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HUNT'S MERCHANTS' MAGAZINE,
RBPRBSBNTINO THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATEa.
VOL.
SATURDAY, MARCH
48.
NO.
1889.
2,
Wetk Bndim Fehruarv
%]xt ^hxonxcU.
Terms of Snbseription—Payable
In
Adrance
New York
Sales of—
$10 20
(Stocks
For Six MoiitliB
do.
6 10
iCotton
Knropean SubstTlptlon (tnclnamg postage)
11 28
(Qratn
European Subscription Six Montlia (including postage)...
6 04
(PetnUum
Annual subscription In liondou (includini! postage)
*2 78,
Six Mos,
do
Ml 88.
do
do
Boston
These prices Include tlie I.svestors' SnppLEMBNT, of 150 pages Providence..
Imned onoe in two months, and furnisUed without extra charge to Hartford....
New Haven.
snbsorlbera of the Chronicle.
SorliiKtleld.,.
Bnbscrlptlons will be continued until definitely ordered etopped. The Worcester..,
publisher!! cannot be responsible for remittances unless
9T Post Ottice mouej orilers.
A
made by
drafts
shares.)
haiea.)
Hessrs.
Edwards & Shito,
ubscrlptions and
1 Drapers' Gardens, E. C, who will take
advertisements and supply single copies of the paper
nrlLLIAM B. DANA.
a.
FLOYD.
;iVII.I.IAn B.
'
DANA &
102 William
Street,
Post Opfick
Co., Pnbli«taer«,
NEW
YORK.
Box
958.
The occuiTence of a holiday (Washington's Birthciay) in the
week under review, and the consequent loss of one day's ex-
81,191.
4,364.300
1,429.919
857,481
049.314
868,613
802.460
665.499
68.091,888
4,172,600
1.558.70V
1.036.855
968.038
828.887
768.368
D84.172
91.125,953
78387,375
+165
105,780,037
68,062,167
11,133,262
9.664,235
61.240,577
10,814,919
9,763,896
+133
04 168,311
18,889,829
12,540,818
78,859,864
71,879,392
+10-8
88,988,368
+14-8
51.918.258
9,21C.»00
4,583.609
S.!» 1.502
8. 187.88 >
8.101,813
1,610,889
1,430,835
477,875
49.136,085
8,103.400
8,747,293
3.800,449
8.814,100
+5-7
02.484.872
10,7ao,850
5.838.107
2.1S6,580
1,89«,7S3
1,588,367
563,178
+20-8
+11-2
+82-S
-HO-5
+16-7
+0-6
-7-1
+14-S
+0-8
91,966,901
+17-8
Milwaukee....
Detroit
Cleveland
ColumbUH
Indianapolis...
Peoria
Grand Kaplda.
Weetem
York the decrease from a week ago
is
only
fifty-six millions,
or less than an average day's transactions. Mercantile failures during the week numbered 339 in the United States and
1.972,2.35
1,621,888
1,245,297
603.320
78,103.403
73.248,473
San FrancliCO..
Kansaa ('ity....
13,061,320
Mlnneapolla..,,
8,193,468
2.818,195
2,591.874
8.733,290
1,870.033
1,158,514
560,116
13,074,098
6,100,995
2,729,325
2,93l,D0n
2,489.261
2.151.355
934,994
7,69I,7»ri
Paul
Omaha
Denver
Uulutta
St. Joseph
lios Angeles....
Lonls
New Orleans.
Louisville.....
Memphis......
Kichmorid....
QalveRton
Norfolk
Total Bonthern...
41 in Canada, or a total of 370, as compared with 389 la.st week,
Total all
303 the week previous to the last and 370 for the week of last Oatslde New York.
Not Included
year.
-«o
—17-8
—09
-H-1
-fSb
+13-9
+8-4
— I-O
i-9-8
+82 8
-«-5
+13-3
+6-6
-0-7
+14-9
-0-1
-(-6-6
-01
+89-2
+iro
—4-1
-H-1
+26-9
+1000
38,763,803
aS,493,533
+9-8
16.744,817
8.H70.207
9,771,C1«
2,934.083
8.065,119
1,180,4^7
778.265
16,730.44'
37,184.536
35,858,288
61)7,493
293.900
876.957
360,880
Total Other Western..
-H7-:
+4-e
600.020
240,360
Wichita
St.
1,1U,017
(-31-8
(-40-
-H-3
—49-9
-0-4
+81-8
TopekA
changes, causes the aggregate of clearings to exhibit an appre Sloox
City»
ciable decline. The greater part of the falling off (nearly one Tacoraa*
hundred and fifty-three millions) is at New York, lessened
activity in stock speculation contributing thereto, but the holiday is responsible for the greater part of it. Outside of New
(1.717.122)
(304.800)
(38,8;8,49ei
(21,288,000)
(21,09.5,1001
ChicftKO
Cincinnati
St.
CLEARING HO USB RETURNS.
(—22-2,
718,l;a9.238
(20,780,000)
Total Middle...
Total Middle
+26-3
l+t»0
(18.000,000)
Lovell
at Is. each.
tOHS
(666.0271
(433,500)
(a'i7,400)
(14,386,><45)
Is furnished at 50 cents; postage on the same is 18
Total NewBnfiland...
Volumes bound for subscribers at $1 00.
Philadelphia..
Teriug of Adrertisingr.
Pittsburg
Advertisements ordered for less than one month, in the Commercial Baltimore
& FrNANCiAi. Chronicle, are published at 25 cents per line eacli inser-
liondon Aeents
451.014.878
(1.059.2861;
16,
P.Omt.
bbU.)
aie cover
orders are delinitely given for one month or longer, a liberal discount is allowed, and the net prices may be obtained on application at the otUce. The lowest rates on permanent cards dettnltcly ordered for one year are 8 cents per line each insertion, making .$58 for
one inch space one year. Space is measured in agate type— 14 lines to
the inch.
565,708.308!
Portland....
When
End't Feb.
bushels.)
eenta.
tion.
Wuk
P.Omt.
1889.
For One Year (lncluain« postage)
23
1,236.
1,118.800
»S,7»«,448
5,302.800
1.704 .38H
1.167,557
1,154,970
941.444
1,019,500
76<',950
4.287.30(1
a.281.('50
16,806,658
9,124,353
3,462,971
8,^57,230
8,638.838
8,460,931
1,970,066
1,418.535
664.883
708,063
889,629
45i,613
883,786
44,559,658
+18-5
-5-0
-(-81-5
+I5-8
+6-9
+82-0
+613
443-3
+7-0
—so-s
-)-S-7
+S9-t
+10-8
8,980,918
4.622.1.19
2.4.'i4.06l
1,085,000
724,391
798,670
887.685,667
'44.273.277
321.977,359;
29J.758,»99
+151
In totals.
The returns of exchanges for the five days, aa received by
telegraph this evening, are given below. Contrasted with the
five days of 1888, the total for the seven cities records an excess
of 13-5 per cent. Our estimate for the fuU week ended March
England section makes 3 indicates an increase over a year ago of about 17'3 per cent.
a more favorable comparison with last year than during any Messrs. R. G. Dun & Co. report the number of failures for the
previous week since January 26, but elsewhere the percent- week ended to-night as 232 (188 in the United States and 44 in
Canada), against 370 last week and 344 for the same time a
ages of addition are smaller than they were a week ago. Four- year ago.
teen cities record losses from the preceding year, but only
Wttk Bndlnj :Sarch 2.
ir«<li BtuTt Feb. 83.
those at Los Angeles and New Haven are at all important. On
ilMuma bv TelstrapK
the other hand there are some heavy gains, notably Duluth,
1889.
1888,
1889.
P. ami.
P.Omt.
100 per cent; Galveston, 60-3; Kansas City, 29-3; Richmond,
*
Contrasted with the week of 1888
of 2o -3 per cent, whUe outside
reaches 10 per cent, the excess in the
houses being 19-3 per cent. The New
York
there is a gain at New
of this city the increase
total for all the clearing
New York...
27-1 and Denver 36-9 per cent.
Compared with the cofre- Baus
of StMk (fAam)...
sponding period of either 1887, 1886 or 1885 the current figures Boston
show decided augmentation.
Pbllsdelpbia
Operations on the New York Stock Exchange for the week
reached 1,059,286 shares, embracing a market value of $61,- 8t. Loon.....
New Orleans
090,000, which contrasts witli 666,027 shares and
613.250.J63
463,881,964
+1S-1
(917.987,
693,671)
86.h8l.199
.+ 825)
for the similar period a year ago. Pui-suing our usual method
of deducting two-and-a-half times these values from the New
years, or
an excess of
15-2 per cent.
+14-4
+83-6
10.01)7.665
—2-8
(810,509
+19-6
(+86-2)
76,274,978
64.635.009
9,876.849
49.981.000
45,329.000
+101
40.818.0110
I6.3a.).7.12
13,998.118
12.508,882
10,715,334
8,788.196
+9-7
+88-6
+13-8
+10-4
-1-5
+0-1
-10-0
7.753,910
+16-8
6dar8
Estimated 1 day
729,927^681
198,104,(67
648.838.758
139.102,487
+136
615,783,024
169,647.83«
+13-6
Total fall week
Balance Coaotrf*
928,032,018
+T71.
+11-7
785.370.860
11.1,488.694
781,941,886
101,598,101
101.649,148
+197
+ 13-0
I.O.''5..'>20.-42
883 031.389
+ 17>
887,019.408
+19-3
$37,312,000
Y<jrk totals, leaves as the exclianges arising tlirough other
business 1^12.983,308 and $:358,484,278 respectively in the two
44.138.638
436,881.163
Total.
*
Total wAek.
all
For the
week, based on
tall
last
weet'a retarna.
+ 381
93,974,7i9
46,405.948
7,880,393
+-»8-7
—
THE CHRONICLE.
270
XLVni.
[Vol.
is only £21,727,834 against £22,770,one million pounds sterling less than in
the total reported
THE FINANCIAL SITUATION.
757, or over
improving tendency is observable in the money the corresponding week in 1888. Whether the Russian
market this week. For call money, as represented by loan, announced this week, will in any manner affect
greater the exchanges adversely to London, is not stated. Judgbankers' balances, the rates obtained disclosed
banks ing from the results of the previous conversion loan at
with
while
week,
firmness the last half of the
apparent.
was
inclination
Paris, we presume not.
The present arrangement has
like
and trust companies a
losses been concluded with the Rothschilds, and is said to be
considerable
very
by
caused
This has been
currency on the part of our banks through in about the amount of $140,000,000, for converting
of
An
Treasury absorption and through shipments to the in. that amount of 5 per cent Russian bonds into 4 per cents.
by a somewhat better inquiry, and by the dis- The open market rate for money at Paris is 2^; at
position on the part of some lenders to await the an- Berlin it is 1| per cent, and at Frankfort If per cent.
nouncement of the policy of the Treasury Department The Bank of France reports a decrease of £41,000
with respect to bond purchases, which policy may be gold since last report.
terior,
"
changed in some degree by the incoming administration.
There is also a widening demand for money, which we
are inclined to think (notwithstanding the general
anticipation of extremely low rates during the spring
and summer) is to see a further expansion when the
Our
foreign exchange market has been dull, but gen
erally firm,
day sight
and yet without
bills
financial markets,
and therefore
of course all markets,
are held in such close fellowship with Treasury opera-
Tues-
be due to
some old bond negotiations, but on
Thursday, with increased activity for money in London and a good inquiry for cable transfers caused by
Our were
parative quietness in anticipation of this event.
easier, stated to
offerings against
is well started in its term of office.
Nothing could be more natural than a period of com- higher quotations for
new administration
On
special feature.
were a shade
sterling
on the Continent, the rates
The arbitrage operations
firmer again.
appear to have had
little effect
of the
week
upon the market.
This
continued condition of our foreign exchange rates, so
close on to the gold-exporting point and yet below it, seems
would
But to be a little remarkable every time there is any show of
be enough to
when the change has been made, and it is found, as no hardening, enough bills are fed out drawn against
doubt it will be found, that to conserve business inter- " some old bond negotiation " to make the market relax
ests is the aim and effort of the coming, as it has been of again.
As a result, very little gold goes out, none hav-
tions that a change suggesting even half a doubt
keep many
operations in abeyance.
the closing administration,
;
the wheels of progress will
begin to turn with something like the old rapidity.
ing been taken the past week.
If the trade statements
are any guide, that condition cannot be long maintained.
The extremes for bankers' balances have been 3 and Mr. Switzler has this week issued the January trade
1\ per cent, averaging the first half of the week 2 per figures, and prepared in our usual form we have the
cent, and the last half nearer 3^ per cent, renewals following comparison.
being made at the latter figure.
Banks and
trust
com-
rOHKIQN TRADE MOVEMENT OP THE DNITBD STATES— COOOS Omitted.)
panies quote %\ per cent as the minimum.
In time
money, rates are substantially unchanged, but lenders
insist
on
first-class
collateral,
unexceptionable the choice of
to the borrower
;
and with the collateral
any of the dates is given
the quotations are 3 per cent for sixty
MEBCHANDI8E.
Exvortt. Import*. of
Ex
Bxcttt
Im.
Ex-
port*.
portt.
ports.
and 4 per cent for 1S83.
Jan....
months. Our banks are generally out of the 1884.
market for time loans, many of them doing nothing on Jan....
1883.
time except for their customers, and others preferring Jj\n....
porU.
l,S7l)
2,518
895
1,6S3
154
371
2,814
1,163
1,U1
1,448
629
2,289
1,093
1489
•BS
2,907
1,023
1,884
56,971 23,408
1,310
34
r3,990
34,311
6SS
80.533
42,221 38.312
2.075
5r,988
47,415 10,573,
1,706
2,582
to ninety days, 3^ for four months,
Bxeut
Ex-
of
t
1.648
80,380
S 6,956
ports.
534
t
102
Jan...
ImporU,
Im-
VorU.
1,032
$
1,134
t
oj
Bx-
«
2,182
*
7,905
1S8«.
SILTKB.
OOLD.
Exctta
rear.
I
t
five to six
commercial paper, finding that they can do better in
Jan
19.079
1
The supply of commercial paper is only 1887.
722
2,907 1,916 1,194
029
71,534 .51,951 19,583 3,536
Jan
fair, although the demand continues good and rates 1S88
1,04»
•229 2.238 1,180
684
305
unchanged. Our banks have had a decided increase Jun... 63,051 38,513 4,538
1^89
648 3,003 1,50; 1.440
619 1,19the past two weeks, in the demand for money from Jan... 73,47) «S,S4S 3,122
* Excess of exports.
other cities.
Last week the movement was to the East
and near-by points during the current week the West
The above trade statement is conspicuous both for
that market.
...
;
has also been drawing. This is quite a change. Three
weeks ago letters sent out by some of our banks to their
correspondents, to know if they could use funds, met
with no response.
It will be noticed
imports in January.
million dollars,
are
exports
73^
that the merchandise
January, 1888,
in
than
more
dollars
million
being ten
since 1885.
month
corresponding
any
largest
of
the
and
exports and
This increase is mainly due to the late movement of
bank cotton and to a free movement of corn and provisions.
bills at 2f to 2J^ per cent. No doubt this change is mainly But the most marked feature of the statement is the
due to a renewal in the outflow of gold, the net loss by continued growth of merchandise imports. Even after
the Bank of England this week being £118,000. That a twelvemonth of unusual totals, making an aggregate
net total, however, does not disclose the real facts, a in 1888 in excess of any previous year, the total for
private cable to us showing that the actual withdrawals the first month of 1889 is 10 million dollars larger than
for exports were £470,000, the small net loss being due for January, 1888, over 16 millions larger than Janu-
Money
in
London
is
again more active.
The
cable
reports discounts for sixty days to three months'
to receipts from the interior of Great Britain aggregating
£196,000, and also of other receipts to the amount of
about 21 millions larger than .January, 1886,
In fact,
larger than in January, 1885.
millions
26
and
the total has not been equaled in any month of any
year since 1882, and in only four single months during the
ary, 1887,
£156,000, the latter principally obtained in the open
market. Still the Bank has, even with this week's loss,
a fair supply of bullion; but now is the season for period since specie payments were adopted. It is to be
accumulations, and with the current week's withdrawals. noted that profitable conditions of mercantile business
1
March
8.
ufc9
THE CHRONICLE.
i
271
United States are not a concomitant of these | Northwestern spent $4,111,839 for new property (acis to say, although the volume of mer- cording to the report to the same State commission),
chandise moving is large, prices are not remunerative and that on the plan pursued the deficit on that road
now, that being the quite general complaint. In some for the calendar year 1888 would stand at $4,194,722.
cases values are low, as for instance coal and iron, hut Or take some other year, when the roads were actively
engaged in extending their mileage, as for instance J886
in all cases tlie cost of production is high.
in that year the St. Paul spent $11,GC9,841 for new
The Chicago Milwaukee & St. Paul has begun tlie
publication of monthly reports of net earnings, and fur construction and equipment, and including that as a
January submits an exceedingly favorable statement, charge against earnings, there would have been a dein the
large imports; that
—
the net this year being ii394,160, against $93,755 in
January, 1888, or a gain of *!300,000. The loss last
ficiency of $10,001,217
year was only $246,000, and the present total is the
largest since 1885. With regard to the annual statement
tions.
:
llailroad earnings thus far
do not disappoint anticipiu
Good returns were expected, and good returns
are being received, with comparatively few exceptions.
week there has been much adverse and, as And this is true, not only as regards the gross, but also
we think, unfair comment. Some of the criticisms made as regards the net. A great many reports of net have
One critic berates the manage- come in this week for the month of January, and while
are clearly erroneous.
ment for the two million dollars' increase in expenses in of course later exhibits by other companies may modify
the face of the decline of half a million dollars in gross the general result, it is gratifying to note that up to the
earnings.
But if there is any fact well established it is present time there is no reason to find fault with the
It was of course a foregone
this, that heavier expenses were one of the main charac- character of the showing.
Rates conclusion that the Eeading would report a very large
teristics of the 1888 operations on our railroads.
were lower (very emphatically so in the Northwest), and gain, since operations last year were almost totally susBut take a road like the Union
a given amount of gross earnings, therefore, covers a pended by the strike.
largely increased business, and consequently heavier Pacific, which has no such exceptional circumstance
There we find an increase of
operating expenses; but, in addition, there were many to swell its totals.
greatly $190,168 in gross and $171,989 in net.
The loss in
influences and occurrences which
special
Our table of net earnings gross last year was trifling, and in net $81,000. Then
increased the operating cost.
for the whole country, given last week, showed how there is the Chicago Milwaukee & St. Paul, alluded to
general this feature of heavier expenses was during 1 888. above, which has a gain of $300,000, making the net
published
last
illustration is wanted,
If a special
Paul's neighbor, the Chicago
&
however, take
Northwestern.
the largest since 1885.
St.
That an increase
The
of $144,508,
Louisville
&
Nashville has
and the Northern
Pacific
an
road lost 2^ times as much in gross as the St. Paul, or in increase of $330,731. Good returns are also furnished
other words $1,307,750, and yet expenses were increased by quite a number of other companies ; there is a
$1,142,255, making its loss in net $2,450,005, or not sprinkling of roads showing reduced net, like the NorAnother folk & AVestern, Cleveland Columbus Cincinnati &
materially different from that of the St. Paul.
criticism has been that the April dividend (1888) had Indianapolis, Western New York & Pennsylvania, &c.,
apparently been dropped altogether out of the calcula- but these possess no general significance.
But this April dividend always comes out of the
The Pennsylvania has also issued its January stateprevious year's earnings, though declared and paid after ment this week.
It may be regarded as both satisfaction.
the annual
report
diminish
is
made
up, the only effect being tory and unsatisfactory.
surplus balance
the
to
the
It is satisfactory
in
showing
another heavy addition to the gross, after very considerIn putting forth a statement able gains in the same month of all other years back to
income account.
of the 1888 operations, therefore, it was proper to bring 1885 ; it is unsatisfactory because an augmentation in
to
credit
of
j
in only the October dividend on the preferred stock, for
expenses has consumed a large part of this gain, so that
that was the only dividend paid and based on that year's
the increase in the net is comparatively trifling, though
That the other dividend was not ignored will in 1888 there had been a decided falling off. .This is
appear from an examination of the item of
surplus in- as regards the lines east of Pittsburg and Erie. On the
come brought forward from previous years," which in Western lines the surplus above liabilities is $18,683
income.
'•'
is given as $2,109,512, whereas
less than in January, 1888, so that altogether the
end of 1887 before the April dividend had been improvement is not very marked. Here is the statetaken out this surplus income (see company's last ment in our usual form.
report) was stated at $4,074,998.
1885.
1889.
1888.
1887.
1?S6.
1884.
jA.NC.Aar.
But the most palpable misconception of the accounts
the present statement
at the
1
1
PennsybxiTiiit.
»
»
*
i
*
1
*
3.277.522
3.574.838
2,406,087
1
contained in a press dispatch to one of the 2)a]iors Gross earnings
Operafg expenses
yesterday.
This statement gave the figures as filed with
4,528,744
3,447,931
4,193,979
8,831,771
3,188,059
2,6S7,4S0| 2.460,995! 2.2H0.948
Net oamlDRS...
1,<»0.793
1,005,920
1,214,351|
is
3.421.53*
831.911
990.574
1,160,138
one of the Western State llailroad Commission.-;, and Western lines
+3S94S +57,6 1 +154,931; -1.13,087 -42.807 -110,586
817.854
047.767 1.U66.5S1
being based on the form of report usual with such com1,119,741 1,003.851 1.369.S02
Result
missions, includes all kinds of disbursements, even such
As regards the character of the exhibits of the other
as outlays on
capital account.
In that way, by trunk lines, both the Baltimore & Ohio and the
charging against the 1888 earnings the April dividend Erie have reported for the same month, and both show
and $3,078,544 spent for new property, equipment, &c.> improved results.
a deficit of $4,080,703
of that result
we
is
reached, and on the strength
are informed that the exhibit
is
" the
" most unfavorable one yet made by any Western road
" for last year, not excepting the Burlington & Quincy."
Of course, every one knows that the items of construction and equipment have no place in the income statement, but as showing how misleading the whole thing
is, we will say that in
the same year the Chicago ft
The
stock market appears to have been a waiting one
traders have from time to time taken
rumors as were available for their
such
advantage of
purpose and have sought to force declines, particularly
in the grangers, but the market yielded only slightly,
On Monday St. Paul preindicating a firm undertone.
ferred was attacked on the theory that the earnings
would not justify the payment of a dividend and the
this week.
The
.
.
THE CHRONICLE.
272
[Vol.
XLVHL
other granger stocks were assailed on a report that the As to the silver totals,it is possible that the excess in Mr.
Iowa rates would compel a reduction of the inter-State Kimball's results is due to his estimate being expressed
rumor on that day was also current that the in coining values, whereas the other total (made up from
tariffs.
Union Pacific h*ad not signed the Presidents' agree- shipments by express and freight) might be sometimea
A
ment, but this latter was promptly denied. Thursday
there appeared to be a more confident feeling,
which was manifested in a rise in Union Pacific, Manhattan Elevated, the grangers and the Northern
Many operators it is claimed are waiting to
Pacifies.
learn whether Mr. A. F. Walker will accept the position of Chairman of the Executive Board of the InterState Kailway Association. If he accepts, the organization
can be immediately completed. There is also a disposi-
what financial policy
It
lined by the incoming administration.
tion to wait and see
that Mr.
and
Windom
will be out-
expected
Treasury
is
will be the Secretary of the
effect
long since we noticed that a leading London paper,
contrasting recent with previous years' silver production
hoped that he
will
The
statement gives the week's receipts
following
and shipments
and gold by the
of currency
N ew York
States,
reduced
all
the totals to
one was seeking to know the relative worth
method would be correct; but if one
wishes to represent in money the relative ounces in the
production, it can only be done as the Mint Bureau does it.
Below we furnish its estimate of the annual values of
both gold and silver since January 1, 1879.
We add
also the ounces, although the ounces are not stated by
of silver.
If
of the output, that
ounces.
Mint in any of the reports except
and in those cases they are given in fine
of the
in the last two,
But the
ounces are easily obtained for the
we have worked
them out and inserted them. They will afford to many
perhaps a more satisfactory measure of relative producfine
other years from the dollar values and
banks.
Wuk
United
in the
bullion values on the basis of each year's average price
promptly announce his
bond purchases, for even
temporary suspension would have a disturbing
the Director
upon the market.
is
it
intentions, at least in regard to
their
bullion values put upon consignments for transportation,
though we presume it is intended to have them always
in coining values.
A misapprehension seems to prevail
in some quarters as to this unit of comparison.
Not
eitding
March
Received by
T. Banke.
18i9.
1,
If.
Currency..
«1,170,000
Shipped by
If.
ti.no.ooo
With the Sub-Treasury
Moivmeni.
700,000
Loss. »1.72O,OO0
Loss.
700,000
»3,590,000
Loss. «2,420,000
$2,890,000
Gold
Total gold and legal tenders.
Sfet intrrlo*
T. Bank)
oi^erations
the result
is
1,
1889.
Into Batikt.
OutofBankt.
JV«t
Banks Interior Movement, asabore
...
France
40,373,001 48,991,456
31,101,334 15,550,866
Gennanj
Aitflt..Hung'7
1,881,863
40,800,000
31,556,965
1880..
36,000,000
1,741,570
39,200,000
30,319,437
Vine Ouncei.
1881..
34,700,000
1,678,680
43,000,000
33,258,566
1882..
32,500,000
1,572,251
46,800,000
36,197,695
35,733,623
1883..
30,000,000
1,451,308
46,200,000
$11,970,000
$17,390,000
Loss. $i.420.O00
1884..
30,800,000
1,490,010
48,800,000
37,744,605
1885..
31,800,000
1,538,387
51,600,000
39,910,279
1886..
35,000,000
1,693,193
51,000,000
39,446,206
1887..
33,000,000
1,596,375
53,357,000
41,268,305
1888..
33,175,000
1,604,927
59,195,000
45,783,633
March
Ibtoi.
1,
1888.
saver.
lotal.
i
21,727,824
38,900,000
Loss. $2.4-20.000
Loss. 3,000,000
Feb. 28, 1889.
HBfftand
1879..
13.800,000
Bankeot
saver.
Dollars.
$5,590,000
Bullion holdings of European banks.
Gold.
\Fine Ouncet.
$1,170,000
10,800,000
8ab-Trea8*f operation s
Total gold and legal tenders
Holdingf
Silver Produelion.
J>oUars.
ag
Channe in
Bank
Qold Prodxtction.
Calendar
Years.
follows.
Week ending March
tion.
^PThe value In dollars of gold per ftne ounce Is $20'671.
21,727,834
89,364,517
The value
46,652,000
21,269,000
Netherlands..
6.735,000 15,534,00(
B,095.00« 7.268,00(
Nat.BelRium.
2,e35,000| l,3l7.00t
3,052,000
12,363,000
Tot, this week 108,667,-.il»'88,66l,12: 193,328,311 109.588.524
Tot.prev.w'k. 100.234,260 88,440,915 IC4,675.n5 109.376.202
:
WffAT INDUCES INCREASING SILVER
PRODUCTION.
Mr. Kimball, Director of the Mint, has this
week
furnished us some of the leading items of his
report for
the calendar year 1888, which has just been
submitted
to Congress.
It will be remembered that in
January
(Chuonicle, Jan. 26, page 115) we wrote at
considerable length on the subject of gold and silver
production
in
doUars of silver per
fine
ounce is $1-2929.
These figures show an especially active state of the
mining industry during 1888. The yield of gold that
year compares well with previous years, being materially
larger than in 1882 to 1885 both inclusive. As to silver,
the annual result is not only noteworthy but makes
more conspicuous a history which is a curious one. The
quantity of silver produced has been growing almost uninterruptedly since 1861, when the total was $2,000,000, or
1,546,910 fine ounces.
000, or 27,651,017 fine
In 1873
it
had reached $35,750,-
ounces.
Since that date the
value of bullion has been quite steadily declining, as
we all know, but that has in no measure checked the
expansion in production; nearly each succeeding twelve
months has registered further growth, until in 1888, aa
shown above, the total reached over 59 million dollars,
in the world, giving for the United States
production or
45,783,632 fine ounces.
the figures prepared by Mr. Valentine of
Wells, Fargo
The
explanation such a record authorizes, is not on
&Co. His results for 1888 were for the "States
and the surface. To a small
extent the higher values of
Territories west of the Missouri
Eiver " $39 987 702
copper and lead the past two years have increased the
gold and $53,152,747 silver. Mr.
Kimball now mikes
output of the argentiferous lead and copper ores ; but
the totals for the whole United States
$33,175,000 gold
that,
we presume, cannot be a very material item, and
and $59,195,000 silver, or an excess of
$3,187 298 of
besides
it in no way accounts for the growth during
gold and $6,042,253 of silver.
With regard
to these differences little
Mr. Valentine does not claim for
aame completeness they formerly
need be said
his figures
now
the
possessed, the multiextension of railroads
into
previous years in face of the lower prices for silver
Large profits stimulating production, is the
natural explanation which these conditions suggest;
bullion.
hence the public thinks itself warranted in assuming that
silver-mining has always paid largely and that silver is
"increasing the difficulty
of verifying
being mined every succeeding year on a wider margin.
"reports of products from several
important localities "
Yet facts do not appear to bear out this theory. Mr.
plication of routes
mining
districts
by the
'
Mabch
3,
THE CHRONICLE.
1889.]
273
mentioned by some witness before the Royal
Kimball, tho Director of the Mint, made during 1888 the rightly,
All mines that possess rich veins, in good
Commission.
most thorough examiiiatiou which has ever been made
condition,
and which pay at present prices,
working
though
into tho question of cost of silver production, and
the net annual surplus by enlargenlarge
evidently
could
upon
them
the details of his results and his remarks
naturally seek to do so and keep
would
and
ing
yield,
the
careful
study
they will well repay anyone's
^
i
^
are
long,
who
is
j
interested in the subject.*
|
up the dividends. This, however, is an exhausting
and as the liistory of mines proves that they all
It is inaccurate to call the results he reaches cost of
production, for they are really not that, and he very
process;
properly rejects the use of the expression. He says the
results come "fiir short of the cost of production in
must have a limit. It would be a very useful
work if the Mint Bureau would investigate the subject'
and clear up the doubt. The large and constantly
have short
its
lives, so far as this
influence
is
in operation
action
" the full and general sense." And of course they do,
price is declining^
because (1) they leave out the capital account and interest increasing yield of silver while tho
limitless
supply.
If that
unexplained,
a
suggests,
if
on it, (2) they do not cover the expense attendant upon
On
the
other
hand,
know
it.
true,
let
us
conclusion
be
nothing
for
tho comiwny management, (3) they allow
production
is
evidence
that
we
are
increased
if
our
not
they
do
depreciation and renewal of machinery, (4)
supply,
let
have
up
future
us
the
and
using
anticipating
mines,
life
of
short
of
the
include an allowance on account
The inquiry
they make no account of ths unsuccessful facts that tend to show that condition.
the
present
and
future of
bearing
on
obvious
an
has
which
have
capital
loss
of
corresponding
ventures and
currency.
future
of
our
upon
the
and
prices,
and
perfecting
for
prospecting
work
of
the
in
occurred
and
(5)
one successful operation.
In a word his results are
simply the working costs of successful mines in some of
His most satisfactory
the chief silver-producing States.
results would seem to be from Colorado, as they cover
CHARACTER OF ILLINOIS CENTRAL
REPORT.
We are
not a
little
surprised at the favorable outcome
129 enterprises distinctly recognized as silver mines. of the 1888 operations on the Illinois Central, as disThat State produced $15,000,000 silver in 1887, and closed in the annual report issued yesterday, and a confrom this investigation it would seem that the working siderable part of which we reprint on subsequent pages.
producing one ounce of refined silver was $0-C03.
Montana produced $15,500,000 in 1887, and he obtained
returns from twelve mines reporting about two-thirds of
the product of the State, and found the average cost
$0-433.
The entire investigation covered a product
of 17,655,387 ounces, costing to produce 19,024,277, or
cost of
As our
readers are aware, the
company reduced
its latest
2^ per cent, making
with the 3^ previously paid 6 per cent out of the 1888
earnings.
The reduction was perhaps not unexpected,
but the more timid stockholders wore made quite un-
semi-|jjinual dividend
from 3^
to
comfortable by very confident utterances on the part of
persons claiming to be well-informed that even 6 per
an average of $0'511.
Now, if one adds to these results the other risks and cent had been far from earned.
What are the facts ? It is found that while in one
outlays suggested above, and which a capitalist must
meet before he can expect to reap any return for his in- aspect the assertions had in them an appearance of truth,
Counting
vestment, one ought to possess a fair idea, in the par- in the real sense they were totally misleading.
Assuredly there is in full every charge for interest, rentals and sinkingticular referred to, of this industry.
nothing here which supports the idea that silver miners fund, and also $220,781 for permanent improvements,
or that this and allowing, furthermore, for the 6 per cent dividends,
are virtually shoveling up the white metal
product is obtained at so little cost as to encourage free the surplus dividend fund at the end of 1888 stood at
Thus the
outlays of fresh capital
or that new methods of mining §163,536, against $436,356 at the beginning.
have made or induced this addition to the product. shortage is apparently $272,820; but if the $320,781 for
Large organizations, fully equipped, working rich veins, construction expenditures (which by many companies
no doubt have a safe, and some, what might be called, would be made a charge to capital account) were taken
a wide margin.
But we can find in these facts no satis- out and also the $50,000 for sinking fund (which diminfactory explanation for the increased yield of silver
ishes the debt to that amount), the accounts for the
they disclose nothing in support of the idea that it is year would come out about even that is, on that basis
easier to produce than it was ten years ago, and nothing the 6 per cent dividends were just earned.
Of course
which should induce an enlarged flow of capital into that is not nearly as satisfactory as in the year precedthis branch of the mining industry in face of a materi- ing, when 7 per cent dividends were paid and $583,377
ally declining price for the product.
For it must be spent for improvements, leaving the surplus dividend
remembered that while the growth in the output has fund increased $133,000. But no such result was
progressed from 35J million dollars in 1873 to over 59 looked for in 1888 in fact, a company which can show
million dollars in 1888, silver bullion has dropped in 6 per cent earned on 40 millions of stock in a year of
price from CO 5-lGd., the average in London for 1872 such extraordinary depression as the last, must be conas given in Pixley & Abell's table, to 43Jd. the average sidered to have done remarkably well.
;
;
;
—
—
for 1888 according to the
same authority.
Here
is
an
What makes
the favorable character of the exhibit
increase in production of over 65 per cent in tho face of
more gratifying,
a decline in price of nearly 29 per cent.
standing a very small return on some large investments.
Take the Iowa lines for example. The company in 1888
is
that the result^was reached notwith-
There is a suggestion which seems to us may afford
an explanation, in great part at least, of this curious and (under the new arrangement) did not have to pay any
irregular movament.
The suggestion is important, rentals on account of those lines, which of course was a
because if correct it points to a falling off in produc- decided advantage.
But on the other hand the only
tion in future years.
It is that the very decline in price return which the stock of the Dubuque & Sioux City
here noted has tended to increase the product.
This
is not our own
thought, but was, if we remember
•
See Report of
tUft
Miat oa Production of Gold and Sllrer for UnUeil
90 to 1 16.
Btotea in 1887; pages
road, held in the Illinois Central treasury to the
amount
of $7,897,300, has as yet received is a dividend of one-
half of one per cent, bringing $39,000.
ceivable that
these lines
It is
may do much
not incon-
better in the
THE CHRONICLE.
274
[Vol.
XLVm.
they should, the improvement of course reported that the Union Pacific, in addition to the
much to the advantage of the Illinois monthly statements for the whole system, will hereafter
Central, as that company owns practically the whole of furnish full details for all the branch companies.
There is no question that these are all steps in the
the stock of that road. In any event, the comparatively
imright
direction.
The necessity and desirability of this
any
without
made
been
good showing for 1888 has
future.
If
would be
just so
portant contribution from that
point it is well to bear in mind.
source.
No
One other
class
of information
is
arguments in favor of
so generally recognized, that
would be superfiuous. The
Chicago only point that needs considering is, how can the
Madison & Northern, is included in the late year's requirements be met with the smallest amount of
operations, the figures being based on the same mileage trouble and expense to the roads, for it is troublesome
Whatever benefits are to result from the and expensive to prepare any kind of report. Time
as in 1887.
tions
of the
new branch
part of the opera-
it
roads, such as the
operation of these roads, therefore, will accrue during and money are well spent if the returns answer a useful
purpose.
They are wasted, and the operation becomes
the current year.
hour at which the report has been received vexatious and annoying, if the returns are not needed
all the leading features, or and possess no substantial value.
Asking for too much
The Inter-State
to analyze the statement at any length. Among the prin- is almost as bad as asking for nothing.
cipal events of the year however may be mentioned the Commerce Commission made that mistake, and the
amalgamation of the Dubuque & Sioux City and the result has proved very unsatisfactory, both to the ComIowa Falls & Sioux City, and all the other branches in mission and the railroads. It is desirable that in any
Iowa, into one consolidated company; since the first of future effort in that direction, this mistake shall not be
January, 1889, the Mississippi & Tennessee has likewise repeated.
It is well to recognize two other points
been incorporated in the Illinois Central system through
^first, that
consolidation with the Chicago St. Louis & New Orleans. very decided jirogress has already been made in obtainThe Illinois Central also now owns all the shares ing more frequent returns (largely through our own
of the Dunleith & Dubuque Bridge, and has made con- efforts in following tlie matter up with great persistency
tracts with both the Burlington & Northern and the and making a specialty of that class of work), and
Chicago St. Paul & Kansas City by which these com- secondly, that where such returns are withheld it is not
panies pay a certain rental for the use of the Ijfidge usually from dishonest or improper motives.
On the
and also bear part of the expense of operating it. One first point we will only say that our weekly and monthly
of the interesting points brought out in the report is exhibits of earnings are evidence of how much has been
that the Illinois Central has " no contracts with any accomplished, the detailed statement of gross published
" persons or coriiorations operating fast freight, steam- by us each week occupying a whole page and covering
" boat or steamship lines or ferries; nor has it any con- fully three-fourths of the entire railroad mileage of the
" tracts with bridge companies, except the Dunleith & country, though unfortunately the same roads do not
" Dubuque Bridge Company, which it controls."
all furnish exhibits of net earnings.
Of cours$, our
It is stated that no new extensions were undertaken aim is and has been to cover the whole railroad system,
during 1888, and that the company has none in view both as regards gross and net. But on the question as
for 1889.
But of course it is intended to complete to the motives prompting the managers who will not
the works in process of construction.
The great furnish returns, it is well to note that among such roads
bridge across the Ohio River at Cairo will call, it is are comprised some of the best managed properties in
estimated, for a further outlay during 1889 of $856,773, the country.
The Chicago & Alton, whose report for
and it is expected that the bridge will be completed by the late year we review to-day on another page, gives
November; further expenditures to an amount not out neither the gross nor the net monthly, nor does the
exceeding $000,000 will also be needed to complete the Rock Island. The Illinois Central and the Chicago &
Chicago Madison & Northern. But these seem to com- Northwestern and the Omaha furnish only the gross.
prise the principal unfinished undertakings.
Most assuredly no one would charge the officials of these
comiDanies with having any sinister purposes or designs
in pursuing such a course, though it is hardly possible
REQUIRING
QUARTERLY to refrain from suggesting that their methods are old-
The
makes
late
it
impossible to refer to
—
MONTHLY AND
REPORTS.
fashioned.
The
great changes which have occurred in railroad
affairs within recent periods, and the doubts and uncer-
The temptation
when earnings are
tainties existing with regard to the future course of
railroad income, are bringing to the front again tlie
Thus, the Fitchburg, in response to the request
at the late stockholders' meeting, is publishing its
gross
bad exhibit of his road. On that point the action of
the Atchison and the Burlington & Quincy in continuing the publication of their monthly statements, at a
time when earnings were falling off so heavily thus
keeping stockholders fully informed as to the course of
current business deserves the heartiest commendation.
But there are other considerations which often influence
railroad managers in their determination to permit no
reports of current earniugs.
We recall an instance
occurring several years ago, when the Southwestern
roads were doing an unusually large and profitable business.
We then applied for periodic returns of earnings
earnings monthly now, the
for the Missouri Pacific system.
subject of furnishing more frequent and more extended
information to those interested in railroad properties.
The
agitation of the matter, too,
attended with some good results.
legislative
committee
seems likely to be
In Massachusetts a
considering the expediency of
requiring quarterly returns like those provided in
New
York. Not only that, but some of the companies in
that and other sections are acting upon their own initiais
tive.
first
statement (for January)
to keep the returns secret
poor.
No manager
is
strongest
likes to present a
—
—
The
request received
under thi.s arrangement having been given by us last
serious consideration, being brought we believe to the
week; at the same time the Chicago Milwaukee &
St. attention of Mr. Gould. After a while, we were informed
Paul has this week begun the publication of
monthly that it was not considered prudent to furnish such
returns of net earnings.
Finally, from Boston it is returns.
The reasons were given us privately, but we
'
Maboh
2,
THE CHRONICLE.
1860.J
275
In to the future consists in frequent reports of current
it can do no harm to make them public now.
brief, the heads of tlie company were apprehensive of tlie business.
Our New England friends have had occaeffects of very favorable returns, coming out at frequent sion, too, to test tlie value of these quarterly reports.
intervals, in provoking still further the spirit of hostility A few of the larger roads extend into New York State
manifested by labor organizations and State Legislatures and thus fall under the requirements of the New York
and Railroad Commissions. The great Missouri Pacific law. Only in this way has the East been able to obtain
strike, which came subsequently, and the other develop- information as to the current operations of such
importhink
ments since then, show that the officials of the company
gauged the public temper correctly. But the most important lesson we think to be deduced from this nan-ative is
found in the fact that the hope of circumventing trouble
by withholding the returns, proved futile. The conflict
came anyway. Therefore, nothing was effected by the
policy pursued.
And this disposes of one of the objecfrequently
tions
made
to
giving reports of current
business.
think every railroad company ought to furnish
voluntary monthly returns of gi'oss and net earnings,
and thirt quarterly reports ought to be enforced by law.
It cannot be urged against a system of monthly returns
would
any additional expense or trouble
upon the roads. We believe we are safe in asserting
that there is not a railroad company in the United
States which docs not make up monthly statements of its
business.
These statements are necessary for the information and guidance of the officials, and it would
hardly be possible to conduct business intelligently
it
entail
without them.
It is only a question therefore
of
pre-
paring transcripts of the same for the newspaj)ers, or to
file with
some public officer, and the expense and
trouble involved in such a proceeding
is
trifling
As to the quarterly returns, the experience of New
York may well be taken as a guide. Here these reports
have proved exceedingly useful and met every expectation.
In fact, in practical utility they exceed anything
ever devised under Government auspices.
They are
compact in form, easily understood, contain but few
items and those just what are required
by reason of
which qualities, moreover, they find wide publication,
and are placed within easy reach of everybody having
use for them. The form of report is extremely simple; it
consists merely of a comparative exhibit of gross and
net earnings, with interest and rental payments, besides
which nothing is required except a trial balance sheet
showing the financial condition at the end of the quar;
The statements are usually filed from four to six
weeks after the close of the period to which they relate,
and in this way stockholders and the public get pretty
ter.
Albany, P'itchburg,
Ac,
It
now proposed to require such reports from all Massachusetts roads.
The Boston Advertiser has taken the matter up in earnest, and last week had a column of interviews with leading men.
The proposition is of course
is
very favorably received.
The Advertiser
thinks, however, that no legislative
necessary;
it holds to the opinion that the
State Commission possesses ample powers to enforce
is
such reports.
Doubtless the same
States, so that the system
without
much
is
true of
many
other
might be generally adopted
The Advertiser
farther legislation.
also
says that the Massachusetts
Commission has for years
been receiving monthly reports of gross and net earnings, but that they have been withheld from publication
—doubtless
in deference to the wishes of railroad
These, too, should now be made public.
The
Massachusetts Board already stands high in public
estimation ; it could do nothing better calculated further to enhance its reputation than through an act of
officials.
that kind.
DOUBLE TAXATION.
and
insignificant.
&
this information has been greatly appreciated.
action
We
that
tant systems as the Boston
and
Ever since the beginning of the year the subject of
taxation has been actively discussed in Ohio, and especially in Cincinnati.
It is not that the tax laws of Ohio
are worse than those of many other States.
The fact
simply is that, with the growth of its business, Ohio is
face to face with new conditions to which the legislators and the courts are as yet not fully awake.
When a
State ceases to be chiefly a borrower of capital and
becomes itself an owner of foreign securities, a new set
of facts arises which must be met by proper laws.
Ohio has reached this stage of business. Its tax laws
have not yet adapted themselves to the new conditions,
even to the limited extent which has been reached in
New York.
Special occasion for comment has been given by a
recent decision of the Supreme Court of Ohio, affirming the validity of a tax on stocks of railroads organ"
ized in other States.
The Fort Wayne and the Cincinnati Indianapolis St. Louis & Chicago are the railroads
information four times a year, where in many cases
they would otherwise get it only once a year. When chiefly affected. Each of these has a considerable
the idea of requiring such reports -was first ^iggestod it length of line in Ohio, on which it is directly taxed.
was strenuously opposed by the roads, but time has fully In addition, an effort is now made to tax the stockdemonstrated the wisdom of the step. We imagine, holders on the evidences of their title a case of double
too, that the roads have found the arrangement loss taxation of the worst form.
It is not merely double
full
—
burdensome than they supposed, since
difficult or extensive
it
involves
no taxation,
computations.
it
is
holder of Fort
unequal taxation
Wayne
stock
is
;
for whilo' the
Ohio
taxed on his property
There seems to be no valid reason why other States and his stock both, a holder in other States pays taxes
should not take the matter up and follow in the foot- on the property alone.
steps of New York.
There is no need for experimentAn address by President Ingalls of the Cincinnati
ing as to what is wanted; the New York retuni offers Indianapolis St. Louis «& Chicago, at the last meeting,
something concrete and tangible.
In the New England of the Commercial Club of Cincinnati, shows clearly
In that section the results of this attempt. It does great harm and no
managers have always be^n very obdurate, and it is the good. For every dollar that it can collect it keeps,
only part of the country where the companies almost away many dollars of capital. If investments are subunanimously refuse to give information oftener than ject to double taxation, Ohio will be neither a good
once a year in the annual reports. Moreover, the char- place to live in nor a good place to invest money in.
States especially the
call
is
urgent.
A
acter of
many
of the leading systems in that section has
law which makes it impossible for the inhabitant of
greatly changed in recent years, so that the only guide Cincinnati to hold stock of roads like those named wiD
THE CHRONICLE.
276
[Vol. XLVIII.
without depending wholly on the conscience of the
As business became more compliindividual taxpayer.
property grew more important.
of
forms
The penalties by which it is sought cated other
State commerce.
own business was less accurately
man's
The
value
of
a
odious.
to render the law effective only make it more
His savings were invested in
neighbors.
of
known
by
his
benefit
Efforts to collect back taxes redound to the
corporations,
or loaned on mortforeign
the
stocks
of
offendserious
the informers, but do not reach the most
Under
these
circumstances
it was
in
other
States.
gage
Ingalls,
Mr.
said
"
started/'
Before the tax trouble
ers.
honest
taxes
any
but
men
pay
on
make
impossible
to
stock
Four
Big
of
dollars
eight million
obeyed
for the most part be evaded ; but as far as it is
interover
control
exercising
from
them
prevent
it will
"there was
" owned
in this town.
"its board controlled
" the
directors for
The
it.
But the law makers and the courts were
directors who meet around such property.
To-day you have to qualify slow to recognize this fact. The courts were bound by
owning one share each in order
to
Legislature, in the majority of
tradition; the
States,
not affect railroads consisted mainly of representatives from towns where
They thought
old business methods still prevailed.
alone, but manufacturing concerns, savings banks and
personal
property
they would
exemption
of
that
any
by
impossible
even building associations. It will make it
"get a quorum."
for the
live
in
man who
Ohio and
The law
will
wishes to invest his
money
"
continue honest.
A
safely to
conservative
put themselves at a disadvantage and exempt the large
They tried to make the old
capitalists from taxation.
laws
and if he pays it he is a
" pauper. The question is whether that man will lie
" or be a pauper. That is what these laws force on
"him. There are no two ways about it." * * "You
" cannot afford to maintain a law like that, and you
ever personal
—
—
"force the tax
"
is
3 per cent,
will find it out, too."
At the same meeting
of the
Club some figures were
submitted by Mr. Eshelby, the City Comptroller, which
are so interesting that we give a few of them.
They
the more stringent.
" and wise man who has made some money by his con" sols they pay him 3 per cent with the laws now in
all
at a fraction of its value,
Appraii'd Yulue
Tax
a.
Revenue.
si
1
13 40
Boston
'5232
Chicago
Baltimore... 20 75
St.
Louis
Cinciimati
..
(
<
70
ii.c
747.612,517 10,018,109 73 Market Taluo...
