Sixth Ava.-HU>ck
140
107
Oarflold.
Tradesmen'a
Chemical
t
little RocliAFt. Smith. 78
IiOuisv, Ev.ASI. L.,l8t, 68
2m.. a— Bh, 1936 ... lAO
Mar. JI.
Out., 6s, 11)25..
t
1B10.MANII0*
lat mort., Sa,
I
IM
"taUaUn.
City
B4l,TIMOKK.
STOCKS,
Par.
Baltimore A Ohio
100
9g>4
A
l'.<2
123
120
156
218
Phenix
111
AD
AabniTPuk
Bomry
Merchants'
Mechanica'
America.
108
Pitts. Br.Os.
Consol., 48. 1928... J
115
V. Ft. SciittAMem., «SC. Memphi^ABinn., 58
O. St. Jos.
C. I!.. 78..
TC. C. Clin.
Sprinsfli'd,5» '100
A
10.%'(
.
A
InltedNJ. 68, 1894 AAO 106
Warren A Frank., Ist, 7s. 110
AAO
Unst'il lst,0s,193,3.
K.
K.
K.
Sclinyi. R. K. .S., 6s. 11)35
StenOen.
Ind., Istm ,5s
...
Aak
KAA
BlchUiAT.-Srrlp,8a,lB14 105
4'Jd A Gr-nd St. P-ry-Htk. '^44
111 mort., 7s, 1HU3.AAU 108
43dSt.MauhA Ht.N.ATR.1 4*
lat mort., ««, IB10..IIA8 IIS
3d M,, InoOTM.Oa ...JAJ, Vt
HooaL W.8I.A P.yr->i«.|9P0
lat mort., 7a, lat4. JAi 10*
Ninth Are
lltl
Sec^mil ATa.— StAck
111?
List— Latest
(itock
B.—
1
93
4'.ia,Tr Loan.l913.JAI>: 108
8
60
BAILROAD BONDS.
Bid.
21s
America
Am. Kxch... 161
H
enmniit Branch
\iM
lat mort., 6«,192'i.MA.N'119
(3«nt.Pk.N.AK.RlT.-Ht».llvO
Oonsola.7s, 1902 ...JAD 117
intnsfph'rAlOthSt.- Hia Ico
AAO llu
lat X.. 7a, 189H
Ojr l>k.B.B.A Bat'r-»i>. US
lar
7a. 18BP..JAD ins
Bank
'
WisconslnCentr'l.pref w>0
B'lilyntrawt'ata., l«bS loM
38
1900-01.. 118
ist,7s,1905 i3a<s
Kaston A Amlmy, M., 5<.)
116
EIniIra A Wllm., l»t, Ba
121
Hnnt.An.T.. Con.^s,189l5, 101 >a
IxMi.<^AN..4".ja,1914.li-J 109
Us. (fold, 1897... 15 JAD 111'.....
Consol. 7s, 1911 ...JAD ISSia 130
Manihcster&Law'nce 100
!Leh.V.,lst, 6s, 189<.JAD ll'"!!!
Mexican L'cnlral
87',
100
27^ 2d, 7s, rif, 1910. .MAS, 13n'.j'
N. y.AXew Kng.,pref.lOO|
118
C(m8. 6.S, re)[.,1923.JADi ISSi^J
Northern N.
141
North Penn., lat, 7s 189H ll4
luo' 140
Ojfdens. & Lake Cham.loo '.-.
9.
Oen, mori.,78,ll»03.JAJ! 131ia
Old Colony.
172»< N.Y.PLll.ANorf., 1st, Bs.l* Oi
100 172
Ports. Ot. FjIh * Cnn Imi 169
I'O
Income, Os, 1933. AAOi
Portland Saco&Ports.lOO 133
185
Penn.. Gen.0a,r,1910AAOi
1301«
Sntland
10
IISH) ....
100
Cons., 6s, c, 1905.. JAD 118>
PrefeiTed
70
73
Cons., 5s. r., 1919... Q-Mi
... 113>(
100
FltchbiirK, pref
Flint* Pere Mar<|u't>.10fl
31>v
Preferred
io6>^
1 00
Kan.O. Ft.Scott * M..100
K.V. Mcinnh. A Birm.lOO "ii'
I-onlsT.Kvansy.ASt.L.lOO
28S.
Preferred
60
100
Maine Cintral
158
100
,
(MotralCroaatown— »'>
By A
DiM'k B.
ttenpt*
•wktb AT.—atoek.
27
116
22S
107
108
10<
•S
>7»
lua
110
110
37,807,0
28.7S9.0
h80,o 3 139.0
32.VU 2,135.0
81.339,7
68.48 1.B
2-'.}86.0
H'ia.i>|j.i4'i.u
74.1 18.
Xvttraa.
t laelndlnc. tor
Boatoa na4
mua>-
THE CHRONICLR
902
LVoL.
Latest JSaniings Reported.
%nm$tmtnt
Jan
BOADS.
Week or Mo
1890.
1889.
1 to Latest Date-
1890.
1889,
*
25.308
40,366
The Investors' Supplement, a pamphlet of 150 pages,
contains extended tables of the Funded Debt of States and
Cities and of the Stocks and Bonds of Railroads and other
Companies. It is published on the last Saturday of every
other month viz., January, March, May, July, September
and November, and is furnished inthout extra charge to all
regular subscribers of the Chronicle. Extra copies are sold
—
$
Geo. So. (StFla.. May
58,715
262.695
99,723
Gr.Rap. .tlud.. 2d wk .Tune
51,791
1,100,092
968.230
Cin.R.&Ft. W. 2dwk.Tuiie
9,328
7,708
196,550
197,052
Other lines. .. 'JdwkJiuie
4,579
3,160
98,130
91,392
Total all lines. 2d wk June
65,699
51,235 1,393.773 1,256,616
Grand Trunk. .. W|. June 14 370,56'
379,889 8,048.094 8.274.279
Chls iGr.Tr. WkJiiuc 14
69,0.14
67,041 1,720,643 1,498,585
Det.Gr.H.iM. WkJiinell
19,678
17,990
467.457
425,973
Gr.B.W.<fe8t.P. April.
29,494
22,382
117,258
92,014
Gulf & Chicago May..
3,302
2,711
18,977
18,087
Housatoiiic
April.
119,247
82,812
451,058
327,041
Humest'ii&Shen May..
13,500
10,718
59,000
50,365
Ul.Cen.{lll.&So.) -May..
1,199,466 1,116,014 5,704,845 5,377,072
CedarF.&Mln, May
10,253
7,656
34,800
36,323
Dub. &81o'xC,
ay
150,685 135,342
738,307
643,112
Iowa linos
May..
160,938 142,998
773.107
679,435
Total all.... 't ay
1,360,404 1,259,012 0,477.952 6,056,507
Ind.Dec.ifeWest. May
27,148
35,170
172,962
152,773
Interoc'nio (Mxi Aiii'il..
130.000
90,069
518,402
333,801
Iowa Central... 3(1 wk June
27,146
30,162
718,674
643,885
Iron Railwav... May.,
2,756
3,119
16,551
18,388
J'k'nv.T.itK.Wf; April
39,746
45,758
240.138
219,522
Kanawha&Mich 3d wk June
5,667
7,310
1 38,765
118,289
Kan.C.Cl..feSp IthwkMay
5,875
10,112
159,280
107,359
K.C.F.S. &Mein. -\Iay
425,787 373,144 1,990.982 1,866,859
K.C.Mcni. &Blr. 2(1 wk June
15.925
17,705
540,907
416,199
Kentucky Cent May..
84.160
87,801
395,700
373.886
Keokuk & West. 4thwk May
8,706
8,894
140,697
129,801
Kinsst'n & Pern. 4thwkMay
6,046
4,405
63,604
73,737
Knox. & Lincoln Ajiril.
13,'.:00
18,008
60,248
49,974
L. Erie All. & So .May..
4,97
5.150
25,654
25,662
L. Erie &, West. 3dwkJune
43,635 1,207,399 1,097.458
45.056
Lehigh & Hud. ^lay
22,876
31,711
131.976
94,505
h. Rock & Mem 2d wk June
9,376
8,2u7
235,748
262,370
May..
Long Island
329,284 281.062 1,215.420 1,(183,549
Loufs.&Mo.Riv. VI arch
31,738
37,500
101,912
90,129
Louis.Ev.&St.L. 3d wk June
17,916
22,257
Loui8V.& Nashv. 3dwlcJune 347.915 313,950 8.676,697 7,879,076
Louis.N.A&Ch. 2d wk June
40,076 1,000,178
47,873
957,737
Louis. N.AitCor .Vpril
1,032
1,124
4,041
3.744
Louisv.N.O.ifeT. 3(1 wk June
33,571 1,211,654 1,189,602
44.063
Lou.St.L.&Tex. 3d wk June
4,367
6.781
174,528
Louisv. Soiith'n May
29,878
45,132
Lynclili.&Duf'ni May..
782
9,.500
30,428
Memphis & Chas IstwkJ'ne
31,505
32,036
770,745
730,084
IMexioanCent... 3d wk June 106,239
105,616 3,057.787| 2,962.299
67,1'; 3
Mex. National 3d wk June
61,0 1
1.782.237| 1.736,774
JMexioau R'wa\ WkMay31
86,194 1,039,128 1,806,753
68.901
Mil.L.Sh. & Wesi 3(!wkjnne
76,963 1.648,142 1,414,056
92,9tf6
Milwaukee <fe No 3d wk June
20,585
30.200
693,723
510.353
10,094
Mineral Range.. May..
11,877
44,931
42,994
Minneap. &8t.L. May
103,555 107,800
519,363
487,435
M.St.P. (feS.S.M. May..
166,319 100,809
802,813
524,094
Mo. Kan. & Tex. May..
643,368 629,220 2,988,941 2.617,747May.
Mobile <fe Ohio
295,733 243,579 1,334,517 1,259,241
Monterey AiM.G May..
39,725
166,769
Nash.Ch.<fe8t.L. viay
298,050 287,892 1,434,277 1,405,726
Nat. UedR. .feT. May..
2.61S
665
10,047
12.289
New Brunswick. April.
74,572
91,966
298,930
273,831
N. Jersey &N.Y. April
19,094
20,739
75,394
e5,92e
N. London Nor. WkMaySl
10,829
10,871
New Orl. & Gulf May..
14,897
13,989
63,863
69.669'
N. Y. C. & H. R. viay..
3,128,094 2,892,851 14,724,853 13,668,701
N. Y. L. E. (fe W. AprU.
2,345,757 1,953,733 8,800,5171 7,702,392
N. Y. Pa. .& Ohio April.
542,146 460,419 2,256,2671 1,882,711
N. Y.(feN.Eug.. *lay..
515,933 476,024 2,283,463; 2,119,23s
N. Y.&North'n. May
53,525
50,412
221,023!
221,724
N. Y.Ont. &W.. 3d wk June
39,598
37,760
861,5271
755,997
N.Y. Susq.&W.. .Viay...
110,526
144,471
559,7071
484,752
Norfolk
West. 3d wk June 115.985 102,069 2,894,298 2,373,921
N'theasfn (8. C.) April.
52,766
57,239
287,684
244,839
NortU'u Central. May..
538,972 502,437 2.708,092 2.298.748
Northern Pacitlc 3d wk June 444,448 431,503 9,314,143' 8,543,232
Ogd. & Lake Ch WkMay31
13,195
14,920
265,482;
235,964
2d wk June
Ohio & Miss
73,689 1,814,275 1,689,135
86.355
Ohio & Northw.. May
19,065
18,589
79,994
78,lia
Col. & Maysv. May.. .
1,098
752
3,493
4.452
3d wk June
Ohio River
10,437
12,721
268,885
231,853
Ohio Southern.. May..
36,031
38,712
216,792|
210,363
OlioVal. ofKy. 2d wk June
2,857
4,304
91,280,
53,967
41,263
Omaha & St. 1,.. May
48.373
258.684
182,298
Oregon Imp. Co. April.. ..
309,632
356,464
1,301,159 1,237,902
M ay
Peuusylvania
5,703,033 5,294,810 26,786,508 24,073,218
I'eonaDec.&Ev. 3a wk June
11,291
14,278
340,6571
330,401
April
Petersburg
43,891
51,605
1^8,454
172,663
[•hila. (fe Erie... April
358.852
475,047
1,484,840 1,202.311
Phila. (feRead'g. May
1,728,335 1,617,673 7,794,440! 6,933,138
Pitts.Cin.(Sr.Sl.L. May
491,947 443,810 2,515,880i 2,262,327
Pitts. Mar. ife Ch. May
1,558
3,256
14,878;
7,696
Pittsb, (fe West'n April
121,317 121.393
453,972!
441,911
Pitts.Clev.ifeT. April
41.912
41,261
154,621,
153,263
Pitts.Pain.&F. April
23,612
75.843
23,193
81,306
Total system 3(1 svk June
43,543 1,010.414 1,000,035
47,304
Pitt.Yoang.(feA. May
119,856 110,680
551,357
409,026
Pt.Royalaj Aug. April
20,802
130,744
19,928
118,899
Pt.lioy.&W.Car. Ajiril
21,369
148,961
24,543
143,880
Pre8.*Ariz.Ceu. May
11,126
47.580!
11,426
55,000
Quiiicy O.&K.C. .May
20,890
94.400,
19,025
101,809
Rich.&Dauville.! Ma.v
428,100 378.500 2,198,566! 2,004,480
Vir. Midland..' May
193,338 185.420
900,665
804,111
.,.
Char.Col.&Au.i .May
59,247
383,020
61,747
360.327
41,025
Col. ife Greeny May
367.942
51.631
301,77o
West. No. Car. May
69,135
395,408
82,390
374,379
May
Georgia Pa«
732,542!
98,266
126,257
531,18?
Wash.O.A W.. Mav
9,961
48,998
12,425
41,583
Ashv. & Spart. May
8,972
53,463
11.294
46,501
Total Sys'm. 2d wk June 231.975
191,525| 5,518,521 4,850,157
Rich, (fe Petersb. April
24.891
113,141:
29,783
97,204
3(1 wk June
Rio Gr. West.
26,650:
705,875;
32,750
606,263
Rome (fe Decatur May
42,050
8,200!
4,750
21.250
Rome W. ife Ogd. April.
333,505 261,398 1,243,128'
984.968
Sag.TuscolaJcU. May
35,239
10,017
8,847
40.457
St,L.A.iVlMI.B's 2d wk June
518,444
22,336
23,030
440,328
St.L.Ark.&Tcx. 3d wk June
50,445 1,636,993; 1,363,618
62,625
- 38,672
St.L.DesM.&N. May
5,098
11,058
22,488
St.Paul&Diil'th •May
506,057
122,830 104,474
405,172
8t P.Min.A Mau. May
758,990 620,211 3,134.589 2,704,305
198,342
East, of Miun. May
24,663
00,677
87,738
Montana Cent. May
72,061
90,948
378,184i
292,850
Total Mvs'iu. May
910,615 716,935 3,711,115: 3,084,893
675,581!
a.Ant.&Ai-.l'ass 2d wk .Tunc
27,899
30,686
•191,879
8. Ki-au.&N.Pac IstwkJ'ne
269,9021
15,172
18,-08
274.506
Sav. Am. A: Mon. viay
112,784
11,989
24,914
74,155
Seattle L. 8. <feE. 3a wk June
172,534
5,349
8,515
1<)6,800
SciotoVal.&N.E. 2d wk June
10,404
292,008
12,528
276.919
Shenandoah Val May
489.7 -17
110,oO:>
70,947
317,868
1
.
.VI
.
.
Cheonicle at BO cents each, and
to subscribers of the
to others
at $1 per copy.
The Oeneral Quotations of Stocks and Bonds, occupyivg
six pages of the Chronicle, are published on the third
Saturday of each month.
.
.
RAILROAD EARNINGS.
Latest Earnings Reported.
Jan. 1
to
Latest Date.
I
Road.
1890.
Wcelcoriro
*
212,187
I
Allegheny Val.. April
Auufston &AtlJMay
Aniiistou
Atch. T.
&
Ciu.
S Fe.
.
.
Half owned
5..158
May
2(1 wk June
adwk lune
&
12,739
5,58,913
etL.&SaiiF.. vidwkjime
Half owned.. 2d wk J line
32,752
591,665
113,773
32,029
uawkjunel
1-15,801
Agg. total .. 2dwkJuue
Atlanta & Char. April
Atlanta AFloi-'a May
Atlanta & W.Pt May
737,166
112,937
7,126
28,213
45,00J
1,527,617
478,922
2,006,539
41.304
143,722
82,412
42,637
83,092
5.237
5,042
54,334
306,000
42,578
552,502
1,079,709
1,301,014
8,110
63.877
8,357
56,553
3,023
28,000
11,300
5,808
127,987
152,077
5,087
42,376
2,742,084
68,200
450,500
2,299,654
5,038
32,751
544,330
77,723
514,657
29,061
...
Total svsicnj. 2(lwk,Iuue
Tot.S.L.\S.F.
Atl.
&
May
May
May
May
3dwkJune
Danville.
B.<&0.£astLinea
Western Lines
Total
Bal.&O.Soutliw.
Bait. iV Poiom:\c April
Beech Oreek
M ay
Buff. Koch. A Fit J3d wk June
Bur. C.Rap. & N. '4thwk May
I
1
& Northw.'May
& Western May
Camden &Atl. lAnril..
Canadian PaciHc SdwkJune
Cp.F'r&Yatl.Val May
Burl.
Burl.
Cen.KK.&BK.Co
April..
Centralof N..I.. April.:
Central Paciflc. April
Centralof 8. C. April
....
Vermont VVl£May31
Char.Cin.&Chic ..,,..
April
Charlest'n & Sav May
Char. Sum. «fc No. April
Chat.R'me&Col. IMay
Centr'l
I
'
.
May.
Chatt'n'gaUni'n
Cheraw. & Darl.
Ches. AOhlo....
Ches. O. & 8. W.
Cnes. & I>enoir
April
3d wk June
.
May
April
Chic. & Atlantic. 3d wk June
Chic. Burl. & Q* April
Chic.& East. III. 3a wk June
Chic. Mil. &St.P. 3d wk June
Chic. AN'thw'n. May
AOh. Rlv. May
Chic.Peo.&St.L. April
Chic.
May
2d wk June
Chic.rtt.L.&Pitt.
Chic.8t.P.<SiK.O.
May
Chic.8t.P.M.&0.
& W.Mich. 2d wk June
Chippewa Val .. ay
Ciu. (ja.& Ports. May..
Cin. Jack. & Mai- 3d wk June
Ciu. N. O. & T. P. 2d wk June
Ala. Gt. South. 2d wk June
N. Orl. & N. E.!2dwkJune
Chic.
2-J,160
>
Ala. & Vicksb.
Vicks. 8h. & P.
2dwkJune
2dwk June
2dwkjuue
May
Erlanger Syst.
Clnn.Northw'n.
& Mob.
Cln.Sel.
April
....
Ciu.Wab.&Mich. May
Clev.Akrou&Col 2d wk June
Clev. & Canton.. May
Cl.Ciu.Ch.&.s.L i2dwkJune
OleT. & Marietta! May
Color. Midland. i3dwk June
Col. A Cin. iMid..'2dwk June
Col. U. V. & Tol. May
I
Colusa
Covin.
& Lake. .May
& Macon. May
Day Ft.W.&Ch..lWuy
Denv. & Rio Gr. 3d wk June
P"? M. r'v.ost May
Det.BHyC.&Alp 2d wk June
Det.Lans'KANo 2(1 wk June
DulHIh8.S.&Atl 3dwkJuue|
.'c
B.Tenn.Va.i!iiOa. April...
.
Knoxv. (fe Ohio April
Total Rvstem. 2(1 wk June'
EUz.Lcx.&B.S... April
EmiiircVU'blin May...
Evans.&Ind'plls 3d wk June
T. H. SdwkJune
Evansv. &
Fltchburg
10,1,57
April
507.402
55,957
18.530
Flint. &l>.Mar<|. 2d wk June
F\ot. Cent.* P. ,2dwkjunc
Kt.W.Ctn.&L.. March....
Oil.
Car'la
6a. KB.
.fe
No. April.
A B. Co.
I
April
5,661
15,034
80,260
34,622
21,166
7,257
8,007
151,312
1,684
4,319
49,289
16,952
48,310
270.032
28,647
40,200
6,230
258,902
1,747
9,528
37,780
174,500
17,710
12,031
22,411
51.308
476,239
62.521
122,688
63,679
3,370
5,736
'
26,86.S
4.633
11K.4I.'>|
1889.
1890.
$
(
I
1889.
*
674,598
41,666
169,708
757,719
7.184
33,539
8,338
62,578
47,348
469,886 13,144,089 10,592,919
25,858
740,005
679,258
495.7i4 13,884,091 11.272.168
98,8'0 2,615,778 2,312,589
25,370
124,219
619,994
109,426
581,860
509,049
5,854
43,340
33,062
25,547
187,471
176,148
30,016
1 95,033
124.978
1,337,885 7,338,251 6,267 173
410,432 2,203,306 1,894,176
1,748,317 9,541,557 8,161.349
38,280 1,035,481
927 520
153,294
531,820
526,389
69,782
407,526
332.710
34,409
905,150
900,533
78,306 1,197,934 1,087,333
2.',457
4,624
23,760
4,052
23,122
20,741
45,325
168,244
149,188
274,000 6,400,893 5,934,133
30,805
213,984
160,>'97
499,217 2,781,162 2,454.328
980,234 3,701,992 3,769,449
1,298,483 4,144,213 4,503,433
7,058
45,280
38,754
62,923
41,144
53,021
328.060
282,978
1,971
18.000
10,983
22,429
141.607
93,310
11,180
43,789
41,651
4,872
34,794
29,090
97,419 3,369.685 2.480,257
147,762
773,764
788,492
5,224
24,208
24,936
37,436 1,248,992
983,487
2,513,760 11,209.650 10,048,716
•46,200 1,373,833 1,179,029
475,283 11,065,777 10,529,952
2,144,942 10,087,483 9,049,736
5.222
26,829
30,879
27.209
127.956
107,912
433,225 2,700,742 2,-^92,208
54,099 1,916,901 1,204,245
481,441 2,522,430 2,260.357
22.831
668,829
600.901
17,36
5,053
22.424
22,947
11,560
286,099
256.639
62,575 1,916,664 1,595,052
30,850
849,325
795,517
15,562
570.873
444,705
9,002
293,732
243,445
6,928
246,884
235,893
124,92b 3,877,478 3,314,702
1,658
7,858
7.010
6,002
23,147
38,369
39,527
220.137
193,051
15,499
359,980
309,5iil
34,101
195,551
1 59,409
268,447 5,736.602 5,407,215
21,803
113,342
102.159
31,676
866,511
751,829
6,244
143,434
148.814
196,753 1,053,672
905.180
1,743
8,084
7,051
6,493
55,896
39,076
38,288
203,411
192,871
160,000 3,611,596 3,344.303
12,830
85,530
61,72-)
11,365
249,932
240.970
17,683
503,740
459.143
51,643
885,980
7.59,490
385,165 2,137,825 1,770.593
44,993
212,160
193,995
107.305 3,136.812 2,601.047
67,879
239,989
275,264
13,658
"5!273
1 19.545
iiii'.aio
15,932
440,317
390,460
439,444 1,904,467 1,699,121
38,1.13 1,103.909 1.089,764
19,931'
561,090
539,435
25,742,
74.682
67,068
1.891
22,405
13,489
94.226
637,026
602,001
I*
.
-
.
.
I
.
.
.
,
,.fe
i
.
,
j
.
i
J0NK
THE CIUIOMCLK
28, 1890.]
LaUwl Earning Reported,
Jan. 1
to Jjutett Utile.
ROAbS.
2rf
Week or Mo
1880,
1890.
1880.
»
t
South Carolina
I
i
«
409.277
40,426
84.44H
Gnl.H(u-..tS.A. April..
JLoiiIh':! West..
April..
Mi)rK:iirsr..tT. .\)irll..
N. Y.T.^Mc.v. April..
Tex.
tf.Utl. April.
301.HU4
HO.JOl
4:M,023
808.2 tV!
74,122
1,273.044
348.293
320,!H4
4.^8.•i(»l'
l,li7i),723
1,71.'.,H.'S!)
10.1(12
13,1071
Atlantic
!)til,(l(i()
.
;
,
O.OflK
1^3.308
.iVH'iiit.Vprii
Paolflo sv8t«iiiLvprll.
Totalof all.. April.
UK.—
No. Dlv.
6o. Dlv.
£ummlt
182,370
(Cal.j
Way
liraiiiili.
Tal.& CoonaV.ll. .May.......
Teun. Miaiiind.. May
•.
SiiwkJunv
itPiiclilu.
Xol,A,A.<feN. M. 3dwkJuiie
ACin.. .')!lnkJuiio
Tol.A Ohio Cent. 3dwkjiiiic
To;.&O.Ccn.Ex. my....:..
.'>40,2»9
107,350
481.140
181,1*03
1.53.381
482,109
12,208! 3,781, .'.(!.9,.573,0»8, 10,079.178
3.1)
April
April
27, 192
107,781)
3,048,101
330,014
2,774,ii3H
2,200
333,22!)
May
April
'
'
054,494
333.114
290.711
33,3:)7
80.481)
704.201
I
1,934,328
0,301
13,290
32.0911
•
•
Uu.Pac.IJ.&(j.
All otli. lines..
Tot.U.P.«ys.
Cout.Br.*L'.L.
Tot. cont'lwl
.570.998
0,891
17,121
101.089
21,230
31,021
8.924
18,732
ToI.&So.Unven. May... :..
Uuloii PaclHc—
Or. 8. L. A U.N. April..
Or.Ry.AN.Co. April
•
8t.Jo.&t}'(lI.i(l. -lHtwkJ*ne
381,0,12
1,901.20,5
00(».729
85.433
88.411
98,330
80,184
.i,70.'i
Tol. P. & WcHt.. •lilvkJutia
Tol. St. L. AK.C. 3dwkJuuo
-
39,1.SO
107,502
88,000
101.843
100,038
Tol. Col.
.
118,t),51
973,3()(i
ni..Ml|
580,0581
1,217.170
2,888,90812,772,012
3,850,008 3,745,318 13,515,90013,800,742
Lykona Valley •Hay
Texas
41,.M!»
'
April
(CJiil.) April
„ Arizona Biv.. April
New Mcx. Dlv. .Vpiil
etatou I. Kap.T. .May
,
.%18.'!80
'
32.078
401,74M
10.284
3,213
27.108
7.871
10.576
14.100
1,828
473,604
325.709
25,140
329.839
1
-•.709
J
615.151
41,522
408,547
680^515
0,543
'
TV e«t Jersey
.Vpril
"W.V.Con.&Pitts. »lay
West.N.Y. A Pa. 3d\vk June
71,808
420,212
109, 17H
101,072
37,510
392.5fl:t
120,08.)
I
'WhecliugiL.E. 3d wk June
75,400
70,300
7,870
2.081.522
l,7S4.7.-.l
l,OU7,27-(
0,57.101
1.601,50:1
1,187.U54
477.575
22,781
252,000 5,787,990 5,413.523
32,905
220.511
217,.505
109.490
416,902
372,020
344,901'
67,070
291.791
05.000 1,624,362 1,413.380
15.726
523.137,
402.;)25
08,044
322,597
368.557:
78,828 2,199.182 1,688.3,56
5,608
35,473
31.097
formerly reported separately
&Ang. .Vprll
71,059
Wisconsin Cent. 3d wk June 100,794
WrigUtsv.&Ten. May
5.071
* lucludinK now the Hues controlleci.
J Mexican oiirreuov.
v Main Line.
Latest Hross Earii{njr< by Weiik.H.— The latest weekly earnInfifs in the fore^oiag table are noparately sumaied
up as
Wll. Col.
I
I
.
foUows:
For the third week of June our preliminary statement cov..©rs 43 roads and shows 8'69 per cent gain over the corres-
ponding week last year.
There are six roads altogether which report diminished earnings, namely, the Chicago Milwaukee & St. Paul, which reSorts 124,783 decrease, the road having; suffered from heavy
oods on parts of the system; the Wabash with ?30,500 decrease; the Texas & Pacific, with $6,100 decrease; the Mexican National, with $0,092: the New York Ontario & Western,
$1,838, and the Duluth South Shore & Atlantic, $335.
3d tetek of June.
1890.
1889.
ItuTtaie.
»
Bait.
&.
Ohio Southw
Buffalo Kocli.
Canadian
&
41,304
42.037
300.000
...
Pitts..
Paciflo
& Ohio
& Ati.tntic
& East. lUiuois
Cliesapeakc
Chicago
Chicago
Chlcaao
Mil.
it St.
I
|
.
PauL.i
.Cincinnati Jack. & Maotci
.Colorado Midland
Denver & Rio Orandc ...
Dulnth
Evans.
Evans.
S. 8.
* Atlantic...
& Indianap
& Terre Haute....
lowi. Central
Kanawha
Michigan
liakc Erie & Western
Evansv.
& St. L..
Louisv.
*:
Louisville >t Nashville...
Louisville N. O. & Tixas.
Texas.
Louisville St. L.
..fe
Mexiciu Central
Mexican N.itionai
Milwaukee L.8h.&\Vesr..
Milwaukee iV Northern ..
New York Out. & West..
Norfolk & Western,
Northern Paoihc
Ohio River
Peoria Dee. & Evans
PittsliurK & Western. ..
Rio Grande Western
Bt. Louis Ark. & Texas...:
'
.
Seattle L. 8.
&
Eastei-u
..
Texas A r-aeiflc
Toledo Ann A.A- No.mch.i
Toledo Col (Vi Cincinnati.!
Tolc<lo ik Ohio Central..
Toledo St. L. & Kan. City.
Wahasli (c<msol. system).
Western N. Y. Jt Penu. ..
Wheeling 4, Lake Erie...
Wisconsin Central
.
15,1131
40,200
174,500
51,308
5,736
19.157
30.162
7,310
45.056
22.257
347.915
44,063
6,781
106.239
61,081
92.996
30.200
37.760
115.985
444,448
12,721
14,27S
47.304
32.750
02.025
8,515
101,089
23,230
5.763
31,621
32,090
231,300
76,300
22,786
109.794
3,500.760
Total (42 roads)
Set Increase (809
i
127.987
42.370
68,200
•450.500
p.
O'
«
38.280
34.409
274.000
97.419
37,436;
46.200;
475.283'
11,568
31,676
160.000
51,643
5,273
15,932
27.146
5,607'
43.633'
17.910
313.930
38.5711
4.367
105.016'
Deereate.
I
3,024
8,228
32.000
30.568
4.910
22,000
'3',438
20, .585;
11.291.
I
463
4,341
33 965
5,492
2,414
623
6,092
16,633
9.613
"i',838
13.916
12.915
2,284
2,987
"«;940
0.52
27.103
14.160
252.000
05,000
15.720
4,513
18.530
6,100
12,180
3,106
6,100
20,500
i.O.ool
15l.:il2
121.923
A
. I
44 ,020
30.0<n
1
270.0.12
4 1 .mm
l2.o:ii
1
i:i.«7s
22. ox-
07.1)11
i...
A
Dilnv. |H roads)..
A T.II. llrches
San Antonio A Ar. Pass.
Scioto VaT. A New Eiik.
.
A
VV'osteru|
Total (83 roads)
Net luoreaae. 11-88 p. o.)
17.705
8,207
231,975
23.().IO
:<0.fl80
12..52S
10,732
7
7.0t*0
1,688
15.3S3
17.804
I
lo7.:i
-
fl<HI
)ft
•y.i
4..'>79
Rlrni.
'
1.5<»S
2,80!
.
.Memphis..
•0.319
1,453
8t.4l5
11.305
n
.
53
2,«)
15,491)
2«8.4 17
'in
.>
St. L. Alt.
Toledo Peoria
10.11.52
....".)..
Ciuclnnaii U.
_
~
1,401
n,429
...\^.
I.fl20
........
1,419
1.780
1,1 A»
191. .523,
40,430
22.33fl!
094
a7.8»e<
10.404
I0.57«<'
6.U8,0S3, 5,409,248;
a,7i»7i
2.124,
iimI
S91.439
38,084
652.S05,
•*<f.\. Knrnliiir8 .VDnthlr
to ijatent D«t««.— The table following shows the net earnin?.^ reports 1 this week. S. full detailed statement, incliidin'? all roads from whicii monthly returns can be obtained, is given once a month in those columns,
and the latest statoineut of this kind will bo found in the
Chronici* of June
31.
.
Tlie next will
Orost Sartmint,
appear July
.
.Vet
19.
—
Earntnat.
.,
188«,
1890
1B80.
1890,
Koatls.
•
$
«
Bult A Ohio Southw. Apr.
176,022
153.407
58,316
Jan. 1 to April 30...
710,107
050.7;)0
24H,4yH
Chesapeake & Ohio May
010,997
471.000
ll«,394
Jan. 1 to .May 31... 2.905,997 2.188.O0O
552,33 4
July 1 to .May 31... 6,501.232 4.881.818 1,646.090
Clevel'd A Canton.. .May.
48,310
18.0.59
34,101
Jan. 1 to May 31...
195,561
1.58,409
68.118
July 1 to May 31...
448,080
354,142
143.533
Clev.Cin.Chic.A8t L..M«y. 1,103,525 1,070,273
462.198
Jan. 1 to .May 31... 5.195.346 4.889.7.50 1.814,210
July 1 to May 3 1.1 1.70 1.3 41 10,878 JJIO 4,134.800
Cl«v. A Marietta
Apr.
27.232
21,222
8.003
Jan. 1 to April 30...
81.695
89,356
18.433
Col. H.VaL A Tol. ..Apr.
256.117
160.054
135.725
Jan. 1 to April 30.
794.770
708,427
377.785
Kan. C. Ft. 8. A Mem May
425,787
373.144
134.446
Jan. 1 to May 31... 1,9IM),982 1.806,859
593.143
Jaly 1 to May 31... 4,577,026 4,179,851 1,452,098
Mexican Ontral
Apr.
515.264
527.670
'161,871
Jan. 1 to April 30... 2,245,210 2,066,324
•778,536
Mexican National. .May.
319,678
334,236
75,276
Jan. 1 to May 31... l,59->.654 1,536,514
318.155
N. Y. A New Eugi'd. May.
515.933
47C.024
151.906
Jan. 1 to .May 31... 2,283,463 2,119,228
719,023
July 1 to May 31... 5.331,860 5,017,519 1,908,085
Norfolk A Western. .May.
539.771
429,511
172.652
Jau. 1 to May 31... 2,522,353 2,091,790
839,378
502,437
134,832
538,973
Northern Central
May.
757,864
Jan. 1 to May 31... 2,708,092 2,298,748
May. 5.703.033 5,294,810 1,882,947
Pennsylvania
Jan. 1 to May 31... 26.786,508 24,073,218 7,919,166
691,125
Phila. A Beading.... May. 1.728,335 1.017.073
"
Jan. 1 to May 31... 7.794.440 6,933,138 2,976.467
Dec. 1 U> May 31... 9.449.382 8,333,650 3,641,960
43,690
97.662
72,358
St.L.AIt.A r.H.ibchs.Apr.
164,607
383,092
310,540
Jau. 1 to April 30...
May. 4,043,410 3.143.870 1,303.187
Union Pacific
•
1,490,995
3,6it3,010
e,oo»
10,MO
67360
203,374
124,584
985,130
1,416,6«»
.
.
.
—
*
May
31., .10.107,888 13,575,159
4,331,871
.
33,9UO
172,717
112,000
380,000
090,206
10,147
48,630
110,793
338,513
.
*3M.9e»
'
.
1,003.773
81.709
311.077
119.731
595.278
l,6»7,70e
160,273
722.636
178.640
715,570
1.895.068
7,643„594
659,041
2.673.361
3.237.586
20,908
113,212
1,279,427
4,345.522
For the month of April the subsidy certificate ooUeotlOD« amoouted
$127,052, against f79.665 hut year, and for the four months to
297,162
last year.
GENERAL INVESTMENT NEWf.
American Gas Investment Co.— At Trenton. June 24, the
American Gas Investment Company filed a certificate of incorporation. The capital stock is $50,200,000, but only $10,000
The stocKlioIders named are George S. Biiby and
is paid in.
Hector W. Thorn of New York and William Talcott of Paterson. The objects of the company, as set forth in the charter,
are:
" To construct, aoquire, own. manage, and operate works for the
manufacture, distribution and supply or light, heat, and power by gas.
electricity, or otherwise, and geiurally to carry on any husiness lileiitical thereto or eouneeted therewith: to acmiiri'. hold, and own the
stocks and securities of other corporations formed for any Kiniilar pnj^
pose, or to carry on a similar business or any braneji thereof to acquire such real and personal property within and wltaout the Suite of
Now Jci-sey as may bo ncces.'tary f"' "'• i.M..i".'..- .if iii.. <omi>any: to
approval of
execute bonds, notes, or other oi'
uie by morta minority in amouut of the stock
a pledge «r
gage or mortgages upon It.s proi>en;, ...
.>
uv purjiose. In lu
pledges thereof, and to issue and sell
•n of proi>crty or
ex|»edient, in connection with
..iil
property to any
otherwise, howsoever; to Ica.xe any pa.; ....
person or persons or eorpoi-ation. If lit Ii.h Judt'iucut expedient, and to
exercise all such other powins ineideulal or in conuection with the object* of its incorporation as it may deem cxpedii-iit."
Baltimore
59,<>43
__
Decrease caused by heavy floods.
For the second week of June the completed btatement
ghows 11 'SS per cent gain on 83 roads.
,
3.H20.R80
Judgment
11,300
7.060
30,966
310,709
287.001
Jterrtaar,
;
3,761'
5.213'
3,303,699
335
3,225
3.016
1,643
1,421
43.543
26,650
50,445
5,349
107,789
16.281
78,82 S
rilnt&Pcr.- M
Florida Cci'
Uraud Rupi
$537,383, against
39..598'
102,009
431.503
10,437
.
to
8,524
14,500
67.1731
76.9B3
(Mevo. Cln. Clilc. A 81. L
Colorado .Midland
\
Detroit Hay C. & AIiHtna:'
Detroit (Jr. II. & Mil. ...I
East TeiinoH.^ee Va. A tla.i
Jan. 1 to
24,783
'
Ti'.itik.
Cin.N.O.iT. P. (5r»al<i).l
Ulevcland Akron A Col..'
Rich.
4.220.44S
375.0 J4
1,203.4 11)
1,904,371 1,013,711 0,STl).'.'93 5.,897,7ii8
4,013,410 3,143.870 10,107.88H 13,.575.1.V.(
91.211
53 335
225.791
428.484
3,038.070 2,882,21)1 12,492,950 10,057,0-11
231.500
30,234
Uoad.Hj'i
CtUcai^o ic liiMiiil
Little Koi'k
'
3dwhkjunc
'
.
Other lines
Kansas C. Mem. A
'
Western of Ala. May
•rttuf.
I'!
370,071
;
.'.
Roads
4 89,97,)
April.. ....
Montana Uu.. April.
218,9;i3
80.400
50,203
270.098
I^cav.Top. & 8. April..
2,092
9,044
1,752
9,949
Man.Al.i Bnr. April..
1,923
10,391
2,445
10.676
Joint. owu'd.iu April..
1 19.108
42.238
27,2J0
145,301
Grand total. AprU..
3,081,207 2,909,401 12,038,317 10,776.249
Vermont Valley Aijrl..
15,19.:
52.1110
14,9211
,5.5,329;
Wabasli
Prev'ly report'J (48 ri)n<l«)
At.Top.iVH.r. .( IM n,Ail„
81. Loiiix
A
Bo. Pac.
81.934
8,970
mm.
week of June
1880.
April..
epar. Tin. A Col April..
Bo. Pacific Co.—
.
H03
Jt
Ohio.— No
reliable information
is
obtainable
as to the allotment of the shares purchased liy the Bacon
syndicate. The published statement purporting to give the
names of the parties in interest is said to be incorrect. The
number of shares pooled is 110,000, which will be voted by
Mr. Mayer and his associates in the interest of the Mayer-
Oarrett management.
THE CHRONICLE
904
rvoL.
u
new company, entitled the Lehigh Valley Railway, has exeCan«<la southern.— At a meeting of the Board of Directors
declared, payable cuted a mortgage to the Girard Life Insurance & Trust Comwas
cent
per
of
dividend
1)^
semi-annual
a
of Philadelphia, as trustee, for $15,000,000. The morton the first day of August next. A statement was received pany
in 1940, and bonds will be issued bearing 4}^
irom the Michigan Central RR. Company (June, 1890, being gage is payable
per cent interest. Six hundred thousand dollars of the issue
partly estimated), which shows the following results from the
is reserved to take up a like amount of Ithaca & Athens first
business of the past six months :
^^^^
^^^^
mortgage seven per cent bonds maturing on July 1 of this
<3ro88 carnlnRS of both roads
year, and the balance will be available for constructing the
*5'lr«ffi
4,9b8,000
4,424,000
taxes
Onerat ins expensea and
new road from Geneva to Buffalo, and for other purlioses.
(70-9)
('''">
earnings
.
^'W/^
Percentage of
InteJe8t?nd'?entais.:..::.."
1.26o',000
$1,875,000
1.222,000
Surplus
Division as per traffic aereement—
To Michigan Central Kallroad Company. ...
$549,000
$653,000
$1,809,000
Weteaminirs
To Canada Southern Railway Company.
nd balance from income of previous years..
393,000
472,000
$156,000
$181,000
229,045
—
Michigan Central. At a meeting of the Board of Directors
held June 25 a dividend of 2 per cent was declared payable on
the first day of August next. The following statement of
the business for the six months ending June 30th compared
with that of the previows year was presented (June, 1890, being
partly estimated)
1890.
1889
$410,045
187,500
Balance June 30, 1890
I>Bs dividend 1 =4 p. c. declared this day
Gross earnings
Operating expenses and taxes
Per.ceut
$6,233,000
4,424,000
Net earnings
Interest and rentals
$1,809,000
1,260,000
(7 0-9)
$6,843,000
4,968,000
(72-6)
$1,875,000
1,222,000
$222,545
Circuit Court at
$653,000
$549,000
Surplus
181,000
Charleston, S.C., has just entered a decree in the suit of the Proportion to Canada Southern Co
156,000
Southern Construction Company against
Massachusetts
$472,000
$393,000
I.eaves....'.
various townships in South Carolina. By the terms of a con- Dividend 2 per cent declared this day
374,764
374,764
Chicago
tract made between the Charleston Cincinnati
Southern Construction Co., the
$97,236
$18,236
Balance
Railway Co. and the Mass.
construction company was to build the railroad and take the
Missouri Pacific. The stockholders of this railway combonds issued by certain townships in York and Lancaster pany are asked to give their proxies to the management to be
Counties to the extent of some $377,000 in part payment. voted at a special meeting, to be held July 15, upon the folWhen the road was completed the townships refused to de- lowing propositions:
liver the bonds and the construction company brought the
First— To increase the authorized capital stock of the company
case before the Supreme Court of South Carolina. The court $10,000,000, with a provision that of the new stock not more than
townships
shall be issued and subscribed for in connection with first
The
$1,000,000
company.
decided in favor of the construction
collateral mortgage bonds of the company, and not more than $2,000,still refusing to deliver the bonds the company brought suit
000 shall be issued and used to carry out exchanges .ilrcady made for
in the United States Circuit Court with the above result, the the stock of the St. Louis Iron Mountain & SoutUei-n Eailway Comcourt holding that the bonds were a valid obligation against Sany upon the basis of exchange heretofore in force, and that the
alance of said new stock over and above such $3,000,000 shall only
the townships, and ordering the Boston Trust Co., who hold
be Issued or uf<ed when and for such purposes as the stockholders of this
the bonds as trustees to ensure the performance of the con- company may, at a regular or special meeting thereafter, prescribe and
tract, to deliver the same to the construction company.
determine, and shall not in the meantime be Issued or used.