23
who used their own savings to
improve their business. Such property was readily seen,
and was assessed at a figure out of all proportion to its
The laws did not reach the men whom
They simply proved a
relative value.
they were intended to coerce.
burden on the most deserving j^eople in the community,
who were enterprising enough to save money, but not so
it
outside the reach of
the tax collector nor so dishonest that thay could perjure
it.
recent decision in Ohio shows that there will be
161,714,734
8,460,914 8S Voluntary sale.. 15 38
265,559,952
5,510.369 00 Full value
14 70
216,021,140
4,963,486 22 60 percent
1104
27 02
174,879,510
4,725,244 36 75 per cent
15 75
95,922,585
2,714,609 15 50 per cent
15 51
The striking thing about
this is that
the Eastern
laws to the needs of modern business, produce a large
revenue per capita with a comparatively small rate per
thousand dollars. This is getting the maximum
advantage with the minimum of loss. The honest
it
down
of affairs.
that
it
The
can do
this condi-
Legislature at present
little
good.
No
relief
except from a constitutional convention
;
is
so tied
can be had
yet such a
body
is,
from
its
nature and composition,
deal with tax laws.
We
the agitation in Ohio
is
ill-fitted to
are glad to see that the
aim of
to repeal those constitutional
provisions
which bind the hands of the Legislature in this
matter.
We
trust that
if
such a step
is
taken
it
may
prove the beginning of greater reforms.
cities
in States which have to some extent adapted their tax
taxpayer feels the rate of assessment, and feels
tion
65'
23
Cleveland... 28 3
They
enterprising farmers
no help from the courts of that State against
on real )
$
New York... 22 20 1,507,040,663 33,469,622 7f Fullviilueou \ •25 75
(personal
)
647,213,039 11,510 179 00 75 to 80 per cent 13 19
Philadelphia 18 50
$
.
bore most heavily on the small manufacturers or on the
The
1
on whatThese
of.
laws simply had the effect of lessening disclosures.
themselves about
of Property.
Duplicate.
full rates
property they could get hold
situated that they could transfer
CITIES.
assessed real estate
but charged
most
heavily where efforts at double taxation are strongest.
These are the figures that represent the burden, while
the figures of revenue per capita express the amount
available for actual expenditure.
The reckless
made
attempts to tax personal property under the old system
and lower net returns, because
they keep out capital which would otherwise be invested,
result in higher tax rates
SINKING FUNDS— NORTHERN PA GIFIC.
Second Article.
published a week ago we mentioned four
bonds for which to a greater or less degree a
These are (1) land grant
sinking fund is necessary.
those
secured
wholly
or
in part by land grants;
issues,
coal
property; (3) bonds
bonds
on
and
other
mining
(2)
on railroad bridges; (4) bonds on equipment ivhere the
whole of an issue has a common date of maturity.
Examples of all but the first of these were j^resented
last week, but the facts relating to particular issues of
land grant bonds being of greater significance and
In the
article
classes of
and check the growth of those forms of wealth which wider application, we reserved them for discussion at
would enable the burden most readily to be borne. We greater length. While land grants from State authorisaid this a year ago in indorsing Mayor Hewitt's ties or the Central Government were secured by many
suggestions on the subject for New York City. We say railroad companies, the lion's share, as was natural, was
it still more strongly with reference to those Western
obtained by the builders of the great trunk lines; these,
States whose tax systems are cruder than ours.
as said in the previous article, placed their grants for
Half a century ago a large part of a man's property
own immediate vicinity. If it was not real
estate, it was at any rate easily discovered personalty.
It consisted in great measure of tangible objects rather
than of securities. Its amount was largely a matter of
lay in his
public knowledge.
The
assessor could find out about it
the most part, either alone or together with lines of
under the
railroad,
quently a
issues
extent
number
lien of various
of the largest
of
mortgages.
American
Conserailroad
have their value dependent to a greater or less
upon the present condition of land grants and
the sinking fvinds arising therefrom.
AiTith a vieif
to
-
Mabch
THE CHRONICLE.
9, ltf89.J
showing the security thus afforded, wc give in the
following table, compiled from the latest reports, the
number of acres of land to which at the date annexed
the principal companies had a claim, its estimated value,
preceding and the
llie not acres sold in the year just
price realized therefor.
EtUmaltd
Acre*
DscBMnKR
Ctaimtti d
Unsold.
31, 1887.
l'',2<.)3,226
MortUerii Piicltlc*
8.000,000
7,500.000
3,1V0,33J
Central Padflo
Pouthfrn PiiclUo
Ifnlon Pncltlc
KHnaa» Piiciflct
Denver ExUnBlon
$20,337,479
10,000,000
18,7,'>0,000
2,340,355
3,600,500
6,570,879
6,000.000
2,«6»,y33
Paul Minn. .V Man.".. 2,6ft8,837
l).'J.'S.2«9
Louis Iron Mt. & So
f;13,S20,OO0
Atlantic & Paclllo
.112,280,000
Olhcr compauliBt
ized, Inel.
Town
Loti.
62,.594
16fi,H7S
104,306
42,174
8.000,000
f n<lln«
June 30,
1
mortgage portion of which
sales
aggregating $1,195,931
made in a
out of the total of $1,494,000 of sales were
single
year) would seem in itself to assure suflRciont
accumulations, without any payments to
it
being re-
quired from the railroad's net earnings.
The company at the time of issue, however, thought
otherwise.
retiring the
first
For the second mortto do the same,
and for the third mortgage bonds, which it cannot
deficiency out
net earnings.
of
gage, beginning in 1889,
l91.663.270 $77,269,146 2,163,186 $6.9.^0,633
Total.
Year
Tr. Bnd',
Value.
'"Z-*^
2,SH8,S?6
ing fund afforded by such a land grant (from the flnt
Consequently it bound itself to employ in
mortgage bonds, drawn at 110, a sum
nie.3V8
cent
of all the bonds at any time issued,
per
one
equal
to
•392,2.56 .fl, 494!)
405,321
231,5621
from those redeemed, and
accruing
interest
the
plus
777,000 1,935,54,S
43,'i<i3
43.298
income from land
average
the
in
any
year
if
agreed
211,794 1,112336
299,375 1.402.307
this
amount,
to supply the
reach
fail
to
should
sales
347.S31
51.001
EMmattd
6t.
St.
•
Ktt Acra
Sold in Pr(e« Real-
277
888.
^"ir/stJoXdo^T^-faaoola & Atl. 1,382,928 acre,; C. B. & Q.. 84,000;
Chlf. St. P. Miu. &
Clilc Mil A ft. P., <W,0.=)5: Cbic. & Nortliw.. 995,639;
Gr. Rap. & Incl., 392..573; Hour. &
O 621,145; KUut & P. Mur.i.. 79,378;
Pnclflo, 900,Oregon
876.124;
Ohio,
Mobile
&
2.S22,620;
Cent
Tex
000- Vicksb. ife Mer., 133,069; Vicksb. Slirev. & Pacific, 278,950; (ial.
various
dates.
1,09-J,80.f.
Ac.
at
An.,
&
Han.
Har.
.j.JO.^,* Earned l>"t peurtinftdocialonof (iovcrnnient. There are also
000 held In trust by the AtoUison and St. LouU & San Fran, railioada.
*!
,
it
promi-sed
draw, to lay aside, yearly after 1893, as against their
This lea Is us
maturity, a like proportional sum.f
grants, but we
land
subject
of
the
rather away from
what
and
point
out
a generous
moment
linger
a
would
.
provision, so far as the bonds are concerned, these re-
quirements make.
Once in motion, such sinking funds grow like the
A little calculation proves that
above, that at latest accounts over 90,000,000 acres of historical snow ball.
land (14,000 square miles) were claimed by these rail- even in 1901 the first mortgage charge on this account
road companies, and that in a single year they sold over will be about $1,000,000, of which over $500,000 will
It is interesting
to
learn, as
we do from the
table
Of course it is be for interest on bonds held alive in the sinking fund.
2,000,000 acres for $7,000,000 or more.
lands
so claimed by In the same year, too, the second mortgage sinking
the
regards
to be borne in mind as
much of it fund will demand nearly $380,000, and the third will get
instances
some
in
that
first,
the companies,
not yet certified to them, being perhaps not even surveyed, so that while their claims are in the main correct, one cannot tell precisely the area to which they
are entitled to determine this often requires a con-
from investments in the fund.
may, that the requirement
Assuming,
for the first mortgage will be met by land sales, those of
the other issues must even at that date be a considersiderable number of years, and not infrequently law- able burden on the earnings, as manifestly no land funds
and, second, its estimated value is scarcely are applicable to them until the first lien bonds are out
suits
more than a guess, and a guess only good for the time of the way. Further, in 1914 over $2,000,000 must go
when made, as the value of land is generally from year to the firsts and over $875,000 to the seconds and
It was
to year advancing.
thirds, and so on an ever-increasing amount.
Looking then, with this in mind, at the individual not our purpose to say at this time anything for or
companies, we shall find in the Northern Pacific the against this plati but do not these facts clearly call in
fortunate claimant on June 30, 1888, of over 40,000,000 question its wisdom ?
acres, valued at more than 120,000,000 (of which 13,Especially does this seem so when we remember that
805,744 acres, besides 6,531,735 already sold, had been not only are the company's own bonds included within
certified), while in the fiscal year then ended, its sales its provisions, but nine issues of leased line bonds aa
though less than those of some other companies were well. These last aggregate over $10,000,000, and with
392,256 acres for $1,494,972, comparing with 310,355 the exception of one issue only are all to be called for
All the unsold land is redemption at 110, their sinking funds becoming active
acres for $960,597 in 1886-87.
Of that in Minnesota and Dakota *about ten years after the execution of the mortgages.
held in trust.
is
$120,000 with
as
all interest
we
fairly
;
;
;
3,750,000 acres are held for the preferred stock-holders,
who have the privilege of purchasing the land with
their stock at par, in
in
payment
for the
CHICAGO & ALTON AND THE RAILROAD
SITUATION.
which manner and by cash received
lands, the total
issue of preferred
stock has been reduced from $51,000,000 to $37,488,618.
A further comparatively small amount is held for the
The Chicago & Alton annual statement
cellent illustration of
offers an exan important difference in railroad
management. In very many particulars the policy of
which are rapidly being paid off from this road has been in marked contrast with that of its
the proceeds of land sales and a sinking fund sup- neighbors. While other companies have been branching
ported by earnings as well in fact, only $4,700,000 out in various directions, and doubling and quadrupof the divisional bonds are now outstanding while $1,- ling their mileage, with; corresponding additions to
773,689 deferred payments on contracts for lands sold stock and debt, the Alton has been satisfied to rest with
stand to their credit.
On all the rest of the Northern the extent of road already in its possession. For a
Pacific's land and on "deferred payments "for $1,502,
decade now—that is, since 1879—there has been no
445, as also on 2,155 miles of road subject only to the substantial increase in the mileage operated.
In the
divisional bonds referred to above, its $46,943,000
multiplication of new lines therefore, and the excessive
divisional bonds,
—
first mortgage, its $20,000,000 general second
building of new mileage generally, it has borne no part
mortgage, and its $12,000,000 general third mortgage or responsibility, though in the disastrous consequences
Tbonds have each the lien which their titles would inarising from this general folly it must now, unfortudicate, and have besides a subordinate lien on the other
with the rest.
general
nately, suffer
lands mentioned.
*
Ibe amount is
Certainly for
aald to be probably
all
these issues a sink-
between 3>« and 4 million acres.
the bond* should they
t This sum would be used in purdiasing
obtainable at 105 and Interest.
lie
——
THE CHRONICLE.
278
[Vou XLvin.
of its stocks and bonds with the obligations assumed.
It would seem that a railroad so situated and so manhave been paid, and the stock has been increased at
Tarions times, but only to represent property actually aged ought to prosper, if any in the land, and its future
purchased or to exchange for the stock of leased roads be assured beyond jjeradventure. But the results of
at a full equivalent—the St. Louis Jacksonville & Chi- last year's operations are not satisfactory, and the outcago arrangement being an illustration of the latter look for the future is not considered as promising as
kind of operation, and through which a considerable could be wished. While on the one hand the road is
There suffering from excessive competition, arising from the
saving in the yearly requirements was effected.
ac- construction of so much unnecessary new mileage, on
represent
to
even
distributions
have been no stock
notethe other hand the hostile spirit manifested by Western
more
the
is
This
profits.
or
earnings
cumulated
worthy because the company has been spending large railroad commissions and Western legislators, and the
sums out of earnings each year for improvements and people generally in that section, tends further to aggra-
time, the company's capital has never
Comparatively high dividends
At the same
been watered or inflated.
additions to the property, the
late year for instance
amount
so spent in the
hardly necessary to add that the stock remains
It is
There
small.
is
only $17,594,100 altogether of
common
and preferred, on 849 miles of road, or a little over
$20,000 per mile. Some Western systems can showless stock per mile, but chiefly because they comprise a
very large amount of branch and auxiliary road, the
such mileage not
cost of which has not been heavy
requiring any extensive outlays for terminals and in other
—
respects being cheaper to
mileage,
however,
Of the Alton
construct.
whole may
for
a system
the
practically
vate the situation
and make the
lot of
the average rail-
road manager a very hard one.
having been $531,543.
be
Mr. Blackstone points
out that the Chicago & Alton was incorporated by
special charter and given the right to fix fares and tolls,
that subsequently general laws were enacted which
permitted the construction of roads without limit,
"opening a tempting field for speculators, con" tractors and
brokers,"
and that
then
the
policy
of
regulating rates by
commission and
Finally, after the
Legislative enactment was adopted.
most reckless competition kad been permitted and
encouraged by the State legislatures, the general govern-
of ment steps in and forbids pooling, and prescribes other
modconditions and requirements changing completely the
character
this
$20,000
erate.
Nor is the comparison any the less satis- manner and method of conducting railroad operations.
factory if we have regard to the total capitaliza- The Alton is certainly suffering from new competition
Counting all as much as any road in 1888 for instance it had to
tion that is, both stocks and bonds.
guaranteed obligations, the report figures the aggi'egate contend with three new rivals on traffic to Kansas City,
of stocks and bonds at $34,751,750; this, it is stated, some of which also interfered with its local business
regarded
as
trunk
road,
and
per
mile
is
very
—
—
includes everything except the securities of the Louisi-
ana
&
Missouri River leased road.
If
we allow two
mil-
such portion of these latter securities as receive
a return in the shape of interest or dividends, the total
for the entire property would stand roughly at 37 million
lions for
and bonds.
compact and well equipped sys-
dollars, or say only $44,000 per mile of stocks
And
this covers a very
tem
of roads,
connecting such important centres as
Chicago, Kansas City, St. Louis, Jefferson City, Springfield and Bloomington, with all terminals and also includ-
ing the bridges across the Mississippi and Missouri
Bivers.
But what
but Mr. Blackstone thinks that the greatest danger
which stockholders have to fear, is that "continued
" unjust
legal restrictions may in time render the Alton
"property and that of all other Western railroad com" panics of little or no value."
It is only necessary to consider the 1888 ojierations to
see how serious the situation has become even for such a
well managed concern as the Alton.
As compared with
the i5reviousyear,gross earnings have fallen off $1,429,921
and net $827,802 in the one case nearly IG per cent
and in the other over 22^^ per cent, so that both are the
lowest since 1879.
The Alton, it must be remembered,
—
especially important is that this capital- is a comparatively small system, so the loss in net is equal
than the cash cost of the property. A s hap- to nearly $1,000 a mile, and in gross to $1,684 per mile
pened so frequently in those days, many of the original all this in one single year. The company maintained the
corporations in building pieces of road which are now usual 8 per cent dividends, it is true, but that was possiin the Alton system met with disappointments and finally ble only because of the conservative policy mentioned
ization
is
is less
—
had to succumb to the common fate that is, became above,by which a large amount of additions to plant and
bankrupt and were foreclosed, involving great loss to property have year by year be«n paid for out of
the promoters of the enterprises. In his able paper re- earnings, and the total stock kept at a low figure. Was
viewing the situation, Mr. T. B. Blackstone, the president of the company, alludes to that fact, and under-
the dividend earned,
takes to arrive at the actual money investment represented by the Alton property as it now stands. He finds
that taking into consideration this loss suffered by the
capital account for
original
corporations and allowing for the amounts expended by the Alton for additions and improvements
and paid for out of earnings, the cost of the property has
been $10,989,878 greater than the aggregate amount of
stock and bonds issued or assumed by the company,
which amount he says should be further increased
1725,000 for sinking fund and bridge bonds retired, with
no new issues against them, making the actual excess over
may be answered
in
it
This question
be asked.
will
two ways.
If the expenditures
new property be
on
disregarded, the
dividend was earned.
But if on the other hand this
item be considered a charge against income following
in that respect the practice of other years and to which
—
practice
the
Alton's present position of
strength and superiority
is
directly
due
exceptional
—in that
case,
the year's income falls over $420,000 short of the require-
ments. In other words, on the latter basis, only $987,"
054 would have remained for dividends instead of the
$1,407,608 actually paid, and stockholders would have
received about 5f per cent (disregarding for this purpose
$11,700,000.
Moreover, according to the best estimates the preference held by the preferred shares).
that can be made, the property in its present condition,
But suppose we extend the analysis a little further.
Mr. Blackstone states, could not now be reproduced for It is a common thing to hear it stated that the reasona sum fifteen million dollars greater than the aggregate ableness of rates cannot be determined on the basis of
.
March
2,
THE CHRONICLE.
1889.]
time he has irritated and annoyed the more conserratiT*
people of Paris and of France generally, and tliey hare
enforced by State legislatures attempted to qualify the results of his apparent victo-
the existing capitalization of our railroads; that a
amount
of
279
"water" has been
larp^c
injected in said capitali-
zation, and that the tariffs
and Railroad Commissions are fixed so as to yield a ries, if not to convert them into defeats. He has been
good return on the actual cost of the property. It is removed from the post of Minister of War, only to find
not always possible to obtain the data necessary to test himself lionized by the populace. He has been removed
the truth of such assertions, but in this instance we can from all command in the army, only to find every popudemonstrate their falsity. It has been pointed out lar constituency in Franco ready to elect him as its
above that the present aggregate of stock and debt on parliamentary representative.
Recently the election law has been changed so as to
falls $11,700,000 short of the amount of cash
put into the property. Suppose we add this amount to put diflSculties in his way. At the present moment two
the 117,594,000 of stock; the total would then be raised separate measures are under the consideration of the
the Alton
roughly to 20^ millions. Now, what are the earnings
on that basis. We have seen that allowing for the
expenditures for new property, the amount remaining
for dividends was only $987,054
which on 29^ mil-
—
would be less than 3f per cent. Is this a fair
return on the money invested, especially considering
the great risks taken by those making the investment?
If the improvement expenditures had not been taken
out, the result would of course be better, but even then
the rate would be only about 5i per cent; in this latter
case, however, with nothing remaining for improvements out of earnings, the capital account would have
to be steadily enlarged year by year.
Yet the worst
phase of the whole matter is, that there is no relaxation
in the efforts of the Western people to harass and
embarass the roads that with all the companies
depressed, the same hostile spirit prevails as before, and
further reductions of
rates and other regulations
and restrictions are being considered and proposed.
Under the circumstances is it any wonder that the outlook appears discouraging, and thstt in the hope of making both ends meet our Western railroad managers are
now reducing salaries and curtailing the service wherlions
—
ever possible?
THE SITUATION IN FRANCE.
Paris continues to be the centre of
European
interest.
When we
think of the immediate future, and of possible coming events, our minds revert not to London, or
Berlin, or Vienna, or St. Petersburg, so much as to
Chambers
—both
them having Boulanger for their
seeks to make it impossible
for the same person to run at the same time as candidate for more than one constituency, and requires that
a deputy or member of the Lower Chamber shall resign
of
The one measure
object.
he presents himself as a candidate for
House.
Boulanger was a member of the Chamber of Deputies when he contested the
his seat before
any vacant
seat in the
the Department of the Seine.
The other
measure seeks for an enlargement of the scope and
powers of the law of 1886 relative to the exile of political offenders.
In its present shape, the law is applicable only to Princes.
In its altered shape, it would
enable the Government to banish any suspected person,
and of course if the situation seemed to call for it to
banish such a person as Boulanger.
It is doubtful
whether Boulanger in exile would be a less potent
personage than Boulanger in France.
It is also a
doubtful question whether Boulanger may not be able
to use the law, if passed, to banish his enemies before
his enemies shall be able to banish him.
Altogether the French situation is far from satisfactory. There are, however, well known reasons which
probably justify the belief that France will be spared
the more dangerous features of revolution during the
Paris is preparing for her Grand Exhipresent year.
Barricades and an exhibition would not go well
bition.
together for that reason Europe seems to have dismissed all fear or thought of a foreign war ; and for
the same reason the general belief is that the situation
The
wilt remain as it is during the summer and fall.
general elections come round again in October, and
seat for
;
monarchy and imperialaccompaniments inseparable therefrom, Paris remains not only the capital and then we may expect a political struggle.
centre of France, and the focus of French life, but the
EXPORTS FOR JANUARY.
eye of Europe.
Things being as they are, any serious IMPORTS
commotion is not anticijiated such commotion as would
The Bureau of Statistics has issued its detailed statement of
month of Janulead to Continental disturbance. But a revolution is not the foreign commerce of the country for the
ary, 1889 and 1888, and for the seven and twelve months endimpossible at anytime, and the result of that -revolution ing January 31, 1889, and 1888, as follows:
MKRCHANDISB.
may be the ostaWishment of the Eepublic on a firmer
Paris.
Spite of the absence of
ism, and all the trappings and
AND
—
basis, or it may be the rise of a dictator, the restoration
of the monarchy, or the resurrection of Imperialism.
situation so peculiar cannot but be interesting to con-
A
Fnrthe
nwnth of
January,
For
the 7
Forthel2
ended
ifonths ended Stonlhs
January 31 January
31.
$72,609.93 $447,581,169 t690,014,318
6,02f.476
12,182.84*
96U,d8»
^54,204,«H5 $71)2,197,162
420,932,738 735,038,061
Imports
Boulanger is, as he has been, during the best part of
Cxoeas of exports over Imports *5,121,674 «33,271,907
the last ten years, the prominent political personage, Excess of Imports over exports
$32,840,890
$62,109,693 $441,431,955 $694,701,961
the most important personality in France, and to all 1888.— Exports— Domestic
94 ,317|
12,107,754
6,530,035
Foreign
but those who
$63,051,010 $447,961,993 $706,B17,715
Total
be ranked among his admirers and
58.513,504 409.851,791 715,380,829
Imports
followers, the greatest cause of anxiety.
does not Ezoess of exports over Imports $4,537,506 $38,110,199
$8,563,114
Excess of imports over exports
do much.
does not say much.
docs not connect
IHJU) AN1> 8ILVBK CUIN ASU BULUUN.
his name with anything more than empty negations.
Jl, 190,496 $19,097,696 $29,373,679
l889.-Export8— Gold— Dom.
6,5^4
231,876
Foreign
4. 097,588
would seek to undo some existing things; but he does not
Total
$1,197,080 $19,329,572 $33,471,217
say what he wants to put in their place, and no one
BUvei^Dom... $2,101,366 $14,534,887 $23,033,859
8,901.245
5,716.131
Foreign
902,105
seems to be able to guess. Yet he continues to keep
Tetal
$3,003,471 $20,251,011 $31,935,104
$4,200,551 $39,530,583 $65,406,321
himself before the public, and to
Total exports
the confi$7,939,104 $12,534,635
$649,006
Imports—Gold
dence of the people as no
14,904,725
has done since Gambetta,
9,942 ,564
1,563,418
BUver
$2,'^12,424 $17,881,668 $27,489,350
Total
and as Gambcttahimself, with his own magnificent record
Excess of exiwrts over Imports $1,088,127 $21,608,915 $37,916,971
of work behind him, hardly commanded.
At the same Excess of III) ports nvpr pxportf
1889.—Exports— Domestic.
Foreign...
template.
Total
$73,470,52.1
68.34H,!;51
1
may
He
He
He
—
He
command
man
«.
.
..
..
1
..
1
THE CHRONICLE.
280
GOLD AND SILVER—COIN AND BULLION.
$2,284,101
$391,242
1888.—Exports— Gold— Uom.
$5,229,560
3,910,163
$9,139,723
$20,142,046
7,8J5,719
$27,967,765
$37,107,483
$41,748,842
16,775,294
$Sb,524,1oC
.
322,468
$2,606,569
233.048
Foreign
Total
Sliver— Dom...
Foreign
Total
Total exports
i8624,290
$1,714,'299
524,00'J
$12,136,44-'
5,506,937
$17,643,385
$20,249,954
$39,288,796
10,441,508
$49,730,304
$2,23 S30.
$2,862,591
$395,471
Imports— Gold
l,19ii,345
Silver
Total...
Excess of exports over Imports
Excess of ini jinj-tf* nvpr ex i>i»rt
$1,591,811
$1,270,775
$2lV4i6,648
$29V4'86',350
TOTAL MKKOUANi'lSB AND OOIS AND BOLLION.
$75,801,799 181,216,752 $742,421,856
1889.— Exports— Uomesilo
N.Y.
Ist pf.
2d pref.
Lack. & West...
N. Y.
Lake Erie
pref..
pref..
Eenns.
tricts AND
Forts.
Imports.
Baltlmore.Md.
Boston. Mtms.
BuffaloCk.N.Y
Champl'n, N.Y
January
Januarjf 31.
t
946,S17
6,2»M.2B3
37o,oao
Exports-
1889.
t
t
fl.500.R-8
t),45i.832
1889.
1888.
1
6,833.781
83,577,4-3
4.53S.381
2.312,933
14>i,3l3
8i.iiS7
l,3i)l,TB5
7,272.525
3ti,351,4M
4.491.39a
2.U43.V97
41 .408
111....
i.fia.sio
1T4
S.BoOolD
Cincinnati, O."
Detroit, Mich.
22^.^ill
211.334
367.5i)4
1.302,358
1, 960,0 Jl
55,3 )8
8.083.158
I,3U1.S42
1,798,301
138.aOB
80.534
74,1k7
126.2JU
l,874,3i7
44:i.090
493,.303
s.-m
5-7.(153
Charlest'n, 8.C
Duluth, Minn.
Galvest'n.Tei
Milw'kee.Wis.
Minn's'a.Mlnn
Mobile, Ala...
New
Orl'ns.La
NewYork.N.V
Niagara, N.Y.
Norfolk, Va...
Oregon, OreK..
Oswega'ie.N.Y
Oswego, N.Y..
Philadera, Pa.
Portland. Me..
Louls.Mc*
San Fran.,Caf.
Savannah, Ga.
Bt.
Vermont, Vt.
41.1(0
lov.s.i-i
808.213
83,545
4,89 -'.461
63.74S
28U
1.288,2a 1
3,458,S3S
47,911
2,339,102
ti4B,lS3
23,782.4.'?0
84 :.23»
40-^
5,0111.5^^
87,iis'8
1,619.071
28.29 -.032
372,510
4,227.198
BH9.915
s.sb'i.'o'io
2.093.744
5t,2.a70
13d,1)81
74,9-7
SMl.^ld
889.952
510,121
«55
64
I.0S.J,831
12.n3?,8.14
1,1')0,373
8,314.040
867,739
13,218,54»
2,4;-'0.129
2.48 1. .5(i
14,897,839
377.070
4rt3.l:il
55,331
t
28.033.810
3j,627,32»
2.7,4;9
29,038.323
3S,16&,8U2
318.348
1,138,478
9.744.438
1,330.023
i:hO,H,8
1
94»,433 10,75«.0«U
7,513,12!i
44,b04.10H30,15",141 268.10i!,31
3WS.4U
2,7C4.2fl:5
6 352
10.^.3.13
1,159.053
164.289
l:f,U74
«4,OlO
18.054
Wiliamette.Or
Wilml'g'n.N.C
Yorktown, Va.
Totals,
27.rt-ll
3i.
1888.
*
130.iI20
«,39J
487,-93
2,880,051
5.8li3,7l9 53,0l7,95t< 51.924,935
270,35T.43(p 184,839.01
lo9,4"9.098
2,548,895
1,49,57«
538,14(J
74.146 11,311.880 10,378,«13
1.289
1,407,825
1.10.(,148
l,604.9;5
948,708
l,073,>ia8
1,2^5.400
1.451.57U
1.399.205
21,204.288 17,83 i!,5>JS 18.139,2.57
853.534
1,471.008
1,185,847
1.724.948
22,935.918 25,88-i.057 17,838,051
173.893 14 .,386.103 17,4i)«,6«2
S,781.2«9
1,024,705
217,769
3,3i7,»35
2,178,783
79,835
5.196,730
5,«3j,C5 9
314,387
2,963.844
8,031,500
44,B4S
all
oth'r Dista.)l68.348.85l 73.470.525 480,932,738 109,851.79l'454,204.«45'447,9Bl,H9r)
Eemalulngin warehouse January 31, 1888
" $31,214 919
Bemalning in warehouse Jauuary 31,1889
31,81ol98b
• Interior ports to wbioh merchaQdlse can be
transported without
appraisement, under act of Jane 10, 1880.
b Incomplete lu the aoseaee of law providing tile means of ooUectine
the statistics of exports to adjacent foreigu territory by railroad oare
and other land vehicles.
REVIEW OF PRICES IN FEBRUARY—
STOCKS, GOVERNMENT BONDS AND
FOREIGN EXCHANGE.
The
following table shows the highest and lowest
prices of railway and miscellaneous stocks at the IST.
Y.
Stock Exchange during the month of February, 1889.
RAILROAD AND MISCELLANEOUS STOCKS.
EA1LROAD8.
Atchison Top. & S.Fe.
Atlantic & FaciUc
Low. High
50
5514
Bost.&N. Y. A. L. pf.
Buffalo R.& l>itt.sb ..
Burl. Cedar E. & No.
Canadian Paci tic
IO212 105
30 14
30
25
25
Canada Southern
Ct. Iowa, 6th ass. pii.
Central of N.Jersey..
Central Pacltic
Char. Col. & Aug
Cbes. & C, rcor. cert.
Do Istpt.reor.cts.
Do 2d pf.,reor.ctt8.
Do
Do
Do
VotingTr. cert.
do Istjiref.
do vd pref.
Chicago & Alton
raUc. Burl, & Quincy.
Ohio.
& East
Do
&
Chlo.
Chic.
Que.
111
pref..
Indiana Coal
MU. & St. Paul.
Do
&
Do
pref..
Northwest...
pref..
Island..
Chlo. <t Rock
Chic. St.L.&Pltt8h..
Do
pref.
Chic. St. P. Minn. &0.
Do
pref..
Cto. Ind. 8. L. * C ..
On. Wash. & Bait....
Do
pref..
Clev.Col.Cln. ifelud..
Cleve. & Pitts, giinr,
Col. Hock. Val.&Tol.
CoL &, Greanv., pref.
„
pref..
75s
f 1 Sj
52's
14
94?i
35 14
46
20
1778
19
15 14
56i«
^u
291a
136
99
421*,
8I4
97
Sm
89
100
l^a
63
Grande.
36'a
Eli/,
49
23
Evaiisv.
Fli.it
2013
213s
Harlem
Do
Do
&
Illinois
45I4
103%
42%
33%
0612
110»4
2
74%
29 >s
Ga.
Ey
& Bii; S.an.
& TeiTc H..
Pore AI., pr. f.
GreenB.Win.&st.P..
61
Ill
&
L-'x.
Hous.
31%
D
ist pref.
2d pref.
17''6
13«^
.
pief.
E.Tenn. Va.
156i« 157
26
28 14
20
& Kio
Do
.56%
I514
9873
10473 109
139^4 141%
95 lOO^s
15>a 10%
36 >«
Den.
DesM. &Ft
96I3 100
4213 42>i!
6638
em
Railroads.
iow. Bloh,
140i" 142%
,fe Western
Del. Laxjk.
Denv. & Kio Gr. W:
Den. T. & Ft. W., cerr.
i.fc
Do
Texas Cent..
Central
leased lino.
Ind. Bloom. & West..
Iowa Central, pref. ..
KiiiKston & Pembr'ke
Lakis Erie
West'n..
Do
pref..
&
Lake Shore
Long Island
lyouisville
A
Na.shv..
Louisv.N, Alb.&Ch..
Mahoning Coal R'.v ..
Manhattan, consoi..
Do
Elghls.
Mar. Hough. & On...
Do
„
Memphis
pref.
& Charles..
Mex. National, cert .
Michigan Central....
Milw. L. Sh. & West.
Do
Minneapolis
Do
pref
ic St.
L
pref.
10%
42"^
13>a
18
•
7%
9
67
22I3
lO'i
91
96
„
51-!
245
12
106
04
12
20
29
I7I3
„„ s
53
103
I7ta
^
441a
18%
24%
7%
9%
70%
23%
15
95
96
7%
25212
13
116
.951a
12
22%
301.2
19
105^3
yj
90
58il . 6II4
41% 49
421a
94
3%
13
87
49
7
86%
110% 116
United St.ites
WeUs, Fargo & Co....
75
140
250
lO^S
35
IS
Colorado Coal & Iron
Colum. & Hock. Coal.
5318
Consolidation
O'a
Maryland Coal
13
14
43
4973
& Perry C. & I.
Ontario Silver Mln..
Peni^R> Ivauiit
Quicksilver Mining..
14 la
46%
2SI4
4912
N. Y.
Do
151
140
150
140
175
special.
&
&
Do
Do
St. P.
421a
102 14
4%
14
921a
55^1
7
911a
60 14 77^8
94 1051a
SJa
7
12% 13
8%
Do
Paid Minn.
St.
& Man.
Do
in
Land
2473
21
18%
trust.
11
32
35
310
713
38i«
3714
331a
105
95
pref.
Am. Cotton
51% 60%
Oil Trust.
471fl
.
81
83''r
137%
114%
Del.
26%
Equit ible Gas Co....
JolietSte.ll
1131s
Do
125
120
hO
x90
Co
Orcgou Improv. Co..
pref.
OrcTOu R'y & Nav.Co.
721a
1081a
99%
Pacilic Miiil
9219
So'g
Philadelphia Co
75
40
79
8479
19418
205%
851a
86%
Pipe Line
Certiticat's
Ptdlman Palace Car.
Wisleru Union Tel..
25
44%
36I4
& Hudson C.inaL xl35
10
22I3
21I4
87
49
S4ia
Amer. Tel. &Cal)lo...
..
Canton Co
Chicago Oas Trust...
Coiisoliilated Gas Co.
40
88% 04
100^4 105
7
7
314
7
Scioto Valley
.South Carolina
Southern PaeilicCo..
Texas & Paeitlc
9%
15%
Various.
35 13
pref..
28
14
37
pref.
Do
66
10914 111=8
pref..
Duluth
6I4
2178
I79I2
25
63
Istpref..
&
34
310
Tenn. Coal &. Iron
171*
Tex.
St. Louis Ark.
St. L.
S. Francisco.
181a
251a
121a
9
1314
lOia
3018
.
22% 24
Saratoga...
28% 34
31% 36I3
27% Homes take Mining.
62% Marshall Con. Coal..
2413
&
Coal and Mining.
Cameron Iron & Cloal.
1713
8^8
32 la
SIH
Do
8412
144
19
E'ville.
&
1481a 153
American
Read, certs.
Plttsb.F.W.&C, guar.
&
Phil.a.
Adams
70
34
Peo. Deoat.
L. E., pt.
4878
601a
Ilia
Ohio Ind. .fewest....
Ohio & Mississippi..
Ohio Southern
Oregon Short Line..
Oregon & Traus-Con.
&
Express.
66
51
26
pref..
93>«
The range of Govemmont bonds sold at the StDck Exchange
February was as follows:
GOVERNMENT BONDS.
4ias, 1891,
rfff.
Piices
109
109
109
109
108
108
108
108
Opening..
Highest..
Lowest...
Closing
*
4i2S,1891, 4»,1907,
coup.
req.
bid—no
f,
129
128%
.
1907,
coup.
12-%
12373
sales during the
Cur.,
•98 req.
6.«.
128 13
12818
12373
12818
n28
123%
•123
6s,
Our.
'99 reg.
n3i%
'1-38%
*131
•131
month.
exchange in Feljruary
being understood that bankers' actual
rates are usually a fraction below the prices posted:
BANKERS' sterling EXCHANGE (POSTED RATES) FOR FEBRUARY, 1889.
The daily posted
are given below,
(in-
cluding
Wheeling
45%
I6I3
Northern Pacific
674,870
l.»3u,9o8
1,381,07(1
77
6313 66%
30
391a
I48I4 I48I4
13
141a
25% 2773
x64% 6778
Uiiion Pacific
Virginia Midland
Witrren
15%
25 H 27%
pref..
82%
Do
79
Rome Water & Oed.. lOO^a 102ia
St. L. Alton &T. S...
451a 50%
94
pref.
90
Do
7 months ending
7 months ending
& Western...
Richmond & All., rec.
Richmond & West Pt.
Exports.
IMPORTS.
188D.
72
249
17
.
Do
92
41
44%
112ia llSSs
28=8 30 la
N. Y. & New England
N. Y.N. H.& Hartford
N. Y. & North' n p ref
N. Y. Out. & West- ...
N.Y. Bus(i.& West...
Do
Utlpa
108% llOia Wab. St.L. & Pac...
18
Do
lO^s
i>ref..
& W.
Do
Tol.
83 %
Low. MisK
27
127
Railroads.
Ann A. & No. M. 23
& Black River. 127
1378
74
12
I5014
9
147
Do
Do
IMPORTS AND EXPORTS BV PRINCIPAL CUSTOMS DISTRICTS.
JANOABT,
I214
70ia
.
Norfolk
Customs Dis-
Low. Bwh.
Nash. Chatt. & St. L
N. Y. Cent. & Hud. R.
N.Y.Chic.&St. Lotus..
Do
XLVin,
[Vol,
Railroads.
Mo. Kans. & Texas...
Missoiu-i PaciHc
Mobile* Ohio
Morris& Essex
25,181,627
12,568,476
1,869,277
Foreign
$77,671,076 $493,785,228 $767,603,483
Total
438,814.40t>
762,527,411
70,561,275
Imports
$5,076,072
Excess of exports over Imports $7,109,801 $54,970,822
Excess of imports over exports
$64,215,254 $455,852,504 $720,081,567
1888.-•Exports— Domeetio
23,843,636
1.698,367
12,359,440
Foreign
$65,913,601 $468,211,944 $743,925,203
Total
60,1' 5,320 459,582,095 773.91l4,9r5
Imports
Excess of exports over Imports $5,808,281
$8,629,549
$29,979,762
Excess of imports over exports
Chicago,
..
Feb.
1....
2....
3....
*....
5....
6....
7....
8....
9....
10....
)1....
'.2
...
4
it
60
De-
De-
mand.
Feb.
60
days.
dayt.
mand.
t89-ia
13J-ia
13...
14...
15...
16...
17...
18...
19-..
20...
21...
22...
23...
24...
4 86i«-7
4 86ia-7
4 86'a-7
4 8612-7
87
4 87
S.
4 87
4'89-ia"
-7
4 89- la
4P6ia-7 4 89
t 86ia-7 4 89
4
4 86I2-7 4 89
4t6ia-7 4 89
S 4'89""'
4 86ia-7
•^6is-7 4
4
rates for sterling
89
4 89
4 89
4 89-ia
4 89-ia
Fth.
60
Z>e-
days.
mand.
25.... 4 87
26.... 4 ,-,7
27.... 4 87
23.... 4 87
4 891a
4 891a
48919
4 891a
8.
I56v7
4
87
4"9-"ia"'
4 891a
4 87
4
4 87
4 891a
H.
4 87
f-0>9
First 4 87
Hig,i 4 87
Ij(»W, 4
S6I3
Last 4 87
4
89
4
891a
4 89
4 891a
4"89i2"
S.
[From our own oorresuondent.
London, Saturday, Februray 16, 1889.
The collection of the taxes has now given the Bank of England control of the outside money market. During the week
ended Wednesday night the borrowings from the Bank were a
little over \% millions sterling, of which somewhat over a
million was absorbed by tax payments and a little over threequartei-s of a million was I'etained by the outside market.
Nevertheless on Thursday, which was pay-day on the Stock Exchange, a further large amount was bon-owed, the rates
charged for loans for a week as well as for discounts being 3
per cent. As, however, the Bank of England lends for no
shorter period than a week, many borrowers j^referred to pay
3^ and even in some cases 3t^ per cent in the outside market
for a day or two, hoping that they would be able to renew the
loans to-day or Monday on more favorable terms. This is
hardly likely, since the advances made by the Bank of England
will fall due daily in the coui'se of next week, and will have to
be renewed. The Bank of England, therefore, will retain conUnfortunately
trol of the market tUl the latter part of March.
the decline in the Bank rate to 3 per cent has made it possible
to withdraw gold again. During the week ended Wednesday
night over half a miUion sterling was taken for exjxirt. The
greater part of it went to South Africa and the remainder to
Portugal and South America. It is imderstood that the withI
I
MAEcn
3.
THE CHRONICLE.
1869.J
drawnls for South America will be on a large scale for the next
few weeks. As yet the effect of these gold withdrawals is not
much felt, because both coin and notes arc still returning from
the internal circulation, and thus compensating the Bank of
England
for the foreign drain.
But
it
is
inevitable that the
consequences must manifest themselves in April or May. Indeed, all symptoms point to an unusually largo expansion of
the internal circulation in tlie aprmg, and, therefore, to a comparatively dear money market throughout the summer.
The India Council has not sold aa lai-ge an amount of bills
and telegraphic
ti'ausfers
this
week
as for several
weeks
pre-
has already supplied itself with the
funds which it needs in Ix)ndon for the present, or liecause the
balances in tlio Indian treasuries have run low; at all events,
it refused to seU nearly half the amount offered for tender on
Wednesday at the prices bid. It appears certain now that the
action of the Government in India lias largely contributed to
the pressure in the Indian money market. At this season of
the year rates always rise. To move the cotton crop down to
Bombay and the rice crop dowTi to Rangoon for export there is
always a large outflow of money from Bombay, Bengal and
Madi-as. Besides, the wheat harvest is now approaching. The
effect of this movement of money has been heightened this
year by the accumulation of the Government's balances. Hero
in England the revenue when collected is paid into the Bank
of England to the credit of the Government, and therefore
remains at the disix)sal of the business community. But, like
the United States, the Government of India retains its revenue
in its treasuries, of wliich there are tliree one in each Presidency. Since New- Year's day, the India Coimcil has sold in
London 3^^ crores of rupees in bUls upon the Presidency treasuries, and in telegraphic transfers at the old rate of exchange
of two shillings to the rupee the crore is equal to a million
sterling.
But at the prices now obtained the sum realized in
Bterling has only somewhat exceeded 2J^ millions. Wlien in
six weeks and a few days the Indian Government has been
able to disburse from its treasuries sums equal to 18?4' millions
of silver dollars, it will be understood how powerfully the action of that Government must have influenced the Indian
money market. In spite of these large transfers of money
from the treasuries to the open markets, the rate of discount
of the Bank of Bombay and of the Bank of Bengal still remains
at 11 per cent. And it is a noteworthy fact that there has
been such a slight increase in the imports of silver into India
that the price of the metal in London is not very appreciably
higher now than it was at the end of December. It is easy to
understand that the Indian banks should prefer to buy Council
Bills and Transfers rather than silver.
But it is strange that
such high rates in Bombay and Calcutta have not atti-acted
viously, either because
it
—
bullion in larger amounts.
year negotiations were opened between the Rothsand London and Bleichroeder on the one side
and the Egyptian Government on the other for the conversion
of the Preference debt; but owing to the jwhtical state of
Europe the matter was postiJoned. Now, however, a representative from another group of powerful French houses has
visited Egypt to negotiate concerning it.
The new group
desires to convert the Preference dejjt, which amounts to
about 22)^ million sterling, and bears interest at 5 per cent per
annum, into a new stock bearing 3 per cent interest. It is
doubtful, however, whether the Egyptian Government will
consent, for its credit does not enable it to borrow at par at 3 per
cent, and it will naturally object to a considerable increase in
the capital of the debt. Still the competition between the new
group and the Messrs. Rotlischild will enable the Egyptian
Government to make a much more favorable arrangement
than seemed possible twelve months ago. Besides the Preference debt there is another debt of somewhat under 6 millions
sterling that bears interest at 5 per cent. It is secured by
mortgages ujwn lands that belong to the ex-Khedive, and there
is another loan similarly secured bearing interest at 4 per cent
and redeemable at 80 per cent. The lands mortgaged for these
are under the management of international administrations
which are very costly and ineflicient, and which have not
succeeded in selling the lands up to the present. The Egyptian
Government is anxious to convert the loans so as to get rid of
the international administrations and to secure possession of
the lands for the purpose of selling them. "Whether it will be
able to do so remains to be seen, for the French Government
is not disposed to agree to the removal of the international
administrations. The English Government, however, is very
Eai-ly last
childs of Paris
much
281
in favor of the plan,
and no, it is undomUxxl, is the
would greatly bonellt the flnanoM
the French Oovemmcnt should be olmtinate,
Gennan Government,
But
of Egypt.
if
for
it
the desire to convert the Preference debt
Egyptian
Qovemment
to
drop
tlie
may
induce the
proposal respecting the
two
other loans.
It is understood that the conversion of the Russian loan of
1878 will bo announced almost immediately, and that it will be
effected in Paris. The great Parisian houses which are carrying it through are also negotiating with the Russian Government for a much larger operation. The negotiations were
suspended some months ago on account of the disturbed state
of the European money markets, but the Parisian syndicate is
now anxious to hurry the business on, and representatives of
the syndicate are on the point of starting for St. Petersburg in
the hope of speedily concluding arrangements. It is said tliat
the loan will be the largest that has ever been raised at one
As much as 80 millions sterling are talked of.
The boldness of the great French hoi>ses in undertaking such,
immense transactions for Russia and Egypt at a time wheA
France is impoverished by the failure of the Panama Cana^
Company and when the French Government itself requires to
raise in the current year between 40 and 50 millions sterling is
time by Russia.
attracting
much
attention here.
The Central Asian rumors checked the
had preand British
rise that
viously be«n going on in Consols, Indian, Colonial
railway stocks, but the upward movement has again begun.
The investment demand continues large. British railway
stocks, especially the stocks of those
companies whose busi-
ness largely consists in the carriage of goods are steadily ad-
vancing, and so are American railroad bonds.
But
for
Ameri-
can railroad shares there is still little demand here. Speculation continues to be limited to a great extent to South African
gold mines, in which it has become dangerously active. South
American securities of all kinds remain steady. But under an
apparently confident surface there is real apprehension that a
crisis. in Buenos Ayres and Montevideo is approaching.
The excitement in the market for copper-mining shares has
died out. There is very little business being done in them
either
by
bulls or bears, for all are puzzled
how
to act.
The
French syndicate, which it was so confidently reported a few
weeks ago was at the end of its resources, has supplied itself
with funds and is now in a position, according to its members
and friends, to purchase all the copper that can possibly be
offered it for many months to come. At the same time, copper smelters in this country are buying considerable quantities.
The fall in piice which they had been expecting not having
occurred, they are obliged now by the state of their business to
lay in considerable stocks, wliich of course relieves the syndiIn the meantime the negotiations for the formation of
cate.
The great houses interthe Copper Trust here are suspended.
ested are ready to complete arrangements as soon as the French
syndicate settles the conditions with the American companies
which are insisted upon by the promoters of the
Trust.
Tlie average price of wheat in 187 towns of England and
Wales during the week ended Saturday last was 39s. 7d. per
quarter, against 30s. 5d. per quarter in the corresponding we e
of last year, being a fall of lOd. per quarter, in spite of the deficient harvest in Central and Western Europe and in the
United States. On Satvu-day night last, however, snow began
to faU heavily, and continued falling almost without intermission until Monday morning. Tliere has in consequence
been a rise of about 6d. per quarter in the provincial markets,
and about Is. in the London market. But the demand did
not increase, and the business done has been but small. The
disposition here stUl is to wait upon events and buy only to
satisfy immediate requirements. This disposition has been
strengthened by a thaw at several Russian ports, which has
allowed a considerable number of vessels loaded with grain to
put to sea. As, however, the reports as to the condition of the
growmg crops in India at the begiiming of January are not
very favorable, and as moreover it is said that the \vinter
wheat crop in Russia has been injured by very severe weather,
well
it remains to be seen whether the calculations of those are
founded who anticipate that all the supplies needed until next
harvest wiU be obtained without a material advance in prices.
The weather here has again become mild.
The Bank
rate of discount
chief Continental cities
have been as follows
:
and open market
now and
rates at <*»e
for th» previous three
weeks
:
.
THE CHRONICLE
282
Feb.
Feb. 15.
Batetof
Inttrat at
since Jaaiuai-y
1888 and 1887
1.
and
I,
1,
for the corresponding periods in
:
Bank Open Bank Open Bank Open
UaU. Market Bate. Market iJate. Market
3
3«
3
2«
3}i
4
4
3
Vi
4
2«
4
1«
3
IH
Bank
Open
Bate. Market
2«
Paris
Berlin
Frankfort
Hamburg
3
Madrid
Ylenna
Oopenhaffen
m
2
Sii
i
an
iii
4
3H
SH
3«
an
4
4
6
S
Bt. PetersborK-
3
SH
....
Brussels
EXPORTS AND IMPORTS OF SPECIE Al
1
m
8
6
3
S
4
4
2«
4«
2»
4W
4
4
4
4a
s
Week.
2
2
Great Brit a in
France ...
3J«
Germany
Total 1889
Total 1888
Total 1887
$813,893
458.363
1,516.285
1885-6.
23,656,026
10,322,374
7,23B,886
1,167,506
1,200,327
24,210,940
6,693.238
5,061,068
986,132
1,054,485
12,346,489
6,602,809
Great Britain....
Supplies available for consumption (exclusive of stocks on
Total 1889
Total 1888
Total 1887...
23,226,489
9,686,316
8,399,124
1,751,014
1,262.491
10,770,300
8,967,065
OWt. 29,520.423
10,725,427
8,351,111
1,020,059
1.389.974
11,696,508
7,148,539
Wheat
Peas
Beans
Indian corn
Flour
September
12.1»-3,302
8,671,033
"i',400
$2,298,650
2,090.154
2,809,886
$103,125
52.528
37,902
7*'
108
9,457
31,499
38,416
""406
Exports.
Week.
1886-7.
Oata..
98,024
3,000
835.680
21,100
West Indies
Mexico
South America
AU
1):
188"-8
1886-7.
1885-6.
Importaofwlieat.owt. 29.520,423 23.226,489 23,656.026 24.210.940
6.602.80!)
7,14^,539
8,967,065
8,671,033
Imports of Hour
Bales of home-grown. 17,490,42a 20,654.148 17,138,850 21.007,094
$l,l-^9,8fl0
767,959
3,275,764
Imports.
Sitiee Jan.l.
$525,715 $2,472,097
7,500
44,900
'8,758
Week.
Since Jan.l.
$
9
34,386
l6',306
74,188
"2,141
55,075
16 247
5.619
165,207
$543,515
280,000
167,814
$2,606,947
2,084,909
$36,527
34.93;
$242,148
273,671
1,493.365
55.23-1
29-.',C51
-. ....
.,
"7,o6i
other countries...
.
Jan.l.
$
639,450
331,900
3
3
:
Barley
Sitiee
9
101,325
"2,0l0
All other countries...
Week.
$1,319,896
20,950
....
IMP0BT8.
1887-8.
Import!.
Since Jan.l-
$811,893
West Indies
Mexico
South America
3«
The foUowing shows the imports of cereal products into th
United Kingdom during the past twenty-four weeks of the
season compared with previous seasons
1888-9.
YORK.
Gold
6
6
3
NEW
£xportt.
m
1«
IH
Amsterdam
Feb.
8.
XLVIII
LVOL.
lagfl-Q
52,847,702
54,159,388
Total
1888-9.
week. 298.
Aver, price vfheat
Ayer. price wheat
7d.
Od.
season. 328.
JCngllsh Financial
The
London.
per oz
fr.
84 35
llO^s
131 14
53%
64%
Canadian Pacillc
Chic.
33a.
328.
6d.
298.
308.
6d.
6d.
7d
.
market*—Per Cable.
MIL &
St.
Mon.
Sat.
42iiie
993,e
990,6
d.
percts,
Consols, new 2%
do for accouut
Fr'oh rentes (In Paris)
n. 8. 4i28 0f 1891
U.S. 48 of 1907
Erie
1885-6.
1886-7.
5d.
2d.
London
week ending March 1.
daily closing quotations for securities, &o«, at
are reported by cable as follows for the
Silver,
51,820,843
49,465,909
1887-8.
308.
303.
Paul....
common stock......
3038
Tua.
42%
4258
993,6
991a
9914
9918
84-6718 85-40
llOH II014
I3II4
13114
53 13
531s
6258
6238
32''8
3014
111%
111%
Seia
563a
Philadelphia & Reading. 24»,6
24 14
New York Central
1111a IIIJ4
56%
24%
112
Illinois Central
Pennsylvania
Wed.
Thuri.
42"i8 4208
63 3e
30
111%
56I3
52%
63%
52%
63%
2934
1113a
5638
111%
56%
24
-2418
11138
Fin.
429,8
991,6
9816,6 X9715„
98", 6
991,6
85-15 85-32ia 85-72%
IIOI4 IIOI4
llOH
131 J4 13114 I3II4
52%
11138
290a
2414
11138
111%
National Banks.—The following National Banks have
re-
cently been organized
3,980—The
First National
Bank
E. C. Tier, President
;
of Mt. Carmel, Pa.
Capita,l,
M. K. Watkius, Cashier.
$50,000.
Fii-st National Bank of Fletence, Ala.
Capital, SiO.OOO
R. L. Bliss, President; N. C. Eltlng, Cashier.
First National Bank of Pipestone, Minn. Capita], $50 000
Charles Mylins, President ; Henry E. Briggs, Cashier.
3,882—The
Imports and Exports for the Week.— The imports of last
week, compared with those of the preceding week, show a
decrease iu both dry goods and general merchandise. The
total imports were $8,951,764, against |9,691,434 the preceding
•week and $10,413,880 two weeks previous. The exports for
the week ended February 36 amounted to $6,003,660, against
$7,798,498 last week and $5,976,718 two weeks previous. The
following are the imports at New York for the week ending
for dry goods) February 21 and for the week ending (for general merchandise) February 23, also totals since the beginning
of the first week in January.
FOREIGN IMPOItTS AT NEW YORK.
For Week.
Oen'l mer'dige.
Total
Since Jan.
1887.
1888.
Qen'l mer'dlse.
Xotal 8 weeks..
1889.
$3,611,215
6,222,705
$3,917,303
0,380,004
$11,663,978
$9,833,920
$10,297,307
$8,951,764
$21,4 80,589
$-26,296,981
46.397,232
$24,518,686
46,552,971
49,605,014
$26,761,502
52,352,030
$67,877,821
$71,071,657
$75,901,995
$79,113,6.2
1.
Dry Goods
The
1886.
$3,806,578
7,857,4C0
f ollowmg is
$3,365,276
5,586,488
a statement of the
expoi-ts (exclusive of
to foreign ports for the
from the port of New York
week endmg February 36 and from January 1 to date:
EXPORTS FROM NEW YORK FOB TUB WEEK.
specie)
1886.
For the week...
Tnv.
reported.
$5,246,043
39,195,59.')
1887.
S7.870,llO
36,672,979
1888.
$6,454,232
41,288,122
—The attention of merchants and travelers|is called to the
notice of the Cheque Bank in our advertising columns to-day.
This bank has a somewhat novel method of furnishing bills of
exchange and letters of credit by checks to travelers or persons doing business in foreign countries. This plan has become popular in England, and the parent of the New York
branch, now opened, was established by some of the soundest
financiers of that country.
The method seems very simple and
deserving of immediate examination by persons going abroad.
check on the Cheque Bank, representing an absolute
cash deposit is good everywhere in the world, and safer than
a bank note, since it is of no value until signed by the holder,
and being crossed (an English banking custom), can only be
paid tlirough a bank. If it is lost it may be readily stopped
and traced. The Cheque Bank ought to do a good busines,s as
there wUl be an imusual number of Americans going to the
Paris Exposition this year, and many will, without doubt, put
their traveling funds in a book of these handy checks.
The
standing of tlie persons connected with the bank, the large guarantee fund, and the unclaimed half of the bank's capital, oiler
large security. The names of the sponsors for the bank, the
old-established and wealthy bankers, Williams, Deacon & Co.,
and the approval of its bankers, the Bank of Eingland, seem to
be sufficient warrant for Americans to deal with the American
branch of the Cheque Bank.
A
"
—Messrs. E.
$6,003,660
48,610,922
S.
subscription
&
the
&
:
consolidated breweries have become favorite investments in
Europe, and those of the New York Breweries Company, limited, are now seUing at a large premium.
As the chance for
new railroad investments in the United States at liigh rates of
interest grows narrower, capital must seek a field in other diit does in London, and industrial, mining, manufacturing and other corporations wiU have a more prominent
place here. Subscription books ojjened on Wednesday, February 37, and will close %t noon on Saturday, March 9, unless the
rections, as
full
amount
is
taken at an earUer date.
—The agent of the Hong
Kong & Shanghai Banking CorpoM. Townsend, No. 50 Wall Street, is in receipt
of a telegram from the head office in Hong Kong stating that
at the general meeting of shareholders just held there, a dividend of £1 10s. per share was declared for the six months ending December 31, 1888, $300,000 added to the reserve fund
(making that fund now stand at $4,300,000)—and a balance
of $60,000 cai-ried forward to the credit of the current halfyear's profit and loss account.
ration, Mr. A.
—
—
Messrs. Coffin & Stanton -will pay quite a number of coupons during the coming week, and their list will be found in
the advertising columns of this issue of the Chronicle.
—
i notion Sales. Tlie foUowing were sold
by Messrs. Adrian H. Muller & Son
Shares.
120
10 Lawyers' Till,, Ins. Co
IMcinb. N.Y Produce Ex.$l, 170
llaiilf,
B'klyu. 161
10 Common \v'i 111 b'n-e Ins. Co. 101
100 Singer Maniifui-turingCo.lSO
lOOStaiiilaril Oil Trust
170
a Kuii'licrb'licr
l-'irc [n.s.
Co.
75%
43 Prudi-ntiai Fire Ins. Co.. 84
140 Western National Blink
98
.
Totals weekc.
$44,441,638
$44,543,119
$47,742,351
$54,614,582
Irving National Rank
ISO'.i
50 Daft Eleei ric Light Co . RO
20 Pheuixlus. Co.of B'klyn.113%
100 Brooklyn City RR. Co.... 131%
-20
.
^^^ ^''T* *^^ ^^P""^ ^"^^ imports of specie
of"^®
^"^if'^i^?
at
the port
of New York
for the week ending February sSsmd
recently at auction
:
4 Comniprci.'il
1889.
Chapin
Co., No. 4 Exchange Court, offer
securities of the Syracuse Brewing
Malting Company, as follows $600,000 first mortgage 6 per
cent gold bonds, 6,000 shares cumulative 8 per cent preferred
stock and 6,000 sliares of common stock.
The securities of
for
3,981—The
Dry Goods
Of the above imports for the week ia 1889, $1,400 were
American gold coin and $3,841 American silver coin. Of the exports during the same time, $303,000 were American gold coin.
.
i
Bonds.
$8,000 Jersey City 7slmpr.,
1892
10/% &lut.
$2,000 Jersey City 7s, Impr.,
10S38.i09&int.
1893
$11,000 Jersey City 7s, Imp
llOit-llO's A-int.
1894
$1,000 Jersey City 78, fiimliil
,
115% &
debt, 1897....
$4,000 Jersey Citr
bonds), 1913
$3,000 Jersey City
7s, (40yr.
ISO'4
7s,
$15,000 Jersey City
&
int.
int
1905
IMSfi&int.
7s.
.
1
906.
125-125'8
it int.
-,
T
:
.
March
3,
Tlie following dividends
Ptr
0ml.
When
The
Boolu
Pttt/able.
Clii. Inrt. ISt. I,i)uls
Clevclaud
Xareh
Olotttt.
Une
2>9
(qiiar.)
guar, (quar.)
Cuual.
Hudson (qiiar.)
1^
Dtmand.
Sixty Dayi.
1.
Prlino bankers' sterling bills
Triiue ooinmorolal
& ClUo.
I'irtsb.
Si
rates of leading bankers are as follows:
{Daytineiutite.)
Railroads.
Air
283
40c. discount.
bave reoeutly been announced
Jfamt of OomfNtny,
Cliitrlotto
:
'
THE CHRONICLE.
l»t9.J
'ght ganfejers' ^a^jettje.
DfVIDKNDSi
AMnnta &
.
.'
March S
March 15 March 2
Maroh 1
on London.
-
A 89»a
4 gs 34 SSU
DoRunientary commercial
to
4 87
H\iH
'4
Paris (rnincs)..
AriislenluMi (guilders)
86
20 IS 19!^5 18>«»5 17%
40>8»40<|. 407,««40i«
|5
Frauktort or Bremen (relchmarto)
1% iHarchlS Fob. 28 to Maroh 15
WALL STREET. FRIDAY, March 1. 1889.-3 1>. IH.
The Mouey Market and Financial Sitnution.— The week
lia-s been quiet at the Stocli Excliange and the principal activity has been in a few leading stocka touched by special influ-
95'4a95%
9513 n 934
United States Honds.—The business in Government bonds
continues on a very restrictetl scale at the Stock Exchange,
and prices are a trifle weak and fractionally lower. The Secretary of the Treasury has purchased quite largely this week
because the offerings withm his present limit of 109 U have
been large. The total for the week is |8,573,300, aU'4>^8 as
ences.
usual.
Delaware
it
The export movement
amounted to nothing
and the future is uncertain. The takings of American securities by the foreign markets always constitute an element in the
situation tliat cannot be known even approximately, and until
we have some method of ascertaining the amount of securities
passing between New York and London, Amsterdam and
of gold has yet
Frankfort, there will be no way of determining the probable
course of exchange or movements of gold.
It is worthy of note tliat the prices of many of the specially
strong stocks are now hanging on the result of important railroad negotiations either pending or rumored in the air. Rail-
.
.I
|
The total payments made for bonds purchased
1888, to February 33, 1889, were $140,877,169.
for this week is as follows:
m Per CmU iue
t Ptr
IIWI.
Oferino*. Pureli'et. PHcttpaid.
Satnrdar
...
Monday
Tuesday...
Wedn'Bday.
Thnraday..
Friday
..
Total.
SlnceAp.83.
.
«8S7.300
101,100
714.000
1,88«.000
421.800
876,000
(837.800
101,100
592.000
1,814,000
424,800
304,000
3.57S,200
S,S99,aOO
from April 23,
The statement
OmU *ut \tm.
ftHnti. Pwreh'a.
109-12-109^
taoo
BOO
600
1(WK
109K
PrieespaU.
%
^
8,300
109Ki
BOO
109M
zlUS
Xl08-109)«
I06K-109><
8,600
S1,3S7.1I00
IM-TO-IW
road kings and their confidential friends have found such
The closing prices at the N. Y. Board have been as follows
large profits in these heavy deals leases, consolidations and
jomt contracts that they have preferred to go into these
Interett Frb.
Feb.
Feb.
Feb.
F'b.
March
rather tlian undertake large speculative operations at the Stock
Periods 23.
25.
26.
27.
28.
1.
Exchange after tlie old-fashioned manner. We have now
pending or recently consummated the consoUdation between 4J2S, 1891
reg. Q.-Mar. 107'8 107''8 ^lOT's •107''8 107'9*107''8
coup.;Q.-Mar. 109
'109 ('109
109
109 \'10H''a
the Big Four and C. C. C. & I., the joint agieement between 41^8, 1891
reg. u.-Jan. 129
12878 '128% •I28I3 x-2712' 127!»»
1907
Northern Pacific and Union Pacific, Oregon Trans-ContinentaJ, 48,
|Q.-Jan.
128^1
128^8 *128i3 1281a *128ia
4s, 1907
128%
the
sale of
the
St.
Louis
reg.lj. A J. 120
Air Line Road to the 6s, our'cy,'95
120 >120 '120
130 *120
reg.; J. & J. 1221^ 1221a' 'I2213 •122
cur'cy,'96
122 *122
Miickey
Sjmdicate,
tlie
sale of
the Port
Huron & 68,
reg.iJ. & J. 1251a 12513 '1251a '1-25
6s, cur'cy,'97
125 •125
Northwestern to the Flint & Pere Marquette, and the good
128
>«
'I28I3
>128
cur'cy,'98
reg.
*
6s,
J.
J.
128 *128
1281a
old rehable rumor of a lease of New England to the New York 6s, cur'cy,'99....reg.i.T. * .1 131 12 1311a 13113--•131
131 ,*131
New Haven & Hartford. There is one reason wliich makes * This is the price hid at the morning board no sale was made.
the heavy raih-oad negotiation a favorite with the capitalist,
Sta1« and -Railroad Uonds. A few sales are made in State
in addition to the eclat attending it, and that is the important
circumstance that the first information is all on the inside, bonds from day to day, but there is not enough business to
and securities may be accumulated for weeks at low prices call for special comment.
The railroad bond market has been leas active this week, and
before the pubUc knows anything about it. When the average operator finally comes in and buys freely on what he con- the late brisk demand and buoyant tone have been gradually
There is, however, a fair demand still, prices
siders early information, he usually discovers that he has been declining.
buying the stock of some of those gentlemen who were in on being well maintained as a rule, and in some cases quite strong.
Atlantic & Pacific 4s had a spurt of activity at one time and
the "ground floor."
The open market rates for call loans dm-ing the week on have advanced a little. Denver & Rio Westerns are also strong
stock and bond collaterals have ranged from li| to 3 per cent, ex coupon. Tlie Reading bonds are weak, in sympathy witfi
and to-day the rates were 3@3 percent. Prime commea-cial the stock, though not active. Interest on the International
Great Northern was defaulted to-day.
paper is quoted at 4@4i^ per cent.
The Bank of England weekly statement on Thursday showed
Railroad and Mi^cellaneon8 Stochs. The stock market
a loss in specie of £118,000, and the percentage of reserve to has been rather dull the past week, and there has at no time
liabihties was 43-58, against 45-40 last week
the discount rate been much animation in the de.alings. The general temper of
remains unchanged at 3 ijer cent. The Bank of France lost the market has been rather unsettled, owing to an tmcertain
1,035,000 francs gold and gained 500,000 francs silver.
feeling in regard to Western railroad affaire, considerable
The New York Clearing House banks in their statement of pressure by speculative bears, and selling on foreign and home
February 23 showed a decrease in surplus reserve of $1,555,450, account of some of the leading stocks. The low-priced specialthe totjil surjplus being $15,740,150, against 117,395,600 the ties have been less conspicuous than of late, and the
previous week.
usually active stocks have resumed their position as
The following table shows the changes from the previous leaders of the market, though few have shown any remarkweek and a comparison with the two preceding years in the able activity or fluctuations. Chicago continues bearish in
averages of the New York Clearing House banks
sentiment, and tills Iiiis had some effect on the market here,
especially as there is still some imcertainty about the working
1889.
of the Inter-State Railway Association. The grangers have been
Diffr'ne't /fm
1888.
1887.
Feb. 23.
Prev. Week.
Feb. 25.
Feb. 26.
the unsettling features of the market, and Atchison has asol
come into activity and prominence again by heavy sales and a
Capital
weak tone. The St. Pauls were quite weak, imder
60,762!,700
Surplus
52,402!,0(X)
rumors that the April dividend on the preferred might be
Li)i>iia and disc'ts 408,955
s90() Inc. 951,300 366,680,1,000 368,413 500 passed.
The other grangere have been better held, though
Spi-cic
90,022,900 Dee, 513,1(K) ™,011 ,100 87,008 HCtO
sympathy. The coal stocks have been
Circulation
4,y(iO,000|luc.
4,000
7,6,SO,,700
7,60(i ,700 somewhat weak
Nit deposits
4.38,299, 400 Inc. 211,000 380,46'" ,100 387,462, 800 comparatively inactive and inclined toward lower prices, on
71.S2S,700
—
—
\
I
,
•
'
I
"
,
i
;
—
&
—
;
:
m
Legal tenders
Legal reserve
Reserve held
35,292, 100 Dec.
989,600 33,306;i.lOO 21,189,900
109,574 ,850 Inc.
52,750 95,116,775^ 96,805 00
125,315, .000 pec.1,502,700 110,317,200 108,25s;,700
tlie coal and iron business and the shutsome of tlie collieries.
flie Oregons and the Northern and Union Pacific stocks bave
"r
Oregon Improvement has
Surplus reserve
15.74O,1.5O|Dec.l,55.5.450
15,200,425' 11,393,000 been more of a featme this week
been marked by wide fluctuations, having dropped to 50, and
Exchange.—There has been very little domg in sterling ex- then recovered a largo part of the decline. The other Oregons
change the past week; the market has been featureless and and Northei-n and Union Pacific have all been strong on the ne-
the dull condition of
ting
down
of
;
conditions remain about the same. Rates are well held, boiiimfluenced bv the scarcity of commercial bills, and the posted
figmes are the same as a week ago, viz. 4 87 and 4 89^^. No
niore gold has been sent out, notwiiihstanding the prediotions
:
of last week.
To-day the rates on actual business were as follows, viz.:
BanJters' 00 days' sterUng, 4 86@4 86!4-; demand, 4 883^^4 89.
Cables, 4 89i4:(«4 89}^. Commercial biUs were 4 84'>4(«4 85.
Coiitmental
bills were: Francs, 5 19^^05 20 and 5 17j,^(u5 16%.
r^'chsmarkn,^95}4@%}i and 951^095^; guilders, 40i-^@40M
Tlie following were the rates of domestic exchange on New
York at the imder-mentioned cities to-day: Savanimh, buying
gotiations pending for a joint operation of the Navigation
Company by the two Pacific roaas mentioned, the proposed
deal mcluding a sale of the control of Navigation stock now
held in the treasury of Oregon Trans-Continental. Manhattan
Elevated has Ijeen strong and advancing on reports of an arrangement for increasing dividends. Chica^ Gas Trust has
also been active and higher, the other leading tru.st stocka
being less active than last week. New Eiighuid hiis lieen active
and irregidar, on revival of the old and convenient rumor of
consolidation with the Now Haven Road.
The strongest tone of the week was apparent to-dav, Fridar,
when under tlie lead of Manliattan and Atchison the wholfl
market picked up sharply and closed with a strong feeling.
&
—
.
.
.. '
...
II
THE CHRONICLE.
284
STOCKS—PRICES AT
N. T.
STOCK EXCHANGE FOE WEEK ENDING
MARCH
AND SINCE JAN.
1,
HIGHEST AND LOWEST PRICES.
STOCKB.
ApIIvo
HH.
SiocUk.
Fe
Atcbisoii Top. iV Santa
Atlantic i Pacillc
. .
Canadian racitlc
Canada Soutliern
Central of Kew Jersey
Central Pacific
Chesapeake
&
O., reerg. cert,
l.st pref. reor. cert.
no
Do 2d pret. reorg. cert
Do VotinK Trust, cert.
Saturday,
Feb. 23.
Monday,
Tuesday,
Feb. 25.
Feb.
53
53=8
8
5214
54=8 54'8
96I3 AG's
3514 35>4
20^3 203i
*17ia
*18
20
52%
7%
5318
*7%
52M
52
5218
54^8
9OI3
3512
5412
961.1
351a
8U
20
20 14
15%
15''8
51%
5278
•7%
8i8
•5178
52%
54%
93%
55=8
96I4
»35i4
35%
20
2OI4
Thursday,
Feb. 27.
Feb. 28.
*17%
15% 1578
56% 5678
29% 29%
I514
I514
.
I
I
i
'
]
I
I
I
I
I
I
I
. .
I
1
I
i
& San Francisco
St. Louis
Do
Do
St. Paul
Do
& Duluth
&
1
t
Manitoba
it
Pacific
TTnion Pacific
"Wabash St. Louis
Do
Wheeling
26
6314
I
I
& Pacific.
& Lake Erie,
pref
pref.
miMcclIiiiicoiiM fstucks.
Colorado Coal & Iron
Consolidated Gas Co
35
83%
1
35
8378
34% 34%
83% 8378
Delaware Hudson Canal... I3614 136% 13578 13578
Oregon Improvement Co
59
59% 53
58
Do
pref.!
96
96
90
90
Oregon R'y ct Navigation Co. 96
97
96
97%
Paolflo Mail
37% 38
37
37%
Philadelphia Co., Nat. Gas
pulhuan Palace Car Co
198 " i99"
199 199
Western Union Telegraph
8578 86%
85% 86%
Kxprcsti i>>toeki«.
Adams
'1.50
1.52
150 152
American
113 II414 113 115
tfe
!
[
|
^
United States
Wells, Fargo <k Co
83%
4178
22 14
18%
22%
4178
I48I4 14814
Pitts. Ft. Wayne & Chic
Quicksilver Jllulng Co
D<i
pref
_
St. Louis Ark. & Texas. .
Tol. Ann Arbor & N.
Cameron Iron & Coal...
Maryland Coal
N. Y. & Perry Coal & Iron.
Tennes.seo Coal & Iron. .
46 14 47
150% 151
•7
36%
10914 lOOli
36
90
102
•21
6478
3779,
90
103
'.
Do
pref... 103
_,
Tarlona stock*, &•-. (Unlisted.
American Cotton Oil Trust
577b
.
7%
8%
4278
1
13 63%:
14
27% 27%'
6514 65%;
I
34
34
I
44
97
96=8
61=8
9314
97%
10678 106
13978 139%
62%
96%
18%
93%
18%
41
40
32% 3214
91% 91
109% 10818
73
72%
27
141% 140%
10% •15%
42%:
9%
42%
914
68%
70
22%
23
95
•93%
•7%
7%
22% 22%
4773
150% 151
•7
7%
I
I
36
38
14
103
103
50=0
90% <n^
These are the prices bid and asked
;
5714
907h
37
103
58=8
92 '4I
30
30
350
4779 .Tan. 21
7=3 Feb.
58
9:
51
53%
56%
1,352
821
57
32
102
7%
910
90
96% 99
37 14 37%
75% 75%
198
8578
17%
17=8
I714
32%l •32%
17%' •16%
33
17%'
51 14
32%
16%
17%
8=8
•8%
51%
51%
27
26=8
62=8
23=8
23
8%
26%
62% 62%
5II4
2678
62%
22%
33%
26
23
34
26
4678
47%
47%
27
81
2714'
2078
33%
25%
47%
33=8
2678
90
102
89
102
27
34
34
•90
97
89
103
21% 21%
65 14 66%
131.1
26I4
13 14
27
65=8
6578'
33% 34
26
•
1,483
33,(!93
500
2,000
2,023
10
150
25
85=8
•2614
6578
3II4
93%
8573!
84% 84%
42% 43%
*1S%
I6I4
171.1
I71-1
lei*
21%
2210
21% 22%l
47% 48%
48
1.50% 151
151
•7
71"
7
I
3773
3773
30% 37
102
104
57% .58=8
91% 93%
•37
36
22
I
20
21
22% 22%
14314 14314
4373!
48% 4914
151
151
7
6%
3314
13
13
14
15
2314 Feb. 7
14 1=8 Jan. 2
17% Jau. 14
45
Jan. 10
9% Feb.
70%
23%
95
4% Jan.
7%
11
Feb. 13
Feb. 8
Feb. 1
Feb. 8
19 Feb. 7
53=8 Feb. 13
106 Jan. 15
96 Feb. 7
61i4Feb. 19
58% 5878
91% 92%
5
151
7
33
8%
27
34
16
85=8
1.51
114
83
•141
•6%
•8%
19 14 Jan.
23
0214 Jan.
66%
14%
6578
2,170
59% Jan.
34 14
1,700
3,477
1,433
5,540
80% Jan.
130% Jan.
27
90=8
91 14
917s
29
50
650 90
97
101%! 15,760 92
1
37=8
201 14
86%
1,875
35%
123 75
4,890 172
24,400 83
31 144%
151
114
Jan.
Feb.
Feb.
2773 Feb.
0773 Feb.
36% Fob.
83 Jan.
138=8 Jan.
Feb.
72% Jau.
Feb. 23,107% Jan.
101% Mar.
Jan.
Jan.
40 Feb.
Feb.
81% Jan.
203% Feb.
.Tan.
Jan.
86% Mar.
Jan.
143
418
45,72(;
80% Jan.
34
11% Jan.
585
Jan.
18% Jan.
144 Jan.
4473 Jan.
149% Jan.
5% Jan.
35 Jan.
8I4 Jan.
21 Jan.
24% Jan.
12% Jan.
29 Jan.
31 Jan.
93 Jan.
53=8'
92=s'.f/-.'v)o
49% Jan.
83% J!»n.
635
120
13,860
1,117
7
33
9
Prices from both Exchangas.
200
100
22.
,300
5,100
1,100
1,300
8,740
8
15
Feb.
Feb.
4
4
2
18
18
18
7
12
8
1
2
11
1
11
1
13
15
13
8
31
15
2
12
14
18
1
14
11
2
7
4
11
16
30
16
30
X
7
a
11
1
4.
4.
1% Fob. 19
144
5
Jan. 16
33.^.
3,897
50%
153
116
.Tan.
100 109 Jan.
724 73% Jan.
152 134 Jan.
83%
•15% 16
53
26' 114% Jan.
33% Feb. 23 40% Jan.
83% Feb.
95% Jan.
105 Feb.
98% Jan.
820 12% Jan.
400 24 Jan.
26% 26%
33% 3373
58% 58%
19=3 Feb.
Feb.
Feb.
Feb.
70 Feb.
4373 Feb.
19% Fob.
9% Fob.
35 Feb.
18 Feb.
53% Feb.
27% Feb.
77
44%
30%
1,400
53,972
1.30% L5034
•36
9
lOKUFob.
85% 85%
43
43%
13% 19
20% 21%
23% 23%
49
11% Jan.
I214 Feb.
7014 Jan.
8 Jan.
81 73 .Tan.
107% Jan.
1714 Jan.
67% Jan.
37 Jan.
26% Jan.
61 Jan.
KiO
720
750
603
30=8
30% 30=8
36% 37
36% 37
101% 101% 102% 102%|
30%
99% 101
no sale was made at the Board.
16
13
31% .Tan. 14
96% Feb. 1
21,325
1,625
44,060 42%.Ian.
1714
1,680 14% Jan.
474
8% Jan.
8%
33% 1,000 32% Feb.
610 16 Jan.
17%
5II4
2,(550 49% Jan.
2714!
3,652 25 Jan.
63 Mar.
63
20,857 59 Jan.
24 Feb.
23% 3,800 21 Jan.
34=8 Mar.
34=8 44,648 3014 Jan.
2314 Feb.
26
1,200 22 .fan.
50 Jan.
47=8 110,300 4{)% Feb.
22=8
Jan.
26,795
27% Feb.
27%
82% Feb.
81 >4. 1,745 76 Jan.
103
93
141
Jan.
3
100%
14 Jau.
560 23 Jan. 18 26% Jan.
25 %t
6679
.Tan.
61
.Ian.
18
6373
1,100
•87
89
•101 103
21 14 214
60% 66=8
13
13
•94
99%, 99%
36% 37
37%
75
73
19778 202
200
95
99
98% 99%
37
87%
22
4
49 Fob. 15
105%M.ar. 1
91% Feb. 14
83 Mar. 1
IO8I4 Mar. 1
7 Feb. 7
13 Feb. 4
14 Jan. 14
75% Jan. 14
12 Feb. 12
02 Feb. 18
3 110% Feb. 2
65% 65%
I
7
14
110i4Feb. 26
74% Feb; 14
I
46 14 46 14 47
4714
101% 101 14 102 '4! 102 105%
89% 8914 89%; 88% 89%
76
77% 7773! 80
83
104% 104 14 105%! 107 IOSI4
573
573
7
7
•10
•10
14
13
14
I3I4
13
13% 13
13
7078 72
72
71% 72%
12
11% 11% 11781 10
89 90%! 89% 90
90
109
108% 108% 10878 109
18 19 I8I4 19
18
•72
72
75
72
74
41
41
41% 42%
43
29%
29% 29
29% 29
68
67% 6778
47=8
46% 47% 47
47=8
I
22
130
14
10073 Jan. 14
19% Feb. 6
42% Feb. 6
109
4678
84% 84%l *83% 85
42=8 44
43% 44%
22
2
.Tan.
14
15
45i4Feb. 11
100 Feb. 8
66% Feb. 1
106 Jan. 14
109% Jan. 15
142 Jan. 21
I
199
198 198
86%' 85% 86%
"1
Jan.
1,175 3714 .Tan.
27,119 90 Jan.
2,791 84% .Ian.
1,420 51%.Tan.
5,192 91% Jan.
250
5% Jan.
109
83=8 8379! 83% 83%
83% 83%' 83% 83%l
135% 136=8*130% 137 xl35 133
135 133141
50
57
55
56% 57% 57%1
57
54
90
8%
116% .Tan. 15
21 14 21%
63% 65%
13% 13%
27
I514 Feb.
36% Feb.
29% Feb.
22,323 99 I'eb.
2,505 42i4.Tan.
4,530 94% Jan.
97
61 14 l''ob.
103,160
62% 61% 62%
97%! 97% 98% 17,632 97 Feb.
106=81 106
10678 41,923 10473 Feb.
291 I3914 Feb.
140% -139% 141
96% 95% 96I4 7,683 95 Feb.
640 14 Jan.
18% 18% 18%
40=8 40% 40%
740 33 Jan.
725 30% Jan.
32% 3273 3278
883 89 Feb.
91% '91
94
109% xl04%107i4 9,838 91=8 Jan.
7,605
53% .Tan.
73% 72
73%
26I4
770 24% Jan.
20
42,175
139%
Jail.
141% 140% 141%
I6I4 I6I4 16%
16% Jan.
42i4Jan.
4214
310
43
43
9 '4
9% 9% 1,705 8i4Jan.
70
356 63 Jan.
70
70
500 21% Jan.
22% 22% 23%
200 86 Jan.
94% 94% 94%
7
1889.
Feb.
Feb.
100 Jan.
36^4 Jan.
23 Feb.
20% Feb.
21% Feb.
1773 Feb.
61 Feb.
33% Feb.
111% Jan.
,1an.
,Ian.
.Tan.
.Tan.
IOOI4 101%
43=8 44 14
96% 98
7%
1,
1,073 106 Feb.
109% 110
I8I4 I8I4
18
17% 17% 2,975 16 Jan.
5773'
5714 57 14
57
57% 6,010 51%.Tan.
104% 104 IO414 103% 104% 20,908 10173,Tan.
96
•94% 96
90 90% Jan.
95
96
60% 59% 59% 59=8 60% 10,384 56i4.Ian.
10914!
j
22 >4 23
47
3314
36I4
1889.
Highest.
50%
94%
933 35%
2,000 17% Jan.
100 14% Jan.
80%
81% 80%
100% 9710 100% •97%
"2514 25 ll
2514 25%
25=8
63 14 63 14 63%
0314 63%
110% 110% 109% 110
37
35% 36
37
37
37
8834
21%
56% 57
30
100% 101 14
43% 44
10178
36
8%
8% 91.1 8% 9% 8%
26% 26% •24
27
*2t% 26
25
26
26
33
33
33
33
3278 33%
33
33% 33%
15
15% 15% 151.
1.3% 1.3i«
15% 15=8 15
31
31 14 31
31% *30
31
30 31
30%
37
3714
36
M
*
•83% 85
85
42
*
.
ripe Linn Certmentos;
•
Lowest,
5,455
8,047
15%
56% 56%
I514
150 152
151% 151% 150 150
113 113
113 113 1*113 115
82% 83
83
83
82%! 8214 83
83
140% 140% 140% 140% 140% 140% 141 143
141 141
,
36I4
1,
Eange Since Jan.
1534 .Tan.
I514
81% 83%
.
Inactive StocliH.
American Tel. & Cable Co
Chicago Gas Trust ..
Denver <k Rio Grande West..'
Denv. Tex. & Ft. W., Vot. cert
Iowa Central, pref.,
Morris * Essex
Oregon Short Line
I
100% 100% 100% 100%
25% 23%i •24
25%
63 14 63 14' 03% 63%
110% IIOI4 II014
•38% 39% 37
3773!
92
92% 90
92
102% 102%
^2114 21%
64% 65% "64=8 "65%
1378 1378
13% 1378
27
27% 26=8 27
6514 65%
63% 63%
pref
fit Paul Mlnnap.
lexas
*24
63
pref.
Istprct. *109
138,826
50=8
•18
1514
i
,
Shares.
1.
52%
51% 52 14
54% 53%
95% 95%
.
BomeWatcrtown&Ogdcnsb'g
March
5II4
52% 50
7% 7%
7% 7%
51=8
51% 51% 51
55
53%
547e 55%
94% 95% 94% 95%
35^8 36
35% 36I4
19% 20%
20
20
18% 18% 17%
5778 57T8
56% 57
do l.st pref..
29% 29%
do 2d pref
i'oi% ib'iu! 101
Chicago Bnrltagton & Qiiincy. 10158 10214 101% 102
43% 43% 43% 43%: •43=8
4378 43''8
Chicago & Eastern Illinois
97
96^8 97
96% 97
pref.
9612 96%
Do
Chicago Mil wankee & St. PaiU. 62=8 6338i 61 14 6214 6178 62%l 61%
9778
97=8
97% 97
pref.
97% 9812 97
Do
106=8 10718 106 106% 106% 10678 106 14
Chicago & Xorth western
I39I4
140 140
140 140
pref.
Do
95=8 96I4
96% 96% 96
Chicago Eock Island ifePaciflc. 96I2 97
•17
18% 17
18
18
Chicago St. Louis & Pittsburg. '1714 18
•39
•39
41
4014 4014
pref.
39
39
Do
3214 3214 •31% 32
32% 32% 32%
Chicago St. Paul Min & Om.
92
9214 9214
91
91%
Pief.
90% 91
Do
IO918 109% IO914 109% 10973 IIOI4 109%
Cincin. ind. St. Louis & CTliic.
73 14 74
7278
Cleveland Col. Cin.&Indlanap.
71% 71%! 72% 74
26
Columbus Hocking Val.&Tol. 26I4 26I4I 26% 2678 •26% 27
Delaware Lackawanna A-West 141i8 141 !% 14078 141% 141 141% 140%
16 17 •1614 167a I6I4
Denver&EioG., a.^j>essm'tpd. *16i4 17
pref. '4314 4414 •43
44
42% 42%' 42%
Do
9i8
•9
*9
918
9
9
East Tennessee Va. & Ga
*69
•69% 70%' 68%
1st pref.
Do
70% •68% 70
•22
•22
13
2d pref. *22i2 2312 •22
23
Do
•93
95
94% 94%' •93%
Evansville & Terre Haute. ... *93i2 93
*6i4
714I
678
714
7
•GreenBay Winona & St. Paul.
7
7
109 14
lllinoia Central
109 109
109% 109% 109 109
take Erie & Western
18% 18=8 18% I8I4! 18% 18%! 18
58 14 57% 58
pref
Do
57% 57=8, 57
58
Lake Shore & Mich. Southern. 10414 104=8 IO414 104% 104% 104=8 104
*94
•95
96%' •94
long Island
96
96
93
60 14 59=8 59% 60
Louisville & Nashville
60
OOUi 59%
•46
47 12 47
Louis. New Alb. & Chicago ... *46
48
4678
47
98I2 99%
Manhiittan Elevated, cousol..
9314 9978
99 100% 100
Michigan Central
90
89
89
90
89% 88%
73
•70
Milwaukee Lake Sh. & West. •71
73
73
75
73
Do
pref. IOII4IOII4 101% 102
102% 104
104
"312
Minneapolis <fc St. Louis
7
*57f
5% 5% •5
7
o'8
•10
•10
•10
Do
pref. 'lO
14
13
14
Missouri Kansas & Texas
13% I312 I314 13% 13% 13% 13
Missouri Pacific
71% 71^8 7078 71%l 7II4 72% 70%
Moblle&Ohio
no III3 •10% 11% •11 11%I 11 14
Nashv.Chattanooga&StLouis 90% 91
90141 •89% 90
90
89%
New York Central & Hudson. 109 109 '108% 109% 109 IO9I4 109
*18
•18% 19
New York Chic. & St. I^ouis.
19
•18
19
18
latpref.l 73% 73%; •73% 75
Do
73 75 •72%
Do
2d prof.' "4112 43
41
•42% 43% 41% 43
Ifow Y'ork Lake Erie & Weat'n 29% 29%1 29% 29=8 29% 29=8 29%
Do
pref.
68
68
6714 67%l 67% 68
67%
New York & New England.... 48 48% 47=8 48
47% 4778 46 14
New York Ontario & West.
17% 17% I7I4 17% 17% 17%; 17%
New York Susquchan. & West.
9
9
8% 8%' 8% 8%l 8=8
Do
pref. •33
34
33
33
33% 33% 32%
Norfolk & Western
17
17% 17% 17% 17%: 17
17
Do
prof
52
52
59
52
52
52
51
Northern Paclllo
26% 27% 26% 26% 26=8 267a 26%
Do
pref
62
62=8
61% 62%! 62% 62%' 62%
Ohio & Mississippi
23'% 2378 •23% 24
23% 24
23
33I4
Oregon <fc Trans-Continental,. 33
33
33%! 33% 33%' 33%
Peoria Decatur Ar Evansville. •26
27
23% 25781 25% 25731 23%
Phila.* Head. Vot. Trust. Cert.
47% 48% 4678 4773' 4678 47%' 46%
ElchniondA- West P't Terminal
26% 26% 26
26% 26I4 26% 26%
Do
pref
79
79%, 7979 80% 79%
.
Week,
Friday,
50=8
Do
Do
.
Sales
of the
Wednesday,
2(i.
XLvni.
rvoL.
87
44%
Fob.
8
Feb. 7
Feb. 27
Mar. 1
H 19
25 24% li-eb.
24 23% Mar.
5 150U Feb.
23 50% Mar.
14 151 Feb.
30
7% Feb.
30 33% Fob.
IS lOli Jau.
33 27 Feb.
8 34 Feb.
11
1
9
1
11
12
15
11'
19
28
21 13=8 Jau. 37
Feb. 11
5 32
23 37 '4 Feb. 31
4:105
16'
18'
60%
93%
Fob.
1^
1#
Feb.
Feb. 26
.
Mabch
THE CHRONICLE
2. 186 9. J
— LATEST
BONDS
PRICES OF ACTITE BONDS AT
W. Y.
Range Sinct Jan.
clotitig.
STOCK EXCHANGE, AND RANGE SINCE JAN.
RAaBOAD Bonds.
Fcb.2l. Uch.
HiQhcst.
Lou)t$t.
1.
*
Feb.ilAlleh.
2238
20 Jan.
Afl.
Piic— W. D. inc., Os, 1910 21>sb, 31
78% Jan. 83
821*
83
Oiiar., 4s, 1037
108 >« 106% Jan. 108%
Can. South.— l8t guar., 58, l»08;i08
9314 Jan.
0414
9714
0(i»8
2d,r>«, Utia
Feb. 106%
lOS'sb. 103
Cciitriil of N. ,r.— Ist, 78, 18»0 .. 103%
12II9 120 Jan. 122
122
Coiisnl, 79. 1890
Jan. 125
il25'4b, 12» b. 125
Omvcit. 7«, 1902
IW)^ 109% 1003s Jan. 110
<iin.i;il iiiort., ."Ss, 1087
lx)li.A\V.H.,coii.79, lOOO.as'ntillSia 117 b. 115% Jan. tllO
I
it Iiiip.. i>8,
1921
llOioa. 108
...I
Jan.
Central Pacillc— (Jiil.l Us, 1898..lll45ih, 114%b. 113i4Feb.
'103 a. 104%b. 102% Jan.
Lanil Kraut Os, IS'.io
10738 10539 Jan.
MoiljruKO (!.>, 193(>
79% Jan.
Clip.i. A; ).— (is, g., B., rcorK. ocr.
79 14 Jan.
85 b, K...
Ext.<'inii>.,4s, lost), riioru. cer.
(Is, cuinMicv, 1918, reorg. cor.
29% Jan.
313),
11712b. iiV "h 113i4Jan.
Mnitdagn t!s, 1011
107 Jan.
109 b, 109
Clic.-. O. & 8o. \V.—.->-(!9, 1911
98 Jan.
Cliic. Bnrl. & No,
l8t,"S8, 1020. 100 14b. 101 b.
131 Jan.
Chic. Burl. & Q.— Con. 7, 1903. 131 b. 132
|10-l>.2b. IO3I2
103% Feb.
Debenture .59, 1013
92% Feb.
Denver Division, 4a, 1022 . .
92>i!b. 92i2b.
9414
91'8 Jan.
Nebraska Kxtension 4s, 1027.
119
118
Jan.
b.
Chic. A K. 111.— 1st, a. f., (is, 10O7| llO^b.
118 .Tan.
Consol. Gs, 1934
122'8b. 124
97 Jan.
General consol. 1st, 09, 1937..|102'8 ,103
89%b. 83 Feb.
Chic. Gas. T,. &
1st, (f,o8,1937! 89>4
99 Jan.
Chic. & Iml. <;oal l«., l»t, on, 1930 103 Hib. 104=
122% Jan.
Chic. Mil. i l<t. r.— Con. 78, lOO.') 123'.2b. 124
Jan.
Ist, Southwest Div.—tis, 1009. 1 14 b. 112 b. 112
jlioia
110 Jan.
l.st, So. Min. Div.— (>8, 1910... 112>2
103 Jan.
].9t,Ch.&l'ac.\V.Div.— 58,1921 105
99 Jan.
Wis. & Slinn. Div.— 59, 1921 .. 101 Ua.
1100 b. 100 b 100 Jan.
Terminal 59,1914
143% Jan.
Chic. & N. \V.— Consol. 7s,1915. 1440sb. I4514
jlSOiab. 130i2b 129% .Tan.
Gold, 7s. 1002
SinkiuKlumKis, 1029
122 a. 122i-3b 119 Jan.
Sinkin^' fund ."is, 1029
Ill a. 110 b 108% Jan.
Sin:cin« fiuul dclH'ut. 3s, 1933 llOi^b. 111 b 109
Jan.
2i5-year debenture 5s, 1909... 10«Jab. 10613b 105
Jan.
100i2b. 100%
E.xfenliou Is, 1920
98 Jan.
Chic. K. 1. .t Tac— (is, coup., 1917 132'4b. 132 a 131% Fob.
10459 Jan.
Extension & col. 3s, 1934
105=8 10534
Chic.St. P. M.&O.—Con.0s,103(l 12158
121% 119% Jan.
Ch.St.L.& nit.— lst,con.5s,1932! 9913b. 100 b 96% Jan.
Clevc. & Canton— 1st, 59, 1917 J 95%b.; 95 %b
92% Jan.
C. C. C. & I.— Con.sol. 78, 1914..
132 b 130 Jan.
General OS, 1934
116 b. 116 b 112 Jan.
Col. Coal * Iron— l8t 63, 1900.-1102%
102 b too Jan.
Col. ri.Val. &T0I.— Con.59, 1931 87%
8458
80% Jan.
General «()ld, 68, 1904
86 b.l 86 b 82 Jan.
Denver & Rio (jr.- Ist, 7s, 1900 121 b, 120 b 119 Jan.
Ist consol. 49, 1936
75 Jan.
80%
Deuv. & K. G. \V.— 1st, 69, 1011. 9313b. 9513b 84% Jan.
84i2
Assented
73% Jan.
831a
Dcnv. S. Pk. * rac.— lst,7s, 1905 83 a. 84 b 81 Jan.
Det.B.C. ifc Alp.— Ist.cBs, 1013 IO712
103 Jan.
Det. Mae. & M.— I,d.!,'r.3i23, 1011 37 %b. 38 b
34 Jan.
Dul. & Iron Range- l9t, 53, 193 ,103
96 ^8 Jan.
102
E. Tenn. V. & G.— Con.. 53, 19.50105
105 14
102 Jan.
Eliz. Lex. cfc Big San.—69, 1902. I0514
102
99 Jan.
Erie— 1st, consol. gold, 7e, 1920 141 b. 137% L37% Jan.
Long Dock, 7.S, 1893
112 b. lHi2b 110% Jan.
Consol. 6s, 1935
121 b 121% Jan.
N.Y.L.E.&W.— 2dcon.0s,1969 102% IO314
98 Jan.
94I2
Ft. W. A- Dcnv.
l3t, 6s, 1921
9413
90 Jan.
Gal.H.&.'-anAnt.- W.Div.l8t,5f 95 b. 95 14
94 14 Jan.
Gr.B.W.A.- St.P.— 2d inc. 8s. 1911 21
21 b 18 Jan.
GulfCol. & San. Fc— 1st, 79,1900 115 b. 114 b 106% Jan.
Gold. Us. 1923
81
7912b 7014 Jan.
nan. ic St. Jo.<;.— Cons. 6.9, 1011. il23 b. 120 b 120 14 Jan.
Int. & Gt. No.— l8t. 63, gold, 1019 IO214
10212b 102 Feb.
Coupon, 6s, 1909...;
6512
63% Feb.
63%
Kentucky Cent.— Gold 4, 1987.
7978
71% Jan.
79%
Knoxv. & O.— Ist, (is, gold, 1925 IO514 106
LOl Jan.
L. Eric & West.— 1st, g., 58, 1037 lOQiab. 108 %b 107
Jan.
Lake Shore.-Con.ci).,lst,7s,1900 128 b. 128 b 12514 Jan.
Consol. coup., 2(1, 7s, 1903
'126iob. 127 b 124
Jan.
Longlsland— 1st, con., 5s, 1931;116 b. 116 b II414 .Tan.
General mort.,48, 1938
llOO a. 99%a
92% Jan.
I/Ouisv. & Xashv.— Con., 73, 1898 120i2b. 12012b 11834 Jan.
E. H. A: N.— 1st, 63, 1919
(117133. 11712a 116
Jan.
General, 6a, 1930
112^eb. 113 b 112 Jan.