SecoiM^—To increase the bonded indebtedness of the company to the
Friday the company procured Charlton's authorized
Chicago Gas
amount of $10,000,000 by the issue of the company's first
consent for a dismissal of his suit, and presented the order to collateral mortgage bonds, bearing 5 per cent interest and running
Judge Collins in Chicago, who discharged Receiver Davis and thirty years, to provide for the debt incurred by the company in aiding
promoting construction and etiuipment of roads of auxiliary comdismissed the Charlton suit. It is supposed that the dividend and
panies not heretofore provided for by the issue of any securities of the
will now be paid by the Central Trust Co. in New York in a company such collateral mortgage bonds to be secured by the deposit
of first mortgage bonds of said auxiliary companies, and to be issued at
few days.
a rate not to exceed 80 per cent of the par value of such deposited or
CicTeland Cincinnati Chicago & St. Lonls.— The earnings, underlying bonds.
expenses and charges for May and eleven months (July 1 to
Monterey & Mexican Gnlf.— President Bullock has just
May 31) were as follows;
returned from Mexico and says work is progressing rapidly in
July 1 to May 31
May.
the construction of the road. There are now 195 miles com1888-89.
1889-90.
1889.
1890.
%
s
$
$
pleted, and grading done for another 100 miles, on which
1,070,273 1,163,525 10,878,510 11,701,341 track-laying is proceeding at the rate of a mile a day.
Cross earnings
711,730
701,327
7,254,601
7,566,532
•Operating expenses....
Balance
Charleston Cincinnati
& Chicago.—The
&
&
&
—
—On
;
Netoamings
Int., taxes, rentals, etc.
358,543
300,357
462,198
289,549
58.186
172,649
Netincome
East Tennessee
— T.onisville
.
.
.
,
3,623,909
2,807,920
4,131,809
2.787,020
815,989
1,347,783
—
Soulhfrn. The negotiations
for the control of the latter road by the former contemplates
a reduction in the rate of interest on the Southern bonds to 5
per cent, with a guarantee by the East Tennessee Company.
Edison Electric Illnminating Company. The first mortgage 5 per cent convertible twenty-year gold bonds of this
company were listed this week on the New York Stock Exchange. The particulars of the issue as given in the application to the Exchange is published in full on another page.
Kansas * ity Ft. Scott & Meniphil). Gross and net earning and charges for May and the eleven months have been as
—
—
follows
:
May
.
,
,
July 1 to
1888-9.
May
31.
,
Gross earnings
$373,144 $425,787
Operating expenses.. 248,560
291,341
$4,179,851
2,764,242
1889-90.
$1,577,626
3,124,928
Net earnings
Charges
$124,584 $134,446
83,399
87,459
$1,415,609
911,066
$1,452,698
954,096
$16,987
$504,543
$493,602
1889.
Balance
1890.
$41,185
Oregon Transcontinental—Edison General Electric—
Thompson-Houston. Regarding these companies the Wall
—
StreetJournal says to-day: "There have been almost daily conferences recently between representatives of the ThompsonHouston and the Edison General Electric Co. and Mr. Villard.
gentleman identified with one of the
One is being held to-day.
companies says " Mr. Villard is trying to bring about a close
alliance of these companies with the O. T. It was this purpose in the first place which caused the advance in ThompsonHouston stock, and the decline now is the result of a hiteh
which is always apt to occur in such large and important negotiations.
Some of the trustees of the Edison General are at
present objecting to some of the projiosed features of Mr.
Villard's plan so far as it involves their concurrence in them."
A
partly estimated
January
:
Net earnings
Interest, rentals
1889.
$8,829,696
5,944,721
(67-33)
Balance to stock
Equals per share
The above dividend of
2 p.
c.
amounts to
Lea-vlng the surplus for the half-year
(69-83)
$2,884,975
$2,989,487
1,711,625
1,680,000
$1,173,3.50
($2 37)
$1,309,487
989,330
989,330
$184,020
$320,157
and dividends on guar-
anteed stock
1890.
$9,908,767
6,919,280
($2 65)
Expenses include all expenditures.
Nothing has been
charged to construction or equipment since 1883.
Lehigli Valley.— A formal consolidation of the Buffalo &
Geneva Railroad, the Lehigh Valley Railway and the Geneva
& Van Ettenville Railroad has been effected, Mr. Elisha P.
Wilbur being President of the consolidated system, which
controls the Lehigh Valley's lines in New York State. The
months
.
Lake Shore & Michigan Sontliern.—At a meeting of the
Board of Directors, held on the 25th Inst., a dividend of two
5month8
per cent was declared payable on the first day of August
next. The following is the half-yearly statement that was
presented to the meeting, the month of June, 1890, being
Gross earnings
Operating expenses and taxes
Percent
—The
gross and net earnings for April and
of the year, in 1889 and 1890, were as below
On the lines west of Pittsburg and Erie the net result,
stated.
after payment of all charges, is shown in the second table:
LINES EAST OF PITTSB0RO AND ERIE.
.^
-!fet Eaimingn.
Oross Earninizs.
1889.
1890.
$1,080,796
January
$4,528,74 6
$5,142,311
4, 121, 156
1,391,443
February
4,851,091
4,796,136
5,470,715
1,589,100
March
5,032,370
5,619.357
1.686,598
April
5,294,810
5.703,033
1,895,658
May
Pennsylyania.
the four
l?ebruary
March
April
May
5
,
$7,919,166
$24,073,218 $20,786,507
$7,643,594
LINES WEST OF PITTSBURG AND ERIE.
Xet surplus or dejicit afterpayment of cKarges.
1890.
1889.
mff. in. 1890.
Sur. $173,968
Gain. $119,667
Stir. $54,301
Def.
Gain. 121,504
Def 207,403
85,899
Loss.
31,742
Def.
36,779
5,037
Def.
Gain.
20,214
Def.
16,179
Sur.
4.035
Gain.
81.330
Sur.
9,183
90,513
Def.
months
Def.$282,353
Sur.
$64,508
Gain.$346,8ei
—
Philadelphia & Reading. The Reading Directors held a
special
meeting to-day in Philadelphia and accepted
President Corbin's resignation, and elected Mr. McLeod to
succeed him, and Col. James Boyd, of Norristown, a Director
to succed Mr. McLeod.
Richmond Fredericksburg & Potoinac. The 8 per cent
convertible loan of §150,000, falling due July 1, 1890, will be
—
Brown Brothers & Co., Baltimore.
Arliansas & Texas. The increased expenses,
viz., §446,995, for the four months ending April 30, over the
same period of 1889, as reported in our last i.^sue, page 875, is
largely accounted for by the extraordinary repairs now being
conducted under the advice of the Reorganization Committee
paid at the office of
St.
Louis
—
JUKB
28,
THE CHRONICLE
UOO.]
of the receivers; the actual charges for hcttermenta for the four montlis bcint? $342,000. The plan of reorganization provides for about 11,600.000 to be put into tlie
road, in addition to the amount exiieu<le<l last year for l)cttermenta, and paid out of net earninRs, and until the proiierty
has been sold under foreclosure all the net earnings will be
used by the receivers us against this reserve. The receivers
are now in consultation with the Committee, and have laid
before the Committei! statements and plans calling for a further outlay of over $300,000 for immediate betterments. The
required amount will most probably be advanced out of the
and Buperviaion
$1,600,000 reserved for
improvements against
receivers' cer-
After the road is put into goixl physical condition,
contemplated by the Committee, and the equipment all
paid for, which is also provided for in the plan of reorganization, it is expected that the cost of operating will be reduced
to a minimum.
$3,87B,285
Tlie (n"088 eamlDKB for 1889 were
tificates.
fts
A fair moderate estimate for 1890 would be
Allowing 70 iier cent for ordinary operallDK expenses
Estimated net earnings
$4,000,000
_^2,80O,00O
$1,200,000
905
that the corporate stockholders parted with the leical title of thatr
stock to tUe chosen trii»tec>-i with Ihe |M>wer to vote iiiMin It. but retained Its beneflelal owuerslilp throii.h the oiM'ratlonof tliceertincatra,
and so the ooriwratiou entered Into partnership with tbo Board of
Control."
*
* The qiiAstloo to lie dntennlned la whether the conduct of
* *
I- it of these
the defendant In aiding to form the trust was llhv-i
lion
Solnts which have been reviewed It Is found thnl
thcHi.i
h coniiwU
avoldiiii:
public
liiliiry.aiid
In
the
an
olng
.u charter.
reservation of coriMirate rights had proved luifnii
It Is a vhilation of law for a c(ir|H>ratlon to enter Into a partnership
(as shown In the cas<; of Whlttenton against RoptoD. 10 Orsy, MM,>
which fiiriiishcs the reasons at length.
" If the trust had iH-en projwi v foriiieil as a corporation under the lawB
the twenty separate companies would have been dissolved and not bava
remained 111 existence as In this case. The present eorisiratlon or tmat
puts uiMin tlie market a capital stock proudly defiant of wlual valuea
and capalile of iinllnilted expansion. It Is one thing for the Htale to
respect the rights of ownershl|i. and quite another thing to wid to the
possibility of a further extension of those conseqiienccji by creating
If corartificial authority In the uianagemcut of such aggregath ns.
IKiriktlons can combine and mass their forces In a solid trust with llttlo
lemiitlng
magnitude,
a
limit
to
added risk to capital already In without
and easy road Is open to enomions combinations vastly excee<lliiK In
number and strenirtli any possibilities of Individual ownership. The
State seeks to protect Inillvlduuls rather than eomblnattons."
WM
'
.
1
Concluding, the opinion says:
"The defendant corporation has violated Its charter and foiled In the
Lonl« & San Frnncisco.—This company was taken over
of Its corporate duties, and that In resjH-d so mateital
by the Atchison subject to its obligations, including the first performance
and Important as to Justify ajndgnient of dissolution. Having reached
referred stock which was left intact. This stock has always that result It Is needless to advance Into the wider discni.sion over
E
een somewhat peculiar in its character, owing to the follow- monopolies and the problem of political economy. The duly of thla
Is to leave thein until some proper emergencies coiii|iel their coning clause in the certificates following the statement of its 7 court
sideration. Without either approval or dlsajiiiroval of the views exper cent preference over the other classes of stock "and by pressed by the courts tielow we are enabled to ileclde that In this HtatA
resolution of the company has priority of lien on net revenues there can lie no pnrtnershl|isof separate and Indeiiendent cor]>oratlaiui,
me<Iiuiii of a trust, no gabfor such dividend over any mortgage bond that may be issued whether directly or Indirectly, tliniiigh thedisregard the sliitutory proBtantlal consolidations whicli avoid and
by the company subsequent to the creation of this stock." visions and restraints but that manufacturing c<insinitions must b«
Whatever meaning a legal and technical construction might and remain several as they were created or one under the statute.
" The judgment appealed from Is afllnued, with costs."
put upon these words, their plain and common-sense meaning
would seem to be that the stock should receive its dividends
—It is not yet clear just what will be the course of proout of the earnings of the road as it then existed, ahead of ceedings in the Sugar Tru.st affair, but it seems tolerably cerissued
be
subsequently
might
that
bonds
the interest on any
tain that in some shape reorganization will follow and the
on the same road.
owners will get the l)eneflt of the property. It has been denew
under
a
come
just
has
Francisco
San
The St. Louis &
cided before that forfeit of a charter is not forfeit of the propmanagement, and it is believed that the rights of the first pre- erty. In Boston Mr. C. O. Foster, President of the Boston
ferred stock will be fully respected. The Boston News Bureau Sugar Refining Company, and one of the trustees in the Sugar
speaks of the subject somewhat indefinitely as follows: Trust, is reported as saying, regarding the Court of Appeals
" There has been some discussion of late as to the value of St. decision: "No matter what the decision of the Court may be.
Louis & San Francisco first preferred .shares, which are not it will not affect the business of the trust. They can't prevent
treated in the consolidation, and it can be safely affirmed tis f 'om making money legitimately. If the Court says we are
that they will get all they earn; 5 per cent if earned or 4 per not doing business legally, why then we shall reorganize into
cent if no more is earned. But it may interest the holders of a corporation, and our business will go on just the same.
such stock to know that the Frisco accounting is « • » -wTe are to have our annual meeting Monday, June
now in the iame hands and will be done upon the same 30, at No. 117 Wall Street, for the PuiTWse of electing three
strict lines as are the Atchison's affairs; and the Ist preferred trustees in place of Charles H. Sneff, William Dick and mystock will get what it earns." [The preference entitles this self, whose terms of office will expire on that date. Hector
stock to 7 per cent if earned.]
C. Havemeyer, a large New York sugar merchant, I underShenandoah Talley.—The foreclosure sale of this road will stand, will succeed Mr. Sneff, and I think Mr. Dick and I will
be re-elected."
take place at Roanoke, Va., on September 80.
Tennessee Coal b Iron.— The Directors have declared a 4
Sngar Trnst Snlt—At Saratoga, June 24, the N. Y. Court
There
stock.
of Appeals rendered a decision in the case of The People of per cent semi-annual dividend on the preferred
an ipiportaot
the State of New York against the North River Sugar Refining has been a proposition before the Directors for
Company. The appeal from the order of the General Term land purchase, but the particulars are not made public and
affirming the order of the Special Term against defendant's the matter is said to I)e in the hands of a committee.
motion for a stay of proceedings is dismissed, and the judgVirginia Debt Settlement —An important movement has
ment is affirmed. The decision was written by Judge Finch- been inaugurated in the formation of a bondholders' comsays
he
and
concurring—
all the other judges
mittee to obtain the cordial co-operation of the different
" The tudement soneht a<?ainst the defendant Is one of corporate classes of bondholders, and to bring about, if possible, harmothe
penalty
and
to
destroy,
death. The State, which created, asks us
nious relations between the State and those bondholders and
invoked represents the extreme rigor of the law. Its tnHictinn mnst their representatives who have been engaged in haraiwing
misconduct.
rest npon (rrave canRe, and be warranted by material
eltlSuch success has attended these
litigation for many years.
The life of a corporation is indeed less than that of the humblest
len and yet it envelopes great accumulation of property, moves and efforts that foreign bondholders have expressed their earnest
carries in large volume the business and entenirlse of the people, and desire and intention to co-operate with the committee and deand abundant reasons. This
may not be destroyed without clearshould
debate the destruction of posit their bonds, and those engaged in the litigation with the
would be true even if the I^slslature
beyond State have already directed that aU litigation on their bebaU
the corporate life bv a repeal of the corporate charter, but is
aispute where the State summons Its defender before Judicial triliunals, should be forthwith suspended.
procBy
that
view.
and submits its complaints to their ludgincnt and
It has
The following gentlemen constitute the committee: Mr.
ess it assumes the burden of establishing the charges which
which
it
relief
Frederic P. Olcott, President of the Central Trust Company ;
made, and must show us warrant In the facts for the
Mr. William L. Bull, of Edward Sweet & Co., and ex-Preei" Two questions therefore open before ns— first, has the defendant
of the New York Stock Exchange; Mr. Charles D.
corporation exceeded or abused its powers f and. second, does that ex- dent
liisclosed
Dickey, Jr., of Brown Brothers* Co.; Hugh R. Garden, Esq..
cess or abuse threaten or harm the public welfare « We Hud
Mr. Henry
that It has become an integral part and ilcment of a combination President of the New York Stiuthem Society
extent
which possesses over it an absolute control, nnd dictates thestock
Budge, of Hallgarten & Co., and Mr. John Gill, President of
Is
its
activity.
All
business
entire
of
its
terms
and
manner
and
a«<l
the Mercantile Trust & Deposit Company of Baltimore. This
In the central association, denominated a Board of Trustees.
settlement
consisting of onlv eleven indivlduals.who tookanddlslributed to Us own committee will endeavor to formulate a nlan of
Interproiiortionatc
stockholders certificates of the Hoard carrying
which shall have the approval of an Advisory Bivnrd consistcoriwration
defendant
The
stock.
capital
as
its
describes
what
if
est in
ing of the following: the Hon. Grover Cleveland, the Hon,
has lost the power to make a dividend, and Is compelled to payover
become, lender Thomas F. Bavard, ex-Secretary of State Mr. George O.
Its net earnings to the nmster whose servant It has
by
and
sugar,
the order of that ma.ster it has refused to refine
Williams, President of the Chemical National Bank of tlu»
80 much has lessened the supjvly upon the market. It cannot stir city
the Hon. Edward J. Phelps, ex-Minister to England;
unless the master approves, and yet is entitled to receive from the
President of the American Excliaoge
earnings of the other refineries, amassed as profits in tlie treasury of and Mr. George S. Coe,
stocUown
its
National Bank of New York.
the Board, its proportionate share for division among
.
this
holders, who now own the substitute ccrtlflcates. In return for
As the State of Virginia will not treat with any one who is
advaTitage it has become liable to be mortgaged, not for its own corimbondholders
this
when not authorized to act for the bondholders,
rate benefit alone, but to supply with funds the controlling Bonni
adcommittee requires that the bonds shall be deixwited with
that Board reaches out for other coveted refiueries. AU of this is
defendant.
mitted by the
certain leading financial institutions in this country and in
bccanie
cpnioration
" The question to be determined is whether the
Europe under an agreement giving to the bondholders" comtic
or
through
aitlou
voluntary
own
by
its
Board
of
the
the servant
but with the privilege to
will and power of others. If what has hapjiened is ascertained to b.- mittee the power to represent them,
that the stockholders of this coriKiratlou, one or many, sold absolutely the bondholders to ratify any proposition which shall have
<h<iscu
merely
to the Board their entire stock, and the latter have
board appomted for
abso- been found satisfactory to the advisory
directors in their own interest and arc managing the property as
withdraw their bonds.
lute owners mav. then it is dlfflcult to sec wherein the coriMration has that purpose or to
St,
—
;
_
:
'
ii
;
:
Binned or what It has done, more than for a time to omit to do business.
This Is the appellants' theory.
, ,,
...
" On the other hand. It Is contended that there never was a sale, but
who agreed were
a trust constituted by mutual agreement; that they necessarily
reprethe whole body of stockholders.ln each eori>oration.
senting and binding the corporation Itself: that they transferred their
certhatjhe
the
deed;
declared
in
trusts
upon
the
Board
the
Shares to
trust;
tlflcutes issued by the Board were the formal declarations of the
.
,
,
Ihe depositaries for the different classes of securities are:
The Central Trust Company of New York, Brown, Shipley *
Co. of London, the Mercantile Trust & Deposit Company of
Baltimore and the Planters' National Bank of Richmond.
On another page is given a very full statement of the situar
tion and what is proposed.
.
THE CHRONICLE.
906
%zpavtB and documents.
IVOL.
U
•VIRGINIA DEBT SETTLEMENT.
HISTORY OF THE BONDS, ETC.
THE EDISON ELECTRIC ILLUMINATING CO.
New
York, May
19, 1890.
To Holders of the Unsettled Portion of the Virginia Debt :
APPLICATION TO THE NEW YORK STOCK EXCHANGE.
For more than seven years the holders of Virginia bonds
have refused the terms oiTered, and have, through various
New Yoke, May 26th, 1890.
agencies, expended large sums in fruitless efforts to obtain
The Edison Electric Illuminaiing Company of New York, a better terms.
county
city,
in
the
business
doing
organized
and
corporation
It has been thus established
1st. That Virginia has not
and State of New York, hereby makes application to your been able to negotiate successfully with agencies heretofore
cent
per
proposing to represent this debt and 3d. That the State will
Exchange to list §3,000,000 of its lirst mortgage 5
convertible twenty-vear gold bonds, being Nos. 1 to 3,000 in- not entertain any proposition unless it is accompanied by a
March
due
1,
satisfactory guai-anty that, if accepted, substantially aU the
dated March 14, 1890
clusive, for §1,000 each
bonds will be immediately surrendered.
IMO.
.
To meet the requirements of the situation, the debt is to be
These bonds are in coupon form, m denommations ot one
thousand dollars each. Coupons are due March 1st and Sei> conditionally deposited under an Agreement giving a Committember 1st in each year, The bonds can be registered as to tee power to consummate such a compromise as creditors
principal, and are secured bv a mortgage and supplement accept.
An Advisory Board will examine such plans of settlement
thereto, both dated March 14, 1890, to the Central Trust Company of New York as Trustee, which mortgage is for five as may be proposed by the creditors (represented by the
million dollars,. The remaining three million dollars of bonds Bondholders' Committee), and will state their appi oval aud
are to be issued only on the authority of a majority of the recommendation, or the contrary, of such plan when substockholders aud as further property may be acquired. Here- mitted to them.