Trust Bonds, 6s, 1922
112Ub. 111 b 109% Jan.
10-40, 6s, 1924
101% Jan.
50-year 5s, 1937
101
ibi" 98 Jan.
ImwH. N. A. & Ch.— lat, 63, 1910 110 b. 116 b. ll2i4Jan.
C0U80I., gold, 09, 1916
;..llOO
1IO214
93 Jan.
Mem. & Cliar.— (is, gold, 1924
103% 103
102% .Tan.
Metro. Elevated— 1st, O.s, 1908. 116 a. 117
lll^gJan.
2d,09, 1899
Jan.
10912a, 107 b 106
Mich. Cent.— lat, con., 79, 1902 13312a. 132 b. 131 14 Jan.
Con.sol.,5s, 1902
Ill2 b.
111
Jan.
Mil. Lake Sh. & W.— l8t,68, 1921I12II4 |12159
118% Jan.
Conv. debenture, 5.S, 1907...
98
92% Jan.
99%
MUw. k North.— M. L.,69, I9IO.I1O8I3 109%b. 106% Jan.
Extension, l.st,Os, 1913
110712
105 14 Jan.
108
Minn. cfeSt. l.oui3— lat, 7.9, 1927 92 b.
90 Jan.
Mo. Kan. & Tex.— Con., 6a, 1920 50
54% Jan.
56
Con.sol., 5a, 1920
51 14 Jan.
53 b. 53%
Con.sol.. 7s, 1904-5-6
OOSg
90%
90 Jan.
Mo. racittc— Ist, con., 68, 1920. 114
114
110% Jan.
'
(
'.'.'.'.
.
.
[
i
om
124
C—
90
i
;
I
i
1
I
I
,
1
|
1\'\>.
Feb.
124% Jan.
II514 Feb.
113 Feb.
106 Feb.
,102
Feb.
102% Feb.
147 Jan.
132 Jan.
122 Feb.
111 Feb.
110% Jan.
107 Feb.
ll04i4Feb.
Jan.
1133
1106% Feb.
122 Feb.
100 Feb.
96I4 Feb.
Jan.
I133
I
87%
87
122
80%
95%
86
85
108%
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Fob.
Feb.
'
1
I
1
2d, mort., pref., 78, 1894
107
2d, mort., income, 7s, 1894...
,
Feb.
Feb.
Feb.
Feb.
Feb.
87% Jan.
124 Feb.
109% Jan.
74% Jan.
80 Feb.
105% Feb.
110 Feb.
[129 Feb.
1
I
|
i
I
'
Feb.
112i4Feb.
101% Jan.
101 14 Feb.
tll7
Feb.
I102i4Feb.
103% Feb.
117% Feb.
!llO Feb.
133
.Tan.
112% Feb.
:1216e Feb.
99%
Feb.
,109% Jan.
108 Feb.
92 Feb.
62 Jan.
5714 Jan.
92%.Tan.
36
b.
a.
1892. 1107
»
Mo.— l8t,
cxt., 48,
I
1
.
1891. 103 b. iib'3
CairoArk.AiTex.- lst,78,1897,105%b. 104
Gen. R'y& land gr.. 58, 1931.1 90 a. 84
St. L. & San l^Y.- Gs, CI. A, 1906 117 b. 118
7s,
'117
[118
118
118
b.
1931
1931
97
104
Feb.
Jan.
Jan.
115% Jan.
115% Jan.
b 1115% Jan.
81
116
I
96i4Feb.
83i4Jan.
91 b. 90 Jan.
General 6s, 1921, Trust rec... 32%b. 30 b. 31 Jan.
South Carolina- 1st, 6s, 1920... 94 b. 95
90 Jan.
2d,68,1931
59
S53 b. 47 Jan.
0%a.
Income, 6s, 1931
5 b.
5% Jan.
So. Pac, Ariz.— 1st, 68, 1909-10. 107 b 100%a. 105% Jan.
98
89%a.
Collateral tnist, 5s, 1898
Montana Ext. 1st, 4s, 1937 ...
Shen. Val.— 1st, 7s, 1909, Tr. rec.
b.
89%
,
1889.
I
1.
Uighetl.
102% Feb.
131 '4 Feb.
'103 Feb.
1107 Feb.
1
1
135%.Ian.
113i4Feb.
131% Jan.
95%
Feb.
1118% Feb.
1135
Feb,
113% Jan.
108% Jan.
115 Feb.
977gFeb.
116% Feb.
110 Feb.
118 Feb.
116 Feb.
lOB Feb.
107% Feb.
7.3
Jan.
116i4Feb.
120 Jan.
107 Feb.
49% Feb.
75 Feb.
10678 Feb.
II214 Jan.
105 Feb.
10«i4 Feb.
1087, Feb.
104%
109%
Feb.
Feb.
76
94
Feb.
Jan.
94% Jan.
8238 Jan.
6214 Jan.
82 14 Feb.
64% Feb.
31i4Feb.
116 p'eb.
88 Feb.
99% Feb.
Feb.
IO8I4 Jan.
111 Feb.
107% Feb.
114 Jan.
110 Jan.
104% Jan.
99 Feb.
38 Feb.
110 Jan.
107% Feb.
10314 Feb.
106 Feb.
90 Feb.
116 Jan.
118 Feb.
118 Feb.
117 Feb.
104 Feb.
120 Feb.
120 Feb.
100% Feb.
98% Jan.
90 Feb.
92% Feb.
34 Feb.
96 Feb.
60% Feb.
10 Feb.
107 Feb.
114% Feb.
108 14 Feb.
98 Feb.
98 Feb.
9158 Jan.
39% Jan.
108 Feb.
107 Feb.
103 Feb.
101 Feb.
1 163e Feb.
102% Feb.
120% Jan.
111% Jan.
116
'103
106
Jan.
102%b. 101 Jan.
101
92% Jan.
116 b. 115 Jan.
103 b. 102% Feb.
115%b 119 Jan.
105 %b. 111% Jan.
110%b. 109% Jan. UOSgJan.
Denver Div.— 63, 1899
115
114 Jan. 115i4Feb.
Ist consol., 6b, 1919
II414 114 b. 112 Jan. 116% Jan.
Oreg. ShortLlne— l8t,6s, 1922 lll%b. Ill b. Ill
Feb. 114% Jan.
Virginia Mid.— Gen. m., .58, 1936| 871*
88
88 Feb.
7838 Jan.
40 b. 37% Jan.
42 Feb.
Wab. St. L. .t P.— Gen.,6s, Tr.rec.
93%
Chicago Div.— 5a, 1910, Trlrec. 9338
88% .Tan. 94 Feb.
85 %b. 86 Jan.
87 Jan.
Wabash— M., 7s, 1909, Tr. roc' 87
95 Feb.
93 %b. 89% Jan.
Tol. iV W.— 1st, cxt., 79, Tr. reo.| 94
9414 Feb.
93
%b.
Feb.
93%
1.9t,St.Iy.Div.,79,1889,Tr.rec. 94
85 b. 87 Jan.
90% Feb.
2d,cxtend., 7a, 1893, Tr.rec. 89
b.
85
Feb.
89 Feb.
85
Con., conv., 7a, 1907, Tr.rec' 86%a.
93 %b. 89 Jan.
91 Jan.
Gt. Weat.- l8t,79, 1888,Tr.reo
b.
85
94
Feb.
87
Feb.
Trust
receipts.
2d, 7.9, 1893,
94
West Shore— Guar., 49
106% 106% 102% Jan. 106% Feb.
95i4Jan.
100
Feb.
993a
08%b.
West N. Y. & Pa.— l9t, 5, 1937.
39% Jan. 44 Feb.
41 %b. 41%
2d mort., 3g., 5f>c.,1927
103
Feb.
9878
Jan.
101%
.West. Un. Tel. -Col. tr., 59, 1938 101%
Wheel. A- T..ike E. -l9t, 58, 1926 104 b. 104 b. 102% Jan. J(Ui4 Feb.
Tol. A. A.& Gr. Tr.— 1st, 6s,
Tol. .t Ohio Cent.- Ist, 09,
1921 106
1935 102
a.
b.
Tol.St.L. & Kan.C— lst,6a,1916| 9934
Union Paciflo— lat, 6.9, 1899 ....'11614b.
Laud grant, 78, 18S7-9
Sinking fund, 88, 1893
120 b.
Kansas PiKitlc- Ist, 6a, 1895 . 1109 b.
1st, 69, 1896
jllO b.
I
'
I
I
I
I
'
I
114 Feb.
118 b 118 b. 116% .Tan. 119% Feb.
1938 98i3b. 99
9734 Jan. 101 Jan.
niort., 73, 1891
104I3
'•^ll
105 b. 104 Jan. 105 Jan.
Mobile & Ohio— Now, 6a, 1927.. 112 b. 11258b. 112% Feb. 113% Feb.
General mort.. 4a. li)38
5(>79 Feb.
49%
48 a 41 34 Jan.
Note.—Xho letter "b" indicates price bia, and "a" price asked ail other prices and the range are from actual
3d, 79, lilOO
Pac. of
io(i78b 106i4l''eb.
105 Jan.
,102
Jan.
107%
So. Pac, Cal— 1st, 69, 1905-12.. 11434b. 11558b. 114
Jan.
So. Pac, N. M.— 1st, 63, 1911 ... 106 b.
,105% Jan.
98
Tenn. C. I. & Ey .—Ten. D. 1st, Oa 967g
89 Jan.
Birm. Div., 1st, 6s, 1917
97 a. 98
89 Jan.
89 b. 88=8 Jan.
Tex. it Pac- 1st, gold, 5s, 2000 89%
30%
2d, gold, income, 59, 2000
37
36 Jan.
Tol. A. A. & N. M.— lat, 69, 1924 107 b. 108
99 Jan.
Feb.
llSUFeb.
78,
!
I
120% Feb.
1117
!
Mt.— lat,
Feb.
107 %b 104% Jan.
98%
92 Jan.
35 Jan.
9778
I
!l27% Feb.
1115% Feb.
1100
Os, 1936.
ill6%b. 117
1103%b. 104 %b lOlHJan.
a. 118
8. P.M. &M.— Dak.Ext.,69, 1910 119%b. 122
Jan.
118 b. 115% Jan.
Ist consol., 6s, 1933
reduced to 4%s... 10038b. 10014b. OSkJan.
Do
Feb.
10338 Feb.
25
116
Iron
68, Class B, 1906
68, Class C, 1 908
General mort., 6s,
General mort., 58,
'123
95%
&
Cairo&Fulton- l9t,
I
96
&Tox.— Ist,
2dmort.,78. 1897
Feb.
14178 Feb.
C—
Ark.
2d,6s,1936
St. L.
,106
112%
105%
b.
I
St. L.
40
104
105i4Feb.
,
I
Peo.Dec. &Evan8.— Ist.Os, 1920 108%b. 110 b. 104% 1 eb.
Evansv. Div.— 1st, 6s, 1920... 109 %a. 105 b. 10234 Jan.
"" b.
2d mort., 59, 1927
75
66 Jan.
Phila. & Head.— Gen. 49, 1958.
92%
92%
885gJan.
1st pref. income 59, 1958
84 b. 84 14
83% Fob,
2d pref. income 58, 1958
71 %b. 72
7114 Feb.
58I4
3d pref. Income 59, 1958
58 b. 58 Feb.
76I4 Jan.
Pittsb. & West.— Ist, g., 4a, 1917 81%
81%
63 14
Uicb. & All.— lat, 79, Drexei cert
63 a. 58 Jan.
2dmort.,6s, 1916,Drexel(!ert. 29%b. 29 %a. 26 Jan.
Kich. & Danv.— Con., 6s, 1915 ..1115%b. 115%b. 114 Jan.
Con.sol. gold, 5s, 1936
87 b. 88
86 Jan.
Rieh.&W.P.Ter.— Trust 68, 18971 98%
98%
96 Feb.
Roch. & Pittsb.- Con. 6s, 1922.. 115 b. 114%b. 113 Jan.
108 ibb. 107% Jan.
Rome Wat. & Ogd.- 1 st, 78, 1891
Consol., extended, 5s, 1922... 110 b. IIOI4
108 14 Jan.
St. Jos. & Gr. Tsl.— 1st, Gs, 1925. 106 b. 107%a. 104
Jan.
St. L. Alt. & T. H.— l8t, 78, 1894
112% Jan.
;116%Feb.
105 Jan.
1
1
i
:105
!
.
I
I
Feb.
Feb.
104%
I
f., 6», 1911
00 Jan.
& fit. L.— l8t, 78, 1913 131 b.
129 Jan.
Consol. .59, 1938
110214b. Il03%b. 98°gJan.
N. Y. Central— Extend., 5a, 1893 10« b. 106%
104 14 Jan.
N. Y. C.&II.— l8t,cp.,7s, 1903 13538b. 13538b, 133 Jan.
Dcbeutnre, 59, 1904
113 b. 1110%b. 111 Jan.
N. Y. <fe Harlom-lat, 78, 1900'
"95"" 130 Jan.
N. Y. Chic. & 8t. L.— lat, 4a, 1 937| 94%
9158 Jan.
N. Y. Elevated— 1st, 79, 1 906 ...117 b. Ill7 b. 11« Jan.
N. Y. Lack. & W.— l.st, (is, 1921. '134 b. 134 b. 131% Jan.
Con8tructionv 59, 1923
Ill b. |112 b. limFeb.
N. Y. & North'n- l8t, 58, 1927..'108%b. 109 b. 108 Jan.
N. Y. Ont. & W.— lat, 69, 1914..;il2%b. 112
112 Jan.
N.Y.Sua. &W.— lat ref. ,5s, 1937' 975Bb. 97^8
94 Jan.
MIdlandof N. J.— I8t,(i9, 1910 117 b.
114% Jan.
Norfolk <fe West.- Gen., 69, 1931 118%b. 'ii'giib' II714 Jan.
North. Pac— Ist, coup., 69, 1921 117%b. 118
1115% Jan.
General, 2d, coup., 1933
illS
115% 112 Jan.
General, 3d, coup, (is, 1937 ... 102% 105%b. 97% Jan.
No. I'ac. Tor. Co.— Ist, 69. 1933.:106% 10678 103% Jan.
Ohio lud. & West.- 1st, 5a, 19381 71
7114b. 6-1% Jan.
Ohio & Mi.s8.— Consol., 79, 1898.,H5%b. II6I4 115 Jan.
2d, consol., 79, 1911
119 b. 119
119 Jan.
Ohio Southern— l8t, 69, 1921 ...
106%a. 103 Jan.
2d, income, 68, 1921
48
48
44% Jan.
Omaha & St. L.— Ist, 49, 1937.. 74 b. 74%
71% Jan.
Oregon Imp. Co.— 1st, 68, 1910.1105% 104% 102 Feb.
Ore. K. & Nav. Co.— Ist, 68, 1909 110"4
11012b. 110 Jan.
Consol., 58, 1925
104% 102 Jan.
'IO434
Oregon A; Transeon'l—Os, 1922. 105% IO6I4 1101% Jan.
Penn. Co.—4%8, coupon, 1921. .|108 b. 108i.tb. 10(17^ Jan.
Na.sh. Ch.
119i4Jan.
1
Ltneeil.
1,
Mutual Un. Tel.— 8.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
llOSgFeli.
Jan.
tll5
105% Fib.
107% Fib.
86% Feb.
87% Feb.
35 Feb.
118 Feb.
110 Jan.
IOOI4 Fob.
132 Feb.
106 Jan.
94% Jan.
95 Feb.
1,
Mange Binee Jan.
doting.
1.
Railroad Bokds.
Am. Dock
285
;
I
I
ealca.
STAT8 BONOS.
SECURITIES.
Alabama Class A 3
OUwa B, 58
CUmw C, 4e
1906
1906
1906
«s, 10-20
1900
4rkan«a8—68, funded.. 1899-1900
7e, Little Rock & Fort Smith, ISB.
• 7b, Memphis A Little Rock, Iss..
to 5
78, .\rkanaa9Cential
Beorgla— 78. gold
Lealslana— 78, cona
StaMiiied,
48
Michigan— 7a
Bid.
Ask.
103
111
105
SECURITIES.
Missouri—68
Bid.
due 1889 or 1890 100
68, loan
ia92 111
1893 iim
J&J 35
1900 10
20
J. ...1892-1898
Ck>raproml8e, 3-4-,5-6b
New
North Carolina— 6b, old
Funding act
New
1890 104%
bonds, J.
Chatlmm
_1914
<fe
RR
87% 88
""iKdci 106
!
CkiusoUdated 49
6a
5
1910
1919
94
settlement— 6b
5b
38
Virginia—68, old
7
Special tax. Class 1
Ask
Bid.
Rhode Island— 6b, eon. .1893-1894 111
South Carolina— 6a, non-fund. 1888
Brown consolidated 6b
1893
1892-189H 64
Tennessee— 68, old
New York— 6b, loan
101
11
SECURITIES.
Ask.
Asylum or University, due 1892 108
1894-189.5 11211
Funding
100%
KB
7.
«,
95%
125
6s, connaUdated bonds
6s, consolidated, 2d sttries
68, deterred, trust reo
1912 74
1913 102%
1913
1013
72%
.1
10
-
THE CHRONICLR
286
1
.
(Vou xLvm,
BONDS-STOCK EXCHANGE QUOTATIONS ON FKIDAY OF THE LESS ACTIVE RAILROAD BONDS.
Bid.
BE0UK1T1E8.
Eichangt
Prices.)
Chic. 8. Fe&Cal.-lBt g..
B»lt. & Onio— iBtCs, Park
1920
1911
5S.1937
98
B ..1919
'118
. . .
10218
120
108
192.'> 107
6e,K0ld
1988 107%
C!ons. mort.. gold. 5s
90
S9
1936
Beecn Creek— 1st gold, Is
102
BoBt. H. Tun. & W.— Deb. 5B...1913
Brooklyn EleT.- 1st, G., 6«...1924 io9% 110
87
1915
2d.S-38
1937 10612 106%
DniouEL, Ist.guar., 6s
Brunswick & West.— l6t,g.,48.1938
Bnir.Roch.<fcPitt8.— Gen.,5s...l937
Koch. & Pitts.- 1st 68
1921
Burl. Ce. Rap. <Sc No.— let, 5s. 1906
1934
Oonsol. & col. tr, 58
Minn.
&
Bid.
94i«
117
98
85
L.-lst 7e, gu ..1927
Iowa C. <fe Weet.-l8t 78....1909
Oed. Eap. I. P. & N., let 68.1920
1st 58
1921
St.
100
E. Tenn. Va. & Ga.— Ist, 7»...1900
19.'J0
Divisional 5s
1937
Istext., goU, 5s
Equip. & Iraprovcm't, g. 58.1938
Mobile & Birui.- 1st, g„ 58.1937
1897
Brie— 1st, extended, 78
1919
2d, extended, 5s
1923
3d, extended, 4138
1920
4th, extended, 58
1928
5th, extended, 48
1920
Ist, cons., fd. coup., 7b
1908
Reorg., Ist Uen, 6s
1916
B. N. Y. & E.— Ist, 78
N. Y. L. E. & W.— Col. tr., 6sl922
1969
Funded coup., 58
1977
Income, 68
Buff. & S. W.— Mortg. 68.. ..1908
Eureka Springs R'y, 1st, 68, g.l933
C—
,
,
Norf.
l8l.Ai>aoOee Momes & Ft. D.-lst,4s.l905
';«t'2'«8
i:.xii'iisjou,
1905
1905
4s
M--i8t;58 ::::i923
nSr*d: St.
tH^^
^o.
Louis— Ist, 68
1915
Ohio. St. P. & Kan. C.-5s
Minn. & K. W.— 1st g. gs ..19B6
..1934
Ohio. St. Paul M. & or^- * Mlnn--l8t, 68.1918
w?Kp. Wlsconsin-lst, 68
1930
SO
1041a 107
122
S"
126
OUo.
126
6s.. 1919 114
1932 118
&W
Ind.-l8t,
General ujortga«e,
B.f.,
tis
86
56
80
A
*%rot*6t!!""-'«^«-'*'''-i^i«
aS: B*Srt A*Jr~^«''«-^8"l936
1* Cleve.-l8t,78..1890
cii,^ i8,g.,
t.x)n8oi.
5a
OL col. (Jin. & Iiid.-i8t, 7V,"8 vi-zs
t''99
-««W, 58...193S
SlurirA^f'JJffiur d A leue. X
Ist, 68, gold
1 » I fi
R?l''™?<;«''U'd-i8t.g5id?6,;i936
CoL*^rceu.-i8t,68
...Iigie
gyra. Bing.
& N. Y.-IsuTb
&,7;::::::::::::
190B
7s or 1871..
iISS'
let, con.,
i.jVi
}qXV
gusjj?;
•!it';?t''Vs*^''"^^'"'«'"i«9i
o^ipo^'ylt::'-:
[til
p«j oiv ciur:;7V."v.v:::a9i7
l8t.8"-7s: 1906
iTlt^'""^gena. & Bar.- lat, oonD..7g.l921
*
No
price Friday
;
C—
s'O
Peoria &Pek U'n- let, 6B....1921
1921
2dM., 4ia8
108 la
69
Phlla.
& R.—3d pr. Inc. conv.,1958
1211a
Pine Creek Railway— 68 of 1932
PittB. Cleve. A Tol.— Ist, 68... 1922
106
1922 109 ..—•
Pitts. Junction— Ist, 68
120
1932 113
Pitts. McK. AY.— Ist, 68
77
Pitts. Painsv. AF.— lat, 58. -.1910 * 98
109
lOOia
1927
PittB. Y. A Ash.— 1st 58
95
Presc't A Ariz.Cent. 1st 6s, g.. 19 16 *
101
96
1916
2d income 68
40
1181a
1181a Rich. A Dan v.—Debenture 6a.l927
Debentiire, ex coupon
123
971a
1897
122
Atl. A Char.— let, pr., 78
1900 •1031a
122
Incomes
1925
Bt. Jos. A Or. Is.— 2dino
49
il2i«
Kan. C. A Omaha— Ist, 58, 1927
86
874
75
these are Uteat quotations
.
mada
ttiis
week.
St. L. Al.
Bellev.
A T. H.-Div. bnds.1894
A 80. lU.— 1st, 88. ..1890
1923
A Car.- lst,68
Louis ACUlc— Ist, con. 6s. 1927
BeUev.
40
117
1091a
30
L.&I.M.— Ark. Br., Ist, 78.1895 lOd
dt.L.A8.Fran.— l8t,6s,P.C.A01919 •106
1895 •106
Equipment, 78
^^
99 14
1987
Ist, trust, gold, 5s
Kan. City A S.-lst, 68, g.l916 100 105
Ft. 8. A V. B. Bg.— Ist, 68.1910
St.
St
104%
89
St. L.
871a
K.ASo.Wn.— ist, 6a.l916
Kansas Mld'd.— 1st, g. 4s. 1937
PaiU A Duluth- let, 5s. ...1931
1917
2dmoitg. 58
1909
St.e.MlQU.AM.- lat, 78
1909
2dmort..68
St.
114
126
135
Un.— lat,
Mont. Cen.-lat.
iizsia
100
120
68
192:
68. .1937
Ease. Minn., Ist div. Ist 5a 1908
Min'8
112
106 14 1061a
•112
^ar„
San Ant.A Aran8.—l8t,68, '85-1910
1926
lat, 6a, 1880
1910
Scioto VaL— lat, cons., 78
il3
101
881s
(Joupons ofl
70
Sodus Bay A So.— Ist. .58, g...l924
1909
38
Tex. Central— lat, a. f., 7b
451a
1911
iBtmortg. 78
451a
1905
ioiia Tex. A N. O — 1st, 7s
1912 100
Sabine Dlnaion, Ist, 68
rex. APao.,E.Div.— Ist, 6b ..1905 '110
1917
Tol. A. A A Cad.- 68
108
191H
115
ToL A. A. A Mt. PI.— 68
1917
rol. Peoria A W.— lat 4a
751a
1896 11313
Union Pac— lat, 68
1897 1131s
1st, 6s
1898 114%
Ist, 6s
1908 •105
Col. Trust, 63
123
1907 * 95
Col. Trust, 58
1895 10818
98
98^8
C. Br. U. P.— F. c.,78
97I4 97%
Atoh. Col. A Pac— iBt, 68.1905 101 13
Atch. J. Co. A W.— l8t, 6a. 1905
851a
1909 10358
42
Ut. So.—Gen., 7a
1909
Exlen.. l»t, 78
9i
U. P. Liu. A Col.— 1st, g. 5a. 1918
98
1021a
58..
..1926
North'n.—
Utah
G.,
66
A
631s
18
21
Valley K'y Co. of O.— Con. 68.1921
lucomes
lo3
Minn.ASt.L.— I'a Ex.— l8t,'7s'. 1909
81
2d mortg., 7s
1891
Southwest
Ext.—
1910
l8t,
7s
"95'
Pacific Ext.— Ist, 68
1921
>103is
Impr. A equipment 6s
1922
55
Minn. A Pac— let mortg. 68. .1936
1031a
122
Minn. S.Ste.M.AAlL— l8t,58..1926
Missouri Pac— Trust, g.. 5s,. .1917
109
Mobile & Ohio— Ist Ext. 6b ..1927 103
102
Istpref. debenture
53
100
2d pref debentures
St. L. & Cairo- 4e, guar
1931
Morgan's La. A T.-lst, 68
1920 1151a
90
89
Ist, 7s
1918 125
109
Nash. Chat. A St. L.— 2d, 68. .1901
tl38
142
New Or. A Guif-lst, 68
1926
137 140
N. O. A No. E.-Pr. 1., g., 6s ..191S
147
N. J. June— Guar, lat, ib
1986
loe'a 107 1« N. Y. N. H. A H.— l8t, rog. 48.1903
'121
N. Y. A Nortbcru.— 2(1, 48
1927
5018
129
N.Y.Suaq.AWest.- Deb. 68.. .1897
14418 145
2d, 4ia8
1937
106 la 106^ N. Y.Tcx. AMbx.— ist, 4s ...1912
111
Northeiu Pac.-Divld. scrip ext... 101
117 iVi"
James River Val.— ist, 68. .1936 lu5ia
145 117
SpokaueA Pal.— 1st, 6b
1936 104
•136
St. Paul A N. P.— Gen., 6s.. 1923 119
125
Helena A RBdM'u—l6t,g.,6s.l937
I4»ia 150
Qui. A Manitolia— 1st, g. 68.1936 ib'e'
lOo
lOlia 102
113 115
1934 108 1081a
1924 1081* ...*>•
1909
E<niipment. 5s
Clmch Val. D., Ist equip. 58.19,57 * 921a
Ogd. A Lake Ch.— Ist.oon. 6s.l920 *100
Ohio A Miss.— Cons., s. f., 7s. .1898 II6I4 1171a
101
Sp'gHeld Div.— Ist, 7s
1905
L40
General 5s
1932
Ohio River RR.-lBt, 58
110
1936 100
142 144
General luort., gold, 68
1937 83
192'
103 IO314 Oregon A Cal.— 1st, 58
94I4 95
Panama—Stak. fd., sub., 68... 1910
Pennsylvania RR.—
71
PittB. C.&St.L.— l8t,op.,7s.l900 *118
84
Pitts. Ft. W. A
Ist, 78. ..1912 145
II8I2 120
1912 143
2d, 78
1912
109 115
3d, 78
111 112
Clev. AP.-Cons., s. fd., 78.1900 *i28
133
4th, sink, fd., 6s
1892 105 13
121 125
109
St. L. V. AT.H.— 1st, g., 78.1897 •115
116%
2d, 7s
1898 •
1021s
1091a
2d, guar., 78
1898 *110
95
951a Mexican National— Ist, g., 6b. 1927
2d, income, 6s, "A"
1917
2d. income, 68, "B"
1917
Michigan Cent.- 68
1909 112
Coupon, 58
...1931 •11414
127I2
Jack. Lan. A Sag.— 68
1891 100
Milw.L.S. A W.— Mich. D.,lBt,68. '24 115
119
II8I2
Ashland Dlv.— l8t, 68
1925 112
991a
1041a 105
112
118
,
N. Ala.— S. f., 68
1910
Pens. & At.— iBt, 6s, gold.. 1921
Collateral trust, 58
1931
Lou. N. O. A Tex.— l8t,48.... 1934
2dmort., 5s
1934
Manitoba 8. W. Col.— G. 58. ..1934
S.
A W.—New Rlv.— l8t,68.1932
Imp. A Ext., 68
Adjustment M., 7s
. . .
^
Ask.
La. M.
North. Pac.
—
.
Bid.
Do DakotaDlv.— 1st, 68.1937
A Mo. R.— l8t,5s
1937
A Mon.— Ist, 68.1938
89
I2114
Evan. & T. H.-lst, cons., 68.1921
1923
Mt. Vernon— 1st, 68
IO2I2 Evans. & Indian.- Ist, cons.. .1926
Central oii'ioEeor.—i8t','i"as,'l930 102
Cent. RR. A Bank.— Col. g.,5f .1937 IOII4
Fl't & P. Marq.— MortK., 68.. .1920
Cent. o( K. J.-Cout. deb. 68.1908 loe
Gal. Har. & San Ant.- lat,6B,1910
Central Pacillo— Gold bds., 681896 113%
1905
2dmort. 78
Gold bonds, 6s
1896 11338 113ii Grand Rap. & Ind.— Gen. 5b.. 1924
Gold bonds, 68
1897 113%
Green B. W. & St. P.— Ist, 68.1911
Ban JoaciUin Br. 68
1 900 II4I4
Housatonio Cona. gold 5s. .1937 1071a
Cal. & Oregon— Ser.B., 68.1892
Hous.&Tex.C— Ist.nj. 1. 78.Tr.reo. 122%
West. Paciflc— Bonds, 68....1899 112'a I1312
West Dlv. 7b. Trust recelpts.1891 122%
No. Railway (Cal.)— Ist, 68.1907
1903 104
Ist Waco&Nor. 7s
116
Ches. A O.— Pitr. M. fund. 68.1898 115
2d m.SsM.l.. Trust recelpt8.1912
6b, gold, ser. A
1908 117 llSifi
mort.6s,Trustrccrfpt8.1921
Gen.
1st consol. 5s. g
93% 94 14 Illinois Central— Ist, g., 48. ..1951 108%
1939
Clies. O. & So. West- 2d 68. ..1911
1951
Ist, gold, Siss
Ohloago & Alton— l8t, 78
Gold 48
1952 100
1893 lll»4 112
Blnklng fund, 68
124
Springt. Dlv.— Coup., 68
1898 '1161a
1903
loois. & Mo. River— l8t7s.. 1900 1211a 123
Middle Dlv.-Reg., 58
1921 1161a
_2d78
1900 120 123
C. St. L. & N. 0.—Ten. L,7b. 1897 1201a
Bt. L. Jacks.* Chic— 1st, 7b. 1894 II5I4
let, COU80I., 7s
1897
iBt, guar. (564), 78
2d, 68
1907
1894 II5I4
Zdmortg. (360), 7b
Gold, 58, coupon
1951 117
1898 II8I3
2d, guar. (188), 78
Dub. & S.
2d Dl V. 7b
1894 110
1898 118
MlBB. R. Bridge— iBt, B.f. 68.1912 •106
6)
Ced. FaUs & Minn.— Ist. 7b. 1907
Ohio. Burl. & No.— Deb. 68. ...1896
Ind. Bloom. &W.— 1st pref.78.1900 I1514
Ohio. Burling. & (}.— Ss, 8. f...l901 1081* 109=8
Ohio Ind. & W.— let, pf., 58.1938 100
Iowa Dlv.-Slnk. fund, 5s.. 1919
I. B. & W., Ist, 5-68. Trust rec.
80
Blnking fund, 48
East. Dlv. Trust rec.
80
1919 "9 6 is 98
do
Plain. 48
901s
1921
Ohio ind. & West., 2d, 5s ...1938 "10"
Chic.MiI.&8t.P.— lBl,88,P.D.1898 124% 12b
I. B. & W., con. inc. Trust rec ..
?<1. 7 3-108, P. D
1898 119 1201a Ind. D. & Spr.— Ist, 7s, ex.op.1906
JeJ.78.fg.,K.D
1902 124 la 1251s Ind. Dec. & West.- M. 58
1947
l8t. La Oosse DItIbIou, 7b. .1893 110
112% 2d M. inc. 5s
1948
jBt, I. &M. 7s
1897 115 117
Iowa Central— Ist, gold, 5b. ..1938 87i«
let, 1. & D., 78
1899 118
93
Kan. C. Wyan. & N.W.— l8t,5B.1938
let, C. AM., 78
1903 124
Lake Shore & Mich. 80.—
let. 78, 1. & D. Ext
1908 122% 12378
Cleve. P. & A.— 78
1892 1121*
let Southwest Dlv., 68,.... 1909 112
Buff. A Er.— New bonds, 78.1898 1241s
let, L,a C. & Dav., 5b
1919 IO2I2
Kal. A W. Pigeon— Ist, 78... 1890 '103
I2II2
1201s
1910
Det.
M. A T.— Ist, 78
1906 132
J!^5•?P•''^»
l8t.H.&D.,58
1910 99% 103
Lake Shore—Dlv. bonds, 78. 1899 '124
Chicago & Pacific Div., 68. .1910
11914
Consol., reg., Ist, 7s
1900 128
^c. & Mo. RlT. Dir., 58 ...1926 99 la 99%
Consol. reg. 2d, 7s
1903 126%
Mineral Point Dlv., 58
101
1910
Mahon'g. Coal RR.— 1st, 58.1934 109
C. * L. Sup. Dlv., 58
99 102
1921
Litchf. Car. A West., Ist 68.g.l916
rargo <t South., 68, Absu.. 1924
120
Long Island— Ist, 7s
1898 120%
ino.conv. eiuk.fuudSs.... 1916
9i!ia
90
N. Y. A R'way B.— let,g.,5B.1927 lUOia
Dakota & «t. South., 58.... 1916
92
mortg.,
inc
2d
1927 32
OMoago <fe NoithweBt«m—
N. Y. A M. Beach— Ist, 7s.. 1897 112
Escanaba & L. S.-lst, 68.. .1901 111
N. Y. B. A M. B.— iBt, g., 5B.1935 100
'H\^,*""^»--l8tj 78 ....1907 126
Brooklyn AMont.— 1st, 6e.. 1911
r®*
Iowa Jlidland-lst, 8s
1900 1331a
1st, 58
1911
LoulB.ANash.— Cecil. Br—7s. 1907 105
S?? i";!,^'^*'' conv.,7s .... 1898
o^„^^"?»"''®e-l8t. 78.1898 122 124
N. O. & M.— Ist, 6s
1930 114»8
1907 134 1361s
do
2d, 6s
1939 ICO
Jin 'i^,. •/•~;2'*' 78
1905 II7I4
Pensacola Div.— 68
1920 IOII4
^ ^*l-r^»t' 68
110
Bt. Louis Div.— 1st, 6s
1921
Nortlicrn IlL-let, 6
1910 103
2d, 3a
1980 601a
Cmc. Peor. ifest. L.— Gd g 5h iq2s 94
96
Nashv.
A
Decatur—
122
.1900
iBt,
78.
Chic. Rock
90
BECUEITIE8.
Ask.
8II4 Northern Paciflc— (Con tinned)
Denv. & E. G.— Imp. g. 5s.. ..1928
1937
Dul. So. Sh. & Atl.-58
Railroad Bonds.
iStock
Atoh. Tod. * San. Fe—4>jB
BlnilnK fund, 68
8E0UKITIB8.-
Ask.
104
82
60
90
60
....•
..>••
•
•••
103
76
11514
102
104
100
981a
ids"
Wab.St. L. A Pac— Gen.M., 68.1920
1910
Chicago Div.. 58
1921
Detroit Div.— 68
Trusr receipts
iii% 1151a
1909
Wabash, M., 78, 1879
Toledo A Wab.— Ist ext., 78.1S90 i'ii"
1S89 115
St. Louis Div., 78
2dM.
1893
18»3
1907
1888
1893
exc.,78
Equip, bonds
Consul. couv.,7a
Great West.— 1st, 7s
2a, 78
(Juin.
Han.
111.
57
31
72
il4
103
90
88 "e
A
A Tol.— Ist,
78, Trust rec
Naples— 1st, 7s, Tr. reo
6i*,Tr. roc.
l8t,ox.
I'a
So.
A
—
8t.L.K.C.AN.--R.E.A RK.78.'95
at.Cbarles Br'ge— l8t,6a.l90S
18!i5
No. Missouri— 1st, 78
Warren A Frank,— l8t7B. ...1896
West. Va. C. A Pitta.- lat, 68. 1911
"25"
Hi
92"
90
92
1 »
.i
:::!:
1_
I0614
..
113%L.
.
MIscellaucons Bonds.
Am. Water W. Co.— 1st 6s.. ..1907 106%
Cababa Coal .Miu.— 1st
g. 78..
1907
112
A UocK. Coal A I.— Os, g..l9l7 97%
Equitable G. A F.— 1st 6s. .. 1905
96
HaclccnsaoK Waioi^lat. 58.. .19-26 100
7714 Hndoison ariagc — Ist g.' 6s.. 19311 10S>4
1901
Iron Steamboat Co.— Oa
Manliat. Beacb Imp. Co.— 7a. 1909
190
iof" Northwest Tilegraph.- 78
111%
Col.
^3
People's
119^8
Gas A Coke
I
Ist g.6s, 1901
>2dg.o8,.19.i4
Co., Chicigo
97
Phiiadelpbla Co. -1st s. f. 68..189S
971s
West. Union Tel.—qpup. 7i.. .1900 119
98
96"
—
March
City
the
Bank Statement for
We omit two
as follows.
is
—
.
.
—
(00<
BBCCRITIB8.
week ending Feb,
cipTura
Loans
Capitol. SliTpllU.
(00)
in all oasea.
OtvoMt.
Leooto.
8v*<M.
Hum InKton A
A
Valley
Nos<iiictii>iilnK
2,000,0
Mert'JiautA'
2,000,0
2,000,0
3,000,0
1,000,0
1,000,0
1,000,0
300.0
600,0
1,000,0
800,0
200,0
200,0
600,0
300,0
1,200,0
5,000.0
0117
Tnraesmen'a
Oliemloal
Merchants' Kxoh'nge
OaHaUn National
&
BatcliMit'
B,000,0i
3,'.;ll,l>
12,600.0
9,769,0
7.516,7
9,098,0
11,404,6
4,411,0
e.632.0
3,015.8
aO.577.0
S,857,S
6,0 n,H
1.379,8
alsso.o
1,265,6
8,477.8
1,384,6
3,610,8
16,088,0
18,698.3
1,000,0
1,000,0
1,587,1
6,4!>0,2
667,2
803,9
820,1
541,1
239.8
466,8
1,067,0
270,4
38«,9
167,3
664,0
211,3
234,5
4,190,5
1,807,6
107,8
121,1
1,375,8
576,1
213,4
209,5
7,978,6
2.855,3
12,022,5
6,209,2
2,212,8
4,198,9
16,202,3
2,834,0
8,009,4
2,613,9
4,113,1
2,041,0
3.046,0
6,494,2
5,247,7
2,122.0
23.296,6
21,308,8
2,077,S
1,37'A5
19.255,4
8,162,0
3,987,0
3,171.6
5,84.3,4
22,86').8
247,2
123,5
301,6
6,778.8
1,480,5
2,419,2
2,317,1
2,721,6
8 103,3
4,121,6
2,758,1
2.472,3
6,373,1
2,873,1
2,661,5
2,0.'S0,0
merioa
FhenU
Drovers'.
Mechanics' <t Traders
-••
Gr«enwic!»
leather Manafaot'rs.
Bereuth National
State of New York...
American Exchange..
Commerce
Broadway
Mercantile.
422,7
PaolHo
BepnbUo
Chatham
1,500,0
460,0
200,0
700,0
Peoples'
North America.
1,000,0
600,0
600,0
600,0
750,0
600,0
600,0
1,000,0
1,000,0
800,0
1,600,0
2,000,0
240,0
250,0
3,200,0
2,000,0
300,0
750,0
500,0
1,000,0
300,0
250,0
Hanover...........
BrvUiK
Cltli'iis'
NaHHnn
*
Mai'kiM
Fulton
et. Nicholas
8hoe<t Leather
Corn Krchange
Continental
OrlentaL
Importers' & Traders'
Park
North River
River
Fourth National
Central NationaL
Beconil National
Klnili National
First National
Thlnl National
N. Y. Nat'l Kxohange
]CA8t
BoweiT
New York County
1,578,4
1,171,8
829,4
1,8.'5,9
1,868,1
62B,S
2,'2.'S4,1
232,4
6,727,7
l'i8,5
1,247,6
287,6
160,8
85,4
611,8
80,6
464.2
1,493,3
1,078,7
250,6
353,6
200,0
750,0
500.0
100,0
200,0
200,0
500,0
300,0
200,0
150,0
300,0
200,0
600,0
200,0
Oerinan- American....
Chase National
Avenue
German Exchange...
Fifth
Qeriiiania
States
Lincoln
T7nlt«il
Oarneld
Fifth National
Bank of the Metrop..
West side
Beaboard
Sixth National
Western National
«
$
$
B»nkof Kew York...
ManliHttan Co
3,500,0
114,4
207,5
603,8
67.3,2
369,0
354,2
480,4
17G,3
238,6
239,7
428,0
211,2
134.6
61,7
82,4
a.020,0
2,710,0
2,474,9
1,831,0
1.597,7
1,598.6
1,827.6
i.iao.o
697,0
633,3
868.0
955,0
285.1
867,4
416,6
7,800,0
633,1
2,7si;,i
23,.i79,6
01'2,6
4,676,7
5, 113,0
2.002,4
2,844.0
1,204,4
2,958.7
1,373.0
3,000,2
15.770.0
14.800.8
6,070,6
9,283,8
3.003,8
12.989,5
416,4
126,0
377.0
103,2
218,8
72.9
334.8
870,7
590,8
120,0
118,8
696,1
271,6
385,7
2.228,0
2.456,7
264,7
.3,624,0
'2,867,2
982,2
368,2
747,1
446,4
201.0
242,8
712,0
321,7
262,1
343,6
209.7
246,9
2,604,6
1,130,2
161,8
660,6
4,244.4
600.8
438,2
269,1
969,9
340,8
980,0
6,746,1
2,085,2
4,762.1
17,12.'>,8
2,940,0
3.115.5
3,0.'i9.3
133,7
128,1
857,1
1,447,0
126,0
341,1
4,208,0
1,898,4
4,117,0
6,033.2
6,164,6
2,162,1
25,640,6
25,387,0
2,103.2
1,499,2
20,396,3
9,896,0
4,834,0
6,030,6
2,143,9i
24,7.^9,4
1'24,8
.347,0
231,0
602,8
425,5
1,337,4
1,037,3
159,7
5,034,5
1,659,4
2,078.9
3,55.1.5
81,8
212,5
4,499,4
1,348,0
1,111,0
1.604,4
6.423.8
1.698,0
317,1
359,2
115,1
106,0
611.0
708,0
686,2
2,916.0
974.6
168,0
122,0
1.513,8
639,9
617,9
329.4
4,216,9
1,861,0
3,143,0
1,788,1
10,424,0
8,4(10.0
796.71 10.4.'-,0,4
213.01
4.0J3,0
1,21H,0 ll,ll».9
3.144,2
1497.6
12,500,0
10,808,0
8,003,1
7,574,6
I,.'jl3,2
2,755,8
2,983,5
2,649,5
10,548,9
89,1
134.4
265,0
535,0
534,0
685,6
140,2
743,9
359,5
26,7
331,2
348,3
188,3
328,0
293,0
424,0
105,0
1,779,3
1,342.1
1,225,3
4, '209,1
3,454,4
2.674,0
5,976,8
3,526,5
3,2'24,8
1,762,3
6,.S49,1
2,191,0
3,757,0
2,160,0
10,105.0
60,762,7 52,402,6 408,955,9 90,022.9 35,292,1 438,299,4
Total
C(ipi(,it
BiUiKB.
Loans.
Specie.
DepoalUA Circ^Vn
Ijegals.
Clearings.
j
$
$
I
$
I
Jtm. 26.... 113.165.3 392.S21,9|8S.o50,2 .37,545 8 124,324, 8 4,734 ,0 653,681,8
Feb. 2 ... 113,165.3 399.910,0 89,205.6 37,473 1^431, 142, 14,709,,7 S51,'220,7
9 ... 113,165.3 408.013.9 86.820,6 36,072, 0434, 958, 5 '4, 380,i,3 746,3,54.2
"
16 ... 113,165,3 408,004,8190,536,0 36,281, 438.088 4 4,356,;.0 718,099,2
" 23.... 118,165,3,408,955,9 90,022,9,35,292, 438,299, 4 4,360,,0,555,708,3
Boston.*
1
65.043.5 152,056,9
65.043.6 152,527,2
65,043,6 152,910,9
9,311,0
9.586,3
9,330,5
128.690,2 3,168
130,477.3 3,010,
128,659,7 3,019,
6,583,
6,577,
5,411,
92,136,3
93,722,4
81,194,4
"
'•
9
18
...
...
23....
34,552 8
20.051,0
26.169,0
25.691,0
94,144,0
34,552,81 94,276,0
34,552,8 93,979,0
We
omit tivo ciphtrt in aV thejie ftgurea.
dolphla. the Item
due to other banks."
*
93.680,0 2,317,4
94,176,0 2,317,8
93,812,0 2,316,0
f Including, for
66,977,2
64,158,3
58,062,2
Boston and Phlla
Qnotations in Boston, Pliiladelpliia and Baltimore:
Following are quotations of active stocks and bonds. A full
list is given in the Chronicle the third Saturday of each month.
SKCURITIKS.
Bid.
8KCUBITIES.
Ask
Atch,
BOSTON.
RAILROAD fTOOKS.t
Ask,
Bid.
A T'p'a.— (Cont'd)—
75
Plain. 6s
Mortgage. 6a...
Trust. Bs
i02'H,
21334
Burl. A Mo. R. in Neb.—
150
BMtcm Lftweil
Exempt. 68
{118>a
Maine
169
5108
doaton
Non exempt. 68
1113.1
260
Boston dt Provldeote
Land grant. 78
California Southern
"iS'a 19V California South.— Ist. 6s 100
45I8' 47
13',
Central of Massachusetts
13
Income, 6s
Toreka
Bmton & Albany
Atchison
51
(&
&
A
ig
—
I
I
Preferred
Cheshire, pref
Ohio. Bnrl.<t North'n.
Chlcafto A West. Mich
01«Telandi& Canton....
Preferred
27
"53'i
28
34 13
30
5132 >«
5
Oonoord
Couuorlicnt * Pass
Connecticut River
Kasieru
112
193
80 "5
118
Preferred
Fitchbnrg, pref
Flint A Pere Marquette.
Preferred
Kan. (;. Kl. Scott <fc Mem .
K. c. Memnti. <fe Blrm. ..
LoDlsvllle kvans. A St. L.
i
84'
«6'i>
87
29
96 ij
76
53
30
97 "a
24
i6
122
13'b
14
115^ 118
Northern
Ogdenslj.
A Worcester
A l^ake Cham..
Preferreil
BONDS.
A Topeka— Ist. 7s.
AlJh.
Coll.
Trnet, 59..
t
Per share.
i
A
A
A
A
A
S. C. I't. Scott
Meat. .88
C. Port aooit
O.—7»
Kans. City Law. So.— 6s
K.C. Memph.
Blrm- 68
Kan. Clt.St.Jo.AC.B. "
K. City Bp'd
Mem.— 6s
Hint.
Sprlngf .'
Little R.
Ft. 8.—?s.
tjOUlBT.ET.ASt.L.— Ist. 68
Sdraort.. 2-68
Mar. H.
Ont.-l 808. 6s,
It.
A
A
A
1923.68
169 >v,
126
lOH)
161...
{125
Hi
126>l
1113
117
3-1 o«. '88
Ino, 7s, end., coup., '94.
Bells Gap— 1st M., 7s..
Amb.— M.. 68, '89
Cam.
U9
104
i.....
100
}
107"
...
109
'69
i
l8t mort., 6s
2d mort., 6n
Ogdena. A L.C.— Cons., 68
Rutland— 68
Southern Kansas— 68
Income 5s
P11I1.AI>KL.1>HIA.
J.....
5 98
99ti
7OH1
lOh
,
UdV
43
Bell's Gap
Camden at At'aiitic,pref.
40
East reniisylvanla
Elmira A WilUamsport.
6s.
50 >4
IIP
82 "^
Preferred.......
Last price this week.
70 Hi
,
46
60
11
13S
107
{101
i03H
i'o'iiVi
^06
110
04
"m"
/•
60^ 6IH1
I
+ Per share,
i
SO
2B>a
New Tork
BANKS.
176
146 H>
German Am.
Chatham
City
140
Commerce... 185
Citizens'
Continental 129 Hi
Exch... 227
East River..
11th Ward...
Fifth Ave.... 1000
Com
Leather Mfs'
Manhattan...
MarketA Ful
190
130 Hi Mechanics'..
M'chs' A Trs".
230
150
2'6'd"
Bid.
Gas
Jersey City A Hoboken.
Metroiiolitan— Bonds
Mutual (N.Y.)
Bonds, 6fl
Nassau (Brooklyn)
[Caty
Phenlx
Republic
Seaboard.
1-28
..>•••
......
136
...•«
820
Second
Seventh
I'M
ShoeALeatb.
.
Ask.
I
Bid.
1
73
123
111
90
110
126
100
117
114
72
120
106
Bonds. 8s
87
Metropolitan (Brooklyn).
105
Municipal— Bonds, 7s
124
Fulton Municipal
106
Bonds, 63
lis
Equitable
109
Bonds. 68
People's (Brooklyn)
Williamsburg
100
102
101
RK. yuotatlona by H.
Bl'ckcrSt. A Ful. F.— Stk. 26
112
l.stmort,79., 1900
GAS COMPANIES.
I
104
80
103
84
102
65
100
83
170
114
98
100
110
99
Citizens' Gas-Light
Cousolluftted
People's
176
185
185
330
.
GasUght
Bonds, 59
228
216
200
130
168
and Oltr Railroad Btoeka and Bond*.
GAS COMPANIES.
Brooklyn
Park
•—-••
-**•«
189
Merchants'.. 175
St Nicholas. ....> .»> •«
Merch'ts Ex.
118
118%
Metroplltaa. "ii'-i 12Hl State of N.Y.
Tradesmen's. 102 108
Metropolis...
United St'es. 210 ...>••
Nassau
160
98
86
Western
New York. 225
Mercantile.
14tb Street.. i'bi"
Fourth
,,
Pacific
Irving...
First
Gallatin
Ninth
y. America.. 168
North River. 140
220
Hanover
150
Hud. Biver..
Im.A Trad's' 51013
4200
500
600
. .M«
140
N.Y.NatEx.
Greenwich... 115
—
—
Atk
Bid.
N.Y. County. 30O
Qermaula
Broadway... 305
Butchs'ADr.
Chemical
BANKS.
I
800
Garfield
Am. Exch...
Chase
116
Local Secnrltles.
Bank Stock l.lat.
BANKS. Bid. Ask.
Ask.
Bid.
America
Central
i'of'i
Last price this week.
I
Ii.
Qb^ht, Broker, 145 Broadway.]
D. D, E,B.
28
AB.— ScripOs.-
187
106 Hi
105 Hi
102~
""^
90
128
Brooklyn City— Stock.
105
1st mort., 5s, 1902
Bklyu. Crosstown- Stock. 160
100
Ist mort., 78,1888,
Bushw'k Av.(liklyn>-St'kil40
Central Crosstown— St'k.. 143
118
iBtmort, 68, 1»'22
Cent. Pk.N.A E.RlT.-Stk. 88
120
Consols. 73, 1902
Chrisfph'rAlOth St.-Stk. 122
lis
Bonds, 7a, 1898
Diy Dk.E.B.A Bftt'y—Stk. 122 Hi
109
Ist mort, 78,1893
192
108
106
105
95
132
107
165
106
13S
110
210
110
31
105
126
107
206
'
103
Eighth A v.— Stock
Scrip, 6s. 1014
42d A Gr'nd St F'ry-Stk.
1st mort, 7s, 1893
42d St Manh. A StN.Ave.
Ist mort, Os, 1910
2d mort., income. 88
HoustW.StA P.F'y—Stk.
l8t mort, 78, 1894
Ninth Ave
150
Second Ave.— Stock
let mort. 68. 1910
146
Sixth Ave. Stock.
125
91
let mort. 78, 1890
120>i .Third Ave.-Stock.
Bonds, 7s, 1890
125
116 .Twenty-third St— Stock..
126
1st mort, 78, 1893
111
!ll3Hl
Br'ilviay & 7tIiAv.— St'k..
Ist mort,, 58, 1904
'2d mort., 5s, 1914
B'way Surface b'ds...l924
Bonus guar.,58, 1905....
28
110
40
165
110
50
102
1
I
111*4
48
lis
104
104 Hi 10«
13U
105 !106
216 1220
102 103
I
I
I
I
223
110
238
lis
Unlisted Securities.— Quotations from both Exchanges:
isia.
SECUKITIEO.
Bid. Ask.
SBCUllITIES.
Am. Bank Note Co
A
A
—
In. O. Pao.
Brooklyn Elev'd—stock..
Brunswick Co
..
California Pacific
1st mort, i'ss
2d mort. guar
l!.V.
A
Ht Des.A East Sh. Ld.Co.
'Newb. Dutch.A Conn
|N. J. southern
40
36
Pike's P'k, let 6b
Char. Air Line
1st, 78, 1907
Atl.
Atl.—BencHclary.
W. A M.-Cen.
D.lst.
A Imp..
shore A At— Stk.
36
21
8
107
102
00
4
16
13
03
.........
13 >a
3
30
I
6
60
14
40"*
»
63
Tel.
N. Pac. P. dOrelUe Dlv... l'(>8"
'North Riv.Oons. Co.sorip.'
6H1 O. I. AW.— Ist acc.lntcert
..
19
2d ace. int cert
14
Ooaan steam.Uo.,lst guar,
Pensaoola
A
60
38
63
40
......
Atlantic...
3>a
40
Postal Telegraph— Cable.
iSH 8t Louis A Chicago
Praf
24
St PanlK.AUr.Tr..lat8s
103
I
*.
'"i""
17" 30
LaDd Grant...
N.Y Mutual
8H1'
3-38
18
I
110
let 68
2-13
Newp. N. A MlM. Val....
39
22 la N.Y. V.'.8.d; BnlfN . Y. A Green'd Lake, 1st
10
3d mort
112
N.Y. Loan A Impr
108
37
Contiin'ntal Con.
Consol. 58
Income 68
y
y
8'4
2ds
46
00
130
«112
47 Hi "ii"
68 ......
I
Dnl. S.
Piol
oSlj
Baltimore A Ohio
let pref
3d pref
Central Ohio
Preferred
I
Gjorgla Pac.—Stock
RAILROAD STOCKS.!
BAI.TimoRK.
RAILROAD MTOCK8.I
i2a>4
il'f
1
128
107 "a
134
—
114^4
Elmlra A Wlll'm.-lst, 68 I2OI4
Harris. P. M't J. A L.—48 il04
CharL CoLAAugnsU...,
Hunt'nA B. T.— lst,7».. 106
112
(Western Maryland
2d mortg., 7a
RAILROAD BONDS.
105
COUHOl. M., Os
Leh.V.— lBt,6«,C.AR..'»8 119 119>a Atlanta A Char.— 1st. 7a.
Income, 6s
140Hi
3d,78,reg.,1910
Bait. A ohlo-48. 1936...
Cons. 8s,C.A R.,1923.. 13511
iCane Kear A Yad.— lst,68
North Penn.— 1st M.. 79. llOia
ICent. Ohlo-6s. 1890
General mort. 7s. 1903. }130
N.Y. Phll.ANorf — Ist.Os 108 108H IChar. Col. A Aug.— 1st, 78
60 Hi ICiu. Wath.* Bait.— 1»U,
Income. O,**
3d8, 6 b
Penn. "Gen. .6s,coup.l910 i's'o' 130 Hi
3d». 3b
Cons.. 68, coup.. .1905.. 122^1
iHt Inc.. 5s, 1931
Cons., 58, coup. ..1819. 114'a
Seab'd A Uo'n'ke-58, 1926
i^os. Trust Loan
West. Md.. 3d gnar..6t.
103
Perklomen— 2d se, 6,1918
WU. Col. A Ang.,es,1910
Penn. AN. Y. Can.—'Js,' 96 llOHi
EastonAAmboy.mort
lOlV
1011,
128
(113
* r. 18818
A
A
A
A
I
A
1174
99 100
87 '4 90
75' 78
77
39 >4
37
3d. 7t, 0.
IWt
riiurlicrs— 1st mort., 78..
JelT.— Ist, 6s
Clearfield
Ohlc.
il02
98",
70
Bid.
114S
A
1900.
78.
V
118
Connecting- 6a
Del.ABd.U.— l8t, 78.1906 180 >i
Atch.
5105
lO"*
7s.
Wiscon. Cent.-lst M., 6s
6
85
I
I
Texas Dlvlaiou 6b
Incomes
175
S
Oldt;olonv.
169
Portland ttaco A Ports... il23
Bumiult Branch
Wisconsin Central
Vermont— 58..
Eastern, Mas8.— 6s, new
Conrtol, of
Mexloan Gentral—4«
Income
N.Y. A N. Bng.-lst,
13
Preferred
Maine Central
Manritester <fe Lawrence
Mexican Central
N.Y. * N. Kng., pref
Norwich
KAILKUaU BONDB.
AUegh. Val.-7
A
46 >4
64 >•
69
7»
Cons., Ta, eoup.. 1811 ..
i'3'6%
"6'6''i,
Oons..88.g.. I.R.C.1911 j'no"
74",
Imp., St, (., oonp.. 1897
i'o»"*
1923
Bl-i
Cons. 6a, Ittser.,
101% 101
66 >«
OafanMlncomas. ep..
18
29
Ball.— Tr. •.,4a
31
Phil. W.
i'o'i'H
60
St. L.-78,cp. i'lB
1191^
Pitts. CIn.
224 S 226% BchnvL R. E. 8.-l8t,fis.. 104 lOii^
Ind.lat m. 6s. 107 •»
67 •« "56' Steuben.
106
«...
United N. J.-tien. i*
Warren Fnnk Ist, 7s 110 114
114>« Waat JaraeT— 1st M..'ri.. 128
137
Atl.— lai, Ss 107
22
24 <4 W. Jersey
109
106
West Penii.-6s, 1893
103
108
PltUborg Br., ea
Scrip
Phlla.'
Feb.
A Lewlston
Dnited Co'8 of N.J
Weot Jersey
West Jersey A Atlantic..
sanbury
Catawlis»-M.
BBOUBtTIEa.
21
PbUa. A Krl»-«on. •«. .
45Hi
General mortc. 4a.
PMI. A K.— 1st Mj, 8i....
64
!
PeiniHylvanla
Phil, A Erie
«!aa
.Surplun.
Feb. 9 ...
"
16...
"
23 ...
Northt^rn Central
Norili Pennsylvania
4,
N. York.'
i
Haren
H.
Aik
Bid.
Broad Top
Lehigh Valley
LlttlKHchnylklU
Mliii'hlll
omincA.1
Meohauloa'
V
.
287
Prefer! ed
BANKS.
——
.
THE CHRONICLE
1889.]
2,
New York
«3, 18b9,
—
4
38
100 101
8 Hi' Hcioco Valley. Ist, 7s.... 98 >s
IHi
Kanawha A Ohio
IteflDerlss
Co
84
Sngar
9Hi;
Ist pref
Toledo Peona A West...
4
2(1 pref
lat. 103
Meridian—
Vloksb.
A
66
Ist68
S3
3d man.
4'4 "i'l
Keely Motor
Insomsa
Kiugst'n A Pemb., Ist M 106
pref
Stock,
Lehlgli A Wilke«.Coal... 39
"n"\ WrtBi N Uar,-aoi>.6s
L.N.A.AC.—C.AI.D1T..69 104
Columbia Bank
MeuiplilsA cnia'st oonsols
.. 118>«
'Produce Exchange Bank,!
Co.
"2T
Nat.Constmot'n
Me».
Thlnl Notional Bank
1
Michigan A Ohio
Jarvl9.Conklin,M.,Deb.es
98
I
5
w
{
I
.-.
—
. ...
..,....
.
.
1
THE CHRONICLE.
288
[Vol..
Latest Earnings Beporled,
Jan. 1
XLvni.
to
Scads.
Jwujestmjeut
Weekor Ho
1888-9,
Latest Date.
1888-9,
1887-8,
1887-8.
9
Ind.Deo.&West- January
1
..
lo wa Central .
3d wk Feb.
lCanawha.\£ Ohio |2dwkF('b.
.
K.C.Ft.8.&:Mem. i2dwk Feb.
The Investors' SuppLEaiENT, a pamphlet of 150 pages,
Funded Debt of States and
and Bonds of Railroads and other
tontains extended tables of the
Cities
and
of the Stocks
on the last Saturday of every
other month viz., January, March, May, July, September and November, and is furnished without extra charge
Extra copies
to all regular subscribers of the Oironicle,
arc sold to subscribers of the C&roniclb at 50 cents each,
Companies.
and
It is published
—
to others at $1
per copy.
The General Quotations of Stocks and Bonds, occupying
ttJO pages of the Chronicle, are now published on the
third Saturday of each month.
"
Bo ADS.
Weekoriin
Alleglieny Val.. January
Ashv.it Spartan. January
& B. Fe.
Whole System.
At anta & Char.
Atch. T.
Aflauta&W.ft..
Atlantic &Pao..
Aug. Gib. & Sau.
B.&O.Eaat.Lines
Western Lines.
Total
Bait.
Hamingt
& Potomai
Beech Creek
Buft.Roch.iPitl
Bar.C.Kap.&No.
Cairo V. & Chic
Callfor'a South.
Camden & Atl'i
Canadian Pacitlc
Op.F'r&Yad.Val
Carolina Cent..
..
&B.
fJhes.O.
169,069
690,695
1,427,832
P77,2lic
8,975
56,yyi
.Tanuary
87,9110
..
December.
Januat-v
..
.Sd-wk
7,675
366,163
87,232
167,610
61,2)5
7,266
36,241
December
183,401
Ueceujlier. 2,167,674
&P
2dwkreb.
Brlan^er Syst
Feb.
Feb.
2dwk
3dwk
01n.Rich.&Ft.\V.
Oln. S.'l. iV.Mol).. January
..
01n.Wa3h.&Balt. 3d wk Feb.
CteT.Akron &Col 2d wk Fob.
dev. & Canton January
..
CtoT.Col.C.&Ind November.
Whole 8} sttiu. .January ..
Oler. & Marietta -'U wk F. b.
Color. Midland.. 2dwk Feb.
Coi. & Grecnv.. January ..
Ool. & Cin. Mid 3d wk Feb.
Oc>LHoek.V..feT. 3d wk Feb.
Day.Ft.W.&Chi. January ..
Venv. & Rio Gr 3d wk Feb.
l>env. &K.G.W. 3d wk Fob.
Den.S.P'k&Pae. I>eet-nilier.
Det-BayCAAlp. SdwkFeb.
Det.Lang'giiNo. 3d wk Feb.
DoluthS.S.&Atl. lihwkJau
K.Tenn.Va.&Ga.
2dwk
rans.iJi
i3dwk
3dwk
Feb.
Feb.
Feb.
Fitcliljurg
January ..
Flint
P. Marq. |3(1 wk Feb.
&
rior. Ky Nav. Co 2d wk Feb.
«.W.&Deu.Clti 2d wk Feb.
Den. T.& Gull lihwk Ja:.
Den. T.ifc Ft.W 1th wk Jan
fWhole
*Duh.4 8io'xO.
4th wk Jau
January ..
3d wk Fob.
3d wk Feb.
Wk Feb. 16
November.
January ..
January .,
January ..
January ..
January ..
Iowa
Janu.iry
.
January
.
syst'iu.
Bcorifla Paeirto
Or. Rap.
Other
<fel:id...
lliiea
Orand Trunk..
Gulf Col.,VB.Ff.
Houa.ATex.Cen.
Hnmest'uAaiieii
lll.O.»n.mi tSoi
OtidarF.&Min.
lines...
Total
all....
$
155,155
.Voveiijber 1,381, .'.62 1,300,303 14,615,,850
December.
Uecember.
Otn.Ind.8t.L.c\iC. 3dwk Feb.
Oln. Jack. & Mac. 3d wk Fei'.
Cln.N. O. &T. p. 2dwkFeb.
Ala. Gt. South. 2d wk Feb.
K. Orl. &N.E 2d wk Feb.
Vioksh. & Mer. 2d wk Feb.
lud'plif!
$
169,069
679,658
,4 24,675
3d wk Feb.
48,375
3d « k Feb. 412,000
January .. 1,613,245
OUlc.&Oh. RW January ..
7,872
Chic. Pe. & St. L. January ..
25,124
Ohlc.st.P.&K.c. l.st wk Feb
47,183
Ohlc.8t.P.M.&0. January ..
366,631
Chlo. * W.Mich. 3d wk Feb.
23,724
KvansT. &T. H.
1887-8,
679,658
690,,695
992,478 13,177;,47
Cheshire
Ohes. & Lenoir..
Vlcks.Hh.
155,155
1888-9.
.
8.
Chlo. & Atlantic.
OUlc.Burl. &No.
Chic. Burl. *Q..
Chic. &E. 111. ('/).
Chlo. Mil. &rtt.l'.
Ohlc. AN'thw'n.
1887-8.
to Latett Date.
8,6"8,b75
8,200
8,iO0
.N o vemher. 1,460,371
1,657,078 14,260,107 16,965,412
Noveiiiher. 2,363,544
Deieraber
129,103 120,628 1,325,121 1,319,377
Jariuarv
48,366
41,544
48,266
41,544
3d wk Feb.
58,399
45,394
446,669
373,594
November.
12.01S
9,06;;
January .. 1,209,805 1,093,274 1,209,,805
,093,274
January .. 3 6,402 371,4ii5
356,,402
371,495
January .. 1,566.207 1,464,7P9 1,566;,207
,464,769
January .. 115,701 122,498
lis:,701
123,498
January ..
74,517
77,933
74;,517
77,933
3d wk Feb.
35,452
37,092
263!,570
271,785
2 wks Feb.
115,171
108,674
320:,799
316,919
3dwk Feb.
13,596
16,018
94:,083
99,065
Novembei
82,637
135.957 1,368;,621
,335,754
•lanuary
36,041
33.934
36,,041
32,934
3dwk Feb. 196,000 181,000 1,492,,938 ,373,205
2 wka Ft h.
19,.'i44
15,283
64;,358
43,203
NoTeniber.
63,416
56,975
490,,S6«
46«.i02
November.
&8. W.. January ..
Eliz. L.
1888-9.
Jan. 1
..
Cen.RR.&BK.Co. January ..
Centralof N. J. Uecemner.
Central Pacltlo
Central of 8. C.
Charlest'n *8av
Char.Col. &Aiig.
Cheraw & Darl
Chea. &Ohlo....
Xeportea.
53,924
10,689
74,173
34,990
21,917
11,665
12,062
154,807
8,856
12,989
39,533
11,728
28,151
343,968
569,920
3.879
28,369
64,70
6,446
47,495
37,123
112,000
23,075
70,727
9,774
17,147
31,17119,893
4,564
18,766
425,169
43,360
26,079
18,180
13,728
16,661
50,44 J
118,499
39,391
3,603
334,372
335.90J
243,761
1
8,937
411,557
103,,314
554,,1»1
S7,,900
82,,148
366,,lb3
919.,208
167,,610
548,,426
84,700
8,761
383,242
110,633
160,760
49,965
6,808
79,,181
39,067
272, 950
141,998 2,02'^,,319
2,163,388 23,789, 168
53,624
366,,630
381,889 2,870, 410
1,571,28U 1,613,,-.;4n
3.274
7,,872
21,709
25,,124
31,576
239,.141
324,888
366, 634
24.007
162, 372
50,568
395,!672
8,362
74,,577
60,505
465, 666
29,342
227, 909
20,160
145, 691
10,631
81,,067
10,009
76, 915
131,247
997,,348
8,275
55, 045
9,708
12,,989
42,702
294,,418
10,645
73,,791
26,53.1
28. 151
424,437
574,99J
3,9.'.0,,88-
5.5.59
21,152
57,900
5,880
47,261
34,817
130,500
20,075
90,213
8,339
15,941
24,369
110,502
4,734
16,185
377.93.=.
40,544
21,322
17,266
569, 920
26.,372
168,,731
64.700
45,,281
345,,469
37.,122
933,,000
176,,875
i.oiis,
08,,980
121,,015
97,,3'-6
733,,271
34,,982
119,,723
425,,16
329,,208
163,,937
113,,556
53, 46
62,,219
190,,537
118,,499
282,,371
24,,643
2,204,.574
2,875, 363
I
116.571
39,112
3,777
284,072
387,200
176,802
243,,761
13,174
937.803
4.929
993,.8,-.2
U 1.642
6,,265
12-',,865
118,571
1. 135.247 1.081,304
135. 130
1,135 247
ll>,.500
99.3,852
6,26
128,865
135.131
C. CI.
& 81) 2dwkFeb.
C.Wy.&N.
W
January ..
Kentucky Cent Jauuary ..
Keokuk & West. 2d wk Feb.
Kiugst'n & Pern. 1st wk Feb
Knoxv. & Ohio December.
Lake E. & West 3dwkreb.
Lehigh & Hud... January ..
L. Rock & Mem -'d wk Feb.
Long Island
Jauuary ..
La. & Mo. RiT.
December.
Loui8.Ev.<fe8t.L 4th wk Jan
Loulsv.&Nashv. 3d wk Feb.
LOU.N.A. & Chic 3d wk Feb.
Loulav.N.O. &T. 3d wk Feb.
Louisville So... January ..
Mar.Col.&Nor'n January ..
Memphis AChas. 2d wk Feb.
J&Mexican Cent 3d wk Feb.
San Luis Div 3d wk Feb.
;Mex. N. (all Ins) January
K.
.
!MoxioanRailw> Wk Feb. 16
Mil.L.8h.&West 3d wk Feb.
RAILROAD EARNINGS.
Latest
Kan.
10,,500
91,716
495,763
84,700
83,348
383,242
,015,753
160,7tO
604,476
70,144
266,932
,276,1»9
,576,078
360,460
,553,089
,571.289
3,274
21,709
153,439
324,888
149,229
357,630
57,285
400,369
196,670
108,580
66,098
68,215
839,932
54,237
9,708
299,000
63,561
2«,535
,199,715
574,994
36,162
127,820
t'7 SIOO
44,034
346,233
34.817
963,437
145,150
,282.680
52,009
105,403
77.(),iO
690,910
29,517
110,780
377,935
328,772
140,126
91,022
22,871
33.224
38,493
4.435
99,364
5,319
26,430
70,959
6,715
2,278
18.ii«4
325,690
38,549
53,318
37,303
33,224
216,236
:-i,662
3o,7!<6
72,111
4,050
548,034
28,977
26,430
72,709
6,223
70,9.59
2,871
40,.K9«
49,816
3 9.260
13,192
187.7433,508
29,939
29,072
39,890
37,564
15,951
16,430
174.40
39,001
r
i!),4Hi
312,585
36,340
52,771
.
.
7,185
6,926
39,157
110,013
256,409
790,546
13,126
262.5~8
609,824
311,181
136,362
83,000
440,972
281,433
293.0-0
28,050
869.066
17«,133
87,0.58
39,765
17,394
86,600
455,123
202,210
.
N'thea8trn(8.C.) December.
Northern Cent'l Jauuary ..
Northern Pacitlc 3d wk Feb,
Ohio lad. & W. 2d wk Feb.
3dwk Feb.
Ohio&Miss
3d wk Feb.
OhioBlver
Ohio Southern.
Ohio Val. ol Ky
Omaha & St. L.
Oregon Imp. Co
November.
Oreg.R.&N.Co
1st
l8t
wkFeb
Dccemljer
Ueci-mber
wk Feb
Oreg. Short Line December.
January ..
Pennsylvania.
PeoriaDecfcEv. 3£l \vk leb.
January ..
Petersburg
Phila,&Erle... December
Phlla. & Read'g. Jauuary ..
Coal & Iron Co. Jauuary ..
Tot. both Go's.. January
Pitts. & West'm 3d wk Feb.
.
.
P'rtRoyal&Aug December.
Pt.B'aJ&W.Oar. December.
Presoott. & Ariz. January ..
Rich. AAll'g'y.. Wk Feb. 22
c R. & Danv.Sys 2d wk Feb.
Rich. <fc Peters';; Jauuary ..
KomeW. &Og
Deceiui.er.
St.Joa'ph&Gr.I. 3d wk Feb.
St.L.A.&T.H.Bs. dwk Feb.
8t.L.Ark.<fcTex 3dw'k Feb.
8t.L.&SanI''rau. 3d WkFeb.
St.Paul&Dulutii -Irtuuary
..
St.P.Mm.&Man. January
..
a.Ant.&Ar.Pass 2d wk Feb.
December
Scioto Valley
Seah'rd
Seattle
& Roan 'November.
L.8.&E January ..
ShenandoaUVal January ..
South Carolina December.
80. PaciHc Co.—
27,412
103,247
93,923
53,616
464,749
298,046
30,()45
70,609
8,120
48,411
2,12
24,882
119,5v81,052
50,989
452,441
258,899
27,167
84,381
6,933
60,153
2.09
18,227
4,ii29
113,642
118,571
,081,304
7,185
234,937
850,017
17' 8,
133
552,984
240,863
116,199
86,600
455,123
202,210
270,808
26,481
816,445
2.710.1511 2,716,704
1,924,291 1,890,183
5,6i44.v6i' 5,858.815
412,571
391,539
42,910
40,273
174,114
182,355
103,247
119,527
612,662
680,417
550,949
610,596
452,441
464,749
1,926,000 1,326,023
173,253
179,637
538,439
553,761
63,500
47,782
53'3,7 70
506,140
11.598
10,730
443,619
427,711
4,876,051 4,167,707
341.495
436,890
18,22;
53,00(,
53,01
123,506
1,269.031
si'.ibo
1,217,393
3,347,181
843,795
4,084,339
170.526
1,267,564
10,313.406
2p,459,739
38,773,147
Gal.Har.&S.A.
Morgan's L&T.
N.Y.T.&Mex.
Tex. &N. Orl..
Atlau'c system
Pacillc system
Total of all..
Pac. BR.—
No. Div. (Cal.)
So. Div. (Cal.)
Arizona Div..
.
1,727,245
4,138,399
1,756,519
735.736
78,363
4'A783
156,973
99,342
NewMcx. Div.
Spar. Uu. &C0I
8talenIs.liap.Ti
Summit Branch
Lykena Vallej
Texas
cte
892,830
75,760
Pacillc
Tol.A.A.itN.M'h
&
179,8'23
Tol.
Ohio Cent.
Tol. P. cSi; West
104,311
32,873
1,727,832
3 -,046
Tol.Bt.L.&K.C
Union Pacillo
Valley of Ohio
. .
.
125,900
6,933.692
657,454
7,000
Virginia Midl'd
Wabash Railw'y
Wab. Western.
Wash.O. & West.
Western of Ala
49.440
371,459
50,700
85,705
37.674
WestN.Y.&Pa
—
West. No. Caro.
1 West Jersey
116,571
262,721
22,994
,993,652
,5»2,959
176,«02
13,174
937.803
72,709
41,629
12,397
465,653
249,652
15,951
105,289
174,407
589,640
75,661
2,338,492
241,908
393,282
48,554
45,373
335,682 371,20
82,118
68.897
245,250
171.811 2.671.865 2,018.068
4,528,744 4,193,979 4,528,744 4,193,979
14,957
96,344
13,292
102,844
32,019
42,671
32,019
42,671
257.164
328.63
4,37,4,01- 4,036,931
930,240
1,616,047 930,240 1,616,047
332,828
1,048,952 332,8-28 1,048,952
2,664,999 1,263,068 2,604,999 1, '263,068
231,980
30,374
31,438
250,596
320,404
25,30
27,341
317,60p
301,665
41,169
36.723
335,375
8,7ia
11.925
11,92
8,71
74,604
20,518
10,259
163,089
269,138 244,654 1,466,499 1,324,343
20,004
24,087
20,004
24,087
3,222,607
3,3r.7,35,
267,36
264,16
136,111
23,530
152,998
22,487
115,72'2
22,253
119,117
19,630
372,930
63,858
56,600
448,041
656,903
101,952
94,167
725,478
64,511
61,96ii
61:,a63
64,51
482,421
394,000 4s2. 421
394.000
90,004
23,144
124,309
15,988
789,125
665,y27
64,683
62,901
571,796
621.684
77.127
71,4a9
Louis'a West.
80.
336,365
19.260
84,781
187.74"
431,901
70,790
2,371,270
267,187
411,079
37.303
6,92H
.
N.Y.Ont.&W.. 3d wk Feb.
N.Y.Sus.&W.. January ..
Norfolk & West 3dwk F'eb.
50il.2«6
45,904
106,177
2,470
262.58^
95,114
49,517
19,030
83,000
440,97:
281,433
293.080
3,807
Milwaukee & No. 3dwk Feb.
Minneap.&St.L. January ,.
Mo Kan.& Tex. January
January
Mobile & Ohio
Nash. Ch.&St.L. January ..
270.8' 6
NatohezJac.&C 3d wk Feb.
3,357
New Brunswick, December.
6ft,87(.
65,57o
N.Y.Cen. &H.R. .lanuary
2.710.150 2.716.701
N. Y. L. K.&W. January .. 1,924,291 1,890,183
N.Y.Penu.&O.. NoveuLber. 492.63" 560.10!
N.Y.&NewEng. .January .. 412,571 391,539
N.Y.ife Northern January
42.H1
40.273
.
38.8812.092
29,939
184,332
28.426
482,965
28,050
W.V.Cen.&Pitts
Wheeling & L. E.
Wil. Col.
&
1'20,500
Aug.
747,057
403,448
llWisconsin Cent'
And branches.
All Uues included.
t Mexican ourreucy.
Includes whole system from Fort Worth to Denver, but nutearalcga
on Joint track— Pueblo to Tnnidart.
5 Including Iowa Falls & Sioux City.
t' Including in 1,'589 Guadal .jar.t br.inch.
c Earninga of entire system. Including all road operated,
(t Including Chioago &, Indiana Coal.
*
||
t
).
MAHcn
—
1 1
..
1
..
.
Fifty ro vU have rapsrted for the third week of Fob
ruary, and tho aggreg^ate result la a gain of 5 '49 per cent.
week of Febniary
1888.
1889.
Inereatt.
-
Deeraa—.
S
Atlnntlo A Paclflo
BuffalM RocU & Pittsburg.
Cairo Vln. <t Chio
CaiiaiUan Piipitlo
Cliiiaifo* AiUnMo
AC. A
13..^9^
litO.OOO
3
-.241
I.C.
4S.-I7S
CliicHKoMll. ASt. Paul. .,
ChU'iiiro* \Vi».Rt Mich ...
412.000
23, 24
52.924
Ciuoliiiiail IiKl. .St. L.& 0,
CInciiinall .luck.
Muck
CiiiciQiuiti liicn ii. I't. W.
A
39,533
CoL n. Val ATiiledo
47,495
A
1
Kill (JrHii'lo....
Detroit Laua.
Evantivltle
EvaiiBvllli)
Filut
A
Grand
A
A North
1
2.00(1
18.7HH
ircpintte
A
.
Imliaua.
Other Unca
43,3(i0
46, .'541
39,391
39.112
3,777
29,072
.^,li(13
Iowa Ontral
38,493
A Western
ANa-hvllle ...
lonlsvlli N Alli. A Chlo.
Lonisv. N. O. A Tex
Iiake Krle
l>5ul.Hv-ine
49.8 IH
32.^,«90
JIc.\kan Central
53,31ft
10(;,177
Milwaukee
L. Sii.
Uilwaiikee
A
Natflr'Z
J.ii'K
A West.
PlttabiiTK
A Evans
A Western
•Kiehiuinil A AlleiCl any.
St. JoseiiU AUr. Isian<t...
BL Louis Ark. A Texas.
et.
Louis A San Fran
Texas
A
Total (DO roads)
18,500
3,00')
1.435
1,206
17.;i94l
3,3,57
»
2.'.8.899
84.381
6.«33
13.292
31,4'8
10.259]
56.6081
18,097
56.920
57,116
282
"9,421
3,071,752
2,911,868
450
10,250
1.043
7.252
?.,85
"452
240,743
l.'^9,8A4
p. 0.
>—
1H37-8.
•
— Janua'y.——^
J to Jan. 31.—.
loSS-O.
1887-8.
*
S
Phlla. & Reading.. ..Orosa. 1,616,047
930,210 3,133.113 2,015,896
Net...
73i,614 100,642 1,361,260
t-Oi.274
Coal* Iron Co.... Grnaa 1.01R,952 33',8.'8 2,174,515 1,906,250
Net...df.l53,609df.l73,6i5 dt.405,5-.'9 dr.2ig,858
Total bothCv>'g..Grosa. 2,6K4,999 1. '.'63,068 5,307,628 4,552,146
Net...
880,005 a'i.7d,013
955,7 30
674,415
.
ranuaru.
.-/on. 1 loJan. 31. -»
1889.
188«.
1880.
1888.
Road:
1889.
,-Dee.
1883.
,
$
$
Ifi9,(>69
Ill
iro.oeo
71,131
1,")-,155
Net...
.
6 226
Jan. 31 —.
.
—
9,752
1,636
In
1
.
71,381
67,285
Baltlm'reAPotoinao.Grosa.
115,701
122.498
'3; 184
Net...
32,-91
47,948
Gross.
897,938 801.205
"'i74 Canadian Pacific
Net...
130,963
22,286
P....Gi0'8.
Mil.
St.
1.6-5.910
Chlo.
&
1,452,047
Net...
391,169
93,755
Clev. Col. Cln. & Ind.Oross.
569,920 574.994
12.
Net...
110,6,9
•,930
3-',915
Dot. Bay C'y A Alp'na.G ross
27.805
Net...
17,902
6,572
77,OiO
97.336
Dul. S. 8. A Atlantlc.Gross.
Net...
32,016
4.880
Norfolk A Western.. Gross. 398 061 380,801
Net...
110,679 158,635
13,772
Gross.
464,749 452,411
Northern Central
Net .. 149,518 123.247
"i',064 Pennsylvania
Gross. 4,528,744 4.19 (.979
Net... 1,080,793 1,005.920
60,800
64,500
Tenn. Coal A Iron Co Net.
Gross. 1,915,000 1,727,832
Union PaciUo
521,otO 34-',')ll
Net...
16,015
December.'e;i59
1883.
1837.
Roadi.
$
'2,206 Mexican Central
Gross.
450,638 540.050
211.569 286,772
Net...
'"196
Guadalajara Div.... Gross.
40,975
Net...
21.308
80,859
6,039
San Luis Potosl Dlv.Gross.
Net...
2,763
28,270
17,64'>
•
Eriedc WoBt.OroM. 1.924,291 1,890,1X3
Net...
942,527 632,331 3,040.;ftiU 3,06i,,01
Net leas pro.duo roads oper
mod on a per cent baala . 3C5.312 360,579 2,903.260 2.230,200
Foteraburg
Qmia.
42,671
3 ,019
140,129
126,273
Net...
20,278
17,365
C 1.293
61.658
RIohm'd dc Petcrab'e Grosa.
21,037
20.001
95.513
7ft.('77
Net...
8.492
10,2J3
33.573
40,712
Staten Island R. Tr. Or >a).
49,912
42,782
219 227
20 7,107
Net. def. 4,101
def. 22
19,«7J
36.74i
Weat'n N.Y. A Penn.Omss
247.210 212.7.59 1,0>4,475
13.519
Net..
47,39.^
68,336
265,503
227,080
AUogli^ny Valley.. ..Gross.
"i',197
1,665
22,487
1888.
•
18880.
«
f—Uet.
,
1889.
I..
170
'2,5'8I
2,^30
12.871
39,14,
21.882
81.052
Jnnuary.
_
Roadii.
547
3;<,76.5|
10 7.793
53.700
Pacillc
Ket Increase (5-49
36.340
5 -'.77
91,167
116,767
11,712
23,602
79.523
55,900
Toledo Ann A. A No. Mich
Toledo A Ohio Central ...
Wabash Western
Western N. V. A Pen". ...
Wheeiiug A Lake Krle....
WiBtonsin Central.
234
12.2 i2
3,'-07
AMlsaUaippI
Ohio River
3,169
nflfi
110,1113
27,41y
93.923
298,046
70.609
8,120
14.957
30,374
20,518
23.5HO
03.S5S
101,952
lo..7d2
17,438
17.443
+ >hlo
581
13,105
2,209
19.030
A^oi*mba8
283
2.356
2.32
312,58.)
4»..=il
Xorthern...
2,82A
6,249
87.f.ri4
38.519
N. Y. Out. A West
Korfolk A Western
Northern Paeillc
Peoria Doe.
30,111
42,702
5.880
47.261
130.600
20.075
8.339
15,941
4.734
16.185
Tiidiaiiap...
AT. H
Ht'iii >t
381.8-19
1,640
2,422
15,000
8.3G2
8.275
23.075
».7;4
17,147
'.
liapida
la.oo.'i
24.007
50,568
6,44>
Denver A K.GraiKlo VVe»t.
Detroit Uay
ft Ali>ena
<
45.394
37.092
16.018
181.000
39,067
53.624
10,68
Cln. \Va»li. A. Bait
Col. A Ciu. Jliilliind
Dt-nviT
1
289
Hoarii.
N. Y.
follows:
Cliio. <fcE. Ilia.
4
.
THE CHRONICLE.
3. 1889.J
Latest GrosH Earnings by TfeekB.—The latest weekly
earnings in tho foregoing tabic are separately summed up ae
3<f
.
155,1.55
67,285
122,498
47,0i8
801,205
11.5,701
32,-01
897,933
150,963
22.-,28e
1,65.5.910
1,452,047
391,109
93,755
569,9
674,094
110,6f0
125,930
38.915
27,805
17,902
0,572
97,386
77,050
32,016
4,889
39«.06
380,301
110,679
1.58,935
464,749
452,441
149,518
128,247
4.528,741 ^,193,979
1,080,793 1,005,920
60,300
64,500
1,918.000 1,727,332
521.000
349,011
,—Jan. 1 to Dee. 31.—
1883.
1887.
5,5011,254
2,210,759
4,886,580
2,169,127
*
For week ending February 22.
1 Only 6 days lu 1889 against 7 in 1888.
On
82 roads for the second
week
ANNUAL REPORTS
of February the gain is
13-29 per cent.
Illinois Central Railroad.
2d week of February.
1889.
PrcT'Iy repo'-f d (52 roads)
3,097.084
61.847
74.173
34,990
21.917
II.' 65
1888.
Increase.
9
$
$
Burl. 0. R. A Northern ..
Cln. N. 0. A Texas Pac...
Alabama Gt. Southern
New Orleans AN. E ...
Vlcksburg A Miridiau..
Vlcksbiir^' Shrev. A I'ac.
Cleveland A Kron A Col.
Colorado Midland
BastTenn. Va.AOa
FloiidaKy. A Nav. Co...
Fort Worth A IJenv.City.
•Grand Trunk of Canada.
KansasC. Ft. 8. AMcm..
Kansas C. Clin. A Spr
LitllH Ko k A Meiiip .is...
Meniphla A Charleston.
•Mexican Kailwav
Oiii.i Uuliuiia A \Ve?tt*-ni.
Plttsl)ur^' A We..stern
Klch. A Daijv. (S roads)..
Bt. L. Alt. A T H ..braneues
BanAnt(U>i«A Ar. P.isi.
Toledo Peoria A Western
.
f
110,.502
p.argi
26,079
l-,l-0
331.372
99,361
5.319
13.192
21,32-.i
4,757
95,114
3",645
30.(130
269,138
2'2.25a
23.144
19.08.7
.
Total (82 roadw
Het Increase (13 29
11.7i8
28.369
119,>-9a
4S904
..
It
2,757.839
49.783
60,505
29,S42
20.160
10.631
10.609
10.645
21,152
l-.-',062
4,505,547
.
Deereare.
380,168
12.064
13.668
5.64S
1,757
40,923
914
284,(;72
50,300
27,253
1,269
72,111
4,050
16,430
39,157
87.038
27,167
31.438
altogether.
••
33
7.156
3.616
574,141)
45,569
528..-177
returns for each roud being published here as soon a-s received
but not kept standing from week to week. The figur s covr-r
the latest luonsh and the totaU from January 1, and also the
totals for the fiscal year on those companies whotie tisc*l year
does not correspond wilh the calendar year.
January.
1889.
«
69 .695
1888.
.
.
July 1
lo
18fc8-9.
«
e
679,653 4.813.901
23 -..93
1,8-20.62S
Jan. 31.1387-3
«
l,7W,794
230,701
1.90.".,9.55
Net, Inel. Investmenta
284,461 2 14,3 14 1.881,253 1.9.16.73/
ClD.Ind.St.L. AChto.O'088.
231,264 204,932 1,619,641 1,6 l.O.ift
Net...
80,488
71,236
563.710
605,340
Lonisvllle A Nashv. .Gross. 1. -9-1, 847 1.306,817 P.700,10^ 9.931,116
Net .. 559,703 415,195 3,774.b83 3,9 6,01
Northern Pacific
Grof s. 1,18.3,393 703.607 11,804.340 9.110,773
Nit...
339,197
8,466 4,696,223 4,140,052
Net...
Qt
jB
2,852,439
2.529.632
8,145.;c2ii
8.3;i2,151
2.351,056
7.88 ',3;1
1,536,049
11,822,476
1,667.711
12,5'29,494
13,546,283
Iransp'u
*
Net Earnings Xoathly to Latest Dates.—The tables following ahon tiie latest net earnings reported this week, the
iS
Tot.frross earnings. 12,621,261
O/ierati'ff expr,:tfe&1.407.696
Malni'ce of way. Ac.
1,2(19,079
nt'ceof (ciaipTirt
A
.
miseeU'a
18=8.
1,953
1837.
2,355
d>
1622.905
Mall, express, Ac.
Total*
N t earnings
For week ending February 16.
t Earnings in 18.-8 Imlude $6,723 construction material.
.
—
FISCAL RESULTS.
1885.
1886.
2,066
2,149
2.785.403
9.034.863
1.726,017
Ma
•
Roads.
Central of Georgia.. .Ornas.
huritirl(;B
Frei;,'bt
.
2.
3,976,970
R'dop'rat'd Deo. 31.
Pasnenner
24,481
p. 0).
hibits.
for the full years prior to
1888, thougli tho net earnings for the thioc months Oct. 1 to
Dec. 31, 1887 (§197,933), are deducted in the income account,
showing the proper balance to 111. Central for that year. In
1888 the operations of the Iowa roads are, of courae, excluded
1.408
244.654
19,620
15.988
15,469
given
and ex-
ment here includes the Iowa roads
3,235
6.747
8,056
3,478
is
Comparative statistics of the operations and income aacovait
have been compiled for the Chronicle as below. The state-
1.034
1.453
1,083
7.217
17,266
("For the year ending Dec. 31, 1888.J
The annual report of the directors for the year 1888
at length on subsequent pages with full balance sheet
1,45S.267
1.2S7.751
101,324
1.1 I6,l*<7
107
J, -272. 3 9
4.009,f54
4,053,187
4.47(>,655
4.
6,626,629
5,994.635
6,540,7u4
.6,988,790
7,310.941
6,235,347
7,147.342
4,675,184
1,371.330
1..567,
Excludine rentals and taxes.
IVCOMB Acrorvr.
1886.
1885.
$
Rereipis—
N(M earnings
Interest.
Ac
Miscellaneoua
Total
IHshitreemenU
Rentals. Inel. int. on
bdH. or leased and
subsidiary linos...
—
Int.oii
p
5,991.«35
270,627
65.966
1887.
«
s
5,988 790
6,235.317
860,685
313. <43
1888.
«
4,67.5.134
1,727.046
102.121
46,16
33. 64*
6,3Ji,2-.:8
6,464,25~4
7,132,-2U8
6,435,826
1,901,033
1,875,073
1,805,585
1,812,635
641,400
776,760
881,760
1,021,020
2,720,000
556,074
2,430.000
675,459
2,8.50.000
646, •75
2,800.000
607,263
518.859
60.MI7
615,926
122.441
0,331,173
6,3Uj.661
60
S'M3
~
Ill.Ccnt.bonda
..jwr
Div'dson
leased
111
C.stk.
Une certs
&
. .
faxes
Inwa nuda. prnp'a
for three months
.
(^uistruetlou acc'18.
Miscellaneous
Total
Balance, surp'.us...,
197.922
683.377
53.
1
1
6,9»s,oji"
220.781
2 13.947
6,70-. 646
133,575 d«t.272,S2a
.
..
.
THE CHRONICLR
290
Columbus Hocfeing Yalley & Toleao Railway.
('For the year ending Dec. 31, 1888 J
1885.
1886.
3,197,202 3,40/, 278
12,091,022 12,173,663
Earnings
$
$
Passengers,
869,120
884,969
Frtiglit
4,192,105 4,147.089
Mail.exp.&mlscellan.
429,698
442,559
. .
—
The President,
the results of the
Mr. J. W. Shaw, merely comments briefly on
year and mentions that the suit against Burke and others wae
dismissed after the decision of the arbitrators advei-se to the
company.
Paeeengers
Freight
Mall, express,
&c
..
Total gross
Oper. exp. & taxes.
Net earnings...
1885.
1886.
328
328
$
s
325
$
412,141
325
$
446,669
2,311,558
117,288
2,87.\515
1,653,662
367,592
393,658
1,825,186
1,856,293
118,225
111,452
2,031,420
152,022
2,3 1 1,003
2,361,403
1,395,234
2,595.583
1,601,S9J
1,333,697
966,1()9
977,306
18S8.
1887.
1.020,038
4,700,274
492,614
1,064,862
4,534,800
603,732
6,212,fl26
Gross earnings....
Operating expenses ..
5,490,923
3,255,614
5,474,617
3,542,668
4,139,442
6,203,394
4,093,573
Net earnings
2,235,309
1,931,949
2,073,484
2,109,821
893,684
INCOME ACCOITNT.
Receipts
Total Income
Disbursements—
1,221,853
188S.
1,221,853
28,579
977,306
978,010
1,038,169
1,250,432
884,564
61,586
22,902
1.490
970,542
sur. 6,764
946,925
42.832
22,581
979,557
984,020
23,758
24,086
Ueteamings
Miscellaneous
Total receipts
.
Disbursem enU—
Int. onbds. cfecartr.
Int. on float'g debt..
Int.toPa.KB.onl'se
$
18,629
24,048
3.118
18,7.oO
1,034.982
1,022,234
1,031,088
sur. 15,935 sur. 215,451
del. 53,078
GENERAL BALANCE SHEET, DEC 31.
Miscellaneous
Tot. disburse'ts.
BaVuce
Assets.
1886.
1888.
1887.
s
323,787
190,775
8,000,000
473.027
120,378
20,155,714
325,424
200,909
8,000.000
411,632
71,931
20,165,545
326,018
181,742
8,010,600
382.678
84,811
29,078,101
29,165,610
29,151,291
Construction and equipment, &o. .19,970,134
Eeal estate
-
Materials, supplies and tools
Bonds and stocks
and accounts receivable
Cash on hand
Bills
Total
,
Idabilities.
stock
Bonded debt
Special car trusts
Interest accrued
liCase warrants
BUis and accounts payable...
loss
Total
1886.
1887.
s
$
1888.
s
11,696.300 11,696,300
16,180,000 16,240.000
300,000
287,818
168,610
169,206
234,852
409,569
334,583
509,287
625
16,561
11,696,300
16,240.00
300,000
167,506
60,131
455,343
232,011
29,165,610
29,151,294
29,078,101
I
Northern Central Railway.
(For the year ending Dec.
31, 1888.)
254.070
2,489,379
2,209,207
442.203
931,272
520,000
S
53,69
1,947,166
542,214
446,997
903,041
520,000
;
m
&
2,324,609
2,417,419
460,819
902.910
545,946
470.706
926,505
571,966
8
79.495
2,048,673
368,776
The report says that the gross earnings of the road for the
three months of the year 1888 showed a reduction from
those of the corresponding months of the year 1887, but from
the end of that period to the beginning of December tliere
was a large gain, the business increasing gradually, and reaching a maximum in the month of August, after which there
was a falling off in the succeeding months.
The results for tlie entire year showed an increase over the
previous year of 734,107 tons of freight and 49,115 passengers
transported, with a corresponding increase in operating
expenses, leaving the net operating earnings $60,070 in excess
of those of the year 1887.
"By an agreement entered into in the early part of the
year the Pennsylvania Raihoad Company assumed the payment at maturity of §3,000,000 of seven per cent bonds becoming due on Jidy 1, 1888, in consideration of receiving from
this company an equal amount of bonds secured by the general
mortgage due July 1, 1920, bearing interest at the rate of four
per cent per annum and the sum of §100,000 in cash. This
arrangement has been carried out, and all of the seven per
cent bonds have been redeemed and canceled with the exception of four bonds for one thousand dollars each not yet presented.
" The Pennsylvania RaUroad Company also, in accordance
with an agreement to that effect, exchanged on July 1, 1888,
§1,455,000 of four and a half per cent debenture bonds held by
them for §1,555,000 of four per cent bonds secured by the
general mortgage above mentioned."
The report also refers to the claims on tlie company by the
Commonwealth of Pennsylvania and the Pennsylvania Railroad.
Comparative statement for four years compiled for the
Cheonicle, is as follows:
EARNINGS AND EXPENSES.
questions connected with the joint endorsement
by your company, together with the Pennsylvania RaUroad and
Philadelphia
Erie railroad companies, upon the §3,500,000
of bonds given by the Allegheny Valley Railroad Company to
the Commonwealth of Pennsylvania.