Alter a plan of settlement has been a])proved by the Board,
with please find copies of the mortgage and supplement
thereto, and specimen of the bond as engraved by the Ameri- it will be submitted to the bondholders for their acceptance,
and when accepted by them, but not otherwise, it will be carca Bank Note Company.
The bonds are an absolute first mortgage on the property of ried into execution.
The Bondholders' Committee is, Frederic P. Olcott, Charles
this compauv, real, personal and mixed, of every name and
nature, acquired and to bo acquired, iii the city of New York D. Dickey, Jr. William L, Bull, Hugh R. Garden, Henry
below Seventieth Street, together with the corporate rights Budge, of New York, and John Gill, of Baltimore.
The Advisory Board consists of Hon. Grover Cleveland,
and franchises, inventions, licenses, patent rights and grants
of every kind, aU of which are specifically referred to in the Hon. Thomas F. Bayard, Hon, Edward J. Phelps, Mr. George
S. Coe and Mr. George G. Williams.
mortgage and supplement thereto.
The Depositaries are, Central Trust Co. of New York, Brown,
'After September 1, 1891, the holders ot the bonds are given
the right to convert them at par into capital stock of the com- Shipley & Co. of London, The Mercantile Trust & Deposit Co.
pany, on the twenty-first days o£ January or July during the of Baltimore, and The Planters" National Bank of Richmond.
The subject is fully developed in the following pages.
years 1893 to 1895 inclusive, upon giving ninety days' prior
notice and submitting the bond for the endorsement of the Copies of the Agreement under which the Debt is to be decompany and should the company be, for any reason, legally Eosited will be furnished, on application, by any Depository or
unable to make such conversion, the bonds become due and
y any member of the Committee.
payable, with a premium of 30 per cent added thereto.
MEraOK.lNOUM.
<On and after January 1, 1900, the company may pay these
Fruitless efforts have been made during the past twenty
th6
princibonds in cash with 10 per cent premium added to
years to place this debt on a sound financial basis.
pal, upon giving seventy days' notice by publication.
The issue of consols in 1871 failed because it was proposed
have
all
been
sold,
aud
bonds
•The present issue of $3,000,000
to redeem annually $1,100,000 of tax-receivable coupons in
paid
for,
delivered
and
been
$750,000 of them have already
excess of the net revenue of the State.
and the payments on the remainder will be duly made in acThe issue of Ten-Forties in 1879 failed because of the popu:
;
;
;
.
,
,
;
cordance with the terms of sale, i. e., §600,000, July 1st, 1890,
and $650,000 on September 1st, 1890.
Out of the proceeds of these §3,000,000 bonds, §350,000 have
been used to pay off a mortgage previously existing on the
company's real estate, and which has been satisfied and discharged of record.
The remaining proceeds are to provide for the development and extension of the company's
business, that is to say, the erection of one or more additional
large central stations in the city of New York, the laying of
imderground conductors in sections of the city not heretofore
reached by this company's service, the enlargement of its
plant in the existing stations to meet the constantly-increasmg demand for our current for light and power.
•The property covered and to be covered by the present
mortgage consists of real estate, stations, buildings, dwellings,
and the plant, including machinery, underground conductors
and other property, all in the city of New York, and which
will have cost, when the proceeds of these bonds have been
expended, over four million dollars in cash.
xlie gi'oss and net earnings for the four months ending April
30th, 1890,
have been as follows-
1890,
January
Fel)ruary
March
April
Total Expenses. Net Earnings.
$44,847 20
$24,118 18
$20,729 02
44,276 00
27,128 66
17,147 34
38,492 16
26,955 63
11,536 53
40,378 61
23,895 25
]t>,483 36
transfer office is at 16 Broad Street, New
Gross Earnings.
The executive and
York City.
The Board of Directors, elected January 38th, 1890, consists
of John I. Beggs, R. R. Bowker, C. H. Coster, Charles E.
Orowell, Thomas A. Edison, J. Buchanan Henry, E. II. JohnMarquand, George Foster Peabody, F. S. Smithers,
Spencer Trask, Henry Villard and J. Hood Wright.
son, J. P.
The officers are George Foster Peabody, President; R. R.
Bowker, 1st Vice-President; John I. Beggs, Vice-President
and General Manager; J. B. Skehan, Secretary and Treasurer;
Joseph Williams, Assistant Secretary.
Respectfully submitted,
THE EDISON ELECTRIC ILLUMINATING
R. R.
Bowker,
CO.
OV
N.
Y
1st Vice-President.
B. Skehan, Treasurer.
The Committee recommended that $1,500,000 of the abovedescribed First Mortgage Five per cent Convertible Twentyyear Gold Bonds. Nos, 1 to 1,500, be admitted to the list. Also
that this Committee be empowered to add to the list from
time to time balance of the bonds up to No, 3,000, when advised by comp.any that said bonds are issued and sold.
J.
Adopted June
25, 1890.
lar indignation it excited in Virginia.
The issue of Riddleberger Bonds in 1883 failed because none
of the creditors were constdted, and because at the then market value of the proposed new bonds the creditors would not
have realized 30 cents on the dollai'. Various other attempts
in this behalf were equally barren of results.
Exhausting htigation, continued through sixteen years, to
compel the State to receive Consol and Ten-Forty coupons for
taxes, and unsatisfactory negotiations by parties representing
a portion of the bondholders, produced antagonisms which
have delayed a fair and equitable settlement.
It is confidently believed, however, that there is now presented a most favorable opportunity for inaugurating a movement through which results can be speedily attained satisfactory to all concerned.
Creditor and debtor alike desire it, and an acceptable intermediary can accomplish a compromise satisfactory to both.
But in view of the past history of this debt, as shown in the
following pages, any undertaking in this behalf to be successful must be by an Agency prepared to guarantee a complete
and final settlement, if the State accedes to propositions which
the bondholders are wilUng to accept aud this the Committee
proDoses to do by providing the necessary organization and
machinery through which this debt may be deposited in London, New York, Baltimore or Richmond, under an Agreement
authorizing one Agency to carry into execution and promptly
coesummate such a compromise as has been previously accepted by at least a majority in value of the several classes of
;
creditors.
The existing law. provides that the principal of all Virginia
bonds, and interest thereon prior to and including January 1,
1883, may be funded into Riddleberger bonds, provided all
coupons maturing after January 1, 1885, or coupons of like
character, accompany said bond when tendered to be funded
but all interest subsequent to January 1, 1885, is forfeited and
no allowance is made therefor in funding.
The existing law also provides that fractional certificates
and detached coupons maturing prior to and including January 1, 1885, may be funded in Riddleberger bonds.
This debt, as held by the public,* is in round figures
;
$12,900,000 Consols.
"
Forfeitedinterest
3,800,000
'•
"
Fundable
250,000
'•
"
"
850,000
6,000,000 Ten Fortips.
"
orfetted interest
960,000
"
"
Fundable
200,000
1,100,000 Old Bonds and Pealers.
"
Korfelted Interest
532,000
•'
"
FundalJie
690,000
"
"
19.^,000
l<
"Viz: Exclusive of l)ond.s
Collegea and by
tlic
State
owned
itself.
l)j
('85-'90).
(to July, '82),
('82-'85).
('S5-'90).
(to Jan'y, '85).
('83-'90).
(to July, '8i).
('82-'.-i5),
the Uuited States, by Virginia
•
Juke
THE CHRONICLR
28, 1890.J
The forfeited coupons arc still attached to a very large majority of the bonds, but the fundable coupons are Bi-nerally
detached and scattered. The DepoBitorios will issue Oertiticates of Deposit, which will all l)e of the same character and
value for each class, and will (no for at least as the Consol
and Ten-Forty Coupon bonds are concerned) conform to the,
requirements of the Exchanges in London, New York and
elsewhere.
It is therefore practicable to provide for making transacactions on the Exchange, in Virginia securities, through
Trust Certificates issued by the several Depositories, which
transactions are now practically impossible because of the
varioas and unknown conditions of tlie past-due coupons.
As the movement for a settlement progresses, these Certificates of Deposit will bo in demand by investors who have faith
in the integrity of the movement, and holders may thus dispose of their interests should they so desire, without waiting
until a linal settlement ha-j been obtained,
A BRIEF HISTORY OF
THR VIROINIA DEBT.
907
TUIC I'KALKIU).
In 1872, less tlinn a year after the paacage of the funding
bill, the debt stood (approximately):
Coniiol Bonds, principal
Defaultod conpouii
Old bonds and interest to '71,
$i2O,0O0,000
,...
t, off
for
SOOOOO
W««tV*
10,.'M)0,000
931,000,000
To prevent these old boruU from being converted into taxreceivable coupon bonds, tliu Legislature UPg^nMi the funding
law by repealing the clause making coupons a l^nl tender for
taxes. The bonds issued subaequeot to this repeal were called
Repealers or Pealebs.
WHY THE
YXBGINIA DEBT 18 THE ONLY SOUTHERN A5TBWAB DEBT RE.MAUiINO UNSETTLED.
At this point was inaugurated the mistaken policy which
has caused both bondholders and the State terrible (<wt, and
the adherence to which explains why Virginia is the only
Southern State whose debt, incurred IJefore the war, reoiaina
Had the situation been then ihorouKlily studied
persons having the confidence of both sides, and acquainted
with the affairs of State,
a reorganization of the
entire debt on sound business principles, could have
been easily effected*
But,
unfortunately for
debtor
and creditor alike, a large proportion of the bonds bad drifted
to Europe, where the political complications, which neoeasarily control legislation in this country, and have eapecially
controlled in the South during the last twenty yean, cannot
be understood or appreciated.
Under a leadership which did not realize the true condition
of Virginia, some of tlie creditors came to expect payment in
full, although the bonds represented wliat seemed to be more
than was justly due, and although the coupons far exceeded
the ability of the State t.) pay. And so it came about that the
Council of FoH>ign Bondliolders in London, organized in 1878,
issued.
and representing a portion of the bonds, with the best intenTHE BONDS OP '66, 67.
Immediately after the War a short session of the Legislii- tions but disastrous results, endeavored, bv judicial proceaa, to
ture was held, under the auspices of the military authorities, compel Virginia to carry out the improvident law of 1871.
and a law was passed to capitalize and issue new bonds for This she refused to do, and thereupon commenced a struggle
in the Courts, which has continued without intermission for
the interest which had then acL-rued.
The bonds under this Act were called '* BONDS OF '66,-'67.'* more than sixteen years, between the representatives of a portion of the creditors on the one side and the Slate of Virginia
THE CONSOLS.
on the other; the former endeavoring to compel tlie CommonIn 1871 the first Legislature, after reconstruction, found the wealth to accept coupons and the .State otlioials
(zealously
treasury hopelessly bankrupt, and a debt amounting to supported by the people) endeavoring to keep
the conpona
$45,718,113, about oae-third of which was defaulted interest.
out of the Treasury.
The Lejislatm'e was then composed of two distinct classes
THE TEN-KOR'nEs— (Mcculloch bill.)
First, a body of gentlemen, anxious at any sacrifice to uphold
In
1879
a
truce
was called, and the Legislature, acting under
the credit of their State. Second, a body of recently enfranthe imnression that the Council controlled the bonds, ps«ed a
chised negroes, who could neither read nor write, who paid no
new law to refund the entire debt into a 3 per cent bond, with
taxes, and who, from the nature of the case, were not prepared
tax-receivable coupons.
to apply business principles to the reorganization of the debt.
At that time the debt stood approximately:
Hence it resulted that a funding bill was passed, which comunsettled.
From
1828 to 1860, it was the policy of Virginia to subscribe
for three-fifths of the stock of corporations organized to build
roads and other works of internal improvement, and to issue
her bonds in payment of such subscriptions. In 1860, the
bonds outstancling aggregated upwards of $80,000,000. The
interest was always paid promptly, and Virginia securities
ranked among the safest investments. The interest was defaulted during the war, nud during the period of reconstruction (while the State was under military rule), covering a period
of about ten years. The creation of West Virginia, in 1863 (a
military measure by Congress), deprived the old State of onethird of its basis of revenue in territory and population and
the war made bankrupt the corparations, and destroyed more
than half of the taxable values on which the bonds had been
bjr
;
:
pounded at six per cent the accumulated mterest (in part already once compounded), and attached to the new bond interest coupons, which would be a legal tender for taxes. West
Virginia, of course, owed a portion of this debt
hence onethird of each bond was set aside as her portion, and a certificate therefor given to the bondholder the payment of which
was deferred, pending the settlement between the two States,
and one-third of each bond was held by Virgmia, unfunded,
and in trust for the certificate holder, until such settlement
;
Consols
Defaulted Coupons
Pealere
Defaulted Interest
Old Bonds
Defaulted Interest
$20,000,000, worth 80aect«
3,500.000,
"
2.50.000,
•'
75
25
25
"
"
6,000,000,
3,000,000,
•'
-ii
>•
•'
'iS
l,0O0,(K)O,
•'
'•
"
;
I93:),750,000
This Act, by its express terms, constituted a contract between Virginia and the Council, and secured to the latter the
was effected.
exclusive privilege of presenting bonds to be funded. t This
The total debt was then (1871)
$45,718,112 contract, wliile blading on the State and on the Council, was
15,239.370 not binding on the creditors, because the (Council had 1.0 auDeduct "3 for West Virginia
thority to commit them. The outcome was, only a small por$30,478,742 tion of the debt wa& surrendered and the
Amount to ))e funded
Act was abandoned.
It will be noted the act proposed a new principal of $30,- Biit before it was atmndoned a considerable amount of "Fractional Scrip" and other securities least valuable in the market
000,001), whereas a proper statement would have been this
had been converted into tax-paying coupons. The passage of
Total prlnclnal, July. 1871
f30,000,000
10,000,000 this Act produced the Readjuster legislation.
One-third off for West Virginia
The l)onds issued under this Act were called Tex-Fobtib8,
$20,000,000 and this law was known as the McCuIl «(i Bill, because attribNew principal to bear interest
$1.5.000,00) uted to Mr. McCuUooh of the Council of Foreign Bondholders.
Total interest. JtUy. 1871
One-third off for West Virginia
5,000,000
:
:
THE RIDDLEBEKOEB LEGISLATION.
New Interest account
i?10,000,000
By this statement the interest-bearing sum would have been
$20,000,000, instead of $30,000,000.
The bonds issued under this act were called Consols.
This act proved a Pandora's box.
To accept coupon's for taxes is to apply so much of the
revenue to the payment of interest, and if all taxes be paid in
coupons the Treasury will receive no money to meet the ordinary expenses of government.
With her diminished revenue it was impossible for Virginia
to apply exceeding $700,000 a year to interest on her debt, and
yet the Legislature improvidently, but wi'h the best inten
tions, passed a law to produce annually $1,800,000 of taxreceivable coupons, making an inevitable deficiency in interest of $1,100,000 per annum.
Immediately upon the passage of this act some $20,000,000
of the new bonds were issued, yielding annually $1,200,000
tax-paying coupons, creating at once an annuiu deficit of
$500,000.
If the balance of the old bonds came in to be
funded, the annual deficit would be $1,100,000.
With a treasury again liojMjlessly banljrupt, the schools
without money and the hospitals without focii, Virginia was
forced to decline to receive coupons for taxes.
'The bonds issued before the
known
t
A
War and the bonds of
as " Oi,d Bonds."
Synopsis of this Act is printed in Appendix.
'66-7 have become
Finally, thegenmneness of some of the coupons were questioned, and a general opinion prevailed that the State had
outstanding obUgations far in excess of its just indebtedoeas
and very largely beyond its ability to pay. Hence the Legislature of 1883 (elected on that issue) enacted two laws.
The first (called the Riddlobcrgcr Bill) gave a calculation of
the indebtedness of the State after eliminating coniimund
interest.
The true debt was lixwl at $2 1. 0()0.0(W ^n>und figures) and it was provided that each outstanding obligation
should be abated according to a urescribed schedule, and after
being so abated should be funded in a new 3 (ler cent bond.
The bonds under this act are called Riddleberger Bonds, or
" Riddles."
The second Law provided that no tax collector should accept a coupon until after its genuineness had been first established by the verdict of a jury.
This law, and many others having the same object in view,
have practically destroyed the value of a coupon as a legal
tender for taxes. It should also be observed that the popular
•Virginia has paid, since 1861. $23,900,000 on account of her debt,
and, nlthniigh her nctual creditors may have resided only 90 ptathese paymonts (which are exclusive of the 's set apart for We«t VaJ
prove that most of the loss could have been prevented by a wise reo^
ganization.
I This Includes the iKinds held by the Colleges, State, and by the
United States.
;
A synopsis
of this Act is given in Appendix.
THE CHRONICLE.
^8
Vol. L.
To forfeit one-half of the interest between July, '82,
1st
and July, '85 (except on Ten-forties).
3d To forfeit all interest subsequent to January, '85.
3rd: To prohibit the funding of any bond unless accompa-
intense that very
feeling against using coupons has become so
few citizens are willing to use them, although offered to them
at a large discount,
:
:
INTO SEVERAL CLASSES.
THE DEBT DIVIDED
nied with this forfeited interest (or with coupons of like
In consequence of the partial funding under the various Acts character, date and amount), for which no allowance is
came
debt
the
'79),
'71,
and
'73
186&-7,
above mentioned (viz.,
In other words, if any coupon maturing after Januof the Kid- made.
to be divided into several classes, and at the time
ary, '85, be missing, the principal cannot be funded unless an
fol.
the
by
shown
as
approximately
was
dleberger Bill (1882)
equivalent coupon, taken from some other bond, is produced
lowing statement
and surrendered but it will be observed that the fimdabiUty
A STATEMENT OF THE DEBT AS IT STOOD AT THE PASSAGE of the bond from which this coupon is taken is destroyed.*
OF THE EIDDLEBERGER BILL.
THE CONFERENCE OF 1887.
Funda- Ammmt
new bonds.
The Legislature of 1887, in response to an application by the
bit
Ammtnt
QuotaJsaiiabU. C!ouncil of Foreign Bondholders, appointed a CJommittee to
OuUtanding, Bate.
tion.
OiJ> Bonds, viz.. Bonds issued
confer with its representatives.
the
under
war
and
before tbe
Upon the threshhold of this conference, the Committee
69 $2,603,710
?3,773,493
25
Actof'6H-7
1,803,597 inquired what amount of bonds were under the control of the
63
2,862,853
20
Interest to July 1, '82
Council, and its representatives stated that the Council did
Consols, vIt.., Tax-reocivable
7,616,038 not control any of them, but they expressed their belief that
53
14,369,974
oouponbondsuuder Actof'71. 80
1,600,000
100
1,600,000
63
July,
'c2\
(coupon8)to
Interest
substantially all of the creditors would accept and abide by
FlALERS, viz., Bonds under Act
any compromise which the Council recommended. Thereol'71, issued after repeal of
upon the Committee made an elaborate exposition of the financlause mailing coupons tax-re1,652,070
69
2,394,305
25
cial condition of the State to convince the representatives of
celvable
858,036
80
1,072,545
'82
80
Interest to July,
the Council that Virginia could not depart from the general
under
Bonds
Ten Forties, viz..
principles of the Riddleberger Legislation. The Conference
5,110,560
60
8,517,600
40
Act '79
500,500 was fruitless of results.
100
500,500
Interest (coupons) to July, '821 io
—
$35,090,270
CONCIiUSION.
$Z1,714,561
practically ceased the Riddleberger bonds,
~ the averagre rate of funding being 62 per cent.
being discredited, are generally excluded from the stock lists
The $30,090,270 then (1882) outstanding was, at above quo- in the financial centres and are avoided by investors the unThe paid interest is accumulating at the rate of more than §1,000,tatations, worth $18,500,000, or an average of 53 cents.
new bonds were discredited, and were quoted at say 40 cents. 000 a year, and the breach between Virginia and her creditors
Hence, if holders had funded, and sold the proceeds of fund- becomes rapidly wider and less reconcilable. The bonds of
or Virginia are more discredited than those of almost any other
ing, they would have realized in money only $8,697,824,
less than 26i^ cents on the dollar.
State, and are rapidly drifting beyond the pale of commercial
recognition. The present value of the $27,000,000 (including
( riie Present Condition of the Debt
ahonlcl be contrasted wltk Its condition at.theldate|ol tbe interest) held by the public is less than $8,000,000 and it
Blddlebersrcr Bill.
,
,
.
.
„ cannot be doubted that unless there be prompt action to inIt khoiild be carefully noted that the law, a«i originally
to be Hinded; uo voke new methods this loss wiU be irretrievable. It is true an
passed In 1882, permitted the entire debtexcluded,
and the average of §109,440 coupons were annually forced into the
nart of *ltlier principal or Interest wns
cent; but to-day, Treasury during the last eight years but while the State reaverase rate of ftindlng was d'i per largely
tlian
more
and
principal,
Ihe
of
one-thlid
nearly
ol bring deemed them at 100 cents, it is doubtful whether the owners
half llie Intorcsl, Is excluded from ihe privilege
per
cent.
It
will of the bonds realized an average of forty-five cents and it is
only
32
rate
Is
averaee
the
and
funded,
Interest to certain that every coupon forced into the Treasury increases
be remembered that one amendment forl'elied
funded
before
not
bonds
to
s
18»5,
January,
alter
accrupopular prejudice against the foreign creditors and makes
that date: and auolher amendment forbids Ihe fundlutr the
forfeited Inter- a c«npromise more difficult.
of any bond unless all Its eoupoiis for the
of
absence
a
est are pro. need and surrendered :— the
COUPONS LOW-PRICED BECAUSE TAX-PAYERS
Funding has
;
;
;
;
;
•
•
FOBTEITED
slnsle coupon destroys the lundability of the entire bond.