In this connection, the
Commonwealth of Pennsylvania has now made a direct claim
upon your company for its proportion of the principal and interest which has become due since the default of the Allegheny
Valley Railroad Company upon these bonds.
The aggregate
amount of the principal falling due and the accrued interest is
$865,000, viz., the bonds for $100,000 each maturing respectively January 1, 1888, and January 1, 1889, and §165,000 of interest on the outstanding debt. As there is no question as to
your company's liability for its proportion as guarantor of the
actual default by the principal, one-thu-d of the amount will
lw,ve to be paid. While the net earnings of your property for
the first half-year did not,
the judgment of yom- board,
justify a greater dividend than 3 per cent, the improved results
thereafter obtained allowed the declaration of a dividend of 5
per cent, making together the usual dividend of 8 per cent for
the year."
—The comparative statistics for four years have been compUed for the Cheonicxe as follows, including in 1887 and 1888
the Summit Branch Raihoad and the Sodus Bay
Southern
Mailroad, not included in prior years:
&
$
first
.
ferred the
1858.
2,109,821
307,628
Philadelphia & £rie Railroad.
(For the year ending Dec. 31, 1888.^
The rejMjrt of Mr. George B. Roberts, President, remarks
that "while the gross earnings of your property for the year
were about equal to those of 1887, there was a sUght decrease
in the expenses, resulting in an increase of net earnings in the
rations of your lines of §36,336.
There were added during
year 500 long gondolas by the Pennsylvania Equipment
Trust under the usual car trust arrangement, and 3 new passenger cars were added to your equipment, the condition of
which was fuUy maintained 2,027 tons of steel rails and
201,063 cross ties were put in the track, including those laid on
1886.
1985.
Earnings—
$541,593
$509,950
the Union Railroad. An extension of this line of about one Passenger
3,07.',029
2,653,407
mile in length was made to connect with the road of the Penn- Freight
96,863
128,896
express, etc..
sylvania Steel Company from their new worlis at Sparrow's MaU,
Point, and is now in active operation." * * *
$3,292,253 $3,708,485
Total
" It win be noted that there was a further reduction in the Op. exp. (uicl. taxes) 1,999.373 2,242,532
rate per passenger and per ton per mile. Although, as in 1887,
$1,292,880 $1,465,953
Net earnings
there was an increased profit per mile in the transportation of
INCOME ACCOUNT.
passengers, owing to the reduced expenses, there was a de1885.
18S6.
Receiptscreased profit in the movement of freight, owing to the fact Net earnings
$1,292,880 $1,465,953
that the rate per ton per mile fell from 6 66-100 mills to 6 39-100 Other receipts
8,471
10,836
mills, and the cost of handling the freight was not reduced in
$21,301,351 $1,476,789
Total Income..
the same propertion." * * *
Disbursements—
" As yet, no decision has been reached by the arbitrator, Interest on d-bt.-..
$985,620 $1,129,432
Int.
on special stock.
to whom, by agreement of the parties in interest, were re166,893
165,274
Interest on cquipm't
r
1887.
2,073,484
251.125
$
8
8
48,196
Miscellaneous
44,775
1,914,813 1,957,872
Tot. disbursements
366,737
294,484
Balance, surplus. .
* Includes rent of roads and interest on their equipment.
t Includes oar trusts.
1S87.
993,684
44,185
1886.
*„a„
1886.
1,931,919
277,348
$
Divitteuds
Rate of dividend
966,169
11,841
1885.
$
2,235,309
Rentals I's'd lines,&o*.
tuterest on debt f
977,306
Beeeiptt—
1885.
—
Net earaliiKS
Other receipts
INCOMB ACCODNT.
and
1887.
1888.
3,734,195 3,957,154
13,269,561 14,014,275
BARNDIOS AKD EXPENSES.
Eoad operated
Earnings from—
Proflt
XLYin.
OPEKATIONS AND FISCAL RESULTS.
—
Operations
Passensers carried
Freight (tons) moved
just out, and the figures are given below
The annual report is
in comparison with those for previous years.
[Vol.
1888.
1887.
$584,159
3,351,256
101,515
3,671.142
103,605
$1,036,930
2,457,047
$4,373,042
2,733,088
$1,579,883
$1,639,954
$598,295
1888.
1887.
$1,579,8-3 $1,639,954
15,896
13,396
$1,693,2';9
$1,655,850
$1,128,757
168,000
167,341
il, 168,176
108,000
168,404
36,422
27,000
8,200
8,200
8,200
Total dlsbursem'ts $1,187,713 $1,339,328 $1,472,298 $1,512,530
$143,270
$120,981
$113,638
$137,461
^urplU8
Extraordinary exp..
Miscellaneous
& Wilkes-Barre Coal Company.
CFor the year ending Dec. 31, 1888. >*
The annual statement shows the operations of this Company
Lehiifh
for the year 1888 as follows:
Production of coal, Wyoming Division
Honey Brook Division
2,263,66019 tons.
411,72509 tons.
Purchased
2,675,386 08 tons.
]9,.i4603 tons.
X^,tal
2,694,93211 tuns.
In addition to the above, 813,892 tons of coal was mined from
the company's properties by other parties, under leases.
The cm-taUment of business noted in the last annual report
as resulting from the strike in the Lehigh regions continued
until Mai-ch 10, 1888, all operations in the Honey Brook Division having been suspended for a period of six mouths; but the
company's facilities and methods of oijeration enabled it to
promptly meet the enlarged demands of the trade during the
remaining nine months, as evidenced by the increased production in both divisions for tlie year.
:
March
3.
THE CHRONICLE.
i~'-9
The
rooclpts from ouleHOf coolwi-ro
AikI from othPi sources
Total
From wliicli was pftld for mining, taxes, transportation,
:iS0,760
$0,!l().6ao
Aq^
'..
Ncti'iirnliiKS
7.1)01,1
14
$1,0S0,6'^1
mortgage debt. Including "A" Income
Hh.I.SO;
lionitH, and for sinking fund charges
Balance
*1,0U1,;<13
Coupons for 1888 on .fe,l 16,000 consolidated
snvon per cont bonds owned by C RR. Co.
$128,120 CO
of N..T. (p.iviiblo when earn, d)
Intorint for ISs" on fS.S.iS.OOO "B" seven per
cent Income bonds, owned by C. RR. Co. of
101,710 00
N. .1. (payable when earned)
Interest tor 1888 on bills payable
55,369 95— (!4S.109
Paid for
GENERAL INVESTMENT NEWS.
lO.MIS.HOO
._
291
liiitrcBt oii
Called Itonds.— The following bonds have been called Jor
"^
pavment:
West Jkrhey & Atlantic.—First mortgage 6 per cent bonds
dated 1880, due Se|>tember 1, 1910, to be
at par, with
accrued interest, on March 19, 1889, at the office of the Fidelity
^d
Insurance Trust & Safe Deposit Company, Philadelphia; 81
bonds of 81,000 each, viz., Nos. 15, 54, 98, 139, 147, 148, 1153.
187,
an,
228, 236, 241, 348, 262, 256, 849, 878, 887, 897, 399, 450!
& Atlantic— Messrs. Drexel, Morgan
Co. give
notioe that security holders of the Chicago
Atlantic BaUway
Company
who
fail
to
deposit
their
securities
on
or
before
All the outstanding "A" income bonds, originally issued for
March
Co. to exclusion
consolidated mortgage seven per cent coupons funded uuder 11 will be subject at the option of D. M.
the adjustment agreement of Fob. 38, 1878, and which matured from the benefits of the reorganization plan. All the first
mortgage bonds except $47,000, more than three-fourtlis of tlie
May 1 1888, have been paid and retired.
new issue of five per cent mortgage bonds, dated Jan. 3, second mortgage, and about three-quarters of the stock and
1888, and matiuing Nov. 1, 1913, has been made for $8,000,000, stock trust certificates, have assented to the plan.
which have been disposed of as follows:
Chirago Burlington & Northern.—The following letter
from Mr. Harris, Vice-President of this company, de^es liis
Issued for redemption of "A" ineonie bonds
$1,119,000
Issued for purchase Lehlgh-Luzeme property. .
782,000
position in refusing to sign the Railroad Presidents' agreement,
?1 ,901,000 and may be presumed to express
the sentiments of we Boston
Canceled through sinking fund payments
$81,000
capitalists interested in this property:
Balance applicable to future re<iulremoul8
1,018,000
Surplus
&
Chicago
&
&
S.')53,ul5
,
A
,
1^99.00(»
*3,OQb,000
Total
O. B, & N., VlCB-PRESIBEHTg OFFICE, >
St. Padl, Minn., Feb. 21 1889.
J
To W. B. Strong, President of the A. T. & 8. F. RR., Chicago, lU.:
Dear Sir— Referring to your request that our company sign the articles of agreement of the Int<r-8tate Commerce Railway Association, a
brief statement is necessary to enable you lo understand our situation
and needs. A very large proiiortion of our trafflo Is competitive and It
practically all originates at or is destined to point* on or north of tha
Illinoia-Wisconsin State line. It la apparent that any traflic association organized to harmonize the transiiortatlon Interests in any certain
district n)ust include all the lines in that district » hich compete with each
,
Kansas City Wyandotte & Northnesteru Ruilroad.
fFor the year ending Dec. 31, 1888.^
The first annual report of this company has been issued and
states that on Jan. 10, 1888, the track reached Seneca ; on February 18 following the bridge at the mouth of the
River
was conijjleted, and the road thrown open for traffic from
Kansas City. On Jan. 15, 1888, a complete settlement was had
with the Northwestern Construction Company to that date,
Kaw
other. Considerably over one-half of all the railways named as neceasary to the formation of the proposed assoclatlou have no lines north of
the Illinois- Wisconsin State line and are not directly Interested in the
buslucss in that territory.
Our company Is vitally interested In the rates and regulations of all
railways doing business between the East and points on or north «f tbe
Illinois Wisconsin State line, iind our great objection to the proposed
association is that it does not comprise many of the Hues wiih which we
are In daily competition. The lines to which we refer are doubtiesj well
known to you, but for the purpose of being exact I will state that any
association attempting to regulate the tratlic between St. Paul and Ulnneapolls and points east thereof must iuolude the "Soo" line, the St.
Paul & Dulutb, the Eastern R. R. of Minnesotj, the Manitoba aud the
Dulutli South Shore & Atlantic, as well as the lines reaching the East
via Chicago and other gateways. For our company to ignore the railways with which we are in cfaily competion, and then join other railways whose nearest points are St. Louis, Kansas City, Omaha and Denver, and in whose tralHo we have no Interest, Ig manifestly out of the
and the company completed the unfinished work then tmder
way, for which, under the terms of settlement, ample provision had been made by the Construction Company. The company's equipment is as follows Flat cars, 41 coal cars, 134
stock cars, 40 box cars, 150 cabooses, 5 total freight cars,
360 passenger cars, 37 engines, 18. During the past year the
Leavenworth Rapid Transit Railway was acquired, and the
road extended to Fort Leavenworth under an act of Congress,
granting the right of way through the United States Military
Reservation, as also terminal groimds thereon. This extension
was opened for passenger traffic on December 23d last, and was
to have been thrown open for freight traffic on February 10th.
Under the original agreement with the Leavenworth Rapid question.
It has been stated in and out of meetings that our company ought to
Transit Railway Company, this company indorsed its guaran- be willing
to abide by any rules satisfactory to the Northwi'stern and
tee of the principal and interest on the entire issue of bonds of the Milwaukee comparlos, and this at flrst blush might seem to be fair;
that company, amounting to $1.50,000, due in thirty years from but it must be remembered that over ninety per cent of our rcvenuea or*
in the question of St. Paul and Mlnneapijlis tratllf, whereaa a
their date and bearing 6 per cent interest.
Of this issue the involved
very small proportion of the revenue
the companies Indicated li
company has during the year acquired, and now holds in its directly Involved. Our comiiany must, toofexist,
maintain as cheap and
:
;
—
;
;
;
;
;
treasury, $138,000, besides 1,455 shares of its capital stock, out as desirable a line between St. Paul and Minneapolis aud points
of an entire issue of 1,500 shares, resulting in a substantial re- east thereof via Chicago as are maintained Iby oihcr routes competing
for Eastern and seaboard business, and we cannot safi^ly submit the
duction in fixed interest charges and a saving to the company question of rates and regulations affecting
so large .a proportion of our
in many ways.
business to the arbitramcHtof an assuclation composed of only a part of
the
lines
with
which
we
compete.
About November 1 the board authorized the extension of the
In this
it should be borne In mind that few of the lines named
K. C. W.
N. road from Seneca to the Nebraska State line, a have any respect
Interest whatever In St. Paul and Minneapolis trafflo. And of
distance of 33'3 mUes. It w^ould have been necessary to par- those few, except our own, each has greater Interest elsewhere. We
allel the St. Joseph
Grand Island Railroad about ten miles of think the association should cheerfully firant to our company the same
this distance, and that company leased the right of trackage right demanded, aud pretty generally exercised by the original promoters, to wit: the right to have competitors included.
between Seneca and AxteU for 99 years on the terms offerSi
Therefore, a.ssnring you of our sympathy with the objects of the assoby this company. The work north of Axtell is approaching ciation, we beg to defer the consideration of the subject until suobtlme
completion, and it is confidently expected to have the entire as all our competitors will Join In fonnulaling rules and regulations covering all traHlo in which there Is a common Interest. Yours truly.
extension to the Nebraska State line opened for traffic by Feb[Signed]
Geo. B. Hakbis. Vice President.
ruary 16th. next.
&
&
The general expenditures between January 15th and July
Cincinnati Hamilton & Dayton.— The earnings, expenses
necessary for improving the roadway and preparing and charges for the nine months from April 1, 1888, to Dec.
81,
the property for active business, including the purchase of 1888, were as below
shop and station supjilies, were merged with operating exApril 1 to Dee.
penses, so that prior k) the latter date no detailed statement of
31,1888.
the ordinary operating expenses is presented. The Chicago St. Earnings
(2,674,896
],= 09,847
Paul & Kansas City Railway Company has purchased property Operating expenses
adjacent to this company's torminal groimds at Kansas City, to
Net earnings
$1,165,049
,.
be used in connection therewith at a cost of about $335,000. Un- Rentals, taxes and fixed charges
643,722
der the contract with tliat company, the trackage rental began
Net
profit
$521,327
to run on December 12th, last, and is therefore not embraced
in the statements of earnings.
The net profit for the fuU year 1886-7 was $491,885 and for
The mileage on December 81, 1888, was 136 mUes. Gross 1887-8 it was §621,028.
Ist, last,
:
earnings for the six months, July to December, 1888, inclusive,
were $181,531; net earnings, §72,658.
The balance sheet on Jan. 1, 1889, was as follows:
GENERAL BALANCE SHEET JANCAUy 1, 1889.
Anseta.
Cost of road, ecxnipment and expenditures for extension to
date
$6,436,659
Material and fuel ((Slimaied)
1 J.OOO
Bills receivable iind open accounts
5S,049
Bondsof LeaTcnworth R. T. Ry. Co. at par
138,COO
Stock of Leavenworth K. f. Ry. Co. (par value, $145,000) ..
1
Cash on hand and in banks
74.046
$6,721,756
„
Liabilities.
.
Capual stock
$2.750.<100
Funded debt
3,071,000
Car trusts
290,863
Nutes and bills payable (lnolufllng amounts due on account
road under constrnction not bonded)
Zgr, ig9
Intcj-est due and accrued for six mouths, to January, 1889.
.44 350
pront and loss
"34 453
Of this
treasiu-y.
amount $75,000
Is
treasory stock,
I.
e.,
in the
Cleveland Colnmbus Cincinnati
&
IndianapoliH.— The
following statement shows the earnings, expenses, char^, &c.
(including tlie Cincinnati
Springfield ana Indiaiiapolis & St.
Louis), for the month of January, 1889 and 1888
&
-JanxMry
.
Earnings
Operating expenses
$569,920
459,-.61
1888
$574,994
449.0G4
Net earnings
$110,699
157,072
$125,930
156,234
Dot. $46,413
Dcf. $30,304
Der.$16,413
Def. $18,879
1889.
Interest, taxes,
&c
Balance
Additions t» properly
Surplus
lb,575
Chicago Milnrnnkee & St. Paul.—The statement given
week in the Chronicle was somewiiat misleading in tlie
$6,721,756 comparison nuido with previous years. It lias been our cuscompany's tom to include in the St. Paid income account the dividends
actually paid out during tlie year whether they were cliarged
last
.
THE CHRONICLE.
292
For 1885, 1886 and 1887
tlie earnings of a prior year or not.
our figures were thus compiled, but for 1888 they were put in
as they appeared in the company's preliminary statement which
included only the 3!^ per cent October dividend on the preferred stock, charging the dividends paid in April to the earnings of 1887. To harmonize the Chronicle's comparison and
five each year on the same basis the table should stand as
oUows:
to
1885.
Gross eamln f;e
Oper. exp. <t iaie.s
.
1888.
54,Sfi7,"30
24,718,403
14,560,261
9,900,802
105.H39
10,15H,139
144,654
10,006,741
10,302,793
10,312,255
7,708, o51
6,096,.'i73
6,241,093
3,053,076
6,4.'i6,637
7,04-i,97C
2,391,039
3,257,523
2.2-8,173
6 & -^^
8,490,612
1,516,129
9,294,169
1,008,624
9,714,160
598,095
Other receipts.
....
Dhbiir.ieif^ents—
Interest on deht
Dlvs. on botli stocks*
Bate of dividend
Tot. disbnrsem'nts
Surplus for year
These
1887.
24,413,273
14,512.471
NeteamlnfTS...
Total income
1886.
7&4
2.5.3fi(t,124
15,326,694 17.37;.353
7,4p0,377
2.8,171
10,03!),43O
272.825
7&5
7&5
9.337.119
df.l, 628,598
are the actual dividends paid in the year, without regard to the
time when they were earned.
Kansas Pity Wyaii<1o1tfi & Northwestern.— Notice is given
of the completion of the extension from Seneca to the Nebraska
Btate hne, a distance of 24 miles, and the opening of the following new stations: BaileyviUe, Kan., 7 miles from Seneca;
AxteU, Kan., 12 miles from Seneca; Mina, Kan., 17}^ miles
from Seneca; Summerfield, Kan., 24 miles from Seneca.
Lake Shore & Michigan Southern.—The report below for
the quarter ending Dec. 31 has been filed with the Railroad
Commi&sioners:
ISSf.
$4,680.«7S
2,«72,753
$.5,'i07,8n
Net earnings
Other intome
$1,808,125
99,674
S2,066.?34
56,534
$1,907,799
$2,122,768
Interest
1887.
3,141,577
.$827,716
Taxes
&c
Balance
Leiiiffh Valley. -Messrs.
Brown
$832,3-2
122 "23
ii'-.iei
149.'538
112,328
$1,099,477
$8U8,322
$1,059,; 01
,'".';
Total
Brothers
$1,002,861
&
Co. bouglit
from the Lehigh Valley Railroad $4,000,000 five per cent consolidated mortgage registered oO-year bonds of the Pennsylva-
& New
&
York Canal
Railroad Company, guaranteed prininterest by the Lehigh Valley Raikoad.
This is part
of a total issue of §10,000,000 authorized in December laat, at
which time this company was leased for ninety-nine years to
nia
cipal
and
the Lehigh Valley Railroad. The mortgage was created to
provide for $1,.=500,000 first mortgage 7s maturing 1896, §1,500,000 first mortgage 7s maturing 1906, and to retire §4,000,000
preferred stock held by the Leliigh VaUey Railroad with
the
arrearages of dividends thereon.
ManliattanEle-ated.—TheStocWioZifer reports an interview
with Mr. Jay Gould, and sap that dividends on that stock will
be mcreased at the next period, and a change will be made also
m another respect.
Two plans are now under consideration First, to issue 4 per
cent bonds sufficient to pay aU judgments and awards
against
the company for damage to property. In case tliis
plan shall
be adopted, 6 per cent cash dividends wUl be resumed.
Second lo mcrea.se the dividend rate to 6 per cent, but payment
to be made
scnp, the latter to be convertible into 4 per cent
bonds of the company, and to bear 5 per cent interest
until
thus converted.
Tliis latter plan has the preference at the
present sta-^e of
rogress, the arguments in its favor seommg to be that
the company s stockholders will thus f urnLsh the money with which to
pay oil aU claims for damages, instead of forcmg the Manhattan Company into the market to seU bonds. Furthermore
Btockholders secure a 2 per cent increase in their dividend
rate
under this plan, liave the option.of exchangmg for a 4 per
cent
bond, and draw 5 per cent interest until the change is made
The floatmg debt
the Manhattan balance sheet of December
:
:
m
m
81, 1888,
was
as follows
Oross flnaling
Loans
iinil bills
Interest due
:
(1M :
1888
payable
$1
and accrued
Dividend unpaid
.'.'.".'.'
8»„d?iS:.v:.-;:::::::.":::::
Bonds and niorlgage
1887.
$JJ3,0'20
3''7
151
57 070
213*154
'
Due for wages, taxo5>, &o
Dub companies and individuals
ttCmh
57,070
210,87!)
l,187,6(il
1,29(1,742
92,118
93,406
'^^Wl
$2,38a,03(l
259ll00
250,400
\\\\
6!-0,0:<2
offHrlt:
Dueby aVents
Dui- on open accouuts
aQ3
!'"
i
Cash
$20
587 277
"
'^Af,'.
."155
272,447
T"*"'
Conllnamil assils:
Stocks and bonds
8»P!'iies
Kt'ui estate,
deposit their first mortgage and income bonds in Boston and
London, §33,525,000 of first mortgage bonds and §5,855,000 of
income bonds have been deposited. This assures the success of
the plan. The financial parties upon whose contract the circular is based, have agreed to an extension of time imtil March
4, 1889, as follows
Parties desiring to receive the fuU terms
of the cu-cular must deposit their bonds with the Boston Safe
Deposit
Trust Company, in Boston, or Messrs. Glynn,
Mills, CuiTie
Co. bankers, in London, on or before March 4,
1889; and bonds can be deposited after that date only upon
such terms, less favorable to holders, as may be determined
and announced hereafter."
:
&
&
,
—
Milwiinkee Lake Shore & TVes'ern. Increasing tonnage
has required additional rolling stock, and new saw-miUs and
mining operations have made it necessary to build additional
spurs and extensions. These expend itiu-es will continue for
some years, while the timber and mining region is being
settled and developed.
Net earnings cannot provide for such
expenditures and also for dividends. The board of directors
have therefore decided to create an improvement and extension sinking fimd 5 per cent mortgage for §5,000,000, bearing
date Feb. 1, 1889, and due Feb. 1, 1929 it will be a first lien
on about 90 miles of branches already constructed, and also on
any additional mileage consti'ucted out of the proceeds of
these bonds it will, moreover, be a second lien on all the
mileage now owned by the company. The issue just made of
§500,000 of the bonds it is expected will meet the requirements until the autumn.
New Vork Ontario & Western.—Stockholders of this company will meet April 3 for the purpose of sanctioning the issue
of §10,000,000 fifty year 5 per cent mortgage bonds. Transfer
books close March 4, reopen April 4.
;
;
Pennsylvania Railroad. The gross and net earnings for
January, 1889 and 1888, were as below stated. On the lines
west of Pittsburg & Erie the net results, after payment of interest and all charges, is shown in second table:
LINES EAST OF PITTSBUHG & ERIE.
Gross
.
Total...
138,084
$1,818,065
«1"9qi
<\nn
:::::::::::::"'^l^
995.187
581,212
fiiudtics
Mextran rentral.-The
financial
scheme of
$705,381
$12,1S6.2no
248, 68
984,126
this
XLTin.
—
Gross enminga
Operating expenses,
Kentals,
fVoL.
company
has so far been very successful. President Wade
announces
Under the circular of January SO, 1889, inviting holders
to
•
Eaminss
,
Ntt
,
Eamingf.^—\
1880
1888
1889
1888
$4,548,744
$4,213,979
$1,080,793
$1, 0051920
January
LINES WEST OF riTTSBCRO & ERIE.
Xel surj)lu> or deficit afterpayment of charges.
18«8.
1889.
niff. in 1889.
Loss. $18683
Sur. $57,631
Sur. $38,9*8
January
Philartelpliia & Reailin^. Tlie gross and net earnings for
•January in 1889 and 1888, and for the fiscal years, have been as
below given. The net earnings of both companies aggregated
§580,005 in January, 1889, against a loss of $73,012 in January,
For the two months from Dec. 1, net earnings of both
1888.
companies were §955,730 in 1888-89, against §674,415 in 1887-88.
—
KAILKOAD COMPANT.
.
January.
1889.
aross eaminf,'.'?. $1.61 6,047
Oper. expenses. . 882,433
,
Dec. 1 to Jan. 31.
1888-9.
1887-8.
.
1888.
$3,133,113
1,771,854
$930,240
829.598
.
$2,645,896
1.751,622
$894,274
$100,042
$1,361,259
Net earnings $733,614
COAL AND IRON COMPANY.
Dee. 1 <o Jan. 31.
>
January.
.
,
1889.
Gross eaminff9..$l,048,"52
Oper. expenses.. I,202.!i01
.
1888.
1888-9.
1887-8.
$332,827
$2,174,515
6.482
2,5'.0,044
$1,906,249
3,126,108
5'
LOS8$405,529 LoS8j219,859
Neteams.Los8t!153,609Lo8.s.l73,655
—
Savannah Florida & Western. The gross and net earnings and charges in 1888 were as below given:
1883.
$2,85:^,030
2.1J-3.T28
Gross famines
Opcr-iting expenses
1887.
$2,675,.=.26
2,252,489
$423,037
340,626
$(i69,:i02
Net earnings
408..529
Charges
$82,411
$260,773
Safe
Fidelity Insurance Trust
Deposit Company of Pliiladelphia filed its bill in the Circuit
for
the
first
Court of Jefferson County, West Va. as trustee
mortgage bondholders to foreclose their mortgages on the
Shenandoah Valley Railroad in 1885. Tlie stockholders of the
Central Improvement Company claimed a prior lien for $581,The Circuit
000 with interest aggregating over §1,000,000.
Court decided against the Improvement Company. The decision of the Supreme Court reversing this decision and remanding the case was announced this week at Charleston,
West Va. Tlie Court holds that the agi-eement of April, 1878,
between the railroad company and the Centi-al Improvement
Company is valid, and its specific performance enforceable
against the railroad company, and that the Fidelity Company
had legal notice.
Oregon & Trans-rnntinental. The directors of the Oregon
Surplus
&
Shenandoah Valley.— Tlie
'
,
—
& Trans-Continental Company appointed a committee
t(3
arrange
&
the sale of the controlling interest in the Oregon Railway
Navigation Company to the Union and Northern Pacific Railroad companies, in accordance with the arbitration contract
between the two principal companies. The action of the committee will be favorable and the arrangement will probably be
carried into effect.
& Lake Erie.— A meeting of the stockholders
Pittsburg & Ljike Erie Railroad was held at
Youngstown, Ohio, and it was decided to increase the capital
stock from the present §2,000 000 to §4,000,000. After paying
debts it is proix>sed to finish the double track and straighten
the lino by cutting out curves.
rittsbnrs
of
the
makch
THE CHRONICLR
2, i8e«.i
llepotts
antX
293
Sacniucnls.
ILLINOIS CENTRAL RAILROAD.
REPORT OF THE DIRECTORS TO THE STOCKHOLDERS.
FOR THE YEAR ENDED DECEMBER
MociuIk m'b-
ZVnZ
Sf
31, 1889.
nb.tract8 pul.lUl.prt M«rch tst, 1S«», In anticipation of the Stockholdem
and the Oenoral Manager'. Report, with all the unuiU tab!.., whlcH
i,f Chi^.l^, on 'm!^^' vfTHM^^u^^n^Jr^'r,'^,"^
Ab«lraot«
in iTre"s! Vlll thin bo aubmUtt^d.l
"
'°'" ^®^^ included the Iowa earnings for the nine montlis from
.January to September inclusive, d.irioK
xri,i,.i,Til!fT'!t'"""'"->'^''P°''
>» ^"«''« operated by the Ilinois Central under leases, but in 1888 this Company has only received such of
u5
r».^n=,.u=
net
results IfTS
of the""•'T'"
railways in Iowa as it was entitled to receive as a bondholder and a stockholder
therein.
•'"'"' '•'CPivwl by this Compnny from tramo during the
past year has been
7'",V5™,'1'
»11
fB2
iM
In IW.Oie gross sum received by this Company from the same source
•"•"**^*'» •*
was
.'.V.
«ian<a»'XR7
Of which there came from Iowa
i
•..S'?^^
I,1(JO,.HO
'
M
•
T^e^«'j^lnKs of the railroads
From which
of this
Company
in 1888
.,
•
were
should be (ieducted'theuet earnings of the Iowa
"jw7,'8n
DiTi's^^^^
*'3«'.M6
4.673,484 5
The available sum received from all sources during the past year has beenSurplus Dividend Fund, as declared in last report
tm.m
'.
IJln.is.'
«
S
.'..
S
4,0«7,H71 «
^^
Newvorkofflce.;::::::::::::::::::::::/::::::::::;:::::::::::::::;:::"::;::::;::::;.:.;:::::;::;:;:;^^^^^
From
that
$5,«M,«2 t7
sum
there were paid :
Bomis drawn under the Sinking Fund and Interest on Bonds
Kontal Cliicago St. Louis & New Orleans Railroad
iii
Permanent improvements
.i...;....".........!.'.' .'.".."...
ftt(y74n«noo
1 870 0B4 05
"...
10
22o'ffll
t,870,8»B 15
1^
"^^
Out of which there have been taken
September 1, 1888, 3H per cent
And the dividend payable March 1, I8Si),
aJi per cent
*'•**"•'*'
"
:
Tlie dividend paid
Six per cent on 810,000,000
,
'"'"''
'° Surplus Dividend
''aDlr^t^Z.?«'?ni'riflffr?'"f
apart as appucable to future dividends
«,1,400,000 00
.'.'.'.'.'.".'.'.'.'.'."..'.'.'.'.'.'.'.".'""'.'..'.'
1l,00i),000
00
8,400,000 00
,
Fund, (invested
in Illinois Central
Four Per Cent Gold Bonds of
1852,)
and
set
$1G3,6S6
LINES IN IOWA.
K
&
All the railways west of the Mississippi, in which this Company owned shares or bonds, have been merged in the Dubuque
Bioux City Railroad Company, and the capital of that Company has been thereby increased from five millions to eight millions.
The holders of the |4,600,000 of the shares of the Iowa Falls & Sioux City Railroad Company received |2,875,000 of the new
sh.ares, at the rate of five shares for eight
and the Illinois Central as the holder of all the shares of the Cedar Rapids & Chicago
"f the Cherokee & Dakota Railroad companies received the remaining |175,000.
Apart from |S30,000 of five per cent bonds,
^J"!
of
the Cedar Rapids & Chicigo Railroad Company and |3,100,000 of five per cent bonds of the Cherokee & Dakota Kailroad Com"".'^^.^''^'cii are pledged with other bonds as security for the Illinois Central 4's of 1952, and the interest on which is payable
?*"h
to
the Illinois Central, the mortgage liens on the Dubuque A Sioui City Railroad are
Iowa Falls & Sioux City R. R. Co. Bonds
82,Pno,OOQ
UI which there are owned by D. & S. C. Co
400,600
8163,7«B
82,339 500 @ 7i<
_, .
^
Dubuque &
Sioux City R. R. Co. Bonds
41,020
586,000 ® 7S
;
'
.
•
"
"
authorized Issue $3,000,00», outstanding
l,084,0t)0
@
5«
The
54,200
$258.988
^,000,500
cent bonds of the Dubuque
Sioux City R. R. Co. are all held by the Illinois Central, having been taken at par
for property sold, or for the obligations given by the D.
S. C. and by the I. F.
S. C. for betterments made under
the lease of 1867, as stated in the last annual report.
The Dubuque & Sioux City Railroad Company owns 534 miles of railway
extending from Dubuque we.stward to the Missouri River 337 miles, with a branch from Manchester to Cedar Rapids, Iowa, 42 miles,
and other branches from Cherokee, Iowa, northward to Sioux Falls, Dakota, 97 miles and southward to Oniwa, Iowa, 59 miles, all of
which excepting seven miles is laid with steel rails and is in good physical condition. That Company also owns commodious station
in
&
five per
payment
&
&
buildings and valuable terminals at
Dubuque and Sioux Falh, shops at Dubuque, Waterloo, Fort Dodge, Cherokee and Sioux
and an equipment suffli.it'nt for its local business. The dividends upon the shares of the Dubuque & Sioux City Railroad
Company have been only one-half of one per cent for the year last past. That is very unsatisfactory, but it is lietter than would
have been the payment from your treasury of the rent under the old lease of 1867, which would have amounted to f707,760.13,
and the surrender of the claim for betterments out of which your Company has realized $912,624.59.
The item in the General Balance Sheet entitled "Secuiities of the Dubuque & Sioux City R. R. Co., $10,121,209.83." represents
an outlay by which your Directors have secured, besides the $3,930,000 of bonds of the Cedar Rapids & Chicago R. R. Co. and
Cherokee & Dakota R. R. Co. above referred to, 78,973 shares of the stock of the Dubuque & Sioux City R. R. Co., being all but
Falls,
1,027 shares of its capital of eight million dollars.
The share owners of the Illinois Central were informed, in the Annual Report for 1867, that during that year the Dubuque
Sioux City Uailroad had been leased by the Illinois Central " paying thirty -five per cent of the gross earnings for the first ten
years, and thirty-six per cent for the balance of the term of twenty years, securing in the lease an option to make the same
II
' perpetual
at the latter rate, if at any time during the terra we elect to do so.
No liability, or guarantee, is assumed." The
subject was again alluded to in the Annual Reports of 1883. 1884 and 1885. In that lease, your Company stipulated to assume for
a like period the obligations of a lease of the Cedar Falls
Sioux City R. R. Co., which had
Minnesota Railway to the Dubuque
been previously made. On the expiration of the before-mentioned twenty years, the Illinois Central surrendered and transferred to
the Dubuque
Minnesota,
Sioux City the demised premises. Thereafler certain parlies, acting in the interest of the Cedar Falls
instituted in the United States Court for Illinois a suit against the Illinois Central in order to obtain a judicial decree that the
assumption by the Illinois Central of the Cedar Falls
In that suit this Company
Jlinnesota lease was for a term of forty years.
has answered that its assumption of the Cedar Falls
Minnesota lease was only for twenty years, and the question so raised is now
awaiting judicial investigation and decision. Immediately after the lease made by the Cedar Falls
Minnesota Company to the
Dubuque
Sioux City Company, the former issued certain bonds under a mortgage previously made. The assertion that the
Illinois Central ever undertook in any way to pay those bonds, or the interest thereon, is without foundation in fact." Such bonds
were issued on or about October 1, 1866. On l\Iay 25, 1870, the President of the Cedar Falls ilinn. was authorized by that Company
to make an application to the N. Y. Stock Exchange to place such bonds on its " regular call." Without previous notice to the
Illmois Central, or any subsequent ratification by it, an endorsement was placed on a portion of such bonds in the following words :
" The lease of the Cedar Falls
Minnesota Railroad to the Dubuque «& Sioux City Railroad Company, referred to In
"the within bond, has thin day been assumed by the Illinois Central Railroad Company, and the minimum rent which that
"Company has thereby become obligated to pay in monthly instalments is more than sufficient to meet the entire amount
" John S. Kf.nkedy,
"of interest on this issue of bonds.
Youk, October 1, 1867"
Minnesota Railroad Company.
President Cedar Falls
There are also suits now pending, and awaiting judicial determination, between the Dubuque
Sioux Cily and the Cedar Falls
Minnesota, to define the responsibility of the former under the lease of the last-named to the first-named railway on Sept. 27, 1866.
&
&
&
&
&
&
&
&
&
&
&
"Nkw
&
&
&
LINES IN SOUTHERN STATES
The
income derived from your investments south of the Ohio River, has been increased by the acquirement of the
Mississippi & Tennes-iee Railroad, which, as set forth in the Anntial Report for 1886, obviated the necessity of constructing a new
road to Jlcmphis, and' has greatly strengthened your system.
Since the Chicago St. Louis & New Orleans Railroad was leafed, in
1882, for a guarantee of the interest on its 118,000,000 bonds and a dividend of Four Per Cent, upon its capital of $10,000,000,
expenditures have been made on the Yazoo & Miss. Valley RR. and on the Canton Aberdeen & Nashville RR. aggregating $1,197,424.48.
More purchases of shares and bonds of the Mississippi & Tennessee Railroad Company were made duiuig the last year, and
satisfactory
THE CHRONICLE
294
[Tol.
xlviil
which there was received during the past year a net income of $77,791.87.
the entire investment in that property is $3,906,213.62, from
heen consolidated with the Chicago St. Louis
Smce the first of January 1889, the Mississippi & Tennessee Railroad Company has
as the Memphis Division.
It will be leased to the Llinois Central
New Orleans Railroad Company, and will hereafter be known
Louis & New Orleans Railroad, that is until the year A. D. 2282, for
for the remainder of the term of the lease of the Chicago St.
an annual rental of not less than $130,000, nor more than $140,000, and arrangements have been perfected whereby the entire investment made in the Mississippi & Tennessee Railroad will immediately be turned into cash. This lease is on terms more favorable to
Vour Company than that of the Chicago St. Louis & New Orleans Railroad, for which there was guaranteed a rental equivalent to
nearly forty per cent of the gross earnings. The gross earnings of the Miss. & Tenn. RB. Co. in 1888 were $476,005.03, of which
tl40 000 are less than thirty per cent. As those earnings have for many years averaged about half a million of dollars, there is no
doubt that in its present improved physical condition, tiie railroad will yield an annual return greater than the maximum rental.
&
CHICAGO MADISON & NORTHERN RAILROAD.
Trains began to run regularly in August last on the Chicago Madison & Northern Railroad from a point near the city limits
of Chicago to Freeport, Madison and Dodgeville. The earnings have, however, been expended on that road, and not included in
those of the Illinois Central. On January 1, 1889, that railroad was turned over to the Illinois Central, and the earnings will
hereafter be included in the reports of your Company. Owing to the large outlay necessary to secure suitable facilities in Rockford, to the high price of land in and about Chicago and the requirements of the various municipal authorities with regard to
and by reason of errors made by engineers, the cost of this railway has surpassed the estimates,
highway crossings and viaducts,
"-'"'
:i- :. - i^^- n.
*i.«< «f
„n,„. ,.„,i-„„.i „i,,„i, i.„„
i,„„„j
'
j t^-h
y^ile the
cost
mi
—
.
—
independent entra
---,,
constructed across t^,^ „
=.
,„
»
j
o
o
t,
^
Land in Freeport with commodious shops
with a minimum of curvature. Valuable ground has been purchased in Rockford.
thereon has been secured, and a large roundhouse and other buildings erected thereon. The constr\iction of this railway gives to
yoiu' company a direct line of its own from Freeport into Chicago, over which the large tonnage from Iowa and the North
Division is now promptly carried without allowing $250,000 per annum to another corporation for a service on 120 miles of its
railroad.
The distance from Freeport and all points West of it to Chicago is shortened by nearly twenty miles. During the
doming year further expenditures will be made on the Chicago Madison and Northern Railroad to an amount not exceeding six
hundred thousand dollars, which will complete these 230 miles of Railroad.
—
v
RANTOUL RAILROAD.
The
alteration of the Rantoul RR. from a narrow to the standard gauge, lias entailed a furtlier outlay, chiefly for steel rails
for ties, of $43,071.79. It is estimated that the expenditure of $50,000 during the coming year will complete the rebuilding of that
and
RR.
DLTNLEITH & DUBUQUE BRIDGE COMPANY.
Early in thej'car your Directors purchased all the shares in the Dunleith & Dubuque Bridge Company not then owned by the
Illinois Central.
With the Bridge Company a contract had been made in 1867 whereby both the Illinois Central Railroad Company
the Chicago, St. Paul & Kansas City and the Cliicr.go Burliugtc
companies pay for the use of the bridge $48,000 per annum and a proportionate share of the expenses of
The dividends from the shares of the Bridge Company have been satisfactory.
i
Bridge
whereby the
panics,
operating
it.
Company and
latter
RELATIONS WITH OTHER CORPORATIONS.
Contracts were also made with the Chicago St. Paul & Kansas City Railroad Company for the use by that Company of fouTteenmiles of the Illinois Central track between East Dubuque and Portage Curve, at a rental of $15,000 per annum and a proportionate share of the expenses, with a stipulation that in case the Illinois Central should build or acquire a double track
between these points, the lessee shall have the use of it on the payment of three per cent upon its appraised value. In 1885 the
Chicago Burlington & Northern Railroad Company entered upon land of the Illinois Central between East Dubuque and Portage
Curve, and began proceedings at law to condemn about one-half of your Company's right of way between those points and laid
tracks thereon, the lower courts sustaining its right to do so under the Illinois statutes the Supreme Court of the State, however,
overruled this decision, decreeing that the judgment of the Court below should be reversed and the cause remanded with directions
to that Court to dismiss the petition as to the parts of the right of way of the appellant longitudinally sought to be condemned,
which has been done.
contract has been made with the Chicago Burlington & Northern Railroad Company whereby, upon the
payment of $175,000, the Illinois Central is to receive the thirteen miles of road which were built by the Chicago Burlington
Northern Company, including 2i miles built on land not owned by the Illinois Central and the Chicago Burlington & Northern
Railroad Company is to lease the right to run its trains over the double track railway, so formed, at the fixed rental of $21,000 and
Us proportion of maintenance, beginning on March 1st, 1889. This will enable your Company to furnish to the Chicago St. Paul
Kansas City Railway Company the use of a double track between these points, and thereby secure an enhanced rental.
The Illinois Company has no contracts with any persons, or corporations, operating fast freight, steamboat, or steamship lines,
or ferries nor has it any contracts with bridge companies except the Dunleith & Dubuque Bridge Company which it controls.
All
contracts with express companies are terminable within a year, and those with the Western Union Telegraph Company and the Pullman Palace Car Co. are subject to revision at short intervals, and are terminable at the option of this Company within three or tour
years with the single exception of contracts with the Western Union Tel. Co. for business in Illinois, which .run until 1907. The last
named were made in consequence of a previous, perpetual and exclusive contract, entered into by the former management of your company many years a^o and which the telegraph company was unwilling to abrogate entirely. LThe Directors congratulate the Stockholders
on the fact that this Company is now free from all the onerous perpetuities to which their property had been subjected in former years.
;
A
&
;
&
;
TRANSACTIONS IN BONDS.
^^^ ^"^"^ ^°^^ Bonds of the Canton Aberdeen & Nashville, of the Yazoo & Mississippi Valley, of the Chicago
Western, of the Rantoul, of the Chicago Madison & Northern, of the Cedar Rapids & Chicago, and of the Cherokee &
& S^®
Dakota railroad companies, to the amount of $16,350,000 in the aggregate, secured by first mortgages oil the railways of those companies, some 850 miles in length, at not exceeding $20,000 per mile
in any case, have been pledgded to secure an issue of $15,000,000
^°^^ ^^^ ^''"* ^°^*^ ^°^^^ °^ ^^^2, of which $8,090,000 were sold prior to December 31, 1888. Of the remaining
21 oIlfnnA ?"*'', *'^"
^®^" ^'^^ ''P'""' ^°'' '^'"^ Surplus Dividend Fund $163,000 and there have been sold since January 1, 1889,
«?'rAA'n2n
n^?
ifi,oUO,000.
Ihe sum invested by the Illinois Central Railroad Company in the above named seven railroads exceeds $18,000,000,
and they form valuable and indeed indispensable parts of the system. During the year there were purchased $250,000 of Chicago
Bt. IjOUis <ft JNew Orleans Railroad Company 5 per cent, bonds
at 116
and there were sold $266,000 Illinois Central Railroad Company sterling 3K per cent bonds of 1950, say £53,200, at $940 per bond of £200 each, realizing
The $460,500 bonds of
$350,000.
tne lowa Falls & Sioux City R.R Co. were sold to the Dubuque
& Sioux City RR. Co at their cost, $.555,308.13 Five per cent
Donas of the Dubuque & Sioux City RR. Co. were accepted, at par,
in settlement of various claims, to the amount of $1,084,000.
'^^^
ti
Havana
;
CAIRO BRIDGE.
work on the Bridge at
f^® of the mam structure,Cairo has progressed with remarkable rapidity and in the most satisfactory manner. All of the
lounaations
including the masonry of two shore abutments and ten of the eleven piers are completed, and the
iwo pnncipal spans erected. For the advances to the Chicago St.
LouU & New Orleans R. R. Co. on this accoimt, the notes of
mat Company are held to the amount of $1,630,573,40. The expenditures
The
on the work in Illinois amount to $59,292.26.
.„
,
unage,
inciutting the approaches,
is
under contract
nilnoiaP«n^fn p°?TnS""''y*
Bantoul R.
to be finished in
November, 1889,
<«»
Capital Account, not paid for from Income, have been
R
made
as follows
:
016 6i
Yazoo & MlMisBippl Valley R. R
Canton Aberdeen and Nashville R.
'^'^ ^
m
R
'bos
6fl8 87
NEW
•
.
ThP
at a further cost of $856,773.
OUTLAY ON CAPITAL ACCOUNT.
.
«tT«'^t?,!SlA'? °*i'
undertake any
new
accomnanyWMrceShVet°an^^^^^
n ^^^^^"'^^ ^' ^^^^- ^y °^^^^
OTTVTCR TTAPPTMAAT
WILI??M
WATnn^if. A8T0R,
A«T^»
WILLIAM WALDORF
$1,074,624 SS
EXTENSIONS.
extensions during the past year, nor have they any in view.
'^' '"P""^' °' *^ ^''''"'^ Manager, of the Land Commissioner and to the
°f the Board.
WALTHER LUTTQEN,
^ISH,
fy^JJ^^^^T
SIDNEY WEBSTER
8. VAN RENSSALABB CRUQER.
JOHN W. AUCHINCL088,
EDWARD II. HAKRIMAN
ROBERT GOELET
)
March
..
.
THE CHRONICLK
3. \i»9.\
296
GENERAL BALANCE SHEET.
Abstiuct.
PKIUAMEnT KXPENDITDIUSB—
lUinolH Ceatral K. R....„
Division
Spririicflold
Middle llivlsion
South Chicago K.
K
& Western R. R
& Northern R. R
Chicago St. Louis & New Orleans R. R.
Canton Aberdeen & Nashville R. R
Yazoo & Mississippi Valley K. K
Securities of the Dubuque * Sioux City H. R. Co
Worlcing Stock of Supplies
C. St. L. & N. O. 8* Gold Bonds of 1083, pledged to secure £1,088,200 1. C. 3W Sterling Bonds of 1980.
Chicago Havana
Itantoul I{. R
Cblca(;o Madison
B
Net Assets
Assets in Surplus Dividend
In I nsurance Fund
B
i,«oo,aoo 00
1,438,886 »8
218,818 87
l^Ol.OM 88
OM.SM
)n,too,ooooo
].8«8,»» as
2,804,066
CAPITAL STOCK
FUNDED DEBT—
6
6
5
5
S
i Sterling
Fund
20,888 61
% Smiting' Fund Bonds of 190.3, £700,000
% Sterling Bonds of ISIOS, £«)0,000
% Middle Division Bonds of 1921
Six Sterling Bonds of 1960, £1,053.800
4 < First Mortgage Gold Bonds of 19SI
8JX First Mortgage Gold Bonds of 1951
4 f Gold Bonds of 1952
,
,
&
New Orleans R. H. Co..
of Chicago St. Louis
DEBT of Chicago St. Louis & New Orleans R. R. Co.—
8« Bonds of 1890, N. O. J. & Gt. N. R. R. Co
N. O. R. R. Co
7X Bonds of 1897, C. St. L.
"
"
6)( Bonds of 1907,
•'
"
5!< Gold Hiteds of 1951,
FUNDED
&
n
1,460,000
1,371,000
80,000
15,060,000
00
00
00
00
17,991,000 00
6,000 00
and Loss
March
$74> 188,000 00
10,000,000 00
Past Due aiw Called Bonds
Set apart to provide for Dividend payable
00
00
00
00
00
00
00
1,600,000 00
2,490,000 00
18,000,000 00
31,133,000 0*
8,000 00
CAPITAL STOCK
184,200
tl07,7B«,l»75
(2,800,000
1,600.000
8,800,000
1,009,000
968,000
5,280.000
Fast Due and Called Bonds.
Surplus Dividend
Insurance Fund
«
$40,000,000 00
1805, jSSOO.OOO
% SpririKfield Dlvison Bonds of ISIW
Profit
$81,881,8(8
l«8.SSII«
of Ullnoia Central R. R. Co.
Bonds of
8I>
10,121,209 BS
802,104 76
6,286,000 00
10,047,484 41
1
AMTtucr.
47
8,(m),S04 8«
1, 1889.
Fund
183,836 92
20.663 61
»<,000,«00 00
4,43*,378 iS
1,000,000 00
184,200 63
$107,752,675 78
ABSTRACT
AVAILABLECash
C. St. L. & N.
"B," ASSETS.