Tlie rrc< rds at Ulclimoiid sliow that one or more <.f these
forfeited .oupons beloniiing to $4,000,000 Consols and
SS.SOO.OOii '»en-Fotlles have been canceled by the State.
by selling
In other words, holdersof .•?6, 500,000 bonds,
(•oupoiiN to be tendered for laxer, have destroyed the
fundabtllly of Iheir bonds; and it Is evident that such
bonds are wKhout any basis of value, except the hope
that Virginia will some day repeal the amendment, or
the liope that presently the lax-payers can be loiind
ivlllingio tender coupons. These coupons hav" rated In
the market at from 15 to 20 cents, and It Is to be prefor taxes, because
sumed holders sold them, to be useJfuuflablllty.
mot tnformrd that doiUE so destroyed
ih" public
The present situation of the debts, as held i>y
(vl7., exrlnslve .f bonds owned by the State, by State Colleges and by the United States), i» approximately as
folloAvt |:
Atnorcnt
REFUSE TO USE THEM.
This popular prejudice against using coupons has become so
intense and so universal in Virginia that it is exceedingly
difficult to find even a few tax-payers willing to defy the
odium of their neighbors by tendering them. Intelligently,
directed inquiry will show that the non-fundable, or forfeited,
coupons, are low-priced not because it is difficult to prove
them genuine, but because it is difficult to find tax-payers
willing to incur the popular odium which is fixed upon any
and it is evident that so long as the
one who tenders them
present popular feeling exists in Virginia, very few of her
people can be induced to tender them for taxes, and consequently it wiU be practically impossible to create for them a
—
;
Keio
permanent market value.
LITIGATION WILL NOT PRODUCE COMPROMISE.
$690,000
69
OldBondsandPealers... $1,000,000
It is probable the Supreme Court will declare unconstitu" "
63)
650,000
Int. to'82 ....
534,500 tional certain recent legislation intended to obstruct the use
" "
" to '82-5..
60 5
250,000
" "
" fo '85-90.
of coupons, but no judicial determination against the State
500,000 forfeited
4,71T,000 can pacify that popular feeling which prevents the use of cou63
8,900,000
Consols fundable
"
unfund.
4,000,000
uufunduble
pons, although offered at 15 per cent, and hence it is immater"
250,000 100>
Int., '82
675,000 ial to discuss the legal questions which the Council of Foreign
"
" '82-6
60<
850,000
«
" '85-90
3,800,000 forfeited
Bondholders have had before the Court dui-ing the past 16
2,io6jdo6 ytars.
«)0
3,500,000
Ten-Forties, fundable...
«
uufunduble 2,500,000 unfund.
"
A COMPROMISE PRACTICABLE.
200,000 100
206,066
Int. to »86..
«
« '85-90...
960,000 forfeited
Thoughtful and influential citizens of Virginia recognize,
$8,916,500 however, the necessity of restoring their State credit, and will
$27,360,000
In other words, as the law noiv stands, only $8,916, actively assist any proposal within the limits of the revenue
now
funding which guarantees a prompt and final settlement.
hence,
by
600 of ncMT bonds can be Issued ;
andselling the prooeds of funding (wlih " Biddies," at
But in view of their past experience the Virginia people are
money
realize
in
$6,000,000
66 cents), holders could not
unanimous agains"; considering any proposition looking to a
or their $27,000,000 of bonds.:)
modification
the existing law, unless accompanied with an
A few of the creditors (chiefly holders of the lower-priced absolute andofundoubted
guaranty that if accepted by the
securities), exhausted by the fruitless policy pursued for sixteen
State it will be binding upon substantially all the bondholdyears, have surrendered their holdings and accepted the Ridwords,
the
State
will not consider propositions
ers.
In other
dleberger Bill. Hence some $4,500,000 of bonds, issued under
which (although agreed to by persons who expect to control
this Acf, are now held by tbe public.
the bonds), may be rejected by the creditors after the State is
THE SITUATION SINCE 1882.
committed, as was the case with the Act of 1879. Virginia
The creditors refused the terms offered, and the struggle will not again commit herself unless her creditors are equally
to force coupons into the Treasury has continued. This policy, committed and it was with reference to this fixed purjiose
naturally adopted by a management 3,000 miles distant, was that the Commission, appointed last March, to agree with
the opposite of that recommended by those nearer to the creditors on terms for funding the debt, is prohibited from
popular heart of Virginia, and who understood the situation
entertaining any jroposition unless accompanied with a
and has resulted in a determination by all Virginians to resist fuaianty that ensures its being carried out if accepted by the
Amount Out- Fundable
Rale.
llanding, 1890.
Bonds
Issuable.
;
;
__, coercion, while the Legislature has been ingenious to find new
ways to induce bondholders to fund under the Riddleberger
Bill.
To this end the law of 1882 has been amended
:
* This is inclusive of the bonds owned by the State, by State Colleges
and by the United States.
t The enumtiation of the amounts, ns made by the bill, treats all taxHence these figures
recelvaulB coupons then outHtandine as credits.
differ somewhat from those in the bill.
into -wMoll this $27,000,000 has become
t The dlflerent groups
divided are shown in Appendix,
tate.
It is, therefore,, impossible to
reopen negotiations unless the
widely-scattered bondholders co-operate to appoint one agency
with which the State may authoritatively treat and which
has power to bind the bonds to any new agreement which
binds the State.
should be carefully observed that a bond which is not fundahlo
worth very much less than one which is and using any of these forcoupons to pay taxes destroys the fundabillty of the bond.
* It
is
feited
;
June
THE CHRONICLE.
28, 1890.]
APPKNDIX.
THE FUNDING HILL OF
(Cuudonvud.)
includes about one-third of the
Old State and, whereas, the
territory and
ordinance authorizing the organization of the new State provided that it should take upon itself a certain proportion of
the debt incurred prior to 1860 which is estimated at onethird ; now, for the purpose of restoring the credit of the
population of the
;
;
it ia enacted
The owner of any bond heretofore Issued (except the 5
per cent dollar and sterling bonds, but including the stock of
the James River Company and the bonds of the James River
:
1.
&
%itp4tall
Carrttd forward
LeMpsymanU
1871.
Whereas, West Virginia
State,
90»'
Kanawha Company guaranteed by
the State),
may
..«18,84S,94S-
Balance of hitcnst due July, '9fl
$4,192,848
T^bt July 1, 1882:
$16,843,035
4,192,348
Priuclpal
Interest
$21,035,378
And, Whereat,
appears that the true debt of Virffinia, ••
of July 1, 1882 (including the bondi held by the Literary
Fund), is $21,():).'i,<)77, and she may iMue her bonds for tbie
bame, that is for her equitable vhare of :
It
CUm
"
a.
B.
(Ten-Fortle«)
"
"
"
"
C.
(Pealen)
fund
$14,360,974 81
8,517.000 00
!J,3q4.305 12
(Conw>l!i)
I.«7;i..'i45 75
D. (Interest)
two-thirds of the principal and interest to July Ist, 1871, in
3,773.493 68
E. (Old Booda), One-tblrd off..
coupon or registered bonds of denominations of $100 and mul9«
(Interest)
2,8HA853
F.
tiples thereof.
Said bonds to be dated July 1st, 1871, and to
1,428.245 2:>
Bonds owned by LiUrrary Fund
tbereon
379,37000
Interest
be payable in thirty years, interest payable semi-annually on
the 1st of July and January.
Therefore, be it enacted
The coupons shall be receivable at and after maturity for
1. Registered and Coupon Bonds be created to such extent
all taxes, debts and demands due the State.
as may be neceaaarv to comply with this Act.
The 5 per cent dollar bonds may be funded at 5 per cent.
2. 'The bonds to be dated July I, 1882, and payable July \,
Interest- bearing certificates shall be issued for fractional sums 1982.
The rate of interest to be 8 per cent.
less than §100, which certificates in sums of $100 shall tx; con3. Principal and interest to be paid at the office of the State
new
certificates
vertible into bonds of like character; and
Treasurer in Richmond.
issued for fractional amounts which remain in making ex4. The coupon to read:
change.
in money at the
Virginia will pay bearer $
certificate
shall
which
remains,
a
one-third
2. For the other
office of the State Treasurer, January 1 (or July, alternew
bond,
and
stating
date
as
the
the
same
be issued bearing
The first coupon to be payable Jantiary 1, '88.
nately).
the amount of the bond which is not funded, which amount
5. The bonds to be $500 and |1,000, and to be is8u»»id in exwill be provided for in accordance with such settlement as change for the outstanding evidences of debt, as follows:
shall be made with West Virginia.
For Class A. Consols, at 63 per cent, the interest being fundIt was further provided that two-thirds of the interest able dollar for dollar;
accruing after July 1, 1871, should be paid on sterling bonds;
For Class B. Ten-Fortie.s, at 60 per cent, the interest bein^
for the interest accrued at said date, certificates should
issued drawing the same rate of interest as the bonds.
t,>e
fundable dollar for dollar;
For Class C. Pealers, at 69 per cent.
"
Interest, at 80 per cent.
For Class D.
For Class E. Old Bonds, at 69 per cent.
"
"
Interest, at 68 per cent.
Bondholders
of
London,
For
Class
P.
Whereas, the Council of Foreign
Bonds owned by Literary Fund, at 69 per cent, the interest
and the Funding Association of the United States, have expressed their willingness to endeavor to obtain the consent of to be paid in money.
the creditors to an abatement in interest; it is Enacted
A STATEMENT OF THE OROUP8 INTO WHICH THE UNSETTLED
New bonds, registered and coupon, dated January 1st,
1.
PART OF THE VIROINIA DEBT HAS BECOME DIVIDED.
10
interest
at
per
cent
for
bearing
3
40
years,
payable
in
1879,
Old Bondii, dated before Jan'y, '66, dollar and sterling.
"
"
for
per
cent
10
years,
"
20
years
and
5
paycent
for
4
per
"
(iMoad
years,
after
under Act '66-7 to capitalize Int^^rcst.)
able in Richmond, New York and London, on July Ist and
"
'66-7
dollar
an4
for fractional Interest,
(Scrip under Act
January 1st of each year.
sterling.)
"
Tlie coupons shall be receivable after maturity for taxes
Interest CertlUoates.
and all demands due the State. The holder of any registered Consols,
Coupon bonds, fundable.
"
"
unfundable.
bond shall be entitled to a certificate for the interest which is
Coupons maturing liefore Jan'y, 83.
due, and such certificates shall be receivable for taxes and
"
"
"
between July, '82, and July, '85.
demands due the State. The bonds to be of the denomination
"
"
after Jan'y, '85— If attaobed.
"
"
"
— " detacbed.
of $100 and the multiples thereof.
THE ACT OF
1879.
(Condensed.)
:
'
•'
'•
"
The indebtedness of the State Is divided into Two
"
classes; class One includes tax-receivable coupon bonds or
"
securities which may be converted into tax-receivable coupon Pealers,
"•
bonds; class Two includes all evidences of debt which have
2.
not the security of the interest being receivable for taxes.
3. The proportion of class Two refunded shall not exceed in
amount one-third of the total amount funded, until |18,000,000 of class One have been retired.
4. If, before the 1st of May, the Council of Foreign Bondholders and the Funding Association file their acceptance of
this Act, the same shall be taken to be a contract between the
State and said Corporations.
5. The said Corporations may present for funding $8,000,000
of the bonds during each period of six months, and so long as
said corporations shall present for funding the amounts aforesaid, they sliall have the exclusive privilege of funding the
outstanding debt.
THE EIDDLEBERQER
Approved Fel>ruary
BILL.
14, 1842.
"
"
"
"
"
Whereas, It is essential to ascertain the true debt of the
State, the following statement is submitted :
BTATE.MENT.
.Tnnuarr, 1861, to July, 1863.
Interest.
Couimiu bonds.
Coupons
maturing l)efore Jan'y.
•''
"
"
"
"
"
"
'S.'J.
betwi'ou July.
'8v!,
"
after Juu'y, '85.
Begistercd bonds.
Fnictional certlticatos.
"
and July. '85.
Interest.
TEN-FoKTiE8,Coupon bonds, dollar and
"
•'
sterling, fundable.
'•
••
Coupons maturing Iwfore July,
unfuudttble.
'85.
"
•'
after Jan'y, '85— if attache<l.
"
"
'•
•<
"
••
detached.
Registered bonds.
_
New
York, May
12th, 1890,
To Hon. Grovee Cleveland, Hon. Th'^xas F. Bayard, How,
E. J. Phelps, Mr. GEOKaKS. CoK, Me. Georoe G. Wiluamb.
Oentlemen
(Condensed.)
Registered bonds.
Fractional certitlcutea.
:
—
The condition of the debt of Virginia is a matter of history.
Her creditors have lor seven years refused to accept the
terms proposed by the State, and her people are jverso to
changing the general purpose of existing laws touching thia
subject. "They are anxious, however, to effect a satisfactory
^3,141,212 settlement and on the 3d of March last the Legislature apTrhicipal.
$5,954,716
Interest to July, '03
pointed a Commission to agree with her creditors upon terms
The share of Virginia is two-thirds of this principal and two- tor fimding her debt but this Commission is expressly forthirds of this interest.
bidden to consider any proposition unless security be given
$22,004,141 that when accepted by the State it will be carried out by the
Two-tUlnlsof ubove principal
$3,969,810
Two-thli-ds of above Interest
Negotiations, therefore, cannot l>e oi)ened until the
creditors.
3,012,434
less paymeuta from '01 to '03
Bondholders are represented by an Agency i)repared to make
'63
$307,376
Balance of Interest due July,
a siitisfactorv disp<->sition of the subject. The under.-.igned the
'July, 1863, to July, 1871
Bondholders' Committee, in connection with the C<?ntral Trust
3,710,449
Payments on principal
Company of New York, the Mercantile Trust & Deposit Com$18,383,09'2 pany of Baltimore, the Planters' National Bank of Richmond,
Balance principal July, '63
1 0,499,9 61
Interest, '63, to July, '71
and Messrs. Brown, Shipley & Company of London, liave undertaken to effect such adjustment.
$10,807,337
;
;
4,039,546
Less payments
Balance Interest due July,
'71
$6,767,791
July, '71, to July, '79:
1,540,657
Payment on principal
$16,843,035
Balance principal
Interest, '^71 to july,'7»
8,289,937
Intere«t, '79 to July, '82
$15,057,728
2,983,560
Total toteregt to July, '82
$18,041,288
They respectfuUv request that you will serve as the Advisory Board provided for by the enclosed agreement, under
which the Bonds of Virginia are to be conditionally deposited.
Your acceptance will be an assurance that the matters submitted for your consideration will receive the most intelligoit
and impartial criticism; in which you will render to the creditors and the State a service of the greatest value.
•It should be observed that Included In this credit on inteteatare12.013.446 of coupons due on anil before July, '82, so that the interest
lue July, '8-2, inst«wl of being $4,192,343, was $6,305,789.
"THE
910
CHROMCLR
the terms of the agreement your'province and function
examine such plans or propositions of adjustment as
may be formulated and proposed By the holders of the obligations of Virginia, represented by the Bondholders' Committee, and submitted to you in accordance with the terms of
the agreement, and to state your approval and recommendation, or the contrary, of any such propositions.
have the honor to be.
By
^Gmmtxtml Jinxes,
COMMERCIAL EPITOME.
^Ixje
will be to
We
Very
respectfully.
VOIh l.
Friday Night, June 27, 1890.
The action of the House of Representatives the past week
on the
silver question
has been construed as adverse to the
success of the scheme for free coinage, and undoubtedly points
Your obedient servants,
to the adoption of a compromise measure which will meet the
F9EDEHIC P. Oloott,
views of President Harrison. The weather has been summerWilliam L. Bull,
Chaeles D. Dickey, Jr., Bondholders' like and generally favorable to crop prospects, but in some,
Committee.
Hugh E. Garden,
sections too much rain has fallen. The progress of the new.
Henry Budge,
Tariff bill through Congress has been impeded by antagonisms
John Gill,
growing out of the recent pan-American Congress and opposi-
a measure of reciprocity.
Lard on the spot has declined each concession, however,,
Xo Messrs. Feedkric P. Olcott, William L. Bull, Charles was attended by liberal transactions, and the close is fairly
D. Dickey, Jr., Hugh R. Garden, Henry Budge and active at 5'60c. for prime city, 5-95c.(a5-97J^c. for prime
Western and 6c.@6-40c. for refined to the Continent. The:
John Gill.
tion to free sugar, except as
New York, May
Oentlemen:
—
We
liave received
12th instant, and the
closed therein.
,
13th, 1890.
speculation in lard for future delivery was at steadily declinuntil yesterday, when a demand to cover contracts
partial recovery. To-day, however, there is re-
and duly considered your letter of the ing prices
Agreement, a copy of which was en- caused a
In common with all other friends of the State of Virginia, we
sincerely desire to see her public credit restored and her peo.ple relieved from their present distressing situation.
To promote this object we are willing to act as the Board
proposed in your letter, with the mutual understanding that
our duties and functions are to " examine such plans or
propositions of adjustment as may be formulated and proposed by the holders of the obligations of Virginia (represented
by your Committee), and submitted to us in accordance with
the terms of the Agreement, and to state our approval and
recommendation, or the contrary of any such propositions."
We are,
gentlemen.
Very
respectfully your obedient servants,
Grover Cleveland,
Thos. F. Bayard,
Geo. S. Coe,
Geo. G. Williams,
E. J. Phelps.
mortgage twenty-year convertible gold bonds.
Georgia Southern & Florida Kailroad.— $420,000 additional
Ilrst mortgage 6 per cent gold bonds, making the total amount listed
$1,860,000.
Laclede Gas Light Compant, of
St. Louig —$260,000 additional
mortgage 5 per cent gold bonds, making tbe total amount listed
Jlrst
$9,975,000.
Norfolk & Western Railroad.— $3,000,000
capital stock, making tlie
of the Scioto Valley &
stricken from the lists.
additional preferred
total amount listed $27,000,000. The stock
New England Railroad was ordered to be
New York Ontario & Western Railway.- $1,000,000 additional
first mortgage 5 per cent gold bonds, making the total
amount listed $4,500,000.
National Bank of Deposit.- $300,000 capital stock.
National Starch Manufacturing Company.—$2,647,000 first mort-
cousoUdatf d
fage 6 per cent thirty-year gold bonds $3,000,000 first preferred,
2,500,000 second preferred and $5,000,000 common stock.
Oregon Railway & Navigation Company.— $816,000 additional
5 per cent collateral trust gold bonds, making the total amount listed
$4,000,000, and $549,000 additional consolidated mortgage 50 i)er
;
cent gold bonds, making the total amount listed $12,983,000.
Oregon Short Line & Utah Northern Railway.— $5,000,000
eollateral trust 5 per cent gold bonds.
Wheeling & Lake Erie Railway.-$1,500,000 first mortgage 5 per
oent gold bonds. Wheeling division.
Woodstock Iron Company.— $1,000,000 first mortgage 6 per cent
gold bonds.
—
Messrs. CoflSn & Stanton, bankers, this city and London,
pay a large number of coupons, due July 1st, on city, town
and county bonds, notice of which will be found in our advertising columns. They also offer for sale two milhon dollars
of municipal, railroad and corporation gold bonds, yielding
all the way from 2f^ to 7 per cent on the investment.
Parties
-wishing to invest should obtain their list with full details.
— The first mortgage 6 per cent thirty-year gold bonds of
the Toledo St. Louis & Kansas City Railroad Company are
offered in the advertisement of Messrs. John H. Davis & Co.
in to-day's Chronicle. This firm recommends the!.e securities
as a safe and profitable investment, paying over 6 per cent on
-
the cost price.
-Attention
—
&
is called to the notice of Messrs. Reed
Flagg
in to-day's Chronicle.
Investors desiring first mortgage
railroad securities paying from 4"^ to 7 per cent, will be glad
to obtain particulars.
— A new issue of
Kansas City, Mo., four per cent bonds is
being offered by Messrs. Henry Clews & Co., of this city, and
.Messrs. W. J. Hayes & Sons, of Cleveland and Boston.
—
Investors seeking new loans will find matterB'r)f interest
in the advertisement of Messrs. Farson, Leach
Co., in this
&
issue..
newed depression under the issue of notices for free deliveries
on Jvdy contracts, which led to a free selling movement.
DAII.T OLOSIIia PBICES
July delivery
o.
o.
c.
o.
August delivery
September dellrery
October delivery
OF LABD FUTURES.
Bat.
Hon.
Tue$.
608
Wed.
Thur.
603
Fri.
6-14
6-28
6-39
6-40
6-20
6-32
6-41
6-40
6-35
6-00
6-13
6 26
6-35
6-33
600
615
5-95
6-22
6-34
6-42
6-42
6-32
6-27
612
623
6-37
6 33
November delivery
6-33
o.
....
6-29
December delivery
c.
..
6-30
6-29
628
Pork is lower and closes dull at $13 25(a$13 75 for new
mess, $10@$10 50 for extra prime and $12 50@$13 50 for clear
backs. Beef is easier at $6 25@$6 75 for extra mess, §7® $7 50
for packet and$12@514 for extra India mess.
Beef hams are
lower at $15 50@$15 75 per barrel. Cutmeats have been irregular and so close, but rather quiet. Sales to-day embraced
.
a line of pickled bellies, 11 lbs, average, at 5i^c.; quoted at
9J^@10c. for pickled hams, 5X@5i^c. for do. shoulders, and
43^@5%c.
—
N. ¥. Stock Exchange— New Securities Listed. The Governing Committee have listed the following:
Edison Electric Illuminating Company.— $1,500,000 5 per cent
ilrst
;
bams
for bellies
;
smoked
shoulders, 6a6J4'c.,
and smoked
lower and more active at 4 7-16c.
Stearine firmer at 73^^^ 8c, and oleomargarine at 5^(a6c.
lOJ^ig lie.
Tallow
is
Butter firmer at 13@17c. for creamery and ll@15c. for State
Cheese is lower and more active at 73i@S)^c. for State
factory, full cream.
Coffee on the spot has declined, and to-day No. 7 Rio is
quoted at 175^c., against 18c. last Friday.
fair business was
done at the reduction. The speculation in Rio options has
been depressed by increased receipts at Brazil ports and weak
European advices. This morning there was a sharp decline,
which was partially recovered on a demand to cover contracts, closing steady, with sellers as follows
16-800. October
July
15-70o. January
15-2So.
August
16'45o. November.
1545o. February
15-250.
September
161oc. December
15'45o. March
15-25c.
a decline for the week of 30@65 points.
Raw sugars have again decUned and are quoted to-day at
dairy.
A
:
I
I
|
|
—
43^c. for fair refining
muscovado, and 5%c. for centrifugal,
and the transactions to-day were unimportant.
Refined sugars are also lower at 6}aC. for standard crushed and
for granulated.
Molasses dull and nominal at 19c.
OJI^c.
Rice in fair demand for foreign at full prices. The tea sale,
though the offering was a large one, went off at steady to
firm prices.
Kentucky tobacco is firm and there is a rumor that 1,000
hhds. have been sold for export. Seed leaf is in steady demand,
and the sales for the week are 1,350 cases, as follows: 250
cases, 1889 crop, Wiscoiisin Havana, private terms; 350 cases,
1888 crop, Pennsylvania Seed Leaf, 7 to lie. 200 cases, 1888
96 deg. test,
;
crop, Wisconsin Havana, 10 to 13c.; 100 cases, 1888 crop,
State Havana, 14 to 16c.; and 250 cases Sundries, 5i^ to 35c.;
also 800 bales Havana, 65c. to $1 15, and 1,200 bales Sumatra,
$1 25 to $2 40.
On
Exchange strait tin has declined sales to-day
at 21-15c. for July, and 21c. for August quoted
at 20-95c. for September, these figures showing a considerable
decline from yesterday. Ingot copper has been higher, but
declined to-day, and Lake closed at 16-35c. for July. Domestic lead is slightly firmer, but quiet at 4-523^c. Domestic spelter
is steady at .V55c.
Pig iron warrants sold to-day to the extent
of 1,880 tons at $16 25 for July, and $16 62>^ for August and
September.
The interior iron markets are irregular and
unsettled. Manufactured stock firm, but pig iron dull and
the Metal
were 40 tons
;
;
weak.
Refined petroleum is lower at 7'15c. in bbh. and 9c. in
cases, crude in bbls. also cheaper at 7'35c.; naphtha steady at
7*40c.
Crude cartificates hove declined and close at 861g(db8'7c.
per bbl. Spirits turpentine advanced to 42i342J^c., but closes
dull at 41(341J^c.
$1 50 for strained.
slightly upward.
Rosins are quiet and unchanged at $1 45®
Tar is up to $2 65. Wool and hops tend
June
THE CHRONICLK
28, 1890.J
C
OT TON.
In addition to above export*, our t«Iegrmnii to-night alra
give us the following amounts of cotton on shipboard, not
cleared, at the portH named.
a<ld similar figures for
New York, which are prepared for our special use by Mbsmi.
Lambert. 31 Beaver Street.
Carey, Yale
Fkiday. p. M.. June 27. 1890.
The Movement of the Crop, as indicatod by our telefn^ms
from the Soutli to-niKht, is givon Ijelow. For the wet^k ending
total receipts have reached 8,801 bales,
thig eveninR the
against 8,847 bales last wt-ok and 4,883 bales the previous
week, making the total receipts since the 1st of Sept., 18H9,
We
A
On Shtpboa nI,
Junt 27, at—
"«"'
5,777,946 bales, against 5,4ti7,tt6L bales for the same period of
1888-9, showinK an increase since Sept. 1, 1889, of 290.286 bales.
at—
U<m.
Sal.
ntet.
Kl Paeo, Sa>...
New Orleans...
Mobile
Florida
43
e
465
7
123
7
49
8
'
5
456
Brunsw'k, Ac.
Charleston
Port Koyal.dko
2
107
8
25
"iVe
8
"
1.211
14
Wasli'gton.Ao
Norfolk
23
a
150
121
Point...
22
'
1
071
1
a
120
3
1
20
5
es
100
210
York
Boston
Baltimore
278
417
28
115
50
23
28
N'wp'tN'8,Ao.
New
115
47
9
Pblladelph'a.Ao
4
Totals this week
243
15
20
117
3,301
1
486
76
1,305
1,075
For comparison we give the following table showing the
week's total receipts, the total since September 1. 1889. and
the stock to-night, compared with last year.
1889-90.
Seetipttto
Junt
Thi*
Week.
27.
Qalveston
El Faso,<lic.
.
Mobile
Florida
Savannah
971
Charleston .
P. Royal.&c
120
Wilmlni^on
Wash'tn.&o
20
Norfolk
West Point
278
417
28
115
56
NwptN.jAc
York.
Boston
..
Baltimore.
..
Phll'del'a,
&c
Totals
1,833
132,673
3,749
401,940
325,146
59,958
114,487
71,923
87,670
81,073
3,301 5,777,946
In order that comparison
4,369
484.720
410,959
136,185
129,403
103,404
65,571
61,126
9
252
25
200
83
88
1,432
29,599
786
27,293
1,933
1,670
1,162
299!
262
449
402
1,973
287
157,083
3,000
631
4,300
83,705!
2,400
2,5921
8,827|
199,778
134,0891
made with
be
103
3,71o'
1,961 5,487,6611
may
1889.
1890.
84 671,748
31
23,054
833 1,675,155
72 209,213
27,010
215 812.547
132,099
14 383,529
4
15,642J
51 151,947
934,917
162,962
320,207
20
8ta€k.
Sinee Sep,
1, 1888.
Week.
838,002
Bi'uns.,<£c.
New
1889.
23,212
1,211 1,947,114
22 239,805
32,263
..
.
1,
43
.
New Orleans.
1888-«9.
TMt
Sittce Sep.
other years,
we
give below the totals at leading ports for six seasons.
Jteeeipti
at—
1890.
43
6alv'8ton,<&o
New
Orleans
Mobile
Savannah.
1889.
115
833
1,211
22
971
120
20
278
445
191
..
Charl'8t'n,*o
Wllm'gt'n,du!
Norfolk
WtPolnt,<to
AI^ others
Tot. this week
3,301
1888.
1887.
1886.
346
38
232
5,605
1,214
2,735
1885.
481
316
43
17
104
116
37
348
215
18
2,087
1,186
1,023
1,693
51
12
867
14
1,689
3,208
2,722
160
68
452
13,510
1,642
9
1,459
277
371
923
3,292
1,961
15,026
3,598
1
for the week ending this evening reach a total
of 11,899 bales, of which 11,098 were to Great Britain, 15
to France and 786 to the rest of the Continent. Below are
the exporta for the week, and since September 1, 1889.
The exports
Wuk
iCmUiM Junt 27
Brit'n.
OalTeston....,
New Orleans.
*>««« nmt.
a.UT
Witk.
7,108
....
Norfolk
WestPoiQt...
N'portNws. to
200
4,768
616,607
U6483
63.872
PhUa(Ielp'a,*o
36J16
Total
u.oas
16
10,886'
258'
nent.
IbCoL
132.110 171.268
616.106 1,786,803
11,780
318.121 631,108
11.287 117,178
161,802
210,332
112.118
«7.7M 266.881
21,020 180.316
86
37.705
16
....
otal. 1888-88.,
21.216
166,326
1.663
None.
None.
0.800
2.000
Other ports.
I
i
1
ToUl 1890.
11,4161
Total 1880.
Total 1888.
10,509
25,501
12.(116
118.618
1.671
3.868
66.273
2.138
37.801
707.893
188,1.-1
120.718
37.166
786; 11.809 2.821.206 176.068,1.608,331 l,80&.68e
I
13,012 2.816.626 399,281 1,368,107r 1.611.011
1.400
Nuue.
None.
None.
None.
None.
i
1,*)0
None.
50
1
4,50O
400
<
:
Tokd.
wtte.
ll»
None.
loo
125
None.
4.120
None.
KiO
125
None.
.(KM)
l.ttttO
1
I
None.
None.
1
25,470
735
190
1,545
103
1,710
75,550
H.iao
2,000
12,3fl8
2,700
2,338
16,504
117J>8A
4,0661
6,357
8,007
81,832
86.06S
168,446
24S.90S
8,l)(V0l
;
a small rise prices again rapidly gave way for this crop, but
the next crop, on a report of excessive rains in the Mississippi
Valley was pretty well supported, with brish buying for January. On Thursday, Liverpool came unexpectedly strong, a
full spot business being among the features of that market,
and in response there was with us a smart advance, but a
heavy movement followed the first call, under which the advance was not only lost, but a fresh decline took \ \&fx, fol-
lowed by some recovery. A new feature was the weakness in
the next crop, while this crop closed slightly dearer. To-day,
a dull opening, under weak Liverpool advices was followed
by a small advance, due, mainly, to the stitistical position,
but the close was dull. Cotton on the spot declined l-16c. on
Saturday and Tuesday, and i^c. on Wednesday. On Thursday, there was a recovery of l-16c. with more doing for home
consumption. To-day, the market was quiet at 11 15-16c. for
middling uplands.
The total sales for forward delivery for the week are 500,900
bales.
For immediate delivery the total sales foot up this week
6.537 bales, including 4,727 for export, 1 ,800 for consumption.
The following are the official quotations for each day of the
past week June 21 to Jime 27.
—
UPLANDS,
0rdln.irv
Ordinary
Good Ordinary
Strict Good Ordinary
LowMlddlini;
Strict Low Middling
Good
9i»,e
1011,. 1011,,
lel
n».« 11«6
'
11<R
11^8
12«,«
12>,e
laHj
im
1
12
;12
Sat.
•
Ih
lO'e
11% ,11%
il2l,« 12
!12>4 |12«.«
124
113»8
STAINED.
Middling
9>«
9l»„: 91*,.
101>if'lO»ii
i
im
iiu
nil,, nil,,
111,, iii»„
12% 12>«
12% '12%
W"
if
13% !is%
Man T«M| WA
»% 9%
9%
9%
In»is lim 111%
MASKNT AND BALKS.
I
9l»,gl
10%
trow Middling
12%
12%
i
il3«i« llSv.s
8««.
MVt>.\ »»i«
ii»i,
ll's
il2J„ 13'l.
Fair
Good Ordinary
Strict Good Ordinary
111%
1213,. 12i*,a
13»,« !l3»|.
v>»
127,. '12',.
MlddllQK Fair..
Good
lim
12>„ 12S„
10%
Ill's
:12U,« 12% |12%
1318
131,,
Strict
im
11%
11>|«
9>s
ilO
ll'n us,.
|11%'
.....:llt.>.
Middiini
'lOS|
iii»„,nu„
11''8
9»is
10
lOij.
llOli., 107g
Middlliig
9\
lOSs
Hob Taaa W«4
I
0%
;
9i„
9\
ir-i ll'is
11«<« Ill»,, ll'.s
lllSi«lllia,« nil,,;
I
Vrt.
9^8
9'4
911
I2I4
12>4
12%
12>,« 127,a 12s,
121»„ 1279 127, 12\
13',« 13%
13% I3I1
GULF.
Low
9S8
I
0.
10!|1
Htddling Fair
Fair
Strict
9%
91i.
9^8
Good Middling
Strict Good Middling
Ordinary
Strict Ordinary
Good Ordinary
Strict «(><id Ordinary
Low MiddUiiK
noB !>•• Wad Tk.
Sat.
V lb.
Strict
|10ll,e.lOtl|>
9
9%
to»„
11%
91,,
911,,!
91,.
911,,
10% ,10%
lHu
llH|«
The total sales and future deliveries each day during the
week are indicated in the following statement. For the
oonvenience of the reader we also add a oolomn which ataowa
at a glance how the market cJosed on same days.
SILKS or SPOT A!ID TKAilSrT.
SrOT M AkKBT
CLOSBD.
sat.
Qnletat
dee.
Qnlpt at ijc deo.
ijf
Conpori. ^ntmp.
Mx-
I
rhur. Steady at
Fri...
total
Steady
..-.
1, tad.
SPn'^s:]^-
745
147
149
SI7
402
140
....
4.727' 1,8001
....
4,727
Mon.
m«9. Wcaic
Wed. Quiet at %de«..
The
1.928
CooM-
The speculation in cotton for future delivery at this market
was moderately active for first half of the week under review,
but at rapidly declining prices. The lowest figures of Tuesday
showed a decline from the closing bids of the previous Friday,
of a point Jfor this crop. Weak Liverpool reports and favorable crop accounts were the principal influences for the decline,
causing our Bulls to sell freely. On Tuesday afternoon and
Wednesday morning the exceptional strength of June options
gave rise to rumors of a projected " comer " on this month
bnt no considerable " short interest " was developed, and after
ContU
307.180 34.a&»
808.980 811.708
11.788
163.002 30.226
Baltimore...
Boston
1886. to .^uim 37, 1880
Br««««.»^»"
61.281
7A.1«1
. .
WUmlngtoa..
York...
1.
Or«a(
102381
Bmoswick....
Gharlaaton
New
Sept.
Exported to—
OonU- Total
Mobile
Bavaanah
From
Birf4rttd to—
Or«at
/rom—
(ralveston ...
Nona.
Rone.
None.
None.
None.
None,
SO
None.
Middling
lnc«8ept.l. 5777,946 5487,661 5431,999 5190,442 5260,703 4716,681
Naport*
Noni-.
I
Middlinit
72
19
12
121
6
1,128
Savannah
New York
. ......
Wlltnlnfcton
..
Norfolk
85
6
527
22
2,616
None.
None.
Orleans..
Mohl.c
Charleston
Total.
....f..
Bavaunah
West
rri.
n
13
18
Oslveston
Thur:
Wttl.
not tlemtd—^
OtMer
iv«ui.
'~~*''
toretgn
BrUatn.
,'<ew
Seeeipla
91t
:
5,472
nil
147
140
217
402
—
140
FUTUBBS,
aalm.
crtw.
34,300
118,700 '".HI
81,500
118.400 ....
88,200
59.800
6,527 500,900
dally deliveries given above are aotoaUy dallvaiad tte
faaviooe to tint on whloit they are reportad.
....
day
THE CHRONICLE.
S.912
The Sales and Peices of Futuees
are
shown by the
following comprehensive table:
LVOL. L.
The Visible Supply of Cotton to-night, as made up by cable
is as follows.
The Continental stocks, as well aa
those for Great Britain and the afloat are this week's returns,
and consequently all the European figures are brought down
But to make the totals the complete
to Thursday evening.
Bgures for to-night (June 27), we add the item of exports from
the United States, including in it the exports of Friday only.
1890
1889
1888
1887
Stock at Liverpool
liales
922,000 816,000 639,000 807,000
Stock at London
12,000
18,000
14,000
24,000
and telegraph,
Total Great Britain stock.
Stock at Hamburg
934,000
3,600
92,000
7,000
BWck
at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock at Antwerp
834,000
2.300
38,600
17,000
653,000
3,500
40,900
12,000
83l,0«0
4,100
55,100
33,000
200
300
at Marseilles
at Barcelona
at Genoa
at Trieste
5,000
171,000
4,000
74,000
8.000
6,000
25,000
101.000
5,000
6^,000
15,000
7,000
143,000
3,000
65,000
7,000
7,000
1,400
221,000
3,000
44.000
9,000
14,000
Total Continental stocks
370.800
279.200
282,400
384,800
StockatHavre
Stock
Stock
Stock
Stock
300
700
Total European stocks.. .. 1,304,800 1,113, '200
India cotton afloat for Europe.
185,000 112,000
Amer.cott'natloatfor Europe.
35,000
57,000
Egypt,Brazil.&c..afltforE'r'pe
15.000
21.000
Stock in United States ports..
134,089 199,778
StockinU. 8. interior towns..
18,023
16,597
2,381
United States exports to-day.
586
Total visible supply
200
1,215,800
135,000 230,000
93,000
3'AOOO
22,000
11,000
2S3.868 276,567
49,717
29,630
2,087
2,323
93.-.,400
1,692,498 1,521,959 1.510.072 1,808,325
Of the above, the totals of American and other descriptions are as follows:
American —
Liverpool stock
bales 585,000 557,000 474,000
56.5,000
Coutiuental stocks
American
.
.
Total American
Ba»t Indian, Brazil, <te.
Liverpool stock
London stock
Continental stocks
fhdia afloat for Europe
Egypt, Brazil, Ac, afloat
Total East India,
Total American
259.000
1 8.000
115,200
112,000
21,000
337,000
12,000
109,800
185,000
15,000
658.800
1,033,698
dkc
'233,000
32,000
276,567
29,630
2,328
996,750 1,070,672 1,138,525
1,033,698
—
168.000
93,000
283,808
49,717
2,087
164,000
57,000
199,778
16,597
2,384
261,000
35.000
134.089
18,023
586
afloat for Europe.
United States stock
United States interior stocks
United States exports to-day.
165,000
14,000
114,400
135,000
11,000
242,000
24,000
151,800
230,000
22,000
525,200 439.400 669,800
996,759 1,070,672 1,138,525
Total visible supply
1,692,498 1,521,959 1,510,072 1,808,325
C.d.
S^ad.
Si^ied.
63bd.
Price Mid. Upl., Liverpool....
lUE.jc.
lliigc.
lie.
103, gc.
Price Mid. Upl., New York
J^" The imports into Continental
ports this
week have been
65,000 bales.
The above figures indicate an increase in the cotton in sight
to-night of 170,539 bales as compared with the same date
of 1889, an increase of 183,426 bales as compared with the
corresponding date of 1888 and a decrease of 115,837 bales
as compared with 1887.
At the Intebioe Towns the movement—that
is the receipts
since September 1, the shipments for the
week and the stocks to-night, and the same items for the
corresponding period of 1888-89 is set out in detail in the
and
for the week,
—
following statement.
(E B5
r C- H P3 as H
Iff
-
® ®
1^
^c^;^ S
B
5
:i2.p
;
63
«
— t*
3
o?
m
S.
CD
'
^
ts ts
ES
^it^crm'
tot-*
W 03 P t-
If-
CO
w
h- w I- c: *» to M K) * ^1 ^
cc <i ^ w in a
l*^OCjU_i*- MpCCCJ' X'j:
_fP^
fci
o
ss
0S0»
tb.tooSh-'
5
E S
»-•
i-»
C'X O' ti tf* h- X
CJt
J
00
lOOtMMX:
50 g> CO -^
10 10
cc h- CO
I--
;:<
I—
10
:
M
Xm
o
K)- too
iu
i(>.coo
rOX; O'XKMh-: CC«5
^IbOXO' coicn^^- oco
•
00<105GO;
tot
-oio
w!
SX^XX.
to:
to to;
W. H»^.
;
.
h'OioKi;
13^
ccto
CMiKCO. OlX
*
Includes sales In September, 1889, for SeptemDer, 147,600; Septembcr^ctober, for October, 640,600; 8epteraber-No vember, for November,
636,200; September-December, for December, 957,'200; September,
January, for January, 1,570,100; September-February, for February,
1,125,100; September-Marcli. for MarcU, 2.236,900; September-April,
Jor April, 1,555,600; September-May, for May, 1,815,700.
•si
ttk.
(Jl
)^
C ^1 •^
3 oV X «• c x"^ to'»(- cole o Co'*- a; c; t:; ?
JitoxxMXOitOh-oiecxoi-JSOtoX'jj
1-*
lf>.
c- en
O tC *- ^ OJ h- O CO
if»-
O X X U K.
13F' ^'^ liave Included In the above table, and sball contlnae each
week te give, the averazo price of futures each day for each month. It
Tirlll be found under each day following the abbreviation "Aver."
The
average for each mouth for the week is also given at bottom of table.
Transferable Orders—Saturday, ll-QOc.: Monday, ll'SOc.; Tnegday
Wednesday, ll-80o.; Thursday, ll-80c.; Friday, ll-80o.
11-80C.;
The following exchanges have been made during the week:
•58 pd. to exch. 100 Dec for Sept
11 pd. to exch. 300 Aug for July
*43 pd. to exob, 300 Dec for Sept
•31 pd. to exch. 100 Oct for Sept.
•10 pd. to exch. 1,000 Aug for July
03 pd. to exch. 200 JiUy tor June
» MW O
C;i
•
X
!**
c;i^
M;
'i-^Q
<!'
l&.aHCCH-:
Cfl
M
i(».M
ifk.
•
1889 fljrures are for PaleaUne. 1 1889
Louisville in both years are *• net."
0X»
M
tOX
tttxOi^tO'-«»
52
^
».c;«xco<i>^***.
figures are for Petersbiirg,
^ Tliis year estunateO.
Va
June
THE CHRONlCUi
28, i8U0.|
The above totals show that the old interior stocks have
decreased during the week 2,70S bales, and are to-night 1 ,436
bales more than at the same period last year. The receipts at
the same towns have been 617 bales more than the Kame
week last year, and since Sept. 1 the receipts at all the towns
are 4,610 bales more than for the same time in 1888-89.
Quotations fob Middling Cotton at Other Markrts.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for eacn
day of the past week-
CLOSmO qOOTATIONS »OB MlDDLtna COTTOS on—
Week ending
June 27.
Satiir.
Galveston...
New Orleans
Mobile
Barannah...