&
$818,168 2»
R
K. Co. 5X Gold Bonds of 1951, at par.
O.
(E.xclusive of $5,266,000 pledged to secure £1,063,200 Illinois Central B. B. Co. Sf^i Sterling
See Abstract L.
N. O. R. K. Co. Stock (par $10,200), at 80
C. St. L.
Missis.sippi
Tennessee R. R. Co. Stock (par $615,100)
Mississippi
Tennessee R. R. Co. i% Bonds, at par
&
&
$560,000 00
Bonds of
1980.
8,160 00
$672,213 62
2,334,000 00
nols Central i% Gold Bonds of 1952
& Sioux R. R. Co. S)S Gold Bonds of 1938
2,906,213 62
6,727,000 00
1,084,000 OO
Dubuque
DunleithA Dubuque Bridge Co. Stock par $1,200,000
Iowa Land & Loan (30. Stock par $87,70*
1,373,990 20
61,379 SO
50,000 00
,..
Mississippi Valley Co. Stock par 8.300,000
11,286,378 a>
1,486,880
n
13,689,400 81
GOOD BUT NOT IMMEDIATELY AVAILABLE—
C. St. L. * N. O. R. R. Co. Notes (account Cairo Bridge)..
1,630,.573
Other assets
40
118,816 52
LESS LIABILiriES—
1,779,880 «g
15,368,790 58
Payable
Coupons and Dividends due January 1. 18S9
^'
*'
**
overdue and unclaimed.
4,300,000 00
Bills
413,887 SO
90,314 10
661 13
616,512 38
Other liabilities....
Net Liabilities Chicago Office
Net Assets.
5,321,368
U
$10,047,434 4S
ABSTRACT
APPLICATION OF INCOME.
"E."
Surplus Dividend Fund December Si, 1887, as shown in last report
Net Receipts from Operation of Railway in 1838, as shown in Abstract "
Net Receipts of Ijand OfBre
Net Receipts in New York, as shown in Abstract "N '"
$486,856
K ".
H.067,»71 66
33,646 82
696,567 48
«
4,788,075 45
$6,284 488 07
6 « Bond Coupons, April and October, 1888
6 i Sterling Sinkina Fund Bond Coupons, April and October, 1888
6 X Sterling Bond C'oupon.s, June and December, 1888
$150,000
192,600
80,000
96,000
48,400
,
6 i Bond Coupons. .Iiity, 1»*'<-', and January, 1889
5 i Interest on Middle Division Bonds, February and August, 1888
8<^ H Interest on First Mortgage Bonds, July, 1888, and January, 1889.
4 % Interest on First Montgage Bonds, July, 1888, and January, 1889
Sii % Sterling Bond Coupons. July, 1888, and January, 1889
4 )f Interest on Gold Bonds of 1862, October, 1888
.
IlUnoig Central 5X Sterling Sinking
SfS.O.
Tie.
6iC.
tiC.
& Gt. N.
L. & N. O.
J.
St.
St. L. i^
St. L.
Fund Bonds of
1908,
drawn
for
1.3a8
Mortgage Bond Coupons. .May and November,
.
. .
1888..
N. O. 2d Mortgage Bond Coupons. .June and December, 1888..
& N. O. Gold Bond Coupons, June 15. and Dscember
Dividends on Leased Line Stock, July, 1888, and January, 1889
15.
1888
.
.
.
Sterling Exchange Premiums
Salaries of Trustees and others
Construction Account In Illinois.
"
"
Southern Division
DiTidend, September, 1888, on Illinois Central shares.
March,
1889,
"
"
"
'•
Sorplus Dividend Fund, applicable to future DIvldenda, and inrested in $168,000 Illinois Central 4'8 of 19(2 and
$530.92 of cash
$1,024,020 00
60,000 00
payment
2d Md^tgage Bond Coupons, April and October,
1st
87,466
60,000
179,665
160,000
.
00
00
00
00
00
00
00
00
00
$118,400 00
ge,«eBOo
00
00
00
4,800
762,480
400,000
2,238
06
1,221 00
1,8T(,«04 08
$187,396 06
38,886 04
ffiCTSl 10
$1.4«),000 00
1,600,000 00
8,400,000 00
5,070,806 IS
$168,696
»
'
THE CHRONICLE.
296
ABSTRACT
XLVIIL
[Vot.
" K."
OPERATION OF THS ILLINOIS CENTRAL EAILROAD.
BECEIPT3 FROM, AND EXPENSE? O?,
1887.
Io*ra Lines,
Illinois and
lUlnnis and
Increase on' Decrease on
Towa
9 monthly
same mileLeased Lines Tan. 1 lo Sept.SO, Southern Lines, Soutnern Lines, same mileage.
1887.
1888.
aye.
to Sept. 30, as
1887.
stilted in Report
for that Xe'ir.
Incluiling
EARNINGS.—
j
05
$7.57,870 71
.057 37
,302 ,545 77
277:,161 21
337,470 67
32,166 49
21,103 82
$3,,668 ,171
Freight
Passenger
2,,661
Mall.
Express
83
39,.7tl9
eieeplDK cars
Rent of property.
Bent of tracks
$7,910, 300 34
2,326, 586 7ii
270, 679 28
256, 057 39
3rt,
Train privileges
Telegraph receipts
Compressing cotton
••-..
Railroad, hotel and eating houses
Interstate transier and over other lines.
34
13,172 37
2,682 30
28
97
899 91
12
194,,208
82,,52H
5 ,591
9,,263
6,,591
11 ,574
is;,512
622,,759
"•;
Swltcliing
C'"Vl."";;"'
Storage, dockage and Cairo wharf boat .
Operation Expenses.—
Salaries
General expenses
-...
Legal expenses
Insurance
Claims and damages
Maintenance ol way
Maintenance of structures and property
Maintenance of equipment
Station ejpenses.
Train expenses
Sleeping car expen.scs
Mileage of cars (net)
Telegraph expenses
—
$294,073
266,177
93,546
45,958
1.165,346 77
2H,< 46
8,0.)3
34
3,210
4,680
1,731
11,311
20,780
84
64
24
Track service
Switching
Cairo wharf boat
derating St. Charles Air Line
Operating Mound City Railway
Compres-ing Gotten
Bailroad Hotel expenses and eating houses.
Grain elevator expenses
llfi,5«4
56
06
16
$301,174
253.992
75,943
45,783
136,288
27
32
10
81
38
83
18
2
62
1,256,873 66
201,393 35
1,287,750 63
1,208,297 31
1,876,677 36
46,286 00
181,019 74
172,178 41
26,438 06
28,603 81
5.458 82
5,.504 30
1,757 10
7,688 00
22,109 45
6,123 50
08
1.116,928 66
36
63
73
79
13
61
155,320 43
28,0-10 34
7,608 11
3,210 84
4.6R0 64
1,731 24
195,626
1.107.413
1.088.414
1,649,201
56,578
76,573
435 50
61
01
11,311 01
20,780 48
48
Total operation expenses and taxes.
$7,642,833 46
Excess of earnings over expenses
$5,390,550 11
$471,110 14
23184
11466
843 11
2,800 41
925 90
129,273 21
$45,56016
$40,36011
20,502 51
$-,338 92
6,592 46
34,1(^5 54
139,915
5,766
180,337
119,882
227,475
00
99
OU
58
57
10,292 13
104,446 11
10,857 98
1,603 28
20,995 70
2,247 98
823 66
25 86
3,623 01
1,328 97
6,123 50
$6,240,306 60
583,185 51
$7,147,341 78 $907,035 18
607,203 21
24.U77 70
$819,341 35
6,823,492 11
$7,754,604 99 $931,112 88
$346,005 42
$5,044,544 69
$471,110 14
$471,110 14
$4,919,439 97 Loss$12.i,10472
,73,434 55
,
Net receipts from operation..
$260,814
233,490
81.282
39,190
102,103
95
48
90
02
32
$770,712 52
48,628 83
Bental Iowa leased lines in 1887
$11,822,476 64
83,627
228,323
1,917
7,741
19,236 13
9=1
71
$11,868,036 80
,
$7,011,019 12
631,814 34
Total operation expenses.
Taxes
78
$27,469 46
11,896 00
8,365 37
12,921 51
10,366 43
31,152 76
10,155 67
16
28
76
34
49
51
622, 759 93
$33,259 42
32,687 63
12,264 22
»<,767 92
14,925 27
19 -,799 07
14,163 09
117,02^35
73
45
58
21
29
15
04
5, 590
8, 364
6, 591
11 574 11
IR ;512 35
69
95
32
73
1,315,727
209,789
1,223,978
1,172,042
1,877,525
58,495
84,314
174,556
79, 866
$27,929 23
09
62
72
7,4.34 27
8,773 70
19,438 25
493,486 74
16
11
35
95
$13,033,383 57
Total earnings.
769 83
130, 349 06
181, 015 75
130 ,349 06
$7,882,371
2,354,056
282,575
264,422
52,691
140,715
212.188
90,021
5.822
8,478
$976,673 04
$1,067,871 65
$471,110 14
$505,562 90
$4,067,871 65
GROSS EARNINGS BT DIVISIONS.
MiUs.
Tlllnnia Central proper
1887.
AH
1888
lines operated Im
1887
Decrente.
$6,094,218 37
1,15901
$7,533,609 43
$7,487,096 13
793-92
4,334,427 37
4,335,380 51
l,953-96
$11,868,036 80
$11,833,476 64
40216
1,165,346 77
1,165,346 77
2,355-12
$13,033,383 57
$1,210,906 93
LINES IN IOWA from Jan. 1 to Sept. 30, 1887
All lines operated in
Increase.
$3,9;U,588 66
902,185 18
639;b35 59
later State transfer and over other lines
TOTAL ILLINOCS
1888.
705-50
453-54
....._......
$102,629 71
$2,794 16
146,343 85
899,39102
49J,486 74
$46,513 30
$953 14
$45,560 16
ABSTRACT "M."
NEW YORK OFFICK
Dl.
Interest on Loans,
&o
$97,350 90
iKTKHKSt ON Bonds—
Central Sink'g Fund
Do.
FlrstMortg.
L. & N. O.
Do.
Illinois
5
C. St.
7
p.c.
3»2P.c.
PC.
Bonds
"
"
"
5 p.c.
DulVqucASiouxC'yRR.Co. 5 p.c. "
lowu Falls* .Sioux C'y RR. 7 p.c. "
Mii-sissippi & fen notsee Bonds
Bonds of sulisidinryLtncs pledged to securc$15,000.0UOof lIl.CenfUp.c.Gold
Bonds of 19.'.2- $16,350,000 at 5 p.c
South Chicago U.K. Co. 5 p.c. Bonds..
$34134
52
35
283,200
45,775
32,235
77,791
50
00
00
00
00
87
SnAIlF.S
817,500 OO
10,000 00
Towa Land & Loan Co
Mississippi Valley Co. ttock.IlIllH;"";
on Securities
Sundry Pn.tlTs
Stetling
Exibange
sold.
00
70
81,445 70
$61,196 03
Premium on $250,000
Bonds purchased
$70 00
39,0S5 00
3,008 00
231.656 02
5,334 00
6,000 00
$19,910 52
33.696 90
11,503 49
$48,232 45
41,419 53
Expense
285,163 02
Profit—
Profit
$142,641 78
,
Salaries
1,266,930 71
12,500 00
—
Central RR. Co. stock
Cliy RR. Co."sto<k
£?'", ^*u';• S •!*=* Olleaus RR. Co. stock!
Diinle th & Dubuque Brldgn Oo. stock, including sums paid by other Companies
to Bridge Co. as rent
Illinois
Dubuque i Sioux
Interest paid on Bills Payable, &c
Less lul'ston advances to Chic.
Madi.s'n Jc North'u RB. Co., included in co.st of C.M.&N. RR.,
as sho wn i n general bal. sheet $40,775
Less Int. on advances to C. St. L.
& N.O. RR.Co., on acc't of Cairo Bridge, included in notes of
thatCo now hold among assets 40,670
Expense Accocnts—
IHTEREST ON CaBTON AB. & NaSHT. RR. CO —
Note given for Mor.gage Bonds canceled.
DiVrDKNDS ON
Cs.
65,110 91
$1, 727,045*54
C. St. L.
&
N. 6.
39,640 00
Written off as being the Fixed Charges of
Railroads whose cam's are included In Abstract "K," or in order tn avoid increasing the
cost of the C. M. <fe N. RR. and of the new ran
roads in Iowa, viz.:
Int. on Bonds of subsidiary lines pledged
to secure $15,000,000 of Illinnls Central 4 p.c. Gold Bonds of 1952. $16,3.50,000 at 5 p. o
Interest on South Chicago RR. Co. Bonds
$200,000, at 5po
Interest on Can. A. ANash. RR. Co.'sNote
giv'u for B'ds oanc'l'd. $250,000 at 5 p.c.
Balance, represent'g Net receipts In
York during 1888
129,291 98
817,500 00
10,000 00
12,500 00
840,000 00
New
,
696,557 48
$1,727,045 54
-
: .
Habcu
'
THE CHRONICLE.
1880. J
3,
:
p
297
COMPARISON OF OESERAL BALANCE SHEETS,
1882-1898.
Dr.
18S1.
1883.
1892.
1895.
1886.
1887.
1899.
Inereate
lirertOMt
Hee
ttnee 1882. tinct 1882 Rr.markt
Below.
$
TEltMASENT EXPENDITCaEg.
33,000.000 3S,00O,000'33,000,O00i33,000.OO0
Illinois
nirklon
8i>rlm{ll.'l(l
Miil.llf DivisL.ii
l,BOI),0.iO
i,t;oo,oO'j
l,3.^^,;^5(i
1,432.H50| l.lHi.s.V.)'
&
Yazoo
,432,-59
I,132.85'»
2-' <l(.«0,000
28,000,000
141,010
214,078
892,640
11H,224
217,904
218,520
218,520
l,892,'i40
2,201,.564
1, 8113,339
2,301,080
74.5,0ij0
S,.')40,0«I0
8,tl73,204
367,883
336,628
1,801,022
1,801.022
534,284
1,893,339
2,304,086
H,073,204
1,801,022
171,134
1,472.*99
l,8S2,t0.S
2ii(!.9ll
],v<lj,84()
Valley RK..
728,782
857,094
1,007,475
MI.SS.
Chic. Miiiilsoii & Nor'u
Chic. Havana A Wesl'u
Rautoiil
34,854,312 1.854,312
1 ,000,000
1.432,839 '""77,503
28,000,000
,600,00'
]
m.ooo
DI3,732
34.000,000
1 ,600,000
i
& Nnshv. RB.
South ClilouK"
pr'ii
33, 001.000
i.iioo.oiio
n:i'.',^:-.i»i
28,OO0.000/2e,(l00,ilO.I 2v;,<.(lll.()0ll
14l,ii00j
111.(1(1(1
141,000
28,00(),0«
Boutliorii Division
We.->t anil lO^isi
Cant. Ai
1,1100,0110
KR.
UU.
RH
& tii.iux C. UK
4.477,940)
2,486,700
Cherokee As Daltnta UR.
Cedar Kapiaa <Se Chic. KR
1,842,500.'
Iowa
Uall.s
2
8
4
111,000
011,213
Seccrities oFTiiK Dubuque
& Siou.x ClTV Rl{. Co.
Diibuiiuc & slour City KR
X
1
?•
8
9
10
554,284
u
10,121,210 10,121,210
12
482,113j
Pbkm't Expknd'9 Iowa—
Working st3cl{ of supx^lies.
Assets
»-41,!»r6
53J,56.'i
1,321, <20
48:1,407
10,701,555
5,037,168
4,871,745
l.S91,S57
484,685
4,377,915
1,482,969
54^,898
9,341,295
792,543
5,770,789
802,105
10,047,434
6»,1^5
04,829
37,487
24,307
65,649
14,042
5,266,000
163,537
20,664
1,270,783
1.100,295
L. & N. O. RR. 5%
Gold Bonds. 1931
Assets in siir. Div. Fund
Do
ludurance Fund.
1,190.295
39.8
634,121
13
14
15
44,521
1»
17
18
n
C. St.
.
76.895,367:74,051,919 73,821,807 73,550,679 82,306,122 93,123,629
5,200,000
163,537
107,752,576 30,857,209
Cb.
1883.
1882.
1884.
1887.
1886.
1885.
Incrente
Deerreite
1882. since 1882.
1888.
tii.ce
See
Remarkt
BeUne.
$
$
p. ct. SterllnR nondR of 1«95
p. ot. Spriun'uDiv. Bds.,1808
p. ct. SlTikiuK Kd. Biix.. 1903
6
6
6
5
5
p. 0. Sterling
Buuds of 1905
Uiv. Bdn., H>21
Stoil na Bonds, 19
Gdhl Brta., 195i
4 p. ct. l»t
3»a p. c. iBt M. Gold Bds., 1951
ot.
1,000,(100
000,000
908,000
96-,00(.'
2,500,000
1,600,00(1
2,50. ',000
1,600,"(M)
3,9 10,000
2.50 '.000
1,600,000
2,500.000
1,600,000
3,900.(100
3,850,(101)
2,500,000
1,600,000
3,800,000
l,000,OOv
1,000,000
00,000
1,000,(J00
968,000
M
4 p. c. Gold Bonds of 1952
Past due III. Cent. RK. Bonds.
C. Bt I.,.
C. St. L.
1,0('0,000
4,000,000
1,000,000
l,r,0",(iOO
p. ct. Mi(hile
3I9 p.
1,100,000
2.500,000
1,000,000
4,050,000
2,500.000
& N. O. UK. Bonds
& N. O. EU. Stock ...
.
I
1,<
!i6-,ii0ii
9d-',00i)
5,000,000
1,500,000
2,490,000
5,000,000
1,500,000
2,496,000
12,' 00
7,000
27,000
17,000
18.0001
31,000
10,000,000 1 8,000,000 18,0(K«,(IO' 18,''0O,OO0, 18,000,000 18,000,000
10,000,000 10,000,000 10,000,000 10,000,000 10,00. ',0U0 10,000,00
1
300,000
2
3
4
368,000
5,266,000
1.50O.OOO, 1,500.0>0
2,4«9,(.00! 2.499,000
15,000,0110 15,000,000
5,000
18,000,000
968,000
5,260.000
5
e
7
8
9
20,000
10,000,0011
37,831,000 38,145,000 38,085,000 ii8,036,0O0 46,971,000 40,926,000
62,138,000 24,307,000
29,000,000 29,000,000 29,000 ,OP0 29,000,000 29,000,000 40,000,000
40,000,000 11,000,000
10
11
12
13
I
Illinois Central
KR. Stoot
Bet apart for Dividend
March
14
15
250 ,000
For additional Etiuipmcut
Protlt and I.oms
1
8,839,182
i,ieo,ouo
BurpUiH D.videodFuud.,.
Insurance Fund
65,183
4,945,182
l,74c,000
156,909
64,828
4,995 ,182
1,16(1 ()00
294;,13i>
37
48(.
5,015,182
1,160,000
294.190
24,307
4,951,691
1,015,000
302.782
65,649
•6,895,367 74.051.919 73.S21.«07 73,559.670 82.306.1
REMARKS AS TO CHANGES
IN
'.
4,317,231
1,4(0,000
436,356
14,042
4,430,375
1,000,000
163,537
20,064
4,403,80'
161
160,000
103,53';
44,521
17
18
19
93.123.620 107.752.576 30.857.209
GENERAL BALANCE SHEET.
DEBIT ITEMS.
.
2.
In 1886-7, $1,326,040. being the proceeds Of $1,000,000 stock Issued at 136 per oent,
grain elevators at Chicago and in e(]ulpnient (Report 1887, Abstract L)
Inl88i there was invested in eq.ulpment required for use on branch lines
less
dividend 313 per cent on same, were Inrested in
$1,000,000
854,312
$1,854,312
No change.
iliUt
Single Traek.
8.
Extenled
to
4.
No change.
5.
Merged
6.
7.
8.
9.
10.
11.
12.
13.
Bloomlngton (Report 1883,
20
p. 1)
in Y. & M. V. RR. Co. (1887 Report, p. 2), $141,000.
Double-track railroad, nearly Ave miles long. Report for 1882 states that $108,000 had been spent tbereon In that
year. Subsequent reports show the remainder
Items expended on this railroad have been reported from year to year...
10
87
140
The same
•
The same (in oi>eration January 1, 18S9, 222 miles)
230
"
further
to
payments were made, and clear titles
both
The same. (See 1886 Report, p. 2.)
Early in January, 1887,
Railroad)
were
acquired
through
Each
of
foreclosure.
railways (Chicago Havana & Western Railroad and Rantoul
these has in former years diverted a large amount of trafflo naturally tributary to Chicago by the IIliDois Central.
The gross earnings of your railway from freight at the three points where the Chicago Havana & Western Railroad
crosses it were, in 1805. $344,051, and in 1885 $186,379.
" It is not expected that the acquisition of these roads will bring the earnings at those points up to those sums,
but It will stop a ruinous competition and bring new business. Your directors have every reason to believe that
these loads wdl earn a fair return upon the capital Invested in them, which, when the roads are rebuilt and
equipped, will amount to not far from $2,500,000."
131
The same. When the Rantoul Railroad was purchased it was of a narrow gauge, and laid with very Ught and much
75
worn iron rails, mostof which were unfit for service under standard locomotives and cars
The same. ReporU for 1887 and 1888 give In detail fixed charges of D. & 8. C. RR. Co., and the inteicit of other
stockholders therein. (1887, Abstract H)
624
This item amounted on September 30, 1887, to $1,567,084, and was disposed of as follows
Written off to Profit and Loss
9651,459
669,078
Obligation of D. &. S. C. RR. Co. received
•'
"
I. F. &S. C.
243,547
~
Amovnt
Charged
$77,503
218,520
1,893,339
2,304,086
8,673,204
1,801,023
554,284
10,121,21*'
$1,567,084
(1887 Report, Abstract H, and 1888 Report).
14. This decrease in working stock ot supplies is immaterial...
15. Beiwrt for 1882 states
ABSTRACT
C. St. L.
AN.
C. St. L.
&
O.
N. O.
'
39,871
" E."
RR. Co. Five per cent Bonds, at par
RR. Co. Stock, unpledged, $5,570,000, at 80
Cash and other Assets
t.
ASSETS
NEW YORK.
$5,028,000 00
4,456,000 00
1,286,639 00 $10,770,689 00
:
THE CHRONICLE.
298
Carried forward
Leaa LiaWlities
Cotipona and Dividends due l8t January, 1883
Coupous and Dividends overdue and unclaimed, and other
XLVtU.
[Vol.
$ro,7yo,6Sg
liabilities
$249,200 00
115,018 57
'
Assets Cliicago
Assets New Orleans
$364,218 57
$10,400,470 43
180.871 12
114,213 82 $10,701,555 37
stated in the Report lor 1882, " The Directors have ordered the distribution to the shareholders, on
2d July, 1883, of stock of the Chicago St. Louis & New Orleans Railroad Company, in the proportion
of 17 shares to each 100 shares of Illinois Central Bailroad stock."
Deducting the shares so distributed 17 per cent on $29,000,000 of nUnols Central stock = $4,930,000.
C. St. L. &N. O. stock at 80
As
Leaves assets
on hand undistributed December
3,944,000 00
31, 1882.
$5,757,555 37
Louis & New Orleans ER. Co. seciii'ities were reported from time to time, and the amount on hand
Sales of Chicago
has been shown in the Abstract concerning assets attached to each Gteneral Balance Sheet.
In 1886 §5,000,000 of Chicago St. Louis & New Orleans 5 per cent Bonds, and in 1888 $366,000 more of such bonds were
pledged to secure Illinois Central SterUng 3^ per cent bonds of 1950. As both the Cliicago St. Louis & New Orleans 5 per
cents, and the Illinois Central S^^s issued against them, ai'e entered in the General Balance Sheet as liabilities, the former have
until 1888 been shown in the Abstract "Assets." In 1888 Report they are entered as a separate item.
Exclusive of these §5,260,000 of bonds and of §163,000 of Illinois Centi-al 4s of 1953 in the Surplus Dividend Fund, the net
assets on December 31, 1888, were $10,047,434 43, being, in fact, an excess over the undistiibuted assets December 31, 1883, of
lieu of a decrease of $654,121.
$3,289,879 05,
In the meanwlule permanent expenditures have been made on the property and paid for from Income, as foUows:
$632,530
In 1883
" 1884
219,943
" 1885
548,859
" 1886
615,926
" 1887
583,377
" 1888
220,781 $2,821,416
$5,266,000
16. This item has been taken from Assets, and now for the first time shown separately
-,
163,537
17. The same
44,521
18. The present policies of insurance rim lor nearly two years instead of one as in 1882, which accounts lor decrease
St.
m
CREDIT ITEMS.
2.
No change.
No change.
3.
Bonds retired under Sinking Fund and paid
4.
No change,
1.
5.
for
from Income, six years at
Bonds sold between January 1 and March 5, 1883, "against outlays on this Division during 1882."
Bonds Boldduring 1883 foroutlaysia that year
$50,000
$300,000
$310,000
58,000
368,000
and the construction of a branch road ICa miles long from Buckingham, on the
Middle Division, to the Essex coal field, we look for an increase in this class of trallic." (1882 Report, p. 1.)
"Durlngthepast year the Middle Division was extended to a junction with the main line near Bloonjiugton," 20 milea (1883
"By the opening of several new
Report, p.
coal mines
1.)
6. Issued against a pledge of C. St. L.
&
N.
O.
5s,
thereby effecting a saving of 1 "a per cent per
£1,000,000=
(1888 Report) £53,200=
7.
8.
9.
10.
11.
12.
13.
aimum
(1986 Report, p. 2)
$5,000,000
266,000
Issued in 1886 (Rcpoi'ts 1885 and 1886)
See 1886 Report. During 1888 $3,000 of Construction Bonds due in 1875 were paid and a like amount of 3^8 issued
See 1888 Report
There happen to he less overdue bonds outstanding now than in 1882...
No change.
No change.
$24,307,000
From the Increase of Fimded Debt
should be deducted Chicago St. Louis & Now Orleans 5 per cent gold bonds pledged to secure Illinois Central 3>a
per cent Sterling Bonds of 1950
5.366,000
Leaving
The new
5,266,000
1,500.000
2,499,000
15,000,000
28,000
19,041,000
bonds made In these years have all been made at S'a per cent and 4 per cent.
14. In compliance with resolutions of the Board of Directors adopted November 17, 1886, each stockholder was notified of a meeting
to act on a proposed increase of stock. Meeting was held January 17, 1887, and issue authorized.
Stock was subscribed lor
or sold at 136, carrying dividend of 3>s per cent, paid March 1, 1887.
Gross amount realized
$1,361,040
Less dividend, March 1
35,000
Issues of
.
$1,326,040
Api'Ued to purchase of elevators and equipment (see 1886 Report, p. 1; 1887 Report, Abstract L)
1,000,000
In compliance with resolutions of the Board of Directors adopted April 14, 1887, each stockholder was notified of a meeting to
act on a further issue of $10,000,000 stock at par. Meeting was held June 17, 1887, and issue authorized. Stock issued in September. (See 1887 Report, and especially circular of April 16, 1887, to stockholders)
10,000,000
$11,000,000
15. In
1884 $250,000 were set apart from the earnings for the purchase of additional equipment, which equipment has since been
purchased and is now in use.
16. In consequence ol the distribution ol $4,930,000 ol stock ol the Chieago St. Louis & New Orleans Railroad Company, referred to
to the report lor 1882, and then valued at $80 per share, thcru was charged to Profit and Loss
$3,914,000
Various charges, such as loss on Leases ol Iowa Lines (Report 1887, Abstract H), $654,459 51, premiums on bonds
purchased, depreciation ol assets, Ac., and various credits lor premiums on bonds sold, apprcola'lon ol assets, &&,
result In a balance ol.
454,807
,
17. Dividend paid March 1, 1882, excfeded dividend payable March 1, 1889, by
18. This account was opened in 1883 ^ith $156,909, and the amount now at tlie credit ol the account Is an Inoroaso over
there was nothing) ol
lor nearly two years Instead of one, as In 1882, which aoconntH lordecreaso
ID. The present policies of insurance
nm
4,398,807
160,000
1882 (when
,.
163,537
44,521
HoUBATONic Railroad Company's additional Issue of consoIidatf<l
>'ew York Stock ^'xehnn^e.— New Securities Llstod.—
r)S *3:!,tU0, making total amount IiskmI :f!2,i;i)3,000. The ComThe Governing Committee of the Stock Exchange have listed mortgage
on Securities
adil to
the following
ClNtreXATI
seciu-ities:
lXI>IANAl'OI.lfi ST. LOTJIB
& ClnCAGO RAILWAY COMI'ANW
additloi nl issue of general first mortgage 4 per cent bonds, $1,221,00('
lotnl i.nioi.ut llsti d $0,864. i (JO.
Fnii.Ain LiiiiA & Kkadiko Kailroaii COMPANY'S additional issue of
eecond I'relerence Income bonds, $105,000, making total amount listed
making the
$10,16.''.,0l0.
riiii,Ai'i:i.iiiTA
was emiiowereil to
the list, $670,000 more of
mittee
thece bouds from time to time as they arc issued niid iiel'V(ued.
Mexican Cknthal Railway Company, Liniiieil, $33,fi^."),()uo 1 st mortgage 4 pi-r cent a8^'cuted boiid ceititicales, and $.'3,s.">5,00t> rcgistt-red
income'boiid certificates. The Comuiittee <hj Stock l.ist wasempowtTcd
to add certilicates representing the unexchanged riimaindor or both
issues as fast as the securities may be luruid in and ceriitictttcs
issued.
Company (Natural Ga8)-$1,5OO,0O0 first mortgage
aixpcr tent sinking fund (nrrency bonds.
Virginia Mii)I.ani> Haii.way Company's general mortgage 5 per cent
bonds, "KUiinintec Ktnmped," $1,385,000, making total amount of
Btampcdloiids $2,267,000. This reduces the general mortgage 5 *rer
cent bonds on Iho list to $2,436,000.
CiiiOAGO & Eastern Illinois Railroad. The Committee on Stock List
was empowered to add to the list, on and after Man'h -1, such amounts
of $1,465,200 new preferred and $2,197,800 now common stink of this
is issued in exchange tor the slocKa of the Chicago ik Indiana Coal Ra'lway Company, q'he 8t^K^k ol the last-named eomi>any
will be stricken from the list as fast as exchanged.
comi)aiiy as
j
—
March
2,
1
THE CHRONICLE
U8».)
Cufrnmercial
glxje
1
299
COTTON.
'jj^imts
Friday, P. M., March
COMMERCIAL EPITOME.
The Movement of the Crop,
by
an indicated
1889.
t,
telegrama
week ending
otir
from the S<juth to-night, is given below. For trie
thi.s evening the total receipts have reached
90,598 bales,
Fkiday Night, March 1. lt;89.
against 96,850 bales last week, and 185,670 bales the previous
The weather has 'moderated again materially, and g pring week; making the total receipts since
the Ist of Sept., 1888,
opens auspiciously, promising good results to trade and man- 4,929,827 bales, against 4,901,459 bales for the same period o<
ufactures. Speculation, however, has in most cases moved 1887-8, showing an increase since Sept. 1, 1888, of 27,8o8 bales.
slowly, there being no active influences at work to affect
aal.
Man.
Tuet.
Vtd. Thur:
Seeeipt* a(—
iPW.
Toua.
values of leading staples. An increased demand for manu9alveiitoii
3,474 2,944
996 2,279
490 1,857 12,040
continue
but
prices
very
low.
is
noted,
factured iron
CompePaso, &o ..
750
I
among dry goods
what
in the drj'
El
tition
jobbers still unsettles values somegoods trade. There is a disposition to let
down the price of wool in view of the approaching spring clip.
Lard on the spot has been quiet without important changes
in values, and so closes at 6^4^. for prime city, 7i^c. for prime
Western and t%c. for refined to the Continent. The specu-
lation in lard for future delivery has at times been quite
An advancing tendency early in the week was due to
brisk.
a demand to cover contracts, the bears seeing no further interest in depressing values.
A decline yesterday, with still
lower prices this morning, was followed by some recovery
;
the close was steadier.
DAILY CLOStNO PRICES OF LARD FUTI7RKS.
Batnrd'y. Mond'y Tnesd'y. Wedntd'y. Thurtd'y. Friday.
7-22
7-20
7'1!)
7-13
March deUverv.... 0.719
712
7-22
7-19
7-20
0.7-21
c. 7-23
c. 7-25
April deliverr
Mhj delivery
Junfidellvery
Jnly deliver
Alii, delivery
Bep:. delivery
7i5
o.
7-25
7-27
7-29
719
7-21
7-23
7-24
7-27
7-30
7-32
7-19
7-20
7-22
7-24
7-20
7-13
7-14
716
7-18
7-19
7-i2
7-12
714
7-13
7-16
7-19
7-21
0.723
731
Pork has been moderately active at about steady prices,
namely: |12@13 25 for extra prime, $12 2.5@13 75 for old and
new mess and 1 14@ 16 for clear back. Cutmeats have con-
380
New
2,677
2,637
1.847|
291
5,058
1,052
90
28
167
1,275
1,240
2,132
1,160
184
778
909
Charleston
Port Royal.Ao
1,463
943
091
312
Wilmington
Wash'gton, <tc
167
52
113
211
876
69
343
Norfolk
West Point...
N'wp'tN., 40.
1,375
2,062
1,272
1,028
872
617
951
1,994
1,543
New York
1,072
820
375
856
273
1,084
3,689
1,561
247
130
Orleans...
4,791
6,397
634
MobUe
Plorlda
Savannab
BrunBw'k.&o.
3,769
970
1,111
Boston
Baltimore
PhUadelphla,&o
April
May
—An
|
June
16-630.
16-75o.
16-90o.
July
I
September
October.
August
November
advance of 30(3 85 points for the week.
Raw
I
1
17-000.
17-050.
17-050.
show a stronger market and are quoted to-day
fair refining Cuba and o'^'c. for centrifugal, 96
sugars
at 4J^c. for
deg. test, with a small sale of the latter at 3J;^c. c. and f.
Molasses is firm at 21o. for 50 deg. test, but business has been
dull tliroujshout the week.
The
tea sale
on Wednesday went
steady prices.
In Kentucky tobacco no transactions of
off at
moment
are re-
Seed leaf reflects a fair demand, and sales for the
are 900 cases, as follows: 20O cases 1887 crop. New
England Havana, 14@29c.; 300 cases 1887 crop, State Havana,
12}^@16c.; 250 cases 1885-0-7 crops, Pennsylvania seed, 5>^(il
ported.
week
Dutch, 9>i@llc., and 100 oases 1887
Havana, O)^® UJ^c. also 600 bales Havana,
6Sc.@|l 10, and 300 cases Sumatra, f 1 80@3.
On the Metal Exchange there has been latterly some ad13c.; 50 cases 1886 crop,
crop, Wisconsin
81
13
967
W
18
6,180
9,461
6/421
6,223
2,071
8,624
1,016
1,093
1,740
2,732
943
206
106
67
For comparison we give the following table showing the week's
total receipts, the total since September 1, 1888, and the stock
to-night, compared with last year.
1888-89.
Beeeipttto
Mar.
Thit
Week.
1.
1887-88.
Uoblle
Savannah
...
Charlest'n,&o
Wllm'gt'n, Ac
Norfolk
Wt Point, Ac
4.11
others
Tot. this
week
Since Sept. 1
This
Week.
Since Sep.
1, 1888.
\
StOCK.
Since Sep.
1, 1887.
1889.
1888.
4,802
622,094
33,772
20,939
23,729
1, 533,784
314,591
30,055
308,528
29,637
72,762
53,022
20,564
26,028
5,233
6,468
40,950
37,704
23,048
230,836
11,200
20,350
12,414
1,143
277,285
17,000
18,017
25,323
815,775
821,639
197,660
23,091
5,265 811,839
136
67,596
4,474 384,244
486
13,646
511 167,496
29
4,673
6,085 427,437
4,890j 365,413
93,936
1,680
4,7741
68,248
1,8201
64,513
3,745'
32,679
496'
23,110
2,257!
383:
645
65,562 4,901,459!
;;;»
as follows:
is
1886.
1887.
1885.
2,279
8,279
3,854
2,257
5,265
4,960
980
540
803
6,180
15,872
23,572
6,085
6,570
11,354
7,990
4,401
7,394!
4,542
27,506
1,166
9,299
5,052
3,016
6,841
4,683
6,118
96,593
65,562
79,951,
68,223
5,253
35,846
2,128
8,812i
7,324
1884.
3,538
17,001
1,876
5,494
4,509
9,393
24,164
3,004
4,772
3,578
729
763
10,231
1,967
11,521
6,813
4,287
12,948
56,866
68,720
4929.327 4901,459 48 56,185 4607,302 4446,900 4422,324
The exports for the week ending this evening reacli a total
of 131 ,369 bales, of which 92,180 were to Great Britain, 8,239
to France, and 80,960 to the rest of the Continent. Below are
the exports for the week, and since Sept. 1, 1888.
fTMk Bndi
M Mar.
1,
mm
CmtU
from-'
PWHK« nmt.
Drlt'n.
Oalveoton
Naw
....
Orletuu..
Savanntih
8,844
3,844
31.3S1
«!iolle
e,ss«
10.373
51.381
Vara
9.436
1,BOO
1»0
i
....
BmnBW'ck
....
Chaileis'^n
...
WUmiuKluD
1
6.074
..
......
Norfolk
Wwt Point....
«,182i
....
0.089
li.ow
»wptNw«,&c lS!,85l|
m.lMi
New York
BostOH
Balrimor*
Total
Week.
...
8,3)11
Tt«.»l
OonM-
Britain. Pranet
R«nl.
TMol,
180.668 31.CW
BU.47« «1«,»S4
48.107
78.483
887,7««
aoo.3tT
891,433
11.043
U».«01
3«w607
04.133
0,303
30,740
39.033
43.48T
379.9IS
•7.488
141.700
U1.073
3«.e«i>
93.180
S.239
ee<
UMo,m
IS.OSi
«oe.»*)
si.ojo
ii7,«ei
13.381
100^747
331.81*
130,31*
B9.0I1
13,304
M.<lll
4sj:<
vHfiia
•njto
6.833
iS3.84»
14«,789
s,ocir
U.S08
»ti,»C»
800
Jioeo
80,088
144,801
1*8.1*7
«7.B9(
11.078
10,440
57.SS.1
ISBt
37.03:
..
Pblladelp'a'kt
Total 18H7-S8..
Breat
U
a.««s
01
..
1,708
Uar.
RtpoftMl to—
Sept. 1, 1888. to
Sxport
;
vance in straits tin, with a sale to-day at 21'40c. for 4pril'
Ingot copper lias ruled quiet, and closes lower at lO'^'c. for
lake. Domestic lead is dull at 3 •70c., and pig iron has been
more active, with sales at out-ports at $16 .50017 for No. 2
American. Some large contracts for manufactured iron are
about to be awarded.
Spirits turpentine advanced to 50c. to-day and closed firm.
Rosins have been in good demand and closed firm at $1 10@
1 123^ for common to good strained.
Refined petroleum for
export is quoted at 7" 10c. Hopj are in moderate demand.
8,279
9,706
8,785
week 16,858 15,248 14,350 10,148 17,763 22,226 96,598
Totals this
;
16-55o.
16-550.
16-550.
935
1,663
5,936
3,624
545
tinued active for pickled bellies, but at prices covering a aalveston ... 12,040 609,754
1,130
ElPaso.&c.
18,072
wide range, heavy weights selling to-day at 6o. bams and
Sew Orleans. 22,407 1 ,518,778
shoulders qaiet. Quoted: Pickled bellies, 6@ 9c.; shoulders, Mobile
2,279 194,562
935
21,980
5fi@a%c., and hams, 9?4^@10c.; smoked shoulders, 6}^(g6J^c., Florida
and hams, lOj^Ccb lie. Beef is quite nominal at $7@7 25 for Savannah ... 8,279 765,131
9,705 119,782
Brans., &o..
extra mess and $9 50@10 for packet perbbl.; India mess
3,785 351,787
Charleston ..
lower atl^l5@ 17 per tierce. Beef hams are dull at $12 75@
69
13,706
P.Royal, &c
13 per bbl.
Tallow is lower, but closes steady at 5@5 l-16c. Wilmington
967 145,941
13
4,341
Stearine quoted l]4^1%c., and oleomargarine 6^@7c. ButWash't'n.&o
6,180 452,859
ter is dull at 19@30c. for creamery and 13@20c. for Western Norfolk...
9,451 358,802
West Point.
factory. Cheese is steadier at 10@ 12i^c. for State factory.
6,421 109,294
NwptN.,&o
There has been an upward tendency to prices of coffee on New York...
80,703
6,222
the spot, but only a moderate business done; to day, however. Boston
66,544
2,071
3,624
61,111
there was more activity, with Rio quoted up to 18)^c. for fair Baltimore ..
1.015
36,120
cargo grade, and the sales embraced 3,100 bags Rio at 17c. for Phll'del'a, Ac
Totals
96,533 4,929,327
No. 7 and 17}^c. for No. 6; also 4,034 bags washed Caracas,
4,609 do. Maracaibo and 1,200 piculs Java on private terms.
Comparison for six seasons
The speculation in Rio was at hardening prices, though dull,
1889.
1888.
Reeeipta al—
and to day values made a further improvement, closing firm,
Galveston
13,170
4,802
with sellers as follows:
New Orleans. 22,407 23,729
March
1,130
22,407
2,279
30,800 13l,ai» 3,130.113 .;W.633 U004,7&<
SMSI
Maw
4.179 ««8
«9^8S4
4»I.4M
lUaR.488
«
.
1
THE CHRONICLE.
300
[Vol.
XLVin,
The Sales and Fbices of Futdees are shown by the foUovrgive
In addition to above exx^rts, our telegrams to-mght also
cleared, ing comprehensive table:
us the foUowing amounts of cotton on shipboard, not
for New York^
OD
at the ports named. We add similar figures
^"^
?aD3.
which are prepared for our special use by Messrs. Carey, Yale &
sag"! q:???
pa
.£.0.
i.H.0
Lambert, 24 Beaver Street.
» or
OB Ti
01 5•(PW^ C'WCBO' K"*
» OD « o a> T
Bod
ot-*<
q,
On SMpboard, nol cleared—for
Leaving
Slock.
Jtar. 1, ATCotutlE"^
Other
O.P-IIJ
Oreat
Total.
)
Britain.
V*)Vr UrleaB.
Mobile
Cbarlestou
23,426
7,800
Kone.
NoBe.
. .
.
.
Bavannah
5,911
10,900
4,800
9,000
Galveston
Horfolk
Hew York
Otbnr
iHTTt-...
France. Foreign
NoBe.
12,091
KoBe.
6,000
9,000
5,578
11.600
7,400
2,000
7,530
Kone.
KoBe.
KoBe.
KoBe.
KoBe.
950
wise.
S^8
1,500
4,400
6,423
4,500
None.
None.
50,015
7,800
7,500
13,400
17,912
27,000
13,150
11,000
264,576
22,255
13,064
59,362
15,860
13,950
217,686
61,245
6,968
Kone.
Total 18S9....
61,837
8,480
53,669
23,791
147,777
667,998
Total 188S....
Total is«7...
40,418
70,297
13,487
8,172
36,.505
14,235
12,718
104,645
157,654
716,994
639,765
66,467
O9
The speculation in cotton for future delivery at this market
opened quite dull for the week imder review, and values fluctuated for several days within narrow limits. The interest in
March options was greatly reduced with the close of our last
and AprU, with one or two summer months,
report,
took the lead in the volume of business, though neither showed
any decided activity. At the same time Liverpool advices
have been fitful, showing fluctuations for which there appeared no apparent cause. Receipts at the ports were pretty
full on Saturday, and Memphis gave no large figures on Monday, but otherwise the crop movement has been rather below
estimates. The faUing off in port receipts 'was mainly at New
Orleans. The smaller movement, together with the strong
Southern markets, encouraged the bulls to talk of "exhaustion," with reference to the quantity yet to come from the
plantations; but the buying (except when some decUne favored
the covering of contiacts) was feeble and scattering. Yesterday, however, there was renewed buoyancy. Liverpool came
stronger, the crop movement continued small, cotton on the
Bpot was dearer, and fresh interest was developed in early options by parties who were reiwrted to "want the cotton," and
there was an advance for tliis crop of 6(& 7 point,'!. To-day a
sharp advance at Liverpool was but feebly responded to here, and
the slight opening advance was soon lost, the f uUer crop movement causing some decline from the closing prices of Thursday. Cotton on the spot was quiet and unchanged until yesterday, when there was a nominal advance of l-16c. To-day
there was a good spinning demand at 10 3-1 6c. for middling uplands.
forward deUvery for the week are 321,200
For immediate deUvery the total sales foot up this week
3,992 bales, including 870 for export, 3,040 for consumption,
in transit. Of the above
- bales
83 for speculation, and
The
total sales for
bales.
—
—
to arrive. The following are the official quotations for
each day of the past week Feb. 23 to Mar. 1.
were
—
Sat.
UPJ-AN1)8.
BtrletUi 111 nary...
Bood Ordinary
Btrtcl C-tood
OrdlBary
733
71»16
8!^
93i«
9iiie
9 '16
.
Lo"
.Mtddllng
Btrlot Ix)w Middling
9"l6
9i6u
91616
10%
MiddlluK.
Go<m1 MlddllBK
10%
OUL1-.
9
Ordinary
Btriot Ordinary
(kjod Ordinary
Btrlot Hood Ordinary
9'ie
Oiiie
916
7'8
8%
7 '8
8>-'i.
8l:'i6
9'l
91'16
914
93i
10%
10%
Sat. iinan
TneSflVed
'I'b
11U,6 HI61.12
81,8
81,8
9
7^8
8',B
9
9
9l»,«
10
7=8
81,8
91*,,
11%
11%
MlddllOK Fair
Pair
11"16 ll'is 11«18
12!,
12',, 12',«
Qooil Ordinary
Strict
V
Oood Ordinary
lb.
Sat.
714
7'8
7%
Low .Nflddllng
Middling
11%
11%
953
9=8
12
711,8
711 le
8%
8%
9%
10
^
CO
10
°
)•
0,
00
!0
7H
7%
7") 8
813,8
958
878
a
1
"
IS-:
0,;
§'
115^
1214
Frl.
^
to,
IOI4
Wed Tb.
714
7'8
81S,8
958
———
9',8
101^,8 1015
ll',e ll-'li'
11a 8 11=8
123,8 1214
inon Tnes
714
103,8
1011,,
101^l8
1138
9'i«
9i'ie 10
10»i
1038
10^8
I
,
9%
10',a 103,8
1038
1038
1033
10^8 IOT3
10'8
BFAINKD.
9%
10
9>,a
Btrict Low MlddllBK
MldilUu),
Ooud .MlddliDK
BtriL't (ioixl MlddliUfi...
',6
914
916,810
97,8
IjOW Middling
7'i,
7'-'ie
1058
1058
lO's
lO's
11»1« 11^6
7%
*>
8%
Tb. FrI.
738
10=8
1078
ll°ie
lll5,e 1115,8
ll»ift
,
733
lO'l"
1011,8
1016,8
1133
10=8
10'8
Good Middling
Middling Fair
Fair
Btrict
Wed
inou Tne*
9 lb. 7%
7i-<i«
8\
Ordinary
'
9
X ffilO
o MO
o
o
'
UABKET AND
total sales
and future
port,
4
too
"^
Bat.. Dull
400
420
Mod .Steady
Tiles.
Steady
Wed. Steady
Thur. Qiilut a
Frt ..jBteady
Totall
50
Spec-
Fran
nL
ToUU.
1,120
996
433
394
231
818
82
344
231
818
870 8,040
82
9"i8
00
>
1
,)
01
c
«:
I
I
to
totooto
6:
:
I
e
to
O)
911,,
FDTDftES,
Sola.
Oelit
erie*
45,300
41,400
36,100
42,000
75,.300
81,100
3,992 321,200
The daUy dellvertea given above are aotnally dellTeted the d&v
««"»•«« wo a«y
prevloas to tbat on wnioli taey »ra reported.
^^
,
> m
to
to to
tcto
15
~iA
ceo
<si
2
I
720
576
351
,
l,eadv..
Oon-
to
:
SAI.ES.
Bump. uVl'n
cto
{
id*.
deliveries each
BALES OF SPOT ADD TaANSI?.
Ex-
OIOTBO.
a
;
day during the
•week are indicated in the following statement. For the conTeuience of the reader we also add a column which shows at a
glance how the market closed on same days.
arOT MAKKBT
«
I
CO
The
1
to
.
1
Qi
d»
CO
1
tOtO
I
too
^
,
o
sr
toto
c-.i
I
toooto
totocto
dcs'-'a
oo<i
a
»
5
2
:
d>
to
* Indades ealos In Sc^ptember, 1888, for September, 165,300; Beptember-Octobor, for October, 394,100; September- November, for November. 585,500; September-December, for December, 980,100 ; September-Januarj-, for January, 1,650,500.