Charleston.
lllll
Norfolk
ll's
1238
Boston
11>4
ll>a
11>3
11»8
ll'g
Augusta
...
Louis ....
Cincinnati ..
Bt.
llVt
IIV
TKurt.
Fri.
IH4
IH4
111./
1113
11 "a
llHi
11%
\\^
}}^«
lli-j
lli«
11%
1113
11%
llHi
12 '4
11%
11%
123e
12 14
11%
I2I4
11%
12%
11%
1214
1218
1214
11%
Ui>8
It's
11%
11 Sg
11»8
11»,«
It's
Baltimore... 12l8®l4
Philadelphia 1238
Memphis
H>4
lllfl
Wilmington.
Wetlne:
Tuet.
Jlfon.
11 '4
Ilia
11^1
1111,8
12l8«l4
124
11%
12 '4
11%
lllj
Ills
12
12
12
13
12
12
12
12
12
12
12
12
The closing quotations to-day (Friday) at other important
Southern markets were as follows:
Atlanta
l.tltleKock....
Ilia Riilelgli
1119
Columbus, Ga.
ii^j Montgomery..
1114 Home
llig
Columbus, Mtsa
Nashville
11»8 Selma
11
Eufaula
lO^a Natchez
ll'i Shreveport
10''8
Receipi's From THE Plantations.— The following table
indicates the actual movement each week from the plantations.
The figures do not include overland receipts nor Southern
consumption; they are simply a statement of the weekly
movement from the plantations of that part of the crop whipb
finally reaches tlie market through the outports.
Louisville.
..
im
Week
RecetpU at
tfit
PorU.
St'k at Interior Tbioiu. Bec'ptt
from Plant'nt.
Bndintf—
1888.
Mar
23
30
••
June
"
"
"
6.
13
20
27
...
23,601
22,556
19,622
16,812
13,228
16,028
1889.
1890.
9,713
7,890
8,710
6,188
8,301
1889.
1888.
13,883 117,848
8,776 107,442
4,487 92,942
4,885 83,079
44,104
38,413
31,708
28.092
3,347
65,081
3,301
62,654
22,878
18,440
1,961
—
1
1890.
1888.
38,073
33,508
10,186
12,156
31,131
5,129
26.682
22,527
19.264
6,942
(
1889.
1
5,318!
1,909
6
1800.
7,737
4,211
2.110
438
87
38
2.699
The above statement shows: 1. That the total receipts from
the plantations since September 1, 1889, are 5,784,703 bales: in
1888-89 were 5,490,735 bales; in 1887-88 were .5,460,823 bales.
2.
That, although the receipts at the outports the past week
were 3,301 bales, the actual movement from plantations was
only 88 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were
bales and for 1888 they were
2,599 bales.
Amount of Cotton in Sight June 27.—In the table below
we give the receipts from plantations in another form, and add
to them the net overland movement tq June 1, and also the
takings by Southern spinners to the same date, so as to give
•ubstantially the amount of cotton now in sight.
—
1889-90.
1888-89.
|
I
I
iteceipts at the ports to J'ne
1887-88.
I
1886-87.
27 5,777,946 5,487,661:5,131,999 5,190,442
Interior stocks on June :^7 in
excess of September 1
{
6.820
3,074
28,824
*6,158
Tot. receipts from plantat'ns 5,784,766,6,490,735,5,460,823 5,184,284
Net overland to June 1
880,754 881,153 93«,716| 771,792
Southern consumpt'n to J'ne 1 410,000 428,000 398,000 356,000
Total in sight June 27
7,105,.')20
San Antouio, Texas.— Vfe have had dry weather all the
Cotton is lino. The thennomet«r Ium averaged 81,
week.
ranginar
from
71 to 91.
Luling, Texas.—Cotton Iwks well and boIU are opening.
There has been no rain all the week. Tlie tlierniomcter has
ranged from 70 to 98, averaging 84.
Columbia, reaNU.— Under the influence of dry and farorable weather, cotton is improving. Average thermometer 88,
highost 94 and lowest 71.
Cuero, Texas.— Tlie weather hai been drr all the week.
Cotton looks fine and bolLs are opening. The tbennoiMtar
has average<l 88, the highest lioing 98 and the lownt 08.
New Orleans, Louisiana.— It has rained on five days of the
week, the rainfall reaching fifty-one hundredthn of an inch.
The thermometer has averaKed 8,'l.
Shreveport, Lmiisiana.—HaintaW tor the week four bundreths of an inch. The thermometer has averaxed 82. lanicing from 72 to 94.
Clarksdale, Mississippi.—Te\egmm not received.
Columbus, Mississippi.
12>4
1218
12>8
I214
913
6,799,883 6,795,539 6,312,076
Northern spinners takings to
June 27
l,725.638:i.678.914'l,676,294'l.551,076
* Decrease from September 1,
Weather Reports by TELKaRAPH.—Telegraphic advices
to us from the South continue of a favorable character. During the current week the plant has made very satisfactory
progress generally, high temperature having stimulated
growth. In the Southwest dry weather has prevailed in almost
all places, and elsewhere the rainfall has, as a rule, been
—We have hud
rain
on one day dur-
ing the week, the preci itation reaching sixtv-aeven hundrodtlLs of an inch. The thermometer biw ranged from 46 to
96, averaging 81.
Vicksburg, Mississippi.— It has been showory on two day*
of the week, the precipitation reaching two inches and five
hundredths. The thermometor has ranged from 73 to W,
averaging 82.
Leland, Mississippi.
—There has been no rain
83.4, highest 97, lowest 72.
Miaaissippi. —
has rained on one
all
the week.
Average thermometer
Meridian,
It
day of the
week. Crops are growing well. The thermometer has raiiKed
from 70 to 92.
Memphis, Tennessee.— Cto^ prospects continue fine. It has
rained on one day of the week, the rainfall r»-aihing ten hundredths of an inch. The thermometer has averaged 8«,
ranging from 75 to 96.
Nashville, Tennessee.—ThetB has been rain on two days of
the week, the precipitation reaching thirty-five hundredths of
an inch. The thermometer has ranged' from 70 to 95, averaging
84.
Little Rock, .4 rfcan«a».—Telegram not received.
Helena, Arkansas.— Vae> weather has been hot and dry during the week, with one light shower to the extent of nine hundredths of an inch. Cotton is doing finely, except that in
overflowed lands cutworms have done damage. The thermometer has averaged 84, the highest 96 and the lowest 70.
Montgomery, Alabama.— Com and cotton could not do any
tetter.
Rain has fallen on four days, and the remainder of
the week has been hot and dry. The rainfall rcachetl twentysix hundredths of an inch. The thermometer has averaged
82, the highest being 94, and the loweat 69.
Mobile, Alabama. The crop is developing very promisingly.
We have had rain on two days of the week to the extent of
sixty-six hundredths of an inch. Average thermometer 79.
highest 89, lowebt 70.
Selma, Alabama.— We have had rain on three da vs of the
week, the precipitation reaching fifty-nine hundredths of an
inch. The thermometer has averaged 79, ranging from 69 to
—
9U.
Auburn, Alabama.—Telegnm not received.
Madison, Florida.— Raizi has fallen on four davs of the
week to the extent of one inch and seventv-five hundredths.
Average thermometer 80. Iiigheot 93, lowest 70.
Columbus, Georgia.— The week's precipitation has been
seven hundredths of an inch. The thermometer has averaged
86, the highest being 93 and the lowest 79.
Savannah, Georgia. Rain ha.s fallen on four days of the
week to the extent of one inch and fifty-four hundredths.
The weather is hot. The thermometer has averaged 88, ranging from 69 to 98.
Augusta, Oeorgia.—The weather has been warm and dry
during the week, with light rain on wo days, the rainfall
reaching twenty-three hundredths of an inch. Reports from
the crop are confijcting. In sections where there has been
rain it is doing well. Other sections where rain is needed it
is somewhat off.
In the main it may be said, however, that
the condition is satisfactory and the plant very heavily
fruited. The thermometer has ranged from 71 to 100. averaK-
—
\
^
ing84.
Charleston, South Carolina.— Hain has fallen on three days
Oalveston, Texas. It has rained moderately on one day of of the week to the extent of fortv-nine hundredths of an
the week, the rainfall reaching twenty-one hundredths of an inch. Average thermometer 84. highest 97, lowest 74.
Stateburg, South Carolina.— n&ia has fallen on two days of
inch. The thermometer has averaged 80, ranging from 74
the week to the extent of eighty hundredths of an inch.
to 87.
Palestine, Texas. Crops are fine. Dry weather has pre- Some damage has been done by lice in a few fields. The thervailed all the week. The thermometer has ranged from 72 to mometer has averaged 79-4, the highest beinir 91 and the lowest 70.
92, averaging 82.
Wilson, North Carolina.— The weather has been warm and
Huntsville, Texas. There has been no rain all the week.
Cotton is in fine condition. Average thermometer 83, highest dry all the week. The thermometer has averaged 86, ranging
70 to 98.
84, lowest 72.
The following statement we havj also received by telegraph,
Dallas, Texas. Cotton looks fine, but would be benefitted
showing
the height of the rivers at the points named at 3
by rain. The thermometer has averaged 84, the highest being
o'clock June 36, 1890, and Jtme 27, 1889.
94, and the lowest 74.
Brenham, I'exas. There has been no rain during the week.
June 26. 'OO.'Juiu 27, '89
The thermometer has averaged 81, ranging from 72 to 90.
Belton, Texas. Crops are in fine condition. Dry weather
Feel.
AX.
Attove low-water mark.
10-9
10-2
has prevailed all the week. The thermometer has ranged New Orleans
Memphis
Above low-water mark.
20-4
27-7
83.
from 72 to 94, averaging
Ndshville
Above low-watermark.
••7
41
Weatherford, Texas. We have had no rain during the Shreveport
Aliove low-wat»r mark
16-7
15-4
Above low-water mark.
29-5
31-0
week. Cotton looks fine, Average thermometer 80, highest Vicksburg
92, lowest 69,
NoTK,— BesorlH are now made in f««t and tentba,
light.
—
—
—
—
—
—
—
TRE CHRONICLE
911
[Vol. L.
—
—
—
India Cotton Movement from all forts.— The receipta North Texas Howe. Cotton beginning to need a light rain.
Oraham Cotton splendid. Oainesville — Cotton doing
and shipments of cotton at Bombay have been as follows for
well.
Pilot Point Cotton doing splendidly. Mesquite
the week and year, bringing the figures down to June 26.
Cotton in fine condition better than for many years.
BOHBAT RECEIPTS AJJD SniPjrESTS FOB POOR TEARft.
Dallas Crops are growing nicely fields in tine condition.
—
ShipmetiU
Tear Oreat
Brifn.
1890
1889
1888
1887
Shipments tinee Jan.
Ihia week.
Oreat
Toua. Britain
^-«-
Continent.
—
West Texas— Weatlierford—Cotton
Eeeeiptt.
1.
This
Week.
Total.
Jan.
1.
According to the foregoing, Bombay appears to show
a decrease compared with last year in the week's receipts of
6,000 bales, and an increase in shipments of 13,000 bales, and
the shipments since January 1 show an increase of 149,000 bales.
The movement at Calcutta, Madras, and other India ports for
the last reported week and since the 1st of January, for two
"Other ports" cover Ceylon
years, has been as follows.
Tuticorin, Kurrachee and Coconada.
Shipments since January
Continint.
Great
BrUain.
Calcutta—
1890
1889
6,000
3,000
2,000
Oreat
Britain.
Total.
OoHtinent.'
2,000
1,000
2,000
7,000
2,000
7,000
6,000
79,000
41,000
103,000
69,000
2,oo6
6,000
7,000
5,000
2,000
11,000
9,000
8,000
4,000
26,000
29,000
20,000
18,000
46,000
47,000
The above
totals for the
the porta other
160.000
125,000
104,000
61,000
1890.
Bombay
All other ports.
Total
Jan. 1
23.000
1,000
773,000
129,500
38,000 1,456,000| 22,000Jl,272,O0Ol 24,000|
902,500
Since
Jan.
1.
24,000 1,296,000
14,000 160,000
This
week.
Since
Jan.
1.
11,000 1,147,000
11,000 125,000
—Through
Since
—
the crop prospect is not flattering.
Brazoria Cotton
badly in the grass dry weather is needed. Brownsville
Prospects favorable for a good cotton crop.
East Texas Longview Cotton continues to do well. Tyler
Cotton is in good condition and looks very promising.
—
;
—
—
—
—
Alexandria, Egypt,
Receipts (cantars*)
This week
Since Sept. 1
3,152,000
iamS:lhread.
88-90. 1888-9,
1888-9.
YlU.
r<j».
1889-90.
Lbt.
76,990
77.775
71,970
26,010
42:1,446
...
22,037
22.1
427,762
895.834
Tot.lst qnar.
67,469
70,283 1.247,042 1,297,066 226,786 236.830
January
February
23,611
23,111
24.421
21.567
March
Total 2d qr.
Ootober
November...
Oecember
ThU
Since
week. Sept. 1.
This
Since
week. Sept. 1.
TotalSmoa.
Exports (bales)—
262,000
1,000 159,000
225,000
1,000 154,000
Total Europe
1,000!421,0001
A cautar is 98 pounds,
1,0001379,000
Manchester Market.
lotal of All.
1889-90.
Lba.
23,24
23.914
20.808
April
To Liverpool
To Continent
rediiced
Lba.
462,527
435.840
S9S.699
X,I».
84,096
79.244
72,490
Lbi.
100,?S7
101.689
188»-8l
Lbs.
110,10»
101,881
92,278
94,666
294,204
306,059
98,832
105,716
101,5SS
95,767
21.214
26.009
78,442
74,190
86.170
86,976
111,17»-
89.840
70,687 1.217.027 1,307,90- 221.278 237,802
290,52)
413,715
447,120
356,192
431,429
408.041
468,435
75.221
81,295
64,76-2
a,892;6o6
2,70.«.',006
This
Since
week. Sept. I.
we have
000< omitted.
&
1887-88.
1888-89.
1889-90.
25.
for bagging qualities.
of Trade returns. It will be noticed that
the movement all to pounds.
arrange'
Co., of
ments we have made with Messrs. Da vies, Benachi
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
are the receipts and shipments for the past week and for the
corresponding week of the previous two years,
"
;
Exports of Cotton Goods from Great Britain.— Below
we give the exports of cotton yarn, goods, &c., from Oreat
Britain for the month of May and since Ociober 1 in
lSb9-90 and 1888-69, as compiled by us from the British Board
1888.
This
week.
This
week.
ALEXANDRIA Receipts and Shipments.
June
;
Coast Region— Corpus Chri.^ti—All crops doing well. Columbia—On account of the high water and heavy rains
23.^0.
1889.
Shipments
from—
The crop is well worked and the outlook better than last
season. Round Sock Cotton very promising
the increase in acreage and good stand indicate a large yield.
Temple Cotton in splendid condition no worms yet.
Reports from all sections are the most favorable ever in
for this time of the year.
6}ic. for \% lbs.; 7c. for 2 lbs., and 7^c. for standard grades.
The trading in jute butts continues light in volume at
unchanged quotations, which are l'55c. for paper grades and
periods of the two previous years, are as follows:
BXPORTB TO ECROPB FROM ALL INDIA.
Europe
—
—Crops fine. Duval—The weather has been very
favorable for all crops.
Central Texas — Waco—Weather favorable for crops; they
are looking well. Palestine— All crops doing well. College Station — Too much rain for cotton.
Panter— Cotton
doing well. Corsieana — Cotton continues in good shape.
ville
Jute Butts, Bagging, &c. There has been a moderate
week show that the movement from business in bagging during the week, but prices are firmly
than Bombay is 3,000 bales more than the same maintained. The quotations to-night are 5%c. for IJ^lbs.;
week last year. For the whole of India, therefore, the total
shipments since January 1, 1890, and for the oorresponding
to all
—
—
—
24,000
28,000
56,000
64,000
—
—
6,000
5,000
14,000
11,000
7,000
5,000
but rain
;
;
—
Total
Total all—
1890
1889
doing weU
benefit.
Bjtrnei— Crop outlook fine prospects are
that the cotton crop will be double what it was last year,
Epworth Wtather favorable for crops.
Comanche
Crops in first class condition.
Southwest Texas— Saji Antonio Weather favorable for
crops. Oallings Wet weather has retarded cotton, yet
the outlook is above the average and the weather is now
fine.
Fredericksburg Cotton prospect good.
C'astro-
1.
Madras—
1890
18S9
All others1890
1889
;
woidd
Since
6,OOo!l8.0O0'24,0O0'322,0O0!974.00O 1.296,000 20,000 1,810.000
4,000 7,000 11.000 319,000 798,000 1,147,000 26.000 1,584.000
9.000 14,000, 23.0001 198,000 575,000 773,000 13,000 1,227.000
957,000 17,000 1,392,000
ll.OOOl 9,000l20,000|339,000,618,000
Shipments for the week.
—
;
May
1,000 241,000
1,000 149,000
2S.0'8
25.675
22,886
411,499
22.956
470.574
421,089
429.888
74,81^
88.659
76,562
78,152
Stockings and sockB.,
6I4.54»
97,836
111,234
98,948
101,108
811,078
Total exporta of cotton maniifactnrea
—Our report received by cable to-night
8847728
1,179
16,085
Sondry articles
2,000i390,000
1
138,716 140,910 2.461.069
1.471
15,1S»
831,80
-
shows that there has been exported from th»
from Manchester states that the market continues easy for United Kingdom during the eight months 811,072,000 lbs.
both yarns and shirtings. The demand for both home trade of manufactured cotton, against 831,208,000 lbs. last year, or
and foreign markets is still poor.
We give the prices for a decrease of 20,136,000 lbs.
to-day below, and leave those for previous weeks of this and
Shipping News. The exports of cotton from the United
last year for comparison:
States the past week, as per latest mail returns, have reached
1890.
1889.
6,379 bales. So far as the Southern ports are concerned, th^
Colt'
„
„
are the same exports reported by telegraph and published in
8 '4 lbs.
32« Cop.
s]4 lbs.
Ufa.
Shirtings.
Twist.
Shirtmgs,
the Chronicle la-^t Friday. With regard to New York we
xjplds
include the manifests of all vessels cleared up to Thursday.
llie foregoing
—
II
,
A.
d.
M'y23 8I3 aS's
" SOS^a WS^n
s.
6
d.
8.
4Ja'<»7
6
3i<)97
J'ne 6 8^- aS'^s. 'o
i3|87igW8i'if|6
" 2018% »8^ |6
" 27i8''i«a8"mt6
4>2a7
_
4»2S7
4
a'7
4
^^7
d.
d.
I
d.
d.
s.
d.
s.
6»i8 i7i6i«38',«6 O «7
0«8
5]l'3«7
7'a
5 II «7
6»,a ,7''8 »838
4121 61a .T't, 'aiS^
15 111-287
3
O^-g l?^ -38% '5 1112317
(!39
3
^7\ "SH^ i5 11 /i"
419
4,^
4J2
_
aS^
!
!
d.
1
012
O^a
OI2
Nbw York—To Liverpool,
Tnial btttet,
Briti,-li
per steamers Blela, 1,056
Queen, 1,427. ...ritv of Berlin, 487....Etiurla, 128....
Tecuonlc, 211 .Wyoming, 140
.To Hull, per steamers Buftalo, 417... Kolpino, 687
To Havre, per steamer La Uascogne. 15
To Ant'werp, per sieamt-r AVaeslacd, 200
New Orlkans— To Liverpool, per steamer Jamaican, 710
61)8
•'-16
O
61,
Texas Weather and Cotton Crop.— The Texas Weather
*.
Steamer Havre. 50
To Antwerp, p4r steamer Clielydra, 31
SamaBoston— To Liverpool, per steamers Michigan, 153
ria, 28H
To Yaroioulh. per stea-ner Yarmoutb, 11
Baltimore To Liverpool, per steamer Caspian, 15
PHiLiDELPHiA—To Liverpool, per steamer Pennsylvania, 355.
To Havre,
Service, with the co-operation of the Signal Service Bureau,
has prepared a weather crop bulletin for Texas for the week
ending June 19. So far as this report applies to cotton, it is as
follows
The temperature for the past seven days has been about normal in all parts of the Stat«. The temperature for the season
from January 1 to date continues slightly in excess of the
iicr
—
:
3,44»
l.lj*
15
200
710
5»
31
439
11
15
35&
6,37»
Total.,
The particulars of these shipments, arranged in our usual
normal.
form, are as follows:
Very little rain fell during the week, and that principally
over North and Southwest Texas. The rainfall for the season
continues in excess of the normal.
The weather generally has been favorable for cotton. The
week of unbroken sunshine has augmented the already favorable outlook.. Cotton is making rapid growth with very little
sign of insects.
—
d.
6
6
Liverpool.
Hull.
Havre.
Antw'p.
8,449
1,104
15
50
200
SI
New York
New Orleans..
Boston
Baltimore
Philadelphia...
I
Total...
710
439
Tarm'lh.
4,76»
701
11
450
15
355
15
355
4,968
Total.
1,104
65
231
11
'6,37»
Jdnb
THE
28, 1890.J
CHROJNlCIE.
for large lines of choice patents from spring wheat haT*
r.cef.tly been madH at or about $5 in sacks.
The gen»ru
range of pricfB shows little change, the improvement being
moro io tliH volume of business than in values. To-<lay ttM
Gotten freights the past week have been as follows:
Sahtr.
Do
sail
Do
e.
7,
indlroot.e.'
Hambur;?, steam.e.
Do Tia
iSsj'a 'ig
Indlreote.
43*
AjnBf d'm, steam.e.
Do
ludli'eot..d.
Beval. steam
d.
Do saU
d.
Baroelona.steam d.
Oenoa. steam
d.
..
"311
l4»6„
Hl*'^\»
I
m.
Thnm.
W»ant$.
market wut* <iuieter.
Tliti wheat market, without showing wide fluctuations ia
Hw'is >««»1S
prices, has been quite unsettled in tone.
In the early pirt of
'4'»''i«
the wtek better crop accuu jtsand the acti >n of the House on
the Silver bill caused a itood deal of weakness, but heavy
•l«
hi
bnyiiig fur exporr, beginning on Uonday, iocreasinK on
U;^»7„
Tuesday, and continuing on Wednesday, together with r*'"ssW^ia i'»a*''ie *'»>'*''ie'
ports of a small outturn from many flelds where harveatinr
43'
45*
45'
45*
48*
has beguti, checked the decline in the early months, aac
cau.^cd a fractional advance in the more distant deliverlM.
The business for export embraced No. I hard spring atfiQ)^
"84 » '33 .o,4» 3j •|14<»'32
99c,. No. 3 Milwaukee spring at 90c., ungraied red winter at
ST4'3l8Si4c., and No. 2 red winter at 98@04^^c. in store and
»3»
•»»
9.-J
delivered. To day the market was weakened Dy the markot
1^4
"«4
"«4
log liberal quantities of new wheat at a Southern
^H,
•«
».12
»«.
Koud weather at the West, and some re-selling of parehwM
!«
>«
e
s
^ai
e.
Bremen, steam
ruM.
Jfon.
H32
»•,
I4V8rpool. steam d.
Do latedoUv'y.d.
Bavn. Bteam....e.
"f
Trieste, steam... d.
Antwerp, steam d.
Per 100 lbs.
for export.
June 6
veek
41,000
2.000
4,000
32,000
8,000
BS.O0O
947.000
643,000
24,000
13,000
110,000
35.000
bales
01 which exporters took....
Of whiob speoulators took
Sales AmerloaD ................
. .
Forwardea ....................
Itotal stock— Estimated
Of wlilob Aiuerloan— Estlm'd
Total import of the week
Amount
afloat...............
Of which American
June 13
June
31.000
1,000
1.000
27,000
3,000
20.
49,000
935,000
027,000
41,000
27.000
107.000
23,000
July delivery
e.
August delivery
o.
September delivery ....0.
December delivery
0.
May deUvery
0.
37.000
1.000
1,0(0
31.000
6,(66
40.000
922,000
586,000
1,000
Saturday Uonday. ruMday.
Market,
1:45 p. M.
Dull and
DolL
easier,
HldUpI'da.
67,8
Bales
Spec. Aexp.
4.000
2
Baaler.
6%
Wednet. Thurtd'y.
Steadier,
Firm.
638
6%
638
6,000
5,000
7,000
500
300
500
6'i,00ft
23.000
ei.uoo
12,000
July deUvery
F.
)
Steady tt
Onlot Bt
1-81 dec.
Quiet.
u.\
partUilf
1.04 adv.
r*«rt.
923(
91>t
92%
91>«
9014
92>4
92%
06U
)
StMidr.
Friday.
go's
Bat.
lion.
41%
42%
41%
42^
43
43
Wtd.
41
r%u».
41%
42%
Tlutm.
41%
41%
42%
41%
42%
427,
prices are steadier.
DAiLT OLosnia PEioas or no. 3 loxao oats
8aL
Jfon.
ITsd.
Tkur*.
IW*.
Jnly deUvery
33>4
c. 34%
33%
33%
83%
AugUAC delivery
0.
33%
33%
32%
33
33
33
0.
32%
81%
31%
31%
31%
31%
R} e has been taken for export to some extent at 55c. for
No. 2 Western, but the close is dull.
The following are closing quotations for wheat flour ia
bsirrels. (Corresponding grades in saeks sell slightly below
800
Steady.
these figures)
Qalat.
Vary
V
l>liie
steady.
«1 90 ««2 25
2 2^« 2 75
2li0»3 25
bbl.
dupertlne
Extra. No. 2
Extra, No. 1
The opening,
highest, lowest and closing prices of futures a t
Liverpool for each day are given below. Prices are on the
basis of Uplands, Lo w Middling clause, unless otherwise stated
The prices are aiten in pence and 6ilh.
TAiM
5 63 meant
5 6iJ-<J4d., mul G 01 meani 6 1-643.
3 25* 4 00
3 75» 4 20
4 30i> 4 90
4 7&« 5 40
Clears.
Siralglits
Patent, spring
I
Patent, winter
C^ty shipping. e»tra».
KyeUuur. auperflne..
MTQatOM
4 30* 4 4*
3 00* 3 90
Fine
3
79* 39*
Western, Ao
3
3
4>a 3 50
Com mealBrandywine
30*3 45
.'
Sat.,
June 21.
O/jfnJHitk Low. CI08.
1
"
d.
d.
«£S 826
June
d.
625
8 25
6 25
Jnne-July.. 6 2S 626
8 25
July-Aug, !«28 828 628 828
B 27 627 627 627
August
8 25 826 626 8 25
Aug,-9ept
September,,' 8 2.-. 625 8 25 826
8ept.-Oct..j8 00 6 01 800 6 01
Oct.-N0T,...l r,/55 66S 666 555
'
.
.
!
NoT.-Dec...' 5 52
»ec..Jan....J5 61
J«n.-Feb....|G61
Feb.-Marob. 6 S2
5 52
6 52
6 61
5 61
6 62
6 68
6 61
6 61
662
6 61
6 61
6 62
1
Mon., June'iS.
\opm High
Low.] Clos.
Jane 34.
Tues.,
0pm
|
High Lnw.]
Ctos.
Wed., Jane 33.
Wheat-
i
a.
Hi«fc.Xoio,jCio»,
d.
(J.
!
1
d.
Iszi 8 21 820 620
JuneJuly.. 8 21 6 21 820
820
l02S 623 622
August
Aug.-8ept,.,le81 621 620
September..' 8 21 6 21 620
Bept..Oot...l 5 82 663 6 61
Oet.-NOT.... 5 54 664 663
Jnly-Aug...!8 21 622
K<>T,-D»o...l5 51
D«>..Jan.-... 6 60
Jan.-Feb,... sso
6 61
Feb.-Marob. 5Bi
6 61
6 61
620
6 21
622
8 20
620
562
664
6 61
660 660 660
560 6 60 660
6 61
6 61
a.
622
822
622 823
623 624
8 21 622
6 21 822
6 21
8 21
d.
d.
620 6 21
8 20
6 21
8 21
6 21
622 623
6 21 6 21
6 21 821
660 561
6 52 653
650 560 6 4» 660
648 6 4» 6 48 649
6 48 649 648 649
660 660 6 4» 5 60
6 61
6 63
6 81
6 63
d.
618
618
618
621
618
619
6 61
6 62
6 49
648
648
648
d.
em
d.
8 19
621 819
6 21 619
623 6 21
8 21 819
8 21 619
6 62 561
654 6 62
5 81 548
660 548
560 648
6 51
6 49
1
Wblte
90
1
6 21
6 21
6 21
623
94%
97
97
•
>
•
•
•
33% >
35 •
40
WeafD mixed No.2. 41 %
Western yellow
Western white.
41
42
33
34
...
Oats-Xlxed..V bu.
Thara.i Jane 36.1
Optn atth Low.\oi(U.'
621
562
6 64
d.
d.
622
622
822
824
622
622
600
666
663
662
662
663
6 22
d.
d.
««wipr< ot-
6 61
JWowro
61.078
10-i.6S
Milwaukee...
14.420
3a.««8
111.806
122.772
B6U.19<IUM|Bua.80I6>
Jsluth
822
823
624
622
622
600
668
663 6 62 6 62
662 6 61 6 61
6 60
d.
d.
620
620
620
622
620
820
622
624
622
632
663
5 55
6 61
d.
660
5 82
6 63
649 6 51 6 49
6 61
6 61
6 49
660
561
6S2
6 61
6 61
6 62
6 48
660
m iich
free lom.
.
..
luLoali.....
PsorU
rouwfW.
lame wk.t«.
^arne wk.'SS.
c<>ntriiCtS
J
1,937,183
1.0«.616
38.834
w
n.40O
5S0
78.0
atjsB
16.018
,.
i.eK
s2.oge
1.620
86.ae!i
M3.ia(»
4T.T(W
8.667
20.0J2
1.970
30.800
8;.82r
3.140
8.100
828.740
157.200
13i,27i
IS8.0;9
9<18.0J7
3.988.200
e02,2«M
1.808,»*
207.1161
1.309.264
...
MS
s,aa2
46.1U
4.8T0
644 4
tl8M0
S.M1
1XV>
»53,ao«
9.CA3
1.700.10S
1.422.118
182,826
MM
7.70S
12.SBS
1.780.719
UA621
42.00t>
»jm
*o,in
vum
10.8e«.«3 112.768.432 168.228816
mjKMU
i8,ias.ft8a
s.«n.tM
a*,! 16.85! llI,97S.ir7
l\»n.h\!, IIW.985.137 «4.590.7'15
7S.W3.S06 •4,737.881
7S 087.ini «2.677.8«8
4.SM,41T
t.ssesss
67.0M
««c«Au«.L
188S-S0....
1888-88....
1887-88....
8.1*3.249
Below are the
rail
shipments from Western lake and riror
ports for four years:
188'>.
1888.
1887.
Week
J^tne2%.
Week
June 23.
Junta.
129.754
192,680
179,417
116.330
203.104
334.516
347.146
646.664
17,476
22,659
817,349
20fi,M4
903,423
70.369
420.6 2
214.479
594.218
33.191
18.642
...3,596,433
1.271,198
1,3«'<,491
1,534,003
bbU.
Wheat
bush,
878. 4S8
1.399.754
44.718
OaU.
Barley.
Bye....
1
1830.
Week
June2\.
Flour
Ctom
flour baa been more active.
The
buying f»egan with the taking of low grades for export, but
during Wednesday and Thursday the local trade bought the
grfides witl1
.
6 21
663 6 62 6 62
6 52
•etrolt..
621
622
624
622
622
663
566
562
85%
Oora.
Of.
BmHn.
am
B*tKM>b Bu<V3«(6> Bm*.4KIa. B«.S«IW
26ai8W
MlDneapolli.
Clot.
6 21
8 21
Vluau
Hour.
660
660
neveland.
d.
622 822 1820
6 22 822 620
6S2 6231 620
624 624| 622
622 822| 690
622 622 620
663 800| 662
664 666 6 63
41%
1
6 61
Fl1., Jane 37.
0pm
43
43
44
We
6 21
wheat
medium andb ette r
ijom, par boab.
West'n mixed
Wblte
40
53
85%
No. 2 mixed
84%
63
98
No. 2 wblle
8S«
Tbe movement of breadatuffs to market is indicated in the
itatement below, prepared by us from the figures of the New
first give the receipts at Westfork Produce Exctiaiige.
ern lake and river porta, arranged so as to present the cotaparative movement for the weekending Jaau 21, 1890, and
since \uj(ust 1, 1889. for each of tho liwt thr»<» v«ars:
Fsn>AT. p. M.. June 27, 1890,
for
8i»
westem, per bush..
State and Jersey ..
d.
BREADSTUFF S.
The market
e.
99
93
93
80
Medo
Opm
o.
85
Spring, per bnsli. . .
Spring No. 2
Bed winter No. 2..
Red winter
ByeSye-
a.
1
June
^rL
S3%
aepteuiberdtiiiveiy
7.000
I
Cr
PH
41%
41%
43%
and
638
Firm at
l«4aa.
anoe.
Steady.
Bftsr.
I
91<«t
95%
>i.oti«.
Market,
4 P.M.
fW.
93%
Oats declined under a marked reduction of the export dematid, but toward the close sliippers are again in market,
Quieter,
10,000
1,000
Quiet at
a decline.
o.
Aa>;nst delirery
0.
September delivery ....c,
tuturei.
Market,
1:45
90%
vaaar
ITsd.
92^
90^
923r
freely for export at about steady prices, bat the speculation
since early in tlie week has been rather sluggijih. The
weather at the West has been hot and generally favorable to
the next crop. To-day the spot market was firm and fairly
active, but the speculation rather slow.
DAII.T OLrOSlHO PRICBS OT HO. 3 MtSBD <X»B.
The tone of the Liverpool market for spots aad futures each
day of the week ending .Jime 37, and the daily closing pricec
of spot cotton, have been as follows:
Spot.
e3>«
91>«
91
91%
91
90''s
92%
U2%
93%
93%
96%
06%
96%
90%
Indian corn his been in large supplf on the spot, owing to
free arrivals by the Erie Canal, and has been taken very
June 27.
37.000
2.000
29,000
8,000
62,000
911,000
600,000
36,000
17,000
102.000
20.000
wnma
OAiLT oLosiao raiuas or so. s aas
Sat.
JTon.
Am*.
Liverpool. —By oabte from Liverpool we have the following
statement of the week's sales, stouka, Sco., at that port.
Bales olthe
916
Total
.
Wet*
i5,><a8
13,304
THE CHRONICLK
916
[Vou
L,
The receipts of flour and grain at the seaboard ports for the market for these goods at present. Woolen and worsted drcBB
goods adapted to the coming season were ia fair request, and
week ended June 21, 1890. follow
Barley,
Oatt,
Corn,
Wheat,
Flour,
the most popular makes are largelj- under the control of orders.
bush.
&i<«A.
buth.
bush.
bush,
bbl*.
At—
Flannels and blankets were quiet in demand, but fairly active
9,100
87,635 110,500 580,620 1,463,600 27,300
NowYoik
in movement on accouut of former transactions.
7.50
700
120,820 331,640
50,475
Boston
43,839
400.331
56.3 28
Montreal
13,858
DoMES-no Cotton Goods.— The exports of cotton goods
"(Voo
146,031
16.852
56,612
PWladelphJa.. 10,72P
6,126 from this port for the week ending June 25 were 2,811
4,845
39,074 33t>.306
52,506
Baltimore
Richmond
Hew Orleans..
10,970
3,550
11,619
129,129
240,008
242,724 1,916,326 2,140.041
Total week. 230.422
packages, valued at |163,069, their destination being to the
points specified in the table below
17,174
77,012
28,000
16,576
970
3,628
week '89. 193,230 237,519 l,90i!,470 1,263,920The exports from the several seaboard ports for the week
enline Jane 21, 1890, are shown in the annexed statement
XxporM
/rom—
Hew York
Boston...
Portland.
Uontrral.
Wheat.
Com.
Bnth,
31.911
23,663
Bush.
570,371
87,394
Bbls.
7.900
48,000
95.686
371.427
193,599
312,508
64,833
15,244
25,786
37,045
293
PUladel.
Baltlm're
N. Orl'ns.
N.Newe..
Hour.
41,842
19,669
Oali.
Byt.
Peat.
Buth.
44,328
Bush
1,104
42,078
29,704
......
111,504 1,695,816
Tot. week.
141,534
359,841 1,373,035
151,284
597,235
44,328
4,505
2,900
grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
portSj'and in transit by water, Juae 31, 1890:
NewYork
Do afloat
Whecu,
buth.
1,890,360
81,200
Albany
747,352
4,720,969
812,927
2,585,955
472,371
180,599
60,000
454,472
Baffialo
Ctiloago
MQwankee
Doluth
.
Detroit
Oswego
Bt,
Louis
Do
afloat.
Claolnnatl*
...
PblladelpUa..
Peoria.
Indianapolis..
Baltimore.
Minneapolis
Bt. Paul...
On Mississippi...
On Lakes
On canal & river.
Tot.
Tot.
"i.'obo
3,206
Boston
Toronto
Montreal
Com,
Oatt,
buth.
bush.
671,935 1,209,224
179,'500
241,700
73,.'i00
161.400
528,710 100,172
6,518,447 1,232,894
,563
14.224
538,123
8,400
12,000
2,174,562
116,350
31,000
360,780
11." ,477
425
88,705
37,828
8,199
56,318
164.171
7,42?,492
235,000
163,803
86,292
93,709
4,969
552,862
709
10,021
16,365
"4,019
67,856
10,277
12,000
260,930
2,829
88,876
164,904
76,433
18,000
83,632
12,637
2,000
123
1,294
41,907
475
Tjtal
2.503
165,000
6,000
4,048
9,090
61,419
June 21.'90. 21,038,719 15.621,320 5.001,147
June 14,'!)0. 21,57i?,141 16,204,2-J4 5,393,164
633,770
691,712
938.87 7
134
3
1,.552
60,652
26,673
2,829
72,036
26,314
9,086
87,325
2,829
98,850
mill points direct.
1890.
June
Stock of Print Otolht—
Held by Providence manul'ers
Fall River manufacturers
Providence speculators
1889.
1888.
June
21.
June
22.
1^1,000
385,000
90,000
None.
18,000
(est)
494,000
Total stock (pieces)
2J-6.718
237,173
8,503
23.
14,003
None.
None.
None.
5,000
None.
3,000
105.000
8,000
—
479.833
529,273
328,873
175,174
137,216
seasonable character as are subject to the mutations of fashion were sold in considerable quantities by means of low
prices, and staple goods ruled quiet but firm, because of the
probable enactment of an advanced tarifif in the not far distant future. Impo ters continued to hurry forward deliveries
of importation orders, and a moderately large business was
done in this connection.
Importations of DrrGooda.
THE DRY GOODS TRADE.
hands the
8
The value of the New York exports since January 1 have
been |3,515,430 in 1890, against |4,223,201 in 1889.
cotton
As generally expected, staple
goods were
more or less quiet in first hands, jobbers having
busily engaged in taking account of
so
been
stock
their
operations were almost
wholly
that
confined
such goods as were absolutely
to the purchase of
necessary for the pursuance of current trade. In fancy cotton fabrics, as dark dress ginghams and napped fabrics, there
was a very fair business, and dark fancy prints were distributed in considerable quantities by some of the commission
houses— suliject to opening prices, which will probably be the
same as last year. Print cloths were a trifla more active, but
prices for 64x64 " spot" have receded to 3%c, flat, while 56x
60s closed nominal at 3c. asked.
Clncinaati— Last week's stocks; this week's not received.
first
1,240
Foreign Dry Gdods. The demand for foreign goods at
Such fancy fabrics of a
first hands was light and irregular.
6^,023
17,000
June22,'89. 16,443,33S 9, 831.3i>9 3,371,971
Tot. June 23.'83. 21,602.333 12 3?9.751 5,638,574
Tot. Juae 25,87. 33,620,212 10,85 4, ''17 2, 897,U0
55,148
20,589
1.37,522
163
79
47
583
4,966
1,089
25,979
2,627
3,499
1,653
8,011
1,806
2,753
18,101
2,811
6,273
434
South America. . .
Other countries .
From New Fneland
304
1,064
2,423
15,599
1,707
Central America..
Outside speculators
77;-r63
At
13
350
31
15
"7',90i
868,573
291,200
1,386,100
Barley,
buth.
7,011
3i',556
37.396
333,918
90,565
68,120
Ttot.
'
Bye,
buth.
26,477
2,034, '.'91
384;il6
560,000
939
67
47
90
43,182
The -visible supply of
In store lU—
2,829
17,898
1,326
5,116
3.798
7,873
A^Irica
•
1
1889...
144
34
West Indies
Mexico
Total
China, ''ia Vancouver.
Week. Sines Jan. I,
1.
1,371
A.rabla
'
S'me time
Toledo
Oreat Britain
Other European..
China
.
......
1889.
Week. Since Jan.
India
Bush.
526,181
41,400
1,650
Rloluu'd
1S90.
Hew Yobk to J etne 23.
Cor.
B
So
New Yobk, Friday P. M., June 27, 1890.
demand for both domestic and imported
dry goods was strictly moderate the past week, jobbers hav.
in g been 80 busily engaged in taking their semi-annual account of stock and closing up the transactions of the half
year that their purchases of seasonable goods were confined
within the narrowest possible limits. Fall and winter goods
were, however, in very fair (jemand (for later delivery), and
a pretty good business in dari gioghams, napped cotton fabThe
rics, dark calicoes, &c,, was done in this connection.
jobbing trade in the regular way was more active than at the
corresponding time in former years, because of the increased
demand for consumption developed here and in many interior markets within the last few weeks, and a very good
business in domestics, prints, ginghams, wash fabrics, fancy
dress goods, &c., was accomplished by some of the leading
"
jobbers, who make a point of closing out their " open stocks
at the end of each season at relatively low prices in order to
simplify the process of "stosk taking." Collectio-is are
steadily improving, and the trade outlook is considered encouraging by the best p 03ted merchants.
Domestic "Woolen Goods —As a whole, the market for
men's wear woolens was sluggish dtiring the week as regards
new business, but there was a fair movement in heavy descriptions on account of back orders. Some additional lines
of Spring woolens were opened by the mill agents, but many
of the most prominent makes of cassimeres and worsted suitings will not be ready for the inspection of the trade until
after the celebration of the national holiday.
Light weight
union and cotton-warp cassimeres continued in fail- demand
by the clothing trade, but business in all wool fancy cassimeres and worsted suitings was restricted in volume. Cloakihgs ruled very quiet because of a strike amongst the factory
hand:-, which has thrown about 10,000 operatives out of em
ploy ment. Sttckinets were in moderata request by manufac
torers of garments, but Jersey cloths were almost neglected.
Satinets cintinued to move in moderate quantities on accouot
of back orders, and prices are somewhat firmer than of late.
Doeskin jeans were in fair requtst at first hands, and considerable sales of low and medium grade Kentucky jeans
were m&de by leading jobbers, who practically control the
O
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The Coimnercial and
financial chronicle
V.50
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