We have Included In the above table, and sh.iU eontlnae eacll
weelt to give, the average price of futures eaob day for each montb. It
will be found under each day following the abbrevlatiOB " Aver." The
average for each month for tlio week is also given at bottom of table.
Transferable Orders—Saturday, 990o.: Monday, 9-950.: Tuesday.
9-950.; Wednesday, 9-950.; Thursday, 10 -OOo.; Friday, U'95c.
^^
The following exchanges have been made during the week:
-24 pd. to cxcb. 200 Mar. for June.
-36 pd. to cxcb. 1,400 Mar. for Aug.
EvcB 200 Feb. for Mar.
Even 1,100 Mar. for Mar., s. b.,
let.
23 pd. to exch. 7(X) M.ir. for .Tune.
22 pd. to excb. 100 Feb. for June.
13 pd. to exch. 100 .June for Auff.
07 pd. to eioli. 1,100 Mar. for Apr.
L
X
:
March
.
THE CHRONICLE.
3, 1889. j;
The Visible Supply of Cotton to-ni|jht,
made up by cable
as
Tho t^ontinental sUx'ks, as well as
telcgrnpli, is aa follows.
those for Cireat Britain and the afloat are this week's returns,
and coiu)0(|viently all the Eurojiean figures are brought down
But to make the totals tho complete
to Thursday evening.
and
figures for to-night (Mar. 1), we add the item of exports from
the Unit«l States, including in it the exports of Friday only.
1888.
1887.
1880.
1889.
608,000
BCOOk at Liverpool
balei 753,000 871,000 930,000
4,500
24,000
15,000
14,000
8 took at London
Total Qreat Britain stock.
Btook at
Stock at
Stock at
Bcook at
Stock at
Stock at
Bcook at
Stock at
Stock at
Stock at
Hamburg
Bremen
Amsterdam
Rotterdam
Antwerp
Havre
757,500
3,000
25,900
20,000
895,000
3,800
45,900
24,000
945,000
2,800
37,100
30,000
712,000
4,000
40,900
29,000
400
800
400
300
400
Trieste
113,000
4,000
46,000
6,000
9,000
1,200
173,000
3,000
64,000
5,000
4,000
lot U Continental stocks
228,100
314,300
.
Marseilles
Barcelona
Oenoa
Total European stocks
India ooilon alloat (or Europe.
Amer. oott'n afloat for Eur'pe.
1,200
1,900
262,(X)0
4,000
42,000
4,000
11,000
103,000
4,000
80,000
9,000
3,000
394,400
335,200
985,000 1,209,300 1,339,400 1,047,200
238,000 158,000 170,000 182,000
335,000 303,000 446,000 396,000
53,000
30,000
39,000
13,000
815,775 821,039 797,419 985,917
252.009 298,200 240,033 413,890
29,049
21,864
20,916
7,546
B(?ypt.BrazlI.&e.,»Ht rorE'r'pe
Btook in United 8tates ports..
Stock in U. B. Interior towns..
tJnlted States exports to-day.
Or
Total visible supply
2.681,493 2,805,003 3,058,768 3,045,553
the above, tbe totals of Imerioan and otber descriptions are as (oUow s:
Amrtican-Liverpool stock
Continental stooks
Amerloan
603,000
159,000
325,000
815,775
252,000
29,019
bales
afloat (or
Europe..
Ualted States stock
tJolted States Interior stocks.
United States exports to-day.
688,000
192,000
303,000
821,039
298,200
21,864
737,000
290,000
446,000
797,419
240,033
26,916
509,000
200,000
390,000
985,917
413,890
7,540
2,183,893 2,324,763 2,543,368 2,572,353
150,000
4,500
69,100
238,000
36,000
Egypt, Brazil, Ac, afloat
Ac
*
183,000
24,000
122,300
158,000
53,000
193,000
15,000
98,400
170,000
39,000
189,000
14,000
75,200
182,000
13,000
497,600 540,300 515,400 473,200
2,183,893 2,324,763 2,543,368 2,572,353
Total visible supply
2,681,493 2,865,063 3,058,768 3,045,553
5i4d.
4io„d.
PrloeMlrt.Upl., Liverpool....
5»8d.
S^ad.
lOi^c.
Price Mid. UdI.. New York...
9=80.
lOijoO.
93,^0.
It^"
The imports into Continental ports
this
week have been
&'5,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 183,570 bales as compared with the same date of
1888, a decrease of 377,275 bales as compared with the corresponding date of 1887, and a decrease of 364,060 bales as compared with 1886.
At the Interior Towns the movement ^that is the receipts
for the week, and since Sept. 1, the shipments for the week,
and the stocks to-night, and the same items for the corresponding period of 1887-88 is set out in detail in the following
—
—
statement.
Quotations for Midduno Cotton at Other Marketb.—«In the table below we give the closing quotations of middling
cotton at Southern and other princi{>al cotton markets for eacn
day of the i)ast week:
Week ending
Mar. 1.
ClOBIUO QnOTATIOHS FOR HIDDLIKO OOTTOK
Satur.
Man.
Tua.
Galveston
New Orleans
Mobile
Savannah...
10
10
10
Cbarleston..
10
. .
9lli«
O' ?»3 E.E.5-3
2..»
O.
Ml
i
BhS&^<)^
•
.
•
!
IB
ST tf
1018
9^8
911,,
9^1
0»—
m.
T^ur$.
10
10
0%
?!'•'
J!"i«
91a
1018
lOie
0^
9Hi,
9i3i,
lOig
1038
9\
Loolsville...
911,6
911,8
91a
9%
9?i
9i»i«
louai'g
9%
9^
10
10
10
Wilmington.
Norfolk ....
9'»i«
10l4»38
Boston
Baltimore...
1018
Philadelphia 1038
Angusta
O's
Memphis....
9"l«
St Louis
9iiie
Cincinnati..
9^
Wtdnct.
9lji«
91I1,
Ola
9S8
91a
909
Ola
10l4«38
IOI4338
lOis
1038
10%
978
9'8
B\
9?t
9^
9%
9%
9%
9%
0^
lOifl
9\
91<I«
lo^aas 10l4»%
10i«
103^
9'8
103g
S'S
9\
9%
9%
9\
9\
9H
9^8
Eeceipts from the Plantations.—The following table indicates the actual movement each week from the plantations.
The fibres do not include overland receipts nor Southern consumption; they are simply a statement of the weekly move-
ment from the plantations of that part of the crop which
market through the outports.
filial-
ly reaches the
Receiptt at the PorU. St'* at Inttrior
Towm. R«'pt« from PIomTmu
Minding—
Jan.ZS
1887.
ISeS.
1S2J531
80,130
98.668
99,583
84 .1ST
69,024
65.532
Feb. 1
130,753
"
8
" IB
" 9»
108,25;
8S.S8S
»5,013
7g,9Sl
Mar.l
188».
1887.
1888.
lSfc9.
1887.
1888.
isen.
I^T.SZl 351,361j39a.0IS 389.1143 117,464
64.310| 160.871
155.354 336.812,379,556 301.239 118.004
80,312; 1(6,900
lil8,S«7 332.768|368.66S :(86,521 104,443
88,690 101,620
76.915 1I9.43S
59.197 73.608
89.536 70,OM
135.670 ^^21,366'3a0,441 320.287
96.350 301,1991.^60,614 297.545
gS,S83l265,99l|324,&8f, 370,972
75.150
74.846
44,743
—
The above statement shows: 1. That the total receipts from
the plantations since September 1, 1888, are 5,184,024 bales; in
1887-88 were 5,202,217 bales; in 1886-87 were 5,074,116 bales.
3.
That, although the receipts at the outports the past week
were 96,593 bales, the actual movement from plantations was
onlj^ 70,020 bales, the balance being taken from the stocks at
the interior tovims. Last year the receipts from the plantations
for the same week were 39,536 bales and for 1887 they were
—
44,743 bales.
Amount of Cotton in Sight Mar. 1.—In the table below
we give the receipts from plantations in another form, and add
them the net overland movement to Feb. 1, and also the
by Southern spinners to the same date, so as to give
substantially the amount of cotton now in sight.
to
takings
wo Wt«-ciwo<g2>T)D2!23?2S
H
Htsrr-iTJWt^S
301
The above totals show that the old interior atocka haTa
decreased during tho week 36,064 bales, and are to-night M.IM
bales less than at the same period last year. Tho receipts at
the same towns have been 20,902 bales more than the same
week last year, and since Sept. 1 the receipts at all the towns
are 48,480 bales more than for the same time in 1887-88.
Wuk
Total Amerloan
Mait Indian, BrwsU, <te.~
Liverpool stock
London stock
Oonttn'utal stooks
In lla afloat for Europe
Total East India,
Total Amerloan
.
1888-89.
1887-88.
1886-87.
1885-88.
Receipts at the porta to Mar. 1 4,929,327 4,901,459 4,856,185 4,607,308
Interior stooks on Mar. 1 In
255.597 300,758 217,931 426,558
excess of September 1
E3
D
,
[w.
Tot.recelpt8from plantat'ns 5.184,924 5,202,217 5,074,116 5,0.3.3,860
to Feb. 1
680,589 792,4131 583,2201 5.59,199
1
265,000 240,000 194,000, 164,000
80 r
Net overland
Bouthem oonsumpt'n to Feb.
c ic *.
i;^
|3
M to
onowtcoooco
,
W
X Cl Ci M
*" c; c w <i ** :o
tv
X to )^ X
*». -.]
'.£ -t-
^ CO
en
u o
I
.
ot *- 10 **
OCJtO w w
:
o
o
» w to o O tv X -g » M 4^ w en o
It will be seen by the above that tbe decrease In amount tn sight tonight, as compared with last year. Is 95,117 bales, the Inoreaaa
compared with 1886-7 Is 288,177 bales and the Increase over 188S-tf
Is 382,454 bales.
^ VM
'Xi
ciciocixo3ixoi0^xtow:c**wxt»
00
Wp MM
COiP»
MX M
Vk
W MM M X MX » M 10 Ci to M w"-g
Ot.t-gC0CO<J»-*W!3i«OMC;iC0fc0CDXWWW
»**»*-*-
tf^
M
«
UOX^f^fcO^.
to
»&>
w to
.;*
to
MUiXOtOtOO
CC04-CXW<g
0»
cctca^MW00
_®MMM; bw^CipViVj
3C10CiOOOOMH-tOO*'; WMWCSSi-^OilO
3CSOrf».WMX!0
o c 31
WW 10**- O OS
rf^^Mob****
MtCM<J.q
M to
rf*
to
M
tO<&.
XCH
CO
loV tolo w
cr.
-1
'-'
to
(-*
*J QD
p^k
10
O
CJO*»tcc;'W*^
MM^J M^.
X MCi 01 Qo c;
—
mW
9rC
M
OS
^OSMinOMi^W^X MfwMCOU'C/iX
^'^PPPi^i^^^f'i^ ^ ~ '-,"* •"! X o :;> -]
X X M — Ic;
I— to to o cj
cjt
<JC;tMMMtO^
w o 01 OS ® to en M to M w 01 o O" ^
•^i;;<M*i;iVj
to --U0
tc
--I
lOtOOM
c;taic;ii-'c;to-JOto®cO(*fcC;tOtf^a'OCi(0
w
j;toMGDVi'i^b''t*wb*--"iox^
o o w ;•
'-' i-i 1-1
wn
I-"
wt
w
--1
c.
XXO-gWX01OCnMrf*.0SWt0XOCSCJX
M 4i».'c;Vi
«.! en <l
M wlo
CiOO3w:DXrf*.'Viw®«Jcnt0M0)*.]xo
0**rf»"WOMXM«t--cnOVt*Jv'CnO*4t3
*..*fc
cop
"to CO
M'b'to
'•
i4
*8"»
W.^-'WW;
Vix xls
•
"^io*** QCW'*-'
ctoo*»'-'aitoi-rs-i:
os3iioxi-'ooa>
t-'i5oO'-'^e--'rf-wto.
i-toi-'W'-'Oif^w
•Tfce ttrures ror|L»ulfjvUle in botb rears are "aet>"
figures estimated.
1
"Weather Reports by Teleoraph.—Our telegraphic adfrom the South indicate that in general the
weather has been more favorable and that farm work is making good progress in some localities.
Oalveston, Texas. We have had rain on three days of the
week, the rainfall reaching twenty-four hundredths of an
inch. Average thermometer 56, highest 64 and lowest 45.
During the month of February the rainfall reached three
inches and fifty-eight hundredths,
Palestine, Texas.— It has rained hard on two days of the"
week, the rainfall reaching one inch and twenty-four bun
dredths. The thermometer has averaged 51, the highest being 68 and the lowest 24. Rainfall during February three
inches and fifty-two hundredths.
San Antonio, Texas.—There has been hard rain on two days
of the week, the rainfall reaching one inch and ninety-fotir
hundredths. The thsrmometer has ranged from 40 to 58,
averaging 48. February rainfall two inches and four hunvices to-night
X-^WCiCOWCnCitOOtvOXCltOCilOi-'CO
MOJ
MtO
o
CO
6.139,513 6,234,630 5,851,336 5,757,050
WO"
M
OS
Ol-'tO*'CStOMMX<J
W51<i:C0i^-q
CO Ulpp^CDpptw op C;« 50 Xpp;^] tC tO *»
OwciHMa;iotoiocowbi';;i*DMtobb w
O rifi-C tciotocicc -UO^tO*! o-i^itoto
tf»>
tf».rf»>
cji
Total In sight Mar. 1
northern spinners' takings to
1,428,64911,410,089 1,223,104 1,296,028
Mar. 1
ww--i:oco«M^iOirf*K)OGOM^oC';-T*-
n>
w
This year's
dredths.
New
week.
Orleans. Louisiana.— It has rained on one
The thermometer has averaged
54.
day of the
.
THE CHRONICLE.
302
Shipments for the week.
week ninety hunAverage thermometer 50, highest 71 and
Shreveport, Louisiana.— Ra,intail for the
elredths of
an inch.
lowest 27.
Columbus, Mississippi.— '^o rain has fallen during the
•week. The thermometer has averaged 39, the highest being
rainfall reached
J»8 and the lowest 18. During February the
two inches and twenty-nine hundredths.
Leland, Mississippi. -There has been no rain all the week.
The thermometer has averaged 45-9, ranging from 32 to 76.
Meridian, Mississippi.— Iho weather has been mild and
pleasant all the week. Planters are making good progress in
preparing lands for the next crop and are buying
fertilizers
Great
Britain,
Calontta—
1889
1888
tfadras—
1889
Ootiti-
2,000
3,000
1,000
1,000
Vicksburg, Mississippi.— It has been misty on one day of
the week, the precipitation being ten hundredths of an inch.
The thermometer has averaged 59, the highest being 85 and
the lowest 28.
Idttle Bock, Arkansas.— Telegraw. not received.
Helena, Arkansas.—It has rained slowly on two days of the
week, the rainfall reaching forty-five hundredths of an inch.
The ground is too wet to plough. The thermometer has
ranged from 18 to 78, averaging 43. During February rain
Jell on eight days, and the rainfall reached two inches and
thirty-two hundredths.
Memphis, Tennessee.— It has rained on three days of the
•week, the rainfall reaching twenty-five hundredths of an
Average thermometer 40, highest 70 and lowest 17.
!inch.
Nashville, Tennessee. Rain has fallen on two days of the
•week to the extent of three hundredths of an inch. The thermometer has averaged 33, the highest being 59 and the lowest 15.
Mobile, Alabama. There has been no rain all the week, but
the weather is threatening to-day. The theitnometer has averaged 51, ranging from 33 to 68. Rainfall during Februaiy
iour inches and sixty-four hundredths.
Montgomery, Alabama. It has rained on one day of the
•week to the extent of four hundredths of an inch. February
Tainfail three inches and forty-nine himdredths.
Selma, Alabama. No rain has fallen during the week.
Average thermometer 49, highest 69, lowest 32.
Aulmm, Alabama. There has been no rain all the week.
The thermometer has averaged 46'1, the highest being 65 and
the lowest 29-5.
Madison, llorida. Telegram not received.
have had no rain all the week,
Columbus, Georgia.
The thermometer has ranged from 34 to 62, averaging 46.
Savannah, Georgia.
have had rain on four days of the
week, the rainfall reaching one inch and eight hundredths.
The thermometer has averaged 44, the highest being 62 and
the lowest 31.
Augusta, Georgia. There has been light rain on one day,
and the remainder of the week has been clear and pleasant.
The rainfall reached seventy-six hundredths of an inch.
Average thermometer 41, highest 65 and lowest 27. During
the month of February the rainfall reached five inches and
seventy-five hundredths.
Charleston, South Carolina.— 'Rain has fallen on five days
of the week, to the extent of two inches and five hundredths.
Average thermometer 43, highest 61 and lowest 34.
Stateburg, South Carolina. There has been snow on one
day of the week, and rain on three, the precipitation reaching two inches and twenty seven hundredths. The thermometer has averaged 39, the highest being 58 and the low-
—
—
—
—
—
—
—We
—We
—
—
est 26.
—We
Wilson, North Carolina.
have had no rain all
The thermometer has ranged from 18 to 58, averaging 87.
The following statement we have also received by telegraph,
ehowing the height of the rivers at the points named at 3
o'clock Feb. 28, 1889, and Mar. 1, 1888.
1, '38
Feb. 28, '89.'Mar.
Feet.
Above low-'water mark.
..Above low-water mark.
TaasVlUe
...Abovo low-water mark.
Bhittvepcrt ...........Above low-water mark.
TlckibtiTii
Above low-water mark
irew Orleans
Memphis
BHMn. Oontim^
3,000
4,000
Inch.
Feet.
9
25
11
2
8
4
20
5
23
Mi88
Miss
25
8
2-1
O
Inch.
2
tag.
1.
Total.
20,000
17,000
21,000
20,000
41,000
37,000
5,000
4,000
2,000
7,000
4,000
1888
All others—
1889
1888
2,000
2,000
15,000
11,000
3,000
8,000
18,000
19,000
2,000
5,000
3,000
6,000
40,000
32,000
20,000
28,000
66,000
60,000
,
Fotklall-
1889
1888
1,000
1,000
The above
week show that the movement from
is 3,000 bales less than the same
For the whole of India, therefore, the total
Jan. 1; 1889, and for the corresponding periods
totals for the
week
last year.
shipments since
two
of the
Bombay
pre'vious yeai-s, are as follows:
EXPOK'rS TO ECTBOPS FBOM ALL INDIA.
1889.
1888.
1887.
Shipments
10 all
Europe
from—
Bombay
All other pons.
Total
This
week.
Since
This
week.
Jan.
33,000
3,000
330,000
66,000
23,000
6,000
36,000
396,000
29,000
Since
1.
This
week.
Jan.
175,000
60,000
23,000
10,000
212,00»
70,000
235,000
33,000
282,000
Jan.
1.
Since
I.
—
Alexandria Receipts and Shipments. Through arrangements we have made with Messrs. Da vies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
are the receipts and sliipments for the past week and for the
corresponding week of the previous two years.
Alexandria,- Egypt,
1888-89.
Feb. 27.
1836-87.
1887-88.
1
Beoelpts (cantars*)—
Tills week....
Since Sept. 1
38,000
2,626,000
36,000
2,760,000
32,000
2,759,000
This
Since
week. Sept. 1.
This
Since
week. Sept. 1.
4,000 191,000
6,000 109,000
1,000 208,000
2,000 125,000
This
week.
Since
Sept. 1.
Bznorts (bales)-
To Liverpool].
To Continentt.
Europe
rotal
A
I
4,000 220,000
2,000 115,000
3,000.333,00011 6,000 335,000
10,0001300,000
98 pounds.
This statement shows that the receipts for the wee k ending
Feb. 27 were 88,000 cantars and the shipments to al 1 Europe
*
oantar
Is
10,000 bales.
—
Manchester Market. Our report received by cable to-night
from Manchester states that the market continues quiet for both
yarns and sheetings, and that the demand in each case is
We
give the prices for to-day below, and leave
poor.
those for previous weeks of this and last year for comparison:
1888.
1889.
32» Cop.
3>4 tbs.
Shirtings.
Twist.
A.
«.
K.
<1.
Mid.
Uplds
3!J»
d.
d.
il.
rt.
8^
fop-
2^^'-
OoU'n
Mid.
Vptdi
lbs.
Shirtings.
d.
s.
s.
d.
(1.
a7 lia 5^ 7i3iga8'i6 5 9 •37 2
a7 Ih 5i2 |7i3i6987,j'5 8I387 1^
«7 2V 5=8 7% »838 15 8 a? 1
a7 lifi 59i6 7% a838 5 8 87 1
Jan.25 716,8^87 6 1
Feb. 1 716,, 887,6 6 1
"
8 81,8 88»i8,0 2
" 15 7i6,8®87,6 6 1
••
22|7i6,8»87i«6 1
Mar. ll7iBiBa87ie6 1
«7
II2
»7 IH
5=8
568
aS38
5
8
a?
1
734 a'838
l5
8
'97
1
7%
—
East India Crop. Messrs. Gaddum, BytheU
the report dated Bombay, Jan. 25, say:
week.
January
Shipjnentt tinee
Talal.
nent.
the ports other than
largely.
XLVm.
(Vol.
&
5=8
til*
5>a
5^16
5%
Co. in their
Beceipts up country continue large, and our receipts into Bombay
show an increase over those of last week. Bengals continue firm,
and price.s advanced somewhat during the week, and we close firm.
The dcwfall has done a deal of good to the Broach crop, the present arrivals showing a great improvement over the early .samples. Beports
from the Western aud Dharwar districts still continue favorable.
also
Jute Butts, Baogino, &c.
—But
little
change
is
to
be re-
ported in the market for bagging. Only small orders are commg to hand and these are being filled at 7j^@9i^c., according
Some inquiry is reported for jute butts and small
to quality.
lots are being taken on the basis of 2 3-16@2'.^c. for paper
grades and 2%@2i^c. for bagging quaUty.
The Following are the Gross Receipts of Cotton at
India Cotton Movement fhom all Ports.—The receipts
New York, Boston, Philadelphia and Baltimore for the past
and shipments of cotton at Bombay have been as follows for week, and since Sept-^mber 1, 1888. ,
the week and year, bringing the figures down to Feb. 28.
BOMBAT BEOBIPT* *WD SHIFUICNTB FOR FODR TBABR.
SMpmentt IhU week. Shipments Sine* Jan. 1.
Seceipti.
Tear Great ContiBrit'H.
nent.
Total.
Great
Britain
Continent.
188R 9,000 21,000 33,000 101,000 229,000
1888 3,000 20.000 23,001) 27,OOoll lK,000
1887 G,0<M) 17,000,23,000, 50,0001 1(!2,000
1886 ^;000jl7,0OO'49^0Ooljl8,O00l]J3^
TotoL
Thi$
Since
Week.\ Jan.1.
81,000
175,000 55,000
212,000 47,000
214,000 52,000
3.'i0,000
NKw York.
Bsetipti
from-
Since
week. Sept.l.
PHILADXLPH'A
Boston.
TMi
week.
tKnce
Sept.
I.
TMt
Baltihob>.
Since
3{ne«
week. Sept. 1.
Sept. !•
I
574,000
352,000
380,000
355,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
26,000 bales, and an increase in shipments of 10,000 bales, and
the shipments since Jan. 1 show an increase of 155,000 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, Tutiyears, has been as follows.
corin, Kurrachoo and Coconada.
N. OrleHnr,
7,8
IS
215,f03
Tezsa. ...
SaTanoab
8,266
2M,leO
8,169
807,58*
8,»S0
2.400
141
32,023
6,608
404
S.ICS
SS,2«»
Mobile
iriorlda.
930
GarolV.
2,20o'
Mo.Carol'U'
Virginia...
:9orthn pt8
renn.,&o...
foreign...
1,874
30.
This rear
S,52'
I31.203
8
2,820
114,736
847
7,714
7,089
62
89,200
45
4,817
20
38.627
218,(65
64.473
118
39,4S1 1,198,812
12.340
370,960
P.a.l
8TOr)n4!
an 073
1
1
fi5.7-i2
2,723
1,94
105J
58,0^
50Ol
i.3o«
70.578
9.962
S19,S1B
l'9,214
4/2H3
166,833
1
J
:
March
3,
..
.
THE CHRONKJLE.
18(9,
303
—
Shipping News. The exports of cotton from the United
States the past week, as per latent mail returns, have reached
So far as the Southern ports are cor cemed, these
88,41 1 bales.
are tlie same exports reported by telegraph and published in
with regard to New York wo
the Chkoniclk la^t Friday,
Include the manifests of all vessels cleared up to Thursday.
TMal bala.
irBWYORK—To Liverpool, per steamers Celtlo, 1,336.... City
orciiestpr, 1.710. ..City of Chicago, 2,670. ..Holley, 1,596
nmulioUlt, 1,20!).. ..Nevada, 1,334. ...ScrvUi, 3,054....
15,073
Till! Queen. 2,152
889
To Hull, per steamer LeiLinto, 889
To LeitU, iier steamers lionvenue, 1,300... Crystal, 1,804.. 3,104
1,705
To Havre, per stt'iiiucr \ax Champagne, 1,705
750
To Bremen, per steiimcr B.aale. 760
Polarla, 1,844...
2,291
To llanjburi.', per steamers (Jellert, 450
1,005
To Amatcnlam, pel' steamer Leerdaam, 1,005
2,617
To .\ut\verp. per steamer Westernland, 2,617
Nbw Okle.vns—To Liverpool, per steamers Merchant, 3,041....
8,041
Serra. 5,000
1,063
To Havre, per brig Tereslna, 1,083.
Mark Lane,
To Bremen, per steamers £rl King, 4,200
8.373
9,575
1,471
4,895
4,584
7,125
2,653
1,251
,
To HamburK. per steumcr San Juan, 1,471
Mobile— To Liverpool, per steamer Caloric, 4,895
Savannah— To Bremen, per steamer Neto, 4,584
Chablkston— To Bremen, per steamer Guy Colin, 7,125
Galveston To Liverpool, per steamer Charrlngton, 2,653
To Vera C'ruz, per steamer Whitney, l,2.jl
Norfolk— To Liverpool, per steamers Lake Neplgon, 2,848...
.7,043
lilverpool, per steamers
gan, 3,121. ...Palestine, 1,959
Kansas, 1,186
MichiPavonia, 2,658. ...Vir-
ginian, 2,431
11,355
49
To Yarmouth, per steamer Dominion, 49
Baltimoue— To Hamburg, per steamer Frauda, 250
250
Philadklpiiia— To Antwerp, per steamers Nederland. 718
Pennsylvania, 814
1,529
Xiotal
S8.411
The
particulars of these shipments, arranged in our usual
form, ate as follows
Am' dam V.Oruz
Bretn.it and
Hull
and
:
Liter-
and
pool. Leith. Havre,
NewYork
15,073 4,083
8,041
4,895
N.Orleans
MobUe
Ham-
Ant-
burg,
vre'p.
Tarmouth.
4,584
7,125
2,653
7,043
11,355
Boston
Baltimore
1,251
49
27,527
20,150
4.895
4,584
7,125
3,904
7,013
11,404
1,529
Total
49,060 4,083
2,768 26.019
5,151
mount
atloat
Of which Amerloan
Saturday Monday. Tueiday.
Spot.
Market, ) Qnlet but
12:30 p,ii.|
steady. IHarden'K.
Mld.Upl'dB.
To Havre-
10,000
1,000
7,000
Spec A exp.
Market.
12:30 P.M.
500
1,300
.
steady.
d.
5 4C 540
February
Feb. -March S40 5 40
Mar.-AprtI
April-May.
September
5 39
5 40
d.
4.
5 40
5 40
5 40
5 40
6 40
5 40
5 40
5 40
5 39
BS9 S40 5 39
SS9 5 40 6:)9
5 40 S40 S40
A
(000.
Bahdrinqham, steamtr
(Br.), from Char'eston Jan. 4 for Feval put
Into Lil)au pi lor to Feb 18 on account of the ice at Beval. She
willdlscharKcat Libau. During the passage a Are broke out on
boaid. and a numlier of liales of cotton wen jettisoned.
Bcltan, steamer (Br.), irom New Orleans for Bremen, which put into
k Norfolk listed, and ordered to leave deck cargo there, sjiiled
thence Feb. 20.
Cotton freights the past week have been as follows
iSafur.
Jfon.
Tuet.
Urerpool, steam d.
DovlaGl'sg'w.d.
Havre, steam
e.
"32
Wednes.
»I«
"32
1«32
c.
Jfri.
Qutei at
Quiet at
partially
1-64
adT.
BtMdy.
ad
Tano*.
steady at
2-04 adT.
(Barely
steady.
Finn.
lateady.
Alon., Feb. 'iS.
Taee., Feb. 'M.
i.
d.
0pm
d.
d.
5 43 5 43
5 41 542
5 40 9 41
5 40 541
9 40 5 41
543
9 43
9 43
5 41
9 41
5 41
5 41
940
540
939
939
939
5 41
5 40
5 40
S40
Wednes., Feb. 37c
Than., Feb.
Open
JSrtoh
Low.
Clot.
d.
d.
i.
d.
d.
d.
6 39
5.S9
9 40
9 89
940
939
6 40
6 41
539
BS7 9 37
6 40
5 40
5 37
5 37
537
9 40
September
9 87
537
9 39
9 40
5 40 5 40
9 40 5 40
5 40 6 40
5 40 9 41
d.
5 40
940
930 5 89
939 539
630 939
540
5 40
9 40
5 39
9 37
5 87
987 937
987 9 37
5 40
d.
6 41
940
580
580
980
940
540
S3T
537
Opm\Hit\ Low. Oo*.
Clot.
d.
640 6 40
d.
941 9 40
Fri., ainr. 1.
i.
9S9 9 89
5 33 SS9 938
5 88 5 89 938
5 39 9 40 939
9 39
Bi«k Uyw, Oat,
'ifi.
Open BiQh Lov).
Jane-July.
July-Aug... 9 40
AuK.-Sept.. 5 37
Sept.-Oct
Cloi.
It.
Open Biah Low.
d.
9 40 9 41
9 40 5 40
9 40 6 40
6 40 5 40
940 9 40
9 40 9 40
543
d.
d.
d.
6 43 643
943 5 42
9 43
9 42
9 42
9 43
9 40
5 40
6 43
5 43 643
643 543 6 43
643 5 43 648
940 540 6 40
638 988 938 638
688 938 5 38 938
637 5
..
6 40
607
37
S4a
549
640
S4»
640
643
540
540
807
BREADSTUFF S.
"32
"«
5213*
DovlaLondon.d.
Beval, steam
d.
52V
82
V
52
V
2lfl.,-llg2
2>e4
52V
lai— iJn,
52
V
2Im -U 32
d.
H
i
•
•
"
'18
*"
lo
'>I«®"C2 »1«®"32 ^18®1'32 'l6®l':2 °16®"33
. . .
*33
732
he^lji
'<lti'S>^32
^it-a^a^
Fredat, p. M.. March
3,
g® 7,,
lbs.
Liverpool.- By cable from Liverpool we have the following statement of the week's sales, stocks, &c. at that
port.
1,
1889.
The markets for flour and meal for the past week have been
without any considerable changes, whe"her in values or other
—
There has been a fair general demand perhaps
rather more buying on European account— but nothing to
give sellers any advantage, and they have been content
to meet buyers who demanded no serious concessions. Today the market was quiet, but prices were generally unchanged, except a further decline in buckweat flour.
The wheat market, though showing but slight fluctuations
in prices, wh'ther on the spot or for future delivery, has not
heen without features of some interest. The bulls have had
the support of a more active regular trade mainly for home
milling, it is true but with export orders sufficiently near
current values to compel millers to meet the views of holders.
The bears have been able to prevent any material
advance by the fall of needed rains in California, and better
reports from the fall sown fi- Ids of the Northwest. As a
consequence, the fluctuations recorded are slight, and the
speculation has been sluggish. To-day the market was dull,
and prices showed little change, but the distant options were
features.
—
—
>3
'a
via Lelthd.
steam.c.
Per 100
Thur$.
>18
Hunbnrg,
*
:
c.
Barcelona.steam d.
Senoa, steam .. .d.
XMeste, steam
d.
Antwerp, steam d.
10,000
1,000
all
sold at auction.
Chascellok, steamer (Br.) -The work of repairing the damage to British steamer Chancellor was begun at CharUstou, 8. C, Feb. 20.
close estimate as to the damage to the cotton puts it at about
sail
10.000
1,000
1,000
541 541 9 41
941 643 5 41 942
5 83 989 9 88 939
538 986 9 38 580
damaged cotton was
Do
9,000
S41 5 41 5 41 5 41
S39 9 39 S39 5 89
S39 6 89 BS9
news received to date of disasters to vessels carrying cotton from United States ports, &c,
Ayrshire, steamer (Br.), which took fire at New Orleans while loading
cotton, sailed from New Orleans Feb. 24 for Bremen. Part of the
DovlaLondon.rf.
Amst'd'm, steam.c.
8»B
5
d.
Discoverer, 5,270
Floridlan, 6,497
Baltimore— To Liverpool- Feb. 20-per steamer Barrowmore, 5,074
Feb. 26— per steamer Montreal,
To London, per steamer Maryland, 700.
Do
Moderate Bmtimft,
demand.
Qolst.
1-81
Open Hlfk Low. Olw
June-July.
July-Aug..
Aug.-Sept.
88.411
.
sail
10.000
1,000
Qnlet.
Sat., Feb. 'i3.
250
Neplgon,
Boston—To Liverpool— Feb. 20-per steamer Bulgarian, 1,455 .. Feb.
25 -p er steamer Istrian,
....Feb. 26-per steamer Koman,
Do
1.
03.000
2.000
4,000
48.000
11,000
69.000
783.000
003.000
100,000
87.000
237,000
133,000
The opening, highest, lowest and closing prices ot futures at
Liverpool for each day are given below. Prices are on the
basis of Uplands, Low Middling clause, unless otherwise stated,
17* TAe price* are given in pence and 6Uhi thus: 9 63
6 63 64d., and 6 01 mean* 6 l-64d.
per steamer Co.sta Rlcan, 7,950.
Feb. 22-per steamer Glenorchy, 6,300.
Bremen, steam.,
40,000
3.100
1,600
41.000
9,000
09.000
732,000
578.000
77,000
85,000
252.000
156.000
8»8
Steady at
Steady.
}
and
Market, l Quiet
steady.
4 P.M. 55
Bbonswick— To LIverpool-Feb. 23— per steamer Heathmore, 5,074.
March
To Barotlona-Feb. 21— per steamer Carn Marth, 3,f>00.
Charleston- To Barcelona- Feb 23— per bark Alloa, 1,500.
Slar.-Aprll
WK8T POINT— To Livcrj>ool— Feb 23-per steamer Croma. 5,025.
April-May..
Newport News— To Liverpool, per steamers Jesaond, y,603: Lake May-June..
!pl 1
Mar.
Feb. S2.
Wedna. Thurid'y. Friday.
Qol«t.
8=8
21— per steamer
Liverpool— Feb.
23-per steamers Enrique. 4,763:
Below we give
8»8
Sales
the latest da' es
F< b.
Feb. i 5 -
81,000
3,000
2,000
44,000
9,000
75,000
733.000
587,000
126,000
97.000
231,000
156,000
:
1,529
Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing cur data down to
New Orleans—To
Feb. IB.
78.000
2,000
3,000
61,000
6,000
69,000
601,000
858,000
81,000
68,000
229,000
161.000
The tone of the Liverpool market for spots aad futures eaoh
day of the week ending Mar. 1, and the daily oloeing prices
of spot cotton, have been as follows
Hay-June.
250
Phll'delph'a
Of which exporters took
or which speoulatontook...
Amerloan
Aotaalexport
Forwarded
rotal stock— Kstlmated
Of which Amerloan— Rstlin'd
Total import of the week......
Of which American
4ales
Feb. 8.
Total.
1,705 3,044 3,622
1,063 11,046
Savannah
Charleston
Galveston
Norfolk
bales
Future*.
O.xenholme, 1,195
BOSTOM—To
^alMof the week
firmer.
DAILT 0I<0eiHO PBI0K8 OF MO. 2 RBD WDTTES WHEAT.
Sal
Mon,
Tut*.
Wed. TAurs.
98''8
08
98
97%
MarehdeUvery
o.
97'a
0.IOOI4
April delivery
eO^
99>4
99%
98%
1 OO"*
May delivery
olOl^s 1 ooss loo's 100
0IS9
OOSg
Jane delivery
00>8
1
1
OO^g
00>«
1
1
1
e
July delivery
0.
97>9
96«g
96''«
96>4
96>«
FrL
97^
1
OOie
00"4
1 00<^i
97i«
gs'fs
96>4
December delivery.... c. 97
96^8
96
96>t
Indian corn has varied even less than wheat, the most considerable change being the recovery in options for May, which
had been irregiiarly depressed. This was yesterday, and at
the same time there waa an exceptional advance in "steamer"
..
—
.
THE CHRONICLE.
304
steamer No. 3 mixed selling at 42i^c. in elevator,
against 4li^c. on Saturday last. The export demand has not
been active, and the local trade only fair. To-day the market
was very firm, and steamer No. 3 for April brought 43i^c.,
against 4lJ4c. early in the week, but dealings were slow.
OAILT 0LO8IN0 PRICES OF HO. 2 MtXBD CORN.
FYi,
Wed. Thurt.
Tuet.
Hon.
Sal.
ii^
43^3
43%
44
43's
o. 44
March delivery
jrrades,
o.
o.
April delivery.
4358
4314
43»8
434
43^
43?!:
4378
43=8
43Js
43j4
43%
43%
Maydi^llvery.
44
44
43%
43%
43%
0. 43-'8
Jnne delivery
Oats have been dull, and the changes in values are very
mixed.
small. White grades showed less strength than
To-day the market was very dull, with further depression
white grades, No. 2 of which was quoted at 33}^o. for April.
DAILT 0IX)SINO PEI0E8 OP NO. 2 MIXED OATS.
In
Hon.
31
Sat.
30%
o.
31'4
Si's
Maydeli"IrZl.........c.
31%
bl'^s
31%
Anrll delivery
dlM
31%
JIM
SIM
31%
Rye has remained very quiet. Barley has
Buckwheat is nearly nominal.
The following are the closing quotations
30^8
31^8
sold slowly at
Inside prices.
:
»1>W. $2 25®$2 85 Southern bakers' and
family brands
2 65® 3 40
30® 3 75 Bye flour, auperllne..
Fine
30® 5 75
40® 3 85 Com meal
Western, &o
00® 5 50
Brandywlne
„
50® 6 85
00® 3 45 Buckwheat flour, per
100 lbs
50® 4 00
Fine
Bapertlne
Spring wheat extras. 3
Bunn. clear and stra't. 4
Winter shiiip'gextras. 3
Winter XX and XXX. 4
5
Patents
3
Bonthem supers
Sonth'n oom. extras.. 3
Wlieat—
Rye—
o.
0.
Spring, per bush... 90
1 07
BprinK No. 2
Bed winter No. 2... 98
88
Bedwlnter
Ve8t'nmlxedNo.2.
Steamer wo. 2
Western yellow....
Western white
Bouthem white
®
—
Buckwheat
5 00
3 15
2 75
709 2 90
90a
1703 180
53
55
29
bu.
aDd Jersey
Oats— Mixed
State
..
White
No. 2 mixed
No. 2 white
41 ® 46
Barley— O'nada No.l
44 ® 46
Canada No. 2
42>s® 4313
Two-rowed State..
42 ® 46
Six-rowed State....
42 ® 46
White
Oom— West'n mixed.
2
2
25®
00®
50®
0.
»
Western
®1 25
®1 10
®1 01
»1 CO
®1
07
90
$4
3
2
30
0.
®
it
a
®
30%®
55
58
32is
38
32
33»9
78
321a®
76 a
73 a 75
69 ® 71
70 ® 73
50 ® 55
market is indicated in the
statement below, prepared by us from the figures of the New
York Produce Exchange. We first give the receipts at Western lake and river ports, arranged so as to present the comparative movement for tho week ending February 33, 1869.
The movement
of breadstuffs to
Corn,
Oats,
bush.
bush.
146,917
299,792
288.629
13.000
228,427
177,779
1,197.910 1,304,694
6,559,571
2,806
295,000
195,780
IndlanapoUs
Kansas City
Baltimore
Minneapolis
8t. Paul
On Mississippi
490,518
22,541
231,098
93,349
147,144
XLVia.
Rye,
buah.
99,377
6,843
10,348
17,255
Barley'
buah,
96,139
8,649
68,155
Tot. Feb. 23, '89. 32,740,409 15,462,701 8,067,131 1.678,443 2,065,159
Tot. Keh. 16, '89 33.435.466 14,588,495 8,155.103 1,712,733 2,162,159
376,992 2,486,715
Tot. Feb. 25, '88. 38,461,453 8,848,232 4.872, 1H3
Feb.
rot.
'JG.
'87.
57,627,225 16,134,015 4.736,016
Tot. Feb. 21. '86. 52,149,096 11,503,910 2,247, S59
*
428,148 2,042.011
730,217 1,384,352
Last week's stocks : this week's not received.
THE DRY GOODS TRADE.
Fri.
T/iun.
30^8
Wed.
SO^s
Tues.
80^8
31'4
delivery..... ....0.
Wheat,
bush.
at—
Peoria
m
March
store
[Vol.
New York. Friday P. M., March 1, 1889.
departments of the jo'^bing trade was fairly
active the past week, a large represent t on of retail buyers
from nearly all sections of the country having appeared in
the market, whose purchases reached an important aggregate amount. There was not, however, the least tendency
towards speculation on the part of retailers, the recent " cut
rates" on certain prominent makes of staple and patterned
cotton goods having tended to create a somewhat distrustful
feeling in the minds of buyers, which was aggravated in
course of the week by the offering by leading local jobbers of
large lines of low-grade dress ginghams at exceptionally low
The demand for domestic cotton goods and prints
figures.
at first hands was only moderate until within the past few
days, when the commission houses were the recipi'-nts of
increased re-orders from the West and Southwest. Domestic
woolen goods were in irregular demand and upon the whole
sluggish, and there wss a steady though moderate business in
foreign fabrics. Values of dry goods have not materially
changed, but print cloths were easier attimes.and the market
for low-grade ginghams is in buyers' favor.
Domestic Cotton G-oods.— The exports of cotton goods
from this port for the week ending Feb. 38 were 5,503 packages, valued at $304,705. These shipments include 3,891 to
China. 655 to the West Indies, 047 to South America, 89 to
Mexico, 60 to British North America, 35 to Central America,
89 to the East Indies, 31 to Liverpool, 19 to Japan and 37 to
Business in
all
other countries. Since Jiinuary 1 the exports aggregate
37,493 packages, valued at |1,571.389. Of this total China lias
had 9,769 packages, covering a value of $442,674, and to China
the shipments have been 6,687 packages, valued at $448,H'33,
For the similar period of 1888 the exports to all ports reached
28,163 packages, valued at $1,650,316, China taking 12,^*35
packages of the value of $612,934, while South America had
4,505 packages, valued at $29},n2. The shipments for the
corresjionding time in 1887 were 30,535 packages and in 1886
reached 35,633 packages. Staple cotton goods were relatively
quift in first hands, the demand by jobbers having been
chiefly of a hand-to-mouth character, while operations on the
part of converters and exporters wej-e moderate in volume.
Agents' prices are for the most part steady, and stocks are in
good shape as a rule. Print cloths were in moderate demand,
and prices continued unsettled, extra 64x64 "spots" closing at
3Jg(a315-16c., while 64x64s for July to October delivery were
solcTat S^^c, and 50x60s changed hands at 3i^@3 9-16c.
Stocks last Saturday and for the three previous years were as
follows:
1886.
1887.
1888.
1889.
Feb. 26,
Feb. 27.
Feb, 23. Feb. 25.
Slock of Print Ototha—
45,000 103,000
6,000
None.
Held by Providence manuf'rers.
64.000
«8,000
16,000
5,000
Fall River inamifacturers
None.
47,000 256,000
None.
Pro videuce speculators
22,000
25,000
3,0u0
None.
speculators
(est)
Outside
all
BtcHpU at-
flow.
Oom.
Wheat.
1
OaU.
Barley.
Rye
1
OUeago
lUlwankee...
Dnlnth
BW«.lB6!lw Bu»)i.6011)»| Bu>h.S6U>. Bush.S2lb» Bu»h.48if>i Bu. 56 Ibl
927.834
697,762
301.798
177,072
18.224
61.483!
74,551)
23,250
42,000
02,300
l.OSO
46.859
90,877
....!.
11,6851
Ulnneapolli,
1
560,010
..,-
Toledo
8,806
18.806
Detroit
e,8i3
20,871
75.848
218.557
9.335
40,543
7.849
39.105
15.957
Si6.635
69,440
25,500
870,323
508.400
28,832
198,933
171,000
1.082,231
2,840.221
1.188,007
1.0911.023
develand.
.
BtLoaH
Pscrla
8,475
Tot.wk.
102.895
270.870
1,538.801
1.875.736
152.641
1,092.064
1.145,67«
5.862,7a9
69,932.166
75,099.338
7.ZJ1,16S(
79,341,119
63,597.479
6,.S54,013
65.966,248
94,879,469
'89.
BlUliewk.'88.
Bamewk.'ST.
Since Aug. 1.
18t8-9
1887-S
1886-7
....
4,560
3,77B
17,o;iH
2,233
1,294
40,8X
2,750
18,800
10,450
477,337
455,327
421,204
38,173
38,206
25,110
52,859,941 20.872,829
46,772,6381 19,108,467
41,559,3051 17.666,143
4,027,719
893,110
1,473,279
1.50-).H61
The exports from the several seaboard ports for the week
eadiag Feb. 33, 1889, are shown in the annexed statement:
Exports
.
from—
Hew York
Wheat.
Oom.
Butu.
34,372
BimA.
762.515
187,713
17,2 uS
Boston. ..
Portlaud.
Montreal.
Phlladel
Baltlm'ie
K.Orl'na.
N. News
Bloluu'd.
Tot Wk.
B'me time
..
_i888.
The
Flour.
Oali.
Rye.
Pea$.
Bbli.
Bush.
Buih.
Buah.
67,821
28,864
2,496
832
100
26',6'no
433
1,013,677
45,122
183,201
707
357
105,855 2.214,314
143,304
2,596
21,778
797,555
187,598
1,965
1,670
62;506
8;983
554,017
25.000 178,000 452,000
5,000
Total st»ok (pieces)
Prints were in moderate demand at first hands, and a fairly
good business was done in printed cotton dress goods and
woven wash "' fabrics, while there was a fairly active movement in white goods, quilts and table damasks.
DoMPSTic Woolen Goods.— As a whole, the demand for
men's-wear wojlens was disappointing to the commissi()n
houses, the very considerable force of wholesale clothiers in
the market having taken hold less freely than expected.
Heavy fancy and piece-dyed worsted suitings were, however,
in fair request, and there was a moderate business in spring
Heavy cassimeres were in irreguworsteds and cassimeres.
lar demand and for the most pare sluggish, but manufacturers
are running so clos ly on orders that pri'^es remain steady.
Overcoatings were quitt in demand, as were satinets and doeskin jeans, but there was a steady movement in all these
Soft wool and
fabrics on account of former transactions.
worsted dress goods continued in steady request and firm,
and there was a light hand-to-month demand for flannels and
blankets at unchanged prices.
26;916
'
'
supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, February 33, 1889 :
visiT^e
,
,
In
store at York
Hew
Do
aOoali
*^ny
BoBalo
_po aOoat
Cfctoaao
Do
Wheat,
buah.
8,243,927
88,000
1,000
2,786,349
4,477.071
afloat...
imwaakee
Dnlnth
749,6'90
Detroit
1,648,712
1,748,735
757,449
*0«we(?o
louls
2,643,024
5»ledo
St,
Do afloat
Olnoumau
Boston
Toronto
Montreal
Philadelphia
95,000
33,721
131,177
433,636
337,112
Oom,
Oats,
buah.
buah,
2,084,834 1,587,889
58,100
67,700
32,500 104,300
142.970
29,396
27,000
3,073,304 3,699,084
462.971
13,228
11,559
315.950
41,404
471,390
62,399
578.8:8
57,406
30,000
5,024.462 594,2»2
53,000
45,000
25,000
534,145 500,575
1,213
3,994
33.910 ,42,191
462,309 160,147
Rye,
bush.
133,500
20,000
25,000
68,120
Barley,
buah.
166,765
40,800
82,550
326,953
857,284
191,164
225,520
208,039
2,091
7,202
4 a; 534
74,638
310,000
179,432
85,000
2,013
92.000
43.407
200,786
67,790
Foreign Dry Goods were
1
in moderately
good demand
at
the hands of jobbers, and a fair business in certain specialDress goods, hIso fancy
ties was done in importing circles.
silks and surahs, were distributed in very fair quantities, and,
White goods and linenS'
desiraWe makes are firmly hfld.
were in moderate request, and prices are higher abroad, butj
quotations in this market have not materially changed. Men's-;
wear woolens were in moderate demand, and there was a fairj
business in hosiery an<lgloves
i
It
@FedFRASER